UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

        Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

        MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-22235

                            AQR Funds

(Exact name of registrant as specified in charter)

    One Greenwich Plaza, Suite 130

                            Greenwich, CT 06830                        

(Address of principal executive offices) (Zip code)

H.J. Willcox, Esq.

Principal and Chief Legal Officer

AQR Capital Management, LLC

One Greenwich Plaza, Suite 130

                        Greenwich, CT 06830                            

          (Name and address of agent for service)

Registrant’s telephone number, including area code: 203-742-3600

Date of fiscal year end:  December 31

Date of reporting period:  January 1, 2024 to June 30, 2024

Item 1. Reports to Shareholders.

a.) The following is a copy of the report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30e-1.)

AQR Alternative Risk Premia Fund

Class I: QRPIX

Semi-Annual Shareholder Report - June 30, 2024

This semi-annual shareholder report contains important information about the AQR Alternative Risk Premia Fund for the period of January 1, 2024 to June 30, 2024.You can find additional information about the Fund at https://funds.aqr.com/fund-documents. You can also request this information by contacting us at 1-866-290-2688 or contacting your financial intermediary directly.

What were the Fund's costs for the last six months? 

(based on a hypothetical $10,000 investment) 

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class I	$302	5.52%

Key Fund Statistics

• Net Assets$278,189,666
• Total Number of Portfolio Holdings3,535
• Portfolio Turnover Rate (excludes derivatives, if any)110%

Graphical Representation of Holdings

The tables below show the investment makeup of the Fund as of June 30, 2024, excluding derivatives unless otherwise noted. The Fund's portfolio composition is subject to change. 

Sector Allocation

Value	Value
Other	0.7
Real Estate	(0.8)
Health Care	(1.9)
Energy	2.4
Consumer Discretionary	(2.6)
Utilities	(2.9)
Information Technology	3.2
Industrials	4.7
Financials	6.9
U.S. Treasury Obligations	10.1
Investment Companies	55.1

Security Type % of Net Assets

Asset Type	Long	Short
Common Stocks	166.6	(156.3)
Preferred Stocks	0.1	(0.7)
Rights	0.0	0.0
Short-Term Investments	65.2	0.0
Warrants	0.0	(0.0)Footnote Reference†

Footnote	Description
Footnote†	Represents less than 0.05% of net assets.

Derivative Exposure by Notional Value^{Footnote Reference*}

Value	Long	Short
Interest Rate Swaps	22	15
Total Return Swaps	2	1
Forward Foreign Currency Exchange Contracts	10	12
Futures Contracts	22	15

Footnote	Description
Footnote*	Percentage of total absolute value of notional exposure of derivatives. Excludes derivatives representing less than 0.5% of total absolute notional value.

Derivative Risk Exposure as % of Net Assets

Risk Type	Asset type	% of Net Assets
Equity Risk
	Futures Contracts Unrealized Appreciation/Depreciation	(0.22)
	Swap Contracts at Value	0.07
Foreign Exchange Rate Risk
	Forward Foreign Currency Exchange Contracts Unrealized Appreciation/Depreciation	(0.16)
Interest Rate Risk
	Futures Contracts Unrealized Appreciation/Depreciation	(0.18)
	Swap Contracts at Value	0.06
Commodity Risk
	Futures Contracts Unrealized Appreciation/Depreciation	0.24

Availability of Additional Information 

Additional information is available at 1-866-290-2688 and https://funds.aqr.com/fund-documents, including its: 

• Prospectus                                               

• Statement of Additional Information       

• Portfolio Holdings

AQR Funds are distributed by ALPS Distributors, Inc.

• Financial Statements & Other Information                                               

• Proxy Voting Report       

• Updated Fund Performance                                    

AQR Alternative Risk Premia Fund

Class N: QRPNX

Semi-Annual Shareholder Report - June 30, 2024

This semi-annual shareholder report contains important information about the AQR Alternative Risk Premia Fund for the period of January 1, 2024 to June 30, 2024.You can find additional information about the Fund at https://funds.aqr.com/fund-documents. You can also request this information by contacting us at 1-866-290-2688 or contacting your financial intermediary directly.

What were the Fund's costs for the last six months? 

(based on a hypothetical $10,000 investment) 

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class N	$315	5.77%

Key Fund Statistics

• Net Assets$278,189,666
• Total Number of Portfolio Holdings3,535
• Portfolio Turnover Rate (excludes derivatives, if any)110%

Graphical Representation of Holdings

The tables below show the investment makeup of the Fund as of June 30, 2024, excluding derivatives unless otherwise noted. The Fund's portfolio composition is subject to change. 

Sector Allocation

Value	Value
Other	0.7
Real Estate	(0.8)
Health Care	(1.9)
Energy	2.4
Consumer Discretionary	(2.6)
Utilities	(2.9)
Information Technology	3.2
Industrials	4.7
Financials	6.9
U.S. Treasury Obligations	10.1
Investment Companies	55.1

Security Type % of Net Assets

Asset Type	Long	Short
Common Stocks	166.6	(156.3)
Preferred Stocks	0.1	(0.7)
Rights	0.0	0.0
Short-Term Investments	65.2	0.0
Warrants	0.0	(0.0)Footnote Reference†

Footnote	Description
Footnote†	Represents less than 0.05% of net assets.

Derivative Exposure by Notional Value^{Footnote Reference*}

Value	Long	Short
Interest Rate Swaps	22	15
Total Return Swaps	2	1
Forward Foreign Currency Exchange Contracts	10	12
Futures Contracts	22	15

Footnote	Description
Footnote*	Percentage of total absolute value of notional exposure of derivatives. Excludes derivatives representing less than 0.5% of total absolute notional value.

Derivative Risk Exposure as % of Net Assets

Risk Type	Asset type	% of Net Assets
Equity Risk
	Futures Contracts Unrealized Appreciation/Depreciation	(0.22)
	Swap Contracts at Value	0.07
Foreign Exchange Rate Risk
	Forward Foreign Currency Exchange Contracts Unrealized Appreciation/Depreciation	(0.16)
Interest Rate Risk
	Futures Contracts Unrealized Appreciation/Depreciation	(0.18)
	Swap Contracts at Value	0.06
Commodity Risk
	Futures Contracts Unrealized Appreciation/Depreciation	0.24

Availability of Additional Information 

Additional information is available at 1-866-290-2688 and https://funds.aqr.com/fund-documents, including its: 

• Prospectus                                               

• Statement of Additional Information       

• Portfolio Holdings

AQR Funds are distributed by ALPS Distributors, Inc.

• Financial Statements & Other Information                                               

• Proxy Voting Report       

• Updated Fund Performance                                    

AQR Alternative Risk Premia Fund

Class R6: QRPRX

Semi-Annual Shareholder Report - June 30, 2024

This semi-annual shareholder report contains important information about the AQR Alternative Risk Premia Fund for the period of January 1, 2024 to June 30, 2024.You can find additional information about the Fund at https://funds.aqr.com/fund-documents. You can also request this information by contacting us at 1-866-290-2688 or contacting your financial intermediary directly.

What were the Fund's costs for the last six months? 

(based on a hypothetical $10,000 investment) 

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class R6	$297	5.42%

Key Fund Statistics

• Net Assets$278,189,666
• Total Number of Portfolio Holdings3,535
• Portfolio Turnover Rate (excludes derivatives, if any)110%

Graphical Representation of Holdings

The tables below show the investment makeup of the Fund as of June 30, 2024, excluding derivatives unless otherwise noted. The Fund's portfolio composition is subject to change. 

Sector Allocation

Value	Value
Other	0.7
Real Estate	(0.8)
Health Care	(1.9)
Energy	2.4
Consumer Discretionary	(2.6)
Utilities	(2.9)
Information Technology	3.2
Industrials	4.7
Financials	6.9
U.S. Treasury Obligations	10.1
Investment Companies	55.1

Security Type % of Net Assets

Asset Type	Long	Short
Common Stocks	166.6	(156.3)
Preferred Stocks	0.1	(0.7)
Rights	0.0	0.0
Short-Term Investments	65.2	0.0
Warrants	0.0	(0.0)Footnote Reference†

Footnote	Description
Footnote†	Represents less than 0.05% of net assets.

Derivative Exposure by Notional Value^{Footnote Reference*}

Value	Long	Short
Interest Rate Swaps	22	15
Total Return Swaps	2	1
Forward Foreign Currency Exchange Contracts	10	12
Futures Contracts	22	15

Footnote	Description
Footnote*	Percentage of total absolute value of notional exposure of derivatives. Excludes derivatives representing less than 0.5% of total absolute notional value.

Derivative Risk Exposure as % of Net Assets

Risk Type	Asset type	% of Net Assets
Equity Risk
	Futures Contracts Unrealized Appreciation/Depreciation	(0.22)
	Swap Contracts at Value	0.07
Foreign Exchange Rate Risk
	Forward Foreign Currency Exchange Contracts Unrealized Appreciation/Depreciation	(0.16)
Interest Rate Risk
	Futures Contracts Unrealized Appreciation/Depreciation	(0.18)
	Swap Contracts at Value	0.06
Commodity Risk
	Futures Contracts Unrealized Appreciation/Depreciation	0.24

Availability of Additional Information 

Additional information is available at 1-866-290-2688 and https://funds.aqr.com/fund-documents, including its: 

• Prospectus                                               

• Statement of Additional Information       

• Portfolio Holdings

AQR Funds are distributed by ALPS Distributors, Inc.

• Financial Statements & Other Information                                               

• Proxy Voting Report       

• Updated Fund Performance                                    

AQR Diversified Arbitrage Fund

Class I: ADAIX

Semi-Annual Shareholder Report - June 30, 2024

This semi-annual shareholder report contains important information about the AQR Diversified Arbitrage Fund for the period of January 1, 2024 to June 30, 2024.You can find additional information about the Fund at https://funds.aqr.com/fund-documents. You can also request this information by contacting us at 1-866-290-2688 or contacting your financial intermediary directly.

What were the Fund's costs for the last six months? 

(based on a hypothetical $10,000 investment) 

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class I	$67	1.34%

Key Fund Statistics

• Net Assets$1,906,148,869
• Total Number of Portfolio Holdings830
• Portfolio Turnover Rate (excludes derivatives, if any)165%

Graphical Representation of Holdings

The tables below show the investment makeup of the Fund as of June 30, 2024, excluding derivatives unless otherwise noted. The Fund's portfolio composition is subject to change. 

Sector Allocation

Value	Value
Other	2.1
Materials	1.9
Communication Services	2.3
Utilities	5.1
Consumer Discretionary	6.2
Health Care	6.3
Industrials	6.5
Information Technology	7.3
Financials	10.5
Investment Companies	17.8
U.S. Treasury Obligations	19.8

Security Type % of Net Assets

Asset Type	Long	Short
Closed-End Funds	6.3	0.0
Common Stocks	26.1	(42.7)
Convertible Bonds	61.3	(3.4)
Corporate Bonds	1.4	(1.7)
Exchange Traded Funds	0.0	(0.1)
Purchased Options	0.0Footnote Reference†	0.0
Rights	0.0Footnote Reference†	0.0
Securities in Litigation	0.0	0.0
Short-Term Investments	37.7	0.0
Units	0.8	0.0
Warrants	0.0Footnote Reference†	0.0

Footnote	Description
Footnote†	Represents less than 0.05% of net assets.

Derivative Exposure by Notional Value^{Footnote Reference*}

Value	Long	Short
Total Return Basket Swaps	42	16
Total Return Swaps	0	4
Credit Default Swaps	6	0
Forward Foreign Currency Exchange Contracts	2	4
Futures Contracts	0	28

Footnote	Description
Footnote*	Percentage of total absolute value of notional exposure of derivatives. Excludes derivatives representing less than 0.5% of total absolute notional value.

Derivative Risk Exposure as % of Net Assets

Risk Type	Asset type	% of Net Assets
Equity Risk
	Swap Contracts at Value	(0.69)
	Purchased Options at Market Value	0.01
Foreign Exchange Rate Risk
	Forward Foreign Currency Exchange Contracts Unrealized Appreciation/Depreciation	0.00Footnote Reference†
Interest Rate Risk
	Futures Contracts Unrealized Appreciation/Depreciation	(0.05)
	Swap Contracts at Value	(0.44)
Credit Risk
	Swap Contracts at Value	(0.27)

Footnote	Description
Footnote†	Represents less than 0.005% of net assets.

Availability of Additional Information 

Additional information is available at 1-866-290-2688 and https://funds.aqr.com/fund-documents, including its: 

• Prospectus                                               

• Statement of Additional Information       

• Portfolio Holdings

AQR Funds are distributed by ALPS Distributors, Inc.

• Financial Statements & Other Information                                               

• Proxy Voting Report       

• Updated Fund Performance                                    

AQR Diversified Arbitrage Fund

Class N: ADANX

Semi-Annual Shareholder Report - June 30, 2024

This semi-annual shareholder report contains important information about the AQR Diversified Arbitrage Fund for the period of January 1, 2024 to June 30, 2024.You can find additional information about the Fund at https://funds.aqr.com/fund-documents. You can also request this information by contacting us at 1-866-290-2688 or contacting your financial intermediary directly.

What were the Fund's costs for the last six months? 

(based on a hypothetical $10,000 investment) 

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class N	$79	1.59%

Key Fund Statistics

• Net Assets$1,906,148,869
• Total Number of Portfolio Holdings830
• Portfolio Turnover Rate (excludes derivatives, if any)165%

Graphical Representation of Holdings

The tables below show the investment makeup of the Fund as of June 30, 2024, excluding derivatives unless otherwise noted. The Fund's portfolio composition is subject to change. 

Sector Allocation

Value	Value
Other	2.1
Materials	1.9
Communication Services	2.3
Utilities	5.1
Consumer Discretionary	6.2
Health Care	6.3
Industrials	6.5
Information Technology	7.3
Financials	10.5
Investment Companies	17.8
U.S. Treasury Obligations	19.8

Security Type % of Net Assets

Asset Type	Long	Short
Closed-End Funds	6.3	0.0
Common Stocks	26.1	(42.7)
Convertible Bonds	61.3	(3.4)
Corporate Bonds	1.4	(1.7)
Exchange Traded Funds	0.0	(0.1)
Purchased Options	0.0Footnote Reference†	0.0
Rights	0.0Footnote Reference†	0.0
Securities in Litigation	0.0	0.0
Short-Term Investments	37.7	0.0
Units	0.8	0.0
Warrants	0.0Footnote Reference†	0.0

Footnote	Description
Footnote†	Represents less than 0.05% of net assets.

Derivative Exposure by Notional Value^{Footnote Reference*}

Value	Long	Short
Total Return Basket Swaps	42	16
Total Return Swaps	0	4
Credit Default Swaps	6	0
Forward Foreign Currency Exchange Contracts	2	4
Futures Contracts	0	28

Footnote	Description
Footnote*	Percentage of total absolute value of notional exposure of derivatives. Excludes derivatives representing less than 0.5% of total absolute notional value.

Derivative Risk Exposure as % of Net Assets

Risk Type	Asset type	% of Net Assets
Equity Risk
	Swap Contracts at Value	(0.69)
	Purchased Options at Market Value	0.01
Foreign Exchange Rate Risk
	Forward Foreign Currency Exchange Contracts Unrealized Appreciation/Depreciation	0.00Footnote Reference†
Interest Rate Risk
	Futures Contracts Unrealized Appreciation/Depreciation	(0.05)
	Swap Contracts at Value	(0.44)
Credit Risk
	Swap Contracts at Value	(0.27)

Footnote	Description
Footnote†	Represents less than 0.005% of net assets.

Availability of Additional Information 

Additional information is available at 1-866-290-2688 and https://funds.aqr.com/fund-documents, including its: 

• Prospectus                                               

• Statement of Additional Information       

• Portfolio Holdings

AQR Funds are distributed by ALPS Distributors, Inc.

• Financial Statements & Other Information                                               

• Proxy Voting Report       

• Updated Fund Performance                                    

AQR Diversified Arbitrage Fund

Class R6: QDARX

Semi-Annual Shareholder Report - June 30, 2024

This semi-annual shareholder report contains important information about the AQR Diversified Arbitrage Fund for the period of January 1, 2024 to June 30, 2024.You can find additional information about the Fund at https://funds.aqr.com/fund-documents. You can also request this information by contacting us at 1-866-290-2688 or contacting your financial intermediary directly.

What were the Fund's costs for the last six months? 

(based on a hypothetical $10,000 investment) 

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class R6	$62	1.24%

Key Fund Statistics

• Net Assets$1,906,148,869
• Total Number of Portfolio Holdings830
• Portfolio Turnover Rate (excludes derivatives, if any)165%

Graphical Representation of Holdings

The tables below show the investment makeup of the Fund as of June 30, 2024, excluding derivatives unless otherwise noted. The Fund's portfolio composition is subject to change. 

Sector Allocation

Value	Value
Other	2.1
Materials	1.9
Communication Services	2.3
Utilities	5.1
Consumer Discretionary	6.2
Health Care	6.3
Industrials	6.5
Information Technology	7.3
Financials	10.5
Investment Companies	17.8
U.S. Treasury Obligations	19.8

Security Type % of Net Assets

Asset Type	Long	Short
Closed-End Funds	6.3	0.0
Common Stocks	26.1	(42.7)
Convertible Bonds	61.3	(3.4)
Corporate Bonds	1.4	(1.7)
Exchange Traded Funds	0.0	(0.1)
Purchased Options	0.0Footnote Reference†	0.0
Rights	0.0Footnote Reference†	0.0
Securities in Litigation	0.0	0.0
Short-Term Investments	37.7	0.0
Units	0.8	0.0
Warrants	0.0Footnote Reference†	0.0

Footnote	Description
Footnote†	Represents less than 0.05% of net assets.

Derivative Exposure by Notional Value^{Footnote Reference*}

Value	Long	Short
Total Return Basket Swaps	42	16
Total Return Swaps	0	4
Credit Default Swaps	6	0
Forward Foreign Currency Exchange Contracts	2	4
Futures Contracts	0	28

Footnote	Description
Footnote*	Percentage of total absolute value of notional exposure of derivatives. Excludes derivatives representing less than 0.5% of total absolute notional value.

Derivative Risk Exposure as % of Net Assets

Risk Type	Asset type	% of Net Assets
Equity Risk
	Swap Contracts at Value	(0.69)
	Purchased Options at Market Value	0.01
Foreign Exchange Rate Risk
	Forward Foreign Currency Exchange Contracts Unrealized Appreciation/Depreciation	0.00Footnote Reference†
Interest Rate Risk
	Futures Contracts Unrealized Appreciation/Depreciation	(0.05)
	Swap Contracts at Value	(0.44)
Credit Risk
	Swap Contracts at Value	(0.27)

Footnote	Description
Footnote†	Represents less than 0.005% of net assets.

Availability of Additional Information 

Additional information is available at 1-866-290-2688 and https://funds.aqr.com/fund-documents, including its: 

• Prospectus                                               

• Statement of Additional Information       

• Portfolio Holdings

AQR Funds are distributed by ALPS Distributors, Inc.

• Financial Statements & Other Information                                               

• Proxy Voting Report       

• Updated Fund Performance                                    

AQR Diversifying Strategies Fund

Class I: QDSIX

Semi-Annual Shareholder Report - June 30, 2024

This semi-annual shareholder report contains important information about the AQR Diversifying Strategies Fund for the period of January 1, 2024 to June 30, 2024.You can find additional information about the Fund at https://funds.aqr.com/fund-documents. You can also request this information by contacting us at 1-866-290-2688 or contacting your financial intermediary directly.

What were the Fund's costs for the last six months? 

(based on a hypothetical $10,000 investment) 

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class I	$10	0.18%

Key Fund Statistics

• Net Assets$1,022,092,824
• Total Number of Portfolio Holdings7
• Portfolio Turnover Rate (excludes derivatives, if any)8%

Graphical Representation of Holdings

The tables below show the investment makeup of the Fund as of June 30, 2024, excluding derivatives unless otherwise noted. The Fund's portfolio composition is subject to change. 

Sector Allocation

Value	Value
Investment Companies	2.0
Relative Value Arbitrage	9.8
Systematic Trend	12.4
Global Macro	12.4
Multi-Strategy	15.8
Equity Market Neutral	19.1
Global Flexible Allocation	28.5

Fund Allocation

% of Total Investment

Value	Value
AQR Multi-Asset Fund -	29%
AQR Equity Market Neutral Fund -	19%
AQR Style Premia Alternative Fund -	16%
AQR Macro Opportunities Fund -	12%
AQR Managed Futures Strategy HV Fund -	12%
AQR Diversified Arbitrage Fund -	10%
Limited Purpose Cash Investment Fund -	2%

Availability of Additional Information 

Additional information is available at 1-866-290-2688 and https://funds.aqr.com/fund-documents, including its: 

• Prospectus                                               

• Statement of Additional Information       

• Portfolio Holdings

AQR Funds are distributed by ALPS Distributors, Inc.

• Financial Statements & Other Information                                               

• Proxy Voting Report       

• Updated Fund Performance                                    

AQR Diversifying Strategies Fund

Class N: QDSNX

Semi-Annual Shareholder Report - June 30, 2024

This semi-annual shareholder report contains important information about the AQR Diversifying Strategies Fund for the period of January 1, 2024 to June 30, 2024.You can find additional information about the Fund at https://funds.aqr.com/fund-documents. You can also request this information by contacting us at 1-866-290-2688 or contacting your financial intermediary directly.

What were the Fund's costs for the last six months? 

(based on a hypothetical $10,000 investment) 

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class N	$23	0.43%

Key Fund Statistics

• Net Assets$1,022,092,824
• Total Number of Portfolio Holdings7
• Portfolio Turnover Rate (excludes derivatives, if any)8%

Graphical Representation of Holdings

The tables below show the investment makeup of the Fund as of June 30, 2024, excluding derivatives unless otherwise noted. The Fund's portfolio composition is subject to change. 

Sector Allocation

Value	Value
Investment Companies	2.0
Relative Value Arbitrage	9.8
Systematic Trend	12.4
Global Macro	12.4
Multi-Strategy	15.8
Equity Market Neutral	19.1
Global Flexible Allocation	28.5

Fund Allocation

% of Total Investment

Value	Value
AQR Multi-Asset Fund -	29%
AQR Equity Market Neutral Fund -	19%
AQR Style Premia Alternative Fund -	16%
AQR Macro Opportunities Fund -	12%
AQR Managed Futures Strategy HV Fund -	12%
AQR Diversified Arbitrage Fund -	10%
Limited Purpose Cash Investment Fund -	2%

Availability of Additional Information 

Additional information is available at 1-866-290-2688 and https://funds.aqr.com/fund-documents, including its: 

• Prospectus                                               

• Statement of Additional Information       

• Portfolio Holdings

AQR Funds are distributed by ALPS Distributors, Inc.

• Financial Statements & Other Information                                               

• Proxy Voting Report       

• Updated Fund Performance                                    

AQR Diversifying Strategies Fund

Class R6: QDSRX

Semi-Annual Shareholder Report - June 30, 2024

This semi-annual shareholder report contains important information about the AQR Diversifying Strategies Fund for the period of January 1, 2024 to June 30, 2024.You can find additional information about the Fund at https://funds.aqr.com/fund-documents. You can also request this information by contacting us at 1-866-290-2688 or contacting your financial intermediary directly.

What were the Fund's costs for the last six months? 

(based on a hypothetical $10,000 investment) 

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class R6	$4	0.08%

Key Fund Statistics

• Net Assets$1,022,092,824
• Total Number of Portfolio Holdings7
• Portfolio Turnover Rate (excludes derivatives, if any)8%

Graphical Representation of Holdings

The tables below show the investment makeup of the Fund as of June 30, 2024, excluding derivatives unless otherwise noted. The Fund's portfolio composition is subject to change. 

Sector Allocation

Value	Value
Investment Companies	2.0
Relative Value Arbitrage	9.8
Systematic Trend	12.4
Global Macro	12.4
Multi-Strategy	15.8
Equity Market Neutral	19.1
Global Flexible Allocation	28.5

Fund Allocation

% of Total Investment

Value	Value
AQR Multi-Asset Fund -	29%
AQR Equity Market Neutral Fund -	19%
AQR Style Premia Alternative Fund -	16%
AQR Macro Opportunities Fund -	12%
AQR Managed Futures Strategy HV Fund -	12%
AQR Diversified Arbitrage Fund -	10%
Limited Purpose Cash Investment Fund -	2%

Availability of Additional Information 

Additional information is available at 1-866-290-2688 and https://funds.aqr.com/fund-documents, including its: 

• Prospectus                                               

• Statement of Additional Information       

• Portfolio Holdings

AQR Funds are distributed by ALPS Distributors, Inc.

• Financial Statements & Other Information                                               

• Proxy Voting Report       

• Updated Fund Performance                                    

AQR Equity Market Neutral Fund

Class I: QMNIX

Semi-Annual Shareholder Report - June 30, 2024

This semi-annual shareholder report contains important information about the AQR Equity Market Neutral Fund for the period of January 1, 2024 to June 30, 2024.You can find additional information about the Fund at https://funds.aqr.com/fund-documents. You can also request this information by contacting us at 1-866-290-2688 or contacting your financial intermediary directly.

What were the Fund's costs for the last six months? 

(based on a hypothetical $10,000 investment) 

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class I	$185	3.42%

Key Fund Statistics

• Net Assets$700,963,067
• Total Number of Portfolio Holdings1,976
• Portfolio Turnover Rate (excludes derivatives, if any)444%

Graphical Representation of Holdings

The tables below show the investment makeup of the Fund as of June 30, 2024, excluding derivatives unless otherwise noted. The Fund's portfolio composition is subject to change. 

Sector Allocation

Value	Value
Other	(2.0)
Information Technology	(1.7)
Consumer Discretionary	(1.7)
Real Estate	(1.9)
Industrials	2.4
Materials	2.6
Energy	6.8
Health Care	(7.4)
Financials	11.9
U.S. Treasury Obligations	33.7
Investment Companies	37.6

Geographic Allocation

Country	% of Net Assets
United States	73.4
United Kingdom	2.3
Germany	1.8
Italy	1.4
China	1.3
Sweden	0.9
Canada	0.5
Finland	0.4
Spain	0.4
Hong Kong	0.3
Others	(2.4)

Derivative Exposure by Notional Value^{Footnote Reference*}

Value	Long	Short
Forward Foreign Currency Exchange Contracts	28	72

Footnote	Description
Footnote*	Percentage of total absolute value of notional exposure of derivatives. Excludes derivatives representing less than 0.5% of total absolute notional value.

Derivative Risk Exposure as % of Net Assets

Risk Type	Asset type	% of Net Assets
Equity Risk
	Swap Contracts at Value	0.04
Foreign Exchange Rate Risk
	Forward Foreign Currency Exchange Contracts Unrealized Appreciation/Depreciation	0.11

Availability of Additional Information 

Additional information is available at 1-866-290-2688 and https://funds.aqr.com/fund-documents, including its: 

• Prospectus                                               

• Statement of Additional Information       

• Portfolio Holdings

AQR Funds are distributed by ALPS Distributors, Inc.

• Financial Statements & Other Information                                               

• Proxy Voting Report       

• Updated Fund Performance                                    

AQR Equity Market Neutral Fund

Class N: QMNNX

Semi-Annual Shareholder Report - June 30, 2024

This semi-annual shareholder report contains important information about the AQR Equity Market Neutral Fund for the period of January 1, 2024 to June 30, 2024.You can find additional information about the Fund at https://funds.aqr.com/fund-documents. You can also request this information by contacting us at 1-866-290-2688 or contacting your financial intermediary directly.

What were the Fund's costs for the last six months? 

(based on a hypothetical $10,000 investment) 

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class N	$198	3.67%

Key Fund Statistics

• Net Assets$700,963,067
• Total Number of Portfolio Holdings1,976
• Portfolio Turnover Rate (excludes derivatives, if any)444%

Graphical Representation of Holdings

The tables below show the investment makeup of the Fund as of June 30, 2024, excluding derivatives unless otherwise noted. The Fund's portfolio composition is subject to change. 

Sector Allocation

Value	Value
Other	(2.0)
Information Technology	(1.7)
Consumer Discretionary	(1.7)
Real Estate	(1.9)
Industrials	2.4
Materials	2.6
Energy	6.8
Health Care	(7.4)
Financials	11.9
U.S. Treasury Obligations	33.7
Investment Companies	37.6

Geographic Allocation

Country	% of Net Assets
United States	73.4
United Kingdom	2.3
Germany	1.8
Italy	1.4
China	1.3
Sweden	0.9
Canada	0.5
Finland	0.4
Spain	0.4
Hong Kong	0.3
Others	(2.4)

Derivative Exposure by Notional Value^{Footnote Reference*}

Value	Long	Short
Forward Foreign Currency Exchange Contracts	28	72

Footnote	Description
Footnote*	Percentage of total absolute value of notional exposure of derivatives. Excludes derivatives representing less than 0.5% of total absolute notional value.

Derivative Risk Exposure as % of Net Assets

Risk Type	Asset type	% of Net Assets
Equity Risk
	Swap Contracts at Value	0.04
Foreign Exchange Rate Risk
	Forward Foreign Currency Exchange Contracts Unrealized Appreciation/Depreciation	0.11

Availability of Additional Information 

Additional information is available at 1-866-290-2688 and https://funds.aqr.com/fund-documents, including its: 

• Prospectus                                               

• Statement of Additional Information       

• Portfolio Holdings

AQR Funds are distributed by ALPS Distributors, Inc.

• Financial Statements & Other Information                                               

• Proxy Voting Report       

• Updated Fund Performance                                    

AQR Equity Market Neutral Fund

Class R6: QMNRX

Semi-Annual Shareholder Report - June 30, 2024

This semi-annual shareholder report contains important information about the AQR Equity Market Neutral Fund for the period of January 1, 2024 to June 30, 2024.You can find additional information about the Fund at https://funds.aqr.com/fund-documents. You can also request this information by contacting us at 1-866-290-2688 or contacting your financial intermediary directly.

What were the Fund's costs for the last six months? 

(based on a hypothetical $10,000 investment) 

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class R6	$180	3.32%

Key Fund Statistics

• Net Assets$700,963,067
• Total Number of Portfolio Holdings1,976
• Portfolio Turnover Rate (excludes derivatives, if any)444%

Graphical Representation of Holdings

The tables below show the investment makeup of the Fund as of June 30, 2024, excluding derivatives unless otherwise noted. The Fund's portfolio composition is subject to change. 

Sector Allocation

Value	Value
Other	(2.0)
Information Technology	(1.7)
Consumer Discretionary	(1.7)
Real Estate	(1.9)
Industrials	2.4
Materials	2.6
Energy	6.8
Health Care	(7.4)
Financials	11.9
U.S. Treasury Obligations	33.7
Investment Companies	37.6

Geographic Allocation

Country	% of Net Assets
United States	73.4
United Kingdom	2.3
Germany	1.8
Italy	1.4
China	1.3
Sweden	0.9
Canada	0.5
Finland	0.4
Spain	0.4
Hong Kong	0.3
Others	(2.4)

Derivative Exposure by Notional Value^{Footnote Reference*}

Value	Long	Short
Forward Foreign Currency Exchange Contracts	28	72

Footnote	Description
Footnote*	Percentage of total absolute value of notional exposure of derivatives. Excludes derivatives representing less than 0.5% of total absolute notional value.

Derivative Risk Exposure as % of Net Assets

Risk Type	Asset type	% of Net Assets
Equity Risk
	Swap Contracts at Value	0.04
Foreign Exchange Rate Risk
	Forward Foreign Currency Exchange Contracts Unrealized Appreciation/Depreciation	0.11

Availability of Additional Information 

Additional information is available at 1-866-290-2688 and https://funds.aqr.com/fund-documents, including its: 

• Prospectus                                               

• Statement of Additional Information       

• Portfolio Holdings

AQR Funds are distributed by ALPS Distributors, Inc.

• Financial Statements & Other Information                                               

• Proxy Voting Report       

• Updated Fund Performance                                    

AQR Long-Short Equity Fund

Class I: QLEIX

Semi-Annual Shareholder Report - June 30, 2024

This semi-annual shareholder report contains important information about the AQR Long-Short Equity Fund for the period of January 1, 2024 to June 30, 2024.You can find additional information about the Fund at https://funds.aqr.com/fund-documents. You can also request this information by contacting us at 1-866-290-2688 or contacting your financial intermediary directly.

What were the Fund's costs for the last six months? 

(based on a hypothetical $10,000 investment) 

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class I	$189	3.45%

Key Fund Statistics

• Net Assets$1,899,139,121
• Total Number of Portfolio Holdings2,209
• Portfolio Turnover Rate (excludes derivatives, if any)350%

Graphical Representation of Holdings

The tables below show the investment makeup of the Fund as of June 30, 2024, excluding derivatives unless otherwise noted. The Fund's portfolio composition is subject to change. 

Sector Allocation

Value	Value
Other	(3.7)
Consumer Staples	(2.3)
Real Estate	(2.5)
Consumer Discretionary	(2.5)
Materials	2.6
Industrials	4.2
Energy	7.1
Health Care	(8.5)
Financials	12.9
Investment Companies	24.2
U.S. Treasury Obligations	54.3

Geographic Allocation

Country	% of Net Assets
United States	80.5
United Kingdom	2.7
China	1.5
Italy	1.3
Germany	1.3
Canada	0.4
Hong Kong	0.4
Spain	0.4
Sweden	0.3
Luxembourg	0.3
Others	(3.3)

Derivative Exposure by Notional Value^{Footnote Reference*}

Value	Long	Short
Total Return Swaps	8	0
Forward Foreign Currency Exchange Contracts	27	17
Futures Contracts	48	0

Footnote	Description
Footnote*	Percentage of total absolute value of notional exposure of derivatives. Excludes derivatives representing less than 0.5% of total absolute notional value.

Derivative Risk Exposure as % of Net Assets

Risk Type	Asset type	% of Net Assets
Equity Risk
	Futures Contracts Unrealized Appreciation/Depreciation	0.13
	Swap Contracts at Value	(0.04)
Foreign Exchange Rate Risk
	Forward Foreign Currency Exchange Contracts Unrealized Appreciation/Depreciation	(0.06)

Availability of Additional Information 

Additional information is available at 1-866-290-2688 and https://funds.aqr.com/fund-documents, including its: 

• Prospectus                                               

• Statement of Additional Information       

• Portfolio Holdings

AQR Funds are distributed by ALPS Distributors, Inc.

• Financial Statements & Other Information                                               

• Proxy Voting Report       

• Updated Fund Performance                                    

AQR Long-Short Equity Fund

Class N: QLENX

Semi-Annual Shareholder Report - June 30, 2024

This semi-annual shareholder report contains important information about the AQR Long-Short Equity Fund for the period of January 1, 2024 to June 30, 2024.You can find additional information about the Fund at https://funds.aqr.com/fund-documents. You can also request this information by contacting us at 1-866-290-2688 or contacting your financial intermediary directly.

What were the Fund's costs for the last six months? 

(based on a hypothetical $10,000 investment) 

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class N	$203	3.70%

Key Fund Statistics

• Net Assets$1,899,139,121
• Total Number of Portfolio Holdings2,209
• Portfolio Turnover Rate (excludes derivatives, if any)350%

Graphical Representation of Holdings

The tables below show the investment makeup of the Fund as of June 30, 2024, excluding derivatives unless otherwise noted. The Fund's portfolio composition is subject to change. 

Sector Allocation

Value	Value
Other	(3.7)
Consumer Staples	(2.3)
Real Estate	(2.5)
Consumer Discretionary	(2.5)
Materials	2.6
Industrials	4.2
Energy	7.1
Health Care	(8.5)
Financials	12.9
Investment Companies	24.2
U.S. Treasury Obligations	54.3

Geographic Allocation

Country	% of Net Assets
United States	80.5
United Kingdom	2.7
China	1.5
Italy	1.3
Germany	1.3
Canada	0.4
Hong Kong	0.4
Spain	0.4
Sweden	0.3
Luxembourg	0.3
Others	(3.3)

Derivative Exposure by Notional Value^{Footnote Reference*}

Value	Long	Short
Total Return Swaps	8	0
Forward Foreign Currency Exchange Contracts	27	17
Futures Contracts	48	0

Footnote	Description
Footnote*	Percentage of total absolute value of notional exposure of derivatives. Excludes derivatives representing less than 0.5% of total absolute notional value.

Derivative Risk Exposure as % of Net Assets

Risk Type	Asset type	% of Net Assets
Equity Risk
	Futures Contracts Unrealized Appreciation/Depreciation	0.13
	Swap Contracts at Value	(0.04)
Foreign Exchange Rate Risk
	Forward Foreign Currency Exchange Contracts Unrealized Appreciation/Depreciation	(0.06)

Availability of Additional Information 

Additional information is available at 1-866-290-2688 and https://funds.aqr.com/fund-documents, including its: 

• Prospectus                                               

• Statement of Additional Information       

• Portfolio Holdings

AQR Funds are distributed by ALPS Distributors, Inc.

• Financial Statements & Other Information                                               

• Proxy Voting Report       

• Updated Fund Performance                                    

AQR Long-Short Equity Fund

Class R6: QLERX

Semi-Annual Shareholder Report - June 30, 2024

This semi-annual shareholder report contains important information about the AQR Long-Short Equity Fund for the period of January 1, 2024 to June 30, 2024.You can find additional information about the Fund at https://funds.aqr.com/fund-documents. You can also request this information by contacting us at 1-866-290-2688 or contacting your financial intermediary directly.

What were the Fund's costs for the last six months? 

(based on a hypothetical $10,000 investment) 

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class R6	$184	3.35%

Key Fund Statistics

• Net Assets$1,899,139,121
• Total Number of Portfolio Holdings2,209
• Portfolio Turnover Rate (excludes derivatives, if any)350%

Graphical Representation of Holdings

The tables below show the investment makeup of the Fund as of June 30, 2024, excluding derivatives unless otherwise noted. The Fund's portfolio composition is subject to change. 

Sector Allocation

Value	Value
Other	(3.7)
Consumer Staples	(2.3)
Real Estate	(2.5)
Consumer Discretionary	(2.5)
Materials	2.6
Industrials	4.2
Energy	7.1
Health Care	(8.5)
Financials	12.9
Investment Companies	24.2
U.S. Treasury Obligations	54.3

Geographic Allocation

Country	% of Net Assets
United States	80.5
United Kingdom	2.7
China	1.5
Italy	1.3
Germany	1.3
Canada	0.4
Hong Kong	0.4
Spain	0.4
Sweden	0.3
Luxembourg	0.3
Others	(3.3)

Derivative Exposure by Notional Value^{Footnote Reference*}

Value	Long	Short
Total Return Swaps	8	0
Forward Foreign Currency Exchange Contracts	27	17
Futures Contracts	48	0

Footnote	Description
Footnote*	Percentage of total absolute value of notional exposure of derivatives. Excludes derivatives representing less than 0.5% of total absolute notional value.

Derivative Risk Exposure as % of Net Assets

Risk Type	Asset type	% of Net Assets
Equity Risk
	Futures Contracts Unrealized Appreciation/Depreciation	0.13
	Swap Contracts at Value	(0.04)
Foreign Exchange Rate Risk
	Forward Foreign Currency Exchange Contracts Unrealized Appreciation/Depreciation	(0.06)

Availability of Additional Information 

Additional information is available at 1-866-290-2688 and https://funds.aqr.com/fund-documents, including its: 

• Prospectus                                               

• Statement of Additional Information       

• Portfolio Holdings

AQR Funds are distributed by ALPS Distributors, Inc.

• Financial Statements & Other Information                                               

• Proxy Voting Report       

• Updated Fund Performance                                    

AQR Macro Opportunities Fund

Class I: QGMIX

Semi-Annual Shareholder Report - June 30, 2024

This semi-annual shareholder report contains important information about the AQR Macro Opportunities Fund for the period of January 1, 2024 to June 30, 2024.You can find additional information about the Fund at https://funds.aqr.com/fund-documents. You can also request this information by contacting us at 1-866-290-2688 or contacting your financial intermediary directly.

What were the Fund's costs for the last six months? 

(based on a hypothetical $10,000 investment) 

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class I	$72	1.42%

Key Fund Statistics

• Net Assets$162,437,076
• Total Number of Portfolio Holdings2,608
• Portfolio Turnover Rate (excludes derivatives, if any)63%

Graphical Representation of Holdings

The tables below show the investment makeup of the Fund as of June 30, 2024, excluding derivatives unless otherwise noted. The Fund's portfolio composition is subject to change. 

Sector Allocation

Value	Value
Repurchase Agreements	3.5
Financials	4.9
Consumer Staples	6.5
Reverse Repurchase Agreements	(10.1)
U.S. Treasury Obligations	31.5
Investment Companies	40.9

Security Type % of Net Assets

Asset Type	Long	Short
Common Stocks	11.4	0.0
Reverse Repurchase Agreements	0.0	(10.1)
Short-Term Investments	69.3	0.0
U.S. Treasury Obligations	6.6	0.0

Derivative Exposure by Notional Value^{Footnote Reference*}

Value	Long	Short
Interest Rate Swaps	35	24
Total Return Swaps	1	0
Forward Foreign Currency Exchange Contracts	10	11
Futures Contracts	9	10

Footnote	Description
Footnote*	Percentage of total absolute value of notional exposure of derivatives. Excludes derivatives representing less than 0.5% of total absolute notional value.

Derivative Risk Exposure as % of Net Assets

Risk Type	Asset type	% of Net Assets
Equity Risk
	Futures Contracts Unrealized Appreciation/Depreciation	0.00Footnote Reference†
	Swap Contracts at Value	0.40
Foreign Exchange Rate Risk
	Forward Foreign Currency Exchange Contracts Unrealized Appreciation/Depreciation	(1.10)
Interest Rate Risk
	Futures Contracts Unrealized Appreciation/Depreciation	(0.33)
	Swap Contracts at Value	(0.56)
Credit Risk
	Swap Contracts at Value	0.35
Commodity Risk
	Futures Contracts Unrealized Appreciation/Depreciation	0.52

Footnote	Description
Footnote†	Represents less than 0.005% of net assets.

Availability of Additional Information 

Additional information is available at 1-866-290-2688 and https://funds.aqr.com/fund-documents, including its: 

• Prospectus                                               

• Statement of Additional Information       

• Portfolio Holdings

AQR Funds are distributed by ALPS Distributors, Inc.

• Financial Statements & Other Information                                               

• Proxy Voting Report       

• Updated Fund Performance                                    

AQR Macro Opportunities Fund

Class N: QGMNX

Semi-Annual Shareholder Report - June 30, 2024

This semi-annual shareholder report contains important information about the AQR Macro Opportunities Fund for the period of January 1, 2024 to June 30, 2024.You can find additional information about the Fund at https://funds.aqr.com/fund-documents. You can also request this information by contacting us at 1-866-290-2688 or contacting your financial intermediary directly.

What were the Fund's costs for the last six months? 

(based on a hypothetical $10,000 investment) 

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class N	$85	1.67%

Key Fund Statistics

• Net Assets$162,437,076
• Total Number of Portfolio Holdings2,608
• Portfolio Turnover Rate (excludes derivatives, if any)63%

Graphical Representation of Holdings

The tables below show the investment makeup of the Fund as of June 30, 2024, excluding derivatives unless otherwise noted. The Fund's portfolio composition is subject to change. 

Sector Allocation

Value	Value
Repurchase Agreements	3.5
Financials	4.9
Consumer Staples	6.5
Reverse Repurchase Agreements	(10.1)
U.S. Treasury Obligations	31.5
Investment Companies	40.9

Security Type % of Net Assets

Asset Type	Long	Short
Common Stocks	11.4	0.0
Reverse Repurchase Agreements	0.0	(10.1)
Short-Term Investments	69.3	0.0
U.S. Treasury Obligations	6.6	0.0

Derivative Exposure by Notional Value^{Footnote Reference*}

Value	Long	Short
Interest Rate Swaps	35	24
Total Return Swaps	1	0
Forward Foreign Currency Exchange Contracts	10	11
Futures Contracts	9	10

Footnote	Description
Footnote*	Percentage of total absolute value of notional exposure of derivatives. Excludes derivatives representing less than 0.5% of total absolute notional value.

Derivative Risk Exposure as % of Net Assets

Risk Type	Asset type	% of Net Assets
Equity Risk
	Futures Contracts Unrealized Appreciation/Depreciation	0.00Footnote Reference†
	Swap Contracts at Value	0.40
Foreign Exchange Rate Risk
	Forward Foreign Currency Exchange Contracts Unrealized Appreciation/Depreciation	(1.10)
Interest Rate Risk
	Futures Contracts Unrealized Appreciation/Depreciation	(0.33)
	Swap Contracts at Value	(0.56)
Credit Risk
	Swap Contracts at Value	0.35
Commodity Risk
	Futures Contracts Unrealized Appreciation/Depreciation	0.52

Footnote	Description
Footnote†	Represents less than 0.005% of net assets.

Availability of Additional Information 

Additional information is available at 1-866-290-2688 and https://funds.aqr.com/fund-documents, including its: 

• Prospectus                                               

• Statement of Additional Information       

• Portfolio Holdings

AQR Funds are distributed by ALPS Distributors, Inc.

• Financial Statements & Other Information                                               

• Proxy Voting Report       

• Updated Fund Performance                                    

AQR Macro Opportunities Fund

Class R6: QGMRX

Semi-Annual Shareholder Report - June 30, 2024

This semi-annual shareholder report contains important information about the AQR Macro Opportunities Fund for the period of January 1, 2024 to June 30, 2024.You can find additional information about the Fund at https://funds.aqr.com/fund-documents. You can also request this information by contacting us at 1-866-290-2688 or contacting your financial intermediary directly.

What were the Fund's costs for the last six months? 

(based on a hypothetical $10,000 investment) 

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class R6	$67	1.32%

Key Fund Statistics

• Net Assets$162,437,076
• Total Number of Portfolio Holdings2,608
• Portfolio Turnover Rate (excludes derivatives, if any)63%

Graphical Representation of Holdings

The tables below show the investment makeup of the Fund as of June 30, 2024, excluding derivatives unless otherwise noted. The Fund's portfolio composition is subject to change. 

Sector Allocation

Value	Value
Repurchase Agreements	3.5
Financials	4.9
Consumer Staples	6.5
Reverse Repurchase Agreements	(10.1)
U.S. Treasury Obligations	31.5
Investment Companies	40.9

Security Type % of Net Assets

Asset Type	Long	Short
Common Stocks	11.4	0.0
Reverse Repurchase Agreements	0.0	(10.1)
Short-Term Investments	69.3	0.0
U.S. Treasury Obligations	6.6	0.0

Derivative Exposure by Notional Value^{Footnote Reference*}

Value	Long	Short
Interest Rate Swaps	35	24
Total Return Swaps	1	0
Forward Foreign Currency Exchange Contracts	10	11
Futures Contracts	9	10

Footnote	Description
Footnote*	Percentage of total absolute value of notional exposure of derivatives. Excludes derivatives representing less than 0.5% of total absolute notional value.

Derivative Risk Exposure as % of Net Assets

Risk Type	Asset type	% of Net Assets
Equity Risk
	Futures Contracts Unrealized Appreciation/Depreciation	0.00Footnote Reference†
	Swap Contracts at Value	0.40
Foreign Exchange Rate Risk
	Forward Foreign Currency Exchange Contracts Unrealized Appreciation/Depreciation	(1.10)
Interest Rate Risk
	Futures Contracts Unrealized Appreciation/Depreciation	(0.33)
	Swap Contracts at Value	(0.56)
Credit Risk
	Swap Contracts at Value	0.35
Commodity Risk
	Futures Contracts Unrealized Appreciation/Depreciation	0.52

Footnote	Description
Footnote†	Represents less than 0.005% of net assets.

Availability of Additional Information 

Additional information is available at 1-866-290-2688 and https://funds.aqr.com/fund-documents, including its: 

• Prospectus                                               

• Statement of Additional Information       

• Portfolio Holdings

AQR Funds are distributed by ALPS Distributors, Inc.

• Financial Statements & Other Information                                               

• Proxy Voting Report       

• Updated Fund Performance                                    

AQR Managed Futures Strategy Fund

Class I: AQMIX

Semi-Annual Shareholder Report - June 30, 2024

This semi-annual shareholder report contains important information about the AQR Managed Futures Strategy Fund for the period of January 1, 2024 to June 30, 2024.You can find additional information about the Fund at https://funds.aqr.com/fund-documents. You can also request this information by contacting us at 1-866-290-2688 or contacting your financial intermediary directly.

What were the Fund's costs for the last six months? 

(based on a hypothetical $10,000 investment) 

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class I	$67	1.28%

Key Fund Statistics

• Net Assets$1,556,624,716
• Total Number of Portfolio Holdings1,539
• Portfolio Turnover Rate (excludes derivatives, if any)0%

Graphical Representation of Holdings

The tables below show the investment makeup of the Fund as of June 30, 2024, excluding derivatives unless otherwise noted. The Fund's portfolio composition is subject to change. 

Derivative Risk Exposure as % of Net Assets

Risk Type	Asset type	% of Net Assets
Equity Risk
	Futures Contracts Unrealized Appreciation/Depreciation	(0.10)
	Swap Contracts at Value	0.08
Foreign Exchange Rate Risk
	Forward Foreign Currency Exchange Contracts Unrealized Appreciation/Depreciation	0.25
Interest Rate Risk
	Futures Contracts Unrealized Appreciation/Depreciation	(0.25)
	Swap Contracts at Value	0.29
Credit Risk
	Swap Contracts at Value	0.15
Commodity Risk
	Futures Contracts Unrealized Appreciation/Depreciation	(0.45)

Derivative Exposure by Notional Value^{Footnote Reference*}

Value	Long	Short
Total Return Basket Swaps	4	4
Interest Rate Swaps	19	13
Total Return Swaps	1	0
Forward Foreign Currency Exchange Contracts	9	16
Futures Contracts	18	15

Footnote	Description
Footnote*	Percentage of total absolute value of notional exposure of derivatives. Excludes derivatives representing less than 0.5% of total absolute notional value.

Availability of Additional Information 

Additional information is available at 1-866-290-2688 and https://funds.aqr.com/fund-documents, including its: 

• Prospectus                                               

• Statement of Additional Information       

• Portfolio Holdings

AQR Funds are distributed by ALPS Distributors, Inc.

• Financial Statements & Other Information                                               

• Proxy Voting Report       

• Updated Fund Performance                                    

AQR Managed Futures Strategy Fund

Class N: AQMNX

Semi-Annual Shareholder Report - June 30, 2024

This semi-annual shareholder report contains important information about the AQR Managed Futures Strategy Fund for the period of January 1, 2024 to June 30, 2024.You can find additional information about the Fund at https://funds.aqr.com/fund-documents. You can also request this information by contacting us at 1-866-290-2688 or contacting your financial intermediary directly.

What were the Fund's costs for the last six months? 

(based on a hypothetical $10,000 investment) 

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class N	$80	1.53%

Key Fund Statistics

• Net Assets$1,556,624,716
• Total Number of Portfolio Holdings1,539
• Portfolio Turnover Rate (excludes derivatives, if any)0%

Graphical Representation of Holdings

The tables below show the investment makeup of the Fund as of June 30, 2024, excluding derivatives unless otherwise noted. The Fund's portfolio composition is subject to change. 

Derivative Risk Exposure as % of Net Assets

Risk Type	Asset type	% of Net Assets
Equity Risk
	Futures Contracts Unrealized Appreciation/Depreciation	(0.10)
	Swap Contracts at Value	0.08
Foreign Exchange Rate Risk
	Forward Foreign Currency Exchange Contracts Unrealized Appreciation/Depreciation	0.25
Interest Rate Risk
	Futures Contracts Unrealized Appreciation/Depreciation	(0.25)
	Swap Contracts at Value	0.29
Credit Risk
	Swap Contracts at Value	0.15
Commodity Risk
	Futures Contracts Unrealized Appreciation/Depreciation	(0.45)

Derivative Exposure by Notional Value^{Footnote Reference*}

Value	Long	Short
Total Return Basket Swaps	4	4
Interest Rate Swaps	19	13
Total Return Swaps	1	0
Forward Foreign Currency Exchange Contracts	9	16
Futures Contracts	18	15

Footnote	Description
Footnote*	Percentage of total absolute value of notional exposure of derivatives. Excludes derivatives representing less than 0.5% of total absolute notional value.

Availability of Additional Information 

Additional information is available at 1-866-290-2688 and https://funds.aqr.com/fund-documents, including its: 

• Prospectus                                               

• Statement of Additional Information       

• Portfolio Holdings

AQR Funds are distributed by ALPS Distributors, Inc.

• Financial Statements & Other Information                                               

• Proxy Voting Report       

• Updated Fund Performance                                    

AQR Managed Futures Strategy Fund

Class R6: AQMRX

Semi-Annual Shareholder Report - June 30, 2024

This semi-annual shareholder report contains important information about the AQR Managed Futures Strategy Fund for the period of January 1, 2024 to June 30, 2024.You can find additional information about the Fund at https://funds.aqr.com/fund-documents. You can also request this information by contacting us at 1-866-290-2688 or contacting your financial intermediary directly.

What were the Fund's costs for the last six months? 

(based on a hypothetical $10,000 investment) 

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class R6	$62	1.18%

Key Fund Statistics

• Net Assets$1,556,624,716
• Total Number of Portfolio Holdings1,539
• Portfolio Turnover Rate (excludes derivatives, if any)0%

Graphical Representation of Holdings

The tables below show the investment makeup of the Fund as of June 30, 2024, excluding derivatives unless otherwise noted. The Fund's portfolio composition is subject to change. 

Derivative Risk Exposure as % of Net Assets

Risk Type	Asset type	% of Net Assets
Equity Risk
	Futures Contracts Unrealized Appreciation/Depreciation	(0.10)
	Swap Contracts at Value	0.08
Foreign Exchange Rate Risk
	Forward Foreign Currency Exchange Contracts Unrealized Appreciation/Depreciation	0.25
Interest Rate Risk
	Futures Contracts Unrealized Appreciation/Depreciation	(0.25)
	Swap Contracts at Value	0.29
Credit Risk
	Swap Contracts at Value	0.15
Commodity Risk
	Futures Contracts Unrealized Appreciation/Depreciation	(0.45)

Derivative Exposure by Notional Value^{Footnote Reference*}

Value	Long	Short
Total Return Basket Swaps	4	4
Interest Rate Swaps	19	13
Total Return Swaps	1	0
Forward Foreign Currency Exchange Contracts	9	16
Futures Contracts	18	15

Footnote	Description
Footnote*	Percentage of total absolute value of notional exposure of derivatives. Excludes derivatives representing less than 0.5% of total absolute notional value.

Availability of Additional Information 

Additional information is available at 1-866-290-2688 and https://funds.aqr.com/fund-documents, including its: 

• Prospectus                                               

• Statement of Additional Information       

• Portfolio Holdings

AQR Funds are distributed by ALPS Distributors, Inc.

• Financial Statements & Other Information                                               

• Proxy Voting Report       

• Updated Fund Performance                                    

AQR Managed Futures Strategy HV Fund

Class I: QMHIX

Semi-Annual Shareholder Report - June 30, 2024

This semi-annual shareholder report contains important information about the AQR Managed Futures Strategy HV Fund for the period of January 1, 2024 to June 30, 2024.You can find additional information about the Fund at https://funds.aqr.com/fund-documents. You can also request this information by contacting us at 1-866-290-2688 or contacting your financial intermediary directly.

What were the Fund's costs for the last six months? 

(based on a hypothetical $10,000 investment) 

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class I	$90	1.68%

Key Fund Statistics

• Net Assets$253,212,844
• Total Number of Portfolio Holdings1,601
• Portfolio Turnover Rate (excludes derivatives, if any)0%

Graphical Representation of Holdings

The tables below show the investment makeup of the Fund as of June 30, 2024, excluding derivatives unless otherwise noted. The Fund's portfolio composition is subject to change. 

Derivative Risk Exposure as % of Net Assets

Risk Type	Asset type	% of Net Assets
Equity Risk
	Futures Contracts Unrealized Appreciation/Depreciation	(0.15)
	Swap Contracts at Value	1.03
Foreign Exchange Rate Risk
	Forward Foreign Currency Exchange Contracts Unrealized Appreciation/Depreciation	0.36
Interest Rate Risk
	Futures Contracts Unrealized Appreciation/Depreciation	(0.40)
	Swap Contracts at Value	0.42
Credit Risk
	Swap Contracts at Value	0.22
Commodity Risk
	Futures Contracts Unrealized Appreciation/Depreciation	(0.63)

Derivative Exposure by Notional Value^{Footnote Reference*}

Value	Long	Short
Total Return Basket Swaps	4	4
Interest Rate Swaps	19	13
Total Return Swaps	1	0
Forward Foreign Currency Exchange Contracts	9	16
Futures Contracts	18	15

Footnote	Description
Footnote*	Percentage of total absolute value of notional exposure of derivatives. Excludes derivatives representing less than 0.5% of total absolute notional value.

Availability of Additional Information 

Additional information is available at 1-866-290-2688 and https://funds.aqr.com/fund-documents, including its: 

• Prospectus                                               

• Statement of Additional Information       

• Portfolio Holdings

AQR Funds are distributed by ALPS Distributors, Inc.

• Financial Statements & Other Information                                               

• Proxy Voting Report       

• Updated Fund Performance                                    

AQR Managed Futures Strategy HV Fund

Class N: QMHNX

Semi-Annual Shareholder Report - June 30, 2024

This semi-annual shareholder report contains important information about the AQR Managed Futures Strategy HV Fund for the period of January 1, 2024 to June 30, 2024.You can find additional information about the Fund at https://funds.aqr.com/fund-documents. You can also request this information by contacting us at 1-866-290-2688 or contacting your financial intermediary directly.

What were the Fund's costs for the last six months? 

(based on a hypothetical $10,000 investment) 

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class N	$103	1.93%

Key Fund Statistics

• Net Assets$253,212,844
• Total Number of Portfolio Holdings1,601
• Portfolio Turnover Rate (excludes derivatives, if any)0%

Graphical Representation of Holdings

The tables below show the investment makeup of the Fund as of June 30, 2024, excluding derivatives unless otherwise noted. The Fund's portfolio composition is subject to change. 

Derivative Risk Exposure as % of Net Assets

Risk Type	Asset type	% of Net Assets
Equity Risk
	Futures Contracts Unrealized Appreciation/Depreciation	(0.15)
	Swap Contracts at Value	1.03
Foreign Exchange Rate Risk
	Forward Foreign Currency Exchange Contracts Unrealized Appreciation/Depreciation	0.36
Interest Rate Risk
	Futures Contracts Unrealized Appreciation/Depreciation	(0.40)
	Swap Contracts at Value	0.42
Credit Risk
	Swap Contracts at Value	0.22
Commodity Risk
	Futures Contracts Unrealized Appreciation/Depreciation	(0.63)

Derivative Exposure by Notional Value^{Footnote Reference*}

Value	Long	Short
Total Return Basket Swaps	4	4
Interest Rate Swaps	19	13
Total Return Swaps	1	0
Forward Foreign Currency Exchange Contracts	9	16
Futures Contracts	18	15

Footnote	Description
Footnote*	Percentage of total absolute value of notional exposure of derivatives. Excludes derivatives representing less than 0.5% of total absolute notional value.

Availability of Additional Information 

Additional information is available at 1-866-290-2688 and https://funds.aqr.com/fund-documents, including its: 

• Prospectus                                               

• Statement of Additional Information       

• Portfolio Holdings

AQR Funds are distributed by ALPS Distributors, Inc.

• Financial Statements & Other Information                                               

• Proxy Voting Report       

• Updated Fund Performance                                    

AQR Managed Futures Strategy HV Fund

Class R6: QMHRX

Semi-Annual Shareholder Report - June 30, 2024

This semi-annual shareholder report contains important information about the AQR Managed Futures Strategy HV Fund for the period of January 1, 2024 to June 30, 2024.You can find additional information about the Fund at https://funds.aqr.com/fund-documents. You can also request this information by contacting us at 1-866-290-2688 or contacting your financial intermediary directly.

What were the Fund's costs for the last six months? 

(based on a hypothetical $10,000 investment) 

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class R6	$84	1.58%

Key Fund Statistics

• Net Assets$253,212,844
• Total Number of Portfolio Holdings1,601
• Portfolio Turnover Rate (excludes derivatives, if any)0%

Graphical Representation of Holdings

The tables below show the investment makeup of the Fund as of June 30, 2024, excluding derivatives unless otherwise noted. The Fund's portfolio composition is subject to change. 

Derivative Risk Exposure as % of Net Assets

Risk Type	Asset type	% of Net Assets
Equity Risk
	Futures Contracts Unrealized Appreciation/Depreciation	(0.15)
	Swap Contracts at Value	1.03
Foreign Exchange Rate Risk
	Forward Foreign Currency Exchange Contracts Unrealized Appreciation/Depreciation	0.36
Interest Rate Risk
	Futures Contracts Unrealized Appreciation/Depreciation	(0.40)
	Swap Contracts at Value	0.42
Credit Risk
	Swap Contracts at Value	0.22
Commodity Risk
	Futures Contracts Unrealized Appreciation/Depreciation	(0.63)

Derivative Exposure by Notional Value^{Footnote Reference*}

Value	Long	Short
Total Return Basket Swaps	4	4
Interest Rate Swaps	19	13
Total Return Swaps	1	0
Forward Foreign Currency Exchange Contracts	9	16
Futures Contracts	18	15

Footnote	Description
Footnote*	Percentage of total absolute value of notional exposure of derivatives. Excludes derivatives representing less than 0.5% of total absolute notional value.

Availability of Additional Information 

Additional information is available at 1-866-290-2688 and https://funds.aqr.com/fund-documents, including its: 

• Prospectus                                               

• Statement of Additional Information       

• Portfolio Holdings

AQR Funds are distributed by ALPS Distributors, Inc.

• Financial Statements & Other Information                                               

• Proxy Voting Report       

• Updated Fund Performance                                    

AQR Multi-Asset Fund

Class I: AQRIX

Semi-Annual Shareholder Report - June 30, 2024

This semi-annual shareholder report contains important information about the AQR Multi-Asset Fund for the period of January 1, 2024 to June 30, 2024.You can find additional information about the Fund at https://funds.aqr.com/fund-documents. You can also request this information by contacting us at 1-866-290-2688 or contacting your financial intermediary directly.

What were the Fund's costs for the last six months? 

(based on a hypothetical $10,000 investment) 

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class I	$53	1.01%

Key Fund Statistics

• Net Assets$442,449,420
• Total Number of Portfolio Holdings2,329
• Portfolio Turnover Rate (excludes derivatives, if any)63%

Graphical Representation of Holdings

The tables below show the investment makeup of the Fund as of June 30, 2024, excluding derivatives unless otherwise noted. The Fund's portfolio composition is subject to change. 

Sector Allocation

Value	Value
Other	3.4
Health Care	2.2
Energy	3.0
Communication Services	3.2
Industrials	4.8
Consumer Discretionary	5.6
Financials	8.6
Foreign Government Securities	8.6
Information Technology	10.2
Investment Companies	19.5
U.S. Treasury Obligations	25.0

Security Type % of Net Assets

Asset Type	Long	Short
Common Stocks	53.3	(12.2)
Foreign Government Securities	8.6	0.0
Preferred Stocks	0.1	(0.2)
Short-Term Investments	33.5	0.0
U.S. Treasury Obligations	11.0	0.0
Warrants	0.0	0.0

Derivative Exposure by Notional Value^{Footnote Reference*}

Value	Long	Short
Total Return Swaps	1	2
Forward Foreign Currency Exchange Contracts	24	27
Futures Contracts	37	10

Footnote	Description
Footnote*	Percentage of total absolute value of notional exposure of derivatives. Excludes derivatives representing less than 0.5% of total absolute notional value.

Derivative Risk Exposure as % of Net Assets

Risk Type	Asset type	% of Net Assets
Equity Risk
	Futures Contracts Unrealized Appreciation/Depreciation	(0.06)
	Swap Contracts at Value	0.01
Foreign Exchange Rate Risk
	Forward Foreign Currency Exchange Contracts Unrealized Appreciation/Depreciation	(0.36)
Interest Rate Risk
	Futures Contracts Unrealized Appreciation/Depreciation	0.00Footnote Reference†
Commodity Risk
	Futures Contracts Unrealized Appreciation/Depreciation	(0.11)

Footnote	Description
Footnote†	Represents less than 0.005% of net assets.

Availability of Additional Information 

Additional information is available at 1-866-290-2688 and https://funds.aqr.com/fund-documents, including its: 

• Prospectus                                               

• Statement of Additional Information       

• Portfolio Holdings

AQR Funds are distributed by ALPS Distributors, Inc.

• Financial Statements & Other Information                                               

• Proxy Voting Report       

• Updated Fund Performance                                    

AQR Multi-Asset Fund

Class N: AQRNX

Semi-Annual Shareholder Report - June 30, 2024

This semi-annual shareholder report contains important information about the AQR Multi-Asset Fund for the period of January 1, 2024 to June 30, 2024.You can find additional information about the Fund at https://funds.aqr.com/fund-documents. You can also request this information by contacting us at 1-866-290-2688 or contacting your financial intermediary directly.

What were the Fund's costs for the last six months? 

(based on a hypothetical $10,000 investment) 

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class N	$66	1.26%

Key Fund Statistics

• Net Assets$442,449,420
• Total Number of Portfolio Holdings2,329
• Portfolio Turnover Rate (excludes derivatives, if any)63%

Graphical Representation of Holdings

The tables below show the investment makeup of the Fund as of June 30, 2024, excluding derivatives unless otherwise noted. The Fund's portfolio composition is subject to change. 

Sector Allocation

Value	Value
Other	3.4
Health Care	2.2
Energy	3.0
Communication Services	3.2
Industrials	4.8
Consumer Discretionary	5.6
Financials	8.6
Foreign Government Securities	8.6
Information Technology	10.2
Investment Companies	19.5
U.S. Treasury Obligations	25.0

Security Type % of Net Assets

Asset Type	Long	Short
Common Stocks	53.3	(12.2)
Foreign Government Securities	8.6	0.0
Preferred Stocks	0.1	(0.2)
Short-Term Investments	33.5	0.0
U.S. Treasury Obligations	11.0	0.0
Warrants	0.0	0.0

Derivative Exposure by Notional Value^{Footnote Reference*}

Value	Long	Short
Total Return Swaps	1	2
Forward Foreign Currency Exchange Contracts	24	27
Futures Contracts	37	10

Footnote	Description
Footnote*	Percentage of total absolute value of notional exposure of derivatives. Excludes derivatives representing less than 0.5% of total absolute notional value.

Derivative Risk Exposure as % of Net Assets

Risk Type	Asset type	% of Net Assets
Equity Risk
	Futures Contracts Unrealized Appreciation/Depreciation	(0.06)
	Swap Contracts at Value	0.01
Foreign Exchange Rate Risk
	Forward Foreign Currency Exchange Contracts Unrealized Appreciation/Depreciation	(0.36)
Interest Rate Risk
	Futures Contracts Unrealized Appreciation/Depreciation	0.00Footnote Reference†
Commodity Risk
	Futures Contracts Unrealized Appreciation/Depreciation	(0.11)

Footnote	Description
Footnote†	Represents less than 0.005% of net assets.

Availability of Additional Information 

Additional information is available at 1-866-290-2688 and https://funds.aqr.com/fund-documents, including its: 

• Prospectus                                               

• Statement of Additional Information       

• Portfolio Holdings

AQR Funds are distributed by ALPS Distributors, Inc.

• Financial Statements & Other Information                                               

• Proxy Voting Report       

• Updated Fund Performance                                    

AQR Multi-Asset Fund

Class R6: AQRRX

Semi-Annual Shareholder Report - June 30, 2024

This semi-annual shareholder report contains important information about the AQR Multi-Asset Fund for the period of January 1, 2024 to June 30, 2024.You can find additional information about the Fund at https://funds.aqr.com/fund-documents. You can also request this information by contacting us at 1-866-290-2688 or contacting your financial intermediary directly.

What were the Fund's costs for the last six months? 

(based on a hypothetical $10,000 investment) 

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class R6	$47	0.91%

Key Fund Statistics

• Net Assets$442,449,420
• Total Number of Portfolio Holdings2,329
• Portfolio Turnover Rate (excludes derivatives, if any)63%

Graphical Representation of Holdings

The tables below show the investment makeup of the Fund as of June 30, 2024, excluding derivatives unless otherwise noted. The Fund's portfolio composition is subject to change. 

Sector Allocation

Value	Value
Other	3.4
Health Care	2.2
Energy	3.0
Communication Services	3.2
Industrials	4.8
Consumer Discretionary	5.6
Financials	8.6
Foreign Government Securities	8.6
Information Technology	10.2
Investment Companies	19.5
U.S. Treasury Obligations	25.0

Security Type % of Net Assets

Asset Type	Long	Short
Common Stocks	53.3	(12.2)
Foreign Government Securities	8.6	0.0
Preferred Stocks	0.1	(0.2)
Short-Term Investments	33.5	0.0
U.S. Treasury Obligations	11.0	0.0
Warrants	0.0	0.0

Derivative Exposure by Notional Value^{Footnote Reference*}

Value	Long	Short
Total Return Swaps	1	2
Forward Foreign Currency Exchange Contracts	24	27
Futures Contracts	37	10

Footnote	Description
Footnote*	Percentage of total absolute value of notional exposure of derivatives. Excludes derivatives representing less than 0.5% of total absolute notional value.

Derivative Risk Exposure as % of Net Assets

Risk Type	Asset type	% of Net Assets
Equity Risk
	Futures Contracts Unrealized Appreciation/Depreciation	(0.06)
	Swap Contracts at Value	0.01
Foreign Exchange Rate Risk
	Forward Foreign Currency Exchange Contracts Unrealized Appreciation/Depreciation	(0.36)
Interest Rate Risk
	Futures Contracts Unrealized Appreciation/Depreciation	0.00Footnote Reference†
Commodity Risk
	Futures Contracts Unrealized Appreciation/Depreciation	(0.11)

Footnote	Description
Footnote†	Represents less than 0.005% of net assets.

Availability of Additional Information 

Additional information is available at 1-866-290-2688 and https://funds.aqr.com/fund-documents, including its: 

• Prospectus                                               

• Statement of Additional Information       

• Portfolio Holdings

AQR Funds are distributed by ALPS Distributors, Inc.

• Financial Statements & Other Information                                               

• Proxy Voting Report       

• Updated Fund Performance                                    

AQR Risk-Balanced Commodities Strategy Fund

Class I: ARCIX

Semi-Annual Shareholder Report - June 30, 2024

This semi-annual shareholder report contains important information about the AQR Risk-Balanced Commodities Strategy Fund for the period of January 1, 2024 to June 30, 2024.You can find additional information about the Fund at https://funds.aqr.com/fund-documents. You can also request this information by contacting us at 1-866-290-2688 or contacting your financial intermediary directly.

What were the Fund's costs for the last six months? 

(based on a hypothetical $10,000 investment) 

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class I	$52	1.01%

Key Fund Statistics

• Net Assets$551,984,583
• Total Number of Portfolio Holdings414
• Portfolio Turnover Rate (excludes derivatives, if any)0%

Graphical Representation of Holdings

The tables below show the investment makeup of the Fund as of June 30, 2024, excluding derivatives unless otherwise noted. The Fund's portfolio composition is subject to change. 

Derivative Risk Exposure as % of Net Assets

Risk Type	Asset type	% of Net Assets
Commodity Risk
	Futures Contracts Unrealized Appreciation/Depreciation	(2.01)

Derivative Exposure by Notional Value^{Footnote Reference*}

Value	Long	Short
Futures Contracts	74	26

Footnote	Description
Footnote*	Percentage of total absolute value of notional exposure of derivatives. Excludes derivatives representing less than 0.5% of total absolute notional value.

Availability of Additional Information 

Additional information is available at 1-866-290-2688 and https://funds.aqr.com/fund-documents, including its: 

• Prospectus                                               

• Statement of Additional Information       

• Portfolio Holdings

AQR Funds are distributed by ALPS Distributors, Inc.

• Financial Statements & Other Information                                               

• Proxy Voting Report       

• Updated Fund Performance                                    

AQR Risk-Balanced Commodities Strategy Fund

Class N: ARCNX

Semi-Annual Shareholder Report - June 30, 2024

This semi-annual shareholder report contains important information about the AQR Risk-Balanced Commodities Strategy Fund for the period of January 1, 2024 to June 30, 2024.You can find additional information about the Fund at https://funds.aqr.com/fund-documents. You can also request this information by contacting us at 1-866-290-2688 or contacting your financial intermediary directly.

What were the Fund's costs for the last six months? 

(based on a hypothetical $10,000 investment) 

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class N	$65	1.26%

Key Fund Statistics

• Net Assets$551,984,583
• Total Number of Portfolio Holdings414
• Portfolio Turnover Rate (excludes derivatives, if any)0%

Graphical Representation of Holdings

The tables below show the investment makeup of the Fund as of June 30, 2024, excluding derivatives unless otherwise noted. The Fund's portfolio composition is subject to change. 

Derivative Risk Exposure as % of Net Assets

Risk Type	Asset type	% of Net Assets
Commodity Risk
	Futures Contracts Unrealized Appreciation/Depreciation	(2.01)

Derivative Exposure by Notional Value^{Footnote Reference*}

Value	Long	Short
Futures Contracts	74	26

Footnote	Description
Footnote*	Percentage of total absolute value of notional exposure of derivatives. Excludes derivatives representing less than 0.5% of total absolute notional value.

Availability of Additional Information 

Additional information is available at 1-866-290-2688 and https://funds.aqr.com/fund-documents, including its: 

• Prospectus                                               

• Statement of Additional Information       

• Portfolio Holdings

AQR Funds are distributed by ALPS Distributors, Inc.

• Financial Statements & Other Information                                               

• Proxy Voting Report       

• Updated Fund Performance                                    

AQR Risk-Balanced Commodities Strategy Fund

Class R6: QRCRX

Semi-Annual Shareholder Report - June 30, 2024

This semi-annual shareholder report contains important information about the AQR Risk-Balanced Commodities Strategy Fund for the period of January 1, 2024 to June 30, 2024.You can find additional information about the Fund at https://funds.aqr.com/fund-documents. You can also request this information by contacting us at 1-866-290-2688 or contacting your financial intermediary directly.

What were the Fund's costs for the last six months? 

(based on a hypothetical $10,000 investment) 

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class R6	$47	0.91%

Key Fund Statistics

• Net Assets$551,984,583
• Total Number of Portfolio Holdings414
• Portfolio Turnover Rate (excludes derivatives, if any)0%

Graphical Representation of Holdings

The tables below show the investment makeup of the Fund as of June 30, 2024, excluding derivatives unless otherwise noted. The Fund's portfolio composition is subject to change. 

Derivative Risk Exposure as % of Net Assets

Risk Type	Asset type	% of Net Assets
Commodity Risk
	Futures Contracts Unrealized Appreciation/Depreciation	(2.01)

Derivative Exposure by Notional Value^{Footnote Reference*}

Value	Long	Short
Futures Contracts	74	26

Footnote	Description
Footnote*	Percentage of total absolute value of notional exposure of derivatives. Excludes derivatives representing less than 0.5% of total absolute notional value.

Availability of Additional Information 

Additional information is available at 1-866-290-2688 and https://funds.aqr.com/fund-documents, including its: 

• Prospectus                                               

• Statement of Additional Information       

• Portfolio Holdings

AQR Funds are distributed by ALPS Distributors, Inc.

• Financial Statements & Other Information                                               

• Proxy Voting Report       

• Updated Fund Performance                                    

AQR Style Premia Alternative Fund

Class I: QSPIX

Semi-Annual Shareholder Report - June 30, 2024

This semi-annual shareholder report contains important information about the AQR Style Premia Alternative Fund for the period of January 1, 2024 to June 30, 2024.You can find additional information about the Fund at https://funds.aqr.com/fund-documents. You can also request this information by contacting us at 1-866-290-2688 or contacting your financial intermediary directly.

What were the Fund's costs for the last six months? 

(based on a hypothetical $10,000 investment) 

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class I	$201	3.65%

Key Fund Statistics

• Net Assets$1,196,935,881
• Total Number of Portfolio Holdings2,985
• Portfolio Turnover Rate (excludes derivatives, if any)335%

Graphical Representation of Holdings

The tables below show the investment makeup of the Fund as of June 30, 2024, excluding derivatives unless otherwise noted. The Fund's portfolio composition is subject to change. 

Sector Allocation

Value	Value
Other	(2.3)
Consumer Discretionary	(1.1)
Utilities	(2.3)
Energy	3.6
Health Care	(4.8)
Information Technology	5.2
Real Estate	(5.8)
Industrials	8.3
Financials	12.9
Investment Companies	29.1
U.S. Treasury Obligations	33.4

Security Type % of Net Assets

Asset Type	Long	Short
Common Stocks	199.0	(184.7)
Preferred Stocks	0.2	(0.8)
Rights	0.0	(0.0)Footnote Reference†
Short-Term Investments	62.5	0.0
Warrants	0.0	0.0

Footnote	Description
Footnote†	Represents less than 0.05% of net assets.

Derivative Exposure by Notional Value^{Footnote Reference*}

Value	Long	Short
Total Return Basket Swaps	1	1
Interest Rate Swaps	27	21
Total Return Swaps	3	2
Forward Foreign Currency Exchange Contracts	9	10
Futures Contracts	12	15

Footnote	Description
Footnote*	Percentage of total absolute value of notional exposure of derivatives. Excludes derivatives representing less than 0.5% of total absolute notional value.

Derivative Risk Exposure as % of Net Assets

Risk Type	Asset type	% of Net Assets
Equity Risk
	Futures Contracts Unrealized Appreciation/Depreciation	(0.35)
	Swap Contracts at Value	0.18
Foreign Exchange Rate Risk
	Forward Foreign Currency Exchange Contracts Unrealized Appreciation/Depreciation	(0.52)
Interest Rate Risk
	Futures Contracts Unrealized Appreciation/Depreciation	(0.02)
	Swap Contracts at Value	0.04
Commodity Risk
	Futures Contracts Unrealized Appreciation/Depreciation	1.15

Availability of Additional Information 

Additional information is available at 1-866-290-2688 and https://funds.aqr.com/fund-documents, including its: 

• Prospectus                                               

• Statement of Additional Information       

• Portfolio Holdings

AQR Funds are distributed by ALPS Distributors, Inc.

• Financial Statements & Other Information                                               

• Proxy Voting Report       

• Updated Fund Performance                                    

AQR Style Premia Alternative Fund

Class N: QSPNX

Semi-Annual Shareholder Report - June 30, 2024

This semi-annual shareholder report contains important information about the AQR Style Premia Alternative Fund for the period of January 1, 2024 to June 30, 2024.You can find additional information about the Fund at https://funds.aqr.com/fund-documents. You can also request this information by contacting us at 1-866-290-2688 or contacting your financial intermediary directly.

What were the Fund's costs for the last six months? 

(based on a hypothetical $10,000 investment) 

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class N	$215	3.90%

Key Fund Statistics

• Net Assets$1,196,935,881
• Total Number of Portfolio Holdings2,985
• Portfolio Turnover Rate (excludes derivatives, if any)335%

Graphical Representation of Holdings

The tables below show the investment makeup of the Fund as of June 30, 2024, excluding derivatives unless otherwise noted. The Fund's portfolio composition is subject to change. 

Sector Allocation

Value	Value
Other	(2.3)
Consumer Discretionary	(1.1)
Utilities	(2.3)
Energy	3.6
Health Care	(4.8)
Information Technology	5.2
Real Estate	(5.8)
Industrials	8.3
Financials	12.9
Investment Companies	29.1
U.S. Treasury Obligations	33.4

Security Type % of Net Assets

Asset Type	Long	Short
Common Stocks	199.0	(184.7)
Preferred Stocks	0.2	(0.8)
Rights	0.0	(0.0)Footnote Reference†
Short-Term Investments	62.5	0.0
Warrants	0.0	0.0

Footnote	Description
Footnote†	Represents less than 0.05% of net assets.

Derivative Exposure by Notional Value^{Footnote Reference*}

Value	Long	Short
Total Return Basket Swaps	1	1
Interest Rate Swaps	27	21
Total Return Swaps	3	2
Forward Foreign Currency Exchange Contracts	9	10
Futures Contracts	12	15

Footnote	Description
Footnote*	Percentage of total absolute value of notional exposure of derivatives. Excludes derivatives representing less than 0.5% of total absolute notional value.

Derivative Risk Exposure as % of Net Assets

Risk Type	Asset type	% of Net Assets
Equity Risk
	Futures Contracts Unrealized Appreciation/Depreciation	(0.35)
	Swap Contracts at Value	0.18
Foreign Exchange Rate Risk
	Forward Foreign Currency Exchange Contracts Unrealized Appreciation/Depreciation	(0.52)
Interest Rate Risk
	Futures Contracts Unrealized Appreciation/Depreciation	(0.02)
	Swap Contracts at Value	0.04
Commodity Risk
	Futures Contracts Unrealized Appreciation/Depreciation	1.15

Availability of Additional Information 

Additional information is available at 1-866-290-2688 and https://funds.aqr.com/fund-documents, including its: 

• Prospectus                                               

• Statement of Additional Information       

• Portfolio Holdings

AQR Funds are distributed by ALPS Distributors, Inc.

• Financial Statements & Other Information                                               

• Proxy Voting Report       

• Updated Fund Performance                                    

AQR Style Premia Alternative Fund

Class R6: QSPRX

Semi-Annual Shareholder Report - June 30, 2024

This semi-annual shareholder report contains important information about the AQR Style Premia Alternative Fund for the period of January 1, 2024 to June 30, 2024.You can find additional information about the Fund at https://funds.aqr.com/fund-documents. You can also request this information by contacting us at 1-866-290-2688 or contacting your financial intermediary directly.

What were the Fund's costs for the last six months? 

(based on a hypothetical $10,000 investment) 

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class R6	$196	3.56%

Key Fund Statistics

• Net Assets$1,196,935,881
• Total Number of Portfolio Holdings2,985
• Portfolio Turnover Rate (excludes derivatives, if any)335%

Graphical Representation of Holdings

The tables below show the investment makeup of the Fund as of June 30, 2024, excluding derivatives unless otherwise noted. The Fund's portfolio composition is subject to change. 

Sector Allocation

Value	Value
Other	(2.3)
Consumer Discretionary	(1.1)
Utilities	(2.3)
Energy	3.6
Health Care	(4.8)
Information Technology	5.2
Real Estate	(5.8)
Industrials	8.3
Financials	12.9
Investment Companies	29.1
U.S. Treasury Obligations	33.4

Security Type % of Net Assets

Asset Type	Long	Short
Common Stocks	199.0	(184.7)
Preferred Stocks	0.2	(0.8)
Rights	0.0	(0.0)Footnote Reference†
Short-Term Investments	62.5	0.0
Warrants	0.0	0.0

Footnote	Description
Footnote†	Represents less than 0.05% of net assets.

Derivative Exposure by Notional Value^{Footnote Reference*}

Value	Long	Short
Total Return Basket Swaps	1	1
Interest Rate Swaps	27	21
Total Return Swaps	3	2
Forward Foreign Currency Exchange Contracts	9	10
Futures Contracts	12	15

Footnote	Description
Footnote*	Percentage of total absolute value of notional exposure of derivatives. Excludes derivatives representing less than 0.5% of total absolute notional value.

Derivative Risk Exposure as % of Net Assets

Risk Type	Asset type	% of Net Assets
Equity Risk
	Futures Contracts Unrealized Appreciation/Depreciation	(0.35)
	Swap Contracts at Value	0.18
Foreign Exchange Rate Risk
	Forward Foreign Currency Exchange Contracts Unrealized Appreciation/Depreciation	(0.52)
Interest Rate Risk
	Futures Contracts Unrealized Appreciation/Depreciation	(0.02)
	Swap Contracts at Value	0.04
Commodity Risk
	Futures Contracts Unrealized Appreciation/Depreciation	1.15

Availability of Additional Information 

Additional information is available at 1-866-290-2688 and https://funds.aqr.com/fund-documents, including its: 

• Prospectus                                               

• Statement of Additional Information       

• Portfolio Holdings

AQR Funds are distributed by ALPS Distributors, Inc.

• Financial Statements & Other Information                                               

• Proxy Voting Report       

• Updated Fund Performance                                    

AQR Trend Total Return Fund

Class I: QNZIX

Semi-Annual Shareholder Report - June 30, 2024

This semi-annual shareholder report contains important information about the AQR Trend Total Return Fund (formerly known as AQR Sustainable Long-Short Equity Carbon Aware Fund) for the period of January 1, 2024 to June 30, 2024.You can find additional information about the Fund at https://funds.aqr.com/fund-documents. You can also request this information by contacting us at 1-866-290-2688 or contacting your financial intermediary directly. Information about the Fund prior to August 19, 2024 as reflected in this semi-annual shareholder report is that of the Fund when it followed different investment strategies under the name AQR Sustainable Long-Short Equity Carbon Aware Fund.

What were the Fund's costs for the last six months? 

(based on a hypothetical $10,000 investment) 

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class I	$74	1.34%

Key Fund Statistics

• Net Assets$35,275,073
• Total Number of Portfolio Holdings207
• Portfolio Turnover Rate (excludes derivatives, if any)0%

Graphical Representation of Holdings

The tables below show the investment makeup of the Fund as of June 30, 2024, excluding derivatives unless otherwise noted. The Fund's portfolio composition is subject to change. 

Derivative Risk Exposure as % of Net Assets

Risk Type	Asset type	% of Net Assets
Equity Risk
	Swap Contracts at Value	0.58
Foreign Exchange Rate Risk
	Forward Foreign Currency Exchange Contracts Unrealized Appreciation/Depreciation	(0.18)

Derivative Exposure by Notional Value^{Footnote Reference*}

Value	Long	Short
Total Return Basket Swaps	56	40
Forward Foreign Currency Exchange Contracts	3	0

Footnote	Description
Footnote*	Percentage of total absolute value of notional exposure of derivatives. Excludes derivatives representing less than 0.5% of total absolute notional value.

Availability of Additional Information 

Additional information is available at 1-866-290-2688 and https://funds.aqr.com/fund-documents, including its: 

• Prospectus                                               

• Statement of Additional Information       

• Portfolio Holdings

AQR Funds are distributed by ALPS Distributors, Inc.

• Financial Statements & Other Information                                               

• Proxy Voting Report       

• Updated Fund Performance                                    

AQR Trend Total Return Fund

Class N: QNZNX

Semi-Annual Shareholder Report - June 30, 2024

This semi-annual shareholder report contains important information about the AQR Trend Total Return Fund (formerly known as AQR Sustainable Long-Short Equity Carbon Aware Fund) for the period of January 1, 2024 to June 30, 2024.You can find additional information about the Fund at https://funds.aqr.com/fund-documents. You can also request this information by contacting us at 1-866-290-2688 or contacting your financial intermediary directly. Information about the Fund prior to August 19, 2024 as reflected in this semi-annual shareholder report is that of the Fund when it followed different investment strategies under the name AQR Sustainable Long-Short Equity Carbon Aware Fund.

What were the Fund's costs for the last six months? 

(based on a hypothetical $10,000 investment) 

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class N	$88	1.59%

Key Fund Statistics

• Net Assets$35,275,073
• Total Number of Portfolio Holdings207
• Portfolio Turnover Rate (excludes derivatives, if any)0%

Graphical Representation of Holdings

The tables below show the investment makeup of the Fund as of June 30, 2024, excluding derivatives unless otherwise noted. The Fund's portfolio composition is subject to change. 

Derivative Risk Exposure as % of Net Assets

Risk Type	Asset type	% of Net Assets
Equity Risk
	Swap Contracts at Value	0.58
Foreign Exchange Rate Risk
	Forward Foreign Currency Exchange Contracts Unrealized Appreciation/Depreciation	(0.18)

Derivative Exposure by Notional Value^{Footnote Reference*}

Value	Long	Short
Total Return Basket Swaps	56	40
Forward Foreign Currency Exchange Contracts	3	0

Footnote	Description
Footnote*	Percentage of total absolute value of notional exposure of derivatives. Excludes derivatives representing less than 0.5% of total absolute notional value.

Availability of Additional Information 

Additional information is available at 1-866-290-2688 and https://funds.aqr.com/fund-documents, including its: 

• Prospectus                                               

• Statement of Additional Information       

• Portfolio Holdings

AQR Funds are distributed by ALPS Distributors, Inc.

• Financial Statements & Other Information                                               

• Proxy Voting Report       

• Updated Fund Performance                                    

AQR Trend Total Return Fund

Class R6: QNZRX

Semi-Annual Shareholder Report - June 30, 2024

This semi-annual shareholder report contains important information about the AQR Trend Total Return Fund (formerly known as AQR Sustainable Long-Short Equity Carbon Aware Fund) for the period of January 1, 2024 to June 30, 2024.You can find additional information about the Fund at https://funds.aqr.com/fund-documents. You can also request this information by contacting us at 1-866-290-2688 or contacting your financial intermediary directly. Information about the Fund prior to August 19, 2024 as reflected in this semi-annual shareholder report is that of the Fund when it followed different investment strategies under the name AQR Sustainable Long-Short Equity Carbon Aware Fund.

What were the Fund's costs for the last six months? 

(based on a hypothetical $10,000 investment) 

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class R6	$69	1.24%

Key Fund Statistics

• Net Assets$35,275,073
• Total Number of Portfolio Holdings207
• Portfolio Turnover Rate (excludes derivatives, if any)0%

Graphical Representation of Holdings

The tables below show the investment makeup of the Fund as of June 30, 2024, excluding derivatives unless otherwise noted. The Fund's portfolio composition is subject to change. 

Derivative Risk Exposure as % of Net Assets

Risk Type	Asset type	% of Net Assets
Equity Risk
	Swap Contracts at Value	0.58
Foreign Exchange Rate Risk
	Forward Foreign Currency Exchange Contracts Unrealized Appreciation/Depreciation	(0.18)

Derivative Exposure by Notional Value^{Footnote Reference*}

Value	Long	Short
Total Return Basket Swaps	56	40
Forward Foreign Currency Exchange Contracts	3	0

Footnote	Description
Footnote*	Percentage of total absolute value of notional exposure of derivatives. Excludes derivatives representing less than 0.5% of total absolute notional value.

Availability of Additional Information 

Additional information is available at 1-866-290-2688 and https://funds.aqr.com/fund-documents, including its: 

• Prospectus                                               

• Statement of Additional Information       

• Portfolio Holdings

AQR Funds are distributed by ALPS Distributors, Inc.

• Financial Statements & Other Information                                               

• Proxy Voting Report       

• Updated Fund Performance                                    

b.) A copy of the notice transmitted to shareholders in reliance on Rule 30e-3 under the 1940 Act that contains disclosures specified by paragraph (c)(3) of that rule. Not applicable.

Item 2. Code of Ethics.     `

Disclosure required in Registrant’s annual Form N-CSR filing.

Item 3. Audit Committee Financial Expert.

Disclosure required in Registrant’s annual Form N-CSR filing.

Item 4. Principal Accountant Fees and Services.

Disclosure required in Registrant’s annual Form N-CSR filing.

Item 5. Audit Committee of Listed Registrants.

Disclosure required in Registrant’s annual Form N-CSR filing.

Item 6. Investments

(a) Schedule is included as part of the Financial Statements and Financial Highlights for Open-End Management Investment Companies filed under Item 7 of this Form.

(b) The Registrant made no divestments of securities in accordance with Section 13(c) of the Investment Company Act of 1940.

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

Semi-Annual

Report

June

30,

2024

(Unaudited)

AQR

Alternative

Risk

Premia

Fund

AQR

Diversified

Arbitrage

Fund

AQR

Diversifying

Strategies

Fund

AQR

Equity

Market

Neutral

Fund

AQR

Long-Short

Equity

Fund

AQR

Macro

Opportunities

Fund

AQR

Managed

Futures

Strategy

Fund

AQR

Managed

Futures

Strategy

HV

Fund

AQR

Multi-Asset

Fund

AQR

Risk-Balanced

Commodities

Strategy

Fund

AQR

Style

Premia

Alternative

Fund

AQR

Trend

Total

Return

Fund

(formerly

known

as

AQR

Sustainable

Long-Short

Equity

Carbon

Aware

Fund)

Table

of

Contents

Schedule

of

Investments

AQR

Alternative

Risk

Premia

Fund

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

2

AQR

Diversified

Arbitrage

Fund

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

34

AQR

Diversifying

Strategies

Fund

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

58

AQR

Equity

Market

Neutral

Fund

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

59

AQR

Long-Short

Equity

Fund

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

81

AQR

Macro

Opportunities

Fund

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

106

AQR

Managed

Futures

Strategy

Fund

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

128

AQR

Managed

Futures

Strategy

HV

Fund

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

156

AQR

Multi-Asset

Fund

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

185

AQR

Risk-Balanced

Commodities

Strategy

Fund

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

205

AQR

Style

Premia

Alternative

Fund

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

214

AQR

Trend

Total

Return

Fund

(formerly

known

as

AQR

Sustainable

Long-Short

Equity

Carbon

Aware

Fund)

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

252

Financial

Statements

and

Notes

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

270

Board

Approval

of

Investment

Advisory

Agreements

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

352

Other

Information

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

355

2

AQR

Funds

|

Semi-Annual

Report

|

June

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

(Continued)

AQR

ALTERNATIVE

RISK

PREMIA

FUND

Consolidated

Schedule

of

Investments

June

30,

2024

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

LONG

POSITIONS

-

231.9%

COMMON

STOCKS

-

166.6%

Australia

-

5.5%

AGL

Energy

Ltd.

(2)(a)

89,704

646,361

ANZ

Group

Holdings

Ltd.

(2)(a)

38,337

720,264

Aristocrat

Leisure

Ltd.

(2)(a)

36,312

1,202,491

Atlas

Arteria

Ltd.

(2)(a)

25,929

88,138

Aurizon

Holdings

Ltd.

(2)(a)

239,827

582,598

BHP

Group

Ltd.

(2)(a)

22,690

648,525

BlueScope

Steel

Ltd.

(2)(a)

80,600

1,094,116

Brambles

Ltd.

(2)(a)

47,290

456,345

CAR

Group

Ltd.

(2)(a)

4,753

111,278

Cochlear

Ltd.

(2)(a)

763

168,425

Computershare

Ltd.

(2)(a)

4,191

73,300

Fortescue

Ltd.

(2)(a)

31,443

447,637

Harvey

Norman

Holdings

Ltd.

(2)

(a)

156,193

432,393

Incitec

Pivot

Ltd.

(2)(a)

152,461

294,100

JB

Hi-Fi

Ltd.

(2)(a)

25,192

1,023,597

Lendlease

Corp.

Ltd.

(2)(a)

164,730

592,458

Medibank

Pvt

Ltd.

(2)(a)

56,988

141,234

Northern

Star

Resources

Ltd.

(2)

(a)

36,104

313,530

Orica

Ltd.

(2)(a)

17,531

208,196

Origin

Energy

Ltd.

(2)(a)

61,023

441,499

Pro

Medicus

Ltd.

(2)(a)

5,499

522,254

Qantas

Airways

Ltd.

(2)*(a)

55,451

215,800

QBE

Insurance

Group

Ltd.

(2)(a)

34,121

393,880

Qube

Holdings

Ltd.

(2)(a)

156,790

380,795

REA

Group

Ltd.

(2)(a)

1,221

159,432

Reece

Ltd.

(2)(a)

6,094

101,771

Santos

Ltd.

(2)(a)

20,261

102,793

SEEK

Ltd.

(2)(a)

4,194

59,528

Seven

Group

Holdings

Ltd.

(2)(a)

5,707

142,573

Suncorp

Group

Ltd.

(2)(a)

23,510

271,870

Tabcorp

Holdings

Ltd.

(2)(a)

29,182

13,540

Telstra

Group

Ltd.

(2)(a)

137,469

331,880

Washington

H

Soul

Pattinson

&

Co.

Ltd.

(2)(a)

2,420

52,797

Wesfarmers

Ltd.

(2)(a)

25,506

1,104,448

Westpac

Banking

Corp.

(2)(a)

46,823

847,831

Whitehaven

Coal

Ltd.

(2)(a)

26,969

137,230

Worley

Ltd.

(2)(a)

39,343

391,788

Yancoal

Australia

Ltd.

(2)(a)

57,047

250,784

15,167,479

Austria

-

0.3%

Mondi

plc

(a)

37,885

727,216

Belgium

-

0.7%

Ageas

SA/NV

(2)(a)

17,522

799,472

KBC

Group

NV

(2)

4,342

305,948

Proximus

SADP

(2)(a)

23,115

183,981

Solvay

SA

(2)(a)

9,410

331,835

Syensqo

SA

(2)(a)

2,079

185,568

Umicore

SA

(2)(a)

17,385

261,623

2,068,427

Brazil

-

0.0%

†

Yara

International

ASA

(2)

4,304

124,033

INVESTMENTS

SHARES

VALUE

($)

Canada

-

6.8%

Air

Canada

*(a)

63,079

825,347

AltaGas

Ltd.

(a)

10,532

237,962

ARC

Resources

Ltd.

(a)

26,499

472,819

Atco

Ltd.,

Class

I

(a)

4,978

141,802

Bank

of

Montreal

(a)

3,567

299,403

Bank

of

Nova

Scotia

(The)

(a)

20,118

920,278

Boyd

Group

Services,

Inc.

(a)

261

49,025

Canadian

Imperial

Bank

of

Commerce

(a)

15,948

758,319

Canadian

Natural

Resources

Ltd.

(a)

5,984

213,150

Canadian

Tire

Corp.

Ltd.,

Class

A

(a)

4,564

452,847

Capital

Power

Corp.

(a)

15,952

454,639

Celestica,

Inc.

*(a)

8,218

470,595

Cenovus

Energy,

Inc.

(a)

15,538

305,410

CGI,

Inc.

*(a)

2,207

220,289

Constellation

Software,

Inc.

(a)

159

458,140

Descartes

Systems

Group,

Inc.

(The)

*(a)

821

79,546

Emera,

Inc.

(a)

2,574

85,891

Empire

Co.

Ltd.,

Class

A

(a)

27,574

704,845

Fairfax

Financial

Holdings

Ltd.

(a)

1,092

1,242,289

Finning

International,

Inc.

(a)

4,742

139,031

George

Weston

Ltd.

(a)

1,998

287,406

Hydro

One

Ltd.

(a)(b)

7,321

213,254

iA

Financial

Corp.,

Inc.

(a)

5,010

314,615

IGM

Financial,

Inc.

(a)

6,493

179,263

Imperial

Oil

Ltd.

(a)

8,332

568,114

Kinross

Gold

Corp.

(a)

32,939

274,241

Loblaw

Cos.

Ltd.

(a)

1,952

226,441

Magna

International,

Inc.

(a)

10,889

456,398

Manulife

Financial

Corp.

(a)

65,965

1,756,592

MEG

Energy

Corp.

*(a)

22,966

491,367

National

Bank

of

Canada

(a)

1,839

145,864

Nutrien

Ltd.

(a)

6,144

312,803

Onex

Corp.

(a)

4,775

324,674

Open

Text

Corp.

(a)

12,020

360,938

Parkland

Corp.

(a)

3,699

103,693

Pembina

Pipeline

Corp.

(a)

1,875

69,570

Quebecor,

Inc.,

Class

B

(a)

8,410

177,476

Saputo,

Inc.

(a)

3,910

87,800

Stantec,

Inc.

(a)

3,864

323,485

Sun

Life

Financial,

Inc.

(a)

9,821

481,556

Suncor

Energy,

Inc.

(a)

16,530

630,123

TFI

International,

Inc.

(a)

3,586

520,685

TMX

Group

Ltd.

(a)

7,350

204,589

Tourmaline

Oil

Corp.

(a)

14,446

655,220

West

Fraser

Timber

Co.

Ltd.

(a)

9,317

715,571

Whitecap

Resources,

Inc.

(a)

59,099

432,426

18,845,791

China

-

0.9%

NXP

Semiconductors

NV

3,104

835,255

Prosus

NV

(2)*

7,327

260,537

Wilmar

International

Ltd.

(2)

62,700

142,973

Xinyi

Glass

Holdings

Ltd.

(2)

50,000

54,756

Consolidated

Schedule

of

Investments

June

30,

2024

(Unaudited)

AQR

ALTERNATIVE

RISK

PREMIA

FUND

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

Funds

|

Semi-Annual

Report

|

June

2024

3

(Continued)

INVESTMENTS

SHARES

VALUE

($)

China

-

0.9%

(continued)

Yangzijiang

Shipbuilding

Holdings

Ltd.

(2)

701,900

1,270,490

2,564,011

Denmark

-

2.0%

AP

Moller

-

Maersk

A/S,

Class

B

(2)(a)

322

558,460

Carlsberg

A/S,

Class

B

(2)(a)

6,142

737,372

Danske

Bank

A/S

(2)(a)

20,039

597,684

Genmab

A/S

(2)*(a)

2,394

599,921

ISS

A/S

(2)(a)

43,262

742,816

Jyske

Bank

A/S

(Registered)

(2)(a)

4,988

397,364

Pandora

A/S

(2)(a)

7,272

1,094,530

ROCKWOOL

A/S,

Class

B

(2)(a)

2,260

916,157

5,644,304

Finland

-

1.0%

Elisa

OYJ

(2)(a)

4,247

194,440

Fortum

OYJ

(2)(a)

53,037

776,436

Huhtamaki

OYJ

(2)(a)

2,620

104,777

Kesko

OYJ,

Class

B

(2)(a)

8,792

154,669

Kone

OYJ,

Class

B

(2)(a)

5,790

287,076

Metso

OYJ

(2)(a)

16,209

172,276

Nokia

OYJ

(2)(a)

185,592

706,375

Valmet

OYJ

(2)(a)

3,074

87,976

Wartsila

OYJ

Abp

(2)(a)

12,833

248,784

2,732,809

France

-

4.0%

Amundi

SA

(2)(a)(b)

3,033

196,165

Arkema

SA

(2)(a)

3,390

295,416

BNP

Paribas

SA

(2)(a)

15,740

1,006,607

Bouygues

SA

(2)(a)

27,163

873,138

Carrefour

SA

(2)(a)

58,131

823,731

Cie

de

Saint-Gobain

SA

(2)(a)

19,959

1,552,295

Credit

Agricole

SA

(2)(a)

78,411

1,070,673

Dassault

Aviation

SA

(2)(a)

1,318

238,673

Eiffage

SA

(2)(a)

7,835

720,087

Engie

SA

(2)(a)

25,164

360,357

Forvia

SE

(2)(a)

6,808

81,232

Gaztransport

Et

Technigaz

SA

(2)

(a)

602

78,757

Ipsen

SA

(2)(a)

406

49,881

Orange

SA

(2)(a)

56,092

562,631

Publicis

Groupe

SA

(2)(a)

658

69,892

Rexel

SA

(2)(a)

35,840

927,129

SCOR

SE

(2)(a)

9,662

244,915

Societe

Generale

SA

(2)(a)

24,686

580,394

Sodexo

SA

(2)(a)

714

64,318

TotalEnergies

SE

(2)(a)

14,528

972,704

Ubisoft

Entertainment

SA

(2)*(a)

8,337

182,440

Veolia

Environnement

SA

(2)(a)

3,314

99,264

Vinci

SA

(2)(a)

1,017

107,196

11,157,895

Germany

-

6.1%

Allianz

SE

(Registered)

(2)(a)

3,884

1,078,707

Aroundtown

SA

(2)*(a)

26,085

54,793

Aurubis

AG

(2)(a)

6,775

531,457

BASF

SE

(2)(a)

12,462

602,445

INVESTMENTS

SHARES

VALUE

($)

Germany

-

6.1%

(continued)

Bayerische

Motoren

Werke

AG

(2)

(a)

2,561

242,249

Bechtle

AG

(2)(a)

9,504

447,057

Beiersdorf

AG

(2)(a)

1,120

163,930

Brenntag

SE

(2)(a)

7,687

518,565

Commerzbank

AG

(2)(a)

62,892

953,961

Continental

AG

(2)(a)

8,014

453,890

Covestro

AG

(2)*(a)(b)

9,813

575,207

Daimler

Truck

Holding

AG

(2)(a)

9,812

391,333

Deutsche

Bank

AG

(Registered)

(2)(a)

147,729

2,361,087

Deutsche

Lufthansa

AG

(Registered)

(2)(a)

30,383

186,360

E.ON

SE

(2)(a)

51,810

680,923

Evonik

Industries

AG

(2)(a)

28,923

590,167

Freenet

AG

(2)(a)

14,051

373,614

Fresenius

Medical

Care

AG

(2)(a)

5,966

228,001

GEA

Group

AG

(2)(a)

3,488

145,008

Hannover

Rueck

SE

(2)(a)

908

229,850

Heidelberg

Materials

AG

(2)(a)

16,043

1,658,431

HOCHTIEF

AG

(2)(a)

1,760

200,496

HUGO

BOSS

AG

(2)(a)

9,708

436,503

K+S

AG

(Registered)

(2)(a)

8,832

119,044

KION

Group

AG

(2)(a)

4,768

199,175

Knorr-Bremse

AG

(2)(a)

2,092

159,902

LANXESS

AG

(2)(a)

8,930

219,667

LEG

Immobilien

SE

(2)(a)

3,075

251,216

Muenchener

Rueckversicherungs-

Gesellschaft

AG

in

Muenchen

(Registered)

(2)(a)

2,824

1,411,874

Talanx

AG

(2)(a)

4,600

366,572

thyssenkrupp

AG

(2)(a)

162,700

704,375

TUI

AG

(2)*

76,397

540,029

17,075,888

Guatemala

-

0.1%

Millicom

International

Cellular

SA,

SDR

(2)*

15,626

379,423

Hong

Kong

-

0.2%

Sun

Hung

Kai

Properties

Ltd.

(2)(a)

5,000

43,323

Swire

Pacific

Ltd.,

Class

A

(2)(a)

6,500

57,386

WH

Group

Ltd.

(2)(b)

863,500

568,361

669,070

Italy

-

3.5%

A2A

SpA

(2)(a)

260,428

516,998

Assicurazioni

Generali

SpA

(2)(a)

49,292

1,227,074

Azimut

Holding

SpA

(2)(a)

6,378

150,317

Banca

Monte

dei

Paschi

di

Siena

SpA

(2)(a)

57,791

272,459

Banco

BPM

SpA

(2)(a)

81,528

524,698

BPER

Banca

SpA

(2)(a)

89,830

454,747

Buzzi

SpA

(2)(a)

16,058

646,623

Coca-Cola

HBC

AG

(2)(a)

5,275

179,530

Eni

SpA

(2)(a)

24,790

380,642

Hera

SpA

(2)(a)

45,121

154,227

Intesa

Sanpaolo

SpA

(2)(a)

19,539

72,615

Leonardo

SpA

(2)(a)

69,443

1,608,912

Pirelli

&

C

SpA

(2)(a)(b)

23,702

140,847

Poste

Italiane

SpA

(2)(a)(b)

22,705

288,911

4

AQR

Funds

|

Semi-Annual

Report

|

June

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

ALTERNATIVE

RISK

PREMIA

FUND

Consolidated

Schedule

of

Investments

June

30,

2024

(Unaudited)

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Italy

-

3.5%

(continued)

Prysmian

SpA

(2)(a)

10,926

674,538

UniCredit

SpA

(2)(a)

36,488

1,350,276

Unipol

Gruppo

SpA

(2)(a)

99,118

982,986

9,626,400

Japan

-

24.3%

ABC-Mart,

Inc.

(2)(a)

6,900

121,095

AGC,

Inc.

(2)(a)

16,800

546,650

Air

Water,

Inc.

(2)(a)

14,500

197,030

Aisin

Corp.

(2)(a)

19,500

637,041

Amada

Co.

Ltd.

(2)(a)

65,500

728,266

Asahi

Group

Holdings

Ltd.

(2)(a)

12,000

424,615

Asahi

Kasei

Corp.

(2)(a)

29,700

190,707

Brother

Industries

Ltd.

(2)(a)

24,800

438,072

Canon,

Inc.

(2)(a)

3,800

103,085

Central

Japan

Railway

Co.

(2)(a)

25,300

548,431

Chubu

Electric

Power

Co.,

Inc.

(2)

(a)

90,300

1,066,742

Cosmo

Energy

Holdings

Co.

Ltd.

(2)(a)

3,800

191,823

Dai

Nippon

Printing

Co.

Ltd.

(2)(a)

11,300

381,269

Dai-ichi

Life

Holdings,

Inc.

(2)(a)

22,000

589,157

Daito

Trust

Construction

Co.

Ltd.

(2)(a)

3,200

331,236

Daiwa

House

Industry

Co.

Ltd.

(2)

(a)

11,200

285,151

Daiwa

Securities

Group,

Inc.

(2)(a)

19,700

151,243

Dentsu

Group,

Inc.

(2)(a)

10,400

263,333

Ebara

Corp.

(2)(a)

40,500

645,976

ENEOS

Holdings,

Inc.

(2)(a)

181,300

934,321

Fuji

Electric

Co.

Ltd.

(2)(a)

11,200

639,975

Fujikura

Ltd.

(2)(a)

5,600

110,820

Fujitsu

Ltd.

(2)(a)

28,500

446,979

Goldwin,

Inc.

(2)(a)

100

5,477

Hakuhodo

DY

Holdings,

Inc.

(2)(a)

57,200

418,716

Haseko

Corp.

(2)(a)

26,900

297,911

Hikari

Tsushin,

Inc.

(2)(a)

800

149,857

Hirose

Electric

Co.

Ltd.

(2)(a)

1,200

133,064

Hitachi

Construction

Machinery

Co.

Ltd.

(2)(a)

23,700

635,518

Honda

Motor

Co.

Ltd.

(2)(a)

26,700

287,025

Idemitsu

Kosan

Co.

Ltd.

(2)(a)

119,900

779,298

Iida

Group

Holdings

Co.

Ltd.

(2)(a)

21,300

281,421

Inpex

Corp.

(2)(a)

61,000

895,814

Isuzu

Motors

Ltd.

(2)(a)

20,300

269,878

ITOCHU

Corp.

(2)(a)

16,600

816,026

Japan

Post

Bank

Co.

Ltd.

(2)(a)

30,400

288,647

Japan

Post

Holdings

Co.

Ltd.

(2)(a)

38,000

377,710

Japan

Post

Insurance

Co.

Ltd.

(2)

(a)

39,000

758,477

JFE

Holdings,

Inc.

(2)(a)

36,200

522,461

Kajima

Corp.

(2)(a)

19,600

339,981

Kansai

Electric

Power

Co.,

Inc.

(The)

(2)(a)

51,300

861,420

Kansai

Paint

Co.

Ltd.

(2)(a)

16,200

261,931

Kao

Corp.

(2)(a)

6,300

255,068

Kawasaki

Kisen

Kaisha

Ltd.

(2)(a)

13,800

201,244

KDDI

Corp.

(2)(a)

12,300

325,846

Kinden

Corp.

(2)(a)

6,900

137,986

Kirin

Holdings

Co.

Ltd.

(2)(a)

29,300

378,486

INVESTMENTS

SHARES

VALUE

($)

Japan

-

24.3%

(continued)

Kobe

Steel

Ltd.

(2)(a)

31,900

396,838

Koito

Manufacturing

Co.

Ltd.

(2)(a)

16,500

227,474

Komatsu

Ltd.

(2)(a)

10,800

315,463

Konami

Group

Corp.

(2)(a)

4,700

339,831

Kuraray

Co.

Ltd.

(2)(a)

38,700

447,769

Kyocera

Corp.

(2)(a)

33,400

385,230

Kyushu

Electric

Power

Co.,

Inc.

(2)(a)

18,800

193,939

Kyushu

Railway

Co.

(2)(a)

6,900

149,785

Makita

Corp.

(2)(a)

11,200

306,633

Marubeni

Corp.

(2)(a)

55,800

1,034,676

Mazda

Motor

Corp.

(2)(a)

74,400

717,291

McDonald's

Holdings

Co.

Japan

Ltd.

(2)(a)

6,300

248,631

Medipal

Holdings

Corp.

(2)(a)

41,400

631,156

MEIJI

Holdings

Co.

Ltd.

(2)(a)

11,000

237,909

MINEBEA

MITSUMI,

Inc.

(2)(a)

22,000

453,218

MISUMI

Group,

Inc.

(2)(a)

7,200

123,559

Mitsubishi

Chemical

Group

Corp.

(2)(a)

85,300

475,274

Mitsubishi

Corp.

(2)(a)

38,400

754,863

Mitsubishi

Electric

Corp.

(2)(a)

76,100

1,219,511

Mitsubishi

Gas

Chemical

Co.,

Inc.

(2)(a)

25,300

485,319

Mitsubishi

HC

Capital,

Inc.

(2)(a)

95,000

628,567

Mitsubishi

Motors

Corp.

(2)(a)

24,900

68,930

Mitsui

&

Co.

Ltd.

(2)(a)

37,400

852,968

Mitsui

Chemicals,

Inc.

(2)(a)

15,100

418,140

Mitsui

OSK

Lines

Ltd.

(2)(a)

9,600

288,640

Mizuho

Financial

Group,

Inc.

(2)(a)

27,280

574,173

MS&AD

Insurance

Group

Holdings,

Inc.

(2)(a)

48,000

1,071,648

Nexon

Co.

Ltd.

(2)(a)

10,000

186,042

NGK

Insulators

Ltd.

(2)(a)

42,700

548,284

NH

Foods

Ltd.

(2)(a)

12,400

372,375

Nintendo

Co.

Ltd.

(2)(a)

3,300

176,225

NIPPON

EXPRESS

HOLDINGS,

Inc.

(2)(a)

6,800

314,708

Nippon

Steel

Corp.

(2)(a)

28,400

602,036

Nippon

Yusen

KK

(2)(a)

26,600

776,106

Nisshin

Seifun

Group,

Inc.

(2)(a)

27,700

319,677

Nitto

Denko

Corp.

(2)(a)

7,800

618,672

NOF

Corp.

(2)(a)

3,400

46,631

Nomura

Holdings,

Inc.

(2)(a)

93,700

541,242

Nomura

Real

Estate

Holdings,

Inc.

(2)(a)

6,800

171,179

NSK

Ltd.

(2)(a)

39,800

194,156

Obayashi

Corp.

(2)(a)

53,600

640,541

Oji

Holdings

Corp.

(2)(a)

177,100

699,113

Ono

Pharmaceutical

Co.

Ltd.

(2)(a)

40,100

547,899

Open

House

Group

Co.

Ltd.

(2)(a)

7,400

227,366

ORIX

Corp.

(2)(a)

20,200

447,710

Osaka

Gas

Co.

Ltd.

(2)(a)

36,800

813,292

Otsuka

Corp.

(2)(a)

33,400

644,223

Otsuka

Holdings

Co.

Ltd.

(2)(a)

21,400

904,081

Pan

Pacific

International

Holdings

Corp.

(2)(a)

3,900

91,228

Panasonic

Holdings

Corp.

(2)(a)

207,200

1,703,286

Persol

Holdings

Co.

Ltd.

(2)

261,200

361,930

Renesas

Electronics

Corp.

(2)(a)

18,700

354,639

Consolidated

Schedule

of

Investments

June

30,

2024

(Unaudited)

AQR

ALTERNATIVE

RISK

PREMIA

FUND

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

Funds

|

Semi-Annual

Report

|

June

2024

5

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Japan

-

24.3%

(continued)

Ricoh

Co.

Ltd.

(2)(a)

29,300

251,133

Rohm

Co.

Ltd.

(2)(a)

27,500

367,611

Rohto

Pharmaceutical

Co.

Ltd.

(2)

(a)

10,900

228,198

Ryohin

Keikaku

Co.

Ltd.

(2)(a)

36,400

605,767

Santen

Pharmaceutical

Co.

Ltd.

(2)(a)

49,600

507,432

Sanwa

Holdings

Corp.

(2)(a)

10,700

196,356

SCREEN

Holdings

Co.

Ltd.

(2)(a)

8,300

752,469

SCSK

Corp.

(2)(a)

10,100

202,066

Secom

Co.

Ltd.

(2)(a)

1,400

82,914

Sega

Sammy

Holdings,

Inc.

(2)(a)

12,400

184,231

Seiko

Epson

Corp.

(2)(a)

23,000

359,561

Sekisui

Chemical

Co.

Ltd.

(2)(a)

29,100

403,984

Shimamura

Co.

Ltd.

(2)(a)

22,000

1,001,756

Shimizu

Corp.

(2)(a)

12,500

70,441

Shinko

Electric

Industries

Co.

Ltd.

(2)(a)

4,600

160,828

Shionogi

&

Co.

Ltd.

(2)(a)

13,100

510,226

Skylark

Holdings

Co.

Ltd.

(2)(a)

26,700

355,672

Socionext,

Inc.

(2)(a)

2,800

66,622

Sohgo

Security

Services

Co.

Ltd.

(2)(a)

72,700

424,868

Sojitz

Corp.

(2)(a)

36,920

901,855

Sompo

Holdings,

Inc.

(2)(a)

40,600

869,802

Square

Enix

Holdings

Co.

Ltd.

(2)

(a)

26,800

807,505

Stanley

Electric

Co.

Ltd.

(2)(a)

11,100

198,898

Subaru

Corp.

(2)(a)

46,300

984,586

Sugi

Holdings

Co.

Ltd.

(2)(a)

12,900

177,274

SUMCO

Corp.

(2)(a)

31,700

458,567

Sumitomo

Corp.

(2)(a)

23,600

592,878

Sumitomo

Electric

Industries

Ltd.

(2)(a)

5,900

92,244

Sumitomo

Forestry

Co.

Ltd.

(2)(a)

16,000

512,920

Sumitomo

Heavy

Industries

Ltd.

(2)(a)

29,300

764,658

Sumitomo

Mitsui

Trust

Holdings,

Inc.

(2)(a)

13,300

305,650

Suntory

Beverage

&

Food

Ltd.

(2)

(a)

14,100

500,779

T&D

Holdings,

Inc.

(2)(a)

5,400

94,322

TBS

Holdings,

Inc.

(2)(a)

7,700

194,951

TDK

Corp.

(2)(a)

10,500

645,664

TIS,

Inc.

(2)(a)

4,400

85,483

Toho

Co.

Ltd.

(2)(a)

3,100

90,688

Tohoku

Electric

Power

Co.,

Inc.

(2)(a)

37,900

342,586

Tokyo

Century

Corp.

(2)(a)

17,200

161,720

Tokyo

Electric

Power

Co.

Holdings,

Inc.

(2)*(a)

142,400

766,822

Tokyo

Gas

Co.

Ltd.

(2)(a)

32,400

697,507

Tokyu

Fudosan

Holdings

Corp.

(2)

(a)

37,500

251,720

TOPPAN

Holdings,

Inc.

(2)(a)

37,800

1,048,589

Toray

Industries,

Inc.

(2)(a)

42,400

201,092

Tosoh

Corp.

(2)(a)

38,400

502,647

Toyo

Suisan

Kaisha

Ltd.

(2)(a)

11,900

708,791

Toyota

Boshoku

Corp.

(2)(a)

3,900

51,798

Toyota

Industries

Corp.

(2)(a)

6,800

578,445

INVESTMENTS

SHARES

VALUE

($)

Japan

-

24.3%

(continued)

Toyota

Tsusho

Corp.

(2)(a)

63,000

1,231,216

Tsuruha

Holdings,

Inc.

(2)(a)

3,200

181,901

Yamazaki

Baking

Co.

Ltd.

(2)(a)

11,600

239,467

Yokogawa

Electric

Corp.

(2)(a)

9,700

235,575

Zensho

Holdings

Co.

Ltd.

(2)(a)

9,100

346,935

67,560,025

Luxembourg

-

0.4%

Aperam

SA

(2)

8,252

213,340

ArcelorMittal

SA

(2)

44,726

1,024,640

1,237,980

Netherlands

-

2.0%

Aalberts

NV

(2)(a)

9,182

371,804

ABN

AMRO

Bank

NV,

CVA

(2)(a)

(b)

45,652

749,774

Arcadis

NV

(2)(a)

699

44,234

ASR

Nederland

NV

(2)(a)

8,753

416,718

Koninklijke

Ahold

Delhaize

NV

(2)

(a)

54,727

1,610,456

Koninklijke

KPN

NV

(2)(a)

64,211

246,104

Koninklijke

Philips

NV

(2)*(a)

22,645

569,489

NN

Group

NV

(2)(a)

18,491

859,433

Randstad

NV

(2)(a)

16,224

736,611

5,604,623

Norway

-

0.4%

Equinor

ASA

(2)(a)

9,414

269,653

Kongsberg

Gruppen

ASA

(2)(a)

2,582

210,260

Norsk

Hydro

ASA

(2)(a)

78,740

490,903

Orkla

ASA

(2)(a)

10,284

83,395

1,054,211

Portugal

-

0.1%

Galp

Energia

SGPS

SA

(2)

6,715

141,827

Singapore

-

0.9%

Genting

Singapore

Ltd.

(2)

1,100,700

699,652

Jardine

Cycle

&

Carriage

Ltd.

(2)

3,500

68,475

Oversea-Chinese

Banking

Corp.

Ltd.

(2)

41,200

437,519

Singapore

Airlines

Ltd.

(2)

103,100

523,848

STMicroelectronics

NV

(2)

18,381

719,946

UOL

Group

Ltd.

(2)

11,300

43,295

2,492,735

Spain

-

2.2%

Acciona

SA

(2)(a)

1,982

234,561

Acerinox

SA

(2)(a)

53,886

561,256

ACS

Actividades

de

Construccion

y

Servicios

SA

(2)(a)

7,578

327,309

Banco

Bilbao

Vizcaya

Argentaria

SA

(2)(a)

101,183

1,015,725

Banco

de

Sabadell

SA

(2)(a)

423,098

816,853

Banco

Santander

SA

(2)(a)

316,836

1,474,166

Mapfre

SA

(2)(a)

155,725

359,125

Repsol

SA

(2)(a)

78,849

1,250,441

6,039,436

6

AQR

Funds

|

Semi-Annual

Report

|

June

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

ALTERNATIVE

RISK

PREMIA

FUND

Consolidated

Schedule

of

Investments

June

30,

2024

(Unaudited)

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Sweden

-

3.2%

AAK

AB

(2)(a)

9,608

281,330

Axfood

AB

(2)(a)

2,433

63,775

Billerud

Aktiebolag

(2)(a)

31,703

293,626

Elekta

AB,

Class

B

(2)(a)

38,733

241,496

Embracer

Group

AB,

Class

B

(2)*(a)

254,679

556,927

Essity

AB,

Class

B

(2)(a)

21,949

561,122

Evolution

AB

(2)(a)(b)

629

65,472

Getinge

AB,

Class

B

(2)(a)

32,325

549,071

H

&

M

Hennes

&

Mauritz

AB,

Class

B

(2)(a)

29,914

473,841

Hexpol

AB

(2)(a)

17,606

195,166

Sandvik

AB

(2)(a)

21,282

427,647

Securitas

AB,

Class

B

(2)(a)

52,039

515,828

Skanska

AB,

Class

B

(2)(a)

17,606

317,619

SKF

AB,

Class

B

(2)(a)

63,666

1,279,512

SSAB

AB,

Class

B

(2)(a)

174,775

947,679

Swedbank

AB,

Class

A

(2)(a)

6,225

128,224

Telia

Co.

AB

(2)(a)

30,646

82,165

Trelleborg

AB,

Class

B

(2)(a)

18,110

704,772

Volvo

AB,

Class

B

(2)(a)

19,629

504,356

Volvo

Car

AB,

Class

B

(2)*(a)

258,557

799,457

8,989,085

Switzerland

-

3.2%

ABB

Ltd.

(Registered)

(2)(a)

3,450

191,306

Adecco

Group

AG

(Registered)

(2)(a)

22,016

730,378

BKW

AG

(2)(a)

3,201

510,933

DKSH

Holding

AG

(a)

4,092

276,459

Flughafen

Zurich

AG

(Registered)

(2)(a)

2,052

454,230

Geberit

AG

(Registered)

(2)(a)

489

288,046

Georg

Fischer

AG

(Registered)

(2)(a)

1,445

96,664

Kuehne

+

Nagel

International

AG

(Registered)

(2)(a)

705

202,886

Logitech

International

SA

(Registered)

(2)(a)

5,570

536,061

Novartis

AG

(Registered)

(2)(a)

15,770

1,679,059

PSP

Swiss

Property

AG

(Registered)

(2)(a)

351

45,058

Schindler

Holding

AG

(2)(a)

976

244,882

Sonova

Holding

AG

(Registered)

(2)(a)

783

241,216

Swatch

Group

AG

(The)

(2)(a)

4,019

823,402

Swiss

Life

Holding

AG

(Registered)

(2)(a)

774

568,064

Swisscom

AG

(Registered)

(2)(a)

1,241

697,834

Tecan

Group

AG

(Registered)

(2)

(a)

737

246,760

UBS

Group

AG

(Registered)

(2)(a)

34,760

1,020,907

8,854,145

United

Kingdom

-

5.6%

abrdn

plc

(2)

23,884

44,606

Aviva

plc

(2)(a)

45,026

271,205

BAE

Systems

plc

(2)(a)

35,160

585,647

Barclays

plc

(2)(a)

537,919

1,421,406

Barratt

Developments

plc

(2)(a)

86,928

516,277

INVESTMENTS

SHARES

VALUE

($)

United

Kingdom

-

5.6%

(continued)

Beazley

plc

(2)(a)

21,668

193,529

BT

Group

plc

(2)

503,630

892,862

Centrica

plc

(2)

759,065

1,293,823

CK

Hutchison

Holdings

Ltd.

(2)(a)

9,500

45,316

DCC

plc

(2)(a)

7,678

535,862

easyJet

plc

(2)(a)

69,298

399,742

Frasers

Group

plc

(2)*(a)

7,415

82,705

Harbour

Energy

plc

(2)(a)

11,971

47,002

Howden

Joinery

Group

plc

(2)(a)

13,817

152,815

HSBC

Holdings

plc

(2)(a)

29,580

255,335

Imperial

Brands

plc

(2)(a)

19,030

486,955

InterContinental

Hotels

Group

plc

(2)(a)

1,942

204,058

Intermediate

Capital

Group

plc

(2)

(a)

1,557

42,700

International

Distribution

Services

plc

(2)*(a)

25,262

101,987

Investec

plc

(2)(a)

17,874

129,209

J

Sainsbury

plc

(2)(a)

40,622

130,878

JD

Sports

Fashion

plc

(2)

340,445

511,225

Johnson

Matthey

plc

(a)

6,540

129,547

Just

Eat

Takeaway.com

NV

(2)*(a)

(b)

70,639

844,250

Kingfisher

plc

(2)(a)

155,618

487,968

Lloyds

Banking

Group

plc

(2)

452,062

311,794

Man

Group

plc

(2)(a)

91,775

280,415

Marks

&

Spencer

Group

plc

(2)(a)

201,398

728,202

NatWest

Group

plc

(2)(a)

160,851

632,803

Pearson

plc

(2)(a)

14,928

186,409

Rolls-Royce

Holdings

plc

(2)*(a)

163,997

941,874

Standard

Chartered

plc

(2)(a)

114,598

1,034,759

Subsea

7

SA

(2)(a)

26,032

488,522

Taylor

Wimpey

plc

(2)

24,371

43,642

Tesco

plc

(2)(a)

48,583

187,665

Travis

Perkins

plc

(a)

13,912

135,238

Vodafone

Group

plc

(2)

987,252

873,559

15,651,791

United

States

-

93.2%

3M

Co.

(a)

10,175

1,039,783

A

O

Smith

Corp.

(a)

5,186

424,111

Abbott

Laboratories

(a)(c)

5,408

561,945

AbbVie,

Inc.

(a)(c)

6,837

1,172,682

Acuity

Brands,

Inc.

(a)

5,250

1,267,560

Adient

plc

*(a)

1,985

49,049

Adobe,

Inc.

*(a)

1,834

1,018,860

ADT,

Inc.

(a)

57,333

435,731

Advance

Auto

Parts,

Inc.

(a)

5,335

337,866

AGCO

Corp.

(a)

12,146

1,188,850

Agilent

Technologies,

Inc.

(a)(c)

4,887

633,502

Akamai

Technologies,

Inc.

*(a)(c)

4,095

368,878

Align

Technology,

Inc.

*(a)

1,437

346,935

ALLETE,

Inc.

(a)

7,402

461,515

Allison

Transmission

Holdings,

Inc.

(a)

13,022

988,370

Alphabet,

Inc.,

Class

A

(a)

9,252

1,685,253

Altria

Group,

Inc.

(a)

26,304

1,198,147

Amdocs

Ltd.

(a)

4,539

358,218

American

Electric

Power

Co.,

Inc.

(a)(c)

7,794

683,846

Consolidated

Schedule

of

Investments

June

30,

2024

(Unaudited)

AQR

ALTERNATIVE

RISK

PREMIA

FUND

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

Funds

|

Semi-Annual

Report

|

June

2024

7

(Continued)

INVESTMENTS

SHARES

VALUE

($)

United

States

-

93.2%

(continued)

American

International

Group,

Inc.

(a)

19,688

1,461,637

Ameriprise

Financial,

Inc.

(a)(c)

1,255

536,123

Amkor

Technology,

Inc.

(a)

39,130

1,565,984

Analog

Devices,

Inc.

(a)(c)

1,055

240,814

APA

Corp.

(a)(c)

9,760

287,334

Apple,

Inc.

(a)

723

152,278

Applied

Industrial

Technologies,

Inc.

(a)

856

166,064

Applied

Materials,

Inc.

(a)

5,707

1,346,795

AppLovin

Corp.,

Class

A

*(a)(c)

3,104

258,315

Aramark

(a)(c)

14,480

492,610

Arch

Capital

Group

Ltd.

*(a)

2,360

238,100

Archer-Daniels-Midland

Co.

(a)(c)

18,781

1,135,311

Arista

Networks,

Inc.

*(a)

1,767

619,298

Arrow

Electronics,

Inc.

*(a)

9,249

1,116,909

ASGN,

Inc.

*(a)(c)

4,746

418,455

Associated

Banc-Corp.

(a)

10,900

230,535

Assurant,

Inc.

(a)

3,864

642,390

Assured

Guaranty

Ltd.

(a)

2,200

169,730

AT&T,

Inc.

(a)

106,968

2,044,159

AutoNation,

Inc.

*(a)

3,623

577,434

Avantor,

Inc.

*(a)

13,674

289,889

Avient

Corp.

(a)(c)

5,165

225,452

Avnet,

Inc.

(a)

16,094

828,680

Axalta

Coating

Systems

Ltd.

*(a)

3,793

129,607

Axis

Capital

Holdings

Ltd.

(a)

5,666

400,303

Baker

Hughes

Co.,

Class

A

(a)

5,453

191,782

Bank

of

New

York

Mellon

Corp.

(The)

(a)

19,940

1,194,207

Bank

OZK

(a)

25,268

1,035,988

Baxter

International,

Inc.

(a)(c)

23,614

789,888

Belden,

Inc.

(a)(c)

1,657

155,427

BellRing

Brands,

Inc.

*(a)

4,941

282,329

Berry

Global

Group,

Inc.

(a)(c)

12,523

736,979

Best

Buy

Co.,

Inc.

(a)

9,181

773,866

Black

Hills

Corp.

(a)

11,682

635,267

Booking

Holdings,

Inc.

(a)

311

1,232,027

BorgWarner,

Inc.

(a)

11,594

373,791

Boston

Beer

Co.,

Inc.

(The),

Class

A

*(a)

1,142

348,367

BP

plc

(2)(a)

76,844

462,661

Brink's

Co.

(The)

(a)(c)

1,005

102,912

Bristol-Myers

Squibb

Co.

(a)

13,438

558,080

BRP,

Inc.

(a)

2,751

176,255

Bruker

Corp.

(a)

2,534

161,695

Builders

FirstSource,

Inc.

*(a)

4,858

672,396

Bunge

Global

SA

(a)

11,734

1,252,839

BWX

Technologies,

Inc.

(a)(c)

3,423

325,185

Cabot

Corp.

(a)(c)

4,629

425,359

CACI

International,

Inc.,

Class

A

*(a)

1,326

570,352

Cadence

Design

Systems,

Inc.

*(a)(c)

1,531

471,165

Capital

One

Financial

Corp.

(a)

7,089

981,472

Cardinal

Health,

Inc.

(a)

12,095

1,189,180

Carlisle

Cos.,

Inc.

(a)

196

79,421

Carnival

Corp.

*(a)

10,614

198,694

Carter's,

Inc.

(a)

9,492

588,219

Casey's

General

Stores,

Inc.

(a)(c)

995

379,652

INVESTMENTS

SHARES

VALUE

($)

United

States

-

93.2%

(continued)

Caterpillar,

Inc.

(a)(c)

1,493

497,318

CBRE

Group,

Inc.,

Class

A

*(a)

6,320

563,175

Celanese

Corp.,

Class

A

(a)(c)

2,500

337,225

Cencora,

Inc.

(a)(c)

2,202

496,111

Centene

Corp.

*(a)

18,691

1,239,213

ChargePoint

Holdings,

Inc.

*(a)(c)

50,276

75,917

Charles

River

Laboratories

International,

Inc.

*(a)(c)

2,455

507,154

Ciena

Corp.

*(a)

6,215

299,439

Cigna

Group

(The)

(a)

3,015

996,756

Cincinnati

Financial

Corp.

(a)

3,786

447,127

Cintas

Corp.

(a)

909

636,536

Cirrus

Logic,

Inc.

*(a)

6,912

882,386

Citigroup,

Inc.

(a)

15,834

1,004,826

Citizens

Financial

Group,

Inc.

(a)

16,674

600,764

Civitas

Resources,

Inc.

(a)

4,483

309,327

Clean

Harbors,

Inc.

*(a)

2,261

511,325

Cleveland-Cliffs,

Inc.

*(a)

28,292

435,414

CNA

Financial

Corp.

(a)

4,918

226,572

CNO

Financial

Group,

Inc.

(a)

22,422

621,538

Coca-Cola

Consolidated,

Inc.

(a)

1,001

1,086,085

Cognizant

Technology

Solutions

Corp.,

Class

A

(a)

10,279

698,972

Colgate-Palmolive

Co.

(a)

5,864

569,043

Columbia

Sportswear

Co.

(a)(c)

7,555

597,449

Comcast

Corp.,

Class

A

(a)

24,553

961,495

Commercial

Metals

Co.

(a)

14,816

814,732

CommVault

Systems,

Inc.

*(a)

5,286

642,619

Concentrix

Corp.

(a)

3,684

233,124

Copart,

Inc.

*(a)(c)

10,600

574,096

Corebridge

Financial,

Inc.

(a)

39,828

1,159,791

Corpay,

Inc.

*(a)(c)

984

262,147

Costco

Wholesale

Corp.

(a)

285

242,247

Coty,

Inc.,

Class

A

*(a)(c)

11,407

114,298

Crane

NXT

Co.

(a)(c)

6,441

395,606

CRH

plc

(2)(a)

2,909

215,569

Crowdstrike

Holdings,

Inc.,

Class

A

*(a)

799

306,169

Cummins,

Inc.

(a)

4,049

1,121,290

Curtiss-Wright

Corp.

(a)

2,453

664,714

CVS

Health

Corp.

(a)(c)

10,641

628,457

Darden

Restaurants,

Inc.

(a)(c)

1,828

276,613

Deckers

Outdoor

Corp.

*(a)(c)

632

611,744

Dell

Technologies,

Inc.,

Class

C

(a)

8,454

1,165,891

DENTSPLY

SIRONA,

Inc.

(a)(c)

11,477

285,892

Devon

Energy

Corp.

(a)

11,224

532,018

Dick's

Sporting

Goods,

Inc.

(a)

3,106

667,324

DocuSign,

Inc.,

Class

A

*(a)

10,931

584,809

Dolby

Laboratories,

Inc.,

Class

A

(a)

6,819

540,269

Domino's

Pizza,

Inc.

(a)

744

384,150

Donaldson

Co.,

Inc.

(a)

6,490

464,424

Dover

Corp.

(a)(c)

2,090

377,141

Dow,

Inc.

(a)

7,012

371,987

Dropbox,

Inc.,

Class

A

*(a)

65,678

1,475,785

Duolingo,

Inc.,

Class

A

*(a)

1,462

305,076

DXC

Technology

Co.

*(a)

44,692

853,170

Eagle

Materials,

Inc.

(a)(c)

3,135

681,737

Eastman

Chemical

Co.

(a)

6,062

593,894

eBay,

Inc.

(a)(c)

13,825

742,679

8

AQR

Funds

|

Semi-Annual

Report

|

June

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

ALTERNATIVE

RISK

PREMIA

FUND

Consolidated

Schedule

of

Investments

June

30,

2024

(Unaudited)

(Continued)

INVESTMENTS

SHARES

VALUE

($)

United

States

-

93.2%

(continued)

Electronic

Arts,

Inc.

(a)

2,762

384,829

Elevance

Health,

Inc.

(a)

1,116

604,716

EMCOR

Group,

Inc.

(a)

2,956

1,079,176

Encompass

Health

Corp.

(a)

1,101

94,455

EnerSys

(a)

7,429

769,050

Entergy

Corp.

(a)

8,057

862,099

Envista

Holdings

Corp.

*(a)

40,739

677,490

EOG

Resources,

Inc.

(a)(c)

9,196

1,157,501

EPAM

Systems,

Inc.

*(a)

729

137,132

Equitable

Holdings,

Inc.

(a)

17,147

700,626

Esab

Corp.

(a)

1,424

134,468

Euronet

Worldwide,

Inc.

*(a)

4,135

427,973

Evercore,

Inc.,

Class

A

(a)

4,013

836,430

Everest

Group

Ltd.

(a)

3,018

1,149,918

Evergy,

Inc.

(a)

5,383

285,138

Exelixis,

Inc.

*(a)

24,744

555,998

Expedia

Group,

Inc.

*(a)

7,779

980,076

F5,

Inc.

*(a)

3,723

641,212

Fair

Isaac

Corp.

*(a)(c)

541

805,365

Federated

Hermes,

Inc.,

Class

B

(a)

25,199

828,543

Ferguson

plc

(a)

2,745

531,569

Fidelity

National

Financial,

Inc.

(a)

6,301

311,395

Fidelity

National

Information

Services,

Inc.

(a)

11,758

886,083

First

American

Financial

Corp.

(a)

4,909

264,841

First

Horizon

Corp.

(a)

15,407

242,968

FirstCash

Holdings,

Inc.

(a)(c)

1,100

115,368

Fiserv,

Inc.

*(a)(c)

2,817

419,846

Flowers

Foods,

Inc.

(a)

9,624

213,653

Flowserve

Corp.

(a)

6,414

308,513

Fluor

Corp.

*(a)

9,948

433,235

FNB

Corp.

(a)(c)

22,464

307,308

Fortinet,

Inc.

*(a)

6,735

405,918

Fortive

Corp.

(a)

3,772

279,505

Fox

Corp.,

Class

A

(a)(c)

9,376

322,253

Franklin

Resources,

Inc.

(a)

27,066

604,925

Gap,

Inc.

(The)

(a)(c)

26,406

630,839

Gartner,

Inc.

*(a)

1,011

454,000

Gates

Industrial

Corp.

plc

*(a)

37,851

598,424

GE

HealthCare

Technologies,

Inc.

(a)

9,237

719,747

Gen

Digital,

Inc.

(a)(c)

17,087

426,833

Generac

Holdings,

Inc.

*(a)(c)

1,230

162,631

General

Dynamics

Corp.

(a)

4,321

1,253,695

General

Electric

Co.

(a)

7,496

1,191,639

General

Motors

Co.

(a)

20,936

972,687

Gilead

Sciences,

Inc.

(a)

11,189

767,677

Ginkgo

Bioworks

Holdings,

Inc.,

Class

A

*

929,077

310,590

Global

Payments,

Inc.

(a)(c)

12,637

1,221,998

GLOBALFOUNDRIES,

Inc.

*(a)(c)

4,222

213,464

Globe

Life,

Inc.

(a)

2,589

213,023

GoDaddy,

Inc.,

Class

A

*(a)(c)

1,133

158,291

Graco,

Inc.

(a)

3,923

311,015

Graham

Holdings

Co.,

Class

B

(a)

1,260

881,433

Grand

Canyon

Education,

Inc.

*(a)

4,460

623,999

Greif,

Inc.,

Class

A

(a)

6,003

344,992

GSK

plc

(2)(a)

12,011

231,022

H&R

Block,

Inc.

(a)(c)

19,241

1,043,439

INVESTMENTS

SHARES

VALUE

($)

United

States

-

93.2%

(continued)

Haemonetics

Corp.

*(a)(c)

2,973

245,956

Halliburton

Co.

(a)(c)

9,133

308,513

Hancock

Whitney

Corp.

(a)

2,216

105,991

Hartford

Financial

Services

Group,

Inc.

(The)

(a)

11,834

1,189,790

Hawaiian

Electric

Industries,

Inc.

50,120

452,082

HCA

Healthcare,

Inc.

(a)

1,076

345,697

Henry

Schein,

Inc.

*(a)(c)

3,013

193,133

Hertz

Global

Holdings,

Inc.

*(a)(c)

134,325

474,167

Hewlett

Packard

Enterprise

Co.

(a)

54,374

1,151,098

Hexcel

Corp.

(a)

5,827

363,896

HF

Sinclair

Corp.

(a)

12,372

659,922

Holcim

AG

(2)(a)

18,390

1,625,531

Hologic,

Inc.

*(a)(c)

7,701

571,799

Howmet

Aerospace,

Inc.

(a)

8,256

640,913

HP,

Inc.

(a)

30,229

1,058,620

Hubbell,

Inc.,

Class

B

(a)(c)

1,373

501,804

Huntington

Bancshares,

Inc.

(a)

30,776

405,628

Huntington

Ingalls

Industries,

Inc.

(a)(c)

5,468

1,346,932

IAC,

Inc.

*(a)(c)

7,083

331,839

Incyte

Corp.

*(a)(c)

17,934

1,087,159

Informatica,

Inc.,

Class

A

*(a)(c)

2,943

90,880

Ingredion,

Inc.

(a)

3,975

455,933

Insperity,

Inc.

(a)

1,534

139,916

Integra

LifeSciences

Holdings

Corp.

*(a)

5,209

151,790

Intel

Corp.

(a)

19,021

589,080

International

Bancshares

Corp.

(a)

5,090

291,199

International

Business

Machines

Corp.

(a)

2,359

407,989

International

Paper

Co.

(a)

8,176

352,794

Interpublic

Group

of

Cos.,

Inc.

(The)

(a)(c)

7,218

209,972

Intuit,

Inc.

(a)(c)

1,128

741,333

Invesco

Ltd.

(a)

16,445

246,017

IPG

Photonics

Corp.

*(a)

1,845

155,700

IQVIA

Holdings,

Inc.

*(a)(c)

1,728

365,368

ITT,

Inc.

(a)

3,161

408,338

Jabil,

Inc.

(a)

7,999

870,211

Jacobs

Solutions,

Inc.

(a)(c)

1,582

221,021

Janus

Henderson

Group

plc

(a)

20,511

691,426

Jazz

Pharmaceuticals

plc

*(a)

8,861

945,735

JB

Hunt

Transport

Services,

Inc.

(a)

1,364

218,240

Jefferies

Financial

Group,

Inc.

(a)

(c)

8,010

398,578

Johnson

&

Johnson

(a)(c)

15,412

2,252,619

Jones

Lang

LaSalle,

Inc.

*(a)

2,955

606,602

KB

Home

(a)(c)

18,392

1,290,751

Kenvue,

Inc.

(a)

37,668

684,804

Kimberly-Clark

Corp.

(a)

5,978

826,160

Kirby

Corp.

*(a)

2,055

246,045

KLA

Corp.

(a)

642

529,335

Knife

River

Corp.

*(a)

2,460

172,544

Kohl's

Corp.

(a)(c)

23,888

549,185

Kraft

Heinz

Co.

(The)

(a)(c)

12,310

396,628

Kroger

Co.

(The)

(a)

31,710

1,583,281

Kyndryl

Holdings,

Inc.

*(a)

27,064

712,054

L3Harris

Technologies,

Inc.

(a)

1,833

411,655

Consolidated

Schedule

of

Investments

June

30,

2024

(Unaudited)

AQR

ALTERNATIVE

RISK

PREMIA

FUND

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

Funds

|

Semi-Annual

Report

|

June

2024

9

(Continued)

INVESTMENTS

SHARES

VALUE

($)

United

States

-

93.2%

(continued)

Lam

Research

Corp.

(a)

776

826,324

Landstar

System,

Inc.

(a)

3,691

680,916

Lantheus

Holdings,

Inc.

*(a)

5,181

415,982

Lear

Corp.

(a)

3,106

354,736

Leidos

Holdings,

Inc.

(a)

4,368

637,204

Lennar

Corp.,

Class

A

(a)(c)

6,710

1,005,628

Liberty

Media

Corp-Liberty

SiriusXM

*(a)

6,744

149,447

Lincoln

Electric

Holdings,

Inc.

(a)

(c)

1,054

198,827

Lincoln

National

Corp.

(a)

5,843

181,717

Lockheed

Martin

Corp.

(a)

3,224

1,505,930

Loews

Corp.

(a)

7,995

597,546

Louisiana-Pacific

Corp.

(a)

2,782

229,042

LyondellBasell

Industries

NV,

Class

A

(a)

7,609

727,877

M&T

Bank

Corp.

(a)(c)

4,612

698,072

Macy's,

Inc.

(a)(c)

43,356

832,435

Manhattan

Associates,

Inc.

*(a)

1,569

387,041

ManpowerGroup,

Inc.

(a)

13,615

950,327

Marathon

Petroleum

Corp.

(a)

3,694

640,835

Markel

Group,

Inc.

*(a)

252

397,066

Masco

Corp.

(a)

5,232

348,817

Matador

Resources

Co.

(a)

4,183

249,307

Match

Group,

Inc.

*(a)

13,173

400,196

Maximus,

Inc.

(a)

5,749

492,689

McKesson

Corp.

(a)

1,974

1,152,895

MDU

Resources

Group,

Inc.

(a)(c)

6,303

158,205

Medpace

Holdings,

Inc.

*(a)(c)

1,432

589,769

Medtronic

plc

(a)

16,791

1,321,620

Merck

&

Co.,

Inc.

(a)

7,476

925,529

Meta

Platforms,

Inc.,

Class

A

(a)

2,733

1,378,033

MetLife,

Inc.

(a)

6,296

441,916

Mettler-Toledo

International,

Inc.

*(a)(c)

265

370,361

MGIC

Investment

Corp.

(a)(c)

5,286

113,913

Middleby

Corp.

(The)

*(a)(c)

1,727

211,747

MKS

Instruments,

Inc.

(a)

1,232

160,875

Mohawk

Industries,

Inc.

*(a)

4,094

465,037

Molina

Healthcare,

Inc.

*(a)(c)

2,190

651,087

Molson

Coors

Beverage

Co.,

Class

B

(a)(c)

34,558

1,756,584

Monolithic

Power

Systems,

Inc.

(a)

455

373,864

Monster

Beverage

Corp.

*(a)

8,582

428,671

Morningstar,

Inc.

(a)

153

45,265

Mosaic

Co.

(The)

(a)

9,844

284,492

MSC

Industrial

Direct

Co.,

Inc.,

Class

A

(a)

5,954

472,212

Murphy

Oil

Corp.

(a)(c)

10,284

424,112

Murphy

USA,

Inc.

(a)(c)

2,685

1,260,500

Natera,

Inc.

*(a)

1,533

166,009

National

Fuel

Gas

Co.

(a)(c)

7,956

431,136

NCR

Atleos

Corp.

*(a)

9,747

263,364

NCR

Voyix

Corp.

*(a)(c)

38,040

469,794

NetApp,

Inc.

(a)

5,198

669,502

NewMarket

Corp.

(a)

330

170,138

Nexstar

Media

Group,

Inc.,

Class

A

(a)

1,035

171,820

NiSource,

Inc.

(a)

5,454

157,130

Nordstrom,

Inc.

(a)(c)

18,051

383,042

INVESTMENTS

SHARES

VALUE

($)

United

States

-

93.2%

(continued)

Northern

Trust

Corp.

(a)(c)

6,059

508,835

Northwestern

Energy

Group,

Inc.

(a)(c)

5,683

284,605

NOV,

Inc.

(a)

24,950

474,300

NRG

Energy,

Inc.

(a)

3,415

265,892

Nucor

Corp.

(a)

1,669

263,836

Nutanix,

Inc.,

Class

A

*(a)

7,731

439,507

nVent

Electric

plc

(a)

5,969

457,285

OGE

Energy

Corp.

(a)(c)

2,141

76,434

Old

National

Bancorp

(a)(c)

14,095

242,293

Old

Republic

International

Corp.

(a)

19,788

611,449

Olin

Corp.

(a)

5,220

246,123

ON

Semiconductor

Corp.

*(a)(c)

3,278

224,707

OneMain

Holdings,

Inc.

(a)(c)

2,642

128,111

Organon

&

Co.

(a)(c)

15,955

330,269

Oshkosh

Corp.

(a)

6,788

734,462

Ovintiv,

Inc.

(a)

14,927

699,628

Owens

Corning

(a)

6,611

1,148,463

PACCAR,

Inc.

(a)(c)

7,732

795,932

Packaging

Corp.

of

America

(a)

1,964

358,548

PayPal

Holdings,

Inc.

*(a)

7,080

410,852

PBF

Energy,

Inc.,

Class

A

(a)

7,469

343,723

Pegasystems,

Inc.

(a)

3,385

204,894

Penske

Automotive

Group,

Inc.

(a)

3,303

492,213

Pentair

plc

(a)

3,645

279,462

PepsiCo,

Inc.

(a)(c)

2,676

441,353

Performance

Food

Group

Co.

*(a)

3,793

250,755

Petco

Health

&

Wellness

Co.,

Inc.,

Class

A

*(a)(c)

57,520

217,426

Phillips

66

(a)

3,385

477,860

Pilgrim's

Pride

Corp.

*(a)

14,645

563,686

Pinnacle

Financial

Partners,

Inc.

(a)(c)

1,805

144,472

Pinnacle

West

Capital

Corp.

(a)(c)

5,435

415,125

Pinterest,

Inc.,

Class

A

*(a)(c)

6,542

288,306

Playtika

Holding

Corp.

(a)

58,274

458,616

Popular,

Inc.

7,718

682,503

Post

Holdings,

Inc.

*(a)

1,163

121,138

PPG

Industries,

Inc.

(a)

3,845

484,047

Premier,

Inc.,

Class

A

(a)

10,240

191,181

Procter

&

Gamble

Co.

(The)

(a)(c)

4,168

687,387

Prudential

Financial,

Inc.

(a)

4,732

554,543

PulteGroup,

Inc.

(a)

10,598

1,166,840

Pure

Storage,

Inc.,

Class

A

*(a)(c)

7,009

450,048

PVH

Corp.

(a)

5,755

609,282

Qorvo,

Inc.

*(a)

4,718

547,477

QUALCOMM,

Inc.

(a)

4,321

860,657

Qualys,

Inc.

*(a)

6,806

970,536

Ralph

Lauren

Corp.,

Class

A

(a)

3,735

653,849

Raymond

James

Financial,

Inc.

(a)

3,976

491,473

Regal

Rexnord

Corp.

(a)(c)

1,941

262,462

Regeneron

Pharmaceuticals,

Inc.

*(a)

650

683,170

Regions

Financial

Corp.

(a)(c)

8,465

169,639

Reinsurance

Group

of

America,

Inc.

(a)

4,585

941,163

Reliance,

Inc.

(a)

1,693

483,521

RenaissanceRe

Holdings

Ltd.

2,036

455,066

ResMed,

Inc.

(a)(c)

1,093

209,222

10

AQR

Funds

|

Semi-Annual

Report

|

June

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

ALTERNATIVE

RISK

PREMIA

FUND

Consolidated

Schedule

of

Investments

June

30,

2024

(Unaudited)

(Continued)

INVESTMENTS

SHARES

VALUE

($)

United

States

-

93.2%

(continued)

Reynolds

Consumer

Products,

Inc.

(a)

8,039

224,931

RingCentral,

Inc.,

Class

A

*(a)

18,169

512,366

Rivian

Automotive,

Inc.,

Class

A

*(a)(c)

6,047

81,151

Robert

Half,

Inc.

(a)

10,779

689,640

Roche

Holding

AG

(2)(a)

2,643

732,266

Roper

Technologies,

Inc.

(a)

805

453,746

Royal

Gold,

Inc.

(a)

1,706

213,523

Royalty

Pharma

plc,

Class

A

(a)

10,612

279,838

RPM

International,

Inc.

(a)(c)

3,054

328,855

RTX

Corp.

(a)

5,303

532,368

Ryder

System,

Inc.

(a)

6,865

850,436

Salesforce,

Inc.

(a)(c)

2,155

554,051

Schneider

National,

Inc.,

Class

B

(a)

34,255

827,601

Science

Applications

International

Corp.

(a)(c)

1,710

201,011

Seaboard

Corp.

(a)

117

369,807

Seagate

Technology

Holdings

plc

(a)(c)

656

67,745

SEI

Investments

Co.

(a)(c)

9,742

630,210

Sensata

Technologies

Holding

plc

(a)

3,229

120,732

Shell

plc

(2)(a)

36,385

1,305,057

Signify

NV

(2)(a)(b)

28,515

708,185

Silgan

Holdings,

Inc.

(a)(c)

5,177

219,142

Simpson

Manufacturing

Co.,

Inc.

(a)(c)

702

118,308

Sirius

XM

Holdings,

Inc.

27,447

77,675

Skechers

USA,

Inc.,

Class

A

*(a)

8,206

567,199

Skyworks

Solutions,

Inc.

(a)(c)

14,049

1,497,342

Snap-on,

Inc.

(a)

1,865

487,492

Solventum

Corp.

*(a)

20,638

1,091,337

Sprouts

Farmers

Market,

Inc.

*(a)

(c)

9,178

767,831

SS&C

Technologies

Holdings,

Inc.

(a)

4,422

277,127

State

Street

Corp.

(a)

11,859

877,566

Steel

Dynamics,

Inc.

(a)(c)

5,396

698,782

Stellantis

NV

(2)(a)

43,793

865,731

STERIS

plc

(a)(c)

1,179

258,838

Stifel

Financial

Corp.

(a)

8,354

702,989

Super

Micro

Computer,

Inc.

*(a)(c)

379

310,534

Swiss

Re

AG

(2)(a)

2,942

364,740

Synaptics,

Inc.

*(a)(c)

1,595

140,679

Synchrony

Financial

(a)

36,276

1,711,865

Synopsys,

Inc.

*(a)(c)

1,051

625,408

T.

Rowe

Price

Group,

Inc.

(a)(c)

5,317

613,103

Tapestry,

Inc.

(a)(c)

12,366

529,141

Target

Corp.

(a)

1,867

276,391

Taylor

Morrison

Home

Corp.,

Class

A

*(a)

17,989

997,310

TD

SYNNEX

Corp.

(a)

11,311

1,305,289

TE

Connectivity

Ltd.

(a)

3,265

491,154

TEGNA,

Inc.

(a)(c)

53,242

742,193

Teleflex,

Inc.

(a)(c)

1,609

338,421

Tenaris

SA

(2)(a)

86,257

1,326,834

Tenet

Healthcare

Corp.

*(a)

6,708

892,365

Teradata

Corp.

*(a)

17,524

605,629

INVESTMENTS

SHARES

VALUE

($)

United

States

-

93.2%

(continued)

Teradyne,

Inc.

(a)

2,091

310,074

Terex

Corp.

(a)

18,691

1,025,014

Tetra

Tech,

Inc.

(a)(c)

1,205

246,398

Texas

Pacific

Land

Corp.

(a)(c)

254

186,505

Texas

Roadhouse,

Inc.,

Class

A

(a)

4,320

741,787

Textron,

Inc.

(a)

15,827

1,358,906

Thermo

Fisher

Scientific,

Inc.

(a)

808

446,824

Thor

Industries,

Inc.

(a)(c)

2,339

218,580

Timken

Co.

(The)

(a)(c)

6,541

524,130

Toll

Brothers,

Inc.

(a)

10,657

1,227,473

TransDigm

Group,

Inc.

(a)

175

223,582

Travel

+

Leisure

Co.

(a)

10,399

467,747

Travelers

Cos.,

Inc.

(The)

(a)

3,795

771,675

TripAdvisor,

Inc.

*(a)

18,607

331,391

Tyler

Technologies,

Inc.

*(a)(c)

178

89,495

Tyson

Foods,

Inc.,

Class

A

(a)

7,462

426,379

UFP

Industries,

Inc.

(a)

10,880

1,218,560

U-Haul

Holding

Co.

*(a)

252

15,556

UiPath,

Inc.,

Class

A

*(a)(c)

36,520

463,074

United

Airlines

Holdings,

Inc.

*(a)

7,017

341,447

United

Rentals,

Inc.

(a)

1,252

809,706

United

Therapeutics

Corp.

*(a)

3,788

1,206,667

Universal

Health

Services,

Inc.,

Class

B

(a)

3,325

614,892

Unum

Group

(a)

16,213

828,646

US

Foods

Holding

Corp.

*(a)

9,636

510,515

Valero

Energy

Corp.

(a)(c)

5,357

839,763

Valley

National

Bancorp

(a)(c)

83,863

585,364

Veeva

Systems,

Inc.,

Class

A

*(a)

2,334

427,145

Veralto

Corp.

(a)

3,581

341,878

Verisk

Analytics,

Inc.,

Class

A

(a)

778

209,710

Verizon

Communications,

Inc.

(a)

24,043

991,533

Vertex

Pharmaceuticals,

Inc.

*(a)

(c)

1,852

868,069

Vestis

Corp.

(a)

13,097

160,176

Viasat,

Inc.

*(a)(c)

15,822

200,939

Viatris,

Inc.

(a)(c)

61,596

654,765

Victoria's

Secret

&

Co.

*(a)

10,159

179,510

Vishay

Intertechnology,

Inc.

(a)(c)

22,175

494,503

Vistra

Corp.

(a)

18,204

1,565,180

Vontier

Corp.

(a)

6,024

230,117

Vulcan

Materials

Co.

(a)

1,422

353,623

Walgreens

Boots

Alliance,

Inc.

(a)

(c)

20,569

248,782

Walmart,

Inc.

(a)

20,067

1,358,737

Warner

Bros

Discovery,

Inc.

*(a)(c)

29,354

218,394

Watts

Water

Technologies,

Inc.,

Class

A

(a)

1,868

342,535

Wayfair,

Inc.,

Class

A

*(a)(c)

4,839

255,160

Webster

Financial

Corp.

(a)(c)

5,401

235,430

Werner

Enterprises,

Inc.

(a)(c)

14,045

503,232

WESCO

International,

Inc.

(a)

4,350

689,562

Western

Digital

Corp.

*(a)

1,706

129,264

Western

Union

Co.

(The)

(a)

67,075

819,657

Westlake

Corp.

(a)(c)

4,480

648,794

Williams-Sonoma,

Inc.

(a)(c)

2,826

797,978

Wintrust

Financial

Corp.

(a)

1,784

175,831

WK

Kellogg

Co.

(a)(c)

13,519

222,523

Woodward,

Inc.

(a)

3,316

578,244

Consolidated

Schedule

of

Investments

June

30,

2024

(Unaudited)

AQR

ALTERNATIVE

RISK

PREMIA

FUND

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

Funds

|

Semi-Annual

Report

|

June

2024

11

(Continued)

INVESTMENTS

SHARES

VALUE

($)

United

States

-

93.2%

(continued)

Wyndham

Hotels

&

Resorts,

Inc.

(a)(c)

1,567

115,958

Xcel

Energy,

Inc.

(a)

3,982

212,679

Ziff

Davis,

Inc.

*(a)(c)

4,222

232,421

Zimmer

Biomet

Holdings,

Inc.

(a)

(c)

7,645

829,712

Zions

Bancorp

NA

(a)

9,686

420,082

Zoom

Video

Communications,

Inc.,

Class

A

*(a)(c)

38,040

2,251,589

258,983,062

TOTAL

COMMON

STOCKS

(Cost

$360,215,592)

463,391,666

PREFERRED

STOCKS

-

0.1%

Germany

-

0.1%

Henkel

AG

&

Co.

KGaA

(Preference)

(2)(a)

(Cost

$364,404)

4,479

398,796

NO.

OF

WARRANTS

WARRANTS

-

0.0%

Canada

-

0.0%

Constellation

Software,

Inc.,

expiring

3/31/2040

(3)*

(Cost

$–)

65

–

SHARES

SHORT-TERM

INVESTMENTS

-

65.2%

INVESTMENT

COMPANIES

-

55.1%

Goldman

Sachs

Financial

Square

Funds

-

Treasury

Instruments

Fund,

Institutional

Shares,

5.19%

(d)(e)

5,460,888

5,460,888

Limited

Purpose

Cash

Investment

Fund,

5.33%

(d)

147,907,536

147,848,374

TOTAL

INVESTMENT

COMPANIES

(Cost

$153,295,312)

153,309,262

—

PRINCIPAL

AMOUNT

U.S.

TREASURY

OBLIGATIONS

-

10.1%

U.S.

Treasury

Bills

5.11%,

8/1/2024

(2)(f)

$

2,039,000

2,029,779

5.18%,

8/8/2024

(2)(f)

873,000

868,169

5.27%,

8/29/2024

(2)(f)

299,000

296,425

5.24%,

9/5/2024

(2)(f)

2,589,000

2,564,227

5.23%,

9/12/2024

(2)(f)

2,413,000

2,387,371

5.27%,

9/19/2024

(2)(f)

1,172,000

1,158,421

5.24%,

9/26/2024

(2)(f)

325,000

320,896

5.29%,

10/3/2024

(2)(f)(g)

6,000,000

5,918,925

5.26%,

10/10/2024

(2)(f)

1,248,000

1,229,811

5.29%,

10/17/2024

(2)(f)

1,447,000

1,424,405

5.30%,

10/24/2024

(2)(f)

1,322,000

1,300,084

5.30%,

10/31/2024

(2)(f)

637,000

625,829

5.30%,

11/21/2024

(2)(f)

742,000

726,850

5.31%,

11/29/2024

(2)(f)

959,000

938,405

5.29%,

12/5/2024

(2)(f)

647,000

632,511

5.28%,

12/12/2024

(2)(f)

808,000

789,147

5.29%,

12/19/2024

(2)(f)(g)

842,000

821,541

INVESTMENTS

PRINCIPAL

AMOUNT

VALUE

($)

U.S.

TREASURY

OBLIGATIONS

-

10.1%

(continued)

5.28%,

12/26/2024

(2)(f)(g)

$

4,190,000

4,084,031

TOTAL

U.S.

TREASURY

OBLIGATIONS

(Cost

$28,118,956)

28,116,827

TOTAL

SHORT-TERM

INVESTMENTS

(Cost

$181,414,268)

181,426,089

TOTAL

LONG

POSITIONS

(Cost

$541,994,264)

645,216,551

SHARES

SHORT

POSITIONS

-

(157.0)%

COMMON

STOCKS

-

(156.3)%

Australia

-

(4.8)%

ALS

Ltd.

(2)

(20,625)

(192,091)

APA

Group

(2)

(123,004)

(653,824)

Coles

Group

Ltd.

(2)

(13,672)

(154,885)

Commonwealth

Bank

of

Australia

(2)

(13,948)

(1,181,554)

Endeavour

Group

Ltd.

(2)

(187,343)

(628,223)

Evolution

Mining

Ltd.

(2)

(117,475)

(274,700)

Glencore

plc

(2)

(20,093)

(114,335)

IDP

Education

Ltd.

(2)

(56,921)

(572,822)

IGO

Ltd.

(2)

(40,857)

(152,939)

Insurance

Australia

Group

Ltd.

(2)

(84,564)

(400,880)

Liontown

Resources

Ltd.

(2)

(501,184)

(300,910)

Lynas

Rare

Earths

Ltd.

(2)

(237,827)

(936,924)

Macquarie

Group

Ltd.

(2)

(10,874)

(1,479,641)

Mineral

Resources

Ltd.

(2)

(17,720)

(633,944)

National

Australia

Bank

Ltd.

(2)

(21,410)

(516,307)

NEXTDC

Ltd.

(2)

(15,713)

(183,448)

Pilbara

Minerals

Ltd.

(2)

(84,979)

(172,915)

Ramsay

Health

Care

Ltd.

(2)

(20,976)

(662,257)

Rio

Tinto

plc

(2)

(4,852)

(318,380)

Sonic

Healthcare

Ltd.

(2)

(37,639)

(657,316)

South32

Ltd.

(2)

(108,998)

(264,440)

Transurban

Group

(2)

(46,229)

(381,277)

Treasury

Wine

Estates

Ltd.

(2)

(104,634)

(865,780)

WiseTech

Global

Ltd.

(2)

(2,168)

(144,126)

Woodside

Energy

Group

Ltd.

(2)

(41,237)

(776,534)

Woolworths

Group

Ltd.

(2)

(31,072)

(697,628)

(13,318,080)

Belgium

-

(0.5)%

Anheuser-Busch

InBev

SA/NV

(2)

(5,898)

(342,413)

D'ieteren

Group

(2)

(504)

(106,723)

Elia

Group

SA/NV

(2)

(1,233)

(115,158)

Liberty

Global

Ltd.,

Class

C

(14,374)

(256,576)

Lotus

Bakeries

NV

(12)

(123,759)

UCB

SA

(2)

(2,424)

(359,932)

(1,304,561)

Brazil

-

(0.2)%

MercadoLibre,

Inc.

(182)

(299,099)

Wheaton

Precious

Metals

Corp.

(6,607)

(346,420)

(645,519)

Burkina

Faso

-

(0.1)%

Endeavour

Mining

plc

(2)

(14,841)

(315,831)

12

AQR

Funds

|

Semi-Annual

Report

|

June

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

ALTERNATIVE

RISK

PREMIA

FUND

Consolidated

Schedule

of

Investments

June

30,

2024

(Unaudited)

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Canada

-

(6.0)%

Alamos

Gold,

Inc.,

Class

A

(9,058)

(142,089)

Algonquin

Power

&

Utilities

Corp.

(111,068)

(652,744)

Aritzia,

Inc.

(2,978)

(84,287)

AtkinsRealis

Group,

Inc.

(8,652)

(374,527)

Barrick

Gold

Corp.

(11,823)

(197,216)

BCE,

Inc.

(8,178)

(264,879)

Brookfield

Asset

Management

Ltd.,

Class

A

(2,100)

(79,944)

Brookfield

Corp.,

Class

A

(19,866)

(826,268)

Brookfield

Infrastructure

Corp.,

Class

A

(3,954)

(133,096)

CAE,

Inc.

(6,229)

(115,697)

Cameco

Corp.

(9,481)

(466,479)

Canadian

National

Railway

Co.

(7,490)

(885,080)

Canadian

Pacific

Kansas

City

Ltd.

(15,598)

(1,228,411)

Canadian

Utilities

Ltd.,

Class

A

(4,211)

(90,958)

Capstone

Copper

Corp.

(34,012)

(241,158)

CCL

Industries,

Inc.,

Class

B

(900)

(47,327)

Colliers

International

Group,

Inc.

(3,092)

(345,283)

Dollarama,

Inc.

(2,819)

(257,389)

Element

Fleet

Management

Corp.

(32,208)

(585,985)

Enbridge,

Inc.

(22,579)

(803,275)

FirstService

Corp.

(288)

(43,830)

Fortis,

Inc.

(10,818)

(420,447)

Franco-Nevada

Corp.

(8,219)

(974,469)

Intact

Financial

Corp.

(1,727)

(287,835)

Keyera

Corp.

(6,322)

(175,096)

Lumine

Group,

Inc.

(h)

(225)

(6,074)

Metro,

Inc.,

Class

A

(5,132)

(284,313)

Nuvei

Corp.

(b)

(6,075)

(196,764)

Pan

American

Silver

Corp.

(25,696)

(510,708)

PrairieSky

Royalty

Ltd.

(16,725)

(317,861)

RB

Global,

Inc.

(7,130)

(543,799)

Restaurant

Brands

International,

Inc.

(7,353)

(518,131)

Rogers

Communications,

Inc.,

Class

B

(8,348)

(308,767)

Royal

Bank

of

Canada

(3,733)

(397,435)

Shopify,

Inc.,

Class

A

(13,273)

(877,170)

TC

Energy

Corp.

(22,761)

(862,823)

Teck

Resources

Ltd.,

Class

B

(21,076)

(1,010,009)

Thomson

Reuters

Corp.

(1,601)

(269,878)

Toronto-Dominion

Bank

(The)

(9,889)

(543,586)

WSP

Global,

Inc.

(1,316)

(204,925)

(16,576,012)

Chile

-

(0.3)%

Antofagasta

plc

(2)

(15,022)

(399,225)

Lundin

Mining

Corp.

(45,877)

(510,732)

(909,957)

Denmark

-

(2.0)%

Ambu

A/S,

Class

B

(2)

(7,603)

(146,344)

Coloplast

A/S,

Class

B

(2)

(4,137)

(497,322)

Demant

A/S

(2)

(1,576)

(68,258)

DSV

A/S

(2)

(10,203)

(1,566,142)

GN

Store

Nord

A/S

(2)

(12,931)

(360,242)

Novo

Nordisk

A/S,

Class

B

(2)

(2,263)

(323,801)

Novonesis

(Novozymes),

Class

B

(2)

(5,788)

(353,615)

INVESTMENTS

SHARES

VALUE

($)

Denmark

-

(2.0)%

(continued)

Orsted

A/S

(2)(b)

(17,293)

(918,629)

Tryg

A/S

(2)

(21,643)

(472,870)

Vestas

Wind

Systems

A/S

(2)

(41,892)

(971,390)

(5,678,613)

Finland

-

(0.7)%

Neste

OYJ

(2)

(25,471)

(454,517)

Nordea

Bank

Abp

(2)

(21,581)

(257,268)

Sampo

OYJ,

Class

A

(2)

(15,768)

(679,983)

Stora

Enso

OYJ,

Class

R

(2)

(40,250)

(549,633)

UPM-Kymmene

OYJ

(2)

(1,809)

(63,537)

(2,004,938)

France

-

(4.3)%

Accor

SA

(2)

(7,657)

(313,317)

Aeroports

de

Paris

SA

(2)

(1,453)

(176,977)

Air

France-KLM

(2)

(18,094)

(160,187)

Air

Liquide

SA

(2)

(2,414)

(416,626)

Airbus

SE

(2)

(3,414)

(468,560)

Alstom

SA

(2)

(25,360)

(427,692)

AXA

SA

(2)

(14,275)

(467,809)

BioMerieux

(2)

(1,138)

(108,211)

Bureau

Veritas

SA

(2)

(4,586)

(127,441)

Capgemini

SE

(2)

(258)

(51,248)

Cie

Generale

des

Etablissements

Michelin

SCA

(2)

(1,686)

(65,166)

Dassault

Systemes

SE

(2)

(25,885)

(973,301)

Edenred

SE

(2)

(14,757)

(625,871)

EssilorLuxottica

SA

(2)

(1,929)

(414,511)

Hermes

International

SCA

(2)

(439)

(1,013,925)

Kering

SA

(2)

(2,457)

(893,721)

Legrand

SA

(2)

(1,253)

(124,367)

L'Oreal

SA

(2)

(1,288)

(566,933)

LVMH

Moet

Hennessy

Louis

Vuitton

SE

(2)

(1,695)

(1,301,407)

Pernod

Ricard

SA

(2)

(8,422)

(1,149,094)

Remy

Cointreau

SA

(2)

(741)

(62,262)

Renault

SA

(2)

(4,612)

(236,525)

Safran

SA

(2)

(333)

(70,183)

Sartorius

Stedim

Biotech

(2)

(3,460)

(571,805)

SOITEC

(2)

(2,886)

(320,422)

Teleperformance

SE

(2)

(722)

(76,278)

Thales

SA

(2)

(3,570)

(571,087)

Valeo

SE

(2)

(8,673)

(92,743)

Vivendi

SE

(2)

(8,574)

(89,612)

Worldline

SA

(2)(b)

(12,032)

(131,120)

(12,068,401)

Germany

-

(3.9)%

Bayer

AG

(Registered)

(2)

(16,344)

(460,705)

Carl

Zeiss

Meditec

AG

(2)

(3,262)

(229,331)

Deutsche

Post

AG

(2)

(7,660)

(311,049)

Deutsche

Telekom

AG

(Registered)

(2)

(20,223)

(508,315)

Fraport

AG

Frankfurt

Airport

Services

Worldwide

(2)

(1,172)

(60,645)

Infineon

Technologies

AG

(2)

(27,468)

(1,008,084)

Mercedes-Benz

Group

AG

(2)

(8,060)

(557,845)

Merck

KGaA

(2)

(5,244)

(867,228)

MTU

Aero

Engines

AG

(2)

(2,253)

(574,410)

Consolidated

Schedule

of

Investments

June

30,

2024

(Unaudited)

AQR

ALTERNATIVE

RISK

PREMIA

FUND

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

Funds

|

Semi-Annual

Report

|

June

2024

13

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Germany

-

(3.9)%

(continued)

Nemetschek

SE

(2)

(1,307)

(127,598)

Puma

SE

(2)

(5,332)

(244,899)

Rational

AG

(2)

(181)

(150,071)

Rheinmetall

AG

(2)

(627)

(319,529)

RWE

AG

(2)

(12,443)

(426,861)

SAP

SE

(2)

(6,769)

(1,359,727)

Scout24

SE

(2)(b)

(1,287)

(98,332)

Siemens

AG

(Registered)

(2)

(9,156)

(1,704,164)

Siemens

Healthineers

AG

(2)(b)

(12,660)

(729,078)

Symrise

AG,

Class

A

(2)

(5,004)

(612,275)

TeamViewer

SE

(2)(b)

(6,887)

(77,085)

United

Internet

AG

(Registered)

(2)

(2,660)

(57,464)

Vonovia

SE

(2)

(2,264)

(64,430)

Wacker

Chemie

AG

(2)

(431)

(46,956)

Zalando

SE

(2)(b)

(10,112)

(237,375)

(10,833,456)

Hong

Kong

-

(0.2)%

Prudential

plc

(2)

(69,686)

(631,844)

Italy

-

(2.8)%

Amplifon

SpA

(2)

(6,675)

(237,363)

Banca

Generali

SpA

(2)

(3,220)

(129,255)

Brunello

Cucinelli

SpA

(2)

(4,116)

(410,802)

Davide

Campari-Milano

NV

(2)

(6,439)

(60,963)

DiaSorin

SpA

(2)

(674)

(67,049)

Enel

SpA

(2)

(74,630)

(517,842)

ERG

SpA

(2)

(17,043)

(427,227)

Ferrari

NV

(2)

(1,254)

(511,747)

FinecoBank

Banca

Fineco

SpA

(2)

(40,732)

(605,247)

Infrastrutture

Wireless

Italiane

SpA

(2)(b)

(46,326)

(482,517)

Interpump

Group

SpA

(2)

(7,456)

(330,802)

Italgas

SpA

(2)

(8,632)

(42,628)

Mediobanca

Banca

di

Credito

Finanziario

SpA

(2)

(32,712)

(478,840)

Moncler

SpA

(2)

(6,505)

(399,042)

Nexi

SpA

(2)(b)

(52,186)

(318,126)

Recordati

Industria

Chimica

e

Farmaceutica

SpA

(2)

(3,202)

(166,657)

Snam

SpA

(2)

(308,944)

(1,364,299)

Telecom

Italia

SpA

(2)

(727,454)

(173,992)

Terna

-

Rete

Elettrica

Nazionale

(2)

(136,318)

(1,050,825)

(7,775,223)

Japan

-

(24.6)%

Advantest

Corp.

(2)

(32,100)

(1,300,883)

Aeon

Co.

Ltd.

(2)

(43,000)

(920,329)

Ajinomoto

Co.,

Inc.

(2)

(26,900)

(946,752)

Allegro

MicroSystems,

Inc.

(13,331)

(376,467)

ANA

Holdings,

Inc.

(2)

(10,000)

(184,832)

Asahi

Intecc

Co.

Ltd.

(2)

(23,000)

(322,897)

Astellas

Pharma,

Inc.

(2)

(123,600)

(1,219,406)

Azbil

Corp.

(2)

(3,700)

(103,350)

Bandai

Namco

Holdings,

Inc.

(2)

(21,800)

(427,092)

BayCurrent

Consulting,

Inc.

(2)

(21,400)

(433,232)

Bridgestone

Corp.

(2)

(21,700)

(856,269)

Calbee,

Inc.

(2)

(5,100)

(98,070)

Capcom

Co.

Ltd.

(2)

(20,300)

(384,013)

Chiba

Bank

Ltd.

(The)

(2)

(65,800)

(589,784)

INVESTMENTS

SHARES

VALUE

($)

Japan

-

(24.6)%

(continued)

Chugai

Pharmaceutical

Co.

Ltd.

(2)

(10,000)

(356,083)

Concordia

Financial

Group

Ltd.

(2)

(64,600)

(382,656)

Cosmos

Pharmaceutical

Corp.

(2,100)

(169,355)

CyberAgent,

Inc.

(2)

(31,700)

(198,670)

Daifuku

Co.

Ltd.

(2)

(31,900)

(599,143)

Daiichi

Sankyo

Co.

Ltd.

(2)

(20,600)

(715,927)

Daikin

Industries

Ltd.

(2)

(8,300)

(1,155,490)

Denso

Corp.

(2)

(94,900)

(1,481,297)

Disco

Corp.

(2)

(500)

(190,450)

DMG

Mori

Co.

Ltd.

(2)

(3,300)

(86,318)

East

Japan

Railway

Co.

(2)

(28,700)

(477,845)

Eisai

Co.

Ltd.

(2)

(28,300)

(1,164,932)

FANUC

Corp.

(2)

(41,200)

(1,131,052)

Fast

Retailing

Co.

Ltd.

(2)

(2,200)

(556,471)

FUJIFILM

Holdings

Corp.

(2)

(17,400)

(408,147)

Fukuoka

Financial

Group,

Inc.

(2)

(15,900)

(428,173)

GMO

Payment

Gateway,

Inc.

(2)

(12,700)

(703,154)

Hamamatsu

Photonics

KK

(2)

(11,300)

(303,559)

Hankyu

Hanshin

Holdings,

Inc.

(2)

(7,700)

(205,400)

Hitachi

Ltd.

(2)

(16,500)

(371,519)

Hoshizaki

Corp.

(2)

(6,300)

(200,389)

Hoya

Corp.

(2)

(6,100)

(713,330)

Hulic

Co.

Ltd.

(2)

(37,700)

(335,089)

Ibiden

Co.

Ltd.

(2)

(18,400)

(753,155)

IHI

Corp.

(2)

(22,400)

(671,683)

Isetan

Mitsukoshi

Holdings

Ltd.

(2)

(16,100)

(302,629)

Japan

Airlines

Co.

Ltd.

(2)

(14,400)

(227,520)

Japan

Airport

Terminal

Co.

Ltd.

(2)

(15,400)

(526,537)

Japan

Tobacco,

Inc.

(2)

(40,100)

(1,085,886)

Kadokawa

Corp.

(2)

(29,200)

(470,370)

Kawasaki

Heavy

Industries

Ltd.

(2)

(10,800)

(412,319)

Keio

Corp.

(2)

(13,400)

(311,115)

Keisei

Electric

Railway

Co.

Ltd.

(2)

(10,800)

(349,253)

Keyence

Corp.

(2)

(1,500)

(656,517)

Kikkoman

Corp.

(2)

(50,300)

(584,589)

Kintetsu

Group

Holdings

Co.

Ltd.

(2)

(8,600)

(187,579)

Kobayashi

Pharmaceutical

Co.

Ltd.

(2)

(2,100)

(68,201)

Kobe

Bussan

Co.

Ltd.

(2)

(29,300)

(652,686)

Kose

Corp.

(2)

(2,700)

(171,407)

Kubota

Corp.

(2)

(34,400)

(483,423)

Kurita

Water

Industries

Ltd.

(2)

(8,000)

(339,936)

Kyoto

Financial

Group,

Inc.

(2)

(47,000)

(839,718)

Kyowa

Kirin

Co.

Ltd.

(2)

(6,300)

(107,986)

Lasertec

Corp.

(2)

(2,800)

(628,545)

Lixil

Corp.

(2)

(11,500)

(121,208)

LY

Corp.

(2)

(78,500)

(189,552)

M3,

Inc.

(2)

(98,000)

(937,666)

Marui

Group

Co.

Ltd.

(2)

(35,100)

(495,425)

MatsukiyoCocokara

&

Co.

(2)

(14,900)

(213,970)

Mitsubishi

Estate

Co.

Ltd.

(2)

(46,800)

(736,792)

Mitsubishi

Heavy

Industries

Ltd.

(2)

(31,600)

(340,176)

Mitsubishi

UFJ

Financial

Group,

Inc.

(2)

(119,000)

(1,284,251)

Mitsui

Fudosan

Co.

Ltd.

(2)

(29,800)

(274,277)

MonotaRO

Co.

Ltd.

(2)

(41,300)

(483,688)

Murata

Manufacturing

Co.

Ltd.

(2)

(12,400)

(256,784)

NIDEC

Corp.

(2)

(16,900)

(760,492)

Nikon

Corp.

(2)

(36,200)

(367,370)

14

AQR

Funds

|

Semi-Annual

Report

|

June

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

ALTERNATIVE

RISK

PREMIA

FUND

Consolidated

Schedule

of

Investments

June

30,

2024

(Unaudited)

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Japan

-

(24.6)%

(continued)

Nippon

Paint

Holdings

Co.

Ltd.

(2)

(88,700)

(579,830)

Nippon

Sanso

Holdings

Corp.

(2)

(8,900)

(264,304)

Nippon

Telegraph

&

Telephone

Corp.

(2)

(620,000)

(586,274)

Nissan

Chemical

Corp.

(2)

(33,800)

(1,074,323)

Nissan

Motor

Co.

Ltd.

(2)

(164,200)

(557,453)

Nissin

Foods

Holdings

Co.

Ltd.

(2)

(16,400)

(416,983)

Niterra

Co.

Ltd.

(2)

(8,400)

(244,949)

Nitori

Holdings

Co.

Ltd.

(2)

(6,600)

(698,723)

Nomura

Research

Institute

Ltd.

(2)

(24,400)

(689,635)

NTT

Data

Group

Corp.

(2)

(22,700)

(335,348)

Obic

Co.

Ltd.

(2)

(2,100)

(270,968)

Odakyu

Electric

Railway

Co.

Ltd.

(2)

(13,800)

(133,846)

Olympus

Corp.

(2)

(57,200)

(923,341)

Omron

Corp.

(2)

(30,900)

(1,070,010)

Oracle

Corp.

Japan

(2)

(600)

(41,403)

Oriental

Land

Co.

Ltd.

(2)

(44,800)

(1,251,897)

Rakuten

Group,

Inc.

(2)

(54,400)

(281,816)

Recruit

Holdings

Co.

Ltd.

(2)

(3,400)

(182,944)

Resona

Holdings,

Inc.

(2)

(26,900)

(178,943)

Resonac

Holdings

Corp.

(2)

(3,000)

(66,281)

Rinnai

Corp.

(2)

(8,500)

(193,806)

Seibu

Holdings,

Inc.

(2)

(31,500)

(435,309)

Sekisui

House

Ltd.

(2)

(17,700)

(393,386)

Seven

&

i

Holdings

Co.

Ltd.

(2)

(50,400)

(615,897)

SG

Holdings

Co.

Ltd.

(2)

(42,400)

(392,088)

Sharp

Corp.

(2)

(12,300)

(71,170)

Shimadzu

Corp.

(2)

(9,900)

(248,134)

Shimano,

Inc.

(2)

(3,000)

(463,632)

Shin-Etsu

Chemical

Co.

Ltd.

(2)

(21,500)

(835,955)

Shiseido

Co.

Ltd.

(2)

(25,800)

(735,279)

Shizuoka

Financial

Group,

Inc.

(2)

(32,100)

(310,305)

SMC

Corp.

(2)

(2,900)

(1,381,725)

SoftBank

Corp.

(2)

(47,000)

(574,811)

SoftBank

Group

Corp.

(2)

(9,800)

(630,348)

Sony

Group

Corp.

(2)

(8,800)

(749,946)

Sumitomo

Chemical

Co.

Ltd.

(2)

(543,100)

(1,166,141)

Sumitomo

Metal

Mining

Co.

Ltd.

(2)

(12,400)

(376,755)

Sumitomo

Mitsui

Financial

Group,

Inc.

(2)

(9,000)

(604,124)

Sumitomo

Realty

&

Development

Co.

Ltd.

(2)

(19,600)

(578,354)

Sundrug

Co.

Ltd.

(2)

(1,800)

(45,414)

Suzuki

Motor

Corp.

(2)

(34,300)

(395,980)

Sysmex

Corp.

(2)

(29,200)

(471,345)

Taisei

Corp.

(2)

(22,700)

(844,502)

Taiyo

Yuden

Co.

Ltd.

(2)

(22,000)

(558,294)

Takeda

Pharmaceutical

Co.

Ltd.

(2)

(27,400)

(710,708)

Terumo

Corp.

(2)

(36,700)

(608,677)

Tobu

Railway

Co.

Ltd.

(2)

(2,700)

(45,521)

Tokio

Marine

Holdings,

Inc.

(2)

(19,600)

(736,550)

Tokyo

Electron

Ltd.

(2)

(1,100)

(240,790)

Tokyu

Corp.

(2)

(26,500)

(292,620)

TOTO

Ltd.

(2)

(6,600)

(155,492)

Toyota

Motor

Corp.

(2)

(97,200)

(1,994,298)

Trend

Micro,

Inc.

(2)

(4,000)

(163,043)

Unicharm

Corp.

(2)

(11,500)

(369,555)

USS

Co.

Ltd.

(2)

(10,300)

(86,734)

INVESTMENTS

SHARES

VALUE

($)

Japan

-

(24.6)%

(continued)

Welcia

Holdings

Co.

Ltd.

(2)

(11,300)

(140,916)

West

Japan

Railway

Co.

(2)

(14,000)

(261,233)

Yakult

Honsha

Co.

Ltd.

(2)

(15,900)

(284,871)

Yamaha

Corp.

(2)

(18,200)

(427,753)

Yamaha

Motor

Co.

Ltd.

(2)

(45,600)

(423,934)

Yamato

Holdings

Co.

Ltd.

(2)

(6,000)

(66,119)

Yaskawa

Electric

Corp.

(2)

(29,300)

(1,056,528)

Yokohama

Rubber

Co.

Ltd.

(The)

(2)

(7,500)

(166,820)

ZOZO,

Inc.

(2)

(19,000)

(475,030)

(68,419,693)

Luxembourg

-

(0.1)%

Eurofins

Scientific

SE

(2)

(4,607)

(230,668)

Netherlands

-

(2.6)%

Adyen

NV

(2)(b)

(1,032)

(1,225,681)

Aegon

Ltd.

(2)

(91,764)

(567,370)

Akzo

Nobel

NV

(2)

(1,370)

(83,501)

Argenx

SE

(2)

(1,889)

(819,616)

ASM

International

NV

(2)

(227)

(173,513)

ASML

Holding

NV

(2)

(1,322)

(1,347,338)

BE

Semiconductor

Industries

NV

(2)

(2,805)

(468,579)

Heineken

NV

(2)

(9,698)

(938,243)

IMCD

NV

(2)

(2,740)

(377,702)

Koninklijke

Vopak

NV

(2)

(5,503)

(228,628)

SBM

Offshore

NV

(2)

(28,039)

(429,127)

Universal

Music

Group

NV

(2)

(7,917)

(235,517)

Wolters

Kluwer

NV

(2)

(1,500)

(247,707)

(7,142,522)

New

Zealand

-

(0.0)%

†

Xero

Ltd.

(2)

(640)

(57,879)

Norway

-

(0.5)%

DNB

Bank

ASA

(2)

(26,635)

(522,603)

Gjensidige

Forsikring

ASA

(2)

(21,179)

(377,982)

Mowi

ASA

(2)

(12,466)

(207,190)

Schibsted

ASA,

Class

A

(1,633)

(48,208)

TOMRA

Systems

ASA

(2)

(19,790)

(235,909)

(1,391,892)

Poland

-

(0.0)%

†

InPost

SA

(2)

(3,445)

(60,617)

Portugal

-

(0.0)%

†

EDP

-

Energias

de

Portugal

SA

(2)

(16,353)

(61,312)

Jeronimo

Martins

SGPS

SA

(2)

(2,092)

(40,886)

(102,198)

Singapore

-

(1.2)%

CapitaLand

Investment

Ltd.

(2)

(103,100)

(201,635)

City

Developments

Ltd.

(2)

(11,300)

(42,956)

DBS

Group

Holdings

Ltd.

(2)

(4,990)

(131,431)

Grab

Holdings

Ltd.,

Class

A

(99,450)

(353,048)

Keppel

Ltd.

(2)

(107,600)

(511,477)

Sea

Ltd.,

ADR

(9,288)

(663,349)

Singapore

Telecommunications

Ltd.

(2)

(651,400)

(1,318,155)

(3,222,051)

Consolidated

Schedule

of

Investments

June

30,

2024

(Unaudited)

AQR

ALTERNATIVE

RISK

PREMIA

FUND

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

Funds

|

Semi-Annual

Report

|

June

2024

15

(Continued)

INVESTMENTS

SHARES

VALUE

($)

South

Africa

-

(0.1)%

Anglo

American

plc

(2)

(7,438)

(235,045)

South

Korea

-

(0.2)%

Delivery

Hero

SE

(2)(b)

(19,716)

(468,346)

Spain

-

(1.4)%

Amadeus

IT

Group

SA

(2)

(12,666)

(842,852)

Bankinter

SA

(2)

(46,057)

(376,875)

CaixaBank

SA

(2)

(11,431)

(60,705)

Cellnex

Telecom

SA

(2)(b)

(23,100)

(751,315)

Corp.

ACCIONA

Energias

Renovables

SA

(2)

(833)

(17,139)

Endesa

SA

(2)

(7,663)

(143,980)

Fluidra

SA

(2)

(6,690)

(139,478)

Grifols

SA

(2)

(35,135)

(297,137)

Iberdrola

SA

(2)

(56,767)

(736,547)

Industria

de

Diseno

Textil

SA

(2)

(5,650)

(280,372)

Redeia

Corp.

SA

(2)

(16,590)

(290,100)

Telefonica

SA

(2)

(13,022)

(55,164)

(3,991,664)

Sweden

-

(3.5)%

AddTech

AB,

Class

B

(2)

(13,832)

(344,937)

Assa

Abloy

AB,

Class

B

(2)

(25,724)

(728,518)

Atlas

Copco

AB,

Class

A

(2)

(43,537)

(817,462)

Autoliv,

Inc.

(1,656)

(177,175)

Beijer

Ref

AB,

Class

B

(2)

(17,567)

(271,142)

Boliden

AB

(2)

(1,940)

(62,392)

Castellum

AB

(2)

(10,145)

(123,809)

Electrolux

AB,

Class

B

(2)

(18,531)

(153,060)

Epiroc

AB,

Class

A

(2)

(31,879)

(638,771)

EQT

AB

(2)

(27,117)

(794,999)

Fastighets

AB

Balder,

Class

B

(2)

(24,211)

(166,201)

Hexagon

AB,

Class

B

(2)

(67,876)

(769,118)

Holmen

AB,

Class

B

(2)

(8,434)

(331,855)

Husqvarna

AB,

Class

B

(2)

(9,982)

(79,824)

Indutrade

AB

(2)

(1,720)

(44,178)

Lifco

AB,

Class

B

(2)

(17,362)

(476,540)

Nibe

Industrier

AB,

Class

B

(2)

(222,955)

(940,322)

Saab

AB,

Class

B

(2)

(15,177)

(364,625)

Sagax

AB,

Class

B

(2)

(13,108)

(335,907)

Skandinaviska

Enskilda

Banken

AB,

Class

A

(2)

(25,080)

(370,800)

Svenska

Cellulosa

AB

SCA,

Class

B

(2)

(37,661)

(554,249)

Svenska

Handelsbanken

AB,

Class

A

(2)

(50,725)

(484,735)

Swedish

Orphan

Biovitrum

AB

(9,584)

(256,441)

Tele2

AB,

Class

B

(2)

(41,548)

(419,402)

(9,706,462)

Switzerland

-

(4.0)%

Avolta

AG

(2)

(7,068)

(274,783)

Bachem

Holding

AG,

Class

B

(2)

(1,279)

(116,872)

Baloise

Holding

AG

(Registered)

(2)

(1,340)

(236,246)

Banque

Cantonale

Vaudoise

(Registered)

(2)

(3,252)

(345,046)

Barry

Callebaut

AG

(Registered)

(2)

(439)

(715,663)

Belimo

Holding

AG

(Registered)

(2)

(322)

(161,508)

INVESTMENTS

SHARES

VALUE

($)

Switzerland

-

(4.0)%

(continued)

Chocoladefabriken

Lindt

&

Spruengli

AG

(2)

(42)

(490,594)

Cie

Financiere

Richemont

SA

(Registered)

(2)

(3,087)

(482,445)

Clariant

AG

(Registered)

(2)

(12,856)

(202,528)

DSM-Firmenich

AG

(2)

(10,934)

(1,231,225)

EMS-Chemie

Holding

AG

(Registered)

(2)

(193)

(157,935)

Galenica

AG

(2)(b)

(685)

(56,099)

Givaudan

SA

(Registered)

(2)

(119)

(563,658)

Helvetia

Holding

AG

(Registered)

(2)

(854)

(115,426)

Julius

Baer

Group

Ltd.

(2)

(7,111)

(397,734)

Lonza

Group

AG

(Registered)

(2)

(540)

(293,979)

Partners

Group

Holding

AG

(2)

(574)

(735,039)

SGS

SA

(Registered)

(2)

(815)

(72,659)

SIG

Group

AG

(2)

(57,278)

(1,052,531)

Sika

AG

(Registered)

(2)

(4,785)

(1,365,924)

Straumann

Holding

AG

(Registered)

(2)

(3,802)

(469,314)

Swiss

Prime

Site

AG

(Registered)

(2)

(1,907)

(180,583)

Temenos

AG

(Registered)

(2)

(2,551)

(175,792)

VAT

Group

AG

(2)(b)

(1,257)

(709,774)

Zurich

Insurance

Group

AG

(2)

(1,143)

(608,872)

(11,212,229)

United

Kingdom

-

(5.2)%

Admiral

Group

plc

(2)

(15,215)

(502,780)

Ashtead

Group

plc

(2)

(11,282)

(752,213)

AstraZeneca

plc

(2)

(8,575)

(1,334,554)

Burberry

Group

plc

(2)

(8,701)

(96,625)

ConvaTec

Group

plc

(2)(b)

(36,625)

(108,510)

Croda

International

plc

(2)

(7,189)

(357,646)

Diageo

plc

(2)

(23,965)

(752,357)

Diploma

plc

(2)

(4,655)

(243,325)

Direct

Line

Insurance

Group

plc

(2)

(75,020)

(190,222)

Entain

plc

(2)

(13,533)

(107,313)

Flutter

Entertainment

plc

(2)

(3,634)

(661,018)

Halma

plc

(2)

(4,517)

(153,964)

Hargreaves

Lansdown

plc

(2)

(9,060)

(129,145)

Hiscox

Ltd.

(2)

(9,635)

(139,854)

Informa

plc

(2)

(38,608)

(416,655)

Legal

&

General

Group

plc

(2)

(288,923)

(827,350)

M&G

plc

(2)

(92,493)

(237,783)

Melrose

Industries

plc

(2)

(23,131)

(161,095)

National

Grid

plc

(2)

(110,190)

(1,230,398)

Ocado

Group

plc

(2)

(46,784)

(169,931)

Pennon

Group

plc

(2)

(36,890)

(267,855)

Persimmon

plc

(2)

(36,305)

(616,071)

Reckitt

Benckiser

Group

plc

(2)

(12,767)

(690,685)

RELX

plc

(2)

(24,282)

(1,112,575)

Rentokil

Initial

plc

(2)

(108,354)

(629,277)

Sage

Group

plc

(The)

(2)

(13,057)

(178,885)

Smith

&

Nephew

plc

(2)

(4,565)

(56,571)

Spirax

Group

plc

(2)

(3,375)

(361,731)

SSE

plc

(2)

(15,314)

(345,845)

St

James's

Place

plc

(2)

(24,422)

(167,824)

TechnipFMC

plc

(9,494)

(248,268)

Unilever

plc

(2)

(5,095)

(279,651)

16

AQR

Funds

|

Semi-Annual

Report

|

June

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

ALTERNATIVE

RISK

PREMIA

FUND

Consolidated

Schedule

of

Investments

June

30,

2024

(Unaudited)

(Continued)

INVESTMENTS

SHARES

VALUE

($)

United

Kingdom

-

(5.2)%

(continued)

Weir

Group

plc

(The)

(2)

(7,432)

(185,871)

WH

Smith

plc

(4,032)

(57,696)

Wise

plc,

Class

A

(2)

(33,827)

(290,122)

WPP

plc

(2)

(40,959)

(375,048)

(14,436,713)

United

States

-

(86.9)%

10X

Genomics,

Inc.,

Class

A

(26,871)

(522,641)

AAON,

Inc.

(3,785)

(330,203)

Acadia

Healthcare

Co.,

Inc.

(13,040)

(880,722)

Accenture

plc,

Class

A

(2,442)

(740,927)

Advanced

Drainage

Systems,

Inc.

(1,758)

(281,966)

Advanced

Micro

Devices,

Inc.

(2,487)

(403,416)

AECOM

(1,013)

(89,286)

AES

Corp.

(The)

(16,095)

(282,789)

Affirm

Holdings,

Inc.,

Class

A

(5,593)

(168,965)

Aflac,

Inc.

(4,418)

(394,572)

agilon

health,

Inc.

(46,605)

(304,797)

Air

Lease

Corp.,

Class

A

(2,627)

(124,861)

Air

Products

and

Chemicals,

Inc.

(6,174)

(1,593,200)

Airbnb,

Inc.,

Class

A

(1,360)

(206,217)

Alaska

Air

Group,

Inc.

(12,105)

(489,042)

Albemarle

Corp.

(7,321)

(699,302)

Alcoa

Corp.

(11,133)

(442,871)

Allegion

plc

(1,171)

(138,354)

Alliant

Energy

Corp.

(11,826)

(601,943)

Ally

Financial,

Inc.

(5,968)

(236,751)

Alnylam

Pharmaceuticals,

Inc.

(2,511)

(610,173)

Amazon.com,

Inc.

(3,518)

(679,854)

Amcor

plc

(39,872)

(389,948)

Ameren

Corp.

(7,962)

(566,178)

American

Airlines

Group,

Inc.

(42,712)

(483,927)

American

Express

Co.

(3,310)

(766,431)

American

Financial

Group,

Inc.

(1,395)

(171,613)

American

Water

Works

Co.,

Inc.

(6,413)

(828,303)

AMETEK,

Inc.

(4,654)

(775,868)

Amgen,

Inc.

(2,163)

(675,829)

Amphenol

Corp.,

Class

A

(635)

(42,780)

Antero

Resources

Corp.

(32,822)

(1,070,982)

Aon

plc,

Class

A

(3,813)

(1,119,421)

Apellis

Pharmaceuticals,

Inc.

(8,459)

(324,487)

Apollo

Global

Management,

Inc.

(8,456)

(998,400)

Appfolio,

Inc.,

Class

A

(505)

(123,508)

AptarGroup,

Inc.

(694)

(97,722)

Aptiv

plc

(8,705)

(613,006)

Arcadium

Lithium

plc

(110,286)

(370,561)

Armstrong

World

Industries,

Inc.

(875)

(99,085)

Arrowhead

Pharmaceuticals,

Inc.

(15,184)

(394,632)

Arthur

J

Gallagher

&

Co.

(2,920)

(757,185)

Ashland,

Inc.

(3,536)

(334,117)

Aspen

Technology,

Inc.

(2,292)

(455,260)

Atlassian

Corp.,

Class

A

(3,707)

(655,694)

Atmos

Energy

Corp.

(2,928)

(341,551)

Autodesk,

Inc.

(1,238)

(306,343)

Automatic

Data

Processing,

Inc.

(2,098)

(500,772)

AutoZone,

Inc.

(225)

(666,923)

Avery

Dennison

Corp.

(927)

(202,689)

Avis

Budget

Group,

Inc.

(2,279)

(238,201)

Axon

Enterprise,

Inc.

(667)

(196,258)

AZEK

Co.,

Inc.

(The),

Class

A

(1,395)

(58,771)

INVESTMENTS

SHARES

VALUE

($)

United

States

-

(86.9)%

(continued)

Azenta,

Inc.

(6,437)

(338,715)

Ball

Corp.

(12,423)

(745,628)

Bank

of

America

Corp.

(10,811)

(429,953)

Bath

&

Body

Works,

Inc.

(8,683)

(339,071)

Becton

Dickinson

&

Co.

(1,567)

(366,224)

Bentley

Systems,

Inc.,

Class

B

(6,020)

(297,147)

BILL

Holdings,

Inc.

(9,463)

(497,943)

Biogen,

Inc.

(1,458)

(337,994)

BioMarin

Pharmaceutical,

Inc.

(9,326)

(767,810)

Bio-Rad

Laboratories,

Inc.,

Class

A

(1,137)

(310,526)

Bio-Techne

Corp.

(4,308)

(308,668)

BJ's

Wholesale

Club

Holdings,

Inc.

(1,061)

(93,198)

BlackRock,

Inc.

(520)

(409,406)

Blackstone,

Inc.

(10,304)

(1,275,634)

Block,

Inc.,

Class

A

(3,724)

(240,161)

Blue

Owl

Capital,

Inc.,

Class

A

(11,626)

(206,362)

Boeing

Co.

(The)

(5,697)

(1,036,911)

BOK

Financial

Corp.

(3,908)

(358,129)

Boston

Scientific

Corp.

(5,199)

(400,375)

Bright

Horizons

Family

Solutions,

Inc.

(2,635)

(290,061)

Brighthouse

Financial,

Inc.

(1,454)

(63,016)

Broadridge

Financial

Solutions,

Inc.

(3,458)

(681,226)

Brookfield

Renewable

Corp.,

Class

A

(1,652)

(46,805)

Brown

&

Brown,

Inc.

(3,238)

(289,510)

Brown-Forman

Corp.,

Class

B

(23,615)

(1,019,932)

Brunswick

Corp.

(9,526)

(693,207)

Burlington

Stores,

Inc.

(375)

(90,000)

Cable

One,

Inc.

(536)

(189,744)

Cadence

Bank

(25,298)

(715,427)

Caesars

Entertainment,

Inc.

(7,038)

(279,690)

Campbell

Soup

Co.

(12,891)

(582,544)

CarMax,

Inc.

(13,288)

(974,542)

Carrier

Global

Corp.

(17,426)

(1,099,232)

Cboe

Global

Markets,

Inc.

(2,120)

(360,527)

CCC

Intelligent

Solutions

Holdings,

Inc.

(16,495)

(183,259)

CDW

Corp.

(2,346)

(525,129)

Celsius

Holdings,

Inc.

(6,345)

(362,236)

CenterPoint

Energy,

Inc.

(11,444)

(354,535)

Certara,

Inc.

(35,238)

(488,046)

CF

Industries

Holdings,

Inc.

(4,589)

(340,137)

CH

Robinson

Worldwide,

Inc.

(628)

(55,339)

Charles

Schwab

Corp.

(The)

(12,827)

(945,222)

Chart

Industries,

Inc.

(3,758)

(542,430)

Charter

Communications,

Inc.,

Class

A

(2,614)

(781,481)

Chemed

Corp.

(385)

(208,893)

Chemours

Co.

(The)

(7,644)

(172,525)

Cheniere

Energy,

Inc.

(7,805)

(1,364,547)

Chesapeake

Energy

Corp.

(2,443)

(200,790)

Chevron

Corp.

(1,484)

(232,127)

Chipotle

Mexican

Grill,

Inc.,

Class

A

(5,550)

(347,708)

Choice

Hotels

International,

Inc.

(604)

(71,876)

Chubb

Ltd.

(1,028)

(262,222)

Church

&

Dwight

Co.,

Inc.

(2,494)

(258,578)

Churchill

Downs,

Inc.

(4,102)

(572,639)

Consolidated

Schedule

of

Investments

June

30,

2024

(Unaudited)

AQR

ALTERNATIVE

RISK

PREMIA

FUND

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

Funds

|

Semi-Annual

Report

|

June

2024

17

(Continued)

INVESTMENTS

SHARES

VALUE

($)

United

States

-

(86.9)%

(continued)

Cisco

Systems,

Inc.

(9,980)

(474,150)

Clarivate

plc

(15,759)

(89,669)

Clearway

Energy,

Inc.,

Class

C

(9,584)

(236,629)

Clorox

Co.

(The)

(3,787)

(516,812)

Cloudflare,

Inc.,

Class

A

(7,695)

(637,377)

CME

Group,

Inc.

(3,090)

(607,494)

CMS

Energy

Corp.

(6,204)

(369,324)

CNH

Industrial

NV

(40,348)

(408,725)

CNH

Industrial

NV

(2)

(12,685)

(127,709)

CNX

Resources

Corp.

(8,095)

(196,709)

Coca-Cola

Co.

(The)

(5,433)

(345,810)

Cognex

Corp.

(24,815)

(1,160,349)

Coherent

Corp.

(8,091)

(586,274)

Coinbase

Global,

Inc.,

Class

A

(312)

(69,336)

Comerica,

Inc.

(3,551)

(181,243)

Comfort

Systems

USA,

Inc.

(680)

(206,802)

Commerce

Bancshares,

Inc.

(11,088)

(618,489)

Conagra

Brands,

Inc.

(9,157)

(260,242)

Confluent,

Inc.,

Class

A

(22,542)

(665,665)

Consolidated

Edison,

Inc.

(8,684)

(776,523)

Constellation

Brands,

Inc.,

Class

A

(1,385)

(356,333)

Constellation

Energy

Corp.

(4,983)

(997,945)

Cooper

Cos.,

Inc.

(The)

(1,784)

(155,743)

Core

&

Main,

Inc.,

Class

A

(4,222)

(206,625)

Corning,

Inc.

(4,888)

(189,899)

Corteva,

Inc.

(13,321)

(718,535)

CoStar

Group,

Inc.

(16,010)

(1,186,981)

Coterra

Energy,

Inc.

(9,786)

(260,993)

Crane

Co.

(1,962)

(284,451)

Credit

Acceptance

Corp.

(1,240)

(638,203)

Crocs,

Inc.

(2,429)

(354,488)

Crown

Holdings,

Inc.

(5,610)

(417,328)

CSL

Ltd.

(2)

(6,670)

(1,307,968)

CSX

Corp.

(12,174)

(407,220)

Cullen/Frost

Bankers,

Inc.

(6,276)

(637,830)

Danaher

Corp.

(726)

(181,391)

Darling

Ingredients,

Inc.

(4,989)

(183,346)

Datadog,

Inc.,

Class

A

(3,182)

(412,674)

DaVita,

Inc.

(2,689)

(372,615)

Dayforce,

Inc.

(12,000)

(595,200)

Deere

&

Co.

(3,450)

(1,289,023)

Delta

Air

Lines,

Inc.

(18,847)

(894,102)

Dexcom,

Inc.

(4,373)

(495,811)

Dollar

General

Corp.

(5,784)

(764,818)

Dollar

Tree,

Inc.

(6,492)

(693,151)

Dominion

Energy,

Inc.

(17,148)

(840,252)

DoorDash,

Inc.,

Class

A

(1,438)

(156,426)

DoubleVerify

Holdings,

Inc.

(7,019)

(136,660)

Doximity,

Inc.,

Class

A

(11,545)

(322,914)

DR

Horton,

Inc.

(3,471)

(489,168)

DraftKings,

Inc.,

Class

A

(4,522)

(172,605)

Driven

Brands

Holdings,

Inc.

(28,790)

(366,497)

DT

Midstream,

Inc.

(1,208)

(85,804)

DTE

Energy

Co.

(2,946)

(327,035)

Duke

Energy

Corp.

(2,332)

(233,736)

Dun

&

Bradstreet

Holdings,

Inc.

(17,793)

(164,763)

DuPont

de

Nemours,

Inc.

(2,461)

(198,086)

Dynatrace,

Inc.

(8,828)

(394,965)

East

West

Bancorp,

Inc.

(2,963)

(216,980)

Ecolab,

Inc.

(1,646)

(391,748)

INVESTMENTS

SHARES

VALUE

($)

United

States

-

(86.9)%

(continued)

Edison

International

(5,180)

(371,976)

Edwards

Lifesciences

Corp.

(7,546)

(697,024)

Elanco

Animal

Health,

Inc.

(6,605)

(95,310)

Elastic

NV

(3,670)

(418,050)

Element

Solutions,

Inc.

(6,445)

(174,788)

elf

Beauty,

Inc.

(4,309)

(907,992)

Eli

Lilly

&

Co.

(518)

(468,987)

Emerson

Electric

Co.

(7,778)

(856,824)

Enovis

Corp.

(3,632)

(164,166)

Enphase

Energy,

Inc.

(3,137)

(312,790)

Entegris,

Inc.

(1,627)

(220,296)

EQT

Corp.

(24,537)

(907,378)

Equifax,

Inc.

(873)

(211,668)

Erie

Indemnity

Co.,

Class

A

(643)

(233,023)

Essential

Utilities,

Inc.

(10,387)

(387,747)

Estee

Lauder

Cos.,

Inc.

(The),

Class

A

(3,560)

(378,784)

Etsy,

Inc.

(4,530)

(267,179)

Eversource

Energy

(14,114)

(800,405)

Exact

Sciences

Corp.

(1,065)

(44,996)

Exelon

Corp.

(14,230)

(492,500)

ExlService

Holdings,

Inc.

(6,904)

(216,509)

Expeditors

International

of

Washington,

Inc.

(3,049)

(380,485)

Experian

plc

(2)

(8,902)

(413,558)

Exponent,

Inc.

(1,654)

(157,328)

Exxon

Mobil

Corp.

(3,288)

(378,515)

FactSet

Research

Systems,

Inc.

(1,107)

(451,955)

Fastenal

Co.

(8,049)

(505,799)

FedEx

Corp.

(1,054)

(316,031)

Ferrovial

SE

(2)

(35,109)

(1,363,909)

Fifth

Third

Bancorp

(8,648)

(315,566)

First

Citizens

BancShares,

Inc.,

Class

A

(271)

(456,258)

First

Financial

Bankshares,

Inc.

(29,675)

(876,303)

First

Hawaiian,

Inc.

(8,935)

(185,491)

FirstEnergy

Corp.

(16,301)

(623,839)

Five

Below,

Inc.

(6,632)

(722,689)

Five9,

Inc.

(9,677)

(426,756)

Floor

&

Decor

Holdings,

Inc.,

Class

A

(4,283)

(425,773)

FMC

Corp.

(11,697)

(673,162)

Ford

Motor

Co.

(63,704)

(798,848)

Fortrea

Holdings,

Inc.

(3,417)

(79,753)

Fox

Factory

Holding

Corp.

(5,591)

(269,430)

Freeport-McMoRan,

Inc.

(6,615)

(321,489)

Freshpet,

Inc.

(3,087)

(399,427)

Frontier

Communications

Parent,

Inc.

(11,303)

(295,913)

FTI

Consulting,

Inc.

(736)

(158,630)

Garmin

Ltd.

(1,374)

(223,852)

GATX

Corp.

(5,497)

(727,583)

GE

Vernova,

Inc.

(2,207)

(378,523)

General

Mills,

Inc.

(6,410)

(405,497)

Gentex

Corp.

(11,180)

(376,878)

Genuine

Parts

Co.

(4,712)

(651,764)

GFL

Environmental,

Inc.

(17,990)

(700,638)

Gitlab,

Inc.,

Class

A

(4,221)

(209,868)

Glacier

Bancorp,

Inc.

(25,031)

(934,157)

Globant

SA

(2,464)

(439,233)

18

AQR

Funds

|

Semi-Annual

Report

|

June

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

ALTERNATIVE

RISK

PREMIA

FUND

Consolidated

Schedule

of

Investments

June

30,

2024

(Unaudited)

(Continued)

INVESTMENTS

SHARES

VALUE

($)

United

States

-

(86.9)%

(continued)

Globus

Medical,

Inc.,

Class

A

(13,689)

(937,560)

Goldman

Sachs

Group,

Inc.

(The)

(1,301)

(588,468)

Goodyear

Tire

&

Rubber

Co.

(The)

(11,503)

(130,559)

GRAIL,

Inc.

(1,311)

(20,150)

Graphic

Packaging

Holding

Co.

(10,776)

(282,439)

Grocery

Outlet

Holding

Corp.

(17,622)

(389,799)

Guidewire

Software,

Inc.

(1,283)

(176,913)

GXO

Logistics,

Inc.

(5,371)

(271,236)

Haleon

plc

(2)

(79,954)

(325,310)

Hanover

Insurance

Group,

Inc.

(The)

(1,729)

(216,886)

Harley-Davidson,

Inc.

(6,718)

(225,322)

Hasbro,

Inc.

(10,683)

(624,956)

Hayward

Holdings,

Inc.

(35,912)

(441,718)

HealthEquity,

Inc.

(7,270)

(626,674)

HEICO

Corp.

(358)

(80,052)

Helen

of

Troy

Ltd.

(442)

(40,991)

Hershey

Co.

(The)

(5,292)

(972,828)

Hilton

Grand

Vacations,

Inc.

(20,816)

(841,591)

Hilton

Worldwide

Holdings,

Inc.

(3,180)

(693,876)

Home

BancShares,

Inc.

(16,196)

(388,056)

Home

Depot,

Inc.

(The)

(751)

(258,524)

Honeywell

International,

Inc.

(2,035)

(434,554)

Hormel

Foods

Corp.

(13,754)

(419,359)

Houlihan

Lokey,

Inc.,

Class

A

(1,761)

(237,488)

Howard

Hughes

Holdings,

Inc.

(6,609)

(428,395)

HubSpot,

Inc.

(1,127)

(664,693)

Humana,

Inc.

(1,119)

(418,114)

Huntsman

Corp.

(12,126)

(276,109)

Hyatt

Hotels

Corp.,

Class

A

(3,579)

(543,722)

ICU

Medical,

Inc.

(1,004)

(119,225)

IDACORP,

Inc.

(2,966)

(276,283)

IDEX

Corp.

(1,826)

(367,391)

IDEXX

Laboratories,

Inc.

(375)

(182,700)

Illinois

Tool

Works,

Inc.

(2,722)

(645,005)

Illumina,

Inc.

(7,870)

(821,471)

Ingersoll

Rand,

Inc.

(5,785)

(525,509)

Inspire

Medical

Systems,

Inc.

(4,074)

(545,223)

Insulet

Corp.

(4,027)

(812,649)

Intercontinental

Exchange,

Inc.

(4,404)

(602,864)

International

Flavors

&

Fragrances,

Inc.

(5,443)

(518,228)

Intuitive

Surgical,

Inc.

(1,368)

(608,555)

Ionis

Pharmaceuticals,

Inc.

(25,416)

(1,211,327)

Iridium

Communications,

Inc.

(16,438)

(437,580)

J

M

Smucker

Co.

(The)

(6,794)

(740,818)

Jack

Henry

&

Associates,

Inc.

(1,911)

(317,264)

James

Hardie

Industries

plc,

CHESS

(2)

(27,056)

(846,788)

Johnson

Controls

International

plc

(8,120)

(539,736)

JPMorgan

Chase

&

Co.

(3,938)

(796,500)

KBR,

Inc.

(4,367)

(280,099)

Kellanova

(4,268)

(246,178)

Kemper

Corp.

(7,395)

(438,745)

Keurig

Dr

Pepper,

Inc.

(7,767)

(259,418)

KeyCorp

(28,026)

(398,249)

Keysight

Technologies,

Inc.

(3,995)

(546,316)

Kinder

Morgan,

Inc.

(11,329)

(225,107)

Kinsale

Capital

Group,

Inc.

(1,997)

(769,404)

KKR

&

Co.,

Inc.

(4,635)

(487,787)

INVESTMENTS

SHARES

VALUE

($)

United

States

-

(86.9)%

(continued)

Knight-Swift

Transportation

Holdings,

Inc.,

Class

A

(6,948)

(346,844)

Labcorp

Holdings,

Inc.

(2,403)

(489,035)

Lamb

Weston

Holdings,

Inc.

(8,747)

(735,448)

Lancaster

Colony

Corp.

(234)

(44,219)

Las

Vegas

Sands

Corp.

(4,307)

(190,585)

Lattice

Semiconductor

Corp.

(4,987)

(289,196)

Leggett

&

Platt,

Inc.

(18,194)

(208,503)

Liberty

Broadband

Corp.,

Class

C

(17,840)

(977,989)

Light

&

Wonder,

Inc.

(690)

(72,367)

Linde

plc

(1,922)

(843,393)

Lithia

Motors,

Inc.,

Class

A

(965)

(243,614)

Littelfuse,

Inc.

(963)

(246,133)

LivaNova

plc

(1,865)

(102,239)

Live

Nation

Entertainment,

Inc.

(2,063)

(193,386)

LKQ

Corp.

(9,909)

(412,115)

Lowe's

Cos.,

Inc.

(2,126)

(468,698)

LPL

Financial

Holdings,

Inc.

(567)

(158,363)

Lululemon

Athletica,

Inc.

(1,334)

(398,466)

Lumentum

Holdings,

Inc.

(20,319)

(1,034,643)

Lyft,

Inc.,

Class

A

(20,830)

(293,703)

MACOM

Technology

Solutions

Holdings,

Inc.

(4,888)

(544,865)

Madison

Square

Garden

Sports

Corp.,

Class

A

(4,439)

(835,109)

Maravai

LifeSciences

Holdings,

Inc.,

Class

A

(130,696)

(935,783)

MarketAxess

Holdings,

Inc.

(1,577)

(316,236)

Marriott

International,

Inc.,

Class

A

(2,180)

(527,059)

Marriott

Vacations

Worldwide

Corp.

(2,505)

(218,737)

Marsh

&

McLennan

Cos.,

Inc.

(3,698)

(779,243)

Martin

Marietta

Materials,

Inc.

(652)

(353,254)

Marvell

Technology,

Inc.

(4,263)

(297,984)

Masimo

Corp.

(3,577)

(450,487)

MasTec,

Inc.

(1,606)

(171,826)

Mastercard,

Inc.,

Class

A

(2,835)

(1,250,689)

Mattel,

Inc.

(8,583)

(139,560)

McCormick

&

Co.,

Inc.

(Non-Voting)

(7,893)

(559,929)

McDonald's

Corp.

(3,582)

(912,837)

Mercury

Systems,

Inc.

(20,471)

(552,512)

MGM

Resorts

International

(7,740)

(343,966)

Microchip

Technology,

Inc.

(1,911)

(174,857)

Microsoft

Corp.

(2,895)

(1,293,919)

Mister

Car

Wash,

Inc.

(36,598)

(260,578)

Moderna,

Inc.

(1,341)

(159,244)

Mondelez

International,

Inc.,

Class

A

(15,523)

(1,015,825)

MongoDB,

Inc.,

Class

A

(5,019)

(1,254,549)

Moody's

Corp.

(1,059)

(445,765)

Morgan

Stanley

(2,433)

(236,463)

Motorola

Solutions,

Inc.

(1,944)

(750,481)

MP

Materials

Corp.

(57,880)

(736,812)

MSA

Safety,

Inc.

(781)

(146,586)

MSCI,

Inc.,

Class

A

(868)

(418,159)

Nasdaq,

Inc.

(10,116)

(609,590)

nCino,

Inc.

(8,453)

(265,847)

Neogen

Corp.

(18,374)

(287,186)

Nestle

SA

(Registered)

(2)

(15,652)

(1,597,666)

Netflix,

Inc.

(600)

(404,928)

Consolidated

Schedule

of

Investments

June

30,

2024

(Unaudited)

AQR

ALTERNATIVE

RISK

PREMIA

FUND

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

Funds

|

Semi-Annual

Report

|

June

2024

19

(Continued)

INVESTMENTS

SHARES

VALUE

($)

United

States

-

(86.9)%

(continued)

Neurocrine

Biosciences,

Inc.

(1,111)

(152,951)

New

Fortress

Energy,

Inc.

(7,768)

(170,741)

New

Jersey

Resources

Corp.

(5,704)

(243,789)

New

York

Community

Bancorp,

Inc.

(202,571)

(652,279)

New

York

Times

Co.

(The),

Class

A

(884)

(45,270)

Newell

Brands,

Inc.

(59,949)

(384,273)

Newmont

Corp.

(23,742)

(994,078)

News

Corp.,

Class

A

(14,102)

(388,792)

NextEra

Energy,

Inc.

(13,474)

(954,094)

NIKE,

Inc.,

Class

B

(7,195)

(542,287)

Nordson

Corp.

(2,210)

(512,587)

Norfolk

Southern

Corp.

(5,567)

(1,195,179)

Northrop

Grumman

Corp.

(975)

(425,051)

Novanta,

Inc.

(3,299)

(538,100)

Novocure

Ltd.

(23,726)

(406,426)

NVIDIA

Corp.

(333)

(41,139)

NVR,

Inc.

(90)

(682,970)

Occidental

Petroleum

Corp.

(15,255)

(961,523)

Okta,

Inc.,

Class

A

(3,999)

(374,346)

Old

Dominion

Freight

Line,

Inc.

(2,497)

(440,970)

Ollie's

Bargain

Outlet

Holdings,

Inc.

(1,155)

(113,386)

Omnicom

Group,

Inc.

(1,697)

(152,221)

ONE

Gas,

Inc.

(4,557)

(290,964)

ONEOK,

Inc.

(9,081)

(740,556)

Option

Care

Health,

Inc.

(9,290)

(257,333)

Oracle

Corp.

(5,355)

(756,126)

O'Reilly

Automotive,

Inc.

(528)

(557,600)

Ormat

Technologies,

Inc.

(5,688)

(407,830)

Otis

Worldwide

Corp.

(1,802)

(173,461)

Palantir

Technologies,

Inc.,

Class

A

(25,055)

(634,643)

Palo

Alto

Networks,

Inc.

(597)

(202,389)

Paramount

Global,

Class

B

(13,932)

(144,753)

Parker-Hannifin

Corp.

(681)

(344,457)

Paychex,

Inc.

(2,188)

(259,409)

Paycom

Software,

Inc.

(961)

(137,461)

Paycor

HCM,

Inc.

(19,781)

(251,219)

Paylocity

Holding

Corp.

(1,984)

(261,590)

Peloton

Interactive,

Inc.,

Class

A

(91,944)

(310,771)

Penn

Entertainment,

Inc.

(25,353)

(490,707)

Penumbra,

Inc.

(3,833)

(689,825)

Permian

Resources

Corp.,

Class

A

(28,084)

(453,557)

Perrigo

Co.

plc

(7,212)

(185,204)

Pfizer,

Inc.

(40,631)

(1,136,855)

PG&E

Corp.

(29,521)

(515,437)

Philip

Morris

International,

Inc.

(1,820)

(184,421)

Phinia,

Inc.

(5,812)

(228,760)

Planet

Fitness,

Inc.,

Class

A

(8,846)

(650,977)

Plug

Power,

Inc.

(45,474)

(105,954)

PNC

Financial

Services

Group,

Inc.

(The)

(3,111)

(483,698)

PNM

Resources,

Inc.

(5,529)

(204,352)

Polaris,

Inc.

(560)

(43,854)

Pool

Corp.

(2,018)

(620,192)

Portland

General

Electric

Co.

(3,936)

(170,193)

Power

Integrations,

Inc.

(4,277)

(300,203)

PPL

Corp.

(11,520)

(318,528)

Primerica,

Inc.

(1,518)

(359,128)

Principal

Financial

Group,

Inc.

(3,493)

(274,026)

INVESTMENTS

SHARES

VALUE

($)

United

States

-

(86.9)%

(continued)

Procore

Technologies,

Inc.

(3,190)

(211,529)

Progressive

Corp.

(The)

(1,235)

(256,522)

Progyny,

Inc.

(3,980)

(113,868)

Prosperity

Bancshares,

Inc.

(4,042)

(247,128)

PTC,

Inc.

(2,023)

(367,518)

Public

Service

Enterprise

Group,

Inc.

(14,518)

(1,069,977)

Quanta

Services,

Inc.

(1,431)

(363,603)

QuantumScape

Corp.

(80,372)

(395,430)

Quest

Diagnostics,

Inc.

(3,828)

(523,977)

QuidelOrtho

Corp.

(3,096)

(102,849)

Range

Resources

Corp.

(26,143)

(876,575)

RBC

Bearings,

Inc.

(1,644)

(443,518)

Repligen

Corp.

(6,910)

(871,075)

Republic

Services,

Inc.,

Class

A

(5,267)

(1,023,589)

Revvity,

Inc.

(5,449)

(571,382)

RH

(1,865)

(455,881)

RLI

Corp.

(3,916)

(550,942)

Robinhood

Markets,

Inc.,

Class

A

(2,783)

(63,202)

ROBLOX

Corp.,

Class

A

(9,356)

(348,137)

Rocket

Cos.,

Inc.,

Class

A

(6,435)

(88,160)

Rockwell

Automation,

Inc.

(2,398)

(660,121)

Roku,

Inc.,

Class

A

(1,796)

(107,634)

Rollins,

Inc.

(7,010)

(342,018)

Ross

Stores,

Inc.

(1,533)

(222,776)

Royal

Caribbean

Cruises

Ltd.

(445)

(70,946)

Ryan

Specialty

Holdings,

Inc.,

Class

A

(7,737)

(448,050)

S&P

Global,

Inc.

(2,095)

(934,370)

Saia,

Inc.

(1,863)

(883,602)

Samsara,

Inc.,

Class

A

(5,683)

(191,517)

Schlumberger

NV

(3,589)

(169,329)

Schneider

Electric

SE

(2)

(3,789)

(908,396)

Scotts

Miracle-Gro

Co.

(The)

(990)

(64,409)

Sealed

Air

Corp.

(6,037)

(210,027)

Selective

Insurance

Group,

Inc.

(1,225)

(114,942)

Sempra

(5,443)

(413,995)

SentinelOne,

Inc.,

Class

A

(17,932)

(377,469)

Service

Corp.

International

(2,845)

(202,365)

ServiceNow,

Inc.

(283)

(222,628)

Sherwin-Williams

Co.

(The)

(2,004)

(598,054)

Shift4

Payments,

Inc.,

Class

A

(2,107)

(154,548)

Silicon

Laboratories,

Inc.

(6,197)

(685,574)

SiteOne

Landscape

Supply,

Inc.

(1,387)

(168,396)

SLM

Corp.

(6,731)

(139,937)

Smartsheet,

Inc.,

Class

A

(2,284)

(100,679)

Snap,

Inc.,

Class

A

(55,430)

(920,692)

Snowflake,

Inc.,

Class

A

(2,905)

(392,436)

SoFi

Technologies,

Inc.

(104,928)

(693,574)

Sonoco

Products

Co.

(4,626)

(234,631)

Sotera

Health

Co.

(40,821)

(484,545)

Southern

Co.

(The)

(3,380)

(262,187)

SouthState

Corp.

(3,207)

(245,079)

Southwest

Airlines

Co.

(56,965)

(1,629,768)

Southwest

Gas

Holdings,

Inc.

(5,984)

(421,154)

Spectrum

Brands

Holdings,

Inc.

(1,087)

(93,406)

Spire,

Inc.

(5,364)

(325,756)

Spirit

AeroSystems

Holdings,

Inc.,

Class

A

(7,721)

(253,789)

Stanley

Black

&

Decker,

Inc.

(3,775)

(301,585)

20

AQR

Funds

|

Semi-Annual

Report

|

June

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

ALTERNATIVE

RISK

PREMIA

FUND

Consolidated

Schedule

of

Investments

June

30,

2024

(Unaudited)

(Continued)

INVESTMENTS

SHARES

VALUE

($)

United

States

-

(86.9)%

(continued)

Starbucks

Corp.

(5,840)

(454,644)

Stryker

Corp.

(439)

(149,370)

Sunrun,

Inc.

(15,260)

(180,984)

Synovus

Financial

Corp.

(8,815)

(354,275)

Sysco

Corp.

(5,235)

(373,727)

Take-Two

Interactive

Software,

Inc.

(5,664)

(880,695)

Tandem

Diabetes

Care,

Inc.

(7,885)

(317,687)

Targa

Resources

Corp.

(3,957)

(509,582)

Teledyne

Technologies,

Inc.

(1,055)

(409,319)

Tempur

Sealy

International,

Inc.

(14,933)

(706,928)

Tesla,

Inc.

(12,051)

(2,384,651)

Texas

Capital

Bancshares,

Inc.

(6,822)

(417,097)

Texas

Instruments,

Inc.

(2,946)

(573,085)

TJX

Cos.,

Inc.

(The)

(3,451)

(379,955)

T-Mobile

US,

Inc.

(2,434)

(428,822)

Toast,

Inc.,

Class

A

(9,556)

(246,258)

TopBuild

Corp.

(1,013)

(390,279)

Toro

Co.

(The)

(7,578)

(708,619)

TPG,

Inc.

(9,590)

(397,506)

Tractor

Supply

Co.

(1,828)

(493,560)

Trade

Desk,

Inc.

(The),

Class

A

(5,476)

(534,841)

Tradeweb

Markets,

Inc.,

Class

A

(1,733)

(183,698)

Trane

Technologies

plc

(383)

(125,980)

TransUnion

(1,588)

(117,766)

Trex

Co.,

Inc.

(3,389)

(251,193)

Trimble,

Inc.

(8,491)

(474,817)

Truist

Financial

Corp.

(28,138)

(1,093,161)

Twilio,

Inc.,

Class

A

(1,778)

(101,008)

Uber

Technologies,

Inc.

(13,654)

(992,373)

Ubiquiti,

Inc.

(1,230)

(179,162)

UGI

Corp.

(15,837)

(362,667)

Ulta

Beauty,

Inc.

(759)

(292,875)

Ultragenyx

Pharmaceutical,

Inc.

(7,497)

(308,127)

UMB

Financial

Corp.

(1,933)

(161,251)

Under

Armour,

Inc.,

Class

A

(32,791)

(218,716)

Union

Pacific

Corp.

(2,547)

(576,284)

United

Bankshares,

Inc.

(6,216)

(201,647)

United

Parcel

Service,

Inc.,

Class

B

(8,660)

(1,185,121)

UnitedHealth

Group,

Inc.

(3,726)

(1,897,502)

Unity

Software,

Inc.

(28,494)

(463,312)

Universal

Display

Corp.

(589)

(123,837)

US

Bancorp

(8,299)

(329,470)

Vail

Resorts,

Inc.

(1,196)

(215,435)

Valaris

Ltd.

(6,678)

(497,511)

Valmont

Industries,

Inc.

(162)

(44,461)

Valvoline,

Inc.

(22,637)

(977,918)

VeriSign,

Inc.

(1,041)

(185,090)

Vertiv

Holdings

Co.,

Class

A

(1,573)

(136,175)

VF

Corp.

(56,351)

(760,739)

Virtu

Financial,

Inc.,

Class

A

(11,166)

(250,677)

Visa,

Inc.,

Class

A

(4,747)

(1,245,945)

Visteon

Corp.

(3,245)

(346,242)

Voya

Financial,

Inc.

(3,358)

(238,922)

W

R

Berkley

Corp.

(3,457)

(271,651)

Walt

Disney

Co.

(The)

(3,718)

(369,160)

Waste

Connections,

Inc.

(3,950)

(692,672)

Waste

Management,

Inc.

(4,705)

(1,003,765)

Waters

Corp.

(914)

(265,170)

Watsco,

Inc.

(885)

(409,967)

INVESTMENTS

SHARES

VALUE

($)

United

States

-

(86.9)%

(continued)

Weatherford

International

plc

(1,189)

(145,593)

WEC

Energy

Group,

Inc.

(12,111)

(950,229)

Wells

Fargo

&

Co.

(3,923)

(232,987)

Wendy's

Co.

(The)

(10,428)

(176,859)

West

Pharmaceutical

Services,

Inc.

(1,204)

(396,586)

Western

Alliance

Bancorp

(1,913)

(120,175)

Westinghouse

Air

Brake

Technologies

Corp.

(1,401)

(221,428)

WEX,

Inc.

(2,466)

(436,827)

Whirlpool

Corp.

(4,339)

(443,446)

White

Mountains

Insurance

Group

Ltd.

(84)

(152,666)

Williams

Cos.,

Inc.

(The)

(17,353)

(737,503)

Willis

Towers

Watson

plc

(3,225)

(845,402)

WillScot

Mobile

Mini

Holdings

Corp.

(10,030)

(377,529)

Wingstop,

Inc.

(1,050)

(443,793)

Wolfspeed,

Inc.

(43,657)

(993,633)

Workday,

Inc.,

Class

A

(1,225)

(273,861)

WW

Grainger,

Inc.

(282)

(254,432)

Wynn

Resorts

Ltd.

(3,121)

(279,330)

XPO,

Inc.

(4,174)

(443,070)

Xylem,

Inc.

(3,840)

(520,819)

YETI

Holdings,

Inc.

(5,612)

(214,098)

Yum!

Brands,

Inc.

(4,200)

(556,332)

Zebra

Technologies

Corp.,

Class

A

(1,856)

(573,374)

Zillow

Group,

Inc.,

Class

C

(12,886)

(597,782)

Zoetis,

Inc.,

Class

A

(1,252)

(217,047)

ZoomInfo

Technologies,

Inc.,

Class

A

(16,670)

(212,876)

Zscaler,

Inc.

(1,863)

(358,050)

(241,616,709)

Zambia

-

(0.2)%

First

Quantum

Minerals

Ltd.

(46,098)

(605,520)

TOTAL

COMMON

STOCKS

(Proceeds

$(485,412,474))

(434,962,643)

PREFERRED

STOCKS

-

(0.7)%

Germany

-

(0.7)%

Dr

Ing

hc

F

Porsche

AG

(Preference)

(2)(b)

(9,051)

(673,335)

Sartorius

AG

(Preference)

(2)

(2,783)

(651,461)

Volkswagen

AG

(Preference)

(2)

(5,413)

(611,203)

TOTAL

PREFERRED

STOCKS

(Proceeds

$(2,601,626))

(1,935,999)

NO.

OF

RIGHTS

RIGHTS

-

0.0%

Italy

-

0.0%

Amplifon

SpA,

expiring

7/9/2024

(2)

(Proceeds

$–)

(6,675)

–

Consolidated

Schedule

of

Investments

June

30,

2024

(Unaudited)

AQR

ALTERNATIVE

RISK

PREMIA

FUND

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

Funds

|

Semi-Annual

Report

|

June

2024

21

(Continued)

INVESTMENTS

NO.

OF

WARRANTS

VALUE

($)

WARRANTS

-

(0.0)%

†

Canada

-

(0.0)%

†

Cenovus

Energy,

Inc.,

expiring

1/1/2026

(Proceeds

$–)

(674)

(10,070)

TOTAL

SHORT

POSITIONS

(Proceeds

$(488,014,100))

(436,908,712)

TOTAL

INVESTMENTS

IN

SECURITIES

AT

VALUE

-

74.9%

(Cost

$53,980,164)

208,307,839

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

-

25.1%

‡

69,881,827

NET

ASSETS

-

100.0%

278,189,666

SECTOR

VALUE

%

OF

NET

ASSETS

Communication

Services

$

2,111,097

0.8

%

Consumer

Discretionary

(7,107,698)

(2.6)

Consumer

Staples

(170,246)

(0.1)

Energy

6,782,387

2.4

Financials

19,163,743

6.9

Health

Care

(5,400,958)

(1.9)

Industrials

13,022,223

4.7

Information

Technology

8,946,516

3.2

Materials

76,198

0.0

†

Real

Estate

(2,345,712)

(0.8)

Utilities

(8,195,800)

(2.9)

Investment

Companies

153,309,262

55.1

U.S.

Treasury

Obligations

28,116,827

10.1

Total

Investments

In

Securities

At

Value

208,307,839

74.9

Other

Assets

in

Excess

of

Liabilities

‡

69,881,827

25.1

Net

Assets

$

278,189,666

100.0%

*

Non-income

producing

security.

†

Represents

less

than

0.05%

of

net

assets.

‡

Includes

appreciation/(depreciation)

on

forward

foreign

currency

exchange,

futures

and

swap

contracts.

(a)

All

or

a

portion

of

this

security

is

segregated

in

connection

with

obligations

for

securities

sold

short.

Total

value

of

all

such

securities

at

June

30,

2024

amounted

to

$445,796,685,

which

is

inclusive

of

rehypothecated

amounts disclosed

below.

In

addition,

$30,902,986

of

cash

collateral

was

also

pledged.

(b)

Securities

exempt

from

registration

under

Rule

144A

or

section

4(2),

of

the

Securities

Act

of

1933.

Under

procedures

approved

by

the

Board

of

Trustees,

such

securities

have

been

determined

to

be

liquid

by

the

investment

adviser

and

may

be

resold,

normally

to

qualified

institutional

buyers

in

transactions

exempt

from

registration.

Total

value

of

all

such

securities

at

June

30,

2024

amounted

to

$(2,831,660),

which

represents

(1.02)%

of

net

assets

of

the

Fund.

(c)

All

or

a

portion

of

this

security

has

been

rehypothecated

in

connection

with

the

Fund's

Master

Securities

Loan

Agreement

with

State

Street

Bank

and

Trust

Company.

Total

value

of

all

such

securities

at

June

30,

2024

amounted

to

$65,740,360.

(d)

Represents

7-day

effective

yield

as

of

June

30,

2024.

(e)

All

or

a

portion

of

the

security

pledged

as

collateral

for

forward

foreign

currency

exchange

and

swap

contracts.

(f)

The

rate

shown

was

the

effective

yield

at

the

date

of

purchase.

(g)

All

or

a

portion

of

the

security

pledged

as

collateral

for

swap

contracts.

(h)

Security

exempt

from

registration

pursuant

to

Regulation

S

under

the

Securities

Act

of

1933.

Regulation

S

applies

to

securities

offerings

that

are

made

outside

of

the

United

States

and

do

not

involve

direct

selling

efforts

in

the

United

States.

Total

value

of

all

such

securities

at

June

30,

2024

amounted

to

$(6,074),

which

represents

(0.00)%

of

net

assets

of

the

Fund.

All

securities

are

Level

1

with

respect

to

ASC

820,

unless

otherwise

noted

in

parentheses.

(2)

Level

2

security

(See

Note

5).

(3)

Security

fair

valued

using

significant

unobservable

inputs

(Level

3)

in

accordance

with

procedures

approved

by

the

Board

of

Trustees

(See

Note

5).

Forward

effective

interest

rate

swap

contracts

outstanding

as

of

June

30,

2024:

Exchange-Cleared

PAY/

RECEIVE

FLOATING

RATE

FLOATING

RATE

INDEX

(a)

FIXED

RATE

MATURITY

DATE

NOTIONAL

AMOUNT

UPFRONT

PREMIUM

PAID

(RECEIVED)

UNREALIZED

APPRECIATION

(DEPRECIATION)

VALUE

Pay

1D

CORRA

Semi

3.50%

Semi

9/20/2034

CAD

10,500,000

$

(81,161)

$

139,114

$

57,953

Pay

1D

CORRA

Semi

3.50%

Semi

12/20/2034

CAD

3,900,000

14,481

12,900

27,381

Pay

1D

SARON

Annual

1.00%

Annual

9/16/2026

CHF

92,900,000

37,870

278,944

316,814

Pay

1D

SARON

Annual

1.00%

Annual

12/16/2026

CHF

600,000

(2,503)

4,948

2,445

Pay

1D

SOFR

Annual

4.00%

Annual

9/20/2034

USD

31,000,000

(13,807)

232,791

218,984

Pay

1D

SOFR

Annual

4.00%

Annual

12/20/2034

USD

3,700,000

58,524

(15,770)

42,754

Pay

1D

SONIA

Annual

4.50%

Annual

9/16/2026

GBP

83,100,000

22,027

214,729

236,756

Pay

1D

SONIA

Annual

4.50%

Annual

12/16/2026

GBP

49,600,000

178,939

140,594

319,533

Pay

6M

EURIBOR

Semi

3.00%

Annual

12/20/2034

EUR

8,800,000

214,424

(38,908)

175,516

22

AQR

Funds

|

Semi-Annual

Report

|

June

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

ALTERNATIVE

RISK

PREMIA

FUND

Consolidated

Schedule

of

Investments

June

30,

2024

(Unaudited)

(Continued)

PAY/

RECEIVE

FLOATING

RATE

FLOATING

RATE

INDEX

(a)

FIXED

RATE

MATURITY

DATE

NOTIONAL

AMOUNT

UPFRONT

PREMIUM

PAID

(RECEIVED)

UNREALIZED

APPRECIATION

(DEPRECIATION)

VALUE

Receive

1D

CORRA

Semi

3.50%

Semi

9/16/2026

CAD

40,400,000

$

40,428

$

130,215

$

170,643

Receive

1D

CORRA

Semi

3.50%

Semi

12/16/2026

CAD

17,200,000

(19,818)

48,599

28,781

Receive

1D

TONAR

Annual

0.50%

Annual

12/16/2026

JPY

5,430,000,000

5,120

34,012

39,132

Receive

3M

BBR

Qtrly

4.50%

Semi

9/16/2026

NZD

33,600,000

101,372

16,752

118,124

Receive

3M

BBR

Qtrly

4.00%

Qtrly

12/10/2026

AUD

86,100,000

79,138

167,785

246,923

Receive

3M

BBR

Qtrly

4.50%

Semi

12/16/2026

NZD

52,100,000

42,408

24,466

66,874

677,442

1,391,171

2,068,613

Pay

1D

TONAR

Annual

1.00%

Annual

9/20/2034

JPY

760,000,000

(16,158)

(29,414)

(45,572)

Pay

1D

TONAR

Annual

1.00%

Annual

12/20/2034

JPY

1,130,000,000

(36,506)

(57,636)

(94,142)

Pay

3M

BBR

Qtrly

4.00%

Qtrly

9/10/2026

AUD

29,200,000

(68,388)

(34,818)

(103,206)

Pay

6M

BBR

Semi

4.50%

Semi

9/07/2034

AUD

15,400,000

19,442

(58,167)

(38,725)

Pay

6M

BBR

Semi

4.50%

Semi

12/07/2034

AUD

19,400,000

36,936

(85,203)

(48,267)

Pay

6M

NIBOR

Semi

4.00%

Annual

9/16/2026

NOK

253,700,000

(83,575)

(54,630)

(138,205)

Pay

6M

NIBOR

Semi

4.00%

Annual

12/16/2026

NOK

14,800,000

371

(4,251)

(3,880)

Receive

1D

SOFR

Annual

4.50%

Annual

9/16/2026

USD

197,500,000

177,397

(534,101)

(356,704)

Receive

1D

SOFR

Annual

4.50%

Annual

12/16/2026

USD

68,700,000

(389,095)

28,240

(360,855)

Receive

1D

SONIA

Annual

4.00%

Annual

9/20/2034

GBP

10,300,000

(117,837)

(50,104)

(167,941)

Receive

1D

SONIA

Annual

4.00%

Annual

12/20/2034

GBP

5,400,000

(93,864)

(11,752)

(105,616)

Receive

1D

TONAR

Annual

0.50%

Annual

9/16/2026

JPY

5,725,400,000

(8,126)

3,730

(4,396)

Receive

3M

STIBOR

Qtrly

3.00%

Annual

9/16/2026

SEK

312,200,000

(47,543)

(77,509)

(125,052)

Receive

3M

STIBOR

Qtrly

3.00%

Annual

12/16/2026

SEK

443,100,000

(116,074)

(172,150)

(288,224)

Receive

6M

EURIBOR

Semi

3.00%

Annual

12/16/2026

EUR

14,800,000

(19,397)

2,425

(16,972)

(762,417)

(1,135,340)

(1,897,757)

$

(84,975)

$

255,831

$

170,856

Abbreviations:

1D:

1

Day

3M:

3

Month

6M:

6

Month

Qtrly:

Quarterly

Semi:

Semi-Annually

Annual:

Annually

(a)

Floating

rate

indices

at

June

30,

2024

were

as

follows:

1

Day

Canadian

Overnight

Repo

Rate

Average

(“CORRA”):

4.80%

1

Day

Secured

Overnight

Financing

Rate

(“SOFR”):

5.33%

1

Day

Sterling

Overnight

Index

Average

(“SONIA”):

5.20%

1

Day

Swiss

Average

Rate

Overnight

(“SARON”):

1.22%

1

Day

Tokyo

Overnight

Average

Rate

(“TONAR”):

0.07%

3

Month

Australian

Bank-Bill

Reference

Rate

(“BBR”):

4.45%

3

Month

Stockholm

Interbank

Offered

Rate

(“STIBOR”):

3.71%

6

Month

Australian

Bank-Bill

Reference

Rate

(“BBR”):

4.74%

6

Month

Euro

Interbank

Offered

Rate

(“EURIBOR”):

3.68%

6

Month

Norwegian

Interbank

Offered

Rate

(“NIBOR”):

4.85%

Consolidated

Schedule

of

Investments

June

30,

2024

(Unaudited)

AQR

ALTERNATIVE

RISK

PREMIA

FUND

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

Funds

|

Semi-Annual

Report

|

June

2024

23

(Continued)

Total

return

swap

contracts

outstanding

as

of

June

30,

2024

:

Over-the-Counter

REFERENCE

ENTITY

PAYMENTS

MADE

BY

FUND

PAYMENTS

RECEIVED

BY

FUND

PAYMENT

FREQUENCY

COUNTERPARTY

MATURITY

DATE

NOTIONAL

AMOUNT

VALUE

AND

UNREALIZED

APPRECIATION

(DEPRECIATION)

Amsterdam

Exchange

Index

July

Futures

Increases

in

total

return

of

reference

entity

Decreases

in

total

return

of

reference

entity

At

termination

MSCS

07/19/2024

EUR

(9,632,688)

$

44,851

iBovespa

Index

August

Futures

Decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

At

termination

MSCS

08/14/2024

BRL

22,294,500

119,407

iBovespa

Index

August

Futures

Decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

At

termination

GSIN

08/14/2024

BRL

29,183,250

166,615

KOSPI

200

Index

September

Futures

Decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

At

termination

MLIN

09/12/2024

KRW

482,937,500

14,188

KOSPI

200

Index

September

Futures

Decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

At

termination

MSCS

09/12/2024

KRW

5,988,425,000

105,536

TAIEX

Index

July

Futures

Decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

At

termination

MLIN

07/17/2024

TWD

137,880,000

108,586

Total

unrealized

appreciation

559,183

DTOP

Index

September

Futures

Increases

in

total

return

of

reference

entity

Decreases

in

total

return

of

reference

entity

At

termination

MLIN

09/19/2024

ZAR

(1,919,680)

(2,070)

HSCEI

July

Futures

Decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

At

termination

GSIN

07/30/2024

HKD

70,168,000

(107,063)

Swiss

Market

Index

September

Futures

Decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

MLIN

09/20/2024

CHF

35,227,390

(193,835)

WIG20

Index

September

Futures

Increases

in

total

return

of

reference

entity

Decreases

in

total

return

of

reference

entity

At

termination

GSIN

09/20/2024

PLN

(1,477,840)

(19,047)

MSCI

Australia

Net

Return

Index

Increases

in

total

return

of

reference

entity

Decreases

in

total

return

of

reference

entity

and

receives

the

BBR

plus

or

minus

a

specified

spread

(0.20%)

Monthly

BANA

09/18/2024

AUD

(723,713)

(3,847)

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

(-0.85%)

Monthly

BANA

09/18/2024

CAD

(979,540)

(10,108)

24

AQR

Funds

|

Semi-Annual

Report

|

June

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

ALTERNATIVE

RISK

PREMIA

FUND

Consolidated

Schedule

of

Investments

June

30,

2024

(Unaudited)

(Continued)

REFERENCE

ENTITY

PAYMENTS

MADE

BY

FUND

PAYMENTS

RECEIVED

BY

FUND

PAYMENT

FREQUENCY

COUNTERPARTY

MATURITY

DATE

NOTIONAL

AMOUNT

VALUE

AND

UNREALIZED

APPRECIATION

(DEPRECIATION)

MSCI

China

Net

Return

Index

Decreases

in

total

return

of

reference

entity

and

pays

the

HIBOR

plus

or

minus

a

specified

spread

(0.10%)

Increases

in

total

return

of

reference

entity

Monthly

BANA

09/19/2024

HKD

1,722,211

$

(7,398)

MSCI

Mexico

Net

Index

Increases

in

total

return

of

reference

entity

Decreases

in

total

return

of

reference

entity

and

receives

the

TIIE

plus

or

minus

a

specified

spread

(-0.20%)

Monthly

BANA

09/18/2024

MXN

(6,649,445)

(4,085)

MSCI

Singapore

Net

Return

Index

Increases

in

total

return

of

reference

entity

Decreases

in

total

return

of

reference

entity

and

receives

the

SORA

plus

or

minus

a

specified

spread

(0.10%)

Monthly

BANA

09/18/2024

SGD

(139,876)

(921)

MSCI

Sweden

Net

Return

Index

Increases

in

total

return

of

reference

entity

Decreases

in

total

return

of

reference

entity

and

receives

the

STIBOR

plus

or

minus

a

specified

spread

(0.18%)

Monthly

BANA

09/18/2024

SEK

(741,615)

(717)

MSCI

United

Kingdom

Net

Return

Index

Increases

in

total

return

of

reference

entity

Decreases

in

total

return

of

reference

entity

and

receives

the

SONIA

plus

or

minus

a

specified

spread

(0.40%)

Monthly

BANA

09/18/2024

GBP

(719,130)

(2,764)

Total

unrealized

depreciation

(351,855)

Net

unrealized

appreciation

$

207,328

Futures

contracts

outstanding

as

of

June

30,

2024:

Exchange-Traded

DESCRIPTION

NUMBER

OF

CONTRACTS

EXPIRATION

DATE

TRADING

CURRENCY

NOTIONAL

AMOUNT

VALUE

AND

UNREALIZED

APPRECIATION

(DEPRECIATION)

Long

Contracts

Brent

Crude

Oil

161

7/2024

USD

$

13,685,000

$

93,568

Hang

Seng

Index

87

7/2024

HKD

9,820,721

(141,085)

HSCEI

36

7/2024

HKD

1,444,094

(23,054)

IBEX

35

Index

241

7/2024

EUR

28,070,842

(277,903)

IFSC

NIFTY

50

Index

52

7/2024

USD

2,510,508

50,306

LME

Aluminum

Base

Metal

1

7/2024

USD

62,471

(1,759)

LME

Aluminum

Base

Metal

1

7/2024

USD

62,304

976

Consolidated

Schedule

of

Investments

June

30,

2024

(Unaudited)

AQR

ALTERNATIVE

RISK

PREMIA

FUND

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

Funds

|

Semi-Annual

Report

|

June

2024

25

(Continued)

DESCRIPTION

NUMBER

OF

CONTRACTS

EXPIRATION

DATE

TRADING

CURRENCY

NOTIONAL

AMOUNT

VALUE

AND

UNREALIZED

APPRECIATION

(DEPRECIATION)

Long

Contracts

(continued)

LME

Aluminum

Base

Metal

2

7/2024

USD

$

124,757

$

(4,874)

LME

Aluminum

Base

Metal

2

7/2024

USD

124,601

521

LME

Aluminum

Base

Metal

3

7/2024

USD

186,924

2,491

LME

Aluminum

Base

Metal

4

7/2024

USD

249,032

4,729

LME

Aluminum

Base

Metal

5

7/2024

USD

311,573

(21,871)

LME

Aluminum

Base

Metal

9

7/2024

USD

560,986

(22,203)

LME

Copper

Base

Metal

1

7/2024

USD

237,793

(13,683)

LME

Copper

Base

Metal

1

7/2024

USD

237,547

(11,148)

LME

Copper

Base

Metal

1

7/2024

USD

236,832

720

LME

Copper

Base

Metal

2

7/2024

USD

473,164

7,281

LME

Copper

Base

Metal

3

7/2024

USD

711,578

1,051

LME

Copper

Base

Metal

7

7/2024

USD

1,660,743

(59,353)

LME

Copper

Base

Metal

7

7/2024

USD

1,661,786

(68,051)

LME

Nickel

Base

Metal

1

7/2024

USD

102,325

(3,839)

LME

Nickel

Base

Metal

1

7/2024

USD

102,559

(5,886)

LME

Nickel

Base

Metal

3

7/2024

USD

307,192

(13,991)

LME

Zinc

Base

Metal

1

7/2024

USD

72,341

1,580

LME

Zinc

Base

Metal

1

7/2024

USD

72,023

6,204

LME

Zinc

Base

Metal

1

7/2024

USD

72,485

57

LME

Zinc

Base

Metal

2

7/2024

USD

144,932

(93)

LME

Zinc

Base

Metal

3

7/2024

USD

216,308

14,259

LME

Zinc

Base

Metal

3

7/2024

USD

216,679

8,694

Natural

Gas

279

7/2024

USD

7,256,790

(1,080,995)

SGX

FTSE

China

A50

Index

183

7/2024

USD

2,178,066

(13,882)

SGX

FTSE

Taiwan

Index

111

7/2024

USD

8,563,650

(12,299)

WTI

Crude

Oil

248

7/2024

USD

20,221,920

936,952

100

oz

Gold

4

8/2024

USD

935,840

6,217

Feeder

Cattle

2

8/2024

USD

259,300

1,945

Live

Cattle

46

8/2024

USD

3,411,820

34,669

LME

Aluminum

Base

Metal

1

8/2024

USD

62,717

(2,489)

LME

Aluminum

Base

Metal

1

8/2024

USD

62,878

(4,816)

LME

Aluminum

Base

Metal

2

8/2024

USD

125,189

(2,242)

LME

Aluminum

Base

Metal

3

8/2024

USD

187,964

(3,030)

LME

Aluminum

Base

Metal

3

8/2024

USD

187,996

(3,194)

LME

Aluminum

Base

Metal

3

8/2024

USD

188,028

(6,068)

LME

Aluminum

Base

Metal

3

8/2024

USD

187,730

(4,308)

LME

Aluminum

Base

Metal

5

8/2024

USD

314,299

(30,282)

LME

Aluminum

Base

Metal

6

8/2024

USD

376,121

(13,372)

LME

Copper

Base

Metal

1

8/2024

USD

238,186

(11,561)

LME

Copper

Base

Metal

1

8/2024

USD

239,057

(22,766)

LME

Copper

Base

Metal

1

8/2024

USD

238,285

(8,709)

LME

Copper

Base

Metal

1

8/2024

USD

238,531

(16,595)

LME

Copper

Base

Metal

1

8/2024

USD

237,891

(10,862)

LME

Copper

Base

Metal

2

8/2024

USD

477,315

(67,920)

LME

Copper

Base

Metal

2

8/2024

USD

478,152

(28,728)

LME

Copper

Base

Metal

3

8/2024

USD

715,931

(103,295)

LME

Copper

Base

Metal

6

8/2024

USD

1,431,528

(141,345)

LME

Nickel

Base

Metal

1

8/2024

USD

103,261

(19,886)

LME

Nickel

Base

Metal

1

8/2024

USD

102,987

(11,352)

LME

Nickel

Base

Metal

1

8/2024

USD

102,841

(11,768)

LME

Nickel

Base

Metal

2

8/2024

USD

205,780

(19,262)

LME

Nickel

Base

Metal

3

8/2024

USD

309,406

(52,313)

LME

Zinc

Base

Metal

1

8/2024

USD

72,782

(1,855)

LME

Zinc

Base

Metal

1

8/2024

USD

72,675

233

LME

Zinc

Base

Metal

1

8/2024

USD

72,635

(767)

LME

Zinc

Base

Metal

1

8/2024

USD

72,800

(2,351)

26

AQR

Funds

|

Semi-Annual

Report

|

June

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

ALTERNATIVE

RISK

PREMIA

FUND

Consolidated

Schedule

of

Investments

June

30,

2024

(Unaudited)

(Continued)

DESCRIPTION

NUMBER

OF

CONTRACTS

EXPIRATION

DATE

TRADING

CURRENCY

NOTIONAL

AMOUNT

VALUE

AND

UNREALIZED

APPRECIATION

(DEPRECIATION)

Long

Contracts

(continued)

LME

Zinc

Base

Metal

2

8/2024

USD

$

145,528

$

(3,165)

LME

Zinc

Base

Metal

2

8/2024

USD

145,635

(2,823)

LME

Zinc

Base

Metal

4

8/2024

USD

291,505

(13,007)

Low

Sulphur

Gasoil

239

8/2024

USD

18,737,600

471,643

Australia

10

Year

Bond

1,425

9/2024

AUD

107,301,263

(866,903)

Australia

3

Year

Bond

64

9/2024

AUD

4,495,018

(27,587)

Cocoa

12

9/2024

USD

927,720

(55,725)

Cocoa

16

9/2024

GBP

1,287,157

(169,887)

Coffee

'C'

35

9/2024

USD

2,976,750

(31,597)

Euro

STOXX

50

Index

156

9/2024

EUR

8,229,780

(39,294)

Euro-Bobl

31

9/2024

EUR

3,865,080

(9,961)

Euro-BTP

66

9/2024

EUR

8,146,181

(85,498)

Euro-Bund

14

9/2024

EUR

1,972,069

(13,354)

Euro-Buxl

12

9/2024

EUR

1,669,654

(33,093)

Euro-OAT

19

9/2024

EUR

2,504,438

(21,439)

FTSE

100

Index

269

9/2024

GBP

27,924,323

(108,003)

FTSE/MIB

Index

98

9/2024

EUR

17,509,326

(6,631)

KOSPI

200

Index

109

9/2024

KRW

7,648,411

151,610

LME

Aluminum

Base

Metal

1

9/2024

USD

62,986

(2,830)

LME

Aluminum

Base

Metal

2

9/2024

USD

126,123

(2,273)

LME

Aluminum

Base

Metal

3

9/2024

USD

188,882

(10,256)

LME

Aluminum

Base

Metal

3

9/2024

USD

189,300

1,714

LME

Aluminum

Base

Metal

6

9/2024

USD

378,572

4,022

LME

Aluminum

Base

Metal

43

9/2024

USD

2,712,225

12,748

LME

Aluminum

Base

Metal

73

9/2024

USD

4,605,497

(46,037)

LME

Copper

Base

Metal

1

9/2024

USD

239,196

(10,107)

LME

Copper

Base

Metal

1

9/2024

USD

239,270

(10,733)

LME

Copper

Base

Metal

1

9/2024

USD

239,520

(3,233)

LME

Copper

Base

Metal

2

9/2024

USD

479,950

(1,555)

LME

Copper

Base

Metal

3

9/2024

USD

719,355

(3,853)

LME

Copper

Base

Metal

6

9/2024

USD

1,439,603

6,593

LME

Copper

Base

Metal

9

9/2024

USD

2,157,683

(25,785)

LME

Copper

Base

Metal

15

9/2024

USD

3,597,056

(26,233)

LME

Copper

Base

Metal

15

9/2024

USD

3,597,881

(36,329)

LME

Lead

Base

Metal

10

9/2024

USD

555,538

7,915

LME

Lead

Base

Metal

10

9/2024

USD

557,263

10,611

LME

Nickel

Base

Metal

1

9/2024

USD

103,628

(928)

LME

Nickel

Base

Metal

1

9/2024

USD

103,544

(2,959)

LME

Nickel

Base

Metal

1

9/2024

USD

103,508

(3,325)

LME

Nickel

Base

Metal

1

9/2024

USD

103,402

(6,689)

LME

Nickel

Base

Metal

2

9/2024

USD

207,051

(6,315)

LME

Nickel

Base

Metal

2

9/2024

USD

206,708

(23,878)

LME

Nickel

Base

Metal

3

9/2024

USD

311,184

945

LME

Zinc

Base

Metal

1

9/2024

USD

73,381

3,078

LME

Zinc

Base

Metal

2

9/2024

USD

146,176

120

LME

Zinc

Base

Metal

2

9/2024

USD

146,499

7,393

LME

Zinc

Base

Metal

2

9/2024

USD

146,261

1,756

LME

Zinc

Base

Metal

20

9/2024

USD

1,468,000

42,391

LME

Zinc

Base

Metal

20

9/2024

USD

1,467,735

46,675

Long

Gilt

488

9/2024

GBP

60,207,566

353,149

MSCI

EAFE

E-Mini

Index

15

9/2024

USD

1,757,400

6,215

MSCI

Emerging

Markets

E-Mini

Index

45

9/2024

USD

2,448,450

2,149

Russell

2000

E-Mini

Index

16

9/2024

USD

1,652,000

14,058

S&P

500

E-Mini

Index

81

9/2024

USD

22,362,075

(69,838)

S&P

Midcap

400

E-Mini

Index

2

9/2024

USD

591,620

(6,174)

Silver

15

9/2024

USD

2,217,000

(24,183)

Consolidated

Schedule

of

Investments

June

30,

2024

(Unaudited)

AQR

ALTERNATIVE

RISK

PREMIA

FUND

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

Funds

|

Semi-Annual

Report

|

June

2024

27

(Continued)

DESCRIPTION

NUMBER

OF

CONTRACTS

EXPIRATION

DATE

TRADING

CURRENCY

NOTIONAL

AMOUNT

VALUE

AND

UNREALIZED

APPRECIATION

(DEPRECIATION)

Long

Contracts

(continued)

TOPIX

Index

90

9/2024

JPY

$

15,721,611

$

248,704

U.S.

Treasury

Long

Bond

44

9/2024

USD

5,186,500

(83,918)

U.S.

Treasury

Ultra

Bond

10

9/2024

USD

1,245,313

(30,395)

Wheat

13

9/2024

USD

372,775

805

Aluminum

1

10/2024

USD

62,700

501

Platinum

18

10/2024

USD

912,690

25,225

90-Day

Australian

Bank

Bill

31

12/2024

AUD

20,451,159

(11,927)

90-Day

New

Zealand

Bill

6

12/2024

NZD

3,607,456

39

Soybean

Meal

48

12/2024

USD

1,610,400

(33,784)

3

Month

CORRA

57

3/2025

CAD

9,974,115

(14,416)

3

Month

Euro

Euribor

10

3/2025

EUR

2,594,644

(776)

3

Month

SARON

25

3/2025

CHF

6,891,035

8,900

3

Month

SONIA

34

3/2025

GBP

10,237,156

3,861

90-Day

Australian

Bank

Bill

24

3/2025

AUD

15,835,472

(10,407)

90-Day

New

Zealand

Bill

5

3/2025

NZD

3,008,263

140

3

Month

CORRA

32

6/2025

CAD

5,612,953

(10,451)

3

Month

Euro

Euribor

16

6/2025

EUR

4,158,285

(2,277)

3

Month

SARON

11

6/2025

CHF

3,033,892

4,572

3

Month

SONIA

7

6/2025

GBP

2,112,517

(313)

90-Day

Australian

Bank

Bill

26

6/2025

AUD

17,158,861

(10,448)

3

Month

Euro

Euribor

4

9/2025

EUR

1,040,856

(534)

3

Month

SARON

21

9/2025

CHF

5,794,312

9,720

3

Month

SONIA

6

9/2025

GBP

1,814,521

(204)

90-Day

Australian

Bank

Bill

1

9/2025

AUD

660,117

(351)

3

Month

Euro

Euribor

6

12/2025

EUR

1,562,730

(1,198)

3

Month

SARON

7

12/2025

CHF

1,931,924

2,626

3

Month

SONIA

2

12/2025

GBP

605,852

(744)

3

Month

Euro

Euribor

6

3/2026

EUR

1,563,533

(1,156)

3

Month

SONIA

3

3/2026

GBP

910,057

(1,240)

3

Month

Euro

Euribor

8

6/2026

EUR

2,085,461

(1,241)

3

Month

SONIA

3

6/2026

GBP

911,005

(1,240)

3

Month

SONIA

3

9/2026

GBP

911,859

(1,161)

Total

of

long

contracts

(1,784,435)

Short

Contracts

CAC

40

10

Euro

Index

(206)

7/2024

EUR

(16,529,631)

215,352

LME

Aluminum

Base

Metal

(1)

7/2024

USD

(62,471)

1,726

LME

Aluminum

Base

Metal

(1)

7/2024

USD

(62,304)

(933)

LME

Aluminum

Base

Metal

(2)

7/2024

USD

(124,757)

5,237

LME

Aluminum

Base

Metal

(2)

7/2024

USD

(124,601)

(1,156)

LME

Aluminum

Base

Metal

(3)

7/2024

USD

(186,924)

(2,088)

LME

Aluminum

Base

Metal

(4)

7/2024

USD

(249,032)

(4,340)

LME

Aluminum

Base

Metal

(5)

7/2024

USD

(311,573)

21,889

LME

Aluminum

Base

Metal

(9)

7/2024

USD

(560,986)

23,992

LME

Copper

Base

Metal

(1)

7/2024

USD

(237,793)

14,636

LME

Copper

Base

Metal

(1)

7/2024

USD

(236,832)

(2,210)

LME

Copper

Base

Metal

(1)

7/2024

USD

(237,547)

9,953

LME

Copper

Base

Metal

(2)

7/2024

USD

(473,164)

(7,093)

LME

Copper

Base

Metal

(3)

7/2024

USD

(711,578)

(1,624)

LME

Copper

Base

Metal

(7)

7/2024

USD

(1,661,786)

71,302

LME

Copper

Base

Metal

(7)

7/2024

USD

(1,660,743)

59,864

LME

Nickel

Base

Metal

(1)

7/2024

USD

(102,559)

5,077

LME

Nickel

Base

Metal

(1)

7/2024

USD

(102,325)

3,931

LME

Nickel

Base

Metal

(3)

7/2024

USD

(307,192)

14,729

LME

Zinc

Base

Metal

(1)

7/2024

USD

(72,341)

(1,819)

LME

Zinc

Base

Metal

(1)

7/2024

USD

(72,485)

662

LME

Zinc

Base

Metal

(1)

7/2024

USD

(72,023)

(6,057)

28

AQR

Funds

|

Semi-Annual

Report

|

June

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

ALTERNATIVE

RISK

PREMIA

FUND

Consolidated

Schedule

of

Investments

June

30,

2024

(Unaudited)

(Continued)

DESCRIPTION

NUMBER

OF

CONTRACTS

EXPIRATION

DATE

TRADING

CURRENCY

NOTIONAL

AMOUNT

VALUE

AND

UNREALIZED

APPRECIATION

(DEPRECIATION)

Short

Contracts

(continued)

LME

Zinc

Base

Metal

(2)

7/2024

USD

$

(144,932)

$

(1,049)

LME

Zinc

Base

Metal

(3)

7/2024

USD

(216,679)

(6,913)

LME

Zinc

Base

Metal

(3)

7/2024

USD

(216,308)

(12,466)

MSCI

Singapore

Index

(423)

7/2024

SGD

(9,868,440)

(91,695)

NY

Harbor

ULSD

(135)

7/2024

USD

(14,362,677)

(204,232)

OMXS30

Index

(150)

7/2024

SEK

(3,648,457)

(552)

RBOB

Gasoline

(135)

7/2024

USD

(14,183,505)

(412,707)

Lean

Hogs

(22)

8/2024

USD

(787,600)

5,087

LME

Aluminum

Base

Metal

(1)

8/2024

USD

(62,717)

2,468

LME

Aluminum

Base

Metal

(1)

8/2024

USD

(62,878)

4,770

LME

Aluminum

Base

Metal

(2)

8/2024

USD

(125,189)

2,297

LME

Aluminum

Base

Metal

(3)

8/2024

USD

(187,996)

2,366

LME

Aluminum

Base

Metal

(3)

8/2024

USD

(187,964)

2,924

LME

Aluminum

Base

Metal

(3)

8/2024

USD

(187,730)

4,517

LME

Aluminum

Base

Metal

(3)

8/2024

USD

(188,028)

5,356

LME

Aluminum

Base

Metal

(5)

8/2024

USD

(314,299)

29,736

LME

Aluminum

Base

Metal

(6)

8/2024

USD

(376,121)

13,596

LME

Copper

Base

Metal

(1)

8/2024

USD

(239,057)

22,884

LME

Copper

Base

Metal

(1)

8/2024

USD

(238,531)

16,467

LME

Copper

Base

Metal

(1)

8/2024

USD

(237,891)

9,870

LME

Copper

Base

Metal

(1)

8/2024

USD

(238,186)

11,061

LME

Copper

Base

Metal

(1)

8/2024

USD

(238,285)

8,572

LME

Copper

Base

Metal

(2)

8/2024

USD

(477,315)

66,455

LME

Copper

Base

Metal

(2)

8/2024

USD

(478,152)

27,920

LME

Copper

Base

Metal

(3)

8/2024

USD

(715,931)

104,937

LME

Copper

Base

Metal

(6)

8/2024

USD

(1,431,528)

140,806

LME

Nickel

Base

Metal

(1)

8/2024

USD

(102,987)

11,760

LME

Nickel

Base

Metal

(1)

8/2024

USD

(102,841)

12,020

LME

Nickel

Base

Metal

(1)

8/2024

USD

(103,261)

20,246

LME

Nickel

Base

Metal

(2)

8/2024

USD

(205,780)

20,233

LME

Nickel

Base

Metal

(3)

8/2024

USD

(309,406)

53,459

LME

Zinc

Base

Metal

(1)

8/2024

USD

(72,782)

1,997

LME

Zinc

Base

Metal

(1)

8/2024

USD

(72,675)

(766)

LME

Zinc

Base

Metal

(1)

8/2024

USD

(72,635)

263

LME

Zinc

Base

Metal

(1)

8/2024

USD

(72,800)

2,910

LME

Zinc

Base

Metal

(2)

8/2024

USD

(145,528)

2,392

LME

Zinc

Base

Metal

(2)

8/2024

USD

(145,635)

3,468

LME

Zinc

Base

Metal

(4)

8/2024

USD

(291,505)

13,446

Canada

10

Year

Bond

(316)

9/2024

CAD

(27,739,074)

210,570

Copper

(35)

9/2024

USD

(3,842,563)

(4,834)

Corn

(253)

9/2024

USD

(5,154,875)

599,278

DAX

Index

(29)

9/2024

EUR

(14,288,802)

(66,747)

DJIA

CBOT

E-Mini

Index

(15)

9/2024

USD

(2,960,175)

(9,393)

Euro-Schatz

(45)

9/2024

EUR

(5,094,697)

(23,955)

FTSE/JSE

Top

40

Index

(75)

9/2024

ZAR

(3,039,863)

(59,974)

Japan

10

Year

Bond

(21)

9/2024

JPY

(18,615,327)

40,381

KC

HRW

Wheat

(11)

9/2024

USD

(322,438)

18,253

LME

Aluminum

Base

Metal

(1)

9/2024

USD

(62,986)

2,424

LME

Aluminum

Base

Metal

(1)

9/2024

USD

(63,089)

2,908

LME

Aluminum

Base

Metal

(2)

9/2024

USD

(126,123)

1,922

LME

Aluminum

Base

Metal

(3)

9/2024

USD

(188,882)

9,609

LME

Aluminum

Base

Metal

(3)

9/2024

USD

(189,300)

(1,809)

LME

Aluminum

Base

Metal

(6)

9/2024

USD

(378,572)

(3,139)

LME

Aluminum

Base

Metal

(43)

9/2024

USD

(2,712,225)

(20,554)

LME

Copper

Base

Metal

(1)

9/2024

USD

(239,196)

10,976

LME

Copper

Base

Metal

(1)

9/2024

USD

(239,520)

3,994

Consolidated

Schedule

of

Investments

June

30,

2024

(Unaudited)

AQR

ALTERNATIVE

RISK

PREMIA

FUND

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

Funds

|

Semi-Annual

Report

|

June

2024

29

(Continued)

DESCRIPTION

NUMBER

OF

CONTRACTS

EXPIRATION

DATE

TRADING

CURRENCY

NOTIONAL

AMOUNT

VALUE

AND

UNREALIZED

APPRECIATION

(DEPRECIATION)

Short

Contracts

(continued)

LME

Copper

Base

Metal

(1)

9/2024

USD

$

(239,270)

$

11,807

LME

Copper

Base

Metal

(2)

9/2024

USD

(479,950)

915

LME

Copper

Base

Metal

(3)

9/2024

USD

(719,355)

3,816

LME

Copper

Base

Metal

(6)

9/2024

USD

(1,439,603)

(4,797)

LME

Copper

Base

Metal

(9)

9/2024

USD

(2,157,683)

26,637

LME

Copper

Base

Metal

(15)

9/2024

USD

(3,597,881)

26,117

LME

Copper

Base

Metal

(55)

9/2024

USD

(13,189,206)

333,230

LME

Lead

Base

Metal

(10)

9/2024

USD

(555,538)

(9,564)

LME

Nickel

Base

Metal

(1)

9/2024

USD

(103,402)

5,786

LME

Nickel

Base

Metal

(1)

9/2024

USD

(103,508)

3,572

LME

Nickel

Base

Metal

(1)

9/2024

USD

(103,628)

868

LME

Nickel

Base

Metal

(1)

9/2024

USD

(103,544)

2,878

LME

Nickel

Base

Metal

(2)

9/2024

USD

(207,051)

8,399

LME

Nickel

Base

Metal

(2)

9/2024

USD

(206,708)

24,072

LME

Nickel

Base

Metal

(3)

9/2024

USD

(311,184)

(1,784)

LME

Nickel

Base

Metal

(17)

9/2024

USD

(1,761,822)

106,177

LME

Zinc

Base

Metal

(1)

9/2024

USD

(73,381)

(3,247)

LME

Zinc

Base

Metal

(2)

9/2024

USD

(146,176)

246

LME

Zinc

Base

Metal

(2)

9/2024

USD

(146,499)

(6,902)

LME

Zinc

Base

Metal

(2)

9/2024

USD

(146,261)

(2,279)

LME

Zinc

Base

Metal

(14)

9/2024

USD

(1,027,415)

1,892

LME

Zinc

Base

Metal

(20)

9/2024

USD

(1,468,000)

(46,510)

MEX

BOLSA

Index

(31)

9/2024

MXN

(904,007)

7,807

NASDAQ

100

E-Mini

Index

(3)

9/2024

USD

(1,195,635)

(8,848)

Nikkei

225

Index

(10)

9/2024

JPY

(2,460,066)

(39,420)

Palladium

(9)

9/2024

USD

(880,110)

(27,333)

S&P/TSX

60

Index

(173)

9/2024

CAD

(33,144,476)

(212,799)

SET50

Index

(478)

9/2024

THB

(2,092,141)

16,323

SPI

200

Index

(173)

9/2024

AUD

(22,423,833)

(134,021)

Sugar

No.

11

(82)

9/2024

USD

(1,864,352)

(109,713)

U.S.

Treasury

10

Year

Note

(586)

9/2024

USD

(64,377,594)

180,548

U.S.

Treasury

2

Year

Note

(168)

9/2024

USD

(34,310,062)

(34,706)

U.S.

Treasury

5

Year

Note

(18)

9/2024

USD

(1,917,422)

1,982

Soybean

(98)

11/2024

USD

(5,409,600)

204,295

3

Month

Euro

Euribor

(16)

12/2024

EUR

(4,142,649)

(1,422)

Cotton

No.

2

(23)

12/2024

USD

(835,935)

4,029

Soybean

Oil

(35)

12/2024

USD

(919,590)

2,564

3

Month

SOFR

(52)

3/2025

USD

(12,368,850)

(7,169)

3

Month

SOFR

(30)

6/2025

USD

(7,158,000)

(14)

90-Day

New

Zealand

Bill

(2)

6/2025

NZD

(1,204,039)

(234)

3

Month

SOFR

(12)

9/2025

USD

(2,870,700)

(5,657)

3

Month

CORRA

(5)

12/2025

CAD

(880,724)

(396)

3

Month

SOFR

(14)

12/2025

USD

(3,355,800)

7,284

3

Month

SOFR

(13)

3/2026

USD

(3,120,813)

5,257

3

Month

SOFR

(12)

6/2026

USD

(2,883,750)

474

3

Month

SOFR

(10)

9/2026

USD

(2,404,875)

(4,489)

Total

of

short

contracts

1,350,514

Net

value

$

(433,921)

30

AQR

Funds

|

Semi-Annual

Report

|

June

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

ALTERNATIVE

RISK

PREMIA

FUND

Consolidated

Schedule

of

Investments

June

30,

2024

(Unaudited)

(Continued)

Forward

foreign

currency

exchange

contracts

outstanding

as

of

June

30,

2024:

Over-the-Counter

CURRENCY

PURCHASED

CURRENCY

SOLD

COUNTERPARTY

SETTLEMENT

DATE

UNREALIZED

APPRECIATION

(DEPRECIATION)

AUD

1,708,502

USD

1,138,068

CITI

9/18/2024

$

4,019

AUD

1,708,498

USD

1,138,060

JPMC

9/18/2024

4,025

CAD

10,307,001

USD

7,541,975

CITI

9/18/2024

6,353

CAD

10,307,001

USD

7,541,937

JPMC

9/18/2024

6,391

CHF

378,999

USD

424,803

CITI

9/18/2024

1,107

CHF

378,997

USD

424,799

JPMC

9/18/2024

1,109

EUR

1,489,000

USD

1,596,445

CITI

9/18/2024

4,334

EUR

1,489,000

USD

1,596,437

JPMC

9/18/2024

4,342

HUF

125,000,000

USD

336,536

CITI

9/18/2024

1,445

HUF

125,000,000

USD

336,535

JPMC

9/18/2024

1,447

INR

387,016,428

USD

4,625,355

CITI

**

9/18/2024

4,693

INR

347,016,428

USD

4,147,103

JPMC

**

9/18/2024

4,408

MXN

27,500,000

USD

1,464,656

CITI

9/18/2024

19,989

MXN

27,500,000

USD

1,464,648

JPMC

9/18/2024

19,996

NOK

23,000,000

USD

2,152,799

CITI

9/18/2024

5,616

NOK

23,000,000

USD

2,152,788

JPMC

9/18/2024

5,626

NZD

3,079,500

USD

1,871,266

CITI

9/18/2024

4,436

NZD

3,079,500

USD

1,871,257

JPMC

9/18/2024

4,444

PLN

759,500

USD

188,144

CITI

9/18/2024

341

PLN

759,500

USD

188,143

JPMC

9/18/2024

342

SEK

25,732,303

USD

2,435,234

CITI

9/18/2024

2,493

SEK

25,732,303

USD

2,435,222

JPMC

9/18/2024

2,505

TWD

9,499,999

USD

292,611

CITI

**

9/18/2024

486

TWD

9,500,005

USD

292,610

JPMC

**

9/18/2024

487

USD

615,366

AUD

918,502

CITI

9/18/2024

1,372

USD

615,367

AUD

918,498

JPMC

9/18/2024

1,375

USD

3,706,891

BRL

19,987,000

CITI

**

9/18/2024

163,269

USD

3,706,909

BRL

19,987,000

JPMC

**

9/18/2024

163,287

USD

79,856

CAD

109,000

CITI

9/18/2024

30

USD

79,856

CAD

109,000

JPMC

9/18/2024

30

USD

18,897,072

CHF

16,661,450

CITI

9/18/2024

173,389

USD

18,897,165

CHF

16,661,448

JPMC

9/18/2024

173,481

USD

21,460

CZK

500,000

CITI

9/18/2024

47

USD

21,461

CZK

500,000

JPMC

9/18/2024

47

USD

17,562,504

EUR

16,203,002

CITI

9/18/2024

143,143

USD

17,562,587

EUR

16,202,998

JPMC

9/18/2024

143,230

USD

3,082,491

GBP

2,413,504

CITI

9/18/2024

29,787

USD

3,082,497

GBP

2,413,496

JPMC

9/18/2024

29,803

USD

300,002

HUF

110,000,000

CITI

9/18/2024

2,578

USD

300,003

HUF

110,000,000

JPMC

9/18/2024

2,580

USD

1,046,124

IDR

17,005,151,000

CITI

**

9/18/2024

8,231

USD

1,046,087

IDR

17,005,151,000

JPMC

**

9/18/2024

8,194

USD

3,257,626

ILS

12,004,000

CITI

9/18/2024

68,329

USD

3,257,643

ILS

12,004,000

JPMC

9/18/2024

68,345

USD

19,651,326

JPY

3,041,962,505

CITI

9/18/2024

513,132

USD

19,651,424

JPY

3,041,962,503

JPMC

9/18/2024

513,230

USD

1,910,816

MXN

34,500,000

CITI

9/18/2024

48,262

USD

1,910,826

MXN

34,500,000

JPMC

9/18/2024

48,271

USD

880,557

NOK

9,316,001

CITI

9/18/2024

6,305

USD

880,561

NOK

9,316,000

JPMC

9/18/2024

6,309

USD

22,222,111

NZD

36,062,882

CITI

9/18/2024

256,469

USD

22,222,222

NZD

36,062,882

JPMC

9/18/2024

256,580

USD

958,354

PEN

3,645,500

CITI

**

9/18/2024

9,926

USD

958,358

PEN

3,645,500

JPMC

**

9/18/2024

9,931

USD

178,270

PHP

10,397,062

CITI

**

9/18/2024

468

Consolidated

Schedule

of

Investments

June

30,

2024

(Unaudited)

AQR

ALTERNATIVE

RISK

PREMIA

FUND

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

Funds

|

Semi-Annual

Report

|

June

2024

31

(Continued)

CURRENCY

PURCHASED

CURRENCY

SOLD

COUNTERPARTY

SETTLEMENT

DATE

UNREALIZED

APPRECIATION

(DEPRECIATION)

USD

178,271

PHP

10,397,062

JPMC

**

9/18/2024

$

469

USD

1,251,206

PLN

4,953,000

CITI

9/18/2024

22,022

USD

1,251,212

PLN

4,953,000

JPMC

9/18/2024

22,027

USD

1,671,403

SEK

17,323,500

CITI

9/18/2024

30,276

USD

1,671,411

SEK

17,323,500

JPMC

9/18/2024

30,285

USD

10,323,311

SGD

13,850,268

CITI

9/18/2024

70,837

USD

10,323,354

SGD

13,850,256

JPMC

9/18/2024

70,888

USD

2,535,031

THB

92,000,000

CITI

9/18/2024

11,818

USD

2,535,044

THB

92,000,000

JPMC

9/18/2024

11,831

USD

137,666

TWD

4,425,693

CITI

**

9/18/2024

1,123

USD

137,758

TWD

4,425,698

JPMC

**

9/18/2024

1,215

ZAR

19,401,249

USD

1,042,639

CITI

9/18/2024

17,303

ZAR

19,901,252

USD

1,068,788

JPMC

9/18/2024

18,470

CNY

24,054

USD

3,315

CITI

**

9/19/2024

1

CNY

24,056

USD

3,315

JPMC

**

9/19/2024

1

USD

5,515,627

CNY

39,757,339

CITI

**

9/19/2024

35,880

USD

5,515,654

CNY

39,757,337

JPMC

**

9/19/2024

35,907

USD

132,739

HKD

1,033,250

CITI

9/19/2024

127

USD

132,739

HKD

1,033,250

JPMC

9/19/2024

128

USD

2,745,781

KRW

3,747,050,501

CITI

**

9/19/2024

18,780

USD

2,745,795

KRW

3,747,050,499

JPMC

**

9/19/2024

18,793

USD

244,419

CLP

222,609,687

CITI

**

9/23/2024

7,995

USD

244,421

CLP

222,609,687

JPMC

**

9/23/2024

7,996

Total

unrealized

appreciation

3,394,036

BRL

4,018,715

USD

762,869

CITI

**

9/18/2024

(50,365)

BRL

4,018,715

USD

762,865

JPMC

**

9/18/2024

(50,362)

CAD

9,143,499

USD

6,709,293

CITI

9/18/2024

(13,055)

CAD

9,143,499

USD

6,709,259

JPMC

9/18/2024

(13,022)

CHF

986,503

USD

1,115,808

CITI

9/18/2024

(7,202)

CHF

986,501

USD

1,115,800

JPMC

9/18/2024

(7,196)

COP

2,150,865,500

USD

543,873

CITI

**

9/18/2024

(32,103)

COP

2,150,865,500

USD

543,870

JPMC

**

9/18/2024

(32,101)

CZK

12,851,000

USD

566,492

CITI

9/18/2024

(16,126)

CZK

12,851,000

USD

566,489

JPMC

9/18/2024

(16,124)

DKK

698,000

USD

102,037

CITI

9/18/2024

(1,338)

DKK

698,000

USD

102,036

JPMC

9/18/2024

(1,338)

EUR

14,848,208

USD

16,191,869

CITI

9/18/2024

(229,006)

EUR

14,848,204

USD

16,191,784

JPMC

9/18/2024

(228,924)

GBP

6,060,504

USD

7,709,051

CITI

9/18/2024

(43,464)

GBP

6,060,496

USD

7,709,003

JPMC

9/18/2024

(43,426)

HUF

859,669,500

USD

2,383,676

CITI

9/18/2024

(59,256)

HUF

859,669,500

USD

2,383,664

JPMC

9/18/2024

(59,246)

ILS

781,000

USD

208,746

CITI

9/18/2024

(1,245)

ILS

781,000

USD

208,745

JPMC

9/18/2024

(1,244)

INR

110,836,072

USD

1,329,044

CITI

**

9/18/2024

(3,064)

INR

150,836,072

USD

1,807,635

JPMC

**

9/18/2024

(3,118)

JPY

943,977,501

USD

6,060,429

CITI

9/18/2024

(121,490)

JPY

943,977,499

USD

6,060,399

JPMC

9/18/2024

(121,462)

MXN

123,005,500

USD

7,027,234

CITI

9/18/2024

(386,524)

MXN

123,005,500

USD

7,027,199

JPMC

9/18/2024

(386,490)

NOK

223,873,563

USD

21,262,702

CITI

9/18/2024

(253,489)

NOK

223,873,562

USD

21,262,595

JPMC

9/18/2024

(253,380)

NZD

12,364,500

USD

7,609,234

CITI

9/18/2024

(78,109)

NZD

12,364,500

USD

7,609,196

JPMC

9/18/2024

(78,068)

PEN

715,364

USD

191,061

CITI

**

9/18/2024

(4,950)

PEN

715,364

USD

191,060

JPMC

**

9/18/2024

(4,948)

PLN

15,578,267

USD

3,943,006

CITI

9/18/2024

(76,952)

PLN

15,578,267

USD

3,942,986

JPMC

9/18/2024

(76,932)

32

AQR

Funds

|

Semi-Annual

Report

|

June

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

ALTERNATIVE

RISK

PREMIA

FUND

Consolidated

Schedule

of

Investments

June

30,

2024

(Unaudited)

(Continued)

CURRENCY

PURCHASED

CURRENCY

SOLD

COUNTERPARTY

SETTLEMENT

DATE

UNREALIZED

APPRECIATION

(DEPRECIATION)

SEK

170,611,197

USD

16,399,667

CITI

9/18/2024

$

(236,966)

SEK

170,611,197

USD

16,399,585

JPMC

9/18/2024

(236,885)

SGD

839,506

USD

626,335

CITI

9/18/2024

(4,901)

SGD

839,494

USD

626,323

JPMC

9/18/2024

(4,899)

TWD

57,000,000

USD

1,770,571

CITI

**

9/18/2024

(11,992)

TWD

57,000,000

USD

1,770,562

JPMC

**

9/18/2024

(11,979)

USD

9,733,070

AUD

14,666,417

CITI

9/18/2024

(71,040)

USD

9,733,119

AUD

14,666,418

JPMC

9/18/2024

(70,991)

USD

2,434,619

CAD

3,341,000

CITI

9/18/2024

(12,161)

USD

2,434,632

CAD

3,341,000

JPMC

9/18/2024

(12,148)

USD

14,140,961

CHF

12,672,944

CITI

9/18/2024

(100,554)

USD

14,141,029

CHF

12,672,942

JPMC

9/18/2024

(100,480)

USD

8,657,830

EUR

8,063,500

CITI

9/18/2024

(10,998)

USD

8,657,873

EUR

8,063,500

JPMC

9/18/2024

(10,953)

USD

83,442

GBP

66,000

CITI

9/18/2024

(37)

USD

83,443

GBP

66,000

JPMC

9/18/2024

(37)

USD

1,671,526

INR

140,000,000

CITI

**

9/18/2024

(3,356)

USD

1,671,534

INR

140,000,000

JPMC

**

9/18/2024

(3,348)

USD

456,631

MXN

8,500,000

CITI

9/18/2024

(2,259)

USD

456,634

MXN

8,500,000

JPMC

9/18/2024

(2,256)

USD

1,748,411

PHP

102,779,438

CITI

**

9/18/2024

(9,242)

USD

1,748,420

PHP

102,779,438

JPMC

**

9/18/2024

(9,233)

USD

754,864

PLN

3,046,500

CITI

9/18/2024

(1,186)

USD

754,868

PLN

3,046,500

JPMC

9/18/2024

(1,181)

USD

594,134

SGD

803,500

CITI

9/18/2024

(647)

USD

594,137

SGD

803,500

JPMC

9/18/2024

(644)

USD

1,812,502

THB

66,500,000

CITI

9/18/2024

(11,342)

USD

1,812,511

THB

66,500,000

JPMC

9/18/2024

(11,333)

USD

1,436,146

ZAR

27,125,000

CITI

9/18/2024

(45,765)

USD

1,462,317

ZAR

27,625,002

JPMC

9/18/2024

(46,910)

ZAR

5,000,000

USD

276,355

CITI

9/18/2024

(3,192)

ZAR

5,000,000

USD

276,354

JPMC

9/18/2024

(3,190)

CNY

5,575,901

USD

774,019

CITI

**

9/19/2024

(5,494)

CNY

5,575,898

USD

774,015

JPMC

**

9/19/2024

(5,490)

KRW

398,590,501

USD

291,021

CITI

**

9/19/2024

(938)

KRW

398,590,499

USD

291,020

JPMC

**

9/19/2024

(937)

USD

741,166

CNY

5,378,000

CITI

**

9/19/2024

(83)

USD

741,170

CNY

5,378,000

JPMC

**

9/19/2024

(79)

USD

132,545

HKD

1,033,250

CITI

9/19/2024

(67)

USD

132,546

HKD

1,033,250

JPMC

9/19/2024

(66)

USD

975,483

KRW

1,350,000,000

CITI

**

9/19/2024

(7,012)

USD

975,488

KRW

1,350,000,000

JPMC

**

9/19/2024

(7,006)

CLP

100,000,000

USD

110,608

CITI

**

9/23/2024

(4,402)

CLP

100,000,000

USD

110,607

JPMC

**

9/23/2024

(4,401)

Total

unrealized

depreciation

(3,843,199)

Net

unrealized

depreciation

$

(449,163)

**

Non-deliverable

forward

foreign

currency

exchange

contracts.

Consolidated

Schedule

of

Investments

June

30,

2024

(Unaudited)

AQR

ALTERNATIVE

RISK

PREMIA

FUND

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

Funds

|

Semi-Annual

Report

|

June

2024

33

Collateral

pledged

to,

or

(received

from),

each

counterparty

at

June

30,

2024

was

as

follows:

COUNTERPARTY

OVER-THE-COUNTER

EXCHANGE-TRADED/

EXCHANGE-CLEARED

TOTAL

BARC

Cash

$

–

$

10,626,160

$

10,626,160

CITG

Cash

–

2,925,896

2,925,896

CITI

Investment

Companies

1,927,521

–

1,927,521

GSCO

Cash

–

2,937,799

2,937,799

GSIN

Cash

(60,105)

–

(60,105)

U.S.

Treasury

Bills

3,185,489

–

3,185,489

JPMC

Investment

Companies

3,533,367

–

3,533,367

JPMS

Cash

–

10,329,297

10,329,297

MLIN

Cash

4,230,000

–

4,230,000

MSCS

Cash

(280,122)

–

(280,122)

U.S.

Treasury

Bills

3,403,382

–

3,403,382

Collateral

pledged

to,

or

(received

from),

each

counterparty

for

the

Subsidiary

(See

Note

2)

at

June

30,

2024

was

as

follows:

COUNTERPARTY

OVER-THE-COUNTER

EXCHANGE-TRADED/

EXCHANGE-CLEARED

TOTAL

GSCO

Cash

$

–

$

5,870,562

$

5,870,562

JPPC

Cash

–

571,555

571,555

MSCL

Cash

–

326,567

326,567

34

AQR

Funds

|

Semi-Annual

Report

|

June

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

(Continued)

AQR

DIVERSIFIED

ARBITRAGE

FUND

Schedule

of

Investments

June

30,

2024

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

LONG

POSITIONS

-

133.6%

COMMON

STOCKS

-

26.1%

Communication

Services

-

0.2%

Entertainment

-

0.2%

Endeavor

Group

Holdings,

Inc.,

Class

A

127,518

3,446,811

Interactive

Media

&

Services

-

0.0%

†

Alphabet,

Inc.,

Class

A

(a)

4,178

761,023

Total

Communication

Services

4,207,834

Consumer

Discretionary

-

2.1%

Automobiles

-

0.0%

†

Thunder

Power

Holdings,

Inc.

(2)*

9,407

104,324

Hotels,

Restaurants

&

Leisure

-

0.0%

†

Marriott

Vacations

Worldwide

Corp.

(a)

1,322

115,437

Pinstripes

Holdings,

Inc.,

Class

A

*(b)

25,000

68,750

184,187

Household

Durables

-

1.2%

Meritage

Homes

Corp.

(a)

9,940

1,608,789

Vizio

Holding

Corp.,

Class

A

*

1,959,299

21,160,429

22,769,218

Specialty

Retail

-

0.4%

Hibbett,

Inc.

77,136

6,727,030

Textiles,

Apparel

&

Luxury

Goods

-

0.5%

Under

Armour,

Inc.,

Class

A

*

1,409,380

9,400,565

Total

Consumer

Discretionary

39,185,324

Consumer

Staples

-

0.1%

Household

Products

-

0.1%

Central

Garden

&

Pet

Co.,

Class

A

*

57,450

1,897,573

Energy

-

6.3%

Energy

Equipment

&

Services

-

2.0%

ChampionX

Corp.

762,510

25,322,957

Diamond

Offshore

Drilling,

Inc.

*

829,669

12,851,573

38,174,530

Oil,

Gas

&

Consumable

Fuels

-

4.3%

Equitrans

Midstream

Corp.

2,642,185

34,295,561

SilverBow

Resources,

Inc.

*

327,485

12,388,758

Southwestern

Energy

Co.

*

5,107,104

34,370,810

81,055,129

Total

Energy

119,229,659

Financials

-

2.8%

Banks

-

0.8%

Heartland

Financial

USA,

Inc.

332,785

14,792,294

Patriot

National

Bancorp,

Inc.

*

110,922

207,424

14,999,718

INVESTMENTS

SHARES

VALUE

($)

Capital

Markets

-

1.2%

99

Acquisition

Group,

Inc.,

Class

A

(2)*(c)

78,622

823,959

Acri

Capital

Acquisition

Corp.

*(c)

18,419

209,792

Aquaron

Acquisition

Corp.

*(c)

9,101

99,747

AssetMark

Financial

Holdings,

Inc.

*

121,460

4,196,443

Bellevue

Life

Sciences

Acquisition

Corp.

(2)*(c)

20,011

215,318

BurTech

Acquisition

Corp.,

Class

A

*(c)

68,249

758,929

byNordic

Acquisition

Corp.

(Sweden)

*(c)

69,207

781,347

Cetus

Capital

Acquisition

Corp.

(Taiwan)

(2)*(c)

40,757

434,062

Churchill

Capital

Corp.

VII,

Class

A

*(c)

38,609

415,819

Coinbase

Global,

Inc.,

Class

A

*

8,390

1,864,510

Direct

Selling

Acquisition

Corp.,

Class

A

(2)*(c)

135,365

1,510,673

ESH

Acquisition

Corp.,

Class

A

*(c)

136,170

1,420,253

ExcelFin

Acquisition

Corp.,

Class

A

(2)*(c)

47,585

524,387

ExcelFin

Acquisition

Corp.,

Class

B

(acquired

4/28/2023,

Cost

$–)

(3)*(c)

(d)

46,529

–

Focus

Impact

BH3

Acquisition

Co.,

Class

A

*(c)

60,828

647,818

Four

Leaf

Acquisition

Corp.,

Class

A

*(c)

111,000

1,212,120

Global

Blockchain

Acquisition

Corp.

*(c)

5,348

58,828

Global

Star

Acquisition,

Inc.,

Class

A

*(c)

2,379

26,383

Hennessy

Capital

Investment

Corp.

VI,

Class

A

*(c)

74,705

788,138

IB

Acquisition

Corp.

*(c)

49,358

492,346

Inception

Growth

Acquisition

Ltd.

*(c)

39,600

447,084

Inception

Growth

Acquisition

Ltd.,

Class

B

(acquired

4/26/2023,

Cost

$–)

(3)*(c)(d)

33,755

–

Iron

Horse

Acquisitions

Corp.

*(c)

66,623

670,227

Qomolangma

Acquisition

Corp.

(2)*(c)

8,182

90,002

Quetta

Acquisition

Corp.

*(c)

68,014

703,945

Sagaliam

Acquisition

Corp.,

Class

A

(2)*(c)

31,501

349,661

ShoulderUp

Technology

Acquisition

Corp.,

Class

B

(acquired

5/11/2023

-

11/21/2023,

Cost

$–)

(3)*(c)(d)

45,000

–

SilverBox

Corp.

III,

Class

A

*(c)

165,500

1,754,300

TG

Venture

Acquisition

Corp.

(2)*(c)

12,061

135,083

Trailblazer

Merger

Corp.

I

*(c)

157,145

1,695,595

22,326,769

Schedule

of

Investments

June

30,

2024

(Unaudited)

AQR

DIVERSIFIED

ARBITRAGE

FUND

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

Funds

|

Semi-Annual

Report

|

June

2024

35

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Financial

Services

-

0.8%

Global

Payments,

Inc.

(a)

9,953

962,360

Nuvei

Corp.

(Canada)

447,827

14,500,638

15,462,998

Total

Financials

52,789,485

Health

Care

-

1.9%

Health

Care

Equipment

&

Supplies

-

1.8%

Axonics,

Inc.

*

461,679

31,038,679

Silk

Road

Medical,

Inc.

*

94,406

2,552,738

33,591,417

Life

Sciences

Tools

&

Services

-

0.1%

Illumina,

Inc.

*

29,396

3,068,355

Total

Health

Care

36,659,772

Industrials

-

3.7%

Commercial

Services

&

Supplies

-

1.1%

Stericycle,

Inc.

*

322,269

18,733,497

Tetra

Tech,

Inc.

(a)

11,896

2,432,494

21,165,991

Electrical

Equipment

-

0.7%

Encore

Wire

Corp.

44,668

12,946,126

Ground

Transportation

-

0.3%

Lyft,

Inc.,

Class

A

*(a)

87,461

1,233,200

Uber

Technologies,

Inc.

*(a)

68,510

4,979,307

6,212,507

Professional

Services

-

0.4%

Parsons

Corp.

*(a)

23,764

1,944,133

Sterling

Check

Corp.

*

400,300

5,924,440

7,868,573

Trading

Companies

&

Distributors

-

1.2%

McGrath

RentCorp

211,680

22,554,504

Total

Industrials

70,747,701

Information

Technology

-

4.9%

Communications

Equipment

-

0.2%

Infinera

Corp.

*

720,173

4,385,854

Electronic

Equipment,

Instruments

&

Components

-

0.5%

Hollysys

Automation

Technologies

Ltd.

(China)

*

446,590

9,664,208

IT

Services

-

1.1%

Perficient,

Inc.

*

162,473

12,151,355

Squarespace,

Inc.,

Class

A

*

181,122

7,902,353

20,053,708

Semiconductors

&

Semiconductor

Equipment

-

0.0%

†

GCT

Semiconductor

Holding,

Inc.

*(b)

25,000

130,250

Software

-

2.9%

Envestnet,

Inc.

*(a)

38,438

2,405,835

Everbridge,

Inc.

*(a)

262,161

9,173,013

HashiCorp,

Inc.,

Class

A

*

740,986

24,963,818

INVESTMENTS

SHARES

VALUE

($)

Software

-

2.9%

(continued)

Matterport,

Inc.

*

1,614,169

7,215,336

PowerSchool

Holdings,

Inc.,

Class

A

*

524,241

11,737,756

55,495,758

Technology

Hardware,

Storage

&

Peripherals

-

0.2%

Seagate

Technology

Holdings

plc

(a)

44,639

4,609,869

Total

Information

Technology

94,339,647

Materials

-

2.2%

Containers

&

Packaging

-

1.0%

Westrock

Co.

360,635

18,125,515

Metals

&

Mining

-

1.2%

Haynes

International,

Inc.

90,874

5,334,304

Rio

Tinto

plc,

ADR

(Australia)

272,000

17,932,960

23,267,264

Total

Materials

41,392,779

Real

Estate

-

0.2%

Health

Care

REITs

-

0.1%

Welltower,

Inc.,

REIT

(a)

25,311

2,638,672

Real

Estate

Management

&

Development

-

0.1%

Zillow

Group,

Inc.,

Class

C

*(a)

18,961

879,601

Total

Real

Estate

3,518,273

Utilities

-

1.7%

Electric

Utilities

-

1.7%

ALLETE,

Inc.

311,489

19,421,339

Avangrid,

Inc.

35,613

1,265,330

NextEra

Energy,

Inc.

(a)

174,329

12,344,236

Total

Utilities

33,030,905

TOTAL

COMMON

STOCKS

(Cost

$498,889,586)

496,998,952

CLOSED-END

FUNDS

-

6.3%

Financials

-

6.3%

abrdn

Emerging

Markets

Equity

Income

Fund,

Inc.

(a)

40,620

214,514

abrdn

Global

Dynamic

Dividend

Fund

67,275

656,604

abrdn

Healthcare

Investors

117,450

2,050,677

abrdn

Healthcare

Opportunities

Fund

42,929

874,893

abrdn

Life

Sciences

Investors

104,918

1,486,688

abrdn

National

Municipal

Income

Fund

30,486

321,932

abrdn

Total

Dynamic

Dividend

Fund

321,615

2,704,782

Adams

Natural

Resources

Fund,

Inc.

32,338

763,500

AllianceBernstein

National

Municipal

Income

Fund,

Inc.

(a)

72,595

806,530

Allspring

Income

Opportunities

Fund

145,701

964,541

Allspring

Multi-Sector

Income

Fund

38,605

346,673

ASA

Gold

and

Precious

Metals

Ltd.

(a)

77,858

1,365,629

36

AQR

Funds

|

Semi-Annual

Report

|

June

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

DIVERSIFIED

ARBITRAGE

FUND

Schedule

of

Investments

June

30,

2024

(Unaudited)

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Financials

-

6.3%

(continued)

Bancroft

Fund

Ltd.

9,063

142,017

BlackRock

Energy

and

Resources

Trust

(a)

42,596

563,119

BlackRock

Enhanced

Equity

Dividend

Trust

411,511

3,362,045

BlackRock

Enhanced

Global

Dividend

Trust

(a)

159,453

1,691,796

BlackRock

Enhanced

International

Dividend

Trust

(a)

247,627

1,381,759

BlackRock

Health

Sciences

Term

Trust

8,104

124,477

BlackRock

Health

Sciences

Trust

945

38,603

BlackRock

Innovation

and

Growth

Term

Trust

202,278

1,462,470

BlackRock

Investment

Quality

Municipal

Trust,

Inc.

(The)

26,745

320,138

BlackRock

Municipal

2030

Target

Term

Trust

89,264

1,854,013

BlackRock

Municipal

Income

Fund,

Inc.

(a)

59,985

740,215

BlackRock

Municipal

Income

Quality

Trust

(a)

46,349

531,160

BlackRock

Municipal

Income

Trust

(a)

84,166

859,335

BlackRock

Municipal

Income

Trust

II

(a)

96,603

1,044,278

BlackRock

MuniHoldings

California

Quality

Fund,

Inc.

(a)

63,341

703,085

BlackRock

MuniHoldings

Fund,

Inc.

(a)

118,571

1,433,523

BlackRock

MuniHoldings

New

Jersey

Quality

Fund,

Inc.

(a)

82,945

944,744

BlackRock

MuniHoldings

New

York

Quality

Fund,

Inc.

(a)

57,077

614,148

BlackRock

MuniHoldings

Quality

Fund

II,

Inc.

(a)

63,894

651,719

BlackRock

MuniVest

Fund

II,

Inc.

(a)

52,852

584,015

BlackRock

MuniVest

Fund,

Inc.

(a)

109,658

786,248

BlackRock

MuniYield

Fund,

Inc.

(a)

24,583

266,726

BlackRock

MuniYield

Michigan

Quality

Fund,

Inc.

(a)

47,253

540,570

BlackRock

MuniYield

New

York

Quality

Fund,

Inc.

(a)

69,486

727,518

BlackRock

MuniYield

Pennsylvania

Quality

Fund

12,653

161,326

BlackRock

MuniYield

Quality

Fund

II,

Inc.

(a)

47,795

491,811

BlackRock

MuniYield

Quality

Fund,

Inc.

(a)

19,184

235,580

BlackRock

New

York

Municipal

Income

Trust

(a)

60,460

647,527

BlackRock

Resources

&

Commodities

Strategy

Trust

226,411

2,080,717

BlackRock

Science

and

Technology

Term

Trust

144,584

2,878,667

BNY

Mellon

Municipal

Bond

Infrastructure

Fund,

Inc.

522

5,523

BNY

Mellon

Municipal

Income,

Inc.

44,997

323,528

INVESTMENTS

SHARES

VALUE

($)

Financials

-

6.3%

(continued)

BNY

Mellon

Strategic

Municipal

Bond

Fund,

Inc.

147,922

878,657

BNY

Mellon

Strategic

Municipals,

Inc.

189,480

1,159,618

Brookfield

Real

Assets

Income

Fund,

Inc.

207,098

2,642,570

Calamos

Global

Dynamic

Income

Fund

190,578

1,307,365

Calamos

Long

42,043

641,156

CBRE

Global

Real

Estate

Income

Fund

38,779

195,446

Central

Securities

Corp.

24,387

1,073,516

Clough

Global

Equity

Fund

86,947

606,455

Clough

Global

Opportunities

Fund

133,506

718,262

Cohen

&

Steers

Ltd.

Duration

Preferred

and

Income

Fund,

Inc.

1,046

20,815

Cohen

&

Steers

Select

Preferred

and

Income

Fund,

Inc.

1,647

32,578

Duff

&

Phelps

Utility

and

Infrastructure

Fund,

Inc.

58,451

574,573

DWS

Municipal

Income

Trust

32,125

304,224

Eaton

Vance

California

Municipal

Bond

Fund

37,334

355,046

Eaton

Vance

Ltd.

Duration

Income

Fund

8,796

85,673

Eaton

Vance

Municipal

Bond

Fund

67,501

714,161

Eaton

Vance

Municipal

Income

Trust

71,207

736,992

Eaton

Vance

New

York

Municipal

Bond

Fund

10,179

100,365

Eaton

Vance

Tax

Managed

Global

Buy

Write

Opportunities

Fund

273,079

2,258,363

Eaton

Vance

Tax-Advantaged

Dividend

Income

Fund

85,152

1,983,190

Eaton

Vance

Tax-Advantaged

Global

Dividend

Income

Fund

120,204

2,236,996

Eaton

Vance

Tax-Advantaged

Global

Dividend

Opportunities

Fund

15,236

388,518

Eaton

Vance

Tax-Managed

Buy-

Write

Income

Fund

2,855

40,313

Eaton

Vance

Tax-Managed

Global

Diversified

Equity

Income

Fund

443,384

3,746,595

Ellsworth

Growth

and

Income

Fund

Ltd.

51,779

426,659

Federated

Hermes

Premier

Municipal

Income

Fund

30,473

348,306

Flaherty

&

Crumrine

Preferred

and

Income

Fund,

Inc.

31,271

326,469

Flaherty

&

Crumrine

Preferred

and

Income

Opportunity

Fund,

Inc.

22,945

194,344

Flaherty

&

Crumrine

Preferred

and

Income

Securities

Fund,

Inc.

135,409

2,002,699

Flaherty

&

Crumrine

Total

Return

Fund,

Inc.

35,306

548,655

Franklin

Ltd.

Duration

Income

Trust

93,022

589,759

Gabelli

Dividend

&

Income

Trust

(The)

146,275

3,321,905

Gabelli

Global

Small

and

Mid

Cap

Value

Trust

(The)

3,540

39,967

Schedule

of

Investments

June

30,

2024

(Unaudited)

AQR

DIVERSIFIED

ARBITRAGE

FUND

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

Funds

|

Semi-Annual

Report

|

June

2024

37

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Financials

-

6.3%

(continued)

Gabelli

Healthcare

&

WellnessRx

Trust

(The)

35,928

344,190

General

American

Investors

Co.,

Inc.

24,648

1,225,499

Highland

Global

Allocation

Fund

32,968

248,249

Insight

Select

Income

Fund

12,407

202,470

Invesco

Advantage

Municipal

Income

Trust

II

88,017

780,711

Invesco

California

Value

Municipal

Income

Trust

114,100

1,188,922

Invesco

Municipal

Opportunity

Trust

129,915

1,309,543

Invesco

Municipal

Trust

93,743

933,680

Invesco

Pennsylvania

Value

Municipal

Income

Trust

21,874

237,552

Invesco

Quality

Municipal

Income

Trust

107,889

1,070,259

Invesco

Trust

for

Investment

Grade

Municipals

124,130

1,274,815

Invesco

Trust

for

Investment

Grade

New

York

Municipals

23,684

266,208

Invesco

Value

Municipal

Income

Trust

97,436

1,202,360

John

Hancock

Hedged

Equity

&

Income

Fund

29,364

305,092

John

Hancock

Income

Securities

Trust

11,500

125,350

John

Hancock

Premium

Dividend

Fund

7,982

94,028

John

Hancock

Tax-Advantaged

Dividend

Income

Fund

53,025

1,071,635

Lazard

Global

Total

Return

and

Income

Fund,

Inc.

29,109

484,956

Liberty

All

Star

Growth

Fund,

Inc.

27,119

144,815

MFS

Municipal

Income

Trust

22,486

122,774

Neuberger

Berman

Municipal

Fund,

Inc.

52,775

563,637

New

America

High

Income

Fund,

Inc.

(The)

34,477

252,716

New

Germany

Fund,

Inc.

(The)

33,080

269,106

Nuveen

AMT-Free

Municipal

Credit

Income

Fund

93,686

1,167,328

Nuveen

AMT-Free

Municipal

Value

Fund

369

5,122

Nuveen

AMT-Free

Quality

Municipal

Income

Fund

192,799

2,209,477

Nuveen

Arizona

Quality

Municipal

Income

Fund

12,408

138,473

Nuveen

California

AMT-Free

Quality

Municipal

Income

Fund

57,555

720,013

Nuveen

California

Quality

Municipal

Income

Fund

151,535

1,747,199

Nuveen

Dow

30sm

Dynamic

Overwrite

Fund

93,680

1,312,457

Nuveen

Municipal

Credit

Income

Fund

121,816

1,504,428

Nuveen

NASDAQ

100

Dynamic

Overwrite

Fund

40,694

1,020,606

Nuveen

New

Jersey

Quality

Municipal

Income

Fund

41,054

501,269

INVESTMENTS

SHARES

VALUE

($)

Financials

-

6.3%

(continued)

Nuveen

New

York

AMT-Free

Quality

Municipal

Income

Fund

77,206

856,215

Nuveen

New

York

Quality

Municipal

Income

Fund

44,029

495,326

Nuveen

Pennsylvania

Quality

Municipal

Income

Fund

36,189

441,506

Nuveen

Preferred

&

Income

Opportunities

Fund

593,223

4,431,376

Nuveen

Quality

Municipal

Income

Fund

236,222

2,773,246

Nuveen

Real

Asset

Income

and

Growth

Fund

44,592

542,685

Nuveen

Real

Estate

Income

Fund

81,844

625,288

Nuveen

S&P

500

Buy-Write

Income

Fund

120,047

1,620,634

Nuveen

S&P

500

Dynamic

Overwrite

Fund

2,979

48,647

Nuveen

Virginia

Quality

Municipal

Income

Fund

13,352

153,548

PGIM

Short

Duration

High

Yield

Opportunities

Fund

6,400

98,112

PIMCO

California

Municipal

Income

Fund

1,666

15,694

PIMCO

California

Municipal

Income

Fund

II

9,482

55,470

Pioneer

High

Income

Fund,

Inc.

964

7,249

Pioneer

Municipal

High

Income

Advantage

Fund,

Inc.

63,081

517,895

Pioneer

Municipal

High

Income

Fund

Trust

76,189

696,367

Putnam

Municipal

Opportunities

Trust

4,524

46,416

Royce

Micro-Cap

Trust,

Inc.

83,422

766,648

Royce

Small-Cap

Trust,

Inc.

197,686

2,860,516

Saba

Capital

Income

&

Opportunities

Fund

1,250

8,800

Sprott

Focus

Trust,

Inc.

19,593

146,752

SRH

Total

Return

Fund,

Inc.

82,365

1,198,411

Swiss

Helvetia

Fund,

Inc.

(The)

16,390

132,267

Templeton

Emerging

Markets

Fund

20,326

251,229

Thornburg

Income

Builder

Opportunities

Trust

4,167

67,214

Tri-Continental

Corp.

21,580

668,333

Virtus

Dividend

Interest

&

Premium

Strategy

Fund

183,494

2,253,306

Virtus

Total

Return

Fund,

Inc.

162,155

884,556

Voya

Emerging

Markets

High

Dividend

Equity

Fund

12,932

69,574

Voya

Global

Advantage

and

Premium

Opportunity

Fund

26,665

235,985

Voya

Global

Equity

Dividend

and

Premium

Opportunity

Fund

157,161

807,808

Voya

Infrastructure

Industrials

and

Materials

Fund

7,879

80,602

Western

Asset

Managed

Municipals

Fund,

Inc.

100,642

1,041,645

38

AQR

Funds

|

Semi-Annual

Report

|

June

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

DIVERSIFIED

ARBITRAGE

FUND

Schedule

of

Investments

June

30,

2024

(Unaudited)

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Financials

-

6.3%

(continued)

Western

Asset

Municipal

High

Income

Fund,

Inc.

151

1,024

Total

Financials

120,294,856

TOTAL

CLOSED-END

FUNDS

(Cost

$111,663,549)

120,294,856

PRINCIPAL

AMOUNT

CORPORATE

BONDS

-

1.4%

Communication

Services

-

0.0%

†

Media

-

0.0%

†

iHeartCommunications,

Inc.

6.38%,

5/1/2026

(2)

$

423

329

Energy

-

0.0%

†

Oil,

Gas

&

Consumable

Fuels

-

0.0%

†

Black

Elk

Energy

Escrow

13.75%,

12/1/2015

(3)(e)

2,833,436

123,255

Financials

-

0.1%

Financial

Services

-

0.1%

Global

Payments,

Inc.

2.90%,

5/15/2030

(2)

1,750,000

1,523,473

Industrials

-

1.1%

Passenger

Airlines

-

1.1%

Hawaiian

Brand

Intellectual

Property

Ltd.

5.75%,

1/20/2026

(2)(f)

21,130,350

20,104,693

Real

Estate

-

0.2%

Health

Care

REITs

-

0.2%

Diversified

Healthcare

Trust

9.75%,

6/15/2025

(2)

4,250,000

4,244,835

Utilities

-

0.0%

†

Independent

Power

and

Renewable

Electricity

Producers

-

0.0%

†

Aegean

Marine

Petroleum

Network,

Inc.

Escrow

0.00%,

12/15/2022

(3)(e)

2,375,000

2,375

TOTAL

CORPORATE

BONDS

(Cost

$26,831,465)

25,998,960

CONVERTIBLE

BONDS

-

61.3%

Communication

Services

-

3.1%

Entertainment

-

1.2%

Eventbrite,

Inc.

0.75%,

9/15/2026

(2)(a)

7,400,000

6,325,113

Live

Nation

Entertainment,

Inc.

3.13%,

1/15/2029

(2)(a)

6,500,000

7,177,116

Sea

Ltd.

(Singapore)

0.25%,

9/15/2026

(2)(a)

10,625,000

9,227,813

22,730,042

Interactive

Media

&

Services

-

0.6%

Snap,

Inc.

0.13%,

3/1/2028

(2)(a)

14,624,000

11,640,704

INVESTMENTS

PRINCIPAL

AMOUNT

VALUE

($)

Media

-

1.3%

Liberty

Broadband

Corp.

3.13%,

6/30/2054

(2)(f)

$

19,450,000

19,541,387

Liberty

Media

Corp.

3.75%,

3/15/2028

(2)(a)

4,525,000

4,706,000

24,247,387

Total

Communication

Services

58,618,133

Consumer

Discretionary

-

19.5%

Automobile

Components

-

1.1%

LCI

Industries

1.13%,

5/15/2026

(2)(a)

7,900,000

7,414,150

Patrick

Industries,

Inc.

1.75%,

12/1/2028

(2)(a)

10,512,000

12,719,520

20,133,670

Automobiles

-

1.1%

Ford

Motor

Co.

0.00%,

3/15/2026

(2)(a)

10,725,000

10,826,887

Rivian

Automotive,

Inc.

3.63%,

10/15/2030

(2)(a)(f)

4,400,000

3,790,970

Winnebago

Industries,

Inc.

3.25%,

1/15/2030

(2)(a)(f)

6,982,000

6,493,260

21,111,117

Broadline

Retail

-

1.4%

Etsy,

Inc.

0.25%,

6/15/2028

(2)(a)

12,250,000

9,633,934

Match

Group

Financeco

3,

Inc.

2.00%,

1/15/2030

(2)(a)(f)

20,025,000

16,421,774

26,055,708

Diversified

Consumer

Services

-

1.6%

Stride,

Inc.

1.13%,

9/1/2027

(2)(a)

21,450,000

30,705,675

Hotels,

Restaurants

&

Leisure

-

13.1%

Carnival

Corp.

5.75%,

12/1/2027

(2)(a)

29,070,000

47,413,170

DraftKings

Holdings,

Inc.

0.00%,

3/15/2028

(2)(a)

13,475,000

11,164,038

MakeMyTrip

Ltd.

(India)

0.00%,

2/15/2028

(2)(a)

10,742,000

23,722,312

NCL

Corp.

Ltd.

1.13%,

2/15/2027

(2)(a)

15,725,000

14,611,466

Royal

Caribbean

Cruises

Ltd.

6.00%,

8/15/2025

(2)(a)

47,475,000

153,130,612

250,041,598

Household

Durables

-

0.2%

GoPro,

Inc.

1.25%,

11/15/2025

(2)(a)

4,650,000

4,301,250

Specialty

Retail

-

1.0%

Wayfair,

Inc.

1.13%,

11/1/2024

(2)(a)

5,113,000

5,010,740

3.25%,

9/15/2027

(2)(a)

7,350,000

8,442,952

3.50%,

11/15/2028

(2)(a)

4,450,000

6,152,125

19,605,817

Total

Consumer

Discretionary

371,954,835

Schedule

of

Investments

June

30,

2024

(Unaudited)

AQR

DIVERSIFIED

ARBITRAGE

FUND

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

Funds

|

Semi-Annual

Report

|

June

2024

39

(Continued)

INVESTMENTS

PRINCIPAL

AMOUNT

VALUE

($)

Consumer

Staples

-

1.0%

Beverages

-

0.5%

MGP

Ingredients,

Inc.

1.88%,

11/15/2041

(2)(a)

$

9,150,000

9,264,375

Consumer

Staples

Distribution

&

Retail

-

0.5%

Chefs'

Warehouse,

Inc.

(The)

2.38%,

12/15/2028

(2)(a)

9,601,000

10,650,973

Total

Consumer

Staples

19,915,348

Energy

-

3.7%

Energy

Equipment

&

Services

-

1.5%

Transocean,

Inc.

4.63%,

9/30/2029

(2)(a)

16,325,000

29,017,687

Oil,

Gas

&

Consumable

Fuels

-

2.2%

Green

Plains,

Inc.

2.25%,

3/15/2027

(2)(a)

1,700,000

1,505,636

Kosmos

Energy

Ltd.

(Ghana)

3.13%,

3/15/2030

(2)(a)(f)

4,837,000

5,054,665

Northern

Oil

&

Gas,

Inc.

3.63%,

4/15/2029

(2)(a)

10,572,000

12,168,372

Peabody

Energy

Corp.

3.25%,

3/1/2028

(2)(a)

6,000,000

7,869,000

World

Kinect

Corp.

3.25%,

7/1/2028

(2)(a)(f)

13,750,000

14,808,750

41,406,423

Total

Energy

70,424,110

Financials

-

2.7%

Capital

Markets

-

1.8%

Coinbase

Global,

Inc.

0.25%,

4/1/2030

(2)(a)(f)

12,017,000

11,572,371

HAT

Holdings

I

LLC

0.00%,

5/1/2025

(2)(a)(f)

14,217,000

14,912,069

WisdomTree,

Inc.

5.75%,

8/15/2028

(2)(a)

7,000,000

8,567,818

35,052,258

Consumer

Finance

-

0.9%

EZCORP,

Inc.

2.38%,

5/1/2025

(2)(a)

1,540,000

1,485,776

3.75%,

12/15/2029

(2)(a)(f)

9,325,000

10,704,493

SoFi

Technologies,

Inc.

1.25%,

3/15/2029

(2)(a)(f)

4,155,000

3,870,383

16,060,652

Total

Financials

51,112,910

Health

Care

-

6.5%

Biotechnology

-

2.7%

Bridgebio

Pharma,

Inc.

2.25%,

2/1/2029

(2)(a)

7,125,000

5,641,951

Coherus

Biosciences,

Inc.

1.50%,

4/15/2026

(2)(a)

7,600,000

5,548,020

Cytokinetics,

Inc.

3.50%,

7/1/2027

(2)(a)

6,850,000

8,935,549

Exact

Sciences

Corp.

1.75%,

4/15/2031

(2)(a)(f)

5,400,000

4,316,625

Halozyme

Therapeutics,

Inc.

0.25%,

3/1/2027

(2)(a)

5,650,000

5,386,201

1.00%,

8/15/2028

(2)(a)

4,000,000

4,446,360

INVESTMENTS

PRINCIPAL

AMOUNT

VALUE

($)

Biotechnology

-

2.7%

(continued)

Ionis

Pharmaceuticals,

Inc.

1.75%,

6/15/2028

(2)(a)

$

7,225,000

7,953,597

Sarepta

Therapeutics,

Inc.

1.25%,

9/15/2027

(2)(a)

5,475,000

7,043,588

Travere

Therapeutics,

Inc.

2.25%,

3/1/2029

(2)(a)

4,150,000

2,681,937

51,953,828

Health

Care

Equipment

&

Supplies

-

1.3%

CONMED

Corp.

2.25%,

6/15/2027

(2)(a)

7,925,000

7,077,131

Envista

Holdings

Corp.

1.75%,

8/15/2028

(2)(a)(f)

3,925,000

3,343,122

Lantheus

Holdings,

Inc.

2.63%,

12/15/2027

(2)(a)

6,000,000

7,461,784

Merit

Medical

Systems,

Inc.

3.00%,

2/1/2029

(2)(a)(f)

5,675,000

6,639,750

24,521,787

Health

Care

Providers

&

Services

-

0.6%

Guardant

Health,

Inc.

0.00%,

11/15/2027

(2)(a)

14,525,000

11,196,191

Health

Care

Technology

-

1.1%

Evolent

Health,

Inc.

3.50%,

12/1/2029

(2)(a)(f)

6,084,000

5,481,684

Teladoc

Health,

Inc.

1.25%,

6/1/2027

(2)(a)

17,175,000

14,232,872

19,714,556

Life

Sciences

Tools

&

Services

-

0.2%

Inotiv,

Inc.

3.25%,

10/15/2027

(2)(a)

4,107,000

1,518,352

Repligen

Corp.

1.00%,

12/15/2028

(2)(a)(f)

2,470,000

2,327,965

3,846,317

Pharmaceuticals

-

0.6%

Innoviva,

Inc.

2.13%,

3/15/2028

(2)(a)

13,373,000

12,002,267

Total

Health

Care

123,234,946

Industrials

-

4.5%

Construction

&

Engineering

-

0.4%

Granite

Construction,

Inc.

3.25%,

6/15/2030

(2)(a)(f)

6,414,000

6,606,420

Electrical

Equipment

-

1.2%

Array

Technologies,

Inc.

1.00%,

12/1/2028

(2)(a)

11,925,000

9,620,014

Bloom

Energy

Corp.

3.00%,

6/1/2028

(2)(a)

8,265,000

7,994,193

3.00%,

6/1/2029

(2)(a)(f)

5,020,000

4,420,110

22,034,317

Ground

Transportation

-

0.7%

Lyft,

Inc.

1.50%,

5/15/2025

(2)(a)

14,125,000

13,553,260

40

AQR

Funds

|

Semi-Annual

Report

|

June

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

DIVERSIFIED

ARBITRAGE

FUND

Schedule

of

Investments

June

30,

2024

(Unaudited)

(Continued)

INVESTMENTS

PRINCIPAL

AMOUNT

VALUE

($)

Machinery

-

0.9%

3D

Systems

Corp.

0.00%,

11/15/2026

(2)(a)

$

6,850,000

5,545,061

Greenbrier

Cos.,

Inc.

(The)

2.88%,

4/15/2028

(2)(a)

11,535,000

12,365,520

17,910,581

Passenger

Airlines

-

0.6%

American

Airlines

Group,

Inc.

6.50%,

7/1/2025

(2)(a)

3,300,000

3,412,860

Southwest

Airlines

Co.

1.25%,

5/1/2025

(2)(a)

8,350,000

8,358,350

11,771,210

Professional

Services

-

0.4%

CSG

Systems

International,

Inc.

3.88%,

9/15/2028

(2)(a)(f)

7,680,000

7,115,520

Trading

Companies

&

Distributors

-

0.3%

Xometry,

Inc.

1.00%,

2/1/2027

(2)(a)

8,439,000

6,307,904

Total

Industrials

85,299,212

Information

Technology

-

13.3%

Communications

Equipment

-

0.6%

Infinera

Corp.

2.50%,

3/1/2027

(2)(a)

2,925,000

2,980,554

Lumentum

Holdings,

Inc.

0.50%,

6/15/2028

(2)(a)

5,256,000

4,135,499

1.50%,

12/15/2029

(2)(a)

3,736,000

3,628,717

10,744,770

Electronic

Equipment,

Instruments

&

Components

-

0.9%

Itron,

Inc.

1.38%,

7/15/2030

(2)(a)(f)

8,870,000

8,754,690

Vishay

Intertechnology,

Inc.

2.25%,

9/15/2030

(2)(a)(f)

8,276,000

7,816,682

16,571,372

IT

Services

-

1.4%

Akamai

Technologies,

Inc.

1.13%,

2/15/2029

(2)(a)(f)

9,825,000

9,289,141

Cloudflare,

Inc.

0.00%,

8/15/2026

(2)(a)

9,800,000

8,893,500

DigitalOcean

Holdings,

Inc.

0.00%,

12/1/2026

(2)(a)

11,105,000

9,355,963

27,538,604

Semiconductors

&

Semiconductor

Equipment

-

3.0%

MACOM

Technology

Solutions

Holdings,

Inc.

0.25%,

3/15/2026

(2)(a)

7,050,000

9,940,507

Microchip

Technology,

Inc.

0.13%,

11/15/2024

(2)(a)

13,313,000

14,046,823

MKS

Instruments,

Inc.

1.25%,

6/1/2030

(2)(a)(f)

14,544,000

15,484,804

ON

Semiconductor

Corp.

0.50%,

3/1/2029

(2)(a)

11,025,000

10,561,950

SMART

Global

Holdings,

Inc.

2.00%,

2/1/2029

(2)(a)

1,327,000

1,645,480

SolarEdge

Technologies,

Inc.

2.25%,

7/1/2029

(2)(f)

3,234,000

3,114,342

INVESTMENTS

PRINCIPAL

AMOUNT

VALUE

($)

Semiconductors

&

Semiconductor

Equipment

-

3.0%

(continued)

Wolfspeed,

Inc.

0.25%,

2/15/2028

(2)(a)

$

2,614,000

1,540,953

56,334,859

Software

-

5.5%

Alarm.com

Holdings,

Inc.

2.25%,

6/1/2029

(2)(a)(f)

3,223,000

3,152,310

Bentley

Systems,

Inc.

0.38%,

7/1/2027

(2)(a)

9,811,000

8,761,223

BlackLine,

Inc.

1.00%,

6/1/2029

(2)(a)(f)

4,827,000

4,677,363

Cerence,

Inc.

1.50%,

7/1/2028

(2)(a)(f)

6,037,000

3,184,518

CyberArk

Software

Ltd.

0.00%,

11/15/2024

(2)(a)

14,225,000

24,708,825

Everbridge,

Inc.

0.00%,

3/15/2026

(2)

5,089,000

4,999,943

Five9,

Inc.

1.00%,

3/15/2029

(2)(a)(f)

8,625,000

7,682,230

InterDigital,

Inc.

3.50%,

6/1/2027

(2)(a)

7,860,000

12,151,912

Nice

Ltd.

(Israel)

0.00%,

9/15/2025

(2)(a)

10,625,000

9,977,339

PagerDuty,

Inc.

1.50%,

10/15/2028

(2)(a)(f)

8,774,000

9,423,090

Progress

Software

Corp.

3.50%,

3/1/2030

(2)(a)(f)

9,483,000

9,663,968

Rapid7,

Inc.

1.25%,

3/15/2029

(2)(a)(f)

7,500,000

7,071,956

105,454,677

Technology

Hardware,

Storage

&

Peripherals

-

1.9%

Super

Micro

Computer,

Inc.

0.00%,

3/1/2029

(2)(a)(f)

6,400,000

6,410,546

Western

Digital

Corp.

3.00%,

11/15/2028

(2)(a)(f)

18,975,000

30,208,200

36,618,746

Total

Information

Technology

253,263,028

Materials

-

0.2%

Metals

&

Mining

-

0.2%

MP

Materials

Corp.

3.00%,

3/1/2030

(2)(a)(f)

4,945,000

4,441,816

Real

Estate

-

0.7%

Office

REITs

-

0.7%

COPT

Defense

Properties

LP

5.25%,

9/15/2028

(2)(a)(f)

13,364,000

13,925,288

Utilities

-

6.1%

Electric

Utilities

-

4.2%

Alliant

Energy

Corp.

3.88%,

3/15/2026

(2)(a)

9,425,000

9,278,912

Duke

Energy

Corp.

4.13%,

4/15/2026

(2)(a)

8,400,000

8,375,327

Evergy,

Inc.

4.50%,

12/15/2027

(2)(a)(f)

10,141,000

10,222,128

FirstEnergy

Corp.

4.00%,

5/1/2026

(2)(a)

16,377,000

16,196,853

Schedule

of

Investments

June

30,

2024

(Unaudited)

AQR

DIVERSIFIED

ARBITRAGE

FUND

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

Funds

|

Semi-Annual

Report

|

June

2024

41

(Continued)

INVESTMENTS

PRINCIPAL

AMOUNT

VALUE

($)

Electric

Utilities

-

4.2%

(continued)

PG&E

Corp.

4.25%,

12/1/2027

(2)(a)(f)

$

10,425,000

10,513,613

Pinnacle

West

Capital

Corp.

4.75%,

6/15/2027

(2)(a)(f)

8,828,000

8,885,382

PPL

Capital

Funding,

Inc.

2.88%,

3/15/2028

(2)(a)

2,890,000

2,764,285

Southern

Co.

(The)

3.88%,

12/15/2025

(2)(a)

5,113,000

5,222,694

4.50%,

6/15/2027

(2)(a)(f)

8,251,000

8,362,389

79,821,583

Gas

Utilities

-

0.6%

UGI

Corp.

5.00%,

6/1/2028

(2)(a)(f)

11,501,000

11,437,745

Multi-Utilities

-

1.3%

CenterPoint

Energy,

Inc.

4.25%,

8/15/2026

(2)(a)(f)

11,359,000

11,417,291

WEC

Energy

Group,

Inc.

4.38%,

6/1/2027

(2)(a)(f)

4,359,000

4,321,949

4.38%,

6/1/2029

(2)(a)(f)

9,909,000

9,819,819

25,559,059

Total

Utilities

116,818,387

TOTAL

CONVERTIBLE

BONDS

(Cost

$1,115,134,546)

1,169,008,013

NO.

OF

RIGHTS

RIGHTS

-

0.0%

†

Financials

-

0.0%

†

Capital

Markets

-

0.0%

†

99

Acquisition

Group,

Inc.,

expiring

8/22/2024

*(c)

9,622

2,598

Aquaron

Acquisition

Corp.,

expiring

8/6/2024

(3)*(a)(c)

35,605

8,474

Bannix

Acquisition

Corp.,

expiring

7/14/2024

*(c)

26,277

3,915

Bellevue

Life

Sciences

Acquisition

Corp.,

expiring

7/14/2024

(2)*(c)

25,053

2,783

Breeze

Holdings

Acquisition

Corp.,

expiring

7/26/2024

(3)*(c)

55,000

9,625

Broad

Capital

Acquisition

Corp.,

expiring

7/13/2024

(3)*(c)

69,739

14,269

Cetus

Capital

Acquisition

Corp.,

expiring

8/3/2024

(2)*(c)

27,102

7,721

Clean

Energy

Special

Situations

Corp.,

expiring

8/28/2024

(2)*(c)

40,212

33,778

ESH

Acquisition

Corp.,

expiring

12/16/2024

*(c)

97,905

10,769

Fintech

Ecosystem

Development

Corp.,

expiring

7/21/2024

(2)*(c)

10,730

1,180

Global

Blockchain

Acquisition

Corp.,

expiring

7/12/2024

*(c)

161,196

9,672

Global

Star

Acquisition,

Inc.,

expiring

7/22/2024

(2)*(c)

50,064

6,258

Globalink

Investment,

Inc.,

expiring

8/9/2024

*(c)

74,843

11,526

Goldenstone

Acquisition

Ltd.,

expiring

7/21/2024

*(c)

32,200

5,796

INVESTMENTS

NO.

OF

RIGHTS

VALUE

($)

Capital

Markets

-

0.0%

†

(continued)

IB

Acquisition

Corp.,

expiring

9/26/2025

*(c)

43,870

3,317

Inception

Growth

Acquisition

Ltd.,

expiring

7/13/2024

(2)*(c)

112,518

16,878

Iron

Horse

Acquisitions

Corp.,

expiring

12/27/2024

*(c)

63,190

14,534

Metal

Sky

Star

Acquisition

Corp.,

expiring

8/5/2024

(2)*(c)

103,342

6,262

Monterey

Capital

Acquisition

Corp.,

expiring

7/13/2024

*(c)

71,394

12,851

NorthView

Acquisition

Corp.,

expiring

7/24/2024

*(c)

154,598

15,815

PHP

Ventures

Acquisition

Corp.,

expiring

7/16/2024

(3)*(c)

29,400

–

Qomolangma

Acquisition

Corp.,

expiring

8/4/2024

(3)*(c)

23,684

3,212

Quetta

Acquisition

Corp.,

expiring

7/10/2024

*(c)

1,196

1,280

RF

Acquisition

Corp.,

expiring

7/28/2024

(2)*(c)

114,573

11,457

Sagaliam

Acquisition

Corp.,

expiring

11/25/2025

(3)*(c)

70,003

–

Trailblazer

Merger

Corp.

I,

expiring

9/30/2024

*(c)

149,105

17,729

Welsbach

Technology

Metals

Acquisition

Corp.,

expiring

7/30/2024

(2)*(c)

9,289

1,113

Yotta

Acquisition

Corp.,

expiring

8/22/2024

(2)*(c)

68,693

6,869

Total

Financials

239,681

Health

Care

-

0.0%

Biotechnology

-

0.0%

Ambit

Biosciences

Corp.,

CVR

(3)*

146,272

–

Tobira

Therapeutics,

Inc.,

CVR

(3)*

11,880

–

Total

Health

Care

–

TOTAL

RIGHTS

(Cost

$–)

239,681

NO.

OF

WARRANTS

WARRANTS

-

0.0%

†

Communication

Services

-

0.0%

†

Interactive

Media

&

Services

-

0.0%

†

Leafly

Holdings,

Inc.,

expiring

11/7/2026

*

12,243

190

a

Media

-

0.0%

HWH

International,

Inc.,

expiring

2/1/2027

(3)*

52,991

–

a

Total

Communication

Services

190

Consumer

Discretionary

-

0.0%

†

Automobiles

-

0.0%

†

Srivaru

Holding

Ltd.,

expiring

5/30/2028

(India)

*

78,247

806

Thunder

Power

Holdings,

Inc.,

expiring

6/1/2029

(2)*

94,079

1,900

2,706

42

AQR

Funds

|

Semi-Annual

Report

|

June

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

DIVERSIFIED

ARBITRAGE

FUND

Schedule

of

Investments

June

30,

2024

(Unaudited)

(Continued)

INVESTMENTS

NO.

OF

WARRANTS

VALUE

($)

Hotels,

Restaurants

&

Leisure

-

0.0%

†

Hall

of

Fame

Resort

&

Entertainment

Co.,

expiring

7/1/2025

*

65,782

724

a

Total

Consumer

Discretionary

3,430

Energy

-

0.0%

†

Oil,

Gas

&

Consumable

Fuels

-

0.0%

†

Brooge

Energy

Ltd.,

expiring

12/20/2024

(United

Arab

Emirates)

*

48,739

234

HNR

Acquisition

Corp.,

expiring

7/29/2028

(2)*

2,402

144

Total

Energy

378

Financials

-

0.0%

†

Capital

Markets

-

0.0%

†

26

Capital

Acquisition

Corp.,

expiring

12/31/2027

(3)*(c)

74,200

482

99

Acquisition

Group,

Inc.,

expiring

8/22/2024

*(c)

9,622

317

Achari

Ventures

Holdings

Corp.

I,

expiring

7/19/2024

(2)*(a)(c)

42,909

1,244

Acri

Capital

Acquisition

Corp.,

expiring

7/14/2024

(2)*(a)(c)

27,498

1,512

Aetherium

Acquisition

Corp.,

expiring

7/29/2024

(3)*(a)(c)

175,712

5,500

AltEnergy

Acquisition

Corp.,

expiring

11/2/2024

*(a)(c)

61,463

3,682

Armada

Acquisition

Corp.

I,

expiring

7/17/2024

(2)*(c)

64,166

9,189

Arogo

Capital

Acquisition

Corp.,

expiring

7/29/2024

*(c)

96,774

2,903

Athena

Technology

Acquisition

Corp.

II,

expiring

7/14/2024

(2)*(c)

319,116

11,201

Atlantic

Coastal

Acquisition

Corp.

II,

expiring

7/19/2024

(2)*(a)(c)

206,631

16,530

Ault

Disruptive

Technologies

Corp.,

expiring

12/20/2024

*(a)(c)

54,855

823

Bannix

Acquisition

Corp.,

expiring

7/14/2024

*(c)

26,277

526

Bellevue

Life

Sciences

Acquisition

Corp.,

expiring

7/14/2024

(3)*(c)

25,053

501

Berenson

Acquisition

Corp.

I,

expiring

9/30/2024

(3)*(c)

15,392

135

Bite

Acquisition

Corp.,

expiring

8/17/2024

*(c)

31,864

1,752

Breeze

Holdings

Acquisition

Corp.,

expiring

7/26/2024

(3)*(c)

55,000

19,184

BurTech

Acquisition

Corp.,

expiring

7/15/2024

*(c)

447,209

111,802

byNordic

Acquisition

Corp.,

expiring

7/12/2024

*(c)

69,207

1,744

INVESTMENTS

NO.

OF

WARRANTS

VALUE

($)

Capital

Markets

-

0.0%

†

(continued)

Canna-Global

Acquisition

Corp.,

expiring

7/2/2024

(2)*(c)

188,580

1,980

Cetus

Capital

Acquisition

Corp.,

expiring

8/3/2024

(2)*(c)

27,102

705

CF

Acquisition

Corp.

VII,

expiring

7/20/2024

*(c)

48,764

3,287

Churchill

Capital

Corp.

VII,

expiring

7/17/2024

*(c)

16,600

5,810

Clean

Energy

Special

Situations

Corp.,

expiring

8/28/2024

(3)*(c)

20,106

402

Concord

Acquisition

Corp.

II,

expiring

3/3/2025

(2)*(c)

95,464

10,501

Corner

Growth

Acquisition

Corp.,

expiring

7/30/2024

(2)*(c)

110,400

22,080

Direct

Selling

Acquisition

Corp.,

expiring

7/28/2024

(3)*(c)

51,291

7,694

dMY

Squared

Technology

Group,

Inc.,

expiring

7/29/2024

*(c)

6,140

921

DUET

Acquisition

Corp.,

expiring

7/24/2024

(2)*(c)

73,788

1,107

Everest

Consolidator

Acquisition

Corp.,

expiring

7/28/2024

*(c)

65,508

13,318

ExcelFin

Acquisition

Corp.,

expiring

7/25/2024

(3)*(c)

67,393

2,029

Fintech

Ecosystem

Development

Corp.,

expiring

7/21/2024

(2)*(c)

5,365

109

Focus

Impact

Acquisition

Corp.,

expiring

8/1/2024

(2)*(c)

50,975

1,784

Focus

Impact

BH3

Acquisition

Co.,

expiring

7/31/2024

(2)*(c)

42,289

3,294

Fortune

Rise

Acquisition

Corp.,

expiring

8/5/2024

*(c)

49,324

848

Four

Leaf

Acquisition

Corp.,

expiring

7/22/2024

(2)*(c)

111,000

5,006

FTAC

Emerald

Acquisition

Corp.,

expiring

12/20/2024

(2)*(c)

118,863

4,754

Future

Health

ESG

Corp.,

expiring

12/31/2024

(3)*(c)

45,911

2,112

FutureTech

II

Acquisition

Corp.,

expiring

7/18/2024

(2)*(c)

38,964

627

Global

Blockchain

Acquisition

Corp.,

expiring

7/12/2024

(2)*(c)

161,196

2,434

Global

Star

Acquisition,

Inc.,

expiring

7/22/2024

(3)*(c)

50,064

1,247

Globalink

Investment,

Inc.,

expiring

8/9/2024

*(c)

74,843

3,742

Goal

Acquisitions

Corp.,

expiring

8/8/2024

(2)*(c)

84,630

677

Golden

Arrow

Merger

Corp.,

expiring

7/19/2024

(3)*(c)

131,733

19,760

Schedule

of

Investments

June

30,

2024

(Unaudited)

AQR

DIVERSIFIED

ARBITRAGE

FUND

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

Funds

|

Semi-Annual

Report

|

June

2024

43

(Continued)

INVESTMENTS

NO.

OF

WARRANTS

VALUE

($)

Capital

Markets

-

0.0%

†

(continued)

Goldenstone

Acquisition

Ltd.,

expiring

7/21/2024

*(c)

32,200

1,620

Gores

Holdings

IX,

Inc.,

expiring

12/6/2024

(2)*(c)

552,098

44,278

Hennessy

Capital

Investment

Corp.

VI,

expiring

9/30/2024

*(c)

232,490

34,873

Inception

Growth

Acquisition

Ltd.,

expiring

7/13/2024

*(c)

56,259

8,872

Insight

Acquisition

Corp.,

expiring

8/7/2024

*(c)

25,170

984

Integral

Acquisition

Corp.

1,

expiring

8/5/2024

(2)*(c)

53,808

5,381

Integrated

Rail

and

Resources

Acquisition

Corp.,

expiring

7/15/2024

(3)*(c)

54,219

2,711

InterPrivate

III

Financial

Partners,

Inc.,

expiring

12/31/2027

(3)*(c)

16,500

167

Iris

Acquisition

Corp.,

expiring

8/9/2024

*(c)

63,888

2,555

Iron

Horse

Acquisitions

Corp.,

expiring

12/27/2024

*(c)

63,190

2,212

Learn

CW

Investment

Corp.,

expiring

7/13/2024

(2)*(c)

13,352

2,003

Maquia

Capital

Acquisition

Corp.,

expiring

8/7/2024

(2)*(c)

113,500

2,281

Marblegate

Acquisition

Corp.,

expiring

10/5/2024

*(c)

573,387

20,929

Metal

Sky

Star

Acquisition

Corp.,

expiring

8/5/2024

*(c)

103,342

1,292

Monterey

Capital

Acquisition

Corp.,

expiring

7/13/2024

(2)*(c)

71,394

2,927

New

Providence

Acquisition

Corp.

II,

expiring

11/9/2024

(2)*(c)

41,859

1,465

Newbury

Street

Acquisition

Corp.,

expiring

7/25/2024

*(c)

88,000

5,192

Northern

Star

Investment

Corp.

II,

expiring

1/31/2028

(3)*(c)

16,500

86

Northern

Star

Investment

Corp.

III,

expiring

2/25/2028

(3)*(c)

13,777

1

Northern

Star

Investment

Corp.

IV,

expiring

12/31/2027

(3)*(c)

13,777

1

NorthView

Acquisition

Corp.,

expiring

7/24/2024

*(c)

77,299

4,251

OCA

Acquisition

Corp.,

expiring

7/20/2024

(2)*(c)

55,769

5,025

OceanTech

Acquisitions

I

Corp.,

expiring

7/23/2024

(3)*(c)

104,000

7,790

Papaya

Growth

Opportunity

Corp.

I,

expiring

7/19/2024

(2)*(c)

206,644

7,233

INVESTMENTS

NO.

OF

WARRANTS

VALUE

($)

Capital

Markets

-

0.0%

†

(continued)

PHP

Ventures

Acquisition

Corp.,

expiring

7/16/2024

(3)*(c)

14,700

648

PMV

Consumer

Acquisition

Corp.,

expiring

8/31/2027

*(c)

146,000

44

Pono

Capital

Two,

Inc.,

expiring

11/9/2024

*(c)

92,094

6,539

PowerUp

Acquisition

Corp.,

expiring

2/17/2025

(2)*(c)

226,462

6,816

Priveterra

Acquisition

Corp.

II,

expiring

10/12/2024

(3)*(c)

72,083

1,442

Qomolangma

Acquisition

Corp.,

expiring

8/4/2024

*(c)

23,684

590

Relativity

Acquisition

Corp.,

expiring

7/15/2024

(3)*(c)

89,748

–

RF

Acquisition

Corp.,

expiring

7/28/2024

(3)*(c)

114,573

2,303

Roth

CH

Acquisition

V

Co.,

expiring

8/3/2024

*(c)

14,143

819

ShoulderUp

Technology

Acquisition

Corp.,

expiring

11/19/2024

*(c)

108,870

44

SilverBox

Corp.

III,

expiring

8/28/2024

*(c)

35,738

5,093

Southport

Acquisition

Corp.,

expiring

12/14/2024

*(c)

182,986

3,660

TG

Venture

Acquisition

Corp.,

expiring

8/5/2024

(3)*(c)

215,235

–

Thunder

Bridge

Capital

Partners

IV,

Inc.,

expiring

1/2/2025

(2)*(c)

64,400

10,948

Vision

Sensing

Acquisition

Corp.,

expiring

8/3/2024

(2)*(c)

38,412

768

Western

Acquisition

Ventures

Corp.,

expiring

7/11/2024

(3)*(c)

67,539

2,195

Yotta

Acquisition

Corp.,

expiring

8/22/2024

(2)*(c)

68,693

728

Zalatoris

Acquisition

Corp.,

expiring

7/14/2024

(2)*(c)

54,960

1,319

513,340

Insurance

-

0.0%

†

Sagicor

Financial

Co.

Ltd.,

expiring

12/5/2024

(Canada)

(3)*

76,623

280

a

Mortgage

Real

Estate

Investment

Trusts

(REITs)

-

0.0%

†

Broadmark

Realty

Capital,

Inc.,

expiring

11/15/2024

(3)*

255,656

1,304

a

Total

Financials

514,924

Health

Care

-

0.0%

†

Biotechnology

-

0.0%

†

180

Life

Sciences

Corp.,

expiring

11/7/2025

*

36,915

384

Carmell

Corp.,

expiring

7/12/2028

(2)*

38,145

3,052

Peak

Bio,

Inc.,

expiring

12/31/2027

(3)*

5,171

52

44

AQR

Funds

|

Semi-Annual

Report

|

June

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

DIVERSIFIED

ARBITRAGE

FUND

Schedule

of

Investments

June

30,

2024

(Unaudited)

(Continued)

INVESTMENTS

NO.

OF

WARRANTS

VALUE

($)

Biotechnology

-

0.0%

†

(continued)

ZyVersa

Therapeutics,

Inc.,

expiring

12/20/2026

(3)*

38,655

–

3,488

Health

Care

Equipment

&

Supplies

-

0.0%

†

QT

Imaging

Holdings,

Inc.,

expiring

12/31/2028

(3)*

87,428

1,827

a

Health

Care

Technology

-

0.0%

†

iCoreConnect,

Inc.,

expiring

5/15/2028

(3)*

64,811

39

a

Life

Sciences

Tools

&

Services

-

0.0%

†

Conduit

Pharmaceuticals,

Inc.,

expiring

2/3/2027

(2)*

70,542

1,086

a

Total

Health

Care

6,440

Industrials

-

0.0%

†

Commercial

Services

&

Supplies

-

0.0%

†

ESGL

Holdings

Ltd.,

expiring

4/13/2028

(Singapore)

*

24,234

315

Royalty

Management

Holding

Corp.,

expiring

5/28/2026

*

33,237

585

900

Construction

&

Engineering

-

0.0%

†

Southland

Holdings,

Inc.,

expiring

9/1/2026

*

18,283

6,279

a

Machinery

-

0.0%

†

Nuburu,

Inc.,

expiring

9/7/2027

*

113,071

1,125

a

Total

Industrials

8,304

Information

Technology

-

0.0%

†

Electronic

Equipment,

Instruments

&

Components

-

0.0%

†

MultiSensor

AI

Holdings,

Inc.,

expiring

12/19/2028

*

24,110

723

a

Software

-

0.0%

†

Banzai

International,

Inc.,

expiring

12/31/2026

(2)*

49,818

1,435

VSee

Health,

Inc.,

expiring

11/4/2028

*

57,606

11,521

12,956

Total

Information

Technology

13,679

Materials

-

0.0%

†

Chemicals

-

0.0%

†

Global

Gas

Corp.,

expiring

10/29/2027

*

10,829

55

a

Metals

&

Mining

-

0.0%

†

Critical

Metals

Corp.,

expiring

6/6/2028

(Austria)

*

16,289

4,968

NioCorp

Developments

Ltd.,

expiring

3/17/2028

(Canada)

*

81,491

18,906

23,874

Total

Materials

23,929

INVESTMENTS

NO.

OF

WARRANTS

VALUE

($)

Utilities

-

0.0%

†

Independent

Power

and

Renewable

Electricity

Producers

-

0.0%

†

Alternus

Clean

Energy,

Inc.,

expiring

12/22/2028

(2)*

94,880

1,044

a

TOTAL

WARRANTS

(Cost

$109,789)

572,318

NO.

OF

UNITS

SECURITIES

IN

LITIGATION

-

0.0%

Health

Care

-

0.0%

Health

Care

Equipment

&

Supplies

-

0.0%

DEMC

Ltd.,

Class

A

(United

Kingdom)

(acquired

1/24/2014

-

10/29/2015,

Cost

$129,686)

(3)*(d)

12,969

–

DEMC

Ltd.,

Class

A-2

(acquired

2/8/2023,

Cost

$–)

(3)*(d)

368,190,309

–

DEMC

Ltd.,

Class

A-3

(acquired

2/8/2023,

Cost

$–)

(3)*(d)

292,030,544,028

–

DEMC

Ltd.,

Class

A-4

(acquired

2/8/2023,

Cost

$–)

(3)*(d)

40,321,771,424,070

–

DEMC

Ltd.,

Class

B

(acquired

1/27/2014,

Cost

$11)

(3)*(d)

10,488

–

DEMC

Ltd.,

Class

B-2

(Malaysia)

(acquired

4/12/2017,

Cost

$–)

(3)*(d)

513,897,326

–

DEMC

Ltd.,

Class

B-3

(acquired

9/5/2019,

Cost

$–)

(3)*(d)

489,352,292,604

–

DEMC

Ltd.,

Class

B-4

(acquired

1/31/2022,

Cost

$–)

(3)*(d)

40,321,771,424,070

–

Total

Health

Care

–

TOTAL

SECURITIES

IN

LITIGATION

(Cost

$129,697)

–

UNITS

-

0.8%

Financials

-

0.8%

Capital

Markets

-

0.8%

Centurion

Acquisition

Corp.

*(c)

428,336

4,279,077

Chenghe

Acquisition

II

Co.

(Singapore)

*(c)

80,643

807,236

Churchill

Capital

Corp.

IX

(2)*(c)

12,041

121,735

Flag

Ship

Acquisition

Corp.

*(c)

86,443

865,294

GP-Act

III

Acquisition

Corp.

(2)*(c)

61,846

620,315

Graf

Global

Corp.

*(c)

229,166

2,291,843

Lionheart

Holdings

*(c)

469,281

4,692,810

Melar

Acquisition

Corp.

I

*(c)

171,985

1,719,850

RF

Acquisition

Corp.

II

(Singapore)

(2)*(c)

46,579

468,585

Total

Financials

15,866,745

TOTAL

UNITS

(Cost

$15,890,626)

15,866,745

Schedule

of

Investments

June

30,

2024

(Unaudited)

AQR

DIVERSIFIED

ARBITRAGE

FUND

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

Funds

|

Semi-Annual

Report

|

June

2024

45

(Continued)

INVESTMENTS

SHARES

VALUE

($)

SHORT-TERM

INVESTMENTS

-

37.7%

INVESTMENT

COMPANIES

-

17.9%

Goldman

Sachs

Financial

Square

Funds

-

Treasury

Instruments

Fund,

Institutional

Shares,

5.19%

(g)(h)

50,972,797

50,972,797

Limited

Purpose

Cash

Investment

Fund,

5.33%

(g)(i)

288,900,761

288,785,200

TOTAL

INVESTMENT

COMPANIES

(Cost

$339,648,633)

339,757,997

PRINCIPAL

AMOUNT

U.S.

TREASURY

OBLIGATIONS

-

19.8%

U.S.

Treasury

Bills

5.18%,

7/5/2024

(2)(a)(j)

$

47,000,000

46,972,461

5.24%,

9/26/2024

(2)(a)(j)

107,614,000

106,255,150

5.26%,

10/3/2024

(2)(a)(j)

47,671,000

47,026,846

5.26%,

10/10/2024

(2)(a)(j)(k)

108,738,000

107,153,159

5.29%,

10/17/2024

(2)(j)(k)

19,164,000

18,864,754

5.30%,

10/24/2024

(2)(j)(k)

35,000,000

34,419,785

5.30%,

10/31/2024

(2)(j)(k)

17,462,000

17,155,760

TOTAL

U.S.

TREASURY

OBLIGATIONS

(Cost

$377,916,183)

377,847,915

TOTAL

SHORT-TERM

INVESTMENTS

(Cost

$717,564,816)

717,605,912

NO.

OF

CONTRACTS

PURCHASED

OPTIONS

-

0.0%

†

Put

Option

-

0.0%

†

Exchange

Traded

Information

Technology

-

0.0%

†

Software

-

0.0%

†

Cerence,

Inc.

Exercise

Price

USD

2.50

Notional

Amount

USD

1,313,969

Expiration

Date

12/20/2024

4,643

197,328

TOTAL

PURCHASED

OPTIONS

(Cost

$236,793)

197,328

TOTAL

LONG

POSITIONS

(Cost

$2,486,450,867)

2,546,782,765

SHARES

SHORT

POSITIONS

-

(47.9)%

COMMON

STOCKS

-

(42.7)%

Communication

Services

-

(1.0)%

Entertainment

-

(0.2)%

Eventbrite,

Inc.,

Class

A

(79,613)

(385,327)

Live

Nation

Entertainment,

Inc.

(39,579)

(3,710,135)

(4,095,462)

Interactive

Media

&

Services

-

(0.2)%

Alphabet,

Inc.,

Class

C

(4,075)

(747,437)

Match

Group,

Inc.

(83,221)

(2,528,254)

Snap,

Inc.,

Class

A

(46,722)

(776,052)

(4,051,743)

INVESTMENTS

SHARES

VALUE

($)

Media

-

(0.6)%

Charter

Communications,

Inc.,

Class

A

(29,742)

(8,891,668)

Liberty

Media

Corp-Liberty

SiriusXM,

Class

A

(91,543)

(2,027,678)

(10,919,346)

Total

Communication

Services

(19,066,551)

Consumer

Discretionary

-

(14.1)%

Automobile

Components

-

(0.5)%

LCI

Industries

(14,681)

(1,517,722)

Patrick

Industries,

Inc.

(78,597)

(8,531,704)

(10,049,426)

Automobiles

-

(0.5)%

Ford

Motor

Co.

(363,113)

(4,553,437)

Rivian

Automotive,

Inc.,

Class

A

(173,755)

(2,331,792)

Winnebago

Industries,

Inc.

(37,452)

(2,029,899)

(8,915,128)

Broadline

Retail

-

(0.0)%

†

Etsy,

Inc.

(7,445)

(439,106)

Diversified

Consumer

Services

-

(1.3)%

Stride,

Inc.

(333,293)

(23,497,156)

Hotels,

Restaurants

&

Leisure

-

(10.9)%

Carnival

Corp.

(1,758,265)

(32,914,721)

DraftKings,

Inc.,

Class

A

(44,041)

(1,681,045)

MakeMyTrip

Ltd.

(India)

(263,322)

(22,145,380)

Norwegian

Cruise

Line

Holdings

Ltd.

(182,051)

(3,420,738)

Royal

Caribbean

Cruises

Ltd.

(928,542)

(148,037,451)

(208,199,335)

Specialty

Retail

-

(0.4)%

Wayfair,

Inc.,

Class

A

(155,535)

(8,201,361)

Textiles,

Apparel

&

Luxury

Goods

-

(0.5)%

Under

Armour,

Inc.,

Class

C

(1,458,070)

(9,521,197)

Total

Consumer

Discretionary

(268,822,709)

Consumer

Staples

-

(0.6)%

Beverages

-

(0.2)%

MGP

Ingredients,

Inc.

(47,722)

(3,550,517)

Consumer

Staples

Distribution

&

Retail

-

(0.3)%

Chefs'

Warehouse,

Inc.

(The)

(151,829)

(5,938,032)

Household

Products

-

(0.1)%

Central

Garden

&

Pet

Co.

(49,840)

(1,918,840)

Total

Consumer

Staples

(11,407,389)

Energy

-

(8.5)%

Energy

Equipment

&

Services

-

(3.0)%

Noble

Corp.

plc

(192,217)

(8,582,489)

Schlumberger

NV

(560,444)

(26,441,748)

Transocean

Ltd.

(4,270,548)

(22,847,432)

(57,871,669)

46

AQR

Funds

|

Semi-Annual

Report

|

June

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

DIVERSIFIED

ARBITRAGE

FUND

Schedule

of

Investments

June

30,

2024

(Unaudited)

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Oil,

Gas

&

Consumable

Fuels

-

(5.5)%

Chesapeake

Energy

Corp.

(442,757)

(36,390,198)

Crescent

Energy

Co.,

Class

A

(778,543)

(9,225,734)

EQT

Corp.

(925,822)

(34,236,897)

Green

Plains,

Inc.

(26,878)

(426,285)

Kosmos

Energy

Ltd.

(Ghana)

(502,992)

(2,786,576)

Northern

Oil

&

Gas,

Inc.

(196,298)

(7,296,397)

Peabody

Energy

Corp.

(248,100)

(5,487,972)

World

Kinect

Corp.

(315,085)

(8,129,193)

(103,979,252)

Total

Energy

(161,850,921)

Financials

-

(1.9)%

Banks

-

(0.8)%

UMB

Financial

Corp.

(183,216)

(15,283,879)

Capital

Markets

-

(0.6)%

Coinbase

Global,

Inc.,

Class

A

(27,381)

(6,084,880)

Penson

Worldwide,

Inc.

(3)

(212,307)

–

WisdomTree,

Inc.

(512,994)

(5,083,770)

(11,168,650)

Consumer

Finance

-

(0.5)%

EZCORP,

Inc.,

Class

A

(622,244)

(6,514,895)

SoFi

Technologies,

Inc.

(338,520)

(2,237,617)

(8,752,512)

Financial

Services

-

(0.0)%

†

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

Inc.

(5,046)

(149,361)

Total

Financials

(35,354,402)

Health

Care

-

(2.1)%

Biotechnology

-

(1.2)%

Alnylam

Pharmaceuticals,

Inc.

(152)

(36,936)

Bridgebio

Pharma,

Inc.

(21,372)

(541,353)

Cytokinetics,

Inc.

(95,219)

(5,158,965)

Exact

Sciences

Corp.

(30,978)

(1,308,820)

GRAIL,

Inc.

(170,413)

(2,619,248)

Halozyme

Therapeutics,

Inc.

(81,546)

(4,269,749)

Ionis

Pharmaceuticals,

Inc.

(90,096)

(4,293,975)

Sarepta

Therapeutics,

Inc.

(28,924)

(4,569,992)

Travere

Therapeutics,

Inc.

(97,644)

(802,634)

(23,601,672)

Health

Care

Equipment

&

Supplies

-

(0.5)%

CONMED

Corp.

(12,542)

(869,411)

Envista

Holdings

Corp.

(11,866)

(197,332)

Lantheus

Holdings,

Inc.

(53,374)

(4,285,398)

Merit

Medical

Systems,

Inc.

(47,364)

(4,070,936)

(9,423,077)

Health

Care

Providers

&

Services

-

(0.1)%

Guardant

Health,

Inc.

(51,944)

(1,500,143)

Health

Care

Technology

-

(0.1)%

Evolent

Health,

Inc.,

Class

A

(76,840)

(1,469,181)

INVESTMENTS

SHARES

VALUE

($)

Life

Sciences

Tools

&

Services

-

(0.0)%

†

Inotiv,

Inc.

(44,640)

(74,103)

Repligen

Corp.

(6,690)

(843,341)

(917,444)

Pharmaceuticals

-

(0.2)%

Innoviva,

Inc.

(227,212)

(3,726,277)

Total

Health

Care

(40,637,794)

Industrials

-

(1.8)%

Construction

&

Engineering

-

(0.6)%

Granite

Construction,

Inc.

(53,148)

(3,293,582)

WillScot

Mobile

Mini

Holdings

Corp.

(194,369)

(7,316,049)

(10,609,631)

Electrical

Equipment

-

(0.5)%

Array

Technologies,

Inc.

(304,830)

(3,127,556)

Bloom

Energy

Corp.,

Class

A

(511,849)

(6,265,031)

(9,392,587)

Machinery

-

(0.3)%

Greenbrier

Cos.,

Inc.

(The)

(128,878)

(6,385,905)

Passenger

Airlines

-

(0.1)%

American

Airlines

Group,

Inc.

(50,926)

(576,992)

Southwest

Airlines

Co.

(60,238)

(1,723,409)

(2,300,401)

Professional

Services

-

(0.2)%

CSG

Systems

International,

Inc.

(39,996)

(1,646,635)

First

Advantage

Corp.

(142,492)

(2,289,847)

(3,936,482)

Trading

Companies

&

Distributors

-

(0.1)%

Xometry,

Inc.,

Class

A

(112,795)

(1,303,910)

Total

Industrials

(33,928,916)

Information

Technology

-

(10.1)%

Communications

Equipment

-

(0.3)%

Infinera

Corp.

(264,137)

(1,608,594)

Lumentum

Holdings,

Inc.

(47,629)

(2,425,269)

Nokia

OYJ,

ADR

(Finland)

(295,723)

(1,117,833)

(5,151,696)

Electronic

Equipment,

Instruments

&

Components

-

(0.4)%

Itron,

Inc.

(45,284)

(4,481,305)

Vishay

Intertechnology,

Inc.

(162,060)

(3,613,938)

(8,095,243)

IT

Services

-

(0.2)%

Akamai

Technologies,

Inc.

(38,442)

(3,462,855)

Cloudflare,

Inc.,

Class

A

(11,780)

(975,737)

DigitalOcean

Holdings,

Inc.

(2,137)

(74,261)

(4,512,853)

Schedule

of

Investments

June

30,

2024

(Unaudited)

AQR

DIVERSIFIED

ARBITRAGE

FUND

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

Funds

|

Semi-Annual

Report

|

June

2024

47

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Semiconductors

&

Semiconductor

Equipment

-

(4.7)%

MACOM

Technology

Solutions

Holdings,

Inc.

(72,569)

(8,089,266)

Microchip

Technology,

Inc.

(83,181)

(7,611,062)

MKS

Instruments,

Inc.

(67,278)

(8,785,161)

ON

Semiconductor

Corp.

(60,503)

(4,147,481)

SMART

Global

Holdings,

Inc.

(48,132)

(1,100,779)

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.,

ADR

(Taiwan)

(341,846)

(59,416,253)

Wolfspeed,

Inc.

(15,843)

(360,587)

(89,510,589)

Software

-

(3.1)%

Alarm.com

Holdings,

Inc.

(21,047)

(1,337,326)

Bentley

Systems,

Inc.,

Class

B

(38,872)

(1,918,722)

BlackLine,

Inc.

(43,198)

(2,092,943)

Cerence,

Inc.

(185,325)

(524,470)

CyberArk

Software

Ltd.

(90,297)

(24,689,006)

Five9,

Inc.

(53,265)

(2,348,986)

InterDigital,

Inc.

(89,255)

(10,403,563)

MicroStrategy,

Inc.,

Class

A

(2,400)

(3,305,952)

Nice

Ltd.,

ADR

(Israel)

(4,795)

(824,596)

PagerDuty,

Inc.

(204,945)

(4,699,389)

Progress

Software

Corp.

(85,238)

(4,625,014)

Rapid7,

Inc.

(67,379)

(2,912,794)

(59,682,761)

Technology

Hardware,

Storage

&

Peripherals

-

(1.4)%

Super

Micro

Computer,

Inc.

(3,149)

(2,580,133)

Western

Digital

Corp.

(305,374)

(23,138,188)

(25,718,321)

Total

Information

Technology

(192,671,463)

Materials

-

(0.5)%

Containers

&

Packaging

-

(0.4)%

International

Paper

Co.

(185,923)

(8,022,578)

Metals

&

Mining

-

(0.1)%

MP

Materials

Corp.

(177,343)

(2,257,576)

Total

Materials

(10,280,154)

Real

Estate

-

(0.4)%

Office

REITs

-

(0.2)%

COPT

Defense

Properties,

REIT

(178,478)

(4,467,305)

Real

Estate

Management

&

Development

-

(0.2)%

CoStar

Group,

Inc.

(36,958)

(2,740,066)

Total

Real

Estate

(7,207,371)

Utilities

-

(1.7)%

Electric

Utilities

-

(1.1)%

Alliant

Energy

Corp.

(30,770)

(1,566,193)

Duke

Energy

Corp.

(20,508)

(2,055,517)

Evergy,

Inc.

(62,294)

(3,299,713)

FirstEnergy

Corp.

(91,143)

(3,488,042)

PG&E

Corp.

(184,398)

(3,219,589)

Pinnacle

West

Capital

Corp.

(29,649)

(2,264,591)

INVESTMENTS

SHARES

VALUE

($)

Electric

Utilities

-

(1.1)%

(continued)

PPL

Corp.

(30,529)

(844,127)

Southern

Co.

(The)

(60,037)

(4,657,070)

(21,394,842)

Gas

Utilities

-

(0.2)%

UGI

Corp.

(185,252)

(4,242,271)

Multi-Utilities

-

(0.4)%

CenterPoint

Energy,

Inc.

(105,021)

(3,253,550)

WEC

Energy

Group,

Inc.

(47,830)

(3,752,742)

(7,006,292)

Total

Utilities

(32,643,405)

TOTAL

COMMON

STOCKS

(Proceeds

$(777,965,874))

(813,871,075)

EXCHANGE

TRADED

FUNDS

-

(0.1)%

Financials

-

(0.1)%

Capital

Markets

-

(0.1)%

VanEck

Gold

Miners

ETF

(Proceeds

$(939,229))

(29,452)

(999,306)

PRINCIPAL

AMOUNT

CORPORATE

BONDS

-

(1.7)%

Consumer

Discretionary

-

(1.0)%

Broadline

Retail

-

(0.2)%

Match

Group

Holdings

II

LLC

4.63%,

6/1/2028

(2)(f)

$

(3,441,000)

(3,219,818)

3.63%,

10/1/2031

(2)(f)

(1,709,000)

(1,447,569)

(4,667,387)

Hotels,

Restaurants

&

Leisure

-

(0.8)%

Carnival

Corp.

6.00%,

5/1/2029

(2)(f)

(8,875,000)

(8,766,901)

NCL

Corp.

Ltd.

7.75%,

2/15/2029

(2)(f)

(5,488,000)

(5,705,879)

(14,472,780)

Total

Consumer

Discretionary

(19,140,167)

Energy

-

(0.3)%

Energy

Equipment

&

Services

-

(0.3)%

Transocean,

Inc.

8.50%,

5/15/2031

(2)(f)

(6,525,000)

(6,527,799)

Financials

-

(0.1)%

Capital

Markets

-

(0.1)%

HAT

Holdings

I

LLC

3.75%,

9/15/2030

(2)(f)

(3,150,000)

(2,747,910)

Information

Technology

-

(0.3)%

Technology

Hardware,

Storage

&

Peripherals

-

(0.3)%

Western

Digital

Corp.

4.75%,

2/15/2026

(2)

(4,875,000)

(4,772,825)

TOTAL

CORPORATE

BONDS

(Proceeds

$(32,539,354))

(33,188,701)

48

AQR

Funds

|

Semi-Annual

Report

|

June

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

DIVERSIFIED

ARBITRAGE

FUND

Schedule

of

Investments

June

30,

2024

(Unaudited)

(Continued)

INVESTMENTS

PRINCIPAL

AMOUNT

VALUE

($)

CONVERTIBLE

BONDS

-

(3.4)%

Consumer

Discretionary

-

(0.3)%

Hotels,

Restaurants

&

Leisure

-

(0.1)%

Marriott

Vacations

Worldwide

Corp.

3.25%,

12/15/2027

(2)

$

(1,392,000)

(1,266,720)

Household

Durables

-

(0.2)%

Meritage

Homes

Corp.

1.75%,

5/15/2028

(2)(f)

(4,725,000)

(4,691,925)

Total

Consumer

Discretionary

(5,958,645)

Financials

-

(0.2)%

Financial

Services

-

(0.2)%

Global

Payments,

Inc.

1.50%,

3/1/2031

(2)(f)

(3,550,000)

(3,250,025)

Industrials

-

(1.0)%

Commercial

Services

&

Supplies

-

(0.2)%

Tetra

Tech,

Inc.

2.25%,

8/15/2028

(2)(f)

(3,200,000)

(3,753,519)

Ground

Transportation

-

(0.6)%

Lyft,

Inc.

0.63%,

3/1/2029

(2)(f)

(3,125,000)

(3,090,100)

Uber

Technologies,

Inc.

Series

2028,

0.88%,

12/1/2028

(2)(f)

(7,000,000)

(8,323,000)

(11,413,100)

Professional

Services

-

(0.2)%

Parsons

Corp.

2.63%,

3/1/2029

(2)(f)

(3,550,000)

(3,789,625)

Total

Industrials

(18,956,244)

Information

Technology

-

(0.6)%

Software

-

(0.3)%

Envestnet,

Inc.

2.63%,

12/1/2027

(2)

(4,700,000)

(5,036,050)

Technology

Hardware,

Storage

&

Peripherals

-

(0.3)%

Seagate

HDD

Cayman

3.50%,

6/1/2028

(2)(f)

(4,975,000)

(6,788,387)

Total

Information

Technology

(11,824,437)

Real

Estate

-

(0.3)%

Health

Care

REITs

-

(0.2)%

Welltower

OP

LLC

2.75%,

5/15/2028

(2)(f)

(3,500,000)

(4,149,275)

Real

Estate

Management

&

Development

-

(0.1)%

Zillow

Group,

Inc.

1.38%,

9/1/2026

(2)

(1,650,000)

(1,989,259)

Total

Real

Estate

(6,138,534)

A

A

INVESTMENTS

PRINCIPAL

AMOUNT

VALUE

($)

Utilities

-

(1.0)%

Electric

Utilities

-

(1.0)%

NextEra

Energy

Capital

Holdings,

Inc.

3.00%,

3/1/2027

(2)(f)

$

(16,950,000)

(19,356,900)

TOTAL

CONVERTIBLE

BONDS

(Proceeds

$(65,460,081))

(65,484,785)

TOTAL

SHORT

POSITIONS

(Proceeds

$(876,904,538))

(913,543,867)

TOTAL

INVESTMENTS

IN

SECURITIES

AT

VALUE

-

85.7%

(Cost

$1,609,546,329)

1,633,238,898

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

-

14.3%

‡

272,909,971

NET

ASSETS

-

100.0%

1,906,148,869

SECTOR

VALUE

%

OF

NET

ASSETS

Communication

Services

$

43,759,935

2.3

%

Consumer

Discretionary

117,222,068

6.2

Consumer

Staples

10,405,532

0.5

Energy

21,398,682

1.2

Financials

199,990,431

10.4

Health

Care

119,263,364

6.3

Industrials

123,274,750

6.5

Information

Technology

138,544,957

7.2

Materials

35,578,370

1.9

Real

Estate

8,342,491

0.4

Utilities

97,852,406

5.1

Investment

Companies

339,757,997

17.9

U.S.

Treasury

Obligations

377,847,915

19.8

Total

Investments

In

Securities

At

Value

1,633,238,898

85.7

Other

Assets

in

Excess

of

Liabilities

‡

272,909,971

14.3

Net

Assets

$

1,906,148,869

100.0%

Schedule

of

Investments

June

30,

2024

(Unaudited)

AQR

DIVERSIFIED

ARBITRAGE

FUND

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

Funds

|

Semi-Annual

Report

|

June

2024

49

(Continued)

*

Non-income

producing

security.

†

Represents

less

than

0.05%

of

net

assets.

‡

Includes

appreciation/(depreciation)

on

forward

foreign

currency

exchange,

futures

and

swap

contracts.

(a)

All

or

a

portion

of

this

security

is

segregated

in

connection

with

obligations

for

securities

sold

short.

Total

value

of

all

such

securities

at

June

30,

2024

amounted

to

$1,289,492,233;

additional

securities

sold

but

not

yet

settled

totaling

$3,257,263

were

also

segregated.

In

addition,

$258,949,419

of

cash

collateral

was

also

pledged.

(b)

Securities

are

subject

to

contractual

sale

restrictions

of

up

to

twelve

months.

Total

value

of

all

such

securities

at

June

30,

2024

amounted

to

$199,000.

Circumstances

that

could

cause

a

lapse

in

the

contractual

sale

restrictions

include

but

are

not

limited

to

amendments

to

the

original

contractual

provision

and

market

conditions.

(c)

Special

Purpose

Acquisition

Company.

(d)

Restricted

securities. 

Securities

acquired

through

a

private

placement

transaction

exempt

from

registration

under

the

Securities

Act

of 1933

and/

or may

be

subject

to

legal

or

contractual

restrictions

on

resale

(excluding

144A

securities).

Total

value

of

all

such

securities

at

June

30,

2024

amounted

to

$0,

which

represents

0.00%

of

net

assets

of

the

Fund.

(e)

Defaulted

security.

(f)

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,

2024

amounted

to

$301,198,639,

which

represents

15.80%

of

net

assets

of

the

Fund.

(g)

Represents

7-day

effective

yield

as

of

June

30,

2024.

(h)

All

or

a

portion

of

the

security

pledged

as

collateral

for

forward

foreign

currency

exchange

and

swap

contracts.

(i)

For

the

period

ended

June

30,

2024,

transactions

with

and

earnings

from

issuers

considered

to

be

an

affiliated

issuer

were

as

follows:

(j)

The

rate

shown

was

the

effective

yield

at

the

date

of

purchase.

(k)

All

or

a

portion

of

the

security

pledged

as

collateral

for

swap

contracts.

Affiliate

Value

At

12/31/2023

Purchases

At

Cost

Proceeds

From

Sales

Net

Realized

Gain

(Loss)

Net

Change

In

Unrealized

App/Dep

Value

At

6/30/2024

Shares

Held

At

6/30/2024

Dividend

Income

Capital

Gain

Distributions

SHORT-TERM

INVESTMENTS

-

15.2%

INVESTMENT

COMPANIES

-

15.2%

Limited

Purpose

Cash

Investment

Fund,

5.33%

(a)

(Cost

$288,675,836)

$333,797,563

$1,335,491,769

$(1,380,496,168)

$6,843

$(14,807)

$288,785,200

288,900,761

$10,436,223

$–

(a)

Represents

7-day

effective

yield

as

of

June

30,

2024.

All

bonds

are

denominated

in

US

dollars,

unless

noted

otherwise.

All

securities

are

United

States

companies,

unless

noted

otherwise

in

parentheses.

All

securities

are

Level

1

with

respect

to

ASC

820,

unless

otherwise

noted

in

parentheses.

(2)

Level

2

security

(See

Note

5).

(3)

Security

fair

valued

using

significant

unobservable

inputs

(Level

3)

in

accordance

with

procedures

approved

by

the

Board

of

Trustees

(See

Note

5).

Credit

default

swap

contracts

outstanding

-

buy

protection

as

of

June

30,

2024:

Exchange-Cleared

REFERENCE

ENTITY

FINANCING

RATE

PAID

PAYMENT

FREQUENCY

MATURITY

DATE

CREDIT

SPREAD

NOTIONAL

AMOUNT

UPFRONT

PREMIUM

PAID

(RECEIVED)

UNREALIZED

APPRECIATION

(DEPRECIATION)

VALUE

Markit

CDX

North

America

High

Yield

Index

Series

42.V1

5.00

%

Quarterly

6/20/2029

3.45

%

USD

82,200,000

$

(5,404,059)

$

170,059

$

(5,234,000)

$

(5,404,059)

$

170,059

$

(5,234,000)

50

AQR

Funds

|

Semi-Annual

Report

|

June

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

DIVERSIFIED

ARBITRAGE

FUND

Schedule

of

Investments

June

30,

2024

(Unaudited)

(Continued)

Total

return

swap

contracts

outstanding

as

of

June

30,

2024

:

Over-the-Counter

REFERENCE

ENTITY

PAYMENTS

MADE

BY

FUND

PAYMENTS

RECEIVED

BY

FUND

PAYMENT

FREQUENCY

COUNTERPARTY

MATURITY

DATE

NOTIONAL

AMOUNT

VALUE

AND

UNREALIZED

APPRECIATION

(DEPRECIATION)

S&P

500

Total

Return

Index

Increases

in

total

return

of

reference

entity

Decreases

in

total

return

of

reference

entity

and

receives

the

OBFR

plus

or

minus

a

specified

spread

(0.64%)

Monthly

JPMC

09/30/2024

USD

(55,296,805)

$

–

Net

unrealized

appreciation

$

–

Futures

contracts

outstanding

as

of

June

30,

2024:

Exchange-Traded

DESCRIPTION

NUMBER

OF

CONTRACTS

EXPIRATION

DATE

TRADING

CURRENCY

NOTIONAL

AMOUNT

VALUE

AND

UNREALIZED

APPRECIATION

(DEPRECIATION)

Short

Contracts

U.S.

Treasury

10

Year

Note

(362)

9/2024

USD

$

(39,769,094)

$

(287,502)

U.S.

Treasury

2

Year

Note

(1,451)

9/2024

USD

(296,332,741)

(543,211)

U.S.

Treasury

5

Year

Note

(709)

9/2024

USD

(75,525,118)

(178,444)

Net

value

$

(1,009,157)

Forward

foreign

currency

exchange

contracts

outstanding

as

of

June

30,

2024:

Over-the-Counter

CURRENCY

PURCHASED

CURRENCY

SOLD

COUNTERPARTY

SETTLEMENT

DATE

UNREALIZED

APPRECIATION

(DEPRECIATION)

AUD

1,623,840

USD

1,079,363

CITI

9/18/2024

$

6,131

AUD

1,623,840

USD

1,079,358

JPMC

9/18/2024

6,135

DKK

5,883,327

USD

847,685

CITI

9/18/2024

1,087

DKK

5,883,327

USD

847,681

JPMC

9/18/2024

1,091

EUR

507,516

USD

544,743

CITI

9/18/2024

872

EUR

507,516

USD

544,740

JPMC

9/18/2024

876

USD

12,371,258

EUR

11,380,447

CITI

9/18/2024

136,481

USD

12,371,317

EUR

11,380,444

JPMC

9/18/2024

136,543

USD

175,721

GBP

138,362

CITI

9/18/2024

715

USD

175,723

GBP

138,363

JPMC

9/18/2024

716

AUD

272,000

USD

181,261

CITI

9/19/2024

567

AUD

272,000

USD

181,260

JPMC

9/19/2024

568

Total

unrealized

appreciation

291,782

AUD

807,840

USD

540,992

CITI

9/18/2024

(972)

AUD

807,840

USD

540,989

JPMC

9/18/2024

(968)

DKK

19,939,173

USD

2,878,367

CITI

9/18/2024

(1,795)

DKK

19,939,173

USD

2,878,353

JPMC

9/18/2024

(1,780)

EUR

800,643

USD

871,370

CITI

9/18/2024

(10,622)

EUR

800,639

USD

871,361

JPMC

9/18/2024

(10,619)

GBP

7,211,408

USD

9,200,040

CITI

9/18/2024

(78,740)

GBP

7,211,408

USD

9,199,994

JPMC

9/18/2024

(78,694)

USD

12,364,700

AUD

18,615,680

CITI

9/18/2024

(79,387)

Schedule

of

Investments

June

30,

2024

(Unaudited)

AQR

DIVERSIFIED

ARBITRAGE

FUND

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

Funds

|

Semi-Annual

Report

|

June

2024

51

(Continued)

CURRENCY

PURCHASED

CURRENCY

SOLD

COUNTERPARTY

SETTLEMENT

DATE

UNREALIZED

APPRECIATION

(DEPRECIATION)

USD

12,364,762

AUD

18,615,680

JPMC

9/18/2024

$

(79,325)

USD

77,190

DKK

536,250

CITI

9/18/2024

(173)

USD

77,190

DKK

536,250

JPMC

9/18/2024

(173)

USD

939,894

EUR

875,325

CITI

9/18/2024

(1,142)

USD

939,898

EUR

875,324

JPMC

9/18/2024

(1,137)

USD

13,135

GBP

10,396

CITI

9/18/2024

(14)

USD

13,135

GBP

10,396

JPMC

9/18/2024

(14)

USD

181,400

AUD

272,000

CITI

9/19/2024

(429)

USD

181,401

AUD

272,000

JPMC

9/19/2024

(428)

Total

unrealized

depreciation

(346,412)

Net

unrealized

depreciation

$

(54,630)

Total

return

basket

swap

contracts

outstanding

as

of

June

30,

2024:

Over-the-Counter

COUNTERPARTY

DESCRIPTION

TERMINATION

DATE

ABSOLUTE

NOTIONAL

VALUE

NET

UNREALIZED

APPRECIATION

(DEPRECIATION)

NET

CASH

AND

OTHER

RECEIVABLES

(PAYABLES)

VALUE

GSIN

The

Fund

receives

the

total

return

on

a

portfolio

of

long

equity

positions

and

pays

or

receives

the

Denmark

Tomorrow/Next

plus

or

minus

a

specified

spread

(0.03%),

which

is

denominated

in

DKK

based

on

the

local

currencies

of

the

positions

within

the

swap.

61

months

maturity

06/20/2029

$7,262,095

$106,944

$(3,737)

$103,207

GSIN

The

Fund

receives

the

total

return

on

a

portfolio

of

long

equity

positions

and

pays

or

receives

the

TONAR

plus

or

minus

a

specified

spread

(0.01%),

which

is

denominated

in

JPY

based

on

the

local

currencies

of

the

positions

within

the

swap.

56

months

maturity

01/29/2029

$16,213,253

$(91,804)

$(1,449)

$(93,253)

GSIN

The

Fund

receives

the

total

return

on

a

portfolio

of

long

equity

positions

and

pays

or

receives

the

STIBOR

plus

or

minus

a

specified

spread

(0.03%),

which

is

denominated

in

SEK

based

on

the

local

currencies

of

the

positions

within

the

swap.

56

months

maturity

01/29/2029

$11,840,160

$93,970

$(20,856)

$73,114

52

AQR

Funds

|

Semi-Annual

Report

|

June

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

DIVERSIFIED

ARBITRAGE

FUND

Schedule

of

Investments

June

30,

2024

(Unaudited)

(Continued)

COUNTERPARTY

DESCRIPTION

TERMINATION

DATE

ABSOLUTE

NOTIONAL

VALUE

NET

UNREALIZED

APPRECIATION

(DEPRECIATION)

NET

CASH

AND

OTHER

RECEIVABLES

(PAYABLES)

VALUE

GSIN

The

Fund

receives

the

total

return

on

a

portfolio

of

short

equity

positions

and

fixed

income

positions

and

pays

or

receives

the

OBFR

plus

or

minus

a

specified

spread

(-0.03%

to

0.07%),

which

is

denominated

in

USD

based

on

the

local

currencies

of

the

positions

within

the

swap.

49-61

months

maturity

ranging

from

09/17/2027

-

07/21/2028

$4,991,590

$(482,977)

$(93,876)

$(576,853)

GSIN

The

Fund

receives

the

total

return

on

a

portfolio

of

long

equity

positions

and

pays

or

receives

the

OBFR

plus

or

minus

a

specified

spread

(0.11%),

which

is

denominated

in

USD

based

on

the

local

currencies

of

the

positions

within

the

swap.

61

months

maturity

07/30/2027

$1,441,159

$175,320

$(149,919)

$25,401

COUNTERPARTY

DESCRIPTION

TERMINATION

DATE

ABSOLUTE

NOTIONAL

VALUE

NET

UNREALIZED

APPRECIATION

(DEPRECIATION)

NET

CASH

AND

OTHER

RECEIVABLES

(PAYABLES)

VALUE

BNPP

The

Fund

receives

the

total

return

on

a

portfolio

of

short

equity

positions

and

fixed

income

positions

and

pays

or

receives

the

OBFR

plus

or

minus

a

specified

spread

(-0.02%

to

0.07%),

which

is

denominated

in

USD

based

on

the

local

currencies

of

the

positions

within

the

swap.

43

months

maturity

06/25/2025

$54,922,079

$(4,565,768)

$(2,973,851)

$(7,539,619)

The

following

table

represents

disclosures

associated

with

the

underlying

components

of

the

total

return

basket

swap

contract

as

of

period

end:

REFERENCE

ENTITY

PRINCIPAL

AMOUNT

NOTIONAL

VALUE

($)

NET

UNREALIZED

APPRECIATION

(DEPRECIATION)

($)

PERCENTAGE

OF

SWAP

VALUE

(%)

Long

Positions

Convertible

Bonds

United

States

Bandwidth,

Inc.,

0.50%,

4/1/2028

7,105,000

5,335,206

(839,799)

11.1

Exact

Sciences

Corp.,

0.38%,

3/1/2028

8,850,000

7,254,944

(1,186,225)

15.7

Exact

Sciences

Corp.,

0.38%,

3/15/2027

7,719,000

6,716,722

(1,619,465)

21.5

Green

Plains,

Inc.,

2.25%,

3/15/2027

5,650,000

5,040,642

(2,662,354)

35.3

Liberty

Broadband

Corp.,

3.13%,

3/31/2053

1,000,000

1,068,684

121,115

(1.6)

Liberty

Media

Corp.,

2.38%,

9/30/2053

14,843,000

15,961,750

1,313,684

(17.4)

Schedule

of

Investments

June

30,

2024

(Unaudited)

AQR

DIVERSIFIED

ARBITRAGE

FUND

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

Funds

|

Semi-Annual

Report

|

June

2024

53

(Continued)

REFERENCE

ENTITY

SHARES

NOTIONAL

VALUE

($)

NET

UNREALIZED

APPRECIATION

(DEPRECIATION)

($)

PERCENTAGE

OF

SWAP

VALUE

(%)

Short

Positions

Common

Stocks

United

States

Bandwidth,

Inc.

(793)

(13,386)

2,408

(0.0)(a)

Charter

Communications,

Inc.

(4,972)

(1,486,429)

(92,089)

1.2

Exact

Sciences

Corp.

(34,820)

(1,471,145)

338,246

(4.5)

Green

Plains,

Inc.

(89,328)

(1,416,742)

436,058

(5.8)

Live

Nation

Entertainment,

Inc.

(97,679)

(9,156,429)

(377,347)

5.0

COUNTERPARTY

DESCRIPTION

TERMINATION

DATE

ABSOLUTE

NOTIONAL

VALUE

NET

UNREALIZED

APPRECIATION

(DEPRECIATION)

NET

CASH

AND

OTHER

RECEIVABLES

(PAYABLES)

VALUE

GSIN

The

Fund

receives

the

total

return

on

a

portfolio

of

long

and

short

equity

positions

and

pays

or

receives

the

AOISR

plus

or

minus

a

specified

spread

(-0.04%

to

0.04%),

which

is

denominated

in

AUD

based

on

the

local

currencies

of

the

positions

within

the

swap.

57-60

months

maturity

ranging

from

02/20/2029

-

05/11/2029

$50,338,359

$704,201

$137,282

$841,483

The

following

table

represents

disclosures

associated

with

the

underlying

components

of

the

total

return

basket

swap

contract

as

of

period

end:

REFERENCE

ENTITY

SHARES

NOTIONAL

VALUE

($)

NET

UNREALIZED

APPRECIATION

(DEPRECIATION)

($)

PERCENTAGE

OF

SWAP

VALUE

(%)

Long

Positions

Common

Stocks

Australia

Altium

Ltd.

349,697

15,810,638

54,713

6.5

CSR

Ltd.

1,964,232

11,635,812

(104,827)

(12.5)

PSC

Insurance

Group

Ltd.

333,572

1,346,282

(2,225)

(0.3)

Short

Positions

Common

Stocks

Australia

Rio

Tinto

Ltd.

(272,000)

(21,545,627)

756,540

89.9

COUNTERPARTY

DESCRIPTION

TERMINATION

DATE

ABSOLUTE

NOTIONAL

VALUE

NET

UNREALIZED

APPRECIATION

(DEPRECIATION)

NET

CASH

AND

OTHER

RECEIVABLES

(PAYABLES)

VALUE

GSIN

The

Fund

receives

the

total

return

on

a

portfolio

of

long

and

short

equity

positions

and

pays

or

receives

the

CORRA

plus

or

minus

a

specified

spread

(-0.03%

to

0.02%),

which

is

denominated

in

CAD

based

on

the

local

currencies

of

the

positions

within

the

swap.

61

months

maturity

ranging

from

06/05/2029

-

06/13/2029

$23,794,759

$307,367

$(107,231)

$200,136

54

AQR

Funds

|

Semi-Annual

Report

|

June

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

DIVERSIFIED

ARBITRAGE

FUND

Schedule

of

Investments

June

30,

2024

(Unaudited)

(Continued)

The

following

table

represents

disclosures

associated

with

the

underlying

components

of

the

total

return

basket

swap

contract

as

of

period

end:

REFERENCE

ENTITY

SHARES

NOTIONAL

VALUE

($)

NET

UNREALIZED

APPRECIATION

(DEPRECIATION)

($)

PERCENTAGE

OF

SWAP

VALUE

(%)

Long

Positions

Common

Stocks

Canada

Canadian

Western

Bank

267,589

8,485,078

269,053

134.4

Park

Lawn

Corp.

302,882

5,758,533

9,505

4.7

Short

Positions

Common

Stocks

Canada

National

Bank

of

Canada

(120,417)

(9,551,148)

28,809

14.4

COUNTERPARTY

DESCRIPTION

TERMINATION

DATE

ABSOLUTE

NOTIONAL

VALUE

NET

UNREALIZED

APPRECIATION

(DEPRECIATION)

NET

CASH

AND

OTHER

RECEIVABLES

(PAYABLES)

VALUE

GSIN

The

Fund

receives

the

total

return

on

a

portfolio

of

long

and

short

equity

positions

and

pays

or

receives

the

ESTR

plus

or

minus

a

specified

spread

(-0.08%

to

0.03%),

which

is

denominated

in

EUR

based

on

the

local

currencies

of

the

positions

within

the

swap.

52-61

months

maturity

ranging

from

09/21/2028

-

06/20/2029

$32,078,269

$324,897

$12,557

$337,454

The

following

table

represents

disclosures

associated

with

the

underlying

components

of

the

total

return

basket

swap

contract

as

of

period

end:

REFERENCE

ENTITY

SHARES

NOTIONAL

VALUE

($)

NET

UNREALIZED

APPRECIATION

(DEPRECIATION)

($)

PERCENTAGE

OF

SWAP

VALUE

(%)

Long

Positions

Common

Stocks

Germany

Encavis

AG

468,532

8,580,341

–

–

Short

Positions

Common

Stocks

Finland

Sampo

OYJ

(171,876)

(7,412,023)

(151,043)

(44.8)

Ireland

Smurfit

Kappa

Group

plc

(360,649)

(16,085,905)

475,940

141.0

Schedule

of

Investments

June

30,

2024

(Unaudited)

AQR

DIVERSIFIED

ARBITRAGE

FUND

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

Funds

|

Semi-Annual

Report

|

June

2024

55

(Continued)

COUNTERPARTY

DESCRIPTION

TERMINATION

DATE

ABSOLUTE

NOTIONAL

VALUE

NET

UNREALIZED

APPRECIATION

(DEPRECIATION)

NET

CASH

AND

OTHER

RECEIVABLES

(PAYABLES)

VALUE

GSIN

The

Fund

receives

the

total

return

on

a

portfolio

of

long

and

short

equity

positions

and

pays

or

receives

the

SONIA

plus

or

minus

a

specified

spread

(-0.03%

to

0.03%),

which

is

denominated

in

GBP

based

on

the

local

currencies

of

the

positions

within

the

swap.

49-61

months

maturity

ranging

from

06/13/2028

-

06/07/2029

$57,168,064

$650,914

$(484,775)

$166,139

The

following

table

represents

disclosures

associated

with

the

underlying

components

of

the

total

return

basket

swap

contract

as

of

period

end:

REFERENCE

ENTITY

SHARES

NOTIONAL

VALUE

($)

NET

UNREALIZED

APPRECIATION

(DEPRECIATION)

($)

PERCENTAGE

OF

SWAP

VALUE

(%)

Long

Positions

Common

Stocks

United

Arab

Emirates

Network

International

Holdings

plc

2,139,844

10,587,965

(26,364)

(15.9)

United

Kingdom

Darktrace

plc

1,393,350

10,130,523

(237,568)

(143.0)

DS

Smith

plc

1,446,851

7,668,262

1,065,701

641.5

International

Distribution

Services

plc

1,481,306

5,980,263

(204,589)

(123.1)

Redrow

plc

762,931

6,431,127

(348,753)

(209.9)

Spirent

Communications

plc

1,961,508

4,529,701

(37,345)

(22.5)

Virgin

Money

UK

plc

1,969,348

5,315,573

(4,134)

(2.5)

Short

Positions

Common

Stocks

United

Kingdom

Barratt

Developments

plc

(1,098,587)

(6,524,650)

443,966

267.2

COUNTERPARTY

DESCRIPTION

TERMINATION

DATE

ABSOLUTE

NOTIONAL

VALUE

NET

UNREALIZED

APPRECIATION

(DEPRECIATION)

NET

CASH

AND

OTHER

RECEIVABLES

(PAYABLES)

VALUE

GSIN

The

Fund

receives

the

total

return

on

a

portfolio

of

long

equity

positions

and

pays

or

receives

the

OBFR

plus

or

minus

a

specified

spread

(0.05%),

which

is

denominated

in

USD

based

on

the

local

currencies

of

the

positions

within

the

swap.

58

months

maturity

03/05/2029

$50,621,019

$3,158,668

$13,875

$3,172,543

56

AQR

Funds

|

Semi-Annual

Report

|

June

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

DIVERSIFIED

ARBITRAGE

FUND

Schedule

of

Investments

June

30,

2024

(Unaudited)

(Continued)

The

following

table

represents

disclosures

associated

with

the

underlying

components

of

the

total

return

basket

swap

contract

as

of

period

end:

REFERENCE

ENTITY

SHARES

NOTIONAL

VALUE

($)

NET

UNREALIZED

APPRECIATION

(DEPRECIATION)

($)

PERCENTAGE

OF

SWAP

VALUE

(%)

Long

Positions

Common

Stocks

Taiwan

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

1,708,575

50,621,019

3,158,668

99.6

COUNTERPARTY

DESCRIPTION

TERMINATION

DATE

ABSOLUTE

NOTIONAL

VALUE

NET

UNREALIZED

APPRECIATION

(DEPRECIATION)

NET

CASH

AND

OTHER

RECEIVABLES

(PAYABLES)

VALUE

GSIN

The

Fund

receives

the

total

return

on

a

portfolio

of

long

and

short

equity

positions

and

pays

or

receives

the

OBFR

plus

or

minus

a

specified

spread

(-0.03%

to

0.11%),

which

is

denominated

in

USD

based

on

the

local

currencies

of

the

positions

within

the

swap.

36-61

months

maturity

ranging

from

04/27/2026

-

06/20/2029

$538,435,030

$(13,249,950)

$(5,008,384)

$(18,258,334)

The

following

table

represents

disclosures

associated

with

the

underlying

components

of

the

total

return

basket

swap

contract

as

of

period

end:

REFERENCE

ENTITY

SHARES

NOTIONAL

VALUE

($)

NET

UNREALIZED

APPRECIATION

(DEPRECIATION)

($)

PERCENTAGE

OF

SWAP

VALUE

(%)

Long

Positions

Common

Stocks

Spain

Atlantica

Sustainable

Infrastructure

plc

661,784

14,526,159

(74,549)

0.4

Sweden

Olink

Holding

AB,

ADR

265,436

6,763,309

183,697

(1.0)

United

States

Albertsons

Cos.,

Inc.

2,359,008

46,590,408

(4,264,668)

23.4

Amedisys,

Inc.

362,216

33,251,429

(477,597)

2.6

ANSYS,

Inc.

115,665

37,186,298

(1,546,574)

8.5

Atrion

Corp.

6,029

2,727,700

(4,235)

0.0(a)

Capri

Holdings

Ltd.

272,998

9,030,774

(4,993,049)

27.3

Catalent,

Inc.

427,985

24,065,597

138,095

(0.8)

Cerevel

Therapeutics

Holdings,

Inc.

452,786

18,514,420

(685,061)

3.8

Discover

Financial

Services

358,200

46,856,142

2,962,289

(16.2)

GNC

Holdings,

Inc.

Escrow(b)

32,241

–

–

0.0

Hawaiian

Holdings,

Inc.

809,449

10,061,451

(892,010)

4.9

Hess

Corp.

310,787

45,847,298

(1,437,281)

7.9

Independent

Bank

Group,

Inc.

101,226

4,607,808

5,152

0.0(a)

Juniper

Networks,

Inc.

586,316

21,377,081

(146,579)

0.8

Marathon

Oil

Corp.

876,641

25,133,297

204,208

(1.1)

National

Western

Life

Group,

Inc.

15,970

7,936,132

273,872

(1.5)

Surmodics,

Inc.

112,483

4,728,785

5,735

0.0(a)

United

States

Steel

Corp.

620,943

23,471,645

(24,704)

0.1

US

Silica

Holdings,

Inc.

91,709

1,416,904

10,104

(0.1)

Schedule

of

Investments

June

30,

2024

(Unaudited)

AQR

DIVERSIFIED

ARBITRAGE

FUND

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

Funds

|

Semi-Annual

Report

|

June

2024

57

REFERENCE

ENTITY

SHARES

NOTIONAL

VALUE

($)

NET

UNREALIZED

APPRECIATION

(DEPRECIATION)

($)

PERCENTAGE

OF

SWAP

VALUE

(%)

Short

Positions

Common

Stocks

United

States

Capital

One

Financial

Corp.

(365,044)

(50,540,342)

(420,842)

2.3

Chevron

Corp.

(318,556)

(49,828,530)

(701,691)

3.8

ConocoPhillips

(223,668)

(25,583,146)

(57,257)

0.3

SouthState

Corp.

(60,924)

(4,655,812)

26,219

(0.1)

Synopsys,

Inc.

(39,886)

(23,734,563)

(1,333,224)

7.3

(a)

Represents

less

than

0.05%

of

swap

value.

(b)

Security

fair

valued

using

significant

unobservable

inputs

as

of

June

30,

2024

in

accordance

with

procedures

approved

by

the

Board

of

Trustees.

Collateral

pledged

to,

or

(received

from),

each

counterparty

at

June

30,

2024

was

as

follows:

COUNTERPARTY

OVER-THE-COUNTER

EXCHANGE-TRADED/

EXCHANGE-CLEARED

TOTAL

BANA

Investment

Companies

$

55

$

–

$

55

BARC

Cash

–

1,233,255

1,233,255

BNPP

Cash

15,020,000

–

15,020,000

CITG

Cash

–

9,679,918

9,679,918

CITI

Investment

Companies

549,035

–

549,035

GSIN

U.S.

Treasury

Bills

148,177,532

–

148,177,532

JPMC

Investment

Companies

50,423,707

–

50,423,707

JPMS

Cash

–

3,308,015

3,308,015

58

AQR

Funds

|

Semi-Annual

Report

|

June

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

DIVERSIFYING

STRATEGIES

FUND

Schedule

of

Investments

June

30,

2024

(Unaudited)

†

Represents

less

than

0.05%

of

net

assets.

(a)

For

the

period

ended

June

30,

2024,

transactions

with

and

earnings

from

issuers

considered

to

be

an

affiliated

issuer

were

as

follows:

(b)

Represents

7-day

effective

yield

as

of

June

30,

2024.

The

Schedule

of

Investments

of

the

affiliated

investment

funds

held

by

the

AQR

Diversifying

Strategies

Fund

can

be

found

within

this

report

as

well

as

on

Form

N-CSR

and

Form

N-PORT

(Part

F)

which

are

filed

with

the

Securities

and

Exchange

Commission.

INVESTMENTS

SHARES

VALUE

($)

INVESTMENT

COMPANIES

-

98.0%

ALTERNATIVE

FUNDS

-

69.5%

AQR

Diversified

Arbitrage

Fund,

Class

R6

(a)

8,326,155

100,163,642

AQR

Equity

Market

Neutral

Fund,

Class

R6

(a)

19,463,299

195,216,893

AQR

Macro

Opportunities

Fund,

Class

R6

(a)

12,425,262

126,737,669

AQR

Managed

Futures

Strategy

HV

Fund,

Class

R6

(a)

14,288,350

126,737,669

AQR

Style

Premia

Alternative

Fund,

Class

R6

(a)

19,316,785

161,488,320

TOTAL

ALTERNATIVE

FUNDS

(Cost

$669,585,813)

710,344,193

ASSET

ALLOCATION

FUNDS

-

28.5%

AQR

Multi-Asset

Fund,

Class

R6

(a)

(Cost

$269,748,978)

27,821,607

291,292,223

TOTAL

INVESTMENT

COMPANIES

(Cost

$939,334,791)

1,001,636,416

INVESTMENTS

SHARES

VALUE

($)

SHORT-TERM

INVESTMENTS

-

2.0%

INVESTMENT

COMPANIES

-

2.0%

Limited

Purpose

Cash

Investment

Fund,

5.33%

(b)

(Cost

$20,296,195)

20,305,410

20,297,287

TOTAL

INVESTMENTS

IN

SECURITIES

AT

VALUE

-

100.0%

(Cost

$959,630,986)

1,021,933,703

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

-

0.0%

†

159,121

NET

ASSETS

-

100.0%

1,022,092,824

SECTOR

VALUE

%

OF

NET

ASSETS

Equity

Market

Neutral

$

195,216,893

19.1

%

Global

Flexible

Allocation

291,292,223

28.5

Global

Macro

126,737,669

12.4

Multi-Strategy

161,488,320

15.8

Relative

Value

Arbitrage

100,163,642

9.8

Systematic

Trend

126,737,669

12.4

Investment

Companies

20,297,287

2.0

Total

Investments

In

Securities

At

Value

1,021,933,703

100.0

Other

Assets

in

Excess

of

Liabilities

159,121

0.0†

Net

Assets

$

1,022,092,824

100.0%

Affiliate

Value

At

12/31/2023

Purchases

At

Cost

Proceeds

From

Sales

Net

Realized

Gain

(Loss)

Net

Change

In

Unrealized

App/Dep

Value

At

6/30/2024

Shares

Held

At

6/30/2024

Dividend

Income

Capital

Gain

Distributions

INVESTMENT

COMPANIES

-

98.0%

ALTERNATIVE

FUNDS

-

69.5%

AQR

Diversified

Arbitrage

Fund

$

29,606,975

$

70,747,969

$

(902,231)

$

(8,011)

$

718,940

$

100,163,642

8,326,155

$

–

$

–

AQR

Equity

Market

Neutral

Fund

86,334,843

97,271,026

(8,779,609)

(584,375)

20,975,008

195,216,893

19,463,299

–

–

AQR

Macro

Opportunities

Fund

55,914,242

69,705,860

(1,396,839)

(116,752)

2,631,158

126,737,669

12,425,262

–

–

AQR

Managed

Futures

Strategy

HV

Fund

55,914,242

66,894,014

(5,441,932)

(92,878)

9,464,223

126,737,669

14,288,350

–

–

AQR

Style

Premia

Alternative

Fund

86,334,843

87,629,052

(34,713,583)

(535,069)

22,773,077

161,488,320

19,316,785

–

–

(1,337,085)

56,562,406

710,344,193

–

–

ASSET

ALLOCATION

FUNDS

-

28.5%

AQR

Multi-Asset

Fund

128,869,445

149,244,075

(3,436,135)

(18,013)

16,632,851

291,292,223

27,821,607

–

–

TOTAL

$(1,355,098)

$73,195,257

$1,001,636,416

$–

$–

All

securities

are

Level

1

with

respect

to

ASC

820

(See

Note

5).

Schedule

of

Investments

June

30,

2024

(Unaudited)

AQR

EQUITY

MARKET

NEUTRAL

FUND

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

(Continued)

AQR

Funds

|

Semi-Annual

Report

|

June

2024

59

INVESTMENTS

SHARES

VALUE

($)

LONG

POSITIONS

-

254.4%

COMMON

STOCKS

-

183.1%

Australia

-

3.9%

AGL

Energy

Ltd.

(2)(a)

115,954

835,505

ANZ

Group

Holdings

Ltd.

(2)(a)

10,013

188,121

Aristocrat

Leisure

Ltd.

(2)(a)

45,654

1,511,857

Atlas

Arteria

Ltd.

(2)(a)

40,181

136,584

Aurizon

Holdings

Ltd.

(2)(a)

79,113

192,185

BlueScope

Steel

Ltd.

(2)(a)

50,157

680,863

Brambles

Ltd.

(2)(a)

137,090

1,322,909

Cochlear

Ltd.

(2)(a)

7,619

1,681,818

Coles

Group

Ltd.

(2)(a)

76,581

867,556

Computershare

Ltd.

(2)(a)

80,832

1,413,738

Evolution

Mining

Ltd.

(2)(a)

354,196

828,240

Fortescue

Ltd.

(2)(a)

60,451

860,608

Harvey

Norman

Holdings

Ltd.

(2)

(a)

338,664

937,532

Incitec

Pivot

Ltd.

(2)(a)

191,529

369,463

JB

Hi-Fi

Ltd.

(2)(a)

47,781

1,941,430

Origin

Energy

Ltd.

(2)(a)

312,305

2,259,516

Pro

Medicus

Ltd.

(2)(a)

16,875

1,602,660

Qantas

Airways

Ltd.

(2)*(a)

489,132

1,903,568

QBE

Insurance

Group

Ltd.

(2)(a)

102,612

1,184,514

REA

Group

Ltd.

(2)(a)

1,443

188,419

Reece

Ltd.

(2)(a)

12,803

213,812

Seven

Group

Holdings

Ltd.

(2)(a)

14,872

371,535

South32

Ltd.

(2)(a)

125,869

305,370

Tabcorp

Holdings

Ltd.

(2)(a)

7,358

3,414

Westpac

Banking

Corp.

(2)(a)

206,515

3,739,399

Whitehaven

Coal

Ltd.

(2)(a)

159,456

811,380

Woodside

Energy

Group

Ltd.

(2)(a)

7,418

139,688

Worley

Ltd.

(2)(a)

77,429

771,058

27,262,742

Austria

-

0.3%

Mondi

plc

(a)

110,557

2,122,181

Belgium

-

0.5%

Ageas

SA/NV

(2)(a)

39,444

1,799,703

Anheuser-Busch

InBev

SA/NV

(2)

(a)

1,781

103,397

KBC

Group

NV

(2)(a)

5,260

370,633

Liberty

Global

Ltd.,

Class

C

*(a)

35,431

632,443

Proximus

SADP

(2)(a)

74,556

593,420

Solvay

SA

(2)(a)

8,233

290,329

3,789,925

Brazil

-

0.2%

Wheaton

Precious

Metals

Corp.

23,473

1,230,744

Yara

International

ASA

(2)

4,772

137,519

1,368,263

Canada

-

5.4%

Air

Canada

*(a)

20,297

265,572

Atco

Ltd.,

Class

I

(a)

16,154

460,160

AtkinsRealis

Group,

Inc.

(a)

42,933

1,858,479

Bank

of

Montreal

(a)

7,540

632,885

Bank

of

Nova

Scotia

(The)

(a)

47,417

2,169,041

Barrick

Gold

Corp.

(a)

132,977

2,218,147

INVESTMENTS

SHARES

VALUE

($)

Canada

-

5.4%

(continued)

Bombardier,

Inc.,

Class

B

*(a)

11,573

742,151

Cameco

Corp.

(a)

5,009

246,450

Canadian

Imperial

Bank

of

Commerce

(a)

7,825

372,074

Canadian

Natural

Resources

Ltd.

(a)

3,931

140,022

Canadian

Utilities

Ltd.,

Class

A

(a)

6,366

137,506

CCL

Industries,

Inc.,

Class

B

(a)

38,795

2,040,066

Celestica,

Inc.

*(a)

32,657

1,870,070

Cenovus

Energy,

Inc.

(a)

107,266

2,108,390

Descartes

Systems

Group,

Inc.

(The)

*(a)

2,656

257,339

Dollarama,

Inc.

(a)

2,085

190,371

Empire

Co.

Ltd.,

Class

A

(a)

34,892

891,907

Enbridge,

Inc.

(a)

43,141

1,534,792

Fairfax

Financial

Holdings

Ltd.

(a)

699

795,201

Finning

International,

Inc.

(a)

18,435

540,498

Franco-Nevada

Corp.

(a)

9,581

1,135,951

George

Weston

Ltd.

(a)

9,031

1,299,083

iA

Financial

Corp.,

Inc.

(a)

14,922

937,063

IGM

Financial,

Inc.

(a)

8,025

221,559

Imperial

Oil

Ltd.

(a)

6,570

447,973

Kinross

Gold

Corp.

(a)

112,211

934,237

Magna

International,

Inc.

(a)

4,807

201,479

Manulife

Financial

Corp.

(a)

44,025

1,172,348

Metro,

Inc.,

Class

A

(a)

4,380

242,652

Nutrien

Ltd.

(a)

2,652

135,018

Nuvei

Corp.

(a)(b)

4,250

137,654

Open

Text

Corp.

(a)

14,721

442,044

Pan

American

Silver

Corp.

(a)

33,287

661,579

Saputo,

Inc.

(a)

56,450

1,267,603

Shopify,

Inc.,

Class

A

*(a)

15,742

1,040,338

Stantec,

Inc.

(a)

2,176

182,170

Suncor

Energy,

Inc.

(a)

67,751

2,582,666

TC

Energy

Corp.

(a)

27,339

1,036,366

TFI

International,

Inc.

(a)

5,053

733,692

Toromont

Industries

Ltd.

(a)

1,607

142,287

Toronto-Dominion

Bank

(The)

(a)

19,317

1,061,831

Tourmaline

Oil

Corp.

(a)

3,701

167,865

West

Fraser

Timber

Co.

Ltd.

(a)

15,382

1,181,380

Whitecap

Resources,

Inc.

(a)

156,820

1,147,449

37,983,408

China

-

1.3%

BOC

Hong

Kong

Holdings

Ltd.

(2)

126,500

390,340

NXP

Semiconductors

NV

(a)(c)

14,442

3,886,198

Prosus

NV

(2)*(a)

75,819

2,696,009

Wilmar

International

Ltd.

(2)

194,800

444,196

Yangzijiang

Shipbuilding

Holdings

Ltd.

(2)

1,107,376

2,004,430

9,421,173

Denmark

-

2.3%

AP

Moller

-

Maersk

A/S,

Class

B

(2)(a)

763

1,323,307

Carlsberg

A/S,

Class

B

(2)(a)

25,062

3,008,794

Danske

Bank

A/S

(2)(a)

94,893

2,830,281

Demant

A/S

(2)*(a)

15,165

656,806

Genmab

A/S

(2)*(a)

6,290

1,576,233

GN

Store

Nord

A/S

(2)*(a)

8,528

237,580

60

AQR

Funds

|

Semi-Annual

Report

|

June

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

EQUITY

MARKET

NEUTRAL

FUND

Schedule

of

Investments

June

30,

2024

(Unaudited)

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Denmark

-

2.3%

(continued)

ISS

A/S

(2)(a)

133,817

2,297,660

Jyske

Bank

A/S

(Registered)

(2)(a)

14,340

1,142,381

Novonesis

(Novozymes),

Class

B

(2)(a)

5,335

325,939

Royal

Unibrew

A/S

(2)*(a)

14,041

1,113,601

Vestas

Wind

Systems

A/S

(2)*(a)

65,431

1,517,212

16,029,794

Finland

-

1.2%

Elisa

OYJ

(2)(a)

2,956

135,334

Fortum

OYJ

(2)(a)

161,514

2,364,489

Huhtamaki

OYJ

(2)(a)

11,978

479,014

Kone

OYJ,

Class

B

(2)(a)

24,821

1,230,659

Sampo

OYJ,

Class

A

(2)(a)

22,834

984,699

UPM-Kymmene

OYJ

(2)(a)

42,985

1,509,743

Valmet

OYJ

(2)(a)

25,537

730,851

Wartsila

OYJ

Abp

(2)(a)

40,820

791,348

8,226,137

France

-

5.0%

Accor

SA

(2)(a)

3,819

156,270

Amundi

SA

(2)(a)(b)

2,024

130,906

Arkema

SA

(2)(a)

8,932

778,365

BNP

Paribas

SA

(2)(a)

2,140

136,858

Bouygues

SA

(2)(a)

77,990

2,506,941

Carrefour

SA

(2)(a)

180,030

2,551,071

Cie

Generale

des

Etablissements

Michelin

SCA

(2)(a)

22,108

854,499

Credit

Agricole

SA

(2)(a)

166,236

2,269,889

Danone

SA

(2)(a)

2,169

132,851

Dassault

Aviation

SA

(2)(a)

711

128,753

Eiffage

SA

(2)(a)

1,418

130,323

Engie

SA

(2)(a)

303,623

4,347,988

Forvia

SE

(2)(a)

25,328

302,211

Gaztransport

Et

Technigaz

SA

(2)

(a)

5,374

703,058

Ipsen

SA

(2)(a)

1,217

149,519

Orange

SA

(2)(a)

292,557

2,934,495

Renault

SA

(2)(a)

33,984

1,742,861

Rexel

SA

(2)(a)

5,238

135,499

Safran

SA

(2)(a)

3,781

796,878

SCOR

SE

(2)(a)

29,371

744,505

SEB

SA

(2)(a)

5,666

581,524

Societe

Generale

SA

(2)(a)

203,151

4,776,297

Sodexo

SA

(2)(a)

7,406

667,140

SPIE

SA

(2)(a)

27,800

1,007,206

TotalEnergies

SE

(2)(a)

10,519

704,287

Valeo

SE

(2)(a)

23,609

252,459

Veolia

Environnement

SA

(2)(a)

19,561

585,908

Verallia

SA

(2)(a)(b)

35,864

1,305,031

Vinci

SA

(2)(a)

16,235

1,711,240

Vivendi

SE

(2)(a)

198,742

2,077,177

35,302,009

Germany

-

5.5%

adidas

AG

(2)(a)

4,825

1,152,049

Allianz

SE

(Registered)

(2)(a)

7,239

2,010,494

BASF

SE

(2)(a)

54,300

2,625,002

Bayer

AG

(Registered)

(2)(a)

4,884

137,670

INVESTMENTS

SHARES

VALUE

($)

Germany

-

5.5%

(continued)

Bayerische

Motoren

Werke

AG

(2)

(a)

1,455

137,631

Bechtle

AG

(2)(a)

6,939

326,402

Commerzbank

AG

(2)(a)

129,823

1,969,187

Covestro

AG

(2)*(a)(b)

3,753

219,989

Daimler

Truck

Holding

AG

(2)(a)

68,839

2,745,515

Deutsche

Bank

AG

(Registered)

(2)(a)

133,159

2,128,222

E.ON

SE

(2)(a)

52,591

691,187

Evonik

Industries

AG

(2)(a)

60,021

1,224,714

Freenet

AG

(2)(a)

68,351

1,817,443

Fresenius

Medical

Care

AG

(2)(a)

56,901

2,174,573

Hannover

Rueck

SE

(2)(a)

1,670

422,741

Heidelberg

Materials

AG

(2)(a)

9,734

1,006,244

KION

Group

AG

(2)(a)

34,299

1,432,785

Knorr-Bremse

AG

(2)(a)

6,688

511,197

LANXESS

AG

(2)(a)

13,329

327,877

Mercedes-Benz

Group

AG

(2)(a)

83,470

5,777,085

Muenchener

Rueckversicherungs-

Gesellschaft

AG

in

Muenchen

(Registered)

(2)(a)

4,484

2,241,800

Scout24

SE

(2)(a)(b)

16,180

1,236,213

Talanx

AG

(2)(a)

7,372

587,472

TeamViewer

SE

(2)*(a)(b)

84,767

948,781

thyssenkrupp

AG

(2)(a)

461,706

1,998,859

TUI

AG

(2)*

14,063

99,407

Zalando

SE

(2)*(a)(b)

98,228

2,305,864

38,256,403

Guatemala

-

0.0%

†

Millicom

International

Cellular

SA,

SDR

(2)*(a)

13,250

321,730

Hong

Kong

-

0.3%

AIA

Group

Ltd.

(2)(a)

69,600

470,896

CLP

Holdings

Ltd.

(2)(a)

18,000

145,586

HKT

Trust

&

HKT

Ltd.

(2)(a)

121,000

135,719

Prudential

plc

(2)(a)

26,766

242,688

Swire

Pacific

Ltd.,

Class

A

(2)(a)

68,000

600,345

Techtronic

Industries

Co.

Ltd.

(2)(a)

64,500

735,293

2,330,527

Italy

-

3.8%

A2A

SpA

(2)(a)

333,851

662,756

Azimut

Holding

SpA

(2)(a)

51,818

1,221,253

Banca

Generali

SpA

(2)(a)

14,926

599,150

Banca

Monte

dei

Paschi

di

Siena

SpA

(2)(a)

499,984

2,357,199

Banco

BPM

SpA

(2)(a)

333,242

2,144,679

BPER

Banca

SpA

(2)(a)

91,682

464,123

Buzzi

SpA

(2)(a)

33,086

1,332,305

Enel

SpA

(2)(a)

64,543

447,851

Eni

SpA

(2)(a)

185,449

2,847,504

ERG

SpA

(2)(a)

18,185

455,854

Intesa

Sanpaolo

SpA

(2)(a)

673,781

2,504,049

Italgas

SpA

(2)(a)

115,690

571,318

Nexi

SpA

(2)*(a)(b)

104,520

637,154

Pirelli

&

C

SpA

(2)(a)(b)

328,874

1,954,309

Poste

Italiane

SpA

(2)(a)(b)

342,553

4,358,829

UniCredit

SpA

(2)(a)

34,078

1,261,091

Schedule

of

Investments

June

30,

2024

(Unaudited)

AQR

EQUITY

MARKET

NEUTRAL

FUND

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

Funds

|

Semi-Annual

Report

|

June

2024

61

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Italy

-

3.8%

(continued)

Unipol

Gruppo

SpA

(2)(a)

255,623

2,535,097

26,354,521

Japan

-

28.9%

ABC-Mart,

Inc.

(2)(a)

21,800

382,591

Alfresa

Holdings

Corp.

(2)(a)

112,300

1,543,481

Amada

Co.

Ltd.

(2)(a)

82,300

915,058

ANA

Holdings,

Inc.

(2)(a)

57,100

1,055,391

Asahi

Group

Holdings

Ltd.

(2)(a)

45,300

1,602,922

Asahi

Kasei

Corp.

(2)(a)

399,900

2,567,799

Asics

Corp.

(2)(a)

53,200

820,247

Brother

Industries

Ltd.

(2)(a)

68,600

1,211,764

Canon,

Inc.

(2)(a)

44,400

1,204,468

Capcom

Co.

Ltd.

(2)(a)

39,300

743,434

Central

Japan

Railway

Co.

(2)(a)

132,800

2,878,723

Chubu

Electric

Power

Co.,

Inc.

(2)

(a)

230,300

2,720,609

COMSYS

Holdings

Corp.

(2)(a)

7,400

142,850

Concordia

Financial

Group

Ltd.

(2)(a)

249,400

1,477,314

Cosmo

Energy

Holdings

Co.

Ltd.

(2)(a)

22,400

1,130,746

Cosmos

Pharmaceutical

Corp.

(a)

1,700

137,097

CyberAgent,

Inc.

(2)(a)

53,500

335,295

Dai-ichi

Life

Holdings,

Inc.

(2)(a)

29,600

792,684

Daiichi

Sankyo

Co.

Ltd.

(2)(a)

9,600

333,636

DMG

Mori

Co.

Ltd.

(2)(a)

46,400

1,213,681

Ebara

Corp.

(2)(a)

9,500

151,525

ENEOS

Holdings,

Inc.

(2)(a)

232,700

1,199,208

Fujitsu

Ltd.

(2)(a)

19,900

312,101

Fukuoka

Financial

Group,

Inc.

(2)

(a)

125,100

3,368,834

GMO

Payment

Gateway,

Inc.

(2)(a)

4,700

260,222

Hikari

Tsushin,

Inc.

(2)(a)

7,800

1,461,101

Hirose

Electric

Co.

Ltd.

(2)(a)

12,900

1,430,442

Hitachi

Construction

Machinery

Co.

Ltd.

(2)(a)

73,900

1,981,635

Hitachi

Ltd.

(2)(a)

97,000

2,184,084

Honda

Motor

Co.

Ltd.

(2)(a)

353,900

3,804,422

Idemitsu

Kosan

Co.

Ltd.

(2)(a)

145,400

945,037

IHI

Corp.

(2)(a)

5,600

167,921

Iida

Group

Holdings

Co.

Ltd.

(2)(a)

17,300

228,572

Inpex

Corp.

(2)(a)

86,600

1,271,763

Isetan

Mitsukoshi

Holdings

Ltd.

(2)(a)

33,100

622,175

Ito

En

Ltd.

(2)(a)

43,700

948,385

Japan

Airlines

Co.

Ltd.

(2)(a)

73,500

1,161,300

Japan

Post

Bank

Co.

Ltd.

(2)(a)

390,200

3,704,938

Japan

Post

Holdings

Co.

Ltd.

(2)(a)

37,100

368,764

Japan

Post

Insurance

Co.

Ltd.

(2)

(a)

76,800

1,493,616

JFE

Holdings,

Inc.

(2)(a)

209,200

3,019,306

Kansai

Electric

Power

Co.,

Inc.

(The)

(2)(a)

41,200

691,823

Kansai

Paint

Co.

Ltd.

(2)(a)

83,600

1,351,692

Kawasaki

Kisen

Kaisha

Ltd.

(2)(a)

48,300

704,354

KDDI

Corp.

(2)(a)

129,600

3,433,299

Keio

Corp.

(2)(a)

69,000

1,602,012

Kirin

Holdings

Co.

Ltd.

(2)(a)

44,900

580,000

Kobe

Steel

Ltd.

(2)(a)

77,500

964,104

INVESTMENTS

SHARES

VALUE

($)

Japan

-

28.9%

(continued)

Koito

Manufacturing

Co.

Ltd.

(2)(a)

39,400

543,180

Komatsu

Ltd.

(2)(a)

71,400

2,085,561

Kose

Corp.

(2)(a)

2,200

139,665

Kuraray

Co.

Ltd.

(2)(a)

48,700

563,471

Kyowa

Kirin

Co.

Ltd.

(2)(a)

98,400

1,686,639

Kyushu

Electric

Power

Co.,

Inc.

(2)(a)

89,900

927,402

Kyushu

Railway

Co.

(2)(a)

23,800

516,651

Lawson,

Inc.

(a)

9,500

609,951

Lion

Corp.

(2)(a)

8,500

66,251

Lixil

Corp.

(2)(a)

173,800

1,831,822

Makita

Corp.

(2)(a)

110,000

3,011,576

Mazda

Motor

Corp.

(2)(a)

405,600

3,910,394

Medipal

Holdings

Corp.

(2)(a)

35,800

545,782

MISUMI

Group,

Inc.

(2)(a)

70,100

1,202,983

Mitsubishi

Electric

Corp.

(2)(a)

46,800

749,976

Mitsubishi

Gas

Chemical

Co.,

Inc.

(2)(a)

30,000

575,477

Mitsubishi

UFJ

Financial

Group,

Inc.

(2)(a)

355,600

3,837,645

Mitsui

OSK

Lines

Ltd.

(2)(a)

30,800

926,053

Mizuho

Financial

Group,

Inc.

(2)(a)

288,930

6,081,224

MS&AD

Insurance

Group

Holdings,

Inc.

(2)(a)

162,100

3,619,047

Murata

Manufacturing

Co.

Ltd.

(2)

(a)

71,400

1,478,578

NGK

Insulators

Ltd.

(2)(a)

182,500

2,343,368

NIPPON

EXPRESS

HOLDINGS,

Inc.

(2)(a)

28,600

1,323,623

Nippon

Steel

Corp.

(2)(a)

81,500

1,727,672

Nippon

Yusen

KK

(2)(a)

62,900

1,835,228

Nissan

Motor

Co.

Ltd.

(2)(a)

933,600

3,169,538

Nisshin

Seifun

Group,

Inc.

(2)(a)

167,800

1,936,524

Nomura

Holdings,

Inc.

(2)(a)

560,100

3,235,324

NSK

Ltd.

(2)(a)

71,700

349,773

Obic

Co.

Ltd.

(2)(a)

4,500

580,645

Oji

Holdings

Corp.

(2)(a)

770,800

3,042,780

Oracle

Corp.

Japan

(2)(a)

3,800

262,217

ORIX

Corp.

(2)(a)

144,900

3,211,546

Osaka

Gas

Co.

Ltd.

(2)(a)

58,800

1,299,499

Otsuka

Corp.

(2)(a)

105,500

2,034,897

Otsuka

Holdings

Co.

Ltd.

(2)(a)

21,900

925,204

Panasonic

Holdings

Corp.

(2)(a)

328,500

2,700,434

Persol

Holdings

Co.

Ltd.

(2)(a)

1,883,600

2,609,998

Renesas

Electronics

Corp.

(2)(a)

51,900

984,265

Resonac

Holdings

Corp.

(2)(a)

47,200

1,042,823

Ricoh

Co.

Ltd.

(2)(a)

41,200

353,130

Rohto

Pharmaceutical

Co.

Ltd.

(2)

(a)

28,300

592,476

Ryohin

Keikaku

Co.

Ltd.

(2)(a)

386,300

6,428,786

Santen

Pharmaceutical

Co.

Ltd.

(2)(a)

233,500

2,388,820

Sanwa

Holdings

Corp.

(2)(a)

33,800

620,265

SCREEN

Holdings

Co.

Ltd.

(2)(a)

15,200

1,378,015

Sekisui

Chemical

Co.

Ltd.

(2)(a)

62,200

863,498

Shimamura

Co.

Ltd.

(2)(a)

46,900

2,135,561

Shionogi

&

Co.

Ltd.

(2)(a)

74,000

2,882,191

Shiseido

Co.

Ltd.

(2)(a)

31,700

903,424

Skylark

Holdings

Co.

Ltd.

(2)(a)

63,200

841,891

Socionext,

Inc.

(2)(a)

30,500

725,705

62

AQR

Funds

|

Semi-Annual

Report

|

June

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

EQUITY

MARKET

NEUTRAL

FUND

Schedule

of

Investments

June

30,

2024

(Unaudited)

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Japan

-

28.9%

(continued)

Sohgo

Security

Services

Co.

Ltd.

(2)(a)

166,500

973,047

Sojitz

Corp.

(2)(a)

188,500

4,604,541

Sompo

Holdings,

Inc.

(2)(a)

49,500

1,060,473

Sony

Group

Corp.

(2)(a)

27,800

2,369,149

Square

Enix

Holdings

Co.

Ltd.

(2)

(a)

103,100

3,106,483

Stanley

Electric

Co.

Ltd.

(2)(a)

94,600

1,695,114

Subaru

Corp.

(2)(a)

55,300

1,175,974

Sumitomo

Chemical

Co.

Ltd.

(2)(a)

108,200

232,326

Sumitomo

Corp.

(2)(a)

222,400

5,587,121

Sumitomo

Electric

Industries

Ltd.

(2)(a)

140,300

2,193,522

Sundrug

Co.

Ltd.

(2)(a)

49,500

1,248,878

Suntory

Beverage

&

Food

Ltd.

(2)

(a)

12,700

451,056

TBS

Holdings,

Inc.

(2)(a)

31,100

787,399

Tohoku

Electric

Power

Co.,

Inc.

(2)(a)

151,900

1,373,056

Tokio

Marine

Holdings,

Inc.

(2)(a)

38,500

1,446,794

Tokyo

Century

Corp.

(2)(a)

14,800

139,154

Tokyo

Electric

Power

Co.

Holdings,

Inc.

(2)*(a)

365,600

1,968,750

Tokyo

Electron

Ltd.

(2)(a)

14,000

3,064,606

TOPPAN

Holdings,

Inc.

(2)(a)

71,900

1,994,540

Toray

Industries,

Inc.

(2)(a)

194,600

922,938

Tosoh

Corp.

(2)(a)

94,200

1,233,055

Toyo

Suisan

Kaisha

Ltd.

(2)(a)

35,200

2,096,591

Toyota

Boshoku

Corp.

(2)(a)

12,800

170,005

Toyota

Tsusho

Corp.

(2)(a)

169,800

3,318,422

Trend

Micro,

Inc.

(2)(a)

79,800

3,252,712

USS

Co.

Ltd.

(2)(a)

224,900

1,893,839

Welcia

Holdings

Co.

Ltd.

(2)(a)

64,600

805,590

Yamada

Holdings

Co.

Ltd.

(2)(a)

411,500

1,106,925

Yamato

Holdings

Co.

Ltd.

(2)(a)

12,600

138,851

Yamazaki

Baking

Co.

Ltd.

(2)(a)

12,700

262,175

Yokogawa

Electric

Corp.

(2)(a)

6,900

167,574

203,101,533

Luxembourg

-

0.3%

Aperam

SA

(2)(a)

26,662

689,297

ArcelorMittal

SA

(2)(a)

53,500

1,225,645

1,914,942

Netherlands

-

2.0%

Aalberts

NV

(2)(a)

3,842

155,573

ABN

AMRO

Bank

NV,

CVA

(2)(a)

(b)

43,847

720,129

Aegon

Ltd.

(2)(a)

81,069

501,243

Akzo

Nobel

NV

(2)(a)

62,584

3,814,452

Arcadis

NV

(2)(a)

10,638

673,186

Argenx

SE

(2)*(a)

3,330

1,444,849

EXOR

NV

(2)(a)

17,239

1,800,735

Koninklijke

KPN

NV

(2)(a)

354,593

1,359,061

Koninklijke

Philips

NV

(2)*(a)

57,120

1,436,484

Koninklijke

Vopak

NV

(2)(a)

22,418

931,381

NN

Group

NV

(2)(a)

24,516

1,139,466

13,976,559

INVESTMENTS

SHARES

VALUE

($)

New

Zealand

-

0.2%

Xero

Ltd.

(2)*(a)

14,010

1,267,015

Norway

-

0.7%

DNB

Bank

ASA

(2)(a)

40,239

789,525

Equinor

ASA

(2)(a)

22,016

630,622

Kongsberg

Gruppen

ASA

(2)(a)

4,867

396,335

Norsk

Hydro

ASA

(2)(a)

265,299

1,654,002

Orkla

ASA

(2)(a)

16,222

131,547

Telenor

ASA

(a)

91,587

1,043,939

4,645,970

Portugal

-

0.1%

Jeronimo

Martins

SGPS

SA

(2)

20,460

399,870

Singapore

-

0.8%

Genting

Singapore

Ltd.

(2)

468,319

297,683

Grab

Holdings

Ltd.,

Class

A

*

555,956

1,973,644

Jardine

Cycle

&

Carriage

Ltd.

(2)

12,200

238,685

Sea

Ltd.,

ADR

*(a)(c)

3,948

281,966

Singapore

Airlines

Ltd.

(2)

27,300

138,710

STMicroelectronics

NV

(2)

53,522

2,096,347

United

Overseas

Bank

Ltd.

(2)

34,600

798,095

5,825,130

South

Korea

-

0.1%

Delivery

Hero

SE

(2)*(a)(b)

15,241

362,044

Spain

-

2.0%

Acerinox

SA

(2)(a)

167,264

1,742,159

ACS

Actividades

de

Construccion

y

Servicios

SA

(2)(a)

47,325

2,044,059

Aena

SME

SA

(2)(a)(b)

11,078

2,243,264

Banco

de

Sabadell

SA

(2)(a)

406,805

785,397

Banco

Santander

SA

(2)(a)

578,802

2,693,035

Bankinter

SA

(2)(a)

43,406

355,182

Endesa

SA

(2)(a)

14,310

268,870

Mapfre

SA

(2)(a)

691,213

1,594,041

Repsol

SA

(2)(a)

113,445

1,799,088

Telefonica

SA

(2)(a)

61,311

259,728

13,784,823

Sweden

-

3.9%

AAK

AB

(2)(a)

22,553

660,369

Alfa

Laval

AB

(2)(a)

8,781

384,535

Autoliv,

Inc.

(a)

35,361

3,783,272

Billerud

Aktiebolag

(2)(a)

52,450

485,780

Electrolux

AB,

Class

B

(2)*(a)

338,971

2,799,790

Elekta

AB,

Class

B

(2)(a)

75,047

467,909

Essity

AB,

Class

B

(2)(a)

38,427

982,380

Evolution

AB

(2)(a)(b)

20,864

2,171,721

Getinge

AB,

Class

B

(2)(a)

65,205

1,107,569

H

&

M

Hennes

&

Mauritz

AB,

Class

B

(2)(a)

153,717

2,434,895

Hexpol

AB

(2)(a)

11,588

128,455

Nibe

Industrier

AB,

Class

B

(2)(a)

77,873

328,433

SKF

AB,

Class

B

(2)(a)

58,289

1,171,449

SSAB

AB,

Class

B

(2)(a)

341,860

1,853,661

Swedbank

AB,

Class

A

(2)(a)

30,133

620,687

Telia

Co.

AB

(2)(a)

511,553

1,371,519

Trelleborg

AB,

Class

B

(2)(a)

62,837

2,445,377

Volvo

AB,

Class

B

(2)(a)

93,966

2,414,403

Schedule

of

Investments

June

30,

2024

(Unaudited)

AQR

EQUITY

MARKET

NEUTRAL

FUND

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

Funds

|

Semi-Annual

Report

|

June

2024

63

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Sweden

-

3.9%

(continued)

Volvo

Car

AB,

Class

B

(2)*(a)

465,310

1,438,737

27,050,941

Switzerland

-

4.0%

ABB

Ltd.

(Registered)

(2)(a)

52,248

2,897,200

Adecco

Group

AG

(Registered)

(2)(a)

74,238

2,462,836

Banque

Cantonale

Vaudoise

(Registered)

(2)(a)

2,171

230,349

Belimo

Holding

AG

(Registered)

(2)(a)

2,402

1,204,790

DKSH

Holding

AG

(a)

15,010

1,014,088

Flughafen

Zurich

AG

(Registered)

(2)(a)

1,085

240,175

Geberit

AG

(Registered)

(2)(a)

2,620

1,543,317

Givaudan

SA

(Registered)

(2)(a)

248

1,174,681

Julius

Baer

Group

Ltd.

(2)(a)

35,575

1,989,789

Kuehne

+

Nagel

International

AG

(Registered)

(2)(a)

2,564

737,873

Logitech

International

SA

(Registered)

(2)(a)

26,435

2,544,126

Lonza

Group

AG

(Registered)

(2)

(a)

6,808

3,706,309

Novartis

AG

(Registered)

(2)(a)

45,651

4,860,538

Sonova

Holding

AG

(Registered)

(2)(a)

1,717

528,950

Temenos

AG

(Registered)

(2)(a)

3,958

272,750

Zurich

Insurance

Group

AG

(2)(a)

5,361

2,855,783

28,263,554

United

Kingdom

-

8.8%

abrdn

plc

(2)(a)

974,075

1,819,196

Associated

British

Foods

plc

(2)(a)

54,721

1,708,601

Auto

Trader

Group

plc

(2)(a)(b)

94,720

953,373

Aviva

plc

(2)(a)

166,728

1,004,254

B&M

European

Value

Retail

SA

(2)(a)

30,837

169,881

Barclays

plc

(2)(a)

1,001,759

2,647,065

Beazley

plc

(2)(a)

21,978

196,298

Bellway

plc

(2)(a)

1,394

44,386

British

American

Tobacco

plc

(2)(a)

59,567

1,829,879

Britvic

plc

(2)(a)

20,585

307,506

BT

Group

plc

(2)(a)

900,158

1,595,848

Burberry

Group

plc

(2)(a)

62,391

692,857

Centrica

plc

(2)(a)

849,572

1,448,092

CK

Hutchison

Holdings

Ltd.

(2)(a)

328,500

1,566,970

ConvaTec

Group

plc

(2)(a)(b)

82,213

243,574

DCC

plc

(2)(a)

14,611

1,019,729

Direct

Line

Insurance

Group

plc

(2)(a)

769,830

1,951,993

easyJet

plc

(2)(a)

362,472

2,090,902

Hiscox

Ltd.

(2)(a)

82,600

1,198,953

Howden

Joinery

Group

plc

(2)(a)

125,586

1,388,974

HSBC

Holdings

plc

(2)(a)

72,529

626,071

IMI

plc

(2)(a)

37,863

841,359

Imperial

Brands

plc

(2)(a)

64,979

1,662,737

Inchcape

plc

(2)(a)

75,820

712,479

InterContinental

Hotels

Group

plc

(2)(a)

9,394

987,088

INVESTMENTS

SHARES

VALUE

($)

United

Kingdom

-

8.8%

(continued)

Intermediate

Capital

Group

plc

(2)

(a)

96,298

2,640,906

International

Distribution

Services

plc

(2)*(a)

78,774

318,023

Intertek

Group

plc

(2)(a)

12,988

785,126

ITV

plc

(2)(a)

1,198,368

1,218,586

J

Sainsbury

plc

(2)(a)

134,152

432,218

Johnson

Matthey

plc

(a)

12,833

254,202

Kingfisher

plc

(2)(a)

156,896

491,975

Lloyds

Banking

Group

plc

(2)(a)

958,356

660,993

M&G

plc

(2)(a)

177,246

455,668

Man

Group

plc

(2)(a)

457,513

1,397,915

Marks

&

Spencer

Group

plc

(2)(a)

582,116

2,104,778

Ocado

Group

plc

(2)*(a)

90,474

328,623

Pearson

plc

(2)(a)

54,888

685,397

Persimmon

plc

(2)(a)

109,356

1,855,695

RELX

plc

(2)(a)

2,981

136,586

Rightmove

plc

(2)(a)

320,100

2,160,695

Rolls-Royce

Holdings

plc

(2)*(a)

633,255

3,636,935

Rotork

plc

(2)(a)

67,999

289,173

Schroders

plc

(2)(a)

85,747

392,424

Smiths

Group

plc

(2)(a)

12,700

273,261

Standard

Chartered

plc

(2)(a)

151,908

1,371,648

Subsea

7

SA

(2)(a)

67,213

1,261,333

Tate

&

Lyle

plc

(a)

139,989

1,058,221

TechnipFMC

plc

(a)

39,619

1,036,037

Tesco

plc

(2)(a)

718,748

2,776,360

Travis

Perkins

plc

(a)

56,129

545,626

Vodafone

Group

plc

(2)(a)

3,008,731

2,662,243

Weir

Group

plc

(The)

(2)(a)

29,826

745,936

WH

Smith

plc

(a)

9,173

131,262

Whitbread

plc

(2)(a)

26,791

1,005,453

61,821,363

United

States

-

101.5%

10X

Genomics,

Inc.,

Class

A

*(a)(c)

10,950

212,978

3M

Co.

(a)

61,010

6,234,612

A

O

Smith

Corp.

(a)

1,794

146,713

Acuity

Brands,

Inc.

(a)

3,199

772,367

Adobe,

Inc.

*(a)

3,411

1,894,947

ADT,

Inc.

(a)

163,879

1,245,480

Advanced

Micro

Devices,

Inc.

*(a)

(c)

1,902

308,523

AECOM

(a)

19,689

1,735,388

AES

Corp.

(The)

(a)(c)

46,822

822,663

AGCO

Corp.

(a)(c)

37,997

3,719,146

agilon

health,

Inc.

*(a)(c)

74,185

485,170

Agree

Realty

Corp.,

REIT

(a)(c)

17,338

1,073,916

Airbnb,

Inc.,

Class

A

*(a)

12,685

1,923,427

Alaska

Air

Group,

Inc.

*(a)(c)

12,031

486,052

Align

Technology,

Inc.

*(a)

6,484

1,565,432

Allison

Transmission

Holdings,

Inc.

(a)

18,841

1,430,032

Allstate

Corp.

(The)

(a)

9,278

1,481,325

Ally

Financial,

Inc.

(a)

18,875

748,771

Alnylam

Pharmaceuticals,

Inc.

*(a)

(c)

7,361

1,788,723

Altria

Group,

Inc.

(a)

118,294

5,388,292

Amazon.com,

Inc.

*(a)

42,759

8,263,177

Amcor

plc

(a)(c)

156,286

1,528,477

64

AQR

Funds

|

Semi-Annual

Report

|

June

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

EQUITY

MARKET

NEUTRAL

FUND

Schedule

of

Investments

June

30,

2024

(Unaudited)

(Continued)

INVESTMENTS

SHARES

VALUE

($)

United

States

-

101.5%

(continued)

American

Airlines

Group,

Inc.

*(a)

(c)

153,880

1,743,460

American

International

Group,

Inc.

(a)

12,748

946,412

Americold

Realty

Trust,

Inc.,

REIT

(a)(c)

58,284

1,488,573

Ameriprise

Financial,

Inc.

(a)(c)

1,173

501,094

Amkor

Technology,

Inc.

(a)

7,270

290,945

Antero

Resources

Corp.

*(a)(c)

27,275

889,983

APA

Corp.

(a)(c)

31,912

939,489

Apellis

Pharmaceuticals,

Inc.

*(a)

(c)

13,642

523,307

Apollo

Global

Management,

Inc.

(a)

14,179

1,674,115

Appfolio,

Inc.,

Class

A

*(a)(c)

1,916

468,596

Apple,

Inc.

(a)

12,808

2,697,621

Applied

Materials,

Inc.

(a)

11,938

2,817,249

AptarGroup,

Inc.

(a)

1,433

201,781

Aptiv

plc

*(a)

32,750

2,306,255

Archer-Daniels-Midland

Co.

(a)

28,409

1,717,324

Arista

Networks,

Inc.

*(a)

6,523

2,286,181

Arrow

Electronics,

Inc.

*(a)(c)

14,736

1,779,519

Ashland,

Inc.

(a)

7,546

713,022

Assurant,

Inc.

(a)

5,810

965,913

Assured

Guaranty

Ltd.

(a)

13,001

1,003,027

AT&T,

Inc.

(a)

256,338

4,898,619

Atmos

Energy

Corp.

(a)

13,583

1,584,457

AutoNation,

Inc.

*(a)(c)

3,061

487,862

AutoZone,

Inc.

*(a)

429

1,271,599

AvalonBay

Communities,

Inc.,

REIT

(a)(c)

668

138,203

Avis

Budget

Group,

Inc.

(a)(c)

1,198

125,215

Avnet,

Inc.

(a)

24,527

1,262,895

Axalta

Coating

Systems

Ltd.

*(a)

22,538

770,123

Axis

Capital

Holdings

Ltd.

(a)

41,268

2,915,584

AZEK

Co.,

Inc.

(The),

Class

A

*(a)

28,939

1,219,200

Baker

Hughes

Co.,

Class

A

(a)

95,797

3,369,180

Bank

of

America

Corp.

(a)

151,657

6,031,399

Bank

of

New

York

Mellon

Corp.

(The)

(a)

9,907

593,330

Bank

OZK

(a)

67,601

2,771,641

Baxter

International,

Inc.

(a)(c)

3,973

132,897

BellRing

Brands,

Inc.

*(a)

15,406

880,299

Berry

Global

Group,

Inc.

(a)(c)

24,991

1,470,720

Best

Buy

Co.,

Inc.

(a)

22,841

1,925,268

Black

Hills

Corp.

(a)

26,116

1,420,188

BlackRock,

Inc.

(a)

2,507

1,973,811

BOK

Financial

Corp.

(a)

2,075

190,153

Booking

Holdings,

Inc.

(a)

1,227

4,860,761

Boston

Beer

Co.,

Inc.

(The),

Class

A

*(a)

2,726

831,566

BP

plc

(2)(a)

185,347

1,115,933

Brink's

Co.

(The)

(a)(c)

2,903

297,267

Bristol-Myers

Squibb

Co.

(a)

44,235

1,837,080

Broadcom,

Inc.

(a)

691

1,109,421

Broadridge

Financial

Solutions,

Inc.

(a)

2,131

419,807

Bruker

Corp.

(a)

10,451

666,878

Builders

FirstSource,

Inc.

*(a)

963

133,289

Burlington

Stores,

Inc.

*(a)

5,115

1,227,600

INVESTMENTS

SHARES

VALUE

($)

United

States

-

101.5%

(continued)

Cable

One,

Inc.

(a)(c)

2,280

807,120

CACI

International,

Inc.,

Class

A

*(a)(c)

1,503

646,485

Cardinal

Health,

Inc.

(a)

6,176

607,224

Carlisle

Cos.,

Inc.

(a)

1,818

736,672

CarMax,

Inc.

*(a)(c)

27,771

2,036,725

Centene

Corp.

*(a)

60,896

4,037,405

CenterPoint

Energy,

Inc.

(a)(c)

20,888

647,110

Cheniere

Energy,

Inc.

(a)

11,174

1,953,550

Chipotle

Mexican

Grill,

Inc.,

Class

A

*(a)(c)

53,900

3,376,835

Chubb

Ltd.

(a)

10,119

2,581,155

Ciena

Corp.

*(a)

20,676

996,170

Cigna

Group

(The)

(a)

14,657

4,845,164

Cincinnati

Financial

Corp.

(a)

26,657

3,148,192

Cirrus

Logic,

Inc.

*(a)

5,541

707,364

Citigroup,

Inc.

(a)

74,583

4,733,037

Citizens

Financial

Group,

Inc.

(a)

146,766

5,287,979

Clean

Harbors,

Inc.

*(a)

3,115

704,457

Cleveland-Cliffs,

Inc.

*(a)

110,170

1,695,516

Clorox

Co.

(The)

(a)

6,171

842,156

CME

Group,

Inc.

(a)

12,192

2,396,947

CNA

Financial

Corp.

(a)

11,879

547,266

CNH

Industrial

NV

(a)

313,368

3,174,418

CNO

Financial

Group,

Inc.

(a)

19,854

550,353

CNX

Resources

Corp.

*(a)(c)

5,659

137,514

Coca-Cola

Consolidated,

Inc.

(a)

2,073

2,249,205

Coherent

Corp.

*(a)(c)

9,124

661,125

Colgate-Palmolive

Co.

(a)

45,881

4,452,292

Comcast

Corp.,

Class

A

(a)

123,952

4,853,960

Comfort

Systems

USA,

Inc.

(a)(c)

6,283

1,910,786

CommVault

Systems,

Inc.

*(a)

19,721

2,397,482

Concentrix

Corp.

(a)(c)

21,430

1,356,090

ConocoPhillips

(a)(c)

8,214

939,517

Consolidated

Edison,

Inc.

(a)

12,367

1,105,857

COPT

Defense

Properties,

REIT

(a)(c)

48,167

1,205,620

Corebridge

Financial,

Inc.

(a)

17,299

503,747

Corteva,

Inc.

(a)(c)

5,019

270,725

Costco

Wholesale

Corp.

(a)

1,314

1,116,887

Coterra

Energy,

Inc.

(a)

58,978

1,572,943

Crane

Co.

(a)(c)

3,964

574,701

Crowdstrike

Holdings,

Inc.,

Class

A

*(a)

9,437

3,616,164

Crown

Castle,

Inc.,

REIT

(a)(c)

4,015

392,266

Crown

Holdings,

Inc.

(a)

20,540

1,527,971

Cummins,

Inc.

(a)

4,919

1,362,219

Curtiss-Wright

Corp.

(a)

2,737

741,672

CVS

Health

Corp.

(a)(c)

55,303

3,266,195

Dell

Technologies,

Inc.,

Class

C

(a)

12,121

1,671,607

Delta

Air

Lines,

Inc.

(a)

26,429

1,253,792

Devon

Energy

Corp.

(a)

8,898

421,765

Dick's

Sporting

Goods,

Inc.

(a)

15,371

3,302,459

DocuSign,

Inc.,

Class

A

*(a)

58,631

3,136,759

Dolby

Laboratories,

Inc.,

Class

A

(a)

8,385

664,344

Domino's

Pizza,

Inc.

(a)

7,562

3,904,487

Donaldson

Co.,

Inc.

(a)(c)

12,830

918,115

DoubleVerify

Holdings,

Inc.

*(a)

7,980

155,371

Dow,

Inc.

(a)

41,443

2,198,551

Schedule

of

Investments

June

30,

2024

(Unaudited)

AQR

EQUITY

MARKET

NEUTRAL

FUND

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

Funds

|

Semi-Annual

Report

|

June

2024

65

(Continued)

INVESTMENTS

SHARES

VALUE

($)

United

States

-

101.5%

(continued)

DR

Horton,

Inc.

(a)

1,605

226,193

DraftKings,

Inc.,

Class

A

*(a)(c)

109,693

4,186,982

DT

Midstream,

Inc.

(a)(c)

7,988

567,388

Duke

Energy

Corp.

(a)(c)

11,586

1,161,265

Dun

&

Bradstreet

Holdings,

Inc.

(a)

60,390

559,211

Duolingo,

Inc.,

Class

A

*(a)

2,084

434,868

DuPont

de

Nemours,

Inc.

(a)

15,467

1,244,939

Dynatrace,

Inc.

*(a)(c)

3,965

177,394

Eagle

Materials,

Inc.

(a)(c)

4,128

897,675

East

West

Bancorp,

Inc.

(a)(c)

5,562

407,305

Eastman

Chemical

Co.

(a)

1,837

179,971

Eaton

Corp.

plc

(a)

6,464

2,026,787

eBay,

Inc.

(a)(c)

17,783

955,303

Ecolab,

Inc.

(a)

3,243

771,834

Electronic

Arts,

Inc.

(a)(c)

9,925

1,382,850

Eli

Lilly

&

Co.

(a)

826

747,844

EMCOR

Group,

Inc.

(a)

7,154

2,611,782

Encompass

Health

Corp.

(a)

12,331

1,057,876

EnerSys

(a)

15,112

1,564,394

Enphase

Energy,

Inc.

*(a)(c)

1,284

128,028

Entergy

Corp.

(a)

12,486

1,336,002

EOG

Resources,

Inc.

(a)(c)

2,010

252,999

EPAM

Systems,

Inc.

*(a)

4,128

776,518

EPR

Properties,

REIT

(a)

22,390

939,932

Essent

Group

Ltd.

(a)

9,524

535,154

Estee

Lauder

Cos.,

Inc.

(The),

Class

A

(a)(c)

1,195

127,148

Etsy,

Inc.

*(a)(c)

35,212

2,076,804

Euronet

Worldwide,

Inc.

*(a)

6,409

663,332

Evercore,

Inc.,

Class

A

(a)

2,768

576,934

Everest

Group

Ltd.

(a)

5,296

2,017,882

Evergy,

Inc.

(a)

45,456

2,407,804

Exelixis,

Inc.

*(a)

78,838

1,771,490

Exponent,

Inc.

(a)(c)

2,665

253,495

Exxon

Mobil

Corp.

(a)

54,930

6,323,542

F5,

Inc.

*(a)(c)

1,346

231,822

Federal

Realty

Investment

Trust,

REIT

(a)(c)

3,139

316,945

Federated

Hermes,

Inc.,

Class

B

(a)

77,389

2,544,550

Fidelity

National

Financial,

Inc.

(a)

5,746

283,967

Fidelity

National

Information

Services,

Inc.

(a)

19,144

1,442,692

First

American

Financial

Corp.

(a)

16,744

903,339

First

Hawaiian,

Inc.

(a)(c)

24,623

511,173

First

Horizon

Corp.

(a)

152,305

2,401,850

Flowers

Foods,

Inc.

(a)(c)

32,768

727,450

Flowserve

Corp.

(a)

77,767

3,740,593

Fluor

Corp.

*(a)

17,336

754,983

FMC

Corp.

(a)(c)

29,658

1,706,818

FNB

Corp.

(a)(c)

144,523

1,977,075

Ford

Motor

Co.

(a)

264,863

3,321,382

Fortinet,

Inc.

*(a)

65,850

3,968,780

Fortive

Corp.

(a)

16,795

1,244,510

Fortune

Brands

Innovations,

Inc.

(a)(c)

8,108

526,534

Franklin

Resources,

Inc.

(a)(c)

79,002

1,765,695

Freeport-McMoRan,

Inc.

(a)

10,733

521,624

Garmin

Ltd.

(a)

24,876

4,052,798

Gartner,

Inc.

*(a)(c)

2,570

1,154,084

INVESTMENTS

SHARES

VALUE

($)

United

States

-

101.5%

(continued)

Gates

Industrial

Corp.

plc

*(a)

146,534

2,316,703

GE

Vernova,

Inc.

*(a)

2,250

385,898

General

Dynamics

Corp.

(a)

1,049

304,357

General

Electric

Co.

(a)

25,864

4,111,600

General

Motors

Co.

(a)

98,439

4,573,476

Genuine

Parts

Co.

(a)

3,313

458,254

Gitlab,

Inc.,

Class

A

*(a)

4,639

230,651

Global

Payments,

Inc.

(a)

22,865

2,211,046

Globe

Life,

Inc.

(a)

13,997

1,151,673

GoDaddy,

Inc.,

Class

A

*(a)(c)

13,448

1,878,820

Goodyear

Tire

&

Rubber

Co.

(The)

*(a)

160,115

1,817,305

Grand

Canyon

Education,

Inc.

*(a)

14,518

2,031,213

Grocery

Outlet

Holding

Corp.

*(a)

(c)

72,667

1,607,394

GSK

plc

(2)(a)

245,655

4,724,982

Guidewire

Software,

Inc.

*(a)

10,565

1,456,808

H&R

Block,

Inc.

(a)(c)

56,684

3,073,973

Halliburton

Co.

(a)(c)

42,983

1,451,966

Hancock

Whitney

Corp.

(a)

26,787

1,281,222

Hanover

Insurance

Group,

Inc.

(The)

(a)

6,841

858,135

Harley-Davidson,

Inc.

(a)(c)

13,559

454,769

Hartford

Financial

Services

Group,

Inc.

(The)

(a)

3,633

365,262

Hasbro,

Inc.

(a)

45,262

2,647,827

Hawaiian

Electric

Industries,

Inc.

97,520

879,630

HCA

Healthcare,

Inc.

(a)(c)

799

256,703

Healthcare

Realty

Trust,

Inc.,

REIT

(a)(c)

8,475

139,668

HealthEquity,

Inc.

*(a)(c)

5,630

485,306

Healthpeak

Properties,

Inc.,

REIT

(a)

60,431

1,184,448

Hershey

Co.

(The)

(a)(c)

4,887

898,377

Hertz

Global

Holdings,

Inc.

*(a)(c)

108,729

383,813

Hewlett

Packard

Enterprise

Co.

(a)

7,754

164,152

Hexcel

Corp.

(a)

61,274

3,826,561

HF

Sinclair

Corp.

(a)

45,799

2,442,919

Hilton

Worldwide

Holdings,

Inc.

(a)(c)

4,234

923,859

Holcim

AG

(2)(a)

21,489

1,899,457

Hologic,

Inc.

*(a)(c)

1,874

139,145

Home

BancShares,

Inc.

(a)(c)

6,224

149,127

Home

Depot,

Inc.

(The)

(a)(c)

4,138

1,424,465

Hormel

Foods

Corp.

(a)

42,064

1,282,531

Howmet

Aerospace,

Inc.

(a)(c)

27,620

2,144,141

Huntington

Bancshares,

Inc.

(a)

57,279

754,937

Huntington

Ingalls

Industries,

Inc.

(a)(c)

6,689

1,647,701

Huntsman

Corp.

(a)

87,678

1,996,428

IDEXX

Laboratories,

Inc.

*(a)(c)

277

134,954

Illinois

Tool

Works,

Inc.

(a)(c)

9,580

2,270,077

Incyte

Corp.

*(a)(c)

26,007

1,576,544

Inspire

Medical

Systems,

Inc.

*(a)

(c)

7,183

961,301

Insulet

Corp.

*(a)

4,250

857,650

Intel

Corp.

(a)

48,792

1,511,088

International

Bancshares

Corp.

(a)

2,633

150,634

International

Flavors

&

Fragrances,

Inc.

(a)(c)

3,842

365,797

66

AQR

Funds

|

Semi-Annual

Report

|

June

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

EQUITY

MARKET

NEUTRAL

FUND

Schedule

of

Investments

June

30,

2024

(Unaudited)

(Continued)

INVESTMENTS

SHARES

VALUE

($)

United

States

-

101.5%

(continued)

Invesco

Ltd.

(a)

95,959

1,435,547

IPG

Photonics

Corp.

*(a)

4,448

375,367

Iridium

Communications,

Inc.

(a)

19,973

531,681

ITT,

Inc.

(a)

10,483

1,354,194

Jabil,

Inc.

(a)

10,027

1,090,837

Jacobs

Solutions,

Inc.

(a)(c)

9,390

1,311,877

James

Hardie

Industries

plc,

CHESS

(2)*(a)

4,359

136,426

Jazz

Pharmaceuticals

plc

*(a)

1,848

197,237

JB

Hunt

Transport

Services,

Inc.

(a)

9,918

1,586,880

Johnson

&

Johnson

(a)(c)

20,988

3,067,606

KBR,

Inc.

(a)

8,983

576,170

Kellanova

(a)

29,365

1,693,773

Kemper

Corp.

(a)

18,344

1,088,350

Keurig

Dr

Pepper,

Inc.

(a)(c)

33,970

1,134,598

Kimberly-Clark

Corp.

(a)

9,389

1,297,560

Kimco

Realty

Corp.,

REIT

(a)(c)

10,667

207,580

Kirby

Corp.

*(a)

7,038

842,660

KLA

Corp.

(a)(c)

2,923

2,410,043

Kohl's

Corp.

(a)

55,612

1,278,520

Kraft

Heinz

Co.

(The)

(a)(c)

49,316

1,588,962

Kroger

Co.

(The)

(a)

29,665

1,481,173

Kyndryl

Holdings,

Inc.

*(a)

7,869

207,033

L3Harris

Technologies,

Inc.

(a)

1,981

444,893

Labcorp

Holdings,

Inc.

(a)

12,900

2,625,279

Lam

Research

Corp.

(a)(c)

1,660

1,767,651

Lamar

Advertising

Co.,

Class

A,

REIT

(a)(c)

1,175

140,448

Lantheus

Holdings,

Inc.

*(a)(c)

11,490

922,532

Las

Vegas

Sands

Corp.

(a)(c)

30,979

1,370,821

Lear

Corp.

(a)

2,328

265,881

Leggett

&

Platt,

Inc.

(a)

158,000

1,810,680

Leidos

Holdings,

Inc.

(a)

8,989

1,311,315

Lennar

Corp.,

Class

A

(a)(c)

16,448

2,465,062

Lennox

International,

Inc.

(a)

2,170

1,160,907

Liberty

Media

Corp-Liberty

SiriusXM

*(a)

84,234

1,866,625

Light

&

Wonder,

Inc.

*(a)(c)

5,897

618,477

Lincoln

National

Corp.

(a)

58,834

1,829,737

Littelfuse,

Inc.

(a)(c)

731

186,836

Loews

Corp.

(a)

10,156

759,059

Louisiana-Pacific

Corp.

(a)

12,965

1,067,408

Lululemon

Athletica,

Inc.

*(a)

4,153

1,240,501

LyondellBasell

Industries

NV,

Class

A

(a)

7,155

684,447

Manhattan

Associates,

Inc.

*(a)

8,520

2,101,714

ManpowerGroup,

Inc.

(a)

33,293

2,323,851

Marathon

Petroleum

Corp.

(a)

11,705

2,030,583

Marriott

Vacations

Worldwide

Corp.

(a)(c)

22,755

1,986,967

Marvell

Technology,

Inc.

(a)(c)

17,194

1,201,861

Masco

Corp.

(a)

8,088

539,227

MasTec,

Inc.

*(a)

10,039

1,074,073

Matador

Resources

Co.

(a)

15,249

908,840

Mattel,

Inc.

*(a)

13,871

225,542

McCormick

&

Co.,

Inc.

(Non-

Voting)

(a)(c)

10,576

750,261

McKesson

Corp.

(a)

4,352

2,541,742

Medpace

Holdings,

Inc.

*(a)(c)

7,430

3,060,046

INVESTMENTS

SHARES

VALUE

($)

United

States

-

101.5%

(continued)

Medtronic

plc

(a)

13,279

1,045,190

MetLife,

Inc.

(a)

22,896

1,607,070

Micron

Technology,

Inc.

(a)(c)

7,632

1,003,837

Mid-America

Apartment

Communities,

Inc.,

REIT

(a)

1,613

230,030

Mister

Car

Wash,

Inc.

*(a)(c)

157,176

1,119,093

Molina

Healthcare,

Inc.

*(a)(c)

1,925

572,303

Molson

Coors

Beverage

Co.,

Class

B

(a)(c)

57,484

2,921,912

Mondelez

International,

Inc.,

Class

A

(a)(c)

16,473

1,077,993

Monolithic

Power

Systems,

Inc.

(a)

1,692

1,390,283

Mosaic

Co.

(The)

(a)

58,900

1,702,210

MSCI,

Inc.,

Class

A

(a)

2,596

1,250,623

Murphy

Oil

Corp.

(a)(c)

16,862

695,389

Natera,

Inc.

*(a)

21,879

2,369,277

National

Fuel

Gas

Co.

(a)(c)

38,136

2,066,590

NCR

Voyix

Corp.

*(a)

11,019

136,085

NetApp,

Inc.

(a)(c)

17,006

2,190,373

Netflix,

Inc.

*(a)

3,187

2,150,843

Neurocrine

Biosciences,

Inc.

*(a)

13,053

1,797,007

New

Jersey

Resources

Corp.

(a)(c)

30,946

1,322,632

New

York

Times

Co.

(The),

Class

A

(a)

42,204

2,161,267

News

Corp.,

Class

A

(a)

33,429

921,638

Nexstar

Media

Group,

Inc.,

Class

A

(a)

8,383

1,391,662

NiSource,

Inc.

(a)(c)

60,339

1,738,367

NNN

REIT,

Inc.,

REIT

(a)(c)

30,426

1,296,148

Northern

Trust

Corp.

(a)(c)

14,281

1,199,318

Northrop

Grumman

Corp.

(a)

4,054

1,767,341

NOV,

Inc.

(a)

163,025

3,099,105

Novocure

Ltd.

*(a)

31,663

542,387

NRG

Energy,

Inc.

(a)

12,390

964,685

Nutanix,

Inc.,

Class

A

*(a)

22,231

1,263,832

nVent

Electric

plc

(a)(c)

12,390

949,198

NVIDIA

Corp.

(a)

25,270

3,121,856

OGE

Energy

Corp.

(a)(c)

4,764

170,075

Old

Dominion

Freight

Line,

Inc.

(a)(c)

8,140

1,437,524

Old

Republic

International

Corp.

(a)

19,197

593,187

Olin

Corp.

(a)

29,911

1,410,304

Ollie's

Bargain

Outlet

Holdings,

Inc.

*(a)(c)

26,558

2,607,199

ON

Semiconductor

Corp.

*(a)(c)

23,121

1,584,945

OneMain

Holdings,

Inc.

(a)(c)

19,498

945,458

Organon

&

Co.

(a)(c)

87,906

1,819,654

Oshkosh

Corp.

(a)

13,656

1,477,579

Ovintiv,

Inc.

(a)

46,040

2,157,895

Owens

Corning

(a)

8,972

1,558,616

PACCAR,

Inc.

10,141

1,043,915

Packaging

Corp.

of

America

(a)

17,358

3,168,876

Paramount

Global,

Class

B

(a)(c)

120,157

1,248,431

Park

Hotels

&

Resorts,

Inc.,

REIT

(a)

186,839

2,798,848

Parker-Hannifin

Corp.

(a)

270

136,569

PayPal

Holdings,

Inc.

*(a)

36,163

2,098,539

Pegasystems,

Inc.

(a)

14,320

866,790

Penske

Automotive

Group,

Inc.

(a)

10,874

1,620,443

Schedule

of

Investments

June

30,

2024

(Unaudited)

AQR

EQUITY

MARKET

NEUTRAL

FUND

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

Funds

|

Semi-Annual

Report

|

June

2024

67

(Continued)

INVESTMENTS

SHARES

VALUE

($)

United

States

-

101.5%

(continued)

Pentair

plc

(a)

21,100

1,617,737

Penumbra,

Inc.

*(a)(c)

4,388

789,708

PepsiCo,

Inc.

(a)(c)

19,876

3,278,149

Perrigo

Co.

plc

(a)

54,334

1,395,297

Petco

Health

&

Wellness

Co.,

Inc.,

Class

A

*(a)(c)

207,498

784,342

PG&E

Corp.

(a)

79,701

1,391,579

Pilgrim's

Pride

Corp.

*(a)

13,426

516,767

Playtika

Holding

Corp.

(a)

128,557

1,011,744

Polaris,

Inc.

(a)

13,266

1,038,860

Popular,

Inc.

24,324

2,150,971

PPG

Industries,

Inc.

(a)

25,872

3,257,026

Progressive

Corp.

(The)

(a)

9,292

1,930,041

Prosperity

Bancshares,

Inc.

(a)(c)

24,930

1,524,220

Prudential

Financial,

Inc.

(a)

15,753

1,846,094

Public

Storage,

REIT

(a)(c)

17,079

4,912,774

PulteGroup,

Inc.

(a)

7,177

790,188

Pure

Storage,

Inc.,

Class

A

*(a)(c)

9,706

623,222

QUALCOMM,

Inc.

(a)

1,437

286,222

Qualys,

Inc.

*(a)(c)

1,565

223,169

Quest

Diagnostics,

Inc.

(a)

3,471

475,110

Ralph

Lauren

Corp.,

Class

A

(a)

32,720

5,727,963

Rambus,

Inc.

*(a)

23,716

1,393,552

Realty

Income

Corp.,

REIT

(a)(c)

10,861

573,678

Reinsurance

Group

of

America,

Inc.

(a)

3,452

708,592

ResMed,

Inc.

(a)(c)

3,895

745,581

Reynolds

Consumer

Products,

Inc.

(a)

40,567

1,135,065

Rivian

Automotive,

Inc.,

Class

A

*(a)(c)

51,498

691,103

Robert

Half,

Inc.

(a)

46,760

2,991,705

Robinhood

Markets,

Inc.,

Class

A

*(a)

58,221

1,322,199

Roche

Holding

AG

(2)(a)

5,852

1,621,348

Roku,

Inc.,

Class

A

*(a)(c)

14,902

893,077

Roper

Technologies,

Inc.

(a)

1,468

827,453

Ross

Stores,

Inc.

(a)

24,598

3,574,581

Royal

Gold,

Inc.

(a)

18,996

2,377,539

Royalty

Pharma

plc,

Class

A

(a)

5,068

133,643

Sabra

Health

Care

REIT,

Inc.,

REIT

(a)(c)

18,249

281,035

Salesforce,

Inc.

(a)(c)

9,283

2,386,659

Samsara,

Inc.,

Class

A

*(a)(c)

5,615

189,226

SBA

Communications

Corp.,

REIT

(a)(c)

1,658

325,465

Schlumberger

NV

(a)

24,044

1,134,396

Schneider

Electric

SE

(2)(a)

5,367

1,286,715

Scotts

Miracle-Gro

Co.

(The)

(a)

29,915

1,946,270

Seagate

Technology

Holdings

plc

(a)(c)

11,973

1,236,452

Sealed

Air

Corp.

(a)

27,015

939,852

Selective

Insurance

Group,

Inc.

(a)

1,464

137,367

Sempra

(a)(c)

2,395

182,164

Sensata

Technologies

Holding

plc

(a)

12,566

469,843

ServiceNow,

Inc.

*(a)

1,099

864,550

Shell

plc

(2)(a)

110,448

3,961,549

Signify

NV

(2)(a)(b)

72,876

1,809,914

Skechers

USA,

Inc.,

Class

A

*(a)

35,044

2,422,241

INVESTMENTS

SHARES

VALUE

($)

United

States

-

101.5%

(continued)

Skyworks

Solutions,

Inc.

(a)(c)

23,187

2,471,270

SLM

Corp.

(a)

75,635

1,572,452

Smartsheet,

Inc.,

Class

A

*(a)

54,706

2,411,440

Snap-on,

Inc.

(a)

889

232,376

Snowflake,

Inc.,

Class

A

*(a)(c)

27,694

3,741,182

Solventum

Corp.

*(a)

2,833

149,809

Sonoco

Products

Co.

(a)(c)

13,488

684,111

Sotera

Health

Co.

*(a)(c)

20,021

237,649

Southwest

Airlines

Co.

(a)(c)

10,722

306,756

SS&C

Technologies

Holdings,

Inc.

(a)

34,740

2,177,156

Stanley

Black

&

Decker,

Inc.

(a)(c)

7,341

586,472

State

Street

Corp.

(a)

19,795

1,464,830

Steel

Dynamics,

Inc.

(a)(c)

3,427

443,797

Super

Micro

Computer,

Inc.

*(a)(c)

1,138

932,420

Synchrony

Financial

(a)

41,384

1,952,911

T.

Rowe

Price

Group,

Inc.

(a)(c)

9,517

1,097,405

Tapestry,

Inc.

(a)(c)

66,134

2,829,874

Targa

Resources

Corp.

(a)(c)

8,464

1,089,994

Target

Corp.

(a)

28,982

4,290,495

Taylor

Morrison

Home

Corp.,

Class

A

*(a)

43,244

2,397,447

TD

SYNNEX

Corp.

(a)

19,133

2,207,948

TE

Connectivity

Ltd.

(a)

14,768

2,221,550

Tenaris

SA

(2)(a)

34,260

526,999

Tenet

Healthcare

Corp.

*(a)

11,743

1,562,171

Teradata

Corp.

*(a)(c)

50,662

1,750,879

Terex

Corp.

(a)

48,387

2,653,543

Texas

Capital

Bancshares,

Inc.

*(a)

47,936

2,930,807

Texas

Pacific

Land

Corp.

(a)(c)

1,143

839,271

Texas

Roadhouse,

Inc.,

Class

A

(a)

28,548

4,901,977

Textron,

Inc.

(a)

6,731

577,924

Toast,

Inc.,

Class

A

*(a)(c)

23,012

593,019

Toll

Brothers,

Inc.

(a)

17,584

2,025,325

Trade

Desk,

Inc.

(The),

Class

A

*(a)

9,452

923,177

TransUnion

(a)(c)

8,345

618,865

Travel

+

Leisure

Co.

(a)

7,822

351,834

Travelers

Cos.,

Inc.

(The)

(a)

8,216

1,670,641

Trimble,

Inc.

*(a)(c)

50,871

2,844,706

TripAdvisor,

Inc.

*(a)

37,493

667,750

Truist

Financial

Corp.

(a)

26,875

1,044,094

Twilio,

Inc.,

Class

A

*(a)

31,702

1,800,991

Uber

Technologies,

Inc.

*(a)

15,019

1,091,581

UFP

Industries,

Inc.

(a)

5,996

671,552

UGI

Corp.

(a)(c)

112,831

2,583,830

UiPath,

Inc.,

Class

A

*(a)(c)

11,657

147,811

Ulta

Beauty,

Inc.

*(a)

681

262,777

UMB

Financial

Corp.

(a)(c)

15,161

1,264,731

United

Parcel

Service,

Inc.,

Class

B

(a)

14,488

1,982,683

United

Rentals,

Inc.

(a)

215

139,047

United

Therapeutics

Corp.

*(a)

3,421

1,089,760

Universal

Display

Corp.

(a)

1,665

350,066

Universal

Health

Services,

Inc.,

Class

B

(a)

2,871

530,934

Unum

Group

(a)

32,328

1,652,284

US

Bancorp

(a)

3,450

136,965

US

Foods

Holding

Corp.

*(a)(c)

3,848

203,867

Vail

Resorts,

Inc.

(a)(c)

12,893

2,322,416

68

AQR

Funds

|

Semi-Annual

Report

|

June

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

EQUITY

MARKET

NEUTRAL

FUND

Schedule

of

Investments

June

30,

2024

(Unaudited)

(Continued)

INVESTMENTS

SHARES

VALUE

($)

United

States

-

101.5%

(continued)

Valaris

Ltd.

*(a)

14,576

1,085,912

Valero

Energy

Corp.

(a)(c)

28,161

4,414,518

Valley

National

Bancorp

(a)

387,453

2,704,422

Veeva

Systems,

Inc.,

Class

A

*(a)

6,347

1,161,564

VeriSign,

Inc.

*(a)

17,721

3,150,794

Vertiv

Holdings

Co.,

Class

A

(a)

28,823

2,495,207

Vestis

Corp.

(a)

51,838

633,979

Victoria's

Secret

&

Co.

*(a)

37,463

661,971

Virtu

Financial,

Inc.,

Class

A

(a)

19,828

445,139

Vistra

Corp.

(a)

3,623

311,506

Voya

Financial,

Inc.

(a)

7,153

508,936

Vulcan

Materials

Co.

(a)

7,703

1,915,582

W

R

Berkley

Corp.

(a)(c)

11,593

910,978

Walmart,

Inc.

(a)

12,138

821,864

Weatherford

International

plc

*(a)

1,183

144,858

WEC

Energy

Group,

Inc.

(a)(c)

3,261

255,858

Wells

Fargo

&

Co.

(a)(c)

22,116

1,313,469

Wendy's

Co.

(The)

(a)

303,257

5,143,239

Werner

Enterprises,

Inc.

(a)

16,483

590,586

WESCO

International,

Inc.

(a)

15,056

2,386,677

Western

Alliance

Bancorp

(a)

7,779

488,677

Western

Digital

Corp.

*(a)

3,208

243,070

Western

Union

Co.

(The)

(a)(c)

11,033

134,823

Westinghouse

Air

Brake

Technologies

Corp.

(a)(c)

12,582

1,988,585

Westlake

Corp.

(a)(c)

915

132,510

Whirlpool

Corp.

(a)

17,099

1,747,518

Willis

Towers

Watson

plc

(a)

518

135,789

Wingstop,

Inc.

(a)

12,486

5,277,333

WK

Kellogg

Co.

(a)(c)

39,213

645,446

Woodward,

Inc.

(a)

9,257

1,614,236

Workday,

Inc.,

Class

A

*(a)

1,453

324,833

Wynn

Resorts

Ltd.

(a)(c)

20,496

1,834,392

Xcel

Energy,

Inc.

(a)

65,271

3,486,124

Ziff

Davis,

Inc.

*(a)(c)

11,743

646,452

Zimmer

Biomet

Holdings,

Inc.

(a)

(c)

1,267

137,508

Zions

Bancorp

NA

(a)

16,934

734,428

Zoom

Video

Communications,

Inc.,

Class

A

*(a)(c)

34,916

2,066,678

Zscaler,

Inc.

*(a)(c)

5,719

1,099,135

711,865,491

Zambia

-

0.1%

First

Quantum

Minerals

Ltd.

56,695

744,716

TOTAL

COMMON

STOCKS

(Cost

$1,275,839,897)

1,283,792,764

SHORT-TERM

INVESTMENTS

-

71.3%

INVESTMENT

COMPANIES

-

37.6%

Goldman

Sachs

Financial

Square

Funds

-

Treasury

Instruments

Fund,

Institutional

Shares,

5.19%

(d)(e)

1,518,667

1,518,667

Limited

Purpose

Cash

Investment

Fund,

5.33%

(d)(f)

261,694,669

261,589,991

TOTAL

INVESTMENT

COMPANIES

(Cost

$263,077,970)

263,108,658

—

INVESTMENTS

PRINCIPAL

AMOUNT

VALUE

($)

U.S.

TREASURY

OBLIGATIONS

-

33.7%

U.S.

Treasury

Bills

5.15%,

7/25/2024

(2)(g)

$

5,002,000

4,984,543

5.11%,

8/1/2024

(2)(g)

1,231,000

1,225,433

5.18%,

8/8/2024

(2)(g)

6,467,000

6,431,213

5.20%,

8/15/2024

(2)(g)

9,097,000

9,037,399

5.23%,

8/22/2024

(2)(g)

19,647,000

19,498,674

5.27%,

8/29/2024

(2)(g)

6,285,000

6,230,871

5.24%,

9/5/2024

(2)(g)

6,417,000

6,355,600

5.23%,

9/12/2024

(2)(g)

25,368,000

25,098,560

5.27%,

9/19/2024

(2)(g)

19,541,000

19,314,596

5.24%,

9/26/2024

(2)(g)

18,333,000

18,101,508

5.26%,

10/3/2024

(2)(g)

10,020,000

9,884,605

5.26%,

10/10/2024

(2)(g)

6,000,000

5,912,551

5.29%,

10/17/2024

(2)(g)

33,776,000

33,248,587

5.30%,

10/24/2024

(2)(g)

20,000,000

19,668,449

5.30%,

10/31/2024

(2)(g)(h)

30,000,000

29,473,875

5.28%,

12/12/2024

(2)(g)

2,857,000

2,790,339

5.29%,

12/19/2024

(2)(g)

18,073,000

17,633,851

5.28%,

12/26/2024

(2)(g)

1,632,000

1,590,725

TOTAL

U.S.

TREASURY

OBLIGATIONS

(Cost

$236,515,161)

236,481,379

TOTAL

SHORT-TERM

INVESTMENTS

(Cost

$499,593,131)

499,590,037

TOTAL

LONG

POSITIONS

(Cost

$1,775,433,028)

1,783,382,801

SHARES

SHORT

POSITIONS

-

(174.1)%

COMMON

STOCKS

-

(173.4)%

Australia

-

(4.4)%

ALS

Ltd.

(2)

(150,829)

(1,404,744)

APA

Group

(2)

(221,673)

(1,178,297)

BHP

Group

Ltd.

(2)

(12,424)

(355,102)

Cleanaway

Waste

Management

Ltd.

(2)

(434,746)

(802,311)

Commonwealth

Bank

of

Australia

(2)

(34,630)

(2,933,554)

Domino's

Pizza

Enterprises

Ltd.

(2)

(37,090)

(884,986)

Endeavour

Group

Ltd.

(2)

(222,914)

(747,505)

Glencore

plc

(2)

(441,646)

(2,513,087)

IDP

Education

Ltd.

(2)

(146,330)

(1,472,587)

IGO

Ltd.

(2)

(36,581)

(136,933)

Insurance

Australia

Group

Ltd.

(2)

(30,285)

(143,567)

Liontown

Resources

Ltd.

(2)

(844,700)

(507,156)

Lynas

Rare

Earths

Ltd.

(2)

(274,832)

(1,082,706)

Macquarie

Group

Ltd.

(2)

(14,446)

(1,965,687)

Medibank

Pvt

Ltd.

(2)

(199,187)

(493,649)

Mineral

Resources

Ltd.

(2)

(23,042)

(824,342)

National

Australia

Bank

Ltd.

(2)

(9,307)

(224,441)

New

Hope

Corp.

Ltd.

(2)

(164,475)

(532,718)

NEXTDC

Ltd.

(2)

(78,022)

(910,901)

Northern

Star

Resources

Ltd.

(2)

(21,900)

(190,181)

Pilbara

Minerals

Ltd.

(2)

(993,474)

(2,021,514)

Ramsay

Health

Care

Ltd.

(2)

(30,093)

(950,101)

Rio

Tinto

plc

(2)

(32,750)

(2,148,999)

Santos

Ltd.

(2)

(26,787)

(135,902)

Sonic

Healthcare

Ltd.

(2)

(24,475)

(427,424)

Transurban

Group

(2)

(146,478)

(1,208,089)

Schedule

of

Investments

June

30,

2024

(Unaudited)

AQR

EQUITY

MARKET

NEUTRAL

FUND

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

Funds

|

Semi-Annual

Report

|

June

2024

69

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Australia

-

(4.4)%

(continued)

Treasury

Wine

Estates

Ltd.

(2)

(223,176)

(1,846,640)

Washington

H

Soul

Pattinson

&

Co.

Ltd.

(2)

(22,791)

(497,226)

Wesfarmers

Ltd.

(2)

(3,054)

(132,243)

WiseTech

Global

Ltd.

(2)

(5,609)

(372,880)

Woolworths

Group

Ltd.

(2)

(75,709)

(1,699,818)

(30,745,290)

Belgium

-

(0.5)%

D'ieteren

Group

(2)

(5,458)

(1,155,739)

Elia

Group

SA/NV

(2)

(1,369)

(127,860)

Lotus

Bakeries

NV

(114)

(1,175,710)

UCB

SA

(2)

(3,459)

(513,616)

Umicore

SA

(2)

(46,544)

(700,431)

(3,673,356)

Brazil

-

(0.6)%

MercadoLibre,

Inc.

(2,439)

(4,008,253)

Burkina

Faso

-

(0.3)%

Endeavour

Mining

plc

(2)

(109,485)

(2,329,948)

Canada

-

(4.9)%

Algonquin

Power

&

Utilities

Corp.

(76,420)

(449,119)

Alimentation

Couche-Tard,

Inc.

(31,887)

(1,789,383)

ARC

Resources

Ltd.

(43,843)

(782,287)

BCE,

Inc.

(13,802)

(447,035)

Brookfield

Asset

Management

Ltd.,

Class

A

(42,658)

(1,623,938)

Brookfield

Corp.,

Class

A

(25,084)

(1,043,295)

Brookfield

Infrastructure

Corp.,

Class

A

(8,507)

(286,355)

Canadian

National

Railway

Co.

(5,680)

(671,195)

Canadian

Pacific

Kansas

City

Ltd.

(14,934)

(1,176,119)

Canadian

Tire

Corp.

Ltd.,

Class

A

(14,028)

(1,391,879)

Capital

Power

Corp.

(4,636)

(132,128)

Capstone

Copper

Corp.

(19,410)

(137,624)

CGI,

Inc.

(5,575)

(556,461)

Constellation

Software,

Inc.

(215)

(619,498)

Element

Fleet

Management

Corp.

(62,276)

(1,133,036)

Emera,

Inc.

(38,550)

(1,286,362)

Fortis,

Inc.

(37,096)

(1,441,756)

Gildan

Activewear,

Inc.

(17,592)

(667,263)

Hydro

One

Ltd.

(b)

(74,606)

(2,173,202)

Intact

Financial

Corp.

(5,300)

(883,340)

MEG

Energy

Corp.

(6,670)

(142,707)

National

Bank

of

Canada

(2,421)

(192,027)

Northland

Power,

Inc.

(41,240)

(709,013)

Pembina

Pipeline

Corp.

(28,883)

(1,071,672)

Quebecor,

Inc.,

Class

B

(11,913)

(251,400)

RB

Global,

Inc.

(29,925)

(2,282,355)

Restaurant

Brands

International,

Inc.

(71,474)

(5,036,435)

Rogers

Communications,

Inc.,

Class

B

(27,484)

(1,016,549)

Royal

Bank

of

Canada

(15,699)

(1,671,400)

Sun

Life

Financial,

Inc.

(8,460)

(414,822)

Teck

Resources

Ltd.,

Class

B

(7,727)

(370,295)

Thomson

Reuters

Corp.

(2,828)

(476,711)

TMX

Group

Ltd.

(54,404)

(1,514,348)

INVESTMENTS

SHARES

VALUE

($)

Canada

-

(4.9)%

(continued)

WSP

Global,

Inc.

(4,212)

(655,884)

(34,496,893)

Chile

-

(0.8)%

Antofagasta

plc

(2)

(117,114)

(3,112,426)

Lundin

Mining

Corp.

(222,016)

(2,471,623)

(5,584,049)

Denmark

-

(2.3)%

Ambu

A/S,

Class

B

(2)

(43,888)

(844,766)

Coloplast

A/S,

Class

B

(2)

(24,549)

(2,951,114)

DSV

A/S

(2)

(10,490)

(1,610,195)

Novo

Nordisk

A/S,

Class

B

(2)

(51,698)

(7,397,202)

Orsted

A/S

(2)(b)

(43,863)

(2,330,067)

Pandora

A/S

(2)

(1,958)

(294,704)

Tryg

A/S

(2)

(42,589)

(930,511)

(16,358,559)

Finland

-

(0.8)%

Kesko

OYJ,

Class

B

(2)

(77,225)

(1,358,545)

Metso

OYJ

(2)

(120,234)

(1,277,893)

Nokia

OYJ

(2)

(95,326)

(362,817)

Nordea

Bank

Abp

(2)

(29,499)

(351,658)

Orion

OYJ,

Class

B

(2)

(7,622)

(325,075)

Stora

Enso

OYJ,

Class

R

(2)

(119,660)

(1,634,016)

(5,310,004)

France

-

(5.4)%

Aeroports

de

Paris

SA

(2)

(10,452)

(1,273,064)

Air

Liquide

SA

(2)

(5,361)

(925,241)

Airbus

SE

(2)

(33,982)

(4,663,918)

Alten

SA

(2)

(3,304)

(363,794)

AXA

SA

(2)

(10,983)

(359,926)

BioMerieux

(2)

(2,037)

(193,696)

Bollore

SE

(2)

(78,142)

(458,766)

Bureau

Veritas

SA

(2)

(36,948)

(1,026,751)

Capgemini

SE

(2)

(18,041)

(3,583,620)

Dassault

Systemes

SE

(2)

(26,119)

(982,100)

Edenred

SE

(2)

(73,570)

(3,120,237)

EssilorLuxottica

SA

(2)

(23,610)

(5,073,403)

Getlink

SE

(2)

(33,113)

(548,265)

Hermes

International

SCA

(2)

(807)

(1,863,867)

Kering

SA

(2)

(6,281)

(2,284,682)

L'Oreal

SA

(2)

(3,288)

(1,447,264)

Pernod

Ricard

SA

(2)

(25,307)

(3,452,877)

Publicis

Groupe

SA

(2)

(6,122)

(650,273)

Remy

Cointreau

SA

(2)

(3,248)

(272,909)

Sartorius

Stedim

Biotech

(2)

(10,503)

(1,735,741)

SOITEC

(2)

(4,133)

(458,872)

Teleperformance

SE

(2)

(10,948)

(1,156,642)

Thales

SA

(2)

(6,995)

(1,118,978)

Ubisoft

Entertainment

SA

(2)

(43,743)

(957,237)

Worldline

SA

(2)(b)

(19,000)

(207,055)

(38,179,178)

Germany

-

(3.0)%

Aurubis

AG

(2)

(8,006)

(628,021)

Beiersdorf

AG

(2)

(12,159)

(1,779,663)

Carl

Zeiss

Meditec

AG

(2)

(11,572)

(813,557)

CTS

Eventim

AG

&

Co.

KGaA

(2)

(14,357)

(1,195,211)

70

AQR

Funds

|

Semi-Annual

Report

|

June

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

EQUITY

MARKET

NEUTRAL

FUND

Schedule

of

Investments

June

30,

2024

(Unaudited)

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Germany

-

(3.0)%

(continued)

Deutsche

Post

AG

(2)

(38,901)

(1,579,650)

Fraport

AG

Frankfurt

Airport

Services

Worldwide

(2)

(2,581)

(133,553)

HUGO

BOSS

AG

(2)

(21,108)

(949,084)

Infineon

Technologies

AG

(2)

(43,641)

(1,601,638)

Merck

KGaA

(2)

(14,064)

(2,325,839)

MTU

Aero

Engines

AG

(2)

(12,019)

(3,064,285)

Nemetschek

SE

(2)

(4,676)

(456,503)

Puma

SE

(2)

(13,585)

(623,959)

Rational

AG

(2)

(568)

(470,940)

Rheinmetall

AG

(2)

(1,301)

(663,010)

RWE

AG

(2)

(5,839)

(200,309)

SAP

SE

(2)

(5,524)

(1,109,637)

Siemens

Energy

AG

(2)

(302)

(7,875)

Siemens

Healthineers

AG

(2)(b)

(35,912)

(2,068,138)

Symrise

AG,

Class

A

(2)

(4,524)

(553,543)

Wacker

Chemie

AG

(2)

(10,482)

(1,141,968)

(21,366,383)

Italy

-

(2.4)%

Amplifon

SpA

(2)

(23,597)

(839,108)

Coca-Cola

HBC

AG

(2)

(13,584)

(462,321)

Davide

Campari-Milano

NV

(2)

(91,777)

(868,923)

DiaSorin

SpA

(2)

(5,810)

(577,978)

Ferrari

NV

(2)

(12,204)

(4,980,348)

FinecoBank

Banca

Fineco

SpA

(2)

(42,474)

(631,132)

Infrastrutture

Wireless

Italiane

SpA

(2)(b)

(162,558)

(1,693,154)

Interpump

Group

SpA

(2)

(15,545)

(689,688)

Leonardo

SpA

(2)

(11,520)

(266,905)

Mediobanca

Banca

di

Credito

Finanziario

SpA

(2)

(27,286)

(399,414)

Moncler

SpA

(2)

(37,061)

(2,273,466)

Prysmian

SpA

(2)

(9,757)

(602,368)

Recordati

Industria

Chimica

e

Farmaceutica

SpA

(2)

(2,581)

(134,335)

Reply

SpA

(2)

(1,348)

(198,761)

Snam

SpA

(2)

(32,729)

(144,532)

Telecom

Italia

SpA

(2)

(5,202,829)

(1,244,407)

Terna

-

Rete

Elettrica

Nazionale

(2)

(68,504)

(528,072)

(16,534,912)

Japan

-

(29.0)%

Advantest

Corp.

(2)

(173,900)

(7,047,462)

Aeon

Co.

Ltd.

(2)

(161,700)

(3,460,864)

Air

Water,

Inc.

(2)

(16,800)

(228,283)

Ajinomoto

Co.,

Inc.

(2)

(128,500)

(4,522,586)

Allegro

MicroSystems,

Inc.

(46,390)

(1,310,054)

Asahi

Intecc

Co.

Ltd.

(2)

(173,100)

(2,430,153)

Astellas

Pharma,

Inc.

(2)

(260,100)

(2,566,081)

Azbil

Corp.

(2)

(42,500)

(1,187,123)

Bandai

Namco

Holdings,

Inc.

(2)

(67,700)

(1,326,335)

BayCurrent

Consulting,

Inc.

(2)

(50,800)

(1,028,421)

Bridgestone

Corp.

(2)

(60,600)

(2,391,240)

Chiba

Bank

Ltd.

(The)

(2)

(110,400)

(989,547)

Chugai

Pharmaceutical

Co.

Ltd.

(2)

(84,100)

(2,994,662)

Dai

Nippon

Printing

Co.

Ltd.

(2)

(31,700)

(1,069,577)

Daifuku

Co.

Ltd.

(2)

(32,000)

(601,022)

Daikin

Industries

Ltd.

(2)

(16,500)

(2,297,059)

Daiwa

Securities

Group,

Inc.

(2)

(238,300)

(1,829,502)

INVESTMENTS

SHARES

VALUE

($)

Japan

-

(29.0)%

(continued)

Denso

Corp.

(2)

(75,600)

(1,180,043)

Dentsu

Group,

Inc.

(2)

(25,400)

(643,140)

Disco

Corp.

(2)

(3,700)

(1,409,329)

East

Japan

Railway

Co.

(2)

(188,100)

(3,131,801)

Eisai

Co.

Ltd.

(2)

(66,700)

(2,745,616)

FANUC

Corp.

(2)

(35,800)

(982,808)

Fast

Retailing

Co.

Ltd.

(2)

(5,500)

(1,391,177)

Fuji

Electric

Co.

Ltd.

(2)

(2,700)

(154,280)

FUJIFILM

Holdings

Corp.

(2)

(78,200)

(1,834,314)

Goldwin,

Inc.

(2)

(9,700)

(531,243)

Hakuhodo

DY

Holdings,

Inc.

(2)

(60,000)

(439,212)

Hamamatsu

Photonics

KK

(2)

(70,900)

(1,904,632)

Haseko

Corp.

(2)

(27,300)

(302,341)

Hoya

Corp.

(2)

(16,600)

(1,941,193)

Ibiden

Co.

Ltd.

(2)

(34,600)

(1,416,258)

ITOCHU

Corp.

(2)

(76,900)

(3,780,266)

Japan

Airport

Terminal

Co.

Ltd.

(2)

(17,500)

(598,337)

Kao

Corp.

(2)

(18,700)

(757,106)

Kawasaki

Heavy

Industries

Ltd.

(2)

(3,800)

(145,075)

Keisei

Electric

Railway

Co.

Ltd.

(2)

(67,200)

(2,173,130)

Keyence

Corp.

(2)

(6,100)

(2,669,837)

Kikkoman

Corp.

(2)

(57,900)

(672,916)

Kinden

Corp.

(2)

(23,100)

(461,954)

Kintetsu

Group

Holdings

Co.

Ltd.

(2)

(54,100)

(1,180,003)

Kobayashi

Pharmaceutical

Co.

Ltd.

(2)

(18,100)

(587,824)

Kobe

Bussan

Co.

Ltd.

(2)

(43,100)

(960,094)

Kubota

Corp.

(2)

(12,400)

(174,257)

Kurita

Water

Industries

Ltd.

(2)

(3,300)

(140,224)

Kyocera

Corp.

(2)

(138,500)

(1,597,435)

Kyoto

Financial

Group,

Inc.

(2)

(61,500)

(1,098,780)

Lasertec

Corp.

(2)

(2,300)

(516,305)

LY

Corp.

(2)

(241,300)

(582,660)

M3,

Inc.

(2)

(73,300)

(701,336)

Marubeni

Corp.

(2)

(53,100)

(984,611)

MatsukiyoCocokara

&

Co.

(2)

(55,000)

(789,822)

MEIJI

Holdings

Co.

Ltd.

(2)

(59,600)

(1,289,037)

MINEBEA

MITSUMI,

Inc.

(2)

(110,800)

(2,282,572)

Mitsubishi

Chemical

Group

Corp.

(2)

(120,700)

(672,515)

Mitsubishi

Corp.

(2)

(141,000)

(2,771,763)

Mitsubishi

HC

Capital,

Inc.

(2)

(204,100)

(1,350,426)

Mitsubishi

Heavy

Industries

Ltd.

(2)

(161,500)

(1,738,560)

Mitsubishi

Motors

Corp.

(2)

(363,500)

(1,006,274)

Mitsui

&

Co.

Ltd.

(2)

(85,000)

(1,938,563)

Mitsui

Chemicals,

Inc.

(2)

(13,600)

(376,603)

MonotaRO

Co.

Ltd.

(2)

(69,900)

(818,640)

Nexon

Co.

Ltd.

(2)

(163,600)

(3,043,655)

NIDEC

Corp.

(2)

(34,100)

(1,534,484)

Nikon

Corp.

(2)

(85,000)

(862,608)

Nintendo

Co.

Ltd.

(2)

(28,000)

(1,495,244)

Nippon

Paint

Holdings

Co.

Ltd.

(2)

(176,800)

(1,155,738)

Nippon

Sanso

Holdings

Corp.

(2)

(6,400)

(190,062)

Nippon

Telegraph

&

Telephone

Corp.

(2)

(3,225,400)

(3,049,950)

Nissan

Chemical

Corp.

(2)

(128,800)

(4,093,871)

Nissin

Foods

Holdings

Co.

Ltd.

(2)

(78,200)

(1,988,295)

Nitori

Holdings

Co.

Ltd.

(2)

(35,900)

(3,800,627)

Nitto

Denko

Corp.

(2)

(10,800)

(856,622)

Schedule

of

Investments

June

30,

2024

(Unaudited)

AQR

EQUITY

MARKET

NEUTRAL

FUND

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

Funds

|

Semi-Annual

Report

|

June

2024

71

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Japan

-

(29.0)%

(continued)

Nomura

Research

Institute

Ltd.

(2)

(136,100)

(3,846,694)

NTT

Data

Group

Corp.

(2)

(151,300)

(2,235,160)

Obayashi

Corp.

(2)

(163,400)

(1,952,694)

Odakyu

Electric

Railway

Co.

Ltd.

(2)

(27,800)

(269,632)

Olympus

Corp.

(2)

(64,800)

(1,046,023)

Omron

Corp.

(2)

(86,600)

(2,998,797)

Ono

Pharmaceutical

Co.

Ltd.

(2)

(118,200)

(1,615,005)

Open

House

Group

Co.

Ltd.

(2)

(44,000)

(1,351,905)

Oriental

Land

Co.

Ltd.

(2)

(86,900)

(2,428,344)

Pan

Pacific

International

Holdings

Corp.

(2)

(56,100)

(1,312,282)

Rakuten

Group,

Inc.

(2)

(694,100)

(3,595,742)

Recruit

Holdings

Co.

Ltd.

(2)

(34,400)

(1,850,967)

Resona

Holdings,

Inc.

(2)

(79,400)

(528,180)

Rinnai

Corp.

(2)

(24,900)

(567,737)

Rohm

Co.

Ltd.

(2)

(81,900)

(1,094,813)

SCSK

Corp.

(2)

(7,100)

(142,046)

Secom

Co.

Ltd.

(2)

(27,700)

(1,640,505)

Sega

Sammy

Holdings,

Inc.

(2)

(45,900)

(681,950)

Seibu

Holdings,

Inc.

(2)

(95,800)

(1,323,891)

Seiko

Epson

Corp.

(2)

(16,700)

(261,072)

Sekisui

House

Ltd.

(2)

(52,100)

(1,157,933)

Seven

&

i

Holdings

Co.

Ltd.

(2)

(50,100)

(612,231)

SG

Holdings

Co.

Ltd.

(2)

(122,000)

(1,128,176)

Sharp

Corp.

(2)

(136,100)

(787,502)

Shimadzu

Corp.

(2)

(92,900)

(2,328,446)

Shimano,

Inc.

(2)

(3,100)

(479,086)

Shin-Etsu

Chemical

Co.

Ltd.

(2)

(49,400)

(1,920,753)

Shinko

Electric

Industries

Co.

Ltd.

(2)

(35,500)

(1,241,176)

Shizuoka

Financial

Group,

Inc.

(2)

(34,700)

(335,439)

SMC

Corp.

(2)

(8,500)

(4,049,885)

SoftBank

Corp.

(2)

(60,100)

(735,024)

SUMCO

Corp.

(2)

(77,300)

(1,118,208)

Sumitomo

Forestry

Co.

Ltd.

(2)

(33,600)

(1,077,132)

Sumitomo

Heavy

Industries

Ltd.

(2)

(6,600)

(172,244)

Sumitomo

Metal

Mining

Co.

Ltd.

(2)

(58,600)

(1,780,471)

Sumitomo

Mitsui

Trust

Holdings,

Inc.

(2)

(49,000)

(1,126,078)

Suzuki

Motor

Corp.

(2)

(290,400)

(3,352,556)

Sysmex

Corp.

(2)

(169,800)

(2,740,903)

T&D

Holdings,

Inc.

(2)

(25,400)

(443,663)

Taisei

Corp.

(2)

(57,700)

(2,146,597)

Taiyo

Yuden

Co.

Ltd.

(2)

(65,300)

(1,657,118)

Takeda

Pharmaceutical

Co.

Ltd.

(2)

(26,800)

(695,145)

Terumo

Corp.

(2)

(181,300)

(3,006,898)

TIS,

Inc.

(2)

(32,000)

(621,697)

Tobu

Railway

Co.

Ltd.

(2)

(12,800)

(215,801)

Toei

Animation

Co.

Ltd.

(2)

(32,100)

(497,292)

Toho

Co.

Ltd.

(2)

(7,600)

(222,331)

Tokyu

Corp.

(2)

(90,900)

(1,003,741)

TOTO

Ltd.

(2)

(53,500)

(1,260,424)

Toyota

Industries

Corp.

(2)

(29,900)

(2,543,456)

Toyota

Motor

Corp.

(2)

(223,500)

(4,585,655)

Unicharm

Corp.

(2)

(31,500)

(1,012,260)

Yakult

Honsha

Co.

Ltd.

(2)

(79,100)

(1,417,189)

Yamaha

Corp.

(2)

(5,900)

(138,667)

Yamaha

Motor

Co.

Ltd.

(2)

(196,000)

(1,822,173)

INVESTMENTS

SHARES

VALUE

($)

Japan

-

(29.0)%

(continued)

Yaskawa

Electric

Corp.

(2)

(66,200)

(2,387,105)

Zensho

Holdings

Co.

Ltd.

(2)

(22,200)

(846,369)

ZOZO,

Inc.

(2)

(216,000)

(5,400,346)

(202,986,048)

Jordan

-

(0.0)%

†

Hikma

Pharmaceuticals

plc

(2)

(14,582)

(347,431)

Luxembourg

-

(0.1)%

Eurofins

Scientific

SE

(2)

(17,164)

(859,383)

Netherlands

-

(2.0)%

Adyen

NV

(2)(b)

(643)

(763,676)

ASM

International

NV

(2)

(507)

(387,539)

ASML

Holding

NV

(2)

(3,306)

(3,369,363)

ASR

Nederland

NV

(2)

(40,994)

(1,951,669)

BE

Semiconductor

Industries

NV

(2)

(5,362)

(895,729)

Heineken

NV

(2)

(17,170)

(1,661,129)

IMCD

NV

(2)

(9,746)

(1,343,461)

SBM

Offshore

NV

(2)

(25,902)

(396,421)

Universal

Music

Group

NV

(2)

(99,635)

(2,963,968)

Wolters

Kluwer

NV

(2)

(3,287)

(542,809)

(14,275,764)

Norway

-

(0.5)%

Gjensidige

Forsikring

ASA

(2)

(15,851)

(282,893)

Mowi

ASA

(2)

(64,716)

(1,075,604)

Salmar

ASA

(2)

(29,200)

(1,531,388)

Schibsted

ASA,

Class

A

(14,437)

(426,200)

TOMRA

Systems

ASA

(2)

(10,437)

(124,416)

(3,440,501)

Poland

-

(0.0)%

†

InPost

SA

(2)

(15,434)

(271,570)

Portugal

-

(0.1)%

Galp

Energia

SGPS

SA

(2)

(20,731)

(437,857)

Singapore

-

(0.9)%

CapitaLand

Investment

Ltd.

(2)

(1,038,900)

(2,031,797)

City

Developments

Ltd.

(2)

(34,700)

(131,910)

DBS

Group

Holdings

Ltd.

(2)

(68,079)

(1,793,119)

Keppel

Ltd.

(2)

(372,200)

(1,769,256)

Seatrium

Ltd.

(2)

(168,975)

(171,390)

Singapore

Technologies

Engineering

Ltd.

(2)

(46,400)

(147,754)

Singapore

Telecommunications

Ltd.

(2)

(69,800)

(141,245)

(6,186,471)

South

Africa

-

(0.3)%

Anglo

American

plc

(2)

(72,731)

(2,298,336)

Spain

-

(1.6)%

Acciona

SA

(2)

(6,641)

(785,933)

Amadeus

IT

Group

SA

(2)

(48,910)

(3,254,689)

Banco

Bilbao

Vizcaya

Argentaria

SA

(2)

(80,779)

(810,899)

CaixaBank

SA

(2)

(25,695)

(136,454)

Cellnex

Telecom

SA

(2)(b)

(41,435)

(1,347,651)

Corp.

ACCIONA

Energias

Renovables

SA

(2)

(39,263)

(807,822)

72

AQR

Funds

|

Semi-Annual

Report

|

June

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

EQUITY

MARKET

NEUTRAL

FUND

Schedule

of

Investments

June

30,

2024

(Unaudited)

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Spain

-

(1.6)%

(continued)

Fluidra

SA

(2)

(22,530)

(469,722)

Iberdrola

SA

(2)

(72,508)

(940,786)

Industria

de

Diseno

Textil

SA

(2)

(5,146)

(255,362)

Redeia

Corp.

SA

(2)

(139,385)

(2,437,344)

(11,246,662)

Sweden

-

(3.0)%

Assa

Abloy

AB,

Class

B

(2)

(10,728)

(303,823)

Atlas

Copco

AB,

Class

A

(2)

(63,928)

(1,200,329)

Axfood

AB

(2)

(30,423)

(797,462)

Beijer

Ref

AB,

Class

B

(2)

(75,226)

(1,161,094)

Boliden

AB

(2)

(11,893)

(382,489)

Embracer

Group

AB,

Class

B

(2)

(70,005)

(153,086)

Epiroc

AB,

Class

A

(2)

(160,877)

(3,223,549)

EQT

AB

(2)

(93,801)

(2,749,998)

Hexagon

AB,

Class

B

(2)

(66,916)

(758,240)

Holmen

AB,

Class

B

(2)

(25,584)

(1,006,662)

Husqvarna

AB,

Class

B

(2)

(16,032)

(128,204)

Indutrade

AB

(2)

(5,086)

(130,632)

Lifco

AB,

Class

B

(2)

(53,123)

(1,458,082)

Saab

AB,

Class

B

(2)

(88,184)

(2,118,607)

Sandvik

AB

(2)

(17,905)

(359,789)

Securitas

AB,

Class

B

(2)

(95,541)

(947,034)

Skandinaviska

Enskilda

Banken

AB,

Class

A

(2)

(41,827)

(618,399)

Skanska

AB,

Class

B

(2)

(63,760)

(1,150,254)

Svenska

Cellulosa

AB

SCA,

Class

B

(2)

(73,033)

(1,074,812)

Svenska

Handelsbanken

AB,

Class

A

(2)

(28,439)

(271,767)

Swedish

Orphan

Biovitrum

AB

(38,606)

(1,032,990)

(21,027,302)

Switzerland

-

(4.6)%

Alcon,

Inc.

(2)

(10,951)

(973,455)

Avolta

AG

(2)

(5,926)

(230,385)

Bachem

Holding

AG,

Class

B

(2)

(6,320)

(577,505)

Barry

Callebaut

AG

(Registered)

(2)

(1,975)

(3,219,668)

BKW

AG

(2)

(1,013)

(161,692)

Chocoladefabriken

Lindt

&

Spruengli

AG

(2)

(183)

(2,137,589)

Cie

Financiere

Richemont

SA

(Registered)

(2)

(11,966)

(1,870,082)

Clariant

AG

(Registered)

(2)

(8,804)

(138,694)

DSM-Firmenich

AG

(2)

(23,962)

(2,698,245)

EMS-Chemie

Holding

AG

(Registered)

(2)

(1,204)

(985,251)

Galenica

AG

(2)(b)

(9,401)

(769,909)

Georg

Fischer

AG

(Registered)

(2)

(2,495)

(166,904)

Helvetia

Holding

AG

(Registered)

(2)

(12,614)

(1,704,905)

Partners

Group

Holding

AG

(2)

(526)

(673,573)

Schindler

Holding

AG

(2)

(8,601)

(2,158,022)

SGS

SA

(Registered)

(2)

(1,492)

(133,015)

SIG

Group

AG

(2)

(140,006)

(2,572,728)

Sika

AG

(Registered)

(2)

(6,781)

(1,935,703)

Straumann

Holding

AG

(Registered)

(2)

(18,062)

(2,229,548)

Swatch

Group

AG

(The)

(2)

(2,966)

(607,666)

INVESTMENTS

SHARES

VALUE

($)

Switzerland

-

(4.6)%

(continued)

Swiss

Life

Holding

AG

(Registered)

(2)

(1,958)

(1,437,040)

Swisscom

AG

(Registered)

(2)

(2,747)

(1,544,681)

Tecan

Group

AG

(Registered)

(2)

(3,830)

(1,282,350)

UBS

Group

AG

(Registered)

(2)

(36,308)

(1,066,372)

VAT

Group

AG

(2)(b)

(2,136)

(1,206,107)

(32,481,089)

United

Kingdom

-

(6.5)%

Admiral

Group

plc

(2)

(22,434)

(741,332)

Ashtead

Group

plc

(2)

(36,840)

(2,456,259)

AstraZeneca

plc

(2)

(19,026)

(2,961,075)

BAE

Systems

plc

(2)

(86,122)

(1,434,503)

Barratt

Developments

plc

(2)

(406,826)

(2,416,192)

Berkeley

Group

Holdings

plc

(2)

(47,554)

(2,747,649)

Croda

International

plc

(2)

(29,408)

(1,463,021)

Diageo

plc

(2)

(35,848)

(1,125,412)

Entain

plc

(2)

(132,687)

(1,052,167)

Flutter

Entertainment

plc

(2)

(11,634)

(2,116,205)

Halma

plc

(2)

(24,690)

(841,573)

Harbour

Energy

plc

(2)

(85,947)

(337,453)

Hargreaves

Lansdown

plc

(2)

(124,101)

(1,768,992)

Hays

plc

(2)

(116,101)

(138,317)

Informa

plc

(2)

(56,112)

(605,558)

Investec

plc

(2)

(32,891)

(237,765)

JD

Sports

Fashion

plc

(2)

(744,253)

(1,117,598)

Legal

&

General

Group

plc

(2)

(509,374)

(1,458,627)

Melrose

Industries

plc

(2)

(102,638)

(714,817)

National

Grid

plc

(2)

(96,354)

(1,075,902)

NatWest

Group

plc

(2)

(161,253)

(634,385)

Next

plc

(2)

(1,846)

(210,662)

Rentokil

Initial

plc

(2)

(176,525)

(1,025,187)

RS

GROUP

plc

(2)

(83,972)

(742,095)

Sage

Group

plc

(The)

(2)

(109,503)

(1,500,226)

Severn

Trent

plc

(2)

(45,729)

(1,376,412)

Smith

&

Nephew

plc

(2)

(37,575)

(465,641)

Spirax

Group

plc

(2)

(15,889)

(1,702,975)

SSE

plc

(2)

(60,100)

(1,357,274)

St

James's

Place

plc

(2)

(32,316)

(222,071)

Taylor

Wimpey

plc

(2)

(534,656)

(957,421)

Unilever

plc

(2)

(94,666)

(5,195,966)

United

Utilities

Group

plc

(2)

(63,151)

(784,501)

Wise

plc,

Class

A

(2)

(217,500)

(1,865,420)

WPP

plc

(2)

(62,634)

(573,519)

(45,424,172)

United

States

-

(99.4)%

AAON,

Inc.

(25,328)

(2,209,615)

Abbott

Laboratories

(11,048)

(1,147,998)

AbbVie,

Inc.

(19,755)

(3,388,378)

Acadia

Healthcare

Co.,

Inc.

(21,587)

(1,457,986)

Accenture

plc,

Class

A

(12,545)

(3,806,278)

Advance

Auto

Parts,

Inc.

(39,772)

(2,518,761)

Affirm

Holdings,

Inc.,

Class

A

(107,124)

(3,236,216)

Aflac,

Inc.

(1,511)

(134,947)

Agilent

Technologies,

Inc.

(8,794)

(1,139,966)

Air

Lease

Corp.,

Class

A

(18,278)

(868,753)

Air

Products

and

Chemicals,

Inc.

(8,305)

(2,143,105)

Albemarle

Corp.

(18,341)

(1,751,932)

Alcoa

Corp.

(3,427)

(136,326)

Schedule

of

Investments

June

30,

2024

(Unaudited)

AQR

EQUITY

MARKET

NEUTRAL

FUND

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

Funds

|

Semi-Annual

Report

|

June

2024

73

(Continued)

INVESTMENTS

SHARES

VALUE

($)

United

States

-

(99.4)%

(continued)

Alexandria

Real

Estate

Equities,

Inc.,

REIT

(1,172)

(137,089)

Allegion

plc

(3,306)

(390,604)

ALLETE,

Inc.

(18,132)

(1,130,530)

Alliant

Energy

Corp.

(48,575)

(2,472,468)

American

Electric

Power

Co.,

Inc.

(20,228)

(1,774,805)

American

Express

Co.

(1,800)

(416,790)

American

Financial

Group,

Inc.

(5,900)

(725,818)

American

Homes

4

Rent,

Class

A,

REIT

(36,287)

(1,348,425)

American

Tower

Corp.,

REIT

(10,882)

(2,115,243)

AMETEK,

Inc.

(8,603)

(1,434,206)

Amgen,

Inc.

(2,428)

(758,629)

Amphenol

Corp.,

Class

A

(1,983)

(133,595)

Analog

Devices,

Inc.

(1,465)

(334,401)

Aon

plc,

Class

A

(5,061)

(1,485,808)

AppLovin

Corp.,

Class

A

(12,937)

(1,076,617)

Aramark

(37,719)

(1,283,200)

Arcadium

Lithium

plc

(300,972)

(1,011,266)

Arch

Capital

Group

Ltd.

(9,074)

(915,476)

Armstrong

World

Industries,

Inc.

(2,386)

(270,191)

Arrowhead

Pharmaceuticals,

Inc.

(77,984)

(2,026,804)

Arthur

J

Gallagher

&

Co.

(21,098)

(5,470,922)

ASGN,

Inc.

(13,622)

(1,201,052)

Aspen

Technology,

Inc.

(8,771)

(1,742,184)

Associated

Banc-Corp.

(60,674)

(1,283,255)

Atlassian

Corp.,

Class

A

(14,146)

(2,502,144)

Autodesk,

Inc.

(11,023)

(2,727,641)

Automatic

Data

Processing,

Inc.

(10,501)

(2,506,484)

Avantor,

Inc.

(29,644)

(628,453)

Avery

Dennison

Corp.

(10,790)

(2,359,234)

Avient

Corp.

(3,128)

(136,537)

Axon

Enterprise,

Inc.

(8,868)

(2,609,320)

Azenta,

Inc.

(27,868)

(1,466,414)

Bath

&

Body

Works,

Inc.

(53,748)

(2,098,859)

Becton

Dickinson

&

Co.

(849)

(198,420)

Belden,

Inc.

(18,019)

(1,690,182)

Bentley

Systems,

Inc.,

Class

B

(33,675)

(1,662,198)

BILL

Holdings,

Inc.

(21,440)

(1,128,173)

Biogen,

Inc.

(6,694)

(1,551,803)

BioMarin

Pharmaceutical,

Inc.

(1,646)

(135,515)

Bio-Rad

Laboratories,

Inc.,

Class

A

(4,348)

(1,187,482)

Bio-Techne

Corp.

(22,447)

(1,608,328)

BJ's

Wholesale

Club

Holdings,

Inc.

(35,623)

(3,129,124)

Blackstone,

Inc.

(25,201)

(3,119,884)

Block,

Inc.,

Class

A

(9,626)

(620,781)

Blue

Owl

Capital,

Inc.,

Class

A

(223,069)

(3,959,475)

Boeing

Co.

(The)

(6,852)

(1,247,133)

BorgWarner,

Inc.

(12,288)

(396,165)

Boston

Scientific

Corp.

(18,285)

(1,408,128)

Bright

Horizons

Family

Solutions,

Inc.

(24,548)

(2,702,244)

Brighthouse

Financial,

Inc.

(11,627)

(503,914)

Brixmor

Property

Group,

Inc.,

REIT

(6,049)

(139,671)

Brookfield

Renewable

Corp.,

Class

A

(24,800)

(702,641)

Brown

&

Brown,

Inc.

(17,892)

(1,599,724)

Brown-Forman

Corp.,

Class

B

(44,589)

(1,925,799)

BRP,

Inc.

(31,417)

(2,012,865)

Brunswick

Corp.

(47,498)

(3,456,429)

INVESTMENTS

SHARES

VALUE

($)

United

States

-

(99.4)%

(continued)

Bunge

Global

SA

(1,887)

(201,475)

BWX

Technologies,

Inc.

(2,633)

(250,135)

Cabot

Corp.

(1,430)

(131,403)

Cadence

Bank

(19,727)

(557,880)

Cadence

Design

Systems,

Inc.

(6,442)

(1,982,526)

Caesars

Entertainment,

Inc.

(14,705)

(584,377)

Campbell

Soup

Co.

(41,701)

(1,884,468)

Capital

One

Financial

Corp.

(8,316)

(1,151,350)

Carnival

Corp.

(174,521)

(3,267,033)

Carrier

Global

Corp.

(45,441)

(2,866,418)

Carter's,

Inc.

(10,759)

(666,735)

Casey's

General

Stores,

Inc.

(749)

(285,788)

Cboe

Global

Markets,

Inc.

(2,294)

(390,118)

CBRE

Group,

Inc.,

Class

A

(3,338)

(297,449)

CDW

Corp.

(6,473)

(1,448,916)

Celanese

Corp.,

Class

A

(24,360)

(3,285,920)

Celsius

Holdings,

Inc.

(5,310)

(303,148)

Cencora,

Inc.

(7,916)

(1,783,475)

Certara,

Inc.

(56,461)

(781,985)

CF

Industries

Holdings,

Inc.

(17,090)

(1,266,711)

CH

Robinson

Worldwide,

Inc.

(9,761)

(860,139)

Charles

River

Laboratories

International,

Inc.

(2,825)

(583,589)

Charles

Schwab

Corp.

(The)

(36,115)

(2,661,314)

Chart

Industries,

Inc.

(7,840)

(1,131,626)

Charter

Communications,

Inc.,

Class

A

(9,491)

(2,837,429)

Chemed

Corp.

(1,313)

(712,408)

Chesapeake

Energy

Corp.

(13,307)

(1,093,702)

Chevron

Corp.

(4,315)

(674,952)

Choice

Hotels

International,

Inc.

(29,204)

(3,475,276)

Chord

Energy

Corp.

(12,598)

(2,112,433)

Church

&

Dwight

Co.,

Inc.

(15,210)

(1,576,973)

Churchill

Downs,

Inc.

(5,306)

(740,718)

Cintas

Corp.

(2,824)

(1,977,534)

Cisco

Systems,

Inc.

(30,853)

(1,465,826)

Clarivate

plc

(241,632)

(1,374,886)

Clearway

Energy,

Inc.,

Class

C

(34,121)

(842,447)

Cloudflare,

Inc.,

Class

A

(4,494)

(372,238)

CMS

Energy

Corp.

(18,378)

(1,094,042)

Coca-Cola

Co.

(The)

(23,961)

(1,525,118)

Cognex

Corp.

(5,211)

(243,666)

Cognizant

Technology

Solutions

Corp.,

Class

A

(1,998)

(135,864)

Columbia

Sportswear

Co.

(27,176)

(2,149,078)

Comerica,

Inc.

(18,878)

(963,533)

Conagra

Brands,

Inc.

(42,672)

(1,212,738)

Confluent,

Inc.,

Class

A

(6,491)

(191,679)

Constellation

Brands,

Inc.,

Class

A

(16,475)

(4,238,688)

Cooper

Cos.,

Inc.

(The)

(4,103)

(358,192)

Copart,

Inc.

(56,198)

(3,043,684)

Core

&

Main,

Inc.,

Class

A

(13,259)

(648,895)

Corning,

Inc.

(3,375)

(131,119)

Corpay,

Inc.

(1,762)

(469,414)

CoStar

Group,

Inc.

(30,518)

(2,262,605)

Coty,

Inc.,

Class

A

(219,620)

(2,200,592)

Crane

NXT

Co.

(10,291)

(632,073)

CRH

plc

(2)

(6,473)

(479,677)

Crocs,

Inc.

(9,605)

(1,401,754)

CSL

Ltd.

(2)

(13,454)

(2,638,293)

74

AQR

Funds

|

Semi-Annual

Report

|

June

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

EQUITY

MARKET

NEUTRAL

FUND

Schedule

of

Investments

June

30,

2024

(Unaudited)

(Continued)

INVESTMENTS

SHARES

VALUE

($)

United

States

-

(99.4)%

(continued)

CSX

Corp.

(52,618)

(1,760,072)

CubeSmart,

REIT

(39,946)

(1,804,361)

Danaher

Corp.

(11,342)

(2,833,799)

Darden

Restaurants,

Inc.

(6,959)

(1,053,036)

Dayforce,

Inc.

(15,352)

(761,459)

Deckers

Outdoor

Corp.

(1,815)

(1,756,829)

Deere

&

Co.

(8,216)

(3,069,744)

Dexcom,

Inc.

(14,046)

(1,592,535)

Digital

Realty

Trust,

Inc.,

REIT

(5,491)

(834,907)

Dollar

General

Corp.

(15,371)

(2,032,507)

Dollar

Tree,

Inc.

(20,771)

(2,217,720)

Dominion

Energy,

Inc.

(26,012)

(1,274,588)

DoorDash,

Inc.,

Class

A

(4,634)

(504,087)

Dover

Corp.

(12,884)

(2,324,918)

Doximity,

Inc.,

Class

A

(42,428)

(1,186,711)

Dropbox,

Inc.,

Class

A

(101,916)

(2,290,053)

DTE

Energy

Co.

(4,173)

(463,245)

DXC

Technology

Co.

(23,083)

(440,654)

EastGroup

Properties,

Inc.,

REIT

(1,686)

(286,789)

Edison

International

(1,895)

(136,080)

Elanco

Animal

Health,

Inc.

(93,131)

(1,343,880)

Elastic

NV

(5,142)

(585,725)

Elevance

Health,

Inc.

(2,385)

(1,292,336)

elf

Beauty,

Inc.

(7,021)

(1,479,465)

Emerson

Electric

Co.

(3,961)

(436,344)

Enovis

Corp.

(13,029)

(588,911)

Entegris,

Inc.

(1,696)

(229,638)

Envista

Holdings

Corp.

(7,838)

(130,346)

EQT

Corp.

(69,002)

(2,551,694)

Equifax,

Inc.

(4,914)

(1,191,448)

Equity

LifeStyle

Properties,

Inc.,

REIT

(4,319)

(281,296)

Equity

Residential,

REIT

(4,629)

(320,975)

Erie

Indemnity

Co.,

Class

A

(6,359)

(2,304,502)

Esab

Corp.

(2,589)

(244,479)

Essential

Utilities,

Inc.

(17,951)

(670,111)

Essex

Property

Trust,

Inc.,

REIT

(488)

(132,834)

Exelon

Corp.

(13,114)

(453,876)

ExlService

Holdings,

Inc.

(44,522)

(1,396,210)

Expedia

Group,

Inc.

(8,375)

(1,055,166)

Expeditors

International

of

Washington,

Inc.

(7,788)

(971,865)

Experian

plc

(2)

(10,884)

(505,636)

Extra

Space

Storage,

Inc.,

REIT

(32,381)

(5,032,331)

FactSet

Research

Systems,

Inc.

(528)

(215,567)

Fastenal

Co.

(22,159)

(1,392,472)

FedEx

Corp.

(5,223)

(1,566,064)

Ferguson

plc

(1,317)

(255,037)

Ferrovial

SE

(2)

(55,891)

(2,171,246)

Fifth

Third

Bancorp

(108,664)

(3,965,149)

First

Financial

Bankshares,

Inc.

(63,731)

(1,881,976)

First

Industrial

Realty

Trust,

Inc.,

REIT

(16,654)

(791,232)

First

Solar,

Inc.

(526)

(118,592)

FirstEnergy

Corp.

(23,702)

(907,076)

Fiserv,

Inc.

(3,434)

(511,803)

Five9,

Inc.

(33,884)

(1,494,284)

Floor

&

Decor

Holdings,

Inc.,

Class

A

(8,640)

(858,902)

Fortrea

Holdings,

Inc.

(23,716)

(553,531)

INVESTMENTS

SHARES

VALUE

($)

United

States

-

(99.4)%

(continued)

Fox

Corp.,

Class

A

(36,116)

(1,241,307)

Frontier

Communications

Parent,

Inc.

(64,084)

(1,677,719)

FTI

Consulting,

Inc.

(13,617)

(2,934,872)

Gaming

and

Leisure

Properties,

Inc.,

REIT

(3,887)

(175,731)

Gap,

Inc.

(The)

(56,500)

(1,349,785)

GATX

Corp.

(10,259)

(1,357,881)

GE

HealthCare

Technologies,

Inc.

(5,550)

(432,456)

Generac

Holdings,

Inc.

(2,726)

(360,432)

General

Mills,

Inc.

(17,589)

(1,112,680)

Gentex

Corp.

(84,749)

(2,856,889)

Glacier

Bancorp,

Inc.

(26,209)

(978,120)

GLOBALFOUNDRIES,

Inc.

(4,226)

(213,667)

Globant

SA

(2,831)

(504,654)

Globus

Medical,

Inc.,

Class

A

(28,324)

(1,939,911)

Goldman

Sachs

Group,

Inc.

(The)

(752)

(340,145)

Graco,

Inc.

(8,432)

(668,489)

Graham

Holdings

Co.,

Class

B

(452)

(316,197)

GRAIL,

Inc.

(168)

(2,582)

Graphic

Packaging

Holding

Co.

(92,501)

(2,424,451)

Greif,

Inc.,

Class

A

(2,206)

(126,779)

GXO

Logistics,

Inc.

(5,571)

(281,336)

Haemonetics

Corp.

(8,003)

(662,088)

Haleon

plc

(2)

(692,620)

(2,818,075)

Hayward

Holdings,

Inc.

(110,320)

(1,356,936)

HEICO

Corp.

(11,207)

(2,505,997)

Helen

of

Troy

Ltd.

(9,605)

(890,768)

Henry

Schein,

Inc.

(29,763)

(1,907,808)

Highwoods

Properties,

Inc.,

REIT

(8,244)

(216,570)

Hilton

Grand

Vacations,

Inc.

(26,790)

(1,083,120)

Honeywell

International,

Inc.

(3,000)

(640,620)

Houlihan

Lokey,

Inc.,

Class

A

(26,110)

(3,521,195)

Howard

Hughes

Holdings,

Inc.

(16,990)

(1,101,292)

HP,

Inc.

(67,236)

(2,354,605)

Hubbell,

Inc.,

Class

B

(2,244)

(820,137)

HubSpot,

Inc.

(999)

(589,200)

Humana,

Inc.

(4,008)

(1,497,589)

Hyatt

Hotels

Corp.,

Class

A

(1,758)

(267,075)

IAC,

Inc.

(68,617)

(3,214,706)

ICU

Medical,

Inc.

(10,885)

(1,292,594)

IDACORP,

Inc.

(18,493)

(1,722,623)

IDEX

Corp.

(3,846)

(773,815)

Illumina,

Inc.

(1,012)

(105,633)

Informatica,

Inc.,

Class

A

(36,103)

(1,114,861)

Ingersoll

Rand,

Inc.

(37,266)

(3,385,243)

Insperity,

Inc.

(7,084)

(646,132)

Integra

LifeSciences

Holdings

Corp.

(16,578)

(483,083)

Intercontinental

Exchange,

Inc.

(25,633)

(3,508,901)

International

Business

Machines

Corp.

(5,377)

(929,952)

International

Paper

Co.

(20,554)

(886,905)

Interpublic

Group

of

Cos.,

Inc.

(The)

(23,358)

(679,484)

Intuit,

Inc.

(1,482)

(973,985)

Intuitive

Surgical,

Inc.

(3,209)

(1,427,524)

Ionis

Pharmaceuticals,

Inc.

(86,417)

(4,118,634)

Iron

Mountain,

Inc.,

REIT

(3,090)

(276,926)

Jack

Henry

&

Associates,

Inc.

(6,631)

(1,100,879)

Schedule

of

Investments

June

30,

2024

(Unaudited)

AQR

EQUITY

MARKET

NEUTRAL

FUND

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

Funds

|

Semi-Annual

Report

|

June

2024

75

(Continued)

INVESTMENTS

SHARES

VALUE

($)

United

States

-

(99.4)%

(continued)

Janus

Henderson

Group

plc

(17,119)

(577,081)

Jefferies

Financial

Group,

Inc.

(11,587)

(576,569)

Johnson

Controls

International

plc

(40,592)

(2,698,150)

JPMorgan

Chase

&

Co.

(9,624)

(1,946,550)

KB

Home

(17,172)

(1,205,131)

Kenvue,

Inc.

(67,788)

(1,232,386)

KeyCorp

(57,844)

(821,963)

Keysight

Technologies,

Inc.

(9,488)

(1,297,484)

Kilroy

Realty

Corp.,

REIT

(9,078)

(282,961)

Kinsale

Capital

Group,

Inc.

(3,220)

(1,240,602)

Kite

Realty

Group

Trust,

REIT

(10,888)

(243,673)

KKR

&

Co.,

Inc.

(16,091)

(1,693,417)

Knight-Swift

Transportation

Holdings,

Inc.,

Class

A

(25,072)

(1,251,594)

Lamb

Weston

Holdings,

Inc.

(26,407)

(2,220,301)

Lancaster

Colony

Corp.

(9,426)

(1,781,231)

Landstar

System,

Inc.

(5,028)

(927,565)

Lattice

Semiconductor

Corp.

(27,384)

(1,587,998)

Liberty

Broadband

Corp.,

Class

C

(28,473)

(1,560,890)

Lincoln

Electric

Holdings,

Inc.

(888)

(167,512)

Linde

plc

(7,976)

(3,499,949)

Lithia

Motors,

Inc.,

Class

A

(5,138)

(1,297,088)

Live

Nation

Entertainment,

Inc.

(34,923)

(3,273,682)

LKQ

Corp.

(42,469)

(1,766,286)

Lockheed

Martin

Corp.

(4,112)

(1,920,715)

Lowe's

Cos.,

Inc.

(27,267)

(6,011,284)

LPL

Financial

Holdings,

Inc.

(3,635)

(1,015,256)

Lucid

Group,

Inc.

(200,000)

(522,000)

Lumentum

Holdings,

Inc.

(49,444)

(2,517,688)

Lyft,

Inc.,

Class

A

(22,821)

(321,776)

M&T

Bank

Corp.

(17,520)

(2,651,827)

MACOM

Technology

Solutions

Holdings,

Inc.

(29,440)

(3,281,677)

Macy's,

Inc.

(134,796)

(2,588,083)

Maravai

LifeSciences

Holdings,

Inc.,

Class

A

(51,318)

(367,437)

Markel

Group,

Inc.

(418)

(658,626)

MarketAxess

Holdings,

Inc.

(2,161)

(433,345)

Marriott

International,

Inc.,

Class

A

(559)

(135,149)

Marsh

&

McLennan

Cos.,

Inc.

(10,322)

(2,175,052)

Masimo

Corp.

(10,499)

(1,322,244)

Mastercard,

Inc.,

Class

A

(301)

(132,789)

Match

Group,

Inc.

(34,342)

(1,043,310)

Maximus,

Inc.

(1,545)

(132,407)

McDonald's

Corp.

(15,044)

(3,833,813)

MDU

Resources

Group,

Inc.

(15,625)

(392,188)

Merck

&

Co.,

Inc.

(11,810)

(1,462,078)

Mercury

Systems,

Inc.

(22,591)

(609,731)

Meta

Platforms,

Inc.,

Class

A

(1,629)

(821,374)

Mettler-Toledo

International,

Inc.

(230)

(321,446)

MGIC

Investment

Corp.

(12,131)

(261,423)

MGM

Resorts

International

(135,855)

(6,037,397)

Microchip

Technology,

Inc.

(17,155)

(1,569,683)

Microsoft

Corp.

(19,390)

(8,666,362)

Middleby

Corp.

(The)

(7,661)

(939,315)

Moderna,

Inc.

(10,658)

(1,265,638)

Mohawk

Industries,

Inc.

(3,621)

(411,309)

MongoDB,

Inc.,

Class

A

(7,455)

(1,863,452)

Monster

Beverage

Corp.

(31,166)

(1,556,742)

Moody's

Corp.

(6,647)

(2,797,922)

INVESTMENTS

SHARES

VALUE

($)

United

States

-

(99.4)%

(continued)

Morgan

Stanley

(11,207)

(1,089,208)

Morningstar,

Inc.

(1,471)

(435,195)

Motorola

Solutions,

Inc.

(3,061)

(1,181,699)

MP

Materials

Corp.

(180,663)

(2,299,840)

MSA

Safety,

Inc.

(3,558)

(667,801)

Murphy

USA,

Inc.

(965)

(453,029)

Nasdaq,

Inc.

(16,627)

(1,001,943)

National

Storage

Affiliates

Trust,

REIT

(16,245)

(669,619)

nCino,

Inc.

(42,591)

(1,339,487)

Neogen

Corp.

(105,357)

(1,646,730)

Nestle

SA

(Registered)

(2)

(3,372)

(344,195)

New

Fortress

Energy,

Inc.

(129,662)

(2,849,971)

New

York

Community

Bancorp,

Inc.

(507,179)

(1,633,116)

NewMarket

Corp.

(263)

(135,595)

Newmont

Corp.

(50,518)

(2,115,189)

NextEra

Energy,

Inc.

(7,421)

(525,481)

NIKE,

Inc.,

Class

B

(67,811)

(5,110,915)

Nordson

Corp.

(8,829)

(2,047,798)

Nordstrom,

Inc.

(40,496)

(859,325)

Norfolk

Southern

Corp.

(4,469)

(959,450)

Northwestern

Energy

Group,

Inc.

(6,804)

(340,744)

Norwegian

Cruise

Line

Holdings

Ltd.

(140,350)

(2,637,177)

Novanta,

Inc.

(5,976)

(974,745)

Nucor

Corp.

(14,376)

(2,272,558)

NVR,

Inc.

(431)

(3,270,669)

Occidental

Petroleum

Corp.

(10,869)

(685,073)

Okta,

Inc.,

Class

A

(22,821)

(2,136,274)

Old

National

Bancorp

(72,906)

(1,253,254)

Omnicom

Group,

Inc.

(12,506)

(1,121,788)

ONE

Gas,

Inc.

(13,692)

(874,234)

ONEOK,

Inc.

(20,239)

(1,650,490)

Onto

Innovation,

Inc.

(944)

(207,265)

Option

Care

Health,

Inc.

(69,279)

(1,919,028)

Oracle

Corp.

(5,967)

(842,540)

O'Reilly

Automotive,

Inc.

(5,361)

(5,661,538)

Ormat

Technologies,

Inc.

(11,665)

(836,381)

Otis

Worldwide

Corp.

(4,236)

(407,757)

Palantir

Technologies,

Inc.,

Class

A

(37,282)

(944,353)

Palo

Alto

Networks,

Inc.

(2,276)

(771,587)

Paychex,

Inc.

(31,202)

(3,699,309)

Paycom

Software,

Inc.

(1,820)

(260,333)

Paycor

HCM,

Inc.

(38,086)

(483,692)

Paylocity

Holding

Corp.

(7,913)

(1,043,329)

PBF

Energy,

Inc.,

Class

A

(4,991)

(229,686)

Peloton

Interactive,

Inc.,

Class

A

(87,948)

(297,264)

Penn

Entertainment,

Inc.

(34,070)

(659,425)

Permian

Resources

Corp.,

Class

A

(120,175)

(1,940,826)

Philip

Morris

International,

Inc.

(22,876)

(2,318,025)

Phillips

66

(3,464)

(489,013)

Phinia,

Inc.

(23,857)

(939,012)

Pinnacle

Financial

Partners,

Inc.

(7,730)

(618,709)

Pinnacle

West

Capital

Corp.

(3,756)

(286,883)

Pinterest,

Inc.,

Class

A

(61,810)

(2,723,967)

Planet

Fitness,

Inc.,

Class

A

(68,752)

(5,059,460)

Plug

Power,

Inc.

(408,914)

(952,770)

PNC

Financial

Services

Group,

Inc.

(The)

(15,086)

(2,345,571)

76

AQR

Funds

|

Semi-Annual

Report

|

June

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

EQUITY

MARKET

NEUTRAL

FUND

Schedule

of

Investments

June

30,

2024

(Unaudited)

(Continued)

INVESTMENTS

SHARES

VALUE

($)

United

States

-

(99.4)%

(continued)

Pool

Corp.

(7,896)

(2,426,678)

Portland

General

Electric

Co.

(16,473)

(712,293)

Post

Holdings,

Inc.

(9,766)

(1,017,227)

PotlatchDeltic

Corp.,

REIT

(11,317)

(445,777)

PPL

Corp.

(8,259)

(228,361)

Premier,

Inc.,

Class

A

(26,584)

(496,323)

Primerica,

Inc.

(7,880)

(1,864,250)

Principal

Financial

Group,

Inc.

(6,302)

(494,392)

Procore

Technologies,

Inc.

(3,411)

(226,183)

Procter

&

Gamble

Co.

(The)

(7,181)

(1,184,291)

Progyny,

Inc.

(33,343)

(953,943)

Prologis,

Inc.,

REIT

(6,604)

(741,695)

PTC,

Inc.

(14,598)

(2,652,019)

Public

Service

Enterprise

Group,

Inc.

(39,276)

(2,894,641)

PVH

Corp.

(7,955)

(842,196)

QIAGEN

NV

(2)

(6,742)

(278,566)

Qorvo,

Inc.

(4,216)

(489,225)

Quanta

Services,

Inc.

(6,516)

(1,655,650)

QuantumScape

Corp.

(354,464)

(1,743,963)

Range

Resources

Corp.

(30,658)

(1,027,963)

Raymond

James

Financial,

Inc.

(4,322)

(534,242)

Rayonier,

Inc.,

REIT

(12,603)

(366,621)

RBC

Bearings,

Inc.

(4,021)

(1,084,785)

Regal

Rexnord

Corp.

(2,489)

(336,563)

Regency

Centers

Corp.,

REIT

(14,807)

(920,995)

Regeneron

Pharmaceuticals,

Inc.

(1,379)

(1,449,370)

Regions

Financial

Corp.

(262,301)

(5,256,512)

Reliance,

Inc.

(7,220)

(2,062,032)

RenaissanceRe

Holdings

Ltd.

(1,849)

(413,270)

Repligen

Corp.

(12,518)

(1,578,019)

Revvity,

Inc.

(20,508)

(2,150,469)

Rexford

Industrial

Realty,

Inc.,

REIT

(9,204)

(410,406)

RH

(5,921)

(1,447,329)

RLI

Corp.

(5,993)

(843,155)

ROBLOX

Corp.,

Class

A

(15,153)

(563,843)

Rockwell

Automation,

Inc.

(2,513)

(691,779)

Roivant

Sciences

Ltd.

(151,425)

(1,600,562)

Royal

Caribbean

Cruises

Ltd.

(14,340)

(2,286,226)

RPM

International,

Inc.

(12,212)

(1,314,988)

RTX

Corp.

(6,288)

(631,252)

Ryan

Specialty

Holdings,

Inc.,

Class

A

(2,407)

(139,389)

S&P

Global,

Inc.

(5,216)

(2,326,336)

Saia,

Inc.

(3,506)

(1,662,861)

Sanofi

SA

(2)

(12,563)

(1,211,615)

Schneider

National,

Inc.,

Class

B

(60,235)

(1,455,278)

SEI

Investments

Co.

(18,210)

(1,178,005)

Service

Corp.

International

(27,987)

(1,990,715)

Sherwin-Williams

Co.

(The)

(820)

(244,713)

Shift4

Payments,

Inc.,

Class

A

(31,965)

(2,344,633)

Silgan

Holdings,

Inc.

(33,180)

(1,404,509)

Silicon

Laboratories,

Inc.

(8,744)

(967,349)

Simpson

Manufacturing

Co.,

Inc.

(8,524)

(1,436,550)

SiteOne

Landscape

Supply,

Inc.

(2,914)

(353,789)

Snap,

Inc.,

Class

A

(25,461)

(422,907)

SoFi

Technologies,

Inc.

(65,063)

(430,066)

Southern

Co.

(The)

(82,237)

(6,379,125)

SouthState

Corp.

(9,327)

(712,769)

INVESTMENTS

SHARES

VALUE

($)

United

States

-

(99.4)%

(continued)

Southwest

Gas

Holdings,

Inc.

(37,827)

(2,662,264)

Spectrum

Brands

Holdings,

Inc.

(1,520)

(130,614)

Spire,

Inc.

(13,008)

(789,976)

Spirit

AeroSystems

Holdings,

Inc.,

Class

A

(36,579)

(1,202,352)

Sprouts

Farmers

Market,

Inc.

(8,322)

(696,219)

STAG

Industrial,

Inc.,

REIT

(9,146)

(329,805)

Starbucks

Corp.

(79,508)

(6,189,699)

Stellantis

NV

(2)

(10,792)

(213,344)

STERIS

plc

(2,780)

(610,321)

Stryker

Corp.

(7,679)

(2,612,780)

Sun

Communities,

Inc.,

REIT

(6,830)

(821,922)

Swiss

Re

AG

(2)

(10,679)

(1,323,950)

Synaptics,

Inc.

(4,362)

(384,728)

Synopsys,

Inc.

(5,015)

(2,984,226)

Synovus

Financial

Corp.

(29,582)

(1,188,901)

Sysco

Corp.

(8,491)

(606,172)

Take-Two

Interactive

Software,

Inc.

(37,464)

(5,825,277)

Tandem

Diabetes

Care,

Inc.

(22,928)

(923,769)

TEGNA,

Inc.

(79,810)

(1,112,551)

Teledyne

Technologies,

Inc.

(4,189)

(1,625,248)

Tempur

Sealy

International,

Inc.

(40,230)

(1,904,488)

Tesla,

Inc.

(10,537)

(2,085,062)

Tetra

Tech,

Inc.

(8,761)

(1,791,449)

Texas

Instruments,

Inc.

(10,783)

(2,097,617)

Thermo

Fisher

Scientific,

Inc.

(2,322)

(1,284,066)

Thor

Industries,

Inc.

(6,996)

(653,776)

Timken

Co.

(The)

(4,961)

(397,525)

T-Mobile

US,

Inc.

(9,496)

(1,673,005)

Toro

Co.

(The)

(26,778)

(2,504,011)

TPG,

Inc.

(64,641)

(2,679,369)

Tractor

Supply

Co.

(8,342)

(2,252,340)

Tradeweb

Markets,

Inc.,

Class

A

(9,110)

(965,660)

TransDigm

Group,

Inc.

(710)

(907,103)

Trex

Co.,

Inc.

(16,848)

(1,248,774)

Tyler

Technologies,

Inc.

(2,851)

(1,433,426)

Tyson

Foods,

Inc.,

Class

A

(15,253)

(871,556)

UDR,

Inc.,

REIT

(3,347)

(137,729)

U-Haul

Holding

Co.

(573)

(35,371)

Ultragenyx

Pharmaceutical,

Inc.

(21,900)

(900,090)

Under

Armour,

Inc.,

Class

A

(190,024)

(1,267,460)

Union

Pacific

Corp.

(2,748)

(621,762)

United

Airlines

Holdings,

Inc.

(13,223)

(643,431)

United

Bankshares,

Inc.

(14,887)

(482,934)

UnitedHealth

Group,

Inc.

(8,529)

(4,343,479)

Unity

Software,

Inc.

(68,131)

(1,107,810)

Valvoline,

Inc.

(65,085)

(2,811,672)

Veralto

Corp.

(5,616)

(536,160)

Verizon

Communications,

Inc.

(22,006)

(907,527)

Vertex

Pharmaceuticals,

Inc.

(5,770)

(2,704,514)

Viasat,

Inc.

(56,891)

(722,516)

Viatris,

Inc.

(65,696)

(698,348)

VICI

Properties,

Inc.,

Class

A,

REIT

(19,579)

(560,743)

Visa,

Inc.,

Class

A

(14,664)

(3,848,860)

Vishay

Intertechnology,

Inc.

(67,454)

(1,504,224)

Visteon

Corp.

(3,628)

(387,108)

Vontier

Corp.

(7,572)

(289,250)

Vornado

Realty

Trust,

REIT

(71,090)

(1,868,956)

Walgreens

Boots

Alliance,

Inc.

(21,130)

(255,567)

Schedule

of

Investments

June

30,

2024

(Unaudited)

AQR

EQUITY

MARKET

NEUTRAL

FUND

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

Funds

|

Semi-Annual

Report

|

June

2024

77

(Continued)

INVESTMENTS

SHARES

VALUE

($)

United

States

-

(99.4)%

(continued)

Walt

Disney

Co.

(The)

(21,125)

(2,097,501)

Warner

Bros

Discovery,

Inc.

(90,600)

(674,064)

Waste

Connections,

Inc.

(14,807)

(2,596,556)

Waste

Management,

Inc.

(8,824)

(1,882,512)

Waters

Corp.

(6,963)

(2,020,106)

Watsco,

Inc.

(4,712)

(2,182,787)

Watts

Water

Technologies,

Inc.,

Class

A

(735)

(134,777)

Wayfair,

Inc.,

Class

A

(36,104)

(1,903,764)

Welltower,

Inc.,

REIT

(16,677)

(1,738,577)

West

Pharmaceutical

Services,

Inc.

(5,498)

(1,810,986)

WEX,

Inc.

(1,347)

(238,608)

Weyerhaeuser

Co.,

REIT

(36,926)

(1,048,329)

White

Mountains

Insurance

Group

Ltd.

(150)

(272,618)

Williams

Cos.,

Inc.

(The)

(57,079)

(2,425,858)

Williams-Sonoma,

Inc.

(19,051)

(5,379,431)

WillScot

Mobile

Mini

Holdings

Corp.

(27,302)

(1,027,647)

Wintrust

Financial

Corp.

(6,288)

(619,745)

Wolfspeed,

Inc.

(68,279)

(1,554,030)

WP

Carey,

Inc.,

REIT

(12,418)

(683,611)

WW

Grainger,

Inc.

(1,589)

(1,433,659)

Wyndham

Hotels

&

Resorts,

Inc.

(18,734)

(1,386,316)

XPO,

Inc.

(3,955)

(419,823)

Xylem,

Inc.

(7,732)

(1,048,691)

YETI

Holdings,

Inc.

(87,095)

(3,322,674)

Yum!

Brands,

Inc.

(31,415)

(4,161,231)

Zebra

Technologies

Corp.,

Class

A

(3,626)

(1,120,180)

Zillow

Group,

Inc.,

Class

C

(12,626)

(585,720)

Zoetis,

Inc.,

Class

A

(795)

(137,821)

ZoomInfo

Technologies,

Inc.,

Class

A

(71,353)

(911,178)

(695,706,673)

TOTAL

COMMON

STOCKS

(Proceeds

$(1,239,597,018))

(1,215,576,084)

PREFERRED

STOCKS

-

(0.7)%

Germany

-

(0.7)%

Dr

Ing

hc

F

Porsche

AG

(Preference)

(2)(b)

(47,592)

(3,540,532)

Henkel

AG

&

Co.

KGaA

(Preference)

(2)

(1,550)

(138,007)

Sartorius

AG

(Preference)

(2)

(5,503)

(1,288,176)

TOTAL

PREFERRED

STOCKS

(Proceeds

$(6,089,076))

(4,966,715)

INVESTMENTS

NO.

OF

RIGHTS

VALUE

($)

RIGHTS

-

0.0%

Italy

-

0.0%

Amplifon

SpA,

expiring

7/9/2024

(2)

(Proceeds

$–)

(23,597)

–

TOTAL

SHORT

POSITIONS

(Proceeds

$(1,245,686,094))

(1,220,542,799)

TOTAL

INVESTMENTS

IN

SECURITIES

AT

VALUE

-

80.3%

(Cost

$529,746,934)

562,840,002

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

-

19.7%

‡

138,123,065

NET

ASSETS

-

100.0%

700,963,067

SECTOR

VALUE

%

OF

NET

ASSETS

Communication

Services

$

(3,019,805)

(0.4)

%

Consumer

Discretionary

(11,920,159)

(1.7)

Consumer

Staples

(10,567,299)

(1.5)

Energy

47,722,423

6.8

Financials

83,355,987

11.9

Health

Care

(51,511,706)

(7.4)

Industrials

16,780,408

2.4

Information

Technology

(11,869,120)

(1.7)

Materials

17,997,428

2.6

Real

Estate

(13,330,652)

(1.9)

Utilities

(387,540)

(0.1)

Investment

Companies

263,108,658

37.6

U.S.

Treasury

Obligations

236,481,379

33.7

Total

Investments

In

Securities

At

Value

562,840,002

80.3

Other

Assets

in

Excess

of

Liabilities

‡

138,123,065

19.7

Net

Assets

$

700,963,067

100.0%

78

AQR

Funds

|

Semi-Annual

Report

|

June

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

EQUITY

MARKET

NEUTRAL

FUND

Schedule

of

Investments

June

30,

2024

(Unaudited)

(Continued)

*

Non-income

producing

security.

†

Represents

less

than

0.05%

of

net

assets.

‡

Includes

appreciation/(depreciation)

on

forward

foreign

currency

exchange

and

swap

contracts.

(a)

All

or

a

portion

of

this

security

is

segregated

in

connection

with

obligations

for

securities

sold

short.

Total

value

of

all

such

securities

at

June

30,

2024

amounted

to

$1,257,097,923,

which

is

inclusive

of

rehypothecated

amounts disclosed

below.

In

addition,

$74,947,567

of

cash

collateral

was

also

pledged.

(b)

Securities

exempt

from

registration

under

Rule

144A

or

section

4(2),

of

the

Securities

Act

of

1933.

Under

procedures

approved

by

the

Board

of

Trustees,

such

securities

have

been

determined

to

be

liquid

by

the

investment

adviser

and

may

be

resold,

normally

to

qualified

institutional

buyers

in

transactions

exempt

from

registration.

Total

value

of

all

such

securities

at

June

30,

2024

amounted

to

$5,639,258,

which

represents

0.80%

of

net

assets

of

the

Fund.

(c)

All

or

a

portion

of

this

security

has

been

rehypothecated

in

connection

with

the

Fund's

Master

Securities

Loan

Agreement

with

State

Street

Bank

and

Trust

Company.

Total

value

of

all

such

securities

at

June

30,

2024

amounted

to

$147,555,873.

(d)

Represents

7-day

effective

yield

as

of

June

30,

2024.

(e)

All

or

a

portion

of

the

security

pledged

as

collateral

for

forward

foreign

currency

exchange

and

swap

contracts.

(f)

For

the

period

ended

June

30,

2024,

transactions

with

and

earnings

from

issuers

considered

to

be

an

affiliated

issuer

were

as

follows:

(g)

The

rate

shown

was

the

effective

yield

at

the

date

of

purchase.

(h)

All

or

a

portion

of

the

security

pledged

as

collateral

for

swap

contracts.

Affiliate

Value

At

12/31/2023

Purchases

At

Cost

Proceeds

From

Sales

Net

Realized

Gain

(Loss)

Net

Change

In

Unrealized

App/Dep

Value

At

6/30/2024

Shares

Held

At

6/30/2024

Dividend

Income

Capital

Gain

Distributions

SHORT-TERM

INVESTMENTS

-

37.3%

INVESTMENT

COMPANIES

-

37.3%

Limited

Purpose

Cash

Investment

Fund,

5.33%

(a)

(Cost

$261,559,303)

$104,076,481

$624,705,534

$(467,205,130)

$11,286

$1,820

$261,589,991

261,694,669

$5,279,732

$–

(a)

Represents

7-day

effective

yield

as

of

June

30,

2024.

All

securities

are

Level

1

with

respect

to

ASC

820,

unless

otherwise

noted

in

parentheses.

(2)

Level

2

security

(See

Note

5).

Forward

foreign

currency

exchange

contracts

outstanding

as

of

June

30,

2024:

Over-the-Counter

CURRENCY

PURCHASED

CURRENCY

SOLD

COUNTERPARTY

SETTLEMENT

DATE

UNREALIZED

APPRECIATION

(DEPRECIATION)

CHF

248

USD

277

CITI

9/18/2024

$

2

CHF

248

USD

277

JPMC

9/18/2024

2

USD

292

DKK

2,000

CITI

9/18/2024

4

USD

292

DKK

2,000

JPMC

9/18/2024

4

USD

14,987,323

EUR

13,818,500

CITI

9/18/2024

131,468

USD

14,987,398

EUR

13,818,500

JPMC

9/18/2024

131,543

USD

6,634,187

GBP

5,194,000

CITI

9/18/2024

64,591

USD

6,634,220

GBP

5,194,000

JPMC

9/18/2024

64,624

USD

8,794,823

JPY

1,355,000,000

CITI

9/18/2024

269,980

USD

8,794,867

JPY

1,355,000,000

JPMC

9/18/2024

270,023

USD

951,131

NOK

10,000,000

CITI

9/18/2024

12,690

USD

951,135

NOK

10,000,000

JPMC

9/18/2024

12,694

USD

1,481,807

SEK

15,500,000

CITI

9/18/2024

13,428

USD

1,481,814

SEK

15,500,000

JPMC

9/18/2024

13,435

USD

20,491

SGD

27,500

CITI

9/18/2024

135

USD

20,491

SGD

27,500

JPMC

9/18/2024

135

USD

3,705,914

HKD

28,871,500

CITI

9/19/2024

416

USD

3,705,933

HKD

28,871,500

JPMC

9/19/2024

435

Total

unrealized

appreciation

985,609

CHF

252

USD

286

CITI

9/18/2024

(3)

Schedule

of

Investments

June

30,

2024

(Unaudited)

AQR

EQUITY

MARKET

NEUTRAL

FUND

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

Funds

|

Semi-Annual

Report

|

June

2024

79

(Continued)

CURRENCY

PURCHASED

CURRENCY

SOLD

COUNTERPARTY

SETTLEMENT

DATE

UNREALIZED

APPRECIATION

(DEPRECIATION)

CHF

252

USD

286

JPMC

9/18/2024

$

(3)

DKK

2,000

USD

294

CITI

9/18/2024

(5)

DKK

2,000

USD

294

JPMC

9/18/2024

(5)

EUR

1,469,000

USD

1,579,936

CITI

9/18/2024

(659)

EUR

1,469,000

USD

1,579,929

JPMC

9/18/2024

(651)

GBP

2,082,500

USD

2,636,419

CITI

9/18/2024

(2,383)

GBP

2,082,500

USD

2,636,406

JPMC

9/18/2024

(2,370)

JPY

1,350,000,000

USD

8,580,747

CITI

9/18/2024

(87,361)

JPY

1,350,000,000

USD

8,580,704

JPMC

9/18/2024

(87,318)

HKD

13,123,000

USD

1,685,256

CITI

9/19/2024

(992)

HKD

13,123,000

USD

1,685,248

JPMC

9/19/2024

(983)

USD

12,828

HKD

100,000

CITI

9/19/2024

(6)

USD

12,828

HKD

100,000

JPMC

9/19/2024

(6)

Total

unrealized

depreciation

(182,745)

Net

unrealized

appreciation

$

802,864

Total

return

basket

swap

contracts

outstanding

as

of

June

30,

2024:

Over-the-Counter

COUNTERPARTY

DESCRIPTION

TERMINATION

DATE

ABSOLUTE

NOTIONAL

VALUE

NET

UNREALIZED

APPRECIATION

(DEPRECIATION)

NET

CASH

AND

OTHER

RECEIVABLES

(PAYABLES)

VALUE

MSIP

The

Fund

receives

the

total

return

on

a

portfolio

of

long

equity

positions

and

pays

or

receives

the

SONIA

plus

or

minus

a

specified

spread

(0.00%),

which

is

denominated

in

GBP

based

on

the

local

currencies

of

the

positions

within

the

swap.

36

months

maturity

07/19/2024

$–

$(14)

$284,693

$284,679

MSIP

The

Fund

receives

the

total

return

on

a

portfolio

of

short

equity

positions

and

pays

or

receives

the

HONIX

plus

or

minus

a

specified

spread

(-0.68%),

which

is

denominated

in

HKD

based

on

the

local

currencies

of

the

positions

within

the

swap.

49

months

maturity

07/22/2025

$259

$11

$(30,019)

$(30,008)

80

AQR

Funds

|

Semi-Annual

Report

|

June

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

EQUITY

MARKET

NEUTRAL

FUND

Schedule

of

Investments

June

30,

2024

(Unaudited)

Collateral

pledged

to,

or

(received

from),

each

counterparty

at

June

30,

2024

was

as

follows:

COUNTERPARTY

OVER-THE-COUNTER

EXCHANGE-TRADED/

EXCHANGE-CLEARED

TOTAL

CITI

Cash

$

(380,619)

$

–

$

(380,619)

Investment

Companies

606,829

–

606,829

JPMC

Cash

(3,648)

–

(3,648)

Investment

Companies

911,838

–

911,838

MLIN

Cash

8,620

–

8,620

MSIP

Cash

(591,552)

–

(591,552)

U.S.

Treasury

Bills

58,948

–

58,948

Schedule

of

Investments

June

30,

2024

(Unaudited)

AQR

LONG-SHORT

EQUITY

FUND

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

(Continued)

AQR

Funds

|

Semi-Annual

Report

|

June

2024

81

INVESTMENTS

SHARES

VALUE

($)

LONG

POSITIONS

-

276.1%

COMMON

STOCKS

-

197.6%

Australia

-

3.7%

AGL

Energy

Ltd.

(2)(a)

306,323

2,207,207

ANZ

Group

Holdings

Ltd.

(2)(a)

26,712

501,857

Aristocrat

Leisure

Ltd.

(2)(a)

115,471

3,823,884

Atlas

Arteria

Ltd.

(2)(a)

120,745

410,439

BlueScope

Steel

Ltd.

(2)(a)

164,819

2,237,359

Brambles

Ltd.

(2)(a)

252,554

2,437,129

Cochlear

Ltd.

(2)(a)

22,603

4,989,386

Coles

Group

Ltd.

(2)(a)

211,238

2,393,032

Computershare

Ltd.

(2)(a)

141,934

2,482,402

Evolution

Mining

Ltd.

(2)(a)

1,106,978

2,588,520

Fortescue

Ltd.

(2)(a)

101,952

1,451,435

Harvey

Norman

Holdings

Ltd.

(2)

(a)

690,114

1,910,460

Incitec

Pivot

Ltd.

(2)(a)

212,579

410,069

JB

Hi-Fi

Ltd.

(2)(a)

136,899

5,562,458

Origin

Energy

Ltd.

(2)(a)

735,841

5,323,782

Pro

Medicus

Ltd.

(2)(a)

42,354

4,022,464

Qantas

Airways

Ltd.

(2)*(a)

1,173,765

4,567,972

QBE

Insurance

Group

Ltd.

(2)(a)

248,457

2,868,093

Reece

Ltd.

(2)(a)

38,251

638,797

Seven

Group

Holdings

Ltd.

(2)(a)

96,138

2,401,736

South32

Ltd.

(2)(a)

283,531

687,874

Suncorp

Group

Ltd.

(2)(a)

43,172

499,241

Tabcorp

Holdings

Ltd.

(2)(a)

42,226

19,592

Telstra

Group

Ltd.

(2)(a)

238,600

576,033

Westpac

Banking

Corp.

(2)(a)

525,683

9,518,621

Whitehaven

Coal

Ltd.

(2)(a)

765,316

3,894,252

Worley

Ltd.

(2)(a)

139,679

1,390,960

Yancoal

Australia

Ltd.

(2)(a)

208,223

915,370

70,730,424

Austria

-

0.2%

Mondi

plc

(a)

244,647

4,696,087

Belgium

-

0.6%

Ageas

SA/NV

(2)(a)

127,871

5,834,341

Anheuser-Busch

InBev

SA/NV

(2)

(a)

3,657

212,310

KBC

Group

NV

(2)(a)

24,830

1,749,583

Proximus

SADP

(2)(a)

246,592

1,962,721

Solvay

SA

(2)(a)

26,322

928,221

10,687,176

Brazil

-

0.2%

Wheaton

Precious

Metals

Corp.

74,618

3,912,393

Canada

-

5.3%

Air

Canada

*(a)

273,708

3,581,282

Alamos

Gold,

Inc.,

Class

A

(a)

32,089

503,366

Atco

Ltd.,

Class

I

(a)

54,653

1,556,834

AtkinsRealis

Group,

Inc.

(a)

101,807

4,407,010

Bank

of

Nova

Scotia

(The)

(a)

103,118

4,717,024

Barrick

Gold

Corp.

(a)

382,440

6,379,358

Bombardier,

Inc.,

Class

B

*(a)

42,345

2,715,491

Cameco

Corp.

(a)

12,310

605,669

Canadian

Imperial

Bank

of

Commerce

(a)

25,697

1,221,878

Canadian

Utilities

Ltd.,

Class

A

(a)

18,547

400,617

INVESTMENTS

SHARES

VALUE

($)

Canada

-

5.3%

(continued)

CCL

Industries,

Inc.,

Class

B

(a)

104,728

5,507,205

Celestica,

Inc.

*(a)

76,605

4,386,708

Cenovus

Energy,

Inc.

(a)

188,826

3,711,510

Descartes

Systems

Group,

Inc.

(The)

*(a)

12,472

1,208,409

Dollarama,

Inc.

(a)

4,503

411,147

Empire

Co.

Ltd.,

Class

A

(a)

81,914

2,093,880

Fairfax

Financial

Holdings

Ltd.

(a)

4,578

5,208,054

Finning

International,

Inc.

(a)

64,580

1,893,428

Franco-Nevada

Corp.

(a)

19,068

2,260,758

George

Weston

Ltd.

(a)

18,128

2,607,660

iA

Financial

Corp.,

Inc.

(a)

35,144

2,206,952

Imperial

Oil

Ltd.

(a)

33,819

2,305,936

Kinross

Gold

Corp.

(a)

161,132

1,341,540

Magna

International,

Inc.

(a)

51,114

2,142,375

Manulife

Financial

Corp.

(a)

101,963

2,715,187

Metro,

Inc.,

Class

A

(a)

7,520

416,608

Nutrien

Ltd.

(a)

16,979

864,433

Nuvei

Corp.

(a)(b)

11,534

373,577

Onex

Corp.

(a)

5,989

407,220

Open

Text

Corp.

(a)

30,971

930,002

Pan

American

Silver

Corp.

(a)

66,219

1,316,103

Parkland

Corp.

(a)

20,583

576,995

Saputo,

Inc.

(a)

62,258

1,398,023

Shopify,

Inc.,

Class

A

*(a)

86,082

5,688,881

Stantec,

Inc.

(a)

27,189

2,276,201

Suncor

Energy,

Inc.

(a)

167,395

6,381,089

TC

Energy

Corp.

(a)

87,346

3,311,110

TFI

International,

Inc.

(a)

23,547

3,419,010

Toromont

Industries

Ltd.

(a)

5,628

498,315

Toronto-Dominion

Bank

(The)

(a)

30,290

1,665,003

Tourmaline

Oil

Corp.

(a)

30,535

1,384,962

West

Fraser

Timber

Co.

Ltd.

(a)

24,525

1,883,587

Whitecap

Resources,

Inc.

(a)

353,381

2,585,683

101,466,080

China

-

1.5%

BOC

Hong

Kong

Holdings

Ltd.

(2)

712,500

2,198,557

NXP

Semiconductors

NV

(a)(c)

42,374

11,402,420

Prosus

NV

(2)*(a)

195,264

6,943,293

Wilmar

International

Ltd.

(2)

691,900

1,577,715

Yangzijiang

Shipbuilding

Holdings

Ltd.

(2)

3,267,700

5,914,773

28,036,758

Denmark

-

2.4%

AP

Moller

-

Maersk

A/S,

Class

B

(2)(a)

2,444

4,238,743

Carlsberg

A/S,

Class

B

(2)(a)

68,282

8,197,531

Danske

Bank

A/S

(2)(a)

245,160

7,312,149

Demant

A/S

(2)*(a)

38,719

1,676,945

Genmab

A/S

(2)*(a)

12,827

3,214,362

GN

Store

Nord

A/S

(2)*(a)

20,279

564,949

ISS

A/S

(2)(a)

388,759

6,675,057

Jyske

Bank

A/S

(Registered)

(2)(a)

31,820

2,534,908

Novonesis

(Novozymes),

Class

B

(2)(a)

33,570

2,050,941

ROCKWOOL

A/S,

Class

B

(2)(a)

1,439

583,341

Royal

Unibrew

A/S

(2)*(a)

35,459

2,812,276

82

AQR

Funds

|

Semi-Annual

Report

|

June

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

LONG-SHORT

EQUITY

FUND

Schedule

of

Investments

June

30,

2024

(Unaudited)

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Denmark

-

2.4%

(continued)

Vestas

Wind

Systems

A/S

(2)*(a)

243,228

5,639,962

45,501,164

Finland

-

1.2%

Elisa

OYJ

(2)(a)

8,152

373,222

Fortum

OYJ

(2)(a)

333,799

4,886,660

Huhtamaki

OYJ

(2)(a)

42,599

1,703,582

Kone

OYJ,

Class

B

(2)(a)

43,104

2,137,155

Neste

OYJ

(2)(a)

131,979

2,355,097

Sampo

OYJ,

Class

A

(2)(a)

13,370

576,571

UPM-Kymmene

OYJ

(2)(a)

140,629

4,939,251

Valmet

OYJ

(2)(a)

64,074

1,833,752

Wartsila

OYJ

Abp

(2)(a)

165,650

3,211,337

22,016,627

France

-

5.7%

Accor

SA

(2)(a)

9,626

393,886

Air

France-KLM

(2)*(a)

137,338

1,215,862

Amundi

SA

(2)(a)(b)

42,023

2,717,922

Arkema

SA

(2)(a)

5,161

449,747

BNP

Paribas

SA

(2)(a)

6,241

399,125

Bouygues

SA

(2)(a)

174,600

5,612,410

Carrefour

SA

(2)(a)

352,365

4,993,103

Cie

de

Saint-Gobain

SA

(2)(a)

69,420

5,399,081

Cie

Generale

des

Etablissements

Michelin

SCA

(2)(a)

73,645

2,846,461

Credit

Agricole

SA

(2)(a)

178,490

2,437,212

Danone

SA

(2)(a)

14,750

903,434

Dassault

Aviation

SA

(2)(a)

10,857

1,966,064

Eiffage

SA

(2)(a)

9,315

856,108

Engie

SA

(2)(a)

661,802

9,477,237

Forvia

SE

(2)(a)

77,501

924,734

Gaztransport

Et

Technigaz

SA

(2)

(a)

17,614

2,304,365

Ipsen

SA

(2)(a)

21,737

2,670,582

La

Francaise

des

Jeux

SAEM

(2)

(a)(b)

22,981

782,735

Legrand

SA

(2)(a)

31,355

3,112,147

Orange

SA

(2)(a)

757,261

7,595,712

Renault

SA

(2)(a)

91,493

4,692,197

Rexel

SA

(2)(a)

147,632

3,819,026

Safran

SA

(2)(a)

14,454

3,046,302

SCOR

SE

(2)(a)

39,624

1,004,401

SEB

SA

(2)(a)

7,857

806,395

Societe

Generale

SA

(2)(a)

575,692

13,535,138

Sodexo

SA

(2)(a)

28,143

2,535,149

SPIE

SA

(2)(a)

74,064

2,683,371

TotalEnergies

SE

(2)(a)

6,429

430,446

Valeo

SE

(2)(a)

450,561

4,817,998

Veolia

Environnement

SA

(2)(a)

67,398

2,018,762

Verallia

SA

(2)(a)(b)

89,014

3,239,072

Vinci

SA

(2)(a)

16,247

1,712,505

Vivendi

SE

(2)(a)

569,955

5,956,955

Worldline

SA

(2)*(a)(b)

37,068

403,954

107,759,598

Germany

-

6.2%

adidas

AG

(2)(a)

16,652

3,975,941

Allianz

SE

(Registered)

(2)(a)

14,554

4,042,095

BASF

SE

(2)(a)

105,394

5,095,017

INVESTMENTS

SHARES

VALUE

($)

Germany

-

6.2%

(continued)

Bayer

AG

(Registered)

(2)(a)

159,103

4,484,797

Bayerische

Motoren

Werke

AG

(2)

(a)

17,063

1,614,013

Bechtle

AG

(2)(a)

17,069

802,905

Brenntag

SE

(2)(a)

13,323

898,769

Commerzbank

AG

(2)(a)

431,089

6,538,862

Daimler

Truck

Holding

AG

(2)(a)

200,392

7,992,263

Deutsche

Bank

AG

(Registered)

(2)(a)

362,159

5,788,228

E.ON

SE

(2)(a)

156,388

2,055,358

Evonik

Industries

AG

(2)(a)

162,549

3,316,774

Freenet

AG

(2)(a)

182,752

4,859,349

Fresenius

Medical

Care

AG

(2)(a)

131,453

5,023,710

GEA

Group

AG

(2)(a)

17,860

742,502

Hannover

Rueck

SE

(2)(a)

2,748

695,624

Heidelberg

Materials

AG

(2)(a)

38,278

3,956,955

HOCHTIEF

AG

(2)(a)

10,329

1,176,658

KION

Group

AG

(2)(a)

105,515

4,407,718

Knorr-Bremse

AG

(2)(a)

8,632

659,786

LANXESS

AG

(2)(a)

122,197

3,005,898

Mercedes-Benz

Group

AG

(2)(a)

260,006

17,995,413

Muenchener

Rueckversicherungs-

Gesellschaft

AG

in

Muenchen

(Registered)

(2)(a)

15,634

7,816,302

Scout24

SE

(2)(a)(b)

52,156

3,984,915

Siemens

AG

(Registered)

(2)(a)

2,203

410,034

Talanx

AG

(2)(a)

26,565

2,116,956

TeamViewer

SE

(2)*(a)(b)

229,152

2,564,854

thyssenkrupp

AG

(2)(a)

1,179,323

5,105,630

TUI

AG

(2)*

7,348

51,941

Zalando

SE

(2)*(a)(b)

298,253

7,001,374

118,180,641

Guatemala

-

0.1%

Millicom

International

Cellular

SA,

SDR

(2)*

62,253

1,511,596

Hong

Kong

-

0.4%

AIA

Group

Ltd.

(2)(a)

203,600

1,377,507

CLP

Holdings

Ltd.

(2)(a)

131,000

1,059,543

Henderson

Land

Development

Co.

Ltd.

(2)(a)

146,000

391,451

HKT

Trust

&

HKT

Ltd.

(2)(a)

362,000

406,035

Prudential

plc

(2)(a)

130,285

1,181,297

Swire

Pacific

Ltd.,

Class

A

(2)(a)

244,000

2,154,180

Techtronic

Industries

Co.

Ltd.

(2)(a)

57,500

655,494

WH

Group

Ltd.

(2)(a)(b)

1,097,000

722,052

7,947,559

Italy

-

3.8%

A2A

SpA

(2)(a)

288,616

572,956

Assicurazioni

Generali

SpA

(2)(a)

16,080

400,295

Azimut

Holding

SpA

(2)(a)

175,382

4,133,424

Banca

Generali

SpA

(2)(a)

28,587

1,147,520

Banca

Monte

dei

Paschi

di

Siena

SpA

(2)(a)

1,175,653

5,542,674

Banco

BPM

SpA

(2)(a)

770,854

4,961,063

BPER

Banca

SpA

(2)(a)

83,378

422,085

Buzzi

SpA

(2)(a)

120,338

4,845,765

Enel

SpA

(2)(a)

112,072

777,644

Eni

SpA

(2)(a)

444,502

6,825,172

Schedule

of

Investments

June

30,

2024

(Unaudited)

AQR

LONG-SHORT

EQUITY

FUND

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

Funds

|

Semi-Annual

Report

|

June

2024

83

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Italy

-

3.8%

(continued)

ERG

SpA

(2)(a)

52,543

1,317,126

Intesa

Sanpaolo

SpA

(2)(a)

1,861,943

6,919,750

Italgas

SpA

(2)(a)

608,890

3,006,911

Nexi

SpA

(2)*(a)(b)

391,031

2,383,724

Pirelli

&

C

SpA

(2)(a)(b)

769,140

4,570,556

Poste

Italiane

SpA

(2)(a)(b)

998,519

12,705,698

UniCredit

SpA

(2)(a)

102,844

3,805,848

Unipol

Gruppo

SpA

(2)(a)

870,889

8,636,892

72,975,103

Japan

-

30.9%

ABC-Mart,

Inc.

(2)(a)

219,700

3,855,745

AGC,

Inc.

(2)(a)

36,700

1,194,170

Aisin

Corp.

(2)(a)

12,200

398,559

Alfresa

Holdings

Corp.

(2)(a)

310,600

4,268,970

Amada

Co.

Ltd.

(2)(a)

288,700

3,209,930

ANA

Holdings,

Inc.

(2)(a)

143,400

2,650,492

Asahi

Group

Holdings

Ltd.

(2)(a)

172,400

6,100,304

Asahi

Kasei

Corp.

(2)(a)

939,300

6,031,343

Asics

Corp.

(2)(a)

131,200

2,022,864

Brother

Industries

Ltd.

(2)(a)

135,300

2,389,966

Canon,

Inc.

(2)(a)

174,100

4,722,925

Capcom

Co.

Ltd.

(2)(a)

193,000

3,650,959

Central

Japan

Railway

Co.

(2)(a)

260,100

5,638,222

Chubu

Electric

Power

Co.,

Inc.

(2)

(a)

590,100

6,971,044

COMSYS

Holdings

Corp.

(2)(a)

111,500

2,152,409

Concordia

Financial

Group

Ltd.

(2)(a)

879,500

5,209,695

Cosmo

Energy

Holdings

Co.

Ltd.

(2)(a)

31,900

1,610,303

Cosmos

Pharmaceutical

Corp.

(a)

15,000

1,209,677

CyberAgent,

Inc.

(2)(a)

90,100

564,674

Dai-ichi

Life

Holdings,

Inc.

(2)(a)

51,900

1,389,874

DMG

Mori

Co.

Ltd.

(2)(a)

77,600

2,029,777

ENEOS

Holdings,

Inc.

(2)(a)

448,000

2,308,747

Fujitsu

Ltd.

(2)(a)

68,800

1,079,024

Fukuoka

Financial

Group,

Inc.

(2)

(a)

262,900

7,079,669

GMO

Payment

Gateway,

Inc.

(2)(a)

31,100

1,721,896

Hikari

Tsushin,

Inc.

(2)(a)

27,100

5,076,391

Hirose

Electric

Co.

Ltd.

(2)(a)

27,600

3,060,481

Hitachi

Construction

Machinery

Co.

Ltd.

(2)(a)

198,200

5,314,751

Hitachi

Ltd.

(2)(a)

232,500

5,235,046

Honda

Motor

Co.

Ltd.

(2)(a)

1,106,600

11,895,943

Idemitsu

Kosan

Co.

Ltd.

(2)(a)

493,900

3,210,134

Inpex

Corp.

(2)(a)

510,000

7,489,597

Isetan

Mitsukoshi

Holdings

Ltd.

(2)(a)

117,600

2,210,505

Ito

En

Ltd.

(2)(a)

208,600

4,527,072

Japan

Airlines

Co.

Ltd.

(2)(a)

506,500

8,002,703

Japan

Post

Bank

Co.

Ltd.

(2)(a)

918,500

8,721,133

Japan

Post

Holdings

Co.

Ltd.

(2)(a)

122,100

1,213,641

Japan

Post

Insurance

Co.

Ltd.

(2)

(a)

286,200

5,566,054

Japan

Tobacco,

Inc.

(2)(a)

126,600

3,428,258

JFE

Holdings,

Inc.

(2)(a)

588,000

8,486,386

Kansai

Electric

Power

Co.,

Inc.

(The)

(2)(a)

115,800

1,944,491

INVESTMENTS

SHARES

VALUE

($)

Japan

-

30.9%

(continued)

Kansai

Paint

Co.

Ltd.

(2)(a)

292,700

4,732,539

Kawasaki

Kisen

Kaisha

Ltd.

(2)(a)

126,300

1,841,819

KDDI

Corp.

(2)(a)

410,300

10,869,466

Keio

Corp.

(2)(a)

121,000

2,809,326

Kirin

Holdings

Co.

Ltd.

(2)(a)

375,900

4,855,725

Kobayashi

Pharmaceutical

Co.

Ltd.

(2)(a)

39,800

1,292,564

Kobe

Steel

Ltd.

(2)(a)

205,400

2,555,186

Koito

Manufacturing

Co.

Ltd.

(2)(a)

29,400

405,317

Komatsu

Ltd.

(2)(a)

196,500

5,739,675

Konami

Group

Corp.

(2)(a)

9,500

686,893

Kose

Corp.

(2)(a)

29,000

1,841,040

Kubota

Corp.

(2)(a)

72,800

1,023,057

Kuraray

Co.

Ltd.

(2)(a)

145,700

1,685,785

Kyowa

Kirin

Co.

Ltd.

(2)(a)

229,800

3,938,918

Kyushu

Electric

Power

Co.,

Inc.

(2)(a)

297,200

3,065,893

Kyushu

Railway

Co.

(2)(a)

95,200

2,066,602

Lawson,

Inc.

(a)

16,800

1,078,650

Lion

Corp.

(2)(a)

188,600

1,469,993

Lixil

Corp.

(2)(a)

316,900

3,340,071

Makita

Corp.

(2)(a)

268,800

7,359,198

Marubeni

Corp.

(2)(a)

65,200

1,208,976

Mazda

Motor

Corp.

(2)(a)

1,177,100

11,348,431

Medipal

Holdings

Corp.

(2)(a)

219,400

3,344,821

MISUMI

Group,

Inc.

(2)(a)

117,300

2,012,980

Mitsubishi

Electric

Corp.

(2)(a)

79,400

1,272,394

Mitsubishi

Gas

Chemical

Co.,

Inc.

(2)(a)

90,800

1,741,778

Mitsubishi

UFJ

Financial

Group,

Inc.

(2)(a)

1,752,900

18,917,345

Mitsui

OSK

Lines

Ltd.

(2)(a)

68,900

2,071,592

Mizuho

Financial

Group,

Inc.

(2)(a)

891,200

18,757,437

MS&AD

Insurance

Group

Holdings,

Inc.

(2)(a)

423,900

9,463,998

Murata

Manufacturing

Co.

Ltd.

(2)

(a)

106,700

2,209,584

NGK

Insulators

Ltd.

(2)(a)

519,300

6,668,005

NH

Foods

Ltd.

(2)(a)

24,000

720,726

NIPPON

EXPRESS

HOLDINGS,

Inc.

(2)(a)

122,600

5,673,992

Nippon

Steel

Corp.

(2)(a)

282,000

5,977,958

Nippon

Yusen

KK

(2)(a)

131,600

3,839,682

Nissan

Motor

Co.

Ltd.

(2)(a)

2,776,900

9,427,475

Nisshin

Seifun

Group,

Inc.

(2)(a)

523,200

6,038,078

Niterra

Co.

Ltd.

(2)(a)

32,600

950,635

Nomura

Holdings,

Inc.

(2)(a)

1,477,000

8,531,643

NSK

Ltd.

(2)(a)

807,700

3,940,192

Oji

Holdings

Corp.

(2)(a)

1,746,100

6,892,837

Oracle

Corp.

Japan

(2)(a)

45,100

3,112,099

ORIX

Corp.

(2)(a)

392,500

8,699,324

Osaka

Gas

Co.

Ltd.

(2)(a)

107,700

2,380,205

Otsuka

Corp.

(2)(a)

311,700

6,012,107

Panasonic

Holdings

Corp.

(2)(a)

873,800

7,183,071

Persol

Holdings

Co.

Ltd.

(2)(a)

5,585,700

7,739,788

Resona

Holdings,

Inc.

(2)(a)

336,500

2,238,446

Resonac

Holdings

Corp.

(2)(a)

93,500

2,065,761

Rohto

Pharmaceutical

Co.

Ltd.

(2)

(a)

63,600

1,331,501

Ryohin

Keikaku

Co.

Ltd.

(2)(a)

972,500

16,184,297

84

AQR

Funds

|

Semi-Annual

Report

|

June

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

LONG-SHORT

EQUITY

FUND

Schedule

of

Investments

June

30,

2024

(Unaudited)

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Japan

-

30.9%

(continued)

Santen

Pharmaceutical

Co.

Ltd.

(2)(a)

781,900

7,999,221

Sanwa

Holdings

Corp.

(2)(a)

53,800

987,286

SCREEN

Holdings

Co.

Ltd.

(2)(a)

67,400

6,110,408

Sekisui

Chemical

Co.

Ltd.

(2)(a)

212,400

2,948,666

Shimamura

Co.

Ltd.

(2)(a)

183,700

8,364,659

Shionogi

&

Co.

Ltd.

(2)(a)

29,300

1,141,192

Shiseido

Co.

Ltd.

(2)(a)

21,300

607,032

Skylark

Holdings

Co.

Ltd.

(2)(a)

92,000

1,225,537

Socionext,

Inc.

(2)(a)

72,500

1,725,037

Sohgo

Security

Services

Co.

Ltd.

(2)(a)

579,000

3,383,750

Sojitz

Corp.

(2)(a)

481,800

11,769,060

Sompo

Holdings,

Inc.

(2)(a)

202,800

4,344,726

Sony

Group

Corp.

(2)(a)

63,100

5,377,456

Square

Enix

Holdings

Co.

Ltd.

(2)

(a)

240,400

7,243,437

Stanley

Electric

Co.

Ltd.

(2)(a)

233,400

4,182,237

Subaru

Corp.

(2)(a)

300,900

6,398,747

Sumitomo

Chemical

Co.

Ltd.

(2)(a)

744,000

1,597,512

Sumitomo

Corp.

(2)(a)

545,800

13,711,558

Sumitomo

Electric

Industries

Ltd.

(2)(a)

308,900

4,829,501

Sumitomo

Heavy

Industries

Ltd.

(2)(a)

29,700

775,097

Sundrug

Co.

Ltd.

(2)(a)

81,200

2,048,664

Suntory

Beverage

&

Food

Ltd.

(2)

(a)

11,300

401,333

TBS

Holdings,

Inc.

(2)(a)

101,900

2,579,935

Toho

Co.

Ltd.

(2)(a)

13,900

406,632

Tohoku

Electric

Power

Co.,

Inc.

(2)(a)

306,800

2,773,230

Tokio

Marine

Holdings,

Inc.

(2)(a)

105,900

3,979,622

Tokyo

Century

Corp.

(2)(a)

54,700

514,307

Tokyo

Electric

Power

Co.

Holdings,

Inc.

(2)*(a)

1,040,200

5,601,460

Tokyo

Electron

Ltd.

(2)(a)

29,500

6,457,562

Tokyo

Gas

Co.

Ltd.

(2)(a)

105,200

2,264,744

TOPPAN

Holdings,

Inc.

(2)(a)

213,000

5,908,721

Toray

Industries,

Inc.

(2)(a)

337,300

1,599,727

Tosoh

Corp.

(2)(a)

202,700

2,653,294

Toyo

Suisan

Kaisha

Ltd.

(2)(a)

81,400

4,848,367

Toyota

Boshoku

Corp.

(2)(a)

148,100

1,967,008

Toyota

Tsusho

Corp.

(2)(a)

387,600

7,574,915

Trend

Micro,

Inc.

(2)(a)

222,000

9,048,899

USS

Co.

Ltd.

(2)(a)

475,300

4,002,409

Welcia

Holdings

Co.

Ltd.

(2)(a)

212,700

2,652,462

West

Japan

Railway

Co.

(2)(a)

22,300

416,107

Yamada

Holdings

Co.

Ltd.

(2)(a)

1,593,600

4,286,746

Yamazaki

Baking

Co.

Ltd.

(2)(a)

100,900

2,082,948

Yokogawa

Electric

Corp.

(2)(a)

104,400

2,535,467

586,785,377

Jordan

-

0.0%

†

Hikma

Pharmaceuticals

plc

(2)

21,100

502,729

Luxembourg

-

0.5%

Aperam

SA

(2)(a)

49,776

1,286,866

ArcelorMittal

SA

(2)(a)

337,685

7,736,115

9,022,981

INVESTMENTS

SHARES

VALUE

($)

Netherlands

-

2.2%

Aalberts

NV

(2)(a)

8,996

364,273

ABN

AMRO

Bank

NV,

CVA

(2)(a)

(b)

105,723

1,736,360

Aegon

Ltd.

(2)(a)

262,074

1,620,383

Akzo

Nobel

NV

(2)(a)

143,116

8,722,821

Arcadis

NV

(2)(a)

19,209

1,215,570

Argenx

SE

(2)*(a)

10,155

4,406,140

EXOR

NV

(2)(a)

41,259

4,309,791

Koninklijke

Ahold

Delhaize

NV

(2)

(a)

26,479

779,200

Koninklijke

KPN

NV

(2)(a)

1,112,094

4,262,362

Koninklijke

Philips

NV

(2)*(a)

208,344

5,239,547

Koninklijke

Vopak

NV

(2)(a)

74,129

3,079,773

NN

Group

NV

(2)(a)

140,747

6,541,704

42,277,924

New

Zealand

-

0.2%

Xero

Ltd.

(2)*(a)

42,476

3,841,381

Norway

-

0.5%

DNB

Bank

ASA

(2)(a)

95,076

1,865,475

Equinor

ASA

(2)(a)

84,048

2,407,456

Kongsberg

Gruppen

ASA

(2)(a)

6,237

507,899

Norsk

Hydro

ASA

(2)(a)

621,053

3,871,944

Orkla

ASA

(2)(a)

48,109

390,124

Telenor

ASA

(a)

119,102

1,357,564

10,400,462

Singapore

-

0.8%

Genting

Singapore

Ltd.

(2)

1,896,000

1,205,178

Grab

Holdings

Ltd.,

Class

A

*

1,531,958

5,438,451

Jardine

Cycle

&

Carriage

Ltd.

(2)

42,000

821,703

Singapore

Airlines

Ltd.

(2)

145,700

740,297

STMicroelectronics

NV

(2)

124,876

4,891,134

United

Overseas

Bank

Ltd.

(2)

89,100

2,055,210

15,151,973

South

Korea

-

0.0%

†

Delivery

Hero

SE

(2)*(a)(b)

17,679

419,958

Spain

-

2.3%

Acerinox

SA

(2)(a)

441,949

4,603,176

ACS

Actividades

de

Construccion

y

Servicios

SA

(2)(a)

79,921

3,451,944

Aena

SME

SA

(2)(a)(b)

18,701

3,786,900

Banco

de

Sabadell

SA

(2)(a)

3,531,569

6,818,214

Banco

Santander

SA

(2)(a)

1,923,165

8,948,052

Bankinter

SA

(2)(a)

160,546

1,313,715

Endesa

SA

(2)(a)

29,160

547,886

Mapfre

SA

(2)(a)

1,871,187

4,315,237

Repsol

SA

(2)(a)

373,420

5,921,947

Telefonica

SA

(2)(a)

899,335

3,809,800

43,516,871

Sweden

-

3.5%

AAK

AB

(2)(a)

41,759

1,222,736

Alfa

Laval

AB

(2)(a)

33,236

1,455,459

Autoliv,

Inc.

(a)

91,433

9,782,417

Billerud

Aktiebolag

(2)(a)

216,219

2,002,571

Boliden

AB

(2)(a)

26,400

849,046

Electrolux

AB,

Class

B

(2)*(a)

729,291

6,023,705

Schedule

of

Investments

June

30,

2024

(Unaudited)

AQR

LONG-SHORT

EQUITY

FUND

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

Funds

|

Semi-Annual

Report

|

June

2024

85

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Sweden

-

3.5%

(continued)

Elekta

AB,

Class

B

(2)(a)

541,231

3,374,513

Essity

AB,

Class

B

(2)(a)

27,543

704,132

Evolution

AB

(2)(a)(b)

33,327

3,468,987

Getinge

AB,

Class

B

(2)(a)

138,577

2,353,862

H

&

M

Hennes

&

Mauritz

AB,

Class

B

(2)(a)

335,370

5,312,300

Hexpol

AB

(2)(a)

80,432

891,603

Nibe

Industrier

AB,

Class

B

(2)(a)

264,615

1,116,026

Saab

AB,

Class

B

(2)(a)

59,135

1,420,710

SKF

AB,

Class

B

(2)(a)

44,014

884,560

SSAB

AB,

Class

B

(2)(a)

725,453

3,933,610

Swedbank

AB,

Class

A

(2)(a)

84,712

1,744,920

Telia

Co.

AB

(2)(a)

1,669,861

4,477,045

Trelleborg

AB,

Class

B

(2)(a)

210,658

8,198,007

Volvo

AB,

Class

B

(2)(a)

163,088

4,190,454

Volvo

Car

AB,

Class

B

(2)*(a)

941,511

2,911,148

66,317,811

Switzerland

-

4.0%

ABB

Ltd.

(Registered)

(2)(a)

164,192

9,104,598

Adecco

Group

AG

(Registered)

(2)(a)

202,678

6,723,816

Banque

Cantonale

Vaudoise

(Registered)

(2)(a)

4,404

467,276

Belimo

Holding

AG

(Registered)

(2)(a)

5,040

2,527,952

DKSH

Holding

AG

(a)

44,411

3,000,443

Flughafen

Zurich

AG

(Registered)

(2)(a)

4,117

911,338

Geberit

AG

(Registered)

(2)(a)

1,836

1,081,500

Georg

Fischer

AG

(Registered)

(2)(a)

25,709

1,719,812

Julius

Baer

Group

Ltd.

(2)(a)

69,852

3,906,977

Kuehne

+

Nagel

International

AG

(Registered)

(2)(a)

13,577

3,907,218

Logitech

International

SA

(Registered)

(2)(a)

78,672

7,571,458

Lonza

Group

AG

(Registered)

(2)

(a)

20,011

10,894,088

Novartis

AG

(Registered)

(2)(a)

126,530

13,471,860

SGS

SA

(Registered)

(2)(a)

4,282

381,748

Sonova

Holding

AG

(Registered)

(2)(a)

1,875

577,625

Temenos

AG

(Registered)

(2)(a)

8,269

569,826

Zurich

Insurance

Group

AG

(2)(a)

16,973

9,041,449

75,858,984

United

Kingdom

-

9.7%

abrdn

plc

(2)(a)

1,423,469

2,658,490

Associated

British

Foods

plc

(2)(a)

200,438

6,258,449

Auto

Trader

Group

plc

(2)(a)(b)

334,934

3,371,169

Aviva

plc

(2)(a)

599,085

3,608,473

Barclays

plc

(2)(a)

3,389,199

8,955,678

Bellway

plc

(2)(a)

38,281

1,218,899

British

American

Tobacco

plc

(2)(a)

197,877

6,078,719

Britvic

plc

(2)(a)

65,767

982,450

BT

Group

plc

(2)(a)

2,118,721

3,756,181

Bunzl

plc

(2)(a)

12,185

462,958

Burberry

Group

plc

(2)(a)

162,387

1,803,320

Centrica

plc

(2)(a)

3,747,840

6,388,179

INVESTMENTS

SHARES

VALUE

($)

United

Kingdom

-

9.7%

(continued)

CK

Hutchison

Holdings

Ltd.

(2)(a)

1,163,000

5,547,600

DCC

plc

(2)(a)

51,520

3,595,676

Direct

Line

Insurance

Group

plc

(2)(a)

2,044,950

5,185,207

easyJet

plc

(2)(a)

910,065

5,249,664

Hays

plc

(2)(a)

314,074

374,172

Hiscox

Ltd.

(2)(a)

202,328

2,936,825

Howden

Joinery

Group

plc

(2)(a)

375,323

4,151,051

HSBC

Holdings

plc

(2)(a)

794,478

6,857,943

IMI

plc

(2)(a)

76,878

1,708,316

Imperial

Brands

plc

(2)(a)

201,173

5,147,782

Inchcape

plc

(2)(a)

249,268

2,342,366

InterContinental

Hotels

Group

plc

(2)(a)

48,477

5,093,789

Intermediate

Capital

Group

plc

(2)

(a)

210,740

5,779,398

International

Distribution

Services

plc

(2)*(a)

501,554

2,024,852

Intertek

Group

plc

(2)(a)

27,304

1,650,531

ITV

plc

(2)(a)

1,831,565

1,862,465

Johnson

Matthey

plc

(a)

86,608

1,715,570

Kingfisher

plc

(2)(a)

443,103

1,389,427

Lloyds

Banking

Group

plc

(2)(a)

1,484,725

1,024,038

M&G

plc

(2)(a)

397,824

1,022,734

Man

Group

plc

(2)(a)

1,217,958

3,721,429

Marks

&

Spencer

Group

plc

(2)(a)

1,957,855

7,079,087

Ocado

Group

plc

(2)*(a)

120,899

439,134

Pearson

plc

(2)(a)

198,677

2,480,916

Persimmon

plc

(2)(a)

174,487

2,960,923

RELX

plc

(2)(a)

8,784

402,473

Rightmove

plc

(2)(a)

947,105

6,393,019

Rolls-Royce

Holdings

plc

(2)*(a)

1,681,516

9,657,350

Rotork

plc

(2)(a)

247,251

1,051,461

Schroders

plc

(2)(a)

83,925

384,086

Smiths

Group

plc

(2)(a)

33,805

727,369

Spectris

plc

(2)(a)

52,836

1,853,765

Standard

Chartered

plc

(2)(a)

535,251

4,833,030

Subsea

7

SA

(2)(a)

169,279

3,176,725

Tate

&

Lyle

plc

(a)

335,048

2,532,734

Taylor

Wimpey

plc

(2)(a)

2,206,407

3,951,065

TechnipFMC

plc

(a)

174,861

4,572,615

Tesco

plc

(2)(a)

2,323,307

8,974,406

Travis

Perkins

plc

(a)

119,555

1,162,186

Vodafone

Group

plc

(2)(a)

5,084,858

4,499,281

Weir

Group

plc

(The)

(2)(a)

110,374

2,760,408

Whitbread

plc

(2)(a)

15,976

599,572

184,415,405

United

States

-

111.6%

10X

Genomics,

Inc.,

Class

A

*(a)(c)

33,960

660,522

3M

Co.

(a)

169,821

17,354,007

A

O

Smith

Corp.

(a)

30,510

2,495,108

Acuity

Brands,

Inc.

(a)

17,443

4,211,438

Adobe,

Inc.

*(a)

16,784

9,324,183

ADT,

Inc.

(a)

666,178

5,062,953

AECOM

(a)

42,892

3,780,501

AES

Corp.

(The)

(a)

173,347

3,045,707

AGCO

Corp.

(a)(c)

106,371

10,411,593

agilon

health,

Inc.

*(a)

262,227

1,714,965

Agree

Realty

Corp.,

REIT

(a)(c)

60,155

3,726,001

86

AQR

Funds

|

Semi-Annual

Report

|

June

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

LONG-SHORT

EQUITY

FUND

Schedule

of

Investments

June

30,

2024

(Unaudited)

(Continued)

INVESTMENTS

SHARES

VALUE

($)

United

States

-

111.6%

(continued)

Air

Lease

Corp.,

Class

A

(a)(c)

10,586

503,153

Airbnb,

Inc.,

Class

A

*(a)

34,939

5,297,801

Align

Technology,

Inc.

*(a)

17,360

4,191,225

Allison

Transmission

Holdings,

Inc.

(a)(c)

76,693

5,820,999

Allstate

Corp.

(The)

(a)

18,369

2,932,795

Ally

Financial,

Inc.

(a)

51,571

2,045,822

Alnylam

Pharmaceuticals,

Inc.

*(a)

29,334

7,128,162

Altria

Group,

Inc.

(a)

303,969

13,845,788

Amazon.com,

Inc.

*(a)

119,242

23,043,516

Amcor

plc

(a)

387,877

3,793,437

Amdocs

Ltd.

(a)

13,279

1,047,979

American

Airlines

Group,

Inc.

*(a)

(c)

214,246

2,427,407

American

International

Group,

Inc.

(a)

29,304

2,175,529

Americold

Realty

Trust,

Inc.,

REIT

(a)(c)

115,473

2,949,180

Ameriprise

Financial,

Inc.

(a)(c)

3,761

1,606,662

Amkor

Technology,

Inc.

(a)

38,682

1,548,054

Antero

Resources

Corp.

*(a)(c)

52,425

1,710,628

APA

Corp.

(a)(c)

69,810

2,055,206

Apellis

Pharmaceuticals,

Inc.

*(a)

(c)

31,588

1,211,716

Apollo

Global

Management,

Inc.

(a)

48,956

5,780,235

Appfolio,

Inc.,

Class

A

*(a)(c)

3,729

912,002

Apple,

Inc.

(a)

44,911

9,459,155

Applied

Materials,

Inc.

(a)(c)

37,671

8,889,979

AptarGroup,

Inc.

(a)

5,647

795,154

Aptiv

plc

*(a)

103,589

7,294,737

Archer-Daniels-Midland

Co.

(a)

93,892

5,675,771

Arista

Networks,

Inc.

*(a)

16,446

5,763,994

Arrow

Electronics,

Inc.

*(a)

44,353

5,356,068

Ashland,

Inc.

(a)

20,541

1,940,919

Assurant,

Inc.

(a)

13,159

2,187,684

Assured

Guaranty

Ltd.

(a)

32,026

2,470,806

AT&T,

Inc.

(a)

767,683

14,670,422

Atmos

Energy

Corp.

(a)(c)

42,194

4,921,930

AutoNation,

Inc.

*(a)(c)

10,355

1,650,380

AutoZone,

Inc.

*(a)(c)

1,532

4,541,001

Avis

Budget

Group,

Inc.

(a)

3,743

391,218

Avnet,

Inc.

(a)

55,960

2,881,380

Axalta

Coating

Systems

Ltd.

*(a)

50,115

1,712,430

Axis

Capital

Holdings

Ltd.

(a)

145,756

10,297,661

AZEK

Co.,

Inc.

(The),

Class

A

*(a)

71,960

3,031,675

Baker

Hughes

Co.,

Class

A

(a)

356,016

12,521,083

Bank

of

America

Corp.

(a)

459,190

18,261,985

Bank

of

New

York

Mellon

Corp.

(The)

(a)

31,219

1,869,706

Bank

OZK

(a)

180,580

7,403,780

Baxter

International,

Inc.

(a)(c)

52,013

1,739,835

BellRing

Brands,

Inc.

*(a)

58,613

3,349,147

Berry

Global

Group,

Inc.

(a)(c)

88,853

5,228,999

Best

Buy

Co.,

Inc.

(a)

33,357

2,811,662

Black

Hills

Corp.

(a)

53,392

2,903,457

Blackbaud,

Inc.

*(a)

9,457

720,340

BlackRock,

Inc.

(a)(c)

4,173

3,285,486

BOK

Financial

Corp.

(a)

19,925

1,825,927

Booking

Holdings,

Inc.

(a)

3,484

13,801,866

INVESTMENTS

SHARES

VALUE

($)

United

States

-

111.6%

(continued)

Booz

Allen

Hamilton

Holding

Corp.,

Class

A

(a)(c)

4,050

623,295

Boston

Beer

Co.,

Inc.

(The),

Class

A

*(a)

11,741

3,581,592

Boston

Scientific

Corp.

*(a)

30,828

2,374,064

BP

plc

(2)(a)

449,075

2,703,780

Brink's

Co.

(The)

(a)(c)

11,664

1,194,394

Bristol-Myers

Squibb

Co.

(a)

92,768

3,852,655

Broadcom,

Inc.

(a)

1,447

2,323,202

Broadridge

Financial

Solutions,

Inc.

(a)(c)

8,445

1,663,665

Bruker

Corp.

(a)

55,121

3,517,271

Builders

FirstSource,

Inc.

*(a)

5,644

781,186

Burlington

Stores,

Inc.

*(a)

7,568

1,816,320

Cable

One,

Inc.

(a)(c)

5,283

1,870,182

CACI

International,

Inc.,

Class

A

*(a)

4,952

2,130,004

Caesars

Entertainment,

Inc.

*(a)(c)

84,851

3,371,979

Cardinal

Health,

Inc.

(a)

37,838

3,720,232

CarMax,

Inc.

*(a)(c)

88,730

6,507,458

Centene

Corp.

*(a)

158,581

10,513,920

CenterPoint

Energy,

Inc.

(a)(c)

115,127

3,566,634

Cheniere

Energy,

Inc.

(a)(c)

33,329

5,826,909

Chipotle

Mexican

Grill,

Inc.,

Class

A

*(a)(c)

216,800

13,582,520

Chubb

Ltd.

(a)

21,996

5,610,740

Ciena

Corp.

*(a)

77,702

3,743,682

Cigna

Group

(The)

(a)

46,364

15,326,547

Cincinnati

Financial

Corp.

(a)

64,624

7,632,094

Cirrus

Logic,

Inc.

*(a)

11,139

1,422,005

Cisco

Systems,

Inc.

(a)

62,403

2,964,767

Citigroup,

Inc.

(a)

233,429

14,813,404

Citizens

Financial

Group,

Inc.

(a)

422,697

15,229,773

Clean

Harbors,

Inc.

*(a)

8,020

1,813,723

Cleveland-Cliffs,

Inc.

*(a)

299,107

4,603,257

Clorox

Co.

(The)

(a)(c)

19,856

2,709,748

CME

Group,

Inc.

(a)

27,689

5,443,657

CNA

Financial

Corp.

(a)

20,703

953,787

CNH

Industrial

NV

(a)

933,608

9,457,449

CNO

Financial

Group,

Inc.

(a)

63,680

1,765,210

Coca-Cola

Consolidated,

Inc.

(a)

4,344

4,713,240

Coherent

Corp.

*(a)(c)

33,766

2,446,684

Colgate-Palmolive

Co.

(a)

140,280

13,612,771

Comcast

Corp.,

Class

A

(a)(c)

396,930

15,543,779

Comfort

Systems

USA,

Inc.

(a)

19,233

5,849,140

CommVault

Systems,

Inc.

*(a)

62,004

7,537,826

Concentrix

Corp.

(a)

96,776

6,123,985

ConocoPhillips

(a)

8,210

939,060

Consolidated

Edison,

Inc.

(a)(c)

56,436

5,046,507

COPT

Defense

Properties,

REIT

(a)

87,272

2,184,418

Corebridge

Financial,

Inc.

(a)

82,374

2,398,731

Corteva,

Inc.

(a)(c)

27,261

1,470,458

Costco

Wholesale

Corp.

(a)(c)

4,889

4,155,601

Coterra

Energy,

Inc.

(a)

201,624

5,377,312

Crane

Co.

(a)(c)

14,608

2,117,868

Crowdstrike

Holdings,

Inc.,

Class

A

*(a)(c)

27,909

10,694,450

Crown

Castle,

Inc.,

REIT

(a)(c)

17,713

1,730,560

Crown

Holdings,

Inc.

(a)

70,262

5,226,790

Schedule

of

Investments

June

30,

2024

(Unaudited)

AQR

LONG-SHORT

EQUITY

FUND

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

Funds

|

Semi-Annual

Report

|

June

2024

87

(Continued)

INVESTMENTS

SHARES

VALUE

($)

United

States

-

111.6%

(continued)

Cullen/Frost

Bankers,

Inc.

(a)

5,916

601,243

Cummins,

Inc.

(a)

8,757

2,425,076

Curtiss-Wright

Corp.

(a)

11,583

3,138,761

CVS

Health

Corp.

(a)(c)

215,640

12,735,698

DaVita,

Inc.

*(a)

18,481

2,560,912

Dell

Technologies,

Inc.,

Class

C

(a)

27,957

3,855,550

Delta

Air

Lines,

Inc.

(a)(c)

93,055

4,414,529

Dick's

Sporting

Goods,

Inc.

(a)(c)

51,106

10,980,124

DocuSign,

Inc.,

Class

A

*(a)

229,277

12,266,320

Domino's

Pizza,

Inc.

(a)

15,452

7,978,331

Donaldson

Co.,

Inc.

(a)(c)

28,197

2,017,777

DoubleVerify

Holdings,

Inc.

*(a)

21,332

415,334

Dow,

Inc.

(a)

104,788

5,559,003

DR

Horton,

Inc.

(a)

9,526

1,342,499

DraftKings,

Inc.,

Class

A

*(a)(c)

332,118

12,676,944

Driven

Brands

Holdings,

Inc.

*(a)

121,763

1,550,043

DT

Midstream,

Inc.

(a)(c)

21,494

1,526,719

Duke

Energy

Corp.

(a)(c)

40,781

4,087,480

Dun

&

Bradstreet

Holdings,

Inc.

(a)(c)

165,050

1,528,363

Duolingo,

Inc.,

Class

A

*(a)

5,550

1,158,119

DuPont

de

Nemours,

Inc.

(a)

18,709

1,505,887

Dynatrace,

Inc.

*(a)

12,377

553,747

East

West

Bancorp,

Inc.

(a)(c)

34,260

2,508,860

Eastman

Chemical

Co.

(a)

10,830

1,061,015

Eaton

Corp.

plc

(a)

14,626

4,585,982

eBay,

Inc.

(a)(c)

50,172

2,695,240

Ecolab,

Inc.

(a)(c)

7,700

1,832,600

Edwards

Lifesciences

Corp.

*(a)(c)

11,282

1,042,118

Elastic

NV

*(a)

6,013

684,941

Electronic

Arts,

Inc.

(a)

33,558

4,675,636

Eli

Lilly

&

Co.

(a)

1,937

1,753,721

EMCOR

Group,

Inc.

(a)(c)

21,262

7,762,331

Encompass

Health

Corp.

(a)

20,887

1,791,896

EnerSys

(a)(c)

43,479

4,500,946

Enphase

Energy,

Inc.

*(a)(c)

15,418

1,537,329

Entergy

Corp.

(a)

22,215

2,377,005

EOG

Resources,

Inc.

(a)(c)

18,551

2,335,014

EPAM

Systems,

Inc.

*(a)

12,456

2,343,098

EPR

Properties,

REIT

(a)

73,697

3,093,800

Essent

Group

Ltd.

(a)

30,751

1,727,899

Estee

Lauder

Cos.,

Inc.

(The),

Class

A

(a)

11,796

1,255,094

Etsy,

Inc.

*(a)(c)

133,293

7,861,621

Euronet

Worldwide,

Inc.

*(a)

18,813

1,947,146

Evercore,

Inc.,

Class

A

(a)

8,019

1,671,400

Everest

Group

Ltd.

(a)

18,738

7,139,553

Evergy,

Inc.

(a)(c)

119,468

6,328,220

Eversource

Energy

(a)(c)

18,160

1,029,854

Exelixis,

Inc.

*(a)

272,982

6,133,906

Exxon

Mobil

Corp.

(a)

143,217

16,487,140

F5,

Inc.

*(a)(c)

4,353

749,717

Fair

Isaac

Corp.

*(a)(c)

286

425,757

Federal

Realty

Investment

Trust,

REIT

(a)(c)

15,672

1,582,402

Federated

Hermes,

Inc.,

Class

B

(a)

205,135

6,744,839

FedEx

Corp.

(a)(c)

1,640

491,738

Fidelity

National

Financial,

Inc.

(a)

10,226

505,369

INVESTMENTS

SHARES

VALUE

($)

United

States

-

111.6%

(continued)

Fidelity

National

Information

Services,

Inc.

(a)

46,568

3,509,364

First

American

Financial

Corp.

(a)

31,350

1,691,333

First

Hawaiian,

Inc.

(a)

38,459

798,409

First

Horizon

Corp.

(a)

428,389

6,755,695

Fiserv,

Inc.

*(a)(c)

7,195

1,072,343

Flowers

Foods,

Inc.

(a)(c)

43,665

969,363

Flowserve

Corp.

(a)

253,587

12,197,535

Fluor

Corp.

*(a)

42,548

1,852,965

FMC

Corp.

(a)(c)

118,021

6,792,109

FNB

Corp.

(a)(c)

380,218

5,201,382

Ford

Motor

Co.

(a)

674,061

8,452,725

Fortinet,

Inc.

*(a)

175,436

10,573,528

Fortive

Corp.

(a)

64,298

4,764,482

Fortune

Brands

Innovations,

Inc.

(a)(c)

29,223

1,897,742

Franklin

Resources,

Inc.

(a)(c)

248,770

5,560,010

Freeport-McMoRan,

Inc.

(a)

22,615

1,099,089

Garmin

Ltd.

(a)

64,269

10,470,705

Gartner,

Inc.

*(a)(c)

10,380

4,661,243

Gates

Industrial

Corp.

plc

*(a)

557,799

8,818,802

GE

Vernova,

Inc.

*(a)

4,041

693,072

General

Dynamics

Corp.

(a)

15,863

4,602,491

General

Electric

Co.

(a)

74,613

11,861,229

General

Motors

Co.

(a)

303,946

14,121,331

Genuine

Parts

Co.

(a)

18,730

2,590,734

Gilead

Sciences,

Inc.

(a)

38,634

2,650,679

Gitlab,

Inc.,

Class

A

*(a)

9,680

481,290

Global

Payments,

Inc.

(a)

64,687

6,255,233

Globe

Life,

Inc.

(a)

34,985

2,878,566

GoDaddy,

Inc.,

Class

A

*(a)(c)

53,348

7,453,249

Goodyear

Tire

&

Rubber

Co.

(The)

*(a)

465,658

5,285,218

GRAIL,

Inc.

*(a)(c)

1,453

22,333

Grand

Canyon

Education,

Inc.

*(a)

37,297

5,218,223

Grocery

Outlet

Holding

Corp.

*(a)

(c)

150,747

3,334,524

GSK

plc

(2)(a)

788,238

15,161,142

Guidewire

Software,

Inc.

*(a)

29,963

4,131,598

H&R

Block,

Inc.

(a)(c)

36,445

1,976,412

Halliburton

Co.

(a)(c)

53,858

1,819,323

Hancock

Whitney

Corp.

(a)

40,551

1,939,554

Hanover

Insurance

Group,

Inc.

(The)

(a)

5,294

664,079

Hasbro,

Inc.

(a)

122,264

7,152,444

Hawaiian

Electric

Industries,

Inc.

257,035

2,318,456

HCA

Healthcare,

Inc.

(a)(c)

2,218

712,599

HealthEquity,

Inc.

*(a)(c)

18,267

1,574,615

Healthpeak

Properties,

Inc.,

REIT

(a)

207,239

4,061,884

Hershey

Co.

(The)

(a)(c)

2,215

407,183

Hexcel

Corp.

(a)(c)

158,616

9,905,569

HF

Sinclair

Corp.

(a)

92,565

4,937,417

Hilton

Worldwide

Holdings,

Inc.

(a)(c)

18,365

4,007,243

Holcim

AG

(2)(a)

69,410

6,135,294

Hologic,

Inc.

*(a)(c)

38,842

2,884,019

Home

BancShares,

Inc.

(a)(c)

73,231

1,754,615

Home

Depot,

Inc.

(The)

(a)

4,500

1,549,080

Hormel

Foods

Corp.

(a)

76,163

2,322,210

88

AQR

Funds

|

Semi-Annual

Report

|

June

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

LONG-SHORT

EQUITY

FUND

Schedule

of

Investments

June

30,

2024

(Unaudited)

(Continued)

INVESTMENTS

SHARES

VALUE

($)

United

States

-

111.6%

(continued)

Howmet

Aerospace,

Inc.

(a)(c)

64,833

5,032,986

Huntington

Bancshares,

Inc.

(a)(c)

112,547

1,483,369

Huntington

Ingalls

Industries,

Inc.

(a)(c)

36,154

8,905,815

Huntsman

Corp.

(a)

203,304

4,629,232

IDEXX

Laboratories,

Inc.

*(a)(c)

2,738

1,333,954

Illumina,

Inc.

*(a)

8,718

909,985

Incyte

Corp.

*(a)(c)

91,708

5,559,339

Inspire

Medical

Systems,

Inc.

*(a)

(c)

23,987

3,210,180

Insulet

Corp.

*(a)

17,221

3,475,198

Intel

Corp.

(a)

173,274

5,366,296

International

Bancshares

Corp.

(a)

7,360

421,066

International

Business

Machines

Corp.

(a)

9,528

1,647,868

International

Flavors

&

Fragrances,

Inc.

(a)

12,544

1,194,314

International

Paper

Co.

(a)

57,452

2,479,054

Invesco

Ltd.

(a)

263,599

3,943,441

IPG

Photonics

Corp.

*(a)

13,668

1,153,443

IQVIA

Holdings,

Inc.

*(a)(c)

4,886

1,033,096

Iridium

Communications,

Inc.

(a)

16,042

427,038

ITT,

Inc.

(a)(c)

22,741

2,937,682

Jabil,

Inc.

(a)

27,498

2,991,507

Jacobs

Solutions,

Inc.

(a)(c)

40,818

5,702,683

James

Hardie

Industries

plc,

CHESS

(2)*(a)

122,855

3,845,069

Jazz

Pharmaceuticals

plc

*(a)

30,663

3,272,662

JB

Hunt

Transport

Services,

Inc.

(a)

19,912

3,185,920

Johnson

&

Johnson

(a)(c)

60,451

8,835,518

KB

Home

(a)(c)

45,516

3,194,313

KBR,

Inc.

(a)

26,504

1,699,967

Kellanova

(a)

104,663

6,036,962

Kemper

Corp.

(a)

44,713

2,652,822

Keurig

Dr

Pepper,

Inc.

(a)(c)

118,962

3,973,331

Kimberly-Clark

Corp.

(a)

40,263

5,564,347

Kirby

Corp.

*(a)

16,756

2,006,196

KLA

Corp.

(a)

9,333

7,695,152

Knife

River

Corp.

*(a)

5,865

411,371

Kohl's

Corp.

(a)

187,432

4,309,062

Kraft

Heinz

Co.

(The)

(a)(c)

124,436

4,009,328

Kroger

Co.

(The)

(a)

79,531

3,970,983

Kyndryl

Holdings,

Inc.

*(a)

62,160

1,635,430

L3Harris

Technologies,

Inc.

(a)

6,847

1,537,699

Labcorp

Holdings,

Inc.

(a)(c)

43,405

8,833,352

Lam

Research

Corp.

(a)(c)

5,517

5,874,777

Lamar

Advertising

Co.,

Class

A,

REIT

(a)(c)

4,488

536,451

Lantheus

Holdings,

Inc.

*(a)(c)

38,391

3,082,413

Las

Vegas

Sands

Corp.

(a)(c)

83,629

3,700,583

Lear

Corp.

(a)

3,518

401,791

Leggett

&

Platt,

Inc.

(a)

89,311

1,023,504

Leidos

Holdings,

Inc.

(a)

27,609

4,027,601

Lennar

Corp.,

Class

A

(a)(c)

52,372

7,848,992

Lennox

International,

Inc.

(a)

6,984

3,736,300

Liberty

Media

Corp-Liberty

SiriusXM

*(a)

95,242

2,110,563

Light

&

Wonder,

Inc.

*(a)(c)

4,111

431,162

Lincoln

National

Corp.

(a)

192,176

5,976,674

INVESTMENTS

SHARES

VALUE

($)

United

States

-

111.6%

(continued)

Loews

Corp.

(a)

37,505

2,803,124

Louisiana-Pacific

Corp.

(a)

29,763

2,450,388

Lululemon

Athletica,

Inc.

*(a)

18,688

5,582,106

LyondellBasell

Industries

NV,

Class

A

(a)

16,904

1,617,037

Manhattan

Associates,

Inc.

*(a)

28,062

6,922,334

ManpowerGroup,

Inc.

(a)

74,381

5,191,794

Marathon

Petroleum

Corp.

(a)

50,772

8,807,927

Markel

Group,

Inc.

*(a)

789

1,243,196

Marriott

Vacations

Worldwide

Corp.

(a)(c)

35,585

3,107,282

Marvell

Technology,

Inc.

(a)(c)

46,730

3,266,427

Masco

Corp.

(a)

75,105

5,007,250

MasTec,

Inc.

*(a)

27,011

2,889,907

Matador

Resources

Co.

(a)

18,587

1,107,785

Mattel,

Inc.

*(a)(c)

154,319

2,509,227

McKesson

Corp.

(a)(c)

10,397

6,072,264

Medpace

Holdings,

Inc.

*(a)(c)

23,303

9,597,341

Medtronic

plc

(a)

37,013

2,913,293

MetLife,

Inc.

(a)

68,142

4,782,887

Micron

Technology,

Inc.

(a)(c)

24,742

3,254,315

Mid-America

Apartment

Communities,

Inc.,

REIT

(a)(c)

5,368

765,530

Mister

Car

Wash,

Inc.

*(a)(c)

401,625

2,859,570

Molina

Healthcare,

Inc.

*(a)(c)

7,212

2,144,128

Molson

Coors

Beverage

Co.,

Class

B

(a)(c)

7,959

404,556

Mondelez

International,

Inc.,

Class

A

(a)(c)

88,899

5,817,551

Monolithic

Power

Systems,

Inc.

(a)

5,924

4,867,632

Mosaic

Co.

(The)

(a)

147,013

4,248,676

MSCI,

Inc.,

Class

A

(a)

4,703

2,265,670

Murphy

Oil

Corp.

(a)(c)

41,820

1,724,657

Natera,

Inc.

*(a)

65,895

7,135,770

National

Fuel

Gas

Co.

(a)(c)

100,402

5,440,784

NetApp,

Inc.

(a)(c)

57,189

7,365,943

Netflix,

Inc.

*(a)

10,888

7,348,093

Neurocrine

Biosciences,

Inc.

*(a)

62,227

8,566,791

New

Jersey

Resources

Corp.

(a)(c)

113,021

4,830,518

New

York

Times

Co.

(The),

Class

A

(a)

99,827

5,112,141

Newell

Brands,

Inc.

(a)

153,676

985,063

News

Corp.,

Class

A

(a)(c)

49,264

1,358,208

Nexstar

Media

Group,

Inc.,

Class

A

(a)

23,624

3,921,820

NiSource,

Inc.

(a)

202,206

5,825,555

NNN

REIT,

Inc.,

REIT

(a)(c)

99,467

4,237,294

Northern

Trust

Corp.

(a)(c)

38,262

3,213,243

Northrop

Grumman

Corp.

(a)(c)

9,076

3,956,682

NOV,

Inc.

(a)

487,911

9,275,188

Novocure

Ltd.

*(a)

81,348

1,393,491

NRG

Energy,

Inc.

(a)

49,746

3,873,224

Nutanix,

Inc.,

Class

A

*(a)

51,125

2,906,456

nVent

Electric

plc

(a)

31,573

2,418,808

NVIDIA

Corp.

(a)

88,485

10,931,437

OGE

Energy

Corp.

(a)(c)

23,861

851,838

Old

Dominion

Freight

Line,

Inc.

(a)(c)

19,441

3,433,281

Old

Republic

International

Corp.

(a)

55,735

1,722,212

Schedule

of

Investments

June

30,

2024

(Unaudited)

AQR

LONG-SHORT

EQUITY

FUND

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

Funds

|

Semi-Annual

Report

|

June

2024

89

(Continued)

INVESTMENTS

SHARES

VALUE

($)

United

States

-

111.6%

(continued)

Olin

Corp.

(a)(c)

78,432

3,698,069

Ollie's

Bargain

Outlet

Holdings,

Inc.

*(a)

98,318

9,651,878

ON

Semiconductor

Corp.

*(a)(c)

74,626

5,115,612

OneMain

Holdings,

Inc.

(a)(c)

50,575

2,452,382

Organon

&

Co.

(a)(c)

265,535

5,496,575

Oshkosh

Corp.

(a)

45,085

4,878,197

Ovintiv,

Inc.

(a)

123,116

5,770,447

Owens

Corning

(a)

31,235

5,426,144

PACCAR,

Inc.

(a)(c)

70,087

7,214,756

Packaging

Corp.

of

America

(a)

37,154

6,782,834

Paramount

Global,

Class

B

(a)(c)

291,279

3,026,389

Park

Hotels

&

Resorts,

Inc.,

REIT

(a)

530,259

7,943,280

Parker-Hannifin

Corp.

(a)

1,909

965,591

PayPal

Holdings,

Inc.

*(a)

120,230

6,976,947

Pegasystems,

Inc.

(a)

37,198

2,251,595

Penske

Automotive

Group,

Inc.

(a)

22,030

3,282,911

Pentair

plc

(a)

61,583

4,721,569

Penumbra,

Inc.

*(a)(c)

25,060

4,510,048

PepsiCo,

Inc.

(a)(c)

78,220

12,900,825

Perrigo

Co.

plc

(a)

102,039

2,620,362

Petco

Health

&

Wellness

Co.,

Inc.,

Class

A

*(a)(c)

152,508

576,480

PG&E

Corp.

(a)(c)

176,841

3,087,644

Phillips

66

(a)(c)

6,244

881,465

Pilgrim's

Pride

Corp.

*(a)

26,107

1,004,858

Pinterest,

Inc.,

Class

A

*(a)(c)

11,734

517,117

Playtika

Holding

Corp.

(a)

309,992

2,439,637

PNM

Resources,

Inc.

(a)(c)

66,397

2,454,033

Polaris,

Inc.

(a)

28,556

2,236,220

Popular,

Inc.

(a)

73,911

6,535,950

PPG

Industries,

Inc.

(a)

72,456

9,121,486

Progressive

Corp.

(The)

(a)

19,426

4,034,974

Prosperity

Bancshares,

Inc.

(a)(c)

84,969

5,195,005

Prudential

Financial,

Inc.

(a)(c)

43,778

5,130,344

Public

Storage,

REIT

(a)(c)

47,895

13,776,997

PulteGroup,

Inc.

(a)

16,440

1,810,044

Pure

Storage,

Inc.,

Class

A

*(a)(c)

44,320

2,845,787

QUALCOMM,

Inc.

(a)

2,397

477,434

Ralph

Lauren

Corp.,

Class

A

(a)(c)

94,848

16,604,090

Rambus,

Inc.

*(a)

63,249

3,716,511

Realty

Income

Corp.,

REIT

(a)(c)

34,777

1,836,921

Reinsurance

Group

of

America,

Inc.

(a)

12,191

2,502,447

Republic

Services,

Inc.,

Class

A

(a)(c)

11,217

2,179,912

ResMed,

Inc.

(a)(c)

15,321

2,932,746

Rexford

Industrial

Realty,

Inc.,

REIT

(a)(c)

9,097

405,635

Reynolds

Consumer

Products,

Inc.

(a)

88,659

2,480,679

RingCentral,

Inc.,

Class

A

*(a)

14,558

410,536

Rivian

Automotive,

Inc.,

Class

A

*(a)(c)

105,548

1,416,454

Robert

Half,

Inc.

(a)

126,380

8,085,792

Robinhood

Markets,

Inc.,

Class

A

*(a)

161,288

3,662,850

Roche

Holding

AG

(2)(a)

18,856

5,224,221

Rockwell

Automation,

Inc.

(a)(c)

5,696

1,567,995

INVESTMENTS

SHARES

VALUE

($)

United

States

-

111.6%

(continued)

Roper

Technologies,

Inc.

(a)

4,055

2,285,641

Ross

Stores,

Inc.

(a)

78,364

11,387,856

Royal

Gold,

Inc.

(a)

51,169

6,404,312

Royalty

Pharma

plc,

Class

A

(a)

17,388

458,522

Ryder

System,

Inc.

(a)(c)

3,333

412,892

Sabra

Health

Care

REIT,

Inc.,

REIT

(a)

52,457

807,838

Salesforce,

Inc.

(a)(c)

26,586

6,835,261

SBA

Communications

Corp.,

REIT

(a)

5,666

1,112,236

Schlumberger

NV

(a)

70,622

3,331,946

Schneider

Electric

SE

(2)(a)

12,194

2,923,459

Science

Applications

International

Corp.

(a)(c)

3,475

408,486

Scotts

Miracle-Gro

Co.

(The)

(a)

96,856

6,301,451

Seagate

Technology

Holdings

plc

(a)

43,162

4,457,340

Sealed

Air

Corp.

(a)

55,688

1,937,386

Selective

Insurance

Group,

Inc.

(a)(c)

20,021

1,878,570

Sempra

(a)

10,334

786,004

Sensata

Technologies

Holding

plc

(a)

36,932

1,380,887

ServiceNow,

Inc.

*(a)

3,779

2,972,826

Shell

plc

(2)(a)

420,948

15,098,564

Sherwin-Williams

Co.

(The)

(a)(c)

2,876

858,285

Signify

NV

(2)(a)(b)

188,459

4,680,480

Skechers

USA,

Inc.,

Class

A

*(a)

113,511

7,845,880

Skyworks

Solutions,

Inc.

(a)(c)

81,428

8,678,596

SLM

Corp.

(a)

149,428

3,106,608

Smartsheet,

Inc.,

Class

A

*(a)

179,056

7,892,788

Snap-on,

Inc.

(a)

5,024

1,313,223

Snowflake,

Inc.,

Class

A

*(a)(c)

79,858

10,788,017

Solventum

Corp.

*(a)

7,490

396,071

Sonoco

Products

Co.

(a)(c)

19,395

983,714

Sotera

Health

Co.

*(a)(c)

58,339

692,484

Southwest

Airlines

Co.

(a)(c)

109,508

3,133,024

SS&C

Technologies

Holdings,

Inc.

(a)

91,852

5,756,365

Stanley

Black

&

Decker,

Inc.

(a)(c)

19,621

1,567,522

State

Street

Corp.

(a)

51,568

3,816,032

Steel

Dynamics,

Inc.

(a)(c)

25,601

3,315,330

Stifel

Financial

Corp.

(a)

6,481

545,376

Super

Micro

Computer,

Inc.

*(a)(c)

3,343

2,739,087

Synchrony

Financial

(a)

120,058

5,665,537

Sysco

Corp.

(a)

5,539

395,429

T.

Rowe

Price

Group,

Inc.

(a)(c)

31,195

3,597,095

Tapestry,

Inc.

(a)(c)

113,403

4,852,514

Targa

Resources

Corp.

(a)(c)

25,204

3,245,771

Target

Corp.

(a)

71,040

10,516,762

Taylor

Morrison

Home

Corp.,

Class

A

*(a)

44,654

2,475,618

TD

SYNNEX

Corp.

(a)

67,881

7,833,467

TE

Connectivity

Ltd.

(a)

40,622

6,110,767

Tenaris

SA

(2)(a)

25,853

397,680

Tenet

Healthcare

Corp.

*(a)

19,749

2,627,209

Teradata

Corp.

*(a)(c)

134,867

4,661,004

Terex

Corp.

(a)

134,407

7,370,880

Tesla,

Inc.

*(a)(c)

5,830

1,153,640

90

AQR

Funds

|

Semi-Annual

Report

|

June

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

LONG-SHORT

EQUITY

FUND

Schedule

of

Investments

June

30,

2024

(Unaudited)

(Continued)

INVESTMENTS

SHARES

VALUE

($)

United

States

-

111.6%

(continued)

Texas

Capital

Bancshares,

Inc.

*(a)(c)

136,246

8,330,080

Texas

Pacific

Land

Corp.

(a)(c)

3,662

2,688,897

Texas

Roadhouse,

Inc.,

Class

A

(a)

90,958

15,618,397

Textron,

Inc.

(a)

35,433

3,042,277

Toast,

Inc.,

Class

A

*(a)(c)

83,553

2,153,161

Toll

Brothers,

Inc.

(a)(c)

62,662

7,217,409

Trade

Desk,

Inc.

(The),

Class

A

*(a)

20,394

1,991,882

TransUnion

(a)(c)

26,389

1,957,008

Travel

+

Leisure

Co.

(a)

18,363

825,968

Travelers

Cos.,

Inc.

(The)

(a)

16,576

3,370,564

Trimble,

Inc.

*(a)(c)

137,729

7,701,806

TripAdvisor,

Inc.

*(a)

94,044

1,674,924

Truist

Financial

Corp.

(a)

84,236

3,272,569

Twilio,

Inc.,

Class

A

*(a)

97,252

5,524,886

Uber

Technologies,

Inc.

*(a)

75,610

5,495,335

UFP

Industries,

Inc.

(a)

17,367

1,945,104

UGI

Corp.

(a)(c)

307,732

7,047,063

Ulta

Beauty,

Inc.

*(a)

6,216

2,398,568

UMB

Financial

Corp.

(a)(c)

28,376

2,367,126

United

Parcel

Service,

Inc.,

Class

B

(a)

24,132

3,302,464

United

Rentals,

Inc.

(a)

2,874

1,858,702

United

Therapeutics

Corp.

*(a)

16,217

5,165,925

Universal

Display

Corp.

(a)

5,643

1,186,441

Unum

Group

(a)

112,330

5,741,186

US

Bancorp

(a)(c)

64,883

2,575,855

UWM

Holdings

Corp.,

Class

A

(a)

(c)

61,066

423,187

Vail

Resorts,

Inc.

(a)(c)

23,428

4,220,086

Valaris

Ltd.

*(a)

38,398

2,860,651

Valero

Energy

Corp.

(a)(c)

76,053

11,922,068

Valley

National

Bancorp

(a)

1,064,297

7,428,793

Veeva

Systems,

Inc.,

Class

A

*(a)

18,238

3,337,736

VeriSign,

Inc.

*(a)

47,924

8,520,887

Vertiv

Holdings

Co.,

Class

A

(a)

83,978

7,269,975

Vestis

Corp.

(a)

157,339

1,924,256

Victoria's

Secret

&

Co.

*(a)

150,861

2,665,714

Virtu

Financial,

Inc.,

Class

A

(a)

152,418

3,421,784

Vistra

Corp.

(a)

12,381

1,064,518

Vulcan

Materials

Co.

(a)

20,232

5,031,294

W

R

Berkley

Corp.

(a)

24,896

1,956,328

Weatherford

International

plc

*(a)

7,775

952,049

Webster

Financial

Corp.

(a)(c)

13,288

579,224

WEC

Energy

Group,

Inc.

(a)(c)

42,134

3,305,834

Wells

Fargo

&

Co.

(a)(c)

31,181

1,851,840

Wendy's

Co.

(The)

(a)(c)

928,282

15,743,662

Werner

Enterprises,

Inc.

(a)(c)

101,554

3,638,680

WESCO

International,

Inc.

(a)

38,411

6,088,912

Western

Alliance

Bancorp

(a)

28,415

1,785,030

Western

Union

Co.

(The)

(a)(c)

89,064

1,088,362

Westinghouse

Air

Brake

Technologies

Corp.

(a)

37,524

5,930,668

Westlake

Corp.

(a)(c)

6,164

892,670

Whirlpool

Corp.

(a)(c)

50,841

5,195,950

Willis

Towers

Watson

plc

(a)

2,007

526,115

Wingstop,

Inc.

(a)

40,373

17,064,051

WK

Kellogg

Co.

(a)(c)

95,879

1,578,168

Woodward,

Inc.

(a)

32,563

5,678,336

INVESTMENTS

SHARES

VALUE

($)

United

States

-

111.6%

(continued)

Workday,

Inc.,

Class

A

*(a)

3,506

783,801

Wynn

Resorts

Ltd.

(a)(c)

89,805

8,037,548

Xcel

Energy,

Inc.

(a)

177,095

9,458,644

Ziff

Davis,

Inc.

*(a)(c)

12,435

684,547

Zimmer

Biomet

Holdings,

Inc.

(a)

(c)

3,793

411,654

Zions

Bancorp

NA

(a)

89,354

3,875,283

Zoom

Video

Communications,

Inc.,

Class

A

*(a)(c)

119,556

7,076,520

Zscaler,

Inc.

*(a)(c)

23,504

4,517,234

2,117,057,172

Zambia

-

0.1%

First

Quantum

Minerals

Ltd.

209,089

2,746,485

TOTAL

COMMON

STOCKS

(Cost

$3,762,733,850)

3,753,736,719

SHORT-TERM

INVESTMENTS

-

78.5%

INVESTMENT

COMPANIES

-

24.2%

Goldman

Sachs

Financial

Square

Funds

-

Treasury

Instruments

Fund,

Institutional

Shares,

5.19%

(d)(e)

2,404,185

2,404,185

Limited

Purpose

Cash

Investment

Fund,

5.33%

(d)(f)

457,443,757

457,260,780

TOTAL

INVESTMENT

COMPANIES

(Cost

$459,592,114)

459,664,965

—

PRINCIPAL

AMOUNT

U.S.

TREASURY

OBLIGATIONS

-

54.3%

U.S.

Treasury

Bills

5.11%,

7/18/2024

(2)(g)

$

31,744,000

31,665,151

5.15%,

7/25/2024

(2)(g)

41,855,000

41,708,926

5.11%,

8/1/2024

(2)(g)

55,136,000

54,886,644

5.18%,

8/8/2024

(2)(g)

29,362,000

29,199,518

5.20%,

8/15/2024

(2)(g)

49,718,000

49,392,262

5.23%,

8/22/2024

(2)(g)

17,775,000

17,640,806

5.24%,

9/5/2024

(2)(g)

38,695,000

38,324,751

5.23%,

9/12/2024

(2)(g)

62,277,000

61,615,540

5.27%,

9/19/2024

(2)(g)

48,946,000

48,378,906

5.24%,

9/26/2024

(2)(g)

28,579,000

28,218,131

5.26%,

10/3/2024

(2)(g)

7,990,000

7,882,035

5.26%,

10/10/2024

(2)(g)

120,000,000

118,251,017

5.29%,

10/17/2024

(2)(g)

56,615,000

55,730,957

5.30%,

10/24/2024

(2)(g)

29,000,000

28,519,250

5.30%,

10/31/2024

(2)(g)

70,000,000

68,772,375

5.29%,

11/7/2024

(2)(g)(h)

25,428,000

24,956,925

5.29%,

12/5/2024

(2)(g)(h)

146,848,000

143,559,440

5.28%,

12/12/2024

(2)(g)(h)

70,000,000

68,366,731

5.29%,

12/19/2024

(2)(g)(h)

80,000,000

78,056,110

5.28%,

12/26/2024

(2)(g)(h)

36,084,000

35,171,406

TOTAL

U.S.

TREASURY

OBLIGATIONS

(Cost

$1,030,387,473)

1,030,296,881

TOTAL

SHORT-TERM

INVESTMENTS

(Cost

$1,489,979,587)

1,489,961,846

TOTAL

LONG

POSITIONS

(Cost

$5,252,713,437)

5,243,698,565

Schedule

of

Investments

June

30,

2024

(Unaudited)

AQR

LONG-SHORT

EQUITY

FUND

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

Funds

|

Semi-Annual

Report

|

June

2024

91

(Continued)

INVESTMENTS

SHARES

VALUE

($)

SHORT

POSITIONS

-

(190.3)%

COMMON

STOCKS

-

(189.3)%

Australia

-

(4.6)%

ALS

Ltd.

(2)

(360,566)

(3,358,128)

APA

Group

(2)

(537,289)

(2,855,945)

BHP

Group

Ltd.

(2)

(52,969)

(1,513,958)

Cleanaway

Waste

Management

Ltd.

(2)

(1,577,544)

(2,911,311)

Commonwealth

Bank

of

Australia

(2)

(100,219)

(8,489,688)

Domino's

Pizza

Enterprises

Ltd.

(2)

(95,384)

(2,275,910)

Endeavour

Group

Ltd.

(2)

(650,891)

(2,182,654)

Glencore

plc

(2)

(1,491,402)

(8,486,487)

IDP

Education

Ltd.

(2)

(309,202)

(3,111,643)

Insurance

Australia

Group

Ltd.

(2)

(134,806)

(639,054)

Liontown

Resources

Ltd.

(2)

(2,100,794)

(1,261,313)

Lynas

Rare

Earths

Ltd.

(2)

(705,658)

(2,779,954)

Macquarie

Group

Ltd.

(2)

(48,061)

(6,539,727)

Medibank

Pvt

Ltd.

(2)

(525,354)

(1,301,994)

Mineral

Resources

Ltd.

(2)

(61,289)

(2,192,652)

National

Australia

Bank

Ltd.

(2)

(165,132)

(3,982,198)

New

Hope

Corp.

Ltd.

(2)

(435,147)

(1,409,398)

NEXTDC

Ltd.

(2)

(221,007)

(2,580,241)

Pilbara

Minerals

Ltd.

(2)

(2,019,960)

(4,110,200)

Ramsay

Health

Care

Ltd.

(2)

(64,227)

(2,027,785)

Rio

Tinto

plc

(2)

(131,174)

(8,607,413)

Santos

Ltd.

(2)

(80,929)

(410,587)

Transurban

Group

(2)

(298,206)

(2,459,477)

Treasury

Wine

Estates

Ltd.

(2)

(592,389)

(4,901,643)

Washington

H

Soul

Pattinson

&

Co.

Ltd.

(2)

(40,283)

(878,846)

Wesfarmers

Ltd.

(2)

(14,539)

(629,561)

WiseTech

Global

Ltd.

(2)

(24,630)

(1,637,375)

Woolworths

Group

Ltd.

(2)

(195,295)

(4,384,763)

(87,919,905)

Belgium

-

(0.8)%

D'ieteren

Group

(2)

(16,492)

(3,492,203)

Elia

Group

SA/NV

(2)

(11,289)

(1,054,356)

Liberty

Global

Ltd.,

Class

C

(109,199)

(1,949,202)

Lotus

Bakeries

NV

(301)

(3,104,288)

UCB

SA

(2)

(26,665)

(3,959,401)

Umicore

SA

(2)

(123,268)

(1,855,034)

(15,414,484)

Brazil

-

(0.7)%

MercadoLibre,

Inc.

(7,680)

(12,621,312)

Burkina

Faso

-

(0.3)%

Endeavour

Mining

plc

(2)

(311,359)

(6,626,026)

Canada

-

(4.9)%

Algonquin

Power

&

Utilities

Corp.

(168,063)

(987,703)

Alimentation

Couche-Tard,

Inc.

(63,535)

(3,565,354)

ARC

Resources

Ltd.

(130,915)

(2,335,905)

Bank

of

Montreal

(6,154)

(516,548)

BCE,

Inc.

(59,999)

(1,943,318)

Brookfield

Asset

Management

Ltd.,

Class

A

(71,017)

(2,703,531)

Brookfield

Corp.,

Class

A

(74,893)

(3,114,953)

INVESTMENTS

SHARES

VALUE

($)

Canada

-

(4.9)%

(continued)

Brookfield

Infrastructure

Corp.,

Class

A

(35,753)

(1,203,484)

CAE,

Inc.

(23,637)

(439,031)

Canadian

National

Railway

Co.

(10,043)

(1,186,763)

Canadian

Pacific

Kansas

City

Ltd.

(43,662)

(3,438,576)

Canadian

Tire

Corp.

Ltd.,

Class

A

(28,313)

(2,809,259)

Capital

Power

Corp.

(26,757)

(762,586)

CGI,

Inc.

(16,968)

(1,693,637)

Constellation

Software,

Inc.

(470)

(1,354,251)

Element

Fleet

Management

Corp.

(162,157)

(2,950,249)

Emera,

Inc.

(112,464)

(3,752,773)

Enbridge,

Inc.

(44,778)

(1,593,030)

Gildan

Activewear,

Inc.

(82,607)

(3,133,275)

Hydro

One

Ltd.

(b)

(225,933)

(6,581,213)

Intact

Financial

Corp.

(17,652)

(2,942,022)

Keyera

Corp.

(15,335)

(424,724)

MEG

Energy

Corp.

(19,656)

(420,548)

National

Bank

of

Canada

(14,817)

(1,175,244)

Northland

Power,

Inc.

(139,462)

(2,397,680)

Pembina

Pipeline

Corp.

(115,591)

(4,288,878)

Quebecor,

Inc.,

Class

B

(27,930)

(589,408)

RB

Global,

Inc.

(81,790)

(6,238,053)

Restaurant

Brands

International,

Inc.

(174,289)

(12,281,319)

Rogers

Communications,

Inc.,

Class

B

(78,967)

(2,920,749)

Royal

Bank

of

Canada

(32,646)

(3,475,670)

Sun

Life

Financial,

Inc.

(34,088)

(1,671,447)

Teck

Resources

Ltd.,

Class

B

(51,694)

(2,477,292)

Thomson

Reuters

Corp.

(8,373)

(1,411,423)

TMX

Group

Ltd.

(100,564)

(2,799,223)

WSP

Global,

Inc.

(10,412)

(1,621,336)

(93,200,455)

Chile

-

(0.8)%

Antofagasta

plc

(2)

(302,751)

(8,045,922)

Lundin

Mining

Corp.

(668,624)

(7,443,546)

(15,489,468)

Denmark

-

(2.5)%

Ambu

A/S,

Class

B

(2)

(120,100)

(2,311,712)

Coloplast

A/S,

Class

B

(2)

(59,329)

(7,132,129)

DSV

A/S

(2)

(53,718)

(8,245,613)

Novo

Nordisk

A/S,

Class

B

(2)

(146,630)

(20,980,534)

Orsted

A/S

(2)(b)

(108,593)

(5,768,619)

Pandora

A/S

(2)

(5,958)

(896,757)

Tryg

A/S

(2)

(115,458)

(2,522,598)

(47,857,962)

Finland

-

(0.9)%

Kesko

OYJ,

Class

B

(2)

(122,741)

(2,159,264)

Metso

OYJ

(2)

(353,975)

(3,762,183)

Nokia

OYJ

(2)

(424,210)

(1,614,571)

Nordea

Bank

Abp

(2)

(403,505)

(4,810,192)

Orion

OYJ,

Class

B

(2)

(50,949)

(2,172,951)

Stora

Enso

OYJ,

Class

R

(2)

(246,910)

(3,371,677)

(17,890,838)

92

AQR

Funds

|

Semi-Annual

Report

|

June

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

LONG-SHORT

EQUITY

FUND

Schedule

of

Investments

June

30,

2024

(Unaudited)

(Continued)

INVESTMENTS

SHARES

VALUE

($)

France

-

(5.9)%

Aeroports

de

Paris

SA

(2)

(34,981)

(4,260,720)

Air

Liquide

SA

(2)

(19,202)

(3,314,023)

Airbus

SE

(2)

(90,525)

(12,424,260)

Alstom

SA

(2)

(44,381)

(748,477)

Alten

SA

(2)

(8,421)

(927,212)

AXA

SA

(2)

(39,842)

(1,305,671)

BioMerieux

(2)

(4,863)

(462,417)

Bollore

SE

(2)

(263,982)

(1,549,818)

Bureau

Veritas

SA

(2)

(83,873)

(2,330,755)

Capgemini

SE

(2)

(48,938)

(9,720,924)

Dassault

Systemes

SE

(2)

(97,619)

(3,670,570)

Edenred

SE

(2)

(147,819)

(6,269,271)

EssilorLuxottica

SA

(2)

(66,992)

(14,395,486)

Getlink

SE

(2)

(106,567)

(1,764,471)

Hermes

International

SCA

(2)

(3,075)

(7,102,096)

Kering

SA

(2)

(19,898)

(7,237,797)

L'Oreal

SA

(2)

(9,854)

(4,337,391)

Pernod

Ricard

SA

(2)

(79,727)

(10,877,921)

Publicis

Groupe

SA

(2)

(21,798)

(2,315,362)

Remy

Cointreau

SA

(2)

(9,878)

(829,986)

Sartorius

Stedim

Biotech

(2)

(36,292)

(5,997,670)

SOITEC

(2)

(14,145)

(1,570,469)

Teleperformance

SE

(2)

(35,869)

(3,789,512)

Thales

SA

(2)

(16,827)

(2,691,785)

Ubisoft

Entertainment

SA

(2)

(116,909)

(2,558,343)

(112,452,407)

Germany

-

(3.9)%

Aurubis

AG

(2)

(21,783)

(1,708,741)

Beiersdorf

AG

(2)

(33,230)

(4,863,738)

Carl

Zeiss

Meditec

AG

(2)

(36,030)

(2,533,051)

CTS

Eventim

AG

&

Co.

KGaA

(2)

(31,227)

(2,599,629)

Deutsche

Post

AG

(2)

(187,210)

(7,602,022)

Deutsche

Telekom

AG

(Registered)

(2)

(101,629)

(2,554,496)

Fraport

AG

Frankfurt

Airport

Services

Worldwide

(2)

(19,914)

(1,030,442)

HUGO

BOSS

AG

(2)

(68,816)

(3,094,190)

Infineon

Technologies

AG

(2)

(256,002)

(9,395,351)

Merck

KGaA

(2)

(61,144)

(10,111,709)

MTU

Aero

Engines

AG

(2)

(29,922)

(7,628,713)

Puma

SE

(2)

(41,692)

(1,914,915)

Rational

AG

(2)

(1,345)

(1,115,167)

Rheinmetall

AG

(2)

(4,079)

(2,078,722)

RWE

AG

(2)

(34,003)

(1,166,485)

SAP

SE

(2)

(17,188)

(3,452,650)

Siemens

Energy

AG

(2)

(2,660)

(69,358)

Siemens

Healthineers

AG

(2)(b)

(107,524)

(6,192,206)

Symrise

AG,

Class

A

(2)

(13,292)

(1,626,370)

Wacker

Chemie

AG

(2)

(29,606)

(3,225,445)

(73,963,400)

Italy

-

(2.5)%

Amplifon

SpA

(2)

(65,472)

(2,328,179)

Coca-Cola

HBC

AG

(2)

(52,377)

(1,782,610)

Davide

Campari-Milano

NV

(2)

(277,147)

(2,623,962)

DiaSorin

SpA

(2)

(19,993)

(1,988,901)

Ferrari

NV

(2)

(35,522)

(14,496,229)

FinecoBank

Banca

Fineco

SpA

(2)

(125,641)

(1,866,932)

Hera

SpA

(2)

(163,877)

(560,146)

INVESTMENTS

SHARES

VALUE

($)

Italy

-

(2.5)%

(continued)

Infrastrutture

Wireless

Italiane

SpA

(2)(b)

(331,237)

(3,450,062)

Interpump

Group

SpA

(2)

(41,242)

(1,829,790)

Leonardo

SpA

(2)

(85,328)

(1,976,948)

Mediobanca

Banca

di

Credito

Finanziario

SpA

(2)

(42,479)

(621,809)

Moncler

SpA

(2)

(92,635)

(5,682,592)

Prysmian

SpA

(2)

(28,901)

(1,784,261)

Recordati

Industria

Chimica

e

Farmaceutica

SpA

(2)

(33,095)

(1,722,522)

Reply

SpA

(2)

(13,414)

(1,977,881)

Telecom

Italia

SpA

(2)

(3,677,337)

(879,542)

Terna

-

Rete

Elettrica

Nazionale

(2)

(137,756)

(1,061,910)

(46,634,276)

Japan

-

(31.0)%

Advantest

Corp.

(2)

(505,200)

(20,473,710)

Aeon

Co.

Ltd.

(2)

(253,600)

(5,427,798)

Ajinomoto

Co.,

Inc.

(2)

(365,400)

(12,860,337)

Allegro

MicroSystems,

Inc.

(112,986)

(3,190,725)

Asahi

Intecc

Co.

Ltd.

(2)

(466,600)

(6,550,604)

Astellas

Pharma,

Inc.

(2)

(552,100)

(5,446,879)

Azbil

Corp.

(2)

(130,600)

(3,647,959)

Bandai

Namco

Holdings,

Inc.

(2)

(226,700)

(4,441,362)

BayCurrent

Consulting,

Inc.

(2)

(178,400)

(3,611,619)

Bridgestone

Corp.

(2)

(116,800)

(4,608,858)

Chiba

Bank

Ltd.

(The)

(2)

(726,700)

(6,513,619)

Chugai

Pharmaceutical

Co.

Ltd.

(2)

(239,100)

(8,513,955)

Dai

Nippon

Printing

Co.

Ltd.

(2)

(44,500)

(1,501,457)

Daifuku

Co.

Ltd.

(2)

(152,300)

(2,860,487)

Daikin

Industries

Ltd.

(2)

(46,200)

(6,431,765)

Daiwa

Securities

Group,

Inc.

(2)

(531,500)

(4,080,489)

Denso

Corp.

(2)

(136,200)

(2,125,951)

Dentsu

Group,

Inc.

(2)

(22,400)

(567,179)

Disco

Corp.

(2)

(13,000)

(4,951,696)

East

Japan

Railway

Co.

(2)

(180,900)

(3,011,923)

Eisai

Co.

Ltd.

(2)

(254,800)

(10,488,500)

FANUC

Corp.

(2)

(136,300)

(3,741,807)

Fast

Retailing

Co.

Ltd.

(2)

(13,500)

(3,414,706)

Fuji

Electric

Co.

Ltd.

(2)

(7,100)

(405,698)

FUJIFILM

Holdings

Corp.

(2)

(161,900)

(3,797,640)

Goldwin,

Inc.

(2)

(63,800)

(3,494,153)

Hakuhodo

DY

Holdings,

Inc.

(2)

(207,200)

(1,516,746)

Hamamatsu

Photonics

KK

(2)

(137,000)

(3,680,318)

Hankyu

Hanshin

Holdings,

Inc.

(2)

(32,300)

(861,613)

Haseko

Corp.

(2)

(54,900)

(608,004)

Hoshizaki

Corp.

(2)

(16,100)

(512,104)

Hoya

Corp.

(2)

(41,700)

(4,876,371)

Ibiden

Co.

Ltd.

(2)

(123,200)

(5,042,862)

IHI

Corp.

(2)

(205,000)

(6,147,098)

Iida

Group

Holdings

Co.

Ltd.

(2)

(48,500)

(640,794)

ITOCHU

Corp.

(2)

(203,400)

(9,998,779)

Japan

Airport

Terminal

Co.

Ltd.

(2)

(55,200)

(1,887,327)

Kao

Corp.

(2)

(52,300)

(2,117,469)

Kawasaki

Heavy

Industries

Ltd.

(2)

(114,700)

(4,378,983)

Keisei

Electric

Railway

Co.

Ltd.

(2)

(177,000)

(5,723,869)

Keyence

Corp.

(2)

(29,100)

(12,736,436)

Kikkoman

Corp.

(2)

(100,300)

(1,165,691)

Kinden

Corp.

(2)

(29,700)

(593,941)

Schedule

of

Investments

June

30,

2024

(Unaudited)

AQR

LONG-SHORT

EQUITY

FUND

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

Funds

|

Semi-Annual

Report

|

June

2024

93

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Japan

-

(31.0)%

(continued)

Kintetsu

Group

Holdings

Co.

Ltd.

(2)

(146,600)

(3,197,568)

Kobe

Bussan

Co.

Ltd.

(2)

(159,100)

(3,544,105)

Koei

Tecmo

Holdings

Co.

Ltd.

(2)

(40,400)

(350,688)

Kurita

Water

Industries

Ltd.

(2)

(35,100)

(1,491,469)

Kyocera

Corp.

(2)

(610,200)

(7,037,940)

Kyoto

Financial

Group,

Inc.

(2)

(100,400)

(1,793,781)

Lasertec

Corp.

(2)

(3,500)

(785,681)

LY

Corp.

(2)

(837,000)

(2,021,080)

M3,

Inc.

(2)

(304,200)

(2,910,591)

MatsukiyoCocokara

&

Co.

(2)

(167,700)

(2,408,238)

MEIJI

Holdings

Co.

Ltd.

(2)

(90,200)

(1,950,857)

MINEBEA

MITSUMI,

Inc.

(2)

(315,400)

(6,497,502)

Mitsubishi

Chemical

Group

Corp.

(2)

(390,100)

(2,173,555)

Mitsubishi

Corp.

(2)

(350,200)

(6,884,194)

Mitsubishi

HC

Capital,

Inc.

(2)

(474,000)

(3,136,216)

Mitsubishi

Heavy

Industries

Ltd.

(2)

(267,400)

(2,878,582)

Mitsubishi

Motors

Corp.

(2)

(949,500)

(2,628,493)

Mitsui

&

Co.

Ltd.

(2)

(357,600)

(8,155,648)

Mitsui

Chemicals,

Inc.

(2)

(29,300)

(811,359)

MonotaRO

Co.

Ltd.

(2)

(179,700)

(2,104,571)

Nexon

Co.

Ltd.

(2)

(512,300)

(9,530,956)

NIDEC

Corp.

(2)

(93,200)

(4,193,955)

Nifco,

Inc.

(2)

(16,500)

(395,591)

Nikon

Corp.

(2)

(278,600)

(2,827,326)

Nintendo

Co.

Ltd.

(2)

(142,200)

(7,593,705)

Nippon

Paint

Holdings

Co.

Ltd.

(2)

(601,500)

(3,931,993)

Nippon

Telegraph

&

Telephone

Corp.

(2)

(7,863,300)

(7,435,564)

Nissan

Chemical

Corp.

(2)

(345,200)

(10,972,083)

Nissin

Foods

Holdings

Co.

Ltd.

(2)

(222,300)

(5,652,148)

Nitori

Holdings

Co.

Ltd.

(2)

(103,100)

(10,914,894)

Nitto

Denko

Corp.

(2)

(13,100)

(1,039,051)

Nomura

Research

Institute

Ltd.

(2)

(306,100)

(8,651,528)

NTT

Data

Group

Corp.

(2)

(472,000)

(6,972,873)

Obayashi

Corp.

(2)

(456,900)

(5,460,135)

Odakyu

Electric

Railway

Co.

Ltd.

(2)

(43,000)

(417,056)

Olympus

Corp.

(2)

(221,100)

(3,569,069)

Omron

Corp.

(2)

(316,700)

(10,966,733)

Ono

Pharmaceutical

Co.

Ltd.

(2)

(275,900)

(3,769,710)

Open

House

Group

Co.

Ltd.

(2)

(114,400)

(3,514,952)

Oriental

Land

Co.

Ltd.

(2)

(334,000)

(9,333,337)

Otsuka

Holdings

Co.

Ltd.

(2)

(25,000)

(1,056,169)

Pan

Pacific

International

Holdings

Corp.

(2)

(157,000)

(3,672,519)

Rakuten

Group,

Inc.

(2)

(2,160,000)

(11,189,747)

Recruit

Holdings

Co.

Ltd.

(2)

(85,300)

(4,589,752)

Renesas

Electronics

Corp.

(2)

(86,500)

(1,640,442)

Rinnai

Corp.

(2)

(87,200)

(1,988,220)

Rohm

Co.

Ltd.

(2)

(160,700)

(2,148,186)

Secom

Co.

Ltd.

(2)

(54,900)

(3,251,398)

Sega

Sammy

Holdings,

Inc.

(2)

(89,700)

(1,332,700)

Seibu

Holdings,

Inc.

(2)

(294,000)

(4,062,881)

Seiko

Epson

Corp.

(2)

(26,400)

(412,713)

Sekisui

House

Ltd.

(2)

(74,800)

(1,662,445)

Seven

&

i

Holdings

Co.

Ltd.

(2)

(241,200)

(2,947,505)

SG

Holdings

Co.

Ltd.

(2)

(362,100)

(3,348,465)

Sharp

Corp.

(2)

(691,700)

(4,002,314)

INVESTMENTS

SHARES

VALUE

($)

Japan

-

(31.0)%

(continued)

Shimadzu

Corp.

(2)

(189,800)

(4,757,148)

Shimano,

Inc.

(2)

(10,900)

(1,684,528)

Shimizu

Corp.

(2)

(177,700)

(1,001,394)

Shin-Etsu

Chemical

Co.

Ltd.

(2)

(110,200)

(4,284,757)

Shinko

Electric

Industries

Co.

Ltd.

(2)

(84,700)

(2,961,341)

Shizuoka

Financial

Group,

Inc.

(2)

(89,600)

(866,147)

SMC

Corp.

(2)

(24,000)

(11,434,968)

SoftBank

Corp.

(2)

(138,700)

(1,696,304)

SUMCO

Corp.

(2)

(160,400)

(2,320,318)

Sumitomo

Forestry

Co.

Ltd.

(2)

(88,100)

(2,824,266)

Sumitomo

Metal

Mining

Co.

Ltd.

(2)

(148,500)

(4,511,943)

Sumitomo

Mitsui

Financial

Group,

Inc.

(2)

(31,900)

(2,141,285)

Sumitomo

Mitsui

Trust

Holdings,

Inc.

(2)

(245,600)

(5,644,181)

Suzuki

Motor

Corp.

(2)

(903,200)

(10,427,097)

Sysmex

Corp.

(2)

(560,800)

(9,052,406)

T&D

Holdings,

Inc.

(2)

(41,900)

(731,870)

Taisei

Corp.

(2)

(154,500)

(5,747,821)

Taiyo

Yuden

Co.

Ltd.

(2)

(200,600)

(5,090,627)

Takeda

Pharmaceutical

Co.

Ltd.

(2)

(194,900)

(5,055,365)

Terumo

Corp.

(2)

(640,500)

(10,622,823)

TIS,

Inc.

(2)

(99,300)

(1,929,204)

Tobu

Railway

Co.

Ltd.

(2)

(54,500)

(918,840)

Toei

Animation

Co.

Ltd.

(2)

(79,600)

(1,233,161)

Tokyu

Corp.

(2)

(188,800)

(2,084,777)

TOTO

Ltd.

(2)

(177,500)

(4,181,781)

Toyota

Industries

Corp.

(2)

(75,600)

(6,430,945)

Toyota

Motor

Corp.

(2)

(554,100)

(11,368,733)

Unicharm

Corp.

(2)

(74,400)

(2,390,861)

Yakult

Honsha

Co.

Ltd.

(2)

(234,600)

(4,203,193)

Yamaha

Corp.

(2)

(254,900)

(5,990,897)

Yamaha

Motor

Co.

Ltd.

(2)

(435,400)

(4,047,828)

Yaskawa

Electric

Corp.

(2)

(182,400)

(6,577,160)

Zensho

Holdings

Co.

Ltd.

(2)

(57,500)

(2,192,171)

ZOZO,

Inc.

(2)

(650,000)

(16,251,043)

(588,516,697)

Luxembourg

-

(0.2)%

Eurofins

Scientific

SE

(2)

(85,491)

(4,280,443)

Netherlands

-

(2.2)%

Adyen

NV

(2)(b)

(2,207)

(2,621,201)

ASML

Holding

NV

(2)

(9,480)

(9,661,696)

ASR

Nederland

NV

(2)

(140,227)

(6,676,017)

BE

Semiconductor

Industries

NV

(2)

(15,553)

(2,598,149)

Heineken

NV

(2)

(56,550)

(5,470,988)

IMCD

NV

(2)

(22,081)

(3,043,809)

Randstad

NV

(2)

(30,217)

(1,371,929)

SBM

Offshore

NV

(2)

(90,494)

(1,384,978)

Universal

Music

Group

NV

(2)

(282,832)

(8,413,760)

(41,242,527)

Norway

-

(0.5)%

Gjensidige

Forsikring

ASA

(2)

(120,044)

(2,142,429)

Mowi

ASA

(2)

(135,117)

(2,245,694)

Salmar

ASA

(2)

(67,651)

(3,547,943)

94

AQR

Funds

|

Semi-Annual

Report

|

June

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

LONG-SHORT

EQUITY

FUND

Schedule

of

Investments

June

30,

2024

(Unaudited)

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Norway

-

(0.5)%

(continued)

TOMRA

Systems

ASA

(2)

(72,359)

(862,565)

(8,798,631)

Poland

-

(0.0)%

†

InPost

SA

(2)

(36,855)

(648,484)

Singapore

-

(0.9)%

CapitaLand

Investment

Ltd.

(2)

(2,782,800)

(5,442,377)

City

Developments

Ltd.

(2)

(240,600)

(914,629)

DBS

Group

Holdings

Ltd.

(2)

(143,960)

(3,791,734)

Keppel

Ltd.

(2)

(795,000)

(3,779,039)

Seatrium

Ltd.

(2)

(860,855)

(873,157)

Singapore

Technologies

Engineering

Ltd.

(2)

(347,800)

(1,107,515)

Singapore

Telecommunications

Ltd.

(2)

(896,200)

(1,813,526)

(17,721,977)

South

Africa

-

(0.3)%

Anglo

American

plc

(2)

(188,932)

(5,970,346)

Spain

-

(1.9)%

Acciona

SA

(2)

(24,343)

(2,880,888)

Amadeus

IT

Group

SA

(2)

(155,490)

(10,346,992)

Banco

Bilbao

Vizcaya

Argentaria

SA

(2)

(243,217)

(2,441,532)

Cellnex

Telecom

SA

(2)(b)

(116,880)

(3,801,460)

Corp.

ACCIONA

Energias

Renovables

SA

(2)

(155,633)

(3,202,092)

Enagas

SA

(2)

(27,355)

(406,767)

Fluidra

SA

(2)

(59,993)

(1,250,779)

Grifols

SA

(2)

(65,293)

(552,184)

Iberdrola

SA

(2)

(310,838)

(4,033,099)

Industria

de

Diseno

Textil

SA

(2)

(32,642)

(1,619,806)

Redeia

Corp.

SA

(2)

(371,059)

(6,488,492)

(37,024,091)

Sweden

-

(3.2)%

AddTech

AB,

Class

B

(2)

(44,897)

(1,119,623)

Assa

Abloy

AB,

Class

B

(2)

(24,516)

(694,307)

Atlas

Copco

AB,

Class

A

(2)

(77,496)

(1,455,085)

Axfood

AB

(2)

(79,052)

(2,072,147)

Beijer

Ref

AB,

Class

B

(2)

(168,003)

(2,593,083)

Epiroc

AB,

Class

A

(2)

(428,030)

(8,576,590)

EQT

AB

(2)

(161,356)

(4,730,534)

Hexagon

AB,

Class

B

(2)

(244,388)

(2,769,216)

Holmen

AB,

Class

B

(2)

(60,653)

(2,386,534)

Indutrade

AB

(2)

(43,228)

(1,110,297)

Lifco

AB,

Class

B

(2)

(144,572)

(3,968,108)

Sandvik

AB

(2)

(97,835)

(1,965,927)

Securitas

AB,

Class

B

(2)

(223,772)

(2,218,101)

Skandinaviska

Enskilda

Banken

AB,

Class

A

(2)

(319,529)

(4,724,133)

Skanska

AB,

Class

B

(2)

(139,598)

(2,518,399)

Svenska

Cellulosa

AB

SCA,

Class

B

(2)

(245,876)

(3,618,507)

Svenska

Handelsbanken

AB,

Class

A

(2)

(279,636)

(2,672,241)

Swedish

Orphan

Biovitrum

AB

(143,741)

(3,846,113)

Tele2

AB,

Class

B

(2)

(267,152)

(2,696,736)

INVESTMENTS

SHARES

VALUE

($)

Sweden

-

(3.2)%

(continued)

Telefonaktiebolaget

LM

Ericsson,

Class

B

(2)

(728,580)

(4,522,455)

(60,258,136)

Switzerland

-

(4.7)%

Avolta

AG

(2)

(25,420)

(988,254)

Bachem

Holding

AG,

Class

B

(2)

(28,166)

(2,573,734)

Barry

Callebaut

AG

(Registered)

(2)

(4,010)

(6,537,151)

BKW

AG

(2)

(4,162)

(664,324)

Chocoladefabriken

Lindt

&

Spruengli

AG

(2)

(473)

(5,525,025)

Cie

Financiere

Richemont

SA

(Registered)

(2)

(33,853)

(5,290,647)

DSM-Firmenich

AG

(2)

(63,827)

(7,187,250)

EMS-Chemie

Holding

AG

(Registered)

(2)

(4,298)

(3,517,117)

Galenica

AG

(2)(b)

(19,506)

(1,597,473)

Helvetia

Holding

AG

(Registered)

(2)

(30,770)

(4,158,865)

Partners

Group

Holding

AG

(2)

(2,812)

(3,600,924)

Schindler

Holding

AG

(2)

(19,732)

(4,950,831)

SIG

Group

AG

(2)

(413,410)

(7,596,757)

Sika

AG

(Registered)

(2)

(18,125)

(5,173,958)

Straumann

Holding

AG

(Registered)

(2)

(55,199)

(6,813,687)

Swatch

Group

AG

(The)

(2)

(11,653)

(2,387,436)

Swiss

Life

Holding

AG

(Registered)

(2)

(3,040)

(2,231,156)

Swisscom

AG

(Registered)

(2)

(12,110)

(6,809,642)

Tecan

Group

AG

(Registered)

(2)

(10,703)

(3,583,548)

UBS

Group

AG

(Registered)

(2)

(171,908)

(5,048,966)

VAT

Group

AG

(2)(b)

(4,721)

(2,665,746)

(88,902,491)

United

Kingdom

-

(7.0)%

Admiral

Group

plc

(2)

(78,571)

(2,596,381)

Ashtead

Group

plc

(2)

(119,759)

(7,984,776)

AstraZeneca

plc

(2)

(74,576)

(11,606,491)

BAE

Systems

plc

(2)

(194,258)

(3,235,685)

Barratt

Developments

plc

(2)

(1,245,103)

(7,394,828)

Beazley

plc

(2)

(48,150)

(430,054)

Berkeley

Group

Holdings

plc

(2)

(62,788)

(3,627,862)

ConvaTec

Group

plc

(2)(b)

(130,198)

(385,740)

Croda

International

plc

(2)

(64,239)

(3,195,831)

Diageo

plc

(2)

(137,027)

(4,301,827)

Entain

plc

(2)

(222,660)

(1,765,625)

Flutter

Entertainment

plc

(2)

(31,908)

(5,804,011)

Halma

plc

(2)

(101,409)

(3,456,583)

Harbour

Energy

plc

(2)

(309,729)

(1,216,087)

Hargreaves

Lansdown

plc

(2)

(207,367)

(2,955,903)

Informa

plc

(2)

(134,553)

(1,452,089)

Investec

plc

(2)

(65,288)

(471,958)

JD

Sports

Fashion

plc

(2)

(1,678,137)

(2,519,954)

Legal

&

General

Group

plc

(2)

(1,424,587)

(4,079,401)

National

Grid

plc

(2)

(325,081)

(3,629,900)

NatWest

Group

plc

(2)

(786,620)

(3,094,639)

Next

plc

(2)

(7,303)

(833,404)

Reckitt

Benckiser

Group

plc

(2)

(62,187)

(3,364,270)

Rentokil

Initial

plc

(2)

(557,738)

(3,239,121)

Schedule

of

Investments

June

30,

2024

(Unaudited)

AQR

LONG-SHORT

EQUITY

FUND

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

Funds

|

Semi-Annual

Report

|

June

2024

95

(Continued)

INVESTMENTS

SHARES

VALUE

($)

United

Kingdom

-

(7.0)%

(continued)

RS

GROUP

plc

(2)

(285,719)

(2,525,015)

Sage

Group

plc

(The)

(2)

(219,557)

(3,008,000)

Severn

Trent

plc

(2)

(161,403)

(4,858,121)

Smith

&

Nephew

plc

(2)

(152,876)

(1,894,488)

Spirax

Group

plc

(2)

(60,001)

(6,430,878)

SSE

plc

(2)

(198,388)

(4,480,314)

St

James's

Place

plc

(2)

(130,631)

(897,677)

Unilever

plc

(2)

(311,862)

(17,117,280)

United

Utilities

Group

plc

(2)

(209,939)

(2,607,994)

Wise

plc,

Class

A

(2)

(631,280)

(5,414,264)

WPP

plc

(2)

(42,007)

(384,645)

(132,261,096)

United

States

-

(109.6)%

AAON,

Inc.

(51,949)

(4,532,031)

Abbott

Laboratories

(41,684)

(4,331,384)

AbbVie,

Inc.

(52,791)

(9,054,712)

Acadia

Healthcare

Co.,

Inc.

(54,728)

(3,696,329)

Accenture

plc,

Class

A

(39,887)

(12,102,115)

Advance

Auto

Parts,

Inc.

(97,657)

(6,184,618)

Advanced

Drainage

Systems,

Inc.

(8,809)

(1,412,876)

Advanced

Micro

Devices,

Inc.

(9,053)

(1,468,487)

Affirm

Holdings,

Inc.,

Class

A

(307,378)

(9,285,889)

Aflac,

Inc.

(16,771)

(1,497,818)

Agilent

Technologies,

Inc.

(15,288)

(1,981,783)

Air

Products

and

Chemicals,

Inc.

(21,501)

(5,548,333)

Alaska

Air

Group,

Inc.

(32,974)

(1,332,150)

Albemarle

Corp.

(51,127)

(4,883,651)

Alexandria

Real

Estate

Equities,

Inc.,

REIT

(7,929)

(927,455)

Allegion

plc

(12,700)

(1,500,505)

ALLETE,

Inc.

(77,955)

(4,860,494)

Alliant

Energy

Corp.

(126,169)

(6,422,002)

Alphabet,

Inc.,

Class

A

(6,880)

(1,253,192)

Ameren

Corp.

(13,903)

(988,642)

American

Electric

Power

Co.,

Inc.

(44,673)

(3,919,609)

American

Express

Co.

(5,840)

(1,352,252)

American

Financial

Group,

Inc.

(18,677)

(2,297,645)

American

Homes

4

Rent,

Class

A,

REIT

(56,861)

(2,112,955)

American

Tower

Corp.,

REIT

(28,099)

(5,461,884)

American

Water

Works

Co.,

Inc.

(3,868)

(499,591)

AMETEK,

Inc.

(27,913)

(4,653,376)

Amgen,

Inc.

(25,486)

(7,963,101)

Amphenol

Corp.,

Class

A

(33,804)

(2,277,375)

Analog

Devices,

Inc.

(10,943)

(2,497,849)

Aon

plc,

Class

A

(9,248)

(2,715,028)

AppLovin

Corp.,

Class

A

(49,294)

(4,102,247)

Aramark

(177,245)

(6,029,875)

Arcadium

Lithium

plc

(969,333)

(3,256,959)

Arch

Capital

Group

Ltd.

(16,953)

(1,710,388)

Armstrong

World

Industries,

Inc.

(16,240)

(1,839,018)

Arrowhead

Pharmaceuticals,

Inc.

(261,506)

(6,796,541)

Arthur

J

Gallagher

&

Co.

(59,531)

(15,436,984)

ASGN,

Inc.

(23,611)

(2,081,782)

Aspen

Technology,

Inc.

(26,109)

(5,186,031)

Associated

Banc-Corp.

(121,428)

(2,568,202)

Atlassian

Corp.,

Class

A

(38,872)

(6,875,679)

Autodesk,

Inc.

(24,552)

(6,075,392)

Automatic

Data

Processing,

Inc.

(23,074)

(5,507,533)

INVESTMENTS

SHARES

VALUE

($)

United

States

-

(109.6)%

(continued)

Avantor,

Inc.

(72,463)

(1,536,216)

Avery

Dennison

Corp.

(34,057)

(7,446,563)

Avient

Corp.

(37,043)

(1,616,927)

Axon

Enterprise,

Inc.

(25,685)

(7,557,554)

Azenta,

Inc.

(68,429)

(3,600,734)

Bath

&

Body

Works,

Inc.

(143,242)

(5,593,600)

Becton

Dickinson

&

Co.

(2,215)

(517,668)

Belden,

Inc.

(40,213)

(3,771,979)

Bentley

Systems,

Inc.,

Class

B

(118,628)

(5,855,478)

BILL

Holdings,

Inc.

(57,647)

(3,033,385)

Biogen,

Inc.

(27,480)

(6,370,414)

BioMarin

Pharmaceutical,

Inc.

(4,757)

(391,644)

Bio-Rad

Laboratories,

Inc.,

Class

A

(8,832)

(2,412,108)

Bio-Techne

Corp.

(76,393)

(5,473,558)

BJ's

Wholesale

Club

Holdings,

Inc.

(93,546)

(8,217,081)

Blackstone,

Inc.

(73,193)

(9,061,293)

Block,

Inc.,

Class

A

(36,021)

(2,322,994)

Blue

Owl

Capital,

Inc.,

Class

A

(583,119)

(10,350,362)

Boeing

Co.

(The)

(20,936)

(3,810,561)

BorgWarner,

Inc.

(98,434)

(3,173,512)

Bright

Horizons

Family

Solutions,

Inc.

(46,757)

(5,147,011)

Brighthouse

Financial,

Inc.

(33,975)

(1,472,477)

Brixmor

Property

Group,

Inc.,

REIT

(27,594)

(637,145)

Brookfield

Renewable

Corp.,

Class

A

(58,485)

(1,657,014)

Brown

&

Brown,

Inc.

(38,698)

(3,459,988)

Brown-Forman

Corp.,

Class

B

(164,924)

(7,123,068)

BRP,

Inc.

(64,367)

(4,123,948)

Brunswick

Corp.

(136,715)

(9,948,751)

Bunge

Global

SA

(7,957)

(849,569)

BWX

Technologies,

Inc.

(24,685)

(2,345,075)

Cabot

Corp.

(9,818)

(902,176)

Cadence

Bank

(66,517)

(1,881,101)

Cadence

Design

Systems,

Inc.

(15,797)

(4,861,527)

Calix,

Inc.

(33,322)

(1,180,598)

Campbell

Soup

Co.

(68,117)

(3,078,207)

Capital

One

Financial

Corp.

(29,396)

(4,069,876)

Carnival

Corp.

(541,564)

(10,138,078)

Carrier

Global

Corp.

(114,363)

(7,214,018)

Casey's

General

Stores,

Inc.

(21,619)

(8,248,946)

Caterpillar,

Inc.

(1,225)

(408,048)

Cboe

Global

Markets,

Inc.

(7,003)

(1,190,930)

CBRE

Group,

Inc.,

Class

A

(26,569)

(2,367,564)

CDW

Corp.

(29,549)

(6,614,248)

Celanese

Corp.,

Class

A

(64,692)

(8,726,304)

Cencora,

Inc.

(25,661)

(5,781,423)

Certara,

Inc.

(170,192)

(2,357,159)

CF

Industries

Holdings,

Inc.

(39,310)

(2,913,657)

Charles

River

Laboratories

International,

Inc.

(6,809)

(1,406,603)

Charles

Schwab

Corp.

(The)

(93,715)

(6,905,858)

Chart

Industries,

Inc.

(14,204)

(2,050,205)

Charter

Communications,

Inc.,

Class

A

(25,018)

(7,479,381)

Chemed

Corp.

(4,311)

(2,339,062)

Chemours

Co.

(The)

(30,907)

(697,571)

Chesapeake

Energy

Corp.

(31,161)

(2,561,123)

Chevron

Corp.

(12,636)

(1,976,523)

Choice

Hotels

International,

Inc.

(90,107)

(10,722,733)

96

AQR

Funds

|

Semi-Annual

Report

|

June

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

LONG-SHORT

EQUITY

FUND

Schedule

of

Investments

June

30,

2024

(Unaudited)

(Continued)

INVESTMENTS

SHARES

VALUE

($)

United

States

-

(109.6)%

(continued)

Chord

Energy

Corp.

(31,244)

(5,238,994)

Church

&

Dwight

Co.,

Inc.

(62,862)

(6,517,532)

Churchill

Downs,

Inc.

(16,347)

(2,282,041)

Cintas

Corp.

(6,581)

(4,608,411)

Civitas

Resources,

Inc.

(5,975)

(412,275)

Clarivate

plc

(617,448)

(3,513,279)

Clearway

Energy,

Inc.,

Class

C

(91,852)

(2,267,826)

Cloudflare,

Inc.,

Class

A

(5,890)

(487,869)

CMS

Energy

Corp.

(55,180)

(3,284,865)

CNX

Resources

Corp.

(28,813)

(700,156)

Coca-Cola

Co.

(The)

(153,234)

(9,753,344)

Cognizant

Technology

Solutions

Corp.,

Class

A

(32,713)

(2,224,484)

Coinbase

Global,

Inc.,

Class

A

(4,806)

(1,068,037)

Columbia

Sportswear

Co.

(87,951)

(6,955,165)

Comerica,

Inc.

(43,672)

(2,229,019)

Commercial

Metals

Co.

(8,453)

(464,830)

Conagra

Brands,

Inc.

(36,692)

(1,042,787)

Constellation

Brands,

Inc.,

Class

A

(31,960)

(8,222,669)

Constellation

Energy

Corp.

(1,809)

(362,288)

Cooper

Cos.,

Inc.

(The)

(15,292)

(1,334,992)

Copart,

Inc.

(169,694)

(9,190,627)

Core

&

Main,

Inc.,

Class

A

(21,630)

(1,058,572)

Corning,

Inc.

(13,150)

(510,878)

Corpay,

Inc.

(5,679)

(1,512,942)

CoStar

Group,

Inc.

(81,088)

(6,011,864)

Coty,

Inc.,

Class

A

(622,291)

(6,235,356)

Crane

NXT

Co.

(31,596)

(1,940,626)

CRH

plc

(2)

(10,018)

(742,376)

Crocs,

Inc.

(29,616)

(4,322,159)

CSL

Ltd.

(2)

(36,198)

(7,098,329)

CSX

Corp.

(112,372)

(3,758,843)

CubeSmart,

REIT

(74,767)

(3,377,225)

Danaher

Corp.

(28,579)

(7,140,463)

Darden

Restaurants,

Inc.

(17,028)

(2,576,677)

Dayforce,

Inc.

(59,207)

(2,936,667)

Deckers

Outdoor

Corp.

(5,335)

(5,164,013)

Deere

&

Co.

(16,751)

(6,258,676)

Dexcom,

Inc.

(34,741)

(3,938,935)

Digital

Realty

Trust,

Inc.,

REIT

(18,614)

(2,830,259)

Dollar

General

Corp.

(33,357)

(4,410,796)

Dollar

Tree,

Inc.

(45,695)

(4,878,855)

Dominion

Energy,

Inc.

(47,643)

(2,334,507)

DoorDash,

Inc.,

Class

A

(17,992)

(1,957,170)

Dover

Corp.

(42,885)

(7,738,598)

Doximity,

Inc.,

Class

A

(107,829)

(3,015,977)

Dropbox,

Inc.,

Class

A

(213,721)

(4,802,311)

DTE

Energy

Co.

(25,262)

(2,804,335)

DXC

Technology

Co.

(88,584)

(1,691,069)

Eagle

Materials,

Inc.

(9,644)

(2,097,184)

EastGroup

Properties,

Inc.,

REIT

(2,429)

(413,173)

Edison

International

(22,146)

(1,590,304)

Elanco

Animal

Health,

Inc.

(249,428)

(3,599,246)

Elevance

Health,

Inc.

(5,516)

(2,988,900)

elf

Beauty,

Inc.

(19,416)

(4,091,340)

Emerson

Electric

Co.

(14,249)

(1,569,670)

Enovis

Corp.

(43,144)

(1,950,109)

Entegris,

Inc.

(20,180)

(2,732,372)

Envista

Holdings

Corp.

(28,266)

(470,064)

EQT

Corp.

(276,288)

(10,217,130)

INVESTMENTS

SHARES

VALUE

($)

United

States

-

(109.6)%

(continued)

Equifax,

Inc.

(7,605)

(1,843,908)

Equinix,

Inc.,

REIT

(1,517)

(1,147,762)

Equity

LifeStyle

Properties,

Inc.,

REIT

(37,526)

(2,444,068)

Equity

Residential,

REIT

(41,844)

(2,901,463)

Erie

Indemnity

Co.,

Class

A

(19,473)

(7,057,015)

Essential

Utilities,

Inc.

(45,914)

(1,713,970)

Essex

Property

Trust,

Inc.,

REIT

(8,304)

(2,260,349)

Exelon

Corp.

(58,268)

(2,016,655)

ExlService

Holdings,

Inc.

(94,341)

(2,958,534)

Expedia

Group,

Inc.

(20,403)

(2,570,574)

Expeditors

International

of

Washington,

Inc.

(47,565)

(5,935,636)

Experian

plc

(2)

(35,592)

(1,653,490)

Exponent,

Inc.

(7,558)

(718,917)

Extra

Space

Storage,

Inc.,

REIT

(79,570)

(12,365,974)

FactSet

Research

Systems,

Inc.

(3,028)

(1,236,242)

Fastenal

Co.

(75,251)

(4,728,773)

Ferguson

plc

(2,987)

(578,433)

Ferrovial

SE

(2)

(136,335)

(5,296,325)

Fifth

Third

Bancorp

(307,287)

(11,212,903)

First

Citizens

BancShares,

Inc.,

Class

A

(676)

(1,138,120)

First

Financial

Bankshares,

Inc.

(203,582)

(6,011,776)

First

Industrial

Realty

Trust,

Inc.,

REIT

(11,914)

(566,034)

First

Solar,

Inc.

(1,550)

(349,463)

FirstEnergy

Corp.

(87,552)

(3,350,615)

Five9,

Inc.

(87,484)

(3,858,044)

Floor

&

Decor

Holdings,

Inc.,

Class

A

(43,586)

(4,332,884)

Fortrea

Holdings,

Inc.

(105,993)

(2,473,877)

Fox

Corp.,

Class

A

(65,587)

(2,254,225)

Fox

Factory

Holding

Corp.

(113,800)

(5,484,022)

Frontier

Communications

Parent,

Inc.

(154,561)

(4,046,407)

FTI

Consulting,

Inc.

(40,371)

(8,701,162)

Gaming

and

Leisure

Properties,

Inc.,

REIT

(16,868)

(762,602)

Gap,

Inc.

(The)

(170,853)

(4,081,678)

GATX

Corp.

(29,976)

(3,967,623)

GE

HealthCare

Technologies,

Inc.

(17,227)

(1,342,328)

Generac

Holdings,

Inc.

(6,860)

(907,029)

General

Mills,

Inc.

(50,841)

(3,216,202)

Gentex

Corp.

(175,507)

(5,916,341)

GFL

Environmental,

Inc.

(22,014)

(857,356)

Glacier

Bancorp,

Inc.

(90,652)

(3,383,133)

GLOBALFOUNDRIES,

Inc.

(7,916)

(400,233)

Globant

SA

(7,045)

(1,255,842)

Globus

Medical,

Inc.,

Class

A

(155,905)

(10,677,933)

Goldman

Sachs

Group,

Inc.

(The)

(3,985)

(1,802,495)

Graco,

Inc.

(10,663)

(845,363)

Graham

Holdings

Co.,

Class

B

(1,329)

(929,702)

Graphic

Packaging

Holding

Co.

(255,603)

(6,699,355)

Greif,

Inc.,

Class

A

(6,472)

(371,946)

GXO

Logistics,

Inc.

(21,303)

(1,075,802)

Haemonetics

Corp.

(27,452)

(2,271,104)

Haleon

plc

(2)

(1,703,958)

(6,932,923)

Harley-Davidson,

Inc.

(67,048)

(2,248,790)

Hayward

Holdings,

Inc.

(375,867)

(4,623,164)

Schedule

of

Investments

June

30,

2024

(Unaudited)

AQR

LONG-SHORT

EQUITY

FUND

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

Funds

|

Semi-Annual

Report

|

June

2024

97

(Continued)

INVESTMENTS

SHARES

VALUE

($)

United

States

-

(109.6)%

(continued)

HEICO

Corp.

(45,620)

(10,201,088)

Helen

of

Troy

Ltd.

(24,705)

(2,291,142)

Henry

Schein,

Inc.

(109,458)

(7,016,258)

Highwoods

Properties,

Inc.,

REIT

(30,533)

(802,102)

Hilton

Grand

Vacations,

Inc.

(58,311)

(2,357,514)

Honeywell

International,

Inc.

(29,150)

(6,224,691)

Host

Hotels

&

Resorts,

Inc.,

REIT

(22,313)

(401,188)

Houlihan

Lokey,

Inc.,

Class

A

(74,858)

(10,095,350)

Howard

Hughes

Holdings,

Inc.

(63,986)

(4,147,573)

HP,

Inc.

(34,477)

(1,207,385)

Hubbell,

Inc.,

Class

B

(4,325)

(1,580,701)

HubSpot,

Inc.

(3,126)

(1,843,684)

Humana,

Inc.

(12,173)

(4,548,441)

Hyatt

Hotels

Corp.,

Class

A

(33,541)

(5,095,549)

IAC,

Inc.

(187,761)

(8,796,603)

IDACORP,

Inc.

(50,266)

(4,682,278)

IDEX

Corp.

(13,189)

(2,653,627)

Illinois

Tool

Works,

Inc.

(4,454)

(1,055,420)

Inari

Medical,

Inc.

(27,514)

(1,324,799)

Independence

Realty

Trust,

Inc.,

REIT

(22,315)

(418,183)

Informatica,

Inc.,

Class

A

(69,698)

(2,152,274)

Ingersoll

Rand,

Inc.

(110,903)

(10,074,429)

Insperity,

Inc.

(22,799)

(2,079,497)

Integra

LifeSciences

Holdings

Corp.

(23,501)

(684,819)

Intercontinental

Exchange,

Inc.

(57,603)

(7,885,275)

Interpublic

Group

of

Cos.,

Inc.

(The)

(86,626)

(2,519,950)

Intuit,

Inc.

(18,911)

(12,428,498)

Intuitive

Surgical,

Inc.

(15,363)

(6,834,231)

Ionis

Pharmaceuticals,

Inc.

(243,063)

(11,584,383)

Iron

Mountain,

Inc.,

REIT

(41,067)

(3,680,425)

Jack

Henry

&

Associates,

Inc.

(14,545)

(2,414,761)

Janus

Henderson

Group

plc

(27,146)

(915,092)

Jefferies

Financial

Group,

Inc.

(52,105)

(2,592,745)

Johnson

Controls

International

plc

(117,488)

(7,809,427)

Jones

Lang

LaSalle,

Inc.

(6,226)

(1,278,073)

JPMorgan

Chase

&

Co.

(22,373)

(4,525,163)

Kenvue,

Inc.

(115,658)

(2,102,662)

KeyCorp

(98,635)

(1,401,603)

Keysight

Technologies,

Inc.

(32,007)

(4,376,957)

Kilroy

Realty

Corp.,

REIT

(31,795)

(991,050)

Kimco

Realty

Corp.,

REIT

(21,332)

(415,121)

Kinsale

Capital

Group,

Inc.

(9,237)

(3,558,831)

Kite

Realty

Group

Trust,

REIT

(103,504)

(2,316,420)

KKR

&

Co.,

Inc.

(37,450)

(3,941,238)

Knight-Swift

Transportation

Holdings,

Inc.,

Class

A

(64,621)

(3,225,880)

Lamb

Weston

Holdings,

Inc.

(43,752)

(3,678,668)

Lancaster

Colony

Corp.

(24,729)

(4,673,039)

Landstar

System,

Inc.

(20,716)

(3,821,688)

Lattice

Semiconductor

Corp.

(74,870)

(4,341,711)

Liberty

Broadband

Corp.,

Class

C

(114,254)

(6,263,404)

Lincoln

Electric

Holdings,

Inc.

(4,364)

(823,225)

Linde

plc

(21,339)

(9,363,767)

Lithia

Motors,

Inc.,

Class

A

(17,448)

(4,404,748)

Live

Nation

Entertainment,

Inc.

(105,514)

(9,890,882)

LKQ

Corp.

(123,858)

(5,151,254)

Lockheed

Martin

Corp.

(9,478)

(4,427,174)

INVESTMENTS

SHARES

VALUE

($)

United

States

-

(109.6)%

(continued)

Lowe's

Cos.,

Inc.

(76,583)

(16,883,488)

LPL

Financial

Holdings,

Inc.

(8,440)

(2,357,292)

Lumentum

Holdings,

Inc.

(132,669)

(6,755,505)

Lyft,

Inc.,

Class

A

(143,088)

(2,017,541)

M&T

Bank

Corp.

(38,845)

(5,879,579)

MACOM

Technology

Solutions

Holdings,

Inc.

(82,883)

(9,238,968)

Macy's,

Inc.

(362,236)

(6,954,931)

Maravai

LifeSciences

Holdings,

Inc.,

Class

A

(213,391)

(1,527,880)

MarketAxess

Holdings,

Inc.

(8,497)

(1,703,903)

Marriott

International,

Inc.,

Class

A

(21,123)

(5,106,908)

Marsh

&

McLennan

Cos.,

Inc.

(27,252)

(5,742,541)

Masimo

Corp.

(31,921)

(4,020,131)

Mastercard,

Inc.,

Class

A

(5,065)

(2,234,475)

Match

Group,

Inc.

(55,220)

(1,677,584)

Maximus,

Inc.

(8,594)

(736,506)

McCormick

&

Co.,

Inc.

(Non-Voting)

(21,466)

(1,522,798)

McDonald's

Corp.

(53,470)

(13,626,295)

MDU

Resources

Group,

Inc.

(68,352)

(1,715,635)

Merck

&

Co.,

Inc.

(27,788)

(3,440,154)

Mercury

Systems,

Inc.

(75,287)

(2,031,996)

Meta

Platforms,

Inc.,

Class

A

(6,776)

(3,416,595)

Mettler-Toledo

International,

Inc.

(784)

(1,095,711)

MGIC

Investment

Corp.

(128,293)

(2,764,714)

MGM

Resorts

International

(413,044)

(18,355,674)

Microchip

Technology,

Inc.

(72,314)

(6,616,731)

Microsoft

Corp.

(58,371)

(26,088,917)

Middleby

Corp.

(The)

(14,569)

(1,786,305)

MKS

Instruments,

Inc.

(12,335)

(1,610,704)

Moderna,

Inc.

(37,984)

(4,510,600)

MongoDB,

Inc.,

Class

A

(20,103)

(5,024,946)

Monster

Beverage

Corp.

(134,429)

(6,714,729)

Moody's

Corp.

(15,920)

(6,701,206)

Morgan

Stanley

(57,507)

(5,589,105)

Morningstar,

Inc.

(3,041)

(899,680)

Motorola

Solutions,

Inc.

(17,777)

(6,862,811)

MP

Materials

Corp.

(485,081)

(6,175,081)

MSA

Safety,

Inc.

(7,579)

(1,422,503)

Murphy

USA,

Inc.

(10,957)

(5,143,873)

Nasdaq,

Inc.

(49,481)

(2,981,725)

National

Storage

Affiliates

Trust,

REIT

(40,562)

(1,671,966)

nCino,

Inc.

(131,628)

(4,139,701)

NCR

Atleos

Corp.

(14,739)

(398,248)

NCR

Voyix

Corp.

(70,645)

(872,466)

Neogen

Corp.

(368,477)

(5,759,296)

Nestle

SA

(Registered)

(2)

(14,527)

(1,482,833)

New

Fortress

Energy,

Inc.

(359,061)

(7,892,161)

New

York

Community

Bancorp,

Inc.

(1,628,021)

(5,242,228)

Newmont

Corp.

(201,446)

(8,434,544)

NextEra

Energy,

Inc.

(38,414)

(2,720,095)

NIKE,

Inc.,

Class

B

(224,798)

(16,943,024)

Nordson

Corp.

(18,574)

(4,308,054)

Nordstrom,

Inc.

(99,287)

(2,106,870)

Norfolk

Southern

Corp.

(24,658)

(5,293,826)

Northwestern

Energy

Group,

Inc.

(20,831)

(1,043,216)

98

AQR

Funds

|

Semi-Annual

Report

|

June

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

LONG-SHORT

EQUITY

FUND

Schedule

of

Investments

June

30,

2024

(Unaudited)

(Continued)

INVESTMENTS

SHARES

VALUE

($)

United

States

-

(109.6)%

(continued)

Norwegian

Cruise

Line

Holdings

Ltd.

(428,259)

(8,046,987)

Novanta,

Inc.

(23,254)

(3,792,960)

Nucor

Corp.

(41,468)

(6,555,261)

NVR,

Inc.

(1,069)

(8,112,171)

Occidental

Petroleum

Corp.

(34,626)

(2,182,477)

Okta,

Inc.,

Class

A

(61,715)

(5,777,141)

Old

National

Bancorp

(205,633)

(3,534,831)

Omega

Healthcare

Investors,

Inc.,

REIT

(23,181)

(793,949)

Omnicom

Group,

Inc.

(53,077)

(4,761,007)

ONE

Gas,

Inc.

(38,605)

(2,464,929)

ONEOK,

Inc.

(32,036)

(2,612,536)

Onto

Innovation,

Inc.

(4,386)

(962,990)

Option

Care

Health,

Inc.

(170,094)

(4,711,604)

Oracle

Corp.

(19,382)

(2,736,738)

O'Reilly

Automotive,

Inc.

(15,667)

(16,545,292)

Ormat

Technologies,

Inc.

(60,591)

(4,344,375)

Otis

Worldwide

Corp.

(23,739)

(2,285,116)

Palantir

Technologies,

Inc.,

Class

A

(112,698)

(2,854,640)

Palo

Alto

Networks,

Inc.

(12,399)

(4,203,385)

Paychex,

Inc.

(67,875)

(8,047,260)

Paycom

Software,

Inc.

(6,063)

(867,252)

Paycor

HCM,

Inc.

(144,390)

(1,833,753)

Paylocity

Holding

Corp.

(35,936)

(4,738,162)

PBF

Energy,

Inc.,

Class

A

(17,406)

(801,024)

Peloton

Interactive,

Inc.,

Class

A

(352,060)

(1,189,963)

Penn

Entertainment,

Inc.

(165,958)

(3,212,117)

Performance

Food

Group

Co.

(5,990)

(395,999)

Permian

Resources

Corp.,

Class

A

(368,804)

(5,956,185)

Pfizer,

Inc.

(28,453)

(796,115)

Philip

Morris

International,

Inc.

(39,638)

(4,016,519)

Phinia,

Inc.

(60,668)

(2,387,892)

Pinnacle

Financial

Partners,

Inc.

(8,819)

(705,873)

Pinnacle

West

Capital

Corp.

(8,249)

(630,059)

Planet

Fitness,

Inc.,

Class

A

(224,423)

(16,515,289)

Plug

Power,

Inc.

(645,030)

(1,502,920)

PNC

Financial

Services

Group,

Inc.

(The)

(35,044)

(5,448,641)

Pool

Corp.

(16,725)

(5,140,094)

Portland

General

Electric

Co.

(63,026)

(2,725,244)

Post

Holdings,

Inc.

(35,779)

(3,726,741)

PotlatchDeltic

Corp.,

REIT

(43,739)

(1,722,879)

Power

Integrations,

Inc.

(14,353)

(1,007,437)

PPL

Corp.

(39,404)

(1,089,521)

Premier,

Inc.,

Class

A

(49,660)

(927,152)

Primerica,

Inc.

(17,043)

(4,032,033)

Principal

Financial

Group,

Inc.

(5,931)

(465,287)

Procore

Technologies,

Inc.

(13,164)

(872,905)

Procter

&

Gamble

Co.

(The)

(82,839)

(13,661,808)

Progyny,

Inc.

(92,627)

(2,650,058)

Prologis,

Inc.,

REIT

(32,739)

(3,676,917)

PTC,

Inc.

(37,525)

(6,817,167)

Public

Service

Enterprise

Group,

Inc.

(99,031)

(7,298,585)

PVH

Corp.

(13,982)

(1,480,274)

QIAGEN

NV

(2)

(25,449)

(1,051,504)

Qorvo,

Inc.

(12,705)

(1,474,288)

Quanta

Services,

Inc.

(15,791)

(4,012,335)

QuantumScape

Corp.

(970,713)

(4,775,908)

INVESTMENTS

SHARES

VALUE

($)

United

States

-

(109.6)%

(continued)

Quest

Diagnostics,

Inc.

(11,106)

(1,520,189)

Range

Resources

Corp.

(98,768)

(3,311,691)

Raymond

James

Financial,

Inc.

(13,931)

(1,722,011)

Rayonier,

Inc.,

REIT

(13,752)

(400,046)

RBC

Bearings,

Inc.

(16,755)

(4,520,164)

Regal

Rexnord

Corp.

(11,721)

(1,584,914)

Regency

Centers

Corp.,

REIT

(30,721)

(1,910,846)

Regeneron

Pharmaceuticals,

Inc.

(11,091)

(11,656,974)

Regions

Financial

Corp.

(667,084)

(13,368,363)

Reliance,

Inc.

(17,242)

(4,924,315)

RenaissanceRe

Holdings

Ltd.

(3,366)

(752,335)

Repligen

Corp.

(31,967)

(4,029,760)

Revvity,

Inc.

(44,883)

(4,706,431)

RH

(26,294)

(6,427,305)

RLI

Corp.

(16,134)

(2,269,892)

ROBLOX

Corp.,

Class

A

(32,476)

(1,208,432)

Rocket

Cos.,

Inc.,

Class

A

(85,327)

(1,168,980)

Roivant

Sciences

Ltd.

(380,435)

(4,021,198)

Rollins,

Inc.

(17,085)

(833,577)

Royal

Caribbean

Cruises

Ltd.

(40,699)

(6,488,642)

RPM

International,

Inc.

(29,651)

(3,192,820)

RTX

Corp.

(36,416)

(3,655,802)

Ryan

Specialty

Holdings,

Inc.,

Class

A

(32,890)

(1,904,660)

S&P

Global,

Inc.

(11,969)

(5,338,174)

Saia,

Inc.

(10,723)

(5,085,812)

Sanofi

SA

(2)

(34,210)

(3,299,318)

Schneider

National,

Inc.,

Class

B

(124,476)

(3,007,340)

SEI

Investments

Co.

(48,164)

(3,115,729)

Service

Corp.

International

(92,875)

(6,606,199)

Shift4

Payments,

Inc.,

Class

A

(92,102)

(6,755,682)

Silgan

Holdings,

Inc.

(117,019)

(4,953,414)

Silicon

Laboratories,

Inc.

(22,779)

(2,520,041)

Simpson

Manufacturing

Co.,

Inc.

(22,238)

(3,747,770)

SiteOne

Landscape

Supply,

Inc.

(7,759)

(942,020)

Snap,

Inc.,

Class

A

(122,737)

(2,038,662)

SoFi

Technologies,

Inc.

(99,166)

(655,487)

Southern

Co.

(The)

(222,624)

(17,268,943)

SouthState

Corp.

(31,679)

(2,420,909)

Southwest

Gas

Holdings,

Inc.

(126,371)

(8,893,991)

Spectrum

Brands

Holdings,

Inc.

(6,409)

(550,725)

Spire,

Inc.

(52,351)

(3,179,276)

Spirit

AeroSystems

Holdings,

Inc.,

Class

A

(103,025)

(3,386,432)

Sprouts

Farmers

Market,

Inc.

(40,061)

(3,351,503)

STAG

Industrial,

Inc.,

REIT

(38,995)

(1,406,160)

Starbucks

Corp.

(225,630)

(17,565,295)

Stellantis

NV

(2)

(19,667)

(388,791)

STERIS

plc

(14,113)

(3,098,368)

Stryker

Corp.

(17,962)

(6,111,571)

Sun

Communities,

Inc.,

REIT

(20,306)

(2,443,624)

Sunrun,

Inc.

(83,385)

(988,946)

Swiss

Re

AG

(2)

(28,664)

(3,553,677)

Synaptics,

Inc.

(7,760)

(684,432)

Synopsys,

Inc.

(13,747)

(8,180,290)

Synovus

Financial

Corp.

(40,512)

(1,628,177)

Take-Two

Interactive

Software,

Inc.

(127,706)

(19,857,005)

Tandem

Diabetes

Care,

Inc.

(55,569)

(2,238,875)

TEGNA,

Inc.

(57,150)

(796,671)

Teledyne

Technologies,

Inc.

(9,046)

(3,509,667)

Schedule

of

Investments

June

30,

2024

(Unaudited)

AQR

LONG-SHORT

EQUITY

FUND

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

Funds

|

Semi-Annual

Report

|

June

2024

99

(Continued)

INVESTMENTS

SHARES

VALUE

($)

United

States

-

(109.6)%

(continued)

Teleflex,

Inc.

(12,995)

(2,733,238)

Tempur

Sealy

International,

Inc.

(183,792)

(8,700,713)

Tetra

Tech,

Inc.

(19,707)

(4,029,687)

Texas

Instruments,

Inc.

(50,706)

(9,863,838)

Thermo

Fisher

Scientific,

Inc.

(10,579)

(5,850,187)

Thor

Industries,

Inc.

(6,851)

(640,226)

Timken

Co.

(The)

(16,556)

(1,326,632)

T-Mobile

US,

Inc.

(43,575)

(7,677,044)

TopBuild

Corp.

(3,355)

(1,292,581)

Toro

Co.

(The)

(81,573)

(7,627,891)

TPG,

Inc.

(169,367)

(7,020,262)

Tractor

Supply

Co.

(20,263)

(5,471,010)

Tradeweb

Markets,

Inc.,

Class

A

(21,894)

(2,320,764)

Trane

Technologies

plc

(5,147)

(1,693,003)

TransDigm

Group,

Inc.

(2,983)

(3,811,111)

Trex

Co.,

Inc.

(45,082)

(3,341,478)

Tyler

Technologies,

Inc.

(16,482)

(8,286,820)

Tyson

Foods,

Inc.,

Class

A

(13,375)

(764,248)

UDR,

Inc.,

REIT

(11,944)

(491,496)

U-Haul

Holding

Co.

(1,508)

(93,089)

Ultragenyx

Pharmaceutical,

Inc.

(10,599)

(435,619)

Under

Armour,

Inc.,

Class

A

(182,889)

(1,219,870)

Union

Pacific

Corp.

(11,667)

(2,639,775)

United

Airlines

Holdings,

Inc.

(38,427)

(1,869,858)

United

Bankshares,

Inc.

(92,188)

(2,990,579)

UnitedHealth

Group,

Inc.

(31,925)

(16,258,126)

Unity

Software,

Inc.

(176,057)

(2,862,687)

Valmont

Industries,

Inc.

(8,192)

(2,248,294)

Valvoline,

Inc.

(225,854)

(9,756,893)

Veralto

Corp.

(9,190)

(877,369)

Verizon

Communications,

Inc.

(115,557)

(4,765,571)

Vertex

Pharmaceuticals,

Inc.

(17,826)

(8,355,403)

VF

Corp.

(28,969)

(391,082)

Viasat,

Inc.

(140,206)

(1,780,616)

Viatris,

Inc.

(239,698)

(2,547,990)

VICI

Properties,

Inc.,

Class

A,

REIT

(127,539)

(3,652,717)

Visa,

Inc.,

Class

A

(47,213)

(12,391,996)

Vishay

Intertechnology,

Inc.

(245,536)

(5,475,453)

Visteon

Corp.

(9,214)

(983,134)

Vontier

Corp.

(15,618)

(596,608)

Vornado

Realty

Trust,

REIT

(183,536)

(4,825,161)

Walmart,

Inc.

(52,513)

(3,555,655)

Walt

Disney

Co.

(The)

(61,013)

(6,057,981)

Warner

Bros

Discovery,

Inc.

(59,545)

(443,015)

Waste

Connections,

Inc.

(34,704)

(6,085,693)

Waste

Management,

Inc.

(29,560)

(6,306,330)

Waters

Corp.

(22,504)

(6,528,860)

Watsco,

Inc.

(11,478)

(5,317,069)

Watts

Water

Technologies,

Inc.,

Class

A

(2,191)

(401,764)

Wayfair,

Inc.,

Class

A

(87,584)

(4,618,304)

Welltower,

Inc.,

REIT

(34,306)

(3,576,401)

West

Pharmaceutical

Services,

Inc.

(13,060)

(4,301,833)

Western

Digital

Corp.

(12,133)

(919,317)

Weyerhaeuser

Co.,

REIT

(101,892)

(2,892,714)

White

Mountains

Insurance

Group

Ltd.

(902)

(1,639,340)

Williams

Cos.,

Inc.

(The)

(143,732)

(6,108,610)

INVESTMENTS

SHARES

VALUE

($)

United

States

-

(109.6)%

(continued)

Williams-Sonoma,

Inc.

(59,344)

(16,756,965)

WillScot

Mobile

Mini

Holdings

Corp.

(100,418)

(3,779,734)

Wintrust

Financial

Corp.

(20,320)

(2,002,739)

Wolfspeed,

Inc.

(180,320)

(4,104,083)

WP

Carey,

Inc.,

REIT

(43,893)

(2,416,310)

WW

Grainger,

Inc.

(4,828)

(4,356,015)

Wyndham

Hotels

&

Resorts,

Inc.

(23,955)

(1,772,670)

Xylem,

Inc.

(34,323)

(4,655,228)

YETI

Holdings,

Inc.

(193,343)

(7,376,035)

Yum!

Brands,

Inc.

(113,614)

(15,049,310)

Zebra

Technologies

Corp.,

Class

A

(13,649)

(4,216,586)

Zillow

Group,

Inc.,

Class

C

(26,242)

(1,217,366)

Zoetis,

Inc.,

Class

A

(11,433)

(1,982,025)

ZoomInfo

Technologies,

Inc.,

Class

A

(151,644)

(1,936,494)

(2,079,169,007)

TOTAL

COMMON

STOCKS

(Proceeds

$(3,673,824,477))

(3,594,864,459)

PREFERRED

STOCKS

-

(1.0)%

Germany

-

(1.0)%

Dr

Ing

hc

F

Porsche

AG

(Preference)

(2)(b)

(151,922)

(11,301,999)

Henkel

AG

&

Co.

KGaA

(Preference)

(2)

(37,867)

(3,371,558)

Sartorius

AG

(Preference)

(2)

(19,085)

(4,467,532)

TOTAL

PREFERRED

STOCKS

(Proceeds

$(24,540,868))

(19,141,089)

NO.

OF

RIGHTS

RIGHTS

-

(0.0)%

†

Italy

-

(0.0)%

†

Amplifon

SpA,

expiring

7/9/2024

(2)

(Proceeds

$–)

(65,472)

(1)

TOTAL

SHORT

POSITIONS

(Proceeds

$(3,698,365,345))

(3,614,005,549)

TOTAL

INVESTMENTS

IN

SECURITIES

AT

VALUE

-

85.8%

(Cost

$1,554,348,092)

1,629,693,016

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

-

14.2%

‡

269,446,105

NET

ASSETS

-

100.0%

1,899,139,121

100

AQR

Funds

|

Semi-Annual

Report

|

June

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

LONG-SHORT

EQUITY

FUND

Schedule

of

Investments

June

30,

2024

(Unaudited)

(Continued)

*

Non-income

producing

security.

†

Represents

less

than

0.05%

of

net

assets.

‡

Includes

appreciation/(depreciation)

on

forward

foreign

currency

exchange,

futures

and

swap

contracts.

(a)

All

or

a

portion

of

this

security

is

segregated

in

connection

with

obligations

for

securities

sold

short.

Total

value

of

all

such

securities

at

June

30,

2024

amounted

to

$3,698,995,732,

which

is

inclusive

of

rehypothecated

amounts disclosed

below.

In

addition,

$232,657,248

of

cash

collateral

was

also

pledged.

(b)

Securities

exempt

from

registration

under

Rule

144A

or

section

4(2),

of

the

Securities

Act

of

1933.

Under

procedures

approved

by

the

Board

of

Trustees,

such

securities

have

been

determined

to

be

liquid

by

the

investment

adviser

and

may

be

resold,

normally

to

qualified

institutional

buyers

in

transactions

exempt

from

registration.

Total

value

of

all

such

securities

at

June

30,

2024

amounted

to

$14,548,568,

which

represents

0.77%

of

net

assets

of

the

Fund.

(c)

All

or

a

portion

of

this

security

has

been

rehypothecated

in

connection

with

the

Fund's

Master

Securities

Loan

Agreement

with

State

Street

Bank

and

Trust

Company.

Total

value

of

all

such

securities

at

June

30,

2024

amounted

to

$544,510,835.

(d)

Represents

7-day

effective

yield

as

of

June

30,

2024.

(e)

All

or

a

portion

of

the

security

pledged

as

collateral

for

forward

foreign

currency

exchange

and

swap

contracts.

(f)

For

the

period

ended

June

30,

2024,

transactions

with

and

earnings

from

issuers

considered

to

be

an

affiliated

issuer

were

as

follows:

(g)

The

rate

shown

was

the

effective

yield

at

the

date

of

purchase.

(h)

All

or

a

portion

of

the

security

pledged

as

collateral

for

swap

contracts.

SECTOR

VALUE

%

OF

NET

ASSETS

Communication

Services

$

(23,377,472)

(1.2)

%

Consumer

Discretionary

(48,108,925)

(2.5)

Consumer

Staples

(42,815,475)

(2.3)

Energy

134,214,621

7.1

Financials

245,919,824

12.9

Health

Care

(160,489,515)

(8.5)

Industrials

79,623,231

4.2

Information

Technology

(41,499,408)

(2.2)

Materials

49,031,138

2.6

Real

Estate

(47,197,408)

(2.5)

Utilities

(5,569,441)

(0.3)

Investment

Companies

459,664,965

24.2

U.S.

Treasury

Obligations

1,030,296,881

54.3

Total

Investments

In

Securities

At

Value

1,629,693,016

85.8

Other

Assets

in

Excess

of

Liabilities

‡

269,446,105

14.2

Net

Assets

$

1,899,139,121

100.0%

Affiliate

Value

At

12/31/2023

Purchases

At

Cost

Proceeds

From

Sales

Net

Realized

Gain

(Loss)

Net

Change

In

Unrealized

App/Dep

Value

At

6/30/2024

Shares

Held

At

6/30/2024

Dividend

Income

Capital

Gain

Distributions

SHORT-TERM

INVESTMENTS

-

24.1%

INVESTMENT

COMPANIES

-

24.1%

Limited

Purpose

Cash

Investment

Fund,

5.33%

(a)

(Cost

$457,187,929)

$267,234,005

$3,369,705,550

$(3,179,678,212)

$(13,475)

$12,912

$457,260,780

457,443,757

$11,324,401

$–

(a)

Represents

7-day

effective

yield

as

of

June

30,

2024.

All

securities

are

Level

1

with

respect

to

ASC

820,

unless

otherwise

noted

in

parentheses.

(2)

Level

2

security

(See

Note

5).

Schedule

of

Investments

June

30,

2024

(Unaudited)

AQR

LONG-SHORT

EQUITY

FUND

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

Funds

|

Semi-Annual

Report

|

June

2024

101

(Continued)

Total

return

swap

contracts

outstanding

as

of

June

30,

2024

:

Over-the-Counter

REFERENCE

ENTITY

PAYMENTS

MADE

BY

FUND

PAYMENTS

RECEIVED

BY

FUND

PAYMENT

FREQUENCY

COUNTERPARTY

MATURITY

DATE

NOTIONAL

AMOUNT

VALUE

AND

UNREALIZED

APPRECIATION

(DEPRECIATION)

MSCI

Australia

Net

Return

Index

Decreases

in

total

return

of

reference

entity

and

pays

the

BBR

plus

or

minus

a

specified

spread

(0.45%)

Increases

in

total

return

of

reference

entity

Monthly

JPMC

09/18/2024

AUD

9,385,298

$

51,500

MSCI

Japan

Net

Return

Index

Decreases

in

total

return

of

reference

entity

and

pays

the

TONAR

plus

or

minus

a

specified

spread

(0.45%)

Increases

in

total

return

of

reference

entity

Monthly

JPMC

09/18/2024

JPY

2,860,409,923

371,275

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

09/18/2024

SGD

1,976,104

12,965

Total

unrealized

appreciation

435,740

Amsterdam

Exchange

Index

July

Futures

Decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

At

termination

GSIN

07/19/2024

EUR

3,149,148

(16,650)

Hang

Seng

Index

July

Futures

Decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMC

07/30/2024

HKD

3,526,000

(5,425)

Hang

Seng

Index

July

Futures

Decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

GSIN

07/30/2024

HKD

5,289,000

(10,706)

Swiss

Market

Index

September

Futures

Decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

At

termination

GSIN

09/20/2024

CHF

10,339,780

(85,184)

MSCI

Canada

Net

Return

Index

Decreases

in

total

return

of

reference

entity

and

pays

the

CORRA

plus

or

minus

a

specified

spread

(-0.55%)

Increases

in

total

return

of

reference

entity

Monthly

JPMC

09/18/2024

CAD

9,273,991

(25,611)

102

AQR

Funds

|

Semi-Annual

Report

|

June

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

LONG-SHORT

EQUITY

FUND

Schedule

of

Investments

June

30,

2024

(Unaudited)

(Continued)

REFERENCE

ENTITY

PAYMENTS

MADE

BY

FUND

PAYMENTS

RECEIVED

BY

FUND

PAYMENT

FREQUENCY

COUNTERPARTY

MATURITY

DATE

NOTIONAL

AMOUNT

VALUE

AND

UNREALIZED

APPRECIATION

(DEPRECIATION)

MSCI

France

Net

Return

Index

Decreases

in

total

return

of

reference

entity

and

pays

the

ESTR

plus

or

minus

a

specified

spread

(0.14%)

Increases

in

total

return

of

reference

entity

Monthly

JPMC

09/18/2024

EUR

5,460,492

$

(293,507)

MSCI

Germany

Net

Return

Index

Decreases

in

total

return

of

reference

entity

and

pays

the

ESTR

plus

or

minus

a

specified

spread

(0.26%)

Increases

in

total

return

of

reference

entity

Monthly

JPMC

09/18/2024

EUR

5,649,242

(104,299)

MSCI

Hong

Kong

Net

Return

Index

Decreases

in

total

return

of

reference

entity

and

pays

the

HIBOR

plus

or

minus

a

specified

spread

(0.60%)

Increases

in

total

return

of

reference

entity

Monthly

JPMC

09/19/2024

HKD

6,462,629

(31,803)

MSCI

Italy

Net

Return

Index

Decreases

in

total

return

of

reference

entity

and

pays

the

ESTR

plus

or

minus

a

specified

spread

(-0.01%)

Increases

in

total

return

of

reference

entity

Monthly

JPMC

09/18/2024

EUR

3,435,021

(114,561)

MSCI

Netherlands

Net

Return

Index

Decreases

in

total

return

of

reference

entity

and

pays

the

ESTR

plus

or

minus

a

specified

spread

(0.28%)

Increases

in

total

return

of

reference

entity

Monthly

JPMC

09/18/2024

EUR

5,716,753

(123,350)

MSCI

Spain

Net

Return

Index

Decreases

in

total

return

of

reference

entity

and

pays

the

ESTR

plus

or

minus

a

specified

spread

(0.00%)

Increases

in

total

return

of

reference

entity

Monthly

JPMC

09/18/2024

EUR

3,200,442

(86,390)

MSCI

Sweden

Net

Return

Index

Decreases

in

total

return

of

reference

entity

and

pays

the

STIBOR

plus

or

minus

a

specified

spread

(0.18%)

Increases

in

total

return

of

reference

entity

Monthly

JPMC

09/18/2024

SEK

34,715,431

(75,975)

Schedule

of

Investments

June

30,

2024

(Unaudited)

AQR

LONG-SHORT

EQUITY

FUND

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

Funds

|

Semi-Annual

Report

|

June

2024

103

(Continued)

REFERENCE

ENTITY

PAYMENTS

MADE

BY

FUND

PAYMENTS

RECEIVED

BY

FUND

PAYMENT

FREQUENCY

COUNTERPARTY

MATURITY

DATE

NOTIONAL

AMOUNT

VALUE

AND

UNREALIZED

APPRECIATION

(DEPRECIATION)

MSCI

Switzerland

Net

Return

Index

Decreases

in

total

return

of

reference

entity

and

pays

the

SARON

plus

or

minus

a

specified

spread

(0.22%)

Increases

in

total

return

of

reference

entity

Monthly

JPMC

09/18/2024

CHF

5,451,523

$

(93,068)

MSCI

United

Kingdom

Net

Return

Index

Decreases

in

total

return

of

reference

entity

and

pays

the

SONIA

plus

or

minus

a

specified

spread

(0.35%)

Increases

in

total

return

of

reference

entity

Monthly

JPMC

09/18/2024

GBP

6,399,711

(47,623)

Total

unrealized

depreciation

(1,114,152)

Net

unrealized

depreciation

$

(678,412)

Futures

contracts

outstanding

as

of

June

30,

2024:

Exchange-Traded

DESCRIPTION

NUMBER

OF

CONTRACTS

EXPIRATION

DATE

TRADING

CURRENCY

NOTIONAL

AMOUNT

VALUE

AND

UNREALIZED

APPRECIATION

(DEPRECIATION)

Long

Contracts

CAC

40

10

Euro

Index

147

7/2024

EUR

$

11,795,417

$

(206,675)

Hang

Seng

Index

7

7/2024

HKD

790,173

(10,827)

IBEX

35

Index

15

7/2024

EUR

1,747,148

(19,966)

MSCI

Singapore

Index

45

7/2024

SGD

1,049,834

7,592

OMXS30

Index

90

7/2024

SEK

2,189,074

5,541

DAX

Index

9

9/2024

EUR

4,434,456

24,484

FTSE

100

Index

141

9/2024

GBP

14,636,913

3,684

FTSE/MIB

Index

10

9/2024

EUR

1,786,666

2,009

S&P

500

E-Mini

Index

1,632

9/2024

USD

450,554,400

2,363,941

S&P/TSX

60

Index

62

9/2024

CAD

11,878,367

113,245

SPI

200

Index

46

9/2024

AUD

5,962,406

39,818

TOPIX

Index

102

9/2024

JPY

17,817,826

192,082

Net

value

$

2,514,928

Forward

foreign

currency

exchange

contracts

outstanding

as

of

June

30,

2024:

Over-the-Counter

CURRENCY

PURCHASED

CURRENCY

SOLD

COUNTERPARTY

SETTLEMENT

DATE

UNREALIZED

APPRECIATION

(DEPRECIATION)

AUD

11,956,000

USD

7,939,461

CITI

9/18/2024

$

52,807

AUD

11,956,000

USD

7,939,422

JPMC

9/18/2024

52,847

CAD

8,611,251

USD

6,300,812

CITI

9/18/2024

5,634

CAD

8,611,249

USD

6,300,779

JPMC

9/18/2024

5,666

CHF

4,264,749

USD

4,758,178

CITI

9/18/2024

34,431

CHF

4,264,749

USD

4,758,155

JPMC

9/18/2024

34,455

USD

339,257

CAD

462,597

CITI

9/18/2024

475

USD

339,256

CAD

462,594

JPMC

9/18/2024

476

USD

1

CHF

1

CITI

9/18/2024

–

(a)

104

AQR

Funds

|

Semi-Annual

Report

|

June

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

LONG-SHORT

EQUITY

FUND

Schedule

of

Investments

June

30,

2024

(Unaudited)

(Continued)

CURRENCY

PURCHASED

CURRENCY

SOLD

COUNTERPARTY

SETTLEMENT

DATE

UNREALIZED

APPRECIATION

(DEPRECIATION)

USD

1

CHF

1

JPMC

9/18/2024

$

–

(a)

USD

40,037,743

EUR

36,690,561

CITI

9/18/2024

592,821

USD

40,037,942

EUR

36,690,560

JPMC

9/18/2024

593,021

USD

17,155,802

GBP

13,431,524

CITI

9/18/2024

167,030

USD

17,155,827

GBP

13,431,476

JPMC

9/18/2024

167,116

USD

13,932,893

JPY

2,150,000,000

CITI

9/18/2024

406,390

USD

13,932,963

JPY

2,150,000,000

JPMC

9/18/2024

406,459

USD

4,280,088

NOK

45,000,000

CITI

9/18/2024

57,103

USD

4,280,110

NOK

45,000,000

JPMC

9/18/2024

57,125

USD

17,296

SEK

179,621

CITI

9/18/2024

280

USD

17,296

SEK

179,618

JPMC

9/18/2024

280

USD

748,963

SGD

1,005,143

CITI

9/18/2024

4,919

USD

748,966

SGD

1,005,142

JPMC

9/18/2024

4,923

HKD

7,816,500

USD

1,002,799

CITI

9/19/2024

406

HKD

7,816,500

USD

1,002,794

JPMC

9/19/2024

411

USD

7,103,527

HKD

55,294,500

CITI

9/19/2024

6,783

USD

7,103,563

HKD

55,294,500

JPMC

9/19/2024

6,818

Total

unrealized

appreciation

2,658,676

CAD

8,611,251

USD

6,318,715

CITI

9/18/2024

(12,270)

CAD

8,611,248

USD

6,318,682

JPMC

9/18/2024

(12,238)

CHF

4,264,752

USD

4,835,156

CITI

9/18/2024

(42,544)

CHF

4,264,752

USD

4,835,132

JPMC

9/18/2024

(42,520)

DKK

31,374,722

USD

4,586,503

CITI

9/18/2024

(60,155)

DKK

31,374,721

USD

4,586,480

JPMC

9/18/2024

(60,132)

EUR

38,814,501

USD

42,279,192

CITI

9/18/2024

(550,886)

EUR

38,814,500

USD

42,278,979

JPMC

9/18/2024

(550,675)

GBP

13,145,524

USD

16,789,890

CITI

9/18/2024

(162,863)

GBP

13,145,477

USD

16,789,746

JPMC

9/18/2024

(162,778)

ILS

2,467,500

USD

668,977

CITI

9/18/2024

(13,396)

ILS

2,467,500

USD

668,974

JPMC

9/18/2024

(13,393)

JPY

6,004,797,500

USD

38,780,578

CITI

9/18/2024

(1,002,013)

JPY

6,004,797,501

USD

38,780,384

JPMC

9/18/2024

(1,001,821)

NOK

5,394,000

USD

512,877

CITI

9/18/2024

(6,682)

NOK

5,394,000

USD

512,875

JPMC

9/18/2024

(6,679)

NZD

115,499

USD

71,186

CITI

9/18/2024

(837)

NZD

115,500

USD

71,186

JPMC

9/18/2024

(837)

SEK

34,091,002

USD

3,280,134

CITI

9/18/2024

(50,553)

SEK

34,090,999

USD

3,280,117

JPMC

9/18/2024

(50,537)

SGD

2,227,001

USD

1,659,321

CITI

9/18/2024

(10,814)

SGD

2,226,999

USD

1,659,311

JPMC

9/18/2024

(10,804)

USD

112,806

CAD

154,200

CITI

9/18/2024

(123)

USD

112,805

CAD

154,198

JPMC

9/18/2024

(122)

HKD

60,971,000

USD

7,831,009

CITI

9/19/2024

(5,718)

HKD

60,971,000

USD

7,830,970

JPMC

9/19/2024

(5,679)

USD

7,093,181

HKD

55,294,500

CITI

9/19/2024

(3,563)

USD

7,093,217

HKD

55,294,500

JPMC

9/19/2024

(3,527)

Total

unrealized

depreciation

(3,844,159)

Net

unrealized

depreciation

$

(1,185,483)

(a)

Represents

less

than

$0.05.

Schedule

of

Investments

June

30,

2024

(Unaudited)

AQR

LONG-SHORT

EQUITY

FUND

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

Funds

|

Semi-Annual

Report

|

June

2024

105

Total

return

basket

swap

contracts

outstanding

as

of

June

30,

2024:

Over-the-Counter

COUNTERPARTY

DESCRIPTION

TERMINATION

DATE

ABSOLUTE

NOTIONAL

VALUE

NET

UNREALIZED

APPRECIATION

(DEPRECIATION)

NET

CASH

AND

OTHER

RECEIVABLES

(PAYABLES)

VALUE

BNPP

The

Fund

receives

the

total

return

on

a

portfolio

of

long

equity

positions

and

pays

or

receives

the

SONIA

plus

or

minus

a

specified

spread

(0.03%),

which

is

denominated

in

GBP

based

on

the

local

currencies

of

the

positions

within

the

swap.

61

months

maturity

11/19/2026

$–

$(391,831)

$243,952

$(147,879)

JPMC

The

Fund

receives

the

total

return

on

a

portfolio

of

short

equity

positions

and

pays

or

receives

the

CDOR

plus

or

minus

a

specified

spread

(-0.20%

to

0.00%),

which

is

denominated

in

CAD

based

on

the

local

currencies

of

the

positions

within

the

swap.

13-60

months

maturity

ranging

from

05/23/2025

-

03/14/2029

$–

$2

$(20,326)

$(20,324)

Collateral

pledged

to,

or

(received

from),

each

counterparty

at

June

30,

2024

was

as

follows:

COUNTERPARTY

OVER-THE-COUNTER

EXCHANGE-TRADED/

EXCHANGE-CLEARED

TOTAL

BANA

Cash

$

(21,488)

$

–

$

(21,488)

Investment

Companies

4

–

4

BARC

Cash

–

21,122,820

21,122,820

BNPP

Cash

303,970

–

303,970

CITI

Investment

Companies

2,404,181

–

2,404,181

GSIN

Cash

1,750,340

–

1,750,340

JPMC

Cash

(492,147)

–

(492,147)

U.S.

Treasury

Bills

13,946,908

–

13,946,908

MSIP

U.S.

Treasury

Bills

5,889

–

5,889

106

AQR

Funds

|

Semi-Annual

Report

|

June

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

(Continued)

AQR

MACRO

OPPORTUNITIES

FUND

Consolidated

Schedule

of

Investments

June

30,

2024

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

COMMON

STOCKS

-

11.4%

Consumer

Staples

-

6.5%

Food

Products

-

6.5%

Archer-Daniels-Midland

Co.

(1)

11,906

719,718

Bunge

Global

SA

(1)

4,438

473,845

Campbell

Soup

Co.

(1)

8,231

371,959

Conagra

Brands,

Inc.

(1)

15,109

429,398

Darling

Ingredients,

Inc.

(1)*

9,206

338,320

Flowers

Foods,

Inc.

(1)

12,408

275,458

Freshpet,

Inc.

(1)*

2,400

310,536

General

Mills,

Inc.

(1)

11,957

756,400

Hershey

Co.

(The)

(1)

3,535

649,839

Hormel

Foods

Corp.

(1)

12,107

369,142

Ingredion,

Inc.

(1)

2,923

335,268

J

M

Smucker

Co.

(The)

(1)

3,759

409,881

Kellanova

(1)

7,817

450,885

Kraft

Heinz

Co.

(The)

(1)

19,214

619,075

Lamb

Weston

Holdings,

Inc.

(1)

4,832

406,275

McCormick

&

Co.,

Inc.

(Non-Voting)

(1)

7,101

503,745

Mondelez

International,

Inc.,

Class

A

(1)

23,564

1,542,028

Pilgrim's

Pride

Corp.

(1)*

6,712

258,345

Post

Holdings,

Inc.

(1)*

2,956

307,897

Seaboard

Corp.

(1)

75

237,055

Tyson

Foods,

Inc.,

Class

A

(1)

8,387

479,233

WK

Kellogg

Co.

(1)

13,860

228,136

Total

Consumer

Staples

10,472,438

Financials

-

4.9%

Banks

-

4.9%

ABN

AMRO

Bank

NV,

CVA

(Netherlands)

(a)

10,059

165,206

Banco

Bilbao

Vizcaya

Argentaria

SA

(Spain)

44,089

442,587

Banco

Santander

SA

(Spain)

106,908

497,419

Barclays

plc

(United

Kingdom)

139,041

367,404

BNP

Paribas

SA

(France)

6,806

435,258

CaixaBank

SA

(Spain)

56,069

297,757

Commerzbank

AG

(Germany)

16,378

248,425

Credit

Agricole

SA

(France)

17,694

241,605

DNB

Bank

ASA

(Norway)

7,870

154,416

FinecoBank

Banca

Fineco

SpA

(Italy)

11,403

169,440

HSBC

Holdings

plc

(United

Kingdom)

107,526

928,166

ING

Groep

NV

(Netherlands)

26,262

451,251

Intesa

Sanpaolo

SpA

(Italy)

119,981

445,899

KBC

Group

NV

(Belgium)

3,078

216,884

Lloyds

Banking

Group

plc

(United

Kingdom)

529,751

365,378

Mediobanca

Banca

di

Credito

Finanziario

SpA

(Italy)

16,044

234,853

NatWest

Group

plc

(United

Kingdom)

63,998

251,774

Nordea

Bank

Abp

(Finland)

27,051

322,464

INVESTMENTS

SHARES

VALUE

($)

Banks

-

4.9%

(continued)

Skandinaviska

Enskilda

Banken

AB,

Class

A

(Sweden)

21,080

311,661

Societe

Generale

SA

(France)

8,889

208,990

Standard

Chartered

plc

(United

Kingdom)

28,075

253,502

Svenska

Handelsbanken

AB,

Class

A

(Sweden)

22,778

217,670

Swedbank

AB,

Class

A

(Sweden)

12,044

248,085

UniCredit

SpA

(Italy)

14,605

540,473

Total

Financials

8,016,567

TOTAL

COMMON

STOCKS

(Cost

$17,184,657)

18,489,005

PRINCIPAL

AMOUNT

U.S.

TREASURY

OBLIGATIONS

-

6.6%

U.S.

Treasury

Inflation

Linked

Notes

1.38%,

7/15/2033

(b)(c)

(Cost

$10,674,055)  

$

11,356,400

10,722,958

SHORT-TERM

INVESTMENTS

-

69.3%

REPURCHASE

AGREEMENTS

-

3.5%

JPMS,

5.36%,

dated

6/13/2024,

due

7/11/2024,

repurchase

price

$5,729,537,

collateralized

by

U.S.

Treasury

Inflation

Linked

Notes,

1.38%,

due

7/15/2033

(Cost

$5,705,750)

5,705,750

5,705,750

SHARES

INVESTMENT

COMPANIES

-

40.9%

Goldman

Sachs

Financial

Square

Funds

-

Treasury

Instruments

Fund,

Institutional

Shares,

5.19%

(1)(d)(e)

6,244,280

6,244,280

Limited

Purpose

Cash

Investment

Fund,

5.33%

(1)(d)

60,213,612

60,189,527

TOTAL

INVESTMENT

COMPANIES

(Cost

$66,419,869)

66,433,807

PRINCIPAL

AMOUNT

U.S.

TREASURY

OBLIGATIONS

-

24.9%

U.S.

Treasury

Bills

5.11%,

7/18/2024

(f)(g)

$

1,502,000

1,498,269

5.18%,

8/8/2024

(f)

843,000

838,335

5.20%,

8/15/2024

(f)

1,489,000

1,479,245

5.23%,

8/22/2024

(f)(g)

2,049,000

2,033,531

5.27%,

8/29/2024

(f)(g)

3,252,000

3,223,993

5.24%,

9/5/2024

(f)

2,647,000

2,621,672

5.23%,

9/12/2024

(f)(g)

988,000

977,506

5.27%,

9/19/2024

(f)(g)

3,714,000

3,670,969

5.26%,

10/10/2024

(f)

10,850,000

10,691,863

5.29%,

10/17/2024

(f)(g)

5,105,000

5,025,285

5.30%,

10/24/2024

(f)(g)

863,000

848,694

5.30%,

11/21/2024

(f)

3,187,000

3,121,930

5.31%,

11/29/2024

(f)(g)

1,865,000

1,824,948

5.28%,

12/12/2024

(f)

726,000

709,061

Consolidated

Schedule

of

Investments

June

30,

2024

(Unaudited)

AQR

MACRO

OPPORTUNITIES

FUND

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

Funds

|

Semi-Annual

Report

|

June

2024

107

(Continued)

INVESTMENTS

PRINCIPAL

AMOUNT

VALUE

($)

U.S.

TREASURY

OBLIGATIONS

-

24.9%

(continued)

5.28%,

12/26/2024

(f)

$

1,880,000

1,832,453

TOTAL

U.S.

TREASURY

OBLIGATIONS

(Cost

$40,403,197)

40,397,754

TOTAL

SHORT-TERM

INVESTMENTS

(Cost

$112,528,816)

112,537,311

TOTAL

INVESTMENTS

IN

SECURITIES

AT

VALUE

-

87.3%

(Cost

$140,387,528)

141,749,274

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

-

12.7%

‡

20,687,802

NET

ASSETS

-

100.0%

162,437,076

SECTOR

VALUE

%

OF

NET

ASSETS

Consumer

Staples

$

10,472,438

6.5

%

Financials

8,016,567

4.9

Investment

Companies

66,433,807

40.9

Repurchase

Agreements

5,705,750

3.5

U.S.

Treasury

Obligations

51,120,712

31.5

Total

Investments

In

Securities

At

Value

141,749,274

87.3

Other

Assets

in

Excess

of

Liabilities

‡

20,687,802

12.7

Net

Assets

$

162,437,076

100.0%

*

Non-income

producing

security.

‡

Includes

appreciation/(depreciation)

on

forward

foreign

currency

exchange,

futures

and

swap

contracts,

and

value

of

reverse

repurchase

agreements.

(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,

2024

amounted

to

$165,206,

which

represents

0.10%

of

net

assets

of

the

Fund.

(b)

On

June

30,

2024,

securities

valued

at

$10,722,958

were

pledged

as

collateral

for

repurchase

and

reverse

repurchase

agreements

outstanding.

(c)

Inflation

protected

security.

(d)

Represents

7-day

effective

yield

as

of

June

30,

2024.

(e)

All

or

a

portion

of

the

security

pledged

as

collateral

for

forward

foreign

currency

exchange

and

swap

contracts.

(f)

The

rate

shown

was

the

effective

yield

at

the

date

of

purchase.

(g)

All

or

a

portion

of

the

security

pledged

as

collateral

for

swap

contracts.

All

securities

are

Level

2

with

respect

to

ASC

820,

unless

otherwise

noted

in

parentheses.

(1)

Level

1

security

(See

Note

5).

Reverse

repurchase

agreements

at

June

30,

2024:

Over-the-Counter

COUNTERPARTY

TRADE

DATE

RATE

DUE

DATE

CURRENCY

PRINCIPAL

AMOUNT

AND

VALUE

OF

REVERSE

REPURCHASE

AGREEMENT

JPMS

6/10/2024

5.44%

7/11/2024

USD

$

12,253,500

JPMS

6/27/2024

5.50%

7/11/2024

USD

4,147,500

$

16,401,000

The

weighted

average

daily

balance

of

the

reverse

repurchase

agreements

during

the

period

ended

June

30,

2024

was

$11,889,469

at

a

net

weighted

average

interest

rate

of

5.426%.

108

AQR

Funds

|

Semi-Annual

Report

|

June

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

MACRO

OPPORTUNITIES

FUND

Consolidated

Schedule

of

Investments

June

30,

2024

(Unaudited)

(Continued)

Credit

default

swap

contracts

outstanding

-

buy

protection

as

of

June

30,

2024:

Exchange-Cleared

REFERENCE

ENTITY

FINANCING

RATE

PAID

PAYMENT

FREQUENCY

MATURITY

DATE

CREDIT

SPREAD

NOTIONAL

AMOUNT

UPFRONT

PREMIUM

PAID

(RECEIVED)

UNREALIZED

APPRECIATION

(DEPRECIATION)

VALUE

iTraxx

Europe

Main

Index

Series

41.V1

1.00

%

Quarterly

6/20/2029

0.61

%

EUR

1,769,000

$

(32,224)

$

(1,948)

$

(34,172)

$

(32,224)

$

(1,948)

$

(34,172)

Credit

default

swap

contracts

outstanding

-

sell

protection

as

of

June

30,

2024

:

Exchange-Cleared

REFERENCE

ENTITY

FINANCING

RATE

RECEIVED

PAYMENT

FREQUENCY

MATURITY

DATE

CREDIT

SPREAD

NOTIONAL

AMOUNT

UPFRONT

PREMIUM

PAID

(RECEIVED)

UNREALIZED

APPRECIATION

(DEPRECIATION)

VALUE

iTraxx

Europe

Crossover

Index

Series

41.V1

5.00

%

Quarterly

6/20/2029

3.21

%

EUR

4,150,000

$

381,700

$

(47,045)

$

334,655

Markit

CDX

North

America

High

Yield

Index

Series

42.V1

5.00

Quarterly

6/20/2029

3.45

USD

4,463,000

287,316

(3,110)

284,206

Markit

CDX

North

America

Investment

Grade

Index

Series

42.V1

1.00

Quarterly

6/20/2029

0.54

USD

4,291,000

90,670

(1,780)

88,890

759,686

(51,935)

707,751

Markit

CDX

North

America

Emerging

Markets

Index

Series

41.V1

1.00

%

Quarterly

6/20/2029

1.75

%

USD

3,066,000

$

(86,754)

$

(10,423)

$

(97,177)

(86,754)

(10,423)

(97,177)

$

672,932

$

(62,358)

$

610,574

Forward

effective

interest

rate

swap

contracts

outstanding

as

of

June

30,

2024:

Exchange-Cleared

PAY/

RECEIVE

FLOATING

RATE

FLOATING

RATE

INDEX

(a)

FIXED

RATE

MATURITY

DATE

NOTIONAL

AMOUNT

UPFRONT

PREMIUM

PAID

(RECEIVED)

UNREALIZED

APPRECIATION

(DEPRECIATION)

VALUE

Pay

1D

CORRA

Semi

3.50%

Semi

9/20/2034

CAD

9,200,000

$

(74,429)

$

125,377

$

50,948

Pay

1D

CORRA

Semi

3.50%

Semi

9/20/2034

CAD

20,800,000

(217,928)

331,427

113,499

Pay

1D

CORRA

Semi

3.50%

Semi

12/20/2034

CAD

12,100,000

122,394

(37,444)

84,950

Pay

1D

CORRA

Semi

3.50%

Semi

12/20/2034

CAD

12,200,000

132,596

(46,944)

85,652

Pay

1D

SARON

Annual

1.00%

Annual

9/16/2026

CHF

20,900,000

(61,870)

133,144

71,274

Pay

1D

SARON

Annual

1.00%

Annual

9/16/2026

CHF

73,300,000

61,793

187,802

249,595

Pay

1D

SARON

Annual

1.00%

Annual

12/16/2026

CHF

40,500,000

(86,751)

252,325

165,574

Pay

1D

SARON

Annual

1.00%

Annual

12/16/2026

CHF

40,500,000

(78,760)

244,334

165,574

Pay

1D

SARON

Annual

1.00%

Annual

9/19/2029

CHF

15,500,000

(28,513)

153,018

124,505

Pay

1D

SARON

Annual

1.00%

Annual

12/19/2029

CHF

28,000,000

(188,853)

419,840

230,987

Pay

1D

SARON

Annual

1.00%

Annual

12/19/2029

CHF

28,100,000

(320,740)

552,552

231,812

Pay

1D

SARON

Annual

1.00%

Annual

9/20/2034

CHF

100,000

346

247

593

Pay

1D

SOFR

Annual

4.00%

Annual

12/19/2029

USD

33,900,000

183,098

(45,318)

137,780

Pay

1D

SOFR

Annual

4.00%

Annual

12/19/2029

USD

34,000,000

143,607

(5,421)

138,186

Pay

1D

SOFR

Annual

4.00%

Annual

9/20/2034

USD

25,100,000

(205,111)

382,487

177,376

Pay

1D

SOFR

Annual

4.00%

Annual

9/20/2034

USD

25,000,000

(367,047)

543,647

176,600

Pay

1D

SOFR

Annual

4.00%

Annual

12/20/2034

USD

19,900,000

265,261

(62,621)

202,640

Pay

1D

SOFR

Annual

4.00%

Annual

12/20/2034

USD

19,800,000

241,270

(40,489)

200,781

Pay

1D

SONIA

Annual

4.50%

Annual

9/16/2026

GBP

108,700,000

(261,687)

571,378

309,691

Pay

1D

SONIA

Annual

4.50%

Annual

9/16/2026

GBP

108,600,000

(188,262)

497,736

309,474

Pay

1D

SONIA

Annual

4.50%

Annual

12/16/2026

GBP

16,000,000

101,590

1,225

102,815

Consolidated

Schedule

of

Investments

June

30,

2024

(Unaudited)

AQR

MACRO

OPPORTUNITIES

FUND

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

Funds

|

Semi-Annual

Report

|

June

2024

109

(Continued)

PAY/

RECEIVE

FLOATING

RATE

FLOATING

RATE

INDEX

(a)

FIXED

RATE

MATURITY

DATE

NOTIONAL

AMOUNT

UPFRONT

PREMIUM

PAID

(RECEIVED)

UNREALIZED

APPRECIATION

(DEPRECIATION)

VALUE

Pay

1D

SONIA

Annual

4.50%

Annual

12/16/2026

GBP

16,100,000

$

103,036

$

399

$

103,435

Pay

1D

SONIA

Annual

4.00%

Annual

9/16/2054

GBP

900,000

2,370

13,884

16,254

Pay

1D

SONIA

Annual

4.00%

Annual

9/16/2054

GBP

7,900,000

372,690

(229,991)

142,699

Pay

1D

SONIA

Annual

4.00%

Annual

12/16/2054

GBP

5,100,000

111,731

(1,010)

110,721

Pay

1D

SONIA

Annual

4.00%

Annual

12/16/2054

GBP

5,000,000

38,066

70,484

108,550

Pay

1D

TONAR

Annual

1.00%

Annual

9/19/2029

JPY

216,600,000

23,094

(5,348)

17,746

Pay

1D

TONAR

Annual

1.00%

Annual

9/19/2029

JPY

1,277,500,000

136,462

(31,796)

104,666

Pay

3M

BBR

Qtrly

4.50%

Semi

9/13/2034

NZD

5,700,000

(21,335)

26,128

4,793

Pay

3M

BBR

Qtrly

4.50%

Semi

9/13/2034

NZD

24,900,000

44,095

(23,158)

20,937

Pay

3M

BBR

Qtrly

4.50%

Semi

12/13/2034

NZD

2,100,000

6,371

(1,944)

4,427

Pay

3M

BBR

Qtrly

4.50%

Semi

12/13/2034

NZD

14,100,000

(71,103)

100,832

29,729

Pay

3M

CD_KSDA

Qtrly

3.50%

Qtrly

9/16/2026

KRW

8,987,800,000

6,909

30,864

37,773

Pay

3M

CD_KSDA

Qtrly

3.50%

Qtrly

9/16/2026

KRW

8,987,800,000

15,158

22,615

37,773

Pay

3M

CD_KSDA

Qtrly

3.50%

Qtrly

12/16/2026

KRW

5,600,000,000

16,542

10,873

27,415

Pay

3M

CD_KSDA

Qtrly

3.50%

Qtrly

12/16/2026

KRW

5,600,000,000

16,542

10,873

27,415

Pay

3M

JIBAR

Qtrly

8.00%

Qtrly

9/16/2026

ZAR

58,600,000

1,097

10,500

11,597

Pay

3M

JIBAR

Qtrly

8.00%

Qtrly

9/16/2026

ZAR

58,700,000

1,168

10,449

11,617

Pay

3M

JIBAR

Qtrly

8.00%

Qtrly

12/17/2026

ZAR

31,500,000

(5,701)

13,177

7,476

Pay

3M

JIBAR

Qtrly

8.00%

Qtrly

12/17/2026

ZAR

31,500,000

(5,701)

13,177

7,476

Pay

3M

STIBOR

Qtrly

2.50%

Annual

12/19/2029

SEK

74,700,000

10,145

385

10,530

Pay

3M

STIBOR

Qtrly

2.50%

Annual

12/19/2029

SEK

74,700,000

9,896

634

10,530

Pay

6M

EURIBOR

Semi

3.00%

Annual

9/20/2034

EUR

7,300,000

168,798

(42,375)

126,423

Pay

6M

EURIBOR

Semi

3.00%

Annual

9/20/2034

EUR

7,300,000

168,798

(42,375)

126,423

Pay

6M

EURIBOR

Semi

3.00%

Annual

12/20/2034

EUR

31,100,000

689,442

(91,069)

598,373

Pay

6M

EURIBOR

Semi

3.00%

Annual

12/20/2034

EUR

31,100,000

684,275

(86,161)

598,114

Pay

6M

NIBOR

Semi

4.00%

Annual

9/19/2029

NOK

1,000,000

756

(328)

428

Pay

6M

NIBOR

Semi

4.00%

Annual

9/19/2029

NOK

29,000,000

5,055

7,376

12,431

Pay

6M

NIBOR

Semi

4.00%

Annual

12/19/2029

NOK

1,000,000

772

–

772

Pay

6M

NIBOR

Semi

4.00%

Annual

12/19/2029

NOK

40,800,000

21,892

7,773

29,665

Pay

6M

NIBOR

Semi

4.00%

Annual

9/20/2034

NOK

20,000,000

49,930

(13,508)

36,422

Pay

6M

NIBOR

Semi

4.00%

Annual

9/20/2034

NOK

42,400,000

19,033

58,181

77,214

Pay

6M

NIBOR

Semi

4.00%

Annual

12/20/2034

NOK

1,700,000

5,414

(1,833)

3,581

Pay

6M

NIBOR

Semi

4.00%

Annual

12/20/2034

NOK

1,800,000

5,732

(1,941)

3,791

Pay

6M

PRIBOR

Semi

4.00%

Annual

12/16/2026

CZK

97,000,000

(162)

17,608

17,446

Pay

6M

PRIBOR

Semi

4.00%

Annual

12/16/2026

CZK

97,000,000

(162)

17,608

17,446

Receive

1D

CORRA

Semi

3.50%

Semi

9/16/2026

CAD

65,300,000

108,746

150,500

259,246

Receive

1D

CORRA

Semi

3.50%

Semi

9/16/2026

CAD

65,300,000

87,933

171,260

259,193

Receive

1D

CORRA

Semi

3.00%

Semi

9/19/2029

CAD

100,000

396

767

1,163

Receive

1D

CORRA

Semi

3.00%

Semi

9/19/2029

CAD

1,200,000

4,750

9,221

13,971

Receive

1D

CORRA

Semi

3.00%

Semi

12/19/2029

CAD

28,800,000

139,840

126,250

266,090

Receive

1D

CORRA

Semi

3.00%

Semi

12/19/2029

CAD

28,900,000

141,063

125,951

267,014

Receive

1D

SOFR

Annual

3.50%

Annual

12/16/2054

USD

3,100,000

20,798

81,108

101,906

Receive

1D

SOFR

Annual

3.50%

Annual

12/16/2054

USD

3,200,000

21,249

83,944

105,193

Receive

1D

SORA

Semi

3.00%

Semi

9/16/2026

SGD

900,000

1,159

(560)

599

Receive

1D

SORA

Semi

3.00%

Semi

9/16/2026

SGD

1,000,000

348

479

827

Receive

1D

TONAR

Annual

0.50%

Annual

12/16/2026

JPY

3,395,900,000

26,787

28

26,815

Receive

1D

TONAR

Annual

0.50%

Annual

12/16/2026

JPY

3,395,900,000

26,787

28

26,815

Receive

1D

TONAR

Annual

1.00%

Annual

9/20/2034

JPY

330,000,000

12,689

7,101

19,790

Receive

1D

TONAR

Annual

1.00%

Annual

9/20/2034

JPY

5,076,000,000

(209,767)

514,140

304,373

Receive

3M

BBR

Qtrly

4.50%

Semi

9/16/2026

NZD

35,000,000

105,596

17,450

123,046

Receive

3M

BBR

Qtrly

4.50%

Semi

9/16/2026

NZD

45,400,000

136,973

22,635

159,608

Receive

3M

BBR

Qtrly

4.00%

Qtrly

12/10/2026

AUD

3,400,000

(2,676)

12,427

9,751

Receive

3M

BBR

Qtrly

4.00%

Qtrly

12/10/2026

AUD

89,500,000

135,524

118,572

254,096

Receive

3M

BBR

Qtrly

4.50%

Semi

12/16/2026

NZD

7,600,000

5,751

4,004

9,755

Receive

3M

BBR

Qtrly

4.50%

Semi

12/16/2026

NZD

41,700,000

31,073

22,452

53,525

Receive

3M

HIBOR

Qtrly

4.00%

Qtrly

9/16/2026

HKD

53,200,000

41,762

(29,026)

12,736

Receive

6M

EURIBOR

Semi

2.50%

Annual

9/16/2054

EUR

1,300,000

22,272

(14,467)

7,805

110

AQR

Funds

|

Semi-Annual

Report

|

June

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

MACRO

OPPORTUNITIES

FUND

Consolidated

Schedule

of

Investments

June

30,

2024

(Unaudited)

(Continued)

PAY/

RECEIVE

FLOATING

RATE

FLOATING

RATE

INDEX

(a)

FIXED

RATE

MATURITY

DATE

NOTIONAL

AMOUNT

UPFRONT

PREMIUM

PAID

(RECEIVED)

UNREALIZED

APPRECIATION

(DEPRECIATION)

VALUE

Receive

6M

EURIBOR

Semi

2.50%

Annual

9/16/2054

EUR

1,300,000

$

15,224

$

(7,419)

$

7,805

Receive

6M

EURIBOR

Semi

2.50%

Annual

12/16/2054

EUR

7,600,000

(81,242)

95,461

14,219

Receive

6M

EURIBOR

Semi

2.50%

Annual

12/16/2054

EUR

7,700,000

(80,034)

94,440

14,406

Receive

6M

NIBOR

Semi

4.00%

Annual

9/16/2026

NOK

1,800,000

486

495

981

Receive

6M

NIBOR

Semi

4.00%

Annual

9/16/2026

NOK

259,500,000

87,641

53,724

141,365

Receive

6M

NIBOR

Semi

4.00%

Annual

12/16/2026

NOK

23,400,000

(27)

6,163

6,136

Receive

6M

NIBOR

Semi

4.00%

Annual

12/16/2026

NOK

23,400,000

449

5,687

6,136

Receive

6M

WIBOR

Semi

5.00%

Annual

9/16/2026

PLN

1,600,000

2,098

(378)

1,720

Receive

6M

WIBOR

Semi

5.00%

Annual

9/16/2026

PLN

1,500,000

1,967

(354)

1,613

Receive

6M

WIBOR

Semi

5.00%

Annual

12/16/2026

PLN

29,900,000

18,972

(10,509)

8,463

Receive

6M

WIBOR

Semi

5.00%

Annual

12/16/2026

PLN

30,000,000

19,003

(10,511)

8,492

2,646,699

5,680,348

8,327,047

Pay

1D

CORRA

Semi

3.50%

Semi

12/16/2026

CAD

13,000,000

(24,652)

2,884

(21,768)

Pay

1D

CORRA

Semi

3.50%

Semi

12/16/2026

CAD

13,100,000

(24,971)

3,035

(21,936)

Pay

1D

SOFR

Annual

3.50%

Annual

9/16/2054

USD

400,000

(4,629)

(10,487)

(15,116)

Pay

1D

SOFR

Annual

3.50%

Annual

9/16/2054

USD

500,000

(5,833)

(13,061)

(18,894)

Pay

1D

TONAR

Annual

1.00%

Annual

12/20/2034

JPY

803,100,000

(55,161)

(4,867)

(60,028)

Pay

1D

TONAR

Annual

1.00%

Annual

12/20/2034

JPY

803,100,000

(54,726)

(5,302)

(60,028)

Pay

1D

TONAR

Annual

1.50%

Annual

9/21/2044

JPY

350,000,000

(22,460)

(17,875)

(40,335)

Pay

1D

TONAR

Annual

1.50%

Annual

9/21/2044

JPY

2,903,200,000

315,340

(649,893)

(334,553)

Pay

1D

TONAR

Annual

1.50%

Annual

12/21/2044

JPY

245,000,000

(19,136)

(16,221)

(35,357)

Pay

1D

TONAR

Annual

1.50%

Annual

12/21/2044

JPY

644,800,000

(102,471)

9,417

(93,054)

Pay

1M

TIIE

Monthly

9.50%

Monthly

12/16/2026

MXN

10,000,000

(3,042)

(660)

(3,702)

Pay

1M

TIIE

Monthly

9.50%

Monthly

12/16/2026

MXN

10,000,000

(3,042)

(660)

(3,702)

Pay

3M

BBR

Qtrly

4.00%

Qtrly

9/10/2026

AUD

100,000

(382)

(1,075)

(1,457)

Pay

3M

BBR

Qtrly

4.00%

Qtrly

9/10/2026

AUD

100,000

(382)

(1,406)

(1,788)

Pay

3M

STIBOR

Qtrly

2.50%

Annual

9/20/2034

SEK

49,200,000

(24,302)

(3,646)

(27,948)

Pay

3M

STIBOR

Qtrly

2.50%

Annual

9/20/2034

SEK

131,900,000

(64,501)

(10,424)

(74,925)

Pay

3M

STIBOR

Qtrly

2.50%

Annual

12/20/2034

SEK

24,300,000

(10,863)

1,310

(9,553)

Pay

3M

STIBOR

Qtrly

2.50%

Annual

12/20/2034

SEK

24,300,000

(10,863)

1,310

(9,553)

Pay

6M

BBR

Semi

4.50%

Semi

9/07/2034

AUD

5,700,000

(15,296)

1,618

(13,678)

Pay

6M

BBR

Semi

4.50%

Semi

9/07/2034

AUD

9,500,000

16,524

(42,104)

(25,580)

Pay

6M

BBR

Semi

4.50%

Semi

12/07/2034

AUD

14,800,000

63,071

(99,894)

(36,823)

Pay

6M

BBR

Semi

4.50%

Semi

12/07/2034

AUD

20,000,000

(18,815)

(33,415)

(52,230)

Pay

6M

BUBOR

Semi

6.00%

Annual

12/16/2026

HUF

890,200,000

(7,355)

2,754

(4,601)

Pay

6M

BUBOR

Semi

6.00%

Annual

12/16/2026

HUF

890,200,000

(7,355)

2,754

(4,601)

Pay

6M

EURIBOR

Semi

3.00%

Annual

9/16/2026

EUR

16,100,000

(85,956)

57,246

(28,710)

Pay

6M

EURIBOR

Semi

3.00%

Annual

9/16/2026

EUR

16,000,000

(85,463)

56,893

(28,570)

Receive

1D

SARON

Annual

1.50%

Annual

9/20/2034

CHF

2,300,000

(51,829)

(77,090)

(128,919)

Receive

1D

SARON

Annual

1.00%

Annual

9/20/2034

CHF

700,000

(2,601)

–

(2,601)

Receive

1D

SARON

Annual

1.50%

Annual

9/20/2034

CHF

9,400,000

(355,539)

(170,922)

(526,461)

Receive

1D

SARON

Annual

1.50%

Annual

12/20/2034

CHF

13,000,000

(406,806)

(317,543)

(724,349)

Receive

1D

SARON

Annual

1.00%

Annual

12/20/2034

CHF

2,600,000

(8,001)

(131)

(8,132)

Receive

1D

SARON

Annual

1.50%

Annual

12/20/2034

CHF

20,500,000

(398,710)

(743,505)

(1,142,215)

Receive

1D

SARON

Annual

1.00%

Annual

12/20/2034

CHF

4,200,000

(12,924)

(130)

(13,054)

Receive

1D

SOFR

Annual

4.50%

Annual

9/16/2026

USD

143,300,000

(54,881)

(203,920)

(258,801)

Receive

1D

SOFR

Annual

4.50%

Annual

9/16/2026

USD

143,200,000

328,445

(587,135)

(258,690)

Receive

1D

SOFR

Annual

4.50%

Annual

12/16/2026

USD

149,600,000

(677,644)

(104,828)

(782,472)

Receive

1D

SOFR

Annual

4.50%

Annual

12/16/2026

USD

149,700,000

(743,537)

(39,615)

(783,152)

Receive

1D

SOFR

Annual

4.00%

Annual

9/19/2029

USD

4,900,000

(5,186)

2,766

(2,420)

Receive

1D

SOFR

Annual

4.00%

Annual

9/19/2029

USD

4,900,000

(5,186)

2,773

(2,413)

Receive

1D

SONIA

Annual

4.00%

Annual

9/19/2029

GBP

22,000,000

160,237

(271,687)

(111,450)

Receive

1D

SONIA

Annual

4.00%

Annual

9/19/2029

GBP

21,900,000

158,988

(269,877)

(110,889)

Receive

1D

SONIA

Annual

4.00%

Annual

12/19/2029

GBP

500,000

(7,739)

3,019

(4,720)

Receive

1D

SONIA

Annual

4.00%

Annual

12/19/2029

GBP

400,000

(6,192)

2,415

(3,777)

Receive

1D

SONIA

Annual

4.00%

Annual

9/20/2034

GBP

15,700,000

(125,179)

(130,868)

(256,047)

Receive

1D

SONIA

Annual

4.00%

Annual

9/20/2034

GBP

21,600,000

(257,020)

(95,167)

(352,187)

Consolidated

Schedule

of

Investments

June

30,

2024

(Unaudited)

AQR

MACRO

OPPORTUNITIES

FUND

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

Funds

|

Semi-Annual

Report

|

June

2024

111

(Continued)

PAY/

RECEIVE

FLOATING

RATE

FLOATING

RATE

INDEX

(a)

FIXED

RATE

MATURITY

DATE

NOTIONAL

AMOUNT

UPFRONT

PREMIUM

PAID

(RECEIVED)

UNREALIZED

APPRECIATION

(DEPRECIATION)

VALUE

Receive

1D

SONIA

Annual

4.00%

Annual

12/20/2034

GBP

13,000,000

$

(228,424)

$

(23,276)

$

(251,700)

Receive

1D

SONIA

Annual

4.00%

Annual

12/20/2034

GBP

13,000,000

(286,910)

35,540

(251,370)

Receive

1D

SORA

Semi

3.00%

Semi

12/16/2026

SGD

8,200,000

2,897

(8,146)

(5,249)

Receive

1D

SORA

Semi

3.00%

Semi

12/16/2026

SGD

8,300,000

2,983

(8,296)

(5,313)

Receive

1D

TONAR

Annual

0.50%

Annual

9/16/2026

JPY

5,060,000,000

(9,547)

5,662

(3,885)

Receive

1D

TONAR

Annual

0.50%

Annual

9/16/2026

JPY

5,060,000,000

(9,087)

5,202

(3,885)

Receive

1D

TONAR

Annual

1.00%

Annual

12/19/2029

JPY

3,024,500,000

(247,383)

41,236

(206,147)

Receive

1D

TONAR

Annual

1.00%

Annual

12/19/2029

JPY

3,024,600,000

(247,388)

41,234

(206,154)

Receive

1M

TIIE

Monthly

10.00%

Monthly

12/16/2026

MXN

52,100,000

(8,870)

–

(8,870)

Receive

1M

TIIE

Monthly

10.00%

Monthly

12/16/2026

MXN

52,100,000

(8,870)

–

(8,870)

Receive

3M

BBR

Qtrly

4.50%

Semi

9/12/2029

NZD

4,900,000

9,690

(22,973)

(13,283)

Receive

3M

BBR

Qtrly

4.50%

Semi

9/12/2029

NZD

13,000,000

(35,875)

635

(35,240)

Receive

3M

BBR

Qtrly

4.50%

Semi

12/12/2029

NZD

4,900,000

(23,186)

808

(22,378)

Receive

3M

BBR

Qtrly

4.50%

Semi

12/12/2029

NZD

5,000,000

(16,436)

(6,399)

(22,835)

Receive

3M

HIBOR

Qtrly

4.00%

Qtrly

12/16/2026

HKD

19,600,000

(1,613)

325

(1,288)

Receive

3M

HIBOR

Qtrly

4.00%

Qtrly

12/16/2026

HKD

19,700,000

(1,628)

328

(1,300)

Receive

3M

STIBOR

Qtrly

3.00%

Annual

9/16/2026

SEK

98,000,000

8,211

(47,465)

(39,254)

Receive

3M

STIBOR

Qtrly

3.00%

Annual

9/16/2026

SEK

903,700,000

(247,840)

(114,090)

(361,930)

Receive

3M

STIBOR

Qtrly

3.00%

Annual

12/16/2026

SEK

389,900,000

(247,355)

(6,094)

(253,449)

Receive

3M

STIBOR

Qtrly

3.00%

Annual

12/16/2026

SEK

400,400,000

(78,254)

(182,195)

(260,449)

Receive

6M

BBR

Semi

4.50%

Semi

9/13/2029

AUD

7,600,000

(37,842)

9,100

(28,742)

Receive

6M

BBR

Semi

4.50%

Semi

9/13/2029

AUD

7,600,000

(37,509)

8,767

(28,742)

Receive

6M

BBR

Semi

4.50%

Semi

12/13/2029

AUD

11,500,000

(86,245)

37,948

(48,297)

Receive

6M

BBR

Semi

4.50%

Semi

12/13/2029

AUD

11,500,000

(86,531)

38,233

(48,298)

Receive

6M

EURIBOR

Semi

3.00%

Annual

12/16/2026

EUR

14,400,000

(21,372)

8,982

(12,390)

Receive

6M

EURIBOR

Semi

3.00%

Annual

12/16/2026

EUR

14,400,000

(21,372)

8,982

(12,390)

Receive

6M

EURIBOR

Semi

3.00%

Annual

9/19/2029

EUR

13,200,000

(172,415)

58,225

(114,190)

Receive

6M

EURIBOR

Semi

3.00%

Annual

9/19/2029

EUR

13,200,000

(172,152)

57,962

(114,190)

Receive

6M

EURIBOR

Semi

3.00%

Annual

12/19/2029

EUR

16,100,000

(175,410)

(4,499)

(179,909)

Receive

6M

EURIBOR

Semi

3.00%

Annual

12/19/2029

EUR

16,100,000

(171,713)

(8,196)

(179,909)

(5,385,471)

(3,845,674)

(9,231,145)

$

(2,738,772)

$

1,834,674

$

(904,098)

Abbreviations:

1D:

1

Day

1M:

1

Month

3M:

3

Month

6M:

6

Month

Qtrly:

Quarterly

Semi:

Semi-Annually

Annual:

Annually

112

AQR

Funds

|

Semi-Annual

Report

|

June

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

MACRO

OPPORTUNITIES

FUND

Consolidated

Schedule

of

Investments

June

30,

2024

(Unaudited)

(Continued)

(a)

Floating

rate

indices

at

June

30,

2024

were

as

follows:

1

Day

Canadian

Overnight

Repo

Rate

Average

(“CORRA”):

4.80%

1

Day

Secured

Overnight

Financing

Rate

(“SOFR”):

5.33%

1

Day

Singapore

Overnight

Rate

Average

(“SORA”):

3.43%

1

Day

Sterling

Overnight

Index

Average

(“SONIA”):

5.20%

1

Day

Swiss

Average

Rate

Overnight

(“SARON”):

1.22%

1

Day

Tokyo

Overnight

Average

Rate

(“TONAR”):

0.07%

1

Month

Mexico

Equilibrium

Interbank

Interest

Rate

(“TIIE”):

11.24%

3

Month

Australian

Bank-Bill

Reference

Rate

(“BBR”):

4.45%

3

Month

Hong

Kong

Interbank

Offered

Rate

(“HIBOR”):

4.75%

3

Month

Johannesburg

Interbank

Agreed

Rate

(“JIBAR”):

8.35%

3

Month

Korean

Certificate

of

Deposit

(“CD_KSDA”):

3.60%

3

Month

Stockholm

Interbank

Offered

Rate

(“STIBOR”):

3.71%

6

Month

Australian

Bank-Bill

Reference

Rate

(“BBR”):

4.74%

6

Month

Budapest

Interbank

Offered

Rate

(“BUBOR”):

6.81%

6

Month

Euro

Interbank

Offered

Rate

(“EURIBOR”):

3.68%

6

Month

Norwegian

Interbank

Offered

Rate

(“NIBOR”):

4.85%

6

Month

Prague

Interbank

Offered

Rate

(“PRIBOR”):

4.56%

6

Month

Warsaw

Interbank

Offered

Rate

(“WIBOR”):

5.76%

Total

return

swap

contracts

outstanding

as

of

June

30,

2024

:

Over-the-Counter

REFERENCE

ENTITY

PAYMENTS

MADE

BY

FUND

PAYMENTS

RECEIVED

BY

FUND

PAYMENT

FREQUENCY

COUNTERPARTY

MATURITY

DATE

NOTIONAL

AMOUNT

VALUE

AND

UNREALIZED

APPRECIATION

(DEPRECIATION)

iBovespa

Index

August

Futures

Decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

At

termination

MLIN

08/14/2024

BRL

45,340,500

$

242,840

KOSPI

200

Index

September

Futures

Decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

At

termination

MLIN

09/12/2024

KRW

1,062,462,500

31,183

KOSPI

200

Index

September

Futures

Decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

At

termination

GSIN

09/12/2024

KRW

15,840,350,000

369,569

TAIEX

Index

July

Futures

Decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

At

termination

MLIN

07/17/2024

TWD

110,304,000

77,993

WIG20

Index

September

Futures

Decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

At

termination

GSIN

09/20/2024

PLN

6,828,640

57,856

MSCI

Brazil

Net

Return

Index

Decreases

in

total

return

of

reference

entity

and

pays

the

CDI

plus

or

minus

a

specified

spread

(-0.40%)

Increases

in

total

return

of

reference

entity

Monthly

GSIN

09/18/2024

BRL

25,048,640

158,839

MSCI

Canada

Net

Return

Index

Increases

in

total

return

of

reference

entity

Decreases

in

total

return

of

reference

entity

and

receives

the

CORRA

plus

or

minus

a

specified

spread

(-0.40%)

Monthly

GSIN

09/18/2024

CAD

(5,166,887)

6,374

Consolidated

Schedule

of

Investments

June

30,

2024

(Unaudited)

AQR

MACRO

OPPORTUNITIES

FUND

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

Funds

|

Semi-Annual

Report

|

June

2024

113

(Continued)

REFERENCE

ENTITY

PAYMENTS

MADE

BY

FUND

PAYMENTS

RECEIVED

BY

FUND

PAYMENT

FREQUENCY

COUNTERPARTY

MATURITY

DATE

NOTIONAL

AMOUNT

VALUE

AND

UNREALIZED

APPRECIATION

(DEPRECIATION)

MSCI

Emerging

Markets

Thailand

Net

Total

Return

Index

Increases

in

total

return

of

reference

entity

Decreases

in

total

return

of

reference

entity

and

receives

the

OBFR

plus

or

minus

a

specified

spread

(-0.65%)

Monthly

BANA

09/18/2024

USD

(205,278)

$

2,169

MSCI

Emerging

Markets

Thailand

Net

Total

Return

Index

Increases

in

total

return

of

reference

entity

Decreases

in

total

return

of

reference

entity

and

receives

the

OBFR

plus

or

minus

a

specified

spread

(-0.90%)

Monthly

GSIN

09/18/2024

USD

(1,233,700)

12,942

MSCI

France

Net

Return

Index

Increases

in

total

return

of

reference

entity

Decreases

in

total

return

of

reference

entity

and

receives

the

ESTR

plus

or

minus

a

specified

spread

(0.00%)

Monthly

GSIN

09/18/2024

EUR

(628,253)

–

MSCI

Japan

Net

Return

Index

Decreases

in

total

return

of

reference

entity

and

pays

the

TONAR

plus

or

minus

a

specified

spread

(0.36%)

Increases

in

total

return

of

reference

entity

Monthly

GSIN

09/18/2024

JPY

643,192,620

85,733

MSCI

Mexico

Net

Index

Increases

in

total

return

of

reference

entity

Decreases

in

total

return

of

reference

entity

and

receives

the

TIIE

plus

or

minus

a

specified

spread

(-1.00%)

Monthly

GSIN

09/18/2024

MXN

(28,253,910)

6,861

MSCI

Netherlands

Net

Return

Index

Increases

in

total

return

of

reference

entity

Decreases

in

total

return

of

reference

entity

and

receives

the

ESTR

plus

or

minus

a

specified

spread

(0.24%)

Monthly

GSIN

09/18/2024

EUR

(183,455)

3,144

MSCI

Poland

Net

Return

Index

Decreases

in

total

return

of

reference

entity

and

pays

the

WIBOR

plus

or

minus

a

specified

spread

(0.00%)

Increases

in

total

return

of

reference

entity

Monthly

GSIN

09/18/2024

PLN

449,694

6,122

114

AQR

Funds

|

Semi-Annual

Report

|

June

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

MACRO

OPPORTUNITIES

FUND

Consolidated

Schedule

of

Investments

June

30,

2024

(Unaudited)

(Continued)

REFERENCE

ENTITY

PAYMENTS

MADE

BY

FUND

PAYMENTS

RECEIVED

BY

FUND

PAYMENT

FREQUENCY

COUNTERPARTY

MATURITY

DATE

NOTIONAL

AMOUNT

VALUE

AND

UNREALIZED

APPRECIATION

(DEPRECIATION)

MSCI

United

Kingdom

Net

Return

Index

Increases

in

total

return

of

reference

entity

Decreases

in

total

return

of

reference

entity

and

receives

the

SONIA

plus

or

minus

a

specified

spread

(0.40%)

Monthly

GSIN

09/18/2024

GBP

(274,050)

$

2,053

Total

unrealized

appreciation

1,063,678

Amsterdam

Exchange

Index

July

Futures

Decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

At

termination

GSIN

07/19/2024

EUR

370,488

(719)

DTOP

Index

September

Futures

Increases

in

total

return

of

reference

entity

Decreases

in

total

return

of

reference

entity

At

termination

MLIN

09/19/2024

ZAR

(1,919,680)

(2,047)

HSCEI

July

Futures

Decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

At

termination

GSIN

07/30/2024

HKD

39,469,500

(82,743)

iBovespa

Index

August

Futures

Decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

At

termination

GSIN

08/14/2024

BRL

2,004,000

(149)

Swiss

Market

Index

September

Futures

Decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

MLIN

09/20/2024

CHF

11,782,540

(58,666)

MSCI

Australia

Net

Return

Index

Increases

in

total

return

of

reference

entity

Decreases

in

total

return

of

reference

entity

and

receives

the

BBR

plus

or

minus

a

specified

spread

(0.30%)

Monthly

GSIN

09/18/2024

AUD

(1,864,076)

(10,285)

MSCI

Italy

Net

Return

Index

Decreases

in

total

return

of

reference

entity

and

pays

the

ESTR

plus

or

minus

a

specified

spread

(0.60%)

Increases

in

total

return

of

reference

entity

Monthly

GSIN

09/18/2024

EUR

168,493

(1,750)

MSCI

Singapore

Net

Return

Index

Increases

in

total

return

of

reference

entity

Decreases

in

total

return

of

reference

entity

and

receives

the

SORA

plus

or

minus

a

specified

spread

(0.20%)

Monthly

GSIN

09/18/2024

SGD

(2,979,357)

(19,789)

MSCI

South

Africa

Net

Return

Index

Increases

in

total

return

of

reference

entity

Decreases

in

total

return

of

reference

entity

and

receives

the

JIBAR

plus

or

minus

a

specified

spread

(-1.40%)

Monthly

GSIN

09/18/2024

ZAR

(73,181,443)

(177,895)

Consolidated

Schedule

of

Investments

June

30,

2024

(Unaudited)

AQR

MACRO

OPPORTUNITIES

FUND

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

Funds

|

Semi-Annual

Report

|

June

2024

115

(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

(0.65%)

Increases

in

total

return

of

reference

entity

Monthly

GSIN

09/18/2024

EUR

855,553

$

(23,087)

MSCI

Sweden

Net

Return

Index

Decreases

in

total

return

of

reference

entity

and

pays

the

STIBOR

plus

or

minus

a

specified

spread

(0.75%)

Increases

in

total

return

of

reference

entity

Monthly

GSIN

09/18/2024

SEK

1,115,355

(2,080)

MSCI

Switzerland

Net

Return

Index

Decreases

in

total

return

of

reference

entity

and

pays

the

SARON

plus

or

minus

a

specified

spread

(0.60%)

Increases

in

total

return

of

reference

entity

Monthly

GSIN

09/18/2024

CHF

1,710,892

(29,429)

Tel

Aviv

Stock

Exchange

35

Index

Decreases

in

total

return

of

reference

entity

and

pays

the

TELBOR

plus

or

minus

a

specified

spread

(-0.25%)

Increases

in

total

return

of

reference

entity

Monthly

BANA

09/18/2024

ILS

4,950,982

(6,721)

Total

unrealized

depreciation

(415,360)

Net

unrealized

appreciation

$

648,318

Futures

contracts

outstanding

as

of

June

30,

2024:

Exchange-Traded

DESCRIPTION

NUMBER

OF

CONTRACTS

EXPIRATION

DATE

TRADING

CURRENCY

NOTIONAL

AMOUNT

VALUE

AND

UNREALIZED

APPRECIATION

(DEPRECIATION)

Long

Contracts

Brent

Crude

Oil

107

7/2024

USD

$

9,095,000

$

234,005

Hang

Seng

Index

6

7/2024

HKD

677,291

(7,915)

HSCEI

12

7/2024

HKD

481,365

(4,992)

IBEX

35

Index

39

7/2024

EUR

4,542,584

(53,424)

LME

Aluminum

Base

Metal

1

7/2024

USD

62,304

976

LME

Aluminum

Base

Metal

1

7/2024

USD

62,264

(1,349)

LME

Aluminum

Base

Metal

2

7/2024

USD

124,601

521

LME

Aluminum

Base

Metal

5

7/2024

USD

311,540

4,152

LME

Aluminum

Base

Metal

7

7/2024

USD

437,297

(12,311)

LME

Aluminum

Base

Metal

9

7/2024

USD

559,760

26,204

LME

Aluminum

Base

Metal

9

7/2024

USD

560,986

(22,203)

LME

Aluminum

Base

Metal

9

7/2024

USD

560,322

10,640

116

AQR

Funds

|

Semi-Annual

Report

|

June

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

MACRO

OPPORTUNITIES

FUND

Consolidated

Schedule

of

Investments

June

30,

2024

(Unaudited)

(Continued)

DESCRIPTION

NUMBER

OF

CONTRACTS

EXPIRATION

DATE

TRADING

CURRENCY

NOTIONAL

AMOUNT

VALUE

AND

UNREALIZED

APPRECIATION

(DEPRECIATION)

Long

Contracts

(continued)

LME

Aluminum

Base

Metal

11

7/2024

USD

$

685,460

$

(48,115)

LME

Aluminum

Base

Metal

11

7/2024

USD

685,905

(29,264)

LME

Aluminum

Base

Metal

11

7/2024

USD

686,161

(26,805)

LME

Aluminum

Base

Metal

14

7/2024

USD

871,682

(26,541)

LME

Aluminum

Base

Metal

14

7/2024

USD

871,682

(58,740)

LME

Aluminum

Base

Metal

19

7/2024

USD

1,182,997

(52,433)

LME

Copper

Base

Metal

1

7/2024

USD

237,150

522

LME

Copper

Base

Metal

1

7/2024

USD

236,400

10,922

LME

Copper

Base

Metal

1

7/2024

USD

236,457

11,329

LME

Copper

Base

Metal

1

7/2024

USD

237,793

(13,683)

LME

Copper

Base

Metal

1

7/2024

USD

237,744

(13,147)

LME

Copper

Base

Metal

2

7/2024

USD

474,995

(15,011)

LME

Copper

Base

Metal

2

7/2024

USD

474,498

(16,958)

LME

Copper

Base

Metal

2

7/2024

USD

474,423

(10,582)

LME

Copper

Base

Metal

3

7/2024

USD

710,309

5,052

LME

Copper

Base

Metal

3

7/2024

USD

712,194

(29,165)

LME

Copper

Base

Metal

5

7/2024

USD

1,184,160

3,598

LME

Copper

Base

Metal

5

7/2024

USD

1,185,964

1,752

LME

Copper

Base

Metal

5

7/2024

USD

1,182,910

16,405

LME

Copper

Base

Metal

6

7/2024

USD

1,425,281

(64,255)

LME

Copper

Base

Metal

30

7/2024

USD

7,117,095

(606,252)

LME

Lead

Base

Metal

1

7/2024

USD

54,745

(196)

LME

Lead

Base

Metal

1

7/2024

USD

54,684

343

LME

Lead

Base

Metal

2

7/2024

USD

108,837

6,574

LME

Lead

Base

Metal

2

7/2024

USD

109,651

(330)

LME

Lead

Base

Metal

2

7/2024

USD

109,457

227

LME

Lead

Base

Metal

3

7/2024

USD

163,848

1,197

LME

Lead

Base

Metal

4

7/2024

USD

219,172

(239)

LME

Lead

Base

Metal

6

7/2024

USD

329,634

(3,196)

LME

Lead

Base

Metal

7

7/2024

USD

381,376

10,240

LME

Lead

Base

Metal

7

7/2024

USD

382,942

1,685

LME

Lead

Base

Metal

8

7/2024

USD

437,828

6,632

LME

Nickel

Base

Metal

1

7/2024

USD

102,559

(5,886)

LME

Nickel

Base

Metal

1

7/2024

USD

102,559

(7,781)

LME

Nickel

Base

Metal

2

7/2024

USD

204,891

(16,863)

LME

Nickel

Base

Metal

2

7/2024

USD

204,934

(13,652)

LME

Nickel

Base

Metal

3

7/2024

USD

307,768

(37,049)

LME

Nickel

Base

Metal

3

7/2024

USD

306,805

1,696

LME

Nickel

Base

Metal

3

7/2024

USD

307,264

(16,511)

LME

Nickel

Base

Metal

4

7/2024

USD

410,238

(51,174)

LME

Nickel

Base

Metal

5

7/2024

USD

511,207

(242)

LME

Nickel

Base

Metal

8

7/2024

USD

820,476

(109,415)

LME

Nickel

Base

Metal

9

7/2024

USD

921,577

(42,294)

LME

Nickel

Base

Metal

12

7/2024

USD

1,227,905

(31,546)

LME

Nickel

Base

Metal

13

7/2024

USD

1,333,468

(149,342)

LME

Zinc

Base

Metal

1

7/2024

USD

72,153

3,899

LME

Zinc

Base

Metal

1

7/2024

USD

72,103

4,688

LME

Zinc

Base

Metal

2

7/2024

USD

144,559

2,208

LME

Zinc

Base

Metal

3

7/2024

USD

217,454

172

LME

Zinc

Base

Metal

4

7/2024

USD

288,970

15,880

LME

Zinc

Base

Metal

5

7/2024

USD

362,329

(233)

LME

Zinc

Base

Metal

5

7/2024

USD

361,131

11,866

LME

Zinc

Base

Metal

7

7/2024

USD

503,883

73,803

LME

Zinc

Base

Metal

7

7/2024

USD

506,748

6,406

LME

Zinc

Base

Metal

9

7/2024

USD

647,672

88,767

LME

Zinc

Base

Metal

18

7/2024

USD

1,296,414

128,845

Consolidated

Schedule

of

Investments

June

30,

2024

(Unaudited)

AQR

MACRO

OPPORTUNITIES

FUND

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

Funds

|

Semi-Annual

Report

|

June

2024

117

(Continued)

DESCRIPTION

NUMBER

OF

CONTRACTS

EXPIRATION

DATE

TRADING

CURRENCY

NOTIONAL

AMOUNT

VALUE

AND

UNREALIZED

APPRECIATION

(DEPRECIATION)

Long

Contracts

(continued)

Natural

Gas

157

7/2024

USD

$

4,083,570

$

(612,858)

OMXS30

Index

109

7/2024

SEK

2,651,212

6,837

SGX

FTSE

China

A50

Index

147

7/2024

USD

1,749,594

(11,201)

SGX

FTSE

Taiwan

Index

39

7/2024

USD

3,008,850

15,861

Live

Cattle

20

8/2024

USD

1,483,400

16,367

LME

Aluminum

Base

Metal

1

8/2024

USD

62,577

(1,351)

LME

Aluminum

Base

Metal

1

8/2024

USD

62,717

(2,489)

LME

Aluminum

Base

Metal

2

8/2024

USD

125,189

(2,241)

LME

Aluminum

Base

Metal

6

8/2024

USD

377,159

(36,248)

LME

Aluminum

Base

Metal

17

8/2024

USD

1,065,127

(16,554)

LME

Aluminum

Base

Metal

22

8/2024

USD

1,380,049

(104,587)

LME

Aluminum

Base

Metal

29

8/2024

USD

1,823,448

(142,123)

LME

Aluminum

Base

Metal

29

8/2024

USD

1,817,604

(59,070)

LME

Aluminum

Base

Metal

31

8/2024

USD

1,942,623

(33,031)

LME

Aluminum

Base

Metal

60

8/2024

USD

3,761,205

(135,181)

LME

Copper

Base

Metal

1

8/2024

USD

237,891

(10,862)

LME

Copper

Base

Metal

1

8/2024

USD

238,664

(25,902)

LME

Copper

Base

Metal

1

8/2024

USD

238,285

(8,708)

LME

Copper

Base

Metal

2

8/2024

USD

476,373

(23,120)

LME

Copper

Base

Metal

3

8/2024

USD

715,972

(101,649)

LME

Copper

Base

Metal

4

8/2024

USD

954,574

(141,637)

LME

Copper

Base

Metal

5

8/2024

USD

1,189,701

(44,562)

LME

Copper

Base

Metal

6

8/2024

USD

1,430,888

(89,324)

LME

Copper

Base

Metal

8

8/2024

USD

1,908,444

(147,709)

LME

Copper

Base

Metal

11

8/2024

USD

2,629,836

(158,118)

LME

Copper

Base

Metal

16

8/2024

USD

3,816,488

(265,515)

LME

Copper

Base

Metal

26

8/2024

USD

6,203,288

(589,818)

LME

Lead

Base

Metal

2

8/2024

USD

110,424

(2,282)

LME

Lead

Base

Metal

2

8/2024

USD

110,388

(1,268)

LME

Lead

Base

Metal

2

8/2024

USD

109,956

237

LME

Lead

Base

Metal

2

8/2024

USD

110,738

(3,518)

LME

Lead

Base

Metal

3

8/2024

USD

164,993

510

LME

Lead

Base

Metal

5

8/2024

USD

277,595

(13,068)

LME

Lead

Base

Metal

6

8/2024

USD

331,377

(12,356)

LME

Lead

Base

Metal

8

8/2024

USD

442,550

(24,221)

LME

Lead

Base

Metal

10

8/2024

USD

552,473

(19,044)

LME

Nickel

Base

Metal

1

8/2024

USD

103,036

(12,314)

LME

Nickel

Base

Metal

1

8/2024

USD

102,841

(11,768)

LME

Nickel

Base

Metal

1

8/2024

USD

103,132

(26,057)

LME

Nickel

Base

Metal

2

8/2024

USD

206,522

(40,684)

LME

Nickel

Base

Metal

2

8/2024

USD

206,564

(34,582)

LME

Nickel

Base

Metal

2

8/2024

USD

206,121

(29,202)

LME

Nickel

Base

Metal

3

8/2024

USD

309,035

(36,376)

LME

Nickel

Base

Metal

3

8/2024

USD

309,406

(52,313)

LME

Nickel

Base

Metal

4

8/2024

USD

411,560

(40,564)

LME

Zinc

Base

Metal

1

8/2024

USD

72,635

(767)

LME

Zinc

Base

Metal

1

8/2024

USD

72,675

233

LME

Zinc

Base

Metal

2

8/2024

USD

145,082

(318)

LME

Zinc

Base

Metal

2

8/2024

USD

145,599

(5,907)

LME

Zinc

Base

Metal

2

8/2024

USD

145,044

2,027

LME

Zinc

Base

Metal

4

8/2024

USD

291,505

(13,007)

LME

Zinc

Base

Metal

4

8/2024

USD

291,126

(8,036)

LME

Zinc

Base

Metal

7

8/2024

USD

510,998

(21,904)

LME

Zinc

Base

Metal

10

8/2024

USD

728,888

(45,146)

LME

Zinc

Base

Metal

14

8/2024

USD

1,019,442

(18,522)

Low

Sulphur

Gasoil

160

8/2024

USD

12,544,000

379,749

118

AQR

Funds

|

Semi-Annual

Report

|

June

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

MACRO

OPPORTUNITIES

FUND

Consolidated

Schedule

of

Investments

June

30,

2024

(Unaudited)

(Continued)

DESCRIPTION

NUMBER

OF

CONTRACTS

EXPIRATION

DATE

TRADING

CURRENCY

NOTIONAL

AMOUNT

VALUE

AND

UNREALIZED

APPRECIATION

(DEPRECIATION)

Long

Contracts

(continued)

Australia

10

Year

Bond

367

9/2024

AUD

$

27,634,782

$

(219,746)

Australia

3

Year

Bond

5

9/2024

AUD

351,173

(1,987)

Cocoa

11

9/2024

USD

850,410

(185,290)

Cocoa

18

9/2024

GBP

1,448,052

(177,304)

Euro-BTP

183

9/2024

EUR

22,587,139

(125,043)

Euro-Bund

2

9/2024

EUR

281,724

(2,145)

FTSE

100

Index

58

9/2024

GBP

6,020,858

(7,712)

FTSE/MIB

Index

63

9/2024

EUR

11,255,995

(7,982)

KOSPI

200

Index

106

9/2024

KRW

7,437,904

235,814

LME

Aluminum

Base

Metal

2

9/2024

USD

126,191

1,341

LME

Aluminum

Base

Metal

2

9/2024

USD

126,123

(2,273)

LME

Aluminum

Base

Metal

3

9/2024

USD

188,957

(7,341)

LME

Aluminum

Base

Metal

4

9/2024

USD

251,893

(11,037)

LME

Aluminum

Base

Metal

8

9/2024

USD

504,286

(9,462)

LME

Aluminum

Base

Metal

8

9/2024

USD

503,586

(30,232)

LME

Aluminum

Base

Metal

9

9/2024

USD

567,407

3,246

LME

Aluminum

Base

Metal

12

9/2024

USD

757,200

6,857

LME

Aluminum

Base

Metal

13

9/2024

USD

819,575

(4,335)

LME

Aluminum

Base

Metal

14

9/2024

USD

881,451

(47,863)

LME

Aluminum

Base

Metal

16

9/2024

USD

1,009,800

(1,743)

LME

Aluminum

Base

Metal

175

9/2024

USD

11,040,575

(538,119)

LME

Copper

Base

Metal

1

9/2024

USD

239,785

(1,068)

LME

Copper

Base

Metal

1

9/2024

USD

239,608

(4,769)

LME

Copper

Base

Metal

1

9/2024

USD

239,270

(10,733)

LME

Copper

Base

Metal

2

9/2024

USD

478,440

(17,166)

LME

Copper

Base

Metal

4

9/2024

USD

958,079

(12,682)

LME

Copper

Base

Metal

4

9/2024

USD

959,900

(3,111)

LME

Copper

Base

Metal

4

9/2024

USD

956,783

(42,528)

LME

Copper

Base

Metal

14

9/2024

USD

3,356,395

(40,286)

LME

Copper

Base

Metal

15

9/2024

USD

3,599,006

15,486

LME

Lead

Base

Metal

1

9/2024

USD

55,678

1,191

LME

Lead

Base

Metal

3

9/2024

USD

167,090

13

LME

Lead

Base

Metal

4

9/2024

USD

222,400

2,389

LME

Lead

Base

Metal

6

9/2024

USD

333,623

2,857

LME

Lead

Base

Metal

13

9/2024

USD

724,220

21,187

LME

Lead

Base

Metal

29

9/2024

USD

1,616,061

12,390

LME

Nickel

Base

Metal

1

9/2024

USD

103,402

(6,551)

LME

Nickel

Base

Metal

1

9/2024

USD

103,354

(11,939)

LME

Nickel

Base

Metal

1

9/2024

USD

103,728

315

LME

Nickel

Base

Metal

2

9/2024

USD

207,492

432

LME

Nickel

Base

Metal

3

9/2024

USD

310,577

(9,472)

LME

Nickel

Base

Metal

4

9/2024

USD

414,510

(3,714)

LME

Nickel

Base

Metal

5

9/2024

USD

516,649

(67,975)

LME

Nickel

Base

Metal

5

9/2024

USD

517,538

(16,627)

LME

Nickel

Base

Metal

5

9/2024

USD

517,508

(24,007)

LME

Nickel

Base

Metal

10

9/2024

USD

1,035,436

(24,044)

LME

Zinc

Base

Metal

1

9/2024

USD

73,381

3,226

LME

Zinc

Base

Metal

1

9/2024

USD

73,438

(673)

LME

Zinc

Base

Metal

1

9/2024

USD

73,088

(153)

LME

Zinc

Base

Metal

2

9/2024

USD

146,261

1,756

LME

Zinc

Base

Metal

2

9/2024

USD

146,499

7,393

LME

Zinc

Base

Metal

3

9/2024

USD

219,211

(3,348)

LME

Zinc

Base

Metal

3

9/2024

USD

219,692

9,096

LME

Zinc

Base

Metal

4

9/2024

USD

293,147

12,323

LME

Zinc

Base

Metal

8

9/2024

USD

587,350

2,448

LME

Zinc

Base

Metal

11

9/2024

USD

806,383

22,478

Consolidated

Schedule

of

Investments

June

30,

2024

(Unaudited)

AQR

MACRO

OPPORTUNITIES

FUND

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

Funds

|

Semi-Annual

Report

|

June

2024

119

(Continued)

DESCRIPTION

NUMBER

OF

CONTRACTS

EXPIRATION

DATE

TRADING

CURRENCY

NOTIONAL

AMOUNT

VALUE

AND

UNREALIZED

APPRECIATION

(DEPRECIATION)

Long

Contracts

(continued)

LME

Zinc

Base

Metal

53

9/2024

USD

$

3,889,498

$

28,309

Long

Gilt

88

9/2024

GBP

10,857,102

138,005

MSCI

EAFE

E-Mini

Index

13

9/2024

USD

1,523,080

6,978

MSCI

Emerging

Markets

E-Mini

Index

44

9/2024

USD

2,394,040

3,194

NASDAQ

100

E-Mini

Index

10

9/2024

USD

3,985,450

33,911

Russell

2000

E-Mini

Index

42

9/2024

USD

4,336,500

(33,751)

S&P

Midcap

400

E-Mini

Index

14

9/2024

USD

4,141,340

(15,649)

Silver

3

9/2024

USD

443,400

(555)

TOPIX

Index

140

9/2024

JPY

24,455,839

263,299

Aluminum

2

10/2024

USD

125,400

345

Platinum

14

10/2024

USD

709,870

19,035

90-Day

Australian

Bank

Bill

32

12/2024

AUD

21,110,874

(11,649)

90-Day

New

Zealand

Bill

5

12/2024

NZD

3,006,213

(4)

Soybean

Meal

149

12/2024

USD

4,998,950

(265,740)

3

Month

CORRA

60

3/2025

CAD

10,499,068

(14,229)

3

Month

Euro

Euribor

10

3/2025

EUR

2,594,644

(761)

3

Month

SARON

26

3/2025

CHF

7,166,676

8,784

3

Month

SONIA

36

3/2025

GBP

10,839,342

5,442

90-Day

Australian

Bank

Bill

25

3/2025

AUD

16,495,284

(9,667)

90-Day

New

Zealand

Bill

4

3/2025

NZD

2,406,611

(263)

Platinum

8

4/2025

JPY

128,436

2,250

3

Month

CORRA

33

6/2025

CAD

5,788,358

(9,770)

3

Month

Euro

Euribor

17

6/2025

EUR

4,418,177

(2,402)

3

Month

SARON

12

6/2025

CHF

3,309,700

4,081

3

Month

SONIA

7

6/2025

GBP

2,112,517

(313)

90-Day

Australian

Bank

Bill

24

6/2025

AUD

15,838,949

(7,196)

Platinum

3

6/2025

JPY

48,247

114

3

Month

Euro

Euribor

5

9/2025

EUR

1,301,070

(452)

3

Month

SARON

22

9/2025

CHF

6,070,232

10,224

3

Month

SONIA

7

9/2025

GBP

2,116,941

137

90-Day

Australian

Bank

Bill

1

9/2025

AUD

660,117

(372)

3

Month

Euro

Euribor

7

12/2025

EUR

1,823,185

(1,329)

3

Month

SARON

7

12/2025

CHF

1,931,924

2,623

3

Month

SONIA

2

12/2025

GBP

605,852

(330)

3

Month

Euro

Euribor

6

3/2026

EUR

1,563,533

(1,020)

3

Month

SONIA

2

3/2026

GBP

606,705

(827)

3

Month

Euro

Euribor

8

6/2026

EUR

2,085,461

(1,157)

3

Month

SONIA

3

6/2026

GBP

911,005

(1,396)

3

Month

SONIA

3

9/2026

GBP

911,859

(1,408)

Total

of

long

contracts

(4,894,880)

Short

Contracts

CAC

40

10

Euro

Index

(49)

7/2024

EUR

(3,931,806)

52,554

FTSE

Bursa

Malaysia

KLCI

Index

(15)

7/2024

MYR

(253,816)

(1,201)

IFSC

NIFTY

50

Index

(59)

7/2024

USD

(2,848,461)

(35,459)

LME

Aluminum

Base

Metal

(1)

7/2024

USD

(62,304)

(933)

LME

Aluminum

Base

Metal

(1)

7/2024

USD

(62,264)

1,212

LME

Aluminum

Base

Metal

(2)

7/2024

USD

(124,601)

(1,156)

LME

Aluminum

Base

Metal

(5)

7/2024

USD

(311,540)

(3,480)

LME

Aluminum

Base

Metal

(7)

7/2024

USD

(437,297)

11,686

LME

Aluminum

Base

Metal

(9)

7/2024

USD

(559,760)

(26,876)

LME

Aluminum

Base

Metal

(9)

7/2024

USD

(560,986)

23,992

LME

Aluminum

Base

Metal

(9)

7/2024

USD

(560,322)

(9,798)

LME

Aluminum

Base

Metal

(11)

7/2024

USD

(685,905)

29,353

LME

Aluminum

Base

Metal

(11)

7/2024

USD

(685,460)

48,172

LME

Aluminum

Base

Metal

(11)

7/2024

USD

(686,161)

28,806

LME

Aluminum

Base

Metal

(14)

7/2024

USD

(871,682)

29,313

120

AQR

Funds

|

Semi-Annual

Report

|

June

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

MACRO

OPPORTUNITIES

FUND

Consolidated

Schedule

of

Investments

June

30,

2024

(Unaudited)

(Continued)

DESCRIPTION

NUMBER

OF

CONTRACTS

EXPIRATION

DATE

TRADING

CURRENCY

NOTIONAL

AMOUNT

VALUE

AND

UNREALIZED

APPRECIATION

(DEPRECIATION)

Short

Contracts

(continued)

LME

Aluminum

Base

Metal

(14)

7/2024

USD

$

(871,682)

$

56,979

LME

Aluminum

Base

Metal

(19)

7/2024

USD

(1,182,997)

54,779

LME

Copper

Base

Metal

(1)

7/2024

USD

(237,793)

14,636

LME

Copper

Base

Metal

(1)

7/2024

USD

(236,400)

(11,103)

LME

Copper

Base

Metal

(1)

7/2024

USD

(237,744)

12,985

LME

Copper

Base

Metal

(1)

7/2024

USD

(236,457)

(9,261)

LME

Copper

Base

Metal

(1)

7/2024

USD

(237,150)

101

LME

Copper

Base

Metal

(2)

7/2024

USD

(474,423)

10,486

LME

Copper

Base

Metal

(2)

7/2024

USD

(474,995)

14,750

LME

Copper

Base

Metal

(2)

7/2024

USD

(474,498)

18,422

LME

Copper

Base

Metal

(3)

7/2024

USD

(710,309)

(3,966)

LME

Copper

Base

Metal

(3)

7/2024

USD

(712,194)

30,917

LME

Copper

Base

Metal

(5)

7/2024

USD

(1,182,910)

(16,884)

LME

Copper

Base

Metal

(5)

7/2024

USD

(1,184,160)

(5,776)

LME

Copper

Base

Metal

(5)

7/2024

USD

(1,185,964)

(2,464)

LME

Copper

Base

Metal

(6)

7/2024

USD

(1,425,281)

59,718

LME

Copper

Base

Metal

(30)

7/2024

USD

(7,117,095)

655,493

LME

Lead

Base

Metal

(1)

7/2024

USD

(54,745)

290

LME

Lead

Base

Metal

(1)

7/2024

USD

(54,684)

(349)

LME

Lead

Base

Metal

(2)

7/2024

USD

(109,651)

406

LME

Lead

Base

Metal

(2)

7/2024

USD

(109,457)

(216)

LME

Lead

Base

Metal

(2)

7/2024

USD

(108,837)

(6,751)

LME

Lead

Base

Metal

(3)

7/2024

USD

(163,848)

(1,631)

LME

Lead

Base

Metal

(4)

7/2024

USD

(219,172)

(638)

LME

Lead

Base

Metal

(6)

7/2024

USD

(329,634)

4,513

LME

Lead

Base

Metal

(7)

7/2024

USD

(382,942)

(2,335)

LME

Lead

Base

Metal

(7)

7/2024

USD

(381,376)

(12,669)

LME

Lead

Base

Metal

(8)

7/2024

USD

(437,828)

(8,099)

LME

Nickel

Base

Metal

(1)

7/2024

USD

(102,559)

8,377

LME

Nickel

Base

Metal

(1)

7/2024

USD

(102,559)

5,078

LME

Nickel

Base

Metal

(2)

7/2024

USD

(204,891)

16,361

LME

Nickel

Base

Metal

(2)

7/2024

USD

(204,934)

10,714

LME

Nickel

Base

Metal

(3)

7/2024

USD

(307,264)

16,097

LME

Nickel

Base

Metal

(3)

7/2024

USD

(307,768)

35,877

LME

Nickel

Base

Metal

(3)

7/2024

USD

(306,805)

1,208

LME

Nickel

Base

Metal

(4)

7/2024

USD

(410,238)

52,365

LME

Nickel

Base

Metal

(5)

7/2024

USD

(511,207)

(3,649)

LME

Nickel

Base

Metal

(8)

7/2024

USD

(820,476)

100,620

LME

Nickel

Base

Metal

(9)

7/2024

USD

(921,577)

43,327

LME

Nickel

Base

Metal

(12)

7/2024

USD

(1,227,905)

28,303

LME

Nickel

Base

Metal

(13)

7/2024

USD

(1,333,468)

161,760

LME

Zinc

Base

Metal

(1)

7/2024

USD

(72,103)

(4,768)

LME

Zinc

Base

Metal

(1)

7/2024

USD

(72,153)

(3,381)

LME

Zinc

Base

Metal

(2)

7/2024

USD

(144,559)

(2,115)

LME

Zinc

Base

Metal

(3)

7/2024

USD

(217,454)

1,987

LME

Zinc

Base

Metal

(4)

7/2024

USD

(288,970)

(17,256)

LME

Zinc

Base

Metal

(5)

7/2024

USD

(362,329)

(2,630)

LME

Zinc

Base

Metal

(5)

7/2024

USD

(361,131)

(14,653)

LME

Zinc

Base

Metal

(7)

7/2024

USD

(503,883)

(67,683)

LME

Zinc

Base

Metal

(7)

7/2024

USD

(506,748)

(8,718)

LME

Zinc

Base

Metal

(9)

7/2024

USD

(647,672)

(86,561)

LME

Zinc

Base

Metal

(18)

7/2024

USD

(1,296,414)

(122,514)

MSCI

Singapore

Index

(191)

7/2024

SGD

(4,455,962)

(42,170)

NY

Harbor

ULSD

(70)

7/2024

USD

(7,447,314)

5,771

RBOB

Gasoline

(91)

7/2024

USD

(9,560,733)

(210,244)

WTI

Crude

Oil

(26)

7/2024

USD

(2,120,040)

(47,168)

Consolidated

Schedule

of

Investments

June

30,

2024

(Unaudited)

AQR

MACRO

OPPORTUNITIES

FUND

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

Funds

|

Semi-Annual

Report

|

June

2024

121

(Continued)

DESCRIPTION

NUMBER

OF

CONTRACTS

EXPIRATION

DATE

TRADING

CURRENCY

NOTIONAL

AMOUNT

VALUE

AND

UNREALIZED

APPRECIATION

(DEPRECIATION)

Short

Contracts

(continued)

100

oz

Gold

(6)

8/2024

USD

$

(1,403,760)

$

(8,187)

Lean

Hogs

(26)

8/2024

USD

(930,800)

7,961

LME

Aluminum

Base

Metal

(1)

8/2024

USD

(62,577)

1,506

LME

Aluminum

Base

Metal

(1)

8/2024

USD

(62,717)

2,468

LME

Aluminum

Base

Metal

(2)

8/2024

USD

(125,189)

2,297

LME

Aluminum

Base

Metal

(6)

8/2024

USD

(377,159)

35,714

LME

Aluminum

Base

Metal

(17)

8/2024

USD

(1,065,127)

16,570

LME

Aluminum

Base

Metal

(22)

8/2024

USD

(1,380,049)

88,204

LME

Aluminum

Base

Metal

(29)

8/2024

USD

(1,817,604)

51,776

LME

Aluminum

Base

Metal

(29)

8/2024

USD

(1,823,448)

143,766

LME

Aluminum

Base

Metal

(31)

8/2024

USD

(1,942,623)

24,448

LME

Aluminum

Base

Metal

(60)

8/2024

USD

(3,761,205)

134,662

LME

Copper

Base

Metal

(1)

8/2024

USD

(237,891)

9,870

LME

Copper

Base

Metal

(1)

8/2024

USD

(238,664)

25,660

LME

Copper

Base

Metal

(1)

8/2024

USD

(238,285)

8,572

LME

Copper

Base

Metal

(2)

8/2024

USD

(476,373)

22,122

LME

Copper

Base

Metal

(3)

8/2024

USD

(715,972)

101,755

LME

Copper

Base

Metal

(4)

8/2024

USD

(954,574)

137,628

LME

Copper

Base

Metal

(5)

8/2024

USD

(1,189,701)

43,338

LME

Copper

Base

Metal

(6)

8/2024

USD

(1,430,888)

86,384

LME

Copper

Base

Metal

(8)

8/2024

USD

(1,908,444)

151,385

LME

Copper

Base

Metal

(11)

8/2024

USD

(2,629,836)

158,686

LME

Copper

Base

Metal

(16)

8/2024

USD

(3,816,488)

266,056

LME

Copper

Base

Metal

(26)

8/2024

USD

(6,203,288)

585,435

LME

Lead

Base

Metal

(2)

8/2024

USD

(109,956)

639

LME

Lead

Base

Metal

(2)

8/2024

USD

(110,388)

1,443

LME

Lead

Base

Metal

(2)

8/2024

USD

(110,424)

2,162

LME

Lead

Base

Metal

(2)

8/2024

USD

(110,738)

3,176

LME

Lead

Base

Metal

(3)

8/2024

USD

(164,993)

(423)

LME

Lead

Base

Metal

(5)

8/2024

USD

(277,595)

12,553

LME

Lead

Base

Metal

(6)

8/2024

USD

(331,377)

10,853

LME

Lead

Base

Metal

(8)

8/2024

USD

(442,550)

25,529

LME

Lead

Base

Metal

(10)

8/2024

USD

(552,473)

18,377

LME

Nickel

Base

Metal

(1)

8/2024

USD

(103,036)

12,524

LME

Nickel

Base

Metal

(1)

8/2024

USD

(102,841)

12,020

LME

Nickel

Base

Metal

(1)

8/2024

USD

(103,132)

26,945

LME

Nickel

Base

Metal

(2)

8/2024

USD

(206,522)

39,596

LME

Nickel

Base

Metal

(2)

8/2024

USD

(206,121)

29,253

LME

Nickel

Base

Metal

(2)

8/2024

USD

(206,564)

34,393

LME

Nickel

Base

Metal

(3)

8/2024

USD

(309,035)

36,574

LME

Nickel

Base

Metal

(3)

8/2024

USD

(309,406)

53,459

LME

Nickel

Base

Metal

(4)

8/2024

USD

(411,560)

41,408

LME

Zinc

Base

Metal

(1)

8/2024

USD

(72,635)

263

LME

Zinc

Base

Metal

(1)

8/2024

USD

(72,675)

(766)

LME

Zinc

Base

Metal

(2)

8/2024

USD

(145,082)

413

LME

Zinc

Base

Metal

(2)

8/2024

USD

(145,599)

4,639

LME

Zinc

Base

Metal

(2)

8/2024

USD

(145,044)

(2,050)

LME

Zinc

Base

Metal

(4)

8/2024

USD

(291,126)

7,291

LME

Zinc

Base

Metal

(4)

8/2024

USD

(291,505)

13,446

LME

Zinc

Base

Metal

(7)

8/2024

USD

(510,998)

19,493

LME

Zinc

Base

Metal

(10)

8/2024

USD

(728,888)

41,083

LME

Zinc

Base

Metal

(14)

8/2024

USD

(1,019,442)

21,658

Canada

10

Year

Bond

(79)

9/2024

CAD

(6,934,768)

42,155

Coffee

'C'

(7)

9/2024

USD

(595,350)

4,449

Copper

(41)

9/2024

USD

(4,501,288)

(7,862)

Corn

(245)

9/2024

USD

(4,991,875)

583,418

122

AQR

Funds

|

Semi-Annual

Report

|

June

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

MACRO

OPPORTUNITIES

FUND

Consolidated

Schedule

of

Investments

June

30,

2024

(Unaudited)

(Continued)

DESCRIPTION

NUMBER

OF

CONTRACTS

EXPIRATION

DATE

TRADING

CURRENCY

NOTIONAL

AMOUNT

VALUE

AND

UNREALIZED

APPRECIATION

(DEPRECIATION)

Short

Contracts

(continued)

DAX

Index

(16)

9/2024

EUR

$

(7,883,477)

$

(37,522)

DJIA

CBOT

E-Mini

Index

(28)

9/2024

USD

(5,525,660)

(17,967)

Euro

STOXX

50

Index

(155)

9/2024

EUR

(8,177,025)

38,928

Euro-Bobl

(12)

9/2024

EUR

(1,496,160)

(4,058)

Euro-Buxl

(1)

9/2024

EUR

(139,138)

(2,709)

Euro-OAT

(163)

9/2024

EUR

(21,485,442)

(5,413)

Euro-Schatz

(26)

9/2024

EUR

(2,943,602)

(11,597)

FTSE/JSE

Top

40

Index

(68)

9/2024

ZAR

(2,756,142)

(18,955)

Japan

10

Year

Bond

(6)

9/2024

JPY

(5,318,665)

9,960

KC

HRW

Wheat

(107)

9/2024

USD

(3,136,438)

253,861

LME

Aluminum

Base

Metal

(2)

9/2024

USD

(126,123)

1,922

LME

Aluminum

Base

Metal

(2)

9/2024

USD

(126,191)

(1,046)

LME

Aluminum

Base

Metal

(3)

9/2024

USD

(188,957)

8,284

LME

Aluminum

Base

Metal

(4)

9/2024

USD

(251,893)

11,895

LME

Aluminum

Base

Metal

(8)

9/2024

USD

(503,586)

29,394

LME

Aluminum

Base

Metal

(8)

9/2024

USD

(504,286)

9,290

LME

Aluminum

Base

Metal

(9)

9/2024

USD

(567,407)

(4,259)

LME

Aluminum

Base

Metal

(12)

9/2024

USD

(757,200)

(7,236)

LME

Aluminum

Base

Metal

(13)

9/2024

USD

(819,575)

6,534

LME

Aluminum

Base

Metal

(14)

9/2024

USD

(881,451)

45,508

LME

Aluminum

Base

Metal

(16)

9/2024

USD

(1,009,424)

1,253

LME

Aluminum

Base

Metal

(16)

9/2024

USD

(1,009,800)

3,752

LME

Copper

Base

Metal

(1)

9/2024

USD

(239,785)

1,272

LME

Copper

Base

Metal

(1)

9/2024

USD

(239,608)

4,550

LME

Copper

Base

Metal

(1)

9/2024

USD

(239,270)

11,807

LME

Copper

Base

Metal

(2)

9/2024

USD

(478,440)

17,043

LME

Copper

Base

Metal

(4)

9/2024

USD

(958,079)

15,975

LME

Copper

Base

Metal

(4)

9/2024

USD

(956,783)

43,905

LME

Copper

Base

Metal

(4)

9/2024

USD

(959,900)

1,831

LME

Copper

Base

Metal

(14)

9/2024

USD

(3,356,395)

41,435

LME

Copper

Base

Metal

(15)

9/2024

USD

(3,599,006)

(11,993)

LME

Copper

Base

Metal

(87)

9/2024

USD

(20,862,926)

588,676

LME

Lead

Base

Metal

(1)

9/2024

USD

(55,678)

(1,181)

LME

Lead

Base

Metal

(3)

9/2024

USD

(167,090)

352

LME

Lead

Base

Metal

(4)

9/2024

USD

(222,400)

(2,003)

LME

Lead

Base

Metal

(6)

9/2024

USD

(333,623)

(4,248)

LME

Lead

Base

Metal

(10)

9/2024

USD

(557,263)

(5,536)

LME

Lead

Base

Metal

(13)

9/2024

USD

(724,220)

(20,504)

LME

Nickel

Base

Metal

(1)

9/2024

USD

(103,402)

7,196

LME

Nickel

Base

Metal

(1)

9/2024

USD

(103,354)

12,036

LME

Nickel

Base

Metal

(1)

9/2024

USD

(103,728)

(595)

LME

Nickel

Base

Metal

(2)

9/2024

USD

(207,492)

(344)

LME

Nickel

Base

Metal

(3)

9/2024

USD

(310,577)

12,599

LME

Nickel

Base

Metal

(4)

9/2024

USD

(414,510)

3,470

LME

Nickel

Base

Metal

(5)

9/2024

USD

(517,508)

22,258

LME

Nickel

Base

Metal

(5)

9/2024

USD

(517,538)

17,858

LME

Nickel

Base

Metal

(5)

9/2024

USD

(516,649)

67,389

LME

Nickel

Base

Metal

(10)

9/2024

USD

(1,035,436)

21,592

LME

Nickel

Base

Metal

(51)

9/2024

USD

(5,285,465)

306,918

LME

Zinc

Base

Metal

(1)

9/2024

USD

(73,438)

560

LME

Zinc

Base

Metal

(1)

9/2024

USD

(73,088)

159

LME

Zinc

Base

Metal

(1)

9/2024

USD

(73,381)

(3,333)

LME

Zinc

Base

Metal

(2)

9/2024

USD

(146,499)

(6,902)

LME

Zinc

Base

Metal

(2)

9/2024

USD

(146,261)

(2,279)

LME

Zinc

Base

Metal

(3)

9/2024

USD

(219,211)

4,243

LME

Zinc

Base

Metal

(3)

9/2024

USD

(219,692)

(9,700)

Consolidated

Schedule

of

Investments

June

30,

2024

(Unaudited)

AQR

MACRO

OPPORTUNITIES

FUND

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

Funds

|

Semi-Annual

Report

|

June

2024

123

(Continued)

DESCRIPTION

NUMBER

OF

CONTRACTS

EXPIRATION

DATE

TRADING

CURRENCY

NOTIONAL

AMOUNT

VALUE

AND

UNREALIZED

APPRECIATION

(DEPRECIATION)

Short

Contracts

(continued)

LME

Zinc

Base

Metal

(4)

9/2024

USD

$

(293,147)

$

(9,609)

LME

Zinc

Base

Metal

(8)

9/2024

USD

(587,350)

(1,374)

LME

Zinc

Base

Metal

(8)

9/2024

USD

(587,094)

2,449

LME

Zinc

Base

Metal

(11)

9/2024

USD

(806,383)

(22,940)

MEX

BOLSA

Index

(17)

9/2024

MXN

(495,746)

5,935

Nikkei

225

Index

(4)

9/2024

JPY

(984,026)

(12,411)

Palladium

(7)

9/2024

USD

(684,530)

(12,859)

Russell

2000

E-Mini

Index

(2)

9/2024

USD

(206,500)

(149)

S&P

500

E-Mini

Index

(164)

9/2024

USD

(45,276,299)

(134,733)

S&P/TSX

60

Index

(72)

9/2024

CAD

(13,794,233)

(94,827)

SET50

Index

(254)

9/2024

THB

(1,111,724)

10,818

SPI

200

Index

(178)

9/2024

AUD

(23,071,920)

(141,658)

Sugar

No.

11

(120)

9/2024

USD

(2,728,320)

(139,541)

U.S.

Treasury

10

Year

Note

(533)

9/2024

USD

(58,555,046)

(223,824)

U.S.

Treasury

2

Year

Note

(80)

9/2024

USD

(16,338,125)

(23,653)

U.S.

Treasury

5

Year

Note

(53)

9/2024

USD

(5,645,742)

(39,765)

U.S.

Treasury

Long

Bond

(9)

9/2024

USD

(1,060,875)

(9,369)

U.S.

Treasury

Ultra

Bond

(12)

9/2024

USD

(1,494,375)

(10,215)

Wheat

(58)

9/2024

USD

(1,663,150)

165,773

Soybean

(186)

11/2024

USD

(10,267,200)

419,268

3

Month

Euro

Euribor

(17)

12/2024

EUR

(4,401,564)

(1,523)

Cotton

No.

2

(25)

12/2024

USD

(908,625)

(8,005)

Soybean

Oil

(36)

12/2024

USD

(945,864)

2,111

3

Month

SOFR

(54)

3/2025

USD

(12,844,575)

(8,625)

3

Month

SOFR

(32)

6/2025

USD

(7,635,200)

(6,875)

90-Day

New

Zealand

Bill

(2)

6/2025

NZD

(1,204,039)

(131)

3

Month

SOFR

(13)

9/2025

USD

(3,109,925)

(4,715)

3

Month

CORRA

(6)

12/2025

CAD

(1,056,869)

(613)

3

Month

SOFR

(14)

12/2025

USD

(3,355,800)

2,940

3

Month

SOFR

(14)

3/2026

USD

(3,360,875)

1,549

3

Month

SOFR

(13)

6/2026

USD

(3,124,063)

1,440

3

Month

SOFR

(11)

9/2026

USD

(2,645,363)

(4,421)

Total

of

short

contracts

5,183,813

Net

value

$

288,933

Forward

foreign

currency

exchange

contracts

outstanding

as

of

June

30,

2024:

Over-the-Counter

CURRENCY

PURCHASED

CURRENCY

SOLD

COUNTERPARTY

SETTLEMENT

DATE

UNREALIZED

APPRECIATION

(DEPRECIATION)

AUD

37,001,392

USD

24,533,690

CITI

9/18/2024

$

200,757

AUD

37,001,368

USD

24,533,552

JPMC

9/18/2024

200,878

CAD

3,948,026

USD

2,888,502

CITI

9/18/2024

2,835

CAD

3,948,028

USD

2,888,489

JPMC

9/18/2024

2,848

COP

287,109,374

USD

68,067

CITI

**

9/18/2024

247

COP

287,109,374

USD

68,066

JPMC

**

9/18/2024

247

EUR

3,269,224

USD

3,512,926

CITI

9/18/2024

1,718

EUR

3,269,225

USD

3,512,910

JPMC

9/18/2024

1,735

HUF

879,999,999

USD

2,359,786

CITI

9/18/2024

19,603

HUF

880,000,000

USD

2,359,774

JPMC

9/18/2024

19,614

INR

783,999,142

USD

9,370,593

CITI

**

9/18/2024

8,736

INR

738,999,143

USD

8,832,306

JPMC

**

9/18/2024

8,668

MXN

68,500,000

USD

3,648,567

CITI

9/18/2024

49,549

124

AQR

Funds

|

Semi-Annual

Report

|

June

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

MACRO

OPPORTUNITIES

FUND

Consolidated

Schedule

of

Investments

June

30,

2024

(Unaudited)

(Continued)

CURRENCY

PURCHASED

CURRENCY

SOLD

COUNTERPARTY

SETTLEMENT

DATE

UNREALIZED

APPRECIATION

(DEPRECIATION)

MXN

68,500,000

USD

3,648,548

JPMC

9/18/2024

$

49,567

NOK

14,500,001

USD

1,357,167

CITI

9/18/2024

3,572

NOK

14,499,999

USD

1,357,160

JPMC

9/18/2024

3,579

NZD

2,632,000

USD

1,599,342

CITI

9/18/2024

3,791

NZD

2,632,000

USD

1,599,334

JPMC

9/18/2024

3,799

PLN

6,002,475

USD

1,482,623

CITI

9/18/2024

7,009

PLN

6,002,475

USD

1,482,616

JPMC

9/18/2024

7,017

SEK

11,139,059

USD

1,054,878

CITI

9/18/2024

370

SEK

11,139,059

USD

1,054,873

JPMC

9/18/2024

376

THB

8,000,000

USD

218,381

CITI

9/18/2024

1,029

THB

7,999,999

USD

218,380

JPMC

9/18/2024

1,030

TWD

18,000,000

USD

554,932

CITI

**

9/18/2024

410

TWD

18,000,000

USD

554,929

JPMC

**

9/18/2024

413

USD

1,977,584

AUD

2,952,000

CITI

9/18/2024

4,250

USD

1,977,594

AUD

2,952,000

JPMC

9/18/2024

4,260

USD

6,698,410

BRL

35,727,505

CITI

**

9/18/2024

364,054

USD

6,698,443

BRL

35,727,499

JPMC

**

9/18/2024

364,088

USD

4,534,726

CAD

6,183,448

CITI

9/18/2024

6,281

USD

4,534,747

CAD

6,183,446

JPMC

9/18/2024

6,302

USD

10,720,503

CHF

9,452,092

CITI

9/18/2024

98,498

USD

10,720,558

CHF

9,452,093

JPMC

9/18/2024

98,552

USD

652,170

COP

2,700,000,000

CITI

**

9/18/2024

9,741

USD

652,174

COP

2,700,000,000

JPMC

**

9/18/2024

9,744

USD

10,814,851

CZK

246,848,000

CITI

9/18/2024

243,179

USD

10,814,905

CZK

246,848,000

JPMC

9/18/2024

243,233

USD

26,312,020

EUR

24,279,798

CITI

9/18/2024

209,539

USD

26,312,161

EUR

24,279,806

JPMC

9/18/2024

209,669

USD

7,555,564

GBP

5,942,378

CITI

9/18/2024

39,388

USD

7,555,593

GBP

5,942,371

JPMC

9/18/2024

39,426

USD

2,649,232

HUF

955,000,001

CITI

9/18/2024

67,055

USD

2,649,245

HUF

954,999,998

JPMC

9/18/2024

67,068

USD

861,330

IDR

14,000,000,000

CITI

**

9/18/2024

6,854

USD

861,290

IDR

14,000,000,000

JPMC

**

9/18/2024

6,814

USD

3,515,374

ILS

12,938,000

CITI

9/18/2024

77,926

USD

3,515,392

ILS

12,938,000

JPMC

9/18/2024

77,944

USD

17,018,621

JPY

2,630,426,237

CITI

9/18/2024

469,565

USD

17,018,706

JPY

2,630,426,243

JPMC

9/18/2024

469,650

USD

7,694,397

MXN

135,352,688

CITI

9/18/2024

387,099

USD

7,694,435

MXN

135,352,685

JPMC

9/18/2024

387,138

USD

2,862,642

NOK

30,289,498

CITI

9/18/2024

20,152

USD

2,862,657

NOK

30,289,503

JPMC

9/18/2024

20,165

USD

23,947,950

NZD

38,939,552

CITI

9/18/2024

230,149

USD

23,948,072

NZD

38,939,557

JPMC

9/18/2024

230,269

USD

813,951

PEN

3,097,000

CITI

**

9/18/2024

8,224

USD

813,955

PEN

3,097,000

JPMC

**

9/18/2024

8,228

USD

878,091

PHP

51,198,937

CITI

**

9/18/2024

2,527

USD

878,096

PHP

51,198,937

JPMC

**

9/18/2024

2,532

USD

7,097,259

PLN

28,131,917

CITI

9/18/2024

115,768

USD

7,097,293

PLN

28,131,909

JPMC

9/18/2024

115,804

USD

1,097,391

SEK

11,457,000

CITI

9/18/2024

12,023

USD

1,097,397

SEK

11,457,001

JPMC

9/18/2024

12,028

USD

15,368,801

SGD

20,629,978

CITI

9/18/2024

97,736

USD

15,368,877

SGD

20,629,978

JPMC

9/18/2024

97,813

USD

2,509,007

THB

91,000,003

CITI

9/18/2024

13,220

USD

2,509,019

THB

90,999,998

JPMC

9/18/2024

13,233

USD

158,603

TWD

5,104,523

CITI

**

9/18/2024

1,116

USD

158,602

TWD

5,104,522

JPMC

**

9/18/2024

1,116

ZAR

71,000,000

USD

3,817,224

CITI

9/18/2024

61,695

Consolidated

Schedule

of

Investments

June

30,

2024

(Unaudited)

AQR

MACRO

OPPORTUNITIES

FUND

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

Funds

|

Semi-Annual

Report

|

June

2024

125

(Continued)

CURRENCY

PURCHASED

CURRENCY

SOLD

COUNTERPARTY

SETTLEMENT

DATE

UNREALIZED

APPRECIATION

(DEPRECIATION)

ZAR

71,000,000

USD

3,817,205

JPMC

9/18/2024

$

61,713

KRW

3,650,000,001

USD

2,639,053

CITI

**

9/19/2024

17,319

KRW

3,649,999,999

USD

2,639,039

JPMC

**

9/19/2024

17,332

USD

7,112,572

CNY

51,298,381

CITI

**

9/19/2024

42,124

USD

7,112,609

CNY

51,298,385

JPMC

**

9/19/2024

42,161

USD

1,097,078

KRW

1,500,000,002

CITI

**

9/19/2024

5,418

USD

1,097,083

KRW

1,499,999,998

JPMC

**

9/19/2024

5,424

USD

5,988,884

CLP

5,564,121,500

CITI

**

9/23/2024

79,460

USD

5,988,914

CLP

5,564,121,499

JPMC

**

9/23/2024

79,488

Total

unrealized

appreciation

5,980,951

AUD

3,147,500

USD

2,105,297

CITI

9/18/2024

(1,278)

AUD

3,147,500

USD

2,105,287

JPMC

9/18/2024

(1,266)

BRL

24,721,171

USD

4,608,739

CITI

**

9/18/2024

(225,766)

BRL

24,721,164

USD

4,608,715

JPMC

**

9/18/2024

(225,743)

CAD

2,624,277

USD

1,925,648

CITI

9/18/2024

(3,761)

CAD

2,624,273

USD

1,925,636

JPMC

9/18/2024

(3,750)

CHF

2,801,501

USD

3,165,861

CITI

9/18/2024

(17,610)

CHF

2,801,503

USD

3,165,848

JPMC

9/18/2024

(17,595)

COP

29,151,757,126

USD

7,271,855

CITI

**

9/18/2024

(335,573)

COP

29,151,757,126

USD

7,271,818

JPMC

**

9/18/2024

(335,536)

CZK

120,000,000

USD

5,288,857

CITI

9/18/2024

(149,659)

CZK

120,000,000

USD

5,288,831

JPMC

9/18/2024

(149,633)

EUR

12,787,775

USD

13,947,373

CITI

9/18/2024

(199,619)

EUR

12,787,783

USD

13,947,312

JPMC

9/18/2024

(199,549)

GBP

10,252,077

USD

13,047,536

CITI

9/18/2024

(80,267)

GBP

10,252,069

USD

13,047,461

JPMC

9/18/2024

(80,201)

HUF

2,147,700,502

USD

5,935,762

CITI

9/18/2024

(128,702)

HUF

2,147,700,498

USD

5,935,732

JPMC

9/18/2024

(128,672)

IDR

11,733,951,581

USD

722,409

CITI

**

9/18/2024

(6,239)

IDR

11,733,951,581

USD

722,470

JPMC

**

9/18/2024

(6,300)

ILS

2,953,500

USD

791,245

CITI

9/18/2024

(6,540)

ILS

2,953,500

USD

791,241

JPMC

9/18/2024

(6,537)

INR

243,499,858

USD

2,919,859

CITI

**

9/18/2024

(6,763)

INR

288,499,857

USD

3,458,266

JPMC

**

9/18/2024

(6,815)

JPY

2,426,347,612

USD

15,804,359

CITI

9/18/2024

(539,243)

JPY

2,426,347,618

USD

15,804,280

JPMC

9/18/2024

(539,164)

MXN

193,467,619

USD

11,012,563

CITI

9/18/2024

(567,811)

MXN

193,467,616

USD

11,012,508

JPMC

9/18/2024

(567,756)

NOK

229,510,326

USD

21,787,068

CITI

9/18/2024

(248,876)

NOK

229,510,333

USD

21,786,960

JPMC

9/18/2024

(248,768)

NZD

23,082,312

USD

14,203,153

CITI

9/18/2024

(143,883)

NZD

23,082,317

USD

14,203,085

JPMC

9/18/2024

(143,812)

PEN

564,177

USD

150,682

CITI

**

9/18/2024

(3,903)

PEN

564,177

USD

150,681

JPMC

**

9/18/2024

(3,903)

PLN

39,353,529

USD

9,957,139

CITI

9/18/2024

(190,783)

PLN

39,353,522

USD

9,957,088

JPMC

9/18/2024

(190,734)

SEK

77,121,454

USD

7,396,631

CITI

9/18/2024

(90,599)

SEK

77,121,455

USD

7,396,594

JPMC

9/18/2024

(90,562)

THB

24,500,002

USD

674,998

CITI

9/18/2024

(3,056)

THB

24,499,999

USD

674,995

JPMC

9/18/2024

(3,053)

TWD

299,507,501

USD

9,303,124

CITI

**

9/18/2024

(62,625)

TWD

299,507,499

USD

9,303,077

JPMC

**

9/18/2024

(62,579)

USD

13,691,002

AUD

20,627,470

CITI

9/18/2024

(97,913)

USD

13,691,054

AUD

20,627,446

JPMC

9/18/2024

(97,844)

USD

10,609,307

CAD

14,544,650

CITI

9/18/2024

(42,463)

USD

10,609,360

CAD

14,544,650

JPMC

9/18/2024

(42,409)

USD

12,788,008

CHF

11,465,082

CITI

9/18/2024

(96,141)

USD

12,788,072

CHF

11,465,082

JPMC

9/18/2024

(96,077)

126

AQR

Funds

|

Semi-Annual

Report

|

June

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

MACRO

OPPORTUNITIES

FUND

Consolidated

Schedule

of

Investments

June

30,

2024

(Unaudited)

(Continued)

CURRENCY

PURCHASED

CURRENCY

SOLD

COUNTERPARTY

SETTLEMENT

DATE

UNREALIZED

APPRECIATION

(DEPRECIATION)

USD

2,535,386

COP

10,700,000,000

CITI

**

9/18/2024

$

(10,541)

USD

2,535,398

COP

10,700,000,000

JPMC

**

9/18/2024

(10,528)

USD

9,052,848

EUR

8,433,500

CITI

9/18/2024

(13,756)

USD

9,052,893

EUR

8,433,500

JPMC

9/18/2024

(13,709)

USD

993,723

GBP

786,000

CITI

9/18/2024

(444)

USD

993,728

GBP

786,000

JPMC

9/18/2024

(439)

USD

2,926,104

INR

245,000,000

CITI

**

9/18/2024

(4,940)

USD

2,926,118

INR

245,000,000

JPMC

**

9/18/2024

(4,925)

USD

1,855,238

MXN

34,647,650

CITI

9/18/2024

(15,287)

USD

1,855,247

MXN

34,647,650

JPMC

9/18/2024

(15,278)

USD

1,309,052

NOK

14,000,000

CITI

9/18/2024

(4,766)

USD

1,309,059

NOK

14,000,000

JPMC

9/18/2024

(4,758)

USD

5,250,970

PHP

308,392,563

CITI

**

9/18/2024

(22,916)

USD

5,250,996

PHP

308,392,563

JPMC

**

9/18/2024

(22,890)

USD

5,348,936

PLN

21,742,000

CITI

9/18/2024

(46,771)

USD

5,348,962

PLN

21,742,000

JPMC

9/18/2024

(46,745)

USD

3,336,382

SEK

35,286,039

CITI

9/18/2024

(6,410)

USD

3,336,399

SEK

35,286,039

JPMC

9/18/2024

(6,393)

USD

239,576

SGD

324,000

CITI

9/18/2024

(261)

USD

239,577

SGD

324,000

JPMC

9/18/2024

(260)

USD

1,774,355

THB

64,999,999

CITI

9/18/2024

(8,349)

USD

1,774,364

THB

65,000,000

JPMC

9/18/2024

(8,340)

USD

5,926,088

ZAR

111,779,500

CITI

9/18/2024

(180,722)

USD

5,926,117

ZAR

111,779,500

JPMC

9/18/2024

(180,692)

ZAR

17,000,000

USD

934,581

CITI

9/18/2024

(5,827)

ZAR

17,000,000

USD

934,577

JPMC

9/18/2024

(5,822)

CNY

21,014,349

USD

2,916,815

CITI

**

9/19/2024

(20,411)

CNY

21,014,353

USD

2,916,801

JPMC

**

9/19/2024

(20,396)

KRW

2,910,359,002

USD

2,132,889

CITI

**

9/19/2024

(14,808)

KRW

2,910,358,999

USD

2,132,878

JPMC

**

9/19/2024

(14,797)

USD

753,854

CNY

5,470,179

CITI

**

9/19/2024

(99)

USD

753,858

CNY

5,470,179

JPMC

**

9/19/2024

(96)

USD

830,967

KRW

1,150,000,001

CITI

**

9/19/2024

(5,972)

USD

830,971

KRW

1,149,999,999

JPMC

**

9/19/2024

(5,968)

CLP

7,024,141,378

USD

7,726,531

CITI

**

9/23/2024

(266,478)

CLP

7,024,141,376

USD

7,726,492

JPMC

**

9/23/2024

(266,440)

USD

844,041

CLP

800,000,000

CITI

**

9/23/2024

(5,607)

USD

844,046

CLP

800,000,000

JPMC

**

9/23/2024

(5,601)

Total

unrealized

depreciation

(7,765,773)

Net

unrealized

depreciation

$

(1,784,822)

**

Non-deliverable

forward

foreign

currency

exchange

contracts.

Consolidated

Schedule

of

Investments

June

30,

2024

(Unaudited)

AQR

MACRO

OPPORTUNITIES

FUND

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

Funds

|

Semi-Annual

Report

|

June

2024

127

Collateral

pledged

to,

or

(received

from),

each

counterparty

at

June

30,

2024

was

as

follows:

COUNTERPARTY

OVER-THE-COUNTER

EXCHANGE-TRADED/

EXCHANGE-CLEARED

TOTAL

BARC

Cash

$

–

$

1,632,805

$

1,632,805

CITG

Cash

–

4,869,210

4,869,210

CITI

Investment

Companies

2,628,563

–

2,628,563

GSCO

Cash

–

1,381,942

1,381,942

GSIN

Cash

(331,638)

–

(331,638)

U.S.

Treasury

Bills

4,690,510

–

4,690,510

JPMC

Investment

Companies

3,615,717

–

3,615,717

JPMS

Cash

–

13,973,461

13,973,461

U.S.

Treasury

Inflation

Linked

Notes

10,722,958

–

10,722,958

MLIN

Cash

(309,794)

–

(309,794)

MSCL

Cash

–

4,039,660

4,039,660

Collateral

pledged

to,

or

(received

from),

each

counterparty

for

the

Subsidiary

(See

Note

2)

at

June

30,

2024

was

as

follows:

COUNTERPARTY

OVER-THE-COUNTER

EXCHANGE-TRADED/

EXCHANGE-CLEARED

TOTAL

GSCO

Cash

$

–

$

1,140,979

$

1,140,979

JPPC

Cash

–

2,005,496

2,005,496

MSCL

Cash

–

4,451,608

4,451,608

128

AQR

Funds

|

Semi-Annual

Report

|

June

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

(Continued)

AQR

MANAGED

FUTURES

STRATEGY

FUND

Consolidated

Schedule

of

Investments

June

30,

2024

(Unaudited)

‡

Includes

appreciation/(depreciation)

on

forward

foreign

currency

exchange,

futures

and

swap

contracts.

(a)

Represents

7-day

effective

yield

as

of

June

30,

2024.

(b)

All

or

a

portion

of

the

security

pledged

as

collateral

for

forward

foreign

currency

exchange

and

swap

contracts.

(c)

For

the

period

ended

June

30,

2024,

transactions

with

and

earnings

from

issuers

considered

to

be

an

affiliated

issuer

were

as

follows:

(d)

The

rate

shown

was

the

effective

yield

at

the

date

of

purchase.

(e)

All

or

a

portion

of

the

security

pledged

as

collateral

for

swap

contracts.

INVESTMENTS

SHARES

VALUE

($)

SHORT-TERM

INVESTMENTS

-

89.8%

INVESTMENT

COMPANIES

-

19.5%

Goldman

Sachs

Financial

Square

Funds

-

Treasury

Instruments

Fund,

Institutional

Shares,

5.19%

(1)(a)(b)

19,810,445

19,810,445

Limited

Purpose

Cash

Investment

Fund,

5.33%

(1)(a)(c)

284,743,905

284,630,007

TOTAL

INVESTMENT

COMPANIES

(Cost

$304,371,219)

304,440,452

PRINCIPAL

AMOUNT

U.S.

TREASURY

OBLIGATIONS

-

70.3%

U.S.

Treasury

Bills

5.18%,

7/5/2024

(d)

$

6,300,000

6,296,309

5.16%,

7/11/2024

(d)

1,237,000

1,235,196

5.11%,

8/1/2024

(d)

8,569,000

8,530,246

5.18%,

8/8/2024

(d)

62,943,000

62,594,689

5.24%,

9/5/2024

(d)(e)

65,389,000

64,763,332

5.23%,

9/12/2024

(d)(e)

76,000,000

75,192,785

5.27%,

9/19/2024

(d)

154,612,000

152,820,648

5.24%,

9/26/2024

(d)(e)

28,731,000

28,368,211

5.26%,

10/10/2024

(d)(e)

95,000,000

93,615,388

5.29%,

10/17/2024

(d)

133,679,000

131,591,602

5.30%,

10/24/2024

(d)(e)

143,000,000

140,629,408

5.30%,

10/31/2024

(d)

180,000,000

176,843,250

5.29%,

11/7/2024

(d)(e)

60,165,000

59,050,394

5.30%,

11/14/2024

(d)(e)

64,230,000

62,978,368

INVESTMENTS

PRINCIPAL

AMOUNT

VALUE

($)

U.S.

TREASURY

OBLIGATIONS

-

70.3%

(continued)

5.30%,

11/21/2024

(d)(e)

$

8,458,000

8,285,311

5.29%,

12/5/2024

(d)(e)

13,223,000

12,926,880

5.28%,

12/12/2024

(d)(e)

8,158,000

7,967,654

TOTAL

U.S.

TREASURY

OBLIGATIONS

(Cost

$1,093,835,773)

1,093,689,671

TOTAL

SHORT-TERM

INVESTMENTS

(Cost

$1,398,206,992)

1,398,130,123

TOTAL

INVESTMENTS

IN

SECURITIES

AT

VALUE

-

89.8%

(Cost

$1,398,206,992)

1,398,130,123

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

-

10.2%

‡

158,494,593

NET

ASSETS

-

100.0%

1,556,624,716

SECURITY

TYPE

VALUE

%

OF

NET

ASSETS

Investment

Companies

$

304,440,452

19.5

%

U.S.

Treasury

Obligations

1,093,689,671

70.3

Total

Investments

In

Securities

At

Value

1,398,130,123

89.8

Other

Assets

in

Excess

of

Liabilities

‡

158,494,593

10.2

Net

Assets

$

1,556,624,716

100.0%

Affiliate

Value

At

12/31/2023

Purchases

At

Cost

Proceeds

From

Sales

Net

Realized

Gain

(Loss)

Net

Change

In

Unrealized

App/Dep

Value

At

6/30/2024

Shares

Held

At

6/30/2024

Dividend

Income

Capital

Gain

Distributions

SHORT-TERM

INVESTMENTS

-

18.3%

INVESTMENT

COMPANIES

-

18.3%

Limited

Purpose

Cash

Investment

Fund,

5.33%

(1)(a)

(Cost

$284,560,774)

$174,786,719

$2,303,529,117

$(2,193,697,419)

$4,950

$6,640

$284,630,007

284,743,905

$7,628,585

$–

(1)

Level

1

security

(See

Note

5).

(a)

Represents

7-day

effective

yield

as

of

June

30,

2024.

All

securities

are

Level

2

with

respect

to

ASC

820,

unless

otherwise

noted

in

parentheses.

(1)

Level

1

security

(See

Note

5).

Consolidated

Schedule

of

Investments

June

30,

2024

(Unaudited)

AQR

MANAGED

FUTURES

STRATEGY

FUND

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

Funds

|

Semi-Annual

Report

|

June

2024

129

(Continued)

Credit

default

swap

contracts

outstanding

-

buy

protection

as

of

June

30,

2024:

Exchange-Cleared

REFERENCE

ENTITY

FINANCING

RATE

PAID

PAYMENT

FREQUENCY

MATURITY

DATE

CREDIT

SPREAD

NOTIONAL

AMOUNT

UPFRONT

PREMIUM

PAID

(RECEIVED)

UNREALIZED

APPRECIATION

(DEPRECIATION)

VALUE

iTraxx

Europe

Main

Index

Series

41.V1

1.00

%

Quarterly

6/20/2029

0.61

%

EUR

23,417,000

$

(429,512)

$

(16,701)

$

(446,213)

$

(429,512)

$

(16,701)

$

(446,213)

Credit

default

swap

contracts

outstanding

-

sell

protection

as

of

June

30,

2024

:

Exchange-Cleared

REFERENCE

ENTITY

FINANCING

RATE

RECEIVED

PAYMENT

FREQUENCY

MATURITY

DATE

CREDIT

SPREAD

NOTIONAL

AMOUNT

UPFRONT

PREMIUM

PAID

(RECEIVED)

UNREALIZED

APPRECIATION

(DEPRECIATION)

VALUE

iTraxx

Europe

Crossover

Index

Series

41.V1

5.00

%

Quarterly

6/20/2029

3.21

%

EUR

19,441,000

$

1,756,410

$

(193,297)

$

1,563,113

Markit

CDX

North

America

High

Yield

Index

Series

42.V1

5.00

Quarterly

6/20/2029

3.45

USD

21,761,000

1,383,168

4,587

1,387,755

Markit

CDX

North

America

Investment

Grade

Index

Series

42.V1

1.00

Quarterly

6/20/2029

0.54

USD

14,390,000

314,624

(16,528)

298,096

3,454,202

(205,238)

3,248,964

Markit

CDX

North

America

Emerging

Markets

Index

Series

41.V1

1.00

%

Quarterly

6/20/2029

1.75

%

USD

12,854,000

$

(366,000)

$

(41,407)

$

(407,407)

(366,000)

(41,407)

(407,407)

$

3,088,202

$

(246,645)

$

2,841,557

Forward

effective

interest

rate

swap

contracts

outstanding

as

of

June

30,

2024:

Exchange-Cleared

PAY/

RECEIVE

FLOATING

RATE

FLOATING

RATE

INDEX

(a)

FIXED

RATE

MATURITY

DATE

NOTIONAL

AMOUNT

UPFRONT

PREMIUM

PAID

(RECEIVED)

UNREALIZED

APPRECIATION

(DEPRECIATION)

VALUE

Pay

1D

CORRA

Semi

3.50%

Semi

12/20/2034

CAD

48,300,000

$

476,362

$

(59,440)

$

416,922

Pay

1D

SARON

Annual

1.00%

Annual

9/16/2026

CHF

61,600,000

139,326

70,746

210,072

Pay

1D

SARON

Annual

1.00%

Annual

12/16/2026

CHF

300,900,000

1,047,993

201,592

1,249,585

Pay

1D

SARON

Annual

1.00%

Annual

12/19/2029

CHF

7,900,000

35,559

32,456

68,015

Pay

1D

SARON

Annual

1.00%

Annual

9/20/2034

CHF

9,100,000

42,453

–

42,453

Pay

1D

SARON

Annual

1.00%

Annual

12/20/2034

CHF

11,500,000

15,669

12,172

27,841

Pay

1D

SOFR

Annual

4.00%

Annual

9/19/2029

USD

178,300,000

(131,791)

165,863

34,072

Pay

1D

SOFR

Annual

4.00%

Annual

12/19/2029

USD

362,100,000

1,686,537

(214,856)

1,471,681

Pay

1D

SONIA

Annual

4.50%

Annual

12/16/2026

GBP

150,500,000

1,202,000

(231,930)

970,070

Pay

1D

SONIA

Annual

4.00%

Annual

9/16/2054

GBP

12,100,000

314,046

(112,646)

201,400

Pay

1D

SONIA

Annual

4.00%

Annual

12/16/2054

GBP

3,800,000

108,434

(25,936)

82,498

Pay

1D

SORA

Semi

3.00%

Semi

12/16/2026

SGD

6,000,000

1,153

(122)

1,031

Pay

1D

SORA

Semi

3.00%

Semi

12/19/2029

SGD

11,900,000

64,883

(19,696)

45,187

Pay

1D

TONAR

Annual

1.00%

Annual

9/19/2029

JPY

51,029,700,000

5,452,518

(1,271,634)

4,180,884

Pay

1D

TONAR

Annual

1.00%

Annual

12/19/2029

JPY

15,710,000,000

1,332,910

(257,788)

1,075,122

Pay

3M

BBR

Qtrly

4.50%

Semi

9/13/2034

NZD

16,400,000

(90,759)

104,549

13,790

Pay

3M

BBR

Qtrly

4.50%

Semi

12/13/2034

NZD

7,200,000

(24,734)

39,915

15,181

Pay

3M

HIBOR

Qtrly

4.00%

Qtrly

12/19/2029

HKD

10,200,000

21,548

(2,508)

19,040

Pay

3M

JIBAR

Qtrly

8.00%

Qtrly

9/16/2026

ZAR

167,100,000

13,695

19,375

33,070

Pay

3M

JIBAR

Qtrly

8.00%

Qtrly

12/17/2026

ZAR

343,000,000

104,362

(22,959)

81,403

Pay

3M

JIBAR

Qtrly

8.50%

Qtrly

9/19/2029

ZAR

61,800,000

16,707

17,614

34,321

130

AQR

Funds

|

Semi-Annual

Report

|

June

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

MANAGED

FUTURES

STRATEGY

FUND

Consolidated

Schedule

of

Investments

June

30,

2024

(Unaudited)

(Continued)

PAY/

RECEIVE

FLOATING

RATE

FLOATING

RATE

INDEX

(a)

FIXED

RATE

MATURITY

DATE

NOTIONAL

AMOUNT

UPFRONT

PREMIUM

PAID

(RECEIVED)

UNREALIZED

APPRECIATION

(DEPRECIATION)

VALUE

Pay

3M

JIBAR

Qtrly

8.50%

Qtrly

12/19/2029

ZAR

168,000,000

$

81,914

$

(15,864)

$

66,050

Pay

3M

STIBOR

Qtrly

3.00%

Annual

12/16/2026

SEK

284,000,000

142,450

42,328

184,778

Pay

6M

BBR

Semi

4.50%

Semi

12/13/2029

AUD

35,900,000

189,261

(39,294)

149,967

Pay

6M

BUBOR

Semi

6.50%

Annual

9/19/2029

HUF

85,400,000

28

2,391

2,419

Pay

6M

EURIBOR

Semi

3.00%

Annual

12/16/2026

EUR

232,100,000

100,876

90,283

191,159

Pay

6M

EURIBOR

Semi

3.00%

Annual

9/20/2034

EUR

21,900,000

601,926

(222,658)

379,268

Pay

6M

EURIBOR

Semi

3.00%

Annual

12/20/2034

EUR

44,100,000

738,220

91,845

830,065

Pay

6M

NIBOR

Semi

4.00%

Annual

12/19/2029

NOK

78,200,000

31,933

24,540

56,473

Pay

6M

WIBOR

Semi

5.00%

Annual

9/19/2029

PLN

2,900,000

940

850

1,790

Pay

6M

WIBOR

Semi

5.00%

Annual

12/19/2029

PLN

16,500,000

15,645

3,902

19,547

Receive

1D

CORRA

Semi

3.00%

Semi

12/19/2029

CAD

211,700,000

1,808,719

52,737

1,861,456

Receive

1D

TONAR

Annual

0.50%

Annual

12/16/2026

JPY

71,348,300,000

593,529

(68,923)

524,606

Receive

1D

TONAR

Annual

1.00%

Annual

9/20/2034

JPY

17,795,400,000

5,537

1,051,634

1,057,171

Receive

1D

TONAR

Annual

1.00%

Annual

12/20/2034

JPY

11,705,500,000

684,178

286,739

970,917

Receive

3M

BBR

Qtrly

4.00%

Qtrly

9/10/2026

AUD

101,400,000

(254,387)

597,152

342,765

Receive

3M

BBR

Qtrly

4.00%

Qtrly

12/10/2026

AUD

220,600,000

354,492

276,928

631,420

Receive

3M

BBR

Qtrly

4.50%

Semi

12/16/2026

NZD

2,600,000

1,937

1,400

3,337

Receive

3M

HIBOR

Qtrly

4.00%

Qtrly

9/16/2026

HKD

91,600,000

(6,193)

28,122

21,929

Receive

3M

STIBOR

Qtrly

2.50%

Annual

9/19/2029

SEK

4,000,000

1,181

(786)

395

Receive

6M

BBR

Semi

4.50%

Semi

12/08/2044

AUD

5,100,000

75,398

(11,604)

63,794

Receive

6M

EURIBOR

Semi

2.50%

Annual

9/16/2054

EUR

10,200,000

(74,661)

135,903

61,242

Receive

6M

EURIBOR

Semi

2.50%

Annual

12/16/2054

EUR

26,800,000

(281,172)

309,994

28,822

Receive

6M

NIBOR

Semi

4.00%

Annual

9/16/2026

NOK

118,700,000

32,050

33,859

65,909

Receive

6M

NIBOR

Semi

4.00%

Annual

12/16/2026

NOK

874,700,000

29,547

199,487

229,034

16,702,219

1,315,732

18,017,951

Pay

1D

CORRA

Semi

3.50%

Semi

12/16/2026

CAD

377,600,000

(605,412)

(8,492)

(613,904)

Pay

1D

SOFR

Annual

3.50%

Annual

9/16/2054

USD

16,700,000

(160,033)

(496,469)

(656,502)

Pay

1D

SOFR

Annual

3.50%

Annual

12/16/2054

USD

4,700,000

(21,192)

(133,310)

(154,502)

Pay

1D

TONAR

Annual

1.50%

Annual

9/21/2044

JPY

3,132,300,000

231,975

(592,928)

(360,953)

Pay

1D

TONAR

Annual

1.50%

Annual

12/21/2044

JPY

2,988,400,000

(312,547)

(109,391)

(421,938)

Pay

3M

BBR

Qtrly

4.50%

Semi

9/16/2026

NZD

64,400,000

(187,080)

(39,324)

(226,404)

Pay

3M

STIBOR

Qtrly

2.50%

Annual

9/20/2034

SEK

1,200,000

(719)

37

(682)

Pay

3M

STIBOR

Qtrly

2.50%

Annual

12/20/2034

SEK

20,300,000

(6,625)

(543)

(7,168)

Pay

6M

BBR

Semi

4.50%

Semi

9/07/2034

AUD

4,200,000

6,334

(19,700)

(13,366)

Pay

6M

BBR

Semi

4.50%

Semi

12/07/2034

AUD

39,500,000

10,090

(107,529)

(97,439)

Pay

6M

BUBOR

Semi

6.00%

Annual

9/16/2026

HUF

832,800,000

(14,220)

4,620

(9,600)

Pay

6M

EURIBOR

Semi

3.00%

Annual

9/16/2026

EUR

260,200,000

(620,765)

157,185

(463,580)

Pay

6M

WIBOR

Semi

5.00%

Annual

12/16/2026

PLN

25,400,000

(51)

(7,139)

(7,190)

Receive

1D

MIBOR

Semi

6.50%

Semi

12/18/2026

INR

3,420,000,000

(772)

(22,893)

(23,665)

Receive

1D

SARON

Annual

1.00%

Annual

9/19/2029

CHF

37,300,000

112,642

(412,257)

(299,615)

Receive

1D

SARON

Annual

1.50%

Annual

12/20/2034

CHF

6,000,000

(122,983)

(211,296)

(334,279)

Receive

1D

SOFR

Annual

4.50%

Annual

9/16/2026

USD

743,700,000

1,101,877

(2,426,816)

(1,324,939)

Receive

1D

SOFR

Annual

4.50%

Annual

12/16/2026

USD

716,700,000

(3,534,070)

(214,655)

(3,748,725)

Receive

1D

SOFR

Annual

4.00%

Annual

9/20/2034

USD

14,200,000

(275,211)

218,131

(57,080)

Receive

1D

SOFR

Annual

4.00%

Annual

12/20/2034

USD

75,500,000

(1,133,477)

364,664

(768,813)

Receive

1D

SONIA

Annual

4.50%

Annual

9/16/2026

GBP

45,200,000

(179,383)

50,586

(128,797)

Receive

1D

SONIA

Annual

4.00%

Annual

9/19/2029

GBP

8,200,000

(109,261)

71,715

(37,546)

Receive

1D

SONIA

Annual

4.00%

Annual

12/19/2029

GBP

34,000,000

(358,134)

37,167

(320,967)

Receive

1D

SONIA

Annual

4.00%

Annual

9/20/2034

GBP

21,800,000

(457,823)

102,375

(355,448)

Receive

1D

SONIA

Annual

4.00%

Annual

12/20/2034

GBP

25,800,000

(717,456)

215,223

(502,233)

Receive

1D

TONAR

Annual

0.50%

Annual

9/16/2026

JPY

96,044,500,000

(1,244,215)

1,170,094

(74,121)

Receive

1M

TIIE

Monthly

10.00%

Monthly

12/16/2026

MXN

519,400,000

(88,429)

–

(88,429)

Receive

1M

TIIE

Monthly

9.50%

Monthly

12/13/2029

MXN

241,200,000

24,049

(114,421)

(90,372)

Receive

3M

BBR

Qtrly

4.50%

Semi

9/12/2029

NZD

55,500,000

(256,511)

106,066

(150,445)

Receive

3M

CD_KSDA

Qtrly

3.50%

Qtrly

12/16/2026

KRW

36,409,800,000

(60,536)

(120,564)

(181,100)

Receive

3M

CD_KSDA

Qtrly

3.50%

Qtrly

9/19/2029

KRW

738,600,000

(7,486)

(3,131)

(10,617)

Receive

3M

STIBOR

Qtrly

3.00%

Annual

9/16/2026

SEK

501,000,000

(145,953)

(53,539)

(199,492)

Consolidated

Schedule

of

Investments

June

30,

2024

(Unaudited)

AQR

MANAGED

FUTURES

STRATEGY

FUND

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

Funds

|

Semi-Annual

Report

|

June

2024

131

(Continued)

PAY/

RECEIVE

FLOATING

RATE

FLOATING

RATE

INDEX

(a)

FIXED

RATE

MATURITY

DATE

NOTIONAL

AMOUNT

UPFRONT

PREMIUM

PAID

(RECEIVED)

UNREALIZED

APPRECIATION

(DEPRECIATION)

VALUE

Receive

3M

STIBOR

Qtrly

2.50%

Annual

12/19/2029

SEK

72,000,000

$

(12,097)

$

2,482

$

(9,615)

Receive

3M

TELBOR

Qtrly

4.50%

Annual

9/16/2026

ILS

39,800,000

(46,133)

3,967

(42,166)

Receive

3M

TELBOR

Qtrly

4.50%

Annual

12/16/2026

ILS

15,000,000

(5,299)

(12,491)

(17,790)

Receive

3M

TELBOR

Qtrly

4.50%

Annual

9/20/2029

ILS

13,100,000

(2,600)

(19,175)

(21,775)

Receive

3M

TELBOR

Qtrly

4.50%

Annual

12/19/2029

ILS

8,400,000

(2,171)

(10,780)

(12,951)

Receive

6M

EURIBOR

Semi

3.00%

Annual

9/19/2029

EUR

106,100,000

(1,312,377)

394,529

(917,848)

Receive

6M

EURIBOR

Semi

3.00%

Annual

12/19/2029

EUR

58,900,000

(848,661)

201,719

(646,942)

Receive

6M

NIBOR

Semi

4.00%

Annual

9/19/2029

NOK

34,400,000

(32,135)

17,054

(15,081)

Receive

6M

NIBOR

Semi

4.00%

Annual

9/20/2034

NOK

4,400,000

(8,070)

(1,295)

(9,365)

Receive

6M

NIBOR

Semi

4.00%

Annual

12/20/2034

NOK

2,600,000

(5,255)

1,447

(3,808)

Receive

6M

PRIBOR

Semi

4.00%

Annual

9/16/2026

CZK

169,800,000

(7,692)

(7,359)

(15,051)

Receive

6M

PRIBOR

Semi

4.00%

Annual

12/16/2026

CZK

54,000,000

(1,267)

(8,445)

(9,712)

Receive

6M

PRIBOR

Semi

4.00%

Annual

9/19/2029

CZK

38,400,000

(24)

(16,316)

(16,340)

Receive

6M

PRIBOR

Semi

4.00%

Annual

12/19/2029

CZK

44,000,000

(13,753)

(8,338)

(22,091)

(11,430,911)

(2,059,535)

(13,490,446)

$

5,271,308

$

(743,803)

$

4,527,505

Abbreviations:

1D:

1

Day

1M:

1

Month

3M:

3

Month

6M:

6

Month

Qtrly:

Quarterly

Semi:

Semi-Annually

Annual:

Annually

(a)

Floating

rate

indices

at

June

30,

2024

were

as

follows:

1

Day

Canadian

Overnight

Repo

Rate

Average

(“CORRA”):

4.80%

1

Day

Mumbai

Interbank

Overnight

Rate

(“MIBOR”):

6.86%

1

Day

Secured

Overnight

Financing

Rate

(“SOFR”):

5.33%

1

Day

Singapore

Overnight

Rate

Average

(“SORA”):

3.43%

1

Day

Sterling

Overnight

Index

Average

(“SONIA”):

5.20%

1

Day

Swiss

Average

Rate

Overnight

(“SARON”):

1.22%

1

Day

Tokyo

Overnight

Average

Rate

(“TONAR”):

0.07%

1

Month

Mexico

Equilibrium

Interbank

Interest

Rate

(“TIIE”):

11.24%

3

Month

Australian

Bank-Bill

Reference

Rate

(“BBR”):

4.45%

3

Month

Hong

Kong

Interbank

Offered

Rate

(“HIBOR”):

4.75%

3

Month

Johannesburg

Interbank

Agreed

Rate

(“JIBAR”):

8.35%

3

Month

Korean

Certificate

of

Deposit

(“CD_KSDA”):

3.60%

3

Month

Stockholm

Interbank

Offered

Rate

(“STIBOR”):

3.71%

3

Month

Tel

Aviv

Interbank

Offer

Rate

(“TELBOR”):

4.49%

6

Month

Australian

Bank-Bill

Reference

Rate

(“BBR”):

4.74%

6

Month

Budapest

Interbank

Offered

Rate

(“BUBOR”):

6.81%

6

Month

Euro

Interbank

Offered

Rate

(“EURIBOR”):

3.68%

6

Month

Norwegian

Interbank

Offered

Rate

(“NIBOR”):

4.85%

6

Month

Prague

Interbank

Offered

Rate

(“PRIBOR”):

4.56%

6

Month

Warsaw

Interbank

Offered

Rate

(“WIBOR”):

5.76%

132

AQR

Funds

|

Semi-Annual

Report

|

June

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

MANAGED

FUTURES

STRATEGY

FUND

Consolidated

Schedule

of

Investments

June

30,

2024

(Unaudited)

(Continued)

Total

return

swap

contracts

outstanding

as

of

June

30,

2024

:

Over-the-Counter

REFERENCE

ENTITY

PAYMENTS

MADE

BY

FUND

PAYMENTS

RECEIVED

BY

FUND

PAYMENT

FREQUENCY

COUNTERPARTY

MATURITY

DATE

NOTIONAL

AMOUNT

VALUE

AND

UNREALIZED

APPRECIATION

(DEPRECIATION)

KOSPI

200

Index

September

Futures

Decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

At

termination

MLIN

09/12/2024

KRW

12,846,137,500

$

374,800

KOSPI

200

Index

September

Futures

Decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

At

termination

MSCS

09/12/2024

KRW

130,103,362,500

2,276,962

TAIEX

Index

July

Futures

Decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

At

termination

MLIN

07/17/2024

TWD

197,628,000

65,540

Total

unrealized

appreciation

2,717,302

Amsterdam

Exchange

Index

July

Futures

Decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

At

termination

MSCS

07/19/2024

EUR

18,339,156

(48,487)

HSCEI

July

Futures

Decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

At

termination

MSCS

07/30/2024

HKD

313,250

(848)

HSCEI

July

Futures

Decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

At

termination

MLIN

07/30/2024

HKD

97,107,500

(197,183)

HSCEI

July

Futures

Decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

At

termination

GSIN

07/30/2024

HKD

180,118,750

(449,124)

iBovespa

Index

August

Futures

Increases

in

total

return

of

reference

entity

Decreases

in

total

return

of

reference

entity

At

termination

MSCS

08/14/2024

BRL

(314,377,500)

(1,683,780)

iBovespa

Index

August

Futures

Increases

in

total

return

of

reference

entity

Decreases

in

total

return

of

reference

entity

At

termination

GSIN

08/14/2024

BRL

(31,437,750)

(63,206)

Swiss

Market

Index

September

Futures

Decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

MLIN

09/20/2024

CHF

77,307,890

(410,088)

Total

unrealized

depreciation

(2,852,716)

Net

unrealized

depreciation

$

(135,414)

Futures

contracts

outstanding

as

of

June

30,

2024:

Exchange-Traded

DESCRIPTION

NUMBER

OF

CONTRACTS

EXPIRATION

DATE

TRADING

CURRENCY

NOTIONAL

AMOUNT

VALUE

AND

UNREALIZED

APPRECIATION

(DEPRECIATION)

Long

Contracts

Brent

Crude

Oil

548

7/2024

USD

$

46,580,000

$

1,319,957

CAC

40

10

Euro

Index

32

7/2024

EUR

2,567,710

(49,382)

CBOE

Volatility

Index

490

7/2024

USD

6,871,172

(134,005)

EURO

STOXX

50

Volatility

Index

216

7/2024

EUR

374,747

(3,620)

Hang

Seng

Index

52

7/2024

HKD

5,869,856

(98,475)

HSCEI

328

7/2024

HKD

13,157,298

(232,026)

Consolidated

Schedule

of

Investments

June

30,

2024

(Unaudited)

AQR

MANAGED

FUTURES

STRATEGY

FUND

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

Funds

|

Semi-Annual

Report

|

June

2024

133

(Continued)

DESCRIPTION

NUMBER

OF

CONTRACTS

EXPIRATION

DATE

TRADING

CURRENCY

NOTIONAL

AMOUNT

VALUE

AND

UNREALIZED

APPRECIATION

(DEPRECIATION)

Long

Contracts

(continued)

IBEX

35

Index

165

7/2024

EUR

$

19,218,626

$

(248,795)

LME

Aluminum

Base

Metal

2

7/2024

USD

124,609

1,851

LME

Aluminum

Base

Metal

32

7/2024

USD

1,999,072

(56,279)

LME

Aluminum

Base

Metal

58

7/2024

USD

3,607,339

168,871

LME

Aluminum

Base

Metal

86

7/2024

USD

5,354,618

(360,832)

LME

Aluminum

Base

Metal

89

7/2024

USD

5,540,962

105,217

LME

Aluminum

Base

Metal

96

7/2024

USD

5,986,080

(255,395)

LME

Aluminum

Base

Metal

97

7/2024

USD

6,044,507

(424,289)

LME

Aluminum

Base

Metal

101

7/2024

USD

6,300,203

(246,118)

LME

Copper

Base

Metal

1

7/2024

USD

237,744

(13,147)

LME

Copper

Base

Metal

3

7/2024

USD

709,199

33,153

LME

Copper

Base

Metal

3

7/2024

USD

713,378

(41,048)

LME

Copper

Base

Metal

6

7/2024

USD

1,423,157

2,102

LME

Copper

Base

Metal

13

7/2024

USD

3,088,108

(139,659)

LME

Copper

Base

Metal

18

7/2024

USD

4,262,976

12,953

LME

Copper

Base

Metal

21

7/2024

USD

4,982,229

(178,060)

LME

Copper

Base

Metal

35

7/2024

USD

8,308,930

(340,253)

LME

Copper

Base

Metal

56

7/2024

USD

13,248,592

203,853

LME

Lead

Base

Metal

2

7/2024

USD

109,367

686

LME

Lead

Base

Metal

2

7/2024

USD

109,457

206

LME

Lead

Base

Metal

3

7/2024

USD

164,524

(1,196)

LME

Lead

Base

Metal

3

7/2024

USD

163,848

1,197

LME

Lead

Base

Metal

3

7/2024

USD

164,118

722

LME

Lead

Base

Metal

4

7/2024

USD

218,284

2,938

LME

Nickel

Base

Metal

2

7/2024

USD

205,359

(24,913)

LME

Nickel

Base

Metal

2

7/2024

USD

205,329

(26,208)

LME

Nickel

Base

Metal

7

7/2024

USD

717,916

(41,201)

LME

Nickel

Base

Metal

10

7/2024

USD

1,026,044

(115,554)

LME

Nickel

Base

Metal

10

7/2024

USD

1,024,670

(53,959)

LME

Nickel

Base

Metal

25

7/2024

USD

2,563,911

(99,261)

LME

Nickel

Base

Metal

25

7/2024

USD

2,558,136

(95,967)

LME

Nickel

Base

Metal

56

7/2024

USD

5,735,601

(324,806)

LME

Zinc

Base

Metal

6

7/2024

USD

431,781

59,178

LME

Zinc

Base

Metal

9

7/2024

USD

651,533

8,237

LME

Zinc

Base

Metal

11

7/2024

USD

797,330

629

LME

Zinc

Base

Metal

18

7/2024

USD

1,298,745

60,239

LME

Zinc

Base

Metal

22

7/2024

USD

1,590,149

24,286

LME

Zinc

Base

Metal

33

7/2024

USD

2,391,370

(1,536)

LME

Zinc

Base

Metal

49

7/2024

USD

3,529,127

304,009

LME

Zinc

Base

Metal

55

7/2024

USD

3,965,638

261,410

LME

Zinc

Base

Metal

83

7/2024

USD

5,996,128

329,514

MSCI

Singapore

Index

581

7/2024

SGD

13,554,524

92,997

Natural

Gas

100

7/2024

GBP

3,187,871

(105,983)

Natural

Gas

145

7/2024

EUR

3,983,615

(99,647)

Natural

Gas

167

7/2024

USD

4,343,670

(763,341)

OMXS30

Index

674

7/2024

SEK

16,393,735

44,281

SGX

FTSE

China

A50

Index

3,367

7/2024

USD

40,074,034

(249,746)

SGX

FTSE

Taiwan

Index

357

7/2024

USD

27,542,550

145,960

100

oz

Gold

417

8/2024

USD

97,561,320

(1,775,254)

Crude

Oil

5

8/2024

USD

421,895

1,028

Ethanol

20

8/2024

USD

1,562,400

(72,769)

EURO

STOXX

50

Volatility

Index

204

8/2024

EUR

362,666

6,273

Italian

Base

Electricity

13

8/2024

EUR

1,062,133

(26,630)

Live

Cattle

398

8/2024

USD

29,519,660

443,569

LME

Aluminum

Base

Metal

34

8/2024

USD

2,137,835

(163,736)

LME

Aluminum

Base

Metal

49

8/2024

USD

3,067,118

(54,941)

134

AQR

Funds

|

Semi-Annual

Report

|

June

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

MANAGED

FUTURES

STRATEGY

FUND

Consolidated

Schedule

of

Investments

June

30,

2024

(Unaudited)

(Continued)

DESCRIPTION

NUMBER

OF

CONTRACTS

EXPIRATION

DATE

TRADING

CURRENCY

NOTIONAL

AMOUNT

VALUE

AND

UNREALIZED

APPRECIATION

(DEPRECIATION)

Long

Contracts

(continued)

LME

Aluminum

Base

Metal

50

8/2024

USD

$

3,128,825

$

(71,892)

LME

Aluminum

Base

Metal

82

8/2024

USD

5,139,432

(166,688)

LME

Aluminum

Base

Metal

106

8/2024

USD

6,644,796

(232,359)

LME

Aluminum

Base

Metal

115

8/2024

USD

7,228,871

(696,480)

LME

Aluminum

Base

Metal

140

8/2024

USD

8,780,380

(307,789)

LME

Copper

Base

Metal

2

8/2024

USD

475,782

(21,723)

LME

Copper

Base

Metal

10

8/2024

USD

2,382,845

(87,094)

LME

Copper

Base

Metal

13

8/2024

USD

3,102,626

(367,991)

LME

Copper

Base

Metal

17

8/2024

USD

4,049,166

(196,532)

LME

Copper

Base

Metal

21

8/2024

USD

5,009,666

(387,736)

LME

Copper

Base

Metal

42

8/2024

USD

10,041,192

(611,293)

LME

Copper

Base

Metal

79

8/2024

USD

18,848,451

(1,973,004)

LME

Lead

Base

Metal

1

8/2024

USD

55,230

(2,059)

LME

Lead

Base

Metal

2

8/2024

USD

110,245

(660)

LME

Lead

Base

Metal

3

8/2024

USD

166,632

(5,126)

LME

Lead

Base

Metal

5

8/2024

USD

276,844

(8,794)

LME

Lead

Base

Metal

11

8/2024

USD

607,329

(12,550)

LME

Nickel

Base

Metal

7

8/2024

USD

722,973

(121,038)

LME

Nickel

Base

Metal

21

8/2024

USD

2,159,670

(247,119)

LME

Nickel

Base

Metal

29

8/2024

USD

2,994,566

(576,707)

LME

Nickel

Base

Metal

35

8/2024

USD

3,606,263

(430,987)

LME

Nickel

Base

Metal

37

8/2024

USD

3,806,934

(356,397)

LME

Nickel

Base

Metal

49

8/2024

USD

5,053,637

(854,444)

LME

Zinc

Base

Metal

10

8/2024

USD

729,998

(27,532)

LME

Zinc

Base

Metal

17

8/2024

USD

1,235,479

3,955

LME

Zinc

Base

Metal

25

8/2024

USD

1,815,863

(19,173)

LME

Zinc

Base

Metal

30

8/2024

USD

2,175,660

30,410

LME

Zinc

Base

Metal

39

8/2024

USD

2,839,181

(91,690)

LME

Zinc

Base

Metal

44

8/2024

USD

3,203,959

(82,736)

LME

Zinc

Base

Metal

82

8/2024

USD

5,975,853

(268,643)

Low

Sulphur

Gasoil

297

8/2024

USD

23,284,800

643,877

Mont

Belvieu

Propane

30

8/2024

USD

1,067,850

52,428

Phelix

De

Base

Electricity

8

8/2024

EUR

489,036

(718)

Australia

10

Year

Bond

626

9/2024

AUD

47,137,257

(487,820)

Cocoa

91

9/2024

USD

7,035,210

(910,783)

Cocoa

348

9/2024

GBP

27,995,669

(3,403,099)

Coffee

'C'

159

9/2024

USD

13,522,950

(16,161)

Crude

Oil

4

9/2024

USD

334,604

(3,462)

Euro

STOXX

50

Index

129

9/2024

EUR

6,805,395

(53,768)

EURO

STOXX

50

Volatility

Index

83

9/2024

EUR

149,778

2,051

Euro-BTP

234

9/2024

EUR

28,881,915

(223,151)

FTSE

100

Index

552

9/2024

GBP

57,301,956

(22,275)

FTSE/MIB

Index

273

9/2024

EUR

48,775,979

(18,290)

KOSPI

200

Index

238

9/2024

KRW

16,700,200

395,937

LME

Aluminum

Base

Metal

1

9/2024

USD

63,044

(333)

LME

Aluminum

Base

Metal

2

9/2024

USD

126,106

(421)

LME

Aluminum

Base

Metal

18

9/2024

USD

1,135,800

10,285

LME

Aluminum

Base

Metal

19

9/2024

USD

1,196,729

(55,328)

LME

Aluminum

Base

Metal

46

9/2024

USD

2,900,818

(52,275)

LME

Aluminum

Base

Metal

54

9/2024

USD

3,399,881

(184,615)

LME

Aluminum

Base

Metal

142

9/2024

USD

8,959,526

95,187

LME

Aluminum

Base

Metal

628

9/2024

USD

39,619,892

(1,798,805)

LME

Copper

Base

Metal

4

9/2024

USD

958,433

(28,178)

LME

Copper

Base

Metal

9

9/2024

USD

2,156,076

(55,698)

LME

Copper

Base

Metal

18

9/2024

USD

4,311,356

(55,942)

LME

Copper

Base

Metal

26

9/2024

USD

6,221,014

(279,055)

Consolidated

Schedule

of

Investments

June

30,

2024

(Unaudited)

AQR

MANAGED

FUTURES

STRATEGY

FUND

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

Funds

|

Semi-Annual

Report

|

June

2024

135

(Continued)

DESCRIPTION

NUMBER

OF

CONTRACTS

EXPIRATION

DATE

TRADING

CURRENCY

NOTIONAL

AMOUNT

VALUE

AND

UNREALIZED

APPRECIATION

(DEPRECIATION)

Long

Contracts

(continued)

LME

Copper

Base

Metal

28

9/2024

USD

$

6,714,505

$

(457,569)

LME

Copper

Base

Metal

39

9/2024

USD

9,328,634

(419,268)

LME

Copper

Base

Metal

43

9/2024

USD

10,310,755

(58,908)

LME

Copper

Base

Metal

66

9/2024

USD

15,835,628

74,323

LME

Lead

Base

Metal

1

9/2024

USD

55,554

792

LME

Lead

Base

Metal

1

9/2024

USD

55,697

(81)

LME

Lead

Base

Metal

2

9/2024

USD

111,394

(2,462)

LME

Lead

Base

Metal

4

9/2024

USD

222,891

7,447

LME

Lead

Base

Metal

5

9/2024

USD

278,390

5,877

LME

Lead

Base

Metal

6

9/2024

USD

333,600

3,584

LME

Lead

Base

Metal

7

9/2024

USD

389,060

4,042

LME

Lead

Base

Metal

29

9/2024

USD

1,616,061

(11,590)

LME

Nickel

Base

Metal

12

9/2024

USD

1,242,523

(35,513)

LME

Nickel

Base

Metal

14

9/2024

USD

1,449,106

(46,556)

LME

Nickel

Base

Metal

27

9/2024

USD

2,797,944

(25,068)

LME

Nickel

Base

Metal

29

9/2024

USD

2,997,261

(346,235)

LME

Nickel

Base

Metal

30

9/2024

USD

3,102,055

(198,319)

LME

Nickel

Base

Metal

37

9/2024

USD

3,830,446

(116,825)

LME

Nickel

Base

Metal

47

9/2024

USD

4,875,216

14,805

LME

Zinc

Base

Metal

5

9/2024

USD

366,340

15,075

LME

Zinc

Base

Metal

36

9/2024

USD

2,631,159

2,151

LME

Zinc

Base

Metal

39

9/2024

USD

2,863,331

11,933

LME

Zinc

Base

Metal

41

9/2024

USD

3,003,219

151,547

LME

Zinc

Base

Metal

51

9/2024

USD

3,742,724

44,387

LME

Zinc

Base

Metal

52

9/2024

USD

3,802,786

45,394

LME

Zinc

Base

Metal

54

9/2024

USD

3,962,547

166,186

Long

Gilt

94

9/2024

GBP

11,597,359

(53,805)

MSCI

EAFE

E-Mini

Index

314

9/2024

USD

36,788,240

177,479

MSCI

Emerging

Markets

E-Mini

Index

1,014

9/2024

USD

55,171,740

98,133

Phelix

De

Base

Electricity

1

9/2024

EUR

219,705

(18,976)

Robusta

Coffee

110

9/2024

USD

4,412,100

(103,658)

Silver

26

9/2024

USD

3,842,800

40,800

Aluminum

25

10/2024

USD

1,567,500

12,434

Platinum

317

10/2024

USD

16,073,485

478,281

Crude

Oil

189

11/2024

JPY

4,833,368

349,035

90-Day

Australian

Bank

Bill

689

12/2024

AUD

454,543,505

(254,514)

90-Day

New

Zealand

Bill

137

12/2024

NZD

82,370,245

158

Italian

Base

Electricity

1

12/2024

EUR

1,040,223

(50,422)

UK

Allowances

Carbon

Dioxide

Emissions

40

12/2024

GBP

2,339,091

26,942

3

Month

CORRA

1,296

3/2025

CAD

226,779,869

(314,646)

3

Month

Euro

Euribor

195

3/2025

EUR

50,595,560

(14,661)

3

Month

SARON

555

3/2025

CHF

152,980,967

194,375

3

Month

SONIA

779

3/2025

GBP

234,551,306

133,567

90-Day

Australian

Bank

Bill

519

3/2025

AUD

342,442,088

(212,153)

90-Day

New

Zealand

Bill

111

3/2025

NZD

66,783,449

(1,941)

3

Month

CORRA

715

6/2025

CAD

125,414,413

(218,589)

3

Month

Euro

Euribor

367

6/2025

EUR

95,380,654

(52,639)

3

Month

SARON

251

6/2025

CHF

69,227,893

96,875

3

Month

SONIA

150

6/2025

GBP

45,268,211

(3,694)

90-Day

Australian

Bank

Bill

546

6/2025

AUD

360,336,085

(160,003)

3

Month

Euro

Euribor

99

9/2025

EUR

25,761,194

(10,259)

3

Month

SARON

461

9/2025

CHF

127,198,954

223,127

3

Month

SONIA

144

9/2025

GBP

43,548,498

2,628

90-Day

Australian

Bank

Bill

11

9/2025

AUD

7,261,289

(4,095)

3

Month

Euro

Euribor

142

12/2025

EUR

36,984,616

(26,282)

3

Month

SARON

150

12/2025

CHF

41,398,381

59,760

136

AQR

Funds

|

Semi-Annual

Report

|

June

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

MANAGED

FUTURES

STRATEGY

FUND

Consolidated

Schedule

of

Investments

June

30,

2024

(Unaudited)

(Continued)

DESCRIPTION

NUMBER

OF

CONTRACTS

EXPIRATION

DATE

TRADING

CURRENCY

NOTIONAL

AMOUNT

VALUE

AND

UNREALIZED

APPRECIATION

(DEPRECIATION)

Long

Contracts

(continued)

3

Month

SONIA

37

12/2025

GBP

$

11,208,253

$

(10,247)

3

Month

Euro

Euribor

138

3/2026

EUR

35,961,269

(30,765)

3

Month

SONIA

53

3/2026

GBP

16,077,677

(21,470)

3

Month

Euro

Euribor

177

6/2026

EUR

46,140,823

(42,444)

3

Month

SONIA

67

6/2026

GBP

20,345,784

(29,480)

3

Month

SONIA

65

9/2026

GBP

19,756,935

(30,028)

Total

of

long

contracts

(18,867,026)

Short

Contracts

IFSC

NIFTY

50

Index

(13)

7/2024

USD

(627,627)

(10,801)

LME

Aluminum

Base

Metal

(2)

7/2024

USD

(124,609)

(2,488)

LME

Aluminum

Base

Metal

(32)

7/2024

USD

(1,999,072)

53,121

LME

Aluminum

Base

Metal

(58)

7/2024

USD

(3,607,339)

(172,752)

LME

Aluminum

Base

Metal

(86)

7/2024

USD

(5,354,618)

350,213

LME

Aluminum

Base

Metal

(89)

7/2024

USD

(5,540,962)

(96,605)

LME

Aluminum

Base

Metal

(96)

7/2024

USD

(5,986,080)

256,730

LME

Aluminum

Base

Metal

(97)

7/2024

USD

(6,044,507)

425,070

LME

Aluminum

Base

Metal

(101)

7/2024

USD

(6,300,203)

264,495

LME

Copper

Base

Metal

(1)

7/2024

USD

(237,744)

12,985

LME

Copper

Base

Metal

(3)

7/2024

USD

(709,199)

(33,308)

LME

Copper

Base

Metal

(3)

7/2024

USD

(713,378)

43,908

LME

Copper

Base

Metal

(6)

7/2024

USD

(1,423,157)

(2,710)

LME

Copper

Base

Metal

(13)

7/2024

USD

(3,088,108)

129,390

LME

Copper

Base

Metal

(18)

7/2024

USD

(4,262,976)

(23,956)

LME

Copper

Base

Metal

(21)

7/2024

USD

(4,982,229)

180,353

LME

Copper

Base

Metal

(35)

7/2024

USD

(8,308,930)

360,278

LME

Copper

Base

Metal

(56)

7/2024

USD

(13,248,592)

(198,827)

LME

Lead

Base

Metal

(2)

7/2024

USD

(109,367)

(697)

LME

Lead

Base

Metal

(2)

7/2024

USD

(109,457)

(212)

LME

Lead

Base

Metal

(3)

7/2024

USD

(164,524)

918

LME

Lead

Base

Metal

(3)

7/2024

USD

(163,848)

(1,631)

LME

Lead

Base

Metal

(3)

7/2024

USD

(164,118)

(1,001)

LME

Lead

Base

Metal

(4)

7/2024

USD

(218,284)

(4,544)

LME

Nickel

Base

Metal

(2)

7/2024

USD

(205,359)

24,675

LME

Nickel

Base

Metal

(2)

7/2024

USD

(205,329)

26,265

LME

Nickel

Base

Metal

(7)

7/2024

USD

(717,916)

35,543

LME

Nickel

Base

Metal

(10)

7/2024

USD

(1,024,670)

67,300

LME

Nickel

Base

Metal

(10)

7/2024

USD

(1,026,044)

113,626

LME

Nickel

Base

Metal

(25)

7/2024

USD

(2,558,136)

98,289

LME

Nickel

Base

Metal

(25)

7/2024

USD

(2,563,911)

102,204

LME

Nickel

Base

Metal

(56)

7/2024

USD

(5,735,601)

297,952

LME

Zinc

Base

Metal

(6)

7/2024

USD

(431,781)

(57,707)

LME

Zinc

Base

Metal

(9)

7/2024

USD

(651,533)

(11,209)

LME

Zinc

Base

Metal

(11)

7/2024

USD

(797,330)

7,288

LME

Zinc

Base

Metal

(18)

7/2024

USD

(1,298,745)

(67,374)

LME

Zinc

Base

Metal

(22)

7/2024

USD

(1,590,149)

(23,265)

LME

Zinc

Base

Metal

(33)

7/2024

USD

(2,391,370)

(17,322)

LME

Zinc

Base

Metal

(49)

7/2024

USD

(3,529,127)

(296,805)

LME

Zinc

Base

Metal

(55)

7/2024

USD

(3,965,638)

(228,552)

LME

Zinc

Base

Metal

(83)

7/2024

USD

(5,996,128)

(358,029)

NY

Harbor

ULSD

(1,038)

7/2024

USD

(110,433,028)

(3,671,844)

Rapeseed

(78)

7/2024

EUR

(1,993,332)

(60,874)

RBOB

Gasoline

(924)

7/2024

USD

(97,078,212)

(3,427,713)

WTI

Crude

Oil

(339)

7/2024

USD

(27,642,060)

(796,161)

CBOE

Volatility

Index

(251)

8/2024

USD

(3,749,990)

12,210

Feeder

Cattle

(18)

8/2024

USD

(2,333,700)

2,031

French

Base

Electricity

(7)

8/2024

EUR

(288,971)

(58,861)

Consolidated

Schedule

of

Investments

June

30,

2024

(Unaudited)

AQR

MANAGED

FUTURES

STRATEGY

FUND

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

Funds

|

Semi-Annual

Report

|

June

2024

137

(Continued)

DESCRIPTION

NUMBER

OF

CONTRACTS

EXPIRATION

DATE

TRADING

CURRENCY

NOTIONAL

AMOUNT

VALUE

AND

UNREALIZED

APPRECIATION

(DEPRECIATION)

Short

Contracts

(continued)

Lean

Hogs

(603)

8/2024

USD

$

(21,587,400)

$

203,639

LME

Aluminum

Base

Metal

(34)

8/2024

USD

(2,137,835)

162,913

LME

Aluminum

Base

Metal

(49)

8/2024

USD

(3,067,118)

56,268

LME

Aluminum

Base

Metal

(50)

8/2024

USD

(3,128,825)

75,288

LME

Aluminum

Base

Metal

(82)

8/2024

USD

(5,139,432)

146,403

LME

Aluminum

Base

Metal

(106)

8/2024

USD

(6,644,796)

257,348

LME

Aluminum

Base

Metal

(115)

8/2024

USD

(7,228,871)

683,935

LME

Aluminum

Base

Metal

(140)

8/2024

USD

(8,780,380)

345,736

LME

Copper

Base

Metal

(2)

8/2024

USD

(475,782)

19,741

LME

Copper

Base

Metal

(10)

8/2024

USD

(2,382,845)

85,716

LME

Copper

Base

Metal

(13)

8/2024

USD

(3,102,626)

343,965

LME

Copper

Base

Metal

(17)

8/2024

USD

(4,049,166)

188,039

LME

Copper

Base

Metal

(21)

8/2024

USD

(5,009,666)

398,654

LME

Copper

Base

Metal

(42)

8/2024

USD

(10,041,192)

586,311

LME

Copper

Base

Metal

(79)

8/2024

USD

(18,848,451)

1,915,404

LME

Lead

Base

Metal

(1)

8/2024

USD

(55,230)

1,809

LME

Lead

Base

Metal

(2)

8/2024

USD

(110,245)

697

LME

Lead

Base

Metal

(3)

8/2024

USD

(166,632)

5,198

LME

Lead

Base

Metal

(5)

8/2024

USD

(276,844)

7,939

LME

Lead

Base

Metal

(11)

8/2024

USD

(607,329)

11,891

LME

Nickel

Base

Metal

(7)

8/2024

USD

(722,973)

120,374

LME

Nickel

Base

Metal

(21)

8/2024

USD

(2,159,670)

252,416

LME

Nickel

Base

Metal

(29)

8/2024

USD

(2,994,566)

587,137

LME

Nickel

Base

Metal

(35)

8/2024

USD

(3,606,263)

438,343

LME

Nickel

Base

Metal

(37)

8/2024

USD

(3,806,934)

374,314

LME

Nickel

Base

Metal

(49)

8/2024

USD

(5,053,637)

873,264

LME

Zinc

Base

Metal

(10)

8/2024

USD

(729,998)

29,700

LME

Zinc

Base

Metal

(17)

8/2024

USD

(1,235,479)

(13,018)

LME

Zinc

Base

Metal

(25)

8/2024

USD

(1,815,863)

6,576

LME

Zinc

Base

Metal

(30)

8/2024

USD

(2,175,660)

(30,750)

LME

Zinc

Base

Metal

(39)

8/2024

USD

(2,839,181)

113,490

LME

Zinc

Base

Metal

(44)

8/2024

USD

(3,203,959)

63,459

LME

Zinc

Base

Metal

(82)

8/2024

USD

(5,975,853)

275,636

SGX

Iron

Ore

(272)

8/2024

USD

(2,892,720)

(63,410)

Australia

3

Year

Bond

(17)

9/2024

AUD

(1,193,989)

6,103

Canada

10

Year

Bond

(217)

9/2024

CAD

(19,048,668)

(99,644)

CBOE

Volatility

Index

(249)

9/2024

USD

(3,936,117)

121,943

Copper

(719)

9/2024

USD

(78,937,213)

(98,477)

Corn

(211)

9/2024

USD

(4,299,125)

528,077

Crude

Palm

Oil

(345)

9/2024

MYR

(7,159,618)

(9,234)

DAX

Index

(95)

9/2024

EUR

(46,808,145)

(252,128)

DJIA

CBOT

E-Mini

Index

(305)

9/2024

USD

(60,190,225)

(22,451)

Euro-Bobl

(258)

9/2024

EUR

(32,167,440)

(101,639)

Euro-Bund

(213)

9/2024

EUR

(30,003,617)

(265,364)

Euro-Buxl

(28)

9/2024

EUR

(3,895,859)

(6,364)

Euro-OAT

(240)

9/2024

EUR

(31,635,006)

250,064

Euro-Schatz

(606)

9/2024

EUR

(68,608,580)

(327,078)

French

Base

Electricity

(4)

9/2024

EUR

(840,780)

(12,232)

FTSE/JSE

Top

40

Index

(76)

9/2024

ZAR

(3,080,394)

(64,397)

Japan

10

Year

Bond

(66)

9/2024

JPY

(58,505,314)

108,771

KC

HRW

Wheat

(398)

9/2024

USD

(11,666,375)

1,296,984

LME

Aluminum

Base

Metal

(1)

9/2024

USD

(63,044)

503

LME

Aluminum

Base

Metal

(2)

9/2024

USD

(126,106)

339

LME

Aluminum

Base

Metal

(15)

9/2024

USD

(946,335)

41,033

LME

Aluminum

Base

Metal

(18)

9/2024

USD

(1,135,800)

(10,854)

LME

Aluminum

Base

Metal

(19)

9/2024

USD

(1,196,729)

49,563

138

AQR

Funds

|

Semi-Annual

Report

|

June

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

MANAGED

FUTURES

STRATEGY

FUND

Consolidated

Schedule

of

Investments

June

30,

2024

(Unaudited)

(Continued)

DESCRIPTION

NUMBER

OF

CONTRACTS

EXPIRATION

DATE

TRADING

CURRENCY

NOTIONAL

AMOUNT

VALUE

AND

UNREALIZED

APPRECIATION

(DEPRECIATION)

Short

Contracts

(continued)

LME

Aluminum

Base

Metal

(46)

9/2024

USD

$

(2,900,818)

$

44,195

LME

Aluminum

Base

Metal

(54)

9/2024

USD

(3,399,881)

172,458

LME

Aluminum

Base

Metal

(142)

9/2024

USD

(8,959,526)

(74,300)

LME

Copper

Base

Metal

(4)

9/2024

USD

(958,433)

29,141

LME

Copper

Base

Metal

(9)

9/2024

USD

(2,156,076)

60,964

LME

Copper

Base

Metal

(18)

9/2024

USD

(4,311,356)

71,887

LME

Copper

Base

Metal

(26)

9/2024

USD

(6,221,014)

306,979

LME

Copper

Base

Metal

(39)

9/2024

USD

(9,328,634)

428,071

LME

Copper

Base

Metal

(43)

9/2024

USD

(10,310,755)

54,697

LME

Copper

Base

Metal

(66)

9/2024

USD

(15,835,628)

(52,771)

LME

Copper

Base

Metal

(223)

9/2024

USD

(53,476,236)

762,165

LME

Lead

Base

Metal

(1)

9/2024

USD

(55,697)

50

LME

Lead

Base

Metal

(1)

9/2024

USD

(55,554)

(956)

LME

Lead

Base

Metal

(2)

9/2024

USD

(111,394)

1,988

LME

Lead

Base

Metal

(4)

9/2024

USD

(222,891)

(8,502)

LME

Lead

Base

Metal

(5)

9/2024

USD

(278,390)

(6,085)

LME

Lead

Base

Metal

(6)

9/2024

USD

(333,600)

(3,004)

LME

Lead

Base

Metal

(7)

9/2024

USD

(389,060)

(4,345)

LME

Lead

Base

Metal

(19)

9/2024

USD

(1,058,799)

(14,342)

LME

Nickel

Base

Metal

(12)

9/2024

USD

(1,242,523)

34,542

LME

Nickel

Base

Metal

(14)

9/2024

USD

(1,449,106)

50,002

LME

Nickel

Base

Metal

(27)

9/2024

USD

(2,797,944)

23,424

LME

Nickel

Base

Metal

(29)

9/2024

USD

(2,997,261)

349,043

LME

Nickel

Base

Metal

(30)

9/2024

USD

(3,102,055)

197,557

LME

Nickel

Base

Metal

(37)

9/2024

USD

(3,830,446)

155,382

LME

Nickel

Base

Metal

(47)

9/2024

USD

(4,875,216)

(27,950)

LME

Nickel

Base

Metal

(340)

9/2024

USD

(35,236,430)

2,614,312

LME

Zinc

Base

Metal

(5)

9/2024

USD

(366,340)

(11,815)

LME

Zinc

Base

Metal

(36)

9/2024

USD

(2,631,159)

4,430

LME

Zinc

Base

Metal

(39)

9/2024

USD

(2,863,331)

(6,698)

LME

Zinc

Base

Metal

(41)

9/2024

USD

(3,003,219)

(141,492)

LME

Zinc

Base

Metal

(52)

9/2024

USD

(3,802,786)

(60,248)

LME

Zinc

Base

Metal

(54)

9/2024

USD

(3,962,547)

(175,350)

LME

Zinc

Base

Metal

(348)

9/2024

USD

(25,538,589)

82,062

NASDAQ

100

E-Mini

Index

(66)

9/2024

USD

(26,303,970)

(149,441)

Nikkei

225

Index

(206)

9/2024

JPY

(50,677,357)

(746,506)

Palladium

(171)

9/2024

USD

(16,722,090)

(388,248)

Red

Wheat

(211)

9/2024

USD

(6,467,150)

609,763

Russell

2000

E-Mini

Index

(369)

9/2024

USD

(38,099,250)

(278,883)

S&P

500

E-Mini

Index

(39)

9/2024

USD

(10,766,925)

(17,764)

S&P

Midcap

400

E-Mini

Index

(233)

9/2024

USD

(68,923,730)

164,940

S&P/TSX

60

Index

(121)

9/2024

CAD

(23,181,974)

(167,717)

SPI

200

Index

(343)

9/2024

AUD

(44,458,813)

167,569

Sugar

No.

11

(2,377)

9/2024

USD

(54,043,472)

(3,436,310)

TOPIX

Index

(85)

9/2024

JPY

(14,848,188)

(164,675)

U.S.

Treasury

10

Year

Note

(440)

9/2024

USD

(48,338,125)

(322,405)

U.S.

Treasury

2

Year

Note

(1,735)

9/2024

USD

(354,333,085)

(397,321)

U.S.

Treasury

5

Year

Note

(1,146)

9/2024

USD

(122,075,860)

(552,647)

U.S.

Treasury

Long

Bond

(188)

9/2024

USD

(22,160,500)

(157,792)

U.S.

Treasury

Ultra

Bond

(250)

9/2024

USD

(31,132,813)

(163,576)

Wheat

(159)

9/2024

USD

(4,559,325)

521,661

White

Sugar

(55)

9/2024

USD

(1,579,325)

(47,707)

CBOE

Volatility

Index

(244)

10/2024

USD

(4,435,310)

(37,802)

Canola

(926)

11/2024

CAD

(8,489,377)

85,046

CBOE

Volatility

Index

(106)

11/2024

USD

(1,836,450)

(1,188)

Soybean

(1,615)

11/2024

USD

(89,148,000)

3,637,722

Consolidated

Schedule

of

Investments

June

30,

2024

(Unaudited)

AQR

MANAGED

FUTURES

STRATEGY

FUND

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

Funds

|

Semi-Annual

Report

|

June

2024

139

(Continued)

DESCRIPTION

NUMBER

OF

CONTRACTS

EXPIRATION

DATE

TRADING

CURRENCY

NOTIONAL

AMOUNT

VALUE

AND

UNREALIZED

APPRECIATION

(DEPRECIATION)

Short

Contracts

(continued)

3

Month

Euro

Euribor

(398)

12/2024

EUR

$

(103,048,389)

$

(14,482)

Cotton

No.

2

(458)

12/2024

USD

(16,646,010)

36,497

ECX

Emission

(11)

12/2024

EUR

(794,827)

30,079

French

Base

Electricity

(2)

12/2024

EUR

(1,402,350)

(143,593)

Milling

Wheat

No.

2

(239)

12/2024

EUR

(2,962,703)

12,401

Phelix

De

Base

Electricity

(1)

12/2024

EUR

(856,252)

(9,144)

Soybean

Meal

(431)

12/2024

USD

(14,460,050)

579,016

Soybean

Oil

(1,257)

12/2024

USD

(33,026,418)

290,091

3

Month

SOFR

(1,176)

3/2025

USD

(279,726,300)

(202,495)

3

Month

SOFR

(691)

6/2025

USD

(164,872,600)

(108,529)

90-Day

New

Zealand

Bill

(25)

6/2025

NZD

(15,050,482)

(2,255)

3

Month

CORRA

(5)

9/2025

CAD

(879,034)

(1,936)

3

Month

SOFR

(282)

9/2025

USD

(67,461,450)

(121,482)

3

Month

CORRA

(130)

12/2025

CAD

(22,898,834)

(14,423)

3

Month

SOFR

(330)

12/2025

USD

(79,101,000)

111,888

3

Month

SOFR

(309)

3/2026

USD

(74,179,313)

43,039

3

Month

SOFR

(277)

6/2026

USD

(66,566,563)

3,025

3

Month

SOFR

(237)

9/2026

USD

(56,995,538)

(105,872)

Total

of

short

contracts

6,291,574

Net

value

$

(12,575,452)

Forward

foreign

currency

exchange

contracts

outstanding

as

of

June

30,

2024:

Over-the-Counter

CURRENCY

PURCHASED

CURRENCY

SOLD

COUNTERPARTY

SETTLEMENT

DATE

UNREALIZED

APPRECIATION

(DEPRECIATION)

AUD

34,179,000

USD

22,796,514

CITI

9/18/2024

$

51,239

AUD

34,179,000

USD

22,796,400

JPMC

9/18/2024

51,353

CAD

33,354,999

USD

24,399,820

CITI

9/18/2024

27,702

CAD

33,354,997

USD

24,399,696

JPMC

9/18/2024

27,823

HUF

2,665,000,000

USD

7,167,152

CITI

9/18/2024

38,608

HUF

2,665,000,000

USD

7,167,116

JPMC

9/18/2024

38,644

INR

3,129,220,984

USD

37,418,735

CITI

**

9/18/2024

17,521

INR

2,004,220,984

USD

23,962,541

JPMC

**

9/18/2024

14,842

NOK

43,500,000

USD

4,071,148

CITI

9/18/2024

11,071

NOK

43,500,000

USD

4,071,128

JPMC

9/18/2024

11,091

NZD

58,400,500

USD

35,487,214

CITI

9/18/2024

84,110

NZD

58,400,500

USD

35,487,037

JPMC

9/18/2024

84,287

PLN

6,510,000

USD

1,613,816

CITI

9/18/2024

1,769

PLN

6,510,000

USD

1,613,808

JPMC

9/18/2024

1,777

SEK

226,015,092

USD

21,403,823

CITI

9/18/2024

7,514

SEK

226,015,092

USD

21,403,716

JPMC

9/18/2024

7,621

TWD

150,000,000

USD

4,620,179

CITI

**

9/18/2024

7,668

TWD

150,000,000

USD

4,620,156

JPMC

**

9/18/2024

7,691

USD

13,997,838

AUD

20,895,000

CITI

9/18/2024

30,087

USD

13,997,908

AUD

20,895,000

JPMC

9/18/2024

30,157

USD

35,563,466

BRL

191,459,500

CITI

**

9/18/2024

1,618,397

USD

35,563,643

BRL

191,459,500

JPMC

**

9/18/2024

1,618,575

USD

1,702,424

CAD

2,323,500

CITI

9/18/2024

809

USD

1,702,432

CAD

2,323,500

JPMC

9/18/2024

818

USD

10,413,471

CHF

9,188,078

CITI

9/18/2024

88,157

USD

10,413,523

CHF

9,188,078

JPMC

9/18/2024

88,209

USD

2,747,835

CZK

64,000,000

CITI

9/18/2024

6,930

140

AQR

Funds

|

Semi-Annual

Report

|

June

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

MANAGED

FUTURES

STRATEGY

FUND

Consolidated

Schedule

of

Investments

June

30,

2024

(Unaudited)

(Continued)

CURRENCY

PURCHASED

CURRENCY

SOLD

COUNTERPARTY

SETTLEMENT

DATE

UNREALIZED

APPRECIATION

(DEPRECIATION)

USD

2,747,849

CZK

64,000,000

JPMC

9/18/2024

$

6,943

USD

298,370,853

EUR

276,256,500

CITI

9/18/2024

1,375,778

USD

298,372,345

EUR

276,256,500

JPMC

9/18/2024

1,377,271

USD

33,909,345

GBP

26,749,500

CITI

9/18/2024

75,422

USD

33,909,515

GBP

26,749,500

JPMC

9/18/2024

75,592

USD

23,688,486

IDR

385,000,451,644

CITI

**

9/18/2024

190,369

USD

23,687,496

IDR

385,000,451,644

JPMC

**

9/18/2024

189,379

USD

5,757,511

ILS

21,130,000

CITI

9/18/2024

143,561

USD

5,757,540

ILS

21,130,000

JPMC

9/18/2024

143,590

USD

318,716,438

JPY

49,243,251,421

CITI

9/18/2024

8,907,594

USD

318,718,032

JPY

49,243,251,421

JPMC

9/18/2024

8,909,188

USD

19,704,674

MXN

357,000,000

CITI

9/18/2024

431,286

USD

19,704,773

MXN

357,000,000

JPMC

9/18/2024

431,384

USD

5,480,485

NOK

58,311,771

CITI

9/18/2024

8,268

USD

5,480,512

NOK

58,311,771

JPMC

9/18/2024

8,296

USD

54,864,899

NZD

89,543,999

CITI

9/18/2024

324,294

USD

54,865,173

NZD

89,543,999

JPMC

9/18/2024

324,568

USD

20,126,385

PEN

76,534,000

CITI

**

9/18/2024

214,997

USD

20,126,486

PEN

76,534,000

JPMC

**

9/18/2024

215,098

USD

4,759,691

PHP

277,594,137

CITI

**

9/18/2024

12,495

USD

4,759,715

PHP

277,594,137

JPMC

**

9/18/2024

12,520

USD

32,569,364

PLN

128,853,000

CITI

9/18/2024

591,945

USD

32,569,527

PLN

128,853,000

JPMC

9/18/2024

592,108

USD

75,657,388

SGD

101,427,153

CITI

9/18/2024

577,298

USD

75,657,768

SGD

101,427,154

JPMC

9/18/2024

577,676

USD

58,553,928

THB

2,123,714,286

CITI

9/18/2024

308,462

USD

58,554,221

THB

2,123,714,286

JPMC

9/18/2024

308,755

USD

3,992,446

TWD

128,504,388

CITI

**

9/18/2024

27,788

USD

3,992,412

TWD

128,504,388

JPMC

**

9/18/2024

27,754

ZAR

487,158,304

USD

26,135,864

CITI

9/18/2024

478,881

ZAR

487,158,304

USD

26,135,733

JPMC

9/18/2024

479,012

USD

82,859,754

CNY

596,730,249

CITI

**

9/19/2024

612,524

USD

82,860,168

CNY

596,730,249

JPMC

**

9/19/2024

612,938

USD

15,619,447

KRW

21,350,000,000

CITI

**

9/19/2024

81,494

USD

15,619,525

KRW

21,350,000,000

JPMC

**

9/19/2024

81,571

USD

5,714,046

CLP

5,201,418,017

CITI

**

9/23/2024

189,833

USD

5,714,074

CLP

5,201,418,017

JPMC

**

9/23/2024

189,862

Total

unrealized

appreciation

33,090,264

BRL

3,598,173

USD

683,508

CITI

**

9/18/2024

(45,565)

BRL

3,598,173

USD

683,504

JPMC

**

9/18/2024

(45,561)

CAD

2,239,491

USD

1,643,893

CITI

9/18/2024

(3,803)

CAD

2,239,492

USD

1,643,885

JPMC

9/18/2024

(3,794)

CHF

12,573,500

USD

14,228,622

CITI

9/18/2024

(98,863)

CHF

12,573,500

USD

14,228,551

JPMC

9/18/2024

(98,792)

COP

46,908,711,188

USD

11,868,427

CITI

**

9/18/2024

(707,109)

COP

46,908,711,188

USD

11,868,368

JPMC

**

9/18/2024

(707,050)

CZK

321,433,500

USD

14,147,355

CITI

9/18/2024

(381,435)

CZK

321,433,500

USD

14,147,284

JPMC

9/18/2024

(381,364)

EUR

14,119,020

USD

15,372,532

CITI

9/18/2024

(193,597)

EUR

14,119,020

USD

15,372,455

JPMC

9/18/2024

(193,521)

GBP

137,252,500

USD

174,675,837

CITI

9/18/2024

(1,072,946)

GBP

137,252,500

USD

174,674,964

JPMC

9/18/2024

(1,072,072)

HUF

7,575,415,141

USD

20,996,221

CITI

9/18/2024

(513,435)

HUF

7,575,415,141

USD

20,996,116

JPMC

9/18/2024

(513,330)

ILS

13,553,750

USD

3,625,997

CITI

9/18/2024

(24,953)

ILS

13,553,750

USD

3,625,979

JPMC

9/18/2024

(24,935)

INR

3,246,370,164

USD

38,910,476

CITI

**

9/18/2024

(72,711)

INR

4,371,370,164

USD

52,370,829

JPMC

**

9/18/2024

(74,191)

Consolidated

Schedule

of

Investments

June

30,

2024

(Unaudited)

AQR

MANAGED

FUTURES

STRATEGY

FUND

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

Funds

|

Semi-Annual

Report

|

June

2024

141

(Continued)

CURRENCY

PURCHASED

CURRENCY

SOLD

COUNTERPARTY

SETTLEMENT

DATE

UNREALIZED

APPRECIATION

(DEPRECIATION)

JPY

7,095,000,000

USD

45,749,754

CITI

9/18/2024

$

(1,112,292)

JPY

7,095,000,000

USD

45,749,525

JPMC

9/18/2024

(1,112,063)

MXN

373,556,124

USD

21,600,683

CITI

9/18/2024

(1,433,477)

MXN

373,556,124

USD

21,600,575

JPMC

9/18/2024

(1,433,369)

NOK

1,100,032,877

USD

104,378,413

CITI

9/18/2024

(1,146,811)

NOK

1,100,032,877

USD

104,377,892

JPMC

9/18/2024

(1,146,288)

NZD

165,634,500

USD

102,344,460

CITI

9/18/2024

(1,457,679)

NZD

165,634,500

USD

102,343,949

JPMC

9/18/2024

(1,457,167)

PEN

19,319,114

USD

5,159,799

CITI

**

9/18/2024

(133,662)

PEN

19,319,114

USD

5,159,773

JPMC

**

9/18/2024

(133,636)

PLN

308,915,649

USD

78,199,025

CITI

9/18/2024

(1,535,502)

PLN

308,915,649

USD

78,198,634

JPMC

9/18/2024

(1,535,111)

SEK

847,984,908

USD

81,347,303

CITI

9/18/2024

(1,014,211)

SEK

847,984,908

USD

81,346,896

JPMC

9/18/2024

(1,013,805)

TWD

743,500,000

USD

23,086,061

CITI

**

9/18/2024

(147,367)

TWD

743,500,000

USD

23,085,946

JPMC

**

9/18/2024

(147,252)

USD

136,948,239

AUD

206,487,956

CITI

9/18/2024

(1,083,467)

USD

136,948,924

AUD

206,487,956

JPMC

9/18/2024

(1,082,783)

USD

22,820,276

CAD

31,316,000

CITI

9/18/2024

(113,985)

USD

22,820,390

CAD

31,316,000

JPMC

9/18/2024

(113,872)

USD

38,931,950

CHF

34,984,576

CITI

9/18/2024

(382,768)

USD

38,932,145

CHF

34,984,576

JPMC

9/18/2024

(382,574)

USD

141,672,311

EUR

131,947,000

CITI

9/18/2024

(179,951)

USD

141,673,019

EUR

131,947,000

JPMC

9/18/2024

(179,243)

USD

47,461,472

INR

3,975,000,000

CITI

**

9/18/2024

(93,214)

USD

47,461,709

INR

3,975,000,000

JPMC

**

9/18/2024

(92,977)

USD

7,908,335

MXN

147,000,000

CITI

9/18/2024

(27,766)

USD

7,908,375

MXN

147,000,000

JPMC

9/18/2024

(27,726)

USD

5,451,933

NOK

58,188,229

CITI

9/18/2024

(8,689)

USD

5,451,960

NOK

58,188,229

JPMC

9/18/2024

(8,662)

USD

40,218,860

PHP

2,363,158,959

CITI

**

9/18/2024

(194,015)

USD

40,219,061

PHP

2,363,158,959

JPMC

**

9/18/2024

(193,815)

USD

16,765,934

PLN

67,753,500

CITI

9/18/2024

(48,435)

USD

16,766,018

PLN

67,753,500

JPMC

9/18/2024

(48,351)

USD

2,500,839

SGD

3,381,501

CITI

9/18/2024

(2,272)

USD

2,500,850

SGD

3,381,499

JPMC

9/18/2024

(2,259)

USD

35,952,987

THB

1,316,285,714

CITI

9/18/2024

(147,761)

USD

35,953,167

THB

1,316,285,714

JPMC

9/18/2024

(147,581)

USD

28,268,220

ZAR

535,000,000

CITI

9/18/2024

(960,243)

USD

28,268,362

ZAR

535,000,000

JPMC

9/18/2024

(960,102)

KRW

1,376,685,315

USD

1,008,785

CITI

**

9/19/2024

(6,871)

KRW

1,376,685,315

USD

1,008,780

JPMC

**

9/19/2024

(6,866)

USD

2,443,787

CNY

17,732,000

CITI

**

9/19/2024

(212)

USD

2,443,799

CNY

17,732,000

JPMC

**

9/19/2024

(200)

USD

19,039,984

KRW

26,350,000,000

CITI

**

9/19/2024

(136,835)

USD

19,040,079

KRW

26,350,000,000

JPMC

**

9/19/2024

(136,739)

CLP

2,250,000,000

USD

2,488,671

CITI

**

9/23/2024

(99,039)

CLP

2,250,000,000

USD

2,488,659

JPMC

**

9/23/2024

(99,026)

Total

unrealized

depreciation

(29,157,018)

Net

unrealized

appreciation

$

3,933,246

**

Non-deliverable

forward

foreign

currency

exchange

contracts.

142

AQR

Funds

|

Semi-Annual

Report

|

June

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

MANAGED

FUTURES

STRATEGY

FUND

Consolidated

Schedule

of

Investments

June

30,

2024

(Unaudited)

(Continued)

Total

return

basket

swap

contracts

outstanding

as

of

June

30,

2024:

Over-the-Counter

COUNTERPARTY

DESCRIPTION

TERMINATION

DATE

ABSOLUTE

NOTIONAL

VALUE

NET

UNREALIZED

APPRECIATION

(DEPRECIATION)

NET

CASH

AND

OTHER

RECEIVABLES

(PAYABLES)

VALUE

MLIN

The

Fund

receives

the

total

return

on

a

portfolio

of

long

and

short

equity

positions

and

pays

or

receives

the

HIBOR

plus

or

minus

a

specified

spread

(-2.45%

to

0.23%),

which

is

denominated

in

HKD

based

on

the

local

currencies

of

the

positions

within

the

swap.

24

months

maturity

ranging

from

01/27/2025

-

06/05/2026

$9,938,513

$36,761

$86,081

$122,842

MLIN

The

Fund

receives

the

total

return

on

a

portfolio

of

long

and

short

equity

positions

and

pays

or

receives

the

NIBOR

plus

or

minus

a

specified

spread

(-0.23%

to

0.23%),

which

is

denominated

in

NOK

based

on

the

local

currencies

of

the

positions

within

the

swap.

25

months

maturity

06/25/2026

$9,271,634

$155,212

$(140,956)

$14,256

MLIN

The

Fund

receives

the

total

return

on

a

portfolio

of

long

and

short

equity

positions

and

pays

or

receives

the

SORA

plus

or

minus

a

specified

spread

(-0.30%

to

0.23%),

which

is

denominated

in

SGD

based

on

the

local

currencies

of

the

positions

within

the

swap.

24

months

maturity

ranging

from

01/27/2025

-

06/05/2026

$7,656,033

$(88,074)

$179,526

$91,452

COUNTERPARTY

DESCRIPTION

TERMINATION

DATE

ABSOLUTE

NOTIONAL

VALUE

NET

UNREALIZED

APPRECIATION

(DEPRECIATION)

NET

CASH

AND

OTHER

RECEIVABLES

(PAYABLES)

VALUE

GSIN

The

Fund

receives

the

total

return

on

a

portfolio

of

long

and

short

equity

positions

and

pays

or

receives

the

TONAR

plus

or

minus

a

specified

spread

(-0.03%

to

0.01%),

which

is

denominated

in

JPY

based

on

the

local

currencies

of

the

positions

within

the

swap.

28-61

months

maturity

ranging

from

09/24/2026

-

06/07/2029

$239,587,678

$(1,750,760)

$164,314

$(1,586,446)

Consolidated

Schedule

of

Investments

June

30,

2024

(Unaudited)

AQR

MANAGED

FUTURES

STRATEGY

FUND

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

Funds

|

Semi-Annual

Report

|

June

2024

143

(Continued)

The

following

table

represents

disclosures

associated

with

a

subset

of

the

underlying

components

of

the

total

return

basket

swap

contract

as

of

period

end:

REFERENCE

ENTITY

SHARES

NOTIONAL

VALUE

($)

NET

UNREALIZED

APPRECIATION

(DEPRECIATION)

($)

PERCENTAGE

OF

SWAP

VALUE

(%)

Long

Positions

Common

Stocks

Japan

Asics

Corp.

111,200

1,714,501

94,951

(6.0)

Disco

Corp.

5,700

2,171,128

66,709

(4.2)

Hitachi

Ltd.

193,500

4,356,909

231,699

(14.6)

Hoya

Corp.

16,600

1,941,193

(22,248)

1.4

Idemitsu

Kosan

Co.

Ltd.

229,200

1,489,700

(41,007)

2.6

Inpex

Corp.

113,300

1,663,865

11,794

(0.7)

JFE

Holdings,

Inc.

148,500

2,143,246

(11,938)

0.8

Kuraray

Co.

Ltd.

135,100

1,563,140

(1,228)

0.1

Kyushu

Electric

Power

Co.,

Inc.

234,300

2,417,021

(178,788)

11.3

Makita

Corp.

66,400

1,817,897

(33,907)

2.1

MS&AD

Insurance

Group

Holdings,

Inc.

91,800

2,049,528

238,520

(15.0)

Niterra

Co.

Ltd.

68,300

1,991,668

(88,873)

5.6

ORIX

Corp.

80,800

1,790,842

49,190

(3.1)

Ryohin

Keikaku

Co.

Ltd.

165,000

2,745,922

66,172

(4.2)

Santen

Pharmaceutical

Co.

Ltd.

217,100

2,221,040

35,062

(2.2)

SCREEN

Holdings

Co.

Ltd.

31,600

2,864,820

(108,789)

6.9

Sojitz

Corp.

60,100

1,468,079

(12,662)

0.8

Subaru

Corp.

71,700

1,524,726

(2,057)

0.1

Sumitomo

Mitsui

Financial

Group,

Inc.

39,900

2,678,285

107,811

(6.8)

Tokio

Marine

Holdings,

Inc.

56,100

2,108,185

160,080

(10.1)

Toyo

Suisan

Kaisha

Ltd.

37,500

2,233,584

(60,840)

3.8

Toyota

Tsusho

Corp.

81,300

1,588,856

19,013

(1.2)

Short

Positions

Common

Stocks

Japan

Advantest

Corp.

(73,300)

(2,970,552)

(534,053)

33.7

Aeon

Co.

Ltd.

(74,600)

(1,596,663)

42,413

(2.7)

Asahi

Intecc

Co.

Ltd.

(123,800)

(1,738,030)

9,436

(0.6)

Astellas

Pharma,

Inc.

(248,100)

(2,447,692)

(16,654)

1.0

Chugai

Pharmaceutical

Co.

Ltd.

(45,600)

(1,623,741)

(260,190)

16.4

Daikin

Industries

Ltd.

(17,100)

(2,380,589)

53,310

(3.4)

Eisai

Co.

Ltd.

(59,400)

(2,445,121)

91,996

(5.8)

FANUC

Corp.

(71,200)

(1,954,634)

(23,397)

1.5

Keyence

Corp.

(3,400)

(1,488,106)

4,268

(0.3)

Kobayashi

Pharmaceutical

Co.

Ltd.

(56,700)

(1,841,416)

125,410

(7.9)

Kose

Corp.

(24,700)

(1,568,059)

45,448

(2.9)

M3,

Inc.

(173,500)

(1,660,051)

13,050

(0.8)

Nippon

Telegraph

&

Telephone

Corp.

(3,547,200)

(3,354,245)

(20,684)

1.3

Nissan

Chemical

Corp.

(82,100)

(2,609,525)

(251,491)

15.9

Nitori

Holdings

Co.

Ltd.

(16,500)

(1,746,806)

7,389

(0.5)

NTT

Data

Group

Corp.

(185,800)

(2,744,830)

(2,695)

0.2

Olympus

Corp.

(113,300)

(1,828,926)

48,844

(3.1)

Omron

Corp.

(125,400)

(4,342,369)

(350,208)

22.1

Resona

Holdings,

Inc.

(216,600)

(1,440,854)

(30,646)

1.9

Rohm

Co.

Ltd.

(185,500)

(2,479,705)

(113,251)

7.1

Shin-Etsu

Chemical

Co.

Ltd.

(37,600)

(1,461,950)

(11,607)

0.7

Shiseido

Co.

Ltd.

(68,500)

(1,952,194)

207,245

(13.1)

SMC

Corp.

(7,800)

(3,716,365)

64,616

(4.1)

SUMCO

Corp.

(185,200)

(2,679,070)

75,505

(4.8)

Toyota

Motor

Corp.

(174,500)

(3,580,300)

(31,515)

2.0

144

AQR

Funds

|

Semi-Annual

Report

|

June

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

MANAGED

FUTURES

STRATEGY

FUND

Consolidated

Schedule

of

Investments

June

30,

2024

(Unaudited)

(Continued)

REFERENCE

ENTITY

SHARES

NOTIONAL

VALUE

($)

NET

UNREALIZED

APPRECIATION

(DEPRECIATION)

($)

PERCENTAGE

OF

SWAP

VALUE

(%)

Japan

(continued)

Yakult

Honsha

Co.

Ltd.

(80,400)

(1,440,480)

(25,272)

1.6

Yamaha

Corp.

(123,000)

(2,890,861)

(103,503)

6.5

Yaskawa

Electric

Corp.

(57,000)

(2,055,362)

66,771

(4.2)

COUNTERPARTY

DESCRIPTION

TERMINATION

DATE

ABSOLUTE

NOTIONAL

VALUE

NET

UNREALIZED

APPRECIATION

(DEPRECIATION)

NET

CASH

AND

OTHER

RECEIVABLES

(PAYABLES)

VALUE

GSIN

The

Fund

receives

the

total

return

on

a

portfolio

of

long

and

short

equity

positions

and

pays

or

receives

the

OBFR

plus

or

minus

a

specified

spread

(-0.35%

to

0.02%),

which

is

denominated

in

USD

based

on

the

local

currencies

of

the

positions

within

the

swap.

28-61

months

maturity

ranging

from

09/21/2026

-

06/06/2029

$936,017,367

$2,263,176

$(365,635)

$1,897,541

The

following

table

represents

disclosures

associated

with

a

subset

of

the

underlying

components

of

the

total

return

basket

swap

contract

as

of

period

end:

REFERENCE

ENTITY

SHARES

NOTIONAL

VALUE

($)

NET

UNREALIZED

APPRECIATION

(DEPRECIATION)

($)

PERCENTAGE

OF

SWAP

VALUE

(%)

Long

Positions

Common

Stocks

United

States

Allstate

Corp.

(The)

18,434

2,943,172

(76,501)

(4.0)

Alphabet,

Inc.

24,072

4,384,715

171,874

9.1

Amazon.com,

Inc.

15,928

3,078,086

98,594

5.2

Applied

Materials,

Inc.

10,709

2,527,217

83,851

4.4

Arista

Networks,

Inc.

9,325

3,268,226

493,293

26.0

Booking

Holdings,

Inc.

803

3,181,084

138,742

7.3

Chipotle

Mexican

Grill,

Inc.

42,550

2,665,758

2,230

0.1

Coca-Cola

Consolidated,

Inc.

2,707

2,937,095

192,089

10.1

Eli

Lilly

&

Co.

6,502

5,886,781

262,551

13.8

EMCOR

Group,

Inc.

6,794

2,480,354

(94,776)

(5.0)

Exxon

Mobil

Corp.

23,183

2,668,827

47,293

2.5

Fair

Isaac

Corp.

2,039

3,035,378

363,982

19.2

Flowserve

Corp.

52,739

2,536,746

12,657

0.7

General

Electric

Co.

26,311

4,182,660

(101,824)

(5.4)

Manhattan

Associates,

Inc.

13,069

3,223,861

332,606

17.5

McKesson

Corp.

7,045

4,114,562

(51,006)

(2.7)

Medpace

Holdings,

Inc.

9,223

3,798,493

56,906

3.0

Micron

Technology,

Inc.

19,749

2,597,586

(64,974)

(3.4)

Microsoft

Corp.

6,461

2,887,744

123,276

6.5

NetApp,

Inc.

23,598

3,039,422

139,110

7.3

NVIDIA

Corp.

48,750

6,022,575

85,313

4.5

ServiceNow,

Inc.

3,315

2,607,811

256,979

13.5

Stryker

Corp.

8,210

2,793,452

(65,023)

(3.4)

Texas

Roadhouse,

Inc.

15,091

2,591,276

29,578

1.6

Walmart,

Inc.

48,623

3,292,263

36,467

1.9

Westinghouse

Air

Brake

Technologies

Corp.

17,513

2,767,930

(99,649)

(5.3)

Consolidated

Schedule

of

Investments

June

30,

2024

(Unaudited)

AQR

MANAGED

FUTURES

STRATEGY

FUND

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

Funds

|

Semi-Annual

Report

|

June

2024

145

(Continued)

REFERENCE

ENTITY

SHARES

NOTIONAL

VALUE

($)

NET

UNREALIZED

APPRECIATION

(DEPRECIATION)

($)

PERCENTAGE

OF

SWAP

VALUE

(%)

Short

Positions

Common

Stocks

United

States

Accenture

plc

(9,777)

(2,966,440)

(126,905)

(6.7)

Air

Products

and

Chemicals,

Inc.

(11,892)

(3,068,731)

288,500

15.2

Brown-Forman

Corp.

(75,180)

(3,247,024)

(21,050)

(1.1)

Carrier

Global

Corp.

(64,601)

(4,075,031)

(34,885)

(1.8)

Cisco

Systems,

Inc.

(75,344)

(3,579,593)

(125,071)

(6.6)

Deere

&

Co.

(7,846)

(2,931,501)

(41,819)

(2.2)

Dollar

General

Corp.

(25,217)

(3,334,444)

(114,485)

(6.0)

HEICO

Corp.

(11,233)

(2,511,811)

12,356

0.7

Honeywell

International,

Inc.

(18,031)

(3,850,340)

(50,487)

(2.7)

Johnson

&

Johnson

(20,872)

(3,050,652)

20,246

1.1

Johnson

Controls

International

plc

(38,688)

(2,571,591)

167,132

8.8

Lowe's

Cos.,

Inc.

(13,061)

(2,879,428)

(30,824)

(1.6)

McDonald's

Corp.

(14,359)

(3,659,248)

(14,790)

(0.8)

Newmont

Corp.

(62,268)

(2,607,161)

(35,493)

(1.9)

RTX

Corp.

(37,022)

(3,716,639)

248,047

13.1

Southwest

Airlines

Co.

(92,314)

(2,641,104)

100,622

5.3

Starbucks

Corp.

(35,907)

(2,795,360)

134,651

7.1

Texas

Instruments,

Inc.

(16,878)

(3,283,277)

52,153

2.7

T-Mobile

US,

Inc.

(16,052)

(2,828,041)

72,395

3.8

Toro

Co.

(The)

(40,411)

(3,778,833)

121,233

6.4

Tractor

Supply

Co.

(13,082)

(3,532,140)

47,357

2.5

Verizon

Communications,

Inc.

(62,611)

(2,582,078)

(51,967)

(2.7)

Visa,

Inc.

(16,655)

(4,371,438)

209,353

11.0

Williams

Cos.,

Inc.

(The)

(76,796)

(3,263,830)

(79,868)

(4.2)

COUNTERPARTY

DESCRIPTION

TERMINATION

DATE

ABSOLUTE

NOTIONAL

VALUE

NET

UNREALIZED

APPRECIATION

(DEPRECIATION)

NET

CASH

AND

OTHER

RECEIVABLES

(PAYABLES)

VALUE

MLIN

The

Fund

receives

the

total

return

on

a

portfolio

of

long

and

short

equity

positions

and

pays

or

receives

the

BBR

plus

or

minus

a

specified

spread

(-1.25%

to

0.30%),

which

is

denominated

in

AUD

based

on

the

local

currencies

of

the

positions

within

the

swap.

24

months

maturity

ranging

from

01/28/2025

-

06/05/2026

$48,786,030

$71,490

$(15,847)

$55,643

The

following

table

represents

disclosures

associated

with

a

subset

of

the

underlying

components

of

the

total

return

basket

swap

contract

as

of

period

end:

REFERENCE

ENTITY

SHARES

NOTIONAL

VALUE

($)

NET

UNREALIZED

APPRECIATION

(DEPRECIATION)

($)

PERCENTAGE

OF

SWAP

VALUE

(%)

Long

Positions

Common

Stocks

Australia

AGL

Energy

Ltd.

48,821

351,779

4,925

8.9

ALS

Ltd.

40,817

380,149

(14,944)

(26.9)

Aristocrat

Leisure

Ltd.

53,974

1,787,378

(12,205)

(21.9)

BlueScope

Steel

Ltd.

114,351

1,552,274

28,891

51.9

Brambles

Ltd.

72,729

701,830

(2,159)

(3.9)

Cochlear

Ltd.

2,865

632,420

(3,087)

(5.5)

146

AQR

Funds

|

Semi-Annual

Report

|

June

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

MANAGED

FUTURES

STRATEGY

FUND

Consolidated

Schedule

of

Investments

June

30,

2024

(Unaudited)

(Continued)

REFERENCE

ENTITY

SHARES

NOTIONAL

VALUE

($)

NET

UNREALIZED

APPRECIATION

(DEPRECIATION)

($)

PERCENTAGE

OF

SWAP

VALUE

(%)

Australia

(continued)

Incitec

Pivot

Ltd.

540,143

1,041,947

(6,612)

(11.9)

JB

Hi-Fi

Ltd.

37,915

1,540,556

(66,314)

(119.2)

Northern

Star

Resources

Ltd.

71,164

617,993

(18,627)

(33.5)

Origin

Energy

Ltd.

174,700

1,263,948

7,621

13.7

Pro

Medicus

Ltd.

12,853

1,220,681

(5,435)

(9.8)

Qantas

Airways

Ltd.

318,811

1,240,725

(45,982)

(82.6)

QBE

Insurance

Group

Ltd.

25,412

293,346

(8,575)

(15.4)

Qube

Holdings

Ltd.

261,767

635,752

(1,628)

(2.9)

Seven

Group

Holdings

Ltd.

19,598

489,601

117

0.2

South32

Ltd.

247,767

601,107

(17,060)

(30.7)

Suncorp

Group

Ltd.

57,361

663,323

8,982

16.1

Whitehaven

Coal

Ltd.

107,309

546,034

(5,177)

(9.3)

New

Zealand

Xero

Ltd.

14,137

1,278,501

24,960

44.9

United

States

James

Hardie

Industries

plc

24,078

753,584

(43,273)

(77.8)

Short

Positions

Common

Stocks

Australia

ANZ

Group

Holdings

Ltd.

(38,327)

(720,076)

16,792

30.2

APA

Group

(126,131)

(670,446)

31,298

56.2

Atlas

Arteria

Ltd.

(139,187)

(473,127)

5,059

9.1

BHP

Group

Ltd.

(40,028)

(1,144,079)

12,681

22.8

CAR

Group

Ltd.

(13,330)

(312,084)

(2,805)

(5.0)

Cleanaway

Waste

Management

Ltd.

(364,793)

(673,215)

13,042

23.4

Commonwealth

Bank

of

Australia

(35,247)

(2,985,822)

38,691

69.5

Computershare

Ltd.

(17,926)

(313,523)

1,582

2.8

Domino's

Pizza

Enterprises

Ltd.

(12,204)

(291,194)

15,326

27.5

Endeavour

Group

Ltd.

(171,231)

(574,195)

11,796

21.2

IDP

Education

Ltd.

(70,626)

(710,742)

(16,744)

(30.1)

Insurance

Australia

Group

Ltd.

(183,061)

(867,809)

(42,278)

(76.0)

Lynas

Rare

Earths

Ltd.

(132,408)

(521,624)

13,652

24.5

Macquarie

Group

Ltd.

(9,256)

(1,259,477)

(275)

(0.5)

Mineral

Resources

Ltd.

(19,463)

(696,301)

29,751

53.5

National

Australia

Bank

Ltd.

(32,568)

(785,385)

11,746

21.1

New

Hope

Corp.

Ltd.

(120,882)

(391,525)

(5,257)

(9.4)

NEXTDC

Ltd.

(92,276)

(1,077,316)

5,478

9.8

Ramsay

Health

Care

Ltd.

(40,761)

(1,286,912)

9,314

16.7

REA

Group

Ltd.

(11,452)

(1,495,342)

21,812

39.2

Reece

Ltd.

(17,199)

(287,226)

11,084

19.9

Santos

Ltd.

(92,712)

(470,367)

1,534

2.8

Telstra

Group

Ltd.

(712,338)

(1,719,741)

5,237

9.4

Transurban

Group

(244,958)

(2,020,310)

72,991

131.2

Treasury

Wine

Estates

Ltd.

(108,638)

(898,910)

12,068

21.7

Wesfarmers

Ltd.

(16,285)

(705,165)

13,470

24.2

Westpac

Banking

Corp.

(28,512)

(516,271)

6,218

11.2

WiseTech

Global

Ltd.

(15,694)

(1,043,320)

(58,143)

(104.5)

Woolworths

Group

Ltd.

(66,652)

(1,496,470)

14,846

26.7

United

States

CSL

Ltd.

(13,058)

(2,560,638)

(2,220)

(4.0)

Consolidated

Schedule

of

Investments

June

30,

2024

(Unaudited)

AQR

MANAGED

FUTURES

STRATEGY

FUND

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

Funds

|

Semi-Annual

Report

|

June

2024

147

(Continued)

COUNTERPARTY

DESCRIPTION

TERMINATION

DATE

ABSOLUTE

NOTIONAL

VALUE

NET

UNREALIZED

APPRECIATION

(DEPRECIATION)

NET

CASH

AND

OTHER

RECEIVABLES

(PAYABLES)

VALUE

MLIN

The

Fund

receives

the

total

return

on

a

portfolio

of

long

and

short

equity

positions

and

pays

or

receives

the

CORRA

plus

or

minus

a

specified

spread

(-0.23%

to

0.23%),

which

is

denominated

in

CAD

based

on

the

local

currencies

of

the

positions

within

the

swap.

25

months

maturity

ranging

from

07/25/2025

-

06/25/2026

$52,115,278

$254,712

$83,358

$338,070

The

following

table

represents

disclosures

associated

with

a

subset

of

the

underlying

components

of

the

total

return

basket

swap

contract

as

of

period

end:

REFERENCE

ENTITY

SHARES

NOTIONAL

VALUE

($)

NET

UNREALIZED

APPRECIATION

(DEPRECIATION)

($)

PERCENTAGE

OF

SWAP

VALUE

(%)

Long

Positions

Common

Stocks

Canada

Air

Canada

69,885

914,398

63,855

18.9

Atco

Ltd.

20,600

586,808

2,560

0.8

AtkinsRealis

Group,

Inc.

11,490

497,378

6,131

1.8

Bombardier,

Inc.

19,574

1,255,237

572

0.2

Brookfield

Corp.

12,953

538,742

4,071

1.2

Cameco

Corp.

10,499

516,566

(7,751)

(2.3)

Canadian

Natural

Resources

Ltd.

13,932

496,258

3,666

1.1

CCL

Industries,

Inc.

14,440

759,339

(1,478)

(0.4)

Celestica,

Inc.

16,967

971,598

26,541

7.9

Cenovus

Energy,

Inc.

46,516

914,305

17,341

5.1

Constellation

Software,

Inc.

187

538,819

8,875

2.6

Empire

Co.

Ltd.

30,685

784,368

11,439

3.4

Fairfax

Financial

Holdings

Ltd.

1,392

1,583,576

29,436

8.7

Finning

International,

Inc.

32,842

962,898

3,841

1.1

Manulife

Financial

Corp.

22,978

611,884

4,367

1.3

MEG

Energy

Corp.

35,652

762,789

10,685

3.2

Onex

Corp.

9,153

622,354

(8,029)

(2.4)

Pembina

Pipeline

Corp.

17,139

635,924

7,392

2.2

Shopify,

Inc.

13,671

903,472

19,387

5.7

TFI

International,

Inc.

6,945

1,008,410

39,902

11.8

West

Fraser

Timber

Co.

Ltd.

12,927

992,829

(7,276)

(2.2)

Whitecap

Resources,

Inc.

174,686

1,278,175

(6,384)

(1.9)

Short

Positions

Common

Stocks

Brazil

Wheaton

Precious

Metals

Corp.

(9,583)

(502,459)

7,075

2.1

Canada

Algonquin

Power

&

Utilities

Corp.

(164,754)

(968,256)

1,204

0.4

Alimentation

Couche-Tard,

Inc.

(10,980)

(616,158)

21,911

6.5

Bank

of

Nova

Scotia

(The)

(15,122)

(691,740)

(332)

(0.1)

Barrick

Gold

Corp.

(43,145)

(719,688)

(5,046)

(1.5)

BCE,

Inc.

(41,268)

(1,336,636)

10,256

3.0

Brookfield

Asset

Management

Ltd.

(18,815)

(716,264)

4,126

1.2

Canadian

National

Railway

Co.

(5,691)

(672,495)

(2,746)

(0.8)

Canadian

Pacific

Kansas

City

Ltd.

(32,196)

(2,535,578)

10,590

3.1

148

AQR

Funds

|

Semi-Annual

Report

|

June

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

MANAGED

FUTURES

STRATEGY

FUND

Consolidated

Schedule

of

Investments

June

30,

2024

(Unaudited)

(Continued)

REFERENCE

ENTITY

SHARES

NOTIONAL

VALUE

($)

NET

UNREALIZED

APPRECIATION

(DEPRECIATION)

($)

PERCENTAGE

OF

SWAP

VALUE

(%)

Canada

(continued)

Canadian

Tire

Corp.

Ltd.

(4,736)

(469,913)

(138)

0.0(a)

Element

Fleet

Management

Corp.

(36,992)

(673,024)

(17,576)

(5.2)

Enbridge,

Inc.

(24,161)

(859,556)

(15,895)

(4.7)

Fortis,

Inc.

(17,719)

(688,658)

3,368

1.0

Franco-Nevada

Corp.

(11,693)

(1,386,356)

(9,915)

(2.9)

Hydro

One

Ltd.

(29,948)

(872,357)

(10,070)

(3.0)

Intact

Financial

Corp.

(4,113)

(685,505)

(3,277)

(1.0)

Keyera

Corp.

(28,978)

(802,585)

(13,768)

(4.1)

Magna

International,

Inc.

(15,334)

(642,704)

(4,483)

(1.3)

Northland

Power,

Inc.

(42,260)

(726,549)

3,089

0.9

Pan

American

Silver

Corp.

(24,140)

(479,783)

(3,176)

(0.9)

RB

Global,

Inc.

(17,734)

(1,352,557)

22,167

6.6

Restaurant

Brands

International,

Inc.

(8,392)

(591,344)

(9,938)

(2.9)

Rogers

Communications,

Inc.

(46,052)

(1,703,323)

26,930

8.0

TC

Energy

Corp.

(42,558)

(1,613,287)

51,018

15.1

Toronto-Dominion

Bank

(The)

(24,749)

(1,360,422)

(9,226)

(2.7)

WSP

Global,

Inc.

(5,634)

(877,315)

(10,049)

(3.0)

Chile

Lundin

Mining

Corp.

(65,191)

(725,748)

(26,209)

(7.8)

United

States

GFL

Environmental,

Inc.

(22,144)

(862,419)

(27,193)

(8.0)

COUNTERPARTY

DESCRIPTION

TERMINATION

DATE

ABSOLUTE

NOTIONAL

VALUE

NET

UNREALIZED

APPRECIATION

(DEPRECIATION)

NET

CASH

AND

OTHER

RECEIVABLES

(PAYABLES)

VALUE

MLIN

The

Fund

receives

the

total

return

on

a

portfolio

of

long

and

short

equity

positions

and

pays

or

receives

the

SARON

plus

or

minus

a

specified

spread

(-27.26%

to

0.23%),

which

is

denominated

in

CHF

based

on

the

local

currencies

of

the

positions

within

the

swap.

25

months

maturity

06/25/2026

$54,889,562

$303,378

$(133,810)

$169,568

The

following

table

represents

disclosures

associated

with

the

underlying

components

of

the

total

return

basket

swap

contract

as

of

period

end:

REFERENCE

ENTITY

SHARES

NOTIONAL

VALUE

($)

NET

UNREALIZED

APPRECIATION

(DEPRECIATION)

($)

PERCENTAGE

OF

SWAP

VALUE

(%)

Long

Positions

Common

Stocks

Switzerland

ABB

Ltd.

(Registered)

86,036

4,770,775

14,353

8.5

Adecco

Group

AG

(Registered)

40,878

1,356,122

(46,137)

(27.2)

Alcon,

Inc.

6,254

555,930

(1,497)

(0.9)

DKSH

Holding

AG

7,267

490,964

(8,088)

(4.8)

Georg

Fischer

AG

(Registered)

3,635

243,165

(3,633)

(2.1)

Givaudan

SA

(Registered)

211

999,426

(21,462)

(12.7)

Kuehne

+

Nagel

International

AG

(Registered)

1,148

330,374

1,096

0.6

Logitech

International

SA

(Registered)

27,603

2,656,535

(9,599)

(5.7)

Novartis

AG

(Registered)

42,609

4,536,651

(10,933)

(6.4)

UBS

Group

AG

(Registered)

37,490

1,101,088

(5,106)

(3.0)

Zurich

Insurance

Group

AG

520

277,002

(3,877)

(2.3)

Consolidated

Schedule

of

Investments

June

30,

2024

(Unaudited)

AQR

MANAGED

FUTURES

STRATEGY

FUND

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

Funds

|

Semi-Annual

Report

|

June

2024

149

(Continued)

REFERENCE

ENTITY

SHARES

NOTIONAL

VALUE

($)

NET

UNREALIZED

APPRECIATION

(DEPRECIATION)

($)

PERCENTAGE

OF

SWAP

VALUE

(%)

United

States

Holcim

AG

49,696

4,392,732

63,934

37.7

Swiss

Re

AG

2,672

331,267

(3,161)

(1.9)

Short

Positions

Common

Stocks

Switzerland

Avolta

AG

(21,136)

(821,705)

31,781

18.7

Bachem

Holding

AG

(10,462)

(955,990)

(35,492)

(20.9)

Baloise

Holding

AG

(Registered)

(4,885)

(861,241)

(6,522)

(3.8)

Banque

Cantonale

Vaudoise

(Registered)

(5,872)

(623,034)

10,602

6.3

Barry

Callebaut

AG

(Registered)

(1,182)

(1,926,911)

107,005

63.1

BKW

AG

(1,035)

(165,203)

1,374

0.8

Chocoladefabriken

Lindt

&

Spruengli

AG

(150)

(1,752,122)

42,635

25.1

Cie

Financiere

Richemont

SA

(Registered)

(6,339)

(990,678)

27,782

16.4

Clariant

AG

(Registered)

(74,177)

(1,168,553)

(15,174)

(8.9)

EMS-Chemie

Holding

AG

(Registered)

(1,228)

(1,004,891)

7,907

4.7

Flughafen

Zurich

AG

(Registered)

(583)

(129,053)

(117)

(0.1)

Galenica

AG

(1,723)

(141,108)

2,244

1.3

Geberit

AG

(Registered)

(923)

(543,695)

11,471

6.8

Helvetia

Holding

AG

(Registered)

(2,210)

(298,703)

(84)

0.0(a)

Lonza

Group

AG

(Registered)

(625)

(340,253)

(3,840)

(2.3)

Partners

Group

Holding

AG

(643)

(823,398)

1,062

0.6

Schindler

Holding

AG

(2,655)

(666,149)

(1,254)

(0.7)

SGS

SA

(Registered)

(7,211)

(642,874)

3,865

2.3

SIG

Group

AG

(109,445)

(2,011,144)

35,354

20.8

Sika

AG

(Registered)

(6,042)

(1,724,748)

4,228

2.5

Sonova

Holding

AG

(Registered)

(1,681)

(517,860)

(9,883)

(5.8)

Straumann

Holding

AG

(Registered)

(10,444)

(1,289,193)

(17,476)

(10.3)

Swatch

Group

AG

(The)

(6,407)

(1,312,650)

50,474

29.8

Swiss

Life

Holding

AG

(Registered)

(2,023)

(1,484,746)

(12,613)

(7.4)

Swisscom

AG

(Registered)

(5,071)

(2,851,503)

1,623

1.0

Tecan

Group

AG

(Registered)

(1,160)

(388,388)

495

0.3

Temenos

AG

(Registered)

(18,607)

(1,282,230)

(274)

(0.2)

VAT

Group

AG

(1,467)

(828,352)

(11,946)

(7.0)

United

States

Nestle

SA

(Registered)

(28,054)

(2,863,592)

68,425

40.4

Roche

Holding

AG

(8,798)

(2,437,564)

43,836

25.9

COUNTERPARTY

DESCRIPTION

TERMINATION

DATE

ABSOLUTE

NOTIONAL

VALUE

NET

UNREALIZED

APPRECIATION

(DEPRECIATION)

NET

CASH

AND

OTHER

RECEIVABLES

(PAYABLES)

VALUE

MLIN

The

Fund

receives

the

total

return

on

a

portfolio

of

long

and

short

equity

positions

and

pays

or

receives

the

CIBOR

plus

or

minus

a

specified

spread

(-0.50%

to

0.23%),

which

is

denominated

in

DKK

based

on

the

local

currencies

of

the

positions

within

the

swap.

25

months

maturity

06/25/2026

$31,296,968

$(183,712)

$304,265

$120,553

150

AQR

Funds

|

Semi-Annual

Report

|

June

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

MANAGED

FUTURES

STRATEGY

FUND

Consolidated

Schedule

of

Investments

June

30,

2024

(Unaudited)

(Continued)

The

following

table

represents

disclosures

associated

with

the

underlying

components

of

the

total

return

basket

swap

contract

as

of

period

end:

REFERENCE

ENTITY

SHARES

NOTIONAL

VALUE

($)

NET

UNREALIZED

APPRECIATION

(DEPRECIATION)

($)

PERCENTAGE

OF

SWAP

VALUE

(%)

Long

Positions

Common

Stocks

Denmark

Carlsberg

A/S

4,903

588,625

(22,499)

(18.7)

Danske

Bank

A/S

79,544

2,372,482

(6,791)

(5.6)

Demant

A/S

12,559

543,938

(12,244)

(10.2)

Genmab

A/S

3,373

845,252

(26,103)

(21.7)

ISS

A/S

78,990

1,356,272

(61,576)

(51.1)

Jyske

Bank

A/S

(Registered)

8,389

668,301

(21,356)

(17.7)

Novo

Nordisk

A/S

40,854

5,845,589

(185,214)

(153.6)

Pandora

A/S

12,123

1,824,669

(23,227)

(19.3)

ROCKWOOL

A/S

2,086

845,621

20,076

16.7

Vestas

Wind

Systems

A/S

37,397

867,160

(75,028)

(62.2)

Short

Positions

Common

Stocks

Denmark

AP

Moller

-

Maersk

A/S

(1,255)

(2,176,605)

(73,495)

(61.0)

Coloplast

A/S

(19,714)

(2,369,883)

34,671

28.8

DSV

A/S

(22,310)

(3,424,543)

69,053

57.3

GN

Store

Nord

A/S

(7,021)

(195,597)

6,749

5.6

Novonesis

(Novozymes)

(46,984)

(2,870,462)

44,828

37.2

Orsted

A/S

(54,292)

(2,884,070)

136,959

113.6

Royal

Unibrew

A/S

(3,737)

(296,384)

11,639

9.7

Svitzer

Group

A/S

(3,386)

(126,199)

1,823

1.5

Tryg

A/S

(54,709)

(1,195,316)

(1,977)

(1.6)

COUNTERPARTY

DESCRIPTION

TERMINATION

DATE

ABSOLUTE

NOTIONAL

VALUE

NET

UNREALIZED

APPRECIATION

(DEPRECIATION)

NET

CASH

AND

OTHER

RECEIVABLES

(PAYABLES)

VALUE

MLIN

The

Fund

receives

the

total

return

on

a

portfolio

of

long

and

short

equity

positions

and

pays

or

receives

the

ESTR

plus

or

minus

a

specified

spread

(-2.83%

to

0.23%),

which

is

denominated

in

EUR

based

on

the

local

currencies

of

the

positions

within

the

swap.

24-25

months

maturity

06/25/2026

$212,145,567

$(77,067)

$383,521

$306,454

The

following

table

represents

disclosures

associated

with

a

subset

of

the

underlying

components

of

the

total

return

basket

swap

contract

as

of

period

end:

REFERENCE

ENTITY

SHARES

NOTIONAL

VALUE

($)

NET

UNREALIZED

APPRECIATION

(DEPRECIATION)

($)

PERCENTAGE

OF

SWAP

VALUE

(%)

Long

Positions

Common

Stocks

Finland

Fortum

OYJ

164,500

2,408,203

(140,996)

(46.0)

UPM-Kymmene

OYJ

49,450

1,736,811

(28,295)

(9.2)

Consolidated

Schedule

of

Investments

June

30,

2024

(Unaudited)

AQR

MANAGED

FUTURES

STRATEGY

FUND

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

Funds

|

Semi-Annual

Report

|

June

2024

151

(Continued)

REFERENCE

ENTITY

SHARES

NOTIONAL

VALUE

($)

NET

UNREALIZED

APPRECIATION

(DEPRECIATION)

($)

PERCENTAGE

OF

SWAP

VALUE

(%)

Finland

(continued)

Wartsila

OYJ

Abp

78,422

1,520,311

(22,093)

(7.2)

France

Air

Liquide

SA

12,081

2,085,028

(69,432)

(22.7)

Engie

SA

129,350

1,852,337

(42,024)

(13.7)

Hermes

International

SCA

978

2,258,813

(54,870)

(17.9)

L'Oreal

SA

3,470

1,527,374

(94,745)

(30.9)

Orange

SA

166,705

1,672,136

(19,640)

(6.4)

Renault

SA

39,154

2,008,003

(20,666)

(6.7)

Rexel

SA

68,051

1,760,381

(35,363)

(11.5)

TotalEnergies

SE

21,508

1,440,042

(8,336)

(2.7)

Germany

adidas

AG

8,191

1,955,737

44,285

14.5

Allianz

SE

(Registered)

5,585

1,551,127

(5,196)

(1.7)

Covestro

AG

26,235

1,537,814

6,561

2.1

Heidelberg

Materials

AG

31,344

3,240,159

65,311

21.3

SAP

SE

8,911

1,790,002

55,806

18.2

Zalando

SE

73,804

1,732,520

(5,578)

(1.8)

Italy

Banco

BPM

SpA

296,814

1,910,236

(36,418)

(11.9)

Buzzi

SpA

35,924

1,446,586

14,628

4.8

Enel

SpA

223,451

1,550,480

(23,667)

(7.7)

Intesa

Sanpaolo

SpA

878,935

3,266,486

(43,579)

(14.2)

Prysmian

SpA

39,031

2,409,656

(14,758)

(4.8)

Unipol

Gruppo

SpA

173,819

1,723,820

(23,212)

(7.6)

Netherlands

Wolters

Kluwer

NV

10,574

1,746,172

5,072

1.7

Spain

Banco

Santander

SA

322,834

1,502,074

(12,436)

(4.1)

CaixaBank

SA

319,359

1,695,970

(17,538)

(5.7)

Industria

de

Diseno

Textil

SA

75,687

3,755,845

(39,244)

(12.8)

United

States

Schneider

Electric

SE

14,445

3,463,126

(40,027)

(13.1)

Signify

NV

57,683

1,432,588

(31,494)

(10.3)

Short

Positions

Common

Stocks

Finland

Metso

OYJ

(153,276)

(1,629,077)

12,104

3.9

Neste

OYJ

(79,179)

(1,412,908)

16,341

5.3

France

Capgemini

SE

(9,847)

(1,955,984)

42,416

13.8

Cie

Generale

des

Etablissements

Michelin

SCA

(41,219)

(1,593,160)

33,527

10.9

Edenred

SE

(36,281)

(1,538,743)

125,034

40.8

Kering

SA

(8,007)

(2,912,506)

(124,313)

(40.6)

Pernod

Ricard

SA

(18,613)

(2,539,551)

127,564

41.6

Germany

Deutsche

Post

AG

(80,835)

(3,282,461)

15,866

5.2

Infineon

Technologies

AG

(49,779)

(1,826,904)

(10,605)

(3.5)

Merck

KGaA

(18,855)

(3,118,152)

62,208

20.3

MTU

Aero

Engines

AG

(7,263)

(1,851,726)

(134,275)

(43.8)

Italy

Assicurazioni

Generali

SpA

(84,377)

(2,100,479)

27,583

9.0

Eni

SpA

(122,242)

(1,876,983)

(13,276)

(4.3)

FinecoBank

Banca

Fineco

SpA

(112,001)

(1,664,251)

50,997

16.6

Moncler

SpA

(23,895)

(1,465,812)

33,270

10.9

Luxembourg

Eurofins

Scientific

SE

(35,743)

(1,789,614)

(28,781)

(9.4)

152

AQR

Funds

|

Semi-Annual

Report

|

June

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

MANAGED

FUTURES

STRATEGY

FUND

Consolidated

Schedule

of

Investments

June

30,

2024

(Unaudited)

(Continued)

REFERENCE

ENTITY

SHARES

NOTIONAL

VALUE

($)

NET

UNREALIZED

APPRECIATION

(DEPRECIATION)

($)

PERCENTAGE

OF

SWAP

VALUE

(%)

Netherlands

Adyen

NV

(1,814)

(2,154,444)

75,002

24.5

ASR

Nederland

NV

(29,599)

(1,409,168)

11,266

3.7

Heineken

NV

(21,642)

(2,093,778)

74,709

24.4

United

States

Ferrovial

SE

(53,822)

(2,090,870)

21,084

6.9

Preferred

Stocks

Germany

Dr

Ing

hc

F

Porsche

AG

(Preference)

(32,430)

(2,412,579)

57,483

18.8

COUNTERPARTY

DESCRIPTION

TERMINATION

DATE

ABSOLUTE

NOTIONAL

VALUE

NET

UNREALIZED

APPRECIATION

(DEPRECIATION)

NET

CASH

AND

OTHER

RECEIVABLES

(PAYABLES)

VALUE

MLIN

The

Fund

receives

the

total

return

on

a

portfolio

of

long

and

short

equity

positions

and

pays

or

receives

the

SONIA

plus

or

minus

a

specified

spread

(-0.23%

to

0.23%),

which

is

denominated

in

GBP

based

on

the

local

currencies

of

the

positions

within

the

swap.

25

months

maturity

ranging

from

02/25/2025

-

06/25/2026

$95,382,423

$319,315

$(327,847)

$(8,532)

The

following

table

represents

disclosures

associated

with

a

subset

of

the

underlying

components

of

the

total

return

basket

swap

contract

as

of

period

end:

REFERENCE

ENTITY

SHARES

NOTIONAL

VALUE

($)

NET

UNREALIZED

APPRECIATION

(DEPRECIATION)

($)

PERCENTAGE

OF

SWAP

VALUE

(%)

Long

Positions

Common

Stocks

United

Kingdom

Associated

British

Foods

plc

48,473

1,513,514

(17,128)

200.8

Aviva

plc

164,228

989,196

(7,495)

87.8

BAE

Systems

plc

148,922

2,480,540

(36,393)

426.6

Beazley

plc

82,413

736,076

9,432

(110.5)

Centrica

plc

1,722,479

2,935,959

(24,197)

283.6

easyJet

plc

190,594

1,099,432

(17,519)

205.3

Harbour

Energy

plc

307,924

1,209,000

1,946

(22.8)

Howden

Joinery

Group

plc

99,987

1,105,851

3,699

(43.3)

HSBC

Holdings

plc

146,696

1,266,281

(7,680)

90.0

IMI

plc

44,947

998,773

(12,578)

147.4

Imperial

Brands

plc

35,752

914,852

(13,887)

162.8

InterContinental

Hotels

Group

plc

32,033

3,365,912

(15,246)

178.7

Intermediate

Capital

Group

plc

70,655

1,937,664

(41,556)

487.1

Man

Group

plc

472,984

1,445,187

(17,275)

202.5

Marks

&

Spencer

Group

plc

577,675

2,088,720

(12,177)

142.7

Pearson

plc

98,289

1,227,353

12,713

(149.0)

RELX

plc

113,049

5,179,780

13,755

(161.2)

Rolls-Royce

Holdings

plc

700,586

4,023,634

(103,312)

1,210.9

Sage

Group

plc

(The)

132,504

1,815,347

5,527

(64.8)

Spectris

plc

22,593

792,681

(4,138)

48.5

Standard

Chartered

plc

106,443

961,123

(18,972)

222.4

Tesco

plc

353,598

1,365,869

(9,052)

106.1

Consolidated

Schedule

of

Investments

June

30,

2024

(Unaudited)

AQR

MANAGED

FUTURES

STRATEGY

FUND

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

Funds

|

Semi-Annual

Report

|

June

2024

153

(Continued)

REFERENCE

ENTITY

SHARES

NOTIONAL

VALUE

($)

NET

UNREALIZED

APPRECIATION

(DEPRECIATION)

($)

PERCENTAGE

OF

SWAP

VALUE

(%)

United

States

BP

plc

185,106

1,114,482

5,591

(65.5)

Experian

plc

39,901

1,853,672

44

(0.5)

GSK

plc

107,898

2,075,334

(100,148)

1,173.8

Shell

plc

62,418

2,238,809

23,619

(276.8)

Short

Positions

Common

Stocks

Australia

Glencore

plc

(302,061)

(1,718,810)

16,631

(194.9)

Burkina

Faso

Endeavour

Mining

plc

(36,176)

(769,861)

(11,199)

131.3

Chile

Antofagasta

plc

(52,411)

(1,392,877)

9,694

(113.6)

Hong

Kong

Prudential

plc

(280,165)

(2,540,262)

94,663

(1,109.5)

South

Africa

Anglo

American

plc

(64,760)

(2,046,449)

16,502

(193.4)

United

Kingdom

Ashtead

Group

plc

(18,185)

(1,212,461)

18,298

(214.5)

BT

Group

plc

(1,118,237)

(1,982,470)

(4,188)

49.1

Burberry

Group

plc

(90,781)

(1,008,130)

107,989

(1,265.7)

Diageo

plc

(44,748)

(1,404,819)

50,340

(590.0)

Flutter

Entertainment

plc

(5,582)

(1,015,356)

28,962

(339.5)

Hargreaves

Lansdown

plc

(73,331)

(1,045,293)

6,362

(74.6)

Kingfisher

plc

(539,728)

(1,692,412)

(26,308)

308.3

Legal

&

General

Group

plc

(281,241)

(805,353)

9,492

(111.2)

Lloyds

Banking

Group

plc

(1,480,016)

(1,020,790)

18,301

(214.5)

Persimmon

plc

(65,607)

(1,113,305)

10,448

(122.5)

Reckitt

Benckiser

Group

plc

(16,657)

(901,131)

20,705

(242.7)

Rentokil

Initial

plc

(277,760)

(1,613,120)

(3,602)

42.2

Schroders

plc

(180,449)

(825,831)

22,266

(261.0)

Severn

Trent

plc

(45,235)

(1,361,543)

43,980

(515.5)

Smith

&

Nephew

plc

(69,037)

(855,528)

(984)

11.5

St

James's

Place

plc

(139,849)

(961,022)

12,169

(142.6)

Unilever

plc

(14,590)

(800,807)

15,859

(185.9)

Vodafone

Group

plc

(1,203,596)

(1,064,989)

10,079

(118.1)

WPP

plc

(86,244)

(789,709)

21,190

(248.4)

COUNTERPARTY

DESCRIPTION

TERMINATION

DATE

ABSOLUTE

NOTIONAL

VALUE

NET

UNREALIZED

APPRECIATION

(DEPRECIATION)

NET

CASH

AND

OTHER

RECEIVABLES

(PAYABLES)

VALUE

MLIN

The

Fund

receives

the

total

return

on

a

portfolio

of

long

and

short

equity

positions

and

pays

or

receives

the

STIBOR

plus

or

minus

a

specified

spread

(-10.00%

to

0.23%),

which

is

denominated

in

SEK

based

on

the

local

currencies

of

the

positions

within

the

swap.

25

months

maturity

06/25/2026

$39,173,500

$(86,528)

$(106,043)

$(192,571)

154

AQR

Funds

|

Semi-Annual

Report

|

June

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

MANAGED

FUTURES

STRATEGY

FUND

Consolidated

Schedule

of

Investments

June

30,

2024

(Unaudited)

(Continued)

The

following

table

represents

disclosures

associated

with

the

underlying

components

of

the

total

return

basket

swap

contract

as

of

period

end:

REFERENCE

ENTITY

SHARES

NOTIONAL

VALUE

($)

NET

UNREALIZED

APPRECIATION

(DEPRECIATION)

($)

PERCENTAGE

OF

SWAP

VALUE

(%)

Long

Positions

Common

Stocks

Guatemala

Millicom

International

Cellular

SA

12,931

313,984

15,323

(8.0)

Sweden

AAK

AB

19,616

574,372

12,117

(6.3)

AddTech

AB

16,327

407,156

483

(0.3)

Alfa

Laval

AB

17,340

759,347

(1,721)

0.9

Atlas

Copco

AB

80,353

1,508,729

14,098

(7.3)

Axfood

AB

6,707

175,807

(4,160)

2.2

Electrolux

AB

86,238

712,298

686

(0.4)

Elekta

AB

68,749

428,642

(1,404)

0.7

Evolution

AB

4,000

416,358

(1,418)

0.7

Getinge

AB

12,527

212,783

(610)

0.3

H

&

M

Hennes

&

Mauritz

AB

122,341

1,937,896

(262,719)

136.4

Hexpol

AB

42,602

472,251

(8,072)

4.2

Saab

AB

33,700

809,638

38,280

(19.9)

SKF

AB

74,034

1,487,880

22,427

(11.6)

SSAB

AB

257,932

1,398,580

29,464

(15.3)

Swedbank

AB

42,790

881,399

13,003

(6.8)

Trelleborg

AB

73,666

2,866,800

68,618

(35.6)

Volvo

AB

38,999

1,002,057

17,056

(8.9)

Short

Positions

Common

Stocks

Sweden

Assa

Abloy

AB

(21,532)

(609,798)

(11,518)

6.0

Beijer

Ref

AB

(82,906)

(1,279,632)

(13,632)

7.1

Boliden

AB

(18,295)

(588,382)

7,987

(4.1)

Embracer

Group

AB

(85,443)

(186,845)

(1,916)

1.0

Epiroc

AB

(89,339)

(1,790,117)

11,161

(5.8)

EQT

AB

(38,222)

(1,120,569)

11,775

(6.1)

Essity

AB

(61,803)

(1,579,983)

35,793

(18.6)

Hexagon

AB

(92,592)

(1,049,181)

(31,446)

16.3

Holmen

AB

(17,055)

(671,069)

12,161

(6.3)

Husqvarna

AB

(29,184)

(233,377)

3,146

(1.6)

Lifco

AB

(24,768)

(679,814)

(8,211)

4.3

Nibe

Industrier

AB

(477,417)

(2,013,527)

90,909

(47.2)

Sandvik

AB

(37,575)

(755,044)

(3,473)

1.8

Securitas

AB

(133,911)

(1,327,370)

(15,297)

7.9

Skandinaviska

Enskilda

Banken

AB

(50,601)

(748,119)

(23,406)

12.2

Skanska

AB

(56,429)

(1,018,000)

10,329

(5.4)

Svenska

Cellulosa

AB

SCA

(40,642)

(598,120)

(5,688)

3.0

Svenska

Handelsbanken

AB

(283,956)

(2,713,524)

(53,194)

27.6

Swedish

Orphan

Biovitrum

AB

(31,374)

(839,482)

(8,288)

4.3

Tele2

AB

(126,656)

(1,278,515)

(15,420)

8.0

Telefonaktiebolaget

LM

Ericsson

(132,995)

(825,529)

(17,947)

9.3

Telia

Co.

AB

(274,800)

(736,763)

(12,623)

6.6

Volvo

Car

AB

(53,287)

(164,763)

819

(0.4)

(a)

Represents

less

than

0.05%

of

swap

value.

Consolidated

Schedule

of

Investments

June

30,

2024

(Unaudited)

AQR

MANAGED

FUTURES

STRATEGY

FUND

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

Funds

|

Semi-Annual

Report

|

June

2024

155

Collateral

pledged

to,

or

(received

from),

each

counterparty

at

June

30,

2024

was

as

follows:

COUNTERPARTY

OVER-THE-COUNTER

EXCHANGE-TRADED/

EXCHANGE-CLEARED

TOTAL

BARC

Cash

$

–

$

31,618,210

$

31,618,210

CITG

Cash

–

4,351,379

4,351,379

CITI

Cash

(2,535,645)

–

(2,535,645)

Investment

Companies

19,810,445

–

19,810,445

GSCO

Cash

–

3,969,341

3,969,341

GSIN

Cash

(14,669)

–

(14,669)

U.S.

Treasury

Bills

63,356,160

–

63,356,160

JPMC

U.S.

Treasury

Bills

45,529,182

–

45,529,182

JPMS

Cash

–

27,655,550

27,655,550

MLIN

Cash

(424,690)

–

(424,690)

U.S.

Treasury

Bills

983,422

–

983,422

MSCL

Cash

–

18,487,017

18,487,017

MSCS

Cash

(2,693)

–

(2,693)

U.S.

Treasury

Bills

25,348,234

–

25,348,234

Collateral

pledged

to,

or

(received

from),

each

counterparty

for

the

Subsidiary

(See

Note

2)

at

June

30,

2024

was

as

follows:

COUNTERPARTY

OVER-THE-COUNTER

EXCHANGE-TRADED/

EXCHANGE-CLEARED

TOTAL

GSCO

Cash

$

–

$

16,097,322

$

16,097,322

JPPC

Cash

–

9,258,622

9,258,622

MSCL

Cash

–

54,157,558

54,157,558

156

AQR

Funds

|

Semi-Annual

Report

|

June

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

(Continued)

AQR

MANAGED

FUTURES

STRATEGY

HV

FUND

Consolidated

Schedule

of

Investments

June

30,

2024

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

SHORT-TERM

INVESTMENTS

-

81.4%

INVESTMENT

COMPANIES

-

25.8%

Goldman

Sachs

Financial

Square

Funds

-

Treasury

Instruments

Fund,

Institutional

Shares,

5.19%

(1)(a)(b)

27,476,793

27,476,793

Limited

Purpose

Cash

Investment

Fund,

5.33%

(1)(a)

37,913,916

37,898,750

TOTAL

INVESTMENT

COMPANIES

(Cost

$65,373,354)

65,375,543

—

PRINCIPAL

AMOUNT

U.S.

TREASURY

OBLIGATIONS

-

55.6%

U.S.

Treasury

Bills

5.18%,

7/5/2024

(c)

$

2,562,000

2,560,499

5.16%,

7/11/2024

(c)

714,000

712,958

5.11%,

7/18/2024

(c)

1,970,000

1,965,107

5.24%,

9/5/2024

(c)

15,041,000

14,897,082

5.23%,

9/12/2024

(c)

20,000,000

19,787,575

5.27%,

9/19/2024

(c)

30,212,000

29,861,961

5.24%,

9/26/2024

(c)

5,660,000

5,588,531

5.26%,

10/10/2024

(c)

6,000,000

5,912,551

5.29%,

10/17/2024

(c)(d)

16,806,000

16,543,574

5.30%,

10/24/2024

(c)

15,000,000

14,751,336

5.30%,

10/31/2024

(c)(d)

21,000,000

20,631,713

INVESTMENTS

PRINCIPAL

AMOUNT

VALUE

($)

U.S.

TREASURY

OBLIGATIONS

-

55.6%

(continued)

5.29%,

11/7/2024

(c)(d)

$

1,852,000

1,817,690

5.30%,

11/14/2024

(c)

1,902,000

1,864,936

5.29%,

12/5/2024

(c)

3,397,000

3,320,927

5.28%,

12/12/2024

(c)(d)

456,000

445,360

TOTAL

U.S.

TREASURY

OBLIGATIONS

(Cost

$140,683,825)

140,661,800

TOTAL

SHORT-TERM

INVESTMENTS

(Cost

$206,057,179)

206,037,343

TOTAL

INVESTMENTS

IN

SECURITIES

AT

VALUE

-

81.4%

(Cost

$206,057,179)

206,037,343

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

-

18.6%

‡

47,175,501

NET

ASSETS

-

100.0%

253,212,844

SECURITY

TYPE

VALUE

%

OF

NET

ASSETS

Investment

Companies

$

65,375,543

25.8

%

U.S.

Treasury

Obligations

140,661,800

55.6

Total

Investments

In

Securities

At

Value

206,037,343

81.4

Other

Assets

in

Excess

of

Liabilities

‡

47,175,501

18.6

Net

Assets

$

253,212,844

100.0%

‡

Includes

appreciation/(depreciation)

on

forward

foreign

currency

exchange,

futures

and

swap

contracts.

(a)

Represents

7-day

effective

yield

as

of

June

30,

2024.

(b)

All

or

a

portion

of

the

security

pledged

as

collateral

for

forward

foreign

currency

exchange

and

swap

contracts.

(c)

The

rate

shown

was

the

effective

yield

at

the

date

of

purchase.

(d)

All

or

a

portion

of

the

security

pledged

as

collateral

for

swap

contracts.

All

securities

are

Level

2

with

respect

to

ASC

820,

unless

otherwise

noted

in

parentheses.

(1)

Level

1

security

(See

Note

5).

Credit

default

swap

contracts

outstanding

-

buy

protection

as

of

June

30,

2024:

Exchange-Cleared

REFERENCE

ENTITY

FINANCING

RATE

PAID

PAYMENT

FREQUENCY

MATURITY

DATE

CREDIT

SPREAD

NOTIONAL

AMOUNT

UPFRONT

PREMIUM

PAID

(RECEIVED)

UNREALIZED

APPRECIATION

(DEPRECIATION)

VALUE

iTraxx

Europe

Main

Index

Series

41.V1

1.00

%

Quarterly

6/20/2029

0.61

%

EUR

5,505,000

$

(100,967)

$

(3,963)

$

(104,930)

$

(100,967)

$

(3,963)

$

(104,930)

Credit

default

swap

contracts

outstanding

-

sell

protection

as

of

June

30,

2024

:

Exchange-Cleared

REFERENCE

ENTITY

FINANCING

RATE

RECEIVED

PAYMENT

FREQUENCY

MATURITY

DATE

CREDIT

SPREAD

NOTIONAL

AMOUNT

UPFRONT

PREMIUM

PAID

(RECEIVED)

UNREALIZED

APPRECIATION

(DEPRECIATION)

VALUE

iTraxx

Europe

Crossover

Index

Series

41.V1

5.00

%

Quarterly

6/20/2029

3.21

%

EUR

4,590,000

$

406,752

$

(37,904)

$

368,848

Markit

CDX

North

America

High

Yield

Index

Series

42.V1

5.00

Quarterly

6/20/2029

3.45

USD

5,152,000

326,506

2,103

328,609

Consolidated

Schedule

of

Investments

June

30,

2024

(Unaudited)

AQR

MANAGED

FUTURES

STRATEGY

HV

FUND

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

Funds

|

Semi-Annual

Report

|

June

2024

157

(Continued)

REFERENCE

ENTITY

FINANCING

RATE

RECEIVED

PAYMENT

FREQUENCY

MATURITY

DATE

CREDIT

SPREAD

NOTIONAL

AMOUNT

UPFRONT

PREMIUM

PAID

(RECEIVED)

UNREALIZED

APPRECIATION

(DEPRECIATION)

VALUE

Markit

CDX

North

America

Investment

Grade

Index

Series

42.V1

1.00

%

Quarterly

6/20/2029

0.54

%

USD

3,282,000

$

70,523

$

(2,535)

$

67,988

803,781

(38,336)

765,445

Markit

CDX

North

America

Emerging

Markets

Index

Series

41.V1

1.00

%

Quarterly

6/20/2029

1.75

%

USD

3,000,000

$

(84,942)

$

(10,143)

$

(95,085)

(84,942)

(10,143)

(95,085)

$

718,839

$

(48,479)

$

670,360

Forward

effective

interest

rate

swap

contracts

outstanding

as

of

June

30,

2024:

Exchange-Cleared

PAY/

RECEIVE

FLOATING

RATE

FLOATING

RATE

INDEX

(a)

FIXED

RATE

MATURITY

DATE

NOTIONAL

AMOUNT

UPFRONT

PREMIUM

PAID

(RECEIVED)

UNREALIZED

APPRECIATION

(DEPRECIATION)

VALUE

Pay

1D

CORRA

Semi

3.50%

Semi

12/20/2034

CAD

5,300,000

$

52,175

$

(8,049)

$

44,126

Pay

1D

CORRA

Semi

3.50%

Semi

12/20/2034

CAD

5,300,000

52,175

(8,049)

44,126

Pay

1D

SARON

Annual

1.00%

Annual

9/16/2026

CHF

5,800,000

12,847

6,933

19,780

Pay

1D

SARON

Annual

1.00%

Annual

9/16/2026

CHF

5,800,000

12,847

6,933

19,780

Pay

1D

SARON

Annual

1.00%

Annual

12/16/2026

CHF

35,700,000

119,249

28,995

148,244

Pay

1D

SARON

Annual

1.00%

Annual

12/16/2026

CHF

35,700,000

119,169

29,055

148,224

Pay

1D

SARON

Annual

1.00%

Annual

12/19/2029

CHF

1,400,000

7,753

3,878

11,631

Pay

1D

SARON

Annual

1.00%

Annual

12/19/2029

CHF

1,400,000

7,919

3,740

11,659

Pay

1D

SARON

Annual

1.00%

Annual

9/20/2034

CHF

100,000

467

–

467

Pay

1D

SARON

Annual

1.00%

Annual

9/20/2034

CHF

1,900,000

8,864

–

8,864

Pay

1D

SARON

Annual

1.00%

Annual

12/20/2034

CHF

1,100,000

1,100

1,498

2,598

Pay

1D

SARON

Annual

1.00%

Annual

12/20/2034

CHF

1,400,000

2,320

1,206

3,526

Pay

1D

SOFR

Annual

4.00%

Annual

12/19/2029

USD

39,800,000

252,655

(90,896)

161,759

Pay

1D

SOFR

Annual

4.00%

Annual

12/19/2029

USD

42,400,000

78,139

94,188

172,327

Pay

1D

SONIA

Annual

4.50%

Annual

12/16/2026

GBP

17,100,000

155,617

(44,036)

111,581

Pay

1D

SONIA

Annual

4.50%

Annual

12/16/2026

GBP

17,000,000

154,980

(44,051)

110,929

Pay

1D

SONIA

Annual

4.00%

Annual

9/16/2054

GBP

600,000

10,326

510

10,836

Pay

1D

SONIA

Annual

4.00%

Annual

9/16/2054

GBP

2,200,000

40,290

(4,164)

36,126

Pay

1D

SONIA

Annual

4.00%

Annual

12/16/2054

GBP

500,000

16,724

(5,869)

10,855

Pay

1D

SONIA

Annual

4.00%

Annual

12/16/2054

GBP

500,000

14,895

(4,040)

10,855

Pay

1D

SORA

Semi

3.00%

Semi

12/16/2026

SGD

700,000

103

–

103

Pay

1D

SORA

Semi

3.00%

Semi

12/16/2026

SGD

700,000

193

(41)

152

Pay

1D

SORA

Semi

3.00%

Semi

12/19/2029

SGD

1,400,000

7,654

(2,338)

5,316

Pay

1D

SORA

Semi

3.00%

Semi

12/19/2029

SGD

1,400,000

7,532

(2,215)

5,317

Pay

1D

TONAR

Annual

1.00%

Annual

9/19/2029

JPY

3,435,800,000

366,932

(85,436)

281,496

Pay

1D

TONAR

Annual

1.00%

Annual

9/19/2029

JPY

7,620,600,000

814,467

(190,106)

624,361

Pay

1D

TONAR

Annual

1.00%

Annual

12/19/2029

JPY

2,300,000,000

175,674

(18,230)

157,444

Pay

1D

TONAR

Annual

1.00%

Annual

12/19/2029

JPY

2,300,000,000

175,674

(18,230)

157,444

Pay

3M

BBR

Qtrly

4.50%

Semi

9/13/2034

NZD

3,500,000

(3,246)

6,189

2,943

Pay

3M

BBR

Qtrly

4.50%

Semi

9/13/2034

NZD

3,400,000

(20,586)

23,445

2,859

Pay

3M

BBR

Qtrly

4.50%

Semi

12/13/2034

NZD

100,000

299

(88)

211

Pay

3M

BBR

Qtrly

4.50%

Semi

12/13/2034

NZD

100,000

(461)

672

211

Pay

3M

HIBOR

Qtrly

4.00%

Qtrly

12/19/2029

HKD

1,200,000

2,535

(295)

2,240

Pay

3M

HIBOR

Qtrly

4.00%

Qtrly

12/19/2029

HKD

1,200,000

2,535

(295)

2,240

Pay

3M

JIBAR

Qtrly

8.00%

Qtrly

9/16/2026

ZAR

18,100,000

1,483

2,099

3,582

Pay

3M

JIBAR

Qtrly

8.00%

Qtrly

9/16/2026

ZAR

18,100,000

1,483

2,099

3,582

Pay

3M

JIBAR

Qtrly

8.00%

Qtrly

12/17/2026

ZAR

42,000,000

12,544

(2,576)

9,968

Pay

3M

JIBAR

Qtrly

8.00%

Qtrly

12/17/2026

ZAR

42,000,000

12,544

(2,576)

9,968

Pay

3M

JIBAR

Qtrly

8.50%

Qtrly

9/19/2029

ZAR

6,600,000

1,784

1,881

3,665

158

AQR

Funds

|

Semi-Annual

Report

|

June

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

MANAGED

FUTURES

STRATEGY

HV

FUND

Consolidated

Schedule

of

Investments

June

30,

2024

(Unaudited)

(Continued)

PAY/

RECEIVE

FLOATING

RATE

FLOATING

RATE

INDEX

(a)

FIXED

RATE

MATURITY

DATE

NOTIONAL

AMOUNT

UPFRONT

PREMIUM

PAID

(RECEIVED)

UNREALIZED

APPRECIATION

(DEPRECIATION)

VALUE

Pay

3M

JIBAR

Qtrly

8.50%

Qtrly

9/19/2029

ZAR

6,600,000

$

1,784

$

1,881

$

3,665

Pay

3M

JIBAR

Qtrly

8.50%

Qtrly

12/19/2029

ZAR

20,500,000

9,777

(1,709)

8,068

Pay

3M

JIBAR

Qtrly

8.50%

Qtrly

12/19/2029

ZAR

20,500,000

9,777

(1,709)

8,068

Pay

3M

STIBOR

Qtrly

3.00%

Annual

12/16/2026

SEK

29,000,000

17,000

1,828

18,828

Pay

3M

STIBOR

Qtrly

3.00%

Annual

12/16/2026

SEK

29,000,000

17,000

1,828

18,828

Pay

6M

BBR

Semi

4.50%

Semi

12/13/2029

AUD

300,000

2,662

(1,402)

1,260

Pay

6M

BBR

Semi

4.50%

Semi

12/13/2029

AUD

2,700,000

14,217

(2,933)

11,284

Pay

6M

BUBOR

Semi

6.50%

Annual

9/19/2029

HUF

10,600,000

3

297

300

Pay

6M

BUBOR

Semi

6.50%

Annual

9/19/2029

HUF

10,600,000

3

297

300

Pay

6M

EURIBOR

Semi

3.00%

Annual

12/16/2026

EUR

35,000,000

15,713

10,859

26,572

Pay

6M

EURIBOR

Semi

3.00%

Annual

12/16/2026

EUR

35,100,000

15,608

11,039

26,647

Pay

6M

EURIBOR

Semi

3.00%

Annual

9/20/2034

EUR

4,000,000

109,905

(40,633)

69,272

Pay

6M

EURIBOR

Semi

3.00%

Annual

9/20/2034

EUR

4,100,000

112,561

(41,556)

71,005

Pay

6M

EURIBOR

Semi

3.00%

Annual

12/20/2034

EUR

6,100,000

116,953

431

117,384

Pay

6M

EURIBOR

Semi

3.00%

Annual

12/20/2034

EUR

6,200,000

117,965

1,337

119,302

Pay

6M

NIBOR

Semi

4.00%

Annual

12/19/2029

NOK

8,200,000

3,348

2,580

5,928

Pay

6M

NIBOR

Semi

4.00%

Annual

9/20/2034

NOK

4,400,000

10,321

(2,349)

7,972

Pay

6M

NIBOR

Semi

4.00%

Annual

9/20/2034

NOK

4,400,000

10,321

(2,349)

7,972

Pay

6M

NIBOR

Semi

4.00%

Annual

12/20/2034

NOK

1,800,000

3,911

(58)

3,853

Pay

6M

NIBOR

Semi

4.00%

Annual

12/20/2034

NOK

1,900,000

4,129

(66)

4,063

Pay

6M

WIBOR

Semi

5.00%

Annual

9/19/2029

PLN

200,000

155

(32)

123

Pay

6M

WIBOR

Semi

5.00%

Annual

9/19/2029

PLN

200,000

155

(32)

123

Pay

6M

WIBOR

Semi

5.00%

Annual

12/19/2029

PLN

2,000,000

1,530

839

2,369

Pay

6M

WIBOR

Semi

5.00%

Annual

12/19/2029

PLN

2,100,000

2,100

388

2,488

Receive

1D

CORRA

Semi

3.00%

Semi

12/19/2029

CAD

24,400,000

198,348

18,553

216,901

Receive

1D

CORRA

Semi

3.00%

Semi

12/19/2029

CAD

24,400,000

198,042

19,014

217,056

Receive

1D

TONAR

Annual

0.50%

Annual

12/16/2026

JPY

7,319,900,000

38,621

15,363

53,984

Receive

1D

TONAR

Annual

0.50%

Annual

12/16/2026

JPY

7,320,000,000

71,116

(17,132)

53,984

Receive

1D

TONAR

Annual

1.00%

Annual

9/20/2034

JPY

1,906,900,000

61,107

53,244

114,351

Receive

1D

TONAR

Annual

1.00%

Annual

9/20/2034

JPY

1,906,900,000

(57,192)

171,535

114,343

Receive

1D

TONAR

Annual

1.00%

Annual

12/20/2034

JPY

1,509,500,000

86,806

38,407

125,213

Receive

1D

TONAR

Annual

1.00%

Annual

12/20/2034

JPY

1,509,500,000

105,783

19,430

125,213

Receive

3M

BBR

Qtrly

4.00%

Qtrly

9/10/2026

AUD

9,200,000

16,589

15,069

31,658

Receive

3M

BBR

Qtrly

4.00%

Qtrly

9/10/2026

AUD

20,300,000

(46,448)

116,030

69,582

Receive

3M

BBR

Qtrly

4.00%

Qtrly

12/10/2026

AUD

10,200,000

16,701

12,551

29,252

Receive

3M

BBR

Qtrly

4.00%

Qtrly

12/10/2026

AUD

29,400,000

47,812

36,403

84,215

Receive

3M

HIBOR

Qtrly

4.00%

Qtrly

9/16/2026

HKD

14,900,000

(1,140)

4,707

3,567

Receive

3M

HIBOR

Qtrly

4.00%

Qtrly

9/16/2026

HKD

5,000,000

4,465

(3,268)

1,197

Receive

6M

BBR

Semi

4.50%

Semi

9/08/2044

AUD

700,000

1,120

8,050

9,170

Receive

6M

BBR

Semi

4.50%

Semi

12/08/2044

AUD

300,000

4,435

(683)

3,752

Receive

6M

EURIBOR

Semi

2.50%

Annual

9/16/2054

EUR

1,200,000

(6,772)

13,977

7,205

Receive

6M

EURIBOR

Semi

2.50%

Annual

9/16/2054

EUR

1,200,000

(6,943)

14,148

7,205

Receive

6M

EURIBOR

Semi

2.50%

Annual

12/16/2054

EUR

3,200,000

(39,875)

43,578

3,703

Receive

6M

EURIBOR

Semi

2.50%

Annual

12/16/2054

EUR

3,200,000

(22,123)

25,065

2,942

Receive

6M

NIBOR

Semi

4.00%

Annual

9/16/2026

NOK

92,500,000

27,763

22,627

50,390

Receive

6M

NIBOR

Semi

4.00%

Annual

12/16/2026

NOK

19,500,000

3,901

1,212

5,113

Receive

6M

NIBOR

Semi

4.00%

Annual

12/16/2026

NOK

164,000,000

5,591

37,384

42,975

3,984,259

285,781

4,270,040

Pay

1D

CORRA

Semi

3.50%

Semi

12/16/2026

CAD

44,700,000

(70,442)

(2,646)

(73,088)

Pay

1D

CORRA

Semi

3.50%

Semi

12/16/2026

CAD

44,800,000

(69,409)

(3,848)

(73,257)

Pay

1D

SOFR

Annual

4.00%

Annual

9/19/2029

USD

19,400,000

(53,731)

52,863

(868)

Pay

1D

SOFR

Annual

4.00%

Annual

9/19/2029

USD

19,400,000

(85,590)

77,906

(7,684)

Pay

1D

SOFR

Annual

3.50%

Annual

9/16/2054

USD

500,000

(4,791)

(14,104)

(18,895)

Pay

1D

SOFR

Annual

3.50%

Annual

9/16/2054

USD

3,100,000

(29,707)

(92,888)

(122,595)

Pay

1D

SOFR

Annual

3.50%

Annual

12/16/2054

USD

700,000

(3,156)

(19,855)

(23,011)

Pay

1D

SOFR

Annual

3.50%

Annual

12/16/2054

USD

700,000

(3,156)

(19,855)

(23,011)

Pay

1D

TONAR

Annual

1.50%

Annual

9/21/2044

JPY

220,000,000

(13,808)

(11,545)

(25,353)

Consolidated

Schedule

of

Investments

June

30,

2024

(Unaudited)

AQR

MANAGED

FUTURES

STRATEGY

HV

FUND

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

Funds

|

Semi-Annual

Report

|

June

2024

159

(Continued)

PAY/

RECEIVE

FLOATING

RATE

FLOATING

RATE

INDEX

(a)

FIXED

RATE

MATURITY

DATE

NOTIONAL

AMOUNT

UPFRONT

PREMIUM

PAID

(RECEIVED)

UNREALIZED

APPRECIATION

(DEPRECIATION)

VALUE

Pay

1D

TONAR

Annual

1.50%

Annual

9/21/2044

JPY

512,200,000

$

46,666

$

(105,689)

$

(59,023)

Pay

1D

TONAR

Annual

1.50%

Annual

12/21/2044

JPY

370,900,000

(32,103)

(19,930)

(52,033)

Pay

1D

TONAR

Annual

1.50%

Annual

12/21/2044

JPY

370,800,000

(45,742)

(6,277)

(52,019)

Pay

3M

BBR

Qtrly

4.50%

Semi

9/16/2026

NZD

2,100,000

(5,827)

(1,556)

(7,383)

Pay

3M

BBR

Qtrly

4.50%

Semi

9/16/2026

NZD

2,200,000

(6,129)

(1,605)

(7,734)

Pay

3M

BBR

Qtrly

4.50%

Semi

12/16/2026

NZD

3,200,000

(1,186)

(2,921)

(4,107)

Pay

3M

BBR

Qtrly

4.50%

Semi

12/16/2026

NZD

3,100,000

(1,137)

(2,842)

(3,979)

Pay

3M

STIBOR

Qtrly

2.50%

Annual

12/20/2034

SEK

500,000

(166)

(58)

(224)

Pay

3M

STIBOR

Qtrly

2.50%

Annual

12/20/2034

SEK

500,000

(166)

(58)

(224)

Pay

6M

BBR

Semi

4.50%

Semi

9/07/2034

AUD

1,800,000

5,995

(10,315)

(4,320)

Pay

6M

BBR

Semi

4.50%

Semi

9/07/2034

AUD

1,700,000

3,263

(7,342)

(4,079)

Pay

6M

BBR

Semi

4.50%

Semi

12/07/2034

AUD

4,000,000

236

(10,083)

(9,847)

Pay

6M

BBR

Semi

4.50%

Semi

12/07/2034

AUD

4,000,000

(1,938)

(8,014)

(9,952)

Pay

6M

BUBOR

Semi

6.00%

Annual

9/16/2026

HUF

88,400,000

(1,509)

490

(1,019)

Pay

6M

BUBOR

Semi

6.00%

Annual

9/16/2026

HUF

88,500,000

(1,511)

491

(1,020)

Pay

6M

EURIBOR

Semi

3.00%

Annual

9/16/2026

EUR

25,900,000

(45,922)

(263)

(46,185)

Pay

6M

EURIBOR

Semi

3.00%

Annual

9/16/2026

EUR

26,000,000

(46,100)

(226)

(46,326)

Pay

6M

NIBOR

Semi

4.00%

Annual

9/16/2026

NOK

6,000,000

(2,127)

(1,142)

(3,269)

Pay

6M

WIBOR

Semi

5.00%

Annual

12/16/2026

PLN

3,000,000

4

(853)

(849)

Pay

6M

WIBOR

Semi

5.00%

Annual

12/16/2026

PLN

3,000,000

(21)

(829)

(850)

Receive

1D

MIBOR

Semi

6.50%

Semi

12/18/2026

INR

405,000,000

(91)

(2,702)

(2,793)

Receive

1D

MIBOR

Semi

6.50%

Semi

12/18/2026

INR

405,000,000

(91)

(2,702)

(2,793)

Receive

1D

SARON

Annual

1.00%

Annual

9/19/2029

CHF

900,000

11,824

(19,054)

(7,230)

Receive

1D

SARON

Annual

1.00%

Annual

9/19/2029

CHF

6,400,000

9,790

(61,199)

(51,409)

Receive

1D

SARON

Annual

1.50%

Annual

12/20/2034

CHF

500,000

(17,008)

(10,854)

(27,862)

Receive

1D

SARON

Annual

1.50%

Annual

12/20/2034

CHF

1,200,000

(32,941)

(33,955)

(66,896)

Receive

1D

SOFR

Annual

4.50%

Annual

9/16/2026

USD

72,600,000

45,075

(176,197)

(131,122)

Receive

1D

SOFR

Annual

4.50%

Annual

9/16/2026

USD

96,200,000

227,483

(394,078)

(166,595)

Receive

1D

SOFR

Annual

4.50%

Annual

12/16/2026

USD

84,400,000

(460,295)

18,614

(441,681)

Receive

1D

SOFR

Annual

4.50%

Annual

12/16/2026

USD

84,400,000

(352,575)

(89,108)

(441,683)

Receive

1D

SOFR

Annual

4.00%

Annual

9/20/2034

USD

1,700,000

(6,787)

5,280

(1,507)

Receive

1D

SOFR

Annual

4.00%

Annual

9/20/2034

USD

1,600,000

(31,461)

31,419

(42)

Receive

1D

SOFR

Annual

4.00%

Annual

12/20/2034

USD

7,900,000

(85,993)

5,548

(80,445)

Receive

1D

SOFR

Annual

4.00%

Annual

12/20/2034

USD

7,900,000

(124,528)

44,083

(80,445)

Receive

1D

SONIA

Annual

4.50%

Annual

9/16/2026

GBP

5,800,000

(24,843)

8,319

(16,524)

Receive

1D

SONIA

Annual

4.50%

Annual

9/16/2026

GBP

5,800,000

(14,135)

(2,390)

(16,525)

Receive

1D

SONIA

Annual

4.00%

Annual

9/19/2029

GBP

1,000,000

(14,244)

9,600

(4,644)

Receive

1D

SONIA

Annual

4.00%

Annual

9/19/2029

GBP

1,000,000

(14,244)

9,657

(4,587)

Receive

1D

SONIA

Annual

4.00%

Annual

12/19/2029

GBP

6,100,000

(97,448)

39,863

(57,585)

Receive

1D

SONIA

Annual

4.00%

Annual

12/19/2029

GBP

6,000,000

(95,073)

38,431

(56,642)

Receive

1D

SONIA

Annual

4.00%

Annual

9/20/2034

GBP

2,400,000

(48,835)

9,694

(39,141)

Receive

1D

SONIA

Annual

4.00%

Annual

9/20/2034

GBP

2,400,000

(41,127)

1,996

(39,131)

Receive

1D

SONIA

Annual

4.00%

Annual

12/20/2034

GBP

1,800,000

(55,719)

20,938

(34,781)

Receive

1D

SONIA

Annual

4.00%

Annual

12/20/2034

GBP

1,900,000

(58,487)

21,774

(36,713)

Receive

1D

TONAR

Annual

0.50%

Annual

9/16/2026

JPY

12,775,300,000

15,798

(25,608)

(9,810)

Receive

1D

TONAR

Annual

0.50%

Annual

9/16/2026

JPY

12,775,200,000

(175,234)

165,426

(9,808)

Receive

1M

TIIE

Monthly

10.00%

Monthly

12/16/2026

MXN

60,900,000

(10,368)

–

(10,368)

Receive

1M

TIIE

Monthly

10.00%

Monthly

12/16/2026

MXN

60,900,000

(10,368)

–

(10,368)

Receive

1M

TIIE

Monthly

9.50%

Monthly

12/13/2029

MXN

28,200,000

2,730

(13,296)

(10,566)

Receive

1M

TIIE

Monthly

9.50%

Monthly

12/13/2029

MXN

28,200,000

2,730

(13,296)

(10,566)

Receive

3M

BBR

Qtrly

4.50%

Semi

9/12/2029

NZD

6,800,000

(25,836)

7,403

(18,433)

Receive

3M

BBR

Qtrly

4.50%

Semi

9/12/2029

NZD

6,900,000

(27,716)

9,012

(18,704)

Receive

3M

CD_KSDA

Qtrly

3.50%

Qtrly

12/16/2026

KRW

4,541,900,000

(5,013)

(17,765)

(22,778)

Receive

3M

CD_KSDA

Qtrly

3.50%

Qtrly

12/16/2026

KRW

3,900,000,000

(9,237)

(9,974)

(19,211)

Receive

3M

CD_KSDA

Qtrly

3.50%

Qtrly

9/19/2029

KRW

94,700,000

(960)

(389)

(1,349)

Receive

3M

CD_KSDA

Qtrly

3.50%

Qtrly

9/19/2029

KRW

94,800,000

(516)

(833)

(1,349)

Receive

3M

HIBOR

Qtrly

4.00%

Qtrly

12/16/2026

HKD

800,000

85

(169)

(84)

160

AQR

Funds

|

Semi-Annual

Report

|

June

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

MANAGED

FUTURES

STRATEGY

HV

FUND

Consolidated

Schedule

of

Investments

June

30,

2024

(Unaudited)

(Continued)

PAY/

RECEIVE

FLOATING

RATE

FLOATING

RATE

INDEX

(a)

FIXED

RATE

MATURITY

DATE

NOTIONAL

AMOUNT

UPFRONT

PREMIUM

PAID

(RECEIVED)

UNREALIZED

APPRECIATION

(DEPRECIATION)

VALUE

Receive

3M

HIBOR

Qtrly

4.00%

Qtrly

12/16/2026

HKD

800,000

$

85

$

(169)

$

(84)

Receive

3M

STIBOR

Qtrly

3.00%

Annual

9/16/2026

SEK

5,000,000

713

(2,716)

(2,003)

Receive

3M

STIBOR

Qtrly

3.00%

Annual

9/16/2026

SEK

117,000,000

(35,720)

(10,914)

(46,634)

Receive

3M

STIBOR

Qtrly

2.50%

Annual

12/19/2029

SEK

4,000,000

(672)

88

(584)

Receive

3M

STIBOR

Qtrly

2.50%

Annual

12/19/2029

SEK

4,000,000

(672)

88

(584)

Receive

3M

TELBOR

Qtrly

4.50%

Annual

9/16/2026

ILS

9,300,000

(10,669)

816

(9,853)

Receive

3M

TELBOR

Qtrly

4.50%

Annual

9/16/2026

ILS

3,400,000

(1,362)

(2,240)

(3,602)

Receive

3M

TELBOR

Qtrly

4.50%

Annual

9/20/2029

ILS

1,600,000

389

(3,049)

(2,660)

Receive

3M

TELBOR

Qtrly

4.50%

Annual

9/20/2029

ILS

1,500,000

692

(3,185)

(2,493)

Receive

3M

TELBOR

Qtrly

4.50%

Annual

12/19/2029

ILS

1,000,000

(105)

(1,436)

(1,541)

Receive

3M

TELBOR

Qtrly

4.50%

Annual

12/19/2029

ILS

900,000

(190)

(1,198)

(1,388)

Receive

6M

EURIBOR

Semi

3.00%

Annual

9/19/2029

EUR

13,400,000

(164,732)

48,812

(115,920)

Receive

6M

EURIBOR

Semi

3.00%

Annual

9/19/2029

EUR

13,500,000

(166,430)

49,645

(116,785)

Receive

6M

EURIBOR

Semi

3.00%

Annual

12/19/2029

EUR

11,600,000

(163,660)

35,369

(128,291)

Receive

6M

EURIBOR

Semi

3.00%

Annual

12/19/2029

EUR

11,600,000

(163,463)

35,267

(128,196)

Receive

6M

NIBOR

Semi

4.00%

Annual

9/19/2029

NOK

4,600,000

(3,113)

1,113

(2,000)

Receive

6M

NIBOR

Semi

4.00%

Annual

9/19/2029

NOK

4,500,000

(3,045)

1,083

(1,962)

Receive

6M

PRIBOR

Semi

4.00%

Annual

9/16/2026

CZK

40,600,000

(1,771)

(1,828)

(3,599)

Receive

6M

PRIBOR

Semi

4.00%

Annual

12/16/2026

CZK

6,000,000

(158)

(922)

(1,080)

Receive

6M

PRIBOR

Semi

4.00%

Annual

12/16/2026

CZK

6,000,000

(158)

(922)

(1,080)

Receive

6M

PRIBOR

Semi

4.00%

Annual

9/19/2029

CZK

8,900,000

(65)

(3,723)

(3,788)

Receive

6M

PRIBOR

Semi

4.00%

Annual

12/19/2029

CZK

5,000,000

(1,525)

(986)

(2,511)

Receive

6M

PRIBOR

Semi

4.00%

Annual

12/19/2029

CZK

5,000,000

(1,525)

(986)

(2,511)

(2,712,024)

(501,499)

(3,213,523)

$

1,272,235

$

(215,718)

$

1,056,517

Abbreviations:

1D:

1

Day

1M:

1

Month

3M:

3

Month

6M:

6

Month

Qtrly:

Quarterly

Semi:

Semi-Annually

Annual:

Annually

(a)

Floating

rate

indices

at

June

30,

2024

were

as

follows:

1

Day

Canadian

Overnight

Repo

Rate

Average

(“CORRA”):

4.80%

1

Day

Mumbai

Interbank

Overnight

Rate

(“MIBOR”):

6.86%

1

Day

Secured

Overnight

Financing

Rate

(“SOFR”):

5.33%

1

Day

Singapore

Overnight

Rate

Average

(“SORA”):

3.43%

1

Day

Sterling

Overnight

Index

Average

(“SONIA”):

5.20%

1

Day

Swiss

Average

Rate

Overnight

(“SARON”):

1.22%

1

Day

Tokyo

Overnight

Average

Rate

(“TONAR”):

0.07%

1

Month

Mexico

Equilibrium

Interbank

Interest

Rate

(“TIIE”):

11.24%

3

Month

Australian

Bank-Bill

Reference

Rate

(“BBR”):

4.45%

3

Month

Hong

Kong

Interbank

Offered

Rate

(“HIBOR”):

4.75%

3

Month

Johannesburg

Interbank

Agreed

Rate

(“JIBAR”):

8.35%

3

Month

Korean

Certificate

of

Deposit

(“CD_KSDA”):

3.60%

3

Month

Stockholm

Interbank

Offered

Rate

(“STIBOR”):

3.71%

3

Month

Tel

Aviv

Interbank

Offer

Rate

(“TELBOR”):

4.49%

6

Month

Australian

Bank-Bill

Reference

Rate

(“BBR”):

4.74%

6

Month

Budapest

Interbank

Offered

Rate

(“BUBOR”):

6.81%

6

Month

Euro

Interbank

Offered

Rate

(“EURIBOR”):

3.68%

6

Month

Norwegian

Interbank

Offered

Rate

(“NIBOR”):

4.85%

6

Month

Prague

Interbank

Offered

Rate

(“PRIBOR”):

4.56%

6

Month

Warsaw

Interbank

Offered

Rate

(“WIBOR”):

5.76%

Consolidated

Schedule

of

Investments

June

30,

2024

(Unaudited)

AQR

MANAGED

FUTURES

STRATEGY

HV

FUND

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

Funds

|

Semi-Annual

Report

|

June

2024

161

(Continued)

Total

return

swap

contracts

outstanding

as

of

June

30,

2024

:

Over-the-Counter

REFERENCE

ENTITY

PAYMENTS

MADE

BY

FUND

PAYMENTS

RECEIVED

BY

FUND

PAYMENT

FREQUENCY

COUNTERPARTY

MATURITY

DATE

NOTIONAL

AMOUNT

VALUE

AND

UNREALIZED

APPRECIATION

(DEPRECIATION)

KOSPI

200

Index

September

Futures

Decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

At

termination

MLIN

09/12/2024

KRW

3,380,562,500

$

98,778

KOSPI

200

Index

September

Futures

Decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

At

termination

GSIN

09/12/2024

KRW

25,982,037,500

498,648

TAIEX

Index

July

Futures

Decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

At

termination

MLIN

07/17/2024

TWD

22,980,000

17,257

Total

unrealized

appreciation

614,683

Amsterdam

Exchange

Index

July

Futures

Decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

At

termination

GSIN

07/19/2024

EUR

4,445,856

(11,073)

HSCEI

July

Futures

Decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

At

termination

MLIN

07/30/2024

HKD

21,614,250

(44,120)

HSCEI

July

Futures

Decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

At

termination

GSIN

07/30/2024

HKD

43,855,000

(109,355)

iBovespa

Index

August

Futures

Increases

in

total

return

of

reference

entity

Decreases

in

total

return

of

reference

entity

At

termination

MLIN

08/14/2024

BRL

(65,756,250)

(352,185)

iBovespa

Index

August

Futures

Increases

in

total

return

of

reference

entity

Decreases

in

total

return

of

reference

entity

At

termination

GSIN

08/14/2024

BRL

(23,421,750)

(47,090)

Swiss

Market

Index

September

Futures

Decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

MLIN

09/20/2024

CHF

18,274,960

(82,103)

Total

unrealized

depreciation

(645,926)

Net

unrealized

depreciation

$

(31,243)

Futures

contracts

outstanding

as

of

June

30,

2024:

Exchange-Traded

DESCRIPTION

NUMBER

OF

CONTRACTS

EXPIRATION

DATE

TRADING

CURRENCY

NOTIONAL

AMOUNT

VALUE

AND

UNREALIZED

APPRECIATION

(DEPRECIATION)

Long

Contracts

Brent

Crude

Oil

129

7/2024

USD

$

10,965,000

$

311,027

CAC

40

10

Euro

Index

6

7/2024

EUR

481,446

(9,259)

CBOE

Volatility

Index

115

7/2024

USD

1,612,622

(31,131)

EURO

STOXX

50

Volatility

Index

51

7/2024

EUR

88,482

(1,379)

Hang

Seng

Index

12

7/2024

HKD

1,354,582

(23,187)

HSCEI

77

7/2024

HKD

3,088,756

(54,484)

IBEX

35

Index

39

7/2024

EUR

4,542,584

(59,421)

LME

Aluminum

Base

Metal

8

7/2024

USD

498,104

3,684

LME

Aluminum

Base

Metal

8

7/2024

USD

498,434

7,810

LME

Aluminum

Base

Metal

8

7/2024

USD

499,768

(14,070)

162

AQR

Funds

|

Semi-Annual

Report

|

June

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

MANAGED

FUTURES

STRATEGY

HV

FUND

Consolidated

Schedule

of

Investments

June

30,

2024

(Unaudited)

(Continued)

DESCRIPTION

NUMBER

OF

CONTRACTS

EXPIRATION

DATE

TRADING

CURRENCY

NOTIONAL

AMOUNT

VALUE

AND

UNREALIZED

APPRECIATION

(DEPRECIATION)

Long

Contracts

(continued)

LME

Aluminum

Base

Metal

19

7/2024

USD

$

1,182,997

$

(79,719)

LME

Aluminum

Base

Metal

21

7/2024

USD

1,308,605

(91,856)

LME

Aluminum

Base

Metal

22

7/2024

USD

1,371,810

(58,528)

LME

Aluminum

Base

Metal

23

7/2024

USD

1,434,700

(56,047)

LME

Aluminum

Base

Metal

60

7/2024

USD

3,738,480

49,821

LME

Copper

Base

Metal

1

7/2024

USD

237,793

(13,683)

LME

Copper

Base

Metal

1

7/2024

USD

237,193

350

LME

Copper

Base

Metal

1

7/2024

USD

237,744

(13,147)

LME

Copper

Base

Metal

2

7/2024

USD

472,799

22,038

LME

Copper

Base

Metal

3

7/2024

USD

711,747

(25,437)

LME

Copper

Base

Metal

3

7/2024

USD

710,496

2,159

LME

Copper

Base

Metal

3

7/2024

USD

712,640

(32,128)

LME

Copper

Base

Metal

8

7/2024

USD

1,899,184

(77,772)

LME

Copper

Base

Metal

11

7/2024

USD

2,604,465

18,504

LME

Lead

Base

Metal

1

7/2024

USD

54,616

399

LME

Lead

Base

Metal

1

7/2024

USD

54,841

(399)

LME

Lead

Base

Metal

1

7/2024

USD

54,571

735

LME

Lead

Base

Metal

1

7/2024

USD

54,706

241

LME

Lead

Base

Metal

1

7/2024

USD

54,482

1,353

LME

Lead

Base

Metal

1

7/2024

USD

54,684

343

LME

Nickel

Base

Metal

1

7/2024

USD

102,664

(13,104)

LME

Nickel

Base

Metal

1

7/2024

USD

102,556

(3,970)

LME

Nickel

Base

Metal

1

7/2024

USD

102,559

(5,886)

LME

Nickel

Base

Metal

22

7/2024

USD

2,252,744

(102,597)

LME

Zinc

Base

Metal

1

7/2024

USD

72,393

915

LME

Zinc

Base

Metal

1

7/2024

USD

72,280

1,104

LME

Zinc

Base

Metal

3

7/2024

USD

216,458

10,040

LME

Zinc

Base

Metal

3

7/2024

USD

217,454

172

LME

Zinc

Base

Metal

5

7/2024

USD

360,414

29,837

LME

Zinc

Base

Metal

7

7/2024

USD

507,260

(326)

LME

Zinc

Base

Metal

11

7/2024

USD

793,128

52,281

LME

Zinc

Base

Metal

16

7/2024

USD

1,155,880

63,520

MSCI

Singapore

Index

137

7/2024

SGD

3,196,162

21,902

Natural

Gas

25

7/2024

GBP

796,968

(13,708)

Natural

Gas

35

7/2024

EUR

961,562

(18,879)

Natural

Gas

40

7/2024

USD

1,040,400

(186,894)

OMXS30

Index

152

7/2024

SEK

3,697,104

9,390

SGX

FTSE

China

A50

Index

883

7/2024

USD

10,509,466

(66,904)

SGX

FTSE

Taiwan

Index

83

7/2024

USD

6,403,450

34,086

100

oz

Gold

98

8/2024

USD

22,928,080

(334,640)

Crude

Oil

1

8/2024

USD

84,379

206

EURO

STOXX

50

Volatility

Index

51

8/2024

EUR

90,667

1,488

Italian

Base

Electricity

4

8/2024

EUR

326,810

(7,728)

Live

Cattle

95

8/2024

USD

7,046,150

98,986

LME

Aluminum

Base

Metal

7

8/2024

USD

440,143

(33,710)

LME

Aluminum

Base

Metal

13

8/2024

USD

813,725

(14,576)

LME

Aluminum

Base

Metal

13

8/2024

USD

813,495

(18,840)

LME

Aluminum

Base

Metal

18

8/2024

USD

1,128,168

(36,411)

LME

Aluminum

Base

Metal

23

8/2024

USD

1,441,795

(50,317)

LME

Aluminum

Base

Metal

27

8/2024

USD

1,697,213

(163,521)

LME

Aluminum

Base

Metal

31

8/2024

USD

1,944,227

(68,153)

LME

Copper

Base

Metal

2

8/2024

USD

477,377

(38,226)

LME

Copper

Base

Metal

3

8/2024

USD

714,854

(26,128)

LME

Copper

Base

Metal

3

8/2024

USD

714,559

(34,682)

LME

Copper

Base

Metal

5

8/2024

USD

1,192,778

(92,318)

LME

Copper

Base

Metal

8

8/2024

USD

1,912,608

(116,913)

Consolidated

Schedule

of

Investments

June

30,

2024

(Unaudited)

AQR

MANAGED

FUTURES

STRATEGY

HV

FUND

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

Funds

|

Semi-Annual

Report

|

June

2024

163

(Continued)

DESCRIPTION

NUMBER

OF

CONTRACTS

EXPIRATION

DATE

TRADING

CURRENCY

NOTIONAL

AMOUNT

VALUE

AND

UNREALIZED

APPRECIATION

(DEPRECIATION)

Long

Contracts

(continued)

LME

Copper

Base

Metal

17

8/2024

USD

$

4,055,996

$

(424,570)

LME

Lead

Base

Metal

1

8/2024

USD

55,123

(330)

LME

Lead

Base

Metal

1

8/2024

USD

55,247

(1,847)

LME

Lead

Base

Metal

1

8/2024

USD

55,544

(1,709)

LME

Lead

Base

Metal

2

8/2024

USD

110,424

(2,282)

LME

Nickel

Base

Metal

2

8/2024

USD

206,564

(34,582)

LME

Nickel

Base

Metal

4

8/2024

USD

411,366

(47,070)

LME

Nickel

Base

Metal

5

8/2024

USD

516,305

(99,432)

LME

Nickel

Base

Metal

6

8/2024

USD

618,216

(73,883)

LME

Nickel

Base

Metal

9

8/2024

USD

926,011

(86,696)

LME

Nickel

Base

Metal

11

8/2024

USD

1,134,490

(191,814)

LME

Zinc

Base

Metal

3

8/2024

USD

218,999

(8,260)

LME

Zinc

Base

Metal

5

8/2024

USD

363,376

1,163

LME

Zinc

Base

Metal

9

8/2024

USD

655,355

(16,923)

LME

Zinc

Base

Metal

9

8/2024

USD

655,196

(21,159)

LME

Zinc

Base

Metal

12

8/2024

USD

871,614

(9,203)

LME

Zinc

Base

Metal

18

8/2024

USD

1,311,773

(59,031)

Low

Sulphur

Gasoil

70

8/2024

USD

5,488,000

150,022

Mont

Belvieu

Propane

10

8/2024

USD

355,950

17,614

Phelix

De

Base

Electricity

2

8/2024

EUR

122,259

(1,100)

Australia

10

Year

Bond

149

9/2024

AUD

11,219,571

(117,612)

Australia

3

Year

Bond

36

9/2024

AUD

2,528,447

(13,214)

Cocoa

18

9/2024

USD

1,391,580

(181,410)

Cocoa

82

9/2024

GBP

6,596,681

(822,974)

Coffee

'C'

37

9/2024

USD

3,146,850

(7,146)

Crude

Oil

1

9/2024

USD

83,651

(865)

Euro

STOXX

50

Index

31

9/2024

EUR

1,635,405

(13,232)

EURO

STOXX

50

Volatility

Index

23

9/2024

EUR

41,505

651

Euro-BTP

55

9/2024

EUR

6,788,484

(53,320)

FTSE

100

Index

130

9/2024

GBP

13,495,026

(6,794)

FTSE/MIB

Index

63

9/2024

EUR

11,255,995

(4,491)

KOSPI

200

Index

63

9/2024

KRW

4,420,641

114,102

LME

Aluminum

Base

Metal

2

9/2024

USD

126,106

(421)

LME

Aluminum

Base

Metal

4

9/2024

USD

251,943

(11,319)

LME

Aluminum

Base

Metal

5

9/2024

USD

315,500

2,857

LME

Aluminum

Base

Metal

12

9/2024

USD

755,529

(41,026)

LME

Aluminum

Base

Metal

12

9/2024

USD

756,735

(13,637)

LME

Aluminum

Base

Metal

33

9/2024

USD

2,082,143

22,121

LME

Aluminum

Base

Metal

148

9/2024

USD

9,337,172

(408,747)

LME

Copper

Base

Metal

1

9/2024

USD

239,608

(7,044)

LME

Copper

Base

Metal

2

9/2024

USD

479,128

(12,377)

LME

Copper

Base

Metal

4

9/2024

USD

958,079

(12,432)

LME

Copper

Base

Metal

6

9/2024

USD

1,435,619

(62,897)

LME

Copper

Base

Metal

6

9/2024

USD

1,438,823

(106,126)

LME

Copper

Base

Metal

9

9/2024

USD

2,152,762

(96,363)

LME

Copper

Base

Metal

10

9/2024

USD

2,397,850

(13,926)

LME

Copper

Base

Metal

16

9/2024

USD

3,838,940

17,929

LME

Lead

Base

Metal

1

9/2024

USD

55,723

1,862

LME

Lead

Base

Metal

1

9/2024

USD

55,697

(81)

LME

Lead

Base

Metal

1

9/2024

USD

55,678

1,175

LME

Lead

Base

Metal

2

9/2024

USD

111,160

1,155

LME

Lead

Base

Metal

2

9/2024

USD

111,200

1,195

LME

Lead

Base

Metal

7

9/2024

USD

390,084

(1,375)

LME

Nickel

Base

Metal

3

9/2024

USD

310,631

(8,878)

LME

Nickel

Base

Metal

4

9/2024

USD

414,030

(13,302)

LME

Nickel

Base

Metal

6

9/2024

USD

620,123

(71,636)

164

AQR

Funds

|

Semi-Annual

Report

|

June

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

MANAGED

FUTURES

STRATEGY

HV

FUND

Consolidated

Schedule

of

Investments

June

30,

2024

(Unaudited)

(Continued)

DESCRIPTION

NUMBER

OF

CONTRACTS

EXPIRATION

DATE

TRADING

CURRENCY

NOTIONAL

AMOUNT

VALUE

AND

UNREALIZED

APPRECIATION

(DEPRECIATION)

Long

Contracts

(continued)

LME

Nickel

Base

Metal

7

9/2024

USD

$

723,813

$

(46,824)

LME

Nickel

Base

Metal

7

9/2024

USD

725,393

(6,499)

LME

Nickel

Base

Metal

9

9/2024

USD

931,730

(28,417)

LME

Nickel

Base

Metal

11

9/2024

USD

1,141,008

3,465

LME

Zinc

Base

Metal

1

9/2024

USD

73,268

3,015

LME

Zinc

Base

Metal

8

9/2024

USD

584,702

478

LME

Zinc

Base

Metal

9

9/2024

USD

660,769

2,754

LME

Zinc

Base

Metal

11

9/2024

USD

805,742

40,659

LME

Zinc

Base

Metal

12

9/2024

USD

877,566

9,030

LME

Zinc

Base

Metal

12

9/2024

USD

880,641

10,992

LME

Zinc

Base

Metal

13

9/2024

USD

953,947

40,008

Long

Gilt

22

9/2024

GBP

2,714,276

(12,727)

MSCI

EAFE

E-Mini

Index

73

9/2024

USD

8,552,680

39,233

MSCI

Emerging

Markets

E-Mini

Index

218

9/2024

USD

11,861,380

19,238

Robusta

Coffee

26

9/2024

USD

1,042,860

(23,871)

Silver

6

9/2024

USD

886,800

10,556

Aluminum

6

10/2024

USD

376,200

2,982

Platinum

75

10/2024

USD

3,802,875

110,283

Crude

Oil

45

11/2024

JPY

1,150,802

82,198

90-Day

Australian

Bank

Bill

164

12/2024

AUD

108,193,228

(59,820)

90-Day

New

Zealand

Bill

24

12/2024

NZD

14,429,824

(383)

UK

Allowances

Carbon

Dioxide

Emissions

10

12/2024

GBP

584,773

21,670

3

Month

CORRA

308

3/2025

CAD

53,895,216

(73,256)

3

Month

Euro

Euribor

53

3/2025

EUR

13,751,614

(3,615)

3

Month

SARON

133

3/2025

CHF

36,660,304

45,141

3

Month

SONIA

184

3/2025

GBP

55,401,079

30,110

90-Day

Australian

Bank

Bill

130

3/2025

AUD

85,775,474

(50,499)

90-Day

New

Zealand

Bill

21

3/2025

NZD

12,634,707

(864)

3

Month

CORRA

170

6/2025

CAD

29,818,811

(51,538)

3

Month

Euro

Euribor

87

6/2025

EUR

22,610,673

(12,359)

3

Month

SARON

59

6/2025

CHF

16,272,692

22,734

3

Month

SONIA

35

6/2025

GBP

10,562,583

(1,268)

90-Day

Australian

Bank

Bill

123

6/2025

AUD

81,174,613

(37,423)

3

Month

Euro

Euribor

23

9/2025

EUR

5,984,924

(2,364)

3

Month

SARON

110

9/2025

CHF

30,351,160

50,658

3

Month

SONIA

34

9/2025

GBP

10,282,284

424

90-Day

Australian

Bank

Bill

4

9/2025

AUD

2,640,469

(1,489)

3

Month

Euro

Euribor

33

12/2025

EUR

8,595,016

(6,244)

3

Month

SARON

36

12/2025

CHF

9,935,611

13,228

3

Month

SONIA

8

12/2025

GBP

2,423,406

(2,562)

3

Month

Euro

Euribor

33

3/2026

EUR

8,599,434

(5,413)

3

Month

SONIA

12

3/2026

GBP

3,640,229

(4,959)

3

Month

Euro

Euribor

42

6/2026

EUR

10,948,670

(6,107)

3

Month

SONIA

15

6/2026

GBP

4,555,026

(6,979)

3

Month

SONIA

15

9/2026

GBP

4,559,293

(7,038)

Total

of

long

contracts

(4,092,039)

Short

Contracts

IFSC

NIFTY

50

Index

(2)

7/2024

USD

(96,558)

(1,662)

LME

Aluminum

Base

Metal

(8)

7/2024

USD

(499,768)

13,280

LME

Aluminum

Base

Metal

(8)

7/2024

USD

(498,104)

(5,434)

LME

Aluminum

Base

Metal

(8)

7/2024

USD

(498,434)

(7,467)

LME

Aluminum

Base

Metal

(19)

7/2024

USD

(1,182,997)

77,344

LME

Aluminum

Base

Metal

(21)

7/2024

USD

(1,308,605)

91,949

LME

Aluminum

Base

Metal

(22)

7/2024

USD

(1,371,810)

58,802

LME

Aluminum

Base

Metal

(23)

7/2024

USD

(1,434,700)

60,231

LME

Aluminum

Base

Metal

(60)

7/2024

USD

(3,738,480)

(41,759)

Consolidated

Schedule

of

Investments

June

30,

2024

(Unaudited)

AQR

MANAGED

FUTURES

STRATEGY

HV

FUND

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

Funds

|

Semi-Annual

Report

|

June

2024

165

(Continued)

DESCRIPTION

NUMBER

OF

CONTRACTS

EXPIRATION

DATE

TRADING

CURRENCY

NOTIONAL

AMOUNT

VALUE

AND

UNREALIZED

APPRECIATION

(DEPRECIATION)

Short

Contracts

(continued)

LME

Copper

Base

Metal

(1)

7/2024

USD

$

(237,793)

$

14,636

LME

Copper

Base

Metal

(1)

7/2024

USD

(237,744)

12,985

LME

Copper

Base

Metal

(1)

7/2024

USD

(237,193)

(258)

LME

Copper

Base

Metal

(2)

7/2024

USD

(472,799)

(22,205)

LME

Copper

Base

Metal

(3)

7/2024

USD

(712,640)

29,859

LME

Copper

Base

Metal

(3)

7/2024

USD

(710,496)

(3,114)

LME

Copper

Base

Metal

(3)

7/2024

USD

(711,747)

25,708

LME

Copper

Base

Metal

(8)

7/2024

USD

(1,899,184)

82,026

LME

Copper

Base

Metal

(11)

7/2024

USD

(2,604,465)

(14,543)

LME

Lead

Base

Metal

(1)

7/2024

USD

(54,841)

306

LME

Lead

Base

Metal

(1)

7/2024

USD

(54,571)

(1,136)

LME

Lead

Base

Metal

(1)

7/2024

USD

(54,482)

(1,047)

LME

Lead

Base

Metal

(1)

7/2024

USD

(54,684)

(349)

LME

Lead

Base

Metal

(1)

7/2024

USD

(54,706)

(334)

LME

Lead

Base

Metal

(1)

7/2024

USD

(54,616)

(544)

LME

Nickel

Base

Metal

(1)

7/2024

USD

(102,556)

4,151

LME

Nickel

Base

Metal

(1)

7/2024

USD

(102,664)

13,133

LME

Nickel

Base

Metal

(1)

7/2024

USD

(102,559)

5,078

LME

Nickel

Base

Metal

(22)

7/2024

USD

(2,252,744)

108,011

LME

Zinc

Base

Metal

(1)

7/2024

USD

(72,280)

(1,057)

LME

Zinc

Base

Metal

(1)

7/2024

USD

(72,393)

(1,245)

LME

Zinc

Base

Metal

(3)

7/2024

USD

(216,458)

(11,229)

LME

Zinc

Base

Metal

(3)

7/2024

USD

(217,454)

1,988

LME

Zinc

Base

Metal

(5)

7/2024

USD

(360,414)

(29,801)

LME

Zinc

Base

Metal

(7)

7/2024

USD

(507,260)

(3,667)

LME

Zinc

Base

Metal

(11)

7/2024

USD

(793,128)

(45,710)

LME

Zinc

Base

Metal

(16)

7/2024

USD

(1,155,880)

(69,024)

NY

Harbor

ULSD

(244)

7/2024

USD

(25,959,209)

(868,016)

Rapeseed

(19)

7/2024

EUR

(485,555)

(14,823)

RBOB

Gasoline

(218)

7/2024

USD

(22,903,734)

(794,025)

WTI

Crude

Oil

(79)

7/2024

USD

(6,441,660)

(185,582)

CBOE

Volatility

Index

(58)

8/2024

USD

(866,532)

3,159

Feeder

Cattle

(4)

8/2024

USD

(518,600)

738

French

Base

Electricity

(2)

8/2024

EUR

(82,563)

(17,168)

Lean

Hogs

(142)

8/2024

USD

(5,083,600)

41,486

LME

Aluminum

Base

Metal

(7)

8/2024

USD

(440,143)

33,537

LME

Aluminum

Base

Metal

(13)

8/2024

USD

(813,725)

14,928

LME

Aluminum

Base

Metal

(13)

8/2024

USD

(813,495)

19,575

LME

Aluminum

Base

Metal

(18)

8/2024

USD

(1,128,168)

32,137

LME

Aluminum

Base

Metal

(23)

8/2024

USD

(1,441,795)

55,840

LME

Aluminum

Base

Metal

(27)

8/2024

USD

(1,697,213)

160,607

LME

Aluminum

Base

Metal

(31)

8/2024

USD

(1,944,227)

76,556

LME

Copper

Base

Metal

(2)

8/2024

USD

(477,377)

38,368

LME

Copper

Base

Metal

(3)

8/2024

USD

(714,559)

33,183

LME

Copper

Base

Metal

(3)

8/2024

USD

(714,854)

25,715

LME

Copper

Base

Metal

(5)

8/2024

USD

(1,192,778)

94,434

LME

Copper

Base

Metal

(8)

8/2024

USD

(1,912,608)

111,678

LME

Copper

Base

Metal

(17)

8/2024

USD

(4,055,996)

412,690

LME

Lead

Base

Metal

(1)

8/2024

USD

(55,123)

348

LME

Lead

Base

Metal

(1)

8/2024

USD

(55,247)

1,983

LME

Lead

Base

Metal

(1)

8/2024

USD

(55,544)

1,733

LME

Lead

Base

Metal

(2)

8/2024

USD

(110,424)

2,162

LME

Nickel

Base

Metal

(2)

8/2024

USD

(206,564)

34,393

LME

Nickel

Base

Metal

(4)

8/2024

USD

(411,366)

48,079

LME

Nickel

Base

Metal

(5)

8/2024

USD

(516,305)

101,231

LME

Nickel

Base

Metal

(6)

8/2024

USD

(618,216)

75,144

166

AQR

Funds

|

Semi-Annual

Report

|

June

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

MANAGED

FUTURES

STRATEGY

HV

FUND

Consolidated

Schedule

of

Investments

June

30,

2024

(Unaudited)

(Continued)

DESCRIPTION

NUMBER

OF

CONTRACTS

EXPIRATION

DATE

TRADING

CURRENCY

NOTIONAL

AMOUNT

VALUE

AND

UNREALIZED

APPRECIATION

(DEPRECIATION)

Short

Contracts

(continued)

LME

Nickel

Base

Metal

(9)

8/2024

USD

$

(926,011)

$

91,049

LME

Nickel

Base

Metal

(11)

8/2024

USD

(1,134,490)

196,045

LME

Zinc

Base

Metal

(3)

8/2024

USD

(218,999)

8,910

LME

Zinc

Base

Metal

(5)

8/2024

USD

(363,376)

(3,829)

LME

Zinc

Base

Metal

(9)

8/2024

USD

(655,355)

12,980

LME

Zinc

Base

Metal

(9)

8/2024

USD

(655,196)

26,190

LME

Zinc

Base

Metal

(12)

8/2024

USD

(871,614)

3,157

LME

Zinc

Base

Metal

(18)

8/2024

USD

(1,311,773)

60,505

SGX

Iron

Ore

(65)

8/2024

USD

(691,275)

(15,197)

Canada

10

Year

Bond

(51)

9/2024

CAD

(4,476,876)

(22,622)

CBOE

Volatility

Index

(58)

9/2024

USD

(916,847)

26,537

Copper

(170)

9/2024

USD

(18,663,875)

(24,035)

Corn

(48)

9/2024

USD

(978,000)

121,745

Crude

Palm

Oil

(82)

9/2024

MYR

(1,701,706)

(2,174)

DAX

Index

(22)

9/2024

EUR

(10,839,781)

(62,880)

DJIA

CBOT

E-Mini

Index

(72)

9/2024

USD

(14,208,840)

4

Euro-Bobl

(61)

9/2024

EUR

(7,605,480)

(22,819)

Euro-Bund

(50)

9/2024

EUR

(7,043,103)

(58,027)

Euro-Buxl

(7)

9/2024

EUR

(973,965)

364

Euro-OAT

(57)

9/2024

EUR

(7,513,314)

59,390

Euro-Schatz

(140)

9/2024

EUR

(15,850,167)

(75,803)

FCOJ-A

(2)

9/2024

USD

(123,960)

2,158

French

Base

Electricity

(1)

9/2024

EUR

(210,195)

(19,910)

FTSE/JSE

Top

40

Index

(13)

9/2024

ZAR

(526,910)

(7,033)

Japan

10

Year

Bond

(16)

9/2024

JPY

(14,183,106)

25,117

KC

HRW

Wheat

(95)

9/2024

USD

(2,784,688)

300,127

LME

Aluminum

Base

Metal

(2)

9/2024

USD

(126,106)

339

LME

Aluminum

Base

Metal

(4)

9/2024

USD

(252,356)

11,632

LME

Aluminum

Base

Metal

(4)

9/2024

USD

(251,943)

9,695

LME

Aluminum

Base

Metal

(5)

9/2024

USD

(315,500)

(3,015)

LME

Aluminum

Base

Metal

(12)

9/2024

USD

(756,735)

11,529

LME

Aluminum

Base

Metal

(12)

9/2024

USD

(755,529)

38,435

LME

Aluminum

Base

Metal

(33)

9/2024

USD

(2,082,143)

(17,317)

LME

Copper

Base

Metal

(1)

9/2024

USD

(239,608)

7,285

LME

Copper

Base

Metal

(2)

9/2024

USD

(479,128)

13,548

LME

Copper

Base

Metal

(4)

9/2024

USD

(958,079)

15,975

LME

Copper

Base

Metal

(6)

9/2024

USD

(1,435,619)

57,968

LME

Copper

Base

Metal

(9)

9/2024

USD

(2,152,762)

98,786

LME

Copper

Base

Metal

(10)

9/2024

USD

(2,397,850)

12,720

LME

Copper

Base

Metal

(16)

9/2024

USD

(3,838,940)

(12,793)

LME

Copper

Base

Metal

(52)

9/2024

USD

(12,469,795)

167,172

LME

Lead

Base

Metal

(1)

9/2024

USD

(55,697)

50

LME

Lead

Base

Metal

(1)

9/2024

USD

(55,678)

(1,217)

LME

Lead

Base

Metal

(1)

9/2024

USD

(55,723)

(2,125)

LME

Lead

Base

Metal

(2)

9/2024

USD

(111,200)

(1,001)

LME

Lead

Base

Metal

(2)

9/2024

USD

(111,160)

(1,242)

LME

Lead

Base

Metal

(6)

9/2024

USD

(334,358)

(3,655)

LME

Nickel

Base

Metal

(3)

9/2024

USD

(310,631)

8,635

LME

Nickel

Base

Metal

(4)

9/2024

USD

(414,030)

14,286

LME

Nickel

Base

Metal

(6)

9/2024

USD

(620,123)

72,216

LME

Nickel

Base

Metal

(7)

9/2024

USD

(725,393)

6,073

LME

Nickel

Base

Metal

(7)

9/2024

USD

(723,813)

40,503

LME

Nickel

Base

Metal

(9)

9/2024

USD

(931,730)

37,796

LME

Nickel

Base

Metal

(11)

9/2024

USD

(1,141,008)

(6,542)

LME

Nickel

Base

Metal

(81)

9/2024

USD

(8,394,561)

600,051

LME

Zinc

Base

Metal

(1)

9/2024

USD

(73,268)

(2,363)

Consolidated

Schedule

of

Investments

June

30,

2024

(Unaudited)

AQR

MANAGED

FUTURES

STRATEGY

HV

FUND

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

Funds

|

Semi-Annual

Report

|

June

2024

167

(Continued)

DESCRIPTION

NUMBER

OF

CONTRACTS

EXPIRATION

DATE

TRADING

CURRENCY

NOTIONAL

AMOUNT

VALUE

AND

UNREALIZED

APPRECIATION

(DEPRECIATION)

Short

Contracts

(continued)

LME

Zinc

Base

Metal

(8)

9/2024

USD

$

(584,702)

$

984

LME

Zinc

Base

Metal

(9)

9/2024

USD

(660,769)

(1,546)

LME

Zinc

Base

Metal

(11)

9/2024

USD

(805,742)

(37,961)

LME

Zinc

Base

Metal

(12)

9/2024

USD

(877,566)

(19,614)

LME

Zinc

Base

Metal

(13)

9/2024

USD

(953,947)

(42,214)

LME

Zinc

Base

Metal

(81)

9/2024

USD

(5,944,327)

8,686

NASDAQ

100

E-Mini

Index

(14)

9/2024

USD

(5,579,630)

(40,847)

Nikkei

225

Index

(49)

9/2024

JPY

(12,054,323)

(187,604)

Palladium

(40)

9/2024

USD

(3,911,600)

(91,553)

Red

Wheat

(50)

9/2024

USD

(1,532,500)

144,287

Russell

2000

E-Mini

Index

(87)

9/2024

USD

(8,982,750)

(75,123)

S&P

500

E-Mini

Index

(9)

9/2024

USD

(2,484,675)

(2,506)

S&P

Midcap

400

E-Mini

Index

(55)

9/2024

USD

(16,269,550)

37,346

S&P/TSX

60

Index

(29)

9/2024

CAD

(5,556,010)

(41,044)

SPI

200

Index

(82)

9/2024

AUD

(10,628,637)

38,436

Sugar

No.

11

(564)

9/2024

USD

(12,823,104)

(809,471)

TOPIX

Index

(20)

9/2024

JPY

(3,493,691)

(38,747)

U.S.

Treasury

10

Year

Note

(104)

9/2024

USD

(11,425,375)

(77,198)

U.S.

Treasury

2

Year

Note

(411)

9/2024

USD

(83,937,117)

(95,464)

U.S.

Treasury

5

Year

Note

(271)

9/2024

USD

(28,867,852)

(131,066)

U.S.

Treasury

Long

Bond

(44)

9/2024

USD

(5,186,500)

(40,369)

U.S.

Treasury

Ultra

Bond

(59)

9/2024

USD

(7,347,344)

(45,849)

Wheat

(37)

9/2024

USD

(1,060,975)

122,013

White

Sugar

(12)

9/2024

USD

(344,580)

(10,496)

CBOE

Volatility

Index

(57)

10/2024

USD

(1,036,118)

(7,796)

Canola

(220)

11/2024

CAD

(2,016,915)

19,295

CBOE

Volatility

Index

(28)

11/2024

USD

(485,100)

(646)

Soybean

(377)

11/2024

USD

(20,810,400)

841,804

3

Month

Euro

Euribor

(87)

12/2024

EUR

(22,525,653)

(8,301)

Cotton

No.

2

(108)

12/2024

USD

(3,925,260)

8,150

ECX

Emission

(3)

12/2024

EUR

(216,771)

7,537

French

Base

Electricity

(1)

12/2024

EUR

(701,175)

(35,130)

Milling

Wheat

No.

2

(57)

12/2024

EUR

(706,586)

2,759

Soybean

Meal

(102)

12/2024

USD

(3,422,100)

131,035

Soybean

Oil

(294)

12/2024

USD

(7,724,556)

63,458

3

Month

SOFR

(279)

3/2025

USD

(66,363,638)

(48,737)

3

Month

SOFR

(164)

6/2025

USD

(39,130,400)

(35,475)

90-Day

New

Zealand

Bill

(9)

6/2025

NZD

(5,418,173)

(839)

3

Month

CORRA

(1)

9/2025

CAD

(175,807)

(387)

3

Month

SOFR

(67)

9/2025

USD

(16,028,075)

(29,341)

3

Month

CORRA

(30)

12/2025

CAD

(5,284,346)

(3,800)

3

Month

SOFR

(77)

12/2025

USD

(18,456,900)

11,569

3

Month

SOFR

(72)

3/2026

USD

(17,284,500)

1,595

3

Month

SOFR

(65)

6/2026

USD

(15,620,313)

(8,948)

3

Month

SOFR

(55)

9/2026

USD

(13,226,813)

(24,690)

Total

of

short

contracts

1,117,557

Net

value

$

(2,974,482)

168

AQR

Funds

|

Semi-Annual

Report

|

June

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

MANAGED

FUTURES

STRATEGY

HV

FUND

Consolidated

Schedule

of

Investments

June

30,

2024

(Unaudited)

(Continued)

Forward

foreign

currency

exchange

contracts

outstanding

as

of

June

30,

2024:

Over-the-Counter

CURRENCY

PURCHASED

CURRENCY

SOLD

COUNTERPARTY

SETTLEMENT

DATE

UNREALIZED

APPRECIATION

(DEPRECIATION)

AUD

7,345,000

USD

4,898,926

CITI

9/18/2024

$

11,011

AUD

7,345,000

USD

4,898,902

JPMC

9/18/2024

11,036

CAD

7,818,812

USD

5,719,553

CITI

9/18/2024

6,551

CAD

7,818,812

USD

5,719,524

JPMC

9/18/2024

6,580

HUF

635,000,000

USD

1,707,745

CITI

9/18/2024

9,199

HUF

635,000,000

USD

1,707,737

JPMC

9/18/2024

9,208

INR

1,145,363,728

USD

13,693,304

CITI

**

9/18/2024

9,190

INR

875,363,728

USD

10,463,794

JPMC

**

9/18/2024

8,571

NOK

16,500,000

USD

1,544,229

CITI

9/18/2024

4,199

NOK

16,500,000

USD

1,544,221

JPMC

9/18/2024

4,207

NZD

14,113,000

USD

8,575,801

CITI

9/18/2024

20,326

NZD

14,113,000

USD

8,575,758

JPMC

9/18/2024

20,369

PLN

2,296,000

USD

568,766

CITI

9/18/2024

1,032

PLN

2,296,000

USD

568,763

JPMC

9/18/2024

1,035

SEK

56,054,617

USD

5,308,420

CITI

9/18/2024

1,864

SEK

56,054,617

USD

5,308,394

JPMC

9/18/2024

1,890

TWD

37,500,000

USD

1,155,045

CITI

**

9/18/2024

1,917

TWD

37,500,000

USD

1,155,039

JPMC

**

9/18/2024

1,923

USD

2,684,802

AUD

4,008,000

CITI

9/18/2024

5,561

USD

2,684,815

AUD

4,008,000

JPMC

9/18/2024

5,574

USD

8,291,865

BRL

44,671,000

CITI

**

9/18/2024

371,860

USD

8,291,906

BRL

44,671,000

JPMC

**

9/18/2024

371,901

USD

158,247

CAD

216,000

CITI

9/18/2024

59

USD

158,247

CAD

216,000

JPMC

9/18/2024

60

USD

1,671,734

CHF

1,475,519

CITI

9/18/2024

13,587

USD

1,671,742

CHF

1,475,519

JPMC

9/18/2024

13,594

USD

450,668

CZK

10,500,000

CITI

9/18/2024

989

USD

450,671

CZK

10,500,000

JPMC

9/18/2024

991

USD

70,361,463

EUR

65,135,500

CITI

9/18/2024

336,240

USD

70,361,815

EUR

65,135,500

JPMC

9/18/2024

336,592

USD

7,041,427

GBP

5,557,000

CITI

9/18/2024

12,694

USD

7,041,463

GBP

5,557,000

JPMC

9/18/2024

12,729

USD

5,643,367

IDR

91,685,649,844

CITI

**

9/18/2024

47,425

USD

5,643,146

IDR

91,685,649,844

JPMC

**

9/18/2024

47,204

USD

1,237,283

ILS

4,541,500

CITI

9/18/2024

30,669

USD

1,237,289

ILS

4,541,500

JPMC

9/18/2024

30,675

USD

73,297,946

JPY

11,331,356,574

CITI

9/18/2024

2,007,883

USD

73,298,312

JPY

11,331,356,574

JPMC

9/18/2024

2,008,250

USD

4,112,040

MXN

74,500,000

CITI

9/18/2024

90,002

USD

4,112,060

MXN

74,500,000

JPMC

9/18/2024

90,023

USD

752,685

NOK

8,008,483

CITI

9/18/2024

1,135

USD

752,688

NOK

8,008,484

JPMC

9/18/2024

1,140

USD

14,881,828

NZD

24,237,713

CITI

9/18/2024

118,812

USD

14,881,903

NZD

24,237,713

JPMC

9/18/2024

118,886

USD

4,493,660

PEN

17,091,500

CITI

**

9/18/2024

47,067

USD

4,493,682

PEN

17,091,500

JPMC

**

9/18/2024

47,090

USD

1,030,130

PHP

60,079,125

CITI

**

9/18/2024

2,705

USD

1,030,135

PHP

60,079,125

JPMC

**

9/18/2024

2,710

USD

7,664,246

PLN

30,296,499

CITI

9/18/2024

145,570

USD

7,664,285

PLN

30,296,501

JPMC

9/18/2024

145,609

USD

17,485,764

SGD

23,444,330

CITI

9/18/2024

131,413

USD

17,485,854

SGD

23,444,334

JPMC

9/18/2024

131,500

USD

13,361,851

THB

484,642,858

CITI

9/18/2024

69,927

USD

13,361,918

THB

484,642,858

JPMC

9/18/2024

69,994

USD

1,222,801

TWD

39,382,543

CITI

**

9/18/2024

7,759

Consolidated

Schedule

of

Investments

June

30,

2024

(Unaudited)

AQR

MANAGED

FUTURES

STRATEGY

HV

FUND

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

Funds

|

Semi-Annual

Report

|

June

2024

169

(Continued)

CURRENCY

PURCHASED

CURRENCY

SOLD

COUNTERPARTY

SETTLEMENT

DATE

UNREALIZED

APPRECIATION

(DEPRECIATION)

USD

1,222,767

TWD

39,382,543

JPMC

**

9/18/2024

$

7,725

ZAR

116,085,000

USD

6,234,874

CITI

9/18/2024

107,156

ZAR

116,085,000

USD

6,234,843

JPMC

9/18/2024

107,187

USD

19,342,452

CNY

139,308,500

CITI

**

9/19/2024

141,585

USD

19,342,549

CNY

139,308,500

JPMC

**

9/19/2024

141,682

USD

3,767,242

KRW

5,150,000,000

CITI

**

9/19/2024

19,211

USD

3,767,261

KRW

5,150,000,000

JPMC

**

9/19/2024

19,230

USD

1,018,030

CLP

926,108,769

CITI

**

9/23/2024

34,447

USD

1,018,035

CLP

926,108,769

JPMC

**

9/23/2024

34,452

Total

unrealized

appreciation

7,618,662

BRL

532,611

USD

101,303

CITI

**

9/18/2024

(6,873)

BRL

532,611

USD

101,303

JPMC

**

9/18/2024

(6,873)

CAD

273,938

USD

201,084

CITI

9/18/2024

(465)

CAD

273,938

USD

201,082

JPMC

9/18/2024

(464)

CHF

2,777,500

USD

3,143,968

CITI

9/18/2024

(22,689)

CHF

2,777,500

USD

3,143,952

JPMC

9/18/2024

(22,673)

COP

11,465,202,996

USD

2,905,195

CITI

**

9/18/2024

(177,199)

COP

11,465,202,996

USD

2,905,180

JPMC

**

9/18/2024

(177,184)

CZK

70,179,000

USD

3,090,873

CITI

9/18/2024

(85,341)

CZK

70,179,000

USD

3,090,858

JPMC

9/18/2024

(85,326)

EUR

4,051,194

USD

4,415,217

CITI

9/18/2024

(59,900)

EUR

4,051,194

USD

4,415,195

JPMC

9/18/2024

(59,878)

GBP

31,718,500

USD

40,404,425

CITI

9/18/2024

(285,496)

GBP

31,718,500

USD

40,404,223

JPMC

9/18/2024

(285,293)

HUF

1,831,847,484

USD

5,091,447

CITI

9/18/2024

(138,406)

HUF

1,831,847,484

USD

5,091,421

JPMC

9/18/2024

(138,381)

ILS

2,990,000

USD

799,007

CITI

9/18/2024

(4,605)

ILS

2,990,000

USD

799,003

JPMC

9/18/2024

(4,601)

INR

31,727,288

USD

380,655

CITI

**

9/18/2024

(1,088)

INR

301,727,288

USD

3,611,185

JPMC

**

9/18/2024

(1,488)

JPY

1,335,000,000

USD

8,603,230

CITI

9/18/2024

(204,215)

JPY

1,335,000,000

USD

8,603,187

JPMC

9/18/2024

(204,172)

MXN

78,261,004

USD

4,525,401

CITI

9/18/2024

(300,317)

MXN

78,261,004

USD

4,525,378

JPMC

9/18/2024

(300,295)

NOK

243,905,126

USD

23,102,126

CITI

9/18/2024

(213,067)

NOK

243,905,126

USD

23,102,010

JPMC

9/18/2024

(212,952)

NZD

42,065,000

USD

26,007,458

CITI

9/18/2024

(385,969)

NZD

42,065,000

USD

26,007,327

JPMC

9/18/2024

(385,839)

PEN

3,335,093

USD

890,745

CITI

**

9/18/2024

(23,074)

PEN

3,335,093

USD

890,741

JPMC

**

9/18/2024

(23,070)

PLN

72,463,523

USD

18,339,532

CITI

9/18/2024

(356,277)

PLN

72,463,524

USD

18,339,441

JPMC

9/18/2024

(356,185)

SEK

199,445,383

USD

19,127,500

CITI

9/18/2024

(233,221)

SEK

199,445,383

USD

19,127,405

JPMC

9/18/2024

(233,125)

SGD

39,498

USD

29,430

CITI

9/18/2024

(192)

SGD

39,502

USD

29,433

JPMC

9/18/2024

(192)

TWD

183,500,000

USD

5,709,660

CITI

**

9/18/2024

(48,261)

TWD

183,500,000

USD

5,709,631

JPMC

**

9/18/2024

(48,232)

USD

32,530,525

AUD

49,039,000

CITI

9/18/2024

(250,742)

USD

32,530,688

AUD

49,039,000

JPMC

9/18/2024

(250,579)

USD

5,353,831

CAD

7,347,000

CITI

9/18/2024

(26,742)

USD

5,353,858

CAD

7,347,000

JPMC

9/18/2024

(26,715)

USD

9,579,495

CHF

8,611,516

CITI

9/18/2024

(97,895)

USD

9,579,543

CHF

8,611,516

JPMC

9/18/2024

(97,846)

USD

34,735,469

EUR

32,351,000

CITI

9/18/2024

(44,120)

USD

34,735,643

EUR

32,351,000

JPMC

9/18/2024

(43,946)

USD

7,462,163

INR

625,000,000

CITI

**

9/18/2024

(14,989)

USD

7,462,200

INR

625,000,000

JPMC

**

9/18/2024

(14,952)

170

AQR

Funds

|

Semi-Annual

Report

|

June

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

MANAGED

FUTURES

STRATEGY

HV

FUND

Consolidated

Schedule

of

Investments

June

30,

2024

(Unaudited)

(Continued)

CURRENCY

PURCHASED

CURRENCY

SOLD

COUNTERPARTY

SETTLEMENT

DATE

UNREALIZED

APPRECIATION

(DEPRECIATION)

USD

1,936,735

MXN

36,000,000

CITI

9/18/2024

$

(6,800)

USD

1,936,745

MXN

36,000,000

JPMC

9/18/2024

(6,790)

USD

748,763

NOK

7,991,517

CITI

9/18/2024

(1,193)

USD

748,767

NOK

7,991,516

JPMC

9/18/2024

(1,190)

USD

9,282,958

PHP

545,553,875

CITI

**

9/18/2024

(46,673)

USD

9,283,005

PHP

545,553,875

JPMC

**

9/18/2024

(46,627)

USD

3,952,102

PLN

15,971,000

CITI

9/18/2024

(11,417)

USD

3,952,122

PLN

15,971,000

JPMC

9/18/2024

(11,397)

USD

854,414

SGD

1,155,500

CITI

9/18/2024

(930)

USD

854,418

SGD

1,155,500

JPMC

9/18/2024

(925)

USD

9,090,240

THB

332,857,142

CITI

9/18/2024

(38,775)

USD

9,090,285

THB

332,857,142

JPMC

9/18/2024

(38,730)

USD

6,666,188

ZAR

126,000,000

CITI

9/18/2024

(217,525)

USD

6,666,221

ZAR

126,000,000

JPMC

9/18/2024

(217,492)

KRW

443,773,907

USD

325,181

CITI

**

9/19/2024

(2,215)

KRW

443,773,907

USD

325,180

JPMC

**

9/19/2024

(2,213)

USD

922,254

CNY

6,692,000

CITI

**

9/19/2024

(103)

USD

922,259

CNY

6,692,000

JPMC

**

9/19/2024

(99)

USD

4,588,383

KRW

6,350,000,000

CITI

**

9/19/2024

(32,975)

USD

4,588,406

KRW

6,350,000,000

JPMC

**

9/19/2024

(32,952)

CLP

450,000,000

USD

497,734

CITI

**

9/23/2024

(19,808)

CLP

450,000,000

USD

497,732

JPMC

**

9/23/2024

(19,805)

Total

unrealized

depreciation

(6,718,038)

Net

unrealized

appreciation

$

900,624

**

Non-deliverable

forward

foreign

currency

exchange

contracts.

Total

return

basket

swap

contracts

outstanding

as

of

June

30,

2024:

Over-the-Counter

COUNTERPARTY

DESCRIPTION

TERMINATION

DATE

ABSOLUTE

NOTIONAL

VALUE

NET

UNREALIZED

APPRECIATION

(DEPRECIATION)

NET

CASH

AND

OTHER

RECEIVABLES

(PAYABLES)

VALUE

GSIN

The

Fund

receives

the

total

return

on

a

portfolio

of

long

and

short

equity

positions

and

pays

or

receives

the

HONIX

plus

or

minus

a

specified

spread

(-1.50%

to

0.02%),

which

is

denominated

in

HKD

based

on

the

local

currencies

of

the

positions

within

the

swap.

28-61

months

maturity

ranging

from

09/21/2026

-

06/07/2029

$1,017,152

$10,357

$(4,514)

$5,843

GSIN

The

Fund

receives

the

total

return

on

a

portfolio

of

long

and

short

equity

positions

and

pays

or

receives

the

NOWA

plus

or

minus

a

specified

spread

(-0.04%

to

0.03%),

which

is

denominated

in

NOK

based

on

the

local

currencies

of

the

positions

within

the

swap.

28-61

months

maturity

ranging

from

09/21/2026

-

06/07/2029

$2,020,903

$(1,590)

$(8,688)

$(10,278)

Consolidated

Schedule

of

Investments

June

30,

2024

(Unaudited)

AQR

MANAGED

FUTURES

STRATEGY

HV

FUND

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

Funds

|

Semi-Annual

Report

|

June

2024

171

(Continued)

COUNTERPARTY

DESCRIPTION

TERMINATION

DATE

ABSOLUTE

NOTIONAL

VALUE

NET

UNREALIZED

APPRECIATION

(DEPRECIATION)

NET

CASH

AND

OTHER

RECEIVABLES

(PAYABLES)

VALUE

GSIN

The

Fund

receives

the

total

return

on

a

portfolio

of

long

and

short

equity

positions

and

pays

or

receives

the

SORA

plus

or

minus

a

specified

spread

(-0.04%

to

0.04%),

which

is

denominated

in

SGD

based

on

the

local

currencies

of

the

positions

within

the

swap.

28-61

months

maturity

ranging

from

09/21/2026

-

06/07/2029

$1,652,507

$(39,910)

$1,055

$(38,855)

COUNTERPARTY

DESCRIPTION

TERMINATION

DATE

ABSOLUTE

NOTIONAL

VALUE

NET

UNREALIZED

APPRECIATION

(DEPRECIATION)

NET

CASH

AND

OTHER

RECEIVABLES

(PAYABLES)

VALUE

GSIN

The

Fund

receives

the

total

return

on

a

portfolio

of

long

and

short

equity

positions

and

pays

or

receives

the

AOISR

plus

or

minus

a

specified

spread

(-0.08%

to

0.04%),

which

is

denominated

in

AUD

based

on

the

local

currencies

of

the

positions

within

the

swap.

28-61

months

maturity

ranging

from

09/21/2026

-

06/07/2029

$7,176,286

$46,929

$(17,771)

$29,158

The

following

table

represents

disclosures

associated

with

a

subset

of

the

underlying

components

of

the

total

return

basket

swap

contract

as

of

period

end:

REFERENCE

ENTITY

SHARES

NOTIONAL

VALUE

($)

NET

UNREALIZED

APPRECIATION

(DEPRECIATION)

($)

PERCENTAGE

OF

SWAP

VALUE

(%)

Long

Positions

Common

Stocks

Australia

AGL

Energy

Ltd.

11,349

81,775

3,719

12.8

Aristocrat

Leisure

Ltd.

6,735

223,033

12,720

43.6

BlueScope

Steel

Ltd.

18,543

251,715

(882)

(3.0)

Brambles

Ltd.

3,824

36,901

(598)

(2.1)

Cochlear

Ltd.

393

86,751

1,210

4.1

Evolution

Mining

Ltd.

23,468

54,877

(3,988)

(13.7)

Fortescue

Ltd.

2,025

28,829

(3,052)

(10.5)

Incitec

Pivot

Ltd.

68,531

132,198

(2,210)

(7.6)

JB

Hi-Fi

Ltd.

7,166

291,168

5,584

19.2

Northern

Star

Resources

Ltd.

11,245

97,652

(6,019)

(20.6)

Orica

Ltd.

6,673

79,248

(1,593)

(5.5)

Origin

Energy

Ltd.

26,832

194,129

13,700

47.0

Pro

Medicus

Ltd.

2,648

251,487

25,272

86.7

Qantas

Airways

Ltd.

51,715

201,261

(11,254)

(38.6)

QBE

Insurance

Group

Ltd.

2,709

31,272

(1,908)

(6.5)

Qube

Holdings

Ltd.

24,730

60,062

11

0.0(a)

Seven

Group

Holdings

Ltd.

3,567

89,111

(5,142)

(17.6)

South32

Ltd.

19,954

48,410

(442)

(1.5)

New

Zealand

Xero

Ltd.

2,489

225,096

10,953

37.6

172

AQR

Funds

|

Semi-Annual

Report

|

June

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

MANAGED

FUTURES

STRATEGY

HV

FUND

Consolidated

Schedule

of

Investments

June

30,

2024

(Unaudited)

(Continued)

REFERENCE

ENTITY

SHARES

NOTIONAL

VALUE

($)

NET

UNREALIZED

APPRECIATION

(DEPRECIATION)

($)

PERCENTAGE

OF

SWAP

VALUE

(%)

United

States

James

Hardie

Industries

plc

4,049

126,724

2,474

8.5

Short

Positions

Common

Stocks

Australia

ANZ

Group

Holdings

Ltd.

(1,553)

(29,177)

774

2.7

APA

Group

(21,390)

(113,698)

7,163

24.6

Atlas

Arteria

Ltd.

(18,346)

(62,362)

(435)

(1.5)

BHP

Group

Ltd.

(1,084)

(30,983)

647

2.2

Cleanaway

Waste

Management

Ltd.

(65,636)

(121,129)

1,471

5.0

Commonwealth

Bank

of

Australia

(8,842)

(749,018)

(12,119)

(41.6)

Domino's

Pizza

Enterprises

Ltd.

(2,126)

(50,727)

4,145

14.2

Endeavour

Group

Ltd.

(24,141)

(80,953)

858

2.9

IDP

Education

Ltd.

(22,175)

(223,157)

(1,115)

(3.8)

Insurance

Australia

Group

Ltd.

(9,914)

(46,998)

(3,877)

(13.3)

Lynas

Rare

Earths

Ltd.

(21,204)

(83,534)

9,259

31.8

Macquarie

Group

Ltd.

(1,532)

(208,461)

(10,357)

(35.5)

Mineral

Resources

Ltd.

(3,253)

(116,378)

27,954

95.9

National

Australia

Bank

Ltd.

(2,987)

(72,032)

(2,549)

(8.7)

New

Hope

Corp.

Ltd.

(25,205)

(81,636)

(1,096)

(3.8)

NEXTDC

Ltd.

(16,606)

(193,874)

4,641

15.9

Ramsay

Health

Care

Ltd.

(6,858)

(216,522)

6,188

21.2

REA

Group

Ltd.

(1,490)

(194,556)

(7,619)

(26.1)

Reece

Ltd.

(2,979)

(49,750)

2,019

6.9

Santos

Ltd.

(6,451)

(32,729)

(496)

(1.7)

Sonic

Healthcare

Ltd.

(3,043)

(53,142)

(2,717)

(9.3)

Telstra

Group

Ltd.

(68,588)

(165,587)

(4,529)

(15.5)

Transurban

Group

(46,503)

(383,537)

7,032

24.1

Treasury

Wine

Estates

Ltd.

(23,251)

(192,387)

(6,724)

(23.1)

Washington

H

Soul

Pattinson

&

Co.

Ltd.

(6,022)

(131,381)

(2,788)

(9.6)

Wesfarmers

Ltd.

(1,228)

(53,174)

2,113

7.2

WiseTech

Global

Ltd.

(2,753)

(183,016)

(98)

(0.3)

Woodside

Energy

Group

Ltd.

(1,981)

(37,304)

(1,504)

(5.2)

Woolworths

Group

Ltd.

(8,034)

(180,379)

(6,786)

(23.3)

United

States

CSL

Ltd.

(1,855)

(363,760)

(9,473)

(32.5)

COUNTERPARTY

DESCRIPTION

TERMINATION

DATE

ABSOLUTE

NOTIONAL

VALUE

NET

UNREALIZED

APPRECIATION

(DEPRECIATION)

NET

CASH

AND

OTHER

RECEIVABLES

(PAYABLES)

VALUE

GSIN

The

Fund

receives

the

total

return

on

a

portfolio

of

long

and

short

equity

positions

and

pays

or

receives

the

CORRA

plus

or

minus

a

specified

spread

(-0.05%

to

0.02%),

which

is

denominated

in

CAD

based

on

the

local

currencies

of

the

positions

within

the

swap.

28-61

months

maturity

ranging

from

09/21/2026

-

06/06/2029

$13,401,512

$99,740

$(15,469)

$84,271

Consolidated

Schedule

of

Investments

June

30,

2024

(Unaudited)

AQR

MANAGED

FUTURES

STRATEGY

HV

FUND

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

Funds

|

Semi-Annual

Report

|

June

2024

173

(Continued)

The

following

table

represents

disclosures

associated

with

a

subset

of

the

underlying

components

of

the

total

return

basket

swap

contract

as

of

period

end:

REFERENCE

ENTITY

SHARES

NOTIONAL

VALUE

($)

NET

UNREALIZED

APPRECIATION

(DEPRECIATION)

($)

PERCENTAGE

OF

SWAP

VALUE

(%)

Long

Positions

Common

Stocks

Canada

Air

Canada

14,669

191,934

3,217

3.8

Alamos

Gold,

Inc.

8,266

129,665

(4,532)

(5.4)

AtkinsRealis

Group,

Inc.

3,253

140,816

13,078

15.5

Bombardier,

Inc.

4,317

276,840

(4,071)

(4.8)

Brookfield

Corp.

5,397

224,472

(1,696)

(2.0)

Cameco

Corp.

2,638

129,793

(12,457)

(14.8)

Canadian

Natural

Resources

Ltd.

5,892

209,873

(323)

(0.4)

CCL

Industries,

Inc.

2,784

146,399

102

0.1

Celestica,

Inc.

4,042

231,461

9,750

11.6

Cenovus

Energy,

Inc.

14,603

287,032

2,135

2.5

Constellation

Software,

Inc.

58

167,120

3,048

3.6

Empire

Co.

Ltd.

5,098

130,315

8,347

9.9

Fairfax

Financial

Holdings

Ltd.

316

359,490

1,340

1.6

Finning

International,

Inc.

6,001

175,944

(2,544)

(3.0)

George

Weston

Ltd.

783

112,632

1,139

1.4

Manulife

Financial

Corp.

11,053

294,332

2,585

3.1

MEG

Energy

Corp.

7,817

167,248

3,371

4.0

National

Bank

of

Canada

2,142

169,898

(14,342)

(17.0)

Pembina

Pipeline

Corp.

4,538

168,378

(1,791)

(2.1)

Shopify,

Inc.

3,284

217,029

8,618

10.2

Suncor

Energy,

Inc.

5,232

199,444

(1,377)

(1.6)

TFI

International,

Inc.

1,581

229,560

1,421

1.7

West

Fraser

Timber

Co.

Ltd.

2,478

190,317

(6,412)

(7.6)

Whitecap

Resources,

Inc.

28,205

206,376

(8,041)

(9.5)

Short

Positions

Common

Stocks

Canada

Algonquin

Power

&

Utilities

Corp.

(33,519)

(196,990)

2,695

3.2

Bank

of

Montreal

(2,701)

(226,714)

2,784

3.3

Bank

of

Nova

Scotia

(The)

(5,140)

(235,124)

4,847

5.8

Barrick

Gold

Corp.

(10,293)

(171,694)

(1,430)

(1.7)

BCE,

Inc.

(12,378)

(400,913)

21,082

25.0

Brookfield

Asset

Management

Ltd.

(3,094)

(117,785)

384

0.5

Canadian

National

Railway

Co.

(2,704)

(319,527)

18,678

22.2

Canadian

Pacific

Kansas

City

Ltd.

(7,466)

(587,981)

(11,515)

(13.7)

CGI,

Inc.

(1,189)

(118,678)

2,799

3.3

Element

Fleet

Management

Corp.

(7,907)

(143,858)

1,445

1.7

Enbridge,

Inc.

(4,905)

(174,501)

1,470

1.7

Fortis,

Inc.

(5,472)

(212,672)

6,840

8.1

Franco-Nevada

Corp.

(2,822)

(334,585)

6,147

7.3

Hydro

One

Ltd.

(7,701)

(224,323)

4,503

5.3

Keyera

Corp.

(5,874)

(162,688)

(4,766)

(5.7)

Magna

International,

Inc.

(3,758)

(157,512)

7,499

8.9

Northland

Power,

Inc.

(12,226)

(210,194)

7,775

9.2

RB

Global,

Inc.

(3,697)

(281,967)

12,323

14.6

Restaurant

Brands

International,

Inc.

(2,626)

(185,042)

(6,334)

(7.5)

Rogers

Communications,

Inc.

(7,949)

(294,009)

11,272

13.4

Royal

Bank

of

Canada

(1,491)

(158,740)

610

0.7

TC

Energy

Corp.

(13,122)

(497,428)

17,937

21.3

Toronto-Dominion

Bank

(The)

(7,957)

(437,386)

4,362

5.2

174

AQR

Funds

|

Semi-Annual

Report

|

June

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

MANAGED

FUTURES

STRATEGY

HV

FUND

Consolidated

Schedule

of

Investments

June

30,

2024

(Unaudited)

(Continued)

REFERENCE

ENTITY

SHARES

NOTIONAL

VALUE

($)

NET

UNREALIZED

APPRECIATION

(DEPRECIATION)

($)

PERCENTAGE

OF

SWAP

VALUE

(%)

Canada

(continued)

WSP

Global,

Inc.

(1,271)

(197,918)

(5,212)

(6.2)

Chile

Lundin

Mining

Corp.

(15,444)

(171,932)

2,032

2.4

United

States

GFL

Environmental,

Inc.

(4,629)

(180,281)

(7,546)

(9.0)

COUNTERPARTY

DESCRIPTION

TERMINATION

DATE

ABSOLUTE

NOTIONAL

VALUE

NET

UNREALIZED

APPRECIATION

(DEPRECIATION)

NET

CASH

AND

OTHER

RECEIVABLES

(PAYABLES)

VALUE

GSIN

The

Fund

receives

the

total

return

on

a

portfolio

of

long

and

short

equity

positions

and

pays

or

receives

the

SARON

plus

or

minus

a

specified

spread

(-0.04%

to

0.03%),

which

is

denominated

in

CHF

based

on

the

local

currencies

of

the

positions

within

the

swap.

28-61

months

maturity

ranging

from

09/21/2026

-

06/07/2029

$11,798,144

$(2,870)

$(1,177)

$(4,047)

The

following

table

represents

disclosures

associated

with

the

underlying

components

of

the

total

return

basket

swap

contract

as

of

period

end:

REFERENCE

ENTITY

SHARES

NOTIONAL

VALUE

($)

NET

UNREALIZED

APPRECIATION

(DEPRECIATION)

($)

PERCENTAGE

OF

SWAP

VALUE

(%)

Long

Positions

Common

Stocks

Switzerland

ABB

Ltd.

(Registered)

19,010

1,054,122

(11,428)

282.4

Adecco

Group

AG

(Registered)

9,163

303,981

(30,535)

754.5

Alcon,

Inc.

1,190

105,781

(2,537)

62.7

DKSH

Holding

AG

1,388

93,774

(1,081)

26.7

Flughafen

Zurich

AG

(Registered)

169

37,410

1,125

(27.8)

Georg

Fischer

AG

(Registered)

287

19,199

(1,485)

36.7

Givaudan

SA

(Registered)

53

251,041

(6,276)

155.1

Kuehne

+

Nagel

International

AG

(Registered)

129

37,124

(1,255)

31.0

Logitech

International

SA

(Registered)

5,963

573,884

(28,489)

703.9

Novartis

AG

(Registered)

9,158

975,068

13,857

(342.4)

UBS

Group

AG

(Registered)

11,083

325,510

(20,260)

500.6

Zurich

Insurance

Group

AG

120

63,924

294

(7.3)

United

States

Holcim

AG

10,180

899,831

(11,831)

292.3

Swiss

Re

AG

180

22,316

(173)

4.3

Short

Positions

Common

Stocks

Switzerland

Avolta

AG

(5,117)

(198,934)

5,758

(142.3)

Bachem

Holding

AG

(1,880)

(171,789)

(7,633)

188.6

Baloise

Holding

AG

(Registered)

(1,021)

(180,006)

(3,863)

95.5

Banque

Cantonale

Vaudoise

(Registered)

(1,053)

(111,726)

436

(10.8)

Barry

Callebaut

AG

(Registered)

(307)

(500,475)

28,476

(703.6)

BKW

AG

(174)

(27,773)

(21)

0.5

Chocoladefabriken

Lindt

&

Spruengli

AG

(28)

(327,063)

3,284

(81.1)

Cie

Financiere

Richemont

SA

(Registered)

(1,323)

(206,762)

11,983

(296.1)

Consolidated

Schedule

of

Investments

June

30,

2024

(Unaudited)

AQR

MANAGED

FUTURES

STRATEGY

HV

FUND

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

Funds

|

Semi-Annual

Report

|

June

2024

175

(Continued)

REFERENCE

ENTITY

SHARES

NOTIONAL

VALUE

($)

NET

UNREALIZED

APPRECIATION

(DEPRECIATION)

($)

PERCENTAGE

OF

SWAP

VALUE

(%)

Switzerland

(continued)

Clariant

AG

(Registered)

(16,781)

(264,361)

(3,806)

94.1

EMS-Chemie

Holding

AG

(Registered)

(235)

(192,304)

(1,102)

27.2

Galenica

AG

(621)

(50,858)

429

(10.6)

Geberit

AG

(Registered)

(219)

(129,002)

5,501

(135.9)

Helvetia

Holding

AG

(Registered)

(1,385)

(187,196)

(1,903)

47.0

Julius

Baer

Group

Ltd.

(499)

(27,910)

571

(14.1)

Lonza

Group

AG

(Registered)

(142)

(77,306)

1,878

(46.4)

Partners

Group

Holding

AG

(119)

(152,386)

1,256

(31.0)

Schindler

Holding

AG

(368)

(92,333)

3,349

(82.7)

SGS

SA

(Registered)

(1,872)

(166,892)

6,337

(156.6)

SIG

Group

AG

(22,215)

(408,219)

21,023

(519.5)

Sika

AG

(Registered)

(1,325)

(378,234)

20,247

(500.3)

Sonova

Holding

AG

(Registered)

(269)

(82,870)

3,089

(76.3)

Straumann

Holding

AG

(Registered)

(2,319)

(286,254)

11,993

(296.4)

Swatch

Group

AG

(The)

(1,398)

(286,419)

5,801

(143.3)

Swiss

Life

Holding

AG

(Registered)

(390)

(286,234)

(12,068)

298.2

Swisscom

AG

(Registered)

(1,200)

(674,779)

(4,291)

106.0

Tecan

Group

AG

(Registered)

(292)

(97,767)

4,610

(113.9)

Temenos

AG

(Registered)

(4,352)

(299,901)

(7,330)

181.1

VAT

Group

AG

(208)

(117,449)

(3,824)

94.5

United

States

Nestle

SA

(Registered)

(5,670)

(578,761)

24,558

(606.8)

Roche

Holding

AG

(1,708)

(473,216)

(17,534)

433.3

COUNTERPARTY

DESCRIPTION

TERMINATION

DATE

ABSOLUTE

NOTIONAL

VALUE

NET

UNREALIZED

APPRECIATION

(DEPRECIATION)

NET

CASH

AND

OTHER

RECEIVABLES

(PAYABLES)

VALUE

GSIN

The

Fund

receives

the

total

return

on

a

portfolio

of

long

and

short

equity

positions

and

pays

or

receives

the

Denmark

Tomorrow/Next

plus

or

minus

a

specified

spread

(-0.04%

to

0.03%),

which

is

denominated

in

DKK

based

on

the

local

currencies

of

the

positions

within

the

swap.

28-58

months

maturity

ranging

from

09/21/2026

-

03/15/2029

$6,640,400

$(46,891)

$(864)

$(47,755)

The

following

table

represents

disclosures

associated

with

the

underlying

components

of

the

total

return

basket

swap

contract

as

of

period

end:

REFERENCE

ENTITY

SHARES

NOTIONAL

VALUE

($)

NET

UNREALIZED

APPRECIATION

(DEPRECIATION)

($)

PERCENTAGE

OF

SWAP

VALUE

(%)

Long

Positions

Common

Stocks

Denmark

Carlsberg

A/S

949

113,931

(16,565)

34.7

Danske

Bank

A/S

15,582

464,749

(3,568)

7.5

Demant

A/S

2,270

98,315

(8,015)

16.8

Genmab

A/S

576

144,342

(14,673)

30.7

ISS

A/S

17,318

297,353

(28,670)

60.0

Jyske

Bank

A/S

(Registered)

1,432

114,079

2,832

(5.9)

Novo

Nordisk

A/S

9,038

1,293,201

10,420

(21.8)

Pandora

A/S

2,328

350,394

(22,679)

47.5

ROCKWOOL

A/S

484

196,204

(1,458)

3.1

Vestas

Wind

Systems

A/S

9,152

212,216

(30,715)

64.3

176

AQR

Funds

|

Semi-Annual

Report

|

June

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

MANAGED

FUTURES

STRATEGY

HV

FUND

Consolidated

Schedule

of

Investments

June

30,

2024

(Unaudited)

(Continued)

REFERENCE

ENTITY

SHARES

NOTIONAL

VALUE

($)

NET

UNREALIZED

APPRECIATION

(DEPRECIATION)

($)

PERCENTAGE

OF

SWAP

VALUE

(%)

Short

Positions

Common

Stocks

Denmark

Ambu

A/S

(1,219)

(23,464)

518

(1.1)

AP

Moller

-

Maersk

A/S

(264)

(457,868)

8,423

(17.6)

Coloplast

A/S

(3,921)

(471,356)

(2,000)

4.2

DSV

A/S

(5,179)

(794,967)

35,366

(74.1)

Novonesis

(Novozymes)

(10,360)

(632,939)

(8,265)

17.3

Orsted

A/S

(12,398)

(658,600)

42,492

(89.0)

Royal

Unibrew

A/S

(567)

(44,969)

1,929

(4.0)

Svitzer

Group

A/S

(652)

(24,301)

978

(2.0)

Tryg

A/S

(11,312)

(247,152)

(13,241)

27.7

COUNTERPARTY

DESCRIPTION

TERMINATION

DATE

ABSOLUTE

NOTIONAL

VALUE

NET

UNREALIZED

APPRECIATION

(DEPRECIATION)

NET

CASH

AND

OTHER

RECEIVABLES

(PAYABLES)

VALUE

GSIN

The

Fund

receives

the

total

return

on

a

portfolio

of

long

and

short

equity

positions

and

pays

or

receives

the

ESTR

plus

or

minus

a

specified

spread

(-0.08%

to

0.03%),

which

is

denominated

in

EUR

based

on

the

local

currencies

of

the

positions

within

the

swap.

28-61

months

maturity

ranging

from

09/21/2026

-

06/14/2029

$45,752,859

$263,105

$100,775

$363,880

The

following

table

represents

disclosures

associated

with

a

subset

of

the

underlying

components

of

the

total

return

basket

swap

contract

as

of

period

end:

REFERENCE

ENTITY

SHARES

NOTIONAL

VALUE

($)

NET

UNREALIZED

APPRECIATION

(DEPRECIATION)

($)

PERCENTAGE

OF

SWAP

VALUE

(%)

Long

Positions

Common

Stocks

Finland

Fortum

OYJ

38,476

563,271

(13,200)

(3.6)

UPM-Kymmene

OYJ

11,425

401,275

(15,225)

(4.2)

Wartsila

OYJ

Abp

17,050

330,536

(22,606)

(6.2)

France

Air

Liquide

SA

2,195

378,829

(16,376)

(4.5)

Engie

SA

33,752

483,340

(41,510)

(11.4)

Hermes

International

SCA

215

496,569

4,055

1.1

Orange

SA

37,953

380,688

(23,250)

(6.4)

Renault

SA

8,531

437,510

(34,287)

(9.4)

Rexel

SA

12,575

325,297

(33,469)

(9.2)

Safran

SA

1,693

356,814

(20,859)

(5.7)

Societe

Generale

SA

13,272

312,039

(30,226)

(8.3)

TotalEnergies

SE

5,483

367,107

(15,807)

(4.3)

Germany

adidas

AG

1,929

460,581

(13,948)

(3.8)

Allianz

SE

(Registered)

1,330

369,382

(98)

0.0(a)

Covestro

AG

5,938

348,067

39,641

10.9

Heidelberg

Materials

AG

6,904

713,695

6,253

1.7

LANXESS

AG

12,574

309,305

2,278

0.6

SAP

SE

2,245

450,966

25,840

7.1

Consolidated

Schedule

of

Investments

June

30,

2024

(Unaudited)

AQR

MANAGED

FUTURES

STRATEGY

HV

FUND

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

Funds

|

Semi-Annual

Report

|

June

2024

177

(Continued)

REFERENCE

ENTITY

SHARES

NOTIONAL

VALUE

($)

NET

UNREALIZED

APPRECIATION

(DEPRECIATION)

($)

PERCENTAGE

OF

SWAP

VALUE

(%)

Germany

(continued)

Zalando

SE

17,177

403,223

(25,029)

(6.9)

Italy

Banco

BPM

SpA

68,269

439,366

(31,334)

(8.6)

Buzzi

SpA

8,479

341,432

(8,171)

(2.2)

Enel

SpA

45,570

316,201

(9,756)

(2.7)

Intesa

Sanpaolo

SpA

195,604

726,945

(20,487)

(5.6)

Prysmian

SpA

7,172

442,778

(1,790)

(0.5)

Unipol

Gruppo

SpA

41,659

413,146

5,367

1.5

Netherlands

Wolters

Kluwer

NV

2,464

406,901

15,036

4.1

Spain

ACS

Actividades

de

Construccion

y

Servicios

SA

9,626

415,766

(2,984)

(0.8)

Banco

Santander

SA

67,059

312,010

(26,319)

(7.2)

CaixaBank

SA

75,936

403,261

(25,314)

(7.0)

Industria

de

Diseno

Textil

SA

15,048

746,733

10,086

2.8

United

States

Schneider

Electric

SE

2,975

713,243

(13,341)

(3.7)

Signify

NV

13,436

333,690

(24,891)

(6.8)

Short

Positions

Common

Stocks

Finland

Metso

OYJ

(36,744)

(390,529)

40,167

11.0

Neste

OYJ

(17,558)

(313,313)

35,590

9.8

France

Capgemini

SE

(2,183)

(433,626)

17,703

4.9

Dassault

Systemes

SE

(9,170)

(344,801)

16,303

4.5

Edenred

SE

(9,071)

(384,718)

36,896

10.1

Kering

SA

(1,988)

(723,125)

(24,904)

(6.8)

Pernod

Ricard

SA

(4,853)

(662,141)

40,796

11.2

Germany

Deutsche

Post

AG

(20,472)

(831,305)

28,354

7.8

Infineon

Technologies

AG

(12,150)

(445,909)

44,841

12.3

Merck

KGaA

(4,469)

(739,062)

83,664

23.0

MTU

Aero

Engines

AG

(1,694)

(431,891)

(8,459)

(2.3)

Italy

Assicurazioni

Generali

SpA

(14,915)

(371,294)

6,154

1.7

Eni

SpA

(21,495)

(330,048)

(5,281)

(1.5)

FinecoBank

Banca

Fineco

SpA

(30,501)

(453,222)

28,097

7.7

Netherlands

Adyen

NV

(417)

(495,261)

51,718

14.2

Heineken

NV

(4,008)

(387,758)

18,987

5.2

United

States

Ferrovial

SE

(9,711)

(377,252)

(5,317)

(1.5)

Preferred

Stocks

Germany

Dr

Ing

hc

F

Porsche

AG

(Preference)

(7,796)

(579,971)

34,524

9.5

178

AQR

Funds

|

Semi-Annual

Report

|

June

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

MANAGED

FUTURES

STRATEGY

HV

FUND

Consolidated

Schedule

of

Investments

June

30,

2024

(Unaudited)

(Continued)

COUNTERPARTY

DESCRIPTION

TERMINATION

DATE

ABSOLUTE

NOTIONAL

VALUE

NET

UNREALIZED

APPRECIATION

(DEPRECIATION)

NET

CASH

AND

OTHER

RECEIVABLES

(PAYABLES)

VALUE

GSIN

The

Fund

receives

the

total

return

on

a

portfolio

of

long

and

short

equity

positions

and

pays

or

receives

the

SONIA

plus

or

minus

a

specified

spread

(-0.03%

to

0.03%),

which

is

denominated

in

GBP

based

on

the

local

currencies

of

the

positions

within

the

swap.

28-61

months

maturity

ranging

from

09/21/2026

-

06/07/2029

$19,811,730

$4,866

$3,922

$8,788

The

following

table

represents

disclosures

associated

with

a

subset

of

the

underlying

components

of

the

total

return

basket

swap

contract

as

of

period

end:

REFERENCE

ENTITY

SHARES

NOTIONAL

VALUE

($)

NET

UNREALIZED

APPRECIATION

(DEPRECIATION)

($)

PERCENTAGE

OF

SWAP

VALUE

(%)

Long

Positions

Common

Stocks

United

Kingdom

Associated

British

Foods

plc

10,977

342,744

(10,539)

(119.9)

Aviva

plc

29,116

175,375

2,389

27.2

BAE

Systems

plc

29,982

499,399

(31,204)

(355.1)

Centrica

plc

322,725

550,084

4,237

48.2

DS

Smith

plc

45,042

238,721

33,176

377.5

easyJet

plc

34,030

196,300

(1,450)

(16.5)

Harbour

Energy

plc

63,009

247,392

(5,735)

(65.3)

Howden

Joinery

Group

plc

20,643

228,310

1,286

14.6

HSBC

Holdings

plc

29,556

255,128

(4,013)

(45.7)

IMI

plc

9,399

208,856

(10,710)

(121.9)

Imperial

Brands

plc

8,264

211,466

4,625

52.6

InterContinental

Hotels

Group

plc

5,818

611,334

24,296

276.5

Intermediate

Capital

Group

plc

17,140

470,053

(16,581)

(188.7)

Man

Group

plc

105,452

322,205

(18,781)

(213.7)

Marks

&

Spencer

Group

plc

116,581

421,526

(34,732)

(395.2)

Pearson

plc

17,892

223,421

7,652

87.1

RELX

plc

21,219

972,231

32,624

371.2

Rolls-Royce

Holdings

plc

164,291

943,563

(22,151)

(252.1)

Sage

Group

plc

(The)

20,666

283,131

10,397

118.3

Standard

Chartered

plc

22,729

205,231

(11,177)

(127.2)

Tesco

plc

78,186

302,015

(222)

(2.5)

United

States

BP

plc

45,172

271,971

3,106

35.3

Experian

plc

7,160

332,631

2,271

25.8

GSK

plc

25,841

497,031

(32,478)

(369.6)

Shell

plc

11,717

420,265

11,839

134.7

Short

Positions

Common

Stocks

Australia

Glencore

plc

(66,406)

(377,868)

21,536

245.1

Burkina

Faso

Endeavour

Mining

plc

(7,291)

(155,160)

(3,179)

(36.2)

Chile

Antofagasta

plc

(10,601)

(281,733)

7,589

86.4

Consolidated

Schedule

of

Investments

June

30,

2024

(Unaudited)

AQR

MANAGED

FUTURES

STRATEGY

HV

FUND

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

Funds

|

Semi-Annual

Report

|

June

2024

179

(Continued)

REFERENCE

ENTITY

SHARES

NOTIONAL

VALUE

($)

NET

UNREALIZED

APPRECIATION

(DEPRECIATION)

($)

PERCENTAGE

OF

SWAP

VALUE

(%)

Hong

Kong

Prudential

plc

(53,577)

(485,784)

2,390

27.2

South

Africa

Anglo

American

plc

(13,580)

(429,135)

(21,774)

(247.8)

United

Kingdom

Ashtead

Group

plc

(3,951)

(263,428)

18,360

208.9

BT

Group

plc

(214,714)

(380,656)

(28,760)

(327.3)

Burberry

Group

plc

(18,147)

(201,524)

32,346

368.1

Diageo

plc

(11,408)

(358,143)

17,809

202.6

Flutter

Entertainment

plc

(1,223)

(222,462)

6,191

70.4

Hargreaves

Lansdown

plc

(11,525)

(164,283)

(7,814)

(88.9)

JD

Sports

Fashion

plc

(113,964)

(171,133)

8,080

91.9

Kingfisher

plc

(102,311)

(320,814)

13,895

158.1

Legal

&

General

Group

plc

(57,486)

(164,615)

14,148

161.0

Persimmon

plc

(11,259)

(191,057)

14,745

167.8

Reckitt

Benckiser

Group

plc

(4,736)

(256,214)

8,402

95.6

Rentokil

Initial

plc

(61,584)

(357,655)

(39,022)

(444.0)

Schroders

plc

(39,678)

(181,588)

9,711

110.5

Severn

Trent

plc

(5,324)

(160,249)

1,677

19.1

Smith

&

Nephew

plc

(14,706)

(182,241)

8,676

98.7

St

James's

Place

plc

(47,981)

(329,718)

(18,266)

(207.9)

Unilever

plc

(4,203)

(230,692)

1,434

16.3

Vodafone

Group

plc

(286,096)

(253,149)

3,191

36.3

WPP

plc

(22,782)

(208,607)

12,567

143.0

United

States

Haleon

plc

(38,453)

(156,454)

697

7.9

COUNTERPARTY

DESCRIPTION

TERMINATION

DATE

ABSOLUTE

NOTIONAL

VALUE

NET

UNREALIZED

APPRECIATION

(DEPRECIATION)

NET

CASH

AND

OTHER

RECEIVABLES

(PAYABLES)

VALUE

GSIN

The

Fund

receives

the

total

return

on

a

portfolio

of

long

and

short

equity

positions

and

pays

or

receives

the

STIBOR

plus

or

minus

a

specified

spread

(-0.16%

to

0.03%),

which

is

denominated

in

SEK

based

on

the

local

currencies

of

the

positions

within

the

swap.

28-61

months

maturity

ranging

from

09/21/2026

-

06/08/2029

$8,257,512

$(53,832)

$1,448

$(52,384)

The

following

table

represents

disclosures

associated

with

the

underlying

components

of

the

total

return

basket

swap

contract

as

of

period

end:

REFERENCE

ENTITY

SHARES

NOTIONAL

VALUE

($)

NET

UNREALIZED

APPRECIATION

(DEPRECIATION)

($)

PERCENTAGE

OF

SWAP

VALUE

(%)

Long

Positions

Common

Stocks

Guatemala

Millicom

International

Cellular

SA

2,001

48,587

(45)

0.1

Sweden

AAK

AB

4,626

135,453

7,746

(14.8)

AddTech

AB

3,433

85,611

5,219

(10.0)

Alfa

Laval

AB

3,733

163,474

(5,618)

10.7

Atlas

Copco

AB

18,510

347,549

(8,191)

15.6

Electrolux

AB

17,264

142,595

(11,167)

21.3

Elekta

AB

14,128

88,086

(3,688)

7.0

180

AQR

Funds

|

Semi-Annual

Report

|

June

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

MANAGED

FUTURES

STRATEGY

HV

FUND

Consolidated

Schedule

of

Investments

June

30,

2024

(Unaudited)

(Continued)

REFERENCE

ENTITY

SHARES

NOTIONAL

VALUE

($)

NET

UNREALIZED

APPRECIATION

(DEPRECIATION)

($)

PERCENTAGE

OF

SWAP

VALUE

(%)

Sweden

(continued)

Evolution

AB

741

77,130

(752)

1.4

H

&

M

Hennes

&

Mauritz

AB

26,047

412,588

(40,698)

77.7

Hexpol

AB

8,773

97,250

(6,960)

13.3

Saab

AB

6,764

162,504

(5,591)

10.7

SKF

AB

13,192

265,123

(16,167)

30.9

SSAB

AB

55,464

300,741

(3,607)

6.9

Swedbank

AB

7,243

149,193

1,859

(3.5)

Trelleborg

AB

16,887

657,178

(10,718)

20.5

Volvo

AB

6,616

169,994

(40)

0.1

Short

Positions

Common

Stocks

Sweden

Assa

Abloy

AB

(4,722)

(133,730)

3,845

(7.3)

Beijer

Ref

AB

(18,017)

(278,088)

3,072

(5.9)

Boliden

AB

(3,828)

(123,112)

4,199

(8.0)

Embracer

Group

AB

(53,590)

(117,190)

3,146

(6.0)

Epiroc

AB

(21,058)

(421,947)

7,200

(13.7)

EQT

AB

(7,748)

(227,151)

1,363

(2.6)

Essity

AB

(11,609)

(296,782)

8,804

(16.8)

Hexagon

AB

(17,268)

(195,668)

(5,294)

10.1

Holmen

AB

(3,979)

(156,563)

3,888

(7.4)

Husqvarna

AB

(6,850)

(54,778)

1,100

(2.1)

Lifco

AB

(4,919)

(135,013)

(4,787)

9.1

Nibe

Industrier

AB

(110,845)

(467,494)

52,899

(101.0)

Sandvik

AB

(9,862)

(198,170)

8,114

(15.5)

Securitas

AB

(27,535)

(272,936)

8,285

(15.8)

Skandinaviska

Enskilda

Banken

AB

(15,649)

(231,365)

(8,272)

15.8

Skanska

AB

(11,428)

(206,165)

(9,715)

18.5

Svenska

Cellulosa

AB

SCA

(7,603)

(111,892)

48

(0.1)

Svenska

Handelsbanken

AB

(63,037)

(602,390)

(15,615)

29.8

Swedish

Orphan

Biovitrum

AB

(5,462)

(146,148)

(5,359)

10.2

Tele2

AB

(27,676)

(279,372)

(8,984)

17.1

Telefonaktiebolaget

LM

Ericsson

(23,796)

(147,707)

(1,505)

2.9

Telia

Co.

AB

(44,362)

(118,938)

(5,470)

10.4

Volvo

Car

AB

(10,303)

(31,857)

3,624

(6.9)

COUNTERPARTY

DESCRIPTION

TERMINATION

DATE

ABSOLUTE

NOTIONAL

VALUE

NET

UNREALIZED

APPRECIATION

(DEPRECIATION)

NET

CASH

AND

OTHER

RECEIVABLES

(PAYABLES)

VALUE

JPMC

The

Fund

receives

the

total

return

on

a

portfolio

of

long

and

short

equity

positions

and

pays

or

receives

the

MUTSC

plus

or

minus

a

specified

spread

(-0.75%

to

0.30%),

which

is

denominated

in

JPY

based

on

the

local

currencies

of

the

positions

within

the

swap.

1-13

months

maturity

ranging

from

07/17/2024

-

07/30/2025

$57,536,910

$(115,167)

$473,865

$358,698

Consolidated

Schedule

of

Investments

June

30,

2024

(Unaudited)

AQR

MANAGED

FUTURES

STRATEGY

HV

FUND

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

Funds

|

Semi-Annual

Report

|

June

2024

181

(Continued)

The

following

table

represents

disclosures

associated

with

a

subset

of

the

underlying

components

of

the

total

return

basket

swap

contract

as

of

period

end:

REFERENCE

ENTITY

SHARES

NOTIONAL

VALUE

($)

NET

UNREALIZED

APPRECIATION

(DEPRECIATION)

($)

PERCENTAGE

OF

SWAP

VALUE

(%)

Long

Positions

Common

Stocks

Japan

Asics

Corp.

25,600

394,705

33,872

9.4

Disco

Corp.

1,300

495,170

(20,984)

(5.9)

Hitachi

Ltd.

45,000

1,013,235

77,658

21.6

Hoya

Corp.

4,100

479,451

18,714

5.2

Idemitsu

Kosan

Co.

Ltd.

56,100

364,626

(4,632)

(1.3)

Inpex

Corp.

25,600

375,948

15,076

4.2

JFE

Holdings,

Inc.

32,000

461,844

13,140

3.7

Kyushu

Electric

Power

Co.,

Inc.

53,400

550,870

(21,166)

(5.9)

Makita

Corp.

13,900

380,554

(705)

(0.2)

MS&AD

Insurance

Group

Holdings,

Inc.

21,800

486,707

72,224

20.1

Niterra

Co.

Ltd.

15,600

454,905

7,917

2.2

ORIX

Corp.

21,300

472,091

26,735

7.5

Otsuka

Holdings

Co.

Ltd.

8,500

359,097

28,533

8.0

Ryohin

Keikaku

Co.

Ltd.

37,800

629,066

(6,221)

(1.7)

Santen

Pharmaceutical

Co.

Ltd.

49,800

509,478

18,257

5.1

SCREEN

Holdings

Co.

Ltd.

6,500

589,283

(5,611)

(1.6)

Subaru

Corp.

16,900

359,385

16,742

4.7

Sumitomo

Corp.

15,800

396,927

14,030

3.9

Sumitomo

Mitsui

Financial

Group,

Inc.

10,000

671,249

58,408

16.3

Tokio

Marine

Holdings,

Inc.

14,100

529,865

68,628

19.1

Toyo

Suisan

Kaisha

Ltd.

7,800

464,586

(2,668)

(0.7)

Toyota

Tsusho

Corp.

18,900

369,365

24,312

6.8

Short

Positions

Common

Stocks

Japan

Advantest

Corp.

(17,100)

(692,994)

(125,757)

(35.1)

Aeon

Co.

Ltd.

(17,600)

(376,693)

(2,136)

(0.6)

Asahi

Intecc

Co.

Ltd.

(26,800)

(376,246)

(12,283)

(3.4)

Astellas

Pharma,

Inc.

(60,000)

(591,945)

(29,014)

(8.1)

Chugai

Pharmaceutical

Co.

Ltd.

(11,100)

(395,253)

(54,298)

(15.1)

Daikin

Industries

Ltd.

(4,000)

(556,863)

13,962

3.9

Eisai

Co.

Ltd.

(13,100)

(539,244)

(20,178)

(5.6)

ENEOS

Holdings,

Inc.

(70,500)

(363,318)

(9,701)

(2.7)

FANUC

Corp.

(16,700)

(458,461)

(15,764)

(4.4)

Keyence

Corp.

(900)

(393,910)

(14,701)

(4.1)

Kobayashi

Pharmaceutical

Co.

Ltd.

(13,800)

(448,175)

32,925

9.2

Kubota

Corp.

(26,000)

(365,378)

(9,451)

(2.6)

M3,

Inc.

(40,100)

(383,678)

(15,677)

(4.4)

Nippon

Telegraph

&

Telephone

Corp.

(859,100)

(812,368)

(38,649)

(10.8)

Nissan

Chemical

Corp.

(19,700)

(626,159)

(63,284)

(17.6)

Nitori

Holdings

Co.

Ltd.

(4,000)

(423,468)

(6,786)

(1.9)

NTT

Data

Group

Corp.

(38,300)

(565,807)

(39,477)

(11.0)

Olympus

Corp.

(27,300)

(440,686)

485

0.1

Omron

Corp.

(26,500)

(917,646)

(73,348)

(20.4)

Rohm

Co.

Ltd.

(42,900)

(573,474)

(7,260)

(2.0)

Shin-Etsu

Chemical

Co.

Ltd.

(9,700)

(377,152)

(18,851)

(5.3)

Shiseido

Co.

Ltd.

(14,500)

(413,238)

37,651

10.5

SMC

Corp.

(1,800)

(857,623)

(1,758)

(0.5)

SUMCO

Corp.

(44,100)

(637,943)

5,234

1.5

Toyota

Motor

Corp.

(42,200)

(865,837)

(69,522)

(19.4)

182

AQR

Funds

|

Semi-Annual

Report

|

June

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

MANAGED

FUTURES

STRATEGY

HV

FUND

Consolidated

Schedule

of

Investments

June

30,

2024

(Unaudited)

(Continued)

REFERENCE

ENTITY

SHARES

NOTIONAL

VALUE

($)

NET

UNREALIZED

APPRECIATION

(DEPRECIATION)

($)

PERCENTAGE

OF

SWAP

VALUE

(%)

Japan

(continued)

Yakult

Honsha

Co.

Ltd.

(20,100)

(360,120)

(8,442)

(2.4)

Yamaha

Corp.

(26,300)

(618,127)

(16,246)

(4.5)

Yaskawa

Electric

Corp.

(13,300)

(479,585)

4,007

1.1

COUNTERPARTY

DESCRIPTION

TERMINATION

DATE

ABSOLUTE

NOTIONAL

VALUE

NET

UNREALIZED

APPRECIATION

(DEPRECIATION)

NET

CASH

AND

OTHER

RECEIVABLES

(PAYABLES)

VALUE

JPMC

The

Fund

receives

the

total

return

on

a

portfolio

of

long

and

short

equity

positions

and

pays

or

receives

the

OBFR

plus

or

minus

a

specified

spread

(-2.20%

to

0.25%),

which

is

denominated

in

USD

based

on

the

local

currencies

of

the

positions

within

the

swap.

1-13

months

maturity

ranging

from

07/09/2024

-

07/29/2025

$222,857,721

$(326,073)

$2,263,881

$1,937,808

The

following

table

represents

disclosures

associated

with

a

subset

of

the

underlying

components

of

the

total

return

basket

swap

contract

as

of

period

end:

REFERENCE

ENTITY

SHARES

NOTIONAL

VALUE

($)

NET

UNREALIZED

APPRECIATION

(DEPRECIATION)

($)

PERCENTAGE

OF

SWAP

VALUE

(%)

Long

Positions

Common

Stocks

United

States

Allstate

Corp.

(The)

4,361

696,277

4,012

0.2

Alphabet,

Inc.

5,558

1,012,390

27,290

1.4

Amazon.com,

Inc.

3,656

706,522

33,599

1.7

Arista

Networks,

Inc.

2,151

753,882

22,370

1.2

Booking

Holdings,

Inc.

188

744,762

1,585

0.1

Chipotle

Mexican

Grill,

Inc.

9,900

620,235

(46,126)

(2.4)

Coca-Cola

Consolidated,

Inc.

609

660,765

50,742

2.6

Colgate-Palmolive

Co.

6,651

645,413

7,250

0.4

Eli

Lilly

&

Co.

1,487

1,346,300

30,290

1.6

EMCOR

Group,

Inc.

1,621

591,795

(29,097)

(1.5)

Exxon

Mobil

Corp.

5,496

632,700

37,153

1.9

Fair

Isaac

Corp.

480

714,557

37,776

1.9

Flowserve

Corp.

12,382

595,574

12,258

0.6

General

Electric

Co.

6,068

964,630

(25,850)

(1.3)

Manhattan

Associates,

Inc.

3,080

759,774

42,904

2.2

McKesson

Corp.

1,672

976,515

(22,422)

(1.2)

Medpace

Holdings,

Inc.

2,087

859,531

33,183

1.7

Micron

Technology,

Inc.

4,565

600,434

(74,410)

(3.8)

Microsoft

Corp.

1,528

682,940

(2,170)

(0.1)

NetApp,

Inc.

5,454

702,475

15,053

0.8

NVIDIA

Corp.

11,160

1,378,706

(83,030)

(4.3)

ServiceNow,

Inc.

793

623,829

48,508

2.5

Stryker

Corp.

1,970

670,292

(8,767)

(0.5)

Texas

Roadhouse,

Inc.

3,425

588,107

308

0.0(a)

Walmart,

Inc.

13,867

938,935

4,021

0.2

Westinghouse

Air

Brake

Technologies

Corp.

4,184

661,281

(14,895)

(0.8)

Consolidated

Schedule

of

Investments

June

30,

2024

(Unaudited)

AQR

MANAGED

FUTURES

STRATEGY

HV

FUND

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

Funds

|

Semi-Annual

Report

|

June

2024

183

(Continued)

REFERENCE

ENTITY

SHARES

NOTIONAL

VALUE

($)

NET

UNREALIZED

APPRECIATION

(DEPRECIATION)

($)

PERCENTAGE

OF

SWAP

VALUE

(%)

Short

Positions

Common

Stocks

United

States

Accenture

plc

(2,298)

(697,236)

(41,088)

(2.1)

Air

Products

and

Chemicals,

Inc.

(2,722)

(702,412)

40,993

2.1

Brown-Forman

Corp.

(15,907)

(687,023)

15,907

0.8

Carrier

Global

Corp.

(15,092)

(952,003)

30,788

1.6

Cisco

Systems,

Inc.

(17,453)

(829,192)

(31,764)

(1.6)

Deere

&

Co.

(1,831)

(684,117)

10,235

0.5

Dollar

General

Corp.

(5,852)

(773,810)

(31,250)

(1.6)

Honeywell

International,

Inc.

(4,295)

(917,154)

(6,829)

(0.4)

Johnson

&

Johnson

(5,131)

(749,947)

(1,078)

(0.1)

Johnson

Controls

International

plc

(9,095)

(604,545)

25,830

1.3

Lowe's

Cos.,

Inc.

(3,017)

(665,128)

19,037

1.0

McDonald's

Corp.

(3,228)

(822,624)

(4,293)

(0.2)

Newmont

Corp.

(14,038)

(587,771)

(13,476)

(0.7)

RTX

Corp.

(8,606)

(863,956)

35,112

1.8

Southern

Co.

(The)

(7,772)

(602,874)

855

0.0(a)

Southwest

Airlines

Co.

(21,442)

(613,456)

3,431

0.2

Starbucks

Corp.

(8,111)

(631,441)

28,226

1.5

Texas

Instruments,

Inc.

(3,894)

(757,500)

1,441

0.1

T-Mobile

US,

Inc.

(4,730)

(833,331)

5,676

0.3

Toro

Co.

(The)

(9,420)

(880,864)

28,731

1.5

Tractor

Supply

Co.

(2,979)

(804,330)

58,239

3.0

Verizon

Communications,

Inc.

(15,240)

(628,498)

(27,127)

(1.4)

Visa,

Inc.

(3,815)

(1,001,323)

33,190

1.7

Williams

Cos.,

Inc.

(The)

(17,029)

(723,732)

(21,116)

(1.1)

(a)

Represents

less

than

0.05%

of

swap

value.

184

AQR

Funds

|

Semi-Annual

Report

|

June

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

MANAGED

FUTURES

STRATEGY

HV

FUND

Consolidated

Schedule

of

Investments

June

30,

2024

(Unaudited)

Collateral

pledged

to,

or

(received

from),

each

counterparty

at

June

30,

2024

was

as

follows:

COUNTERPARTY

OVER-THE-COUNTER

EXCHANGE-TRADED/

EXCHANGE-CLEARED

TOTAL

BARC

Cash

$

–

$

10,518,718

$

10,518,718

CITG

Cash

–

2,028,574

2,028,574

CITI

Cash

(580,996)

–

(580,996)

Investment

Companies

4,587,125

–

4,587,125

GSCO

Cash

–

929,541

929,541

GSIN

Cash

(401,538)

–

(401,538)

U.S.

Treasury

Bills

13,036,259

–

13,036,259

JPMC

Investment

Companies

22,889,668

–

22,889,668

JPMS

Cash

–

4,235,692

4,235,692

MLIN

Cash

429,999

–

429,999

MSCL

Cash

–

2,561,771

2,561,771

Collateral

pledged

to,

or

(received

from),

each

counterparty

for

the

Subsidiary

(See

Note

2)

at

June

30,

2024

was

as

follows:

COUNTERPARTY

OVER-THE-COUNTER

EXCHANGE-TRADED/

EXCHANGE-CLEARED

TOTAL

GSCO

Cash

$

–

$

3,781,710

$

3,781,710

JPPC

Cash

–

2,202,222

2,202,222

MSCL

Cash

–

12,626,145

12,626,145

Consolidated

Schedule

of

Investments

June

30,

2024

(Unaudited)

AQR

MULTI-ASSET

FUND

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

(Continued)

AQR

Funds

|

Semi-Annual

Report

|

June

2024

185

INVESTMENTS

SHARES

VALUE

($)

LONG

POSITIONS

-

106.5%

COMMON

STOCKS

-

53.3%

Australia

-

0.8%

AGL

Energy

Ltd.

(2)

9,781

70,477

BHP

Group

Ltd.

(2)(a)

8,261

236,116

BlueScope

Steel

Ltd.

(2)

50,135

680,565

Evolution

Mining

Ltd.

(2)

115,404

269,857

Fortescue

Ltd.

(2)(a)

8,554

121,779

Harvey

Norman

Holdings

Ltd.

(2)

25,082

69,435

Incitec

Pivot

Ltd.

(2)

32,763

63,200

JB

Hi-Fi

Ltd.

(2)

12,777

519,153

Origin

Energy

Ltd.

(2)(a)

6,429

46,514

Pro

Medicus

Ltd.

(2)

360

34,190

Qantas

Airways

Ltd.

(2)*

101,528

395,119

QBE

Insurance

Group

Ltd.

(2)

4,410

50,907

South32

Ltd.

(2)(a)

101,820

247,025

Westpac

Banking

Corp.

(2)

18,389

332,972

Whitehaven

Coal

Ltd.

(2)

87,167

443,543

3,580,852

Belgium

-

0.2%

Ageas

SA/NV

(2)

5,523

251,997

Anheuser-Busch

InBev

SA/NV

(2)

(a)

212

12,308

Proximus

SADP

(2)

88,011

700,513

964,818

Brazil

-

0.0%

†

Yara

International

ASA

(2)

626

18,040

Canada

-

1.4%

Agnico

Eagle

Mines

Ltd.

(a)

4,732

309,506

Air

Canada

*

15,654

204,822

Barrick

Gold

Corp.

(a)

20,728

345,757

CAE,

Inc.

*

2,513

46,676

Canadian

Natural

Resources

Ltd.

5,171

184,191

CCL

Industries,

Inc.,

Class

B

4,756

250,098

Cenovus

Energy,

Inc.

24,187

475,413

Empire

Co.

Ltd.,

Class

A

2,041

52,172

Fairfax

Financial

Holdings

Ltd.

678

771,311

iA

Financial

Corp.,

Inc.

1,700

106,756

Imperial

Oil

Ltd.

(a)(b)

2,771

188,940

Magna

International,

Inc.

5,825

244,147

Manulife

Financial

Corp.

2,750

73,230

Nutrien

Ltd.

(a)

10,686

544,044

Pan

American

Silver

Corp.

9,628

191,357

Parkland

Corp.

7,438

208,506

Shopify,

Inc.,

Class

A

*

7,626

503,978

Stantec,

Inc.

220

18,418

Suncor

Energy,

Inc.

25,973

990,089

TFI

International,

Inc.

1,036

150,427

West

Fraser

Timber

Co.

Ltd.

1,282

98,461

Whitecap

Resources,

Inc.

2,433

17,802

5,976,101

China

-

0.4%

BOC

Hong

Kong

Holdings

Ltd.

(2)

15,000

46,285

NXP

Semiconductors

NV

(a)(b)

4,096

1,102,193

Prosus

NV

(2)*

14,030

498,886

1,647,364

INVESTMENTS

SHARES

VALUE

($)

Denmark

-

0.3%

AP

Moller

-

Maersk

A/S,

Class

B

(2)

133

230,668

Danske

Bank

A/S

(2)

13,111

391,049

ISS

A/S

(2)(a)

30,035

515,705

Novo

Nordisk

A/S,

Class

B

(2)(a)

596

85,279

Royal

Unibrew

A/S

(2)*

662

52,504

1,275,205

Finland

-

0.1%

Fortum

OYJ

(2)(a)

20,936

306,493

Valmet

OYJ

(2)

1,683

48,166

Wartsila

OYJ

Abp

(2)

6,269

121,533

476,192

France

-

1.0%

Air

France-KLM

(2)*(a)(b)

4,117

36,448

BNP

Paribas

SA

(2)

1,061

67,853

Bouygues

SA

(2)

546

17,551

Carrefour

SA

(2)

2,467

34,958

Cie

de

Saint-Gobain

SA

(2)

11,170

868,736

Credit

Agricole

SA

(2)

18,103

247,190

Dassault

Aviation

SA

(2)

775

140,343

Eiffage

SA

(2)

188

17,278

Engie

SA

(2)(a)

2,914

41,730

Ipsen

SA

(2)

244

29,978

LVMH

Moet

Hennessy

Louis

Vuitton

SE

(2)(a)

127

97,509

Renault

SA

(2)

719

36,874

Rexel

SA

(2)

12,461

322,348

SCOR

SE

(2)

10,691

270,999

Societe

Generale

SA

(2)

46,271

1,087,880

TotalEnergies

SE

(2)

6,949

465,262

Valeo

SE

(2)

27,418

293,190

Verallia

SA

(2)(c)

5,833

212,253

4,288,380

Germany

-

1.4%

Allianz

SE

(Registered)

(2)

714

198,300

BASF

SE

(2)(a)

2,145

103,695

Bayer

AG

(Registered)

(2)

9,944

280,302

Bayerische

Motoren

Werke

AG

(2)

8,330

787,946

Bechtle

AG

(2)

375

17,640

Commerzbank

AG

(2)

38,033

576,894

Continental

AG

(2)

2,009

113,784

Daimler

Truck

Holding

AG

(2)

11,070

441,506

Deutsche

Bank

AG

(Registered)

(2)

48,297

771,910

Deutsche

Lufthansa

AG

(Registered)

(2)

2,904

17,812

Fresenius

Medical

Care

AG

(2)

4,889

186,842

Heidelberg

Materials

AG

(2)

1,778

183,799

KION

Group

AG

(2)

3,836

160,243

Mercedes-Benz

Group

AG

(2)

19,348

1,339,104

Muenchener

Rueckversicherungs-

Gesellschaft

AG

in

Muenchen

(Registered)

(2)

38

18,998

Nemetschek

SE

(2)

425

41,491

Scout24

SE

(2)(c)

1,458

111,397

TeamViewer

SE

(2)*(c)

13,215

147,913

thyssenkrupp

AG

(2)

70,894

306,921

186

AQR

Funds

|

Semi-Annual

Report

|

June

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

MULTI-ASSET

FUND

Consolidated

Schedule

of

Investments

June

30,

2024

(Unaudited)

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Germany

-

1.4%

(continued)

TUI

AG

(2)*

15,557

109,968

Zalando

SE

(2)*(c)

19,421

455,900

6,372,365

Guatemala

-

0.0%

†

Millicom

International

Cellular

SA,

SDR

(2)*

2,114

51,331

Hong

Kong

-

0.0%

†

Hong

Kong

Exchanges

&

Clearing

Ltd.

(2)

800

25,603

WH

Group

Ltd.

(2)(c)

82,500

54,302

79,905

Italy

-

0.7%

Banca

Monte

dei

Paschi

di

Siena

SpA

(2)

82,082

386,980

Banco

BPM

SpA

(2)

81,743

526,082

Eni

SpA

(2)

3,058

46,955

Intesa

Sanpaolo

SpA

(2)

62,653

232,844

Leonardo

SpA

(2)

6,657

154,235

Nexi

SpA

(2)*(c)

2,906

17,715

Poste

Italiane

SpA

(2)(c)

42,319

538,490

UniCredit

SpA

(2)

9,112

337,199

Unipol

Gruppo

SpA

(2)

107,600

1,067,103

3,307,603

Japan

-

3.9%

Chubu

Electric

Power

Co.,

Inc.

(2)

15,400

181,925

Cosmo

Energy

Holdings

Co.

Ltd.

(2)

2,000

100,959

Daiichi

Sankyo

Co.

Ltd.

(2)

5,400

187,670

ENEOS

Holdings,

Inc.

(2)

55,400

285,501

Fukuoka

Financial

Group,

Inc.

(2)

9,800

263,905

Hitachi

Construction

Machinery

Co.

Ltd.

(2)

4,800

128,712

Honda

Motor

Co.

Ltd.

(2)

45,600

490,200

Inpex

Corp.

(2)

17,500

256,996

Japan

Post

Bank

Co.

Ltd.

(2)

36,600

347,516

Japan

Post

Insurance

Co.

Ltd.

(2)

15,000

291,722

JFE

Holdings,

Inc.

(2)

53,400

770,702

Kansai

Paint

Co.

Ltd.

(2)

1,800

29,103

Kawasaki

Kisen

Kaisha

Ltd.

(2)

12,000

174,995

KDDI

Corp.

(2)

5,500

145,703

Kobe

Steel

Ltd.

(2)

8,800

109,472

Kuraray

Co.

Ltd.

(2)

4,600

53,223

Kyowa

Kirin

Co.

Ltd.

(2)

5,600

95,988

Lasertec

Corp.

(2)

200

44,896

Makita

Corp.

(2)

10,900

298,420

Marubeni

Corp.

(2)

1,100

20,397

Mazda

Motor

Corp.

(2)

78,800

759,711

McDonald's

Holdings

Co.

Japan

Ltd.

(2)

500

19,733

Mitsubishi

Gas

Chemical

Co.,

Inc.

(2)

6,100

117,014

Mitsubishi

UFJ

Financial

Group,

Inc.

(2)(a)

64,900

700,403

Mitsui

Chemicals,

Inc.

(2)

1,800

49,845

Mitsui

OSK

Lines

Ltd.

(2)

1,800

54,120

Mizuho

Financial

Group,

Inc.

(2)

63,600

1,338,615

INVESTMENTS

SHARES

VALUE

($)

Japan

-

3.9%

(continued)

MS&AD

Insurance

Group

Holdings,

Inc.

(2)

11,600

258,982

NGK

Insulators

Ltd.

(2)

9,200

118,131

NIPPON

EXPRESS

HOLDINGS,

Inc.

(2)

800

37,024

Nippon

Steel

Corp.

(2)

25,800

546,920

Nippon

Yusen

KK

(2)

12,700

370,547

Nissan

Motor

Co.

Ltd.

(2)

209,400

710,905

Nisshin

Seifun

Group,

Inc.

(2)

3,800

43,855

Nomura

Holdings,

Inc.

(2)

90,400

522,180

Oji

Holdings

Corp.

(2)

42,700

168,561

ORIX

Corp.

(2)

15,200

336,891

Panasonic

Holdings

Corp.

(2)(a)

17,300

142,215

Persol

Holdings

Co.

Ltd.

(2)(a)

427,300

592,085

Renesas

Electronics

Corp.

(2)

12,200

231,369

Ricoh

Co.

Ltd.

(2)

7,700

65,998

Ryohin

Keikaku

Co.

Ltd.

(2)

79,200

1,318,043

SCREEN

Holdings

Co.

Ltd.

(2)

4,200

380,767

Shimamura

Co.

Ltd.

(2)

4,400

200,351

Socionext,

Inc.

(2)

8,000

190,349

Sojitz

Corp.

(2)

28,280

690,803

Square

Enix

Holdings

Co.

Ltd.

(2)

17,700

533,315

Stanley

Electric

Co.

Ltd.

(2)

1,300

23,294

Subaru

Corp.

(2)

14,900

316,854

Sumitomo

Corp.

(2)

8,300

208,512

Sumitomo

Heavy

Industries

Ltd.

(2)

800

20,878

Tohoku

Electric

Power

Co.,

Inc.

(2)

2,100

18,982

Tokyo

Electric

Power

Co.

Holdings,

Inc.

(2)*(a)

43,500

234,247

Tokyo

Electron

Ltd.

(2)

4,200

919,383

TOPPAN

Holdings,

Inc.

(2)(a)

4,200

116,510

Tosoh

Corp.

(2)

6,700

87,701

Toyota

Tsusho

Corp.

(2)

21,600

422,131

Trend

Micro,

Inc.

(2)

7,900

322,010

17,467,239

Luxembourg

-

0.2%

Aperam

SA

(2)

8,849

228,774

ArcelorMittal

SA

(2)

20,325

465,631

694,405

Netherlands

-

0.5%

ABN

AMRO

Bank

NV,

CVA

(2)(c)

5,702

93,648

Argenx

SE

(2)*

172

74,629

ASML

Holding

NV

(2)

331

337,344

BE

Semiconductor

Industries

NV

(2)

1,736

290,001

ING

Groep

NV

(2)

5,135

88,233

Koninklijke

Philips

NV

(2)*

8,242

207,274

Koninklijke

Vopak

NV

(2)

2,614

108,602

NN

Group

NV

(2)

21,327

991,246

2,190,977

New

Zealand

-

0.1%

Xero

Ltd.

(2)*

7,138

645,536

Norway

-

0.0%

†

TOMRA

Systems

ASA

(2)

4,745

56,563

Russia

-

0.0%

Evraz

plc

(3)*

27,473

–

Consolidated

Schedule

of

Investments

June

30,

2024

(Unaudited)

AQR

MULTI-ASSET

FUND

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

Funds

|

Semi-Annual

Report

|

June

2024

187

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Singapore

-

0.1%

Grab

Holdings

Ltd.,

Class

A

*

89,392

317,341

Singapore

Airlines

Ltd.

(2)

24,600

124,992

STMicroelectronics

NV

(2)

3,165

123,967

566,300

Spain

-

0.5%

Acerinox

SA

(2)

79,322

826,187

ACS

Actividades

de

Construccion

y

Servicios

SA

(2)

6,006

259,411

Banco

Santander

SA

(2)

136,148

633,466

Bankinter

SA

(2)

5,634

46,102

Mapfre

SA

(2)

98,572

227,322

Repsol

SA

(2)

14,253

226,034

2,218,522

Sweden

-

0.5%

Autoliv,

Inc.

(a)(b)

2,510

268,545

Billerud

Aktiebolag

(2)

6,116

56,645

Electrolux

AB,

Class

B

(2)*

37,087

306,327

Elekta

AB,

Class

B

(2)

7,206

44,929

Evolution

AB

(2)(a)(c)

412

42,885

H

&

M

Hennes

&

Mauritz

AB,

Class

B

(2)

1,568

24,837

Skanska

AB,

Class

B

(2)

1,583

28,558

SKF

AB,

Class

B

(2)

14,962

300,695

SSAB

AB,

Class

B

(2)

76,115

412,716

Swedbank

AB,

Class

A

(2)

7,430

153,045

Trelleborg

AB,

Class

B

(2)

5,592

217,619

Volvo

Car

AB,

Class

B

(2)*(a)(b)

108,166

334,449

2,191,250

Switzerland

-

0.5%

ABB

Ltd.

(Registered)

(2)

4,749

263,336

Adecco

Group

AG

(Registered)

(2)(a)

3,305

109,643

Baloise

Holding

AG

(Registered)

(2)

1,341

236,423

DKSH

Holding

AG

1,221

82,492

Julius

Baer

Group

Ltd.

(2)

1,793

100,286

Lonza

Group

AG

(Registered)

(2)

834

454,034

Novartis

AG

(Registered)

(2)

8,553

910,652

Sandoz

Group

AG

(2)

1,932

70,031

Temenos

AG

(Registered)

(2)

605

41,691

2,268,588

United

Kingdom

-

1.6%

abrdn

plc

(2)

156,991

293,199

Aviva

plc

(2)

2,947

17,751

Barclays

plc

(2)

270,595

715,025

British

American

Tobacco

plc

(2)

9,253

284,249

BT

Group

plc

(2)

73,310

129,968

Centrica

plc

(2)

285,203

486,127

CK

Hutchison

Holdings

Ltd.

(2)

82,000

391,146

DCC

plc

(2)

1,357

94,708

Direct

Line

Insurance

Group

plc

(2)

270,504

685,894

easyJet

plc

(2)

64,356

371,234

HSBC

Holdings

plc

(2)(a)

84,371

728,292

InterContinental

Hotels

Group

plc

(2)(a)

682

71,662

Intermediate

Capital

Group

plc

(2)

6,100

167,288

INVESTMENTS

SHARES

VALUE

($)

United

Kingdom

-

1.6%

(continued)

International

Distribution

Services

plc

(2)*

24,334

98,240

Johnson

Matthey

plc

4,691

92,921

Legal

&

General

Group

plc

(2)

29,397

84,180

Marks

&

Spencer

Group

plc

(2)

138,350

500,237

Melrose

Industries

plc

(2)

10,837

75,474

Ocado

Group

plc

(2)*

9,968

36,206

Persimmon

plc

(2)

3,524

59,800

Rolls-Royce

Holdings

plc

(2)*

158,622

911,005

Standard

Chartered

plc

(2)

14,883

134,386

Subsea

7

SA

(2)

6,280

117,852

Taylor

Wimpey

plc

(2)

27,470

49,191

TechnipFMC

plc

5,511

144,113

Travis

Perkins

plc

2,913

28,317

Vodafone

Group

plc

(2)

316,171

279,760

Whitbread

plc

(2)

480

18,014

7,066,239

United

States

-

39.0%

3M

Co.

8,468

865,345

AbbVie,

Inc.

(a)(b)

1,684

288,840

Adient

plc

*

1,224

30,245

Adobe,

Inc.

*

2,512

1,395,516

ADT,

Inc.

37,267

283,229

Advanced

Micro

Devices,

Inc.

*(a)

(b)

3,292

533,995

AGCO

Corp.

(a)(b)

6,555

641,603

Airbnb,

Inc.,

Class

A

*(a)

3,697

560,576

Align

Technology,

Inc.

*

1,302

314,342

Allison

Transmission

Holdings,

Inc.

(a)(b)

8,929

677,711

Allstate

Corp.

(The)

224

35,764

Ally

Financial,

Inc.

765

30,348

Alnylam

Pharmaceuticals,

Inc.

*(a)

(b)

1,637

397,791

Alphabet,

Inc.,

Class

A

11,715

2,133,887

Alphabet,

Inc.,

Class

C

13,171

2,415,824

Altria

Group,

Inc.

(a)(b)

31,502

1,434,916

Amazon.com,

Inc.

*(a)

33,115

6,399,473

Amedisys,

Inc.

*(a)(b)

665

61,047

American

Airlines

Group,

Inc.

*(a)

(b)

14,357

162,665

American

Express

Co.

(a)(b)

1,121

259,568

American

International

Group,

Inc.

4,921

365,335

American

Tower

Corp.,

REIT

(a)(b)

324

62,979

Amkor

Technology,

Inc.

5,082

203,382

Apellis

Pharmaceuticals,

Inc.

*(a)

(b)

4,403

168,899

Apollo

Global

Management,

Inc.

5,288

624,354

Apple,

Inc.

36,868

7,765,137

Applied

Materials,

Inc.

(a)(b)

4,171

984,314

Aptiv

plc

*(a)(b)

5,718

402,662

Archer-Daniels-Midland

Co.

4,670

282,302

Arista

Networks,

Inc.

*

2,867

1,004,826

Arrow

Electronics,

Inc.

*(a)(b)

2,181

263,378

Assurant,

Inc.

(a)(b)

940

156,275

AT&T,

Inc.

(a)

58,512

1,118,164

AutoZone,

Inc.

*(a)(b)

7

20,749

Axis

Capital

Holdings

Ltd.

12,032

850,061

AZEK

Co.,

Inc.

(The),

Class

A

*

1,994

84,007

188

AQR

Funds

|

Semi-Annual

Report

|

June

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

MULTI-ASSET

FUND

Consolidated

Schedule

of

Investments

June

30,

2024

(Unaudited)

(Continued)

INVESTMENTS

SHARES

VALUE

($)

United

States

-

39.0%

(continued)

Baker

Hughes

Co.,

Class

A

34,879

1,226,694

Bank

of

America

Corp.

(a)

53,940

2,145,194

Bank

of

New

York

Mellon

Corp.

(The)

2,208

132,237

Bank

OZK

14,114

578,674

BellRing

Brands,

Inc.

*

1,668

95,310

Berkshire

Hathaway,

Inc.,

Class

B

*

3,419

1,390,849

Berry

Global

Group,

Inc.

(a)(b)

2,340

137,709

Best

Buy

Co.,

Inc.

4,731

398,776

BlackRock,

Inc.

(a)(b)

666

524,355

Block,

Inc.,

Class

A

*

1,122

72,358

Booking

Holdings,

Inc.

(a)

403

1,596,485

Boston

Beer

Co.,

Inc.

(The),

Class

A

*

837

255,327

BP

plc

(2)

136,029

819,000

Bristol-Myers

Squibb

Co.

(a)

641

26,621

Broadcom,

Inc.

1,441

2,313,568

Bruker

Corp.

779

49,708

Builders

FirstSource,

Inc.

*

874

120,970

Burlington

Stores,

Inc.

*

2,296

551,040

Cable

One,

Inc.

(a)(b)

145

51,330

Caesars

Entertainment,

Inc.

*(a)(b)

1,514

60,166

Cardinal

Health,

Inc.

5,883

578,417

Catalent,

Inc.

*

355

19,962

Centene

Corp.

*

12,296

815,225

Cheniere

Energy,

Inc.

(a)(b)

1,879

328,506

Chipotle

Mexican

Grill,

Inc.,

Class

A

*(a)(b)

14,600

914,690

Chubb

Ltd.

2,638

672,901

Ciena

Corp.

*

1,061

51,119

Cigna

Group

(The)

(a)

5,099

1,685,576

Cincinnati

Financial

Corp.

2,954

348,867

Cisco

Systems,

Inc.

23,232

1,103,752

Citigroup,

Inc.

(a)

31,486

1,998,102

Citizens

Financial

Group,

Inc.

33,057

1,191,044

Cleveland-Cliffs,

Inc.

*

34,961

538,050

CME

Group,

Inc.

1,020

200,532

CNA

Financial

Corp.

3,029

139,546

CNH

Industrial

NV

68,777

696,711

CNO

Financial

Group,

Inc.

1,041

28,857

Coca-Cola

Co.

(The)

(a)

3,795

241,552

Coca-Cola

Consolidated,

Inc.

538

583,730

Cognizant

Technology

Solutions

Corp.,

Class

A

1,320

89,760

Coherent

Corp.

*(a)(b)

4,180

302,883

Coinbase

Global,

Inc.,

Class

A

*(a)

(b)

451

100,226

Colgate-Palmolive

Co.

(a)

2,415

234,352

Comcast

Corp.,

Class

A

(a)(b)

40,753

1,595,887

Comfort

Systems

USA,

Inc.

(a)(b)

1,103

335,444

Commercial

Metals

Co.

2,082

114,489

CommVault

Systems,

Inc.

*

2,234

271,587

Concentrix

Corp.

(a)(b)

2,895

183,196

ConocoPhillips

(a)(b)

2,492

285,035

Corebridge

Financial,

Inc.

1,756

51,135

Costco

Wholesale

Corp.

(a)(b)

278

236,297

Coterra

Energy,

Inc.

9,306

248,191

Crowdstrike

Holdings,

Inc.,

Class

A

*(a)(b)

3,036

1,163,365

INVESTMENTS

SHARES

VALUE

($)

United

States

-

39.0%

(continued)

Crown

Holdings,

Inc.

1,792

133,307

CVS

Health

Corp.

(a)(b)

12,250

723,485

Datadog,

Inc.,

Class

A

*(a)(b)

893

115,813

DaVita,

Inc.

*

319

44,204

Deckers

Outdoor

Corp.

*(a)(b)

25

24,199

Dell

Technologies,

Inc.,

Class

C

2,216

305,609

Delta

Air

Lines,

Inc.

(a)(b)

5,716

271,167

Devon

Energy

Corp.

2,937

139,214

Dick's

Sporting

Goods,

Inc.

(a)(b)

3,137

673,984

Discover

Financial

Services

512

66,975

DocuSign,

Inc.,

Class

A

*

23,629

1,264,152

Domino's

Pizza,

Inc.

(a)

1,179

608,753

DR

Horton,

Inc.

(a)

758

106,825

DraftKings,

Inc.,

Class

A

*(a)(b)

33,384

1,274,267

Duolingo,

Inc.,

Class

A

*

172

35,891

Eaton

Corp.

plc

1,088

341,142

Edwards

Lifesciences

Corp.

*(a)(b)

1,693

156,382

Elevance

Health,

Inc.

(a)

158

85,614

Eli

Lilly

&

Co.

(a)

1,596

1,444,986

EMCOR

Group,

Inc.

(a)(b)

580

211,746

EnerSys

(a)(b)

4,422

457,765

Enphase

Energy,

Inc.

*(a)(b)

171

17,050

EOG

Resources,

Inc.

(a)(b)

2,015

253,628

Equinix,

Inc.,

REIT

(a)(b)

61

46,153

Etsy,

Inc.

*(a)(b)

8,323

490,891

Everest

Group

Ltd.

2,092

797,094

Exelixis,

Inc.

*

17,217

386,866

Exxon

Mobil

Corp.

18,063

2,079,413

Federated

Hermes,

Inc.,

Class

B

13,807

453,974

Fidelity

National

Information

Services,

Inc.

5,970

449,899

First

Horizon

Corp.

42,396

668,585

Fiserv,

Inc.

*(a)(b)

739

110,141

Flowserve

Corp.

(a)(b)

13,657

656,902

FMC

Corp.

(a)(b)

10,200

587,010

Ford

Motor

Co.

(a)

46,667

585,204

Fortinet,

Inc.

*

14,324

863,307

Fortive

Corp.

422

31,270

Franklin

Resources,

Inc.

(a)(b)

10,825

241,939

Freeport-McMoRan,

Inc.

(a)

359

17,447

Garmin

Ltd.

(a)

2,830

461,064

Gartner,

Inc.

*(a)(b)

311

139,658

Gates

Industrial

Corp.

plc

*(a)(b)

55,079

870,799

General

Dynamics

Corp.

1,450

420,703

General

Electric

Co.

11,875

1,887,769

General

Motors

Co.

37,520

1,743,179

Genuine

Parts

Co.

976

135,000

Gilead

Sciences,

Inc.

3,091

212,074

Gitlab,

Inc.,

Class

A

*

1,888

93,871

Global

Payments,

Inc.

4,877

471,606

Globe

Life,

Inc.

2,631

216,479

GoDaddy,

Inc.,

Class

A

*(a)(b)

5,532

772,876

Goodyear

Tire

&

Rubber

Co.

(The)

*

17,319

196,571

H&R

Block,

Inc.

(a)(b)

7,580

411,063

Hasbro,

Inc.

(a)(b)

3,280

191,880

Hawaiian

Electric

Industries,

Inc.

30,077

271,295

HealthEquity,

Inc.

*(a)(b)

2,017

173,865

Hewlett

Packard

Enterprise

Co.

17,679

374,264

Hexcel

Corp.

(a)(b)

10,338

645,608

Consolidated

Schedule

of

Investments

June

30,

2024

(Unaudited)

AQR

MULTI-ASSET

FUND

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

Funds

|

Semi-Annual

Report

|

June

2024

189

(Continued)

INVESTMENTS

SHARES

VALUE

($)

United

States

-

39.0%

(continued)

HF

Sinclair

Corp.

7,247

386,555

Holcim

AG

(2)(a)

1,393

123,130

Home

Depot,

Inc.

(The)

(a)(b)

1,384

476,428

Howmet

Aerospace,

Inc.

(a)(b)

2,563

198,966

Huntington

Bancshares,

Inc.

(a)(b)

11,354

149,646

Huntington

Ingalls

Industries,

Inc.

(a)(b)

2,284

562,618

Huntsman

Corp.

2,392

54,466

Incyte

Corp.

*(a)(b)

4,937

299,281

Inspire

Medical

Systems,

Inc.

*(a)

(b)

1,900

254,277

Insulet

Corp.

*

1,936

390,685

Intel

Corp.

1,970

61,011

International

Paper

Co.

(a)(b)

2,788

120,302

Invesco

Ltd.

8,098

121,146

Jabil,

Inc.

456

49,608

Jacobs

Solutions,

Inc.

(a)(b)

170

23,751

James

Hardie

Industries

plc,

CHESS

(2)*

5,622

175,955

Jazz

Pharmaceuticals

plc

*

604

64,465

Johnson

&

Johnson

(a)(b)

8,817

1,288,693

JPMorgan

Chase

&

Co.

(a)(b)

111

22,451

KB

Home

3,577

251,034

Kemper

Corp.

959

56,897

Keurig

Dr

Pepper,

Inc.

(a)(b)

523

17,468

KLA

Corp.

713

587,876

Knife

River

Corp.

*

435

30,511

Kohl's

Corp.

16,225

373,013

Kraft

Heinz

Co.

(The)

(a)(b)

5,087

163,903

Kroger

Co.

(The)

7,272

363,091

Kyndryl

Holdings,

Inc.

*

1,228

32,309

L3Harris

Technologies,

Inc.

512

114,985

Lam

Research

Corp.

(a)(b)

559

595,251

Lantheus

Holdings,

Inc.

*(a)(b)

2,237

179,609

Las

Vegas

Sands

Corp.

(a)(b)

9,033

399,710

Leggett

&

Platt,

Inc.

16,918

193,880

Lennar

Corp.,

Class

A

(a)(b)

3,109

465,946

Lincoln

National

Corp.

17,166

533,863

Lockheed

Martin

Corp.

586

273,721

Lululemon

Athletica,

Inc.

*(a)

488

145,766

LyondellBasell

Industries

NV,

Class

A

(a)

1,068

102,165

Manhattan

Associates,

Inc.

*

274

67,590

Marathon

Petroleum

Corp.

3,809

660,785

Marriott

Vacations

Worldwide

Corp.

(a)(b)

2,727

238,122

Marvell

Technology,

Inc.

(a)(b)

4,146

289,805

Mastercard,

Inc.,

Class

A

519

228,962

McKesson

Corp.

(a)(b)

588

343,416

Medpace

Holdings,

Inc.

*(a)(b)

1,736

714,972

Medtronic

plc

(a)

1,443

113,579

Merck

&

Co.,

Inc.

(a)

1,109

137,294

Meta

Platforms,

Inc.,

Class

A

5,130

2,586,648

MetLife,

Inc.

3,967

278,444

Micron

Technology,

Inc.

(a)(b)

4,142

544,797

Microsoft

Corp.

12,317

5,505,082

Mister

Car

Wash,

Inc.

*(a)(b)

27,016

192,354

Molina

Healthcare,

Inc.

*(a)(b)

273

81,163

Molson

Coors

Beverage

Co.,

Class

B

(a)(b)

4,690

238,393

INVESTMENTS

SHARES

VALUE

($)

United

States

-

39.0%

(continued)

Monolithic

Power

Systems,

Inc.

345

283,480

Mosaic

Co.

(The)

10,456

302,178

Murphy

Oil

Corp.

(a)(b)

549

22,641

Natera,

Inc.

*

6,817

738,213

NCR

Voyix

Corp.

*(a)(b)

1,398

17,265

NetApp,

Inc.

(a)(b)

4,609

593,639

Netflix,

Inc.

*(a)(b)

2,178

1,469,889

Neurocrine

Biosciences,

Inc.

*

3,394

467,252

Northern

Trust

Corp.

(a)(b)

2,322

195,002

NOV,

Inc.

41,654

791,843

Novocure

Ltd.

*

2,669

45,720

Nutanix,

Inc.,

Class

A

*

2,287

130,016

NVIDIA

Corp.

73,370

9,064,129

Olin

Corp.

(a)(b)

2,829

133,387

Ollie's

Bargain

Outlet

Holdings,

Inc.

*

8,132

798,318

ON

Semiconductor

Corp.

*(a)(b)

4,547

311,697

OneMain

Holdings,

Inc.

(a)(b)

421

20,414

Organon

&

Co.

(a)(b)

13,426

277,918

Ovintiv,

Inc.

11,731

549,832

Owens

Corning

3,628

630,256

PACCAR,

Inc.

2,801

288,335

Palantir

Technologies,

Inc.,

Class

A

*

2,409

61,020

Paramount

Global,

Class

B

(a)(b)

32,462

337,280

Park

Hotels

&

Resorts,

Inc.,

REIT

(a)

32,478

486,520

PayPal

Holdings,

Inc.

*

12,386

718,760

Pegasystems,

Inc.

2,975

180,077

Penumbra,

Inc.

*(a)(b)

1,357

244,219

PepsiCo,

Inc.

(a)(b)

1,803

297,369

Pfizer,

Inc.

(a)

3,082

86,234

PG&E

Corp.

(a)(b)

1,678

29,298

Playtika

Holding

Corp.

44,597

350,978

Popular,

Inc.

2,472

218,599

PPG

Industries,

Inc.

(a)

5,375

676,659

Progressive

Corp.

(The)

(a)

696

144,566

Prologis,

Inc.,

REIT

(a)

1,198

134,547

Prosperity

Bancshares,

Inc.

(a)(b)

2,619

160,126

Prudential

Financial,

Inc.

(a)(b)

460

53,907

Public

Storage,

REIT

(a)(b)

1,536

441,830

Pure

Storage,

Inc.,

Class

A

*(a)(b)

3,224

207,013

QUALCOMM,

Inc.

3,322

661,676

Ralph

Lauren

Corp.,

Class

A

(a)(b)

8,493

1,486,785

Rambus,

Inc.

*

6,939

407,736

Reinsurance

Group

of

America,

Inc.

799

164,011

RenaissanceRe

Holdings

Ltd.

407

90,969

ResMed,

Inc.

(a)(b)

753

144,139

Rivian

Automotive,

Inc.,

Class

A

*(a)(b)

20,390

273,634

Robert

Half,

Inc.

(a)

3,369

215,549

Robinhood

Markets,

Inc.,

Class

A

*

16,360

371,536

ROBLOX

Corp.,

Class

A

*(a)(b)

1,071

39,852

Roche

Holding

AG

(2)(a)

643

178,149

Roku,

Inc.,

Class

A

*(a)(b)

4,055

243,016

Ross

Stores,

Inc.

(a)(b)

7,159

1,040,346

Royal

Gold,

Inc.

1,794

224,537

RTX

Corp.

175

17,568

Salesforce,

Inc.

(a)(b)

4,457

1,145,895

190

AQR

Funds

|

Semi-Annual

Report

|

June

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

MULTI-ASSET

FUND

Consolidated

Schedule

of

Investments

June

30,

2024

(Unaudited)

(Continued)

INVESTMENTS

SHARES

VALUE

($)

United

States

-

39.0%

(continued)

Scotts

Miracle-Gro

Co.

(The)

8,356

543,641

Sensata

Technologies

Holding

plc

1,502

56,160

ServiceNow,

Inc.

*

518

407,495

Shell

plc

(2)

38,486

1,380,416

Signify

NV

(2)(c)

16,324

405,415

Sirius

XM

Holdings,

Inc.

9,421

26,661

Skechers

USA,

Inc.,

Class

A

*(a)

7,878

544,527

Skyworks

Solutions,

Inc.

(a)(b)

2,862

305,032

SLM

Corp.

8,945

185,967

Smartsheet,

Inc.,

Class

A

*

12,116

534,073

Snap,

Inc.,

Class

A

*

24,902

413,622

Snowflake,

Inc.,

Class

A

*(a)(b)

8,351

1,128,137

Sotera

Health

Co.

*(a)(b)

8,559

101,595

SS&C

Technologies

Holdings,

Inc.

(a)

1,732

108,544

State

Street

Corp.

2,835

209,790

Stellantis

NV

(2)

25,602

506,118

Super

Micro

Computer,

Inc.

*(a)(b)

360

294,966

Swiss

Re

AG

(2)

7,803

967,392

Synchrony

Financial

9,665

456,091

Tapestry,

Inc.

(a)(b)

12,015

514,122

Target

Corp.

8,162

1,208,302

Taylor

Morrison

Home

Corp.,

Class

A

*

971

53,832

TD

SYNNEX

Corp.

3,284

378,974

TE

Connectivity

Ltd.

436

65,587

Tenet

Healthcare

Corp.

*

1,703

226,550

Teradata

Corp.

*(a)(b)

9,005

311,213

Terex

Corp.

10,296

564,633

Tesla,

Inc.

*(a)(b)

4,997

988,806

Texas

Capital

Bancshares,

Inc.

*(a)(b)

4,895

299,280

Texas

Roadhouse,

Inc.,

Class

A

7,114

1,221,545

Textron,

Inc.

3,706

318,197

Thermo

Fisher

Scientific,

Inc.

(a)

63

34,839

Toast,

Inc.,

Class

A

*(a)(b)

4,335

111,713

Toll

Brothers,

Inc.

7,475

860,971

Trade

Desk,

Inc.

(The),

Class

A

*

2,399

234,310

Trimble,

Inc.

*(a)(b)

7,616

425,887

TripAdvisor,

Inc.

*

8,481

151,047

Twilio,

Inc.,

Class

A

*

6,412

364,266

Uber

Technologies,

Inc.

*(a)

10,863

789,523

Ulta

Beauty,

Inc.

*

180

69,457

United

Parcel

Service,

Inc.,

Class

B

(a)

2,071

283,416

United

Therapeutics

Corp.

*

1,075

342,441

Unum

Group

7,822

399,782

US

Bancorp

(a)(b)

3,205

127,239

Vail

Resorts,

Inc.

(a)(b)

246

44,312

Valaris

Ltd.

*

2,517

187,517

Valero

Energy

Corp.

(a)(b)

6,994

1,096,379

Valley

National

Bancorp

(a)(b)

105,434

735,929

Veeva

Systems,

Inc.,

Class

A

*

483

88,394

VeriSign,

Inc.

*

1,138

202,336

Verizon

Communications,

Inc.

(a)

14,819

611,136

Vertex

Pharmaceuticals,

Inc.

*(a)

(b)

1,204

564,339

Vertiv

Holdings

Co.,

Class

A

8,810

762,682

Vestis

Corp.

12,291

150,319

Victoria's

Secret

&

Co.

*(a)(b)

8,457

149,435

INVESTMENTS

SHARES

VALUE

($)

United

States

-

39.0%

(continued)

Virtu

Financial,

Inc.,

Class

A

14,117

316,927

Walmart,

Inc.

(a)

15,018

1,016,869

Walt

Disney

Co.

(The)

6,885

683,612

Wells

Fargo

&

Co.

(a)(b)

869

51,610

Wendy's

Co.

(The)

45,014

763,437

WESCO

International,

Inc.

2,415

382,826

Western

Union

Co.

(The)

(a)(b)

63,136

771,522

Westinghouse

Air

Brake

Technologies

Corp.

(a)(b)

112

17,702

Whirlpool

Corp.

(a)(b)

1,937

197,961

Willis

Towers

Watson

plc

874

229,110

Wingstop,

Inc.

2,501

1,057,073

Woodward,

Inc.

1,772

309,001

Workday,

Inc.,

Class

A

*

1,899

424,540

Wynn

Resorts

Ltd.

(a)(b)

10,915

976,893

Zions

Bancorp

NA

2,048

88,822

Zoom

Video

Communications,

Inc.,

Class

A

*(a)(b)

9,524

563,726

Zscaler,

Inc.

*(a)(b)

981

188,538

172,232,926

Zambia

-

0.1%

First

Quantum

Minerals

Ltd.

19,615

257,653

TOTAL

COMMON

STOCKS

(Cost

$194,678,690)

235,894,354

PREFERRED

STOCKS

-

0.1%

Germany

-

0.1%

Volkswagen

AG

(Preference)

(2)

(Cost

$444,149)

3,445

388,988

PRINCIPAL

AMOUNT

FOREIGN

GOVERNMENT

SECURITIES

-

8.6%

Federal

Republic

of

Germany

0.50%,

4/15/2030

(2)(d)(e)

EUR

2,912,697

3,113,988

French

Republic

0.10%,

3/1/2029

(2)(d)(e)

7,961,184

8,164,832

0.10%,

7/25/2031

(2)(d)(e)

4,665,492

4,706,212

0.10%,

3/1/2032

(2)(d)(e)

2,286,680

2,271,912

0.10%,

3/1/2036

(2)(d)(e)

3,534,155

3,346,801

United

Kingdom

Gilt

Inflation

Linked

0.13%,

3/22/2029

(2)(d)(e)

GBP

3,243,200

4,039,422

0.13%,

8/10/2031

(2)(d)(e)

1,966,935

2,445,501

1.25%,

11/22/2032

(2)(d)(e)

3,191,598

4,288,995

0.75%,

11/22/2033

(2)(d)(e)

1,447,992

1,855,319

0.75%,

3/22/2034

(2)(d)(e)

2,984,130

3,804,303

Cost:

$38,759,855

$–

TOTAL

FOREIGN

GOVERNMENT

SECURITIES

(Cost

$38,759,855)

38,037,285

U.S.

TREASURY

OBLIGATIONS

-

11.0%

U.S.

Treasury

Inflation

Linked

Notes

1.63%,

10/15/2027

(2)(e)

$

3,069,563

3,019,471

0.50%,

1/15/2028

(2)(e)

1,016,920

958,206

1.25%,

4/15/2028

(2)(e)

3,136,020

3,028,746

0.75%,

7/15/2028

(2)(e)

874,377

830,866

2.38%,

10/15/2028

(2)(e)

3,480,512

3,525,915

2.13%,

4/15/2029

(2)(e)

1,419,194

1,420,831

0.25%,

7/15/2029

(2)(e)

735,468

675,326

Consolidated

Schedule

of

Investments

June

30,

2024

(Unaudited)

AQR

MULTI-ASSET

FUND

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

Funds

|

Semi-Annual

Report

|

June

2024

191

(Continued)

INVESTMENTS

PRINCIPAL

AMOUNT

VALUE

($)

U.S.

TREASURY

OBLIGATIONS

-

11.0%

(continued)

0.13%,

1/15/2030

(2)(e)

$

731,214

658,076

0.13%,

7/15/2030

(2)(e)

4,891,720

4,376,747

0.13%,

1/15/2031

(2)(e)

4,938,409

4,358,901

0.13%,

7/15/2031

(2)(e)

5,264,370

4,622,573

0.13%,

1/15/2032

(2)(e)

5,655,550

4,895,992

0.63%,

7/15/2032

(2)(e)

5,072,052

4,547,720

1.13%,

1/15/2033

(2)(e)

4,210,440

3,895,361

1.38%,

7/15/2033

(2)(e)

4,749,040

4,484,146

1.75%,

1/15/2034

(2)(e)

3,264,096

3,166,959

Cost:

$49,430,486

$–

TOTAL

U.S.

TREASURY

OBLIGATIONS

(Cost

$49,430,486)

48,465,836

SHARES

SHORT-TERM

INVESTMENTS

-

33.5%

INVESTMENT

COMPANIES

-

19.5%

Goldman

Sachs

Financial

Square

Funds

-

Treasury

Instruments

Fund,

Institutional

Shares,

5.19%

(f)(g)

8,285,772

8,285,772

Limited

Purpose

Cash

Investment

Fund,

5.33%

(f)

78,274,605

78,243,296

TOTAL

INVESTMENT

COMPANIES

(Cost

$86,521,150)

86,529,068

—

—

PRINCIPAL

AMOUNT

U.S.

TREASURY

OBLIGATIONS

-

14.0%

U.S.

Treasury

Bills

5.11%,

7/18/2024

(2)(h)

$

8,032,000

8,012,049

5.15%,

7/25/2024

(2)(h)

6,791,000

6,767,299

5.18%,

8/8/2024

(2)(h)

673,000

669,276

5.27%,

8/29/2024

(2)(h)

3,481,000

3,451,020

5.23%,

9/12/2024

(2)(h)

2,764,000

2,734,643

5.27%,

9/19/2024

(2)(h)

12,411,000

12,267,206

5.26%,

10/3/2024

(2)(h)

1,738,000

1,714,515

5.30%,

10/31/2024

(2)(h)

5,518,000

5,421,228

5.29%,

11/7/2024

(2)(h)(i)

11,990,000

11,767,875

5.28%,

12/12/2024

(2)(h)

776,000

757,894

5.29%,

12/19/2024

(2)(h)(i)

5,371,000

5,240,492

5.28%,

12/26/2024

(2)(h)

3,160,000

3,080,081

TOTAL

U.S.

TREASURY

OBLIGATIONS

(Cost

$61,889,254)

61,883,578

—

TOTAL

SHORT-TERM

INVESTMENTS

(Cost

$148,410,404)

148,412,646

TOTAL

LONG

POSITIONS

(Cost

$431,723,584)

471,199,109

SHARES

SHORT

POSITIONS

-

(12.4)%

COMMON

STOCKS

-

(12.2)%

Australia

-

(0.4)%

ALS

Ltd.

(2)

(6,357)

(59,206)

Cleanaway

Waste

Management

Ltd.

(2)

(31,411)

(57,968)

Domino's

Pizza

Enterprises

Ltd.

(2)

(6,033)

(143,950)

Liontown

Resources

Ltd.

(2)

(276,387)

(165,942)

Lynas

Rare

Earths

Ltd.

(2)

(109,922)

(433,041)

Mineral

Resources

Ltd.

(2)

(4,625)

(165,462)

INVESTMENTS

SHARES

VALUE

($)

Australia

-

(0.4)%

(continued)

New

Hope

Corp.

Ltd.

(2)

(11,951)

(38,708)

NEXTDC

Ltd.

(2)

(14,552)

(169,894)

Pilbara

Minerals

Ltd.

(2)

(163,513)

(332,715)

Treasury

Wine

Estates

Ltd.

(2)

(6,759)

(55,926)

(1,622,812)

Belgium

-

(0.0)%

†

Liberty

Global

Ltd.,

Class

C

(3,812)

(68,044)

Lotus

Bakeries

NV

(8)

(82,506)

UCB

SA

(2)

(329)

(48,852)

(199,402)

Brazil

-

(0.2)%

MercadoLibre,

Inc.

(489)

(803,623)

Burkina

Faso

-

(0.1)%

Endeavour

Mining

plc

(2)

(16,310)

(347,093)

Canada

-

(0.3)%

Cameco

Corp.

(361)

(17,762)

Element

Fleet

Management

Corp.

(1,441)

(26,217)

RB

Global,

Inc.

(4,994)

(380,888)

Restaurant

Brands

International,

Inc.

(9,467)

(667,094)

Teck

Resources

Ltd.,

Class

B

(954)

(45,718)

(1,137,679)

Chile

-

(0.3)%

Antofagasta

plc

(2)

(5,539)

(147,205)

Lundin

Mining

Corp.

(87,204)

(970,810)

(1,118,015)

Denmark

-

(0.2)%

Coloplast

A/S,

Class

B

(2)

(2,830)

(340,203)

DSV

A/S

(2)

(1,677)

(257,416)

Orsted

A/S

(2)(c)

(8,784)

(466,620)

(1,064,239)

France

-

(0.0)%

†

Edenred

SE

(2)

(601)

(25,490)

Sartorius

Stedim

Biotech

(2)

(1,034)

(170,880)

(196,370)

Germany

-

(0.1)%

Siemens

Healthineers

AG

(2)(c)

(3,517)

(202,541)

Wacker

Chemie

AG

(2)

(236)

(25,711)

(228,252)

Italy

-

(0.2)%

Davide

Campari-Milano

NV

(2)

(4,850)

(45,919)

Ferrari

NV

(2)

(410)

(167,318)

Infrastrutture

Wireless

Italiane

SpA

(2)(c)

(28,491)

(296,752)

Moncler

SpA

(2)

(3,520)

(215,931)

Reply

SpA

(2)

(644)

(94,957)

Telecom

Italia

SpA

(2)

(159,768)

(38,213)

(859,090)

192

AQR

Funds

|

Semi-Annual

Report

|

June

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

MULTI-ASSET

FUND

Consolidated

Schedule

of

Investments

June

30,

2024

(Unaudited)

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Japan

-

(1.2)%

Advantest

Corp.

(2)

(33,300)

(1,349,513)

Aeon

Co.

Ltd.

(2)

(900)

(19,263)

Ajinomoto

Co.,

Inc.

(2)

(8,400)

(295,640)

Allegro

MicroSystems,

Inc.

(6,404)

(180,849)

Asahi

Intecc

Co.

Ltd.

(2)

(12,700)

(178,295)

BayCurrent

Consulting,

Inc.

(2)

(3,500)

(70,856)

Chugai

Pharmaceutical

Co.

Ltd.

(2)

(700)

(24,926)

Eisai

Co.

Ltd.

(2)

(4,900)

(201,702)

Ibiden

Co.

Ltd.

(2)

(1,800)

(73,678)

Japan

Airport

Terminal

Co.

Ltd.

(2)

(600)

(20,514)

Keyence

Corp.

(2)

(200)

(87,536)

Nexon

Co.

Ltd.

(2)

(19,900)

(370,225)

Nissan

Chemical

Corp.

(2)

(800)

(25,428)

Nitori

Holdings

Co.

Ltd.

(2)

(1,500)

(158,801)

Nomura

Research

Institute

Ltd.

(2)

(17,300)

(488,963)

NTT

Data

Group

Corp.

(2)

(6,300)

(93,070)

Omron

Corp.

(2)

(5,000)

(173,141)

Rakuten

Group,

Inc.

(2)

(121,000)

(626,832)

Suzuki

Motor

Corp.

(2)

(23,300)

(268,990)

Sysmex

Corp.

(2)

(18,800)

(303,469)

Terumo

Corp.

(2)

(13,300)

(220,583)

Yaskawa

Electric

Corp.

(2)

(1,100)

(39,665)

ZOZO,

Inc.

(2)

(16,800)

(420,027)

(5,691,966)

Netherlands

-

(0.0)%

†

Adyen

NV

(2)(c)

(63)

(74,823)

IMCD

NV

(2)

(218)

(30,051)

(104,874)

Norway

-

(0.0)%

†

Salmar

ASA

(2)

(416)

(21,817)

Schibsted

ASA,

Class

A

(616)

(18,185)

(40,002)

South

Africa

-

(0.0)%

†

Anglo

American

plc

(2)

(573)

(18,107)

Spain

-

(0.1)%

Acciona

SA

(2)

(231)

(27,338)

Cellnex

Telecom

SA

(2)(c)

(5,101)

(165,907)

Grifols

SA

(2)

(3,868)

(32,712)

(225,957)

Sweden

-

(0.1)%

Beijer

Ref

AB,

Class

B

(2)

(4,536)

(70,012)

Epiroc

AB,

Class

A

(2)

(3,453)

(69,189)

EQT

AB

(2)

(1,908)

(55,938)

Lifco

AB,

Class

B

(2)

(5,995)

(164,546)

Swedish

Orphan

Biovitrum

AB

(4,535)

(121,344)

(481,029)

Switzerland

-

(0.2)%

Bachem

Holding

AG,

Class

B

(2)

(242)

(22,113)

Barry

Callebaut

AG

(Registered)

(2)

(137)

(223,340)

SIG

Group

AG

(2)

(6,839)

(125,672)

Sika

AG

(Registered)

(2)

(485)

(138,448)

INVESTMENTS

SHARES

VALUE

($)

Switzerland

-

(0.2)%

(continued)

Straumann

Holding

AG

(Registered)

(2)

(1,622)

(200,217)

(709,790)

United

Kingdom

-

(0.1)%

Flutter

Entertainment

plc

(2)

(1,279)

(232,648)

JD

Sports

Fashion

plc

(2)

(18,287)

(27,460)

Rentokil

Initial

plc

(2)

(7,697)

(44,701)

(304,809)

United

States

-

(8.7)%

AAON,

Inc.

(6,384)

(556,940)

Advance

Auto

Parts,

Inc.

(8,654)

(548,058)

Affirm

Holdings,

Inc.,

Class

A

(25,306)

(764,494)

Albemarle

Corp.

(3,536)

(337,759)

AppLovin

Corp.,

Class

A

(1,878)

(156,287)

Arcadium

Lithium

plc

(54,091)

(181,746)

Arrowhead

Pharmaceuticals,

Inc.

(17,424)

(452,850)

Aspen

Technology,

Inc.

(1,384)

(274,904)

Atlassian

Corp.,

Class

A

(2,624)

(464,133)

Avis

Budget

Group,

Inc.

(385)

(40,240)

Axon

Enterprise,

Inc.

(804)

(236,569)

Azenta,

Inc.

(5,061)

(266,310)

Bath

&

Body

Works,

Inc.

(4,832)

(188,690)

Belden,

Inc.

(1,565)

(146,797)

Bentley

Systems,

Inc.,

Class

B

(1,902)

(93,883)

BILL

Holdings,

Inc.

(4,276)

(225,003)

Biogen,

Inc.

(587)

(136,078)

Bio-Techne

Corp.

(2,772)

(198,614)

BJ's

Wholesale

Club

Holdings,

Inc.

(2,193)

(192,633)

Blue

Owl

Capital,

Inc.,

Class

A

(7,104)

(126,096)

Bright

Horizons

Family

Solutions,

Inc.

(2,892)

(318,351)

BRP,

Inc.

(7,821)

(501,086)

Brunswick

Corp.

(7,754)

(564,259)

Carnival

Corp.

(31,129)

(582,735)

Celanese

Corp.,

Class

A

(1,207)

(162,812)

Certara,

Inc.

(15,986)

(221,406)

Chart

Industries,

Inc.

(2,003)

(289,113)

Choice

Hotels

International,

Inc.

(6,443)

(766,717)

Churchill

Downs,

Inc.

(1,903)

(265,659)

Clarivate

plc

(59,683)

(339,596)

Columbia

Sportswear

Co.

(1,116)

(88,253)

Confluent,

Inc.,

Class

A

(1,720)

(50,792)

Coty,

Inc.,

Class

A

(15,987)

(160,190)

Crocs,

Inc.

(930)

(135,724)

Dayforce,

Inc.

(3,120)

(154,752)

Dexcom,

Inc.

(164)

(18,594)

Dollar

Tree,

Inc.

(956)

(102,072)

DoubleVerify

Holdings,

Inc.

(6,944)

(135,200)

Dropbox,

Inc.,

Class

A

(9,378)

(210,724)

Elanco

Animal

Health,

Inc.

(10,811)

(156,003)

Elastic

NV

(511)

(58,208)

elf

Beauty,

Inc.

(224)

(47,201)

EQT

Corp.

(10,059)

(371,982)

Extra

Space

Storage,

Inc.,

REIT

(3,005)

(467,007)

Fifth

Third

Bancorp

(7,374)

(269,077)

First

Financial

Bankshares,

Inc.

(15,132)

(446,848)

First

Solar,

Inc.

(174)

(39,230)

Five9,

Inc.

(4,817)

(212,430)

Consolidated

Schedule

of

Investments

June

30,

2024

(Unaudited)

AQR

MULTI-ASSET

FUND

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

Funds

|

Semi-Annual

Report

|

June

2024

193

(Continued)

INVESTMENTS

SHARES

VALUE

($)

United

States

-

(8.7)%

(continued)

Floor

&

Decor

Holdings,

Inc.,

Class

A

(1,132)

(112,532)

Frontier

Communications

Parent,

Inc.

(9,414)

(246,459)

FTI

Consulting,

Inc.

(1,572)

(338,813)

Gap,

Inc.

(The)

(1,355)

(32,371)

GCI

Liberty,

Inc.

Escrow,

Class

A

(3)

(114)

–

Glacier

Bancorp,

Inc.

(2,485)

(92,740)

Globant

SA

(164)

(29,235)

Globus

Medical,

Inc.,

Class

A

(7,559)

(517,716)

Harley-Davidson,

Inc.

(4,841)

(162,367)

Hayward

Holdings,

Inc.

(13,193)

(162,274)

HEICO

Corp.

(80)

(17,889)

Helen

of

Troy

Ltd.

(1,320)

(122,417)

Hilton

Grand

Vacations,

Inc.

(11,077)

(447,843)

Howard

Hughes

Holdings,

Inc.

(701)

(45,439)

Hyatt

Hotels

Corp.,

Class

A

(848)

(128,828)

IAC,

Inc.

(6,768)

(317,081)

ICU

Medical,

Inc.

(629)

(74,694)

Ionis

Pharmaceuticals,

Inc.

(20,891)

(995,665)

Kinsale

Capital

Group,

Inc.

(656)

(252,744)

Lamb

Weston

Holdings,

Inc.

(755)

(63,480)

Lancaster

Colony

Corp.

(375)

(70,864)

Lattice

Semiconductor

Corp.

(4,780)

(277,192)

Liberty

Broadband

Corp.,

Class

C

(2,209)

(121,097)

Lithia

Motors,

Inc.,

Class

A

(256)

(64,627)

Live

Nation

Entertainment,

Inc.

(698)

(65,431)

Lowe's

Cos.,

Inc.

(2,030)

(447,534)

Lumentum

Holdings,

Inc.

(10,380)

(528,550)

Lyft,

Inc.,

Class

A

(2,431)

(34,277)

MACOM

Technology

Solutions

Holdings,

Inc.

(5,355)

(596,922)

Macy's,

Inc.

(17,871)

(343,123)

Maravai

LifeSciences

Holdings,

Inc.,

Class

A

(14,581)

(104,400)

Masimo

Corp.

(2,252)

(283,617)

Mercury

Systems,

Inc.

(6,290)

(169,767)

MGM

Resorts

International

(28,225)

(1,254,318)

Moderna,

Inc.

(1,199)

(142,381)

MongoDB,

Inc.,

Class

A

(1,517)

(379,189)

MP

Materials

Corp.

(45,733)

(582,181)

nCino,

Inc.

(4,987)

(156,841)

Neogen

Corp.

(36,408)

(569,057)

New

Fortress

Energy,

Inc.

(34,357)

(755,167)

New

York

Community

Bancorp,

Inc.

(198,040)

(637,689)

Newmont

Corp.

(1,755)

(73,482)

NIKE,

Inc.,

Class

B

(7,539)

(568,214)

Norwegian

Cruise

Line

Holdings

Ltd.

(17,980)

(337,844)

Novanta,

Inc.

(687)

(112,057)

Okta,

Inc.,

Class

A

(2,265)

(212,027)

Option

Care

Health,

Inc.

(10,192)

(282,318)

Ormat

Technologies,

Inc.

(2,213)

(158,672)

Paycor

HCM,

Inc.

(4,782)

(60,731)

Paylocity

Holding

Corp.

(1,873)

(246,955)

Peloton

Interactive,

Inc.,

Class

A

(52,294)

(176,754)

Penn

Entertainment,

Inc.

(14,696)

(284,441)

Permian

Resources

Corp.,

Class

A

(17,276)

(279,007)

INVESTMENTS

SHARES

VALUE

($)

United

States

-

(8.7)%

(continued)

Pinterest,

Inc.,

Class

A

(1,941)

(85,540)

Planet

Fitness,

Inc.,

Class

A

(16,600)

(1,221,594)

Plug

Power,

Inc.

(75,821)

(176,663)

Power

Integrations,

Inc.

(255)

(17,898)

Progyny,

Inc.

(738)

(21,114)

QuantumScape

Corp.

(138,092)

(679,413)

R1

RCM,

Inc.

(9,031)

(113,429)

Range

Resources

Corp.

(1,140)

(38,224)

Regions

Financial

Corp.

(26,724)

(535,549)

Repligen

Corp.

(2,325)

(293,090)

Revvity,

Inc.

(976)

(102,343)

RH

(4,294)

(1,049,625)

Roivant

Sciences

Ltd.

(27,847)

(294,343)

Saia,

Inc.

(856)

(405,992)

Shift4

Payments,

Inc.,

Class

A

(4,851)

(355,821)

Silicon

Laboratories,

Inc.

(1,456)

(161,077)

Simpson

Manufacturing

Co.,

Inc.

(780)

(131,453)

SiteOne

Landscape

Supply,

Inc.

(264)

(32,052)

SoFi

Technologies,

Inc.

(6,504)

(42,991)

Southwest

Gas

Holdings,

Inc.

(860)

(60,527)

Spirit

AeroSystems

Holdings,

Inc.,

Class

A

(11,028)

(362,490)

Sprouts

Farmers

Market,

Inc.

(1,075)

(89,935)

Starbucks

Corp.

(3,814)

(296,920)

Sunrun,

Inc.

(14,453)

(171,413)

Take-Two

Interactive

Software,

Inc.

(3,604)

(560,386)

Tandem

Diabetes

Care,

Inc.

(1,753)

(70,628)

Tempur

Sealy

International,

Inc.

(5,385)

(254,926)

Toro

Co.

(The)

(4,213)

(393,958)

Trex

Co.,

Inc.

(1,951)

(144,608)

Tyler

Technologies,

Inc.

(236)

(118,656)

Unity

Software,

Inc.

(12,752)

(207,348)

Valvoline,

Inc.

(1,217)

(52,574)

Viasat,

Inc.

(7,731)

(98,184)

Vornado

Realty

Trust,

REIT

(15,479)

(406,943)

Waters

Corp.

(631)

(183,066)

West

Pharmaceutical

Services,

Inc.

(718)

(236,502)

Williams-Sonoma,

Inc.

(3,786)

(1,069,053)

Wolfspeed,

Inc.

(19,989)

(454,950)

YETI

Holdings,

Inc.

(13,718)

(523,342)

ZoomInfo

Technologies,

Inc.,

Class

A

(1,779)

(22,718)

(38,798,756)

TOTAL

COMMON

STOCKS

(Proceeds

$(57,128,757))

(53,951,865)

PREFERRED

STOCKS

-

(0.2)%

Germany

-

(0.2)%

Dr

Ing

hc

F

Porsche

AG

(Preference)

(2)(c)

(8,460)

(629,369)

Sartorius

AG

(Preference)

(2)

(652)

(152,624)

TOTAL

PREFERRED

STOCKS

(Proceeds

$(1,043,171))

(781,993)

194

AQR

Funds

|

Semi-Annual

Report

|

June

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

MULTI-ASSET

FUND

Consolidated

Schedule

of

Investments

June

30,

2024

(Unaudited)

(Continued)

INVESTMENTS

NO.

OF

WARRANTS

VALUE

($)

WARRANTS

-

0.0%

Canada

-

0.0%

Constellation

Software,

Inc.,

expiring

3/31/2040

(3)

(Proceeds

$–)

(97)

–

TOTAL

SHORT

POSITIONS

(Proceeds

$(58,171,928))

(54,733,858)

TOTAL

INVESTMENTS

IN

SECURITIES

AT

VALUE

-

94.1%

(Cost

$373,551,656)

416,465,251

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

-

5.9%

‡

25,984,169

NET

ASSETS

-

100.0%

442,449,420

SECTOR

VALUE

%

OF

NET

ASSETS

Communication

Services

$

14,039,094

3.2

%

Consumer

Discretionary

24,600,352

5.6

Consumer

Staples

6,269,185

1.4

Energy

13,215,555

3.0

Financials

38,025,987

8.6

Foreign

Government

Securities

38,037,285

8.6

Health

Care

9,748,454

2.2

Industrials

21,170,991

4.8

Information

Technology

45,062,136

10.2

Materials

8,191,157

1.8

Real

Estate

252,641

0.0

†

Utilities

973,932

0.2

Investment

Companies

86,529,068

19.5

U.S.

Treasury

Obligations

110,349,414

25.0

Total

Investments

In

Securities

At

Value

416,465,251

94.1

Other

Assets

in

Excess

of

Liabilities

‡

25,984,169

5.9

Net

Assets

$

442,449,420

100.0%

*

Non-income

producing

security.

†

Represents

less

than

0.05%

of

net

assets.

‡

Includes

appreciation/(depreciation)

on

forward

foreign

currency

exchange,

futures

and

swap

contracts.

(a)

All

or

a

portion

of

this

security

is

segregated

in

connection

with

obligations

for

securities

sold

short.

Total

value

of

all

such

securities

at

June

30,

2024

amounted

to

$59,558,553,

which

is

inclusive

of

rehypothecated

amounts disclosed

below.

(b)

All

or

a

portion

of

this

security

has

been

rehypothecated

in

connection

with

the

Fund's

Master

Securities

Loan

Agreement

with

State

Street

Bank

and

Trust

Company.

Total

value

of

all

such

securities

at

June

30,

2024

amounted

to

$41,526,561.

(c)

Securities

exempt

from

registration

under

Rule

144A

or

section

4(2),

of

the

Securities

Act

of

1933.

Under

procedures

approved

by

the

Board

of

Trustees,

such

securities

have

been

determined

to

be

liquid

by

the

investment

adviser

and

may

be

resold,

normally

to

qualified

institutional

buyers

in

transactions

exempt

from

registration.

Total

value

of

all

such

securities

at

June

30,

2024

amounted

to

$243,906,

which

represents

0.06%

of

net

assets

of

the

Fund.

(d)

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,

2024

amounted

to

$38,037,285,

which

represents

8.60%

of

net

assets

of

the

Fund.

(e)

Inflation

protected

security.

(f)

Represents

7-day

effective

yield

as

of

June

30,

2024.

(g)

All

or

a

portion

of

the

security

pledged

as

collateral

for

forward

foreign

currency

exchange

and

swap

contracts.

(h)

The

rate

shown

was

the

effective

yield

at

the

date

of

purchase.

(i)

All

or

a

portion

of

the

security

pledged

as

collateral

for

swap

contracts.

All

securities

are

Level

1

with

respect

to

ASC

820,

unless

otherwise

noted

in

parentheses.

(2)

Level

2

security

(See

Note

5).

(3)

Security

fair

valued

using

significant

unobservable

inputs

(Level

3)

in

accordance

with

procedures

approved

by

the

Board

of

Trustees

(See

Note

5).

Total

return

swap

contracts

outstanding

as

of

June

30,

2024

:

Over-the-Counter

REFERENCE

ENTITY

PAYMENTS

MADE

BY

FUND

PAYMENTS

RECEIVED

BY

FUND

PAYMENT

FREQUENCY

COUNTERPARTY

MATURITY

DATE

NOTIONAL

AMOUNT

VALUE

AND

UNREALIZED

APPRECIATION

(DEPRECIATION)

Amsterdam

Exchange

Index

July

Futures

Increases

in

total

return

of

reference

entity

Decreases

in

total

return

of

reference

entity

At

termination

MSCS

07/19/2024

EUR

(2,222,928)

$

10,602

Consolidated

Schedule

of

Investments

June

30,

2024

(Unaudited)

AQR

MULTI-ASSET

FUND

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

Funds

|

Semi-Annual

Report

|

June

2024

195

(Continued)

REFERENCE

ENTITY

PAYMENTS

MADE

BY

FUND

PAYMENTS

RECEIVED

BY

FUND

PAYMENT

FREQUENCY

COUNTERPARTY

MATURITY

DATE

NOTIONAL

AMOUNT

VALUE

AND

UNREALIZED

APPRECIATION

(DEPRECIATION)

MSCI

Canada

Net

Return

Index

Increases

in

total

return

of

reference

entity

Decreases

in

total

return

of

reference

entity

and

receives

the

CORRA

plus

or

minus

a

specified

spread

(-0.40%)

Monthly

MSCS

09/18/2024

CAD

(7,290,304)

$

20,280

MSCI

France

Net

Return

Index

Increases

in

total

return

of

reference

entity

Decreases

in

total

return

of

reference

entity

and

receives

the

ESTR

plus

or

minus

a

specified

spread

(0.21%)

Monthly

BANA

09/18/2024

EUR

(2,600,888)

–

MSCI

Germany

Net

Return

Index

Increases

in

total

return

of

reference

entity

Decreases

in

total

return

of

reference

entity

and

receives

the

ESTR

plus

or

minus

a

specified

spread

(0.30%)

Monthly

BANA

09/18/2024

EUR

(13,200,516)

247,087

Total

unrealized

appreciation

277,969

Swiss

Market

Index

September

Futures

Decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

MLIN

09/20/2024

CHF

10,580,240

(52,974)

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

BANA

09/18/2024

EUR

3,074,626

(82,970)

MSCI

Sweden

Net

Return

Index

Decreases

in

total

return

of

reference

entity

and

pays

the

STIBOR

plus

or

minus

a

specified

spread

(0.38%)

Increases

in

total

return

of

reference

entity

Monthly

BANA

09/18/2024

SEK

9,550,229

(20,024)

MSCI

Switzerland

Net

Return

Index

Decreases

in

total

return

of

reference

entity

and

pays

the

SARON

plus

or

minus

a

specified

spread

(0.45%)

Increases

in

total

return

of

reference

entity

Monthly

BANA

09/18/2024

CHF

3,371,234

(57,817)

Total

unrealized

depreciation

(213,785)

Net

unrealized

appreciation

$

64,184

196

AQR

Funds

|

Semi-Annual

Report

|

June

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

MULTI-ASSET

FUND

Consolidated

Schedule

of

Investments

June

30,

2024

(Unaudited)

(Continued)

Futures

contracts

outstanding

as

of

June

30,

2024:

Exchange-Traded

DESCRIPTION

NUMBER

OF

CONTRACTS

EXPIRATION

DATE

TRADING

CURRENCY

NOTIONAL

AMOUNT

VALUE

AND

UNREALIZED

APPRECIATION

(DEPRECIATION)

Long

Contracts

Brent

Crude

Oil

23

7/2024

USD

$

1,955,000

$

48,983

Hang

Seng

Index

46

7/2024

HKD

5,192,565

(78,349)

IBEX

35

Index

152

7/2024

EUR

17,704,431

(199,878)

LME

Aluminum

Base

Metal

1

7/2024

USD

62,258

1,182

LME

Aluminum

Base

Metal

2

7/2024

USD

124,757

(4,874)

LME

Aluminum

Base

Metal

2

7/2024

USD

124,391

5,823

LME

Aluminum

Base

Metal

3

7/2024

USD

187,483

(5,518)

LME

Aluminum

Base

Metal

3

7/2024

USD

186,944

(13,122)

LME

Aluminum

Base

Metal

3

7/2024

USD

186,995

(7,401)

LME

Aluminum

Base

Metal

4

7/2024

USD

249,052

(16,783)

LME

Aluminum

Base

Metal

4

7/2024

USD

249,055

(5,402)

LME

Aluminum

Base

Metal

4

7/2024

USD

249,052

(7,696)

LME

Aluminum

Base

Metal

5

7/2024

USD

312,355

(8,794)

LME

Aluminum

Base

Metal

7

7/2024

USD

436,485

(18,623)

LME

Aluminum

Base

Metal

8

7/2024

USD

498,104

(22,077)

LME

Copper

Base

Metal

1

7/2024

USD

236,400

11,116

LME

Copper

Base

Metal

1

7/2024

USD

236,457

11,329

LME

Copper

Base

Metal

1

7/2024

USD

237,744

(13,147)

LME

Copper

Base

Metal

1

7/2024

USD

237,793

(13,683)

LME

Copper

Base

Metal

1

7/2024

USD

237,193

350

LME

Copper

Base

Metal

1

7/2024

USD

237,249

(8,479)

LME

Copper

Base

Metal

1

7/2024

USD

236,582

3,640

LME

Copper

Base

Metal

2

7/2024

USD

474,423

(10,582)

LME

Copper

Base

Metal

2

7/2024

USD

473,664

1,439

LME

Copper

Base

Metal

2

7/2024

USD

475,094

(20,979)

LME

Copper

Base

Metal

14

7/2024

USD

3,324,962

(103,772)

LME

Lead

Base

Metal

1

7/2024

USD

54,419

3,287

LME

Lead

Base

Metal

1

7/2024

USD

54,939

(533)

LME

Lead

Base

Metal

1

7/2024

USD

54,616

399

LME

Lead

Base

Metal

2

7/2024

USD

109,457

1,658

LME

Lead

Base

Metal

2

7/2024

USD

109,618

1,908

LME

Lead

Base

Metal

3

7/2024

USD

164,118

722

LME

Lead

Base

Metal

4

7/2024

USD

219,172

167

LME

Lead

Base

Metal

4

7/2024

USD

217,929

5,412

LME

Lead

Base

Metal

5

7/2024

USD

273,643

514

LME

Nickel

Base

Metal

1

7/2024

USD

102,397

(4,664)

LME

Nickel

Base

Metal

1

7/2024

USD

102,559

(12,794)

LME

Nickel

Base

Metal

1

7/2024

USD

102,325

(3,839)

LME

Nickel

Base

Metal

1

7/2024

USD

102,559

(13,406)

LME

Nickel

Base

Metal

1

7/2024

USD

102,589

(12,350)

LME

Nickel

Base

Metal

1

7/2024

USD

102,574

(12,179)

LME

Nickel

Base

Metal

2

7/2024

USD

204,483

(97)

LME

Nickel

Base

Metal

2

7/2024

USD

204,537

(853)

LME

Zinc

Base

Metal

1

7/2024

USD

72,153

3,900

LME

Zinc

Base

Metal

1

7/2024

USD

72,128

2,476

LME

Zinc

Base

Metal

2

7/2024

USD

144,453

4,747

LME

Zinc

Base

Metal

2

7/2024

USD

144,932

(93)

LME

Zinc

Base

Metal

3

7/2024

USD

216,308

14,065

LME

Zinc

Base

Metal

3

7/2024

USD

217,178

2,746

LME

Zinc

Base

Metal

3

7/2024

USD

215,950

31,630

LME

Zinc

Base

Metal

3

7/2024

USD

217,454

172

LME

Zinc

Base

Metal

4

7/2024

USD

288,092

24,490

LME

Zinc

Base

Metal

4

7/2024

USD

287,854

39,452

Consolidated

Schedule

of

Investments

June

30,

2024

(Unaudited)

AQR

MULTI-ASSET

FUND

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

Funds

|

Semi-Annual

Report

|

June

2024

197

(Continued)

DESCRIPTION

NUMBER

OF

CONTRACTS

EXPIRATION

DATE

TRADING

CURRENCY

NOTIONAL

AMOUNT

VALUE

AND

UNREALIZED

APPRECIATION

(DEPRECIATION)

Long

Contracts

(continued)

LME

Zinc

Base

Metal

6

7/2024

USD

$

434,253

$

11,328

Natural

Gas

44

7/2024

USD

1,144,440

(151,562)

OMXS30

Index

280

7/2024

SEK

6,810,454

19,218

WTI

Crude

Oil

20

7/2024

USD

1,630,800

7,439

100

oz

Gold

61

8/2024

USD

14,271,560

(357,108)

Brent

Crude

Oil

109

8/2024

USD

9,176,710

354,847

Lean

Hogs

20

8/2024

USD

716,000

(31,685)

Live

Cattle

37

8/2024

USD

2,744,290

148,380

LME

Aluminum

Base

Metal

3

8/2024

USD

187,730

(4,621)

LME

Aluminum

Base

Metal

7

8/2024

USD

438,582

(6,894)

LME

Aluminum

Base

Metal

10

8/2024

USD

626,760

(20,432)

LME

Aluminum

Base

Metal

11

8/2024

USD

690,025

(52,293)

LME

Aluminum

Base

Metal

11

8/2024

USD

689,318

(11,734)

LME

Aluminum

Base

Metal

11

8/2024

USD

691,653

(53,795)

LME

Aluminum

Base

Metal

22

8/2024

USD

1,379,109

(49,813)

LME

Copper

Base

Metal

1

8/2024

USD

238,657

(33,883)

LME

Copper

Base

Metal

1

8/2024

USD

238,664

(25,902)

LME

Copper

Base

Metal

1

8/2024

USD

237,940

(9,362)

LME

Copper

Base

Metal

1

8/2024

USD

238,186

(11,561)

LME

Copper

Base

Metal

1

8/2024

USD

238,236

(7,942)

LME

Copper

Base

Metal

2

8/2024

USD

477,287

(70,818)

LME

Copper

Base

Metal

2

8/2024

USD

476,963

(29,775)

LME

Copper

Base

Metal

3

8/2024

USD

717,228

(43,430)

LME

Copper

Base

Metal

3

8/2024

USD

715,667

(55,391)

LME

Copper

Base

Metal

4

8/2024

USD

953,138

(34,838)

LME

Copper

Base

Metal

6

8/2024

USD

1,431,183

(99,568)

LME

Copper

Base

Metal

10

8/2024

USD

2,385,880

(224,236)

LME

Lead

Base

Metal

1

8/2024

USD

54,998

134

LME

Lead

Base

Metal

1

8/2024

USD

55,105

(773)

LME

Lead

Base

Metal

1

8/2024

USD

55,212

(1,141)

LME

Lead

Base

Metal

2

8/2024

USD

109,956

237

LME

Lead

Base

Metal

2

8/2024

USD

111,038

(5,227)

LME

Lead

Base

Metal

3

8/2024

USD

165,689

(6,178)

LME

Lead

Base

Metal

4

8/2024

USD

221,275

(12,111)

LME

Lead

Base

Metal

5

8/2024

USD

276,236

(9,522)

LME

Nickel

Base

Metal

1

8/2024

USD

102,890

(9,649)

LME

Nickel

Base

Metal

1

8/2024

USD

102,709

(10,699)

LME

Nickel

Base

Metal

1

8/2024

USD

103,012

(12,125)

LME

Nickel

Base

Metal

2

8/2024

USD

206,564

(34,582)

LME

Nickel

Base

Metal

3

8/2024

USD

309,181

(52,370)

LME

Zinc

Base

Metal

3

8/2024

USD

218,999

(9,226)

LME

Zinc

Base

Metal

3

8/2024

USD

218,345

(6,027)

LME

Zinc

Base

Metal

4

8/2024

USD

290,538

(3,068)

LME

Zinc

Base

Metal

6

8/2024

USD

437,333

(27,088)

LME

Zinc

Base

Metal

8

8/2024

USD

582,538

(10,904)

Low

Sulphur

Gasoil

42

8/2024

USD

3,292,800

101,835

Natural

Gas

27

8/2024

USD

701,460

(33,894)

NY

Harbor

ULSD

22

8/2024

USD

2,355,184

42,960

RBOB

Gasoline

21

8/2024

USD

2,179,422

98,235

WTI

Crude

Oil

86

8/2024

USD

6,935,040

7,293

Australia

10

Year

Bond

1,152

9/2024

AUD

86,744,600

(697,401)

Australia

3

Year

Bond

107

9/2024

AUD

7,515,108

(39,403)

Cocoa

18

9/2024

USD

1,391,580

(263,872)

Coffee

'C'

31

9/2024

USD

2,636,550

710

Corn

65

9/2024

USD

1,324,375

(98,386)

DAX

Index

1

9/2024

EUR

492,717

(1,102)

198

AQR

Funds

|

Semi-Annual

Report

|

June

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

MULTI-ASSET

FUND

Consolidated

Schedule

of

Investments

June

30,

2024

(Unaudited)

(Continued)

DESCRIPTION

NUMBER

OF

CONTRACTS

EXPIRATION

DATE

TRADING

CURRENCY

NOTIONAL

AMOUNT

VALUE

AND

UNREALIZED

APPRECIATION

(DEPRECIATION)

Long

Contracts

(continued)

Euro

STOXX

50

Index

239

9/2024

EUR

$

12,608,444

$

(19,981)

Euro-Bobl

99

9/2024

EUR

12,343,320

66,702

Euro-BTP

68

9/2024

EUR

8,393,035

(60,268)

Euro-Bund

182

9/2024

EUR

25,636,894

122,799

Euro-Buxl

27

9/2024

EUR

3,756,721

27,273

Euro-OAT

79

9/2024

EUR

10,413,190

(70,255)

Euro-Schatz

31

9/2024

EUR

3,509,680

5,982

Feeder

Cattle

4

9/2024

USD

519,300

(2,377)

FTSE

100

Index

12

9/2024

GBP

1,245,695

3,324

FTSE

100

Index

126

9/2024

GBP

13,079,794

(8,865)

FTSE/MIB

Index

34

9/2024

EUR

6,074,664

20

FTSE/MIB

Index

75

9/2024

EUR

13,399,994

(36,486)

Japan

10

Year

Bond

8

9/2024

JPY

7,091,553

(20,433)

LME

Aluminum

Base

Metal

1

9/2024

USD

63,061

(71)

LME

Aluminum

Base

Metal

1

9/2024

USD

63,095

592

LME

Aluminum

Base

Metal

2

9/2024

USD

125,947

(5,519)

LME

Aluminum

Base

Metal

3

9/2024

USD

189,133

(1,000)

LME

Aluminum

Base

Metal

4

9/2024

USD

252,143

(4,731)

LME

Aluminum

Base

Metal

4

9/2024

USD

251,843

(13,675)

LME

Aluminum

Base

Metal

4

9/2024

USD

252,450

(436)

LME

Aluminum

Base

Metal

4

9/2024

USD

251,793

(15,116)

LME

Aluminum

Base

Metal

8

9/2024

USD

504,362

2,885

LME

Aluminum

Base

Metal

8

9/2024

USD

504,800

4,571

LME

Aluminum

Base

Metal

129

9/2024

USD

8,138,481

(190,362)

LME

Copper

Base

Metal

1

9/2024

USD

239,520

(2,983)

LME

Copper

Base

Metal

2

9/2024

USD

478,392

(21,864)

LME

Copper

Base

Metal

2

9/2024

USD

479,950

(1,555)

LME

Copper

Base

Metal

5

9/2024

USD

1,198,713

(14,182)

LME

Copper

Base

Metal

8

9/2024

USD

1,919,470

7,705

LME

Copper

Base

Metal

43

9/2024

USD

10,311,561

(73,942)

LME

Lead

Base

Metal

2

9/2024

USD

111,356

2,381

LME

Lead

Base

Metal

2

9/2024

USD

111,200

1,195

LME

Lead

Base

Metal

3

9/2024

USD

166,811

1,428

LME

Lead

Base

Metal

5

9/2024

USD

278,546

7,938

LME

Lead

Base

Metal

36

9/2024

USD

2,006,145

30,035

LME

Nickel

Base

Metal

1

9/2024

USD

103,628

(928)

LME

Nickel

Base

Metal

1

9/2024

USD

103,728

553

LME

Nickel

Base

Metal

2

9/2024

USD

207,015

(6,651)

LME

Nickel

Base

Metal

2

9/2024

USD

206,660

(27,166)

LME

Nickel

Base

Metal

2

9/2024

USD

207,003

(9,603)

LME

Nickel

Base

Metal

4

9/2024

USD

414,174

(9,618)

LME

Nickel

Base

Metal

5

9/2024

USD

518,183

(42,513)

LME

Zinc

Base

Metal

1

9/2024

USD

73,231

3,032

LME

Zinc

Base

Metal

1

9/2024

USD

73,088

(153)

LME

Zinc

Base

Metal

1

9/2024

USD

73,070

(1,116)

LME

Zinc

Base

Metal

2

9/2024

USD

146,761

6,452

LME

Zinc

Base

Metal

2

9/2024

USD

146,574

5,268

LME

Zinc

Base

Metal

3

9/2024

USD

220,256

918

LME

Zinc

Base

Metal

4

9/2024

USD

293,230

8,174

LME

Zinc

Base

Metal

47

9/2024

USD

3,449,177

79,214

Long

Gilt

450

9/2024

GBP

55,519,271

520,617

Low

Sulphur

Gasoil

44

9/2024

USD

3,449,600

45,745

Russell

2000

E-Mini

Index

28

9/2024

USD

2,891,000

3,322

S&P

500

E-Mini

Index

33

9/2024

USD

9,110,475

(23,155)

S&P

Midcap

400

E-Mini

Index

7

9/2024

USD

2,070,670

(9,462)

Silver

30

9/2024

USD

4,434,000

(23,099)

Consolidated

Schedule

of

Investments

June

30,

2024

(Unaudited)

AQR

MULTI-ASSET

FUND

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

Funds

|

Semi-Annual

Report

|

June

2024

199

(Continued)

DESCRIPTION

NUMBER

OF

CONTRACTS

EXPIRATION

DATE

TRADING

CURRENCY

NOTIONAL

AMOUNT

VALUE

AND

UNREALIZED

APPRECIATION

(DEPRECIATION)

Long

Contracts

(continued)

Sugar

No.

11

114

9/2024

USD

$

2,591,904

$

119,833

TOPIX

Index

93

9/2024

JPY

16,245,665

171,943

U.S.

Treasury

2

Year

Note

41

9/2024

USD

8,373,289

12,838

U.S.

Treasury

5

Year

Note

308

9/2024

USD

32,809,219

81,913

U.S.

Treasury

Long

Bond

148

9/2024

USD

17,445,500

28,562

U.S.

Treasury

Ultra

Bond

86

9/2024

USD

10,709,688

(17,685)

Wheat

20

9/2024

USD

573,500

(53,902)

Aluminum

1

10/2024

USD

62,700

(222)

Live

Cattle

1

10/2024

USD

73,950

(622)

Soybean

44

11/2024

USD

2,428,800

(213,677)

Cotton

No.

2

8

12/2024

USD

290,760

(6,746)

Soybean

Meal

133

12/2024

USD

4,462,150

(253,093)

Soybean

Oil

66

12/2024

USD

1,734,084

(13,091)

Platinum

4

4/2025

JPY

64,218

2,325

Total

of

long

contracts

(2,238,199)

Short

Contracts

CAC

40

10

Euro

Index

(204)

7/2024

EUR

(16,369,149)

225,378

LME

Aluminum

Base

Metal

(1)

7/2024

USD

(62,258)

(1,117)

LME

Aluminum

Base

Metal

(2)

7/2024

USD

(124,757)

5,238

LME

Aluminum

Base

Metal

(2)

7/2024

USD

(124,391)

(5,957)

LME

Aluminum

Base

Metal

(3)

7/2024

USD

(186,995)

7,997

LME

Aluminum

Base

Metal

(3)

7/2024

USD

(187,483)

5,633

LME

Aluminum

Base

Metal

(3)

7/2024

USD

(186,944)

13,136

LME

Aluminum

Base

Metal

(4)

7/2024

USD

(249,055)

4,847

LME

Aluminum

Base

Metal

(4)

7/2024

USD

(249,052)

16,355

LME

Aluminum

Base

Metal

(4)

7/2024

USD

(249,052)

8,375

LME

Aluminum

Base

Metal

(5)

7/2024

USD

(312,355)

8,366

LME

Aluminum

Base

Metal

(7)

7/2024

USD

(436,485)

17,891

LME

Aluminum

Base

Metal

(8)

7/2024

USD

(498,104)

23,150

LME

Copper

Base

Metal

(1)

7/2024

USD

(236,457)

(9,261)

LME

Copper

Base

Metal

(1)

7/2024

USD

(236,400)

(11,103)

LME

Copper

Base

Metal

(1)

7/2024

USD

(237,744)

12,985

LME

Copper

Base

Metal

(1)

7/2024

USD

(237,249)

9,211

LME

Copper

Base

Metal

(1)

7/2024

USD

(237,793)

14,330

LME

Copper

Base

Metal

(1)

7/2024

USD

(236,582)

(3,572)

LME

Copper

Base

Metal

(1)

7/2024

USD

(237,193)

(258)

LME

Copper

Base

Metal

(2)

7/2024

USD

(475,094)

19,906

LME

Copper

Base

Metal

(2)

7/2024

USD

(473,664)

(2,662)

LME

Copper

Base

Metal

(2)

7/2024

USD

(474,423)

10,486

LME

Copper

Base

Metal

(14)

7/2024

USD

(3,324,962)

101,101

LME

Lead

Base

Metal

(1)

7/2024

USD

(54,939)

752

LME

Lead

Base

Metal

(1)

7/2024

USD

(54,419)

(3,376)

LME

Lead

Base

Metal

(1)

7/2024

USD

(54,616)

(544)

LME

Lead

Base

Metal

(2)

7/2024

USD

(109,618)

(1,848)

LME

Lead

Base

Metal

(2)

7/2024

USD

(109,457)

(2,025)

LME

Lead

Base

Metal

(3)

7/2024

USD

(164,118)

(1,001)

LME

Lead

Base

Metal

(4)

7/2024

USD

(217,929)

(4,190)

LME

Lead

Base

Metal

(4)

7/2024

USD

(219,172)

190

LME

Lead

Base

Metal

(5)

7/2024

USD

(273,643)

(656)

LME

Nickel

Base

Metal

(1)

7/2024

USD

(102,397)

4,910

LME

Nickel

Base

Metal

(1)

7/2024

USD

(102,559)

13,644

LME

Nickel

Base

Metal

(1)

7/2024

USD

(102,574)

11,445

LME

Nickel

Base

Metal

(1)

7/2024

USD

(102,559)

13,091

LME

Nickel

Base

Metal

(1)

7/2024

USD

(102,589)

11,959

LME

Nickel

Base

Metal

(1)

7/2024

USD

(102,325)

3,932

LME

Nickel

Base

Metal

(2)

7/2024

USD

(204,483)

(1,460)

200

AQR

Funds

|

Semi-Annual

Report

|

June

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

MULTI-ASSET

FUND

Consolidated

Schedule

of

Investments

June

30,

2024

(Unaudited)

(Continued)

DESCRIPTION

NUMBER

OF

CONTRACTS

EXPIRATION

DATE

TRADING

CURRENCY

NOTIONAL

AMOUNT

VALUE

AND

UNREALIZED

APPRECIATION

(DEPRECIATION)

Short

Contracts

(continued)

LME

Nickel

Base

Metal

(2)

7/2024

USD

$

(204,537)

$

(2,103)

LME

Zinc

Base

Metal

(1)

7/2024

USD

(72,153)

(3,381)

LME

Zinc

Base

Metal

(1)

7/2024

USD

(72,128)

(3,521)

LME

Zinc

Base

Metal

(2)

7/2024

USD

(144,453)

(5,861)

LME

Zinc

Base

Metal

(2)

7/2024

USD

(144,932)

(1,049)

LME

Zinc

Base

Metal

(3)

7/2024

USD

(215,950)

(29,007)

LME

Zinc

Base

Metal

(3)

7/2024

USD

(217,454)

1,688

LME

Zinc

Base

Metal

(3)

7/2024

USD

(216,308)

(14,304)

LME

Zinc

Base

Metal

(3)

7/2024

USD

(217,178)

(3,736)

LME

Zinc

Base

Metal

(4)

7/2024

USD

(287,854)

(38,471)

LME

Zinc

Base

Metal

(4)

7/2024

USD

(288,092)

(24,898)

LME

Zinc

Base

Metal

(6)

7/2024

USD

(434,253)

(11,271)

NY

Harbor

ULSD

(8)

7/2024

USD

(851,122)

6,093

RBOB

Gasoline

(14)

7/2024

USD

(1,470,882)

(15,802)

LME

Aluminum

Base

Metal

(3)

8/2024

USD

(187,730)

4,262

LME

Aluminum

Base

Metal

(7)

8/2024

USD

(438,582)

6,823

LME

Aluminum

Base

Metal

(10)

8/2024

USD

(626,760)

17,854

LME

Aluminum

Base

Metal

(11)

8/2024

USD

(689,318)

8,675

LME

Aluminum

Base

Metal

(11)

8/2024

USD

(691,653)

54,315

LME

Aluminum

Base

Metal

(11)

8/2024

USD

(690,025)

44,236

LME

Aluminum

Base

Metal

(22)

8/2024

USD

(1,379,109)

49,160

LME

Copper

Base

Metal

(1)

8/2024

USD

(238,657)

33,918

LME

Copper

Base

Metal

(1)

8/2024

USD

(238,186)

11,186

LME

Copper

Base

Metal

(1)

8/2024

USD

(238,664)

25,660

LME

Copper

Base

Metal

(1)

8/2024

USD

(238,236)

7,712

LME

Copper

Base

Metal

(1)

8/2024

USD

(237,940)

8,668

LME

Copper

Base

Metal

(2)

8/2024

USD

(477,287)

68,814

LME

Copper

Base

Metal

(2)

8/2024

USD

(476,963)

28,795

LME

Copper

Base

Metal

(3)

8/2024

USD

(717,228)

43,931

LME

Copper

Base

Metal

(3)

8/2024

USD

(715,667)

56,951

LME

Copper

Base

Metal

(4)

8/2024

USD

(953,138)

27,351

LME

Copper

Base

Metal

(6)

8/2024

USD

(1,431,183)

99,844

LME

Copper

Base

Metal

(10)

8/2024

USD

(2,385,880)

220,920

LME

Lead

Base

Metal

(1)

8/2024

USD

(55,105)

633

LME

Lead

Base

Metal

(1)

8/2024

USD

(54,998)

(288)

LME

Lead

Base

Metal

(1)

8/2024

USD

(55,212)

1,081

LME

Lead

Base

Metal

(2)

8/2024

USD

(109,956)

639

LME

Lead

Base

Metal

(2)

8/2024

USD

(111,038)

5,021

LME

Lead

Base

Metal

(3)

8/2024

USD

(165,689)

5,426

LME

Lead

Base

Metal

(4)

8/2024

USD

(221,275)

12,764

LME

Lead

Base

Metal

(5)

8/2024

USD

(276,236)

9,189

LME

Nickel

Base

Metal

(1)

8/2024

USD

(102,890)

10,117

LME

Nickel

Base

Metal

(1)

8/2024

USD

(103,012)

12,191

LME

Nickel

Base

Metal

(1)

8/2024

USD

(102,709)

11,948

LME

Nickel

Base

Metal

(2)

8/2024

USD

(206,564)

34,393

LME

Nickel

Base

Metal

(3)

8/2024

USD

(309,181)

51,514

LME

Zinc

Base

Metal

(3)

8/2024

USD

(218,999)

7,792

LME

Zinc

Base

Metal

(3)

8/2024

USD

(218,345)

5,468

LME

Zinc

Base

Metal

(4)

8/2024

USD

(290,538)

1,700

LME

Zinc

Base

Metal

(6)

8/2024

USD

(437,333)

24,650

LME

Zinc

Base

Metal

(8)

8/2024

USD

(582,538)

11,693

Canada

10

Year

Bond

(37)

9/2024

CAD

(3,247,930)

18,969

Copper

(4)

9/2024

USD

(439,150)

1,065

KC

HRW

Wheat

(12)

9/2024

USD

(351,750)

3,182

LME

Aluminum

Base

Metal

(1)

9/2024

USD

(63,061)

586

LME

Aluminum

Base

Metal

(1)

9/2024

USD

(63,095)

(617)

Consolidated

Schedule

of

Investments

June

30,

2024

(Unaudited)

AQR

MULTI-ASSET

FUND

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

Funds

|

Semi-Annual

Report

|

June

2024

201

(Continued)

DESCRIPTION

NUMBER

OF

CONTRACTS

EXPIRATION

DATE

TRADING

CURRENCY

NOTIONAL

AMOUNT

VALUE

AND

UNREALIZED

APPRECIATION

(DEPRECIATION)

Short

Contracts

(continued)

LME

Aluminum

Base

Metal

(2)

9/2024

USD

$

(125,947)

$

5,948

LME

Aluminum

Base

Metal

(3)

9/2024

USD

(189,133)

1,508

LME

Aluminum

Base

Metal

(4)

9/2024

USD

(251,793)

14,697

LME

Aluminum

Base

Metal

(4)

9/2024

USD

(252,143)

4,645

LME

Aluminum

Base

Metal

(4)

9/2024

USD

(251,843)

12,895

LME

Aluminum

Base

Metal

(4)

9/2024

USD

(252,450)

938

LME

Aluminum

Base

Metal

(5)

9/2024

USD

(315,445)

(624)

LME

Aluminum

Base

Metal

(8)

9/2024

USD

(504,362)

(3,786)

LME

Aluminum

Base

Metal

(8)

9/2024

USD

(504,800)

(4,824)

LME

Copper

Base

Metal

(1)

9/2024

USD

(239,520)

3,994

LME

Copper

Base

Metal

(2)

9/2024

USD

(479,950)

915

LME

Copper

Base

Metal

(2)

9/2024

USD

(478,392)

21,952

LME

Copper

Base

Metal

(5)

9/2024

USD

(1,198,713)

14,798

LME

Copper

Base

Metal

(8)

9/2024

USD

(1,919,470)

(6,396)

LME

Copper

Base

Metal

(32)

9/2024

USD

(7,673,720)

199,858

LME

Lead

Base

Metal

(2)

9/2024

USD

(111,356)

(2,361)

LME

Lead

Base

Metal

(2)

9/2024

USD

(111,200)

(1,001)

LME

Lead

Base

Metal

(3)

9/2024

USD

(166,811)

(2,124)

LME

Lead

Base

Metal

(5)

9/2024

USD

(278,631)

(2,768)

LME

Lead

Base

Metal

(5)

9/2024

USD

(278,546)

(7,709)

LME

Nickel

Base

Metal

(1)

9/2024

USD

(103,628)

868

LME

Nickel

Base

Metal

(1)

9/2024

USD

(103,728)

(171)

LME

Nickel

Base

Metal

(2)

9/2024

USD

(206,660)

26,956

LME

Nickel

Base

Metal

(2)

9/2024

USD

(207,003)

8,903

LME

Nickel

Base

Metal

(2)

9/2024

USD

(207,015)

7,143

LME

Nickel

Base

Metal

(4)

9/2024

USD

(414,174)

8,637

LME

Nickel

Base

Metal

(15)

9/2024

USD

(1,554,548)

88,378

LME

Zinc

Base

Metal

(1)

9/2024

USD

(73,088)

159

LME

Zinc

Base

Metal

(1)

9/2024

USD

(73,231)

(3,233)

LME

Zinc

Base

Metal

(1)

9/2024

USD

(73,070)

1,414

LME

Zinc

Base

Metal

(2)

9/2024

USD

(146,574)

(4,179)

LME

Zinc

Base

Metal

(2)

9/2024

USD

(146,761)

(6,667)

LME

Zinc

Base

Metal

(3)

9/2024

USD

(220,256)

(515)

LME

Zinc

Base

Metal

(4)

9/2024

USD

(293,230)

(8,342)

S&P/TSX

60

Index

(149)

9/2024

CAD

(28,546,398)

(190,314)

SPI

200

Index

(172)

9/2024

AUD

(22,294,215)

(140,727)

U.S.

Treasury

10

Year

Note

(155)

9/2024

USD

(17,028,203)

22,793

Total

of

short

contracts

1,479,504

Net

value

$

(758,695)

Forward

foreign

currency

exchange

contracts

outstanding

as

of

June

30,

2024:

Over-the-Counter

CURRENCY

PURCHASED

CURRENCY

SOLD

COUNTERPARTY

SETTLEMENT

DATE

UNREALIZED

APPRECIATION

(DEPRECIATION)

AUD

21,793,500

USD

14,430,721

CITI

9/18/2024

$

137,654

AUD

21,793,500

USD

14,430,649

JPMC

9/18/2024

137,727

CAD

4,670,251

USD

3,415,145

CITI

9/18/2024

5,112

CAD

4,670,251

USD

3,415,128

JPMC

9/18/2024

5,130

COP

448,018,974

USD

106,293

CITI

**

9/18/2024

307

COP

448,018,974

USD

106,292

JPMC

**

9/18/2024

308

HUF

35,000,000

USD

94,177

CITI

9/18/2024

457

HUF

35,000,000

USD

94,177

JPMC

9/18/2024

458

202

AQR

Funds

|

Semi-Annual

Report

|

June

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

MULTI-ASSET

FUND

Consolidated

Schedule

of

Investments

June

30,

2024

(Unaudited)

(Continued)

CURRENCY

PURCHASED

CURRENCY

SOLD

COUNTERPARTY

SETTLEMENT

DATE

UNREALIZED

APPRECIATION

(DEPRECIATION)

INR

1,189,934,428

USD

14,221,205

CITI

**

9/18/2024

$

14,508

INR

1,174,934,428

USD

14,041,766

JPMC

**

9/18/2024

14,495

MXN

16,000,000

USD

848,748

CITI

9/18/2024

15,045

MXN

16,000,000

USD

848,744

JPMC

9/18/2024

15,050

NOK

17,666,667

USD

1,652,649

CITI

9/18/2024

5,264

NOK

17,666,666

USD

1,652,641

JPMC

9/18/2024

5,272

PLN

220,500

USD

54,007

CITI

9/18/2024

715

PLN

220,500

USD

54,006

JPMC

9/18/2024

715

TWD

5,000,000

USD

154,238

CITI

**

9/18/2024

24

TWD

5,000,000

USD

154,237

JPMC

**

9/18/2024

25

USD

1,300,510

BRL

6,992,500

CITI

**

9/18/2024

60,765

USD

1,300,516

BRL

6,992,500

JPMC

**

9/18/2024

60,772

USD

16,175,277

CHF

14,261,501

CITI

9/18/2024

148,588

USD

16,175,359

CHF

14,261,502

JPMC

9/18/2024

148,669

USD

2,201,740

CZK

49,999,998

CITI

9/18/2024

60,407

USD

2,201,751

CZK

50,000,002

JPMC

9/18/2024

60,418

USD

140,501

DKK

961,000

CITI

9/18/2024

1,860

USD

140,502

DKK

961,000

JPMC

9/18/2024

1,861

USD

55,051,300

EUR

50,532,737

CITI

9/18/2024

725,070

USD

55,051,575

EUR

50,532,737

JPMC

9/18/2024

725,345

USD

19,697,245

GBP

15,473,308

CITI

9/18/2024

125,936

USD

19,697,334

GBP

15,473,301

JPMC

9/18/2024

126,035

USD

1,283,726

ILS

4,727,000

CITI

9/18/2024

27,827

USD

1,283,732

ILS

4,727,000

JPMC

9/18/2024

27,833

USD

7,269,708

JPY

1,122,096,687

CITI

9/18/2024

210,153

USD

7,269,745

JPY

1,122,096,687

JPMC

9/18/2024

210,189

USD

1,450,984

MXN

26,000,000

CITI

9/18/2024

47,319

USD

1,450,991

MXN

26,000,000

JPMC

9/18/2024

47,327

USD

4,736,162

NOK

50,063,002

CITI

9/18/2024

38,044

USD

4,736,185

NOK

50,062,997

JPMC

9/18/2024

38,067

USD

20,855,793

NZD

33,830,500

CITI

9/18/2024

249,880

USD

20,855,898

NZD

33,830,500

JPMC

9/18/2024

249,984

USD

278,737

PHP

16,250,000

CITI

**

9/18/2024

842

USD

278,739

PHP

16,250,000

JPMC

**

9/18/2024

845

USD

650,277

PLN

2,562,500

CITI

9/18/2024

14,342

USD

650,280

PLN

2,562,500

JPMC

9/18/2024

14,345

USD

1,787,141

SEK

18,659,000

CITI

9/18/2024

19,497

USD

1,787,150

SEK

18,659,000

JPMC

9/18/2024

19,506

USD

4,895,137

SGD

6,571,937

CITI

9/18/2024

30,349

USD

4,895,161

SGD

6,571,937

JPMC

9/18/2024

30,373

ZAR

151,365,501

USD

8,046,406

CITI

9/18/2024

223,092

ZAR

151,365,501

USD

8,046,365

JPMC

9/18/2024

223,132

HKD

28,000

USD

3,593

CITI

9/19/2024

–

(a)

HKD

28,000

USD

3,593

JPMC

9/19/2024

–

(a)

KRW

1,150,000,000

USD

831,536

CITI

**

9/19/2024

5,403

KRW

1,150,000,000

USD

831,532

JPMC

**

9/19/2024

5,408

USD

149,600

HKD

1,164,500

CITI

9/19/2024

143

USD

149,601

HKD

1,164,500

JPMC

9/19/2024

144

USD

514,491

KRW

700,000,001

CITI

**

9/19/2024

5,050

USD

514,494

KRW

699,999,999

JPMC

**

9/19/2024

5,053

USD

761,281

CLP

700,000,000

CITI

**

9/23/2024

17,840

USD

761,285

CLP

700,000,000

JPMC

**

9/23/2024

17,843

Total

unrealized

appreciation

4,383,822

AUD

4,766,000

USD

3,187,896

CITI

9/18/2024

(1,952)

AUD

4,766,000

USD

3,187,880

JPMC

9/18/2024

(1,936)

BRL

33,940,291

USD

6,372,503

CITI

**

9/18/2024

(355,014)

BRL

33,940,291

USD

6,372,471

JPMC

**

9/18/2024

(354,982)

CAD

4,543,749

USD

3,334,148

CITI

9/18/2024

(6,535)

Consolidated

Schedule

of

Investments

June

30,

2024

(Unaudited)

AQR

MULTI-ASSET

FUND

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

Funds

|

Semi-Annual

Report

|

June

2024

203

(Continued)

CURRENCY

PURCHASED

CURRENCY

SOLD

COUNTERPARTY

SETTLEMENT

DATE

UNREALIZED

APPRECIATION

(DEPRECIATION)

CAD

4,543,749

USD

3,334,131

JPMC

9/18/2024

$

(6,519)

CHF

3,873,500

USD

4,371,810

CITI

9/18/2024

(18,876)

CHF

3,873,500

USD

4,371,788

JPMC

9/18/2024

(18,854)

COP

2,096,981,026

USD

520,345

CITI

**

9/18/2024

(21,395)

COP

2,096,981,026

USD

520,343

JPMC

**

9/18/2024

(21,393)

CZK

60,499,998

USD

2,662,631

CITI

9/18/2024

(71,619)

CZK

60,500,002

USD

2,662,618

JPMC

9/18/2024

(71,606)

DKK

220,000

USD

31,807

CITI

9/18/2024

(68)

DKK

220,000

USD

31,807

JPMC

9/18/2024

(68)

EUR

15,463,000

USD

16,849,878

CITI

9/18/2024

(226,071)

EUR

15,463,000

USD

16,849,794

JPMC

9/18/2024

(225,987)

GBP

8,299,004

USD

10,557,494

CITI

9/18/2024

(60,555)

GBP

8,298,996

USD

10,557,431

JPMC

9/18/2024

(60,502)

HUF

1,848,009,000

USD

5,116,695

CITI

9/18/2024

(119,955)

HUF

1,848,009,000

USD

5,116,669

JPMC

9/18/2024

(119,930)

IDR

5,500,000,000

USD

338,493

CITI

**

9/18/2024

(2,806)

IDR

5,500,000,000

USD

338,517

JPMC

**

9/18/2024

(2,830)

ILS

844,500

USD

226,349

CITI

9/18/2024

(1,977)

ILS

844,500

USD

226,347

JPMC

9/18/2024

(1,975)

INR

179,989,072

USD

2,159,464

CITI

**

9/18/2024

(6,174)

INR

194,989,072

USD

2,338,927

JPMC

**

9/18/2024

(6,186)

JPY

1,110,000,000

USD

7,209,878

CITI

9/18/2024

(226,428)

JPY

1,110,000,000

USD

7,209,842

JPMC

9/18/2024

(226,392)

MXN

278,056,500

USD

16,059,046

CITI

9/18/2024

(1,047,587)

MXN

278,056,500

USD

16,058,966

JPMC

9/18/2024

(1,047,507)

NOK

216,770,835

USD

20,596,707

CITI

9/18/2024

(254,042)

NOK

216,770,832

USD

20,596,603

JPMC

9/18/2024

(253,938)

NZD

12,943,000

USD

7,916,474

CITI

9/18/2024

(32,986)

NZD

12,943,000

USD

7,916,434

JPMC

9/18/2024

(32,946)

PLN

950,500

USD

240,565

CITI

9/18/2024

(4,679)

PLN

950,500

USD

240,563

JPMC

9/18/2024

(4,678)

SEK

70,440,500

USD

6,750,032

CITI

9/18/2024

(76,914)

SEK

70,440,500

USD

6,749,998

JPMC

9/18/2024

(76,880)

SGD

70,937

USD

52,779

CITI

9/18/2024

(269)

SGD

70,937

USD

52,778

JPMC

9/18/2024

(268)

TWD

101,000,000

USD

3,138,463

CITI

**

9/18/2024

(22,380)

TWD

101,000,000

USD

3,138,448

JPMC

**

9/18/2024

(22,365)

USD

6,953,690

AUD

10,471,000

CITI

9/18/2024

(45,895)

USD

6,953,724

AUD

10,471,000

JPMC

9/18/2024

(45,861)

USD

17,803,325

CAD

24,406,500

CITI

9/18/2024

(70,766)

USD

17,803,414

CAD

24,406,500

JPMC

9/18/2024

(70,677)

USD

17,125,479

CHF

15,346,999

CITI

9/18/2024

(121,063)

USD

17,125,563

CHF

15,346,998

JPMC

9/18/2024

(120,978)

USD

384,439

CZK

9,000,000

CITI

9/18/2024

(1,001)

USD

384,441

CZK

9,000,000

JPMC

9/18/2024

(999)

USD

5,187,109

EUR

4,835,000

CITI

9/18/2024

(10,854)

USD

5,187,135

EUR

4,835,000

JPMC

9/18/2024

(10,828)

USD

477,663

INR

40,000,000

CITI

**

9/18/2024

(875)

USD

477,665

INR

40,000,000

JPMC

**

9/18/2024

(873)

USD

720,659

MXN

13,500,000

CITI

9/18/2024

(8,166)

USD

720,662

MXN

13,500,000

JPMC

9/18/2024

(8,163)

USD

2,431,097

NOK

25,999,999

CITI

9/18/2024

(8,850)

USD

2,431,110

NOK

26,000,001

JPMC

9/18/2024

(8,837)

USD

1,341,258

PHP

78,750,000

CITI

**

9/18/2024

(5,461)

USD

1,341,265

PHP

78,750,000

JPMC

**

9/18/2024

(5,456)

USD

395,884

PLN

1,603,500

CITI

9/18/2024

(2,056)

USD

395,886

PLN

1,603,500

JPMC

9/18/2024

(2,054)

USD

2,075,774

ZAR

39,250,001

CITI

9/18/2024

(68,557)

204

AQR

Funds

|

Semi-Annual

Report

|

June

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

MULTI-ASSET

FUND

Consolidated

Schedule

of

Investments

June

30,

2024

(Unaudited)

CURRENCY

PURCHASED

CURRENCY

SOLD

COUNTERPARTY

SETTLEMENT

DATE

UNREALIZED

APPRECIATION

(DEPRECIATION)

USD

2,075,785

ZAR

39,250,001

JPMC

9/18/2024

$

(68,547)

CNY

37,570,500

USD

5,212,996

CITI

**

9/19/2024

(34,661)

CNY

37,570,500

USD

5,212,970

JPMC

**

9/19/2024

(34,635)

HKD

1,174,000

USD

150,701

CITI

9/19/2024

(24)

HKD

1,174,000

USD

150,700

JPMC

9/19/2024

(23)

KRW

4,507,282,500

USD

3,300,914

CITI

**

9/19/2024

(20,635)

KRW

4,507,282,499

USD

3,300,897

JPMC

**

9/19/2024

(20,619)

USD

262,087

HKD

2,042,500

CITI

9/19/2024

(57)

USD

262,088

HKD

2,042,500

JPMC

9/19/2024

(56)

CLP

1,092,612,451

USD

1,199,052

CITI

**

9/23/2024

(38,633)

CLP

1,092,612,451

USD

1,199,046

JPMC

**

9/23/2024

(38,627)

USD

316,626

CLP

300,000,000

CITI

**

9/23/2024

(1,992)

USD

316,628

CLP

300,000,000

JPMC

**

9/23/2024

(1,989)

Total

unrealized

depreciation

(5,994,792)

Net

unrealized

depreciation

$

(1,610,970)

**

Non-deliverable

forward

foreign

currency

exchange

contracts.

(a)

Represents

less

than

$0.05.

Collateral

pledged

to,

or

(received

from),

each

counterparty

at

June

30,

2024

was

as

follows:

COUNTERPARTY

OVER-THE-COUNTER

EXCHANGE-TRADED/

EXCHANGE-CLEARED

TOTAL

BARC

Cash

$

–

$

3,472,963

$

3,472,963

CITI

Investment

Companies

3,931,512

–

3,931,512

GSCO

Cash

–

2,448,031

2,448,031

JPMC

Investment

Companies

4,354,260

–

4,354,260

JPMS

Cash

–

12,190,550

12,190,550

MLIN

Cash

(158,881)

–

(158,881)

MSCL

Cash

–

413,958

413,958

MSCS

Cash

(100,466)

–

(100,466)

U.S.

Treasury

Bills

1,176,730

–

1,176,730

Collateral

pledged

to,

or

(received

from),

each

counterparty

for

the

Subsidiary

(See

Note

2)

at

June

30,

2024

was

as

follows:

COUNTERPARTY

OVER-THE-COUNTER

EXCHANGE-TRADED/

EXCHANGE-CLEARED

TOTAL

GSCO

Cash

$

–

$

481,814

$

481,814

JPPC

Cash

–

1,161,739

1,161,739

MSCL

Cash

–

4,853,888

4,853,888

Consolidated

Schedule

of

Investments

June

30,

2024

(Unaudited)

AQR

RISK-BALANCED

COMMODITIES

STRATEGY

FUND

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

(Continued)

AQR

Funds

|

Semi-Annual

Report

|

June

2024

205

‡

Includes

appreciation/(depreciation)

on

futures

contracts.

(a)

Represents

7-day

effective

yield

as

of

June

30,

2024.

(b)

For

the

period

ended

June

30,

2024,

transactions

with

and

earnings

from

issuers

considered

to

be

an

affiliated

issuer

were

as

follows:

(c)

The

rate

shown

was

the

effective

yield

at

the

date

of

purchase.

INVESTMENTS

SHARES

VALUE

($)

SHORT-TERM

INVESTMENTS

-

90.4%

INVESTMENT

COMPANIES

-

46.2%

Limited

Purpose

Cash

Investment

Fund,

5.33%

(1)(a)(b)

(Cost

$255,067,045)

255,236,434

255,134,339

PRINCIPAL

AMOUNT

U.S.

TREASURY

OBLIGATIONS

-

44.2%

U.S.

Treasury

Bills

5.11%,

8/1/2024

(c)

$

6,843,000

6,812,052

5.18%,

8/8/2024

(c)

2,903,000

2,886,936

5.24%,

9/5/2024

(c)

30,841,000

30,545,901

5.23%,

9/12/2024

(c)

36,306,000

35,920,385

5.27%,

9/19/2024

(c)

1,820,000

1,798,913

5.24%,

9/26/2024

(c)

2,483,000

2,451,647

5.26%,

10/10/2024

(c)

7,635,000

7,523,721

5.29%,

10/17/2024

(c)

20,481,000

20,161,189

5.30%,

10/24/2024

(c)

20,150,000

19,815,962

5.30%,

10/31/2024

(c)

11,762,000

11,555,724

5.30%,

11/14/2024

(c)

4,337,000

4,252,486

5.30%,

11/21/2024

(c)

26,062,000

25,529,887

5.31%,

11/29/2024

(c)

18,053,000

17,665,302

5.29%,

12/5/2024

(c)

4,496,000

4,395,315

INVESTMENTS

PRINCIPAL

AMOUNT

VALUE

($)

U.S.

TREASURY

OBLIGATIONS

-

44.2%

(continued)

5.28%,

12/12/2024

(c)

$

10,147,000

9,910,246

5.29%,

12/19/2024

(c)

43,618,000

42,558,142

TOTAL

U.S.

TREASURY

OBLIGATIONS

(Cost

$243,796,054)

243,783,808

TOTAL

SHORT-TERM

INVESTMENTS

(Cost

$498,863,099)

498,918,147

TOTAL

INVESTMENTS

IN

SECURITIES

AT

VALUE

-

90.4%

(Cost

$498,863,099)

498,918,147

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

-

9.6%

‡

53,066,436

NET

ASSETS

-

100.0%

551,984,583

SECURITY

TYPE

VALUE

%

OF

NET

ASSETS

Investment

Companies

$

255,134,339

46.2

%

U.S.

Treasury

Obligations

243,783,808

44.2

Total

Investments

In

Securities

At

Value

498,918,147

90.4

Other

Assets

in

Excess

of

Liabilities

‡

53,066,436

9.6

Net

Assets

$

551,984,583

100.0%

Affiliate

Value

At

12/31/2023

Purchases

At

Cost

Proceeds

From

Sales

Net

Realized

Gain

(Loss)

Net

Change

In

Unrealized

App/Dep

Value

At

6/30/2024

Shares

Held

At

6/30/2024

Dividend

Income

Capital

Gain

Distributions

SHORT-TERM

INVESTMENTS

-

46.2%

INVESTMENT

COMPANIES

-

46.2%

Limited

Purpose

Cash

Investment

Fund,

5.33%

(1)(a)

(Cost

$255,067,045)

$212,191,781

$887,504,339

$(844,561,991)

$4,009

$(3,799)

$255,134,339

255,236,434

$5,559,049

$–

(1)

Level

1

security

(See

Note

5).

(a)

Represents

7-day

effective

yield

as

of

June

30,

2024.

All

securities

are

Level

2

with

respect

to

ASC

820,

unless

otherwise

noted

in

parentheses.

(1)

Level

1

security

(See

Note

5).

Futures

contracts

outstanding

as

of

June

30,

2024:

Exchange-Traded

DESCRIPTION

NUMBER

OF

CONTRACTS

EXPIRATION

DATE

TRADING

CURRENCY

NOTIONAL

AMOUNT

VALUE

AND

UNREALIZED

APPRECIATION

(DEPRECIATION)

Long

Contracts

Brent

Crude

Oil

52

7/2024

USD

$

4,420,000

$

181,561

206

AQR

Funds

|

Semi-Annual

Report

|

June

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

RISK-BALANCED

COMMODITIES

STRATEGY

FUND

Consolidated

Schedule

of

Investments

June

30,

2024

(Unaudited)

(Continued)

DESCRIPTION

NUMBER

OF

CONTRACTS

EXPIRATION

DATE

TRADING

CURRENCY

NOTIONAL

AMOUNT

VALUE

AND

UNREALIZED

APPRECIATION

(DEPRECIATION)

Long

Contracts

(continued)

LME

Aluminum

Base

Metal

1

7/2024

USD

$

62,494

$

(1,839)

LME

Aluminum

Base

Metal

3

7/2024

USD

186,902

782

LME

Aluminum

Base

Metal

8

7/2024

USD

498,434

7,403

LME

Aluminum

Base

Metal

14

7/2024

USD

871,693

(17,349)

LME

Aluminum

Base

Metal

20

7/2024

USD

1,249,420

(35,174)

LME

Aluminum

Base

Metal

28

7/2024

USD

1,743,364

(117,480)

LME

Aluminum

Base

Metal

29

7/2024

USD

1,807,621

(71,543)

LME

Aluminum

Base

Metal

31

7/2024

USD

1,929,998

37,350

LME

Aluminum

Base

Metal

32

7/2024

USD

1,995,360

(85,132)

LME

Aluminum

Base

Metal

33

7/2024

USD

2,054,679

(54,120)

LME

Aluminum

Base

Metal

36

7/2024

USD

2,243,322

(157,468)

LME

Aluminum

Base

Metal

38

7/2024

USD

2,370,374

(92,599)

LME

Aluminum

Base

Metal

39

7/2024

USD

2,426,258

96,048

LME

Aluminum

Base

Metal

47

7/2024

USD

2,926,361

(129,702)

LME

Copper

Base

Metal

1

7/2024

USD

236,895

(333)

LME

Copper

Base

Metal

1

7/2024

USD

237,744

(13,147)

LME

Copper

Base

Metal

1

7/2024

USD

237,249

(7,754)

LME

Copper

Base

Metal

3

7/2024

USD

713,378

(42,477)

LME

Copper

Base

Metal

3

7/2024

USD

710,496

2,159

LME

Copper

Base

Metal

4

7/2024

USD

949,989

(28,422)

LME

Copper

Base

Metal

4

7/2024

USD

948,846

(19,165)

LME

Copper

Base

Metal

5

7/2024

USD

1,183,848

8,411

LME

Copper

Base

Metal

7

7/2024

USD

1,660,349

2,453

LME

Copper

Base

Metal

10

7/2024

USD

2,365,820

29,932

LME

Copper

Base

Metal

10

7/2024

USD

2,373,980

(97,215)

LME

Copper

Base

Metal

13

7/2024

USD

3,088,108

(133,244)

LME

Copper

Base

Metal

13

7/2024

USD

3,073,941

147,282

LME

Lead

Base

Metal

2

7/2024

USD

109,489

(547)

LME

Lead

Base

Metal

2

7/2024

USD

109,618

1,813

LME

Lead

Base

Metal

2

7/2024

USD

109,187

(193)

LME

Lead

Base

Metal

3

7/2024

USD

164,051

1,029

LME

Lead

Base

Metal

5

7/2024

USD

273,643

514

LME

Lead

Base

Metal

5

7/2024

USD

274,126

(1,137)

LME

Lead

Base

Metal

7

7/2024

USD

383,551

283

LME

Lead

Base

Metal

8

7/2024

USD

439,512

(4,261)

LME

Lead

Base

Metal

9

7/2024

USD

491,544

3,590

LME

Lead

Base

Metal

11

7/2024

USD

601,766

2,649

LME

Lead

Base

Metal

14

7/2024

USD

762,157

59,670

LME

Lead

Base

Metal

16

7/2024

USD

871,716

23,551

LME

Lead

Base

Metal

17

7/2024

USD

930,385

14,092

LME

Nickel

Base

Metal

1

7/2024

USD

102,664

(13,104)

LME

Nickel

Base

Metal

2

7/2024

USD

205,209

(23,111)

LME

Nickel

Base

Metal

3

7/2024

USD

307,678

(23,347)

LME

Nickel

Base

Metal

3

7/2024

USD

308,038

(37,369)

LME

Nickel

Base

Metal

3

7/2024

USD

307,336

(25,295)

LME

Nickel

Base

Metal

4

7/2024

USD

410,226

(15,882)

LME

Nickel

Base

Metal

6

7/2024

USD

614,802

(38,616)

LME

Nickel

Base

Metal

6

7/2024

USD

614,529

(34,801)

LME

Nickel

Base

Metal

9

7/2024

USD

923,305

(110,552)

LME

Nickel

Base

Metal

9

7/2024

USD

923,170

(111,767)

LME

Nickel

Base

Metal

9

7/2024

USD

923,035

(114,872)

LME

Nickel

Base

Metal

9

7/2024

USD

923,035

(120,825)

LME

Nickel

Base

Metal

20

7/2024

USD

2,045,369

(8,529)

LME

Nickel

Base

Metal

39

7/2024

USD

3,990,692

(100,875)

LME

Zinc

Base

Metal

2

7/2024

USD

144,969

114

LME

Zinc

Base

Metal

3

7/2024

USD

216,308

14,065

Consolidated

Schedule

of

Investments

June

30,

2024

(Unaudited)

AQR

RISK-BALANCED

COMMODITIES

STRATEGY

FUND

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

Funds

|

Semi-Annual

Report

|

June

2024

207

(Continued)

DESCRIPTION

NUMBER

OF

CONTRACTS

EXPIRATION

DATE

TRADING

CURRENCY

NOTIONAL

AMOUNT

VALUE

AND

UNREALIZED

APPRECIATION

(DEPRECIATION)

Long

Contracts

(continued)

LME

Zinc

Base

Metal

4

7/2024

USD

$

288,610

$

13,386

LME

Zinc

Base

Metal

7

7/2024

USD

505,957

7,727

LME

Zinc

Base

Metal

7

7/2024

USD

506,389

11,060

LME

Zinc

Base

Metal

9

7/2024

USD

649,148

22,284

LME

Zinc

Base

Metal

11

7/2024

USD

794,668

43,670

LME

Zinc

Base

Metal

16

7/2024

USD

1,159,452

(745)

LME

Zinc

Base

Metal

17

7/2024

USD

1,227,846

37,795

LME

Zinc

Base

Metal

18

7/2024

USD

1,303,065

16,473

LME

Zinc

Base

Metal

27

7/2024

USD

1,943,548

284,669

LME

Zinc

Base

Metal

63

7/2024

USD

4,537,449

447,463

Natural

Gas

110

7/2024

GBP

3,506,658

(112,782)

Natural

Gas

158

7/2024

USD

4,109,580

(256,793)

Natural

Gas

170

7/2024

EUR

4,670,446

(114,727)

WTI

Crude

Oil

45

7/2024

USD

3,669,300

218,252

100

oz

Gold

660

8/2024

USD

154,413,599

(3,770,503)

Brent

Crude

Oil

461

8/2024

USD

38,811,590

1,236,689

Lean

Hogs

85

8/2024

USD

3,043,000

(71,356)

Live

Cattle

225

8/2024

USD

16,688,250

776,253

LME

Aluminum

Base

Metal

1

8/2024

USD

62,532

(1,471)

LME

Aluminum

Base

Metal

1

8/2024

USD

62,860

(5,818)

LME

Aluminum

Base

Metal

10

8/2024

USD

627,170

(23,885)

LME

Aluminum

Base

Metal

11

8/2024

USD

688,342

(15,883)

LME

Aluminum

Base

Metal

39

8/2024

USD

2,441,176

(43,254)

LME

Aluminum

Base

Metal

45

8/2024

USD

2,819,453

(43,807)

LME

Aluminum

Base

Metal

74

8/2024

USD

4,652,935

(362,120)

LME

Aluminum

Base

Metal

75

8/2024

USD

4,704,713

(356,545)

LME

Aluminum

Base

Metal

76

8/2024

USD

4,763,376

(124,478)

LME

Aluminum

Base

Metal

79

8/2024

USD

4,950,555

(47,225)

LME

Aluminum

Base

Metal

150

8/2024

USD

9,403,013

(282,710)

LME

Copper

Base

Metal

2

8/2024

USD

476,471

(15,884)

LME

Copper

Base

Metal

5

8/2024

USD

1,191,423

(43,547)

LME

Copper

Base

Metal

5

8/2024

USD

1,195,286

(113,828)

LME

Copper

Base

Metal

8

8/2024

USD

1,909,308

(212,313)

LME

Copper

Base

Metal

8

8/2024

USD

1,909,508

(152,905)

LME

Copper

Base

Metal

11

8/2024

USD

2,617,343

(97,386)

LME

Copper

Base

Metal

12

8/2024

USD

2,863,722

(424,310)

LME

Copper

Base

Metal

14

8/2024

USD

3,338,738

(208,423)

LME

Copper

Base

Metal

15

8/2024

USD

3,579,859

(507,681)

LME

Copper

Base

Metal

15

8/2024

USD

3,572,794

(173,411)

LME

Copper

Base

Metal

24

8/2024

USD

5,725,332

(443,127)

LME

Copper

Base

Metal

27

8/2024

USD

6,455,052

(389,857)

LME

Copper

Base

Metal

31

8/2024

USD

7,394,446

(514,436)

LME

Copper

Base

Metal

80

8/2024

USD

19,087,039

(1,806,645)

LME

Lead

Base

Metal

1

8/2024

USD

55,105

(684)

LME

Lead

Base

Metal

2

8/2024

USD

110,245

(760)

LME

Lead

Base

Metal

3

8/2024

USD

165,260

(2,740)

LME

Lead

Base

Metal

4

8/2024

USD

219,990

2,979

LME

Lead

Base

Metal

4

8/2024

USD

220,847

(4,364)

LME

Lead

Base

Metal

5

8/2024

USD

277,595

(12,418)

LME

Lead

Base

Metal

6

8/2024

USD

329,868

710

LME

Lead

Base

Metal

6

8/2024

USD

332,213

(8,903)

LME

Lead

Base

Metal

15

8/2024

USD

828,443

(28,472)

LME

Lead

Base

Metal

20

8/2024

USD

1,106,375

(60,553)

LME

Lead

Base

Metal

26

8/2024

USD

1,436,429

(50,765)

LME

Nickel

Base

Metal

1

8/2024

USD

103,132

(26,057)

LME

Nickel

Base

Metal

3

8/2024

USD

308,128

(32,097)

208

AQR

Funds

|

Semi-Annual

Report

|

June

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

RISK-BALANCED

COMMODITIES

STRATEGY

FUND

Consolidated

Schedule

of

Investments

June

30,

2024

(Unaudited)

(Continued)

DESCRIPTION

NUMBER

OF

CONTRACTS

EXPIRATION

DATE

TRADING

CURRENCY

NOTIONAL

AMOUNT

VALUE

AND

UNREALIZED

APPRECIATION

(DEPRECIATION)

Long

Contracts

(continued)

LME

Nickel

Base

Metal

3

8/2024

USD

$

308,173

$

(32,666)

LME

Nickel

Base

Metal

4

8/2024

USD

411,366

(48,648)

LME

Nickel

Base

Metal

6

8/2024

USD

618,813

(104,626)

LME

Nickel

Base

Metal

6

8/2024

USD

619,565

(119,870)

LME

Nickel

Base

Metal

8

8/2024

USD

826,255

(138,329)

LME

Nickel

Base

Metal

9

8/2024

USD

927,106

(110,603)

LME

Nickel

Base

Metal

11

8/2024

USD

1,133,665

(159,308)

LME

Nickel

Base

Metal

11

8/2024

USD

1,131,791

(114,934)

LME

Zinc

Base

Metal

1

8/2024

USD

72,889

(6,026)

LME

Zinc

Base

Metal

2

8/2024

USD

145,044

2,027

LME

Zinc

Base

Metal

2

8/2024

USD

145,964

(11,009)

LME

Zinc

Base

Metal

4

8/2024

USD

290,701

931

LME

Zinc

Base

Metal

6

8/2024

USD

435,245

227

LME

Zinc

Base

Metal

8

8/2024

USD

582,396

(22,216)

LME

Zinc

Base

Metal

13

8/2024

USD

944,249

(9,970)

LME

Zinc

Base

Metal

17

8/2024

USD

1,238,896

(55,655)

LME

Zinc

Base

Metal

20

8/2024

USD

1,459,995

(61,355)

LME

Zinc

Base

Metal

22

8/2024

USD

1,601,193

(39,307)

LME

Zinc

Base

Metal

34

8/2024

USD

2,475,787

(33,264)

LME

Zinc

Base

Metal

35

8/2024

USD

2,551,106

(158,012)

Low

Sulphur

Gasoil

22

8/2024

USD

1,724,800

71,347

Natural

Gas

735

8/2024

USD

19,095,300

(1,239,709)

NY

Harbor

ULSD

70

8/2024

USD

7,493,766

109,080

RBOB

Gasoline

22

8/2024

USD

2,283,204

94,969

SGX

Iron

Ore

651

8/2024

USD

6,923,385

103,530

WTI

Crude

Oil

156

8/2024

USD

12,579,840

(26,562)

Cocoa

73

9/2024

USD

5,643,630

(1,135,973)

Coffee

'C'

315

9/2024

USD

26,790,750

(24,800)

Corn

1,835

9/2024

USD

37,388,125

(5,079,758)

Feeder

Cattle

23

9/2024

USD

2,985,975

(18,293)

LME

Aluminum

Base

Metal

10

9/2024

USD

629,483

(37,790)

LME

Aluminum

Base

Metal

11

9/2024

USD

693,674

(3,977)

LME

Aluminum

Base

Metal

17

9/2024

USD

1,071,608

(20,106)

LME

Aluminum

Base

Metal

17

9/2024

USD

1,071,897

(3,577)

LME

Aluminum

Base

Metal

18

9/2024

USD

1,133,519

(56,335)

LME

Aluminum

Base

Metal

21

9/2024

USD

1,323,929

(7,003)

LME

Aluminum

Base

Metal

26

9/2024

USD

1,637,630

(73,589)

LME

Aluminum

Base

Metal

31

9/2024

USD

1,956,488

(3,378)

LME

Aluminum

Base

Metal

34

9/2024

USD

2,145,400

19,427

LME

Aluminum

Base

Metal

35

9/2024

USD

2,203,626

(119,658)

LME

Aluminum

Base

Metal

89

9/2024

USD

5,611,027

32,101

LME

Aluminum

Base

Metal

127

9/2024

USD

8,013,097

85,132

LME

Aluminum

Base

Metal

1,628

9/2024

USD

102,708,892

(853,131)

LME

Copper

Base

Metal

2

9/2024

USD

478,344

(26,025)

LME

Copper

Base

Metal

3

9/2024

USD

718,692

(18,612)

LME

Copper

Base

Metal

4

9/2024

USD

958,433

(24,836)

LME

Copper

Base

Metal

10

9/2024

USD

2,391,958

(106,919)

LME

Copper

Base

Metal

11

9/2024

USD

2,639,725

(8,554)

LME

Copper

Base

Metal

16

9/2024

USD

3,838,940

17,429

LME

Copper

Base

Metal

17

9/2024

USD

4,066,736

(145,909)

LME

Copper

Base

Metal

29

9/2024

USD

6,953,765

(35,953)

LME

Copper

Base

Metal

32

9/2024

USD

7,671,760

(91,893)

LME

Copper

Base

Metal

350

9/2024

USD

83,931,313

(2,808,506)

LME

Lead

Base

Metal

1

9/2024

USD

55,666

(1,461)

LME

Lead

Base

Metal

1

9/2024

USD

55,697

(208)

LME

Lead

Base

Metal

2

9/2024

USD

111,160

1,155

Consolidated

Schedule

of

Investments

June

30,

2024

(Unaudited)

AQR

RISK-BALANCED

COMMODITIES

STRATEGY

FUND

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

Funds

|

Semi-Annual

Report

|

June

2024

209

(Continued)

DESCRIPTION

NUMBER

OF

CONTRACTS

EXPIRATION

DATE

TRADING

CURRENCY

NOTIONAL

AMOUNT

VALUE

AND

UNREALIZED

APPRECIATION

(DEPRECIATION)

Long

Contracts

(continued)

LME

Lead

Base

Metal

2

9/2024

USD

$

111,394

$

(112)

LME

Lead

Base

Metal

3

9/2024

USD

167,081

4,413

LME

Lead

Base

Metal

4

9/2024

USD

222,737

3,744

LME

Lead

Base

Metal

8

9/2024

USD

444,830

3,809

LME

Lead

Base

Metal

9

9/2024

USD

500,400

5,376

LME

Lead

Base

Metal

10

9/2024

USD

557,228

18,618

LME

Lead

Base

Metal

36

9/2024

USD

2,005,533

58,935

LME

Lead

Base

Metal

312

9/2024

USD

17,386,590

308,491

LME

Nickel

Base

Metal

3

9/2024

USD

310,883

(2,056)

LME

Nickel

Base

Metal

3

9/2024

USD

310,062

(35,817)

LME

Nickel

Base

Metal

3

9/2024

USD

310,577

(9,472)

LME

Nickel

Base

Metal

4

9/2024

USD

413,607

(28,431)

LME

Nickel

Base

Metal

11

9/2024

USD

1,138,583

(36,580)

LME

Nickel

Base

Metal

13

9/2024

USD

1,343,288

(176,758)

LME

Nickel

Base

Metal

14

9/2024

USD

1,449,022

(67,220)

LME

Nickel

Base

Metal

21

9/2024

USD

2,174,415

(51,048)

LME

Nickel

Base

Metal

23

9/2024

USD

2,383,674

10,018

LME

Nickel

Base

Metal

150

9/2024

USD

15,545,484

(937,647)

LME

Zinc

Base

Metal

3

9/2024

USD

219,748

11,089

LME

Zinc

Base

Metal

3

9/2024

USD

219,860

10,583

LME

Zinc

Base

Metal

4

9/2024

USD

292,422

3,412

LME

Zinc

Base

Metal

5

9/2024

USD

365,653

3,725

LME

Zinc

Base

Metal

6

9/2024

USD

439,608

18,553

LME

Zinc

Base

Metal

9

9/2024

USD

657,632

(10,044)

LME

Zinc

Base

Metal

10

9/2024

USD

732,305

30,319

LME

Zinc

Base

Metal

17

9/2024

USD

1,248,119

5,201

LME

Zinc

Base

Metal

37

9/2024

USD

2,712,378

75,607

LME

Zinc

Base

Metal

73

9/2024

USD

5,356,777

235,488

LME

Zinc

Base

Metal

496

9/2024

USD

36,399,828

1,483,150

Low

Sulphur

Gasoil

480

9/2024

USD

37,632,000

643,420

Silver

284

9/2024

USD

41,975,200

(206,578)

Sugar

No.

11

1,576

9/2024

USD

35,831,936

2,104,426

Wheat

301

9/2024

USD

8,631,175

(728,518)

Aluminum

4

10/2024

USD

250,800

689

Soybean

801

11/2024

USD

44,215,200

(3,480,492)

Cotton

No.

2

181

12/2024

USD

6,578,445

(117,683)

ECX

Emission

300

12/2024

EUR

21,677,099

379,859

Milling

Wheat

No.

2

1,046

12/2024

EUR

12,966,474

(379,195)

Phelix

De

Base

Electricity

8

12/2024

EUR

6,850,012

262,692

Soybean

Meal

948

12/2024

USD

31,805,400

(1,579,823)

Soybean

Oil

699

12/2024

USD

18,365,526

(104,504)

Platinum

101

4/2025

JPY

1,621,499

74,749

Platinum

24

6/2025

JPY

385,978

570

Total

of

long

contracts

(23,956,753)

Short

Contracts

LME

Aluminum

Base

Metal

(1)

7/2024

USD

(62,494)

1,878

LME

Aluminum

Base

Metal

(3)

7/2024

USD

(186,902)

(1,734)

LME

Aluminum

Base

Metal

(8)

7/2024

USD

(498,434)

(9,954)

LME

Aluminum

Base

Metal

(14)

7/2024

USD

(871,693)

16,963

LME

Aluminum

Base

Metal

(20)

7/2024

USD

(1,249,420)

29,998

LME

Aluminum

Base

Metal

(28)

7/2024

USD

(1,743,364)

110,152

LME

Aluminum

Base

Metal

(29)

7/2024

USD

(1,807,621)

98,680

LME

Aluminum

Base

Metal

(31)

7/2024

USD

(1,929,998)

(36,630)

LME

Aluminum

Base

Metal

(32)

7/2024

USD

(1,995,360)

82,675

LME

Aluminum

Base

Metal

(33)

7/2024

USD

(2,054,679)

69,095

LME

Aluminum

Base

Metal

(36)

7/2024

USD

(2,243,322)

153,136

210

AQR

Funds

|

Semi-Annual

Report

|

June

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

RISK-BALANCED

COMMODITIES

STRATEGY

FUND

Consolidated

Schedule

of

Investments

June

30,

2024

(Unaudited)

(Continued)

DESCRIPTION

NUMBER

OF

CONTRACTS

EXPIRATION

DATE

TRADING

CURRENCY

NOTIONAL

AMOUNT

VALUE

AND

UNREALIZED

APPRECIATION

(DEPRECIATION)

Short

Contracts

(continued)

LME

Aluminum

Base

Metal

(38)

7/2024

USD

$

(2,370,374)

$

99,525

LME

Aluminum

Base

Metal

(39)

7/2024

USD

(2,426,258)

(116,111)

LME

Aluminum

Base

Metal

(47)

7/2024

USD

(2,926,361)

139,073

LME

Copper

Base

Metal

(1)

7/2024

USD

(237,744)

12,985

LME

Copper

Base

Metal

(1)

7/2024

USD

(237,249)

7,479

LME

Copper

Base

Metal

(1)

7/2024

USD

(236,895)

152

LME

Copper

Base

Metal

(3)

7/2024

USD

(710,496)

(4,871)

LME

Copper

Base

Metal

(3)

7/2024

USD

(713,378)

47,431

LME

Copper

Base

Metal

(4)

7/2024

USD

(949,989)

29,501

LME

Copper

Base

Metal

(4)

7/2024

USD

(948,846)

20,972

LME

Copper

Base

Metal

(5)

7/2024

USD

(1,183,848)

(6,611)

LME

Copper

Base

Metal

(7)

7/2024

USD

(1,660,349)

(1,429)

LME

Copper

Base

Metal

(10)

7/2024

USD

(2,365,820)

(32,810)

LME

Copper

Base

Metal

(10)

7/2024

USD

(2,373,980)

101,350

LME

Copper

Base

Metal

(13)

7/2024

USD

(3,088,108)

129,390

LME

Copper

Base

Metal

(13)

7/2024

USD

(3,073,941)

(120,392)

LME

Lead

Base

Metal

(2)

7/2024

USD

(109,489)

406

LME

Lead

Base

Metal

(2)

7/2024

USD

(109,187)

(81)

LME

Lead

Base

Metal

(2)

7/2024

USD

(109,618)

(1,925)

LME

Lead

Base

Metal

(3)

7/2024

USD

(164,051)

(783)

LME

Lead

Base

Metal

(5)

7/2024

USD

(274,126)

1,015

LME

Lead

Base

Metal

(5)

7/2024

USD

(273,643)

(656)

LME

Lead

Base

Metal

(7)

7/2024

USD

(383,551)

(1,117)

LME

Lead

Base

Metal

(8)

7/2024

USD

(439,512)

4,467

LME

Lead

Base

Metal

(9)

7/2024

USD

(491,544)

(4,443)

LME

Lead

Base

Metal

(11)

7/2024

USD

(601,766)

(2,570)

LME

Lead

Base

Metal

(14)

7/2024

USD

(762,157)

(48,304)

LME

Lead

Base

Metal

(16)

7/2024

USD

(871,716)

(27,223)

LME

Lead

Base

Metal

(17)

7/2024

USD

(930,385)

(14,554)

LME

Nickel

Base

Metal

(1)

7/2024

USD

(102,664)

13,133

LME

Nickel

Base

Metal

(2)

7/2024

USD

(205,209)

23,295

LME

Nickel

Base

Metal

(3)

7/2024

USD

(308,038)

36,833

LME

Nickel

Base

Metal

(3)

7/2024

USD

(307,336)

24,541

LME

Nickel

Base

Metal

(3)

7/2024

USD

(307,678)

25,314

LME

Nickel

Base

Metal

(4)

7/2024

USD

(410,226)

16,362

LME

Nickel

Base

Metal

(6)

7/2024

USD

(614,802)

32,142

LME

Nickel

Base

Metal

(6)

7/2024

USD

(614,529)

31,923

LME

Nickel

Base

Metal

(9)

7/2024

USD

(923,035)

117,822

LME

Nickel

Base

Metal

(9)

7/2024

USD

(923,035)

121,728

LME

Nickel

Base

Metal

(9)

7/2024

USD

(923,305)

107,631

LME

Nickel

Base

Metal

(9)

7/2024

USD

(923,170)

103,003

LME

Nickel

Base

Metal

(20)

7/2024

USD

(2,045,369)

(21,029)

LME

Nickel

Base

Metal

(39)

7/2024

USD

(3,990,692)

89,839

LME

Zinc

Base

Metal

(2)

7/2024

USD

(144,969)

1,325

LME

Zinc

Base

Metal

(3)

7/2024

USD

(216,308)

(14,304)

LME

Zinc

Base

Metal

(4)

7/2024

USD

(288,610)

(14,972)

LME

Zinc

Base

Metal

(7)

7/2024

USD

(506,389)

(13,333)

LME

Zinc

Base

Metal

(7)

7/2024

USD

(505,957)

(8,977)

LME

Zinc

Base

Metal

(9)

7/2024

USD

(649,148)

(31,687)

LME

Zinc

Base

Metal

(11)

7/2024

USD

(794,668)

(47,423)

LME

Zinc

Base

Metal

(16)

7/2024

USD

(1,159,452)

(11,636)

LME

Zinc

Base

Metal

(17)

7/2024

USD

(1,227,846)

(49,819)

LME

Zinc

Base

Metal

(18)

7/2024

USD

(1,303,065)

(20,911)

LME

Zinc

Base

Metal

(27)

7/2024

USD

(1,943,548)

(261,061)

LME

Zinc

Base

Metal

(63)

7/2024

USD

(4,537,449)

(426,835)

NY

Harbor

ULSD

(96)

7/2024

USD

(10,213,459)

(128,708)

Consolidated

Schedule

of

Investments

June

30,

2024

(Unaudited)

AQR

RISK-BALANCED

COMMODITIES

STRATEGY

FUND

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

Funds

|

Semi-Annual

Report

|

June

2024

211

(Continued)

DESCRIPTION

NUMBER

OF

CONTRACTS

EXPIRATION

DATE

TRADING

CURRENCY

NOTIONAL

AMOUNT

VALUE

AND

UNREALIZED

APPRECIATION

(DEPRECIATION)

Short

Contracts

(continued)

RBOB

Gasoline

(82)

7/2024

USD

$

(8,615,166)

$

(314,442)

LME

Aluminum

Base

Metal

(1)

8/2024

USD

(62,860)

5,978

LME

Aluminum

Base

Metal

(1)

8/2024

USD

(62,532)

2,032

LME

Aluminum

Base

Metal

(10)

8/2024

USD

(627,170)

24,695

LME

Aluminum

Base

Metal

(11)

8/2024

USD

(688,342)

16,563

LME

Aluminum

Base

Metal

(39)

8/2024

USD

(2,441,176)

44,919

LME

Aluminum

Base

Metal

(45)

8/2024

USD

(2,819,453)

43,862

LME

Aluminum

Base

Metal

(74)

8/2024

USD

(4,652,935)

365,794

LME

Aluminum

Base

Metal

(75)

8/2024

USD

(4,704,713)

323,813

LME

Aluminum

Base

Metal

(76)

8/2024

USD

(4,763,376)

135,690

LME

Aluminum

Base

Metal

(79)

8/2024

USD

(4,950,555)

62,304

LME

Aluminum

Base

Metal

(150)

8/2024

USD

(9,403,013)

334,065

LME

Copper

Base

Metal

(2)

8/2024

USD

(476,471)

16,124

LME

Copper

Base

Metal

(5)

8/2024

USD

(1,195,286)

113,451

LME

Copper

Base

Metal

(5)

8/2024

USD

(1,191,423)

37,657

LME

Copper

Base

Metal

(8)

8/2024

USD

(1,909,308)

205,279

LME

Copper

Base

Metal

(8)

8/2024

USD

(1,909,508)

153,471

LME

Copper

Base

Metal

(11)

8/2024

USD

(2,617,343)

105,763

LME

Copper

Base

Metal

(12)

8/2024

USD

(2,863,722)

412,883

LME

Copper

Base

Metal

(14)

8/2024

USD

(3,338,738)

204,276

LME

Copper

Base

Metal

(15)

8/2024

USD

(3,572,794)

167,542

LME

Copper

Base

Metal

(15)

8/2024

USD

(3,579,859)

508,777

LME

Copper

Base

Metal

(24)

8/2024

USD

(5,725,332)

483,880

LME

Copper

Base

Metal

(27)

8/2024

USD

(6,455,052)

389,223

LME

Copper

Base

Metal

(31)

8/2024

USD

(7,394,446)

525,244

LME

Copper

Base

Metal

(80)

8/2024

USD

(19,087,039)

1,712,596

LME

Lead

Base

Metal

(1)

8/2024

USD

(55,105)

618

LME

Lead

Base

Metal

(2)

8/2024

USD

(110,245)

697

LME

Lead

Base

Metal

(3)

8/2024

USD

(165,260)

2,732

LME

Lead

Base

Metal

(4)

8/2024

USD

(219,990)

(1,153)

LME

Lead

Base

Metal

(4)

8/2024

USD

(220,847)

4,324

LME

Lead

Base

Metal

(5)

8/2024

USD

(277,595)

12,553

LME

Lead

Base

Metal

(6)

8/2024

USD

(329,868)

2,066

LME

Lead

Base

Metal

(6)

8/2024

USD

(332,213)

9,527

LME

Lead

Base

Metal

(15)

8/2024

USD

(828,443)

27,132

LME

Lead

Base

Metal

(20)

8/2024

USD

(1,106,375)

58,572

LME

Lead

Base

Metal

(26)

8/2024

USD

(1,436,429)

47,927

LME

Nickel

Base

Metal

(1)

8/2024

USD

(103,132)

26,585

LME

Nickel

Base

Metal

(3)

8/2024

USD

(308,128)

36,023

LME

Nickel

Base

Metal

(3)

8/2024

USD

(308,173)

32,278

LME

Nickel

Base

Metal

(4)

8/2024

USD

(411,366)

48,871

LME

Nickel

Base

Metal

(6)

8/2024

USD

(619,565)

120,580

LME

Nickel

Base

Metal

(6)

8/2024

USD

(618,813)

106,919

LME

Nickel

Base

Metal

(8)

8/2024

USD

(826,255)

137,571

LME

Nickel

Base

Metal

(9)

8/2024

USD

(927,106)

109,721

LME

Nickel

Base

Metal

(11)

8/2024

USD

(1,131,791)

115,989

LME

Nickel

Base

Metal

(11)

8/2024

USD

(1,133,665)

160,144

LME

Zinc

Base

Metal

(1)

8/2024

USD

(72,889)

5,358

LME

Zinc

Base

Metal

(2)

8/2024

USD

(145,044)

(1,450)

LME

Zinc

Base

Metal

(2)

8/2024

USD

(145,964)

10,230

LME

Zinc

Base

Metal

(4)

8/2024

USD

(290,701)

(3,063)

LME

Zinc

Base

Metal

(6)

8/2024

USD

(435,245)

488

LME

Zinc

Base

Metal

(8)

8/2024

USD

(582,396)

20,919

LME

Zinc

Base

Metal

(13)

8/2024

USD

(944,249)

4,229

LME

Zinc

Base

Metal

(17)

8/2024

USD

(1,238,896)

57,144

LME

Zinc

Base

Metal

(20)

8/2024

USD

(1,459,995)

51,420

212

AQR

Funds

|

Semi-Annual

Report

|

June

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

RISK-BALANCED

COMMODITIES

STRATEGY

FUND

Consolidated

Schedule

of

Investments

June

30,

2024

(Unaudited)

(Continued)

DESCRIPTION

NUMBER

OF

CONTRACTS

EXPIRATION

DATE

TRADING

CURRENCY

NOTIONAL

AMOUNT

VALUE

AND

UNREALIZED

APPRECIATION

(DEPRECIATION)

Short

Contracts

(continued)

LME

Zinc

Base

Metal

(22)

8/2024

USD

$

(1,601,193)

$

40,798

LME

Zinc

Base

Metal

(34)

8/2024

USD

(2,475,787)

47,886

LME

Zinc

Base

Metal

(35)

8/2024

USD

(2,551,106)

149,477

Natural

Gas

(47)

8/2024

USD

(1,221,060)

53,246

Copper

(10)

9/2024

USD

(1,097,875)

10,245

KC

HRW

Wheat

(32)

9/2024

USD

(938,000)

8,485

LME

Aluminum

Base

Metal

(10)

9/2024

USD

(629,483)

36,743

LME

Aluminum

Base

Metal

(11)

9/2024

USD

(693,674)

7,568

LME

Aluminum

Base

Metal

(17)

9/2024

USD

(1,071,608)

19,741

LME

Aluminum

Base

Metal

(17)

9/2024

USD

(1,071,897)

2,877

LME

Aluminum

Base

Metal

(18)

9/2024

USD

(1,133,519)

52,138

LME

Aluminum

Base

Metal

(21)

9/2024

USD

(1,323,929)

10,555

LME

Aluminum

Base

Metal

(26)

9/2024

USD

(1,637,630)

77,043

LME

Aluminum

Base

Metal

(31)

9/2024

USD

(1,956,488)

7,270

LME

Aluminum

Base

Metal

(34)

9/2024

USD

(2,145,400)

(20,502)

LME

Aluminum

Base

Metal

(35)

9/2024

USD

(2,203,626)

112,019

LME

Aluminum

Base

Metal

(89)

9/2024

USD

(5,611,027)

(42,118)

LME

Aluminum

Base

Metal

(127)

9/2024

USD

(8,013,097)

(66,401)

LME

Aluminum

Base

Metal

(405)

9/2024

USD

(25,551,045)

584,301

LME

Copper

Base

Metal

(2)

9/2024

USD

(478,344)

25,901

LME

Copper

Base

Metal

(3)

9/2024

USD

(718,692)

18,175

LME

Copper

Base

Metal

(4)

9/2024

USD

(958,433)

25,306

LME

Copper

Base

Metal

(10)

9/2024

USD

(2,391,958)

109,762

LME

Copper

Base

Metal

(11)

9/2024

USD

(2,639,725)

5,035

LME

Copper

Base

Metal

(16)

9/2024

USD

(3,838,940)

(12,792)

LME

Copper

Base

Metal

(17)

9/2024

USD

(4,066,736)

144,865

LME

Copper

Base

Metal

(29)

9/2024

USD

(6,953,765)

31,533

LME

Copper

Base

Metal

(32)

9/2024

USD

(7,671,760)

94,708

LME

Copper

Base

Metal

(180)

9/2024

USD

(43,164,675)

2,020,520

LME

Lead

Base

Metal

(1)

9/2024

USD

(55,697)

151

LME

Lead

Base

Metal

(1)

9/2024

USD

(55,666)

1,193

LME

Lead

Base

Metal

(2)

9/2024

USD

(111,160)

(1,242)

LME

Lead

Base

Metal

(2)

9/2024

USD

(111,394)

67

LME

Lead

Base

Metal

(3)

9/2024

USD

(167,081)

(5,164)

LME

Lead

Base

Metal

(4)

9/2024

USD

(222,737)

(3,548)

LME

Lead

Base

Metal

(8)

9/2024

USD

(444,830)

(5,664)

LME

Lead

Base

Metal

(9)

9/2024

USD

(500,400)

(4,506)

LME

Lead

Base

Metal

(10)

9/2024

USD

(557,228)

(21,254)

LME

Lead

Base

Metal

(36)

9/2024

USD

(2,005,533)

(57,003)

LME

Lead

Base

Metal

(98)

9/2024

USD

(5,461,173)

77,147

LME

Nickel

Base

Metal

(3)

9/2024

USD

(310,577)

12,599

LME

Nickel

Base

Metal

(3)

9/2024

USD

(310,883)

1,408

LME

Nickel

Base

Metal

(3)

9/2024

USD

(310,062)

36,108

LME

Nickel

Base

Metal

(4)

9/2024

USD

(413,607)

24,963

LME

Nickel

Base

Metal

(11)

9/2024

USD

(1,138,583)

39,287

LME

Nickel

Base

Metal

(13)

9/2024

USD

(1,343,288)

175,211

LME

Nickel

Base

Metal

(14)

9/2024

USD

(1,449,022)

62,323

LME

Nickel

Base

Metal

(21)

9/2024

USD

(2,174,415)

46,062

LME

Nickel

Base

Metal

(23)

9/2024

USD

(2,383,674)

(8,692)

LME

Nickel

Base

Metal

(200)

9/2024

USD

(20,727,312)

1,573,729

LME

Zinc

Base

Metal

(3)

9/2024

USD

(219,748)

(10,353)

LME

Zinc

Base

Metal

(3)

9/2024

USD

(219,860)

(8,144)

LME

Zinc

Base

Metal

(4)

9/2024

USD

(292,422)

(2,559)

LME

Zinc

Base

Metal

(5)

9/2024

USD

(365,653)

(6,571)

LME

Zinc

Base

Metal

(6)

9/2024

USD

(439,608)

(17,376)

LME

Zinc

Base

Metal

(9)

9/2024

USD

(657,632)

12,728

Consolidated

Schedule

of

Investments

June

30,

2024

(Unaudited)

AQR

RISK-BALANCED

COMMODITIES

STRATEGY

FUND

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

Funds

|

Semi-Annual

Report

|

June

2024

213

DESCRIPTION

NUMBER

OF

CONTRACTS

EXPIRATION

DATE

TRADING

CURRENCY

NOTIONAL

AMOUNT

VALUE

AND

UNREALIZED

APPRECIATION

(DEPRECIATION)

Short

Contracts

(continued)

LME

Zinc

Base

Metal

(10)

9/2024

USD

$

(732,305)

$

(32,335)

LME

Zinc

Base

Metal

(17)

9/2024

USD

(1,248,119)

(2,920)

LME

Zinc

Base

Metal

(37)

9/2024

USD

(2,712,378)

(77,163)

LME

Zinc

Base

Metal

(73)

9/2024

USD

(5,356,777)

(243,345)

LME

Zinc

Base

Metal

(106)

9/2024

USD

(7,778,996)

45,734

100

oz

Gold

(12)

12/2024

USD

(2,862,720)

397

Total

of

short

contracts

12,860,363

Net

value

$

(11,096,390)

Collateral

pledged

to,

or

(received

from),

each

counterparty

for

the

Subsidiary

(See

Note

2)

at

June

30,

2024

was

as

follows:

COUNTERPARTY

OVER-THE-COUNTER

EXCHANGE-TRADED/

EXCHANGE-CLEARED

TOTAL

GSCO

Cash

$

–

$

9,187,228

$

9,187,228

JPPC

Cash

–

46,782,341

46,782,341

MSCL

Cash

–

6,919,260

6,919,260

214

AQR

Funds

|

Semi-Annual

Report

|

June

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

(Continued)

AQR

STYLE

PREMIA

ALTERNATIVE

FUND

Consolidated

Schedule

of

Investments

June

30,

2024

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

LONG

POSITIONS

-

261.7%

COMMON

STOCKS

-

199.0%

Australia

-

5.5%

AGL

Energy

Ltd.

(2)(a)

458,867

3,306,361

ANZ

Group

Holdings

Ltd.

(2)(a)

60,636

1,139,211

Aristocrat

Leisure

Ltd.

(2)(a)

167,063

5,532,380

Aurizon

Holdings

Ltd.

(2)(a)

1,374,392

3,338,730

BHP

Group

Ltd.

(2)(a)

109,708

3,135,670

BlueScope

Steel

Ltd.

(2)(a)

319,714

4,340,003

Brambles

Ltd.

(2)(a)

271,890

2,623,720

CAR

Group

Ltd.

(2)(a)

46,939

1,098,943

Cleanaway

Waste

Management

Ltd.

(2)(a)

384,860

710,248

Cochlear

Ltd.

(2)(a)

8,166

1,802,563

Fortescue

Ltd.

(2)(a)

145,008

2,064,400

GPT

Group

(The),

REIT

(2)(a)

249,775

665,945

Harvey

Norman

Holdings

Ltd.

(2)

(a)

694,707

1,923,175

IGO

Ltd.

(2)(a)

283,877

1,062,631

Incitec

Pivot

Ltd.

(2)(a)

1,167,021

2,251,207

JB

Hi-Fi

Ltd.

(2)(a)

156,421

6,355,673

Lendlease

Corp.

Ltd.

(2)(a)

397,665

1,430,217

Medibank

Pvt

Ltd.

(2)(a)

264,218

654,816

New

Hope

Corp.

Ltd.

(2)(a)

37,086

120,118

Orica

Ltd.

(2)(a)

109,050

1,295,064

Origin

Energy

Ltd.

(2)(a)

94,671

684,941

Pro

Medicus

Ltd.

(2)(a)

24,661

2,342,116

Qantas

Airways

Ltd.

(2)*(a)

285,014

1,109,197

QBE

Insurance

Group

Ltd.

(2)(a)

163,890

1,891,884

Qube

Holdings

Ltd.

(2)(a)

661,530

1,606,655

REA

Group

Ltd.

(2)(a)

5,300

692,046

Seven

Group

Holdings

Ltd.

(2)(a)

52,579

1,313,538

Tabcorp

Holdings

Ltd.

(2)(a)

734,251

340,671

Telstra

Group

Ltd.

(2)(a)

517,423

1,249,173

Vicinity

Ltd.,

REIT

(2)(a)

592,919

729,044

Washington

H

Soul

Pattinson

&

Co.

Ltd.

(2)(a)

16,661

363,489

Wesfarmers

Ltd.

(2)(a)

77,472

3,354,655

Westpac

Banking

Corp.

(2)(a)

115,259

2,087,012

Whitehaven

Coal

Ltd.

(2)(a)

236,399

1,202,898

Worley

Ltd.

(2)(a)

85,094

847,389

Yancoal

Australia

Ltd.

(2)(a)

314,279

1,381,603

66,047,386

Austria

-

0.3%

Mondi

plc

(a)

217,164

4,168,541

Belgium

-

1.0%

Ageas

SA/NV

(2)(a)

94,626

4,317,479

Anheuser-Busch

InBev

SA/NV

(2)

(a)

14,544

844,363

KBC

Group

NV

(2)(a)

39,403

2,776,433

Proximus

SADP

(2)(a)

164,173

1,306,716

Solvay

SA

(2)(a)

37,968

1,338,906

Umicore

SA

(2)(a)

89,735

1,350,403

11,934,300

Brazil

-

0.3%

Ambev

SA,

ADR

*

166,331

340,979

Gerdau

SA,

ADR

25,126

82,916

Vale

SA,

Class

B,

ADR

(a)

21,760

243,059

INVESTMENTS

SHARES

VALUE

($)

Brazil

-

0.3%

(continued)

Yara

International

ASA

(2)

109,775

3,163,491

3,830,445

Canada

-

8.1%

Air

Canada

*(a)

345,063

4,514,914

AltaGas

Ltd.

(a)

130,139

2,940,387

ARC

Resources

Ltd.

(a)

86,074

1,535,811

Atco

Ltd.,

Class

I

(a)

65,858

1,876,018

Bank

of

Nova

Scotia

(The)

(a)

78,421

3,587,286

Bombardier,

Inc.,

Class

B

*(a)

22,109

1,417,801

CAE,

Inc.

*(a)

36,185

672,096

Canadian

Imperial

Bank

of

Commerce

(a)

88,403

4,203,512

Canadian

Natural

Resources

Ltd.

(a)

25,440

906,174

Canadian

Tire

Corp.

Ltd.,

Class

A

(a)

23,437

2,325,455

Capital

Power

Corp.

(a)

141,849

4,042,756

Celestica,

Inc.

*(a)

53,437

3,060,016

Cenovus

Energy,

Inc.

(a)

107,770

2,118,296

CGI,

Inc.

*(a)

29,132

2,907,770

Constellation

Software,

Inc.

(a)

486

1,400,354

Descartes

Systems

Group,

Inc.

(The)

*(a)

3,219

311,888

Dollarama,

Inc.

(a)

6,615

603,984

Empire

Co.

Ltd.,

Class

A

(a)

151,965

3,884,519

Fairfax

Financial

Holdings

Ltd.

(a)

5,780

6,575,480

Finning

International,

Inc.

(a)

68,784

2,016,685

Fortis,

Inc.

(a)

5,639

219,163

George

Weston

Ltd.

(a)

16,592

2,386,711

iA

Financial

Corp.,

Inc.

(a)

35,670

2,239,984

IGM

Financial,

Inc.

(a)

57,841

1,596,911

Imperial

Oil

Ltd.

(a)

24,399

1,663,637

Intact

Financial

Corp.

(a)

1,829

304,836

Kinross

Gold

Corp.

(a)

212,217

1,766,859

Loblaw

Cos.

Ltd.

(a)

18,438

2,138,892

Magna

International,

Inc.

(a)

21,573

904,204

Manulife

Financial

Corp.

(a)

270,996

7,216,390

MEG

Energy

Corp.

*(a)

85,554

1,830,463

National

Bank

of

Canada

(a)

14,694

1,165,488

Northland

Power,

Inc.

(a)

32,560

559,783

Nutrien

Ltd.

(a)

20,484

1,042,879

Onex

Corp.

(a)

29,195

1,985,102

Open

Text

Corp.

(a)

106,868

3,209,048

Parkland

Corp.

(a)

45,745

1,282,351

Quebecor,

Inc.,

Class

B

(a)

16,323

344,465

Saputo,

Inc.

(a)

65,290

1,466,108

Sun

Life

Financial,

Inc.

(a)

39,460

1,934,854

Suncor

Energy,

Inc.

(a)

90,639

3,455,154

TFI

International,

Inc.

(a)

7,782

1,129,942

Toromont

Industries

Ltd.

(a)

2,355

208,517

Tourmaline

Oil

Corp.

(a)

4,646

210,726

West

Fraser

Timber

Co.

Ltd.

(a)

30,179

2,317,830

Whitecap

Resources,

Inc.

(a)

407,961

2,985,044

96,466,543

China

-

1.9%

Autohome,

Inc.,

ADR

(a)

19,733

541,671

BOC

Hong

Kong

Holdings

Ltd.

(2)

741,000

2,286,500

NXP

Semiconductors

NV

(a)

15,077

4,057,070

Consolidated

Schedule

of

Investments

June

30,

2024

(Unaudited)

AQR

STYLE

PREMIA

ALTERNATIVE

FUND

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

Funds

|

Semi-Annual

Report

|

June

2024

215

(Continued)

INVESTMENTS

SHARES

VALUE

($)

China

-

1.9%

(continued)

Prosus

NV

(2)*(a)

43,547

1,548,465

Qifu

Technology,

Inc.,

ADR

(a)

16,491

325,367

SITC

International

Holdings

Co.

Ltd.

(2)

305,000

827,035

Tencent

Music

Entertainment

Group,

ADR

(a)

31,675

445,034

Wilmar

International

Ltd.

(2)

800,100

1,824,440

Xinyi

Glass

Holdings

Ltd.

(2)

1,810,000

1,982,171

Yangzijiang

Shipbuilding

Holdings

Ltd.

(2)

4,970,900

8,997,687

22,835,440

Denmark

-

2.5%

AP

Moller

-

Maersk

A/S,

Class

B

(2)(a)

2,129

3,692,424

Carlsberg

A/S,

Class

B

(2)(a)

23,837

2,861,729

Danske

Bank

A/S

(2)(a)

113,587

3,387,849

Demant

A/S

(2)*(a)

44,500

1,927,324

Genmab

A/S

(2)*(a)

12,366

3,098,839

ISS

A/S

(2)(a)

210,894

3,621,085

Jyske

Bank

A/S

(Registered)

(2)(a)

25,867

2,060,668

Pandora

A/S

(2)(a)

27,911

4,200,969

ROCKWOOL

A/S,

Class

B

(2)(a)

11,688

4,738,072

Royal

Unibrew

A/S

(2)*(a)

2,764

219,215

29,808,174

Finland

-

1.2%

Elisa

OYJ

(2)(a)

4,764

218,109

Fortum

OYJ

(2)(a)

376,042

5,505,078

Huhtamaki

OYJ

(2)(a)

21,034

841,173

Kone

OYJ,

Class

B

(2)(a)

12,264

608,066

Nokia

OYJ

(2)(a)

981,697

3,736,402

Nordea

Bank

Abp

(2)(a)

72,228

861,032

UPM-Kymmene

OYJ

(2)(a)

11,774

413,533

Valmet

OYJ

(2)(a)

55,295

1,582,503

Wartsila

OYJ

Abp

(2)(a)

37,397

724,989

14,490,885

France

-

5.5%

Amundi

SA

(2)(a)(b)

20,247

1,309,515

Arkema

SA

(2)(a)

20,683

1,802,387

AXA

SA

(2)(a)

37,626

1,233,050

BNP

Paribas

SA

(2)(a)

36,489

2,333,548

Bouygues

SA

(2)(a)

186,339

5,989,752

Carrefour

SA

(2)(a)

374,562

5,307,640

Cie

de

Saint-Gobain

SA

(2)(a)

96,221

7,483,505

Credit

Agricole

SA

(2)(a)

293,819

4,011,986

Eiffage

SA

(2)(a)

50,283

4,621,331

Engie

SA

(2)(a)

53,724

769,347

Forvia

SE

(2)(a)

93,584

1,116,634

Gaztransport

Et

Technigaz

SA

(2)

(a)

11,144

1,457,922

Ipsen

SA

(2)(a)

8,163

1,002,897

La

Francaise

des

Jeux

SAEM

(2)

(a)(b)

6,113

208,209

Orange

SA

(2)(a)

325,723

3,267,167

Publicis

Groupe

SA

(2)(a)

4,884

518,774

Rexel

SA

(2)(a)

168,770

4,365,836

Safran

SA

(2)(a)

999

210,548

SCOR

SE

(2)(a)

83,847

2,125,379

INVESTMENTS

SHARES

VALUE

($)

France

-

5.5%

(continued)

Societe

Generale

SA

(2)(a)

135,121

3,176,840

Sodexo

SA

(2)(a)

7,503

675,878

SPIE

SA

(2)(a)

10,916

395,491

TotalEnergies

SE

(2)(a)

68,548

4,589,547

Ubisoft

Entertainment

SA

(2)*(a)

34,935

764,490

Valeo

SE

(2)(a)

126,261

1,350,151

Verallia

SA

(2)(a)(b)

2,363

85,986

Vinci

SA

(2)(a)

14,932

1,573,898

Vivendi

SE

(2)(a)

71,683

749,204

Worldline

SA

(2)*(a)(b)

326,692

3,560,171

66,057,083

Germany

-

6.4%

Allianz

SE

(Registered)

(2)(a)

11,086

3,078,925

Aroundtown

SA

(2)*(a)

504,179

1,059,065

Aurubis

AG

(2)(a)

39,215

3,076,173

BASF

SE

(2)(a)

51,338

2,481,811

Bechtle

AG

(2)(a)

43,890

2,064,532

Brenntag

SE

(2)(a)

38,725

2,612,387

Commerzbank

AG

(2)(a)

325,980

4,944,543

Continental

AG

(2)(a)

54,279

3,074,210

Daimler

Truck

Holding

AG

(2)(a)

14,439

575,873

Deutsche

Bank

AG

(Registered)

(2)(a)

736,316

11,768,214

Deutsche

Lufthansa

AG

(Registered)

(2)(a)

231,275

1,418,569

Evonik

Industries

AG

(2)(a)

144,926

2,957,181

Freenet

AG

(2)(a)

45,416

1,207,605

GEA

Group

AG

(2)(a)

19,817

823,861

Hannover

Rueck

SE

(2)(a)

4,251

1,076,091

Heidelberg

Materials

AG

(2)(a)

82,218

8,499,214

HOCHTIEF

AG

(2)(a)

4,654

530,174

HUGO

BOSS

AG

(2)(a)

27,971

1,257,667

K+S

AG

(Registered)

(2)(a)

75,420

1,016,565

KION

Group

AG

(2)(a)

32,027

1,337,876

Knorr-Bremse

AG

(2)(a)

21,004

1,605,439

LANXESS

AG

(2)(a)

27,507

676,639

LEG

Immobilien

SE

(2)(a)

2,927

239,125

Muenchener

Rueckversicherungs-

Gesellschaft

AG

in

Muenchen

(Registered)

(2)(a)

5,526

2,762,753

RWE

AG

(2)(a)

94,671

3,247,721

Talanx

AG

(2)(a)

34,757

2,769,773

TeamViewer

SE

(2)*(a)(b)

65,320

731,114

thyssenkrupp

AG

(2)(a)

880,930

3,813,800

TUI

AG

(2)*

422,844

2,988,965

Zalando

SE

(2)*(a)(b)

125,478

2,945,548

76,641,413

Guatemala

-

0.1%

Millicom

International

Cellular

SA,

SDR

(2)*

31,407

762,609

Hong

Kong

-

1.0%

CK

Asset

Holdings

Ltd.

(2)(a)

498,872

1,868,808

CLP

Holdings

Ltd.

(2)(a)

58,000

469,111

Hang

Lung

Properties

Ltd.

(2)(a)

543,000

462,051

Hang

Seng

Bank

Ltd.

(2)(a)

15,400

197,988

New

World

Development

Co.

Ltd.

(2)(a)

726,000

679,409

216

AQR

Funds

|

Semi-Annual

Report

|

June

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

STYLE

PREMIA

ALTERNATIVE

FUND

Consolidated

Schedule

of

Investments

June

30,

2024

(Unaudited)

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Hong

Kong

-

1.0%

(continued)

Sun

Hung

Kai

Properties

Ltd.

(2)(a)

247,000

2,140,142

Swire

Pacific

Ltd.,

Class

A

(2)(a)

245,000

2,163,009

WH

Group

Ltd.

(2)(a)(b)

6,715,000

4,419,856

12,400,374

Italy

-

4.7%

A2A

SpA

(2)(a)

1,916,160

3,803,934

Assicurazioni

Generali

SpA

(2)(a)

195,523

4,867,345

Azimut

Holding

SpA

(2)(a)

65,075

1,533,696

Banca

Monte

dei

Paschi

di

Siena

SpA

(2)(a)

373,519

1,760,974

Banco

BPM

SpA

(2)(a)

491,141

3,160,886

BPER

Banca

SpA

(2)(a)

527,849

2,672,136

Buzzi

SpA

(2)(a)

107,483

4,328,120

Coca-Cola

HBC

AG

(2)(a)

120,624

4,105,342

Eni

SpA

(2)(a)

209,437

3,215,832

Hera

SpA

(2)(a)

485,067

1,658,000

Intesa

Sanpaolo

SpA

(2)(a)

612,948

2,277,968

Italgas

SpA

(2)(a)

100,036

494,013

Leonardo

SpA

(2)(a)

238,731

5,531,113

Nexi

SpA

(2)*(a)(b)

61,760

376,489

Pirelli

&

C

SpA

(2)(a)(b)

45,406

269,822

Poste

Italiane

SpA

(2)(a)(b)

88,686

1,128,489

Prysmian

SpA

(2)(a)

74,518

4,600,517

UniCredit

SpA

(2)(a)

96,114

3,556,797

Unipol

Gruppo

SpA

(2)(a)

688,675

6,829,814

56,171,287

Japan

-

28.5%

ABC-Mart,

Inc.

(2)(a)

30,600

537,031

AGC,

Inc.

(2)(a)

91,800

2,987,051

Air

Water,

Inc.

(2)(a)

99,000

1,345,239

Aisin

Corp.

(2)(a)

126,100

4,119,533

Alfresa

Holdings

Corp.

(2)(a)

20,400

280,383

Amada

Co.

Ltd.

(2)(a)

260,200

2,893,051

Asahi

Group

Holdings

Ltd.

(2)(a)

53,100

1,878,922

Asahi

Kasei

Corp.

(2)(a)

217,100

1,394,022

Brother

Industries

Ltd.

(2)(a)

176,900

3,124,797

Canon,

Inc.

(2)(a)

37,900

1,028,138

Central

Japan

Railway

Co.

(2)(a)

209,700

4,545,695

Chubu

Electric

Power

Co.,

Inc.

(2)

(a)

439,800

5,195,501

COMSYS

Holdings

Corp.

(2)(a)

3,100

59,843

Concordia

Financial

Group

Ltd.

(2)(a)

65,900

390,357

Cosmo

Energy

Holdings

Co.

Ltd.

(2)(a)

13,300

671,380

Dai

Nippon

Printing

Co.

Ltd.

(2)(a)

74,000

2,496,805

Dai-ichi

Life

Holdings,

Inc.

(2)(a)

132,300

3,542,974

Daito

Trust

Construction

Co.

Ltd.

(2)(a)

16,500

1,707,938

Daiwa

House

Industry

Co.

Ltd.

(2)

(a)

77,200

1,965,503

Daiwa

House

REIT

Investment

Corp.,

REIT

(2)(a)

519

794,659

Dentsu

Group,

Inc.

(2)(a)

44,300

1,121,697

ENEOS

Holdings,

Inc.

(2)(a)

1,087,700

5,605,410

Fuji

Electric

Co.

Ltd.

(2)(a)

7,500

428,554

Fujikura

Ltd.

(2)(a)

45,100

892,495

Fujitsu

Ltd.

(2)(a)

39,400

617,929

INVESTMENTS

SHARES

VALUE

($)

Japan

-

28.5%

(continued)

GLP

J-REIT

(2)(a)

270

220,457

Goldwin,

Inc.

(2)(a)

11,500

629,824

Hakuhodo

DY

Holdings,

Inc.

(2)(a)

80,900

592,204

Haseko

Corp.

(2)(a)

138,600

1,534,960

Hikari

Tsushin,

Inc.

(2)(a)

9,000

1,685,886

Hirose

Electric

Co.

Ltd.

(2)(a)

9,800

1,086,693

Hitachi

Construction

Machinery

Co.

Ltd.

(2)(a)

109,000

2,922,845

Honda

Motor

Co.

Ltd.

(2)(a)

100,700

1,082,524

Idemitsu

Kosan

Co.

Ltd.

(2)(a)

771,400

5,013,763

Iida

Group

Holdings

Co.

Ltd.

(2)(a)

169,300

2,236,834

Inpex

Corp.

(2)(a)

394,900

5,799,297

Isuzu

Motors

Ltd.

(2)(a)

68,700

913,330

Ito

En

Ltd.

(2)(a)

64,700

1,404,130

ITOCHU

Corp.

(2)(a)

24,000

1,179,797

Japan

Post

Bank

Co.

Ltd.

(2)(a)

181,500

1,723,338

Japan

Post

Holdings

Co.

Ltd.

(2)(a)

222,200

2,208,608

Japan

Post

Insurance

Co.

Ltd.

(2)

(a)

246,700

4,797,853

Japan

Real

Estate

Investment

Corp.,

REIT

(2)(a)

83

262,347

JFE

Holdings,

Inc.

(2)(a)

249,200

3,596,611

Kajima

Corp.

(2)(a)

57,200

992,191

Kansai

Electric

Power

Co.,

Inc.

(The)

(2)(a)

308,400

5,178,594

Kansai

Paint

Co.

Ltd.

(2)(a)

111,400

1,801,178

Kao

Corp.

(2)(a)

7,700

311,750

Kawasaki

Kisen

Kaisha

Ltd.

(2)(a)

100,700

1,468,497

Kinden

Corp.

(2)(a)

22,600

451,955

Kirin

Holdings

Co.

Ltd.

(2)(a)

146,800

1,896,303

Kobe

Steel

Ltd.

(2)(a)

296,700

3,690,963

Koito

Manufacturing

Co.

Ltd.

(2)(a)

91,900

1,266,961

Komatsu

Ltd.

(2)(a)

74,300

2,170,269

Konami

Group

Corp.

(2)(a)

3,300

238,605

Kose

Corp.

(2)(a)

22,900

1,453,787

Kuraray

Co.

Ltd.

(2)(a)

267,500

3,095,041

Kyocera

Corp.

(2)(a)

126,000

1,453,262

Kyowa

Kirin

Co.

Ltd.

(2)(a)

86,800

1,487,807

Kyushu

Electric

Power

Co.,

Inc.

(2)(a)

113,800

1,173,952

Kyushu

Railway

Co.

(2)(a)

47,700

1,035,472

Lion

Corp.

(2)(a)

187,500

1,461,419

Lixil

Corp.

(2)(a)

38,400

404,729

LY

Corp.

(2)(a)

558,300

1,348,111

Makita

Corp.

(2)(a)

70,700

1,935,622

Mazda

Motor

Corp.

(2)(a)

421,100

4,059,829

McDonald's

Holdings

Co.

Japan

Ltd.

(2)(a)

34,000

1,341,817

Medipal

Holdings

Corp.

(2)(a)

200,900

3,062,783

MEIJI

Holdings

Co.

Ltd.

(2)(a)

51,000

1,103,035

MINEBEA

MITSUMI,

Inc.

(2)(a)

15,400

317,253

MISUMI

Group,

Inc.

(2)(a)

24,100

413,579

Mitsubishi

Chemical

Group

Corp.

(2)(a)

367,000

2,044,846

Mitsubishi

Electric

Corp.

(2)(a)

361,400

5,791,478

Mitsubishi

Gas

Chemical

Co.,

Inc.

(2)(a)

102,300

1,962,377

Mitsubishi

HC

Capital,

Inc.

(2)(a)

483,500

3,199,073

Mitsubishi

Motors

Corp.

(2)(a)

523,400

1,448,924

Mitsui

&

Co.

Ltd.

(2)(a)

40,600

925,949

Consolidated

Schedule

of

Investments

June

30,

2024

(Unaudited)

AQR

STYLE

PREMIA

ALTERNATIVE

FUND

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

Funds

|

Semi-Annual

Report

|

June

2024

217

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Japan

-

28.5%

(continued)

Mitsui

Chemicals,

Inc.

(2)(a)

36,800

1,019,044

Mitsui

OSK

Lines

Ltd.

(2)(a)

29,300

880,953

Mizuho

Financial

Group,

Inc.

(2)(a)

133,300

2,805,617

MS&AD

Insurance

Group

Holdings,

Inc.

(2)(a)

191,100

4,266,502

Nexon

Co.

Ltd.

(2)(a)

30,400

565,569

NGK

Insulators

Ltd.

(2)(a)

325,000

4,173,121

NH

Foods

Ltd.

(2)(a)

59,000

1,771,785

Nintendo

Co.

Ltd.

(2)(a)

39,300

2,098,682

NIPPON

EXPRESS

HOLDINGS,

Inc.

(2)(a)

42,700

1,976,178

Nippon

Steel

Corp.

(2)(a)

166,100

3,521,060

Nippon

Yusen

KK

(2)(a)

180,700

5,272,269

Nisshin

Seifun

Group,

Inc.

(2)(a)

98,700

1,139,064

Nitto

Denko

Corp.

(2)(a)

5,700

452,106

NOF

Corp.

(2)(a)

17,100

234,529

Nomura

Holdings,

Inc.

(2)(a)

633,800

3,661,040

Nomura

Real

Estate

Holdings,

Inc.

(2)(a)

11,100

279,425

Nomura

Real

Estate

Master

Fund,

Inc.,

REIT

(2)(a)

506

449,484

NSK

Ltd.

(2)(a)

537,900

2,624,030

Obayashi

Corp.

(2)(a)

152,600

1,823,630

Obic

Co.

Ltd.

(2)(a)

2,300

296,774

Oji

Holdings

Corp.

(2)(a)

1,311,400

5,176,832

Ono

Pharmaceutical

Co.

Ltd.

(2)(a)

295,900

4,042,977

Open

House

Group

Co.

Ltd.

(2)(a)

50,900

1,563,908

Oracle

Corp.

Japan

(2)(a)

18,300

1,262,781

ORIX

Corp.

(2)(a)

11,400

252,668

Orix

JREIT,

Inc.,

REIT

(2)(a)

462

457,831

Osaka

Gas

Co.

Ltd.

(2)(a)

248,700

5,496,350

Otsuka

Corp.

(2)(a)

213,800

4,123,800

Otsuka

Holdings

Co.

Ltd.

(2)(a)

87,100

3,679,692

Pan

Pacific

International

Holdings

Corp.

(2)(a)

13,000

304,094

Panasonic

Holdings

Corp.

(2)(a)

1,011,500

8,315,033

Persol

Holdings

Co.

Ltd.

(2)(a)

1,943,900

2,693,552

Pola

Orbis

Holdings,

Inc.

(2)(a)

36,500

296,406

Renesas

Electronics

Corp.

(2)(a)

122,300

2,319,377

Ricoh

Co.

Ltd.

(2)(a)

211,900

1,816,218

Rohm

Co.

Ltd.

(2)(a)

234,100

3,129,374

Ryohin

Keikaku

Co.

Ltd.

(2)(a)

168,300

2,800,840

Santen

Pharmaceutical

Co.

Ltd.

(2)(a)

227,700

2,329,483

Sanwa

Holdings

Corp.

(2)(a)

28,300

519,334

SCREEN

Holdings

Co.

Ltd.

(2)(a)

32,400

2,937,347

SCSK

Corp.

(2)(a)

72,500

1,450,473

Sega

Sammy

Holdings,

Inc.

(2)(a)

39,200

582,406

Seiko

Epson

Corp.

(2)(a)

130,700

2,043,243

Sekisui

Chemical

Co.

Ltd.

(2)(a)

170,300

2,364,208

Sharp

Corp.

(2)*(a)

107,600

622,595

Shimamura

Co.

Ltd.

(2)(a)

107,200

4,881,282

Shimizu

Corp.

(2)(a)

42,700

240,628

Shionogi

&

Co.

Ltd.

(2)(a)

16,500

642,651

Skylark

Holdings

Co.

Ltd.

(2)(a)

113,800

1,515,936

Sohgo

Security

Services

Co.

Ltd.

(2)(a)

448,300

2,619,923

Sojitz

Corp.

(2)(a)

183,300

4,477,519

Sompo

Holdings,

Inc.

(2)(a)

231,300

4,955,302

INVESTMENTS

SHARES

VALUE

($)

Japan

-

28.5%

(continued)

Square

Enix

Holdings

Co.

Ltd.

(2)

(a)

89,800

2,705,743

Stanley

Electric

Co.

Ltd.

(2)(a)

39,000

698,831

Subaru

Corp.

(2)(a)

278,800

5,928,782

Sugi

Holdings

Co.

Ltd.

(2)(a)

86,100

1,183,201

SUMCO

Corp.

(2)(a)

171,700

2,483,781

Sumitomo

Corp.

(2)(a)

68,500

1,720,853

Sumitomo

Electric

Industries

Ltd.

(2)(a)

28,000

437,766

Sumitomo

Forestry

Co.

Ltd.

(2)(a)

53,800

1,724,694

Sumitomo

Heavy

Industries

Ltd.

(2)(a)

175,000

4,567,072

Sundrug

Co.

Ltd.

(2)(a)

8,900

224,546

Suntory

Beverage

&

Food

Ltd.

(2)

(a)

86,800

3,082,809

T&D

Holdings,

Inc.

(2)(a)

48,900

854,139

TBS

Holdings,

Inc.

(2)(a)

46,800

1,184,897

TDK

Corp.

(2)(a)

29,100

1,789,413

TIS,

Inc.

(2)(a)

27,900

542,042

Toho

Co.

Ltd.

(2)(a)

13,600

397,855

Tohoku

Electric

Power

Co.,

Inc.

(2)(a)

111,400

1,006,968

Tokyo

Century

Corp.

(2)(a)

147,800

1,389,663

Tokyo

Electric

Power

Co.

Holdings,

Inc.

(2)*(a)

862,000

4,641,856

Tokyo

Gas

Co.

Ltd.

(2)(a)

168,800

3,633,924

Tokyu

Fudosan

Holdings

Corp.

(2)

(a)

136,600

916,931

TOPPAN

Holdings,

Inc.

(2)(a)

233,000

6,463,530

Toray

Industries,

Inc.

(2)(a)

203,500

965,148

Tosoh

Corp.

(2)(a)

279,000

3,652,042

TOTO

Ltd.

(2)(a)

40,400

951,797

Toyo

Suisan

Kaisha

Ltd.

(2)(a)

31,700

1,888,123

Toyota

Boshoku

Corp.

(2)(a)

193,800

2,573,979

Toyota

Industries

Corp.

(2)(a)

11,900

1,012,278

Toyota

Tsusho

Corp.

(2)(a)

371,100

7,252,452

Trend

Micro,

Inc.

(2)(a)

6,900

281,250

Tsuruha

Holdings,

Inc.

(2)(a)

3,900

221,692

Welcia

Holdings

Co.

Ltd.

(2)(a)

57,400

715,803

Yamada

Holdings

Co.

Ltd.

(2)(a)

396,900

1,067,652

Yamazaki

Baking

Co.

Ltd.

(2)(a)

101,900

2,103,592

Yokogawa

Electric

Corp.

(2)(a)

30,700

745,583

Zensho

Holdings

Co.

Ltd.

(2)(a)

36,300

1,383,927

340,123,158

Jordan

-

0.0%

†

Hikma

Pharmaceuticals

plc

(2)

14,939

355,937

Luxembourg

-

0.5%

Aperam

SA

(2)(a)

31,637

817,916

ArcelorMittal

SA

(2)(a)

206,933

4,740,683

5,558,599

Mexico

-

0.1%

Coca-Cola

Femsa

SAB

de

CV,

ADR

933

80,089

Fomento

Economico

Mexicano

SAB

de

CV,

ADR

552

59,423

Grupo

Aeroportuario

del

Sureste

SAB

de

CV,

ADR

2,275

681,407

218

AQR

Funds

|

Semi-Annual

Report

|

June

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

STYLE

PREMIA

ALTERNATIVE

FUND

Consolidated

Schedule

of

Investments

June

30,

2024

(Unaudited)

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Mexico

-

0.1%

(continued)

Grupo

Televisa

SAB,

ADR

(a)(c)

245,363

679,656

1,500,575

Netherlands

-

2.6%

Aalberts

NV

(2)(a)

39,795

1,611,409

ABN

AMRO

Bank

NV,

CVA

(2)(a)

(b)

219,685

3,608,035

Arcadis

NV

(2)(a)

4,524

286,285

ASR

Nederland

NV

(2)(a)

30,318

1,443,399

EXOR

NV

(2)(a)

10,557

1,102,752

Koninklijke

Ahold

Delhaize

NV

(2)

(a)

243,895

7,177,120

Koninklijke

KPN

NV

(2)(a)

339,582

1,301,528

Koninklijke

Philips

NV

(2)*(a)

132,633

3,335,526

NN

Group

NV

(2)(a)

97,873

4,548,987

Randstad

NV

(2)(a)

84,079

3,817,401

Wolters

Kluwer

NV

(2)(a)

14,580

2,407,716

30,640,158

Norway

-

0.5%

Equinor

ASA

(2)(a)

81,543

2,335,703

Kongsberg

Gruppen

ASA

(2)(a)

13,644

1,111,074

Norsk

Hydro

ASA

(2)(a)

325,784

2,031,095

5,477,872

Portugal

-

0.0%

†

Galp

Energia

SGPS

SA

(2)

13,706

289,483

Singapore

-

1.5%

CapitaLand

Integrated

Commercial

Trust,

REIT

(2)

517,000

752,726

Genting

Singapore

Ltd.

(2)

6,059,700

3,851,803

Jardine

Cycle

&

Carriage

Ltd.

(2)

88,900

1,739,270

Mapletree

Pan

Asia

Commercial

Trust,

REIT

(2)

404,300

362,806

Oversea-Chinese

Banking

Corp.

Ltd.

(2)

166,200

1,764,942

Seatrium

Ltd.

(2)*

442,145

448,464

Singapore

Airlines

Ltd.

(2)

316,200

1,606,602

STMicroelectronics

NV

(2)

128,989

5,052,232

United

Overseas

Bank

Ltd.

(2)

72,400

1,670,002

UOL

Group

Ltd.

(2)

138,800

531,807

17,780,654

South

Africa

-

0.1%

Harmony

Gold

Mining

Co.

Ltd.,

ADR

(a)(c)

168,613

1,546,181

Spain

-

2.6%

Acciona

SA

(2)(a)

7,064

835,994

Acerinox

SA

(2)(a)

266,656

2,777,390

ACS

Actividades

de

Construccion

y

Servicios

SA

(2)(a)

83,625

3,611,927

Aena

SME

SA

(2)(a)(b)

6,066

1,228,348

Banco

Bilbao

Vizcaya

Argentaria

SA

(2)(a)

467,146

4,689,441

Banco

Santander

SA

(2)(a)

1,471,775

6,847,836

Endesa

SA

(2)(a)

15,996

300,548

Industria

de

Diseno

Textil

SA

(2)(a)

25,839

1,282,219

Mapfre

SA

(2)(a)

1,039,082

2,396,279

INVESTMENTS

SHARES

VALUE

($)

Spain

-

2.6%

(continued)

Repsol

SA

(2)(a)

472,286

7,489,830

31,459,812

Sweden

-

3.9%

AAK

AB

(2)(a)

17,495

512,267

Alfa

Laval

AB

(2)(a)

9,288

406,737

Autoliv,

Inc.

(a)

3,393

363,017

Billerud

Aktiebolag

(2)(a)

175,900

1,629,146

Elekta

AB,

Class

B

(2)(a)

247,840

1,545,254

Embracer

Group

AB,

Class

B

(2)*(a)

1,216,078

2,659,296

Essity

AB,

Class

B

(2)(a)

152,676

3,903,136

Evolution

AB

(2)(a)(b)

9,190

956,581

Getinge

AB,

Class

B

(2)(a)

151,907

2,580,285

H

&

M

Hennes

&

Mauritz

AB,

Class

B

(2)(a)

130,156

2,061,686

Hexpol

AB

(2)(a)

75,212

833,739

Husqvarna

AB,

Class

B

(2)(a)

108,831

870,294

Sandvik

AB

(2)(a)

61,878

1,243,396

Securitas

AB,

Class

B

(2)(a)

246,262

2,441,030

Skandinaviska

Enskilda

Banken

AB,

Class

A

(2)(a)

48,680

719,718

Skanska

AB,

Class

B

(2)(a)

19,603

353,645

SKF

AB,

Class

B

(2)(a)

275,182

5,530,402

SSAB

AB,

Class

B

(2)(a)

827,284

4,485,767

Swedbank

AB,

Class

A

(2)(a)

94,464

1,945,794

Trelleborg

AB,

Class

B

(2)(a)

104,910

4,082,698

Volvo

AB,

Class

B

(2)(a)

93,527

2,403,123

Volvo

Car

AB,

Class

B

(2)*(a)

1,625,380

5,025,668

46,552,679

Switzerland

-

3.6%

ABB

Ltd.

(Registered)

(2)(a)

24,050

1,333,595

Adecco

Group

AG

(Registered)

(2)(a)

132,476

4,394,874

BKW

AG

(2)(a)

19,984

3,189,779

DKSH

Holding

AG

(a)

27,556

1,861,705

Flughafen

Zurich

AG

(Registered)

(2)(a)

14,907

3,299,810

Georg

Fischer

AG

(Registered)

(2)(a)

14,916

997,811

Helvetia

Holding

AG

(Registered)

(2)(a)

11,232

1,518,114

Logitech

International

SA

(Registered)

(2)(a)

38,282

3,684,291

Novartis

AG

(Registered)

(2)(a)

67,605

7,198,016

Schindler

Holding

AG

(2)(a)

3,953

991,822

SGS

SA

(Registered)

(2)(a)

9,250

824,655

Swatch

Group

AG

(The)

(2)(a)

19,046

3,902,095

Swisscom

AG

(Registered)

(2)(a)

4,004

2,251,512

Tecan

Group

AG

(Registered)

(2)

(a)

5,726

1,917,163

Temenos

AG

(Registered)

(2)(a)

6,428

442,961

UBS

Group

AG

(Registered)

(2)(a)

150,524

4,420,915

Zurich

Insurance

Group

AG

(2)(a)

2,199

1,171,399

43,400,517

Taiwan

-

0.1%

ASE

Technology

Holding

Co.

Ltd.,

ADR

*(a)

122,050

1,393,811

Consolidated

Schedule

of

Investments

June

30,

2024

(Unaudited)

AQR

STYLE

PREMIA

ALTERNATIVE

FUND

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

Funds

|

Semi-Annual

Report

|

June

2024

219

(Continued)

INVESTMENTS

SHARES

VALUE

($)

United

Kingdom

-

10.1%

Associated

British

Foods

plc

(2)(a)

93,168

2,909,065

Auto

Trader

Group

plc

(2)(a)(b)

85,936

864,961

Aviva

plc

(2)(a)

45,520

274,181

B&M

European

Value

Retail

SA

(2)(a)

178,575

983,767

BAE

Systems

plc

(2)(a)

339,025

5,647,017

Barclays

plc

(2)(a)

2,604,092

6,881,098

Barratt

Developments

plc

(2)(a)

225,995

1,342,213

Beazley

plc

(2)(a)

148,554

1,326,817

British

American

Tobacco

plc

(2)(a)

81,891

2,515,665

Britvic

plc

(2)(a)

119,863

1,790,555

BT

Group

plc

(2)(a)

3,833,471

6,796,180

Bunzl

plc

(2)(a)

26,232

996,661

Centrica

plc

(2)(a)

5,779,680

9,851,444

CK

Hutchison

Holdings

Ltd.

(2)(a)

902,500

4,304,995

Compass

Group

plc

(2)(a)

69,009

1,880,035

DCC

plc

(2)

63,308

4,418,382

easyJet

plc

(2)(a)

318,070

1,834,771

Frasers

Group

plc

(2)*(a)

40,507

451,804

Harbour

Energy

plc

(2)(a)

574,807

2,256,861

Hargreaves

Lansdown

plc

(2)(a)

26,729

381,007

Hays

plc

(2)(a)

101,800

121,279

Howden

Joinery

Group

plc

(2)(a)

137,293

1,518,453

HSBC

Holdings

plc

(2)(a)

176,072

1,519,855

Imperial

Brands

plc

(2)(a)

155,300

3,973,945

Inchcape

plc

(2)(a)

167,706

1,575,930

InterContinental

Hotels

Group

plc

(2)(a)

35,161

3,694,591

International

Distribution

Services

plc

(2)*(a)

145,453

587,216

Intertek

Group

plc

(2)(a)

7,210

435,845

Investec

plc

(2)(a)

166,535

1,203,859

ITV

plc

(2)(a)

348,038

353,910

J

Sainsbury

plc

(2)(a)

558,842

1,800,508

JD

Sports

Fashion

plc

(2)(a)

1,995,428

2,996,410

Johnson

Matthey

plc

(a)

55,869

1,106,678

Just

Eat

Takeaway.com

NV

(2)*(a)

(b)

148,045

1,769,376

Kingfisher

plc

(2)(a)

960,480

3,011,754

Lloyds

Banking

Group

plc

(2)(a)

2,871,472

1,980,500

Man

Group

plc

(2)(a)

841,114

2,569,995

Marks

&

Spencer

Group

plc

(2)(a)

1,396,051

5,047,752

NatWest

Group

plc

(2)(a)

744,398

2,928,534

Next

plc

(2)(a)

12,996

1,483,079

Pearson

plc

(2)(a)

189,537

2,366,784

Rightmove

plc

(2)(a)

224,502

1,515,403

Rolls-Royce

Holdings

plc

(2)*(a)

365,112

2,096,926

Sage

Group

plc

(The)

(2)(a)

22,886

313,545

Schroders

plc

(2)(a)

46,250

211,665

Standard

Chartered

plc

(2)(a)

551,737

4,981,890

Subsea

7

SA

(2)(a)

105,145

1,973,173

Tate

&

Lyle

plc

(a)

46,152

348,878

Tesco

plc

(2)(a)

930,791

3,595,434

Travis

Perkins

plc

(a)

106,043

1,030,836

Vodafone

Group

plc

(2)(a)

5,556,520

4,916,626

Whitbread

plc

(2)(a)

19,925

747,776

121,485,884

INVESTMENTS

SHARES

VALUE

($)

United

States

-

106.4%

3M

Co.

(a)

41,269

4,217,279

A

O

Smith

Corp.

(a)

27,751

2,269,477

Abbott

Laboratories

(a)(c)

11,879

1,234,347

AbbVie,

Inc.

(a)(c)

19,098

3,275,689

Acuity

Brands,

Inc.

(a)

22,692

5,478,756

Adobe,

Inc.

*(a)

6,346

3,525,457

ADT,

Inc.

(a)

385,411

2,929,124

Advance

Auto

Parts,

Inc.

(a)

18,022

1,141,333

AGCO

Corp.

(a)(c)

66,783

6,536,720

Agilent

Technologies,

Inc.

(a)(c)

24,534

3,180,342

Akamai

Technologies,

Inc.

*(a)(c)

13,844

1,247,068

Align

Technology,

Inc.

*(a)

1,066

257,364

Allegion

plc

(a)(c)

2,278

269,146

ALLETE,

Inc.

(a)

33,179

2,068,711

Allison

Transmission

Holdings,

Inc.

(a)

62,491

4,743,067

Allstate

Corp.

(The)

(a)

12,772

2,039,178

Ally

Financial,

Inc.

(a)

32,852

1,303,239

Alphabet,

Inc.,

Class

A

(a)

37,199

6,775,798

Altria

Group,

Inc.

(a)

119,557

5,445,821

Amdocs

Ltd.

(a)

28,017

2,211,102

American

Electric

Power

Co.,

Inc.

(a)(c)

18,276

1,603,536

American

Financial

Group,

Inc.

(a)

(c)

7,804

960,048

American

International

Group,

Inc.

(a)

48,852

3,626,772

Ameriprise

Financial,

Inc.

(a)(c)

4,915

2,099,639

Amkor

Technology,

Inc.

(a)

196,125

7,848,922

Analog

Devices,

Inc.

(a)(c)

5,824

1,329,386

Applied

Industrial

Technologies,

Inc.

(a)

6,517

1,264,298

Applied

Materials,

Inc.

(a)

25,779

6,083,586

AppLovin

Corp.,

Class

A

*(a)(c)

7,317

608,921

Aramark

(a)(c)

91,923

3,127,220

Arch

Capital

Group

Ltd.

*(a)

35,312

3,562,628

Archer-Daniels-Midland

Co.

(a)(c)

84,777

5,124,770

Arista

Networks,

Inc.

*(a)

9,483

3,323,602

Armstrong

World

Industries,

Inc.

(a)(c)

8,375

948,385

Arrow

Electronics,

Inc.

*(a)(c)

52,516

6,341,832

ASGN,

Inc.

*(a)(c)

29,763

2,624,204

Associated

Banc-Corp.

(a)(c)

64,129

1,356,328

Assurant,

Inc.

(a)

23,802

3,957,083

Assured

Guaranty

Ltd.

(a)

24,820

1,914,863

AT&T,

Inc.

(a)

482,514

9,220,842

Autodesk,

Inc.

*(a)

5,467

1,352,809

AutoNation,

Inc.

*(a)(c)

11,705

1,865,543

Avantor,

Inc.

*(a)(c)

55,874

1,184,529

Avient

Corp.

(a)(c)

13,960

609,354

Avnet,

Inc.

(a)

98,375

5,065,329

Axalta

Coating

Systems

Ltd.

*(a)

8,140

278,144

Axis

Capital

Holdings

Ltd.

(a)

44,950

3,175,718

Baker

Hughes

Co.,

Class

A

(a)

42,256

1,486,144

Bank

of

New

York

Mellon

Corp.

(The)

(a)

82,037

4,913,196

Bank

OZK

(a)

115,096

4,718,936

Baxter

International,

Inc.

(a)(c)

88,059

2,945,574

Becton

Dickinson

&

Co.

(a)

6,630

1,549,497

Belden,

Inc.

(a)(c)

6,401

600,414

220

AQR

Funds

|

Semi-Annual

Report

|

June

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

STYLE

PREMIA

ALTERNATIVE

FUND

Consolidated

Schedule

of

Investments

June

30,

2024

(Unaudited)

(Continued)

INVESTMENTS

SHARES

VALUE

($)

United

States

-

106.4%

(continued)

BellRing

Brands,

Inc.

*(a)

26,871

1,535,409

Berry

Global

Group,

Inc.

(a)(c)

82,114

4,832,409

Best

Buy

Co.,

Inc.

(a)

31,925

2,690,958

Bio-Rad

Laboratories,

Inc.,

Class

A

*(a)(c)

2,653

724,561

Black

Hills

Corp.

(a)

60,968

3,315,440

Booking

Holdings,

Inc.

(a)

878

3,478,197

BorgWarner,

Inc.

(a)

38,932

1,255,168

Boston

Beer

Co.,

Inc.

(The),

Class

A

*(a)

4,957

1,512,133

BP

plc

(2)(a)

480,238

2,891,406

Brink's

Co.

(The)

(a)(c)

17,248

1,766,195

Bristol-Myers

Squibb

Co.

(a)

20,984

871,466

Brixmor

Property

Group,

Inc.,

REIT

(a)

138,456

3,196,949

BRP,

Inc.

(a)

27,100

1,736,278

Builders

FirstSource,

Inc.

*(a)

22,753

3,149,243

Bunge

Global

SA

(a)(c)

58,640

6,260,993

BWX

Technologies,

Inc.

(a)(c)

27,536

2,615,920

Cabot

Corp.

(a)(c)

27,490

2,526,056

CACI

International,

Inc.,

Class

A

*(a)

6,497

2,794,555

Cadence

Design

Systems,

Inc.

*(a)(c)

5,835

1,795,721

Camden

Property

Trust,

REIT

(a)

9,912

1,081,498

Capital

One

Financial

Corp.

(a)

49,629

6,871,135

Cardinal

Health,

Inc.

(a)

63,756

6,268,490

Carlisle

Cos.,

Inc.

(a)

3,545

1,436,469

Carnival

Corp.

*(a)(c)

102,906

1,926,400

Carter's,

Inc.

(a)(c)

49,490

3,066,895

Casey's

General

Stores,

Inc.

(a)(c)

1,903

726,109

Caterpillar,

Inc.

(a)(c)

6,483

2,159,487

CBRE

Group,

Inc.,

Class

A

*(a)

42,521

3,789,046

Celanese

Corp.,

Class

A

(a)(c)

17,046

2,299,335

Cencora,

Inc.

(a)(c)

20,081

4,524,249

Centene

Corp.

*(a)

90,054

5,970,580

Charles

River

Laboratories

International,

Inc.

*(a)(c)

13,470

2,782,633

Chord

Energy

Corp.

(a)(c)

5,210

873,613

Chord

Energy

Corp.

2,861

479,732

Chubb

Ltd.

(a)

10,961

2,795,932

Ciena

Corp.

*(a)

42,779

2,061,092

Cigna

Group

(The)

(a)

13,363

4,417,407

Cincinnati

Financial

Corp.

(a)

18,236

2,153,672

Cintas

Corp.

(a)

2,521

1,765,355

Cirrus

Logic,

Inc.

*(a)

42,141

5,379,720

Cisco

Systems,

Inc.

(a)

43,025

2,044,118

Citigroup,

Inc.

(a)

49,182

3,121,090

Citizens

Financial

Group,

Inc.

(a)

64,817

2,335,357

Civitas

Resources,

Inc.

(a)

22,976

1,585,344

Clean

Harbors,

Inc.

*(a)

8,522

1,927,250

Cleveland-Cliffs,

Inc.

*(a)

245,663

3,780,754

CME

Group,

Inc.

(a)

7,116

1,399,006

CNA

Financial

Corp.

(a)

26,129

1,203,763

CNO

Financial

Group,

Inc.

(a)

162,262

4,497,903

CNX

Resources

Corp.

*(a)(c)

41,297

1,003,517

Coca-Cola

Consolidated,

Inc.

(a)

4,853

5,265,505

Cognizant

Technology

Solutions

Corp.,

Class

A

(a)

43,147

2,933,996

Colgate-Palmolive

Co.

(a)

27,118

2,631,531

INVESTMENTS

SHARES

VALUE

($)

United

States

-

106.4%

(continued)

Columbia

Sportswear

Co.

(a)(c)

31,840

2,517,907

Comcast

Corp.,

Class

A

(a)

134,516

5,267,647

Comfort

Systems

USA,

Inc.

(a)

2,193

666,935

Commercial

Metals

Co.

(a)

84,340

4,637,857

CommVault

Systems,

Inc.

*(a)

29,222

3,552,519

Concentrix

Corp.

(a)

20,231

1,280,218

Copart,

Inc.

*(a)(c)

35,397

1,917,102

Core

&

Main,

Inc.,

Class

A

*(a)(c)

4,772

233,542

Corebridge

Financial,

Inc.

(a)

240,355

6,999,138

Coty,

Inc.,

Class

A

*(a)(c)

25,686

257,374

Crane

Co.

(a)

6,582

954,258

Crane

NXT

Co.

(a)(c)

14,677

901,461

CRH

plc

(2)(a)

34,252

2,538,218

Crowdstrike

Holdings,

Inc.,

Class

A

*(a)

4,015

1,538,508

Crown

Holdings,

Inc.

(a)

4,912

365,404

Cummins,

Inc.

(a)

14,218

3,937,391

Curtiss-Wright

Corp.

(a)

16,527

4,478,486

CVS

Health

Corp.

(a)(c)

123,815

7,312,513

Darden

Restaurants,

Inc.

(a)(c)

4,215

637,814

Deckers

Outdoor

Corp.

*(a)(c)

2,402

2,325,016

Dell

Technologies,

Inc.,

Class

C

(a)

37,745

5,205,413

DENTSPLY

SIRONA,

Inc.

(a)(c)

44,028

1,096,737

Devon

Energy

Corp.

(a)

18,647

883,868

Dick's

Sporting

Goods,

Inc.

(a)

4,072

874,869

DocuSign,

Inc.,

Class

A

*(a)

55,933

2,992,416

Dolby

Laboratories,

Inc.,

Class

A

(a)

33,449

2,650,164

Domino's

Pizza,

Inc.

(a)

2,271

1,172,585

Donaldson

Co.,

Inc.

(a)

32,280

2,309,957

Dover

Corp.

(a)(c)

5,055

912,175

DR

Horton,

Inc.

(a)

4,477

630,944

Dropbox,

Inc.,

Class

A

*(a)

245,137

5,508,228

Dun

&

Bradstreet

Holdings,

Inc.

(a)

35,630

329,934

Duolingo,

Inc.,

Class

A

*(a)

9,352

1,951,482

DXC

Technology

Co.

*(a)

199,960

3,817,236

Eagle

Materials,

Inc.

(a)(c)

3,975

864,404

Eastman

Chemical

Co.

(a)

27,252

2,669,878

Eaton

Corp.

plc

(a)

4,528

1,419,754

eBay,

Inc.

(a)(c)

79,986

4,296,848

Edison

International

(a)(c)

11,730

842,331

Electronic

Arts,

Inc.

(a)(c)

14,156

1,972,355

Elevance

Health,

Inc.

(a)

3,131

1,696,564

EMCOR

Group,

Inc.

(a)

15,258

5,570,391

Encompass

Health

Corp.

(a)

6,445

552,917

EnerSys

(a)

50,747

5,253,329

Entergy

Corp.

(a)

30,591

3,273,237

Envista

Holdings

Corp.

*(a)(c)

195,871

3,257,335

EOG

Resources,

Inc.

(a)(c)

21,050

2,649,564

EPAM

Systems,

Inc.

*(a)

3,917

736,827

EPR

Properties,

REIT

(a)

20,953

879,607

Equitable

Holdings,

Inc.

(a)(c)

104,061

4,251,932

Equity

Residential,

REIT

(a)

34,706

2,406,514

Esab

Corp.

(a)

6,037

570,074

Essent

Group

Ltd.

(a)

9,050

508,520

Euronet

Worldwide,

Inc.

*(a)

15,330

1,586,655

Evercore,

Inc.,

Class

A

(a)

2,856

595,276

Everest

Group

Ltd.

(a)

16,592

6,321,884

Evergy,

Inc.

(a)

8,919

472,439

Exelixis,

Inc.

*(a)

117,636

2,643,281

Consolidated

Schedule

of

Investments

June

30,

2024

(Unaudited)

AQR

STYLE

PREMIA

ALTERNATIVE

FUND

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

Funds

|

Semi-Annual

Report

|

June

2024

221

(Continued)

INVESTMENTS

SHARES

VALUE

($)

United

States

-

106.4%

(continued)

Expedia

Group,

Inc.

*(a)

39,182

4,936,540

F5,

Inc.

*(a)(c)

18,154

3,126,663

Federated

Hermes,

Inc.,

Class

B

(a)

147,376

4,845,723

Ferguson

plc

(a)

1,141

220,955

Fidelity

National

Financial,

Inc.

(a)

25,319

1,251,265

Fidelity

National

Information

Services,

Inc.

(a)

35,836

2,700,601

First

Horizon

Corp.

(a)

68,311

1,077,264

First

Industrial

Realty

Trust,

Inc.,

REIT

(a)(c)

15,028

713,980

First

Solar,

Inc.

*(a)(c)

1,145

258,152

FirstCash

Holdings,

Inc.

(a)(c)

11,514

1,207,588

Fiserv,

Inc.

*(a)(c)

16,836

2,509,237

Flowers

Foods,

Inc.

(a)(c)

56,969

1,264,712

Flowserve

Corp.

(a)

56,436

2,714,572

Fluor

Corp.

*(a)

62,880

2,738,424

FNB

Corp.

(a)(c)

103,641

1,417,809

Fortinet,

Inc.

*(a)

38,504

2,320,636

Fortune

Brands

Innovations,

Inc.

(a)(c)

16,208

1,052,548

Fox

Corp.,

Class

A

(a)(c)

64,873

2,229,685

Franklin

Resources,

Inc.

(a)(c)

118,853

2,656,365

Gaming

and

Leisure

Properties,

Inc.,

REIT

(a)

13,165

595,190

Gap,

Inc.

(The)

(a)(c)

110,118

2,630,719

Garmin

Ltd.

(a)

5,184

844,577

Gartner,

Inc.

*(a)(c)

3,155

1,416,784

Gates

Industrial

Corp.

plc

*(a)

177,728

2,809,880

GE

HealthCare

Technologies,

Inc.

(a)

40,044

3,120,228

Gen

Digital,

Inc.

(a)(c)

62,367

1,557,928

Generac

Holdings,

Inc.

*(a)(c)

6,047

799,534

General

Dynamics

Corp.

(a)

18,384

5,333,934

General

Electric

Co.

(a)

28,255

4,491,697

General

Motors

Co.

(a)

115,429

5,362,831

Gilead

Sciences,

Inc.

(a)

47,323

3,246,831

Ginkgo

Bioworks

Holdings,

Inc.,

Class

A

*

2,666,244

891,325

Global

Payments,

Inc.

(a)

61,812

5,977,220

GLOBALFOUNDRIES,

Inc.

*(a)(c)

19,834

1,002,807

Globe

Life,

Inc.

(a)

2,801

230,466

GoDaddy,

Inc.,

Class

A

*(a)(c)

19,813

2,768,074

Graco,

Inc.

(a)

17,498

1,387,241

Graham

Holdings

Co.,

Class

B

(a)

(c)

5,762

4,030,807

Grand

Canyon

Education,

Inc.

*(a)

24,752

3,463,052

Greif,

Inc.,

Class

A

(a)(c)

38,136

2,191,676

GSK

plc

(2)(a)

150,280

2,890,518

H&R

Block,

Inc.

(a)(c)

123,942

6,721,375

Haemonetics

Corp.

*(a)(c)

4,685

387,590

Halliburton

Co.

(a)(c)

79,081

2,671,356

Hancock

Whitney

Corp.

(a)

14,901

712,715

Harley-Davidson,

Inc.

(a)

13,953

467,984

Hartford

Financial

Services

Group,

Inc.

(The)

(a)

54,419

5,471,286

Hawaiian

Electric

Industries,

Inc.

273,242

2,464,643

HCA

Healthcare,

Inc.

(a)(c)

3,384

1,087,212

Healthcare

Realty

Trust,

Inc.,

REIT

(a)(c)

81,317

1,340,104

INVESTMENTS

SHARES

VALUE

($)

United

States

-

106.4%

(continued)

Healthpeak

Properties,

Inc.,

REIT

(a)

92,918

1,821,193

Henry

Schein,

Inc.

*(a)(c)

10,779

690,934

Hertz

Global

Holdings,

Inc.

*(a)(c)

648,852

2,290,448

Hewlett

Packard

Enterprise

Co.

(a)

341,450

7,228,497

Hexcel

Corp.

(a)

21,617

1,349,982

HF

Sinclair

Corp.

(a)

68,524

3,655,070

Highwoods

Properties,

Inc.,

REIT

(a)(c)

71,179

1,869,872

Hilton

Worldwide

Holdings,

Inc.

(a)

4,544

991,501

Holcim

AG

(2)(a)

84,142

7,437,484

Hologic,

Inc.

*(a)(c)

27,927

2,073,580

Home

Depot,

Inc.

(The)

(a)

3,794

1,306,047

Host

Hotels

&

Resorts,

Inc.,

REIT

(a)

12,718

228,670

Howmet

Aerospace,

Inc.

(a)

32,966

2,559,151

HP,

Inc.

(a)(c)

171,839

6,017,802

Huntington

Bancshares,

Inc.

(a)

52,112

686,836

Huntington

Ingalls

Industries,

Inc.

(a)(c)

32,939

8,113,863

IAC,

Inc.

*(a)(c)

21,740

1,018,519

ICU

Medical,

Inc.

*(a)(c)

2,862

339,863

Incyte

Corp.

*(a)(c)

96,970

5,878,321

Informatica,

Inc.,

Class

A

*(a)(c)

18,068

557,940

Ingredion,

Inc.

(a)

20,998

2,408,471

Insperity,

Inc.

(a)

3,126

285,122

Integra

LifeSciences

Holdings

Corp.

*(a)(c)

91,028

2,652,556

Intel

Corp.

(a)

99,076

3,068,384

International

Bancshares

Corp.

(a)

27,838

1,592,612

International

Business

Machines

Corp.

(a)

12,301

2,127,458

International

Paper

Co.

(a)

29,862

1,288,545

Interpublic

Group

of

Cos.,

Inc.

(The)

(a)(c)

27,050

786,885

Intuit,

Inc.

(a)(c)

1,439

945,725

IPG

Photonics

Corp.

*(a)

9,326

787,021

IQVIA

Holdings,

Inc.

*(a)(c)

9,229

1,951,380

ITT,

Inc.

(a)

13,875

1,792,373

Jabil,

Inc.

(a)

48,563

5,283,169

Jacobs

Solutions,

Inc.

(a)(c)

15,826

2,211,050

Janus

Henderson

Group

plc

(a)

127,241

4,289,294

Jazz

Pharmaceuticals

plc

*(a)

42,270

4,511,477

JB

Hunt

Transport

Services,

Inc.

(a)

3,416

546,560

Johnson

&

Johnson

(a)(c)

56,285

8,226,615

Jones

Lang

LaSalle,

Inc.

*(a)(c)

17,313

3,554,013

KB

Home

(a)(c)

72,046

5,056,188

Kenvue,

Inc.

(a)(c)

139,715

2,540,019

Kilroy

Realty

Corp.,

REIT

(a)(c)

86,357

2,691,748

Kimberly-Clark

Corp.

(a)

20,929

2,892,388

Kimco

Realty

Corp.,

REIT

(a)(c)

83,773

1,630,223

Kirby

Corp.

*(a)

6,552

784,471

KLA

Corp.

(a)

3,396

2,800,036

Knife

River

Corp.

*(a)

29,630

2,078,248

Kohl's

Corp.

(a)(c)

131,780

3,029,622

Kraft

Heinz

Co.

(The)

(a)(c)

63,902

2,058,922

Kroger

Co.

(The)

(a)

154,529

7,715,632

Kyndryl

Holdings,

Inc.

*(a)

53,019

1,394,930

L3Harris

Technologies,

Inc.

(a)

8,934

2,006,398

222

AQR

Funds

|

Semi-Annual

Report

|

June

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

STYLE

PREMIA

ALTERNATIVE

FUND

Consolidated

Schedule

of

Investments

June

30,

2024

(Unaudited)

(Continued)

INVESTMENTS

SHARES

VALUE

($)

United

States

-

106.4%

(continued)

Lam

Research

Corp.

(a)(c)

4,047

4,309,448

Lamar

Advertising

Co.,

Class

A,

REIT

(a)(c)

17,248

2,061,653

Landstar

System,

Inc.

(a)

16,513

3,046,318

Lantheus

Holdings,

Inc.

*(a)

24,034

1,929,690

Lear

Corp.

(a)

17,740

2,026,085

Leidos

Holdings,

Inc.

(a)

27,464

4,006,448

Lennar

Corp.,

Class

A

(a)(c)

32,645

4,892,506

Lennox

International,

Inc.

(a)

1,292

691,194

Liberty

Media

Corp-Liberty

SiriusXM

*(a)

58,557

1,297,623

Lincoln

National

Corp.

(a)

41,666

1,295,813

Littelfuse,

Inc.

(a)(c)

1,778

454,439

Lockheed

Martin

Corp.

(a)

12,225

5,710,298

Loews

Corp.

(a)

41,784

3,122,936

Louisiana-Pacific

Corp.

(a)

12,959

1,066,914

LyondellBasell

Industries

NV,

Class

A

(a)

34,448

3,295,296

M&T

Bank

Corp.

(a)(c)

21,324

3,227,601

Macy's,

Inc.

(a)(c)

227,186

4,361,971

Manhattan

Associates,

Inc.

*(a)

4,753

1,172,470

ManpowerGroup,

Inc.

(a)

75,762

5,288,188

Marathon

Oil

Corp.

(a)

89,198

2,557,307

Marathon

Petroleum

Corp.

(a)

14,219

2,466,712

Markel

Group,

Inc.

*(a)

1,127

1,775,769

Martin

Marietta

Materials,

Inc.

(a)

(c)

2,052

1,111,774

Masco

Corp.

(a)

30,675

2,045,102

Matador

Resources

Co.

(a)

18,950

1,129,420

Match

Group,

Inc.

*(a)(c)

78,539

2,386,015

Maximus,

Inc.

(a)(c)

23,369

2,002,723

McKesson

Corp.

(a)

8,022

4,685,169

MDU

Resources

Group,

Inc.

(a)(c)

81,930

2,056,443

Medpace

Holdings,

Inc.

*(a)(c)

6,890

2,837,647

Medtronic

plc

(a)

68,265

5,373,138

Merck

&

Co.,

Inc.

(a)

25,447

3,150,339

Meta

Platforms,

Inc.,

Class

A

(a)

12,818

6,463,092

MetLife,

Inc.

(a)

26,310

1,846,699

Mettler-Toledo

International,

Inc.

*(a)(c)

1,352

1,889,542

MGIC

Investment

Corp.

(a)(c)

28,854

621,804

MGM

Resorts

International

*(a)(c)

6,782

301,392

Micron

Technology,

Inc.

(a)

5,568

732,359

Mid-America

Apartment

Communities,

Inc.,

REIT

(a)

24,777

3,533,448

Middleby

Corp.

(The)

*(a)(c)

7,455

914,058

MKS

Instruments,

Inc.

(a)

9,999

1,305,669

Mohawk

Industries,

Inc.

*(a)(c)

23,439

2,662,436

Molina

Healthcare,

Inc.

*(a)(c)

9,363

2,783,620

Molson

Coors

Beverage

Co.,

Class

B

(a)(c)

183,400

9,322,221

Monolithic

Power

Systems,

Inc.

(a)

2,690

2,210,319

Monster

Beverage

Corp.

*(a)

20,325

1,015,234

Mosaic

Co.

(The)

(a)

86,635

2,503,752

MSC

Industrial

Direct

Co.,

Inc.,

Class

A

(a)

32,128

2,548,072

Murphy

Oil

Corp.

(a)(c)

46,065

1,899,721

Murphy

USA,

Inc.

(a)(c)

5,966

2,800,798

Natera,

Inc.

*(a)

14,781

1,600,634

National

Fuel

Gas

Co.

(a)(c)

52,537

2,846,980

INVESTMENTS

SHARES

VALUE

($)

United

States

-

106.4%

(continued)

NCR

Atleos

Corp.

*(a)

18,564

501,599

NCR

Voyix

Corp.

*(a)

240,546

2,970,743

Neogen

Corp.

*(a)(c)

44,398

693,941

NetApp,

Inc.

(a)

32,184

4,145,299

Neurocrine

Biosciences,

Inc.

*(a)

14,163

1,949,820

NewMarket

Corp.

(a)(c)

3,057

1,576,097

NiSource,

Inc.

(a)

48,797

1,405,842

NNN

REIT,

Inc.,

REIT

(a)

18,749

798,707

Nordstrom,

Inc.

(a)(c)

78,813

1,672,412

Northern

Trust

Corp.

(a)(c)

23,917

2,008,550

Northrop

Grumman

Corp.

(a)

1,856

809,123

Northwestern

Energy

Group,

Inc.

(a)(c)

22,137

1,108,621

NOV,

Inc.

(a)

183,898

3,495,901

NRG

Energy,

Inc.

(a)

38,488

2,996,676

Nucor

Corp.

(a)

6,693

1,058,029

Nutanix,

Inc.,

Class

A

*(a)

4,325

245,876

nVent

Electric

plc

(a)

7,595

581,853

NVIDIA

Corp.

(a)

8,340

1,030,324

Old

National

Bancorp

(a)(c)

59,460

1,022,117

Old

Republic

International

Corp.

(a)

111,426

3,443,063

Olin

Corp.

(a)

22,600

1,065,590

Omega

Healthcare

Investors,

Inc.,

REIT

(a)

18,174

622,460

Omnicom

Group,

Inc.

(a)

9,235

828,380

ON

Semiconductor

Corp.

*(a)(c)

16,287

1,116,474

OneMain

Holdings,

Inc.

(a)(c)

39,407

1,910,845

Organon

&

Co.

(a)(c)

125,163

2,590,874

Oshkosh

Corp.

(a)

31,988

3,461,102

Otis

Worldwide

Corp.

(a)(c)

13,431

1,292,868

Ovintiv,

Inc.

(a)

82,413

3,862,697

Owens

Corning

(a)

36,530

6,345,992

PACCAR,

Inc.

(a)(c)

32,398

3,335,050

Parker-Hannifin

Corp.

(a)

3,598

1,819,904

PayPal

Holdings,

Inc.

*(a)

32,896

1,908,955

PBF

Energy,

Inc.,

Class

A

(a)(c)

66,951

3,081,085

Pegasystems,

Inc.

(a)

20,675

1,251,458

Penske

Automotive

Group,

Inc.

(a)

12,846

1,914,311

Pentair

plc

(a)

14,911

1,143,226

Performance

Food

Group

Co.

*(a)

20,190

1,334,761

Perrigo

Co.

plc

(a)

35,011

899,082

Petco

Health

&

Wellness

Co.,

Inc.,

Class

A

*(a)(c)

621,431

2,349,009

Phillips

66

(a)(c)

10,502

1,482,567

Pilgrim's

Pride

Corp.

*(a)

42,800

1,647,372

Pinnacle

Financial

Partners,

Inc.

(a)(c)

15,327

1,226,773

Pinnacle

West

Capital

Corp.

(a)

2,990

228,376

Pinterest,

Inc.,

Class

A

*(a)(c)

28,689

1,264,324

Playtika

Holding

Corp.

(a)

321,818

2,532,708

Polaris,

Inc.

(a)

4,142

324,360

Popular,

Inc.

(a)

25,550

2,259,387

Post

Holdings,

Inc.

*(a)(c)

2,545

265,087

PPG

Industries,

Inc.

(a)

12,593

1,585,333

Premier,

Inc.,

Class

A

(a)(c)

94,161

1,757,986

Procter

&

Gamble

Co.

(The)

(a)(c)

12,585

2,075,518

Prudential

Financial,

Inc.

(a)

18,996

2,226,141

Public

Storage,

REIT

(a)(c)

3,200

920,480

PulteGroup,

Inc.

(a)

29,870

3,288,687

Consolidated

Schedule

of

Investments

June

30,

2024

(Unaudited)

AQR

STYLE

PREMIA

ALTERNATIVE

FUND

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

Funds

|

Semi-Annual

Report

|

June

2024

223

(Continued)

INVESTMENTS

SHARES

VALUE

($)

United

States

-

106.4%

(continued)

Pure

Storage,

Inc.,

Class

A

*(a)(c)

35,228

2,261,990

PVH

Corp.

(a)

10,396

1,100,625

Qorvo,

Inc.

*(a)(c)

20,238

2,348,418

QUALCOMM,

Inc.

(a)

26,747

5,327,467

Qualys,

Inc.

*(a)(c)

38,408

5,476,981

Ralph

Lauren

Corp.,

Class

A

(a)

7,817

1,368,444

Raymond

James

Financial,

Inc.

(a)(c)

19,054

2,355,265

Rayonier,

Inc.,

REIT

(a)(c)

7,491

217,913

Regeneron

Pharmaceuticals,

Inc.

*(a)

2,085

2,191,398

Regions

Financial

Corp.

(a)(c)

25,040

501,802

Reinsurance

Group

of

America,

Inc.

(a)

22,883

4,697,193

Reliance,

Inc.

(a)(c)

10,405

2,971,668

RenaissanceRe

Holdings

Ltd.

(a)

12,723

2,843,718

Republic

Services,

Inc.,

Class

A

(a)(c)

10,047

1,952,534

ResMed,

Inc.

(a)(c)

4,377

837,845

Reynolds

Consumer

Products,

Inc.

(a)

57,211

1,600,764

RingCentral,

Inc.,

Class

A

*(a)

65,323

1,842,109

Rivian

Automotive,

Inc.,

Class

A

*(a)(c)

43,242

580,308

Robert

Half,

Inc.

(a)

65,106

4,165,482

Roche

Holding

AG

(2)(a)

8,346

2,312,333

Roivant

Sciences

Ltd.

*(a)(c)

33,280

351,770

Roper

Technologies,

Inc.

(a)

2,796

1,575,993

Ross

Stores,

Inc.

(a)

6,078

883,255

Royal

Caribbean

Cruises

Ltd.

*(a)

9,128

1,455,277

Royal

Gold,

Inc.

(a)

7,721

966,360

Royalty

Pharma

plc,

Class

A

(a)

64,140

1,691,372

RPM

International,

Inc.

(a)(c)

20,217

2,176,967

RTX

Corp.

(a)

15,665

1,572,609

Ryder

System,

Inc.

(a)(c)

30,203

3,741,548

Salesforce,

Inc.

(a)(c)

9,385

2,412,884

Sanofi

SA

(2)(a)

3,641

351,149

SBA

Communications

Corp.,

REIT

(a)

28,078

5,511,711

Schlumberger

NV

(a)

19,888

938,316

Schneider

National,

Inc.,

Class

B

(a)

145,161

3,507,090

Science

Applications

International

Corp.

(a)(c)

14,037

1,650,049

Seaboard

Corp.

(a)

466

1,472,905

Sealed

Air

Corp.

(a)

15,020

522,546

SEI

Investments

Co.

(a)(c)

39,819

2,575,891

Sensata

Technologies

Holding

plc

(a)

25,017

935,386

ServiceNow,

Inc.

*(a)

863

678,896

Shell

plc

(2)(a)

124,059

4,449,749

Signify

NV

(2)(a)(b)

164,302

4,080,528

Simpson

Manufacturing

Co.,

Inc.

(a)(c)

2,295

386,776

Skechers

USA,

Inc.,

Class

A

*(a)

19,699

1,361,595

Skyworks

Solutions,

Inc.

(a)(c)

72,794

7,758,384

SLM

Corp.

(a)

11,905

247,505

Snap-on,

Inc.

(a)

9,229

2,412,368

Sonoco

Products

Co.

(a)(c)

21,169

1,073,692

INVESTMENTS

SHARES

VALUE

($)

United

States

-

106.4%

(continued)

SS&C

Technologies

Holdings,

Inc.

(a)

21,300

1,334,871

STAG

Industrial,

Inc.,

REIT

(a)(c)

75,235

2,712,974

State

Street

Corp.

(a)

52,559

3,889,366

Steel

Dynamics,

Inc.

(a)(c)

14,047

1,819,087

Stellantis

NV

(2)(a)

187,591

3,708,431

Stifel

Financial

Corp.

(a)

36,231

3,048,839

Stryker

Corp.

(a)(c)

4,803

1,634,221

Super

Micro

Computer,

Inc.

*(a)(c)

2,167

1,775,531

Swiss

Re

AG

(2)(a)

20,585

2,552,066

Synaptics,

Inc.

*(a)(c)

5,353

472,135

Synchrony

Financial

(a)

197,870

9,337,484

Synopsys,

Inc.

*(a)(c)

1,115

663,492

T.

Rowe

Price

Group,

Inc.

(a)(c)

22,808

2,629,990

Tapestry,

Inc.

(a)(c)

47,018

2,011,900

Target

Corp.

(a)

9,376

1,388,023

Taylor

Morrison

Home

Corp.,

Class

A

*(a)

55,670

3,086,345

TD

SYNNEX

Corp.

(a)

63,081

7,279,547

TE

Connectivity

Ltd.

(a)

11,486

1,727,839

TEGNA,

Inc.

(a)(c)

306,619

4,274,269

Teleflex,

Inc.

(a)(c)

5,470

1,150,505

Tenaris

SA

(2)(a)

520,107

8,000,461

Tenet

Healthcare

Corp.

*(a)

24,463

3,254,313

Teradata

Corp.

*(a)(c)

100,278

3,465,608

Teradyne,

Inc.

(a)

9,555

1,416,911

Terex

Corp.

(a)(c)

84,824

4,651,748

Texas

Roadhouse,

Inc.,

Class

A

(a)

15,117

2,595,740

Textron,

Inc.

(a)

84,874

7,287,281

Thermo

Fisher

Scientific,

Inc.

(a)

3,235

1,788,955

Thor

Industries,

Inc.

(a)(c)

4,840

452,298

Timken

Co.

(The)

(a)(c)

26,012

2,084,342

Toll

Brothers,

Inc.

(a)

25,063

2,886,756

Trane

Technologies

plc

(a)

3,124

1,027,577

TransDigm

Group,

Inc.

(a)

1,697

2,168,104

TransUnion

(a)(c)

3,198

237,164

Travel

+

Leisure

Co.

(a)

72,322

3,253,044

Travelers

Cos.,

Inc.

(The)

(a)

13,395

2,723,739

TripAdvisor,

Inc.

*(a)

176,977

3,151,960

Twilio,

Inc.,

Class

A

*(a)

22,477

1,276,918

Tyler

Technologies,

Inc.

*(a)(c)

579

291,110

Tyson

Foods,

Inc.,

Class

A

(a)

25,270

1,443,928

UFP

Industries,

Inc.

(a)

59,934

6,712,608

U-Haul

Holding

Co.

*(a)

4,250

262,353

UMB

Financial

Corp.

(a)

14,620

1,219,600

United

Airlines

Holdings,

Inc.

*(a)

(c)

56,342

2,741,602

United

Rentals,

Inc.

(a)

3,031

1,960,239

United

Therapeutics

Corp.

*(a)

20,120

6,409,226

Universal

Health

Services,

Inc.,

Class

B

(a)

11,529

2,132,058

Unum

Group

(a)

94,429

4,826,266

US

Foods

Holding

Corp.

*(a)(c)

50,517

2,676,391

Valero

Energy

Corp.

(a)(c)

23,725

3,719,131

Valley

National

Bancorp

(a)(c)

398,383

2,780,713

Veeva

Systems,

Inc.,

Class

A

*(a)

1,239

226,749

Veralto

Corp.

(a)

14,903

1,422,789

VeriSign,

Inc.

*(a)

7,938

1,411,376

Verisk

Analytics,

Inc.,

Class

A

(a)

5,766

1,554,225

Verizon

Communications,

Inc.

(a)

97,927

4,038,509

224

AQR

Funds

|

Semi-Annual

Report

|

June

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

STYLE

PREMIA

ALTERNATIVE

FUND

Consolidated

Schedule

of

Investments

June

30,

2024

(Unaudited)

(Continued)

INVESTMENTS

SHARES

VALUE

($)

United

States

-

106.4%

(continued)

Vertex

Pharmaceuticals,

Inc.

*(a)

(c)

7,845

3,677,108

Vestis

Corp.

(a)

284,196

3,475,717

Viasat,

Inc.

*(a)(c)

64,947

824,827

Viatris,

Inc.

(a)(c)

151,252

1,607,809

Victoria's

Secret

&

Co.

*(a)(c)

39,709

701,658

Vishay

Intertechnology,

Inc.

(a)(c)

69,303

1,545,457

Vistra

Corp.

(a)

55,314

4,755,898

Vontier

Corp.

(a)(c)

57,166

2,183,741

Voya

Financial,

Inc.

(a)

28,266

2,011,126

Vulcan

Materials

Co.

(a)

7,012

1,743,744

W

R

Berkley

Corp.

(a)

6,321

496,704

Walgreens

Boots

Alliance,

Inc.

(a)

(c)

40,547

490,416

Walmart,

Inc.

(a)

66,765

4,520,658

Warner

Bros

Discovery,

Inc.

*(a)(c)

90,381

672,435

Watts

Water

Technologies,

Inc.,

Class

A

(a)(c)

4,587

841,118

Wayfair,

Inc.,

Class

A

*(a)(c)

22,496

1,186,214

Weatherford

International

plc

*(a)

2,020

247,349

Webster

Financial

Corp.

(a)(c)

26,846

1,170,217

Werner

Enterprises,

Inc.

(a)

65,439

2,344,679

WESCO

International,

Inc.

(a)

24,924

3,950,952

Western

Alliance

Bancorp

(a)

10,955

688,193

Western

Digital

Corp.

*(a)

21,936

1,662,091

Western

Union

Co.

(The)

(a)(c)

395,123

4,828,403

Westinghouse

Air

Brake

Technologies

Corp.

(a)

6,455

1,020,213

Westlake

Corp.

(a)(c)

9,308

1,347,985

Weyerhaeuser

Co.,

REIT

(a)(c)

89,400

2,538,066

Williams-Sonoma,

Inc.

(a)(c)

12,443

3,513,530

Wintrust

Financial

Corp.

(a)(c)

9,841

969,929

WK

Kellogg

Co.

(a)(c)

70,016

1,152,463

Woodward,

Inc.

(a)

24,807

4,325,845

Worthington

Enterprises,

Inc.

(a)

10,022

474,341

WW

Grainger,

Inc.

(a)

2,023

1,825,232

Wyndham

Hotels

&

Resorts,

Inc.

(a)

8,648

639,952

Xcel

Energy,

Inc.

(a)

7,749

413,874

Ziff

Davis,

Inc.

*(a)(c)

14,777

813,474

Zimmer

Biomet

Holdings,

Inc.

(a)

(c)

32,457

3,522,558

Zions

Bancorp

NA

(a)

58,347

2,530,509

Zoom

Video

Communications,

Inc.,

Class

A

*(a)(c)

170,186

10,073,308

1,272,892,195

TOTAL

COMMON

STOCKS

(Cost

$2,394,423,155)

2,382,071,995

PREFERRED

STOCKS

-

0.2%

Brazil

-

0.1%

Banco

Bradesco

SA

182,976

409,866

Cia

Energetica

de

Minas

Gerais

422,293

743,236

1,153,102

INVESTMENTS

SHARES

VALUE

($)

Germany

-

0.1%

Henkel

AG

&

Co.

KGaA

(Preference)

(2)(a)

16,354

1,456,108

TOTAL

PREFERRED

STOCKS

(Cost

$2,752,234)

2,609,210

SHORT-TERM

INVESTMENTS

-

62.5%

INVESTMENT

COMPANIES

-

29.1%

Goldman

Sachs

Financial

Square

Funds

-

Treasury

Instruments

Fund,

Institutional

Shares,

5.19%

(d)(e)

42,228,181

42,228,181

Limited

Purpose

Cash

Investment

Fund,

5.33%

(d)(f)

306,497,269

306,374,670

TOTAL

INVESTMENT

COMPANIES

(Cost

$348,562,752)

348,602,851

—

PRINCIPAL

AMOUNT

U.S.

TREASURY

OBLIGATIONS

-

33.4%

U.S.

Treasury

Bills

5.18%,

8/8/2024

(2)(g)

$

12,692,000

12,621,766

5.20%,

8/15/2024

(2)(g)

18,433,000

18,312,232

5.24%,

8/22/2024

(2)(g)

1,265,000

1,255,450

5.27%,

8/29/2024

(2)(g)

5,976,000

5,924,533

5.24%,

9/5/2024

(2)(g)

16,347,000

16,190,585

5.23%,

9/12/2024

(2)(g)

43,610,000

43,146,808

5.27%,

9/19/2024

(2)(g)

34,362,000

33,963,878

5.24%,

9/26/2024

(2)(g)(h)

36,318,000

35,859,410

5.26%,

10/10/2024

(2)(g)(h)

2,841,000

2,799,593

5.29%,

10/17/2024

(2)(g)(h)

38,406,000

37,806,290

5.30%,

10/24/2024

(2)(g)(h)

34,769,000

34,192,614

5.30%,

10/31/2024

(2)(g)(h)

12,126,000

11,913,340

5.29%,

11/7/2024

(2)(g)(h)

28,415,000

27,888,589

5.30%,

11/21/2024

(2)(g)

9,579,000

9,383,423

5.31%,

11/29/2024

(2)(g)(h)

40,173,000

39,310,263

5.28%,

12/12/2024

(2)(g)(h)

21,673,000

21,167,316

5.29%,

12/19/2024

(2)(g)(h)

32,618,000

31,825,427

5.28%,

12/26/2024

(2)(g)(h)

16,295,000

15,882,886

TOTAL

U.S.

TREASURY

OBLIGATIONS

(Cost

$399,478,234)

399,444,403

TOTAL

SHORT-TERM

INVESTMENTS

(Cost

$748,040,986)

748,047,254

TOTAL

LONG

POSITIONS

(Cost

$3,145,216,375)

3,132,728,459

SHARES

SHORT

POSITIONS

-

(185.5)%

COMMON

STOCKS

-

(184.7)%

Australia

-

(4.9)%

ALS

Ltd.

(2)

(24,379)

(227,054)

Alumina

Ltd.

(2)

(147,702)

(165,331)

APA

Group

(2)

(520,015)

(2,764,125)

Charter

Hall

Group,

REIT

(2)

(119,912)

(891,667)

Commonwealth

Bank

of

Australia

(2)

(54,857)

(4,647,012)

Dexus,

REIT

(2)

(107,190)

(462,406)

Endeavour

Group

Ltd.

(2)

(805,399)

(2,700,771)

Evolution

Mining

Ltd.

(2)

(544,533)

(1,273,317)

Consolidated

Schedule

of

Investments

June

30,

2024

(Unaudited)

AQR

STYLE

PREMIA

ALTERNATIVE

FUND

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

Funds

|

Semi-Annual

Report

|

June

2024

225

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Australia

-

(4.9)%

(continued)

Glencore

plc

(2)

(139,760)

(795,273)

Goodman

Group,

REIT

(2)

(12,894)

(297,463)

IDP

Education

Ltd.

(2)

(387,974)

(3,904,362)

Insurance

Australia

Group

Ltd.

(2)

(259,651)

(1,230,888)

Liontown

Resources

Ltd.

(2)

(3,627,208)

(2,177,769)

Lynas

Rare

Earths

Ltd.

(2)

(1,094,073)

(4,310,122)

Macquarie

Group

Ltd.

(2)

(27,752)

(3,776,253)

Mineral

Resources

Ltd.

(2)

(70,718)

(2,529,980)

Mirvac

Group,

REIT

(2)

(1,435,336)

(1,785,817)

NEXTDC

Ltd.

(2)

(222,789)

(2,601,045)

Pilbara

Minerals

Ltd.

(2)

(180,695)

(367,677)

Ramsay

Health

Care

Ltd.

(2)

(121,406)

(3,833,049)

Reece

Ltd.

(2)

(21,506)

(359,153)

Rio

Tinto

plc

(2)

(38,886)

(2,551,633)

Santos

Ltd.

(2)

(102,792)

(521,508)

Scentre

Group,

REIT

(2)

(618,785)

(1,282,556)

SEEK

Ltd.

(2)

(15,885)

(225,465)

Sonic

Healthcare

Ltd.

(2)

(102,133)

(1,783,621)

South32

Ltd.

(2)

(242,196)

(587,591)

Stockland,

REIT

(2)

(120,515)

(333,799)

Transurban

Group

(2)

(126,469)

(1,043,063)

Treasury

Wine

Estates

Ltd.

(2)

(481,339)

(3,982,774)

WiseTech

Global

Ltd.

(2)

(33,670)

(2,238,344)

Woodside

Energy

Group

Ltd.

(2)

(98,756)

(1,859,674)

Woolworths

Group

Ltd.

(2)

(33,965)

(762,582)

(58,273,144)

Belgium

-

(0.7)%

D'ieteren

Group

(2)

(10,282)

(2,177,227)

Elia

Group

SA/NV

(2)

(9,332)

(871,578)

Liberty

Global

Ltd.,

Class

C

(61,648)

(1,100,417)

Lotus

Bakeries

NV

(184)

(1,897,638)

UCB

SA

(2)

(19,538)

(2,901,136)

(8,947,996)

Brazil

-

(0.4)%

MercadoLibre,

Inc.

(820)

(1,347,588)

Wheaton

Precious

Metals

Corp.

(54,237)

(2,843,770)

(4,191,358)

Burkina

Faso

-

(0.2)%

Endeavour

Mining

plc

(2)

(109,189)

(2,323,649)

Canada

-

(7.0)%

Agnico

Eagle

Mines

Ltd.

(12,078)

(789,985)

Alamos

Gold,

Inc.,

Class

A

(53,723)

(842,729)

Algonquin

Power

&

Utilities

Corp.

(512,381)

(3,011,252)

Alimentation

Couche-Tard,

Inc.

(44,093)

(2,474,339)

AtkinsRealis

Group,

Inc.

(63,216)

(2,736,487)

Bank

of

Montreal

(3,616)

(303,516)

Barrick

Gold

Corp.

(13,949)

(232,679)

BCE,

Inc.

(58,398)

(1,891,463)

Boyd

Group

Services,

Inc.

(1,305)

(245,127)

Brookfield

Asset

Management

Ltd.,

Class

A

(8,099)

(308,319)

Brookfield

Corp.,

Class

A

(64,236)

(2,671,707)

Brookfield

Infrastructure

Corp.,

Class

A

(38,151)

(1,284,203)

Cameco

Corp.

(50,371)

(2,478,325)

Canadian

National

Railway

Co.

(15,007)

(1,773,350)

INVESTMENTS

SHARES

VALUE

($)

Canada

-

(7.0)%

(continued)

Canadian

Pacific

Kansas

City

Ltd.

(53,313)

(4,198,635)

Capstone

Copper

Corp.

(242,585)

(1,720,021)

CCL

Industries,

Inc.,

Class

B

(11,189)

(588,382)

Colliers

International

Group,

Inc.

(11,952)

(1,334,679)

Element

Fleet

Management

Corp.

(160,756)

(2,924,759)

Emera,

Inc.

(8,143)

(271,721)

Enbridge,

Inc.

(85,624)

(3,046,175)

Franco-Nevada

Corp.

(44,876)

(5,320,629)

Gildan

Activewear,

Inc.

(5,840)

(221,511)

Hydro

One

Ltd.

(b)

(65,669)

(1,912,876)

Keyera

Corp.

(86,061)

(2,383,576)

Metro,

Inc.,

Class

A

(4,429)

(245,367)

Nuvei

Corp.

(b)

(28,582)

(925,747)

Pan

American

Silver

Corp.

(199,891)

(3,972,835)

Pembina

Pipeline

Corp.

(24,629)

(913,832)

PrairieSky

Royalty

Ltd.

(48,994)

(931,138)

RB

Global,

Inc.

(47,762)

(3,642,767)

Restaurant

Brands

International,

Inc.

(22,515)

(1,586,525)

Rogers

Communications,

Inc.,

Class

B

(68,652)

(2,539,228)

Royal

Bank

of

Canada

(7,774)

(827,662)

Shopify,

Inc.,

Class

A

(71,865)

(4,749,325)

Stantec,

Inc.

(4,397)

(368,107)

TC

Energy

Corp.

(99,092)

(3,756,377)

Teck

Resources

Ltd.,

Class

B

(87,239)

(4,180,687)

Thomson

Reuters

Corp.

(25,589)

(4,313,497)

TMX

Group

Ltd.

(28,177)

(784,314)

Toronto-Dominion

Bank

(The)

(41,823)

(2,298,958)

WSP

Global,

Inc.

(18,532)

(2,885,766)

(83,888,577)

Chile

-

(0.8)%

Antofagasta

plc

(2)

(189,664)

(5,040,517)

Banco

Santander

Chile,

ADR

(3,836)

(72,232)

Lundin

Mining

Corp.

(301,271)

(3,353,940)

Sociedad

Quimica

y

Minera

de

Chile

SA,

ADR

(24,652)

(1,004,569)

(9,471,258)

China

-

(0.5)%

H

World

Group

Ltd.,

ADR

(53,366)

(1,778,155)

Kanzhun

Ltd.,

ADR

(18,782)

(353,289)

NIO,

Inc.,

ADR

(684,440)

(2,847,271)

ZTO

Express

Cayman,

Inc.,

ADR

(71,227)

(1,477,960)

(6,456,675)

Denmark

-

(2.5)%

Ambu

A/S,

Class

B

(2)

(31,363)

(603,682)

Coloplast

A/S,

Class

B

(2)

(26,990)

(3,244,554)

DSV

A/S

(2)

(52,253)

(8,020,738)

GN

Store

Nord

A/S

(2)

(55,922)

(1,557,920)

Novo

Nordisk

A/S,

Class

B

(2)

(9,757)

(1,396,079)

Novonesis

(Novozymes),

Class

B

(2)

(38,568)

(2,356,291)

Orsted

A/S

(2)(b)

(93,274)

(4,954,851)

Tryg

A/S

(2)

(101,629)

(2,220,454)

Vestas

Wind

Systems

A/S

(2)

(237,119)

(5,498,307)

(29,852,876)

226

AQR

Funds

|

Semi-Annual

Report

|

June

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

STYLE

PREMIA

ALTERNATIVE

FUND

Consolidated

Schedule

of

Investments

June

30,

2024

(Unaudited)

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Finland

-

(1.0)%

Kesko

OYJ,

Class

B

(2)

(20,474)

(360,179)

Metso

OYJ

(2)

(150,970)

(1,604,568)

Neste

OYJ

(2)

(130,647)

(2,331,328)

Orion

OYJ,

Class

B

(2)

(40,245)

(1,716,431)

Sampo

OYJ,

Class

A

(2)

(66,666)

(2,874,921)

Stora

Enso

OYJ,

Class

R

(2)

(237,777)

(3,246,961)

(12,134,388)

France

-

(5.8)%

Accor

SA

(2)

(46,799)

(1,914,968)

Aeroports

de

Paris

SA

(2)

(16,110)

(1,962,214)

Air

Liquide

SA

(2)

(8,068)

(1,392,435)

Airbus

SE

(2)

(24,613)

(3,378,053)

Alstom

SA

(2)

(70,607)

(1,190,774)

BioMerieux

(2)

(10,040)

(954,692)

Bollore

SE

(2)

(55,702)

(327,022)

Bureau

Veritas

SA

(2)

(25,060)

(696,395)

Capgemini

SE

(2)

(11,599)

(2,303,997)

Cie

Generale

des

Etablissements

Michelin

SCA

(2)

(44,687)

(1,727,202)

Danone

SA

(2)

(13,630)

(834,835)

Dassault

Systemes

SE

(2)

(153,470)

(5,770,622)

Edenred

SE

(2)

(53,834)

(2,283,197)

EssilorLuxottica

SA

(2)

(12,661)

(2,720,642)

Getlink

SE

(2)

(88,895)

(1,471,869)

Hermes

International

SCA

(2)

(2,510)

(5,797,158)

Kering

SA

(2)

(11,549)

(4,200,891)

Legrand

SA

(2)

(10,507)

(1,042,874)

L'Oreal

SA

(2)

(10,796)

(4,752,027)

LVMH

Moet

Hennessy

Louis

Vuitton

SE

(2)

(9,332)

(7,165,027)

Pernod

Ricard

SA

(2)

(43,668)

(5,958,045)

Remy

Cointreau

SA

(2)

(19,316)

(1,623,002)

Renault

SA

(2)

(24,733)

(1,268,426)

Sartorius

Stedim

Biotech

(2)

(23,919)

(3,952,889)

SEB

SA

(2)

(6,822)

(700,168)

SOITEC

(2)

(9,626)

(1,068,741)

Thales

SA

(2)

(11,388)

(1,821,718)

Veolia

Environnement

SA

(2)

(28,084)

(841,196)

(69,121,079)

Germany

-

(5.1)%

adidas

AG

(2)

(9,800)

(2,339,913)

Bayer

AG

(Registered)

(2)

(49,345)

(1,390,937)

Bayerische

Motoren

Werke

AG

(2)

(7,065)

(668,288)

Beiersdorf

AG

(2)

(1,438)

(210,474)

Carl

Zeiss

Meditec

AG

(2)

(31,852)

(2,239,321)

Covestro

AG

(2)(b)

(24,371)

(1,428,552)

CTS

Eventim

AG

&

Co.

KGaA

(2)

(2,525)

(210,205)

Deutsche

Post

AG

(2)

(69,997)

(2,842,363)

Deutsche

Telekom

AG

(Registered)

(2)

(50,641)

(1,272,887)

E.ON

SE

(2)

(286,403)

(3,764,105)

Evotec

SE

(2)

(39,902)

(382,502)

Fresenius

Medical

Care

AG

(2)

(16,073)

(614,258)

Infineon

Technologies

AG

(2)

(122,840)

(4,508,265)

Mercedes-Benz

Group

AG

(2)

(18,119)

(1,254,044)

Merck

KGaA

(2)

(27,382)

(4,528,308)

MTU

Aero

Engines

AG

(2)

(15,925)

(4,060,131)

Nemetschek

SE

(2)

(9,271)

(905,099)

INVESTMENTS

SHARES

VALUE

($)

Germany

-

(5.1)%

(continued)

Rheinmetall

AG

(2)

(6,556)

(3,341,040)

SAP

SE

(2)

(28,371)

(5,699,041)

Scout24

SE

(2)(b)

(16,176)

(1,235,907)

Siemens

AG

(Registered)

(2)

(38,168)

(7,104,035)

Siemens

Energy

AG

(2)

(3,954)

(103,099)

Siemens

Healthineers

AG

(2)(b)

(96,067)

(5,532,408)

Symrise

AG,

Class

A

(2)

(29,165)

(3,568,544)

United

Internet

AG

(Registered)

(2)

(9,672)

(208,945)

Vonovia

SE

(2)

(33,880)

(964,171)

Wacker

Chemie

AG

(2)

(4,647)

(506,271)

(60,883,113)

Hong

Kong

-

(0.4)%

Prudential

plc

(2)

(499,907)

(4,532,667)

Italy

-

(4.0)%

Amplifon

SpA

(2)

(97,132)

(3,454,007)

Banca

Generali

SpA

(2)

(21,040)

(844,574)

Brunello

Cucinelli

SpA

(2)

(25,292)

(2,524,295)

Davide

Campari-Milano

NV

(2)

(537,013)

(5,084,313)

DiaSorin

SpA

(2)

(21,186)

(2,107,580)

Enel

SpA

(2)

(100,067)

(694,344)

ERG

SpA

(2)

(79,807)

(2,000,569)

Ferrari

NV

(2)

(12,353)

(5,041,155)

FinecoBank

Banca

Fineco

SpA

(2)

(206,017)

(3,061,259)

Infrastrutture

Wireless

Italiane

SpA

(2)(b)

(339,025)

(3,531,179)

Interpump

Group

SpA

(2)

(38,355)

(1,701,702)

Mediobanca

Banca

di

Credito

Finanziario

SpA

(2)

(14,520)

(212,544)

Moncler

SpA

(2)

(45,935)

(2,817,832)

Recordati

Industria

Chimica

e

Farmaceutica

SpA

(2)

(42,886)

(2,232,122)

Reply

SpA

(2)

(243)

(35,830)

Snam

SpA

(2)

(1,436,433)

(6,343,306)

Telecom

Italia

SpA

(2)

(4,619,118)

(1,104,796)

Terna

-

Rete

Elettrica

Nazionale

(2)

(593,369)

(4,574,062)

(47,365,469)

Japan

-

(28.7)%

Advance

Residence

Investment

Corp.,

REIT

(2)

(166)

(338,265)

Advantest

Corp.

(2)

(145,600)

(5,900,579)

Aeon

Co.

Ltd.

(2)

(327,200)

(7,003,059)

Ajinomoto

Co.,

Inc.

(2)

(127,300)

(4,480,353)

Allegro

MicroSystems,

Inc.

(54,792)

(1,547,326)

ANA

Holdings,

Inc.

(2)

(195,300)

(3,609,771)

Asahi

Intecc

Co.

Ltd.

(2)

(151,700)

(2,129,718)

Astellas

Pharma,

Inc.

(2)

(607,300)

(5,991,468)

Azbil

Corp.

(2)

(39,600)

(1,106,119)

Bandai

Namco

Holdings,

Inc.

(2)

(163,900)

(3,211,024)

BayCurrent

Consulting,

Inc.

(2)

(126,500)

(2,560,930)

Bridgestone

Corp.

(2)

(118,200)

(4,664,101)

Calbee,

Inc.

(2)

(48,500)

(932,630)

Capcom

Co.

Ltd.

(2)

(101,000)

(1,910,606)

Chiba

Bank

Ltd.

(The)

(2)

(315,500)

(2,827,916)

Chugai

Pharmaceutical

Co.

Ltd.

(2)

(37,200)

(1,324,630)

Cosmos

Pharmaceutical

Corp.

(7,300)

(588,710)

CyberAgent,

Inc.

(2)

(224,100)

(1,404,477)

Daifuku

Co.

Ltd.

(2)

(154,200)

(2,896,173)

Consolidated

Schedule

of

Investments

June

30,

2024

(Unaudited)

AQR

STYLE

PREMIA

ALTERNATIVE

FUND

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

Funds

|

Semi-Annual

Report

|

June

2024

227

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Japan

-

(28.7)%

(continued)

Daiichi

Sankyo

Co.

Ltd.

(2)

(124,300)

(4,319,890)

Daikin

Industries

Ltd.

(2)

(36,800)

(5,123,138)

Daiwa

Securities

Group,

Inc.

(2)

(27,100)

(208,055)

Denso

Corp.

(2)

(407,400)

(6,359,123)

Disco

Corp.

(2)

(4,100)

(1,561,689)

DMG

Mori

Co.

Ltd.

(2)

(8,100)

(211,871)

East

Japan

Railway

Co.

(2)

(150,000)

(2,497,449)

Eisai

Co.

Ltd.

(2)

(149,900)

(6,170,432)

FANUC

Corp.

(2)

(166,200)

(4,562,644)

Fast

Retailing

Co.

Ltd.

(2)

(9,200)

(2,327,059)

FUJIFILM

Holdings

Corp.

(2)

(92,800)

(2,176,782)

Fukuoka

Financial

Group,

Inc.

(2)

(107,800)

(2,902,960)

GMO

Payment

Gateway,

Inc.

(2)

(77,700)

(4,301,973)

Hamamatsu

Photonics

KK

(2)

(82,500)

(2,216,250)

Hankyu

Hanshin

Holdings,

Inc.

(2)

(19,800)

(528,171)

Hitachi

Ltd.

(2)

(14,000)

(315,229)

Hoshizaki

Corp.

(2)

(24,200)

(769,746)

Hoya

Corp.

(2)

(31,000)

(3,625,120)

Hulic

Co.

Ltd.

(2)

(157,000)

(1,395,464)

Ibiden

Co.

Ltd.

(2)

(60,900)

(2,492,778)

IHI

Corp.

(2)

(217,900)

(6,533,916)

Isetan

Mitsukoshi

Holdings

Ltd.

(2)

(66,700)

(1,253,747)

Japan

Airlines

Co.

Ltd.

(2)

(156,100)

(2,466,381)

Japan

Airport

Terminal

Co.

Ltd.

(2)

(87,100)

(2,978,010)

Japan

Metropolitan

Fund

Investment

Corp.,

REIT

(2)

(1,364)

(767,442)

Japan

Tobacco,

Inc.

(2)

(204,700)

(5,543,163)

Kadokawa

Corp.

(2)

(93,900)

(1,512,595)

Kawasaki

Heavy

Industries

Ltd.

(2)

(85,800)

(3,275,647)

KDDI

Corp.

(2)

(54,700)

(1,449,085)

Keio

Corp.

(2)

(44,700)

(1,037,825)

Keisei

Electric

Railway

Co.

Ltd.

(2)

(55,200)

(1,785,071)

Keyence

Corp.

(2)

(6,000)

(2,626,069)

Kikkoman

Corp.

(2)

(223,300)

(2,595,202)

Kintetsu

Group

Holdings

Co.

Ltd.

(2)

(42,600)

(929,171)

Kobayashi

Pharmaceutical

Co.

Ltd.

(2)

(23,500)

(763,197)

Kobe

Bussan

Co.

Ltd.

(2)

(211,900)

(4,720,276)

Koei

Tecmo

Holdings

Co.

Ltd.

(2)

(41,100)

(356,764)

Kubota

Corp.

(2)

(141,600)

(1,989,902)

Kurita

Water

Industries

Ltd.

(2)

(43,700)

(1,856,900)

Kyoto

Financial

Group,

Inc.

(2)

(130,896)

(2,338,633)

Lasertec

Corp.

(2)

(12,000)

(2,693,764)

M3,

Inc.

(2)

(445,200)

(4,259,682)

Marubeni

Corp.

(2)

(75,300)

(1,396,256)

Marui

Group

Co.

Ltd.

(2)

(207,700)

(2,931,616)

MatsukiyoCocokara

&

Co.

(2)

(69,300)

(995,175)

Mercari,

Inc.

(2)

(107,600)

(1,336,647)

Mitsubishi

Corp.

(2)

(40,100)

(788,282)

Mitsubishi

Estate

Co.

Ltd.

(2)

(259,300)

(4,082,268)

Mitsubishi

Heavy

Industries

Ltd.

(2)

(247,900)

(2,668,663)

Mitsubishi

UFJ

Financial

Group,

Inc.

(2)

(504,600)

(5,445,657)

Mitsui

Fudosan

Co.

Ltd.

(2)

(217,400)

(2,000,932)

MonotaRO

Co.

Ltd.

(2)

(248,900)

(2,915,013)

Murata

Manufacturing

Co.

Ltd.

(2)

(76,700)

(1,588,333)

NIDEC

Corp.

(2)

(65,400)

(2,942,968)

Nikon

Corp.

(2)

(250,600)

(2,543,172)

INVESTMENTS

SHARES

VALUE

($)

Japan

-

(28.7)%

(continued)

Nippon

Building

Fund,

Inc.,

REIT

(2)

(166)

(582,298)

Nippon

Paint

Holdings

Co.

Ltd.

(2)

(510,400)

(3,336,474)

Nippon

Prologis

REIT,

Inc.,

REIT

(2)

(144)

(224,761)

Nippon

Sanso

Holdings

Corp.

(2)

(24,800)

(736,488)

Nippon

Telegraph

&

Telephone

Corp.

(2)

(2,908,700)

(2,750,477)

Nissan

Chemical

Corp.

(2)

(169,800)

(5,397,044)

Nissan

Motor

Co.

Ltd.

(2)

(578,900)

(1,965,345)

Nissin

Foods

Holdings

Co.

Ltd.

(2)

(58,600)

(1,489,950)

Niterra

Co.

Ltd.

(2)

(36,600)

(1,067,278)

Nitori

Holdings

Co.

Ltd.

(2)

(42,600)

(4,509,937)

Nomura

Research

Institute

Ltd.

(2)

(100,900)

(2,851,810)

NTT

Data

Group

Corp.

(2)

(221,200)

(3,267,795)

Odakyu

Electric

Railway

Co.

Ltd.

(2)

(106,900)

(1,036,820)

Olympus

Corp.

(2)

(283,400)

(4,574,736)

Omron

Corp.

(2)

(150,600)

(5,214,998)

Oriental

Land

Co.

Ltd.

(2)

(225,200)

(6,293,017)

Rakuten

Group,

Inc.

(2)

(560,200)

(2,902,082)

Recruit

Holdings

Co.

Ltd.

(2)

(18,300)

(984,671)

Resona

Holdings,

Inc.

(2)

(161,400)

(1,073,656)

Rinnai

Corp.

(2)

(54,700)

(1,247,198)

Rohto

Pharmaceutical

Co.

Ltd.

(2)

(14,500)

(303,565)

Seibu

Holdings,

Inc.

(2)

(182,000)

(2,515,117)

Sekisui

House

Ltd.

(2)

(36,300)

(806,775)

Seven

&

i

Holdings

Co.

Ltd.

(2)

(184,700)

(2,257,066)

SG

Holdings

Co.

Ltd.

(2)

(220,800)

(2,041,815)

Shimadzu

Corp.

(2)

(45,100)

(1,130,386)

Shimano,

Inc.

(2)

(21,400)

(3,307,238)

Shin-Etsu

Chemical

Co.

Ltd.

(2)

(91,000)

(3,538,229)

Shinko

Electric

Industries

Co.

Ltd.

(2)

(44,700)

(1,562,833)

Shiseido

Co.

Ltd.

(2)

(147,500)

(4,203,629)

Shizuoka

Financial

Group,

Inc.

(2)

(36,400)

(351,872)

SMC

Corp.

(2)

(12,400)

(5,908,067)

SoftBank

Corp.

(2)

(277,200)

(3,390,161)

SoftBank

Group

Corp.

(2)

(68,700)

(4,418,869)

Sony

Group

Corp.

(2)

(50,200)

(4,278,103)

Sumitomo

Chemical

Co.

Ltd.

(2)

(2,863,300)

(6,148,059)

Sumitomo

Metal

Mining

Co.

Ltd.

(2)

(60,700)

(1,844,276)

Sumitomo

Mitsui

Trust

Holdings,

Inc.

(2)

(52,600)

(1,208,811)

Sumitomo

Realty

&

Development

Co.

Ltd.

(2)

(69,500)

(2,050,797)

Suzuki

Motor

Corp.

(2)

(234,000)

(2,701,440)

Sysmex

Corp.

(2)

(179,100)

(2,891,023)

Taisei

Corp.

(2)

(28,000)

(1,041,676)

Taiyo

Yuden

Co.

Ltd.

(2)

(102,500)

(2,601,143)

Takeda

Pharmaceutical

Co.

Ltd.

(2)

(111,100)

(2,881,739)

Terumo

Corp.

(2)

(197,700)

(3,278,895)

Tobu

Railway

Co.

Ltd.

(2)

(24,200)

(407,999)

Tokio

Marine

Holdings,

Inc.

(2)

(31,200)

(1,172,467)

Tokyo

Electron

Ltd.

(2)

(5,500)

(1,203,952)

Tokyu

Corp.

(2)

(153,600)

(1,696,090)

Toyota

Motor

Corp.

(2)

(345,300)

(7,084,685)

Unicharm

Corp.

(2)

(117,800)

(3,785,530)

USS

Co.

Ltd.

(2)

(90,100)

(758,715)

228

AQR

Funds

|

Semi-Annual

Report

|

June

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

STYLE

PREMIA

ALTERNATIVE

FUND

Consolidated

Schedule

of

Investments

June

30,

2024

(Unaudited)

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Japan

-

(28.7)%

(continued)

West

Japan

Railway

Co.

(2)

(81,800)

(1,526,346)

Yakult

Honsha

Co.

Ltd.

(2)

(47,700)

(854,613)

Yamaha

Corp.

(2)

(109,800)

(2,580,622)

Yamaha

Motor

Co.

Ltd.

(2)

(258,000)

(2,398,575)

Yaskawa

Electric

Corp.

(2)

(133,200)

(4,803,057)

Yokohama

Rubber

Co.

Ltd.

(The)

(2)

(20,800)

(462,648)

ZOZO,

Inc.

(2)

(147,300)

(3,682,736)

(344,447,556)

Luxembourg

-

(0.0)%

†

Eurofins

Scientific

SE

(2)

(10,890)

(545,251)

Mexico

-

(0.1)%

Cemex

SAB

de

CV,

ADR

(130,565)

(834,310)

Grupo

Aeroportuario

del

Pacifico

SAB

de

CV,

ADR

(2,565)

(399,550)

(1,233,860)

Netherlands

-

(2.9)%

Adyen

NV

(2)(b)

(4,920)

(5,843,365)

Aegon

Ltd.

(2)

(319,790)

(1,977,237)

Akzo

Nobel

NV

(2)

(18,332)

(1,117,323)

Argenx

SE

(2)

(10,800)

(4,685,998)

ASML

Holding

NV

(2)

(5,664)

(5,772,558)

BE

Semiconductor

Industries

NV

(2)

(8,070)

(1,348,104)

Heineken

NV

(2)

(62,085)

(6,006,476)

IMCD

NV

(2)

(23,403)

(3,226,043)

Koninklijke

Vopak

NV

(2)

(16,774)

(696,895)

SBM

Offshore

NV

(2)

(79,727)

(1,220,193)

Universal

Music

Group

NV

(2)

(87,639)

(2,607,108)

(34,501,300)

Norway

-

(0.7)%

DNB

Bank

ASA

(2)

(41,099)

(806,399)

Gjensidige

Forsikring

ASA

(2)

(78,687)

(1,404,330)

Mowi

ASA

(2)

(55,700)

(925,755)

Orkla

ASA

(2)

(42,454)

(344,267)

Salmar

ASA

(2)

(16,159)

(847,455)

Telenor

ASA

(159,572)

(1,818,855)

TOMRA

Systems

ASA

(2)

(162,841)

(1,941,167)

(8,088,228)

Poland

-

(0.0)%

†

InPost

SA

(2)

(15,019)

(264,267)

Portugal

-

(0.0)%

†

EDP

-

Energias

de

Portugal

SA

(2)

(71,057)

(266,414)

Singapore

-

(2.0)%

CapitaLand

Ascendas,

REIT

(2)

(307,500)

(579,369)

CapitaLand

Investment

Ltd.

(2)

(1,147,100)

(2,243,406)

City

Developments

Ltd.

(2)

(142,600)

(542,087)

DBS

Group

Holdings

Ltd.

(2)

(42,460)

(1,118,346)

Grab

Holdings

Ltd.,

Class

A

(1,051,080)

(3,731,334)

Keppel

Ltd.

(2)

(610,100)

(2,900,115)

Mapletree

Logistics

Trust,

REIT

(2)

(1,042,400)

(989,872)

Sea

Ltd.,

ADR

(76,119)

(5,436,418)

Singapore

Technologies

Engineering

Ltd.

(2)

(342,600)

(1,090,957)

INVESTMENTS

SHARES

VALUE

($)

Singapore

-

(2.0)%

(continued)

Singapore

Telecommunications

Ltd.

(2)

(2,554,300)

(5,168,811)

(23,800,715)

South

Africa

-

(0.3)%

Anglo

American

plc

(2)

(60,612)

(1,915,370)

Gold

Fields

Ltd.,

ADR

(17,899)

(266,695)

Old

Mutual

Ltd.

(2)

(631,334)

(420,443)

Sibanye

Stillwater

Ltd.,

ADR

(180,997)

(787,337)

(3,389,845)

South

Korea

-

(0.2)%

Delivery

Hero

SE

(2)(b)

(102,726)

(2,440,216)

Spain

-

(2.0)%

Amadeus

IT

Group

SA

(2)

(55,127)

(3,668,394)

Bankinter

SA

(2)

(109,554)

(896,458)

Cellnex

Telecom

SA

(2)(b)

(213,260)

(6,936,168)

Corp.

ACCIONA

Energias

Renovables

SA

(2)

(91,496)

(1,882,497)

Enagas

SA

(2)

(13,696)

(203,658)

Fluidra

SA

(2)

(85,602)

(1,784,694)

Grifols

SA

(2)

(188,374)

(1,593,083)

Iberdrola

SA

(2)

(267,647)

(3,472,699)

Naturgy

Energy

Group

SA

(2)

(44,900)

(975,892)

Redeia

Corp.

SA

(2)

(104,975)

(1,835,636)

Telefonica

SA

(2)

(181,391)

(768,416)

(24,017,595)

Sweden

-

(4.0)%

AddTech

AB,

Class

B

(2)

(87,077)

(2,171,491)

Assa

Abloy

AB,

Class

B

(2)

(97,859)

(2,771,420)

Atlas

Copco

AB,

Class

A

(2)

(144,635)

(2,715,704)

Axfood

AB

(2)

(19,451)

(509,858)

Beijer

Ref

AB,

Class

B

(2)

(140,548)

(2,169,322)

Boliden

AB

(2)

(43,792)

(1,408,387)

Castellum

AB

(2)

(100,414)

(1,225,447)

Electrolux

AB,

Class

B

(2)

(82,634)

(682,530)

Epiroc

AB,

Class

A

(2)

(159,000)

(3,185,939)

EQT

AB

(2)

(181,681)

(5,326,411)

Fastighets

AB

Balder,

Class

B

(2)

(123,704)

(849,187)

Hexagon

AB,

Class

B

(2)

(215,417)

(2,440,939)

Holmen

AB,

Class

B

(2)

(39,188)

(1,541,944)

Indutrade

AB

(2)

(22,020)

(565,577)

Lifco

AB,

Class

B

(2)

(90,112)

(2,473,329)

Nibe

Industrier

AB,

Class

B

(2)

(1,289,531)

(5,438,655)

Saab

AB,

Class

B

(2)

(38,304)

(920,248)

Sagax

AB,

Class

B

(2)

(88,861)

(2,277,160)

Svenska

Cellulosa

AB

SCA,

Class

B

(2)

(222,138)

(3,269,160)

Svenska

Handelsbanken

AB,

Class

A

(2)

(98,193)

(938,346)

Swedish

Orphan

Biovitrum

AB

(60,214)

(1,611,161)

Tele2

AB,

Class

B

(2)

(262,689)

(2,651,685)

Telefonaktiebolaget

LM

Ericsson,

Class

B

(2)

(35,621)

(221,107)

Telia

Co.

AB

(2)

(213,602)

(572,686)

(47,937,693)

Consolidated

Schedule

of

Investments

June

30,

2024

(Unaudited)

AQR

STYLE

PREMIA

ALTERNATIVE

FUND

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

Funds

|

Semi-Annual

Report

|

June

2024

229

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Switzerland

-

(4.8)%

Avolta

AG

(2)

(41,376)

(1,608,576)

Bachem

Holding

AG,

Class

B

(2)

(9,454)

(863,881)

Banque

Cantonale

Vaudoise

(Registered)

(2)

(17,541)

(1,861,146)

Barry

Callebaut

AG

(Registered)

(2)

(2,502)

(4,078,791)

Belimo

Holding

AG

(Registered)

(2)

(1,402)

(703,212)

Chocoladefabriken

Lindt

&

Spruengli

AG

(2)

(251)

(2,931,885)

Cie

Financiere

Richemont

SA

(Registered)

(2)

(11,907)

(1,860,861)

Clariant

AG

(Registered)

(2)

(28,632)

(451,056)

DSM-Firmenich

AG

(2)

(83,165)

(9,364,806)

EMS-Chemie

Holding

AG

(Registered)

(2)

(1,099)

(899,328)

Galenica

AG

(2)(b)

(5,489)

(449,530)

Geberit

AG

(Registered)

(2)

(2,031)

(1,196,365)

Givaudan

SA

(Registered)

(2)

(296)

(1,402,039)

Julius

Baer

Group

Ltd.

(2)

(30,963)

(1,731,829)

Kuehne

+

Nagel

International

AG

(Registered)

(2)

(1,101)

(316,848)

Lonza

Group

AG

(Registered)

(2)

(3,466)

(1,886,908)

Partners

Group

Holding

AG

(2)

(2,580)

(3,303,835)

SIG

Group

AG

(2)

(341,856)

(6,281,891)

Sika

AG

(Registered)

(2)

(22,141)

(6,320,365)

Straumann

Holding

AG

(Registered)

(2)

(17,234)

(2,127,341)

Swiss

Life

Holding

AG

(Registered)

(2)

(5,231)

(3,839,202)

Swiss

Prime

Site

AG

(Registered)

(2)

(5,358)

(507,376)

VAT

Group

AG

(2)(b)

(5,551)

(3,134,411)

(57,121,482)

United

Kingdom

-

(7.5)%

abrdn

plc

(2)

(569,587)

(1,063,769)

Admiral

Group

plc

(2)

(91,019)

(3,007,726)

Anglogold

Ashanti

plc

(43,965)

(1,104,840)

Ashtead

Group

plc

(2)

(61,628)

(4,108,967)

AstraZeneca

plc

(2)

(41,283)

(6,425,000)

Bellway

plc

(2)

(7,080)

(225,433)

Berkeley

Group

Holdings

plc

(2)

(17,608)

(1,017,382)

ConvaTec

Group

plc

(2)(b)

(165,201)

(489,444)

Croda

International

plc

(2)

(45,656)

(2,271,344)

Diageo

plc

(2)

(195,195)

(6,127,954)

Diploma

plc

(2)

(11,160)

(583,353)

Direct

Line

Insurance

Group

plc

(2)

(264,050)

(669,529)

Entain

plc

(2)

(189,177)

(1,500,115)

Flutter

Entertainment

plc

(2)

(15,040)

(2,735,750)

Halma

plc

(2)

(100,984)

(3,442,096)

Hiscox

Ltd.

(2)

(36,953)

(536,379)

Informa

plc

(2)

(422,260)

(4,557,007)

Intermediate

Capital

Group

plc

(2)

(76,388)

(2,094,888)

Legal

&

General

Group

plc

(2)

(1,390,303)

(3,981,226)

M&G

plc

(2)

(471,275)

(1,211,563)

Melrose

Industries

plc

(2)

(38,431)

(267,651)

National

Grid

plc

(2)

(475,098)

(5,305,011)

Ocado

Group

plc

(2)

(402,206)

(1,460,909)

Pennon

Group

plc

(2)

(131,369)

(953,857)

Persimmon

plc

(2)

(184,919)

(3,137,946)

INVESTMENTS

SHARES

VALUE

($)

United

Kingdom

-

(7.5)%

(continued)

Reckitt

Benckiser

Group

plc

(2)

(87,474)

(4,732,278)

RELX

plc

(2)

(17,422)

(798,257)

Rentokil

Initial

plc

(2)

(808,869)

(4,697,590)

RS

GROUP

plc

(2)

(148,701)

(1,314,131)

Severn

Trent

plc

(2)

(28,241)

(850,035)

Smith

&

Nephew

plc

(2)

(80,682)

(999,837)

Smiths

Group

plc

(2)

(44,931)

(966,763)

Spirax

Group

plc

(2)

(18,386)

(1,970,603)

SSE

plc

(2)

(57,392)

(1,296,118)

Taylor

Wimpey

plc

(2)

(720,627)

(1,290,444)

TechnipFMC

plc

(44,322)

(1,159,020)

Unilever

plc

(2)

(77,604)

(4,259,478)

United

Utilities

Group

plc

(2)

(64,428)

(800,365)

Weir

Group

plc

(The)

(2)

(66,236)

(1,656,535)

WH

Smith

plc

(20,639)

(295,336)

Wise

plc,

Class

A

(2)

(154,939)

(1,328,857)

WPP

plc

(2)

(290,057)

(2,655,959)

(89,350,745)

United

States

-

(97.9)%

10X

Genomics,

Inc.,

Class

A

(158,496)

(3,082,747)

AAON,

Inc.

(9,917)

(865,159)

Acadia

Healthcare

Co.,

Inc.

(69,672)

(4,705,647)

Accenture

plc,

Class

A

(12,031)

(3,650,326)

Advanced

Drainage

Systems,

Inc.

(6,505)

(1,043,337)

Advanced

Micro

Devices,

Inc.

(11,990)

(1,944,898)

Affirm

Holdings,

Inc.,

Class

A

(25,195)

(761,141)

Aflac,

Inc.

(11,581)

(1,034,299)

agilon

health,

Inc.

(34,750)

(227,265)

Agree

Realty

Corp.,

REIT

(63,022)

(3,903,583)

Air

Products

and

Chemicals,

Inc.

(28,041)

(7,235,979)

Airbnb,

Inc.,

Class

A

(10,080)

(1,528,430)

Alaska

Air

Group,

Inc.

(53,486)

(2,160,834)

Albemarle

Corp.

(32,504)

(3,104,782)

Alcoa

Corp.

(6,566)

(261,195)

Alexandria

Real

Estate

Equities,

Inc.,

REIT

(44,963)

(5,259,322)

Alliant

Energy

Corp.

(27,684)

(1,409,116)

Alnylam

Pharmaceuticals,

Inc.

(13,299)

(3,231,657)

Amazon.com,

Inc.

(16,935)

(3,272,689)

Ameren

Corp.

(31,370)

(2,230,721)

American

Airlines

Group,

Inc.

(198,961)

(2,254,228)

American

Express

Co.

(10,487)

(2,428,265)

American

Homes

4

Rent,

Class

A,

REIT

(38,610)

(1,434,748)

American

Tower

Corp.,

REIT

(36,389)

(7,073,293)

American

Water

Works

Co.,

Inc.

(34,728)

(4,485,468)

AMETEK,

Inc.

(8,669)

(1,445,209)

Amgen,

Inc.

(11,177)

(3,492,254)

Amphenol

Corp.,

Class

A

(26,654)

(1,795,680)

Antero

Resources

Corp.

(210,365)

(6,864,210)

Aon

plc,

Class

A

(20,023)

(5,878,352)

Apellis

Pharmaceuticals,

Inc.

(57,105)

(2,190,548)

Apollo

Global

Management,

Inc.

(36,838)

(4,349,463)

Apple,

Inc.

(12,367)

(2,604,738)

AptarGroup,

Inc.

(14,040)

(1,976,972)

Aptiv

plc

(30,152)

(2,123,304)

Arcadium

Lithium

plc

(759,648)

(2,552,417)

Arrowhead

Pharmaceuticals,

Inc.

(92,531)

(2,404,881)

Arthur

J

Gallagher

&

Co.

(14,839)

(3,847,901)

230

AQR

Funds

|

Semi-Annual

Report

|

June

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

STYLE

PREMIA

ALTERNATIVE

FUND

Consolidated

Schedule

of

Investments

June

30,

2024

(Unaudited)

(Continued)

INVESTMENTS

SHARES

VALUE

($)

United

States

-

(97.9)%

(continued)

Ashland,

Inc.

(19,288)

(1,822,523)

Aspen

Technology,

Inc.

(13,555)

(2,692,430)

Atlassian

Corp.,

Class

A

(18,442)

(3,262,021)

Atmos

Energy

Corp.

(4,264)

(497,396)

Automatic

Data

Processing,

Inc.

(7,303)

(1,743,153)

AutoZone,

Inc.

(670)

(1,985,947)

AvalonBay

Communities,

Inc.,

REIT

(11,361)

(2,350,477)

Avery

Dennison

Corp.

(13,891)

(3,037,267)

Avis

Budget

Group,

Inc.

(9,150)

(956,358)

Axon

Enterprise,

Inc.

(3,300)

(970,992)

AZEK

Co.,

Inc.

(The),

Class

A

(39,515)

(1,664,767)

Azenta,

Inc.

(43,958)

(2,313,070)

Ball

Corp.

(62,047)

(3,724,061)

Bank

of

America

Corp.

(60,419)

(2,402,864)

Bath

&

Body

Works,

Inc.

(26,421)

(1,031,740)

Bentley

Systems,

Inc.,

Class

B

(21,928)

(1,082,366)

BILL

Holdings,

Inc.

(38,279)

(2,014,241)

Biogen,

Inc.

(6,780)

(1,571,740)

BioMarin

Pharmaceutical,

Inc.

(44,367)

(3,652,735)

Bio-Techne

Corp.

(9,369)

(671,289)

BlackRock,

Inc.

(1,593)

(1,254,201)

Blackstone,

Inc.

(47,693)

(5,904,393)

Block,

Inc.,

Class

A

(21,736)

(1,401,755)

Blue

Owl

Capital,

Inc.,

Class

A

(41,689)

(739,980)

Boeing

Co.

(The)

(35,984)

(6,549,448)

BOK

Financial

Corp.

(20,328)

(1,862,858)

Booz

Allen

Hamilton

Holding

Corp.,

Class

A

(10,639)

(1,637,342)

Boston

Properties,

Inc.,

REIT

(10,607)

(652,967)

Boston

Scientific

Corp.

(27,467)

(2,115,234)

Bright

Horizons

Family

Solutions,

Inc.

(14,220)

(1,565,338)

Brighthouse

Financial,

Inc.

(23,485)

(1,017,840)

Broadcom,

Inc.

(323)

(518,586)

Broadridge

Financial

Solutions,

Inc.

(9,273)

(1,826,781)

Brookfield

Renewable

Corp.,

Class

A

(34,717)

(983,612)

Brown

&

Brown,

Inc.

(18,196)

(1,626,904)

Brown-Forman

Corp.,

Class

B

(118,684)

(5,125,962)

Brunswick

Corp.

(40,258)

(2,929,575)

Cable

One,

Inc.

(872)

(308,688)

Cadence

Bank

(110,291)

(3,119,029)

Caesars

Entertainment,

Inc.

(17,040)

(677,170)

Campbell

Soup

Co.

(77,594)

(3,506,473)

CarMax,

Inc.

(48,397)

(3,549,436)

Carrier

Global

Corp.

(72,509)

(4,573,868)

Cboe

Global

Markets,

Inc.

(4,742)

(806,425)

CCC

Intelligent

Solutions

Holdings,

Inc.

(19,841)

(220,434)

CDW

Corp.

(5,450)

(1,219,928)

Celsius

Holdings,

Inc.

(14,490)

(827,234)

CenterPoint

Energy,

Inc.

(74,522)

(2,308,692)

Certara,

Inc.

(133,171)

(1,844,418)

CF

Industries

Holdings,

Inc.

(17,035)

(1,262,634)

CH

Robinson

Worldwide,

Inc.

(4,215)

(371,426)

Charles

Schwab

Corp.

(The)

(58,486)

(4,309,833)

Chart

Industries,

Inc.

(18,082)

(2,609,956)

INVESTMENTS

SHARES

VALUE

($)

United

States

-

(97.9)%

(continued)

Charter

Communications,

Inc.,

Class

A

(10,326)

(3,087,061)

Chemed

Corp.

(1,522)

(825,807)

Chemours

Co.

(The)

(29,557)

(667,101)

Cheniere

Energy,

Inc.

(32,896)

(5,751,208)

Chesapeake

Energy

Corp.

(10,509)

(863,735)

Chipotle

Mexican

Grill,

Inc.,

Class

A

(40,250)

(2,521,663)

Church

&

Dwight

Co.,

Inc.

(12,286)

(1,273,812)

Churchill

Downs,

Inc.

(21,990)

(3,069,804)

Clarivate

plc

(47,110)

(268,056)

Clearway

Energy,

Inc.,

Class

C

(85,259)

(2,105,045)

Clorox

Co.

(The)

(20,497)

(2,797,226)

Cloudflare,

Inc.,

Class

A

(37,569)

(3,111,840)

CMS

Energy

Corp.

(56,378)

(3,356,182)

CNH

Industrial

NV

(2)

(19,351)

(194,820)

CNH

Industrial

NV

(178,697)

(1,810,201)

Coca-Cola

Co.

(The)

(22,740)

(1,447,401)

Cognex

Corp.

(141,050)

(6,595,498)

Coherent

Corp.

(27,998)

(2,028,735)

Comerica,

Inc.

(6,496)

(331,556)

Commerce

Bancshares,

Inc.

(54,960)

(3,065,669)

Conagra

Brands,

Inc.

(27,147)

(771,518)

Confluent,

Inc.,

Class

A

(129,428)

(3,822,009)

ConocoPhillips

(22,112)

(2,529,171)

Consolidated

Edison,

Inc.

(30,637)

(2,739,561)

Constellation

Brands,

Inc.,

Class

A

(4,434)

(1,140,780)

Constellation

Energy

Corp.

(19,863)

(3,977,963)

Cooper

Cos.,

Inc.

(The)

(5,296)

(462,341)

COPT

Defense

Properties,

REIT

(44,534)

(1,114,686)

Corteva,

Inc.

(45,560)

(2,457,506)

CoStar

Group,

Inc.

(68,577)

(5,084,299)

Costco

Wholesale

Corp.

(2,004)

(1,703,380)

Coterra

Energy,

Inc.

(71,551)

(1,908,265)

Credit

Acceptance

Corp.

(6,653)

(3,424,166)

Crocs,

Inc.

(18,595)

(2,713,754)

Crown

Castle,

Inc.,

REIT

(25,850)

(2,525,545)

CSL

Ltd.

(2)

(22,467)

(4,405,718)

CSX

Corp.

(38,936)

(1,302,409)

CubeSmart,

REIT

(13,035)

(588,791)

Cullen/Frost

Bankers,

Inc.

(27,890)

(2,834,461)

Danaher

Corp.

(4,426)

(1,105,836)

Darling

Ingredients,

Inc.

(19,048)

(700,014)

Datadog,

Inc.,

Class

A

(11,782)

(1,528,008)

DaVita,

Inc.

(10,451)

(1,448,195)

Dayforce,

Inc.

(65,689)

(3,258,174)

Deere

&

Co.

(10,999)

(4,109,556)

Delta

Air

Lines,

Inc.

(33,260)

(1,577,854)

Dexcom,

Inc.

(21,272)

(2,411,819)

Digital

Realty

Trust,

Inc.,

REIT

(26,976)

(4,101,701)

Dollar

General

Corp.

(32,990)

(4,362,268)

Dollar

Tree,

Inc.

(32,752)

(3,496,931)

Dominion

Energy,

Inc.

(77,575)

(3,801,175)

Dow,

Inc.

(9,049)

(480,049)

Doximity,

Inc.,

Class

A

(78,873)

(2,206,078)

DraftKings,

Inc.,

Class

A

(6,147)

(234,631)

Driven

Brands

Holdings,

Inc.

(178,036)

(2,266,398)

DT

Midstream,

Inc.

(23,790)

(1,689,804)

DTE

Energy

Co.

(19,530)

(2,168,025)

Duke

Energy

Corp.

(17,315)

(1,735,482)

Consolidated

Schedule

of

Investments

June

30,

2024

(Unaudited)

AQR

STYLE

PREMIA

ALTERNATIVE

FUND

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

Funds

|

Semi-Annual

Report

|

June

2024

231

(Continued)

INVESTMENTS

SHARES

VALUE

($)

United

States

-

(97.9)%

(continued)

DuPont

de

Nemours,

Inc.

(22,860)

(1,840,001)

Dynatrace,

Inc.

(34,231)

(1,531,495)

East

West

Bancorp,

Inc.

(10,559)

(773,236)

EastGroup

Properties,

Inc.,

REIT

(1,643)

(279,474)

Ecolab,

Inc.

(6,082)

(1,447,516)

Edwards

Lifesciences

Corp.

(33,763)

(3,118,688)

Elanco

Animal

Health,

Inc.

(12,466)

(179,884)

Elastic

NV

(15,516)

(1,767,428)

Element

Solutions,

Inc.

(24,638)

(668,183)

elf

Beauty,

Inc.

(21,673)

(4,566,935)

Eli

Lilly

&

Co.

(3,892)

(3,523,739)

Emerson

Electric

Co.

(31,654)

(3,487,005)

Enovis

Corp.

(37,981)

(1,716,741)

Enphase

Energy,

Inc.

(19,778)

(1,972,064)

Entegris,

Inc.

(7,052)

(954,841)

EQT

Corp.

(92,357)

(3,415,362)

Equifax,

Inc.

(6,116)

(1,482,885)

Equinix,

Inc.,

REIT

(2,523)

(1,908,902)

Equity

LifeStyle

Properties,

Inc.,

REIT

(20,833)

(1,356,853)

Essential

Utilities,

Inc.

(32,887)

(1,227,672)

Essex

Property

Trust,

Inc.,

REIT

(8,254)

(2,246,739)

Estee

Lauder

Cos.,

Inc.

(The),

Class

A

(20,719)

(2,204,502)

Etsy,

Inc.

(16,829)

(992,574)

Eversource

Energy

(67,149)

(3,808,020)

Exelon

Corp.

(32,029)

(1,108,524)

ExlService

Holdings,

Inc.

(20,652)

(647,647)

Expeditors

International

of

Washington,

Inc.

(25,479)

(3,179,524)

Experian

plc

(2)

(41,306)

(1,918,944)

Exponent,

Inc.

(14,719)

(1,400,071)

Extra

Space

Storage,

Inc.,

REIT

(22,083)

(3,431,919)

Exxon

Mobil

Corp.

(17,909)

(2,061,684)

FactSet

Research

Systems,

Inc.

(5,755)

(2,349,594)

Fair

Isaac

Corp.

(969)

(1,442,512)

Federal

Realty

Investment

Trust,

REIT

(11,327)

(1,143,687)

FedEx

Corp.

(6,984)

(2,094,083)

Ferrovial

SE

(2)

(189,975)

(7,380,124)

Fifth

Third

Bancorp

(38,837)

(1,417,162)

First

American

Financial

Corp.

(11,054)

(596,363)

First

Citizens

BancShares,

Inc.,

Class

A

(874)

(1,471,475)

First

Financial

Bankshares,

Inc.

(143,133)

(4,226,717)

First

Hawaiian,

Inc.

(28,956)

(601,127)

FirstEnergy

Corp.

(76,179)

(2,915,370)

Five

Below,

Inc.

(26,821)

(2,922,684)

Five9,

Inc.

(44,424)

(1,959,098)

Floor

&

Decor

Holdings,

Inc.,

Class

A

(26,809)

(2,665,083)

FMC

Corp.

(61,989)

(3,567,467)

Ford

Motor

Co.

(182,569)

(2,289,415)

Fortrea

Holdings,

Inc.

(57,004)

(1,330,473)

Fox

Factory

Holding

Corp.

(76,256)

(3,674,777)

Freeport-McMoRan,

Inc.

(44,399)

(2,157,791)

Freshpet,

Inc.

(12,243)

(1,584,122)

Frontier

Communications

Parent,

Inc.

(44,001)

(1,151,946)

FTI

Consulting,

Inc.

(6,509)

(1,402,885)

INVESTMENTS

SHARES

VALUE

($)

United

States

-

(97.9)%

(continued)

GATX

Corp.

(16,722)

(2,213,324)

GE

Vernova,

Inc.

(6,956)

(1,193,024)

General

Mills,

Inc.

(23,504)

(1,486,863)

Gentex

Corp.

(38,365)

(1,293,284)

Genuine

Parts

Co.

(21,366)

(2,955,345)

GFL

Environmental,

Inc.

(94,150)

(3,666,761)

Gitlab,

Inc.,

Class

A

(17,893)

(889,640)

Glacier

Bancorp,

Inc.

(125,406)

(4,680,152)

Globant

SA

(6,393)

(1,139,616)

Globus

Medical,

Inc.,

Class

A

(63,453)

(4,345,896)

Goldman

Sachs

Group,

Inc.

(The)

(2,538)

(1,147,988)

Goodyear

Tire

&

Rubber

Co.

(The)

(48,931)

(555,367)

GRAIL,

Inc.

(6,436)

(98,921)

Graphic

Packaging

Holding

Co.

(31,718)

(831,329)

Grocery

Outlet

Holding

Corp.

(79,521)

(1,759,005)

Guidewire

Software,

Inc.

(6,708)

(924,966)

GXO

Logistics,

Inc.

(53,974)

(2,725,687)

Haleon

plc

(2)

(297,288)

(1,209,581)

Hanover

Insurance

Group,

Inc.

(The)

(9,008)

(1,129,964)

Hasbro,

Inc.

(74,885)

(4,380,773)

Hayward

Holdings,

Inc.

(225,866)

(2,778,152)

HealthEquity,

Inc.

(42,409)

(3,655,656)

HEICO

Corp.

(12,639)

(2,826,207)

Hershey

Co.

(The)

(26,405)

(4,854,031)

Hilton

Grand

Vacations,

Inc.

(62,517)

(2,527,562)

Home

BancShares,

Inc.

(53,977)

(1,293,289)

Honeywell

International,

Inc.

(10,663)

(2,276,977)

Hormel

Foods

Corp.

(75,194)

(2,292,665)

Houlihan

Lokey,

Inc.,

Class

A

(4,749)

(640,450)

Howard

Hughes

Holdings,

Inc.

(28,210)

(1,828,572)

Hubbell,

Inc.,

Class

B

(2,022)

(739,001)

HubSpot,

Inc.

(5,032)

(2,967,823)

Humana,

Inc.

(6,257)

(2,337,928)

Huntsman

Corp.

(62,215)

(1,416,636)

Hyatt

Hotels

Corp.,

Class

A

(16,588)

(2,520,049)

IDACORP,

Inc.

(10,168)

(947,149)

IDEX

Corp.

(6,798)

(1,367,758)

IDEXX

Laboratories,

Inc.

(1,235)

(601,692)

Illinois

Tool

Works,

Inc.

(6,951)

(1,647,109)

Illumina,

Inc.

(38,618)

(4,030,947)

Inari

Medical,

Inc.

(67,572)

(3,253,592)

Independence

Realty

Trust,

Inc.,

REIT

(248,675)

(4,660,170)

Ingersoll

Rand,

Inc.

(6,153)

(558,939)

Inspire

Medical

Systems,

Inc.

(20,623)

(2,759,976)

Insulet

Corp.

(31,402)

(6,336,924)

Intercontinental

Exchange,

Inc.

(17,200)

(2,354,508)

International

Flavors

&

Fragrances,

Inc.

(17,645)

(1,679,980)

Intuitive

Surgical,

Inc.

(8,389)

(3,731,847)

Invesco

Ltd.

(34,208)

(511,752)

Invitation

Homes,

Inc.,

REIT

(56,344)

(2,022,186)

Ionis

Pharmaceuticals,

Inc.

(145,469)

(6,933,052)

Iridium

Communications,

Inc.

(84,093)

(2,238,556)

Iron

Mountain,

Inc.,

REIT

(47,679)

(4,272,992)

J

M

Smucker

Co.

(The)

(33,157)

(3,615,439)

Jack

Henry

&

Associates,

Inc.

(8,168)

(1,356,051)

James

Hardie

Industries

plc,

CHESS

(2)

(67,764)

(2,120,852)

232

AQR

Funds

|

Semi-Annual

Report

|

June

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

STYLE

PREMIA

ALTERNATIVE

FUND

Consolidated

Schedule

of

Investments

June

30,

2024

(Unaudited)

(Continued)

INVESTMENTS

SHARES

VALUE

($)

United

States

-

(97.9)%

(continued)

Jefferies

Financial

Group,

Inc.

(22,032)

(1,096,312)

Johnson

Controls

International

plc

(32,369)

(2,151,567)

JPMorgan

Chase

&

Co.

(18,081)

(3,657,063)

KBR,

Inc.

(35,276)

(2,262,603)

Kellanova

(11,760)

(678,317)

Kemper

Corp.

(47,624)

(2,825,532)

Keurig

Dr

Pepper,

Inc.

(17,710)

(591,514)

KeyCorp

(120,149)

(1,707,317)

Keysight

Technologies,

Inc.

(18,615)

(2,545,601)

Kinder

Morgan,

Inc.

(109,633)

(2,178,408)

Kinsale

Capital

Group,

Inc.

(8,721)

(3,360,027)

Kite

Realty

Group

Trust,

REIT

(56,285)

(1,259,658)

KKR

&

Co.,

Inc.

(6,220)

(654,593)

Knight-Swift

Transportation

Holdings,

Inc.,

Class

A

(27,140)

(1,354,829)

Labcorp

Holdings,

Inc.

(10,432)

(2,123,016)

Lamb

Weston

Holdings,

Inc.

(42,397)

(3,564,740)

Las

Vegas

Sands

Corp.

(10,701)

(473,519)

Lattice

Semiconductor

Corp.

(20,436)

(1,185,084)

Leggett

&

Platt,

Inc.

(103,083)

(1,181,331)

Liberty

Broadband

Corp.,

Class

C

(88,169)

(4,833,425)

Light

&

Wonder,

Inc.

(4,435)

(465,143)

Linde

plc

(11,359)

(4,984,443)

LivaNova

plc

(8,090)

(443,494)

Live

Nation

Entertainment,

Inc.

(6,032)

(565,440)

LKQ

Corp.

(11,762)

(489,182)

Lowe's

Cos.,

Inc.

(8,707)

(1,919,545)

LPL

Financial

Holdings,

Inc.

(4,549)

(1,270,536)

Lululemon

Athletica,

Inc.

(7,065)

(2,110,316)

Lumentum

Holdings,

Inc.

(100,464)

(5,115,627)

Lyft,

Inc.,

Class

A

(35,373)

(498,759)

MACOM

Technology

Solutions

Holdings,

Inc.

(18,985)

(2,116,258)

Madison

Square

Garden

Sports

Corp.,

Class

A

(22,987)

(4,324,544)

Maravai

LifeSciences

Holdings,

Inc.,

Class

A

(465,935)

(3,336,095)

MarketAxess

Holdings,

Inc.

(10,749)

(2,155,497)

Marriott

International,

Inc.,

Class

A

(5,413)

(1,308,701)

Marriott

Vacations

Worldwide

Corp.

(11,396)

(995,099)

Marsh

&

McLennan

Cos.,

Inc.

(21,845)

(4,603,178)

Marvell

Technology,

Inc.

(30,890)

(2,159,211)

Masimo

Corp.

(16,098)

(2,027,382)

MasTec,

Inc.

(3,755)

(401,747)

Mastercard,

Inc.,

Class

A

(12,702)

(5,603,614)

Mattel,

Inc.

(44,556)

(724,481)

McCormick

&

Co.,

Inc.

(Non-Voting)

(43,324)

(3,073,405)

McDonald's

Corp.

(18,331)

(4,671,472)

Mercury

Systems,

Inc.

(113,427)

(3,061,395)

Microsoft

Corp.

(5,701)

(2,548,062)

Mister

Car

Wash,

Inc.

(304,274)

(2,166,431)

Moderna,

Inc.

(5,463)

(648,731)

Mondelez

International,

Inc.,

Class

A

(63,792)

(4,174,548)

MongoDB,

Inc.,

Class

A

(26,575)

(6,642,687)

Moody's

Corp.

(6,669)

(2,807,182)

Morgan

Stanley

(25,152)

(2,444,523)

Morningstar,

Inc.

(1,154)

(341,411)

Motorola

Solutions,

Inc.

(12,859)

(4,964,217)

INVESTMENTS

SHARES

VALUE

($)

United

States

-

(97.9)%

(continued)

MP

Materials

Corp.

(324,386)

(4,129,434)

MSA

Safety,

Inc.

(9,078)

(1,703,850)

MSCI,

Inc.,

Class

A

(4,440)

(2,138,970)

Nasdaq,

Inc.

(41,648)

(2,509,708)

National

Storage

Affiliates

Trust,

REIT

(73,805)

(3,042,242)

nCino,

Inc.

(52,465)

(1,650,024)

Nestle

SA

(Registered)

(2)

(73,914)

(7,544,718)

Netflix,

Inc.

(3,490)

(2,355,331)

New

Fortress

Energy,

Inc.

(57,446)

(1,262,663)

New

Jersey

Resources

Corp.

(11,206)

(478,944)

New

York

Community

Bancorp,

Inc.

(815,945)

(2,627,343)

Newell

Brands,

Inc.

(227,538)

(1,458,519)

Newmont

Corp.

(128,212)

(5,368,236)

News

Corp.,

Class

A

(46,541)

(1,283,135)

Nexstar

Media

Group,

Inc.,

Class

A

(4,802)

(797,180)

NextEra

Energy,

Inc.

(78,711)

(5,573,526)

NIKE,

Inc.,

Class

B

(31,642)

(2,384,858)

Nordson

Corp.

(6,531)

(1,514,800)

Norfolk

Southern

Corp.

(23,291)

(5,000,345)

Norwegian

Cruise

Line

Holdings

Ltd.

(20,739)

(389,686)

Novanta,

Inc.

(17,631)

(2,875,792)

Novocure

Ltd.

(152,649)

(2,614,877)

NVR,

Inc.

(143)

(1,085,164)

Occidental

Petroleum

Corp.

(67,969)

(4,284,086)

Okta,

Inc.,

Class

A

(19,320)

(1,808,545)

Old

Dominion

Freight

Line,

Inc.

(10,442)

(1,844,057)

Ollie's

Bargain

Outlet

Holdings,

Inc.

(10,831)

(1,063,279)

ONE

Gas,

Inc.

(31,191)

(1,991,545)

ONEOK,

Inc.

(37,002)

(3,017,513)

Option

Care

Health,

Inc.

(40,293)

(1,116,116)

Oracle

Corp.

(5,388)

(760,786)

O'Reilly

Automotive,

Inc.

(1,433)

(1,513,334)

Ormat

Technologies,

Inc.

(15,593)

(1,118,018)

Palantir

Technologies,

Inc.,

Class

A

(112,824)

(2,857,832)

Palo

Alto

Networks,

Inc.

(6,419)

(2,176,105)

Park

Hotels

&

Resorts,

Inc.,

REIT

(48,696)

(729,466)

Paychex,

Inc.

(5,364)

(635,956)

Paycom

Software,

Inc.

(6,004)

(858,812)

Paycor

HCM,

Inc.

(114,584)

(1,455,217)

Paylocity

Holding

Corp.

(12,079)

(1,592,616)

Peloton

Interactive,

Inc.,

Class

A

(575,532)

(1,945,298)

Penn

Entertainment,

Inc.

(155,041)

(3,000,819)

Penumbra,

Inc.

(15,809)

(2,845,146)

Permian

Resources

Corp.,

Class

A

(161,149)

(2,602,556)

Pfizer,

Inc.

(234,661)

(6,565,815)

PG&E

Corp.

(76,831)

(1,341,469)

Philip

Morris

International,

Inc.

(15,749)

(1,595,846)

Phinia,

Inc.

(31,979)

(1,258,693)

Planet

Fitness,

Inc.,

Class

A

(45,520)

(3,349,817)

Plug

Power,

Inc.

(361,755)

(842,889)

PNC

Financial

Services

Group,

Inc.

(The)

(11,120)

(1,728,938)

PNM

Resources,

Inc.

(27,296)

(1,008,860)

Pool

Corp.

(9,768)

(3,001,999)

Portland

General

Electric

Co.

(5,717)

(247,203)

PotlatchDeltic

Corp.,

REIT

(5,487)

(216,133)

Consolidated

Schedule

of

Investments

June

30,

2024

(Unaudited)

AQR

STYLE

PREMIA

ALTERNATIVE

FUND

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

Funds

|

Semi-Annual

Report

|

June

2024

233

(Continued)

INVESTMENTS

SHARES

VALUE

($)

United

States

-

(97.9)%

(continued)

Power

Integrations,

Inc.

(23,391)

(1,641,814)

PPL

Corp.

(72,184)

(1,995,888)

Primerica,

Inc.

(6,278)

(1,485,249)

Principal

Financial

Group,

Inc.

(24,100)

(1,890,645)

Procore

Technologies,

Inc.

(15,494)

(1,027,407)

Progressive

Corp.

(The)

(5,563)

(1,155,491)

Progyny,

Inc.

(48,889)

(1,398,714)

Prologis,

Inc.,

REIT

(55,024)

(6,179,745)

Prosperity

Bancshares,

Inc.

(11,791)

(720,902)

PTC,

Inc.

(5,731)

(1,041,151)

Public

Service

Enterprise

Group,

Inc.

(58,797)

(4,333,339)

QIAGEN

NV

(2)

(29,403)

(1,214,875)

Quanta

Services,

Inc.

(1,767)

(448,977)

QuantumScape

Corp.

(241,772)

(1,189,518)

Quest

Diagnostics,

Inc.

(20,184)

(2,762,786)

QuidelOrtho

Corp.

(62,961)

(2,091,564)

Range

Resources

Corp.

(130,900)

(4,389,077)

RBC

Bearings,

Inc.

(9,260)

(2,498,163)

Realty

Income

Corp.,

REIT

(104,708)

(5,530,677)

Regal

Rexnord

Corp.

(6,159)

(832,820)

Regency

Centers

Corp.,

REIT

(17,102)

(1,063,744)

Repligen

Corp.

(31,758)

(4,003,413)

Revvity,

Inc.

(24,319)

(2,550,090)

Rexford

Industrial

Realty,

Inc.,

REIT

(80,008)

(3,567,557)

RH

(8,903)

(2,176,249)

RLI

Corp.

(15,300)

(2,152,557)

Robinhood

Markets,

Inc.,

Class

A

(10,170)

(230,961)

ROBLOX

Corp.,

Class

A

(66,727)

(2,482,912)

Rocket

Cos.,

Inc.,

Class

A

(41,409)

(567,303)

Rockwell

Automation,

Inc.

(6,583)

(1,812,168)

Roku,

Inc.,

Class

A

(10,620)

(636,457)

Rollins,

Inc.

(50,077)

(2,443,257)

Ryan

Specialty

Holdings,

Inc.,

Class

A

(50,984)

(2,952,483)

S&P

Global,

Inc.

(8,463)

(3,774,498)

Sabra

Health

Care

REIT,

Inc.,

REIT

(36,179)

(557,157)

Saia,

Inc.

(7,784)

(3,691,873)

Samsara,

Inc.,

Class

A

(27,577)

(929,345)

Schneider

Electric

SE

(2)

(12,065)

(2,892,531)

Scotts

Miracle-Gro

Co.

(The)

(9,023)

(587,036)

Seagate

Technology

Holdings

plc

(19,955)

(2,060,753)

Sempra

(25,484)

(1,938,313)

SentinelOne,

Inc.,

Class

A

(66,039)

(1,390,121)

Service

Corp.

International

(10,000)

(711,300)

Sherwin-Williams

Co.

(The)

(5,127)

(1,530,051)

Silgan

Holdings,

Inc.

(51,407)

(2,176,058)

Silicon

Laboratories,

Inc.

(28,253)

(3,125,629)

Simon

Property

Group,

Inc.,

REIT

(8,341)

(1,266,164)

SiteOne

Landscape

Supply,

Inc.

(6,094)

(739,873)

Snap,

Inc.,

Class

A

(318,872)

(5,296,464)

Snowflake,

Inc.,

Class

A

(17,392)

(2,349,485)

SoFi

Technologies,

Inc.

(497,275)

(3,286,988)

Sotera

Health

Co.

(241,965)

(2,872,125)

Southern

Co.

(The)

(39,910)

(3,095,819)

SouthState

Corp.

(20,107)

(1,536,577)

Southwest

Airlines

Co.

(288,065)

(8,241,539)

Southwest

Gas

Holdings,

Inc.

(41,804)

(2,942,166)

INVESTMENTS

SHARES

VALUE

($)

United

States

-

(97.9)%

(continued)

Spectrum

Brands

Holdings,

Inc.

(2,489)

(213,880)

Spire,

Inc.

(10,787)

(655,095)

Spirit

AeroSystems

Holdings,

Inc.,

Class

A

(43,145)

(1,418,176)

Sprouts

Farmers

Market,

Inc.

(8,084)

(676,307)

Stanley

Black

&

Decker,

Inc.

(8,538)

(682,101)

Starbucks

Corp.

(31,107)

(2,421,680)

Stericycle,

Inc.

(41,439)

(2,408,849)

Sun

Communities,

Inc.,

REIT

(43,377)

(5,219,988)

Sunrun,

Inc.

(102,502)

(1,215,674)

Synovus

Financial

Corp.

(20,106)

(808,060)

Sysco

Corp.

(20,395)

(1,455,999)

Take-Two

Interactive

Software,

Inc.

(35,923)

(5,585,667)

Tandem

Diabetes

Care,

Inc.

(42,677)

(1,719,456)

Targa

Resources

Corp.

(19,149)

(2,466,008)

Teledyne

Technologies,

Inc.

(4,255)

(1,650,855)

Tempur

Sealy

International,

Inc.

(77,412)

(3,664,684)

Tesla,

Inc.

(61,435)

(12,156,757)

Tetra

Tech,

Inc.

(2,252)

(460,489)

Texas

Capital

Bancshares,

Inc.

(31,039)

(1,897,724)

Texas

Instruments,

Inc.

(17,459)

(3,396,299)

TJX

Cos.,

Inc.

(The)

(24,018)

(2,644,382)

T-Mobile

US,

Inc.

(16,177)

(2,850,064)

Toast,

Inc.,

Class

A

(64,997)

(1,674,973)

TopBuild

Corp.

(3,070)

(1,182,779)

Topgolf

Callaway

Brands

Corp.

(4,135)

(63,266)

Toro

Co.

(The)

(32,979)

(3,083,866)

TPG,

Inc.

(36,181)

(1,499,702)

Tractor

Supply

Co.

(6,709)

(1,811,430)

Trade

Desk,

Inc.

(The),

Class

A

(38,171)

(3,728,162)

Trex

Co.,

Inc.

(10,796)

(800,200)

Trimble,

Inc.

(42,949)

(2,401,708)

Truist

Financial

Corp.

(133,805)

(5,198,324)

Uber

Technologies,

Inc.

(54,599)

(3,968,255)

Ubiquiti,

Inc.

(16,583)

(2,415,480)

UDR,

Inc.,

REIT

(36,419)

(1,498,642)

UGI

Corp.

(83,885)

(1,920,967)

Ulta

Beauty,

Inc.

(2,747)

(1,059,985)

Ultragenyx

Pharmaceutical,

Inc.

(26,885)

(1,104,974)

Under

Armour,

Inc.,

Class

A

(103,626)

(691,185)

Union

Pacific

Corp.

(8,834)

(1,998,781)

United

Bankshares,

Inc.

(24,560)

(796,726)

United

Parcel

Service,

Inc.,

Class

B

(49,933)

(6,833,331)

UnitedHealth

Group,

Inc.

(14,433)

(7,350,149)

Unity

Software,

Inc.

(135,253)

(2,199,214)

Universal

Display

Corp.

(3,617)

(760,474)

US

Bancorp

(25,607)

(1,016,598)

Vail

Resorts,

Inc.

(6,353)

(1,144,366)

Valaris

Ltd.

(27,786)

(2,070,057)

Valmont

Industries,

Inc.

(2,017)

(553,566)

Valvoline,

Inc.

(105,098)

(4,540,234)

Ventas,

Inc.,

REIT

(4,578)

(234,668)

Vertiv

Holdings

Co.,

Class

A

(5,761)

(498,730)

VF

Corp.

(266,382)

(3,596,157)

VICI

Properties,

Inc.,

Class

A,

REIT

(67,578)

(1,935,434)

Virtu

Financial,

Inc.,

Class

A

(45,052)

(1,011,417)

Visa,

Inc.,

Class

A

(26,286)

(6,899,285)

Visteon

Corp.

(16,235)

(1,732,275)

234

AQR

Funds

|

Semi-Annual

Report

|

June

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

STYLE

PREMIA

ALTERNATIVE

FUND

Consolidated

Schedule

of

Investments

June

30,

2024

(Unaudited)

(Continued)

INVESTMENTS

SHARES

VALUE

($)

United

States

-

(97.9)%

(continued)

Vornado

Realty

Trust,

REIT

(169,179)

(4,447,716)

Walt

Disney

Co.

(The)

(21,391)

(2,123,912)

Waste

Connections,

Inc.

(15,568)

(2,730,004)

Waste

Management,

Inc.

(16,007)

(3,414,933)

Waters

Corp.

(5,866)

(1,701,844)

Watsco,

Inc.

(1,723)

(798,163)

WEC

Energy

Group,

Inc.

(53,558)

(4,202,161)

Wells

Fargo

&

Co.

(27,384)

(1,626,336)

Welltower,

Inc.,

REIT

(73,846)

(7,698,445)

Wendy's

Co.

(The)

(13,602)

(230,690)

West

Pharmaceutical

Services,

Inc.

(5,734)

(1,888,722)

WEX,

Inc.

(9,241)

(1,636,951)

Whirlpool

Corp.

(9,373)

(957,921)

White

Mountains

Insurance

Group

Ltd.

(1,091)

(1,982,838)

Williams

Cos.,

Inc.

(The)

(61,556)

(2,616,130)

Willis

Towers

Watson

plc

(14,609)

(3,829,603)

WillScot

Mobile

Mini

Holdings

Corp.

(30,334)

(1,141,772)

Wingstop,

Inc.

(3,197)

(1,351,244)

Wolfspeed,

Inc.

(220,211)

(5,012,002)

Workday,

Inc.,

Class

A

(3,157)

(705,779)

WP

Carey,

Inc.,

REIT

(32,174)

(1,771,179)

Wynn

Resorts

Ltd.

(8,517)

(762,272)

XPO,

Inc.

(27,852)

(2,956,490)

Xylem,

Inc.

(37,445)

(5,078,665)

YETI

Holdings,

Inc.

(26,125)

(996,669)

Yum!

Brands,

Inc.

(12,559)

(1,663,565)

Zebra

Technologies

Corp.,

Class

A

(12,163)

(3,757,516)

Zillow

Group,

Inc.,

Class

C

(55,157)

(2,558,733)

Zoetis,

Inc.,

Class

A

(5,323)

(922,795)

ZoomInfo

Technologies,

Inc.,

Class

A

(37,543)

(479,424)

Zscaler,

Inc.

(5,417)

(1,041,093)

(1,172,798,478)

Zambia

-

(0.3)%

First

Quantum

Minerals

Ltd.

(262,947)

(3,453,936)

TOTAL

COMMON

STOCKS

(Proceeds

$(2,267,313,296))

(2,211,099,830)

PREFERRED

STOCKS

-

(0.8)%

Brazil

-

(0.0)%

†

Itau

Unibanco

Holding

SA

(19,973)

(116,642)

Germany

-

(0.8)%

Dr

Ing

hc

F

Porsche

AG

(Preference)

(2)(b)

(72,503)

(5,393,747)

Sartorius

AG

(Preference)

(2)

(18,559)

(4,344,403)

(9,738,150)

TOTAL

PREFERRED

STOCKS

(Proceeds

$(12,244,735))

(9,854,792)

INVESTMENTS

NO.

OF

RIGHTS

VALUE

($)

RIGHTS

-

(0.0)%

†

Italy

-

(0.0)%

†

Amplifon

SpA,

expiring

7/9/2024

(2)

(Proceeds

$–)

(97,132)

(2)

NO.

OF

WARRANTS

WARRANTS

-

0.0%

United

States

-

0.0%

Danimer

Scientific,

Inc.,

expiring

7/15/2025

(3)

(Proceeds

$–)

(37)

–

TOTAL

SHORT

POSITIONS

(Proceeds

$(2,279,558,031))

(2,220,954,624)

TOTAL

INVESTMENTS

IN

SECURITIES

AT

VALUE

-

76.2%

(Cost

$865,658,344)

911,773,835

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

-

23.8%

‡

285,162,046

NET

ASSETS

-

100.0%

1,196,935,881

SECTOR

VALUE

%

OF

NET

ASSETS

Communication

Services

$

(8,742,359)

(0.7)

%

Consumer

Discretionary

(13,143,299)

(1.1)

Consumer

Staples

(12,771,348)

(1.1)

Energy

43,632,532

3.6

Financials

154,023,828

12.9

Health

Care

(57,969,079)

(4.8)

Industrials

98,825,418

8.3

Information

Technology

62,736,359

5.2

Materials

(6,535,780)

(0.5)

Real

Estate

(69,172,197)

(5.8)

Utilities

(27,157,494)

(2.3)

Investment

Companies

348,602,851

29.1

U.S.

Treasury

Obligations

399,444,403

33.4

Total

Investments

In

Securities

At

Value

911,773,835

76.2

Other

Assets

in

Excess

of

Liabilities

‡

285,162,046

23.8

Net

Assets

$

1,196,935,881

100.0%

Consolidated

Schedule

of

Investments

June

30,

2024

(Unaudited)

AQR

STYLE

PREMIA

ALTERNATIVE

FUND

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

Funds

|

Semi-Annual

Report

|

June

2024

235

(Continued)

*

Non-income

producing

security.

†

Represents

less

than

0.05%

of

net

assets.

‡

Includes

appreciation/(depreciation)

on

forward

foreign

currency

exchange,

futures

and

swap

contracts.

(a)

All

or

a

portion

of

this

security

is

segregated

in

connection

with

obligations

for

securities

sold

short.

Total

value

of

all

such

securities

at

June

30,

2024

amounted

to

$2,322,438,920,

which

is

inclusive

of

rehypothecated

amounts disclosed

below;

additional

securities

sold

but

not

yet

settled

totaling

$80,647

were

also

segregated.

In

addition,

$93,241,095

of

cash

collateral

was

also

pledged.

(b)

Securities

exempt

from

registration

under

Rule

144A

or

section

4(2),

of

the

Securities

Act

of

1933.

Under

procedures

approved

by

the

Board

of

Trustees,

such

securities

have

been

determined

to

be

liquid

by

the

investment

adviser

and

may

be

resold,

normally

to

qualified

institutional

buyers

in

transactions

exempt

from

registration.

Total

value

of

all

such

securities

at

June

30,

2024

amounted

to

$(16,665,373),

which

represents

(1.39)%

of

net

assets

of

the

Fund.

(c)

All

or

a

portion

of

this

security

has

been

rehypothecated

in

connection

with

the

Fund's

Master

Securities

Loan

Agreement

with

State

Street

Bank

and

Trust

Company.

Total

value

of

all

such

securities

at

June

30,

2024

amounted

to

$347,164,396.

(d)

Represents

7-day

effective

yield

as

of

June

30,

2024.

(e)

All

or

a

portion

of

the

security

pledged

as

collateral

for

forward

foreign

currency

exchange

and

swap

contracts.

(f)

For

the

period

ended

June

30,

2024,

transactions

with

and

earnings

from

issuers

considered

to

be

an

affiliated

issuer

were

as

follows:

(g)

The

rate

shown

was

the

effective

yield

at

the

date

of

purchase.

(h)

All

or

a

portion

of

the

security

pledged

as

collateral

for

swap

contracts.

Affiliate

Value

At

12/31/2023

Purchases

At

Cost

Proceeds

From

Sales

Net

Realized

Gain

(Loss)

Net

Change

In

Unrealized

App/Dep

Value

At

6/30/2024

Shares

Held

At

6/30/2024

Dividend

Income

Capital

Gain

Distributions

SHORT-TERM

INVESTMENTS

-

25.6%

INVESTMENT

COMPANIES

-

25.6%

Limited

Purpose

Cash

Investment

Fund,

5.33%

(a)

(Cost

$306,334,571)

$265,947,113

$1,428,129,328

$(1,387,692,834)

$(15,311)

$6,374

$306,374,670

306,497,269

$8,791,210

$–

(a)

Represents

7-day

effective

yield

as

of

June

30,

2024.

All

securities

are

Level

1

with

respect

to

ASC

820,

unless

otherwise

noted

in

parentheses.

(2)

Level

2

security

(See

Note

5).

(3)

Security

fair

valued

using

significant

unobservable

inputs

(Level

3)

in

accordance

with

procedures

approved

by

the

Board

of

Trustees

(See

Note

5).

Forward

effective

interest

rate

swap

contracts

outstanding

as

of

June

30,

2024:

Exchange-Cleared

PAY/

RECEIVE

FLOATING

RATE

FLOATING

RATE

INDEX

(a)

FIXED

RATE

MATURITY

DATE

NOTIONAL

AMOUNT

UPFRONT

PREMIUM

PAID

(RECEIVED)

UNREALIZED

APPRECIATION

(DEPRECIATION)

VALUE

Pay

1D

CORRA

Semi

3.50%

Semi

9/20/2034

CAD

105,200,000

$

(697,574)

$

1,280,071

$

582,497

Pay

1D

CORRA

Semi

3.50%

Semi

12/20/2034

CAD

24,400,000

80,466

90,838

171,304

Pay

1D

SARON

Annual

1.00%

Annual

9/16/2026

CHF

710,200,000

288,785

2,133,188

2,421,973

Pay

1D

SARON

Annual

1.00%

Annual

12/16/2026

CHF

44,400,000

(184,707)

365,634

180,927

Pay

1D

SOFR

Annual

4.00%

Annual

9/20/2034

USD

227,000,000

(360,628)

1,964,154

1,603,526

Pay

1D

SOFR

Annual

4.00%

Annual

12/20/2034

USD

15,100,000

236,142

(30,883)

205,259

Pay

1D

SONIA

Annual

4.50%

Annual

9/16/2026

GBP

700,100,000

210,195

1,784,424

1,994,619

Pay

1D

SONIA

Annual

4.50%

Annual

12/16/2026

GBP

346,100,000

995,010

1,256,335

2,251,345

Pay

6M

EURIBOR

Semi

3.00%

Annual

12/20/2034

EUR

16,200,000

347,905

(37,154)

310,751

Receive

1D

CORRA

Semi

3.50%

Semi

9/16/2026

CAD

420,200,000

420,491

1,255,775

1,676,266

Receive

1D

CORRA

Semi

3.50%

Semi

12/16/2026

CAD

104,500,000

(119,472)

294,334

174,862

Receive

1D

TONAR

Annual

0.50%

Annual

12/16/2026

JPY

12,790,000,000

86,457

11,441

97,898

Receive

3M

BBR

Qtrly

4.50%

Semi

9/16/2026

NZD

266,800,000

804,945

133,017

937,962

Receive

3M

BBR

Qtrly

4.00%

Qtrly

12/10/2026

AUD

398,600,000

656,276

482,456

1,138,732

Receive

3M

BBR

Qtrly

4.50%

Semi

12/16/2026

NZD

199,200,000

174,777

80,910

255,687

Receive

6M

EURIBOR

Semi

3.00%

Annual

9/16/2026

EUR

5,200,000

(35,966)

45,239

9,273

2,903,102

11,109,779

14,012,881

Pay

1D

TONAR

Annual

1.00%

Annual

9/20/2034

JPY

6,030,000,000

(131,929)

(229,649)

(361,578)

236

AQR

Funds

|

Semi-Annual

Report

|

June

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

STYLE

PREMIA

ALTERNATIVE

FUND

Consolidated

Schedule

of

Investments

June

30,

2024

(Unaudited)

(Continued)

PAY/

RECEIVE

FLOATING

RATE

FLOATING

RATE

INDEX

(a)

FIXED

RATE

MATURITY

DATE

NOTIONAL

AMOUNT

UPFRONT

PREMIUM

PAID

(RECEIVED)

UNREALIZED

APPRECIATION

(DEPRECIATION)

VALUE

Pay

1D

TONAR

Annual

1.00%

Annual

12/20/2034

JPY

2,440,000,000

$

(174,504)

$

(9,822)

$

(184,326)

Pay

3M

BBR

Qtrly

4.00%

Qtrly

9/10/2026

AUD

210,500,000

(732,665)

1,054

(731,611)

Pay

6M

BBR

Semi

4.50%

Semi

9/07/2034

AUD

124,700,000

130,500

(433,025)

(302,525)

Pay

6M

BBR

Semi

4.50%

Semi

12/07/2034

AUD

82,100,000

(140,630)

(71,045)

(211,675)

Pay

6M

NIBOR

Semi

4.00%

Annual

9/16/2026

NOK

2,628,400,000

(826,512)

(605,329)

(1,431,841)

Pay

6M

NIBOR

Semi

4.00%

Annual

12/16/2026

NOK

212,400,000

5,318

(61,014)

(55,696)

Receive

1D

SOFR

Annual

4.50%

Annual

9/16/2026

USD

1,519,000,000

1,376,880

(4,120,338)

(2,743,458)

Receive

1D

SOFR

Annual

4.50%

Annual

12/16/2026

USD

409,800,000

(2,109,229)

(49,916)

(2,159,145)

Receive

1D

SONIA

Annual

4.00%

Annual

9/20/2034

GBP

87,600,000

(998,143)

(430,170)

(1,428,313)

Receive

1D

SONIA

Annual

4.00%

Annual

12/20/2034

GBP

35,000,000

(146,168)

(532,459)

(678,627)

Receive

1D

TONAR

Annual

0.50%

Annual

9/16/2026

JPY

46,309,300,000

(68,020)

32,466

(35,554)

Receive

3M

STIBOR

Qtrly

3.00%

Annual

9/16/2026

SEK

2,536,300,000

(379,219)

(636,697)

(1,015,916)

Receive

3M

STIBOR

Qtrly

3.00%

Annual

12/16/2026

SEK

3,316,500,000

(940,125)

(1,217,161)

(2,157,286)

Receive

6M

EURIBOR

Semi

3.00%

Annual

12/16/2026

EUR

89,100,000

(81,812)

14,329

(67,483)

(5,216,258)

(8,348,776)

(13,565,034)

$

(2,313,156)

$

2,761,003

$

447,847

Abbreviations:

1D:

1

Day

3M:

3

Month

6M:

6

Month

Qtrly:

Quarterly

Semi:

Semi-Annually

Annual:

Annually

(a)

Floating

rate

indices

at

June

30,

2024

were

as

follows:

1

Day

Canadian

Overnight

Repo

Rate

Average

(“CORRA”):

4.80%

1

Day

Secured

Overnight

Financing

Rate

(“SOFR”):

5.33%

1

Day

Sterling

Overnight

Index

Average

(“SONIA”):

5.20%

1

Day

Swiss

Average

Rate

Overnight

(“SARON”):

1.22%

1

Day

Tokyo

Overnight

Average

Rate

(“TONAR”):

0.07%

3

Month

Australian

Bank-Bill

Reference

Rate

(“BBR”):

4.45%

3

Month

Stockholm

Interbank

Offered

Rate

(“STIBOR”):

3.71%

6

Month

Australian

Bank-Bill

Reference

Rate

(“BBR”):

4.74%

6

Month

Euro

Interbank

Offered

Rate

(“EURIBOR”):

3.68%

6

Month

Norwegian

Interbank

Offered

Rate

(“NIBOR”):

4.85%

Total

return

swap

contracts

outstanding

as

of

June

30,

2024

:

Over-the-Counter

REFERENCE

ENTITY

PAYMENTS

MADE

BY

FUND

PAYMENTS

RECEIVED

BY

FUND

PAYMENT

FREQUENCY

COUNTERPARTY

MATURITY

DATE

NOTIONAL

AMOUNT

VALUE

AND

UNREALIZED

APPRECIATION

(DEPRECIATION)

Amsterdam

Exchange

Index

July

Futures

Increases

in

total

return

of

reference

entity

Decreases

in

total

return

of

reference

entity

At

termination

GSIN

07/19/2024

EUR

(71,689,428)

$

363,245

iBovespa

Index

August

Futures

Decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

At

termination

GSIN

08/14/2024

BRL

195,515,250

1,123,109

iBovespa

Index

August

Futures

Decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

At

termination

MLIN

08/14/2024

BRL

216,056,250

1,157,180

Consolidated

Schedule

of

Investments

June

30,

2024

(Unaudited)

AQR

STYLE

PREMIA

ALTERNATIVE

FUND

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

Funds

|

Semi-Annual

Report

|

June

2024

237

(Continued)

REFERENCE

ENTITY

PAYMENTS

MADE

BY

FUND

PAYMENTS

RECEIVED

BY

FUND

PAYMENT

FREQUENCY

COUNTERPARTY

MATURITY

DATE

NOTIONAL

AMOUNT

VALUE

AND

UNREALIZED

APPRECIATION

(DEPRECIATION)

KOSPI

200

Index

September

Futures

Decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

At

termination

CITI

09/12/2024

KRW

289,762,500

$

5,487

TAIEX

Index

July

Futures

Decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

At

termination

MLIN

07/17/2024

TWD

910,008,000

753,956

MSCI

Brazil

Net

Return

Index

Decreases

in

total

return

of

reference

entity

and

pays

the

CDI

plus

or

minus

a

specified

spread

(-0.45%)

Increases

in

total

return

of

reference

entity

Monthly

CITI

09/18/2024

BRL

67,651,651

429,176

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

(-0.85%)

Monthly

CITI

09/18/2024

CAD

(45,438,509)

7,509

MSCI

Emerging

Markets

Taiwan

Net

Total

Return

Index

Decreases

in

total

return

of

reference

entity

and

pays

the

OBFR

plus

or

minus

a

specified

spread

(0.00%)

Increases

in

total

return

of

reference

entity

Monthly

JPMC

09/18/2024

USD

5,476,530

284,040

MSCI

Emerging

Markets

Thailand

Net

Total

Return

Index

Increases

in

total

return

of

reference

entity

Decreases

in

total

return

of

reference

entity

and

receives

the

OBFR

plus

or

minus

a

specified

spread

(-0.40%)

Monthly

JPMC

09/18/2024

USD

(476,771)

1,141

MSCI

France

Net

Return

Index

Increases

in

total

return

of

reference

entity

Decreases

in

total

return

of

reference

entity

and

receives

the

ESTR

plus

or

minus

a

specified

spread

(-0.23%)

Monthly

CITI

09/18/2024

EUR

(51,134,645)

314,202

MSCI

Mexico

Net

Index

Increases

in

total

return

of

reference

entity

Decreases

in

total

return

of

reference

entity

and

receives

the

TIIE

plus

or

minus

a

specified

spread

(-0.35%)

Monthly

CITI

09/18/2024

MXN

(160,287,706)

789

238

AQR

Funds

|

Semi-Annual

Report

|

June

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

STYLE

PREMIA

ALTERNATIVE

FUND

Consolidated

Schedule

of

Investments

June

30,

2024

(Unaudited)

(Continued)

REFERENCE

ENTITY

PAYMENTS

MADE

BY

FUND

PAYMENTS

RECEIVED

BY

FUND

PAYMENT

FREQUENCY

COUNTERPARTY

MATURITY

DATE

NOTIONAL

AMOUNT

VALUE

AND

UNREALIZED

APPRECIATION

(DEPRECIATION)

MSCI

Netherlands

Net

Return

Index

Increases

in

total

return

of

reference

entity

Decreases

in

total

return

of

reference

entity

and

receives

the

ESTR

plus

or

minus

a

specified

spread

(-0.16%)

Monthly

CITI

09/18/2024

EUR

(3,926,843)

$

28,711

Tel

Aviv

Stock

Exchange

35

Index

Increases

in

total

return

of

reference

entity

Decreases

in

total

return

of

reference

entity

and

receives

the

TELBOR

plus

or

minus

a

specified

spread

(-0.70%)

Monthly

BANA

09/18/2024

ILS

(437,277)

263

Total

unrealized

appreciation

4,468,808

DTOP

Index

September

Futures

Increases

in

total

return

of

reference

entity

Decreases

in

total

return

of

reference

entity

At

termination

MLIN

09/19/2024

ZAR

(3,290,880)

(3,704)

HSCEI

July

Futures

Decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

At

termination

GSIN

07/30/2024

HKD

139,083,000

(323,030)

Swiss

Market

Index

September

Futures

Decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

MLIN

09/20/2024

CHF

159,905,900

(811,296)

WIG20

Index

September

Futures

Increases

in

total

return

of

reference

entity

Decreases

in

total

return

of

reference

entity

At

termination

GSIN

09/20/2024

PLN

(3,057,600)

(47,729)

MSCI

Australia

Net

Return

Index

Increases

in

total

return

of

reference

entity

Decreases

in

total

return

of

reference

entity

and

receives

the

BBR

plus

or

minus

a

specified

spread

(0.20%)

Monthly

CITI

09/18/2024

AUD

(27,888,986)

(153,276)

MSCI

China

Net

Return

Index

Decreases

in

total

return

of

reference

entity

and

pays

the

HIBOR

plus

or

minus

a

specified

spread

(0.00%)

Increases

in

total

return

of

reference

entity

Monthly

JPMC

09/19/2024

HKD

22,739,381

(82,865)

MSCI

Japan

Net

Return

Index

Increases

in

total

return

of

reference

entity

Decreases

in

total

return

of

reference

entity

and

receives

the

TONAR

plus

or

minus

a

specified

spread

(0.24%)

Monthly

CITI

09/18/2024

JPY

(607,055)

(172)

Consolidated

Schedule

of

Investments

June

30,

2024

(Unaudited)

AQR

STYLE

PREMIA

ALTERNATIVE

FUND

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

Funds

|

Semi-Annual

Report

|

June

2024

239

(Continued)

REFERENCE

ENTITY

PAYMENTS

MADE

BY

FUND

PAYMENTS

RECEIVED

BY

FUND

PAYMENT

FREQUENCY

COUNTERPARTY

MATURITY

DATE

NOTIONAL

AMOUNT

VALUE

AND

UNREALIZED

APPRECIATION

(DEPRECIATION)

MSCI

Poland

Net

Return

Index

Increases

in

total

return

of

reference

entity

Decreases

in

total

return

of

reference

entity

and

receives

the

WIBOR

plus

or

minus

a

specified

spread

(-1.70%)

Monthly

CITI

09/18/2024

PLN

(639,872)

$

(11,200)

MSCI

Singapore

Net

Return

Index

Increases

in

total

return

of

reference

entity

Decreases

in

total

return

of

reference

entity

and

receives

the

SORA

plus

or

minus

a

specified

spread

(0.20%)

Monthly

CITI

09/18/2024

SGD

(17,181,930)

(114,724)

MSCI

South

Africa

Net

Return

Index

Increases

in

total

return

of

reference

entity

Decreases

in

total

return

of

reference

entity

and

receives

the

JIBAR

plus

or

minus

a

specified

spread

(-0.85%)

Monthly

CITI

09/18/2024

ZAR

(616,813,569)

(1,700,031)

MSCI

Spain

Net

Return

Index

Decreases

in

total

return

of

reference

entity

and

pays

the

ESTR

plus

or

minus

a

specified

spread

(-0.14%)

Increases

in

total

return

of

reference

entity

Monthly

CITI

09/18/2024

EUR

32,238,841

(779,876)

MSCI

Sweden

Net

Return

Index

Increases

in

total

return

of

reference

entity

Decreases

in

total

return

of

reference

entity

and

receives

the

STIBOR

plus

or

minus

a

specified

spread

(-0.47%)

Monthly

CITI

09/18/2024

SEK

(135,522,143)

(51,426)

MSCI

Switzerland

Net

Return

Index

Decreases

in

total

return

of

reference

entity

and

pays

the

SARON

plus

or

minus

a

specified

spread

(0.15%)

Increases

in

total

return

of

reference

entity

Monthly

CITI

09/18/2024

CHF

45,490,275

(775,525)

MSCI

United

Kingdom

Net

Return

Index

Increases

in

total

return

of

reference

entity

Decreases

in

total

return

of

reference

entity

and

receives

the

SONIA

plus

or

minus

a

specified

spread

(-0.10%)

Monthly

CITI

09/18/2024

GBP

(5,658,804)

(20,635)

Total

unrealized

depreciation

(4,875,489)

Net

unrealized

depreciation

$

(406,681)

240

AQR

Funds

|

Semi-Annual

Report

|

June

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

STYLE

PREMIA

ALTERNATIVE

FUND

Consolidated

Schedule

of

Investments

June

30,

2024

(Unaudited)

(Continued)

Futures

contracts

outstanding

as

of

June

30,

2024:

Exchange-Traded

DESCRIPTION

NUMBER

OF

CONTRACTS

EXPIRATION

DATE

TRADING

CURRENCY

NOTIONAL

AMOUNT

VALUE

AND

UNREALIZED

APPRECIATION

(DEPRECIATION)

Long

Contracts

Brent

Crude

Oil

460

7/2024

USD

$

39,100,000

$

71,212

Hang

Seng

Index

492

7/2024

HKD

55,537,870

(823,660)

HSCEI

173

7/2024

HKD

6,939,673

(122,708)

IBEX

35

Index

1,234

7/2024

EUR

143,732,028

(1,582,002)

LME

Copper

Base

Metal

1

7/2024

USD

237,547

(11,148)

LME

Copper

Base

Metal

35

7/2024

USD

8,301,746

12,263

LME

Copper

Base

Metal

39

7/2024

USD

9,258,522

(379,139)

LME

Copper

Base

Metal

58

7/2024

USD

13,760,442

(491,785)

Natural

Gas

1,661

7/2024

USD

43,202,610

(6,984,326)

SGX

FTSE

Taiwan

Index

317

7/2024

USD

24,456,550

100,487

WTI

Crude

Oil

1,400

7/2024

USD

114,156,000

8,227,322

LME

Copper

Base

Metal

4

8/2024

USD

954,122

(66,379)

LME

Copper

Base

Metal

11

8/2024

USD

2,629,630

(250,421)

LME

Copper

Base

Metal

14

8/2024

USD

3,341,202

(475,438)

LME

Copper

Base

Metal

20

8/2024

USD

4,771,760

(490,991)

LME

Copper

Base

Metal

24

8/2024

USD

5,727,444

(826,363)

Low

Sulphur

Gasoil

1,277

8/2024

USD

100,116,800

3,201,050

Australia

10

Year

Bond

7,834

9/2024

AUD

589,893,406

(4,581,101)

Euro

STOXX

50

Index

1,107

9/2024

EUR

58,399,782

(65,727)

FTSE

100

Index

499

9/2024

GBP

51,800,138

(83,611)

FTSE

100

Index

608

9/2024

GBP

63,115,198

43,589

FTSE/MIB

Index

468

9/2024

EUR

83,615,963

(242,576)

KOSPI

200

Index

544

9/2024

KRW

38,171,885

962,201

LME

Copper

Base

Metal

4

9/2024

USD

959,140

(5,571)

LME

Copper

Base

Metal

5

9/2024

USD

1,197,599

(15,664)

LME

Copper

Base

Metal

13

9/2024

USD

3,119,675

(10,109)

LME

Copper

Base

Metal

23

9/2024

USD

5,518,476

25,585

LME

Copper

Base

Metal

51

9/2024

USD

12,226,868

(146,560)

Long

Gilt

2,401

9/2024

GBP

296,226,160

3,769,823

TOPIX

Index

527

9/2024

JPY

92,058,767

1,074,955

Total

of

long

contracts

(166,792)

Short

Contracts

CAC

40

10

Euro

Index

(1,430)

7/2024

EUR

(114,744,528)

1,718,786

IFSC

NIFTY

50

Index

(166)

7/2024

USD

(8,014,314)

(113,617)

LME

Copper

Base

Metal

(1)

7/2024

USD

(237,547)

9,954

LME

Copper

Base

Metal

(35)

7/2024

USD

(8,301,746)

(16,738)

LME

Copper

Base

Metal

(39)

7/2024

USD

(9,258,522)

400,644

LME

Copper

Base

Metal

(58)

7/2024

USD

(13,760,442)

499,618

MSCI

Singapore

Index

(2,101)

7/2024

SGD

(49,015,586)

(466,146)

NY

Harbor

ULSD

(674)

7/2024

USD

(71,706,995)

(700,835)

OMXS30

Index

(1,140)

7/2024

SEK

(27,728,276)

(62,371)

RBOB

Gasoline

(639)

7/2024

USD

(67,135,257)

(2,270,643)

100

oz

Gold

(443)

8/2024

USD

(103,644,280)

2,647,239

LME

Copper

Base

Metal

(4)

8/2024

USD

(954,122)

66,639

LME

Copper

Base

Metal

(11)

8/2024

USD

(2,629,630)

251,723

LME

Copper

Base

Metal

(14)

8/2024

USD

(3,341,202)

465,187

LME

Copper

Base

Metal

(20)

8/2024

USD

(4,771,760)

478,057

LME

Copper

Base

Metal

(24)

8/2024

USD

(5,727,444)

839,493

Canada

10

Year

Bond

(2,710)

9/2024

CAD

(237,888,893)

1,472,399

Copper

(36)

9/2024

USD

(3,952,350)

2,169

Corn

(2,568)

9/2024

USD

(52,323,000)

6,161,483

DAX

Index

(122)

9/2024

EUR

(60,111,513)

(321,038)

Euro-Bund

(333)

9/2024

EUR

(46,907,064)

126,552

Consolidated

Schedule

of

Investments

June

30,

2024

(Unaudited)

AQR

STYLE

PREMIA

ALTERNATIVE

FUND

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

Funds

|

Semi-Annual

Report

|

June

2024

241

(Continued)

DESCRIPTION

NUMBER

OF

CONTRACTS

EXPIRATION

DATE

TRADING

CURRENCY

NOTIONAL

AMOUNT

VALUE

AND

UNREALIZED

APPRECIATION

(DEPRECIATION)

Short

Contracts

(continued)

FTSE/JSE

Top

40

Index

(546)

9/2024

ZAR

$

(22,130,200)

$

(485,134)

Japan

10

Year

Bond

(146)

9/2024

JPY

(129,420,847)

331,519

LME

Copper

Base

Metal

(4)

9/2024

USD

(959,140)

5,088

LME

Copper

Base

Metal

(5)

9/2024

USD

(1,197,599)

19,969

LME

Copper

Base

Metal

(13)

9/2024

USD

(3,119,675)

5,950

LME

Copper

Base

Metal

(23)

9/2024

USD

(5,518,476)

(18,390)

LME

Copper

Base

Metal

(51)

9/2024

USD

(12,226,868)

150,941

LME

Copper

Base

Metal

(308)

9/2024

USD

(73,859,555)

2,530,585

MEX

BOLSA

Index

(33)

9/2024

MXN

(962,330)

3,108

S&P

500

E-Mini

Index

(826)

9/2024

USD

(228,037,950)

(1,202,711)

S&P/TSX

60

Index

(844)

9/2024

CAD

(161,699,061)

(1,574,148)

SET50

Index

(1,857)

9/2024

THB

(8,127,838)

62,869

Silver

(17)

9/2024

USD

(2,512,600)

75,745

SPI

200

Index

(1,060)

9/2024

AUD

(137,394,582)

(969,179)

U.S.

Treasury

10

Year

Note

(5,095)

9/2024

USD

(559,733,516)

(1,381,415)

Soybean

(310)

11/2024

USD

(17,112,000)

796,283

Total

of

short

contracts

9,539,635

Net

value

$

9,372,843

Forward

foreign

currency

exchange

contracts

outstanding

as

of

June

30,

2024:

Over-the-Counter

CURRENCY

PURCHASED

CURRENCY

SOLD

COUNTERPARTY

SETTLEMENT

DATE

UNREALIZED

APPRECIATION

(DEPRECIATION)

AUD

8,140,000

USD

5,435,618

CITI

9/18/2024

$

5,756

AUD

8,140,000

USD

5,435,591

JPMC

9/18/2024

5,782

CAD

74,422,088

USD

54,454,296

CITI

9/18/2024

48,691

CAD

74,422,088

USD

54,454,024

JPMC

9/18/2024

48,965

CHF

2,581,557

USD

2,893,571

CITI

9/18/2024

7,513

CHF

2,581,556

USD

2,893,555

JPMC

9/18/2024

7,528

INR

1,784,781,296

USD

21,330,124

CITI

**

9/18/2024

22,007

INR

1,784,781,296

USD

21,330,017

JPMC

**

9/18/2024

22,113

MXN

231,000,001

USD

12,327,029

CITI

9/18/2024

143,986

MXN

230,999,999

USD

12,326,968

JPMC

9/18/2024

144,050

NOK

85,500,000

USD

7,993,715

CITI

9/18/2024

29,956

NOK

85,500,000

USD

7,993,675

JPMC

9/18/2024

29,996

SEK

33,000,000

USD

3,120,218

CITI

9/18/2024

6,008

SEK

33,000,000

USD

3,120,202

JPMC

9/18/2024

6,023

THB

9,000,000

USD

246,366

CITI

9/18/2024

470

THB

9,000,000

USD

246,364

JPMC

9/18/2024

472

USD

16,481,414

BRL

88,488,500

CITI

**

9/18/2024

792,727

USD

16,481,497

BRL

88,488,500

JPMC

**

9/18/2024

792,810

USD

123,757

CAD

168,750

CITI

9/18/2024

173

USD

123,758

CAD

168,750

JPMC

9/18/2024

173

USD

110,550,326

CHF

97,519,362

CITI

9/18/2024

960,706

USD

110,550,880

CHF

97,519,363

JPMC

9/18/2024

961,257

USD

357,233

DKK

2,443,712

CITI

9/18/2024

4,685

USD

357,235

DKK

2,443,711

JPMC

9/18/2024

4,687

USD

20,362,144

EUR

18,720,424

CITI

9/18/2024

236,378

USD

20,362,248

EUR

18,720,426

JPMC

9/18/2024

236,480

USD

41,489,956

GBP

32,484,376

CITI

9/18/2024

402,314

USD

41,490,162

GBP

32,484,375

JPMC

9/18/2024

402,522

USD

3,056,245

HUF

1,120,000,000

CITI

9/18/2024

27,933

242

AQR

Funds

|

Semi-Annual

Report

|

June

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

STYLE

PREMIA

ALTERNATIVE

FUND

Consolidated

Schedule

of

Investments

June

30,

2024

(Unaudited)

(Continued)

CURRENCY

PURCHASED

CURRENCY

SOLD

COUNTERPARTY

SETTLEMENT

DATE

UNREALIZED

APPRECIATION

(DEPRECIATION)

USD

3,056,260

HUF

1,120,000,000

JPMC

9/18/2024

$

27,948

USD

375,383

IDR

6,101,362,000

CITI

**

9/18/2024

2,993

USD

375,365

IDR

6,101,362,000

JPMC

**

9/18/2024

2,975

USD

22,499,037

ILS

82,818,046

CITI

9/18/2024

495,424

USD

22,499,149

ILS

82,818,045

JPMC

9/18/2024

495,536

USD

45,055,155

JPY

6,948,856,587

CITI

9/18/2024

1,337,140

USD

45,055,380

JPY

6,948,856,587

JPMC

9/18/2024

1,337,365

USD

9,279,698

MXN

167,381,999

CITI

9/18/2024

243,232

USD

9,279,745

MXN

167,382,001

JPMC

9/18/2024

243,279

USD

164,373,694

NZD

266,633,071

CITI

9/18/2024

1,969,410

USD

164,374,516

NZD

266,633,072

JPMC

9/18/2024

1,970,231

USD

13,983,224

SEK

144,522,727

CITI

9/18/2024

291,993

USD

13,983,294

SEK

144,522,726

JPMC

9/18/2024

292,063

USD

61,939,143

SGD

83,125,252

CITI

9/18/2024

406,789

USD

61,939,448

SGD

83,125,247

JPMC

9/18/2024

407,098

USD

3,594,989

TWD

115,757,384

CITI

**

9/18/2024

23,606

USD

3,594,887

TWD

115,757,384

JPMC

**

9/18/2024

23,504

ZAR

47,103,749

USD

2,523,208

CITI

9/18/2024

50,196

ZAR

47,103,749

USD

2,523,195

JPMC

9/18/2024

50,206

KRW

1,600,000,000

USD

1,156,361

CITI

**

9/19/2024

8,076

KRW

1,600,000,000

USD

1,156,356

JPMC

**

9/19/2024

8,081

USD

24,664,433

CNY

177,915,124

CITI

**

9/19/2024

142,421

USD

24,664,555

CNY

177,915,119

JPMC

**

9/19/2024

142,545

USD

11,866,105

HKD

92,445,000

CITI

9/19/2024

1,299

USD

11,866,164

HKD

92,445,000

JPMC

9/19/2024

1,358

USD

22,417,274

KRW

30,581,724,980

CITI

**

9/19/2024

160,720

USD

22,417,386

KRW

30,581,724,980

JPMC

**

9/19/2024

160,833

USD

1,379,062

CLP

1,255,731,500

CITI

**

9/23/2024

45,401

USD

1,379,069

CLP

1,255,731,500

JPMC

**

9/23/2024

45,408

Total

unrealized

appreciation

15,739,291

BRL

31,388,113

USD

5,958,695

CITI

**

9/18/2024

(393,699)

BRL

31,388,113

USD

5,958,666

JPMC

**

9/18/2024

(393,669)

CAD

74,422,087

USD

54,609,021

CITI

9/18/2024

(106,034)

CAD

74,422,087

USD

54,608,748

JPMC

9/18/2024

(105,760)

CHF

4,227,501

USD

4,780,037

CITI

9/18/2024

(29,286)

CHF

4,227,501

USD

4,780,013

JPMC

9/18/2024

(29,262)

EUR

116,690,642

USD

127,236,827

CITI

9/18/2024

(1,786,218)

EUR

116,690,645

USD

127,236,194

JPMC

9/18/2024

(1,785,582)

GBP

6,744,501

USD

8,569,105

CITI

9/18/2024

(38,369)

GBP

6,744,499

USD

8,569,059

JPMC

9/18/2024

(38,325)

HUF

4,475,000,000

USD

12,408,559

CITI

9/18/2024

(308,829)

HUF

4,475,000,000

USD

12,408,497

JPMC

9/18/2024

(308,767)

ILS

5,319,501

USD

1,428,003

CITI

9/18/2024

(14,686)

ILS

5,319,499

USD

1,427,996

JPMC

9/18/2024

(14,678)

INR

297,463,549

USD

3,568,885

CITI

**

9/18/2024

(10,196)

INR

297,463,549

USD

3,568,867

JPMC

**

9/18/2024

(10,178)

JPY

5,221,073,150

USD

33,441,126

CITI

9/18/2024

(593,282)

JPY

5,221,073,150

USD

33,440,958

JPMC

9/18/2024

(593,114)

MXN

724,720,169

USD

41,807,047

CITI

9/18/2024

(2,681,520)

MXN

724,720,172

USD

41,806,838

JPMC

9/18/2024

(2,681,315)

NOK

1,338,051,301

USD

127,217,148

CITI

9/18/2024

(1,648,919)

NOK

1,338,051,301

USD

127,216,512

JPMC

9/18/2024

(1,648,282)

NZD

52,079,500

USD

31,937,842

CITI

9/18/2024

(216,594)

NZD

52,079,500

USD

31,937,682

JPMC

9/18/2024

(216,434)

PLN

27,634,502

USD

6,995,331

CITI

9/18/2024

(137,283)

PLN

27,634,502

USD

6,995,296

JPMC

9/18/2024

(137,249)

SEK

1,057,612,093

USD

101,760,270

CITI

9/18/2024

(1,568,335)

SEK

1,057,612,092

USD

101,759,761

JPMC

9/18/2024

(1,567,829)

Consolidated

Schedule

of

Investments

June

30,

2024

(Unaudited)

AQR

STYLE

PREMIA

ALTERNATIVE

FUND

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

Funds

|

Semi-Annual

Report

|

June

2024

243

(Continued)

CURRENCY

PURCHASED

CURRENCY

SOLD

COUNTERPARTY

SETTLEMENT

DATE

UNREALIZED

APPRECIATION

(DEPRECIATION)

SGD

7,768,503

USD

5,797,383

CITI

9/18/2024

$

(46,851)

SGD

7,768,497

USD

5,797,350

JPMC

9/18/2024

(46,823)

TWD

245,000,000

USD

7,624,928

CITI

**

9/18/2024

(66,113)

TWD

245,000,000

USD

7,624,890

JPMC

**

9/18/2024

(66,072)

USD

42,392,222

AUD

63,834,420

CITI

9/18/2024

(279,390)

USD

42,392,434

AUD

63,834,420

JPMC

9/18/2024

(279,178)

USD

14,953,101

CAD

20,509,250

CITI

9/18/2024

(66,840)

USD

14,953,176

CAD

20,509,250

JPMC

9/18/2024

(66,765)

USD

107,263,772

CHF

96,112,761

CITI

9/18/2024

(745,147)

USD

107,264,306

CHF

96,112,759

JPMC

9/18/2024

(744,609)

USD

1,299,479

EUR

1,210,500

CITI

9/18/2024

(1,893)

USD

1,299,486

EUR

1,210,500

JPMC

9/18/2024

(1,887)

USD

746,622

MXN

14,000,001

CITI

9/18/2024

(9,197)

USD

746,625

MXN

13,999,999

JPMC

9/18/2024

(9,194)

USD

303,548

PLN

1,229,500

CITI

9/18/2024

(1,577)

USD

303,550

PLN

1,229,500

JPMC

9/18/2024

(1,575)

USD

4,173,459

ZAR

79,000,000

CITI

9/18/2024

(142,519)

USD

4,173,480

ZAR

79,000,000

JPMC

9/18/2024

(142,498)

ZAR

46,500,000

USD

2,571,842

CITI

9/18/2024

(31,424)

ZAR

46,500,000

USD

2,571,829

JPMC

9/18/2024

(31,411)

CNY

42,584,048

USD

5,911,084

CITI

**

9/19/2024

(41,733)

CNY

42,584,043

USD

5,911,054

JPMC

**

9/19/2024

(41,701)

KRW

4,050,000,000

USD

2,958,660

CITI

**

9/19/2024

(11,179)

KRW

4,050,000,000

USD

2,958,646

JPMC

**

9/19/2024

(11,166)

Total

unrealized

depreciation

(21,950,436)

Net

unrealized

depreciation

$

(6,211,145)

**

Non-deliverable

forward

foreign

currency

exchange

contracts.

244

AQR

Funds

|

Semi-Annual

Report

|

June

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

STYLE

PREMIA

ALTERNATIVE

FUND

Consolidated

Schedule

of

Investments

June

30,

2024

(Unaudited)

(Continued)

Total

return

basket

swap

contracts

outstanding

as

of

June

30,

2024:

Over-the-Counter

COUNTERPARTY

DESCRIPTION

TERMINATION

DATE

ABSOLUTE

NOTIONAL

VALUE

NET

UNREALIZED

APPRECIATION

(DEPRECIATION)

NET

CASH

AND

OTHER

RECEIVABLES

(PAYABLES)

VALUE

GSIN

The

Fund

receives

the

total

return

on

a

portfolio

of

short

equity

positions

and

pays

or

receives

the

TIIE

plus

or

minus

a

specified

spread

(-0.85%),

which

is

denominated

in

MXN

based

on

the

local

currencies

of

the

positions

within

the

swap.

43

months

maturity

12/09/2027

$1,611

$49

$2

$51

GSIN

The

Fund

receives

the

total

return

on

a

portfolio

of

long

equity

positions

and

pays

or

receives

the

OBFR

plus

or

minus

a

specified

spread

(-0.03%

to

0.02%),

which

is

denominated

in

USD

based

on

the

local

currencies

of

the

positions

within

the

swap.

24-48

months

maturity

ranging

from

04/17/2026

-

04/12/2028

$1,220,201

$62,859

$87,944

$150,803

JPMC

The

Fund

receives

the

total

return

on

a

portfolio

of

long

equity

positions

and

pays

or

receives

the

CDOR

plus

or

minus

a

specified

spread

(-0.20%

to

0.20%),

which

is

denominated

in

CAD

based

on

the

local

currencies

of

the

positions

within

the

swap.

10-57

months

maturity

ranging

from

02/25/2025

-

12/12/2028

$–

$–

$(4,538)

$(4,538)

JPMC

The

Fund

receives

the

total

return

on

a

portfolio

of

long

equity

positions

and

pays

or

receives

the

SONIA

plus

or

minus

a

specified

spread

(0.23%),

which

is

denominated

in

GBP

based

on

the

local

currencies

of

the

positions

within

the

swap.

7

months

maturity

01/21/2025

$–

$(10)

$–

$(10)

JPMC

The

Fund

receives

the

total

return

on

a

portfolio

of

long

and

short

equity

positions

and

pays

or

receives

the

TIIE

plus

or

minus

a

specified

spread

(-2.38%

to

0.50%),

which

is

denominated

in

MXN

based

on

the

local

currencies

of

the

positions

within

the

swap.

22-58

months

maturity

ranging

from

04/16/2026

-

03/01/2029

$6,993,340

$131,267

$(134,786)

$(3,519)

Consolidated

Schedule

of

Investments

June

30,

2024

(Unaudited)

AQR

STYLE

PREMIA

ALTERNATIVE

FUND

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

Funds

|

Semi-Annual

Report

|

June

2024

245

(Continued)

COUNTERPARTY

DESCRIPTION

TERMINATION

DATE

ABSOLUTE

NOTIONAL

VALUE

NET

UNREALIZED

APPRECIATION

(DEPRECIATION)

NET

CASH

AND

OTHER

RECEIVABLES

(PAYABLES)

VALUE

JPMC

The

Fund

receives

the

total

return

on

a

portfolio

of

long

and

short

equity

positions

and

pays

or

receives

the

WIBOR

plus

or

minus

a

specified

spread

(-1.00%

to

0.70%),

which

is

denominated

in

PLN

based

on

the

local

currencies

of

the

positions

within

the

swap.

22-59

months

maturity

ranging

from

04/17/2026

-

03/29/2029

$11,711,684

$137,666

$(250,126)

$(112,460)

JPMC

The

Fund

receives

the

total

return

on

a

portfolio

of

long

and

short

equity

positions

and

pays

or

receives

the

OBFR

plus

or

minus

a

specified

spread

(-3.50%

to

0.75%),

which

is

denominated

in

USD

based

on

the

local

currencies

of

the

positions

within

the

swap.

22-61

months

maturity

ranging

from

04/17/2026

-

06/07/2029

$6,883,119

$82,493

$(302,175)

$(219,682)

COUNTERPARTY

DESCRIPTION

TERMINATION

DATE

ABSOLUTE

NOTIONAL

VALUE

NET

UNREALIZED

APPRECIATION

(DEPRECIATION)

NET

CASH

AND

OTHER

RECEIVABLES

(PAYABLES)

VALUE

GSIN

The

Fund

receives

the

total

return

on

a

portfolio

of

long

and

short

equity

positions

and

pays

or

receives

the

HONIX

plus

or

minus

a

specified

spread

(-1.50%

to

0.02%),

which

is

denominated

in

HKD

based

on

the

local

currencies

of

the

positions

within

the

swap.

7-61

months

maturity

ranging

from

01/13/2025

-

07/03/2029

$120,364,109

$110,866

$315,498

$426,364

The

following

table

represents

disclosures

associated

with

a

subset

of

the

underlying

components

of

the

total

return

basket

swap

contract

as

of

period

end:

REFERENCE

ENTITY

SHARES

NOTIONAL

VALUE

($)

NET

UNREALIZED

APPRECIATION

(DEPRECIATION)

($)

PERCENTAGE

OF

SWAP

VALUE

(%)

Long

Positions

Common

Stocks

China

3SBio,

Inc.

1,108,000

911,619

29,084

6.8

Baidu,

Inc.

182,950

1,980,626

(181,787)

(42.6)

China

CITIC

Bank

Corp.

Ltd.

3,497,000

2,240,517

131,315

30.8

China

Construction

Bank

Corp.

4,845,000

3,581,531

144,327

33.9

China

Feihe

Ltd.

3,604,000

1,662,599

(156,515)

(36.7)

China

Hongqiao

Group

Ltd.

1,869,000

2,820,515

(53,085)

(12.5)

China

Medical

System

Holdings

Ltd.

1,616,000

1,370,210

(90,782)

(21.3)

China

Minsheng

Banking

Corp.

Ltd.

3,452,000

1,192,923

(102,862)

(24.1)

China

National

Building

Material

Co.

Ltd.

3,138,000

1,120,989

(80,517)

(18.9)

China

Resources

Pharmaceutical

Group

Ltd.

2,385,000

1,762,903

9,805

2.3

246

AQR

Funds

|

Semi-Annual

Report

|

June

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

STYLE

PREMIA

ALTERNATIVE

FUND

Consolidated

Schedule

of

Investments

June

30,

2024

(Unaudited)

(Continued)

REFERENCE

ENTITY

SHARES

NOTIONAL

VALUE

($)

NET

UNREALIZED

APPRECIATION

(DEPRECIATION)

($)

PERCENTAGE

OF

SWAP

VALUE

(%)

China

(continued)

China

Resources

Power

Holdings

Co.

Ltd.

416,000

1,274,566

39,130

9.2

China

Taiping

Insurance

Holdings

Co.

Ltd.

1,547,600

1,577,668

(104,524)

(24.5)

CITIC

Ltd.

2,822,000

2,564,596

(231,406)

(54.3)

CSPC

Pharmaceutical

Group

Ltd.

1,690,000

1,345,899

(147,369)

(34.6)

Geely

Automobile

Holdings

Ltd.

2,475,000

2,782,886

(157,025)

(36.8)

JD

Health

International,

Inc.

335,750

910,402

(114,989)

(27.0)

JD.com,

Inc.

137,400

1,784,451

(246,340)

(57.8)

Jiangxi

Copper

Co.

Ltd.

1,144,000

2,277,079

(70,977)

(16.6)

Kuaishou

Technology

245,700

1,442,223

(157,898)

(37.0)

Kunlun

Energy

Co.

Ltd.

2,916,000

3,017,102

175,430

41.1

Li

Auto,

Inc.

206,000

1,844,829

(139,942)

(32.8)

New

China

Life

Insurance

Co.

Ltd.

830,900

1,580,710

(85,549)

(20.1)

People's

Insurance

Co.

Group

of

China

Ltd.

(The)

3,287,000

1,126,268

2,407

0.6

Sinopharm

Group

Co.

Ltd.

804,400

2,139,305

(106,285)

(24.9)

Sinotruk

Hong

Kong

Ltd.

862,000

2,237,634

65,600

15.4

Zhongsheng

Group

Holdings

Ltd.

908,000

1,326,384

(232,658)

(54.6)

Hong

Kong

Sino

Biopharmaceutical

Ltd.

3,133,000

1,071,539

(19,592)

(4.6)

Short

Positions

Common

Stocks

China

Alibaba

Health

Information

Technology

Ltd.

(4,076,000)

(1,627,325)

287,354

67.4

Anhui

Conch

Cement

Co.

Ltd.

(423,500)

(1,007,380)

(31,353)

(7.4)

BeiGene

Ltd.

(156,200)

(1,705,284)

165,944

38.9

Bilibili,

Inc.

(66,400)

(1,032,278)

(85,900)

(20.1)

BYD

Co.

Ltd.

(87,000)

(2,583,799)

(35,519)

(8.3)

China

Merchants

Bank

Co.

Ltd.

(524,000)

(2,381,131)

(52,705)

(12.4)

China

Resources

Beer

Holdings

Co.

Ltd.

(468,000)

(1,574,318)

223,596

52.4

China

Ruyi

Holdings

Ltd.

(5,128,000)

(1,375,543)

(114,123)

(26.8)

China

Shenhua

Energy

Co.

Ltd.

(310,500)

(1,431,182)

103,614

24.3

CITIC

Securities

Co.

Ltd.

(1,286,500)

(1,885,595)

114,407

26.8

COSCO

SHIPPING

Energy

Transportation

Co.

Ltd.

(1,518,000)

(1,969,221)

17,443

4.1

Fuyao

Glass

Industry

Group

Co.

Ltd.

(206,800)

(1,197,959)

356

0.1

Ganfeng

Lithium

Group

Co.

Ltd.

(774,400)

(1,504,548)

427,554

100.3

Genscript

Biotech

Corp.

(1,166,000)

(1,236,770)

109,931

25.8

Innovent

Biologics,

Inc.

(247,000)

(1,162,671)

(60,367)

(14.2)

Nongfu

Spring

Co.

Ltd.

(347,400)

(1,650,109)

147,160

34.5

Ping

An

Insurance

Group

Co.

of

China

Ltd.

(304,000)

(1,377,295)

80,603

18.9

Postal

Savings

Bank

of

China

Co.

Ltd.

(1,960,000)

(1,147,597)

(23,158)

(5.4)

Shandong

Gold

Mining

Co.

Ltd.

(522,250)

(1,040,959)

43,794

10.3

Shenzhou

International

Group

Holdings

Ltd.

(139,600)

(1,363,667)

73,442

17.2

XPeng,

Inc.

(477,100)

(1,759,663)

143,471

33.6

Yankuang

Energy

Group

Co.

Ltd.

(1,021,800)

(1,457,451)

372,411

87.3

Zhaojin

Mining

Industry

Co.

Ltd.

(710,500)

(1,189,585)

42,171

9.9

Consolidated

Schedule

of

Investments

June

30,

2024

(Unaudited)

AQR

STYLE

PREMIA

ALTERNATIVE

FUND

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

Funds

|

Semi-Annual

Report

|

June

2024

247

(Continued)

COUNTERPARTY

DESCRIPTION

TERMINATION

DATE

ABSOLUTE

NOTIONAL

VALUE

NET

UNREALIZED

APPRECIATION

(DEPRECIATION)

NET

CASH

AND

OTHER

RECEIVABLES

(PAYABLES)

VALUE

GSIN

The

Fund

receives

the

total

return

on

a

portfolio

of

long

and

short

equity

positions

and

pays

or

receives

the

ZARONIA

plus

or

minus

a

specified

spread

(-0.18%

to

0.06%),

which

is

denominated

in

ZAR

based

on

the

local

currencies

of

the

positions

within

the

swap.

23-61

months

maturity

ranging

from

04/20/2026

-

06/08/2029

$18,273,448

$208,059

$(48,165)

$159,894

The

following

table

represents

disclosures

associated

with

the

underlying

components

of

the

total

return

basket

swap

contract

as

of

period

end:

REFERENCE

ENTITY

SHARES

NOTIONAL

VALUE

($)

NET

UNREALIZED

APPRECIATION

(DEPRECIATION)

($)

PERCENTAGE

OF

SWAP

VALUE

(%)

Long

Positions

Common

Stocks

South

Africa

Absa

Group

Ltd.

146,069

1,272,120

68,162

42.6

African

Rainbow

Minerals

Ltd.

77,053

961,376

43,961

27.5

Aspen

Pharmacare

Holdings

Ltd.

52,944

678,935

8,545

5.3

Exxaro

Resources

Ltd.

162,333

1,599,693

57,755

36.1

Impala

Platinum

Holdings

Ltd.

39,835

197,838

7,133

4.5

Kumba

Iron

Ore

Ltd.

4,423

106,876

(2,618)

(1.6)

Nedbank

Group

Ltd.

67,381

953,905

127,537

79.8

Northam

Platinum

Holdings

Ltd.

3,579

25,042

3,340

2.1

Old

Mutual

Ltd.

679,866

462,991

78,099

48.8

OUTsurance

Group

Ltd.

25,115

64,079

7,095

4.4

Sasol

Ltd.

454,742

3,453,950

425,603

266.2

Standard

Bank

Group

Ltd.

27,450

319,624

42,388

26.5

Vodacom

Group

Ltd.

27,720

148,735

10,895

6.8

Woolworths

Holdings

Ltd.

99,902

339,234

42,720

26.7

Short

Positions

Common

Stocks

Luxembourg

Reinet

Investments

SCA

(12,976)

(327,721)

14,621

9.1

South

Africa

Anglo

American

Platinum

Ltd.

(25,600)

(843,075)

(33,511)

(21.0)

Bidvest

Group

Ltd.

(The)

(28,794)

(451,957)

(70,480)

(44.1)

Capitec

Bank

Holdings

Ltd.

(21,316)

(3,094,983)

(565,945)

(353.9)

Clicks

Group

Ltd.

(8,326)

(158,478)

(22,164)

(13.9)

Discovery

Ltd.

(67,837)

(502,204)

(82,887)

(51.8)

FirstRand

Ltd.

(21,763)

(92,302)

(16,536)

(10.3)

MTN

Group

Ltd.

(58,843)

(273,819)

(6,592)

(4.1)

Naspers

Ltd.

(7,673)

(1,504,433)

117,180

73.3

Sanlam

Ltd.

(30,506)

(135,681)

(6,849)

(4.3)

Shoprite

Holdings

Ltd.

(19,413)

(304,397)

(39,393)

(24.6)

248

AQR

Funds

|

Semi-Annual

Report

|

June

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

STYLE

PREMIA

ALTERNATIVE

FUND

Consolidated

Schedule

of

Investments

June

30,

2024

(Unaudited)

(Continued)

COUNTERPARTY

DESCRIPTION

TERMINATION

DATE

ABSOLUTE

NOTIONAL

VALUE

NET

UNREALIZED

APPRECIATION

(DEPRECIATION)

NET

CASH

AND

OTHER

RECEIVABLES

(PAYABLES)

VALUE

MLIN

The

Fund

receives

the

total

return

on

a

portfolio

of

long

and

short

equity

positions

and

pays

or

receives

the

OBFR

plus

or

minus

a

specified

spread

(-1.75%

to

0.45%),

which

is

denominated

in

USD

based

on

the

local

currencies

of

the

positions

within

the

swap.

24

months

maturity

01/27/2025

$17,137,771

$145,352

$450,916

$596,268

The

following

table

represents

disclosures

associated

with

the

underlying

components

of

the

total

return

basket

swap

contract

as

of

period

end:

REFERENCE

ENTITY

SHARES

NOTIONAL

VALUE

($)

NET

UNREALIZED

APPRECIATION

(DEPRECIATION)

($)

PERCENTAGE

OF

SWAP

VALUE

(%)

Long

Positions

Common

Stocks

South

Korea

DB

Insurance

Co.

Ltd.

11,598

960,929

40,612

6.8

Doosan

Bobcat,

Inc.

42,933

1,589,477

(59,769)

(10.0)

GS

Holdings

Corp.

34,499

1,171,376

32,598

5.5

Hankook

Tire

&

Technology

Co.

Ltd.

20,668

675,413

630

0.1

Hyundai

Glovis

Co.

Ltd.

5,843

926,780

(29,156)

(4.9)

Hyundai

Mobis

Co.

Ltd.

2,458

446,552

2,784

0.5

Hyundai

Steel

Co.

5,836

122,621

(619)

(0.1)

Industrial

Bank

of

Korea

86,826

883,942

24,130

4.0

Kia

Corp.

3,149

294,656

1,884

0.3

Korea

Investment

Holdings

Co.

Ltd.

29,702

1,501,671

50,286

8.4

Kumho

Petrochemical

Co.

Ltd.

4,848

514,143

(5,074)

(0.9)

LG

Electronics,

Inc.

1,606

128,713

118

0.0(a)

Mirae

Asset

Securities

Co.

Ltd.

37,311

197,356

2,667

0.4

NH

Investment

&

Securities

Co.

Ltd.

48,455

445,090

4,018

0.7

Samsung

SDS

Co.

Ltd.

1,140

122,364

2,243

0.4

Samsung

Securities

Co.

Ltd.

14,209

409,012

16,792

2.8

Woori

Financial

Group,

Inc.

119,886

1,279,167

15,071

2.5

Short

Positions

Common

Stocks

South

Korea

Hanon

Systems

(64,819)

(221,595)

9,184

1.5

HYBE

Co.

Ltd.

(1,018)

(149,100)

(3,315)

(0.6)

Kakao

Corp.

(7,789)

(228,199)

1,962

0.3

KakaoBank

Corp.

(32,555)

(477,460)

18,784

3.2

KT&G

Corp.

(2,043)

(130,541)

(4,207)

(0.7)

LG

Chem

Ltd.

(657)

(163,721)

2,482

0.4

NAVER

Corp.

(1,789)

(215,277)

(726)

(0.1)

Pearl

Abyss

Corp.

(1,431)

(45,692)

255

0.0(a)

Samsung

Biologics

Co.

Ltd.

(2,087)

(1,098,337)

11,721

2.0

Samsung

C&T

Corp.

(2,151)

(220,747)

(10,220)

(1.7)

Samsung

Heavy

Industries

Co.

Ltd.

(124,518)

(844,534)

(10,824)

(1.8)

Samsung

SDI

Co.

Ltd.

(3,350)

(855,425)

34,287

5.8

SK

Biopharmaceuticals

Co.

Ltd.

(7,710)

(431,991)

5,881

1.0

SK

IE

Technology

Co.

Ltd.

(3,528)

(112,373)

(1,003)

(0.2)

Yuhan

Corp.

(4,673)

(273,517)

(8,124)

(1.4)

Consolidated

Schedule

of

Investments

June

30,

2024

(Unaudited)

AQR

STYLE

PREMIA

ALTERNATIVE

FUND

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

Funds

|

Semi-Annual

Report

|

June

2024

249

(Continued)

COUNTERPARTY

DESCRIPTION

TERMINATION

DATE

ABSOLUTE

NOTIONAL

VALUE

NET

UNREALIZED

APPRECIATION

(DEPRECIATION)

NET

CASH

AND

OTHER

RECEIVABLES

(PAYABLES)

VALUE

MSIP

The

Fund

receives

the

total

return

on

a

portfolio

of

long

and

short

equity

positions

and

pays

or

receives

the

Federal

Funds

Effective

Rate

plus

or

minus

a

specified

spread

(-8.88%

to

0.40%),

which

is

denominated

in

USD

based

on

the

local

currencies

of

the

positions

within

the

swap.

7-49

months

maturity

ranging

from

01/09/2025

-

04/22/2025

$126,645,360

$517,401

$1,063,542

$1,580,943

The

following

table

represents

disclosures

associated

with

a

subset

of

the

underlying

components

of

the

total

return

basket

swap

contract

as

of

period

end:

REFERENCE

ENTITY

SHARES

NOTIONAL

VALUE

($)

NET

UNREALIZED

APPRECIATION

(DEPRECIATION)

($)

PERCENTAGE

OF

SWAP

VALUE

(%)

Long

Positions

Common

Stocks

Brazil

Banco

do

Brasil

SA

343,800

1,642,707

(33,937)

(2.1)

Telefonica

Brasil

SA

117,600

953,826

(6,731)

(0.4)

TIM

SA/Brazil

456,600

1,297,080

(10,348)

(0.7)

Ultrapar

Participacoes

SA

317,900

1,228,357

(35,963)

(2.3)

Vibra

Energia

SA

647,100

2,419,347

10,452

0.7

South

Korea

DB

Insurance

Co.

Ltd.

22,000

1,822,765

174,615

11.0

Hana

Financial

Group,

Inc.

45,879

2,017,760

73,247

4.6

HMM

Co.

Ltd.

80,981

1,153,792

110,175

7.0

Hyundai

Glovis

Co.

Ltd.

8,975

1,423,557

188,098

11.9

Hyundai

Mobis

Co.

Ltd.

6,083

1,105,117

69,435

4.4

Kia

Corp.

30,812

2,883,121

1,170

0.1

Posco

DX

Co.

Ltd.

32,056

886,176

(61,864)

(3.9)

Woori

Financial

Group,

Inc.

228,046

2,433,218

118,907

7.5

Taiwan

Compal

Electronics,

Inc.

1,147,000

1,222,706

(48,055)

(3.0)

Hon

Hai

Precision

Industry

Co.

Ltd.

443,000

2,916,678

178,628

11.3

MediaTek,

Inc.

42,000

1,808,873

17,716

1.1

Novatek

Microelectronics

Corp.

120,000

2,237,976

(68,652)

(4.3)

Pegatron

Corp.

786,000

2,526,351

(250,431)

(15.8)

Pou

Chen

Corp.

1,450,000

1,561,510

(55,993)

(3.5)

Realtek

Semiconductor

Corp.

115,000

1,929,842

(39,714)

(2.5)

Shanghai

Commercial

&

Savings

Bank

Ltd.

(The)

824,764

1,172,007

14,863

0.9

WPG

Holdings

Ltd.

436,000

1,205,803

42,991

2.7

Preferred

Stocks

Brazil

Petroleo

Brasileiro

SA

(Preference)

203,900

1,387,881

79,210

5.0

250

AQR

Funds

|

Semi-Annual

Report

|

June

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

STYLE

PREMIA

ALTERNATIVE

FUND

Consolidated

Schedule

of

Investments

June

30,

2024

(Unaudited)

(Continued)

REFERENCE

ENTITY

SHARES

NOTIONAL

VALUE

($)

NET

UNREALIZED

APPRECIATION

(DEPRECIATION)

($)

PERCENTAGE

OF

SWAP

VALUE

(%)

Short

Positions

Common

Stocks

Brazil

Cia

Siderurgica

Nacional

SA

(520,500)

(1,202,063)

(48,416)

(3.1)

Cosan

SA

(366,100)

(886,745)

(44,312)

(2.8)

Equatorial

Energia

SA

(235,006)

(1,290,198)

(22,787)

(1.4)

Localiza

Rent

a

Car

SA

(255,200)

(1,917,390)

(63,489)

(4.0)

Rede

D'Or

Sao

Luiz

SA

(307,400)

(1,495,730)

(48,183)

(3.0)

Suzano

SA

(117,600)

(1,199,330)

(146,016)

(9.2)

China

Silergy

Corp.

(101,000)

(1,432,616)

181,209

11.5

South

Korea

Hyundai

Motor

Co.

(4,891)

(1,043,044)

(56,166)

(3.6)

Kakao

Corp.

(35,493)

(1,039,861)

50,449

3.2

LG

Energy

Solution

Ltd.

(6,470)

(1,524,938)

52,419

3.3

Samsung

Biologics

Co.

Ltd.

(2,002)

(1,053,604)

13,932

0.9

Samsung

Electronics

Co.

Ltd.

(31,096)

(1,830,118)

(70,592)

(4.5)

SK

Hynix,

Inc.

(15,322)

(2,600,275)

(124,787)

(7.9)

SK

Square

Co.

Ltd.

(20,959)

(1,512,468)

(135,200)

(8.6)

SKC

Co.

Ltd.

(12,239)

(1,490,051)

177,870

11.3

Taiwan

AUO

Corp.

(2,271,924)

(1,242,417)

60,077

3.8

Chailease

Holding

Co.

Ltd.

(184,492)

(870,800)

47,121

3.0

China

Steel

Corp.

(3,278,000)

(2,332,182)

41,220

2.6

Delta

Electronics,

Inc.

(124,000)

(1,479,011)

(130,139)

(8.2)

E

Ink

Holdings,

Inc.

(154,000)

(1,192,405)

(19,303)

(1.2)

E.Sun

Financial

Holding

Co.

Ltd.

(3,174,571)

(2,794,819)

20,708

1.3

Formosa

Plastics

Corp.

(682,000)

(1,208,293)

42,847

2.7

Fubon

Financial

Holding

Co.

Ltd.

(559,050)

(1,365,308)

(52,267)

(3.3)

Hotai

Motor

Co.

Ltd.

(78,500)

(1,504,546)

29,189

1.8

Mega

Financial

Holding

Co.

Ltd.

(1,416,737)

(1,763,541)

(20,955)

(1.3)

Taiwan

Cooperative

Financial

Holding

Co.

Ltd.

(1,273,533)

(1,020,384)

2,900

0.2

Unimicron

Technology

Corp.

(376,000)

(2,080,269)

50,446

3.2

(a)

Represents

less

than

0.05%

of

swap

value.

Consolidated

Schedule

of

Investments

June

30,

2024

(Unaudited)

AQR

STYLE

PREMIA

ALTERNATIVE

FUND

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

Funds

|

Semi-Annual

Report

|

June

2024

251

Collateral

pledged

to,

or

(received

from),

each

counterparty

at

June

30,

2024

was

as

follows:

COUNTERPARTY

OVER-THE-COUNTER

EXCHANGE-TRADED/

EXCHANGE-CLEARED

TOTAL

BANA

Investment

Companies

$

34,043

$

–

$

34,043

BARC

Cash

–

9,660,603

9,660,603

CITG

Cash

–

21,868,021

21,868,021

CITI

Cash

14,118

–

14,118

Investment

Companies

42,194,072

–

42,194,072

GSCO

Cash

–

16,510,482

16,510,482

GSIN

Cash

(1,745,111)

–

(1,745,111)

U.S.

Treasury

Bills

28,059,402

–

28,059,402

JPMC

Cash

(15,405)

–

(15,405)

Investment

Companies

66

–

66

U.S.

Treasury

Bills

31,678,558

–

31,678,558

JPMS

Cash

–

97,787,918

97,787,918

MLIN

Cash

1,882,466

–

1,882,466

MSCL

Cash

–

15,053,568

15,053,568

MSIP

Cash

(1,732,488)

–

(1,732,488)

U.S.

Treasury

Bills

15,237,093

–

15,237,093

Collateral

pledged

to,

or

(received

from),

each

counterparty

for

the

Subsidiary

(See

Note

2)

at

June

30,

2024

was

as

follows:

COUNTERPARTY

OVER-THE-COUNTER

EXCHANGE-TRADED/

EXCHANGE-CLEARED

TOTAL

GSCO

Cash

$

–

$

14,907,714

$

14,907,714

MSCL

Cash

–

13,732,533

13,732,533

252

AQR

Funds

|

Semi-Annual

Report

|

June

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

(Continued)

AQR

SUSTAINABLE

LONG-SHORT

EQUITY

CARBON

AWARE

FUND

Schedule

of

Investments

June

30,

2024

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

SHORT-TERM

INVESTMENTS

-

71.5%

INVESTMENT

COMPANIES

-

29.7%

Goldman

Sachs

Financial

Square

Funds

-

Treasury

Instruments

Fund,

Institutional

Shares,

5.19%

(1)(a)(b)

108,371

108,371

Limited

Purpose

Cash

Investment

Fund,

5.33%

(1)(a)

10,382,680

10,378,526

TOTAL

INVESTMENT

COMPANIES

(Cost

$10,484,379)

10,486,897

PRINCIPAL

AMOUNT

U.S.

TREASURY

OBLIGATIONS

-

41.8%

U.S.

Treasury

Bills

5.18%,

7/5/2024

(c)

$

981,000

980,425

5.16%,

7/11/2024

(c)

2,583,000

2,579,232

5.11%,

7/18/2024

(c)

665,000

663,348

5.15%,

7/25/2024

(c)

369,000

367,712

5.11%,

8/1/2024

(c)

1,074,000

1,069,143

5.24%,

8/22/2024

(c)

527,000

523,021

5.26%,

10/10/2024

(c)

1,054,000

1,038,638

5.29%,

10/17/2024

(c)

829,000

816,055

5.30%,

10/24/2024

(c)

1,149,000

1,129,952

5.30%,

10/31/2024

(c)

861,000

845,900

5.29%,

11/7/2024

(c)

172,000

168,814

5.30%,

11/14/2024

(c)

165,000

161,785

INVESTMENTS

PRINCIPAL

AMOUNT

VALUE

($)

U.S.

TREASURY

OBLIGATIONS

-

41.8%

(continued)

5.30%,

11/21/2024

(c)

$

758,000

742,524

5.31%,

11/29/2024

(c)

2,253,000

2,204,616

5.28%,

12/26/2024

(c)

1,475,000

1,437,696

TOTAL

U.S.

TREASURY

OBLIGATIONS

(Cost

$14,729,302)

14,728,861

TOTAL

SHORT-TERM

INVESTMENTS

(Cost

$25,213,681)

25,215,758

TOTAL

INVESTMENTS

IN

SECURITIES

AT

VALUE

-

71.5%

(Cost

$25,213,681)

25,215,758

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

-

28.5%

‡

10,059,315

NET

ASSETS

-

100.0%

35,275,073

SECURITY

TYPE

VALUE

%

OF

NET

ASSETS

Investment

Companies

$

10,486,897

29.7

%

U.S.

Treasury

Obligations

14,728,861

41.8

Total

Investments

In

Securities

At

Value

25,215,758

71.5

Other

Assets

in

Excess

of

Liabilities

‡

10,059,315

28.5

Net

Assets

$

35,275,073

100.0%

‡

Includes

appreciation/(depreciation)

on

forward

foreign

currency

exchange

and

swap

contracts.

(a)

Represents

7-day

effective

yield

as

of

June

30,

2024.

(b)

All

or

a

portion

of

the

security

pledged

as

collateral

for

forward

foreign

currency

exchange

and

swap

contracts.

(c)

The

rate

shown

was

the

effective

yield

at

the

date

of

purchase.

All

securities

are

Level

2

with

respect

to

ASC

820,

unless

otherwise

noted

in

parentheses.

(1)

Level

1

security

(See

Note

5).

Forward

foreign

currency

exchange

contracts

outstanding

as

of

June

30,

2024:

Over-the-Counter

CURRENCY

PURCHASED

CURRENCY

SOLD

COUNTERPARTY

SETTLEMENT

DATE

UNREALIZED

APPRECIATION

(DEPRECIATION)

AUD

238,000

USD

158,045

CITI

9/18/2024

$

1,051

AUD

238,000

USD

158,045

JPMC

9/18/2024

1,052

CAD

171,498

USD

125,484

CITI

9/18/2024

113

CAD

171,498

USD

125,484

JPMC

9/18/2024

113

CHF

85,000

USD

94,834

CITI

9/18/2024

686

CHF

85,000

USD

94,834

JPMC

9/18/2024

687

HKD

150,250

USD

19,276

CITI

9/19/2024

8

HKD

150,250

USD

19,276

JPMC

9/19/2024

8

Total

unrealized

appreciation

3,718

CAD

171,502

USD

125,844

CITI

9/18/2024

(245)

CAD

171,502

USD

125,843

JPMC

9/18/2024

(244)

CHF

85,000

USD

96,369

CITI

9/18/2024

(848)

CHF

85,000

USD

96,368

JPMC

9/18/2024

(848)

DKK

578,500

USD

84,568

CITI

9/18/2024

(1,109)

DKK

578,500

USD

84,567

JPMC

9/18/2024

(1,109)

EUR

682,500

USD

744,682

CITI

9/18/2024

(10,947)

EUR

682,500

USD

744,678

JPMC

9/18/2024

(10,943)

Schedule

of

Investments

June

30,

2024

(Unaudited)

AQR

SUSTAINABLE

LONG-SHORT

EQUITY

CARBON

AWARE

FUND

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

Funds

|

Semi-Annual

Report

|

June

2024

253

(Continued)

CURRENCY

PURCHASED

CURRENCY

SOLD

COUNTERPARTY

SETTLEMENT

DATE

UNREALIZED

APPRECIATION

(DEPRECIATION)

GBP

262,000

USD

334,635

CITI

9/18/2024

$

(3,246)

GBP

262,000

USD

334,633

JPMC

9/18/2024

(3,244)

ILS

52,000

USD

14,098

CITI

9/18/2024

(282)

ILS

52,000

USD

14,098

JPMC

9/18/2024

(282)

JPY

74,827,500

USD

485,855

CITI

9/18/2024

(15,086)

JPY

74,827,500

USD

485,853

JPMC

9/18/2024

(15,083)

NOK

129,000

USD

12,266

CITI

9/18/2024

(160)

NOK

129,000

USD

12,266

JPMC

9/18/2024

(160)

NZD

5,000

USD

3,082

CITI

9/18/2024

(36)

NZD

5,000

USD

3,082

JPMC

9/18/2024

(36)

SEK

605,000

USD

58,211

CITI

9/18/2024

(897)

SEK

605,000

USD

58,211

JPMC

9/18/2024

(897)

SGD

53,500

USD

39,862

CITI

9/18/2024

(260)

SGD

53,500

USD

39,862

JPMC

9/18/2024

(259)

HKD

150,250

USD

19,301

CITI

9/19/2024

(18)

HKD

150,250

USD

19,301

JPMC

9/19/2024

(17)

Total

unrealized

depreciation

(66,256)

Net

unrealized

depreciation

$

(62,538)

Total

return

basket

swap

contracts

outstanding

as

of

June

30,

2024:

Over-the-Counter

COUNTERPARTY

DESCRIPTION

TERMINATION

DATE

ABSOLUTE

NOTIONAL

VALUE

NET

UNREALIZED

APPRECIATION

(DEPRECIATION)

NET

CASH

AND

OTHER

RECEIVABLES

(PAYABLES)

VALUE

MLIN

The

Fund

receives

the

total

return

on

a

portfolio

of

long

equity

positions

and

pays

or

receives

the

SORA

plus

or

minus

a

specified

spread

0.23%,

which

is

denominated

in

SGD

based

on

the

local

currencies

of

the

positions

within

the

swap.

24

months

maturity

01/27/2025

$249,030

$884

$23,252

$24,136

COUNTERPARTY

DESCRIPTION

TERMINATION

DATE

ABSOLUTE

NOTIONAL

VALUE

NET

UNREALIZED

APPRECIATION

(DEPRECIATION)

NET

CASH

AND

OTHER

RECEIVABLES

(PAYABLES)

VALUE

GSIN

The

Fund

receives

the

total

return

on

a

portfolio

of

long

and

short

equity

positions

and

pays

or

receives

the

TONAR

plus

or

minus

a

specified

spread

(-0.28%

to

0.01%),

which

is

denominated

in

JPY

based

on

the

local

currencies

of

the

positions

within

the

swap.

31-61

months

maturity

ranging

from

12/18/2026

-

06/27/2029

$19,568,156

$10,971

$24,414

$35,385

254

AQR

Funds

|

Semi-Annual

Report

|

June

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

SUSTAINABLE

LONG-SHORT

EQUITY

CARBON

AWARE

FUND

Schedule

of

Investments

June

30,

2024

(Unaudited)

(Continued)

The

following

table

represents

disclosures

associated

with

a

subset

of

the

underlying

components

of

the

total

return

basket

swap

contract

as

of

period

end:

REFERENCE

ENTITY

SHARES

NOTIONAL

VALUE

($)

NET

UNREALIZED

APPRECIATION

(DEPRECIATION)

($)

PERCENTAGE

OF

SWAP

VALUE

(%)

Long

Positions

Common

Stocks

Japan

Asahi

Kasei

Corp.

36,800

236,297

2,610

7.4

Fukuoka

Financial

Group,

Inc.

7,000

188,504

2,999

8.5

Hitachi

Construction

Machinery

Co.

Ltd.

5,000

134,075

3,872

10.9

Hitachi

Ltd.

8,000

180,131

9,784

27.6

Honda

Motor

Co.

Ltd.

35,700

383,775

4,785

13.5

Japan

Post

Bank

Co.

Ltd.

19,200

182,303

2,250

6.4

KDDI

Corp.

12,600

333,793

(2,881)

(8.1)

Komatsu

Ltd.

5,000

146,048

3,031

8.6

Mazda

Motor

Corp.

21,500

207,282

(1,792)

(5.1)

Mitsubishi

UFJ

Financial

Group,

Inc.

24,600

265,484

19,857

56.1

Mizuho

Financial

Group,

Inc.

20,200

425,157

30,046

84.9

MS&AD

Insurance

Group

Holdings,

Inc.

11,500

256,749

29,878

84.4

NGK

Insulators

Ltd.

12,100

155,369

(1,701)

(4.8)

Nissan

Motor

Co.

Ltd.

40,400

137,157

280

0.8

Nomura

Holdings,

Inc.

44,500

257,047

(5,069)

(14.3)

ORIX

Corp.

11,700

259,317

7,400

20.9

Panasonic

Holdings

Corp.

21,800

179,207

(2,563)

(7.2)

Persol

Holdings

Co.

Ltd.

120,400

166,831

357

1.0

Ryohin

Keikaku

Co.

Ltd.

22,700

377,772

6,727

19.0

Shimamura

Co.

Ltd.

3,200

145,710

(2,903)

(8.2)

Shionogi

&

Co.

Ltd.

4,100

159,689

453

1.3

Sompo

Holdings,

Inc.

6,900

147,824

2,791

7.9

Sony

Group

Corp.

2,800

238,619

7,130

20.2

Square

Enix

Holdings

Co.

Ltd.

5,800

174,758

6,525

18.4

Tokio

Marine

Holdings,

Inc.

4,000

150,316

12,144

34.3

Tokyo

Electron

Ltd.

1,000

218,900

2,728

7.7

Trend

Micro,

Inc.

3,900

158,967

(6,267)

(17.7)

Short

Positions

Common

Stocks

Japan

Advantest

Corp.

(8,900)

(360,681)

(61,109)

(172.7)

Asahi

Intecc

Co.

Ltd.

(11,000)

(154,429)

838

2.4

Chiba

Bank

Ltd.

(The)

(25,800)

(231,253)

(2,021)

(5.7)

Denso

Corp.

(10,500)

(163,895)

(5,374)

(15.2)

East

Japan

Railway

Co.

(9,000)

(149,847)

(4,207)

(11.9)

Hamamatsu

Photonics

KK

(6,200)

(166,555)

11,231

31.7

Keyence

Corp.

(500)

(218,839)

628

1.8

M3,

Inc.

(17,700)

(169,354)

1,331

3.8

MINEBEA

MITSUMI,

Inc.

(6,900)

(142,146)

23

0.1

Nexon

Co.

Ltd.

(12,000)

(223,251)

(13,353)

(37.7)

Nissan

Chemical

Corp.

(7,600)

(241,564)

(23,281)

(65.8)

Nitori

Holdings

Co.

Ltd.

(2,200)

(232,908)

942

2.7

NTT

Data

Group

Corp.

(9,500)

(140,344)

(138)

(0.4)

Obic

Co.

Ltd.

(1,400)

(180,645)

(3,590)

(10.1)

Olympus

Corp.

(12,900)

(208,236)

5,045

14.3

Rakuten

Group,

Inc.

(32,400)

(167,846)

(802)

(2.3)

Shimano,

Inc.

(1,400)

(216,361)

11,403

32.2

SMC

Corp.

(700)

(333,520)

4,652

13.1

Suzuki

Motor

Corp.

(28,600)

(330,176)

2,829

8.0

Terumo

Corp.

(8,800)

(145,950)

2,823

8.0

Schedule

of

Investments

June

30,

2024

(Unaudited)

AQR

SUSTAINABLE

LONG-SHORT

EQUITY

CARBON

AWARE

FUND

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

Funds

|

Semi-Annual

Report

|

June

2024

255

(Continued)

REFERENCE

ENTITY

SHARES

NOTIONAL

VALUE

($)

NET

UNREALIZED

APPRECIATION

(DEPRECIATION)

($)

PERCENTAGE

OF

SWAP

VALUE

(%)

Japan

(continued)

Toyota

Industries

Corp.

(3,200)

(272,209)

2,652

7.5

Toyota

Motor

Corp.

(11,500)

(235,951)

(4,859)

(13.7)

ZOZO,

Inc.

(9,200)

(230,015)

(14,702)

(41.5)

COUNTERPARTY

DESCRIPTION

TERMINATION

DATE

ABSOLUTE

NOTIONAL

VALUE

NET

UNREALIZED

APPRECIATION

(DEPRECIATION)

NET

CASH

AND

OTHER

RECEIVABLES

(PAYABLES)

VALUE

GSIN

The

Fund

receives

the

total

return

on

a

portfolio

of

long

and

short

equity

positions

and

pays

or

receives

the

OBFR

plus

or

minus

a

specified

spread

(-2.47%

to

0.02%),

which

is

denominated

in

USD

based

on

the

local

currencies

of

the

positions

within

the

swap.

31-61

months

maturity

ranging

from

12/18/2026

-

06/26/2029

$81,392,980

$242,653

$133,970

$376,623

The

following

table

represents

disclosures

associated

with

a

subset

of

the

underlying

components

of

the

total

return

basket

swap

contract

as

of

period

end:

REFERENCE

ENTITY

SHARES

NOTIONAL

VALUE

($)

NET

UNREALIZED

APPRECIATION

(DEPRECIATION)

($)

PERCENTAGE

OF

SWAP

VALUE

(%)

Long

Positions

Common

Stocks

China

NXP

Semiconductors

NV

1,238

333,133

(7,313)

(1.9)

United

States

3M

Co.

4,925

503,286

5,050

1.3

Amazon.com,

Inc.

4,768

921,416

28,934

7.7

Apple,

Inc.

4,100

863,542

58,970

15.7

Baker

Hughes

Co.

8,571

301,442

23,399

6.2

Bank

of

America

Corp.

11,822

470,161

1,182

0.3

Booking

Holdings,

Inc.

92

364,458

11,454

3.0

Broadcom,

Inc.

182

292,206

25,461

6.8

Centene

Corp.

4,515

299,344

(14,862)

(3.9)

Cigna

Group

(The)

1,155

381,808

(10,313)

(2.7)

Citigroup,

Inc.

5,708

362,230

11,587

3.1

Citizens

Financial

Group,

Inc.

9,122

328,666

13,065

3.5

Comcast

Corp.

7,735

302,903

2,862

0.8

Eli

Lilly

&

Co.

324

293,343

6,248

1.7

Flowserve

Corp.

5,713

274,795

1,371

0.4

General

Electric

Co.

2,240

356,093

(7,530)

(2.0)

Johnson

&

Johnson

2,086

304,890

(2,559)

(0.7)

Kellanova

5,093

293,764

(7,181)

(1.9)

McKesson

Corp.

504

294,356

(5,601)

(1.5)

Microsoft

Corp.

767

342,811

13,632

3.6

NVIDIA

Corp.

7,776

960,647

13,608

3.6

PepsiCo,

Inc.

1,775

292,751

(2,165)

(0.6)

PPG

Industries,

Inc.

2,273

286,148

(5,740)

(1.5)

Public

Storage

1,167

335,688

10,103

2.7

Ralph

Lauren

Corp.

1,772

310,206

(23,375)

(6.2)

Target

Corp.

2,055

304,222

(2,269)

(0.6)

Valero

Energy

Corp.

2,111

330,920

5,123

1.4

Wendy's

Co.

(The)

19,302

327,362

10,761

2.9

256

AQR

Funds

|

Semi-Annual

Report

|

June

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

SUSTAINABLE

LONG-SHORT

EQUITY

CARBON

AWARE

FUND

Schedule

of

Investments

June

30,

2024

(Unaudited)

(Continued)

REFERENCE

ENTITY

SHARES

NOTIONAL

VALUE

($)

NET

UNREALIZED

APPRECIATION

(DEPRECIATION)

($)

PERCENTAGE

OF

SWAP

VALUE

(%)

United

States

(continued)

Wingstop,

Inc.

734

310,232

18,855

5.0

Short

Positions

Common

Stocks

United

States

American

Financial

Group,

Inc.

(2,262)

(278,271)

9,669

2.6

Arthur

J

Gallagher

&

Co.

(1,289)

(334,251)

(5,336)

(1.4)

Blue

Owl

Capital,

Inc.

(25,292)

(448,933)

(8,394)

(2.2)

Erie

Indemnity

Co.

(862)

(312,389)

(3,212)

(0.9)

Essex

Property

Trust,

Inc.

(1,064)

(289,621)

(3,011)

(0.8)

Extra

Space

Storage,

Inc.

(2,161)

(335,841)

(6,716)

(1.8)

Gentex

Corp.

(10,957)

(369,360)

5,138

1.4

HEICO

Corp.

(1,668)

(372,981)

1,835

0.5

Houlihan

Lokey,

Inc.

(3,494)

(471,201)

(15,702)

(4.2)

IAC,

Inc.

(5,896)

(276,228)

13,112

3.5

Ionis

Pharmaceuticals,

Inc.

(6,716)

(320,085)

(49,965)

(13.3)

MGM

Resorts

International

(7,757)

(344,721)

(26,695)

(7.1)

Monster

Beverage

Corp.

(8,152)

(407,192)

6,372

1.7

NIKE,

Inc.

(4,721)

(355,822)

97,512

25.9

O'Reilly

Automotive,

Inc.

(394)

(416,088)

(27,312)

(7.3)

RBC

Bearings,

Inc.

(1,311)

(353,682)

8,324

2.2

Southern

Co.

(The)

(4,923)

(381,877)

6,997

1.9

Starbucks

Corp.

(3,701)

(288,123)

12,363

3.3

Take-Two

Interactive

Software,

Inc.

(1,804)

(280,504)

8,431

2.2

Universal

Health

Services,

Inc.

(1,750)

(323,628)

7,000

1.9

Yum!

Brands,

Inc.

(2,789)

(369,431)

14,921

4.0

COUNTERPARTY

DESCRIPTION

TERMINATION

DATE

ABSOLUTE

NOTIONAL

VALUE

NET

UNREALIZED

APPRECIATION

(DEPRECIATION)

NET

CASH

AND

OTHER

RECEIVABLES

(PAYABLES)

VALUE

MLIN

The

Fund

receives

the

total

return

on

a

portfolio

of

long

and

short

equity

positions

and

pays

or

receives

the

BBR

plus

or

minus

a

specified

spread

(-1.20%

to

0.30%),

which

is

denominated

in

AUD

based

on

the

local

currencies

of

the

positions

within

the

swap.

24

months

maturity

ranging

from

01/28/2025

-

06/24/2026

$2,713,169

$(3,050)

$25,479

$22,429

The

following

table

represents

disclosures

associated

with

the

underlying

components

of

the

total

return

basket

swap

contract

as

of

period

end:

REFERENCE

ENTITY

SHARES

NOTIONAL

VALUE

($)

NET

UNREALIZED

APPRECIATION

(DEPRECIATION)

($)

PERCENTAGE

OF

SWAP

VALUE

(%)

Long

Positions

Common

Stocks

Australia

Ampol

Ltd.

1,223

26,305

(480)

(2.1)

Aristocrat

Leisure

Ltd.

2,847

94,280

(644)

(2.9)

Atlas

Arteria

Ltd.

7,586

25,786

(276)

(1.2)

Aurizon

Holdings

Ltd.

18,456

44,834

(597)

(2.7)

BlueScope

Steel

Ltd.

2,178

29,566

550

2.5

Brambles

Ltd.

16,743

161,569

(497)

(2.2)

Cochlear

Ltd.

756

166,879

(815)

(3.6)

Schedule

of

Investments

June

30,

2024

(Unaudited)

AQR

SUSTAINABLE

LONG-SHORT

EQUITY

CARBON

AWARE

FUND

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

Funds

|

Semi-Annual

Report

|

June

2024

257

(Continued)

REFERENCE

ENTITY

SHARES

NOTIONAL

VALUE

($)

NET

UNREALIZED

APPRECIATION

(DEPRECIATION)

($)

PERCENTAGE

OF

SWAP

VALUE

(%)

Australia

(continued)

Coles

Group

Ltd.

1,446

16,381

(201)

(0.9)

Computershare

Ltd.

2,404

42,046

(212)

(0.9)

Evolution

Mining

Ltd.

20,066

46,922

71

0.3

Fortescue

Ltd.

2,067

29,427

(454)

(2.0)

Harvey

Norman

Holdings

Ltd.

6,581

18,218

(1,889)

(8.4)

JB

Hi-Fi

Ltd.

2,240

91,015

(3,918)

(17.5)

Pro

Medicus

Ltd.

401

38,084

(170)

(0.8)

Qantas

Airways

Ltd.

19,188

74,674

(2,767)

(12.3)

QBE

Insurance

Group

Ltd.

16,884

194,902

(5,697)

(25.4)

Qube

Holdings

Ltd.

4,610

11,196

(29)

(0.1)

Suncorp

Group

Ltd.

9,033

104,458

1,415

6.3

Tabcorp

Holdings

Ltd.

6,264

2,906

44

0.2

Westpac

Banking

Corp.

6,828

123,636

(1,489)

(6.6)

Worley

Ltd.

5,287

52,649

1,403

6.3

New

Zealand

Xero

Ltd.

1,018

92,064

1,797

8.0

United

States

James

Hardie

Industries

plc

2,533

79,277

(4,552)

(20.3)

Short

Positions

Common

Stocks

Australia

AGL

Energy

Ltd.

(23,050)

(166,087)

(2,325)

(10.4)

ALS

Ltd.

(6,985)

(65,055)

2,557

11.4

Alumina

Ltd.

(18,032)

(20,184)

867

3.9

Cleanaway

Waste

Management

Ltd.

(44,192)

(81,555)

1,580

7.0

Commonwealth

Bank

of

Australia

(282)

(23,889)

310

1.4

Domino's

Pizza

Enterprises

Ltd.

(3,912)

(93,342)

4,913

21.9

Endeavour

Group

Ltd.

(5,177)

(17,360)

357

1.6

Liontown

Resources

Ltd.

(45,679)

(27,426)

–

0.0(a)

Lynas

Rare

Earths

Ltd.

(13,883)

(54,692)

1,431

6.4

Medibank

Pvt

Ltd.

(20,101)

(49,817)

737

3.3

Mineral

Resources

Ltd.

(628)

(22,467)

960

4.3

New

Hope

Corp.

Ltd.

(19,964)

(64,661)

(868)

(3.9)

NEXTDC

Ltd.

(999)

(11,663)

59

0.3

Pilbara

Minerals

Ltd.

(41,848)

(85,152)

2,786

12.4

Ramsay

Health

Care

Ltd.

(714)

(22,543)

163

0.7

REA

Group

Ltd.

(135)

(17,628)

257

1.1

Reece

Ltd.

(1,451)

(24,232)

935

4.2

South32

Ltd.

(3,311)

(8,033)

228

1.0

Treasury

Wine

Estates

Ltd.

(12,982)

(107,418)

1,442

6.4

WiseTech

Global

Ltd.

(363)

(24,132)

(1,345)

(6.0)

Woolworths

Group

Ltd.

(5,988)

(134,443)

1,334

5.9

United

States

CSL

Ltd.

(124)

(24,316)

(21)

(0.1)

258

AQR

Funds

|

Semi-Annual

Report

|

June

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

SUSTAINABLE

LONG-SHORT

EQUITY

CARBON

AWARE

FUND

Schedule

of

Investments

June

30,

2024

(Unaudited)

(Continued)

COUNTERPARTY

DESCRIPTION

TERMINATION

DATE

ABSOLUTE

NOTIONAL

VALUE

NET

UNREALIZED

APPRECIATION

(DEPRECIATION)

NET

CASH

AND

OTHER

RECEIVABLES

(PAYABLES)

VALUE

MLIN

The

Fund

receives

the

total

return

on

a

portfolio

of

long

and

short

equity

positions

and

pays

or

receives

the

CORRA

plus

or

minus

a

specified

spread

(-0.23%

to

0.23%),

which

is

denominated

in

CAD

based

on

the

local

currencies

of

the

positions

within

the

swap.

13-14

months

maturity

ranging

from

08/26/2024

-

07/25/2025

$4,056,944

$3,622

$(25,808)

$(22,186)

The

following

table

represents

disclosures

associated

with

a

subset

of

the

underlying

components

of

the

total

return

basket

swap

contract

as

of

period

end:

REFERENCE

ENTITY

SHARES

NOTIONAL

VALUE

($)

NET

UNREALIZED

APPRECIATION

(DEPRECIATION)

($)

PERCENTAGE

OF

SWAP

VALUE

(%)

Long

Positions

Common

Stocks

Brazil

Wheaton

Precious

Metals

Corp.

2,307

120,961

(1,703)

7.7

Canada

Air

Canada

2,621

34,294

2,395

(10.8)

Alamos

Gold,

Inc.

3,387

53,130

322

(1.5)

AtkinsRealis

Group,

Inc.

3,109

134,582

1,659

(7.5)

Bank

of

Nova

Scotia

(The)

6,121

279,999

134

(0.6)

Barrick

Gold

Corp.

2,558

42,669

299

(1.3)

CAE,

Inc.

1,171

21,750

(308)

1.4

Cameco

Corp.

922

45,364

(681)

3.1

Celestica,

Inc.

1,428

81,773

2,234

(10.1)

Descartes

Systems

Group,

Inc.

(The)

272

26,354

612

(2.8)

Empire

Co.

Ltd.

1,079

27,581

402

(1.8)

Enbridge,

Inc.

4,216

149,989

2,774

(12.5)

Finning

International,

Inc.

2,396

70,249

280

(1.3)

George

Weston

Ltd.

632

90,911

554

(2.5)

iA

Financial

Corp.,

Inc.

1,159

72,782

(500)

2.3

IGM

Financial,

Inc.

569

15,709

(216)

1.0

Kinross

Gold

Corp.

6,882

57,298

4,829

(21.8)

Magna

International,

Inc.

1,300

54,488

380

(1.7)

National

Bank

of

Canada

2,095

166,170

(61)

0.3

Nutrien

Ltd.

945

48,112

(1,036)

4.7

Nuvei

Corp.

542

17,555

143

(0.6)

Open

Text

Corp.

983

29,518

309

(1.4)

Parkland

Corp.

2,471

69,269

903

(4.1)

Saputo,

Inc.

1,437

32,268

42

(0.2)

Shopify,

Inc.

1,887

124,706

2,676

(12.1)

Stantec,

Inc.

569

47,635

320

(1.4)

Sun

Life

Financial,

Inc.

2,336

114,542

512

(2.3)

TC

Energy

Corp.

1,201

45,527

(1,440)

6.5

Toronto-Dominion

Bank

(The)

1,708

93,887

637

(2.9)

West

Fraser

Timber

Co.

Ltd.

493

37,864

(277)

1.3

Zambia

First

Quantum

Minerals

Ltd.

4,519

59,359

(1,057)

4.8

Schedule

of

Investments

June

30,

2024

(Unaudited)

AQR

SUSTAINABLE

LONG-SHORT

EQUITY

CARBON

AWARE

FUND

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

Funds

|

Semi-Annual

Report

|

June

2024

259

(Continued)

REFERENCE

ENTITY

SHARES

NOTIONAL

VALUE

($)

NET

UNREALIZED

APPRECIATION

(DEPRECIATION)

($)

PERCENTAGE

OF

SWAP

VALUE

(%)

Short

Positions

Common

Stocks

Canada

Brookfield

Asset

Management

Ltd.

(3,169)

(120,640)

695

(3.1)

Brookfield

Infrastructure

Corp.

(962)

(32,382)

(239)

1.1

Canadian

Pacific

Kansas

City

Ltd.

(1,113)

(87,654)

366

(1.7)

Capital

Power

Corp.

(5,397)

(153,817)

4,142

(18.7)

Constellation

Software,

Inc.

(43)

(123,900)

(2,041)

9.2

Dollarama,

Inc.

(433)

(39,535)

(449)

2.0

Element

Fleet

Management

Corp.

(1,349)

(24,543)

(641)

2.9

Emera,

Inc.

(1,377)

(45,949)

91

(0.4)

Gildan

Activewear,

Inc.

(584)

(22,151)

(98)

0.4

Hydro

One

Ltd.

(990)

(28,838)

(333)

1.5

RB

Global,

Inc.

(1,066)

(81,303)

1,332

(6.0)

Restaurant

Brands

International,

Inc.

(5,008)

(352,890)

(5,930)

26.7

Rogers

Communications,

Inc.

(3,530)

(130,564)

2,064

(9.3)

Thomson

Reuters

Corp.

(464)

(78,216)

(383)

1.7

TMX

Group

Ltd.

(857)

(23,855)

(119)

0.5

Chile

Lundin

Mining

Corp.

(10,850)

(120,789)

(4,362)

19.7

United

States

Brookfield

Renewable

Corp.

(650)

(18,416)

736

(3.3)

BRP,

Inc.

(2,231)

(142,939)

(2,723)

12.3

GFL

Environmental,

Inc.

(3,205)

(124,822)

(3,936)

17.7

COUNTERPARTY

DESCRIPTION

TERMINATION

DATE

ABSOLUTE

NOTIONAL

VALUE

NET

UNREALIZED

APPRECIATION

(DEPRECIATION)

NET

CASH

AND

OTHER

RECEIVABLES

(PAYABLES)

VALUE

MLIN

The

Fund

receives

the

total

return

on

a

portfolio

of

long

and

short

equity

positions

and

pays

or

receives

the

SARON

plus

or

minus

a

specified

spread

(-0.23%

to

0.23%),

which

is

denominated

in

CHF

based

on

the

local

currencies

of

the

positions

within

the

swap.

24-25

months

maturity

06/25/2026

$3,487,497

$8,115

$35,978

$44,093

The

following

table

represents

disclosures

associated

with

the

underlying

components

of

the

total

return

basket

swap

contract

as

of

period

end:

REFERENCE

ENTITY

SHARES

NOTIONAL

VALUE

($)

NET

UNREALIZED

APPRECIATION

(DEPRECIATION)

($)

PERCENTAGE

OF

SWAP

VALUE

(%)

Long

Positions

Common

Stocks

Switzerland

ABB

Ltd.

(Registered)

4,320

239,548

721

1.6

Adecco

Group

AG

(Registered)

3,493

115,880

(3,942)

(8.9)

Baloise

Holding

AG

(Registered)

246

43,371

328

0.7

Belimo

Holding

AG

(Registered)

80

40,126

805

1.8

DKSH

Holding

AG

659

44,523

(734)

(1.7)

Georg

Fischer

AG

(Registered)

1,101

73,652

(1,100)

(2.5)

Givaudan

SA

(Registered)

23

108,942

(2,339)

(5.3)

Julius

Baer

Group

Ltd.

1,402

78,417

(1,572)

(3.6)

Kuehne

+

Nagel

International

AG

(Registered)

461

132,668

440

1.0

260

AQR

Funds

|

Semi-Annual

Report

|

June

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

SUSTAINABLE

LONG-SHORT

EQUITY

CARBON

AWARE

FUND

Schedule

of

Investments

June

30,

2024

(Unaudited)

(Continued)

REFERENCE

ENTITY

SHARES

NOTIONAL

VALUE

($)

NET

UNREALIZED

APPRECIATION

(DEPRECIATION)

($)

PERCENTAGE

OF

SWAP

VALUE

(%)

Switzerland

(continued)

Logitech

International

SA

(Registered)

2,041

196,428

(710)

(1.6)

Lonza

Group

AG

(Registered)

399

217,218

2,452

5.6

Novartis

AG

(Registered)

3,309

352,315

(849)

(1.9)

Sandoz

Group

AG

120

4,350

38

0.1

Zurich

Insurance

Group

AG

606

322,814

(4,519)

(10.2)

United

States

Swiss

Re

AG

669

82,941

(791)

(1.8)

Short

Positions

Common

Stocks

Switzerland

Avolta

AG

(1,331)

(51,745)

2,001

4.5

Bachem

Holding

AG

(897)

(81,965)

(3,043)

(6.9)

Barry

Callebaut

AG

(Registered)

(44)

(71,729)

3,983

9.0

BKW

AG

(447)

(71,349)

593

1.3

Chocoladefabriken

Lindt

&

Spruengli

AG

(15)

(175,212)

4,264

9.7

Cie

Financiere

Richemont

SA

(Registered)

(235)

(36,726)

1,030

2.3

EMS-Chemie

Holding

AG

(Registered)

(184)

(150,570)

1,185

2.7

Helvetia

Holding

AG

(Registered)

(519)

(70,148)

(20)

0.0(a)

Schindler

Holding

AG

(287)

(72,009)

(136)

(0.3)

SIG

Group

AG

(4,030)

(74,055)

1,302

3.0

Sika

AG

(Registered)

(274)

(78,216)

192

0.4

Straumann

Holding

AG

(Registered)

(1,222)

(150,842)

(2,045)

(4.6)

Swatch

Group

AG

(The)

(1,390)

(284,780)

10,950

24.8

Tecan

Group

AG

(Registered)

(108)

(36,160)

46

0.1

VAT

Group

AG

(51)

(28,798)

(415)

(0.9)

COUNTERPARTY

DESCRIPTION

TERMINATION

DATE

ABSOLUTE

NOTIONAL

VALUE

NET

UNREALIZED

APPRECIATION

(DEPRECIATION)

NET

CASH

AND

OTHER

RECEIVABLES

(PAYABLES)

VALUE

MLIN

The

Fund

receives

the

total

return

on

a

portfolio

of

long

and

short

equity

positions

and

pays

or

receives

the

CIBOR

plus

or

minus

a

specified

spread

(-10.00%

to

0.23%),

which

is

denominated

in

DKK

based

on

the

local

currencies

of

the

positions

within

the

swap.

24-25

months

maturity

06/25/2026

$1,125,647

$(11,197)

$(48,022)

$(59,219)

The

following

table

represents

disclosures

associated

with

the

underlying

components

of

the

total

return

basket

swap

contract

as

of

period

end:

REFERENCE

ENTITY

SHARES

NOTIONAL

VALUE

($)

NET

UNREALIZED

APPRECIATION

(DEPRECIATION)

($)

PERCENTAGE

OF

SWAP

VALUE

(%)

Long

Positions

Common

Stocks

Denmark

AP

Moller

-

Maersk

A/S

22

38,156

1,288

(2.2)

Carlsberg

A/S

1,293

155,230

(5,933)

10.0

Danske

Bank

A/S

1,968

58,698

(168)

0.3

Demant

A/S

681

29,495

(664)

1.1

Genmab

A/S

274

68,663

(2,120)

3.6

ISS

A/S

7,313

125,565

(5,701)

9.6

Schedule

of

Investments

June

30,

2024

(Unaudited)

AQR

SUSTAINABLE

LONG-SHORT

EQUITY

CARBON

AWARE

FUND

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

Funds

|

Semi-Annual

Report

|

June

2024

261

(Continued)

REFERENCE

ENTITY

SHARES

NOTIONAL

VALUE

($)

NET

UNREALIZED

APPRECIATION

(DEPRECIATION)

($)

PERCENTAGE

OF

SWAP

VALUE

(%)

Denmark

(continued)

Jyske

Bank

A/S

(Registered)

530

42,222

(1,349)

2.3

Royal

Unibrew

A/S

465

36,879

(1,448)

2.4

Vestas

Wind

Systems

A/S

3,645

84,520

(7,313)

12.3

Short

Positions

Common

Stocks

Denmark

Ambu

A/S

(2,987)

(57,494)

647

(1.1)

Coloplast

A/S

(737)

(88,597)

1,296

(2.2)

DSV

A/S

(743)

(114,049)

2,300

(3.9)

Novo

Nordisk

A/S

(1,224)

(175,136)

5,549

(9.4)

Orsted

A/S

(959)

(50,943)

2,419

(4.1)

COUNTERPARTY

DESCRIPTION

TERMINATION

DATE

ABSOLUTE

NOTIONAL

VALUE

NET

UNREALIZED

APPRECIATION

(DEPRECIATION)

NET

CASH

AND

OTHER

RECEIVABLES

(PAYABLES)

VALUE

MLIN

The

Fund

receives

the

total

return

on

a

portfolio

of

long

and

short

equity

positions

and

pays

or

receives

the

ESTR

plus

or

minus

a

specified

spread

(-0.38%

to

0.23%),

which

is

denominated

in

EUR

based

on

the

local

currencies

of

the

positions

within

the

swap.

24-25

months

maturity

ranging

from

04/25/2025

-

06/25/2026

$15,856,050

$11,603

$(148,429)

$(136,826)

The

following

table

represents

disclosures

associated

with

a

subset

of

the

underlying

components

of

the

total

return

basket

swap

contract

as

of

period

end:

REFERENCE

ENTITY

SHARES

NOTIONAL

VALUE

($)

NET

UNREALIZED

APPRECIATION

(DEPRECIATION)

($)

PERCENTAGE

OF

SWAP

VALUE

(%)

Long

Positions

Common

Stocks

Belgium

Ageas

SA/NV

2,944

134,325

(1,753)

1.3

China

Prosus

NV

4,484

159,444

(3,132)

2.3

Finland

Sampo

OYJ

2,817

121,481

203

(0.1)

UPM-Kymmene

OYJ

5,309

186,466

(3,038)

2.2

France

Bouygues

SA

5,420

174,223

(7,576)

5.5

Carrefour

SA

10,302

145,982

(6,272)

4.6

Cie

Generale

des

Etablissements

Michelin

SCA

4,231

163,533

(3,441)

2.5

Credit

Agricole

SA

9,433

128,804

(3,940)

2.9

Orange

SA

16,404

164,540

(1,933)

1.4

Rexel

SA

6,164

159,454

(3,203)

2.3

Societe

Generale

SA

13,026

306,255

(4,555)

3.3

Vivendi

SE

12,065

126,099

(1,121)

0.8

Germany

Allianz

SE

(Registered)

807

224,129

(751)

0.5

Bayerische

Motoren

Werke

AG

1,778

168,184

(3,647)

2.7

Commerzbank

AG

10,318

156,506

(515)

0.4

262

AQR

Funds

|

Semi-Annual

Report

|

June

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

SUSTAINABLE

LONG-SHORT

EQUITY

CARBON

AWARE

FUND

Schedule

of

Investments

June

30,

2024

(Unaudited)

(Continued)

REFERENCE

ENTITY

SHARES

NOTIONAL

VALUE

($)

NET

UNREALIZED

APPRECIATION

(DEPRECIATION)

($)

PERCENTAGE

OF

SWAP

VALUE

(%)

Germany

(continued)

Daimler

Truck

Holding

AG

3,806

151,795

1,267

(0.9)

Deutsche

Bank

AG

(Registered)

8,623

137,818

2,362

(1.7)

Mercedes-Benz

Group

AG

4,417

305,707

(869)

0.6

Muenchener

Rueckversicherungs-Gesellschaft

AG

in

Muenchen

(Registered)

599

299,473

471

(0.3)

Zalando

SE

5,412

127,045

(409)

0.3

Italy

Assicurazioni

Generali

SpA

6,739

167,760

(2,203)

1.6

Banco

BPM

SpA

21,845

140,590

(2,680)

2.0

Intesa

Sanpaolo

SpA

60,764

225,824

(3,013)

2.2

Pirelli

&

C

SpA

22,279

132,391

(2,941)

2.1

Poste

Italiane

SpA

24,916

317,045

(5,429)

4.0

UniCredit

SpA

3,823

141,474

(1,476)

1.1

Unipol

Gruppo

SpA

16,268

161,335

(2,172)

1.6

Netherlands

Akzo

Nobel

NV

3,575

217,894

(1,717)

1.3

Koninklijke

KPN

NV

44,839

171,856

(633)

0.5

NN

Group

NV

3,752

174,387

921

(0.7)

Singapore

STMicroelectronics

NV

3,605

141,200

(2,517)

1.8

Spain

Banco

de

Sabadell

SA

99,695

192,476

1,574

(1.2)

Banco

Santander

SA

53,562

249,212

(2,063)

1.5

United

States

Schneider

Electric

SE

993

238,067

(2,752)

2.0

Signify

NV

4,806

119,360

(2,624)

1.9

Short

Positions

Common

Stocks

France

Airbus

SE

(2,458)

(337,352)

17,442

(12.7)

Capgemini

SE

(1,135)

(225,454)

4,889

(3.6)

Edenred

SE

(3,215)

(136,354)

11,080

(8.1)

Sartorius

Stedim

Biotech

(946)

(156,337)

3,077

(2.2)

Germany

Beiersdorf

AG

(786)

(115,044)

3,603

(2.6)

Deutsche

Post

AG

(5,383)

(218,587)

1,057

(0.8)

MTU

Aero

Engines

AG

(489)

(124,672)

(9,040)

6.6

RWE

AG

(5,669)

(194,477)

9,880

(7.2)

Siemens

Healthineers

AG

(3,681)

(211,985)

(685)

0.5

Wacker

Chemie

AG

(1,127)

(122,782)

(275)

0.2

Italy

Davide

Campari-Milano

NV

(19,131)

(181,128)

11,504

(8.4)

Ferrari

NV

(1,147)

(468,081)

18,849

(13.8)

United

States

Ferrovial

SE

(3,185)

(123,730)

1,248

(0.9)

Preferred

Stocks

Germany

Dr

Ing

hc

F

Porsche

AG

(Preference)

(3,089)

(229,801)

5,475

(4.0)

Sartorius

AG

(Preference)

(614)

(143,729)

541

(0.4)

Schedule

of

Investments

June

30,

2024

(Unaudited)

AQR

SUSTAINABLE

LONG-SHORT

EQUITY

CARBON

AWARE

FUND

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

Funds

|

Semi-Annual

Report

|

June

2024

263

(Continued)

COUNTERPARTY

DESCRIPTION

TERMINATION

DATE

ABSOLUTE

NOTIONAL

VALUE

NET

UNREALIZED

APPRECIATION

(DEPRECIATION)

NET

CASH

AND

OTHER

RECEIVABLES

(PAYABLES)

VALUE

MLIN

The

Fund

receives

the

total

return

on

a

portfolio

of

long

and

short

equity

positions

and

pays

or

receives

the

SONIA

plus

or

minus

a

specified

spread

(-0.23%

to

0.23%),

which

is

denominated

in

GBP

based

on

the

local

currencies

of

the

positions

within

the

swap.

24-25

months

maturity

ranging

from

02/25/2025

-

06/25/2026

$7,029,737

$(7,671)

$(21,612)

$(29,283)

The

following

table

represents

disclosures

associated

with

a

subset

of

the

underlying

components

of

the

total

return

basket

swap

contract

as

of

period

end:

REFERENCE

ENTITY

SHARES

NOTIONAL

VALUE

($)

NET

UNREALIZED

APPRECIATION

(DEPRECIATION)

($)

PERCENTAGE

OF

SWAP

VALUE

(%)

Long

Positions

Common

Stocks

Austria

Mondi

plc

7,279

139,723

2,162

(7.4)

United

Kingdom

abrdn

plc

49,685

92,792

278

(0.9)

Associated

British

Foods

plc

5,186

161,927

(1,832)

6.3

Aviva

plc

28,654

172,592

(1,308)

4.5

Barclays

plc

65,224

172,349

2,379

(8.1)

BT

Group

plc

35,327

62,630

132

(0.5)

Burberry

Group

plc

8,954

99,435

(10,651)

36.4

DCC

plc

1,249

87,170

(220)

0.8

Direct

Line

Insurance

Group

plc

54,751

138,827

(701)

2.4

easyJet

plc

15,355

88,575

(1,411)

4.8

Hiscox

Ltd.

6,885

99,937

(151)

0.5

Howden

Joinery

Group

plc

8,887

98,290

329

(1.1)

HSBC

Holdings

plc

16,291

140,624

(853)

2.9

Inchcape

plc

6,177

58,045

(713)

2.4

Intermediate

Capital

Group

plc

5,990

164,272

(3,523)

12.0

Intertek

Group

plc

1,691

102,221

1,070

(3.7)

ITV

plc

90,850

92,383

(870)

3.0

J

Sainsbury

plc

24,138

77,769

(1,503)

5.1

Lloyds

Banking

Group

plc

82,583

56,959

(1,021)

3.5

Man

Group

plc

35,001

106,944

(1,278)

4.4

Marks

&

Spencer

Group

plc

33,150

119,862

(699)

2.4

Pearson

plc

6,708

83,764

868

(3.0)

Rightmove

plc

12,884

86,968

(2,544)

8.7

Rolls-Royce

Holdings

plc

44,060

253,047

(6,497)

22.2

Smiths

Group

plc

2,940

63,259

116

(0.4)

Standard

Chartered

plc

12,613

113,889

(2,248)

7.7

Tate

&

Lyle

plc

7,670

57,980

(2,424)

8.3

Vodafone

Group

plc

199,195

176,256

(1,668)

5.7

Weir

Group

plc

(The)

2,752

68,826

(437)

1.5

United

States

CRH

plc

1,534

113,676

1,982

(6.8)

GSK

plc

18,352

352,986

(17,034)

58.2

264

AQR

Funds

|

Semi-Annual

Report

|

June

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

SUSTAINABLE

LONG-SHORT

EQUITY

CARBON

AWARE

FUND

Schedule

of

Investments

June

30,

2024

(Unaudited)

(Continued)

REFERENCE

ENTITY

SHARES

NOTIONAL

VALUE

($)

NET

UNREALIZED

APPRECIATION

(DEPRECIATION)

($)

PERCENTAGE

OF

SWAP

VALUE

(%)

Short

Positions

Common

Stocks

Australia

Glencore

plc

(34,900)

(198,591)

1,922

(6.6)

Rio

Tinto

plc

(1,466)

(96,196)

891

(3.0)

Burkina

Faso

Endeavour

Mining

plc

(6,112)

(130,069)

(1,892)

6.5

Chile

Antofagasta

plc

(8,233)

(218,800)

1,523

(5.2)

South

Africa

Anglo

American

plc

(3,802)

(120,145)

969

(3.3)

United

Kingdom

Ashtead

Group

plc

(2,602)

(173,485)

2,618

(8.9)

AstraZeneca

plc

(947)

(147,384)

2,852

(9.7)

Barratt

Developments

plc

(10,404)

(61,791)

627

(2.1)

Flutter

Entertainment

plc

(595)

(108,229)

3,087

(10.5)

Halma

plc

(2,739)

(93,360)

(361)

1.2

Hargreaves

Lansdown

plc

(11,314)

(161,275)

982

(3.4)

JD

Sports

Fashion

plc

(46,757)

(70,212)

4,881

(16.7)

RS

GROUP

plc

(7,303)

(64,540)

1,929

(6.6)

Severn

Trent

plc

(5,835)

(175,630)

5,673

(19.4)

Spirax

Group

plc

(711)

(76,205)

1,045

(3.6)

United

Utilities

Group

plc

(7,582)

(94,188)

2,231

(7.6)

Wise

plc

(15,465)

(132,638)

786

(2.7)

United

States

Experian

plc

(3,371)

(156,606)

(4)

0.0(a)

Haleon

plc

(63,087)

(256,683)

8,480

(29.0)

COUNTERPARTY

DESCRIPTION

TERMINATION

DATE

ABSOLUTE

NOTIONAL

VALUE

NET

UNREALIZED

APPRECIATION

(DEPRECIATION)

NET

CASH

AND

OTHER

RECEIVABLES

(PAYABLES)

VALUE

MLIN

The

Fund

receives

the

total

return

on

a

portfolio

of

long

and

short

equity

positions

and

pays

or

receives

the

HIBOR

plus

or

minus

a

specified

spread

(-2.45%

to

0.23%),

which

is

denominated

in

HKD

based

on

the

local

currencies

of

the

positions

within

the

swap.

24

months

maturity

ranging

from

01/27/2025

-

06/24/2026

$873,674

$(1,657)

$(18,418)

$(20,075)

The

following

table

represents

disclosures

associated

with

the

underlying

components

of

the

total

return

basket

swap

contract

as

of

period

end:

REFERENCE

ENTITY

SHARES

NOTIONAL

VALUE

($)

NET

UNREALIZED

APPRECIATION

(DEPRECIATION)

($)

PERCENTAGE

OF

SWAP

VALUE

(%)

Long

Positions

Common

Stocks

China

BOC

Hong

Kong

Holdings

Ltd.

48,000

148,113

(637)

3.2

Hong

Kong

AIA

Group

Ltd.

20,200

136,668

(5,603)

27.9

CK

Asset

Holdings

Ltd.

12,000

44,953

(1,071)

5.3

Hang

Seng

Bank

Ltd.

1,800

23,141

(255)

1.3

Hong

Kong

Exchanges

&

Clearing

Ltd.

100

3,200

(70)

0.3

Schedule

of

Investments

June

30,

2024

(Unaudited)

AQR

SUSTAINABLE

LONG-SHORT

EQUITY

CARBON

AWARE

FUND

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

Funds

|

Semi-Annual

Report

|

June

2024

265

(Continued)

REFERENCE

ENTITY

SHARES

NOTIONAL

VALUE

($)

NET

UNREALIZED

APPRECIATION

(DEPRECIATION)

($)

PERCENTAGE

OF

SWAP

VALUE

(%)

Hong

Kong

(continued)

Power

Assets

Holdings

Ltd.

1,500

8,107

126

(0.6)

Sino

Land

Co.

Ltd.

10,000

10,291

(69)

0.3

Swire

Pacific

Ltd.

7,500

66,215

(919)

4.6

Swire

Properties

Ltd.

15,000

23,897

40

(0.2)

WH

Group

Ltd.

20,500

13,493

(105)

0.5

Short

Positions

Common

Stocks

China

ESR

Group

Ltd.

(44,600)

(58,647)

1,779

(8.9)

SITC

International

Holdings

Co.

Ltd.

(49,000)

(132,868)

3,922

(19.5)

Wharf

Holdings

Ltd.

(The)

(11,000)

(30,909)

1,208

(6.0)

Hong

Kong

CLP

Holdings

Ltd.

(1,000)

(8,088)

(168)

0.8

Hong

Kong

&

China

Gas

Co.

Ltd.

(95,000)

(72,194)

(1,392)

6.9

Wharf

Real

Estate

Investment

Co.

Ltd.

(21,000)

(55,659)

679

(3.4)

Macau

Galaxy

Entertainment

Group

Ltd.

(8,000)

(37,231)

878

(4.4)

COUNTERPARTY

DESCRIPTION

TERMINATION

DATE

ABSOLUTE

NOTIONAL

VALUE

NET

UNREALIZED

APPRECIATION

(DEPRECIATION)

NET

CASH

AND

OTHER

RECEIVABLES

(PAYABLES)

VALUE

MLIN

The

Fund

receives

the

total

return

on

a

portfolio

of

long

and

short

equity

positions

and

pays

or

receives

the

NIBOR

plus

or

minus

a

specified

spread

(-0.23%

to

0.23%),

which

is

denominated

in

NOK

based

on

the

local

currencies

of

the

positions

within

the

swap.

24-25

months

maturity

06/25/2026

$673,320

$10,154

$823

$10,977

The

following

table

represents

disclosures

associated

with

the

underlying

components

of

the

total

return

basket

swap

contract

as

of

period

end:

REFERENCE

ENTITY

SHARES

NOTIONAL

VALUE

($)

NET

UNREALIZED

APPRECIATION

(DEPRECIATION)

($)

PERCENTAGE

OF

SWAP

VALUE

(%)

Long

Positions

Common

Stocks

Norway

DNB

Bank

ASA

5,651

110,878

(375)

(3.4)

Kongsberg

Gruppen

ASA

632

51,466

(91)

(0.8)

Norsk

Hydro

ASA

17,773

110,805

3,105

28.3

Orkla

ASA

4,340

35,194

(739)

(6.7)

Telenor

ASA

11,427

130,249

(963)

(8.8)

United

Kingdom

Subsea

7

SA

4,693

88,070

1,831

16.7

266

AQR

Funds

|

Semi-Annual

Report

|

June

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

SUSTAINABLE

LONG-SHORT

EQUITY

CARBON

AWARE

FUND

Schedule

of

Investments

June

30,

2024

(Unaudited)

(Continued)

REFERENCE

ENTITY

SHARES

NOTIONAL

VALUE

($)

NET

UNREALIZED

APPRECIATION

(DEPRECIATION)

($)

PERCENTAGE

OF

SWAP

VALUE

(%)

Short

Positions

Common

Stocks

Norway

Salmar

ASA

(2,060)

(108,036)

6,665

60.7

Schibsted

ASA

(577)

(17,034)

(335)

(3.1)

TOMRA

Systems

ASA

(1,811)

(21,588)

1,056

9.6

COUNTERPARTY

DESCRIPTION

TERMINATION

DATE

ABSOLUTE

NOTIONAL

VALUE

NET

UNREALIZED

APPRECIATION

(DEPRECIATION)

NET

CASH

AND

OTHER

RECEIVABLES

(PAYABLES)

VALUE

MLIN

The

Fund

receives

the

total

return

on

a

portfolio

of

long

and

short

equity

positions

and

pays

or

receives

the

STIBOR

plus

or

minus

a

specified

spread

(-10.00%

to

0.23%),

which

is

denominated

in

SEK

based

on

the

local

currencies

of

the

positions

within

the

swap.

24-25

months

maturity

06/25/2026

$2,533,671

$(15,342)

$(27,320)

$(42,662)

The

following

table

represents

disclosures

associated

with

the

underlying

components

of

the

total

return

basket

swap

contract

as

of

period

end:

REFERENCE

ENTITY

SHARES

NOTIONAL

VALUE

($)

NET

UNREALIZED

APPRECIATION

(DEPRECIATION)

($)

PERCENTAGE

OF

SWAP

VALUE

(%)

Long

Positions

Common

Stocks

Guatemala

Millicom

International

Cellular

SA

1,861

45,188

2,205

(5.2)

Sweden

Alfa

Laval

AB

699

30,610

(69)

0.2

Billerud

Aktiebolag

4,616

42,752

(1,060)

2.5

Boliden

AB

1,337

42,999

(584)

1.4

Electrolux

AB

18,509

152,878

147

(0.3)

Elekta

AB

8,329

51,930

(170)

0.4

Evolution

AB

1,210

125,948

(429)

1.0

Getinge

AB

1,815

30,830

(88)

0.2

H

&

M

Hennes

&

Mauritz

AB

8,748

138,569

(18,786)

44.0

SKF

AB

2,970

59,689

900

(2.1)

SSAB

AB

15,539

84,257

1,775

(4.2)

Swedbank

AB

2,446

50,383

743

(1.7)

Telia

Co.

AB

69,923

187,470

3,212

(7.5)

Trelleborg

AB

2,745

106,825

2,557

(6.0)

Volvo

AB

4,520

116,139

1,977

(4.6)

Volvo

Car

AB

21,699

67,093

(334)

0.8

Short

Positions

Common

Stocks

Sweden

AddTech

AB

(941)

(23,466)

(28)

0.1

Atlas

Copco

AB

(2,132)

(40,031)

(374)

0.9

Axfood

AB

(793)

(20,786)

492

(1.2)

Beijer

Ref

AB

(6,048)

(93,349)

(994)

2.3

Embracer

Group

AB

(17,147)

(37,497)

(385)

0.9

Epiroc

AB

(8,354)

(167,392)

1,044

(2.4)

Schedule

of

Investments

June

30,

2024

(Unaudited)

AQR

SUSTAINABLE

LONG-SHORT

EQUITY

CARBON

AWARE

FUND

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

Funds

|

Semi-Annual

Report

|

June

2024

267

REFERENCE

ENTITY

SHARES

NOTIONAL

VALUE

($)

NET

UNREALIZED

APPRECIATION

(DEPRECIATION)

($)

PERCENTAGE

OF

SWAP

VALUE

(%)

Sweden

(continued)

EQT

AB

(3,582)

(105,015)

1,103

(2.6)

Hexagon

AB

(9,272)

(105,063)

(3,149)

7.4

Hexpol

AB

(1,702)

(18,867)

322

(0.8)

Holmen

AB

(1,168)

(45,958)

833

(2.0)

Indutrade

AB

(1,468)

(37,705)

79

(0.2)

Lifco

AB

(2,927)

(80,338)

(970)

2.3

Saab

AB

(2,240)

(53,816)

(2,544)

6.0

Securitas

AB

(15,089)

(149,567)

(1,724)

4.0

Skanska

AB

(4,363)

(78,710)

799

(1.9)

Swedish

Orphan

Biovitrum

AB

(3,960)

(105,959)

(1,046)

2.5

Telefonaktiebolaget

LM

Ericsson

(5,895)

(36,592)

(796)

1.9

(a)

Represents

less

than

0.05%

of

swap

value.

Collateral

pledged

to,

or

(received

from),

each

counterparty

at

June

30,

2024

was

as

follows:

COUNTERPARTY

OVER-THE-COUNTER

EXCHANGE-TRADED/

EXCHANGE-CLEARED

TOTAL

CITI

Investment

Companies

$

108,371

$

–

$

108,371

GSIN

Cash

9,491,353

–

9,491,353

MLIN

Cash

190,992

–

190,992

268

Schedule

of

Investments

AQR

Funds

|

Semi-Annual

Report

|

June

2024

June

30,

2024

(Unaudited)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

i

Abbreviations

ADR

-

American

Depositary

Receipt

CHESS

-

Clearing

House

Electronic

Subregister

System

Depository

Interest

CVA

-

Dutch

Certification

CVR

-

Contingent

Value

Rights

OYJ

-

Public

Traded

Company

Preference

-

A

special

type

of

equity

investment

that

shares

in

the

earnings

of

the

company,

has

limited

voting

rights,

and

may

have

a

dividend

preference.

Preference

shares

may

also

have

liquidation

preference.

REIT

-

Real

Estate

Investment

Trust

SCA

-

Limited

partnership

with

share

capital

SDR

-

Swedish

Depositary

Receipt

Currencies

AUD

-

Australian

dollar

BRL

-

Brazilian

real

CAD

-

Canadian

dollar

CHF

-

Swiss

franc

CLP

-

Chilean

peso

CNY

-

Chinese

renminbi

COP

-

Colombian

peso

CZK

-

Czech

Republic

koruna

DKK

-

Danish

krone

EUR

-

Euro

GBP

-

British

pound

HKD

-

Hong

Kong

dollar

HUF

-

Hungarian

forint

IDR

-

Indonesian

rupiah

ILS

-

Israeli

shekel

INR

-

Indian

rupee

JPY

-

Japanese

yen

KRW

-

Korean

won

MXN

-

Mexican

peso

MYR

-

Malaysian

ringgit

NOK

-

Norwegian

krone

NZD

-

New

Zealand

dollar

PEN

-

Peruvian

Nuevo

sol

PHP

-

Philippine

peso

PLN

-

Poland

zloty

SEK

-

Swedish

krona

SGD

-

Singapore

dollar

THB

-

Thai

baht

TWD

-

New

Taiwan

dollar

USD

-

United

States

dollar

ZAR

-

South

African

rand

The

following

abbreviations

are

used

for

counterparty

descriptions:

BANA

-

Bank

of

America,

NA

BARC

-

Barclays

Capital,

Inc.

BNPP

-

BNP

Paribas

SA

CITG

-

Citigroup

Global

Markets,

Inc.

GSCO

-

Goldman

Sachs

&

Co.

GSIN

-

Goldman

Sachs

International

JPMC

-

J.P.

Morgan

Chase

Bank,

NA

JPMS

-

J.P.

Morgan

Securities

LLC

JPPC

-

J.P.

Morgan

Securities

plc

MLIN

-

Merrill

Lynch

International

MSCL

-

Morgan

Stanley

&

Co.

LLC

MSCS

-

Morgan

Stanley

Capital

Services

LLC

MSIP

-

Morgan

Stanley

&

Co.

International

plc

269

Schedule

of

Investments

AQR

Funds

|

Semi-Annual

Report

|

June

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

June

30,

2024

(Unaudited)

The

following

reference

rates,

and

their

values

as

of

period

end,

are

used

for

security

descriptions:

1

Month

Stockholm

Interbank

Offered

Rate

(“STIBOR”):

3.73%

Australian

Bank-Bill

Reference

Rate

(“BBR”):

4.30%

Australian

Overnight

Indexed

Swap

Rate

(“AOISR”):

4.33%

Bank

of

Japan

Estimate

Unsecured

Overnight

Call

Rate

(“MUTSC”):

0.08%

Brazilian

Interbank

Certificate

of

Deposit

(“CDI”):

10.40%

Canadian

Dollar

Offered

Rate

(“CDOR”):

5.00%

Canadian

Overnight

Repo

Rate

Average

(“CORRA”):

4.80%

Copenhagen

Interbank

Offered

Rate(“CIBOR”):

3.60%

Denmark

Tomorrow/Next

:

3.45%

Euro

Short-Term

Rate

(“ESTR”):

3.66%

Federal

Funds

Floating

Rate:

5.33%

Hong

Kong

Interbank

Offered

Rate

(“HIBOR”):

4.61%

Hong

Kong

Overnight

Index

Average

(“HONIX”):

5.05%

Johannesburg

Interbank

Agreed

Rate

(“JIBAR”):

8.24%

Mexico

Equilibrium

Interbank

Interest

Rate

(“TIIE”):

11.24%

Norway

Interbank

Offered

Rate

(“NIBOR”):

4.61%

Norwegian

Overnight

Weighted

Average

(“NOWA”):

4.50%

Overnight

Bank

Funding

Rate

(“OBFR”):

5.32%

Singapore

Overnight

Rate

Average

(“SORA”):

3.43%

South

African

Overnight

Index

(“ZARONIA”):

8.14%

Sterling

Overnight

Index

Average

(“SONIA”):

5.20%

Swiss

Average

Rate

Overnight

(“SARON”):

1.22%

Tel

Aviv

Interbank

Offer

Rate

(“TELBOR”):

4.49%

Tokyo

Overnight

Average

Rate

(“TONAR”):

0.08%

Warsaw

Interbank

Offered

Rate(“WIBOR”):

5.74%

Statements

of

Assets

and

Liabilities

270

AQR

Funds

|

Semi-Annual

Report

|

June

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

June

30,

2024

(Unaudited)

AQR

ALTERNATIVE

RISK

PREMIA

FUND

*

AQR

DIVERSIFIED

ARBITRAGE

FUND

AQR

DIVERSIFYING

STRATEGIES

FUND

AQR

EQUITY

MARKET

NEUTRAL

FUND

ASSETS:

Investments

in

securities

of

unaffiliated

issuers,

at

cost

...........

$

541,994,264

$

2,197,775,031

$

20,296,195

$

1,513,873,725

Investments

in

securities

of

affiliated

issuers,

at

cost

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

—

288,675,836

939,334,791

261,559,303

Investments

in

securities

of

unaffiliated

issuers,

at

value

..........

$

645,216,551

$

2,257,997,565

$

20,297,287

$

1,521,792,810

Investments

in

securities

of

affiliated

issuers,

at

value

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

—

288,785,200

1,001,636,416

261,589,991

Cash

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

277,691

8,523,140

—

32,462,277

Cash

denominated

in

foreign

currencies

‡

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

912,214

5,497,727

—

1,040,790

Unrealized

appreciation

on

forward

foreign

currency

exchange

contracts

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

3,394,036

291,782

—

985,609

Unrealized

appreciation

on

OTC

swaps

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

559,183

4,919,477

—

284,679

Deposits

for

securities

sold

short

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

30,902,986

258,949,419

—

74,947,567

Due

from

brokers

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

4,229,951

17,467,868

—

8,299

Deposits

with

brokers

for

centrally

cleared

swaps

(unamortized

upfront

premium

(received)

$(84,975),

$(5,404,059),

$—

and

$—,

respectively)

3,100,289

4,340,526

—

—

Deposits

with

brokers

for

futures

contracts

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

30,708,334

3,317,419

—

—

Variation

margin

on

centrally

cleared

swaps

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

—

73,788

—

—

Variation

margin

on

futures

contracts

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

968,530

214,694

—

—

Receivables:

Securities

sold

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

42,487

41,030,160

7,904,222

32

Foreign

tax

reclaims

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

435,926

70,746

—

296,191

Dividends

and

interest

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

1,182,246

8,761,475

84,287

2,634,224

Capital

shares

sold

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

190,243

2,376,441

9,835,181

35,445,641

Due

from

custodian

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

—

16,630,301

—

—

Prepaid

expenses

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

22,691

74,828

96,030

86,665

Total

Assets

722,143,358

2,919,322,556

1,039,853,423

1,931,574,775

LIABILITIES:

Securities

sold

short,

at

value

(proceeds  $488,014,100,

$876,904,538,

$–

and

$1,245,686,094,

respectively)

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

436,908,712

913,543,867

—

1,220,542,799

Due

to

brokers

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

276,245

6,515,322

—

975,819

Unrealized

depreciation

on

forward

foreign

currency

exchange

contracts

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

3,843,199

346,412

—

182,745

Unrealized

depreciation

on

OTC

swaps

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

351,855

26,468,059

—

30,008

Variation

margin

on

centrally

cleared

swaps

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

32,367

—

—

—

Variation

margin

on

futures

contracts

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

1,448,845

—

—

—

Payables:

–

–

–

–

Securities

purchased

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

42,805

61,082,613

17,051,892

—

Accrued

investment

advisory

fees

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

226,930

1,568,947

—

543,886

Accrued

distribution

fees—Class

N

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

2,195

8,774

14,443

10,102

Capital

shares

redeemed

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

53,641

1,173,867

483,952

6,654,867

Dividends

and

interest

payable

on

securities

sold

short

.........

635,771

2,057,207

—

1,505,872

Other

accrued

expenses

and

liabilities

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

131,127

408,619

210,312

165,610

Total

Liabilities

443,953,692

1,013,173,687

17,760,599

1,230,611,708

Commitments

and

contingent

liabilities

^

Net

Assets

$

278,189,666

$

1,906,148,869

$

1,022,092,824

$

700,963,067

NET

ASSETS

CONSIST

OF:

Paid-in

capital

($0.001

par

value

common

stock,

unlimited

authorized

shares)

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

$

269,988,016

$

2,031,112,289

$

974,181,263

$

641,030,125

Total

distributable

earnings

(loss)

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

8,201,650

(124,963,420)

47,911,561

59,932,942

Net

Assets

$

278,189,666

$

1,906,148,869

$

1,022,092,824

$

700,963,067

A

A

A

A

A

A

A

A

Statements

of

Assets

and

Liabilities

271

AQR

Funds

|

Semi-Annual

Report

|

June

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

June

30,

2024

(Unaudited)

AQR

ALTERNATIVE

RISK

PREMIA

FUND

*

AQR

DIVERSIFIED

ARBITRAGE

FUND

AQR

DIVERSIFYING

STRATEGIES

FUND

AQR

EQUITY

MARKET

NEUTRAL

FUND

NET

ASSETS:

Class

I

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

$

132,764,784

$

1,239,650,285

$

936,886,884

$

453,320,414

Class

N

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

10,721,474

42,188,429

71,755,497

49,123,676

Class

R6

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

134,703,408

624,310,155

13,450,443

198,518,977

SHARES

OUTSTANDING:

–

–

–

–

Class

I

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

11,362,771

103,076,983

74,291,455

45,474,529

Class

N

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

925,707

3,514,533

5,715,772

5,031,991

Class

R6

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

11,476,825

51,910,392

1,064,573

19,797,476

NET

ASSET

VALUE:

–

–

–

–

Class

I

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

$

11.68

$

12.03

$

12.61

$

9.97

Class

N

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

$

11.58

$

12.00

$

12.55

$

9.76

Class

R6

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

$

11.74

$

12.03

$

12.63

$

10.03

‡

Cash

denominated

in

foreign

currencies,

at

cost

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

$

913,843

$

5,573,044

$

—

$

1,039,991

*

Consolidated

financial

statement,

see

Note

2

in

the

Notes

to

Financial

Statements

for

additional

information.

^

See

Note

9

in

the

Notes

to

Financial

Statements

for

additional

information

on

potential

future

recoupment

of

expenses

reimbursed

by

the

Adviser.

Statements

of

Assets

and

Liabilities

272

AQR

Funds

|

Semi-Annual

Report

|

June

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

June

30,

2024

(Unaudited)

AQR

LONG-

SHORT

EQUITY

FUND

AQR

MACRO

OPPORTUNITIES

FUND

*

AQR

MANAGED

FUTURES

STRATEGY

FUND

*

AQR

MANAGED

FUTURES

STRATEGY

HV

FUND

*

ASSETS:

Investments

in

securities

of

unaffiliated

issuers,

at

cost

...........

$

4,795,525,508

$

140,387,528

$

1,113,646,218

$

206,057,179

Investments

in

securities

of

affiliated

issuers,

at

cost

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

457,187,929

—

284,560,774

—

Investments

in

securities

of

unaffiliated

issuers,

at

value

..........

$

4,786,437,785

$

141,749,274

$

1,113,500,116

$

206,037,343

Investments

in

securities

of

affiliated

issuers,

at

value

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

457,260,780

—

284,630,007

—

Cash

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

—

1,029

—

31,889

Cash

denominated

in

foreign

currencies

‡

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

7,604,484

1,404,535

9,244,958

1,339,304

Unrealized

appreciation

on

forward

foreign

currency

exchange

contracts

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

2,658,676

5,980,951

33,090,264

7,618,662

Unrealized

appreciation

on

OTC

swaps

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

435,740

1,063,678

5,833,681

3,403,129

Deposits

for

securities

sold

short

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

232,657,248

—

—

—

Due

from

brokers

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

2,036,531

—

320

426,604

Deposits

with

brokers

for

centrally

cleared

swaps

(unamortized

upfront

premium

paid

(received)

$—,

$(2,098,064),

$7,929,998

and

$1,890,107,

respectively)

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

—

8,353,060

20,138,242

4,656,213

Deposits

with

brokers

for

futures

contracts

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

25,643,790

23,543,680

136,647,959

32,201,145

Variation

margin

on

centrally

cleared

swaps

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

—

—

942,017

104,252

Variation

margin

on

futures

contracts

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

—

1,042,298

1,577,848

364,335

Receivables:

Securities

sold

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

—

63,273

1,028,750

239,811

Foreign

tax

reclaims

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

1,022,650

4,919

—

—

Dividends

and

interest

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

7,215,268

408,329

1,286,635

268,599

Capital

shares

sold

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

5,899,993

4,648,114

1,889,502

5,734,099

Prepaid

expenses

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

133,163

32,010

71,362

52,046

Total

Assets

5,529,006,108

188,295,150

1,609,881,661

262,477,431

LIABILITIES:

Securities

sold

short,

at

value

(proceeds  $3,698,365,345,

$–,

$–

and

$–,

respectively)

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

3,614,005,549

—

—

—

Reverse

repurchase

agreements,

at

value

(proceeds  $–,

$16,401,000,

$–

and

$–,

respectively)

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

—

16,401,000

—

—

Due

to

custodian

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

157,009

—

307,015

—

Due

to

brokers

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

525,005

630,623

3,190,333

979,098

Unrealized

depreciation

on

forward

foreign

currency

exchange

contracts

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

3,844,159

7,765,773

29,157,018

6,718,038

Unrealized

depreciation

on

OTC

swaps

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

1,282,355

415,360

4,640,265

799,245

Deposits

from

brokers

for

futures

contracts

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

—

58

—

—

Variation

margin

on

centrally

cleared

swaps

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

—

186,442

213,257

15,333

Variation

margin

on

futures

contracts

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

2,006,042

178,374

280,641

81,357

Payables:

–

–

–

–

Securities

purchased

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

704,289

55,855

1,127,925

258,688

Accrued

investment

advisory

fees

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

1,657,213

96,994

1,331,687

257,806

Accrued

distribution

fees—Class

N

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

20,442

404

12,364

1,523

Capital

shares

redeemed

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

559,297

1,500

12,500,354

23,364

Dividends

and

interest

payable

on

securities

sold

short

.........

4,600,172

36,204

3,515

240

Other

accrued

expenses

and

liabilities

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

505,455

89,487

492,571

129,895

Total

Liabilities

3,629,866,987

25,858,074

53,256,945

9,264,587

Commitments

and

contingent

liabilities

^

Net

Assets

$

1,899,139,121

$

162,437,076

$

1,556,624,716

$

253,212,844

NET

ASSETS

CONSIST

OF:

Paid-in

capital

($0.001

par

value

common

stock,

unlimited

authorized

shares)

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

$

1,654,883,413

$

169,002,835

$

2,445,382,579

$

340,671,578

Total

distributable

earnings

(loss)

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

244,255,708

(6,565,759)

(888,757,863)

(87,458,734)

Net

Assets

$

1,899,139,121

$

162,437,076

$

1,556,624,716

$

253,212,844

A

A

A

A

A

A

A

A

Statements

of

Assets

and

Liabilities

273

AQR

Funds

|

Semi-Annual

Report

|

June

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

June

30,

2024

(Unaudited)

AQR

LONG-

SHORT

EQUITY

FUND

AQR

MACRO

OPPORTUNITIES

FUND

*

AQR

MANAGED

FUTURES

STRATEGY

FUND

*

AQR

MANAGED

FUTURES

STRATEGY

HV

FUND

*

NET

ASSETS:

Class

I

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

$

1,785,335,218

$

33,585,480

$

1,335,694,952

$

90,766,540

Class

N

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

104,394,165

1,928,949

60,246,469

7,174,086

Class

R6

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

9,409,738

126,922,647

160,683,295

155,272,218

SHARES

OUTSTANDING:

–

–

–

–

Class

I

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

112,561,711

3,301,728

148,117,821

10,263,169

Class

N

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

6,754,640

192,444

6,751,716

806,247

Class

R6

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

587,676

12,442,817

17,778,917

17,494,580

NET

ASSET

VALUE:

–

–

–

–

Class

I

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

$

15.86

$

10.17

$

9.02

$

8.84

Class

N

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

$

15.46

$

10.02

$

8.92

$

8.90

Class

R6

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

$

16.01

$

10.20

$

9.04

$

8.88

‡

Cash

denominated

in

foreign

currencies,

at

cost

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

$

7,618,112

$

1,400,178

$

9,314,922

$

1,343,320

*

Consolidated

financial

statement,

see

Note

2

in

the

Notes

to

Financial

Statements

for

additional

information.

^

See

Note

9

in

the

Notes

to

Financial

Statements

for

additional

information

on

potential

future

recoupment

of

expenses

reimbursed

by

the

Adviser.

Statements

of

Assets

and

Liabilities

274

AQR

Funds

|

Semi-Annual

Report

|

June

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

June

30,

2024

(Unaudited)

AQR

MULTI-

ASSET

FUND

*

AQR

RISK-

BALANCED

COMMODITIES

STRATEGY

FUND

*

AQR

STYLE

PREMIA

ALTERNATIVE

FUND

*

AQR

SUSTAINABLE

LONG-SHORT

EQUITY

CARBON

AWARE

FUND

ASSETS:

Investments

in

securities

of

unaffiliated

issuers,

at

cost

...........

$

431,723,584

$

243,796,054

$

2,838,881,804

$

25,213,681

Investments

in

securities

of

affiliated

issuers,

at

cost

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

—

255,067,045

306,334,571

—

Investments

in

securities

of

unaffiliated

issuers,

at

value

..........

$

471,199,109

$

243,783,808

$

2,826,353,789

$

25,215,758

Investments

in

securities

of

affiliated

issuers,

at

value

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

—

255,134,339

306,374,670

—

Cash

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

290,701

—

5,448,438

—

Cash

denominated

in

foreign

currencies

‡

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

1,579,714

—

14,796,055

219,408

Unrealized

appreciation

on

forward

foreign

currency

exchange

contracts

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

4,383,822

—

15,739,291

3,718

Unrealized

appreciation

on

OTC

swaps

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

277,969

—

7,383,131

513,643

Deposits

for

securities

sold

short

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

—

—

93,241,095

—

Due

from

brokers

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

—

—

1,896,124

9,682,344

Deposits

with

brokers

for

centrally

cleared

swaps

(unamortized

upfront

premium

(received)

$—,

$—,

$(2,313,156)

and

$—,

respectively)

...

—

—

22,402,973

—

Deposits

with

brokers

for

futures

contracts

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

25,195,449

52,040,883

174,107,889

—

Variation

margin

on

centrally

cleared

swaps

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

—

—

166,761

—

Variation

margin

on

futures

contracts

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

1,243,387

822,524

5,489,840

—

Receivables:

Securities

sold

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

51,682

—

2,546,719

200

Foreign

tax

reclaims

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

190,980

—

585,483

—

Dividends

and

interest

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

774,220

1,133,508

5,007,999

72,129

Capital

shares

sold

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

2,668,852

823,214

2,902,971

1,000

Prepaid

expenses

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

23,934

33,386

56,376

29,029

Total

Assets

507,879,819

553,771,662

3,484,499,604

35,737,229

LIABILITIES:

Securities

sold

short,

at

value

(proceeds  $58,171,928,

$–,

$2,279,558,031

and

$–,

respectively)

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

54,733,858

—

2,220,954,624

—

Due

to

custodian

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

—

—

—

27

Due

to

brokers

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

259,621

139

3,260,334

—

Unrealized

depreciation

on

forward

foreign

currency

exchange

contracts

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

5,994,792

—

21,950,436

66,256

Unrealized

depreciation

on

OTC

swaps

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

213,785

—

5,215,698

310,251

Variation

margin

on

futures

contracts

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

2,174,588

1,070,968

2,572,067

—

Payables:

–

–

–

–

Securities

purchased

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

1,428,857

—

1,231,056

—

Accrued

investment

advisory

fees

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

197,123

334,888

1,282,846

13,070

Accrued

distribution

fees—Class

N

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

1,444

9,486

9,724

3,015

Capital

shares

redeemed

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

243,021

169,098

27,017,831

—

Dividends

and

interest

payable

on

securities

sold

short

.........

53,122

—

3,772,901

—

Other

accrued

expenses

and

liabilities

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

130,188

202,500

296,206

69,537

Total

Liabilities

65,430,399

1,787,079

2,287,563,723

462,156

Commitments

and

contingent

liabilities

^

Net

Assets

$

442,449,420

$

551,984,583

$

1,196,935,881

$

35,275,073

NET

ASSETS

CONSIST

OF:

Paid-in

capital

($0.001

par

value

common

stock,

unlimited

authorized

shares)

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

$

404,859,012

$

550,177,114

$

1,421,001,188

$

28,650,507

Total

distributable

earnings

(loss)

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

37,590,408

1,807,469

(224,065,307)

6,624,566

Net

Assets

$

442,449,420

$

551,984,583

$

1,196,935,881

$

35,275,073

A

A

A

A

A

A

A

A

Statements

of

Assets

and

Liabilities

275

AQR

Funds

|

Semi-Annual

Report

|

June

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

June

30,

2024

(Unaudited)

AQR

MULTI-

ASSET

FUND

*

AQR

RISK-

BALANCED

COMMODITIES

STRATEGY

FUND

*

AQR

STYLE

PREMIA

ALTERNATIVE

FUND

*

AQR

SUSTAINABLE

LONG-SHORT

EQUITY

CARBON

AWARE

FUND

NET

ASSETS:

Class

I

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

$

140,620,753

$

486,031,771

$

522,459,748

$

4,851,081

Class

N

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

7,128,803

45,986,254

48,655,357

14,851,837

Class

R6

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

294,699,864

19,966,558

625,820,776

15,572,155

SHARES

OUTSTANDING:

–

–

–

–

Class

I

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

13,424,918

55,314,848

62,895,636

347,071

Class

N

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

683,962

5,351,808

5,932,758

1,066,489

Class

R6

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

28,155,921

2,257,423

74,882,019

1,112,251

NET

ASSET

VALUE:

–

–

–

–

Class

I

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

$

10.47

$

8.79

$

8.31

$

13.98

Class

N

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

$

10.42

$

8.59

$

8.20

$

13.93

Class

R6

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

$

10.47

$

8.84

$

8.36

$

14.00

‡

Cash

denominated

in

foreign

currencies,

at

cost

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

$

1,594,748

$

—

$

14,798,001

$

223,466

*

Consolidated

financial

statement,

see

Note

2

in

the

Notes

to

Financial

Statements

for

additional

information.

^

See

Note

9

in

the

Notes

to

Financial

Statements

for

additional

information

on

potential

future

recoupment

of

expenses

reimbursed

by

the

Adviser.

Statements

of

Operations

276

AQR

Funds

|

Semi-Annual

Report

|

June

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

For

the

Six

Months

Ended

June

30,

2024

(Unaudited)

AQR

ALTERNATIVE

RISK

PREMIA

FUND

*

AQR

DIVERSIFIED

ARBITRAGE

FUND

AQR

DIVERSIFYING

STRATEGIES

FUND

AQR

EQUITY

MARKET

NEUTRAL

FUND

INVESTMENT

INCOME:

Dividend

income:

Unaffiliated

issuers

†

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

$

8,621,016

$

7,047,338

$

377,688

$

6,539,133

Affiliated

issuers

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

—

10,436,223

—

5,279,732

Interest

income

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

666,733

25,582,220

—

4,863,812

Total

Income

9,287,749

43,065,781

377,688

16,682,677

EXPENSES:

Investment

advisory

fees

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

1,255,370

9,214,287

—

2,384,014

Custody

fees

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

7,498

59,612

12,130

4,693

Administration

&

accounting

fees

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

47,296

417,533

83,102

97,566

Legal

fees

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

7,579

62,230

14,834

10,935

Audit

&

tax

fees

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

73,136

88,711

18,861

55,566

Shareholder

reporting

fees

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

9,276

93,578

21,463

14,583

Transfer

agent

fees

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

48,715

623,902

362,324

147,242

Trustee

fees

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

9,728

67,105

20,564

15,252

Distribution

fees—Class

N

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

11,844

62,699

62,116

56,351

Dividends

and

interest

on

securities

sold

short

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

4,282,482

1,224,080

—

4,401,194

Interest

expense

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

26,965

82,837

—

188,813

Recoupment

of

reimbursement

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

—

65,675

112,863

6,148

Registration

fees

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

26,561

42,693

56,937

49,020

Other

expenses

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

32,865

43,475

8,719

14,714

Total

Expenses

5,839,315

12,148,417

773,913

7,446,091

Less

expense

reimbursements

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

(117,328)

(962)

—

(51,219)

Net

Expenses

5,721,987

12,147,455

773,913

7,394,872

Net

Investment

Income

(Loss)

3,565,762

30,918,326

(396,225)

9,287,805

REALIZED

GAIN

(LOSS)

AND

CHANGE

IN

UNREALIZED

APPRECIATION

(DEPRECIATION):

–

–

–

–

Net

realized

gain

(loss)

from:

Transactions

in

investment

securities

of

unaffiliated

issuers

......

8,625,613

26,124,762

(40)

(8,174,494)

Transactions

in

investment

securities

of

affiliated

issuers

........

—

6,843

(1,355,098)

11,286

Settlement

of

foreign

currency

and

foreign

currency

transactions

..

(148,533)

(18,914)

—

(215,247)

Settlement

of

forward

foreign

currency

exchange

contracts

......

2,847,336

753,466

—

(252,298)

Expiration

or

closing

of

futures

contracts

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

2,987,564

4,155,288

—

—

Closed

short

positions

in

securities

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

(33,133,112)

(26,275,137)

—

(14,842,283)

Expiration

or

closing

of

swap

contracts

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

4,193,452

(25,879,780)

—

42,462,556

Net

realized

gain

(loss)

(14,627,680)

(21,133,472)

(1,355,138)

18,989,520

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investment

securities

of

unaffiliated

issuers

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

7,355,521

26,859,613

426

5,212,077

Investment

securities

of

affiliated

issuers

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

—

(14,807)

73,195,257

1,820

Foreign

currency

and

foreign

currency

transactions

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

(43,468)

(107,434)

—

(33,561)

Forward

foreign

currency

exchange

contracts

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

(57,494)

687,061

—

905,947

Futures

contracts

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

289,150

3,684,054

—

—

Short

positions

in

securities

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

38,043,584

(22,001,953)

—

25,559,130

Swap

contracts

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

(73,022)

1,883,783

—

1,851,011

Net

change

in

unrealized

appreciation

(depreciation)

45,514,271

10,990,317

73,195,683

33,496,424

Net

realized

gain

(loss)

and

net

change

in

unrealized

appreciation

(depreciation)

30,886,591

(10,143,155)

71,840,545

52,485,944

Net

increase

(decrease)

in

net

assets

resulting

from

operations

$

34,452,353

$

20,775,171

$

71,444,320

$

61,773,749

†

Net

of

foreign

taxes

withheld

of

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

$

498,367

$

19,259

$

—

$

675,815

*

Consolidated

financial

statement,

see

Note

2

in

the

Notes

to

Financial

Statements

for

additional

information.

Statements

of

Operations

277

AQR

Funds

|

Semi-Annual

Report

|

June

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

For

the

Six

Months

Ended

June

30,

2024

(Unaudited)

AQR

LONG-

SHORT

EQUITY

FUND

AQR

MACRO

OPPORTUNITIES

FUND

*

AQR

MANAGED

FUTURES

STRATEGY

FUND

*

AQR

MANAGED

FUTURES

STRATEGY

HV

FUND

*

INVESTMENT

INCOME:

Dividend

income:

Unaffiliated

issuers

†

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

$

22,666,686

$

1,995,745

$

416,972

$

1,550,360

Affiliated

issuers

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

11,324,401

—

7,628,585

—

Interest

income

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

21,260,716

1,020,542

27,880,359

3,044,975

Interfund

lending

income

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

1,481

—

19,042

—

Total

Income

55,253,284

3,016,287

35,944,958

4,595,335

EXPENSES:

Investment

advisory

fees

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

7,850,358

634,644

7,727,203

1,441,407

Custody

fees

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

30,103

21,667

49,340

30,868

Administration

&

accounting

fees

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

321,892

28,670

333,152

44,884

Legal

fees

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

35,800

5,176

48,748

6,732

Audit

&

tax

fees

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

56,799

56,949

69,631

66,803

Shareholder

reporting

fees

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

40,282

9,552

81,389

10,523

Transfer

agent

fees

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

710,113

27,940

663,380

49,035

Trustee

fees

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

45,512

7,123

54,630

9,343

Distribution

fees—Class

N

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

93,152

2,783

73,173

7,124

Dividends

and

interest

on

securities

sold

short

and/or

reverse

repurchase

agreements

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

14,987,167

121,864

—

—

Interest

expense

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

396,630

16,910

238,511

29,301

Recoupment

of

reimbursement

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

72,572

—

2,511

—

Registration

fees

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

83,491

27,031

40,658

27,869

Pricing

fee

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

—

51,632

—

—

Other

expenses

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

31,949

4,773

79,934

56,113

Total

Expenses

24,755,820

1,016,714

9,462,260

1,780,002

Less

expense

reimbursements

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

(280)

(156,902)

(25,023)

(161,226)

Net

Expenses

24,755,540

859,812

9,437,237

1,618,776

Net

Investment

Income

(Loss)

30,497,744

2,156,475

26,507,721

2,976,559

REALIZED

GAIN

(LOSS)

AND

CHANGE

IN

UNREALIZED

APPRECIATION

(DEPRECIATION):

–

–

–

–

Net

realized

gain

(loss)

from:

Transactions

in

investment

securities

of

unaffiliated

issuers

......

(29,184,857)

1,236,796

(108,190)

(22,701)

Transactions

in

investment

securities

of

affiliated

issuers

........

(13,475)

—

4,950

—

Settlement

of

foreign

currency

and

foreign

currency

transactions

..

221,689

(38,624)

(1,946,623)

(210,156)

Settlement

of

forward

foreign

currency

exchange

contracts

......

(2,156,971)

434,510

8,477,979

1,275,241

Expiration

or

closing

of

futures

contracts

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

43,893,859

1,261,463

62,914,269

9,809,642

Closed

short

positions

in

securities

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

(14,807,035)

—

—

—

Expiration

or

closing

of

swap

contracts

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

118,262,490

5,139,853

34,863,309

4,002,278

Net

realized

gain

(loss)

116,215,700

8,033,998

104,205,694

14,854,304

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investment

securities

of

unaffiliated

issuers

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

(9,403,560)

311,572

(663,115)

(61,309)

Investment

securities

of

affiliated

issuers

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

12,912

—

6,640

—

Foreign

currency

and

foreign

currency

transactions

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

(95,654)

(27,515)

(326,904)

(14,555)

Forward

foreign

currency

exchange

contracts

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

(4,663,353)

(3,274,236)

14,361,190

2,861,847

Futures

contracts

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

(5,651,462)

(489,579)

(9,941,657)

(2,546,449)

Short

positions

in

securities

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

84,359,796

—

—

—

Swap

contracts

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

29,283,324

(2,603,701)

2,366,609

2,990,656

Net

change

in

unrealized

appreciation

(depreciation)

93,842,003

(6,083,459)

5,802,763

3,230,190

Net

realized

gain

(loss)

and

net

change

in

unrealized

appreciation

(depreciation)

210,057,703

1,950,539

110,008,457

18,084,494

Net

increase

(decrease)

in

net

assets

resulting

from

operations

$

240,555,447

$

4,107,014

$

136,516,178

$

21,061,053

†

Net

of

foreign

taxes

withheld

of

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

$

2,388,278

$

60,325

$

—

$

—

*

Consolidated

financial

statement,

see

Note

2

in

the

Notes

to

Financial

Statements

for

additional

information.

Statements

of

Operations

278

AQR

Funds

|

Semi-Annual

Report

|

June

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

For

the

Six

Months

Ended

June

30,

2024

(Unaudited)

AQR

MULTI-

ASSET

FUND

*

AQR

RISK-

BALANCED

COMMODITIES

STRATEGY

FUND

*

AQR

STYLE

PREMIA

ALTERNATIVE

FUND

*

AQR

SUSTAINABLE

LONG-SHORT

EQUITY

CARBON

AWARE

FUND

INVESTMENT

INCOME:

Dividend

income:

Unaffiliated

issuers

†

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

$

4,179,512

$

—

$

15,622,542

$

251,865

Affiliated

issuers

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

—

5,559,049

8,791,210

—

Interest

income

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

2,858,319

4,971,151

11,460,934

461,507

Total

Income

7,037,831

10,530,200

35,874,686

713,372

EXPENSES:

Investment

advisory

fees

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

1,031,097

1,757,671

7,030,975

166,920

Custody

fees

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

18,596

5,957

14,857

4,628

Administration

&

accounting

fees

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

77,591

99,402

244,654

24,263

Legal

fees

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

10,274

15,774

57,614

962

Audit

&

tax

fees

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

74,112

56,128

72,255

52,432

Shareholder

reporting

fees

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

10,439

29,448

32,246

6,347

Transfer

agent

fees

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

79,383

211,998

238,878

17,571

Trustee

fees

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

13,428

19,127

38,757

4,049

Distribution

fees—Class

N

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

10,202

53,384

51,674

15,241

Dividends

and

interest

on

securities

sold

short

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

344,413

—

11,024,235

—

Interest

expense

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

23,286

11,727

663,086

6,744

Recoupment

of

reimbursement

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

—

1,840

—

—

Registration

fees

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

25,877

35,396

41,593

25,091

Other

expenses

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

9,587

8,918

66,914

710

Total

Expenses

1,728,285

2,306,770

19,577,738

324,958

Less

expense

reimbursements

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

(77,993)

(56,103)

(15,536)

(112,866)

Net

Expenses

1,650,292

2,250,667

19,562,202

212,092

Net

Investment

Income

(Loss)

5,387,539

8,279,533

16,312,484

501,280

REALIZED

GAIN

(LOSS)

AND

CHANGE

IN

UNREALIZED

APPRECIATION

(DEPRECIATION):

–

–

–

–

Net

realized

gain

(loss)

from:

Transactions

in

investment

securities

of

unaffiliated

issuers

......

2,630,855

77,173

1,974,417

(665)

Transactions

in

investment

securities

of

affiliated

issuers

........

—

4,009

(15,311)

—

Settlement

of

foreign

currency

and

foreign

currency

transactions

..

(69,580)

(37,458)

(32,536)

(15,033)

Settlement

of

forward

foreign

currency

exchange

contracts

......

1,299,643

—

18,592,577

(91,089)

Expiration

or

closing

of

futures

contracts

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

12,716,313

21,220,552

11,455,810

—

Closed

short

positions

in

securities

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

(2,839,537)

—

(15,833,035)

—

Expiration

or

closing

of

swap

contracts

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

(2,693,323)

—

113,434,382

5,367,915

Net

realized

gain

(loss)

11,044,371

21,264,276

129,576,304

5,261,128

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investment

securities

of

unaffiliated

issuers

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

12,801,040

(105,262)

(28,772,735)

(3,469)

Investment

securities

of

affiliated

issuers

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

—

(3,799)

6,374

—

Foreign

currency

and

foreign

currency

transactions

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

(4,525)

(21,265)

(345,477)

(9,841)

Forward

foreign

currency

exchange

contracts

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

(1,247,848)

—

(7,338,245)

(177,257)

Futures

contracts

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

(5,338,715)

(10,331,554)

10,051,185

—

Short

positions

in

securities

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

5,975,016

—

59,085,183

—

Swap

contracts

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

141,851

—

18,354,464

298,853

Net

change

in

unrealized

appreciation

(depreciation)

12,326,819

(10,461,880)

51,040,749

108,286

Net

realized

gain

(loss)

and

net

change

in

unrealized

appreciation

(depreciation)

23,371,190

10,802,396

180,617,053

5,369,414

Net

increase

(decrease)

in

net

assets

resulting

from

operations

$

28,758,729

$

19,081,929

$

196,929,537

$

5,870,694

†

Net

of

foreign

taxes

withheld

of

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

$

193,599

$

—

$

1,523,647

$

—

*

Consolidated

financial

statement,

see

Note

2

in

the

Notes

to

Financial

Statements

for

additional

information.

Statements

of

Changes

in

Net

Assets

(Continued)

280

AQR

Funds

|

Semi-Annual

Report

|

June

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

June

30,

2024

(Unaudited)

AQR

ALTERNATIVE

RISK

PREMIA

FUND

*

AQR

DIVERSIFIED

ARBITRAGE

FUND

FOR

THE

SIX

MONTHS

ENDED

JUNE

30,

2024

FOR

THE

YEAR

ENDED

DECEMBER

31,

2023

FOR

THE

SIX

MONTHS

ENDED

JUNE

30,

2024

FOR

THE

YEAR

ENDED

DECEMBER

31,

2023

OPERATIONS:

Net

investment

income

(loss)

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

$

3,565,762

$

5,904,684

$

30,918,326

$

58,130,246

Net

realized

gain

(loss)

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

(

14,627,680

)

(

21,348,904

)

(

21,133,472

)

(

75,973,389

)

Net

change

in

unrealized

appreciation

(depreciation)

.......

45,514,271

27,791,986

10,990,317

92,907,057

Net increase

(decrease)

in

net

assets

resulting

from

operations

34,452,353

12,347,766

20,775,171

75,063,914

DISTRIBUTIONS

TO

SHAREHOLDERS:

Class

I

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

—

(

2,416,752

)

—

(

32,312,558

)

Class

N

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

—

(

267,800

)

—

(

1,338,069

)

Class

R6

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

—

(

4,644,520

)

—

(

14,892,005

)

Total

distributions

—

(

7,329,072

)

—

(

48,542,632

)

CAPITAL

TRANSACTIONS:

CLASS

I

—

—

—

—

Proceeds

from

shares

sold

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

74,474,726

14,078,199

243,814,222

549,502,676

Reinvestment

of

distributions

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

—

2,401,949

—

25,611,807

Cost

of

shares

redeemed

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

(

6,531,584

)

(

19,081,993

)

(

235,231,496

)

(

392,791,254

)

Net

increase

(decrease)

from

capital

transactions

67,943,142

(

2,601,845

)

8,582,726

182,323,229

CLASS

N

—

—

—

—

Proceeds

from

shares

sold

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

7,631,821

534,244

7,249,538

15,979,067

Reinvestment

of

distributions

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

—

267,778

—

1,287,719

Cost

of

shares

redeemed

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

(

4,799,607

)

(

404,080

)

(

20,259,816

)

(

29,962,157

)

Net

increase

(decrease)

from

capital

transactions

2,832,214

397,942

(

13,010,278

)

(

12,695,371

)

CLASS

R6

—

—

—

—

Proceeds

from

shares

sold

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

9,744,143

20,619,034

145,133,424

176,063,486

Reinvestment

of

distributions

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

—

4,623,069

—

9,114,671

Cost

of

shares

redeemed

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

(

6,928,862

)

(

19,557,145

)

(

55,056,036

)

(

124,317,289

)

Net

increase

(decrease)

from

capital

transactions

2,815,281

5,684,958

90,077,388

60,860,868

Net

increase

(decrease)

in

net

assets

resulting

from

capital

transactions

73,590,637

3,481,055

85,649,836

230,488,726

Total

increase

(decrease)

in

net

assets

108,042,990

8,499,749

106,425,007

257,010,008

NET

ASSETS:

Beginning

of

period

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

170,146,676

161,646,927

1,799,723,862

1,542,713,854

End

of

period

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

$

278,189,666

$

170,146,676

$

1,906,148,869

$

1,799,723,862

$

—

$

—

$

—

$

—

Statements

of

Changes

in

Net

Assets

281

AQR

Funds

|

Semi-Annual

Report

|

June

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

June

30,

2024

(Unaudited)

AQR

ALTERNATIVE

RISK

PREMIA

FUND

*

AQR

DIVERSIFIED

ARBITRAGE

FUND

FOR

THE

SIX

MONTHS

ENDED

JUNE

30,

2024

FOR

THE

YEAR

ENDED

DECEMBER

31,

2023

FOR

THE

SIX

MONTHS

ENDED

JUNE

30,

2024

FOR

THE

YEAR

ENDED

DECEMBER

31,

2023

CHANGES

IN

SHARES

OUTSTANDING:

CLASS

I

Shares

outstanding,

beginning

of

period

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

5,531,350

5,768,614

102,379,836

87,011,068

Shares

sold

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

6,409,872

1,417,491

20,406,932

46,374,371

Shares

issued

on

reinvestment

of

distributions

...........

—

242,866

—

2,163,159

Shares

redeemed

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

(

578,451

)

(

1,897,621

)

(

19,709,785

)

(

33,168,762

)

Shares

outstanding,

end

of

period

11,362,771

5,531,350

103,076,983

102,379,836

CLASS

N

Shares

outstanding,

beginning

of

period

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

668,409

630,223

4,605,535

5,682,394

Shares

sold

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

683,417

53,874

608,366

1,350,589

Shares

issued

on

reinvestment

of

distributions

...........

—

27,296

—

108,760

Shares

redeemed

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

(

426,119

)

(

42,984

)

(

1,699,368

)

(

2,536,208

)

Shares

outstanding,

end

of

period

925,707

668,409

3,514,533

4,605,535

CLASS

R6

Shares

outstanding,

beginning

of

period

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

11,220,343

10,635,041

44,376,909

39,270,687

Shares

sold

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

865,348

2,088,197

12,147,153

14,852,333

Shares

issued

on

reinvestment

of

distributions

...........

—

465,566

—

769,820

Shares

redeemed

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

(

608,866

)

(

1,968,461

)

(

4,613,670

)

(

10,515,931

)

Shares

outstanding,

end

of

period

11,476,825

11,220,343

51,910,392

44,376,909

*

Consolidated

financial

statement,

see

Note

2

in

the

Notes

to

Financial

Statements

for

additional

information.

Statements

of

Changes

in

Net

Assets

(Continued)

282

AQR

Funds

|

Semi-Annual

Report

|

June

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

June

30,

2024

(Unaudited)

AQR

DIVERSIFYING

STRATEGIES

FUND

AQR

EQUITY

MARKET

NEUTRAL

FUND

FOR

THE

SIX

MONTHS

ENDED

JUNE

30,

2024

FOR

THE

YEAR

ENDED

DECEMBER

31,

2023

FOR

THE

SIX

MONTHS

ENDED

JUNE

30,

2024

FOR

THE

YEAR

ENDED

DECEMBER

31,

2023

OPERATIONS:

Net

investment

income

(loss)

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

$

(

396,225

)

$

46,975,665

$

9,287,805

$

8,544,327

Net

realized

gain

(loss)

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

(

1,355,138

)

(

8,529,647

)

18,989,520

28,923,747

Net

change

in

unrealized

appreciation

(depreciation)

.......

73,195,683

(

10,166,365

)

33,496,424

(

3,894,838

)

Net increase

(decrease)

in

net

assets

resulting

from

operations

71,444,320

28,279,653

61,773,749

33,573,236

DISTRIBUTIONS

TO

SHAREHOLDERS:

Class

I

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

—

(

44,830,249

)

—

(

28,885,846

)

Class

N

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

—

(

2,921,676

)

—

(

6,409,401

)

Class

R6

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

—

(

51,096

)

—

(

16,615,768

)

Total

distributions

—

(

47,803,021

)

—

(

51,911,015

)

CAPITAL

TRANSACTIONS:

CLASS

I

—

—

—

—

Proceeds

from

shares

sold

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

526,292,326

385,845,748

328,353,110

153,859,038

Reinvestment

of

distributions

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

—

44,762,594

—

28,762,933

Cost

of

shares

redeemed

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

(

78,190,346

)

(

166,786,247

)

(

52,427,485

)

(

146,808,669

)

Net

increase

(decrease)

from

capital

transactions

448,101,980

263,822,095

275,925,625

35,813,302

CLASS

N

—

—

—

—

Proceeds

from

shares

sold

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

49,161,279

30,549,695

55,836,517

35,547,452

Reinvestment

of

distributions

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

—

2,921,676

—

6,312,780

Cost

of

shares

redeemed

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

(

10,911,513

)

(

9,828,738

)

(

35,933,051

)

(

40,292,981

)

Net

increase

(decrease)

from

capital

transactions

38,249,766

23,642,633

19,903,466

1,567,251

CLASS

R6

—

—

—

—

Proceeds

from

shares

sold

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

13,308,109

215,622

98,740,175

60,919,375

Reinvestment

of

distributions

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

—

51,096

—

16,601,004

Cost

of

shares

redeemed

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

(

1,001,740

)

(

4,898,183

)

(

9,052,602

)

(

22,075,522

)

Net

increase

(decrease)

from

capital

transactions

12,306,369

(

4,631,465

)

89,687,573

55,444,857

Net

increase

(decrease)

in

net

assets

resulting

from

capital

transactions

498,658,115

282,833,263

385,516,664

92,825,410

Total

increase

(decrease)

in

net

assets

570,102,435

263,309,895

447,290,413

74,487,631

NET

ASSETS:

Beginning

of

period

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

451,990,389

188,680,494

253,672,654

179,185,023

End

of

period

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

$

1,022,092,824

$

451,990,389

$

700,963,067

$

253,672,654

$

—

$

—

$

—

$

—

Statements

of

Changes

in

Net

Assets

283

AQR

Funds

|

Semi-Annual

Report

|

June

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

June

30,

2024

(Unaudited)

AQR

DIVERSIFYING

STRATEGIES

FUND

AQR

EQUITY

MARKET

NEUTRAL

FUND

FOR

THE

SIX

MONTHS

ENDED

JUNE

30,

2024

FOR

THE

YEAR

ENDED

DECEMBER

31,

2023

FOR

THE

SIX

MONTHS

ENDED

JUNE

30,

2024

FOR

THE

YEAR

ENDED

DECEMBER

31,

2023

CHANGES

IN

SHARES

OUTSTANDING:

CLASS

I

Shares

outstanding,

beginning

of

period

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

37,660,958

15,429,691

16,865,505

13,224,680

Shares

sold

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

43,132,741

32,397,071

34,127,384

16,391,354

Shares

issued

on

reinvestment

of

distributions

...........

—

3,971,836

—

3,375,931

Shares

redeemed

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

(

6,502,244

)

(

14,137,640

)

(

5,518,360

)

(

16,126,460

)

Shares

outstanding,

end

of

period

74,291,455

37,660,958

45,474,529

16,865,505

CLASS

N

Shares

outstanding,

beginning

of

period

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

2,590,043

567,533

2,721,551

2,790,246

Shares

sold

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

4,009,171

2,607,284

6,059,574

3,679,390

Shares

issued

on

reinvestment

of

distributions

...........

—

260,167

—

756,022

Shares

redeemed

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

(

883,442

)

(

844,941

)

(

3,749,134

)

(

4,504,107

)

Shares

outstanding,

end

of

period

5,715,772

2,590,043

5,031,991

2,721,551

CLASS

R6

Shares

outstanding,

beginning

of

period

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

43,445

446,722

10,340,243

4,410,230

Shares

sold

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

1,100,509

17,845

10,380,300

6,399,995

Shares

issued

on

reinvestment

of

distributions

...........

—

4,526

—

1,939,370

Shares

redeemed

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

(

79,381

)

(

425,648

)

(

923,067

)

(

2,409,352

)

Shares

outstanding,

end

of

period

1,064,573

43,445

19,797,476

10,340,243

Statements

of

Changes

in

Net

Assets

(Continued)

284

AQR

Funds

|

Semi-Annual

Report

|

June

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

June

30,

2024

(Unaudited)

AQR

LONG-SHORT

EQUITY

FUND

AQR

MACRO

OPPORTUNITIES

FUND

*

FOR

THE

SIX

MONTHS

ENDED

JUNE

30,

2024

FOR

THE

YEAR

ENDED

DECEMBER

31,

2023

FOR

THE

SIX

MONTHS

ENDED

JUNE

30,

2024

FOR

THE

YEAR

ENDED

DECEMBER

31,

2023

OPERATIONS:

Net

investment

income

(loss)

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

$

30,497,744

$

25,186,203

$

2,156,475

$

3,546,343

Net

realized

gain

(loss)

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

116,215,700

153,518,541

8,033,998

(

6,839,199

)

Net

change

in

unrealized

appreciation

(depreciation)

.......

93,842,003

(

28,427,327

)

(

6,083,459

)

1,120,330

Net increase

(decrease)

in

net

assets

resulting

from

operations

240,555,447

150,277,417

4,107,014

(

2,172,526

)

DISTRIBUTIONS

TO

SHAREHOLDERS:

Class

I

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

—

(

164,516,062

)

—

(

3,530,906

)

Class

N

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

—

(

7,228,838

)

—

(

189,004

)

Class

R6

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

—

(

1,218,197

)

—

(

6,631,684

)

Total

distributions

—

(

172,963,097

)

—

(

10,351,594

)

CAPITAL

TRANSACTIONS:

CLASS

I

—

—

—

—

Proceeds

from

shares

sold

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

833,595,727

658,146,995

8,410,011

24,823,319

Reinvestment

of

distributions

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

—

157,671,049

—

3,530,475

Cost

of

shares

redeemed

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

(

185,255,261

)

(

429,148,535

)

(

12,777,427

)

(

114,890,456

)

Net

increase

(decrease)

from

capital

transactions

648,340,466

386,669,509

(

4,367,416

)

(

86,536,662

)

CLASS

N

—

—

—

—

Proceeds

from

shares

sold

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

93,101,947

58,302,242

794,307

4,205,421

Reinvestment

of

distributions

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

—

7,169,037

—

189,004

Cost

of

shares

redeemed

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

(

39,881,321

)

(

37,865,187

)

(

1,172,811

)

(

9,043,464

)

Net

increase

(decrease)

from

capital

transactions

53,220,626

27,606,092

(

378,504

)

(

4,649,039

)

CLASS

R6

—

—

—

—

Proceeds

from

shares

sold

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

1,583,557

3,139,996

70,134,978

45,256,386

Reinvestment

of

distributions

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

—

1,117,424

—

6,629,752

Cost

of

shares

redeemed

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

(

896,543

)

(

4,167,443

)

(

10,623,676

)

(

24,586,402

)

Net

increase

(decrease)

from

capital

transactions

687,014

89,977

59,511,302

27,299,736

Net

increase

(decrease)

in

net

assets

resulting

from

capital

transactions

702,248,106

414,365,578

54,765,382

(

63,885,965

)

Total

increase

(decrease)

in

net

assets

942,803,553

391,679,898

58,872,396

(

76,410,085

)

NET

ASSETS:

Beginning

of

period

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

956,335,568

564,655,670

103,564,680

179,974,765

End

of

period

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

$

1,899,139,121

$

956,335,568

$

162,437,076

$

103,564,680

$

—

$

—

$

—

$

—

Statements

of

Changes

in

Net

Assets

285

AQR

Funds

|

Semi-Annual

Report

|

June

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

June

30,

2024

(Unaudited)

AQR

LONG-SHORT

EQUITY

FUND

AQR

MACRO

OPPORTUNITIES

FUND

*

FOR

THE

SIX

MONTHS

ENDED

JUNE

30,

2024

FOR

THE

YEAR

ENDED

DECEMBER

31,

2023

FOR

THE

SIX

MONTHS

ENDED

JUNE

30,

2024

FOR

THE

YEAR

ENDED

DECEMBER

31,

2023

CHANGES

IN

SHARES

OUTSTANDING:

CLASS

I

Shares

outstanding,

beginning

of

period

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

69,014,395

42,486,728

3,769,119

11,930,178

Shares

sold

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

56,165,461

44,602,424

820,629

2,348,485

Shares

issued

on

reinvestment

of

distributions

...........

—

11,953,832

—

362,844

Shares

redeemed

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

(

12,618,145

)

(

30,028,589

)

(

1,288,020

)

(

10,872,388

)

Shares

outstanding,

end

of

period

112,561,711

69,014,395

3,301,728

3,769,119

CLASS

N

Shares

outstanding,

beginning

of

period

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

3,057,909

1,089,869

228,446

693,995

Shares

sold

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

6,498,536

3,999,972

80,107

389,479

Shares

issued

on

reinvestment

of

distributions

...........

—

557,035

—

19,688

Shares

redeemed

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

(

2,801,805

)

(

2,588,967

)

(

116,109

)

(

874,716

)

Shares

outstanding,

end

of

period

6,754,640

3,057,909

192,444

228,446

CLASS

R6

Shares

outstanding,

beginning

of

period

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

540,594

521,296

6,569,722

4,014,101

Shares

sold

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

107,151

224,239

6,906,420

4,235,962

Shares

issued

on

reinvestment

of

distributions

...........

—

83,954

—

679,975

Shares

redeemed

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

(

60,069

)

(

288,895

)

(

1,033,325

)

(

2,360,316

)

Shares

outstanding,

end

of

period

587,676

540,594

12,442,817

6,569,722

*

Consolidated

financial

statement,

see

Note

2

in

the

Notes

to

Financial

Statements

for

additional

information.

Statements

of

Changes

in

Net

Assets

(Continued)

286

AQR

Funds

|

Semi-Annual

Report

|

June

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

June

30,

2024

(Unaudited)

AQR

MANAGED

FUTURES

STRATEGY

FUND

*

AQR

MANAGED

FUTURES

STRATEGY

HV

FUND

*

FOR

THE

SIX

MONTHS

ENDED

JUNE

30,

2024

FOR

THE

YEAR

ENDED

DECEMBER

31,

2023

FOR

THE

SIX

MONTHS

ENDED

JUNE

30,

2024

FOR

THE

YEAR

ENDED

DECEMBER

31,

2023

OPERATIONS:

Net

investment

income

(loss)

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

$

26,507,721

$

48,338,380

$

2,976,559

$

4,563,140

Net

realized

gain

(loss)

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

104,205,694

23,337,158

14,854,304

(

34,227

)

Net

change

in

unrealized

appreciation

(depreciation)

.......

5,802,763

(

45,979,750

)

3,230,190

(

7,403,380

)

Net increase

(decrease)

in

net

assets

resulting

from

operations

136,516,178

25,695,788

21,061,053

(

2,874,467

)

DISTRIBUTIONS

TO

SHAREHOLDERS:

Distributable

earnings

—

—

—

—

Class

I

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

—

(

92,438,620

)

—

(

5,768,114

)

Class

N

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

—

(

3,970,333

)

—

(

293,634

)

Class

R6

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

—

(

12,657,017

)

—

(

5,827,349

)

Total

—

(

109,065,970

)

—

(

11,889,097

)

Return

of

capital:

—

—

—

—

Class

I

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

—

(

1,176,888

)

—

—

Class

N

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

—

(

56,113

)

—

—

Class

R6

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

—

(

150,956

)

—

—

Total

—

(

1,383,957

)

—

—

Total

distributions

—

(

110,449,927

)

—

(

11,889,097

)

CAPITAL

TRANSACTIONS:

CLASS

I

—

—

—

—

Proceeds

from

shares

sold

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

302,664,426

486,068,022

56,376,141

32,484,125

Reinvestment

of

distributions

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

—

73,469,468

—

5,551,086

Cost

of

shares

redeemed

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

(

231,448,527

)

(

652,488,987

)

(

50,810,944

)

(

84,191,395

)

Net

increase

(decrease)

from

capital

transactions

71,215,899

(

92,951,497

)

5,565,197

(

46,156,184

)

CLASS

N

—

—

—

—

Proceeds

from

shares

sold

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

20,299,708

22,264,866

7,388,729

1,384,624

Reinvestment

of

distributions

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

—

3,858,127

—

293,071

Cost

of

shares

redeemed

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

(

16,246,805

)

(

36,191,010

)

(

4,447,389

)

(

2,303,345

)

Net

increase

(decrease)

from

capital

transactions

4,052,903

(

10,068,017

)

2,941,340

(

625,650

)

CLASS

R6

—

—

—

—

Proceeds

from

shares

sold

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

25,646,133

63,936,717

69,704,921

52,767,735

Reinvestment

of

distributions

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

—

5,078,413

—

5,813,063

Cost

of

shares

redeemed

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

(

28,902,213

)

(

73,229,025

)

(

7,871,457

)

(

18,290,655

)

Net

increase

(decrease)

from

capital

transactions

(

3,256,080

)

(

4,213,895

)

61,833,464

40,290,143

Net

increase

(decrease)

in

net

assets

resulting

from

capital

transactions

72,012,722

(

107,233,409

)

70,340,001

(

6,491,691

)

Total

increase

(decrease)

in

net

assets

208,528,900

(

191,987,548

)

91,401,054

(

21,255,255

)

NET

ASSETS:

Beginning

of

period

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

1,348,095,816

1,540,083,364

161,811,790

183,067,045

End

of

period

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

$

1,556,624,716

$

1,348,095,816

$

253,212,844

$

161,811,790

$

—

$

—

$

—

$

—

Statements

of

Changes

in

Net

Assets

287

AQR

Funds

|

Semi-Annual

Report

|

June

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

June

30,

2024

(Unaudited)

AQR

MANAGED

FUTURES

STRATEGY

FUND

*

AQR

MANAGED

FUTURES

STRATEGY

HV

FUND

*

FOR

THE

SIX

MONTHS

ENDED

JUNE

30,

2024

FOR

THE

YEAR

ENDED

DECEMBER

31,

2023

FOR

THE

SIX

MONTHS

ENDED

JUNE

30,

2024

FOR

THE

YEAR

ENDED

DECEMBER

31,

2023

CHANGES

IN

SHARES

OUTSTANDING:

CLASS

I

Shares

outstanding,

beginning

of

period

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

140,232,406

150,640,327

10,059,144

15,784,683

Shares

sold

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

34,224,597

55,948,699

6,376,968

3,889,698

Shares

issued

on

reinvestment

of

distributions

...........

—

8,970,631

—

718,122

Shares

redeemed

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

(

26,339,182

)

(

75,327,251

)

(

6,172,943

)

(

10,333,359

)

Shares

outstanding,

end

of

period

148,117,821

140,232,406

10,263,169

10,059,144

CLASS

N

Shares

outstanding,

beginning

of

period

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

6,278,552

7,438,592

500,108

585,351

Shares

sold

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

2,305,704

2,541,116

808,218

161,908

Shares

issued

on

reinvestment

of

distributions

...........

—

475,725

—

37,622

Shares

redeemed

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

(

1,832,540

)

(

4,176,881

)

(

502,079

)

(

284,773

)

Shares

outstanding,

end

of

period

6,751,716

6,278,552

806,247

500,108

CLASS

R6

Shares

outstanding,

beginning

of

period

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

18,291,330

18,857,750

10,383,649

5,531,627

Shares

sold

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

2,867,927

7,306,007

8,005,414

6,360,086

Shares

issued

on

reinvestment

of

distributions

...........

—

619,319

—

750,073

Shares

redeemed

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

(

3,380,340

)

(

8,491,746

)

(

894,483

)

(

2,258,137

)

Shares

outstanding,

end

of

period

17,778,917

18,291,330

17,494,580

10,383,649

*

Consolidated

financial

statement,

see

Note

2

in

the

Notes

to

Financial

Statements

for

additional

information.

Statements

of

Changes

in

Net

Assets

(Continued)

288

AQR

Funds

|

Semi-Annual

Report

|

June

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

June

30,

2024

(Unaudited)

AQR

MULTI-ASSET

FUND

*

AQR

RISK-BALANCED

COMMODITIES

STRATEGY

FUND

*

FOR

THE

SIX

MONTHS

ENDED

JUNE

30,

2024

FOR

THE

YEAR

ENDED

DECEMBER

31,

2023

FOR

THE

SIX

MONTHS

ENDED

JUNE

30,

2024

FOR

THE

YEAR

ENDED

DECEMBER

31,

2023

OPERATIONS:

Net

investment

income

(loss)

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

$

5,387,539

$

6,647,005

$

8,279,533

$

16,153,010

Net

realized

gain

(loss)

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

11,044,371

(

7,311,911

)

21,264,276

4,792,414

Net

change

in

unrealized

appreciation

(depreciation)

.......

12,326,819

23,552,727

(

10,461,880

)

(

26,015,783

)

Net increase

(decrease)

in

net

assets

resulting

from

operations

28,758,729

22,887,821

19,081,929

(

5,070,359

)

DISTRIBUTIONS

TO

SHAREHOLDERS:

Class

I

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

—

(

2,787,665

)

—

(

27,092,983

)

Class

N

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

—

(

250,388

)

—

(

2,975,001

)

Class

R6

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

—

(

3,634,726

)

—

(

3,737,882

)

Total

distributions

—

(

6,672,779

)

—

(

33,805,866

)

CAPITAL

TRANSACTIONS:

CLASS

I

—

—

—

—

Proceeds

from

shares

sold

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

21,085,050

30,239,260

208,012,674

195,704,315

Reinvestment

of

distributions

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

—

1,761,501

—

25,539,547

Cost

of

shares

redeemed

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

(

10,787,710

)

(

15,971,672

)

(

114,078,090

)

(

206,992,174

)

Net

increase

(decrease)

from

capital

transactions

10,297,340

16,029,089

93,934,584

14,251,688

CLASS

N

—

—

—

—

Proceeds

from

shares

sold

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

2,773,141

3,315,503

13,995,254

27,708,644

Reinvestment

of

distributions

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

—

247,923

—

2,964,187

Cost

of

shares

redeemed

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

(

7,890,720

)

(

1,784,594

)

(

11,712,830

)

(

25,913,255

)

Net

increase

(decrease)

from

capital

transactions

(

5,117,579

)

1,778,832

2,282,424

4,759,576

CLASS

R6

—

—

—

—

Proceeds

from

shares

sold

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

149,935,310

110,895,377

16,422,957

35,298,962

Reinvestment

of

distributions

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

—

3,634,726

—

3,737,086

Cost

of

shares

redeemed

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

(

3,750,706

)

(

29,229,254

)

(

36,058,468

)

(

23,895,324

)

Net

increase

(decrease)

from

capital

transactions

146,184,604

85,300,849

(

19,635,511

)

15,140,724

Net

increase

(decrease)

in

net

assets

resulting

from

capital

transactions

151,364,365

103,108,770

76,581,497

34,151,988

Total

increase

(decrease)

in

net

assets

180,123,094

119,323,812

95,663,426

(

4,724,237

)

NET

ASSETS:

Beginning

of

period

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

262,326,326

143,002,514

456,321,157

461,045,394

End

of

period

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

$

442,449,420

$

262,326,326

$

551,984,583

$

456,321,157

$

—

$

—

$

—

$

—

Statements

of

Changes

in

Net

Assets

289

AQR

Funds

|

Semi-Annual

Report

|

June

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

June

30,

2024

(Unaudited)

AQR

MULTI-ASSET

FUND

*

AQR

RISK-BALANCED

COMMODITIES

STRATEGY

FUND

*

FOR

THE

SIX

MONTHS

ENDED

JUNE

30,

2024

FOR

THE

YEAR

ENDED

DECEMBER

31,

2023

FOR

THE

SIX

MONTHS

ENDED

JUNE

30,

2024

FOR

THE

YEAR

ENDED

DECEMBER

31,

2023

CHANGES

IN

SHARES

OUTSTANDING:

CLASS

I

Shares

outstanding,

beginning

of

period

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

12,420,748

10,693,455

45,138,520

43,761,998

Shares

sold

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

2,081,480

3,268,598

23,937,687

21,661,214

Shares

issued

on

reinvestment

of

distributions

...........

—

185,032

—

3,088,216

Shares

redeemed

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

(

1,077,310

)

(

1,726,337

)

(

13,761,359

)

(

23,372,908

)

Shares

outstanding,

end

of

period

13,424,918

12,420,748

55,314,848

45,138,520

CLASS

N

Shares

outstanding,

beginning

of

period

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

1,208,423

1,015,293

5,106,449

4,589,425

Shares

sold

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

272,453

358,244

1,657,854

3,154,028

Shares

issued

on

reinvestment

of

distributions

...........

—

26,152

—

365,949

Shares

redeemed

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

(

796,914

)

(

191,266

)

(

1,412,495

)

(

3,002,953

)

Shares

outstanding,

end

of

period

683,962

1,208,423

5,351,808

5,106,449

CLASS

R6

Shares

outstanding,

beginning

of

period

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

13,762,129

4,499,554

4,906,237

3,321,303

Shares

sold

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

14,768,433

11,979,574

1,856,887

3,892,452

Shares

issued

on

reinvestment

of

distributions

...........

—

382,200

—

449,169

Shares

redeemed

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

(

374,641

)

(

3,099,199

)

(

4,505,701

)

(

2,756,687

)

Shares

outstanding,

end

of

period

28,155,921

13,762,129

2,257,423

4,906,237

*

Consolidated

financial

statement,

see

Note

2

in

the

Notes

to

Financial

Statements

for

additional

information.

Statements

of

Changes

in

Net

Assets

(Continued)

290

AQR

Funds

|

Semi-Annual

Report

|

June

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

June

30,

2024

(Unaudited)

AQR

STYLE

PREMIA

ALTERNATIVE

FUND

*

AQR

SUSTAINABLE

LONG-SHORT

EQUITY

CARBON

AWARE

FUND

FOR

THE

SIX

MONTHS

ENDED

JUNE

30,

2024

FOR

THE

YEAR

ENDED

DECEMBER

31,

2023

FOR

THE

SIX

MONTHS

ENDED

JUNE

30,

2024

FOR

THE

YEAR

ENDED

DECEMBER

31,

2023

OPERATIONS:

Net

investment

income

(loss)

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

$

16,312,484

$

24,321,725

$

501,280

$

820,553

Net

realized

gain

(loss)

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

129,576,304

89,757,480

5,261,128

6,073,179

Net

change

in

unrealized

appreciation

(depreciation)

.......

51,040,749

(

4,900,210

)

108,286

(

523,081

)

Net increase

(decrease)

in

net

assets

resulting

from

operations

196,929,537

109,178,995

5,870,694

6,370,651

DISTRIBUTIONS

TO

SHAREHOLDERS:

Class

I

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

—

(

71,829,844

)

—

(

2,359,663

)

Class

N

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

—

(

6,340,099

)

—

(

1,713,941

)

Class

R6

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

—

(

98,155,440

)

—

(

2,397,812

)

Total

distributions

—

(

176,325,383

)

—

(

6,471,416

)

CAPITAL

TRANSACTIONS:

CLASS

I

—

—

—

—

Proceeds

from

shares

sold

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

171,285,145

130,339,634

1,468,865

2,909,537

Reinvestment

of

distributions

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

—

70,582,053

—

2,359,663

Cost

of

shares

redeemed

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

(

87,058,059

)

(

139,069,139

)

(

154,510

)

(

11,814,957

)

Net

increase

(decrease)

from

capital

transactions

84,227,086

61,852,548

1,314,355

(

6,545,757

)

CLASS

N

—

—

—

—

Proceeds

from

shares

sold

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

23,164,950

13,978,264

7,758,299

3,598,074

Reinvestment

of

distributions

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

—

5,482,374

—

1,713,941

Cost

of

shares

redeemed

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

(

13,149,891

)

(

17,804,697

)

(

2,907,089

)

(

2,557,103

)

Net

increase

(decrease)

from

capital

transactions

10,015,059

1,655,941

4,851,210

2,754,912

CLASS

R6

—

—

—

—

Proceeds

from

shares

sold

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

113,431,223

141,322,769

—

—

Reinvestment

of

distributions

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

—

94,388,856

—

2,397,812

Cost

of

shares

redeemed

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

(

82,961,401

)

(

194,235,414

)

—

—

Net

increase

(decrease)

from

capital

transactions

30,469,822

41,476,211

—

2,397,812

Net

increase

(decrease)

in

net

assets

resulting

from

capital

transactions

124,711,967

104,984,700

6,165,565

(

1,393,033

)

Total

increase

(decrease)

in

net

assets

321,641,504

37,838,312

12,036,259

(

1,493,798

)

NET

ASSETS:

Beginning

of

period

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

875,294,377

837,456,065

23,238,814

24,732,612

End

of

period

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

$

1,196,935,881

$

875,294,377

$

35,275,073

$

23,238,814

$

—

$

—

$

—

$

—

Statements

of

Changes

in

Net

Assets

291

AQR

Funds

|

Semi-Annual

Report

|

June

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

June

30,

2024

(Unaudited)

AQR

STYLE

PREMIA

ALTERNATIVE

FUND

*

AQR

SUSTAINABLE

LONG-SHORT

EQUITY

CARBON

AWARE

FUND

FOR

THE

SIX

MONTHS

ENDED

JUNE

30,

2024

FOR

THE

YEAR

ENDED

DECEMBER

31,

2023

FOR

THE

SIX

MONTHS

ENDED

JUNE

30,

2024

FOR

THE

YEAR

ENDED

DECEMBER

31,

2023

CHANGES

IN

SHARES

OUTSTANDING:

CLASS

I

Shares

outstanding,

beginning

of

period

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

52,104,314

43,075,480

246,514

829,442

Shares

sold

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

21,551,071

16,874,625

112,590

230,227

Shares

issued

on

reinvestment

of

distributions

...........

—

10,185,000

—

207,900

Shares

redeemed

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

(

10,759,749

)

(

18,030,791

)

(

12,033

)

(

1,021,055

)

Shares

outstanding,

end

of

period

62,895,636

52,104,314

347,071

246,514

CLASS

N

Shares

outstanding,

beginning

of

period

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

4,656,394

4,317,987

678,939

440,938

Shares

sold

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

2,949,698

1,819,879

609,082

302,972

Shares

issued

on

reinvestment

of

distributions

...........

—

800,347

—

151,408

Shares

redeemed

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

(

1,673,334

)

(

2,281,819

)

(

221,532

)

(

216,379

)

Shares

outstanding,

end

of

period

5,932,758

4,656,394

1,066,489

678,939

CLASS

R6

Shares

outstanding,

beginning

of

period

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

70,825,820

64,261,848

1,112,251

901,176

Shares

sold

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

14,308,580

18,263,498

—

—

Shares

issued

on

reinvestment

of

distributions

...........

—

13,542,160

—

211,075

Shares

redeemed

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

(

10,252,381

)

(

25,241,686

)

—

—

Shares

outstanding,

end

of

period

74,882,019

70,825,820

1,112,251

1,112,251

*

Consolidated

financial

statement,

see

Note

2

in

the

Notes

to

Financial

Statements

for

additional

information.

Statements

of

Cash

Flows

292

AQR

Funds

|

Semi-Annual

Report

|

June

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

June

30,

2024

(Unaudited)

AQR

ALTERNATIVE

RISK

PREMIA

FUND

**

AQR

DIVERSIFIED

ARBITRAGE

FUND

AQR

EQUITY

MARKET

NEUTRAL

FUND

CASH

FLOWS

FROM

(USED

IN)

OPERATING

ACTIVITIES:

Net

increase

(decrease)

in

net

assets

resulting

from

operations

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

$

34,452,353

$

20,775,171

$

61,773,749

Adjustments

to

reconcile

net

increase

(decrease)

in

net

assets

resulting

from

operations

to

net

cash

provided

by

(used

in)

operating

activities:

—

—

—

Payments

to

purchase

securities

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

(159,609,567)

(1,862,245,892)

(1,553,000,117)

Payments

to

cover

short

positions

in

securities

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

(269,740,225)

(523,754,305)

(240,705,113)

Proceeds

from

sale

of

securities

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

96,116,556

1,187,208,059

279,769,390

Proceeds

from

short

positions

in

securities

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

337,419,288

1,089,686,511

1,463,651,973

(Purchases)

sales

of

short-term

investments,

net

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

(83,762,570)

236,982,695

(248,101,084)

Realized

(gain)

loss

on

investments

in

securities

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

(8,625,613)

(26,131,605)

8,163,208

Realized

(gain)

loss

on

short

positions

in

securities

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

33,133,112

26,275,137

14,842,283

Change

in

unrealized

(appreciation)

depreciation

on

investments

in

securities

...

(7,355,521)

(26,844,806)

(5,213,897)

Change

in

unrealized

(appreciation)

depreciation

on

short

positions

in

securities

.

(38,043,584)

22,001,953

(25,559,130)

Amortization

(accretion)

of

bond

premium

(discount)

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

(615,067)

(16,361,579)

(4,854,203)

(Increases)

decreases

in

operating

assets:

–

–

–

Due

from

brokers

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

(1,562,932)

11,699,702

20,861

Due

from

Custodian

—

(15,429,972)

—

Deposits

with

brokers

for

futures

contracts

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

(11,115,761)

646,083

—

Unrealized

appreciation

on

forward

foreign

currency

exchange

contracts

......

1,775,899

(289,884)

(973,384)

Unrealized

appreciation

on

OTC

swaps

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

4,253

(4,114,385)

608,051

Deposits

for

securities

sold

short

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

6,575,498

(207,118,544)

(74,947,567)

Deposits

with

brokers

for

centrally

cleared

swaps

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

(976,900)

1,126,907

—

Variation

margin

on

centrally

cleared

swaps

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

—

4,686

—

Variation

margin

on

futures

contracts

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

(830,345)

(209,057)

—

Foreign

tax

reclaim

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

(83,486)

(4,497)

(192,414)

Dividends

and

Interest

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

(343,126)

(3,770,858)

(1,977,396)

Prepaid

expenses

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

2,340

(54,203)

(57,963)

Increases

(decreases)

in

operating

liabilities

–

–

–

Due

to

broker

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

(55,147)

5,890,230

975,498

Unrealized

depreciation

on

forward

foreign

currency

exchange

contracts

......

(1,718,405)

(397,177)

67,437

Unrealized

depreciation

on

OTC

swaps

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

287,598

7,215,219

(2,459,062)

Variation

margin

on

centrally

cleared

swaps

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

(120,181)

—

—

Variation

margin

on

futures

contracts

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

986,434

(183,898)

—

Accrued

investment

advisory

fees

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

82,105

84,165

292,542

Accrued

distribution

fees—Class

N

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

800

(2,900)

2,688

Dividends

and

Interest

payable

on

securities

sold

short

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

142,747

1,664,475

1,502,146

Other

accrued

expenses

and

liabilities

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

(8,486)

(178,592)

8,678

Net

cash

provided

by

(used

in)

operating

activities

$

(73,587,933)

$

(75,831,161)

$

(326,362,826)

—

—

—

CASH

FLOWS

FROM

(USED

IN)

FINANCING

ACTIVITIES

—

—

—

Proceeds

from

shares

sold

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

92,387,268

395,958,779

449,981,817

Payments

on

shares

redeemed

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

(18,210,644)

(311,880,254)

(91,949,904)

Net

cash

provided

by

(used

in)

financing

activities

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

$

74,176,624

$

84,078,525

$

358,031,913

Net

change

in

cash

and

cash

denominated

in

foreign

currencies

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

588,691

8,247,364

31,669,087

Cash,

beginning

of

period

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

601,214

5,773,503

1,833,980

Cash,

end

of

period^

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

$

1,189,905

$

14,020,867

$

33,503,067

Supplemental

disclosure

of

cash

flow

information:

Net

cash

paid

(received)

during

the

period

for

interest

and

income

from

the

investment

of

cash

collateral

for

securities

sold

short

in

the

amount

of

$634,065,

$(2,527,758)

and

$513,596.

Non-cash

activities

relating

to

corporate

action

are

in

the

amounts

of

$103,726,

$2,282,683

and

$–.

**

Consolidated

financial

statement,

see

Note

2

in

the

Notes

to

Financial

Statements

for

additional

information.

Statements

of

Cash

Flows

293

AQR

Funds

|

Semi-Annual

Report

|

June

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

June

30,

2024

(Unaudited)

AQR

LONG-

SHORT

EQUITY

FUND

AQR

MULTI-

ASSET

FUND

**

AQR

STYLE

PREMIA

ALTERNATIVE

FUND

**

CASH

FLOWS

FROM

(USED

IN)

OPERATING

ACTIVITIES:

Net

increase

(decrease)

in

net

assets

resulting

from

operations

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

$

240,555,447

$

28,758,729

$

196,929,537

Adjustments

to

reconcile

net

increase

(decrease)

in

net

assets

resulting

from

operations

to

net

cash

provided

by

(used

in)

operating

activities:

—

—

—

Payments

to

purchase

securities

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

(4,397,026,222)

(198,642,404)

(2,728,213,492)

Payments

to

cover

short

positions

in

securities

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

(460,368,498)

(40,799,309)

(377,839,644)

Proceeds

from

sale

of

securities

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

605,816,076

94,429,010

365,735,884

Proceeds

from

short

positions

in

securities

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

4,143,926,808

63,625,619

2,595,940,625

(Purchases)

sales

of

short-term

investments,

net

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

(607,547,364)

(61,240,636)

(19,418,786)

Realized

(gain)

loss

on

investments

in

securities

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

29,198,332

(2,630,855)

(1,959,106)

Realized

(gain)

loss

on

short

positions

in

securities

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

14,807,035

2,839,537

15,833,035

Change

in

unrealized

(appreciation)

depreciation

on

investments

in

securities

...

9,390,648

(12,801,040)

28,766,361

Change

in

unrealized

(appreciation)

depreciation

on

short

positions

in

securities

.

(84,359,796)

(5,975,016)

(59,085,183)

Amortization

(accretion)

of

bond

premium

(discount)

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

(20,476,758)

(2,623,826)

(11,364,322)

(Increases)

decreases

in

operating

assets:

–

–

–

Due

from

brokers

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

93,074,040

1,133

2,579,344

Due

from

Custodian

—

—

—

Deposits

with

brokers

for

futures

contracts

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

(12,343,988)

(8,207,843)

(47,174,916)

Unrealized

appreciation

on

forward

foreign

currency

exchange

contracts

......

1,034,657

(451,343)

16,030,357

Unrealized

appreciation

on

OTC

swaps

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

3,882,016

(239,604)

3,005,893

Deposits

for

securities

sold

short

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

(232,657,248)

—

(92,533,745)

Deposits

with

brokers

for

centrally

cleared

swaps

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

—

—

(5,656,144)

Variation

margin

on

centrally

cleared

swaps

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

—

—

(166,761)

Variation

margin

on

futures

contracts

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

—

(1,175,118)

(3,081,235)

Foreign

tax

reclaim

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

(1,013,815)

(28,868)

(408,109)

Dividends

and

Interest

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

(5,950,459)

(315,449)

(3,622,124)

Prepaid

expenses

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

(71,011)

(917)

(18,044)

Increases

(decreases)

in

operating

liabilities

–

–

–

Due

to

broker

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

(910,417)

259,348

2,896,709

Unrealized

depreciation

on

forward

foreign

currency

exchange

contracts

......

3,628,696

1,699,191

(8,692,112)

Unrealized

depreciation

on

OTC

swaps

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

(33,165,340)

97,753

(19,353,171)

Variation

margin

on

centrally

cleared

swaps

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

—

—

(1,193,626)

Variation

margin

on

futures

contracts

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

1,530,835

1,205,906

(1,729,039)

Accrued

investment

advisory

fees

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

719,652

82,850

280,539

Accrued

distribution

fees—Class

N

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

10,870

(977)

2,612

Dividends

and

Interest

payable

on

securities

sold

short

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

4,600,172

18,834

3,754,621

Other

accrued

expenses

and

liabilities

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

128,221

(31,512)

(37,892)

Net

cash

provided

by

(used

in)

operating

activities

$

(703,587,411)

$

(142,146,807)

$

(149,791,934)

—

—

—

CASH

FLOWS

FROM

(USED

IN)

FINANCING

ACTIVITIES

—

—

—

Proceeds

from

shares

sold

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

926,949,998

172,426,480

314,273,880

Payments

on

shares

redeemed

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

(226,777,057)

(29,625,355)

(160,641,639)

Due

to

custodian

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

(52,999)

(324)

—

Net

cash

provided

by

(used

in)

financing

activities

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

$

700,119,942

$

142,800,801

$

153,632,241

Net

change

in

cash

and

cash

denominated

in

foreign

currencies

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

(3,467,469)

653,994

3,840,307

Cash,

beginning

of

period

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

11,071,953

1,216,421

16,404,186

Cash,

end

of

period^

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

$

7,604,484

$

1,870,415

$

20,244,493

Supplemental

disclosure

of

cash

flow

information:

Net

cash

paid

(received)

during

the

period

for

interest

and

income

from

the

investment

of

cash

collateral

for

securities

sold

short

in

the

amount

of

$1,648,947,

$137,723

and

$1,239,856.

Non-cash

activities

relating

to

corporate

action

are

in

the

amounts

of

$–,

$–

and

$522,030.

**

Consolidated

financial

statement,

see

Note

2

in

the

Notes

to

Financial

Statements

for

additional

information.

Statements

of

Cash

Flows

294

AQR

Funds

|

Semi-Annual

Report

|

June

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

June

30,

2024

(Unaudited)

^

The

following

is

a

reconciliation

of

cash

and

cash

denominated

in

foreign

currencies

reported

on

the

Statements

of

Assets

and

Liabilities

that

sum

to

the

total

of

the

same

such

amounts

disclosed

on

the

Statements

of

Cash

Flows:

FUND

CASH

CASH

DENOMINATED

IN

FOREIGN

CURRENCIES

TOTAL

CASH

AND

CASH

DENOMINATED

IN

FOREIGN

CURRENCIES

AQR

Alternative

Risk

Premia

Fund

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

$

277,691

$

912,214

$

1,189,905

AQR

Diversified

Arbitrage

Fund

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

8,523,140

5,497,727

14,020,867

AQR

Equity

Market

Neutral

Fund

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

32,462,277

1,040,790

33,503,067

AQR

Long-Short

Equity

Fund

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

—

7,604,484

7,604,484

AQR

Multi-Asset

Fund

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

290,701

1,579,714

1,870,415

AQR

Style

Premia

Alternative

Fund

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

5,448,438

14,796,055

20,244,493

296

AQR

Funds

|

Semi-Annual

Report

|

June

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Financial

Highlights

June

30,

2024

(Unaudited)

PER

SHARE

OPERATING

PERFORMANCE

Change

in

Net

Assets

Resulting

from

Operations

1

Less

Dividends

and

Distributions

*,1

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)

AAA

Net

Realized

and

Unrealized

Gain

(Loss)

AA

Net

Increase

(Decrease)

in

Net

Asset

Value

from

Operations

Distributions

from

Net

Investment

Income

Distributions

from

Net

Realized

Gains

Return

of

Capital

Total

Distributions

AQR

ALTERNATIVE

RISK

PREMIA

FUND

CLASS

I

^

SIX

MONTHS

ENDED

JUNE

30,

2024

$

9.75

0.18

1.75

1.93

—

—

—

—

FOR

THE

YEAR

ENDED

DECEMBER

31,

2023

$

9.47

0.34

0.38

0.72

(0.44)

—

—

(0.44)

FOR

THE

YEAR

ENDED

DECEMBER

31,

2022

$

7.56

0.08

1.83

1.91

—

—

—

—

FOR

THE

YEAR

ENDED

DECEMBER

31,

2021

$

6.89

(0.05)

1.03

0.98

(0.31)

—

—

(0.31)

FOR

THE

YEAR

ENDED

DECEMBER

31,

2020

$

8.89

(0.02)

(1.84)

(1.86)

(0.14)

—

—

(

0.14)

FOR

THE

YEAR

ENDED

DECEMBER

31,

2019

$

9.25

0.05

6

(0.33)

(0.28)

(0.08)

—

—

(0.08)

AQR

ALTERNATIVE

RISK

PREMIA

FUND

CLASS

N

^

SIX

MONTHS

ENDED

JUNE

30,

2024

$

9.67

0.19

1.72

1.91

—

—

—

—

FOR

THE

YEAR

ENDED

DECEMBER

31,

2023

$

9.40

0.31

0.38

0.69

(0.42)

—

—

(0.42)

FOR

THE

YEAR

ENDED

DECEMBER

31,

2022

$

7.53

0.05

1.82

1.87

—

—

—

—

FOR

THE

YEAR

ENDED

DECEMBER

31,

2021

$

6.86

(0.06)

1.02

0.96

(0.29)

—

—

(0.29)

FOR

THE

YEAR

ENDED

DECEMBER

31,

2020

$

8.88

(0.04)

(1.84)

(1.88)

(0.14)

—

—

(0

.14)

FOR

THE

YEAR

ENDED

DECEMBER

31,

2019

$

9.23

0.03

6

(0.33)

(0.30)

(0.05)

—

—

(0.05)

AQR

ALTERNATIVE

RISK

PREMIA

FUND

CLASS

R6

^

SIX

MONTHS

ENDED

JUNE

30,

2024

$

9.78

0.20

1.76

1.96

—

—

—

—

FOR

THE

YEAR

ENDED

DECEMBER

31,

2023

$

9.51

0.35

0.37

0.72

(0.45)

—

—

(0.45)

FOR

THE

YEAR

ENDED

DECEMBER

31,

2022

$

7.58

0.09

1.84

1.93

—

—

—

—

FOR

THE

YEAR

ENDED

DECEMBER

31,

2021

$

6.91

(0.03)

1.02

0.99

(0.32)

—

—

(0.32)

FOR

THE

YEAR

ENDED

DECEMBER

31,

2020

$

8.91

(0.02)

(1.84)

(1.86)

(0.14)

—

—

(

0.14)

FOR

THE

YEAR

ENDED

DECEMBER

31,

2019

$

9.27

0.05

6

(0.32)

(0.27)

(0.09)

—

—

(0.09)

AQR

DIVERSIFIED

ARBITRAGE

FUND

CLASS

I

SIX

MONTHS

ENDED

JUNE

30,

2024

$

11.89

0.20

(0.06)

0.14

—

—

—

—

FOR

THE

YEAR

ENDED

DECEMBER

31,

2023

$

11.69

0.40

0.13

0

.53

(0.33)

—

—

(0.33)

FOR

THE

YEAR

ENDED

DECEMBER

31,

2022

$

12.10

0.08

7

(0.48)

(0.40)

(0.01)

—

—

(0.01)

FOR

THE

YEAR

ENDED

DECEMBER

31,

2021

$

11.46

(0.12)

0.84

0.72

(0.08)

—

—

(0.08)

FOR

THE

YEAR

ENDED

DECEMBER

31,

2020

$

9.30

(0.03)

2.37

2.34

(0.15)

—

(0.03)

(0.18)

FOR

THE

YEAR

ENDED

DECEMBER

31,

2019

$

8.75

0.08

0.67

0.75

(0.20)

—

—

(0.20)

AQR

DIVERSIFIED

ARBITRAGE

FUND

CLASS

N

SIX

MONTHS

ENDED

JUNE

30,

2024

$

11.88

0.18

(0.06)

0.12

—

—

—

—

FOR

THE

YEAR

ENDED

DECEMBER

31,

2023

$

11.68

0.36

0.13

0.49

(0.29)

—

—

(0.29)

FOR

THE

YEAR

ENDED

DECEMBER

31,

2022

$

12.12

0.07

7

(0.50)

(0.43)

(0.01)

—

—

(0.01)

FOR

THE

YEAR

ENDED

DECEMBER

31,

2021

$

11.48

(0.15)

0.84

0.69

(0.05)

—

—

(0.05)

FOR

THE

YEAR

ENDED

DECEMBER

31,

2020

$

9.31

(0.06)

2.38

2.32

(0.12)

—

(0.03)

(0.15)

FOR

THE

YEAR

ENDED

DECEMBER

31,

2019

$

8.76

0.05

0.67

0.72

(0.17)

—

—

(0.17)

AQR

DIVERSIFIED

ARBITRAGE

FUND

CLASS

R6

SIX

MONTHS

ENDED

JUNE

30,

2024

$

11.89

0.20

(0.06)

0.14

—

—

—

—

FOR

THE

YEAR

ENDED

DECEMBER

31,

2023

$

11.69

0.41

0.13

0.54

(0.34)

—

—

(0.34)

FOR

THE

YEAR

ENDED

DECEMBER

31,

2022

$

12.08

0.10

7

(0.48)

(0.38)

(0.01)

—

—

(0.01)

FOR

THE

YEAR

ENDED

DECEMBER

31,

2021

$

11.44

(0.11)

0.84

0.73

(0.09)

—

—

(0.09)

FOR

THE

YEAR

ENDED

DECEMBER

31,

2020

$

9.28

(0.01)

2.36

2.35

(0.15)

—

(0.04)

(0.19)

FOR

THE

YEAR

ENDED

DECEMBER

31,

2019

$

8.73

0.12

0.63

0.75

(0.20)

—

—

(0.20)

297

AQR

Funds

|

Semi-Annual

Report

|

June

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Financial

Highlights

June

30,

2024

(Unaudited)

RATIOS/SUPPLEMENTAL

DATA

Ratios

to

Average

Net

Assets

of:*

Net

Asset

Value,

End

of

Period

Total

Return

2,3

Net

Assets,

End

of

Period

(000’s)

Expenses,

Before

Reimbursements

and/or

Waivers

4

Expenses,

Net

of

Reimbursements

and/or

Waivers

4

Expenses,

Net

of

Reimbursements

and/or

Waivers

(Excluding

Dividend

Short

Expense

&

Interest

Expense)

4

Net

Investment

Income

(Loss)

Portfolio

Turnover

Rate

5

$

11.68

19.79%

$

132,765

5.62%

5.52%

1.40%

3.25%

110%

$

9.75

7.53%

$

53,905

4.90%

4.74%

1.40%

3.44%

158%

$

9.47

25.26%

$

54,627

3.30%

3.12%

1.40%

0.91%

262%

$

7.56

14.25%

$

46,808

3.09%

2.79%

1.40%

(0.62)%

179%

$

6.89

(20.95)%

$

61,080

3.31%

3.20%

1.41%

(0.31)%

232%

$

8.89

(3.08)%

$

144,245

3.60%

3.55%

1.40%

0.58%

6

192%

$

11.58

19.75%

$

10,722

5.88%

5.77%

1.65%

3.36%

110%

$

9.67

7.24%

$

6,464

5.14%

4.99%

1.65%

3.18%

158%

$

9.40

24.83%

$

5,926

3.56%

3.37%

1.65%

0.58%

262%

$

7.53

14.03%

$

7,422

3.35%

3.04%

1.65%

(0.78)%

179%

$

6.86

(21.20)%

$

6,503

3.57%

3.45%

1.66%

(0.51)%

232%

$

8.88

(3.24)%

$

8,989

3.85%

3.80%

1.65%

0.28%

6

192%

$

11.74

20.04%

$

134,703

5.53%

5.42%

1.30%

3.50%

110%

$

9.78

7.49%

$

109,778

4.80%

4.64%

1.30%

3.54%

158%

$

9.51

25.46%

$

101,094

3.21%

3.02%

1.30%

1.08%

262%

$

7.58

14.31%

$

82,522

3.00%

2.69%

1.30%

(0.43)%

179%

$

6.91

(20.90)%

$

54,859

3.22%

3.10%

1.31%

(0.24)%

232%

$

8.91

(2.93)%

$

82,300

3.51%

3.45%

1.30%

0.53%

6

192%

$

12.03

1.18%

$

1,239,650

1.34%

1.34%

1.20%

3.33%

165%

$

11.89

4.51%

$

1,217,509

1.33%

1.33%

1.20%

3.35%

197%

$

11.69

(3.29)%

$

1,017,383

1.31%

1.30%

1.20%

0.68%

7

164%

$

12.10

6.27%

$

922,765

1.51%

1.47%

1.20%

(0.98)%

518%

$

11.46

25.21%

$

611,741

2.10%

2.04%

1.20%

(0.29)%

598%

$

9.30

8.53%

$

464,186

2.06%

1.98%

1.20%

0.88%

361%

$

12.00

1.01%

$

42,189

1.59%

1.59%

1.45%

3.07%

165%

$

11.88

4.23%

$

54,731

1.58%

1.58%

1.45%

3.05%

197%

$

11.68

(3.54)%

$

66,385

1.57%

1.55%

1.45%

0.58%

7

164%

$

12.12

5.99%

$

44,676

1.76%

1.72%

1.45%

(1.22)%

518%

$

11.48

24.96%

$

34,599

2.35%

2.29%

1.45%

(0.60)%

598%

$

9.31

8.21%

$

55,694

2.30%

2.22%

1.44%

0.52%

361%

$

12.03

1.18%

$

624,310

1.24%

1.24%

1.10%

3.44%

165%

$

11.89

4.61%

$

527,484

1.23%

1.23%

1.10%

3.46%

197%

$

11.69

(3.13)%

$

458,946

1.22%

1.20%

1.10%

0.81%

7

164%

$

12.08

6.37%

$

358,110

1.42%

1.37%

1.10%

(0.88)%

518%

$

11.44

25.36%

$

232,201

2.00%

1.94%

1.10%

(0.10)%

598%

$

9.28

8.64%

$

19,077

1.96%

1.88%

1.10%

1.27%

361%

298

AQR

Funds

|

Semi-Annual

Report

|

June

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Financial

Highlights

June

30,

2024

(Unaudited)

PER

SHARE

OPERATING

PERFORMANCE

Change

in

Net

Assets

Resulting

from

Operations

1

Less

Dividends

and

Distributions

*,1

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)

AAA

Net

Realized

and

Unrealized

Gain

(Loss)

AA

Net

Increase

(Decrease)

in

Net

Asset

Value

from

Operations

Distributions

from

Net

Investment

Income

Distributions

from

Net

Realized

Gains

Return

of

Capital

Total

Distributions

AQR

DIVERSIFYING

STRATEGIES

FUND

CLASS

I

SIX

MONTHS

ENDED

JUNE

30,

2024

$

11.22

(0.01)

1.40

1.39

—

—

—

—

FOR

THE

YEAR

ENDED

DECEMBER

31,

2023

$

11.47

1.66

(0.64)

1

.02

(1.25)

(0.02)

—

(1.27)

FOR

THE

YEAR

ENDED

DECEMBER

31,

2022

$

10.82

1.43

0.17

8

1.60

(0.93)

(0.02)

—

(0.95)

FOR

THE

YEAR

ENDED

DECEMBER

31,

2021

$

10.37

0.57

0.54

1.11

(0.51)

(0.15)

—

(0.66)

FOR

THE

PERIOD

6/08/20

10

-12/31/20

$

10.00

0.23

0.34

0.57

(0.20)

—

—

(0

.20)

AQR

DIVERSIFYING

STRATEGIES

FUND

CLASS

N

SIX

MONTHS

ENDED

JUNE

30,

2024

$

11.18

(0.02)

1.39

1.37

—

—

—

—

FOR

THE

YEAR

ENDED

DECEMBER

31,

2023

$

11.45

1.54

(0.56)

0.98

(1.23)

(0.02)

—

(1.25)

FOR

THE

YEAR

ENDED

DECEMBER

31,

2022

$

10.80

0.95

0.62

8

1.57

(0.90)

(0.02)

—

(0.92)

FOR

THE

YEAR

ENDED

DECEMBER

31,

2021

$

10.37

0.75

0.33

1.08

(0.50)

(0.15)

—

(0.65)

FOR

THE

PERIOD

6/08/20

10

-12/31/20

$

10.00

0.15

0.41

0.56

(0.19)

—

—

(0.19)

AQR

DIVERSIFYING

STRATEGIES

FUND

CLASS

R6

SIX

MONTHS

ENDED

JUNE

30,

2024

$

11.24

0.00

11

1.39

1.39

—

—

—

—

FOR

THE

YEAR

ENDED

DECEMBER

31,

2023

$

11.49

1.02

0.01

1.03

(1.26)

(0.02)

—

(1.28)

FOR

THE

YEAR

ENDED

DECEMBER

31,

2022

$

10.83

0.91

0.70

8

1.61

(0.93)

(0.02)

—

(0.95)

FOR

THE

YEAR

ENDED

DECEMBER

31,

2021

$

10.37

0.51

0.62

1.13

(0.52)

(0.15)

—

(0.67)

FOR

THE

PERIOD

6/08/20

10

-12/31/20

$

10.00

0.18

0.39

0.57

(0.20)

—

—

(0.20)

AQR

EQUITY

MARKET

NEUTRAL

FUND

CLASS

I

SIX

MONTHS

ENDED

JUNE

30,

2024

$

8.48

0.21

1.28

1.49

—

—

—

—

FOR

THE

YEAR

ENDED

DECEMBER

31,

2023

$

8.78

0.35

1.16

1.51

(1

.81)

—

—

(1.81)

FOR

THE

YEAR

ENDED

DECEMBER

31,

2022

$

7.32

0.03

1.95

1.98

(0.52)

—

—

(0.52)

FOR

THE

YEAR

ENDED

DECEMBER

31,

2021

$

6.31

(0.09)

1.20

1.11

—

(0.10)

—

(0.10)

FOR

THE

YEAR

ENDED

DECEMBER

31,

2020

$

9.20

(0.02)

(1.77)

(1.79)

—

(1.10)

—

(

1.10)

FOR

THE

YEAR

ENDED

DECEMBER

31,

2019

$

10.76

0.13

(1.34)

(1.21)

—

(0.35)

—

(0.35)

AQR

EQUITY

MARKET

NEUTRAL

FUND

CLASS

N

SIX

MONTHS

ENDED

JUNE

30,

2024

$

8.31

0.18

1.27

1.45

—

—

—

—

FOR

THE

YEAR

ENDED

DECEMBER

31,

2023

$

8.65

0.32

1.13

1.45

(1

.79)

—

—

(1.79)

FOR

THE

YEAR

ENDED

DECEMBER

31,

2022

$

7.21

0.01

1.93

1.94

(0.50)

—

—

(0.50)

FOR

THE

YEAR

ENDED

DECEMBER

31,

2021

$

6.23

(0.10)

1.18

1.08

—

(0.10)

—

(0.10)

FOR

THE

YEAR

ENDED

DECEMBER

31,

2020

$

9.12

(0.03)

(1.76)

(1.79)

—

(1.10)

—

(

1.10)

FOR

THE

YEAR

ENDED

DECEMBER

31,

2019

$

10.70

0.12

(1.35)

(1.23)

—

(0.35)

—

(0.35)

AQR

EQUITY

MARKET

NEUTRAL

FUND

CLASS

R6

SIX

MONTHS

ENDED

JUNE

30,

2024

$

8.52

0.20

1.31

1.51

—

—

—

—

FOR

THE

YEAR

ENDED

DECEMBER

31,

2023

$

8.82

0.36

1.16

1.52

(

1.82)

—

—

(1.82)

FOR

THE

YEAR

ENDED

DECEMBER

31,

2022

$

7.35

0.06

1.94

2.00

(0.53)

—

—

(0.53)

FOR

THE

YEAR

ENDED

DECEMBER

31,

2021

$

6.32

(0.08)

1.21

1.13

—

(0.10)

—

(0.10)

FOR

THE

YEAR

ENDED

DECEMBER

31,

2020

$

9.22

(0.00)

11

(1.80)

(1.80)

—

(1.10)

—

(1.10)

FOR

THE

YEAR

ENDED

DECEMBER

31,

2019

$

10.77

0.11

(1.31)

(1.20)

—

(0.35)

—

(0.35)

299

AQR

Funds

|

Semi-Annual

Report

|

June

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Financial

Highlights

June

30,

2024

(Unaudited)

RATIOS/SUPPLEMENTAL

DATA

Ratios

to

Average

Net

Assets

of:*

Net

Asset

Value,

End

of

Period

Total

Return

2,3

Net

Assets,

End

of

Period

(000’s)

Expenses,

Before

Reimbursements

and/or

Waivers

4

Expenses,

Net

of

Reimbursements

and/or

Waivers

4

Expenses,

Net

of

Reimbursements

and/or

Waivers

(Excluding

Dividend

Short

Expense

&

Interest

Expense)

4

Net

Investment

Income

(Loss)

Portfolio

Turnover

Rate

5

$

12.61

12.39%

$

936,887

0.18%

0.18%

0.18%

(0.07)%

8%

$

11.22

8.88%

$

422,538

0.21%

0.20%

0.20%

13.85%

37%

$

11.47

14.69%

$

177,048

0.29%

0.20%

0.20%

11.92%

48%

$

10.82

10.66%

$

27,048

1.03%

9

0.20%

0.20%

5.11%

14%

$

10.37

5.71%

$

15,645

1.31%

9

0.20%

0.20%

3.91%

14%

$

12.55

12.25%

$

71,756

0.43%

0.43%

0.43%

(0.32)%

8%

$

11.18

8.53%

$

28,964

0.46%

0.45%

0.45%

12.92%

37%

$

11.45

14.49%

$

6,499

0.52%

0.45%

0.45%

7.90%

48%

$

10.80

10.37%

$

1,792

1.15%

9

0.45%

0.45%

6.69%

14%

$

10.37

5.61%

$

533

1.87%

9

0.45%

0.45%

2.56%

14%

$

12.63

12.37%

$

13,450

0.08%

0.08%

0.08%

0.03%

8%

$

11.24

8.94%

$

488

0.12%

0.10%

0.10%

8.56%

37%

$

11.49

14.84%

$

5,133

0.22%

0.10%

0.10%

7.65%

48%

$

10.83

10.84%

$

4,725

0.93%

9

0.10%

0.10%

4.55%

14%

$

10.37

5.75%

$

4,492

1.62%

9

0.10%

0.10%

3.06%

14%

$

9.97

17.57%

$

453,320

3.44%

3.42%

1.30%

4.34%

444%

$

8.48

17.13%

$

142,947

1.55%

1.47%

1.30%

3.68%

197%

$

8.78

27.22%

$

116,154

1.62%

1.47%

1.30%

0.35%

319%

$

7.32

17.64%

$

32,802

1.87%

1.48%

1.30%

(1.22)%

282%

$

6.31

(19.52)%

$

38,498

1.73%

1.63%

1.30%

(0.20)%

312%

$

9.20

(11.27)%

$

208,679

2.23%

2.21%

1.27%

1.31%

263%

$

9.76

17.45%

$

49,124

3.69%

3.67%

1.55%

3.88%

444%

$

8.31

16.71%

$

22,616

1.81%

1.72%

1.55%

3.43%

197%

$

8.65

27.03%

$

24,133

1.88%

1.72%

1.55%

0.12%

319%

$

7.21

17.38%

$

15,968

2.13%

1.73%

1.55%

(1.45)%

282%

$

6.23

(19.70)%

$

10,040

2.03%

1.88%

1.55%

(0.33)%

312%

$

9.12

(11.52)%

$

14,129

2.50%

2.49%

1.55%

1.20%

263%

$

10.03

17.72%

$

198,519

3.34%

3.32%

1.20%

4.32%

444%

$

8.52

17.14%

$

88,110

1.46%

1.37%

1.20%

3.82%

197%

$

8.82

27.33%

$

38,898

1.53%

1.37%

1.20%

0.72%

319%

$

7.35

17.93%

$

5,917

1.79%

1.38%

1.20%

(1.13)%

282%

$

6.32

(19.61)%

$

4,758

1.67%

1.53%

1.20%

(0.01)%

312%

$

9.22

(11.17)%

$

38,112

2.15%

2.14%

1.20%

1.05%

263%

300

AQR

Funds

|

Semi-Annual

Report

|

June

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Financial

Highlights

June

30,

2024

(Unaudited)

PER

SHARE

OPERATING

PERFORMANCE

Change

in

Net

Assets

Resulting

from

Operations

1

Less

Dividends

and

Distributions

*,1

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)

AAA

Net

Realized

and

Unrealized

Gain

(Loss)

AA

Net

Increase

(Decrease)

in

Net

Asset

Value

from

Operations

Distributions

from

Net

Investment

Income

Distributions

from

Net

Realized

Gains

Return

of

Capital

Total

Distributions

AQR

LONG-SHORT

EQUITY

FUND

CLASS

I

SIX

MONTHS

ENDED

JUNE

30,

2024

$

13.18

0.32

2.36

2.68

—

—

—

—

FOR

THE

YEAR

ENDED

DECEMBER

31,

2023

$

12.81

0.50

2.61

3.11

(2

.74)

—

—

(2.74)

FOR

THE

YEAR

ENDED

DECEMBER

31,

2022

$

12.31

0.02

2.29

2.31

(1.32)

(0.49)

—

(1.81)

FOR

THE

YEAR

ENDED

DECEMBER

31,

2021

$

9.39

(0.14)

3.06

2.92

—

—

—

—

FOR

THE

YEAR

ENDED

DECEMBER

31,

2020

$

11.08

(0.04)

(1.50)

(1.54)

—

(0.15)

—

(0.15)

FOR

THE

YEAR

ENDED

DECEMBER

31,

2019

$

10.94

0.10

0.04

0.14

—

—

—

—

AQR

LONG-SHORT

EQUITY

FUND

CLASS

N

SIX

MONTHS

ENDED

JUNE

30,

2024

$

12.86

0.30

2.30

2.60

—

—

—

—

FOR

THE

YEAR

ENDED

DECEMBER

31,

2023

$

12.56

0.47

2.55

3.02

(2

.72)

—

—

(2.72)

FOR

THE

YEAR

ENDED

DECEMBER

31,

2022

$

12.09

(0.03)

2.27

2.24

(1.28)

(0.49)

—

(1.77)

FOR

THE

YEAR

ENDED

DECEMBER

31,

2021

$

9.25

(0.17)

3.01

2.84

—

—

—

—

FOR

THE

YEAR

ENDED

DECEMBER

31,

2020

$

10.95

(0.08)

(1.47)

(1.55)

—

(0.15)

—

(0.15)

FOR

THE

YEAR

ENDED

DECEMBER

31,

2019

$

10.84

0.07

0.04

0.11

—

—

—

—

AQR

LONG-SHORT

EQUITY

FUND

CLASS

R6

SIX

MONTHS

ENDED

JUNE

30,

2024

$

13.30

0.30

2.41

2.71

—

—

—

—

FOR

THE

YEAR

ENDED

DECEMBER

31,

2023

$

12.90

0.50

2.65

3.15

(2.75)

—

—

(2.75)

FOR

THE

YEAR

ENDED

DECEMBER

31,

2022

$

12.38

(0.03)

2.37

2.34

(1.33)

(0.49)

—

(1.82)

FOR

THE

YEAR

ENDED

DECEMBER

31,

2021

$

9.44

(0.13)

3.07

2.94

—

—

—

—

FOR

THE

YEAR

ENDED

DECEMBER

31,

2020

$

11.12

(0.02)

(1.51)

(1.53)

—

(0.15)

—

(0.15)

FOR

THE

YEAR

ENDED

DECEMBER

31,

2019

$

10.97

0.10

0.05

0.15

—

—

—

—

AQR

MACRO

OPPORTUNITIES

FUND

CLASS

I

^

SIX

MONTHS

ENDED

JUNE

30,

2024

$

9.79

0.16

0.22

0.38

—

—

—

—

FOR

THE

YEAR

ENDED

DECEMBER

31,

2023

$

10.82

0.28

(0.32)

(0.04)

(0.99)

—

—

(0.99)

FOR

THE

YEAR

ENDED

DECEMBER

31,

2022

$

9.01

0.15

2.46

2.61

(0.03)

(0.77)

—

(0.80)

FOR

THE

YEAR

ENDED

DECEMBER

31,

2021

$

9.58

(0.12)

(0.31)

(0.43)

(0.08)

(0

.06)

—

(0.14)

FOR

THE

YEAR

ENDED

DECEMBER

31,

2020

$

9.52

(0.07)

0.22

0.15

—

(0.09)

—

(0.09)

FOR

THE

YEAR

ENDED

DECEMBER

31,

2019

$

9.08

0.06

0.38

0.44

(0.00)

11

—

—

(0.00)

11

AQR

MACRO

OPPORTUNITIES

FUND

CLASS

N

^

SIX

MONTHS

ENDED

JUNE

30,

2024

$

9.66

0.15

0.21

0

.36

—

—

—

—

FOR

THE

YEAR

ENDED

DECEMBER

31,

2023

$

10.61

0.26

(0.32)

(0.06)

(0.89)

—

—

(0.89)

FOR

THE

YEAR

ENDED

DECEMBER

31,

2022

$

8.86

0.12

2.42

2.54

(0.02)

(0.77)

—

(0.79)

FOR

THE

YEAR

ENDED

DECEMBER

31,

2021

$

9.42

(0.14)

(0.30)

(0.44)

(0.06)

(0.06)

—

(0.12)

FOR

THE

YEAR

ENDED

DECEMBER

31,

2020

$

9.39

(0.10)

0.22

0.12

—

(0.09)

—

(0.09)

FOR

THE

YEAR

ENDED

DECEMBER

31,

2019

$

8.97

0.03

0.39

0.42

(0.00)

11

—

—

(0.00)

11

AQR

MACRO

OPPORTUNITIES

FUND

CLASS

R6

^

SIX

MONTHS

ENDED

JUNE

30,

2024

$

9.81

0.17

0.22

0

.39

—

—

—

—

FOR

THE

YEAR

ENDED

DECEMBER

31,

2023

$

10.85

0.30

(0.33)

(0.03)

(1.01)

—

—

(1.01)

FOR

THE

YEAR

ENDED

DECEMBER

31,

2022

$

9.03

0.12

2.51

2.63

(0.04)

(0.77)

—

(0.81)

FOR

THE

YEAR

ENDED

DECEMBER

31,

2021

$

9.60

(0.11)

(0.31)

(0.42)

(0.09)

(0

.06)

—

(0.15)

FOR

THE

YEAR

ENDED

DECEMBER

31,

2020

$

9.53

(0.07)

0.23

0.16

—

(0.09)

—

(0.09)

FOR

THE

YEAR

ENDED

DECEMBER

31,

2019

$

9.08

0.06

0.39

0.45

(0.00)

11

—

—

(0.00)

11

301

AQR

Funds

|

Semi-Annual

Report

|

June

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Financial

Highlights

June

30,

2024

(Unaudited)

RATIOS/SUPPLEMENTAL

DATA

Ratios

to

Average

Net

Assets

of:*

Net

Asset

Value,

End

of

Period

Total

Return

2,3

Net

Assets,

End

of

Period

(000’s)

Expenses,

Before

Reimbursements

and/or

Waivers

4

Expenses,

Net

of

Reimbursements

and/or

Waivers

4

Expenses,

Net

of

Reimbursements

and/or

Waivers

(Excluding

Dividend

Short

Expense

&

Interest

Expense)

4

Net

Investment

Income

(Loss)

Portfolio

Turnover

Rate

5

$

15.86

20.33%

$

1,785,335

3.45%

3.45%

1.30%

4.28%

350%

$

13.18

24.28%

$

909,818

1.37%

1.36%

1.30%

3.47%

0%

$

12.81

19.11%

$

544,239

1.37%

1.34%

1.30%

0.16%

0%

$

12.31

31.10%

$

278,938

1.36%

1.31%

1.30%

(1.26)%

0%

$

9.39

(13.91)%

$

350,475

1.32%

1.31%

1.30%

(0.42)%

269%

$

11.08

1.28%

$

901,269

2.06%

2.06%

1.26%

0.92%

292%

$

15.46

20.22%

$

104,394

3.70%

3.70%

1.55%

4.18%

350%

$

12.86

24.02%

$

39,327

1.62%

1.61%

1.55%

3.29%

0%

$

12.56

18.84%

$

13,691

1.63%

1.59%

1.55%

(0.23)%

0%

$

12.09

30.70%

$

11,049

1.62%

1.56%

1.55%

(1.52)%

0%

$

9.25

(14.17)%

$

6,934

1.57%

1.56%

1.55%

(0.79)%

269%

$

10.95

1.01%

$

28,689

2.33%

2.33%

1.53%

0.60%

292%

$

16.01

20.38%

$

9,410

3.35%

3.35%

1.20%

4.08%

350%

$

13.30

24.42%

$

7,191

1.28%

1.26%

1.20%

3.52%

0%

$

12.90

19.25%

$

6,726

1.28%

1.24%

1.20%

(0.19)%

0%

$

12.38

31.14%

$

14,951

1.27%

1.21%

1.20%

(1.16)%

0%

$

9.44

(13.77)%

$

15,920

1.23%

1.21%

1.20%

(0.25)%

269%

$

11.12

1.37%

$

76,285

1.99%

1.99%

1.19%

0.87%

292%

$

10.17

3.88%

$

33,585

1.66%

1.42%

1.20%

3.29%

63%

$

9.79

(0.33)%

$

36,898

1.44%

1.21%

1.20%

2.59%

70%

$

10.82

29.28%

$

129,055

1.98%

1.68%

1.20%

1.34%

319%

$

9.01

(4.54)%

$

7,190

2.32%

12

1.26%

1.25%

(1.23)%

0%

$

9.58

1.61%

$

8,510

2.22%

1.35%

1.34%

(0.77)%

0%

$

9.52

4.90%

$

14,985

2.15%

1.45%

1.45%

0.59%

0%

$

10.02

3.73%

$

1,929

1.92%

1.67%

1.45%

2.99%

63%

$

9.66

(0.55)%

$

2,207

1.71%

1.46%

1.45%

2.49%

70%

$

10.61

28.87%

$

7,366

2.28%

1.93%

1.45%

1.13%

319%

$

8.86

(4.72)%

$

638

2.60%

12

1.50%

1.50%

(1.47)%

0%

$

9.42

1.31%

$

537

2.47%

1.60%

1.59%

(1.04)%

0%

$

9.39

4.73%

$

1,173

2.23%

1.70%

1.70%

0.37%

0%

$

10.20

3.98%

$

126,923

1.57%

1.32%

1.10%

3.45%

63%

$

9.81

(0.25)%

$

64,460

1.38%

1.11%

1.10%

2.85%

70%

$

10.85

29.38%

$

43,554

1.98%

1.58%

1.10%

1.13%

319%

$

9.03

(4.41)%

$

19,389

2.24%

12

1.16%

1.15%

(1.13)%

0%

$

9.60

1.71%

$

19,070

2.12%

1.23%

1.22%

(0.71)%

0%

$

9.53

5.01%

$

11,841

2.08%

1.35%

1.35%

0.67%

0%

302

AQR

Funds

|

Semi-Annual

Report

|

June

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Financial

Highlights

June

30,

2024

(Unaudited)

PER

SHARE

OPERATING

PERFORMANCE

Change

in

Net

Assets

Resulting

from

Operations

1

Less

Dividends

and

Distributions

*,1

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)

AAA

Net

Realized

and

Unrealized

Gain

(Loss)

AA

Net

Increase

(Decrease)

in

Net

Asset

Value

from

Operations

Distributions

from

Net

Investment

Income

Distributions

from

Net

Realized

Gains

Return

of

Capital

Total

Distributions

AQR

MANAGED

FUTURES

STRATEGY

FUND

CLASS

I

^

SIX

MONTHS

ENDED

JUNE

30,

2024

$

8.18

0.16

0

.68

0.84

—

—

—

—

FOR

THE

YEAR

ENDED

DECEMBER

31,

2023

$

8.71

0.29

(0.13)

0.16

(0.68)

—

(0.01)

(0.69)

FOR

THE

YEAR

ENDED

DECEMBER

31,

2022

$

7.26

0.03

2.53

2.56

(1.11)

—

—

(1.11)

FOR

THE

YEAR

ENDED

DECEMBER

31,

2021

$

7.85

(0.09)

0.00

11

(0.09)

(0.50)

—

—

(0

.50)

FOR

THE

YEAR

ENDED

DECEMBER

31,

2020

$

8.30

(0.04)

0.01

(0.03)

(0.42)

—

—

(0.42)

FOR

THE

YEAR

ENDED

DECEMBER

31,

2019

$

8.41

0.09

0.06

0.15

(0.26)

—

—

(0.26)

AQR

MANAGED

FUTURES

STRATEGY

FUND

CLASS

N

^

SIX

MONTHS

ENDED

JUNE

30,

2024

$

8.11

0.15

0.66

0.81

—

—

—

—

FOR

THE

YEAR

ENDED

DECEMBER

31,

2023

$

8.63

0.26

(0.12)

0.14

(0.65)

—

(0.01)

(0.66)

FOR

THE

YEAR

ENDED

DECEMBER

31,

2022

$

7.20

0.00

11

2.52

2.52

(1.09)

—

—

(1.09)

FOR

THE

YEAR

ENDED

DECEMBER

31,

2021

$

7.78

(0.11)

0.00

11

(0.11)

(0.47)

—

—

(0

.47)

FOR

THE

YEAR

ENDED

DECEMBER

31,

2020

$

8.16

(0.06)

0.00

11

(0.06)

(0.32)

—

—

(0.32)

FOR

THE

YEAR

ENDED

DECEMBER

31,

2019

$

8.27

0.06

0.07

0.13

(0.24)

—

—

(0.24)

AQR

MANAGED

FUTURES

STRATEGY

FUND

CLASS

R6

^

SIX

MONTHS

ENDED

JUNE

30,

2024

$

8.20

0.16

0

.68

0.84

—

—

—

—

FOR

THE

YEAR

ENDED

DECEMBER

31,

2023

$

8.72

0.30

(0.12)

0.18

(0.69)

—

(0.01)

(0.70)

FOR

THE

YEAR

ENDED

DECEMBER

31,

2022

$

7.27

0.05

2.52

2.57

(1.12)

—

—

(1.12)

FOR

THE

YEAR

ENDED

DECEMBER

31,

2021

$

7.86

(0.09)

0.01

(0.08)

(0.51)

—

—

(0.51)

FOR

THE

YEAR

ENDED

DECEMBER

31,

2020

$

8.32

(0.03)

0.00

11

(0.03)

(0.43)

—

—

(0.43)

FOR

THE

YEAR

ENDED

DECEMBER

31,

2019

$

8.42

0.09

0.08

0.17

(0.27)

—

—

(0.27)

AQR

MANAGED

FUTURES

STRATEGY

HV

FUND

CLASS

I

^

SIX

MONTHS

ENDED

JUNE

30,

2024

$

7.71

0.13

1

.00

1.13

—

—

—

—

FOR

THE

YEAR

ENDED

DECEMBER

31,

2023

$

8.35

0.23

(0.28)

(0.05)

(0.59)

—

—

(0.59)

FOR

THE

YEAR

ENDED

DECEMBER

31,

2022

$

6.09

0.01

3.03

3.04

(0.78)

—

—

(0.78)

FOR

THE

YEAR

ENDED

DECEMBER

31,

2021

$

6.91

(0.12)

(0.03)

(0.15)

(0.67)

—

—

(0

.67)

FOR

THE

YEAR

ENDED

DECEMBER

31,

2020

$

7.64

(0.06)

(0.01)

(0.07)

(0.66)

—

—

(0.66)

FOR

THE

YEAR

ENDED

DECEMBER

31,

2019

$

7.82

0.04

0.10

0.14

(0.32)

—

—

(0.32)

AQR

MANAGED

FUTURES

STRATEGY

HV

FUND

CLASS

N

^

SIX

MONTHS

ENDED

JUNE

30,

2024

$

7.77

0.12

1

.01

1.13

—

—

—

—

FOR

THE

YEAR

ENDED

DECEMBER

31,

2023

$

8.41

0.21

(0.28)

(0.07)

(0.57)

—

—

(0.57)

FOR

THE

YEAR

ENDED

DECEMBER

31,

2022

$

6.12

(0.01)

3.04

3.03

(0.74)

—

—

(0.74)

FOR

THE

YEAR

ENDED

DECEMBER

31,

2021

$

6.94

(0.13)

(0.04)

(0.17)

(0.65)

—

—

(0

.65)

FOR

THE

YEAR

ENDED

DECEMBER

31,

2020

$

7.56

(0.07)

(0.01)

(0.08)

(0.54)

—

—

(0.54)

FOR

THE

YEAR

ENDED

DECEMBER

31,

2019

$

7.73

0.02

0.10

0.12

(0.29)

—

—

(0.29)

AQR

MANAGED

FUTURES

STRATEGY

HV

FUND

CLASS

R6

^

SIX

MONTHS

ENDED

JUNE

30,

2024

$

7.74

0.13

1

.01

1.14

—

—

—

—

FOR

THE

YEAR

ENDED

DECEMBER

31,

2023

$

8.37

0.24

(0.27)

(0.03)

(0.60)

—

—

(0.60)

FOR

THE

YEAR

ENDED

DECEMBER

31,

2022

$

6.11

0.01

3.04

3.05

(0.79)

—

—

(0.79)

FOR

THE

YEAR

ENDED

DECEMBER

31,

2021

$

6.93

(0.11)

(0.03)

(0.14)

(0.68)

—

—

(0

.68)

FOR

THE

YEAR

ENDED

DECEMBER

31,

2020

$

7.66

(0.05)

(0.01)

(0.06)

(0.67)

—

—

(0.67)

FOR

THE

YEAR

ENDED

DECEMBER

31,

2019

$

7.84

0.05

0.10

0.15

(0.33)

—

—

(0.33)

303

AQR

Funds

|

Semi-Annual

Report

|

June

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Financial

Highlights

June

30,

2024

(Unaudited)

RATIOS/SUPPLEMENTAL

DATA

Ratios

to

Average

Net

Assets

of:*

Net

Asset

Value,

End

of

Period

Total

Return

2,3

Net

Assets,

End

of

Period

(000’s)

Expenses,

Before

Reimbursements

and/or

Waivers

4

Expenses,

Net

of

Reimbursements

and/or

Waivers

4

Expenses,

Net

of

Reimbursements

and/or

Waivers

(Excluding

Dividend

Short

Expense

&

Interest

Expense)

4

Net

Investment

Income

(Loss)

Portfolio

Turnover

Rate

5

$

9.02

10.27%

$

1,335,695

1.28%

1.28%

1.25%

3.60%

0%

$

8.18

1.80%

$

1,147,293

1.27%

1.27%

1.25%

3.28%

0%

$

8.71

35.38%

$

1,311,469

1.27%

1.27%

1.25%

0.28%

0%

$

7.26

(1.06)%

$

870,337

1.24%

1.24%

1.23%

(1.18)%

0%

$

7.85

(0.29)%

$

1,445,072

1.22%

1.22%

1.22%

(0.46)%

0%

$

8.30

1.80%

$

2,315,083

1.21%

1.21%

1.20%

1.00%

0%

$

8.92

9.99%

$

60,247

1.53%

1.53%

1.50%

3.35%

0%

$

8.11

1.64%

$

50,893

1.53%

1.52%

1.50%

3.01%

0%

$

8.63

35.04%

$

64,180

1.53%

1.52%

1.50%

0.01%

0%

$

7.20

(1.31)%

$

48,894

1.47%

1.47%

1.47%

(1.41)%

0%

$

7.78

(0.60)%

$

367,278

1.49%

1.49%

1.49%

(0.72)%

0%

$

8.16

1.56%

$

1,506,755

1.49%

1.49%

1.48%

0.71%

0%

$

9.04

10.24%

$

160,683

1.19%

1.18%

1.15%

3.70%

0%

$

8.20

2.02%

$

149,910

1.18%

1.17%

1.15%

3.38%

0%

$

8.72

35.41%

$

164,434

1.19%

1.17%

1.15%

0.52%

0%

$

7.27

(0.94)%

$

100,572

1.15%

1.15%

1.15%

(1.09)%

0%

$

7.86

(0.30)%

$

437,288

1.14%

1.14%

1.14%

(0.37)%

0%

$

8.32

2.03%

$

580,587

1.14%

1.14%

1.13%

1.07%

0%

$

8.84

14.66%

$

90,767

1.83%

1.68%

1.65%

2.95%

0%

$

7.71

(0.58)%

$

77,590

1.87%

1.68%

1.65%

2.72%

0%

$

8.35

50.00%

$

131,821

1.93%

13

1.66%

1.65%

0.12%

0%

$

6.09

(2.11)%

$

37,100

1.94%

1.71%

1.70%

(1.65)%

0%

$

6.91

(0.65)%

$

90,075

1.76%

1.66%

1.65%

(0.83)%

0%

$

7.64

1.81%

$

159,510

1.70%

1.64%

1.64%

0.50%

0%

$

8.90

14.54%

$

7,174

2.09%

1.93%

1.90%

2.68%

0%

$

7.77

(0.81)%

$

3,887

2.12%

1.93%

1.90%

2.49%

0%

$

8.41

49.52%

$

4,923

2.17%

13

1.91%

1.90%

(0.06)%

0%

$

6.12

(2.34)%

$

2,325

2.20%

1.96%

1.95%

(1.91)%

0%

$

6.94

(0.80)%

$

3,141

1.99%

1.91%

1.90%

(0.87)%

0%

$

7.56

1.55%

$

31,794

1.96%

1.90%

1.90%

0.26%

0%

$

8.88

14.73%

$

155,272

1.74%

1.58%

1.55%

3.04%

0%

$

7.74

(0.34)%

$

80,335

1.78%

1.58%

1.55%

2.89%

0%

$

8.37

49.95%

$

46,323

1.84%

13

1.56%

1.55%

0.07%

0%

$

6.11

(1.92)%

$

20,134

1.84%

1.60%

1.59%

(1.55)%

0%

$

6.93

(0.49)%

$

25,354

1.65%

1.56%

1.55%

(0.65)%

0%

$

7.66

1.93%

$

95,310

1.61%

1.55%

1.55%

0.59%

0%

304

AQR

Funds

|

Semi-Annual

Report

|

June

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Financial

Highlights

June

30,

2024

(Unaudited)

PER

SHARE

OPERATING

PERFORMANCE

Change

in

Net

Assets

Resulting

from

Operations

1

Less

Dividends

and

Distributions

*,1

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)

AAA

Net

Realized

and

Unrealized

Gain

(Loss)

AA

Net

Increase

(Decrease)

in

Net

Asset

Value

from

Operations

Distributions

from

Net

Investment

Income

Distributions

from

Net

Realized

Gains

Return

of

Capital

Total

Distributions

AQR

MULTI-ASSET

FUND

CLASS

I

^

SIX

MONTHS

ENDED

JUNE

30,

2024

$

9.58

0.15

0.74

0.89

—

—

—

—

FOR

THE

YEAR

ENDED

DECEMBER

31,

2023

$

8.83

0.29

0.69

0.98

(0.23)

—

—

(0.23)

FOR

THE

YEAR

ENDED

DECEMBER

31,

2022

$

10.54

0.25

(1.36)

(1.11)

(0.60)

(0.00)

11

—

(0.60)

FOR

THE

YEAR

ENDED

DECEMBER

31,

2021

$

9.81

0.14

1.27

1.41

(0.57)

(0

.11)

—

(0.68)

FOR

THE

YEAR

ENDED

DECEMBER

31,

2020

$

9.66

0.01

0.25

0.26

(0.11)

—

—

(0.11)

FOR

THE

YEAR

ENDED

DECEMBER

31,

2019

$

8.51

0.12

1.67

1.79

(0.64)

—

—

(0.64)

AQR

MULTI-ASSET

FUND

CLASS

N

^

SIX

MONTHS

ENDED

JUNE

30,

2024

$

9.55

0.12

0.75

0.87

—

—

—

—

FOR

THE

YEAR

ENDED

DECEMBER

31,

2023

$

8.80

0.26

0.70

0.96

(0.21)

—

—

(0.21)

FOR

THE

YEAR

ENDED

DECEMBER

31,

2022

$

10.51

0.22

(1.34)

(1.12)

(0.59)

(0.00)

11

—

(0.59)

FOR

THE

YEAR

ENDED

DECEMBER

31,

2021

$

9.79

0.11

1.27

1.38

(0.55)

(0

.11)

—

(0.66)

FOR

THE

YEAR

ENDED

DECEMBER

31,

2020

$

9.63

(0.01)

0.24

0.23

(0.07)

—

—

(0.07)

FOR

THE

YEAR

ENDED

DECEMBER

31,

2019

$

8.49

0.11

1.65

1.76

(0.62)

—

—

(0.62)

AQR

MULTI-ASSET

FUND

CLASS

R6

^

SIX

MONTHS

ENDED

JUNE

30,

2024

$

9.57

0.17

0.73

0.90

—

—

—

—

FOR

THE

YEAR

ENDED

DECEMBER

31,

2023

$

8.82

0.29

0.70

0.99

(0.24)

—

—

(0.24)

FOR

THE

YEAR

ENDED

DECEMBER

31,

2022

$

10.53

0.26

(1.36)

(1.10)

(0.61)

(0.00)

11

—

(0.61)

FOR

THE

YEAR

ENDED

DECEMBER

31,

2021

$

9.80

0.16

1.26

1.42

(0.58)

(0

.11)

—

(0.69)

FOR

THE

YEAR

ENDED

DECEMBER

31,

2020

$

9.65

0.02

0.25

0.27

(0.12)

—

—

(0.12)

FOR

THE

YEAR

ENDED

DECEMBER

31,

2019

$

8.51

0.04

1.75

1.79

(0.65)

—

—

(0.65)

AQR

RISK-BALANCED

COMMODITIES

STRATEGY

FUND

CLASS

I

^

SIX

MONTHS

ENDED

JUNE

30,

2024

$

8.29

0

.16

0.34

0.50

—

—

—

—

FOR

THE

YEAR

ENDED

DECEMBER

31,

2023

$

8.94

0.31

(0.33)

(0.02)

(0.63)

(0.00)

11

—

(0.63)

FOR

THE

YEAR

ENDED

DECEMBER

31,

2022

$

8.08

0.03

1.68

1.71

(0.85)

—

—

(0.85)

FOR

THE

YEAR

ENDED

DECEMBER

31,

2021

$

6.85

(0.08)

2.78

2.70

(1.47)

—

—

(1.47)

FOR

THE

YEAR

ENDED

DECEMBER

31,

2020

$

6.33

(0.01)

0.54

0.53

—

(0.01)

—

(0.01)

FOR

THE

YEAR

ENDED

DECEMBER

31,

2019

$

5.65

0.06

0.95

1.01

(0.33)

—

(0.00)

11

(0.33)

AQR

RISK-BALANCED

COMMODITIES

STRATEGY

FUND

CLASS

N

^

SIX

MONTHS

ENDED

JUNE

30,

2024

$

8.11

0.15

0.33

0

.48

—

—

—

—

FOR

THE

YEAR

ENDED

DECEMBER

31,

2023

$

8.76

0.28

(0.33)

(0.05)

(0.60)

(0.00)

11

—

(0.60)

FOR

THE

YEAR

ENDED

DECEMBER

31,

2022

$

7.94

0.01

1.64

1.65

(0.83)

—

—

(0.83)

FOR

THE

YEAR

ENDED

DECEMBER

31,

2021

$

6.75

(0.10)

2.74

2.64

(1.45)

—

—

(1.45)

FOR

THE

YEAR

ENDED

DECEMBER

31,

2020

$

6.25

(0.03)

0.54

0.51

—

(0.01)

—

(0.01)

FOR

THE

YEAR

ENDED

DECEMBER

31,

2019

$

5.58

0.05

0.93

0.98

(0.31)

—

(0.00)

11

(0.31)

AQR

RISK-BALANCED

COMMODITIES

STRATEGY

FUND

CLASS

R6

^

SIX

MONTHS

ENDED

JUNE

30,

2024

$

8.33

0.16

0.35

0

.51

—

—

—

—

FOR

THE

YEAR

ENDED

DECEMBER

31,

2023

$

8.98

0.32

(0.34)

(0.02)

(0.63)

(0.00)

11

—

(0.63)

FOR

THE

YEAR

ENDED

DECEMBER

31,

2022

$

8.12

0.09

1.63

1.72

(0.86)

—

—

(0.86)

FOR

THE

YEAR

ENDED

DECEMBER

31,

2021

$

6.87

(0.08)

2.81

2.73

(1.48)

—

—

(1.48)

FOR

THE

YEAR

ENDED

DECEMBER

31,

2020

$

6.35

(0.01)

0.54

0.53

—

(0.01)

—

(0.01)

FOR

THE

YEAR

ENDED

DECEMBER

31,

2019

$

5.66

0.07

0.95

1.02

(0.33)

—

(0.00)

11

(0.33)

305

AQR

Funds

|

Semi-Annual

Report

|

June

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Financial

Highlights

June

30,

2024

(Unaudited)

RATIOS/SUPPLEMENTAL

DATA

Ratios

to

Average

Net

Assets

of:*

Net

Asset

Value,

End

of

Period

Total

Return

2,3

Net

Assets,

End

of

Period

(000’s)

Expenses,

Before

Reimbursements

and/or

Waivers

4

Expenses,

Net

of

Reimbursements

and/or

Waivers

4

Expenses,

Net

of

Reimbursements

and/or

Waivers

(Excluding

Dividend

Short

Expense

&

Interest

Expense)

4

Net

Investment

Income

(Loss)

Portfolio

Turnover

Rate

5

$

10.47

9.29%

$

140,620

1.06%

1.01%

0.80%

2.98%

63%

$

9.58

11.13%

$

119,048

1.11%

1.00%

0.80%

3.07%

125%

$

8.83

(10.52)%

$

94,401

1.19%

1.00%

0.80%

2.52%

179%

$

10.54

14.34%

$

104,649

1.15%

0.97%

0.80%

1.35%

125%

$

9.81

2.68%

$

120,287

1.20%

1.04%

0.87%

0.10%

187%

$

9.66

21.05%

$

119,488

1.47%

1.34%

0.93%

1.31%

233%

$

10.42

9.11%

$

7,129

1.31%

1.26%

1.05%

2.38%

63%

$

9.55

10.91%

$

11,539

1.35%

1.25%

1.05%

2.82%

125%

$

8.80

(10.70)%

$

8,931

1.44%

1.25%

1.05%

2.24%

179%

$

10.51

14.06%

$

5,855

1.40%

1.22%

1.05%

1.03%

125%

$

9.79

2.41%

$

5,585

1.46%

1.31%

1.14%

(0.08)%

187%

$

9.63

20.67%

$

11,366

1.74%

1.61%

1.20%

1.13%

233%

$

10.47

9.40%

$

294,700

0.96%

0.91%

0.70%

3.26%

63%

$

9.57

11.25%

$

131,739

1.00%

0.90%

0.70%

3.12%

125%

$

8.82

(10.43)%

$

39,671

1.09%

0.90%

0.70%

2.67%

179%

$

10.53

14.48%

$

16,943

1.05%

0.87%

0.70%

1.51%

125%

$

9.80

2.78%

$

12,202

1.08%

0.92%

0.75%

0.20%

187%

$

9.65

21.07%

$

4,691

1.38%

1.26%

0.85%

0.48%

233%

$

8.79

6.03%

$

486,032

1.03%

1.01%

1.00%

3.79%

0%

$

8.29

(0.23)%

$

374,019

1.05%

1.01%

1.00%

3.44%

0%

$

8.94

21.44%

$

391,025

1.04%

1.01%

1.00%

0.30%

0%

$

8.08

39.60%

$

214,957

1.11%

1.01%

1.00%

(0.98)%

0%

$

6.85

8.32%

$

38,558

1.10%

1.00%

1.00%

(0.13)%

0%

$

6.33

17.96%

$

105,145

1.06%

0.99%

0.99%

1.05%

0%

$

8.59

5.92%

$

45,986

1.28%

1.26%

1.25%

3.54%

0%

$

8.11

(0.51)%

$

41,426

1.30%

1.26%

1.25%

3.19%

0%

$

8.76

21.01%

$

40,199

1.30%

1.26%

1.25%

0.07%

0%

$

7.94

39.33%

$

29,648

1.37%

1.26%

1.25%

(1.23)%

0%

$

6.75

8.11%

$

16,188

1.39%

1.25%

1.25%

(0.63)%

0%

$

6.25

17.67%

$

13,586

1.32%

1.25%

1.25%

0.79%

0%

$

8.84

6.12%

$

19,967

0.94%

0.91%

0.90%

3.90%

0%

$

8.33

(0.16)%

$

40,876

0.95%

0.91%

0.90%

3.60%

0%

$

8.98

21.45%

$

29,821

0.96%

0.91%

0.90%

0.90%

0%

$

8.12

39.89%

$

3,494

1.02%

0.91%

0.90%

(0.88)%

0%

$

6.87

8.29%

$

789

1.02%

0.90%

0.90%

(0.14)%

0%

$

6.35

18.20%

$

148,682

0.97%

0.90%

0.90%

1.12%

0%

306

AQR

Funds

|

Semi-Annual

Report

|

June

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Financial

Highlights

June

30,

2024

(Unaudited)

PER

SHARE

OPERATING

PERFORMANCE

Change

in

Net

Assets

Resulting

from

Operations

1

Less

Dividends

and

Distributions

*,1

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)

AAA

Net

Realized

and

Unrealized

Gain

(Loss)

AA

Net

Increase

(Decrease)

in

Net

Asset

Value

from

Operations

Distributions

from

Net

Investment

Income

Distributions

from

Net

Realized

Gains

Return

of

Capital

Total

Distributions

AQR

STYLE

PREMIA

ALTERNATIVE

FUND

CLASS

I

^

SIX

MONTHS

ENDED

JUNE

30,

2024

$

6.84

0.12

1.35

1.47

—

—

—

—

FOR

THE

YEAR

ENDED

DECEMBER

31,

2023

$

7.48

0.21

0.77

0.98

(1.62)

—

—

(1.62)

FOR

THE

YEAR

ENDED

DECEMBER

31,

2022

$

7.03

(0.01)

2.16

2.15

(1.70)

—

—

(1.70)

FOR

THE

YEAR

ENDED

DECEMBER

31,

2021

$

6.36

(0.10)

1.67

1.57

(0.90)

—

—

(0

.90)

FOR

THE

YEAR

ENDED

DECEMBER

31,

2020

$

8.15

(0.06)

(1.73)

(1.79)

—

—

—

—

FOR

THE

YEAR

ENDED

DECEMBER

31,

2019

$

9.02

0.02

6

(0.76)

(0.74)

(0.13)

—

(0.00)

11

(0.13)

AQR

STYLE

PREMIA

ALTERNATIVE

FUND

CLASS

N

^

SIX

MONTHS

ENDED

JUNE

30,

2024

$

6.76

0.11

1.33

1.44

—

—

—

—

FOR

THE

YEAR

ENDED

DECEMBER

31,

2023

$

7.41

0.19

0.76

0.95

(1.60)

—

—

(1.60)

FOR

THE

YEAR

ENDED

DECEMBER

31,

2022

$

6.98

(0.03)

2.14

2.11

(1.68)

—

—

(1.68)

FOR

THE

YEAR

ENDED

DECEMBER

31,

2021

$

6.32

(0.12)

1.66

1.54

(0.88)

—

—

(0

.88)

FOR

THE

YEAR

ENDED

DECEMBER

31,

2020

$

8.12

(0.08)

(1.72)

(1.80)

—

—

—

—

FOR

THE

YEAR

ENDED

DECEMBER

31,

2019

$

9.00

0.00

6,11

(0.75)

(0.75)

(0.13)

—

(0.00)

11

(0.13)

AQR

STYLE

PREMIA

ALTERNATIVE

FUND

CLASS

R6

^

SIX

MONTHS

ENDED

JUNE

30,

2024

$

6.88

0.12

1.36

1.48

—

—

—

—

FOR

THE

YEAR

ENDED

DECEMBER

31,

2023

$

7.52

0.22

0.77

0.99

(1.63)

—

—

(1.63)

FOR

THE

YEAR

ENDED

DECEMBER

31,

2022

$

7.06

(0.01)

2.17

2.16

(1.70)

—

—

(1.70)

FOR

THE

YEAR

ENDED

DECEMBER

31,

2021

$

6.38

(0.10)

1.69

1.59

(0.91)

—

—

(0

.91)

FOR

THE

YEAR

ENDED

DECEMBER

31,

2020

$

8.17

(0.05)

(1.74)

(1.79)

—

—

—

—

FOR

THE

YEAR

ENDED

DECEMBER

31,

2019

$

9.03

0.03

6

(0.76)

(0.73)

(0.13)

—

(0.00)

11

(0.13)

AQR

SUSTAINABLE

LONG-SHORT

EQUITY

CARBON

AWARE

FUND

CLASS

I

SIX

MONTHS

ENDED

JUNE

30,

2024

$

11.41

0.22

2.35

2.57

—

—

—

—

FOR

THE

YEAR

ENDED

DECEMBER

31,

2023

$

11.39

0.34

2.33

2.67

(2.65)

—

—

(2.65)

FOR

THE

YEAR

ENDED

DECEMBER

31,

2022

$

10.08

(0.01)

1.56

1.55

(0.24)

(0.00)

11

—

(0.24)

FOR

THE

PERIOD

12/16/21

10

-12/31/21

$

10.00

(0.01)

0.09

0.08

—

—

—

—

AQR

SUSTAINABLE

LONG-SHORT

EQUITY

CARBON

AWARE

FUND

CLASS

N

SIX

MONTHS

ENDED

JUNE

30,

2024

$

11.38

0

.20

2.35

2.55

—

—

—

—

FOR

THE

YEAR

ENDED

DECEMBER

31,

2023

$

11.37

0.32

2.31

2.63

(2.62)

—

—

(2.62)

FOR

THE

YEAR

ENDED

DECEMBER

31,

2022

$

10.08

(0.03)

1.55

1.52

(0.23)

(0.00)

11

—

(0.23)

FOR

THE

PERIOD

12/16/21

10

-12/31/21

$

10.00

(0.01)

0.09

0.08

—

—

—

—

AQR

SUSTAINABLE

LONG-SHORT

EQUITY

CARBON

AWARE

FUND

CLASS

R6

SIX

MONTHS

ENDED

JUNE

30,

2024

$

11.42

0.22

2.36

2.58

—

—

—

—

FOR

THE

YEAR

ENDED

DECEMBER

31,

2023

$

11.40

0.36

2.32

2.68

(2.66)

—

—

(2.66)

FOR

THE

YEAR

ENDED

DECEMBER

31,

2022

$

10.08

(0.04)

1.61

1.57

(0.25)

(0.00)

11

—

(

0.25)

FOR

THE

PERIOD

12/16/21

10

-12/31/21

$

10.00

(0.00)

11

0.08

0.08

—

—

—

—

307

AQR

Funds

|

Semi-Annual

Report

|

June

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Financial

Highlights

June

30,

2024

(Unaudited)

RATIOS/SUPPLEMENTAL

DATA

Ratios

to

Average

Net

Assets

of:*

Net

Asset

Value,

End

of

Period

Total

Return

2,3

Net

Assets,

End

of

Period

(000’s)

Expenses,

Before

Reimbursements

and/or

Waivers

4

Expenses,

Net

of

Reimbursements

and/or

Waivers

4

Expenses,

Net

of

Reimbursements

and/or

Waivers

(Excluding

Dividend

Short

Expense

&

Interest

Expense)

4

Net

Investment

Income

(Loss)

Portfolio

Turnover

Rate

5

$

8.31

21.49%

$

522,460

3.66%

3.65%

1.49%

3.05%

335%

$

6.84

12.81%

$

356,484

1.74%

1.72%

1.50%

2.66%

115%

$

7.48

30.64%

$

322,368

1.67%

1.63%

1.49%

(0.13)%

174%

$

7.03

24.83%

$

242,712

1.67%

1.60%

1.50%

(1.38)%

194%

$

6.36

(21.96)%

$

237,379

1.84%

1.78%

1.50%

(0.80)%

544%

$

8.15

(8.20)%

$

866,804

2.51%

2.48%

1.49%

0.28%

6

170%

$

8.20

21.30%

$

48,655

3.90%

3.90%

1.74%

2.78%

335%

$

6.76

12.49%

$

31,491

1.98%

1.96%

1.74%

2.42%

115%

$

7.41

30.28%

$

32,005

1.94%

1.89%

1.75%

(0.34)%

174%

$

6.98

24.53%

$

19,068

1.92%

1.85%

1.75%

(1.63)%

194%

$

6.32

(22.17)%

$

14,857

2.08%

2.03%

1.75%

(1.06)%

544%

$

8.12

(8.33)%

$

40,665

2.77%

2.74%

1.75%

0.02%

6

170%

$

8.36

21.51%

$

625,821

3.56%

3.56%

1.40%

3.01%

335%

$

6.88

12.84%

$

487,319

1.64%

1.62%

1.40%

2.75%

115%

$

7.52

30.79%

$

483,083

1.59%

1.54%

1.40%

(0.07)%

174%

$

7.06

25.04%

$

396,425

1.57%

1.50%

1.40%

(1.28)%

194%

$

6.38

(21.91)%

$

390,127

1.74%

1.68%

1.40%

(0.68)%

544%

$

8.17

(8.08)%

$

1,163,852

2.42%

2.39%

1.40%

0.33%

6

170%

$

13.98

22.52%

$

4,851

2.03%

1.34%

1.30%

3.36%

0%

$

11.41

23.56%

$

2,812

2.04%

1.35%

1.30%

2.76%

0%

$

11.39

15.46%

$

9,447

2.91%

1.35%

1.30%

(0.06)%

0%

$

10.08

0.80%

$

504

3.45%

9

1.30%

1.30%

(1.29)%

0%

$

13.93

22.41%

$

14,852

2.34%

1.59%

1.55%

3.11%

0%

$

11.38

23.27%

$

7,725

2.28%

1.60%

1.55%

2.59%

0%

$

11.37

15.14%

$

5,015

3.12%

1.60%

1.55%

(0.28)%

0%

$

10.08

0.80%

$

503

3.70%

9

1.55%

1.55%

(1.54)%

0%

$

14.00

22.59%

$

15,572

2.00%

1.24%

1.20%

3.45%

0%

$

11.42

23.64%

$

12,702

1.95%

1.25%

1.20%

2.84%

0%

$

11.40

15.62%

$

10,271

3.41%

1.25%

1.20%

(0.35)%

0%

$

10.08

0.80%

$

9,081

3.43%

9

1.20%

1.20%

(1.19)%

0%

308

Financial

Highlights

AQR

Funds

|

Semi-Annual

Report

|

June

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

June

30,

2024

(Unaudited)

FUND

NET

INVESTMENT

INCOME

PER

SHARE

NET

INVESTMENT

INCOME

RATIO

AQR

Alternative

Risk

Premia

Fund

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

$

0.01

0.11%

AQR

Style

Premia

Alternative

Fund

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

0.01

0.12

*

Annualized

for

periods

less

than

one

year.

^

Consolidated

financial

statement,

see

Note

2

in

the

Notes

to

Financial

Statements

for

additional

information.

1

Per

share

net

investment

income

(loss)

and

net

realized

and

unrealized

gain

(loss)

are

based

on

average

shares

outstanding.

2

Includes

adjustments

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

of

America

and

as

such,

the

net

asset

value

for

financial

reporting

purposes

and

the

returns

based

upon

those

net

asset

values

may

differ

from

the

net

asset

value

and

returns

for

shareholder

transactions.

3

Total

investment

return

is

calculated

assuming

an

initial

investment

made

at

the

net

asset

value

at

the

beginning

of

the

period,

reinvestment

of

all

dividends

and

distributions

at

net

asset

value

during

the

period

and

redemption

on

the

last

day

of

the

period

and

is

not

annualized.

4

Ratios

do

not

include

the

impact

of

the

expenses

of

the

underlying

funds

in

which

the

Funds

invest.

5

Portfolio

turnover

rate

excludes

derivatives,

if

any,

and

is

not

annualized.

6

For

the

year

ended

December

31,

2019,

certain

Funds

received

special

dividends.

Had

these

special

dividends

not

been

received,

the

Net

Investment

Income

Per

Share

and

Net

Investment

Income

Ratio

of

each

class

would

have

been

reduced

by

the

amounts

and

percentages

shown

below:

7

For

the

year

ended

December

31,

2022,

the

AQR

Diversified

Arbitrage

Fund

received

special

dividends.

Had

these

special

dividends

not

been

received,

the

Net

Investment

Income

Per

Share

and

Net

Investment

Income

Ratio

of

each

class

would

have

been

reduced

by

$0.04

and

0.38%,

respectively.

8

The

amount

shown

for

a

share

outstanding

throughout

the

period

is

not

indicative

of

the

aggregate

net

realized

and

unrealized

gain

(loss)

for

that

period

because

of

the

timing

of

sales

and

repurchases

of

the

Fund

shares

in

relation

to

fluctuating

market

value

of

the

investments

in

the

Fund.

9

Certain

expenses

incurred

by

the

Fund

were

not

annualized

for

the

period.

10

Commencement

of

operations.

11

Amount

is

less

than

$.005

per

share.

12

For

the

year

ended

December

31,

2021,

the

AQR

Macro

Opportunities

Fund

incurred

certain

non-recurring

professional

service

expenses.

Without

these

costs,

the

Expenses,

Before

Reimbursements

and/or

Waivers,

of

each

class

would

have

been

reduced

by

0.22%.

13

For

the

year

ended

December

31,

2022,

the

AQR

Managed

Futures

Strategy

HV

Fund

incurred

certain

non-recurring

professional

service

and

other

expenses.

Without

these

costs,

the

Expenses,

Before

Reimbursements

and/or

Waivers,

of

each

class

would

have

been

reduced

by

0.06%.

309

Notes

to

Financial

Statements

AQR

Funds

|

Semi-Annual

Report

|

June

2024

June

30,

2024

(Unaudited)

1.

Organization

AQR

Funds

(the

“Trust”),

was

organized

as

a

Delaware

statutory

trust

on

September

4,

2008.

The

Trust

is

an

open-end

management

investment

company,

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”).

As

of

June

30,

2024,

the

Trust

consists

of

twenty-

two

active

series, twelve

of

which

are

presented

in

this

book

(collectively,

the

“Funds”

and

each

individually

a

“Fund”):

AQR

Alternative

Risk

Premia

Fund,

AQR

Diversified

Arbitrage

Fund,

AQR

Diversifying

Strategies

Fund,

AQR

Equity

Market

Neutral

Fund,

AQR

Long-Short

Equity

Fund,

AQR

Macro Opportunities Fund,

AQR

Managed

Futures

Strategy

Fund,

AQR

Managed

Futures

Strategy

HV

Fund,

AQR

Multi-Asset

Fund,

AQR

Risk-

Balanced

Commodities

Strategy

Fund,

AQR

Style

Premia

Alternative

Fund

and

AQR

Trend

Total

Return

Fund

(formerly known

as

AQR

Sustainable

Long-Short

Equity

Carbon

Aware

Fund)

(Note

15).

The

remaining

active

series

have

a

different

fiscal

year

end

and

are

reported

in

a separate

book.

AQR

Capital

Management,

LLC

(the

“Adviser”)

serves

as

the

investment

adviser

of

each

Fund.

The

Adviser

has

retained

AQR

Arbitrage,

LLC

(the

“Sub-

Adviser”),

an

affiliate

of

the

Adviser,

to

serve

as

an

investment

sub-adviser

to

the

AQR

Diversified

Arbitrage

Fund.

The

investment

objective

of

the

AQR

Alternative

Risk

Premia

Fund,

AQR

Diversified

Arbitrage

Fund, AQR

Equity

Market

Neutral

Fund,

AQR

Macro

Opportunities Fund,

AQR

Managed

Futures

Strategy

Fund,

AQR

Managed

Futures

Strategy

HV

Fund

and

AQR

Style

Premia

Alternative

Fund

is

to

seek

positive

absolute

returns.

The

investment

objective

of

the

AQR

Multi-Asset

Fund

and AQR

Risk-Balanced

Commodities

Strategy

Fund

is

to

seek

total

return.

The

investment

objective

of

the

AQR

Diversifying

Strategies

Fund,

AQR

Trend

Total

Return

Fund

is

to

seek

capital

appreciation.

The

AQR

Diversifying

Strategies

Fund

pursues

its

investment

objective

by

investing

in

a

portfolio

of

mutual

funds

that

are

each

managed

by

the

Adviser.

Each

Fund

offers

Class

I,

N

and

R6

shares.

2.

Consolidation

of

Subsidiaries

The

Consolidated

Schedules

of

Investments,

Statements

of

Assets

and

Liabilities,

of

Operations,

of

Changes

in

Net

Assets,

and

of

Cash

Flows

(as

applicable),

and

the

Financial

Highlights

of

the

AQR

Alternative

Risk

Premia

Fund,

AQR

Macro

Opportunities Fund,

AQR

Managed

Futures

Strategy

Fund,

AQR

Managed

Futures

Strategy

HV

Fund,

AQR

Multi-Asset

Fund,

AQR

Risk-Balanced

Commodities

Strategy

Fund

and

AQR

Style

Premia

Alternative

Fund

(collectively,

the

“Consolidated

Funds”)

include

the

accounts

of

the

AQR

Alternative

Risk

Premia

Offshore

Fund

Ltd.,

AQR

Macro

Opportunities

Offshore

Fund

Ltd.,

AQR

Managed

Futures

Strategy

Offshore

Fund

Ltd.,

AQR

Managed

Futures

Strategy

HV

Offshore

Fund

Ltd.,

AQR

Multi-Asset

Offshore

Fund

Ltd.,

AQR

Risk-Balanced

Commodities

Strategy

Offshore

Fund

Ltd.

and

AQR

Style

Premia

Alternative

Offshore

Fund

Ltd.,

respectively,

which

are

wholly-owned

and

controlled

subsidiaries

(collectively,

the

“Subsidiaries”).

All

intercompany

accounts

and

transactions

have

been

eliminated

in

consolidation.

Subsequent

references

to

the

Funds

within

the

Notes

to

Financial

Statements

collectively

refer

to

the

Consolidated

Funds

and

their

Subsidiaries.

Each

Consolidated

Fund

may

invest

up

to

25%

of

its

total

assets

(on

a

tax

basis)

in

its

respective

Subsidiary,

which

acts

as

an

investment

vehicle

in

order

to

affect

certain

investment

strategies

consistent

with

the

Fund’s

investment

objectives

and

policies.

The

Funds

expect

that

they

will

achieve

a

significant

portion

of

their

exposure

to

commodities

and

commodities-related

investments

through

investment

in

the

Subsidiaries.

Unlike

the

Funds,

the

Subsidiaries

may

invest

without

limitation

in

commodities

and

commodities-related

investments,

however,

each

Consolidated

Fund

and

its

Subsidiary

will

comply

with

1940

Act

Rule

18f-4

on

a

consolidated

basis

with

respect

to

investments

in

derivative

instruments.

3.

Significant

Accounting

Policies

Basis

of

Preparation:

The

Funds

are

investment

companies

and

apply

specialized

accounting

and

reporting

guidance

of

the

Financial

Accounting

Standards

Board

Accounting

Standard

Codification

Topic

946

Financial

Services—Investment

Companies

.

The

accounting

policies

are

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(“GAAP”).

Use

of

Estimates:

The

preparation

of

the

financial

statements

in

conformity

with

GAAP

requires

the

Adviser

to

make

estimates

and

assumptions

that

affect

the

fair

value

of

investments,

the

reported

amounts

of

assets

and

liabilities

and

disclosure

of

contingent

assets

and

liabilities,

if

any,

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

increases

and

decreases

in

net

assets

from

operations

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates

and

such

differences

could

be

material. 

Valuation

of

Investments:

All

securities

and

other

investments

are

recorded

at

their

estimated

fair

value,

as

described

in

Note

5.

Cash:

Cash

comprises

U.S.

dollar

and

foreign

currency

deposits

held

at

a

custodian

bank(s)

which

may

exceed

insured

limits.

The

Funds

are

subject

to

risk

to

the

extent

that

the

institutions

may

be

unable

to

fulfill

their

obligations.

SUBSIDIARY

NET

ASSETS

AT

JUNE

30,

2024

%

OF

TOTAL

ASSETS

AT

JUNE

30,

2024

AQR

Alternative

Risk

Premia

Offshore

Fund

Ltd.

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

$

64,029,930

5.4%

AQR

Macro

Opportunities

Offshore

Fund

Ltd.

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

37,363,607

16.1%

AQR

Managed

Futures

Strategy

Offshore

Fund

Ltd.

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

354,052,161

18.8%

AQR

Managed

Futures

Strategy

HV

Offshore

Fund

Ltd.

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

57,199,426

19.2%

AQR

Multi-Asset

Offshore

Fund

Ltd.

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

44,410,617

7.8%

AQR

Risk-Balanced

Commodities

Strategy

Offshore

Fund

Ltd.

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

128,443,548

23.2%

AQR

Style

Premia

Alternative

Offshore

Fund

Ltd.

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

281,155,164

4.8%

310

Notes

to

Financial

Statements

AQR

Funds

|

Semi-Annual

Report

|

June

2024

June

30,

2024

(Unaudited)

Due

from/to

Brokers:

Due

from/to

brokers

represents

cash

balances

on

deposit

with,

or

cash

balances

owed

to,

the

Funds’

prime

brokers

and

counterparties.

The

Funds

are

subject

to

credit

risk

should

the

prime

brokers

and

counterparties

be

unable

to

meet

their

obligations

to

the

Funds.

Foreign

Currency

Translation:

The

books

and

records

of

the

Funds

are

maintained

in

U.S.

dollars.

Foreign

denominated

assets

and

liabilities

are

translated

into

U.S.

dollars

at

the

prevailing

exchange

rate

at

the

valuation

date.

Transactions

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

prevailing

exchange

rate

on

the

date

of

the

transaction.

The

Funds’

income

earned

and

expense

incurred

in

foreign

denominated

currencies

are

translated

into

U.S.

dollars

at

the

prevailing

exchange

rate

on

the

date

of

such

activity.

The

Funds

do

not

separately

disclose

that

portion

of

the

results

of

operations

arising

from

changes

in

the

foreign

exchange

rates

on

investments

and

derivatives

from

the

fluctuations

that

result

from

changes

in

the

market

prices

of

investments

and

derivatives

held

or

sold

during

the

period.

Accordingly,

such

foreign

currency

gains

(losses)

are

included

in

the

reported

net

realized

gain

(loss)

from

transactions

in

investment

securities

and

derivatives

and

net

change

in

unrealized

appreciation

(depreciation)

on

investment

securities

and

derivatives

on

the

Statements

of

Operations.

Realized

gains

(losses)

from

settlement

of

foreign

currency

and

foreign

currency

transactions

reported

on

the

Statements

of

Operations

arise

from

the

disposition

of

foreign

currency

and

a

change

between

the

amounts

of

dividends,

interest

and

foreign

withholding

taxes

recorded

on

the

Funds’

books

on

the

transaction

date

and

the

U.S.

dollar

equivalent

of

the

amounts

actually

received

or

paid.

Net

change

in

unrealized

appreciation

(depreciation)

on

foreign

currency

and

foreign

currency

translations

reported

on

the

Statements

of

Operations

arise

from

changes

(due

to

the

changes

in

the

exchange

rate)

in

the

value

of

foreign

currency

and

assets

and

liabilities

(other

than

investments)

denominated

in

foreign

currencies,

which

are

held

at

period

end.

Investment

Transactions

and

Related

Income:

 Investment

transactions

are

accounted

for

on

trade

date

(the

date

the

order

to

buy

or

sell

is

executed).

Realized

gains

and

losses

on

investment

transactions

are

calculated

on

a

specific

identification

cost

method.

Interest

income

(expense) is

recorded

on

an

accrual

basis

using

the

effective

interest

method,

which

results

in

coupon

interest

being

adjusted

for

amortization

of

premiums

and

accretion

of

discounts,

when

applicable.

Non-cash

dividends

included

in

dividend

income,

if

any,

are

recorded

at

the

fair

value

of

the

securities

received.

The

Funds

record

distributions

received

in

excess

of

income

from

underlying

investments,

such

as

real

estate

investment

trusts,

as

a

reduction

of

cost

of

investments

and/or

realized

gain.

Such

amounts

are

based

on

estimates

(if

actual

amounts

are

not

available)

and

actual

amounts

of

income,

realized

gain

and

return

of

capital

may

differ

from

the

estimated

amounts.

The

Funds

adjust

the

estimated

amounts

of

components

of

distributions

(and

consequently

net

investment

income)

as

necessary

once

the

issuers

provide

information

about

the

actual

composition

of

the

distributions

.

The

Funds

may

be

subject

to

foreign

taxes

on

income

or capital

gains

on

investments,

a

portion

of

which

may

be

recoverable.

Dividend

income

(expense),

net

of

foreign

taxes

withheld,

if

any,

is

recorded

on

the

ex-dividend

date

or

when

the

Fund

first

learns

of

the

ex-dividend

date

notification.

The

Funds

may

file

withholding

tax

reclaims

in

certain

jurisdictions

to

recover

a

portion

of

amounts

withheld.

Income

recognized

for

these

reclaims,

if

any,

is

included

in

dividend

income on

the

Statements

of

Operations.

Additionally,

there

may

be

reclaims

that

include

amounts

withheld

in

prior

years,

which

may

be

reclaimable

based

upon

certain

provisions

in

the

Treaty

on

the

Functioning

of

the

European

Union

(“EU”)

and

subsequent

rulings

by

the

European

Court

of

Justice

(“ECJ”). Income

recognized

related

to

EU

reclaims

pursuant

to

the

ECJ

rulings

are

reported

as

European

Union

tax

reclaims

on

the

Statements

of

Operations,

if

material.

These

reclaims

are

recorded

when

the

amount

is

known

and

there

are

no

significant

uncertainties

on

collectability.

Expenses

incurred

related

to

EU

reclaims

that

are

contingent

upon

successful

receipt

of

EU

reclaims

are

reported

as

European

Union

tax

reclaim

fees on

the

Statements

of

Operations,

if

material.

Multi-class

Operations:

Each

class

of

shares

offered

by

the

Trust

has

equal

rights

as

to

earnings,

assets

and

voting

privileges,

except

that

each

class

may

bear

different

sub-transfer

agency

and

distribution

fees,

and

shareholders

of

a

class

have

exclusive

voting

rights

regarding

any

matter

relating

solely

to

that

class

of

shares.

Income,

non-class

specific

expenses,

and

realized

gain

(loss)

and

change

in

unrealized

appreciation

(depreciation)

are

allocated

daily

to

each

class

of

shares

based

upon

the

proportion

of

relative

net

assets

at

the

beginning

of

each

day.

The

Funds

are

charged

for

those

expenses

that

are

directly

attributable

to

each

Fund.

Trust

level

expenses

are

allocated

among

the

Funds

based

on

the

ratio

of

average

net

assets

or

other

reasonable

methodology.

Certain

Funds

may

invest

in

other

investment

companies,

including

affiliated

funds,

and,

as

a

result,

indirectly

bear

a

portion

of

the

advisory

and

operating

expenses

incurred

by

these

entities.

Such

expenses

are

not

reflected

in

the

expenses

shown

on

the

Statements

of

Operations

and

are

not

included

in

the

ratios

to

average

net

assets

shown

on

the

Financial

Highlights.

Federal

Income

Taxes:

Each

Fund

is

treated

as

a

separate

taxable

entity

for

federal

income

tax

purposes.

Each

Fund

intends

to

qualify

as

a

“Regulated

Investment

Company”

("RIC")

under

Subchapter

M

of

the

Internal

Revenue

Code

of

1986,

as

amended

(the

“Code”).

If

so

qualified,

each

Fund

will

not

be

subject

to

federal

income

tax

to

the

extent

it

distributes

substantially

all

of

its

net

investment

income

and

capital

gains

to

shareholders.

Accordingly,

no

provision

for

federal

income

tax

is

necessary.

The

Adviser

evaluates

tax

positions

taken

or

expected

to

be

taken

in

the

course

of

preparing

the

Funds’

tax

returns

to

determine

whether

the

tax

positions

are

“more-likely-than-not”

to

be

sustained

if

challenged

by

the

applicable

tax

authority.

Tax

positions

deemed

to

meet

the more-likely-than-

not

threshold

would

be

recorded

as

a

tax

benefit

or

expense

in

the

current

year.

The

Funds

are

required

to

analyze

all

open

tax

years.

Open

tax

years

are

those

years

that

are

open

for

examination

by

the

relevant

income

taxing

authority.

The

Funds

have

determined

that

there

is

no

tax

liability/benefit

resulting

from

uncertain

income

tax

positions

taken

or

expected

to

be

taken

for

any

of

the

Funds'

open

tax

years.

The

Funds

are

not

aware

of

any

tax

positions

for

which

it

is

reasonably

possible

that

the

total

amounts

of

unrecognized

tax

expense/benefit

will

materially

change

in

the

next

twelve

months.

The

returns

of

the

Funds

for

the

prior

three

fiscal

years

as

well

as

current

year,

or

since

inception

if

shorter,

are

open

for

examination. As

of

June

30,

2024,

the

Funds

had

no

examinations

in

progress.

311

Notes

to

Financial

Statements

AQR

Funds

|

Semi-Annual

Report

|

June

2024

June

30,

2024

(Unaudited)

For

federal

income tax

purposes,

taxable

income

for

each

Consolidated

Fund

and

its

Subsidiary

are

calculated

separately.

The

Subsidiaries

are

classified

as

controlled

foreign

corporations

(“CFCs”)

under

the

Code

and

each

CFC's

taxable

income

is

included

in

the

calculation

of

the

relevant

Consolidated

Fund’s

taxable

income.

Net

losses

of

the

Subsidiaries

are

not

deductible

by

the

Consolidated

Funds

either

in

the

current

period

or

future

periods.

Each

of

the

CFCs

has

a

fiscal

year

end

of

December

31st

for

financial

statement

consolidation

purposes

and

a

nonconforming

tax

year

end

of

November

30th. 

Distributions

to

Shareholders:

Distributions

to

shareholders

are

recorded

on

the

ex-dividend

date.

The

Funds

intend

to

declare

and

distribute

substantially

all

of

their

net

investment

income

and

net

realized

capital

gains,

if

any,

at

least

annually.

Income

and

capital

gain

distributions

will

be

determined

in

accordance

with

federal

income

tax

regulations

which

may

differ

from

GAAP.

Differences

may

be

permanent

or

temporary.

Permanent

differences

are

reclassified

among

capital

accounts

in

the

financial

statements

to

reflect

their

tax

character.

Temporary

differences

arise

when

certain

items

of

income,

expense,

gain,

or

loss

are

recognized

in

different

periods

for

financial

statement

and

tax

purposes.

These

differences

will

reverse

at

some

time

in

the

future.

Differences

in

classification

may

also

result

from

the

treatment

of

short-term

gains

as

ordinary

income

for

tax

purposes.

As

a

result,

income,

dividends

and

capital

gain

distributions

declared

during

a

fiscal

period

may

differ

significantly

from

the

net

investment

income

(loss)

and

realized

gain

(loss)

reported

on

the

Funds’

financial

statements

presented

under

GAAP.

The

Funds

utilize

earnings

and

profits

distributed

to

shareholders

on

redemptions

of

Fund

shares

as

part

of

the

dividends

paid

deduction.

Distributions

classified

as

a

tax

basis

return

of

capital,

if

any,

are

reflected

on

the

Statements

of

Changes

in

Net

Assets

and

have

been

recorded

to

paid

in

capital.

Indemnification:

In

the

normal

course

of

business,

the

Funds

may

enter

into

various

agreements

that

provide

for

general

indemnifications.

The

Funds’

maximum

exposure

under

these

arrangements

is

unknown

as

any

potential

exposure

involves

future

claims

that

may

be

made

against

the

Funds.

However,

based

on

experience,

the

Funds

expect

the

risk

of

loss

to

be

remote.

4.

Securities

and

Other

Investments 

Affiliate

Investments:

 Certain

investments

may

be

classified

as

an

affiliate

or

a

controlled

affiliate

of

the

Funds

on

the

Schedule

of

Investments.

Section

2a-3

of

the

1940

Act

defines

an

affiliate

as,

among

other

things,

a

company

in

which

a

Fund

owns

at

least

5%

of

the

outstanding

voting

securities or

an

issuer

which

is

under

common

control

with

another

fund

or

trust.

Further,

pursuant

to

the

1940

Act,

control

is

presumed

to

exist

when,

among

other

things,

a

Fund

owns

more

than

25%

of

the

outstanding

voting

securities

of

a

portfolio

company.

Additionally,

certain

Funds

may

invest

in

the

Limited

Purpose

Cash

Investment

Fund

(the

“LPCI

Fund”),

which

is

managed

by

UBS

Asset

Management

(Americas)

Inc.

The

LPCI

Fund

is

a

registered

investment

company

under

the

1940

Act

and

is

subject

to

the

money

market

regulations

as

prescribed

in

Rule

2a-7

of

the

1940

Act.

Pursuant

to

the

LPCI

Fund’s

eligibility

requirements,

shares

of

the

LPCI

Fund

are

only

available

for

sale

to

the

Adviser

and

funds

advised

by

the

Adviser.

The

LPCI

Fund

may

be

considered

an

affiliated

issuer

of

some

of

the

Funds

in

the

Trust

based

upon

ownership

of

the

outstanding

voting

securities.

However,

the

Funds

do

not

invest

in

the

LPCI

Fund

for

the

purpose

of

exercising

significant

influence

over

its

management,

board

or

policies.

The

AQR

Diversifying

Strategies

Fund

invests

in

funds

which

are

managed

by

the

Adviser,

and

as

such

assumes

the

AQR

Funds

in

which

it

invests

to

be

affiliated

issuers.

A

summary

of

transactions

with

each

affiliated

issuer

is

included

in

the

Schedule

of

Investments,

if

applicable.

Convertible

Securities:

Certain

Funds

invest

in

preferred

stocks

and

fixed

income

securities

which

are

convertible

into

common

stock.

Convertible

securities

may

be

converted

either

at

a

stated

price

or

rate

within

a

specified

period

of

time

into

a

specified

number

of

shares

of

common

stock.

By

investing

in

a

convertible

security,

the

Funds

may

participate

in

any

capital

appreciation

or

depreciation

of

a

company’s

stock,

but

to

a

lesser

degree

than

if

they

had

invested

in

that

company’s

common

stock.

Convertible

securities

rank

senior

to

common

stock

in

a

corporation’s

capital

structure

and,

therefore,

entail

less

risk

than

the

corporation’s

common

stock.

The

Funds

may

attempt

to

hedge

some

of

their

investments

in

convertible

debt

securities

by

selling

short

the

issuer’s

common

stock.

The

premiums

attributable

to

the

conversion

feature

are

not

amortized. 

High

Yield

Securities:

Certain

Funds

invest

in

lower-quality

debt

securities.

Investments

in

lower-rated

securities

or

unrated

securities

of

comparable

quality

tend

to

be

more

sensitive

to

economic

conditions

than

higher-rated

securities

causing

greater

price

volatility.

These

instruments

involve

a

greater

risk

of

loss

due

to

default

by

the

issuer

because

such

securities

are

generally

unsecured

and

are

often

subordinated

to

other

creditors’

claims. 

Inflation-Indexed

Bonds:

Certain

Funds

invest

in

inflation-indexed

bonds

which

are

adjusted

for

inflation

through

periodic

increases

or

decreases

in

the

security’s

interest

accruals,

face

amount,

or

principal

redemption

value,

by

amounts

corresponding

to

the

rate

of

inflation

as

measured

by

an

index.

Inflation-indexed

bonds

typically

pay

a

fixed

rate

of

interest

but

that

fixed

rate

is

applied

to

an

inflation-adjusted

principal

amount.

If

the

index

measuring

inflation

rises

or

falls,

the

principal

value

of

inflation-indexed

bonds

will

be

adjusted

upward

or

downward,

and

consequently

the

interest

payable

on

these

securities

(calculated

with

respect

to

a

larger

or

smaller

principal

amount)

will

be

increased

or

reduced,

respectively.

Any

upward

or

downward

adjustment

in

the

principal

amount

of

an

inflation-indexed

bond

will

be

included in

interest

income on

the

Statements

of

Operations,

even

though

investors

do

not

receive

their

principal

until

maturity.

Repayment

of

the

original

bond

principal

upon

maturity

(as

adjusted

for

inflation)

is

guaranteed

in

the

case

of

U.S.

Treasury

inflation-indexed

bonds.

For

bonds

that

do

not

provide

a

similar

guarantee,

the

adjusted

principal

value

of

the

bond

repaid

at

maturity

may

be

less

than

the

original

principal.

312

Notes

to

Financial

Statements

AQR

Funds

|

Semi-Annual

Report

|

June

2024

June

30,

2024

(Unaudited)

Defaulted

Securities

and

Distressed

Investments:

Certain

Funds

held

defaulted

securities

or

other

securities

which

were

placed

in

non-accrual

status

as

the

collection

of

a

portion

or

all

of

the

interest

has

been

deemed

to

be

uncollectible.

The

securities

have

been

identified

on

the

Schedules

of

Investments.

Debt

obligations

may

be

placed

on

non-accrual

status

and

related

interest

income

may

be

reduced

by

ceasing

current

accruals

and

writing

off

interest

receivable

when

the

collection

of

a

portion

of

interest

has

become

doubtful

based

on

consistently

applied

procedures.

A

debt

obligation

is

removed

from

non-accrual

status

when

the

issuer

resumes

interest

payments

or

when

collectability

of

interest

is

probable.

The

Funds

may

invest

in

distressed

investments,

which

are

issued

by

companies

that

are,

or

might

be,

involved

in

reorganizations

or

financial

restructurings,

either

out

of

court

or

in

bankruptcy. 

Special

Purpose

Acquisition

Companies

(“SPACs”):

 Certain

Funds

invest

in

common

stocks,

rights,

units,

warrants,

and

other

securities

of

SPACs

or

similar

special

purpose

entities

that

pool

funds

to

seek

potential

acquisition

opportunities.

The

securities

of

a

SPAC

are

often

issued

in

“units”

that

include

one

share

of

common

stock

and

one

right

or

warrant

(or

partial

right

or

warrant)

conveying

the

right

to

purchase

additional

shares

or

partial

shares.

Unless

and

until

a

transaction

is

completed,

a

SPAC

generally

invests

its

assets

(less

a

portion

retained

to

cover

expenses)

in

U.S.

Government

securities,

money

market

fund

securities

and

cash.

If

an

acquisition

that

meets

the

requirements

for

the

SPAC

is

not

completed

within

a

pre-established

period

of

time,

the

invested

funds

are

returned

to

the

entity’s

shareholders,

less

certain

permitted

expenses,

and

any

rights

or

warrants

issued

by

the

SPAC

may

expire

worthless.

Because

SPACs

and

similar

entities

have

no

operating

history

or

ongoing

business

other

than

seeking

acquisitions,

the

value

of

their

securities

is

particularly

dependent

on

the

ability

of

the

entity’s

management

to

identify

and

complete

a

suitable

acquisition.

Some

SPACs

may

pursue

acquisitions

only

within

certain

industries

or

regions,

which

may

increase

the

volatility

of

their

securities’

prices.

Securities

Sold

Short:

Certain

Funds

engage

in

short

sales,

which

is

when

a

Fund

sells

securities

it

does

not

own

as

a

hedge

against

some

of

its

long

positions

and/or

in

anticipation

of

a

decline

in

the

market

value

of

that

security.

When

one

of

the

Funds

makes

a

short

sale,

it

must

borrow

the

security

sold

short

and

deliver

it

to

the

broker

through

which

it

made

the

short

sale.

The

Fund

may

have

to

pay

a

fee

to

borrow

the

particular

security

and

may

be

obligated

to

remit

any

interest

or

dividends

received

on

such

borrowed

securities.

Dividends

declared

on

short

positions

are

recorded

on

the ex-

dividend

date

as

an

expense.

A

gain,

limited

to

the

price

at

which

the

Fund

sold

the

security

short,

or

a

loss,

which

could

be

unlimited

in

magnitude,

will

be

recognized

upon

the

termination

of

a

short

sale

if

the

market

price

at

termination

is

less

than

or

greater

than,

respectively,

the

proceeds

originally

received.

The

Fund

is

subject

to

the

risk

that

it

may

be

unable

to

reacquire

a

security

to

terminate

a

short

position

except

at

a

price

substantially

in

excess

of

the

last

quoted

price.

The

Fund

is

also

subject

to

risk

of

loss

if

the

broker

were

to

fail

to

perform

its

obligations

under

the

contractual

terms.

Liabilities

for

securities

sold

short

are

reported

at

market

value

on

the

Statements

of

Assets

and

Liabilities

and

the

change

in

market

value

is

reported

as

net

change

in

unrealized

appreciation

(depreciation)

on

short

positions

in

securities

on

the

Statements

of

Operations.

The

Funds

are

required

to

pledge

cash

or

liquid

securities

to

the

broker

as

collateral

for

securities

sold

short.

Collateral

requirements

are

calculated

daily

based

on

the

current

market

value

of

the

short

positions.

Daily

market

fluctuations

and

trading

activity

could

cause

the

value

of

securities

sold

short

to

be

more

or

less

than

the

value

of

the

collateral

segregated.

Cash

deposited

with

the

broker

for

collateral

for

securities

sold

short

is

recorded

as

an

asset

on

the

Statements

of

Assets

and

Liabilities

and

securities

segregated

as

collateral

are

denoted

in

the

Schedules

of

Investments.

The

Funds

may

receive

or

pay

the

net

of

the

following

amounts:

(i)

a

portion

of

the

income

from

the

investment

of

cash

collateral;

(ii)

the

broker’s

fee

on

the

borrowed

securities;

and

(iii)

a

financing

charge

for

the

difference

in

the

market

value

of

the

short

position

and

cash

collateral

deposited

with

the

broker.

This

income

or

fee

is

calculated

daily

based

upon

the

market

value

of

each

borrowed

security

and

a

variable

rate

that

is

dependent

on

the

availability

of

the

security.

Pursuant

to

a

Master

Securities

Loan

Agreement

("MSLA"),

State

Street

Bank

and

Trust

Company

(“SSB”)

is

permitted,

subject

to

certain

conditions,

to

rehypothecate

up

to

30%

of

portfolio

securities

pledged

by certain

Funds

as

collateral

for

securities

sold

short.

The

Funds

continue

to

receive

dividends

and

interest

on

rehypothecated

securities.

The

Funds

also

have

the

right

under

the

MSLA

to

recall

the

rehypothecated

securities

from

SSB

on

demand.

If

SSB

fails

to

deliver

the

recalled

security

in

a

timely

manner,

the

Funds

will

be

compensated

by

SSB

for

any

fees

or

losses

related

to

the

failed

delivery

or,

in

the

event

a

recalled

security

will

not

be

returned

by

SSB,

the

Funds

may

reduce

the

loan

balance

outstanding

by

the

amount

of

the

recalled

security. 

Net

amount

of

fees

(income) incurred

(earned) are

included

in

the

dividend

and

interest

on

securities

sold

short

on

the

Statements

of

Operations

and

are

as

follows:

Futures

Contracts:

Certain

Funds

invest

in

futures

contracts

as

part

of

their

primary

investment

strategy

and/or

to

equitize their

cash

flows.

Investments

in

futures

contracts

may

increase

or

decrease

exposure

to

a

particular

market.

In

the

event

of

a

bankruptcy

or

insolvency

of

a

futures

commission

merchant

that

holds

margin

on

behalf

of

the

Funds,

the

Funds

may

not

receive

the

return

of

the

entire

margin

owed

to

the

Funds,

potentially

resulting

in

a

loss.

A

change

in

market

value

of

an

open

futures

contract

is reported on

the

Statements

of

Operations

as

net

change

in

unrealized

appreciation

(depreciation)

on

futures

contracts.

A

realized

gain

(loss)

represents

the

difference

between

the

value

of

the

contract

at

the

time

it

was

opened

and

the

value

at

the

time

it

was

closed

or

expired,

and

is

reported

on

the

Statements

of

Operations.

The

use

of

long

futures

contracts

subjects

the

Funds

to

risk

of

loss

in

excess

of

the

amounts

shown

in

the

Schedule

of

Investments,

up

to

the

contract

amount

of

the

futures

contracts.

The

use

of

short

futures

contracts

subjects

the

Funds

to

unlimited

risk

of

loss.

Futures

contracts

outstanding

at

period

end,

if

any,

are

disclosed

in

each

Fund’s

Schedule

of

Investments.

FUND

AQR

Alternative

Risk

Premia

Fund

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

$

634,065

AQR

Diversified

Arbitrage

Fund

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

(2,527,758)

AQR

Equity

Market

Neutral

Fund

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

513,596

AQR

Long-Short

Equity

Fund

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

1,648,947

AQR

Multi-Asset

Fund

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

137,723

AQR

Style

Premia

Alternative

Fund

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

1,239,856

313

Notes

to

Financial

Statements

AQR

Funds

|

Semi-Annual

Report

|

June

2024

June

30,

2024

(Unaudited)

Forward

Foreign

Currency

Exchange

Contracts:

Certain

Funds

buy

and

sell

forward

foreign

currency

exchange

contracts,

which

are

agreements

between

two

parties

to

buy

and

sell

currencies

at

a

set

price

on

a

future

date.

These

contracts

are

used

to

protect

against

a

decline

in

value

relative

to

the

U.S.

dollar

of

the

currencies

in

which

portfolio

securities

are

denominated

or

quoted

(or

an

increase

in

the

value

of

a

currency

in

which

securities

that

a

Fund

intends

to

buy

are

denominated,

when

a

Fund

holds

cash

reserves

and

short-term

investments),

or

for

other

investment

purposes.

The

market

value

of

the

contract

will

fluctuate

with

changes

in

currency

exchange

rates.

The

contract

is

marked

to

market

daily

and

the

change

in

market

value,

if

any, is reported

as

net

change

in

unrealized

appreciation

(depreciation)

on

forward

foreign

currency

exchange

contracts.

When

the

contract

is

closed,

the

Funds

record

a

realized

gain

(loss)

equal

to

the

difference

between

the

value

of

the

contract

at

the

time

it

was

opened

and

the

value

at

the

time

it

was

closed.

The

Funds

could

be

exposed

to

risk

if

the

value

of

the

currency

changes

unfavorably,

if

the

counterparties

to

the

contracts

are

unable

to

meet

the

terms

of

their

contracts

or

if

the

Funds

are

unable

to

enter

into

a

closing

position.

Risks

may

exceed

amounts

reported

on

the

Statements

of

Assets

and

Liabilities.

Non-deliverable

forward

foreign

currency

exchange

contracts

are

settled

with

the

counterparty

in

U.S.

dollars

without

the

delivery

of

foreign

currency.

Forward

foreign

currency

exchange

contracts

outstanding

at

period

end,

if

any,

are

disclosed

in

each

Fund’s

Schedule

of

Investments.

Swap

Contracts:

Certain

Funds

engage

in

various

swap

transactions

to

manage

risks

within

their

portfolios

or

as

alternatives

to

direct

investments.

Swap

transactions

may

be

privately

negotiated

in

the

over-the-counter

(“OTC”)

market

where

payments

are

settled

through

direct

payments

between

a

Fund

and

the

counterparty.

By

contrast,

certain

swap

transactions

are

subject

to

mandatory

central

clearing

(“centrally

cleared

swaps”).

These

swaps

are

executed

through

a

derivatives

clearing

member

(“DCM”),

acting

in

an

agency

capacity,

and

submitted

to

a

central

counterparty

(“CCP”),

in

which

case

all

payments

are

settled

with

the

CCP

through

the

DCM.

For

centrally

cleared

swaps,

the

Schedules

of

Investments

include

the

cumulative

appreciation

(depreciation),

while

only

the

current

day’s

variation

margin

is

reported on

the

Statements

of

Assets

and

Liabilities.

For

credit

default

swap and

interest

rate

swap contracts,

an

upfront

payment

received

by

a

Fund

is

reported

as

a

liability

and

an

upfront

payment

made

by

a

Fund

is

reported

as

an

asset

on

the

Fund’s

Statement

of

Assets

and

Liabilities.

Upfront

payments

are

amortized

over

the

term

of

the

contract.

If

there

is

no

upfront

payment

or

receipt,

market

value

will

equal

unrealized

appreciation

(depreciation).

Payments

received

(paid)

by

a

Fund

are

reported

as

realized

gains

(losses)

from

expiration

or

closing

of

swap

contracts

on

the

Statements

of

Operations.

The

Funds’

use

of

swap

contracts

creates

additional

risks

beyond

those

that

would

exist

if

the

Funds

invested

in

the

underlying

positions

directly.

Total

Return

Swap

Contracts:

Certain

Funds

invest

in

total

return

swap

contracts

to

obtain

exposure

to

the

underlying

referenced

instruments,

obtain

leverage

or

attain

the

returns

from

ownership

without

actually

owning

the

underlying

position.

Total

return

swap

contracts

are

two-party

contracts

that

generally

obligate

one

party

to

pay

the

positive

return

and

the

other

party

to

pay

the

negative

return

on

a

specified

reference

security,

security

index

or

index

component

during

the

period

of

the

swap.

Total

return

swap

contracts

are

marked

to

market

daily

and

the

change

in

market

value,

if

any,

is

reported

as

net

change

in

unrealized

appreciation

(depreciation)

on

swap

contracts

on

the

Statements

of

Operations.

Total

return

swap

contracts

normally

do

not

involve

the

delivery

of

securities

or

other

underlying

assets.

If

the

counterparty

to

a

total

return

swap

contract

defaults,

a

Fund’s

risk

of

loss

consists

of

the

net

amount

of

payments

the

Fund

is

contractually

entitled

to

receive,

if

any.

The

use

of

long

total

return

swap

contracts

subjects

the

Funds

to

risk

of

loss

in

excess

of

the

amounts

shown

on

the

Statements

of

Assets

and

Liabilities.

The

use

of

short

total

return

swap

contracts

subjects

the

Funds

to

potential

unlimited

loss.

Periodic

payments

received

(paid)

by

the

Funds

are

reported

as

realized

gains

(losses)

from

expiration

or

closing

of

swap

contracts

on

the

Statements

of

Operations.

Total

return

swap

contracts

outstanding

at

period

end,

if

any, are

disclosed

in

each

Fund’s

Schedule

of

Investments. 

Total

Return

Basket

Swap

Contracts:

Certain

Funds

enter

into

a

total

return

basket

swap

contract

to

obtain

exposure

to

a

portfolio

of

long

and/or

short

securities.

Under

the

terms

of

the

agreement,

the

swap

is

designed

to

function

as

a

portfolio

of

direct

investments

in

long

and

short

equity

or

fixed

income

positions.

The

absolute

notional

value

of

the

total

return

basket

swap

contract represents

the

accumulated

notional

value

of

the

underlying

long

components

and

absolute

notional

value

of

the

short

components

held

within

the

total

return

basket

swap

contract

at

period

end.

The

notional

value

of

each

component

represents

the

market

value

at

period

end.

The

Funds

have

the

ability

to

trade

in

and

out

of

long

and

short

positions

within

the

swap

and

will

receive

all

of

the

economic

benefits

and

risks

equivalent

to

direct

investments

in

these

positions

such

as:

capital

appreciation

(depreciation),

corporate

actions,

and

dividends

and

interest

received

and

paid,

all

of

which

are

reflected

in

the

swap

value.

The

swap

value

also

includes

financing

charges

and

credits

related

to

the

notional

values

of

the

long

and

short

positions

and

cash

balances

within

the

swap.

Finance

charges

and

credits

are

based

on

defined

market

rates

plus

or

minus

a

specified

spread.

Positions

within

the

swap

are

reset

periodically,

and

financing

costs

are

reset

generally

monthly.

During

a

reset,

any

realized

gains

(losses)

from

positions,

income,

proceeds

from

corporate

actions

and

accrued

financing

costs

may

become

available

for

cash

settlement

between

the

Funds

and

the

swap

counterparty.

Prior

to

the

reset,

these

amounts

are

included

as

a

component

of

the

swap

value

in

net

cash

and

other

receivables

(payables).

Cash

settlement

in

and

out

of

the

swap

may

occur

at

a

reset

date

or

any

other

date,

at

the

discretion

of

the

Funds

and

the

counterparty,

over

the

life

of

the

agreement,

and

is

generally

determined

based

on

limits

and

thresholds

established

as

part

of

the

master

netting

arrangement

between

the

Funds

and

the

counterparty.

The

maturity

dates

are

measured

from

the

commencement

of

investment

in

each

underlying

portfolio

swap

position.

A

change

in

the

market

value

of

a

total

return

basket

swap

contract

is

reported

as

net

change

in

unrealized

appreciation

(depreciation)

on

swap

contracts

on

the

Statements

of

Operations.

Cash

settlements

between

a

Fund

and

the

counterparty

are

reported

as

net

realized

gain

(loss)

from

expiration

or

closing

of

swap

contracts

on

the

Statements

of

Operations.

Total

return

basket

swap

contracts

outstanding

at

period

end,

if

any, are

disclosed

in

each

Fund’s

Schedule

of

Investments. 

Credit

Default

Swap

Contracts:

Certain

Funds

enter

into

credit

default

swap

contracts

to

provide

a

measure

of

protection

against

risk

of

loss

following

a

default,

or

other

credit

event

in

respect

of

issuers

within

an

underlying

index

or

a

single

issuer,

or

to

gain

credit

exposure

to

an

underlying

index

or

issuer.

In

a

credit

default

swap

contract,

the

protection

buyer

typically

makes

an

upfront

payment

and

a

periodic

stream

of

payments

to

a

counterparty,

the

protection

seller,

in

exchange

for

the

right

to

receive

a

contingent

payment

upon

the

occurrence

of

a

credit

event

on

the

reference

obligation

or

all

other

equally

ranked

obligations

of

the

reference

entity.

Credit

events

are

contract

specific

but

may

include

bankruptcy,

failure

to

pay,

restructuring

and

obligation

acceleration.

Credit

default

swap

contracts

are

marked

to

market

daily

and

the

change

in

market

value,

if

any,

is

reported as

net

change

in

unrealized

appreciation

(depreciation)

on

swap

contracts.

Variation

margin

is

accounted

for

as

unrealized

appreciation

or

depreciation

until

the

contract

is

closed,

at

which

time

the

gains

or

losses

are

realized.

Upon

the

occurrence

of

a

credit

event,

the

difference

between

the

par

value

and

market

value

of

the

reference

obligation,

net

of

any

proportional

amount

of

the

upfront

payment,

is

reported

as

realized

gain

(loss)

from

expiration

or

closing

of

swap

contracts

on

the

Statements

of

Operations.

314

Notes

to

Financial

Statements

AQR

Funds

|

Semi-Annual

Report

|

June

2024

June

30,

2024

(Unaudited)

Implied

credit

spreads

are

used

to

determine

the

value

of

credit

default

swap

contracts

and

reflect

the

cost

of

buying/selling

protection,

which

may

include

upfront

payments

made

to

enter

into

the

contract.

Therefore,

higher

spreads

indicate

a

greater

likelihood

that

a

seller

will

be

obligated

to

perform

(i.e.,

make

payment)

under

the

swap

contract.

Implied

credit

spreads

for

credit

default

swap

contracts

on

credit

indexes

are

linked

to

the

weighted

average

spread

across

the

underlying

reference

obligations

included

in

a

particular

index.

Risks

of

loss

may

exceed

amounts

recognized

on

the

Statements

of

Assets

and

Liabilities.

A

Fund’s

maximum

risk

of

loss

from

counterparty

risk,

either

as

the

protection

seller

or

as

the

protection

buyer,

is

the

fair

value

of

the

contract.

This

risk

may

be

mitigated

by

having

a

master

netting

arrangement

between

the

specific

Fund

and

the

counterparty.

The

central

clearing

house

acts

as

the

counterparty

to

each

centrally

cleared

swap

transaction,

therefore

credit

risk

is

limited

to

the

failure

of

the

clearing

house.

Where

a

Fund

is

a

seller

of

protection,

the

maximum

potential

amount

of

future

payments

the

Fund

may

be

required

to

make

is

equal

to

the

notional

amount

of

the

relevant

credit

default

swap

contract.

The

Funds'

risk

of

loss

associated

with

these

instruments

may

exceed

their

value,

as

recorded

in

the

Schedule

of

Investments.

Credit

default

swap

contracts

outstanding,

including

their

respective

notional

amounts

at

period

end,

if

any, are

disclosed

in

each

Fund’s

Schedule

of

Investments.

Interest

Rate

Swap

Contracts:

Certain

Funds

enter

into

interest

rate

swap

contracts

as

part

of

their

investment

strategy.

Interest

rate

swap

contracts

generally

involve

agreements

to

exchange

fixed

and

floating

payment

obligations,

without

the

exchange

of

the

underlying

notional

amounts.

Interest

rate

swap

contracts

are

privately

negotiated

in

the

OTC

market

or

may

be

executed

in

a

multilateral

or

other

trade

facility

platform,

such

as

a

registered

exchange

(centrally

cleared

swaps).

Periodic

payments

received

(paid)

by

the

Funds

are reported

as

realized

gains

(losses)

from

expiration

or

closing

of

swap

contracts

on

the

Statements

of

Operations.

Interest

rate

swap

contracts

are

marked

to

market

daily

and

the

change

in

market

value,

if

any,

is reported

as

net

change

in

unrealized

appreciation

(depreciation)

on

swap

contracts

on

the

Statements

of

Operations.

The

Funds’

risk

of

loss

associated

with

these

instruments

may

exceed

their

value,

as

recorded

in

the

Schedule

of

Investments.

Non-deliverable

interest

rate

swap

contracts

are

settled

with

the

counterparty

in

U.S.

dollars

without

the

delivery

of

foreign

currency.

Centrally

cleared

interest

rate

swap

contracts

may

have

forward

effective

dates.

The

amortization

of

the

upfront

premiums

(if

applicable)

and

payments

related

to

these

swap

contracts

begin

on

the

effective

date

of

the

contract.

Interest

rate

swap

contracts

outstanding,

including

their

respective

notional

amounts

at

period

end,

if

any, are

disclosed

in

each

Fund’s

Schedule

of

Investments.

Option

Contracts:

Certain

Funds

may

write

and

purchase

put

and

call

option

contracts.

When

a

Fund

writes

a

premium-style option

contract,

an

amount

equal

to

the

premium

received

by

the

Fund

is

reflected

as

an

asset

and

an

equivalent

liability.

The

amount

of

the

liability

is

subsequently

marked

to

market

to

reflect

the

current

market

value

of

the

written

option

contract.

When

a

security

is

purchased

or

sold

through

an

exercise

of

an

option

contract,

the

related

premium

paid

(or

received)

is

added

to

(or

deducted

from)

the

basis

of

the

security

acquired

or

deducted

from

(or

added

to)

the

proceeds

of

the

security

sold.

When

a

premium-style option

contract expires,

a

Fund

realizes

a

gain

or

loss

on

the

option

contract to

the

extent

of

the

premiums

received

or

paid.

When

a

Fund

enters

into

a

closing

transaction,

the

Fund

realizes

a

gain

or

loss

to

the

extent

the

cost

of

the

closing

transaction

exceeds

the

premiums

paid

or

received.

Written

uncovered

call

option

contracts subject

a

Fund

to

unlimited

risk

of

loss.

Written

covered

call

option

contracts limit

the

upside

potential

of

a

security

above

the

strike

price.

Written

put

option

contracts subject

a

Fund

to

risk

of

loss

if

the

value

of

the

security

declines

below

the

exercise

price

minus

the

put

premium.

A

Fund,

as

writer

of

an

option

contract,

bears

the

market

risk

of

an

unfavorable

change

in

the

price

of

the

security

underlying

the

written

option

contract.

Written

and

purchased

option

contracts are

non-income

producing

investments.

The

maximum

financial

exposure

for

premium-style

written

put option

contracts is

limited

to

the

number

of

contracts

written

and

the

related

strike

prices.

The

number

of contracts,

strike

price,

and

expiration

date

for

each

written

put

option

contract at

period

end,

if

any,

are

disclosed

in

each

Fund’s

Schedule

of

Investments.  

Repurchase

Agreements:

Certain

Funds

enter

into

repurchase

agreements.

In

a

repurchase

agreement,

a

Fund

takes

possession

of

an

underlying

debt

obligation

(collateral)

subject

to

an

obligation

of

the

seller

to

repurchase,

and

a

Fund

to

resell,

the

obligation

at

an

agreed-upon

price

and

time.

Under

the

terms

of

a

master

repurchase

agreement,

the

underlying

securities

for

all

repurchase

agreements

are

held

in

safekeeping

at

the

Fund’s

custodian

or

designated

sub-custodians

under

tri-party

repurchase

agreements.

Investments

in

repurchase

agreements

are

reflected

as

assets

on

the

Statements

of

Assets

and

Liabilities.

Interest

earned

is reported

as

a

component

of

interest

income

on

the

Statements

of

Operations.

In

periods

of

increased

demand

for

collateral,

a

Fund

may

pay

a

fee

for

receipt

of

collateral,

which

may

result

in

interest

expense

to

the

Fund.

Generally,

in

the

event

of

counterparty

default,

a

Fund

has

the

right

to

use

the

collateral

to

offset

losses

incurred.

If

the

counterparty

should

default,

a

Fund

may

seek

to

sell

the

securities

which

it

holds

as

collateral.

This

could

involve

procedural

costs

or

delays

in

addition

to

a

loss

on

the

securities

if

their

value

should

fall

below

their

repurchase

price.

Repurchase

agreements

outstanding

at

period

end,

if

any, are

disclosed

in

each

Fund’s

Schedule

of

Investments. 

Reverse

Repurchase

Agreements:

Certain

Funds

enter

into

reverse

repurchase

agreements

under

the

terms

of

a

master

repurchase

agreement.

A

Fund

sells

a

security

that

it

holds

to

a

counterparty

with

a

contemporaneous

agreement

to

repurchase

the

same

security

at

an

agreed-upon

price

and

date.

Reverse

repurchase

agreements

are

accounted

for

as

secured

borrowings

and

are

reflected

as

a

liability

on

the

Statements

of

Assets

and

Liabilities.

Interest

payments

made

on

reverse

repurchase

agreements

are

reported

as

a

component

of

dividends

and

interest

on

securities

sold

short

and/or

reverse

repurchase

agreements

on

the

Statements

of

Operations.

In

periods

of

increased

demand

for

the

security,

a

Fund

may

receive

a

fee

for

use

of

the

security

by

the

counterparty,

which

may

result

in

interest

income

to

the

Fund.

A

Fund

monitors

collateral

market

value

for

the

reverse

repurchase

agreements,

including

accrued

interest,

throughout

the

lives

of

the

agreements,

and

when

necessary,

delivers

or

receives

cash

or

securities

in

order

to

manage

credit

exposure

and

liquidity.

If

the

counterparty

defaults

or

enters

insolvency

proceeding,

realization

or

return

of

the

collateral

to

the

Fund

may

be

delayed

or

limited.

Reverse

repurchase

agreements

outstanding

at

period

end,

if

any,

including

the

underlying

debt

obligation

(collateral)

assigned

to

each

agreement,

are

disclosed

in

each

Fund’s

Schedule

of

Investments.

The

collateral

held

in

relation

to

the

repurchase

agreements

and

reverse

repurchase

agreements

was

in

U.S.

Treasury

Inflation

Protected

Securities

and

Foreign

Government

Securities

with

a

maturity

greater

than

90

days

in

the

amount

of

$10,722,958

for

the

AQR

Macro

Opportunities

Fund.

315

Notes

to

Financial

Statements

AQR

Funds

|

Semi-Annual

Report

|

June

2024

June

30,

2024

(Unaudited)

Master

Agreements:

Certain

Funds

are

parties

to

master

netting

arrangements

with

counterparties

(“Master

Agreements”).

Master

Agreements

govern

the

terms

of

certain

like

transactions

and

reduce

the

counterparty

risk

associated

with

relevant

transactions

by

specifying

payment

netting

mechanisms

across

multiple

transactions

and

providing

standardization

that

improves

legal

certainty.

Since

different

types

of

transactions

have

different

mechanics

and

are

sometimes

traded

by

different

legal

entities

of

a

particular

counterparty

organization,

each

type

of

transaction

may

be

covered

by

a

different

Master

Agreement,

resulting

in

the

need

for

multiple

Master

Agreements

with

a

counterparty

and

its

affiliates.

As

the

Master

Agreements

are

specific

to

unique

operations

of

different

asset

types,

they

allow

the

Funds

to

(i)

close

out

and

net

their

total

exposure

to

a

counterparty

in

the

event

of

a

default

with

respect

to

all

the

transactions

governed

under

a

single

Master

Agreement

with

a

counterparty,

(ii)

exit

transactions

through

means

other

than

sale,

such

as

through

a

negotiated

agreement

with

the

Funds’

counterparty,

a

transfer

to

another

party,

or

close

out

of

the

position

through

execution

of

an

offsetting

transaction.

Master

Repurchase

Agreements

govern

repurchase,

or

reverse

repurchase

transactions,

relating

to

government

bonds

between

certain

Funds

and

select

counterparties.

Master

Repurchase

Agreements

maintain

provisions

for

initiation,

income

payments,

events

of

default,

and

maintenance

of

collateral.

Prime

Broker

Arrangements

may

be

entered

into

to

facilitate

execution

and/or

clearing

of

equities,

bonds,

equity

option

contracts or

short

sales

of

securities

between

certain

Funds

and

selected

counterparties.

These

arrangements

provide

financing

terms

for

such

transactions

and

include

guidelines

surrounding

the

rights,

obligations,

and

other

events,

including,

but

not

limited

to,

margin,

execution,

and

settlement.

These

agreements

maintain

provisions

for

payments,

maintenance

of

collateral,

events

of

default,

and

termination.

Margin

and

other

assets

delivered

as

collateral

are

typically

held

by

the

prime

broker

and

offset

any

obligations

due

to

the

prime

broker.

Customer

Account

Agreements

govern

cleared

derivative

transactions

and

exchange-traded

futures

and

options

transactions.

Upon

entering

into

an

exchange-traded

or

centrally

cleared

derivative

contract,

the

Funds

are

required

to

deposit

with

the

relevant

clearing

organization

cash

or

securities,

which

are

referred

to

as

the

initial

margin.

Securities

deposited

as

initial

margin

are

designated

on

the

Schedules

of

Investments

and

cash

deposited

is

reported

as

deposits

with

brokers

for

futures

contracts and

deposits

with

brokers

for

centrally

cleared

swaps

on

the

Statements

of

Assets

and

Liabilities.

For

exchange-traded

futures

or

centrally

cleared

swap

contracts,

initial

margin

is

posted,

and

daily

changes

in

fair

value

are

reported

as

a

payable

or

receivable

on

the

Statements

of

Assets

and

Liabilities

as

variation

margin

on

futures

contracts

and

variation

margin

on

centrally

cleared

swaps.

Variation

margin

is

determined

separately

for

exchange-traded

futures

and

centrally

cleared

swap

contracts, and

cannot

be

netted.

International

Swaps

and

Derivatives

Association,

Inc.

Master

Agreements

and

Credit

Support

Annexes

(“ISDA

Master

Agreements”)

govern

OTC

derivative

transactions

entered

into

between

certain

Funds

and

a

counterparty.

ISDA

Master

Agreements

maintain

provisions

for

general

obligations,

representations,

netting

of

settlement

payments,

agreements

to

deliver

supporting

documents,

collateral

transfer

and

events

of

default

or

termination.

Events

of

termination

include

a

decline

in

the

Fund’s

net

assets

below

a

specified

threshold

over

a

certain

period

of

time

or

a

decline

in

the

counterparty’s

long-term

and

short-term

credit

ratings

below

a

specified

level.

In

each

case,

upon

occurrence,

the

other

party

may

elect

to

terminate

early

and

cause

settlement

of

all

OTC

derivatives

outstanding,

including

the

payment

of

any

losses

and

costs

resulting

from

such

early

termination,

as

reasonably

determined

by

the

terminating

party.

Any

decision

by

a

party

to

elect

early

termination

could

be

material

to

the

financial

statements

and

impact

a

Fund’s

future

derivative

activity.

Collateral

pledged

by

a

Fund

for

OTC

derivatives

pursuant

to

a

Master

Agreement

is

segregated

by

the

Fund’s

custodian

and

identified

as

an

asset

in

the

Statements

of

Assets

and

Liabilities

either

as

a

component

of

investments

in

securities,

at

value

(securities)

or

in

due

from

brokers

(cash).

Collateral

and

margin

requirements

differ

according

to

the

terms

of

each

type

of

Master

Agreement.

Collateral

is

routinely

transferred

if

the

total

net

exposure,

net

of

existing

collateral

already

in

place

governed

under

the

relevant

Master

Agreement,

with

a

counterparty

in

a

given

account

exceeds

a

specified

threshold.

Collateral

can

be

in

the

form

of

cash,

debt

securities

issued

by

the

U.S.

government,

money

market

funds,

and

other

securities

as

agreed

to

by

the

Fund

and

the

applicable

counterparty,

or

as

permitted

by

the

clearing

house

or

exchange.

Collateral

posted

for

the

benefit

of

a

Fund

pursuant

to

a

Master

Agreement

is

held

by

a

custodian

of

the

Fund.

Amounts

which

can

be

invested

or

repledged

are

presented

in

the

Fund’s

Schedule

of

Investments.

Segregation

of

a

Fund’s

collateral

in

the

custodian

account

helps

mitigate

counterparty

risk.

Collateral

received

is

reflected

as

a

liability

within

due

to

brokers

on

the

Statements

of

Assets

and

Liabilities.

As

governed

by

the

relevant

Master

Agreements,

interest

expense

may

be

incurred

if

a

counterparty

charges

the

Fund

interest

on

collateral

posted

directly

to

a

Fund’s

custodian

account.

For

financial

reporting

purposes,

the

Funds

do

not

offset

derivative

assets

and

liabilities

subject

to

Master

Agreements

on

the

Statements

of

Assets

and

Liabilities.

5.

Investment

Valuation

and

Fair

Value

Measurements 

Investment

Valuation

Policies:

The

Net

Asset

Value

(“NAV”)

of

the

Funds’

shares

are

valued

as

of

the

close

of

regular

trading

on

the

New

York

Stock

Exchange

(“NYSE”)

(normally

4:00

p.m.

Eastern

time)

on

each

day

that

the

NYSE

is

open

(each

a

“Business

Day”).

The

NAV

per

share

of

each

class

within

each

Fund

is

computed

by

dividing

the

total

current

value

of

the

assets

of

such

Fund

attributable

to

a

class,

less

class

liabilities,

by

the

total

number

of

shares

of

that

class

of

the

Fund

outstanding

at

the

time

the

computation

is

made.

GAAP

defines

fair

value

as

the

price

the

Funds

would

receive

to

sell

an

asset

or

pay

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date.

For

purposes

of

calculating

the

NAV,

portfolio

securities

and

other

financial

derivative

instruments

are

valued

on

each

Business

Day

using

valuation

methods

as

adopted

by

the

Funds’

Board

of

Trustees

(the

“Board”).

316

Notes

to

Financial

Statements

AQR

Funds

|

Semi-Annual

Report

|

June

2024

June

30,

2024

(Unaudited)

The

Board

has

designated

the

Adviser

as

the

Valuation

Designee

for

the

Funds

to

perform

fair

value

determinations.

The

Valuation

Designee

has

established

a

Valuation

Committee

to

assist

with

oversight

and

monitoring

of

the

valuation

of

the

Funds’

investments.

This

includes

administering,

implementing

and

overseeing

the

continual

appropriateness

of

valuation

approaches

applied

and

the

determination

of

adjustments

to

the

fair

valuation

of

portfolio

securities

and

other

financial

derivative

instruments

in

good

faith

after

consideration

of

market

factor

changes

and

events

affecting

issuers.

Where

market

quotes

are

readily

available,

fair

value

is

generally

determined

on

the

basis

of

official

closing

prices

or

the

last

reported

sales

prices,

or

if

no

sales

are

reported,

based

on

quotes

obtained

from

pricing

services

or

established

market

makers.

Where

market

quotations

are

not

readily

available,

or

if

an

available

market

quotation

is

determined

not

to

reflect

fair

value,

securities and

other financial

derivatives

are

valued

at

fair

value,

as

determined

in

good

faith

by

the Valuation

Committee

in

accordance

with

the

valuation

procedures

approved

by

the

Funds’

Board.

Using

fair

value

to

price

a

security

may

require

subjective

determinations

about

the

value

of

a

security

that

could

result

in

a

value

that

is

different

from

a

security’s

most

recent

closing

price

and

from

the

prices

used

by

other

mutual

funds

to

calculate

their

net

assets.

It

is

possible

the

estimated

values

may

differ

significantly

from

the

values

which

would

have

been

used

had

an

active

market

for

the

investments

existed.

These

differences

could

be

material.

Fair

Value

Hierarchy:

Various

inputs

are

utilized

in

determining

the

value

of

each

Fund’s

investments.

GAAP

establishes

a

hierarchy

for

inputs

used

in

measuring

fair

value

that

maximizes

the

use

of

observable

inputs

and

minimizes

the

use

of

unobservable

inputs

by

requiring

the

most

observable

inputs

be

used

when

available.

These

inputs

are

summarized

into

three

broad

levels

as

follows:

Level

1

—

Inputs

using

unadjusted

quoted

prices

in

active

markets

or

exchanges

for

identical

assets

and

liabilities.

Level

2

—

Other

significant

observable

inputs,

which

may

include,

but

are

not

limited

to,

quoted

prices

for

similar

assets

or

liabilities

in

markets

that

are

active,

quoted

prices

for

identical

or

similar

assets

or

liabilities

in

markets

that

are

not

active,

inputs

other

than

quoted

prices

that

are

observable

for

the

assets

or

liabilities

(such

as

interest

rates,

yield

curves,

volatilities,

prepayment

speeds,

credit

risks

and

default

rates)

or

other

market

corroborated

inputs.

Level

3

—

Significant

unobservable

inputs

based

on

the

best

information

available

in

the

circumstances,

to

the

extent

observable

inputs

are

not

available,

which

may

include

assumptions

made

by

the

Board

or

persons

acting

at

their

direction

that

are

used

in

determining

the

fair

value

of

investments.

An

investment

asset’s

or

liability’s

level

within

the

fair

value

hierarchy

is

based

on

the

lowest

level

input,

individually

or

in

aggregate,

that

is

significant

to

fair

value

measurement.

The

objective

of

fair

value

measurement

remains

the

same

even

when

there

is

a

significant

decrease

in

the

volume

and

level

of

activity

for

an

asset

or

liability

and

regardless

of

the

valuation

technique

used.

The

valuation

techniques

used

by

the

Funds

to

measure

fair

value

maximize

the

use

of

observable

inputs

and

minimize

the

use

of

unobservable

inputs.

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

assigned

level

within

the

hierarchy.

The

inputs

or

methodology

used

for

valuing

securities

are

not

necessarily

an

indication

of

the

risk

associated

with

investing

in

those

securities.

Valuation

Inputs

and

Techniques:

The

following

inputs

and

techniques

may

be

used

by

the

Funds

to

evaluate

how

to

classify

each

major

category

of

assets

and

liabilities

into

the

appropriate

fair

value

hierarchy

in

accordance

with

GAAP.

Equity

securities,

including

securities

sold

short,

rights,

exchange-traded

option

contracts,

warrants,

exchange-traded

funds,

and

closed-end

funds,

are

valued

at

the

last

quoted

sales

prices

or

official

closing

prices

taken

from

the

primary

market,

or

composite

in

which

each

security

trades,

and

are

therefore

classified

as

Level

1.

Investments

in

mutual

funds

are

valued

daily

at

their

NAVs

which

are

also

classified

as

Level

1.

An

equity

for

which

no

sales

are

reported,

as

in

the

case

of

a

security

that

is

traded

in

the OTC

market

or

a

less

liquid

listed

equity,

is

valued

at

its

last

bid

price

(in

the

case

of

short

sales,

at

the

ask

price)

and

is

therefore

classified

as Level

2.

In

addition,

equities

traded

outside

of

the

Western

Hemisphere,

or

in

foreign

markets

that

close

at

4:00

p.m.

Eastern

time

where

the

market

is

closed

due

to

a

holiday,

are

generally

classified

as

Level

2

because

they

are

fair

valued

daily

based

on

the

application

of

a

fair

value

factor

(unless

the

Adviser

determines

that

use

of

another

valuation

methodology

is

appropriate).

The

Funds

apply

daily

fair

value

factors,

furnished

by

an

independent

pricing

service,

to

account

for

the

market

movement

between

the

close

of

the

foreign

market

and

the

close

of

the

NYSE.

The

pricing

service

uses

statistical

analysis

and

quantitative

models

to

adjust

local

market

prices

using

factors

such

as

subsequent

movement

and

changes

in

the

prices

of

indices,

American

Depositary

Receipts,

futures

contracts

and

exchange

rates

in

other

markets

in

determining

fair

value

as

of

the

time

a

Fund

calculates

its

NAV.

Fixed

income

securities

(other

than

certain

short-term

investments

maturing

in

60

days

or

less)

and

other

investments

that

trade

in

markets

that

are

not

considered

to

be

active,

are

valued

based

on

quoted

market

prices,

dealer

quotations

or

alternative

pricing

sources

supported

by

observable

inputs

and

are

also

classified as

Level

2.

These

include

certain

U.S.

government

and

sovereign

obligations,

most

government

agency

securities,

investment-grade

corporate

bonds,

and

less

liquid

listed

equities.

Corporate

and

sovereign

bonds

and

other

fixed

income

securities

are

valued

at

estimated

fair

value

using

the

latest

bid

prices

or

evaluated

quotes

furnished

by

independent

pricing

services,

as

well

as

quotations

from

counterparties

and

other

market

participants.

Evaluated

quotes

are

generally

based

on

a

matrix

system,

which

may

consider

such

factors

as

quoted

prices

for

identical

or

similar

assets,

yields,

maturities

and

ratings

and

are

not

necessarily

reliant

on

quoted

prices.

Short-term

debt

investments

of

sufficient

credit

quality

maturing

in

60

days

or

less

are

generally

valued

at

amortized

cost,

which

approximates

fair

value.

These

investments

are

classified

as

Level

2

within

the

fair

value

hierarchy. 

317

Notes

to

Financial

Statements

AQR

Funds

|

Semi-Annual

Report

|

June

2024

June

30,

2024

(Unaudited)

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.

The

inputs

used

by

the

Funds

in

estimating

the

value

of

Level

3

investments

include

the

original

transaction

price,

recent

transactions

in

the

same

or

similar

instruments,

completed

or

pending

third-party

transactions

in

the

underlying

investment

or

comparable

issuers,

subsequent

rounds

of

financing,

recapitalizations

and

other

transactions

across

the

capital

structure,

offerings

in

the

equity

or

debt

capital

markets,

changes

in

financial

ratios

or

cash

flows,

benchmark

yield

curves,

credit

spreads,

estimated

default

rates,

underlying

collateral,

and

other

unique

security

features.

Level

3

investments

may

also

be

adjusted

to

reflect

illiquidity

and/or

non-transferability,

with

the

amount

of

such

discount

estimated

by

the

Adviser

in

the

absence

of

market

information.

Assumptions

used

by

the

Funds

due

to

the

lack

of

observable

inputs

may

significantly

impact

the

fair

value

of

the

investment. 

Exchange-traded

derivatives,

such

as

futures

and

exchange-traded

option

contracts,

are

typically

classified as

Level

1

or

Level

2

within

the

fair

value

hierarchy

depending

on

whether

or

not

they

are

deemed

to

be

actively

traded.

Futures

and

option

contracts

that

are

listed

on

national

exchanges

and

are

freely

transferable

are

valued

at

fair

value

based

on

their

last

sales

price

on

the

date

of

determination

on

the

exchange

that

constitutes

the

principal

market.

For

option

contracts,

if

no

sales

occurred

on

such

date,

the

contracts

will

be

valued

at

the

mid

price

on

such

exchange

at

the

close

of

business

on

such

date.

Centrally

cleared

swaps

listed

or

traded

on

a

multilateral

trade

facility

platform,

such

as

a

registered

exchange,

are

valued

on

a daily

basis

using

quotations

provided

by

an

independent

pricing

service. 

OTC

derivatives,

including

forward

foreign

currency

exchange

and

swap

contracts,

are

valued

by

the

Funds

on

a

daily

basis

using

observable

inputs,

such

as

quotations

provided

by

an

independent

pricing

service,

the

counterparty,

dealers

or

brokers,

whenever

available

and

considered

reliable.

The

value

of

each

total

return

swap

contract

and

total

return

basket

swap

contract

is

derived

from

a

combination

of

(i)

the

net

value

of

the

underlying

positions,

which

are

valued

daily

using

the

last

sale

or

closing

price

on

the

principal

exchange

on

which

the

securities

are

traded;

(ii)

financing

costs;

(iii)

the

value

of

dividends

or

accrued

interest;

(iv)

cash

balances

within

the

swap;

and

(v)

other

factors,

as

applicable. 

The

U.S.

dollar

value

of

forward

foreign

currency

exchange

contracts

is

determined

using

current

forward

currency

exchange

rates

supplied

by

an

independent

pricing

service. 

Credit

default

swap

and

interest

rate

swap

contracts

are

marked

to

market

daily

based

on

quotations

as

provided

by

an

independent

pricing

service.

The

independent

pricing

services

aggregate

valuation

information

from

various

market

participants

to

create

a

single

reference

value

for

each

credit

default

swap

contract

and

interest

rate

swap

contract. 

Generally,

a

valuation

model

is

used

consistently

for

similar

derivative

types.

In

instances

where

models

are

used,

the

value

of

an

OTC

derivative

depends

upon

the

contractual

terms

of,

and

specific

risks

inherent

in,

the

instrument

as

well

as

the

availability

and

reliability

of

observable

inputs.

Such

inputs

typically

may

include

market

prices

for

reference

securities,

yield

curves,

credit

spreads,

measures

of

volatility,

prepayment

rates

and

implied

correlations

of

such

inputs

which

are

obtained

from

outside

brokers

and/or

pricing

services

when

available.

Certain

OTC

derivatives,

such

as

generic

forward,

swap

and

option

contracts,

have

inputs

which

can

generally

be

corroborated

by

market

data

and

are

therefore

classified

as

Level

2.

Those

OTC

derivatives

that

have

less

liquidity

or

for

which

inputs

are

unobservable

are

classified as

Level

3.

While

the

valuations

of

less

liquid

OTC

derivatives

may

utilize

some

Level

1

and/or

Level

2

inputs,

they

also

may

include

other

unobservable

inputs

which

may

be

considered

significant

to

the

fair

value

determination. 

The

Funds

value

the

repurchase

agreements

and

reverse

repurchase

agreements

they

have

entered

based

on

the

respective

contract

amounts,

which

approximate

fair

value.

As

such,

repurchase

agreements

are

carried

at

the

amount

of

cash

paid

plus

accrued

interest

receivable

(or

interest

payable

in

periods

of

increased

demand

for

collateral),

and

reverse

repurchase

agreements

are

carried

at

the

amount

of

cash

received

plus

accrued

interest

payable

(or

interest

receivable

in

periods

of

increased

demand

for

collateral).

These

investments

are

categorized

as

Level

2

within

the

fair

value

hierarchy. 

318

Notes

to

Financial

Statements

AQR

Funds

|

Semi-Annual

Report

|

June

2024

June

30,

2024

(Unaudited)

Quantitative

Information

The

following

tables

represent

each

Fund’s

valuation

inputs

as

presented

on

the

Schedule

of

Investments:

AQR

ALTERNATIVE

RISK

PREMIA

FUND

LEVEL

1

LEVEL

2

LEVEL

3

TOTALS

ASSETS

Common

Stocks

†

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

$

272,094,972

$

191,296,694

$

–

$

463,391,666

Preferred

Stocks

†

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

–

398,796

–

398,796

Warrants

†

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

–

–

–

(a)

–

(a)

Short-Term

Investments

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

153,309,262

28,116,827

–

181,426,089

Interest

Rate

Swap

Contracts*

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

–

2,068,613

–

2,068,613

Total

Return

Swap

Contracts*

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

–

559,183

–

559,183

Futures

Contracts*

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

5,582,254

–

–

5,582,254

Forward

Foreign

Currency

Exchange

Contracts*

........

–

3,394,036

–

3,394,036

Total

Assets

$

430,986,488

$

225,834,149

$

–

(a)

$

656,820,637

LIABILITIES

Common

Stocks

(Sold

Short)

†

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

$

(255,793,530)

$

(179,169,113)

$

–

$

(434,962,643)

Preferred

Stocks

(Sold

Short)

†

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

–

(1,935,999)

–

(1,935,999)

Rights

(Sold

Short)

†

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

–

–

(a)

–

–

(a)

Warrants

(Sold

Short)

†

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

(10,070)

–

–

(10,070)

Interest

Rate

Swap

Contracts*

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

–

(1,897,757)

–

(1,897,757)

Total

Return

Swap

Contracts*

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

–

(351,855)

–

(351,855)

Futures

Contracts*

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

(6,016,175)

–

–

(6,016,175)

Forward

Foreign

Currency

Exchange

Contracts*

........

–

(3,843,199)

–

(3,843,199)

Total

Liabilities

$

(261,819,775)

$

(187,197,923)

$

–

$

(449,017,698)

AQR

DIVERSIFIED

ARBITRAGE

FUND

LEVEL

1

LEVEL

2

LEVEL

3

TOTALS

ASSETS

Common

Stocks

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

$

492,811,483

$

4,187,469

$

–

(a)

$

496,998,952

Closed-End

Funds

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

120,294,856

–

–

120,294,856

Corporate

Bonds

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

–

25,873,330

125,630

25,998,960

Convertible

Bonds

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

–

1,169,008,013

–

1,169,008,013

Rights

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

109,802

94,299

35,580

239,681

Warrants

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

297,859

194,567

79,892

572,318

Securities

in

Litigation

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

–

–

–

(a)

–

(a)

Units

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

14,656,110

1,210,635

–

15,866,745

Short-Term

Investments

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

339,757,997

377,847,915

–

717,605,912

Options

Purchased

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

–

197,328

–

197,328

Total

Return

Swap

Contracts*

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

–

–

(a)

–

–

(a)

Forward

Foreign

Currency

Exchange

Contracts*

........

–

291,782

–

291,782

Total

Return

Basket

Swap

Contracts*

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

–

4,919,477

–

4,919,477

Total

Assets

$

967,928,107

$

1,583,824,815

$

241,102

$

2,551,994,024

LIABILITIES

Common

Stocks

(Sold

Short)

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

$

(813,871,075)

$

–

$

–

(a)

$

(813,871,075)

Exchange

Traded

Funds

(Sold

Short)

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

(999,306)

–

–

(999,306)

Corporate

Bonds

(Sold

Short)

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

–

(33,188,701)

–

(33,188,701)

Convertible

Bonds

(Sold

Short)

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

–

(65,484,785)

–

(65,484,785)

Credit

Default

Swap

Contracts*

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

–

(5,234,000)

–

(5,234,000)

Futures

Contracts*

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

(1,009,157)

–

–

(1,009,157)

Forward

Foreign

Currency

Exchange

Contracts*

........

–

(346,412)

–

(346,412)

Total

Return

Basket

Swap

Contracts*

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

–

(26,468,059)

–

(26,468,059)

Total

Liabilities

$

(815,879,538)

$

(130,721,957)

$

–

(a)

$

(946,601,495)

AQR

DIVERSIFYING

STRATEGIES

FUND

LEVEL

1

LEVEL

2

LEVEL

3

TOTALS

ASSETS

Investment

Companies

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

$

1,001,636,416

$

–

$

–

$

1,001,636,416

Short-Term

Investments

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

20,297,287

–

–

20,297,287

Total

Assets

$

1,021,933,703

$

–

$

–

$

1,021,933,703

319

Notes

to

Financial

Statements

AQR

Funds

|

Semi-Annual

Report

|

June

2024

June

30,

2024

(Unaudited)

AQR

EQUITY

MARKET

NEUTRAL

FUND

LEVEL

1

LEVEL

2

LEVEL

3

TOTALS

ASSETS

Common

Stocks

†

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

$

753,251,163

$

530,541,601

$

–

$

1,283,792,764

Short-Term

Investments

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

263,108,658

236,481,379

–

499,590,037

Forward

Foreign

Currency

Exchange

Contracts*

........

–

985,609

–

985,609

Total

Return

Basket

Swap

Contracts*

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

–

–

284,679

284,679

Total

Assets

$

1,016,359,821

$

768,008,589

$

284,679

$

1,784,653,089

LIABILITIES

Common

Stocks

(Sold

Short)

†

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

$

(728,643,799)

$

(486,932,285)

$

–

$

(1,215,576,084)

Preferred

Stocks

(Sold

Short)

†

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

–

(4,966,715)

–

(4,966,715)

Rights

(Sold

Short)

†

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

–

–

(a)

–

–

(a)

Forward

Foreign

Currency

Exchange

Contracts*

........

–

(182,745)

–

(182,745)

Total

Return

Basket

Swap

Contracts*

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

–

(30,008)

–

(30,008)

Total

Liabilities

$

(728,643,799)

$

(492,111,753)

$

–

$

(1,220,755,552)

AQR

LONG-SHORT

EQUITY

FUND

LEVEL

1

LEVEL

2

LEVEL

3

TOTALS

ASSETS

Common

Stocks

†

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

$

2,216,961,255

$

1,536,775,464

$

–

$

3,753,736,719

Short-Term

Investments

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

459,664,965

1,030,296,881

–

1,489,961,846

Total

Return

Swap

Contracts*

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

–

435,740

–

435,740

Futures

Contracts*

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

2,752,396

–

–

2,752,396

Forward

Foreign

Currency

Exchange

Contracts*

........

–

2,658,676

–

2,658,676

Total

Assets

$

2,679,378,616

$

2,570,166,761

$

–

$

5,249,545,377

LIABILITIES

Common

Stocks

(Sold

Short)

†

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

$

(2,173,025,082)

$

(1,421,839,377)

$

–

$

(3,594,864,459)

Preferred

Stocks

(Sold

Short)

†

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

–

(19,141,089)

–

(19,141,089)

Rights

(Sold

Short)

†

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

–

(1)

–

(1)

Total

Return

Swap

Contracts*

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

–

(1,114,152)

–

(1,114,152)

Futures

Contracts*

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

(237,468)

–

–

(237,468)

Forward

Foreign

Currency

Exchange

Contracts*

........

–

(3,844,159)

–

(3,844,159)

Total

Return

Basket

Swap

Contracts*

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

–

–

(168,203)

(168,203)

Total

Liabilities

$

(2,173,262,550)

$

(1,445,938,778)

$

(168,203)

$

(3,619,369,531)

AQR

MACRO

OPPORTUNITIES

FUND

LEVEL

1

LEVEL

2

LEVEL

3

TOTALS

ASSETS

Common

Stocks

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

$

10,472,438

$

8,016,567

$

–

$

18,489,005

U.S.

Treasury

Obligations

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

–

10,722,958

–

10,722,958

Short-Term

Investments

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

66,433,807

46,103,504

–

112,537,311

Credit

Default

Swap

Contracts*

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

–

707,751

–

707,751

Interest

Rate

Swap

Contracts*

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

–

8,327,047

–

8,327,047

Total

Return

Swap

Contracts*

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

–

1,063,678

–

1,063,678

Futures

Contracts*

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

9,090,867

–

–

9,090,867

Forward

Foreign

Currency

Exchange

Contracts*

........

–

5,980,951

–

5,980,951

Total

Assets

$

85,997,112

$

80,922,456

$

–

$

166,919,568

LIABILITIES

Reverse

Repurchase

Agreements

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

$

–

$

(16,401,000)

$

–

$

(16,401,000)

Credit

Default

Swap

Contracts*

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

–

(131,349)

–

(131,349)

Interest

Rate

Swap

Contracts*

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

–

(9,231,145)

–

(9,231,145)

Total

Return

Swap

Contracts*

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

–

(415,360)

–

(415,360)

Futures

Contracts*

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

(8,801,934)

–

–

(8,801,934)

Forward

Foreign

Currency

Exchange

Contracts*

........

–

(7,765,773)

–

(7,765,773)

Total

Liabilities

$

(8,801,934)

$

(33,944,627)

$

–

$

(42,746,561)

320

Notes

to

Financial

Statements

AQR

Funds

|

Semi-Annual

Report

|

June

2024

June

30,

2024

(Unaudited)

AQR

MANAGED

FUTURES

STRATEGY

FUND

LEVEL

1

LEVEL

2

LEVEL

3

TOTALS

ASSETS

Short-Term

Investments

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

$

304,440,452

$

1,093,689,671

$

–

$

1,398,130,123

Credit

Default

Swap

Contracts*

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

–

3,248,964

–

3,248,964

Interest

Rate

Swap

Contracts*

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

–

18,017,951

–

18,017,951

Total

Return

Swap

Contracts*

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

–

2,717,302

–

2,717,302

Futures

Contracts*

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

32,946,496

–

–

32,946,496

Forward

Foreign

Currency

Exchange

Contracts*

........

–

33,090,264

–

33,090,264

Total

Return

Basket

Swap

Contracts*

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

–

3,116,379

–

3,116,379

Total

Assets

$

337,386,948

$

1,153,880,531

$

–

$

1,491,267,479

LIABILITIES

Credit

Default

Swap

Contracts*

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

$

–

$

(853,620)

$

–

$

(853,620)

Interest

Rate

Swap

Contracts*

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

–

(13,490,446)

–

(13,490,446)

Total

Return

Swap

Contracts*

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

–

(2,852,716)

–

(2,852,716)

Futures

Contracts*

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

(45,521,948)

–

–

(45,521,948)

Forward

Foreign

Currency

Exchange

Contracts*

........

–

(29,157,018)

–

(29,157,018)

Total

Return

Basket

Swap

Contracts*

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

–

(1,787,549)

–

(1,787,549)

Total

Liabilities

$

(45,521,948)

$

(48,141,349)

$

–

$

(93,663,297)

AQR

MANAGED

FUTURES

STRATEGY

HV

FUND

LEVEL

1

LEVEL

2

LEVEL

3

TOTALS

ASSETS

Short-Term

Investments

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

$

65,375,543

$

140,661,800

$

–

$

206,037,343

Credit

Default

Swap

Contracts*

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

–

765,445

–

765,445

Interest

Rate

Swap

Contracts*

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

–

4,270,040

–

4,270,040

Total

Return

Swap

Contracts*

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

–

614,683

–

614,683

Futures

Contracts*

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

7,250,210

–

–

7,250,210

Forward

Foreign

Currency

Exchange

Contracts*

........

–

7,618,662

–

7,618,662

Total

Return

Basket

Swap

Contracts*

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

–

2,788,446

–

2,788,446

Total

Assets

$

72,625,753

$

156,719,076

$

–

$

229,344,829

LIABILITIES

Credit

Default

Swap

Contracts*

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

$

–

$

(200,015)

$

–

$

(200,015)

Interest

Rate

Swap

Contracts*

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

–

(3,213,523)

–

(3,213,523)

Total

Return

Swap

Contracts*

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

–

(645,926)

–

(645,926)

Futures

Contracts*

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

(10,224,692)

–

–

(10,224,692)

Forward

Foreign

Currency

Exchange

Contracts*

........

–

(6,718,038)

–

(6,718,038)

Total

Return

Basket

Swap

Contracts*

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

–

(153,319)

–

(153,319)

Total

Liabilities

$

(10,224,692)

$

(10,930,821)

$

–

$

(21,155,513)

AQR

MULTI-ASSET

FUND

LEVEL

1

LEVEL

2

LEVEL

3

TOTALS

ASSETS

Common

Stocks

†

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

$

175,947,027

$

59,947,327

$

–

(a)

$

235,894,354

Preferred

Stocks

†

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

–

388,988

–

388,988

Foreign

Government

Securities

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

–

38,037,285

–

38,037,285

U.S.

Treasury

Obligations

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

–

48,465,836

–

48,465,836

Short-Term

Investments

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

86,529,068

61,883,578

–

148,412,646

Total

Return

Swap

Contracts*

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

–

277,969

–

277,969

Futures

Contracts*

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

4,458,346

–

–

4,458,346

Forward

Foreign

Currency

Exchange

Contracts*

........

–

4,383,822

–

4,383,822

Total

Assets

$

266,934,441

$

213,384,805

$

–

(a)

$

480,319,246

LIABILITIES

Common

Stocks

(Sold

Short)

†

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

$

(42,181,796)

$

(11,770,069)

$

–

(a)

$

(53,951,865)

Preferred

Stocks

(Sold

Short)

†

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

–

(781,993)

–

(781,993)

Warrants

(Sold

Short)

†

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

–

–

–

(a)

–

(a)

Total

Return

Swap

Contracts*

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

–

(213,785)

–

(213,785)

Futures

Contracts*

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

(5,217,041)

–

–

(5,217,041)

Forward

Foreign

Currency

Exchange

Contracts*

........

–

(5,994,792)

–

(5,994,792)

Total

Liabilities

$

(47,398,837)

$

(18,760,639)

$

–

(a)

$

(66,159,476)

321

Notes

to

Financial

Statements

AQR

Funds

|

Semi-Annual

Report

|

June

2024

June

30,

2024

(Unaudited)

Transfers

to

Level

3

or

from

Level

3

are

generally

due

to

a

decline

or

an

increase

in

market

activity

(e.g.,

frequency

of

trades),

which

resulted

in

a

lack

of

or

increase

in

available

market

inputs

to

determine

price. 

The

fair

values

of

Level

3

investments

are

based

on

significant

unobservable

inputs

that

reflect

the

Adviser’s

determination

of

assumptions

that

market

participants

might

reasonably

use

in

valuing

the

securities.

Changes

in

significant

unobservable

inputs

could

cause

significant

changes

in

valuation

to

individual

securities

and

in

aggregate.

Fair

value

determinations

and

valuation

of

investments

that

are

not

actively

trading

involve

judgment

and

may

differ

materially

from

valuations

that

would

have

been

used

had

greater

market

activity

occurred.

AQR

RISK-BALANCED

COMMODITIES

STRATEGY

FUND

LEVEL

1

LEVEL

2

LEVEL

3

TOTALS

ASSETS

Short-Term

Investments

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

$

255,134,339

$

243,783,808

$

–

$

498,918,147

Futures

Contracts*

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

25,361,468

–

–

25,361,468

Total

Assets

$

280,495,807

$

243,783,808

$

–

$

524,279,615

LIABILITIES

Futures

Contracts*

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

$

(36,457,858)

$

–

$

–

$

(36,457,858)

Total

Liabilities

$

(36,457,858)

$

–

$

–

$

(36,457,858)

AQR

STYLE

PREMIA

ALTERNATIVE

FUND

LEVEL

1

LEVEL

2

LEVEL

3

TOTALS

ASSETS

Common

Stocks

†

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

$

1,347,502,713

$

1,034,569,282

$

–

$

2,382,071,995

Preferred

Stocks

†

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

1,153,102

1,456,108

–

2,609,210

Short-Term

Investments

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

348,602,851

399,444,403

–

748,047,254

Interest

Rate

Swap

Contracts*

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

–

14,012,881

–

14,012,881

Total

Return

Swap

Contracts*

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

–

4,468,808

–

4,468,808

Futures

Contracts*

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

36,610,487

–

–

36,610,487

Forward

Foreign

Currency

Exchange

Contracts*

........

–

15,739,291

–

15,739,291

Total

Return

Basket

Swap

Contracts*

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

–

2,914,323

–

2,914,323

Total

Assets

$

1,733,869,153

$

1,472,605,096

$

–

$

3,206,474,249

LIABILITIES

Common

Stocks

(Sold

Short)

†

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

$

(1,268,916,549)

$

(942,183,281)

$

–

$

(2,211,099,830)

Preferred

Stocks

(Sold

Short)

†

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

(116,642)

(9,738,150)

–

(9,854,792)

Rights

(Sold

Short)

†

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

–

(2)

–

(2)

Warrants

(Sold

Short)

†

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

–

–

–

(a)

–

(a)

Interest

Rate

Swap

Contracts*

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

–

(13,565,034)

–

(13,565,034)

Total

Return

Swap

Contracts*

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

–

(4,875,489)

–

(4,875,489)

Futures

Contracts*

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

(27,237,644)

–

–

(27,237,644)

Forward

Foreign

Currency

Exchange

Contracts*

........

–

(21,950,436)

–

(21,950,436)

Total

Return

Basket

Swap

Contracts*

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

–

(335,661)

(4,548)

(340,209)

Total

Liabilities

$

(1,296,270,835)

$

(992,648,053)

$

(4,548)

$

(2,288,923,436)

AQR

SUSTAINABLE

LONG-SHORT

EQUITY

CARBON

AWARE

FUND

LEVEL

1

LEVEL

2

LEVEL

3

TOTALS

ASSETS

Short-Term

Investments

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

$

10,486,897

$

14,728,861

$

–

$

25,215,758

Forward

Foreign

Currency

Exchange

Contracts*

........

–

3,718

–

3,718

Total

Return

Basket

Swap

Contracts*

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

–

513,643

–

513,643

Total

Assets

$

10,486,897

$

15,246,222

$

–

$

25,733,119

LIABILITIES

Forward

Foreign

Currency

Exchange

Contracts*

........

$

–

$

(66,256)

$

–

$

(66,256)

Total

Return

Basket

Swap

Contracts*

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

–

(310,251)

–

(310,251)

Total

Liabilities

$

–

$

(376,507)

$

–

$

(376,507)

*

Derivative

instruments,

including

total

return

swap,

futures

and

forward

foreign

currency

exchange

contracts,

are

reported

at

the

cumulative

unrealized

appreciation/(depreciation)

of

the

instrument

on

the

Funds’

Schedules

of

Investments.

Credit

default

swaps,

interest

rate

swaps

and

total

return

basket

swap

contracts

are

reported

at

market

value.

Only

current

day’s

variation

margin

is

reported

on

the

Statements

of

Assets

and

Liabilities

for

exchange-traded

and

cleared

derivatives.

†

Please

refer

to

the

Schedule

of

Investments

to

view

securities

segregated

by

country.

(a)

Securities

have

zero

value.

322

Notes

to

Financial

Statements

AQR

Funds

|

Semi-Annual

Report

|

June

2024

June

30,

2024

(Unaudited)

6.

Federal

Income

Tax

Matters

At

June

30,

2024,

the

cost

and

aggregate

gross

unrealized

appreciation

(depreciation)

of

long

security

positions,

short

security

positions

and

derivative

instruments

for

federal

income

tax

purposes

were

as

follows:

The

differences

between

book-basis

and

tax-basis

cost

of

investments

was

due

primarily

to

timing

differences

in

recognizing

certain

gains

and

losses

on

security

transactions

(e.g.

wash

sale

loss

deferrals

and

passive

foreign

investment

company

("PFIC") transactions).

As

of

December

31,

2023,

for

federal

income

tax

purposes,

the

following

Funds

have

capital

loss

carryforwards,

with

no

expiration,

available

to

offset

future

capital

gains,

if

any,

to

the

extent

provided

by

the

U.S.

Treasury

regulations.

The

ability

to

utilize

capital

loss

carryforwards

in

the

future

may

be

limited

under

the

Internal

Revenue

Code

and

related

regulations

based

on

the

results

of

future

transactions.

7.

Investment

Transactions

During

the period

ended

June

30,

2024,

the

cost

of

purchases

and

the

proceeds

from

sales

of

investments

(excluding

swap

contracts,

forward

foreign

currency

exchange

contracts,

futures

contracts

and

short-term

investments)

were

as

follows:

FUND

COST

OF

INVESTMENTS

GROSS

UNREALIZED

APPRECIATION

GROSS

UNREALIZED

DEPRECIATION

NET

UNREALIZED

APPRECIATION

(DEPRECIATION)

AQR

Alternative

Risk

Premia

Fund

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

$

54,378,156

$

181,334,647

$

(27,909,864)

$

153,424,783

AQR

Diversified

Arbitrage

Fund

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

1,628,984,949

134,070,420

(157,662,840)

(23,592,420)

AQR

Diversifying

Strategies

Fund

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

973,958,835

48,383,056

(408,188)

47,974,868

AQR

Equity

Market

Neutral

Fund

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

530,944,226

90,443,389

(57,490,078)

32,953,311

AQR

Long-Short

Equity

Fund

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

1,557,451,652

291,577,163

(218,852,969)

72,724,194

AQR

Macro

Opportunities

Fund

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

121,903,246

24,659,653

(22,389,892)

2,269,761

AQR

Managed

Futures

Strategy

Fund

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

1,406,363,915

78,734,951

(87,494,684)

(8,759,733)

AQR

Managed

Futures

Strategy

HV

Fund

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

207,952,172

19,956,152

(19,719,008)

237,144

AQR

Multi-Asset

Fund

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

376,677,359

56,684,863

(19,202,452)

37,482,411

AQR

Risk-Balanced

Commodities

Strategy

Fund

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

498,955,669

25,350,796

(36,484,708)

(11,133,912)

AQR

Style

Premia

Alternative

Fund

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

865,370,609

273,640,522

(221,460,318)

52,180,204

AQR

Sustainable

Long-Short

Equity

Carbon

Aware

Fund

..........

25,217,779

516,500

(377,667)

138,833

FUND

SHORT-TERM

LONG-TERM

AQR

Alternative

Risk

Premia

Fund

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

$

131,329,284

$

1,076,062

AQR

Diversified

Arbitrage

Fund

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

—

117,955,931

AQR

Macro

Opportunities

Fund

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

5,589,249

11,619,119

AQR

Managed

Futures

Strategy

Fund

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

510,915,605

507,099,689

AQR

Managed

Futures

Strategy

HV

Fund

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

58,180,711

48,875,367

AQR

Multi-Asset

Fund

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

—

9,241,060

AQR

Risk-Balanced

Commodities

Strategy

Fund

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

3,422

—

AQR

Style

Premia

Alternative

Fund

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

399,033,500

29,900,653

AQR

Sustainable

Long-Short

Equity

Carbon

Aware

Fund

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

149,265

228,175

FUND

PURCHASES

SALES

SECURITIES

SOLD

SHORT

COVERS

ON

SECURITIES

SOLD

SHORT

AQR

Alternative

Risk

Premia

Fund

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

$

158,962,248

$

96,231,749

$

337,410,026

$

269,654,823

AQR

Diversified

Arbitrage

Fund

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

1,866,210,425

1,224,259,243

1,089,686,511

523,754,305

AQR

Diversifying

Strategies

Fund

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

541,491,995

54,670,329

—

—

AQR

Equity

Market

Neutral

Fund

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

1,550,893,578

275,572,926

1,463,651,973

240,584,170

AQR

Long-Short

Equity

Fund

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

4,397,917,650

606,861,299

4,143,923,492

460,077,459

AQR

Macro

Opportunities

Fund

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

26,607,136

10,468,793

—

—

AQR

Multi-Asset

Fund

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

198,757,215

94,478,560

63,625,619

40,799,309

AQR

Style

Premia

Alternative

Fund

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

2,728,814,436

368,954,709

2,595,889,308

377,408,632

323

Notes

to

Financial

Statements

AQR

Funds

|

Semi-Annual

Report

|

June

2024

June

30,

2024

(Unaudited)

During

the period

ended

June

30,

2024,

the

Funds

had

purchases

and

sales

of

long-term

U.S.

Government

obligations,

which

are

included

in

the

table

above,

as

follows:

8.

Derivative

Instruments

and

Activities

The

Funds

use

derivative

instruments

as

part

of

their

principal

investment

strategy

to

achieve

their

investment

objectives.

The

Funds’

derivative

contracts

are

not

accounted

for

as

hedging

instruments

under

GAAP.

For

financial

reporting

purposes,

the

Funds

do

not

offset

financial

assets

and

financial

liabilities

that

are

subject

to

Master Agreements

or

similar

agreements

on

the

Statements

of

Assets

and

Liabilities.

All

derivative

instruments

held

by

the

Funds

were

subject

to

a

Master

Agreement

or

similar

arrangement.

The

following

table

lists

the

fair

value

of

derivative

instruments

held

by

the

Funds,

by

primary

underlying

risk

and

contract

type,

as

included

in

the

Statements

of

Assets

and

Liabilities

at

June

30,

2024:

FUND

PURCHASES

SALES

AQR

Macro

Opportunities

Fund

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

$

16,119,344

$

5,656,995

AQR

Multi-Asset

Fund

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

27,974,629

3,002,485

AQR

ALTERNATIVE

RISK

PREMIA

FUND

AQR

DIVERSIFIED

ARBITRAGE

FUND

AQR

EQUITY

MARKET

NEUTRAL

FUND

Equity

Risk

Exposure:

2,945,174

23,699,979

314,687

Unrealized

Appreciation

on

Futures

Contracts

*

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

$

712,524

$

–

$

–

Swaps

at

Value

(Assets)

**

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

559,183

5,151,064

284,679

Purchased

Options

at

Market

Value

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

–

197,328

–

Unrealized

Depreciation

on

Futures

Contracts

*

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

(1,321,612)

–

–

Swaps

at

Value

(Liabilities)

**

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

(351,855)

(18,351,587)

(30,008)

2,945,174

23,699,979

314,687

Foreign

Exchange

Rate

Risk

Exposure:

7,237,235

638,194

1,168,354

Unrealized

Appreciation

on

Forward

Foreign

Currency

Exchange

Contracts

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

3,394,036

291,782

985,609

Unrealized

Depreciation

on

Forward

Foreign

Currency

Exchange

Contracts

...........

(3,843,199)

(346,412)

(182,745)

7,237,235

638,194

1,168,354

Interest

Rate

Risk

Exposure:

6,116,148

9,357,216

–

Unrealized

Appreciation

on

Futures

Contracts

*

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

829,503

–

–

Swaps

at

Value

(Assets)

**

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

2,068,613

–

–

Unrealized

Depreciation

on

Futures

Contracts

*

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

(1,320,274)

(1,009,157)

–

Swaps

at

Value

(Liabilities)

**

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

(1,897,757)

(8,348,059)

–

6,116,148

9,357,216

–

Credit

Risk

Exposure:

–

5,234,000

–

Swaps

at

Value

(Liabilities)

**

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

–

(5,234,000)

–

–

5,234,000

–

Commodity

Risk

Exposure:

7,414,516

–

–

Unrealized

Appreciation

on

Futures

Contracts

*

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

4,040,227

–

–

Unrealized

Depreciation

on

Futures

Contracts

*

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

(3,374,289)

–

–

7,414,516

–

–

Net

Fair

Value

of

Derivative

Contracts:

(1,387,983)

(55,495,410)

1,057,535

Unrealized

Appreciation

(Depreciation)

on

Futures

Contracts

*

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

(433,921)

(1,009,157)

–

Swaps

at

Value

**

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

378,184

(26,782,582)

254,671

Unrealized

Appreciation

(Depreciation)

on

Forward

Foreign

Currency

Exchange

Contracts

(449,163)

(54,630)

802,864

Purchased

Options

at

Market

Value

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

–

197,328

–

1,387,983

55,495,410

1,057,535

AQR

LONG-

SHORT

EQUITY

FUND

AQR

MACRO

OPPORTUNITIES

FUND

AQR

MANAGED

FUTURES

STRATEGY

FUND

AQR

MANAGED

FUTURES

STRATEGY

HV

FUND

Equity

Risk

Exposure:

4,707,960

2,832,844

14,927,852

5,284,116

Unrealized

Appreciation

on

Futures

Contracts

*

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

$

2,752,396

$

674,129

$

1,429,773

$

345,572

Swaps

at

Value

(Assets)

**

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

435,740

1,063,678

5,833,681

3,403,129

Unrealized

Depreciation

on

Futures

Contracts

*

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

(237,468)

(679,678)

(3,024,135)

(736,170)

Swaps

at

Value

(Liabilities)

**

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

(1,282,355)

(415,360)

(4,640,265)

(799,245)

4,707,960

2,832,844

14,927,852

5,284,116

Foreign

Exchange

Rate

Risk

Exposure:

6,502,835

13,746,724

62,247,282

14,336,700

Unrealized

Appreciation

on

Forward

Foreign

Currency

Exchange

Contracts

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

2,658,676

5,980,951

33,090,264

7,618,662

324

Notes

to

Financial

Statements

AQR

Funds

|

Semi-Annual

Report

|

June

2024

June

30,

2024

(Unaudited)

AQR

LONG-

SHORT

EQUITY

FUND

AQR

MACRO

OPPORTUNITIES

FUND

AQR

MANAGED

FUTURES

STRATEGY

FUND

AQR

MANAGED

FUTURES

STRATEGY

HV

FUND

Unrealized

Depreciation

on

Forward

Foreign

Currency

Exchange

Contracts

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

(3,844,159)

(7,765,773)

(29,157,018)

(6,718,038)

6,502,835

13,746,724

62,247,282

14,336,700

Interest

Rate

Risk

Exposure:

–

18,556,494

37,909,770

9,004,678

Unrealized

Appreciation

on

Futures

Contracts

*

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

–

227,340

1,233,380

260,330

Swaps

at

Value

(Assets)

**

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

–

8,327,047

18,017,951

4,270,040

Unrealized

Depreciation

on

Futures

Contracts

*

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

–

(770,972)

(5,167,990)

(1,260,788)

Swaps

at

Value

(Liabilities)

**

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

–

(9,231,145)

(13,490,446)

(3,213,523)

–

18,556,494

37,909,770

9,004,678

Credit

Risk

Exposure:

–

839,100

4,102,583

965,459

Swaps

at

Value

(Assets)

**

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

–

707,751

3,248,964

765,445

Swaps

at

Value

(Liabilities)

**

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

–

(131,349)

(853,620)

(200,015)

–

839,100

4,102,583

965,459

Commodity

Risk

Exposure:

–

15,540,685

67,613,167

14,872,040

Unrealized

Appreciation

on

Futures

Contracts

*

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

–

8,189,398

30,283,343

6,644,308

Unrealized

Depreciation

on

Futures

Contracts

*

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

–

(7,351,284)

(37,329,823)

(8,227,734)

–

15,540,685

67,613,167

14,872,040

Net

Fair

Value

of

Derivative

Contracts:

(1,549,270)

(2,960,089)

(13,101,387)

(822,510)

Unrealized

Appreciation

(Depreciation)

on

Futures

Contracts

*

......

2,514,928

288,933

(12,575,452)

(2,974,482)

Swaps

at

Value

**

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

(846,615)

320,622

8,116,265

4,225,831

Unrealized

Appreciation

(Depreciation)

on

Forward

Foreign

Currency

Exchange

Contracts

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

(1,185,483)

(1,784,822)

3,933,246

900,624

1,549,270

2,960,089

13,101,387

822,510

AQR

MULTI-

ASSET

FUND

AQR

RISK-

BALANCED

COMMODITIES

STRATEGY

FUND

AQR

STYLE

PREMIA

ALTERNATIVE

FUND

AQR

SUSTAINABLE

LONG-SHORT

EQUITY

CARBON

AWARE

FUND

Equity

Risk

Exposure:

1,623,280

–

24,679,450

823,894

Unrealized

Appreciation

on

Futures

Contracts

*

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

$

423,205

$

–

$

3,965,995

$

–

Swaps

at

Value

(Assets)

**

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

277,969

–

7,383,131

513,643

Unrealized

Depreciation

on

Futures

Contracts

*

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

(708,319)

–

(8,114,628)

–

Swaps

at

Value

(Liabilities)

**

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

(213,785)

–

(5,215,698)

(310,251)

1,623,280

–

24,679,450

823,894

Foreign

Exchange

Rate

Risk

Exposure:

10,378,614

–

37,689,727

69,974

Unrealized

Appreciation

on

Forward

Foreign

Currency

Exchange

Contracts

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

4,383,822

–

15,739,291

3,718

Unrealized

Depreciation

on

Forward

Foreign

Currency

Exchange

Contracts

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

(5,994,792)

–

(21,950,436)

(66,256)

10,378,614

–

37,689,727

69,974

Interest

Rate

Risk

Exposure:

1,813,895

–

39,240,723

–

Unrealized

Appreciation

on

Futures

Contracts

*

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

908,448

–

5,700,293

–

Swaps

at

Value

(Assets)

**

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

–

–

14,012,881

–

Unrealized

Depreciation

on

Futures

Contracts

*

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

(905,445)

–

(5,962,516)

–

Swaps

at

Value

(Liabilities)

**

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

–

–

(13,565,034)

–

1,813,895

–

39,240,723

–

Commodity

Risk

Exposure:

6,729,965

61,819,325

40,104,699

–

Unrealized

Appreciation

on

Futures

Contracts

*

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

3,126,693

25,361,468

26,944,199

–

Unrealized

Depreciation

on

Futures

Contracts

*

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

(3,603,277)

(36,457,858)

(13,160,500)

–

6,729,965

61,819,325

40,104,699

–

Net

Fair

Value

of

Derivative

Contracts:

(4,675,146)

(22,192,778)

(434,167)

78,316

Unrealized

Appreciation

(Depreciation)

on

Futures

Contracts

*

......

(758,695)

(11,096,390)

9,372,843

–

Swaps

at

Value

**

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

64,184

–

2,615,280

203,392

Unrealized

Appreciation

(Depreciation)

on

Forward

Foreign

Currency

Exchange

Contracts

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

(1,610,970)

–

(6,211,145)

(62,538)

*

Includes

cumulative

appreciation/(depreciation)

on

futures

contracts,

if

any,

as

reported

on

the

Schedule

of

Investments.

Only

current

day’s

variation

margin

is

reported

on

the

Statements

of

Assets

and

Liabilities.

**

Includes

the

fair

value

of

centrally

cleared

swap

contracts

as

reported

on

the

Schedule

of

Investments.

Only

current

day’s

variation

margin

is

reported

on

the

Statements

of

Assets

and

Liabilities

.

325

Notes

to

Financial

Statements

AQR

Funds

|

Semi-Annual

Report

|

June

2024

June

30,

2024

(Unaudited)

The

following

table

indicates

the

effect

of

derivative

instruments,

by

primary

underlying

risk

exposure

and

contract

type,

on

the

Statements

of

Operations

for

the period

ended

June

30,

2024:

*

AQR

ALTERNATIVE

RISK

PREMIA

FUND

AQR

DIVERSIFIED

ARBITRAGE

FUND

AQR

EQUITY

MARKET

NEUTRAL

FUND

Realized

Gain

(Loss)

on

Derivatives

Equity

Risk

Exposure:

6,563,669

(19,765,507)

42,462,556

Futures

Contracts

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

$

4,796,407

$

19,504

$

–

Swap

Contracts

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

1,767,262

(19,784,857)

42,462,556

Purchased

Option

Contracts

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

–

(155)

–

6,563,669.38

(19,765,506.84)

42,462,556.15

Foreign

Exchange

Rate

Risk

Exposure:

2,847,336

753,466

(252,298)

Forward

Foreign

Currency

Exchange

Contracts

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

2,847,336

753,466

(252,298)

2,847,336

753,466

(252,298)

Interest

Rate

Risk

Exposure:

3,646,742

5,976,299

–

Futures

Contracts

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

1,220,552

4,135,784

–

Swap

Contracts

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

2,426,190

1,840,515

–

3,646,741.73

5,976,298.79

–

Credit

Risk

Exposure:

–

(7,935,438)

–

Swap

Contracts

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

–

(7,935,438)

–

–

(7,935,437.5)

–

Commodity

Risk

Exposure:

(3,029,395)

–

–

Futures

Contracts

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

(3,029,395)

–

–

(3,029,394.85)

–

–

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Derivatives

Equity

Risk

Exposure:

(730,930)

(4,282,489)

1,851,011

Futures

Contracts

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

(439,081)

–

–

Swap

Contracts

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

(291,851)

(4,282,489)

1,851,011

Purchased

Option

Contracts

–

(39,466)

–

730,930

4,282,489

1,851,011

Foreign

Exchange

Rate

Risk

Exposure:

57,494

687,061

905,947

Forward

Foreign

Currency

Exchange

Contracts

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

(57,494)

687,061

905,947

57,494

687,061

905,947

Interest

Rate

Risk

Exposure:

428,120

4,865,710

–

Futures

Contracts

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

(646,948)

3,684,054

–

Swap

Contracts

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

218,829

1,181,655

–

428,120

4,865,710

–

Credit

Risk

Exposure:

–

4,984,617

–

Swap

Contracts

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

–

4,984,617

–

–

4,984,617

–

Commodity

Risk

Exposure:

1,375,179

–

–

Futures

Contracts

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

1,375,179

–

–

1,375,179

–

–

*

AQR

LONG-

SHORT

EQUITY

FUND

AQR

MACRO

OPPORTUNITIES

FUND

AQR

MANAGED

FUTURES

STRATEGY

FUND

AQR

MANAGED

FUTURES

STRATEGY

HV

FUND

Realized

Gain

(Loss)

on

Derivatives

Equity

Risk

Exposure:

162,156,349

2,662,953

83,517,198

12,144,470

Futures

Contracts

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

$

43,893,859

$

3,250,551

$

56,474,804

$

9,406,029

Swap

Contracts

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

118,262,490

(587,598)

27,042,394

2,738,441

162,156,348.73

2,662,953.45

83,517,198.37

12,144,470.3

Foreign

Exchange

Rate

Risk

Exposure:

(2,156,971)

434,510

8,477,979

1,275,241

Forward

Foreign

Currency

Exchange

Contracts

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

(2,156,971)

434,510

8,477,979

1,275,241

(2,156,971)

434,510

8,477,979

1,275,241

Interest

Rate

Risk

Exposure:

–

6,378,691

9,821,008

1,714,612

Futures

Contracts

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

–

1,178,854

4,513,460

802,400

Swap

Contracts

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

–

5,199,837

5,307,548

912,212

–

6,378,690.9

9,821,008.44

1,714,611.52

Credit

Risk

Exposure:

–

527,614

2,513,367

351,625

Swap

Contracts

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

–

527,614

2,513,367

351,625

326

Notes

to

Financial

Statements

AQR

Funds

|

Semi-Annual

Report

|

June

2024

June

30,

2024

(Unaudited)

*

AQR

LONG-

SHORT

EQUITY

FUND

AQR

MACRO

OPPORTUNITIES

FUND

AQR

MANAGED

FUTURES

STRATEGY

FUND

AQR

MANAGED

FUTURES

STRATEGY

HV

FUND

–

527,613.53

2,513,367.19

351,624.69

Commodity

Risk

Exposure:

–

(3,167,942)

1,926,005

(398,787)

Futures

Contracts

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

–

(3,167,942)

1,926,005

(398,787)

–

(3,167,942.32)

1,926,005.08

(398,787.13)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Derivatives

Equity

Risk

Exposure:

23,631,861

(305,123)

(4,087,986)

1,882,137

Futures

Contracts

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

(5,651,462)

(505,773)

(15,383,964)

(2,833,466)

Swap

Contracts

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

29,283,324

200,647

11,295,975

4,715,604

23,631,861

305,123

4,087,986

1,882,137

Foreign

Exchange

Rate

Risk

Exposure:

4,663,353

3,274,236

14,361,190

2,861,847

Forward

Foreign

Currency

Exchange

Contracts

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

(4,663,353)

(3,274,236)

14,361,190

2,861,847

4,663,353

3,274,236

14,361,190

2,861,847

Interest

Rate

Risk

Exposure:

–

3,681,900

4,785,212

1,332,182

Futures

Contracts

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

–

(1,460,520)

2,179,330

40,168

Swap

Contracts

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

–

(2,221,380)

(6,964,544)

(1,372,350)

–

3,681,900

4,785,212

1,332,182

Credit

Risk

Exposure:

–

582,967

1,964,820

352,598

Swap

Contracts

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

–

(582,968)

(1,964,822)

(352,598)

–

582,967

1,964,820

352,598

Commodity

Risk

Exposure:

–

1,476,713

3,262,974

246,850

Futures

Contracts

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

–

1,476,714

3,262,977

246,849

–

1,476,713

3,262,974

246,850

*

AQR

MULTI-

ASSET

FUND

AQR

RISK-

BALANCED

COMMODITIES

STRATEGY

FUND

AQR

STYLE

PREMIA

ALTERNATIVE

FUND

AQR

SUSTAINABLE

LONG-SHORT

EQUITY

CARBON

AWARE

FUND

Realized

Gain

(Loss)

on

Derivatives

Equity

Risk

Exposure:

8,932,556

–

116,169,674

5,367,915

Futures

Contracts

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

$

11,625,879

$

–

$

23,812,726

$

–

Swap

Contracts

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

(2,693,323)

–

92,356,948

5,367,915

8,932,556.28

–

116,169,673.59

5,367,914.54

Foreign

Exchange

Rate

Risk

Exposure:

1,299,643

–

18,592,577

(91,089)

Forward

Foreign

Currency

Exchange

Contracts

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

1,299,643

–

18,592,577

(91,089)

1,299,643

–

18,592,577

(91,089)

Interest

Rate

Risk

Exposure:

(1,569,377)

–

36,486,593

–

Futures

Contracts

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

(1,569,377)

–

15,409,159

–

Swap

Contracts

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

–

–

21,077,434

–

(1,569,377.36)

–

36,486,593.02

–

Commodity

Risk

Exposure:

2,659,811

21,220,552

(27,766,075)

–

Futures

Contracts

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

2,659,811

21,220,552

(27,766,075)

–

2,659,810.85

21,220,551.66

(27,766,074.83)

–

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Derivatives

Equity

Risk

Exposure:

(155,857)

–

15,186,064

298,853

Futures

Contracts

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

(297,705)

–

(1,161,217)

–

Swap

Contracts

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

141,851

–

16,347,278

298,853

155,857

–

15,186,064

298,853

Foreign

Exchange

Rate

Risk

Exposure:

1,247,848

–

7,338,245

177,257

Forward

Foreign

Currency

Exchange

Contracts

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

(1,247,848)

–

(7,338,245)

(177,257)

1,247,848

–

7,338,245

177,257

Interest

Rate

Risk

Exposure:

5,113,634

–

2,528,651

–

Futures

Contracts

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

(5,113,634)

–

(4,535,837)

–

Swap

Contracts

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

–

–

2,007,186

–

5,113,634

–

2,528,651

–

Commodity

Risk

Exposure:

72,626

10,331,553

15,748,236

–

Futures

Contracts

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

72,624

(10,331,554)

15,748,239

–

72,626

10,331,553

15,748,236

–

327

Notes

to

Financial

Statements

AQR

Funds

|

Semi-Annual

Report

|

June

2024

June

30,

2024

(Unaudited)

The

following

tables

present

the

Funds’

gross

OTC

derivative

assets

and

liabilities,

by

counterparty

and

contract

type,

net

of

amounts

available

for

offset

under

netting

arrangements

and

any

related

collateral

received

or

pledged

by

the

Funds

as

of

June

30,

2024:

AQR

Alternative

Risk

Premia

Fund

(a)

In

accordance

with

GAAP

disclosure

requirements,

the

table

above

does

not

include

the

additional

collateral

received

from

or

pledged

to

the

counterparty.

Total

additional

collateral

received

was

$29,928

and

total

additional

collateral

pledged

was

$15,757,465.

GROSS

AMO

UNTS

NOT

OFF

SET

IN  THE

STATEMENT

OF

ASSETS

&

LIABILITIES

COUNTERPARTY

INVESTMENT

TYPE

GROSS

AMOUNTS

OF

RECOGNIZED

ASSETS

PRESENTED

IN

THE

STATEMENT  OF

ASSETS

&

LIABILITIES

GROSS

AMOUNTS

ELIGIBLE

TO

OFFSET

NET

AMOUNTS

OF

ASSETS

FINANCIAL

INSTRUMENTS

CASH

COLLATERAL

(RECEIVED)/

PLEDGED

(a)

NET

AMOUNT

CITI

...........

Forward

Foreign

Currency

Exchange

Contracts

$

1,696,211

$

(1,696,211)

$

–

$

–

$

–

$

–

GSIN

..........

Total

Return

Swap

Contracts

166,615

(126,110)

40,505

–

(40,505)

–

JPMC

..........

Forward

Foreign

Currency

Exchange

Contracts

1,697,825

(1,697,825)

–

–

–

–

MLIN

..........

Total

Return

Swap

Contracts

122,774

(122,774)

–

–

–

–

MSCS

..........

Total

Return

Swap

Contracts

269,794

–

269,794

–

(269,794)

–

Total

financial

instruments

subject

to

master

netting

arrangement

or

similar

arrangement

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

3,953,219

(3,642,920)

310,299

–

(310,299)

–

GROSS

AMO

UNTS

NOT

OFFSET

IN  THE

STATEMENT

OF

ASSETS

&

LIABI

LITIES

COUNTERPARTY

INVESTMENT

TYPE

GROSS

AMOUNTS

OF

RECOGNIZED

LIABILITIES

PRESENTED

IN

THE

STATEMENT  OF

ASSETS

&

LIABILITIES

GROSS

AMOUNTS

ELIGIBLE

TO

OFFSET

NET

AMOUNTS

OF

LIABILITIES

FINANCIAL

INSTRUMENTS

CASH

COLLATERAL

RECEIVED/

(PLEDGED)

(a)

NET

AMOUNT

BANA  

.........

Total

Return

Swap

Contracts

$

29,840

$

–

$

29,840

$

–

$

–

$

29,840

CITI

...........

Forward

Foreign

Currency

Exchange

Contracts

1,921,372

(1,696,211)

225,161

–

(225,161)

–

GSIN

..........

Total

Return

Swap

Contracts

126,110

(126,110)

–

–

–

–

JPMC

..........

Forward

Foreign

Currency

Exchange

Contracts

1,921,827

(1,697,825)

224,002

–

(224,002)

–

MLIN

..........

Total

Return

Swap

Contracts

195,905

(122,774)

73,131

–

(73,131)

–

Total

financial

instruments

subject

to

master

netting

arrangement

or

similar

arrangement

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

4,195,054

(3,642,920)

552,134

–

(522,294)

29,840

328

Notes

to

Financial

Statements

AQR

Funds

|

Semi-Annual

Report

|

June

2024

June

30,

2024

(Unaudited)

AQR

Diversified

Arbitrage

Fund

(a)

In

accordance

with

GAAP

disclosure

requirements,

the

table

above

does

not

include

the

additional

collateral

received

from

or

pledged

to

the

counterparty.

Total

total

additional

collateral

pledged

was

$192,567,117.

GROSS

AMO

UNTS

NOT

OFF

SET

IN  THE

STATEMENT

OF

ASSETS

&

LIABILITIES

COUNTERPARTY

INVESTMENT

TYPE

GROSS

AMOUNTS

OF

RECOGNIZED

ASSETS

PRESENTED

IN

THE

STATEMENT  OF

ASSETS

&

LIABILITIES

GROSS

AMOUNTS

ELIGIBLE

TO

OFFSET

NET

AMOUNTS

OF

ASSETS

FINANCIAL

INSTRUMENTS

CASH

COLLATERAL

(RECEIVED)/

PLEDGED

(a)

NET

AMOUNT

CITI

...........

Forward

Foreign

Currency

Exchange

Contracts

$

145,853

$

(145,853)

$

–

$

–

$

–

$

–

GSIN

..........

Total

Return

Basket

Swap

Contracts

4,919,477

(4,919,477)

–

–

–

–

JPMC

..........

Forward

Foreign

Currency

Exchange

Contracts

145,929

(145,929)

–

–

–

–

Total

financial

instruments

subject

to

master

netting

arrangement

or

similar

arrangement

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

5,211,259

(5,211,259)

–

–

–

–

GROSS

AMO

UNTS

NOT

OFFSET

IN  THE

STATEMENT

OF

ASSETS

&

LIABI

LITIES

COUNTERPARTY

INVESTMENT

TYPE

GROSS

AMOUNTS

OF

RECOGNIZED

LIABILITIES

PRESENTED

IN

THE

STATEMENT  OF

ASSETS

&

LIABILITIES

GROSS

AMOUNTS

ELIGIBLE

TO

OFFSET

NET

AMOUNTS

OF

LIABILITIES

FINANCIAL

INSTRUMENTS

CASH

COLLATERAL

RECEIVED/

(PLEDGED)

(a)

NET

AMOUNT

BNPP

..........

Total

Return

Basket

Swap

Contracts

$

7,539,619

$

–

$

7,539,619

$

–

$

(7,539,619)

$

–

CITI

...........

Forward

Foreign

Currency

Exchange

Contracts

173,274

(145,853)

27,421

–

(27,421)

–

GSIN

..........

Total

Return

Basket

Swap

Contracts

18,928,440

(4,919,477)

14,008,963

(14,008,963)

–

–

JPMC

..........

Forward

Foreign

Currency

Exchange

Contracts

173,138

(145,929)

27,209

–

(27,209)

–

Total

financial

instruments

subject

to

master

netting

arrangement

or

similar

arrangement

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

26,814,471

(5,211,259)

21,603,212

(14,008,963)

(7,594,249)

–

329

Notes

to

Financial

Statements

AQR

Funds

|

Semi-Annual

Report

|

June

2024

June

30,

2024

(Unaudited)

AQR

Equity

Market

Neutral

Fund

(a)

In

accordance

with

GAAP

disclosure

requirements,

the

table

above

does

not

include

the

additional

collateral

received

from

or

pledged

to

the

counterparty.

Total

additional

collateral

received

was

$336,881

and

total

additional

collateral

pledged

was

$1,586,235.

GROSS

AMO

UNTS

NOT

OFF

SET

IN  THE

STATEMENT

OF

ASSETS

&

LIABILITIES

COUNTERPARTY

INVESTMENT

TYPE

GROSS

AMOUNTS

OF

RECOGNIZED

ASSETS

PRESENTED

IN

THE

STATEMENT  OF

ASSETS

&

LIABILITIES

GROSS

AMOUNTS

ELIGIBLE

TO

OFFSET

NET

AMOUNTS

OF

ASSETS

FINANCIAL

INSTRUMENTS

CASH

COLLATERAL

(RECEIVED)/

PLEDGED

(a)

NET

AMOUNT

CITI

...........

Forward

Foreign

Currency

Exchange

Contracts

$

492,714

$

(91,409)

$

401,305

$

–

$

(380,619)

$

20,686

JPMC

..........

Forward

Foreign

Currency

Exchange

Contracts

492,895

(91,336)

401,559

–

(3,648)

397,911

MSIP

..........

Total

Return

Basket

Swap

Contracts

284,679

(30,008)

254,671

–

(254,671)

–

Total

financial

instruments

subject

to

master

netting

arrangement

or

similar

arrangement

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

1,270,288

(212,753)

1,057,535

–

(638,938)

418,597

GROSS

AMO

UNTS

NOT

OFFSET

IN  THE

STATEMENT

OF

ASSETS

&

LIABI

LITIES

COUNTERPARTY

INVESTMENT

TYPE

GROSS

AMOUNTS

OF

RECOGNIZED

LIABILITIES

PRESENTED

IN

THE

STATEMENT  OF

ASSETS

&

LIABILITIES

GROSS

AMOUNTS

ELIGIBLE

TO

OFFSET

NET

AMOUNTS

OF

LIABILITIES

FINANCIAL

INSTRUMENTS

CASH

COLLATERAL

RECEIVED/

(PLEDGED)

(a)

NET

AMOUNT

CITI

...........

Forward

Foreign

Currency

Exchange

Contracts

$

91,409

$

(91,409)

$

–

$

–

$

–

$

–

JPMC

..........

Forward

Foreign

Currency

Exchange

Contracts

91,336

(91,336)

–

–

–

–

MSIP

..........

Total

Return

Basket

Swap

Contracts

30,008

(30,008)

–

–

–

–

Total

financial

instruments

subject

to

master

netting

arrangement

or

similar

arrangement

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

212,753

(212,753)

–

–

–

–

330

Notes

to

Financial

Statements

AQR

Funds

|

Semi-Annual

Report

|

June

2024

June

30,

2024

(Unaudited)

AQR

Long-Short

Equity

Fund

b

GROSS

AMO

UNTS

NOT

OFF

SET

IN  THE

STATEMENT

OF

ASSETS

&

LIABILITIES

COUNTERPARTY

INVESTMENT

TYPE

GROSS

AMOUNTS

OF

RECOGNIZED

ASSETS

PRESENTED

IN

THE

STATEMENT  OF

ASSETS

&

LIABILITIES

GROSS

AMOUNTS

ELIGIBLE

TO

OFFSET

NET

AMOUNTS

OF

ASSETS

FINANCIAL

INSTRUMENTS

CASH

COLLATERAL

(RECEIVED)/

PLEDGED

(a)

NET

AMOUNT

CITI

...........

Forward

Foreign

Currency

Exchange

Contracts

$

1,329,079

$

(1,329,079)

$

–

$

–

$

–

$

–

JPMC

..........

Forward

Foreign

Currency

Exchange

Contracts

1,329,597

(1,329,597)

–

JPMC

..........

Total

Return

Swap

Contracts

435,740

(435,740)

–

Total

JPMC

1,765,337

(1,765,337)

–

–

–

–

Total

financial

instruments

subject

to

master

netting

arrangement

or

similar

arrangement

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

3,094,416

(3,094,416)

–

–

–

–

331

Notes

to

Financial

Statements

AQR

Funds

|

Semi-Annual

Report

|

June

2024

June

30,

2024

(Unaudited)

AQR

Long-Short

Equity

Fund

(continued)

(a)

In

accordance

with

GAAP

disclosure

requirements,

the

table

above

does

not

include

the

additional

collateral

received

from

or

pledged

to

the

counterparty.

Total

additional

collateral

received

was

$513,635

and

total

additional

collateral

pledged

was

$16,379,194.

GROSS

AMO

UNTS

NOT

OFFSET

IN  THE

STATEMENT

OF

ASSETS

&

LIABI

LITIES

COUNTERPARTY

INVESTMENT

TYPE

GROSS

AMOUNTS

OF

RECOGNIZED

LIABILITIES

PRESENTED

IN

THE

STATEMENT  OF

ASSETS

&

LIABILITIES

GROSS

AMOUNTS

ELIGIBLE

TO

OFFSET

NET

AMOUNTS

OF

LIABILITIES

FINANCIAL

INSTRUMENTS

CASH

COLLATERAL

RECEIVED/

(PLEDGED)

(a)

NET

AMOUNT

BNPP

..........

Total

Return

Basket

Swap

Contracts

$

147,879

$

–

$

147,879

$

–

$

(147,879)

$

–

CITI

...........

Forward

Foreign

Currency

Exchange

Contracts

1,922,417

(1,329,079)

593,338

–

(593,338)

–

GSIN

..........

Total

Return

Swap

Contracts

112,540

–

112,540

–

(112,540)

–

JPMC

..........

Forward

Foreign

Currency

Exchange

Contracts

1,921,742

(1,329,597)

592,145

JPMC

..........

Total

Return

Swap

Contracts

1,001,612

(435,740)

565,872

JPMC

..........

Total

Return

Basket

Swap

Contracts

20,324

–

20,324

Total

JPMC

2,943,678

(1,765,337)

1,178,341

(1,178,341)

–

–

Total

financial

instruments

subject

to

master

netting

arrangement

or

similar

arrangement

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

5,126,514

(3,094,416)

2,032,098

(1,178,341)

(853,757)

–

332

Notes

to

Financial

Statements

AQR

Funds

|

Semi-Annual

Report

|

June

2024

June

30,

2024

(Unaudited)

AQR

Macro

Opportunities

Fund

GROSS

AMO

UNTS

NOT

OFF

SET

IN  THE

STATEMENT

OF

ASSETS

&

LIABILITIES

COUNTERPARTY

INVESTMENT

TYPE

GROSS

AMOUNTS

OF

RECOGNIZED

ASSETS

PRESENTED

IN

THE

STATEMENT  OF

ASSETS

&

LIABILITIES

GROSS

AMOUNTS

ELIGIBLE

TO

OFFSET

NET

AMOUNTS

OF

ASSETS

FINANCIAL

INSTRUMENTS

CASH

COLLATERAL

(RECEIVED)/

PLEDGED

(a)

NET

AMOUNT

BANA  

.........

Total

Return

Swap

Contracts

$

2,169

$

(2,169)

$

–

$

–

$

–

$

–

CITI

...........

Forward

Foreign

Currency

Exchange

Contracts

2,989,986

(2,989,986)

–

–

–

–

GSIN

..........

Total

Return

Swap

Contracts

709,493

(347,926)

361,567

–

(331,638)

29,929

JPMC

..........

Forward

Foreign

Currency

Exchange

Contracts

2,990,965

(2,990,965)

–

–

–

–

JPMS

..........

Repurchase

Agreements

5,705,750

(5,705,750)

–

–

–

–

MLIN

..........

Total

Return

Swap

Contracts

352,016

(60,713)

291,303

–

(291,303)

–

Total

financial

instruments

subject

to

master

netting

arrangement

or

similar

arrangement

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

12,750,379

(12,097,509)

652,870

–

(622,941)

29,929

333

Notes

to

Financial

Statements

AQR

Funds

|

Semi-Annual

Report

|

June

2024

June

30,

2024

(Unaudited)

AQR

Macro

Opportunities

Fund

(continued)

(a)

In

accordance

with

GAAP

disclosure

requirements,

the

table

above

does

not

include

the

additional

collateral

received

from

or

pledged

to

the

counterparty.

Total

additional

collateral

received

was

$18,491

and

total

additional

collateral

pledged

was

$9,177,676.

GROSS

AMO

UNTS

NOT

OFFSET

IN  THE

STATEMENT

OF

ASSETS

&

LIABI

LITIES

COUNTERPARTY

INVESTMENT

TYPE

GROSS

AMOUNTS

OF

RECOGNIZED

LIABILITIES

PRESENTED

IN

THE

STATEMENT  OF

ASSETS

&

LIABILITIES

GROSS

AMOUNTS

ELIGIBLE

TO

OFFSET

NET

AMOUNTS

OF

LIABILITIES

FINANCIAL

INSTRUMENTS

CASH

COLLATERAL

RECEIVED/

(PLEDGED)

(a)

NET

AMOUNT

BANA  

.........

Total

Return

Swap

Contracts

$

6,721

$

(2,169)

$

4,552

$

–

$

–

$

4,552

CITI

...........

Forward

Foreign

Currency

Exchange

Contracts

3,883,438

(2,989,986)

893,452

–

(893,452)

–

GSIN

..........

Total

Return

Swap

Contracts

347,926

(347,926)

–

–

–

–

JPMC

..........

Forward

Foreign

Currency

Exchange

Contracts

3,882,335

(2,990,965)

891,370

–

(891,370)

–

JPMS

..........

Reverse

Repurchase

Agreements

16,401,000

(5,705,750)

10,695,250

(10,695,250)

–

–

MLIN

..........

Total

Return

Swap

Contracts

60,713

(60,713)

–

–

–

–

Total

financial

instruments

subject

to

master

netting

arrangement

or

similar

arrangement

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

24,582,133

(12,097,509)

12,484,624

(10,695,250)

(1,784,822)

4,552

334

Notes

to

Financial

Statements

AQR

Funds

|

Semi-Annual

Report

|

June

2024

June

30,

2024

(Unaudited)

AQR

Managed

Futures

Strategy

Fund

GROSS

AMO

UNTS

NOT

OFF

SET

IN  THE

STATEMENT

OF

ASSETS

&

LIABILITIES

COUNTERPARTY

INVESTMENT

TYPE

GROSS

AMOUNTS

OF

RECOGNIZED

ASSETS

PRESENTED

IN

THE

STATEMENT  OF

ASSETS

&

LIABILITIES

GROSS

AMOUNTS

ELIGIBLE

TO

OFFSET

NET

AMOUNTS

OF

ASSETS

FINANCIAL

INSTRUMENTS

CASH

COLLATERAL

(RECEIVED)/

PLEDGED

(a)

NET

AMOUNT

CITI

...........

Forward

Foreign

Currency

Exchange

Contracts

$

16,543,871

$

(14,580,941)

$

1,962,930

$

–

$

(1,962,930)

$

–

GSIN

..........

Total

Return

Basket

Swap

Contracts

1,897,541

(1,586,446)

311,095

–

(14,669)

296,426

JPMC

..........

Forward

Foreign

Currency

Exchange

Contracts

16,546,393

(14,576,077)

1,970,316

–

–

1,970,316

MLIN

..........

Total

Return

Swap

Contracts

440,340

(440,340)

–

MLIN

..........

Total

Return

Basket

Swap

Contracts

1,218,838

(201,103)

1,017,735

Total

MLIN

1,659,178

(641,443)

1,017,735

–

(424,690)

593,045

MSCS

..........

Total

Return

Swap

Contracts

2,276,962

(1,733,115)

543,847

–

(2,693)

541,154

Total

financial

instruments

subject

to

master

netting

arrangement

or

similar

arrangement

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

38,923,945

(33,118,022)

5,805,923

–

(2,404,982)

3,400,941

335

Notes

to

Financial

Statements

AQR

Funds

|

Semi-Annual

Report

|

June

2024

June

30,

2024

(Unaudited)

AQR

Managed

Futures

Strategy

Fund

(continued)

(a)

In

accordance

with

GAAP

disclosure

requirements,

the

table

above

does

not

include

the

additional

collateral

received

from

or

pledged

to

the

counterparty.

Total

additional

collateral

received

was

$572,715

and

total

additional

collateral

pledged

was

$154,348,182.

GROSS

AMO

UNTS

NOT

OFFSET

IN  THE

STATEMENT

OF

ASSETS

&

LIABI

LITIES

COUNTERPARTY

INVESTMENT

TYPE

GROSS

AMOUNTS

OF

RECOGNIZED

LIABILITIES

PRESENTED

IN

THE

STATEMENT  OF

ASSETS

&

LIABILITIES

GROSS

AMOUNTS

ELIGIBLE

TO

OFFSET

NET

AMOUNTS

OF

LIABILITIES

FINANCIAL

INSTRUMENTS

CASH

COLLATERAL

RECEIVED/

(PLEDGED)

(a)

NET

AMOUNT

CITI

...........

Forward

Foreign

Currency

Exchange

Contracts

$

14,580,941

$

(14,580,941)

$

–

$

–

$

–

$

–

GSIN

..........

Total

Return

Swap

Contracts

512,330

–

512,330

GSIN

..........

Total

Return

Basket

Swap

Contracts

1,586,446

(1,586,446)

–

Total

GSIN

2,098,776

(1,586,446)

512,330

(512,330)

–

–

JPMC

..........

Forward

Foreign

Currency

Exchange

Contracts

14,576,077

(14,576,077)

–

–

–

–

MLIN

..........

Total

Return

Swap

Contracts

607,271

(440,340)

166,931

MLIN

..........

Total

Return

Basket

Swap

Contracts

201,103

(201,103)

–

Total

MLIN

808,374

(641,443)

166,931

(166,931)

–

–

MSCS

..........

Total

Return

Swap

Contracts

1,733,115

(1,733,115)

–

–

–

–

Total

financial

instruments

subject

to

master

netting

arrangement

or

similar

arrangement

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

33,797,283

(33,118,022)

679,261

(679,261)

–

–

336

Notes

to

Financial

Statements

AQR

Funds

|

Semi-Annual

Report

|

June

2024

June

30,

2024

(Unaudited)

AQR

Managed

Futures

Strategy

HV

Fund

GROSS

AMO

UNTS

NOT

OFF

SET

IN  THE

STATEMENT

OF

ASSETS

&

LIABILITIES

COUNTERPARTY

INVESTMENT

TYPE

GROSS

AMOUNTS

OF

RECOGNIZED

ASSETS

PRESENTED

IN

THE

STATEMENT  OF

ASSETS

&

LIABILITIES

GROSS

AMOUNTS

ELIGIBLE

TO

OFFSET

NET

AMOUNTS

OF

ASSETS

FINANCIAL

INSTRUMENTS

CASH

COLLATERAL

(RECEIVED)/

PLEDGED

(a)

NET

AMOUNT

CITI

...........

Forward

Foreign

Currency

Exchange

Contracts

$

3,809,045

$

(3,359,557)

$

449,488

$

–

$

(449,488)

$

–

GSIN

..........

Total

Return

Swap

Contracts

498,648

(167,518)

331,130

GSIN

..........

Total

Return

Basket

Swap

Contracts

491,940

(153,319)

338,621

Total

GSIN

990,588

(320,837)

669,751

–

(401,538)

268,213

JPMC

..........

Forward

Foreign

Currency

Exchange

Contracts

3,809,617

(3,358,481)

451,136

JPMC

..........

Total

Return

Basket

Swap

Contracts

2,296,506

–

2,296,506

Total

JPMC

6,106,123

(3,358,481)

2,747,642

–

–

2,747,642

MLIN

..........

Total

Return

Swap

Contracts

116,035

(116,035)

–

–

–

–

Total

financial

instruments

subject

to

master

netting

arrangement

or

similar

arrangement

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

11,021,791

(7,154,910)

3,866,881

–

(851,026)

3,015,855

337

Notes

to

Financial

Statements

AQR

Funds

|

Semi-Annual

Report

|

June

2024

June

30,

2024

(Unaudited)

AQR

Managed

Futures

Strategy

HV

Fund

(continued)

(a)

In

accordance

with

GAAP

disclosure

requirements,

the

table

above

does

not

include

the

additional

collateral

received

from

or

pledged

to

the

counterparty.

Total

additional

collateral

received

was

$131,508

and

total

additional

collateral

pledged

was

$40,580,678.

GROSS

AMO

UNTS

NOT

OFFSET

IN  THE

STATEMENT

OF

ASSETS

&

LIABI

LITIES

COUNTERPARTY

INVESTMENT

TYPE

GROSS

AMOUNTS

OF

RECOGNIZED

LIABILITIES

PRESENTED

IN

THE

STATEMENT  OF

ASSETS

&

LIABILITIES

GROSS

AMOUNTS

ELIGIBLE

TO

OFFSET

NET

AMOUNTS

OF

LIABILITIES

FINANCIAL

INSTRUMENTS

CASH

COLLATERAL

RECEIVED/

(PLEDGED)

(a)

NET

AMOUNT

CITI

...........

Forward

Foreign

Currency

Exchange

Contracts

$

3,359,557

$

(3,359,557)

$

–

$

–

$

–

$

–

GSIN

..........

Total

Return

Swap

Contracts

167,518

(167,518)

–

GSIN

..........

Total

Return

Basket

Swap

Contracts

153,319

(153,319)

–

Total

GSIN

320,837

(320,837)

–

–

–

–

JPMC

..........

Forward

Foreign

Currency

Exchange

Contracts

3,358,481

(3,358,481)

–

–

–

–

MLIN

..........

Total

Return

Swap

Contracts

478,408

(116,035)

362,373

–

(362,373)

–

Total

financial

instruments

subject

to

master

netting

arrangement

or

similar

arrangement

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

7,517,283

(7,154,910)

362,373

–

(362,373)

–

338

Notes

to

Financial

Statements

AQR

Funds

|

Semi-Annual

Report

|

June

2024

June

30,

2024

(Unaudited)

AQR

Multi-Asset

Fund

(a)

In

accordance

with

GAAP

disclosure

requirements,

the

table

above

does

not

include

the

additional

collateral

pledged

to

the

counterparty.

Total

additional

collateral

received

was

$228,465

and

total

additional

collateral

pledged

was

$7,851,532.

GROSS

AMO

UNTS

NOT

OFF

SET

IN  THE

STATEMENT

OF

ASSETS

&

LIABILITIES

COUNTERPARTY

INVESTMENT

TYPE

GROSS

AMOUNTS

OF

RECOGNIZED

ASSETS

PRESENTED

IN

THE

STATEMENT  OF

ASSETS

&

LIABILITIES

GROSS

AMOUNTS

ELIGIBLE

TO

OFFSET

NET

AMOUNTS

OF

ASSETS

FINANCIAL

INSTRUMENTS

CASH

COLLATERAL

(RECEIVED)/

PLEDGED

(a)

NET

AMOUNT

BANA  

.........

Total

Return

Swap

Contracts

$

247,087

$

(160,811)

$

86,276

$

–

$

–

$

86,276

CITI

...........

Forward

Foreign

Currency

Exchange

Contracts

2,191,493

(2,191,493)

–

–

–

–

JPMC

..........

Forward

Foreign

Currency

Exchange

Contracts

2,192,329

(2,192,329)

–

–

–

–

MSCS

..........

Total

Return

Swap

Contracts

30,882

–

30,882

–

(30,882)

–

Total

financial

instruments

subject

to

master

netting

arrangement

or

similar

arrangement

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

4,661,791

(4,544,633)

117,158

–

(30,882)

86,276

GROSS

AMO

UNTS

NOT

OFFSET

IN  THE

STATEMENT

OF

ASSETS

&

LIABI

LITIES

COUNTERPARTY

INVESTMENT

TYPE

GROSS

AMOUNTS

OF

RECOGNIZED

LIABILITIES

PRESENTED

IN

THE

STATEMENT  OF

ASSETS

&

LIABILITIES

GROSS

AMOUNTS

ELIGIBLE

TO

OFFSET

NET

AMOUNTS

OF

LIABILITIES

FINANCIAL

INSTRUMENTS

CASH

COLLATERAL

RECEIVED/

(PLEDGED)

(a)

NET

AMOUNT

BANA  

.........

Total

Return

Swap

Contracts

$

160,811

$

(160,811)

$

–

$

–

$

–

$

–

CITI

...........

Forward

Foreign

Currency

Exchange

Contracts

2,997,828

(2,191,493)

806,335

–

(806,335)

–

JPMC

..........

Forward

Foreign

Currency

Exchange

Contracts

2,996,964

(2,192,329)

804,635

–

(804,635)

–

MLIN

..........

Total

Return

Swap

Contracts

52,974

–

52,974

–

–

52,974

Total

financial

instruments

subject

to

master

netting

arrangement

or

similar

arrangement

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

6,208,577

(4,544,633)

1,663,944

–

(1,610,970)

52,974

339

Notes

to

Financial

Statements

AQR

Funds

|

Semi-Annual

Report

|

June

2024

June

30,

2024

(Unaudited)

AQR

Style

Premia

Alternative

Fund

no

GROSS

AMO

UNTS

NOT

OFF

SET

IN  THE

STATEMENT

OF

ASSETS

&

LIABILITIES

COUNTERPARTY

INVESTMENT

TYPE

GROSS

AMOUNTS

OF

RECOGNIZED

ASSETS

PRESENTED

IN

THE

STATEMENT  OF

ASSETS

&

LIABILITIES

GROSS

AMOUNTS

ELIGIBLE

TO

OFFSET

NET

AMOUNTS

OF

ASSETS

FINANCIAL

INSTRUMENTS

CASH

COLLATERAL

(RECEIVED)/

PLEDGED

(a)

NET

AMOUNT

BANA  

.........

Total

Return

Swap

Contracts

$

263

$

–

$

263

$

–

$

–

$

263

CITI

...........

Forward

Foreign

Currency

Exchange

Contracts

7,868,003

(7,868,003)

–

CITI

...........

Total

Return

Swap

Contracts

785,874

(785,874)

–

Total

CITI

8,653,877

(8,653,877)

–

–

–

–

GSIN

..........

Total

Return

Swap

Contracts

1,486,354

(370,759)

1,115,595

GSIN

..........

Total

Return

Basket

Swap

Contracts

737,112

–

737,112

Total

GSIN

2,223,466

(370,759)

1,852,707

–

(1,745,111)

107,596

JPMC

..........

Forward

Foreign

Currency

Exchange

Contracts

7,871,288

(7,871,288)

–

JPMC

..........

Total

Return

Swap

Contracts

285,181

(82,865)

202,316

Total

JPMC

8,156,469

(7,954,153)

202,316

–

(15,405)

186,911

MLIN

..........

Total

Return

Swap

Contracts

1,911,136

(815,000)

1,096,136

MLIN

..........

Total

Return

Basket

Swap

Contracts

596,268

–

596,268

Total

MLIN

2,507,404

(815,000)

1,692,404

–

–

1,692,404

MSIP

..........

Total

Return

Basket

Swap

Contracts

1,580,943

–

1,580,943

–

(1,580,943)

–

Total

financial

instruments

subject

to

master

netting

arrangement

or

similar

arrangement

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

23,122,422

(17,793,789)

5,328,633

–

(3,341,459)

1,987,174

340

Notes

to

Financial

Statements

AQR

Funds

|

Semi-Annual

Report

|

June

2024

June

30,

2024

(Unaudited)

AQR

Style

Premia

Alternative

Fund

(continued)

(a)

In

accordance

with

GAAP

disclosure

requirements,

the

table

above

does

not

include

the

additional

collateral

pledged

to

the

counterparty.

Total

additional

collateral

received

was

$151,545

and

total

additional

collateral

pledged

was

$109,727,473.

GROSS

AMO

UNTS

NOT

OFFSET

IN  THE

STATEMENT

OF

ASSETS

&

LIABI

LITIES

COUNTERPARTY

INVESTMENT

TYPE

GROSS

AMOUNTS

OF

RECOGNIZED

LIABILITIES

PRESENTED

IN

THE

STATEMENT  OF

ASSETS

&

LIABILITIES

GROSS

AMOUNTS

ELIGIBLE

TO

OFFSET

NET

AMOUNTS

OF

LIABILITIES

FINANCIAL

INSTRUMENTS

CASH

COLLATERAL

RECEIVED/

(PLEDGED)

(a)

NET

AMOUNT

CITI

...........

Forward

Foreign

Currency

Exchange

Contracts

$

10,977,113

$

(7,868,003)

$

3,109,110

CITI

...........

Total

Return

Swap

Contracts

3,606,865

(785,874)

2,820,991

Total

CITI

14,583,978

(8,653,877)

5,930,101

$

–

$

(5,930,101)

$

–

GSIN

..........

Total

Return

Swap

Contracts

370,759

(370,759)

–

–

–

–

JPMC

..........

Forward

Foreign

Currency

Exchange

Contracts

10,973,323

(7,871,288)

3,102,035

JPMC

..........

Total

Return

Swap

Contracts

82,865

(82,865)

–

JPMC

..........

Total

Return

Basket

Swap

Contracts

340,209

–

340,209

Total

JPMC

11,396,397

(7,954,153)

3,442,244

(3,442,244)

–

–

MLIN

..........

Total

Return

Swap

Contracts

815,000

(815,000)

–

–

–

–

Total

financial

instruments

subject

to

master

netting

arrangement

or

similar

arrangement

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

27,166,134

(17,793,789)

9,372,345

(3,442,244)

(5,930,101)

–

341

Notes

to

Financial

Statements

AQR

Funds

|

Semi-Annual

Report

|

June

2024

June

30,

2024

(Unaudited)

AQR

Sustainable

Long-Short

Equity

Carbon

Aware

Fund

(a)

In

accordance

with

GAAP

disclosure

requirements,

the

table

above

does

not

include

the

additional

collateral

received

from

or

pledged

to

the

counterparty.

Total

additional

collateral

pledged

was

$9,568,448.

GROSS

AMO

UNTS

NOT

OFF

SET

IN  THE

STATEMENT

OF

ASSETS

&

LIABILITIES

COUNTERPARTY

INVESTMENT

TYPE

GROSS

AMOUNTS

OF

RECOGNIZED

ASSETS

PRESENTED

IN

THE

STATEMENT  OF

ASSETS

&

LIABILITIES

GROSS

AMOUNTS

ELIGIBLE

TO

OFFSET

NET

AMOUNTS

OF

ASSETS

FINANCIAL

INSTRUMENTS

CASH

COLLATERAL

(RECEIVED)/

PLEDGED

(a)

NET

AMOUNT

CITI

...........

Forward

Foreign

Currency

Exchange

Contracts

$

1,858

$

(1,858)

$

–

$

–

$

–

$

–

GSIN

..........

Total

Return

Basket

Swap

Contracts

412,008

–

412,008

–

–

412,008

JPMC

..........

Forward

Foreign

Currency

Exchange

Contracts

1,860

(1,860)

–

–

–

–

MLIN

..........

Total

Return

Basket

Swap

Contracts

101,635

(101,635)

–

–

–

–

Total

financial

instruments

subject

to

master

netting

arrangement

or

similar

arrangement

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

517,361

(105,353)

412,008

–

–

412,008

GROSS

AMO

UNTS

NOT

OFFSET

IN  THE

STATEMENT

OF

ASSETS

&

LIABI

LITIES

COUNTERPARTY

INVESTMENT

TYPE

GROSS

AMOUNTS

OF

RECOGNIZED

LIABILITIES

PRESENTED

IN

THE

STATEMENT  OF

ASSETS

&

LIABILITIES

GROSS

AMOUNTS

ELIGIBLE

TO

OFFSET

NET

AMOUNTS

OF

LIABILITIES

FINANCIAL

INSTRUMENTS

CASH

COLLATERAL

RECEIVED/

(PLEDGED)

(a)

NET

AMOUNT

CITI

...........

Forward

Foreign

Currency

Exchange

Contracts

$

33,134

$

(1,858)

$

31,276

$

–

$

(31,276)

$

–

JPMC

..........

Forward

Foreign

Currency

Exchange

Contracts

33,122

(1,860)

31,262

–

–

31,262

MLIN

..........

Total

Return

Basket

Swap

Contracts

310,251

(101,635)

208,616

–

(190,992)

17,624

Total

financial

instruments

subject

to

master

netting

arrangement

or

similar

arrangement

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

376,507

(105,353)

271,154

–

(222,268)

48,886

342

Notes

to

Financial

Statements

AQR

Funds

|

Semi-Annual

Report

|

June

2024

June

30,

2024

(Unaudited)

For

the period

ended

June

30,

2024,

the

average

and

ending

volume

of

the

derivative

instruments held

by

the

Funds

were

as

follows:

Derivatives

Volume

Disclosure*

*

AQR

ALTERNATIVE

RISK

PREMIA

FUND

AQR

DIVERSIFIED

ARBITRAGE

FUND

AQR

EQUITY

MARKET

NEUTRAL

FUND

AQR

LONG-

SHORT

EQUITY

FUND

Futures

Contracts:

Average

Notional

Balance

-

Long

$

375,850,695

$

–

$

–

$

392,401,048

Average

Notional

Balance

-

Short

344,546,965

362,104,286

–

–

Ending

Notional

Balance

-

Long

596,937,001

–

–

524,642,680

Ending

Notional

Balance

-

Short

401,944,673

411,626,953

–

–

Forward

Foreign

Currency

Exchange

Contracts:

Average

Settlement

Value

-

Purchased

250,225,441

23,088,617

11,118,931

221,965,519

Average

Settlement

Value

-

Sold

284,843,870

42,883,778

29,131,482

67,702,802

Ending

Value

-

Purchased

258,183,539

32,287,557

28,966,359

295,228,774

Ending

Value

-

Sold

328,629,685

52,246,724

73,177,774

181,643,503

Exchange-Traded

Option

Contracts:

Average

Number

of

Contracts

-

Purchased

–

4,643

–

–

Average

Number

of

Contracts

-

Written

–

–

–

–

Ending

Number

of

Contracts

-

Purchased

–

4,643

–

–

Ending

Number

of

Contracts

-

Written

–

–

–

–

Credit

Default

Swap

Contracts:

Average

Notional

Balance

-

Buy

Protection

–

90,841,667

–

–

Average

Notional

Balance

-

Sell

Protection

–

–

–

–

Ending

Notional

Balance

-

Buy

Protection

–

82,200,000

–

–

Ending

Notional

Balance

-

Sell

Protection

–

–

–

–

Total

Return

Swap

Contracts:

Average

Notional

Balance

-

Long

43,438,694

–

–

78,193,362

Average

Notional

Balance

-

Short

11,960,440

53,123,924

–

–

Ending

Notional

Balance

-

Long

66,575,247

–

–

91,672,832

Ending

Notional

Balance

-

Short

13,433,180

55,296,805

–

–

Interest

Rate

Swap

Contracts:

Average

Notional

Balance

-

Pays

Fixed

Rate

509,756,114

–

–

–

Average

Notional

Balance

-

Receives

Fixed

Rate

349,663,992

–

–

–

Ending

Notional

Balance

-

Pays

Fixed

Rate

594,234,345

–

–

–

Ending

Notional

Balance

-

Receives

Fixed

Rate

406,053,548

–

–

–

Total

Return

Basket

Swap

Contracts:

Average

Notional

of

Underlying

Positions

-

Long

–

606,513,181

659,923,989

2,463,917,748

Average

Notional

of

Underlying

Positions

-

Short

–

216,356,120

401,411,110

2,230,246,631

Ending

Notional

Balance

-

Long

–

618,495,702

–

**

–

**

Ending

Notional

Balance

-

Short

–

230,610,136

259

–

**

343

Notes

to

Financial

Statements

AQR

Funds

|

Semi-Annual

Report

|

June

2024

June

30,

2024

(Unaudited)

*

AQR

MACRO

OPPORTUNITIES

FUND

AQR

MANAGED

FUTURES

STRATEGY

FUND

AQR

MANAGED

FUTURES

STRATEGY

HV

FUND

AQR

MULTI-

ASSET

FUND

AQR

RISK-

BALANCED

COMMODITIES

STRATEGY

FUND

Futures

Contracts:

Average

Notional

Balance

-

Long

$

335,070,699

$

2,685,401,981

$

555,977,534

$

470,421,713

$

1,072,133,779

Average

Notional

Balance

-

Short

387,785,689

3,043,590,032

625,876,938

135,993,090

420,828,659

Ending

Notional

Balance

-

Long

421,215,760

3,871,986,480

909,655,733

535,003,368

1,155,970,559

Ending

Notional

Balance

-

Short

467,273,239

3,220,766,784

756,326,620

140,673,151

402,601,991

Forward

Foreign

Currency

Exchange

Contracts:

Average

Settlement

Value

-

Purchased

410,296,034

2,335,002,424

442,420,351

262,874,535

–

Average

Settlement

Value

-

Sold

420,621,902

2,883,185,810

571,058,243

298,535,060

–

Ending

Value

-

Purchased

449,672,519

1,893,259,982

434,195,676

342,830,936

–

Ending

Value

-

Sold

500,006,884

3,342,317,796

775,351,754

389,350,364

–

Credit

Default

Swap

Contracts:

Average

Notional

Balance

-

Buy

Protection

7,878,095

25,078,436

5,895,580

–

–

Average

Notional

Balance

-

Sell

Protection

19,086,718

96,876,989

19,242,451

–

–

Ending

Notional

Balance

-

Buy

Protection

1,894,511

25,078,436

5,895,580

–

–

Ending

Notional

Balance

-

Sell

Protection

16,264,443

69,825,339

16,349,661

–

–

Total

Return

Swap

Contracts:

Average

Notional

Balance

-

Long

33,546,298

179,276,924

36,014,568

8,353,310

–

Average

Notional

Balance

-

Short

17,458,985

61,862,087

15,952,845

34,002,318

–

Ending

Notional

Balance

-

Long

57,417,953

251,168,724

55,525,297

19,722,202

–

Ending

Notional

Balance

-

Short

15,544,425

61,862,087

15,952,845

24,632,133

–

Interest

Rate

Swap

Contracts:

Average

Notional

Balance

-

Pays

Fixed

Rate

1,369,344,113

3,198,023,129

670,176,486

–

–

Average

Notional

Balance

-

Receives

Fixed

Rate

1,024,186,492

2,054,882,610

421,438,049

–

–

Ending

Notional

Balance

-

Pays

Fixed

Rate

1,652,959,412

3,923,354,033

931,265,334

–

–

Ending

Notional

Balance

-

Receives

Fixed

Rate

1,148,959,561

2,781,071,521

651,218,147

–

–

Total

Return

Basket

Swap

Contracts:

Average

Notional

of

Underlying

Positions

-

Long

–

834,437,547

166,303,486

–

–

Average

Notional

of

Underlying

Positions

-

Short

–

847,150,943

169,514,693

–

–

Ending

Notional

Balance

-

Long

–

859,181,720

196,660,451

–

–

Ending

Notional

Balance

-

Short

–

877,078,818

201,263,174

–

–

344

Notes

to

Financial

Statements

AQR

Funds

|

Semi-Annual

Report

|

June

2024

June

30,

2024

(Unaudited)

9.

Investment

Advisory

and

Other

Agreements

The

Adviser

serves

as

the

investment

adviser

to

each

of

the

Funds,

pursuant

to

certain

investment

management

agreements

entered

into

between

the

Trust,

on

behalf

of

the

applicable

Funds,

and

the

Adviser

(collectively,

the

“Advisory

Agreement”).

Under

the

Advisory

Agreement,

the

Adviser

furnishes

a

continuous

investment

program

for

each

Fund’s

portfolio,

makes

day-to-day

investment

decisions

for

each

Fund,

and

manages

each

Fund’s

investments

in

accordance

with

the

stated

policies

of

each

Fund.

The

Adviser

is

also

responsible

for

selecting

brokers

and

dealers

to

execute

purchase

and

sale

orders

for

the

portfolio

transactions

of

each

Fund,

subject

to

its

obligation

to

seek

best

execution,

and

also

provides

certain

other

administrative

services

to

each

Fund.

The

Adviser

provides

persons

satisfactory

to

the

Funds’

Board

to

serve

as

officers

of

the

Funds.

Pursuant

to

the

Advisory

Agreement,

the

Funds

calculate

and

accrue

daily

based

on

the

average

daily

net

assets

for

each

Fund

and

pay

monthly

the

Investment

Advisory

fee

in

the

annual

ratios

below:

*

AQR

STYLE

PREMIA

ALTERNATIVE

FUND

AQR

SUSTAINABLE

LONG-SHORT

EQUITY

CARBON

AWARE

FUND

Futures

Contracts:

Average

Notional

Balance

-

Long

$

1,668,166,867

$

–

Average

Notional

Balance

-

Short

1,760,448,687

–

Ending

Notional

Balance

-

Long

1,872,527,003

–

Ending

Notional

Balance

-

Short

2,256,166,708

–

Forward

Foreign

Currency

Exchange

Contracts:

Average

Settlement

Value

-

Purchased

1,385,252,362

4,896,432

Average

Settlement

Value

-

Sold

1,460,623,258

130,500

Ending

Value

-

Purchased

1,396,121,102

4,832,813

Ending

Value

-

Sold

1,489,964,530

–

Total

Return

Swap

Contracts:

Average

Notional

Balance

-

Long

301,993,979

–

Average

Notional

Balance

-

Short

220,063,734

–

Ending

Notional

Balance

-

Long

403,325,185

–

Ending

Notional

Balance

-

Short

264,532,807

–

Interest

Rate

Swap

Contracts:

Average

Notional

Balance

-

Pays

Fixed

Rate

3,804,449,552

–

Average

Notional

Balance

-

Receives

Fixed

Rate

2,708,095,515

–

Ending

Notional

Balance

-

Pays

Fixed

Rate

4,037,584,923

–

Ending

Notional

Balance

-

Receives

Fixed

Rate

3,113,667,855

–

Total

Return

Basket

Swap

Contracts:

Average

Notional

of

Underlying

Positions

-

Long

1,544,112,772

80,555,065

Average

Notional

of

Underlying

Positions

-

Short

1,420,628,871

58,082,933

Ending

Notional

Balance

-

Long

171,367,501

81,322,620

Ending

Notional

Balance

-

Short

137,863,147

58,237,247

*

Average

volume

of

derivatives

is

based

on

the

average

of

the

notional

balances,

settlement

values

or

number

of

contracts,

as

applicable,

that

were

outstanding

at

the

end

of

each

quarter

during

the

reporting

period.

**

Includes

total

return

basket

swap

contracts

with

zero

notional

value.

FUND

RATIO

AQR

Alternative

Risk

Premia

Fund

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

1.20%

AQR

Diversified

Arbitrage

Fund

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

1.00

AQR

Diversifying

Strategies

Fund

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

0.00

AQR

Equity

Market

Neutral

Fund

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

1.10

AQR

Long-Short

Equity

Fund

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

1.10

AQR

Macro

Opportunities

Fund

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

1.00

AQR

Managed

Futures

Strategy

Fund

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

1.05

AQR

Managed

Futures

Strategy

HV

Fund

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

1.45

AQR

Multi-Asset

Fund

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

0.60

AQR

Risk-Balanced

Commodities

Strategy

Fund

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

0.80

AQR

Style

Premia

Alternative

Fund

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

1.30

AQR

Sustainable

Long-Short

Equity

Carbon

Aware

Fund

(a)

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

1.10

(a)

Effective

August

19,

2024,

the

Fund’s

Management

Fee

was

reduced

from

1.10%

to

1.05%.

345

Notes

to

Financial

Statements

AQR

Funds

|

Semi-Annual

Report

|

June

2024

June

30,

2024

(Unaudited)

The

Trust

and

the

Adviser

have

entered

into

an

agreement

(the

“Expense

Limitation

Agreement”)

whereby

the

Adviser

has

agreed

to

reimburse

operating

expenses

of

each

Fund

at

least

through

April

30,

2025

for

Class

I,

N,

and

R6

shares.

Pursuant

to

the

Expense

Limitation

Agreement,

the

Adviser

has

agreed

to

reimburse

each

Fund

in

an

amount

sufficient

to

limit

each

Fund's

operating

expenses

other

than

management

fees

and

12b-1

fees,

and

exclusive

of

interest,

taxes,

borrowing

costs,

acquired

fund

fees

and

expenses,

dividend

and

interest

expense

related

to

short

sales,

expenses

related

to

class

action

claims,

contingent

expenses

related

to

tax

reclaim

receipts,

reorganization

expenses,

and

extraordinary

expenses,

at

no

more

than

the

following

ratios:

The

Trust,

in

turn,

agreed

that

the

Funds

will

repay

the

expense

reimbursement

to

the

Adviser

only

to

the

extent

it

can

be

made

during

the

thirty-six

months

following

the

applicable

month

during

which

the

Adviser

reimbursed

the

applicable

Fund

for

its

operating

expenses

under

the

Expense

Limitation

Agreement.

Such

repayment

shall

be

made

only

out

of

the

share

class

of

the

Fund

for

which

the

applicable

expense

reimbursement

was

made.

Repayments

with

respect

to

a

Fund

must

be

limited

to

amounts

that

do

not

cause

the

total

annual

operating

expenses

or

the

other

operating

expenses,

as

applicable,

attributable

to

a

share

class

of

the

Fund

during

a

year

in

which

such

repayment

is

made

to

exceed

either

of

(i)

the

applicable

limits

in

effect

at

the

time

of

the

reimbursement

and

(ii)

the

applicable

limits

in

effect

at

the

time

of

recapture.

The

amounts

reimbursed

by

the

Adviser

for

the

period

ended

June

30,

2024,

as

well

as

the

amounts

available

for

potential

future

recoupment

by

the

Adviser

and

the

expiration

schedule

at

June

30,

2024

are

as

follows:

FUND

CLASS

I

CLASS

N

CLASS

R6

AQR

Alternative

Risk

Premia

Fund

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

0.20

%

0.20

%

0.10

%

AQR

Diversified

Arbitrage

Fund

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

0.20

0.20

0.10

AQR

Diversifying

Strategies

Fund

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

0.20

0.20

0.10

AQR

Equity

Market

Neutral

Fund

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

0.20

0.20

0.10

AQR

Long-Short

Equity

Fund

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

0.20

0.20

0.10

AQR

Macro

Opportunities

Fund

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

0.20

0.20

0.10

AQR

Managed

Futures

Strategy

Fund

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

0.20

0.20

0.10

AQR

Managed

Futures

Strategy

HV

Fund

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

0.20

0.20

0.10

AQR

Multi-Asset

Fund

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

0.20

0.20

0.10

AQR

Risk-Balanced

Commodities

Strategy

Fund

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

0.20

0.20

0.10

AQR

Style

Premia

Alternative

Fund

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

0.20

0.20

0.10

AQR

Sustainable

Long-Short

Equity

Carbon

Aware

Fund

(a)

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

0.20

0.20

0.10

(a)

Effective

August

19,

2024,

the

Adviser

has

agreed

to

reimburse

operating

expenses

of

the

Fund

at

least

through

April

30,

2026

for

Class

I,

N,

and

R6

shares.

EXPENSES

REIMBURSED

FOR

THE

PERIOD

ENDED

TOTAL

POTENTIAL

RECOUPMENT

AMOUNT

POTENTIAL

AMOUNTS

EXP

RECOUPMENT

IRING

JUNE

30

,

JUNE

30,

2024

JUNE

30,

2024

20

24

20

25

20

26

20

27

AQR

ALTERNATIVE

RISK

PREMIA

FUND

Class

I

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

$

37,495

$

290,036

$

80,561

$

77,874

$

94,106

$

37,495

Class

N

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

5,153

38,699

12,077

11,960

9,509

5,153

Class

R6

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

74,680

540,350

109,567

181,046

175,057

74,680

Totals

$

117,328

$

869,085

$

202,205

$

270,880

$

278,672

$

117,328

AQR

DIVERSIFIED

ARBITRAGE

FUND

Class

I

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

$

632

$

421,860

$

226,614

$

123,222

$

71,392

$

632

Class

N

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

21

23,761

11,723

8,382

3,635

21

Class

R6

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

309

210,392

87,845

81,715

40,523

309

Totals

$

962

$

656,013

$

326,182

$

213,319

$

115,550

$

962

AQR

DIVERSIFYING

STRATEGIES

FUND

Class

I

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

$

–

$

160,530

$

34,708

$

90,324

$

35,498

$

–

Class

N

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

–

4,819

–

2,938

1,881

–

Class

R6

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

–

22,139

15,952

6,018

169

–

Totals

$

–

$

187,488

$

50,660

$

99,280

$

37,548

$

–

AQR

EQUITY

MARKET

NEUTRAL

FUND

Class

I

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

$

26,821

$

342,912

$

73,202

$

128,895

$

113,994

$

26,821

Class

N

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

5,599

99,118

32,199

37,792

23,528

5,599

Class

R6

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

18,799

124,037

10,987

34,917

59,334

18,799

Totals

$

51,219

$

566,067

$

116,388

$

201,604

$

196,856

$

51,219

346

Notes

to

Financial

Statements

AQR

Funds

|

Semi-Annual

Report

|

June

2024

June

30,

2024

(Unaudited)

During

the

period

ended

June

30,

2024,

the

Funds

repaid

to

the

Advisor

the

following

amounts

previously

reimbursed:

Pursuant

to

the

Sub-Advisory

Agreements

between

the

Sub-Adviser,

the

Adviser

and

the

Trust,

the

Adviser

will

pay

the

Sub-Adviser

an

annual

fee,

payable

monthly,

at

the

annual

rate

of

0.50%

of

the

average

daily

net

assets

for

the

AQR

Diversified

Arbitrage

Fund. 

EXPENSES

REIMBURSED

FOR

THE

PERIOD

ENDED

TOTAL

POTENTIAL

RECOUPMENT

AMOUNT

POTENTIAL

AMOUNTS

EXP

RECOUPMENT

IRING

JUNE

30,

JUNE

30,

2024

JUNE

30,

2024

2024

2025

2026

2027

AQR

LONG-SHORT

EQUITY

FUND

Class

I

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

$

273

$

235,062

$

2,010

$

134,429

$

98,350

$

273

Class

N

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

4

11,061

1,773

5,522

3,762

4

Class

R6

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

3

9,584

4,649

3,589

1,343

3

Totals

$

280

$

255,707

$

8,432

$

143,540

$

103,455

$

280

AQR

MACRO

OPPORTUNITIES

FUND

Class

I

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

$

41,025

$

391,216

$

61,620

$

138,153

$

150,418

$

41,025

Class

N

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

2,837

41,187

4,683

15,846

17,821

2,837

Class

R6

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

113,040

530,559

135,769

127,132

154,618

113,040

Totals

$

156,902

$

962,962

$

202,072

$

281,131

$

322,857

$

156,902

AQR

MANAGED

FUTURES

STRATEGY

FUND

Class

I

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

$

18,685

$

18,685

$

–

$

–

$

–

$

18,685

Class

N

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

1,668

10,195

–

2,784

5,743

1,668

Class

R6

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

4,670

44,422

–

23,246

16,506

4,670

Totals

$

25,023

$

73,302

$

–

$

26,030

$

22,249

$

25,023

AQR

MANAGED

FUTURES

STRATEGY

HV

FUND

Class

I

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

$

59,962

$

569,452

$

86,816

$

237,500

$

185,174

$

59,962

Class

N

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

4,555

37,991

3,915

21,236

8,285

4,555

Class

R6

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

96,709

351,988

29,941

95,567

129,771

96,709

Totals

$

161,226

$

959,431

$

120,672

$

354,303

$

323,230

$

161,226

AQR

MULTI-ASSET

FUND

Class

I

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

$

29,006

$

472,829

$

115,062

$

210,178

$

118,583

$

29,006

Class

N

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

1,997

32,277

5,120

13,800

11,360

1,997

Class

R6

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

46,990

214,859

15,056

53,622

99,191

46,990

Totals

$

77,993

$

719,965

$

135,238

$

277,600

$

229,134

$

77,993

AQR

RISK-BALANCED

COMMODITIES

STRATEGY

FUND

Class

I

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

$

46,256

$

431,511

$

95,374

$

136,748

$

153,133

$

46,256

Class

N

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

6,296

56,999

15,687

16,743

18,273

6,296

Class

R6

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

3,551

31,011

1,509

9,329

16,622

3,551

Totals

$

56,103

$

519,521

$

112,570

$

162,820

$

188,028

$

56,103

AQR

STYLE

PREMIA

ALTERNATIVE

FUND

Class

I

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

$

6,383

$

283,499

$

81,310

$

142,137

$

53,669

$

6,383

Class

N

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

569

25,946

5,942

14,134

5,301

569

Class

R6

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

8,584

455,408

127,903

232,440

86,481

8,584

Totals

$

15,536

$

764,853

$

215,155

$

388,711

$

145,451

$

15,536

AQR

SUSTAINABLE

LONG-SHORT

EQUITY

CARBON

AWARE

FUND

Class

I

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

$

13,254

$

178,679

$

3,140

$

87,281

$

75,004

$

13,254

Class

N

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

45,440

148,979

3,140

48,902

51,497

45,440

Class

R6

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

54,172

407,765

56,879

217,046

79,668

54,172

Totals

$

112,866

$

735,423

$

63,159

$

353,229

$

206,169

$

112,866

FUND

CLASS

I

CLASS

N

CLASS

R6

AQR

Diversified

Arbitrage

Fund

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

$

53,138

$

2,986

$

9,551

AQR

Diversifying

Strategies

Fund

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

103,837

7,620

1,406

AQR

Equity

Market

Neutral

Fund

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

6,148

–

–

AQR

Long-Short

Equity

Fund

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

69,047

3,229

296

AQR

Managed

Futures

Strategy

Fund

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

–

2,511

–

AQR

Risk-Balanced

Commodities

Strategy

Fund

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

1,840

–

–

347

Notes

to

Financial

Statements

AQR

Funds

|

Semi-Annual

Report

|

June

2024

June

30,

2024

(Unaudited)

10.

Distribution

Plan

The

Trust

has

adopted

a

Plan

of

Distribution

(the

“Plan”)

pursuant

to

Rule

12b-1

under

the

1940

Act

with

respect

to

the

Class

N

shares

of

the

Funds.

The

Plan

allows

for

the

payment

of

services

related

to

the

distribution

and

servicing

of

these

shares

at

a

rate

of

up

to

0.25%

per

annum

of

the

average

daily NAV

of

the

Class

N

shares

of

the

Funds.

11.

Principal

Risks

and

Concentrations

With

the

exception

of

AQR

Risk-Balanced

Commodities

Strategy

Fund,

the

Funds

are

diversified.

Because

a

non-diversified

Fund

may

invest

in

securities

of

a

smaller

number

of

issuers,

such

non-diversified

Fund

may

be

more

exposed

to

the

risks

associated

with

and

developments

affecting

an

individual

issuer

than

a

fund

that

invests

more

widely,

which

may,

therefore,

have

a

greater

impact

on

the

non-diversified

Fund's

performance. 

The

investment

techniques

and

strategies

utilized

by

the

Funds,

including

investments

made

on

a

shorter-term

basis

or

in

derivative

instruments

or

instruments

with

a

maturity

of

one

year

or

less

at

the

time

of

acquisition,

may

result

in

frequent

portfolio

trading

and

high

portfolio

turnover.

High

portfolio

turnover

will

cause

the

Funds

to

incur

higher

levels

of

brokerage

fees

and

commissions,

which

may

reduce

performance,

and

may

cause

higher

levels

of

current

tax

liability

to

shareholders

in

the

Funds.

In

the

normal

course

of

business,

the

Funds

trade

financial

instruments

and

enter

into

financial

transactions

where

risk

of

potential

loss

exists

due

to

changes

in

the

market

(market

risk).

A

Fund’s

investments

in

financial

derivatives

and

other

financial

instruments

may

expose

the

Fund

to

various

elements

of

market

risks

which

include

interest

rate,

foreign

currency,

equity,

and

commodity

risks.

Exposure

to

the

commodities

markets

may

subject

a

Fund

to

greater

volatility

than

investments

in

traditional

securities.

The

value

of

commodity-linked

derivative

investments

and

exchange-traded

notes

may

be

affected

by

changes

in

overall

market

movements,

commodity

index

volatility,

changes

in

interest

rates,

or

factors

affecting

a

particular

industry

or

commodity. 

Fixed

income

securities

are

subject

to

the

risk

that

the

securities

could

lose

value

because

of

interest

rate

changes.

For

example,

bonds

tend

to

decrease

in

value

if

interest

rates

rise.

Fixed

income

securities

with

longer

maturities

sometimes

offer

higher

yields,

but

are

subject

to

greater

price

shifts

as

a

result

of

interest

rate

changes

than

fixed

income

securities

with

shorter

maturities.

Fixed

income

securities

are

generally

subject

to

the

risk

that

the

issuer

may

be

unable

to

make

principal

and

interest

payments

when

they

are

due. 

Interest

rate

risk

is

the

risk

that

fixed

income

securities

will

decline

in

value

because

of

changes

in

interest

rates.

The

Funds

may

lose

money

if

short-

term

or

long-term

interest

rates

rise

sharply

or

otherwise

change

in

a

manner

not

anticipated.

Convertible

securities

and

non-convertible

income

producing

securities

are

subject

to

certain

risks,

including

(

i

)

if

interest

rates

go

up,

the

value

of

convertible

securities

and

non-convertible

income

producing

securities

in

the

Funds'

portfolios

generally

will

decline;

(ii)

during

periods

of

declining

interest

rates,

the

issuer

of

a

security

may

exercise

its

option

to

prepay

principal

earlier

than

scheduled,

forcing

the

Funds

to

reinvest

in

lower

yielding

securities

(call

or

prepayment

risk);

and

(iii)

during

periods

of

rising

interest

rates,

the

average

life

of

certain

types

of

securities

may

be

extended

because

of

slower

than

expected

principal

payments

(extension

risk).

Inflation-indexed

bonds

are

subject

to

certain

risks,

including

that

their

value

will

typically

fluctuate

in

response

to

changes

in

real

interest

rates,

which

are

in

turn

tied

to

the

relationship

between

nominal

interest

rates

and

the

rate

of

inflation.

Therefore,

if

nominal

interest

rates

increased

at

a

faster

rate

than

inflation,

real

interest

rates

might

rise,

leading

to

a

decrease

in

the

value

of

inflation-protected

securities.

Sovereign

debt

investments

are

subject

to

the

risk

that

a

governmental

entity

may

delay

or

refuse

to

pay

interest

or

repay

principal

on

its

sovereign

debt,

due,

for

example,

to

cash

flow

problems,

insufficient

foreign

currency

reserves,

political

considerations,

the

relative

size

of

the

governmental

entity’s

debt

position

in

relation

to

the

economy

or

the

failure

to

put

in

place

economic

reforms

required

by

the

International

Monetary

Fund

or

other

multilateral

agencies.

If

a

governmental

entity

defaults,

it

may

ask

for

more

time

in

which

to

pay

or

for

further

loans.

There

is

no

legal

process

for

collecting

sovereign

debt

that

a

government

does

not

pay

nor

are

there

bankruptcy

proceedings

through

which

all

or

part

of

the

sovereign

debt

that

a

governmental

entity

has

not

repaid

may

be

collected.

Investment

in

securities

of

foreign

issuers

may

involve

certain

risks

that

are

greater

than

those

associated

with

investments

in

securities

of

U.S.

issuers.

These

include

risks

of

adverse

changes

in

foreign

economic,

political,

regulatory

and

other

conditions;

changes

in

currency

exchange

rates

or

exchange

control

regulations

(including

limitations

on

currency

movements

and

exchanges);

the

imposition

of

economic

sanctions,

embargos or

other

government

actions

and/or restrictions;

differing

accounting,

auditing,

financial

reporting

and

legal

standards

and

practices;

differing

securities

market

structures;

and

higher

transaction

costs.

To

the

extent

a

Fund’s

investments

in

a

single

country

or

a

limited

number

of

countries

represent

a

higher

percentage

of

the

Fund’s

assets,

the

Fund

assumes

the

risk

that

economic,

political

and

social

conditions

in

those

countries may

have

a

significant

impact

on

investment

performance,

may

subject

the

Fund

to

increased

price

volatility

and

may

impair

or

otherwise

limit

the

Fund's

ability

to

invest

in,

receive,

hold

or

sell

securities

issued

by

the

impacted

countries.

Emerging

markets

are

riskier

than

more

developed

markets

because

they

tend

to

develop

unevenly

and

may

never

fully

develop.

Investments

in

emerging

markets

may

be

considered

speculative.

Emerging

markets

are

more

likely

to

experience

hyperinflation

and

currency

devaluations,

which

adversely

affect

returns

to

U.S.

investors.

In

addition,

many

emerging

securities

markets

have

far

lower

trading

volumes

and

less

liquidity

than

developed

markets. 

348

Notes

to

Financial

Statements

AQR

Funds

|

Semi-Annual

Report

|

June

2024

June

30,

2024

(Unaudited)

Foreign

currency

risk

arises

from

the

possibility

that

fluctuations

in

foreign

exchange

rates

will

affect

the

value

of

cash

balances

held

in

foreign

currencies

and

non-U.S.

denominated

financial

instruments.

The

liquidity

and

trading

value

of

foreign

currencies

could

be

affected

by

global

economic

factors,

such

as

inflation,

interest

rate

levels,

and

trade

balances

among

countries,

as

well

as

the

actions

of

sovereign

governments

and

central

banks.

Currency

rates

in

foreign

countries

may

fluctuate

significantly

over

short

periods

of

time

for

a

number

of

reasons. 

The

market

values

of

equities,

such

as

common

stocks

and

preferred

securities

or

equity-related

investments

such

as

futures

and

option

contracts,

may

decline

due

to

general

market

conditions

which

are

not

specifically

related

to

a

particular

company.

They

may

also

decline

due

to

factors

which

affect

a

particular

industry

or

industries.

The

Funds

may

invest

in

illiquid

investments

and

may

experience

difficulty

in

selling

those

investments

in

a

timely

manner

at

the

price

that

it

believes

the

investments

are

worth.

Prices

may

fluctuate

widely

over

short

or

extended

periods

in

response

to

company,

market

or

economic

news.

Investments

in

REITs

and

other

real

estate-related

investments

are

subject

to

unique

risks.

In

a

rising

interest

rate

environment,

the

stock

prices

of

real

estate-related

investments

may

decline

and

the

borrowing

costs

of

these

companies

may

increase.

Historically,

the

returns

from

the

stocks

of

real

estate-related

investments,

which

typically

are

small-

or

mid-capitalization

stocks,

have

performed

differently

from

the

overall

stock

market.

Unique

risks

of

real

estate-related

investments

include

difficulties

in

valuing

and

disposing

of

real

estate;

the

risks

related

to

general

and

local

economic

conditions,

environmental

liability,

increases

in

property

taxes

and

operating

expenses,

and

casualty

or

condemnation

losses;

the

possibility

of

adverse

changes

in

the

climate

for

real

estate,

zoning

laws,

rent

limitations,

interest

rates

and

in

the

credit

markets;

and

the

possibility

of

borrowers

paying

off

mortgages

sooner

than

expected,

which

may

lead

to

reinvestment

of

assets

at

lower

prevailing

interest

rates.

Geopolitical

and

other

events,

including

war,

terrorism,

natural

disasters,

economic

uncertainty,

trade

disputes,

extreme

weather

and

climate-related

events,

public

health

crises

including

pandemics and

related

geopolitical

events

have

led,

and

in

the

future

may

lead,

to

increased

market

volatility,

which

may

disrupt

the

U.S.

and

world

economies

and

markets

and

may

have

significant

adverse

direct

or

indirect

effects

on

the

Funds

and

their

investments.

Although

multiple

asset

classes

may

be

affected

by

a

market

disruption,

the

duration

and

effects

may

not

be

the

same

for

all

types

of

assets.

Markets

also

tend

to

move

in

cycles,

with

periods

of

rising

and

falling

prices.

This

volatility

may

cause

the

Funds'

NAV

to

experience

significant

increases

or

decreases

over

short

periods

of

time.

If

there

is

a

general

decline

in

the

securities

and

other

markets,

the

NAV

of the

Funds

may

lose

value,

regardless

of

the

individual

results

of

the

securities

and

other

instruments

in

which

the

Funds

invest.

In

addition

to

market

risk,

the

Funds

may

be

exposed

to

the

risk

that

one

or

more

securities

in

the

Funds’

portfolios

will

decline

in

price,

or

fail

to

pay

interest

or

principal

when

due,

because

the

issuer

of

the

security

experiences

a

decline

in

its

financial

status

(credit

risk).

Credit

risk

is

measured

by

the

loss

a

Fund

would

record

if

the

major

financial

institution

or

other

counterparties

failed

to

perform

pursuant

to

terms

of

their

obligations.

Certain

Funds

may

primarily

maintain

cash

balances

at

one

or

several

major

financial

institutions

that

may

exceed

federally

insured

limits

and

as

such

each

of

the

Funds

have

credit

risk

associated

with

such

financial

institutions.

In

general,

lower-rated

securities

carry

a

greater

degree

of

risk

that

the

issuer

will

lose

its

ability

to

make

interest

and

principal

payments,

which

could

have

a

negative

impact

on

the

Funds’

NAV

or

dividends.

The

Funds

minimize

credit

risk

by

monitoring

credit

exposure

and

collateral

values,

and

by

requiring

additional

collateral

to

be

deposited

with

or

returned

to

the

Funds

when

deemed

necessary.

In

the

normal

course

of

business,

the

Funds

may

enter

into

agreements

with

certain

counterparties

for

derivative

transactions.

A

number

of

each

Fund's

Master

Agreements

contain

provisions

that

require

each

Fund

to

maintain

a

predetermined

level

of

net

assets,

and/or

provide

limits

regarding

the

decline

of

a

Fund’s NAV

over

specified

time

periods.

If

a

Fund

was

to

violate

such

provisions,

the

counterparties

to

the

derivative

instruments

could

request

immediate

payment

or

demand

immediate

collateralization

on

derivative

instruments

in

net

liability

positions.

If

such

events

are

not

cured

by

the

Fund

or

waived

by

the

counterparties,

they

may

decide

to

curtail

or

limit

extension

of

credit,

and

the

Fund

may

be

forced

to

unwind

its

derivative

positions

which

may

result

in

material

losses.

Similar

to

credit

risk, the

Funds

may

be

exposed

to

counterparty

risk,

or

the

risk

that

an

institution

or

other

entity

with

which

the

Funds

have

unsettled

or

open

transactions

will

default.

Financial

assets,

which

potentially

expose the

Funds

to

counterparty

risk,

consist

principally

of

cash

due

from

counterparties

and

investments.

By

using

derivative

instruments,

the

Funds

may

be

exposed

to

the

risk

that

derivative

counterparties

may

not

perform

in

accordance

with

the

contractual

provisions

offset

by

the

value

of

any

collateral

received.

The

Funds’

exposure

to

credit

risk

associated

with

counterparty

non-performance

is

limited

to

the

unrealized

gains

inherent

in

such

transactions

that

are

reported

on

the

Statements

of

Assets

and

Liabilities.

The

counterparties

to

the

Funds’

derivative

investments

may

include

affiliates

of

the

Funds’

clearing

brokers

and

other

major

financial

institutions.

While

the

Funds

use

multiple

clearing

brokers

and

counterparties,

a

concentration

of

credit

risk

may

exist

because

of

balances

held

and

transactions

with

a

limited

number

of

clearing

brokers

and

counterparties.

The

Funds

minimize

counterparty

credit

risk

through

credit

limits

and

approvals,

credit

monitoring

procedures,

executing

Master

Agreements,

and

managing

margin

and

collateral

requirements,

as

appropriate.

The

Funds

may

invest

in

securities

with

positive

momentum. This

entails

investing

in

securities

that

have

had

above-average

recent

returns.

These

securities

may

be

more

volatile

than

a

broad

cross-section

of

securities.

In

addition,

there

may

be

periods

during

which

the

investment

performance

of

the

Funds

while

using

a

momentum

strategy

may

suffer.

Investing

in

or

having

exposure

to

"value"

securities

presents

the

risk

that

the

securities

may

never

reach

what

the

Adviser

believes

are

their

full

market

values,

either

because

the

market

fails

to

recognize

what

the

Adviser

considers

to

be

the

security's

true

value

or

because

the

Adviser

misjudged

that

value.

In

addition,

there

may

be

periods

during

which

the

investment

performance

of

the

Funds

while

using

a

value

strategy

may

suffer.

349

Notes

to

Financial

Statements

AQR

Funds

|

Semi-Annual

Report

|

June

2024

June

30,

2024

(Unaudited)

The

Funds

may

have

investments

that

appreciate

or

decrease

significantly

in

value

over

short

periods

of

time.

This

may

cause

the

Funds’

NAV

per

share

to

experience

significant

increases

or

declines

in

value

over

short

periods

of

time,

however,

all

investments

long-term

or

short-term

are

subject

to

risk

of

loss. 

The

Funds

may

invest

in

restricted

securities.

Restricted

securities

are

subject

to

legal

or

contractual

restrictions

on

resale

and

may

generally

be

sold

privately

but

may

be

required

to

be

registered

or

exempted

from

such

registration

before

being

sold

to

the

public.

Private

placement

securities

are

generally

considered

to

be

restricted

except

for

those

securities

traded

between

qualified

institutional

investors

under

the

provisions

of

Rule

144A

of

the

Securities

Act

of

1933.

Disposal

of

restricted

securities

may

involve

time-consuming

negotiations

and

expenses,

and

prompt

sale

at

an

acceptable

price

may

be

difficult

to

achieve.

Restricted

securities

held

by

the

Funds

at

period

end,

if

any,

are

disclosed

in

the

Schedule

of

Investments. 

Certain Funds,

at

times,

may

utilize

substantial

leverage

in

their

investment

program.

Such

leverage

may

take

the

form

of

trading

on

margin,

investing

in

derivative

instruments

that

are

inherently

leveraged,

entering

into

reverse

repurchase

transactions

and

entering

into

other

forms

of

direct

and

indirect

borrowings.

There

is

no

guarantee

that

the

Funds’

borrowing

arrangement

or

other

arrangements

for

obtaining

leverage

will

continue

to

be

available,

or

if

available,

will

be

available

on

terms

and

conditions

acceptable

to

the

Funds.

Unfavorable

economic

conditions

could

also increase

funding

costs,

limit

access

to

the

capital

markets

or

result

in

a

decision

by

lenders

not

to

extend

credit

to

the

Funds.

In

addition,

a

decline

in

market

value

of

the

Funds’

assets

may

have

particular

adverse

consequences

in

instances

where

they

have

borrowed

money

based

on

the

market

value

of

those

assets.

A

decrease

in

market

value

of

those

assets

may

result

in

the

lender

(including

derivative

counterparties)

requiring

the

Funds

to

post

additional

collateral

or

otherwise

sell

assets

at

a

time

when

it

may

not

be

in

the

Funds’

best

interest

to

do

so.

Given

the

complexity

of

the

investments

and

strategies

of

the

Funds,

the

Adviser

relies

heavily

on

quantitative

models

and

information

and

traditional

and

non-traditional

data

supplied

or

made

available by

third

parties

(“Models

and

Data”).

Models

and

Data

are

used

to

construct

sets

of

transactions

and

investments,

to

provide

risk

management

insights,

and

to

assist

in

hedging

the

Funds'

investments.

When

Models

and

Data

prove

to

be

incorrect

or

incomplete,

including

because

data

is

stale,

missing

or

unavailable,

or

lacks

transparency,

any

decisions

made

in

reliance

thereon

expose

the

Funds

to

potential

risks.

Similarly,

any

hedging

based

on

faulty

Models

and

Data

may

prove

to

be

unsuccessful.

Some

of

the

models

used

by

the

Adviser

for

the

Funds

are

predictive

in

nature.

The

use

of

predictive

models

has

inherent

risks.

Because

predictive

models

are

usually

constructed

based

on

historical

data

supplied

by

third

parties

or

otherwise,

the

success

of

relying

on

such

models

may

depend

heavily

on

the

accuracy

and

reliability

of

the

supplied

historical

data.

The

Funds

bear

the

risk

that

the

quantitative

models

used

by

the

Adviser

will

not

be

successful

in

selecting

investments

or

in

determining

the

weighting

of

investment

positions

that

will

enable

the

Funds

to

achieve their

investment

objective.

In

regard

to

the

AQR

Diversifying

Strategies

Fund,

due

to

the

Fund's

strategy

of

investing

in

affiliated

funds,

shareholders

bear

both

their

proportionate

share

of

expenses

in

the

Fund

and,

indirectly,

the

expenses

of

such

affiliated

funds.

An

investor

holding

the

affiliated

investment

funds

directly

and

in

the

same

proportions

as

the

Fund

would

incur

lower

overall

expenses

but

would

not

receive

the

benefits

of

the

active

allocation

of

investments

among

the

affiliated

investment

funds

associated

with

an

investment

in

the

Fund.

The

Adviser

receives

management

fees

from

each

of

the

affiliated

investment

funds,

but

not

from

the

Fund.

If

the

Adviser

were

to

invest

in

unaffiliated

funds,

however,

the

Adviser

would

not

receive

direct

or

indirect

management

fees

on

the

Fund

assets

invested

in

those

unaffiliated

funds.

There

is

a

risk

that

the

affiliated

investment

funds

in

which

the

Fund

invests

will

have

higher

expense

ratios

and/or

underperform

unaffiliated

funds

with

comparable

investment

strategies.

Additionally,

investments

in

the

AQR

Diversifying

Strategies

Fund

are

subject

to

risks

related

to

the

Adviser's

allocation

choices.

The

selection

of

the

affiliated

investment

funds

and

the

allocation

of

the

Fund's

assets

to

the

affiliated

investment

funds

could

cause

the

Fund

to

lose

value

or

its

results

to

lag

relevant

benchmarks

or

other

funds

with

similar

objectives.

The

Fund

could

miss

attractive

investment

opportunities

by

underweighting

strategies

that

subsequently

experience

significant

returns

and

could

lose

value

by

overweighting

strategies

that

subsequently

experience

significant

declines.

As

with

other

investments,

investments

in

other

investment

companies,

such

as

the

affiliated

investment

funds

and

money

market

mutual

funds,

are

subject

to

market

and

manager

risk.

Since

the

AQR

Diversifying

Strategies

Fund's

investments

consist

primarily

of

affiliated

funds,

the

Fund's

risks

are

directly

related

to

the

risks

of

the

affiliated

investment

funds.

For

this

reason,

it

is

important

to

understand

the

risks

associated

with

investing

in

the

affiliated

investment

funds.

In

regard

to

the

AQR

Sustainable

Long-Short

Equity

Carbon

Aware

Fund,

the

ability

of

the

Fund

to

achieve

its

net

zero

carbon

target

will

be

subject

to

the

Adviser's

ability

to

correctly

assess

the

carbon

emissions

of

the

companies

to

which

the

Fund

has

exposure

and

the

relative

performance

of

the

investments

in

the

portfolio.

Since

the

carbon

emissions

of

companies

will

likely

change

as

the

regulatory

environment,

public

sentiment

and

markets

change

or

time

passes,

the

success

of

the

Fund's

net

zero

carbon

strategy

will

also

be

subject

to

the

Adviser's

ability

to

continually

recalculate,

readjust,

and

execute

long

and/or

short

positions

in

an

efficient

and

timely

manner.

Additionally,

the

Adviser's

methodology

for

assessing

the

Fund's

carbon

emissions

exposure

may

differ

from

the

methodology

used

by

others

and

may

not

comport

with

an

investor's

assessment

due

to

a

variety

of

reasons

such

as,

the

use

of

different

carbon

emission

data

sources

and/or

differing

views

on

how

net

zero

carbon

exposure

is

achieved.

The

Adviser's

methodology

for

calculating

the

Fund's

carbon

emissions

exposure

could

prove

to

be

imperfect

or

may

not

achieve

its

intended

results.

350

Notes

to

Financial

Statements

AQR

Funds

|

Semi-Annual

Report

|

June

2024

June

30,

2024

(Unaudited)

Additionally,

the

AQR

Sustainable

Long-Short

Equity

Carbon

Aware

Fund

follows

a

sustainable

investment

approach

that

considers

the

Environmental,

Social

and

Governance

(“ESG”)

characteristics

of

investments

when

constructing

the

Fund's

portfolio.

Accordingly,

the

Fund

will

have

reduced

exposure

to

industries

or

sectors

with

companies

that

are

excluded

by

the

Fund's

dynamic

ESG

filter

or

otherwise

underweighted

due

to

their

ESG

characteristics

and

potentially

increased

exposure

to

industries

or

sectors

that

do

not

contain

such

companies.

Additionally,

due

to

its

exclusionary

criteria,

the

Fund

may

not

be

invested

in

certain

industries

or

sectors.

As

a

result,

the

Fund's

performance

may

be

lower

than

other

funds

that

do

not

consider

ESG

characteristics

or

use

different

ESG

criteria

when

constructing

their

portfolios.

In

addition,

since

sustainable

and

ESG

investing

takes

into

consideration

factors

beyond

traditional

financial

analysis,

the

Fund

may

have

fewer

investment

opportunities

available

to

it.

Sustainability

and

ESG-related

information

provided

by

issuers

and

third

parties,

upon

which

the

portfolio

managers

may

rely,

may

be

incomplete,

inaccurate,

use

different

methodologies,

or

be

applied

differently

across

companies

and

industries.

Further,

the

regulatory

landscape

for

sustainable

and

ESG

investing

in

the

U.S.

is

still

developing

and

future

rules

and

regulations

may

require

the

Fund

to

modify

or

alter

its

investment

process.

Similarly,

government

policies

incentivizing

companies

to

engage

in

and/or

disclose

their

sustainable

and

ESG

practices

may

fall

out

of

favor,

which

would

challenge

the

Fund's

ability

to

assess

ESG

characteristics

of

an

issuer

or

industry

and

its

ability

to

implement

its

investment

strategies.

There

is

also

a

risk

that

the

companies

identified

through

the

investment

process

may

fail

to

adhere

to

sustainable

and/or

ESG-related

business

practices,

which

may

result

in

the

Fund

selling

a

security

when

it

might

otherwise

be

disadvantageous

to

do

so.

There

is

no

guarantee

that

sustainable

investments

will

outperform

the

broader

market

on

either

an

absolute

or

relative

basis.

There

is

also

no

guarantee

that

the

Adviser

will

successfully

implement

strategies

or

make

investments

in

companies

that

result

in

favorable

ESG

outcomes

while

enhancing

long-term

shareholder

value

and

achieving

financial

returns.

Periodically,

the

Funds

may

be

a

party

to

legal

actions

arising

in

the

ordinary

course

of

business.

The

Funds

are

currently

not

subject

to

any

actions

that

either

individually

or

in

the

aggregate

are

expected

to

have

a

material

impact

on

their

results

of

operations,

cash

flows

or

financial

condition.

12.

Interfund

Lending

Pursuant

to

an

exemptive

order

issued

by

the

Securities

and

Exchange

Commission

(the

“SEC”),

the

Funds,

including

other

AQR

Funds

not

presented

in

this

book,

may

participate

in

a

joint

lending

and

borrowing

program

(the

“Interfund

Lending

Program”)

to

the

extent

such

participation

is

consistent

with

each

Fund’s

investment

objective

and

investment

policies. The

Interfund

Lending

Program

allows

the

Funds

to

borrow

and

lend

to

other

AQR

Funds

that

permit

such

transactions.

All

loans

under

the

Interfund

Lending

Program

are

for

temporary

cash

management

or

emergency

purposes.

Interest

earned

or

paid

on

an

interfund

lending

transaction

will

be

based

on

the

average

of

certain

current

market

rates,

as

calculated

according

to

a

formula

established

by

the

Board.

A

lending

Fund

may

lend

in

aggregate

up

to

15%

of

its

net

assets

but

may

not

lend

more

than

5%

of

its

net

assets

to

any

one

borrowing

Fund

through

the

Interfund

Lending

Program.

A

borrowing

Fund

may

not

borrow

through

the

Interfund

Lending

Program

or

from

any

other

source

more

than

33

1/3%

of

its

total

assets.

If

a

borrowing

Fund’s

total

outstanding

borrowings

exceed

10%

of

its

total

assets,

the

Fund

must

secure

each

of

its

outstanding

borrowings

through

the

Interfund

Lending

Program

with

collateral

equal

to

102%

of

the

outstanding

principal

value

of

the

loan.

The

Funds

are

not

required

to

borrow

money

under

the

Interfund

Lending

Program

and

may

borrow

under

other

arrangements,

including

their

existing

bank

line

of

credit.

This

could

result

in

a

Fund

borrowing

money

at

a

higher

interest

rate

than

it

would

have

received

under

the

Interfund

Lending

Program.

Interest

income

earned

as

a

result

of

lending

under

the

Interfund

Lending

Program

is reported

as

interfund

lending

income

on

the

Statements

of

Operations.

During

the

reporting

period,

average

loans

made

to

another

series

of

the

Trust

(not

presented

in

this

book) under

the

Interfund

Lending

Program

were

as

follows:

There

were

no

open

borrowings

as

of

June

30,

2024

by

any

of

the

Funds.

The

Funds

did

not

have

any

borrowings

for

the

period

ended

June

30,

2024.

13.

Line

of

Credit

Each

series

of

the

Trust

other

than

the

AQR

Diversifying

Strategies

Fund

(collectively,

the

“Participating

Funds”)

renewed

a

364-day

syndicated

line

of

credit

with

$345,000,000

in

committed

loans

(the

“Agreement”)

with

Bank

of

America,

N.A.,

as

the

administrative

agent,

effective

March

15,

2024.

Borrowing,

if

any,

under

this

arrangement

bears,

as

incurred,

interest

at

the

sum

of

(a)

1.00%

per

annum

plus

(b)

the

higher

of

(i)

the

Federal

Funds

Rate

or

(ii)

Term

SOFR

(including

a

0.10%

adjustment).

The

maximum

loan

amount

available

to

a

Participating

Fund

is

the

lesser

of

an

amount

that

will

not

exceed

the

borrowing

limits

set

forth

in

the

Participating

Fund’s

Prospectus

and/or

Statement

of

Additional

Information

and

will

not

cause

the

asset

coverage

ratio

for

any

borrowings

by

the

Participating

Fund

to

drop

below

the

required

amount

under

the

Agreement

(between

300-500%

per

Participating

Fund).

The

Agreement

is

subject

to

an

annual

commitment

fee

allocated

to

each

Participating

Fund,

which

is

payable

in

arrears

on

a

quarterly

basis.

In

the

event

of

a

draw

upon

the

line

of

credit,

liquid

assets

of

the

borrowing

Participating

Fund

may

be

earmarked

for

asset

coverage

purposes

until

its

loan

is

repaid

in

full.

Interest

expense

paid

as

a

result

of

borrowing

under

the

Agreement,

and

each

Participating

Fund's

allocated

commitment

fee,

is

included

in

interest

expense

on

the

Statements

of

Operations.

FUND

AVERAGE

LOANS

WEIGHTED

AVERAGE

INTEREST

RATE

AVERAGE

NUMBER

OF

DAYS

OUTSTANDING

INTEREST

RECEIVED

AQR

Long-Short

Equity

Fund

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

$

9,200,000

5.88

%

1

$

1,481

AQR

Managed

Futures

Strategy

Fund

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

16,884,000

5.88

7

19,042

351

Notes

to

Financial

Statements

AQR

Funds

|

Semi-Annual

Report

|

June

2024

June

30,

2024

(Unaudited)

There

were

no

open

borrowings

as

of

June

30,

2024

by

any

of

the

Funds.

The

Funds

did

not

have

any

borrowings

for

the

period

ended

June

30,

2024.

14.

Principal

Ownership

As

of

June

30,

2024,

the

Funds

had

individual

shareholders

and/or

omnibus

accounts

owning

more

than

5%

of

the

total

shares

outstanding

of

the

Fund

as

follows:

Significant

shareholder

transactions

by

these

shareholders,

if

any,

may

impact

the

Funds’

performance.

15.

Subsequent

Events

Effective

August

19,

2024,

the

principal

investment

strategies

of

the

AQR

Sustainable

Long-Short

Equity

Carbon

Aware

Fund

were

amended

and

the

Fund

was

renamed

the

AQR

Trend

Total

Return

Fund. 

The

Funds

have

evaluated

subsequent

events

through

the

date

of

issuance

of

this

report

and

have

determined

that

there

are

no

material

events

other

than

those

noted

above.

FUND

NUMBER

OF

INDIVIDUAL

SHAREHOLDERS

AND/OR

OMNIBUS

ACCOUNTS

TOTAL

PERCENTAGE

INTEREST

HELD

PERCENTAGE

INTEREST

HELD

BY

ADVISER

AND/OR

AFFILIATES

AQR

Alternative

Risk

Premia

Fund

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

2

92.05

%

–

%

AQR

Diversified

Arbitrage

Fund

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

5

88.53

5.17

AQR

Diversifying

Strategies

Fund

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

4

91.89

–

AQR

Equity

Market

Neutral

Fund

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

4

78.68

28.36

AQR

Long-Short

Equity

Fund

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

6

88.44

–

AQR

Macro

Opportunities

Fund

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

3

90.81

75.11

AQR

Managed

Futures

Strategy

Fund

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

8

87.12

–

AQR

Managed

Futures

Strategy

HV

Fund

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

3

81.65

48.06

AQR

Multi-Asset

Fund

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

3

85.90

65.27

AQR

Risk-Balanced

Commodities

Strategy

Fund

................

5

85.66

–

AQR

Style

Premia

Alternative

Fund

..........................

3

78.61

13.41

AQR

Sustainable

Long-Short

Equity

Carbon

Aware

Fund

..........

5

94.58

48.27

352

Board

Approval

of

Investment

Advisory

Agreements

AQR

Funds

|

Semi-Annual

Report

|

June

2024

The

Board

of

Trustees

(the

“Board,”

and

the

members

of

which

are

referred

to

as

“Board

Members”)

of

the

AQR

Funds

(the

“Trust”)

met

in

person

on

May

30-31,

2024

(the

“Meeting”)

to

consider

the

continuation

of

the:

(i)

Third

Amended

and

Restated

Investment

Management

Agreement,

as

amended,

between

AQR

Capital

Management,

LLC

(“AQR”)

and

the

Trust,

on

behalf

of

the

AQR

Diversified

Arbitrage

Fund,

AQR

Equity

Market

Neutral

Fund,

AQR

Macro

Opportunities

Fund,

AQR

Long-Short

Equity

Fund,

AQR

Multi-Asset

Fund,

AQR

Risk-Balanced

Commodities

Strategy

Fund,

AQR

Style

Premia

Alternative

Fund,

AQR

Managed

Futures

Strategy

Fund,

AQR

Managed

Futures

Strategy

HV

Fund,

and

certain

other

series

of

the

Trust

(the

“Investment

Management

Agreement”);

(ii)

Investment

Management

Agreement

II,

as

amended,

between

AQR

and

the

Trust

on

behalf

of

the

AQR

Alternative

Risk

Premia

Fund,

AQR

Diversifying

Strategies

Fund,

and

AQR

Sustainable

Long-Short

Equity

Carbon

Aware

Fund

(the

“Investment

Management

Agreement

II”);

and

(iii)

the

Second

Amended

and

Restated

Investment

Sub-Advisory

Agreement

between

AQR

and

AQR

Arbitrage,

LLC

(“AQR

Arbitrage”

or

the

“Sub-Adviser”)

for

the

AQR

Diversified

Arbitrage

Fund

(the

“Sub-Advisory

Agreement”).

Each

of

the

aforementioned

series

of

the

Trust

may

be

referred

to

herein

as

a

“Fund”

and

collectively,

the

“Funds.”

The

Investment

Management

Agreement,

the

Investment

Management

Agreement

II

and

the

Sub-Advisory

Agreement

are

referred

to

collectively

herein

as

the

“Management

Agreement,”

as

applicable

and

as

the

context

suggests.

At

the

Meeting,

the

Board

Members

who

are

not

“interested

persons”

as

defined

in

the

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”)

(the

“Independent

Board

Members”),

met

with

independent

legal

counsel

and

representatives

of

AQR

to

review

the

materials

provided

and

the

relevant

legal

considerations.

In

accordance

with

Section

15(c)

of

the

1940

Act,

the

Board

requested

and

considered

materials

furnished

by

AQR

and

the

Sub-Adviser

relevant

to

the

Board’s

consideration

of

whether

to

approve

the

continuation

of

the

Management

Agreement.

These

materials

included:

(i)

memoranda

and

materials

provided

by

AQR

describing

the

personnel

and

services

provided

to

the

Funds;

(ii)

memoranda

and

materials

provided

by

AQR,

describing

the

personnel

and

services

provided

by

the

Sub-Adviser

to

the

AQR

Diversified

Arbitrage

Fund;

(iii)

performance

information

for

the

Funds

relevant

to

the

consideration

of

the

Management

Agreement;

(iv)

information

independently

compiled

and

prepared

by

Broadridge

relating

to

the

Funds’

fees

and

expenses

and

performance

relative

to

peers

within

Morningstar

fund

categories;

(v)

financial

information

for

AQR

and

a

profitability

analysis

showing

the

profitability

of

AQR

and

the

Sub-Adviser

from

providing

services

to

the

Funds;

and

(vi)

a

discussion

of

the

compliance

programs

of

AQR

and

the

Sub-Adviser

and

the

regulatory

exam

histories

of

each.

AQR

and

the

Sub-Adviser

are

referred

to

herein

as

the

“Adviser,”

as

applicable.

At

the

Meeting,

the

Board,

including

the

Independent

Board

Members,

unanimously

approved

the

continuation

of

the

Management

Agreement

for

an

additional

one-year

period

for

each

Fund.

Additionally,

the

Board

approved

an

amendment

to

the

Investment

Management

Agreement

II

in

connection

with

the

repurposing

of

the

AQR

Sustainable

Long-Short

Equity

Carbon

Aware

Fund

into

the

AQR

Trend

Total

Return

Fund.

The

amendment

reflected

(i)

the

Fund’s

name

change

from

AQR

Sustainable

Long-Short

Equity

Carbon

Aware

Fund

to

AQR

Trend

Total

Return

Fund

and

(ii)

the

reduction

in

the

Fund’s

management

fee

from

1.10%

to

1.05%,

in

each

case

to

be

effective

upon

the

effectiveness

of

the

change

in

the

Fund’s

strategy.

In

approving

the

continuation

of

the

Management

Agreement

for

a

Fund,

the

Board

considered

all

factors

it

believed

to

be

relevant

with

respect

to

the

Fund,

including,

among

other

factors:

(a)

the

nature,

extent

and

quality

of

the

services

provided

by

the

Adviser;

(b)

the

investment

performance

of

the

Fund

and

the

Adviser’s

portfolio

management;

(c)

the

management

fee

and

the

cost

of

the

services

provided

and

profits

realized

by

the

Adviser

from

the

relationship

with

the

Funds

and

the

fund

complex;

(d)

economies

of

scale;

(e)

fall-out

benefits;

and

(f)

other

factors.

The

Board

also

considered

other

matters

it

deemed

important

to

the

approval

process,

such

as

AQR’s

services

related

to

the

valuation

and

pricing

of

the

Funds’

portfolio

holdings,

direct

and

indirect

benefits

to

AQR

and

its

affiliates

from

their

relationship

with

the

Funds

and

advice

from

independent

legal

counsel

with

respect

to

the

review

process

and

materials

submitted

for

the

Board’s

consideration.

The

Board

did

not

identify

any

particular

information

as

controlling,

and

each

Board

Member

may

have

attributed

different

weightings

to

the

various

items

considered.

In

considering

the

renewal

of

the

Management

Agreement

for

each

Fund,

the

Board

did

not

view

the

Management

Agreement

as

creating

third-party

beneficiary

rights

in

shareholders

to

enforce

the

terms

of

the

Management

Agreement

against

the

Adviser.

The

following

is

a

summary

of

the

Board’s

discussion

and

views

regarding

the

factors

it

considered

in

evaluating

the

Management

Agreement:

The

Nature,

Extent

and

Quality

of

the

Services

Provided

by

the

Advise

r

.

The

Board

Members

reviewed

the

services

that

the

Adviser

provided

to

the

Funds

under

the

Management

Agreement,

including

certain

administrative

services.

The

Board

considered

the

size

and

experience

of

the

Adviser’s

staff,

its

use

of

technology,

and

the

Funds’

stated

investment

objectives,

strategies

and

processes.

In

connection

with

the

investment

advisory

services

provided

to

the

Funds,

the

Board

Members

took

into

account

discussions

they

had

regularly

as

part

of

quarterly

Board

meetings

with

representatives

of

the

Adviser

regarding

the

management

of

each

Fund’s

investments

in

accordance

with

the

Funds’

stated

investment

objectives

and

policies

and

the

types

of

transactions

that

are

entered

into

on

behalf

of

the

Funds.

During

these

discussions,

the

Board

Members

asked

questions

of,

and

received

answers

from,

representatives

of

the

Adviser

regarding

the

formulation

and

implementation

of

the

Funds’

investment

strategies,

their

efficacy

and

potential

risks.

In

addition

to

the

investment

advisory

services

provided

to

the

Funds,

the

Board

Members

considered

that

AQR

also

provides

shareholder

and

administrative

services,

has

responsibility

for

overseeing

the

Sub-Adviser

with

respect

to

the

AQR

Diversified

Arbitrage

Fund,

provides

oversight

of

Fund

accounting,

provides

risk

management,

provides

compliance

oversight,

administers

the

Funds’

liquidity

risk

management

program,

provides

derivatives

risk

management

services,

serves

as

the

Funds’

valuation

designee

pursuant

to

Rule

2a-5

under

the

1940

Act,

oversees

third-party

service

providers

and

provides

assistance

in

meeting

legal

and

regulatory

requirements

and

other

services

necessary

for

the

operation

of

the

Funds.

In

particular,

the

Board

Members

considered

the

compliance,

shareholder

and

administrative

services

provided

to

the

Funds

by

AQR

under

the

Management

Agreement.

The

Board

recognized

that

AQR’s

oversight

of

the

Sub-Adviser

was

extensive,

including

portfolio

risk

monitoring,

compliance

testing,

trade

monitoring

and

execution,

administration

of

the

Funds’

liquidity

risk

management

program

and

derivatives

risk

management

program,

and

negotiation

of

agreements

with

derivative

counterparties.

The

Board

Members

recognized

the

enterprise

risk

of

AQR

and

the

Sub-Adviser

involved

in

providing

services

to

the

Funds

over

time.

Finally,

the

Independent

Board

Members

had

several

opportunities

to

meet

outside

the

presence

of

Fund

management

in

executive

session

separately

with

independent

legal

counsel

to

discuss

and

consider

the

Management

Agreement.

Based

on

the

presentations

and

materials

at

the

Meeting

and

their

familiarity

gained

through

regular

Board

presentations

over

time,

the

Board

concluded

that

the

services

provided

to

the

Funds

by

AQR

and,

as

applicable,

the

Sub-Adviser

pursuant

to

the

Management

Agreement

were

of

a

high

quality

and

benefit

the

Funds.

353

Board

Approval

of

Investment

Advisory

Agreements

AQR

Funds

|

Semi-Annual

Report

|

June

2024

I

nvestment

Performance

of

the

Funds

and

the

Adviser’s

Portfolio

Management

.

The

Board

considered

the

investment

performance

of

each

Fund.

In

particular,

the

Independent

Board

Members

considered

the

investment

performance

of

the

Funds

relative

to

their

stated

objectives

and

the

Adviser’s

efforts

to

achieve

such

goals

as

well

as

the

performance

of

the

Funds

relative

to

funds

identified

by

Broadridge

as

their

peers

(the

“Performance

Peers”).

The

Board

noted

that

the

Funds

generally

outperformed

their

Performance

Peers

during

the

most

recent

calendar

year.

However,

the

Board

was

cognizant

of

the

fact

that

in

some

cases

Fund

performance

was

challenged

over

certain

measurement

periods

in

comparison

to

a

Fund’s

Performance

Peers

and

considered

the

Adviser’s

views

regarding

the

factors

contributing

to

such

underperformance

on

a

Fund-by-Fund

basis.

Representatives

of

AQR

indicated

AQR

remains

confident

in

its

investment

philosophy

and

disciplined

systematic

investment

approach

to

managing

the

Funds,

which

has

contributed

to

recent

outperformance.

The

Board

considered

that

Broadridge

comparisons

may

be

of

limited

use

in

some

cases

due

to

the

differences

between

the

ways

in

which

a

Fund

is

managed

from

other

Performance

Peers.

In

other

cases,

underperformance

in

relation

to

Performance

Peers

may

be

due

to

differences

in

a

Fund’s

investment

parameters

compared

to

its

Performance

Peers,

including

risk

limits,

volatility

targets,

model

limits

on

exposure

to

a

particular

country,

and

the

Fund’s

investment

universe.

In

addition,

the

use

of

internal

risk

protections

may

affect

a

Fund’s

performance

in

relation

to

its

Performance

Peers.

The

Board

also

discussed

the

performance

of

the

Funds

with

AQR

at

Board

meetings

throughout

the

year.

AQR’s

presentations

to

the

Board

at

such

Board

meetings,

which

addressed

in

detail

the

drivers

of

underperformance

or

outperformance,

as

applicable,

supported

a

conclusion

that

the

Funds

were

being

managed

consistent

with

their

stated

policies

and

strategies.

The

Board

considered

the

Adviser’s

performance

in

managing

other

registered

investment

companies

and

private

funds,

noting

that

other

funds

the

Adviser

manages

might

have

investment

objectives,

policies

or

restrictions

different

from

those

of

the

Funds.

Based

on

these

factors,

the

Board

Members

determined

that

the

performance

of

each

Fund

is

consistent

with

its

stated

objectives

and

strategies

and

the

Adviser’s

investment

process.

The

Management

Fee

and

the

Cost

of

the

Services

and

Profits

Realized

by

the

Adviser

from

the

Relationship

with

the

Funds

.

The

Board,

including

the

Independent

Board

Members,

received

information

regarding

the

management

fees

paid

by

the

Funds

to

the

Adviser

pursuant

to

the

Management

Agreement.

The

Board

examined

this

information

in

order

to

determine

the

reasonableness

of

the

fees

in

light

of

the

nature

and

quality

of

services

provided

to

the

Funds

and

the

costs

incurred

by

and

benefits

to

the

Adviser

in

providing

those

services,

and

other

relevant

factors.

To

assist

in

this

analysis,

the

Board

reviewed

comparative

fee

and

expense

information

for

each

Fund

relative

to

funds

identified

by

Broadridge

as

their

peers

(the

“Expense

Peers”),

including

comparisons

of

contractual

management

fees

and

actual

net

expenses.

The

first

quartile

is

the

most

desirable

quartile

(i.e.,

relatively

lower

fees

or

expenses)

and

the

fourth

is

the

least

desirable

(i.e.,

relatively

higher

fees

or

expenses).

The

Board

noted

that,

as

of

December

31,

2023,

the

net

expenses

for

certain

Funds

were

equal

to

or

lower

than

the

median

net

expenses

of

their

Expense

Peers,

while

net

expense

ratios

for

other

Funds

were

above

the

median

compared

to

their

Expense

Peers.

The

Board

reviewed

information

regarding

the

fees

the

Adviser

charges

for

other

funds

and

accounts

managed

by

the

Adviser,

including

sub-advised

mutual

funds,

with

similar

investment

strategies

to

certain

of

the

Funds.

The

Board

noted

the

greater

services

provided

by

the

Adviser

to

the

Funds

in

contrast

to

the

limited

role

of

the

Adviser

when

it

sub-advises

third

party

mutual

funds

or

advises

separate

accounts.

The

Board

also

received

and

reviewed

information

regarding

the

profitability

of

AQR

with

respect

to

Fund-related

activities

and

the

profitability

of

the

Sub-Adviser

with

respect

to

its

sub-advisory

services

for

one

of

the

Funds.

The

Adviser

provided

the

Board

Members

with

a

detailed

description

of

the

methodology

and

inputs

used

to

determine

profitability.

The

Board

recognized

that

profitability

may

be

affected

by

numerous

factors

including,

among

other

things,

fee

waivers

and

expense

reimbursements

by

AQR,

the

types

of

funds

managed,

costs

of

recruiting

and

retaining

personnel,

taxes,

expense

allocations

and

business

mix.

The

Board

reviewed

AQR’s

unaudited

financial

information.

The

purpose

of

the

review

was

to

help

the

Independent

Board

Members

determine

whether

the

firm

has

the

necessary

resources

to

continue

to

provide

high

quality

services

to

the

Funds

and

attract

and

retain

high

quality

employees.

Based

on

their

review

of

the

materials

presented

at

the

Meeting

and

discussions

of

these

materials,

the

Board

concluded

that

the

management

fees

under

the

Management

Agreement

are

reasonable

and

AQR’s

and

Sub-Adviser’s

profitability

were

not

excessive.

Economies

of

Scale.

The

Adviser

provided

the

Board

with

information

concerning

the

extent

to

which

economies

of

scale

were

realized

as

the

Funds

grew

and

whether

fee

levels

were

reflective

of

such

economies

of

scale.

To

show

that

economies

are

being

shared,

the

Adviser

presented

information

regarding

each

Fund’s

management

fees

relative

to

comparable

funds

of

similar

and/or

larger

sizes,

showing

that

management

fees

were

set

at

a

competitive

level.

It

also

provided

Morningstar

data

for

the

purpose

of

showing

the

hypothetical

effective

management

fee

for

each

Fund

at

higher

asset

levels

compared

to

its

peers,

some

of

which

have

breakpoints.

The

Board

considered

this

information

in

determining

the

reasonableness

of

continuing

to

operate

each

Fund

without

management

fee

breakpoints

at

the

Fund’s

current

asset

level.

The

Board

recognized

that

economies

were

also

being

shared

through

the

expense

limitation

agreements

for

the

Funds.

The

Board

noted

that,

under

the

Management

Agreement,

none

of

the

Funds

have

breakpoints

in

their

management

fees

that

would

allow

investors

to

benefit

directly

in

the

form

of

lower

fees

as

fund

assets

grew.

The

Board

considered

that

the

funds

in

the

AQR

fund

complex

share

some

common

resources

and,

as

a

result,

an

increase

in

the

overall

size

of

the

complex

could

permit

each

Fund

to

incur

lower

expenses

than

it

would

otherwise

as

a

stand-alone

entity.

The

Board

also

considered

the

Adviser’s

overall

operations

and

its

efforts

to

expand

the

scale

of,

and

further

enhance

the

quality

of,

its

operations.

In

particular,

the

Board

noted

the

continuing

enhancements

to

AQR’s

services

to

the

Funds

in

areas

such

as

compliance,

risk,

portfolio

management,

technology,

valuation

and

administration.

AQR

advised

that

its

size

as

a

firm

has

resulted

in

additional

benefits

to

the

AQR

Funds,

such

as

the

ability

to

negotiate

better

terms

with

service

providers

and

to

establish

a

dedicated

money

market

fund

for

the

AQR

Funds

and

other

clients

of

AQR.

The

principals

of

AQR

have

also

provided

seed

capital

in

excess

of

regulatory

minimums

for

extended

periods.

354

Board

Approval

of

Investment

Advisory

Agreements

AQR

Funds

|

Semi-Annual

Report

|

June

2024

Other

Factors.

The

Board

also

took

into

account

other

ancillary

or

“fall-out”

benefits

that

the

Adviser

or

its

affiliates

may

derive

from

its

relationship

with

the

Funds,

both

tangible

and

intangible,

including

the

sub-advisory

fees

paid

to

the

Sub-Adviser,

noting

that

no

payments

are

received

by

the

Adviser

from

the

Funds

beyond

the

fees

under

the

Management

Agreement.

The

Board

was

advised

by

AQR

that

AQR

may

obtain

greater

exposure

to

the

public

as

a

result

of

managing

the

AQR

Funds,

which

could

lead

to

additional

business

opportunities,

such

as

unregistered

fund

investments,

separately

managed

account

opportunities

or

sub-advisory

mandates.

The

Adviser

may

also

obtain

reputational

benefits.

AQR

may

also

obtain

economic

benefit

from

its

sponsorship/management

of

both

the

Funds

and

other

funds

or

accounts

with

respect

to

the

potential

economic

leverage

of

its

service

provider

relationships.

The

Board

also

received

information

regarding

the

Adviser’s

brokerage

and

soft

dollar

practices,

noting

that

the

Adviser

does

not

presently

intend

to

make

use

of

soft

dollars

to

acquire

third-party

research.

The

Board

considered

that

the

Adviser

is

responsible

for

decisions

to

buy

and

sell

securities

for

the

Funds,

selection

of

broker-dealers

and

best

execution,

and

aggregation

and

allocation

of

trade

orders

among

the

firm’s

various

advisory

clients.

Conclusion.

Counsel

advised

the

Board

concerning

the

statutory

and

regulatory

requirements

for

approval

and

disclosure

of

investment

management

agreements.

No

single

factor

was

determinative

to

the

decision

of

the

Board.

Based

on

the

foregoing

and

such

other

matters

as

were

deemed

relevant,

all

of

the

Board

Members,

including

all

of

the

Independent

Board

Members,

concluded

that

the

management

fee

rates

under

the

Management

Agreement

are

reasonable

in

relation

to

the

services

provided

by

the

Adviser

(including

the

Sub-Adviser,

when

applicable)

to

the

Funds,

as

well

as

the

costs

incurred

and

benefits

to

be

gained

by

the

Adviser

(including

the

Sub-Adviser,

when

applicable)

in

providing

such

services,

including

the

investment

advisory

and

administrative

components.

The

Board

also

found

the

investment

management

fees

to

be

reasonable

in

comparison

to

the

fees

charged

by

advisers

to

other

comparable

funds

of

similar

size.

As

a

result,

all

of

the

Board

Members,

including

the

Independent

Board

Members

voting

separately,

approved

the

continuation

of

the

Management

Agreement

with

respect

to

each

Fund.

The

Independent

Board

Members

were

represented

by

independent

legal

counsel

who

assisted

them

in

their

deliberations.

355

Other

Information

AQR

Funds

|

Semi-Annual

Report

|

June

2024

Item

8.

Changes

in

and

Disagreements

with

Accountants

for

Open-End

Management

Investment

Companies.

There

were

no

changes

in

and

disagreements

with

accountants

on

accounting

and

financial

disclosures

required

by

Item

304

of

Regulation

S-K

[17

CFR

229.304].

Item

9.

Proxy

Disclosures

for

Open-End

Management

Investment

Companies.

There

were

no

matters

submitted

to

a

vote

of

shareholders

through

the

solicitation

of

proxies

or

otherwise.

Item

10.

Remuneration

Paid

to

Directors,

Officers,

and

Others

of

Open-End

Management

Investment

Companies. 

The

information

is

disclosed

as

part

of

the

financial

statements

for

each

Fund

as

part

of

Item

7:

Financial

Statements

and

Financial

Highlights

for

Open-

End

Management

Investment

Companies.

Item

11.

Statement

Regarding

Basis

for

Approval

of

Investment

Advisory

Contract. 

A

discussion

of

the

material

factors

and

conclusions

that

formed

the

basis

for

the

Board’s

approval

of

the

Investment

Management

Agreement,

Investment

Management

Agreement

II

and

Investment

Sub-Advisory

Agreement

is

included

as

part

of

the

Financial

Statements

and

Financial

Highlights

for

Open-End

Management

Investment

Companies

filed

under

Item

7

of

this

Form.

Investment

Adviser

AQR

Capital

Management,

LLC

One

Greenwich

Plaza,

Suite

130

Greenwich,

CT

06830

Sub-Adviser

AQR

Arbitrage,

LLC

One

Greenwich

Plaza

Greenwich,

CT

06830

Transfer

Agent

ALPS

Fund

Services,

Inc.

1290

Broadway,

Suite

1000

Denver,

CO

80203

Custodian

JPMorgan

Chase

Bank,

N.A.

4

Metro

Tech

Center

Brooklyn,

NY

11245

State

Street

Bank

and

Trust

Company

One

Congress

Street

Boston,

MA

02114

Distributor

ALPS

Distributors,

Inc.

1290

Broadway,

Suite

1000

Denver,

CO

80203

Administrator

JPMorgan

Chase

Bank,

N.A.

70

Fargo

Street

Boston,

MA

02210

Independent

Registered

Public

Accounting

Firm

PricewaterhouseCoopers,

LLP

300

Madison

Avenue

New

York,

NY

10017

You

may

obtain

a

description

of

the

AQR

Funds

proxy

voting,

policies,

procedures

and

information

regarding

how

each

Fund

voted

proxies

relating

to

portfolio

securities

during

the

12-month

period

ending

June

30th

of

each

year

(available

by

August

31st

of

that

year)

without

charge,

upon

request,

by

calling

1-866-290-2688

or

visiting

the

funds

website

https://funds.aqr.com,

or

by

accessing

the

SEC’s

website

at

www.SEC.gov.

Such

reports

may

be

reviewed

and

copied

at

the

SEC’s

Public

Reference

Room

in

Washington,

DC.

Information

on

the

operation

of

the

Public

Reference

Room

may

be

obtained

by

calling

202-551-8090.

The

Fund

files

complete

schedules

of

the

portfolio

holdings

with

the

SEC

for

the

first

and

third

quarters

on

Form

N-PORT

Part

F.

The

Form

N-PORT

Part

F

is

available

without

charge,

upon

request,

by

calling

1-800-SEC-0330,

or

by

accessing

the

SEC’s

website,

at

www.SEC.gov.

It

may

also

be

reviewed

and

copied

at

the

SEC’s

Public

Reference

Room

in

Washington,

DC.

This

report

has

been

prepared

for

shareholders

and

may

be

distributed

to

others

only

if

preceded

or

accompanied

by

an

effective

prospectus,

which

includes

information

regarding

the

Funds’

objectives

and

policies,

experienced

of

its

management,

marketability

of

shares

and

other

information.

AQR

Funds

P.O.

Box

219512,

Kansas

City,

MO

64121-9512

|

p:

(866)

290-2688

|

w:

https://funds.aqr.com

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 13. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company & Affiliated Purchasers.

Not applicable.

Item 15. Submission of Matters to a Vote of Security Holders.

Not applicable.

Item 16. Controls and Procedures.

(a)   The Registrant’s principal executive officer and principal financial officer have concluded, based on their evaluation of the Registrant’s disclosure controls and procedures as conducted within 90 days of the filing date of this report, that those disclosure controls and procedures provide reasonable assurance that the material information required to be disclosed by the Registrant on this report is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms.

(b)   There have not been any changes in Registrant’s control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting. 

Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 18. Recovery of Erroneously Awarded Compensation.

Not applicable.

Item 19. Exhibits.

(a)(1)      Not required for this filing.

(a)(2)      Not applicable.

(a)(3)      Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.

section302

(b)           Certification required by Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 is attached hereto.

section906

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

AQR Funds

By: /s/ John Howard

-----------------------------------

John Howard,

Principal Executive Officer  

August 30, 2024

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

By: /s/ John Howard

----------------------------------

John Howard,

Principal Executive Officer

August 30, 2024

By: /s/ Matthew Plastina

---------------------------------

Matthew Plastina,

Principal Financial Officer

August 30, 2024