Schedule

of

Investments

December

31,

2025

(Unaudited)

AQR

LARGE

CAP

MULTI-STYLE

FUND

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

Funds

|

N-PORT

Part

F

|

December

2025

1

INVESTMENTS

SHARES

VALUE

($)

COMMON

STOCKS

-

92.8%

Communication

Services

-

9

.8

%

Diversified

Telecommunication

Services

-

1

.5

%

AT&T,

Inc.

431,819

10,726,384

Verizon

Communications,

Inc.

149,743

6,099,033

16,825,417

Entertainment

-

1

.0

%

Electronic

Arts,

Inc.

31,640

6,465,001

ROBLOX

Corp.,

Class

A

*

11,045

894,976

Spotify

Technology

SA

*

5,624

3,265,913

Warner

Bros

Discovery,

Inc.

*

40,135

1,156,691

11,782,581

Interactive

Media

&

Services

-

6

.9

%

Alphabet,

Inc.,

Class

A

89,431

27,991,903

Alphabet,

Inc.,

Class

C

79,768

25,031,199

Meta

Platforms,

Inc.,

Class

A

38,724

25,561,325

Pinterest,

Inc.,

Class

A

*

20,981

543,198

79,127,625

Wireless

Telecommunication

Services

-

0

.4

%

Millicom

International

Cellular

SA

(Guatemala)

92,839

5,146,994

Total

Communication

Services

112,882,617

Consumer

Discretionary

-

8

.5

%

Automobile

Components

-

0

.9

%

BorgWarner,

Inc.

137,553

6,198,138

Lear

Corp.

32,189

3,688,860

9,886,998

Automobiles

-

2

.0

%

General

Motors

Co.

105,978

8,618,131

Tesla,

Inc.

*

32,599

14,660,422

23,278,553

Broadline

Retail

-

2

.6

%

Amazon.com,

Inc.

*

102,220

23,594,420

Dillard's,

Inc.,

Class

A

6,099

3,698,068

Macy's,

Inc.

110,057

2,426,757

29,719,245

Diversified

Consumer

Services

-

0

.0

%

†

H&R

Block,

Inc.

15,050

655,879

Hotels,

Restaurants

&

Leisure

-

1

.2

%

Booking

Holdings,

Inc.

1,041

5,574,899

Expedia

Group,

Inc.

22,992

6,513,863

Travel

+

Leisure

Co.

19,785

1,395,436

13,484,198

Specialty

Retail

-

1

.7

%

AutoNation,

Inc.

*

38,889

8,029,801

Best

Buy

Co.,

Inc.

11,634

778,664

Murphy

USA,

Inc.

4,931

1,989,757

Penske

Automotive

Group,

Inc.

51,358

8,129,458

INVESTMENTS

SHARES

VALUE

($)

Specialty

Retail

-

1.7%

(continued)

Williams-Sonoma,

Inc.

3,601

643,102

19,570,782

Textiles,

Apparel

&

Luxury

Goods

-

0

.1

%

PVH

Corp.

17,495

1,172,515

Total

Consumer

Discretionary

97,768,170

Consumer

Staples

-

2

.2

%

Consumer

Staples

Distribution

&

Retail

-

0

.8

%

Albertsons

Cos.,

Inc.,

Class

A

57,967

995,293

Kroger

Co.

(The)

79,194

4,948,041

Walmart,

Inc.

33,685

3,752,846

9,696,180

Food

Products

-

0

.3

%

Pilgrim's

Pride

Corp.

8,062

314,337

Seaboard

Corp.

596

2,649,113

2,963,450

Tobacco

-

1

.1

%

Altria

Group,

Inc.

225,303

12,990,971

Total

Consumer

Staples

25,650,601

Energy

-

3

.1

%

Energy

Equipment

&

Services

-

1

.2

%

Baker

Hughes

Co.,

Class

A

7,166

326,339

NOV,

Inc.

338,460

5,290,130

TechnipFMC

plc

(United

Kingdom)

190,173

8,474,109

14,090,578

Oil,

Gas

&

Consumable

Fuels

-

1

.9

%

APA

Corp.

49,144

1,202,062

Coterra

Energy,

Inc.

48,146

1,267,203

Devon

Energy

Corp.

67,954

2,489,155

Exxon

Mobil

Corp.

74,951

9,019,603

HF

Sinclair

Corp.

135,520

6,244,762

Valero

Energy

Corp.

8,742

1,423,110

21,645,895

Total

Energy

35,736,473

Financials

-

16

.2

%

Banks

-

4

.4

%

Bank

of

America

Corp.

39,158

2,153,690

Bank

OZK

130,554

6,008,095

BOK

Financial

Corp.

11,651

1,380,177

Citigroup,

Inc.

106,061

12,376,258

Citizens

Financial

Group,

Inc.

69,794

4,076,668

Comerica,

Inc.

5,311

461,685

First

Hawaiian,

Inc.

16,989

429,822

FNB

Corp.

25,005

427,585

JPMorgan

Chase

&

Co.

14,700

4,736,634

M&T

Bank

Corp.

5,005

1,008,407

Popular,

Inc.

79,819

9,939,062

US

Bancorp

28,919

1,543,118

Wells

Fargo

&

Co.

23,700

2,208,840

2

AQR

Funds

|

N-PORT

Part

F

|

December

2025

See

notes

to

Schedule

of

Investments.

AQR

LARGE

CAP

MULTI-STYLE

FUND

Schedule

of

Investments

December

31,

2025

(Unaudited)

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Banks

-

4.4%

(continued)

Zions

Bancorp

NA

59,477

3,481,784

50,231,825

Capital

Markets

-

1

.4

%

Bank

of

New

York

Mellon

Corp.

(The)

70,270

8,157,644

Invesco

Ltd.

137,133

3,602,484

Janus

Henderson

Group

plc

25,584

1,217,031

State

Street

Corp.

21,853

2,819,256

XP,

Inc.,

Class

A

(Brazil)

41,931

686,410

16,482,825

Consumer

Finance

-

1

.1

%

Ally

Financial,

Inc.

18,361

831,570

Capital

One

Financial

Corp.

1,434

347,544

Synchrony

Financial

145,322

12,124,214

13,303,328

Financial

Services

-

2

.8

%

Berkshire

Hathaway,

Inc.,

Class

B

*

31,710

15,939,032

Global

Payments,

Inc.

14,577

1,128,260

MGIC

Investment

Corp.

271,652

7,937,671

Western

Union

Co.

(The)

725,419

6,753,651

31,758,614

Insurance

-

6

.5

%

Allstate

Corp.

(The)

42,820

8,912,983

Arch

Capital

Group

Ltd.

*

3,934

377,349

Assurant,

Inc.

2,455

591,287

Assured

Guaranty

Ltd.

10,974

986,233

Axis

Capital

Holdings

Ltd.

119,619

12,809,999

CNA

Financial

Corp.

83,847

4,002,856

Everest

Group

Ltd.

30,124

10,222,579

Globe

Life,

Inc.

11,146

1,558,880

Hanover

Insurance

Group,

Inc.

(The)

13,048

2,384,783

Hartford

Insurance

Group,

Inc.

(The)

49,516

6,823,305

Lincoln

National

Corp.

40,119

1,786,499

MetLife,

Inc.

9,641

761,061

Old

Republic

International

Corp.

164,922

7,527,040

Reinsurance

Group

of

America,

Inc.

3,081

626,860

RenaissanceRe

Holdings

Ltd.

15,450

4,343,922

Travelers

Cos.,

Inc.

(The)

2,477

718,479

Unum

Group

141,651

10,977,952

75,412,067

Total

Financials

187,188,659

Health

Care

-

6

.7

%

Biotechnology

-

3

.0

%

AbbVie,

Inc.

14,751

3,370,456

Biogen,

Inc.

*

2,585

454,934

Exelixis,

Inc.

*

126,225

5,532,442

Gilead

Sciences,

Inc.

48,018

5,893,729

Halozyme

Therapeutics,

Inc.

*

37,368

2,514,866

Incyte

Corp.

*

41,949

4,143,303

Regeneron

Pharmaceuticals,

Inc.

5,386

4,157,292

INVESTMENTS

SHARES

VALUE

($)

Biotechnology

-

3.0%

(continued)

United

Therapeutics

Corp.

*

18,158

8,847,486

34,914,508

Health

Care

Providers

&

Services

-

2

.2

%

Cardinal

Health,

Inc.

11,250

2,311,875

Cigna

Group

(The)

24,624

6,777,264

CVS

Health

Corp.

17,818

1,414,036

Elevance

Health,

Inc.

16,276

5,705,552

McKesson

Corp.

9,534

7,820,645

Tenet

Healthcare

Corp.

*

2,949

586,025

24,615,397

Life

Sciences

Tools

&

Services

-

0

.5

%

Medpace

Holdings,

Inc.

*

9,690

5,442,388

Pharmaceuticals

-

1

.0

%

Bristol-Myers

Squibb

Co.

60,156

3,244,815

Corcept

Therapeutics,

Inc.

*

8,729

303,769

Eli

Lilly

&

Co.

343

368,615

Johnson

&

Johnson

11,460

2,371,647

Merck

&

Co.,

Inc.

26,385

2,777,285

Pfizer,

Inc.

75,930

1,890,657

Royalty

Pharma

plc,

Class

A

23,718

916,464

11,873,252

Total

Health

Care

76,845,545

Industrials

-

10

.6

%

Aerospace

&

Defense

-

5

.3

%

ATI,

Inc.

*

3,575

410,267

Curtiss-Wright

Corp.

9,452

5,210,604

GE

Aerospace

29,744

9,162,044

General

Dynamics

Corp.

28,396

9,559,797

Howmet

Aerospace,

Inc.

40,076

8,216,382

Huntington

Ingalls

Industries,

Inc.

19,020

6,468,132

L3Harris

Technologies,

Inc.

2,445

717,779

Rocket

Lab

Corp.

*

19,166

1,337,020

RTX

Corp.

47,810

8,768,354

Textron,

Inc.

112,935

9,844,544

Woodward,

Inc.

4,244

1,283,046

60,977,969

Construction

&

Engineering

-

0

.6

%

EMCOR

Group,

Inc.

10,145

6,206,609

Valmont

Industries,

Inc.

2,471

994,133

7,200,742

Electrical

Equipment

-

1

.9

%

Acuity,

Inc.

29,326

10,558,533

GE

Vernova,

Inc.

14,199

9,280,040

Sensata

Technologies

Holding

plc

50,726

1,688,669

21,527,242

Schedule

of

Investments

December

31,

2025

(Unaudited)

AQR

LARGE

CAP

MULTI-STYLE

FUND

See

notes

to

Schedule

of

Investments.

AQR

Funds

|

N-PORT

Part

F

|

December

2025

3

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Ground

Transportation

-

0

.4

%

Norfolk

Southern

Corp.

4,517

1,304,148

Ryder

System,

Inc.

15,452

2,957,358

U-Haul

Holding

Co.

*

1,585

79,900

4,341,406

Machinery

-

1

.7

%

Allison

Transmission

Holdings,

Inc.

70,084

6,861,224

Cummins,

Inc.

5,311

2,711,000

Gates

Industrial

Corp.

plc

*

21,228

455,765

Mueller

Industries,

Inc.

7,785

893,718

Oshkosh

Corp.

28,905

3,631,335

Snap-on,

Inc.

16,004

5,514,978

20,068,020

Passenger

Airlines

-

0

.1

%

United

Airlines

Holdings,

Inc.

*

14,499

1,621,278

Professional

Services

-

0

.5

%

Booz

Allen

Hamilton

Holding

Corp.,

Class

A

24,592

2,074,581

Concentrix

Corp.

93,656

3,894,217

5,968,798

Trading

Companies

&

Distributors

-

0

.1

%

Air

Lease

Corp.,

Class

A

4,963

318,774

WESCO

International,

Inc.

2,114

517,169

835,943

Total

Industrials

122,541,398

Information

Technology

-

31

.5

%

Communications

Equipment

-

2

.3

%

Arista

Networks,

Inc.

*

53,709

7,037,490

Ciena

Corp.

*

31,169

7,289,494

Cisco

Systems,

Inc.

89,053

6,859,753

F5,

Inc.

*

8,105

2,068,882

Ubiquiti,

Inc.

6,636

3,672,031

26,927,650

Electronic

Equipment,

Instruments

&

Components

-

1

.9

%

Amphenol

Corp.,

Class

A

4,560

616,238

Arrow

Electronics,

Inc.

*

34,780

3,832,060

Avnet,

Inc.

50,244

2,415,732

Jabil,

Inc.

46,975

10,711,240

TD

SYNNEX

Corp.

29,356

4,410,152

21,985,422

IT

Services

-

0

.3

%

DXC

Technology

Co.

*

217,826

3,191,151

Semiconductors

&

Semiconductor

Equipment

-

12

.5

%

Advanced

Micro

Devices,

Inc.

*

10,260

2,197,282

Amkor

Technology,

Inc.

143,962

5,683,620

Applied

Materials,

Inc.

16,038

4,121,606

Broadcom,

Inc.

84,734

29,326,437

Cirrus

Logic,

Inc.

*

30,079

3,564,361

KLA

Corp.

1,636

1,987,871

Lam

Research

Corp.

32,289

5,527,231

Micron

Technology,

Inc.

51,627

14,734,862

INVESTMENTS

SHARES

VALUE

($)

Semiconductors

&

Semiconductor

Equipment

-

12.5%

(continued)

NVIDIA

Corp.

383,589

71,539,348

Qorvo,

Inc.

*

9,222

779,351

QUALCOMM,

Inc.

21,681

3,708,535

Skyworks

Solutions,

Inc.

13,280

842,085

144,012,589

Software

-

7

.9

%

Adobe,

Inc.

*

5,223

1,827,998

AppLovin

Corp.,

Class

A

*

5,521

3,720,160

Dropbox,

Inc.,

Class

A

*

89,336

2,483,541

Microsoft

Corp.

129,624

62,688,759

Palantir

Technologies,

Inc.,

Class

A

*

32,660

5,805,315

Pegasystems,

Inc.

19,104

1,140,891

RingCentral,

Inc.,

Class

A

*

29,920

864,089

Teradata

Corp.

*

79,255

2,412,522

Zoom

Communications,

Inc.,

Class

A

*

119,537

10,314,848

91,258,123

Technology

Hardware,

Storage

&

Peripherals

-

6

.6

%

Apple,

Inc.

229,434

62,373,927

Dell

Technologies,

Inc.,

Class

C

14,944

1,881,151

Hewlett

Packard

Enterprise

Co.

28,084

674,577

HP,

Inc.

259,193

5,774,820

Western

Digital

Corp.

29,136

5,019,259

75,723,734

Total

Information

Technology

363,098,669

Materials

-

3

.6

%

Chemicals

-

1

.2

%

CF

Industries

Holdings,

Inc.

40,185

3,107,908

Mosaic

Co.

(The)

451,175

10,868,806

13,976,714

Metals

&

Mining

-

2

.4

%

Alcoa

Corp.

61,609

3,273,902

Anglogold

Ashanti

plc

(Australia)

92,177

7,860,855

Newmont

Corp.

129,856

12,966,122

Nucor

Corp.

2,013

328,340

Reliance,

Inc.

2,487

718,420

Royal

Gold,

Inc.

3,781

840,478

Southern

Copper

Corp.

(Mexico)

6,999

1,004,146

26,992,263

Total

Materials

40,968,977

Utilities

-

0

.6

%

Electric

Utilities

-

0

.0

%

†

Edison

International

8,741

524,635

Gas

Utilities

-

0

.4

%

National

Fuel

Gas

Co.

34,634

2,772,798

UGI

Corp.

41,840

1,566,071

4,338,869

4

AQR

Funds

|

N-PORT

Part

F

|

December

2025

See

notes

to

Schedule

of

Investments.

AQR

LARGE

CAP

MULTI-STYLE

FUND

Schedule

of

Investments

December

31,

2025

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

Independent

Power

and

Renewable

Electricity

Producers

-

0

.2

%

AES

Corp.

(The)

138,068

1,979,895

Total

Utilities

6,843,399

TOTAL

COMMON

STOCKS

(Cost

$509,970,065)

1,069,524,508

SHORT-TERM

INVESTMENTS

-

6.6%

INVESTMENT

COMPANIES

-

6

.6

%

Limited

Purpose

Cash

Investment

Fund,

3.78%

(a)

(Cost

$76,146,627)

76,146,627

76,146,627

TOTAL

INVESTMENTS

IN

SECURITIES

AT

VALUE

-

99.4%

(Cost

$586,116,692)

1,145,671,135

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

-

0.6%

‡

6,821,724

NET

ASSETS

-

100.0%

1,152,492,859

SECTOR

VALUE

%

OF

NET

ASSETS

Communication

Services

$

112,882,617

9

.8

%

Consumer

Discretionary

97,768,170

8

.5

Consumer

Staples

25,650,601

2

.2

Energy

35,736,473

3

.1

Financials

187,188,659

16

.2

Health

Care

76,845,545

6

.7

Industrials

122,541,398

10

.6

Information

Technology

363,098,669

31

.5

Materials

40,968,977

3

.6

Utilities

6,843,399

0

.6

Investment

Companies

76,146,627

6

.6

Total

Investments

In

Securities

At

Value

1,145,671,135

99

.4

Other

Assets

in

Excess

of

Liabilities

‡

6,821,724

0

.6

Net

Assets

$

1,152,492,859

100

.0

%

All

securities

are

United

States

companies,

unless

noted

otherwise

in

parentheses.

*

Non-income

producing

security.

†

Represents

less

than

0.05%

of

net

assets.

‡

Includes

appreciation

(depreciation)

on

futures

contracts.

(a)

Represents

7-day

effective

yield

as

of

December

31,

2025.

All

securities

are

Level

1

with

respect

to

ASC

820.

Futures

contracts

outstanding

as

of

December

31,

2025:

Exchange-Traded

DESCRIPTION

NUMBER

OF

CONTRACTS

EXPIRATION

DATE

TRADING

CURRENCY

NOTIONAL

AMOUNT

UNREALIZED

APPRECIATION

(DEPRECIATION)

Long

Contracts

S&P

500

E-Mini

Index

203

3/2026

USD

$

69,958,875

$

203,959

Net

unrealized

appreciation

$

203,959

Schedule

of

Investments

December

31,

2025

(Unaudited)

AQR

SMALL

CAP

MULTI-STYLE

FUND

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

Funds

|

N-PORT

Part

F

|

December

2025

5

INVESTMENTS

SHARES

VALUE

($)

COMMON

STOCKS

-

96.5%

Communication

Services

-

3

.3

%

Diversified

Telecommunication

Services

-

0

.8

%

Bandwidth,

Inc.,

Class

A

*

6,424

99,251

Globalstar,

Inc.

*

1,050

64,092

IDT

Corp.,

Class

B

13,308

681,502

Lumen

Technologies,

Inc.

*

40,197

312,331

1,157,176

Entertainment

-

0

.2

%

Cinemark

Holdings,

Inc.

5,937

137,976

Eventbrite,

Inc.,

Class

A

*

3,575

15,909

IMAX

Corp.

*

1,317

48,676

Playtika

Holding

Corp.

16,960

66,992

269,553

Interactive

Media

&

Services

-

1

.3

%

Angi,

Inc.

*

2,969

38,389

Cargurus,

Inc.,

Class

A

*

6,208

238,077

EverQuote,

Inc.,

Class

A

*

18,805

507,735

fuboTV,

Inc.

*

32,818

82,701

Travelzoo

*

61,266

436,214

TripAdvisor,

Inc.

*

2,692

39,196

Yelp,

Inc.,

Class

A

*

12,791

388,718

Ziff

Davis,

Inc.

*

1,204

42,321

1,773,351

Media

-

0

.8

%

AMC

Networks,

Inc.,

Class

A

*

18,161

172,893

EW

Scripps

Co.

(The),

Class

A

*

3,059

12,205

Gray

Media,

Inc.

61,669

298,478

Nexxen

International

Ltd.

(Israel)

*

61,892

404,773

TEGNA,

Inc.

6,558

127,291

USA

TODAY

Co.,

Inc.

*

18,446

94,997

1,110,637

Wireless

Telecommunication

Services

-

0

.2

%

Telephone

and

Data

Systems,

Inc.

4,883

200,203

Total

Communication

Services

4,510,920

Consumer

Discretionary

-

8

.3

%

Automobile

Components

-

1

.6

%

American

Axle

&

Manufacturing

Holdings,

Inc.

*

64,101

410,887

Cooper-Standard

Holdings,

Inc.

*

1,394

45,765

Garrett

Motion,

Inc.

(Switzerland)

23,053

401,814

Motorcar

Parts

of

America,

Inc.

*

23,491

289,879

Patrick

Industries,

Inc.

3,027

328,218

Strattec

Security

Corp.

*

8,485

646,048

Visteon

Corp.

414

39,371

2,161,982

Diversified

Consumer

Services

-

1

.8

%

Adtalem

Global

Education,

Inc.

*

2,445

252,984

American

Public

Education,

Inc.

*

17,906

676,847

Coursera,

Inc.

*

34,209

251,778

INVESTMENTS

SHARES

VALUE

($)

Diversified

Consumer

Services

-

1.8%

(continued)

European

Wax

Center,

Inc.,

Class

A

*

11,114

40,010

Graham

Holdings

Co.,

Class

B

43

47,240

Perdoceo

Education

Corp.

33,829

992,205

Stride,

Inc.

*

3,904

253,487

2,514,551

Hotels,

Restaurants

&

Leisure

-

1

.0

%

Bloomin'

Brands,

Inc.

36,308

224,020

Brinker

International,

Inc.

*

2,169

311,295

Dine

Brands

Global,

Inc.

4,103

131,871

El

Pollo

Loco

Holdings,

Inc.

*

13,987

146,304

Monarch

Casino

&

Resort,

Inc.

646

61,822

RCI

Hospitality

Holdings,

Inc.

4,160

99,174

Rush

Street

Interactive,

Inc.

*

10,382

201,722

Super

Group

SGHC

Ltd.

(Guernsey)

13,082

156,330

1,332,538

Household

Durables

-

1

.0

%

Century

Communities,

Inc.

665

39,468

Cricut,

Inc.,

Class

A

8,043

39,813

Flexsteel

Industries,

Inc.

1,150

45,413

KB

Home

4,244

239,404

Leggett

&

Platt,

Inc.

4,501

49,511

M/I

Homes,

Inc.

*

3,179

406,753

Taylor

Morrison

Home

Corp.,

Class

A

*

6,215

365,877

Tri

Pointe

Homes,

Inc.

*

6,166

194,044

1,380,283

Leisure

Products

-

0

.2

%

Acushnet

Holdings

Corp.

1,421

113,424

JAKKS

Pacific,

Inc.

6,064

102,360

215,784

Specialty

Retail

-

2

.2

%

Abercrombie

&

Fitch

Co.,

Class

A

*

590

74,263

Academy

Sports

&

Outdoors,

Inc.

2,371

118,455

America's

Car-Mart,

Inc.

*

2,951

74,542

Asbury

Automotive

Group,

Inc.

*

1,971

458,317

Build-A-Bear

Workshop,

Inc.

4,526

277,308

Caleres,

Inc.

3,931

47,840

Genesco,

Inc.

*

4,233

104,852

Group

1

Automotive,

Inc.

2,004

788,173

J

Jill,

Inc.

4,067

55,799

Petco

Health

&

Wellness

Co.,

Inc.,

Class

A

*

33,477

94,070

Sally

Beauty

Holdings,

Inc.

*

8,157

116,319

Signet

Jewelers

Ltd.

4,375

362,600

Sonic

Automotive,

Inc.,

Class

A

646

39,962

Upbound

Group,

Inc.

4,505

79,108

Urban

Outfitters,

Inc.

*

4,929

370,957

3,062,565

6

AQR

Funds

|

N-PORT

Part

F

|

December

2025

See

notes

to

Schedule

of

Investments.

AQR

SMALL

CAP

MULTI-STYLE

FUND

Schedule

of

Investments

December

31,

2025

(Unaudited)

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Textiles,

Apparel

&

Luxury

Goods

-

0

.5

%

Capri

Holdings

Ltd.

*

5,482

133,761

Figs,

Inc.,

Class

A

*

17,561

199,493

G-III

Apparel

Group

Ltd.

12,955

375,177

Rocky

Brands,

Inc.

1,882

55,199

763,630

Total

Consumer

Discretionary

11,431,333

Consumer

Staples

-

3

.3

%

Beverages

-

0

.2

%

Vita

Coco

Co.,

Inc.

(The)

*

5,335

282,809

Consumer

Staples

Distribution

&

Retail

-

0

.8

%

Ingles

Markets,

Inc.,

Class

A

7,717

529,000

United

Natural

Foods,

Inc.

*

14,300

481,481

Village

Super

Market,

Inc.,

Class

A

1,242

43,961

Weis

Markets,

Inc.

824

52,810

1,107,252

Food

Products

-

1

.5

%

Cal-Maine

Foods,

Inc.

5,302

421,880

Dole

plc

6,896

103,371

Fresh

Del

Monte

Produce,

Inc.

28,551

1,017,272

John

B

Sanfilippo

&

Son,

Inc.

2,169

153,132

Seneca

Foods

Corp.,

Class

A

*

3,894

430,793

2,126,448

Personal

Care

Products

-

0

.2

%

Lifevantage

Corp.

16,441

101,276

Nu

Skin

Enterprises,

Inc.,

Class

A

18,872

181,549

282,825

Tobacco

-

0

.6

%

Turning

Point

Brands,

Inc.

7,223

782,973

Universal

Corp.

780

41,145

824,118

Total

Consumer

Staples

4,623,452

Energy

-

5

.2

%

Energy

Equipment

&

Services

-

1

.8

%

Bristow

Group,

Inc.

*

5,263

192,731

Expro

Group

Holdings

NV

*

9,030

120,551

Forum

Energy

Technologies,

Inc.

*

4,992

184,454

Liberty

Energy,

Inc.,

Class

A

7,133

131,675

National

Energy

Services

Reunited

Corp.

*

10,590

165,839

Oceaneering

International,

Inc.

*

2,987

71,778

Oil

States

International,

Inc.

*

24,143

163,448

Patterson-UTI

Energy,

Inc.

42,840

261,752

ProPetro

Holding

Corp.

*

12,623

120,045

Ranger

Energy

Services,

Inc.,

Class

A

40,809

570,510

RPC,

Inc.

16,721

90,962

TETRA

Technologies,

Inc.

*

23,096

216,410

Tidewater,

Inc.

*

4,428

223,658

2,513,813

INVESTMENTS

SHARES

VALUE

($)

Oil,

Gas

&

Consumable

Fuels

-

3

.4

%

Ardmore

Shipping

Corp.

(Ireland)

27,700

293,343

California

Resources

Corp.

1,659

74,174

Centrus

Energy

Corp.,

Class

A

*

1,442

350,060

Dorian

LPG

Ltd.

7,568

184,205

Green

Plains,

Inc.

*

5,555

54,439

Gulfport

Energy

Corp.

*

1,059

220,261

Lightbridge

Corp.

*

2,487

31,436

Navigator

Holdings

Ltd.

2,370

41,048

Par

Pacific

Holdings,

Inc.

*

8,404

295,317

Peabody

Energy

Corp.

16,710

496,287

REX

American

Resources

Corp.

*

1,522

49,191

Riley

Exploration

Permian,

Inc.

1,565

41,316

SandRidge

Energy,

Inc.

14,982

216,190

Scorpio

Tankers,

Inc.

(Monaco)

9,931

504,793

SM

Energy

Co.

21,893

409,399

Teekay

Corp.

Ltd.

22,416

202,417

Teekay

Tankers

Ltd.,

Class

A

(Canada)

23,198

1,239,237

4,703,113

Total

Energy

7,216,926

Financials

-

19

.1

%

Banks

-

9

.3

%

1st

Source

Corp.

4,426

276,581

Amalgamated

Financial

Corp.

5,637

180,553

Ameris

Bancorp

1,812

134,577

Associated

Banc-Corp.

2,189

56,389

Atlantic

Union

Bankshares

Corp.

1,580

55,774

Bancorp,

Inc.

(The)

*

3,304

223,086

BankUnited,

Inc.

2,616

116,595

Bankwell

Financial

Group,

Inc.

934

42,796

Bar

Harbor

Bankshares

2,336

72,533

Cadence

Bank

8,714

373,308

Carter

Bankshares,

Inc.

*

2,321

45,631

Cathay

General

Bancorp

6,118

296,050

Central

Pacific

Financial

Corp.

12,355

384,982

Civista

Bancshares,

Inc.

2,761

61,349

CNB

Financial

Corp.

8,648

226,318

Community

Trust

Bancorp,

Inc.

5,113

288,884

ConnectOne

Bancorp,

Inc.

2,825

74,071

Customers

Bancorp,

Inc.

*

6,801

497,289

Enterprise

Financial

Services

Corp.

1,345

72,630

Farmers

National

Banc

Corp.

3,435

45,754

First

Busey

Corp.

4,620

109,910

First

Business

Financial

Services,

Inc.

2,843

154,375

First

Community

Bankshares,

Inc.

2,312

77,984

First

Financial

Bancorp

3,104

77,662

First

Financial

Corp.

13,265

801,471

First

Merchants

Corp.

5,789

216,972

First

Mid

Bancshares,

Inc.

2,209

86,151

Flushing

Financial

Corp.

2,844

43,143

Fulton

Financial

Corp.

5,753

111,205

Great

Southern

Bancorp,

Inc.

7,773

478,506

Hancock

Whitney

Corp.

2,585

164,613

Schedule

of

Investments

December

31,

2025

(Unaudited)

AQR

SMALL

CAP

MULTI-STYLE

FUND

See

notes

to

Schedule

of

Investments.

AQR

Funds

|

N-PORT

Part

F

|

December

2025

7

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Banks

-

9.3%

(continued)

Hanmi

Financial

Corp.

21,357

577,280

Heritage

Commerce

Corp.

17,381

208,746

Heritage

Financial

Corp.

1,781

42,121

Home

Bancorp,

Inc.

4,320

249,696

HomeTrust

Bancshares,

Inc.

3,361

144,321

Hope

Bancorp,

Inc.

17,674

193,707

Independent

Bank

Corp.

7,972

259,329

International

Bancshares

Corp.

10,172

675,828

Mercantile

Bank

Corp.

4,280

205,868

Metropolitan

Bank

Holding

Corp.

6,357

485,421

NBT

Bancorp,

Inc.

2,515

104,423

Northeast

Bank

832

86,470

Northfield

Bancorp,

Inc.

12,707

145,241

Northrim

Bancorp,

Inc.

5,607

149,202

OceanFirst

Financial

Corp.

17,438

313,012

OFG

Bancorp

3,824

156,708

Old

Second

Bancorp,

Inc.

4,535

88,432

Origin

Bancorp,

Inc.

3,000

112,830

Pathward

Financial,

Inc.

2,319

164,649

Peapack-Gladstone

Financial

Corp.

8,407

234,135

Peoples

Bancorp,

Inc.

1,472

44,204

Provident

Financial

Services,

Inc.

4,829

95,373

S&T

Bancorp,

Inc.

4,944

194,546

Shore

Bancshares,

Inc.

13,964

246,884

SmartFinancial,

Inc.

4,060

150,179

South

Plains

Financial,

Inc.

1,487

57,696

Southern

Missouri

Bancorp,

Inc.

2,063

121,965

Third

Coast

Bancshares,

Inc.

*

8,064

306,513

TrustCo

Bank

Corp.

5,633

232,812

UMB

Financial

Corp.

910

104,686

Univest

Financial

Corp.

12,927

423,230

Valley

National

Bancorp

21,204

247,663

WesBanco,

Inc.

5,131

170,554

Westamerica

Bancorp

1,648

78,824

12,919,690

Capital

Markets

-

0

.7

%

Acadian

Asset

Management,

Inc.

4,263

200,361

Diamond

Hill

Investment

Group,

Inc.

391

66,274

Donnelley

Financial

Solutions,

Inc.

*

4,172

194,791

StoneX

Group,

Inc.

*

4,477

425,897

Virtus

Investment

Partners,

Inc.

373

60,855

948,178

Consumer

Finance

-

2

.0

%

Atlanticus

Holdings

Corp.

*

2,390

160,011

Bread

Financial

Holdings,

Inc.

11,627

860,747

Enova

International,

Inc.

*

2,754

432,929

Green

Dot

Corp.,

Class

A

*

9,583

122,758

Oportun

Financial

Corp.

*

81,249

429,807

OppFi,

Inc.

14,507

151,743

PROG

Holdings,

Inc.

1,407

41,492

Regional

Management

Corp.

10,014

388,043

World

Acceptance

Corp.

*

1,247

175,066

2,762,596

INVESTMENTS

SHARES

VALUE

($)

Financial

Services

-

1

.8

%

Banco

Latinoamericano

de

Comercio

Exterior

SA,

Class

E

(Panama)

8,338

371,875

International

Money

Express,

Inc.

*

4,163

63,944

Jackson

Financial,

Inc.,

Class

A

8,481

904,499

NCR

Atleos

Corp.

*

7,988

304,423

NewtekOne,

Inc.

8,216

93,251

Onity

Group,

Inc.

*

1,081

49,499

Pagseguro

Digital

Ltd.,

Class

A

(Brazil)

45,978

443,228

Paysafe

Ltd.

*

4,930

39,884

Priority

Technology

Holdings,

Inc.

*

21,119

115,098

Radian

Group,

Inc.

1,481

53,301

Sezzle,

Inc.

*

660

41,893

2,480,895

Insurance

-

5

.1

%

American

Coastal

Insurance

Corp.

12,239

154,579

Donegal

Group,

Inc.,

Class

A

9,375

187,313

Employers

Holdings,

Inc.

12,307

531,293

Fidelis

Insurance

Holdings

Ltd.

(United

Kingdom)

34,389

672,993

Genworth

Financial,

Inc.,

Class

A

*

80,234

724,513

Hamilton

Insurance

Group

Ltd.,

Class

B

*

13,867

386,889

HCI

Group,

Inc.

1,802

345,425

Heritage

Insurance

Holdings,

Inc.

*

15,545

454,847

Horace

Mann

Educators

Corp.

6,336

292,597

Investors

Title

Co.

580

144,791

James

River

Group

Holdings,

Inc.

41,787

265,765

Kingstone

Cos.,

Inc.

8,468

142,516

Mercury

General

Corp.

6,336

595,964

ProAssurance

Corp.

*

2,603

62,888

Safety

Insurance

Group,

Inc.

3,884

302,602

Selective

Insurance

Group,

Inc.

4,313

360,869

SiriusPoint

Ltd.

(Sweden)

*

7,840

171,618

Stewart

Information

Services

Corp.

3,042

213,731

United

Fire

Group,

Inc.

4,926

179,060

Universal

Insurance

Holdings,

Inc.

25,761

870,722

7,060,975

Mortgage

Real

Estate

Investment

Trusts

(REITs)

-

0

.2

%

Arbor

Realty

Trust,

Inc.

6,322

49,059

Blackstone

Mortgage

Trust,

Inc.,

Class

A

9,163

175,288

224,347

Total

Financials

26,396,681

Health

Care

-

16

.5

%

Biotechnology

-

8

.5

%

Abeona

Therapeutics,

Inc.

*

12,533

66,049

ACADIA

Pharmaceuticals,

Inc.

*

25,211

673,386

ADMA

Biologics,

Inc.

*

30,828

562,303

Akebia

Therapeutics,

Inc.

*

48,427

77,967

Aldeyra

Therapeutics,

Inc.

*

12,135

62,859

Alkermes

plc

*

31,888

892,226

8

AQR

Funds

|

N-PORT

Part

F

|

December

2025

See

notes

to

Schedule

of

Investments.

AQR

SMALL

CAP

MULTI-STYLE

FUND

Schedule

of

Investments

December

31,

2025

(Unaudited)

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Biotechnology

-

8.5%

(continued)

Arcutis

Biotherapeutics,

Inc.

*

6,438

186,960

Arrowhead

Pharmaceuticals,

Inc.

*

1,623

107,751

Aurinia

Pharmaceuticals,

Inc.

(Canada)

*

5,691

90,771

Avidity

Biosciences,

Inc.

*

4,725

340,814

Bridgebio

Pharma,

Inc.

*

4,710

360,268

CareDx,

Inc.

*

6,304

118,767

Catalyst

Pharmaceuticals,

Inc.

*

45,441

1,060,593

Cidara

Therapeutics,

Inc.

*

731

161,471

Cogent

Biosciences,

Inc.

*

6,128

217,667

Coherus

Oncology,

Inc.

*

31,983

45,416

Compass

Therapeutics,

Inc.

*

13,392

71,915

Emergent

BioSolutions,

Inc.

*

25,892

320,025

GRAIL,

Inc.

*

3,513

300,678

Ironwood

Pharmaceuticals,

Inc.,

Class

A

*

27,768

93,578

Keros

Therapeutics,

Inc.

*

13,691

278,749

Kodiak

Sciences,

Inc.

*

3,492

97,636

Krystal

Biotech,

Inc.

*

1,043

257,141

Kura

Oncology,

Inc.

*

33,934

352,574

Madrigal

Pharmaceuticals,

Inc.

*

809

471,113

Monte

Rosa

Therapeutics,

Inc.

*

16,710

262,013

Myriad

Genetics,

Inc.

*

38,149

234,616

Novavax,

Inc.

*

27,112

182,193

Organogenesis

Holdings,

Inc.,

Class

A

*

46,378

240,238

PDL

BioPharma,

Inc.

(3)*

32,677

1,029

Praxis

Precision

Medicines,

Inc.

*

936

275,877

Precigen,

Inc.

*

20,486

85,632

PTC

Therapeutics,

Inc.

*

9,964

756,865

Puma

Biotechnology,

Inc.

*

103,175

613,891

Rhythm

Pharmaceuticals,

Inc.

*

2,194

234,846

Rigel

Pharmaceuticals,

Inc.

*

15,440

661,295

Soleno

Therapeutics,

Inc.

*

1,559

72,182

Stoke

Therapeutics,

Inc.

*

12,666

402,019

TG

Therapeutics,

Inc.

*

1,378

41,078

Travere

Therapeutics,

Inc.

*

4,961

189,560

UroGen

Pharma

Ltd.

*

4,922

115,273

Vericel

Corp.

*

1,151

41,448

Zenas

Biopharma,

Inc.

*

2,922

106,098

11,784,830

Health

Care

Equipment

&

Supplies

-

0

.8

%

Bioventus,

Inc.,

Class

A

*

8,906

66,261

Embecta

Corp.

19,507

231,743

iRhythm

Technologies,

Inc.

*

246

43,650

Lantheus

Holdings,

Inc.

*

1,776

118,193

LeMaitre

Vascular,

Inc.

1,143

92,697

Tactile

Systems

Technology,

Inc.

*

19,915

577,535

1,130,079

Health

Care

Providers

&

Services

-

3

.2

%

AdaptHealth

Corp.,

Class

A

*

71,911

716,234

Alignment

Healthcare,

Inc.

*

19,576

386,626

Ardent

Health,

Inc.

*

35,282

311,540

Community

Health

Systems,

Inc.

*

91,045

284,060

INVESTMENTS

SHARES

VALUE

($)

Health

Care

Providers

&

Services

-

3.2%

(continued)

CorVel

Corp.

*

7,221

488,645

Cross

Country

Healthcare,

Inc.

*

1,198

9,704

Ensign

Group,

Inc.

(The)

3,439

599,074

GeneDx

Holdings

Corp.

*

968

125,898

Guardant

Health,

Inc.

*

716

73,132

Hims

&

Hers

Health,

Inc.

*

7,303

237,129

Oncology

Institute,

Inc.

(The)

*

11,856

42,207

Pediatrix

Medical

Group,

Inc.

*

43,760

936,026

Select

Medical

Holdings

Corp.

2,740

40,689

Strata

Critical

Medical,

Inc.

*

16,437

79,062

Viemed

Healthcare,

Inc.

*

6,096

45,293

4,375,319

Health

Care

Technology

-

0

.3

%

HealthStream,

Inc.

1,707

39,381

Teladoc

Health,

Inc.

*

11,195

78,365

TruBridge,

Inc.

*

11,545

254,798

372,544

Life

Sciences

Tools

&

Services

-

0

.2

%

Adaptive

Biotechnologies

Corp.

*

3,343

54,290

CryoPort,

Inc.

*

6,788

65,165

Niagen

Bioscience,

Inc.

*

25,388

161,468

280,923

Pharmaceuticals

-

3

.5

%

Amneal

Pharmaceuticals,

Inc.

*

60,740

765,324

Collegium

Pharmaceutical,

Inc.

*

6,143

284,421

CorMedix,

Inc.

*

24,460

284,470

Harmony

Biosciences

Holdings,

Inc.

*

27,886

1,043,494

Indivior

plc

(United

Kingdom)

*

14,738

528,799

Innoviva,

Inc.

*

10,755

214,993

Nuvation

Bio,

Inc.

*

21,099

189,047

Pacira

BioSciences,

Inc.

*

16,030

414,856

Phibro

Animal

Health

Corp.,

Class

A

6,843

255,655

Prestige

Consumer

Healthcare,

Inc.

*

680

41,949

SIGA

Technologies,

Inc.

92,431

564,753

Supernus

Pharmaceuticals,

Inc.

*

1,151

57,205

Terns

Pharmaceuticals,

Inc.

*

6,483

261,913

4,906,879

Total

Health

Care

22,850,574

Industrials

-

16

.3

%

Aerospace

&

Defense

-

2

.0

%

AAR

Corp.

*

1,965

162,682

AerSale

Corp.

*

16,729

118,943

Archer

Aviation,

Inc.,

Class

A

*

26,952

202,679

Astronics

Corp.

*

5,203

282,211

Byrna

Technologies,

Inc.

*

8,564

143,789

Ducommun,

Inc.

*

1,921

182,745

Intuitive

Machines,

Inc.

*

3,438

55,799

Kratos

Defense

&

Security

Solutions,

Inc.

*

7,679

582,913

Moog,

Inc.,

Class

A

1,353

329,523

Schedule

of

Investments

December

31,

2025

(Unaudited)

AQR

SMALL

CAP

MULTI-STYLE

FUND

See

notes

to

Schedule

of

Investments.

AQR

Funds

|

N-PORT

Part

F

|

December

2025

9

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Aerospace

&

Defense

-

2.0%

(continued)

National

Presto

Industries,

Inc.

997

106,440

Park

Aerospace

Corp.

2,079

44,366

V2X,

Inc.

*

7,922

432,145

VSE

Corp.

419

72,391

2,716,626

Air

Freight

&

Logistics

-

0

.1

%

Hub

Group,

Inc.,

Class

A

4,758

202,738

Building

Products

-

0

.8

%

Apogee

Enterprises,

Inc.

5,518

200,911

Insteel

Industries,

Inc.

2,902

91,906

UFP

Industries,

Inc.

9,180

835,839

1,128,656

Commercial

Services

&

Supplies

-

0

.9

%

ACCO

Brands

Corp.

49,383

184,198

Deluxe

Corp.

7,331

163,701

Ennis,

Inc.

4,970

89,510

GEO

Group,

Inc.

(The)

*

5,381

86,742

Healthcare

Services

Group,

Inc.

*

10,967

209,689

HNI

Corp.

820

34,473

Interface,

Inc.,

Class

A

14,577

406,990

Quad/Graphics,

Inc.

20,180

126,529

1,301,832

Construction

&

Engineering

-

3

.6

%

Argan,

Inc.

3,319

1,039,909

Dycom

Industries,

Inc.

*

514

173,681

Fluor

Corp.

*

28,780

1,140,551

Granite

Construction,

Inc.

390

44,987

IES

Holdings,

Inc.

*

560

217,851

Limbach

Holdings,

Inc.

*

557

43,362

Matrix

Service

Co.

*

5,834

68,258

MYR

Group,

Inc.

*

1,745

381,283

NWPX

Infrastructure,

Inc.

*

1,705

106,545

Orion

Group

Holdings,

Inc.

*

4,482

44,551

Primoris

Services

Corp.

3,276

406,683

Sterling

Infrastructure,

Inc.

*

2,322

711,066

Tutor

Perini

Corp.

9,994

669,798

5,048,525

Electrical

Equipment

-

3

.2

%

Allient,

Inc.

3,855

207,206

American

Superconductor

Corp.

*

4,047

116,473

Amprius

Technologies,

Inc.

*

37,098

292,703

Array

Technologies,

Inc.

*

31,057

286,346

Atkore,

Inc.

5,558

351,543

Bloom

Energy

Corp.,

Class

A

*

9,262

804,775

EnerSys

2,157

316,540

Eos

Energy

Enterprises,

Inc.

*

5,873

67,305

LSI

Industries,

Inc.

2,172

39,791

Nextpower,

Inc.,

Class

A

*

6,663

580,414

NuScale

Power

Corp.

*

3,372

47,781

Powell

Industries,

Inc.

936

298,378

Power

Solutions

International,

Inc.

*

7,117

406,665

Preformed

Line

Products

Co.

548

113,277

INVESTMENTS

SHARES

VALUE

($)

Electrical

Equipment

-

3.2%

(continued)

Shoals

Technologies

Group,

Inc.,

Class

A

*

27,534

234,039

Vicor

Corp.

*

3,106

340,418

4,503,654

Ground

Transportation

-

0

.3

%

ArcBest

Corp.

1,552

115,143

Covenant

Logistics

Group,

Inc.,

Class

A

11,178

246,363

361,506

Machinery

-

2

.0

%

Astec

Industries,

Inc.

1,701

73,687

Atmus

Filtration

Technologies,

Inc.

868

45,058

Blue

Bird

Corp.

*

9,145

429,815

Chart

Industries,

Inc.

*

1,908

393,487

Columbus

McKinnon

Corp.

3,979

68,638

Enpro,

Inc.

191

40,899

Federal

Signal

Corp.

2,937

318,929

Greenbrier

Cos.,

Inc.

(The)

4,133

193,176

Hyster-Yale,

Inc.

1,332

39,574

Luxfer

Holdings

plc

(United

Kingdom)

11,262

152,375

Manitowoc

Co.,

Inc.

(The)

*

19,500

233,805

Miller

Industries,

Inc.

1,588

59,344

Mueller

Water

Products,

Inc.,

Class

A

2,612

62,218

Proto

Labs,

Inc.

*

2,510

126,981

REV

Group,

Inc.

2,172

132,079

SPX

Technologies,

Inc.

*

209

41,812

Standex

International

Corp.

367

79,742

Watts

Water

Technologies,

Inc.,

Class

A

628

173,340

Worthington

Enterprises,

Inc.

727

37,491

2,702,450

Marine

Transportation

-

0

.6

%

Costamare,

Inc.

(Monaco)

37,587

593,499

Matson,

Inc.

1,358

167,781

Safe

Bulkers,

Inc.

(Monaco)

10,743

51,781

813,061

Passenger

Airlines

-

0

.4

%

Joby

Aviation,

Inc.

*

4,000

52,800

SkyWest,

Inc.

*

1,956

196,402

Sun

Country

Airlines

Holdings,

Inc.

*

16,879

242,889

492,091

Professional

Services

-

1

.6

%

Barrett

Business

Services,

Inc.

8,892

321,979

CSG

Systems

International,

Inc.

749

57,441

IBEX

Holdings

Ltd.

*

5,247

200,330

Kelly

Services,

Inc.,

Class

A

16,530

145,464

Kforce,

Inc.

5,911

182,768

Legalzoom.com,

Inc.

*

27,907

277,117

Mistras

Group,

Inc.

*

4,238

53,611

Planet

Labs

PBC

*

15,813

311,832

10

AQR

Funds

|

N-PORT

Part

F

|

December

2025

See

notes

to

Schedule

of

Investments.

AQR

SMALL

CAP

MULTI-STYLE

FUND

Schedule

of

Investments

December

31,

2025

(Unaudited)

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Professional

Services

-

1.6%

(continued)

Resolute

Holdings

Management,

Inc.

*

1,819

375,496

TTEC

Holdings,

Inc.

*

27,756

99,922

Willdan

Group,

Inc.

*

1,646

170,624

2,196,584

Trading

Companies

&

Distributors

-

0

.8

%

BlueLinx

Holdings,

Inc.

*

968

59,464

Boise

Cascade

Co.

7,362

541,843

DNOW,

Inc.

*

4,106

54,405

DXP

Enterprises,

Inc.

*

1,041

114,291

Hudson

Technologies,

Inc.

*

10,442

71,528

Rush

Enterprises,

Inc.,

Class

A

5,480

295,591

1,137,122

Total

Industrials

22,604,845

Information

Technology

-

18

.7

%

Communications

Equipment

-

2

.2

%

ADTRAN

Holdings,

Inc.

*

4,879

42,399

Aviat

Networks,

Inc.

*

20,133

430,444

BK

Technologies

Corp.

*

3,250

242,417

Calix,

Inc.

*

1,124

59,493

CommScope

Holding

Co.,

Inc.

*

44,232

801,926

Digi

International,

Inc.

*

3,524

152,554

Extreme

Networks,

Inc.

*

7,053

117,432

NETGEAR,

Inc.

*

11,403

279,716

NetScout

Systems,

Inc.

*

18,764

507,754

Viasat,

Inc.

*

12,854

442,949

3,077,084

Electronic

Equipment,

Instruments

&

Components

-

5

.3

%

Advanced

Energy

Industries,

Inc.

1,168

244,544

Arlo

Technologies,

Inc.

*

30,724

429,829

Bel

Fuse,

Inc.,

Class

B

726

123,151

Belden,

Inc.

1,229

143,240

Benchmark

Electronics,

Inc.

5,586

238,857

Climb

Global

Solutions,

Inc.

379

38,957

Daktronics,

Inc.

*

22,394

442,729

ePlus,

Inc.

6,394

560,754

Fabrinet

(Thailand)

*

2,096

954,267

Insight

Enterprises,

Inc.

*

5,484

446,781

Kimball

Electronics,

Inc.

*

20,029

557,207

Methode

Electronics,

Inc.

16,836

111,791

M-Tron

Industries,

Inc.

*

2,346

124,854

nLight,

Inc.

*

6,680

250,567

Ouster,

Inc.

*

9,615

208,069

PC

Connection,

Inc.

6,496

375,209

Plexus

Corp.

*

566

83,202

Sanmina

Corp.

*

8,067

1,210,615

ScanSource,

Inc.

*

10,363

404,779

TTM

Technologies,

Inc.

*

5,626

388,194

Vuzix

Corp.

*

13,077

49,431

7,387,027

INVESTMENTS

SHARES

VALUE

($)

IT

Services

-

0

.1

%

Hackett

Group,

Inc.

(The)

9,556

187,584

Semiconductors

&

Semiconductor

Equipment

-

4

.2

%

ACM

Research,

Inc.,

Class

A

*

11,738

463,064

Alpha

&

Omega

Semiconductor

Ltd.

*

1,875

37,144

Ambarella,

Inc.

*

1,925

136,367

Axcelis

Technologies,

Inc.

*

608

48,847

Credo

Technology

Group

Holding

Ltd.

*

8,371

1,204,503

Diodes,

Inc.

*

1,834

90,490

FormFactor,

Inc.

*

2,213

123,441

Ichor

Holdings

Ltd.

*

2,468

45,485

Kopin

Corp.

*

43,175

101,029

Navitas

Semiconductor

Corp.

*

14,105

100,710

NVE

Corp.

723

42,896

Penguin

Solutions,

Inc.

*

14,568

284,950

Photronics,

Inc.

*

23,311

745,952

Rambus,

Inc.

*

8,091

743,482

Rigetti

Computing,

Inc.

*

24,049

532,685

Semtech

Corp.

*

4,283

315,614

Silicon

Laboratories,

Inc.

*

761

99,463

SiTime

Corp.

*

839

296,326

SkyWater

Technology,

Inc.

*

5,006

90,909

Synaptics,

Inc.

*

2,510

185,790

Ultra

Clean

Holdings,

Inc.

*

6,944

175,892

5,865,039

Software

-

5

.5

%

8x8,

Inc.

*

116,219

228,951

ACI

Worldwide,

Inc.

*

2,792

133,485

Adeia,

Inc.

11,411

196,840

Arteris,

Inc.

*

6,268

97,154

Cerence,

Inc.

*

16,738

178,929

Cipher

Mining,

Inc.

*

10,538

155,541

Cleanspark,

Inc.

*

13,483

136,448

Clear

Secure,

Inc.,

Class

A

11,976

420,118

Commvault

Systems,

Inc.

*

776

97,279

Consensus

Cloud

Solutions,

Inc.

*

24,795

541,027

Core

Scientific,

Inc.

*

11,912

173,439

Daily

Journal

Corp.

*

500

243,660

Digital

Turbine,

Inc.

*

23,885

119,425

D-Wave

Quantum,

Inc.

(Canada)

*

27,757

725,846

InterDigital,

Inc.

3,431

1,092,362

LiveRamp

Holdings,

Inc.

*

4,934

144,912

Mitek

Systems,

Inc.

*

17,388

183,443

OneSpan,

Inc.

17,773

228,205

Ooma,

Inc.

*

3,629

42,568

Pagaya

Technologies

Ltd.,

Class

A

*

8,327

174,034

PagerDuty,

Inc.

*

7,153

93,776

Porch

Group,

Inc.

*

12,860

117,412

Progress

Software

Corp.

*

5,680

244,013

Qualys,

Inc.

*

4,093

543,960

Rimini

Street,

Inc.

*

35,524

137,833

SoundHound

AI,

Inc.

*

13,228

131,883

SPS

Commerce,

Inc.

*

3,897

347,340

Schedule

of

Investments

December

31,

2025

(Unaudited)

AQR

SMALL

CAP

MULTI-STYLE

FUND

See

notes

to

Schedule

of

Investments.

AQR

Funds

|

N-PORT

Part

F

|

December

2025

11

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Software

-

5.5%

(continued)

WM

Technology,

Inc.

*

161,410

133,179

Workiva,

Inc.

*

2,826

243,742

Xperi,

Inc.

*

10,631

62,298

Zeta

Global

Holdings

Corp.,

Class

A

*

8,754

178,144

7,547,246

Technology

Hardware,

Storage

&

Peripherals

-

1

.4

%

CompoSecure,

Inc.,

Class

A

*

30,398

586,074

Corsair

Gaming,

Inc.

*

11,181

66,415

CPI

Card

Group,

Inc.

*

614

9,014

Diebold

Nixdorf,

Inc.

*

5,074

344,474

Eastman

Kodak

Co.

*

6,702

56,699

Immersion

Corp.

13,014

88,495

IonQ,

Inc.

*

11,597

520,357

Quantum

Computing,

Inc.

*

4,915

50,428

Turtle

Beach

Corp.

*

9,973

139,921

1,861,877

Total

Information

Technology

25,925,857

Materials

-

4

.5

%

Chemicals

-

0

.2

%

AdvanSix,

Inc.

7,479

129,387

Koppers

Holdings,

Inc.

1,460

39,537

Orion

SA

(Germany)

28,968

152,951

321,875

Construction

Materials

-

0

.1

%

Knife

River

Corp.

*

1,633

114,882

United

States

Lime

&

Minerals,

Inc.

421

50,410

165,292

Containers

&

Packaging

-

0

.1

%

Myers

Industries,

Inc.

6,020

112,694

Metals

&

Mining

-

4

.1

%

Alpha

Metallurgical

Resources,

Inc.

*

1,585

316,810

Caledonia

Mining

Corp.

plc

(South

Africa)

14,554

380,878

Century

Aluminum

Co.

*

1,393

54,578

Coeur

Mining,

Inc.

*

52,634

938,464

Commercial

Metals

Co.

12,709

879,717

Constellium

SE,

Class

A

*

32,565

613,850

Contango

ORE,

Inc.

*

1,537

40,592

Hecla

Mining

Co.

31,283

600,321

Idaho

Strategic

Resources,

Inc.

*

3,650

147,095

Metallus,

Inc.

*

6,794

116,585

NioCorp

Developments

Ltd.

*

6,677

35,388

Olympic

Steel,

Inc.

458

19,595

Ryerson

Holding

Corp.

7,379

185,656

SSR

Mining,

Inc.

(Canada)

*

46,461

1,018,425

SunCoke

Energy,

Inc.

47,800

344,160

5,692,114

Total

Materials

6,291,975

INVESTMENTS

SHARES

VALUE

($)

Real

Estate

-

0

.8

%

Health

Care

REITs

-

0

.4

%

American

Healthcare

REIT,

Inc.,

REIT

10,691

503,118

Office

REITs

-

0

.0

%

†

NET

Lease

Office

Properties,

REIT

3,354

86,500

Real

Estate

Management

&

Development

-

0

.3

%

Forestar

Group,

Inc.

*

10,063

247,852

RE/MAX

Holdings,

Inc.,

Class

A

*

22,756

172,718

420,570

Specialized

REITs

-

0

.1

%

PotlatchDeltic

Corp.,

REIT

3,682

146,470

Total

Real

Estate

1,156,658

Utilities

-

0

.5

%

Electric

Utilities

-

0

.4

%

Oklo,

Inc.

*

4,203

301,607

TXNM

Energy,

Inc.

4,036

237,640

539,247

Multi-Utilities

-

0

.1

%

Northwestern

Energy

Group,

Inc.

2,797

180,518

Total

Utilities

719,765

TOTAL

COMMON

STOCKS

(Cost

$88,450,313)

133,728,986

NO.

OF

RIGHTS

RIGHTS

-

0.0%

†

Health

Care

-

0

.0

%

†

Biotechnology

-

0

.0

%

†

Pfizer,

Inc.,

CVR

(3)*

(Cost

$12,118)

2,473

12,118

SHARES

SHORT-TERM

INVESTMENTS

-

3.0%

INVESTMENT

COMPANIES

-

3

.0

%

Limited

Purpose

Cash

Investment

Fund,

3.78%

(a)

(Cost

$4,188,394)

4,188,637

4,188,637

TOTAL

INVESTMENTS

IN

SECURITIES

AT

VALUE

-

99.5%

(Cost

$92,650,825)

137,929,741

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

-

0.5%

‡

641,277

NET

ASSETS

-

100.0%

138,571,018

12

AQR

Funds

|

N-PORT

Part

F

|

December

2025

See

notes

to

Schedule

of

Investments.

AQR

SMALL

CAP

MULTI-STYLE

FUND

Schedule

of

Investments

December

31,

2025

(Unaudited)

SECTOR

VALUE

%

OF

NET

ASSETS

Communication

Services

$

4,510,920

3

.3

%

Consumer

Discretionary

11,431,333

8

.3

Consumer

Staples

4,623,452

3

.3

Energy

7,216,926

5

.2

Financials

26,396,681

19

.1

Health

Care

22,862,692

16

.5

Industrials

22,604,845

16

.3

Information

Technology

25,925,857

18

.7

Materials

6,291,975

4

.5

Real

Estate

1,156,658

0

.8

Utilities

719,765

0

.5

Investment

Companies

4,188,637

3

.0

Total

Investments

In

Securities

At

Value

137,929,741

99

.5

Other

Assets

in

Excess

of

Liabilities

‡

641,277

0

.5

Net

Assets

$

138,571,018

100

.0

%

All

securities

are

United

States

companies,

unless

noted

otherwise

in

parentheses.

*

Non-income

producing

security.

†

Represents

less

than

0.05%

of

net

assets.

‡

Includes

appreciation

(depreciation)

on

futures

contracts.

(a)

Represents

7-day

effective

yield

as

of

December

31,

2025.

All

securities

are

Level

1

with

respect

to

ASC

820,

unless

otherwise

noted

in

parentheses.

(3)

Security

fair

valued

using

significant

unobservable

inputs

(Level

3)

in

accordance

with

procedures

approved

by

the

Board

of

Trustees.

Futures

contracts

outstanding

as

of

December

31,

2025:

Exchange-Traded

DESCRIPTION

NUMBER

OF

CONTRACTS

EXPIRATION

DATE

TRADING

CURRENCY

NOTIONAL

AMOUNT

UNREALIZED

APPRECIATION

(DEPRECIATION)

Long

Contracts

Russell

2000

E-Mini

Index

28

3/2026

USD

$

3,497,200

$

(

115,253

)

Net

unrealized

depreciation

$

(

115,253

)

Schedule

of

Investments

December

31,

2025

(Unaudited)

AQR

INTERNATIONAL

MULTI-STYLE

FUND

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

Funds

|

N-PORT

Part

F

|

December

2025

13

INVESTMENTS

SHARES

VALUE

($)

COMMON

STOCKS

-

94.0%

Australia

-

5

.0

%

Aristocrat

Leisure

Ltd.

104,182

4,033,343

BHP

Group

Ltd.

336,246

10,147,613

BlueScope

Steel

Ltd.

171,626

2,740,447

Brambles

Ltd.

228,202

3,484,717

Evolution

Mining

Ltd.

126,650

1,059,901

Fortescue

Ltd.

419,435

6,133,187

Goodman

Group,

REIT

61,373

1,262,944

Rio

Tinto

Ltd.

8,995

877,513

Tabcorp

Holdings

Ltd.

57,040

37,491

Telstra

Group

Ltd.

446,824

1,449,749

Wesfarmers

Ltd.

75,906

4,089,289

35,316,194

Belgium

-

0

.6

%

Ageas

SA/NV

55,949

3,919,838

Groupe

Bruxelles

Lambert

NV

1,467

130,452

KBC

Group

NV

1,805

235,076

4,285,366

Brazil

-

0

.6

%

Wheaton

Precious

Metals

Corp.

(1)

36,790

4,325,113

Canada

-

11

.3

%

Agnico

Eagle

Mines

Ltd.

(1)

28,627

4,854,629

AltaGas

Ltd.

(1)

15,154

462,056

ARC

Resources

Ltd.

(1)

365,027

6,848,162

Bank

of

Nova

Scotia

(The)

(1)

25,211

1,859,393

Barrick

Mining

Corp.

(1)

35,388

1,541,546

Canadian

Imperial

Bank

of

Commerce

(1)

3,612

327,450

CCL

Industries,

Inc.,

Class

B

(1)

4,615

291,516

Celestica,

Inc.

(1)*

3,625

1,072,301

CGI,

Inc.

(1)

8,767

809,792

Empire

Co.

Ltd.,

Class

A

(1)

93,984

3,267,580

Fairfax

Financial

Holdings

Ltd.

(1)

5,180

9,872,361

George

Weston

Ltd.

(1)

12,975

895,124

Great-West

Lifeco,

Inc.

(1)

6,006

296,198

iA

Financial

Corp.,

Inc.

(1)

22,811

2,955,433

Imperial

Oil

Ltd.

(1)

59,544

5,144,241

Intact

Financial

Corp.

(1)

3,695

769,205

Kinross

Gold

Corp.

(1)

330,363

9,305,186

Loblaw

Cos.

Ltd.

(1)

52,367

2,367,398

Lundin

Gold,

Inc.

(1)

97,636

8,110,784

Manulife

Financial

Corp.

(1)

213,943

7,768,693

National

Bank

of

Canada

(1)

1,919

241,331

Open

Text

Corp.

(1)

28,487

927,740

Power

Corp.

of

Canada

(1)

5,259

279,512

Royal

Bank

of

Canada

(1)

23,203

3,955,608

Shopify,

Inc.,

Class

A

(1)*

11,324

1,823,324

Suncor

Energy,

Inc.

(1)

100,625

4,466,194

80,512,757

China

-

1

.1

%

BOC

Hong

Kong

Holdings

Ltd.

332,000

1,684,897

Prosus

NV

85,231

5,277,416

SITC

International

Holdings

Co.

Ltd.

98,000

350,683

Wilmar

International

Ltd.

140,700

336,506

7,649,502

INVESTMENTS

SHARES

VALUE

($)

Denmark

-

1

.5

%

Danske

Bank

A/S

27,167

1,356,619

Genmab

A/S

*

13,547

4,199,355

Pandora

A/S

37,191

4,112,806

ROCKWOOL

A/S,

Class

B

38,095

1,338,425

11,007,205

Finland

-

1

.2

%

Fortum

OYJ

11,887

252,431

Nokia

OYJ

124,892

805,188

Nordea

Bank

Abp

78,085

1,469,112

Wartsila

OYJ

Abp

176,263

6,240,524

8,767,255

France

-

8

.3

%

AXA

SA

118,661

5,693,479

BNP

Paribas

SA

81,919

7,750,114

Bouygues

SA

42,360

2,202,100

Cie

de

Saint-Gobain

SA

27,497

2,796,222

Credit

Agricole

SA

434,652

8,948,563

Dassault

Aviation

SA

5,041

1,616,173

Eiffage

SA

36,075

5,168,805

Engie

SA

36,370

955,416

Ipsen

SA

15,664

2,185,590

Orange

SA

477,723

7,971,557

Publicis

Groupe

SA

6,577

683,006

Societe

Generale

SA

124,231

10,001,096

Sodexo

SA

10,112

518,099

Thales

SA

5,359

1,445,675

TotalEnergies

SE

9,526

621,076

Unibail-Rodamco-Westfield,

REIT

*

4,856

528,075

59,085,046

Germany

-

7

.2

%

Allianz

SE

(Registered)

5,066

2,342,403

Bayer

AG

(Registered)

95,788

4,154,877

Commerzbank

AG

187,150

7,898,595

Deutsche

Bank

AG

(Registered)

267,478

10,308,372

Deutsche

Boerse

AG

5,597

1,471,011

Deutsche

Lufthansa

AG

(Registered)

335,772

3,298,602

Deutsche

Telekom

AG

(Registered)

6,185

201,328

E.ON

SE

11,242

212,866

Fresenius

SE

&

Co.

KGaA

12,270

702,970

Hannover

Rueck

SE

2,264

704,515

Heidelberg

Materials

AG

3,572

926,066

Hensoldt

AG

7,394

633,291

Knorr-Bremse

AG

10,681

1,184,975

LEG

Immobilien

SE

21,847

1,593,431

Mercedes-Benz

Group

AG

32,628

2,261,841

Muenchener

Rueckversicherungs-

Gesellschaft

AG

in

Muenchen

(Registered)

6,521

4,291,382

Rheinmetall

AG

1,003

1,829,868

RWE

AG

18,330

971,249

Siemens

Energy

AG

*

3,772

529,169

Talanx

AG

40,087

5,325,116

50,841,927

14

AQR

Funds

|

N-PORT

Part

F

|

December

2025

See

notes

to

Schedule

of

Investments.

AQR

INTERNATIONAL

MULTI-STYLE

FUND

Schedule

of

Investments

December

31,

2025

(Unaudited)

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Hong

Kong

-

1

.5

%

Hong

Kong

Exchanges

&

Clearing

Ltd.

32,300

1,689,980

Link,

REIT

39,000

174,136

Power

Assets

Holdings

Ltd.

(1)

31,000

219,673

Sun

Hung

Kai

Properties

Ltd.

56,000

681,872

Swire

Pacific

Ltd.,

Class

A

24,500

197,503

WH

Group

Ltd.

(a)

7,000,500

7,798,655

10,761,819

Italy

-

3

.2

%

Banco

BPM

SpA

39,063

593,169

Leonardo

SpA

170,819

9,770,941

UniCredit

SpA

124,184

10,285,751

Unipol

Assicurazioni

SpA

74,779

1,794,072

22,443,933

Japan

-

19

.6

%

Advantest

Corp.

68,500

8,661,684

Aisin

Corp.

76,300

1,429,577

Asics

Corp.

19,100

458,524

Bandai

Namco

Holdings,

Inc.

18,900

503,044

Canon,

Inc.

26,500

784,098

Chugai

Pharmaceutical

Co.

Ltd.

62,400

3,273,602

Dai

Nippon

Printing

Co.

Ltd.

34,500

593,883

Dai-ichi

Life

Holdings,

Inc.

646,900

5,376,107

Daito

Trust

Construction

Co.

Ltd.

10,300

196,132

FUJIFILM

Holdings

Corp.

34,300

727,792

Fujitsu

Ltd.

87,600

2,407,503

Hitachi

Ltd.

6,600

206,986

Hoya

Corp.

46,400

7,037,469

Idemitsu

Kosan

Co.

Ltd.

482,800

3,655,412

Inpex

Corp.

160,400

3,208,086

ITOCHU

Corp.

525,500

6,640,645

Japan

Post

Holdings

Co.

Ltd.

129,000

1,361,132

Japan

Post

Insurance

Co.

Ltd.

158,400

4,763,652

Japan

Tobacco,

Inc.

35,000

1,257,981

Kawasaki

Kisen

Kaisha

Ltd.

167,100

2,326,070

Konami

Group

Corp.

17,600

2,390,208

Kyocera

Corp.

14,100

197,664

Lasertec

Corp.

26,200

4,992,217

M3,

Inc.

12,400

166,815

Makita

Corp.

13,900

421,295

Marubeni

Corp.

68,100

1,896,585

Mitsubishi

Electric

Corp.

121,300

3,536,727

MS&AD

Insurance

Group

Holdings,

Inc.

157,500

3,697,631

Murata

Manufacturing

Co.

Ltd.

106,300

2,197,004

Nexon

Co.

Ltd.

329,600

8,050,973

NIDEC

Corp.

409,700

5,562,914

Nintendo

Co.

Ltd.

55,400

3,740,307

Nippon

Yusen

KK

132,100

4,278,929

Nitto

Denko

Corp.

90,800

2,161,922

Nomura

Holdings,

Inc.

226,100

1,883,519

Obayashi

Corp.

120,600

2,523,906

Otsuka

Corp.

26,800

552,230

Otsuka

Holdings

Co.

Ltd.

3,400

192,301

Panasonic

Holdings

Corp.

334,000

4,329,989

Recruit

Holdings

Co.

Ltd.

21,400

1,202,500

Ryohin

Keikaku

Co.

Ltd.

61,700

1,089,465

Shionogi

&

Co.

Ltd.

52,200

944,811

INVESTMENTS

SHARES

VALUE

($)

Japan

-

19.6%

(continued)

SMC

Corp.

8,800

3,044,808

Sompo

Holdings,

Inc.

16,200

549,864

Sony

Financial

Group,

Inc.

(1)*

143,400

151,969

Sony

Group

Corp.

143,400

3,678,352

Subaru

Corp.

390,500

8,407,943

Sumitomo

Corp.

11,300

391,121

Sumitomo

Electric

Industries

Ltd.

33,600

1,353,317

Sysmex

Corp.

49,600

487,082

Tokyo

Electron

Ltd.

10,600

2,360,910

TOPPAN

Holdings,

Inc.

8,000

237,814

Toyota

Tsusho

Corp.

190,500

6,423,508

Trend

Micro,

Inc.

*

7,800

323,952

Yokogawa

Electric

Corp.

7,600

243,736

138,533,667

Luxembourg

-

0

.9

%

ArcelorMittal

SA

132,293

6,074,831

Netherlands

-

4

.2

%

ABN

AMRO

Bank

NV,

CVA

(a)

119,201

4,164,751

ASML

Holding

NV

9,408

10,137,310

ING

Groep

NV

109,319

3,072,764

Koninklijke

Ahold

Delhaize

NV

130,047

5,332,823

NN

Group

NV

56,658

4,370,861

Wolters

Kluwer

NV

29,903

3,097,248

30,175,757

Singapore

-

0

.4

%

CapitaLand

Integrated

Commercial

Trust,

REIT

156,096

289,721

Singapore

Airlines

Ltd.

110,400

548,132

Singapore

Technologies

Engineering

Ltd.

207,800

1,357,786

United

Overseas

Bank

Ltd.

26,200

713,571

2,909,210

Spain

-

3

.1

%

Banco

Bilbao

Vizcaya

Argentaria

SA

188,810

4,428,958

Banco

Santander

SA

716,489

8,433,426

CaixaBank

SA

299,173

3,657,727

Endesa

SA

(1)

10,115

364,103

Repsol

SA

287,141

5,357,598

22,241,812

Sweden

-

2

.8

%

Alfa

Laval

AB

4,044

202,772

Atlas

Copco

AB,

Class

B

42,828

684,679

Boliden

AB

*

14,610

809,340

Evolution

AB

(a)

36,303

2,465,030

Hexagon

AB,

Class

B

24,590

289,638

Investor

AB,

Class

B

44,280

1,577,944

Saab

AB,

Class

B

117,968

6,844,529

SKF

AB,

Class

B

191,684

5,073,652

Telefonaktiebolaget

LM

Ericsson,

Class

B

67,988

661,662

Volvo

AB,

Class

B

50,479

1,606,476

20,215,722

Schedule

of

Investments

December

31,

2025

(Unaudited)

AQR

INTERNATIONAL

MULTI-STYLE

FUND

See

notes

to

Schedule

of

Investments.

AQR

Funds

|

N-PORT

Part

F

|

December

2025

15

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Switzerland

-

2

.5

%

ABB

Ltd.

(Registered)

146,665

10,811,784

BKW

AG

1,127

239,049

Sandoz

Group

AG

21,490

1,560,307

Schindler

Holding

AG

7,093

2,667,430

Zurich

Insurance

Group

AG

3,654

2,764,992

18,043,562

United

Kingdom

-

11

.3

%

3i

Group

plc

30,804

1,350,720

AstraZeneca

plc

1,144

211,708

BAE

Systems

plc

239,239

5,506,099

Barclays

plc

1,734,778

11,104,538

British

American

Tobacco

plc

67,597

3,832,118

BT

Group

plc

2,339,433

5,795,809

Centrica

plc

3,581,357

8,165,709

CK

Hutchison

Holdings

Ltd.

267,500

1,818,589

HSBC

Holdings

plc

96,317

1,515,639

Imperial

Brands

plc

24,800

1,041,356

International

Consolidated

Airlines

Group

SA

301,627

1,674,757

Kingfisher

plc

225,340

948,580

Lloyds

Banking

Group

plc

751,673

994,249

London

Stock

Exchange

Group

plc

14,143

1,701,240

NatWest

Group

plc

1,196,782

10,498,509

Rolls-Royce

Holdings

plc

775,365

11,991,572

Standard

Chartered

plc

196,810

4,802,251

Tesco

plc

805,457

4,789,915

Vodafone

Group

plc

2,142,209

2,855,585

80,598,943

United

States

-

7

.7

%

AP

Moller

-

Maersk

A/S,

Class

B

2,572

5,901,587

GSK

plc

221,784

5,437,526

Holcim

AG

14,221

1,384,419

Novartis

AG

(Registered)

116,180

16,009,139

Roche

Holding

AG

40,765

16,834,732

Sanofi

SA

28,084

2,717,274

Shell

plc

167,372

6,168,035

Swiss

Re

AG

1,214

202,240

54,654,952

TOTAL

COMMON

STOCKS

(Cost

$418,536,716)

668,444,573

PREFERRED

STOCKS

-

0.2%

Germany

-

0

.2

%

Volkswagen

AG

(Preference)

(Cost

$1,471,016)

11,959

1,459,462

INVESTMENTS

SHARES

VALUE

($)

SHORT-TERM

INVESTMENTS

-

5.4%

INVESTMENT

COMPANIES

-

5

.4

%

Limited

Purpose

Cash

Investment

Fund,

3.78%

(1)(b)

(Cost

$38,147,405)

38,147,405

38,147,405

TOTAL

INVESTMENTS

IN

SECURITIES

AT

VALUE

-

99.6%

(Cost

$458,155,137)

708,051,440

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

-

0.4%

‡

2,760,179

NET

ASSETS

-

100.0%

710,811,619

SECTOR

VALUE

%

OF

NET

ASSETS

Communication

Services

$

33,138,523

4

.7

%

Consumer

Discretionary

46,453,569

6

.5

Consumer

Staples

30,919,456

4

.3

Energy

35,468,803

5

.0

Financials

199,357,049

28

.0

Health

Care

66,115,558

9

.3

Industrials

141,162,457

19

.9

Information

Technology

39,975,743

5

.6

Materials

60,744,013

8

.5

Real

Estate

4,726,311

0

.7

Utilities

11,842,553

1

.7

Investment

Companies

38,147,405

5

.4

Total

Investments

In

Securities

At

Value

708,051,440

99

.6

Other

Assets

in

Excess

of

Liabilities

‡

2,760,179

0

.4

Net

Assets

$

710,811,619

100

.0

%

16

AQR

Funds

|

N-PORT

Part

F

|

December

2025

See

notes

to

Schedule

of

Investments.

AQR

INTERNATIONAL

MULTI-STYLE

FUND

Schedule

of

Investments

December

31,

2025

(Unaudited)

*

Non-income

producing

security.

‡

Includes

appreciation

(depreciation)

on

futures

contracts.

(a)

Security

exempt

from

registration

under

Rule

144A

or

section

4(2)

of

the

Securities

Act

of

1933.

Under

procedures

approved

by

the

Board

of

Trustees,

such

securities

have

been

determined

to

be

liquid

by

the

investment

adviser

and

may

be

resold,

normally

to

qualified

institutional

buyers

in

transactions

exempt

from

registration.

Total

value

of

all

such

securities

at

December

31,

2025

amounted

to

$14,428,436

of

investments

in

securities,

which

represents

2.03%

of

net

assets

of

the

Fund.

(b)

Represents

7-day

effective

yield

as

of

December

31,

2025.

All

securities

are

Level

2

with

respect

to

ASC

820,

unless

otherwise

noted

in

parentheses.

(1)

Level

1

security.

Futures

contracts

outstanding

as

of

December

31,

2025:

Exchange-Traded

DESCRIPTION

NUMBER

OF

CONTRACTS

EXPIRATION

DATE

TRADING

CURRENCY

NOTIONAL

AMOUNT

UNREALIZED

APPRECIATION

(DEPRECIATION)

Long

Contracts

MSCI

EAFE

Index

223

3/2026

USD

$

32,358,415

$

116,355

Net

unrealized

appreciation

$

116,355

Schedule

of

Investments

December

31,

2025

(Unaudited)

AQR

EMERGING

MULTI-STYLE

II

FUND

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

Funds

|

N-PORT

Part

F

|

December

2025

17

INVESTMENTS

SHARES

VALUE

($)

COMMON

STOCKS

-

93.5%

Australia

-

0

.7

%

Anglogold

Ashanti

plc

47,011

4,048,578

Brazil

-

2

.6

%

Banco

do

Brasil

SA

1,744,400

6,962,460

BB

Seguridade

Participacoes

SA

212,700

1,405,022

Embraer

SA,

ADR

(1)

65,831

4,237,541

Telefonica

Brasil

SA

156,160

934,969

TIM

SA

328,400

1,274,509

14,814,501

Chile

-

0

.6

%

Banco

de

Credito

e

Inversiones

SA

3,863

250,213

Banco

Santander

Chile,

ADR

(1)

5,904

183,673

Cencosud

SA

611,480

1,963,256

Enel

Chile

SA,

ADR

(1)

62,924

252,954

Falabella

SA

(1)

85,523

596,584

3,246,680

China

-

27

.0

%

3SBio,

Inc.

*(a)

1,164,500

3,615,815

Agricultural

Bank

of

China

Ltd.,

Class

A

(1)

577,700

636,018

Alibaba

Group

Holding

Ltd.

743,904

13,658,794

Anhui

Conch

Cement

Co.

Ltd.,

Class

A

51,723

162,031

Autohome,

Inc.,

ADR

(1)

24,104

536,555

Bank

of

Beijing

Co.

Ltd.,

Class

A

(1)

535,278

420,500

Bank

of

China

Ltd.,

Class

A

573,300

471,161

Bank

of

China

Ltd.,

Class

H

2,567,000

1,471,732

Bank

of

Communications

Co.

Ltd.,

Class

A

366,400

381,012

Bank

of

Ningbo

Co.

Ltd.,

Class

A

(1)

55,900

225,097

Bank

of

Shanghai

Co.

Ltd.,

Class

A

(1)

214,111

310,003

Baoshan

Iron

&

Steel

Co.

Ltd.,

Class

A

688,322

735,362

BOE

Technology

Group

Co.

Ltd.,

Class

A

1,583,900

956,153

BYD

Co.

Ltd.,

Class

A

68,100

953,932

BYD

Electronic

International

Co.

Ltd.

277,500

1,201,737

China

CITIC

Bank

Corp.

Ltd.,

Class

H

6,779,000

6,049,306

China

Communications

Services

Corp.

Ltd.,

Class

H

1,288,000

742,426

China

Construction

Bank

Corp.,

Class

H

11,526,000

11,408,563

China

Everbright

Bank

Co.

Ltd.,

Class

A

505,900

253,160

China

Hongqiao

Group

Ltd.

1,518,500

6,377,281

China

Life

Insurance

Co.

Ltd.,

Class

H

43,000

152,002

China

Merchants

Bank

Co.

Ltd.,

Class

A

103,158

622,861

China

Merchants

Securities

Co.

Ltd.,

Class

A

225,800

538,768

China

Merchants

Shekou

Industrial

Zone

Holdings

Co.

Ltd.,

Class

A

126,600

156,872

INVESTMENTS

SHARES

VALUE

($)

China

-

27.0%

(continued)

China

Minsheng

Banking

Corp.

Ltd.,

Class

A

333,155

182,916

China

Minsheng

Banking

Corp.

Ltd.,

Class

H

2,145,000

1,084,450

China

Overseas

Land

&

Investment

Ltd.

287,500

454,036

China

Pacific

Insurance

Group

Co.

Ltd.,

Class

A

59,300

356,526

China

Petroleum

&

Chemical

Corp.,

Class

A

446,400

395,405

China

Resources

Land

Ltd.

558,000

1,952,053

China

State

Construction

Engineering

Corp.

Ltd.,

Class

A

1,076,500

791,625

China

Taiping

Insurance

Holdings

Co.

Ltd.

2,172,000

5,230,302

China

Tourism

Group

Duty

Free

Corp.

Ltd.,

Class

A

28,792

390,576

China

Vanke

Co.

Ltd.,

Class

A

*

225,400

150,220

China

Yangtze

Power

Co.

Ltd.,

Class

A

(1)

93,300

363,661

CITIC

Ltd.

4,460,000

6,931,372

CITIC

Securities

Co.

Ltd.,

Class

A

143,965

592,685

CSPC

Pharmaceutical

Group

Ltd.

1,638,000

1,777,300

Far

East

Horizon

Ltd.

1,067,000

1,102,436

Foshan

Haitian

Flavouring

&

Food

Co.

Ltd.,

Class

A

31,867

169,254

Geely

Automobile

Holdings

Ltd.

1,249,000

2,888,783

Guotai

Haitong

Securities

Co.

Ltd.,

Class

A

197,224

580,934

Haier

Smart

Home

Co.

Ltd.,

Class

A

212,400

794,603

Hansoh

Pharmaceutical

Group

Co.

Ltd.

(a)

886,000

4,105,134

Huatai

Securities

Co.

Ltd.,

Class

A

128,200

433,716

Huaxia

Bank

Co.

Ltd.,

Class

A

273,900

269,753

Industrial

&

Commercial

Bank

of

China

Ltd.,

Class

A

329,800

375,057

Industrial

&

Commercial

Bank

of

China

Ltd.,

Class

H

1,293,000

1,046,303

Industrial

Bank

Co.

Ltd.,

Class

A

145,390

439,015

Inner

Mongolia

Yili

Industrial

Group

Co.

Ltd.,

Class

A

148,900

610,899

Jiangsu

Hengrui

Pharmaceuticals

Co.

Ltd.,

Class

A

137,638

1,176,218

Jiangxi

Copper

Co.

Ltd.,

Class

H

121,000

668,803

Kingsoft

Corp.

Ltd.

904,200

3,317,147

Kunlun

Energy

Co.

Ltd.

1,692,000

1,617,448

Kweichow

Moutai

Co.

Ltd.,

Class

A

5,500

1,086,432

Lenovo

Group

Ltd.

852,000

1,013,195

Luxshare

Precision

Industry

Co.

Ltd.,

Class

A

167,407

1,364,006

Luzhou

Laojiao

Co.

Ltd.,

Class

A

17,500

291,844

NARI

Technology

Co.

Ltd.,

Class

A

250,249

806,647

NetEase,

Inc.

71,500

1,968,051

New

China

Life

Insurance

Co.

Ltd.,

Class

A

36,300

362,822

New

China

Life

Insurance

Co.

Ltd.,

Class

H

718,700

5,035,774

People's

Insurance

Co.

Group

of

China

Ltd.

(The),

Class

H

2,953,000

2,565,259

PetroChina

Co.

Ltd.,

Class

A

421,600

628,876

18

AQR

Funds

|

N-PORT

Part

F

|

December

2025

See

notes

to

Schedule

of

Investments.

AQR

EMERGING

MULTI-STYLE

II

FUND

Schedule

of

Investments

December

31,

2025

(Unaudited)

(Continued)

INVESTMENTS

SHARES

VALUE

($)

China

-

27.0%

(continued)

PICC

Property

&

Casualty

Co.

Ltd.,

Class

H

2,018,000

4,242,659

Ping

An

Bank

Co.

Ltd.,

Class

A

151,385

247,634

Ping

An

Insurance

Group

Co.

of

China

Ltd.,

Class

A

48,800

478,895

Poly

Developments

and

Holdings

Group

Co.

Ltd.,

Class

A

175,700

153,682

Pop

Mart

International

Group

Ltd.

(a)

118,200

2,851,779

SAIC

Motor

Corp.

Ltd.,

Class

A

130,000

283,875

Sany

Heavy

Industry

Co.

Ltd.,

Class

A

166,900

505,649

Shanghai

Pudong

Development

Bank

Co.

Ltd.,

Class

A

145,263

259,131

Shenwan

Hongyuan

Group

Co.

Ltd.,

Class

A

354,200

267,625

Sino

Biopharmaceutical

Ltd.

672,000

534,669

Sinotruk

Hong

Kong

Ltd.

1,774,000

6,295,828

Tencent

Holdings

Ltd.

324,400

24,895,605

Wuliangye

Yibin

Co.

Ltd.,

Class

A

22,782

346,097

Wuxi

Biologics

Cayman,

Inc.

*(a)

63,000

254,760

Xiaomi

Corp.,

Class

B

*(a)

542,200

2,736,393

151,762,958

Hong

Kong

-

0

.2

%

Orient

Overseas

International

Ltd.

65,500

1,056,129

Hungary

-

0

.1

%

OTP

Bank

Nyrt.

7,468

800,750

India

-

13

.8

%

Axis

Bank

Ltd.,

GDR

(b)

8,881

615,092

Bank

of

Baroda

1,626,937

5,361,691

Bharat

Electronics

Ltd.

662,219

2,947,671

Bharat

Petroleum

Corp.

Ltd.

613,426

2,624,067

Bharti

Airtel

Ltd.

73,668

1,729,097

BSE

Ltd.

52,647

1,543,997

Canara

Bank

4,011,121

6,917,739

Cipla

Ltd.

23,282

391,319

Coal

India

Ltd.

1,454,501

6,461,061

DLF

Ltd.

44,240

338,482

Eicher

Motors

Ltd.

46,686

3,800,363

HCL

Technologies

Ltd.

117,517

2,123,931

HDFC

Bank

Ltd.

88,058

972,768

Hero

MotoCorp

Ltd.

9,101

584,805

Hindalco

Industries

Ltd.

395,548

3,903,773

Hindustan

Aeronautics

Ltd.

(b)

114,354

5,589,480

Hitachi

Energy

India

Ltd.

2,643

538,737

Indian

Oil

Corp.

Ltd.

473,306

877,448

Indus

Towers

Ltd.

*

647,195

3,018,349

InterGlobe

Aviation

Ltd.

(a)

22,763

1,283,957

ITC

Ltd.

427,731

1,919,702

Larsen

&

Toubro

Ltd.,

GDR

(b)

14,876

663,482

Muthoot

Finance

Ltd.

22,601

958,643

NTPC

Ltd.

820,022

3,010,088

Oil

&

Natural

Gas

Corp.

Ltd.

2,324,205

6,219,503

Oracle

Financial

Services

Software

Ltd.

3,392

290,618

Power

Finance

Corp.

Ltd.

271,057

1,073,244

Power

Grid

Corp.

of

India

Ltd.

600,989

1,772,171

Punjab

National

Bank

1,061,916

1,460,762

INVESTMENTS

SHARES

VALUE

($)

India

-

13.8%

(continued)

Reliance

Industries

Ltd.,

GDR

(a)

5,457

382,089

State

Bank

of

India,

GDR

(1)(b)

3,533

384,390

Tata

Consultancy

Services

Ltd.

22,849

816,376

Union

Bank

of

India

Ltd.

1,635,855

2,801,705

Varun

Beverages

Ltd.

166,720

910,173

Vedanta

Ltd.

486,135

3,270,889

77,557,662

Indonesia

-

2

.1

%

Alamtri

Resources

Indonesia

Tbk.

PT

1,623,500

175,936

Astra

International

Tbk.

PT

16,760,900

6,727,106

United

Tractors

Tbk.

PT

2,744,800

4,852,863

11,755,905

Malaysia

-

0

.4

%

RHB

Bank

Bhd.

1,098,454

2,086,396

Mexico

-

2

.0

%

Arca

Continental

SAB

de

CV

(1)

114,678

1,241,063

Grupo

Aeroportuario

del

Centro

Norte

SAB

de

CV,

ADR

(1)

2,163

235,270

Grupo

Aeroportuario

del

Sureste

SAB

de

CV,

ADR

(1)

5,615

1,815,891

Grupo

Financiero

Banorte

SAB

de

CV,

Class

O

(1)

461,508

4,278,447

Grupo

Mexico

SAB

de

CV,

Series

B

(1)

51,618

487,386

Industrias

Penoles

SAB

de

CV

(1)*

29,100

1,529,926

Promotora

y

Operadora

de

Infraestructura

SAB

de

CV

(1)

13,735

203,910

Sigma

Foods

SAB

de

CV,

Class

A

(1)

1,380,190

1,206,397

10,998,290

Philippines

-

0

.2

%

International

Container

Terminal

Services,

Inc.

124,804

1,197,652

Poland

-

2

.0

%

Bank

Polska

Kasa

Opieki

SA

47,983

2,721,675

ORLEN

SA

170,144

4,542,290

PGE

Polska

Grupa

Energetyczna

SA

*

736,677

1,800,412

Powszechna

Kasa

Oszczednosci

Bank

Polski

SA

64,646

1,525,775

Powszechny

Zaklad

Ubezpieczen

SA

34,858

645,202

11,235,354

Russia

-

0

.0

%

Gazprom

PJSC

(3)*

863,552

–

GMK

Norilskiy

Nickel

PAO,

ADR

(3)*

2

–

GMK

Norilskiy

Nickel

PAO

(3)*

679,000

–

LUKOIL

PJSC

(3)*

29,987

–

Magnit

PJSC

(3)*

6,681

–

Mobile

TeleSystems

PJSC

(3)*

306,032

–

Novatek

PJSC

(3)*

71,760

–

Novolipetsk

Steel

PJSC

(3)*

326,680

–

PhosAgro

PJSC,

GDR

(3)*(b)

72

–

Schedule

of

Investments

December

31,

2025

(Unaudited)

AQR

EMERGING

MULTI-STYLE

II

FUND

See

notes

to

Schedule

of

Investments.

AQR

Funds

|

N-PORT

Part

F

|

December

2025

19

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Russia

-

0.0%

(continued)

PhosAgro

PJSC

(3)*

3,717

–

Polyus

PJSC

(3)*

12,910

–

Rosneft

Oil

Co.

PJSC

(3)*

106,000

–

Severstal

PAO,

GDR

(3)*(b)

54,062

–

Surgutneftegas

PAO

(3)*

1,249,260

–

Tatneft

PJSC

(3)*

134,766

–

–

Saudi

Arabia

-

2

.3

%

Arab

National

Bank

178,216

1,027,408

Elm

Co.

4,611

919,522

Etihad

Etisalat

Co.

310,632

5,457,904

Riyad

Bank

48,875

353,742

Saudi

Arabian

Mining

Co.

*

29,771

483,584

Saudi

National

Bank

(The)

(1)

143,322

1,447,435

Saudi

Telecom

Co.

282,082

3,230,356

12,919,951

South

Africa

-

3

.1

%

Absa

Group

Ltd.

51,820

748,948

Gold

Fields

Ltd.,

ADR

(1)

123,968

5,412,443

Harmony

Gold

Mining

Co.

Ltd.,

ADR

(1)

196,645

3,913,236

Nedbank

Group

Ltd.

(1)

47,005

755,770

Sibanye

Stillwater

Ltd.

*

1,444,447

5,266,165

Standard

Bank

Group

Ltd.

89,849

1,575,995

17,672,557

South

Korea

-

14

.1

%

DB

Insurance

Co.

Ltd.

53,906

4,894,886

Hana

Financial

Group,

Inc.

82,224

5,364,835

HD

Korea

Shipbuilding

&

Offshore

Engineering

Co.

Ltd.

4,623

1,304,480

Hyundai

Glovis

Co.

Ltd.

9,053

1,136,338

Hyundai

Rotem

Co.

Ltd.

1,956

255,103

Industrial

Bank

of

Korea

280,445

4,076,414

Kia

Corp.

53,980

4,576,074

Korea

Electric

Power

Corp.

*

82,694

2,713,991

Korea

Investment

Holdings

Co.

Ltd.

19,423

2,186,937

LG

Uplus

Corp.

(1)

11,488

117,388

Samsung

Electronics

Co.

Ltd.

232,599

19,495,262

Shinhan

Financial

Group

Co.

Ltd.

23,819

1,268,356

SK

hynix,

Inc.

45,915

20,793,901

SK

Square

Co.

Ltd.

*

13,537

3,447,310

Woori

Financial

Group,

Inc.

384,880

7,470,295

79,101,570

Taiwan

-

19

.1

%

Accton

Technology

Corp.

166,960

6,300,569

ASE

Technology

Holding

Co.

Ltd.

61,840

487,604

Delta

Electronics,

Inc.

162,000

4,941,642

Elite

Material

Co.

Ltd.

14,000

733,487

Evergreen

Marine

Corp.

Taiwan

Ltd.

1,080,000

6,515,049

Fubon

Financial

Holding

Co.

Ltd.

200,900

614,884

Hon

Hai

Precision

Industry

Co.

Ltd.

512,760

3,758,698

International

Games

System

Co.

Ltd.

164,000

3,762,757

MediaTek,

Inc.

121,980

5,538,525

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

1,432,900

70,437,477

INVESTMENTS

SHARES

VALUE

($)

Taiwan

-

19.1%

(continued)

United

Microelectronics

Corp.

2,473,580

3,862,708

Zhen

Ding

Technology

Holding

Ltd.

156,000

703,013

107,656,413

Thailand

-

1

.8

%

Kasikornbank

PCL,

NVDR

408,000

2,516,436

Krung

Thai

Bank

PCL,

NVDR

6,696,600

6,000,324

SCB

X

PCL,

NVDR

398,600

1,756,740

10,273,500

Turkey

-

0

.3

%

Turk

Hava

Yollari

AO

310,067

1,937,141

United

Arab

Emirates

-

1

.1

%

Aldar

Properties

PJSC

216,781

513,065

Dubai

Islamic

Bank

PJSC

110,098

277,817

Emaar

Properties

PJSC

418,516

1,597,285

Emirates

NBD

Bank

PJSC

(1)

461,167

3,496,971

First

Abu

Dhabi

Bank

PJSC

(1)

37,043

175,898

6,061,036

TOTAL

COMMON

STOCKS

(Cost

$339,591,005)

526,183,023

PREFERRED

STOCKS

-

2.0%

Brazil

-

2

.0

%

Banco

Bradesco

SA

(Preference)

2,063,000

6,753,957

Cia

Energetica

de

Minas

Gerais

(Preference)

228,120

462,123

Itau

Unibanco

Holding

SA

(Preference)

405,408

2,897,398

Petroleo

Brasileiro

SA

-

Petrobras

(Preference)

205,000

1,150,759

TOTAL

PREFERRED

STOCKS

(Cost

$9,622,678)                                                    

11,264,237

SHORT-TERM

INVESTMENTS

-

4.7%

INVESTMENT

COMPANIES

-

4

.7

%

Limited

Purpose

Cash

Investment

Fund,

3.78%

(1)(c)

(Cost

$26,609,078)

26,609,138

26,609,138

TOTAL

INVESTMENTS

IN

SECURITIES

AT

VALUE

-

100.2%

(Cost

$375,822,761)

564,056,398

LIABILITIES

IN

EXCESS

OF

OTHER

ASSETS

-

(0.2)%

‡

(1,296,569)

NET

ASSETS

-

100.0%

562,759,829

20

AQR

Funds

|

N-PORT

Part

F

|

December

2025

See

notes

to

Schedule

of

Investments.

AQR

EMERGING

MULTI-STYLE

II

FUND

Schedule

of

Investments

December

31,

2025

(Unaudited)

SECTOR

VALUE

%

OF

NET

ASSETS

Communication

Services

$

50,242,686

8

.9

%

Consumer

Discretionary

31,380,167

5

.6

Consumer

Staples

9,745,116

1

.7

Energy

28,310,297

5

.0

Financials

146,705,166

26

.1

Health

Care

11,855,215

2

.1

Industrials

57,165,793

10

.2

Information

Technology

148,474,817

26

.4

Materials

36,259,457

6

.4

Real

Estate

5,315,697

1

.0

Utilities

11,992,849

2

.1

Investment

Companies

26,609,138

4

.7

Total

Investments

In

Securities

At

Value

564,056,398

100

.2

Liabilities

in

Excess

of

Other

Assets

‡

(

1,296,569

)

(

0

.2

)

Net

Assets

$

562,759,829

100

.0

%

*

Non-income

producing

security.

‡

Includes

appreciation

(depreciation)

on

futures

contracts.

(a)

Security

exempt

from

registration

under

Rule

144A

or

section

4(2)

of

the

Securities

Act

of

1933.

Under

procedures

approved

by

the

Board

of

Trustees,

such

securities

have

been

determined

to

be

liquid

by

the

investment

adviser

and

may

be

resold,

normally

to

qualified

institutional

buyers

in

transactions

exempt

from

registration.

Total

value

of

all

such

securities

at

December

31,

2025

amounted

to

$15,229,927

of

investments

in

securities,

which

represents

2.71%

of

net

assets

of

the

Fund.

(b)

Security

exempt

from

registration

pursuant

to

Regulation

S

under

the

Securities

Act

of

1933.

Regulation

S

applies

to

securities

offerings

that

are

made

outside

of

the

United

States

and

do

not

involve

direct

selling

efforts

in

the

United

States.

Total

value

of

all

such

securities

at

December

31,

2025

amounted

to

$7,252,444

of

investments

in

securities,

which

represents

1.29%

of

net

assets

of

the

Fund.

(c)

Represents

7-day

effective

yield

as

of

December

31,

2025.

All

securities

are

Level

2

with

respect

to

ASC

820,

unless

otherwise

noted

in

parentheses.

(1)

Level

1

security.

(3)

Security

fair

valued

using

significant

unobservable

inputs

(Level

3)

in

accordance

with

procedures

approved

by

the

Board

of

Trustees.

Futures

contracts

outstanding

as

of

December

31,

2025:

Exchange-Traded

DESCRIPTION

NUMBER

OF

CONTRACTS

EXPIRATION

DATE

TRADING

CURRENCY

NOTIONAL

AMOUNT

UNREALIZED

APPRECIATION

(DEPRECIATION)

Long

Contracts

MSCI

Emerging

Markets

Index

318

3/2026

USD

$

22,441,260

$

369,829

Net

unrealized

appreciation

$

369,829

Schedule

of

Investments

December

31,

2025

(Unaudited)

AQR

LARGE

CAP

MOMENTUM

STYLE

FUND

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

Funds

|

N-PORT

Part

F

|

December

2025

21

INVESTMENTS

SHARES

VALUE

($)

COMMON

STOCKS

-

95.1%

Communication

Services

-

14

.4

%

Diversified

Telecommunication

Services

-

0

.8

%

AST

SpaceMobile,

Inc.

*

17,693

1,285,043

AT&T,

Inc.

138,048

3,429,112

4,714,155

Entertainment

-

2

.9

%

Electronic

Arts,

Inc.

6,096

1,245,595

Netflix,

Inc.

*

86,018

8,065,048

ROBLOX

Corp.,

Class

A

*

13,559

1,098,686

Roku,

Inc.,

Class

A

*

3,255

353,135

Spotify

Technology

SA

*

5,156

2,994,141

Take-Two

Interactive

Software,

Inc.

*

6,908

1,768,655

Walt

Disney

Co.

(The)

1,753

199,439

Warner

Bros

Discovery,

Inc.

*

48,805

1,406,560

17,131,259

Interactive

Media

&

Services

-

10

.0

%

Alphabet,

Inc.,

Class

A

110,312

34,527,656

Meta

Platforms,

Inc.,

Class

A

36,488

24,085,364

Reddit,

Inc.,

Class

A

*

6,940

1,595,298

60,208,318

Media

-

0

.3

%

Fox

Corp.,

Class

A

26,189

1,913,630

Wireless

Telecommunication

Services

-

0

.4

%

T-Mobile

US,

Inc.

11,869

2,409,882

Total

Communication

Services

86,377,244

Consumer

Discretionary

-

9

.8

%

Automobile

Components

-

0

.2

%

QuantumScape

Corp.

*

92,211

960,838

Automobiles

-

2

.6

%

General

Motors

Co.

2,601

211,513

Rivian

Automotive,

Inc.,

Class

A

*

9,273

182,771

Tesla,

Inc.

*

33,539

15,083,159

15,477,443

Broadline

Retail

-

1

.9

%

Amazon.com,

Inc.

*

43,732

10,094,220

Dillard's,

Inc.,

Class

A

716

434,140

eBay,

Inc.

7,392

643,843

11,172,203

Hotels,

Restaurants

&

Leisure

-

1

.8

%

Aramark

4,926

181,572

Booking

Holdings,

Inc.

432

2,313,503

Carnival

Corp.

*

9,419

287,656

Chipotle

Mexican

Grill,

Inc.,

Class

A

*

31,271

1,157,027

Domino's

Pizza,

Inc.

1,642

684,419

DoorDash,

Inc.,

Class

A

*

5,842

1,323,096

Dutch

Bros,

Inc.,

Class

A

*

6,741

412,684

Expedia

Group,

Inc.

1,529

433,181

Las

Vegas

Sands

Corp.

2,753

179,193

McDonald's

Corp.

1,564

478,005

INVESTMENTS

SHARES

VALUE

($)

Hotels,

Restaurants

&

Leisure

-

1.8%

(continued)

Royal

Caribbean

Cruises

Ltd.

12,402

3,459,166

Starbucks

Corp.

2,633

221,725

11,131,227

Household

Durables

-

0

.6

%

Garmin

Ltd.

10,427

2,115,117

Somnigroup

International,

Inc.

14,032

1,252,777

3,367,894

Specialty

Retail

-

2

.5

%

AutoNation,

Inc.

*

11,012

2,273,758

Carvana

Co.,

Class

A

*

3,564

1,504,079

Dick's

Sporting

Goods,

Inc.

5,406

1,070,226

Five

Below,

Inc.

*

1,945

366,360

Home

Depot,

Inc.

(The)

6,141

2,113,118

Lowe's

Cos.,

Inc.

5,244

1,264,643

O'Reilly

Automotive,

Inc.

*

18,960

1,729,342

Penske

Automotive

Group,

Inc.

5,891

932,487

Ross

Stores,

Inc.

2,920

526,009

TJX

Cos.,

Inc.

(The)

5,956

914,901

Tractor

Supply

Co.

22,325

1,116,473

Wayfair,

Inc.,

Class

A

*

3,386

339,988

Williams-Sonoma,

Inc.

5,622

1,004,033

15,155,417

Textiles,

Apparel

&

Luxury

Goods

-

0

.2

%

Amer

Sports,

Inc.

(Finland)

*

21,390

798,916

Tapestry,

Inc.

5,302

677,437

1,476,353

Total

Consumer

Discretionary

58,741,375

Consumer

Staples

-

3

.7

%

Beverages

-

0

.5

%

Celsius

Holdings,

Inc.

*

19,597

896,367

Monster

Beverage

Corp.

*

23,928

1,834,559

2,730,926

Consumer

Staples

Distribution

&

Retail

-

2

.3

%

Casey's

General

Stores,

Inc.

2,884

1,594,016

Costco

Wholesale

Corp.

6,004

5,177,489

Dollar

Tree,

Inc.

*

1,871

230,152

Walmart,

Inc.

60,656

6,757,685

13,759,342

Tobacco

-

0

.9

%

Altria

Group,

Inc.

20,395

1,175,976

Philip

Morris

International,

Inc.

27,333

4,384,213

5,560,189

Total

Consumer

Staples

22,050,457

Energy

-

1

.5

%

Energy

Equipment

&

Services

-

0

.3

%

TechnipFMC

plc

(United

Kingdom)

39,850

1,775,716

22

AQR

Funds

|

N-PORT

Part

F

|

December

2025

See

notes

to

Schedule

of

Investments.

AQR

LARGE

CAP

MOMENTUM

STYLE

FUND

Schedule

of

Investments

December

31,

2025

(Unaudited)

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Oil,

Gas

&

Consumable

Fuels

-

1

.2

%

Cheniere

Energy,

Inc.

4,455

866,008

Diamondback

Energy,

Inc.

2,119

318,549

DT

Midstream,

Inc.

3,906

467,470

Exxon

Mobil

Corp.

1,918

230,812

Marathon

Petroleum

Corp.

10,106

1,643,539

Targa

Resources

Corp.

20,960

3,867,120

7,393,498

Total

Energy

9,169,214

Financials

-

14

.1

%

Banks

-

4

.6

%

Bank

of

America

Corp.

32,318

1,777,490

Citigroup,

Inc.

44,635

5,208,458

Citizens

Financial

Group,

Inc.

36,302

2,120,400

Comerica,

Inc.

1,485

129,091

Commerce

Bancshares,

Inc.

7,903

413,643

JPMorgan

Chase

&

Co.

48,207

15,533,260

Wells

Fargo

&

Co.

24,700

2,302,040

27,484,382

Capital

Markets

-

5

.5

%

Ameriprise

Financial,

Inc.

4,717

2,312,934

Bank

of

New

York

Mellon

Corp.

(The)

20,757

2,409,680

Blackrock,

Inc.

365

390,674

Cboe

Global

Markets,

Inc.

2,883

723,633

Charles

Schwab

Corp.

(The)

1,975

197,322

CME

Group,

Inc.

4,233

1,155,948

Coinbase

Global,

Inc.,

Class

A

*

5,297

1,197,864

FactSet

Research

Systems,

Inc.

1,300

377,247

Goldman

Sachs

Group,

Inc.

(The)

4,330

3,806,070

Interactive

Brokers

Group,

Inc.,

Class

A

12,285

790,048

Intercontinental

Exchange,

Inc.

4,335

702,097

Jefferies

Financial

Group,

Inc.

9,896

613,255

LPL

Financial

Holdings,

Inc.

9,682

3,458,120

Moody's

Corp.

2,295

1,172,401

Morgan

Stanley

31,752

5,636,932

MSCI,

Inc.,

Class

A

3,987

2,287,461

Nasdaq,

Inc.

11,442

1,111,361

Robinhood

Markets,

Inc.,

Class

A

*

25,156

2,845,144

S&P

Global,

Inc.

3,044

1,590,764

32,778,955

Consumer

Finance

-

0

.8

%

Capital

One

Financial

Corp.

8,285

2,007,953

OneMain

Holdings,

Inc.

10,201

689,077

SoFi

Technologies,

Inc.

*

40,678

1,064,950

Synchrony

Financial

15,749

1,313,939

5,075,919

INVESTMENTS

SHARES

VALUE

($)

Financial

Services

-

2

.0

%

Affirm

Holdings,

Inc.,

Class

A

*

17,223

1,281,908

Mastercard,

Inc.,

Class

A

12,444

7,104,031

Visa,

Inc.,

Class

A

10,947

3,839,222

12,225,161

Insurance

-

1

.2

%

Arthur

J

Gallagher

&

Co.

7,060

1,827,057

Assured

Guaranty

Ltd.

14,302

1,285,321

Lincoln

National

Corp.

15,597

694,535

Progressive

Corp.

(The)

14,432

3,286,455

7,093,368

Total

Financials

84,657,785

Health

Care

-

7

.5

%

Biotechnology

-

2

.1

%

AbbVie,

Inc.

17,565

4,013,427

Alnylam

Pharmaceuticals,

Inc.

*

5,049

2,007,735

Exelixis,

Inc.

*

12,523

548,883

Gilead

Sciences,

Inc.

13,170

1,616,486

Incyte

Corp.

*

5,652

558,248

Insmed,

Inc.

*

6,320

1,099,933

Ionis

Pharmaceuticals,

Inc.

*

2,910

230,210

Natera,

Inc.

*

7,744

1,774,073

United

Therapeutics

Corp.

*

2,312

1,126,522

12,975,517

Health

Care

Equipment

&

Supplies

-

1

.5

%

Boston

Scientific

Corp.

*

17,375

1,656,706

Dexcom,

Inc.

*

4,031

267,537

Edwards

Lifesciences

Corp.

*

5,707

486,522

Hologic,

Inc.

*

7,943

591,674

IDEXX

Laboratories,

Inc.

*

3,637

2,460,540

Insulet

Corp.

*

1,559

443,130

Intuitive

Surgical,

Inc.

*

3,924

2,222,397

Penumbra,

Inc.

*

553

171,933

Stryker

Corp.

1,647

578,871

8,879,310

Health

Care

Providers

&

Services

-

1

.3

%

Cardinal

Health,

Inc.

6,977

1,433,774

CVS

Health

Corp.

12,656

1,004,380

Elevance

Health,

Inc.

3,098

1,086,004

HCA

Healthcare,

Inc.

3,101

1,447,733

McKesson

Corp.

2,953

2,422,316

UnitedHealth

Group,

Inc.

1,309

432,114

7,826,321

Health

Care

Technology

-

0

.7

%

Veeva

Systems,

Inc.,

Class

A

*

18,210

4,065,018

Life

Sciences

Tools

&

Services

-

0

.5

%

Medpace

Holdings,

Inc.

*

341

191,522

Thermo

Fisher

Scientific,

Inc.

5,257

3,046,169

3,237,691

Schedule

of

Investments

December

31,

2025

(Unaudited)

AQR

LARGE

CAP

MOMENTUM

STYLE

FUND

See

notes

to

Schedule

of

Investments.

AQR

Funds

|

N-PORT

Part

F

|

December

2025

23

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Pharmaceuticals

-

1

.4

%

Corcept

Therapeutics,

Inc.

*

5,178

180,194

Eli

Lilly

&

Co.

1,475

1,585,153

Johnson

&

Johnson

28,158

5,827,298

Zoetis,

Inc.,

Class

A

5,446

685,216

8,277,861

Total

Health

Care

45,261,718

Industrials

-

12

.1

%

Aerospace

&

Defense

-

4

.2

%

Axon

Enterprise,

Inc.

*

2,852

1,619,736

Boeing

Co.

(The)

*

940

204,093

BWX

Technologies,

Inc.

2,935

507,285

Curtiss-Wright

Corp.

5,358

2,953,705

GE

Aerospace

26,580

8,187,437

Howmet

Aerospace,

Inc.

17,600

3,608,352

Lockheed

Martin

Corp.

2,840

1,373,623

Northrop

Grumman

Corp.

5,286

3,014,130

Rocket

Lab

Corp.

*

26,293

1,834,200

RTX

Corp.

10,416

1,910,295

25,212,856

Building

Products

-

0

.6

%

A

O

Smith

Corp.

4,045

270,530

Trane

Technologies

plc

8,172

3,180,542

3,451,072

Commercial

Services

&

Supplies

-

1

.0

%

Cintas

Corp.

21,328

4,011,157

Copart,

Inc.

*

34,720

1,359,288

Rollins,

Inc.

14,763

886,075

6,256,520

Construction

&

Engineering

-

1

.1

%

AECOM

8,308

792,002

Comfort

Systems

USA,

Inc.

509

475,044

EMCOR

Group,

Inc.

2,495

1,526,416

Quanta

Services,

Inc.

9,317

3,932,333

6,725,795

Electrical

Equipment

-

0

.7

%

Eaton

Corp.

plc

6,837

2,177,653

GE

Vernova,

Inc.

2,685

1,754,835

Vertiv

Holdings

Co.,

Class

A

1,058

171,407

4,103,895

Ground

Transportation

-

0

.5

%

JB

Hunt

Transport

Services,

Inc.

2,681

521,026

Lyft,

Inc.,

Class

A

*

18,153

351,624

Old

Dominion

Freight

Line,

Inc.

9,440

1,480,192

Uber

Technologies,

Inc.

*

9,157

748,218

3,101,060

Industrial

Conglomerates

-

0

.2

%

Honeywell

International,

Inc.

5,345

1,042,756

INVESTMENTS

SHARES

VALUE

($)

Machinery

-

2

.3

%

Allison

Transmission

Holdings,

Inc.

12,357

1,209,750

Caterpillar,

Inc.

4,750

2,721,133

Deere

&

Co.

4,046

1,883,696

Illinois

Tool

Works,

Inc.

6,540

1,610,802

PACCAR,

Inc.

6,399

700,755

Parker-Hannifin

Corp.

4,198

3,689,874

Westinghouse

Air

Brake

Technologies

Corp.

6,146

1,311,864

Xylem,

Inc.

3,586

488,341

13,616,215

Passenger

Airlines

-

0

.3

%

United

Airlines

Holdings,

Inc.

*

15,871

1,774,695

Professional

Services

-

0

.3

%

Automatic

Data

Processing,

Inc.

3,597

925,256

Booz

Allen

Hamilton

Holding

Corp.,

Class

A

5,497

463,727

Verisk

Analytics,

Inc.,

Class

A

3,228

722,072

2,111,055

Trading

Companies

&

Distributors

-

0

.9

%

Fastenal

Co.

28,056

1,125,887

QXO,

Inc.

*

15,407

297,201

United

Rentals,

Inc.

2,557

2,069,431

Watsco,

Inc.

1,443

486,219

WW

Grainger,

Inc.

1,363

1,375,335

5,354,073

Total

Industrials

72,749,992

Information

Technology

-

28

.6

%

Communications

Equipment

-

2

.1

%

Arista

Networks,

Inc.

*

26,409

3,460,371

Ciena

Corp.

*

6,747

1,577,921

Cisco

Systems,

Inc.

53,255

4,102,233

Lumentum

Holdings,

Inc.

*

5,293

1,950,947

Ubiquiti,

Inc.

2,458

1,360,134

12,451,606

Electronic

Equipment,

Instruments

&

Components

-

1

.7

%

Amphenol

Corp.,

Class

A

43,535

5,883,320

Corning,

Inc.

9,570

837,949

Jabil,

Inc.

8,553

1,950,255

TD

SYNNEX

Corp.

8,495

1,276,204

Zebra

Technologies

Corp.,

Class

A

*

1,545

375,157

10,322,885

IT

Services

-

1

.4

%

Accenture

plc,

Class

A

1,073

287,886

Cloudflare,

Inc.,

Class

A

*

8,612

1,697,856

International

Business

Machines

Corp.

7,359

2,179,809

Kyndryl

Holdings,

Inc.

*

23,257

617,706

MongoDB,

Inc.,

Class

A

*

1,163

488,099

Okta,

Inc.,

Class

A

*

3,209

277,482

Snowflake,

Inc.,

Class

A

*

10,586

2,322,145

24

AQR

Funds

|

N-PORT

Part

F

|

December

2025

See

notes

to

Schedule

of

Investments.

AQR

LARGE

CAP

MOMENTUM

STYLE

FUND

Schedule

of

Investments

December

31,

2025

(Unaudited)

(Continued)

INVESTMENTS

SHARES

VALUE

($)

IT

Services

-

1.4%

(continued)

Twilio,

Inc.,

Class

A

*

4,579

651,317

8,522,300

Semiconductors

&

Semiconductor

Equipment

-

13

.8

%

Allegro

MicroSystems,

Inc.

(Japan)

*

47,256

1,246,613

Analog

Devices,

Inc.

2,424

657,389

Applied

Materials,

Inc.

3,864

993,009

Astera

Labs,

Inc.

*

8,187

1,361,989

Broadcom,

Inc.

69,552

24,071,947

Intel

Corp.

*

40,296

1,486,922

KLA

Corp.

6,032

7,329,363

Lam

Research

Corp.

44,882

7,682,901

Lattice

Semiconductor

Corp.

*

17,958

1,321,350

MACOM

Technology

Solutions

Holdings,

Inc.

*

7,216

1,235,956

Micron

Technology,

Inc.

10,991

3,136,941

MKS,

Inc.

6,026

962,955

Monolithic

Power

Systems,

Inc.

2,988

2,708,204

NVIDIA

Corp.

141,066

26,308,809

Qorvo,

Inc.

*

1,582

133,695

Teradyne,

Inc.

7,428

1,437,764

Texas

Instruments,

Inc.

6,524

1,131,849

83,207,656

Software

-

8

.7

%

Adobe,

Inc.

*

969

339,140

Appfolio,

Inc.,

Class

A

*

6,245

1,452,899

AppLovin

Corp.,

Class

A

*

5,864

3,951,281

Autodesk,

Inc.

*

3,076

910,527

Cadence

Design

Systems,

Inc.

*

9,841

3,076,100

Crowdstrike

Holdings,

Inc.,

Class

A

*

10,489

4,916,824

Fair

Isaac

Corp.

*

262

442,942

Fortinet,

Inc.

*

13,258

1,052,818

Gen

Digital,

Inc.

42,717

1,161,475

Guidewire

Software,

Inc.

*

1,911

384,130

Intuit,

Inc.

7,632

5,055,589

Microsoft

Corp.

6,033

2,917,680

Nutanix,

Inc.,

Class

A

*

9,273

479,321

Oracle

Corp.

34,502

6,724,785

Palantir

Technologies,

Inc.,

Class

A

*

41,777

7,425,862

Palo

Alto

Networks,

Inc.

*

6,438

1,185,880

Pegasystems,

Inc.

3,343

199,644

Rubrik,

Inc.,

Class

A

*

6,105

466,910

Salesforce,

Inc.

2,432

644,261

ServiceNow,

Inc.

*

16,710

2,559,805

Strategy,

Inc.,

Class

A

*

10,789

1,639,389

Synopsys,

Inc.

*

1,470

690,488

Unity

Software,

Inc.

*

27,923

1,233,359

Zoom

Communications,

Inc.,

Class

A

*

40,901

3,529,347

52,440,456

INVESTMENTS

SHARES

VALUE

($)

Technology

Hardware,

Storage

&

Peripherals

-

0

.9

%

Apple,

Inc.

8,006

2,176,511

Pure

Storage,

Inc.,

Class

A

*

11,712

784,821

Western

Digital

Corp.

13,403

2,308,935

5,270,267

Total

Information

Technology

172,215,170

Materials

-

1

.1

%

Chemicals

-

0

.3

%

Element

Solutions,

Inc.

11,386

284,536

Sherwin-Williams

Co.

(The)

5,814

1,883,911

2,168,447

Containers

&

Packaging

-

0

.2

%

Avery

Dennison

Corp.

2,796

508,537

Packaging

Corp.

of

America

3,115

642,406

1,150,943

Metals

&

Mining

-

0

.6

%

Anglogold

Ashanti

plc

(Australia)

5,522

470,916

MP

Materials

Corp.

*

8,888

449,022

Newmont

Corp.

5,225

521,716

Reliance,

Inc.

3,454

997,757

Steel

Dynamics,

Inc.

6,772

1,147,515

3,586,926

Total

Materials

6,906,316

Real

Estate

-

0

.9

%

Health

Care

REITs

-

0

.6

%

Welltower,

Inc.,

REIT

18,846

3,498,006

Real

Estate

Management

&

Development

-

0

.2

%

CoStar

Group,

Inc.

*

20,700

1,391,868

Specialized

REITs

-

0

.1

%

Digital

Realty

Trust,

Inc.,

REIT

3,200

495,072

Total

Real

Estate

5,384,946

Utilities

-

1

.4

%

Electric

Utilities

-

0

.7

%

Constellation

Energy

Corp.

4,804

1,697,109

Entergy

Corp.

7,859

726,407

NRG

Energy,

Inc.

11,020

1,754,825

4,178,341

Gas

Utilities

-

0

.3

%

Atmos

Energy

Corp.

5,400

905,202

National

Fuel

Gas

Co.

3,427

274,366

UGI

Corp.

20,052

750,546

1,930,114

Independent

Power

and

Renewable

Electricity

Producers

-

0

.4

%

Vistra

Corp.

14,049

2,266,525

Total

Utilities

8,374,980

TOTAL

COMMON

STOCKS

(Cost

$281,737,153)

571,889,197

Schedule

of

Investments

December

31,

2025

(Unaudited)

AQR

LARGE

CAP

MOMENTUM

STYLE

FUND

See

notes

to

Schedule

of

Investments.

AQR

Funds

|

N-PORT

Part

F

|

December

2025

25

INVESTMENTS

SHARES

VALUE

($)

SHORT-TERM

INVESTMENTS

-

4.6%

INVESTMENT

COMPANIES

-

4

.6

%

Limited

Purpose

Cash

Investment

Fund,

3.78%

(a)

(Cost

$27,605,651)

27,605,651

27,605,651

TOTAL

INVESTMENTS

IN

SECURITIES

AT

VALUE

-

99.7%

(Cost

$309,342,804)

599,494,848

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

-

0.3%

‡

1,857,074

NET

ASSETS

-

100.0%

601,351,922

SECTOR

VALUE

%

OF

NET

ASSETS

Communication

Services

$

86,377,244

14

.4

%

Consumer

Discretionary

58,741,375

9

.8

Consumer

Staples

22,050,457

3

.7

Energy

9,169,214

1

.5

Financials

84,657,785

14

.1

Health

Care

45,261,718

7

.5

Industrials

72,749,992

12

.1

Information

Technology

172,215,170

28

.6

Materials

6,906,316

1

.1

Real

Estate

5,384,946

0

.9

Utilities

8,374,980

1

.4

Investment

Companies

27,605,651

4

.6

Total

Investments

In

Securities

At

Value

599,494,848

99

.7

Other

Assets

in

Excess

of

Liabilities

‡

1,857,074

0

.3

Net

Assets

$

601,351,922

100

.0

%

All

securities

are

United

States

companies,

unless

noted

otherwise

in

parentheses.

*

Non-income

producing

security.

‡

Includes

appreciation

(depreciation)

on

futures

contracts.

(a)

Represents

7-day

effective

yield

as

of

December

31,

2025.

All

securities

are

Level

1

with

respect

to

ASC

820.

Futures

contracts

outstanding

as

of

December

31,

2025:

Exchange-Traded

DESCRIPTION

NUMBER

OF

CONTRACTS

EXPIRATION

DATE

TRADING

CURRENCY

NOTIONAL

AMOUNT

UNREALIZED

APPRECIATION

(DEPRECIATION)

Long

Contracts

S&P

500

E-Mini

Index

71

3/2026

USD

$

24,468,375

$

12,942

Net

unrealized

appreciation

$

12,942

26

AQR

Funds

|

N-PORT

Part

F

|

December

2025

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

SMALL

CAP

MOMENTUM

STYLE

FUND

Schedule

of

Investments

December

31,

2025

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

COMMON

STOCKS

-

94.7%

Communication

Services

-

3

.0

%

Diversified

Telecommunication

Services

-

0

.4

%

Globalstar,

Inc.

*

5,363

327,357

IDT

Corp.,

Class

B

4,799

245,757

573,114

Entertainment

-

0

.4

%

Cinemark

Holdings,

Inc.

5,046

117,269

CuriosityStream,

Inc.

22,133

84,105

IMAX

Corp.

*

8,059

297,861

Sphere

Entertainment

Co.

*

612

58,189

557,424

Interactive

Media

&

Services

-

0

.5

%

Arena

Group

Holdings,

Inc.

(The)

*

14,576

58,304

Cargurus,

Inc.,

Class

A

*

3,736

143,276

EverQuote,

Inc.,

Class

A

*

2,468

66,636

fuboTV,

Inc.

*

47,622

120,008

Grindr,

Inc.

(Singapore)

*

12,052

163,184

Rumble,

Inc.

*

17,769

112,300

Webtoon

Entertainment,

Inc.

(South

Korea)

*

4,376

57,019

720,727

Media

-

1

.5

%

EchoStar

Corp.,

Class

A

*

19,038

2,069,431

EW

Scripps

Co.

(The),

Class

A

*

3,455

13,785

iHeartMedia,

Inc.,

Class

A

*

40,718

169,387

Magnite,

Inc.

*

4,704

76,346

2,328,949

Wireless

Telecommunication

Services

-

0

.2

%

Telephone

and

Data

Systems,

Inc.

7,421

304,261

Total

Communication

Services

4,484,475

Consumer

Discretionary

-

7

.7

%

Automobile

Components

-

1

.0

%

Adient

plc

*

6,523

125,046

Cooper-Standard

Holdings,

Inc.

*

4,686

153,841

Dorman

Products,

Inc.

*

544

67,015

Garrett

Motion,

Inc.

(Switzerland)

14,117

246,059

Goodyear

Tire

&

Rubber

Co.

(The)

*

7,961

69,738

Motorcar

Parts

of

America,

Inc.

*

10,373

128,003

Patrick

Industries,

Inc.

1,809

196,150

Phinia,

Inc.

2,305

144,501

Solid

Power,

Inc.

*

36,440

154,870

Strattec

Security

Corp.

*

1,767

134,539

Visteon

Corp.

1,316

125,152

1,544,914

Broadline

Retail

-

0

.1

%

Groupon,

Inc.

*

6,121

107,791

Distributors

-

0

.1

%

GigaCloud

Technology,

Inc.,

Class

A

*

2,216

87,045

INVESTMENTS

SHARES

VALUE

($)

Diversified

Consumer

Services

-

1

.6

%

Adtalem

Global

Education,

Inc.

*

3,189

329,966

American

Public

Education,

Inc.

*

6,358

240,332

Carriage

Services,

Inc.,

Class

A

4,556

192,719

Driven

Brands

Holdings,

Inc.

*

3,696

54,775

Frontdoor,

Inc.

*

3,432

197,992

Graham

Holdings

Co.,

Class

B

120

131,832

Laureate

Education,

Inc.,

Class

A

*

14,749

496,599

Lincoln

Educational

Services

Corp.

*

5,524

133,405

OneSpaWorld

Holdings

Ltd.

(Bahamas)

6,084

126,182

Perdoceo

Education

Corp.

3,428

100,543

Stride,

Inc.

*

3,353

217,710

Universal

Technical

Institute,

Inc.

*

7,246

189,338

2,411,393

Hotels,

Restaurants

&

Leisure

-

1

.5

%

Biglari

Holdings,

Inc.,

Class

B

*

137

45,543

Brinker

International,

Inc.

*

3,338

479,070

Cheesecake

Factory,

Inc.

(The)

1,619

81,727

Cracker

Barrel

Old

Country

Store,

Inc.

2,886

73,304

Genius

Sports

Ltd.

(United

Kingdom)

*

5,344

58,891

Hilton

Grand

Vacations,

Inc.

*

1,038

46,450

Kura

Sushi

USA,

Inc.,

Class

A

*

854

44,690

Life

Time

Group

Holdings,

Inc.

*

4,568

121,417

Lindblad

Expeditions

Holdings,

Inc.

*

8,038

115,908

Marriott

Vacations

Worldwide

Corp.

1,229

70,901

Red

Rock

Resorts,

Inc.,

Class

A

3,581

221,843

Rush

Street

Interactive,

Inc.

*

26,257

510,174

Serve

Robotics,

Inc.

*

5,833

60,547

Shake

Shack,

Inc.,

Class

A

*

991

80,439

Super

Group

SGHC

Ltd.

(Guernsey)

20,403

243,816

2,254,720

Household

Durables

-

0

.5

%

Cavco

Industries,

Inc.

*

324

191,400

Green

Brick

Partners,

Inc.

*

6,031

377,902

Installed

Building

Products,

Inc.

159

41,243

M/I

Homes,

Inc.

*

921

117,842

728,387

Leisure

Products

-

0

.5

%

Acushnet

Holdings

Corp.

5,770

460,561

Latham

Group,

Inc.

*

7,207

45,764

Peloton

Interactive,

Inc.,

Class

A

*

48,078

296,161

802,486

Specialty

Retail

-

2

.3

%

Advance

Auto

Parts,

Inc.

5,519

216,897

Asbury

Automotive

Group,

Inc.

*

1,031

239,738

Boot

Barn

Holdings,

Inc.

*

861

151,941

Buckle,

Inc.

(The)

5,129

273,991

Build-A-Bear

Workshop,

Inc.

4,543

278,350

Citi

Trends,

Inc.

*

2,405

99,952

EVgo,

Inc.

*

12,779

37,187

Group

1

Automotive,

Inc.

778

305,987

Schedule

of

Investments

December

31,

2025

(Unaudited)

AQR

SMALL

CAP

MOMENTUM

STYLE

FUND

See

notes

to

Schedule

of

Investments.

AQR

Funds

|

N-PORT

Part

F

|

December

2025

27

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Specialty

Retail

-

2.3%

(continued)

National

Vision

Holdings,

Inc.

*

7,852

202,739

Petco

Health

&

Wellness

Co.,

Inc.,

Class

A

*

15,906

44,696

RealReal,

Inc.

(The)

*

16,917

266,950

Signet

Jewelers

Ltd.

1,657

137,332

Sonic

Automotive,

Inc.,

Class

A

4,482

277,256

Stitch

Fix,

Inc.,

Class

A

*

19,067

100,102

ThredUp,

Inc.,

Class

A

*

19,950

127,480

Urban

Outfitters,

Inc.

*

4,777

359,517

Warby

Parker,

Inc.,

Class

A

*

8,026

174,887

Winmark

Corp.

103

41,709

3,336,711

Textiles,

Apparel

&

Luxury

Goods

-

0

.1

%

Kontoor

Brands,

Inc.

1,217

74,346

Wolverine

World

Wide,

Inc.

3,971

72,074

146,420

Total

Consumer

Discretionary

11,419,867

Consumer

Staples

-

1

.5

%

Beverages

-

0

.2

%

National

Beverage

Corp.

*

3,086

98,412

Vita

Coco

Co.,

Inc.

(The)

*

2,258

119,697

Zevia

PBC,

Class

A

*

40,232

93,338

311,447

Consumer

Staples

Distribution

&

Retail

-

0

.5

%

Chefs'

Warehouse,

Inc.

(The)

*

2,697

168,104

Natural

Grocers

by

Vitamin

Cottage,

Inc.

6,020

150,801

PriceSmart,

Inc.

1,641

201,301

United

Natural

Foods,

Inc.

*

7,240

243,771

763,977

Food

Products

-

0

.4

%

Alico,

Inc.

4,072

148,139

Cal-Maine

Foods,

Inc.

2,245

178,635

Fresh

Del

Monte

Produce,

Inc.

2,597

92,531

Lifeway

Foods,

Inc.

*

2,446

59,267

Seneca

Foods

Corp.,

Class

A

*

637

70,471

Vital

Farms,

Inc.

*

3,766

120,286

669,329

Household

Products

-

0

.1

%

Central

Garden

&

Pet

Co.,

Class

A

*

1,915

55,899

Oil-Dri

Corp.

of

America

919

44,976

100,875

Personal

Care

Products

-

0

.0

%

†

Honest

Co.,

Inc.

(The)

*

24,731

63,806

Tobacco

-

0

.3

%

Turning

Point

Brands,

Inc.

3,774

409,102

Total

Consumer

Staples

2,318,536

INVESTMENTS

SHARES

VALUE

($)

Energy

-

3

.5

%

Energy

Equipment

&

Services

-

1

.1

%

Archrock,

Inc.

16,883

439,296

Forum

Energy

Technologies,

Inc.

*

3,913

144,585

Kodiak

Gas

Services,

Inc.

2,931

109,619

Natural

Gas

Services

Group,

Inc.

2,565

86,312

Solaris

Energy

Infrastructure,

Inc.

8,417

386,930

TETRA

Technologies,

Inc.

*

13,505

126,542

Tidewater,

Inc.

*

5,770

291,443

1,584,727

Oil,

Gas

&

Consumable

Fuels

-

2

.4

%

Centrus

Energy

Corp.,

Class

A

*

2,162

524,847

CNX

Resources

Corp.

*

4,862

178,776

Comstock

Resources,

Inc.

*

1,825

42,303

Core

Natural

Resources,

Inc.

3,499

309,696

Delek

US

Holdings,

Inc.

6,836

202,756

Diversified

Energy

Co.

5,198

75,267

Dorian

LPG

Ltd.

3,343

81,369

Energy

Fuels,

Inc.

*

26,307

382,504

Excelerate

Energy,

Inc.,

Class

A

1,609

45,132

Gevo,

Inc.

*

57,151

114,302

Golar

LNG

Ltd.

(Cameroon)

2,056

76,504

Gulfport

Energy

Corp.

*

1,193

248,132

International

Seaways,

Inc.

3,203

155,506

Lightbridge

Corp.

*

8,498

107,415

NextDecade

Corp.

*

19,156

100,952

Northern

Oil

&

Gas,

Inc.

5,616

120,576

Par

Pacific

Holdings,

Inc.

*

2,036

71,545

PBF

Energy,

Inc.,

Class

A

3,284

89,062

Scorpio

Tankers,

Inc.

(Monaco)

2,063

104,862

Uranium

Energy

Corp.

*

49,003

572,355

3,603,861

Total

Energy

5,188,588

Financials

-

13

.0

%

Banks

-

5

.5

%

Ameris

Bancorp

1,456

108,137

Axos

Financial,

Inc.

*

3,332

287,085

Bancorp,

Inc.

(The)

*

8,913

601,806

Bank

of

Marin

Bancorp

6,493

168,883

BankUnited,

Inc.

5,921

263,899

Bridgewater

Bancshares,

Inc.

*

2,977

52,187

Capital

Bancorp,

Inc.

2,172

61,185

Capital

City

Bank

Group,

Inc.

2,966

126,263

Capitol

Federal

Financial,

Inc.

10,840

73,821

Central

Pacific

Financial

Corp.

7,690

239,620

Civista

Bancshares,

Inc.

2,656

59,016

Coastal

Financial

Corp.

*

4,390

503,050

Colony

Bankcorp,

Inc.

3,672

65,435

Customers

Bancorp,

Inc.

*

689

50,380

Esquire

Financial

Holdings,

Inc.

4,882

498,306

FB

Financial

Corp.

1,990

111,042

First

Bancorp

2,787

141,552

First

BanCorp

7,504

155,558

28

AQR

Funds

|

N-PORT

Part

F

|

December

2025

See

notes

to

Schedule

of

Investments.

AQR

SMALL

CAP

MOMENTUM

STYLE

FUND

Schedule

of

Investments

December

31,

2025

(Unaudited)

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Banks

-

5.5%

(continued)

First

Financial

Corp.

1,631

98,545

First

Mid

Bancshares,

Inc.

1,079

42,081

Hancock

Whitney

Corp.

2,302

146,591

Hanmi

Financial

Corp.

6,497

175,614

Hingham

Institution

For

Savings

The

171

48,557

Home

Bancorp,

Inc.

1,379

79,706

HomeTrust

Bancshares,

Inc.

3,715

159,522

Horizon

Bancorp,

Inc.

9,595

162,731

Independent

Bank

Corp.

2,160

70,265

Independent

Bank

Corp.

1,271

92,885

Lakeland

Financial

Corp.

3,172

180,994

Mercantile

Bank

Corp.

2,370

113,997

Metropolitan

Bank

Holding

Corp.

1,899

145,008

Mid

Penn

Bancorp,

Inc.

1,602

49,694

NB

Bancorp,

Inc.

2,540

50,343

Nicolet

Bankshares,

Inc.

407

49,369

Northeast

Bank

3,013

313,141

Northrim

Bancorp,

Inc.

8,540

227,249

OFG

Bancorp

1,913

78,395

Old

National

Bancorp

6,291

140,352

Orrstown

Financial

Services,

Inc.

3,459

122,518

Peoples

Financial

Services

Corp.

965

47,005

Provident

Financial

Services,

Inc.

2,218

43,806

ServisFirst

Bancshares,

Inc.

1,141

81,912

Shore

Bancshares,

Inc.

9,415

166,457

SmartFinancial,

Inc.

2,366

87,518

Texas

Capital

Bancshares,

Inc.

*

1,956

177,096

Third

Coast

Bancshares,

Inc.

*

2,032

77,236

Tompkins

Financial

Corp.

773

56,058

Triumph

Financial,

Inc.

*

2,953

184,946

TrustCo

Bank

Corp.

3,325

137,422

Trustmark

Corp.

4,729

184,195

UMB

Financial

Corp.

2,340

269,194

Unity

Bancorp,

Inc.

2,139

110,629

Valley

National

Bancorp

39,411

460,321

8,198,577

Capital

Markets

-

2

.1

%

Acadian

Asset

Management,

Inc.

8,653

406,691

Artisan

Partners

Asset

Management,

Inc.,

Class

A

1,872

76,265

BGC

Group,

Inc.,

Class

A

27,013

241,226

Donnelley

Financial

Solutions,

Inc.

*

5,882

274,631

Perella

Weinberg

Partners

4,172

72,176

Piper

Sandler

Cos.

1,208

410,370

PJT

Partners,

Inc.,

Class

A

3,670

613,624

StepStone

Group,

Inc.,

Class

A

6,602

423,650

StoneX

Group,

Inc.

*

3,286

312,597

Victory

Capital

Holdings,

Inc.,

Class

A

3,278

206,809

Virtus

Investment

Partners,

Inc.

735

119,915

3,157,954

INVESTMENTS

SHARES

VALUE

($)

Consumer

Finance

-

1

.2

%

Atlanticus

Holdings

Corp.

*

1,290

86,365

Bread

Financial

Holdings,

Inc.

3,005

222,460

Dave,

Inc.

*

1,761

389,903

Enova

International,

Inc.

*

1,584

249,005

FirstCash

Holdings,

Inc.

961

153,164

Green

Dot

Corp.,

Class

A

*

5,155

66,036

LendingClub

Corp.

*

5,983

113,318

Nelnet,

Inc.,

Class

A

1,665

221,378

Oportun

Financial

Corp.

*

17,177

90,866

OppFi,

Inc.

22,449

234,817

Upstart

Holdings,

Inc.

*

937

40,975

1,868,287

Financial

Services

-

1

.6

%

Banco

Latinoamericano

de

Comercio

Exterior

SA,

Class

E

(Panama)

3,204

142,898

Better

Home

&

Finance

Holding

Co.

*

904

29,452

Finance

of

America

Cos.,

Inc.,

Class

A

*

3,352

81,152

Jackson

Financial,

Inc.,

Class

A

4,590

489,524

Marqeta,

Inc.,

Class

A

*

23,085

109,654

NCR

Atleos

Corp.

*

3,901

148,667

PennyMac

Financial

Services,

Inc.

6,848

902,840

Priority

Technology

Holdings,

Inc.

*

7,599

41,415

Sezzle,

Inc.

*

3,050

193,599

StoneCo

Ltd.,

Class

A

(Brazil)

*

15,881

234,880

2,374,081

Insurance

-

2

.6

%

American

Coastal

Insurance

Corp.

7,814

98,691

CNO

Financial

Group,

Inc.

18,395

781,236

Genworth

Financial,

Inc.,

Class

A

*

37,888

342,129

Hamilton

Insurance

Group

Ltd.,

Class

B

*

5,508

153,673

HCI

Group,

Inc.

1,507

288,877

Heritage

Insurance

Holdings,

Inc.

*

10,082

294,999

Hippo

Holdings,

Inc.

*

4,537

136,473

Lemonade,

Inc.

*

6,172

439,323

MBIA,

Inc.

*

9,786

70,068

Mercury

General

Corp.

919

86,441

Oscar

Health,

Inc.,

Class

A

*

5,583

80,228

Palomar

Holdings,

Inc.

*

2,711

365,334

Root,

Inc.,

Class

A

*

1,807

130,519

SiriusPoint

Ltd.

(Sweden)

*

13,820

302,520

Skyward

Specialty

Insurance

Group,

Inc.

*

1,019

52,081

United

Fire

Group,

Inc.

1,791

65,103

Universal

Insurance

Holdings,

Inc.

3,417

115,494

3,803,189

Total

Financials

19,402,088

Schedule

of

Investments

December

31,

2025

(Unaudited)

AQR

SMALL

CAP

MOMENTUM

STYLE

FUND

See

notes

to

Schedule

of

Investments.

AQR

Funds

|

N-PORT

Part

F

|

December

2025

29

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Health

Care

-

15

.5

%

Biotechnology

-

7

.3

%

ACADIA

Pharmaceuticals,

Inc.

*

4,321

115,414

ADMA

Biologics,

Inc.

*

22,955

418,699

Akebia

Therapeutics,

Inc.

*

52,294

84,193

Aldeyra

Therapeutics,

Inc.

*

10,953

56,736

Alkermes

plc

*

2,060

57,639

Arcellx,

Inc.

*

3,150

205,380

Arcutis

Biotherapeutics,

Inc.

*

13,175

382,602

Arrowhead

Pharmaceuticals,

Inc.

*

5,499

365,079

Aurinia

Pharmaceuticals,

Inc.

(Canada)

*

10,063

160,505

Bridgebio

Pharma,

Inc.

*

14,821

1,133,658

Capricor

Therapeutics,

Inc.

*

6,766

195,267

Catalyst

Pharmaceuticals,

Inc.

*

11,276

263,182

Celcuity,

Inc.

*

3,267

325,851

Cidara

Therapeutics,

Inc.

*

1,425

314,768

Coherus

Oncology,

Inc.

*

35,169

49,940

Compass

Therapeutics,

Inc.

*

37,695

202,422

CRISPR

Therapeutics

AG

(Switzerland)

*

899

47,144

Cytokinetics,

Inc.

*

2,345

149,001

Editas

Medicine,

Inc.

*

16,997

34,844

Gossamer

Bio,

Inc.

*

29,364

91,028

GRAIL,

Inc.

*

3,809

326,012

Inhibrx

Biosciences,

Inc.

*

2,148

169,692

Kodiak

Sciences,

Inc.

*

15,847

443,082

Krystal

Biotech,

Inc.

*

1,014

249,992

Madrigal

Pharmaceuticals,

Inc.

*

1,292

752,383

MannKind

Corp.

*

37,174

210,777

Mineralys

Therapeutics,

Inc.

*

2,982

108,217

Mirum

Pharmaceuticals,

Inc.

*

4,792

378,520

Monopar

Therapeutics,

Inc.

*

1,450

94,685

Nuvalent,

Inc.,

Class

A

*

1,907

191,825

Organogenesis

Holdings,

Inc.,

Class

A

*

13,648

70,697

PDL

BioPharma,

Inc.

(3)*

34,242

1,079

Precigen,

Inc.

*

12,312

51,464

Protagonist

Therapeutics,

Inc.

*

2,927

255,644

Protara

Therapeutics,

Inc.

*

13,505

71,982

PTC

Therapeutics,

Inc.

*

7,200

546,912

Rhythm

Pharmaceuticals,

Inc.

*

6,456

691,050

Rigel

Pharmaceuticals,

Inc.

*

3,506

150,162

Scholar

Rock

Holding

Corp.

*

7,284

320,860

Stoke

Therapeutics,

Inc.

*

2,695

85,539

Taysha

Gene

Therapies,

Inc.

*

31,363

172,496

TG

Therapeutics,

Inc.

*

6,749

201,188

Tonix

Pharmaceuticals

Holding

Corp.

*

3,675

57,403

Travere

Therapeutics,

Inc.

*

8,341

318,710

Vaxcyte,

Inc.

*

1,488

68,656

Verastem,

Inc.

*

13,312

102,769

Zymeworks,

Inc.

*

3,394

89,364

10,834,512

INVESTMENTS

SHARES

VALUE

($)

Health

Care

Equipment

&

Supplies

-

1

.5

%

Alphatec

Holdings,

Inc.

*

10,908

229,504

AngioDynamics,

Inc.

*

11,396

146,325

Artivion,

Inc.

*

5,242

239,088

AtriCure,

Inc.

*

1,715

67,845

Glaukos

Corp.

*

866

97,780

iRadimed

Corp.

1,341

130,453

iRhythm

Technologies,

Inc.

*

2,232

396,046

Lantheus

Holdings,

Inc.

*

1,402

93,303

LeMaitre

Vascular,

Inc.

1,373

111,350

Lucid

Diagnostics,

Inc.

*

64,276

70,061

Merit

Medical

Systems,

Inc.

*

2,701

238,066

NeuroPace,

Inc.

*

5,228

80,720

Pulse

Biosciences,

Inc.

*

4,112

56,458

SANUWAVE

Health,

Inc.

*

2,337

69,736

TransMedics

Group,

Inc.

*

579

70,435

UFP

Technologies,

Inc.

*

853

189,392

2,286,562

Health

Care

Providers

&

Services

-

3

.4

%

Addus

HomeCare

Corp.

*

3,686

395,840

Alignment

Healthcare,

Inc.

*

17,206

339,819

Aveanna

Healthcare

Holdings,

Inc.

*

17,277

141,153

BrightSpring

Health

Services,

Inc.

*

12,336

461,983

CorVel

Corp.

*

1,346

91,084

Ensign

Group,

Inc.

(The)

1,791

311,992

GeneDx

Holdings

Corp.

*

2,561

333,084

Guardant

Health,

Inc.

*

10,791

1,102,193

HealthEquity,

Inc.

*

1,944

178,090

Hims

&

Hers

Health,

Inc.

*

21,147

686,643

Nutex

Health,

Inc.

*

861

141,738

Oncology

Institute,

Inc.

(The)

*

32,497

115,689

OPKO

Health,

Inc.

*

66,111

83,300

Pediatrix

Medical

Group,

Inc.

*

9,137

195,440

Pennant

Group,

Inc.

(The)

*

2,397

67,476

RadNet,

Inc.

*

2,686

191,646

Select

Medical

Holdings

Corp.

5,751

85,402

Strata

Critical

Medical,

Inc.

*

17,914

86,166

Talkspace,

Inc.

*

15,394

55,880

5,064,618

Health

Care

Technology

-

0

.4

%

Claritev

Corp.

*

2,967

126,839

LifeMD,

Inc.

*

18,778

64,033

OptimizeRx

Corp.

*

7,141

87,549

TruBridge,

Inc.

*

4,139

91,348

Waystar

Holding

Corp.

*

7,760

254,140

623,909

Life

Sciences

Tools

&

Services

-

0

.4

%

Adaptive

Biotechnologies

Corp.

*

18,491

300,294

Ginkgo

Bioworks

Holdings,

Inc.

*

9,613

79,884

Niagen

Bioscience,

Inc.

*

18,452

117,355

Personalis,

Inc.

*

8,524

67,851

Quantum-Si,

Inc.

*

50,855

55,940

621,324

30

AQR

Funds

|

N-PORT

Part

F

|

December

2025

See

notes

to

Schedule

of

Investments.

AQR

SMALL

CAP

MOMENTUM

STYLE

FUND

Schedule

of

Investments

December

31,

2025

(Unaudited)

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Pharmaceuticals

-

2

.5

%

Aclaris

Therapeutics,

Inc.

*

35,660

107,337

Amneal

Pharmaceuticals,

Inc.

*

26,461

333,409

Amylyx

Pharmaceuticals,

Inc.

*

13,913

168,069

Aquestive

Therapeutics,

Inc.

*

11,235

72,578

Axsome

Therapeutics,

Inc.

*

2,724

497,511

CorMedix,

Inc.

*

4,345

50,532

Eton

Pharmaceuticals,

Inc.

*

4,088

69,128

EyePoint,

Inc.

*

4,259

77,812

Fulcrum

Therapeutics,

Inc.

*

5,380

60,848

Harrow,

Inc.

*

3,586

175,714

Ligand

Pharmaceuticals,

Inc.

*

1,068

201,927

Liquidia

Corp.

*

9,285

320,240

Mind

Medicine

MindMed,

Inc.

*

8,322

111,432

Nuvation

Bio,

Inc.

*

8,368

74,977

Ocular

Therapeutix,

Inc.

*

4,337

52,651

Phibro

Animal

Health

Corp.,

Class

A

2,694

100,648

Supernus

Pharmaceuticals,

Inc.

*

2,465

122,510

Tarsus

Pharmaceuticals,

Inc.

*

4,579

374,928

Trevi

Therapeutics,

Inc.

*

20,734

259,590

WaVe

Life

Sciences

Ltd.

*

8,881

150,977

Xeris

Biopharma

Holdings,

Inc.

*

31,370

246,254

3,629,072

Total

Health

Care

23,059,997

Industrials

-

22

.8

%

Aerospace

&

Defense

-

3

.6

%

AAR

Corp.

*

1,252

103,653

AeroVironment,

Inc.

*

4,490

1,086,086

Archer

Aviation,

Inc.,

Class

A

*

76,775

577,348

Astronics

Corp.

*

5,884

319,148

Byrna

Technologies,

Inc.

*

5,267

88,433

Eve

Holding,

Inc.

*

12,382

49,404

Intuitive

Machines,

Inc.

*

24,227

393,204

Kratos

Defense

&

Security

Solutions,

Inc.

*

18,149

1,377,691

Mercury

Systems,

Inc.

*

7,202

525,818

Moog,

Inc.,

Class

A

838

204,095

Park

Aerospace

Corp.

3,187

68,011

Redwire

Corp.

*

9,009

68,469

Satellogic,

Inc.,

Class

A

*

39,244

73,386

VSE

Corp.

2,194

379,057

5,313,803

Building

Products

-

2

.0

%

AZZ,

Inc.

412

44,158

CSW

Industrials,

Inc.

2,595

761,710

Gibraltar

Industries,

Inc.

*

4,161

205,720

Griffon

Corp.

2,883

212,333

Modine

Manufacturing

Co.

*

4,701

627,630

Resideo

Technologies,

Inc.

*

13,984

491,118

UFP

Industries,

Inc.

5,252

478,195

Zurn

Elkay

Water

Solutions

Corp.

3,799

176,616

2,997,480

INVESTMENTS

SHARES

VALUE

($)

Commercial

Services

&

Supplies

-

0

.9

%

BrightView

Holdings,

Inc.

*

5,212

66,036

Casella

Waste

Systems,

Inc.,

Class

A

*

2,339

229,082

CoreCivic,

Inc.

*

6,129

117,125

Enviri

Corp.

*

2,150

38,528

GEO

Group,

Inc.

(The)

*

11,129

179,399

Healthcare

Services

Group,

Inc.

*

6,800

130,016

Interface,

Inc.,

Class

A

4,433

123,769

OPENLANE,

Inc.

*

7,536

224,422

Pitney

Bowes,

Inc.

25,919

273,964

1,382,341

Construction

&

Engineering

-

3

.7

%

Ameresco,

Inc.,

Class

A

*

1,615

47,303

Argan,

Inc.

1,561

489,093

Bowman

Consulting

Group

Ltd.

*

1,949

64,356

Centuri

Holdings,

Inc.

*

3,547

89,562

Construction

Partners,

Inc.,

Class

A

*

7,244

786,336

Dycom

Industries,

Inc.

*

1,427

482,183

Granite

Construction,

Inc.

1,995

230,123

IES

Holdings,

Inc.

*

1,474

573,416

Limbach

Holdings,

Inc.

*

2,965

230,825

Matrix

Service

Co.

*

6,018

70,411

MYR

Group,

Inc.

*

1,385

302,623

Primoris

Services

Corp.

4,367

542,119

Sterling

Infrastructure,

Inc.

*

4,108

1,257,993

Tutor

Perini

Corp.

5,821

390,123

5,556,466

Electrical

Equipment

-

4

.4

%

Allient,

Inc.

2,441

131,204

American

Superconductor

Corp.

*

8,800

253,264

Amprius

Technologies,

Inc.

*

25,061

197,731

Atkore,

Inc.

1,098

69,448

Bloom

Energy

Corp.,

Class

A

*

23,586

2,049,388

Eos

Energy

Enterprises,

Inc.

*

33,388

382,626

KULR

Technology

Group,

Inc.

*

20,966

62,059

NANO

Nuclear

Energy,

Inc.

*

5,993

143,892

Nextpower,

Inc.,

Class

A

*

13,622

1,186,612

NuScale

Power

Corp.

*

47,711

676,065

Powell

Industries,

Inc.

1,195

380,942

Power

Solutions

International,

Inc.

*

2,672

152,678

Preformed

Line

Products

Co.

201

41,549

Shoals

Technologies

Group,

Inc.,

Class

A

*

6,228

52,938

Sunrun,

Inc.

*

8,204

150,954

T1

Energy,

Inc.

(Norway)

*

39,464

263,620

Vicor

Corp.

*

3,203

351,049

6,546,019

Ground

Transportation

-

0

.3

%

ArcBest

Corp.

1,360

100,898

Covenant

Logistics

Group,

Inc.,

Class

A

11,440

252,138

Hertz

Global

Holdings,

Inc.

*

19,947

102,527

Schedule

of

Investments

December

31,

2025

(Unaudited)

AQR

SMALL

CAP

MOMENTUM

STYLE

FUND

See

notes

to

Schedule

of

Investments.

AQR

Funds

|

N-PORT

Part

F

|

December

2025

31

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Ground

Transportation

-

0.3%

(continued)

Marten

Transport

Ltd.

4,629

52,678

508,241

Industrial

Conglomerates

-

0

.1

%

Brookfield

Business

Corp.,

Class

A

(Canada)

2,916

104,626

Machinery

-

3

.9

%

Alamo

Group,

Inc.

925

155,280

Atmus

Filtration

Technologies,

Inc.

1,977

102,626

Blue

Bird

Corp.

*

1,884

88,548

CECO

Environmental

Corp.

*

5,972

357,424

Enerpac

Tool

Group

Corp.,

Class

A

2,323

88,832

Enpro,

Inc.

800

171,304

ESCO

Technologies,

Inc.

2,465

481,636

Federal

Signal

Corp.

4,398

477,579

Franklin

Electric

Co.,

Inc.

2,799

267,388

Graham

Corp.

*

1,911

122,744

Greenbrier

Cos.,

Inc.

(The)

2,064

96,471

Helios

Technologies,

Inc.

1,788

95,640

JBT

Marel

Corp.

3,442

518,606

Kadant,

Inc.

1,653

471,138

Lindsay

Corp.

765

90,171

Microvast

Holdings,

Inc.

*

53,765

150,542

Mueller

Water

Products,

Inc.,

Class

A

1,799

42,852

Palladyne

AI

Corp.

*

15,480

65,945

Proto

Labs,

Inc.

*

3,019

152,731

REV

Group,

Inc.

5,029

305,814

Richtech

Robotics,

Inc.,

Class

B

*

50,583

163,383

SPX

Technologies,

Inc.

*

3,647

729,619

Standex

International

Corp.

180

39,110

Watts

Water

Technologies,

Inc.,

Class

A

1,429

394,433

Worthington

Enterprises,

Inc.

2,625

135,371

5,765,187

Passenger

Airlines

-

1

.0

%

Joby

Aviation,

Inc.

*

52,427

692,037

SkyWest,

Inc.

*

7,069

709,798

1,401,835

Professional

Services

-

2

.0

%

Barrett

Business

Services,

Inc.

4,332

156,862

BlackSky

Technology,

Inc.

*

9,073

170,119

CRA

International,

Inc.

1,390

278,966

CSG

Systems

International,

Inc.

3,419

262,203

Exponent,

Inc.

1,152

80,018

Huron

Consulting

Group,

Inc.

*

1,868

322,996

IBEX

Holdings

Ltd.

*

2,607

99,535

Innodata,

Inc.

*

5,041

256,839

Legalzoom.com,

Inc.

*

17,412

172,901

Planet

Labs

PBC

*

33,946

669,415

Upwork,

Inc.

*

9,145

181,254

Verra

Mobility

Corp.,

Class

A

*

4,717

105,708

INVESTMENTS

SHARES

VALUE

($)

Professional

Services

-

2.0%

(continued)

Willdan

Group,

Inc.

*

2,523

261,534

3,018,350

Trading

Companies

&

Distributors

-

0

.9

%

Boise

Cascade

Co.

3,371

248,106

Custom

Truck

One

Source,

Inc.

*

8,577

49,403

DXP

Enterprises,

Inc.

*

1,030

113,084

NPK

International,

Inc.

*

4,200

50,064

Rush

Enterprises,

Inc.,

Class

A

7,715

416,147

Xometry,

Inc.,

Class

A

*

6,462

384,295

1,261,099

Total

Industrials

33,855,447

Information

Technology

-

20

.3

%

Communications

Equipment

-

1

.9

%

ADTRAN

Holdings,

Inc.

*

15,484

134,556

Applied

Optoelectronics,

Inc.

*

12,896

449,554

BK

Technologies

Corp.

*

1,822

135,903

Calix,

Inc.

*

6,773

358,495

CommScope

Holding

Co.,

Inc.

*

30,616

555,068

Digi

International,

Inc.

*

2,321

100,476

Extreme

Networks,

Inc.

*

14,015

233,350

NETGEAR,

Inc.

*

1,765

43,295

Viasat,

Inc.

*

14,782

509,388

Viavi

Solutions,

Inc.

*

19,534

348,096

2,868,181

Electronic

Equipment,

Instruments

&

Components

-

5

.1

%

908

Devices,

Inc.

*

11,880

62,370

Advanced

Energy

Industries,

Inc.

2,439

510,653

Aeva

Technologies,

Inc.

*

13,677

181,631

Arlo

Technologies,

Inc.

*

10,194

142,614

Badger

Meter,

Inc.

3,605

628,748

Bel

Fuse,

Inc.,

Class

B

870

147,578

Belden,

Inc.

888

103,496

Climb

Global

Solutions,

Inc.

404

41,527

Daktronics,

Inc.

*

11,010

217,668

Evolv

Technologies

Holdings,

Inc.

*

22,524

161,272

Fabrinet

(Thailand)

*

2,871

1,307,109

Frequency

Electronics,

Inc.

*

3,505

188,709

Insight

Enterprises,

Inc.

*

1,123

91,491

Itron,

Inc.

*

2,870

266,508

Kimball

Electronics,

Inc.

*

1,478

41,118

Mirion

Technologies,

Inc.

*

21,341

499,806

nLight,

Inc.

*

7,456

279,675

Novanta,

Inc.

*

1,513

180,032

OSI

Systems,

Inc.

*

929

236,951

Ouster,

Inc.

*

10,959

237,153

PC

Connection,

Inc.

1,848

106,740

Plexus

Corp.

*

599

88,053

Red

Cat

Holdings,

Inc.

*

24,483

194,150

Sanmina

Corp.

*

4,160

624,291

TTM

Technologies,

Inc.

*

11,400

786,600

32

AQR

Funds

|

N-PORT

Part

F

|

December

2025

See

notes

to

Schedule

of

Investments.

AQR

SMALL

CAP

MOMENTUM

STYLE

FUND

Schedule

of

Investments

December

31,

2025

(Unaudited)

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Electronic

Equipment,

Instruments

&

Components

-

5.1%

(continued)

Vuzix

Corp.

*

52,288

197,649

7,523,592

IT

Services

-

0

.8

%

Applied

Digital

Corp.

*

32,605

799,475

BigBear.ai

Holdings,

Inc.

*

50,642

273,467

Crexendo,

Inc.

*

9,172

59,343

Fastly,

Inc.,

Class

A

*

6,143

62,536

Information

Services

Group,

Inc.

11,057

63,909

1,258,730

Semiconductors

&

Semiconductor

Equipment

-

5

.1

%

ACM

Research,

Inc.,

Class

A

*

6,616

261,001

Aehr

Test

Systems

*

4,578

92,430

Aeluma,

Inc.

*

5,489

94,246

Ambarella,

Inc.

*

2,682

189,993

Atomera,

Inc.

*

18,847

41,652

Axcelis

Technologies,

Inc.

*

1,917

154,012

Credo

Technology

Group

Holding

Ltd.

*

16,320

2,348,285

Diodes,

Inc.

*

1,023

50,475

FormFactor,

Inc.

*

3,422

190,879

indie

Semiconductor,

Inc.,

Class

A

(China)

*

10,669

37,661

Kopin

Corp.

*

59,943

140,267

Navitas

Semiconductor

Corp.

*

35,848

255,955

PDF

Solutions,

Inc.

*

2,645

75,462

Rambus,

Inc.

*

10,134

931,213

Rigetti

Computing,

Inc.

*

47,697

1,056,488

Semtech

Corp.

*

8,755

645,156

Silicon

Laboratories,

Inc.

*

1,510

197,357

SiTime

Corp.

*

2,097

740,639

SkyWater

Technology,

Inc.

*

7,637

138,688

7,641,859

Software

-

6

.0

%

A10

Networks,

Inc.

14,183

250,897

ACI

Worldwide,

Inc.

*

3,994

190,953

Adeia,

Inc.

8,186

141,209

Agilysys,

Inc.

*

433

51,458

Airship

AI

Holdings,

Inc.

*

13,150

38,004

Arteris,

Inc.

*

5,949

92,210

AvePoint,

Inc.

*

13,854

192,432

Blend

Labs,

Inc.,

Class

A

*

27,619

83,962

Cerence,

Inc.

*

15,494

165,631

Cipher

Mining,

Inc.

*

35,900

529,884

Cleanspark,

Inc.

*

10,437

105,622

Clear

Secure,

Inc.,

Class

A

3,418

119,903

Commvault

Systems,

Inc.

*

2,097

262,880

Consensus

Cloud

Solutions,

Inc.

*

2,656

57,954

Digital

Turbine,

Inc.

*

28,217

141,085

D-Wave

Quantum,

Inc.

(Canada)

*

46,879

1,225,886

Hut

8

Corp.

(Canada)

*

12,141

557,758

InterDigital,

Inc.

3,038

967,238

Life360,

Inc.

*

8,051

516,391

INVESTMENTS

SHARES

VALUE

($)

Software

-

6.0%

(continued)

NextNav,

Inc.

*

17,253

287,090

Pagaya

Technologies

Ltd.,

Class

A

*

9,156

191,360

Porch

Group,

Inc.

*

21,099

192,634

Q2

Holdings,

Inc.

*

3,708

267,569

Red

Violet,

Inc.

2,673

152,227

Rezolve

AI

plc

*

15,800

40,606

Rimini

Street,

Inc.

*

11,731

45,516

Riot

Platforms,

Inc.

*

40,991

519,356

SoundHound

AI,

Inc.

*

54,756

545,917

SPS

Commerce,

Inc.

*

2,995

266,944

Telos

Corp.

*

9,871

50,342

Terawulf,

Inc.

*

38,595

443,457

Varonis

Systems,

Inc.,

Class

B

*

1,863

61,106

Yext,

Inc.

*

5,794

46,700

Zeta

Global

Holdings

Corp.,

Class

A

*

4,034

82,092

8,884,273

Technology

Hardware,

Storage

&

Peripherals

-

1

.4

%

CompoSecure,

Inc.,

Class

A

*

12,682

244,509

Diebold

Nixdorf,

Inc.

*

714

48,474

IonQ,

Inc.

*

32,340

1,451,096

Quantum

Computing,

Inc.

*

27,228

279,359

2,023,438

Total

Information

Technology

30,200,073

Materials

-

4

.2

%

Chemicals

-

1

.2

%

ASP

Isotopes,

Inc.

*

20,297

108,589

Flotek

Industries,

Inc.

*

6,589

113,529

Hawkins,

Inc.

5,060

718,824

Ingevity

Corp.

*

3,041

179,966

Perimeter

Solutions,

Inc.

*

9,540

262,636

PureCycle

Technologies,

Inc.

*

21,668

186,128

Sensient

Technologies

Corp.

1,537

144,401

1,714,073

Construction

Materials

-

0

.2

%

United

States

Lime

&

Minerals,

Inc.

1,944

232,775

Containers

&

Packaging

-

0

.1

%

TriMas

Corp.

5,210

184,694

Metals

&

Mining

-

2

.7

%

American

Battery

Technology

Co.

*

43,533

145,400

Caledonia

Mining

Corp.

plc

(South

Africa)

3,442

90,077

Century

Aluminum

Co.

*

4,573

179,170

Coeur

Mining,

Inc.

*

58,790

1,048,226

Compass

Minerals

International,

Inc.

*

5,984

117,526

Critical

Metals

Corp.

(Austria)

*

4,784

33,201

Dakota

Gold

Corp.

*

10,545

59,896

Hecla

Mining

Co.

26,514

508,804

Idaho

Strategic

Resources,

Inc.

*

2,360

95,108

Ivanhoe

Electric,

Inc.

*

6,056

96,775

NioCorp

Developments

Ltd.

*

20,643

109,408

Schedule

of

Investments

December

31,

2025

(Unaudited)

AQR

SMALL

CAP

MOMENTUM

STYLE

FUND

See

notes

to

Schedule

of

Investments.

AQR

Funds

|

N-PORT

Part

F

|

December

2025

33

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Metals

&

Mining

-

2.7%

(continued)

Novagold

Resources,

Inc.

(Canada)

*

16,117

150,210

Perpetua

Resources

Corp.

*

12,883

311,897

Ramaco

Resources,

Inc.,

Class

A

*

12,819

230,742

Ryerson

Holding

Corp.

2,111

53,113

SSR

Mining,

Inc.

(Canada)

*

27,643

605,934

United

States

Antimony

Corp.

*

27,684

138,974

US

Gold

Corp.

*

6,040

117,236

4,091,697

Total

Materials

6,223,239

Real

Estate

-

2

.2

%

Health

Care

REITs

-

0

.7

%

American

Healthcare

REIT,

Inc.,

REIT

17,075

803,549

CareTrust

REIT,

Inc.,

REIT

4,399

159,068

Diversified

Healthcare

Trust,

REIT

28,301

137,260

1,099,877

Industrial

REITs

-

0

.1

%

Terreno

Realty

Corp.,

REIT

2,183

128,164

Office

REITs

-

0

.1

%

JBG

SMITH

Properties,

REIT

3,193

54,313

Piedmont

Realty

Trust,

Inc.,

Class

A,

REIT

12,875

107,378

161,691

Real

Estate

Management

&

Development

-

0

.8

%

Compass,

Inc.,

Class

A

*

43,603

460,884

Douglas

Elliman,

Inc.

*

20,895

49,521

St

Joe

Co.

(The)

10,404

617,685

1,128,090

Retail

REITs

-

0

.5

%

CBL

&

Associates

Properties,

Inc.,

REIT

4,093

151,441

Tanger,

Inc.,

REIT

18,118

604,598

756,039

Total

Real

Estate

3,273,861

Utilities

-

1

.0

%

Electric

Utilities

-

0

.7

%

Oklo,

Inc.

*

13,394

961,153

Gas

Utilities

-

0

.1

%

Northwest

Natural

Holding

Co.

2,236

104,511

ONE

Gas,

Inc.

789

60,950

Spire,

Inc.

544

44,989

210,450

INVESTMENTS

SHARES

VALUE

($)

Independent

Power

and

Renewable

Electricity

Producers

-

0

.2

%

Hallador

Energy

Co.

*

9,632

183,393

Ormat

Technologies,

Inc.

1,131

124,942

308,335

Total

Utilities

1,479,938

TOTAL

COMMON

STOCKS

(Cost

$83,370,870)

140,906,109

SHORT-TERM

INVESTMENTS

-

5.0%

INVESTMENT

COMPANIES

-

5

.0

%

Limited

Purpose

Cash

Investment

Fund,

3.78%

(a)

(Cost

$7,363,496)

7,363,496

7,363,496

TOTAL

INVESTMENTS

IN

SECURITIES

AT

VALUE

-

99.7%

(Cost

$90,734,366)

148,269,605

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

-

0.3%

‡

459,360

NET

ASSETS

-

100.0%

148,728,965

SECTOR

VALUE

%

OF

NET

ASSETS

Communication

Services

$

4,484,475

3

.0

%

Consumer

Discretionary

11,419,867

7

.7

Consumer

Staples

2,318,536

1

.5

Energy

5,188,588

3

.5

Financials

19,402,088

13

.0

Health

Care

23,059,997

15

.5

Industrials

33,855,447

22

.8

Information

Technology

30,200,073

20

.3

Materials

6,223,239

4

.2

Real

Estate

3,273,861

2

.2

Utilities

1,479,938

1

.0

Investment

Companies

7,363,496

5

.0

Total

Investments

In

Securities

At

Value

148,269,605

99

.7

Other

Assets

in

Excess

of

Liabilities

‡

459,360

0

.3

Net

Assets

$

148,728,965

100

.0

%

34

AQR

Funds

|

N-PORT

Part

F

|

December

2025

See

notes

to

Schedule

of

Investments.

AQR

SMALL

CAP

MOMENTUM

STYLE

FUND

Schedule

of

Investments

December

31,

2025

(Unaudited)

All

securities

are

United

States

companies,

unless

noted

otherwise

in

parentheses.

*

Non-income

producing

security.

†

Represents

less

than

0.05%

of

net

assets.

‡

Includes

appreciation

(depreciation)

on

futures

contracts.

(a)

Represents

7-day

effective

yield

as

of

December

31,

2025.

All

securities

are

Level

1

with

respect

to

ASC

820,

unless

otherwise

noted

in

parentheses.

(3)

Security

fair

valued

using

significant

unobservable

inputs

(Level

3)

in

accordance

with

procedures

approved

by

the

Board

of

Trustees.

Futures

contracts

outstanding

as

of

December

31,

2025:

Exchange-Traded

DESCRIPTION

NUMBER

OF

CONTRACTS

EXPIRATION

DATE

TRADING

CURRENCY

NOTIONAL

AMOUNT

UNREALIZED

APPRECIATION

(DEPRECIATION)

Long

Contracts

Russell

2000

E-Mini

Index

48

3/2026

USD

$

5,995,200

$

(

224,206

)

Net

unrealized

depreciation

$

(

224,206

)

Schedule

of

Investments

December

31,

2025

(Unaudited)

AQR

INTERNATIONAL

MOMENTUM

STYLE

FUND

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

Funds

|

N-PORT

Part

F

|

December

2025

35

INVESTMENTS

SHARES

VALUE

($)

COMMON

STOCKS

-

96.6%

Australia

-

2

.8

%

Brambles

Ltd.

28,352

432,944

Coles

Group

Ltd.

8,262

118,091

Commonwealth

Bank

of

Australia

4,367

466,129

Computershare

Ltd.

12,033

272,711

CSL

Ltd.

2,954

339,951

Evolution

Mining

Ltd.

85,656

716,833

Goodman

Group,

REIT

35,291

726,223

Northern

Star

Resources

Ltd.

15,787

277,814

Origin

Energy

Ltd.

13,916

106,270

Pro

Medicus

Ltd.

2,205

323,833

Qantas

Airways

Ltd.

49,837

344,308

REA

Group

Ltd.

5,051

615,742

Suncorp

Group

Ltd.

21,287

249,890

Telstra

Group

Ltd.

191,456

621,191

Wesfarmers

Ltd.

2,036

109,686

Westpac

Banking

Corp.

5,381

138,085

WiseTech

Global

Ltd.

2,326

105,751

5,965,452

Austria

-

0

.4

%

Erste

Group

Bank

AG

6,270

751,832

Belgium

-

0

.6

%

Ageas

SA/NV

10,241

717,494

KBC

Group

NV

2,276

296,417

UCB

SA

835

232,653

1,246,564

Brazil

-

0

.6

%

Wheaton

Precious

Metals

Corp.

(1)

10,496

1,233,933

Canada

-

17

.9

%

Agnico

Eagle

Mines

Ltd.

(1)

10,914

1,850,820

Alamos

Gold,

Inc.,

Class

A

(1)

14,010

540,986

AltaGas

Ltd.

(1)

16,210

494,254

Bank

of

Montreal

(1)

3,891

505,315

Bank

of

Nova

Scotia

(The)

(1)

10,264

757,003

Barrick

Mining

Corp.

(1)

27,360

1,191,836

Bombardier,

Inc.,

Class

B

(1)*

953

162,126

Brookfield

Asset

Management

Ltd.,

Class

A

(1)

3,317

173,759

Brookfield

Corp.,

Class

A

(1)

38,409

1,763,532

Brookfield

Renewable

Corp.

(1)

4,538

174,074

CAE,

Inc.

(1)*

4,652

141,470

Cameco

Corp.

(1)

6,631

607,179

Canadian

Imperial

Bank

of

Commerce

(1)

21,229

1,924,538

Canadian

Pacific

Kansas

City

Ltd.

(1)

5,691

418,983

Canadian

Utilities

Ltd.,

Class

A

(1)

10,250

319,101

Celestica,

Inc.

(1)*

3,627

1,072,892

Constellation

Software,

Inc.

(1)

405

974,148

Dollarama,

Inc.

(1)

8,369

1,250,823

Emera,

Inc.

(1)

18,836

928,248

Empire

Co.

Ltd.,

Class

A

(1)

2,839

98,705

Fairfax

Financial

Holdings

Ltd.

(1)

781

1,488,478

Fortis,

Inc.

(1)

7,960

413,847

Franco-Nevada

Corp.

(1)

3,336

691,505

George

Weston

Ltd.

(1)

8,133

561,082

Great-West

Lifeco,

Inc.

(1)

5,153

254,130

INVESTMENTS

SHARES

VALUE

($)

Canada

-

17.9%

(continued)

Hydro

One

Ltd.

(1)(a)

7,477

297,653

iA

Financial

Corp.,

Inc.

(1)

3,485

451,523

Imperial

Oil

Ltd.

(1)

4,106

354,734

Intact

Financial

Corp.

(1)

5,158

1,073,764

Kinross

Gold

Corp.

(1)

55,962

1,576,257

Loblaw

Cos.

Ltd.

(1)

2,182

98,643

Lumine

Group,

Inc.

(1)*(b)

2,271

44,905

Lundin

Gold,

Inc.

(1)

7,988

663,576

Manulife

Financial

Corp.

(1)

11,369

412,831

Pan

American

Silver

Corp.

(1)

12,931

670,409

Power

Corp.

of

Canada

(1)

17,413

925,488

Royal

Bank

of

Canada

(1)

15,449

2,633,719

Shopify,

Inc.,

Class

A

(1)*

24,108

3,881,730

TC

Energy

Corp.

(1)

12,949

713,042

Thomson

Reuters

Corp.

(1)

7,105

937,619

TMX

Group

Ltd.

(1)

4,232

161,041

Toronto-Dominion

Bank

(The)

(1)

25,059

2,361,759

WSP

Global,

Inc.

(1)

9,122

1,651,670

37,669,197

China

-

1

.3

%

BOC

Hong

Kong

Holdings

Ltd.

197,500

1,002,311

Prosus

NV

22,138

1,370,762

SITC

International

Holdings

Co.

Ltd.

91,000

325,634

2,698,707

Denmark

-

1

.3

%

Danske

Bank

A/S

41,446

2,069,660

DSV

A/S

2,590

652,308

2,721,968

Finland

-

0

.7

%

Fortum

OYJ

13,987

297,027

Metso

OYJ

4,009

69,753

Nordea

Bank

Abp

15,420

290,116

Orion

OYJ,

Class

B

4,948

369,159

Sampo

OYJ,

Class

A

12,015

145,367

Wartsila

OYJ

Abp

10,398

368,137

1,539,559

France

-

7

.3

%

Accor

SA

5,217

294,116

Air

Liquide

SA

3,379

635,096

Airbus

SE

8,479

1,969,027

AXA

SA

6,267

300,697

BNP

Paribas

SA

5,361

507,188

Credit

Agricole

SA

19,138

394,011

Engie

SA

24,367

640,105

EssilorLuxottica

SA

3,639

1,150,644

Hermes

International

SCA

545

1,353,154

Klepierre

SA,

REIT

5,935

234,820

Legrand

SA

3,350

498,020

L'Oreal

SA

1,984

851,763

Orange

SA

102,959

1,718,032

Safran

SA

5,146

1,792,440

Societe

Generale

SA

27,211

2,190,596

Thales

SA

2,707

730,256

Unibail-Rodamco-Westfield,

REIT

*

582

63,291

15,323,256

36

AQR

Funds

|

N-PORT

Part

F

|

December

2025

See

notes

to

Schedule

of

Investments.

AQR

INTERNATIONAL

MOMENTUM

STYLE

FUND

Schedule

of

Investments

December

31,

2025

(Unaudited)

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Germany

-

9

.8

%

Allianz

SE

(Registered)

3,447

1,593,815

Commerzbank

AG

42,785

1,805,725

Continental

AG

1,943

154,202

Deutsche

Bank

AG

(Registered)

39,760

1,532,316

Deutsche

Lufthansa

AG

(Registered)

45,385

445,859

Deutsche

Telekom

AG

(Registered)

7,183

233,814

E.ON

SE

24,015

454,722

Hannover

Rueck

SE

2,710

843,301

Heidelberg

Materials

AG

3,093

801,882

MTU

Aero

Engines

AG

463

191,927

Muenchener

Rueckversicherungs-

Gesellschaft

AG

in

Muenchen

(Registered)

3,717

2,446,107

Nemetschek

SE

565

61,128

Rheinmetall

AG

1,047

1,910,141

RWE

AG

3,865

204,794

SAP

SE

6,720

1,632,749

Scout24

SE

(a)

5,345

536,851

Siemens

AG

(Registered)

6,260

1,753,279

Siemens

Energy

AG

*

20,262

2,842,528

Talanx

AG

9,912

1,316,700

20,761,840

Hong

Kong

-

1

.2

%

Hong

Kong

Exchanges

&

Clearing

Ltd.

20,400

1,067,356

Prudential

plc

38,896

598,340

Techtronic

Industries

Co.

Ltd.

25,361

291,731

WH

Group

Ltd.

(a)

527,500

587,642

2,545,069

Italy

-

5

.8

%

BPER

Banca

SpA

43,681

590,239

Ferrari

NV

1,380

512,828

Generali

21,586

902,045

Intesa

Sanpaolo

SpA

425,117

2,937,603

Leonardo

SpA

22,059

1,261,787

Poste

Italiane

SpA

(a)

40,347

1,012,867

Prysmian

SpA

3,657

364,813

UniCredit

SpA

46,696

3,867,675

Unipol

Assicurazioni

SpA

30,174

723,924

12,173,781

Japan

-

17

.3

%

Advantest

Corp.

19,332

2,444,492

Aisin

Corp.

3,200

59,956

Asics

Corp.

21,300

511,338

Bandai

Namco

Holdings,

Inc.

16,177

430,568

Chugai

Pharmaceutical

Co.

Ltd.

14,869

780,051

Daifuku

Co.

Ltd.

5,200

163,674

Daiichi

Sankyo

Co.

Ltd.

6,106

129,658

Daikin

Industries

Ltd.

874

111,777

Fast

Retailing

Co.

Ltd.

656

237,858

Fujikura

Ltd.

11,900

1,319,656

Fujitsu

Ltd.

41,080

1,128,998

Hikari

Tsushin,

Inc.

595

166,718

Hitachi

Ltd.

56,705

1,778,358

Hoya

Corp.

2,187

331,701

IHI

Corp.

38,900

683,885

INVESTMENTS

SHARES

VALUE

($)

Japan

-

17.3%

(continued)

ITOCHU

Corp.

103,645

1,309,742

Japan

Post

Insurance

Co.

Ltd.

5,900

177,434

Japan

Tobacco,

Inc.

5,898

211,988

Kajima

Corp.

2,800

104,405

Kawasaki

Heavy

Industries

Ltd.

1,100

72,948

Keyence

Corp.

310

112,135

Konami

Group

Corp.

4,507

612,083

M3,

Inc.

4,400

59,192

Marubeni

Corp.

2,200

61,270

Mitsubishi

Corp.

8,956

204,848

Mitsubishi

Electric

Corp.

22,400

653,114

Mitsubishi

HC

Capital,

Inc.

42,915

358,995

Mitsubishi

Heavy

Industries

Ltd.

90,620

2,212,255

Mitsubishi

UFJ

Financial

Group,

Inc.

152,800

2,425,100

Mitsui

OSK

Lines

Ltd.

3,336

100,295

Mizuho

Financial

Group,

Inc.

50,661

1,848,851

MS&AD

Insurance

Group

Holdings,

Inc.

13,100

307,549

Nintendo

Co.

Ltd.

16,600

1,120,742

Nippon

Yusen

KK

13,801

447,036

Nitori

Holdings

Co.

Ltd.

10,535

183,879

Nomura

Holdings,

Inc.

22,000

183,270

Nomura

Research

Institute

Ltd.

15,822

602,100

Obayashi

Corp.

17,900

374,610

Obic

Co.

Ltd.

19,115

599,995

Oracle

Corp.

Japan

900

75,644

Pan

Pacific

International

Holdings

Corp.

17,500

104,246

Recruit

Holdings

Co.

Ltd.

8,818

495,497

Resona

Holdings,

Inc.

86,450

822,807

Shimadzu

Corp.

6,009

159,969

SoftBank

Group

Corp.

102,800

2,883,884

Sompo

Holdings,

Inc.

18,900

641,508

Sony

Financial

Group,

Inc.

(1)*

105,060

111,338

Sony

Group

Corp.

107,460

2,756,456

Sumitomo

Electric

Industries

Ltd.

30,500

1,228,457

Sumitomo

Mitsui

Financial

Group,

Inc.

10,463

336,505

Taisei

Corp.

2,500

236,927

Terumo

Corp.

10,414

151,369

TIS,

Inc.

16,300

547,608

Toho

Co.

Ltd.

(1)

7,500

382,086

Tokyo

Gas

Co.

Ltd.

11,200

444,018

Toyota

Industries

Corp.

2,100

238,070

Zensho

Holdings

Co.

Ltd.

3,100

177,641

36,416,554

Luxembourg

-

0

.3

%

ArcelorMittal

SA

13,888

637,730

Macau

-

0

.1

%

Galaxy

Entertainment

Group

Ltd.

24,000

118,340

Sands

China

Ltd.

36,800

92,825

211,165

Mexico

-

0

.2

%

Fresnillo

plc

8,808

392,753

Schedule

of

Investments

December

31,

2025

(Unaudited)

AQR

INTERNATIONAL

MOMENTUM

STYLE

FUND

See

notes

to

Schedule

of

Investments.

AQR

Funds

|

N-PORT

Part

F

|

December

2025

37

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Netherlands

-

3

.1

%

ABN

AMRO

Bank

NV,

CVA

(a)

35,910

1,254,656

Adyen

NV

*(a)

134

216,085

Argenx

SE

*

722

609,039

ASML

Holding

NV

1,156

1,245,613

Euronext

NV

(a)

3,879

582,695

ING

Groep

NV

21,423

602,163

Koninklijke

Ahold

Delhaize

NV

12,177

499,341

Koninklijke

KPN

NV

14,059

65,694

NN

Group

NV

13,383

1,032,427

Wolters

Kluwer

NV

4,561

472,412

6,580,125

New

Zealand

-

0

.1

%

Xero

Ltd.

*

2,993

226,732

Norway

-

0

.6

%

Kongsberg

Gruppen

ASA

30,520

782,083

Orkla

ASA

36,121

402,234

Telenor

ASA

7,732

112,458

1,296,775

Singapore

-

2

.0

%

DBS

Group

Holdings

Ltd.

45,243

1,981,854

Keppel

Ltd.

24,400

196,168

Oversea-Chinese

Banking

Corp.

Ltd.

14,300

219,694

Singapore

Exchange

Ltd.

35,000

460,738

Singapore

Technologies

Engineering

Ltd.

74,700

488,097

Singapore

Telecommunications

Ltd.

275,900

976,134

4,322,685

Spain

-

5

.1

%

ACS

Actividades

de

Construccion

y

Servicios

SA

12,350

1,225,927

Aena

SME

SA

(a)

6,920

193,351

Banco

Bilbao

Vizcaya

Argentaria

SA

109,788

2,575,321

Banco

Santander

SA

231,962

2,730,307

Bankinter

SA

23,940

396,810

CaixaBank

SA

79,725

974,728

Endesa

SA

(1)

39,768

1,431,504

Grifols

SA

6,991

87,385

Iberdrola

SA

52,097

1,128,077

Repsol

SA

3,298

61,535

10,804,945

Sweden

-

2

.2

%

Hexagon

AB,

Class

B

96,475

1,136,350

Investor

AB,

Class

B

23,991

854,934

Saab

AB,

Class

B

12,204

708,079

Securitas

AB,

Class

B

13,535

215,249

Svenska

Handelsbanken

AB,

Class

A

4,272

61,891

Swedbank

AB,

Class

A

13,047

452,666

Tele2

AB,

Class

B

51,521

863,316

Telia

Co.

AB

89,196

381,221

4,673,706

INVESTMENTS

SHARES

VALUE

($)

Switzerland

-

2

.6

%

ABB

Ltd.

(Registered)

15,847

1,168,202

Chocoladefabriken

Lindt

&

Spruengli

AG

14

204,566

Galderma

Group

AG

3,145

640,425

Geberit

AG

(Registered)

236

183,283

Givaudan

SA

(Registered)

101

399,581

Helvetia

Baloise

Holding

AG

1,089

286,421

Lonza

Group

AG

(Registered)

462

311,490

Partners

Group

Holding

AG

1,115

1,368,085

Sandoz

Group

AG

3,367

244,465

Swiss

Life

Holding

AG

(Registered)

151

173,929

Swiss

Prime

Site

AG

(Registered)

1,235

191,756

UBS

Group

AG

(Registered)

4,742

218,960

5,391,163

United

Kingdom

-

10

.6

%

3i

Group

plc

18,776

823,306

Admiral

Group

plc

7,585

324,470

Ashtead

Group

plc

5,509

375,599

Aviva

plc

42,309

389,028

BAE

Systems

plc

53,610

1,233,837

Barclays

plc

303,538

1,942,986

British

American

Tobacco

plc

40,167

2,277,094

BT

Group

plc

254,839

631,349

Bunzl

plc

7,883

220,125

Centrica

plc

71,355

162,694

Compass

Group

plc

13,795

437,095

HSBC

Holdings

plc

278,447

4,381,626

Imperial

Brands

plc

25,427

1,067,684

InterContinental

Hotels

Group

plc

2,705

380,130

International

Consolidated

Airlines

Group

SA

120,921

671,403

NatWest

Group

plc

188,191

1,650,865

Next

plc

2,173

400,050

Phoenix

Group

Holdings

plc

27,346

270,721

Reckitt

Benckiser

Group

plc

2,971

240,411

Rolls-Royce

Holdings

plc

192,420

2,975,912

SSE

plc

3,616

106,014

Standard

Chartered

plc

51,661

1,260,551

Wise

plc,

Class

A

*

11,248

134,751

22,357,701

United

States

-

2

.5

%

AP

Moller

-

Maersk

A/S,

Class

B

132

302,881

Experian

plc

4,463

201,221

Ferrovial

SE

5,734

371,510

Holcim

AG

6,320

615,254

Jackson

Financial,

Inc.,

Class

A

(1)

223

23,783

Schneider

Electric

SE

4,328

1,184,034

Shell

plc

67,773

2,497,588

Swiss

Re

AG

421

70,134

5,266,405

Zambia

-

0

.2

%

First

Quantum

Minerals

Ltd.

(1)*

18,372

492,579

TOTAL

COMMON

STOCKS

(Cost

$118,760,861)

203,702,176

38

AQR

Funds

|

N-PORT

Part

F

|

December

2025

See

notes

to

Schedule

of

Investments.

AQR

INTERNATIONAL

MOMENTUM

STYLE

FUND

Schedule

of

Investments

December

31,

2025

(Unaudited)

INVESTMENTS

NO.

OF

WARRANTS

VALUE

($)

WARRANTS

-

0.0%

Canada

-

0

.0

%

Constellation

Software,

Inc.,

expiring

3/31/2040

(3)*

(Cost

$–)

758

–

SHARES

SHORT-TERM

INVESTMENTS

-

2.8%

INVESTMENT

COMPANIES

-

2

.8

%

Limited

Purpose

Cash

Investment

Fund,

3.78%

(1)(c)

(Cost

$5,980,623)

5,980,627

5,980,627

TOTAL

INVESTMENTS

IN

SECURITIES

AT

VALUE

-

99.4%

(Cost

$124,741,484)

209,682,803

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

-

0.6%

‡

1,343,210

NET

ASSETS

-

100.0%

211,026,013

SECTOR

VALUE

%

OF

NET

ASSETS

Communication

Services

$

11,754,597

5

.7

%

Consumer

Discretionary

12,164,411

5

.8

Consumer

Staples

7,219,244

3

.4

Energy

4,234,078

2

.0

Financials

80,574,626

38

.2

Health

Care

5,761,015

2

.7

Industrials

43,733,930

20

.7

Information

Technology

16,052,937

7

.6

Materials

13,388,845

6

.3

Real

Estate

1,216,091

0

.6

Utilities

7,602,402

3

.6

Investment

Companies

5,980,627

2

.8

Total

Investments

In

Securities

At

Value

209,682,803

99

.4

Other

Assets

in

Excess

of

Liabilities

‡

1,343,210

0

.6

Net

Assets

$

211,026,013

100

.0

%

*

Non-income

producing

security.

‡

Includes

appreciation

(depreciation)

on

futures

contracts.

(a)

Security

exempt

from

registration

under

Rule

144A

or

section

4(2)

of

the

Securities

Act

of

1933.

Under

procedures

approved

by

the

Board

of

Trustees,

such

securities

have

been

determined

to

be

liquid

by

the

investment

adviser

and

may

be

resold,

normally

to

qualified

institutional

buyers

in

transactions

exempt

from

registration.

Total

value

of

all

such

securities

at

December

31,

2025

amounted

to

$4,681,800

of

investments

in

securities,

which

represents

2.22%

of

net

assets

of

the

Fund.

(b)

Security

exempt

from

registration

pursuant

to

Regulation

S

under

the

Securities

Act

of

1933.

Regulation

S

applies

to

securities

offerings

that

are

made

outside

of

the

United

States

and

do

not

involve

direct

selling

efforts

in

the

United

States.

Total

value

of

all

such

securities

at

December

31,

2025

amounted

to

$44,905

of

investments

in

securities,

which

represents

0.02%

of

net

assets

of

the

Fund.

(c)

Represents

7-day

effective

yield

as

of

December

31,

2025.

All

securities

are

Level

2

with

respect

to

ASC

820,

unless

otherwise

noted

in

parentheses.

(1)

Level

1

security.

(3)

Security

fair

valued

using

significant

unobservable

inputs

(Level

3)

in

accordance

with

procedures

approved

by

the

Board

of

Trustees.

Futures

contracts

outstanding

as

of

December

31,

2025:

Exchange-Traded

DESCRIPTION

NUMBER

OF

CONTRACTS

EXPIRATION

DATE

TRADING

CURRENCY

NOTIONAL

AMOUNT

UNREALIZED

APPRECIATION

(DEPRECIATION)

Long

Contracts

MSCI

EAFE

Index

31

3/2026

USD

$

4,498,255

$

3,516

Net

unrealized

appreciation

$

3,516

Schedule

of

Investments

December

31,

2025

(Unaudited)

AQR

LARGE

CAP

DEFENSIVE

STYLE

FUND

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

Funds

|

N-PORT

Part

F

|

December

2025

39

INVESTMENTS

SHARES

VALUE

($)

COMMON

STOCKS

-

98.0%

Communication

Services

-

10

.4

%

Diversified

Telecommunication

Services

-

2

.7

%

AT&T,

Inc.

938,084

23,302,006

Verizon

Communications,

Inc.

448,867

18,282,353

41,584,359

Entertainment

-

3

.7

%

Electronic

Arts,

Inc.

96,760

19,770,971

Netflix,

Inc.

*

103,640

9,717,287

ROBLOX

Corp.,

Class

A

*

125,876

10,199,732

Spotify

Technology

SA

*

31,279

18,164,028

57,852,018

Interactive

Media

&

Services

-

3

.0

%

Alphabet,

Inc.,

Class

A

74,417

23,292,521

Meta

Platforms,

Inc.,

Class

A

35,689

23,557,952

46,850,473

Wireless

Telecommunication

Services

-

1

.0

%

T-Mobile

US,

Inc.

78,010

15,839,150

Total

Communication

Services

162,126,000

Consumer

Discretionary

-

7

.4

%

Automobiles

-

0

.1

%

General

Motors

Co.

30,721

2,498,232

Broadline

Retail

-

0

.4

%

Amazon.com,

Inc.

*

7,931

1,830,634

Dillard's,

Inc.,

Class

A

7,183

4,355,340

6,185,974

Hotels,

Restaurants

&

Leisure

-

3

.4

%

Airbnb,

Inc.,

Class

A

*

97,043

13,170,676

Booking

Holdings,

Inc.

3,190

17,083,503

McDonald's

Corp.

72,588

22,185,070

52,439,249

Household

Durables

-

0

.6

%

Garmin

Ltd.

45,884

9,307,569

Specialty

Retail

-

2

.9

%

AutoZone,

Inc.

*

4,598

15,594,117

Murphy

USA,

Inc.

8,249

3,328,636

O'Reilly

Automotive,

Inc.

*

244,479

22,298,930

TJX

Cos.,

Inc.

(The)

22,027

3,383,567

44,605,250

Total

Consumer

Discretionary

115,036,274

Consumer

Staples

-

15

.8

%

Beverages

-

4

.2

%

Coca-Cola

Co.

(The)

285,415

19,953,363

Monster

Beverage

Corp.

*

307,811

23,599,869

PepsiCo,

Inc.

145,414

20,869,817

64,423,049

INVESTMENTS

SHARES

VALUE

($)

Consumer

Staples

Distribution

&

Retail

-

4

.3

%

Costco

Wholesale

Corp.

26,193

22,587,271

Kroger

Co.

(The)

365,962

22,865,306

Walmart,

Inc.

198,056

22,065,419

67,517,996

Food

Products

-

1

.7

%

General

Mills,

Inc.

44,890

2,087,385

Hershey

Co.

(The)

67,398

12,265,088

Mondelez

International,

Inc.,

Class

A

189,017

10,174,785

Pilgrim's

Pride

Corp.

45,468

1,772,798

26,300,056

Household

Products

-

3

.6

%

Church

&

Dwight

Co.,

Inc.

156,259

13,102,317

Colgate-Palmolive

Co.

247,295

19,541,251

Procter

&

Gamble

Co.

(The)

161,512

23,146,285

55,789,853

Tobacco

-

2

.0

%

Altria

Group,

Inc.

131,401

7,576,582

Philip

Morris

International,

Inc.

150,769

24,183,347

31,759,929

Total

Consumer

Staples

245,790,883

Energy

-

5

.2

%

Energy

Equipment

&

Services

-

0

.4

%

Halliburton

Co.

211,319

5,971,875

Oil,

Gas

&

Consumable

Fuels

-

4

.8

%

Chevron

Corp.

94,429

14,391,924

ConocoPhillips

30,797

2,882,907

Coterra

Energy,

Inc.

142,654

3,754,653

Diamondback

Energy,

Inc.

8,873

1,333,878

DT

Midstream,

Inc.

58,363

6,984,884

EOG

Resources,

Inc.

84,235

8,845,517

Expand

Energy

Corp.

10,884

1,201,158

Exxon

Mobil

Corp.

194,411

23,395,420

Permian

Resources

Corp.,

Class

A

55,165

773,965

Texas

Pacific

Land

Corp.

38,913

11,176,592

74,740,898

Total

Energy

80,712,773

Financials

-

15

.0

%

Banks

-

0

.7

%

First

Citizens

BancShares,

Inc.,

Class

A

4,509

9,677,126

JPMorgan

Chase

&

Co.

7,028

2,264,562

11,941,688

Capital

Markets

-

3

.8

%

Bank

of

New

York

Mellon

Corp.

(The)

20,474

2,376,826

Cboe

Global

Markets,

Inc.

90,812

22,793,812

CME

Group,

Inc.

84,286

23,016,821

Intercontinental

Exchange,

Inc.

58,528

9,479,195

40

AQR

Funds

|

N-PORT

Part

F

|

December

2025

See

notes

to

Schedule

of

Investments.

AQR

LARGE

CAP

DEFENSIVE

STYLE

FUND

Schedule

of

Investments

December

31,

2025

(Unaudited)

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Capital

Markets

-

3.8%

(continued)

Robinhood

Markets,

Inc.,

Class

A

*

11,850

1,340,235

59,006,889

Financial

Services

-

3

.0

%

Mastercard,

Inc.,

Class

A

40,320

23,017,882

Visa,

Inc.,

Class

A

66,268

23,240,850

46,258,732

Insurance

-

7

.5

%

Arch

Capital

Group

Ltd.

*

114,116

10,946,007

Arthur

J

Gallagher

&

Co.

76,402

19,772,073

Chubb

Ltd.

74,769

23,336,900

Everest

Group

Ltd.

22,476

7,627,231

Markel

Group,

Inc.

*

1,998

4,295,001

Marsh

&

McLennan

Cos.,

Inc.

92,211

17,106,985

Progressive

Corp.

(The)

80,773

18,393,627

Reinsurance

Group

of

America,

Inc.

10,782

2,193,706

Travelers

Cos.,

Inc.

(The)

21,462

6,225,268

W

R

Berkley

Corp.

84,350

5,914,622

White

Mountains

Insurance

Group

Ltd.

333

691,984

116,503,404

Total

Financials

233,710,713

Health

Care

-

13

.7

%

Biotechnology

-

2

.3

%

Insmed,

Inc.

*

13,049

2,271,048

Neurocrine

Biosciences,

Inc.

*

3,272

464,067

United

Therapeutics

Corp.

*

46,088

22,456,378

Vertex

Pharmaceuticals,

Inc.

*

22,183

10,056,885

35,248,378

Health

Care

Equipment

&

Supplies

-

2

.7

%

Abbott

Laboratories

155,917

19,534,841

Becton

Dickinson

&

Co.

3,902

757,261

Boston

Scientific

Corp.

*

96,494

9,200,703

Edwards

Lifesciences

Corp.

*

40,156

3,423,299

Stryker

Corp.

28,032

9,852,407

42,768,511

Health

Care

Providers

&

Services

-

4

.8

%

Cardinal

Health,

Inc.

61,824

12,704,832

Cencora,

Inc.

66,620

22,500,905

Centene

Corp.

*

19,808

815,099

Elevance

Health,

Inc.

9,543

3,345,299

McKesson

Corp.

28,200

23,132,178

UnitedHealth

Group,

Inc.

36,025

11,892,213

74,390,526

Health

Care

Technology

-

1

.5

%

Veeva

Systems,

Inc.,

Class

A

*

104,240

23,269,495

Life

Sciences

Tools

&

Services

-

0

.2

%

Thermo

Fisher

Scientific,

Inc.

4,486

2,599,413

INVESTMENTS

SHARES

VALUE

($)

Pharmaceuticals

-

2

.2

%

Corcept

Therapeutics,

Inc.

*

92,098

3,205,010

Eli

Lilly

&

Co.

5,388

5,790,376

Johnson

&

Johnson

109,126

22,583,626

Merck

&

Co.,

Inc.

20,655

2,174,145

33,753,157

Total

Health

Care

212,029,480

Industrials

-

13

.4

%

Aerospace

&

Defense

-

2

.7

%

General

Dynamics

Corp.

2,384

802,598

Lockheed

Martin

Corp.

25,748

12,453,535

Northrop

Grumman

Corp.

40,625

23,164,781

RTX

Corp.

33,013

6,054,584

42,475,498

Commercial

Services

&

Supplies

-

4

.4

%

Cintas

Corp.

87,142

16,388,796

RB

Global,

Inc.

(Canada)

25,157

2,587,901

Republic

Services,

Inc.,

Class

A

107,970

22,882,082

Rollins,

Inc.

40,527

2,432,431

Waste

Management,

Inc.

106,699

23,442,837

67,734,047

Ground

Transportation

-

0

.3

%

Old

Dominion

Freight

Line,

Inc.

17,946

2,813,933

U-Haul

Holding

Co.

*

2,125

107,121

Union

Pacific

Corp.

9,832

2,274,338

5,195,392

Machinery

-

1

.0

%

Cummins,

Inc.

11,573

5,907,438

Deere

&

Co.

12,721

5,922,516

Illinois

Tool

Works,

Inc.

13,516

3,328,990

Mueller

Industries,

Inc.

4,531

520,159

15,679,103

Professional

Services

-

3

.7

%

Automatic

Data

Processing,

Inc.

71,189

18,311,946

CACI

International,

Inc.,

Class

A

*

32,615

17,377,598

FTI

Consulting,

Inc.

*

41,670

7,118,486

Leidos

Holdings,

Inc.

44,865

8,093,646

Paychex,

Inc.

37,459

4,202,151

Verisk

Analytics,

Inc.,

Class

A

9,097

2,034,908

57,138,735

Trading

Companies

&

Distributors

-

1

.3

%

Fastenal

Co.

93,157

3,738,391

WW

Grainger,

Inc.

16,662

16,812,791

20,551,182

Total

Industrials

208,773,957

Schedule

of

Investments

December

31,

2025

(Unaudited)

AQR

LARGE

CAP

DEFENSIVE

STYLE

FUND

See

notes

to

Schedule

of

Investments.

AQR

Funds

|

N-PORT

Part

F

|

December

2025

41

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Information

Technology

-

15

.0

%

Communications

Equipment

-

2

.6

%

Arista

Networks,

Inc.

*

174,376

22,848,488

Cisco

Systems,

Inc.

190,501

14,674,292

Motorola

Solutions,

Inc.

3,379

1,295,238

Ubiquiti,

Inc.

2,223

1,230,097

40,048,115

Electronic

Equipment,

Instruments

&

Components

-

0

.2

%

TD

SYNNEX

Corp.

7,255

1,089,918

Teledyne

Technologies,

Inc.

*

2,812

1,436,173

2,526,091

IT

Services

-

0

.9

%

Accenture

plc,

Class

A

33,606

9,016,490

International

Business

Machines

Corp.

19,367

5,736,699

14,753,189

Semiconductors

&

Semiconductor

Equipment

-

3

.0

%

Analog

Devices,

Inc.

10,705

2,903,196

Applied

Materials,

Inc.

30,221

7,766,495

Astera

Labs,

Inc.

*

4,455

741,134

Broadcom,

Inc.

11,792

4,081,211

KLA

Corp.

5,666

6,884,643

Marvell

Technology,

Inc.

119,609

10,164,373

NVIDIA

Corp.

73,584

13,723,416

46,264,468

Software

-

6

.9

%

Adobe,

Inc.

*

21,818

7,636,082

Cadence

Design

Systems,

Inc.

*

12,367

3,865,677

Crowdstrike

Holdings,

Inc.,

Class

A

*

8,560

4,012,586

Datadog,

Inc.,

Class

A

*

13,318

1,811,115

Fortinet,

Inc.

*

38,308

3,042,038

Intuit,

Inc.

3,716

2,461,553

Microsoft

Corp.

48,080

23,252,450

Palantir

Technologies,

Inc.,

Class

A

*

30,005

5,333,389

Palo

Alto

Networks,

Inc.

*

58,953

10,859,142

Roper

Technologies,

Inc.

21,980

9,783,957

ServiceNow,

Inc.

*

82,300

12,607,537

Zoom

Communications,

Inc.,

Class

A

*

257,952

22,258,678

106,924,204

Technology

Hardware,

Storage

&

Peripherals

-

1

.4

%

Apple,

Inc.

82,883

22,532,572

Total

Information

Technology

233,048,639

Materials

-

0

.3

%

Chemicals

-

0

.3

%

Linde

plc

11,232

4,789,213

INVESTMENTS

SHARES

VALUE

($)

Utilities

-

1

.8

%

Electric

Utilities

-

0

.7

%

Duke

Energy

Corp.

82,007

9,612,040

Xcel

Energy,

Inc.

8,209

606,317

10,218,357

Gas

Utilities

-

0

.3

%

Atmos

Energy

Corp.

31,064

5,207,259

Multi-Utilities

-

0

.8

%

Consolidated

Edison,

Inc.

120,532

11,971,238

Total

Utilities

27,396,854

TOTAL

COMMON

STOCKS

(Cost

$864,676,386)

1,523,414,786

SHORT-TERM

INVESTMENTS

-

2.2%

INVESTMENT

COMPANIES

-

2

.2

%

Limited

Purpose

Cash

Investment

Fund,

3.78%

(a)

(Cost

$33,542,690)

33,542,693

33,542,693

TOTAL

INVESTMENTS

IN

SECURITIES

AT

VALUE

-

100.2%

(Cost

$898,219,076)

1,556,957,479

LIABILITIES

IN

EXCESS

OF

OTHER

ASSETS

-

(0.2)%

‡

(

2,542,523

)

NET

ASSETS

-

100.0%

1,554,414,956

SECTOR

VALUE

%

OF

NET

ASSETS

Communication

Services

$

162,126,000

10

.4

%

Consumer

Discretionary

115,036,274

7

.4

Consumer

Staples

245,790,883

15

.8

Energy

80,712,773

5

.2

Financials

233,710,713

15

.0

Health

Care

212,029,480

13

.7

Industrials

208,773,957

13

.4

Information

Technology

233,048,639

15

.0

Materials

4,789,213

0

.3

Utilities

27,396,854

1

.8

Investment

Companies

33,542,693

2

.2

Total

Investments

In

Securities

At

Value

1,556,957,479

100

.2

Liabilities

in

Excess

of

Other

Assets

‡

(

2,542,523

)

(

0

.2

)

Net

Assets

$

1,554,414,956

100

.0

%

42

AQR

Funds

|

N-PORT

Part

F

|

December

2025

See

notes

to

Schedule

of

Investments.

AQR

LARGE

CAP

DEFENSIVE

STYLE

FUND

Schedule

of

Investments

December

31,

2025

(Unaudited)

All

securities

are

United

States

companies,

unless

noted

otherwise

in

parentheses.

*

Non-income

producing

security.

‡

Includes

appreciation

(depreciation)

on

futures

contracts.

(a)

Represents

7-day

effective

yield

as

of

December

31,

2025.

All

securities

are

Level

1

with

respect

to

ASC

820.

Futures

contracts

outstanding

as

of

December

31,

2025:

Exchange-Traded

DESCRIPTION

NUMBER

OF

CONTRACTS

EXPIRATION

DATE

TRADING

CURRENCY

NOTIONAL

AMOUNT

UNREALIZED

APPRECIATION

(DEPRECIATION)

Long

Contracts

S&P

500

E-Mini

Index

62

3/2026

USD

$

21,366,750

$

(

109,708

)

Net

unrealized

depreciation

$

(

109,708

)

Schedule

of

Investments

December

31,

2025

(Unaudited)

AQR

INTERNATIONAL

DEFENSIVE

STYLE

FUND

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

Funds

|

N-PORT

Part

F

|

December

2025

43

INVESTMENTS

SHARES

VALUE

($)

COMMON

STOCKS

-

98.9%

Australia

-

7

.3

%

ANZ

Group

Holdings

Ltd.

6,958

168,228

Aristocrat

Leisure

Ltd.

38,642

1,496,002

BHP

Group

Ltd.

14,312

431,924

Brambles

Ltd.

12,311

187,993

Cochlear

Ltd.

1,306

226,747

Coles

Group

Ltd.

27,827

397,739

Fortescue

Ltd.

29,644

433,469

Medibank

Pvt

Ltd.

50,505

161,180

QBE

Insurance

Group

Ltd.

13,708

181,486

REA

Group

Ltd.

11,269

1,373,747

Santos

Ltd.

24,447

100,408

Telstra

Group

Ltd.

505,032

1,638,608

Wesfarmers

Ltd.

29,017

1,563,235

8,360,766

Austria

-

0

.6

%

OMV

AG

11,896

661,982

Belgium

-

1

.1

%

Anheuser-Busch

InBev

SA/NV

10,546

676,854

Groupe

Bruxelles

Lambert

NV

354

31,479

KBC

Group

NV

3,106

404,513

Lotus

Bakeries

NV

13

119,660

1,232,506

Brazil

-

1

.1

%

Wheaton

Precious

Metals

Corp.

(1)

10,443

1,227,702

Canada

-

12

.7

%

ARC

Resources

Ltd.

(1)

18,662

350,112

Bank

of

Montreal

(1)

1,972

256,099

Cameco

Corp.

(1)

1,057

96,786

Canadian

National

Railway

Co.

(1)

16,480

1,629,931

Canadian

Natural

Resources

Ltd.

(1)

22,038

746,455

Canadian

Pacific

Kansas

City

Ltd.

(1)

12,615

928,743

Constellation

Software,

Inc.

(1)

223

536,383

Descartes

Systems

Group,

Inc.

(The)

(1)*

2,278

199,843

Enbridge,

Inc.

(1)

7,546

361,095

Fairfax

Financial

Holdings

Ltd.

(1)

83

158,186

Fortis,

Inc.

(1)

1,201

62,441

George

Weston

Ltd.

(1)

3,945

272,159

Hydro

One

Ltd.

(1)(a)

29,072

1,157,331

Imperial

Oil

Ltd.

(1)

10,711

925,365

Intact

Financial

Corp.

(1)

6,881

1,432,449

Loblaw

Cos.

Ltd.

(1)

36,170

1,635,168

Lumine

Group,

Inc.

(1)*(b)

2,895

57,244

Lundin

Gold,

Inc.

(1)

9,575

795,411

Metro,

Inc.,

Class

A

(1)

11,957

860,611

Royal

Bank

of

Canada

(1)

6,459

1,101,119

Sun

Life

Financial,

Inc.

(1)

1,322

82,524

Suncor

Energy,

Inc.

(1)

16,118

715,390

Tourmaline

Oil

Corp.

(1)

3,221

144,488

14,505,333

INVESTMENTS

SHARES

VALUE

($)

China

-

0

.5

%

BOC

Hong

Kong

Holdings

Ltd.

84,500

428,836

Prosus

NV

1,956

121,114

549,950

Denmark

-

0

.6

%

Genmab

A/S

*

2,339

725,053

Finland

-

0

.6

%

Elisa

OYJ

1,380

61,156

Kone

OYJ,

Class

B

4,446

314,968

Nokia

OYJ

37,844

243,983

Wartsila

OYJ

Abp

3,498

123,845

743,952

France

-

7

.2

%

Air

Liquide

SA

2,883

541,871

Bouygues

SA

1,461

75,951

Danone

SA

13,792

1,244,026

Dassault

Aviation

SA

4,003

1,283,384

Dassault

Systemes

SE

6,712

187,522

Engie

SA

3,782

99,351

Hermes

International

SCA

658

1,633,715

Ipsen

SA

3,093

431,565

L'Oreal

SA

2,959

1,270,346

Orange

SA

24,144

402,880

Societe

Generale

SA

9,319

750,217

Thales

SA

1,048

282,715

8,203,543

Germany

-

6

.4

%

Allianz

SE

(Registered)

817

377,762

Beiersdorf

AG

28,665

3,147,910

Commerzbank

AG

10,383

438,211

Deutsche

Telekom

AG

(Registered)

2,520

82,029

Hannover

Rueck

SE

1,051

327,052

Mercedes-Benz

Group

AG

4,684

324,705

Rational

AG

312

240,893

Rheinmetall

AG

27

49,259

RWE

AG

3,090

163,729

SAP

SE

7,348

1,785,332

Scout24

SE

(a)

4,305

432,394

7,369,276

Hong

Kong

-

3

.2

%

CK

Asset

Holdings

Ltd.

95,500

482,933

HKT

Trust

&

HKT

Ltd.

60,000

88,845

Power

Assets

Holdings

Ltd.

(1)

203,500

1,442,047

Sino

Land

Co.

Ltd.

337,866

444,581

Sun

Hung

Kai

Properties

Ltd.

67,000

815,811

WH

Group

Ltd.

(a)

352,500

392,690

Wharf

Real

Estate

Investment

Co.

Ltd.

15,000

47,409

3,714,316

Italy

-

2

.0

%

Coca-Cola

HBC

AG

22,282

1,152,727

Eni

SpA

8,120

153,924

Ferrari

NV

433

160,909

Generali

13,836

578,185

44

AQR

Funds

|

N-PORT

Part

F

|

December

2025

See

notes

to

Schedule

of

Investments.

AQR

INTERNATIONAL

DEFENSIVE

STYLE

FUND

Schedule

of

Investments

December

31,

2025

(Unaudited)

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Italy

-

2.0%

(continued)

Leonardo

SpA

5,201

297,500

2,343,245

Japan

-

21

.9

%

Advantest

Corp.

9,800

1,239,190

Ajinomoto

Co.,

Inc.

11,500

243,110

Asics

Corp.

5,500

132,036

Capcom

Co.

Ltd.

31,000

720,100

Chugai

Pharmaceutical

Co.

Ltd.

25,900

1,358,755

Disco

Corp.

200

60,932

FANUC

Corp.

1,000

38,916

Fast

Retailing

Co.

Ltd.

1,400

507,624

Fujikura

Ltd.

400

44,358

Fujitsu

Ltd.

9,000

247,346

Hoya

Corp.

12,500

1,895,870

Inpex

Corp.

53,600

1,072,029

Japan

Post

Bank

Co.

Ltd.

70,100

986,803

Japan

Tobacco,

Inc.

34,700

1,247,198

KDDI

Corp.

45,200

782,308

Keyence

Corp.

1,000

361,725

Kikkoman

Corp.

10,000

90,806

Konami

Group

Corp.

1,900

258,034

Lasertec

Corp.

200

38,109

MatsukiyoCocokara

&

Co.

(1)

39,200

678,693

Mitsubishi

Electric

Corp.

14,000

408,196

Nexon

Co.

Ltd.

46,100

1,126,062

Nintendo

Co.

Ltd.

16,300

1,100,487

Nippon

Yusen

KK

9,500

307,720

Nitto

Denko

Corp.

22,000

523,814

NTT,

Inc.

445,000

449,223

Obic

Co.

Ltd.

39,400

1,236,714

Oracle

Corp.

Japan

7,700

647,178

Osaka

Gas

Co.

Ltd.

18,900

656,716

Otsuka

Corp.

18,100

372,961

Recruit

Holdings

Co.

Ltd.

18,900

1,062,021

Ryohin

Keikaku

Co.

Ltd.

6,900

121,836

Sanrio

Co.

Ltd.

6,000

187,741

Secom

Co.

Ltd.

19,300

685,810

Shin-Etsu

Chemical

Co.

Ltd.

1,900

59,016

Shionogi

&

Co.

Ltd.

21,400

387,336

SoftBank

Corp.

160,700

220,634

Subaru

Corp.

2,900

62,441

Sumitomo

Mitsui

Trust

Group,

Inc.

16,400

499,788

Suntory

Beverage

&

Food

Ltd.

7,100

213,522

Toho

Co.

Ltd.

(1)

4,900

249,630

Tokyo

Electron

Ltd.

3,100

690,455

Tokyo

Gas

Co.

Ltd.

2,400

95,147

Trend

Micro,

Inc.

*

28,600

1,187,823

Yakult

Honsha

Co.

Ltd.

16,900

264,139

ZOZO,

Inc.

28,900

238,333

25,058,685

Netherlands

-

4

.4

%

Adyen

NV

*(a)

199

320,902

Argenx

SE

*

1,362

1,148,907

ASM

International

NV

581

351,735

ASML

Holding

NV

437

470,876

Heineken

NV

2,316

191,086

Koninklijke

Ahold

Delhaize

NV

39,977

1,639,333

Koninklijke

KPN

NV

57,634

269,307

INVESTMENTS

SHARES

VALUE

($)

Netherlands

-

4.4%

(continued)

Universal

Music

Group

NV

24,428

636,834

5,028,980

New

Zealand

-

0

.0

%

†

Xero

Ltd.

*

435

32,953

Norway

-

2

.7

%

Equinor

ASA

23,813

561,554

Gjensidige

Forsikring

ASA

8,755

261,672

Kongsberg

Gruppen

ASA

4,596

117,774

Mowi

ASA

4,935

118,711

Orkla

ASA

124,796

1,389,696

Telenor

ASA

42,887

623,768

3,073,175

Portugal

-

0

.2

%

Jeronimo

Martins

SGPS

SA

10,428

248,148

Singapore

-

3

.4

%

DBS

Group

Holdings

Ltd.

25,620

1,122,275

Oversea-Chinese

Banking

Corp.

Ltd.

65,100

1,000,146

Singapore

Telecommunications

Ltd.

87,500

309,575

United

Overseas

Bank

Ltd.

51,900

1,413,524

3,845,520

Spain

-

3

.2

%

CaixaBank

SA

26,058

318,588

Endesa

SA

(1)

2,393

86,139

Iberdrola

SA

72,838

1,577,190

Industria

de

Diseno

Textil

SA

24,670

1,627,349

3,609,266

Sweden

-

1

.6

%

Essity

AB,

Class

B

8,808

253,242

Evolution

AB

(a)

17,808

1,209,191

Telia

Co.

AB

98,455

420,793

1,883,226

Switzerland

-

4

.0

%

Belimo

Holding

AG

(Registered)

75

73,280

BKW

AG

696

147,629

Chocoladefabriken

Lindt

&

Spruengli

AG

64

935,160

EMS-Chemie

Holding

AG

(Registered)

239

164,870

Kuehne

+

Nagel

International

AG

(Registered)

965

206,949

Schindler

Holding

AG

349

131,247

Sonova

Holding

AG

(Registered)

510

131,920

Swisscom

AG

(Registered)

2,068

1,502,107

Zurich

Insurance

Group

AG

1,631

1,234,182

4,527,344

United

Kingdom

-

10

.0

%

Associated

British

Foods

plc

17,499

499,830

AstraZeneca

plc

6,346

1,174,387

Auto

Trader

Group

plc

(a)

136,347

1,075,691

BAE

Systems

plc

32,400

745,688

British

American

Tobacco

plc

21,132

1,197,986

Compass

Group

plc

14,477

458,704

Schedule

of

Investments

December

31,

2025

(Unaudited)

AQR

INTERNATIONAL

DEFENSIVE

STYLE

FUND

See

notes

to

Schedule

of

Investments.

AQR

Funds

|

N-PORT

Part

F

|

December

2025

45

(Continued)

INVESTMENTS

SHARES

VALUE

($)

United

Kingdom

-

10.0%

(continued)

HSBC

Holdings

plc

56,724

892,606

Imperial

Brands

plc

32,646

1,370,810

InterContinental

Hotels

Group

plc

3,687

518,130

J

Sainsbury

plc

(1)

12,504

54,778

Next

plc

1,110

204,351

Reckitt

Benckiser

Group

plc

5,299

428,792

Rolls-Royce

Holdings

plc

66,770

1,032,646

Sage

Group

plc

(The)

51,327

746,525

Tesco

plc

115,006

683,921

Unilever

plc

4,710

307,738

Vodafone

Group

plc

82,081

109,415

11,501,998

United

States

-

4

.2

%

GSK

plc

6,140

150,536

Holcim

AG

1,641

159,752

Nestle

SA

(Registered)

8,205

814,421

Novartis

AG

(Registered)

9,803

1,350,814

Roche

Holding

AG

2,649

1,093,958

Shell

plc

34,845

1,284,117

4,853,598

TOTAL

COMMON

STOCKS

(Cost

$69,533,342)

113,300,517

PREFERRED

STOCKS

-

0.6%

Germany

-

0

.6

%

Henkel

AG

&

Co.

KGaA

(Preference)

(Cost

$471,957)

7,806

636,851

NO.

OF

WARRANTS

WARRANTS

-

0.0%

Canada

-

0

.0

%

Constellation

Software,

Inc.,

expiring

3/31/2040

(3)*

(Cost

$–)

883

–

SHARES

SHORT-TERM

INVESTMENTS

-

5.5%

INVESTMENT

COMPANIES

-

5

.5

%

Limited

Purpose

Cash

Investment

Fund,

3.78%

(1)(c)

(Cost

$6,251,674)

6,251,674

6,251,674

TOTAL

INVESTMENTS

IN

SECURITIES

AT

VALUE

-

105.0%

(Cost

$76,256,973)

120,189,042

LIABILITIES

IN

EXCESS

OF

OTHER

ASSETS

-

(5.0)%

(5,721,592)

NET

ASSETS

-

100.0%

114,467,450

SECTOR

VALUE

%

OF

NET

ASSETS

Communication

Services

$

13,933,626

12

.1

%

Consumer

Discretionary

10,567,416

9

.2

Consumer

Staples

24,677,863

21

.6

Energy

7,173,705

6

.3

Financials

14,928,012

13

.0

Health

Care

10,075,847

8

.8

Industrials

10,269,786

9

.0

Information

Technology

10,694,829

9

.3

Materials

4,337,829

3

.8

Real

Estate

1,790,734

1

.6

Utilities

5,487,721

4

.8

Investment

Companies

6,251,674

5

.5

Total

Investments

In

Securities

At

Value

120,189,042

105

.0

Liabilities

in

Excess

of

Other

Assets

(

5,721,592

)

(

5

.0

)

Net

Assets

$

114,467,450

100

.0

%

46

AQR

Funds

|

N-PORT

Part

F

|

December

2025

See

notes

to

Schedule

of

Investments.

AQR

INTERNATIONAL

DEFENSIVE

STYLE

FUND

Schedule

of

Investments

December

31,

2025

(Unaudited)

*

Non-income

producing

security.

†

Represents

less

than

0.05%

of

net

assets.

(a)

Security

exempt

from

registration

under

Rule

144A

or

section

4(2)

of

the

Securities

Act

of

1933.

Under

procedures

approved

by

the

Board

of

Trustees,

such

securities

have

been

determined

to

be

liquid

by

the

investment

adviser

and

may

be

resold,

normally

to

qualified

institutional

buyers

in

transactions

exempt

from

registration.

Total

value

of

all

such

securities

at

December

31,

2025

amounted

to

$4,588,199

of

investments

in

securities,

which

represents

4.01%

of

net

assets

of

the

Fund.

(b)

Security

exempt

from

registration

pursuant

to

Regulation

S

under

the

Securities

Act

of

1933.

Regulation

S

applies

to

securities

offerings

that

are

made

outside

of

the

United

States

and

do

not

involve

direct

selling

efforts

in

the

United

States.

Total

value

of

all

such

securities

at

December

31,

2025

amounted

to

$57,244

of

investments

in

securities,

which

represents

0.05%

of

net

assets

of

the

Fund.

(c)

Represents

7-day

effective

yield

as

of

December

31,

2025.

All

securities

are

Level

2

with

respect

to

ASC

820,

unless

otherwise

noted

in

parentheses.

(1)

Level

1

security.

(3)

Security

fair

valued

using

significant

unobservable

inputs

(Level

3)

in

accordance

with

procedures

approved

by

the

Board

of

Trustees.

Schedule

of

Investments

December

31,

2025

(Unaudited)

AQR

GLOBAL

EQUITY

FUND

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

Funds

|

N-PORT

Part

F

|

December

2025

47

INVESTMENTS

SHARES

VALUE

($)

COMMON

STOCKS

-

87.1%

Australia

-

0

.9

%

ANZ

Group

Holdings

Ltd.

(2)

5,829

140,931

BHP

Group

Ltd.

(2)

70,375

2,123,856

Evolution

Mining

Ltd.

(2)

19,086

159,726

Northern

Star

Resources

Ltd.

(2)

130,268

2,292,411

QBE

Insurance

Group

Ltd.

(2)

10,846

143,595

Rio

Tinto

Ltd.

(2)

1,629

158,918

5,019,437

Belgium

-

0

.1

%

Ageas

SA/NV

(2)

7,819

547,806

KBC

Group

NV

(2)

1,117

145,474

693,280

Canada

-

2

.3

%

Agnico

Eagle

Mines

Ltd.

1,142

193,663

ARC

Resources

Ltd.

23,404

439,075

Bank

of

Nova

Scotia

(The)

7,065

521,067

Barrick

Mining

Corp.

41,254

1,797,076

Canadian

Natural

Resources

Ltd.

11,166

378,207

Celestica,

Inc.

*

13,771

4,073,558

Empire

Co.

Ltd.,

Class

A

4,069

141,469

Enbridge,

Inc.

2,959

141,596

Fairfax

Financial

Holdings

Ltd.

90

171,528

George

Weston

Ltd.

2,059

142,047

Great-West

Lifeco,

Inc.

3,173

156,483

Kinross

Gold

Corp.

5,486

154,522

Loblaw

Cos.

Ltd.

3,135

141,727

Lundin

Gold,

Inc.

1,962

162,987

Power

Corp.

of

Canada

2,640

140,314

Royal

Bank

of

Canada

943

160,761

Suncor

Energy,

Inc.

80,775

3,585,160

Toronto-Dominion

Bank

(The)

1,740

163,991

12,665,231

China

-

0

.2

%

Prosus

NV

(2)

17,633

1,091,817

Denmark

-

0

.6

%

Danske

Bank

A/S

(2)

62,116

3,101,843

Finland

-

0

.1

%

Nordea

Bank

Abp

(2)

24,851

467,553

France

-

3

.2

%

BNP

Paribas

SA

(2)

50,943

4,819,567

Credit

Agricole

SA

(2)

51,889

1,068,284

Safran

SA

(2)

2,378

828,298

Societe

Generale

SA

(2)

77,973

6,277,140

Thales

SA

(2)

6,313

1,703,032

TotalEnergies

SE

(2)

36,914

2,406,719

17,103,040

Germany

-

1

.8

%

Allianz

SE

(Registered)

(2)

5,305

2,452,912

Commerzbank

AG

(2)

118,948

5,020,156

Deutsche

Bank

AG

(Registered)

(2)

31,781

1,224,812

Deutsche

Lufthansa

AG

(Registered)

(2)

14,460

142,054

Deutsche

Telekom

AG

(Registered)

(2)

4,503

146,577

INVESTMENTS

SHARES

VALUE

($)

Germany

-

1.8%

(continued)

Mercedes-Benz

Group

AG

(2)

3,526

244,430

Muenchener

Rueckversicherungs-

Gesellschaft

AG

in

Muenchen

(Registered)

(2)

224

147,411

Rheinmetall

AG

(2)

94

171,493

Talanx

AG

(2)

1,091

144,927

9,694,772

Italy

-

1

.4

%

Banco

BPM

SpA

(2)

9,415

142,966

Intesa

Sanpaolo

SpA

(2)

164,454

1,136,395

Leonardo

SpA

(2)

38,686

2,212,861

UniCredit

SpA

(2)

51,901

4,298,788

7,791,010

Japan

-

5

.5

%

Advantest

Corp.

(2)

12,700

1,605,889

Astellas

Pharma,

Inc.

(2)

23,500

312,774

Dai-ichi

Life

Holdings,

Inc.

(2)

169,400

1,407,810

Daiichi

Sankyo

Co.

Ltd.

(2)

7,600

161,383

ENEOS

Holdings,

Inc.

(2)

168,200

1,190,033

Honda

Motor

Co.

Ltd.

(2)

115,000

1,128,687

Japan

Post

Bank

Co.

Ltd.

(2)

213,700

3,008,271

Japan

Post

Holdings

Co.

Ltd.

(2)

17,700

186,760

Kansai

Electric

Power

Co.,

Inc.

(The)

(2)

9,000

141,342

LY

Corp.

(2)

147,400

392,224

Mitsubishi

UFJ

Financial

Group,

Inc.

(2)

46,400

736,418

Mizuho

Financial

Group,

Inc.

(2)

164,900

6,017,953

MS&AD

Insurance

Group

Holdings,

Inc.

(2)

6,600

154,948

Nexon

Co.

Ltd.

(2)

57,300

1,399,638

Nippon

Steel

Corp.

(2)

34,500

141,176

Nomura

Holdings,

Inc.

(2)

19,900

165,776

NTT,

Inc.

(2)

143,600

144,963

ORIX

Corp.

(2)

5,600

163,785

Panasonic

Holdings

Corp.

(2)

221,000

2,865,053

Rakuten

Group,

Inc.

(2)*

21,500

137,771

Recruit

Holdings

Co.

Ltd.

(2)

35,700

2,006,039

Resona

Holdings,

Inc.

(2)

54,300

516,812

Shionogi

&

Co.

Ltd.

(2)

7,900

142,989

SoftBank

Corp.

(2)

502,600

690,049

SoftBank

Group

Corp.

(2)

44,800

1,256,790

Sony

Financial

Group,

Inc.

*

4,600

4,875

Sony

Group

Corp.

(2)

5,500

141,080

Subaru

Corp.

(2)

6,600

142,106

Sumitomo

Mitsui

Financial

Group,

Inc.

(2)

5,200

167,239

Sumitomo

Mitsui

Trust

Group,

Inc.

(2)

19,700

600,355

Terumo

Corp.

(2)

9,800

142,445

Toyota

Motor

Corp.

(2)

113,300

2,433,355

29,706,788

Netherlands

-

1

.6

%

ABN

AMRO

Bank

NV,

CVA

(2)(a)

64,860

2,266,137

Argenx

SE

(2)*

219

184,736

ASML

Holding

NV

(2)

494

532,295

ING

Groep

NV

(2)

27,159

763,392

48

AQR

Funds

|

N-PORT

Part

F

|

December

2025

See

notes

to

Schedule

of

Investments.

AQR

GLOBAL

EQUITY

FUND

Schedule

of

Investments

December

31,

2025

(Unaudited)

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Netherlands

-

1.6%

(continued)

NN

Group

NV

(2)

61,927

4,777,335

8,523,895

Russia

-

0

.0

%

Evraz

plc

(3)*

77,212

–

Spain

-

1

.5

%

Banco

Bilbao

Vizcaya

Argentaria

SA

(2)

8,373

196,407

Banco

de

Sabadell

SA

(2)

37,738

148,720

Banco

Santander

SA

(2)

448,615

5,280,418

Bankinter

SA

(2)

8,570

142,049

CaixaBank

SA

(2)

152,599

1,865,695

Iberdrola

SA

(2)

6,766

146,507

Repsol

SA

(2)

8,206

153,111

7,932,907

Sweden

-

0

.2

%

Saab

AB,

Class

B

(2)

2,491

144,528

Svenska

Handelsbanken

AB,

Class

A

(2)

10,537

152,655

Swedbank

AB,

Class

A

(2)

14,670

508,977

Telefonaktiebolaget

LM

Ericsson,

Class

B

(2)

24,077

234,318

1,040,478

Switzerland

-

0

.1

%

Zurich

Insurance

Group

AG

(2)

669

506,234

United

Kingdom

-

3

.4

%

AstraZeneca

plc

(2)

778

143,976

Aviva

plc

(2)

15,456

142,117

Barclays

plc

(2)

744,927

4,768,374

British

American

Tobacco

plc

(2)

2,658

150,684

HSBC

Holdings

plc

(2)

9,894

155,691

International

Consolidated

Airlines

Group

SA

(2)

178,193

989,401

Lloyds

Banking

Group

plc

(2)

333,294

440,853

NatWest

Group

plc

(2)

637,667

5,593,795

Rolls-Royce

Holdings

plc

(2)

300,722

4,650,880

Vodafone

Group

plc

(2)

1,194,126

1,591,781

18,627,552

United

States

-

64

.2

%

AbbVie,

Inc.

636

145,320

Accenture

plc,

Class

A

522

140,053

Adobe,

Inc.

*

17,346

6,070,927

Airbnb,

Inc.,

Class

A

*

12,811

1,738,709

Allstate

Corp.

(The)

704

146,538

Alnylam

Pharmaceuticals,

Inc.

*

6,143

2,442,764

Alphabet,

Inc.,

Class

A

16,411

5,136,643

Alphabet,

Inc.,

Class

C

28,560

8,962,127

Altria

Group,

Inc.

53,906

3,108,220

Amazon.com,

Inc.

*

72,868

16,819,391

American

International

Group,

Inc.

1,836

157,070

American

Tower

Corp.,

REIT

808

141,861

Ameriprise

Financial,

Inc.

303

148,573

Analog

Devices,

Inc.

516

139,939

Apple,

Inc.

63,129

17,162,249

Arista

Networks,

Inc.

*

27,962

3,663,861

AT&T,

Inc.

5,745

142,706

INVESTMENTS

SHARES

VALUE

($)

United

States

-

64.2%

(continued)

Atlassian

Corp.,

Class

A

*

37,117

6,018,150

AutoZone,

Inc.

*

78

264,537

Bank

of

America

Corp.

49,542

2,724,810

Bank

of

New

York

Mellon

Corp.

(The)

1,278

148,363

Berkshire

Hathaway,

Inc.,

Class

B

*

8,704

4,375,066

Best

Buy

Co.,

Inc.

22,092

1,478,618

BioMarin

Pharmaceutical,

Inc.

*

34,031

2,022,462

Booking

Holdings,

Inc.

815

4,364,594

BP

plc

(2)

24,623

143,600

Bristol-Myers

Squibb

Co.

100,198

5,404,680

Broadcom,

Inc.

17,975

6,221,148

Capital

One

Financial

Corp.

11,197

2,713,705

Centene

Corp.

*

148,110

6,094,727

Charles

Schwab

Corp.

(The)

25,483

2,546,007

Charter

Communications,

Inc.,

Class

A

*

688

143,620

Chevron

Corp.

946

144,180

Chewy,

Inc.,

Class

A

*

73,345

2,424,052

Chubb

Ltd.

20,678

6,454,017

Cigna

Group

(The)

537

147,799

Cisco

Systems,

Inc.

1,827

140,734

Citigroup,

Inc.

27,075

3,159,382

CME

Group,

Inc.

511

139,544

Comcast

Corp.,

Class

A

76,239

2,278,784

Concentrix

Corp.

3,648

151,684

ConocoPhillips

26,002

2,434,047

CVS

Health

Corp.

1,786

141,737

Dell

Technologies,

Inc.,

Class

C

11,824

1,488,405

Delta

Air

Lines,

Inc.

2,051

142,339

Devon

Energy

Corp.

3,915

143,406

Dollar

General

Corp.

22,891

3,039,238

DR

Horton,

Inc.

977

140,717

DraftKings,

Inc.,

Class

A

*

101,085

3,483,389

Edison

International

28,478

1,709,250

Edwards

Lifesciences

Corp.

*

1,634

139,299

Elastic

NV

*

17,158

1,294,400

Electronic

Arts,

Inc.

694

141,805

Eli

Lilly

&

Co.

164

176,248

Everest

Group

Ltd.

1,706

578,931

Exelixis,

Inc.

*

3,096

135,698

Expedia

Group,

Inc.

11,412

3,233,134

Exxon

Mobil

Corp.

48,636

5,852,856

F&G

Annuities

&

Life,

Inc.

879

27,117

FedEx

Corp.

8,825

2,549,190

Fidelity

National

Financial,

Inc.

14,664

800,508

Fidelity

National

Information

Services,

Inc.

2,139

142,158

Ford

Motor

Co.

10,698

140,358

Freeport-McMoRan,

Inc.

3,363

170,807

Gartner,

Inc.

*

608

153,386

GE

Aerospace

24,172

7,445,701

GE

Vernova,

Inc.

6,114

3,995,927

General

Dynamics

Corp.

3,651

1,229,146

General

Motors

Co.

14,012

1,139,456

Gilead

Sciences,

Inc.

16,359

2,007,904

GoDaddy,

Inc.,

Class

A

*

1,121

139,094

Haemonetics

Corp.

*

1,764

141,385

HCA

Healthcare,

Inc.

301

140,525

Holcim

AG

(2)

1,645

160,141

Schedule

of

Investments

December

31,

2025

(Unaudited)

AQR

GLOBAL

EQUITY

FUND

See

notes

to

Schedule

of

Investments.

AQR

Funds

|

N-PORT

Part

F

|

December

2025

49

(Continued)

INVESTMENTS

SHARES

VALUE

($)

United

States

-

64.2%

(continued)

HP,

Inc.

104,127

2,319,950

HubSpot,

Inc.

*

3,214

1,289,778

Intel

Corp.

*

13,148

485,161

International

Business

Machines

Corp.

532

157,584

Intuit,

Inc.

1,389

920,101

Johnson

&

Johnson

13,326

2,757,816

Kinder

Morgan,

Inc.

5,165

141,986

Lam

Research

Corp.

1,378

235,886

Las

Vegas

Sands

Corp.

58,208

3,788,759

Lockheed

Martin

Corp.

6,091

2,946,034

Lyft,

Inc.,

Class

A

*

8,738

169,255

Marsh

&

McLennan

Cos.,

Inc.

757

140,439

Mastercard,

Inc.,

Class

A

262

149,571

McDonald's

Corp.

466

142,424

McKesson

Corp.

3,890

3,190,928

Medpace

Holdings,

Inc.

*

3,647

2,048,338

Merck

&

Co.,

Inc.

69,355

7,300,307

Meta

Platforms,

Inc.,

Class

A

17,096

11,284,898

MetLife,

Inc.

1,796

141,776

Micron

Technology,

Inc.

26,575

7,584,771

Microsoft

Corp.

44,544

21,542,368

Morgan

Stanley

874

155,161

MSCI,

Inc.,

Class

A

262

150,317

Nestle

SA

(Registered)

(2)

1,454

144,323

Netflix,

Inc.

*

8,599

806,242

Newmont

Corp.

31,169

3,112,225

Northrop

Grumman

Corp.

246

140,272

Novartis

AG

(Registered)

(2)

38,897

5,359,851

Nutanix,

Inc.,

Class

A

*

13,006

672,280

NVIDIA

Corp.

119,807

22,344,005

Oracle

Corp.

17,763

3,462,186

Palantir

Technologies,

Inc.,

Class

A

*

33,739

5,997,107

Palo

Alto

Networks,

Inc.

*

2,487

458,105

PayPal

Holdings,

Inc.

21,022

1,227,264

PepsiCo,

Inc.

983

141,080

Pfizer,

Inc.

37,938

944,656

PG&E

Corp.

205,548

3,303,156

Philip

Morris

International,

Inc.

22,242

3,567,617

Phillips

66

1,108

142,976

Pinterest,

Inc.,

Class

A

*

10,647

275,651

PNC

Financial

Services

Group,

Inc.

(The)

7,441

1,553,160

Procter

&

Gamble

Co.

(The)

1,008

144,456

Progressive

Corp.

(The)

638

145,285

Pure

Storage,

Inc.,

Class

A

*

2,078

139,247

QUALCOMM,

Inc.

825

141,116

Regeneron

Pharmaceuticals,

Inc.

3,240

2,500,859

ROBLOX

Corp.,

Class

A

*

57,547

4,663,033

Roche

Holding

AG

(2)

400

165,188

Roche

Holding

AG

(2)

349

147,378

Salesforce,

Inc.

14,727

3,901,330

Sarepta

Therapeutics,

Inc.

*

6,577

141,537

Seagate

Technology

Holdings

plc

7,148

1,968,488

ServiceNow,

Inc.

*

923

141,394

Shell

plc

(2)

38,971

1,436,169

Snap,

Inc.,

Class

A

*

92,424

745,862

Snowflake,

Inc.,

Class

A

*

10,407

2,282,880

Swiss

Re

AG

(2)

847

141,101

INVESTMENTS

SHARES

VALUE

($)

United

States

-

64.2%

(continued)

Take-Two

Interactive

Software,

Inc.

*

556

142,353

Teradyne,

Inc.

722

139,750

Tesla,

Inc.

*

4,152

1,867,237

TJX

Cos.,

Inc.

(The)

974

149,616

T-Mobile

US,

Inc.

702

142,534

Travelers

Cos.,

Inc.

(The)

504

146,190

Tyson

Foods,

Inc.,

Class

A

2,421

141,919

Uber

Technologies,

Inc.

*

12,492

1,020,721

United

Parcel

Service,

Inc.,

Class

B

40,292

3,996,563

United

Therapeutics

Corp.

*

323

157,382

UnitedHealth

Group,

Inc.

4,291

1,416,502

US

Bancorp

2,601

138,789

Veeva

Systems,

Inc.,

Class

A

*

8,220

1,834,951

VeriSign,

Inc.

11,385

2,765,986

Verizon

Communications,

Inc.

3,509

142,922

Vertiv

Holdings

Co.,

Class

A

856

138,681

Visa,

Inc.,

Class

A

400

140,284

Walmart,

Inc.

76,069

8,474,846

Walt

Disney

Co.

(The)

43,210

4,916,002

Wells

Fargo

&

Co.

1,500

139,800

Western

Digital

Corp.

13,919

2,397,826

Zoom

Communications,

Inc.,

Class

A

*

42,057

3,629,099

Zscaler,

Inc.

*

623

140,125

346,310,081

TOTAL

COMMON

STOCKS

(Cost

$330,358,403)

470,275,918

PREFERRED

STOCKS

-

0.0%

†

Germany

-

0

.0

%

†

Volkswagen

AG

(Preference)

(2)

(Cost

$122,388)

1,294

157,918

SHORT-TERM

INVESTMENTS

-

9.7%

INVESTMENT

COMPANIES

-

9

.7

%

Goldman

Sachs

Financial

Square

Funds

-

Treasury

Instruments

Fund,

Institutional

Shares,

3.55%

(b)(c)

16,621,620

16,621,620

Limited

Purpose

Cash

Investment

Fund,

3.78%

(b)

36,047,903

36,047,903

TOTAL

SHORT-TERM

INVESTMENTS

(Cost

$52,666,520)

52,669,523

TOTAL

INVESTMENTS

IN

SECURITIES

AT

VALUE

-

96.8%

(Cost

$383,147,311)

523,103,359

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

-

3.2%

‡

17,245,384

NET

ASSETS

-

100.0%

540,348,743

50

AQR

Funds

|

N-PORT

Part

F

|

December

2025

See

notes

to

Schedule

of

Investments.

AQR

GLOBAL

EQUITY

FUND

Schedule

of

Investments

December

31,

2025

(Unaudited)

(Continued)

SECTOR

VALUE

%

OF

NET

ASSETS

Communication

Services

$

45,547,207

8

.4

%

Consumer

Discretionary

49,517,209

9

.2

Consumer

Staples

19,337,627

3

.6

Energy

18,733,121

3

.5

Financials

102,065,479

18

.9

Health

Care

48,194,541

8

.9

Industrials

36,774,098

6

.8

Information

Technology

134,194,929

24

.8

Materials

10,627,509

2

.0

Real

Estate

141,861

0

.0

†

Utilities

5,300,255

1

.0

Investment

Companies

52,669,523

9

.7

Total

Investments

In

Securities

At

Value

523,103,359

96

.8

Other

Assets

in

Excess

of

Liabilities

‡

17,245,384

3

.2

Net

Assets

$

540,348,743

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)

Security

exempt

from

registration

under

Rule

144A

or

section

4(2)

of

the

Securities

Act

of

1933.

Under

procedures

approved

by

the

Board

of

Trustees,

such

securities

have

been

determined

to

be

liquid

by

the

investment

adviser

and

may

be

resold,

normally

to

qualified

institutional

buyers

in

transactions

exempt

from

registration.

Total

value

of

all

such

securities

at

December

31,

2025

amounted

to

$2,266,137

of

investments

in

securities,

which

represents

0.42%

of

net

assets

of

the

Fund.

(b)

Represents

7-day

effective

yield

as

of

December

31,

2025.

(c)

All

or

a

portion

of

the

security

pledged

as

collateral

for

forward

foreign

currency

exchange

and

swap

contracts,

as

applicable.

All

securities

are

Level

1

with

respect

to

ASC

820,

unless

otherwise

noted

in

parentheses.

(2)

Level

2

security.

(3)

Security

fair

valued

using

significant

unobservable

inputs

(Level

3)

in

accordance

with

procedures

approved

by

the

Board

of

Trustees.

Schedule

of

Investments

December

31,

2025

(Unaudited)

AQR

GLOBAL

EQUITY

FUND

See

notes

to

Schedule

of

Investments.

AQR

Funds

|

N-PORT

Part

F

|

December

2025

51

(Continued)

Total

return

swap

contracts

outstanding

as

of

December

31,

2025

:

Over-the-Counter

REFERENCE

ENTITY

PAYMENTS

MADE

BY

FUND

PAYMENTS

RECEIVED

BY

FUND

PAYMENT

FREQUENCY

COUNTERPARTY

MATURITY

DATE

NOTIONAL

AMOUNT

VALUE

AND

UNREALIZED

APPRECIATION

(DEPRECIATION)

MSCI

France

Net

Return

Index

Decreases

in

total

return

of

reference

entity

and

pays

the

ESTR

plus

or

minus

a

specified

spread

(0.70%)

Increases

in

total

return

of

reference

entity

Monthly

JPMC

03/18/2026

EUR

1,066,719

$

20,825

MSCI

Hong

Kong

Net

Return

Index

Decreases

in

total

return

of

reference

entity

and

pays

the

HIBOR

plus

or

minus

a

specified

spread

(0.70%)

Increases

in

total

return

of

reference

entity

Monthly

JPMC

03/18/2026

HKD

111,585,534

142,036

MSCI

Italy

Net

Return

Index

Decreases

in

total

return

of

reference

entity

and

pays

the

ESTR

plus

or

minus

a

specified

spread

(0.50%)

Increases

in

total

return

of

reference

entity

Monthly

JPMC

03/18/2026

EUR

3,097,325

89,933

MSCI

Netherlands

Net

Return

Index

Increases

in

total

return

of

reference

entity

Decreases

in

total

return

of

reference

entity

and

receives

the

ESTR

plus

or

minus

a

specified

spread

(0.15%)

Monthly

JPMC

03/18/2026

EUR

(5,077,116)

11,262

MSCI

Singapore

Net

Return

Index

Decreases

in

total

return

of

reference

entity

and

pays

the

SORA

plus

or

minus

a

specified

spread

(1.00%)

Increases

in

total

return

of

reference

entity

Monthly

JPMC

03/18/2026

SGD

72,920

1,449

MSCI

Sweden

Net

Return

Index

Decreases

in

total

return

of

reference

entity

and

pays

the

STIBOR

plus

or

minus

a

specified

spread

(0.65%)

Increases

in

total

return

of

reference

entity

Monthly

JPMC

03/18/2026

SEK

9,158,355

12,333

52

AQR

Funds

|

N-PORT

Part

F

|

December

2025

See

notes

to

Schedule

of

Investments.

AQR

GLOBAL

EQUITY

FUND

Schedule

of

Investments

December

31,

2025

(Unaudited)

(Continued)

REFERENCE

ENTITY

PAYMENTS

MADE

BY

FUND

PAYMENTS

RECEIVED

BY

FUND

PAYMENT

FREQUENCY

COUNTERPARTY

MATURITY

DATE

NOTIONAL

AMOUNT

VALUE

AND

UNREALIZED

APPRECIATION

(DEPRECIATION)

Tel

Aviv

Stock

Exchange

35

Index

Decreases

in

total

return

of

reference

entity

and

pays

the

SHIRON

plus

or

minus

a

specified

spread

(0.55%)

Increases

in

total

return

of

reference

entity

Monthly

GSIN

03/18/2026

ILS

4,607,014

$

7,662

Total

unrealized

appreciation

285,500

Amsterdam

Exchange

Index

January

Futures

Increases

in

total

return

of

reference

entity

Decreases

in

total

return

of

reference

entity

At

termination

GSIN

01/16/2026

EUR

(1,142,460)

(

1,249

)

Swiss

Market

Index

March

Futures

Increases

in

total

return

of

reference

entity

Decreases

in

total

return

of

reference

entity

At

termination

GSIN

03/20/2026

CHF

(2,377,260)

(

14,878

)

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

JPMC

03/18/2026

AUD

(11,056,204)

(

103,179

)

MSCI

Spain

Net

Return

Index

Increases

in

total

return

of

reference

entity

Decreases

in

total

return

of

reference

entity

and

receives

the

ESTR

plus

or

minus

a

specified

spread

(-0.07%)

Monthly

JPMC

03/18/2026

EUR

(7,508,645)

(

172,414

)

MSCI

Switzerland

Net

Return

Index

Increases

in

total

return

of

reference

entity

Decreases

in

total

return

of

reference

entity

and

receives

the

SARON

plus

or

minus

a

specified

spread

(-0.03%)

Monthly

JPMC

03/18/2026

CHF

(2,302,322)

(

36,469

)

Total

unrealized

depreciation

(

328,189

)

Net

unrealized

depreciation

$

(

42,689

)

Schedule

of

Investments

December

31,

2025

(Unaudited)

AQR

GLOBAL

EQUITY

FUND

See

notes

to

Schedule

of

Investments.

AQR

Funds

|

N-PORT

Part

F

|

December

2025

53

(Continued)

Futures

contracts

outstanding

as

of

December

31,

2025:

Exchange-Traded

DESCRIPTION

NUMBER

OF

CONTRACTS

EXPIRATION

DATE

TRADING

CURRENCY

NOTIONAL

AMOUNT

UNREALIZED

APPRECIATION

(DEPRECIATION)

Long

Contracts

CAC

40

10

Euro

Index

130

1/2026

EUR

$

12,457,355

$

46,877

MSCI

Singapore

Index

64

1/2026

SGD

2,219,387

(

8,045

)

FTSE/MIB

Index

58

3/2026

EUR

15,354,423

261,655

S&P

500

E-Mini

Index

179

3/2026

USD

61,687,875

(

122,414

)

S&P/TSX

60

Index

26

3/2026

CAD

7,053,936

20,082

TOPIX

Index

112

3/2026

JPY

24,407,048

196,520

Total

of

long

contracts

394,675

Short

Contracts

IBEX

35

Index

(

82

)

1/2026

EUR

(

16,651,632

)

(

243,596

)

DAX

Index

(

19

)

3/2026

EUR

(

13,782,452

)

(

227,544

)

FTSE

100

Index

(

11

)

3/2026

GBP

(

1,473,997

)

1,995

SPI

200

Index

(

129

)

3/2026

AUD

(

18,672,520

)

(

178,307

)

Total

of

short

contracts

(

647,452

)

Net

unrealized

depreciation

$

(

252,777

)

Forward

foreign

currency

exchange

contracts

outstanding

as

of

December

31,

2025:

Over-the-Counter

CURRENCY

PURCHASED

CURRENCY

SOLD

COUNTERPARTY

SETTLEMENT

DATE

UNREALIZED

APPRECIATION

(DEPRECIATION)

AUD

28,550,500

USD

18,953,886

CITG

3/18/2026

$

100,855

AUD

28,550,500

USD

18,953,848

JPMC

3/18/2026

100,893

CAD

61,991,824

USD

44,913,766

CITG

3/18/2026

392,076

CAD

61,991,824

USD

44,913,676

JPMC

3/18/2026

392,166

CHF

10,052,000

USD

12,764,970

CITG

3/18/2026

23,041

CHF

10,052,000

USD

12,764,945

JPMC

3/18/2026

23,066

DKK

319,000

USD

50,048

CITG

3/18/2026

355

DKK

319,000

USD

50,048

JPMC

3/18/2026

355

EUR

48,093,500

USD

56,127,224

CITG

3/18/2026

583,381

EUR

48,093,500

USD

56,127,112

JPMC

3/18/2026

583,493

GBP

7,754,500

USD

10,375,515

CITG

3/18/2026

75,241

GBP

7,754,500

USD

10,375,494

JPMC

3/18/2026

75,261

ILS

2,415,500

USD

742,911

CITG

3/18/2026

15,786

ILS

2,415,499

USD

742,910

JPMC

3/18/2026

15,788

JPY

1,486,647,294

USD

9,547,320

CITG

3/18/2026

2,807

JPY

1,486,647,294

USD

9,547,301

JPMC

3/18/2026

2,826

NOK

137,390,267

USD

13,452,344

CITG

3/18/2026

174,373

NOK

137,390,266

USD

13,452,317

JPMC

3/18/2026

174,400

NZD

10,642,429

USD

6,103,492

CITG

3/18/2026

40,636

NZD

10,642,430

USD

6,103,480

JPMC

3/18/2026

40,648

SEK

68,854,729

USD

7,260,113

CITG

3/18/2026

247,259

SEK

68,854,728

USD

7,260,098

JPMC

3/18/2026

247,273

SGD

1,489,362

USD

1,153,718

CITG

3/18/2026

10,417

SGD

1,489,362

USD

1,153,715

JPMC

3/18/2026

10,420

USD

420,507

CHF

329,500

CITG

3/18/2026

1,322

USD

420,508

CHF

329,500

JPMC

3/18/2026

1,322

USD

7,500,918

EUR

6,352,000

CITG

3/18/2026

10,805

USD

7,500,933

EUR

6,352,000

JPMC

3/18/2026

10,820

USD

46,314

HKD

359,500

CITG

3/18/2026

15

USD

46,314

HKD

359,500

JPMC

3/18/2026

15

USD

16,663

ILS

53,000

CITG

3/18/2026

16

USD

16,663

ILS

53,000

JPMC

3/18/2026

16

54

AQR

Funds

|

N-PORT

Part

F

|

December

2025

See

notes

to

Schedule

of

Investments.

AQR

GLOBAL

EQUITY

FUND

Schedule

of

Investments

December

31,

2025

(Unaudited)

CURRENCY

PURCHASED

CURRENCY

SOLD

COUNTERPARTY

SETTLEMENT

DATE

UNREALIZED

APPRECIATION

(DEPRECIATION)

USD

15,470,483

JPY

2,395,000,000

CITG

3/18/2026

$

85,156

USD

15,470,514

JPY

2,395,000,000

JPMC

3/18/2026

85,187

Total

unrealized

appreciation

3,527,490

CAD

6,059,151

USD

4,429,048

CITG

3/18/2026

(

804

)

CAD

6,059,151

USD

4,429,039

JPMC

3/18/2026

(

795

)

DKK

564,500

USD

89,349

CITG

3/18/2026

(

155

)

DKK

564,500

USD

89,349

JPMC

3/18/2026

(

155

)

EUR

1,060,000

USD

1,250,493

CITG

3/18/2026

(

568

)

EUR

1,060,000

USD

1,250,490

JPMC

3/18/2026

(

566

)

HKD

10,912,375

USD

1,406,315

CITG

3/18/2026

(

952

)

HKD

10,912,375

USD

1,406,312

JPMC

3/18/2026

(

949

)

ILS

9,000

USD

2,829

CITG

3/18/2026

(

2

)

ILS

9,000

USD

2,829

JPMC

3/18/2026

(

2

)

JPY

7,647,137,987

USD

49,582,472

CITG

3/18/2026

(

457,748

)

JPY

7,647,137,987

USD

49,582,373

JPMC

3/18/2026

(

457,650

)

NOK

25,744,734

USD

2,554,549

CITG

3/18/2026

(

1,121

)

NOK

25,744,734

USD

2,554,544

JPMC

3/18/2026

(

1,116

)

NZD

10,496,501

USD

6,086,915

CITG

3/18/2026

(

27,034

)

NZD

10,496,499

USD

6,086,902

JPMC

3/18/2026

(

27,021

)

SGD

20,500

USD

16,034

CITG

3/18/2026

(

11

)

SGD

20,500

USD

16,034

JPMC

3/18/2026

(

11

)

USD

19,757,648

AUD

30,249,468

CITG

3/18/2026

(

430,992

)

USD

19,757,688

AUD

30,249,469

JPMC

3/18/2026

(

430,952

)

USD

5,804,620

CAD

7,973,000

CITG

3/18/2026

(

22,334

)

USD

5,804,631

CAD

7,973,000

JPMC

3/18/2026

(

22,322

)

USD

51,613,843

CHF

41,077,500

CITG

3/18/2026

(

644,367

)

USD

51,613,946

CHF

41,077,500

JPMC

3/18/2026

(

644,264

)

USD

396,161

DKK

2,530,500

CITG

3/18/2026

(

3,668

)

USD

396,162

DKK

2,530,500

JPMC

3/18/2026

(

3,667

)

USD

18,330,291

EUR

15,583,000

CITG

3/18/2026

(

44,777

)

USD

18,330,328

EUR

15,583,000

JPMC

3/18/2026

(

44,741

)

USD

37,531,143

GBP

28,368,376

CITG

3/18/2026

(

700,974

)

USD

37,531,218

GBP

28,368,376

JPMC

3/18/2026

(

700,899

)

USD

16,161

ILS

52,001

CITG

3/18/2026

(

173

)

USD

16,160

ILS

51,999

JPMC

3/18/2026

(

173

)

USD

68,183

NZD

118,500

CITG

3/18/2026

(

230

)

USD

68,183

NZD

118,500

JPMC

3/18/2026

(

230

)

USD

27,667,682

SEK

255,500,000

CITG

3/18/2026

(

190,005

)

USD

27,667,738

SEK

255,500,000

JPMC

3/18/2026

(

189,949

)

USD

40,024

SGD

51,500

CITG

3/18/2026

(

230

)

USD

40,024

SGD

51,500

JPMC

3/18/2026

(

230

)

Total

unrealized

depreciation

(

5,051,837

)

Net

unrealized

depreciation

$

(

1,524,347

)

55

Schedule

of

Investments

AQR

Funds

|

N-PORT

Part

F

|

December

2025

See

notes

to

Schedule

of

Investments.

December

31,

2025

(Unaudited)

Abbreviations

ADR

-

American

Depositary

Receipt

CPI

-

Consumer

Price

Index

CVA

-

Dutch

Certification

CVR

-

Contingent

Value

Rights

GDR

-

Global

Depositary

Receipt

NVDR

-

Non-Voting

Depositary

Receipt

OYJ

-

Public

Traded

Company

PJSC

-

Public

Joint

Stock

Company

Preference

-

A

special

type

of

equity

investment

that

shares

in

the

earnings

of

the

company,

has

limited

voting

rights,

and

may

have

a

dividend

preference.

Preference

shares

may

also

have

liquidation

preference.

REIT

-

Real

Estate

Investment

Trust

SCA

-

Limited

partnership

with

share

capital

Currencies

AUD

-

Australian

dollar

CAD

-

Canadian

dollar

CHF

-

Swiss

franc

DKK

-

Danish

krone

EUR

-

Euro

GBP

-

British

pound

HKD

-

Hong

Kong

dollar

ILS

-

Israeli

shekel

JPY

-

Japanese

yen

NOK

-

Norwegian

krone

NZD

-

New

Zealand

dollar

SEK

-

Swedish

krona

SGD

-

Singapore

dollar

USD

-

United

States

dollar

The

following

abbreviations

are

used

for

counterparty

descriptions:

CITG

-

Citigroup

Global

Markets,

Inc.

GSIN

-

Goldman

Sachs

International

JPMC

-

J.P.

Morgan

Chase

Bank,

NA

The

following

reference

rates,

and

their

values

as

of

period

end,

are

used

for

security

descriptions:

1

Month

Stockholm

Interbank

Offered

Rate

(“STIBOR”):

1.82%

Australian

Bank-Bill

Reference

Rate

(“BBR”):

3.55%

Euro

Short-Term

Rate

(“ESTR”):

1.92%

Hong

Kong

Interbank

Offered

Rate

(“HIBOR”):

3.08%

Shekel

Interbank

Offered

Rate

(“SHIRON”):

4.25%

Singapore

Overnight

Rate

Average

(“SORA”):

0.89%

Swiss

Average

Rate

Overnight

(“SARON”):

-0.08%

56

Notes

to

Schedule

of

Investments

AQR

Funds

|

N-PORT

Part

F

|

December

2025

December

31,

2025

(Unaudited)

Fair

Value

Hierarchy:

Various

inputs

are

utilized

in

determining

the

value

of

each

Fund’s

investments.

GAAP

establishes

a

hierarchy

for

inputs

used

in

measuring

fair

value

that

maximizes

the

use

of

observable

inputs

and

minimizes

the

use

of

unobservable

inputs

by

requiring

the

most

observable

inputs

be

used

when

available.

These

inputs

are

summarized

into

three

broad

levels

as

follows:

Level

1

—

Inputs

using

unadjusted

quoted

prices

in

active

markets

or

exchanges

for

identical

assets

and

liabilities.

Level

2

—

Other

significant

observable

inputs,

which

may

include,

but

are

not

limited

to,

quoted

prices

for

similar

assets

or

liabilities

in

markets

that

are

active,

quoted

prices

for

identical

or

similar

assets

or

liabilities

in

markets

that

are

not

active,

inputs

other

than

quoted

prices

that

are

observable

for

the

assets

or

liabilities

(such

as

interest

rates,

yield

curves,

volatilities,

prepayment

speeds,

credit

risks

and

default

rates)

or

other

market

corroborated

inputs.

Level

3

—

Significant

unobservable

inputs

based

on

the

best

information

available

in

the

circumstances,

to

the

extent

observable

inputs

are

not

available,

which

may

include

assumptions

made

by

the

Board

or

persons

acting

at

their

direction

that

are

used

in

determining

the

fair

value

of

investments.

An

investment

asset’s

or

liability’s

level

within

the

fair

value

hierarchy

is

based

on

the

lowest

level

input,

individually

or

in

aggregate,

that

is

significant

to

fair

value

measurement.

The

objective

of

fair

value

measurement

remains

the

same

even

when

there

is

a

significant

decrease

in

the

volume or

level

of

activity

for

an

asset

or

liability

and

regardless

of

the

valuation

technique

used.

The

valuation

techniques

used

by

the

Funds

to

measure

fair

value

maximize

the

use

of

observable

inputs

and

minimize

the

use

of

unobservable

inputs.

The

inputs

or

methodologies

used

for

valuing

securities

are

not

necessarily

an

indication

of

the

risks associated

with

investing

in

those

securities. Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

assigned

level

within

the

hierarchy.

Investments

classified as

Level

3

have

significant

unobservable

inputs,

as

they

trade

infrequently

or

not

at

all.

Level

3

instruments

include

illiquid

securities.

When

observable

prices

are

not

available

for

these

securities,

the

Funds

may

use

one

or

more

valuation

approaches

(e.g.,

the

market

approach,

the

income

approach,

or

the

cost

approach),

including

proprietary

models

for

which

sufficient

and

reliable

data

is

available.

Within

Level

3,

the

market

approach

is

generally

based

on

the

technique

of

using

comparable

market

transactions,

while

the

use

of

the

income

approach

includes

the

estimation

of

future

cash

flows

discounted

to

calculate

fair

value.

Discounts

may

also

be

applied

due

to

the

nature

or

durations

of

any

restrictions

on

the

disposition

of

the

investment

or

adjusted

as

appropriate

for

credit,

market,

and/or

other

risk

factors.

Level

3

investments

may

also

be

adjusted

to

reflect

illiquidity

and/or

lack

of

marketability,

with

the

amount

of

such

discount

estimated

by

the

Adviser

in

the

absence

of

market

information.

Assumptions

used

by

the

Funds

due

to

the

lack

of

observable

inputs

may

significantly

impact

the

fair

value

of

the

investment.

The

following

tables

represent

each

Fund’s

valuation

inputs

as

presented

on

the

Schedule

of

Investments:

AQR

LARGE

CAP

MULTI-STYLE

FUND

LEVEL

1

LEVEL

2

LEVEL

3

TOTALS

ASSETS

Common

Stocks

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

$

1,069,524,508

$

–

$

–

$

1,069,524,508

Investment

Companies

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

76,146,627

–

–

76,146,627

Futures

Contracts

*

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

203,959

–

–

203,959

Total

Assets

$

1,145,875,094

$

–

$

–

$

1,145,875,094

–

–

–

–

AQR

SMALL

CAP

MULTI-STYLE

FUND

LEVEL

1

LEVEL

2

LEVEL

3

TOTALS

ASSETS

Common

Stocks

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

$

133,727,957

$

–

$

1,029

$

133,728,986

Rights

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

–

–

12,118

12,118

Investment

Companies

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

4,188,637

–

–

4,188,637

Total

Assets

$

137,916,594

$

–

$

13,147

$

137,929,741

–

–

–

–

LIABILITIES

Futures

Contracts

*

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

$

(

115,253

)

$

–

$

–

$

(

115,253

)

Total

Liabilities

$

(

115,253

)

$

–

$

–

$

(

115,253

)

AQR

INTERNATIONAL

MULTI-STYLE

FUND

LEVEL

1

LEVEL

2

LEVEL

3

TOTALS

ASSETS

Common

Stocks

†

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

$

85,573,615

$

582,870,958

$

–

$

668,444,573

Preferred

Stocks

†

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

–

1,459,462

–

1,459,462

Investment

Companies

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

38,147,405

–

–

38,147,405

Futures

Contracts

*

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

116,355

–

–

116,355

Total

Assets

$

123,837,375

$

584,330,420

$

–

$

708,167,795

–

–

–

–

57

Notes

to

Schedule

of

Investments

AQR

Funds

|

N-PORT

Part

F

|

December

2025

December

31,

2025

(Unaudited)

AQR

EMERGING

MULTI-STYLE

II

FUND

LEVEL

1

LEVEL

2

LEVEL

3

TOTALS

ASSETS

Common

Stocks

†

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

$

34,464,407

$

491,718,616

$

–

(a)

$

526,183,023

Preferred

Stocks

†

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

–

11,264,237

–

11,264,237

Investment

Companies

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

26,609,138

–

–

26,609,138

Futures

Contracts

*

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

369,829

–

–

369,829

Total

Assets

$

61,443,374

$

502,982,853

$

–

(a)

$

564,426,227

–

–

–

–

AQR

LARGE

CAP

MOMENTUM

STYLE

FUND

LEVEL

1

LEVEL

2

LEVEL

3

TOTALS

ASSETS

Common

Stocks

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

$

571,889,197

$

–

$

–

$

571,889,197

Investment

Companies

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

27,605,651

–

–

27,605,651

Futures

Contracts

*

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

12,942

–

–

12,942

Total

Assets

$

599,507,790

$

–

$

–

$

599,507,790

–

–

–

–

AQR

SMALL

CAP

MOMENTUM

STYLE

FUND

LEVEL

1

LEVEL

2

LEVEL

3

TOTALS

ASSETS

Common

Stocks

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

$

140,905,030

$

–

$

1,079

$

140,906,109

Investment

Companies

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

7,363,496

–

–

7,363,496

Total

Assets

$

148,268,526

$

–

$

1,079

$

148,269,605

–

–

–

–

LIABILITIES

Futures

Contracts

*

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

$

(

224,206

)

$

–

$

–

$

(

224,206

)

Total

Liabilities

$

(

224,206

)

$

–

$

–

$

(

224,206

)

AQR

INTERNATIONAL

MOMENTUM

STYLE

FUND

LEVEL

1

LEVEL

2

LEVEL

3

TOTALS

ASSETS

Common

Stocks

†

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

$

41,344,420

$

162,357,756

$

–

$

203,702,176

Warrants

†

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

–

–

–

(a)

–

(a)

Investment

Companies

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

5,980,627

–

–

5,980,627

Futures

Contracts

*

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

3,516

–

–

3,516

Total

Assets

$

47,328,563

$

162,357,756

$

–

(a)

$

209,686,319

–

–

–

–

AQR

LARGE

CAP

DEFENSIVE

STYLE

FUND

LEVEL

1

LEVEL

2

LEVEL

3

TOTALS

ASSETS

Common

Stocks

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

$

1,523,414,786

$

–

$

–

$

1,523,414,786

Investment

Companies

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

33,542,693

–

–

33,542,693

Total

Assets

$

1,556,957,479

$

–

$

–

$

1,556,957,479

–

–

–

–

LIABILITIES

Futures

Contracts

*

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

$

(

109,708

)

$

–

$

–

$

(

109,708

)

Total

Liabilities

$

(

109,708

)

$

–

$

–

$

(

109,708

)

AQR

INTERNATIONAL

DEFENSIVE

STYLE

FUND

LEVEL

1

LEVEL

2

LEVEL

3

TOTALS

ASSETS

Common

Stocks

†

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

$

18,244,322

$

95,056,195

$

–

$

113,300,517

Preferred

Stocks

†

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

–

636,851

–

636,851

Warrants

†

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

–

–

–

(a)

–

(a)

Investment

Companies

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

6,251,674

–

–

6,251,674

Total

Assets

$

24,495,996

$

95,693,046

$

–

(a)

$

120,189,042

–

–

–

–

AQR

GLOBAL

EQUITY

FUND

LEVEL

1

LEVEL

2

LEVEL

3

TOTALS

ASSETS

Common

Stocks

†

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

$

351,282,436

$

118,993,482

$

–

(a)

$

470,275,918

Preferred

Stocks

†

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

–

157,918

–

157,918

Investment

Companies

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

52,669,523

–

–

52,669,523

Total

Return

Swap

Contracts

*

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

–

285,500

–

285,500

Futures

Contracts

*

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

527,129

–

–

527,129

Forward

Foreign

Currency

Exchange

Contracts

*

......

–

3,527,490

–

3,527,490

Total

Assets

$

404,479,088

$

122,964,390

$

–

(a)

$

527,443,478

–

–

–

–

58

Notes

to

Schedule

of

Investments

AQR

Funds

|

N-PORT

Part

F

|

December

2025

December

31,

2025

(Unaudited)

Transfers

to

or

from

Level

3 are

generally

due

to

a

decline

or

an

increase

in

market

activity

(e.g.,

frequency

of

trades),

which

resulted

in

a

lack

of

or

increase

in

available

market

inputs

to

determine

price. 

The

fair

values

of

Level

3

investments

are

based

on

significant

unobservable

inputs

that

reflect

the

Adviser’s

determination

of

assumptions

that

market

participants

might

reasonably

use

in

valuing

the

securities.

Changes

in

significant

unobservable

inputs

could

cause

significant

changes

in

valuation

to

individual

securities

and

in

aggregate.

Fair

value

determinations

and

valuation

of

investments

that

are

not

actively

trading

involve

judgment

and

may

differ

materially

from

valuations

that

would

have

been

used

had

greater

market

activity

occurred.

Securities

classified

as

Level

3

in

the

Schedules

of

Investments

of AQR

Small

Cap

Multi-Style

Fund,

 AQR

Emerging

Multi-Style

II

Fund,

AQR

Small

Cap

Momentum

Style

Fund,

AQR

International

Momentum

Style

Fund,

AQR

International

Defensive

Style

Fund

and

AQR

Global

Equity

Fund

are

considered

quantitatively

insignificant

for

additional

disclosure.

For

more

information

on

the

Funds’

policy

regarding

the

valuation

of

investments

and

other

significant

accounting

policies,

please

refer

to

the

notes

to

the

financial

statements

as

disclosed

in

the

most

recent

semi-annual

and

annual

reports. 

Subsequent

Events 

The

Funds

have

evaluated

subsequent

events

through

the

date

of

issuance

of

this

report

and

have

determined

that

there

are

no

material

events.

AQR

GLOBAL

EQUITY

FUND

LEVEL

1

LEVEL

2

LEVEL

3

TOTALS

LIABILITIES

Total

Return

Swap

Contracts

*

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

$

–

$

(

328,189

)

$

–

$

(

328,189

)

Futures

Contracts

*

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

(

779,906

)

–

–

(

779,906

)

Forward

Foreign

Currency

Exchange

Contracts

*

......

–

(

5,051,837

)

–

(

5,051,837

)

Total

Liabilities

$

(

779,906

)

$

(

5,380,026

)

$

–

$

(

6,159,932

)

*

Derivative

instruments,

including

total

return

swap,

futures

and

forward

foreign

currency

exchange

contracts,

are

reported

at

the

cumulative

unrealized

appreciation

(depreciation)

of

the

instrument

on

the

Funds’

Schedules

of

Investments.

†

Please

refer

to

the

Schedule

of

Investments

to

view

securities

segregated

by

country.

(a)

Securities

have

zero

value.