AQR Funds N-CSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-22235

AQR Funds

(Exact name of registrant as specified in charter)

Two Greenwich Plaza, 4^th Floor

Greenwich, CT 06830

(Address of principal executive offices) (Zip code)

Bradley D. Asness, Esq.

Principal and Chief Legal Officer

Two Greenwich Plaza

4^th Floor

Greenwich, CT 06830

(Name and Address of Agent for Service)

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

Date of fiscal year end: September 30

Date of reporting period: October 1, 2013 to March 31, 2014

Item 1. Reports to Shareholders.

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

Table of Contents

Schedule of Investments
AQR Global Equity Fund	2
AQR International Equity Fund	12
AQR Emerging Defensive Equity Fund	20
AQR International Defensive Equity Fund	23
AQR U.S. Defensive Equity Fund	26
AQR Momentum Fund	29
AQR Small Cap Momentum Fund	35
AQR International Momentum Fund	44
AQR Tax-Managed Momentum Fund	49
AQR Tax-Managed Small Cap Momentum Fund	53
AQR Tax-Managed International Momentum Fund	61
AQR Core Equity Fund	66
AQR Small Cap Core Equity Fund	70
AQR International Core Equity Fund	76
Financial Statements and Notes	80
Fund Expense Examples	150
Board Approval of Investment Advisory Agreements	154

Schedule of Investments March 31, 2014 (Unaudited)

AQR GLOBAL EQUITY FUND

COMMON STOCKS - 90.0%	SHARES		VALUE (Note 2)
Australia - 3.0%
AGL Energy Ltd.		5,553	$	78,305
Alumina Ltd. †		33,395		37,191
AMP Ltd.		40,313		186,593
Asciano Ltd.		83,728		405,074
ASX Ltd.		1,555		52,106
Aurizon Holdings Ltd.		19,038		90,937
Australia & New Zealand Banking Group Ltd.		19,413		597,201
Bank of Queensland Ltd.		2,377		28,400
Bendigo and Adelaide Bank Ltd.		35,914		379,397
BHP Billiton Ltd.		19,981		677,261
Brambles Ltd.		15,981		137,501
CFS Retail Property Trust Group REIT		17,337		30,419
Commonwealth Bank of Australia		10,197		734,077
Computershare Ltd.		3,819		42,949
Crown Resorts Ltd.		561		8,677
CSL Ltd.		210		13,564
Dexus Property Group REIT		40,875		40,308
Echo Entertainment Group Ltd.		47,611		108,374
Federation Centres Ltd. REIT		11,381		24,947
Flight Centre Travel Group Ltd.		4,501		219,592
Fortescue Metals Group Ltd.		3,477		17,023
Goodman Group REIT		14,552		64,002
GPT Group REIT (3)†(a)		96,388		—
GPT Group REIT		14,949		50,808
Incitec Pivot Ltd.		92,765		255,110
Leighton Holdings Ltd.		1,443		28,287
Lend Lease Group		9,328		102,729
Macquarie Group Ltd.		5,103		275,163
Mirvac Group REIT		30,051		47,489
National Australia Bank Ltd.		18,772		618,915
Newcrest Mining Ltd. †		6,113		55,936
Ramsay Health Care Ltd.		156		6,971
Rio Tinto Ltd.		4,805		283,412
Santos Ltd.		7,826		98,112
Sonic Healthcare Ltd.		14,286		228,877
Stockland REIT		18,057		62,901
Suncorp Group Ltd.		22,692		271,564
Tatts Group Ltd.		96,214		259,075
Telstra Corp. Ltd.		118,373		558,181
Wesfarmers Ltd.		2,944		112,801
Westfield Group REIT		15,829		150,775
Westfield Retail Trust REIT		27,860		77,134
Westpac Banking Corp.		14,842		477,209
Woodside Petroleum Ltd.		209		7,568
Woolworths Ltd.		11,935		395,788
WorleyParsons Ltd.		15,151		213,380
				8,612,083
Belgium - 0.4%
Ageas		24,195		1,078,839
Canada - 3.7%
Agnico Eagle Mines Ltd. (1)		6,300		190,738
Agrium, Inc. (1)		1,000		97,449
Alimentation Couche Tard, Inc., Class B (1)		2,600		210,281
Bank of Montreal (1)		5,180		346,552

	SHARES		VALUE (Note 2)
Canada - 3.7% (continued)
Bank of Nova Scotia (1)		2,299	$	133,157
Barrick Gold Corp. (1)		2,800		49,845
BlackBerry Ltd. (1)†		1,600		12,953
Bonavista Energy Corp. (1)		7,900		115,552
Brookfield Asset Management, Inc., Class A (1)		4,802		195,598
CAE, Inc. (1)		17,100		225,061
Cameco Corp. (1)		5,500		125,920
Canadian Imperial Bank of Commerce (1)		1,500		129,240
Canadian National Railway Co. (1)		3,800		213,494
Canadian Natural Resources Ltd. (1)		14,300		548,070
Canadian Pacific Railway Ltd. (1)		1,200		179,810
Canadian Tire Corp. Ltd., Class A (1)		1,100		103,712
CGI Group, Inc., Class A (1)†		4,400		135,841
CI Financial Corp. (1)		1,200		37,851
Crescent Point Energy Corp. (1)		3,000		109,498
Dollarama, Inc. (1)		3,200		243,785
Empire Co., Ltd., Class A (1)		1,400		85,697
Encana Corp. (1)		25,200		538,193
Enerplus Corp. (1)		24,651		492,797
Finning International, Inc. (1)		7,500		212,347
Goldcorp, Inc. (1)		2,300		56,111
Great-West Lifeco, Inc. (1)		2,245		61,877
Husky Energy, Inc. (1)		7,600		227,966
IGM Financial, Inc. (1)		800		37,731
Industrial Alliance Insurance & Financial Services, Inc. (1)		10,400		427,665
Keyera Corp. (1)		200		12,680
Kinross Gold Corp. (1)†		24,300		100,453
Magna International, Inc. (1)		6,234		599,321
Manulife Financial Corp. (1)		30,700		592,062
National Bank of Canada (1)		1,600		64,116
Onex Corp. (1)		3,600		199,881
Open Text Corp. (1)		2,600		124,226
Pengrowth Energy Corp. (1)		58,500		354,016
Potash Corp of Saskatchewan, Inc. (1)		1,900		68,730
Power Corp. of Canada (1)		2,746		75,065
RioCan Real Estate Investment Trust REIT (1)		2,100		50,586
Rogers Communications, Inc., Class B (1)		2,900		120,171
Royal Bank of Canada (1)		5,024		331,252
Shoppers Drug Mart Corp. (1)		1,600		88,040
Silver Wheaton Corp. (1)		1,300		29,493
Sun Life Financial, Inc. (1)		8,500		294,328
Suncor Energy, Inc. (1)		21,782		760,745
Teck Resources Ltd., Class B (1)		16,393		353,810
Toronto-Dominion Bank/The (1)		12,524		587,172
Valeant Pharmaceuticals International, Inc. (1)†		2,574		338,636
Vermilion Energy, Inc. (1)		1,200		74,953
				10,764,527
China - 0.0% (b)
FIH Mobile Ltd. †		101		56

The accompanying notes are an integral part of these financial statements. (Continued)

2 AQR Funds Semi-Annual Report March 2014

Schedule of Investments March 31, 2014 (Unaudited)

AQR GLOBAL EQUITY FUND

	SHARES		VALUE (Note 2)
Denmark - 0.2%
AP Moeller - Maersk A/S, Class B		17	$	203,469
TDC A/S		39,926		369,290
				572,759
Finland - 0.3%
Nokia OYJ †		9,523		70,065
Orion OYJ, Class B		2,336		70,523
Sampo, A Shares		7,774		403,546
Stora Enso OYJ, R Shares		18,963		202,948
				747,082
France - 4.0%
Airbus Group NV		11,841		848,064
AXA SA		22,961		596,498
Cie Generale des Etablissements Michelin		6,074		759,340
CNP Assurances		32,506		688,480
Danone SA		8,320		587,786
Electricite de France		37,757		1,492,935
Klepierre REIT		1,740		77,840
Lagardere SCA		22,259		883,474
Orange SA		69,992		1,033,905
Renault SA		3,231		313,840
Sanofi		8,708		909,979
Schneider Electric SA		137		12,173
Societe BIC SA		431		56,615
Societe Generale SA		27,494		1,692,409
Thales SA		11,482		761,371
Total SA		12,094		796,083
				11,510,792
Germany - 3.1%
Allianz SE		930		157,188
Bayer AG		5,583		756,071
Celesio AG		9,151		312,801
Continental AG		6,101		1,463,126
Deutsche Boerse AG		1,565		124,595
Deutsche Post AG		22,319		829,764
Deutsche Telekom AG		65,360		1,060,504
E.ON SE		13,954		272,523
Fresenius SE & Co. KGaA		1,761		276,422
Merck KGaA		6,989		1,176,991
Metro AG		3,739		152,519
Muenchener Rueckversicherungs AG		879		192,077
OSRAM Licht AG †		21,401		1,387,678
United Internet AG		19,995		937,903
				9,100,162
Hong Kong - 1.0%
AIA Group Ltd.		101,800		484,176
ASM Pacific Technology Ltd.		1,882		18,282
Cathay Pacific Airways Ltd.		14,000		26,149
Cheung Kong Holdings Ltd.		15,201		252,758
Cheung Kong Infrastructure Holdings Ltd.		4,749		30,372
CLP Holdings Ltd.		12,511		94,417
First Pacific Co., Ltd.		18,000		17,941
Galaxy Entertainment Group Ltd. †		10,000		87,282

	SHARES		VALUE (Note 2)
Hong Kong - 1.0% (continued)
Hang Lung Group Ltd.		791	$	3,987
Hang Seng Bank Ltd.		6,157		98,222
Henderson Land Development Co., Ltd.		16,500		96,556
HKT Trust and HKT Ltd.		58,842		62,233
Hong Kong & China Gas Co., Ltd.		20		44
Hong Kong Exchanges and Clearing Ltd.		9,069		137,731
Hopewell Holdings Ltd.		4,695		16,155
Hutchison Whampoa Ltd.		8,489		112,664
Hysan Development Co., Ltd.		10,823		47,228
Kerry Properties Ltd.		32,000		106,717
Li & Fung Ltd.		51,468		76,269
Link REIT/The REIT		18,829		92,848
MGM China Holdings Ltd.		31,600		111,644
Mongolia Energy Corp. Ltd. †		885		25
New World Development Co., Ltd.		30,173		30,438
NWS Holdings Ltd.		12,500		21,095
PCCW Ltd.		32,406		16,279
Power Assets Holdings Ltd.		11,500		99,815
Sands China Ltd.		22,000		164,999
SJM Holdings Ltd.		54,000		152,131
Sun Hung Kai Properties Ltd.		15,022		184,461
Swire Pacific Ltd., Class A		5,318		62,115
Swire Properties Ltd.		72		205
Television Broadcasts Ltd.		42		252
Wharf Holdings Ltd.		29,604		189,871
Wheelock & Co., Ltd.		2,844		11,146
Wynn Macau Ltd.		8,800		36,627
Yue Yuen Industrial Holdings Ltd.		26,623		86,754
				3,029,888
Ireland - 0.0% (b)
James Hardie Industries PLC CDI		3,100		41,410
Italy - 1.0%
Mediobanca SpA †		17,094		195,666
Prysmian SpA		47,415		1,179,939
UniCredit SpA		17,345		158,552
Unione di Banche Italiane SCpA		150,578		1,420,677
				2,954,834
Japan - 7.3%
Aeon Co., Ltd.		4,000		45,022
Aeon Mall Co., Ltd.		1,100		28,181
Alfresa Holdings Corp.		4,500		293,444
Asahi Glass Co., Ltd.		236		1,365
Asahi Kasei Corp.		51,000		345,811
Astellas Pharma, Inc.		39,000		463,030
Bridgestone Corp.		10,600		375,671
Brother Industries Ltd.		2,600		36,354
Calbee, Inc.		700		16,494
Canon, Inc.		45		1,397
Casio Computer Co., Ltd.		16,600		196,278
Central Japan Railway Co.		3,600		420,520
Chubu Electric Power Co., Inc. †		54		635
Chugai Pharmaceutical Co., Ltd.		2,300		58,747
Coca-Cola West Co., Ltd.		900		15,720
Credit Saison Co., Ltd.		2,375		47,232

The accompanying notes are an integral part of these financial statements. (Continued)

AQR Funds Semi-Annual Report March 2014 3

Schedule of Investments March 31, 2014 (Unaudited)

AQR GLOBAL EQUITY FUND

	SHARES		VALUE (Note 2)
Japan - 7.3% (continued)
Dai Nippon Printing Co., Ltd.		21,000	$	200,823
Daito Trust Construction Co., Ltd.		686		63,543
Daiwa House Industry Co., Ltd.		4,151		70,477
Daiwa Securities Group, Inc.		13,000		112,947
Denso Corp.		2,700		129,482
DIC Corp.		495		1,299
East Japan Railway Co.		2,512		185,028
FANUC Corp.		600		106,075
Fuji Electric Co., Ltd.		46,000		205,652
Fuji Heavy Industries Ltd.		15,833		428,756
FUJIFILM Holdings Corp.		14,144		379,652
Fujitsu Ltd.		10,115		61,140
Fukuoka Financial Group, Inc.		22,000		90,367
Gunma Bank Ltd./The		2,000		10,878
Hachijuni Bank Ltd./The		1,000		5,683
Hakuhodo DY Holdings, Inc.		19,200		133,721
Hankyu Hanshin Holdings, Inc.		5,000		27,201
Hino Motors Ltd.		18,575		275,100
Hitachi High-Technologies Corp.		58		1,351
Hitachi Ltd.		6,000		44,412
Honda Motor Co., Ltd.		5,197		182,865
Hoya Corp.		6,406		200,386
Hulic Co., Ltd.		2,600		35,690
Isuzu Motors Ltd.		17,000		97,610
ITOCHU Corp.		88		1,030
J Front Retailing Co., Ltd.		42,000		289,039
Japan Airlines Co., Ltd.		6,200		305,130
Japan Real Estate Investment Corp. REIT		10		50,322
Japan Retail Fund Investment Corp. REIT		19		37,444
Japan Tobacco, Inc.		2,900		91,023
JGC Corp.		9,000		312,655
JTEKT Corp.		6,788		100,767
JX Holdings, Inc.		14		67
Kaneka Corp.		2,354		14,245
KDDI Corp.		9,300		540,005
Keisei Electric Railway Co., Ltd.		461		3,996
Keyence Corp.		700		288,377
Kinden Corp.		15,284		147,880
Kobe Steel Ltd.		30,759		40,819
Konica Minolta, Inc.		27,000		252,602
Kubota Corp.		343		4,559
Mabuchi Motor Co., Ltd.		200		13,113
Makita Corp.		46		2,532
Mazda Motor Corp.		9,000		39,983
Medipal Holdings Corp.		17,800		272,566
MEIJI Holdings Co., Ltd.		2,500		157,587
Miraca Holdings, Inc.		28		1,227
Mitsubishi Corp.		36		668
Mitsubishi Electric Corp.		18,000		202,622
Mitsubishi Estate Co., Ltd.		11,764		279,344
Mitsubishi Heavy Industries, Ltd.		33,000		190,950
Mitsubishi Motors Corp.		12,800		133,682
Mitsubishi UFJ Financial Group, Inc.		153,849		847,213
Mitsubishi UFJ Lease & Finance Co., Ltd.		80		393

	SHARES		VALUE (Note 2)
Japan - 7.3% (continued)
Mitsui & Co., Ltd.		89	$	1,258
Mitsui Fudosan Co., Ltd.		7,598		231,801
Mitsui OSK Lines Ltd.		8,000		31,118
Mitsumi Electric Co., Ltd.		40		290
Mizuho Financial Group, Inc.		133,141		263,866
MS&AD Insurance Group Holdings		9,000		206,021
Namco Bandai Holdings, Inc.		13,400		317,844
NEC Corp.		94,000		288,735
Nexon Co., Ltd.		9,900		83,142
NGK Spark Plug Co., Ltd.		2,000		44,944
NHK Spring Co., Ltd.		10,800		100,435
Nintendo Co., Ltd.		1,500		179,310
Nippon Building Fund, Inc. REIT		12		62,794
Nippon Kayaku Co., Ltd.		546		6,138
Nippon Meat Packers, Inc.		97		1,444
Nippon Prologis REIT, Inc. REIT		15		30,279
Nippon Steel & Sumitomo Metal Corp.		822		2,243
Nippon Telegraph & Telephone Corp.		3,448		187,370
Nippon Yusen KK		34,000		98,747
Nishi-Nippon City Bank Ltd./The		363		816
Nitori Holdings Co., Ltd.		600		26,038
Nitto Denko Corp.		94		4,508
NKSJ Holdings, Inc.		2,100		53,916
Nomura Holdings, Inc.		28,700		184,107
Nomura Real Estate Holdings, Inc.		1,700		32,550
North Pacific Bank Ltd.		68		276
NTT Data Corp.		2,000		77,614
NTT DOCOMO, Inc.		6,400		100,848
Oji Holdings Corp.		682		3,051
Omron Corp.		7,531		311,608
ORIX Corp.		12,290		173,215
Osaka Gas Co., Ltd.		14,446		54,598
Otsuka Corp.		300		39,130
Otsuka Holdings Co., Ltd.		11,300		338,042
Pacific Metals Co., Ltd. †		720		2,677
Panasonic Corp.		39,300		446,962
Rengo Co., Ltd.		884		4,735
Resona Holdings, Inc.		61,600		297,684
Sankyo Co., Ltd.		2,900		122,050
Secom Co., Ltd.		1,800		103,473
Seino Holdings Co., Ltd.		100		954
Sekisui Chemical Co., Ltd.		28,000		290,815
Sekisui House Ltd.		5,000		61,840
Seven & I Holdings Co., Ltd.		5,130		195,476
Shimamura Co., Ltd.		2,600		224,989
Shionogi & Co., Ltd.		16,100		297,641
SoftBank Corp.		6,600		498,750
Sojitz Corp.		16		27
Sony Corp.		17		324
Sumitomo Mitsui Financial Group, Inc.		16,949		726,501
Sumitomo Mitsui Trust Holdings, Inc.		35,000		158,359
Sumitomo Realty & Development Co., Ltd.		3,624		141,839
Suzuken Co., Ltd.		7,000		270,785
Suzuki Motor Corp.		12,100		315,479
Taiheiyo Cement Corp.		16,000		57,622
Taisei Corp.		10,000		44,628

The accompanying notes are an integral part of these financial statements. (Continued)

4 AQR Funds Semi-Annual Report March 2014

Schedule of Investments March 31, 2014 (Unaudited)

AQR GLOBAL EQUITY FUND

	SHARES		VALUE (Note 2)
Japan - 7.3% (continued)
Takashimaya Co., Ltd.		29,000	$	271,441
Takeda Pharmaceutical Co., Ltd.		669		31,665
TDK Corp.		3,400		141,787
Terumo Corp.		3,600		78,413
Toho Co., Ltd.		10,900		218,467
Tokai Rika Co., Ltd.		65		1,092
Tokyo Electric Power Co., Inc †		73,170		294,393
Tokyo Electron Ltd.		1,400		87,011
Tokyo Gas Co., Ltd.		48,000		243,391
Tokyo Tatemono Co., Ltd.		4,000		34,273
Tokyu Corp.		15,000		91,665
Tokyu Fudosan Holdings Corp.		5,000		37,285
Toppan Printing Co., Ltd.		3,000		21,449
Toyo Seikan Group Holdings Ltd.		17,400		282,378
Toyo Suisan Kaisha Ltd.		2,000		66,828
Toyoda Gosei Co., Ltd.		6,400		122,522
Toyota Motor Corp.		18,341		1,034,320
United Urban Investment Corp. REIT		12		17,658
USS Co., Ltd.		1,050		14,750
West Japan Railway Co.		700		28,571
Yahoo Japan Corp.		40,500		198,407
Yamaha Corp.		6,600		84,888
				21,222,239
Netherlands - 1.5%
Akzo Nobel NV		3,817		311,316
CNH Industrial NV †		29,122		335,162
ING Groep NV CVA †		34,347		488,472
Koninklijke Ahold NV		4,945		99,312
Koninklijke Philips NV		38,283		1,346,764
Randstad Holding NV		7,968		466,357
Reed Elsevier NV		58,310		1,261,628
				4,309,011
Singapore - 0.6%
Ascendas Real Estate Investment Trust REIT		16,478		29,660
Avago Technologies Ltd. (1)		2,800		180,348
CapitaCommercial Trust REIT		16,000		18,942
CapitaMall Trust REIT		19,494		29,331
ComfortDelGro Corp. Ltd.		83,000		131,290
DBS Group Holdings Ltd.		21,054		271,261
Global Logistic Properties Ltd.		39,000		82,307
Jardine Cycle & Carriage Ltd.		291		10,503
Keppel Corp. Ltd.		10,000		86,756
Keppel REIT		400		363
Olam International Ltd.		45,000		79,684
Oversea-Chinese Banking Corp. Ltd.		16,422		124,154
Sembcorp Industries Ltd.		7,777		34,018
Sembcorp Marine Ltd.		14,000		45,138
Singapore Airlines Ltd.		10,000		83,317
Singapore Exchange Ltd.		6,967		38,501
Singapore Technologies Engineering Ltd.		12,103		36,823
Singapore Telecommunications Ltd.		41,635		121,021
StarHub Ltd.		476		1,593
United Overseas Bank Ltd.		10,201		175,962
UOL Group Ltd.		3,340		16,656

	SHARES		VALUE (Note 2)
Singapore - 0.6% (continued)
Wilmar International Ltd.		14,000	$	38,577
Yangzijiang Shipbuilding Holdings Ltd.		90,404		77,787
				1,713,992
Spain - 1.7%
ACS Actividades de Construccion y Servicios SA		11,180		439,579
Banco de Sabadell SA		274,245		847,849
Banco Santander SA		124,074		1,184,431
CaixaBank SA		132,418		852,382
Gas Natural SDG SA		52,081		1,465,218
				4,789,459
Sweden - 0.8%
Hennes & Mauritz AB, B Shares		5,474		233,467
Investment AB Kinnevik, B Shares		2,409		88,991
Investor AB, B Shares		3,849		139,421
Skandinaviska Enskilda Banken AB, Class A		41,856		574,988
Svenska Cellulosa AB SCA, Class B		39,749		1,170,654
TeliaSonera AB		34,247		258,647
				2,466,168
Switzerland - 3.0%
Actelion Ltd. †		14,818		1,404,278
Givaudan SA †		174		269,135
Nestle SA		11,709		881,332
Novartis AG		16,926		1,437,152
Roche Holding AG		9,791		2,944,778
Sika AG		166		679,031
Swiss Life Holding AG †		1,562		384,122
Swiss Re AG †		8,351		775,091
				8,774,919
United Kingdom - 8.5%
3i Group PLC		160,394		1,065,184
Aon PLC (1)		7,000		589,960
ARM Holdings PLC		11,792		199,147
Associated British Foods PLC		16,841		781,460
Babcock International Group PLC		30,595		687,056
BHP Billiton PLC		17,149		529,538
BP PLC		93,442		750,812
British Land Co. PLC REIT		13,261		144,695
British Sky Broadcasting Group PLC		56,676		862,248
BT Group PLC		267,814		1,703,225
Delphi Automotive PLC (1)		3,700		251,082
easyJet PLC		49,179		1,407,455
Hammerson PLC REIT		10,329		95,489
HSBC Holdings PLC		47,676		482,739
ICAP PLC		13,337		84,056
IMI PLC		15,848		385,641
Investec PLC		43,650		353,361
ITV PLC		61,594		196,794
Kingfisher PLC		181,194		1,273,935
Land Securities Group PLC REIT		20,284		345,701
Lloyds Banking Group PLC †		544,184		680,785
Marks & Spencer Group PLC		78,938		594,239

The accompanying notes are an integral part of these financial statements. (Continued)

AQR Funds Semi-Annual Report March 2014 5

Schedule of Investments March 31, 2014 (Unaudited)

AQR GLOBAL EQUITY FUND

	SHARES		VALUE (Note 2)
United Kingdom - 8.5% (continued)
Next PLC		9,007	$	991,227
Persimmon PLC †		14,002		314,510
Randgold Resources Ltd.		1,514		113,646
Reckitt Benckiser Group PLC		8,186		668,018
Resolution Ltd.		107,900		537,576
Rio Tinto PLC		10,392		579,538
Royal Dutch Shell PLC, A Shares		31,097		1,136,216
Royal Dutch Shell PLC, B Shares		14,719		574,636
Schroders PLC		8,783		380,914
Shire PLC		20,090		994,561
Smith & Nephew PLC		37,559		570,442
Travis Perkins PLC		45,208		1,423,499
TUI Travel PLC		77,389		565,512
Tullow Oil PLC		14,217		177,669
Unilever PLC		10,377		443,820
Vodafone Group PLC		349,137		1,283,889
William Hill PLC		27,721		157,717
WPP PLC		7,551		156,020
				24,534,012
United States - 49.9%
3M Co. (1)		5,300		718,998
Abbott Laboratories (1)		5,784		222,742
AbbVie, Inc. (1)		26,700		1,372,380
AES Corp. (1)		38,400		548,352
Akamai Technologies, Inc. (1)†		3,900		227,019
Alexion Pharmaceuticals, Inc. (1)†		2,600		395,538
Allstate Corp./The (1)		6,800		384,744
Amazon.com, Inc. (1)†		1,300		437,476
American Electric Power Co., Inc. (1)		6,900		349,554
American Tower Corp. REIT (1)		4,100		335,667
Ameriprise Financial, Inc. (1)		3,100		341,217
Amgen, Inc. (1)		2,349		289,726
Annaly Capital Management, Inc. REIT (1)		14,918		163,650
Apple, Inc. (1)		5,828		3,128,121
Archer-Daniels-Midland Co. (1)		43,300		1,878,787
Ashland, Inc. (1)		1,700		169,116
Assurant, Inc. (1)		8,700		565,152
AT&T, Inc.		52,697		1,848,084
AvalonBay Communities, Inc. REIT (1)		1,311		172,160
Avery Dennison Corp. (1)		21,700		1,099,539
Axis Capital Holdings Ltd. (1)		15,500		710,675
Bank of America Corp. (1)		98,838		1,700,014
Bank of New York Mellon Corp./The (1)		2,200		77,638
Bed Bath & Beyond, Inc. (1)†		6,300		433,440
Berkshire Hathaway, Inc., Class B (1)†		8,550		1,068,493
Best Buy Co., Inc. (1)		4,600		121,486
Biogen Idec, Inc. (1)†		6,300		1,926,981
Boeing Co./The (1)		9,400		1,179,606
Boston Properties, Inc. REIT (1)		2,763		316,446
Boston Scientific Corp. (1)†		92,000		1,243,840
Broadcom Corp., Class A (1)		24,700		777,556
Brookfield Property Partners LP (1)		1,503		27,966
Bunge Ltd. (1)		18,100		1,439,131
Cardinal Health, Inc. (1)		9,700		678,806
CareFusion Corp. (1)†		23,800		957,236

	SHARES		VALUE (Note 2)
United States - 49.9% (continued)
Catamaran Corp. (1) †		1,600	$	71,584
CBS Corp., Class B (1)		10,700		661,260
Celgene Corp. (1) †		8,900		1,242,440
CF Industries Holdings, Inc. (1)		2,800		729,792
Chevron Corp. (1)		6,600		784,806
Cigna Corp. (1)		8,700		728,451
Cimarex Energy Co. (1)		13,500		1,607,985
Cisco Systems, Inc. (1)		43,489		974,588
Citigroup, Inc. (1)		4,519		215,104
Citrix Systems, Inc. (1) †		11,700		671,931
Coca-Cola Co./The (1)		31,760		1,227,842
Cognizant Technology Solutions Corp., Class A (1) †		1,200		60,732
Colgate-Palmolive Co. (1)		9,456		613,411
Comcast Corp., Class A (1)		9,700		485,194
Comerica, Inc. (1)		16,600		859,880
Computer Sciences Corp. (1)		25,400		1,544,828
Corning, Inc. (1)		13,500		281,070
Crown Castle International Corp. REIT (1)		4,000		295,120
Cummins, Inc. (1)		2,000		297,980
CVS Caremark Corp. (1)		32,000		2,395,520
Danaher Corp. (1)		2,700		202,500
Deere & Co. (1)		2,900		263,320
DIRECTV (1) †		4,369		333,879
Discover Financial Services (1)		15,200		884,488
DTE Energy Co. (1)		11,600		861,764
Duke Energy Corp. (1)		5,600		398,832
Dun & Bradstreet Corp./The (1)		5,600		556,360
Edison International (1)		10,456		591,914
Eli Lilly & Co. (1)		23,100		1,359,666
Emerson Electric Co. (1)		5,700		380,760
EOG Resources, Inc. (1)		1,900		372,723
Equity Residential REIT (1)		3,548		205,748
Everest Re Group Ltd. (1)		5,500		841,775
Exxon Mobil Corp. (1)		19,789		1,932,990
Facebook, Inc., Class A (1) †		36,300		2,186,712
Fidelity National Information Services, Inc. (1)		22,400		1,197,280
FLIR Systems, Inc. (1)		14,400		518,400
GameStop Corp., Class A (1)		40,800		1,676,880
Gap, Inc./The (1)		6,219		249,133
General Electric Co. (1)		82,102		2,125,621
Gilead Sciences, Inc. (1) †		15,200		1,077,072
Goldman Sachs Group, Inc./The (1)		2,400		393,240
Google, Inc., Class A (1) †		3,102		3,457,210
Halliburton Co. (1)		13,900		818,571
HCP, Inc. REIT (1)		4,772		185,106
Health Care REIT, Inc. REIT (1)		3,000		178,800
Hershey Co./The (1)		1,700		177,480
Hess Corp. (1)		15,400		1,276,352
Hewlett-Packard Co. (1)		47,100		1,524,156
Home Depot, Inc./The (1)		25,006		1,978,725
Honeywell International, Inc. (1)		4,100		380,316
Hormel Foods Corp. (1)		14,200		699,634
Host Hotels & Resorts, Inc. REIT (1)		9,300		188,232
Humana, Inc. (1)		6,500		732,680

The accompanying notes are an integral part of these financial statements. (Continued)

6 AQR Funds Semi-Annual Report March 2014

Schedule of Investments March 31, 2014 (Unaudited)

AQR GLOBAL EQUITY FUND

	SHARES		VALUE (Note 2)
United States - 49.9% (continued)
Ingersoll-Rand PLC (1)		15,900	$	910,116
Intel Corp. (1)		65,000		1,677,650
International Business Machines Corp. (1)		7,923		1,525,098
International Paper Co. (1)		3,300		151,404
Interpublic Group of Cos., Inc./The (1)		33,800		579,332
JM Smucker Co./The (1)		3,200		311,168
Johnson & Johnson (1)		26,616		2,614,490
JPMorgan Chase & Co. (1)		29,173		1,771,093
KeyCorp (1)		103,700		1,476,688
Kimberly-Clark Corp. (1)		12,263		1,351,996
Kimco Realty Corp. REIT (1)		6,500		142,220
Kohl’s Corp. (1)		2,300		130,640
Las Vegas Sands Corp. (1)		8,400		678,552
Leidos Holdings, Inc. (1)		2,700		95,499
Lockheed Martin Corp. (1)		2,400		391,776
LSI Corp.		4,100		45,387
LyondellBasell Industries NV, Class A (1)		18,900		1,680,966
Macy’s, Inc. (1)		12,500		741,125
Manpowergroup, Inc. (1)		4,800		378,384
Marathon Oil Corp. (1)		16,229		576,454
Marathon Petroleum Corp. (1)		7,300		635,392
Marvell Technology Group Ltd. (1)		99,000		1,559,250
MasterCard, Inc., Class A (1)		8,300		620,010
McKesson Corp. (1)		10,800		1,906,956
Medtronic, Inc. (1)		30,882		1,900,478
Merck & Co., Inc. (1)		50,819		2,884,995
MetLife, Inc. (1)		20,700		1,092,960
Microsoft Corp. (1)		81,750		3,350,932
Newmont Mining Corp. (1)		5,161		120,974
Northrop Grumman Corp. (1)		13,379		1,650,701
NVIDIA Corp. (1)		31,000		555,210
Occidental Petroleum Corp. (1)		7,590		723,251
PartnerRe Ltd. (1)		8,900		921,150
PepsiCo, Inc. (1)		12,272		1,024,712
PetSmart, Inc. (1)		700		48,223
Pfizer, Inc. (1)		80,794		2,595,103
Phillips 66 (1)		16,100		1,240,666
PNC Financial Services Group, Inc./The (1)		7,000		609,000
PPG Industries, Inc. (1)		5,897		1,140,834
priceline.com, Inc. (1) †		400		476,756
Procter & Gamble Co./The (1)		10,208		822,765
Prologis, Inc. REIT (1)		5,080		207,416
Prudential Financial, Inc. (1)		5,800		490,970
Public Storage REIT (1)		1,569		264,361
QUALCOMM, Inc. (1)		11,800		930,548
Raytheon Co. (1)		7,067		698,149
Red Hat, Inc. (1) †		20,600		1,091,388
Simon Property Group, Inc. REIT (1)		3,242		531,688
SLM Corp. (1)		9,900		242,352
Southwest Airlines Co. (1)		1,300		30,693
SPX Corp. (1)		6,200		609,522
Starbucks Corp. (1)		2,100		154,098
Superior Energy Services, Inc. (1)		21,600		664,416
Symantec Corp. (1)		8,300		165,751
Synopsys, Inc. (1) †		7,300		280,393
TE Connectivity Ltd. (1)		19,700		1,186,137

	SHARES		VALUE (Note 2)
United States - 49.9% (continued)
Texas Instruments, Inc. (1)		18,500	$	872,275
Time Warner Cable, Inc. (1)		3,200		438,976
Time Warner, Inc. (1)		10,800		705,564
Travelers Cos., Inc./The (1)		9,201		783,005
Tyson Foods, Inc., Class A (1)		42,700		1,879,227
Union Pacific Corp. (1)		1,700		319,022
United Parcel Service, Inc., Class B (1)		1,700		165,546
United Technologies Corp. (1)		4,200		490,728
UnitedHealth Group, Inc. (1)		9,000		737,910
Unum Group (1)		31,500		1,112,265
Valero Energy Corp. (1)		7,600		403,560
Ventas, Inc. REIT (1)		4,800		290,736
Verizon Communications, Inc. (1)		22,512		1,070,896
Verizon Communications, Inc.		12,099		575,427
Viacom, Inc., Class B (1)		5,837		496,087
VMware, Inc., Class A (1) †		1,900		205,238
Vornado Realty Trust REIT (1)		2,748		270,843
Walgreen Co. (1)		3,300		217,899
Walt Disney Co./The (1)		7,500		600,525
Waste Management, Inc. (1)		2,373		99,832
WellPoint, Inc. (1)		15,300		1,523,115
Wells Fargo & Co. (1)		70,070		3,485,282
Western Digital Corp. (1)		17,000		1,560,940
Whiting Petroleum Corp. (1) †		10,400		721,656
Yahoo!, Inc. †		42,900		1,540,110
				144,490,075
TOTAL COMMON STOCKS (cost $198,602,812)				260,712,307
PREFERRED STOCKS - 0.8%
Germany - 0.8%
Henkel AG & Co. KGaA		8,005		861,676
Porsche Automobil Holding SE		14,584		1,499,343
TOTAL PREFERRED STOCKS (cost $1,733,215)				2,361,019
RIGHTS - 0.0% (b)
Hong Kong - 0.0% (b)
New World Development Co., Ltd. (3)†(a) (cost $—)		10,057		2,106
MONEY MARKET FUNDS - 7.3%
J.P. Morgan Prime Money Market Fund - Capital Shares, 0.040% (c)(d)		13		13
J.P. Morgan U.S. Treasury Plus Money Market Fund - Institutional Shares, 0.000% (c)(d)		21,070,395		21,070,395
TOTAL MONEY MARKET FUNDS (cost $21,070,408)				21,070,408
TOTAL INVESTMENTS - 98.1% (cost $221,406,435)				284,145,840
OTHER ASSETS IN EXCESS OF LIABILITIES - 1.9% (e)				5,393,634
NET ASSETS - 100.0%			$	289,539,474

The accompanying notes are an integral part of these financial statements. (Continued)

AQR Funds Semi-Annual Report March 2014 7

Schedule of Investments March 31, 2014 (Unaudited)

AQR GLOBAL EQUITY FUND

† Non income-producing security.

(a) Security fair valued as of March 31, 2014 using procedures approved by the Board of Trustees. The total value of positions fair valued was $2,106 or 0.0% of total net assets.

(b) Represents less than 0.05 percent of net assets.

(c) Represents annualized seven-day yield as of March 31, 2014.

(d) A portion of the security is pledged as collateral to the brokers for forward foreign currency exchange and swap contracts.

(e) Includes appreciation/(depreciation) on forward foreign currency exchange, futures and swap contracts.

All securities are Level 2 with respect to ASC 820, unless otherwise noted in parentheses.

(1) Level 1 security (See Note 4).

(3) Level 3 security (See Note 4).

The following abbreviations are used in portfolio descriptions:

CDI - CHESS Depository Interest

CVA - Dutch Certificate of Shares

REIT - Real Estate Investment Trust

SECTOR	VALUE		% OF NET ASSETS
Consumer Discretionary	$	31,180,135		10.8	%
Consumer Staples		21,286,610		7.4
Energy		18,873,777		6.5
Financials		55,460,787		19.1
Health Care		40,009,796		13.8
Industrials		28,913,778		10.0
Information Technology		38,205,894		13.2
Materials		10,857,274		3.7
Telecommunication Services		11,410,318		3.9
Utilities		6,877,063		2.4
Money Market Funds		21,070,408		7.3
Total Investments		284,145,840		98.1
Other Assets in Excess of Liabilities (e)		5,393,634		1.9
Net Assets	$	289,539,474		100.0	%

Total return swap contract outstanding as of March 31, 2014:

Over the Counter

COUNTERPARTY	UNDERLYING REFERENCE INSTRUMENT	TERMINATION DATE	CURRENCY	NOTIONAL VALUE		UNREALIZED DEPRECIATION
Goldman Sachs	Swiss Market Index Futures	6/20/2014	CHF		(15,659,817)		$(475,650)

Money Market Fund is pledged as collateral to Goldman Sachs for total return swap contract in the amount of $300,000 at March 31, 2014.

Open futures contracts outstanding at March 31, 2014:

Exchange Traded

NUMBER OF CONTRACTS		COUNTERPARTY	DESCRIPTION	EXPIRATION DATE	VALUE AT TRADE DATE		VALUE AT MARCH 31, 2014		UNREALIZED APPRECIATION (DEPRECIATION)
	Long Contracts:
	40	Barclays Capital	Amsterdam Index Futures	April 17, 2014		$4,289,269		$4,447,054		$157,785
	71	Barclays Capital	CAC40 Index Futures	April 17, 2014		4,219,773		4,294,976		75,203
	22	Barclays Capital	DAX Index Futures	June 20, 2014		6,997,208		7,263,763		266,555
	57	Barclays Capital	FTSE 100 Index Futures	June 20, 2014		6,198,977		6,218,128		19,151
	10	Barclays Capital	FTSE/MIB Index Futures	June 20, 2014		1,420,911		1,474,086		53,175
	78	Barclays Capital	Hang Seng Index Futures	April 29, 2014		10,977,946		11,132,083		154,137
	4	Barclays Capital	IBEX 35 Index Futures	April 17, 2014		549,970		568,364		18,394
	3	Barclays Capital	MSCI Singapore Index Futures	April 29, 2014		167,376		170,475		3,099
	139	Barclays Capital	S&P 500 E-Mini Futures	June 20, 2014		12,806,284		12,958,970		152,686
	87	Barclays Capital	TOPIX Index Futures	June 12, 2014		10,219,835		10,140,096		(79,739)
						57,847,549		58,667,995		820,446

The accompanying notes are an integral part of these financial statements. (Continued)

8 AQR Funds Semi-Annual Report March 2014

Schedule of Investments March 31, 2014 (Unaudited)

AQR GLOBAL EQUITY FUND

NUMBER OF CONTRACTS		COUNTERPARTY	DESCRIPTION	EXPIRATION DATE	VALUE AT TRADE DATE		VALUE AT MARCH 31, 2014		UNREALIZED APPRECIATION (DEPRECIATION)
	Short Contracts:
	166	Barclays Capital	OMXS30 Index Futures S&P/Toronto Stock	April 18, 2014		$(3,395,177)		$(3,466,295)		$(71,118)
	25	Barclays Capital	Exchange 60 Index Futures	June 19, 2014		(3,675,946)		(3,699,684)		(23,738)
	106	Barclays Capital	SPI 200 Index Futures	June 19, 2014		(13,134,583)		(13,253,890)		(119,307)
						(20,205,706)		(20,419,869)		(214,163)
						$37,641,843		$38,248,126		$606,283

Cash held as collateral at Barclays Capital for futures contracts was $3,622,934 at March 31, 2014.

Forward foreign currency exchange contracts outstanding as of March 31, 2014:

Over the Counter

PURCHASE CONTRACTS	COUNTERPARTY	CURRENCY	CURRENCY AMOUNT PURCHASED		VALUE AT SETTLEMENT DATE		VALUE AT MARCH 31, 2014		UNREALIZED APPRECIATION (DEPRECIATION)
Australian Dollar, Expiring 06/18/14	Credit Suisse International	AUD		3,628,500		$3,299,979		$3,347,207		$47,228
Australian Dollar, Expiring 06/18/14	The Royal Bank of Scotland	AUD		4,927,500		4,461,188		4,545,504		84,316
Canadian Dollar, Expiring 06/18/14	Credit Suisse International	CAD		2,744,000		2,470,760		2,477,547		6,787
Canadian Dollar, Expiring 06/18/14	The Royal Bank of Scotland	CAD		4,436,000		3,990,047		4,005,249		15,202
Swiss Franc, Expiring 06/18/14	Credit Suisse International	CHF		859,000		982,862		972,272		(10,590)
Swiss Franc, Expiring 06/18/14	The Royal Bank of Scotland	CHF		859,000		982,866		972,272		(10,594)
Danish Krone, Expiring 06/18/14	Credit Suisse International	DKK		2,868,500		536,329		529,579		(6,750)
Danish Krone, Expiring 06/18/14	The Royal Bank of Scotland	DKK		2,868,500		536,327		529,579		(6,748)
Euro, Expiring 06/18/14	Credit Suisse International	EUR		12,168,000		16,807,806		16,761,309		(46,497)
Euro, Expiring 06/18/14	The Royal Bank of Scotland	EUR		12,174,000		16,816,145		16,769,574		(46,571)
Hong Kong Dollar, Expiring 06/18/14	The Royal Bank of Scotland	HKD		3,442,000		443,305		443,882		577
Israeli Shekel, Expiring 06/18/14	Credit Suisse International	ILS		1,049,500		301,872		300,744		(1,128)
Israeli Shekel, Expiring 06/18/14	The Royal Bank of Scotland	ILS		1,049,499		301,870		300,744		(1,126)
Japanese Yen, Expiring 06/18/14	Credit Suisse International	JPY		1,244,748,000		12,169,337		12,064,707		(104,630)
Japanese Yen, Expiring 06/18/14	The Royal Bank of Scotland	JPY		1,244,748,000		12,169,382		12,064,707		(104,675)
Norwegian Krone, Expiring 06/18/14	Credit Suisse International	NOK		27,248,001		4,550,149		4,536,892		(13,257)
Norwegian Krone, Expiring 06/18/14	The Royal Bank of Scotland	NOK		27,248,000		4,550,130		4,536,892		(13,238)
New Zealand Dollar, Expiring 06/18/14	Credit Suisse International	NZD		17,428,501		14,602,262		15,029,646		427,384
New Zealand Dollar, Expiring 06/18/14	The Royal Bank of Scotland	NZD		17,428,500		14,601,997		15,029,646		427,649

The accompanying notes are an integral part of these financial statements. (Continued)

AQR Funds Semi-Annual Report March 2014 9

Schedule of Investments March 31, 2014 (Unaudited)

AQR GLOBAL EQUITY FUND

PURCHASE CONTRACTS	COUNTERPARTY	CURRENCY	CURRENCY AMOUNT PURCHASED		VALUE AT SETTLEMENT DATE		VALUE AT MARCH 31, 2014		UNREALIZED APPRECIATION (DEPRECIATION)
Swedish Krona, Expiring 06/18/14	Credit Suisse International	SEK		33,925,500		$5,320,167		$5,235,227		$(84,940)
Swedish Krona, Expiring 06/18/14	The Royal Bank of Scotland	SEK		33,925,500		5,320,181		5,235,227		(84,954)
Singapore Dollar, Expiring 06/18/14	Credit Suisse International	SGD		7,000		5,510		5,565		55
Singapore Dollar, Expiring 06/18/14	The Royal Bank of Scotland	SGD		311,000		245,561		247,248		1,687
						$125,466,032		$125,941,219		$475,187
SALES CONTRACTS	COUNTERPARTY	CURRENCY	CURRENCY AMOUNT SOLD		VALUE AT SETTLEMENT DATE		VALUE AT MARCH 31, 2014		UNREALIZED APPRECIATION (DEPRECIATION)
Australian Dollar, Expiring 06/18/14	Credit Suisse International	AUD		(6,249,000)		$(5,597,973)		$(5,764,558)		$(166,585)
Australian Dollar, Expiring 06/18/14	The Royal Bank of Scotland	AUD		(6,249,000)		(5,597,990)		(5,764,558)		(166,568)
Canadian Dollar, Expiring 06/18/14	Credit Suisse International	CAD		(2,944,501)		(2,656,628)		(2,658,578)		(1,950)
Canadian Dollar, Expiring 06/18/14	The Royal Bank of Scotland	CAD		(2,955,501)		(2,666,559)		(2,668,510)		(1,951)
Swiss Franc, Expiring 06/18/14	Credit Suisse International	CHF		(4,714,500)		(5,362,224)		(5,336,178)		26,046
Swiss Franc, Expiring 06/18/14	The Royal Bank of Scotland	CHF		(4,714,500)		(5,362,282)		(5,336,178)		26,104
Danish Krone, Expiring 06/18/14	Credit Suisse International	DKK		(176,000)		(32,658)		(32,493)		165
Danish Krone, Expiring 06/18/14	The Royal Bank of Scotland	DKK		(176,000)		(32,659)		(32,493)		166
Euro, Expiring 06/18/14	Credit Suisse International	EUR		(270,500)		(372,162)		(372,611)		(449)
Euro, Expiring 06/18/14	The Royal Bank of Scotland	EUR		(270,500)		(372,160)		(372,611)		(451)
British Pound, Expiring 06/18/14	Credit Suisse International	GBP		(11,175,502)		(18,604,146)		(18,620,339)		(16,193)
British Pound, Expiring 06/18/14	The Royal Bank of Scotland	GBP		(11,175,501)		(18,604,080)		(18,620,337)		(16,257)
Hong Kong Dollar, Expiring 06/18/14	Credit Suisse International	HKD		(598,000)		(77,072)		(77,118)		(46)
Hong Kong Dollar, Expiring 06/18/14	The Royal Bank of Scotland	HKD		(1,148,000)		(147,979)		(148,047)		(68)
Japanese Yen, Expiring 06/18/14	Credit Suisse International	JPY		(512,334,500)		(4,988,417)		(4,965,798)		22,619
Japanese Yen, Expiring 06/18/14	The Royal Bank of Scotland	JPY		(512,334,500)		(4,988,475)		(4,965,798)		22,677
Norwegian Krone, Expiring 06/18/14	Credit Suisse International	NOK		(28,395,000)		(4,727,647)		(4,727,871)		(224)
Norwegian Krone, Expiring 06/18/14	The Royal Bank of Scotland	NOK		(28,395,000)		(4,727,696)		(4,727,871)		(175)
New Zealand Dollar, Expiring 06/18/14	Credit Suisse International	NZD		(2,052,000)		(1,744,049)		(1,769,563)		(25,514)
New Zealand Dollar, Expiring 06/18/14	The Royal Bank of Scotland	NZD		(2,052,000)		(1,744,022)		(1,769,563)		(25,541)

The accompanying notes are an integral part of these financial statements. (Continued)

10 AQR Funds Semi-Annual Report March 2014

Schedule of Investments March 31, 2014 (Unaudited)

AQR GLOBAL EQUITY FUND

SALES CONTRACTS	COUNTERPARTY	CURRENCY	CURRENCY AMOUNT SOLD		VALUE AT SETTLEMENT DATE		VALUE AT MARCH 31, 2014		UNREALIZED APPRECIATION (DEPRECIATION)
Swedish Krona, Expiring 06/18/14	Credit Suisse International	SEK		(47,006,001)		$(7,309,614)		$(7,253,751)		$55,863
Swedish Krona, Expiring 06/18/14	The Royal Bank of Scotland	SEK		(47,006,000)		(7,309,636)		(7,253,751)		55,885
Singapore Dollar, Expiring 06/18/14	Credit Suisse International	SGD		(32,000)		(25,271)		(25,441)		(170)
Singapore Dollar, Expiring 06/18/14	The Royal Bank of Scotland	SGD		(45,000)		(35,525)		(35,775)		(250)
						(103,086,924)		(103,299,791)		(212,867)
						$22,379,108		$22,641,428		$262,320

Money Market Fund is pledged as collateral to The Royal Bank of Scotland and Credit Suisse International for forward foreign currency exchange contracts in the amounts of $92 and $13, respectively, at March 31, 2014. Additional cash held as collateral for The Royal Bank of Scotland and Credit Suisse International for forward currency exchange contracts was $180,000 and $140,000, respectively, at March 31, 2014.

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 accompanying notes are an integral part of these financial statements.

AQR Funds Semi-Annual Report March 2014 11

Schedule of Investments March 31, 2014 (Unaudited)

AQR INTERNATIONAL EQUITY FUND

COMMON STOCKS - 87.3%	SHARES		VALUE (Note 2)
Australia - 7.2%
Alumina Ltd. †		882,866	$	983,208
Asciano Ltd.		457,566		2,213,693
ASX Ltd.		10,285		344,637
Australia & New Zealand Banking Group Ltd.		161,363		4,964,002
Bank of Queensland Ltd.		18,621		222,483
Bendigo and Adelaide Bank Ltd.		168,763		1,782,818
BHP Billiton Ltd.		195,934		6,641,231
Brambles Ltd.		88,862		764,571
CFS Retail Property Trust Group REIT		134,550		236,077
Commonwealth Bank of Australia		78,738		5,668,308
Computershare Ltd.		15,439		173,630
CSL Ltd.		15,115		976,303
Dexus Property Group REIT		283,799		279,863
Echo Entertainment Group Ltd.		204,137		464,667
Federation Centres Ltd. REIT		83,291		182,576
Flight Centre Travel Group Ltd.		32,116		1,566,854
Goodman Group REIT		110,663		486,714
GPT Group REIT		113,631		386,208
GPT Group REIT (3)†(a)		143,427		—
Incitec Pivot Ltd.		516,966		1,421,692
Leighton Holdings Ltd.		7,185		140,845
Lend Lease Group		40,426		445,209
Macquarie Group Ltd.		35,494		1,913,904
Mirvac Group REIT		214,560		339,066
National Australia Bank Ltd.		157,657		5,197,970
Newcrest Mining Ltd. †		41,734		381,882
Qantas Airways Ltd. †		31,125		31,976
QBE Insurance Group Ltd.		135,590		1,611,343
Rio Tinto Ltd.		15,909		938,356
Sonic Healthcare Ltd.		54,986		880,934
Stockland REIT		127,919		445,601
Suncorp Group Ltd.		100,385		1,201,348
Tatts Group Ltd.		441,360		1,188,448
Telstra Corp. Ltd.		790,166		3,725,981
Wesfarmers Ltd.		41,232		1,579,825
Westfield Group REIT		118,519		1,128,922
Westfield Retail Trust REIT		194,481		538,443
Westpac Banking Corp.		124,532		4,004,033
Woodside Petroleum Ltd.		47,719		1,727,877
Woolworths Ltd.		99,879		3,312,180
WorleyParsons Ltd.		58,962		830,395
				61,324,073
Belgium - 0.8%
Ageas		88,622		3,951,597
Colruyt SA		14,067		775,441
Delhaize Group SA		24,604		1,799,343
Groupe Bruxelles Lambert SA		2,641		263,837
				6,790,218
China - 0.0% (b)
FIH Mobile Ltd. †		406		224
Denmark - 0.6%
Coloplast A/S, Class B		30,336		2,452,700
TDC A/S		278,560		2,576,505
Tryg A/S		4,860		480,738
				5,509,943

	SHARES		VALUE (Note 2)
Finland - 1.2%
Nokia OYJ †		215,002	$	1,581,860
Orion OYJ, Class B		34,844		1,051,933
Sampo, A Shares		116,487		6,046,808
Wartsila OYJ		24,177		1,314,177
				9,994,778
France - 9.9%
Aeroports de Paris		3,330		415,039
Airbus Group NV		60,576		4,338,514
AXA SA		221,327		5,749,800
Christian Dior SA		9,854		1,892,622
Cie Generale des Etablissements Michelin		68,497		8,563,146
CNP Assurances		94,439		2,000,226
Danone SA		77,750		5,492,833
Electricite de France		238,595		9,434,195
GDF Suez		76,017		2,079,445
Iliad SA		5,770		1,665,019
Kering		628		128,046
Klepierre REIT		3,675		164,403
Lagardere SCA		86,738		3,442,686
Orange SA		203,111		3,000,306
Renault SA		39,197		3,807,358
Safran SA		33,233		2,302,368
Sanofi		95,921		10,023,664
Schneider Electric SA		3,734		331,773
Societe BIC SA		16,433		2,158,584
Societe Generale SA		139,135		8,564,536
Thales SA		54,486		3,612,967
Total SA		59,037		3,886,087
Vivendi SA		50,534		1,406,505
				84,460,122
Germany - 8.1%
Adidas AG		54,409		5,883,207
Bayer AG		60,417		8,181,897
Celesio AG		84,186		2,877,664
Continental AG		25,976		6,229,499
Deutsche Boerse AG		12,335		982,033
Deutsche Lufthansa AG †		286,525		7,512,536
Deutsche Post AG		165,919		6,168,449
Deutsche Telekom AG		97,869		1,587,981
HeidelbergCement AG		1,109		95,054
Merck KGaA		55,080		9,275,818
Metro AG		118,202		4,821,619
Muenchener Rueckversicherungs AG		34,561		7,552,173
OSRAM Licht AG †		45,383		2,942,712
United Internet AG		107,891		5,060,828
				69,171,470
Hong Kong - 2.5%
AIA Group Ltd.		653,800		3,109,571
ASM Pacific Technology Ltd.		14,204		137,983
BOC Hong Kong Holdings Ltd.		53		151
Cathay Pacific Airways Ltd.		155,000		289,507
Cheung Kong Holdings Ltd.		112,278		1,866,924
Cheung Kong Infrastructure Holdings Ltd.		37,827		241,917

The accompanying notes are an integral part of these financial statements. (Continued)

12 AQR Funds Semi-Annual Report March 2014

Schedule of Investments March 31, 2014 (Unaudited)

AQR INTERNATIONAL EQUITY FUND

	SHARES		VALUE (Note 2)
Hong Kong - 2.5% (continued)
CLP Holdings Ltd.		85,509	$	645,314
First Pacific Co., Ltd.		144,000		143,529
Galaxy Entertainment Group Ltd. †		139,000		1,213,214
Hang Lung Group Ltd.		276		1,391
Hang Seng Bank Ltd.		40,135		640,270
Henderson Land Development Co., Ltd.		80,900		473,419
HKT Trust and HKT Ltd.		386,694		408,982
Hong Kong & China Gas Co., Ltd.		260		568
Hong Kong Exchanges and Clearing Ltd.		66,154		1,004,679
Hopewell Holdings Ltd.		34,500		118,714
Hutchison Whampoa Ltd.		58,832		780,808
Hysan Development Co., Ltd.		186,000		811,650
Kerry Properties Ltd.		195,500		651,973
Li & Fung Ltd.		1,336		1,980
Link REIT/The REIT		139,382		687,308
MGM China Holdings Ltd.		280,800		992,079
Mongolia Energy Corp. Ltd. †		406		11
New World Development Co., Ltd.		221,896		223,843
NWS Holdings Ltd.		86,000		145,136
PCCW Ltd.		131,000		65,807
Power Assets Holdings Ltd.		69,500		603,231
Sands China Ltd.		144,000		1,079,991
Shanghai Industrial Urban Development Group Ltd. †		8		2
SJM Holdings Ltd.		395,000		1,112,808
Sun Hung Kai Properties Ltd.		59,046		725,048
Swire Pacific Ltd., Class A		41,030		479,233
Swire Properties Ltd.		71		203
Television Broadcasts Ltd.		3		18
Wharf Holdings Ltd.		222,243		1,425,396
Wheelock & Co., Ltd.		132,621		519,761
Yue Yuen Industrial Holdings Ltd.		194,109		632,523
				21,234,942
Ireland - 0.0% (b)
James Hardie Industries PLC CDI		14,191		189,564
Italy - 2.4%
Fiat SpA †		352,761		4,112,584
Prysmian SpA		329,300		8,194,745
Unione di Banche Italiane SCpA		866,539		8,175,645
				20,482,974
Japan - 17.6%
Alfresa Holdings Corp.		31,300		2,041,068
Asahi Glass Co., Ltd.		413		2,390
Asahi Kasei Corp.		297,000		2,013,838
Astellas Pharma, Inc.		206,500		2,451,686
Azbil Corp.		37		915
Bridgestone Corp.		45,700		1,619,639
Brother Industries Ltd.		29,600		413,874
Canon, Inc.		15		465
Casio Computer Co., Ltd.		136,800		1,617,519
Central Japan Railway Co.		28,500		3,329,113
Chubu Electric Power Co., Inc. †		97		1,141
Chugai Pharmaceutical Co., Ltd.		2,000		51,085

	SHARES		VALUE (Note 2)
Japan - 17.6% (continued)
Credit Saison Co., Ltd.		12	$	239
Dai Nippon Printing Co., Ltd.		107,000		1,023,241
Daito Trust Construction Co., Ltd.		5,187		480,461
Daiwa House Industry Co., Ltd.		17,295		293,638
Daiwa Securities Group, Inc.		87,000		755,878
Denso Corp.		11,400		546,702
East Japan Railway Co.		27,213		2,004,443
FANUC Corp.		8,200		1,449,695
Fuji Electric Co., Ltd.		406,000		1,815,106
Fuji Heavy Industries Ltd.		131,221		3,553,448
FUJIFILM Holdings Corp.		114,143		3,063,820
Fujitsu Ltd.		270,000		1,632,022
Fukuoka Financial Group, Inc.		125,046		513,640
GungHo Online Entertainment, Inc.		27,100		147,315
Hakuhodo DY Holdings, Inc.		57,600		401,163
Hankyu Hanshin Holdings, Inc.		67,000		364,487
Hino Motors Ltd.		177,000		2,621,406
Honda Motor Co., Ltd.		18,697		657,885
Hoya Corp.		45,500		1,423,286
Hulic Co., Ltd.		16,200		222,376
Isuzu Motors Ltd.		189,000		1,085,192
ITOCHU Corp.		38,144		446,301
J Front Retailing Co., Ltd.		194,000		1,335,083
Japan Airlines Co., Ltd.		48,500		2,386,908
Japan Real Estate Investment Corp. REIT		84		422,701
Japan Retail Fund Investment Corp. REIT		149		293,643
Japan Tobacco, Inc.		14,100		442,563
JGC Corp.		87,000		3,022,328
JTEKT Corp.		70		1,039
JX Holdings, Inc.		95		458
Kaneka Corp.		625		3,782
Kansai Electric Power Co., Inc./The †		69,432		711,708
Kao Corp.		85		3,010
KDDI Corp.		60,200		3,495,513
Keyence Corp.		4,000		1,647,866
Kinden Corp.		64,564		624,690
Koito Manufacturing Co., Ltd.		69,000		1,170,121
Komatsu Ltd.		38		797
Konica Minolta, Inc.		266,000		2,488,599
Mabuchi Motor Co., Ltd.		5,700		373,720
Marubeni Corp.		56,974		382,475
Medipal Holdings Corp.		140,900		2,157,556
MEIJI Holdings Co., Ltd.		17,000		1,071,595
Miraca Holdings, Inc.		6		263
Mitsubishi Electric Corp.		340,000		3,827,311
Mitsubishi Estate Co., Ltd.		77,020		1,828,891
Mitsubishi Heavy Industries, Ltd.		136,000		786,947
Mitsubishi Motors Corp.		85,500		892,952
Mitsubishi UFJ Financial Group, Inc.		1,175,091		6,470,974
Mitsui & Co., Ltd.		43		608
Mitsui Fudosan Co., Ltd.		59,205		1,806,239
Mitsumi Electric Co., Ltd.		89		645
Mizuho Financial Group, Inc.		539,610		1,069,428
MS&AD Insurance Group Holdings		55,700		1,275,041
Namco Bandai Holdings, Inc.		126,600		3,002,919

The accompanying notes are an integral part of these financial statements. (Continued)

AQR Funds Semi-Annual Report March 2014 13

Schedule of Investments March 31, 2014 (Unaudited)

AQR INTERNATIONAL EQUITY FUND

	SHARES		VALUE (Note 2)
Japan - 17.6% (continued)
NEC Corp.		952,000	$	2,924,206
Nexon Co., Ltd.		111,400		935,553
NHK Spring Co., Ltd.		44,800		416,621
Nintendo Co., Ltd.		5,600		669,422
Nippon Building Fund, Inc. REIT		84		439,555
Nippon Steel & Sumitomo Metal Corp.		405		1,105
Nippon Telegraph & Telephone Corp.		19,019		1,033,523
Nippon Yusen KK		84,000		243,963
Nishi-Nippon City Bank Ltd./The		737		1,657
Nisshin Seifun Group, Inc.		92		1,010
Nitto Denko Corp.		83		3,980
NKSJ Holdings, Inc.		8,700		223,367
Nomura Holdings, Inc.		191,200		1,226,525
Nomura Real Estate Holdings, Inc.		8,000		153,179
NTT DOCOMO, Inc.		19,000		299,392
Omron Corp.		56,700		2,346,060
ORIX Corp.		76,990		1,085,096
Osaka Gas Co., Ltd.		389,802		1,473,251
Otsuka Holdings Co., Ltd.		57,600		1,723,119
Panasonic Corp.		339,600		3,862,302
Rengo Co., Ltd.		299		1,602
Resona Holdings, Inc.		591,200		2,856,993
Sankyo Co., Ltd.		17,300		728,093
Sega Sammy Holdings, Inc.		9,900		222,243
Seino Holdings Co., Ltd.		837		7,986
Sekisui Chemical Co., Ltd.		144,000		1,495,619
Sekisui House Ltd.		32,000		395,779
Seven & I Holdings Co., Ltd.		54,239		2,066,749
Sharp Corp. †		245		746
Shimamura Co., Ltd.		10,400		899,954
Shionogi & Co., Ltd.		143,500		2,652,885
SoftBank Corp.		40,300		3,045,401
Sojitz Corp.		62		106
Sony Corp.		71		1,352
Sumitomo Electric Industries Ltd.		56,000		836,012
Sumitomo Heavy Industries Ltd.		161,000		654,823
Sumitomo Mitsui Financial Group, Inc.		123,036		5,273,806
Sumitomo Mitsui Trust Holdings, Inc.		123,341		558,062
Sumitomo Realty & Development Co., Ltd.		24,261		949,547
Suzuken Co., Ltd.		36,300		1,404,216
Suzuki Motor Corp.		64,300		1,676,469
Takashimaya Co., Ltd.		271,000		2,536,566
Takeda Pharmaceutical Co., Ltd.		81		3,834
THK Co., Ltd.		53,600		1,201,570
Toho Co., Ltd.		51,900		1,040,223
Tokai Rika Co., Ltd.		99		1,664
Tokyo Electric Power Co., Inc. †		672,573		2,706,034
Tokyo Electron Ltd.		10,100		627,721
Tokyo Gas Co., Ltd.		252,071		1,278,164
Tokyu Corp.		158,000		965,533
Tokyu Fudosan Holdings Corp.		26,483		197,482
TOTO Ltd.		143,000		1,982,240
Toyo Seikan Group Holdings Ltd.		123,000		1,996,123
Toyota Boshoku Corp.		16,400		165,837
Toyota Motor Corp.		125,678		7,087,466
USS Co., Ltd.		3,040		42,706

	SHARES		VALUE (Note 2)
Japan - 17.6% (continued)
West Japan Railway Co.		28,400	$	1,159,184
Yahoo Japan Corp.		200,500		982,237
Yamaha Corp.		37,200		478,458
				150,287,221
Netherlands - 3.3%
Akzo Nobel NV		23,534		1,919,443
ING Groep NV CVA †		247,726		3,523,082
Koninklijke Ahold NV		336,601		6,760,201
Koninklijke Philips NV		288,471		10,148,167
Randstad Holding NV		44,193		2,586,558
Reed Elsevier NV		167,655		3,627,477
				28,564,928
Singapore - 1.3%
Ascendas Real Estate Investment Trust REIT		123,637		222,546
CapitaCommercial Trust REIT		120,000		142,064
CapitaMall Trust REIT		145,994		219,667
ComfortDelGro Corp. Ltd.		563,000		890,559
DBS Group Holdings Ltd.		150,128		1,934,255
Global Logistic Properties Ltd.		231,000		487,511
Jardine Cycle & Carriage Ltd.		66		2,382
Keppel Corp. Ltd.		87,728		761,097
Keppel Land Ltd.		19,000		50,862
Keppel REIT		803		729
Olam International Ltd.		190,000		336,443
Oversea-Chinese Banking Corp. Ltd.		83,479		631,120
Sembcorp Industries Ltd.		60,017		262,528
Sembcorp Marine Ltd.		51,000		164,433
Singapore Airlines Ltd.		61,000		508,231
Singapore Exchange Ltd.		52,472		289,971
Singapore Technologies Engineering Ltd.		93,265		283,753
Singapore Telecommunications Ltd.		405,524		1,178,743
StarHub Ltd.		988		3,306
United Overseas Bank Ltd.		75,097		1,295,381
UOL Group Ltd.		28,000		139,635
Wilmar International Ltd.		127,000		349,946
Yangzijiang Shipbuilding Holdings Ltd.		705,319		606,884
				10,762,046
Spain - 3.8%
ACS Actividades de Construccion y Servicios SA		68,870		2,707,857
Banco de Sabadell SA		1,410,103		4,359,441
Banco Santander SA		652,898		6,232,670
CaixaBank SA		906,471		5,835,001
Gas Natural SDG SA		403,336		11,347,231
Iberdrola SA		336,550		2,354,997
				32,837,197
Sweden - 2.6%
Electrolux AB, Series B		36,933		808,669
Investor AB, B Shares		19,364		701,414
Nordea Bank AB		234,797		3,330,739
Skandinaviska Enskilda Banken AB, Class A		111,738		1,534,977

The accompanying notes are an integral part of these financial statements. (Continued)

14 AQR Funds Semi-Annual Report March 2014

Schedule of Investments March 31, 2014 (Unaudited)

AQR INTERNATIONAL EQUITY FUND

	SHARES		VALUE (Note 2)
Sweden - 2.6% (continued)
SKF AB, B Shares		58,997	$	1,510,619
Svenska Cellulosa AB SCA, Class B		344,916		10,158,172
Swedish Match AB		101,459		3,321,428
Telefonaktiebolaget LM Ericsson, B Shares		27,447		366,070
TeliaSonera AB		90,089		680,387
				22,412,475
Switzerland - 7.6%
Actelion Ltd. †		26,614		2,522,166
Adecco SA †		11,662		970,584
Aryzta AG †		7,955		703,423
Baloise Holding AG		12,816		1,613,290
EMS-Chemie Holding AG		1,100		415,705
Givaudan SA †		4,853		7,506,388
Nestle SA		56,585		4,259,134
Novartis AG		173,523		14,733,478
Roche Holding AG		71,287		21,440,547
Sika AG		553		2,262,071
Sulzer AG		19,840		2,730,143
Swiss Life Holding AG †		9,043		2,223,828
Swiss Re AG †		33,312		3,091,826
				64,472,583
United Kingdom - 18.4%
3i Group PLC		599,975		3,984,462
ARM Holdings PLC		343,793		5,806,073
Associated British Foods PLC		146,586		6,801,918
AstraZeneca PLC		15,504		1,005,078
Babcock International Group PLC		48,590		1,091,160
BAE Systems PLC		442,521		3,074,194
BHP Billiton PLC		124,552		3,846,001
BP PLC		787,004		6,323,620
British Land Co. PLC REIT		145,305		1,585,467
British Sky Broadcasting Group PLC		210,761		3,206,441
BT Group PLC		1,779,265		11,315,649
Centrica PLC		198,410		1,091,543
easyJet PLC		271,253		7,762,995
GKN PLC		276,226		1,799,827
GlaxoSmithKline PLC		107,762		2,873,509
Hammerson PLC REIT		28,872		266,914
HSBC Holdings PLC		798,934		8,089,541
ICAP PLC		128,984		812,915
IMI PLC		68,023		1,655,255
International Consolidated Airlines Group SA †		299,809		2,092,078
Investec PLC		139,590		1,130,025
ITV PLC		1,842,919		5,888,162
Kingfisher PLC		311,249		2,188,324
Land Securities Group PLC REIT		120,594		2,055,288
Legal & General Group PLC		256,799		876,743
Lloyds Banking Group PLC †		3,396,161		4,248,663
Marks & Spencer Group PLC		275,745		2,075,785
Next PLC		57,753		6,355,761
Persimmon PLC †		227,389		5,107,567
Randgold Resources Ltd.		3,761		282,313
Reckitt Benckiser Group PLC		45,801		3,737,590
Resolution Ltd.		385,283		1,919,545

	SHARES		VALUE (Note 2)
United Kingdom - 18.4% (continued)
Rio Tinto PLC		74,884	$	4,176,113
Royal Dutch Shell PLC, A Shares		224,457		8,201,164
Royal Dutch Shell PLC, B Shares		114,217		4,459,079
Schroders PLC		45,876		1,989,616
Shire PLC		33,973		1,681,843
Smith & Nephew PLC		245,173		3,723,663
Smiths Group PLC		19,956		424,018
Tate & Lyle PLC		98,319		1,095,034
Travis Perkins PLC		121,132		3,814,177
TUI Travel PLC		624,394		4,562,691
Tullow Oil PLC		33,537		419,109
Unilever PLC		76,998		3,293,174
Vedanta Resources PLC		38,196		575,771
Vodafone Group PLC		1,566,368		5,760,041
William Hill PLC		413,402		2,352,032
				156,877,931
TOTAL COMMON STOCKS (cost $604,611,870)				745,372,689
PREFERRED STOCKS - 1.7%
Germany - 1.7%
Henkel AG & Co. KGaA		50,844		5,472,961
Porsche Automobil Holding SE		86,428		8,885,436
TOTAL PREFERRED STOCKS (cost $10,910,099)				14,358,397
RIGHTS - 0.0% (b)
Hong Kong - 0.0% (b)
New World Development Co., Ltd. (3)†(a)
(cost $—)		73,965		15,491
MONEY MARKET FUNDS - 8.4%
J.P. Morgan U.S. Treasury Plus Money Market Fund - Institutional Shares, 0.000% (c)(d)
(cost $71,473,086)		71,473,086		71,473,086
TOTAL INVESTMENTS - 97.4% (cost $686,995,055)				831,219,663
OTHER ASSETS IN EXCESS OF LIABILITIES - 2.6% (e)				22,544,764
NET ASSETS - 100.0%			$	853,764,427

† Non income-producing security.

(a) Security fair valued at as of March 31, 2014 using procedures approved by the Board of Trustees. The total value of positions fair valued was $15,491 or 0.0% of total net assets.

(b) Represents less than 0.05 percent of net assets.

(c) Represents annualized seven-day yield as of March 31, 2014.

(d) A portion of the security is pledged as collateral to the brokers for forward foreign currency exchange and swap contracts.

(e) Includes appreciation/(depreciation) on forward foreign currency exchange, futures and swap contracts.

The accompanying notes are an integral part of these financial statements. (Continued)

AQR Funds Semi-Annual Report March 2014 15

Schedule of Investments March 31, 2014 (Unaudited)

AQR INTERNATIONAL EQUITY FUND

All securities are Level 2 with respect to ASC 820, unless otherwise noted in parentheses.

(3) Level 3 security (See Note 4).

The following abbreviations are used in portfolio descriptions:

CDI - CHESS Depository Interest

CVA - Dutch Certificate of Shares

REIT - Real Estate Investment Trust

SECTOR	VALUE		% OF NET ASSETS
Consumer Discretionary	$	126,107,004		14.8	%
Consumer Staples		67,655,591		7.9
Energy		25,847,799		3.0
Financials		181,308,770		21.2
Health Care		96,186,907		11.3
Industrials		119,336,827		14.0
Information Technology		32,430,676		3.8
Materials		35,655,222		4.2
Telecommunication Services		41,249,041		4.8
Utilities		33,968,740		4.0
Money Market Funds		71,473,086		8.4
Total Investments		831,219,663		97.4
Other Assets in Excess of Liabilities (e)		22,544,764		2.6
Net Assets	$	853,764,427		100.0	%

Total return swap contract outstanding as of March 31, 2014:

Over the Counter

COUNTERPARTY	UNDERLYING REFERENCE INSTRUMENT	TERMINATION DATE	CURRENCY	NOTIONAL VALUE		UNREALIZED APPRECIATION (DEPRECIATION)
Goldman Sachs	Swiss Market Index Futures	6/20/2014	CHF		(46,249,202)		$(1,404,768)

Money Market Fund is pledged as collateral to Goldman Sachs for total return swap contracts in the amount of $11,320,000 at March 31, 2014.

Open futures contracts outstanding at March 31, 2014:

Exchange Traded

NUMBER OF CONTRACTS		COUNTERPARTY	DESCRIPTION	EXPIRATION DATE	VALUE AT TRADE DATE		VALUE AT MARCH 31, 2014		UNREALIZED APPRECIATION (DEPRECIATION)
	Long Contracts:
	103	Barclays Capital	Amsterdam Index Futures	April 17, 2014		$11,053,340		$11,451,165		$397,825
	360	Barclays Capital	CAC40 Index Futures	April 17, 2014		21,404,444		21,777,340		372,896
	103	Barclays Capital	DAX Index Futures	June 20, 2014		32,759,654		34,007,617		1,247,963
	156	Barclays Capital	FTSE 100 Index Futures	June 20, 2014		16,962,101		17,018,034		55,933
	96	Barclays Capital	FTSE/MIB Index Futures	June 20, 2014		13,660,693		14,151,221		490,528
	285	Barclays Capital	Hang Seng Index Futures	April 29, 2014		40,132,314		40,674,918		542,604
	2	Barclays Capital	IBEX 35 Index Futures	April 17, 2014		274,985		284,182		9,197
	28	Barclays Capital	MSCI Singapore Index Futures	April 29, 2014		1,561,721		1,591,096		29,375
	484	Barclays Capital	TOPIX Index Futures	June 12, 2014		56,940,319		56,411,568		(528,751)
						194,749,571		197,367,141		2,617,570
	Short Contracts:
	509	Barclays Capital	OMXS30 Index Futures	April 18, 2014		(10,434,177)		(10,628,579)		(194,402)
	463	Barclays Capital	SPI 200 Index Futures	June 19, 2014		(57,350,139)		(57,891,992)		(541,853)
						(67,784,316)		(68,520,571)		(736,255)
						$126,965,255		$128,846,570		$1,881,315

Cash held as collateral at Barclays Capital for futures contracts was $13,299,557 at March 31, 2014.

The accompanying notes are an integral part of these financial statements. (Continued)

16 AQR Funds Semi-Annual Report March 2014

Schedule of Investments March 31, 2014 (Unaudited)

AQR INTERNATIONAL EQUITY FUND

Forward foreign currency exchange contracts outstanding as of March 31, 2014:

Over the Counter

PURCHASE CONTRACTS	COUNTERPARTY	CURRENCY	CURRENCY AMOUNT PURCHASED		VALUE AT SETTLEMENT DATE		VALUE AT MARCH 31, 2014		UNREALIZED APPRECIATION (DEPRECIATION)
Australian Dollar, Expiring 06/18/14	Credit Suisse International	AUD		16,316,500		$14,842,477		$15,051,593		$209,116
Australian Dollar, Expiring 06/18/14	The Royal Bank of Scotland	AUD		16,316,500		14,842,599		15,051,593		208,994
Swiss Franc, Expiring 06/18/14	Credit Suisse International	CHF		31,000		35,120		35,088		(32)
Swiss Franc, Expiring 06/18/14	The Royal Bank of Scotland	CHF		2,406,000		2,715,707		2,723,268		7,561
Danish Krone, Expiring 06/18/14	Credit Suisse International	DKK		16,800,500		3,141,212		3,101,692		(39,520)
Danish Krone, Expiring 06/18/14	The Royal Bank of Scotland	DKK		16,800,500		3,141,199		3,101,692		(39,507)
Euro, Expiring 06/18/14	Credit Suisse International	EUR		51,212,200		70,740,433		70,544,336		(196,097)
Euro, Expiring 06/18/14	The Royal Bank of Scotland	EUR		51,256,200		70,801,521		70,604,945		(196,576)
British Pound, Expiring 06/18/14	The Royal Bank of Scotland	GBP		3,705,000		6,138,354		6,173,177		34,823
Hong Kong Dollar, Expiring 06/18/14	Credit Suisse International	HKD		9,886,000		1,274,132		1,274,903		771
Hong Kong Dollar, Expiring 06/18/14	The Royal Bank of Scotland	HKD		10,608,000		1,367,123		1,368,013		890
Israeli Shekel, Expiring 06/18/14	Credit Suisse International	ILS		7,529,000		2,165,639		2,157,506		(8,133)
Israeli Shekel, Expiring 06/18/14	The Royal Bank of Scotland	ILS		7,529,000		2,165,622		2,157,506		(8,116)
Japanese Yen, Expiring 06/18/14	Credit Suisse International	JPY		4,381,559,400		42,866,056		42,468,225		(397,831)
Japanese Yen, Expiring 06/18/14	The Royal Bank of Scotland	JPY		4,381,559,400		42,866,240		42,468,225		(398,015)
Norwegian Krone, Expiring 06/18/14	Credit Suisse International	NOK		54,519,500		9,104,221		9,077,697		(26,524)
Norwegian Krone, Expiring 06/18/14	The Royal Bank of Scotland	NOK		54,519,500		9,104,185		9,077,697		(26,488)
New Zealand Dollar, Expiring 06/18/14	Credit Suisse International	NZD		87,066,001		72,966,052		75,082,258		2,116,206
New Zealand Dollar, Expiring 06/18/14	The Royal Bank of Scotland	NZD		87,066,000		72,964,296		75,082,258		2,117,962
Swedish Krona, Expiring 06/18/14	Credit Suisse International	SEK		41,312,500		6,490,358		6,375,155		(115,203)
Swedish Krona, Expiring 06/18/14	The Royal Bank of Scotland	SEK		62,055,500		9,701,675		9,576,119		(125,556)
Singapore Dollar, Expiring 06/18/14	Credit Suisse International	SGD		1,064,650		840,728		846,406		5,678
Singapore Dollar, Expiring 06/18/14	The Royal Bank of Scotland	SGD		1,064,650		840,735		846,406		5,671
						$461,115,684		$464,245,758		$3,130,074

The accompanying notes are an integral part of these financial statements. (Continued)

AQR Funds Semi-Annual Report March 2014 17

Schedule of Investments March 31, 2014 (Unaudited)

AQR INTERNATIONAL EQUITY FUND

SALES CONTRACTS	COUNTERPARTY	CURRENCY	CURRENCY AMOUNT SOLD		VALUE AT SETTLEMENT DATE		VALUE AT MARCH 31, 2014		UNREALIZED APPRECIATION (DEPRECIATION)
Australian Dollar, Expiring 06/18/14	Credit Suisse International	AUD		(29,357,950)		$(26,255,059)		$(27,082,027)		$(826,968)
Australian Dollar, Expiring 06/18/14	The Royal Bank of Scotland	AUD		(30,176,950)		(26,984,054)		(27,837,536)		(853,482)
Swiss Franc, Expiring 06/18/14	Credit Suisse International	CHF		(25,145,400)		(28,631,369)		(28,461,202)		170,167
Swiss Franc, Expiring 06/18/14	The Royal Bank of Scotland	CHF		(25,145,400)		(28,631,604)		(28,461,202)		170,402
Danish Krone, Expiring 06/18/14	Credit Suisse International	DKK		(1,503,000)		(278,835)		(277,482)		1,353
Danish Krone, Expiring 06/18/14	The Royal Bank of Scotland	DKK		(1,503,000)		(278,837)		(277,482)		1,355
Euro, Expiring 06/18/14	Credit Suisse International	EUR		(3,413,000)		(4,695,707)		(4,701,376)		(5,669)
Euro, Expiring 06/18/14	The Royal Bank of Scotland	EUR		(4,502,000)		(6,191,570)		(6,201,464)		(9,894)
British Pound, Expiring 06/18/14	Credit Suisse International	GBP		(45,199,350)		(75,207,039)		(75,310,011)		(102,972)
British Pound, Expiring 06/18/14	The Royal Bank of Scotland	GBP		(45,199,350)		(75,206,815)		(75,310,011)		(103,196)
Hong Kong Dollar, Expiring 06/18/14	The Royal Bank of Scotland	HKD		(5,247,000)		(676,275)		(676,656)		(381)
Israeli Shekel, Expiring 06/18/14	Credit Suisse International	ILS		(49,000)		(14,140)		(14,041)		99
Israeli Shekel, Expiring 06/18/14	The Royal Bank of Scotland	ILS		(49,000)		(14,133)		(14,041)		92
Japanese Yen, Expiring 06/18/14	Credit Suisse International	JPY		(1,760,990,500)		(17,146,134)		(17,068,385)		77,749
Japanese Yen, Expiring 06/18/14	The Royal Bank of Scotland	JPY		(2,010,563,500)		(19,588,815)		(19,487,369)		101,446
Norwegian Krone, Expiring 06/18/14	Credit Suisse International	NOK		(54,519,500)		(9,099,506)		(9,077,697)		21,809
Norwegian Krone, Expiring 06/18/14	The Royal Bank of Scotland	NOK		(54,519,500)		(9,099,578)		(9,077,697)		21,881
New Zealand Dollar, Expiring 06/18/14	Credit Suisse International	NZD		(19,730,000)		(16,761,328)		(17,014,368)		(253,040)
New Zealand Dollar, Expiring 06/18/14	The Royal Bank of Scotland	NZD		(19,730,000)		(16,760,411)		(17,014,368)		(253,957)
Swedish Krona, Expiring 06/18/14	Credit Suisse International	SEK		(77,637,500)		(12,087,590)		(11,980,661)		106,929
Swedish Krona, Expiring 06/18/14	The Royal Bank of Scotland	SEK		(77,637,500)		(12,087,620)		(11,980,662)		106,958
Singapore Dollar, Expiring 06/18/14	Credit Suisse International	SGD		(22,000)		(17,354)		(17,490)		(136)
Singapore Dollar, Expiring 06/18/14	The Royal Bank of Scotland	SGD		(141,000)		(111,236)		(112,096)		(860)
						(385,825,009)		(387,455,324)		(1,630,315)
						$75,290,675		$76,790,434		$1,499,759

The accompanying notes are an integral part of these financial statements. (Continued)

18 AQR Funds Semi-Annual Report March 2014

Schedule of Investments March 31, 2014 (Unaudited)

AQR INTERNATIONAL EQUITY FUND

Money Market Fund is pledged as collateral to The Royal Bank of Scotland for forward foreign currency exchange contracts in the amount of $72. Additional cash held as collateral for forward currency exchange contracts for Credit Suisse International and The Royal Bank of Scotland was $860,000 and $700,000, respectively, at March 31, 2014.

AUD - Australian 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 accompanying notes are an integral part of these financial statements.

AQR Funds Semi-Annual Report March 2014 19

Schedule of Investments March 31, 2014 (Unaudited)

AQR EMERGING DEFENSIVE EQUITY FUND

COMMON STOCKS - 89.8%	SHARES		VALUE (Note 2)
Brazil - 14.2%
AMBEV SA ADR (1)		44,500	$	329,745
CCR SA (1)		84,400		643,136
Cia Brasileira de Distribuicao Grupo Pao de Acucar ADR (1)		9,081		397,384
Cia de Saneamento Basico do Estado de Sao Paulo ADR (1)		7,442		68,913
Cia Energetica de Minas Gerais ADR		87,302		593,654
Cia Hering (1)		99		1,201
Cia Paranaense de Energia ADR		4,118		53,987
Cielo SA (1)		4,640		147,114
CPFL Energia SA ADR (1)		18,084		295,312
EcoRodovias Infraestrutura e Logistica SA (1)		47,100		281,064
EDP-Energias do Brasil SA (1)		94,200		423,049
Localiza Rent a Car SA (1)		39,810		577,938
Natura Cosmeticos SA (1)		28,400		475,503
Qualicorp SA (1)†		32,800		329,879
Souza Cruz SA		67,900		614,960
Telefonica Brasil SA ADR (1)		24,535		521,123
Tim Participacoes SA ADR (1)		1,544		40,082
Totvs SA (1)		6,400		99,230
Tractebel Energia SA (1)		44,000		688,409
Ultrapar Participacoes SA ADR (1)		2,300		55,407
WEG SA (1)		18,300		255,345
				6,892,435
Chile - 5.5%
Banco Santander Chile ADR (1)		19,693		461,604
Cencosud SA (1)		87,856		291,425
Empresa Nacional de Electricidad SA ADR (1)		10,100		436,118
Empresas COPEC SA (1)		12,933		169,570
Enersis SA ADR (1)		43,447		674,732
SACI Falabella (1)		65,081		575,241
Sociedad Quimica y Minera de Chile SA ADR (1)		1,578		50,086
				2,658,776
			��
China - 2.5%
ANTA Sports Products Ltd.		86,000		143,560
China Mengniu Dairy Co., Ltd.		16,000		80,299
China Petroleum & Chemical Corp. ADR (1)		175		15,663
China Telecom Corp. Ltd., H Shares		122,000		56,299
ENN Energy Holdings Ltd.		8,000		55,811
GOME Electrical Appliances Holding Ltd.		116,000		19,630
PetroChina Co., Ltd. ADR (1)		176		19,096
Sihuan Pharmaceutical Holdings Group Ltd.		107,000		129,262
Sun Art Retail Group Ltd.		332,500		418,707
Tingyi Cayman Islands Holding Corp.		8,000		22,981
Tsingtao Brewery Co., Ltd., H Shares		34,000		249,404
Want Want China Holdings Ltd.		5,000		7,481
				1,218,193
Hong Kong - 1.1%
Belle International Holdings Ltd.		54,000		53,985
China Mobile Ltd. ADR (1)		4,232		192,937
China Unicom Hong Kong Ltd. ADR (1)		3,161		41,598
Sino Biopharmaceutical Ltd.		296,000		252,668
				541,188

	SHARES		VALUE (Note 2)
India - 0.9%
Dr Reddy’s Laboratories Ltd. ADR (1)		8,893	$	390,403
Infosys Ltd. ADR (1)		1,300		70,434
				460,837
Indonesia - 1.8%
Bank Central Asia Tbk PT		209,500		196,762
Perusahaan Gas Negara Persero Tbk PT		905,000		410,721
Telekomunikasi Indonesia Persero Tbk PT ADR (1)		7,539		296,810
				904,293
Korea, Republic of - 11.3%
Amorepacific Corp.		101		119,567
Cheil Industries, Inc.		7,021		473,999
Daelim Industrial Co., Ltd.		270		22,025
Daewoo International Corp.		530		19,327
Dongbu Insurance Co., Ltd.		832		43,175
E-Mart Co., Ltd.		170		39,033
Hyundai Department Store Co., Ltd.		449		59,992
Hyundai Glovis Co., Ltd.		2,268		515,749
Hyundai Marine & Fire Insurance Co., Ltd.		11,670		337,200
Hyundai Mobis		1,180		350,104
Hyundai Wia Corp.		1,182		190,522
Kangwon Land, Inc.		12,900		376,315
Kia Motors Corp.		3,283		183,461
Korea Aerospace Industries Ltd.		7,800		249,235
KT Corp. ADR (1)		30,221		419,770
KT&G Corp.		7,186		541,229
LG Household & Health Care Ltd.		14		6,052
LG Uplus Corp.		38,370		376,909
Lotte Shopping Co., Ltd.		246		77,487
NAVER Corp.		183		133,713
Orion Corp.		143		110,265
POSCO ADR (1)		133		9,231
Samsung C&T Corp.		181		10,523
Samsung Electronics Co., Ltd. GDR		357		225,211
Samsung Fire & Marine Insurance Co., Ltd.		913		205,653
Samsung Life Insurance Co., Ltd.		2,585		244,328
Samsung Techwin Co., Ltd.		122		6,655
SK Telecom Co., Ltd. ADR (1)		6,728		151,851
				5,498,581
Malaysia - 13.0%
AMMB Holdings Bhd		72,200		158,856
Axiata Group Bhd		298,500		610,188
CIMB Group Holdings Bhd		42,600		93,398
DiGi.Com Bhd		368,400		608,586
IOI Corp. Bhd		300,900		442,037
Malayan Banking Bhd		190,000		563,951
Maxis Bhd		235,700		502,561
Petronas Chemicals Group Bhd		301,700		638,971
Public Bank Bhd		103,900		611,206
Sime Darby Bhd		195,000		556,325
Telekom Malaysia Bhd		364,000		656,630
Tenaga Nasional Bhd		161,500		591,460
UMW Holdings Bhd		86,300		290,574
				6,324,743

The accompanying notes are an integral part of these financial statements. (Continued)

20 AQR Funds Semi-Annual Report March 2014

Schedule of Investments March 31, 2014 (Unaudited)

AQR EMERGING DEFENSIVE EQUITY FUND

	SHARES		VALUE (Note 2)
Mexico - 5.4%
Alfa SAB de CV, Class A (1)		175,400	$	443,353
America Movil SAB de CV, Series L ADR (1)		2,076		41,271
Coca-Cola Femsa SAB de CV ADR (1)		5,252		554,191
Genomma Lab Internacional SAB de CV, Class B (1)†		110,100		283,103
Grupo Bimbo SAB de CV, Series A (1)		198,000		534,451
Grupo Financiero Banorte SAB de CV, Class O (1)		5,400		36,518
Grupo Financiero Inbursa SAB de CV, Class O (1)		20,500		52,964
Grupo Televisa SAB ADR (1)		9		300
Mexichem SAB de CV (1)		34,600		121,910
Wal-Mart de Mexico SAB de CV, Series V (1)		242,000		576,477
				2,644,538
Poland - 4.4%
Bank Pekao SA		2,414		157,140
Bank Zachodni WBK SA		2,573		351,518
Orange Polska SA		58,841		201,375
PGE SA		95,171		594,613
Polskie Gornictwo Naftowe i Gazownictwo SA		31,313		45,995
Powszechna Kasa Oszczednosci Bank Polski SA		20,131		283,100
Powszechny Zaklad Ubezpieczen SA		3,440		488,831
				2,122,572
Russia - 1.6%
Lukoil OAO ADR (1)		2,716		151,892
Mobile Telesystems OJSC ADR (1)		11,300		197,637
Rosneft OAO GDR		62,101		414,493
Tatneft OAO ADR		751		25,788
				789,810
South Africa - 14.2%
AngloGold Ashanti Ltd. ADR (1)		44		752
Aspen Pharmacare Holdings Ltd.		4,372		116,679
Barclays Africa Group Ltd.		2,086		29,543
Bidvest Group Ltd.		13,993		369,719
Discovery Ltd.		5,654		45,294
FirstRand Ltd.		110,291		378,156
Gold Fields Ltd. ADR (1)		32		118
Kumba Iron Ore Ltd.		1,210		43,358
Life Healthcare Group Holdings Ltd.		136,707		499,500
Mediclinic International Ltd.		16,125		114,486
Mr Price Group Ltd.		47,632		711,921
MTN Group Ltd.		23,107		472,930
Naspers Ltd., N Shares		2,801		308,651
Nedbank Group Ltd.		29,507		627,199
Netcare Ltd.		52,147		115,713
RMB Holdings Ltd.		19,411		88,344
Sanlam Ltd.		34,051		186,002
Sasol Ltd. ADR (1)		11,399		636,976
Shoprite Holdings Ltd.		26,659		402,290
Standard Bank Group Ltd.		53,854		709,512
Tiger Brands Ltd.		11,896		307,361
Truworths International Ltd.		12,003		87,938

	SHARES		VALUE (Note 2)
South Africa - 14.2% (continued)
Vodacom Group Ltd.		13,261	$	163,646
Woolworths Holdings Ltd.		71,569		498,057
				6,914,145
Taiwan - 10.4%
Acer, Inc. †		13,000		7,678
Advanced Semiconductor Engineering, Inc.		57,000		63,257
Asia Pacific Telecom Co., Ltd.		83,000		39,036
Asustek Computer, Inc.		34,000		336,901
Cheng UEI Precision Industry Co., Ltd.		59		125
China Petrochemical Development Corp.		400		166
China Steel Corp.		129,764		109,406
Chunghwa Telecom Co., Ltd. ADR (1)		18,063		554,173
Far Eastern Department Stores Ltd.		720		635
Far EasTone Telecommunications Co., Ltd.		305,000		645,623
Foxconn Technology Co., Ltd.		140,017		330,881
Hon Hai Precision Industry Co., Ltd.		75,500		214,401
Kinsus Interconnect Technology Corp.		2,000		7,432
MediaTek, Inc.		10,000		148,017
Merida Industry Co., Ltd.		18,000		119,696
Powertech Technology, Inc.		10,000		15,150
President Chain Store Corp.		100,000		705,515
Quanta Computer, Inc.		69,000		186,035
Radiant Opto-Electronics Corp.		2,060		8,341
Realtek Semiconductor Corp.		24,442		73,819
Taiwan Cement Corp.		16,000		24,747
Taiwan Mobile Co., Ltd.		147,000		461,626
Taiwan Semiconductor Manufacturing Co., Ltd. ADR (1)		31,656		633,753
Uni-President Enterprises Corp.		194,583		338,990
Wistron Corp.		32,282		26,600
				5,052,003
Thailand - 2.0%
Advanced Info Service PCL NVDR		60,800		424,624
Bangkok Dusit Medical Services PCL NVDR		35,200		144,611
CP ALL PCL NVDR		103,800		139,350
PTT Global Chemical PCL NVDR		27,200		60,645
PTT PCL NVDR		20,600		189,876
				959,106
Turkey - 1.5%
BIM Birlesik Magazalar AS		13,570		305,668
Enka Insaat ve Sanayi AS		13,541		40,426
Turk Hava Yollari		5,773		17,778
Turk Telekomunikasyon AS		82,558		229,176
Turkcell Iletisim Hizmetleri AS †		23,106		129,429
				722,477
TOTAL COMMON STOCKS (cost $43,382,220)				43,703,697

The accompanying notes are an integral part of these financial statements. (Continued)

AQR Funds Semi-Annual Report March 2014 21

Schedule of Investments March 31, 2014 (Unaudited)

AQR EMERGING DEFENSIVE EQUITY FUND

PREFERRED STOCKS - 0.0% (a)	SHARES		VALUE (Note 2)
Brazil - 0.0% (a)
Lojas Americanas SA (1) (cost $24,195)		3,100	$	22,830
EXCHANGE-TRADED FUNDS - 9.2%
iShares MSCI Emerging Markets ETF (1) (cost $4,307,687)		109,869		4,503,530
MONEY MARKET FUNDS - 2.8%
J.P. Morgan U.S. Treasury Plus Money Market Fund - Institutional Shares, 0.000% (b)
(cost $1,340,248)		1,340,248		1,340,248
TOTAL INVESTMENTS - 101.8% (cost $49,054,350)				49,570,305
LIABILITIES IN EXCESS OF OTHER ASSETS - (1.8%)				(886,453)
NET ASSETS - 100.0%			$	48,683,852

† Non income-producing security.

(a) Represents less than 0.05 percent of net assets.

(b) Represents annualized seven-day yield as of March 31, 2014.

All securities are Level 2 with respect to ASC 820, unless otherwise noted in parentheses.

(1) Level 1 security (See Note 4).

The following abbreviations are used in portfolio descriptions:

ADR - American Depositary Receipt

GDR - Global Depositary Receipt

NVDR - Non-Voting Depositary Receipt

SECTOR	VALUE		% OF NET ASSETS
Consumer Discretionary	$	4,072,100		8.4	%
Consumer Staples		8,010,366		16.5
Energy		1,724,756		3.5
Exchange Traded Fund		4,503,530		9.3
Financials		6,350,253		13.0
Health Care		2,376,305		4.9
Industrials		4,008,598		8.2
Information Technology		2,728,090		5.6
Materials		1,533,389		3.1
Telecommunication Services		8,035,892		16.5
Utilities		4,886,778		10.0
Money Market Funds		1,340,248		2.8
Total Investments		49,570,305		101.8
Liabilities in Excess of Other Assets		(886,453)		(1.8)
Net Assets	$	48,683,852		100.0	%

The accompanying notes are an integral part of these financial statements.

22 AQR Funds Semi-Annual Report March 2014

Schedule of Investments March 31, 2014 (Unaudited)

AQR INTERNATIONAL DEFENSIVE EQUITY FUND

COMMON STOCKS - 93.8%	SHARES		VALUE (Note 2)
Australia - 17.4%
AGL Energy Ltd.		21,126	$	297,907
Amcor Ltd.		12,922		124,852
APA Group		20,729		123,546
ASX Ltd.		2,400		80,421
Aurizon Holdings Ltd.		18,076		86,342
Australia & New Zealand Banking Group Ltd.		1,156		35,562
Bendigo and Adelaide Bank Ltd.		4,585		48,436
BHP Billiton Ltd.		2,012		68,197
Boral Ltd.		14,636		76,926
Brambles Ltd.		19,801		170,368
Caltex Australia Ltd.		3,385		69,264
Coca-Cola Amatil Ltd.		11,302		115,818
Cochlear Ltd.		2,349		124,336
Commonwealth Bank of Australia		1,776		127,853
Crown Resorts Ltd.		2,043		31,597
CSL Ltd.		3,012		194,550
Flight Centre Travel Group Ltd.		4,252		207,444
Incitec Pivot Ltd.		27,818		76,501
Insurance Australia Group Ltd.		11,316		58,527
Metcash Ltd.		44,154		107,080
National Australia Bank Ltd.		2,335		76,985
Orica Ltd.		2,718		55,306
Ramsay Health Care Ltd.		3,419		152,775
Sonic Healthcare Ltd.		10,376		166,235
Sydney Airport		18,501		71,987
Tatts Group Ltd.		43,152		116,195
Telstra Corp. Ltd.		81,706		385,280
Transurban Group		20,147		135,822
Treasury Wine Estates Ltd.		26,786		87,991
Wesfarmers Ltd.		9,690		371,277
Westpac Banking Corp.		2,508		80,639
Woodside Petroleum Ltd.		5,279		191,150
Woolworths Ltd.		11,415		378,543
WorleyParsons Ltd.		4,639		65,334
				4,561,046
Belgium - 1.2%
Anheuser-Busch InBev NV		75		7,898
Belgacom SA		7,088		222,086
Delhaize Group SA		984		71,962
				301,946
Canada - 17.3%
Agnico Eagle Mines Ltd. (1)		129		3,906
Agrium, Inc. (1)		200		19,490
Alimentation Couche Tard, Inc., Class B (1)		3,497		282,828
Bank of Montreal (1)		3,003		200,906
Bank of Nova Scotia (1)		4,380		253,687
Barrick Gold Corp. (1)		433		7,708
BCE, Inc. (1)		7,146		307,818
Canadian Imperial Bank of Commerce (1)		2,983		257,016
Canadian National Railway Co. (1)		2,422		136,075
Canadian Tire Corp. Ltd., Class A (1)		588		55,438
Dollarama, Inc. (1)		1,800		137,129
Eldorado Gold Corp. (1)		11,859		65,973
Enbridge, Inc. (1)		1,442		65,493

	SHARES		VALUE (Note 2)
Canada - 17.3% (continued)
Franco-Nevada Corp. (1)		2,055	$	94,431
Gildan Activewear, Inc. (1)		700		35,275
Goldcorp, Inc. (1)		1,369		33,398
Husky Energy, Inc. (1)		4,300		128,981
Imperial Oil Ltd. (1)		4,571		212,859
Intact Financial Corp. (1)		3,404		211,846
Kinross Gold Corp. (1)†		20,191		83,467
Loblaw Cos., Ltd. (1)		2,096		88,921
Metro, Inc. (1)		3,274		192,205
National Bank of Canada (1)		3,946		158,126
Pembina Pipeline Corp. (1)		1,360		51,644
Potash Corp of Saskatchewan, Inc. (1)		2,340		84,646
Rogers Communications, Inc., Class B (1)		3,237		134,136
Royal Bank of Canada (1)		2,802		184,747
Shaw Communications, Inc., Class B (1)		2,904		69,349
Silver Wheaton Corp. (1)		5,352		121,419
Thompson Reuters Corp. (1)		2,838		97,013
Tim Hortons, Inc. (1)		5,023		277,798
Toronto-Dominion Bank/The (1)		4,998		234,325
TransCanada Corp. (1)		2,397		108,955
Yamana Gold, Inc. (1)		16,971		148,602
				4,545,610
Colombia - 0.1%
Pacific Rubiales Energy Corp. (1)		1,756		31,625
Denmark - 2.3%
Coloplast A/S, Class B		3,086		249,507
Novo Nordisk A/S, Class B		5,830		265,453
Novozymes A/S, B Shares		1,790		78,686
				593,646
Finland - 0.1%
Fortum OYJ		520		11,818
Kone OYJ, Class B		522		21,918
				33,736
France - 4.3%
Air Liquide SA		34		4,604
AtoS		930		84,043
Danone SA		3,230		228,191
Dassault Systemes		819		95,836
Essilor International SA		1,093		110,303
Iliad SA		394		113,694
L’Oreal SA		1,088		179,499
Pernod Ricard SA		542		63,075
Sanofi		222		23,199
SES SA FDR		361		13,469
Sodexo		341		35,741
Total SA		2,600		171,144
				1,122,798
Germany - 3.5%
Adidas AG		808		87,369
BASF SE		133		14,799
Bayer AG		971		131,496
Beiersdorf AG		3,124		304,696
Deutsche Post AG		1,190		44,241
Fresenius Medical Care AG & Co. KGaA		1,526		106,769

The accompanying notes are an integral part of these financial statements. (Continued)

AQR Funds Semi-Annual Report March 2014 23

Schedule of Investments March 31, 2014 (Unaudited)

AQR INTERNATIONAL DEFENSIVE EQUITY FUND

	SHARES		VALUE (Note 2)
Germany - 3.5% (continued)
Merck KGaA		229	$	38,565
Metro AG		1,723		70,284
SAP AG		1,098		89,065
Suedzucker AG		1,209		34,481
				921,765
Hong Kong - 4.2%
BOC Hong Kong Holdings Ltd.		21,500		61,392
CLP Holdings Ltd.		27,000		203,762
Galaxy Entertainment Group Ltd. †		3,000		26,185
Hang Seng Bank Ltd.		11,800		188,244
Hong Kong & China Gas Co., Ltd.		97,900		213,888
MGM China Holdings Ltd.		11,200		39,570
Power Assets Holdings Ltd.		29,000		251,708
SJM Holdings Ltd.		35,000		98,603
Wynn Macau Ltd.		4,800		19,979
				1,103,331
Italy - 0.6%
Luxottica Group SpA		2,742		158,435
Tenaris SA		415		9,171
				167,606
Japan - 15.4%
Ajinomoto Co., Inc.		2,000		28,624
Asahi Group Holdings Ltd.		1,400		39,250
Astellas Pharma, Inc.		13,000		154,343
Bank of Yokohama Ltd./The		2,000		9,976
Calbee, Inc.		4,100		96,607
Canon, Inc.		3,400		105,522
Central Japan Railway Co.		300		35,043
Chiba Bank Ltd./The		4,000		24,621
Chugai Pharmaceutical Co., Ltd.		9,200		234,989
Dai Nippon Printing Co., Ltd.		1,000		9,563
Daihatsu Motor Co., Ltd.		1,700		30,018
Daiichi Sankyo Co., Ltd.		1,900		32,016
Dentsu, Inc.		300		11,360
East Japan Railway Co.		300		22,097
Eisai Co., Ltd.		2,900		112,729
FamilyMart Co., Ltd.		3,300		145,121
FUJIFILM Holdings Corp.		800		21,474
GungHo Online Entertainment, Inc.		17,200		93,499
Hoya Corp.		3,100		96,971
Inpex Corp.		4,000		51,941
Japan Airlines Co., Ltd.		600		29,529
Japan Tobacco, Inc.		500		15,694
JX Holdings, Inc.		5,700		27,480
Kao Corp.		4,300		152,280
KDDI Corp.		400		23,226
Konica Minolta, Inc.		5,500		51,456
Kuraray Co., Ltd.		1,300		14,874
Lawson, Inc.		900		63,683
Mitsubishi Motors Corp.		3,600		37,598
Mitsubishi Tanabe Pharma Corp.		300		4,198
Namco Bandai Holdings, Inc.		2,200		52,183
Nikon Corp.		1,600		25,777
Nippon Express Co., Ltd.		12,000		58,688
Nippon Meat Packers, Inc.		2,000		29,772

	SHARES		VALUE (Note 2)
Japan - 15.4% (continued)
Nippon Yusen KK		3,000	$	8,713
Nitori Holdings Co., Ltd.		1,600		69,434
Nomura Research Institute Ltd.		2,200		69,402
NTT DOCOMO, Inc.		8,900		140,242
Omron Corp.		1,400		57,927
Oriental Land Co., Ltd.		200		30,404
Osaka Gas Co., Ltd.		40,000		151,179
Otsuka Holdings Co., Ltd.		6,300		188,466
Sanrio Co., Ltd.		400		13,502
Secom Co., Ltd.		1,400		80,479
Seven & I Holdings Co., Ltd.		3,900		148,608
Shimamura Co., Ltd.		1,300		112,494
Shin-Etsu Chemical Co., Ltd.		800		45,605
Shiseido Co., Ltd.		600		10,571
Shizuoka Bank Ltd./The		4,000		38,981
Suzuki Motor Corp.		900		23,465
Sysmex Corp.		400		12,753
Takashimaya Co., Ltd.		5,000		46,800
Takeda Pharmaceutical Co., Ltd.		1,000		47,332
Terumo Corp.		1,800		39,206
Tokyo Gas Co., Ltd.		30,000		152,120
Toppan Printing Co., Ltd.		3,000		21,449
Toyo Suisan Kaisha Ltd.		4,000		133,656
Trend Micro, Inc.		3,200		98,869
Unicharm Corp.		1,300		69,364
West Japan Railway Co.		1,300		53,061
Yakult Honsha Co., Ltd.		1,600		80,316
Yamato Holdings Co., Ltd.		7,200		154,953
				4,041,553
Netherlands - 1.7%
Gemalto NV		55		6,410
Koninklijke Ahold NV †		12,875		258,580
Randstad Holding NV		201		11,764
Unilever NV CVA		4,299		176,838
				453,592
Norway - 1.8%
Orkla ASA		5,852		49,889
Statoil ASA		5,809		163,899
Telenor ASA		11,356		251,341
				465,129
Singapore - 2.1%
DBS Group Holdings Ltd.		3,000		38,652
Golden Agri-Resources Ltd.		139,000		63,593
Oversea-Chinese Banking Corp. Ltd.		7,000		52,922
Singapore Telecommunications Ltd.		110,000		319,739
United Overseas Bank Ltd.		1,000		17,249
Wilmar International Ltd.		21,000		57,865
				550,020
Spain - 0.8%
Enagas SA		1,116		33,949
Inditex SA		946		141,927
Telefonica SA		2,233		35,386
				211,262

The accompanying notes are an integral part of these financial statements. (Continued)

24 AQR Funds Semi-Annual Report March 2014

Schedule of Investments March 31, 2014 (Unaudited)

AQR INTERNATIONAL DEFENSIVE EQUITY FUND

	SHARES		VALUE (Note 2)
Sweden - 3.1%
Elekta AB, B Shares		3,700	$	49,256
Hennes & Mauritz AB, B Shares		5,960		254,196
Svenska Cellulosa AB SCA, Class B		2,577		75,896
Swedish Match AB		4,628		151,505
Tele2 AB, B Shares		11,780		146,255
TeliaSonera AB		18,852		142,378
				819,486
Switzerland - 5.0%
Kuehne + Nagel International AG		1,639		229,368
Nestle SA		4,456		335,402
Novartis AG		3,246		275,611
Roche Holding AG		460		138,351
SGS SA		71		175,105
Swisscom AG		229		140,692
Syngenta AG		36		13,667
				1,308,196
United Kingdom - 12.9%
Associated British Foods PLC		6,170		286,302
AstraZeneca PLC		5,280		342,287
British American Tobacco PLC		2,943		164,177
British Sky Broadcasting Group PLC		4,156		63,228
Burberry Group PLC		821		19,088
Centrica PLC		41,953		230,803
Compass Group PLC		11,794		180,080
Diageo PLC		926		28,761
Experian PLC		561		10,124
GlaxoSmithKline PLC		3,803		101,408
Imperial Tobacco Group PLC		2,019		81,644
J Sainsbury PLC		11,370		59,959
Marks & Spencer Group PLC		4,636		34,899
National Grid PLC		20,399		280,315
Next PLC		481		52,934
Pearson PLC		795		14,114
Reckitt Benckiser Group PLC		3,113		254,036
Rexam PLC		3,950		32,098
Royal Dutch Shell PLC, B Shares		2,950		115,169
SABMiller PLC		623		31,151
Sage Group PLC/The		3,363		23,456
Shire PLC		4,086		202,279
Smith & Nephew PLC		14,510		220,376
SSE PLC		9,272		227,109
Tate & Lyle PLC		4,053		45,141
Tesco PLC		2,518		12,419
United Utilities Group PLC		2,762		36,332
Whitbread PLC		1,298		90,096
WM Morrison Supermarkets PLC		44,777		159,215
				3,399,000
TOTAL COMMON STOCKS (cost $22,943,779)				24,631,347
PREFERRED STOCKS - 0.6%
Germany - 0.6%
Henkel AG & Co. KGaA (cost $133,153)		1,444		155,435

	SHARES		VALUE (Note 2)
EXCHANGE-TRADED FUNDS - 4.7%
iShares MSCI EAFE ETF (1) (cost $1,147,032)		18,361	$	1,233,308
MONEY MARKET FUNDS - 0.7%
J.P. Morgan U.S. Treasury Plus Money Market Fund - Institutional Shares,
0.000% (a) (cost $171,774)		171,774		171,774
TOTAL INVESTMENTS - 99.8% (cost $24,395,738)				26,191,864
OTHER ASSETS IN EXCESS OF LIABILITIES - 0.2%				64,107
NET ASSETS - 100.0%			$	26,255,971

† Non income-producing security.

(a) Represents annualized seven-day yield as of March 31, 2014.

All securities are Level 2 with respect to ASC 820, unless otherwise noted in parentheses.

(1) Level 1 security (See Note 4).

The following abbreviations are used in portfolio descriptions:

CVA - Dutch Certificate of Shares

FDR - Fiduciary Depositary Receipt

SECTOR	VALUE		% OF NET ASSETS
Consumer Discretionary	$	2,810,188		10.7	%
Consumer Staples		6,046,102		23.0
Energy		1,464,108		5.6
Financials		2,441,113		9.3
Health Care		3,797,476		14.5
Industrials		1,566,691		6.0
Information Technology		893,930		3.4
Materials		1,190,469		4.5
Mutual Fund		1,233,308		4.7
Telecommunication Services		2,362,271		9.0
Utilities		2,214,434		8.4
Money Market Funds		171,774		0.7
Total Investments		26,191,864		99.8
Other Assets in Excess of Liabilities		64,107		0.2
Net Assets	$	26,255,971		100.0	%

The accompanying notes are an integral part of these financial statements.

AQR Funds Semi-Annual Report March 2014 25

Schedule of Investments March 31, 2014 (Unaudited)

AQR U.S. DEFENSIVE EQUITY FUND

COMMON STOCKS - 96.3%	SHARES			VALUE (Note 2)
Consumer Discretionary - 12.4%
Advance Auto Parts, Inc.		2,962		$	374,693
Amazon.com, Inc. †		6,312			2,124,114
AutoZone, Inc. †		3,160			1,697,236
Bed Bath & Beyond, Inc. †		11,808			812,390
Big Lots, Inc. †		10,249			388,130
Chipotle Mexican Grill, Inc. †		2,459			1,396,835
Discovery Communications, Inc., Class A †		900			74,430
Dollar Tree, Inc. †		19,670			1,026,381
Domino’s Pizza, Inc.		10,400			800,488
Family Dollar Stores, Inc.		7,616			441,804
Groupon, Inc. †		114,200			895,328
Home Depot, Inc./The		23,683			1,874,036
Lowe’s Cos., Inc.		6,800			332,520
McDonald’s Corp.		32,251			3,161,566
NIKE, Inc., Class B		8,358			617,322
O’Reilly Automotive, Inc. †		6,249			927,289
Panera Bread Co., Class A †		3,450			608,821
PetSmart, Inc.		14,869			1,024,325
priceline.com, Inc. †		1,268			1,511,316
Ralph Lauren Corp.		876			140,975
Scripps Networks Interactive, Inc., Class A		11,566			877,975
Starbucks Corp.		15,010			1,101,434
Target Corp.		9,298			562,622
Time Warner, Inc.		8,467			553,149
TJX Cos., Inc./The		12,740			772,681
Tractor Supply Co.		1,996			140,977
TripAdvisor, Inc. †		15,700			1,422,263
Tupperware Brands Corp.		3,334			279,256
Viacom, Inc., Class B		6,413			545,041
Walt Disney Co./The		9,600	��		768,672
Yum! Brands, Inc.		14,963			1,128,061
					28,382,130
Consumer Staples - 19.7%
Altria Group, Inc.		74,427			2,785,803
Archer-Daniels-Midland Co.		17,155			744,355
Brown-Forman Corp., Class B		8,555			767,298
Church & Dwight Co., Inc.		21,971			1,517,537
Clorox Co./The		6,979			614,222
Coca-Cola Co./The		30,855			1,192,854
Colgate-Palmolive Co.		51,770			3,358,320
Costco Wholesale Corp.		24,323			2,716,393
CVS Caremark Corp.		5,919			443,096
Estee Lauder Cos., Inc./The, Class A		14,956			1,000,257
General Mills, Inc.		26,254			1,360,482
Hershey Co./The		24,551			2,563,124
Hormel Foods Corp.		29,349			1,446,025
JM Smucker Co./The		985			95,781
Kellogg Co.		6,276			393,568
Keurig Green Mountain, Inc.		1,000			105,590
Kimberly-Clark Corp.		27,150			2,993,288
Kroger Co./The		11,601			506,384
Lorillard, Inc.		14,333			775,129
McCormick & Co., Inc.		16,680			1,196,623
Monster Beverage Corp. †		14,403			1,000,288
Nu Skin Enterprises, Inc., Class A		300			24,855

	SHARES		VALUE (Note 2)
Consumer Staples - 19.7% (continued)
PepsiCo, Inc.		36,102	$	3,014,517
Philip Morris International, Inc.		24,508		2,006,470
Procter & Gamble Co./The		36,021		2,903,293
Reynolds American, Inc.		54,934		2,934,574
Sysco Corp.		42,544		1,537,115
Walgreen Co.		18,855		1,244,996
Wal-Mart Stores, Inc.		43,911		3,356,118
Whole Foods Market, Inc.		8,665		439,402
				45,037,757
Energy - 1.1%
Chevron Corp.		5,830		693,245
Diamond Offshore Drilling, Inc.		900		43,884
EOG Resources, Inc.		1,200		235,404
Exxon Mobil Corp.		12,032		1,175,286
Occidental Petroleum Corp.		3,094		294,827
				2,442,646
Financials - 11.8%
ACE Ltd. (Switzerland)		11,364		1,125,718
Alleghany Corp. †		800		325,904
Allied World Assurance Co. Holdings AG (Switzerland)		2,300		237,337
Aon PLC (United Kingdom)		9,700		817,516
Arch Capital Group Ltd. †		18,900		1,087,506
Bank of Hawaii Corp.		23,363		1,416,031
BankUnited, Inc.		16,500		573,705
BB&T Corp.		3,286		131,999
Chubb Corp./The		23,845		2,129,359
City National Corp.		5,231		411,784
Commerce Bancshares, Inc.		6,800		315,656
Cullen/Frost Bankers, Inc.		24,576		1,905,377
Everest Re Group Ltd.		12,270		1,877,924
M&T Bank Corp.		16,051		1,946,986
Markel Corp. †		3,000		1,788,300
Marsh & McLennan Cos., Inc.		13,807		680,685
New York Community Bancorp, Inc.		76,278		1,225,788
Northern Trust Corp.		19,974		1,309,495
People’s United Financial, Inc.		131,916		1,961,591
PNC Financial Services Group, Inc./The		800		69,600
Progressive Corp./The		23,226		562,534
RenaissanceRe Holdings Ltd.		3,200		312,320
Signature Bank †		6,700		841,453
SVB Financial Group †		533		68,640
Travelers Cos., Inc./The		15,843		1,348,239
US Bancorp		29,916		1,282,200
Wells Fargo & Co.		12,400		616,776
WR Berkley Corp.		13,560		564,367
				26,934,790
Health Care - 16.3%
Abbott Laboratories		35,102		1,351,778
AbbVie, Inc.		11,200		575,680
Aetna, Inc.		13,432		1,006,997
Alexion Pharmaceuticals, Inc. †		6,800		1,034,484
Allergan, Inc.		10,176		1,262,842
AmerisourceBergen Corp.		23,923		1,569,110
Amgen, Inc.		293		36,139

The accompanying notes are an integral part of these financial statements. (Continued)

26 AQR Funds Semi-Annual Report March 2014

Schedule of Investments March 31, 2014 (Unaudited)

AQR U.S. DEFENSIVE EQUITY FUND

	SHARES		VALUE (Note 2)
Health Care - 16.3% (continued)
Baxter International, Inc.		6,585	$	484,524
Becton Dickinson and Co.		15,102		1,768,142
Biogen Idec, Inc. †		3,377		1,032,923
Bristol-Myers Squibb Co.		10,257		532,851
Cardinal Health, Inc.		14,724		1,030,385
Celgene Corp. †		5,893		822,663
Cerner Corp. †		12,397		697,331
CR Bard, Inc.		7,504		1,110,442
DENTSPLY International, Inc.		800		36,832
Edwards Lifesciences Corp. †		5,469		405,636
Eli Lilly & Co.		36,528		2,150,038
Gilead Sciences, Inc. †		800		56,688
Henry Schein, Inc. †		7,538		899,811
Humana, Inc.		2,300		259,256
IDEXX Laboratories, Inc. †		12,083		1,466,876
Johnson & Johnson		35,193		3,457,008
Laboratory Corp of America Holdings †		10,617		1,042,696
Mallinckrodt PLC (Ireland) †		1,000		63,410
McKesson Corp.		11,061		1,953,041
MEDNAX, Inc. †		7,944		492,369
Medtronic, Inc.		15,031		925,008
Merck & Co., Inc.		28,885		1,639,801
Mettler-Toledo International, Inc. †		2,848		671,217
Myriad Genetics, Inc. †		13,246		452,881
Omnicare, Inc.		4,100		244,647
Patterson Cos., Inc.		16,133		673,714
Pfizer, Inc.		32,370		1,039,724
Quest Diagnostics, Inc.		589		34,115
ResMed, Inc.		4,300		192,167
Seattle Genetics, Inc. †		7,900		359,924
Stryker Corp.		22,109		1,801,220
Techne Corp.		6,200		529,294
UnitedHealth Group, Inc.		13,878		1,137,857
Vertex Pharmaceuticals, Inc. †		5,400		381,888
Waters Corp. †		300		32,523
WellPoint, Inc.		600		59,730
Zimmer Holdings, Inc.		5,977		565,305
				37,340,967
Industrials - 6.2%
3M Co.		10,446		1,417,104
Alaska Air Group, Inc.		2,200		205,282
Boeing Co./The		7,900		991,371
Cintas Corp.		15,682		934,804
Copa Holdings SA, Class A (Panama)		2,700		392,013
Danaher Corp.		4,349		326,175
Dun & Bradstreet Corp./The		2,941		292,188
Equifax, Inc.		3,815		259,535
Fastenal Co.		2,400		118,368
FedEx Corp.		2,400		318,144
General Dynamics Corp.		1,185		129,070
Honeywell International, Inc.		2,469		229,024
Landstar System, Inc.		6,241		369,592
Lockheed Martin Corp.		900		146,916
MSC Industrial Direct Co., Inc., Class A		7,535		651,928
Northrop Grumman Corp.		1,954		241,085
Raytheon Co.		10,245		1,012,104
Republic Services, Inc.		9,694		331,147

	SHARES		VALUE (Note 2)
Industrials - 6.2% (continued)
Southwest Airlines Co.		3,800	$	89,718
Stericycle, Inc. †		23,306		2,648,028
Union Pacific Corp.		2,300		431,618
United Parcel Service, Inc., Class B		7,039		685,458
United Technologies Corp.		837		97,795
Waste Connections, Inc.		4,300		188,598
Waste Management, Inc.		30,390		1,278,507
WW Grainger, Inc.		1,345		339,828
				14,125,400
Information Technology - 14.7%
Accenture PLC, Class A (Ireland)		5,360		427,299
Adobe Systems, Inc. †		8,871		583,180
Amdocs Ltd.		4,200		195,132
Analog Devices, Inc.		21,734		1,154,945
Apple, Inc.		400		214,696
Autodesk, Inc. †		11,991		589,717
Automatic Data Processing, Inc.		34,071		2,632,325
Cognizant Technology Solutions Corp., Class A †		10,400		526,344
F5 Networks, Inc. †		8,118		865,622
FactSet Research Systems, Inc.		9,420		1,015,570
FLIR Systems, Inc.		15,600		561,600
Gartner, Inc. †		9,200		638,848
Google, Inc., Class A †		2,048		2,282,516
Harris Corp.		2,898		212,018
IAC/InterActiveCorp		400		28,556
Informatica Corp. †		1,073		40,538
Intel Corp.		42,788		1,104,358
International Business Machines Corp.		11,330		2,180,912
Intuit, Inc.		26,013		2,021,990
Jack Henry & Associates, Inc.		5,900		328,984
KLA-Tencor Corp.		10,574		731,086
Linear Technology Corp.		32,966		1,605,115
LinkedIn Corp., Class A †		3,600		665,784
MasterCard, Inc., Class A		20,060		1,498,482
Maxim Integrated Products, Inc.		6,300		208,656
Microchip Technology, Inc.		989		47,235
Microsoft Corp.		22,165		908,543
NetApp, Inc.		8,228		303,613
NetSuite, Inc. †		600		56,898
Palo Alto Networks, Inc. †		7,700		528,220
Paychex, Inc.		40,650		1,731,690
QUALCOMM, Inc.		13,200		1,040,952
Red Hat, Inc. †		9,664		511,999
Splunk, Inc. †		2,300		164,427
Synopsys, Inc. †		5,672		217,862
Teradata Corp. †		1,329		65,374
Texas Instruments, Inc.		13,034		614,553
Total System Services, Inc.		11,650		354,277
VeriSign, Inc. †		2,300		123,993
Visa, Inc., Class A		10,449		2,255,521
VMware, Inc., Class A †		4,633		500,457
Workday, Inc., Class A †		4,400		402,292
Xilinx, Inc.		20,404		1,107,325
Zebra Technologies Corp., Class A †		5,600		388,696
				33,638,200

The accompanying notes are an integral part of these financial statements. (Continued)

AQR Funds Semi-Annual Report March 2014 27

Schedule of Investments March 31, 2014 (Unaudited)

AQR U.S. DEFENSIVE EQUITY FUND

	SHARES		VALUE (Note 2)
Materials - 1.0%
International Flavors & Fragrances, Inc.		1,627	$	155,655
PPG Industries, Inc.		2,000		386,920
Sherwin-Williams Co./The		3,570		703,754
Sigma-Aldrich Corp.		11,348		1,059,676
				2,306,005
Telecommunication Services - 1.3%
AT&T, Inc. (2)		38,564		1,352,439
tw telecom, Inc. †		16,925		529,076
Verizon Communications, Inc.		24,702		1,175,074
				3,056,589
Utilities - 11.8%
AGL Resources, Inc.		25,500		1,248,480
Alliant Energy Corp.		8,666		492,315
American Electric Power Co., Inc.		15,879		804,430
American Water Works Co., Inc.		19,832		900,373
Aqua America, Inc.		28,100		704,467
Atmos Energy Corp.		17,400		820,062
CenterPoint Energy, Inc.		7,392		175,116
Consolidated Edison, Inc.		18,530		994,134
Dominion Resources, Inc.		39,726		2,820,149
DTE Energy Co.		26,310		1,954,570
Duke Energy Corp.		13,144		936,116
Exelon Corp.		5,183		173,941
ITC Holdings Corp.		10,500		392,175
National Fuel Gas Co.		8,700		609,348
NextEra Energy, Inc.		14,275		1,364,976
NiSource, Inc.		4,921		174,843
Northeast Utilities		7,158		325,689
OGE Energy Corp.		19,021		699,212
PG&E Corp.		23,688		1,023,322
Pinnacle West Capital Corp.		3,094		169,118
Public Service Enterprise Group, Inc.		37,775		1,440,739
Questar Corp.		38,258		909,775

	SHARES		VALUE (Note 2)
Utilities - 11.8% (continued)
SCANA Corp.		7,584	$	389,211
Sempra Energy		26,021		2,517,792
Southern Co.		37,937		1,666,952
TECO Energy, Inc.		4,209		72,184
UGI Corp.		12,875		587,229
Vectren Corp.		28,700		1,130,493
Wisconsin Energy Corp.		20,766		966,657
Xcel Energy, Inc.		14,091		427,803
				26,891,671
TOTAL COMMON STOCKS (cost $200,732,726)				220,156,155
MONEY MARKET FUNDS - 3.5%
J.P. Morgan U.S. Treasury Plus Money Market Fund - Institutional Shares,
0.000% (2)(a) (cost $7,952,989)		7,952,989		7,952,989
TOTAL INVESTMENTS - 99.8% (cost $208,685,715)				228,109,144
OTHER ASSETS IN EXCESS OF LIABILITIES - 0.2% (b)				463,808
NET ASSETS - 100.0%			$	228,572,952

All securities are United States companies, unless noted otherwise in parentheses.

† Non income-producing security.

(a) Represents annualized seven-day yield as of March 31, 2014.

(b) Includes appreciation on futures contracts.

All securities are Level 1 with respect to ASC 820, unless otherwise noted in parentheses.

(2) Level 2 security (See Note 4).

Open futures contracts outstanding at March 31, 2014:

Exchange Traded

NUMBER OF CONTRACTS		COUNTERPARTY	DESCRIPTION	EXPIRATION DATE		VALUE AT TRADE DATE		VALUE AT MARCH 31, 2014		UNREALIZED APPRECIATION
	Long Contracts:
	58	Goldman Sachs	S&P 500 E-Mini Futures		June 20, 2014		$5,404,466		$5,407,340		$2,874

Cash held as collateral at Goldman Sachs for futures contracts was $290,023 at March 31, 2014.

The accompanying notes are an integral part of these financial statements.

28 AQR Funds Semi-Annual Report March 2014

Schedule of Investments March 31, 2014 (Unaudited)

AQR MOMENTUM FUND

COMMON STOCKS - 99.5%	SHARES		VALUE (Note 2)
Consumer Discretionary - 20.2%
Advance Auto Parts, Inc.		2,300	$	290,950
Amazon.com, Inc. †		61,700		20,763,284
AutoNation, Inc. †		14,700		782,481
AutoZone, Inc. †		1,400		751,940
Bed Bath & Beyond, Inc. †		2,300		158,240
Best Buy Co., Inc.		64,100		1,692,881
Big Lots, Inc. †		7,800		295,386
BorgWarner, Inc.		32,700		2,010,069
Brinker International, Inc.		12,400		650,380
Brunswick Corp.		20,700		937,503
Buckle, Inc./The		7,400		338,920
Cabela’s, Inc. †		11,000		720,610
Carter’s, Inc.		7,700		597,905
CBS Corp., Class B		103,400		6,390,120
Charter Communications, Inc., Class A †		7,800		960,960
Chico’s FAS, Inc.		25,500		408,765
Chipotle Mexican Grill, Inc. †		7,100		4,033,155
Cinemark Holdings, Inc.		15,800		458,358
Comcast Corp., Class A		84,500		4,226,690
Conn’s, Inc. †		14,700		571,095
CST Brands, Inc.		7,300		228,052
Dana Holding Corp.		34,800		809,796
Deckers Outdoor Corp. †		11,700		932,841
Dick’s Sporting Goods, Inc.		4,600		251,206
Dillard’s, Inc., Class A		10,500		970,200
DIRECTV †		32,000		2,445,440
Discovery Communications, Inc., Class A †		23,766		1,965,448
DISH Network Corp., Class A †		76,400		4,752,844
Dollar General Corp. †		4,400		244,112
Dollar Tree, Inc. †		17,900		934,022
Domino’s Pizza, Inc.		10,800		831,276
DSW, Inc., Class A		13,200		473,352
Expedia, Inc.		8,300		601,750
Federal-Mogul Corp. †		12,400		232,004
Foot Locker, Inc.		24,400		1,146,312
Ford Motor Co.		7,200		112,320
Fossil Group, Inc. †		6,900		804,609
GameStop Corp., Class A		31,300		1,286,430
Gannett Co., Inc.		56,300		1,553,880
General Motors Co.		104,800		3,607,216
Gentex Corp.		13,000		409,890
Genuine Parts Co.		16,500		1,433,025
GNC Holdings, Inc., Class A		12,900		567,858
Goodyear Tire & Rubber Co./The		39,500		1,032,135
Groupon, Inc. †		157,300		1,233,232
H&R Block, Inc.		25,400		766,826
Hanesbrands, Inc.		13,000		994,240
Harley-Davidson, Inc.		13,200		879,252
Harman International Industries, Inc.		18,700		1,989,680
Hasbro, Inc.		3,200		177,984
HSN, Inc.		8,000		477,840
Hyatt Hotels Corp., Class A †		10,100		543,481
Jarden Corp. †		13,800		825,654
Johnson Controls, Inc.		105,900		5,011,188
Kate Spade & Co. †		28,200		1,045,938
L Brands, Inc.		15,600		885,612

	SHARES		VALUE (Note 2)
Consumer Discretionary - 20.2% (continued)
Lamar Advertising Co., Class A †		12,300	$	627,177
Las Vegas Sands Corp.		117,900		9,523,962
LKQ Corp. †		72,600		1,913,010
Lowe’s Cos., Inc.		8,800		430,320
Macy’s, Inc.		16,900		1,002,001
Madison Square Garden Co./The, Class A †		11,000		624,580
Mattel, Inc.		24,500		982,695
MGM Resorts International †		96,100		2,485,146
Mohawk Industries, Inc. †		11,600		1,577,368
Netflix, Inc. †		11,800		4,153,954
News Corp., Class A †		74,725		1,286,765
O’Reilly Automotive, Inc. †		7,200		1,068,408
Panera Bread Co., Class A †		2,400		423,528
PetSmart, Inc.		9,200		633,788
Pier 1 Imports, Inc.		24,000		453,120
Polaris Industries, Inc.		10,200		1,425,042
priceline.com, Inc. †		8,000		9,535,120
PVH Corp.		2,100		262,017
Rent-A-Center, Inc.		8,000		212,800
Sally Beauty Holdings, Inc. †		22,600		619,240
Signet Jewelers Ltd.		3,900		412,854
Sinclair Broadcast Group, Inc., Class A		51,400		1,392,426
Six Flags Entertainment Corp.		32,600		1,308,890
Standard Pacific Corp. †		136,800		1,136,808
Starbucks Corp.		89,634		6,577,343
Tempur Sealy International, Inc. †		2,600		131,742
Tenneco, Inc. †		19,000		1,103,330
Tesla Motors, Inc. †		28,100		5,857,445
Time Warner, Inc.		7,100		463,843
TJX Cos., Inc./The		45,800		2,777,770
Tractor Supply Co.		16,000		1,130,080
TripAdvisor, Inc. †		45,200		4,094,668
TRW Automotive Holdings Corp. †		30,600		2,497,572
Tupperware Brands Corp.		4,600		385,296
Twenty-First Century Fox, Inc., Class A		101,600		3,248,152
Ulta Salon Cosmetics & Fragrance, Inc. †		8,300		809,084
Under Armour, Inc., Class A †		22,300		2,556,472
Urban Outfitters, Inc. †		12,700		463,169
VF Corp.		51,900		3,211,572
Viacom, Inc., Class B		52,900		4,495,971
Walt Disney Co./The		178,800		14,316,516
Whirlpool Corp.		15,100		2,256,846
Wolverine World Wide, Inc.		16,800		479,640
Wyndham Worldwide Corp.		26,300		1,925,949
Wynn Resorts Ltd.		14,900		3,310,035
				195,080,151
Consumer Staples - 4.2%
Archer-Daniels-Midland Co.		32,400		1,405,836
Brown-Forman Corp., Class B		14,700		1,318,443
Casey’s General Stores, Inc.		5,900		398,781
Church & Dwight Co., Inc.		12,500		863,375
Coca-Cola Enterprises, Inc.		23,723		1,133,010
Constellation Brands, Inc., Class A †		32,500		2,761,525

The accompanying notes are an integral part of these financial statements. (Continued)

AQR Funds Semi-Annual Report March 2014 29

Schedule of Investments March 31, 2014 (Unaudited)

AQR MOMENTUM FUND

	SHARES		VALUE (Note 2)
Consumer Staples - 4.2% (continued)
CVS Caremark Corp.		28,200	$	2,111,052
Darling International, Inc. †		15,500		310,310
Dean Foods Co.		15,900		245,814
Estee Lauder Cos., Inc./The, Class A		10,400		695,552
Hain Celestial Group, Inc./The †		7,600		695,172
Herbalife Ltd.		11,600		664,332
Hershey Co./The		16,700		1,743,480
Hillshire Brands Co./The		8,960		333,850
Hormel Foods Corp.		19,500		960,765
Ingredion, Inc.		4,600		313,168
JM Smucker Co./The		6,800		661,232
Keurig Green Mountain, Inc.		36,500		3,854,035
Kroger Co./The		39,200		1,711,080
McCormick & Co., Inc.		12,000		860,880
Monster Beverage Corp. †		11,200		777,840
Nu Skin Enterprises, Inc., Class A		13,100		1,085,335
PriceSmart, Inc.		7,900		797,347
Rite Aid Corp. †		378,900		2,375,703
TreeHouse Foods, Inc. †		4,700		338,353
Tyson Foods, Inc., Class A		44,800		1,971,648
Walgreen Co.		126,000		8,319,780
WhiteWave Foods Co./The, Class A †		11,568		330,151
Whole Foods Market, Inc.		30,000		1,521,300
				40,559,149
Energy - 3.5%
Atwood Oceanics, Inc. †		7,100		357,769
Cabot Oil & Gas Corp.		33,500		1,134,980
CARBO Ceramics, Inc.		3,900		538,161
Cheniere Energy, Inc. †		43,800		2,424,330
Chesapeake Energy Corp.		29,900		766,038
Cimarex Energy Co.		17,000		2,024,870
Continental Resources, Inc. †		17,300		2,149,871
CVR Energy, Inc.		12,300		519,675
Dresser-Rand Group, Inc. †		3,600		210,276
Energen Corp.		2,800		226,268
EOG Resources, Inc.		13,900		2,726,763
EQT Corp.		8,600		833,942
Golar LNG Ltd. (Norway)		10,300		429,407
Gulfport Energy Corp. †		41,600		2,961,088
Halliburton Co.		47,480		2,796,097
Kodiak Oil & Gas Corp. †		51,900		630,066
Noble Energy, Inc.		15,200		1,079,808
Oasis Petroleum, Inc. †		15,700		655,161
Oceaneering International, Inc.		18,800		1,350,968
ONEOK, Inc.		22,400		1,327,200
Patterson-UTI Energy, Inc.		32,200		1,020,096
Pioneer Natural Resources Co.		25,900		4,846,926
Rosetta Resources, Inc. †		10,000		465,800
SM Energy Co.		8,300		591,707
Targa Resources Corp.		9,600		952,896
Tidewater, Inc.		2,900		140,998
Western Refining, Inc.		12,700		490,220
World Fuel Services Corp.		7,000		308,700
				33,960,081
Financials - 13.8%
Allstate Corp./The		43,400		2,455,572
American Capital Ltd. †		144,100		2,275,339

	SHARES		VALUE (Note 2)
Financials - 13.8% (continued)
American Express Co.		134,700	$	12,127,041
American Financial Group, Inc.		8,200		473,222
American International Group, Inc.		33,000		1,650,330
Ameriprise Financial, Inc.		26,100		2,872,827
Aon PLC (United Kingdom)		11,400		960,792
Arch Capital Group Ltd. †		13,000		748,020
Bank of America Corp.		817,200		14,055,840
Bank of New York Mellon Corp./The		41,300		1,457,477
BB&T Corp.		32,600		1,309,542
Capital One Financial Corp.		26,000		2,006,160
Capitol Federal Financial, Inc.		26,600		333,830
Charles Schwab Corp./The		201,200		5,498,796
Cincinnati Financial Corp.		26,000		1,265,160
CME Group, Inc.		58,200		4,307,382
Comerica, Inc.		20,500		1,061,900
Corrections Corp. of America REIT		18,552		581,049
Discover Financial Services		51,300		2,985,147
Douglas Emmett, Inc. REIT		8,500		230,690
E*TRADE Financial Corp. †		46,500		1,070,430
Erie Indemnity Co., Class A		2,000		139,520
Everest Re Group Ltd.		4,800		734,640
Extra Space Storage, Inc. REIT		11,900		577,269
Fidelity National Financial, Inc., Class A		47,700		1,499,688
Fifth Third Bancorp		103,800		2,382,210
Financial Engines, Inc.		13,000		660,140
Franklin Resources, Inc.		38,800		2,102,184
General Growth Properties, Inc. REIT		64,800		1,425,600
Genworth Financial, Inc., Class A †		250,400		4,439,592
Hartford Financial Services Group, Inc./The		116,200		4,098,374
Huntington Bancshares, Inc.		171,600		1,710,852
IntercontinentalExchange Group, Inc.		14,000		2,769,620
Invesco Ltd.		39,300		1,454,100
KeyCorp		131,500		1,872,560
Lincoln National Corp.		76,600		3,881,322
M&T Bank Corp.		4,900		594,370
Macerich Co./The REIT		7,100		442,543
McGraw Hill Financial, Inc.		37,100		2,830,730
MetLife, Inc.		129,400		6,832,320
MGIC Investment Corp. †		218,500		1,861,620
Moody’s Corp.		30,600		2,427,192
Morgan Stanley		269,300		8,394,081
NASDAQ OMX Group, Inc./The		5,000		184,700
Nationstar Mortgage Holdings, Inc. †		18,900		613,494
Ocwen Financial Corp. †		24,100		944,238
PartnerRe Ltd.		6,800		703,800
Post Properties, Inc. REIT		5,900		289,690
Principal Financial Group, Inc.		35,700		1,641,843
Prudential Financial, Inc.		64,200		5,434,530
Regions Financial Corp.		174,400		1,937,584
Signature Bank †		5,800		728,422
SLM Corp.		29,600		724,608
State Street Corp.		35,800		2,489,890
SunTrust Banks, Inc.		49,000		1,949,710
SVB Financial Group †		7,800		1,004,484
Torchmark Corp.		9,400		739,780

The accompanying notes are an integral part of these financial statements. (Continued)

30 AQR Funds Semi-Annual Report March 2014

Schedule of Investments March 31, 2014 (Unaudited)

AQR MOMENTUM FUND

	SHARES		VALUE (Note 2)
Health Care - 16.8% (continued)
Weingarten Realty Investors REIT		5,400	$	162,000
WR Berkley Corp.		13,700		570,194
				132,976,040
Health Care - 16.8%
AbbVie, Inc.		123,900		6,368,460
Actavis PLC (Ireland) †		13,600		2,799,560
Aegerion Pharmaceuticals, Inc. †		19,100		880,892
Aetna, Inc.		61,900		4,640,643
Alexion Pharmaceuticals, Inc. †		27,000		4,107,510
Align Technology, Inc. †		13,100		678,449
Alnylam Pharmaceuticals, Inc. †		14,400		966,816
AmerisourceBergen Corp.		24,900		1,633,191
Amgen, Inc.		18,100		2,232,454
Arena Pharmaceuticals, Inc. †		120,400		758,520
athenahealth, Inc. †		6,800		1,089,632
Biogen Idec, Inc. †		36,400		11,133,668
BioMarin Pharmaceutical, Inc. †		15,000		1,023,150
Boston Scientific Corp. †		207,300		2,802,696
Bristol-Myers Squibb Co.		224,400		11,657,580
Brookdale Senior Living, Inc. †		19,500		653,445
Cardinal Health, Inc.		40,900		2,862,182
Catamaran Corp. †		22,500		1,007,100
Celgene Corp. †		61,700		8,613,320
Cepheid, Inc. †		11,200		577,696
Cerner Corp. †		31,000		1,743,750
Cigna Corp.		51,500		4,312,095
Community Health Systems, Inc. †		16,800		658,056
Cooper Cos., Inc./The		7,400		1,016,464
Cubist Pharmaceuticals, Inc. †		8,600		629,090
DaVita HealthCare Partners, Inc. †		28,200		1,941,570
DexCom, Inc. †		23,400		967,824
Endo International PLC (Ireland) †		28,100		1,929,065
Gilead Sciences, Inc. †		220,200		15,603,372
HCA Holdings, Inc. †		29,200		1,533,000
Henry Schein, Inc. †		4,600		549,102
Hill-Rom Holdings, Inc.		3,500		134,890
HMS Holdings Corp. †		5,700		108,585
Humana, Inc.		17,400		1,961,328
IDEXX Laboratories, Inc. †		4,000		485,600
Illumina, Inc. †		34,800		5,173,368
Incyte Corp. Ltd. †		40,400		2,162,208
Intercept Pharmaceuticals, Inc. †		2,900		956,391
Isis Pharmaceuticals, Inc. †		43,800		1,892,598
Jazz Pharmaceuticals PLC (Ireland) †		8,000		1,109,440
McKesson Corp.		35,100		6,197,607
Medidata Solutions, Inc. †		30,000		1,630,200
Medivation, Inc. †		27,400		1,763,738
Medtronic, Inc.		9,500		584,630
Mylan, Inc. (2)†		57,600		2,812,608
NPS Pharmaceuticals, Inc. †		64,200		1,921,506
Omnicare, Inc.		8,700		519,129
OPKO Health, Inc. †		88,500		824,820
Perrigo Co. PLC (Ireland)		9,300		1,438,338
Pharmacyclics, Inc. †		25,600		2,565,632
Questcor Pharmaceuticals, Inc.		23,500		1,525,855
Regeneron Pharmaceuticals, Inc. †		19,000		5,705,320
ResMed, Inc.		13,000		580,970

	SHARES		VALUE (Note 2)
Health Care - 16.8% (continued)
Salix Pharmaceuticals Ltd. †		19,600	$	2,030,756
Seattle Genetics, Inc. †		20,500		933,980
St. Jude Medical, Inc.		29,200		1,909,388
Tenet Healthcare Corp. †		33,600		1,438,416
Thermo Fisher Scientific, Inc.		55,200		6,637,248
United Therapeutics Corp. †		9,600		902,688
UnitedHealth Group, Inc.		22,400		1,836,576
Vertex Pharmaceuticals, Inc. †		35,300		2,496,416
Vivus, Inc. †		37,700		223,938
WellCare Health Plans, Inc. †		10,500		666,960
WellPoint, Inc.		30,400		3,026,320
Zimmer Holdings, Inc.		8,000		756,640
				162,284,439
Industrials - 13.7%
3M Co.		15,900		2,156,994
A. O. Smith Corp.		16,200		745,524
Acacia Research Corp.		8,700		132,936
ACCO Brands Corp. †		1,715		10,564
Acuity Brands, Inc.		2,600		344,682
Alaska Air Group, Inc.		17,800		1,660,918
AMERCO		1,900		441,028
AMETEK, Inc.		6,900		355,281
Avis Budget Group, Inc. †		49,800		2,425,260
B/E Aerospace, Inc. †		42,400		3,679,896
Boeing Co./The		112,700		14,142,723
Chart Industries, Inc. †		14,700		1,169,385
Clean Harbors, Inc. †		4,800		262,992
Copa Holdings SA, Class A (Panama)		9,100		1,321,229
Copart, Inc. †		14,400		524,016
Cummins, Inc.		5,800		864,142
Delta Air Lines, Inc.		166,900		5,783,085
Donaldson Co., Inc.		8,800		373,120
Dover Corp.		26,300		2,150,025
Fastenal Co.		21,700		1,070,244
FedEx Corp.		21,700		2,876,552
Flowserve Corp.		21,600		1,692,144
Fortune Brands Home & Security, Inc.		83,500		3,513,680
Generac Holdings, Inc.		35,100		2,069,847
General Dynamics Corp.		27,000		2,940,840
Genesee & Wyoming, Inc., Class A †		9,100		885,612
Hertz Global Holdings, Inc. †		82,800		2,205,792
Hexcel Corp. †		15,700		683,578
Honeywell International, Inc.		27,400		2,541,624
Hubbell, Inc., Class B		3,700		443,519
Huntington Ingalls Industries, Inc.		9,900		1,012,374
IHS, Inc., Class A †		4,100		498,150
Illinois Tool Works, Inc.		27,200		2,212,176
Iron Mountain, Inc.		18,945		522,314
JB Hunt Transport Services, Inc.		14,400		1,035,648
Kansas City Southern		10,200		1,041,012
Kennametal, Inc.		7,500		332,250
Kirby Corp. †		4,600		465,750
Lockheed Martin Corp.		53,300		8,700,692
Manitowoc Co., Inc./The		38,300		1,204,535
Masco Corp.		19,400		430,874
Middleby Corp./The †		3,600		951,156
Mueller Industries, Inc.		13,000		389,870

The accompanying notes are an integral part of these financial statements. (Continued)

AQR Funds Semi-Annual Report March 2014 31

Schedule of Investments March 31, 2014 (Unaudited)

AQR MOMENTUM FUND

	SHARES		VALUE (Note 2)
Industrials - 13.7% (continued)
Nielsen Holdings NV		21,500	$	959,545
Nordson Corp.		3,200		225,568
Norfolk Southern Corp.		9,700		942,549
Northrop Grumman Corp.		41,300		5,095,594
Old Dominion Freight Line, Inc. †		11,100		629,814
Oshkosh Corp.		16,100		947,807
Owens Corning		19,000		820,230
PACCAR, Inc.		13,500		910,440
Pall Corp.		7,000		626,290
Pitney Bowes, Inc.		36,200		940,838
Polypore International, Inc. †		10,200		348,942
Precision Castparts Corp.		15,600		3,943,056
Raytheon Co.		58,300		5,759,457
Rockwell Automation, Inc.		14,900		1,855,795
Roper Industries, Inc.		9,300		1,241,643
RR Donnelley & Sons Co.		50,900		911,110
SolarCity Corp. †		43,800		2,742,756
Southwest Airlines Co.		141,100		3,331,371
Spirit Airlines, Inc. †		17,600		1,045,440
SPX Corp.		4,900		481,719
Stericycle, Inc. †		7,700		874,874
Swift Transportation Co. †		39,100		967,725
Terex Corp.		24,100		1,067,630
Textron, Inc.		18,300		719,007
Timken Co./The		19,800		1,163,844
Towers Watson & Co., Class A		12,400		1,414,220
TransDigm Group, Inc.		9,000		1,666,800
Triumph Group, Inc.		6,300		406,854
United Continental Holdings, Inc. †		67,200		2,999,136
United Rentals, Inc. †		24,700		2,345,018
USG Corp. †		39,400		1,289,168
Verisk Analytics, Inc., Class A †		18,500		1,109,260
WABCO Holdings, Inc. †		2,900		306,124
Wabtec Corp.		8,800		682,000
Waste Connections, Inc.		8,300		364,038
Werner Enterprises, Inc.		10,900		278,059
WESCO International, Inc. †		7,500		624,150
Woodward, Inc.		3,200		132,896
WW Grainger, Inc.		9,500		2,400,270
				132,835,070
Information Technology - 23.2%
3D Systems Corp. †		36,900		2,182,635
Activision Blizzard, Inc.		131,000		2,677,640
Adobe Systems, Inc. †		81,700		5,370,958
Akamai Technologies, Inc. †		12,800		745,088
Alliance Data Systems Corp. †		8,100		2,206,845
Amphenol Corp., Class A		8,600		788,190
ANSYS, Inc. †		5,600		431,312
AOL, Inc. †		32,400		1,418,148
Applied Materials, Inc.		148,500		3,032,370
Arrow Electronics, Inc. †		8,600		510,496
Automatic Data Processing, Inc.		19,700		1,522,022
CA, Inc.		16,500		511,005
Cadence Design Systems, Inc. †		23,600		366,744
Cirrus Logic, Inc. †		28,800		572,256
Citrix Systems, Inc. †		7,700		442,211

	SHARES		VALUE (Note 2)
Information Technology - 23.2% (continued)
Cognizant Technology Solutions Corp., Class A †		19,900	$	1,007,139
CommVault Systems, Inc. †		8,200		532,590
Computer Sciences Corp.		13,600		827,152
Concur Technologies, Inc. †		6,600		653,862
CoreLogic, Inc. †		18,100		543,724
Corning, Inc.		120,700		2,512,974
CoStar Group, Inc. †		4,800		896,352
Cree, Inc. †		31,900		1,804,264
Electronic Arts, Inc. †		95,000		2,755,950
F5 Networks, Inc. †		6,500		693,095
Facebook, Inc., Class A †		339,400		20,445,456
FactSet Research Systems, Inc.		1,300		140,153
Fairchild Semiconductor International, Inc. †		7,700		106,183
Fidelity National Information Services, Inc.		18,200		972,790
First Solar, Inc. †		32,300		2,254,217
Fiserv, Inc. †		29,200		1,655,348
FleetCor Technologies, Inc. †		24,700		2,842,970
Fortinet, Inc. †		19,300		425,179
Gartner, Inc. †		6,200		430,528
Google, Inc., Class A †		43,100		48,035,381
Hewlett-Packard Co.		275,000		8,899,000
IAC/InterActiveCorp		16,100		1,149,379
InterDigital, Inc.		6,200		205,282
Intuit, Inc.		8,200		637,386
IPG Photonics Corp. †		3,700		262,996
Jabil Circuit, Inc.		15,000		270,000
Jack Henry & Associates, Inc.		8,800		490,688
KLA-Tencor Corp.		11,300		781,282
Knowles Corp. †		13,150		415,145
Lam Research Corp. †		15,600		858,000
LinkedIn Corp., Class A †		14,300		2,644,642
MasterCard, Inc., Class A		171,300		12,796,110
Maxim Integrated Products, Inc.		21,200		702,144
Micron Technology, Inc. †		196,400		4,646,824
Microsoft Corp.		388,300		15,916,417
Motorola Solutions, Inc.		10,300		662,187
NCR Corp. †		8,300		303,365
NetSuite, Inc. †		17,000		1,612,110
NeuStar, Inc., Class A †		8,700		282,837
Pandora Media, Inc. †		72,900		2,210,328
Red Hat, Inc. †		7,400		392,052
Salesforce.com, Inc. †		38,500		2,197,965
SanDisk Corp.		42,700		3,466,813
ServiceNow, Inc. †		47,800		2,864,176
Shutterstock, Inc. †		12,700		922,147
SolarWinds, Inc. †		12,600		537,138
Solera Holdings, Inc.		5,700		361,038
Splunk, Inc. †		38,600		2,759,514
SunEdison, Inc. †		106,400		2,004,576
SunPower Corp. †		59,300		1,913,018
Symantec Corp.		43,100		860,707
Texas Instruments, Inc.		22,600		1,065,590
TIBCO Software, Inc. †		20,000		406,400
Total System Services, Inc.		15,100		459,191
Trimble Navigation Ltd. †		6,800		264,316

The accompanying notes are an integral part of these financial statements. (Continued)

32 AQR Funds Semi-Annual Report March 2014

Schedule of Investments March 31, 2014 (Unaudited)

AQR MOMENTUM FUND

	SHARES		VALUE (Note 2)
Information Technology - 23.2% (continued)
Ubiquiti Networks, Inc. †		45,300	$	2,059,791
Universal Display Corp. †		8,600		274,426
VeriSign, Inc. †		22,700		1,223,757
Visa, Inc., Class A		46,800		10,102,248
Vishay Intertechnology, Inc.		8,200		122,016
Western Digital Corp.		65,100		5,977,482
Workday, Inc., Class A †		29,000		2,651,470
Xerox Corp.		164,600		1,859,980
Xilinx, Inc.		28,100		1,524,987
Yahoo!, Inc. (2)†		167,500		6,013,250
Yelp, Inc. †		29,500		2,269,435
Zebra Technologies Corp., Class A †		3,200		222,112
Zillow, Inc., Class A †		21,300		1,876,530
				224,711,474
Materials - 3.2%
Airgas, Inc.		4,900		521,899
Albemarle Corp.		4,000		265,680
Ashland, Inc.		6,600		656,568
Axiall Corp.		8,150		366,098
Ball Corp.		5,200		285,012
Carpenter Technology Corp.		5,700		376,428
Celanese Corp., Series A		7,000		388,570
Dow Chemical Co./The		77,600		3,770,584
Eagle Materials, Inc.		18,800		1,666,808
Eastman Chemical Co.		7,300		629,333
Ecolab, Inc.		26,400		2,850,936
EI du Pont de Nemours & Co.		64,200		4,307,820
FMC Corp.		8,000		612,480
Huntsman Corp.		30,500		744,810
International Flavors & Fragrances, Inc.		6,500		621,855
Louisiana-Pacific Corp. †		71,200		1,201,144
MeadWestvaco Corp.		5,200		195,728
NewMarket Corp.		1,600		625,248
Packaging Corp. of America		14,500		1,020,365
PPG Industries, Inc.		15,797		3,056,088
Rock-Tenn Co., Class A		7,000		738,990
Rockwood Holdings, Inc.		5,700		424,080
Sherwin-Williams Co./The		9,700		1,912,161
SunCoke Energy, Inc. †		2,334		53,308
Valspar Corp./The		8,500		613,020
Vulcan Materials Co.		9,800		651,210
Westlake Chemical Corp.		25,600		1,694,208
WR Grace & Co. †		3,700		366,929
				30,617,360
Telecommunication Services - 0.3%
Level 3 Communications, Inc. †		21,386		837,048
SBA Communications Corp., Class A †		23,400		2,128,464
				2,965,512

	SHARES		VALUE (Note 2)
Utilities - 0.6%
AGL Resources, Inc.		7,100	$	347,616
American Water Works Co., Inc.		20,500		930,700
Atmos Energy Corp.		9,100		428,883
Cleco Corp.		8,100		409,698
Hawaiian Electric Industries, Inc.		11,500		292,330
ITC Holdings Corp.		22,500		840,375
National Fuel Gas Co.		5,400		378,216
NiSource, Inc.		5,300		188,309
OGE Energy Corp.		14,600		536,696
Portland General Electric Co.		12,000		388,080
Questar Corp.		15,300		363,834
Sempra Energy		2,000		193,520
UIL Holdings Corp.		7,700		283,437
WGL Holdings, Inc.		6,900		276,414
				5,858,108
TOTAL COMMON STOCKS (cost $778,223,901)				961,847,384
MONEY MARKET FUNDS - 1.4%
J.P. Morgan U.S. Treasury Plus Money Market Fund - Institutional Shares, 0.000% (2)(a)     (cost $13,432,902)		13,432,902		13,432,902
TOTAL INVESTMENTS - 100.9% (cost $791,656,803)				975,280,286
LIABILITIES IN EXCESS OF OTHER ASSETS - (0.9%) (b)				(9,112,757)
NET ASSETS - 100.0%			$	966,167,529

All securities are United States companies, unless noted otherwise in parentheses.

† Non income-producing security.

(a) Represents annualized seven-day yield as of March 31, 2014.

(b) Includes depreciation on futures.

All securities are Level 1 with respect to ASC 820, unless otherwise noted in parentheses.

(2) Level 2 security (See Note 4).

The following abbreviations are used in portfolio descriptions:

REIT - Real Estate Investment Trust

The accompanying notes are an integral part of these financial statements. (Continued)

AQR Funds Semi-Annual Report March 2014 33

Schedule of Investments March 31, 2014 (Unaudited)

AQR MOMENTUM FUND

Open futures contracts outstanding at March 31, 2014:

Exchange Traded

NUMBER OF CONTRACTS	COUNTERPARTY	DESCRIPTION	EXPIRATION DATE		VALUE AT TRADE DATE		VALUE AT MARCH 31, 2014		UNREALIZED DEPRECIATION
Long Contracts:
34	Barclays Capital	S&P 500 E-Mini Futures		June 20, 2014		$3,178,273		$3,169,820		$(8,453)

Cash held as collateral at Barclays Capital for futures contracts was $179,924 at March 31, 2014.

The accompanying notes are an integral part of these financial statements.

34 AQR Funds Semi-Annual Report March 2014

Schedule of Investments March 31, 2014 (Unaudited)

AQR SMALL CAP MOMENTUM FUND

COMMON STOCKS - 99.6%	SHARES		VALUE (Note 2)
Consumer Discretionary - 17.1%
1-800-Flowers.com, Inc., Class A †		24,900	$	140,187
A. H. Belo Corp., Class A		2,900		33,582
American Axle & Manufacturing Holdings, Inc. †		32,900		609,308
America’s Car-Mart, Inc. †		3,100		113,832
Arctic Cat, Inc.		7,800		372,762
Asbury Automotive Group, Inc. †		11,100		613,941
Ascent Capital Group, Inc., Class A †		3,000		226,650
Bally Technologies, Inc. †		4,500		298,215
Big 5 Sporting Goods Corp.		14,100		226,305
Black Diamond, Inc. †		2,900		35,467
Bob Evans Farms, Inc.		5,300		265,159
Bon-Ton Stores, Inc./The		7,500		82,350
Boyd Gaming Corp. †		67,000		884,400
Bridgepoint Education, Inc. †		12,899		192,066
Brown Shoe Co., Inc.		13,800		366,252
Buffalo Wild Wings, Inc. †		6,900		1,027,410
Caesars Entertainment Corp. †		2,000		38,020
Capella Education Co.		6,300		397,845
Career Education Corp. †		24,100		179,786
Carmike Cinemas, Inc. †		14,400		429,984
Carriage Services, Inc.		20,100		366,624
Cavco Industries, Inc. †		1,300		101,985
Century Casinos, Inc. †		13,700		98,229
Christopher & Banks Corp. †		33,800		223,418
Churchill Downs, Inc.		3,600		328,680
Chuy’s Holdings, Inc. †		3,600		155,304
Collectors Universe, Inc.		6,200		116,684
Columbia Sportswear Co.		4,000		330,600
Conn’s, Inc. †		14,300		555,555
Core-Mark Holding Co., Inc.		2,900		210,540
Cracker Barrel Old Country Store, Inc.		9,400		914,056
Cumulus Media, Inc., Class A †		114,500		791,195
Deckers Outdoor Corp. †		1,800		143,514
Denny’s Corp. †		18,100		116,383
Destination Maternity Corp.		3,000		82,200
Destination XL Group, Inc. †		22,800		128,592
Dex Media, Inc. †		49,200		452,640
Dixie Group, Inc./The †		16,500		270,930
Dorman Products, Inc. †		14,964		883,774
Drew Industries, Inc.		5,900		319,780
Education Management Corp. †		43,200		210,384
Einstein Noah Restaurant Group, Inc.		3,600		59,256
Empire Resorts, Inc. †		4,700		33,182
Entravision Communications Corp., Class A		91,000		609,700
EW Scripps Co., Class A †		23,500		416,420
Express, Inc. †		3,100		49,228
Famous Dave’s of America, Inc. †		2,200		53,856
Federal-Mogul Corp. †		15,600		291,876
Fiesta Restaurant Group, Inc. †		18,900		861,651
Finish Line, Inc./The, Class A		11,200		303,408
Fred’s, Inc., Class A		7,400		133,274
FTD Cos., Inc. †		5,720		181,953
Gentherm, Inc. †		17,600		611,072
G-III Apparel Group Ltd. †		10,800		773,064
Grand Canyon Education, Inc. †		19,200		896,640
Gray Television, Inc. †		62,600		649,162

	SHARES		VALUE (Note 2)
Consumer Discretionary - 17.1% (continued)
Haverty Furniture Cos., Inc.		7,500	$	222,750
Helen of Troy Ltd. †		4,300		297,689
hhgregg, Inc. †		27,100		260,431
Iconix Brand Group, Inc. †		22,500		883,575
Interval Leisure Group, Inc.		9,000		235,260
iRobot Corp. †		14,400		591,120
ITT Educational Services, Inc. †		17,500		501,900
Jack in the Box, Inc. †		10,800		636,552
Jamba, Inc. †		11,680		140,102
Journal Communications, Inc., Class A †		7,300		64,678
K12, Inc. †		7,600		172,140
Kate Spade & Co. †		2,200		81,598
Kirkland’s, Inc. †		11,900		220,031
Kona Grill, Inc. †		1,700		34,629
Krispy Kreme Doughnuts, Inc. †		37,200		659,556
La-Z-Boy, Inc.		22,300		604,330
Lee Enterprises, Inc. (2)†		79,900		357,153
Libbey, Inc. †		4,300		111,800
LifeLock, Inc. †		48,800		834,968
Lithia Motors, Inc., Class A		10,200		677,892
Loral Space & Communications, Inc. †		5,300		374,869
Lumber Liquidators Holdings, Inc. †		400		37,520
M/I Homes, Inc. †		6,100		136,762
MarineMax, Inc. †		10,100		153,419
Marriott Vacations Worldwide Corp. †		5,300		296,323
Martha Stewart Living Omnimedia, Class A †		10,800		48,924
Mattress Firm Holding Corp. †		7,000		334,810
McClatchy Co./The, Class A †		21,200		136,104
MDC Partners, Inc., Class A		24,600		561,372
Men’s Wearhouse, Inc./The		18,600		911,028
Meredith Corp.		2,100		97,503
Modine Manufacturing Co. †		30,000		439,500
Monarch Casino & Resort, Inc. †		12,000		222,360
Monro Muffler Brake, Inc.		11,300		642,744
Motorcar Parts of America, Inc. †		19,200		510,144
Movado Group, Inc.		3,500		159,425
Multimedia Games Holding Co., Inc. †		17,500		508,200
NACCO Industries, Inc., Class A		5,100		276,471
Nautilus, Inc. †		41,300		397,719
New York & Co., Inc. †		17,200		75,508
New York Times Co./The, Class A		63,400		1,085,408
Nexstar Broadcasting Group, Inc., Class A		21,200		795,424
Nutrisystem, Inc.		14,300		215,501
Orbitz Worldwide, Inc. †		75,000		588,000
Overstock.com, Inc. †		16,800		330,960
Oxford Industries, Inc.		4,300		336,260
Pacific Sunwear of California, Inc. †		53,500		158,895
Papa John’s International, Inc.		14,300		745,173
Perry Ellis International, Inc. †		10,100		138,774
Pinnacle Entertainment, Inc. †		20,900		495,330
Popeyes Louisiana Kitchen, Inc. †		10,200		414,528
Quiksilver, Inc. †		39,700		298,147
Radio One, Inc., Class D †		16,500		78,210
Red Robin Gourmet Burgers, Inc. †		10,700		766,976
Rentrak Corp. †		8,800		530,464
Restoration Hardware Holdings, Inc. †		15,000		1,103,850

The accompanying notes are an integral part of these financial statements. (Continued)

AQR Funds Semi-Annual Report March 2014 35

Schedule of Investments March 31, 2014 (Unaudited)

AQR SMALL CAP MOMENTUM FUND

	SHARES		VALUE (Note 2)
Consumer Discretionary - 17.1% (continued)
Ruth’s Hospitality Group, Inc.		22,500	$	272,025
Scholastic Corp.		3,800		131,024
Scientific Games Corp., Class A †		44,100		605,493
Select Comfort Corp. †		1,900		34,352
Shiloh Industries, Inc. †		9,900		175,626
Shoe Carnival, Inc.		4,200		96,768
Sinclair Broadcast Group, Inc., Class A		5,700		154,413
Sizmek, Inc. †		8,600		91,418
Skechers U.S.A., Inc., Class A †		25,000		913,500
Sonic Automotive, Inc., Class A		1,500		33,720
Sonic Corp. †		28,000		638,120
Standard Motor Products, Inc.		18,100		647,437
Stein Mart, Inc.		23,200		325,032
Steiner Leisure Ltd. (Bahamas) †		1,700		78,625
Stoneridge, Inc. †		20,500		230,215
Strattec Security Corp.		1,700		122,791
Sturm, Ruger & Co., Inc.		10,500		627,900
Tempur Sealy International, Inc. †		800		40,536
Texas Roadhouse, Inc.		22,100		576,368
Tower International, Inc. †		18,300		498,126
Town Sports International Holdings, Inc.		5,300		44,997
Tuesday Morning Corp. †		34,500		488,175
Unifi, Inc. †		11,200		258,384
Universal Electronics, Inc. †		9,000		345,510
ValueVision Media, Inc., Class A †		69,300		336,798
VOXX International Corp. †		10,300		140,904
Winnebago Industries, Inc. †		14,300		391,677
World Wrestling Entertainment, Inc., Class A		47,300		1,366,024
				50,915,047
Consumer Staples - 2.5%
Andersons, Inc./The		10,200		604,248
Boston Beer Co., Inc./The, Class A †		700		171,311
Boulder Brands, Inc. †		11,800		207,916
Calavo Growers, Inc.		4,000		142,320
Cal-Maine Foods, Inc.		5,200		326,456
Chiquita Brands International, Inc. (2)†		13,500		168,075
Coca-Cola Bottling Co. Consolidated		1,200		101,976
Craft Brew Alliance, Inc. †		18,100		276,387
Diamond Foods, Inc. †		10,200		356,286
Harbinger Group, Inc. †		14,900		182,227
IGI Laboratories, Inc. †		12,300		69,495
Ingles Markets, Inc., Class A		3,400		80,988
Inter Parfums, Inc.		10,000		362,100
Inventure Foods, Inc. †		5,600		78,288
J&J Snack Foods Corp.		3,500		335,895
Liberator Medical Holdings, Inc.		79,700		313,221
Medifast, Inc. †		6,400		186,176
Natural Grocers by Vitamin Cottage, Inc. †		10,500		458,430
Omega Protein Corp. †		13,000		156,910
Revlon, Inc., Class A †		14,300		365,365
Rite Aid Corp. †		6,500		40,755
Roundy’s, Inc.		13,800		94,944
Spartan Stores, Inc.		6,500		150,865
Star Scientific, Inc. †		64,200		50,378

	SHARES		VALUE (Note 2)
Consumer Staples - 2.5% (continued)
SUPERVALU, Inc. †		99,100	$	677,844
Susser Holdings Corp. †		7,900		493,513
USANA Health Sciences, Inc. †		5,400		406,836
WD-40 Co.		4,600		356,822
Weis Markets, Inc.		2,000		98,500
				7,314,527
Energy - 5.3%
Abraxas Petroleum Corp. †		37,300		147,708
Adams Resources & Energy, Inc.		500		28,960
Bill Barrett Corp. †		14,200		363,520
Bonanza Creek Energy, Inc. †		3,500		155,400
Carrizo Oil & Gas, Inc. †		19,000		1,015,740
Clayton Williams Energy, Inc. †		5,300		598,953
Dawson Geophysical Co.		6,000		168,060
DHT Holdings, Inc.		15,300		119,034
Diamondback Energy, Inc. †		6,800		457,708
EnLink Midstream LLC		20,900		709,346
Exterran Holdings, Inc.		11,900		522,172
Gastar Exploration, Inc. †		69,700		381,259
Goodrich Petroleum Corp. †		26,800		423,976
Green Plains Renewable Energy, Inc.		22,200		665,112
Gulf Island Fabrication, Inc.		3,100		66,991
Knightsbridge Tankers Ltd.		16,200		219,510
Magnum Hunter Resources Corp. †		112,100		952,850
Matador Resources Co. †		32,000		783,680
Matrix Service Co. †		9,800		331,044
Miller Energy Resources, Inc. †		55,000		323,400
Mitcham Industries, Inc. †		5,800		80,852
Natural Gas Services Group, Inc. †		6,200		186,868
Newpark Resources, Inc. †		46,600		533,570
Parker Drilling Co. †		29,100		206,319
PDC Energy, Inc. †		900		56,034
Penn Virginia Corp. †		48,300		844,767
PHI, Inc. †		1,900		84,056
Renewable Energy Group, Inc. †		39,400		472,012
Rentech, Inc. †		52,300		99,370
REX American Resources Corp. †		5,400		308,070
Rex Energy Corp. †		23,600		441,556
RigNet, Inc. †		11,700		629,811
Sanchez Energy Corp. †		10,500		311,115
SemGroup Corp., Class A		2,500		164,200
Stone Energy Corp. †		22,500		944,325
Synergy Resources Corp. †		18,500		198,875
Tesco Corp. †		26,300		486,550
TETRA Technologies, Inc. †		35,900		459,520
VAALCO Energy, Inc. †		13,800		117,990
Westmoreland Coal Co. †		9,300		276,954
Willbros Group, Inc. †		37,800		477,036
				15,814,273
Financials - 14.5%
American Equity Investment Life Holding Co.		26,100		616,482
Ameris Bancorp †		9,301		216,713
AMERISAFE, Inc.		4,000		175,640
Argo Group International Holdings Ltd.		3,200		146,880

The accompanying notes are an integral part of these financial statements. (Continued)

36 AQR Funds Semi-Annual Report March 2014

Schedule of Investments March 31, 2014 (Unaudited)

AQR SMALL CAP MOMENTUM FUND

	SHARES		VALUE (Note 2)
Financials - 14.5% (continued)
Arlington Asset Investment Corp., Class A		2,800	$	74,144
Ashford Hospitality Prime, Inc. REIT		5,780		87,394
Ashford Hospitality Trust, Inc. REIT		28,900		325,703
Banco Latinoamericano de Comercio Exterior SA, Class E (Panama)		8,600		227,126
Bancorp, Inc. †		16,000		300,960
BancorpSouth, Inc.		36,300		906,048
Bank of the Ozarks, Inc.		17,000		1,157,020
Banner Corp.		12,000		494,520
BBCN Bancorp, Inc.		22,400		383,936
Beneficial Mutual Bancorp, Inc. †		2,600		34,294
Berkshire Hills Bancorp, Inc.		5,000		129,400
BGC Partners, Inc., Class A		118,800		776,952
BlackRock Kelso Capital Corp.		15,700		143,969
BNC Bancorp		9,000		155,970
BofI Holding, Inc. †		12,300		1,054,725
Boston Private Financial Holdings, Inc.		32,500		439,725
Cardinal Financial Corp.		6,300		112,329
Center Bancorp, Inc.		4,600		87,400
Chemical Financial Corp.		1,500		48,675
City Holding Co.		1,300		58,318
CoBiz Financial, Inc.		3,100		35,712
Cohen & Steers, Inc.		3,000		119,550
Community Trust Bancorp, Inc.		3,300		136,884
Consumer Portfolio Services, Inc. †		32,700		223,668
CoreSite Realty Corp. REIT		9,200		285,200
Cowen Group, Inc., Class A †		27,800		122,598
Credit Acceptance Corp. †		318		45,204
CVB Financial Corp.		24,000		381,600
Diamond Hill Investment Group, Inc.		500		65,720
Eagle Bancorp, Inc. †		13,039		470,708
eHealth, Inc. †		10,800		548,640
Employers Holdings, Inc.		3,300		66,759
Encore Capital Group, Inc. †		7,274		332,422
Enstar Group Ltd. †		2,000		272,620
Evercore Partners, Inc., Class A		14,800		817,700
FBL Financial Group, Inc., Class A		7,100		307,572
FBR & Co. †		10,700		276,381
Federal Agricultural Mortgage Corp., Class C		7,100		236,075
Federated National Holding Co.		10,500		192,360
FelCor Lodging Trust, Inc. REIT		33,500		302,840
Fidelity Southern Corp.		8,768		122,489
Financial Engines, Inc.		3,300		167,574
First Busey Corp.		1,100		6,380
First Commonwealth Financial Corp.		18,100		163,624
First Financial Bancorp		1,700		30,566
First Financial Bankshares, Inc.		11,600		716,764
First Financial Holdings, Inc.		7,600		475,912
First Interstate Bancsystem, Inc.		15,900		448,698
First Merchants Corp.		9,200		199,088
First Midwest Bancorp, Inc.		10,800		184,464
Flagstar Bancorp, Inc. †		10,000		222,200
Forestar Group, Inc. †		13,900		247,420
FXCM, Inc., Class A		12,800		189,056
Gain Capital Holdings, Inc.		23,700		256,197
GAMCO Investors, Inc., Class A		4,000		310,600

	SHARES		VALUE (Note 2)
Financials - 14.5% (continued)
Glacier Bancorp, Inc.		34,500	$	1,002,915
Gladstone Capital Corp.		7,300		73,584
Gladstone Commercial Corp. REIT		5,400		93,636
Gladstone Investment Corp.		9,900		81,873
Gramercy Property Trust, Inc. REIT (2)		20,400		105,264
Green Dot Corp., Class A †		12,200		238,266
Hanmi Financial Corp.		9,600		223,680
Hanover Insurance Group, Inc./The		4,400		270,336
HCI Group, Inc.		14,300		520,520
Hercules Technology Growth Capital, Inc.		14,300		201,201
HFF, Inc., Class A		13,000		436,930
Hilltop Holdings, Inc. †		36,400		865,956
Home BancShares, Inc.		37,100		1,276,982
HomeStreet, Inc.		7,500		146,625
Horace Mann Educators Corp.		8,000		232,000
Horizon Technology Finance Corp.		900		11,259
ICG Group, Inc. †		6,000		122,520
Independent Bank Corp. †		28,300		406,919
Infinity Property & Casualty Corp.		3,300		223,179
Interactive Brokers Group, Inc., Class A		19,100		413,897
International Bancshares Corp.		14,900		373,692
INTL FCStone, Inc. †		3,000		56,430
Investment Technology Group, Inc. †		10,100		204,020
Investors Bancorp, Inc.		8,700		240,468
KCAP Financial, Inc.		23,900		206,974
Kemper Corp.		7,000		274,190
Kennedy-Wilson Holdings, Inc.		24,000		540,240
Ladenburg Thalmann Financial Services, Inc. †		84,600		255,492
Lakeland Financial Corp.		7,600		305,672
Maiden Holdings Ltd.		15,800		197,184
MarketAxess Holdings, Inc.		13,282		786,560
MB Financial, Inc.		15,200		470,592
Medallion Financial Corp.		7,700		101,717
Meta Financial Group, Inc.		3,000		134,550
MGIC Investment Corp. †		12,700		108,204
Monmouth Real Estate Investment Corp., Class A REIT		8,600		82,044
MVC Capital, Inc.		4,300		58,265
Nelnet, Inc., Class A		9,400		384,460
OneBeacon Insurance Group Ltd., Class A		14,400		222,624
Oritani Financial Corp.		10,200		161,262
PacWest Bancorp		20,000		860,200
Phoenix Cos., Inc./The †		2,500		129,375
Pinnacle Financial Partners, Inc.		11,500		431,135
Piper Jaffray Cos. †		7,800		357,240
Platinum Underwriters Holdings Ltd.		600		36,060
Portfolio Recovery Associates, Inc. †		4,100		237,226
Preferred Bank †		1,300		33,748
Primerica, Inc.		3,800		179,018
PrivateBancorp, Inc.		34,400		1,049,544
Pzena Investment Management, Inc., Class A		13,600		160,072
Radian Group, Inc.		25,500		383,265
Ramco-Gershenson Properties Trust REIT		9,400		153,220

The accompanying notes are an integral part of these financial statements. (Continued)

AQR Funds Semi-Annual Report March 2014 37

Schedule of Investments March 31, 2014 (Unaudited)

AQR SMALL CAP MOMENTUM FUND

	SHARES		VALUE (Note 2)
Financials - 14.5% (continued)
Regional Management Corp. †		5,000	$	123,300
Rockville Financial, Inc.		2,700		36,693
Safeguard Scientifics, Inc. †		4,700		104,246
Safety Insurance Group, Inc.		1,900		102,315
Security National Financial Corp., Class A †		7,840		31,830
Simmons First National Corp., Class A		1,300		48,451
Southside Bancshares, Inc.		7,387		231,804
StanCorp Financial Group, Inc.		8,700		581,160
Stewart Information Services Corp.		11,000		386,430
Strategic Hotels & Resorts, Inc. REIT †		25,000		254,750
Symetra Financial Corp.		19,200		380,544
Synovus Financial Corp.		93,700		317,643
Texas Capital Bancshares, Inc. †		10,200		662,388
THL Credit, Inc.		10,700		147,660
TICC Capital Corp. (2)		21,800		213,204
Tompkins Financial Corp.		1,500		73,440
Tree.com, Inc. †		7,500		232,800
Triangle Capital Corp.		10,100		261,489
Trico Bancshares		3,900		101,127
Umpqua Holdings Corp.		38,100		710,184
United Community Banks, Inc. †		24,900		483,309
United Insurance Holdings Corp.		20,000		292,200
Universal Health Realty Income Trust REIT		1,800		76,032
Universal Insurance Holdings, Inc.		23,800		302,260
ViewPoint Financial Group, Inc.		14,400		415,440
Virtus Investment Partners, Inc. †		3,400		588,778
Walker & Dunlop, Inc. †		7,900		129,165
Washington Trust Bancorp, Inc.		2,400		89,928
WesBanco, Inc.		9,200		292,836
Western Alliance Bancorp †		36,800		905,280
Wilshire Bancorp, Inc.		28,100		311,910
WisdomTree Investments, Inc. †		65,500		859,360
World Acceptance Corp. †		400		30,032
WSFS Financial Corp.		2,000		142,860
				43,178,701
Health Care - 19.0%
Abaxis, Inc. †		6,100		237,168
ABIOMED, Inc. †		20,700		539,028
Acadia Healthcare Co., Inc. †		24,700		1,114,464
ACADIA Pharmaceuticals, Inc. †		16,400		399,012
Accelerate Diagnostics, Inc. †		22,100		482,001
Accuray, Inc. †		39,800		382,080
AcelRx Pharmaceuticals, Inc. †		44,900		539,249
Addus HomeCare Corp. †		19,900		458,695
Aegerion Pharmaceuticals, Inc. †		17,800		820,936
Affymetrix, Inc. †		34,000		242,420
Air Methods Corp. †		500		26,715
Akorn, Inc. †		49,600		1,091,200
Albany Molecular Research, Inc. †		26,900		500,071
Alimera Sciences, Inc. †		22,100		174,369
Alliance HealthCare Services, Inc. †		10,700		358,771
Alnylam Pharmaceuticals, Inc. †		1,600		107,424
AMAG Pharmaceuticals, Inc. †		5,900		114,165
AMN Healthcare Services, Inc. †		18,700		256,938
Ampio Pharmaceuticals, Inc. †		41,600		264,160

	SHARES		VALUE (Note 2)
Health Care - 19.0% (continued)
Amsurg Corp. †		4,500	$	211,860
Anacor Pharmaceuticals, Inc. †		29,800		596,298
Analogic Corp.		2,300		188,853
AngioDynamics, Inc. †		3,100		48,825
Anika Therapeutics, Inc. †		15,000		616,500
Antares Pharma, Inc. †		62,000		217,000
Array BioPharma, Inc. †		4,800		22,560
Arrowhead Research Corp. †		43,500		714,270
AtriCure, Inc. †		18,100		340,461
AVANIR Pharmaceuticals, Inc., Class A †		43,800		160,746
BioCryst Pharmaceuticals, Inc. †		74,000		782,920
BioDelivery Sciences International, Inc. †		18,400		155,296
Biolase, Inc. (2)†		30,374		73,202
Bio-Reference Labs, Inc. †		2,500		69,200
BioTelemetry, Inc. †		41,000		413,690
Cambrex Corp. †		8,300		156,621
Cantel Medical Corp.		14,923		503,204
Capital Senior Living Corp. †		16,500		428,835
Cardiovascular Systems, Inc. †		14,500		460,955
Catalyst Pharmaceutical Partners, Inc. †		126,300		285,438
Cell Therapeutics, Inc. †		77,000		261,800
Celldex Therapeutics, Inc. †		12,500		220,875
Celsion Corp. †		14,066		47,402
Cempra, Inc. †		26,000		300,300
Cerus Corp. †		35,000		168,000
Chelsea Therapeutics International Ltd. †		80,500		444,360
Clovis Oncology, Inc. †		20,200		1,399,254
CONMED Corp.		3,700		160,765
Corcept Therapeutics, Inc. †		36,600		159,576
Corvel Corp. †		6,300		313,488
Cross Country Healthcare, Inc. †		11,400		91,998
CryoLife, Inc.		5,100		50,796
Curis, Inc. †		40,700		114,774
Cyberonics, Inc. †		4,600		300,150
Cynosure, Inc., Class A †		8,100		237,330
Cytokinetics, Inc. †		16,400		155,800
CytRx Corp. †		49,700		173,453
Depomed, Inc. †		24,200		350,900
DexCom, Inc. †		17,000		703,120
Durata Therapeutics, Inc. †		11,700		157,552
Durect Corp. †		79,200		105,336
Dyax Corp. †		56,300		505,574
Endocyte, Inc. †		15,900		378,579
Endologix, Inc. †		6,400		82,368
Ensign Group, Inc./The		3,500		152,740
Exact Sciences Corp. †		6,200		87,854
ExamWorks Group, Inc. †		13,300		465,633
Five Star Quality Care, Inc. †		27,400		133,164
Fluidigm Corp. †		15,500		683,085
Fonar Corp. †		15,100		265,458
Furiex Pharmaceuticals, Inc. †		9,100		791,700
Galena Biopharma, Inc. †		77,900		194,750
GenMark Diagnostics, Inc. †		6,900		68,586
Gentiva Health Services, Inc. †		18,200		165,984
Geron Corp. †		110,600		230,048
Globus Medical, Inc., Class A †		36,200		962,558

The accompanying notes are an integral part of these financial statements. (Continued)

38 AQR Funds Semi-Annual Report March 2014

Schedule of Investments March 31, 2014 (Unaudited)

AQR SMALL CAP MOMENTUM FUND

	SHARES		VALUE (Note 2)
Health Care - 19.0% (continued)
Greatbatch, Inc. †		4,500	$	206,640
GTx, Inc. (2)†		25,100		38,403
Halozyme Therapeutics, Inc. †		53,600		680,720
Hanger, Inc. †		4,800		161,664
HealthStream, Inc. †		10,500		280,350
Healthways, Inc. †		10,700		183,398
Hyperion Therapeutics, Inc. †		11,900		307,020
Icad, Inc. †		12,500		114,500
Idenix Pharmaceuticals, Inc. †		48,100		290,043
Idera Pharmaceuticals, Inc. †		89,900		366,792
Immunomedics, Inc. †		45,200		190,292
Inovio Pharmaceuticals, Inc. †		181,200		603,396
Insmed, Inc. †		34,700		660,688
Insulet Corp. †		23,300		1,104,886
Insys Therapeutics, Inc. †		23,400		969,462
Intercept Pharmaceuticals, Inc. †		900		296,811
InterMune, Inc. †		6,600		220,902
Iridex Corp. †		2,000		17,860
Jazz Pharmaceuticals PLC (Ireland) †		400		55,472
Keryx Biopharmaceuticals, Inc. †		54,100		921,864
Kindred Healthcare, Inc.		14,600		341,932
KYTHERA Biopharmaceuticals, Inc. †		13,000		516,880
Lannett Co., Inc. †		26,300		939,436
Ligand Pharmaceuticals, Inc. †		13,500		908,010
MannKind Corp. †		221,500		890,430
MedCath Corp. (3)†(a)		10,300		14,729
Medidata Solutions, Inc. †		4,900		266,266
Merge Healthcare, Inc. †		30,200		73,688
Merit Medical Systems, Inc. †		7,600		108,680
MiMedx Group, Inc. †		64,400		394,772
Momenta Pharmaceuticals, Inc. †		17,400		202,710
MWI Veterinary Supply, Inc. †		3,500		544,670
NanoViricides, Inc. †		57,800		184,960
National Research Corp., Class B †		2,200		96,536
Natus Medical, Inc. †		17,500		451,500
Navidea Biopharmaceuticals, Inc. †		46,100		85,285
Nektar Therapeutics †		18,900		229,068
Neogen Corp. †		8,850		397,807
Neuralstem, Inc. †		109,700		459,643
Neurocrine Biosciences, Inc. †		23,200		373,520
NewLink Genetics Corp. †		19,900		565,160
Novavax, Inc. †		124,100		562,173
NuVasive, Inc. †		17,000		652,970
Ohr Pharmaceutical, Inc. †		7,600		103,436
Omeros Corp. †		21,100		254,677
Omnicell, Inc. †		16,100		460,782
Organovo Holdings, Inc. †		37,800		288,792
Osiris Therapeutics, Inc. †		14,400		189,072
Pacific Biosciences of California, Inc. †		59,300		317,255
Pacira Pharmaceuticals, Inc. †		10,900		762,891
Pain Therapeutics, Inc. †		26,100		143,550
Peregrine Pharmaceuticals, Inc. †		181,400		344,660
Pharmacyclics, Inc. †		1,000		100,220
Pozen, Inc. †		10,800		86,400
Prestige Brands Holdings, Inc. †		12,900		351,525
Progenics Pharmaceuticals, Inc. †		38,200		156,238
Providence Service Corp./The †		12,000		339,360
pSivida Corp. †		26,700		109,470

	SHARES		VALUE (Note 2)
Health Care - 19.0% (continued)
Puma Biotechnology, Inc. †		4,700	$	489,458
Questcor Pharmaceuticals, Inc.		3,200		207,776
Quidel Corp. †		9,600		262,080
Raptor Pharmaceutical Corp. †		52,200		522,000
Regulus Therapeutics, Inc. †		5,300		47,806
Repligen Corp. †		17,800		228,908
Repros Therapeutics, Inc. †		21,900		388,506
Rexahn Pharmaceuticals, Inc. †		244,700		264,276
Rockwell Medical, Inc. †		40,300		510,198
RTI Surgical, Inc. †		21,000		85,680
Sangamo BioSciences, Inc. †		31,800		574,944
SciClone Pharmaceuticals, Inc. †		20,600		93,730
Spectranetics Corp. †		17,500		530,425
Staar Surgical Co. †		31,800		597,840
Stemline Therapeutics, Inc. †		7,700		156,772
Stereotaxis, Inc. †		47,500		201,875
Sucampo Pharmaceuticals, Inc., Class A †		11,500		82,225
Sunesis Pharmaceuticals, Inc. †		42,400		280,264
Sunshine Heart, Inc. (Australia) †		5,900		34,456
Synageva BioPharma Corp. †		3,200		265,504
Synergy Pharmaceuticals, Inc. †		14,000		74,340
TearLab Corp. †		40,800		275,808
TESARO, Inc. †		18,600		548,328
TG Therapeutics, Inc. †		27,900		192,510
TherapeuticsMD, Inc. †		56,500		356,515
Threshold Pharmaceuticals, Inc. †		35,800		170,408
Unilife Corp. †		51,600		210,012
Universal American Corp.		19,100		135,037
US Physical Therapy, Inc.		3,000		103,710
Vanda Pharmaceuticals, Inc. †		45,100		732,875
Vascular Solutions, Inc. †		2,200		57,618
Verastem, Inc. †		7,900		85,241
Vical, Inc. †		32,800		42,312
XOMA Corp. †		75,100		391,271
Zeltiq Aesthetics, Inc. †		30,900		605,949
ZIOPHARM Oncology, Inc. †		15,300		70,074
Zogenix, Inc. †		77,400		220,203
				56,677,960
Industrials - 16.6%
AAON, Inc.		15,149		422,202
AAR Corp.		17,200		446,340
Aceto Corp.		7,400		148,666
Adept Technology, Inc. †		24,700		469,300
Advisory Board Co./The †		4,100		263,425
Air Transport Services Group, Inc. †		24,800		194,680
Aircastle Ltd.		31,800		616,284
Alamo Group, Inc.		1,900		103,227
Albany International Corp., Class A		6,000		213,240
Altra Industrial Motion Corp.		6,500		232,050
AMERCO		1,100		255,332
American Railcar Industries, Inc.		4,700		329,141
American Woodmark Corp. †		7,600		255,816
Apogee Enterprises, Inc.		15,600		518,388
ARC Document Solutions, Inc. †		35,700		265,608
ARC Group Worldwide, Inc. †		10,200		350,268
Argan, Inc.		4,300		127,839

The accompanying notes are an integral part of these financial statements. (Continued)

AQR Funds Semi-Annual Report March 2014 39

Schedule of Investments March 31, 2014 (Unaudited)

AQR SMALL CAP MOMENTUM FUND

	SHARES		VALUE (Note 2)
Industrials - 16.6% (continued)
Arkansas Best Corp.		19,200	$	709,440
Arotech Corp. †		23,400		145,548
Astec Industries, Inc.		4,900		215,159
Astronics Corp. †		14,000		887,740
Baltic Trading Ltd.		24,900		157,119
Barnes Group, Inc.		7,400		284,678
Barrett Business Services, Inc.		7,300		434,861
Broadwind Energy, Inc. †		20,000		244,400
Builders FirstSource, Inc. †		37,900		345,269
CAI International, Inc. †		6,100		150,487
Capstone Turbine Corp. †		136,000		289,680
CBIZ, Inc. †		10,400		95,264
Ceco Environmental Corp.		3,000		49,770
Celadon Group, Inc.		3,900		93,756
Chart Industries, Inc. †		2,400		190,920
CIRCOR International, Inc.		5,800		425,314
Columbus McKinnon Corp. †		1,800		48,222
Corporate Executive Board Co./The		9,400		697,762
Curtiss-Wright Corp.		7,300		463,842
Deluxe Corp.		11,200		587,664
DigitalGlobe, Inc. †		10,800		313,308
Douglas Dynamics, Inc.		6,500		113,230
Ducommun, Inc. †		8,400		210,504
DXP Enterprises, Inc. †		6,600		626,538
Dycom Industries, Inc. †		4,500		142,245
Dynamic Materials Corp.		2,700		51,408
Eagle Bulk Shipping, Inc. †		35,300		140,847
Echo Global Logistics, Inc. †		4,100		75,112
Encore Wire Corp.		2,900		140,679
Energy Recovery, Inc. †		33,300		177,156
EnerNOC, Inc. †		10,100		225,028
EnerSys, Inc.		6,000		415,740
Engility Holdings, Inc. †		8,900		400,945
Enphase Energy, Inc. †		36,000		264,960
EnPro Industries, Inc. †		3,100		225,277
Erickson Air-Crane, Inc. †		14,300		276,133
ExOne Co./The †		8,000		286,640
Exponent, Inc.		4,900		367,794
Federal Signal Corp. †		33,100		493,190
Forward Air Corp.		2,500		115,275
Franklin Electric Co., Inc.		5,300		225,356
FuelCell Energy, Inc. †		119,700		296,856
Furmanite Corp. †		12,300		120,786
G&K Services, Inc., Class A		8,000		489,360
GenCorp, Inc. †		36,200		661,374
Gibraltar Industries, Inc. †		14,000		264,180
Global Power Equipment Group, Inc.		2,400		47,736
Gorman-Rupp Co./The		2,000		63,580
GP Strategies Corp. †		5,000		136,150
Great Lakes Dredge & Dock Corp. †		33,500		305,855
Greenbrier Cos., Inc./The †		8,000		364,800
H&E Equipment Services, Inc. †		18,900		764,505
Healthcare Services Group, Inc.		13,300		386,498
Heartland Express, Inc.		14,900		338,081
Heidrick & Struggles International, Inc.		1,800		36,126
Herman Miller, Inc.		5,100		163,863
HNI Corp.		5,300		193,768
Huron Consulting Group, Inc. †		7,400		469,012

	SHARES		VALUE (Note 2)
Industrials - 16.6% (continued)
Hyster-Yale Materials Handling, Inc.		8,100	$	789,750
ICF International, Inc. †		3,600		143,316
InnerWorkings, Inc. †		12,900		98,814
Insperity, Inc.		2,100		65,058
Insteel Industries, Inc.		3,700		72,779
Interface, Inc.		9,500		195,225
JetBlue Airways Corp. †		54,400		472,736
John Bean Technologies Corp.		3,300		101,970
Kadant, Inc.		3,300		120,351
Kaman Corp.		5,100		207,468
Kelly Services, Inc., Class A		10,400		246,792
KEYW Holding Corp./The †		17,500		327,425
Kforce, Inc.		12,400		264,368
Kimball International, Inc., Class B		4,700		85,117
Korn/Ferry International †		11,800		351,286
Kratos Defense & Security Solutions, Inc. †		19,300		145,522
Lydall, Inc. †		6,000		137,220
Manitex International, Inc. †		13,400		218,420
McGrath RentCorp.		4,400		153,824
Meritor, Inc. †		58,500		716,625
Middleby Corp./The †		1,100		290,631
Mistras Group, Inc. †		8,900		202,653
Mobile Mini, Inc.		25,000		1,084,000
Moog, Inc., Class A †		1,800		117,918
Mueller Water Products, Inc., Class A		76,900		730,550
Multi-Color Corp.		6,200		217,000
Navigant Consulting, Inc. †		7,300		136,218
NN, Inc.		14,700		289,590
Odyssey Marine Exploration, Inc. †		26,100		59,769
On Assignment, Inc. †		18,800		725,492
Orbital Sciences Corp. †		11,700		326,430
Orion Energy Systems, Inc. †		29,100		210,975
Orion Marine Group, Inc. †		4,800		60,336
Park-Ohio Holdings Corp. †		7,000		393,050
Patrick Industries, Inc. †		19,800		877,734
Pendrell Corp. †		109,800		200,934
PGT, Inc. †		50,400		580,104
Pike Corp. †		11,800		126,968
Plug Power, Inc. †		111,300		790,230
Powell Industries, Inc.		1,200		77,760
PowerSecure International, Inc. †		31,900		747,736
Primoris Services Corp.		13,000		389,740
Proto Labs, Inc. †		19,200		1,299,264
Quad/Graphics, Inc.		7,400		173,530
Quality Distribution, Inc. †		18,000		233,820
Raven Industries, Inc.		6,400		209,600
RBC Bearings, Inc. †		2,800		178,360
Real Goods Solar, Inc., Class A †		130,900		532,763
Republic Airways Holdings, Inc. †		35,800		327,212
Revolution Lighting Technologies, Inc. †		158,400		498,960
Roadrunner Transportation Systems, Inc. †		13,100		330,644
RPX Corp. †		10,200		166,056
Rush Enterprises, Inc., Class A †		5,900		191,632
Saia, Inc. †		15,300		584,613
Seaspan Corp. (Hong Kong)		3,700		81,659
Sparton Corp. †		9,400		275,232

The accompanying notes are an integral part of these financial statements. (Continued)

40 AQR Funds Semi-Annual Report March 2014

Schedule of Investments March 31, 2014 (Unaudited)

AQR SMALL CAP MOMENTUM FUND

	SHARES		VALUE (Note 2)
Industrials - 16.6% (continued)
Spirit Airlines, Inc. †		4,500	$	267,300
Standex International Corp.		3,500		187,530
Steelcase, Inc., Class A		28,600		475,046
Sun Hydraulics Corp.		6,700		290,177
Swift Transportation Co. †		1,300		32,175
Taser International, Inc. †		43,800		801,102
Team, Inc. †		6,600		282,876
Tecumseh Products Co., Class A †		3,000		20,700
Tennant Co.		5,000		328,100
Thermon Group Holdings, Inc. †		7,300		169,214
Trex Co., Inc. †		6,000		438,960
TriMas Corp. †		8,500		282,200
TrueBlue, Inc. †		20,200		591,052
Tutor Perini Corp. †		10,900		312,503
UniFirst Corp.		2,900		318,826
Universal Forest Products, Inc.		3,400		188,156
Universal Truckload Services, Inc.		1,800		52,020
US Ecology, Inc.		5,300		196,736
Viad Corp.		5,800		139,432
Vicor Corp. †		2,900		29,580
Wabash National Corp. †		23,600		324,736
WageWorks, Inc. †		19,900		1,116,589
Wesco Aircraft Holdings, Inc. †		26,300		578,863
Xerium Technologies, Inc. †		16,400		263,220
XPO Logistics, Inc. †		22,300		655,843
YRC Worldwide, Inc. †		20,600		463,500
				49,558,261
Information Technology - 19.7%
3D Systems Corp. †		600		35,490
ACI Worldwide, Inc. †		2,700		159,813
Actuate Corp. †		14,700		88,494
Acxiom Corp. †		19,100		656,944
Advanced Energy Industries, Inc. †		18,300		448,350
Advent Software, Inc.		24,800		728,128
Alliance Fiber Optic Products, Inc.		28,600		413,842
Ambarella, Inc. †		29,900		798,629
ANADIGICS, Inc. †		16,000		27,200
Angie’s List, Inc. †		2,200		26,796
Applied Micro Circuits Corp. †		10,200		100,980
Audience, Inc. †		3,300		41,250
Autobytel, Inc. †		22,900		284,647
Axcelis Technologies, Inc. †		138,100		296,915
Badger Meter, Inc.		3,300		181,830
Bankrate, Inc. †		15,300		259,182
Blackbaud, Inc.		7,700		241,010
Blucora, Inc. †		19,000		374,110
Booz Allen Hamilton Holding Corp.		2,100		46,200
Brightcove, Inc. †		14,300		140,569
BroadSoft, Inc. †		5,700		152,361
Brooks Automation, Inc.		11,100		121,323
CalAmp Corp. †		31,400		875,118
Calix, Inc. †		27,100		228,453
Callidus Software, Inc. †		35,900		449,468
Carbonite, Inc. †		8,200		83,558
Cardtronics, Inc. †		23,200		901,320
CEVA, Inc. †		3,300		57,948
Checkpoint Systems, Inc. †		12,500		167,750

	SHARES		VALUE (Note 2)
Information Technology - 19.7% (continued)
CIBER, Inc. †		10,100	$	46,258
Ciena Corp. †		31,400		714,036
Cinedigm Corp., Class A †		35,600		91,136
Clearfield, Inc. †		20,000		461,800
ClearSign Combustion Corp. †		6,700		73,097
Cognex Corp. †		6,900		233,634
Computer Task Group, Inc.		4,100		69,659
comScore, Inc. †		20,000		655,800
Comtech Telecommunications Corp.		4,000		127,440
Constant Contact, Inc. †		20,700		506,322
Convergys Corp.		4,800		105,168
Cornerstone OnDemand, Inc. †		500		23,935
Cray, Inc. †		19,600		731,472
CSG Systems International, Inc.		7,000		182,280
CTS Corp.		11,800		246,384
CUI Global, Inc. †		4,100		45,100
Datalink Corp. †		12,900		179,697
Datawatch Corp. †		9,800		265,776
Dealertrack Technologies, Inc. †		18,500		910,015
Demandware, Inc. †		18,400		1,178,704
Diodes, Inc. †		9,000		235,080
Dot Hill Systems Corp. †		73,400		284,058
E2open, Inc. †		3,400		80,138
eGain Corp. †		30,300		213,918
Electronics For Imaging, Inc. †		19,300		835,883
Ellie Mae, Inc. †		5,600		161,504
Envestnet, Inc. †		22,100		887,978
EPAM Systems, Inc. †		24,700		812,630
Epiq Systems, Inc.		4,100		55,883
ePlus, Inc. †		4,100		228,616
Euronet Worldwide, Inc. †		21,600		898,344
Exar Corp. †		22,000		262,900
ExlService Holdings, Inc. †		4,000		123,640
Extreme Networks, Inc. †		42,800		248,240
Fair Isaac Corp.		1,700		94,044
FARO Technologies, Inc. †		5,300		280,900
Finisar Corp. †		47,100		1,248,621
Forrester Research, Inc.		3,800		136,230
Global Cash Access Holdings, Inc. †		29,900		205,114
Global Eagle Entertainment, Inc. †		36,200		571,236
Glu Mobile, Inc. †		101,300		480,162
GT Advanced Technologies, Inc. †		90,800		1,548,140
Guidewire Software, Inc. †		2,400		117,720
Hackett Group, Inc./The		4,500		26,910
Harmonic, Inc. †		30,200		215,628
Heartland Payment Systems, Inc.		7,600		315,020
Hutchinson Technology, Inc. †		18,800		53,204
iGATE Corp. †		29,500		930,430
Immersion Corp. †		33,900		357,645
Imperva, Inc. †		5,100		284,070
Infinera Corp. †		23,600		214,288
Infoblox, Inc. †		25,800		517,548
Information Services Group, Inc. †		61,000		299,510
Insight Enterprises, Inc. †		4,700		118,017
Integrated Device Technology, Inc. †		34,600		423,158
Integrated Silicon Solution, Inc. †		7,500		116,625
Interactive Intelligence Group, Inc. †		10,600		768,500
Internap Network Services Corp. †		7,800		55,224

The accompanying notes are an integral part of these financial statements. (Continued)

AQR Funds Semi-Annual Report March 2014 41

Schedule of Investments March 31, 2014 (Unaudited)

AQR SMALL CAP MOMENTUM FUND

	SHARES		VALUE (Note 2)
Information Technology - 19.7% (continued)
Intralinks Holdings, Inc. †		19,800	$	202,554
InvenSense, Inc. †		25,400		601,218
j2 Global, Inc.		16,600		830,830
Lexmark International, Inc., Class A		9,000		416,610
Lionbridge Technologies, Inc. †		12,700		85,217
Littelfuse, Inc.		2,900		271,556
LiveDeal, Inc. †		34,100		233,244
LivePerson, Inc. †		20,251		244,430
LogMeIn, Inc. †		6,600		296,274
Manhattan Associates, Inc. †		19,000		665,570
Marchex, Inc., Class B		35,100		368,901
Mattson Technology, Inc. †		93,000		215,760
MAXIMUS, Inc.		2,100		94,206
MaxLinear, Inc., Class A †		15,100		143,148
Measurement Specialties, Inc. †		6,100		413,885
Mercury Systems, Inc. †		4,500		59,445
Mesa Laboratories, Inc.		600		54,150
Methode Electronics, Inc.		21,400		656,124
Mitek Systems, Inc. †		43,400		167,958
ModusLink Global Solutions, Inc. †		15,600		65,988
MoneyGram International, Inc. †		3,500		61,775
Monolithic Power Systems, Inc. †		12,700		492,379
Monotype Imaging Holdings, Inc.		15,000		452,100
Move, Inc. (2)†		29,600		342,176
MTS Systems Corp.		2,200		150,678
Nanometrics, Inc. †		8,800		158,136
Netlist, Inc. †		13,900		26,410
Netscout Systems, Inc. †		6,800		255,544
NetSol Technologies, Inc. †		14,600		67,160
NIC, Inc.		25,600		494,336
Oclaro, Inc. †		31,800		98,580
OpenTable, Inc. †		6,200		476,966
Park City Group, Inc. †		6,900		62,583
Parkervision, Inc. †		91,700		440,160
PC Connection, Inc.		8,200		166,624
PDF Solutions, Inc. †		17,700		321,609
Pegasystems, Inc.		20,000		706,400
Perceptron, Inc.		9,000		109,170
Perficient, Inc. †		14,700		266,364
Photronics, Inc. †		18,100		154,393
Pixelworks, Inc. †		48,600		269,244
Plexus Corp. †		10,400		416,728
Power Integrations, Inc.		14,400		947,232
Procera Networks, Inc. †		9,600		99,744
Proofpoint, Inc. †		22,400		830,592
PROS Holdings, Inc. †		12,600		397,026
Qualys, Inc. †		19,700		500,971
QuickLogic Corp. †		36,800		191,728
Rambus, Inc. †		70,200		754,650
Research Frontiers, Inc. †		8,000		41,520
RF Industries Ltd.		12,400		80,848
Rogers Corp. †		3,100		193,502
Rubicon Technology, Inc. †		20,900		235,961
Rudolph Technologies, Inc. †		15,000		171,150
Sanmina Corp. †		48,400		844,580
SciQuest, Inc. †		9,600		259,344
Seachange International, Inc. †		4,300		44,892
ServiceSource International, Inc. †		28,000		236,320

	SHARES		VALUE (Note 2)
Information Technology - 19.7% (continued)
ShoreTel, Inc. †		31,200	$	268,320
Shutterstock, Inc. †		7,900		573,619
Silicon Graphics International Corp. †		27,200		334,016
Sonus Networks, Inc. †		123,400		415,858
Speed Commerce, Inc. †		25,500		92,820
SPS Commerce, Inc. †		8,300		510,035
SS&C Technologies Holdings, Inc. †		8,500		340,170
Stamps.com, Inc. †		8,700		291,972
Stratasys Ltd. †		400		42,436
SunEdison, Inc. †		5,900		111,156
Super Micro Computer, Inc. †		9,400		163,278
support.com, Inc. †		22,100		56,355
Synaptics, Inc. †		13,200		792,264
Synchronoss Technologies, Inc. †		8,200		281,178
SYNNEX Corp. †		15,700		951,577
Tangoe, Inc. †		13,700		254,683
Telenav, Inc. †		9,300		55,428
TeleTech Holdings, Inc. †		2,500		61,275
Tessco Technologies, Inc.		3,700		138,232
Trulia, Inc. †		14,400		478,080
Tyler Technologies, Inc. †		3,900		326,352
Ubiquiti Networks, Inc. †		1,100		50,017
Ultimate Software Group, Inc./The †		800		109,600
Ultra Clean Holdings, Inc. †		19,000		249,850
Uni-Pixel, Inc. †		14,600		111,836
Unisys Corp. †		16,900		514,774
Virtusa Corp. †		10,000		335,100
Vitesse Semiconductor Corp. †		12,700		53,340
Web.com Group, Inc. †		22,300		758,869
WebMD Health Corp. †		25,823		1,069,072
Westell Technologies, Inc., Class A †		43,800		161,622
WidePoint Corp. †		156,400		250,240
XO Group, Inc. †		4,400		44,616
Yelp, Inc. †		300		23,079
Zhone Technologies, Inc. †		72,400		305,528
Zillow, Inc., Class A †		2,200		193,820
Zix Corp. †		25,400		105,156
				58,724,413
Materials - 3.3%
A Schulman, Inc.		5,200		188,552
A.M. Castle & Co. †		11,100		163,059
Advanced Emissions Solutions, Inc. †		16,000		392,640
AEP Industries, Inc. †		2,400		89,040
AK Steel Holding Corp. †		89,500		646,190
Balchem Corp.		4,800		250,176
Clearwater Paper Corp. †		7,300		457,491
Deltic Timber Corp.		1,100		71,753
Ferro Corp. †		45,100		616,066
Flotek Industries, Inc. †		29,200		813,220
FutureFuel Corp.		3,800		77,140
Hawkins, Inc.		600		22,044
Haynes International, Inc.		1,400		75,600
Headwaters, Inc. †		22,300		294,583
Horsehead Holding Corp. †		10,900		183,338
Innospec, Inc.		6,700		303,041
KapStone Paper and Packaging Corp. †		23,900		689,276
Landec Corp. †		2,900		32,364

The accompanying notes are an integral part of these financial statements. (Continued)

42 AQR Funds Semi-Annual Report March 2014

Schedule of Investments March 31, 2014 (Unaudited)

AQR SMALL CAP MOMENTUM FUND

	SHARES		VALUE (Note 2)
Materials - 3.3% (continued)
Minerals Technologies, Inc.		3,300	$	213,048
Myers Industries, Inc.		10,900		217,128
Neenah Paper, Inc.		4,000		206,880
Olympic Steel, Inc.		2,400		68,880
OM Group, Inc.		10,200		338,844
PH Glatfelter Co.		5,400		146,988
PolyOne Corp.		6,000		219,960
Quaker Chemical Corp.		5,200		409,916
RTI International Metals, Inc. †		5,500		152,790
Senomyx, Inc. †		30,800		328,636
Stepan Co.		4,500		290,520
Tredegar Corp.		12,200		280,722
US Concrete, Inc. †		15,000		352,500
US Silica Holdings, Inc.		20,900		797,753
Worthington Industries, Inc.		9,600		367,200
				9,757,338
Telecommunication Services - 1.2%
8x8, Inc. †		64,800		700,488
Atlantic Tele-Network, Inc.		2,200		145,024
Cogent Communications Group, Inc.		19,100		678,623
General Communication, Inc., Class A †		4,600		52,486
IDT Corp., Class B		20,400		339,864
inContact, Inc. †		14,500		139,200
Inteliquent, Inc.		35,100		510,003
Lumos Networks Corp.		18,400		246,008
NTELOS Holdings Corp.		6,450		87,075
ORBCOMM, Inc. †		20,000		137,000
Premiere Global Services, Inc. †		10,600		127,836
Shenandoah Telecommunications Co.		4,100		132,389
Vonage Holdings Corp. †		70,600		301,462
				3,597,458
Utilities - 0.4%
American States Water Co.		7,200		232,488
Chesapeake Utilities Corp.		7,400		467,384
Connecticut Water Service, Inc.		2,900		99,093
Consolidated Water Co., Ltd. (Cayman Islands)		5,800		76,444
Middlesex Water Co.		1,200		26,184
Otter Tail Corp.		5,700		175,503
Unitil Corp.		4,200		137,928
				1,215,024
TOTAL COMMON STOCKS (cost $239,260,176)				296,753,002

PREFERRED STOCKS - 0.1%	SHARES		VALUE (Note 2)
Utilities - 0.1%
Genie Energy Ltd., Perpetual Preferred Stock, Series 12-A, 7.50%, 11/15/16 †(b)(c)
(cost $51,541)		5,900	$	46,610
RIGHTS - 0.0% (d)
Information Technology - 0.0% (d)
Gerber Scientific, Inc. (3)†(a)
(cost $—)		4,000		—
MONEY MARKET FUNDS - 1.3%
J.P. Morgan U.S. Treasury Plus Money Market Fund - Institutional Shares, 0.000% (2)(e)
(cost $3,989,780)		3,989,780		3,989,780
TOTAL INVESTMENTS - 101.0% (cost $243,301,497)				300,789,392
LIABILITIES IN EXCESS OF OTHER ASSETS - (1.0%) (f)				(2,890,871)
NET ASSETS - 100.0%			$	297,898,521

All securities are United States companies, unless noted otherwise in parentheses.

† Non income-producing security.

(a) Security fair valued as of March 31, 2014 using procedures approved by the Board of Trustees. The total value of positions fair valued was $14,729 or 0.0% of total net assets.

(b) Indicates a variable rate security. The interest rate shown represents the discount rate at March 31, 2014.

(c) Security is perpetual and, thus, does not have a predetermined maturity date. The coupon rate for this security is fixed for a period of time and may be structured to adjust thereafter. The date shown, if applicable, reflects the next call date. The coupon rate shown is the rate in effect as of March 31, 2014.

(d) Represents less than 0.05 percent of net assets.

(e) Represents annualized seven-day yield as of March 31, 2014.

(f) Includes depreciation on futures contracts.

All securities are Level 1 with respect to ASC 820, unless otherwise noted in parentheses.

(2) Level 2 security (See Note 4).

(3) Level 3 security (See Note 4).

The following abbreviations are used in portfolio descriptions:

REIT - Real Estate Investment Trust

Open futures contracts outstanding at March 31, 2014:

Exchange Traded

NUMBER OF CONTRACTS		COUNTERPARTY	DESCRIPTION	EXPIRATION DATE		VALUE AT TRADE DATE		VALUE AT MARCH 31, 2014		UNREALIZED DEPRECIATION
	Long Contracts:
	11	Barclays Capital	E-Mini Russell 2000 Futures		June 20, 2014		$1,314,997		$1,287,550		$(27,447)

Cash held as collateral at Barclays Capital for futures contracts was $110,105 at March 31, 2014.

The accompanying notes are an integral part of these financial statements.

AQR Funds Semi-Annual Report March 2014 43

Schedule of Investments March 31, 2014 (Unaudited)

AQR INTERNATIONAL MOMENTUM FUND

COMMON STOCKS - 98.2%	SHARES		VALUE (Note 2)
Australia - 3.4%
Amcor Ltd.		130,557	$	1,261,437
Aurizon Holdings Ltd.		27,946		133,487
Brambles Ltd.		40,768		350,769
Caltex Australia Ltd.		4,085		83,587
CFS Retail Property Trust Group REIT		41,469		72,760
Coca-Cola Amatil Ltd.		10,216		104,689
Cochlear Ltd.		3,817		202,038
Crown Resorts Ltd.		42,866		662,973
CSL Ltd.		36,923		2,384,918
Goodman Group REIT		53,923		237,162
GPT Group REIT		38,389		130,476
Insurance Australia Group Ltd.		90,009		465,533
Macquarie Group Ltd.		13,445		724,980
Mesoblast Ltd. †		10,394		52,858
Mirvac Group REIT		60,599		95,764
Orora Ltd.		130,557		166,435
Ramsay Health Care Ltd.		44,927		2,007,525
Recall Holdings Ltd. †		15,462		66,666
Shopping Centres Australasia Property Group REIT		3,776		5,821
Sonic Healthcare Ltd.		6,491		103,993
Suncorp Group Ltd.		37,949		454,151
Telstra Corp. Ltd.		92,634		436,810
Westfield Group REIT		17,295		164,739
Woolworths Ltd.		7,526		249,577
				10,619,148
Austria - 0.4%
Andritz AG		3,800		234,959
Erste Group Bank AG		14,518		496,654
Immofinanz AG NPV †		63,665		298,416
OMV AG		4,423		200,767
Raiffeisen Bank International AG		3,673		122,567
				1,353,363
Belgium - 0.6%
Belgacom SA		2,566		80,399
KBC Groep NV		22,541		1,388,211
UCB SA		6,382		512,002
				1,980,612
Canada - 10.6%
Alimentation Couche Tard, Inc., Class B (1)		21,900		1,771,216
Atco Ltd., Class I (1)		2,000		96,083
Boardwalk Real Estate Investment Trust REIT (1)		1,500		82,280
Calloway Real Estate Investment Trust REIT (1)		3,200		74,565
Canadian National Railway Co. (1)		4,500		252,822
Canadian Pacific Railway Ltd. (1)		21,100		3,161,660
Canadian Tire Corp. Ltd., Class A (1)		6,000		565,699
Canadian Utilities Ltd., Class A (1)		3,400		126,497
CGI Group, Inc., Class A (1) †		45,300		1,398,543
CI Financial Corp. (1)		23,100		728,627
Constellation Software, Inc. (1)		4,700		1,139,394
Dollarama, Inc. (1)		10,100		769,445
Domtar Corp. (1)		900		101,047

	SHARES		VALUE (Note 2)
Canada - 10.6% (continued)
Emera, Inc. (1)		2,100	$	65,365
Enerplus Corp. (1)		18,500		369,833
First Capital Realty, Inc. (1)		3,800		60,326
Genworth MI Canada, Inc. (1)		5,000		170,602
Gildan Activewear, Inc. (1)		25,100		1,264,877
Husky Energy, Inc. (1)		8,100		242,963
Industrial Alliance Insurance & Financial Services, Inc. (1)		15,300		629,161
Keyera Corp. (1)		1,700		107,782
Loblaw Cos., Ltd. (1)		62,400		2,647,273
MacDonald Dettwiler & Associates Ltd. (1)		1,000		78,987
Magna International, Inc. (1)		43,200		4,153,140
Manulife Financial Corp. (1)		71,400		1,376,977
Methanex Corp. (1)		7,100		454,323
Metro, Inc. (1)		4,200		246,567
Onex Corp. (1)		2,400		133,254
Open Text Corp. (1)		16,200		774,024
Paramount Resources Ltd., Class A (1) †		2,400		103,533
Pembina Pipeline Corp. (1)		8,500		322,777
Pengrowth Energy Corp. (1)		11,500		69,593
Peyto Exploration & Development Corp. (1)		6,900		235,430
Rogers Communications, Inc., Class B (1)		23,100		957,224
Stantec, Inc. (1)		2,100		128,355
Sun Life Financial, Inc. (1)		88,600		3,067,940
Tourmaline Oil Corp. (1) †		23,100		1,092,000
Valeant Pharmaceuticals International, Inc. (1) †		32,700		4,302,024
West Fraser Timber Co., Ltd. (1)		4,600		210,131
				33,532,339
China - 0.1%
FIH Mobile Ltd. †		256,000		141,459
Denmark - 2.2%
AP Moeller - Maersk A/S, Class B		82		981,438
Carlsberg A/S, Class B		3,117		309,854
Coloplast A/S, Class B		33,945		2,744,492
Danske Bank A/S		11,758		327,164
DSV A/S		2,710		87,385
Novo Nordisk A/S, Class B		5,010		228,117
Pandora A/S		9,545		629,954
Tryg A/S		5,116		506,061
Vestas Wind Systems A/S †		27,288		1,094,086
				6,908,551
Finland - 1.6%
Kone OYJ, Class B		8,002		335,991
Nokia OYJ †		301,054		2,214,980
Orion OYJ, Class B		4,687		141,500
Sampo, A Shares		38,512		1,999,147
Wartsila OYJ		8,465		460,128
				5,151,746
France - 5.9%
Air Liquide SA		3,601		487,648
Airbus Group NV		32,688		2,341,147

The accompanying notes are an integral part of these financial statements. (Continued)

44 AQR Funds Semi-Annual Report March 2014

Schedule of Investments March 31, 2014 (Unaudited)

AQR INTERNATIONAL MOMENTUM FUND

	SHARES		VALUE (Note 2)
France - 5.9% (continued)
Alcatel-Lucent †		177,661	$	699,674
AXA SA		12,302		319,591
BNP Paribas SA		1,097		84,578
Bollore SA		145		91,887
Bureau Veritas SA		2,364		72,507
Carrefour SA		7,343		284,059
Christian Dior SA		1,623		311,724
Credit Agricole SA †		52,876		833,339
Dassault Systemes		1,844		215,777
Edenred		3,620		113,558
Electricite de France		24,032		950,240
Essilor International SA		3,545		357,755
Eutelsat Communications SA		3,108		105,472
Hermes International		1,274		423,735
Iliad SA		7,084		2,044,193
Kering		2,717		553,983
Lafarge SA		1,378		107,553
L’Oreal SA		7,307		1,205,512
LVMH Moet Hennessy Louis Vuitton SA		971		175,957
Natixis		99,537		731,020
Pernod Ricard SA		4,394		511,352
Publicis Groupe SA		5,534		499,616
Rexel SA		4,367		114,539
Safran SA		2,192		151,861
Sanofi		27,404		2,863,695
Schneider Electric SA		4,553		403,516
SCOR SE		2,421		84,796
SEB SA		592		51,086
Societe Generale SA		10,384		639,193
Sodexo		1,964		205,850
Total SA		6,227		409,890
Zodiac Aerospace		8,360		295,368
				18,741,671
Germany - 9.2%
Bayer AG		28,585		3,871,088
Beiersdorf AG		9,186		895,946
Commerzbank AG †		38,794		713,581
Continental AG		8,532		2,046,123
Daimler AG		72,289		6,838,461
Deutsche Lufthansa AG †		26,823		703,285
Deutsche Post AG		124,148		4,615,509
Deutsche Telekom AG		269,547		4,373,556
GEA Group AG		2,796		127,741
Hannover Rueck SE		4,457		398,682
Merck KGaA		8,876		1,494,774
Metro AG		24,797		1,011,503
Muenchener Rueckversicherungs AG		6,099		1,332,736
ProSiebenSat.1 Media AG		15,693		719,826
Suedzucker AG		6,605		188,376
				29,331,187
Hong Kong - 4.2%
AIA Group Ltd.		19,400		92,269
ASM Pacific Technology Ltd.		9,700		94,229
BOC Hong Kong Holdings Ltd.		123,000		351,217
Cheung Kong Holdings Ltd.		13,000		216,160

	SHARES		VALUE (Note 2)
Hong Kong - 4.2% (continued)
Cheung Kong Infrastructure Holdings Ltd.		10,000	$	63,954
CLP Holdings Ltd.		1,500		11,320
First Pacific Co., Ltd.		72,000		71,765
Galaxy Entertainment Group Ltd. †		290,000		2,531,166
Giordano International Ltd.		64,000		41,319
Hang Seng Bank Ltd.		22,500		358,940
Henderson Land Development Co., Ltd.		64,900		379,788
Hong Kong & China Gas Co., Ltd.		193,600		422,970
Hongkong Land Holdings Ltd.		84,000		544,072
Hopewell Holdings Ltd.		32,000		110,111
Hutchison Whampoa Ltd.		11,000		145,990
Hysan Development Co., Ltd.		25,000		109,093
Lifestyle International Holdings Ltd.		33,500		68,217
Lifestyle Properties Development Ltd. †		1,675		271
Link REIT/The REIT		59,500		293,401
Melco International Development Ltd.		290,000		975,025
MGM China Holdings Ltd.		276,000		975,121
MTR Corp. Ltd.		60,500		224,180
New World Development Co., Ltd.		196,000		197,719
NWS Holdings Ltd.		61,000		102,946
Orient Overseas International Ltd.		19,000		87,465
Samsonite International SA		103,800		321,595
Sands China Ltd.		316,000		2,369,981
Shangri-La Asia Ltd.		24,000		39,353
Sino Land Co., Ltd.		168,000		247,620
SJM Holdings Ltd.		79,000		222,562
SmarTone Telecommunications Holdings Ltd.		31,500		35,140
Stella International Holdings Ltd.		26,000		62,235
Swire Properties Ltd.		50		143
Techtronic Industries Co.		70,000		195,445
Television Broadcasts Ltd.		10,000		59,959
Wharf Holdings Ltd.		136,000		872,261
Wheelock & Co., Ltd.		41,000		160,685
Xinyi Glass Holdings Ltd.		264,000		215,363
Xinyi Solar Holdings Ltd. †		264,000		79,228
				13,350,278
Israel - 0.2%
Bezeq The Israeli Telecommunication Corp. Ltd.		331,983		591,794
Harel Insurance Investments & Financial Services Ltd.		5,408		32,778
Osem Investments Ltd.		737		17,319
Shikun & Binui Ltd.		27,483		67,656
				709,547
Italy - 2.9%
Davide Campari-Milano SpA		11,007		90,183
Exor SpA		4,986		223,766
Fiat SpA †		39,697		462,799
Gtech Spa		13,558		411,912
Intesa Sanpaolo SpA		712,974		2,419,261
Luxottica Group SpA		15,970		922,761
Pirelli & C. SpA		20,366		320,371
Prysmian SpA		14,955		372,160
Salvatore Ferragamo SpA		5,363		157,780

The accompanying notes are an integral part of these financial statements. (Continued)

AQR Funds Semi-Annual Report March 2014 45

Schedule of Investments March 31, 2014 (Unaudited)

AQR INTERNATIONAL MOMENTUM FUND

	SHARES		VALUE (Note 2)
Italy - 2.9% (continued)
UniCredit SpA		346,057	$	3,163,320
Unione di Banche Italiane SCpA		80,365		758,230
				9,302,543
Japan - 32.2%
77 Bank Ltd./The		35,000		157,210
Acom Co., Ltd. †		504,000		1,610,356
Aeon Mall Co., Ltd.		90		2,306
Aiful Corp. †		379,600		1,159,305
Alps Electric Co., Ltd.		52,300		622,528
Bank of Yokohama Ltd./The		34,000		169,597
Bridgestone Corp.		25,400		900,193
Calsonic Kansei Corp.		14,000		64,915
Casio Computer Co., Ltd.		20,700		244,756
Century Tokyo Leasing Corp.		4,800		134,583
Chiba Bank Ltd./The		27,000		166,191
COLOPL, Inc. †		21,700		573,303
Credit Saison Co., Ltd.		3,800		75,572
CyberAgent, Inc.		7,000		267,961
Dai-ichi Life Insurance Co., Ltd./The		111,300		1,619,088
Daikin Industries Ltd.		20,300		1,138,413
Daiwa Securities Group, Inc.		244,000		2,119,933
Denso Corp.		34,700		1,664,085
Dentsu, Inc.		8,400		318,091
Fast Retailing Co., Ltd.		4,700		1,699,944
Fuji Heavy Industries Ltd.		70,700		1,914,547
FUJIFILM Holdings Corp.		11,600		311,367
Fujitsu Ltd.		49,000		296,182
Fukuoka Financial Group, Inc.		41,000		168,412
GungHo Online Entertainment, Inc.		145,600		791,477
Haseko Corp.		80,300		502,160
Hino Motors Ltd.		89,000		1,318,108
Hitachi Capital Corp.		8,600		183,693
Hitachi Ltd.		309,660		2,292,122
Hokuhoku Financial Group, Inc.		91,000		174,482
Honda Motor Co., Ltd.		4,500		158,340
Hoya Corp.		13,000		406,653
Hulic Co., Ltd.		73,700		1,011,672
Ichigo Group Holdings Co., Ltd.		324,100		1,141,121
Isuzu Motors Ltd.		65,000		373,214
J Trust Co., Ltd.		21,100		266,206
Jafco Co., Ltd.		18,000		806,447
JGC Corp.		9,000		312,655
Joyo Bank Ltd./The		53,000		264,170
JTEKT Corp.		58,300		865,459
Kansai Electric Power Co., Inc./The †		91,000		932,790
Kawasaki Heavy Industries Ltd.		102,000		375,790
KDDI Corp.		47,600		2,763,894
Keyence Corp.		3,040		1,252,379
Kubota Corp.		100,000		1,329,054
Kyushu Electric Power Co., Inc.		29,000		354,567
LIXIL Group Corp.		11,500		317,338
Matsui Securities Co., Ltd.		206,100		2,092,695
Mazda Motor Corp.		534,000		2,372,351
Minebea Co., Ltd.		57,000		507,544
Mitsubishi Electric Corp.		183,000		2,059,994
Mitsubishi Estate Co., Ltd.		90,000		2,137,109
Mitsubishi Heavy Industries, Ltd.		54,000		312,464
Mitsubishi Logistics Corp.		21,000		291,761

	SHARES		VALUE (Note 2)
Japan - 32.2% (continued)
Mitsubishi UFJ Financial Group, Inc.		206,900	$	1,139,354
Mitsui Fudosan Co., Ltd.		65,000		1,983,034
MS&AD Insurance Group Holdings		9,300		212,888
Murata Manufacturing Co., Ltd.		7,700		727,812
NGK Insulators Ltd.		15,000		312,926
NHK Spring Co., Ltd.		12,500		116,245
Nidec Corp.		13,400		821,654
Nintendo Co., Ltd.		7,600		908,502
Nippon Telegraph & Telephone Corp.		21,200		1,152,043
Nishi-Nippon City Bank Ltd./The		21,000		47,203
Nitto Denko Corp.		2,800		134,271
NKSJ Holdings, Inc.		10,400		267,014
Nomura Holdings, Inc.		62,000		397,723
NSK Ltd.		86,000		882,140
NTN Corp.		132,000		446,691
NTT Urban Development Corp.		34,000		320,017
Oji Holdings Corp.		65,000		290,738
Okasan Securities Group, Inc.		158,000		1,331,165
Olympus Corp. †		14,400		459,802
Omron Corp.		26,300		1,088,208
Ono Pharmaceutical Co., Ltd.		6,700		582,444
Orient Corp. †		188,500		379,277
ORIX Corp.		250,000		3,523,495
Panasonic Corp.		195,600		2,224,577
Rakuten, Inc.		55,300		738,677
Renesas Electronics Corp. †		88,800		677,914
Seiko Epson Corp.		65,500		2,046,662
Seino Holdings Co., Ltd.		15,000		143,112
Seven & I Holdings Co., Ltd.		19,000		723,985
Seven Bank Ltd.		104,900		411,669
Sharp Corp. †		30,000		91,362
Shinsei Bank Ltd.		540,000		1,060,147
SMC Corp.		2,200		580,213
SoftBank Corp.		81,800		6,181,483
Sony Corp.		28,200		537,131
Square Enix Holdings Co., Ltd.		27,800		572,182
Sumitomo Mitsui Financial Group, Inc.		46,700		2,001,746
Sumitomo Mitsui Trust Holdings, Inc.		67,000		303,145
Sumitomo Realty & Development Co., Ltd.		28,000		1,095,887
Suruga Bank Ltd.		60,000		1,056,934
Tohoku Electric Power Co., Inc.		57,000		586,182
Tokai Tokyo Financial Holdings, Inc.		163,100		1,367,863
Tokio Marine Holdings, Inc.		11,400		341,890
Tokyo Electric Power Co., Inc. †		592,900		2,385,477
Tokyo Tatemono Co., Ltd.		172,000		1,473,757
Tokyu Fudosan Holdings Corp.		39,600		295,294
Toshiba TEC Corp.		15,000		85,422
Tosoh Corp.		114,000		439,125
Toyo Seikan Group Holdings Ltd.		17,600		285,624
Toyota Motor Corp.		168,800		9,519,281
TS Tech Co., Ltd.		3,800		115,049
Yahoo Japan Corp.		233,600		1,144,392
Yamaha Motor Co., Ltd.		7,000		111,677
Yaskawa Electric Corp.		24,000		331,576
Yokogawa Electric Corp.		8,300		134,184
Yokohama Rubber Co., Ltd./The		30,000		282,145
				102,236,957

The accompanying notes are an integral part of these financial statements. (Continued)

46 AQR Funds Semi-Annual Report March 2014

Schedule of Investments March 31, 2014 (Unaudited)

AQR INTERNATIONAL MOMENTUM FUND

	SHARES		VALUE (Note 2)
Netherlands - 1.6%
Aegon NV		94,891	$	874,052
ASML Holding NV		12,415		1,155,631
CNH Industrial NV †		11,479		132,111
Gemalto NV		3,241		377,753
Heineken Holding NV		9,229		595,919
Heineken NV		1,000		69,587
Koninklijke Philips NV		9,699		341,203
Koninklijke Vopak NV		762		42,533
Reed Elsevier NV		67,621		1,463,085
				5,051,874
Norway - 0.1%
Golar LNG Ltd.		2,009		88,206
Telenor ASA		10,790		238,813
				327,019
Portugal - 0.0% (a)
Jeronimo Martins SGPS SA		6,068		101,825
Singapore - 1.2%
Ascendas Real Estate Investment Trust REIT		206,000		370,800
CapitaCommercial Trust REIT		117,000		138,513
CapitaMall Trust REIT		149,000		224,189
CapitaMalls Asia Ltd.		92,000		131,163
Dairy Farm International Holdings, Ltd.		6,300		61,341
Jardine Cycle & Carriage Ltd.		6,000		216,554
Jardine Matheson Holdings Ltd.		18,000		1,136,992
Jardine Strategic Holdings Ltd.		7,000		251,325
Keppel REIT		200		182
Noble Group Ltd.		19,363		18,306
Sembcorp Industries Ltd.		13,000		56,865
Singapore Technologies Engineering Ltd.		155,000		471,579
StarHub Ltd.		33,000		110,406
Suntec Real Estate Investment Trust REIT		92,000		121,617
Super Group Ltd.		57,000		157,965
Thai Beverage PCL		446,000		215,003
				3,682,800
Spain - 6.9%
Abertis Infraestructuras SA		70,867		1,619,673
Amadeus IT Holding SA, A Shares		93,521		3,886,276
Banco Bilbao Vizcaya Argentaria SA		247,068		2,970,798
Banco de Sabadell SA		197,881		611,764
Banco Popular Espanol SA		122,950		929,690
Banco Santander SA		304,338		2,905,260
CaixaBank SA		219,383		1,412,180
Ferrovial SA		109,535		2,374,475
Gas Natural SDG SA		130,591		3,673,975
Grifols SA		14,812		811,736
Inditex SA		5,053		758,098
				21,953,925
Sweden - 0.5%
ICA Gruppen AB †		8,456		306,987
Investment AB Kinnevik, B Shares		8,219		303,619

	SHARES		VALUE (Note 2)
Sweden - 0.5% (continued)
Skandinaviska Enskilda Banken AB, Class A		70,488	$	968,314
				1,578,920
Switzerland - 4.8%
Actelion Ltd. †		13,065		1,238,149
Adecco SA †		9,238		768,844
Cie Financiere Richemont SA		7,788		744,051
Credit Suisse Group AG †		38,168		1,235,425
EMS-Chemie Holding AG		2,370		895,655
Geberit AG		236		77,332
Givaudan SA †		1,411		2,182,467
Novartis AG		9,870		838,041
Partners Group Holding AG		5,304		1,489,826
Schindler Holding AG		1,395		205,655
SGS SA		404		996,375
Swatch Group AG/The		1,785		1,119,790
Swiss Re AG †		14,143		1,312,671
UBS AG †		79,180		1,638,500
Wolseley PLC		4,707		268,192
Zurich Insurance Group AG †		146		44,839
				15,055,812
United Kingdom - 9.6%
Aberdeen Asset Management PLC		54,480		355,078
Aggreko PLC		7,624		190,997
ARM Holdings PLC		49,237		831,528
ASOS PLC †		6,100		527,286
Associated British Foods PLC		38,037		1,765,002
BG Group PLC		2,230		41,633
Booker Group PLC		95,443		262,907
British American Tobacco PLC		482		26,889
BT Group PLC		598,327		3,805,199
Bunzl PLC		7,883		210,183
Carnival PLC		6,836		261,167
Compass Group PLC		41,470		633,197
Croda International PLC		3,164		134,555
Daily Mail & General Trust PLC, Class A		8,278		119,986
Diageo PLC		46,529		1,445,149
easyJet PLC		20,601		589,580
Experian PLC		34,548		623,444
G4S PLC		22,026		88,872
GlaxoSmithKline PLC		913		24,345
Hargreaves Lansdown PLC		13,845		336,798
HSBC Holdings PLC		401,189		4,062,207
IMI PLC		3,733		90,838
Imperial Tobacco Group PLC		8,078		326,655
InterContinental Hotels Group PLC		11,899		383,030
Intertek Group PLC		2,171		111,462
ITV PLC		212,597		679,252
Johnson Matthey PLC		2,582		140,974
Kingfisher PLC		42,770		300,706
Legal & General Group PLC		62,913		214,793
Meggitt PLC		17,966		144,086
Mondi PLC		7,018		122,981
National Grid PLC		13,628		187,270
Next PLC		14,657		1,613,014
Old Mutual PLC		139,415		468,024
Pearson PLC		15,946		283,099
Petrofac Ltd.		14,632		351,212

The accompanying notes are an integral part of these financial statements. (Continued)

AQR Funds Semi-Annual Report March 2014 47

Schedule of Investments March 31, 2014 (Unaudited)

AQR INTERNATIONAL MOMENTUM FUND

	SHARES		VALUE (Note 2)
United Kingdom - 9.6% (continued)
Prudential PLC		52,638	$	1,114,581
Reckitt Benckiser Group PLC		3,848		314,016
Reed Elsevier PLC		9,377		143,295
Rexam PLC		11,373		92,419
Rolls-Royce Holdings PLC †		35,118		628,660
SABMiller PLC		32,301		1,615,123
Sage Group PLC/The		13,549		94,502
Severn Trent PLC		3,568		108,565
Shire PLC		14,609		723,223
Smith & Nephew PLC		5,401		82,030
Sports Direct International PLC †		36,611		520,196
SSE PLC		8,866		217,164
Standard Life PLC		68,289		430,237
Tate & Lyle PLC		14,485		161,327
Tullow Oil PLC		11,125		139,028
United Utilities Group PLC		13,217		173,859
Whitbread PLC		10,735		745,132
WPP PLC		74,106		1,531,187
				30,587,942
TOTAL COMMON STOCKS (cost $278,713,793)				311,699,518
RIGHTS - 0.0% (a)
Hong Kong - 0.0% (a)
New World Development Co., Ltd. (3)†(b)		65,333		13,684
Spain - 0.0% (a)
Banco Bilbao Vizcaya Argentaria SA †		247,068		57,863
TOTAL RIGHTS (cost $—)				71,547
MONEY MARKET FUNDS - 2.2%
J.P. Morgan U.S. Treasury Plus Money Market Fund - Institutional Shares, 0.000% (c)     (cost $6,830,980)		6,830,980		6,830,980
TOTAL INVESTMENTS - 100.4% (cost $285,544,773)				318,602,045
LIABILITIES IN EXCESS OF OTHER ASSETS - (0.4%) (d)				(1,300,882)
NET ASSETS - 100.0%			$	317,301,163

† Non income-producing security.

(a) Represents less than 0.05 percent of net assets.

(b) Security fair valued at as of March 31, 2014 using procedures approved by the Board of Trustees. The total value of positions fair valued was $13,684 or 0.0% of total net assets.

(c) Represents annualized seven-day yield as of March 31, 2014.

(d) Includes appreciation on futures contracts.

All securities are Level 2 with respect to ASC 820, unless otherwise noted in parentheses.

(1) Level 1 security (See Note 4).

(3) Level 3 security (See Note 4).

The following abbreviations are used in portfolio descriptions:

REIT - Real Estate Investment Trust

SECTOR	VALUE		% OF NET ASSETS
Consumer Discretionary	$	66,589,710		21.0	%
Consumer Staples		17,683,108		5.6
Energy		3,900,767		1.2
Financials		88,649,930		27.8
Health Care		26,026,549		8.2
Industrials		40,853,856		12.9
Information Technology		27,432,528		8.6
Materials		7,507,383		2.4
Telecommunication Services		22,770,956		7.2
Utilities		10,356,278		3.3
Money Market Funds		6,830,980		2.2
Total Investments		318,602,045		100.4
Liabilities in Excess of Other Assets (d)		(1,300,882)		(0.4)
Net Assets	$	317,301,163		100.0	%

Open futures contracts outstanding at March 31, 2014:

Exchange Traded

NUMBER OF CONTRACTS	COUNTERPARTY	DESCRIPTION	EXPIRATION DATE		VALUE AT TRADE DATE		VALUE AT MARCH 31, 2014		UNREALIZED APPRECIATION (DEPRECIATION)
Long Contracts:
43	Barclays Capital	MSCI EAFE Mini Index Futures		June 20, 2014		$4,059,251		$4,074,250		$14,999

Cash held as collateral at Barclays Capital for futures contracts was $37,163 at March 31, 2014.

The accompanying notes are an integral part of these financial statements.

48 AQR Funds Semi-Annual Report March 2014

Schedule of Investments March 31, 2014 (Unaudited)

AQR TAX-MANAGED MOMENTUM FUND

COMMON STOCKS - 97.3%	SHARES		VALUE (Note 2)
Consumer Discretionary - 20.9%
Amazon.com, Inc. †		4,459	$	1,500,543
Apollo Education Group, Inc. †		1,771		60,639
AutoNation, Inc. †		274		14,585
Bed Bath & Beyond, Inc. †		101		6,949
Best Buy Co., Inc.		4,648		122,754
BorgWarner, Inc.		3,788		232,848
Brunswick Corp.		1,969		89,176
Caesars Entertainment Corp. †		1,988		37,792
Carter’s, Inc.		616		47,832
CBS Corp., Class B		8,044		497,119
Charter Communications, Inc., Class A †		500		61,600
Chipotle Mexican Grill, Inc. †		642		364,688
Cinemark Holdings, Inc.		322		9,341
Coach, Inc.		66		3,278
Comcast Corp., Class A		6,651		332,683
Conn’s, Inc. †		553		21,484
Dana Holding Corp.		2,784		64,784
Dillard’s, Inc., Class A		148		13,675
DIRECTV †		3,486		266,400
DISH Network Corp., Class A †		5,430		337,800
Dollar Tree, Inc. †		941		49,101
DSW, Inc., Class A		330		11,834
Expedia, Inc.		167		12,108
Family Dollar Stores, Inc.		63		3,655
Ford Motor Co.		13,021		203,128
GameStop Corp., Class A		1,048		43,073
Gannett Co., Inc.		2,894		79,874
Gap, Inc./The		868		34,772
General Motors Co.		13,779		474,273
Genuine Parts Co.		74		6,427
GNC Holdings, Inc., Class A		2,197		96,712
Goodyear Tire & Rubber Co./The		2,568		67,102
Groupon, Inc. †		12,576		98,596
H&R Block, Inc.		1,923		58,055
Harman International Industries, Inc.		900		95,760
Home Depot, Inc./The		4,286		339,151
HSN, Inc.		187		11,170
Johnson Controls, Inc.		6,935		328,164
Kate Spade & Co. †		1,231		45,658
L Brands, Inc.		139		7,891
Las Vegas Sands Corp.		10,082		814,424
Liberty Global PLC, Class A (United Kingdom) †		258		10,733
LKQ Corp. †		2,515		66,270
Lowe’s Cos., Inc.		6,604		322,936
Macy’s, Inc.		1,624		96,287
Madison Square Garden Co./The, Class A †		948		53,827
MGM Resorts International †		8,767		226,715
Mohawk Industries, Inc. †		936		127,277
Netflix, Inc. †		1,039		365,759
NIKE, Inc., Class B		248		18,317
Panera Bread Co., Class A †		24		4,235
PetSmart, Inc.		64		4,409
Polaris Industries, Inc.		508		70,973
priceline.com, Inc. †		679		809,293
PulteGroup, Inc.		2,843		54,557
Ralph Lauren Corp.		40		6,437

	SHARES		VALUE (Note 2)
Consumer Discretionary - 20.9% (continued)
Rent-A-Center, Inc.		182	$	4,841
Sally Beauty Holdings, Inc. †		147		4,028
Service Corp. International		1,360		27,037
Standard Pacific Corp. †		4,289		35,642
Starbucks Corp.		10,251		752,218
Tesla Motors, Inc. †		2,306		480,686
Time Warner, Inc.		3,492		228,132
TJX Cos., Inc./The		6,403		388,342
Tractor Supply Co.		512		36,163
TripAdvisor, Inc. †		2,429		220,043
TRW Automotive Holdings Corp. †		739		60,317
Twenty-First Century Fox, Inc., Class A		14,384		459,856
Ulta Salon Cosmetics & Fragrance, Inc. †		50		4,874
Under Armour, Inc., Class A †		1,845		211,511
VF Corp.		5,956		368,557
Viacom, Inc., Class B		3,706		314,973
Visteon Corp. †		548		48,465
Walt Disney Co./The		14,358		1,149,645
Weight Watchers International, Inc.		51		1,048
Whirlpool Corp.		872		130,329
Wynn Resorts Ltd.		1,455		323,228
Yum! Brands, Inc.		243		18,320
				14,473,178
Consumer Staples - 3.4%
Archer-Daniels-Midland Co.		2,109		91,510
Church & Dwight Co., Inc.		85		5,871
Coca-Cola Co./The		102		3,943
Colgate-Palmolive Co.		310		20,110
ConAgra Foods, Inc.		549		17,035
Constellation Brands, Inc., Class A †		2,163		183,790
CVS Caremark Corp.		3,800		284,468
Estee Lauder Cos., Inc./The, Class A		151		10,099
Flowers Foods, Inc.		1,538		32,990
General Mills, Inc.		150		7,773
Herbalife Ltd.		1,711		97,989
Hershey Co./The		95		9,918
JM Smucker Co./The		179		17,406
Keurig Green Mountain, Inc.		2,227		235,149
Kroger Co./The		1,500		65,475
Lorillard, Inc.		183		9,897
Mead Johnson Nutrition Co.		82		6,817
Mondelez International, Inc., Class A		535		18,484
Nu Skin Enterprises, Inc., Class A		1,053		87,241
Philip Morris International, Inc.		37		3,029
Pilgrim’s Pride Corp. †		3,191		66,756
PriceSmart, Inc.		417		42,088
Reynolds American, Inc.		232		12,393
Rite Aid Corp. †		28,118		176,300
TreeHouse Foods, Inc. †		39		2,808
Tyson Foods, Inc., Class A		1,489		65,531
Walgreen Co.		11,235		741,847
Whole Foods Market, Inc.		270		13,692
				2,330,409
Energy - 4.6%
Anadarko Petroleum Corp.		60		5,086
Baker Hughes, Inc.		1,300		84,526

The accompanying notes are an integral part of these financial statements. (Continued)

AQR Funds Semi-Annual Report March 2014 49

Schedule of Investments March 31, 2014 (Unaudited)

AQR TAX-MANAGED MOMENTUM FUND

	SHARES		VALUE (Note 2)
Energy - 4.6% (continued)
Cabot Oil & Gas Corp.		1,849	$	62,644
Cameron International Corp. †		587		36,259
Cheniere Energy, Inc. †		3,310		183,209
Chesapeake Energy Corp.		5,715		146,418
Chevron Corp.		66		7,848
Cimarex Energy Co.		373		44,428
ConocoPhillips (2)		135		9,497
Continental Resources, Inc. †		2,095		260,346
EOG Resources, Inc.		1,992		390,771
FMC Technologies, Inc. †		64		3,347
Golar LNG Ltd. (Norway)		71		2,960
Gulfport Energy Corp. †		1,449		103,140
Halliburton Co.		6,283		370,006
Helix Energy Solutions Group, Inc. †		1,805		41,479
Hess Corp.		2,963		245,573
HollyFrontier Corp.		304		14,464
Key Energy Services, Inc. (2)†		134		1,238
Kodiak Oil & Gas Corp. †		7,203		87,444
Laredo Petroleum, Inc. †		1,913		49,470
Marathon Petroleum Corp.		722		62,843
Noble Energy, Inc.		3,530		250,771
Oasis Petroleum, Inc. †		1,413		58,965
Oceaneering International, Inc.		607		43,619
Phillips 66		1,510		116,361
Pioneer Natural Resources Co.		1,956		366,046
Range Resources Corp.		261		21,655
Rosetta Resources, Inc. †		40		1,863
Targa Resources Corp.		398		39,505
Tesoro Corp.		112		5,666
Valero Energy Corp.		1,350		71,685
Williams Cos., Inc./The		269		10,916
World Fuel Services Corp.		52		2,293
				3,202,341
Financials - 13.0%
American Campus Communities, Inc. REIT		63		2,353
American Express Co.		9,497		855,015
American Financial Group, Inc.		1,065		61,461
American International Group, Inc.		8,805		440,338
Ameriprise Financial, Inc.		1,200		132,084
Arch Capital Group Ltd. †		267		15,363
AvalonBay Communities, Inc. REIT		37		4,859
Bank of America Corp.		69,353		1,192,872
BB&T Corp.		375		15,064
Berkshire Hathaway, Inc., Class B †		223		27,868
Boston Properties, Inc. REIT		39		4,467
Capital One Financial Corp.		3,817		294,520
CBOE Holdings, Inc.		1,623		91,862
Charles Schwab Corp./The		19,932		544,742
Chubb Corp./The		190		16,967
Citigroup, Inc.		5,757		274,033
CME Group, Inc.		3,213		237,794
Crown Castle International Corp. REIT		380		28,036
Digital Realty Trust, Inc. REIT		55		2,919
Discover Financial Services		3,539		205,934
Equity Lifestyle Properties, Inc. REIT		62		2,520
Erie Indemnity Co., Class A		32		2,232
Essex Property Trust, Inc. REIT		22		3,741

	SHARES		VALUE (Note 2)
Financials - 13.0% (continued)
Extra Space Storage, Inc. REIT		331	$	16,057
Federal Realty Investment Trust REIT		34		3,900
Fidelity National Financial, Inc., Class A		450		14,148
Fifth Third Bancorp		8,900		204,255
General Growth Properties, Inc. REIT		1,839		40,458
Genworth Financial, Inc., Class A †		7,173		127,177
Goldman Sachs Group, Inc./The		2,687		440,265
Hartford Financial Services Group, Inc./The		3,282		115,756
Howard Hughes Corp./The †		460		65,647
IntercontinentalExchange Group, Inc.		600		118,698
JPMorgan Chase & Co.		4,321		262,328
KeyCorp		8,100		115,344
Lincoln National Corp.		2,367		119,936
Marsh & McLennan Cos., Inc.		196		9,663
McGraw Hill Financial, Inc.		2,820		215,166
MetLife, Inc.		16,244		857,683
MGIC Investment Corp. †		4,362		37,164
Moody’s Corp.		1,413		112,079
Morgan Stanley		24,292		757,182
Ocwen Financial Corp. †		1,081		42,354
ProAssurance Corp.		66		2,939
Prudential Financial, Inc.		6,093		515,772
Public Storage REIT		117		19,713
Regions Financial Corp.		4,459		49,540
Simon Property Group, Inc. REIT		94		15,416
State Street Corp.		3,050		212,128
Tanger Factory Outlet Centers, Inc. REIT		263		9,205
Taubman Centers, Inc. REIT		130		9,203
Travelers Cos., Inc./The		301		25,615
Ventas, Inc. REIT		229		13,871
Wells Fargo & Co.		110		5,471
Weyerhaeuser Co. REIT		768		22,541
WR Berkley Corp.		97		4,037
				9,037,755
Health Care - 15.7%
AbbVie, Inc.		10,047		516,416
Actavis PLC (Ireland) †		1,185		243,932
Aegerion Pharmaceuticals, Inc. †		1,013		46,720
Aetna, Inc.		3,281		245,977
Alexion Pharmaceuticals, Inc. †		2,280		346,856
Allergan, Inc.		105		13,031
Alnylam Pharmaceuticals, Inc. †		669		44,917
AmerisourceBergen Corp.		990		64,934
Amgen, Inc.		3,377		416,519
Arena Pharmaceuticals, Inc. †		1,886		11,882
athenahealth, Inc. †		417		66,820
Biogen Idec, Inc. †		3,098		947,585
BioMarin Pharmaceutical, Inc. †		771		52,590
Boston Scientific Corp. †		13,971		188,888
Bristol-Myers Squibb Co.		15,879		824,914
Cardinal Health, Inc.		2,461		172,221
Celgene Corp. †		4,515		630,294
Cepheid, Inc. †		1,365		70,407
Cerner Corp. †		787		44,269
Cigna Corp.		2,422		202,794
Endo International PLC (Ireland) †		1,372		94,188
Gilead Sciences, Inc. †		17,287		1,224,957

The accompanying notes are an integral part of these financial statements. (Continued)

50 AQR Funds Semi-Annual Report March 2014

Schedule of Investments March 31, 2014 (Unaudited)

AQR TAX-MANAGED MOMENTUM FUND

	SHARES		VALUE (Note 2)
Health Care - 15.7% (continued)
HCA Holdings, Inc. †		3,740	$	196,350
Humana, Inc.		1,200		135,264
Illumina, Inc. †		2,631		391,124
Incyte Corp. Ltd. †		2,791		149,374
Intercept Pharmaceuticals, Inc. †		200		65,958
Intuitive Surgical, Inc. †		26		11,388
Isis Pharmaceuticals, Inc. †		1,247		53,883
Jazz Pharmaceuticals PLC (Ireland) †		22		3,051
McKesson Corp.		2,504		442,131
Medidata Solutions, Inc. †		1,510		82,053
Medtronic, Inc.		1,610		99,079
Mylan, Inc. (2)†		4,773		233,066
NPS Pharmaceuticals, Inc. †		1,900		56,867
Omnicare, Inc.		627		37,413
OPKO Health, Inc. †		4,485		41,800
Perrigo Co. PLC (Ireland)		47		7,269
Pfizer, Inc.		759		24,379
Pharmacyclics, Inc. †		1,859		186,309
Questcor Pharmaceuticals, Inc.		1,147		74,475
Regeneron Pharmaceuticals, Inc. †		1,439		432,103
Salix Pharmaceuticals Ltd. †		486		50,354
St. Jude Medical, Inc.		1,365		89,257
Tenet Healthcare Corp. †		1,805		77,272
Thermo Fisher Scientific, Inc.		5,346		642,803
UnitedHealth Group, Inc.		3,930		322,221
Vertex Pharmaceuticals, Inc. †		2,688		190,095
WellPoint, Inc.		3,564		354,796
				10,921,245
Industrials - 14.0%
3M Co.		4,700		637,602
A. O. Smith Corp.		2,198		101,152
Alaska Air Group, Inc.		706		65,877
Avis Budget Group, Inc. †		1,191		58,002
B/E Aerospace, Inc. †		1,072		93,039
Boeing Co./The		9,111		1,143,339
Chart Industries, Inc. †		899		71,515
CLARCOR, Inc.		41		2,351
Clean Harbors, Inc. †		45		2,466
Copart, Inc. †		321		11,681
Cummins, Inc.		1,872		278,909
Delta Air Lines, Inc.		17,005		589,223
Donaldson Co., Inc.		84		3,562
Dover Corp.		1,493		122,053
Fastenal Co.		131		6,461
FedEx Corp.		3,537		468,865
Flowserve Corp.		1,586		124,247
Fortune Brands Home & Security, Inc.		3,256		137,013
Generac Holdings, Inc.		2,125		125,311
General Dynamics Corp.		3,500		381,220
Hertz Global Holdings, Inc. †		5,422		144,442
Honeywell International, Inc.		6,045		560,734
Illinois Tool Works, Inc.		571		46,439
Kirby Corp. †		499		50,524
Lincoln Electric Holdings, Inc.		638		45,942
Lockheed Martin Corp.		5,691		928,999
Manitowoc Co., Inc./The		2,743		86,267
Masco Corp.		1,831		40,667

	SHARES		VALUE (Note 2)
Industrials - 14.0% (continued)
Nielsen Holdings NV		2,443	$	109,031
Norfolk Southern Corp.		1,351		131,277
Northrop Grumman Corp.		3,246		400,492
Old Dominion Freight Line, Inc. †		756		42,895
Owens Corning		565		24,391
Parker Hannifin Corp.		600		71,826
Precision Castparts Corp.		1,628		411,493
Raytheon Co.		5,276		521,216
Rockwell Automation, Inc.		1,200		149,460
Rollins, Inc.		380		11,491
Ryder System, Inc.		532		42,517
SolarCity Corp. †		3,291		206,082
Southwest Airlines Co.		12,618		297,911
Spirit Airlines, Inc. †		2,236		132,818
Swift Transportation Co. †		5,294		131,027
Teledyne Technologies, Inc. †		41		3,991
Terex Corp.		1,248		55,286
Towers Watson & Co., Class A		702		80,063
Triumph Group, Inc.		44		2,842
Union Pacific Corp.		258		48,416
United Continental Holdings, Inc. †		5,142		229,488
United Parcel Service, Inc., Class B		166		16,165
United Rentals, Inc. †		1,343		127,504
USG Corp. †		586		19,174
Wabtec Corp.		785		60,838
Waste Connections, Inc.		1,237		54,255
WESCO International, Inc. †		423		35,202
				9,745,053
Information Technology - 23.2%
3D Systems Corp. †		2,271		134,330
Activision Blizzard, Inc.		7,063		144,368
Adobe Systems, Inc. †		8,721		573,319
Alliance Data Systems Corp. †		603		164,287
Apple, Inc.		22		11,808
Applied Materials, Inc.		13,057		266,624
Automatic Data Processing, Inc.		159		12,284
CA, Inc.		2,700		83,619
Cadence Design Systems, Inc. †		803		12,479
Cisco Systems, Inc.		8,479		190,014
Cognizant Technology Solutions Corp., Class A †		2,100		106,281
CommVault Systems, Inc. †		325		21,109
Corning, Inc.		14,400		299,808
Cree, Inc. †		1,478		83,596
eBay, Inc. †		698		38,558
Electronic Arts, Inc. †		1,898		55,061
Facebook, Inc., Class A †		25,559		1,539,674
First Solar, Inc. †		2,346		163,727
FleetCor Technologies, Inc. †		1,395		160,564
Fortinet, Inc. †		124		2,732
Freescale Semiconductor Ltd. †		4,203		102,595
Fusion-io, Inc. †		135		1,420
Google, Inc., Class A †		3,034		3,381,423
Guidewire Software, Inc. †		1,984		97,315
Hewlett-Packard Co.		22,780		737,161
IAC/InterActiveCorp		882		62,966
Intel Corp.		648		16,725

The accompanying notes are an integral part of these financial statements. (Continued)

AQR Funds Semi-Annual Report March 2014 51

Schedule of Investments March 31, 2014 (Unaudited)

AQR TAX-MANAGED MOMENTUM FUND

	SHARES		VALUE (Note 2)
Information Technology - 23.2% (continued)
International Business Machines Corp.		24	$	4,620
Intuit, Inc.		74		5,752
IPG Photonics Corp. †		133		9,454
Jack Henry & Associates, Inc.		963		53,697
KLA-Tencor Corp.		80		5,531
Knowles Corp. †		746		23,551
LinkedIn Corp., Class A †		1,735		320,871
MasterCard, Inc., Class A		10,690		798,543
Micron Technology, Inc. †		17,173		406,313
Microsoft Corp.		34,650		1,420,303
Motorola Solutions, Inc.		138		8,872
NCR Corp. †		1,190		43,495
NetSuite, Inc. †		656		62,208
NeuStar, Inc., Class A †		661		21,489
Nuance Communications, Inc. (2)†		155		2,661
Oracle Corp.		621		25,405
Pandora Media, Inc. †		6,361		192,866
Qlik Technologies, Inc. †		1,202		31,961
QUALCOMM, Inc.		171		13,485
Rackspace Hosting, Inc. †		257		8,435
Salesforce.com, Inc. †		5,215		297,724
SanDisk Corp.		3,397		275,802
ServiceNow, Inc. †		3,195		191,444
SolarWinds, Inc. †		320		13,642
Splunk, Inc. †		3,112		222,477
SS&C Technologies Holdings, Inc. †		1,261		50,465
SunEdison, Inc. †		7,281		137,174
SunPower Corp. †		2,973		95,909
Symantec Corp.		1,519		30,334
Teradata Corp. †		80		3,935
Texas Instruments, Inc.		7,495		353,389
TIBCO Software, Inc. †		93		1,890
Total System Services, Inc.		2,043		62,128
Ubiquiti Networks, Inc. †		2,113		96,078
Universal Display Corp. †		41		1,308
Visa, Inc., Class A		3,910		844,013
VMware, Inc., Class A †		140		15,123
Western Digital Corp.		4,533		416,220
Workday, Inc., Class A †		2,278		208,278
Xerox Corp.		11,832		133,702
Xilinx, Inc.		1,240		67,295
Yahoo!, Inc. (2)†		11,628		417,445
Yelp, Inc. †		2,560		196,941
Zillow, Inc., Class A †		835		73,564
				16,129,639
Materials - 2.3%
Airgas, Inc.		30		3,195
Axiall Corp.		400		17,968
Carpenter Technology Corp.		51		3,368
Celanese Corp., Series A		24		1,332
Dow Chemical Co./The		8,100		393,579
Ecolab, Inc.		2,147		231,855
EI du Pont de Nemours & Co.		8,500		570,350
NewMarket Corp.		142		55,491
Newmont Mining Corp.		60		1,406
PPG Industries, Inc.		913		176,629
Praxair, Inc.		34		4,453
Royal Gold, Inc.		48		3,006

	SHARES		VALUE (Note 2)
Materials - 2.3% (continued)
Sherwin-Williams Co./The		270	$	53,225
WR Grace & Co. †		480		47,602
				1,563,459
Utilities - 0.2%
AGL Resources, Inc.		62		3,036
Ameren Corp.		110		4,532
American Water Works Co., Inc.		122		5,539
Calpine Corp. †		225		4,705
CenterPoint Energy, Inc.		247		5,851
Cleco Corp.		70		3,541
Consolidated Edison, Inc.		120		6,438
Dominion Resources, Inc.		205		14,553
DTE Energy Co.		87		6,463
FirstEnergy Corp.		177		6,023
ITC Holdings Corp.		111		4,146
NextEra Energy, Inc.		56		5,355
NiSource, Inc.		195		6,928
Pinnacle West Capital Corp.		73		3,990
Portland General Electric Co.		345		11,157
PPL Corp.		242		8,020
Questar Corp.		410		9,750
UIL Holdings Corp.		72		2,650
WGL Holdings, Inc.		68		2,724
Wisconsin Energy Corp.		89		4,143
Xcel Energy, Inc.		158		4,797
				124,341
TOTAL COMMON STOCKS (cost $62,022,686)				67,527,420
EXCHANGE-TRADED FUNDS - 1.9%
SPDR S&P 500 ETF Trust (cost $1,293,737)		7,121		1,331,912
MONEY MARKET FUNDS - 1.4%
J.P. Morgan U.S. Treasury Plus Money Market Fund - Institutional Shares, 0.000% (2)(a)
(cost $967,107)		967,107		967,107
TOTAL INVESTMENTS - 100.6% (cost $64,283,530)				69,826,439
LIABILITIES IN EXCESS OF OTHER ASSETS - (0.6%)				(384,650)
NET ASSETS - 100.0%			$	69,441,789

All securities are United States companies, unless noted otherwise in parentheses.

† Non income-producing security.

(a) Represents annualized seven-day yield as of March 31, 2014.

All securities are Level 1 with respect to ASC 820, unless otherwise noted in parentheses.

(2) Level 2 security (See Note 4).

The following abbreviations are used in portfolio descriptions:

REIT - Real Estate Investment Trust

The accompanying notes are an integral part of these financial statements.

52 AQR Funds Semi-Annual Report March 2014

Schedule of Investments March 31, 2014 (Unaudited)

AQR TAX-MANAGED SMALL CAP MOMENTUM FUND

COMMON STOCKS - 98.3%	SHARES		VALUE (Note 2)
Consumer Discretionary - 16.2%
American Axle & Manufacturing Holdings, Inc. †		2,038	$	37,744
American Public Education, Inc. †		58		2,035
America’s Car-Mart, Inc. †		61		2,240
ANN, Inc. †		88		3,650
Arctic Cat, Inc.		166		7,933
Asbury Automotive Group, Inc. †		376		20,797
Ascent Capital Group, Inc., Class A †		63		4,760
Bally Technologies, Inc. †		180		11,929
Beazer Homes USA, Inc. †		314		6,305
bebe stores, Inc.		1,766		10,808
Big 5 Sporting Goods Corp.		448		7,190
BJ’s Restaurants, Inc. †		57		1,864
Black Diamond, Inc. †		1,082		13,233
Bob Evans Farms, Inc.		192		9,606
Bon-Ton Stores, Inc./The		543		5,962
Boyd Gaming Corp. †		1,567		20,684
Bridgepoint Education, Inc. †		457		6,805
Brown Shoe Co., Inc.		531		14,093
Brunswick Corp.		116		5,254
Buffalo Wild Wings, Inc. †		266		39,607
Cabela’s, Inc. †		102		6,682
Capella Education Co.		200		12,630
Career Education Corp. †		1,100		8,206
Carmike Cinemas, Inc. †		200		5,972
Carriage Services, Inc.		352		6,420
Children’s Place Retail Stores, Inc./The		73		3,636
Christopher & Banks Corp. †		1,379		9,115
Churchill Downs, Inc.		75		6,847
Chuy’s Holdings, Inc. †		676		29,163
Conn’s, Inc. †		527		20,474
Cracker Barrel Old Country Store, Inc.		363		35,298
Cumulus Media, Inc., Class A †		2,624		18,132
Deckers Outdoor Corp. †		263		20,969
Del Frisco’s Restaurant Group, Inc. †		500		13,950
Dex Media, Inc. †		2,706		24,895
DineEquity, Inc.		99		7,729
Dixie Group, Inc./The †		902		14,811
Domino’s Pizza, Inc.		176		13,547
Dorman Products, Inc. †		316		18,663
Drew Industries, Inc.		234		12,683
Education Management Corp. †		3,356		16,344
Entravision Communications Corp., Class A		2,467		16,529
EW Scripps Co., Class A †		758		13,432
Express, Inc. †		300		4,764
Federal-Mogul Corp. †		1,063		19,889
Fiesta Restaurant Group, Inc. †		882		40,210
Finish Line, Inc./The, Class A		838		22,701
Five Below, Inc. †		100		4,248
FTD Cos., Inc. †		264		8,398
Genesco, Inc. †		38		2,834
Gentherm, Inc. †		1,057		36,699
G-III Apparel Group Ltd. †		439		31,424
Grand Canyon Education, Inc. †		938		43,805
Gray Television, Inc. †		2,635		27,325
Group 1 Automotive, Inc.		93		6,106
Helen of Troy Ltd. †		300		20,769

	SHARES		VALUE (Note 2)
Consumer Discretionary - 16.2% (continued)
hhgregg, Inc. †		828	$	7,957
Hibbett Sports, Inc. †		72		3,807
Hillenbrand, Inc.		264		8,535
Hovnanian Enterprises, Inc., Class A †		770		3,642
Iconix Brand Group, Inc. †		1,030		40,448
iRobot Corp. †		394		16,174
ITT Educational Services, Inc. †		500		14,340
Jack in the Box, Inc. †		705		41,553
Journal Communications, Inc., Class A †		1,008		8,931
Kate Spade & Co. †		513		19,027
KB Home		411		6,983
Kirkland’s, Inc. †		900		16,641
Krispy Kreme Doughnuts, Inc. †		925		16,400
La-Z-Boy, Inc.		1,030		27,913
Lee Enterprises, Inc. (2)†		3,351		14,979
LifeLock, Inc. †		1,564		26,760
Lions Gate Entertainment Corp.		298		7,965
Lithia Motors, Inc., Class A		369		24,524
Loral Space & Communications, Inc. †		167		11,812
Lumber Liquidators Holdings, Inc. †		61		5,722
M/I Homes, Inc. †		386		8,654
Marriott Vacations Worldwide Corp. †		209		11,685
Mattress Firm Holding Corp. †		200		9,566
MDC Holdings, Inc.		97		2,743
MDC Partners, Inc., Class A		1,310		29,894
Men’s Wearhouse, Inc./The		700		34,286
Meritage Homes Corp. †		248		10,386
Modine Manufacturing Co. †		900		13,185
Monro Muffler Brake, Inc.		414		23,548
Motorcar Parts of America, Inc. †		806		21,415
Movado Group, Inc.		246		11,205
Multimedia Games Holding Co., Inc. †		490		14,230
NACCO Industries, Inc., Class A		143		7,752
Nautilus, Inc. †		1,157		11,142
New York Times Co./The, Class A		1,852		31,706
Nexstar Broadcasting Group, Inc., Class A		656		24,613
Nutrisystem, Inc.		1,800		27,126
Orbitz Worldwide, Inc. †		1,814		14,222
Orient-Express Hotels Ltd., Class A †		546		7,868
Outerwall, Inc. †		52		3,770
Overstock.com, Inc. †		485		9,554
Papa John’s International, Inc.		224		11,673
Penske Automotive Group, Inc.		131		5,602
Pier 1 Imports, Inc.		221		4,172
Pinnacle Entertainment, Inc. †		500		11,850
Pool Corp.		199		12,203
Popeyes Louisiana Kitchen, Inc. †		273		11,095
Quiksilver, Inc. †		2,126		15,966
Red Robin Gourmet Burgers, Inc. †		219		15,698
Rentrak Corp. †		300		18,084
Restoration Hardware Holdings, Inc. †		600		44,154
Ruth’s Hospitality Group, Inc.		972		11,751
Ryland Group, Inc./The		377		15,054
Scientific Games Corp., Class A †		1,955		26,842
Shutterfly, Inc. †		289		12,334
Sinclair Broadcast Group, Inc., Class A		303		8,208
Skechers U.S.A., Inc., Class A †		572		20,901
Smith & Wesson Holding Corp. †		1,136		16,608

The accompanying notes are an integral part of these financial statements. (Continued)

AQR Funds Semi-Annual Report March 2014 53

Schedule of Investments March 31, 2014 (Unaudited)

AQR TAX-MANAGED SMALL CAP MOMENTUM FUND

	SHARES		VALUE (Note 2)
Consumer Discretionary - 16.2% (continued)
Sonic Automotive, Inc., Class A		237	$	5,328
Sonic Corp. †		727		16,568
Stage Stores, Inc.		411		10,049
Standard Motor Products, Inc.		641		22,929
Standard Pacific Corp. †		722		6,000
Stein Mart, Inc.		647		9,064
Steven Madden Ltd. †		163		5,865
Stoneridge, Inc. †		664		7,457
Sturm, Ruger & Co., Inc.		220		13,156
Tempur Sealy International, Inc. †		200		10,134
Texas Roadhouse, Inc.		1,100		28,688
Thor Industries, Inc.		190		11,601
Tower International, Inc. †		953		25,941
Tuesday Morning Corp. †		1,155		16,343
Universal Electronics, Inc. †		400		15,356
ValueVision Media, Inc., Class A †		1,892		9,195
VOXX International Corp. †		901		12,326
Winnebago Industries, Inc. †		504		13,805
World Wrestling Entertainment, Inc., Class A		1,900		54,872
You On Demand Holdings, Inc. †		1,700		8,347
				2,055,680
Consumer Staples - 3.0%
Andersons, Inc./The		466		27,606
B&G Foods, Inc.		336		10,117
Boston Beer Co., Inc./The, Class A †		72		17,621
Boulder Brands, Inc. †		962		16,950
Calavo Growers, Inc.		67		2,384
Cal-Maine Foods, Inc.		101		6,341
Chefs’ Warehouse, Inc./The †		600		12,840
Chiquita Brands International, Inc. (2)†		1,000		12,450
Coca-Cola Bottling Co. Consolidated		37		3,144
Craft Brew Alliance, Inc. †		906		13,835
Diamond Foods, Inc. †		500		17,465
Elizabeth Arden, Inc. †		131		3,866
Fresh Del Monte Produce, Inc.		157		4,328
Hain Celestial Group, Inc./The †		80		7,318
Harbinger Group, Inc. †		476		5,821
J&J Snack Foods Corp.		84		8,061
Lancaster Colony Corp.		40		3,977
Liberator Medical Holdings, Inc.		4,500		17,685
Lifevantage Corp. †		3,107		4,070
Medifast, Inc. †		203		5,905
Natural Grocers by Vitamin Cottage, Inc. †		519		22,660
Omega Protein Corp. †		797		9,620
Revlon, Inc., Class A †		830		21,206
Rite Aid Corp. †		1,984		12,440
Sanderson Farms, Inc.		200		15,698
Snyder’s-Lance, Inc.		152		4,285
Spartan Stores, Inc.		455		10,561
Spectrum Brands Holdings, Inc.		123		9,803
SUPERVALU, Inc. †		3,929		26,874
Susser Holdings Corp. †		195		12,182
Universal Corp.		72		4,024
USANA Health Sciences, Inc. †		400		30,136
Weis Markets, Inc.		80		3,940
				385,213

	SHARES		VALUE (Note 2)
Energy - 5.6%
Abraxas Petroleum Corp. †		4,300	$	17,028
Alon USA Energy, Inc.		541		8,083
Bill Barrett Corp. †		700		17,920
Bonanza Creek Energy, Inc. †		106		4,706
Bristow Group, Inc.		51		3,852
Callon Petroleum Co. †		900		7,533
Carrizo Oil & Gas, Inc. †		874		46,724
Cheniere Energy, Inc. †		188		10,406
Clayton Williams Energy, Inc. †		253		28,592
Dawson Geophysical Co.		173		4,846
Delek US Holdings, Inc.		184		5,343
Diamondback Energy, Inc. †		50		3,365
Enbridge Energy Management LLC †		113		3,131
EnLink Midstream LLC		555		18,837
Exterran Holdings, Inc.		523		22,949
Frontline Ltd. (Norway) †		2,000		7,860
Gastar Exploration, Inc. †		2,297		12,565
Geospace Technologies Corp. †		120		7,940
Green Plains Renewable Energy, Inc.		916		27,443
Gulf Island Fabrication, Inc.		61		1,318
Knightsbridge Tankers Ltd.		700		9,485
Kodiak Oil & Gas Corp. †		259		3,144
Magnum Hunter Resources Corp. †		2,627		22,329
Matador Resources Co. †		1,693		41,462
Matrix Service Co. †		600		20,268
Miller Energy Resources, Inc. †		2,141		12,589
Natural Gas Services Group, Inc. †		400		12,056
Newpark Resources, Inc. †		1,331		15,240
Pacific Ethanol, Inc. †		900		14,004
Parker Drilling Co. †		2,200		15,598
PDC Energy, Inc. †		72		4,483
Penn Virginia Corp. †		2,205		38,565
PHI, Inc. †		89		3,937
Renewable Energy Group, Inc. †		2,581		30,920
Rentech, Inc. †		1,324		2,516
REX American Resources Corp. †		300		17,115
Rex Energy Corp. †		968		18,111
RigNet, Inc. †		551		29,660
Sanchez Energy Corp. †		700		20,741
SemGroup Corp., Class A		138		9,064
Ship Finance International Ltd. (Norway)		197		3,540
Stone Energy Corp. †		734		30,806
Synergy Resources Corp. †		1,262		13,567
Tesco Corp. †		1,231		22,774
TETRA Technologies, Inc. †		1,000		12,800
Triangle Petroleum Corp. †		1,600		13,184
Western Refining, Inc.		170		6,562
Willbros Group, Inc. †		758		9,566
				714,527
Financials - 15.1%
Acadia Realty Trust REIT		188		4,959
Alexander & Baldwin, Inc.		121		5,150
American Equity Investment Life Holding Co.		641		15,140
Ameris Bancorp †		631		14,702
AMERISAFE, Inc.		315		13,832
AmTrust Financial Services, Inc.		242		9,102

The accompanying notes are an integral part of these financial statements. (Continued)

54 AQR Funds Semi-Annual Report March 2014

Schedule of Investments March 31, 2014 (Unaudited)

AQR TAX-MANAGED SMALL CAP MOMENTUM FUND

	SHARES		VALUE (Note 2)
Financials - 15.1% (continued)
Associated Estates Realty Corp. REIT		200	$	3,388
Bancorp, Inc. †		800		15,048
BancorpSouth, Inc.		1,900		47,424
Bank of the Ozarks, Inc.		913		62,139
Banner Corp.		212		8,737
BBCN Bancorp, Inc.		497		8,519
BGC Partners, Inc., Class A		4,567		29,868
BofI Holding, Inc. †		288		24,696
Boston Private Financial Holdings, Inc.		425		5,750
Cash America International, Inc.		26		1,007
Cedar Realty Trust, Inc. REIT		989		6,043
Chatham Lodging Trust REIT		230		4,651
CNO Financial Group, Inc.		725		13,122
Cohen & Steers, Inc.		106		4,224
Community Trust Bancorp, Inc.		85		3,526
CoreSite Realty Corp. REIT		334		10,354
CubeSmart REIT		492		8,443
CVB Financial Corp.		1,082		17,204
DFC Global Corp. †		70		618
Eagle Bancorp, Inc. †		480		17,328
EastGroup Properties, Inc. REIT		4		252
Education Realty Trust, Inc. REIT		244		2,408
eHealth, Inc. †		349		17,729
Encore Capital Group, Inc. †		866		39,576
Enstar Group Ltd. †		55		7,497
Evercore Partners, Inc., Class A		850		46,962
FBL Financial Group, Inc., Class A		141		6,108
FBR & Co. †		566		14,620
Federal Agricultural Mortgage Corp., Class C		183		6,085
FelCor Lodging Trust, Inc. REIT		1,903		17,203
Fidelity Southern Corp.		456		6,370
Fidus Investment Corp.		866		16,722
Financial Engines, Inc.		138		7,008
First Cash Financial Services, Inc. †		128		6,459
First Financial Bankshares, Inc.		591		36,518
First Industrial Realty Trust, Inc. REIT		254		4,907
First Interstate Bancsystem, Inc.		3,525		99,475
Flagstar Bancorp, Inc. †		387		8,599
FXCM, Inc., Class A		1,557		22,997
Gain Capital Holdings, Inc.		1,783		19,274
GAMCO Investors, Inc., Class A		144		11,182
Geo Group, Inc./The REIT		357		11,510
Glacier Bancorp, Inc.		1,974		57,384
Gladstone Investment Corp.		220		1,819
Green Dot Corp., Class A †		1,349		26,346
GSV Capital Corp. †		1,136		11,519
Hanmi Financial Corp.		300		6,990
Hanover Insurance Group, Inc./The		200		12,288
HCI Group, Inc.		913		33,233
HFF, Inc., Class A		479		16,099
Hilltop Holdings, Inc. †		800		19,032
Home BancShares, Inc.		997		34,317
HomeStreet, Inc.		265		5,181
Independent Bank Corp. †		1,043		13,538
Interactive Brokers Group, Inc., Class A		2,000		43,340
International Bancshares Corp.		362		9,079
Investment Technology Group, Inc. †		400		8,080

	SHARES		VALUE (Note 2)
Financials - 15.1% (continued)
Investors Bancorp, Inc.		291	$	8,043
Kemper Corp.		236		9,244
LTC Properties, Inc. REIT		138		5,193
Maiden Holdings Ltd.		1,054		13,154
Main Street Capital Corp.		317		10,417
MarketAxess Holdings, Inc.		670		39,677
MB Financial, Inc.		485		15,016
Meadowbrook Insurance Group, Inc.		279		1,627
Meta Financial Group, Inc.		318		14,262
MGIC Investment Corp. †		785		6,688
National Penn Bancshares, Inc.		380		3,971
Nelnet, Inc., Class A		400		16,360
Old National Bancorp/IN		280		4,175
OneBeacon Insurance Group Ltd., Class A		661		10,219
Oritani Financial Corp.		260		4,111
Pacific Premier Bancorp, Inc. †		458		7,392
PacWest Bancorp		1,103		47,440
Pennsylvania Real Estate Investment Trust REIT		303		5,469
PHH Corp. †		493		12,739
Pinnacle Financial Partners, Inc.		481		18,033
Platinum Underwriters Holdings Ltd.		224		13,462
Portfolio Recovery Associates, Inc. †		36		2,083
Primerica, Inc.		257		12,107
PrivateBancorp, Inc.		1,781		54,338
PS Business Parks, Inc. REIT		43		3,596
Radian Group, Inc.		902		13,557
RAIT Financial Trust REIT		853		7,242
Ramco-Gershenson Properties Trust REIT		567		9,242
Regional Management Corp. †		600		14,796
Rockville Financial, Inc.		141		1,916
Sabra Health Care REIT, Inc. REIT		393		10,961
Selective Insurance Group, Inc.		315		7,346
Sovran Self Storage, Inc. REIT		110		8,079
STAG Industrial, Inc. REIT		199		4,796
StanCorp Financial Group, Inc.		586		39,145
Stewart Information Services Corp.		227		7,975
Strategic Hotels & Resorts, Inc. REIT †		1,142		11,637
Sunstone Hotel Investors, Inc. REIT		238		3,268
Susquehanna Bancshares, Inc.		548		6,242
Symetra Financial Corp.		2,328		46,141
Synovus Financial Corp.		2,522		8,550
Texas Capital Bancshares, Inc. †		546		35,457
THL Credit, Inc.		680		9,384
Tree.com, Inc. †		452		14,030
Triangle Capital Corp.		324		8,388
Trustmark Corp.		208		5,273
UMB Financial Corp.		34		2,200
Umpqua Holdings Corp.		1,978		36,870
United Bankshares, Inc.		73		2,235
United Community Banks, Inc. †		1,800		34,938
Universal Health Realty Income Trust REIT		73		3,084
Universal Insurance Holdings, Inc.		1,100		13,970
ViewPoint Financial Group, Inc.		492		14,194
Virtus Investment Partners, Inc. †		149		25,802
Webster Financial Corp.		223		6,926
WesBanco, Inc.		152		4,838
Western Alliance Bancorp †		1,323		32,546

The accompanying notes are an integral part of these financial statements. (Continued)

AQR Funds Semi-Annual Report March 2014 55

Schedule of Investments March 31, 2014 (Unaudited)

AQR TAX-MANAGED SMALL CAP MOMENTUM FUND

	SHARES		VALUE (Note 2)
Financials - 15.1% (continued)
Wilshire Bancorp, Inc.		1,800	$	19,980
WisdomTree Investments, Inc. †		3,438		45,107
World Acceptance Corp. †		66		4,955
				1,922,566
Health Care - 19.1%
Abaxis, Inc. †		257		9,992
ABIOMED, Inc. †		1,135		29,555
Acadia Healthcare Co., Inc. †		1,120		50,534
ACADIA Pharmaceuticals, Inc. †		674		16,398
Accelerate Diagnostics, Inc. †		1,439		31,385
Accuray, Inc. †		1,300		12,480
AcelRx Pharmaceuticals, Inc. †		1,155		13,872
Acorda Therapeutics, Inc. †		209		7,923
Addus HomeCare Corp. †		1,000		23,050
Aegerion Pharmaceuticals, Inc. †		573		26,427
Affymetrix, Inc. †		1,156		8,242
Akorn, Inc. †		1,366		30,052
Albany Molecular Research, Inc. †		622		11,563
Align Technology, Inc. †		105		5,438
Alkermes PLC (Ireland) †		155		6,834
Alliance HealthCare Services, Inc. †		453		15,189
Alnylam Pharmaceuticals, Inc. †		236		15,845
AMN Healthcare Services, Inc. †		743		10,209
Ampio Pharmaceuticals, Inc. †		2,300		14,605
Amsurg Corp. †		151		7,109
Anacor Pharmaceuticals, Inc. †		1,230		24,612
Analogic Corp.		62		5,091
Anika Therapeutics, Inc. †		394		16,193
Antares Pharma, Inc. †		931		3,258
Arena Pharmaceuticals, Inc. †		475		2,992
ARIAD Pharmaceuticals, Inc. †		118		951
Array BioPharma, Inc. †		1,518		7,135
Arrowhead Research Corp. †		1,292		21,215
AtriCure, Inc. †		800		15,048
AVANIR Pharmaceuticals, Inc., Class A †		2,100		7,707
BioCryst Pharmaceuticals, Inc. †		1,462		15,468
BioDelivery Sciences International, Inc. †		800		6,752
Bio-Reference Labs, Inc. †		414		11,460
BioScrip, Inc. †		757		5,284
BioTelemetry, Inc. †		1,700		17,153
Cambrex Corp. †		1,200		22,644
Cantel Medical Corp.		420		14,162
Capital Senior Living Corp. †		432		11,228
Cardiovascular Systems, Inc. †		380		12,080
Catalyst Pharmaceutical Partners, Inc. †		8,082		18,265
Cell Therapeutics, Inc. †		3,700		12,580
Celldex Therapeutics, Inc. †		444		7,845
Celsion Corp. †		732		2,467
Cempra, Inc. †		1,359		15,696
Centene Corp. †		61		3,797
Cerus Corp. †		3,201		15,365
Chelsea Therapeutics International Ltd. †		2,911		16,069
Clovis Oncology, Inc. †		766		53,061
Corvel Corp. †		404		20,103
Cross Country Healthcare, Inc. †		1,400		11,298
CryoLife, Inc.		700		6,972
Curis, Inc. †		447		1,261

	SHARES		VALUE (Note 2)
Health Care - 19.1% (continued)
Cynosure, Inc., Class A †		245	$	7,179
Cytokinetics, Inc. †		1,893		17,984
CytRx Corp. †		3,000		10,470
Depomed, Inc. †		1,300		18,850
DexCom, Inc. †		532		22,004
Durata Therapeutics, Inc. †		500		6,733
Dyax Corp. †		3,287		29,517
Emergent Biosolutions, Inc. †		500		12,635
Endocyte, Inc. †		780		18,572
Endologix, Inc. †		490		6,306
Exact Sciences Corp. †		307		4,350
ExamWorks Group, Inc. †		961		33,645
Fluidigm Corp. †		870		38,341
Fonar Corp. †		853		14,996
Furiex Pharmaceuticals, Inc. †		416		36,192
Galena Biopharma, Inc. †		3,400		8,500
GenMark Diagnostics, Inc. †		694		6,898
Genomic Health, Inc. †		224		5,900
Gentiva Health Services, Inc. †		402		3,666
Geron Corp. †		3,470		7,218
Globus Medical, Inc., Class A †		1,400		37,226
Halozyme Therapeutics, Inc. †		1,655		21,019
Hanger, Inc. †		261		8,790
HealthStream, Inc. †		255		6,809
Hyperion Therapeutics, Inc. †		509		13,132
ICU Medical, Inc. †		259		15,509	��
Idenix Pharmaceuticals, Inc. †		2,400		14,472
Idera Pharmaceuticals, Inc. †		4,015		16,381
ImmunoGen, Inc. †		127		1,896
Immunomedics, Inc. †		1,400		5,894
Infinity Pharmaceuticals, Inc. †		209		2,485
Inovio Pharmaceuticals, Inc. †		7,900		26,307
Insmed, Inc. †		690		13,138
Insulet Corp. †		1,148		54,438
Insys Therapeutics, Inc. †		1,059		43,874
Intercept Pharmaceuticals, Inc. †		43		14,181
InterMune, Inc. †		226		7,564
Isis Pharmaceuticals, Inc. †		272		11,753
Jazz Pharmaceuticals PLC (Ireland) †		72		9,985
Keryx Biopharmaceuticals, Inc. †		1,979		33,722
Kindred Healthcare, Inc.		600		14,052
KYTHERA Biopharmaceuticals, Inc. †		700		27,832
Lannett Co., Inc. †		1,002		35,791
Lexicon Pharmaceuticals, Inc. †		4,198		7,263
Ligand Pharmaceuticals, Inc. †		377		25,357
Luminex Corp. †		195		3,531
Magellan Health Services, Inc. †		46		2,730
MannKind Corp. †		7,053		28,353
MedAssets, Inc. †		339		8,377
Medidata Solutions, Inc. †		298		16,193
Merge Healthcare, Inc. †		546		1,332
Merit Medical Systems, Inc. †		161		2,302
MiMedx Group, Inc. †		2,091		12,818
MWI Veterinary Supply, Inc. †		155		24,121
Nanosphere, Inc. †		1,970		4,236
Natus Medical, Inc. †		1,100		28,380
Nektar Therapeutics †		500		6,060

The accompanying notes are an integral part of these financial statements. (Continued)

56 AQR Funds Semi-Annual Report March 2014

Schedule of Investments March 31, 2014 (Unaudited)

AQR TAX-MANAGED SMALL CAP MOMENTUM FUND

	SHARES		VALUE (Note 2)
Health Care - 19.1% (continued)
Neuralstem, Inc. †		4,100	$	17,179
Neurocrine Biosciences, Inc. †		500		8,050
NewLink Genetics Corp. †		909		25,816
Northwest Biotherapeutics, Inc. †		1,300		9,412
Novavax, Inc. †		5,605		25,391
NPS Pharmaceuticals, Inc. †		229		6,854
NuVasive, Inc. †		499		19,167
Omeros Corp. †		1,600		19,312
Omnicell, Inc. †		488		13,967
OPKO Health, Inc. †		744		6,934
Orexigen Therapeutics, Inc. †		1,467		9,536
Organovo Holdings, Inc. †		2,400		18,336
Osiris Therapeutics, Inc. †		672		8,823
Pacific Biosciences of California, Inc. †		3,294		17,623
Pacira Pharmaceuticals, Inc. †		401		28,066
PAREXEL International Corp. †		228		12,333
Peregrine Pharmaceuticals, Inc. †		9,591		18,223
Pharmacyclics, Inc. †		104		10,423
PharMerica Corp. †		400		11,192
Pozen, Inc. †		1,300		10,400
Prestige Brands Holdings, Inc. †		333		9,074
Progenics Pharmaceuticals, Inc. †		3,200		13,088
Providence Service Corp./The †		400		11,312
Puma Biotechnology, Inc. †		189		19,682
Questcor Pharmaceuticals, Inc.		77		5,000
Quidel Corp. †		203		5,542
Raptor Pharmaceutical Corp. †		1,791		17,910
Regulus Therapeutics, Inc. †		800		7,216
Repligen Corp. †		1,200		15,432
Repros Therapeutics, Inc. †		959		17,013
Rexahn Pharmaceuticals, Inc. †		12,100		13,068
Rockwell Medical, Inc. †		924		11,698
RTI Surgical, Inc. †		1,546		6,308
Sangamo BioSciences, Inc. †		1,442		26,071
Spectranetics Corp. †		556		16,852
Spectrum Pharmaceuticals, Inc. †		151		1,184
Staar Surgical Co. †		1,349		25,361
Stemline Therapeutics, Inc. †		300		6,108
Stereotaxis, Inc. †		2,200		9,350
Sunesis Pharmaceuticals, Inc. †		1,476		9,756
Supernus Pharmaceuticals, Inc. †		800		7,152
Synageva BioPharma Corp. †		300		24,891
Synergy Pharmaceuticals, Inc. †		711		3,775
TearLab Corp. †		1,163		7,862
TESARO, Inc. †		756		22,287
TherapeuticsMD, Inc. †		3,000		18,930
Threshold Pharmaceuticals, Inc. †		1,495		7,116
Unilife Corp. †		4,300		17,501
Universal American Corp.		417		2,948
Vanda Pharmaceuticals, Inc. †		1,413		22,961
Vivus, Inc. †		199		1,182
Wright Medical Group, Inc. †		352		10,937
XenoPort, Inc. †		1,277		6,602
XOMA Corp. †		1,344		7,002
Zeltiq Aesthetics, Inc. †		1,631		31,984
Zogenix, Inc. †		5,400		15,363
				2,421,728

	SHARES		VALUE (Note 2)
Industrials - 15.0%
AAR Corp.		688	$	17,854
Aceto Corp.		1,044		20,974
Adept Technology, Inc. †		1,183		22,477
Advisory Board Co./The †		101		6,489
Aerovironment, Inc. †		800		32,200
Air Transport Services Group, Inc. †		1,277		10,024
Aircastle Ltd.		713		13,818
Albany International Corp., Class A		329		11,693
Allegiant Travel Co.		229		25,632
AMERCO		85		19,730
American Railcar Industries, Inc.		113		7,913
American Woodmark Corp. †		270		9,088
Apogee Enterprises, Inc.		271		9,005
Applied Industrial Technologies, Inc.		164		7,911
ARC Document Solutions, Inc. †		1,784		13,273
Argan, Inc.		430		12,784
Arkansas Best Corp.		599		22,133
Astec Industries, Inc.		103		4,523
Astronics Corp. †		515		32,656
Avis Budget Group, Inc. †		469		22,840
AZZ, Inc.		116		5,183
Baltic Trading Ltd.		2,800		17,668
Barnes Group, Inc.		224		8,617
Barrett Business Services, Inc.		211		12,569
Beacon Roofing Supply, Inc. †		267		10,322
Brink’s Co./The		68		1,941
Broadwind Energy, Inc. †		1,211		14,798
Builders FirstSource, Inc. †		1,259		11,470
Capstone Turbine Corp. †		7,793		16,599
Chart Industries, Inc. †		43		3,421
CIRCOR International, Inc.		191		14,006
Colfax Corp. †		113		8,060
Corporate Executive Board Co./The		589		43,721
Curtiss-Wright Corp.		182		11,564
Deluxe Corp.		667		34,998
DigitalGlobe, Inc. †		275		7,978
Douglas Dynamics, Inc.		179		3,118
Ducommun, Inc. †		394		9,874
DXP Enterprises, Inc. †		198		18,796
Echo Global Logistics, Inc. †		134		2,455
Energy Recovery, Inc. †		1,600		8,512
EnerNOC, Inc. †		398		8,867
EnerSys, Inc.		213		14,759
Engility Holdings, Inc. †		1,265		56,988
Enphase Energy, Inc. †		1,764		12,983
Erickson Air-Crane, Inc. †		537		10,369
ExOne Co./The †		400		14,332
Federal Signal Corp. †		900		13,410
Forward Air Corp.		130		5,994
Franklin Electric Co., Inc.		202		8,589
FTI Consulting, Inc. †		53		1,767
FuelCell Energy, Inc. †		7,700		19,096
G&K Services, Inc., Class A		300		18,351
GATX Corp.		58		3,937
GenCorp, Inc. †		588		10,743
Generac Holdings, Inc.		97		5,720
Gibraltar Industries, Inc. †		498		9,397

The accompanying notes are an integral part of these financial statements. (Continued)

AQR Funds Semi-Annual Report March 2014 57

Schedule of Investments March 31, 2014 (Unaudited)

AQR TAX-MANAGED SMALL CAP MOMENTUM FUND

	SHARES		VALUE (Note 2)
Industrials - 15.0% (continued)
GP Strategies Corp. †		152	$	4,139
Greenbrier Cos., Inc./The †		500		22,800
H&E Equipment Services, Inc. †		589		23,825
Healthcare Services Group, Inc.		518		15,053
Heartland Express, Inc.		700		15,883
Huron Consulting Group, Inc. †		102		6,465
Hyster-Yale Materials Handling, Inc.		631		61,523
InnerWorkings, Inc. †		264		2,022
John Bean Technologies Corp.		200		6,180
Kaman Corp.		93		3,783
KEYW Holding Corp./The †		419		7,840
Kforce, Inc.		539		11,492
Kimball International, Inc., Class B		371		6,719
Korn/Ferry International †		520		15,480
Kratos Defense & Security Solutions, Inc. †		900		6,786
Lydall, Inc. †		499		11,412
Macquarie Infrastructure Co. LLC		173		9,908
Manitex International, Inc. †		1,095		17,849
Manitowoc Co., Inc./The		444		13,964
MasTec, Inc. †		395		17,159
McGrath RentCorp.		83		2,902
Meritor, Inc. †		2,600		31,850
Middleby Corp./The †		56		14,796
Mobile Mini, Inc.		427		18,515
Moog, Inc., Class A †		68		4,455
MSA Safety, Inc.		161		9,177
Mueller Industries, Inc.		332		9,957
Mueller Water Products, Inc., Class A		2,456		23,332
Multi-Color Corp.		244		8,540
Navigant Consulting, Inc. †		656		12,241
NN, Inc.		627		12,352
Nortek, Inc. †		91		7,481
On Assignment, Inc. †		426		16,439
Orbital Sciences Corp. †		669		18,665
Park-Ohio Holdings Corp. †		224		12,578
Patrick Industries, Inc. †		922		40,872
Pendrell Corp. †		2,856		5,227
PGT, Inc. †		1,816		20,902
Plug Power, Inc. †		5,500		39,050
PowerSecure International, Inc. †		946		22,174
Primoris Services Corp.		239		7,165
Proto Labs, Inc. †		568		38,437
Quad/Graphics, Inc.		287		6,730
Quality Distribution, Inc. †		885		11,496
RBC Bearings, Inc. †		66		4,204
Real Goods Solar, Inc., Class A †		3,706		15,083
Republic Airways Holdings, Inc. †		642		5,868
Revolution Lighting Technologies, Inc. †		6,644		20,929
RPX Corp. †		2,218		36,109
Saia, Inc. †		643		24,569
Simpson Manufacturing Co., Inc.		89		3,144
Sparton Corp. †		366		10,716
Spirit Airlines, Inc. †		221		13,127
Standex International Corp.		60		3,215
Steelcase, Inc., Class A		547		9,086
Taser International, Inc. †		964		17,632
Team, Inc. †		99		4,243

	SHARES		VALUE (Note 2)
Industrials - 15.0% (continued)
Tennant Co.		197	$	12,927
Textainer Group Holdings Ltd.		231		8,840
Thermon Group Holdings, Inc. †		117		2,712
Titan International, Inc.		137		2,602
Trex Co., Inc. †		201		14,705
TriMas Corp. †		313		10,392
TrueBlue, Inc. †		500		14,630
UniFirst Corp.		100		10,994
United Rentals, Inc. †		89		8,450
United Stationers, Inc.		120		4,928
US Ecology, Inc.		349		12,955
USG Corp. †		223		7,297
Wabash National Corp. †		826		11,366
WageWorks, Inc. †		1,051		58,972
Werner Enterprises, Inc.		267		6,811
Wesco Aircraft Holdings, Inc. †		1,339		29,471
XPO Logistics, Inc. †		1,026		30,175
YRC Worldwide, Inc. †		600		13,500
				1,909,256
Information Technology - 19.8%
3D Systems Corp. †		133		7,867
ACI Worldwide, Inc. †		147		8,701
Actuate Corp. †		330		1,987
Acxiom Corp. †		1,053		36,218
Advanced Energy Industries, Inc. †		716		17,542
Advent Software, Inc.		602		17,675
Alliance Fiber Optic Products, Inc.		1,541		22,298
Ambarella, Inc. †		1,122		29,969
ARRIS Group, Inc. †		436		12,286
Aspen Technology, Inc. †		281		11,903
Autobytel, Inc. †		1,376		17,104
Axcelis Technologies, Inc. †		7,009		15,069
Bankrate, Inc. †		1,001		16,957
Blucora, Inc. †		397		7,817
Brightcove, Inc. †		600		5,898
Brooks Automation, Inc.		216		2,361
CalAmp Corp. †		1,096		30,546
Callidus Software, Inc. †		2,014		25,215
Carbonite, Inc. †		500		5,095
Cardtronics, Inc. †		738		28,671
Cass Information Systems, Inc.		159		8,198
Checkpoint Systems, Inc. †		800		10,736
Ciena Corp. †		1,465		33,314
Cirrus Logic, Inc. †		157		3,120
Clearfield, Inc. †		1,161		26,808
Cognex Corp. †		218		7,381
Coherent, Inc. †		68		4,444
CommVault Systems, Inc. †		72		4,676
comScore, Inc. †		500		16,395
Comtech Telecommunications Corp.		107		3,409
Constant Contact, Inc. †		446		10,909
Conversant, Inc. †		344		9,684
Cornerstone OnDemand, Inc. †		216		10,340
CoStar Group, Inc. †		108		20,168
Cray, Inc. †		1,006		37,544
CTS Corp.		722		15,075

The accompanying notes are an integral part of these financial statements. (Continued)

58 AQR Funds Semi-Annual Report March 2014

Schedule of Investments March 31, 2014 (Unaudited)

AQR TAX-MANAGED SMALL CAP MOMENTUM FUND

	SHARES		VALUE (Note 2)
Information Technology - 19.8% (continued)
Datalink Corp. †		600	$	8,358
Datawatch Corp. †		810		21,967
Dealertrack Technologies, Inc. †		771		37,925
Demandware, Inc. †		826		52,914
Diodes, Inc. †		696		18,180
Dot Hill Systems Corp. †		3,200		12,384
E2open, Inc. †		400		9,428
eGain Corp. †		1,377		9,722
Electronics For Imaging, Inc. †		583		25,250
Ellie Mae, Inc. †		597		17,217
Entegris, Inc. †		550		6,661
Envestnet, Inc. †		992		39,859
EPAM Systems, Inc. †		1,134		37,309
ePlus, Inc. †		90		5,018
Euronet Worldwide, Inc. †		1,140		47,413
Exar Corp. †		1,200		14,340
ExlService Holdings, Inc. †		162		5,007
Extreme Networks, Inc. †		4,089		23,716
Fabrinet (Cayman Islands) †		400		8,308
Fair Isaac Corp.		165		9,128
FARO Technologies, Inc. †		279		14,787
FEI Co.		87		8,963
Finisar Corp. †		1,724		45,703
Global Cash Access Holdings, Inc. †		470		3,224
Global Eagle Entertainment, Inc. †		1,600		25,248
Glu Mobile, Inc. †		5,554		26,326
GT Advanced Technologies, Inc. †		3,376		57,561
Heartland Payment Systems, Inc.		574		23,792
iGATE Corp. †		695		21,920
Immersion Corp. †		870		9,179
Imperva, Inc. †		193		10,750
Infinera Corp. †		1,581		14,355
Infoblox, Inc. †		714		14,323
Information Services Group, Inc. †		2,600		12,766
Insight Enterprises, Inc. †		194		4,871
Integrated Device Technology, Inc. †		1,700		20,791
Integrated Silicon Solution, Inc. †		174		2,706
Interactive Intelligence Group, Inc. †		216		15,660
Intralinks Holdings, Inc. †		1,561		15,969
InvenSense, Inc. †		954		22,581
Ixia †		225		2,813
j2 Global, Inc.		549		27,477
Kulicke & Soffa Industries, Inc. (Singapore) †		235		2,963
Lexmark International, Inc., Class A		200		9,258
Lionbridge Technologies, Inc. †		1,400		9,394
Liquidity Services, Inc. †		81		2,110
LiveDeal, Inc. †		1,500		10,260
LivePerson, Inc. †		246		2,969
LogMeIn, Inc. †		700		31,423
Manhattan Associates, Inc. †		652		22,840
Marchex, Inc., Class B		1,747		18,361
Mattson Technology, Inc. †		5,468		12,686
MAXIMUS, Inc.		274		12,292
Maxwell Technologies, Inc. †		900		11,628
Measurement Specialties, Inc. †		278		18,862
Mentor Graphics Corp.		559		12,309
Methode Electronics, Inc.		1,112		34,094
MicroStrategy, Inc., Class A †		10		1,154

	SHARES		VALUE (Note 2)
Information Technology - 19.8% (continued)
Mitek Systems, Inc. †		3,003	$	11,622
MKS Instruments, Inc.		143		4,274
Monolithic Power Systems, Inc. †		543		21,052
Monotype Imaging Holdings, Inc.		488		14,708
Move, Inc. (2)†		700		8,092
MTS Systems Corp.		53		3,630
Nanometrics, Inc. †		125		2,246
Netscout Systems, Inc. †		276		10,372
NIC, Inc.		574		11,084
OpenTable, Inc. †		200		15,386
OSI Systems, Inc. †		155		9,278
Parkervision, Inc. †		2,090		10,032
PDF Solutions, Inc. †		400		7,268
Pegasystems, Inc.		431		15,223
Perficient, Inc. †		546		9,894
Photronics, Inc. †		1,352		11,533
Pixelworks, Inc. †		1,500		8,310
Plexus Corp. †		200		8,014
Power Integrations, Inc.		424		27,891
Proofpoint, Inc. †		1,406		52,134
Qualys, Inc. †		1,103		28,049
QuickLogic Corp. †		3,000		15,630
Rambus, Inc. †		1,805		19,404
RF Industries Ltd.		1,006		6,559
Rogers Corp. †		60		3,745
Rubicon Technology, Inc. †		900		10,161
Sanmina Corp. †		991		17,293
Sapient Corp. †		796		13,580
ScanSource, Inc. †		78		3,180
SciQuest, Inc. †		682		18,424
Semtech Corp. †		117		2,965
ServiceSource International, Inc. †		892		7,528
ShoreTel, Inc. †		1,600		13,760
Shutterstock, Inc. †		741		53,804
Silicon Graphics International Corp. †		1,344		16,504
Sonus Networks, Inc. †		4,001		13,483
SPS Commerce, Inc. †		677		41,602
SS&C Technologies Holdings, Inc. †		177		7,084
Stamps.com, Inc. †		380		12,753
Stratasys Ltd. †		59		6,259
SunEdison, Inc. †		809		15,242
SunPower Corp. †		486		15,678
Super Micro Computer, Inc. †		770		13,375
Synaptics, Inc. †		743		44,595
Synchronoss Technologies, Inc. †		477		16,356
SYNNEX Corp. †		700		42,427
Take-Two Interactive Software, Inc. †		633		13,882
Tangoe, Inc. †		500		9,295
TiVo, Inc. †		368		4,869
Trulia, Inc. †		268		8,898
Tyler Technologies, Inc. †		137		11,464
Ultimate Software Group, Inc./The †		83		11,371
Ultra Clean Holdings, Inc. †		1,500		19,725
Ultratech, Inc. †		112		3,269
Uni-Pixel, Inc. †		229		1,754
Unisys Corp. †		500		15,230
United Online, Inc.		856		9,895
VirnetX Holding Corp. †		80		1,134

The accompanying notes are an integral part of these financial statements. (Continued)

AQR Funds Semi-Annual Report March 2014 59

Schedule of Investments March 31, 2014 (Unaudited)

AQR TAX-MANAGED SMALL CAP MOMENTUM FUND

	SHARES		VALUE (Note 2)
Information Technology - 19.8% (continued)
Virtusa Corp. †		479	$	16,051
Vishay Intertechnology, Inc.		607		9,032
Web.com Group, Inc. †		741		25,216
WebMD Health Corp. †		774		32,044
Westell Technologies, Inc., Class A †		2,169		8,004
Yelp, Inc. †		71		5,462
Zhone Technologies, Inc. †		3,600		15,192
Zillow, Inc., Class A †		133		11,717
				2,522,839
Materials - 3.3%
Advanced Emissions Solutions, Inc. †		950		23,313
AEP Industries, Inc. †		90		3,339
AK Steel Holding Corp. †		3,500		25,270
American Vanguard Corp.		323		6,993
Balchem Corp.		182		9,486
Calgon Carbon Corp. †		582		12,705
Century Aluminum Co. †		800		10,568
Deltic Timber Corp.		41		2,674
Eagle Materials, Inc.		154		13,654
Ferro Corp. †		2,400		32,784
Flotek Industries, Inc. †		1,574		43,836
FutureFuel Corp.		387		7,856
Graphic Packaging Holding Co. †		551		5,598
H.B. Fuller Co.		215		10,380
Haynes International, Inc.		62		3,348
Headwaters, Inc. †		1,216		16,063
Horsehead Holding Corp. †		500		8,410
Innophos Holdings, Inc.		147		8,335
Innospec, Inc.		119		5,382
KapStone Paper and Packaging Corp. †		726		20,938
Louisiana-Pacific Corp. †		209		3,526
LSB Industries, Inc. †		79		2,956
Olin Corp.		256		7,068
OM Group, Inc.		200		6,644
PH Glatfelter Co.		228		6,206
PolyOne Corp.		556		20,383
RTI International Metals, Inc. †		181		5,028
Senomyx, Inc. †		1,300		13,871
Tredegar Corp.		403		9,273
US Concrete, Inc. †		1,011		23,759
US Silica Holdings, Inc.		1,144		43,667
Worthington Industries, Inc.		286		10,940
				424,253
Telecommunication Services - 0.9%
8x8, Inc. †		1,152		12,453
Atlantic Tele-Network, Inc.		181		11,932
Cincinnati Bell, Inc. (2)†		883		3,055
Cogent Communications Group, Inc.		519		18,440
Consolidated Communications Holdings, Inc.		147		2,942
IDT Corp., Class B		555		9,246
Inteliquent, Inc.		1,436		20,865
Lumos Networks Corp.		1,293		17,287
Premiere Global Services, Inc. †		278		3,353
Vonage Holdings Corp. †		2,700		11,529
				111,102

	SHARES		VALUE (Note 2)
Utilities - 0.3%
ALLETE, Inc.		35	$	1,835
Black Hills Corp.		78		4,497
Chesapeake Utilities Corp.		72		4,547
El Paso Electric Co.		44		1,572
MGE Energy, Inc.		117		4,590
Otter Tail Corp.		366		11,269
South Jersey Industries, Inc.		37		2,075
Unitil Corp.		94		3,087
				33,472
TOTAL COMMON STOCKS (cost $10,488,792)				12,500,636
EXCHANGE-TRADED FUNDS - 1.2%
iShares Russell 2000 Index Fund (cost $151,616)		1,389		161,596
MONEY MARKET FUNDS - 0.4%
J.P. Morgan U.S. Treasury Plus Money Market Fund - Institutional Shares, 0.000% (2)(a)     (cost $45,476)		45,476		45,476
TOTAL INVESTMENTS - 99.9% (cost $10,685,884)				12,707,708
OTHER ASSETS IN EXCESS OF LIABILITIES - 0.1%				11,645
NET ASSETS - 100.0%			$	12,719,353

All securities are United States companies, unless noted otherwise in parentheses.

† Non income-producing security.

(a) Represents annualized seven-day yield as of March 31, 2014.

All securities are Level 1 with respect to ASC 820, unless otherwise noted in parentheses.

(2) Level 2 security (See Note 4).

The following abbreviations are used in portfolio descriptions:

REIT - Real Estate Investment Trust

The accompanying notes are an integral part of these financial statements.

60 AQR Funds Semi-Annual Report March 2014

Schedule of Investments March 31, 2014 (Unaudited)

AQR TAX-MANAGED INTERNATIONAL MOMENTUM FUND

COMMON STOCKS - 96.8%	SHARES		VALUE (Note 2)
Australia - 4.4%
ALS Ltd.		295	$	2,014
Amcor Ltd.		28,362		274,033
Australia & New Zealand Banking Group Ltd.		1,377		42,361
Brambles Ltd.		11,872		102,147
Coca-Cola Amatil Ltd.		386		3,956
Commonwealth Bank of Australia		815		58,671
Crown Resorts Ltd.		11,649		180,165
CSL Ltd.		8,556		552,646
Federation Centres Ltd. REIT		6,256		13,713
GPT Group REIT		1,253		4,259
Insurance Australia Group Ltd.		28,183		145,764
National Australia Bank Ltd.		11,223		370,024
Orica Ltd.		113		2,299
Orora Ltd.		28,362		36,156
Ramsay Health Care Ltd.		11,496		513,689
Recall Holdings Ltd. †		2,374		10,236
Santos Ltd.		278		3,485
Suncorp Group Ltd.		11,005		131,701
Telstra Corp. Ltd.		16,142		76,117
Wesfarmers Ltd.		1,157		44,331
Westpac Banking Corp.		3,086		99,223
Woolworths Ltd.		1,566		51,932
				2,718,922
Austria - 0.1%
Andritz AG		416		25,722
Erste Group Bank AG		785		26,854
Raiffeisen Bank International AG		448		14,950
				67,526
Belgium - 1.0%
Ageas		900		40,131
Anheuser-Busch InBev NV		318		33,490
Belgacom SA		94		2,945
Delhaize Group SA		1,994		145,826
KBC Groep NV		6,428		395,875
UCB SA		98		7,862
				626,129
Canada - 12.3%
Alimentation Couche Tard, Inc., Class B (1)		4,241		343,001
AltaGas Ltd. (1)		100		4,098
Bank of Montreal (1)		100		6,690
BCE, Inc. (1)		136		5,858
Boardwalk Real Estate Investment Trust REIT (1)		100		5,485
Brookfield Asset Management, Inc., Class A (1)		509		20,733
Calloway Real Estate Investment Trust REIT (1)		100		2,330
Canadian Pacific Railway Ltd. (1)		4,366		654,209
Canadian Tire Corp. Ltd., Class A (1)		2,137		201,483
CGI Group, Inc., Class A (1) †		7,810		241,117
CI Financial Corp. (1)		20,147		635,483
Constellation Software, Inc. (1)		1,783		432,242
Dollarama, Inc. (1)		2,822		214,988
Empire Co., Ltd., Class A (1)		100		6,121

	SHARES		VALUE (Note 2)
Canada - 12.3% (continued)
Enerplus Corp. (1)		5,420	$	108,351
Ensign Energy Services, Inc. (1)		100		1,478
Fortis, Inc. (1)		100		2,851
Genworth MI Canada, Inc. (1)		1,147		39,136
Gildan Activewear, Inc. (1)		7,387		372,257
IGM Financial, Inc. (1)		100		4,716
Industrial Alliance Insurance & Financial Services, Inc. (1)		4,487		184,513
Intact Financial Corp. (1)		100		6,223
Jean Coutu Group PJC, Inc./The, Class A (1)		2,000		39,530
Loblaw Cos., Ltd. (1)		12,778		542,097
MacDonald Dettwiler & Associates Ltd. (1)		463		36,571
Magna International, Inc. (1)		9,139		878,601
Manulife Financial Corp. (1)		18,852		363,568
Metro, Inc. (1)		100		5,871
National Bank of Canada (1)		200		8,015
Onex Corp. (1)		100		5,552
Open Text Corp. (1)		5,160		246,541
Paramount Resources Ltd., Class A (1) †		100		4,314
Pembina Pipeline Corp. (1)		4,500		170,882
Peyto Exploration & Development Corp. (1)		1,500		51,180
RioCan Real Estate Investment Trust REIT (1)		242		5,829
Rogers Communications, Inc., Class B (1)		3,763		155,932
Royal Bank of Canada (1)		79		5,209
Shaw Communications, Inc., Class B (1)		100		2,388
Sun Life Financial, Inc. (1)		16,330		565,457
Tim Hortons, Inc. (1)		100		5,531
Tourmaline Oil Corp. (1) †		5,818		275,033
TransAlta Corp. (1)		100		1,162
Trilogy Energy Corp. (1)		100		2,452
Valeant Pharmaceuticals International Inc. (1) †		5,994		788,573
Vermilion Energy, Inc. (1)		100		6,246
				7,659,897
China - 0.1%
FIH Mobile Ltd. †		62,000		34,260
Denmark - 3.0%
AP Moeller-Maersk A/S, Class B		25		299,219
Coloplast A/S, Class B		8,614		696,452
Danske Bank A/S		6,449		179,442
Novo Nordisk A/S, Class B		1,030		46,898
Novozymes A/S, B Shares		153		6,726
Pandora A/S		2,756		181,891
Tryg A/S		2,393		236,709
Vestas Wind Systems A/S †		5,815		233,147
William Demant Holding A/S †		39		3,333
				1,883,817
Finland - 1.5%
Kone OYJ, Class B		610		25,613
Metso OYJ		434		14,211
Nokia OYJ †		56,268		413,987
Sampo, A Shares		8,956		464,903
Valmet Corp.		434		4,655
				923,369

The accompanying notes are an integral part of these financial statements. (Continued)

AQR Funds Semi-Annual Report March 2014 61

Schedule of Investments March 31, 2014 (Unaudited)

AQR TAX-MANAGED INTERNATIONAL MOMENTUM FUND

	SHARES		VALUE (Note 2)
France - 3.0%
Air Liquide SA		161	$	21,803
Airbus Group NV		4,372		313,127
Alcatel-Lucent †		16,043		63,181
AXA SA		1,176		30,551
BNP Paribas SA		957		73,784
Danone SA		363		25,645
Dassault Systemes		53		6,202
Edenred		323		10,132
Electricite de France		6,733		266,227
Essilor International SA		243		24,523
Eutelsat Communications SA		106		3,597
Hermes International		35		11,641
Iliad SA		2,127		613,777
L’Oreal SA		257		42,400
LVMH Moet Hennessy Louis Vuitton SA		196		35,518
Pernod Ricard SA		92		10,706
Sanofi		811		84,749
Societe Generale SA		493		30,347
Sodexo		65		6,813
Technip SA		46		4,742
Unibail-Rodamco SE REIT		698		181,151
				1,860,616
Germany - 11.5%
Adidas AG		160		17,301
BASF SE		106		11,795
Bayer AG		11,822		1,600,980
Beiersdorf AG		64		6,242
Commerzbank AG †		11,797		216,995
Continental AG		2,022		484,911
Daimler AG		18,810		1,779,406
Deutsche Bank AG		67		3,003
Deutsche Lufthansa AG †		5,142		134,821
Deutsche Post AG		38,113		1,416,945
Deutsche Telekom AG		62,055		1,006,878
Fresenius Medical Care AG & Co. KGaA		109		7,626
Fresenius SE & Co. KGaA		61		9,575
Hannover Rueck SE		53		4,741
Merck KGaA		699		117,716
Metro AG		3,474		141,709
Muenchener Rueckversicherungs AG		264		57,688
ProSiebenSat.1 Media AG		1,943		89,124
RWE AG		83		3,368
SAP AG		171		13,871
				7,124,695
Hong Kong - 2.7%
AIA Group Ltd.		3,800		18,073
BOC Hong Kong Holdings Ltd.		10,500		29,982
Cheung Kong Infrastructure Holdings Ltd.		1,000		6,395
CLP Holdings Ltd.		1,000		7,547
First Pacific Co., Ltd.		12,000		11,961
Galaxy Entertainment Group Ltd. †		46,000		401,495
Giordano International Ltd.		2,000		1,291
Hang Seng Bank Ltd.		1,200		19,144
Henderson Land Development Co., Ltd.		3,300		19,311
Hong Kong & China Gas Co., Ltd.		2,420		5,287
Link REIT/The REIT		3,500		17,259
Luk Fook Holdings International Ltd.		1,000		3,161

	SHARES		VALUE (Note 2)
Hong Kong - 2.7% (continued)
Melco International Development Ltd.		38,000	$	127,762
MGM China Holdings Ltd.		57,600		203,503
New World Development Co., Ltd.		9,000		9,079
Power Assets Holdings Ltd.		1,000		8,680
Samsonite International SA		29,100		90,158
Sands China Ltd.		66,800		500,996
SmarTone Telecommunications Holdings Ltd.		1,500		1,673
Wharf Holdings Ltd.		18,000		115,446
Wheelock & Co., Ltd.		3,000		11,758
Wynn Macau Ltd.		24,400		101,557
				1,711,518
Israel - 0.6%
Bezeq The Israeli Telecommunication Corp. Ltd.		54,255		96,715
Frutarom Industries Ltd.		1,197		28,766
Israel Discount Bank Ltd., Class A †		22,619		41,517
Osem Investments Ltd.		3,378		79,382
Shikun & Binui Ltd.		27,611		67,970
Strauss Group Ltd.		3,882		70,222
				384,572
Italy - 2.1%
Davide Campari-Milano SpA		430		3,523
Intesa Sanpaolo SpA		169,665		575,707
Luxottica Group SpA		512		29,584
Saipem SpA		71		1,734
Tenaris SA		152		3,359
UniCredit SpA		75,260		687,954
				1,301,861
Japan - 31.6%
Acom Co., Ltd. †		91,000		290,759
Aiful Corp. †		97,500		297,767
Alps Electric Co., Ltd.		8,700		103,556
Bank of Yokohama Ltd./The		12,000		59,858
Bridgestone Corp.		2,800		99,234
COLOPL, Inc. †		5,400		142,665
Credit Saison Co., Ltd.		2,900		57,673
CyberAgent, Inc.		1,100		42,108
Dai-ichi Life Insurance Co., Ltd./The		17,600		256,028
Daikin Industries Ltd.		4,500		252,358
Daiwa Securities Group, Inc.		39,000		338,842
Denso Corp.		4,200		201,417
Fast Retailing Co., Ltd.		500		180,845
Fuji Heavy Industries Ltd.		9,100		246,427
FUJIFILM Holdings Corp.		5,600		150,315
GungHo Online Entertainment, Inc.		22,100		120,135
Haseko Corp.		16,900		105,685
Hino Motors Ltd.		11,000		162,912
Hiroshima Bank Ltd./The		6,000		25,051
Hitachi Ltd.		62,000		458,928
Hitachi Transport System Ltd.		200		3,253
Hokuhoku Financial Group, Inc.		64,000		122,713
Honda Motor Co., Ltd.		9,800		344,829
House Foods Corp.		100		1,660
Hoya Corp.		4,900		153,277

The accompanying notes are an integral part of these financial statements. (Continued)

62 AQR Funds Semi-Annual Report March 2014

Schedule of Investments March 31, 2014 (Unaudited)

AQR TAX-MANAGED INTERNATIONAL MOMENTUM FUND

	SHARES		VALUE (Note 2)
Japan - 31.6% (continued)
Hulic Co., Ltd.		18,700	$	256,693
Ichigo Group Holdings Co., Ltd.		34,000		119,710
Isuzu Motors Ltd.		28,000		160,769
Jafco Co., Ltd.		3,600		161,290
Japan Exchange Group, Inc.		11,700		285,992
JGC Corp.		4,000		138,958
JTEKT Corp.		11,400		169,232
Kansai Electric Power Co., Inc./The †		16,200		166,057
Kawasaki Heavy Industries Ltd.		38,000		140,000
KDDI Corp.		9,700		563,231
Keyence Corp.		600		247,180
Komeri Co., Ltd.		100		2,728
Kubota Corp.		13,000		172,777
LIXIL Group Corp.		5,600		154,530
Matsui Securities Co., Ltd.		41,200		418,336
Mazda Motor Corp.		67,000		297,655
Minebea Co., Ltd.		8,000		71,234
Mitsubishi Electric Corp.		31,000		348,961
Mitsubishi Estate Co., Ltd.		17,000		403,676
Mitsubishi Motors Corp.		11,400		119,060
Mitsubishi UFJ Financial Group, Inc.		76,500		421,269
Mitsui Fudosan Co., Ltd.		10,000		305,082
Murata Manufacturing Co., Ltd.		2,000		189,042
NGK Insulators Ltd.		7,000		146,032
Nidec Corp.		2,600		159,426
Nintendo Co., Ltd.		1,500		179,310
Nippon Telegraph & Telephone Corp.		5,500		298,879
Nitto Denko Corp.		3,000		143,862
Nomura Holdings, Inc.		17,300		110,977
NSK Ltd.		5,000		51,287
NTN Corp.		37,000		125,209
Okasan Securities Group, Inc.		31,000		261,178
Olympus Corp. †		5,500		175,619
Omron Corp.		3,900		161,369
Ono Pharmaceutical Co., Ltd.		2,200		191,250
Orient Corp. †		42,300		85,111
ORIX Corp.		33,400		470,739
Panasonic Corp.		44,000		500,416
Rakuten, Inc.		9,000		120,219
Renesas Electronics Corp. †		17,900		136,652
Seiko Epson Corp.		11,100		346,839
Seino Holdings Co., Ltd.		6,000		57,245
Seven & I Holdings Co., Ltd.		4,100		156,228
Sharp Corp. †		37,000		112,680
Shikoku Electric Power Co., Inc. †		2,700		36,609
Shinsei Bank Ltd.		116,000		227,735
SMC Corp.		700		184,613
SoftBank Corp.		15,600		1,178,865
Square Enix Holdings Co., Ltd.		8,900		183,181
Start Today Co., Ltd.		1,500		38,373
Sumitomo Mitsui Financial Group, Inc.		11,900		510,081
Sumitomo Mitsui Trust Holdings, Inc.		8,000		36,196
Sumitomo Realty & Development Co., Ltd.		3,000		117,416
Suruga Bank Ltd.		11,000		193,771
Tohoku Electric Power Co., Inc.		13,100		134,719
Tokai Tokyo Financial Holdings, Inc.		28,700		240,697
Tokyo Electric Power Co., Inc. †		91,100		366,532
Tokyo Tatemono Co., Ltd.		28,000		239,914

	SHARES		VALUE (Note 2)
Japan - 31.6% (continued)
Toyo Seikan Group Holdings Ltd.		3,000	$	48,686
Toyota Motor Corp.		37,200		2,097,851
Yahoo Japan Corp.		45,600		223,392
Yamada Denki Co., Ltd.		400		1,333
Yaskawa Electric Corp.		3,000		41,447
				19,623,695
Netherlands - 2.1%
Aegon NV		39,458		363,452
Akzo Nobel NV		301		24,550
ASML Holding NV		3,908		363,770
CNH Industrial NV †		878		10,105
Heineken NV		422		29,366
Koninklijke Ahold NV		607		12,199
Koninklijke Philips NV		1,024		36,023
Reed Elsevier NV		22,655		490,176
				1,329,641
Norway - 0.0% (a)
Golar LNG Ltd.		70		3,073
Seadrill Ltd.		77		2,711
Telenor ASA		565		12,505
				18,289
Portugal - 0.0% (a)
Galp Energia SGPS SA		140		2,417
Jeronimo Martins SGPS SA		313		5,252
				7,669
Singapore - 0.6%
Blumont Group Ltd. †		23,000		1,100
CapitaLand Ltd.		9,000		20,729
CapitaMalls Asia Ltd.		8,000		11,405
DBS Group Holdings Ltd.		2,000		25,768
Jardine Matheson Holdings Ltd.		400		25,266
Jardine Strategic Holdings Ltd.		500		17,952
Keppel Corp. Ltd.		3,000		26,027
Keppel REIT		840		763
Mapletree Commercial Trust REIT		20,000		19,442
Singapore Telecommunications Ltd.		10,000		29,067
Super Group Ltd.		51,000		141,338
Thai Beverage PCL		59,000		28,442
				347,299
Spain - 8.0%
Abertis Infraestructuras SA		21,456		490,379
Amadeus IT Holding SA, A Shares		24,720		1,027,243
Banco Bilbao Vizcaya Argentaria SA		59,725		718,146
Banco de Sabadell SA		30,592		94,578
Banco Popular Espanol SA		21,403		161,839
Banco Santander SA		87,754		837,714
CaixaBank SA		28,041		180,501
Ferrovial SA		30,158		653,758
Gas Natural SDG SA		19,415		546,211
Inditex SA		505		75,765
Mapfre SA		38,752		163,514
				4,949,648

The accompanying notes are an integral part of these financial statements. (Continued)

AQR Funds Semi-Annual Report March 2014 63

Schedule of Investments March 31, 2014 (Unaudited)

AQR TAX-MANAGED INTERNATIONAL MOMENTUM FUND

	SHARES		VALUE (Note 2)
Sweden - 1.0%
Getinge AB, B Shares		138	$	3,896
Hennes & Mauritz AB, B Shares		383		16,335
ICA Gruppen AB †		1,035		37,575
Investor AB, B Shares		780		28,253
Skandinaviska Enskilda Banken AB, Class A		36,919		507,167
Svenska Handelsbanken AB, A Shares		392		19,699
Swedish Match AB		114		3,732
Tele2 AB, B Shares		227		2,818
				619,475
Switzerland - 6.5%
Actelion Ltd. †		3,829		362,868
Adecco SA †		4,264		354,877
Cie Financiere Richemont SA		3,958		378,140
Credit Suisse Group AG †		1,941		62,826
EMS-Chemie Holding AG		718		271,342
Givaudan SA †		671		1,037,871
Lindt & Spruengli AG		1		4,959
Novartis AG		584		49,586
Partners Group Holding AG		1,813		509,249
Schindler Holding AG		32		4,717
SGS SA		12		29,595
Swatch Group AG/The		474		297,356
Swiss Re AG †		841		78,057
Syngenta AG		94		35,685
UBS AG †		26,579		550,009
Wolseley PLC		75		4,273
				4,031,410
United Kingdom - 4.7%
Aggreko PLC		133		3,332
ARM Holdings PLC		1,727		29,166
ASOS PLC †		898		77,623
Associated British Foods PLC		11,411		529,496
Barclays PLC		13,606		52,948
BG Group PLC		687		12,826
Booker Group PLC		21,103		58,130
BP PLC		740		5,946
British American Tobacco PLC		941		52,494
British Sky Broadcasting Group PLC		451		6,861
BT Group PLC		78,218		497,446
Bunzl PLC		221		5,892
Burberry Group PLC		203		4,720
Capita PLC		4,384		80,161
Compass Group PLC		1,417		21,636
Croda International PLC		111		4,720
Diageo PLC		1,887		58,609
Experian PLC		1,092		19,706
Fresnillo PLC		272		3,834
G4S PLC		681		2,748
GlaxoSmithKline PLC		126		3,360
Gulf Keystone Petroleum Ltd. †		2,240		3,224
Hargreaves Lansdown PLC		2,172		52,837
HSBC Holdings PLC		10,509		106,408
Imperial Tobacco Group PLC		538		21,755
Intertek Group PLC		94		4,826
Kingfisher PLC		13,199		92,799
Meggitt PLC		501		4,018

	SHARES		VALUE (Note 2)
United Kingdom - 4.7% (continued)
National Grid PLC		2,270	$	31,193
Next PLC		1,489		163,866
Pearson PLC		343		6,089
Randgold Resources Ltd.		40		3,003
Reckitt Benckiser Group PLC		500		40,803
Rexam PLC		474		3,852
Royal Bank of Scotland Group PLC †		6,019		31,228
SABMiller PLC		977		48,852
Sage Group PLC/The		662		4,617
Severn Trent PLC		173		5,264
Shire PLC		2,295		113,615
Sports Direct International PLC †		6,364		90,424
SSE PLC		372		9,112
Standard Life PLC		4,679		29,479
Tate & Lyle PLC		322		3,586
Tesco PLC		1,089		5,371
TUI Travel PLC		6,896		50,392
Tullow Oil PLC		321		4,012
United Utilities Group PLC		372		4,893
Weir Group PLC/The		778		32,906
Whitbread PLC		1,309		90,860
WM Morrison Supermarkets PLC		1,127		4,007
WPP PLC		16,425		339,375
				2,934,320
TOTAL COMMON STOCKS (cost $57,618,639)				60,158,628
EXCHANGE-TRADED FUNDS - 2.2%
iShares MSCI EAFE ETF (1) (cost $1,329,075)		20,052		1,346,893
RIGHTS - 0.0% (a)
Hong Kong - 0.0% (a)
New World Development Co., Ltd. (3)†(b)		3,000		628
Spain - 0.0% (a)
Banco Bilbao Vizcaya Argentaria SA †		59,725		13,988
TOTAL RIGHTS (cost $—)				14,616
MONEY MARKET FUNDS - 0.2%
J.P. Morgan U.S. Treasury Plus Money Market Fund - Institutional Shares, 0.000% (c) (cost $155,244)		155,244		155,244
TOTAL INVESTMENTS - 99.2% (cost $59,102,958)				61,675,381
OTHER ASSETS IN EXCESS OF LIABILITIES - 0.8%				482,129
NET ASSETS - 100.0%			$	62,157,510

The accompanying notes are an integral part of these financial statements. (Continued)

64 AQR Funds Semi-Annual Report March 2014

Schedule of Investments March 31, 2014 (Unaudited)

AQR TAX-MANAGED INTERNATIONAL MOMENTUM FUND

† Non income-producing security.

(a) Represents less than 0.05 percent of net assets.

(b) Security fair valued at as of March 31, 2014 using procedures approved by the Board of Trustees. The total value of positions fair valued was $628 or 0.0% of total net assets.

(c) Represents annualized seven-day yield as of March 31, 2014.

All securities are Level 2 with respect to ASC 820, unless otherwise noted in parentheses.

(1) Level 1 security (See Note 4).

(3) Level 3 security (See Note 4).

The following abbreviations are used in portfolio descriptions:

REIT - Real Estate Investment Trust

SECTOR	VALUE		% OF NET ASSETS
Consumer Discretionary	$	12,799,168		20.6	%
Consumer Staples		2,839,838		4.6
Energy		671,562		1.1
Financials		17,194,152		27.7
Health Care		5,361,542		8.6
Industrials		7,485,092		12.0
Information Technology		5,724,820		9.2
Materials		1,952,255		3.1
Mutual Fund		1,346,893		2.2
Telecommunication Services		4,542,707		7.3
Utilities		1,602,108		2.6
Money Market Funds		155,244		0.2
Total Investments		61,675,381		99.2
Other Assets in Excess of Liabilities		482,129		0.8
Net Assets	$	62,157,510		100.0	%

The accompanying notes are an integral part of these financial statements.

AQR Funds Semi-Annual Report March 2014 65

Schedule of Investments March 31, 2014 (Unaudited)

AQR CORE EQUITY FUND

COMMON STOCKS - 97.8%	SHARES		VALUE (Note 2)
Consumer Discretionary - 15.2%
Abercrombie & Fitch Co., Class A		1,126	$	43,351
Advance Auto Parts, Inc.		1,143		144,590
AMC Networks, Inc., Class A †		262		19,150
Apollo Education Group, Inc. †		4,410		150,998
Ascena Retail Group, Inc. †		4,800		82,944
Autoliv, Inc. (Sweden)		538		53,988
AutoZone, Inc. †		347		186,374
Bally Technologies, Inc. †		757		50,166
Bed Bath & Beyond, Inc. †		2,402		165,258
Best Buy Co., Inc.		4,893		129,224
Bloomin’ Brands, Inc. †		2,226		53,647
BorgWarner, Inc.		2,000		122,940
Brunswick Corp.		1,501		67,980
Buckle, Inc./The		827		37,877
Caesars Entertainment Corp. †		6,428		122,196
Chico’s FAS, Inc.		1,086		17,409
Choice Hotels International, Inc.		183		8,418
Cinemark Holdings, Inc.		404		11,720
Cracker Barrel Old Country Store, Inc.		375		36,465
Dana Holding Corp.		2,602		60,549
Deckers Outdoor Corp. †		1,626		129,641
Dillard’s, Inc., Class A		481		44,444
DIRECTV †		4,663		356,346
DISH Network Corp., Class A †		1,488		92,569
Dollar General Corp. †		2,100		116,508
Dollar Tree, Inc. †		2,085		108,795
Domino’s Pizza, Inc.		549		42,257
Expedia, Inc.		363		26,318
Foot Locker, Inc.		1,785		83,859
Fossil Group, Inc. †		474		55,273
GameStop Corp., Class A		2,990		122,889
Gannett Co., Inc.		5,468		150,917
Gap, Inc./The		4,665		186,880
General Motors Co.		11,102		382,131
Gentex Corp.		4,620		145,669
Genuine Parts Co.		692		60,100
GNC Holdings, Inc., Class A		994		43,756
Goodyear Tire & Rubber Co./The		6,095		159,262
Graham Holdings Co., Class B		171		120,341
Groupon, Inc. †		8,400		65,856
Guess?, Inc.		1,083		29,891
H&R Block, Inc.		3,621		109,318
Hanesbrands, Inc.		2,479		189,594
Harman International Industries, Inc.		500		53,200
Hasbro, Inc.		1,217		67,690
HSN, Inc.		156		9,318
International Game Technology		5,503		77,372
Jarden Corp. †		1,506		90,104
John Wiley & Sons, Inc.		3,000		172,920
Johnson Controls, Inc.		6,022		284,961
Kate Spade & Co. †		2,348		87,087
Kohl’s Corp.		2,484		141,091
L Brands, Inc.		2,307		130,968
Lear Corp.		1,654		138,473
Leggett & Platt, Inc.		536		17,495
Lennar Corp., Class A		419		16,601
Live Nation Entertainment, Inc. †		2,882		62,684

	SHARES		VALUE (Note 2)
Consumer Discretionary - 15.2% (continued)
Lowe’s Cos., Inc.		4,880	$	238,632
Macy’s, Inc.		4,766		282,576
Mattel, Inc.		1,248		50,057
Mohawk Industries, Inc. †		298		40,522
Netflix, Inc. †		233		82,023
Newell Rubbermaid, Inc.		1,454		43,475
O’Reilly Automotive, Inc. †		200		29,678
Penske Automotive Group, Inc.		1,484		63,456
PetSmart, Inc.		73		5,029
Pier 1 Imports, Inc.		1,290		24,355
Polaris Industries, Inc.		409		57,141
priceline.com, Inc. †		100		119,189
PulteGroup, Inc.		1,523		29,226
PVH Corp.		147		18,341
Regal Entertainment Group, Class A		1,753		32,746
Royal Caribbean Cruises Ltd.		1,200		65,472
Scripps Networks Interactive, Inc., Class A		751		57,008
Signet Jewelers Ltd.		560		59,282
Sinclair Broadcast Group, Inc., Class A		1,283		34,756
Staples, Inc.		3,722		42,207
Tenneco, Inc. †		1,077		62,541
Thor Industries, Inc.		1,034		63,136
Time Warner, Inc.		1,951		127,459
TJX Cos., Inc./The		5,525		335,091
TripAdvisor, Inc. †		725		65,678
TRW Automotive Holdings Corp. †		2,125		173,443
Tupperware Brands Corp.		495		41,461
Urban Outfitters, Inc. †		429		15,646
VF Corp.		4,862		300,861
Viacom, Inc., Class B		4,085		347,184
Visteon Corp. †		607		53,683
Whirlpool Corp.		955		142,734
Williams-Sonoma, Inc.		1,247		83,100
Wynn Resorts Ltd.		300		66,645
				8,991,655
Consumer Staples - 5.6%
Archer-Daniels-Midland Co.		7,344		318,656
Coca-Cola Enterprises, Inc.		813		38,829
ConAgra Foods, Inc.		438		13,591
Constellation Brands, Inc., Class A †		979		83,186
CVS Caremark Corp.		7,063		528,736
Dean Foods Co.		1,045		16,156
Energizer Holdings, Inc.		608		61,250
Flowers Foods, Inc.		2,172		46,589
Herbalife Ltd.		2,533		145,065
Ingredion, Inc.		267		18,177
Keurig Green Mountain, Inc.		2,487		262,602
Kroger Co./The		6,348		277,090
Lorillard, Inc.		4,491		242,873
Nu Skin Enterprises, Inc., Class A		1,644		136,205
Pilgrim’s Pride Corp. †		5,452		114,056
Rite Aid Corp. †		30,833		193,323
Tyson Foods, Inc., Class A		6,329		278,539
Walgreen Co.		7,848		518,204
WhiteWave Foods Co./The, Class A †		53		1,513
				3,294,640

The accompanying notes are an integral part of these financial statements. (Continued)

66 AQR Funds Semi-Annual Report March 2014

Schedule of Investments March 31, 2014 (Unaudited)

AQR CORE EQUITY FUND

	SHARES		VALUE (Note 2)
Energy - 4.0%
Bristow Group, Inc.		949	$	71,668
Chesapeake Energy Corp.		2,430		62,257
Cimarex Energy Co.		1,262		150,317
Continental Resources, Inc. †		462		57,413
CVR Energy, Inc.		1,226		51,799
Delek US Holdings, Inc.		545		15,827
Energen Corp.		798		64,486
EOG Resources, Inc.		1,114		218,533
Halliburton Co.		753		44,344
Helmerich & Payne, Inc.		1,695		182,314
Hess Corp.		2,090		173,219
HollyFrontier Corp.		1,262		60,046
Marathon Petroleum Corp.		1,218		106,015
Oasis Petroleum, Inc. †		1,061		44,276
Oil States International, Inc. †		1,143		112,700
Patterson-UTI Energy, Inc.		2,082		65,958
Phillips 66		2,266		174,618
RPC, Inc.		4,486		91,604
SM Energy Co.		656		46,766
Superior Energy Services, Inc.		1,912		58,813
Valero Energy Corp.		4,952		262,951
Western Refining, Inc.		2,822		108,929
Whiting Petroleum Corp. †		2,095		145,372
WPX Energy, Inc. †		1,361		24,539
				2,394,764
Financials - 26.5%
Aflac, Inc.		5,384		339,407
Alleghany Corp. †		26		10,592
Allstate Corp./The		5,635		318,828
American Capital Ltd. †		1,510		23,843
American Express Co.		3,800		342,114
American Financial Group, Inc.		697		40,224
American International Group, Inc.		11,378		569,014
American National Insurance Co.		672		75,970
Ameriprise Financial, Inc.		1,776		195,484
AmTrust Financial Services, Inc.		4,979		187,260
Arch Capital Group Ltd. †		955		54,951
Ares Capital Corp.		1,032		18,184
Aspen Insurance Holdings Ltd.		687		27,274
Assurant, Inc.		1,832		119,007
Assured Guaranty Ltd.		3,941		99,786
Axis Capital Holdings Ltd.		1,378		63,181
Bank of America Corp.		64,525		1,109,830
Bank of New York Mellon Corp./The		7,529		265,698
BB&T Corp.		3,066		123,161
Berkshire Hathaway, Inc., Class B †		522		65,234
Capital One Financial Corp.		4,758		367,127
Cincinnati Financial Corp.		372		18,102
CIT Group, Inc.		2,187		107,207
Citigroup, Inc.		16,940		806,344
CNA Financial Corp.		1,237		52,845
CNO Financial Group, Inc.		6,141		111,152
Comerica, Inc.		2,645		137,011
Credit Acceptance Corp. †		134		19,048
Discover Financial Services		4,482		260,808
E*TRADE Financial Corp. †		4,206		96,822
East West Bancorp, Inc.		1,496		54,604

	SHARES		VALUE (Note 2)
Financials - 26.5% (continued)
Everest Re Group Ltd.		788	$	120,603
Federated Investors, Inc., Class B		174		5,314
Fidelity National Financial, Inc., Class A		1,408		44,268
Fifth Third Bancorp		11,710		268,744
First American Financial Corp.		793		21,054
First Niagara Financial Group, Inc.		4,660		44,037
Franklin Resources, Inc.		350		18,963
Fulton Financial Corp.		2,815		35,413
Genworth Financial, Inc., Class A †		13,149		233,132
Goldman Sachs Group, Inc./The		2,487		407,495
Hartford Financial Services Group, Inc./The		7,682		270,944
HCC Insurance Holdings, Inc.		1,737		79,016
Huntington Bancshares, Inc.		13,413		133,728
JPMorgan Chase & Co.		22,969		1,394,448
KeyCorp		12,293		175,052
Legg Mason, Inc.		2,568		125,935
Leucadia National Corp.		2,429		68,012
Lincoln National Corp.		5,322		269,666
M&T Bank Corp.		616		74,721
MBIA, Inc. †		2,070		28,959
Medical Properties Trust, Inc. REIT		789		10,091
MetLife, Inc.		10,402		549,226
MGIC Investment Corp. †		9,083		77,387
Morgan Stanley		13,665		425,938
NASDAQ OMX Group, Inc./The		1,512		55,853
Nationstar Mortgage Holdings, Inc. †		1,574		51,092
Ocwen Financial Corp. †		449		17,592
Old Republic International Corp.		4,646		76,194
PartnerRe Ltd.		348		36,018
PNC Financial Services Group, Inc./The		6,011		522,957
Principal Financial Group, Inc.		3,494		160,689
Progressive Corp./The		2,200		53,284
Protective Life Corp.		1,746		91,822
Prudential Financial, Inc.		4,195		355,107
Raymond James Financial, Inc.		224		12,528
Regions Financial Corp.		18,063		200,680
Reinsurance Group of America, Inc.		844		67,208
SLM Corp.		8,050		197,064
State Street Corp.		2,823		196,340
SunTrust Banks, Inc.		4,459		177,424
Susquehanna Bancshares, Inc.		3,020		34,398
Synovus Financial Corp.		11,872		40,246
Torchmark Corp.		2,532		199,268
Travelers Cos., Inc./The		3,055		259,980
Unum Group		4,546		160,519
Wells Fargo & Co.		34,263		1,704,242
White Mountains Insurance Group Ltd.		19		11,398
WR Berkley Corp.		245		10,197
Zions Bancorp.		1,434		44,425
				15,698,783
Health Care - 10.4%
Abbott Laboratories		651		25,070
AbbVie, Inc.		10,203		524,434
Aetna, Inc.		4,159		311,800
Alere, Inc. †		3,536		121,462
Align Technology, Inc. †		1,700		88,043
AmerisourceBergen Corp.		238		15,610

The accompanying notes are an integral part of these financial statements. (Continued)

AQR Funds Semi-Annual Report March 2014 67

Schedule of Investments March 31, 2014 (Unaudited)

AQR CORE EQUITY FUND

	SHARES		VALUE (Note 2)
Health Care - 10.4% (continued)
Amgen, Inc.		128	$	15,788
Baxter International, Inc.		246		18,101
Becton Dickinson and Co.		165		19,318
Boston Scientific Corp. †		13,740		185,765
Cardinal Health, Inc.		2,935		205,391
CareFusion Corp. †		1,054		42,392
Centene Corp. †		509		31,685
Cigna Corp.		2,276		190,569
Community Health Systems, Inc. †		1,792		70,193
Cooper Cos., Inc./The		128		17,582
CR Bard, Inc.		400		59,192
Endo International PLC (Ireland) †		482		33,089
Gilead Sciences, Inc. †		2,838		201,101
HCA Holdings, Inc. †		4,888		256,620
Health Net, Inc. †		1,266		43,057
Humana, Inc.		2,129		239,981
Johnson & Johnson		6,000		589,380
LifePoint Hospitals, Inc. †		288		15,710
McKesson Corp.		1,349		238,193
Medtronic, Inc.		8,355		514,167
Mylan, Inc. (2)†		1,140		55,666
Omnicare, Inc.		1,193		71,186
Questcor Pharmaceuticals, Inc.		2,593		168,363
ResMed, Inc.		188		8,402
St. Jude Medical, Inc.		3,283		214,675
Stryker Corp.		348		28,352
Team Health Holdings, Inc. †		204		9,129
Tenet Healthcare Corp. †		1,191		50,987
Thermo Fisher Scientific, Inc.		134		16,112
United Therapeutics Corp. †		1,344		126,376
UnitedHealth Group, Inc.		8,115		665,349
Universal Health Services, Inc., Class B		1,462		119,986
WellCare Health Plans, Inc. †		788		50,054
WellPoint, Inc.		3,950		393,223
West Pharmaceutical Services, Inc.		312		13,744
Zimmer Holdings, Inc.		878		83,041
Zoetis, Inc.		806		23,326
				6,171,664
Industrials - 12.9%
3M Co.		549		74,477
AECOM Technology Corp. †		1,744		56,104
AGCO Corp.		1,852		102,156
Alaska Air Group, Inc.		2,062		192,405
Alliant Techsystems, Inc.		778		110,593
AMERCO		297		68,940
Avis Budget Group, Inc. †		3,741		182,187
Boeing Co./The		2,553		320,376
Carlisle Cos., Inc.		289		22,929
Cintas Corp.		1,162		69,267
Copa Holdings SA, Class A (Panama)		493		71,579
Crane Co.		652		46,390
Cummins, Inc.		1,306		194,581
Delta Air Lines, Inc.		9,517		329,764
Deluxe Corp.		516		27,075
Dover Corp.		2,270		185,572
Dun & Bradstreet Corp./The		700		69,545
EMCOR Group, Inc.		734		34,344

	SHARES			VALUE (Note 2)
Industrials - 12.9% (continued)
EnerSys, Inc.		879		$	60,906
Esterline Technologies Corp. †		541			57,638
Exelis, Inc.		3,912			74,367
FedEx Corp.		2,498			331,135
Generac Holdings, Inc.		938			55,314
General Dynamics Corp.		2,993			325,998
Hertz Global Holdings, Inc. †		4,090			108,958
Huntington Ingalls Industries, Inc.		688			70,355
ITT Corp.		1,396			59,693
Jacobs Engineering Group, Inc. †		1,730			109,855
L-3 Communications Holdings, Inc.		1,030			121,694
Lennox International, Inc.		183			16,637
Lincoln Electric Holdings, Inc.		801			57,680
Lockheed Martin Corp.		2,906			474,375
Manitowoc Co., Inc./The		1,500			47,175
Manpowergroup, Inc.		1,443			113,752
MasTec, Inc. †		1,256			54,561
MRC Global, Inc. †		705			19,007
Navistar International Corp. †		1,297			43,929
Norfolk Southern Corp.		1,200			116,604
Northrop Grumman Corp.		3,081			380,134
Oshkosh Corp.		1,797			105,789
Parker Hannifin Corp.		1,403			167,953
Pitney Bowes, Inc.		5,939			154,355
Raytheon Co.		3,689			364,436
Regal-Beloit Corp.		121			8,798
Robert Half International, Inc.		600			25,170
Rockwell Automation, Inc.		880			109,604
RR Donnelley & Sons Co.		7,170	��		128,343
Ryder System, Inc.		989			79,041
Snap-on, Inc.		722			81,933
Southwest Airlines Co.		12,010			283,556
Spirit AeroSystems Holdings, Inc., Class A †		3,937			110,984
Spirit Airlines, Inc. †		3,096			183,902
Swift Transportation Co. †		3,834			94,891
Terex Corp.		1,095			48,509
Textainer Group Holdings Ltd.		298			11,404
Timken Co./The		889			52,255
Towers Watson & Co., Class A		500			57,025
Trinity Industries, Inc.		2,213			159,491
Triumph Group, Inc.		183			11,818
United Continental Holdings, Inc. †		3,964			176,913
United Rentals, Inc. †		1,908			181,146
URS Corp.		1,140			53,648
Valmont Industries, Inc.		109			16,224
WABCO Holdings, Inc. †		780			82,337
WESCO International, Inc. †		747			62,165
					7,669,741
Information Technology - 20.3%
Activision Blizzard, Inc.		11,443			233,895
Advanced Micro Devices, Inc. †		14,871			59,633
Amdocs Ltd.		2,572			119,495
Anixter International, Inc.		1,400			142,128
Apple, Inc.		3,000			1,610,220
ARRIS Group, Inc. †		3,900			109,902
Arrow Electronics, Inc. †		1,175			69,748
Aruba Networks, Inc. †		536			10,050

The accompanying notes are an integral part of these financial statements. (Continued)

68 AQR Funds Semi-Annual Report March 2014

Schedule of Investments March 31, 2014 (Unaudited)

AQR CORE EQUITY FUND

	SHARES		VALUE (Note 2)
Information Technology - 20.3% (continued)
Atmel Corp. †		7,466	$	62,416
Avnet, Inc.		1,665		77,472
Broadridge Financial Solutions, Inc.		4,200		155,988
Brocade Communications Systems, Inc. †		16,763		177,855
CA, Inc.		7,566		234,319
Cadence Design Systems, Inc. †		1,184		18,399
Cisco Systems, Inc.		17,912		401,408
Computer Sciences Corp.		1,732		105,340
Corning, Inc.		14,913		310,489
EchoStar Corp., Class A †		803		38,191
Electronic Arts, Inc. †		4,880		141,569
EMC Corp.		2,100		57,561
Facebook, Inc., Class A †		9,700		584,328
First Solar, Inc. †		2,911		203,159
FLIR Systems, Inc.		2,138		76,968
Freescale Semiconductor Ltd. †		3,526		86,070
Harris Corp.		1,473		107,765
Hewlett-Packard Co.		16,007		517,987
IAC/InterActiveCorp		1,754		125,218
Ingram Micro, Inc., Class A †		4,666		137,927
Intel Corp.		27,888		719,789
Jabil Circuit, Inc.		2,817		50,706
KLA-Tencor Corp.		2,860		197,740
Knowles Corp. †		1,135		35,832
Lam Research Corp. †		1,756		96,580
Leidos Holdings, Inc.		1,428		50,508
Lexmark International, Inc., Class A		4,800		222,192
Marvell Technology Group Ltd.		11,156		175,707
Mentor Graphics Corp.		3,560		78,391
Micron Technology, Inc. †		13,217		312,714
Microsoft Corp.		49,689		2,036,752
Motorola Solutions, Inc.		108		6,943
NCR Corp. †		1,808		66,082
NetApp, Inc.		4,377		161,511
NeuStar, Inc., Class A †		1,147		37,289
NVIDIA Corp.		8,383		150,140
Oracle Corp.		264		10,800
PTC, Inc. †		3,500		124,005
Rovi Corp. †		2,459		56,016
SanDisk Corp.		3,072		249,416
Skyworks Solutions, Inc. †		3,242		121,640
SunPower Corp. †		3,307		106,684
Symantec Corp.		2,317		46,271
Synopsys, Inc. †		2,300		88,343
Ubiquiti Networks, Inc. †		1,509		68,614
VeriSign, Inc. †		1,300		70,083
Western Digital Corp.		3,691		338,908
Western Union Co./The		3,320		54,315
Xerox Corp.		19,723		222,870
Yahoo!, Inc. (2)†		2,266		81,349
Yelp, Inc. †		673		51,774
				12,065,464
Materials - 2.4%
Avery Dennison Corp.		1,487		75,346
Axiall Corp.		502		22,550
CF Industries Holdings, Inc.		131		34,144
Chemtura Corp. †		1,357		34,319

	SHARES		VALUE (Note 2)
Materials - 2.4% (continued)
Dow Chemical Co./The		6,172	$	299,897
Eastman Chemical Co.		466		40,174
Huntsman Corp.		1,049		25,617
International Paper Co.		2,134		97,908
Louisiana-Pacific Corp. †		2,210		37,283
NewMarket Corp.		40		15,631
Owens-Illinois, Inc. †		1,023		34,608
Packaging Corp. of America		880		61,926
PPG Industries, Inc.		668		129,231
Reliance Steel & Aluminum Co.		782		55,256
Rock-Tenn Co., Class A		1,257		132,701
Sealed Air Corp.		1,498		49,239
Sherwin-Williams Co./The		94		18,530
Steel Dynamics, Inc.		1,671		29,727
Valspar Corp./The		188		13,559
Westlake Chemical Corp.		2,490		164,788
Worthington Industries, Inc.		1,059		40,507
WR Grace & Co. †		428		42,445
				1,455,386
Telecommunication Services - 0.4%
Telephone & Data Systems, Inc.		2,148		56,299
Verizon Communications, Inc.		3,300		156,981
				213,280
Utilities - 0.1%
Portland General Electric Co.		195		6,306
UGI Corp.		720		32,839
				39,145
TOTAL COMMON STOCKS (cost $52,455,533)				57,994,522
EXCHANGE-TRADED FUNDS - 1.3%
SPDR S&P 500 ETF Trust (cost $710,673)		3,967		741,988
MONEY MARKET FUNDS - 1.0%
J.P. Morgan U.S. Treasury Plus Money Market Fund - Institutional Shares, 0.000% (2)(a)
(cost $592,982)		592,982		592,982
TOTAL INVESTMENTS - 100.1% (cost $53,759,188)				59,329,492
LIABILITIES IN EXCESS OF OTHER ASSETS - (0.1%)				(54,251)
NET ASSETS - 100.0%			$	59,275,241

All securities are United States companies, unless noted otherwise in parentheses.

† Non income-producing security.

(a) Represents annualized seven-day yield as of March 31, 2014.

All securities are Level 1 with respect to ASC 820, unless otherwise noted in parentheses.

(2) Level 2 security (See Note 4).

The following abbreviations are used in portfolio descriptions:

REIT - Real Estate Investment Trust

The accompanying notes are an integral part of these financial statements.

AQR Funds Semi-Annual Report March 2014 69

Schedule of Investments March 31, 2014 (Unaudited)

AQR SMALL CAP CORE EQUITY FUND

COMMON STOCKS - 99.1%	SHARES		VALUE (Note 2)
Consumer Discretionary - 20.8%
1-800-Flowers.com, Inc., Class A †		977	$	5,500
A. H. Belo Corp., Class A		600		6,948
American Axle & Manufacturing Holdings, Inc. †		994		18,409
American Public Education, Inc. †		208		7,297
ANN, Inc. †		579		24,017
Apollo Education Group, Inc. †		195		6,677
Arctic Cat, Inc.		165		7,885
Asbury Automotive Group, Inc. †		332		18,363
Ascent Capital Group, Inc., Class A †		88		6,648
bebe stores, Inc.		842		5,153
Big 5 Sporting Goods Corp.		735		11,797
Big Lots, Inc. †		344		13,027
Biglari Holdings, Inc. †		20		9,750
Bon-Ton Stores, Inc./The		362		3,975
Bridgepoint Education, Inc. †		882		13,133
Brown Shoe Co., Inc.		755		20,038
Buckle, Inc./The		200		9,160
Caesars Entertainment Corp. †		257		4,886
Callaway Golf Co.		740		7,563
Capella Education Co.		265		16,735
Career Education Corp. †		1,400		10,444
Carmike Cinemas, Inc. †		269		8,032
Cato Corp./The, Class A		439		11,871
Century Casinos, Inc. †		1,689		12,110
Children’s Place Retail Stores, Inc./The		317		15,790
Christopher & Banks Corp. †		928		6,134
Citi Trends, Inc. †		562		9,155
Collectors Universe, Inc.		400		7,528
Columbia Sportswear Co.		177		14,629
Core-Mark Holding Co., Inc.		164		11,906
Cracker Barrel Old Country Store, Inc.		244		23,727
CSS Industries, Inc.		240		6,480
Cumulus Media, Inc., Class A †		1,100		7,601
Deckers Outdoor Corp. †		124		9,886
Denny’s Corp. †		799		5,138
Destination Maternity Corp.		619		16,961
Destination XL Group, Inc. †		934		5,268
DeVry Education Group, Inc.		207		8,775
Dex Media, Inc. †		1,912		17,590
Dixie Group, Inc./The †		353		5,796
Drew Industries, Inc.		266		14,417
Education Management Corp. †		2,000		9,740
Einstein Noah Restaurant Group, Inc.		302		4,971
Entercom Communications Corp., Class A †		458		4,612
Entravision Communications Corp., Class A		1,913		12,817
EW Scripps Co., Class A †		621		11,004
Express, Inc. †		344		5,463
Finish Line, Inc./The, Class A		909		24,625
Fred’s, Inc., Class A		630		11,346
FTD Cos., Inc. †		213		6,776
Genesco, Inc. †		260		19,388
G-III Apparel Group Ltd. †		337		24,122
Grand Canyon Education, Inc. †		524		24,471
Gray Television, Inc. †		1,154		11,967
Group 1 Automotive, Inc.		31		2,035
Guess?, Inc.		200		5,520
Harte-Hanks, Inc.		569		5,030

	SHARES		VALUE (Note 2)
Consumer Discretionary - 20.8% (continued)
Haverty Furniture Cos., Inc.		443	$	13,157
Helen of Troy Ltd. †		400		27,692
hhgregg, Inc. †		803		7,717
Iconix Brand Group, Inc. †		598		23,483
ITT Educational Services, Inc. †		572		16,405
Jack in the Box, Inc. †		100		5,894
Journal Communications, Inc., Class A †		1,151		10,198
K12, Inc. †		312		7,067
Kirkland’s, Inc. †		527		9,744
La-Z-Boy, Inc.		755		20,460
Lee Enterprises, Inc. (2)†		3,380		15,109
LifeLock, Inc. †		600		10,266
Lithia Motors, Inc., Class A		226		15,020
Lumber Liquidators Holdings, Inc. †		76		7,129
Marcus Corp./The		301		5,027
Mattress Firm Holding Corp. †		100		4,783
McClatchy Co./The, Class A †		1,190		7,640
MDC Partners, Inc., Class A		885		20,196
Men’s Wearhouse, Inc./The		600		29,388
Meredith Corp.		550		25,536
Modine Manufacturing Co. †		580		8,497
Monarch Casino & Resort, Inc. †		549		10,173
Motorcar Parts of America, Inc. †		691		18,360
Movado Group, Inc.		192		8,746
Multimedia Games Holding Co., Inc. †		571		16,582
NACCO Industries, Inc., Class A		85		4,608
Nautilus, Inc. †		1,611		15,514
New York Times Co./The, Class A		260		4,451
Nexstar Broadcasting Group, Inc., Class A		546		20,486
Nutrisystem, Inc.		706		10,639
Orbitz Worldwide, Inc. †		2,099		16,456
Outerwall, Inc. †		358		25,955
Overstock.com, Inc. †		596		11,741
Penn National Gaming, Inc. †		496		6,111
PetMed Express, Inc.		329		4,412
Quiksilver, Inc. †		941		7,067
Red Robin Gourmet Burgers, Inc. †		200		14,336
Rick’s Cabaret International, Inc. †		977		11,011
Ruth’s Hospitality Group, Inc.		879		10,627
Ryland Group, Inc./The		106		4,233
Scholastic Corp.		248		8,551
Shiloh Industries, Inc. †		786		13,944
Shoe Carnival, Inc.		536		12,349
Sinclair Broadcast Group, Inc., Class A		239		6,474
Sizmek, Inc. †		1,000		10,630
Skechers U.S.A., Inc., Class A †		762		27,843
Smith & Wesson Holding Corp. †		1,229		17,968
Sonic Corp. †		404		9,207
Standard Motor Products, Inc.		311		11,124
Stein Mart, Inc.		942		13,197
Steiner Leisure Ltd. (Bahamas) †		200		9,250
Steven Madden Ltd. †		400		14,392
Stoneridge, Inc. †		1,218		13,678
Strayer Education, Inc. †		246		11,422
Sturm, Ruger & Co., Inc.		270		16,146
Superior Industries International, Inc.		254		5,204
Tower International, Inc. †		526		14,318
Tuesday Morning Corp. †		567		8,023

The accompanying notes are an integral part of these financial statements. (Continued)

70 AQR Funds Semi-Annual Report March 2014

Schedule of Investments March 31, 2014 (Unaudited)

AQR SMALL CAP CORE EQUITY FUND

	SHARES		VALUE (Note 2)
Consumer Discretionary - 20.8% (continued)
Unifi, Inc. †		281	$	6,483
Universal Electronics, Inc. †		259		9,943
ValueVision Media, Inc., Class A †		1,131		5,497
VOXX International Corp. †		877		11,997
Winnebago Industries, Inc. †		332		9,093
Zumiez, Inc. †		537		13,017
				1,421,752
Consumer Staples - 3.8%
Andersons, Inc./The		400		23,696
Chiquita Brands International, Inc. (2)†		1,040		12,948
Farmer Bros Co. †		525		10,342
Female Health Co./The		431		3,344
Fresh Del Monte Produce, Inc.		96		2,647
Harbinger Group, Inc. †		281		3,437
Ingles Markets, Inc., Class A		610		14,530
Inter Parfums, Inc.		370		13,398
John B. Sanfilippo & Son, Inc.		531		12,224
Liberator Medical Holdings, Inc.		1,600		6,288
Medifast, Inc. †		238		6,923
Omega Protein Corp. †		1,237		14,931
Revlon, Inc., Class A †		413		10,552
Rite Aid Corp. †		1,247		7,819
Roundy’s, Inc.		868		5,972
Sanderson Farms, Inc.		361		28,335
Spartan Stores, Inc.		748		17,361
SUPERVALU, Inc. †		3,307		22,620
Synutra International, Inc. †		1,200		8,028
USANA Health Sciences, Inc. †		257		19,362
Weis Markets, Inc.		296		14,578
				259,335
Energy - 4.4%
Abraxas Petroleum Corp. †		3,386		13,409
Adams Resources & Energy, Inc.		100		5,792
Alon USA Energy, Inc.		200		2,988
Basic Energy Services, Inc. †		314		8,607
Bonanza Creek Energy, Inc. †		117		5,195
Carrizo Oil & Gas, Inc. †		136		7,271
Delek US Holdings, Inc.		120		3,485
Exterran Holdings, Inc.		80		3,510
Geospace Technologies Corp. †		67		4,433
Green Plains Renewable Energy, Inc.		886		26,545
Matador Resources Co. †		280		6,857
Matrix Service Co. †		631		21,315
Natural Gas Services Group, Inc. †		265		7,987
Newpark Resources, Inc. †		900		10,305
Parker Drilling Co. †		2,121		15,038
Penn Virginia Corp. †		1,708		29,873
PHI, Inc. †		100		4,424
Renewable Energy Group, Inc. †		1,529		18,317
REX American Resources Corp. †		301		17,172
Sanchez Energy Corp. †		195		5,778
Stone Energy Corp. †		641		26,903
Tesco Corp. †		571		10,563
Warren Resources, Inc. †		3,603		17,294
Westmoreland Coal Co. †		500		14,890
Willbros Group, Inc. †		964		12,166
				300,117

	SHARES		VALUE (Note 2)
Financials - 22.1%
1st Source Corp.		498	$	15,981
American Equity Investment Life Holding Co.		1,074		25,368
Ameris Bancorp †		517		12,046
Argo Group International Holdings Ltd.		534		24,511
Arlington Asset Investment Corp., Class A		505		13,372
Ashford Hospitality Trust, Inc. REIT		1,146		12,916
BancFirst Corp.		100		5,663
Banco Latinoamericano de Comercio Exterior SA, Class E (Panama)		116		3,064
BancorpSouth, Inc.		300		7,488
Bank of Kentucky Financial Corp.		158		5,931
Banner Corp.		272		11,209
BBCN Bancorp, Inc.		501		8,587
BGC Partners, Inc., Class A		3,177		20,778
BNC Bancorp		400		6,932
BofI Holding, Inc. †		149		12,777
Bryn Mawr Bank Corp.		200		5,746
Capital Southwest Corp.		200		6,944
Center Bancorp, Inc.		400		7,600
Chemical Financial Corp.		178		5,776
CoBiz Financial, Inc.		304		3,502
Community Trust Bancorp, Inc.		334		13,854
Cowen Group, Inc., Class A †		1,505		6,637
Eagle Bancorp, Inc. †		220		7,942
EMC Insurance Group, Inc.		425		15,100
Employers Holdings, Inc.		638		12,907
Encore Capital Group, Inc. †		400		18,280
Endurance Specialty Holdings Ltd.		576		31,006
Enterprise Financial Services Corp.		906		18,183
EverBank Financial Corp.		222		4,380
FBL Financial Group, Inc., Class A		351		15,205
FBR & Co. †		469		12,114
Federal Agricultural Mortgage Corp., Class C		148		4,921
Fidelity Southern Corp.		525		7,334
Financial Institutions, Inc.		274		6,308
First Bancorp		400		7,600
First Citizens BancShares, Inc., Class A		73		17,575
First Defiance Financial Corp.		251		6,807
First Interstate Bancsystem, Inc.		1,064		30,026
First Merchants Corp.		727		15,732
First Midwest Bancorp, Inc.		746		12,742
Firsthand Technology Value Fund, Inc.		237		5,060
Flagstar Bancorp, Inc. †		717		15,932
Flushing Financial Corp.		290		6,110
Fulton Financial Corp.		266		3,346
GFI Group, Inc. (2)		1,077		3,823
Gladstone Capital Corp.		640		6,451
Gladstone Investment Corp.		822		6,798
Great Southern Bancorp, Inc.		200		6,006
Greenlight Capital Re Ltd., Class A (Cayman Islands) †		543		17,810
GSV Capital Corp. †		600		6,084
Hanmi Financial Corp.		480		11,184
Hanover Insurance Group, Inc./The		517		31,765
HCI Group, Inc.		310		11,284
Heartland Financial USA, Inc.		197		5,317
Hercules Technology Growth Capital, Inc.		1,170		16,462

The accompanying notes are an integral part of these financial statements. (Continued)

AQR Funds Semi-Annual Report March 2014 71

Schedule of Investments March 31, 2014 (Unaudited)

AQR SMALL CAP CORE EQUITY FUND

	SHARES		VALUE (Note 2)
Financials - 22.1% (continued)
Hilltop Holdings, Inc. †		999	$	23,766
Horace Mann Educators Corp.		805		23,345
Independent Bank Corp. †		995		12,915
International Bancshares Corp.		854		21,418
Investment Technology Group, Inc. †		699		14,120
Kansas City Life Insurance Co.		100		4,820
Kemper Corp.		710		27,811
Ladenburg Thalmann Financial Services, Inc. †		2,345		7,082
Lakeland Bancorp, Inc.		338		3,803
Lakeland Financial Corp.		356		14,318
Maiden Holdings Ltd.		1,302		16,249
MainSource Financial Group, Inc.		400		6,840
MB Financial, Inc.		652		20,186
MBIA, Inc. †		349		4,883
Medallion Financial Corp.		295		3,897
Meta Financial Group, Inc.		436		19,555
MGIC Investment Corp. †		627		5,342
Montpelier Re Holdings Ltd.		460		13,690
MVC Capital, Inc.		500		6,775
National Western Life Insurance Co., Class A		61		14,915
Navigators Group, Inc./The †		220		13,506
Nelnet, Inc., Class A		608		24,867
New Mountain Finance Corp.		380		5,529
NGP Capital Resources Co.		487		3,292
OneBeacon Insurance Group Ltd., Class A		800		12,368
Oppenheimer Holdings, Inc., Class A		400		11,220
Pacific Continental Corp.		500		6,880
PHH Corp. †		315		8,140
Phoenix Cos., Inc./The †		257		13,300
Piper Jaffray Cos. †		250		11,450
Platinum Underwriters Holdings Ltd.		381		22,898
Primerica, Inc.		730		34,390
PrivateBancorp, Inc.		900		27,459
Provident Financial Holdings, Inc.		289		4,456
Radian Group, Inc.		372		5,591
Regional Management Corp. †		353		8,705
Renasant Corp.		209		6,072
S&T Bancorp, Inc.		606		14,362
Safety Insurance Group, Inc.		329		17,717
Sandy Spring Bancorp, Inc.		342		8,543
Selective Insurance Group, Inc.		647		15,088
Southside Bancshares, Inc.		300		9,414
StanCorp Financial Group, Inc.		319		21,309
State Auto Financial Corp.		400		8,524
Stewart Information Services Corp.		539		18,935
SY Bancorp, Inc.		300		9,492
Symetra Financial Corp.		1,785		35,379
Synovus Financial Corp.		970		3,288
Texas Capital Bancshares, Inc. †		162		10,520
THL Credit, Inc.		300		4,140
TICC Capital Corp. (2)		559		5,467
Tompkins Financial Corp.		100		4,896
Trico Bancshares		541		14,028
TrustCo Bank Corp.		1,000		7,040
Umpqua Holdings Corp.		735		13,700
Union First Market Bankshares Corp.		369		9,380

	SHARES		VALUE (Note 2)
Financials - 22.1% (continued)
United Community Banks, Inc. †		1,071	$	20,788
United Fire Group, Inc.		424		12,868
Universal Insurance Holdings, Inc.		945		12,002
Univest Corp. of Pennsylvania		400		8,208
Washington Federal, Inc.		962		22,415
Webster Financial Corp.		80		2,485
WesBanco, Inc.		647		20,594
Western Alliance Bancorp †		1,049		25,805
Wilshire Bancorp, Inc.		833		9,246
Wintrust Financial Corp.		100		4,866
World Acceptance Corp. †		117		8,784
WSFS Financial Corp.		188		13,429
				1,512,841
Health Care - 7.0%
Addus HomeCare Corp. †		601		13,853
Affymetrix, Inc. †		1,200		8,556
Albany Molecular Research, Inc. †		598		11,117
Alere, Inc. †		221		7,591
Alliance HealthCare Services, Inc. †		364		12,205
Almost Family, Inc. †		505		11,665
Amedisys, Inc. †		676		10,066
AMN Healthcare Services, Inc. †		191		2,624
Amsurg Corp. †		400		18,832
Anika Therapeutics, Inc. †		429		17,632
BioTelemetry, Inc. †		871		8,788
Cambrex Corp. †		412		7,774
Cardiovascular Systems, Inc. †		131		4,164
Corvel Corp. †		224		11,146
Cross Country Healthcare, Inc. †		800		6,456
CryoLife, Inc.		563		5,607
Depomed, Inc. †		500		7,250
Emergent Biosolutions, Inc. †		435		10,992
Exactech, Inc. †		300		6,768
Fonar Corp. †		584		10,267
Gentiva Health Services, Inc. †		713		6,503
Globus Medical, Inc., Class A †		800		21,272
Greatbatch, Inc. †		81		3,720
Healthways, Inc. †		319		5,468
Hill-Rom Holdings, Inc.		303		11,678
ICU Medical, Inc. †		100		5,988
Impax Laboratories, Inc. †		600		15,852
Insys Therapeutics, Inc. †		194		8,017
Invacare Corp.		526		10,031
Kindred Healthcare, Inc.		992		23,233
LHC Group, Inc. †		437		9,640
Magellan Health Services, Inc. †		128		7,597
MedAssets, Inc. †		132		3,262
Molina Healthcare, Inc. †		258		9,690
Myriad Genetics, Inc. †		220		7,522
Natus Medical, Inc. †		500		12,900
NuVasive, Inc. †		586		22,508
Omnicell, Inc. †		200		5,724
PDL BioPharma, Inc.		2,234		18,565
PharMerica Corp. †		511		14,298
PhotoMedex, Inc. †		422		6,680
Prestige Brands Holdings, Inc. †		209		5,695
Providence Service Corp./The †		519		14,677

The accompanying notes are an integral part of these financial statements. (Continued)

72 AQR Funds Semi-Annual Report March 2014

Schedule of Investments March 31, 2014 (Unaudited)

AQR SMALL CAP CORE EQUITY FUND

	SHARES		VALUE (Note 2)
Health Care - 7.0% (continued)
Repligen Corp. †		1,025	$	13,182
SciClone Pharmaceuticals, Inc. †		680		3,094
Select Medical Holdings Corp.		600		7,470
Sucampo Pharmaceuticals, Inc., Class A †		800		5,720
Vascular Solutions, Inc. †		227		5,945
				479,284
Industrials - 15.9%
AAR Corp.		534		13,857
Aceto Corp.		566		11,371
Aegion Corp. †		137		3,467
Air Transport Services Group, Inc. †		525		4,121
Aircastle Ltd.		327		6,337
Alamo Group, Inc.		124		6,737
Albany International Corp., Class A		81		2,879
Allegiant Travel Co.		76		8,507
Altra Industrial Motion Corp.		169		6,033
American Railcar Industries, Inc.		166		11,625
ARC Document Solutions, Inc. †		1,473		10,959
ARC Group Worldwide, Inc. †		300		10,302
Argan, Inc.		206		6,124
Arkansas Best Corp.		541		19,990
Arotech Corp. †		1,200		7,464
Barrett Business Services, Inc.		136		8,102
Brink’s Co./The		365		10,421
Broadwind Energy, Inc. †		1,264		15,446
CBIZ, Inc. †		713		6,531
Ceco Environmental Corp.		400		6,636
Celadon Group, Inc.		184		4,423
Cenveo, Inc. (2)†		1,304		3,964
CIRCOR International, Inc.		223		16,353
Columbus McKinnon Corp. †		368		9,859
Comfort Systems USA, Inc.		375		5,715
Curtiss-Wright Corp.		99		6,290
Deluxe Corp.		625		32,794
Ducommun, Inc. †		528		13,232
DXP Enterprises, Inc. †		139		13,195
Dycom Industries, Inc. †		174		5,500
Dynamic Materials Corp.		195		3,713
Eagle Bulk Shipping, Inc. †		2,213		8,830
EnerNOC, Inc. †		238		5,303
EnerSys, Inc.		259		17,946
Engility Holdings, Inc. †		480		21,624
Ennis, Inc.		300		4,971
Erickson Air-Crane, Inc. †		509		9,829
Federal Signal Corp. †		1,240		18,476
Franklin Covey Co. †		300		5,931
FTI Consulting, Inc. †		167		5,568
G&K Services, Inc., Class A		196		11,989
GenCorp, Inc. †		480		8,770
Gibraltar Industries, Inc. †		390		7,359
Greenbrier Cos., Inc./The †		300		13,680
H&E Equipment Services, Inc. †		258		10,436
Hardinge, Inc.		179		2,578
Hawaiian Holdings, Inc. †		1,293		18,050
Heidrick & Struggles International, Inc.		300		6,021
Herman Miller, Inc.		412		13,238
HNI Corp.		113		4,131

	SHARES		VALUE (Note 2)
Industrials - 15.9% (continued)
Huron Consulting Group, Inc. †		333	$	21,106
Hyster-Yale Materials Handling, Inc.		233		22,718
ICF International, Inc. †		426		16,959
International Shipholding Corp.		227		6,683
JetBlue Airways Corp. †		2,810		24,419
John Bean Technologies Corp.		230		7,107
Kadant, Inc.		170		6,200
Kelly Services, Inc., Class A		567		13,455
Kforce, Inc.		364		7,760
Kimball International, Inc., Class B		964		17,458
Korn/Ferry International †		700		20,839
Kratos Defense & Security Solutions, Inc. †		1,128		8,505
LB Foster Co., Class A		116		5,435
Lydall, Inc. †		307		7,021
Manitex International, Inc. †		683		11,133
Marten Transport Ltd.		300		6,456
Meritor, Inc. †		663		8,122
Multi-Color Corp.		300		10,500
MYR Group, Inc. †		222		5,621
Navigant Consulting, Inc. †		1,002		18,697
NN, Inc.		763		15,031
Northwest Pipe Co. †		230		8,317
Orbital Sciences Corp. †		379		10,574
Orion Energy Systems, Inc. †		1,100		7,975
Orion Marine Group, Inc. †		341		4,286
Park-Ohio Holdings Corp. †		326		18,305
Patrick Industries, Inc. †		306		13,565
PGT, Inc. †		1,115		12,834
Powell Industries, Inc.		103		6,674
Quad/Graphics, Inc.		361		8,465
Quality Distribution, Inc. †		801		10,405
RPX Corp. †		1,276		20,773
RR Donnelley & Sons Co.		425		7,607
Rush Enterprises, Inc., Class A †		246		7,990
Saia, Inc. †		394		15,055
Sparton Corp. †		200		5,856
Spirit Airlines, Inc. †		296		17,582
Standex International Corp.		106		5,679
Steelcase, Inc., Class A		607		10,082
Swift Transportation Co. †		404		9,999
Taser International, Inc. †		539		9,858
TrueBlue, Inc. †		483		14,133
Tutor Perini Corp. †		746		21,388
UniFirst Corp.		189		20,779
United Stationers, Inc.		204		8,378
Universal Truckload Services, Inc.		220		6,358
VSE Corp.		100		5,270
Wabash National Corp. †		731		10,059
West Corp.		500		11,965
Xerium Technologies, Inc. †		853		13,691
YRC Worldwide, Inc. †		722		16,245
				1,088,049
Information Technology - 19.6%
Advanced Energy Industries, Inc. †		346		8,477
Advent Software, Inc.		200		5,872
Alliance Fiber Optic Products, Inc.		685		9,912
Ambarella, Inc. †		400		10,684

The accompanying notes are an integral part of these financial statements. (Continued)

AQR Funds Semi-Annual Report March 2014 73

Schedule of Investments March 31, 2014 (Unaudited)

AQR SMALL CAP CORE EQUITY FUND

	SHARES		VALUE (Note 2)
Information Technology - 19.6% (continued)
Amkor Technology, Inc. †		3,416	$	23,434
Audience, Inc. †		638		7,975
Autobytel, Inc. †		500		6,215
AVX Corp.		765		10,083
Axcelis Technologies, Inc. †		5,223		11,229
Bankrate, Inc. †		400		6,776
Benchmark Electronics, Inc. †		712		16,127
Black Box Corp.		400		9,736
Blucora, Inc. †		715		14,078
Booz Allen Hamilton Holding Corp.		613		13,486
Brightcove, Inc. †		700		6,881
CACI International, Inc., Class A †		252		18,598
CalAmp Corp. †		412		11,482
Calix, Inc. †		447		3,768
Callidus Software, Inc. †		500		6,260
Cascade Microtech, Inc. †		550		5,555
Checkpoint Systems, Inc. †		664		8,911
CIBER, Inc. †		1,400		6,412
Ciena Corp. †		300		6,822
Clearfield, Inc. †		253		5,842
comScore, Inc. †		400		13,116
Comtech Telecommunications Corp.		200		6,372
Constant Contact, Inc. †		400		9,784
Convergys Corp.		1,134		24,846
Conversant, Inc. †		163		4,588
CSG Systems International, Inc.		649		16,900
CTS Corp.		300		6,264
Daktronic, Inc.		420		6,044
eGain Corp. †		593		4,187
Electronics For Imaging, Inc. †		511		22,131
Emulex Corp. †		1,443		10,664
Entegris, Inc. †		780		9,446
EPAM Systems, Inc. †		200		6,580
ePlus, Inc. †		277		15,446
Euronet Worldwide, Inc. †		500		20,795
Extreme Networks, Inc. †		1,630		9,454
Fabrinet (Cayman Islands) †		559		11,610
Finisar Corp. †		1,358		36,001
FormFactor, Inc. †		763		4,876
Global Cash Access Holdings, Inc. †		593		4,068
GSI Group, Inc. †		476		6,217
Hackett Group, Inc./The		1,923		11,500
Harmonic, Inc. †		1,413		10,089
Heartland Payment Systems, Inc.		136		5,637
iGATE Corp. †		856		26,998
Imation Corp. †		1,400		8,078
Information Services Group, Inc. †		2,761		13,556
Insight Enterprises, Inc. †		551		13,836
Integrated Device Technology, Inc. †		900		11,007
Integrated Silicon Solution, Inc. †		783		12,176
International Rectifier Corp. †		797		21,838
Intersil Corp., Class A		1,512		19,535
Intralinks Holdings, Inc. †		1,147		11,734
j2 Global, Inc.		561		28,078
Lattice Semiconductor Corp. †		900		7,056
Lexmark International, Inc., Class A		393		18,192
LogMeIn, Inc. †		200		8,978

	SHARES		VALUE (Note 2)
Information Technology - 19.6% (continued)
ManTech International Corp., Class A		211	$	6,205
Mattson Technology, Inc. †		3,790		8,793
MaxLinear, Inc., Class A †		700		6,636
Mentor Graphics Corp.		1,310		28,846
Mercury Systems, Inc. †		600		7,926
Methode Electronics, Inc.		388		11,896
ModusLink Global Solutions, Inc. †		1,300		5,499
MoneyGram International, Inc. †		756		13,343
Monotype Imaging Holdings, Inc.		91		2,743
Netscout Systems, Inc. †		255		9,583
Newport Corp. †		267		5,522
OmniVision Technologies, Inc. †		800		14,160
PC Connection, Inc.		633		12,863
Pegasystems, Inc.		492		17,377
Perceptron, Inc.		500		6,065
Perficient, Inc. †		600		10,872
Photronics, Inc. †		1,112		9,485
Plantronics, Inc.		212		9,423
Plexus Corp. †		593		23,762
Polycom, Inc. †		900		12,348
Power Integrations, Inc.		80		5,262
QLogic Corp. †		1,017		12,967
QuinStreet, Inc. †		1,592		10,571
RF Industries Ltd.		1,207		7,870
RF Micro Devices, Inc. †		1,000		7,880
Sanmina Corp. †		1,160		20,242
ScanSource, Inc. †		479		19,529
Seachange International, Inc. †		228		2,380
ShoreTel, Inc. †		1,300		11,180
Sigma Designs, Inc. †		1,729		8,230
Silicon Image, Inc. †		2,000		13,800
Spansion, Inc., Class A †		500		8,710
Stamps.com, Inc. †		326		10,941
SunPower Corp. †		189		6,097
Super Micro Computer, Inc. †		857		14,886
Sykes Enterprises, Inc. †		920		18,280
Synaptics, Inc. †		479		28,750
SYNNEX Corp. †		445		26,971
Take-Two Interactive Software, Inc. †		964		21,141
TeleTech Holdings, Inc. †		614		15,049
Tessco Technologies, Inc.		197		7,360
TiVo, Inc. †		688		9,102
Travelzoo, Inc. †		411		9,412
Ubiquiti Networks, Inc. †		171		7,775
Ultra Clean Holdings, Inc. †		956		12,571
Unisys Corp. †		627		19,098
United Online, Inc.		1,108		12,808
Vishay Intertechnology, Inc.		522		7,767
Web.com Group, Inc. †		600		20,418
WebMD Health Corp. †		100		4,140
XO Group, Inc. †		526		5,334
Zebra Technologies Corp., Class A †		100		6,941
Zhone Technologies, Inc. †		1,597		6,739
				1,335,840
Materials - 3.1%
A Schulman, Inc.		96		3,481
A.M. Castle & Co. †		360		5,288

The accompanying notes are an integral part of these financial statements. (Continued)

74 AQR Funds Semi-Annual Report March 2014

Schedule of Investments March 31, 2014 (Unaudited)

AQR SMALL CAP CORE EQUITY FUND

	SHARES		VALUE (Note 2)
Materials - 3.1% (continued)
AK Steel Holding Corp. †		872	$	6,296
Clearwater Paper Corp. †		155		9,714
Ferro Corp. †		800		10,928
Flotek Industries, Inc. †		194		5,403
FutureFuel Corp.		454		9,216
Innospec, Inc.		159		7,192
KapStone Paper and Packaging Corp. †		530		15,285
Koppers Holdings, Inc.		71		2,927
Materion Corp.		151		5,123
Minerals Technologies, Inc.		259		16,721
Myers Industries, Inc.		430		8,566
Neenah Paper, Inc.		208		10,758
Olin Corp.		348		9,608
Olympic Steel, Inc.		350		10,045
OM Group, Inc.		391		12,989
OMNOVA Solutions, Inc. †		557		5,782
PH Glatfelter Co.		386		10,507
Quaker Chemical Corp.		141		11,115
Schweitzer-Mauduit International, Inc.		169		7,198
US Concrete, Inc. †		273		6,415
US Silica Holdings, Inc.		263		10,039
Worthington Industries, Inc.		229		8,759
Zep, Inc.		280		4,956
				214,311
Telecommunication Services - 2.3%
8x8, Inc. †		750		8,107
Alaska Communications Systems Group, Inc. †		4,000		7,720
Atlantic Tele-Network, Inc.		216		14,239
FairPoint Communications, Inc. †		600		8,160
Hawaiian Telcom Holdco, Inc. †		300		8,547
IDT Corp., Class B		795		13,245
Inteliquent, Inc.		1,175		17,073
Lumos Networks Corp.		500		6,685
NTELOS Holdings Corp.		267		3,604
Premiere Global Services, Inc. †		532		6,416
Shenandoah Telecommunications Co.		504		16,274
Straight Path Communications, Inc., Class B †		200		1,472
Telephone & Data Systems, Inc.		300		7,863
USA Mobility, Inc.		946		17,189
Vonage Holdings Corp. †		4,964		21,196
				157,790
Utilities - 0.1%
Consolidated Water Co., Ltd. (Cayman Islands)		600		7,908
TOTAL COMMON STOCKS (cost $5,883,655)				6,777,227
EXCHANGE-TRADED FUNDS - 0.5%
iShares Russell 2000 ETF (cost $28,018)		261		30,365

	SHARES		VALUE (Note 2)
MONEY MARKET FUNDS - 0.6%
J.P. Morgan U.S. Treasury Plus Money Market Fund - Institutional Shares, 0.000% (2)(a)
(cost $41,330)		41,330	$	41,330
TOTAL INVESTMENTS - 100.2% (cost $5,953,003)				6,848,922
LIABILITIES IN EXCESS OF OTHER ASSETS - (0.2%)				(11,496)
NET ASSETS - 100.0%			$	6,837,426

All securities are United States companies, unless noted otherwise in parentheses.

† Non income-producing security.

(a) Represents annualized seven-day yield as of March 31, 2014.

All securities are Level 1 with respect to ASC 820, unless otherwise noted in parentheses.

(2) Level 2 security (See Note 4).

The following abbreviations are used in portfolio descriptions:

REIT - Real Estate Investment Trust

The accompanying notes are an integral part of these financial statements.

AQR Funds Semi-Annual Report March 2014 75

Schedule of Investments March 31, 2014 (Unaudited)

AQR INTERNATIONAL CORE EQUITY FUND

COMMON STOCKS - 97.7%	SHARES		VALUE (Note 2)
Australia - 2.1%
Insurance Australia Group Ltd.		10,056	$	52,010
Macquarie Group Ltd.		1,150		62,010
National Australia Bank Ltd.		714		23,541
Suncorp Group Ltd.		3,725		44,579
Tatts Group Ltd.		823		2,216
Telstra Corp. Ltd.		60,905		287,194
Wesfarmers Ltd.		416		15,939
Westpac Banking Corp.		419		13,472
Woolworths Ltd.		511		16,946
				517,907
Austria - 1.8%
Andritz AG		484		29,926
Erste Group Bank AG		1,258		43,036
Flughafen Wien AG		378		37,459
Oesterreichische Post AG		282		14,212
OMV AG		2,665		120,969
Raiffeisen Bank International AG		1,585		52,891
Strabag SE		723		18,733
Vienna Insurance Group AG Wiener Versicherung Gruppe		892		44,078
Voestalpine AG		967		42,556
Wienerberger AG		3,230		61,881
				465,741
Belgium - 1.3%
Belgacom SA		3,860		120,944
Colruyt SA		241		13,285
Delhaize Group SA		982		71,816
KBC Groep NV		1,995		122,864
				328,909
Canada - 9.9%
Alimentation Couche Tard, Inc., Class B (1)		3,394		274,498
Canadian Tire Corp. Ltd., Class A (1)		3,390		319,620
Empire Co., Ltd., Class A (1)		3,904		238,972
Genworth MI Canada, Inc. (1)		3,400		116,009
Gildan Activewear, Inc. (1)		90		4,536
Industrial Alliance Insurance & Financial Services, Inc. (1)		2,438		100,255
Loblaw Cos., Ltd. (1)		3,949		167,533
Magna International, Inc. (1)		2,854		274,376
Manulife Financial Corp. (1)		5,802		111,894
National Bank of Canada (1)		5,500		220,398
Pengrowth Energy Corp. (1)		9,500		57,490
Rogers Communications, Inc., Class B (1)		565		23,413
Stantec, Inc. (1)		1,900		116,131
Sun Life Financial, Inc. (1)		8,155		282,382
Suncor Energy, Inc. (1)		3,600		125,731
West Fraser Timber Co., Ltd. (1)		952		43,488
				2,476,726
China - 0.2%
FIH Mobile Ltd. †		96,000		53,047
Denmark - 3.2%
AP Moeller - Maersk A/S, Class B		22		263,313
Carlsberg A/S, Class B		119		11,830
Pandora A/S		920		60,718

	SHARES		VALUE (Note 2)
Denmark - 3.2% (continued)
TDC A/S		36,241	$	335,206
Tryg A/S		676		66,868
Vestas Wind Systems A/S †		1,625		65,153
				803,088
Finland - 0.5%
Huhtamaki OYJ		1,511		41,432
Orion OYJ, Class B		162		4,891
Sampo, A Shares		1,584		82,225
				128,548
France - 6.4%
BNP Paribas SA		4,474		344,942
Bouygues SA		1,362		56,754
Cap Gemini SA		1,530		115,831
Cie Generale des Etablissements Michelin		481		60,132
Credit Agricole SA †		5,900		92,986
Electricite de France		4,079		161,286
Natixis		22,361		164,224
Orange SA		4,263		62,972
Safran SA		1,893		131,146
Sanofi		391		40,859
Societe Generale SA		1,265		77,868
Suez Environnement Co.		5,495		111,580
Total SA		1,334		87,810
Zodiac Aerospace		3,181		112,388
				1,620,778
Germany - 8.3%
Allianz SE		928		156,849
Bayerische Motoren Werke AG		424		53,579
Commerzbank AG †		3,474		63,901
Continental AG		876		210,080
Daimler AG		3,115		294,676
Deutsche Lufthansa AG †		4,391		115,130
Deutsche Post AG		4,330		160,978
Deutsche Telekom AG		20,209		327,903
Hannover Rueck SE		1,033		92,403
Merck KGaA		306		51,532
Metro AG		1,535		62,615
Muenchener Rueckversicherungs AG		1,368		298,932
ProSiebenSat.1 Media AG		1,324		60,731
Suedzucker AG		310		8,841
Talanx AG		3,356		120,720
				2,078,870
Hong Kong - 2.6%
Cheung Kong Holdings Ltd.		1,000		16,628
Galaxy Entertainment Group Ltd. †		4,000		34,913
Henderson Land Development Co., Ltd.		1,100		6,437
Hongkong Land Holdings Ltd.		2,000		12,954
Hutchison Whampoa Ltd.		6,000		79,631
Hysan Development Co., Ltd.		1,000		4,364
Johnson Electric Holdings Ltd.		62,000		57,347
Kerry Properties Ltd.		1,000		3,335
Link REIT/The REIT		1,500		7,397
MGM China Holdings Ltd.		13,600		48,049
NWS Holdings Ltd.		18,000		30,377
PCCW Ltd.		81,000		40,690

The accompanying notes are an integral part of these financial statements. (Continued)

76 AQR Funds Semi-Annual Report March 2014

Schedule of Investments March 31, 2014 (Unaudited)

AQR INTERNATIONAL CORE EQUITY FUND

	SHARES		VALUE (Note 2)
Hong Kong - 2.6% (continued)
SJM Holdings Ltd.		32,000	$	90,151
Swire Properties Ltd.		2,600		7,422
Techtronic Industries Co.		16,500		46,069
Wharf Holdings Ltd.		19,000		121,860
Wheelock & Co., Ltd.		9,000		35,272
				642,896
Israel - 0.1%
Azrieli Group		695		24,319
Italy - 1.8%
Gtech Spa		2,437		74,040
Intesa Sanpaolo SpA		19,509		66,198
Parmalat SpA		28,460		98,061
UniCredit SpA		6,798		62,141
Unione di Banche Italiane SCpA		9,228		87,064
UnipolSai SpA †		15,458		59,266
				446,770
Japan - 32.4%
77 Bank Ltd./The		12,000		53,901
Acom Co., Ltd. †		26,400		84,352
Aiful Corp. †		28,300		86,429
Aisin Seiki Co., Ltd.		1,200		43,316
Alps Electric Co., Ltd.		8,900		105,937
Bank of Yokohama Ltd./The		10,000		49,881
Bridgestone Corp.		2,300		81,514
Brother Industries Ltd.		8,300		116,052
Casio Computer Co., Ltd.		4,900		57,937
Chiba Bank Ltd./The		7,000		43,087
Chugoku Bank Ltd./The		3,000		39,980
Credit Saison Co., Ltd.		1,300		25,853
Dai-ichi Life Insurance Co., Ltd./The		3,000		43,641
Daikin Industries Ltd.		1,300		72,903
Daiwa Securities Group, Inc.		22,000		191,141
Denso Corp.		3,400		163,052
DIC Corp.		17,000		44,616
Fuji Electric Co., Ltd.		11,000		49,178
Fuji Heavy Industries Ltd.		4,000		108,319
FUJIFILM Holdings Corp.		600		16,105
Fukuoka Financial Group, Inc.		10,000		41,076
GungHo Online Entertainment, Inc.		15,800		85,888
Gunma Bank Ltd./The		7,000		38,073
Hachijuni Bank Ltd./The		7,000		39,779
Haseko Corp.		15,600		97,555
Hino Motors Ltd.		7,000		103,671
Hiroshima Bank Ltd./The		11,000		45,928
Hitachi Capital Corp.		3,100		66,215
Hitachi Ltd.		11,000		81,423
Hokuhoku Financial Group, Inc.		72,000		138,052
Isuzu Motors Ltd.		7,000		40,192
Iyo Bank Ltd./The		4,000		38,182
Joyo Bank Ltd./The		6,000		29,906
JTEKT Corp.		3,200		47,504
Juroku Bank Ltd./The		6,000		20,922
Kansai Electric Power Co., Inc./The †		4,200		43,052
KDDI Corp.		4,200		243,873
Keiyo Bank Ltd./The		5,000		21,295
Kobe Steel Ltd.		49,000		65,025

	SHARES		VALUE (Note 2)
Japan - 32.4% (continued)
Koito Manufacturing Co., Ltd.		2,000	$	33,917
Mazda Motor Corp.		12,000		53,311
Minebea Co., Ltd.		7,000		62,330
Mitsubishi Electric Corp.		17,000		191,366
Mitsubishi Motors Corp.		3,700		38,642
Mitsubishi UFJ Financial Group, Inc.		20,200		111,237
Mitsubishi UFJ Lease & Finance Co., Ltd.		24,800		121,745
Mitsui OSK Lines Ltd.		12,000		46,677
MS&AD Insurance Group Holdings		2,500		57,228
Namco Bandai Holdings, Inc.		2,400		56,927
Nippon Paint Co., Ltd.		13,000		196,839
Nippon Paper Industries Co., Ltd.		4,100		77,300
Nishi-Nippon City Bank Ltd./The		27,000		60,690
Nissan Shatai Co., Ltd.		1,000		16,771
Nomura Holdings, Inc.		17,100		109,694
NSK Ltd.		9,000		92,317
NTN Corp.		30,000		101,521
Oji Holdings Corp.		20,000		89,458
Okasan Securities Group, Inc.		21,000		176,927
Omron Corp.		4,100		169,645
ORIX Corp.		17,500		246,645
Panasonic Corp.		17,200		195,617
Renesas Electronics Corp. †		4,400		33,590
Seiko Epson Corp.		4,900		153,109
Seino Holdings Co., Ltd.		11,000		104,949
Sekisui Chemical Co., Ltd.		5,000		51,931
Seven & I Holdings Co., Ltd.		2,200		83,830
Shiga Bank Ltd./The		5,000		27,134
Shinsei Bank Ltd.		79,000		155,096
Shionogi & Co., Ltd.		1,000		18,487
Sony Corp.		600		11,428
Square Enix Holdings Co., Ltd.		4,700		96,736
Sumitomo Mitsui Financial Group, Inc.		5,500		235,752
Sumitomo Mitsui Trust Holdings, Inc.		8,000		36,196
Suzuki Motor Corp.		1,400		36,502
T&D Holdings, Inc.		16,200		192,806
Takashimaya Co., Ltd.		5,000		46,800
Tokai Tokyo Financial Holdings, Inc.		23,900		200,441
Tokyo Electric Power Co., Inc †		45,700		183,870
Tokyo Tatemono Co., Ltd.		11,000		94,252
Tosoh Corp.		25,000		96,299
TOTO Ltd.		6,000		83,171
Toyo Seikan Group Holdings Ltd.		6,800		110,355
Toyo Tire & Rubber Co., Ltd.		17,000		120,542
Toyota Motor Corp.		11,500		648,529
TS Tech Co., Ltd.		1,300		39,359
Yamaguchi Financial Group, Inc.		5,000		45,081
Yamaha Corp.		8,400		108,039
Yokohama Rubber Co., Ltd./The		4,000		37,619
Zeon Corp.		3,000		27,126
				8,150,638
Netherlands - 2.5%
Aegon NV		6,656		61,309
Heineken Holding NV		2,008		129,657
Koninklijke Ahold NV		19,494		391,503
Koninklijke Philips NV		1,615		56,815
				639,284

The accompanying notes are an integral part of these financial statements. (Continued)

AQR Funds Semi-Annual Report March 2014 77

Schedule of Investments March 31, 2014 (Unaudited)

AQR INTERNATIONAL CORE EQUITY FUND

	SHARES		VALUE (Note 2)
Norway - 0.5%
DNB ASA		3,344	$	58,107
Telenor ASA		2,578		57,058
				115,165
Portugal - 0.8%
EDP - Energias de Portugal SA		29,292		135,992
Sonae		33,946		63,732
				199,724
Singapore - 1.0%
CapitaCommercial Trust REIT		3,000		3,552
ComfortDelGro Corp. Ltd.		8,000		12,654
Keppel Land Ltd.		20,000		53,538
Mapletree Commercial Trust REIT		51,000		49,577
StarHub Ltd.		4,000		13,383
Suntec Real Estate Investment Trust REIT		31,000		40,980
Yangzijiang Shipbuilding Holdings Ltd.		60,000		51,626
Yanlord Land Group Ltd.		31,000		26,430
				251,740
Spain - 5.7%
ACS Actividades de Construccion y Servicios SA		1,608		63,224
Amadeus IT Holding SA, A Shares		513		21,318
Banco Bilbao Vizcaya Argentaria SA		5,169		62,153
Banco de Sabadell SA		20,606		63,705
Banco Popular Espanol SA		15,836		119,744
Banco Santander SA		14,150		135,078
CaixaBank SA		9,807		63,128
Endesa SA		7,819		281,496
Ferrovial SA		6,840		148,276
Gas Natural SDG SA		7,094		199,579
Iberdrola SA		38,789		271,425
Repsol SA		490		12,514
				1,441,640
Sweden - 1.5%
Investor AB, B Shares		1,700		61,578
Skandinaviska Enskilda Banken AB, Class A		6,114		83,990
Telefonaktiebolaget LM Ericsson, B Shares		4,762		63,513
TeliaSonera AB		22,200		167,663
				376,744
Switzerland - 5.3%
Actelion Ltd. †		1,327		125,758
Credit Suisse Group AG †		7,037		227,774
STMicroelectronics NV		3,816		35,355
Swiss Life Holding AG †		488		120,007
Swiss Re AG †		4,789		444,487
Zurich Insurance Group AG †		1,254		385,122
				1,338,503
United Kingdom - 9.8%
AstraZeneca PLC		5,053		327,571
BAE Systems PLC		15,044		104,511
British Sky Broadcasting Group PLC		12,241		186,230
BT Group PLC		38,021		241,803
Direct Line Insurance Group PLC		21,118		83,653

	SHARES		VALUE (Note 2)
United Kingdom - 9.8% (continued)
easyJet PLC		2,185	$	62,533
GKN PLC		3,403		22,173
HSBC Holdings PLC		15,916		161,156
ITV PLC		15,886		50,756
J Sainsbury PLC		31,011		163,534
Legal & General Group PLC		16,108		54,995
London Stock Exchange Group PLC		218		7,166
Marks & Spencer Group PLC		6,666		50,181
Mondi PLC		3,791		66,432
Next PLC		942		103,668
Old Mutual PLC		2,260		7,587
Prudential PLC		2,999		63,502
Rexam PLC		10,747		87,332
RSA Insurance Group PLC		28,432		42,513
Travis Perkins PLC		1,527		48,082
TUI Travel PLC		7,587		55,441
Vodafone Group PLC		110,092		404,844
Whitbread PLC		166		11,522
William Hill PLC		7,569		43,063
WPP PLC		572		11,819
				2,462,067
TOTAL COMMON STOCKS (cost $23,033,129)				24,563,104
EXCHANGE-TRADED FUNDS - 1.0%
iShares MSCI EAFE ETF (1) (cost $224,661)		3,490		234,424
RIGHTS - 0.0% (a)
Spain - 0.0% (a)
Banco Bilbao Vizcaya Argentaria SA †		5,169		1,210
United Kingdom - 0.0% (a)
RSA Insurance Group PLC †		10,662		5,955
TOTAL RIGHTS (cost $—)				7,165
MONEY MARKET FUNDS - 1.9%
J.P. Morgan U.S. Treasury Plus Money Market Fund - Institutional Shares, 0.000% (b)
(cost $478,357)		478,357		478,357
TOTAL INVESTMENTS - 100.6% (cost $23,736,147)				25,283,050
LIABILITIES IN EXCESS OF OTHER ASSETS - (0.6%)				(149,503)
NET ASSETS - 100.0%			$	25,133,547

† Non income-producing security.

(a) Represents less than 0.05 percent of net assets.

(b) Represents annualized seven-day yield as of March 31, 2014.

All securities are Level 2 with respect to ASC 820, unless otherwise noted in parentheses.

(1) Level 1 security (See Note 4).

The accompanying notes are an integral part of these financial statements. (Continued)

78 AQR Funds Semi-Annual Report March 2014

Schedule of Investments March 31, 2014 (Unaudited)

AQR INTERNATIONAL CORE EQUITY FUND

The following abbreviations are used in portfolio descriptions:

REIT - Real Estate Investment Trust

SECTOR	VALUE		% OF NET ASSETS
Consumer Discretionary	$	4,256,561		16.9	%
Consumer Staples		1,812,592		7.2
Energy		404,514		1.6
Financials		8,822,605		35.1
Health Care		569,098		2.3
Industrials		2,853,867		11.4
Information Technology		1,147,548		4.6
Materials		988,259		3.9
Mutual Fund		234,424		0.9
Telecommunication Services		2,326,946		9.3
Utilities		1,388,279		5.5
Money Market Funds		478,357		1.9
Total Investments		25,283,050		100.6
Liabilities in Excess of Other Assets		(149,503)		(0.6)
Net Assets	$	25,133,547		100.0	%

The accompanying notes are an integral part of these financial statements.

AQR Funds Semi-Annual Report March 2014 79

Statements of Assets and Liabilities March 31, 2014 (Unaudited)

	AQR GLOBAL EQUITY FUND		AQR INTERNATIONAL EQUITY FUND		AQR EMERGING DEFENSIVE EQUITY FUND
ASSETS:
Investments in securities, at cost		$221,406,435		$686,995,055		$49,054,350
Investments in securities, at value		$284,145,840		$831,219,663		$49,570,305
Cash		2,064		—		—
Foreign currency, at value		695,817		3,377,857		142,551
Due from brokers		3,622,938		13,299,558		—
Unrealized appreciation on forward foreign currency exchange contracts		262,320		1,499,759		—
Unrealized appreciation on futures contracts		606,283		1,881,315		—
Receivables:
Securities sold		—		1,235,149		289,521
Foreign tax reclaim		704,883		1,641,992		—
Dividends and interest		504,529		3,094,682		128,578
Capital shares sold		6,928		105,534		25,295
Prepaid expenses		43,627		86,512		11,058
Total Assets		290,595,229		857,442,021		50,167,308
LIABILITIES:
Due to brokers		320,000		1,560,000		—
Swaps, at value		475,650		1,404,768		—
Payables:
Securities purchased		—		—		1,395,581
Accrued Investment advisory fees		94,136		324,982		11,136
Accrued Shareholder servicing fees		13,599		90,954		5,698
Accrued Distribution fees—Class N		262		7,693		408
Capital shares redeemed		—		26,855		9,357
Other accrued expenses and liabilities		152,108		262,342		61,276
Total Liabilities		1,055,755		3,677,594		1,483,456
Net Assets		$289,539,474		$853,764,427		$48,683,852
NET ASSETS CONSIST OF:
Paid-in capital ($0.001 par value common stock, unlimited authorized shares)		$215,631,516		$683,320,487		$48,777,714
Undistributed (accumulated) net investment income (loss)		301,568		3,747,707		62,969
Undistributed (accumulated) net realized gain (loss)		10,142,809		20,399,401		(676,612)
Net unrealized appreciation (depreciation)		63,463,581		146,296,832		519,781
Net Assets		$289,539,474		$853,764,427		$48,683,852
NET ASSETS:
Class I		$2,189,062		$243,897,731		$46,733,596
Class N		1,224,583		36,641,612		1,950,256
Class R6		75,479,591		121,074,080		—
Class Y		210,646,238		452,151,004		—
SHARES OUTSTANDING:
Class I		247,446		21,046,426		4,604,114
Class N		139,145		3,110,471		192,098
Class R6		8,500,956		9,937,843		—
Class Y		23,708,830		37,080,983		—
NET ASSET VALUE AND PUBLIC OFFERING PRICE PER SHARE:
Class I		$8.85		$11.59		$10.15
Class N		$8.80		$11.78		$10.15
Class R6		$8.88		$12.18		—
Class Y		$8.88		$12.19		—

Foreign currency at cost of $691,043, $3,363,345 and $140,057, respectively.

The accompanying notes are an integral part of these financial statements.

80 AQR Funds Semi-Annual Report March 2014

Statements of Assets and Liabilities March 31, 2014 (Unaudited)

	AQR INTERNATIONAL DEFENSIVE EQUITY FUND		AQR U.S. DEFENSIVE EQUITY FUND
ASSETS:
Investments in securities, at cost		$24,395,738		$208,685,715
Investments in securities, at value		$26,191,864		$228,109,144
Foreign currency, at value		116,032		—
Due from brokers		—		290,023
Unrealized appreciation on futures contracts		—		2,874
Receivables:
Securities sold		173,663		—
Foreign tax reclaim		11,688		—
Dividends and interest		114,903		315,186
Capital shares sold		45,168		139,098
Due from Investment Advisor		718		—
Prepaid expenses		9,150		15,057
Total Assets		26,663,186		228,871,382
LIABILITIES:
Payables:
Securities purchased		277,864		—
Accrued Investment advisory fees		—		25,132
Accrued Shareholder servicing fees		—		28,858
Accrued Distribution fees—Class N		340		5,371
Capital shares redeemed		61,910		100,282
Other accrued expenses and liabilities		67,101		138,787
Total Liabilities		407,215		298,430
Net Assets		$26,255,971		$228,572,952
NET ASSETS CONSIST OF:
Paid-in capital ($0.001 par value common stock, unlimited authorized shares)		$24,281,965		$206,628,888
Undistributed (accumulated) net investment income (loss)		180,792		818,088
Undistributed (accumulated) net realized gain (loss)		(4,944)		1,699,673
Net unrealized appreciation (depreciation)		1,798,158		19,426,303
Net Assets		$26,255,971		$228,572,952
NET ASSETS:
Class I		$24,942,022		$203,009,719
Class N		1,313,949		25,563,233
SHARES OUTSTANDING:
Class I		2,048,231		15,123,321
Class N		107,903		1,905,132
NET ASSET VALUE AND PUBLIC OFFERING PRICE PER SHARE:
Class I		$12.18		$13.42
Class N		$12.18		$13.42

Foreign currency at cost of $115,090 and $—, respectively.

The accompanying notes are an integral part of these financial statements.

AQR Funds Semi-Annual Report March 2014 81

Statements of Assets and Liabilities March 31, 2014 (Unaudited)

	AQR MOMENTUM FUND		AQR SMALL CAP MOMENTUM FUND		AQR INTERNATIONAL MOMENTUM FUND
ASSETS:
Investments in securities, at cost		$791,656,803		$243,301,497		$285,544,773
Investments in securities, at value		$975,280,286		$300,789,392		$318,602,045
Foreign currency, at value		482		—		858,131
Due from brokers		179,924		110,105		37,163
Unrealized appreciation on futures contracts		—		—		14,999
Receivables:
Securities sold		52,940,330		18,072,201		18,046,856
Foreign tax reclaim		—		—		220,144
Dividends and interest		559,846		82,846		1,163,294
Capital shares sold		787,232		132,724		162,030
Prepaid expenses		59,469		33,917		36,645
Total Assets		1,029,807,569		319,221,185		339,141,307
LIABILITIES:
Due to custodian		—		—		1,776
Unrealized depreciation on futures contracts		8,453		27,447		—
Payables:
Securities purchased		62,454,916		20,871,838		21,390,625
Accrued Investment advisory fees		167,006		87,426		81,612
Accrued Shareholder servicing fees		124,833		38,596		39,668
Accrued Distribution fees—Class N		16,479		1,362		8,655
Capital shares redeemed		536,066		167,188		112,226
Other accrued expenses and liabilities		332,287		128,807		205,582
Total Liabilities		63,640,040		21,322,664		21,840,144
Net Assets		$966,167,529		$297,898,521		$317,301,163
NET ASSETS CONSIST OF:
Paid-in capital ($0.001 par value common stock, unlimited authorized shares)		$727,372,637		$214,618,873		$282,216,082
Undistributed (accumulated) net investment income (loss)		1,145,857		(96,111)		509,738
Undistributed (accumulated) net realized gain (loss)		54,033,948		25,915,311		1,502,541
Net unrealized appreciation (depreciation)		183,615,087		57,460,448		33,072,802
Net Assets		$966,167,529		$297,898,521		$317,301,163
NET ASSETS:
Class L		$890,240,121		$291,517,285		$276,450,303
Class N		75,927,408		6,381,236		40,850,860
SHARES OUTSTANDING:
Class L		42,344,359		12,908,316		17,979,814
Class N		3,614,055		283,442		2,663,568
NET ASSET VALUE AND PUBLIC OFFERING PRICE PER SHARE:
Class L		$21.02		$22.58		$15.38
Class N		$21.01		$22.51		$15.34

Foreign currency at cost of $425, $— and $853,861, respectively.

The accompanying notes are an integral part of these financial statements.

82 AQR Funds Semi-Annual Report March 2014

Statements of Assets and Liabilities March 31, 2014 (Unaudited)

	AQR TAX-MANAGED MOMENTUM FUND		AQR TAX-MANAGED SMALL CAP MOMENTUM FUND		AQR TAX-MANAGED INTERNATIONAL MOMENTUM FUND
ASSETS:
Investments in securities, at cost		$64,283,530		$10,685,884		$59,102,958
Investments in securities, at value		$69,826,439		$12,707,708		$61,675,381
Foreign currency, at value		—		—		151,187
Receivables:
Securities sold		8,629,803		1,498,931		7,598,720
Foreign tax reclaim		—		—		8,240
Dividends and interest		49,100		3,060		209,779
Capital shares sold		439,108		33,423		388,444
Due from Investment Advisor		—		1,496		—
Prepaid expenses		16,495		15,596		16,452
Total Assets		78,960,945		14,260,214		70,048,203
LIABILITIES:
Payables:
Securities purchased		9,453,454		1,497,629		7,805,195
Accrued Investment advisory fees		10,534		—		13,755
Accrued Shareholder servicing fees		8,681		—		7,570
Accrued Distribution fees—Class N		28		29		24
Capital shares redeemed		815		—		404
Other accrued expenses and liabilities		45,644		43,203		63,745
Total Liabilities		9,519,156		1,540,861		7,890,693
Net Assets		$69,441,789		$12,719,353		$62,157,510
NET ASSETS CONSIST OF:
Paid-in capital ($0.001 par value common stock, unlimited authorized shares)		$63,549,772		$10,480,775		$59,696,058
Undistributed (accumulated) net investment income (loss)		83,704		(1,308)		209,203
Undistributed (accumulated) net realized gain (loss)		265,404		218,062		(318,743)
Net unrealized appreciation (depreciation)		5,542,909		2,021,824		2,570,992
Net Assets		$69,441,789		$12,719,353		$62,157,510
NET ASSETS:
Class L		$69,312,739		$12,586,405		$62,041,955
Class N		129,050		132,948		115,555
SHARES OUTSTANDING:
Class L		4,591,149		792,586		4,605,591
Class N		8,557		8,387		8,584
NET ASSET VALUE AND PUBLIC OFFERING PRICE PER SHARE:
Class L		$15.10		$15.88		$13.47
Class N		$15.08		$15.85		$13.46

Foreign currency at cost of $—, $— and $150,406, respectively.

The accompanying notes are an integral part of these financial statements.

AQR Funds Semi-Annual Report March 2014 83

Statements of Assets and Liabilities March 31, 2014 (Unaudited)

	AQR CORE EQUITY FUND		AQR SMALL CAP CORE EQUITY FUND		AQR INTERNATIONAL CORE EQUITY FUND
ASSETS:
Investments in securities, at cost		$53,759,188		$5,953,003		$23,736,147
Investments in securities, at value		$59,329,492		$6,848,922		$25,283,050
Cash		—		—		135
Foreign currency, at value		—		—		63,205
Receivables:
Securities sold		3,694,971		508,412		1,690,568
Foreign tax reclaim		—		—		6,281
Dividends and interest		50,189		3,387		128,228
Capital shares sold		508,840		10,436		220,851
Due from Investment Advisor		—		7,537		5,170
Prepaid expenses		26,675		24,412		24,636
Total Assets		63,610,167		7,403,106		27,422,124
LIABILITIES:
Payables:
Securities purchased		4,121,678		505,483		2,223,139
Accrued Investment advisory fees		402		—		—
Accrued Shareholder servicing fees		7,379		—		—
Accrued Distribution fees—Class N		1,006		486		545
Capital shares redeemed		132,230		—		—
Other accrued expenses and liabilities		72,231		59,711		64,893
Total Liabilities		4,334,926		565,680		2,288,577
Net Assets		$59,275,241		$6,837,426		$25,133,547
NET ASSETS CONSIST OF:
Paid-in capital ($0.001 par value common stock, unlimited authorized shares)		$53,634,839		$5,921,051		$23,173,375
Undistributed (accumulated) net investment income (loss)		145,771		2,365		118,894
Undistributed (accumulated) net realized gain (loss)		(75,673)		18,091		294,934
Net unrealized appreciation (depreciation)		5,570,304		895,919		1,546,344
Net Assets		$59,275,241		$6,837,426		$25,133,547
NET ASSETS:
Class L		$55,430,899		$4,560,901		$22,540,690
Class N		3,844,342		2,276,525		2,592,857
SHARES OUTSTANDING:
Class L		4,369,044		350,921		1,942,021
Class N		303,367		175,435		223,547
NET ASSET VALUE AND PUBLIC OFFERING PRICE PER SHARE:
Class L		$12.69		$13.00		$11.61
Class N		$12.67		$12.98		$11.60

Foreign currency at cost of $—, $— and $63,146, respectively.

The accompanying notes are an integral part of these financial statements.

84 AQR Funds Semi-Annual Report March 2014

Statements of Operations March 31, 2014 (Unaudited)

	AQR GLOBAL EQUITY FUND		AQR INTERNATIONAL EQUITY FUND		AQR EMERGING DEFENSIVE EQUITY FUND
	FOR THE SIX MONTHS ENDED MARCH 31, 2014		FOR THE SIX MONTHS ENDED MARCH 31, 2014		FOR THE SIX MONTHS ENDED MARCH 31, 2014
INVESTMENT INCOME:
Dividend income†		$2,798,267		$10,454,573		$420,572
Total Income		2,798,267		10,454,573		420,572
EXPENSES:
Investment advisory fees		539,813		1,878,326		120,126
Shareholder servicing fees		24,095		450,276		44,241
Custody, administration & accounting fees		90,454		182,023		25,237
Legal fees		17,636		23,632		4,379
Audit & tax fees		30,429		29,604		26,423
Shareholder reporting fees		11,886		36,622		1,879
Transfer agent fees		9,293		94,791		16,777
Trustee fees		6,800		17,594		692
Distribution fees—Class N		1,232		43,402		3,916
Interest expense		2,245		—		—
Recoupment of waiver		—		21,363		—
Registration fees		13,526		14,154		14,924
Pricing fee		10,643		9,457		7,523
Other fees		13,152		26,082		4,000
Total Expenses		771,204		2,827,326		270,117
Less fee waivers and/or reimbursements		(12,769)		—		(80,125)
Net Expenses		758,435		2,827,326		189,992
Net Investment Income (Loss)		2,039,832		7,627,247		230,580
REALIZED GAIN (LOSS) AND CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION):
Net realized gain (loss) from:
Investments in securities		21,042,465		32,102,310		(305,496)
Foreign currency and foreign currency transactions		3		(55,341)		(16,871)
Forward foreign currency exchange contracts		1,357,849		(736,811)		—
Futures contracts		457,629		(3,148,668)		—
Swap contracts		(32,660)		(886,720)		—
Net realized gain (loss)		22,825,286		27,274,770		(322,367)
Net change in unrealized appreciation (depreciation) on:
Investments in securities		4,315,551		19,584,153		21,960
Foreign currency and foreign currency translations		(24,014)		(9,459)		3,054
Forward foreign currency exchange contracts		460,502		2,416,270		—
Futures contracts		437,840		1,291,034		—
Swap contracts		(486,545)		(1,450,548)		—
Net change in unrealized appreciation (depreciation)		4,703,334		21,831,450		25,014
Net realized gain (loss) and change in unrealized appreciation (depreciation)		27,528,620		49,106,220		(297,353)
Net increase (decrease) in net assets resulting from operations		$29,568,452		$56,733,467		($66,773)
† Net of foreign taxes withheld of		$89,979		$624,312		$33,187

The accompanying notes are an integral part of these financial statements.

AQR Funds Semi-Annual Report March 2014 85

Statements of Operations March 31, 2014 (Unaudited)

	AQR INTERNATIONAL DEFENSIVE EQUITY FUND			AQR U.S. DEFENSIVE EQUITY FUND
	FOR THE SIX MONTHS ENDED MARCH 31, 2014			FOR THE SIX MONTHS ENDED MARCH 31, 2014
INVESTMENT INCOME:
Dividend income†		$320,524			$2,043,067
Total Income		320,524			2,043,067
EXPENSES:
Investment advisory fees		43,570			290,605
Shareholder servicing fees		24,291			220,268
Custody, administration & accounting fees		17,218			36,967
Legal fees		911			594
Audit & tax fees		26,423			19,603
Shareholder reporting fees		1,680			7,273
Transfer agent fees		19,382			111,595
Trustee fees		408			3,552
Distribution fees—Class N		1,833			29,237
Registration fees		14,866			15,803
Pricing fee		7,584			800
Other fees		2,101			13,121
Total Expenses		160,267			749,418
Less fee waivers and/or reimbursements		(84,149)			(212,195)
Net Expenses		76,118			537,223
Net Investment Income (Loss)		244,406	��		1,505,844
REALIZED GAIN (LOSS) AND CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION):
Net realized gain (loss) from:
Investments in securities		57,830			859,271
Foreign currency and foreign currency transactions		1,220			—
Futures contracts		—			1,136,034
Net realized gain (loss)		59,050			1,995,305
Net change in unrealized appreciation (depreciation) on:
Investments in securities		816,081			17,648,258
Foreign currency and foreign currency translations		627			—
Futures contracts		—			73,938
Net change in unrealized appreciation (depreciation)		816,708			17,722,196
Net realized gain (loss) and change in unrealized appreciation (depreciation)		875,758			19,717,501
Net increase (decrease) in net assets resulting from operations		$1,120,164			$21,223,345
† Net of foreign taxes withheld of		$21,352			$—

The accompanying notes are an integral part of these financial statements.

86 AQR Funds Semi-Annual Report March 2014

Statements of Operations March 31, 2014 (Unaudited)

	AQR MOMENTUM FUND		AQR SMALL CAP MOMENTUM FUND		AQR INTERNATIONAL MOMENTUM FUND
	FOR THE SIX MONTHS ENDED MARCH 31, 2014		FOR THE SIX MONTHS ENDED MARCH 31, 2014		FOR THE SIX MONTHS ENDED MARCH 31, 2014
INVESTMENT INCOME:
Dividend income†		$4,563,424		$1,099,446		$2,856,421
Total Income		4,563,424		1,099,446		2,856,421
EXPENSES:
Investment advisory fees		1,128,780		487,950		510,577
Shareholder servicing fees		677,271		209,122		218,820
Custody, administration & accounting fees		135,668		50,893		68,153
Legal fees		19,872		6,321		6,045
Audit & tax fees		20,761		20,850		28,197
Shareholder reporting fees		60,041		12,209		33,993
Transfer agent fees		378,745		105,133		146,544
Trustee fees		17,764		5,430		5,534
Distribution fees—Class N		93,728		4,846		51,673
Pricing fee		2,126		6,137		9,855
Other fees		58,745		30,114		32,420
Total Expenses		2,593,501		939,005		1,111,811
Less fee waivers and/or reimbursements		(275,674)		(24,517)		(108,597)
Net Expenses		2,317,827		914,488		1,003,214
Net Investment Income (Loss)		2,245,597		184,958		1,853,207
REALIZED GAIN (LOSS) AND CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION):
Net realized gain (loss) from:
Investments in securities		62,698,999		25,947,084		5,348,224
Foreign currency and foreign currency transactions		—		—		(32,636)
Futures contracts		1,476,841		(57,989)		415,486
Net realized gain (loss)		64,175,840		25,889,095		5,731,074
Net change in unrealized appreciation (depreciation) on:
Investments in securities		33,873,000		803,094		(1,658,507)
Foreign currency and foreign currency translations		9		—		(15,838)
Futures contracts		190,224		(40,503)		35,356
Net change in unrealized appreciation (depreciation)		34,063,233		762,591		(1,638,989)
Net realized gain (loss) and change in unrealized appreciation (depreciation)		98,239,073		26,651,686		4,092,085
Net increase (decrease) in net assets resulting from operations		$100,484,670		$26,836,644		$5,945,292
† Net of foreign taxes withheld of		$—		$1,255		$220,203

The accompanying notes are an integral part of these financial statements.

AQR Funds Semi-Annual Report March 2014 87

Statements of Operations March 31, 2014 (Unaudited)

	AQR TAX-MANAGED MOMENTUM FUND		AQR TAX-MANAGED SMALL CAP MOMENTUM FUND		AQR TAX-MANAGED INTERNATIONAL MOMENTUM FUND
	FOR THE SIX MONTHS ENDED MARCH 31, 2014		FOR THE SIX MONTHS ENDED MARCH 31, 2014		FOR THE SIX MONTHS ENDED MARCH 31, 2014
INVESTMENT INCOME:
Dividend income†		$261,728		$38,368		$424,635
Total Income		261,728		38,368		424,635
EXPENSES:
Investment advisory fees		70,043		19,351		86,627
Shareholder servicing fees		35,021		7,257		32,485
Custody, administration & accounting fees		8,595		5,889		15,257
Legal fees		259		141		580
Audit & tax fees		20,761		20,850		28,197
Shareholder reporting fees		2,350		2,511		3,144
Transfer agent fees		15,132		9,046		10,567
Trustee fees		702		168		630
Distribution fees—Class N		156		161		142
Registration fees		8,512		8,476		8,503
Pricing fee		1,583		5,523		9,832
Other fees		3,066		1,116		3,138
Total Expenses		166,180		80,489		199,102
Less fee waivers and/or reimbursements		(39,494)		(46,459)		(46,974)
Net Expenses		126,686		34,030		152,128
Net Investment Income (Loss)		135,042		4,338		272,507
REALIZED GAIN (LOSS) AND CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION):
Net realized gain (loss) from:
Investments in securities		396,457		234,548		(143,961)
Foreign currency and foreign currency transactions		—		—		(11,349)
Net realized gain (loss)		396,457		234,548		(155,310)
Net change in unrealized appreciation (depreciation) on:
Investments in securities		3,777,687		533,412		1,283,471
Foreign currency and foreign currency translations		—		—		(2,203)
Net change in unrealized appreciation (depreciation)		3,777,687		533,412		1,281,268
Net realized gain (loss) and change in unrealized appreciation (depreciation)		4,174,144		767,960		1,125,958
Net increase (decrease) in net assets resulting from operations		$4,309,186		$772,298		$1,398,465
† Net of foreign taxes withheld of		$73		$92		$40,895

The accompanying notes are an integral part of these financial statements.

88 AQR Funds Semi-Annual Report March 2014

Statements of Operations March 31, 2014 (Unaudited)

	AQR CORE EQUITY FUND		AQR SMALL CAP CORE EQUITY FUND		AQR INTERNATIONAL CORE EQUITY FUND
	FOR THE SIX MONTHS ENDED MARCH 31, 2014		FOR THE SIX MONTHS ENDED MARCH 31, 2014		FOR THE SIX MONTHS ENDED MARCH 31, 2014
INVESTMENT INCOME:
Dividend income†		$342,805		$31,389		$243,008
Total Income		342,805		31,389		243,008
EXPENSES:
Investment advisory fees		62,323		11,640		41,567
Shareholder servicing fees		31,161		3,879		15,588
Custody, administration & accounting fees		12,312		5,027		19,049
Legal fees		420		1,844		71
Audit & tax fees		19,219		19,219		25,315
Shareholder reporting fees		11,782		11,352		10,873
Transfer agent fees		26,971		10,317		17,124
Trustee fees		631		83		363
Distribution fees—Class N		5,199		2,569		3,044
Registration fees		20,699		20,642		20,484
Pricing fee		1,080		2,921		6,971
Other fees		3,729		2,043		2,943
Total Expenses		195,526		91,536		163,392
Less fee waivers and/or reimbursements		(77,803)		(69,560)		(87,597)
Net Expenses		117,723		21,976		75,795
Net Investment Income (Loss)		225,082		9,413		167,213
REALIZED GAIN (LOSS) AND CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION):
Net realized gain (loss) from:
Investments in securities		16,461		42,960		371,109
Foreign currency and foreign currency transactions		—		—		(4,020)
Net realized gain (loss)		16,461		42,960		367,089
Net change in unrealized appreciation (depreciation) on:
Investments in securities		5,000,463		456,739		184,850
Foreign currency and foreign currency translations		—		—		(1,228)
Net change in unrealized appreciation (depreciation)		5,000,463		456,739		183,622
Net realized gain (loss) and change in unrealized appreciation (depreciation)		5,016,924		499,699		550,711
Net increase (decrease) in net assets resulting from operations		$5,242,006		$509,112		$717,924
† Net of foreign taxes withheld of		$—		$47		$22,762

The accompanying notes are an integral part of these financial statements.

AQR Funds Semi-Annual Report March 2014 89

Statements of Changes in Net Assets March 31, 2014

	AQR GLOBAL EQUITY FUND
	FOR THE SIX MONTHS ENDED MARCH 31, 2014 (Unaudited)			FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2013		FOR THE YEAR ENDED DECEMBER 31, 2012
OPERATIONS:
Net investment income (loss)		$2,039,832			$6,479,138		$9,761,325
Net realized gain (loss)		22,825,286			87,934,210		25,951,075
Net change in unrealized appreciation (depreciation)		4,703,334			(13,593,493)		42,326,765
Net increase (decrease) in net assets resulting from operations		29,568,452			80,819,855		78,039,165
DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income:
Class I		(36,899)			—		(44,921)
Class N		(18,310)			—		(39,465)
Class Y		(7,647,702)			—		(13,830,600)
Total		(7,702,911)			—		(13,914,986)
Net realized gain:
Class I		(501,061)			—		(36,801)
Class N		(279,116)			—		(34,857)
Class Y		(95,565,434)			—		(9,350,410)
Total		(96,345,611)			—		(9,422,068)
Total distributions		(104,048,522)			—		(23,337,054)
CAPITAL TRANSACTIONS:
CLASS I
Proceeds from shares sold		866,962			556,237		289,737
Reinvestment of distributions		537,960			—		81,722
Cost of shares redeemed		(109,556)			(62,999)		(2,120,396)
Net increase (decrease) from capital transactions		1,295,366			493,238		(1,748,937)
CLASS N
Proceeds from shares sold		652,052			920,019		73,666
Reinvestment of distributions		297,426			—		74,323
Cost of shares redeemed		(227,240)			(804,396)		(1,850,280)
Net increase (decrease) from capital transactions		722,238			115,623		(1,702,291)
CLASS R6
Proceeds from shares sold		72,600,000	(a)		—		—
Net increase (decrease) from capital transactions		72,600,000			—		—
CLASS Y
Reinvestment of distributions		103,213,136			—		23,181,009
Cost of shares redeemed		(70,579,444)			(300,588,116)		(659,771)
Redemption fees		70,534			300,588		4
Net increase (decrease) from capital transactions		32,704,226			(300,287,528)		22,521,242
Net increase (decrease) in net assets resulting from capital transactions		107,321,830			(299,678,667)		19,070,014
Total increase (decrease) in net assets		32,841,760			(218,858,812)		73,772,125
NET ASSETS:
Beginning of period		256,697,714			475,556,526		401,784,401
End of period		$289,539,474			$256,697,714		$475,556,526
Undistributed accumulated net investment income (loss)		$301,568			$5,964,647		$(575,224)

The accompanying notes are an integral part of these financial statements.

90 AQR Funds Semi-Annual Report March 2014

Statements of Changes in Net Assets March 31, 2014

	AQR GLOBAL EQUITY FUND
	FOR THE SIX MONTHS ENDED MARCH 31, 2014 (Unaudited)			FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2013		FOR THE YEAR ENDED DECEMBER 31, 2012
CHANGES IN SHARES OUTSTANDING:
CLASS I
Shares outstanding, beginning of period		94,701			55,196		210,532
Shares sold		101,129			44,377		25,557
Shares issued on reinvestment of distributions		63,067			—		7,336
Shares redeemed		(11,451)			(4,872)		(188,229)
Shares outstanding, end of period		247,446			94,701		55,196
CLASS N
Shares outstanding, beginning of period		53,682			45,729		202,461
Shares sold		72,940			71,457		6,817
Shares issued on reinvestment of distributions		35,033			—		6,690
Shares redeemed		(22,510)			(63,504)		(170,239)
Shares outstanding, end of period		139,145			53,682		45,729
CLASS R6
Shares outstanding, beginning of period		—	(a)		—		—
Shares sold		8,500,956			—		—
Shares outstanding, end of period		8,500,956			—		—
CLASS Y
Shares outstanding, beginning of period		19,044,183			41,798,875		39,780,661
Shares issued on reinvestment of distributions		12,057,609			—		2,080,881
Shares redeemed		(7,392,962)			(22,754,692)		(62,667)
Shares outstanding, end of period		23,708,830			19,044,183		41,798,875

(a) Commencement of offering class of shares effective January 8, 2014.

The accompanying notes are an integral part of these financial statements.

AQR Funds Semi-Annual Report March 2014 91

Statements of Changes in Net Assets March 31, 2014

	AQR INTERNATIONAL EQUITY FUND
	FOR THE SIX MONTHS ENDED MARCH 31, 2014 (Unaudited)			FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2013		FOR THE YEAR ENDED DECEMBER 31, 2012
OPERATIONS:
Net investment income (loss)		$7,627,247			$13,227,742		$14,157,497
Net realized gain (loss)		27,274,770			66,228,657		14,380,448
Net change in unrealized appreciation (depreciation)		21,831,450			35,002,292		96,501,940
Net increase (decrease) in net assets resulting from operations		56,733,467			114,458,691		125,039,885
DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income:
Class I		(4,237,446)			—		(6,044,927)
Class N		(546,390)			—		(442,708)
Class Y		(10,825,380)			—		(14,968,277)
Total		(15,609,216)			—		(21,455,912)
Net realized gain:
Class I		(16,832,213)			—		—
Class N		(2,380,187)			—		—
Class Y		(37,157,362)			—		—
Total		(56,369,762)			—		—
Total distributions		(71,978,978)			—		(21,455,912)
CAPITAL TRANSACTIONS:
CLASS I
Proceeds from shares sold		33,674,130			47,657,715		56,017,676
Reinvestment of distributions		18,517,233			—		5,225,139
Cost of shares redeemed		(45,168,201)			(35,227,017)		(33,350,378)
Net increase (decrease) from capital transactions		7,023,162			12,430,698		27,892,437
CLASS N
Proceeds from shares sold		5,232,359			17,853,305		15,872,803
Reinvestment of distributions		2,900,390			—		442,505
Cost of shares redeemed		(2,787,453)			(5,035,043)		(3,715,733)
Net increase (decrease) from capital transactions		5,345,296			12,818,262		12,599,575
CLASS R6
Proceeds from shares sold		118,825,038	(a)		—		—
Net increase (decrease) from capital transactions		118,825,038			—		—
CLASS Y
Proceeds from shares sold		—			19,000,000		45,779,910
Reinvestment of distributions		47,982,742			—		14,968,276
Cost of shares redeemed		(127,350,038)			(28,692,000)		(5,836,872)
Redemption fees		23,625			47,504		32,284
Net increase (decrease) from capital transactions		(79,343,671)			(9,644,496)		54,943,598
Net increase (decrease) in net assets resulting from capital transactions		51,849,825			15,604,464		95,435,610
Total increase (decrease) in net assets		36,604,314			130,063,155		199,019,583
NET ASSETS:
Beginning of period		817,160,113			687,096,958		488,077,375
End of period		$853,764,427			$817,160,113		$687,096,958
Undistributed accumulated net investment income (loss)		$3,747,707			$11,729,676		$(1,607,306)

The accompanying notes are an integral part of these financial statements.

92 AQR Funds Semi-Annual Report March 2014

Statements of Changes in Net Assets March 31, 2014

	AQR INTERNATIONAL EQUITY FUND
	FOR THE SIX MONTHS ENDED MARCH 31, 2014 (Unaudited)			FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2013		FOR THE YEAR ENDED DECEMBER 31, 2012
CHANGES IN SHARES OUTSTANDING:
CLASS I
Shares outstanding, beginning of period		20,333,041			19,233,566		16,066,790
Shares sold		2,850,964			4,223,416		6,218,133
Shares issued on reinvestment of distributions		1,641,599			—		524,610
Shares redeemed		(3,779,178)			(3,123,941)		(3,575,967)
Shares outstanding, end of period		21,046,426			20,333,041		19,233,566
CLASS N
Shares outstanding, beginning of period		2,654,916			1,492,563		133,174
Shares sold		436,516			1,609,233		1,698,841
Shares issued on reinvestment of distributions		252,647			—		43,639
Shares redeemed		(233,608)			(446,880)		(383,091)
Shares outstanding, end of period		3,110,471			2,654,916		1,492,563
CLASS R6
Shares outstanding, beginning of period		—	(a)		—		—
Shares sold		9,937,843			—		—
Shares outstanding, end of period		9,937,843			—		—
CLASS Y
Shares outstanding, beginning of period		43,655,846			44,308,341		38,834,729
Shares sold		—			1,693,405		4,631,152
Shares issued on reinvestment of distributions		4,045,762			—		1,436,495
Shares redeemed		(10,620,625)			(2,345,900)		(594,035)
Shares outstanding, end of period		37,080,983			43,655,846		44,308,341

(a) Commencement of offering class of shares effective January 8, 2014.

The accompanying notes are an integral part of these financial statements.

AQR Funds Semi-Annual Report March 2014 93

Statements of Changes in Net Assets March 31, 2014

	AQR EMERGING DEFENSIVE EQUITY FUND
	FOR THE SIX MONTHS ENDED MARCH 31, 2014 (Unaudited)		FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2013		FOR THE PERIOD 7/09/12*-12/31/12
OPERATIONS:
Net investment income (loss)		$230,580		$240,274		$49,290
Net realized gain (loss)		(322,367)		(381,061)		3,764
Net change in unrealized appreciation (depreciation)		25,014		(16,957)		511,724
Net increase (decrease) in net assets resulting from operations		(66,773)		(157,744)		564,778
DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income:
Class I		(351,636)		—		(34,222)
Class N		(27,047)		—		(9,990)
Total		(378,683)		—		(44,212)
Net realized gain:
Class I		(270)		—		(11,427)
Class N		(26)		—		(4,811)
Total		(296)		—		(16,238)
Total distributions		(378,979)		—		(60,450)
CAPITAL TRANSACTIONS:
CLASS I
Proceeds from shares sold		25,318,071		28,306,131		5,666,656
Reinvestment of distributions		351,906		—		45,649
Cost of shares redeemed		(8,199,503)		(4,122,651)		(689,457)
Net increase (decrease) from capital transactions		17,470,474		24,183,480		5,022,848
CLASS N
Proceeds from shares sold		1,669,496		1,889,158		1,857,059
Reinvestment of distributions		27,073		—		14,801
Cost of shares redeemed		(2,102,687)		(1,056,166)		(192,516)
Net increase (decrease) from capital transactions		(406,118)		832,992		1,679,344
Net increase (decrease) in net assets resulting from capital transactions		17,064,356		25,016,472		6,702,192
Total increase (decrease) in net assets		16,618,604		24,858,728		7,206,520
NET ASSETS:
Beginning of period		32,065,248		7,206,520		—
End of period		$48,683,852		$32,065,248		$7,206,520
Undistributed accumulated net investment income (loss)		$62,969		$211,072		$4,259
CHANGES IN SHARES OUTSTANDING:
CLASS I
Shares outstanding, beginning of period		2,870,660		494,839		—
Shares sold		2,534,080		2,752,761		556,121
Shares issued on reinvestment of distributions		35,261		—		4,278
Shares redeemed		(835,887)		(376,940)		(65,560)
Shares outstanding, end of period		4,604,114		2,870,660		494,839
CLASS N
Shares outstanding, beginning of period		252,784		165,019		—
Shares sold		162,824		184,245		181,889
Shares issued on reinvestment of distributions		2,710		—		1,386
Shares redeemed		(226,220)		(96,480)		(18,256)
Shares outstanding, end of period		192,098		252,784		165,019

* Commencement of operations.

The accompanying notes are an integral part of these financial statements.

94 AQR Funds Semi-Annual Report March 2014

Statements of Changes in Net Assets March 31, 2014

	AQR INTERNATIONAL DEFENSIVE EQUITY FUND
	FOR THE SIX MONTHS ENDED MARCH 31, 2014 (Unaudited)		FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2013		FOR THE PERIOD 7/09/12*-12/31/12
OPERATIONS:
Net investment income (loss)		$244,406		$237,520		$33,252
Net realized gain (loss)		59,050		170,189		16,279
Net change in unrealized appreciation (depreciation)		816,708		737,068		244,382
Net increase (decrease) in net assets resulting from operations		1,120,164		1,144,777		293,913
DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income:
Class I		(298,045)		—		(26,339)
Class N		(20,141)		—		(3,918)
Total		(318,186)		—		(30,257)
Net realized gain:
Class I		(203,528)		—		(16,369)
Class N		(15,609)		—		(4,353)
Total		(219,137)		—		(20,722)
Total distributions		(537,323)		—		(50,979)
CAPITAL TRANSACTIONS:
CLASS I
Proceeds from shares sold		8,167,795		11,923,132		7,216,220
Reinvestment of distributions		501,573		—		42,708
Cost of shares redeemed		(1,910,398)		(701,166)		(2,065,477)
Net increase (decrease) from capital transactions		6,758,970		11,221,966		5,193,451
CLASS N
Proceeds from shares sold		570,636		349,021		1,791,100
Reinvestment of distributions		35,750		—		8,271
Cost of shares redeemed		(475,720)		(148,571)		(1,019,455)
Net increase (decrease) from capital transactions		130,666		200,450		779,916
Net increase (decrease) in net assets resulting from capital transactions		6,889,636		11,422,416		5,973,367
Total increase (decrease) in net assets		7,472,477		12,567,193		6,216,301
NET ASSETS:
Beginning of period		18,783,494		6,216,301		—
End of period		$26,255,971		$18,783,494		$6,216,301
Undistributed accumulated net investment income (loss)		$180,792		$254,572		$(143)
CHANGES IN SHARES OUTSTANDING:
CLASS I
Shares outstanding, beginning of period		1,483,573		502,748		—
Shares sold		682,535		1,042,623		693,168
Shares issued on reinvestment of distributions		42,833		—		4,014
Shares redeemed		(160,710)		(61,798)		(194,434)
Shares outstanding, end of period		2,048,231		1,483,573		502,748
CLASS N
Shares outstanding, beginning of period		97,048		79,543		—
Shares sold		47,607		31,111		174,715
Shares issued on reinvestment of distributions		3,053		—		776
Shares redeemed		(39,805)		(13,606)		(95,948)
Shares outstanding, end of period		107,903		97,048		79,543

* Commencement of operations.

The accompanying notes are an integral part of these financial statements.

AQR Funds Semi-Annual Report March 2014 95

Statements of Changes in Net Assets March 31, 2014

	AQR U.S. DEFENSIVE EQUITY FUND
	FOR THE SIX MONTHS ENDED MARCH 31, 2014 (Unaudited)		FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2013		FOR THE PERIOD 7/09/12*-12/31/12
OPERATIONS:
Net investment income (loss)		$1,505,844		$597,018		$44,795
Net realized gain (loss)		1,995,305		377,383		(2,179)
Net change in unrealized appreciation (depreciation)		17,722,196		1,670,664		33,443
Net increase (decrease) in net assets resulting from operations		21,223,345		2,645,065		76,059
DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income:
Class I		(1,166,110)		—		(40,855)
Class N		(124,307)		—		(1,691)
Total		(1,290,417)		—		(42,546)
Net realized gain:
Class I		(590,291)		—		(4,695)
Class N		(75,618)		—		(316)
Total		(665,909)		—		(5,011)
Total distributions		(1,956,326)		—		(47,557)
CAPITAL TRANSACTIONS:
CLASS I
Proceeds from shares sold		37,129,798		147,844,332		8,863,968
Reinvestment of distributions		1,756,401		—		45,549
Cost of shares redeemed		(8,616,426)		(2,400,295)		(1,076,018)
Net increase (decrease) from capital transactions		30,269,773		145,444,037		7,833,499
CLASS N
Proceeds from shares sold		3,749,516		23,011,456		1,421,979
Reinvestment of distributions		199,925		—		2,007
Cost of shares redeemed		(1,309,548)		(2,967,021)		(1,023,257)
Net increase (decrease) from capital transactions		2,639,893		20,044,435		400,729
Net increase (decrease) in net assets resulting from capital transactions		32,909,666		165,488,472		8,234,228
Total increase (decrease) in net assets		52,176,685		168,133,537		8,262,730
NET ASSETS:
Beginning of period		176,396,267		8,262,730		—
End of period		$228,572,952		$176,396,267		$8,262,730
Undistributed accumulated net investment income (loss)		$818,088		$602,661		$5,727
CHANGES IN SHARES OUTSTANDING:
CLASS I
Shares outstanding, beginning of period		12,763,386		771,572		—
Shares sold		2,887,424		12,202,553		872,439
Shares issued on reinvestment of distributions		135,525		—		4,479
Shares redeemed		(663,014)		(210,739)		(105,346)
Shares outstanding, end of period		15,123,321		12,763,386		771,572
CLASS N
Shares outstanding, beginning of period		1,700,634		41,347		—
Shares sold		290,131		1,912,085		141,350
Shares issued on reinvestment of distributions		15,426		—		197
Shares redeemed		(101,059)		(252,798)		(100,200)
Shares outstanding, end of period		1,905,132		1,700,634		41,347

* Commencement of operations.

The accompanying notes are an integral part of these financial statements.

96 AQR Funds Semi-Annual Report March 2014

Statements of Changes in Net Assets March 31, 2014

	AQR MOMENTUM FUND
	FOR THE SIX MONTHS ENDED MARCH 31, 2014 (Unaudited)		FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2013		FOR THE YEAR ENDED DECEMBER 31, 2012
OPERATIONS:
Net investment income (loss)		$2,245,597		$4,308,786		$7,340,127
Net realized gain (loss)		64,175,840		34,824,237		13,466,529
Net change in unrealized appreciation (depreciation)		34,063,233		92,812,642		39,530,778
Net increase (decrease) in net assets resulting from operations		100,484,670		131,945,665		60,337,434
DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income:
Class L		(5,167,616)		—		(7,610,158)
Class N		(276,437)		—		—
Total		(5,444,053)		—		(7,610,158)
Net realized gain:
Class L		(33,760,873)		—		—
Class N		(3,094,983)		—		—
Total		(36,855,856)		—		—
Total distributions		(42,299,909)		—		(7,610,158)
CAPITAL TRANSACTIONS:
CLASS L
Proceeds from shares sold		155,425,384		213,770,610		231,326,342
Reinvestment of distributions		38,899,012		—		7,604,346
Cost of shares redeemed		(76,556,718)		(103,081,407)		(104,299,857)
Net increase (decrease) from capital transactions		117,767,678		110,689,203		134,630,831
CLASS N
Proceeds from shares sold		8,593,586		22,798,786		58,966,793	(a)
Reinvestment of distributions		3,371,420		—		—
Cost of shares redeemed		(11,403,361)		(24,643,522)		(216,871)	(a)
Net increase (decrease) from capital transactions		561,645		(1,844,736)		58,749,922
Net increase (decrease) in net assets resulting from capital transactions		118,329,323		108,844,467		193,380,753
Total increase (decrease) in net assets		176,514,084		240,790,132		246,108,029
NET ASSETS:
Beginning of period		789,653,445		548,863,313		302,755,284
End of period		$966,167,529		$789,653,445		$548,863,313
Undistributed accumulated net investment income (loss)		$1,145,857		$4,344,313		$227,113
CHANGES IN SHARES OUTSTANDING:
CLASS L
Shares outstanding, beginning of period		36,612,813		30,541,508		21,793,766
Shares sold		7,521,336		11,747,969		14,895,037
Shares issued on reinvestment of distributions		1,906,814		—		481,898
Shares redeemed		(3,696,604)		(5,676,664)		(6,629,193)
Shares outstanding, end of period		42,344,359		36,612,813		30,541,508
CLASS N
Shares outstanding, beginning of period		3,583,368		3,638,858		—	(a)
Shares sold		414,882		1,273,992		3,652,468
Shares issued on reinvestment of distributions		165,266		—		—
Shares redeemed		(549,461)		(1,329,482)		(13,610)
Shares outstanding, end of period		3,614,055		3,583,368		3,638,858

(a) Commencement of offering class of shares effective December 17, 2012.

The accompanying notes are an integral part of these financial statements.

AQR Funds Semi-Annual Report March 2014 97

Statements of Changes in Net Assets March 31, 2014

	AQR SMALL CAP MOMENTUM FUND
	FOR THE SIX MONTHS ENDED MARCH 31, 2014 (Unaudited)		FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2013		FOR THE YEAR ENDED DECEMBER 31, 2012
OPERATIONS:
Net investment income (loss)		$184,958		$857,922		$1,800,500
Net realized gain (loss)		25,889,095		14,190,638		7,037,857
Net change in unrealized appreciation (depreciation)		762,591		37,443,636		12,331,774
Net increase (decrease) in net assets resulting from operations		26,836,644		52,492,196		21,170,131
DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income:
Class L		(1,023,046)		—		(1,541,164)
Class N		(10,961)		—		—
Total		(1,034,007)		—		—
Net realized gain:
Class L		(15,719,564)		—		—
Class N		(170,339)		—		—
Total		(15,889,903)		—		(1,541,164)
Total distributions		(16,923,910)	��	—		(1,541,164)
CAPITAL TRANSACTIONS:
CLASS L
Proceeds from shares sold		48,743,350		70,492,315		50,077,757
Reinvestment of distributions		16,540,167		—		1,537,931
Cost of shares redeemed		(26,311,042)		(26,018,808)		(26,009,044)
Net increase (decrease) from capital transactions		38,972,475		44,473,507		25,606,644
CLASS N
Proceeds from shares sold		4,594,586		1,615,673		10,000	(a)
Reinvestment of distributions		181,300		—		—
Cost of shares redeemed		(106,357)		(17,558)		—
Net increase (decrease) from capital transactions		4,669,529		1,598,115		10,000
Net increase (decrease) in net assets resulting from capital transactions		43,642,004		46,071,622		25,616,644
Total increase (decrease) in net assets		53,554,738		98,563,818		45,245,611
NET ASSETS:
Beginning of period		244,343,783		145,779,965		100,534,354
End of period		$297,898,521		$244,343,783		$145,779,965
Undistributed accumulated net investment income (loss)		$(96,111)		$752,938		$146,099
CHANGES IN SHARES OUTSTANDING:
CLASS L
Shares outstanding, beginning of period		11,146,293		8,871,777		7,238,497
Shares sold		2,185,739		3,620,280		3,211,497
Shares issued on reinvestment of distributions		752,852		—		97,153
Shares redeemed		(1,176,568)		(1,345,764)		(1,675,370)
Shares outstanding, end of period		12,908,316		11,146,293		8,871,777
CLASS N
Shares outstanding, beginning of period		76,765		622		—	(a)
Shares sold		203,204		77,081		622
Shares issued on reinvestment of distributions		8,271		—		—
Shares redeemed		(4,798)		(938)		—
Shares outstanding, end of period		283,442		76,765		622

(a) Commencement of offering class of shares effective December 17, 2012.

The accompanying notes are an integral part of these financial statements.

98 AQR Funds Semi-Annual Report March 2014

Statements of Changes in Net Assets March 31, 2014

	AQR INTERNATIONAL MOMENTUM FUND
	FOR THE SIX MONTHS ENDED MARCH 31, 2014 (Unaudited)		FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2013		FOR THE YEAR ENDED DECEMBER 31, 2012
OPERATIONS:
Net investment income (loss)		$1,853,207		$3,054,749		$2,524,674
Net realized gain (loss)		5,731,074		7,761,555		1,155,067
Net change in unrealized appreciation (depreciation)		(1,638,989)		18,220,315		13,708,882
Net increase (decrease) in net assets resulting from operations		5,945,292		29,036,619		17,388,623
DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income:
Class L		(3,959,589)		—		(2,965,770)
Class N		(609,999)		—		—
Total		(4,569,588)		—		(2,965,770)
Total distributions		(4,569,588)		—		(2,965,770)
CAPITAL TRANSACTIONS:
CLASS L
Proceeds from shares sold		66,322,741		83,877,662		54,777,235
Reinvestment of distributions		3,958,755		—		2,965,195
Cost of shares redeemed		(13,969,947)		(18,591,284)		(21,716,680)
Net increase (decrease) from capital transactions		56,311,549		65,286,378		36,025,750
CLASS N
Proceeds from shares sold		4,392,101		42,216,111		11,000	(a)
Reinvestment of distributions		609,999		—		—
Cost of shares redeemed		(5,892,734)		(3,719,078)		—
Net increase (decrease) from capital transactions		(890,634)		38,497,033		11,000
Net increase (decrease) in net assets resulting from capital transactions		55,420,915		103,783,411		36,036,750
Total increase (decrease) in net assets		56,796,619		132,820,030		50,459,603
NET ASSETS:
Beginning of period		260,504,544		127,684,514		77,224,911
End of period		$317,301,163		$260,504,544		$127,684,514
Undistributed accumulated net investment income (loss)		$509,738		$3,226,119		$(313,735)
CHANGES IN SHARES OUTSTANDING:
CLASS L
Shares outstanding, beginning of period		14,326,003		9,757,051		6,789,578
Shares sold		4,302,792		5,866,252		4,490,971
Shares issued on reinvestment of distributions		258,405		—		229,327
Shares redeemed		(907,386)		(1,297,300)		(1,752,825)
Shares outstanding, end of period		17,979,814		14,326,003		9,757,051
CLASS N
Shares outstanding, beginning of period		2,721,721		849		—	(a)
Shares sold		285,137		2,976,098		849
Shares issued on reinvestment of distributions		39,895		—		—
Shares redeemed		(383,185)		(255,226)		—
Shares outstanding, end of period		2,663,568		2,721,721		849

(a) Commencement of offering class of shares effective December 17, 2012.

The accompanying notes are an integral part of these financial statements.

AQR Funds Semi-Annual Report March 2014 99

Statements of Changes in Net Assets March 31, 2014

	AQR TAX-MANAGED MOMENTUM FUND
	FOR THE SIX MONTHS ENDED MARCH 31, 2014 (Unaudited)		FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2013		FOR THE PERIOD 1/27/12*-12/31/12
OPERATIONS:
Net investment income (loss)		$135,042		$75,056		$55,098
Net realized gain (loss)		396,457		199,994		20,369
Net change in unrealized appreciation (depreciation)		3,777,687		1,474,254		290,968
Net increase (decrease) in net assets resulting from operations		4,309,186		1,749,304		366,435
DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income:
Class L		(128,737)		—		(58,114)
Class N		(55)		—		—
Total		(128,792)		—		(58,114)
Net realized gain:
Class L		(317,031)		—		(35,669)
Class N		(940)		—		—
Total		(317,971)		—		(35,669)
Total distributions		(446,763)		—		(93,783)
CAPITAL TRANSACTIONS:
CLASS L
Proceeds from shares sold		46,293,430		17,901,127		5,727,135
Reinvestment of distributions		445,768		—		93,783
Cost of shares redeemed		(2,985,452)		(3,966,042)		(52,741)
Net increase (decrease) from capital transactions		43,753,746		13,935,085		5,768,177
CLASS N
Proceeds from shares sold		—		100,001		10,000	(a)
Reinvestment of distributions		995		—		—
Cost of shares redeemed		—		(10,594)		—
Net increase (decrease) from capital transactions		995		89,407		10,000
Net increase (decrease) in net assets resulting from capital transactions		43,754,741		14,024,492		5,778,177
Total increase (decrease) in net assets		47,617,164		15,773,796		6,050,829
NET ASSETS:
Beginning of period		21,824,625		6,050,829		—
End of period		$69,441,789		$21,824,625		$6,050,829
Undistributed accumulated net investment income (loss)		$83,704		$77,454		$3,454
CHANGES IN SHARES OUTSTANDING:
CLASS L
Shares outstanding, beginning of period		1,596,498		542,643		—
Shares sold		3,169,135		1,359,290		538,821
Shares issued on reinvestment of distributions		30,365		—		8,557
Shares redeemed		(204,849)		(305,435)		(4,735)
Shares outstanding, end of period		4,591,149		1,596,498		542,643
CLASS N
Shares outstanding, beginning of period		8,489		899		—	(a)
Shares sold		—		8,489		899
Shares issued on reinvestment of distributions		68		—		—
Shares redeemed		—		(899)		—
Shares outstanding, end of period		8,557		8,489		899

* Commencement of operations.

(a) Commencement of offering class of shares effective December 17, 2012.

The accompanying notes are an integral part of these financial statements.

100 AQR Funds Semi-Annual Report March 2014

Statements of Changes in Net Assets March 31, 2014

	AQR TAX-MANAGED SMALL CAP MOMENTUM FUND
	FOR THE SIX MONTHS ENDED MARCH 31, 2014 (Unaudited)		FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2013		FOR THE PERIOD 1/27/12*-12/31/12
OPERATIONS:
Net investment income (loss)		$4,338		$17,737		$46,220
Net realized gain (loss)		234,548		102,409		14,572
Net change in unrealized appreciation (depreciation)		533,412		1,216,323		272,089
Net increase (decrease) in net assets resulting from operations		772,298		1,336,469		332,881
DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income:
Class L		(21,215)		—		(43,740)
Class N		(33)		—		—
Total		(21,248)		—		(43,740)
Net realized gain:
Class L		(139,024)		—		—
Class N		(2,068)		—		—
Total		(141,092)		—		—
Total distributions		(162,340)		—		(43,740)
CAPITAL TRANSACTIONS:
CLASS L
Proceeds from shares sold		8,741,324		2,695,469		3,103,895
Reinvestment of distributions		160,239		—		43,740
Cost of shares redeemed		(3,680,488)		(679,820)		(1,566)
Net increase (decrease) from capital transactions		5,221,075		2,015,649		3,146,069
CLASS N
Proceeds from shares sold		—		100,000		10,000	(a)
Reinvestment of distributions		2,101		—		—
Cost of shares redeemed		—		(11,109)		—
Net increase (decrease) from capital transactions		2,101		88,891		10,000
Net increase (decrease) in net assets resulting from capital transactions		5,223,176		2,104,540		3,156,069
Total increase (decrease) in net assets		5,833,134		3,441,009		3,445,210
NET ASSETS:
Beginning of period		6,886,219		3,445,210		—
End of period		$12,719,353		$6,886,219		$3,445,210
Undistributed accumulated net investment income (loss)		$(1,308)		$15,602		$3,863
CHANGES IN SHARES OUTSTANDING:
CLASS L
Shares outstanding, beginning of period		455,448		307,953		—
Shares sold		570,770		196,317		304,030
Shares issued on reinvestment of distributions		10,358		—		4,069
Shares redeemed		(243,990)		(48,822)		(146)
Shares outstanding, end of period		792,586		455,448		307,953
CLASS N
Shares outstanding, beginning of period		8,251		917		—	(a)
Shares sold		—		8,251		917
Shares issued on reinvestment of distributions		136		—		—
Shares redeemed		—		(917)		—
Shares outstanding, end of period		8,387		8,251		917

* Commencement of operations.

(a) Commencement of offering class of shares effective December 17, 2012.

The accompanying notes are an integral part of these financial statements.

AQR Funds Semi-Annual Report March 2014 101

Statements of Changes in Net Assets March 31, 2014

	AQR TAX-MANAGED INTERNATIONAL MOMENTUM FUND
	FOR THE SIX MONTHS ENDED MARCH 31, 2014 (Unaudited)		FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2013		FOR THE PERIOD 1/27/12*-12/31/12
OPERATIONS:
Net investment income (loss)		$272,507		$119,583		$80,248
Net realized gain (loss)		(155,310)		272,476		24,701
Net change in unrealized appreciation (depreciation)		1,281,268		777,272		512,452
Net increase (decrease) in net assets resulting from operations		1,398,465		1,169,331		617,401
DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income:
Class L		(171,579)		—		(91,118)
Class N		(189)		—		—
Total		(171,768)		—		(91,118)
Net realized gain:
Class L		(457,829)		—		(8,768)
Class N		(1,358)		—		—
Total		(459,187)		—		(8,768)
Total distributions		(630,955)		—		(99,886)
CAPITAL TRANSACTIONS:
CLASS L
Proceeds from shares sold		49,063,875		13,835,282		5,127,939
Reinvestment of distributions		629,408		—		99,886
Cost of shares redeemed		(5,834,091)		(3,313,583)		(6,508)
Net increase (decrease) from capital transactions		43,859,192		10,521,699		5,221,317
CLASS N
Proceeds from shares sold		—		100,000		10,000	(a)
Reinvestment of distributions		1,547		—		—
Cost of shares redeemed		—		(10,601)		—
Net increase (decrease) from capital transactions		1,547		89,399		10,000
Net increase (decrease) in net assets resulting from capital transactions		43,860,739		10,611,098		5,231,317
Total increase (decrease) in net assets		44,628,249		11,780,429		5,748,832
NET ASSETS:
Beginning of period		17,529,261		5,748,832		—
End of period		$62,157,510		$17,529,261		$5,748,832
Undistributed accumulated net investment income (loss)		$209,203		$108,464		$(14,184)
CHANGES IN SHARES OUTSTANDING:
CLASS L
Shares outstanding, beginning of period		1,321,265		510,465		—
Shares sold		3,675,997		1,076,886		502,067
Shares issued on reinvestment of distributions		47,538		—		8,983
Shares redeemed		(439,209)		(266,086)		(585)
Shares outstanding, end of period		4,605,591		1,321,265		510,465
CLASS N
Shares outstanding, beginning of period		8,468		898		—	(a)
Shares sold		—		8,468		898
Shares issued on reinvestment of distributions		116		—		—
Shares redeemed		—		(898)		—
Shares outstanding, end of period		8,584		8,468		898

*  Commencement of operations.

(a) Commencement of offering class of shares effective December 17, 2012.

The accompanying notes are an integral part of these financial statements.

102 AQR Funds Semi-Annual Report March 2014

Statements of Changes in Net Assets March 31, 2014

	AQR CORE EQUITY FUND				AQR SMALL CAP CORE EQUITY FUND
	FOR THE SIX MONTHS ENDED MARCH 31, 2014 (Unaudited)		FOR THE PERIOD 3/26/13*-9/30/13		FOR THE SIX MONTHS ENDED MARCH 31, 2014 (Unaudited)		FOR THE PERIOD 3/26/13*-9/30/13
OPERATIONS:
Net investment income (loss)		$225,082		$51,206		$9,413		$4,606
Net realized gain (loss)		16,461		95,056		42,960		22,660
Net change in unrealized appreciation (depreciation)		5,000,463		569,841		456,739		439,180
Net increase (decrease) in net assets resulting from operations		5,242,006		716,103		509,112		466,446
DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income:
Class L		(119,019)		—		(7,632)		—
Class N		(13,149)		—		(4,611)		—
Total		(132,168)		—		(12,243)		—
Net realized gain:
Class L		(165,118)		—		(25,099)		—
Class N		(22,150)		—		(22,781)		—
Total		(187,268)		—		(47,880)		—
Total distributions		(319,436)		—		(60,123)		—
CAPITAL TRANSACTIONS:
CLASS L
Proceeds from shares sold		33,948,822		19,426,853		2,835,762		2,654,885
Reinvestment of distributions		284,137		—		32,731		—
Cost of shares redeemed		(2,067,665)		(1,229,610)		(784,692)		(743,228)
Net increase (decrease) from capital transactions		32,165,294		18,197,243		2,083,801		1,911,657
CLASS N
Proceeds from shares sold		5,186,760		2,212,852		1,791,933		1,186,351
Reinvestment of distributions		35,299		—		27,392		—
Cost of shares redeemed		(3,248,847)		(912,033)		(1,079,143)		—
Net increase (decrease) from capital transactions		1,973,212		1,300,819		740,182		1,186,351
Net increase (decrease) in net assets resulting from capital transactions		34,138,506		19,498,062		2,823,983		3,098,008
Total increase (decrease) in net assets		39,061,076		20,214,165		3,272,972		3,564,454
NET ASSETS:
Beginning of period		20,214,165		—		3,564,454		—
End of period		$59,275,241		$20,214,165		$6,837,426		$3,564,454
Undistributed accumulated net investment income (loss)		$145,771		$52,857		$2,365		$5,195
CHANGES IN SHARES OUTSTANDING:
CLASS L
Shares outstanding, beginning of period		1,695,462		—		183,811		—
Shares sold		2,818,520		1,811,050		226,350		253,687
Shares issued on reinvestment of distributions		23,482		—		2,580		—
Shares redeemed		(168,420)		(115,588)		(61,820)		(69,876)
Shares outstanding, end of period		4,369,044		1,695,462		350,921		183,811
CLASS N
Shares outstanding, beginning of period		126,521		—		116,378		—
Shares sold		434,700		212,977		142,230		116,378
Shares issued on reinvestment of distributions		2,920		—		2,160		—
Shares redeemed		(260,774)		(86,456)		(85,333)		—
Shares outstanding, end of period		303,367		126,521		175,435		116,378

* Commencement of operations.

The accompanying notes are an integral part of these financial statements.

AQR Funds Semi-Annual Report March 2014 103

Statements of Changes in Net Assets March 31, 2014

	AQR INTERNATIONAL CORE EQUITY FUND
	FOR THE SIX MONTHS ENDED MARCH 31, 2014 (Unaudited)		FOR THE PERIOD 3/26/13*-9/30/13
OPERATIONS:
Net investment income (loss)		$167,213		$111,414
Net realized gain (loss)		367,089		(76,611)
Net change in unrealized appreciation (depreciation)		183,622		1,362,722
Net increase (decrease) in net assets resulting from operations		717,924		1,397,525
DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income:
Class L		(141,411)		—
Class N		(15,916)		—
Total		(157,327)		—
Total distributions		(157,327)		—
CAPITAL TRANSACTIONS:
CLASS L
Proceeds from shares sold		7,437,166		15,815,757
Reinvestment of distributions		141,411		—
Cost of shares redeemed		(1,342,628)		(1,223,357)
Net increase (decrease) from capital transactions		6,235,949		14,592,400
CLASS N
Proceeds from shares sold		635,993		2,846,422
Reinvestment of distributions		15,916		—
Cost of shares redeemed		(279,255)		(872,000)
Net increase (decrease) from capital transactions		372,654		1,974,422
Net increase (decrease) in net assets resulting from capital transactions		6,608,603		16,566,822
Total increase (decrease) in net assets		7,169,200		17,964,347
NET ASSETS:
Beginning of period		17,964,347		—
End of period		$25,133,547		$17,964,347
Undistributed accumulated net investment income (loss)		$118,894		$109,008
CHANGES IN SHARES OUTSTANDING:
CLASS L
Shares outstanding, beginning of period		1,401,327		—
Shares sold		644,433		1,518,548
Shares issued on reinvestment of distributions		12,372		—
Shares redeemed		(116,111)		(117,221)
Shares outstanding, end of period		1,942,021		1,401,327
CLASS N
Shares outstanding, beginning of period		191,136		—
Shares sold		55,394		275,225
Shares issued on reinvestment of distributions		1,392		—
Shares redeemed		(24,375)		(84,089)
Shares outstanding, end of period		223,547		191,136

* Commencement of operations.

The accompanying notes are an integral part of these financial statements.

104 AQR Funds Semi-Annual Report March 2014

[Intentionally Left Blank]

Financial Highlights March 31, 2014

	PER SHARE OPERATING PERFORMANCE
			Change in Net Assets Resulting from Operations						Less Dividends and Distributions
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)		Net Realized and Unrealized Gain (Loss)		Net Increase (Decrease) in Net Asset Value from Operations		Distributions from Net Investment Income		Distributions from Net Realized Gains		Total Distributions
AQR GLOBAL EQUITY FUND CLASS I
SIX MONTHS ENDED MARCH 31, 2014 (Unaudited)6		$13.33		0.06		1.16		1.22		(0.39)		(5.31)		(5.70)
NINE MONTHS ENDED SEPTEMBER 30, 20136		$11.35		0.14		1.84		1.98		—		—		—
FOR THE YEAR ENDED DECEMBER 31, 20126		$9.99		0.20		1.69		1.89		(0.29)		(0.24)		(0.53)
FOR THE YEAR ENDED DECEMBER 31, 20116		$10.97		0.21		(0.95)		(0.74)		(0.11)		(0.13)		(0.24)
FOR THE YEAR ENDED DECEMBER 31, 20106		$10.00		0.16		1.25		1.41		(0.36)		(0.08)		(0.44)
AQR GLOBAL EQUITY FUND CLASS N
SIX MONTHS ENDED MARCH 31, 2014 (Unaudited)6		$13.27		0.04		1.15		1.19		(0.35)		(5.31)		(5.66)
NINE MONTHS ENDED SEPTEMBER 30, 20136		$11.32		0.11		1.84		1.95		—		—		—
FOR THE YEAR ENDED DECEMBER 31, 20126		$9.97		0.16		1.70		1.86		(0.27)		(0.24)		(0.51)
FOR THE YEAR ENDED DECEMBER 31, 20116		$10.97		0.16		(0.94)		(0.78)		(0.09)		(0.13)		(0.22)
FOR THE YEAR ENDED DECEMBER 31, 2010†,6		$10.00		0.13		1.25		1.38		(0.33)		(0.08)		(0.41)
AQR GLOBAL EQUITY FUND CLASS R6
FOR THE PERIOD 1/8/148—3/31/14 (Unaudited)6		$8.70		0.06		0.12		0.18		—		—		—
AQR GLOBAL EQUITY FUND CLASS Y
SIX MONTHS ENDED MARCH 31, 2014 (Unaudited)†,6		$13.38		0.07		1.17		1.24		(0.43)		(5.31)		(5.74)
NINE MONTHS ENDED SEPTEMBER 30, 2013†,6		$11.35		0.18		1.85		2.03		—		—		—
FOR THE YEAR ENDED DECEMBER 31, 2012†,6		$10.00		0.24		1.70		1.94		(0.35)		(0.24)		(0.59)
FOR THE YEAR ENDED DECEMBER 31, 20116		$10.99		0.24		(0.94)		(0.70)		(0.16)		(0.13)		(0.29)
FOR THE YEAR ENDED DECEMBER 31, 20106		$10.00		0.18		1.27		1.45		(0.38)		(0.08)		(0.46)

  * Annualized for periods less than one year.

  † Redemption fees of less than $0.005 per share were incurred by the share class.

  1 Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions.

  2 Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period and redemption on the last day of the period and is not annualized.

  3 Ratios do not include the impact of the expenses of the underlying funds in which the Fund invests.

  4 Certain expenses incurred by the Funds were not annualized for the period ended September 30, 2013.

  5 Portfolio turnover is not annualized.

  6 Per share net investment income (loss) and net realized and unrealized gain (loss) are based on average shares outstanding.

  7 Ratios are disproportionate between classes due to size of net assets and fixed expenses.

  8 Commencement of offering of shares.

The accompanying notes are an integral part of these financial statements.

106 AQR Funds Semi-Annual Report March 2014

Financial Highlights March 31, 2014

					RATIOS/SUPPLEMENTAL DATA
							Ratios to Average Net Assets of:*
Net Asset Value, End of Period		Total Return1,2			Net Assets, End of Period		Expenses, Net of Reimbursements and/or Waivers3			Expenses, Net of Reimbursements and/or Waivers (Excluding Dividend Short Expense & Interest Expense)3			Expenses, Before Reimbursements and/or Waivers3,4			Net Investment Income (Loss)			Portfolio Turnover Rate5
	$8.85		10.80	%		$2,189,062		0.93	%		0.93	%		1.51	%		1.27	%		54	%
	$13.33		17.44	%		$1,262,602		0.95	%		0.95	%		2.27	%7		1.46	%		71	%
	$11.35		18.95	%		$626,448		0.95	%		0.94	%		1.41	%		1.83	%		87	%
	$9.99		(6.68	)%		$2,102,815		0.96	%		0.95	%		2.03	%		1.90	%		59	%
	$10.97		14.12	%		$1,841,838		0.79	%		0.79	%		0.79	%		1.41	%		72	%
	$8.80		10.52	%		$1,224,583		1.23	%		1.23	%		2.12	%		0.87	%		54	%
	$13.27		17.23	%		$712,114		1.25	%		1.25	%		3.06	%7		1.14	%		71	%
	$11.32		18.67	%		$517,504		1.25	%		1.24	%		1.87	%		1.51	%		87	%
	$9.97		(7.03	)%		$2,019,253		1.27	%		1.26	%		3.22	%		1.46	%		59	%
	$10.97		13.83	%		$1,497,723		1.10	%		1.10	%		1.10	%		1.28	%		72	%
	$8.88		2.07	%		$75,479,591		0.70	%		0.70	%		0.74	%		2.89	%		54	%
	$8.88		10.86	%		$210,646,238		0.55	%		0.55	%		0.55	%		1.41	%		54	%
	$13.38		17.89	%		$254,722,998		0.51	%		0.51	%		0.51	%7		1.88	%		71	%
	$11.35		19.45	%		$474,412,574		0.51	%		0.50	%		0.51	%		2.24	%		87	%
	$10.00		(6.22	)%		$397,662,333		0.52	%		0.51	%		0.52	%		2.21	%		59	%
	$10.99		14.54	%		$424,346,157		0.50	%		0.50	%		0.71	%		1.81	%		72	%

The accompanying notes are an integral part of these financial statements.

AQR Funds Semi-Annual Report March 2014 107

Financial Highlights March 31, 2014

	PER SHARE OPERATING PERFORMANCE
			Change in Net Assets Resulting from Operations						Less Dividends and Distributions
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)		Net Realized and Unrealized Gain (Loss)		Net Increase (Decrease) in Net Asset Value from Operations		Distributions from Net Investment Income		Distributions from Net Realized Gains		Total Distributions
AQR INTERNATIONAL EQUITY FUND CLASS I
SIX MONTHS ENDED MARCH 31, 2014 (Unaudited)6		$11.88		0.09		0.70		0.79		(0.22)		(0.86)		(1.08)
NINE MONTHS ENDED SEPTEMBER 30, 20136		$10.24		0.17		1.47		1.64		—		—		—
FOR THE YEAR ENDED DECEMBER 31, 20126		$8.60		0.20		1.76		1.96		(0.32)		—		(0.32)
FOR THE YEAR ENDED DECEMBER 31, 2011†,6		$10.45		0.21		(1.78)		(1.57)		(0.21)		(0.07)		(0.28)
FOR THE YEAR ENDED DECEMBER 31, 2010†,6		$9.78		0.16		0.84		1.00		(0.24)		(0.09)		(0.33)
FOR THE PERIOD 9/30/097—12/31/09 †,6		$10.00		(0.01)		0.22		0.21		(0.14)		(0.29)		(0.43)
AQR INTERNATIONAL EQUITY FUND CLASS N
SIX MONTHS ENDED MARCH 31, 2014 (Unaudited)6		$12.06		0.08		0.70		0.78		(0.20)		(0.86)		(1.06)
NINE MONTHS ENDED SEPTEMBER 30, 20136		$10.43		0.13		1.50		1.63		—		—		—
FOR THE YEAR ENDED DECEMBER 31, 20126		$8.76		0.19		1.76		1.95		(0.28)		—		(0.28)
FOR THE YEAR ENDED DECEMBER 31, 20116		$10.61		0.20		(1.83)		(1.63)		(0.15)		(0.07)		(0.22)
FOR THE YEAR ENDED DECEMBER 31, 20106		$9.91		0.14		0.88		1.02		(0.23)		(0.09)		(0.32)
FOR THE PERIOD 9/30/097—12/31/096		$10.00		—		0.20		0.20		—		(0.29)		(0.29)
AQR INTERNATIONAL EQUITY FUND CLASS R6
FOR THE PERIOD 1/08/147—3/31/14 (Unaudited)†,6		$12.08		0.16		(0.06)		0.10		—		—		—
AQR INTERNATIONAL EQUITY FUND CLASS Y
SIX MONTHS ENDED MARCH 31, 2014 (Unaudited)†,6		$12.45		0.11		0.74		0.85		(0.25)		(0.86)		(1.11)
NINE MONTHS ENDED SEPTEMBER 30, 2013†,6		$10.71		0.21		1.53		1.74		—		—		—
FOR THE YEAR ENDED DECEMBER 31, 2012†,6		$8.98		0.25		1.83		2.08		(0.35)		—		(0.35)
FOR THE YEAR ENDED DECEMBER 31, 2011†,6		$10.89		0.28		(1.88)		(1.60)		(0.24)		(0.07)		(0.31)
FOR THE YEAR ENDED DECEMBER 31, 2010†,6		$10.16		0.20		0.89		1.09		(0.27)		(0.09)		(0.36)
FOR THE PERIOD 8/28/099—12/31/09†,6		$10.00		0.03		0.57		0.60		(0.15)		(0.29)		(0.44)

  * Annualized for periods less than one year.

  † Redemption fees of less than $0.005 per share were incurred by the share class.

  1 Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions.

  2 Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period and redemption on the last day of the period and is not annualized.

  3 Ratios do not include the impact of the expenses of the underlying funds in which the Fund invests.

  4 Certain expenses incurred by the Funds were not annualized for the period ended September 30, 2013.

  5 Portfolio turnover is not annualized.

  6 Per share net investment income (loss) and net realized and unrealized gain (loss) are based on average shares outstanding.

  7 Commencement of offering of shares.

  8 The ratio is not representative of what the ratio would be if the Fund class had operated for a longer period of time. Certain expenses incurred by the Fund were not annualized for the period ended December 31, 2009.

  9 Commencement of operations.

The accompanying notes are an integral part of these financial statements.

108 AQR Funds Semi-Annual Report March 2014

Financial Highlights March 31, 2014

					RATIOS/SUPPLEMENTAL DATA
							Ratios to Average Net Assets of:*
Net Asset Value, End of Period		Total Return1,2			Net Assets, End of Period		Expenses, Net of Reimbursements and/or Waivers3			Expenses, Net of Reimbursements and/or Waivers (Excluding Dividend Short Expense & Interest Expense)3			Expenses, Before Reimbursements and/or Waivers3,4			Net Investment Income (Loss)			Portfolio Turnover Rate5
	$11.59		6.86	%		$243,897,731		0.89	%		0.89	%		0.89	%		1.60	%		30	%
	$11.88		16.02	%		$241,467,180		0.90	%		0.90	%		0.90	%		2.11	%		59	%
	$10.24		22.87	%		$196,971,397		0.91	%		0.90	%		0.91	%		2.17	%		74	%
	$8.60		(15.00	)%		$138,229,387		0.94	%		0.93	%		0.94	%		2.13	%		60	%
	$10.45		10.40	%		$85,968,655		0.90	%		0.90	%		1.03	%		1.72	%		93	%
	$9.78		2.20	%		$44,016,038		0.90	%		0.90	%		1.01	%		(0.47	)%		29	%
	$11.78		6.66	%		$36,641,612		1.25	%		1.25	%		1.25	%		1.29	%		30	%
	$12.06		15.63	%		$32,010,505		1.29	%		1.29	%		1.29	%		1.52	%		59	%
	$10.43		22.41	%		$15,561,822		1.28	%		1.27	%		1.28	%		2.00	%		74	%
	$8.76		(15.27	)%		$1,166,515		1.35	%		1.34	%		2.18	%		1.96	%		60	%
	$10.61		10.40	%		$1,472,368		1.25	%		1.25	%		3.50	%		1.51	%		93	%
	$9.91		2.04	%		$5,785		1.25	%		1.25	%		472.86	%8		(0.07	)%		29	%
	$12.18		0.83	%		$121,074,080		0.73	%		0.73	%		0.73	%		6.06	%		30	%
	$12.19		7.07	%		$452,151,004		0.54	%		0.54	%		0.54	%		1.72	%		30	%
	$12.45		16.25	%		$543,667,428		0.55	%		0.55	%		0.55	%		2.45	%		59	%
	$10.71		23.26	%		$474,563,739		0.56	%		0.55	%		0.56	%		2.52	%		74	%
	$8.98		(14.66	)%		$348,681,473		0.58	%		0.57	%		0.58	%		2.63	%		60	%
	$10.89		10.84	%		$371,799,177		0.55	%		0.55	%		0.77	%		2.02	%		93	%
	$10.16		6.08	%		$360,491,107		0.55	%		0.55	%		0.98	%		0.99	%		29	%

The accompanying notes are an integral part of these financial statements.

AQR Funds Semi-Annual Report March 2014 109

Financial Highlights March 31, 2014

	PER SHARE OPERATING PERFORMANCE
			Change in Net Assets Resulting from Operations							Less Dividends and Distributions
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)			Net Realized and Unrealized Gain (Loss)		Net Increase (Decrease) in Net Asset Value from Operations		Distributions from Net Investment Income		Distributions from Net Realized Gains			Total Distributions
AQR EMERGING DEFENSIVE EQUITY FUND CLASS I
SIX MONTHS ENDED MARCH 31, 2014 (Unaudited)6		$10.27		0.06	11		(0.09)		(0.03)		(0.09)		(0.00)	7		(0.09)
NINE MONTHS ENDED SEPTEMBER 30, 20136		$10.92		0.20			(0.85)		(0.65)		—		—			—
FOR THE PERIOD 7/9/128—12/31/126		$10.00		0.10			0.94		1.04		(0.09)		(0.03)			(0.12)
AQR EMERGING DEFENSIVE EQUITY FUND CLASS N
SIX MONTHS ENDED MARCH 31, 2014 (Unaudited)6		$10.26		0.04	11		(0.08)		(0.04)		(0.07)		(0.00)	7		(0.07)
NINE MONTHS ENDED SEPTEMBER 30, 20136		$10.93		0.16			(0.83)		(0.67)		—		—			—
FOR THE PERIOD 7/9/128—12/31/126		$10.00		0.08			0.94		1.02		(0.06)		(0.03)			(0.09)
AQR INTERNATIONAL DEFENSIVE EQUITY FUND CLASS I
SIX MONTHS ENDED MARCH 31, 2014 (Unaudited)6		$11.88		0.13			0.46		0.59		(0.17)		(0.12)			(0.29)
NINE MONTHS ENDED SEPTEMBER 30, 20136		$10.67		0.23			0.98		1.21		—		—			—
FOR THE PERIOD 7/9/128—12/31/126		$10.00		0.10			0.67		0.77		(0.06)		(0.04)			(0.10)
AQR INTERNATIONAL DEFENSIVE EQUITY FUND CLASS N
SIX MONTHS ENDED MARCH 31, 2014 (Unaudited)6		$11.88		0.11			0.46		0.57		(0.15)		(0.12)			(0.27)
NINE MONTHS ENDED SEPTEMBER 30, 20136		$10.69		0.20			0.99		1.19		—		—			—
FOR THE PERIOD 7/9/128—12/31/126		$10.00		0.08			0.68		0.76		(0.03)		(0.04)			(0.07)
AQR U.S. DEFENSIVE EQUITY FUND CLASS I
SIX MONTHS ENDED MARCH 31, 2014 (Unaudited)6		$12.20		0.10			1.24		1.34		(0.08)		(0.04)			(0.12)
NINE MONTHS ENDED SEPTEMBER 30, 20136		$10.16		0.15			1.89		2.04		—		—			—
FOR THE PERIOD 7/9/128—12/31/126		$10.00		0.14	10		0.10		0.24		(0.07)		(0.01)			(0.08)
AQR U.S. DEFENSIVE EQUITY FUND CLASS N
SIX MONTHS ENDED MARCH 31, 2014 (Unaudited)6		$12.19		0.08			1.26		1.34		(0.07)		(0.04)			(0.11)
NINE MONTHS ENDED SEPTEMBER 30, 20136		$10.18		0.13			1.88		2.01		—		—			—
FOR THE PERIOD 7/9/128—12/31/126		$10.00		0.08	10		0.15		0.23		(0.04)		(0.01)			(0.05)

  * Annualized for periods less than one year.

  1 Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions.

  2 Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period and redemption on the last day of the period and is not annualized.

  3 Ratios do not include the impact of the expenses of the underlying funds in which the Fund invests.

  4 Certain expenses incurred by the Funds were not annualized for the period ended September 30, 2013.

  5 Portfolio turnover is not annualized.

  6 Per share net investment income (loss) and net realized and unrealized gain (loss) are based on average shares outstanding.

  7 Amount is less than $.005 per share.

  8 Commencement of operations.

  9 Ratios are disproportionate between classes due to size of net assets and fixed expenses.

10 For the year ended December 31, 2012 certain Funds received special dividends which materially impacted the Net Investment Income Per Share and Net Investment Income Ratio. These dividends are not expected to continue in the future. Had these special dividends not been received the Net Investment Income Per Share and Net Investment Income Ratio would have been as follows:

FUND	NET INVESTMENT INCOME PER SHARE		NET INVESTMENT INCOME RATIO
AQR U.S. Defensive Equity Fund—Class I		$0.11		2.58	%
AQR U.S. Defensive Equity Fund—Class N		0.05		1.38

The accompanying notes are an integral part of these financial statements.

110 AQR Funds Semi-Annual Report March 2014

Financial Highlights March 31, 2014

					RATIOS/SUPPLEMENTAL DATA
							Ratios to Average Net Assets of:*
Net Asset Value, End of Period		Total Return1,2			Net Assets, End of Period		Expenses, Net of Reimbursements and/or Waivers3			Expenses, Net of Reimbursements and/or Waivers (Excluding Dividend Short Expense & Interest Expense)3			Expenses, Before Reimbursements and/or Waivers3,4			Net Investment Income (Loss)			Portfolio Turnover Rate5
	$10.15		(0.27	)%		$46,733,596		0.90	%		0.90	%		1.26	%		1.15	%11		70	%
	$10.27		(5.95	)%		$29,471,066		0.96	%		0.96	%		2.08	%		2.55	%		181	%
	$10.92		10.39	%		$5,402,251		1.15	%		1.15	%		4.14	%		1.92	%		38	%
	$10.15		(0.35	)%		$1,950,256		1.15	%		1.15	%		1.87	%		0.74	%11		70	%
	$10.26		(6.13	)%		$2,594,182		1.25	%		1.25	%		3.50	%		2.06	%		181	%
	$10.93		10.22	%		$1,804,269		1.40	%		1.40	%		5.41	%		1.67	%		38	%
	$12.18		5.04	%		$24,942,022		0.65	%		0.65	%		1.34	%		2.16	%		34	%
	$11.88		11.34	%		$17,630,701		0.73	%		0.73	%		2.01	%9		2.68	%		115	%
	$10.67		7.69	%		$5,366,031		0.90	%		0.90	%		5.00	%		1.91	%		81	%
	$12.18		4.86	%		$1,313,949		0.90	%		0.90	%		2.25	%		1.89	%		34	%
	$11.88		11.13	%		$1,152,793		1.00	%		1.00	%		4.15	%9		2.34	%		115	%
	$10.69		7.62	%		$850,270		1.15	%		1.15	%		6.96	%		1.61	%		81	%
	$13.42		11.06	%		$203,009,719		0.49	%		0.49	%		0.69	%		1.49	%		6	%
	$12.20		20.08	%		$155,660,499		0.52	%		0.52	%		0.93	%		1.69	%		106	%
	$10.16		2.34	%		$7,841,840		0.75	%		0.75	%		3.90	%		2.90	%10		141	%
	$13.42		11.03	%		$25,563,233		0.74	%		0.74	%		0.98	%		1.24	%		6	%
	$12.19		19.74	%		$20,735,768		0.77	%		0.77	%		1.48	%		1.44	%		106	%
	$10.18		2.29	%		$420,890		1.00	%		1.00	%		9.36	%		1.70	%10		141	%

11 For the six months ended March 31, 2014 certain Funds received special dividends which materially impacted the Net Investment Income Per Share and Net Investment Income Ratio. These dividends are not expected to continue in the future. Had these special dividends not been received the Net Investment Income Per Share and Net Investment Income Ratio would have been as follows:

FUND	NET INVESTMENT INCOME PER SHARE	NET INVESTMENT INCOME RATIO
AQR Emerging Defensive Equity Fund—Class L	$0.04	0.93	%
AQR Emerging Defensive Equity Fund—Class N	0.02	0.52

The accompanying notes are an integral part of these financial statements.

AQR Funds Semi-Annual Report March 2014 111

Financial Highlights March 31, 2014

	PER SHARE OPERATING PERFORMANCE
			Change in Net Assets Resulting from Operations							Less Dividends and Distributions
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)			Net Realized and Unrealized Gain (Loss)		Net Increase (Decrease) in Net Asset Value from Operations		Distributions from Net Investment Income		Distributions from Net Realized Gains		Total Distributions
AQR MOMENTUM FUND CLASS L
SIX MONTHS ENDED MARCH 31, 2014 (Unaudited)6		$19.65		0.05			2.32		2.37		(0.13)		(0.87)		(1.00)
NINE MONTHS ENDED SEPTEMBER 30, 20136		$16.06		0.12	7		3.47		3.59		—		—		—
FOR THE YEAR ENDED DECEMBER 31, 20126		$13.89		0.26	8		2.16		2.42		(0.25)		—		(0.25)
FOR THE YEAR ENDED DECEMBER 31, 2011†,6		$14.40		0.15			(0.54)		(0.39)		(0.09)		(0.03)		(0.12)
FOR THE YEAR ENDED DECEMBER 31, 2010†		$12.19		0.06			2.21		2.27		(0.02)		(0.04)		(0.06)
FOR THE PERIOD 7/9/099—12/31/09†,6		$10.00		0.07			2.48		2.55		(0.05)		(0.31)		(0.36)
AQR MOMENTUM FUND CLASS N
SIX MONTHS ENDED MARCH 31, 2014 (Unaudited)6		$19.61		0.03			2.32		2.35		(0.08)		(0.87)		(0.95)
NINE MONTHS ENDED SEPTEMBER 30, 20136		$16.05		0.09	7		3.47		3.56		—		—		—
FOR THE PERIOD 12/17/1210—12/31/126		$16.02		0.01	8		0.02		0.03		—		—		—

  * Annualized for periods less than one year.

  † Redemption fees of less than $0.005 per share were incurred by the share class.

  1 Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions.

  2 Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period and redemption on the last day of the period and is not annualized.

  3 Ratios do not include the impact of the expenses of the underlying funds in which the Fund invests.

  4 Certain expenses incurred by the Funds were not annualized for the period ended September 30, 2013.

  5 Portfolio turnover is not annualized.

  6 Per share net investment income (loss) and net realized and unrealized gain (loss) are based on average shares outstanding.

  7 For the period ended September 30, 2013 certain Funds received special dividends which materially impacted the Net Investment Income Per Share and Net Investment Income Ratio. These dividends are not expected to continue in the future. Had these special dividends not been received the Net Investment Income Per Share and Net Investment Income Ratio would have been as follows:

FUND	NET INVESTMENT INCOME PER SHARE		NET INVESTMENT INCOME RATIO
AQR Momentum Fund—Class L	$	0.11		0.80	%
AQR Momentum Fund—Class N		0.08		0.56

  8 For the year ended December 31, 2012 certain Funds received special dividends which materially impacted the Net Investment Income Per Share and Net Investment Income Ratio. These dividends are not expected to continue in the future. Had these special dividends not been received the Net Investment Income Per Share and Net Investment Income Ratio would have been as follows:

FUND	NET INVESTMENT INCOME PER SHARE		NET INVESTMENT INCOME RATIO
AQR Momentum Fund—Class L		$0.24		1.57	%
AQR Momentum Fund—Class N		0.01		1.07

  9 Commencement of operations.

10 Commencement of offering of shares.

The accompanying notes are an integral part of these financial statements.

112 AQR Funds Semi-Annual Report March 2014

Financial Highlights March 31, 2014

					RATIOS/SUPPLEMENTAL DATA
							Ratios to Average Net Assets of:*
Net Asset Value, End of Period		Total Return1,2			Net Assets, End of Period		Expenses, Net of Reimbursements and/or Waivers3			Expenses, Net of Reimbursements and/or Waivers (Excluding Dividend Short Expense & Interest Expense)3			Expenses, Before Reimbursements and/or Waivers3,4			Net Investment Income (Loss)			Portfolio Turnover Rate5
	$21.02		12.22	%		$890,240,121		0.49	%		0.49	%		0.55	%		0.52	%		40	%
	$19.65		22.35	%		$719,388,829		0.49	%		0.49	%		0.55	%		0.88	%7		62	%
	$16.06		17.49	%		$490,441,577		0.50	%		0.49	%		0.58	%		1.69	%8		68	%
	$13.89		(2.68	)%		$302,755,284		0.50	%		0.49	%		0.67	%		1.07	%		162	%
	$14.40		18.60	%		$124,491,353		0.49	%		0.49	%		0.98	%		1.37	%		180	%
	$12.19		25.58	%		$6,932,575		0.49	%		0.49	%		5.08	%		1.23	%		163	%
	$21.01		12.10	%		$75,927,408		0.74	%		0.74	%		0.83	%		0.27	%		40	%
	$19.61		22.18	%		$70,264,616		0.74	%		0.74	%		0.83	%		0.64	%7		62	%
	$16.05		0.19	%		$58,421,736		0.75	%		0.74	%		0.82	%		1.19	%8		68	%

The accompanying notes are an integral part of these financial statements.

AQR Funds Semi-Annual Report March 2014 113

Financial Highlights March 31, 2014

	PER SHARE OPERATING PERFORMANCE
			Change in Net Assets Resulting from Operations							Less Dividends and Distributions
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)			Net Realized and Unrealized Gain (Loss)		Net Increase (Decrease) in Net Asset Value from Operations		Distributions from Net Investment Income		Distributions from Net Realized Gains		Total Distributions
AQR SMALL CAP MOMENTUM FUND CLASS L
SIX MONTHS ENDED MARCH 31, 2014 (Unaudited)6		$21.77		0.02	13		2.20		2.22		(0.09)		(1.32)		(1.41)
NINE MONTHS ENDED SEPTEMBER 30, 20136		$16.43		0.09	7		5.25		5.34		—		—		—
FOR THE YEAR ENDED DECEMBER 31, 20126		$13.89		0.22	9		2.50		2.72		(0.18)		—		(0.18)
FOR THE YEAR ENDED DECEMBER 31, 2011†,6		$14.39		0.04			(0.42)		(0.38)		(0.02)		(0.10)		(0.12)
FOR THE YEAR ENDED DECEMBER 31, 2010†		$11.40		0.03			3.13		3.16		(0.03)		(0.14)		(0.17)
FOR THE PERIOD 7/9/0910—12/31/09†,6		$10.00		0.04			2.06		2.10		(0.03)		(0.67)		(0.70)
AQR SMALL CAP MOMENTUM FUND CLASS N
SIX MONTHS ENDED MARCH 31, 2014 (Unaudited)6		$21.73		(0.02)	13		2.20		2.18		(0.08)		(1.32)		(1.40)
NINE MONTHS ENDED SEPTEMBER 30, 20136		$16.43		0.03	7		5.27		5.30		—		—		—
FOR THE PERIOD 12/17/1211—12/31/126		$16.09		0.02	9		0.32		0.34		—		—		—

  * Annualized for periods less than one year.

  † Redemption fees of less than $0.005 per share were incurred by the share class.

  1 Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions.

  2 Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period and redemption on the last day of the period and is not annualized.

  3 Ratios do not include the impact of the expenses of the underlying funds in which the Fund invests.

  4 Certain expenses incurred by the Funds were not annualized for the period ended September 30, 2013.

  5 Portfolio turnover is not annualized.

  6 Per share net investment income (loss) and net realized and unrealized gain (loss) are based on average shares outstanding.

  7 For the period ended September 30, 2013 certain Funds received special dividends which materially impacted the Net Investment Income Per Share and Net Investment Income Ratio. These dividends are not expected to continue in the future. Had these special dividends not been received the Net Investment Income Per Share and Net Investment Income Ratio would have been as follows:

FUND	NET INVESTMENT INCOME PER SHARE		NET INVESTMENT INCOME RATIO
AQR Small Cap Momentum Fund—Class L	$	0.07		0.52	%
AQR Small Cap Momentum Fund—Class N		0.01		0.10

  8 Ratios are disproportionate between classes due to size of net assets and fixed expenses.

  9 For the year ended December 31, 2012 certain Funds received special dividends which materially impacted the Net Investment Income Per Share and Net Investment Income Ratio. These dividends are not expected to continue in the future. Had these special dividends not been received the Net Investment Income Per Share and Net Investment Income Ratio would have been as follows:

FUND	NET INVESTMENT INCOME PER SHARE		NET INVESTMENT INCOME RATIO
AQR Small Cap Momentum Fund—Class L		$0.15		1.01	%
AQR Small Cap Momentum Fund—Class N		0.02		2.93

10 Commencement of operations.

11 Commencement of offering of shares.

12 The ratio is not representative of what the ratio would be if the Fund class had operated for a longer period of time. Certain expenses incurred by the Fund were not annualized for the period ended December 31, 2012.

The accompanying notes are an integral part of these financial statements.

114 AQR Funds Semi-Annual Report March 2014

Financial Highlights March 31, 2014

					RATIOS/SUPPLEMENTAL DATA
							Ratios to Average Net Assets of:*
Net Asset Value, End of Period		Total Return1,2			Net Assets, End of Period		Expenses, Net of Reimbursements and/or Waivers3			Expenses, Net of Reimbursements and/or Waivers (Excluding Dividend Short Expense & Interest Expense)3			Expenses, Before Reimbursements and/or Waivers3,4			Net Investment Income (Loss)			Portfolio Turnover Rate5
	$22.58		10.35	%		$291,517,285		0.65	%		0.65	%		0.67	%		0.14	%13		40	%
	$21.77		32.50	%		$242,675,423		0.65	%		0.65	%		0.68	%8		0.60	%7		49	%
	$16.43		19.62	%		$145,769,751		0.66	%		0.65	%		0.72	%		1.44	%9		73	%
	$13.89		(2.62	)%		$100,534,354		0.66	%		0.65	%		0.85	%		0.26	%		121	%
	$14.39		27.69	%		$54,504,582		0.65	%		0.65	%		1.85	%		0.66	%		380	%
	$11.40		21.24	%		$3,239,605		0.65	%		0.65	%		7.53	%		0.65	%		136	%
	$22.51		10.22	%		$6,381,236		0.90	%		0.90	%		1.11	%		(0.14	)%13		40	%
	$21.73		32.26	%		$1,668,360		0.90	%		0.90	%		4.82	%8		0.18	%7		49	%
	$16.43		2.11	%		$10,214		0.90	%		0.90	%		135.33	%12		3.36	%9		73	%

13 For the six months ended March 31, 2014 certain Funds received special dividends which materially impacted the Net Investment Income Per Share and Net Investment Income Ratio. These dividends are not expected to continue in the future. Had these special dividends not been received the Net Investment Income Per Share and Net Investment Income Ratio would have been as follows:

FUND	NET INVESTMENT INCOME PER SHARE			NET INVESTMENT INCOME RATIO
AQR Small Cap Momentum Fund—Class L		$0.01			0.08	%
AQR Small Cap Momentum Fund—Class N		(0.03	)		(0.20	)

The accompanying notes are an integral part of these financial statements.

AQR Funds Semi-Annual Report March 2014 115

Financial Highlights March 31, 2014

	PER SHARE OPERATING PERFORMANCE
			Change in Net Assets Resulting from Operations							Less Dividends and Distributions
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)			Net Realized and Unrealized Gain (Loss)		Net Increase (Decrease) in Net Asset Value from Operations		Distributions from Net Investment Income		Distributions from Net Realized Gains		Total Distributions
AQR INTERNATIONAL MOMENTUM FUND CLASS L
SIX MONTHS ENDED MARCH 31, 2014 (Unaudited)6		$15.29		0.10	13		0.24		0.34		(0.25)		—		(0.25)
NINE MONTHS ENDED SEPTEMBER 30, 20136		$13.09		0.22	7		1.98		2.20		—		—		—
FOR THE YEAR ENDED DECEMBER 31, 20126		$11.37		0.29			1.74		2.03		(0.31)		—		(0.31)
FOR THE YEAR ENDED DECEMBER 31, 2011†,6		$13.62		0.29			(2.26)		(1.97)		(0.28)		—		(0.28)
FOR THE YEAR ENDED DECEMBER 31, 2010†		$11.98		0.08			1.62		1.70		(0.05)		(0.01)		(0.06)
FOR THE PERIOD 7/9/098—12/31/09†,6		$10.00		0.04			2.26		2.30		(0.09)		(0.23)		(0.32)
AQR INTERNATIONAL MOMENTUM FUND CLASS N
SIX MONTHS ENDED MARCH 31, 2014 (Unaudited)6		$15.25		0.08	13		0.24		0.32		(0.23)		—		(0.23)
NINE MONTHS ENDED SEPTEMBER 30, 20136		$13.08		0.25	7		1.92		2.17		—		—		—
FOR THE PERIOD 12/17/129—12/31/126		$12.95		—			0.13		0.13		—		—		—
AQR TAX-MANAGED MOMENTUM FUND CLASS L
SIX MONTHS ENDED MARCH 31, 2014 (Unaudited)6		$13.60		0.04			1.61		1.65		(0.04)		(0.11)		(0.15)
NINE MONTHS ENDED SEPTEMBER 30, 20136		$11.13		0.09	7		2.38		2.47		—		—		—
FOR THE PERIOD 1/27/128—12/31/126		$10.00		0.19	12		1.17		1.36		(0.14)		(0.09)		(0.23)
AQR TAX-MANAGED MOMENTUM FUND CLASS N
SIX MONTHS ENDED MARCH 31, 2014 (Unaudited)6		$13.57		0.02			1.61		1.63		(0.01)		(0.11)		(0.12)
NINE MONTHS ENDED SEPTEMBER 30, 20136		$11.13		0.07	7		2.37		2.44		—		—		—
FOR THE PERIOD 12/17/129—12/31/126		$11.12		0.01	12		—		0.01		—		—		—

  * Annualized for periods less than one year.

  † Redemption fees of less than $0.005 per share were incurred by the share class.

  1 Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions.

  2 Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period and redemption on the last day of the period and is not annualized.

  3 Ratios do not include the impact of the expenses of the underlying funds in which the Fund invests.

  4 Certain expenses incurred by the Funds were not annualized for the period ended September 30, 2013.

  5 Portfolio turnover is not annualized.

  6 Per share net investment income (loss) and net realized and unrealized gain (loss) are based on average shares outstanding.

  7 For the period ended September 30, 2013 certain Funds received special dividends which materially impacted the Net Investment Income Per Share and Net Investment Income Ratio. These dividends are not expected to continue in the future. Had these special dividends not been received the Net Investment Income Per Share and Net Investment Income Ratio would have been as follows:

FUND	NET INVESTMENT INCOME PER SHARE		NET INVESTMENT INCOME RATIO
AQR International Momentum Fund—Class L	$	0.21		1.97	%
AQR International Momentum Fund—Class N		0.23		2.16
AQR Tax-Managed Momentum Fund—Class L		0.09		0.92
AQR Tax-Managed Momentum Fund—Class N		0.07		0.63

  8 Commencement of operations.

  9 Commencement of offering of shares.

10 The ratio is not representative of what the ratio would be if the Fund class had operated for a longer period of time. Certain expenses incurred by the Fund were not annualized for the period ended December 31, 2012.

11 Ratios are disproportionate between classes due to size of net assets and fixed expenses.

12 For the year ended December 31, 2012 certain Funds received special dividends which materially impacted the Net Investment Income Per Share and Net Investment Income Ratio. These dividends are not expected to continue in the future. Had these special dividends not been received the Net Investment Income Per Share and Net Investment Income Ratio would have been as follows:

FUND	NET INVESTMENT INCOME PER SHARE		NET INVESTMENT INCOME RATIO
AQR Tax-Managed Momentum Fund—Class L		$0.17		1.76	%
AQR Tax-Managed Momentum Fund—Class N		0.01		2.28

The accompanying notes are an integral part of these financial statements.

116 AQR Funds Semi-Annual Report March 2014

Financial Highlights March 31, 2014

					RATIOS/SUPPLEMENTAL DATA
							Ratios to Average Net Assets of:*
Net Asset Value, End of Period		Total Return1,2			Net Assets, End of Period		Expenses, Net of Reimbursements and/or Waivers3			Expenses, Net of Reimbursements and/or Waivers (Excluding Dividend Short Expense & Interest Expense)3			Expenses, Before Reimbursements and/or Waivers3,4			Net Investment Income (Loss)			Portfolio Turnover Rate5
	$15.38		2.22	%		$276,450,303		0.65	%		0.65	%		0.72	%		1.32	%13		35	%
	$15.29		16.81	%		$219,002,000		0.65	%		0.65	%		0.73	%		2.09	%7		76	%
	$13.09		17.92	%		$127,673,412		0.66	%		0.65	%		0.80	%		2.41	%		116	%
	$11.37		(14.42	)%		$77,224,911		0.66	%		0.65	%		0.97	%		2.23	%		203	%
	$13.62		14.20	%		$62,091,379		0.65	%		0.65	%		1.46	%		1.44	%		269	%
	$11.98		23.08	%		$29,762,053		0.65	%		0.65	%		2.22	%		0.63	%		160	%
	$15.34		2.09	%		$40,850,860		0.90	%		0.90	%		1.02	%		0.98	%13		35	%
	$15.25		16.59	%		$41,502,544		0.90	%		0.90	%		1.03	%		2.28	%7		76	%
	$13.08		1.00	%		$11,102		0.90	%		0.90	%		132.42	%10		0.25	%		116	%
	$15.10		12.21	%		$69,312,739		0.54	%		0.54	%		0.71	%11		0.58	%		111	%
	$13.60		22.19	%		$21,709,464		0.54	%		0.54	%		1.41	%11		1.00	%7		178	%
	$11.13		13.67	%		$6,040,821		0.55	%		0.54	%		4.57	%		1.89	%12		93	%
	$15.08		12.02	%		$129,050		0.79	%		0.79	%		2.36	%11		0.30	%		111	%
	$13.57		21.92	%		$115,161		0.79	%		0.79	%		4.11	%11		0.71	%7		178	%
	$11.13		0.09	%		$10,008		0.79	%		0.79	%		15.32	%10		2.41	%12		93	%

13 For the six months ended March 31, 2014 certain Funds received special dividends which materially impacted the Net Investment Income Per Share and Net Investment Income Ratio. These dividends are not expected to continue in the future. Had these special dividends not been received the Net Investment Income Per Share and Net Investment Income Ratio would have been as follows:

FUND	NET INVESTMENT INCOME PER SHARE		NET INVESTMENT INCOME RATIO
AQR International Momentum Fund—Class L		$0.09		1.24	%
AQR International Momentum Fund—Class N		0.07		0.90

The accompanying notes are an integral part of these financial statements.

AQR Funds Semi-Annual Report March 2014 117

Financial Highlights March 31, 2014

	PER SHARE OPERATING PERFORMANCE
			Change in Net Assets Resulting from Operations							Less Dividends and Distributions
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)			Net Realized and Unrealized Gain (Loss)		Net Increase (Decrease) in Net Asset Value from Operations		Distributions from Net Investment Income			Distributions from Net Realized Gains		Total Distributions
AQR TAX-MANAGED SMALL CAP MOMENTUM FUND CLASS L
SIX MONTHS ENDED MARCH 31, 2014 (Unaudited)6		$14.85		0.01	14		1.31		1.32		(0.04)			(0.25)		(0.29)
NINE MONTHS ENDED SEPTEMBER 30, 20136		$11.15		0.05	7		3.65		3.70		—			—		—
FOR THE PERIOD 1/27/129—12/31/126		$10.00		0.19	10		1.11		1.30		(0.15)			—		(0.15)
AQR TAX-MANAGED SMALL CAP MOMENTUM FUND CLASS N
SIX MONTHS ENDED MARCH 31, 2014 (Unaudited)6		$14.81		(0.01)	14		1.30		1.29		(0.00)	11		(0.25)		(0.25)
NINE MONTHS ENDED SEPTEMBER 30, 20136		$11.15		0.03	7		3.63		3.66		—			—		—
FOR THE PERIOD 12/17/1212—12/31/126		$10.91		0.02	10		0.22		0.24		—			—		—
AQR TAX-MANAGED INTERNATIONAL MOMENTUM FUND CLASS L
SIX MONTHS ENDED MARCH 31, 2014 (Unaudited)6		$13.18		0.08			0.43		0.51		(0.06)			(0.16)		(0.22)
NINE MONTHS ENDED SEPTEMBER 30, 20136		$11.24		0.20			1.74		1.94		—			—		—
FOR THE PERIOD 1/27/129—12/31/126		$10.00		0.23			1.22		1.45		(0.19)			(0.02)		(0.21)
AQR TAX-MANAGED INTERNATIONAL MOMENTUM FUND CLASS N
SIX MONTHS ENDED MARCH 31, 2014 (Unaudited)6		$13.15		0.05			0.44		0.49		(0.02)			(0.16)		(0.18)
NINE MONTHS ENDED SEPTEMBER 30, 20136		$11.24		0.20			1.71		1.91		—			—		—
FOR THE PERIOD 12/17/1212—12/31/126		$11.14		—			0.10		0.10		—			—		—

  * Annualized for periods less than one year.

  † Redemption fees of less than $0.005 per share were incurred by the share class.

  1 Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions.

  2 Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period and redemption on the last day of the period and is not annualized.

  3 Ratios do not include the impact of the expenses of the underlying funds in which the Fund invests.

  4 Certain expenses incurred by the Funds were not annualized for the period ended September 30, 2013.

  5 Portfolio turnover is not annualized.

  6 Per share net investment income (loss) and net realized and unrealized gain (loss) are based on average shares outstanding.

  7 For the period ended September 30, 2013 certain Funds received special dividends which materially impacted the Net Investment Income Per Share and Net Investment Income Ratio. These dividends are not expected to continue in the future. Had these special dividends not been received the Net Investment Income Per Share and Net Investment Income Ratio would have been as follows:

FUND	NET INVESTMENT INCOME PER SHARE		NET INVESTMENT INCOME RATIO
AQR Tax-Managed Small Cap Momentum Fund—Class L	$	0.04		0.37	%
AQR Tax-Managed Small Cap Momentum Fund—Class N		0.01		0.14

  8 Ratios are disproportionate between classes due to size of net assets and fixed expenses.

  9 Commencement of operations.

10 For the year ended December 31, 2012 certain Funds received special dividends which materially impacted the Net Investment Income Per Share and Net Investment Income Ratio. These dividends are not expected to continue in the future. Had these special dividends not been received the Net Investment Income Per Share and Net Investment Income Ratio would have been as follows:

FUND	NET INVESTMENT INCOME PER SHARE		NET INVESTMENT INCOME RATIO
AQR Tax-Managed Small Cap Momentum Fund—Class L		$0.12		1.26	%
AQR Tax-Managed Small Cap Momentum Fund—Class N		0.02		3.54

11 Amount is less than $.005 per share.

12 Commencement of offering of shares.

13 The ratio is not representative of what the ratio would be if the Fund class had operated for a longer period of time. Certain expenses incurred by the Fund were not annualized for the period ended December 31, 2012.

The accompanying notes are an integral part of these financial statements.

118 AQR Funds Semi-Annual Report March 2014

Financial Highlights March 31, 2014

					RATIOS/SUPPLEMENTAL DATA
							Ratios to Average Net Assets of:*
Net Asset Value, End of Period		Total Return1,2			Net Assets, End of Period		Expenses, Net of Reimbursements and/or Waivers3			Expenses, Net of Reimbursements and/or Waivers (Excluding Dividend Short Expense & Interest Expense)3			Expenses, Before Reimbursements and/or Waivers3,4			Net Investment Income (Loss)			Portfolio Turnover Rate5
	$15.88		8.93	%		$12,586,405		0.70	%		0.70	%		1.64	%		0.09	%14		95	%
	$14.85		33.18	%		$6,764,002		0.70	%		0.70	%		2.67	%8		0.49	%7		81	%
	$11.15		13.01	%		$3,434,992		0.71	%		0.70	%		5.77	%		1.91	%10		93	%
	$15.85		8.79	%		$132,948		0.95	%		0.95	%		3.17	%		(0.17	)%14		95	%
	$14.81		32.83	%		$122,217		0.95	%		0.95	%		5.05	%8		0.26	%7		81	%
	$11.15		2.20	%		$10,218		0.95	%		0.95	%		12.32	%13		4.19	%10		93	%
	$13.47		3.90	%		$62,041,955		0.70	%		0.70	%		0.91	%8		1.26	%		132	%
	$13.18		17.26	%		$17,417,880		0.70	%		0.70	%		2.31	%8		2.14	%		154	%
	$11.24		14.46	%		$5,738,743		0.71	%		0.70	%		5.28	%		2.38	%		131	%
	$13.46		3.77	%		$115,555		0.95	%		0.95	%		2.74	%8		0.68	%		132	%
	$13.15		16.99	%		$111,381		0.95	%		0.95	%		5.00	%8		2.19	%		154	%
	$11.24		0.90	%		$10,089		0.95	%		0.95	%		15.82	%13		0.15	%		131	%

14 For the six months ended March 31, 2014 certain Funds received special dividends which materially impacted the Net Investment Income Per Share and Net Investment Income Ratio. These dividends are not expected to continue in the future. Had these special dividends not been received the Net Investment Income Per Share and Net Investment Income Ratio would have been as follows:

FUND	NET INVESTMENT INCOME PER SHARE			NET INVESTMENT INCOME RATIO
AQR Tax-Managed Small Cap Momentum Fund—Class L		$0.01			0.04	%
AQR Tax-Managed Small Cap Momentum Fund—Class N		(0.01	)		(0.22	)

The accompanying notes are an integral part of these financial statements.

AQR Funds Semi-Annual Report March 2014 119

Financial Highlights March 31, 2014

	PER SHARE OPERATING PERFORMANCE
			Change in Net Assets Resulting from Operations							Less Dividends and Distributions
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)			Net Realized and Unrealized Gain (Loss)		Net Increase (Decrease) in Net Asset Value from Operations		Distributions from Net Investment Income		Distributions from Net Realized Gains		Total Distributions
AQR CORE EQUITY FUND CLASS L
SIX MONTHS ENDED MARCH 31, 2014 (Unaudited)6		$11.09		0.07			1.62		1.69		(0.04)		(0.05)		(0.09)
FOR THE PERIOD 3/26/137—9/30/136		$10.00		0.06	8		1.03		1.09		—		—		—
AQR CORE EQUITY FUND CLASS N
SIX MONTHS ENDED MARCH 31, 2014 (Unaudited)6		$11.09		0.05			1.61		1.66		(0.03)		(0.05)		(0.08)
FOR THE PERIOD 3/26/137—9/30/136		$10.00		0.04	8		1.05		1.09		—		—		—
AQR SMALL CAP CORE EQUITY FUND CLASS L
SIX MONTHS ENDED MARCH 31, 2014 (Unaudited)6		$11.88		0.03	10		1.25		1.28		(0.04)		(0.12)		(0.16)
FOR THE PERIOD 3/26/137—9/30/136		$10.00		0.03	8		1.85		1.88		—		—		—
AQR SMALL CAP CORE EQUITY FUND CLASS N
SIX MONTHS ENDED MARCH 31, 2014 (Unaudited)6		$11.87		0.01	10		1.24		1.25		(0.02)		(0.12)		(0.14)
FOR THE PERIOD 3/26/137—9/30/136		$10.00		0.01	8		1.86		1.87		—		—		—
AQR INTERNATIONAL CORE EQUITY FUND CLASS L
SIX MONTHS ENDED MARCH 31, 2014 (Unaudited)6		$11.28		0.10			0.33		0.43		(0.10)		—		(0.10)
FOR THE PERIOD 3/26/137—9/30/136		$10.00		0.13	8		1.15		1.28		—		—		—
AQR INTERNATIONAL CORE EQUITY FUND CLASS N
SIX MONTHS ENDED MARCH 31, 2014 (Unaudited)6		$11.27		0.07			0.34		0.41		(0.08)		—		(0.08)
FOR THE PERIOD 3/26/137—9/30/136		$10.00		0.15	8		1.12		1.27		—		—		—

  * Annualized for periods less than one year.

  1 Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions.

  2 Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period and redemption on the last day of the period and is not annualized.

  3 Ratios do not include the impact of the expenses of the underlying funds in which the Fund invests.

  4 Certain expenses incurred by the Funds were not annualized for the period ended September 30, 2013.

  5 Portfolio turnover is not annualized.

  6 Per share net investment income (loss) and net realized and unrealized gain (loss) are based on average shares outstanding.

  7 Commencement of operations.

  8 For the period ended September 30, 2013 certain Funds received special dividends which materially impacted the Net Investment Income Per Share and Net Investment Income Ratio. These dividends are not expected to continue in the future. Had these special dividends not been received the Net Investment Income Per Share and Net Investment Income Ratio would have been as follows:

FUND	NET INVESTMENT INCOME PER SHARE		NET INVESTMENT INCOME RATIO
AQR Core Equity Fund—Class L	$	0.06		0.98	%
AQR Core Equity Fund—Class N		0.04		0.61
AQR Small Cap Core Equity Fund—Class L		0.03		0.38
AQR Small Cap Core Equity Fund—Class N		0.01		0.10
AQR International Core Equity Fund—Class L		0.13		2.08
AQR International Core Equity Fund—Class N		0.15		2.48

  9 Ratios are disproportionate between classes due to size of net assets and fixed expenses.

10 For the six months ended March 31, 2014 certain Funds received special dividends which materially impacted the Net Investment Income Per Share and Net Investment Income Ratio. These dividends are not expected to continue in the future. Had these special dividends not been received the Net Investment Income Per Share and Net Investment Income Ratio would have been as follows:

FUND	NET INVESTMENT INCOME PER SHARE		NET INVESTMENT INCOME RATIO
AQR Small Cap Core Equity Fund—Class L		$0.03		0.40	%
AQR Small Cap Core Equity Fund—Class N		0.01		0.16

The accompanying notes are an integral part of these financial statements.

120 AQR Funds Semi-Annual Report March 2014

Financial Highlights March 31, 2014

					RATIOS/SUPPLEMENTAL DATA
							Ratios to Average Net Assets of:*
Net Asset Value, End of Period		Total Return1,2			Net Assets, End of Period		Expenses, Net of Reimbursements and/or Waivers3			Expenses, Net of Reimbursements and/or Waivers (Excluding Dividend Short Expense & Interest Expense)3			Expenses, Before Reimbursements and/or Waivers3,4			Net Investment Income (Loss)			Portfolio Turnover Rate5
	$12.69		15.30	%		$55,430,899		0.54	%		0.54	%		0.88	%		1.11	%		109	%
	$11.09		10.90	%		$18,810,952		0.54	%		0.54	%		1.80	%9		1.09	%8		223	%
	$12.67		15.06	%		$3,844,342		0.79	%		0.79	%		1.46	%		0.86	%		109	%
	$11.09		10.90	%		$1,403,213		0.79	%		0.79	%		4.30	%9		0.72	%8		223	%
	$13.00		10.75	%		$4,560,901		0.75	%		0.75	%		3.33	%		0.46	%10		92	%
	$11.88		18.80	%		$2,183,541		0.75	%		0.75	%		5.84	%		0.45	%8		70	%
	$12.98		10.57	%		$2,276,525		1.00	%		1.00	%		3.85	%		0.22	%10		92	%
	$11.87		18.70	%		$1,380,913		1.00	%		1.00	%		6.40	%		0.17	%8		70	%
	$11.61		3.78	%		$22,540,690		0.70	%		0.70	%		1.48	%		1.66	%		67	%
	$11.28		12.80	%		$15,810,091		0.70	%		0.70	%		2.16	%		2.25	%8		218	%
	$11.60		3.62	%		$2,592,857		0.95	%		0.95	%		2.27	%		1.26	%		67	%
	$11.27		12.70	%		$2,154,256		0.95	%		0.95	%		4.10	%		2.65	%8		218	%

The accompanying notes are an integral part of these financial statements.

AQR Funds Semi-Annual Report March 2014 121

Notes to Financial Statements (Unaudited) March 31, 2014

1. Organization

AQR Funds (the “Trust”), organized as a Delaware statutory trust on September 4, 2008, is an open-end management investment company, under the Investment Company Act of 1940, as amended (the “1940 Act”). As of March 31, 2014, the Trust consists of twenty-four active series, fourteen of which are presented in this book (collectively, the “Funds” and each individually a “Fund”): AQR Global Equity Fund, AQR International Equity Fund, AQR Emerging Defensive Equity Fund, AQR International Defensive Equity Fund, AQR U.S. Defensive Equity Fund, AQR Momentum Fund, AQR Small Cap Momentum Fund, AQR International Momentum Fund, AQR Tax-Managed Momentum Fund, AQR Tax-Managed Small Cap Momentum Fund, AQR Tax-Managed International Momentum Fund, AQR Core Equity Fund, AQR Small Cap Core Equity Fund and AQR International Core Equity Fund. The remaining ten active series are reported in a separate book. AQR Capital Management, LLC (“the Advisor”) serves as the investment advisor of each Fund.

The investment objective for the AQR Global Equity Fund, AQR International Equity Fund, AQR Momentum Fund, AQR Small Cap Momentum Fund, AQR International Momentum Fund, AQR Core Equity Fund, AQR Small Cap Core Equity Fund and the AQR International Core Equity Fund is to seek long-term capital appreciation. The investment objective for the AQR Emerging Defensive Equity Fund, AQR International Defensive Equity Fund, and the AQR U.S. Defensive Equity Fund is to seek total return. The investment objective for the AQR Tax-Managed Momentum Fund, AQR Tax-Managed Small Cap Momentum Fund and the AQR Tax-Managed International Momentum Fund is to seek long-term after-tax capital appreciation.

The Funds offer the following classes of shares:

FUND	CLASSES OFFERED
AQR Global Equity Fund	Class I, Class N, Class Y and Class R6*
AQR International Equity Fund	Class I, Class N, Class Y and Class R6*
AQR Emerging Defensive Equity Fund	Class I and Class N
AQR International Defensive Equity Fund	Class I and Class N
AQR U.S. Defensive Equity Fund	Class I and Class N
AQR Momentum Fund	Class L and Class N
AQR Small Cap Momentum Fund	Class L and Class N
AQR International Momentum Fund	Class L and Class N
AQR Tax-Managed Momentum Fund	Class L and Class N
AQR Tax-Managed Small Cap Momentum Fund	Class L and Class N
AQR Tax-Managed International Momentum Fund	Class L and Class N
AQR Core Equity Fund	Class L and Class N
AQR Small Cap Core Equity Fund	Class L and Class N
AQR International Core Equity Fund	Class L and Class N

* The Class R6 Shares of the AQR Global Equity and AQR International Equity Funds commenced operations on January 8, 2014.

2. Significant Accounting Policies

The following summarizes the significant accounting policies of the Funds:

Use of Estimates: The preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires the Advisor to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities, if any, at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reported period. Actual results could differ from those estimates and such differences could be material.

122 AQR Funds Semi-Annual Report March 2014

Notes to Financial Statements (Unaudited) March 31, 2014

Valuation of Investments: Each Fund’s portfolio securities are valued as of the close of business of the regular session of trading on the New York Stock Exchange (“NYSE”) (normally 4:00 p.m. Eastern time). The Funds’ Board of Trustees has adopted procedures for the valuation of the Fund’s securities and has delegated the day-to-day responsibility for valuation determinations under those procedures to the Advisor. Equity securities, including securities sold short, rights and warrants, are valued at the latest quoted sales prices or official closing prices taken from the primary market in which each security trades. The value of securities listed on the NASDAQ Stock Market LLC (“NASDAQ”) are generally the NASDAQ Official Closing Price. In accordance with procedures adopted by the Board of Trustees, the Funds apply fair value factors to international securities traded outside of the Western Hemisphere on a daily basis utilizing the quotations of an independent pricing service, unless the Advisor determines that use of another valuation methodology is appropriate. The pricing service uses statistical analysis and quantitative models to adjust local market prices using factors such as subsequent movement and changes in the prices of indices, securities and exchange rates in other markets in determining fair value as of the time the Funds calculate their net asset value. Securities traded in the over the- counter market, and which are not quoted by NASDAQ, are valued at the last sale price, if available, otherwise at the last quoted bid price (in the case of short sales, at the ask price). Bonds are valued using the latest bid prices or evaluated quotes furnished by independent pricing services. Evaluated quotes are based on a matrix system, which may consider such factors as quoted prices, yields, maturities and ratings and are not necessarily reliant on quoted prices. The Funds value debt securities maturing less than 61 days from the date of purchase at amortized cost, which approximates market value. The value of futures contracts purchased and sold by the Funds is accounted for using the unrealized gain or loss on the contracts that is determined by marking the contracts to their current settlement prices. Options contracts are valued at the last quoted sales price on the valuation date. In the event that the exchange for a specific futures contract closes earlier than 4:00 p.m., the futures contract is valued at the Official Settlement Price of the exchange. Investments in open-end investment companies are valued at such investment company’s current day closing net asset value per share. Exchange-Traded Funds (“ETFs”) and closed-end investment companies are valued at the last quoted sales price. Total return swap contracts are valued at fair value, based on the price of the underlying referenced instrument.

The Funds use pricing services to obtain readily available market quotations. Where market quotations are not readily available, or if an available market quotation is determined not to reflect fair value, a security will be valued based on its fair value as determined in accordance with the valuation procedures approved by the Funds’ Board of Trustees, which may include the use of proprietary valuation models which may consider market transactions in comparable securities and the various relationships between securities in determining value and/or market characteristics such as benchmark yield curves, credit spreads, estimated default rates, underlying collateral, and other unique security features. The Funds may also use an income-based valuation approach in which the anticipated future cash flows of the investment are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Using fair value to price securities may result in a value that is different from a security’s most recent closing price and from the prices used by other mutual funds to calculate their net assets. It is possible the estimated values may differ significantly from the values which would have been used had a ready market for the investments existed. These differences could be material.

Convertible Securities: Certain Funds invest in preferred stocks and fixed-income securities which are convertible into common stock. Convertible securities may be converted either at a stated price or rate within a specified period of time into a specified number of shares of common stock. By investing in a convertible security, the Funds may participate in any capital appreciation or depreciation of a company’s stock, but to a lesser degree than if it had invested in that company’s common stock. Convertible securities rank senior to common stock in a corporation’s capital structure and, therefore, entail less risk than the corporation’s common stock. The Funds may attempt to hedge some of their investments in convertible debt securities by selling short the issuer’s common stock.

Master Agreements: Certain Funds are a party to ISDA (International Swap and Derivatives Association, Inc.) Master Agreements (“Master Agreements”) with certain counterparties that govern over-the-counter derivative (including Total Return, Credit Default and Interest Rate Swaps) and foreign exchange contracts entered into by the Funds. The Master Agreements may contain provisions regarding, among other things, the parties’ general

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obligations, representations, agreements, collateral requirements, events of default and early termination. Termination events applicable to the Fund may occur upon a decline in the Fund’s net assets below a specified threshold over a certain period of time. Termination events applicable to counterparties may occur upon a decline in the counterparty’s long-term and short-term credit ratings below a specified level. In each case, upon occurrence, the other party may elect to terminate early and cause settlement of all derivative and foreign exchange contracts outstanding, including the payment of any losses and costs resulting from such early termination, as reasonably determined by the terminating party. Any decision by one or more of the Fund’s counterparties to elect early termination could impact a Fund’s future derivative activity. Collateral and margin requirements differ between exchange traded derivatives and over-the-counter (“OTC”) derivatives. Margin requirements are established by the broker or clearing house for exchange-traded and centrally cleared derivatives (futures contracts, options and centrally cleared swaps) pursuant to the governing agreements for those investment types. For OTC derivatives traded under an ISDA Master Agreement, posting of collateral is required by either the fund or the applicable counterparty if the total net exposure of all OTC derivatives with the applicable counterparty exceeds the minimum transfer amount and can vary depending on the counterparty and the type of the agreement. For swaps, futures and forward foreign currency exchange contracts, the Funds may be required to post collateral if a Fund is in a net liability position with the counterparty exceeding certain amounts. Generally, collateral is determined at the close of fund business each day. Collateral posted for the benefit of a Fund is held in a segregated account by a custodian of the Fund’s custodian and with respect to those amounts which can be sold or repledged, are presented in the Fund’s Schedule of Investments. Collateral pledged by the Fund is segregated by the Fund’s custodian and identified in the Fund’s Schedule of Investments. Collateral can be in the form of cash, debt securities issued by the U.S. Government and related agencies, other securities or money market funds as agreed to by the Fund and the applicable counterparty. Collateral requirements are generally determined based on the Fund’s net position with each counterparty. The Funds’ derivative assets and liabilities on the Statements of Assets and Liabilities are presented net only within a derivative type when a legally enforceable master netting agreement exists between the Funds and a derivative counterparty.

Futures Contracts: Certain Funds invest in futures contracts as part of their investment strategy and to equitize their cash flows. Investments in futures may increase or decrease exposure to a particular market. In the event of a bankruptcy or insolvency of a futures commission merchant that holds margin on behalf of the Funds, the Funds may not be entitled to the return of all of the margin owed to the Funds, potentially resulting in a loss. No monies are paid to or received by a Fund upon the purchase or sale of a futures contract. Initially, a Fund will be required to deposit with the broker an amount of cash or cash equivalents, known as initial margin, based on the value of the contract. Subsequent payments to and from the broker will be made on a periodic basis as the price of the underlying instruments fluctuates. Changes in market value of open futures contracts are recorded as unrealized appreciation or depreciation in the Statements of Operations. Realized gains or losses represent the difference between the value of the contract at the time it was opened and the value at the time it was closed or expired, and are reported in the Statements of Operations. Securities deposited as initial margin are designated in the Schedules of Investments and cash pledged/received is presented as Due to/from Broker on the Statements of Assets and Liabilities. The use of long futures contracts subjects the Funds to risk of loss in excess of the amounts shown on the Statements of Assets and Liabilities, up to the contract amount of the futures contracts. The use of short futures contracts subjects the Funds to unlimited risk of loss. Futures contracts outstanding at period end, if any, are listed after each Fund’s Schedule of Investments.

Forward Foreign Currency Exchange Contracts: Certain Funds buy and sell forward foreign currency exchange contracts, which are agreements between two parties to buy and sell currencies at a set price on a future date. These contracts are used to protect against a decline in value relative to the U.S. dollar of the currencies in which portfolio securities are denominated or quoted (or an increase in the value of a currency in which securities a Fund intends to buy are denominated, when a Fund holds cash reserves and short term investments), or for other investment purposes. The U.S. dollar value of forward foreign currency exchange contracts is determined using current forward currency exchange rates supplied by an independent pricing service. The market value of the contract will fluctuate with changes in currency exchange rates. The contract is marked to market daily and the change in market value is recorded as unrealized appreciation or depreciation. When the contract is closed, the Funds record a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. The Funds could be exposed to risk if the value of the currency

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changes unfavorably, if the counterparties to the contracts are unable to meet the terms of their contracts or if the Fund is unable to enter into a closing position. Risks may exceed amounts recognized on the Statements of Assets and Liabilities. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in U.S. dollars without the delivery of foreign currency. Forward foreign currency exchange contracts outstanding at period end, if any, are listed after each Fund’s Schedule of Investments.

Total Return Swap Contracts: Certain Funds invest in total return swaps to obtain exposure to the underlying referenced instrument, obtain leverage or attain the returns from ownership without actually owning the underlying position. Total return swaps are two-party contracts that generally obligate one party to pay the positive return and the other party to pay the negative return on a specified reference security, security index or index component during the period of the swap. Total return swap contracts are marked to market daily based on the value of the underlying reference entity and the change, if any, is recorded as unrealized appreciation/depreciation on the Statements of Operations. Total return swaps normally do not involve the delivery of securities or other underlying assets. If the other party to a total return swap defaults, a Fund’s risk of loss consists of the net amount of payments that such Fund is contractually entitled to receive, if any. To the extent that the Advisor does not accurately analyze and predict future market trends, the values of assets or economic factors, a Fund may suffer a loss, which may exceed the related amounts shown in the Statements of Assets and Liabilities. Periodic payments received or paid by the Funds are recorded as realized gains or losses. Total return swap contracts outstanding at period end, if any, are listed after each Fund’s Schedule of Investments.

Securities Transactions and Investment Income: Investment transactions are accounted for on trade date (the date the order to buy or sell is executed). Securities gains and losses are calculated on a specifically identified cost basis. Interest income is determined on the basis of coupon interest accrued using the effective interest method adjusted for amortization of premiums and accretion of discounts using the effective yield method. Dividend income/expense is recorded on the ex-dividend date or when the Fund first learns of the ex-date dividend notification.

Allocation of Income and Expenses: In calculating the net asset value per share of each class, investment income, realized and unrealized gains and losses and expenses other than class specific expenses are allocated daily to each class of shares based upon the proportion of net assets of each class at the beginning of each day. Each Fund is charged for those expenses that are directly attributable to each Fund, such as advisory fees and registration costs. Trust level expenses are allocated among the Funds based on the ratio of average net assets or other reasonable methodology.

The Funds record distributions received in excess of income from underlying investments as a reduction of cost of investments and/or realized gain. Such amounts are based on estimates (if actual amounts are not available) and actual amounts of income, realized gain and return of capital may differ from the estimated amounts. The Funds adjust the estimated amounts of components of distributions (and consequently net investment income) as necessary once the issuers provide information about the actual composition of the distributions.

Organization and Offering Cost: Offering costs, including professional fees, printing fees and the offering of the initial registration, are amortized over a period not longer than twelve months from the date the Funds commenced operations.

Foreign Currency Translation: The books and records of the Funds are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at the prevailing exchange rates of such currencies against the U.S. dollar. The market value of investment securities and the other assets and liabilities are translated at the exchange rate as of the valuation date. Purchases and sales of investment securities, income and expenses are translated at the exchange rate prevailing on the respective dates of such transactions.

Although the net assets of the Funds are presented at the foreign exchange rates and market values at the close of the period, the Funds do not isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the fluctuations arising from changes in the market prices of securities held or sold during the period. Accordingly, such foreign currency gains (losses) are included in the reported net realized and unrealized gains (losses) on investment transactions.

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Reported realized foreign currency gains or losses arise from the disposition of foreign currency and forward foreign currency exchange contracts, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on each Fund’s books on the transaction date and the U.S. dollar equivalent of the amounts actually received or paid. Unrealized foreign exchange gains and losses arise from changes (due to the changes in the exchange rate) in the value of foreign currency and assets and liabilities (other than investments) denominated in foreign currencies, which are held at period end.

Cash and Cash Equivalents: Cash and cash equivalents include U.S. dollar and foreign currency deposited at bank accounts at amounts which may exceed insured limits. The Funds are subject to risk to the extent that the institutions may be unable to fulfill their obligations.

Due to/from Broker: Due to/from Broker represents cash balances on deposit with the Funds’ prime brokers and counterparties. The Funds are subject to credit risk should the prime brokers and counterparties be unable to meet their obligations to the Funds.

Federal Income Taxes: Each Fund is treated as a separate taxable entity for federal income tax purposes. Each Fund intends to qualify as a “regulated investment company” under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). If so qualified, each Fund will not be subject to federal income tax to the extent it distributes substantially all of its net investment income and capital gains to shareholders.

The Advisor evaluates tax positions taken or expected to be taken in the course of preparing the Funds’ tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions deemed to meet the more-likely-than-not threshold would be recorded as a tax benefit or expense in the current year. The Funds are required to analyze all open tax years. Open tax years are those years that are open for examination by the relevant income taxing authority. The returns of the Funds for the prior three fiscal years, or since inception if shorter, are open for examination. As of March 31, 2014, the Funds had no examinations in progress.

The Funds have concluded that there is no tax liability/benefit resulting from uncertain income tax positions taken or expected to be taken. The Funds are also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax expense will significantly change in twelve months.

Distributions to Shareholders: The Funds intend to declare and distribute substantially all of their net investment income and net realized capital gains, if any, at least annually. Income and capital gain distributions will be determined in accordance with federal income tax regulations which may differ from GAAP. Distributions to shareholders are recorded on the ex-dividend date. To the extent these “book/tax” differences are permanent in nature (i.e., that they result from other than timing of recognition — “temporary differences”), such amounts are reclassified within the capital accounts based on their Federal tax-basis treatment.

Indemnification: In the normal course of business, the Funds may enter into various agreements that provide for general indemnifications. The Funds’ maximum exposure under these arrangements is unknown as any potential exposure involves future claims that may be made against the Funds. However, based on experience, the Funds expect the risk of loss to be remote.

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3. Federal Income Tax Matters

At March 31, 2014, the cost of long security positions and aggregate gross unrealized appreciation (depreciation) of investments for federal income tax purposes were as follows:

FUND	COST OF INVESTMENTS		GROSS UNREALIZED APPRECIATION		GROSS UNREALIZED DEPRECIATION			NET UNREALIZED APPRECIATION (DEPRECIATION)
AQR Global Equity Fund	$	224,027,133	$	62,141,376	$	(2,022,669	)	$	60,118,707
AQR International Equity Fund		688,793,871		150,130,460		(7,704,668	)		142,425,792
AQR Emerging Defensive Equity Fund		49,338,364		2,444,971		(2,213,030	)		231,941
AQR International Defensive Equity Fund		24,414,024		2,403,475		(625,635	)		1,777,840
AQR U.S. Defensive Equity Fund		208,739,719		20,715,974		(1,346,549	)		19,369,425
AQR Momentum Fund		791,857,708		193,513,054		(10,090,476	)		183,422,578
AQR Small Cap Momentum Fund		243,608,711		67,810,246		(10,629,565	)		57,180,681
AQR International Momentum Fund		285,724,742		40,176,661		(7,299,358	)		32,877,303
AQR Tax-Managed Momentum Fund		64,309,137		6,192,153		(674,851	)		5,517,302
AQR Tax-Managed Small Cap Momentum Fund		10,720,221		2,344,748		(357,261	)		1,987,487
AQR Tax-Managed International Momentum Fund		59,126,645		4,193,010		(1,644,274	)		2,548,736
AQR Core Equity Fund		53,800,094		6,056,469		(527,071	)		5,529,398
AQR Small Cap Core Equity Fund		5,981,353		960,141		(92,572	)		867,569
AQR International Core Equity Fund		23,741,771		2,222,971		(681,692	)		1,541,279

The differences between book basis and tax basis appreciation (depreciation) on investments is primarily attributable to wash sale loss deferrals.

As of September 30, 2013, for federal income tax purposes, the following Funds had capital loss carryforwards available to offset capital gains, if any, to the extent provided by the U.S. Treasury regulations.

FUND	SHORT-TERM		LONG-TERM		YEAR OF EXPIRATION
AQR Emerging Defensive Equity Fund	$	292,230	$	—		N/A
AQR International Momentum Fund		107,993		—		2018
AQR International Momentum Fund		4,061,666		—		N/A
AQR International Core Equity Fund		28,884		—		N/A

Under the Regulated Investment Company Modernization Act of 2010, the Funds are permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. Post-enactment capital loss carryforwards retain their character as either short-term or long-term capital losses rather than being considered short-term as under previous law. Any post-enactment capital losses generated will be required to be utilized prior to the losses incurred in pre-enactment tax years.

4. Fair Value Measurements

The Funds utilize various inputs 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 in the three broad levels as follows:

Level 1 — quoted prices in active markets for identical securities

Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, pre-payment speeds, credit risk, etc.)

Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

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Notes to Financial Statements (Unaudited) March 31, 2014

Valuation methodology and inputs

An investment asset’s or liability’s level within the fair value hierarchy is based on the lowest level input, individually or in aggregate, that is significant to fair value measurement. The objective of fair value measurement remains the same even when there is a significant decrease in the volume and level of activity for an asset or liability and regardless of the valuation technique used. The valuation techniques used by the Funds to measure fair value maximize the use of observable inputs and minimize the use of unobservable inputs.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following inputs and techniques may be used by the Funds to evaluate how to classify each major category of assets and liabilities for Level 2 and Level 3, in accordance with GAAP.

Equities traded outside North America are fair valued daily based on the application of a fair value factor, and therefore are considered Level 2 (Note 2). Investments that trade in markets that are not considered to be active, but are valued based on quoted market prices, dealer quotations or alternative pricing sources supported by observable inputs are also classified within Level 2. These include certain U.S. government and sovereign obligations, most government agency securities, investment-grade corporate bonds, money market funds and less liquid listed equities. Corporate and sovereign bonds and other fixed-income instruments are valued at estimated fair value based on quotations (including evaluated quotes) from an independent pricing service, as well as quotations from counterparties and other market participants. Investments classified within 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 use one or more valuation techniques (e.g., the market approach, the income approach, or the cost approach) for which sufficient and reliable data is available. Within Level 3, the use of the market approach generally consists of using comparable market transactions, while the use of the income approach generally consists of the net present value of estimated future cash flows, adjusted as appropriate for liquidity, credit, market and/or other risk factors. The inputs used by the Funds in estimating the value of Level 3 investments include the original transaction price, recent transactions in the same or similar instruments, completed or pending third-party transactions in the underlying investment or comparable issuers, subsequent rounds of financing, recapitalizations and other transactions across the capital structure, offerings in the equity or debt capital markets, and changes in financial ratios or cash flows. Level 3 investments may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the Advisor in the absence of market information. Assumptions used by the Funds due to the lack of observable inputs may significantly impact the resulting fair value and therefore the Funds’ results of operations.

The Funds invest in derivative instruments. Derivative instruments can be exchange traded or privately negotiated over-the-counter (“OTC”). Exchange-traded derivatives, such as futures contracts and exchange traded option contracts, are typically classified within Level 1 or Level 2 of the fair value hierarchy depending on whether or not they are deemed to be actively traded. Futures and option contracts that are listed on national exchanges and are freely transferable are valued at fair value based on their last sales price on the date of determination on the exchange that constitutes the principal market. OTC derivatives, including futures, forwards and swaps, are valued by the Funds using observable inputs, such as quotations received from the counterparty, or dealers and brokers, whenever available and considered reliable. Generally, a valuation model is used consistently for similar derivative types and model inputs, including, but not limited to, market prices, yield curves, credit spreads, volatilities and implied correlations which are obtained from outside brokers and/or pricing services when available. In instances where models are used, the value of an OTC derivative depends upon the contractual terms of, and specific risks inherent in, the instrument as well as the availability and reliability of observable inputs. Such inputs include market prices for reference securities, yield curves, credit curves, measures of volatility, prepayment rates and correlations of such inputs. Certain OTC derivatives, such as generic forwards, swaps and options, have inputs which can generally be corroborated by market data and are therefore classified within Level 2. Equity total return swap transactions are valued at fair value, based on the price of the underlying security.

Securities, for which market quotations or independent pricing service quotations are not readily available, are not readily marketable, or model priced and all other assets of the Funds are valued at fair value using valuation procedures for the Funds, which have been approved by the Board of Trustees. The Advisor has established a Valuation Committee (the “VC”) which is responsible for overseeing the pricing and valuation of all securities held in the Funds. The VC operates under the valuation procedures approved by the Funds’ Board of Trustees. The VC

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meets quarterly and on an as-needed basis. The VC is responsible for valuing any securities or other assets for which prices or valuations are not readily determinable by the Funds’ pricing services. The VC considers time-sensitive valuation issues, including those relating to market closures, changes in illiquid security values, model prices and other events that may have a potentially material impact on security values. On a quarterly basis the VC meets to review the results of back test reports generated by the Advisor’s internal risk department. The VC prepares for the Funds’ Board of Trustees an analysis relating to Level 3 positions. On a daily basis, the Trust’s fund accounting agent compares trade execution prices to the prior night’s valuation price for all positions which were traded and held the previous day. On a monthly basis, third party model prices are reviewed against internal model prices.

Quantitative Information

These tables include a description of unobservable and quantitative inputs and the interrelationship of such inputs, as used in determining the value of Level 3 financial instruments, except for Level 3 instruments for which prior transaction or third party pricing information was used without adjustment.

Transfers

Transfers into, and out of, Level 3 are valued utilizing values as of the beginning of the period. Transfers from Level 2 to Level 3 or from Level 3 to Level 2 are 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 following summarizes inputs used as of March 31, 2014 in valuing the Funds’ assets carried at fair value:

AQR GLOBAL EQUITY FUND	QUOTED PRICES IN ACTIVE MARKET (LEVEL 1)		OTHER SIGNIFICANT OBSERVABLE INPUTS (LEVEL 2)			SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)			TOTALS
ASSETS
Common Stocks†	$	152,266,984	$	108,445,323		$	—	(a)	$	260,712,307
Preferred Stocks†		—		2,361,019			—			2,361,019
Rights†		—		—			2,106			2,106
Money Market Funds		—		21,070,408			—			21,070,408
Futures Contracts*		606,283		—			—			606,283
Forward Foreign Currency Exchange Contracts*		—		262,320			—			262,320
Total Assets	$	152,873,267	$	132,139,070		$	2,106		$	285,014,443
LIABILITIES
Total Return Swap Contracts*	$	—	$	(475,650	)	$	—		$	(475,650	)
Total Liabilities	$	—	$	(475,650	)	$	—		$	(475,650	)

(a) Security has zero value.

* Derivative instruments, including futures, forward foreign currency exchange and total return swap contracts, are valued at the unrealized appreciation (depreciation) of the instrument.

† Please refer to the Schedule of Investments to view securities segregated by country.

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Notes to Financial Statements (Unaudited) March 31, 2014

There were three immaterial positions which transferred between Levels 1 and 2 during the period. Securities listed in the Schedule of Investments with a total market value of $2,106 are classified as Level 3 and considered quantitatively insignificant to the portfolio. The total change in unrealized appreciation (depreciation) included in the Statements of Operations attributable to Level 3 investments still held at March 31, 2014 is $2,106.

AQR INTERNATIONAL EQUITY FUND	QUOTED PRICES IN ACTIVE MARKET (LEVEL 1)		OTHER SIGNIFICANT OBSERVABLE INPUTS (LEVEL 2)			SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)			TOTALS
ASSETS
Common Stocks†	$	—	$	745,372,689		$	—	(a)	$	745,372,689
Preferred Stocks†		—		14,358,397			—			14,358,397
Rights†		—		—			15,491			15,491
Money Market Funds		—		71,473,086			—			71,473,086
Futures Contracts*		1,881,315		—			—			1,881,315
Forward Foreign Currency Exchange Contracts*		—		1,499,759			—			1,499,759
Total Assets	$	1,881,315	$	832,703,931		$	15,491		$	834,600,737
LIABILITIES
Total Return Swap Contracts*	$	—	$	(1,404,768	)	$	—		$	(1,404,768	)
Total Liabilities	$	—	$	(1,404,768	)	$	—		$	(1,404,768	)

(a) Security has zero value.

* Derivative instruments, including futures, forward foreign currency exchange and total return swap contracts, are valued at the unrealized appreciation (depreciation) of the instrument.

† Please refer to the Schedule of Investments to view securities segregated by country.

There were no transfers between Levels 1 and 2 during the period. Securities listed in the Schedule of Investments with a total market value of $15,491 are classified as Level 3 and considered quantitatively insignificant to the portfolio. The total change in unrealized appreciation (depreciation) included in the Statements of Operations attributable to Level 3 investments still held at March 31, 2014 is $15,491.

AQR EMERGING DEFENSIVE EQUITY FUND	QUOTED PRICES IN ACTIVE MARKET (LEVEL 1)		OTHER SIGNIFICANT OBSERVABLE INPUTS (LEVEL 2)		SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)		TOTALS
ASSETS
Common Stocks†	$	14,716,242	$	28,987,455	$	—	$	43,703,697
Exchange-Traded Funds		4,503,530		—		—		4,503,530
Preferred Stocks†		22,830		—		—		22,830
Money Market Funds		—		1,340,248		—		1,340,248
Total Assets	$	19,242,602	$	30,327,703	$	—	$	49,570,305

† Please refer to the Schedule of Investments to view securities segregated by country.

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There were no transfers between Levels 1 and 2 during the period. There were no Level 3 securities held at period end.

AQR INTERNATIONAL DEFENSIVE EQUITY FUND	QUOTED PRICES IN ACTIVE MARKET (LEVEL 1)		OTHER SIGNIFICANT OBSERVABLE INPUTS (LEVEL 2)		SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)		TOTALS
ASSETS
Common Stocks†	$	4,577,235	$	20,054,112	$	—	$	24,631,347
Exchange-Traded Funds		1,233,308		—		—		1,233,308
Preferred Stocks†		—		155,435		—		155,435
Money Market Funds		—		171,774		—		171,774
Total Assets	$	5,810,543	$	20,381,321	$	—	$	26,191,864

† Please refer to the Schedule of Investments to view securities segregated by country.

There were no transfers between Levels 1 and 2 during the period. There were no Level 3 securities held at period end.

AQR U.S. DEFENSIVE EQUITY FUND	QUOTED PRICES IN ACTIVE MARKET (LEVEL 1)		OTHER SIGNIFICANT OBSERVABLE INPUTS (LEVEL 2)		SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)		TOTALS
ASSETS
Common Stocks†	$	218,803,716	$	1,352,439	$	—	$	220,156,155
Money Market Funds		—		7,952,989		—		7,952,989
Futures Contracts*		2,874		—		—		2,874
Total Assets	$	218,806,590	$	9,305,428	$	—	$	228,112,018

* Derivative instruments, including futures contracts, are valued at the unrealized appreciation (depreciation) of the instrument.

† Please refer to the Schedule of Investments to view securities segregated by industry type.

There were no transfers between Levels 1 and 2 during the period. There were no Level 3 securities held at period end.

AQR MOMENTUM FUND	QUOTED PRICES IN ACTIVE MARKET (LEVEL 1)			OTHER SIGNIFICANT OBSERVABLE INPUTS (LEVEL 2)		SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)		TOTALS
ASSETS
Common Stocks†	$	953,021,526		$	8,825,858	$	—	$	961,847,384
Money Market Funds		—			13,432,902		—		13,432,902
Total Assets	$	953,021,526		$	22,258,760	$	—	$	975,280,286
LIABILITIES
Futures Contracts*	$	(8,453	)	$	—	$	—	$	(8,453	)
Total Liabilities	$	(8,453	)	$	—	$	—	$	(8,453	)

* Derivative instruments, including futures contracts, are valued at the unrealized appreciation (depreciation) of the instrument.

† Please refer to the Schedule of Investments to view securities segregated by industry type.

AQR Funds Semi-Annual Report March 2014 131

Notes to Financial Statements (Unaudited) March 31, 2014

There were two immaterial positions which transferred between Levels 1 and 2 during the period. There were no Level 3 securities held at period end.

AQR SMALL CAP MOMENTUM FUND	QUOTED PRICES IN ACTIVE MARKET (LEVEL 1)			OTHER SIGNIFICANT OBSERVABLE INPUTS (LEVEL 2)		SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)			TOTALS
ASSETS
Common Stocks†	$	295,440,796		$	1,297,477	$	14,729		$	296,753,002
Preferred Stocks†		46,610			—		—			46,610
Rights†		—			—		—	(a)		—	(a)
Money Market Funds		—			3,989,780		—			3,989,780
Total Assets	$	295,487,406		$	5,287,257	$	14,729		$	300,789,392
LIABILITIES
Futures Contracts*	$	(27,447	)	$	—	$	—		$	(27,447	)
Total Liabilities	$	(27,447	)	$	—	$	—		$	(27,447	)

(a) Security has zero value.

* Derivative instruments, including futures contracts, are valued at the unrealized appreciation (depreciation) of the instrument.

† Please refer to the Schedule of Investments to view securities segregated by industry type.

There were seven immaterial positions which transferred between Levels 1 and 2 during the period. Securities listed in the Schedule of Investments with a total market value of $14,729 are classified as Level 3 and considered quantitatively insignificant to the portfolio. The total change in unrealized appreciation (depreciation) included in the Statements of Operations attributable to Level 3 investments still held at March 31, 2014 is $0.

AQR INTERNATIONAL MOMENTUM FUND	QUOTED PRICES IN ACTIVE MARKET (LEVEL 1)		OTHER SIGNIFICANT OBSERVABLE INPUTS (LEVEL 2)		SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)		TOTALS
ASSETS
Common Stocks†	$	33,532,340	$	278,167,178	$	—	$	311,699,518
Rights†		—		57,863		13,684		71,547
Money Market Funds		—		6,830,980		—		6,830,980
Futures Contracts*		14,999		—		—		14,999
Total Assets	$	33,547,339	$	285,056,021	$	13,684	$	318,617,044

* Derivative instruments, including futures contracts, are valued at the unrealized appreciation (depreciation) of the instrument.

† Please refer to the Schedule of Investments to view securities segregated by country.

132 AQR Funds Semi-Annual Report March 2014

Notes to Financial Statements (Unaudited) March 31, 2014

There were no transfers between Levels 1 and 2 during the period. Securities listed in the Schedule of Investments with a total market value of $13,684 are classified as Level 3 and considered quantitatively insignificant to the portfolio. The total change in unrealized appreciation (depreciation) included in the Statements of Operations attributable to Level 3 investments still held at March 31, 2014 is $13,684.

AQR TAX-MANAGED MOMENTUM FUND	QUOTED PRICES IN ACTIVE MARKET (LEVEL 1)		OTHER SIGNIFICANT OBSERVABLE INPUTS (LEVEL 2)		SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)		TOTALS
ASSETS
Common Stocks†	$	66,863,513	$	663,907	$	—	$	67,527,420
Exchange-Traded Funds		1,331,912		—		—		1,331,912
Money Market Funds		—		967,107		—		967,107
Total Assets	$	68,195,425	$	1,631,014	$	—	$	69,826,439

† Please refer to the Schedule of Investments to view securities segregated by industry type.

There were no transfers between Levels 1 and 2 during the period. There were no Level 3 securities held at period end.

AQR TAX-MANAGED SMALL CAP MOMENTUM FUND	QUOTED PRICES IN ACTIVE MARKET (LEVEL 1)		OTHER SIGNIFICANT OBSERVABLE INPUTS (LEVEL 2)		SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)		TOTALS
ASSETS
Common Stocks†	$	12,462,060	$	38,576	$	—	$	12,500,636
Exchange-Traded Funds		161,596		—		—		161,596
Money Market Funds		—		45,476		—		45,476
Total Assets	$	12,623,656	$	84,052	$	—	$	12,707,708

† Please refer to the Schedule of Investments to view securities segregated by industry type.

There were no transfers between Levels 1 and 2 during the period. There were no Level 3 securities held at period end.

AQR TAX-MANAGED INTERNATIONAL MOMENTUM FUND	QUOTED PRICES IN ACTIVE MARKET (LEVEL 1)		OTHER SIGNIFICANT OBSERVABLE INPUTS (LEVEL 2)		SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)		TOTALS
ASSETS
Common Stocks†	$	7,659,897	$	52,498,731	$	—	$	60,158,628
Exchange-Traded Funds		1,346,893		—		—		1,346,893
Rights†		—		13,988		628		14,616
Money Market Funds		—		155,244		—		155,244
Total Assets	$	9,006,790	$	52,667,963	$	628	$	61,675,381

† Please refer to the Schedule of Investments to view securities segregated by country.

AQR Funds Semi-Annual Report March 2014 133

Notes to Financial Statements (Unaudited) March 31, 2014

There were no transfers between Levels 1 and 2 during the period. Securities listed in the Schedule of Investments with a total market value of $628 are classified as Level 3 and considered quantitatively insignificant to the portfolio. The total change in unrealized appreciation (depreciation) included in the Statements of Operations attributable to Level 3 investments still held at March 31, 2014 is $628.

AQR CORE EQUITY FUND	QUOTED PRICES IN ACTIVE MARKET (LEVEL 1)		OTHER SIGNIFICANT OBSERVABLE INPUTS (LEVEL 2)		SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)		TOTALS
ASSETS
Common Stocks†	$	57,857,507	$	137,015	$	—	$	57,994,522
Exchange-Traded Funds		741,988		—		—		741,988
Money Market Funds		—		592,982		—		592,982
Total Assets	$	58,599,495	$	729,997	$	—	$	59,329,492

† Please refer to the Schedule of Investments to view securities segregated by industry type.

There were two immaterial positions which transferred between Levels 1 and 2 during the period. There were no Level 3 securities held at period end.

AQR SMALL CAP CORE EQUITY FUND	QUOTED PRICES IN ACTIVE MARKET (LEVEL 1)		OTHER SIGNIFICANT OBSERVABLE INPUTS (LEVEL 2)		SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)		TOTALS
ASSETS
Common Stocks†	$	6,735,916	$	41,311	$	—	$	6,777,227
Exchange-Traded Funds		30,365		—		—		30,365
Money Market Funds		—		41,330		—		41,330
Total Assets	$	6,766,281	$	82,641	$	—	$	6,848,922

† Please refer to the Schedule of Investments to view securities segregated by industry type.

There were four immaterial positions which transferred between Levels 1 and 2 during the period. There were no Level 3 securities held at period end.

AQR INTERNATIONAL CORE EQUITY FUND	QUOTED PRICES IN ACTIVE MARKET (LEVEL 1)		OTHER SIGNIFICANT OBSERVABLE INPUTS (LEVEL 2)		SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)		TOTALS
ASSETS
Common Stocks†	$	2,476,726	$	22,086,378	$	—	$	24,563,104
Exchange-Traded Funds		234,424		—		—		234,424
Rights†		—		7,165		—		7,165
Money Market Funds		—		478,357		—		478,357
Total Assets	$	2,711,150	$	22,571,900	$	—	$	25,283,050

† Please refer to the Schedule of Investments to view securities segregated by country.

There were no transfers between Levels 1 and 2 during the period. There were no Level 3 securities held at period end.

134 AQR Funds Semi-Annual Report March 2014

Notes to Financial Statements (Unaudited) March 31, 2014

5. Investment Transactions

During the period ended March 31, 2014, the cost of purchases and the proceeds from sales of investments (excluding swap contracts, forward foreign currency exchange contracts, futures contracts and short-term investments) were as follows:

FUND	PURCHASES		SALES
AQR Global Equity Fund	$	139,353,562	$	134,378,556
AQR International Equity Fund		225,703,643		267,070,928
AQR Emerging Defensive Equity Fund		45,880,669		28,814,160
AQR International Defensive Equity Fund		14,239,748		7,637,676
AQR U.S. Defensive Equity Fund		54,564,889		10,943,520
AQR Momentum Fund		452,484,613		360,239,318
AQR Small Cap Momentum Fund		137,384,581		110,169,330
AQR International Momentum Fund		152,327,374		99,895,089
AQR Tax-Managed Momentum Fund		95,521,839		51,783,716
AQR Tax-Managed Small Cap Momentum Fund		14,251,451		9,208,131
AQR Tax-Managed International Momentum Fund		100,913,763		56,638,708
AQR Core Equity Fund		79,023,621		44,526,434
AQR Small Cap Core Equity Fund		7,524,832		4,761,663
AQR International Core Equity Fund		20,300,658		13,919,214

6. Derivative Instruments and Hedging Activities

Certain Funds use derivative instruments as part of their principal investment strategy to achieve their investment objectives. The values of such derivative instruments reflected in the Statements of Assets and Liabilities at March 31, 2014 are as follows:

	ASSETS		LIABILITIES
FUND	UNREALIZED APPRECIATION ON FUTURES CONTRACTS	UNREALIZED APPRECIATION ON FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS	UNREALIZED DEPRECIATION ON FUTURES CONTRACTS	SWAPS AT VALUE	UNREALIZED DEPRECIATION ON FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS
Equity Risk Exposure:
AQR Global Equity Fund	$900,185	$—	$293,902	$475,650	$—
AQR International Equity Fund	3,146,321	—	1,265,006	1,404,768	—
AQR U.S. Defensive Equity Fund	2,874	—	—	—	—
AQR Momentum Fund	—	—	8,453	—	—
AQR Small Cap Momentum Fund	—	—	27,447	—	—
AQR International Momentum Fund	14,999	—	—	—	—
Foreign Exchange Rate Risk Exposure:
AQR Global Equity Fund	—	1,220,410	—	—	958,090
AQR International Equity Fund	—	5,487,912	—	—	3,988,153
Netting:
AQR Global Equity Fund	(293,902)	(958,090)	(293,902)	—	(958,090)
AQR International Equity Fund	(1,265,006)	(3,988,153)	(1,265,006)	—	(3,988,153)
Net Fair Value of Derivative Contracts:
AQR Global Equity Fund	606,283	262,320	—	475,650	—
AQR International Equity Fund	1,881,315	1,499,759	—	1,404,768	—
AQR U.S. Defensive Equity Fund	2,874	—	—	—	—
AQR Momentum Fund	—	—	8,453	—	—
AQR Small Cap Momentum Fund	—	—	27,447	—	—
AQR International Momentum Fund	14,999	—	—	—	—

AQR Funds Semi-Annual Report March 2014 135

Notes to Financial Statements (Unaudited) March 31, 2014

The following is the effect of Derivative Instruments on the Statements of Operations for the period ended March 31, 2014:

	REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED AS A RESULT FROM OPERATIONS			NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED AS A RESULT FROM OPERATIONS
FUND	FUTURES CONTRACTS	SWAP CONTRACTS	FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS	FUTURES CONTRACTS	SWAP CONTRACTS	FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS
Equity Risk Exposure:
AQR Global Equity Fund	$457,629	$(32,660)	$—	$437,840	$(486,545)	$—
AQR International Equity Fund	(3,148,668)	(886,720)	—	1,291,034	(1,450,548)	—
AQR U.S. Defensive Equity Fund	1,136,034	—	—	73,938	—	—
AQR Momentum Fund	1,476,841	—	—	190,224	—	—
AQR Small Cap Momentum Fund	(57,989)	—	—	(40,503)	—	—
AQR International Momentum Fund	415,486	—	—	35,356	—	—
Foreign Exchange Rate Risk Exposure:
AQR Global Equity Fund	—	—	1,357,849	—	—	460,502
AQR International Equity Fund	—	—	(736,811)	—	—	2,416,270

For financial reporting purposes, the Funds do not offset financial assets and financial liabilities across derivative types that are subject to master netting arrangements or similar agreements on the Statements of Assets and Liabilities.

The following tables present, by counterparty and contract type, the Funds’ derivative assets and liabilities as of March 31, 2014.

AQR GLOBAL EQUITY FUND

					GROSS AMOUNTS NOT OFFSET IN THE STATEMENT OF ASSETS & LIABILITIES
COUNTERPARTY	INVESTMENT TYPE	GROSS AMOUNTS OF RECOGNIZED ASSETS	GROSS AMOUNTS OFFSET IN THE STATEMENT OF ASSETS & LIABILITIES	NET AMOUNTS OF ASSETS PRESENTED IN THE STATEMENT OF ASSETS & LIABILITIES	FINANCIAL INSTRUMENTS	COLLATERAL RECEIVED (a)	NET AMOUNT
Barclays Capital	Futures Contracts	$900,185	$(293,902)	$606,283	$        —	$        —	$606,283
Credit Suisse International	Forward Foreign Currency Exchange Contracts	586,147	(478,923)	107,224	—	(107,224)	—
The Royal Bank of Scotland	Forward Foreign Currency Exchange Contracts	634,263	(479,167)	155,096	—	(155,096)	—
Total financial instruments subject to a master netting agreement or similar arrangement		2,120,595	(1,251,992)	868,603	—	(262,320)	606,283
Total financial instruments not subject to a master netting agreement or similar arrangement		—	—	—	—	—	—
Total financial instruments		$2,120,595	$(1,251,992)	$868,603	$        —	$(262,320)	$606,283

136 AQR Funds Semi-Annual Report March 2014

Notes to Financial Statements (Unaudited) March 31, 2014

					GROSS AMOUNTS NOT OFFSET IN THE STATEMENT OF ASSETS & LIABILITIES
COUNTERPARTY	INVESTMENT TYPE	GROSS AMOUNTS OF RECOGNIZED LIABILITIES	GROSS AMOUNTS OFFSET IN THE STATEMENT OF ASSETS & LIABILITIES	NET AMOUNTS OF LIABILITIES PRESENTED IN THE STATEMENT OF ASSETS & LIABILITIES	FINANCIAL INSTRUMENTS	COLLATERAL PLEDGED (b)	NET AMOUNT
Barclays Capital	Futures Contracts	$293,902	$(293,902)	$        —	$        —	$        —	$        —
Credit Suisse International	Forward Foreign Currency Exchange Contracts	478,923	(478,923)	—	—	—	—
Goldman Sachs	Total Return Swap Contracts	475,650	—	475,650	—	(300,000)	175,650
The Royal Bank of Scotland	Forward Foreign Currency Exchange Contracts	479,167	(479,167)	—	—	—	—
Total financial instruments subject to a master netting agreement or similar arrangement		1,727,642	(1,251,992)	475,650	—	(300,000)	175,650
Total financial instruments not subject to a master netting agreement or similar arrangement		—	—	—	—	—	—
Total financial instruments		$1,727,642	$(1,251,992)	$475,650	$        —	$(300,000)	$175,650

(a) Per GAAP disclosure requirements, the table above does not include the additional collateral received from the counterparty. Total additional collateral received was $57,680.

(b) Per GAAP disclosure requirements, the table above does not include the additional collateral pledged to the counterparty. Total additional collateral pledged was $3,623,039.

AQR INTERNATIONAL EQUITY FUND

					GROSS AMOUNTS NOT OFFSET IN THE STATEMENT OF ASSETS & LIABILITIES
COUNTERPARTY	INVESTMENT TYPE	GROSS AMOUNTS OF RECOGNIZED ASSETS	GROSS AMOUNTS OFFSET IN THE STATEMENT OF ASSETS & LIABILITIES	NET AMOUNTS OF ASSETS PRESENTED IN THE STATEMENT OF ASSETS & LIABILITIES	FINANCIAL INSTRUMENTS	COLLATERAL RECEIVED (a)	NET AMOUNT
Barclays Capital	Futures Contracts	$3,146,321	$(1,265,006)	$1,881,315	$        —	$        —	$1,881,315
Credit Suisse International	Forward Foreign Currency Exchange Contracts	2,709,877	(1,972,125)	737,752	—	(737,752)	—
The Royal Bank of Scotland	Forward Foreign Currency Exchange Contracts	2,778,035	(2,016,028)	762,007	—	(700,000)	62,007
Total financial instruments subject to a master netting agreement or similar arrangement		8,634,233	(5,253,159)	3,381,074	—	(1,437,752)	1,943,322
Total financial instruments not subject to a master netting agreement or similar arrangement		—	—	—	—	—	—
Total financial instruments		$8,634,233	$(5,253,159)	$3,381,074	$        —	$(1,437,752)	$1,943,322

AQR Funds Semi-Annual Report March 2014 137

Notes to Financial Statements (Unaudited) March 31, 2014

					GROSS AMOUNTS NOT OFFSET IN THE STATEMENT OF ASSETS & LIABILITIES
COUNTERPARTY	INVESTMENT TYPE	GROSS AMOUNTS OF RECOGNIZED LIABILITIES	GROSS AMOUNTS OFFSET IN THE STATEMENT OF ASSETS & LIABILITIES	NET AMOUNTS OF LIABILITIES PRESENTED IN THE STATEMENT OF ASSETS & LIABILITIES	FINANCIAL INSTRUMENTS	COLLATERAL PLEDGED (b)	NET AMOUNT
Barclays Capital	Futures Contracts	$1,265,006	$(1,265,006)	$        —	$        —	$        —	$        —
Credit Suisse International	Forward Foreign Currency Exchange Contracts	1,972,125	(1,972,125)	—	—	—	—
Goldman Sachs	Total Return Swap Contracts	1,404,768	—	1,404,768	—	(1,404,768)	—
The Royal Bank of Scotland	Forward Foreign Currency Exchange Contracts	2,016,028	(2,016,028)	—	—	—	—
Total financial instruments subject to a master netting agreement or similar arrangement		6,657,927	(5,253,159)	1,404,768	—	(1,404,768)	—
Total financial instruments not subject to a master netting agreement or similar arrangement		—	—	—	—	—	—
Total financial instruments		$6,657,927	$(5,253,159)	$1,404,768	$        —	$(1,404,768)	$        —

(a) Per GAAP disclosure requirements, the table above does not include the additional collateral received from the counterparty. Total additional collateral received was $122,248.

(b) Per GAAP disclosure requirements, the table above does not include the additional collateral pledged to the counterparty. Total additional collateral pledged was $23,214,861.

AQR U.S. DEFENSIVE EQUITY FUND

					GROSS AMOUNTS NOT OFFSET IN THE STATEMENT OF ASSETS & LIABILITIES
COUNTERPARTY	INVESTMENT TYPE	GROSS AMOUNTS OF RECOGNIZED ASSETS	GROSS AMOUNTS OFFSET IN THE STATEMENT OF ASSETS & LIABILITIES	NET AMOUNTS OF ASSETS PRESENTED IN THE STATEMENT OF ASSETS & LIABILITIES	FINANCIAL INSTRUMENTS	COLLATERAL RECEIVED (a)	NET AMOUNT
Goldman Sachs	Futures Contracts	$2,874	$        —	$2,874	$        —	$        —	$2,874
Total financial instruments subject to a master netting agreement or similar arrangement		2,874	—	2,874	—	—	2,874
Total financial instruments not subject to a master netting agreement or similar arrangement		—	—	—	—	—	—
Total financial instruments		$2,874	$        —	$2,874	$        —	$        —	$2,874

(a) Per GAAP disclosure requirements, the table above does not include the additional collateral pledged to the counterparty. Total additional collateral pledged was $290,023.

138 AQR Funds Semi-Annual Report March 2014

Notes to Financial Statements (Unaudited) March 31, 2014

AQR MOMENTUM FUND

					GROSS AMOUNTS NOT OFFSET IN THE STATEMENT OF ASSETS & LIABILITIES
COUNTERPARTY	INVESTMENT TYPE	GROSS AMOUNTS OF RECOGNIZED LIABILITIES	GROSS AMOUNTS OFFSET IN THE STATEMENT OF ASSETS & LIABILITIES	NET AMOUNTS OF LIABILITIES PRESENTED IN THE STATEMENT OF ASSETS & LIABILITIES	FINANCIAL INSTRUMENTS	COLLATERAL PLEDGED (a)	NET AMOUNT
Barclays Capital	Futures Contracts	$8,453	$        —	$8,453	$        —	$(8,453)	$        —
Total financial instruments subject to a master netting agreement or similar arrangement		8,453	—	8,453	—	(8,453)	—
Total financial instruments not subject to a master netting agreement or similar arrangement		—	—	—	—	—	—
Total financial instruments		$8,453	$        —	$8,453	$        —	$(8,453)	$        —

(a) Per GAAP disclosure requirements, the table above does not include the additional collateral pledged to the counterparty. Total additional collateral pledged was $171,471.

AQR SMALL CAP MOMENTUM FUND

					GROSS AMOUNTS NOT OFFSET IN THE STATEMENT OF ASSETS & LIABILITIES
COUNTERPARTY	INVESTMENT TYPE	GROSS AMOUNTS OF RECOGNIZED LIABILITIES	GROSS AMOUNTS OFFSET IN THE STATEMENT OF ASSETS & LIABILITIES	NET AMOUNTS OF LIABILITIES PRESENTED IN THE STATEMENT OF ASSETS & LIABILITIES	FINANCIAL INSTRUMENTS	COLLATERAL PLEDGED (a)	NET AMOUNT
Barclays Capital	Futures Contracts	$27,447	$        —	$27,447	$        —	$(27,447)	$        —
Total financial instruments subject to a master netting agreement or similar arrangement		27,447	—	27,447	—	(27,447)	—
Total financial instruments not subject to a master netting agreement or similar arrangement		—	—	—	—	—	—
Total financial instruments		$27,447	$        —	$27,447	$        —	$(27,447)	$        —

(a) Per GAAP disclosure requirements, the table above does not include the additional collateral pledged to the counterparty. Total additional collateral pledged was $82,658.

AQR Funds Semi-Annual Report March 2014 139

Notes to Financial Statements (Unaudited) March 31, 2014

AQR INTERNATIONAL MOMENTUM FUND

					GROSS AMOUNTS NOT OFFSET IN THE STATEMENT OF ASSETS & LIABILITIES
COUNTERPARTY	INVESTMENT TYPE	GROSS AMOUNTS OF RECOGNIZED ASSETS	GROSS AMOUNTS OFFSET IN THE STATEMENT OF ASSETS & LIABILITIES	NET AMOUNTS OF ASSETS PRESENTED IN THE STATEMENT OF ASSETS & LIABILITIES	FINANCIAL INSTRUMENTS	COLLATERAL RECEIVED (a)	NET AMOUNT
Barclays Capital	Futures Contracts	$14,999	$        —	$14,999	$        —	$        —	$14,999
Total financial instruments subject to a master netting agreement or similar arrangement		14,999	—	14,999	—	—	14,999
Total financial instruments not subject to a master netting agreement or similar arrangement		—	—	—	—	—	—
Total financial instruments		$14,999	$        —	$14,999	$        —	$        —	$14,999

(a) Per GAAP disclosure requirements, the table above does not include the additional collateral pledged to the counterparty. Total additional collateral pledged was $37,163.

For the period ended March 31, 2014, the quarterly average values of the derivatives held by the Funds were as follows:

Derivatives Volume Disclosure*

	AQR GLOBAL EQUITY FUND		AQR INTERNATIONAL EQUITY FUND		AQR U.S. DEFENSIVE EQUITY FUND		AQR MOMENTUM FUND		AQR SMALL CAP MOMENTUM FUND		AQR INTERNATIONAL MOMENTUM FUND
Futures Contracts
Average Notional Balance Long		$50,037,451		$182,975,320		$8,370,192		$8,916,637		$1,429,443		$2,864,437
Average Notional Balance Short		20,531,352		79,527,975		—		—		—		—
Ending Notional Balance Long		58,667,995		197,367,141		5,407,340		3,169,820		1,287,550		4,074,250
Ending Notional Balance Short		20,419,869		68,520,571		—		—		—		—
Forward Foreign Currency Exchange Contracts
Average Settlement Value Purchased		113,635,495		363,287,461		—		—		—		—
Average Settlement Value Sold		97,299,966		291,218,251		—		—		—		—
Ending Settlement Value Purchased		125,466,032		461,115,684		—		—		—		—
Ending Settlement Value Sold		103,086,924		385,825,009		—		—		—		—
Total Return Swaps
Average Notional Balance — Short		9,193,817		33,359,788		—		—		—		—
Ending Notional Balance — Short		17,714,227		52,316,628		—		—		—		—

* Values as of each quarter end are used to calculate the average represented.

The Funds’ derivative contracts held at March 31, 2014, are not accounted for as hedging instruments under GAAP.

140 AQR Funds Semi-Annual Report March 2014

Notes to Financial Statements (Unaudited) March 31, 2014

7. Investment Advisory and Other Agreements

The Advisor serves as the investment advisor to each of the Funds pursuant to an Investment Advisory Agreement, dated December 4, 2008, as amended, or an Investment Management Agreement, dated June 10, 2010, as amended, entered into by the Trust, on behalf of the Funds (together, the “Advisory Agreement”). Under the Advisory Agreement, the Advisor furnishes a continuous investment program for each Fund’s portfolio, makes day-to-day investment decisions for the Funds, and manages the Funds’ investments in accordance with the stated policies of each Fund. The Advisor is also responsible for selecting brokers and dealers to execute purchase and sale orders for the portfolio transactions of each Fund, subject to its obligation to seek best execution. The Advisor provides persons satisfactory to the Funds’ Board of Trustees to serve as officers of the Funds. Pursuant to the Advisory Agreement, the Funds pay the Advisor an Advisory fee calculated on the average daily net assets for each Fund, in the annual ratios below:

FUND	RATIO
AQR Global Equity Fund		0.40	%
AQR International Equity Fund		0.45
AQR Emerging Defensive Equity Fund		0.55	*
AQR International Defensive Equity Fund		0.35	**
AQR U.S. Defensive Equity Fund		0.25	***
AQR Momentum Fund		0.25
AQR Small Cap Momentum Fund		0.35
AQR International Momentum Fund		0.35
AQR Tax-Managed Momentum Fund		0.30
AQR Tax-Managed Small Cap Momentum Fund		0.40
AQR Tax-Managed International Momentum Fund		0.40
AQR Core Equity Fund		0.30
AQR Small Cap Core Equity Fund		0.45
AQR International Core Equity Fund		0.40

Prior to January 29, 2014, the following Funds paid the Advisor an Advisory fee calculated on the average daily net assets for each Fund in the annual ratios below:

* The AQR Emerging Defensive Equity Fund Advisory Fee was based on the following three tier structure. The first tier charged 0.60% on the first $1 billion of net assets; the second tier charged 0.575% on net assets in excess of $1 billion, up to $3 billion; and the third tier charged 0.55% on net assets in excess of $3 billion.

** The AQR International Defensive Equity Fund Advisory Fee was based on the following three tier structure. The first tier charged 0.40% on the first $1 billion of net assets; the second tier charged 0.375% on net assets in excess of $1 billion, up to $3 billion; and the third tier charged 0.35% on net assets in excess of $3 billion.

*** The AQR U.S. Defensive Equity Fund Advisory Fee was based on the following three tier structure. The first tier charged 0.30% on the first $1 billion of net assets; the second tier charged 0.275% on net assets in excess of $1 billion, up to $3 billion; and the third tier charged 0.25% on net assets in excess of $3 billion.

The Trust and the Advisor have entered into a Fee Waiver and Expense Reimbursement Agreement whereby the Advisor has agreed to waive its fee and/or reimburse each Fund at least through January 28, 2015, unless otherwise noted. The Advisor has agreed to waive and/or reimburse each Fund to the extent that the total annual fund operating expense ratios, exclusive of interest, taxes, borrowing costs, acquired fund fees and expenses, dividend and interest expense related to short sales, and extraordinary expenses exceed the following ratios:

FUND	CLASS I			CLASS L			CLASS N			CLASS R6**
AQR Global Equity Fund		0.90	%		n/a			1.20	%		0.70	%
AQR International Equity Fund		0.95			n/a			1.25			0.75
AQR Emerging Defensive Equity Fund		0.90			n/a			1.15			n/a
AQR International Defensive Equity Fund		0.65			n/a			0.90			n/a
AQR U.S. Defensive Equity Fund		0.49			n/a			0.74			n/a
AQR Momentum Fund		n/a			0.49	%		0.74			n/a
AQR Small Cap Momentum Fund		n/a			0.65			0.90			n/a

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Notes to Financial Statements (Unaudited) March 31, 2014

FUND	CLASS I		CLASS L			CLASS N			CLASS R6**
AQR International Momentum Fund		n/a		0.65	%		0.90	%		n/a
AQR Tax-Managed Momentum Fund		n/a		0.54			0.79			n/a
AQR Tax-Managed Small Cap Momentum Fund		n/a		0.70			0.95			n/a
AQR Tax-Managed International Momentum Fund		n/a		0.70			0.95			n/a
AQR Core Equity Fund*		n/a		0.54			0.79			n/a
AQR Small Cap Core Equity Fund*		n/a		0.75			1.00			n/a
AQR International Core Equity Fund*		n/a		0.70			0.95			n/a

* This arrangement will continue at least through April 30, 2015 for Class L and N.

** Commencement of offering of shares was January 8, 2014.

Prior to January 28, 2014, the Fee Waiver and Expense Reimbursement Agreement for the AQR Global Equity and AQR International Equity Funds was as follows:

FUND	CLASS I			CLASS N
AQR Global Equity Fund		0.95	%		1.25	%
AQR International Equity Fund		n/a			1.30

For the period ended March 31, 2014, the Funds’ Advisor waived fees and/or reimbursed expenses for each of the Funds as follows:

	AQR GLOBAL EQUITY FUND		AQR EMERGING DEFENSIVE EQUITY FUND		AQR INTERNATIONAL DEFENSIVE EQUITY FUND		AQR U.S. DEFENSIVE EQUITY FUND
Waivers and reimbursements:
Investment advisory fees and shareholder servicing fees waived	$	7,826	$	78,089	$	67,861	$	212,195
Expense reimbursements		4,943		2,036		16,288		—
Total	$	12,769	$	80,125	$	84,149	$	212,195
	AQR MOMENTUM FUND		AQR SMALL CAP MOMENTUM FUND		AQR INTERNATIONAL MOMENTUM FUND		AQR TAX- MANAGED MOMENTUM FUND
Waivers and reimbursements:
Investment advisory fees and shareholder servicing fees waived	$	275,674	$	23,717	$	108,597	$	38,714
Expense reimbursements		—		800		—		780
Total	$	275,674	$	24,517	$	108,597	$	39,494
	AQR TAX-MANAGED SMALL CAP MOMENTUM FUND		AQR TAX-MANAGED INTERNATIONAL MOMENTUM FUND		AQR CORE FUND		AQR SMALL CAP CORE EQUITY FUND
Waivers and reimbursements:
Investment advisory fees and shareholder servicing fees waived	$	26,607	$	46,166	$	73,278	$	15,519
Expense reimbursements		19,852		808		4,525		54,041
Total	$	46,459	$	46,974	$	77,803	$	69,560

142 AQR Funds Semi-Annual Report March 2014

Notes to Financial Statements (Unaudited) March 31, 2014

	AQR INTERNATIONAL CORE EQUITY FUND
Waivers and reimbursements:
Investment advisory fees and shareholder servicing fees waived	$	57,155
Expense reimbursements		30,442
Total	$	87,597

The Trust, in turn, agreed that the Funds will repay the fee waiver/expense reimbursement to the Advisor. Such repayment shall be made only out of the class of the Fund for which the applicable fee waiver and expense reimbursement was made. Repayments with respect to a Fund must be limited to amounts that do not cause the aggregate operating expenses of the Fund attributable to a share class during a year in which such repayment is made to exceed the applicable ratios when the waiver was generated. A repayment shall be payable only to the extent it can be made during the thirty-six months following the applicable period during which the Advisor waived fees or reimbursed the applicable Fund for its operating expenses under the Agreement.

For the period ended March 31, 2014, the amounts waived and reimbursed by the Advisor, as well as the amounts available for potential future recoupment by the Advisor and the expiration schedule at March 31, 2014 are as follows:

	FEES WAIVED/ REMIBURSED FOR THE PERIOD ENDED MARCH 31, 2014		TOTAL POTENTIAL RECOUPMENT AMOUNT MARCH 31, 2014		POTENTIAL RECOUPMENT AMOUNTS EXPIRING
					DECEMBER 31, 2014		DECEMBER 31, 2015		SEPTEMBER 30, 2016		SEPTEMBER 30, 2017
AQR GLOBAL EQUITY FUND
Class I	$	4,576	$	54,288	$	30,212	$	9,775	$	9,725	$	4,576
Class N		4,367		55,109		31,920		9,936		8,886		4,367
Class R6		3,826		3,826		—		—		—		3,826
Class Y		—		—		—		—		—		—
Totals	$	12,769	$	113,223	$	62,132	$	19,711	$	18,611	$	12,769
AQR INTERNATIONAL EQUITY FUND
Class I	$	—	$	—	$	—	$	—	$	—	$	—
Class N		—		11,477		11,477		—		—		—
Class R6		—		—		—		—		—		—
Class Y		—		—		—		—		—		—
Totals	$	—	$	11,477	$	11,477	$	—	$	—	$	—
AQR EMERGING DEFENSIVE EQUITY FUND
Class I	$	68,876	$	267,688	$	—	$	91,760	$	107,052	$	68,876
Class N		11,249		74,339		—		32,715		30,375		11,249
Totals	$	80,125	$	342,027	$	—	$	124,475	$	137,427	$	80,125

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Notes to Financial Statements (Unaudited) March 31, 2014

	FEES WAIVED/ REMIBURSED FOR THE PERIOD ENDED MARCH 31, 2014		TOTAL POTENTIAL RECOUPMENT AMOUNT MARCH 31, 2014		POTENTIAL RECOUPMENT AMOUNTS EXPIRING
					DECEMBER 31, 2014		DECEMBER 31, 2015		SEPTEMBER 30, 2016		SEPTEMBER 30, 2017
AQR INTERNATIONAL DEFENSIVE EQUITY FUND
Class I	$	74,273	$	274,111	$	—	$	79,941	$	119,897	$	74,273
Class N		9,876		77,363		—		43,475		24,012		9,876
Totals	$	84,149	$	351,474	$	—	$	123,416	$	143,909	$	84,149
AQR U.S. DEFENSIVE EQUITY FUND
Class I	$	184,085	$	390,596	$	—	$	65,338	$	141,173	$	184,085
Class N		28,110		97,863		—		38,829		30,923		28,110
Totals	$	212,195	$	488,458	$	—	$	104,167	$	172,096	$	212,195
AQR MOMENTUM FUND
Class L	$	242,118	$	1,263,976	$	418,356	$	334,720	$	268,782	$	242,118
Class N		33,556		84,435		—		1,156		49,723		33,556
Totals	$	275,674	$	1,348,411	$	418,356	$	335,876	$	318,505	$	275,674
AQR SMALL CAP MOMENTUM FUND
Class L	$	20,519	$	314,469	$	171,630	$	74,142	$	48,178	$	20,519
Class N		3,998		16,491		—		520		11,973		3,998
Totals	$	24,517	$	330,960	$	171,630	$	74,662	$	60,151	$	24,517
AQR INTERNATIONAL MOMENTUM FUND
Class L	$	83,934	$	576,029	$	230,607	$	140,213	$	121,275	$	83,934
Class N		24,663		46,066		—		520		20,883		24,663
Totals	$	108,597	$	622,095	$	230,607	$	140,733	$	142,158	$	108,597
AQR TAX-MANAGED MOMENTUM FUND
Class L	$	38,518	$	237,140	$	—	$	123,116	$	75,506	$	38,518
Class N		976		3,418		—		61		2,381		976
Totals	$	39,494	$	240,558	$	—	$	123,177	$	77,887	$	39,494
AQR TAX-MANAGED SMALL CAP MOMENTUM FUND
Class L	$	45,029	$	253,843	$	—	$	127,875	$	80,939	$	45,029
Class N		1,430		4,578		—		52		3,096		1,430
Totals	$	46,459	$	258,421	$	—	$	127,927	$	84,035	$	46,459

144 AQR Funds Semi-Annual Report March 2014

Notes to Financial Statements (Unaudited) March 31, 2014

	FEES WAIVED/ REMIBURSED FOR THE PERIOD ENDED MARCH 31, 2014		TOTAL POTENTIAL RECOUPMENT AMOUNT MARCH 31, 2014		POTENTIAL RECOUPMENT AMOUNTS EXPIRING
					DECEMBER 31, 2014		DECEMBER 31, 2015		SEPTEMBER 30, 2016		SEPTEMBER 30, 2017
AQR TAX-MANAGED INTERNATIONAL MOMENTUM FUND
Class L	$	45,960	$	308,537	$	—	$	160,934	$	101,643	$	45,960
Class N		1,014		3,955		—		63		2,878		1,014
Totals	$	46,974	$	312,492	$	—	$	160,997	$	104,521	$	46,974
AQR CORE EQUITY FUND
Class L	$	63,920	$	145,146	$	—	$	—	$	81,226	$	63,920
Class N		13,883		35,293		—		—		21,410		13,883
Totals	$	77,803	$	180,439	$	—	$	—	$	102,636	$	77,803
AQR SMALL CAP CORE EQUITY FUND
Class L	$	40,222	$	99,004	$	—	$	—	$	58,782	$	40,222
Class N		29,338		74,556		—		—		45,218		29,338
Totals	$	69,560	$	173,560	$	—	$	—	$	104,000	$	69,560
AQR INTERNATIONAL CORE EQUITY FUND
Class L	$	71,572	$	157,053	$	—	$	—	$	85,481	$	71,572
Class N		16,025		51,122		—		—		35,097		16,025
Totals	$	87,597	$	208,175	$	—	$	—	$	120,578	$	87,597

During the period ended March 31, 2014, the Funds recouped amounts as follows:

FUND	CLASS I		CLASS N		CLASS Y
AQR International Equity Fund		$2,236		$3,472		$15,655

J.P. Morgan Chase Bank, N.A., serves as the Funds’ Administrator, Accounting Agent and Custodian.

ALPS Fund Services, Inc. serves as the Funds’ Transfer Agent, and ALPS Distributors, Inc. serves as the Funds’ Distributor.

8. Distribution Plan

The Trust has adopted a Plan of Distribution (the “Plan”) pursuant to Rule 12b-1 under the 1940 Act with respect to the Class N shares of the Funds, as applicable. The Plan allows for the payment of services related to the distribution and servicing of these shares at a rate of up to 0.25% per annum of the average daily net asset value of the Class N shares of the Funds, as applicable.

9. Shareholder Servicing Arragements

Pursuant to a Shareholder Services Agreement, between the Trust and the Advisor, the Advisor provides a wide range of services to the Funds and their shareholders. These services include, among others, access to performance information reporting, analysis and explanations of Fund reports as well as electronic access to Fund

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Notes to Financial Statements (Unaudited) March 31, 2014

information. Under this agreement the Advisor receives an annual fee, payable monthly, calculated on the average daily net assets of each Class at the following rates:

FUND	CLASS I			CLASS L			CLASS N			CLASS R6***
AQR Global Equity Fund*		0.30	%		n/a			0.30	%		0.20	%
AQR International Equity Fund*		0.30			n/a			0.30			0.20
AQR Emerging Defensive Equity Fund**		0.15			n/a			0.15			n/a
AQR International Defensive Equity Fund**		0.15			n/a			0.15			n/a
AQR U.S. Defensive Equity Fund**		0.15			n/a			0.15			n/a
AQR Momentum Fund		n/a			0.15	%		0.15			n/a
AQR Small Cap Momentum Fund		n/a			0.15			0.15			n/a
AQR International Momentum Fund		n/a			0.15			0.15			n/a
AQR Tax-Managed Momentum Fund		n/a			0.15			0.15			n/a
AQR Tax-Managed Small Cap Momentum Fund		n/a			0.15			0.15			n/a
AQR Tax-Managed International Momentum Fund		n/a			0.15			0.15			n/a
AQR Core Equity Fund		n/a			0.15			0.15			n/a
AQR Small Cap Core Equity Fund		n/a			0.15			0.15			n/a
AQR International Core Equity Fund		n/a			0.15			0.15			n/a

* Prior to January 29, 2014, the rate was 0.35% for Class N.

** Prior to January 29, 2014, the rate was 0.25% for Class I and Class N, respectively.

*** Commencement of offering of shares was January 8, 2014.

In addition, the Advisor may, from time to time, compensate third parties (including financial intermediaries) from the fees the Advisor receives under the Shareholder Services Agreement for non-distribution shareholder services such third parties provide to clients or customers that are shareholders of the Funds. Fees incurred by the Funds under the Plan and/or the shareholder services agreement for the period ended March 31, 2014 were as follows:

FUND	CLASS I		CLASS L		CLASS N		CLASS R6
AQR Global Equity Fund	$	2,380		n/a	$	1,620	$	20,095
AQR International Equity Fund		361,819		n/a		57,707		30,750
AQR Emerging Defensive Equity Fund		40,681		n/a		3,560		n/a
AQR International Defensive Equity Fund		22,734		n/a		1,557		n/a
AQR U.S. Defensive Equity Fund		195,227		n/a		25,041		n/a
AQR Momentum Fund		n/a	$	621,034		56,237		n/a
AQR Small Cap Momentum Fund		n/a		206,215		2,907		n/a
AQR International Momentum Fund		n/a		187,816		31,004		n/a
AQR Tax-Managed Momentum Fund		n/a		34,927		94		n/a
AQR Tax-Managed Small Cap Momentum Fund		n/a		7,160		97		n/a
AQR Tax-Managed International Momentum Fund		n/a		32,400		85		n/a
AQR Core Equity Fund		n/a		28,042		3,119		n/a
AQR Small Cap Core Equity Fund		n/a		2,338		1,541		n/a
AQR International Core Equity Fund		n/a		13,761		1,827		n/a

10. Purchases and Redemption of Shares

Investors may purchase shares of a Fund at their net asset value (“NAV”), based on the next calculation of the NAV after the order is placed. Except as noted below, neither the Fund nor the distributor charges a sales charge or other transaction fee to purchase shares, although other institutions may impose transaction fees on shares purchased through them. The AQR Global Equity and AQR International Equity Funds’ Class Y shares charge subscription and redemption fees of 0.10% each, regardless of the period such shares may have been held. Prior to May 1, 2011, the Funds reserved the right to charge a redemption fee on redemption proceeds for shares that were held for less than 60 days. Effective May 1, 2011, this fee was eliminated for Class I, Class N and Class L Shares.

146 AQR Funds Semi-Annual Report March 2014

Notes to Financial Statements (Unaudited) March 31, 2014

11. Risks and Concentrations

The Funds, at times, utilize substantial leverage in their investment program. Such leverage may take the form of trading on margin, investing in derivative instruments that are inherently leveraged, entering into repurchase transactions and entering into other forms of direct and indirect borrowing.

There is no guarantee that the Funds’ borrowing arrangement or other arrangements for obtaining leverage will continue to be available, or if available, will be available on terms and conditions acceptable to the Funds. Unfavorable economic conditions also could increase funding costs, limits access to the capital markets or result in a decision by lenders not to extend credit to the Funds. In addition, a decline in market value of the Funds’ assets may have particular adverse consequences in instances where they have borrowed money based on the market value of those assets. A decrease in market value of those assets may result in the lender (including derivative counterparties) requiring the Funds to post additional collateral or otherwise sell assets at a time when it may not be in the Funds’ best interest to do so.

The counterparties to the Funds’ currency forward, futures and swap contracts include affiliates of the Funds’ clearing brokers and other major financial institutions. While the Funds utilize multiple clearing brokers and counterparties, a concentration of credit risk exists because of balances held and transactions with a limited number of clearing brokers and counterparties.

By using derivative instruments, the Funds are exposed to the counterparty’s credit risk, the risk that derivative counterparties may not perform in accordance with the contractual provisions offset by the value of any collateral received. The Funds’ exposure to credit risk associated with counterparty non-performance is limited to the unrealized gains inherent in such transactions that are recognized in the Statements of Assets and Liabilities. The Funds minimize counterparty credit risk through credit limits and approvals, credit monitoring procedures, executing master netting arrangements and managing margin and collateral requirements, as appropriate.

The Funds may have elements of risk not typically associated with investments in the United States of America due to concentrated investments in a limited number of countries or regions, which may vary throughout the year. Such concentrations may subject the Funds to additional risks resulting from political or economic conditions in such countries or regions and the possible imposition of adverse governmental laws or currency exchange restrictions could cause the securities and their markets to be less liquid and their prices to be more volatile than those of comparable U.S. companies.

Swap agreements involve, to varying degrees, elements of market risk (generally equity price risk related to equity index swap agreements, interest rate risk related to bond swap agreements and commodity risk related to synthetic swap agreements utilizing futures) and exposure to loss in excess of the amount reflected on the Statements of Assets and Liabilities. The notional amounts, which are disclosed as of period end in the swap tables included in the Schedules of Investments, reflect the current investment exposure each Fund has under the swap agreement which may exceed the net asset value of the Fund.

The Funds are not limited in the percentage of their assets that may be invested in convertible securities. Convertible securities generally offer lower interest or dividend yields than non-convertible securities of similar quality. The market values of convertible securities tend to decline as interest rates increase and, conversely, to increase as interest rates decline. However, the convertible security’s market value tends to reflect the market price of the common stock of the issuing company when that stock price is greater than the convertible’s “conversion price,” which is the predetermined price at which the convertible security could be exchanged for the associated stock.

Convertible securities and non-convertible income producing securities are subject to certain risks, including (i) if interest rates go up, the value of convertible securities and non-convertible income-producing securities in the Funds’ portfolio generally will decline; (ii) during periods of declining interest rates, the issuer of a security may exercise its option to prepay principal earlier than scheduled, forcing the Funds to reinvest in lower yielding securities (call or prepayment risk); and (iii) during periods of rising interest rates, the average life of certain types of securities may be extended because of slower than expected principal payments (extension risk).

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Notes to Financial Statements (Unaudited) March 31, 2014

Credit risk is the risk that one or more securities in the Funds’ portfolio will decline in price, or fail to pay interest or principal when due, because the issuer of the security experiences a decline in its financial status. The Funds’ investments in convertible and nonconvertible debt securities involve credit risk. However, in general, lower rated securities carry a greater degree of risk that the issuer will lose its ability to make interest and principal payments, which could have a negative impact on the Funds’ net asset value or dividends.

If a Fund invests in illiquid investments, it may experience difficulty in selling the investments in a timely manner at the price that it believes the investments are worth. In addition, market conditions may cause the Fund to experience temporary mark-to-market losses, especially in less liquid positions, even in the absence of any selling of investments by the Fund.

Each Fund is subject to market risk, which is the risk that the markets on which the Fund’s investments trade will increase or decrease in value. Market risk applies to every Fund investment. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. If there is a general decline in the securities and other markets, your investment in a Fund may lose value, regardless of the individual results of the securities and other instruments in which the Fund invests.

A Fund may have investments that appreciate or decrease significantly in value over short periods of time. This volatility may cause the Fund’s net asset value per share to experience significant increases or declines in value over short periods of time.

As of March 31, 2014, a substantial portion of the AQR Global Equity, AQR International Equity, AQR Emerging Defensive Equity, AQR International Defensive Equity, AQR International Momentum, AQR Tax-Managed International Momentum and AQR International Core Equity Funds’ net assets consisted of issuers that are denominated in foreign currencies. Changes in currency exchange rates will affect the value of and investment income from such securities.

12. Line of Credit

Effective February 28, 2014 and terminating on February 27, 2015, the Trust had renewed a committed $200,000,000 syndicated line of credit with Bank of America, N.A., as the Administrative Agent. Borrowing, if any, under this arrangement bore interest at the sum of (a) 1.0% per annum plus (b) the higher of (i) the Federal Funds Rate or (ii) the Eurodollar Rate, the amount of such excess, which was paid quarterly. The maximum loan amount outstanding per Fund was the lesser of an amount which did not exceed the borrowing limits set forth in the Funds’ Prospectus and/or Registration Statement and did not cause the Asset Coverage Ratio for all borrowings to drop below 500%. The agreement is subject to an annual commitment fee which is payable in arrears on a quarterly basis. In the event of a draw upon the line of credit, investments of the responsible Fund may be designated as collateral until its loan is repaid in full. Funds with less than $25,000,000 in assets are ineligible to draw upon the line of credit. Prior to February 28, 2014, the line of credit available was $175,000,000, subject to the same terms. The Funds did not have any outstanding borrowings under this agreement at March 31, 2014.

Average borrowings under this agreement during the period ended March 31, 2014, were as follows:

FUND	AVERAGE BORROWINGS		NUMBER OF DAYS OUTSTANDING		INTEREST PAID
AQR Global Equity Fund	$	35,000,000		1	$	2,245

Interest expense paid, if any, as a result of borrowing under this agreement is included in Interest expense in the Statements of Operations.

148 AQR Funds Semi-Annual Report March 2014

Notes to Financial Statements (Unaudited) March 31, 2014

13. Principal Ownership

As of March 31, 2014, the Funds had individual shareholder accounts owning more than 5% of the total shares outstanding of the Fund as follows:

FUND	NUMBER OF SHAREHOLDERS		TOTAL PERCENTAGE INTEREST HELD
AQR Global Equity Fund		3		96.26	%
AQR International Equity Fund		4		62.01
AQR Small Cap Core Equity Fund*		1		6.72

Significant shareholder transactions by these shareholders, if any, may impact the Fund’s performance.

* The percentage shown is owned by the Advisor and its affiliates.

14. Subsequent Events

Effective April 1, 2014, the Emerging Defensive Equity Fund’s Investment Advisory Fee was reduced from 0.55% to 0.50%. Additionally, the Class I and Class N Fee Waiver and Expense Reimbursement Agreement was reduced by 0.05% to 0.80% and 1.15%, respectively.

The Trust is in the process of registering Class R6 for the Funds listed below. The new class is expected to be effective sometime during the 2nd Quarter of 2014.

FUND

AQR Emerging Defensive Equity Fund

AQR International Defensive Equity Fund

AQR U.S. Defensive Equity Fund

AQR Momentum Fund

AQR Small Cap Momentum Fund

AQR International Momentum Fund

AQR Tax-Managed Momentum Fund

AQR Tax-Managed Small Cap Momentum Fund

AQR Tax-Managed International Momentum Fund

AQR Core Equity Fund

AQR Small Cap Core Equity Fund

AQR International Core Equity Fund

AQR Funds Semi-Annual Report March 2014 149

Fund Expense Examples (Unaudited)

As a shareholder of the Trust, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including management fees; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period as indicated below.

Actual Expenses

The table below provides information about actual account values and actual expenses. You may use the information together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading entitled “Expenses Paid for the Period Ended 3/31/14” to estimate the expenses you paid on your account during this period. Each Fund will indirectly bear its pro rata share of the expenses incurred by the underlying investments in which the Fund invests. These expenses are not included in the table.

Hypothetical Example for Comparison Purposes

The table below also provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed annual rate of return of 5% before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in a Fund and other funds by comparing this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. The Fund will indirectly bear its pro rata share of the expenses incurred by the underlying investments in which the Fund invests. These expenses are not included in the table.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the hypothetical example is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	BEGINNING ACCOUNT DATE VALUE		ENDING ACCOUNT VALUE 3/31/14		ANNUALIZED EXPENSE RATIO FOR THE PERIOD			EXPENSES PAID FOR THE PERIOD ENDING 3/31/14
AQR Global Equity Fund
Class I
Actual Return	$	1,000.00	$	1,108.00		0.93	%	$	4.89
Hypothetical Return	$	1,000.00	$	1,020.29		0.93	%	$	4.68
Class N
Actual Return	$	1,000.00	$	1,105.80		1.23	%	$	6.46
Hypothetical Return	$	1,000.00	$	1,018.80		1.23	%	$	6.19
Class R6 (1)
Actual Return	$	1,000.00	$	1,020.70		0.70	%	$	1.59	(a)
Hypothetical Return	$	1,000.00	$	1,021.44		0.70	%	$	3.53
Class Y
Actual Return	$	1,000.00	$	1,108.60		0.55	%	$	2.89
Hypothetical Return	$	1,000.00	$	1,022.19		0.55	%	$	2.77

150 AQR Funds Semi-Annual Report March 2014

Fund Expense Examples (Unaudited)

	BEGINNING ACCOUNT DATE VALUE		ENDING ACCOUNT VALUE 3/31/14		ANNUALIZED EXPENSE RATIO FOR THE PERIOD			EXPENSES PAID FOR THE PERIOD ENDING 3/31/14
AQR International Equity Fund
Class I
Actual Return	$	1,000.00	$	1,068.60		0.89	%	$	4.59
Hypothetical Return	$	1,000.00	$	1,020.49		0.89	%	$	4.48
Class N
Actual Return	$	1,000.00	$	1,066.60		1.25	%	$	6.44
Hypothetical Return	$	1,000.00	$	1,018.70		1.25	%	$	6.29
Class R6 (1)
Actual Return	$	1,000.00	$	1,008.30		0.73	%	$	1.65	(a)
Hypothetical Return	$	1,000.00	$	1,021.29		0.73	%	$	3.68
Class Y
Actual Return	$	1,000.00	$	1,070.70		0.54	%	$	2.79
Hypothetical Return	$	1,000.00	$	1,022.24		0.54	%	$	2.72
AQR Emerging Defensive Equity Fund
Class I
Actual Return	$	1,000.00	$	997.30		0.90	%	$	4.48
Hypothetical Return	$	1,000.00	$	1,020.44		0.90	%	$	4.53
Class N
Actual Return	$	1,000.00	$	996.50		1.15	%	$	5.72
Hypothetical Return	$	1,000.00	$	1,019.20		1.15	%	$	5.79
AQR International Defensive Equity Fund
Class I
Actual Return	$	1,000.00	$	1,050.40		0.65	%	$	3.32
Hypothetical Return	$	1,000.00	$	1,021.69		0.65	%	$	3.28
Class N
Actual Return	$	1,000.00	$	1,048.60		0.90	%	$	4.60
Hypothetical Return	$	1,000.00	$	1,020.44		0.90	%	$	4.53
AQR U.S. Defensive Equity Fund
Class I
Actual Return	$	1,000.00	$	1,110.60		0.49	%	$	2.58
Hypothetical Return	$	1,000.00	$	1,022.49		0.49	%	$	2.47
Class N
Actual Return	$	1,000.00	$	1,110.30		0.74	%	$	3.89
Hypothetical Return	$	1,000.00	$	1,021.24		0.74	%	$	3.73
AQR Momentum Fund
Class L
Actual Return	$	1,000.00	$	1,122.20		0.49	%	$	2.59
Hypothetical Return	$	1,000.00	$	1,022.49		0.49	%	$	2.47
Class N
Actual Return	$	1,000.00	$	1,121.00		0.74	%	$	3.91
Hypothetical Return	$	1,000.00	$	1,021.24		0.74	%	$	3.73

AQR Funds Semi-Annual Report March 2014 151

Fund Expense Examples (Unaudited)

	BEGINNING ACCOUNT DATE VALUE		ENDING ACCOUNT VALUE 3/31/14		ANNUALIZED EXPENSE RATIO FOR THE PERIOD			EXPENSES PAID FOR THE PERIOD ENDING 3/31/14
AQR Small Cap Momentum Fund
Class L
Actual Return	$	1,000.00	$	1,103.50		0.65	%	$	3.41
Hypothetical Return	$	1,000.00	$	1,021.69		0.65	%	$	3.28
Class N
Actual Return	$	1,000.00	$	1,102.20		0.90	%	$	4.72
Hypothetical Return	$	1,000.00	$	1,020.44		0.90	%	$	4.53
AQR International Momentum Fund
Class L
Actual Return	$	1,000.00	$	1,022.20		0.65	%	$	3.28
Hypothetical Return	$	1,000.00	$	1,021.69		0.65	%	$	3.28
Class N
Actual Return	$	1,000.00	$	1,020.90		0.90	%	$	4.53
Hypothetical Return	$	1,000.00	$	1,020.44		0.90	%	$	4.53
AQR Tax-Managed Momentum Fund
Class L
Actual Return	$	1,000.00	$	1,122.10		0.54	%	$	2.86
Hypothetical Return	$	1,000.00	$	1,022.24		0.54	%	$	2.72
Class N
Actual Return	$	1,000.00	$	1,120.20		0.79	%	$	4.18
Hypothetical Return	$	1,000.00	$	1,020.99		0.79	%	$	3.98
AQR Tax-Managed Small Cap Momentum Fund
Class L
Actual Return	$	1,000.00	$	1,089.30		0.70	%	$	3.65
Hypothetical Return	$	1,000.00	$	1,021.44		0.70	%	$	3.53
Class N
Actual Return	$	1,000.00	$	1,087.90		0.95	%	$	4.95
Hypothetical Return	$	1,000.00	$	1,020.19		0.95	%	$	4.78
AQR Tax-Managed International Momentum Fund
Class L
Actual Return	$	1,000.00	$	1,039.00		0.70	%	$	3.56
Hypothetical Return	$	1,000.00	$	1,021.44		0.70	%	$	3.53
Class N
Actual Return	$	1,000.00	$	1,037.70		0.95	%	$	4.83
Hypothetical Return	$	1,000.00	$	1,020.19		0.95	%	$	4.78
AQR Core Equity Fund
Class L
Actual Return	$	1,000.00	$	1,153.00		0.54	%	$	2.90
Hypothetical Return	$	1,000.00	$	1,022.24		0.54	%	$	2.72
Class N
Actual Return	$	1,000.00	$	1,150.60		0.79	%	$	4.24
Hypothetical Return	$	1,000.00	$	1,020.99		0.79	%	$	3.98

152 AQR Funds Semi-Annual Report March 2014

Fund Expense Examples (Unaudited)

	BEGINNING ACCOUNT DATE VALUE		ENDING ACCOUNT VALUE 3/31/14		ANNUALIZED EXPENSE RATIO FOR THE PERIOD			EXPENSES PAID FOR THE PERIOD ENDING 3/31/14
AQR Small Cap Core Equity Fund
Class L
Actual Return	$	1,000.00	$	1,107.50		0.75	%	$	3.94
Hypothetical Return	$	1,000.00	$	1,021.19		0.75	%	$	3.78
Class N
Actual Return	$	1,000.00	$	1,105.70		1.00	%	$	5.25
Hypothetical Return	$	1,000.00	$	1,019.95		1.00	%	$	5.04
AQR International Core Equity Fund
Class L
Actual Return	$	1,000.00	$	1,037.80		0.70	%	$	3.56
Hypothetical Return	$	1,000.00	$	1,021.44		0.70	%	$	3.53
Class N
Actual Return	$	1,000.00	$	1,036.20		0.95	%	$	4.82
Hypothetical Return	$	1,000.00	$	1,020.19		0.95	%	$	4.78

Expenses are calculated using each Class’ annualized expense ratio, multiplied by the average account value for the period, multiplied by 182/365 (to reflect the one-half year period unless stated otherwise).

(1) Commencement of offering of shares was January 8, 2014.

(a) Expenses are calculated using the Class’ annualized expense ratio, multiplied by the average account value for the period, multiplied by 82/365 (to reflect the period since commencement of shares).

AQR Funds Semi-Annual Report March 2014 153

Board Approval of Investment Advisory Agreements (Unaudited)

AQR Global Equity Fund, AQR International Equity Fund, AQR Momentum Fund, AQR Small Cap Momentum Fund, AQR International Momentum Fund, AQR Tax-Managed Momentum Fund, AQR Tax-Managed Small Cap Momentum Fund, AQR Tax-Managed International Momentum Fund, AQR U.S. Defensive Equity Fund, AQR Emerging Defensive Equity Fund and AQR International Defensive Equity Fund

The Board of Trustees (the “Board,” and the members of which are referred to as “Board Members”) of the AQR Funds (the “Trust”) met in person on December 3-4, 2013, to consider the continuation of the Investment Advisory Agreement between the Trust, on behalf of AQR Global Equity Fund, AQR International Equity Fund, AQR Momentum Fund, AQR Small Cap Momentum Fund, AQR International Momentum Fund, AQR Tax-Managed Momentum Fund, AQR Tax-Managed Small Cap Momentum Fund, AQR Tax-Managed International Momentum Fund, AQR U.S. Defensive Equity Fund, AQR Emerging Defensive Equity Fund and AQR International Defensive Equity Fund (each, a “Fund”), and AQR Capital Management, LLC (“AQR” or the “Adviser”) (the “Investment Advisory Agreement”). In connection with this consideration, the Board Members also considered an amendment to the Investment Advisory Agreement to change the advisory fee structure for the AQR U.S. Defensive Equity Fund, AQR Emerging Defensive Equity Fund and AQR International Defensive Equity Fund, effective January 29, 2014 (the “Amendment”). In addition, the Board Members who are not “interested persons” as defined in the Investment Company Act of 1940, as amended (the “1940 Act”) (the “Independent Board Members”), held a separate call in advance of the in person meeting held on December 3-4, 2013 with independent legal counsel to review the materials provided and the relevant legal considerations (together with the in person meeting held on December 3-4, 2013, the “Meetings”). In accordance with Section 15(c) of the 1940 Act, the Board requested, reviewed, and considered materials furnished by AQR relevant to the Board’s consideration of whether to approve the continuation of the Investment Advisory Agreement and to approve the Amendment. These materials included: (i) memoranda and materials provided by AQR, describing the personnel and services provided to the Funds; (ii) performance information for the Funds relevant to the consideration of the Investment Advisory Agreement; (iii) information independently compiled and prepared by Morningstar Associates, LLC (“Morningstar”) relating to the Funds’ fees and expenses and certain Funds’ proposed fees and expenses; (iv) a discussion of the financial information of AQR; (v) a discussion of the compliance program of AQR and AQR’s regulatory exam history; and (vi) memoranda and materials provided by AQR, describing the proposed changes to the fee structure for certain Funds. The Investment Advisory Agreement (including the Amendment) is referred to herein as the “Advisory Agreement,” as applicable and as the context suggests.

At the in person meeting held on December 3-4, 2013, the Board, including the Independent Board Members, unanimously approved the continuation of the Advisory Agreement for an additional one-year period. The Board, including the Independent Board Members, also unanimously approved the Amendment for a one-year period commencing on its effective date. In approving the continuation of the Advisory Agreement and approving the Amendment, the Board considered all factors it believed to be relevant with respect to the Funds, including, among other factors: (a) the nature, extent and quality of the services provided by the Adviser; (b) the investment performance of the Funds and the Adviser’s portfolio management; (c) the advisory fee and the cost of the services and profits to be realized by the Adviser from the relationship with the Funds; (d) economies of scale; and (e) other factors.

The Board also considered other matters it deemed important to the approval process, such as services related to the valuation and pricing of the Funds’ portfolio holdings, direct and indirect benefits to the Adviser and its affiliates from their relationship with the Funds and advice from independent legal counsel with respect to the review process and materials submitted for the Board’s review. The Board did not identify any particular information as controlling, and each Board Member may have attributed different weightings to the various items considered.

The following is a summary of the Board’s discussion and views regarding the factors it considered in evaluating the Advisory Agreement:

The Nature, Extent and Quality of the Services Provided by the Adviser. The Board Members reviewed the services that the Adviser provides to the Funds under the Advisory Agreement. The Board considered the size and experience of the Adviser’s staff, its use of technology, and the Funds’ stated investment objectives, strategies and processes. The Board reviewed the overall qualifications of the Adviser as an investment adviser. In connection with the investment advisory services provided to the Funds, the Board Members took into account

154 AQR Funds Semi-Annual Report March 2014

Board Approval of Investment Advisory Agreements (Unaudited)

discussions they had with officers of the Adviser regarding the management of each Fund’s investments in accordance with the Funds’ stated investment objectives and policies and the types of transactions that are entered into on behalf of the Funds. During these discussions, the Board Members asked questions of, and received answers from, the officers of the Adviser regarding the formulation and implementation of the Funds’ investment strategies, their efficacy and potential risks.

In addition to the investment advisory services provided to the Funds, the Board Members considered that AQR also provides shareholder and administrative services, provides oversight of Fund accounting, provides marketing services, and provides assistance in meeting legal and regulatory requirements and other services necessary for the operation of the Funds. In particular, the Board Members reviewed the compliance, shareholder and administrative services provided to the Funds by AQR. The Board also reviewed a wide range of services provided to certain of the Funds’ shareholders currently provided under a shareholder services agreement between the Trust, on behalf of the Funds, and AQR. These services include providing information and services to Fund shareholders, including professional and informative reporting, access to analysis and explanations of Fund reports, and electronic access to Fund information.

Finally, the Independent Board Members had an opportunity to meet outside the presence of management in executive session separately with independent legal counsel to discuss and consider the Advisory Agreement. Based on the presentations and materials at the Meetings, the Board concluded that the services provided to the Funds by AQR pursuant to the Advisory Agreement were of a high quality and benefit the Funds.

Investment Performance of the Funds and the Adviser’s Portfolio Management. The Board considered the investment performance of each Fund. In particular, the Independent Board Members considered the investment performance of the Funds relative to their stated objectives and the Adviser’s success in reaching such goals as well as the performance of the Funds relative to their peers. The Board also considered the Adviser’s performance in managing other registered investment companies and private funds, noting that other funds the Adviser manages might have investment objectives, policies or restrictions different from those of the Funds. Based on these factors, the Board Members determined that AQR is an appropriate investment adviser for the Funds.

The Advisory Fee and the Cost of the Services and Profits to be Realized by the Adviser from the Relationship with the Funds. The Board, including the Independent Board Members, received and reviewed information regarding the management fees to be paid by the Funds to the Adviser pursuant to the Advisory Agreement. The Board examined this information in order to determine the reasonableness of the fees in light of the nature and quality of services provided to the Funds.

The Board further examined the proposed changes to the fee structure in the Amendment. The Board noted that the Amendment would remove advisory fee breakpoints totaling 0.05%, and simultaneously set the contractual advisory fee at the lowest rate under the to-be-removed breakpoint schedules, for the AQR U.S. Defensive Equity Fund, AQR Emerging Defensive Equity Fund and AQR International Defensive Equity Fund.

To assist in this analysis, the Board received two reports independently prepared by Morningstar (“Morningstar Report”) — one report reflecting the current contractual advisory fees and actual net expenses for the Funds and the second report reflecting the proposed changes to the contractual advisory fees and actual net expenses for the Funds. The Morningstar Report illustrated comparative fee information for each Fund’s Morningstar category, including expense comparisons of contractual investment advisory fees and actual net expenses.

The Board also received and reviewed information regarding the profitability of the Adviser with respect to Fund-related activities. The Board took into consideration the Adviser’s profits from the management of other private accounts. The Board also reviewed the Adviser’s methodology of determining profitability. The Board recognized that profitability may be affected by numerous factors including, among other things, fee waivers and expense reimbursements by the Adviser, the types of funds managed, expense allocations and business mix, and therefore comparability of profitability is somewhat limited.

The Board reviewed the Adviser’s unaudited financial information. The purpose of the review was to help the Independent Board Members determine whether the firm has the necessary resources to continue to provide high quality services to the Funds and attract and retain high quality employees.

Based on their review of the materials presented at the Meeting, the Board concluded that the management fees under the Advisory Agreement and the Amendment are reasonable.

AQR Funds Semi-Annual Report March 2014 155

Board Approval of Investment Advisory Agreements (Unaudited)

Economies of Scale. The Adviser provided to the Board with information concerning the extent to which economies of scale were realized as the Funds grew and whether fee levels were reflective of such economies of scale. The Board noted that, under the current Advisory Agreement, none of the Funds, except for the AQR U.S. Defensive Equity Fund, AQR Emerging Defensive Equity Fund and AQR International Defensive Equity Fund, would have breakpoints in their advisory fees that would allow investors to benefit directly in the form of lower fees as fund assets grew. However, the Adviser presented information to show that the fees were set at a level that is competitive relative to comparable funds of similar size. The Board considered that, under the Amendment, existing breakpoints would be removed with a corresponding lowering of the overall advisory fee. The Board considered that the funds in the AQR fund complex share some common resources and, as a result, an increase in the overall size of the complex could permit each Fund to incur lower expenses than it would otherwise as a stand-alone entity. The Board also considered the Adviser’s overall operations and its efforts to expand the scale of, and further enhance the quality of, its operations.

Other Factors. The Board also took into account other ancillary or “fall-out” benefits that the Adviser or its affiliates may derive from its relationship with the Funds, both tangible and intangible. The Board also received information regarding the Adviser’s brokerage and soft dollar practices. The Board considered that the Adviser is responsible for decisions to buy and sell securities for the Funds, selection of broker-dealers and best execution, and aggregation and allocation of trade orders among the firms’ various advisory clients. The Board noted that the Adviser does not presently intend to make use of soft dollars to acquire third-party research.

Conclusion. Counsel advised the Board concerning the statutory and regulatory requirements for approval and disclosure of investment advisory agreements. No single factor was determinative to the decision of the Board. Based on the foregoing and such other matters as were deemed relevant, all of the Board Members, including all of the Independent Board Members, concluded that the advisory fee rates (under the existing Investment Advisory Agreement and under the Amendment) and total expense ratios are reasonable in relation to the services provided by the Adviser to the Funds, as well as the costs incurred and benefits to be gained by the Adviser in providing such services, including the investment advisory and shareholder servicing components. The Board also found the investment advisory fees to be reasonable in comparison to the fees charged by advisers to other comparable funds of similar size. As a result, all of the Board Members, including the Independent Board Members, approved the continuation of the Advisory Agreement with respect to the Funds. The Independent Board Members were represented by independent legal counsel who assisted them in their deliberations.

156 AQR Funds Semi-Annual Report March 2014

Investment Advisor

AQR Capital Management, LLC

Two Greenwich Plaza, 4th Floor

Greenwich, CT 06830

Sub-Advisor

CNH Partners, LLC

Two Greenwich Plaza, 3rd Floor,

Greenwich, CT 06830

Transfer Agent

ALPS Fund Services, Inc.

1290 Broadway, Suite 1100

Denver, CO 80203

Custodian

JPMorgan Chase Bank, N.A.

4 Metro Tech Center

Brooklyn, NY 11245

Distributor

ALPS Distributors, Inc.

1290 Broadway, Suite 1100

Denver, CO 80203

Administrator

J.P. Morgan Investor Services Co.

70 Fargo Street

Boston, MA 02210

Independent Registered Public Accounting Firm

PricewaterhouseCoopers, LLP

300 Madison Avenue

New York, NY 10017

You may obtain a description of the AQR Funds proxy voting, policies, procedures and information regarding how each Fund voted proxies relating to portfolio securities during the 12-month period ending June 30th of each year (available by August 31st of that year) without charge, upon request, by calling 1-866-290-2688 or visiting the funds website www.aqrfunds.com, or by accessing the SEC’s website at www.SEC.gov. Such reports may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 202-942-8090.

The Fund files complete schedules of the portfolio holdings with the SEC for the first and third quarters on Form N-Q. The Form N-Q is available without charge, upon request, by calling 1-800-SEC-0330, or by accessing the SEC’s website, at www.SEC.Gov. It may also be reviewed and copied at the SEC’s Public Reference Room in Washington, DC.

This report has been prepared for shareholders and may be distributed to others only if preceded or accompanied by an effective prospectus, which includes information regarding the Funds’ objectives and policies, experienced of its management, marketability of shares and other information.

Item 2. Code of Ethics.

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

Item 3. Audit Committee Financial Expert.

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

Item 4. Principal Accountant Fees and Services.

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

Item 5. Audit Committee of Listed Registrants.

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

Item 6. Investments

(a) Schedule is included as part of the report to shareholders filed under Item 1 of this Form.

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

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company & Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

Not applicable.

Item 11. Controls and Procedures.

(a) The Registrant’s principal executive officer and principal financial officer have concluded, based on their evaluation of the Registrant’s disclosure controls and procedures as conducted within 90 days of the filing date of this report, that those disclosure controls and procedures provide reasonable assurance that the material information required to be disclosed by the Registrant on this report is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms.

(b) There have not been any changes in registrant’s control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Exhibits.

(a)(1)	Not required for this filing.
(a)(2)	Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.
(a)(3)	Any written solicitation to purchase securities under Rule 23c-1 under the 1940 Act – Not Applicable.
(b)	Certification required by Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 is attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

AQR Funds

By:	/s/ Marco Hanig
	Marco Hanig,
	Principal Executive Officer
	June 4, 2014

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

By:	/s/ Marco Hanig
	Marco Hanig,
	Principal Executive Officer
	June 4, 2014

By:	/s/ Heather Bonner
	Heather Bonner,
	Principal Financial Officer
	June 4, 2014