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)

                    One Greenwich Plaza, Suite 130

                            Greenwich, CT 06830

                        

(Address of principal executive offices) (Zip code)

H.J. Willcox, Esq.

Principal and Chief Legal Officer

AQR Capital Management, LLC

One Greenwich Plaza, Suite 130

                        Greenwich, CT 06830                            

       (Name and Address of Agent for Service)

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

Date of fiscal year end:  September 30

Date of reporting period:  October 1, 2022 to March 31, 2023

Item 1. Reports to Shareholders.

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

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

Semi-Annual

Report

March

31,

2023

(Unaudited)

AQR

Large

Cap

Multi-Style

Fund

AQR

Small

Cap

Multi-Style

Fund

AQR

International

Multi-Style

Fund

AQR

Emerging

Multi-Style

II

Fund

AQR

Large

Cap

Momentum

Style

Fund

AQR

Small

Cap

Momentum

Style

Fund

AQR

International

Momentum

Style

Fund

AQR

Large

Cap

Defensive

Style

Fund

AQR

International

Defensive

Style

Fund

AQR

Global

Equity

Fund

Table

of

Contents

Schedule

of

Investments

AQR

Large

Cap

Multi-Style

Fund

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

2

AQR

Small

Cap

Multi-Style

Fund

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

6

AQR

International

Multi-Style

Fund

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

14

AQR

Emerging

Multi-Style

II

Fund

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

18

AQR

Large

Cap

Momentum

Style

Fund

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

23

AQR

Small

Cap

Momentum

Style

Fund

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

29

AQR

International

Momentum

Style

Fund

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

38

AQR

Large

Cap

Defensive

Style

Fund

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

43

AQR

International

Defensive

Style

Fund

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

48

AQR

Global

Equity

Fund

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

53

Financial

Statements

and

Notes

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

62

Fund

Expense

Examples

(Unaudited)

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

108

2

AQR

Funds

|

Semi-Annual

Report

|

March

2023

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

(Continued)

AQR

LARGE

CAP

MULTI-STYLE

FUND

Schedule

of

Investments

March

31,

2023

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

COMMON

STOCKS

-

95.3%

Aerospace

&

Defense

-

3.0%

Curtiss-Wright

Corp.

7,365

1,298,155

General

Dynamics

Corp.

31,816

7,260,729

Howmet

Aerospace,

Inc.

40,076

1,698,020

Huntington

Ingalls

Industries,

Inc.

16,119

3,336,955

Lockheed

Martin

Corp.

15,377

7,269,169

Textron,

Inc.

107,934

7,623,379

28,486,407

Automobile

Components

-

0.6%

BorgWarner,

Inc.

84,570

4,153,233

Lear

Corp.

7,986

1,113,967

5,267,200

Automobiles

-

1.2%

General

Motors

Co.

259,459

9,516,956

Tesla,

Inc.

11,058

2,294,093

11,811,049

Banks

-

1.6%

Citigroup,

Inc.

57,494

2,695,894

First

Citizens

BancShares,

Inc.,

Class

A

390

379,509

FNB

Corp.

30,369

352,280

JPMorgan

Chase

&

Co.

39,446

5,140,208

M&T

Bank

Corp.

6,219

743,606

Popular,

Inc.

107,169

6,152,572

15,464,069

Biotechnology

-

2.0%

AbbVie,

Inc.

3,580

570,544

Amgen,

Inc.

10,707

2,588,417

Biogen,

Inc.

*

11,621

3,230,987

Gilead

Sciences,

Inc.

13,578

1,126,567

Horizon

Therapeutics

plc

*

5,383

587,501

Moderna,

Inc.

*

23,263

3,572,731

Regeneron

Pharmaceuticals,

Inc.

*

895

735,395

United

Therapeutics

Corp.

*

29,190

6,537,392

18,949,534

Broadline

Retail

-

2.0%

Amazon.com,

Inc.

96,613

9,979,157

Macy's,

Inc.

499,340

8,733,456

18,712,613

Building

Products

-

1.6%

Builders

FirstSource,

Inc.

*

79,517

7,059,519

Masterbrand,

Inc.

*

71,736

576,757

Owens

Corning

77,276

7,403,041

Trane

Technologies

plc

1,767

325,093

15,364,410

INVESTMENTS

SHARES

VALUE

($)

Capital

Markets

-

0.8%

Ameriprise

Financial,

Inc.

22,509

6,899,009

Morgan

Stanley

5,289

464,374

7,363,383

Chemicals

-

3.4%

CF

Industries

Holdings,

Inc.

101,036

7,324,100

Chemours

Co.

(The)

89,329

2,674,510

Huntsman

Corp.

224,457

6,141,144

LyondellBasell

Industries

NV,

Class

A

77,709

7,296,098

Mosaic

Co.

(The)

94,087

4,316,712

Olin

Corp.

76,175

4,227,712

31,980,276

Commercial

Services

&

Supplies

-

0.9%

Cintas

Corp.

1,315

608,424

Copart,

Inc.

*

10,142

762,780

Waste

Management,

Inc.

43,926

7,167,405

8,538,609

Communications

Equipment

-

0.9%

Cisco

Systems,

Inc.

158,269

8,273,512

Construction

&

Engineering

-

0.0%

(a)

Valmont

Industries,

Inc.

1,443

460,721

Construction

Materials

-

0.1%

Eagle

Materials,

Inc.

6,584

966,202

Consumer

Finance

-

0.3%

SLM

Corp.

80,562

998,163

Synchrony

Financial

73,384

2,134,007

3,132,170

Consumer

Staples

Distribution

&

Retail

-

2.7%

Albertsons

Cos.,

Inc.,

Class

A

4,409

91,619

Costco

Wholesale

Corp.

5,737

2,850,543

Kroger

Co.

(The)

147,970

7,305,279

Target

Corp.

24,912

4,126,175

Walgreens

Boots

Alliance,

Inc.

90,998

3,146,711

Walmart,

Inc.

56,207

8,287,722

25,808,049

Containers

&

Packaging

-

0.8%

Berry

Global

Group,

Inc.

60,902

3,587,128

International

Paper

Co.

93,071

3,356,140

Westrock

Co.

33,640

1,025,011

7,968,279

Distributors

-

0.0%

(a)

LKQ

Corp.

8,234

467,362

Diversified

Consumer

Services

-

0.4%

H&R

Block,

Inc.

96,640

3,406,560

Diversified

Telecommunication

Services

-

1.0%

AT&T,

Inc.

494,460

9,518,355

3

AQR

Funds

|

Semi-Annual

Report

|

March

2023

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

(Continued)

AQR

LARGE

CAP

MULTI-STYLE

FUND

Schedule

of

Investments

March

31,

2023

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

Electric

Utilities

-

0.5%

NRG

Energy,

Inc.

132,958

4,559,130

Electrical

Equipment

-

1.1%

Acuity

Brands,

Inc.

41,644

7,609,608

Generac

Holdings,

Inc.

*

24,835

2,682,428

10,292,036

Electronic

Equipment,

Instruments

&

Components

-

2.2%

Arrow

Electronics,

Inc.

*

95,027

11,866,021

CDW

Corp.

1,804

351,582

Jabil,

Inc.

98,238

8,660,662

20,878,265

Entertainment

-

0.5%

Activision

Blizzard,

Inc.

21,255

1,819,215

Playtika

Holding

Corp.

*

253,569

2,855,187

4,674,402

Financial

Services

-

2.0%

Berkshire

Hathaway,

Inc.,

Class

B

*

43,607

13,464,533

Mastercard,

Inc.,

Class

A

8,627

3,135,138

Visa,

Inc.,

Class

A

10,426

2,350,646

18,950,317

Food

Products

-

0.8%

Archer-Daniels-Midland

Co.

35,067

2,793,437

Pilgrim's

Pride

Corp.

*

22,078

511,768

Tyson

Foods,

Inc.,

Class

A

65,174

3,866,122

7,171,327

Ground

Transportation

-

1.0%

Avis

Budget

Group,

Inc.

*

10,410

2,027,868

Knight-Swift

Transportation

Holdings,

Inc.

9,438

534,002

Landstar

System,

Inc.

2,004

359,237

Ryder

System,

Inc.

5,773

515,183

Schneider

National,

Inc.,

Class

B

126,122

3,373,763

U-Haul

Holding

Co.

1,585

94,545

XPO,

Inc.

*

91,582

2,921,466

9,826,064

Health

Care

Equipment

&

Supplies

-

0.1%

Abbott

Laboratories

6,000

607,560

Health

Care

Providers

&

Services

-

3.9%

CVS

Health

Corp.

66,540

4,944,587

Elevance

Health,

Inc.

24,456

11,245,113

McKesson

Corp.

9,346

3,327,643

Molina

Healthcare,

Inc.

*

25,826

6,908,197

UnitedHealth

Group,

Inc.

10,332

4,882,800

Universal

Health

Services,

Inc.,

Class

B

41,817

5,314,941

36,623,281

INVESTMENTS

SHARES

VALUE

($)

Hotels,

Restaurants

&

Leisure

-

0.5%

Booking

Holdings,

Inc.

*

1,209

3,206,764

Expedia

Group,

Inc.

*

11,231

1,089,744

Travel

+

Leisure

Co.

14,175

555,660

4,852,168

Household

Durables

-

1.3%

Lennar

Corp.,

Class

A

27,071

2,845,433

PulteGroup,

Inc.

77,305

4,505,336

Toll

Brothers,

Inc.

88,810

5,331,264

12,682,033

Household

Products

-

1.3%

Procter

&

Gamble

Co.

(The)

81,758

12,156,597

Industrial

Conglomerates

-

0.6%

3M

Co.

55,807

5,865,874

Insurance

-

4.1%

Allstate

Corp.

(The)

86,235

9,555,700

American

International

Group,

Inc.

105,669

5,321,491

Assurant,

Inc.

2,455

294,772

Assured

Guaranty

Ltd.

8,238

414,124

Brighthouse

Financial,

Inc.

*

22,497

992,343

Everest

Re

Group

Ltd.

30,307

10,850,512

First

American

Financial

Corp.

28,795

1,602,730

MetLife,

Inc.

10,090

584,615

Old

Republic

International

Corp.

38,754

967,687

Principal

Financial

Group,

Inc.

7,629

566,987

Travelers

Cos.,

Inc.

(The)

1,930

330,821

Unum

Group

173,200

6,851,792

38,333,574

Interactive

Media

&

Services

-

2.6%

Alphabet,

Inc.,

Class

A

*

103,646

10,751,200

Alphabet,

Inc.,

Class

C

*

129,892

13,508,768

24,259,968

IT

Services

-

1.7%

Accenture

plc,

Class

A

14,799

4,229,702

Akamai

Technologies,

Inc.

*

5,431

425,247

Cognizant

Technology

Solutions

Corp.,

Class

A

41,453

2,525,731

DXC

Technology

Co.

*

153,080

3,912,725

EPAM

Systems,

Inc.

*

8,011

2,395,289

Kyndryl

Holdings,

Inc.

*

19,832

292,721

VeriSign,

Inc.

*

9,225

1,949,519

15,730,934

Life

Sciences

Tools

&

Services

-

1.2%

Danaher

Corp.

30,060

7,576,322

Syneos

Health,

Inc.

*

104,098

3,707,971

11,284,293

Machinery

-

3.9%

AGCO

Corp.

36,887

4,987,122

Allison

Transmission

Holdings,

Inc.

217,787

9,852,684

4

AQR

Funds

|

Semi-Annual

Report

|

March

2023

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

(Continued)

AQR

LARGE

CAP

MULTI-STYLE

FUND

Schedule

of

Investments

March

31,

2023

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

Machinery

-

3.9%

(continued)

Caterpillar,

Inc.

1,663

380,561

Crane

Holdings

Co.

3,909

443,671

Cummins,

Inc.

5,311

1,268,692

Donaldson

Co.,

Inc.

11,100

725,274

Oshkosh

Corp.

28,905

2,404,318

PACCAR,

Inc.

131,863

9,652,372

Snap-on,

Inc.

16,004

3,951,227

Timken

Co.

(The)

36,576

2,988,991

36,654,912

Metals

&

Mining

-

2.4%

Nucor

Corp.

24,350

3,761,345

Reliance

Steel

&

Aluminum

Co.

27,179

6,977,936

Steel

Dynamics,

Inc.

51,208

5,789,577

United

States

Steel

Corp.

239,024

6,238,526

22,767,384

Oil,

Gas

&

Consumable

Fuels

-

7.7%

Chevron

Corp.

85,973

14,027,355

ConocoPhillips

93,975

9,323,260

Coterra

Energy,

Inc.

150,272

3,687,675

Devon

Energy

Corp.

15,743

796,753

EOG

Resources,

Inc.

55,181

6,325,398

Exxon

Mobil

Corp.

184,295

20,209,790

HF

Sinclair

Corp.

102,073

4,938,292

Marathon

Petroleum

Corp.

14,772

1,991,709

Occidental

Petroleum

Corp.

34,793

2,172,127

PDC

Energy,

Inc.

8,917

572,293

Pioneer

Natural

Resources

Co.

5,852

1,195,212

Valero

Energy

Corp.

52,747

7,363,481

72,603,345

Paper

&

Forest

Products

-

0.4%

Louisiana-Pacific

Corp.

66,584

3,609,519

Personal

Care

Products

-

0.2%

Estee

Lauder

Cos.,

Inc.

(The),

Class

A

7,313

1,802,362

Pharmaceuticals

-

2.0%

Johnson

&

Johnson

72,141

11,181,855

Pfizer,

Inc.

191,630

7,818,504

19,000,359

Professional

Services

-

1.5%

Booz

Allen

Hamilton

Holding

Corp.

39,385

3,650,596

Concentrix

Corp.

25,395

3,086,762

ManpowerGroup,

Inc.

54,035

4,459,508

Robert

Half

International,

Inc.

34,886

2,810,765

14,007,631

Semiconductors

&

Semiconductor

Equipment

-

5.9%

Applied

Materials,

Inc.

79,128

9,719,292

Broadcom,

Inc.

12,487

8,010,910

Cirrus

Logic,

Inc.

*

17,696

1,935,589

Intel

Corp.

115,174

3,762,735

INVESTMENTS

SHARES

VALUE

($)

Semiconductors

&

Semiconductor

Equipment

-

5.9%

(continued)

Lam

Research

Corp.

14,577

7,727,559

Microchip

Technology,

Inc.

32,252

2,702,073

Micron

Technology,

Inc.

69,118

4,170,580

NVIDIA

Corp.

9,303

2,584,094

ON

Semiconductor

Corp.

*

87,091

7,169,331

QUALCOMM,

Inc.

19,055

2,431,037

Skyworks

Solutions,

Inc.

7,300

861,254

Teradyne,

Inc.

12,312

1,323,663

Texas

Instruments,

Inc.

20,600

3,831,806

56,229,923

Software

-

9.6%

Adobe,

Inc.

*

25,341

9,765,661

AppLovin

Corp.,

Class

A

*

77,757

1,224,673

Cadence

Design

Systems,

Inc.

*

32,463

6,820,152

DocuSign,

Inc.

*

27,581

1,607,972

Fortinet,

Inc.

*

7,915

526,031

Intuit,

Inc.

673

300,044

Manhattan

Associates,

Inc.

*

4,944

765,578

Microsoft

Corp.

225,157

64,912,763

NCR

Corp.

*

113,149

2,669,185

Teradata

Corp.

*

33,371

1,344,184

VMware,

Inc.,

Class

A

*

6,693

835,621

90,771,864

Specialty

Retail

-

3.9%

AutoNation,

Inc.

*

83,273

11,188,560

Bath

&

Body

Works,

Inc.

147,463

5,394,196

Best

Buy

Co.,

Inc.

50,422

3,946,530

Dick's

Sporting

Goods,

Inc.

5,679

805,793

Home

Depot,

Inc.

(The)

1,055

311,352

Penske

Automotive

Group,

Inc.

51,358

7,283,078

Williams-Sonoma,

Inc.

61,380

7,467,491

36,397,000

Technology

Hardware,

Storage

&

Peripherals

-

8.4%

Apple,

Inc.

442,936

73,040,146

HP,

Inc.

214,628

6,299,332

79,339,478

Tobacco

-

0.0%

(a)

Philip

Morris

International,

Inc.

3,642

354,185

Trading

Companies

&

Distributors

-

0.7%

MSC

Industrial

Direct

Co.,

Inc.,

Class

A

7,290

612,360

United

Rentals,

Inc.

14,863

5,882,181

6,494,541

TOTAL

COMMON

STOCKS

(Cost

$535,062,473)

900,719,086

5

AQR

Funds

|

Semi-Annual

Report

|

March

2023

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

LARGE

CAP

MULTI-STYLE

FUND

Schedule

of

Investments

March

31,

2023

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

SHORT-TERM

INVESTMENTS

-

4.3%

INVESTMENT

COMPANIES

-

4.3%

Limited

Purpose

Cash

Investment

Fund,

4.73%

(b)

(Cost

$40,895,390)

40,912,356

40,895,991

TOTAL

INVESTMENTS

IN

SECURITIES

AT

VALUE

-

99.6%

(Cost

$575,957,863)

941,615,077

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

-

0.4%

(c)

3,759,503

NET

ASSETS

-

100.0%

945,374,580

SECTOR

VALUE

%

OF

NET

ASSETS

Communication

Services

$

38,452,725

4.1

%

Consumer

Discretionary

93,595,984

9.9

Consumer

Staples

47,292,519

5.0

Energy

72,603,344

7.7

Financials

83,243,514

8.8

Health

Care

86,465,028

9.1

Industrials

135,991,207

14.4

Information

Technology

271,223,976

28.7

Materials

67,291,659

7.1

Utilities

4,559,130

0.5

Investment

Companies

40,895,991

4.3

Total

Investments

In

Securities

At

Value

941,615,077

99.6

Other

Assets

in

Excess

of

Liabilities

(c

)

3,759,503

0.4

Net

Assets

$

945,374,580

100.0%

All

securities

are

United

States

companies,

unless

noted

otherwise

in

parentheses.

*

Non-income

producing

security.

(a)

Represents

less

than

0.05%

of

net

assets.

(b)

Represents

7-day

effective

yield

as

of

March

31,

2023.

(c)

Includes

appreciation/(depreciation)

on

futures

contracts.

All

securities

are

Level

1

with

respect

to

ASC

820

(See

Note

4).

Futures

contracts

outstanding

as

of

March

31,

2023:

Exchange

Traded

DESCRIPTION

NUMBER

OF

CONTRACTS

EXPIRATION

DATE

TRADING

CURRENCY

NOTIONAL

AMOUNT

VALUE

AND

UNREALIZED

APPRECIATION

(DEPRECIATION)

Long

Contracts

S&P

500

E-Mini

Index

172

6/2023

USD

$

35,584,650

$

1,569,418

$

1,569,418

Collateral

pledged

to,

or

(received

from),

each

counterparty

at

March

31,

2023

was

as

follows:

COUNTERPARTY

OVER

THE

COUNTER

EXCHANGE

TRADED

TOTAL

GSCO

Cash

$

–

$

1,046,653

$

1,046,653

6

AQR

Funds

|

Semi-Annual

Report

|

March

2023

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

(Continued)

AQR

SMALL

CAP

MULTI-STYLE

FUND

Schedule

of

Investments

March

31,

2023

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

COMMON

STOCKS

-

98.4%

Aerospace

&

Defense

-

1.0%

AAR

Corp.

*

1,965

107,191

Aerojet

Rocketdyne

Holdings,

Inc.

*

3,839

215,637

AerSale

Corp.

*

15,247

262,553

Ducommun,

Inc.

*

1,921

105,098

Maxar

Technologies,

Inc.

2,692

137,453

Moog,

Inc.,

Class

A

1,353

136,315

National

Presto

Industries,

Inc.

479

34,531

Triumph

Group,

Inc.

*

2,871

33,275

V2X,

Inc.

*

511

20,297

1,052,350

Air

Freight

&

Logistics

-

0.5%

Hub

Group,

Inc.,

Class

A

*

6,511

546,533

Automobile

Components

-

1.3%

Adient

plc

*

2,404

98,468

American

Axle

&

Manufacturing

Holdings,

Inc.

*

4,946

38,628

Dana,

Inc.

19,917

299,751

Goodyear

Tire

&

Rubber

Co.

(The)

*

27,709

305,353

LCI

Industries

1,718

188,757

Modine

Manufacturing

Co.

*

3,702

85,331

Patrick

Industries,

Inc.

5,106

351,344

XPEL,

Inc.

*(a)

738

50,147

1,417,779

Automobiles

-

0.2%

Cenntro

Electric

Group

Ltd.

(Australia)

*

191,834

88,589

Winnebago

Industries,

Inc.

1,911

110,265

198,854

Banks

-

4.2%

1st

Source

Corp.

4,426

190,982

Bancorp,

Inc.

(The)

*

7,871

219,207

BCB

Bancorp,

Inc.

7,222

94,825

Cathay

General

Bancorp

9,115

314,650

Central

Pacific

Financial

Corp.

3,669

65,675

Community

Trust

Bancorp,

Inc.

1,260

47,817

Customers

Bancorp,

Inc.

*

17,043

315,636

First

Financial

Corp.

3,969

148,758

First

Internet

Bancorp

5,145

85,664

First

Merchants

Corp.

4,786

157,699

First

of

Long

Island

Corp.

(The)

5,174

69,849

Fulton

Financial

Corp.

5,753

79,507

Great

Southern

Bancorp,

Inc.

7,773

393,936

Hancock

Whitney

Corp.

1,620

58,968

Hanmi

Financial

Corp.

8,072

149,897

Heartland

Financial

USA,

Inc.

9,631

369,445

HomeTrust

Bancshares,

Inc.

1,409

34,647

Independent

Bank

Corp.

6,074

107,935

International

Bancshares

Corp.

10,172

435,565

Lakeland

Bancorp,

Inc.

1,943

30,389

Mercantile

Bank

Corp.

3,887

118,864

INVESTMENTS

SHARES

VALUE

($)

Banks

-

4.2%

(continued)

Midland

States

Bancorp,

Inc.

10,578

226,581

NBT

Bancorp,

Inc.

4,174

140,706

OceanFirst

Financial

Corp.

8,560

158,189

OFG

Bancorp

3,834

95,620

Peapack-Gladstone

Financial

Corp.

1,458

43,186

Preferred

Bank

614

33,653

QCR

Holdings,

Inc.

961

42,198

S&T

Bancorp,

Inc.

4,394

138,191

TrustCo

Bank

Corp.

3,610

115,303

4,483,542

Beverages

-

1.3%

Celsius

Holdings,

Inc.

*

3,267

303,635

Coca-Cola

Consolidated,

Inc.

971

519,562

MGP

Ingredients,

Inc.

2,225

215,202

National

Beverage

Corp.

*

2,361

124,472

Primo

Water

Corp.

2,211

33,939

Vintage

Wine

Estates,

Inc.

*

45,870

49,081

Vita

Coco

Co.,

Inc.

(The)

*

8,955

175,697

1,421,588

Biotechnology

-

6.0%

ACADIA

Pharmaceuticals,

Inc.

*

4,832

90,938

ADMA

Biologics,

Inc.

*

41,121

136,110

Alkermes

plc

*

8,049

226,901

Amicus

Therapeutics,

Inc.

*

15,837

175,632

Anika

Therapeutics,

Inc.

*

3,350

96,212

Arcus

Biosciences,

Inc.

*

12,557

229,040

Arrowhead

Pharmaceuticals,

Inc.

*

1,240

31,496

C4

Therapeutics,

Inc.

*

16,358

51,364

Catalyst

Pharmaceuticals,

Inc.

*

51,087

847,022

Chimerix,

Inc.

*

117,818

148,451

Cullinan

Oncology,

Inc.

*

13,486

137,962

Cytokinetics,

Inc.

*

3,638

128,021

Eagle

Pharmaceuticals,

Inc.

*

30,950

878,051

Eiger

BioPharmaceuticals,

Inc.

*

58,377

52,358

Foghorn

Therapeutics,

Inc.

*

2,853

17,689

Halozyme

Therapeutics,

Inc.

*

6,000

229,140

Insmed,

Inc.

*

6,637

113,161

Ironwood

Pharmaceuticals,

Inc.

*

52,444

551,711

iTeos

Therapeutics,

Inc.

*

18,962

258,073

Kiniksa

Pharmaceuticals

Ltd.,

Class

A

*

27,564

296,589

Madrigal

Pharmaceuticals,

Inc.

*

595

144,145

Organogenesis

Holdings,

Inc.

*

175,068

372,895

PDL

BioPharma,

Inc.

(3)*(b)

32,677

32,582

Precigen,

Inc.

*

31,914

33,829

Sutro

Biopharma,

Inc.

*

17,850

82,467

Syndax

Pharmaceuticals,

Inc.

*

2,080

43,930

Veracyte,

Inc.

*

9,826

219,120

Vericel

Corp.

*

6,388

187,296

Vir

Biotechnology,

Inc.

*

24,716

575,141

7

AQR

Funds

|

Semi-Annual

Report

|

March

2023

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

(Continued)

AQR

SMALL

CAP

MULTI-STYLE

FUND

Schedule

of

Investments

March

31,

2023

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

Biotechnology

-

6.0%

(continued)

Xencor,

Inc.

*

4,980

138,892

6,526,218

Broadline

Retail

-

0.2%

Dillard's,

Inc.,

Class

A

611

187,992

Building

Products

-

2.0%

Apogee

Enterprises,

Inc.

13,179

569,992

Insteel

Industries,

Inc.

8,249

229,487

JELD-WEN

Holding,

Inc.

*

3,030

38,360

PGT

Innovations,

Inc.

*

3,984

100,038

Quanex

Building

Products

Corp.

7,617

163,994

UFP

Industries,

Inc.

13,298

1,056,792

2,158,663

Capital

Markets

-

1.3%

Brightsphere

Investment

Group,

Inc.

4,263

100,522

Cohen

&

Steers,

Inc.

1,237

79,118

Diamond

Hill

Investment

Group,

Inc.

625

102,862

Donnelley

Financial

Solutions,

Inc.

*

5,640

230,450

Federated

Hermes,

Inc.,

Class

B

7,470

299,846

Houlihan

Lokey,

Inc.

363

31,759

Oppenheimer

Holdings,

Inc.,

Class

A

7,017

274,716

StoneX

Group,

Inc.

*

1,990

206,025

Virtus

Investment

Partners,

Inc.

373

71,015

1,396,313

Chemicals

-

2.0%

AdvanSix,

Inc.

8,910

340,986

American

Vanguard

Corp.

7,889

172,611

FutureFuel

Corp.

57,094

421,354

Intrepid

Potash,

Inc.

*

10,188

281,189

Koppers

Holdings,

Inc.

3,235

113,128

Kronos

Worldwide,

Inc.

5,109

47,054

Livent

Corp.

*

2,273

49,369

LSB

Industries,

Inc.

*

15,894

164,185

Rayonier

Advanced

Materials,

Inc.

*

16,673

104,540

Stepan

Co.

2,573

265,096

Tronox

Holdings

plc

14,764

212,306

Valhi,

Inc.

368

6,407

2,178,225

Commercial

Services

&

Supplies

-

0.6%

ACCO

Brands

Corp.

42,505

226,127

Deluxe

Corp.

2,566

41,056

Ennis,

Inc.

10,149

214,042

Interface,

Inc.

16,972

137,813

VSE

Corp.

1,057

47,459

666,497

INVESTMENTS

SHARES

VALUE

($)

Communications

Equipment

-

0.9%

Aviat

Networks,

Inc.

*

2,196

75,674

Calix,

Inc.

*

4,998

267,843

Clearfield,

Inc.

*

758

35,308

CommScope

Holding

Co.,

Inc.

*

8,874

56,527

Digi

International,

Inc.

*

3,152

106,159

Extreme

Networks,

Inc.

*

18,579

355,231

NetScout

Systems,

Inc.

*

3,078

88,185

984,927

Construction

&

Engineering

-

3.2%

API

Group

Corp.

*

7,968

179,121

Arcosa,

Inc.

3,429

216,404

Comfort

Systems

USA,

Inc.

2,375

346,655

EMCOR

Group,

Inc.

5,140

835,713

Fluor

Corp.

*

2,573

79,531

MYR

Group,

Inc.

*

8,678

1,093,515

Northwest

Pipe

Co.

*

5,417

169,173

Primoris

Services

Corp.

5,206

128,380

Sterling

Infrastructure,

Inc.

*

7,551

286,032

Tutor

Perini

Corp.

*

23,226

143,304

3,477,828

Consumer

Finance

-

0.6%

Bread

Financial

Holdings,

Inc.

5,097

154,541

Encore

Capital

Group,

Inc.

*

3,140

158,413

Enova

International,

Inc.

*

2,470

109,742

Navient

Corp.

2,646

42,310

Oportun

Financial

Corp.

*

44,508

171,801

636,807

Consumer

Staples

Distribution

&

Retail

-

1.3%

Fresh

Market,

Inc.

(The)

Escrow

(3)*(b)

199

–

Ingles

Markets,

Inc.,

Class

A

7,717

684,498

SpartanNash

Co.

1,939

48,087

Sprouts

Farmers

Market,

Inc.

*

7,762

271,903

United

Natural

Foods,

Inc.

*

10,349

272,696

Weis

Markets,

Inc.

2,014

170,526

1,447,710

Containers

&

Packaging

-

0.2%

Greif,

Inc.,

Class

A

609

38,593

O-I

Glass,

Inc.

*

6,568

149,159

187,752

Diversified

Consumer

Services

-

1.2%

2U,

Inc.

13,857

94,920

Adtalem

Global

Education,

Inc.

*

1,456

56,231

American

Public

Education,

Inc.

*

29,702

160,985

Chegg,

Inc.

3,309

53,937

Perdoceo

Education

Corp.

*

46,677

626,872

Stride,

Inc.

*

3,904

153,232

WW

International,

Inc.

*

29,211

120,349

1,266,526

8

AQR

Funds

|

Semi-Annual

Report

|

March

2023

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

(Continued)

AQR

SMALL

CAP

MULTI-STYLE

FUND

Schedule

of

Investments

March

31,

2023

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

Diversified

REITs

-

0.0%

(c)

One

Liberty

Properties,

Inc.,

REIT

1,370

31,414

Diversified

Telecommunication

Services

-

0.1%

EchoStar

Corp.,

Class

A

*

5,117

93,590

IDT

Corp.,

Class

B

*

1,305

44,474

138,064

Electric

Utilities

-

0.2%

PNM

Resources,

Inc.

4,384

213,413

Electrical

Equipment

-

2.1%

Array

Technologies,

Inc.

*

2,442

53,431

Atkore,

Inc.

*

7,373

1,035,759

Encore

Wire

Corp.

5,463

1,012,458

FuelCell

Energy,

Inc.

*

10,711

30,526

GrafTech

International

Ltd.

18,051

87,728

Heliogen,

Inc.

*

164,772

39,578

2,259,480

Electronic

Equipment,

Instruments

&

Components

-

4.1%

908

Devices,

Inc.

*

6,849

58,901

Advanced

Energy

Industries,

Inc.

496

48,608

Belden,

Inc.

917

79,568

Benchmark

Electronics,

Inc.

5,152

122,051

ePlus,

Inc.

*

6,394

313,562

Fabrinet

(Thailand)

*

5,092

604,726

Insight

Enterprises,

Inc.

*

8,746

1,250,328

Kimball

Electronics,

Inc.

*

3,423

82,494

Methode

Electronics,

Inc.

8,648

379,474

Ouster,

Inc.

*

44,066

36,870

PC

Connection,

Inc.

6,684

300,513

Sanmina

Corp.

*

10,765

656,557

ScanSource,

Inc.

*

1,900

57,836

TTM

Technologies,

Inc.

*

10,954

147,770

Vishay

Intertechnology,

Inc.

13,050

295,191

4,434,449

Energy

Equipment

&

Services

-

3.1%

Archrock,

Inc.

13,939

136,184

Cactus,

Inc.,

Class

A

1,645

67,823

ChampionX

Corp.

6,746

183,019

Dril-Quip,

Inc.

*

4,030

115,621

Helmerich

&

Payne,

Inc.

5,567

199,020

Liberty

Energy,

Inc.,

Class

A

60,023

768,895

National

Energy

Services

Reunited

Corp.

*

19,977

105,079

Newpark

Resources,

Inc.

*

15,209

58,555

NexTier

Oilfield

Solutions,

Inc.

*

61,780

491,151

Noble

Corp.

plc

*

5,994

236,583

Patterson-UTI

Energy,

Inc.

6,592

77,126

ProPetro

Holding

Corp.

*

53,512

384,751

RPC,

Inc.

25,100

193,019

Select

Energy

Services,

Inc.,

Class

A

5,527

38,468

Solaris

Oilfield

Infrastructure,

Inc.,

Class

A

12,094

103,283

INVESTMENTS

SHARES

VALUE

($)

Energy

Equipment

&

Services

-

3.1%

(continued)

Tidewater,

Inc.

*

979

43,154

US

Silica

Holdings,

Inc.

*

4,310

51,462

Weatherford

International

plc

*

2,365

140,363

3,393,556

Entertainment

-

0.1%

Playstudios,

Inc.

*

24,831

91,626

Financial

Services

-

2.4%

Banco

Latinoamericano

de

Comercio

Exterior

SA,

Class

E

(Panama)

5,279

91,749

Cass

Information

Systems,

Inc.

990

42,877

EVERTEC,

Inc.

6,528

220,320

Jackson

Financial,

Inc.,

Class

A

8,104

303,171

Mr

Cooper

Group,

Inc.

*

17,221

705,544

PennyMac

Financial

Services,

Inc.

3,862

230,214

Radian

Group,

Inc.

17,777

392,872

Repay

Holdings

Corp.

7,315

48,059

StoneCo

Ltd.,

Class

A

(Brazil)

*

50,135

478,288

Walker

&

Dunlop,

Inc.

677

51,567

2,564,661

Food

Products

-

1.8%

Alico,

Inc.

1,540

37,268

Calavo

Growers,

Inc.

5,000

143,850

Cal-Maine

Foods,

Inc.

11,692

711,926

Fresh

Del

Monte

Produce,

Inc.

3,900

117,429

John

B

Sanfilippo

&

Son,

Inc.

6,589

638,606

Seneca

Foods

Corp.,

Class

A

*

2,997

156,653

Vital

Farms,

Inc.

*

2,268

34,700

Whole

Earth

Brands,

Inc.

*

59,874

153,278

1,993,710

Gas

Utilities

-

0.3%

New

Jersey

Resources

Corp.

3,253

173,059

ONE

Gas,

Inc.

1,308

103,633

276,692

Ground

Transportation

-

1.2%

ArcBest

Corp.

8,678

802,021

Covenant

Logistics

Group,

Inc.

8,766

310,491

PAM

Transportation

Services,

Inc.

*

171

4,896

Universal

Logistics

Holdings,

Inc.

5,905

172,131

1,289,539

Health

Care

Equipment

&

Supplies

-

2.3%

Atrion

Corp.

118

74,093

Avanos

Medical,

Inc.

*

5,091

151,406

Bioventus,

Inc.,

Class

A

*

7,028

7,520

Figs,

Inc.,

Class

A

*

17,561

108,703

Haemonetics

Corp.

*

1,231

101,865

Inspire

Medical

Systems,

Inc.

*

535

125,227

Integer

Holdings

Corp.

*

1,940

150,350

Lantheus

Holdings,

Inc.

*

4,655

384,317

LeMaitre

Vascular,

Inc.

1,491

76,742

9

AQR

Funds

|

Semi-Annual

Report

|

March

2023

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

(Continued)

AQR

SMALL

CAP

MULTI-STYLE

FUND

Schedule

of

Investments

March

31,

2023

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

Health

Care

Equipment

&

Supplies

-

2.3%

(continued)

Merit

Medical

Systems,

Inc.

*

5,491

406,059

Shockwave

Medical,

Inc.

*

942

204,254

STAAR

Surgical

Co.

*

1,187

75,909

Tactile

Systems

Technology,

Inc.

*

17,908

294,049

Zimvie,

Inc.

*

21,476

155,272

Zynex,

Inc.

*

14,072

168,864

2,484,630

Health

Care

Providers

&

Services

-

3.0%

AdaptHealth

Corp.

*

7,309

90,851

Addus

HomeCare

Corp.

*

875

93,415

AMN

Healthcare

Services,

Inc.

*

4,391

364,277

Community

Health

Systems,

Inc.

*

47,710

233,779

CorVel

Corp.

*

2,593

493,396

Cross

Country

Healthcare,

Inc.

*

11,753

262,327

Ensign

Group,

Inc.

(The)

4,930

471,012

Fulgent

Genetics,

Inc.

*

5,510

172,022

Joint

Corp.

(The)

*

2,408

40,527

National

Research

Corp.

2,904

126,353

Owens

&

Minor,

Inc.

*

18,023

262,235

Patterson

Cos.,

Inc.

6,920

185,248

Pediatrix

Medical

Group,

Inc.

*

6,690

99,748

PetIQ,

Inc.

*

5,072

58,024

Select

Medical

Holdings

Corp.

10,100

261,085

3,214,299

Health

Care

REITs

-

0.2%

Diversified

Healthcare

Trust,

REIT

71,474

96,490

National

Health

Investors,

Inc.,

REIT

1,907

98,363

Sabra

Health

Care

REIT,

Inc.,

REIT

5,696

65,504

260,357

Health

Care

Technology

-

0.4%

Computer

Programs

and

Systems,

Inc.

*

1,208

36,481

Multiplan

Corp.

*

28,594

30,310

NextGen

Healthcare,

Inc.

*

3,083

53,675

OptimizeRx

Corp.

*

2,398

35,083

Simulations

Plus,

Inc.

1,686

74,083

Veradigm,

Inc.

*

19,146

249,855

479,487

Hotel

&

Resort

REITs

-

0.2%

Apple

Hospitality

REIT,

Inc.,

REIT

2,295

35,618

Service

Properties

Trust,

REIT

13,352

132,986

168,604

Hotels,

Restaurants

&

Leisure

-

1.7%

Bloomin'

Brands,

Inc.

11,605

297,668

Brinker

International,

Inc.

*

2,169

82,422

Hilton

Grand

Vacations,

Inc.

*

2,439

108,365

Inspired

Entertainment,

Inc.

*

8,406

107,513

International

Game

Technology

plc

1,324

35,483

Monarch

Casino

&

Resort,

Inc.

2,244

166,393

INVESTMENTS

SHARES

VALUE

($)

Hotels,

Restaurants

&

Leisure

-

1.7%

(continued)

RCI

Hospitality

Holdings,

Inc.

2,387

186,592

Red

Rock

Resorts,

Inc.,

Class

A

2,270

101,174

Target

Hospitality

Corp.

*

9,201

120,901

Texas

Roadhouse,

Inc.

4,893

528,737

Vacasa,

Inc.,

Class

A

*

87,709

84,394

1,819,642

Household

Durables

-

2.3%

Beazer

Homes

USA,

Inc.

*

17,973

285,411

Cavco

Industries,

Inc.

*

459

145,843

Century

Communities,

Inc.

659

42,123

Ethan

Allen

Interiors,

Inc.

3,671

100,806

Green

Brick

Partners,

Inc.

*

3,118

109,317

Hovnanian

Enterprises,

Inc.,

Class

A

*

1,407

95,451

KB

Home

7,991

321,078

M/I

Homes,

Inc.

*

3,649

230,215

MDC

Holdings,

Inc.

4,307

167,413

Meritage

Homes

Corp.

1,424

166,266

Taylor

Morrison

Home

Corp.,

Class

A

*

14,483

554,120

Tri

Pointe

Homes,

Inc.

*

6,166

156,123

Tupperware

Brands

Corp.

*

60,747

151,868

2,526,034

Independent

Power

and

Renewable

Electricity

Producers

-

0.1%

Clearway

Energy,

Inc.,

Class

C

2,511

78,670

Montauk

Renewables,

Inc.

*

4,067

32,007

110,677

Insurance

-

2.5%

Ambac

Financial

Group,

Inc.

*

27,729

429,245

Argo

Group

International

Holdings

Ltd.

1,247

36,525

CNO

Financial

Group,

Inc.

5,575

123,709

eHealth,

Inc.

*

5,507

51,545

Employers

Holdings,

Inc.

13,872

578,324

Genworth

Financial,

Inc.,

Class

A

*

80,234

402,775

Horace

Mann

Educators

Corp.

7,721

258,499

Kinsale

Capital

Group,

Inc.

393

117,959

Selective

Insurance

Group,

Inc.

4,313

411,158

Stewart

Information

Services

Corp.

5,339

215,429

United

Fire

Group,

Inc.

3,899

103,518

2,728,686

Interactive

Media

&

Services

-

0.8%

Cargurus,

Inc.

*

11,002

205,517

EverQuote,

Inc.,

Class

A

*

10,783

149,884

Outbrain,

Inc.

*

20,482

84,590

Yelp,

Inc.

*

6,844

210,111

Ziff

Davis,

Inc.

*

1,874

146,266

ZipRecruiter,

Inc.,

Class

A

*

2,137

34,064

830,432

10

AQR

Funds

|

Semi-Annual

Report

|

March

2023

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

(Continued)

AQR

SMALL

CAP

MULTI-STYLE

FUND

Schedule

of

Investments

March

31,

2023

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

IT

Services

-

0.5%

Hackett

Group,

Inc.

(The)

10,077

186,223

Perficient,

Inc.

*

3,774

272,445

Squarespace,

Inc.,

Class

A

*

3,886

123,458

582,126

Leisure

Products

-

1.2%

Acushnet

Holdings

Corp.

2,580

131,425

Johnson

Outdoors,

Inc.,

Class

A

997

62,821

Malibu

Boats,

Inc.,

Class

A

*

4,386

247,590

MasterCraft

Boat

Holdings,

Inc.

*

12,730

387,374

Sturm

Ruger

&

Co.,

Inc.

648

37,221

Vista

Outdoor,

Inc.

*

14,324

396,918

1,263,349

Life

Sciences

Tools

&

Services

-

0.5%

Medpace

Holdings,

Inc.

*

2,445

459,782

PhenomeX,

Inc.

*

66,865

77,563

Singular

Genomics

Systems,

Inc.

*

7,564

9,153

546,498

Machinery

-

4.1%

CIRCOR

International,

Inc.

*

4,458

138,733

Evoqua

Water

Technologies

Corp.

*

5,553

276,095

Federal

Signal

Corp.

2,937

159,215

Hydrofarm

Holdings

Group,

Inc.

*

27,945

48,345

Kennametal,

Inc.

4,258

117,435

Manitowoc

Co.,

Inc.

(The)

*

31,390

536,455

Mueller

Industries,

Inc.

18,631

1,369,006

Proto

Labs,

Inc.

*

7,001

232,083

REV

Group,

Inc.

13,034

156,278

Shyft

Group,

Inc.

(The)

2,457

55,897

Standex

International

Corp.

367

44,935

Terex

Corp.

7,415

358,738

Titan

International,

Inc.

*

46,277

484,983

Wabash

National

Corp.

19,407

477,218

4,455,416

Marine

Transportation

-

0.3%

Eagle

Bulk

Shipping,

Inc.

1,930

87,815

Genco

Shipping

&

Trading

Ltd.

8,071

126,392

Safe

Bulkers,

Inc.

(Greece)

34,366

126,810

341,017

Media

-

0.6%

Advantage

Solutions,

Inc.

*

43,294

68,404

AMC

Networks,

Inc.,

Class

A

*

15,313

269,203

TEGNA,

Inc.

10,636

179,855

Thryv

Holdings,

Inc.

*

3,467

79,949

597,411

Metals

&

Mining

-

3.6%

Alpha

Metallurgical

Resources,

Inc.

2,861

446,316

Arconic

Corp.

*

8,857

232,319

INVESTMENTS

SHARES

VALUE

($)

Metals

&

Mining

-

3.6%

(continued)

Century

Aluminum

Co.

*

4,182

41,820

Commercial

Metals

Co.

18,692

914,039

Constellium

SE

*

12,341

188,571

Olympic

Steel,

Inc.

9,392

490,356

Ramaco

Resources,

Inc.

8,315

73,255

Ryerson

Holding

Corp.

10,496

381,845

Schnitzer

Steel

Industries,

Inc.,

Class

A

5,173

160,880

SunCoke

Energy,

Inc.

15,698

140,968

TimkenSteel

Corp.

*

20,203

370,523

Warrior

Met

Coal,

Inc.

10,185

373,891

Worthington

Industries,

Inc.

1,770

114,431

3,929,214

Mortgage

Real

Estate

Investment

Trusts

(REITs)

-

0.5%

Apollo

Commercial

Real

Estate

Finance,

Inc.

10,665

99,291

Arbor

Realty

Trust,

Inc.

6,322

72,640

Blackstone

Mortgage

Trust,

Inc.,

Class

A

9,163

163,560

Chimera

Investment

Corp.

12,242

69,045

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

Inc.

4,604

131,674

536,210

Oil,

Gas

&

Consumable

Fuels

-

6.4%

Alto

Ingredients,

Inc.

*

18,947

28,421

Arch

Resources,

Inc.

3,351

440,523

Ardmore

Shipping

Corp.

(Ireland)

9,016

134,068

Berry

Corp.

18,267

143,396

California

Resources

Corp.

2,713

104,451

Callon

Petroleum

Co.

*

1,066

35,647

Centrus

Energy

Corp.,

Class

A

*

2,726

87,777

Chord

Energy

Corp.

3,275

440,815

Civitas

Resources,

Inc.

8,283

566,060

CONSOL

Energy,

Inc.

5,560

323,981

CVR

Energy,

Inc.

4,216

138,201

Delek

US

Holdings,

Inc.

1,372

31,487

Dorian

LPG

Ltd.

7,586

151,265

Golar

LNG

Ltd.

(Cameroon)

*

1,511

32,638

International

Seaways,

Inc.

5,677

236,617

Magnolia

Oil

&

Gas

Corp.,

Class

A

6,117

133,840

Matador

Resources

Co.

5,914

281,802

Murphy

Oil

Corp.

5,243

193,886

Par

Pacific

Holdings,

Inc.

*

1,522

44,442

PBF

Energy,

Inc.,

Class

A

19,650

852,024

Peabody

Energy

Corp.

*

17,827

456,371

Ranger

Oil

Corp.

1,280

52,275

REX

American

Resources

Corp.

*

12,799

365,923

Riley

Exploration

Permian,

Inc.

2,733

104,018

SandRidge

Energy,

Inc.

*

2,212

31,875

Scorpio

Tankers,

Inc.

(Monaco)

2,747

154,684

Sitio

Royalties

Corp.

3,114

70,376

SM

Energy

Co.

13,912

391,762

Talos

Energy,

Inc.

*

19,814

294,040

11

AQR

Funds

|

Semi-Annual

Report

|

March

2023

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

(Continued)

AQR

SMALL

CAP

MULTI-STYLE

FUND

Schedule

of

Investments

March

31,

2023

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

Oil,

Gas

&

Consumable

Fuels

-

6.4%

(continued)

VAALCO

Energy,

Inc.

27,359

123,936

Vertex

Energy,

Inc.

*

26,233

259,182

Vital

Energy,

Inc.

*

1,586

72,226

W&T

Offshore,

Inc.

*

13,497

68,565

World

Fuel

Services

Corp.

4,744

121,209

6,967,783

Paper

&

Forest

Products

-

0.1%

Clearwater

Paper

Corp.

*

3,078

102,867

Passenger

Airlines

-

0.3%

Allegiant

Travel

Co.

*

806

74,136

SkyWest,

Inc.

*

5,262

116,658

Spirit

Airlines,

Inc.

4,469

76,733

267,527

Personal

Care

Products

-

1.9%

Beauty

Health

Co.

(The)

*

2,877

36,337

Edgewell

Personal

Care

Co.

2,995

127,048

elf

Beauty,

Inc.

*

4,500

370,575

Herbalife

Nutrition

Ltd.

*

4,065

65,446

Honest

Co.,

Inc.

(The)

*

17,964

32,335

Medifast,

Inc.

5,939

615,696

Nu

Skin

Enterprises,

Inc.,

Class

A

10,439

410,357

USANA

Health

Sciences,

Inc.

*

5,612

352,995

2,010,789

Pharmaceuticals

-

1.6%

Amneal

Pharmaceuticals,

Inc.

*

115,798

160,959

Amphastar

Pharmaceuticals,

Inc.

*

4,194

157,275

Corcept

Therapeutics,

Inc.

*

15,657

339,131

Harmony

Biosciences

Holdings,

Inc.

*

2,614

85,347

Innoviva,

Inc.

*

38,790

436,388

Ligand

Pharmaceuticals,

Inc.

*

712

52,375

Phibro

Animal

Health

Corp.,

Class

A

8,567

131,246

Prestige

Consumer

Healthcare,

Inc.

*

2,551

159,769

Supernus

Pharmaceuticals,

Inc.

*

5,371

194,591

Xeris

Biopharma

Holdings,

Inc.

*

30,638

49,940

1,767,021

Professional

Services

-

2.3%

Barrett

Business

Services,

Inc.

2,924

259,183

CSG

Systems

International,

Inc.

2,538

136,291

Heidrick

&

Struggles

International,

Inc.

5,806

176,270

HireRight

Holdings

Corp.

*

4,284

45,453

IBEX

Holdings

Ltd.

*

2,046

49,923

Insperity,

Inc.

1,137

138,202

Kelly

Services,

Inc.,

Class

A

6,301

104,534

Kforce,

Inc.

14,971

946,766

Resources

Connection,

Inc.

15,561

265,471

TrueBlue,

Inc.

*

13,673

243,379

INVESTMENTS

SHARES

VALUE

($)

Professional

Services

-

2.3%

(continued)

TTEC

Holdings,

Inc.

3,044

113,328

2,478,800

Real

Estate

Management

&

Development

-

0.2%

Forestar

Group,

Inc.

*

15,363

239,048

Residential

REITs

-

0.2%

Apartment

Investment

and

Management

Co.,

Class

A,

REIT

10,990

84,513

BRT

Apartments

Corp.,

REIT

3,812

75,173

159,686

Retail

REITs

-

0.8%

Kite

Realty

Group

Trust,

REIT

2,943

61,568

Necessity

Retail

REIT,

Inc.

(The),

REIT

38,450

241,466

Tanger

Factory

Outlet

Centers,

Inc.,

REIT

1,718

33,724

Urstadt

Biddle

Properties,

Inc.,

Class

A,

REIT

15,101

265,325

Whitestone,

REIT

23,431

215,565

817,648

Semiconductors

&

Semiconductor

Equipment

-

4.4%

Alpha

&

Omega

Semiconductor

Ltd.

*

4,796

129,252

Amkor

Technology,

Inc.

30,674

798,138

Axcelis

Technologies,

Inc.

*

2,645

352,446

Diodes,

Inc.

*

6,970

646,537

FormFactor,

Inc.

*

6,297

200,560

Kulicke

&

Soffa

Industries,

Inc.

(Singapore)

5,752

303,073

MaxLinear,

Inc.

*

5,896

207,598

Onto

Innovation,

Inc.

*

1,983

174,266

Photronics,

Inc.

*

24,427

405,000

Power

Integrations,

Inc.

6,955

588,671

Rambus,

Inc.

*

1,513

77,556

Semtech

Corp.

*

2,403

58,008

SMART

Global

Holdings,

Inc.

*

7,592

130,886

Synaptics,

Inc.

*

3,549

394,471

Ultra

Clean

Holdings,

Inc.

*

8,648

286,768

4,753,230

Software

-

2.9%

8x8,

Inc.

*

27,844

116,110

A10

Networks,

Inc.

4,667

72,292

Adeia,

Inc.

12,772

113,160

American

Software,

Inc.,

Class

A

3,632

45,800

Box,

Inc.,

Class

A

*

1,202

32,202

Cleanspark,

Inc.

*

74,707

207,685

Clear

Secure,

Inc.,

Class

A

1,804

47,211

CommVault

Systems,

Inc.

*

745

42,271

Consensus

Cloud

Solutions,

Inc.

*

1,802

61,430

Digital

Turbine,

Inc.

*

6,748

83,405

Ebix,

Inc.

21,875

288,531

EverCommerce,

Inc.

*

17,280

182,822

12

AQR

Funds

|

Semi-Annual

Report

|

March

2023

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

(Continued)

AQR

SMALL

CAP

MULTI-STYLE

FUND

Schedule

of

Investments

March

31,

2023

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

Software

-

2.9%

(continued)

LiveRamp

Holdings,

Inc.

*

6,322

138,641

Mitek

Systems,

Inc.

*

6,033

57,856

Progress

Software

Corp.

5,680

326,316

Qualys,

Inc.

*

1,194

155,244

Rimini

Street,

Inc.

*

50,291

207,199

Sprout

Social,

Inc.,

Class

A

*

1,520

92,538

SPS

Commerce,

Inc.

*

3,897

593,513

Telos

Corp.

*

52,367

132,489

Veritone,

Inc.

6,400

37,312

WM

Technology,

Inc.

*

28,692

24,365

Zeta

Global

Holdings

Corp.,

Class

A

*

8,754

94,806

3,153,198

Specialty

Retail

-

4.5%

Academy

Sports

&

Outdoors,

Inc.

4,379

285,730

Asbury

Automotive

Group,

Inc.

*

2,406

505,260

Buckle,

Inc.

(The)

1,724

61,530

Caleres,

Inc.

5,005

108,258

Chico's

FAS,

Inc.

*

30,796

169,378

Citi

Trends,

Inc.

*

5,701

108,433

Conn's,

Inc.

*

5,138

31,136

Container

Store

Group,

Inc.

(The)

*

43,686

149,843

Designer

Brands,

Inc.,

Class

A

10,515

91,901

Destination

XL

Group,

Inc.

*

17,941

98,855

Express,

Inc.

*

37,069

29,221

Foot

Locker,

Inc.

1,160

46,040

Genesco,

Inc.

*

3,420

126,130

Group

1

Automotive,

Inc.

2,771

627,410

Haverty

Furniture

Cos.,

Inc.

2,403

76,680

Hibbett,

Inc.

2,973

175,347

Murphy

USA,

Inc.

1,573

405,913

ODP

Corp.

(The)

*

8,109

364,743

RumbleON,

Inc.,

Class

B

*

31,767

192,508

Sally

Beauty

Holdings,

Inc.

*

9,403

146,499

Signet

Jewelers

Ltd.

5,081

395,200

Sleep

Number

Corp.

*

1,699

51,667

Sonic

Automotive,

Inc.,

Class

A

4,105

223,066

Sportsman's

Warehouse

Holdings,

Inc.

*

18,725

158,788

Upbound

Group,

Inc.

5,914

144,952

Urban

Outfitters,

Inc.

*

3,195

88,565

Zumiez,

Inc.

*

1,676

30,905

4,893,958

Technology

Hardware,

Storage

&

Peripherals

-

0.8%

Avid

Technology,

Inc.

*

6,235

199,395

Diebold

Nixdorf,

Inc.

*

36,110

43,332

Super

Micro

Computer,

Inc.

*

6,208

661,463

904,190

Textiles,

Apparel

&

Luxury

Goods

-

0.4%

G-III

Apparel

Group

Ltd.

*

14,821

230,467

Movado

Group,

Inc.

5,139

147,849

INVESTMENTS

SHARES

VALUE

($)

Textiles,

Apparel

&

Luxury

Goods

-

0.4%

(continued)

Oxford

Industries,

Inc.

361

38,118

416,434

Tobacco

-

0.2%

Universal

Corp.

2,848

150,631

Vector

Group

Ltd.

6,859

82,376

233,007

Trading

Companies

&

Distributors

-

3.1%

BlueLinx

Holdings,

Inc.

*

4,333

294,471

Boise

Cascade

Co.

13,096

828,322

GMS,

Inc.

*

7,975

461,673

Hudson

Technologies,

Inc.

*

3,976

34,710

Rush

Enterprises,

Inc.,

Class

A

11,626

634,780

Textainer

Group

Holdings

Ltd.

(China)

7,363

236,426

Titan

Machinery,

Inc.

*

3,784

115,223

Triton

International

Ltd.

3,107

196,424

Veritiv

Corp.

4,357

588,805

3,390,834

Water

Utilities

-

0.1%

Artesian

Resources

Corp.,

Class

A

1,281

70,916

Wireless

Telecommunication

Services

-

0.0%

(c)

Telephone

and

Data

Systems,

Inc.

3,070

32,266

TOTAL

COMMON

STOCKS

(Cost

$73,794,347)

106,455,999

SHORT-TERM

INVESTMENTS

-

1.5%

INVESTMENT

COMPANIES

-

1.5%

Limited

Purpose

Cash

Investment

Fund,

4.73%

(d)

(Cost

$1,590,088)

1,591,579

1,590,942

TOTAL

INVESTMENTS

IN

SECURITIES

AT

VALUE

-

99.9%

(Cost

$75,384,435)

108,046,941

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

-

0.1%

(e)

104,695

NET

ASSETS

-

100.0%

108,151,636

13

AQR

Funds

|

Semi-Annual

Report

|

March

2023

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

SMALL

CAP

MULTI-STYLE

FUND

Schedule

of

Investments

March

31,

2023

(Unaudited)

SECTOR

VALUE

%

OF

NET

ASSETS

Communication

Services

$

1,689,799

1.6

%

Consumer

Discretionary

13,990,567

12.8

Consumer

Staples

7,106,804

6.6

Energy

10,361,339

9.6

Financials

12,346,218

11.4

Health

Care

15,018,154

13.9

Industrials

22,384,485

20.7

Information

Technology

14,812,120

13.7

Materials

6,398,057

5.9

Real

Estate

1,676,757

1.6

Utilities

671,699

0.6

Investment

Companies

1,590,942

1.5

Total

Investments

In

Securities

At

Value

108,046,941

99.9

Other

Assets

in

Excess

of

Liabilities

(e)

104,695

0.1

Net

Assets

$

108,151,636

100.0%

All

securities

are

United

States

companies,

unless

noted

otherwise

in

parentheses.

*

Non-income

producing

security.

(a)

Security

exempt

from

registration

pursuant

to

Regulation

S

under

the

Securities

Act

of

1933.

Regulation

S

applies

to

securities

offerings

that

are

made

outside

of

the

United

States

and

do

not

involve

direct

selling

efforts

in

the

United

States.

Total

value

of

all

such

securities

at

March

31,

2023

amounted

to

$50,147,

which

represents

0.05%

of

net

assets

of

the

Fund.

(b)

Security

fair

valued

using

significant

unobservable

inputs

(Level

3)

as

of

March

31,

2023

in

accordance

with

procedures

approved

by

the

Board

of

Trustees.

Total

value

of

all

such

securities

at

March

31,

2023

amounted

to

$32,582,

which

represents

0.03%

of

net

assets

of

the

Fund.

(c)

Represents

less

than

0.05%

of

net

assets.

(d)

Represents

7-day

effective

yield

as

of

March

31,

2023.

(e)

Includes

appreciation/(depreciation)

on

futures

contracts.

All

securities

are

Level

1

with

respect

to

ASC

820,

unless

otherwise

noted

in

parentheses.

(3)

Level

3

security

(See

Note

4).

Futures

contracts

outstanding

as

of

March

31,

2023:

Exchange

Traded

DESCRIPTION

NUMBER

OF

CONTRACTS

EXPIRATION

DATE

TRADING

CURRENCY

NOTIONAL

AMOUNT

VALUE

AND

UNREALIZED

APPRECIATION

(DEPRECIATION)

Long

Contracts

Russell

2000

E-Mini

Index

7

6/2023

USD

$

634,725

$

9,624

$

9,624

Collateral

pledged

to,

or

(received

from),

each

counterparty

at

March

31,

2023

was

as

follows:

COUNTERPARTY

OVER

THE

COUNTER

EXCHANGE

TRADED

TOTAL

JPMS

Cash

$

–

$

44,796

$

44,796

14

AQR

Funds

|

Semi-Annual

Report

|

March

2023

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

(Continued)

AQR

INTERNATIONAL

MULTI-STYLE

FUND

Schedule

of

Investments

March

31,

2023

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

COMMON

STOCKS

-

94.4%

Australia

-

6.6%

Aurizon

Holdings

Ltd.

1,094,544

2,465,310

BHP

Group

Ltd.

302,166

9,552,655

BlueScope

Steel

Ltd.

134,477

1,820,196

Fortescue

Metals

Group

Ltd.

221,376

3,327,629

Lottery

Corp.

Ltd.

(The)

57,040

196,181

Origin

Energy

Ltd.

70,774

394,147

Rio

Tinto

Ltd.

8,995

722,746

Rio

Tinto

plc

40,811

2,770,169

Santos

Ltd.

210,305

967,908

South32

Ltd.

839,138

2,459,287

Tabcorp

Holdings

Ltd.

57,040

38,031

WiseTech

Global

Ltd.

82,047

3,614,472

Woodside

Energy

Group

Ltd.

90,656

2,025,269

30,354,000

—

Austria

-

0.2%

Mondi

plc

63,043

1,000,935

Belgium

-

0.3%

Ageas

SA/NV

24,366

1,054,032

Groupe

Bruxelles

Lambert

NV

1,467

125,194

1,179,226

—

Canada

-

9.3%

Alimentation

Couche-Tard,

Inc.

(1)

21,067

1,059,195

Bank

of

Montreal

(1)

12,049

1,073,221

Canadian

Apartment

Properties,

REIT

(1)

3,482

122,147

Canadian

Imperial

Bank

of

Commerce

(1)

2,994

126,960

Canadian

National

Railway

Co.

(1)

1,804

212,863

Canadian

Natural

Resources

Ltd.

(1)

23,966

1,326,243

Canadian

Pacific

Railway

Ltd.

(1)

10,275

791,209

Canadian

Tire

Corp.

Ltd.,

Class

A

(1)

8,795

1,147,743

CCL

Industries,

Inc.,

Class

B

(1)

4,615

229,265

CGI,

Inc.

(1)*

27,366

2,637,382

Empire

Co.

Ltd.,

Class

A

(1)

4,748

127,281

Fairfax

Financial

Holdings

Ltd.

(1)

6,663

4,431,302

George

Weston

Ltd.

(1)

4,982

660,212

Great-West

Lifeco,

Inc.

(1)

6,006

159,182

iA

Financial

Corp.,

Inc.

(1)

12,987

823,135

Imperial

Oil

Ltd.

(1)

87,452

4,447,336

Intact

Financial

Corp.

(1)

7,184

1,028,139

Loblaw

Cos.

Ltd.

(1)

10,805

984,722

Manulife

Financial

Corp.

(1)

28,526

523,452

National

Bank

of

Canada

(1)

4,864

347,912

Nutrien

Ltd.

(1)

28,822

2,128,541

Nuvei

Corp.

(1)*(a)

62,667

2,730,176

Open

Text

Corp.

(1)

10,900

420,434

Power

Corp.

of

Canada

(1)

5,259

134,403

Restaurant

Brands

International,

Inc.

(1)

30,493

2,047,081

Ritchie

Bros

Auctioneers,

Inc.

(1)

10,077

566,966

Royal

Bank

of

Canada

(1)

23,203

2,219,007

Suncor

Energy,

Inc.

(1)

79,332

2,463,019

Teck

Resources

Ltd.,

Class

B

(1)

81,454

2,974,291

Toronto-Dominion

Bank

(The)

(1)

9,710

581,594

INVESTMENTS

SHARES

VALUE

($)

Canada

-

9.3%

(continued)

Tourmaline

Oil

Corp.

(1)

10,923

455,186

West

Fraser

Timber

Co.

Ltd.

(1)

46,865

3,342,794

42,322,393

—

China

-

1.0%

BOC

Hong

Kong

Holdings

Ltd.

693,500

2,159,044

Budweiser

Brewing

Co.

APAC

Ltd.

(a)

295,800

900,216

SITC

International

Holdings

Co.

Ltd.

733,000

1,575,334

4,634,594

—

Denmark

-

3.2%

AP

Moller

-

Maersk

A/S,

Class

B

708

1,286,938

Genmab

A/S

*

11,178

4,225,343

Novo

Nordisk

A/S,

Class

B

43,022

6,832,814

Pandora

A/S

25,173

2,416,312

14,761,407

—

Finland

-

0.5%

Neste

OYJ

13,398

661,914

Nokia

OYJ

124,892

613,081

Wartsila

OYJ

Abp

107,581

1,015,271

2,290,266

—

France

-

8.2%

Arkema

SA

1,275

125,889

AXA

SA

118,661

3,621,247

BNP

Paribas

SA

65,235

3,895,677

Carrefour

SA

139,187

2,814,026

Cie

de

Saint-Gobain

73,096

4,155,040

Dassault

Aviation

SA

12,478

2,468,526

Eiffage

SA

1,538

166,436

Ipsen

SA

19,499

2,147,074

L'Oreal

SA

2,880

1,286,907

LVMH

Moet

Hennessy

Louis

Vuitton

SE

811

744,424

Orange

SA

84,272

1,001,166

Publicis

Groupe

SA

45,751

3,571,314

Societe

Generale

SA

27,498

619,567

Sodexo

SA

11,463

1,119,598

Thales

SA

3,672

542,894

TotalEnergies

SE

148,957

8,783,060

Unibail-Rodamco-Westfield,

REIT

*

4,856

261,282

37,324,127

—

Germany

-

6.8%

Allianz

SE

(Registered)

3,857

890,335

BASF

SE

54,704

2,871,888

Brenntag

SE

43,731

3,291,030

Daimler

Truck

Holding

AG

*

4,104

138,506

Deutsche

Bank

AG

(Registered)

476,350

4,844,097

Deutsche

Boerse

AG

5,597

1,089,793

Deutsche

Lufthansa

AG

(Registered)

*

23,147

257,453

Deutsche

Post

AG

(Registered)

106,472

4,986,684

Fresenius

SE

&

Co.

KGaA

12,270

331,330

GEA

Group

AG

12,087

551,380

Hannover

Rueck

SE

2,264

442,794

HelloFresh

SE

*

97,312

2,320,630

15

AQR

Funds

|

Semi-Annual

Report

|

March

2023

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

(Continued)

AQR

INTERNATIONAL

MULTI-STYLE

FUND

Schedule

of

Investments

March

31,

2023

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

Germany

-

6.8%

(continued)

Infineon

Technologies

AG

6,802

279,326

Knorr-Bremse

AG

11,293

752,238

MTU

Aero

Engines

AG

6,246

1,562,999

Muenchener

Rueckversicherungs-

Gesellschaft

AG

in

Muenchen

(Registered)

7,154

2,501,294

Rational

AG

938

630,510

Rheinmetall

AG

9,726

2,881,331

RWE

AG

16,289

700,889

Siemens

Energy

AG

*

3,772

83,178

31,407,685

—

Hong

Kong

-

1.7%

CK

Asset

Holdings

Ltd.

314,939

1,909,372

Hong

Kong

Exchanges

&

Clearing

Ltd.

32,300

1,431,689

Link,

REIT

39,000

250,779

Sun

Hung

Kai

Properties

Ltd.

9,500

133,091

Swire

Pacific

Ltd.,

Class

A

87,000

668,594

WH

Group

Ltd.

(a)

5,698,000

3,396,845

7,790,370

—

Italy

-

1.5%

Assicurazioni

Generali

SpA

126,315

2,516,777

Coca-Cola

HBC

AG

45,952

1,257,946

Eni

SpA

66,286

924,449

Prysmian

SpA

47,973

2,014,421

6,713,593

—

Japan

-

18.7%

Bandai

Namco

Holdings,

Inc.

16,500

355,726

Dai-ichi

Life

Holdings,

Inc.

109,000

2,003,800

Daito

Trust

Construction

Co.

Ltd.

9,500

946,483

Dentsu

Group,

Inc.

25,800

909,406

ENEOS

Holdings,

Inc.

760,100

2,666,819

Fuji

Electric

Co.

Ltd.

10,800

426,496

Fujitsu

Ltd.

12,400

1,675,615

Hakuhodo

DY

Holdings,

Inc.

114,300

1,295,869

Ibiden

Co.

Ltd.

45,600

1,828,713

Idemitsu

Kosan

Co.

Ltd.

68,200

1,493,087

Iida

Group

Holdings

Co.

Ltd.

59,600

973,069

Inpex

Corp.

12,000

126,990

ITOCHU

Corp.

105,100

3,422,734

Japan

Post

Holdings

Co.

Ltd.

499,900

4,057,176

Japan

Post

Insurance

Co.

Ltd.

243,900

3,801,389

Japan

Tobacco,

Inc.

35,000

739,324

KDDI

Corp.

11,100

342,299

Kobayashi

Pharmaceutical

Co.

Ltd.

3,000

183,478

Konami

Group

Corp.

22,500

1,032,697

M3,

Inc.

12,400

312,096

Marubeni

Corp.

171,700

2,335,072

Mazda

Motor

Corp.

105,100

969,442

MISUMI

Group,

Inc.

11,500

288,976

Mitsui

&

Co.

Ltd.

70,800

2,206,825

Mizuho

Financial

Group,

Inc.

93,520

1,324,951

MS&AD

Insurance

Group

Holdings,

Inc.

146,200

4,530,866

Nexon

Co.

Ltd.

173,600

4,145,356

NGK

Insulators

Ltd.

92,900

1,231,901

Nippon

Shinyaku

Co.

Ltd.

6,800

300,051

INVESTMENTS

SHARES

VALUE

($)

Japan

-

18.7%

(continued)

Nippon

Steel

Corp.

44,500

1,049,376

Nippon

Telegraph

&

Telephone

Corp.

5,400

161,367

Nitto

Denko

Corp.

5,800

375,384

Nomura

Real

Estate

Holdings,

Inc.

10,700

236,937

Ono

Pharmaceutical

Co.

Ltd.

59,100

1,231,537

ORIX

Corp.

15,900

262,159

Osaka

Gas

Co.

Ltd.

158,900

2,610,379

Otsuka

Corp.

13,400

475,898

Otsuka

Holdings

Co.

Ltd.

24,200

768,341

Resona

Holdings,

Inc.

146,900

708,666

Rohm

Co.

Ltd.

2,300

191,697

Shin-Etsu

Chemical

Co.

Ltd.

29,000

941,370

Sompo

Holdings,

Inc.

107,900

4,275,550

Square

Enix

Holdings

Co.

Ltd.

30,700

1,475,310

Subaru

Corp.

16,300

260,207

SUMCO

Corp.

151,300

2,276,148

Sumitomo

Corp.

52,500

930,056

Sumitomo

Mitsui

Financial

Group,

Inc.

54,900

2,196,965

Sumitomo

Mitsui

Trust

Holdings,

Inc.

52,900

1,817,432

Suntory

Beverage

&

Food

Ltd.

17,900

666,747

Taisei

Corp.

22,500

696,125

Tokyo

Electric

Power

Co.

Holdings,

Inc.

*

1,197,100

4,276,300

Tokyo

Gas

Co.

Ltd.

183,800

3,454,192

TOPPAN,

Inc.

104,300

2,101,889

Tosoh

Corp.

248,800

3,381,066

Toyota

Tsusho

Corp.

63,500

2,707,466

85,455,270

—

Luxembourg

-

1.0%

ArcelorMittal

SA

156,383

4,737,825

Netherlands

-

6.2%

Aegon

NV

35,028

150,381

ASM

International

NV

9,535

3,870,265

ASML

Holding

NV

3,453

2,353,040

Heineken

NV

9,117

979,629

ING

Groep

NV

109,319

1,298,201

Koninklijke

Ahold

Delhaize

NV

168,586

5,759,763

NN

Group

NV

17,591

638,728

OCI

NV

78,065

2,646,393

Randstad

NV

11,367

674,799

Shell

plc

191,540

5,458,622

Wolters

Kluwer

NV

35,973

4,541,108

28,370,929

—

Singapore

-

1.9%

CapitaLand

Integrated

Commercial

Trust,

REIT

156,096

232,806

STMicroelectronics

NV

130,963

6,978,193

Venture

Corp.

Ltd.

111,300

1,481,341

8,692,340

—

South

Africa

-

0.3%

Anglo

American

plc

45,763

1,522,147

16

AQR

Funds

|

Semi-Annual

Report

|

March

2023

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

(Continued)

AQR

INTERNATIONAL

MULTI-STYLE

FUND

Schedule

of

Investments

March

31,

2023

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

Spain

-

2.3%

Banco

Bilbao

Vizcaya

Argentaria

SA

500,247

3,576,447

Banco

Santander

SA

337,549

1,257,870

Red

Electrica

Corp.

SA

14,437

254,038

Repsol

SA

363,523

5,590,211

10,678,566

—

Sweden

-

3.7%

Alfa

Laval

AB

5,091

181,785

Atlas

Copco

AB,

Class

B

42,828

492,640

Boliden

AB

7,128

280,018

Evolution

AB

(a)

29,623

3,968,844

Fastighets

AB

Balder,

Class

B

*

281,064

1,154,775

Hexagon

AB,

Class

B

13,741

158,151

Investor

AB,

Class

B

44,280

882,084

Sandvik

AB

47,783

1,014,232

Securitas

AB,

Class

B

154,772

1,376,796

Skandinaviska

Enskilda

Banken

AB,

Class

A

*

17,456

192,684

Skanska

AB,

Class

B

16,419

251,485

SKF

AB,

Class

B

68,982

1,358,733

Svenska

Handelsbanken

AB,

Class

A

47,501

411,400

Swedish

Orphan

Biovitrum

AB

*

85,232

1,985,955

Telefonaktiebolaget

LM

Ericsson,

Class

B

67,988

398,534

Volvo

AB,

Class

B

128,723

2,652,550

Volvo

Car

AB,

Class

B

*

87,523

382,885

17,143,551

—

Switzerland

-

6.5%

Cie

Financiere

Richemont

SA

(Registered)

8,785

1,408,729

Geberit

AG

(Registered)

1,427

796,904

Lonza

Group

AG

(Registered)

1,739

1,046,877

Novartis

AG

(Registered)

111,657

10,252,183

Sonova

Holding

AG

(Registered)

15,801

4,661,118

Swatch

Group

AG

(The)

15,925

5,484,423

Temenos

AG

(Registered)

18,708

1,301,817

UBS

Group

AG

(Registered)

153,061

3,238,893

Zurich

Insurance

Group

AG

3,630

1,739,491

29,930,435

—

United

Kingdom

-

9.5%

3i

Group

plc

30,804

642,063

Associated

British

Foods

plc

159,101

3,818,092

AstraZeneca

plc

2,077

287,777

Auto

Trader

Group

plc

(a)

17,836

136,048

Aviva

plc

205,010

1,024,053

BAE

Systems

plc

492,300

5,954,930

Barclays

plc

2,868,946

5,163,832

Barratt

Developments

plc

66,145

380,650

BP

plc

515,230

3,256,524

British

American

Tobacco

plc

52,898

1,854,309

BT

Group

plc

2,848,245

5,130,629

Bunzl

plc

15,676

592,123

Burberry

Group

plc

104,038

3,331,279

Entain

plc

65,670

1,019,863

Imperial

Brands

plc

24,800

570,293

Kingfisher

plc

52,609

170,059

INVESTMENTS

SHARES

VALUE

($)

United

Kingdom

-

9.5%

(continued)

Legal

&

General

Group

plc

625,129

1,848,887

Lloyds

Banking

Group

plc

1,237,857

727,796

London

Stock

Exchange

Group

plc

9,002

874,362

M&G

plc

69,155

169,501

Next

plc

4,263

346,496

Reckitt

Benckiser

Group

plc

11,653

886,531

Standard

Chartered

plc

26,362

199,799

Tesco

plc

1,480,569

4,853,946

43,239,842

—

United

States

-

5.0%

CSL

Ltd.

13,789

2,670,521

GSK

plc

105,817

1,869,715

Haleon

plc

130,925

520,091

Holcim

AG

14,221

917,131

Nestle

SA

(Registered)

25,061

3,055,702

Roche

Holding

AG

27,669

7,906,213

Stellantis

NV

338,331

6,152,983

23,092,356

—

TOTAL

COMMON

STOCKS

(Cost

$344,380,875)

432,641,857

PREFERRED

STOCKS

-

0.1%

Germany

-

0.1%

Henkel

AG

&

Co.

KGaA

(Preference)

(Cost

$525,569)

8,101

633,774

SHORT-TERM

INVESTMENTS

-

4.4%

INVESTMENT

COMPANIES

-

4.4%

Limited

Purpose

Cash

Investment

Fund,

4.73%

(1)(b)

(Cost

$20,176,169)

20,190,066

20,181,990

TOTAL

INVESTMENTS

IN

SECURITIES

AT

VALUE

-

98.9%

(Cost

$365,082,613)

453,457,621

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

-

1.1%

(c)

5,118,699

NET

ASSETS

-

100.0%

458,576,320

17

AQR

Funds

|

Semi-Annual

Report

|

March

2023

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

INTERNATIONAL

MULTI-STYLE

FUND

Schedule

of

Investments

March

31,

2023

(Unaudited)

SECTOR

VALUE

%

OF

NET

ASSETS

Communication

Services

$

19,201,460

4.2

%

Consumer

Discretionary

32,914,026

7.2

Consumer

Staples

39,329,659

8.6

Energy

40,646,639

8.9

Financials

88,385,449

19.3

Health

Care

46,828,946

10.2

Industrials

68,632,140

15.0

Information

Technology

30,554,105

6.6

Materials

49,176,995

10.7

Real

Estate

5,916,267

1.3

Utilities

11,689,945

2.5

Investment

Companies

20,181,990

4.4

Total

Investments

In

Securities

At

Value

453,457,621

98.9

Other

Assets

in

Excess

of

Liabilities

(c

)

5,118,699

1.1

Net

Assets

$

458,576,320

100.0%

*

Non-income

producing

security.

(a)

Securities

exempt

from

registration

under

Rule

144A

or

section

4(2),

of

the

Securities

Act

of

1933.

Under

procedures

approved

by

the

Board

of

Trustees,

such

securities

have

been

determined

to

be

liquid

by

the

investment

adviser

and

may

be

resold,

normally

to

qualified

institutional

buyers

in

transactions

exempt

from

registration.

Total

value

of

all

such

securities

at

March

31,

2023

amounted

to

$11,132,129,

which

represents

2.43%

of

net

assets

of

the

Fund.

(b)

Represents

7-day

effective

yield

as

of

March

31,

2023.

(c)

Includes

appreciation/(depreciation)

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).

Futures

contracts

outstanding

as

of

March

31,

2023:

Exchange

Traded

DESCRIPTION

NUMBER

OF

CONTRACTS

EXPIRATION

DATE

TRADING

CURRENCY

NOTIONAL

AMOUNT

VALUE

AND

UNREALIZED

APPRECIATION

(DEPRECIATION)

Long

Contracts

MSCI

EAFE

E-Mini

Index

205

6/2023

USD

$

21,489,125

$

725,079

$

725,079

Collateral

pledged

to,

or

(received

from),

each

counterparty

at

March

31,

2023

was

as

follows:

COUNTERPARTY

OVER

THE

COUNTER

EXCHANGE

TRADED

TOTAL

JPMS

Cash

$

–

$

(53,294)

$

(53,294)

18

AQR

Funds

|

Semi-Annual

Report

|

March

2023

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

(Continued)

AQR

EMERGING

MULTI-STYLE

II

FUND

Schedule

of

Investments

March

31,

2023

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

COMMON

STOCKS

-

94.1%

Brazil

-

3.8%

Ambev

SA,

ADR

(1)

1,111,995

3,135,827

Banco

do

Brasil

SA

(1)

885,000

6,828,982

BB

Seguridade

Participacoes

SA

(1)

26,000

166,769

Gerdau

SA,

ADR

(1)

577,791

2,848,509

Hapvida

Participacoes

e

Investimentos

S/A

(1)*(a)

562,600

290,821

Lojas

Renner

SA

(1)*

101,300

331,174

Natura

&

Co.

Holding

SA

(1)

312,400

813,598

Petro

Rio

SA

(1)*

285,300

1,755,666

TIM

SA,

ADR

(1)

13,640

168,590

Ultrapar

Participacoes

SA

(1)

141,600

390,008

Vale

SA,

ADR

(1)

56,835

896,856

Vibra

Energia

SA

(1)

602,400

1,712,670

19,339,470

—

Chile

-

1.3%

Cencosud

SA

(1)

1,443,273

2,788,898

Empresas

Copec

SA

(1)

36,989

261,053

Enel

Chile

SA,

ADR

(1)

31,881

86,079

Sociedad

Quimica

y

Minera

de

Chile

SA,

ADR

(1)

43,162

3,498,712

6,634,742

—

China

-

31.8%

3SBio,

Inc.

(a)

2,026,500

2,016,823

Agricultural

Bank

of

China

Ltd.,

Class

A

614,500

278,197

Alibaba

Group

Holding

Ltd.

*

1,139,504

14,432,383

Anhui

Conch

Cement

Co.

Ltd.,

Class

A

48,323

198,531

Anhui

Conch

Cement

Co.

Ltd.,

Class

A

22,200

91,207

Baidu,

Inc.,

Class

A

*

163,750

3,085,259

Bank

of

Beijing

Co.

Ltd.,

Class

A

371,578

238,072

Bank

of

Beijing

Co.

Ltd.,

Class

A

197,800

126,731

Bank

of

China

Ltd.,

Class

A

609,800

299,823

Bank

of

China

Ltd.,

Class

H

3,714,000

1,423,825

Bank

of

Communications

Co.

Ltd.,

Class

A

389,700

289,838

Bank

of

Communications

Co.

Ltd.,

Class

H

1,568,000

986,123

Bank

of

Ningbo

Co.

Ltd.,

Class

A

59,400

235,902

Bank

of

Shanghai

Co.

Ltd.,

Class

A

227,711

198,561

Baoshan

Iron

&

Steel

Co.

Ltd.,

Class

A

742,222

673,831

Beijing

Enterprises

Holdings

Ltd.

181,500

653,322

BOE

Technology

Group

Co.

Ltd.,

Class

A

1,685,000

1,088,569

Bosideng

International

Holdings

Ltd.

336,000

187,492

BYD

Co.

Ltd.,

Class

A

32,300

1,203,152

China

CITIC

Bank

Corp.

Ltd.,

Class

H

4,697,000

2,362,884

China

Coal

Energy

Co.

Ltd.,

Class

H

817,000

620,008

China

Communications

Services

Corp.

Ltd.,

Class

H

1,198,000

589,497

INVESTMENTS

SHARES

VALUE

($)

China

-

31.8%

(continued)

China

Construction

Bank

Corp.,

Class

H

14,094,000

9,121,565

China

Everbright

Bank

Co.

Ltd.,

Class

A

538,100

235,662

China

Feihe

Ltd.

(a)

1,072,000

803,417

China

Hongqiao

Group

Ltd.

2,775,000

2,666,725

China

Lesso

Group

Holdings

Ltd.

535,000

478,031

China

Medical

System

Holdings

Ltd.

972,000

1,533,591

China

Merchants

Bank

Co.

Ltd.,

Class

A

1

109,658

546,019

China

Merchants

Port

Holdings

Co.

Ltd.

106,000

162,730

China

Merchants

Securities

Co.

Ltd.,

Class

A

240,200

482,006

China

Merchants

Shekou

Industrial

Zone

Holdings

Co.

Ltd.,

Class

A

71,100

140,502

China

Minsheng

Banking

Corp.

Ltd.,

Class

A

354,355

177,995

China

Minsheng

Banking

Corp.

Ltd.,

Class

H

651,500

223,235

China

National

Building

Material

Co.

Ltd.,

Class

H

2,462,000

2,023,576

China

Overseas

Land

&

Investment

Ltd.

305,500

737,012

China

Pacific

Insurance

Group

Co.

Ltd.,

Class

A

63,000

237,682

China

Petroleum

&

Chemical

Corp.,

Class

A

474,800

387,999

China

Resources

Beer

Holdings

Co.

Ltd.

228,000

1,831,617

China

Resources

Land

Ltd.

592,000

2,695,870

China

Resources

Pharmaceutical

Group

Ltd.

(a)

810,000

640,912

China

Resources

Power

Holdings

Co.

Ltd.

378,000

806,499

China

State

Construction

Engineering

Corp.

Ltd.,

Class

A

1,145,200

965,395

China

Taiping

Insurance

Holdings

Co.

Ltd.

1,411,600

1,500,957

China

Tourism

Group

Duty

Free

Corp.

Ltd.,

Class

A

35,392

944,946

China

Traditional

Chinese

Medicine

Holdings

Co.

Ltd.

290,000

151,935

China

Vanke

Co.

Ltd.,

Class

A

71,400

157,744

China

Yangtze

Power

Co.

Ltd.,

Class

A

99,200

306,538

Chinasoft

International

Ltd.

794,000

503,015

CITIC

Ltd.

4,123,000

4,819,011

CITIC

Securities

Co.

Ltd.,

Class

A

153,065

456,743

COSCO

SHIPPING

Holdings

Co.

Ltd.,

Class

H

1,232,900

1,389,943

Country

Garden

Services

Holdings

Co.

Ltd.

511,000

881,010

CSPC

Pharmaceutical

Group

Ltd.

1,642,000

1,609,681

Dongfeng

Motor

Group

Co.

Ltd.,

Class

H

1,650,000

775,108

Dongyue

Group

Ltd.

2,601,000

2,688,373

East

Buy

Holding

Ltd.

*(a)

847,500

3,627,727

Far

East

Horizon

Ltd.

403,000

361,891

19

AQR

Funds

|

Semi-Annual

Report

|

March

2023

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

(Continued)

AQR

EMERGING

MULTI-STYLE

II

FUND

Schedule

of

Investments

March

31,

2023

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

China

-

31.8%

(continued)

Foshan

Haitian

Flavouring

&

Food

Co.

Ltd.,

Class

A

47,473

528,609

GCL

Technology

Holdings

Ltd.

*

6,969,000

1,803,742

Geely

Automobile

Holdings

Ltd.

1,321,000

1,702,271

Great

Wall

Motor

Co.

Ltd.,

Class

H

345,000

426,886

Guotai

Junan

Securities

Co.

Ltd.,

Class

A

94,200

197,086

H

World

Group

Ltd.,

ADR

(1)*

15,565

762,374

Haidilao

International

Holding

Ltd.

*(a)

498,000

1,349,674

Haier

Smart

Home

Co.

Ltd.,

Class

A

225,900

744,878

Haitong

Securities

Co.

Ltd.,

Class

A

186,300

239,167

Hua

Hong

Semiconductor

Ltd.

*(a)

321,000

1,423,285

Huatai

Securities

Co.

Ltd.,

Class

A

136,300

253,517

Huaxia

Bank

Co.

Ltd.,

Class

A

291,300

228,260

Industrial

&

Commercial

Bank

of

China

Ltd.,

Class

A

350,800

227,735

Industrial

Bank

Co.

Ltd.,

Class

A

154,590

380,458

Inner

Mongolia

Yili

Industrial

Group

Co.

Ltd.,

Class

A

158,400

669,941

JD.com,

Inc.,

Class

A

172,938

3,776,308

Jiangsu

Hengrui

Pharmaceuticals

Co.

Ltd.,

Class

A

236,338

1,472,194

Jiangsu

Yanghe

Brewery

Joint-

Stock

Co.

Ltd.,

Class

A

28,800

691,203

Jiumaojiu

International

Holdings

Ltd.

(a)

525,000

1,248,089

KE

Holdings,

Inc.,

ADR

(1)*

59,358

1,118,305

Kingboard

Holdings

Ltd.

230,000

707,208

Kunlun

Energy

Co.

Ltd.

2,958,000

2,309,396

Kweichow

Moutai

Co.

Ltd.,

Class

A

1

6,700

1,769,560

Kweichow

Moutai

Co.

Ltd.,

Class

A

1,100

290,525

Li

Ning

Co.

Ltd.

33,500

263,441

Longfor

Group

Holdings

Ltd.

(a)

152,500

430,106

Luxshare

Precision

Industry

Co.

Ltd.,

Class

A

276,407

1,220,785

Luzhou

Laojiao

Co.

Ltd.,

Class

A

1

27,900

1,030,177

Luzhou

Laojiao

Co.

Ltd.,

Class

A

10,200

376,624

Meituan,

Class

B

*(a)

230,980

4,190,489

NARI

Technology

Co.

Ltd.,

Class

A

327,208

1,289,870

NetEase,

Inc.

58,450

1,031,811

New

China

Life

Insurance

Co.

Ltd.,

Class

A

38,600

171,104

New

China

Life

Insurance

Co.

Ltd.,

Class

H

203,300

482,842

New

Oriental

Education

&

Technology

Group,

Inc.

*

998,100

3,830,266

NIO,

Inc.,

ADR

(1)*

94,422

992,375

PDD

Holdings,

Inc.,

ADR

(1)*

42,641

3,236,452

People's

Insurance

Co.

Group

of

China

Ltd.

(The),

Class

H

547,000

182,524

PetroChina

Co.

Ltd.,

Class

A

448,500

386,108

PICC

Property

&

Casualty

Co.

Ltd.,

Class

H

2,674,000

2,727,770

Ping

An

Bank

Co.

Ltd.,

Class

A

1

160,985

293,303

Ping

An

Insurance

Group

Co.

of

China

Ltd.,

Class

A

1

51,900

343,759

Poly

Developments

and

Holdings

Group

Co.

Ltd.,

Class

A

78,100

160,315

INVESTMENTS

SHARES

VALUE

($)

China

-

31.8%

(continued)

SAIC

Motor

Corp.

Ltd.,

Class

A

167,800

351,105

Sany

Heavy

Industry

Co.

Ltd.,

Class

A

238,100

591,549

Sany

Heavy

Industry

Co.

Ltd.,

Class

A

76,600

190,309

Shanghai

Pudong

Development

Bank

Co.

Ltd.,

Class

A

141,963

148,549

Shenwan

Hongyuan

Group

Co.

Ltd.,

Class

A

376,800

228,797

Sinopharm

Group

Co.

Ltd.,

Class

H

738,400

2,231,275

Sinotruk

Hong

Kong

Ltd.

122,000

189,876

Sunac

China

Holdings

Ltd.

(3)*(b)

212,000

82,731

Tencent

Holdings

Ltd.

416,900

20,373,620

Tencent

Music

Entertainment

Group,

ADR

(1)*

53,386

442,036

Topsports

International

Holdings

Ltd.

(a)

981,000

894,232

Trip.com

Group

Ltd.,

ADR

(1)*

43,393

1,634,614

Wuliangye

Yibin

Co.

Ltd.,

Class

A

1

41,682

1,190,664

Wuxi

Biologics

Cayman,

Inc.

*(a)

101,000

622,358

Yankuang

Energy

Group

Co.

Ltd.,

Class

H

276,000

988,203

Yihai

International

Holding

Ltd.

*

450,000

1,322,159

Yum

China

Holdings,

Inc.

(1)

33,622

2,131,299

Zhongsheng

Group

Holdings

Ltd.

44,500

219,268

Zhuzhou

CRRC

Times

Electric

Co.

Ltd.,

Class

H

31,600

137,487

ZTO

Express

Cayman,

Inc.,

ADR

(1)

34,228

980,974

160,264,589

—

Hong

Kong

-

0.4%

Orient

Overseas

International

Ltd.

111,000

2,130,689

Hungary

-

0.0%

(c)

OTP

Bank

Nyrt.

7,944

226,797

India

-

11.4%

ABB

India

Ltd.

5,944

243,877

Aurobindo

Pharma

Ltd.

282,813

1,787,269

Axis

Bank

Ltd.,

GDR

(d)

14,131

732,401

Bharat

Electronics

Ltd.

1,244,693

1,481,413

Cipla

Ltd.

138,606

1,521,291

Coal

India

Ltd.

2,301,890

6,000,560

Dr

Reddy's

Laboratories

Ltd.,

ADR

(1)

28,276

1,609,753

GAIL

India

Ltd.

1,459,728

1,873,349

HCL

Technologies

Ltd.

36,257

481,333

Hindalco

Industries

Ltd.

363,772

1,803,627

Housing

Development

Finance

Corp.

Ltd.

132,676

4,254,663

Indian

Hotels

Co.

Ltd.

59,169

234,241

Indian

Oil

Corp.

Ltd.

1

–

ITC

Ltd.

1,308,502

6,122,332

Jindal

Steel

&

Power

Ltd.

207,772

1,386,505

Larsen

&

Toubro

Ltd.,

GDR

(d)

14,876

394,811

NTPC

Ltd.

2,728,344

5,824,861

Oil

&

Natural

Gas

Corp.

Ltd.

3,301,577

6,084,576

Petronet

LNG

Ltd.

54,359

151,645

Power

Grid

Corp.

of

India

Ltd.

489,155

1,346,684

Reliance

Industries

Ltd.,

GDR

(a)

21,585

1,217,799

20

AQR

Funds

|

Semi-Annual

Report

|

March

2023

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

(Continued)

AQR

EMERGING

MULTI-STYLE

II

FUND

Schedule

of

Investments

March

31,

2023

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

India

-

11.4%

(continued)

Samvardhana

Motherson

International

Ltd.

173,789

142,371

State

Bank

of

India,

GDR

(d)

4,653

295,035

Tata

Consultancy

Services

Ltd.

90,339

3,541,094

Tata

Steel

Ltd.

2,282,307

2,915,582

United

Spirits

Ltd.

*

104,893

967,899

Varun

Beverages

Ltd.

17,477

295,709

Vedanta

Ltd.

1,407,994

4,716,638

57,427,318

—

Indonesia

-

2.8%

Adaro

Energy

Indonesia

Tbk.

PT

28,832,600

5,589,160

Aneka

Tambang

Tbk.

5,084,700

709,755

Astra

International

Tbk.

PT

1,368,300

548,266

Bank

Negara

Indonesia

Persero

Tbk.

PT

284,200

177,835

Indofood

Sukses

Makmur

Tbk.

PT

1,686,400

698,182

Sumber

Alfaria

Trijaya

Tbk.

PT

3,949,600

759,906

Unilever

Indonesia

Tbk.

PT

2,205,900

639,990

United

Tractors

Tbk.

PT

2,587,500

5,028,528

Vale

Indonesia

Tbk.

PT

*

520,500

231,280

14,382,902

—

Malaysia

-

0.5%

AMMB

Holdings

Bhd.

168,300

143,402

Genting

Bhd.

701,900

742,926

Malaysia

Airports

Holdings

Bhd.

*

107,500

165,652

Petronas

Chemicals

Group

Bhd.

88,500

142,219

RHB

Bank

Bhd.

214,200

271,017

Sime

Darby

Bhd.

290,800

141,776

Sime

Darby

Plantation

Bhd.

718,900

697,980

2,304,972

—

Mexico

-

1.7%

Alfa

SAB

de

CV,

Class

A

(1)

1,644,100

1,041,932

Arca

Continental

SAB

de

CV

(1)

188,900

1,715,405

Banco

del

Bajio

SA

(1)(a)

147,900

538,415

Coca-Cola

Femsa

SAB

de

CV,

ADR

(1)

2,087

167,941

Fibra

Uno

Administracion

SA

de

CV,

REIT

(1)

170,900

238,710

Fomento

Economico

Mexicano

SAB

de

CV,

ADR

(1)

12,825

1,220,812

Grupo

Aeroportuario

del

Sureste

SAB

de

CV,

ADR

(1)

4,241

1,299,739

Grupo

Bimbo

SAB

de

CV,

Series

A

(1)

343,600

1,729,060

Grupo

Mexico

SAB

de

CV,

Series

B

(1)

51,600

244,341

Promotora

y

Operadora

de

Infraestructura

SAB

de

CV

(1)

40,980

409,231

8,605,586

—

Philippines

-

0.3%

BDO

Unibank,

Inc.

106,248

251,986

International

Container

Terminal

Services,

Inc.

168,160

660,262

PLDT,

Inc.

9,420

246,691

INVESTMENTS

SHARES

VALUE

($)

Philippines

-

0.3%

(continued)

SM

Prime

Holdings,

Inc.

634,600

383,966

1,542,905

—

Poland

-

1.4%

Bank

Polska

Kasa

Opieki

SA

16,551

329,254

KGHM

Polska

Miedz

SA

8,826

250,685

LPP

SA

68

150,977

PGE

Polska

Grupa

Energetyczna

SA

*

1,407,873

2,050,313

Polski

Koncern

Naftowy

ORLEN

SA

309,353

4,175,644

6,956,873

—

Qatar

-

0.5%

Commercial

Bank

PSQC

(The)

117,149

187,667

Industries

Qatar

QSC

29,520

105,782

Masraf

Al

Rayan

QSC

395,209

322,538

Qatar

Islamic

Bank

SAQ

115,043

563,845

Qatar

National

Bank

QPSC

351,624

1,553,524

2,733,356

—

Russia

-

0.0%

(c)

Gazprom

PJSC

(3)(b)

863,552

—

LUKOIL

PJSC

(3)(b)

29,987

—

Magnit

PJSC

(3)*(b)

6,681

—

Magnit

PJSC,

GDR

(3)*(b)(d)

1

—

MMC

Norilsk

Nickel

PJSC

(3)(b)

6,790

—

MMC

Norilsk

Nickel

PJSC,

ADR

(3)*(b)

2

—

Mobile

TeleSystems

PJSC

(3)(b)

306,032

3

Novatek

PJSC

(3)(b)

71,760

—

Novolipetsk

Steel

PJSC

(3)*(b)

326,680

—

PhosAgro

PJSC,

GDR

(3)*(b)(d)

72

—

PhosAgro

PJSC

(3)(b)

3,717

—

Polyus

PJSC

(3)*(b)

1,291

—

Rosneft

Oil

Co.

PJSC

(3)(b)

106,000

—

Severstal

PAO,

GDR

(3)*(b)(d)

54,062

1

Surgutneftegas

PJSC

(3)(b)

1,249,260

—

Tatneft

PJSC

(3)(b)

134,766

—

4

—

Saudi

Arabia

-

2.9%

Almarai

Co.

JSC

10,472

157,773

Arab

National

Bank

85,676

591,510

Bank

Al-Jazira

45,603

222,262

Banque

Saudi

Fransi

29,715

288,278

Dr

Sulaiman

Al

Habib

Medical

Services

Group

Co.

9,551

743,463

Etihad

Etisalat

Co.

227,665

2,510,167

Jarir

Marketing

Co.

8,403

365,995

Riyad

Bank

115,408

918,700

SABIC

Agri-Nutrients

Co.

77,020

2,625,705

Sahara

International

Petrochemical

Co.

122,449

1,242,480

Saudi

Arabian

Mining

Co.

*

83,758

1,437,502

Saudi

Basic

Industries

Corp.

55,241

1,333,052

Saudi

Electricity

Co.

259,907

1,621,881

Saudi

Research

&

Media

Group

*

10,873

572,617

14,631,385

—

21

AQR

Funds

|

Semi-Annual

Report

|

March

2023

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

(Continued)

AQR

EMERGING

MULTI-STYLE

II

FUND

Schedule

of

Investments

March

31,

2023

(Unaudited)

(Continued)

INVESTMENTS

SHARES

VALUE

($)

South

Africa

-

3.1%

Absa

Group

Ltd.

100,900

1,031,328

African

Rainbow

Minerals

Ltd.

(1)

146,946

1,903,654

Anglo

American

Platinum

Ltd.

3,556

190,892

Exxaro

Resources

Ltd.

289,104

3,021,719

Foschini

Group

Ltd.

(The)

96,121

490,671

Impala

Platinum

Holdings

Ltd.

189,916

1,748,052

Mr

Price

Group

Ltd.

(1)

16,290

131,930

Nedbank

Group

Ltd.

(1)

28,538

347,569

Sanlam

Ltd.

(1)

149,472

473,223

Sasol

Ltd.

61,061

825,157

Sibanye

Stillwater

Ltd.

1,444,447

2,982,517

SPAR

Group

Ltd.

(The)

103,094

816,896

Standard

Bank

Group

Ltd.

67,234

651,890

Woolworths

Holdings

Ltd.

(1)

224,212

805,048

15,420,546

—

South

Korea

-

12.4%

CJ

Corp.

2,570

206,009

DB

Insurance

Co.

Ltd.

33,466

1,925,380

Doosan

Bobcat,

Inc.

39,736

1,336,456

E-MART,

Inc.

1,811

147,287

GS

Holdings

Corp.

27,105

840,794

Hana

Financial

Group,

Inc.

140,152

4,389,417

HD

Hyundai

Co.

Ltd.

5,799

259,103

HMM

Co.

Ltd.

232,379

3,654,052

Hyundai

Engineering

&

Construction

Co.

Ltd.

39,152

1,101,070

Hyundai

Glovis

Co.

Ltd.

5,422

662,162

Hyundai

Mobis

Co.

Ltd.

6,286

1,044,040

Hyundai

Steel

Co.

43,984

1,175,772

Industrial

Bank

of

Korea

282,346

2,195,836

KB

Financial

Group,

Inc.

33,645

1,228,789

Kia

Corp.

116,177

7,250,385

Korea

Investment

Holdings

Co.

Ltd.

9,250

392,634

Krafton,

Inc.

*

1,646

234,114

Kumho

Petrochemical

Co.

Ltd.

17,518

1,937,730

LG

Electronics,

Inc.

44,838

4,001,511

LG

Innotek

Co.

Ltd.

1,216

255,010

LG

Uplus

Corp.

12,221

101,816

Meritz

Securities

Co.

Ltd.

50,716

238,033

Pan

Ocean

Co.

Ltd.

34,530

154,789

POSCO

Holdings,

Inc.

20,262

5,732,551

Samsung

Electronics

Co.

Ltd.

285,611

14,123,740

SD

Biosensor,

Inc.

121,790

1,981,842

Seegene,

Inc.

12,331

236,039

Shinhan

Financial

Group

Co.

Ltd.

45,039

1,223,499

Woori

Financial

Group,

Inc.

539,326

4,744,278

62,774,138

—

Taiwan

-

15.0%

Accton

Technology

Corp.

102,000

1,072,033

ASE

Technology

Holding

Co.

Ltd.

463,000

1,718,222

Catcher

Technology

Co.

Ltd.

396,000

2,475,513

CTBC

Financial

Holding

Co.

Ltd.

938,480

675,828

Eva

Airways

Corp.

526,000

466,788

Evergreen

Marine

Corp.

Taiwan

Ltd.

835,000

4,373,204

Hon

Hai

Precision

Industry

Co.

Ltd.

1,748,000

5,983,394

Largan

Precision

Co.

Ltd.

6,000

430,165

MediaTek,

Inc.

49,000

1,270,380

INVESTMENTS

SHARES

VALUE

($)

Taiwan

-

15.0%

(continued)

Nan

Ya

Printed

Circuit

Board

Corp.

46,000

431,202

Nien

Made

Enterprise

Co.

Ltd.

77,000

829,283

Novatek

Microelectronics

Corp.

234,000

3,325,265

PharmaEssentia

Corp.

*

138,000

1,942,018

Pou

Chen

Corp.

1,929,000

1,982,628

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.,

ADR

(1)

312,641

29,081,867

Unimicron

Technology

Corp.

491,000

2,394,740

Uni-President

Enterprises

Corp.

687,000

1,624,060

United

Microelectronics

Corp.

2,507,000

4,387,081

Voltronic

Power

Technology

Corp.

12,000

683,324

Walsin

Lihwa

Corp.

2,371,000

3,818,720

Wan

Hai

Lines

Ltd.

211,000

477,540

Winbond

Electronics

Corp.

279,000

244,112

Wiwynn

Corp.

23,000

853,333

Yang

Ming

Marine

Transport

Corp.

1,286,000

2,730,092

Zhen

Ding

Technology

Holding

Ltd.

612,000

2,302,720

75,573,512

—

Thailand

-

2.7%

Bangkok

Dusit

Medical

Services

PCL,

NVDR

2,211,800

1,909,417

Bumrungrad

Hospital

PCL,

NVDR

252,600

1,671,499

Electricity

Generating

PCL,

NVDR

75,500

343,779

Indorama

Ventures

PCL,

NVDR

353,000

356,684

Kasikornbank

PCL,

NVDR

109,500

424,768

Krung

Thai

Bank

PCL,

NVDR

5,492,900

2,652,439

Minor

International

PCL,

NVDR

*

231,900

219,234

PTT

Exploration

&

Production

PCL,

NVDR

962,700

4,230,411

Ratch

Group

PCL,

NVDR

183,900

207,395

SCB

X

PCL,

NVDR

359,000

1,078,632

Thai

Oil

PCL,

NVDR

297,300

456,849

13,551,107

—

Turkey

-

0.5%

Akbank

TAS

1,141,107

1,009,698

Haci

Omer

Sabanci

Holding

A/S

63,629

131,598

Turk

Hava

Yollari

AO

*

70,430

436,134

Turkiye

Petrol

Rafinerileri

A/S

7,418

205,360

Yapi

ve

Kredi

Bankasi

A/S

1,876,714

939,992

2,722,782

—

United

Arab

Emirates

-

0.9%

Abu

Dhabi

Commercial

Bank

PJSC

101,494

229,690

Aldar

Properties

PJSC

169,128

214,482

Emaar

Properties

PJSC

264,055

403,477

Emirates

NBD

Bank

PJSC

198,616

710,749

Emirates

Telecommunications

Group

Co.

PJSC

285,825

1,717,365

First

Abu

Dhabi

Bank

PJSC

328,386

1,153,361

4,429,124

—

United

States

-

0.7%

JBS

SA

(1)

1,007,800

3,549,257

TOTAL

COMMON

STOCKS

(Cost

$419,305,322)

475,202,054

22

AQR

Funds

|

Semi-Annual

Report

|

March

2023

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

EMERGING

MULTI-STYLE

II

FUND

Schedule

of

Investments

March

31,

2023

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

PREFERRED

STOCKS

-

1.1%

Brazil

-

1.1%

Petroleo

Brasileiro

SA

(Preference)

(1)

(Cost

$6,942,665)

1,206,100

5,580,216

SHORT-TERM

INVESTMENTS

-

3.7%

INVESTMENT

COMPANIES

-

3.7%

Limited

Purpose

Cash

Investment

Fund,

4.73%

(1)(e)

(Cost

$18,756,067)

18,766,821

18,759,315

TOTAL

INVESTMENTS

IN

SECURITIES

AT

VALUE

-

98.9%

(Cost

$445,004,054)

499,541,585

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

-

1.1%

(f)

5,609,046

NET

ASSETS

-

100.0%

505,150,631

SECTOR

VALUE

%

OF

NET

ASSETS

Communication

Services

$

30,484,092

6.0

%

Consumer

Discretionary

69,908,182

13.8

Consumer

Staples

38,553,304

7.6

Energy

46,790,618

9.3

Financials

72,602,093

14.4

Health

Care

23,972,180

4.7

Industrials

40,800,970

8.1

Information

Technology

81,117,806

16.1

Materials

51,478,699

10.2

Real

Estate

7,644,230

1.5

Utilities

17,430,096

3.5

Investment

Companies

18,759,315

3.7

Total

Investments

In

Securities

At

Value

499,541,585

98.9

Other

Assets

in

Excess

of

Liabilities

(f)

5,609,046

1.1

Net

Assets

$

505,150,631

100.0%

*

Non-income

producing

security.

(a)

Securities

exempt

from

registration

under

Rule

144A

or

section

4(2),

of

the

Securities

Act

of

1933.

Under

procedures

approved

by

the

Board

of

Trustees,

such

securities

have

been

determined

to

be

liquid

by

the

investment

adviser

and

may

be

resold,

normally

to

qualified

institutional

buyers

in

transactions

exempt

from

registration.

Total

value

of

all

such

securities

at

March

31,

2023

amounted

to

$19,294,147,

which

represents

3.82%

of

net

assets

of

the

Fund.

(b)

Security

fair

valued

using

significant

unobservable

inputs

(Level

3)

as

of

March

31,

2023

in

accordance

with

procedures

approved

by

the

Board

of

Trustees.

Total

value

of

all

such

securities

at

March

31,

2023

amounted

to

$82,735,

which

represents

0.02%

of

net

assets

of

the

Fund.

(c)

Represents

less

than

0.05%

of

net

assets.

(d)

Security

exempt

from

registration

pursuant

to

Regulation

S

under

the

Securities

Act

of

1933.

Regulation

S

applies

to

securities

offerings

that

are

made

outside

of

the

United

States

and

do

not

involve

direct

selling

efforts

in

the

United

States.

Total

value

of

all

such

securities

at

March

31,

2023

amounted

to

$1,422,248,

which

represents

0.28%

of

net

assets

of

the

Fund.

(e)

Represents

7-day

effective

yield

as

of

March

31,

2023.

(f)

Includes

appreciation/(depreciation)

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).

Futures

contracts

outstanding

as

of

March

31,

2023:

Exchange

Traded

DESCRIPTION

NUMBER

OF

CONTRACTS

EXPIRATION

DATE

TRADING

CURRENCY

NOTIONAL

AMOUNT

VALUE

AND

UNREALIZED

APPRECIATION

(DEPRECIATION)

Long

Contracts

MSCI

Emerging

Markets

E-Mini

Index

368

6/2023

USD

$

18,317,200

$

646,821

$

646,821

Collateral

pledged

to,

or

(received

from),

each

counterparty

at

March

31,

2023

was

as

follows:

COUNTERPARTY

OVER

THE

COUNTER

EXCHANGE

TRADED

TOTAL

JPMS

Cash

$

–

$

(93,516)

$

(93,516)

23

AQR

Funds

|

Semi-Annual

Report

|

March

2023

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

(Continued)

AQR

LARGE

CAP

MOMENTUM

STYLE

FUND

Schedule

of

Investments

March

31,

2023

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

COMMON

STOCKS

-

95.7%

Aerospace

&

Defense

-

3.5%

Axon

Enterprise,

Inc.

4,887

1,098,842

BWX

Technologies,

Inc.

26,612

1,677,620

Curtiss-Wright

Corp.

6,300

1,110,438

General

Dynamics

Corp.

885

201,966

Hexcel

Corp.

4,221

288,083

Howmet

Aerospace,

Inc.

17,600

745,712

Huntington

Ingalls

Industries,

Inc.

6,433

1,331,760

Lockheed

Martin

Corp.

16,083

7,602,917

Northrop

Grumman

Corp.

11,087

5,119,090

Raytheon

Technologies

Corp.

45,187

4,425,163

TransDigm

Group,

Inc.

887

653,763

24,255,354

Automobiles

-

0.2%

Harley-Davidson,

Inc.

10,978

416,835

Tesla,

Inc.

3,523

730,881

1,147,716

Banks

-

0.7%

Commerce

Bancshares,

Inc.

6,828

398,414

First

Republic

Bank

1,840

25,742

FNB

Corp.

26,499

307,388

JPMorgan

Chase

&

Co.

24,454

3,186,601

Wintrust

Financial

Corp.

7,954

580,244

4,498,389

Beverages

-

2.4%

Coca-Cola

Co.

(The)

85,794

5,321,802

Constellation

Brands,

Inc.,

Class

A

4,147

936,766

Molson

Coors

Beverage

Co.,

Class

B

17,732

916,390

Monster

Beverage

Corp.

23,264

1,256,488

PepsiCo,

Inc.

43,656

7,958,489

16,389,935

Biotechnology

-

4.0%

AbbVie,

Inc.

31,704

5,052,667

Alnylam

Pharmaceuticals,

Inc.

5,497

1,101,159

Amgen,

Inc.

19,958

4,824,847

Biogen,

Inc.

*

6,982

1,941,205

BioMarin

Pharmaceutical,

Inc.

8,108

788,422

Gilead

Sciences,

Inc.

57,290

4,753,351

Moderna,

Inc.

*

8,312

1,276,557

Neurocrine

Biosciences,

Inc.

4,432

448,607

Regeneron

Pharmaceuticals,

Inc.

*

3,211

2,638,382

Sarepta

Therapeutics,

Inc.

*

4,919

677,986

United

Therapeutics

Corp.

*

6,028

1,350,031

Vertex

Pharmaceuticals,

Inc.

*

7,202

2,269,134

27,122,348

Building

Products

-

0.5%

A

O

Smith

Corp.

4,045

279,712

Fortune

Brands

Innovations,

Inc.

5,250

308,333

INVESTMENTS

SHARES

VALUE

($)

Building

Products

-

0.5%

(continued)

Trane

Technologies

plc

16,727

3,077,433

3,665,478

Capital

Markets

-

3.0%

Ameriprise

Financial,

Inc.

7,144

2,189,636

BlackRock,

Inc.

365

244,229

CME

Group,

Inc.

4,233

810,704

FactSet

Research

Systems,

Inc.

1,562

648,371

Goldman

Sachs

Group,

Inc.

(The)

3,894

1,273,766

Intercontinental

Exchange,

Inc.

4,335

452,097

Jefferies

Financial

Group,

Inc.

24,961

792,262

LPL

Financial

Holdings,

Inc.

13,803

2,793,727

MarketAxess

Holdings,

Inc.

2,251

880,794

Moody's

Corp.

2,295

702,316

Morgan

Stanley

57,494

5,047,973

MSCI,

Inc.

5,391

3,017,289

Nasdaq,

Inc.

11,442

625,534

S&P

Global,

Inc.

3,044

1,049,480

20,528,178

Chemicals

-

2.0%

Air

Products

and

Chemicals,

Inc.

2,666

765,702

Albemarle

Corp.

13,119

2,899,824

CF

Industries

Holdings,

Inc.

5,927

429,648

Chemours

Co.

(The)

17,225

515,716

Corteva,

Inc.

39,888

2,405,645

Element

Solutions,

Inc.

38,953

752,182

FMC

Corp.

6,321

771,984

Mosaic

Co.

(The)

32,818

1,505,690

Olin

Corp.

28,898

1,603,839

Sherwin-Williams

Co.

(The)

7,860

1,766,692

Westlake

Corp.

2,018

234,048

13,650,970

Commercial

Services

&

Supplies

-

0.8%

Cintas

Corp.

5,774

2,671,514

Clean

Harbors,

Inc.

*

5,043

718,930

Copart,

Inc.

*

17,360

1,305,646

Rollins,

Inc.

20,084

753,752

Waste

Management,

Inc.

1,945

317,366

5,767,208

Communications

Equipment

-

0.7%

Arista

Networks,

Inc.

*

4,824

809,757

Cisco

Systems,

Inc.

18,696

977,333

Motorola

Solutions,

Inc.

4,204

1,202,890

Ubiquiti,

Inc.

5,924

1,609,492

4,599,472

Construction

&

Engineering

-

1.3%

AECOM

11,391

960,489

MasTec,

Inc.

3,090

291,820

MDU

Resources

Group,

Inc.

19,994

609,417

Quanta

Services,

Inc.

22,005

3,666,913

24

AQR

Funds

|

Semi-Annual

Report

|

March

2023

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

(Continued)

AQR

LARGE

CAP

MOMENTUM

STYLE

FUND

Schedule

of

Investments

March

31,

2023

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

Construction

&

Engineering

-

1.3%

(continued)

Valmont

Industries,

Inc.

8,292

2,647,470

WillScot

Mobile

Mini

Holdings

Corp.

*

14,824

694,949

8,871,058

Consumer

Finance

-

0.1%

Capital

One

Financial

Corp.

3,365

323,578

OneMain

Holdings,

Inc.

11,245

416,965

740,543

Consumer

Staples

Distribution

&

Retail

-

1.8%

BJ's

Wholesale

Club

Holdings,

Inc.

*

2,977

226,461

Casey's

General

Stores,

Inc.

6,332

1,370,625

Costco

Wholesale

Corp.

6,245

3,102,953

Dollar

General

Corp.

13,481

2,837,211

Kroger

Co.

(The)

10,238

505,450

Target

Corp.

8,184

1,355,516

Walmart,

Inc.

20,394

3,007,095

12,405,311

Containers

&

Packaging

-

0.3%

Avery

Dennison

Corp.

4,365

781,029

Graphic

Packaging

Holding

Co.

8,030

204,685

Packaging

Corp.

of

America

3,115

432,456

Silgan

Holdings,

Inc.

8,002

429,467

1,847,637

Distributors

-

0.4%

Genuine

Parts

Co.

12,917

2,161,143

LKQ

Corp.

10,484

595,072

2,756,215

Diversified

Consumer

Services

-

0.4%

ADT,

Inc.

55,350

400,181

Grand

Canyon

Education,

Inc.

*

7,825

891,267

H&R

Block,

Inc.

31,911

1,124,863

2,416,311

Diversified

REITs

-

0.1%

WP

Carey,

Inc.,

REIT

6,977

540,369

Diversified

Telecommunication

Services

-

0.6%

AT&T,

Inc.

218,617

4,208,377

Electric

Utilities

-

2.4%

American

Electric

Power

Co.,

Inc.

8,098

736,837

Avangrid,

Inc.

11,777

469,667

Constellation

Energy

Corp.

16,274

1,277,509

FirstEnergy

Corp.

65,202

2,611,992

IDACORP,

Inc.

11,157

1,208,638

NextEra

Energy,

Inc.

57,089

4,400,420

OGE

Energy

Corp.

75,223

2,832,898

PG&E

Corp.

105,826

1,711,206

Pinnacle

West

Capital

Corp.

16,279

1,289,948

16,539,115

INVESTMENTS

SHARES

VALUE

($)

Electrical

Equipment

-

1.0%

AMETEK,

Inc.

5,400

784,782

Eaton

Corp.

plc

20,081

3,440,679

Emerson

Electric

Co.

6,730

586,452

Hubbell,

Inc.

5,747

1,398,303

nVent

Electric

plc

17,295

742,647

6,952,863

Electronic

Equipment,

Instruments

&

Components

-

0.7%

Amphenol

Corp.,

Class

A

13,224

1,080,665

Avnet,

Inc.

8,017

362,369

Corning,

Inc.

11,812

416,727

Jabil,

Inc.

8,553

754,033

Keysight

Technologies,

Inc.

*

1,638

264,504

TD

SYNNEX

Corp.

9,191

889,597

Zebra

Technologies

Corp.,

Class

A

*

3,165

1,006,470

4,774,365

Energy

Equipment

&

Services

-

0.9%

NOV,

Inc.

62,906

1,164,390

Schlumberger

NV

102,769

5,045,958

6,210,348

Entertainment

-

0.4%

Electronic

Arts,

Inc.

6,096

734,263

Madison

Square

Garden

Sports

Corp.,

Class

A

2,139

416,784

Netflix,

Inc.

*

1,751

604,936

World

Wrestling

Entertainment,

Inc.,

Class

A

8,454

771,512

2,527,495

Financial

Services

-

2.0%

Berkshire

Hathaway,

Inc.,

Class

B

*

4,305

1,329,255

Fiserv,

Inc.

*

6,637

750,180

Mastercard,

Inc.,

Class

A

11,061

4,019,678

Shift4

Payments,

Inc.,

Class

A

2,768

209,814

Visa,

Inc.,

Class

A

32,273

7,276,271

13,585,198

Food

Products

-

4.0%

Archer-Daniels-Midland

Co.

16,988

1,353,264

Bunge

Ltd.

9,436

901,327

Campbell

Soup

Co.

89,523

4,921,975

Conagra

Brands,

Inc.

11,834

444,485

Flowers

Foods,

Inc.

42,164

1,155,715

General

Mills,

Inc.

59,428

5,078,717

Hershey

Co.

(The)

14,732

3,747,968

J

M

Smucker

Co.

(The)

27,696

4,358,519

Kraft

Heinz

Co.

(The)

33,013

1,276,613

Lamb

Weston

Holdings,

Inc.

14,547

1,520,452

Post

Holdings,

Inc.

*

28,792

2,587,537

Tyson

Foods,

Inc.,

Class

A

5,543

328,811

27,675,383

25

AQR

Funds

|

Semi-Annual

Report

|

March

2023

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

(Continued)

AQR

LARGE

CAP

MOMENTUM

STYLE

FUND

Schedule

of

Investments

March

31,

2023

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

Gas

Utilities

-

0.1%

Atmos

Energy

Corp.

7,681

863,037

Ground

Transportation

-

1.0%

CSX

Corp.

31,383

939,607

JB

Hunt

Transport

Services,

Inc.

2,681

470,408

Norfolk

Southern

Corp.

2,500

530,000

Old

Dominion

Freight

Line,

Inc.

11,852

4,039,636

Union

Pacific

Corp.

5,640

1,135,106

7,114,757

Health

Care

Equipment

&

Supplies

-

1.8%

Abbott

Laboratories

15,884

1,608,414

Boston

Scientific

Corp.

*

17,375

869,271

Dexcom,

Inc.

25,996

3,020,215

Edwards

Lifesciences

Corp.

*

9,810

811,582

Hologic,

Inc.

*

8,007

646,165

IDEXX

Laboratories,

Inc.

*

5,192

2,596,416

Insulet

Corp.

*

4,343

1,385,243

Intuitive

Surgical,

Inc.

*

3,924

1,002,464

Stryker

Corp.

1,647

470,169

12,409,939

Health

Care

Providers

&

Services

-

4.7%

Acadia

Healthcare

Co.,

Inc.

2,710

195,798

AmerisourceBergen

Corp.

14,181

2,270,520

Cardinal

Health,

Inc.

35,015

2,643,633

Cigna

Group

(The)

12,313

3,146,341

Elevance

Health,

Inc.

4,108

1,888,899

HCA

Healthcare,

Inc.

6,500

1,713,920

Humana,

Inc.

6,353

3,084,127

McKesson

Corp.

14,293

5,089,023

Molina

Healthcare,

Inc.

*

4,912

1,313,911

UnitedHealth

Group,

Inc.

22,699

10,727,320

32,073,492

Health

Care

REITs

-

0.0%

(a)

Omega

Healthcare

Investors,

Inc.,

REIT

9,126

250,144

Health

Care

Technology

-

0.3%

Veeva

Systems,

Inc.,

Class

A

*

10,531

1,935,492

Hotels,

Restaurants

&

Leisure

-

3.4%

Aramark

9,846

352,487

Chipotle

Mexican

Grill,

Inc.

*

2,068

3,532,744

Domino's

Pizza,

Inc.

1,642

541,647

Las

Vegas

Sands

Corp.

47,828

2,747,719

McDonald's

Corp.

35,240

9,853,456

Starbucks

Corp.

40,413

4,208,206

Wendy's

Co.

(The)

9,672

210,656

Wynn

Resorts

Ltd.

2,798

313,124

Yum!

Brands,

Inc.

10,781

1,423,954

23,183,993

Household

Durables

-

0.3%

Garmin

Ltd.

12,279

1,239,196

Tempur

Sealy

International,

Inc.

14,032

554,124

INVESTMENTS

SHARES

VALUE

($)

Household

Durables

-

0.3%

(continued)

Toll

Brothers,

Inc.

8,235

494,347

2,287,667

Household

Products

-

0.1%

Kimberly-Clark

Corp.

1,792

240,522

Reynolds

Consumer

Products,

Inc.

21,630

594,825

835,347

Industrial

Conglomerates

-

0.5%

General

Electric

Co.

9,113

871,203

Honeywell

International,

Inc.

11,968

2,287,324

3,158,527

Insurance

-

5.9%

American

Financial

Group,

Inc.

23,167

2,814,790

American

International

Group,

Inc.

17,227

867,552

Arch

Capital

Group

Ltd.

*

31,556

2,141,706

Arthur

J

Gallagher

&

Co.

7,060

1,350,649

Assured

Guaranty

Ltd.

38,258

1,923,230

Axis

Capital

Holdings

Ltd.

32,452

1,769,283

Chubb

Ltd.

16,196

3,144,939

Erie

Indemnity

Co.,

Class

A

7,165

1,659,844

Everest

Re

Group

Ltd.

7,777

2,784,322

Globe

Life,

Inc.

24,625

2,709,242

Hanover

Insurance

Group,

Inc.

(The)

12,921

1,660,348

Kemper

Corp.

3,462

189,233

Principal

Financial

Group,

Inc.

15,525

1,153,818

Progressive

Corp.

(The)

28,816

4,122,417

Reinsurance

Group

of

America,

Inc.

14,667

1,947,191

RenaissanceRe

Holdings

Ltd.

8,294

1,661,620

Travelers

Cos.,

Inc.

(The)

6,028

1,033,259

Unum

Group

83,044

3,285,221

W

R

Berkley

Corp.

25,782

1,605,187

White

Mountains

Insurance

Group

Ltd.

2,020

2,782,530

40,606,381

Interactive

Media

&

Services

-

0.5%

Alphabet,

Inc.,

Class

A

*

30,180

3,130,571

IT

Services

-

1.6%

Accenture

plc,

Class

A

16,959

4,847,052

Amdocs

Ltd.

10,568

1,014,845

EPAM

Systems,

Inc.

*

1,273

380,627

Gartner,

Inc.

*

1,255

408,841

International

Business

Machines

Corp.

34,150

4,476,724

11,128,089

Life

Sciences

Tools

&

Services

-

2.0%

Agilent

Technologies,

Inc.

4,263

589,743

Bio-Rad

Laboratories,

Inc.,

Class

A

*

2,173

1,040,911

26

AQR

Funds

|

Semi-Annual

Report

|

March

2023

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

(Continued)

AQR

LARGE

CAP

MOMENTUM

STYLE

FUND

Schedule

of

Investments

March

31,

2023

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

Life

Sciences

Tools

&

Services

-

2.0%

(continued)

Charles

River

Laboratories

International,

Inc.

*

994

200,609

Danaher

Corp.

10,875

2,740,935

IQVIA

Holdings,

Inc.

*

2,990

594,681

PerkinElmer,

Inc.

6,856

913,631

Thermo

Fisher

Scientific,

Inc.

13,828

7,970,044

14,050,554

Machinery

-

4.0%

AGCO

Corp.

5,995

810,524

Allison

Transmission

Holdings,

Inc.

42,745

1,933,784

Caterpillar,

Inc.

22,139

5,066,289

Crane

Holdings

Co.

1,806

204,981

Cummins,

Inc.

9,334

2,229,706

Deere

&

Co.

11,927

4,924,420

Donaldson

Co.,

Inc.

4,643

303,374

IDEX

Corp.

2,634

608,533

Illinois

Tool

Works,

Inc.

7,323

1,782,784

Lincoln

Electric

Holdings,

Inc.

9,912

1,676,119

PACCAR,

Inc.

33,987

2,487,848

Parker-Hannifin

Corp.

4,198

1,410,990

Snap-on,

Inc.

1,899

468,844

Timken

Co.

(The)

12,116

990,120

Toro

Co.

(The)

8,014

890,836

Westinghouse

Air

Brake

Technologies

Corp.

6,146

621,115

Xylem,

Inc.

6,645

695,731

27,105,998

Metals

&

Mining

-

1.0%

Freeport-McMoRan,

Inc.

36,034

1,474,151

Nucor

Corp.

15,627

2,413,903

Reliance

Steel

&

Aluminum

Co.

5,159

1,324,522

Steel

Dynamics,

Inc.

12,307

1,391,429

6,604,005

Multi-Utilities

-

1.8%

Consolidated

Edison,

Inc.

98,025

9,378,052

Sempra

Energy

19,178

2,898,946

12,276,998

Oil,

Gas

&

Consumable

Fuels

-

11.0%

APA

Corp.

5,487

197,861

Cheniere

Energy,

Inc.

17,065

2,689,444

Chesapeake

Energy

Corp.

9,248

703,218

Chevron

Corp.

58,444

9,535,723

ConocoPhillips

14,190

1,407,790

Devon

Energy

Corp.

88,380

4,472,912

Diamondback

Energy,

Inc.

26,384

3,566,325

EOG

Resources,

Inc.

14,719

1,687,239

EQT

Corp.

15,813

504,593

Exxon

Mobil

Corp.

238,302

26,132,197

Hess

Corp.

10,552

1,396,452

HF

Sinclair

Corp.

25,734

1,245,011

Marathon

Oil

Corp.

310,713

7,444,684

INVESTMENTS

SHARES

VALUE

($)

Oil,

Gas

&

Consumable

Fuels

-

11.0%

(continued)

Marathon

Petroleum

Corp.

21,015

2,833,452

New

Fortress

Energy,

Inc.

13,626

401,013

Occidental

Petroleum

Corp.

63,784

3,982,035

Phillips

66

4,728

479,325

Targa

Resources

Corp.

59,267

4,323,528

Valero

Energy

Corp.

15,234

2,126,666

75,129,468

Passenger

Airlines

-

0.2%

Copa

Holdings

SA,

Class

A

(Panama)

*

13,445

1,241,646

United

Airlines

Holdings,

Inc.

*

8,622

381,523

1,623,169

Personal

Care

Products

-

0.4%

Estee

Lauder

Cos.,

Inc.

(The),

Class

A

11,067

2,727,573

Pharmaceuticals

-

4.5%

Bristol-Myers

Squibb

Co.

64,676

4,482,694

Eli

Lilly

&

Co.

37,893

13,013,214

Merck

&

Co.,

Inc.

114,019

12,130,481

Zoetis,

Inc.

6,713

1,117,312

30,743,701

Professional

Services

-

1.3%

Automatic

Data

Processing,

Inc.

3,597

800,800

Booz

Allen

Hamilton

Holding

Corp.

22,734

2,107,215

CACI

International,

Inc.,

Class

A

*

3,465

1,026,610

CoStar

Group,

Inc.

*

29,300

2,017,305

FTI

Consulting,

Inc.

*

4,645

916,691

Science

Applications

International

Corp.

10,507

1,129,082

Verisk

Analytics,

Inc.

4,134

793,149

8,790,852

Retail

REITs

-

0.2%

National

Retail

Properties,

Inc.,

REIT

31,523

1,391,740

Semiconductors

&

Semiconductor

Equipment

-

3.1%

Allegro

MicroSystems,

Inc.

(Japan)

*

11,695

561,243

Analog

Devices,

Inc.

5,763

1,136,579

Applied

Materials,

Inc.

3,864

474,615

Broadcom,

Inc.

5,392

3,459,184

Enphase

Energy,

Inc.

*

6,881

1,446,937

First

Solar,

Inc.

*

9,977

2,169,997

GLOBALFOUNDRIES,

Inc.

*

18,953

1,368,027

KLA

Corp.

9,827

3,922,644

Lam

Research

Corp.

1,419

752,240

NVIDIA

Corp.

7,293

2,025,777

Skyworks

Solutions,

Inc.

3,632

428,503

Teradyne,

Inc.

9,768

1,050,158

Texas

Instruments,

Inc.

12,751

2,371,813

21,167,717

27

AQR

Funds

|

Semi-Annual

Report

|

March

2023

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

(Continued)

AQR

LARGE

CAP

MOMENTUM

STYLE

FUND

Schedule

of

Investments

March

31,

2023

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

Software

-

4.7%

Adobe,

Inc.

*

6,121

2,358,850

Autodesk,

Inc.

*

3,076

640,300

Cadence

Design

Systems,

Inc.

*

15,781

3,315,430

Fair

Isaac

Corp.

*

570

400,533

Fortinet,

Inc.

*

14,380

955,695

Intuit,

Inc.

2,897

1,291,570

Microsoft

Corp.

27,120

7,818,696

Oracle

Corp.

71,080

6,604,754

Palo

Alto

Networks,

Inc.

*

3,219

642,963

Paycom

Software,

Inc.

*

4,696

1,427,631

Paylocity

Holding

Corp.

*

2,792

554,994

Salesforce,

Inc.

*

2,432

485,865

ServiceNow,

Inc.

*

4,353

2,022,926

Synopsys,

Inc.

*

9,326

3,602,167

32,122,374

Specialized

REITs

-

0.4%

American

Tower

Corp.,

REIT

4,094

836,568

Digital

Realty

Trust,

Inc.,

REIT

3,200

314,592

Gaming

and

Leisure

Properties,

Inc.,

REIT

20,589

1,071,863

Iron

Mountain,

Inc.,

REIT

5,659

299,418

VICI

Properties,

Inc.,

REIT

13,228

431,497

2,953,938

Specialty

Retail

-

2.8%

AutoNation,

Inc.

*

16,751

2,250,664

AutoZone,

Inc.

*

901

2,214,793

Best

Buy

Co.,

Inc.

3,192

249,838

Dick's

Sporting

Goods,

Inc.

13,709

1,945,170

Home

Depot,

Inc.

(The)

6,141

1,812,332

Lowe's

Cos.,

Inc.

8,816

1,762,936

O'Reilly

Automotive,

Inc.

*

1,456

1,236,115

Penske

Automotive

Group,

Inc.

6,522

924,885

Ross

Stores,

Inc.

6,515

691,437

TJX

Cos.,

Inc.

(The)

40,479

3,171,934

Tractor

Supply

Co.

7,711

1,812,394

Ulta

Beauty,

Inc.

*

1,881

1,026,405

Williams-Sonoma,

Inc.

2,811

341,986

19,440,889

Technology

Hardware,

Storage

&

Peripherals

-

0.9%

Apple,

Inc.

33,499

5,523,985

HP,

Inc.

17,380

510,103

6,034,088

Textiles,

Apparel

&

Luxury

Goods

-

0.3%

Lululemon

Athletica,

Inc.

*

4,260

1,551,449

NIKE,

Inc.,

Class

B

4,315

529,192

2,080,641

INVESTMENTS

SHARES

VALUE

($)

Tobacco

-

0.7%

Altria

Group,

Inc.

51,320

2,289,898

Philip

Morris

International,

Inc.

25,684

2,497,769

4,787,667

Trading

Companies

&

Distributors

-

1.0%

Fastenal

Co.

25,858

1,394,780

MSC

Industrial

Direct

Co.,

Inc.,

Class

A

3,123

262,332

United

Rentals,

Inc.

6,146

2,432,341

Watsco,

Inc.

3,619

1,151,421

WW

Grainger,

Inc.

2,686

1,850,144

7,091,018

Wireless

Telecommunication

Services

-

1.0%

T-Mobile

US,

Inc.

*

48,292

6,994,613

TOTAL

COMMON

STOCKS

(Cost

$431,959,443)

655,770,075

SHORT-TERM

INVESTMENTS

-

4.1%

INVESTMENT

COMPANIES

-

4.1%

Limited

Purpose

Cash

Investment

Fund,

4.73%

(b)

(Cost

$27,843,536)

27,858,531

27,847,387

TOTAL

INVESTMENTS

IN

SECURITIES

AT

VALUE

-

99.8%

(Cost

$459,802,979)

683,617,462

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

-

0.2%

(c)

1,556,796

NET

ASSETS

-

100.0%

685,174,258

SECTOR

VALUE

%

OF

NET

ASSETS

Communication

Services

$

16,861,057

2.5

%

Consumer

Discretionary

53,313,432

7.8

Consumer

Staples

64,821,216

9.5

Energy

81,339,816

11.9

Financials

79,958,689

11.7

Health

Care

118,335,525

17.3

Industrials

104,396,281

15.2

Information

Technology

79,826,105

11.6

Materials

22,102,612

3.2

Real

Estate

5,136,191

0.7

Utilities

29,679,151

4.3

Investment

Companies

27,847,387

4.1

Total

Investments

In

Securities

At

Value

683,617,462

99.8

Other

Assets

in

Excess

of

Liabilities

(c

)

1,556,796

0.2

Net

Assets

$

685,174,258

100.0%

28

AQR

Funds

|

Semi-Annual

Report

|

March

2023

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

LARGE

CAP

MOMENTUM

STYLE

FUND

Schedule

of

Investments

March

31,

2023

(Unaudited)

All

securities

are

United

States

companies,

unless

noted

otherwise

in

parentheses.

*

Non-income

producing

security.

(a)

Represents

less

than

0.05%

of

net

assets.

(b)

Represents

7-day

effective

yield

as

of

March

31,

2023.

(c)

Includes

appreciation/(depreciation)

on

futures

contracts.

All

securities

are

Level

1

with

respect

to

ASC

820

(See

Note

4).

Futures

contracts

outstanding

as

of

March

31,

2023:

Exchange

Traded

DESCRIPTION

NUMBER

OF

CONTRACTS

EXPIRATION

DATE

TRADING

CURRENCY

NOTIONAL

AMOUNT

VALUE

AND

UNREALIZED

APPRECIATION

(DEPRECIATION)

Long

Contracts

S&P

500

E-Mini

Index

121

6/2023

USD

$

25,033,388

$

843,469

$

843,469

Collateral

pledged

to,

or

(received

from),

each

counterparty

at

March

31,

2023

was

as

follows:

COUNTERPARTY

OVER

THE

COUNTER

EXCHANGE

TRADED

TOTAL

BARC

Cash

$

–

$

997,595

$

997,595

29

AQR

Funds

|

Semi-Annual

Report

|

March

2023

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

(Continued)

AQR

SMALL

CAP

MOMENTUM

STYLE

FUND

Schedule

of

Investments

March

31,

2023

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

COMMON

STOCKS

-

96.6%

Aerospace

&

Defense

-

0.7%

AeroVironment,

Inc.

*

2,557

234,375

AerSale

Corp.

*

7,266

125,121

Maxar

Technologies,

Inc.

10,586

540,521

Parsons

Corp.

*

10,345

462,835

1,362,852

Air

Freight

&

Logistics

-

0.5%

Air

Transport

Services

Group,

Inc.

*

6,407

133,458

Forward

Air

Corp.

2,143

230,929

Hub

Group,

Inc.,

Class

A

*

6,051

507,921

872,308

Automobile

Components

-

1.0%

Adient

plc

*

3,163

129,557

Dorman

Products,

Inc.

*

886

76,426

Fox

Factory

Holding

Corp.

*

1,281

155,475

Gentherm,

Inc.

*

6,484

391,763

LCI

Industries

631

69,328

Modine

Manufacturing

Co.

*

11,581

266,942

Patrick

Industries,

Inc.

994

68,397

Visteon

Corp.

*

3,565

559,099

XPEL,

Inc.

*(a)

2,997

203,646

1,920,633

Banks

-

4.7%

Amalgamated

Financial

Corp.

8,004

141,591

Amerant

Bancorp,

Inc.

7,111

154,735

BancFirst

Corp.

7,283

605,217

Bancorp,

Inc.

(The)

*

9,159

255,078

Bankwell

Financial

Group,

Inc.

1,489

37,017

Banner

Corp.

1,233

67,038

BayCom

Corp.

1,719

29,361

BCB

Bancorp,

Inc.

8,892

116,752

Berkshire

Hills

Bancorp,

Inc.

15,762

394,996

Byline

Bancorp,

Inc.

8,822

190,732

Capital

City

Bank

Group,

Inc.

2,288

67,061

City

Holding

Co.

3,590

326,259

Coastal

Financial

Corp.

*

5,205

187,432

Columbia

Financial,

Inc.

*

11,133

203,511

Community

Trust

Bancorp,

Inc.

1,369

51,954

CVB

Financial

Corp.

12,449

207,649

Enterprise

Financial

Services

Corp.

1,248

55,648

Equity

Bancshares,

Inc.,

Class

A

6,289

153,263

Esquire

Financial

Holdings,

Inc.

5,367

209,850

Farmers

&

Merchants

Bancorp,

Inc.

5,543

134,806

First

BanCorp

21,522

245,781

First

Business

Financial

Services,

Inc.

5,258

160,422

First

Financial

Corp.

1,370

51,348

First

Guaranty

Bancshares,

Inc.

611

9,574

First

Internet

Bancorp

5,634

93,806

Flushing

Financial

Corp.

5,306

79,006

Great

Southern

Bancorp,

Inc.

1,245

63,097

INVESTMENTS

SHARES

VALUE

($)

Banks

-

4.7%

(continued)

Greene

County

Bancorp,

Inc.

7,526

170,690

Hancock

Whitney

Corp.

7,076

257,566

Hanmi

Financial

Corp.

23,235

431,474

Heritage

Financial

Corp.

3,267

69,914

Home

BancShares,

Inc.

4,242

92,094

HomeTrust

Bancshares,

Inc.

3,979

97,844

Independent

Bank

Corp.

946

62,077

International

Bancshares

Corp.

4,167

178,431

Lakeland

Financial

Corp.

3,632

227,508

NBT

Bancorp,

Inc.

2,687

90,579

Northeast

Bank

3,896

131,139

Northfield

Bancorp,

Inc.

4,409

51,938

Northwest

Bancshares,

Inc.

4,932

59,332

OFG

Bancorp

2,485

61,976

Origin

Bancorp,

Inc.

2,153

69,219

Park

National

Corp.

906

107,424

PCB

Bancorp

3,727

54,004

Peapack-Gladstone

Financial

Corp.

4,762

141,050

Provident

Financial

Services,

Inc.

2,718

52,131

QCR

Holdings,

Inc.

1,517

66,611

S&T

Bancorp,

Inc.

2,512

79,002

ServisFirst

Bancshares,

Inc.

3,050

166,622

Shore

Bancshares,

Inc.

4,629

66,102

Southern

Missouri

Bancorp,

Inc.

2,150

80,432

Stock

Yards

Bancorp,

Inc.

6,385

352,069

TriCo

Bancshares

5,915

246,005

Triumph

Financial,

Inc.

*

2,989

173,541

United

Bankshares,

Inc.

14,134

497,517

Unity

Bancorp,

Inc.

675

15,397

Washington

Federal,

Inc.

2,995

90,209

WesBanco,

Inc.

1,684

51,699

8,584,580

Beverages

-

1.3%

Celsius

Holdings,

Inc.

*

10,664

991,112

Coca-Cola

Consolidated,

Inc.

765

409,336

MGP

Ingredients,

Inc.

4,822

466,384

National

Beverage

Corp.

*

9,775

515,338

2,382,170

Biotechnology

-

8.4%

4D

Molecular

Therapeutics,

Inc.

*

4,147

71,287

ACADIA

Pharmaceuticals,

Inc.

*

5,504

103,585

ADMA

Biologics,

Inc.

*

76,247

252,378

Aerovate

Therapeutics,

Inc.

*

3,851

77,675

Akero

Therapeutics,

Inc.

*

8,618

329,725

Alkermes

plc

*

20,066

565,661

Amicus

Therapeutics,

Inc.

*

31,417

348,415

AnaptysBio,

Inc.

*

4,746

103,273

Anavex

Life

Sciences

Corp.

*

8,290

71,045

Apellis

Pharmaceuticals,

Inc.

*

15,173

1,000,811

Arcellx,

Inc.

*

3,646

112,333

Arcus

Biosciences,

Inc.

*

3,303

60,247

Arcutis

Biotherapeutics,

Inc.

*

5,833

64,163

30

AQR

Funds

|

Semi-Annual

Report

|

March

2023

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

(Continued)

AQR

SMALL

CAP

MOMENTUM

STYLE

FUND

Schedule

of

Investments

March

31,

2023

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

Biotechnology

-

8.4%

(continued)

Arrowhead

Pharmaceuticals,

Inc.

*

2,624

66,650

Avid

Bioservices,

Inc.

*

9,751

182,929

Avidity

Biosciences,

Inc.

*

7,431

114,066

BioCryst

Pharmaceuticals,

Inc.

*

13,072

109,020

Bioxcel

Therapeutics,

Inc.

*

3,297

61,522

Bluebird

Bio,

Inc.

*

15,804

50,257

Bridgebio

Pharma,

Inc.

*

5,415

89,781

Catalyst

Pharmaceuticals,

Inc.

*

23,722

393,311

Celldex

Therapeutics,

Inc.

*

6,795

244,484

Cerevel

Therapeutics

Holdings,

Inc.

*

13,645

332,802

Chinook

Therapeutics,

Inc.

*

15,364

355,677

Cogent

Biosciences,

Inc.

*

13,077

141,101

Crinetics

Pharmaceuticals,

Inc.

*

5,399

86,708

CTI

BioPharma

Corp.

*

39,583

166,249

Cytokinetics,

Inc.

*

15,665

551,251

Day

One

Biopharmaceuticals,

Inc.

*

13,047

174,438

Deciphera

Pharmaceuticals,

Inc.

*

13,904

214,817

Dynavax

Technologies

Corp.

*

5,648

55,407

Enanta

Pharmaceuticals,

Inc.

*

1,454

58,800

Enochian

Biosciences,

Inc.

*

6,631

6,068

FibroGen,

Inc.

*

12,034

224,554

Geron

Corp.

*

111,442

241,829

Halozyme

Therapeutics,

Inc.

*

17,824

680,699

ImmunoGen,

Inc.

*

24,759

95,075

Immunovant,

Inc.

*

24,697

383,050

Insmed,

Inc.

*

5,694

97,083

Intellia

Therapeutics,

Inc.

*

1,590

59,259

Ironwood

Pharmaceuticals,

Inc.

*

11,870

124,872

IVERIC

bio,

Inc.

*

21,156

514,725

Karuna

Therapeutics,

Inc.

*

5,450

989,938

Keros

Therapeutics,

Inc.

*

2,169

92,616

Kiniksa

Pharmaceuticals

Ltd.,

Class

A

*

5,877

63,236

Krystal

Biotech,

Inc.

*

3,942

315,596

Madrigal

Pharmaceuticals,

Inc.

*

2,592

627,938

MannKind

Corp.

*

42,230

173,143

Mersana

Therapeutics,

Inc.

*

13,571

55,777

Mirum

Pharmaceuticals,

Inc.

*

11,211

269,288

Nuvalent,

Inc.,

Class

A

*

7,566

197,397

PDL

BioPharma,

Inc.

(3)*(b)

34,242

34,142

Point

Biopharma

Global,

Inc.

*

10,476

76,160

Prometheus

Biosciences,

Inc.

*

7,025

753,923

Prothena

Corp.

plc

(Ireland)

*

7,273

352,522

PTC

Therapeutics,

Inc.

*

9,698

469,771

RAPT

Therapeutics,

Inc.

*

2,953

54,188

Replimune

Group,

Inc.

*

4,010

70,817

REVOLUTION

Medicines,

Inc.

*

5,693

123,310

Rocket

Pharmaceuticals,

Inc.

*

6,115

104,750

Sage

Therapeutics,

Inc.

*

3,387

142,118

Syndax

Pharmaceuticals,

Inc.

*

11,385

240,451

TG

Therapeutics,

Inc.

*

13,918

209,327

Travere

Therapeutics,

Inc.

*

5,557

124,977

Vaxcyte,

Inc.

*

12,725

476,933

INVESTMENTS

SHARES

VALUE

($)

Biotechnology

-

8.4%

(continued)

Vera

Therapeutics,

Inc.

*

7,149

55,476

Viridian

Therapeutics,

Inc.

*

8,742

222,396

15,333,272

Broadline

Retail

-

0.5%

Dillard's,

Inc.,

Class

A

2,870

883,042

Building

Products

-

1.5%

AAON,

Inc.

7,297

705,547

CSW

Industrials,

Inc.

2,595

360,523

Gibraltar

Industries,

Inc.

*

4,161

201,809

Griffon

Corp.

11,787

377,302

Simpson

Manufacturing

Co.,

Inc.

4,998

547,981

UFP

Industries,

Inc.

7,524

597,932

2,791,094

Capital

Markets

-

1.3%

Artisan

Partners

Asset

Management,

Inc.,

Class

A

1,872

59,867

B

Riley

Financial,

Inc.

5,060

143,653

Brightsphere

Investment

Group,

Inc.

8,653

204,038

Diamond

Hill

Investment

Group,

Inc.

669

110,104

Donnelley

Financial

Solutions,

Inc.

*

11,153

455,712

Hamilton

Lane,

Inc.,

Class

A

1,664

123,103

Houlihan

Lokey,

Inc.

2,627

229,836

PJT

Partners,

Inc.,

Class

A

8,091

584,089

StoneX

Group,

Inc.

*

3,284

339,992

Virtus

Investment

Partners,

Inc.

748

142,412

2,392,806

Chemicals

-

1.7%

AdvanSix,

Inc.

6,860

262,532

American

Vanguard

Corp.

12,004

262,648

Balchem

Corp.

731

92,457

Cabot

Corp.

4,735

362,890

Hawkins,

Inc.

8,373

366,570

HB

Fuller

Co.

4,454

304,876

Innospec,

Inc.

3,153

323,719

Intrepid

Potash,

Inc.

*

2,808

77,501

Livent

Corp.

*

22,049

478,904

LSB

Industries,

Inc.

*

18,696

193,130

Quaker

Chemical

Corp.

301

59,583

Rayonier

Advanced

Materials,

Inc.

*

12,704

79,654

Sensient

Technologies

Corp.

2,270

173,791

Stepan

Co.

1,189

122,503

Valhi,

Inc.

1,318

22,946

3,183,704

Commercial

Services

&

Supplies

-

0.7%

Aris

Water

Solutions,

Inc.,

Class

A

6,757

52,637

Casella

Waste

Systems,

Inc.,

Class

A

*

7,637

631,275

31

AQR

Funds

|

Semi-Annual

Report

|

March

2023

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

(Continued)

AQR

SMALL

CAP

MOMENTUM

STYLE

FUND

Schedule

of

Investments

March

31,

2023

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

Commercial

Services

&

Supplies

-

0.7%

(continued)

CoreCivic,

Inc.,

REIT

*

13,938

128,230

Ennis,

Inc.

3,848

81,154

GEO

Group,

Inc.

(The)

*

22,490

177,446

Heritage-Crystal

Clean,

Inc.

*

3,322

118,296

1,189,038

Communications

Equipment

-

1.5%

ADTRAN

Holdings,

Inc.

8,948

141,915

Aviat

Networks,

Inc.

*

3,954

136,255

Calix,

Inc.

*

13,749

736,809

Clearfield,

Inc.

*

3,744

174,395

Digi

International,

Inc.

*

8,379

282,205

Extreme

Networks,

Inc.

*

38,967

745,049

Harmonic,

Inc.

*

17,824

260,052

NetScout

Systems,

Inc.

*

6,923

198,344

2,675,024

Construction

&

Engineering

-

2.3%

Ameresco,

Inc.,

Class

A

*

9,435

464,391

Arcosa,

Inc.

4,266

269,227

Comfort

Systems

USA,

Inc.

5,664

826,717

Construction

Partners,

Inc.,

Class

A

*

7,244

195,153

Dycom

Industries,

Inc.

*

3,550

332,458

EMCOR

Group,

Inc.

4,514

733,931

Fluor

Corp.

*

24,915

770,123

MYR

Group,

Inc.

*

3,261

410,919

Sterling

Infrastructure,

Inc.

*

5,513

208,832

4,211,751

Consumer

Finance

-

0.5%

Consumer

Portfolio

Services,

Inc.

*

7,936

84,836

Encore

Capital

Group,

Inc.

*

1,075

54,234

EZCORP,

Inc.,

Class

A

*

15,046

129,396

FirstCash

Holdings,

Inc.

2,382

227,171

Nelnet,

Inc.,

Class

A

4,656

427,840

NerdWallet,

Inc.,

Class

A

*

3,219

52,083

975,560

Consumer

Staples

Distribution

&

Retail

-

1.2%

Andersons,

Inc.

(The)

2,996

123,795

Chefs'

Warehouse,

Inc.

(The)

*

3,281

111,718

Ingles

Markets,

Inc.,

Class

A

5,317

471,618

Natural

Grocers

by

Vitamin

Cottage,

Inc.

6,193

72,768

SpartanNash

Co.

8,520

211,296

Sprouts

Farmers

Market,

Inc.

*

13,587

475,953

United

Natural

Foods,

Inc.

*

7,833

206,399

Weis

Markets,

Inc.

6,984

591,335

2,264,882

INVESTMENTS

SHARES

VALUE

($)

Containers

&

Packaging

-

0.4%

Greif,

Inc.,

Class

A

6,354

402,653

O-I

Glass,

Inc.

*

16,675

378,689

781,342

Diversified

Consumer

Services

-

0.9%

Adtalem

Global

Education,

Inc.

*

2,734

105,587

Carriage

Services,

Inc.

4,476

136,607

Chegg,

Inc.

3,249

52,959

Duolingo,

Inc.

*

1,983

282,756

Graham

Holdings

Co.,

Class

B

98

58,392

Laureate

Education,

Inc.,

Class

A

32,954

387,539

Strategic

Education,

Inc.

1,578

141,752

Stride,

Inc.

*

6,849

268,823

Universal

Technical

Institute,

Inc.

*

20,602

152,043

1,586,458

Diversified

REITs

-

0.2%

Alexander

&

Baldwin,

Inc.,

REIT

3,556

67,244

Armada

Hoffler

Properties,

Inc.,

REIT

10,076

118,998

CTO

Realty

Growth,

Inc.,

REIT

10,228

176,535

362,777

Diversified

Telecommunication

Services

-

1.0%

Globalstar,

Inc.

*

264,412

306,718

IDT

Corp.,

Class

B

*

4,808

163,857

Iridium

Communications,

Inc.

19,566

1,211,722

Ooma,

Inc.

*

4,785

59,860

1,742,157

Electric

Utilities

-

0.5%

MGE

Energy,

Inc.

6,032

468,505

Otter

Tail

Corp.

6,452

466,286

934,791

Electrical

Equipment

-

2.2%

Array

Technologies,

Inc.

*

24,362

533,041

Atkore,

Inc.

*

6,623

930,399

Babcock

&

Wilcox

Enterprises,

Inc.

*

25,888

156,881

Bloom

Energy

Corp.,

Class

A

*

25,788

513,955

Encore

Wire

Corp.

2,092

387,710

Fluence

Energy,

Inc.

*

17,977

364,034

NuScale

Power

Corp.

*

26,550

241,340

Shoals

Technologies

Group,

Inc.,

Class

A

*

25,568

582,695

SunPower

Corp.

*

16,966

234,809

3,944,864

Electronic

Equipment,

Instruments

&

Components

-

2.1%

Advanced

Energy

Industries,

Inc.

2,257

221,186

Arlo

Technologies,

Inc.

*

15,162

91,882

Badger

Meter,

Inc.

3,617

440,623

Belden,

Inc.

7,361

638,714

ePlus,

Inc.

*

2,844

139,470

32

AQR

Funds

|

Semi-Annual

Report

|

March

2023

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

(Continued)

AQR

SMALL

CAP

MOMENTUM

STYLE

FUND

Schedule

of

Investments

March

31,

2023

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

Electronic

Equipment,

Instruments

&

Components

-

2.1%

(continued)

Fabrinet

(Thailand)

*

3,201

380,151

Insight

Enterprises,

Inc.

*

2,223

317,800

Methode

Electronics,

Inc.

3,694

162,093

Napco

Security

Technologies,

Inc.

*

5,846

219,693

Novanta,

Inc.

*

1,737

276,339

PC

Connection,

Inc.

3,069

137,982

Plexus

Corp.

*

757

73,860

Rogers

Corp.

*

346

56,547

Sanmina

Corp.

*

8,733

532,625

ScanSource,

Inc.

*

2,804

85,354

3,774,319

Energy

Equipment

&

Services

-

3.8%

Archrock,

Inc.

17,745

173,369

Borr

Drilling

Ltd.

(Mexico)

*

45,935

348,187

Cactus,

Inc.,

Class

A

4,144

170,857

ChampionX

Corp.

15,578

422,631

Diamond

Offshore

Drilling,

Inc.

*

34,848

419,570

Helix

Energy

Solutions

Group,

Inc.

*

30,600

236,844

Helmerich

&

Payne,

Inc.

11,714

418,775

Liberty

Energy,

Inc.,

Class

A

18,870

241,725

Nabors

Industries

Ltd.

*

1,971

240,285

NexTier

Oilfield

Solutions,

Inc.

*

40,708

323,629

Noble

Corp.

plc

*

16,346

645,177

Oceaneering

International,

Inc.

*

3,180

56,063

Patterson-UTI

Energy,

Inc.

31,900

373,230

RPC,

Inc.

39,929

307,054

Select

Energy

Services,

Inc.,

Class

A

16,003

111,381

Solaris

Oilfield

Infrastructure,

Inc.,

Class

A

7,032

60,053

TETRA

Technologies,

Inc.

*

41,042

108,761

Tidewater,

Inc.

*

11,779

519,218

US

Silica

Holdings,

Inc.

*

13,173

157,286

Valaris

Ltd.

*

11,504

748,450

Weatherford

International

plc

*

14,823

879,745

6,962,290

Financial

Services

-

1.5%

A-Mark

Precious

Metals,

Inc.

6,811

236,001

Enact

Holdings,

Inc.

4,644

106,162

EVERTEC,

Inc.

3,192

107,730

International

Money

Express,

Inc.

*

9,919

255,712

Jackson

Financial,

Inc.,

Class

A

5,816

217,577

Merchants

Bancorp

7,086

184,519

Mr

Cooper

Group,

Inc.

*

14,766

604,963

Payoneer

Global,

Inc.

*

18,167

114,089

PennyMac

Financial

Services,

Inc.

9,017

537,503

Remitly

Global,

Inc.

*

5,172

87,665

Walker

&

Dunlop,

Inc.

2,922

222,569

Waterstone

Financial,

Inc.

6,106

92,384

2,766,874

INVESTMENTS

SHARES

VALUE

($)

Food

Products

-

1.6%

Alico,

Inc.

5,218

126,276

Cal-Maine

Foods,

Inc.

7,270

442,670

Hostess

Brands,

Inc.

*

32,120

799,146

Lancaster

Colony

Corp.

2,318

470,276

Seneca

Foods

Corp.,

Class

A

*

1,255

65,599

Simply

Good

Foods

Co.

(The)

*

7,102

282,446

SunOpta,

Inc.

(Canada)

*

18,069

139,131

Tootsie

Roll

Industries,

Inc.

7,118

319,669

TreeHouse

Foods,

Inc.

*

7,018

353,918

2,999,131

Gas

Utilities

-

0.8%

Chesapeake

Utilities

Corp.

415

53,116

New

Jersey

Resources

Corp.

14,273

759,324

Northwest

Natural

Holding

Co.

2,081

98,972

ONE

Gas,

Inc.

1,981

156,955

Spire,

Inc.

5,294

371,321

1,439,688

Ground

Transportation

-

0.7%

ArcBest

Corp.

1,563

144,453

Covenant

Logistics

Group,

Inc.

5,720

202,602

Daseke,

Inc.

*

11,915

92,103

Marten

Transport

Ltd.

13,081

274,047

PAM

Transportation

Services,

Inc.

*

5,095

145,870

Saia,

Inc.

*

979

266,366

Universal

Logistics

Holdings,

Inc.

3,223

93,950

1,219,391

Health

Care

Equipment

&

Supplies

-

3.4%

Alphatec

Holdings,

Inc.

*

19,838

309,473

AtriCure,

Inc.

*

3,525

146,111

Atrion

Corp.

227

142,536

Axonics,

Inc.

*

5,767

314,648

Cutera,

Inc.

*

2,244

53,003

Glaukos

Corp.

*

1,864

93,387

Haemonetics

Corp.

*

7,701

637,258

Heska

Corp.

*

790

77,120

Inari

Medical,

Inc.

*

1,145

70,692

Inspire

Medical

Systems,

Inc.

*

3,530

826,267

iRadimed

Corp.

2,123

83,540

iRhythm

Technologies,

Inc.

*

1,173

145,487

Lantheus

Holdings,

Inc.

*

11,455

945,725

LeMaitre

Vascular,

Inc.

1,424

73,293

Merit

Medical

Systems,

Inc.

*

2,885

213,346

PROCEPT

BioRobotics

Corp.

*

6,218

176,591

Shockwave

Medical,

Inc.

*

4,734

1,026,473

Silk

Road

Medical,

Inc.

*

2,878

112,616

STAAR

Surgical

Co.

*

1,353

86,524

TransMedics

Group,

Inc.

*

6,548

495,880

UFP

Technologies,

Inc.

*

2,205

286,297

6,316,267

33

AQR

Funds

|

Semi-Annual

Report

|

March

2023

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

(Continued)

AQR

SMALL

CAP

MOMENTUM

STYLE

FUND

Schedule

of

Investments

March

31,

2023

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

Health

Care

Providers

&

Services

-

2.6%

AdaptHealth

Corp.

*

7,272

90,391

Addus

HomeCare

Corp.

*

4,833

515,971

Agiliti,

Inc.

*

4,611

73,684

Alignment

Healthcare,

Inc.

*

9,377

59,638

AMN

Healthcare

Services,

Inc.

*

2,193

181,931

Apollo

Medical

Holdings,

Inc.

*

1,811

66,047

CorVel

Corp.

*

1,524

289,987

Cross

Country

Healthcare,

Inc.

*

12,438

277,616

Ensign

Group,

Inc.

(The)

6,555

626,265

Fulgent

Genetics,

Inc.

*

1,812

56,571

HealthEquity,

Inc.

*

8,907

522,930

Hims

&

Hers

Health,

Inc.

*

24,585

243,883

ModivCare,

Inc.

*

1,609

135,285

National

HealthCare

Corp.

1,435

83,330

Option

Care

Health,

Inc.

*

26,321

836,218

Owens

&

Minor,

Inc.

*

6,906

100,482

Patterson

Cos.,

Inc.

2,949

78,945

Privia

Health

Group,

Inc.

*

14,728

406,640

R1

RCM,

Inc.

*

4,214

63,210

Select

Medical

Holdings

Corp.

5,844

151,067

4,860,091

Health

Care

REITs

-

0.1%

LTC

Properties,

Inc.,

REIT

5,269

185,100

National

Health

Investors,

Inc.,

REIT

1,042

53,746

238,846

Health

Care

Technology

-

0.6%

Computer

Programs

and

Systems,

Inc.

*

2,396

72,359

Evolent

Health,

Inc.,

Class

A

*

22,841

741,190

NextGen

Healthcare,

Inc.

*

6,568

114,349

Phreesia,

Inc.

*

1,757

56,734

Veradigm,

Inc.

*

11,498

150,049

1,134,681

Hotel

&

Resort

REITs

-

0.4%

Apple

Hospitality

REIT,

Inc.,

REIT

12,221

189,670

Braemar

Hotels

&

Resorts,

Inc.,

REIT

15,679

60,521

Chatham

Lodging

Trust,

REIT

13,360

140,146

Ryman

Hospitality

Properties,

Inc.,

REIT

4,353

390,595

780,932

Hotels,

Restaurants

&

Leisure

-

3.2%

Bloomin'

Brands,

Inc.

3,767

96,624

Bowlero

Corp.

*

31,311

530,722

Dave

&

Buster's

Entertainment,

Inc.

*

3,406

125,307

Everi

Holdings,

Inc.

*

12,227

209,693

Golden

Entertainment,

Inc.

*

7,171

312,010

Hilton

Grand

Vacations,

Inc.

*

6,508

289,150

Inspired

Entertainment,

Inc.

*

8,746

111,861

INVESTMENTS

SHARES

VALUE

($)

Hotels,

Restaurants

&

Leisure

-

3.2%

(continued)

International

Game

Technology

plc

5,990

160,532

Kura

Sushi

USA,

Inc.,

Class

A

*

4,325

284,758

Life

Time

Group

Holdings,

Inc.

*

4,566

72,873

Light

&

Wonder,

Inc.

*

5,842

350,812

Monarch

Casino

&

Resort,

Inc.

1,468

108,852

Papa

John's

International,

Inc.

1,834

137,422

Red

Rock

Resorts,

Inc.,

Class

A

9,007

401,442

SeaWorld

Entertainment,

Inc.

*

5,692

348,977

Target

Hospitality

Corp.

*

28,196

370,495

Texas

Roadhouse,

Inc.

8,668

936,664

Wingstop,

Inc.

4,336

796,003

Xponential

Fitness,

Inc.,

Class

A

*

7,595

230,812

5,875,009

Household

Durables

-

0.5%

Ethan

Allen

Interiors,

Inc.

5,340

146,636

Green

Brick

Partners,

Inc.

*

9,038

316,872

Installed

Building

Products,

Inc.

1,460

166,484

M/I

Homes,

Inc.

*

936

59,052

Meritage

Homes

Corp.

1,206

140,813

Taylor

Morrison

Home

Corp.,

Class

A

*

4,294

164,289

994,146

Household

Products

-

0.1%

Central

Garden

&

Pet

Co.,

Class

A

*

3,210

125,415

Independent

Power

and

Renewable

Electricity

Producers

-

0.8%

Altus

Power,

Inc.

*

9,807

53,742

Clearway

Energy,

Inc.,

Class

C

21,502

673,658

Montauk

Renewables,

Inc.

*

20,989

165,183

Ormat

Technologies,

Inc.

7,645

648,067

1,540,650

Industrial

REITs

-

0.1%

Indus

Realty

Trust,

Inc.,

REIT

794

52,634

Terreno

Realty

Corp.,

REIT

2,671

172,547

225,181

Insurance

-

2.8%

American

Equity

Investment

Life

Holding

Co.

7,844

286,228

CNO

Financial

Group,

Inc.

18,395

408,185

Donegal

Group,

Inc.,

Class

A

7,211

110,184

Employers

Holdings,

Inc.

1,463

60,993

Genworth

Financial,

Inc.,

Class

A

*

51,457

258,314

HCI

Group,

Inc.

1,322

70,859

Horace

Mann

Educators

Corp.

1,584

53,032

Kinsale

Capital

Group,

Inc.

4,023

1,207,503

MBIA,

Inc.

*

10,666

98,767

ProAssurance

Corp.

3,126

57,769

RLI

Corp.

9,594

1,275,139

Safety

Insurance

Group,

Inc.

5,918

441,009

Selective

Insurance

Group,

Inc.

6,429

612,877

34

AQR

Funds

|

Semi-Annual

Report

|

March

2023

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

(Continued)

AQR

SMALL

CAP

MOMENTUM

STYLE

FUND

Schedule

of

Investments

March

31,

2023

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

Insurance

-

2.8%

(continued)

United

Fire

Group,

Inc.

7,299

193,788

5,134,647

Interactive

Media

&

Services

-

0.1%

DHI

Group,

Inc.

*

37,050

143,754

IT

Services

-

0.2%

Hackett

Group,

Inc.

(The)

8,283

153,070

Information

Services

Group,

Inc.

12,869

65,503

Perficient,

Inc.

*

1,821

131,458

350,031

Leisure

Products

-

0.5%

Acushnet

Holdings

Corp.

11,141

567,522

Malibu

Boats,

Inc.,

Class

A

*

1,757

99,183

MasterCraft

Boat

Holdings,

Inc.

*

3,572

108,696

Vista

Outdoor,

Inc.

*

8,213

227,582

1,002,983

Life

Sciences

Tools

&

Services

-

0.6%

AbCellera

Biologics,

Inc.

(Canada)

*

7,371

55,577

CryoPort,

Inc.

*

3,165

75,960

Medpace

Holdings,

Inc.

*

3,764

707,820

Pacific

Biosciences

of

California,

Inc.

*

16,211

187,724

1,027,081

Machinery

-

3.0%

Alamo

Group,

Inc.

1,547

284,896

Chart

Industries,

Inc.

*

1,949

244,405

Columbus

McKinnon

Corp.

2,229

82,830

Energy

Recovery,

Inc.

*

14,786

340,817

EnPro

Industries,

Inc.

734

76,255

Federal

Signal

Corp.

2,494

135,200

Franklin

Electric

Co.,

Inc.

2,983

280,700

Greenbrier

Cos.,

Inc.

(The)

3,571

114,879

Kadant,

Inc.

1,754

365,744

Lindsay

Corp.

1,848

279,288

Mueller

Industries,

Inc.

10,649

782,489

Omega

Flex,

Inc.

827

92,161

RBC

Bearings,

Inc.

*

3,543

824,562

Shyft

Group,

Inc.

(The)

11,427

259,964

SPX

Technologies,

Inc.

*

3,998

282,179

Standex

International

Corp.

731

89,504

Terex

Corp.

5,535

267,783

Titan

International,

Inc.

*

24,655

258,385

Wabash

National

Corp.

5,158

126,835

Watts

Water

Technologies,

Inc.,

Class

A

1,423

239,519

5,428,395

INVESTMENTS

SHARES

VALUE

($)

Marine

Transportation

-

0.1%

Eagle

Bulk

Shipping,

Inc.

3,854

175,357

Genco

Shipping

&

Trading

Ltd.

3,381

52,946

228,303

Media

-

0.2%

Entravision

Communications

Corp.,

Class

A

16,919

102,360

John

Wiley

&

Sons,

Inc.,

Class

A

1,426

55,286

Scholastic

Corp.

3,042

104,097

TechTarget,

Inc.

*

4,033

145,672

407,415

Metals

&

Mining

-

2.4%

Alpha

Metallurgical

Resources,

Inc.

3,131

488,436

ATI,

Inc.

*

19,116

754,317

Carpenter

Technology

Corp.

1,377

61,635

Commercial

Metals

Co.

15,035

735,212

Haynes

International,

Inc.

6,100

305,549

Hecla

Mining

Co.

37,822

239,413

Materion

Corp.

1,684

195,344

Piedmont

Lithium,

Inc.

*

1,566

94,038

Ryerson

Holding

Corp.

15,339

558,033

SunCoke

Energy,

Inc.

12,855

115,438

TimkenSteel

Corp.

*

14,479

265,545

Warrior

Met

Coal,

Inc.

10,096

370,624

Worthington

Industries,

Inc.

3,857

249,355

4,432,939

Multi-Utilities

-

0.1%

Black

Hills

Corp.

1,282

80,894

Unitil

Corp.

2,475

141,174

222,068

Office

REITs

-

0.1%

Equity

Commonwealth,

REIT

7,068

146,378

Oil,

Gas

&

Consumable

Fuels

-

8.4%

Amplify

Energy

Corp.

*

27,821

191,130

Arch

Resources,

Inc.

2,582

339,430

Ardmore

Shipping

Corp.

(Ireland)

11,810

175,615

Berry

Corp.

8,288

65,061

California

Resources

Corp.

3,398

130,823

Centrus

Energy

Corp.,

Class

A

*

1,682

54,160

Chord

Energy

Corp.

3,924

528,170

Civitas

Resources,

Inc.

9,855

673,491

Comstock

Resources,

Inc.

31,010

334,598

CONSOL

Energy,

Inc.

8,748

509,746

CVR

Energy,

Inc.

18,028

590,958

Delek

US

Holdings,

Inc.

10,770

247,171

Denbury,

Inc.

*

5,689

498,527

DHT

Holdings,

Inc.

25,244

272,888

Dorian

LPG

Ltd.

18,982

378,501

Earthstone

Energy,

Inc.,

Class

A

*

12,554

163,327

Equitrans

Midstream

Corp.

9,958

57,557

FLEX

LNG

Ltd.

(Norway)

4,918

165,146

35

AQR

Funds

|

Semi-Annual

Report

|

March

2023

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

(Continued)

AQR

SMALL

CAP

MOMENTUM

STYLE

FUND

Schedule

of

Investments

March

31,

2023

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

Oil,

Gas

&

Consumable

Fuels

-

8.4%

(continued)

Frontline

plc

(Norway)

23,304

385,914

Golar

LNG

Ltd.

(Cameroon)

*

16,142

348,667

Green

Plains,

Inc.

*

7,657

237,290

Gulfport

Energy

Corp.

*

3,453

276,240

HighPeak

Energy,

Inc.

18,237

419,451

International

Seaways,

Inc.

11,523

480,279

Kinetik

Holdings,

Inc.

14,942

467,685

Kosmos

Energy

Ltd.

(Ghana)

*

72,295

537,875

Magnolia

Oil

&

Gas

Corp.,

Class

A

15,055

329,403

Matador

Resources

Co.

16,262

774,884

Murphy

Oil

Corp.

16,617

614,497

NACCO

Industries,

Inc.,

Class

A

5,470

197,303

NextDecade

Corp.

*

46,140

229,316

Nordic

American

Tankers

Ltd.

57,454

227,518

Northern

Oil

and

Gas,

Inc.

9,654

292,999

Par

Pacific

Holdings,

Inc.

*

3,793

110,756

PBF

Energy,

Inc.,

Class

A

18,991

823,450

Peabody

Energy

Corp.

*

21,673

554,829

Permian

Resources

Corp.

65,419

686,899

SandRidge

Energy,

Inc.

*

10,395

149,792

Scorpio

Tankers,

Inc.

(Monaco)

10,199

574,306

SFL

Corp.

Ltd.

(Norway)

5,576

52,972

SilverBow

Resources,

Inc.

*

2,469

56,417

SM

Energy

Co.

6,869

193,431

Talos

Energy,

Inc.

*

9,346

138,695

Teekay

Corp.

*

15,946

98,546

Teekay

Tankers

Ltd.,

Class

A

(Canada)

*

8,497

364,776

Uranium

Energy

Corp.

*

59,784

172,178

VAALCO

Energy,

Inc.

13,839

62,691

Vertex

Energy,

Inc.

*

14,848

146,698

W&T

Offshore,

Inc.

*

18,400

93,472

15,475,528

Paper

&

Forest

Products

-

0.2%

Clearwater

Paper

Corp.

*

4,786

159,948

Sylvamo

Corp.

6,362

294,306

454,254

Passenger

Airlines

-

0.0%

(c)

Frontier

Group

Holdings,

Inc.

*

8,679

85,401

Personal

Care

Products

-

1.0%

BellRing

Brands,

Inc.

1,837

62,458

Edgewell

Personal

Care

Co.

5,955

252,611

elf

Beauty,

Inc.

*

12,289

1,011,999

Inter

Parfums,

Inc.

2,981

424,018

1,751,086

Pharmaceuticals

-

2.8%

Aclaris

Therapeutics,

Inc.

*

11,821

95,632

Amphastar

Pharmaceuticals,

Inc.

*

11,815

443,062

Amylyx

Pharmaceuticals,

Inc.

*

7,842

230,084

Axsome

Therapeutics,

Inc.

*

7,633

470,803

Cassava

Sciences,

Inc.

*

2,209

53,281

Corcept

Therapeutics,

Inc.

*

12,489

270,512

INVESTMENTS

SHARES

VALUE

($)

Pharmaceuticals

-

2.8%

(continued)

DICE

Therapeutics,

Inc.

*

7,361

210,893

Evolus,

Inc.

*

8,656

73,230

Harmony

Biosciences

Holdings,

Inc.

*

8,661

282,782

Intra-Cellular

Therapies,

Inc.

*

9,323

504,840

Liquidia

Corp.

*

34,330

237,220

Prestige

Consumer

Healthcare,

Inc.

*

11,074

693,565

Reata

Pharmaceuticals,

Inc.,

Class

A

*

5,979

543,611

Revance

Therapeutics,

Inc.

*

14,075

453,356

SIGA

Technologies,

Inc.

14,646

84,214

Supernus

Pharmaceuticals,

Inc.

*

3,773

136,696

Ventyx

Biosciences,

Inc.

*

10,726

359,321

5,143,102

Professional

Services

-

2.9%

ASGN,

Inc.

*

5,078

419,798

Barrett

Business

Services,

Inc.

1,086

96,263

CBIZ,

Inc.

*

11,004

544,588

CRA

International,

Inc.

2,615

281,949

CSG

Systems

International,

Inc.

4,659

250,188

ExlService

Holdings,

Inc.

*

5,261

851,388

Exponent,

Inc.

2,524

251,618

Franklin

Covey

Co.

*

6,376

245,285

Huron

Consulting

Group,

Inc.

*

5,824

468,075

ICF

International,

Inc.

3,314

363,546

Insperity,

Inc.

4,904

596,081

Kforce,

Inc.

1,508

95,366

NV5

Global,

Inc.

*

3,159

328,441

Resources

Connection,

Inc.

10,077

171,914

TriNet

Group,

Inc.

*

974

78,514

TTEC

Holdings,

Inc.

4,111

153,052

Verra

Mobility

Corp.,

Class

A

*

7,464

126,291

5,322,357

Real

Estate

Management

&

Development

-

0.2%

St

Joe

Co.

(The)

10,523

437,862

Residential

REITs

-

0.2%

Apartment

Investment

and

Management

Co.,

Class

A,

REIT

14,887

114,481

BRT

Apartments

Corp.,

REIT

8,833

174,187

Centerspace,

REIT

994

54,302

342,970

Retail

REITs

-

1.2%

Agree

Realty

Corp.,

REIT

7,672

526,376

Kite

Realty

Group

Trust,

REIT

10,558

220,873

Phillips

Edison

&

Co.,

Inc.,

REIT

7,096

231,472

Retail

Opportunity

Investments

Corp.,

REIT

3,939

54,989

Saul

Centers,

Inc.,

REIT

3,345

130,455

SITE

Centers

Corp.,

REIT

11,942

146,648

Tanger

Factory

Outlet

Centers,

Inc.,

REIT

19,764

387,967

36

AQR

Funds

|

Semi-Annual

Report

|

March

2023

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

(Continued)

AQR

SMALL

CAP

MOMENTUM

STYLE

FUND

Schedule

of

Investments

March

31,

2023

(Unaudited)

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Retail

REITs

-

1.2%

(continued)

Urstadt

Biddle

Properties,

Inc.,

Class

A,

REIT

14,141

248,457

Whitestone,

REIT

29,332

269,854

2,217,091

Semiconductors

&

Semiconductor

Equipment

-

3.2%

Alpha

&

Omega

Semiconductor

Ltd.

*

5,612

151,243

Amkor

Technology,

Inc.

26,295

684,196

Axcelis

Technologies,

Inc.

*

5,819

775,382

Cohu,

Inc.

*

3,568

136,976

Diodes,

Inc.

*

3,066

284,402

FormFactor,

Inc.

*

3,422

108,991

Impinj,

Inc.

*

4,298

582,465

indie

Semiconductor,

Inc.,

Class

A

(China)

*

5,416

57,139

MACOM

Technology

Solutions

Holdings,

Inc.

*

13,053

924,675

Onto

Innovation,

Inc.

*

858

75,401

PDF

Solutions,

Inc.

*

10,306

436,974

Photronics,

Inc.

*

10,022

166,165

Power

Integrations,

Inc.

973

82,355

Rambus,

Inc.

*

19,832

1,016,588

Silicon

Laboratories,

Inc.

*

496

86,845

Transphorm,

Inc.

*

7,552

30,132

Ultra

Clean

Holdings,

Inc.

*

3,328

110,356

Veeco

Instruments,

Inc.

*

8,355

176,541

5,886,826

Software

-

2.5%

A10

Networks,

Inc.

24,742

383,254

Agilysys,

Inc.

*

3,962

326,905

Altair

Engineering,

Inc.,

Class

A

*

2,085

150,349

Appfolio,

Inc.,

Class

A

*

5,314

661,487

Blackline,

Inc.

*

2,194

147,327

Box,

Inc.,

Class

A

*

19,236

515,332

Clear

Secure,

Inc.,

Class

A

16,071

420,578

CommVault

Systems,

Inc.

*

1,051

59,634

Instructure

Holdings,

Inc.

*

5,655

146,465

Intapp,

Inc.

*

2,600

116,584

Model

N,

Inc.

*

3,301

110,484

PowerSchool

Holdings,

Inc.,

Class

A

*

14,248

282,395

Qualys,

Inc.

*

1,888

245,478

SPS

Commerce,

Inc.

*

3,644

554,981

Tenable

Holdings,

Inc.

*

2,534

120,390

Varonis

Systems,

Inc.

*

2,171

56,468

Verint

Systems,

Inc.

*

1,508

56,158

Zeta

Global

Holdings

Corp.,

Class

A

*

14,048

152,140

4,506,409

Specialized

REITs

-

0.2%

Farmland

Partners,

Inc.,

REIT

13,601

145,531

Four

Corners

Property

Trust,

Inc.,

REIT

4,794

128,767

INVESTMENTS

SHARES

VALUE

($)

Specialized

REITs

-

0.2%

(continued)

PotlatchDeltic

Corp.,

REIT

2,454

121,473

395,771

Specialty

Retail

-

2.4%

Academy

Sports

&

Outdoors,

Inc.

11,188

730,017

Asbury

Automotive

Group,

Inc.

*

1,690

354,900

Buckle,

Inc.

(The)

5,074

181,091

Build-A-Bear

Workshop,

Inc.

6,434

149,526

Caleres,

Inc.

7,502

162,268

Destination

XL

Group,

Inc.

*

26,644

146,809

Foot

Locker,

Inc.

5,212

206,864

Genesco,

Inc.

*

2,999

110,603

Group

1

Automotive,

Inc.

674

152,607

Hibbett,

Inc.

895

52,787

Murphy

USA,

Inc.

4,327

1,116,582

ODP

Corp.

(The)

*

8,720

392,226

Shoe

Carnival,

Inc.

5,985

153,515

Signet

Jewelers

Ltd.

1,657

128,882

Sonic

Automotive,

Inc.,

Class

A

5,550

301,587

4,340,264

Technology

Hardware,

Storage

&

Peripherals

-

0.6%

Avid

Technology,

Inc.

*

9,014

288,268

Super

Micro

Computer,

Inc.

*

7,733

823,951

1,112,219

Textiles,

Apparel

&

Luxury

Goods

-

0.8%

Crocs,

Inc.

5,986

756,870

Ermenegildo

Zegna

NV

(Italy)

4,318

58,897

Kontoor

Brands,

Inc.

1,125

54,439

Movado

Group,

Inc.

8,811

253,492

Oxford

Industries,

Inc.

2,986

315,292

1,438,990

Tobacco

-

0.5%

Universal

Corp.

8,684

459,297

Vector

Group

Ltd.

30,826

370,220

829,517

Trading

Companies

&

Distributors

-

3.4%

Applied

Industrial

Technologies,

Inc.

5,103

725,289

Beacon

Roofing

Supply,

Inc.

*

4,115

242,168

BlueLinx

Holdings,

Inc.

*

3,525

239,559

Boise

Cascade

Co.

7,564

478,423

Custom

Truck

One

Source,

Inc.

*

11,401

77,413

GATX

Corp.

5,426

596,969

Global

Industrial

Co.

7,478

200,709

GMS,

Inc.

*

1,590

92,045

Herc

Holdings,

Inc.

2,629

299,443

Hudson

Technologies,

Inc.

*

25,552

223,069

McGrath

RentCorp

2,883

269,013

MRC

Global,

Inc.

*

10,949

106,424

NOW,

Inc.

*

16,359

182,403

Rush

Enterprises,

Inc.,

Class

A

10,266

560,524

37

AQR

Funds

|

Semi-Annual

Report

|

March

2023

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

SMALL

CAP

MOMENTUM

STYLE

FUND

Schedule

of

Investments

March

31,

2023

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

Trading

Companies

&

Distributors

-

3.4%

(continued)

Textainer

Group

Holdings

Ltd.

(China)

12,295

394,792

Titan

Machinery,

Inc.

*

3,515

107,032

Transcat,

Inc.

*

1,499

133,996

Triton

International

Ltd.

10,478

662,419

Veritiv

Corp.

5,046

681,916

6,273,606

Water

Utilities

-

0.6%

American

States

Water

Co.

5,893

523,829

Artesian

Resources

Corp.,

Class

A

2,870

158,883

Cadiz,

Inc.

*

10,859

43,871

California

Water

Service

Group

4,921

286,402

1,012,985

Wireless

Telecommunication

Services

-

0.1%

Gogo,

Inc.

*

18,221

264,205

TOTAL

COMMON

STOCKS

(Cost

$136,769,179)

177,442,453

SHORT-TERM

INVESTMENTS

-

0.2%

INVESTMENT

COMPANIES

-

0.2%

Limited

Purpose

Cash

Investment

Fund,

4.73%

(d)

(Cost

$297,130)

297,249

297,130

TOTAL

INVESTMENTS

IN

SECURITIES

AT

VALUE

-

96.8%

(Cost

$137,066,309)

177,739,583

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

-

3.2%

(e)

5,931,377

NET

ASSETS

-

100.0%

183,670,960

SECTOR

VALUE

%

OF

NET

ASSETS

Communication

Services

$

2,557,531

1.4

%

Consumer

Discretionary

18,041,526

9.9

Consumer

Staples

10,352,200

5.7

Energy

22,437,818

12.2

Financials

19,854,466

10.8

Health

Care

33,814,495

18.4

Industrials

32,929,360

17.9

Information

Technology

18,304,828

10.0

Materials

8,852,239

4.8

Real

Estate

5,147,808

2.7

Utilities

5,150,182

2.8

Investment

Companies

297,130

0.2

Total

Investments

In

Securities

At

Value

177,739,583

96.8

Other

Assets

in

Excess

of

Liabilities

(e

)

5,931,377

3.2

Net

Assets

$

183,670,960

100.0%

All

securities

are

United

States

companies,

unless

noted

otherwise

in

parentheses.

*

Non-income

producing

security.

(a)

Security

exempt

from

registration

pursuant

to

Regulation

S

under

the

Securities

Act

of

1933.

Regulation

S

applies

to

securities

offerings

that

are

made

outside

of

the

United

States

and

do

not

involve

direct

selling

efforts

in

the

United

States.

Total

value

of

all

such

securities

at

March

31,

2023

amounted

to

$203,646,

which

represents

0.11%

of

net

assets

of

the

Fund.

(b)

Security

fair

valued

using

significant

unobservable

inputs

(Level

3)

as

of

March

31,

2023

in

accordance

with

procedures

approved

by

the

Board

of

Trustees.

Total

value

of

all

such

securities

at

March

31,

2023

amounted

to

$34,142,

which

represents

0.02%

of

net

assets

of

the

Fund.

(c)

Represents

less

than

0.05%

of

net

assets.

(d)

Represents

7-day

effective

yield

as

of

March

31,

2023.

(e)

Includes

appreciation/(depreciation)

on

futures

contracts.

All

securities

are

Level

1

with

respect

to

ASC

820,

unless

otherwise

noted

in

parentheses.

(3)

Level

3

security

(See

Note

4).

Futures

contracts

outstanding

as

of

March

31,

2023:

Exchange

Traded

DESCRIPTION

NUMBER

OF

CONTRACTS

EXPIRATION

DATE

TRADING

CURRENCY

NOTIONAL

AMOUNT

VALUE

AND

UNREALIZED

APPRECIATION

(DEPRECIATION)

Long

Contracts

Russell

2000

E-Mini

Index

33

6/2023

USD

$

2,992,275

$

36,318

$

36,318

Collateral

pledged

to,

or

(received

from),

each

counterparty

at

March

31,

2023

was

as

follows:

COUNTERPARTY

OVER

THE

COUNTER

EXCHANGE

TRADED

TOTAL

BARC

Cash

$

–

$

548,094

$

548,094

38

AQR

Funds

|

Semi-Annual

Report

|

March

2023

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

(Continued)

AQR

INTERNATIONAL

MOMENTUM

STYLE

FUND

Schedule

of

Investments

March

31,

2023

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

COMMON

STOCKS

-

95.0%

Australia

-

7.1%

BHP

Group

Ltd.

166,665

5,268,935

Brambles

Ltd.

74,521

671,900

Commonwealth

Bank

of

Australia

5,389

355,811

Fortescue

Metals

Group

Ltd.

186,854

2,808,709

Glencore

plc

503,427

2,896,829

Goodman

Group,

REIT

98,729

1,252,855

Macquarie

Group

Ltd.

7,787

921,978

Mineral

Resources

Ltd.

10,039

542,678

National

Australia

Bank

Ltd.

86,422

1,610,333

Origin

Energy

Ltd.

61,075

340,132

Pilbara

Minerals

Ltd.

90,777

241,503

Qantas

Airways

Ltd.

*

52,706

235,251

REA

Group

Ltd.

5,952

554,985

Rio

Tinto

plc

30,779

2,089,217

Santos

Ltd.

26,764

123,179

South32

Ltd.

90,362

264,827

Suncorp

Group

Ltd.

65,290

530,490

Treasury

Wine

Estates

Ltd.

64,048

562,264

Wesfarmers

Ltd.

39,229

1,325,882

Westpac

Banking

Corp.

7,010

102,063

WiseTech

Global

Ltd.

7,466

328,905

Woodside

Energy

Group

Ltd.

110,012

2,457,685

25,486,411

—

Belgium

-

0.1%

Anheuser-Busch

InBev

SA/NV

1,973

131,520

KBC

Group

NV

4,579

314,627

446,147

—

Brazil

-

0.1%

Wheaton

Precious

Metals

Corp.

(1)

9,333

449,489

Canada

-

10.1%

Agnico

Eagle

Mines

Ltd.

(1)

7,471

380,875

Alimentation

Couche-Tard,

Inc.

(1)

21,781

1,095,094

AltaGas

Ltd.

(1)

8,068

134,497

Bank

of

Montreal

(1)

13,285

1,183,314

Cameco

Corp.

(1)

39,070

1,023,076

Canadian

National

Railway

Co.

(1)

3,249

383,365

Canadian

Natural

Resources

Ltd.

(1)

72,055

3,987,416

Canadian

Pacific

Railway

Ltd.

(1)

40,714

3,135,114

Canadian

Utilities

Ltd.,

Class

A

(1)

3,848

107,226

Cenovus

Energy,

Inc.

(1)

166,991

2,913,539

Constellation

Software,

Inc.

(1)

892

1,677,019

Dollarama,

Inc.

(1)

9,861

589,325

Empire

Co.

Ltd.,

Class

A

(1)

4,033

108,114

Fairfax

Financial

Holdings

Ltd.

(1)

564

375,094

Franco-Nevada

Corp.

(1)

3,781

551,497

George

Weston

Ltd.

(1)

10,840

1,436,511

Hydro

One

Ltd.

(1)(a)

32,356

921,242

Imperial

Oil

Ltd.

(1)

46,898

2,384,979

Intact

Financial

Corp.

(1)

13,298

1,903,144

Loblaw

Cos.

Ltd.

(1)

2,652

241,692

Lumine

Group,

Inc.

(1)(b)

2,676

29,126

Manulife

Financial

Corp.

(1)

13,396

245,816

National

Bank

of

Canada

(1)

32,202

2,303,342

Nutrien

Ltd.

(1)

15,664

1,156,806

INVESTMENTS

SHARES

VALUE

($)

Canada

-

10.1%

(continued)

Restaurant

Brands

International,

Inc.

(1)

12,429

834,394

Royal

Bank

of

Canada

(1)

9,876

944,486

Saputo,

Inc.

(1)

8,348

216,004

Suncor

Energy,

Inc.

(1)

6,598

204,848

Teck

Resources

Ltd.,

Class

B

(1)

21,752

794,274

Thomson

Reuters

Corp.

(1)

22,200

2,888,382

Tourmaline

Oil

Corp.

(1)

15,478

645,003

WSP

Global,

Inc.

(1)

12,849

1,683,062

36,477,676

—

China

-

1.0%

BOC

Hong

Kong

Holdings

Ltd.

289,000

899,731

Budweiser

Brewing

Co.

APAC

Ltd.

(a)

249,800

760,223

Prosus

NV

18,336

1,435,784

Wilmar

International

Ltd.

110,000

348,492

3,444,230

—

Denmark

-

3.8%

AP

Moller

-

Maersk

A/S,

Class

B

175

318,099

Danske

Bank

A/S

*

31,691

637,585

DSV

A/S

10,852

2,104,177

Genmab

A/S

*

3,217

1,216,043

Novo

Nordisk

A/S,

Class

B

48,707

7,735,713

Orsted

A/S

(a)

12,539

1,069,175

Tryg

A/S

9,825

214,829

Vestas

Wind

Systems

A/S

14,720

429,006

13,724,627

—

Finland

-

1.7%

Elisa

OYJ

9,092

548,351

Neste

OYJ

22,459

1,109,562

Nordea

Bank

Abp

130,277

1,391,137

Orion

OYJ,

Class

B

10,328

461,640

Sampo

OYJ,

Class

A

39,362

1,857,303

UPM-Kymmene

OYJ

20,621

692,618

6,060,611

—

France

-

9.5%

Air

Liquide

SA

6,233

1,043,334

Airbus

SE

5,316

710,045

AXA

SA

17,806

543,396

BNP

Paribas

SA

9,061

541,101

Capgemini

SE

1,863

346,212

Carrefour

SA

7,007

141,665

Dassault

Aviation

SA

2,688

531,768

Dassault

Systemes

SE

10,725

442,417

Hermes

International

3,055

6,187,159

Legrand

SA

2,988

273,021

L'Oreal

SA

6,501

2,904,925

LVMH

Moet

Hennessy

Louis

Vuitton

SE

10,438

9,581,129

Orange

SA

239,124

2,840,835

Renault

SA

*

10,720

436,906

Safran

SA

3,116

461,282

Sartorius

Stedim

Biotech

1,282

393,312

Sodexo

SA

2,271

221,810

Teleperformance

646

156,096

Thales

SA

9,741

1,440,176

39

AQR

Funds

|

Semi-Annual

Report

|

March

2023

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

(Continued)

AQR

INTERNATIONAL

MOMENTUM

STYLE

FUND

Schedule

of

Investments

March

31,

2023

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

France

-

9.5%

(continued)

TotalEnergies

SE

77,791

4,586,847

Vivendi

SE

46,477

469,955

34,253,391

—

Germany

-

7.9%

Allianz

SE

(Registered)

10,340

2,386,845

Bayer

AG

(Registered)

23,535

1,503,454

Bayerische

Motoren

Werke

AG

7,399

810,921

Commerzbank

AG

*

170,244

1,792,370

Daimler

Truck

Holding

AG

*

4,891

165,067

Deutsche

Boerse

AG

3,660

712,639

Deutsche

Lufthansa

AG

(Registered)

*

81,673

908,408

Deutsche

Telekom

AG

(Registered)

95,722

2,319,564

Hannover

Rueck

SE

3,192

624,293

Infineon

Technologies

AG

54,858

2,252,755

Mercedes-Benz

Group

AG

28,007

2,153,816

Merck

KGaA

10,258

1,912,449

MTU

Aero

Engines

AG

931

232,973

Muenchener

Rueckversicherungs-

Gesellschaft

AG

in

Muenchen

(Registered)

8,805

3,078,543

Rheinmetall

AG

4,126

1,222,329

RWE

AG

38,843

1,671,352

SAP

SE

1,813

228,928

Siemens

AG

(Registered)

21,750

3,523,586

Siemens

Energy

AG

*

23,876

526,501

Symrise

AG

3,807

414,293

28,441,086

—

Hong

Kong

-

0.7%

AIA

Group

Ltd.

71,000

744,602

CK

Asset

Holdings

Ltd.

29,000

175,818

Hong

Kong

Exchanges

&

Clearing

Ltd.

3,400

150,704

Sino

Land

Co.

Ltd.

132,000

178,506

Swire

Pacific

Ltd.,

Class

A

37,500

288,187

Techtronic

Industries

Co.

Ltd.

100,000

1,083,512

2,621,329

—

Italy

-

1.9%

Ferrari

NV

10,210

2,766,745

Intesa

Sanpaolo

SpA

383,059

983,099

Prysmian

SpA

9,142

383,879

UniCredit

SpA

138,107

2,603,022

6,736,745

—

Japan

-

18.6%

Ajinomoto

Co.,

Inc.

16,600

577,479

ANA

Holdings,

Inc.

*

9,100

197,788

Bandai

Namco

Holdings,

Inc.

31,200

672,645

Capcom

Co.

Ltd.

15,000

536,859

Chiba

Bank

Ltd.

(The)

65,900

425,336

Chugai

Pharmaceutical

Co.

Ltd.

62,300

1,538,351

Daiichi

Sankyo

Co.

Ltd.

103,000

3,757,198

Daikin

Industries

Ltd.

4,800

861,151

Dentsu

Group,

Inc.

6,400

225,589

Eisai

Co.

Ltd.

1,900

107,919

Fast

Retailing

Co.

Ltd.

6,900

1,510,496

Fujitsu

Ltd.

5,900

797,269

INVESTMENTS

SHARES

VALUE

($)

Japan

-

18.6%

(continued)

Hamamatsu

Photonics

KK

2,500

134,854

Hankyu

Hanshin

Holdings,

Inc.

32,600

966,656

Hitachi

Ltd.

11,900

654,032

Honda

Motor

Co.

Ltd.

23,300

616,312

Hoya

Corp.

13,300

1,469,814

Inpex

Corp.

112,900

1,194,767

Isuzu

Motors

Ltd.

31,600

377,651

ITOCHU

Corp.

90,300

2,940,750

Japan

Airlines

Co.

Ltd.

20,600

401,661

Japan

Post

Bank

Co.

Ltd.

131,200

1,071,571

Japan

Post

Holdings

Co.

Ltd.

265,600

2,155,603

Japan

Post

Insurance

Co.

Ltd.

99,500

1,550,792

Japan

Tobacco,

Inc.

134,100

2,832,668

Keyence

Corp.

1,660

813,581

Kikkoman

Corp.

4,000

204,214

Kintetsu

Group

Holdings

Co.

Ltd.

23,200

747,363

Konami

Group

Corp.

2,600

119,334

Kyowa

Kirin

Co.

Ltd.

5,500

120,073

Marubeni

Corp.

95,500

1,298,773

Mazda

Motor

Corp.

57,300

528,535

Mitsubishi

Corp.

52,500

1,886,664

Mitsubishi

HC

Capital,

Inc.

446,200

2,304,064

Mitsubishi

Heavy

Industries

Ltd.

20,600

758,925

Mitsui

&

Co.

Ltd.

38,800

1,209,390

Mitsui

OSK

Lines

Ltd.

4,900

122,880

Mizuho

Financial

Group,

Inc.

46,500

658,792

MonotaRO

Co.

Ltd.

15,800

199,011

Nexon

Co.

Ltd.

12,400

296,097

NIPPON

EXPRESS

HOLDINGS,

Inc.

1,800

108,613

Nippon

Paint

Holdings

Co.

Ltd.

11,100

104,374

Nippon

Steel

Corp.

44,000

1,037,586

Nippon

Telegraph

&

Telephone

Corp.

65,600

1,960,308

Nippon

Yusen

KK

110,300

2,576,426

Nissan

Chemical

Corp.

5,700

258,877

Nissin

Foods

Holdings

Co.

Ltd.

18,400

1,682,492

Nitori

Holdings

Co.

Ltd.

2,600

313,981

Nomura

Real

Estate

Holdings,

Inc.

4,700

104,075

Nomura

Research

Institute

Ltd.

29,250

684,091

NTT

Data

Corp.

12,500

164,332

Obic

Co.

Ltd.

9,100

1,441,381

Olympus

Corp.

40,500

711,292

Oriental

Land

Co.

Ltd.

14,000

479,349

Pan

Pacific

International

Holdings

Corp.

15,000

290,194

Panasonic

Holdings

Corp.

23,000

205,784

Recruit

Holdings

Co.

Ltd.

16,400

451,148

Renesas

Electronics

Corp.

*

64,400

932,564

Resona

Holdings,

Inc.

114,600

552,847

Seven

&

i

Holdings

Co.

Ltd.

2,900

131,005

Shimadzu

Corp.

12,500

392,407

Shimano,

Inc.

1,100

190,724

Shionogi

&

Co.

Ltd.

3,900

175,912

Shiseido

Co.

Ltd.

3,600

168,780

Sony

Group

Corp.

6,400

582,934

Square

Enix

Holdings

Co.

Ltd.

4,100

197,028

Sumitomo

Corp.

10,900

193,097

Sumitomo

Electric

Industries

Ltd.

22,500

289,056

40

AQR

Funds

|

Semi-Annual

Report

|

March

2023

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

(Continued)

AQR

INTERNATIONAL

MOMENTUM

STYLE

FUND

Schedule

of

Investments

March

31,

2023

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

Japan

-

18.6%

(continued)

Sumitomo

Mitsui

Financial

Group,

Inc.

134,100

5,366,356

Suzuki

Motor

Corp.

3,600

131,103

Taisei

Corp.

30,900

956,011

Takeda

Pharmaceutical

Co.

Ltd.

49,600

1,629,041

Terumo

Corp.

10,200

275,862

Tobu

Railway

Co.

Ltd.

30,100

720,617

Tokyo

Electric

Power

Co.

Holdings,

Inc.

*

87,100

311,140

Tokyo

Electron

Ltd.

5,100

623,047

Tokyo

Gas

Co.

Ltd.

27,100

509,296

Toyota

Motor

Corp.

7,500

106,766

Unicharm

Corp.

4,000

164,423

USS

Co.

Ltd.

6,400

111,037

West

Japan

Railway

Co.

2,600

107,098

Yakult

Honsha

Co.

Ltd.

7,900

574,017

Yamaha

Corp.

5,000

193,120

67,002,498

—

Luxembourg

-

0.1%

Eurofins

Scientific

SE

4,910

328,772

Macau

-

0.2%

Galaxy

Entertainment

Group

Ltd.

*

34,000

227,432

Sands

China

Ltd.

*

118,400

411,320

638,752

—

Netherlands

-

6.9%

ABN

AMRO

Bank

NV,

CVA

(a)

40,533

642,750

Aegon

NV

124,954

536,447

Argenx

SE

2,973

1,104,040

ASM

International

NV

1,329

539,442

ASML

Holding

NV

8,993

6,128,263

ING

Groep

NV

214,115

2,542,690

JDE

Peet's

NV

(1)

10,628

309,129

NN

Group

NV

17,397

631,684

OCI

NV

19,815

671,726

Shell

plc

302,478

8,620,201

Wolters

Kluwer

NV

26,026

3,285,433

25,011,805

—

Norway

-

0.6%

DNB

Bank

ASA

49,315

882,529

Equinor

ASA

4,370

124,232

Kongsberg

Gruppen

ASA

9,112

368,332

Norsk

Hydro

ASA

122,769

916,277

2,291,370

—

Singapore

-

1.3%

City

Developments

Ltd.

18,600

103,211

DBS

Group

Holdings

Ltd.

56,100

1,394,744

Keppel

Corp.

Ltd.

24,700

104,795

Oversea-Chinese

Banking

Corp.

Ltd.

78,700

733,625

Sembcorp

Marine

Ltd.

*

2,433,424

218,400

Singapore

Exchange

Ltd.

105,800

749,223

Singapore

Telecommunications

Ltd.

151,600

280,895

STMicroelectronics

NV

10,182

542,535

United

Overseas

Bank

Ltd.

25,400

569,698

INVESTMENTS

SHARES

VALUE

($)

Singapore

-

1.3%

(continued)

UOL

Group

Ltd.

22,700

118,523

4,815,649

—

South

Africa

-

0.5%

Anglo

American

plc

49,941

1,661,113

South

Korea

-

0.0%

(c)

Delivery

Hero

SE

(a)

4,791

163,445

Spain

-

2.3%

Acciona

SA

2,895

580,851

Banco

Bilbao

Vizcaya

Argentaria

SA

47,371

338,672

CaixaBank

SA

337,377

1,316,430

Enagas

SA

38,676

743,187

Ferrovial

SA

6,756

198,947

Iberdrola

SA

199,210

2,481,720

Naturgy

Energy

Group

SA

18,604

560,046

Repsol

SA

126,503

1,945,347

8,165,200

—

Sweden

-

1.7%

Atlas

Copco

AB,

Class

A

11,660

147,713

Epiroc

AB,

Class

A

6,823

135,437

Evolution

AB

(a)

3,726

499,204

Hexagon

AB,

Class

B

113,687

1,308,470

Investor

AB,

Class

B

67,778

1,350,178

Nibe

Industrier

AB,

Class

B

58,186

663,269

Sandvik

AB

11,786

250,167

Skandinaviska

Enskilda

Banken

AB,

Class

A

*

64,383

710,677

Svenska

Handelsbanken

AB,

Class

A

76,806

665,206

Swedbank

AB,

Class

A

28,845

474,345

6,204,666

—

Switzerland

-

4.0%

ABB

Ltd.

(Registered)

23,978

824,880

Baloise

Holding

AG

(Registered)

705

109,780

Chocoladefabriken

Lindt

&

Spruengli

AG

16

188,970

Cie

Financiere

Richemont

SA

(Registered)

9,404

1,507,990

EMS-Chemie

Holding

AG

(Registered)

821

678,663

Geberit

AG

(Registered)

295

164,742

Givaudan

SA

(Registered)

118

384,065

Julius

Baer

Group

Ltd.

3,112

212,576

Kuehne

+

Nagel

International

AG

(Registered)

2,235

665,662

Lonza

Group

AG

(Registered)

2,409

1,450,217

Novartis

AG

(Registered)

11,340

1,041,222

Partners

Group

Holding

AG

1,556

1,465,320

Sika

AG

(Registered)

4,942

1,386,208

Swatch

Group

AG

(The)

292

100,562

UBS

Group

AG

(Registered)

125,239

2,650,158

Zurich

Insurance

Group

AG

3,143

1,506,122

14,337,137

—

41

AQR

Funds

|

Semi-Annual

Report

|

March

2023

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

(Continued)

AQR

INTERNATIONAL

MOMENTUM

STYLE

FUND

Schedule

of

Investments

March

31,

2023

(Unaudited)

(Continued)

INVESTMENTS

SHARES

VALUE

($)

United

Kingdom

-

11.8%

Ashtead

Group

plc

34,318

2,107,295

AstraZeneca

plc

51,931

7,195,265

Aviva

plc

129,147

645,107

BAE

Systems

plc

142,213

1,720,228

BP

plc

843,622

5,332,133

British

American

Tobacco

plc

102,713

3,600,545

Bunzl

plc

17,175

648,745

CNH

Industrial

NV

7,153

109,449

Compass

Group

plc

60,757

1,526,918

Croda

International

plc

4,518

363,128

Diageo

plc

44,818

2,000,213

HSBC

Holdings

plc

730,181

4,962,678

Imperial

Brands

plc

170,644

3,924,075

JD

Sports

Fashion

plc

202,530

446,017

London

Stock

Exchange

Group

plc

10,939

1,062,502

NatWest

Group

plc

413,850

1,350,405

Pearson

plc

57,370

600,373

Phoenix

Group

Holdings

plc

33,620

227,151

Reckitt

Benckiser

Group

plc

18,355

1,396,403

SSE

plc

23,902

533,346

Standard

Chartered

plc

132,450

1,003,848

Unilever

plc

37,184

1,926,839

42,682,663

—

United

States

-

3.1%

Computershare

Ltd.

42,620

619,064

CSL

Ltd.

15,636

3,028,232

Experian

plc

5,258

173,134

Ferguson

plc

7,344

970,963

Holcim

AG

7,097

457,695

Jackson

Financial,

Inc.,

Class

A

(1)

223

8,342

Sanofi

14,049

1,524,018

Schneider

Electric

SE

10,401

1,738,256

Stellantis

NV

13,899

252,771

Swiss

Re

AG

3,640

373,950

Tenaris

SA

137,343

1,946,040

11,092,465

—

TOTAL

COMMON

STOCKS

(Cost

$247,126,271)

342,537,277

SHORT-TERM

INVESTMENTS

-

4.2%

INVESTMENT

COMPANIES

-

4.2%

Limited

Purpose

Cash

Investment

Fund,

4.73%

(1)(d)

(Cost

$15,306,863)

15,316,737

15,310,610

TOTAL

INVESTMENTS

IN

SECURITIES

AT

VALUE

-

99.2%

(Cost

$262,433,134)

357,847,887

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

-

0.8%

(e)

2,789,119

NET

ASSETS

-

100.0%

360,637,006

SECTOR

VALUE

%

OF

NET

ASSETS

Communication

Services

$

10,349,800

2.9

%

Consumer

Discretionary

38,679,589

10.7

Consumer

Staples

27,627,755

7.7

Energy

38,598,856

10.7

Financials

73,153,896

20.3

Health

Care

38,679,838

10.7

Industrials

55,939,963

15.5

Information

Technology

19,807,599

5.5

Materials

27,515,597

7.6

Real

Estate

2,221,175

0.6

Utilities

9,963,209

2.8

Investment

Companies

15,310,610

4.2

Total

Investments

In

Securities

At

Value

357,847,887

99.2

Other

Assets

in

Excess

of

Liabilities

(e

)

2,789,119

0.8

Net

Assets

$

360,637,006

100.0%

42

AQR

Funds

|

Semi-Annual

Report

|

March

2023

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

INTERNATIONAL

MOMENTUM

STYLE

FUND

Schedule

of

Investments

March

31,

2023

(Unaudited)

*

Non-income

producing

security.

(a)

Securities

exempt

from

registration

under

Rule

144A

or

section

4(2),

of

the

Securities

Act

of

1933.

Under

procedures

approved

by

the

Board

of

Trustees,

such

securities

have

been

determined

to

be

liquid

by

the

investment

adviser

and

may

be

resold,

normally

to

qualified

institutional

buyers

in

transactions

exempt

from

registration.

Total

value

of

all

such

securities

at

March

31,

2023

amounted

to

$4,056,039,

which

represents

1.12%

of

net

assets

of

the

Fund.

(b)

Security

exempt

from

registration

pursuant

to

Regulation

S

under

the

Securities

Act

of

1933.

Regulation

S

applies

to

securities

offerings

that

are

made

outside

of

the

United

States

and

do

not

involve

direct

selling

efforts

in

the

United

States.

Total

value

of

all

such

securities

at

March

31,

2023

amounted

to

$29,126,

which

represents

0.01%

of

net

assets

of

the

Fund.

(c)

Represents

less

than

0.05%

of

net

assets.

(d)

Represents

7-day

effective

yield

as

of

March

31,

2023.

(e)

Includes

appreciation/(depreciation)

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).

Futures

contracts

outstanding

as

of

March

31,

2023:

Exchange

Traded

DESCRIPTION

NUMBER

OF

CONTRACTS

EXPIRATION

DATE

TRADING

CURRENCY

NOTIONAL

AMOUNT

VALUE

AND

UNREALIZED

APPRECIATION

(DEPRECIATION)

Long

Contracts

MSCI

EAFE

E-Mini

Index

142

6/2023

USD

$

14,885,150

$

552,932

$

552,932

Collateral

pledged

to,

or

(received

from),

each

counterparty

at

March

31,

2023

was

as

follows:

COUNTERPARTY

OVER

THE

COUNTER

EXCHANGE

TRADED

TOTAL

BARC

Cash

$

–

$

74,653

$

74,653

43

AQR

Funds

|

Semi-Annual

Report

|

March

2023

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

(Continued)

AQR

LARGE

CAP

DEFENSIVE

STYLE

FUND

Schedule

of

Investments

March

31,

2023

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

COMMON

STOCKS

-

97.7%

Aerospace

&

Defense

-

0.4%

L3Harris

Technologies,

Inc.

6,080

1,193,139

Lockheed

Martin

Corp.

33,923

16,036,420

17,229,559

Air

Freight

&

Logistics

-

2.0%

CH

Robinson

Worldwide,

Inc.

328,540

32,647,020

Expeditors

International

of

Washington,

Inc.

407,544

44,878,745

77,525,765

Banks

-

1.1%

Bank

of

Hawaii

Corp.

24,291

1,265,075

Citigroup,

Inc.

269,191

12,622,366

Commerce

Bancshares,

Inc.

40,712

2,375,545

Cullen/Frost

Bankers,

Inc.

14,776

1,556,504

East

West

Bancorp,

Inc.

210,098

11,660,439

First

Citizens

BancShares,

Inc.,

Class

A

3,251

3,163,548

First

Hawaiian,

Inc.

56,882

1,173,476

FNB

Corp.

78,158

906,633

JPMorgan

Chase

&

Co.

22,144

2,885,584

Popular,

Inc.

23,392

1,342,935

Prosperity

Bancshares,

Inc.

82,773

5,092,195

44,044,300

Beverages

-

4.3%

Brown-Forman

Corp.,

Class

B

28,757

1,848,213

Coca-Cola

Co.

(The)

923,998

57,315,596

Molson

Coors

Beverage

Co.,

Class

B

150,885

7,797,737

Monster

Beverage

Corp.

721,734

38,980,853

PepsiCo,

Inc.

322,841

58,853,914

164,796,313

Biotechnology

-

4.8%

AbbVie,

Inc.

29,913

4,767,235

Amgen,

Inc.

41,330

9,991,527

Gilead

Sciences,

Inc.

672,448

55,793,010

Incyte

Corp.

*

51,143

3,696,105

Regeneron

Pharmaceuticals,

Inc.

*

61,471

50,508,877

United

Therapeutics

Corp.

*

47,934

10,735,299

Vertex

Pharmaceuticals,

Inc.

*

161,826

50,986,518

186,478,571

Capital

Markets

-

2.1%

Bank

of

New

York

Mellon

Corp.

(The)

71,471

3,247,642

BlackRock,

Inc.

1,653

1,106,055

CME

Group,

Inc.

231,063

44,253,186

Intercontinental

Exchange,

Inc.

287,999

30,035,416

S&P

Global,

Inc.

5,457

1,881,410

SEI

Investments

Co.

18,262

1,050,978

81,574,687

INVESTMENTS

SHARES

VALUE

($)

Chemicals

-

1.5%

Air

Products

and

Chemicals,

Inc.

90,281

25,929,606

CF

Industries

Holdings,

Inc.

100,318

7,272,052

Corteva,

Inc.

233,910

14,107,112

NewMarket

Corp.

3,321

1,212,099

Sherwin-Williams

Co.

(The)

42,556

9,565,312

58,086,181

Commercial

Services

&

Supplies

-

1.9%

Cintas

Corp.

43,038

19,912,822

Copart,

Inc.

*

54,508

4,099,547

Republic

Services,

Inc.

142,026

19,204,756

Rollins,

Inc.

100,865

3,785,463

Waste

Management,

Inc.

169,149

27,600,042

74,602,630

Communications

Equipment

-

0.8%

Cisco

Systems,

Inc.

564,166

29,491,778

Ubiquiti,

Inc.

10,244

2,783,192

32,274,970

Construction

&

Engineering

-

0.1%

MDU

Resources

Group,

Inc.

74,560

2,272,589

Consumer

Staples

Distribution

&

Retail

-

4.6%

Casey's

General

Stores,

Inc.

60,666

13,131,762

Costco

Wholesale

Corp.

112,158

55,727,945

Dollar

General

Corp.

36,221

7,623,072

Kroger

Co.

(The)

725,151

35,800,705

Target

Corp.

37,857

6,270,255

Walmart,

Inc.

391,242

57,688,633

176,242,372

Diversified

Consumer

Services

-

0.0%

(a)

Grand

Canyon

Education,

Inc.

*

13,335

1,518,856

Diversified

Telecommunication

Services

-

2.9%

AT&T,

Inc.

2,973,722

57,244,148

Lumen

Technologies,

Inc.

289,221

766,436

Verizon

Communications,

Inc.

1,413,459

54,969,421

112,980,005

Electric

Utilities

-

3.6%

Alliant

Energy

Corp.

64,249

3,430,897

American

Electric

Power

Co.,

Inc.

58,682

5,339,475

Avangrid,

Inc.

228,106

9,096,867

Duke

Energy

Corp.

353,786

34,129,735

Evergy,

Inc.

39,221

2,397,188

Eversource

Energy

20,643

1,615,521

Exelon

Corp.

40,444

1,694,199

IDACORP,

Inc.

46,618

5,050,128

NextEra

Energy,

Inc.

468,043

36,076,755

Pinnacle

West

Capital

Corp.

93,921

7,442,300

PPL

Corp.

470,979

13,088,506

Xcel

Energy,

Inc.

318,018

21,447,134

140,808,705

44

AQR

Funds

|

Semi-Annual

Report

|

March

2023

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

(Continued)

AQR

LARGE

CAP

DEFENSIVE

STYLE

FUND

Schedule

of

Investments

March

31,

2023

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

Electrical

Equipment

-

0.2%

Eaton

Corp.

plc

30,731

5,265,450

Emerson

Electric

Co.

13,103

1,141,795

Hubbell,

Inc.

10,449

2,542,346

8,949,591

Electronic

Equipment,

Instruments

&

Components

-

0.4%

Amphenol

Corp.,

Class

A

145,780

11,913,142

Littelfuse,

Inc.

9,392

2,517,901

Teledyne

Technologies,

Inc.

*

2,575

1,151,952

15,582,995

Entertainment

-

0.6%

Electronic

Arts,

Inc.

122,220

14,721,399

World

Wrestling

Entertainment,

Inc.,

Class

A

89,211

8,141,396

22,862,795

Financial

Services

-

2.7%

Jack

Henry

&

Associates,

Inc.

28,136

4,240,658

Mastercard,

Inc.,

Class

A

125,596

45,642,843

MGIC

Investment

Corp.

195,810

2,627,770

Visa,

Inc.,

Class

A

233,470

52,638,146

105,149,417

Food

Products

-

6.1%

Archer-Daniels-Midland

Co.

49,290

3,926,441

Flowers

Foods,

Inc.

450,270

12,341,901

General

Mills,

Inc.

256,146

21,890,237

Hershey

Co.

(The)

240,113

61,087,148

Hormel

Foods

Corp.

611,324

24,379,601

Ingredion,

Inc.

31,009

3,154,546

J

M

Smucker

Co.

(The)

211,127

33,225,056

Kraft

Heinz

Co.

(The)

870,503

33,662,351

McCormick

&

Co.,

Inc.

(Non-Voting)

135,928

11,310,569

Mondelez

International,

Inc.,

Class

A

432,067

30,123,711

Tyson

Foods,

Inc.,

Class

A

18,678

1,107,979

236,209,540

Gas

Utilities

-

0.1%

Atmos

Energy

Corp.

38,449

4,320,130

Ground

Transportation

-

2.5%

JB

Hunt

Transport

Services,

Inc.

91,560

16,065,118

Knight-Swift

Transportation

Holdings,

Inc.

28,781

1,628,429

Landstar

System,

Inc.

113,538

20,352,822

Old

Dominion

Freight

Line,

Inc.

146,142

49,811,039

U-Haul

Holding

Co.

2,125

126,756

Union

Pacific

Corp.

36,013

7,247,976

95,232,140

Health

Care

Equipment

&

Supplies

-

3.4%

Abbott

Laboratories

216,198

21,892,209

Becton

Dickinson

&

Co.

92,507

22,899,183

INVESTMENTS

SHARES

VALUE

($)

Health

Care

Equipment

&

Supplies

-

3.4%

(continued)

Edwards

Lifesciences

Corp.

*

248,760

20,579,915

Hologic,

Inc.

*

102,165

8,244,715

Intuitive

Surgical,

Inc.

*

49,329

12,602,080

Medtronic

plc

259,093

20,888,078

ResMed,

Inc.

43,011

9,418,979

Stryker

Corp.

46,469

13,265,505

129,790,664

Health

Care

Providers

&

Services

-

5.5%

Centene

Corp.

*

226,224

14,299,619

Chemed

Corp.

18,519

9,958,592

Cigna

Group

(The)

139,549

35,658,956

CVS

Health

Corp.

285,949

21,248,870

Elevance

Health,

Inc.

10,042

4,617,412

Henry

Schein,

Inc.

*

107,016

8,726,085

Humana,

Inc.

114,411

55,541,964

McKesson

Corp.

4,387

1,561,991

Molina

Healthcare,

Inc.

*

3,860

1,032,511

Premier,

Inc.,

Class

A

92,504

2,994,355

Quest

Diagnostics,

Inc.

23,710

3,354,491

UnitedHealth

Group,

Inc.

110,590

52,263,728

211,258,574

Health

Care

Technology

-

0.1%

Veeva

Systems,

Inc.,

Class

A

*

18,763

3,448,452

Hotels,

Restaurants

&

Leisure

-

0.1%

Booking

Holdings,

Inc.

*

594

1,575,532

McDonald's

Corp.

6,214

1,737,496

3,313,028

Household

Durables

-

0.2%

Garmin

Ltd.

75,680

7,637,626

Household

Products

-

3.0%

Church

&

Dwight

Co.,

Inc.

211,339

18,684,481

Clorox

Co.

(The)

37,109

5,872,128

Colgate-Palmolive

Co.

404,614

30,406,742

Kimberly-Clark

Corp.

18,581

2,493,942

Procter

&

Gamble

Co.

(The)

387,801

57,662,131

115,119,424

Industrial

Conglomerates

-

0.6%

Honeywell

International,

Inc.

127,725

24,410,802

Insurance

-

7.3%

Aflac,

Inc.

111,529

7,195,851

Allstate

Corp.

(The)

217,397

24,089,762

Aon

plc,

Class

A

95,543

30,123,752

Arch

Capital

Group

Ltd.

*

72,482

4,919,353

Arthur

J

Gallagher

&

Co.

96,160

18,396,370

Assurant,

Inc.

58,831

7,063,838

Brown

&

Brown,

Inc.

75,367

4,327,573

Chubb

Ltd.

69,000

13,398,420

CNA

Financial

Corp.

35,589

1,389,039

Erie

Indemnity

Co.,

Class

A

20,859

4,832,196

Everest

Re

Group

Ltd.

55,003

19,692,174

45

AQR

Funds

|

Semi-Annual

Report

|

March

2023

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

(Continued)

AQR

LARGE

CAP

DEFENSIVE

STYLE

FUND

Schedule

of

Investments

March

31,

2023

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

Insurance

-

7.3%

(continued)

Hanover

Insurance

Group,

Inc.

(The)

8,161

1,048,688

Loews

Corp.

24,436

1,417,777

Markel

Corp.

*

2,100

2,682,561

Marsh

&

McLennan

Cos.,

Inc.

189,064

31,488,609

Progressive

Corp.

(The)

402,832

57,629,146

Reinsurance

Group

of

America,

Inc.

50,451

6,697,875

RenaissanceRe

Holdings

Ltd.

33,348

6,680,938

Travelers

Cos.,

Inc.

(The)

155,356

26,629,572

Unum

Group

191,287

7,567,314

W

R

Berkley

Corp.

59,131

3,681,496

280,952,304

Interactive

Media

&

Services

-

1.5%

Alphabet,

Inc.,

Class

A

*

531,380

55,120,047

Meta

Platforms,

Inc.,

Class

A

*

23,135

4,903,232

60,023,279

IT

Services

-

1.1%

Accenture

plc,

Class

A

87,310

24,954,071

Akamai

Technologies,

Inc.

*

60,052

4,702,072

Amdocs

Ltd.

76,081

7,306,058

EPAM

Systems,

Inc.

*

15,859

4,741,841

VeriSign,

Inc.

*

11,716

2,475,942

44,179,984

Life

Sciences

Tools

&

Services

-

4.7%

Agilent

Technologies,

Inc.

138,944

19,221,513

Bio-Techne

Corp.

38,740

2,874,121

Charles

River

Laboratories

International,

Inc.

*

12,576

2,538,088

Danaher

Corp.

181,447

45,731,902

Mettler-Toledo

International,

Inc.

*

24,772

37,906,362

QIAGEN

NV

*

30,762

1,412,899

Thermo

Fisher

Scientific,

Inc.

97,578

56,241,032

Waters

Corp.

*

18,651

5,774,909

West

Pharmaceutical

Services,

Inc.

34,960

12,112,591

183,813,417

Machinery

-

2.2%

Caterpillar,

Inc.

92,711

21,215,985

Cummins,

Inc.

80,173

19,151,726

Donaldson

Co.,

Inc.

17,781

1,161,811

Dover

Corp.

16,880

2,564,747

IDEX

Corp.

29,273

6,762,941

Illinois

Tool

Works,

Inc.

118,175

28,769,704

Lincoln

Electric

Holdings,

Inc.

19,883

3,362,215

Toro

Co.

(The)

19,944

2,216,975

85,206,104

Media

-

0.1%

Fox

Corp.,

Class

A

70,264

2,392,489

INVESTMENTS

SHARES

VALUE

($)

Metals

&

Mining

-

0.7%

Newmont

Corp.

486,510

23,848,720

Royal

Gold,

Inc.

16,946

2,198,066

26,046,786

Multi-Utilities

-

2.0%

Ameren

Corp.

173,516

14,990,047

CMS

Energy

Corp.

44,983

2,761,057

Consolidated

Edison,

Inc.

244,269

23,369,215

DTE

Energy

Co.

84,134

9,216,038

Public

Service

Enterprise

Group,

Inc.

177,939

11,112,291

WEC

Energy

Group,

Inc.

173,662

16,461,421

77,910,069

Oil,

Gas

&

Consumable

Fuels

-

2.6%

Chevron

Corp.

107,327

17,511,473

ConocoPhillips

172,215

17,085,450

EOG

Resources,

Inc.

214,692

24,610,144

Exxon

Mobil

Corp.

359,559

39,429,240

Marathon

Petroleum

Corp.

21,924

2,956,013

101,592,320

Personal

Care

Products

-

0.4%

Estee

Lauder

Cos.,

Inc.

(The),

Class

A

68,244

16,819,416

Pharmaceuticals

-

4.5%

Bristol-Myers

Squibb

Co.

151,807

10,521,743

Eli

Lilly

&

Co.

159,929

54,922,817

Johnson

&

Johnson

331,913

51,446,515

Merck

&

Co.,

Inc.

228,248

24,283,305

Pfizer,

Inc.

312,131

12,734,945

Zoetis,

Inc.

115,357

19,200,019

173,109,344

Professional

Services

-

2.2%

Automatic

Data

Processing,

Inc.

99,408

22,131,203

CACI

International,

Inc.,

Class

A

*

24,129

7,148,940

CoStar

Group,

Inc.

*

132,914

9,151,129

FTI

Consulting,

Inc.

*

97,076

19,157,948

Leidos

Holdings,

Inc.

18,136

1,669,600

Paychex,

Inc.

143,944

16,494,543

Robert

Half

International,

Inc.

40,535

3,265,905

Verisk

Analytics,

Inc.

32,852

6,302,985

85,322,253

Semiconductors

&

Semiconductor

Equipment

-

2.2%

Analog

Devices,

Inc.

25,044

4,939,178

Broadcom,

Inc.

32,808

21,047,644

Texas

Instruments,

Inc.

320,651

59,644,293

85,631,115

Software

-

4.1%

Adobe,

Inc.

*

78,077

30,088,533

ANSYS,

Inc.

*

11,289

3,756,979

46

AQR

Funds

|

Semi-Annual

Report

|

March

2023

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

(Continued)

AQR

LARGE

CAP

DEFENSIVE

STYLE

FUND

Schedule

of

Investments

March

31,

2023

(Unaudited)

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Software

-

4.1%

(continued)

Cadence

Design

Systems,

Inc.

*

142,727

29,985,515

Dolby

Laboratories,

Inc.,

Class

A

109,731

9,373,222

Intuit,

Inc.

25,013

11,151,546

Manhattan

Associates,

Inc.

*

33,515

5,189,798

Microsoft

Corp.

124,646

35,935,442

Oracle

Corp.

61,492

5,713,837

Roper

Technologies,

Inc.

45,897

20,226,349

Synopsys,

Inc.

*

16,359

6,318,664

157,739,885

Specialized

REITs

-

0.6%

Public

Storage,

REIT

75,821

22,908,557

Specialty

Retail

-

1.1%

AutoZone,

Inc.

*

3,226

7,929,992

Home

Depot,

Inc.

(The)

56,867

16,782,589

Lowe's

Cos.,

Inc.

82,490

16,495,525

41,208,106

Technology

Hardware,

Storage

&

Peripherals

-

1.7%

Apple,

Inc.

357,680

58,981,432

Hewlett

Packard

Enterprise

Co.

517,491

8,243,632

67,225,064

Textiles,

Apparel

&

Luxury

Goods

-

0.3%

Lululemon

Athletica,

Inc.

*

27,866

10,148,519

NIKE,

Inc.,

Class

B

10,093

1,237,805

11,386,324

Tobacco

-

1.0%

Altria

Group,

Inc.

253,168

11,296,356

Philip

Morris

International,

Inc.

274,627

26,707,476

38,003,832

Trading

Companies

&

Distributors

-

0.4%

Fastenal

Co.

80,827

4,359,809

WW

Grainger,

Inc.

17,520

12,067,951

16,427,760

Water

Utilities

-

0.3%

American

Water

Works

Co.,

Inc.

58,709

8,600,281

Essential

Utilities,

Inc.

59,677

2,604,901

11,205,182

Wireless

Telecommunication

Services

-

1.1%

T-Mobile

US,

Inc.

*

287,252

41,605,580

TOTAL

COMMON

STOCKS

(Cost

$2,367,184,445)

3,784,429,851

INVESTMENTS

SHARES

VALUE

($)

SHORT-TERM

INVESTMENTS

-

2.3%

INVESTMENT

COMPANIES

-

2.3%

Limited

Purpose

Cash

Investment

Fund,

4.73%

(b)

(Cost

$88,852,754)

88,888,361

88,852,806

TOTAL

INVESTMENTS

IN

SECURITIES

AT

VALUE

-

100.0%

(Cost

$2,456,037,199)

3,873,282,657

LIABILITIES

IN

EXCESS

OF

OTHER

ASSETS

-

0.0%

(a)(c)

(1,521,739)

NET

ASSETS

-

100.0%

3,871,760,918

SECTOR

VALUE

%

OF

NET

ASSETS

Communication

Services

$

239,864,148

6.2

%

Consumer

Discretionary

65,063,941

1.7

Consumer

Staples

747,190,897

19.3

Energy

101,592,320

2.6

Financials

511,720,708

13.2

Health

Care

887,899,021

22.9

Industrials

487,179,194

12.6

Information

Technology

402,634,012

10.4

Materials

84,132,967

2.2

Real

Estate

22,908,557

0.6

Utilities

234,244,086

6.0

Investment

Companies

88,852,806

2.3

Total

Investments

In

Securities

At

Value

3,873,282,657

100.0

Liabilities

in

Excess

of

Other

Assets

(c

)

(1,521,739)

0.0(a)

Net

Assets

$

3,871,760,918

100.0%

47

AQR

Funds

|

Semi-Annual

Report

|

March

2023

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

LARGE

CAP

DEFENSIVE

STYLE

FUND

Schedule

of

Investments

March

31,

2023

(Unaudited)

All

securities

are

United

States

companies,

unless

noted

otherwise

in

parentheses.

*

Non-income

producing

security.

(a)

Represents

less

than

0.05%

of

net

assets.

(b)

Represents

7-day

effective

yield

as

of

March

31,

2023.

(c)

Includes

appreciation/(depreciation)

on

futures

contracts.

All

securities

are

Level

1

with

respect

to

ASC

820

(See

Note

4).

Futures

contracts

outstanding

as

of

March

31,

2023:

Exchange

Traded

DESCRIPTION

NUMBER

OF

CONTRACTS

EXPIRATION

DATE

TRADING

CURRENCY

NOTIONAL

AMOUNT

VALUE

AND

UNREALIZED

APPRECIATION

(DEPRECIATION)

Long

Contracts

S&P

500

E-Mini

Index

361

6/2023

USD

$

74,686,388

$

3,293,953

$

3,293,953

Collateral

pledged

to,

or

(received

from),

each

counterparty

at

March

31,

2023

was

as

follows:

COUNTERPARTY

OVER

THE

COUNTER

EXCHANGE

TRADED

TOTAL

GSCO

Cash

$

–

$

2,196,592

$

2,196,592

48

AQR

Funds

|

Semi-Annual

Report

|

March

2023

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

(Continued)

AQR

INTERNATIONAL

DEFENSIVE

STYLE

FUND

Schedule

of

Investments

March

31,

2023

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

COMMON

STOCKS

-

92.9%

Australia

-

7.9%

Aurizon

Holdings

Ltd.

318,655

717,727

BHP

Group

Ltd.

99,943

3,159,591

Cochlear

Ltd.

7,214

1,148,472

Coles

Group

Ltd.

64,049

773,883

Fortescue

Metals

Group

Ltd.

29,644

445,596

Glencore

plc

153,921

885,695

Medibank

Pvt

Ltd.

77,630

175,185

Newcrest

Mining

Ltd.

36,231

646,738

Northern

Star

Resources

Ltd.

113,662

932,046

QBE

Insurance

Group

Ltd.

31,119

304,671

REA

Group

Ltd.

11,269

1,050,760

Rio

Tinto

plc

7,399

502,229

Sonic

Healthcare

Ltd.

62,675

1,469,288

South32

Ltd.

139,396

408,532

Telstra

Group

Ltd.

1,371,473

3,883,192

Treasury

Wine

Estates

Ltd.

180,326

1,583,045

Vicinity

Ltd.,

REIT

105,078

137,426

Washington

H

Soul

Pattinson

&

Co.

Ltd.

28,864

584,980

Wesfarmers

Ltd.

34,458

1,164,629

WiseTech

Global

Ltd.

17,122

754,287

Woolworths

Group

Ltd.

85,537

2,174,582

22,902,554

—

Austria

-

0.1%

Mondi

plc

24,674

391,750

Belgium

-

0.8%

Ageas

SA/NV

13,886

600,685

Elia

Group

SA/NV

3,102

409,639

Groupe

Bruxelles

Lambert

NV

5,535

472,357

KBC

Group

NV

3,293

226,265

Proximus

SADP

34,375

332,415

UCB

SA

2,856

255,258

2,296,619

—

Brazil

-

0.9%

Wheaton

Precious

Metals

Corp.

(1)

37,759

1,818,523

Yara

International

ASA

15,382

668,511

2,487,034

—

Canada

-

11.5%

Agnico

Eagle

Mines

Ltd.

(1)

2,765

140,961

Alimentation

Couche-Tard,

Inc.

(1)

19,956

1,003,337

Bank

of

Montreal

(1)

1,972

175,649

Bank

of

Nova

Scotia

(The)

(1)

13,052

657,380

BCE,

Inc.

(1)

42,753

1,915,107

Canadian

Imperial

Bank

of

Commerce

(1)

32,804

1,391,045

Canadian

National

Railway

Co.

(1)

8,138

960,242

Canadian

Pacific

Railway

Ltd.

(1)

12,615

971,397

Canadian

Utilities

Ltd.,

Class

A

(1)

38,965

1,085,773

CGI,

Inc.

(1)*

18,980

1,829,186

Constellation

Software,

Inc.

(1)

965

1,814,264

Emera,

Inc.

(1)

14,915

612,712

Fortis,

Inc.

(1)

43,359

1,843,118

Franco-Nevada

Corp.

(1)

17,747

2,588,580

George

Weston

Ltd.

(1)

1,315

174,263

Hydro

One

Ltd.

(1)(a)

107,653

3,065,104

INVESTMENTS

SHARES

VALUE

($)

Canada

-

11.5%

(continued)

Imperial

Oil

Ltd.

(1)

18,089

919,909

Intact

Financial

Corp.

(1)

11,764

1,683,606

Loblaw

Cos.

Ltd.

(1)

37,753

3,440,649

Lumine

Group,

Inc.

(1)(b)

2,895

31,510

Manulife

Financial

Corp.

(1)

6,431

118,009

Metro,

Inc.

(1)

43,531

2,394,447

Rogers

Communications,

Inc.,

Class

B

(1)

9,625

446,104

Royal

Bank

of

Canada

(1)

12,411

1,186,920

Saputo,

Inc.

(1)

3,087

79,876

Sun

Life

Financial,

Inc.

(1)

4,802

224,342

Teck

Resources

Ltd.,

Class

B

(1)

10,519

384,101

Thomson

Reuters

Corp.

(1)

1,104

143,638

Toromont

Industries

Ltd.

(1)

3,497

287,031

Toronto-Dominion

Bank

(The)

(1)

14,183

849,511

West

Fraser

Timber

Co.

Ltd.

(1)

9,436

673,052

33,090,823

—

Chile

-

0.1%

Antofagasta

plc

11,963

234,325

China

-

1.2%

BOC

Hong

Kong

Holdings

Ltd.

346,500

1,078,743

Budweiser

Brewing

Co.

APAC

Ltd.

(a)

548,300

1,668,657

Chow

Tai

Fook

Jewellery

Group

Ltd.

127,200

252,759

SITC

International

Holdings

Co.

Ltd.

40,000

85,966

Wilmar

International

Ltd.

155,300

492,008

3,578,133

—

Denmark

-

3.0%

AP

Moller

-

Maersk

A/S,

Class

B

113

205,401

Carlsberg

A/S,

Class

B

10,858

1,684,803

Coloplast

A/S,

Class

B

7,105

935,496

Genmab

A/S

*

4,591

1,735,422

Novo

Nordisk

A/S,

Class

B

24,533

3,896,365

ROCKWOOL

A/S,

Class

B

629

154,242

8,611,729

—

Finland

-

1.0%

Elisa

OYJ

11,296

681,278

Kone

OYJ,

Class

B

4,637

241,838

Neste

OYJ

6,625

327,301

Nokia

OYJ

79,412

389,824

Orion

OYJ,

Class

B

22,876

1,022,510

UPM-Kymmene

OYJ

10,003

335,981

2,998,732

—

France

-

8.4%

Air

Liquide

SA

8,312

1,391,335

AXA

SA

8,126

247,986

BioMerieux

2,933

309,186

Bouygues

SA

25,369

855,597

Capgemini

SE

1,687

313,505

Carrefour

SA

37,290

753,914

Danone

SA

16,364

1,018,227

Dassault

Aviation

SA

10,864

2,149,228

Dassault

Systemes

SE

20,125

830,177

Engie

SA

76,996

1,218,439

49

AQR

Funds

|

Semi-Annual

Report

|

March

2023

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

(Continued)

AQR

INTERNATIONAL

DEFENSIVE

STYLE

FUND

Schedule

of

Investments

March

31,

2023

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

France

-

8.4%

(continued)

Hermes

International

1,373

2,780,677

Ipsen

SA

8,896

979,557

La

Francaise

des

Jeux

SAEM

(a)

2,348

97,859

L'Oreal

SA

9,056

4,046,607

Orange

SA

84,827

1,007,760

Pernod

Ricard

SA

3,684

834,172

Remy

Cointreau

SA

3,386

616,534

Societe

Generale

SA

28,921

651,630

Thales

SA

3,228

477,250

TotalEnergies

SE

42,453

2,503,187

Ubisoft

Entertainment

SA

*

15,193

404,942

Vivendi

SE

38,148

385,735

Worldline

SA

*(a)

7,255

308,327

24,181,831

—

Germany

-

3.9%

Allianz

SE

(Registered)

1,648

380,418

Beiersdorf

AG

27,556

3,584,689

Carl

Zeiss

Meditec

AG

604

84,132

Deutsche

Boerse

AG

1,426

277,657

Evonik

Industries

AG

12,632

265,766

Fresenius

Medical

Care

AG

&

Co.

KGaA

12,412

526,818

Hannover

Rueck

SE

2,193

428,908

MTU

Aero

Engines

AG

454

113,609

Rational

AG

525

352,897

RWE

AG

22,192

954,886

SAP

SE

13,317

1,681,545

Scout24

SE

(a)

5,721

340,279

Siemens

Healthineers

AG

(a)

18,017

1,038,716

Telefonica

Deutschland

Holding

AG

412,272

1,269,076

11,299,396

—

Hong

Kong

-

3.1%

AIA

Group

Ltd.

52,000

545,343

CK

Asset

Holdings

Ltd.

47,500

287,977

CLP

Holdings

Ltd.

318,500

2,301,524

Hang

Seng

Bank

Ltd.

15,900

226,024

HKT

Trust

&

HKT

Ltd.

74,000

98,233

Hong

Kong

&

China

Gas

Co.

Ltd.

681,487

599,990

MTR

Corp.

Ltd.

190,500

919,408

Power

Assets

Holdings

Ltd.

511,500

2,744,106

Sino

Land

Co.

Ltd.

124,000

167,688

Sun

Hung

Kai

Properties

Ltd.

52,000

728,500

Swire

Properties

Ltd.

125,800

323,772

8,942,565

—

Italy

-

0.4%

Assicurazioni

Generali

SpA

13,836

275,677

Coca-Cola

HBC

AG

28,120

769,791

Enel

SpA

30,046

183,249

1,228,717

—

Japan

-

20.4%

Astellas

Pharma,

Inc.

83,500

1,186,311

Bandai

Namco

Holdings,

Inc.

14,700

316,919

Brother

Industries

Ltd.

50,800

765,349

Canon,

Inc.

82,200

1,830,583

Capcom

Co.

Ltd.

53,100

1,900,481

Chugai

Pharmaceutical

Co.

Ltd.

23,400

577,808

INVESTMENTS

SHARES

VALUE

($)

Japan

-

20.4%

(continued)

Concordia

Financial

Group

Ltd.

31,400

115,739

Dai

Nippon

Printing

Co.

Ltd.

4,100

114,794

Daito

Trust

Construction

Co.

Ltd.

5,400

538,001

Disco

Corp.

6,300

732,890

FUJIFILM

Holdings

Corp.

20,000

1,015,260

Fujitsu

Ltd.

9,200

1,243,198

Hamamatsu

Photonics

KK

10,300

555,600

Hoshizaki

Corp.

2,800

103,444

Hoya

Corp.

26,200

2,895,423

Ito

En

Ltd.

2,500

81,806

Japan

Post

Bank

Co.

Ltd.

120,000

980,095

Japan

Post

Holdings

Co.

Ltd.

68,600

556,756

Japan

Tobacco,

Inc.

137,300

2,900,263

Kajima

Corp.

20,800

251,003

Kakaku.com,

Inc.

7,400

101,582

Kao

Corp.

4,100

159,594

KDDI

Corp.

122,200

3,768,376

Keyence

Corp.

2,200

1,078,239

Kikkoman

Corp.

12,500

638,169

Kirin

Holdings

Co.

Ltd.

46,400

734,084

Kobayashi

Pharmaceutical

Co.

Ltd.

30,600

1,871,475

Koei

Tecmo

Holdings

Co.

Ltd.

31,400

567,506

Koito

Manufacturing

Co.

Ltd.

26,800

508,028

Komatsu

Ltd.

13,500

335,139

Konami

Group

Corp.

1,800

82,616

Kyocera

Corp.

11,800

615,558

Kyowa

Kirin

Co.

Ltd.

17,700

386,418

McDonald's

Holdings

Co.

Japan

Ltd.

(1)

4,400

182,926

MEIJI

Holdings

Co.

Ltd.

24,400

580,312

Mitsubishi

Electric

Corp.

10,200

121,891

Mitsui

&

Co.

Ltd.

7,900

246,242

Murata

Manufacturing

Co.

Ltd.

1,500

91,418

Nexon

Co.

Ltd.

57,100

1,363,478

Nintendo

Co.

Ltd.

41,400

1,608,042

Nippon

Telegraph

&

Telephone

Corp.

71,400

2,133,628

Nissan

Chemical

Corp.

2,400

109,001

Nisshin

Seifun

Group,

Inc.

41,800

489,181

Nissin

Foods

Holdings

Co.

Ltd.

9,900

905,254

Nitto

Denko

Corp.

7,000

453,049

Nomura

Research

Institute

Ltd.

7,461

174,496

Obayashi

Corp.

10,700

81,881

Obic

Co.

Ltd.

1,700

269,269

Oji

Holdings

Corp.

156,200

618,452

Ono

Pharmaceutical

Co.

Ltd.

9,000

187,544

Oracle

Corp.

Japan

11,300

816,096

Osaka

Gas

Co.

Ltd.

78,500

1,289,583

Otsuka

Corp.

24,700

877,215

Otsuka

Holdings

Co.

Ltd.

19,600

622,293

Recruit

Holdings

Co.

Ltd.

2,500

68,773

Renesas

Electronics

Corp.

*

26,000

376,501

Rohm

Co.

Ltd.

1,200

100,016

SCSK

Corp.

32,600

477,326

Secom

Co.

Ltd.

17,700

1,090,810

Seiko

Epson

Corp.

29,100

415,782

Sekisui

Chemical

Co.

Ltd.

20,900

296,831

Seven

&

i

Holdings

Co.

Ltd.

17,300

781,513

Shin-Etsu

Chemical

Co.

Ltd.

3,500

113,614

Shizuoka

Financial

Group,

Inc.

98,100

704,448

50

AQR

Funds

|

Semi-Annual

Report

|

March

2023

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

(Continued)

AQR

INTERNATIONAL

DEFENSIVE

STYLE

FUND

Schedule

of

Investments

March

31,

2023

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

Japan

-

20.4%

(continued)

SoftBank

Corp.

55,700

642,990

Square

Enix

Holdings

Co.

Ltd.

5,500

264,306

Suntory

Beverage

&

Food

Ltd.

66,100

2,462,123

Sysmex

Corp.

10,200

669,442

TIS,

Inc.

28,600

756,345

Tokyo

Gas

Co.

Ltd.

52,800

992,282

TOPPAN,

Inc.

14,900

300,270

Tosoh

Corp.

62,300

846,625

Trend

Micro,

Inc.

14,900

731,001

Unicharm

Corp.

14,500

596,033

USS

Co.

Ltd.

24,000

416,390

Yakult

Honsha

Co.

Ltd.

36,000

2,615,774

ZOZO,

Inc.

3,300

75,477

58,524,430

—

Luxembourg

-

0.1%

ArcelorMittal

SA

3,269

99,039

Eurofins

Scientific

SE

2,841

190,232

289,271

—

Netherlands

-

3.0%

Adyen

NV

(a)

342

544,953

Argenx

SE

2,612

969,981

Heineken

NV

7,100

762,901

JDE

Peet's

NV

(1)

11,060

321,694

Koninklijke

Ahold

Delhaize

NV

85,044

2,905,539

Koninklijke

KPN

NV

77,116

272,495

NN

Group

NV

5,295

192,261

OCI

NV

4,124

139,803

Randstad

NV

9,566

567,883

Shell

plc

64,890

1,849,274

Wolters

Kluwer

NV

1,717

216,748

8,743,532

—

Norway

-

2.1%

Equinor

ASA

76,151

2,164,853

Gjensidige

Forsikring

ASA

57,466

939,700

Mowi

ASA

16,983

314,117

Norsk

Hydro

ASA

79,628

594,297

Orkla

ASA

242,946

1,723,098

Salmar

ASA

2,355

102,583

Telenor

ASA

9,420

110,451

5,949,099

—

Portugal

-

0.3%

Jeronimo

Martins

SGPS

SA

31,651

742,939

Singapore

-

2.9%

DBS

Group

Holdings

Ltd.

56,200

1,397,230

Oversea-Chinese

Banking

Corp.

Ltd.

325,400

3,033,310

Singapore

Telecommunications

Ltd.

942,400

1,746,146

United

Overseas

Bank

Ltd.

70,900

1,590,219

Venture

Corp.

Ltd.

47,200

628,206

8,395,111

—

South

Africa

-

0.3%

Anglo

American

plc

24,404

811,714

INVESTMENTS

SHARES

VALUE

($)

Spain

-

1.5%

Banco

Bilbao

Vizcaya

Argentaria

SA

166,504

1,190,397

Endesa

SA

8,628

187,399

Iberdrola

SA

72,838

907,402

Industria

de

Diseno

Textil

SA

37,696

1,266,405

Red

Electrica

Corp.

SA

36,434

641,104

4,192,707

—

Sweden

-

2.1%

Boliden

AB

13,304

522,637

Essity

AB,

Class

B

30,372

867,543

Evolution

AB

(a)

3,488

467,317

Industrivarden

AB,

Class

A

9,177

248,032

L

E

Lundbergforetagen

AB,

Class

B

10,068

455,954

Svenska

Cellulosa

AB

SCA,

Class

B

9,174

120,827

Swedish

Orphan

Biovitrum

AB

*

74,350

1,732,397

Tele2

AB,

Class

B

139,048

1,383,955

Volvo

AB,

Class

B

17,019

350,705

6,149,367

—

Switzerland

-

4.9%

Alcon,

Inc.

4,045

287,145

Baloise

Holding

AG

(Registered)

7,909

1,231,561

Barry

Callebaut

AG

(Registered)

263

557,236

Chocoladefabriken

Lindt

&

Spruengli

AG

93

1,098,390

EMS-Chemie

Holding

AG

(Registered)

596

492,671

Geberit

AG

(Registered)

569

317,756

Kuehne

+

Nagel

International

AG

(Registered)

4,123

1,227,975

Lonza

Group

AG

(Registered)

644

387,688

Novartis

AG

(Registered)

29,656

2,722,971

Schindler

Holding

AG

1,336

296,028

Sonova

Holding

AG

(Registered)

3,148

928,625

Swisscom

AG

(Registered)

5,381

3,434,003

Zurich

Insurance

Group

AG

2,611

1,251,188

14,233,237

—

United

Kingdom

-

8.9%

Admiral

Group

plc

10,301

258,668

Associated

British

Foods

plc

55,315

1,327,444

AstraZeneca

plc

12,430

1,722,231

Auto

Trader

Group

plc

(a)

271,631

2,071,919

Aviva

plc

79,813

398,677

BAE

Systems

plc

8,069

97,604

BP

plc

398,866

2,521,043

British

American

Tobacco

plc

91,104

3,193,597

CK

Hutchison

Holdings

Ltd.

47,000

290,772

Diageo

plc

61,975

2,765,924

Imperial

Brands

plc

74,268

1,707,843

Intertek

Group

plc

1,716

85,945

J

Sainsbury

plc

214,882

739,449

Johnson

Matthey

plc

5,364

131,506

Kingfisher

plc

52,858

170,864

National

Grid

plc

71,175

962,785

Next

plc

1,011

82,174

Persimmon

plc

19,795

307,371

Reckitt

Benckiser

Group

plc

20,976

1,595,802

51

AQR

Funds

|

Semi-Annual

Report

|

March

2023

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

(Continued)

AQR

INTERNATIONAL

DEFENSIVE

STYLE

FUND

Schedule

of

Investments

March

31,

2023

(Unaudited)

(Continued)

INVESTMENTS

SHARES

VALUE

($)

United

Kingdom

-

8.9%

(continued)

Sage

Group

plc

(The)

125,322

1,202,645

Schroders

plc

20,076

114,483

Smith

&

Nephew

plc

27,031

375,746

Tesco

plc

356,617

1,169,145

Unilever

plc

26,769

1,387,144

Vodafone

Group

plc

980,970

1,082,106

25,762,887

—

United

States

-

4.1%

Computershare

Ltd.

44,637

648,361

CSL

Ltd.

11,635

2,253,355

Ferguson

plc

3,146

415,938

GSK

plc

20,352

359,606

Holcim

AG

1,641

105,830

Nestle

SA

(Registered)

29,022

3,538,670

QIAGEN

NV

*

22,507

1,025,115

Roche

Holding

AG

6,779

1,937,049

Sanofi

9,982

1,082,835

Swiss

Re

AG

4,603

472,882

11,839,641

—

TOTAL

COMMON

STOCKS

(Cost

$232,597,577)

267,878,143

PREFERRED

STOCKS

-

1.3%

Germany

-

1.3%

Henkel

AG

&

Co.

KGaA

(Preference)

(Cost

$3,488,076)

46,595

3,645,313

INVESTMENTS

SHARES

VALUE

($)

SHORT-TERM

INVESTMENTS

-

4.7%

INVESTMENT

COMPANIES

-

4.7%

Goldman

Sachs

Financial

Square

Funds

-

Treasury

Instruments

Fund,

Institutional

Shares,

4.50%

(1)(c)

121

121

Limited

Purpose

Cash

Investment

Fund,

4.73%

(1)(c)

13,590,544

13,585,108

TOTAL

SHORT-TERM

INVESTMENTS

(Cost

$13,582,962)

13,585,229

TOTAL

INVESTMENTS

IN

SECURITIES

AT

VALUE

-

98.9%

(Cost

$249,668,615)

285,108,685

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

-

1.1%

(d)

3,278,378

NET

ASSETS

-

100.0%

288,387,063

SECTOR

VALUE

%

OF

NET

ASSETS

Communication

Services

$

34,348,961

11.9

%

Consumer

Discretionary

8,386,628

2.9

Consumer

Staples

72,375,437

25.1

Energy

10,870,547

3.8

Financials

28,162,887

9.8

Health

Care

35,901,435

12.4

Industrials

15,865,435

5.5

Information

Technology

22,397,292

7.8

Materials

21,032,377

7.3

Real

Estate

2,183,363

0.8

Utilities

19,999,094

6.9

Investment

Companies

13,585,229

4.7

Total

Investments

In

Securities

At

Value

285,108,685

98.9

Other

Assets

in

Excess

of

Liabilities

(d

)

3,278,378

1.1

Net

Assets

$

288,387,063

100.0%

*

Non-income

producing

security.

(a)

Securities

exempt

from

registration

under

Rule

144A

or

section

4(2),

of

the

Securities

Act

of

1933.

Under

procedures

approved

by

the

Board

of

Trustees,

such

securities

have

been

determined

to

be

liquid

by

the

investment

adviser

and

may

be

resold,

normally

to

qualified

institutional

buyers

in

transactions

exempt

from

registration.

Total

value

of

all

such

securities

at

March

31,

2023

amounted

to

$9,603,131,

which

represents

3.33%

of

net

assets

of

the

Fund.

(b)

Security

exempt

from

registration

pursuant

to

Regulation

S

under

the

Securities

Act

of

1933.

Regulation

S

applies

to

securities

offerings

that

are

made

outside

of

the

United

States

and

do

not

involve

direct

selling

efforts

in

the

United

States.

Total

value

of

all

such

securities

at

March

31,

2023

amounted

to

$31,510,

which

represents

0.01%

of

net

assets

of

the

Fund.

(c)

Represents

7-day

effective

yield

as

of

March

31,

2023.

(d)

Includes

appreciation/(depreciation)

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).

52

AQR

Funds

|

Semi-Annual

Report

|

March

2023

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

INTERNATIONAL

DEFENSIVE

STYLE

FUND

Schedule

of

Investments

March

31,

2023

(Unaudited)

Futures

contracts

outstanding

as

of

March

31,

2023:

Exchange

Traded

DESCRIPTION

NUMBER

OF

CONTRACTS

EXPIRATION

DATE

TRADING

CURRENCY

NOTIONAL

AMOUNT

VALUE

AND

UNREALIZED

APPRECIATION

(DEPRECIATION)

Long

Contracts

MSCI

EAFE

E-Mini

Index

131

6/2023

USD

$

13,732,075

$

313,469

$

313,469

Collateral

pledged

to,

or

(received

from),

each

counterparty

at

March

31,

2023

was

as

follows:

COUNTERPARTY

OVER

THE

COUNTER

EXCHANGE

TRADED

TOTAL

JPMS

Cash

$

–

$

217,492

$

217,492

53

AQR

Funds

|

Semi-Annual

Report

|

March

2023

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

(Continued)

AQR

GLOBAL

EQUITY

FUND

Schedule

of

Investments

March

31,

2023

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

COMMON

STOCKS

-

86.2%

Australia

-

2.8%

ANZ

Group

Holdings

Ltd.

(2)

7,337

113,064

ASX

Ltd.

(2)

891

38,911

Aurizon

Holdings

Ltd.

(2)

79,850

179,851

BHP

Group

Ltd.

(2)

77,131

2,438,414

BlueScope

Steel

Ltd.

(2)

187,729

2,540,981

Dexus,

REIT

(2)

15,954

80,661

Glencore

plc

(2)

19,842

114,175

Goodman

Group,

REIT

(2)

25,367

321,903

GPT

Group

(The),

REIT

(2)

42,925

122,669

Lendlease

Corp.

Ltd.

(2)

2,927

14,245

Mirvac

Group,

REIT

(2)

95,677

134,007

Pilbara

Minerals

Ltd.

(2)

97,757

260,073

Scentre

Group,

REIT

(2)

90,560

167,634

Sonic

Healthcare

Ltd.

(2)

15,491

363,155

South32

Ltd.

(2)

516,288

1,513,101

Stockland,

REIT

(2)

49,658

132,974

Vicinity

Ltd.,

REIT

(2)

97,628

127,683

8,663,501

—

Belgium

-

0.2%

Ageas

SA/NV

(2)

12,358

534,586

Solvay

SA

(2)

1,042

119,170

653,756

—

Canada

-

3.2%

Air

Canada

21,354

302,574

ARC

Resources

Ltd.

100,049

1,134,851

Bank

of

Montreal

2,870

255,635

Bank

of

Nova

Scotia

(The)

14,390

724,770

Empire

Co.

Ltd.,

Class

A

9,385

251,586

Fairfax

Financial

Holdings

Ltd.

440

292,627

Great-West

Lifeco,

Inc.

1,345

35,648

Imperial

Oil

Ltd.

17,988

914,773

Manulife

Financial

Corp.

48,329

886,836

Nutrien

Ltd.

17,223

1,271,940

Onex

Corp.

5,414

253,094

Parkland

Corp.

4,158

99,681

Power

Corp.

of

Canada

7,139

182,450

RioCan,

REIT

11,451

172,761

Ritchie

Bros

Auctioneers,

Inc.

9,970

560,946

Suncor

Energy,

Inc.

29,831

926,163

Tourmaline

Oil

Corp.

9,319

388,343

West

Fraser

Timber

Co.

Ltd.

16,973

1,210,653

9,865,331

—

China

-

0.5%

BOC

Hong

Kong

Holdings

Ltd.

(2)

68,500

213,258

NXP

Semiconductors

NV

3,094

576,954

SITC

International

Holdings

Co.

Ltd.

(2)

346,000

743,609

1,533,821

—

Denmark

-

0.8%

AP

Moller

-

Maersk

A/S,

Class

B

(2)

1,262

2,293,949

Danske

Bank

A/S

(2)*

5,712

114,919

2,408,868

—

INVESTMENTS

SHARES

VALUE

($)

Finland

-

0.1%

Stora

Enso

OYJ,

Class

R

(2)

28,252

367,555

France

-

1.9%

BNP

Paribas

SA

(2)

9,012

538,175

Cie

de

Saint-Gobain

(2)

38,827

2,207,067

Dassault

Aviation

SA

(2)

3,054

604,174

Renault

SA

(2)*

6,460

263,285

Societe

Generale

SA

(2)

5,908

133,115

TotalEnergies

SE

(2)

34,123

2,012,019

Unibail-Rodamco-Westfield,

REIT

(2)*

3,473

186,868

5,944,703

—

Germany

-

2.4%

BASF

SE

(2)

11,595

608,722

Bayer

AG

(Registered)

(2)

17,507

1,118,375

Bayerische

Motoren

Werke

AG

(2)

13,553

1,485,392

Brenntag

SE

(2)

3,565

268,288

Commerzbank

AG

(2)*

19,998

210,544

Deutsche

Bank

AG

(Registered)

(2)

246,969

2,511,478

Deutsche

Post

AG

(Registered)

(2)

2,082

97,512

E.ON

SE

(2)

30,582

381,502

Fresenius

SE

&

Co.

KGaA

(2)

1,365

36,859

HeidelbergCement

AG

(2)

2,742

200,213

HelloFresh

SE

(2)*

11,498

274,196

Infineon

Technologies

AG

(2)

2,145

88,085

Mercedes-Benz

Group

AG

(2)

3,225

248,011

7,529,177

—

Hong

Kong

-

0.3%

CK

Infrastructure

Holdings

Ltd.

(2)

2,749

14,957

Hong

Kong

Exchanges

&

Clearing

Ltd.

(2)

5,269

233,547

Link,

REIT

(2)

18,329

117,860

New

World

Development

Co.

Ltd.

(2)

95,000

254,657

WH

Group

Ltd.

(2)(a)

432,000

257,535

878,556

—

Italy

-

0.6%

Eni

SpA

(2)

12,904

179,964

UniCredit

SpA

(2)

88,566

1,669,280

1,849,244

—

Japan

-

6.1%

AGC,

Inc.

(2)

8,100

301,976

Dai-ichi

Life

Holdings,

Inc.

(2)

52,800

970,648

Daito

Trust

Construction

Co.

Ltd.

(2)

486

48,420

Daiwa

House

Industry

Co.

Ltd.

(2)

2,451

57,749

ENEOS

Holdings,

Inc.

(2)

113,700

398,918

Hulic

Co.

Ltd.

(2)

1,500

12,338

Idemitsu

Kosan

Co.

Ltd.

(2)

32,700

715,894

Iida

Group

Holdings

Co.

Ltd.

(2)

25,800

421,228

Inpex

Corp.

(2)

108,100

1,143,971

Japan

Metropolitan

Fund

Investment

Corp.,

REIT

(2)

214

156,274

Japan

Post

Holdings

Co.

Ltd.

(2)

75,900

616,002

Japan

Post

Insurance

Co.

Ltd.

(2)

85,300

1,329,473

Japan

Real

Estate

Investment

Corp.,

REIT

(2)

30

119,557

54

AQR

Funds

|

Semi-Annual

Report

|

March

2023

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

(Continued)

AQR

GLOBAL

EQUITY

FUND

Schedule

of

Investments

March

31,

2023

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

Japan

-

6.1%

(continued)

JFE

Holdings,

Inc.

(2)

147,000

1,865,788

Kajima

Corp.

(2)

11,400

137,569

Mazda

Motor

Corp.

(2)

162,500

1,498,899

Mitsubishi

Corp.

(2)

20,900

751,072

Mitsubishi

Estate

Co.

Ltd.

(2)

5,764

68,561

Mitsui

Chemicals,

Inc.

(2)

4,900

126,521

Mitsui

Fudosan

Co.

Ltd.

(2)

4,598

86,371

Mizuho

Financial

Group,

Inc.

(2)

140,100

1,984,877

MS&AD

Insurance

Group

Holdings,

Inc.

(2)

10,700

331,602

Nippon

Building

Fund,

Inc.,

REIT

(2)

21

87,413

Nippon

Steel

Corp.

(2)

106,500

2,511,428

Nippon

Yusen

KK

(2)

24,100

562,936

Nomura

Real

Estate

Holdings,

Inc.

(2)

1,000

22,144

Nomura

Real

Estate

Master

Fund,

Inc.,

REIT

(2)

117

131,109

Obayashi

Corp.

(2)

27,700

211,973

Osaka

Gas

Co.

Ltd.

(2)

38,900

639,042

Subaru

Corp.

(2)

8,300

132,498

Sumitomo

Metal

Mining

Co.

Ltd.

(2)

6,500

248,715

Sumitomo

Mitsui

Financial

Group,

Inc.

(2)

2,300

92,040

Sumitomo

Mitsui

Trust

Holdings,

Inc.

(2)

12,100

415,707

Sumitomo

Realty

&

Development

Co.

Ltd.

(2)

2,624

59,254

Tosoh

Corp.

(2)

51,900

705,295

18,963,262

—

Luxembourg

-

0.7%

ArcelorMittal

SA

(2)

69,742

2,112,924

Netherlands

-

1.2%

ING

Groep

NV

(2)

19,668

233,564

NN

Group

NV

(2)

50,349

1,828,169

OCI

NV

(2)

19,960

676,641

Shell

plc

(2)

38,971

1,110,619

3,848,993

—

Russia

-

0.0%

Evraz

plc

(3)*(b)

77,212

–

Singapore

-

0.1%

Singapore

Exchange

Ltd.

(2)

4,067

28,800

STMicroelectronics

NV

(2)

4,221

224,911

253,711

—

South

Africa

-

0.0%

(c)

Anglo

American

plc

(2)

3,143

104,541

Spain

-

1.2%

Banco

Santander

SA

(2)

97,211

362,255

Repsol

SA

(2)

214,733

3,302,137

3,664,392

—

Sweden

-

0.4%

Assa

Abloy

AB,

Class

B

(2)

11,772

281,969

Investor

AB,

Class

B

(2)

8,816

175,620

Skanska

AB,

Class

B

(2)

26,682

408,679

INVESTMENTS

SHARES

VALUE

($)

Sweden

-

0.4%

(continued)

Svenska

Handelsbanken

AB,

Class

A

(2)

35,694

309,141

Swedbank

AB,

Class

A

(2)

5,411

88,982

1,264,391

—

Switzerland

-

1.4%

Baloise

Holding

AG

(Registered)

(2)

2,765

430,556

Clariant

AG

(Registered)

(2)

18,719

310,536

Novartis

AG

(Registered)

(2)

29,192

2,680,367

Swatch

Group

AG

(The)

(2)

314

108,139

Swiss

Life

Holding

AG

(Registered)

(2)

500

308,553

Temenos

AG

(Registered)

(2)

7,332

510,205

4,348,356

—

United

Kingdom

-

3.1%

3i

Group

plc

(2)

9,545

198,951

Aviva

plc

(2)

35,930

179,475

Barclays

plc

(2)

990,051

1,781,998

Barratt

Developments

plc

(2)

75,435

434,112

BP

plc

(2)

283,861

1,794,152

British

American

Tobacco

plc

(2)

9,359

328,074

CK

Hutchison

Holdings

Ltd.

(2)

235,500

1,456,956

DCC

plc

(2)

1,637

95,423

HSBC

Holdings

plc

(2)

91,535

622,118

Imperial

Brands

plc

(2)

17,146

394,284

Just

Eat

Takeaway.com

NV

(2)*(a)

19,825

378,320

Legal

&

General

Group

plc

(2)

238,187

704,464

Liberty

Global

plc,

Class

C

*

14,864

302,928

Pearson

plc

(2)

28,508

298,334

Tesco

plc

(2)

32,827

107,621

Whitbread

plc

(2)

11,293

417,178

9,494,388

—

United

States

-

59.2%

3M

Co.

30,679

3,224,670

Activision

Blizzard,

Inc.

3,912

334,828

Adobe,

Inc.

*

7,463

2,876,016

Advance

Auto

Parts,

Inc.

19,619

2,385,867

Advanced

Micro

Devices,

Inc.

*

1,942

190,335

Akamai

Technologies,

Inc.

*

8,542

668,839

Ally

Financial,

Inc.

24,635

627,946

Alphabet,

Inc.,

Class

A

*

55,105

5,716,041

Alphabet,

Inc.,

Class

C

*

29,320

3,049,280

Altria

Group,

Inc.

80,099

3,574,017

Amazon.com,

Inc.

39,921

4,123,439

American

Express

Co.

4,364

719,842

American

International

Group,

Inc.

46,147

2,323,963

American

Tower

Corp.,

REIT

4,396

898,279

APA

Corp.

15,047

542,595

Apple,

Inc.

81,112

13,375,368

Applied

Materials,

Inc.

3,273

402,023

Archer-Daniels-Midland

Co.

3,270

260,488

Arrow

Electronics,

Inc.

*

8,314

1,038,169

Assurant,

Inc.

5,550

666,389

AutoZone,

Inc.

*

72

176,987

AvalonBay

Communities,

Inc.,

REIT

811

136,297

Bank

of

New

York

Mellon

Corp.

(The)

6,687

303,857

Berkshire

Hathaway,

Inc.,

Class

B

*

6,896

2,129,278

55

AQR

Funds

|

Semi-Annual

Report

|

March

2023

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

(Continued)

AQR

GLOBAL

EQUITY

FUND

Schedule

of

Investments

March

31,

2023

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

United

States

-

59.2%

(continued)

Best

Buy

Co.,

Inc.

8,890

695,820

Biogen,

Inc.

*

2,105

585,253

Booking

Holdings,

Inc.

*

971

2,575,490

Bristol-Myers

Squibb

Co.

16,364

1,134,189

Broadcom,

Inc.

1,116

715,959

Capital

One

Financial

Corp.

7,426

714,084

Cardinal

Health,

Inc.

5,867

442,959

Carlisle

Cos.,

Inc.

493

111,453

Carrier

Global

Corp.

10,176

465,552

Centene

Corp.

*

5,270

333,117

CF

Industries

Holdings,

Inc.

45,901

3,327,363

Chevron

Corp.

7,290

1,189,436

Cigna

Group

(The)

9,793

2,502,405

Cisco

Systems,

Inc.

53,279

2,785,160

Citigroup,

Inc.

64,570

3,027,687

CME

Group,

Inc.

6,352

1,216,535

Coca-Cola

Co.

(The)

24,520

1,520,976

Cognizant

Technology

Solutions

Corp.,

Class

A

13,818

841,931

Colgate-Palmolive

Co.

4,222

317,283

Comcast

Corp.,

Class

A

12,217

463,146

Coterra

Energy,

Inc.

45,311

1,111,932

Crown

Castle,

Inc.,

REIT

1,970

263,665

CVS

Health

Corp.

45,123

3,353,090

DaVita,

Inc.

*

3,462

280,803

Dell

Technologies,

Inc.,

Class

C

20,916

841,032

Delta

Air

Lines,

Inc.

*

81,005

2,828,695

Digital

Realty

Trust,

Inc.,

REIT

849

83,465

Discover

Financial

Services

7,712

762,254

DocuSign,

Inc.

*

5,365

312,780

Domino's

Pizza,

Inc.

809

266,865

Dropbox,

Inc.,

Class

A

*

32,728

707,579

Eastman

Chemical

Co.

8,049

678,853

eBay,

Inc.

4,770

211,645

EOG

Resources,

Inc.

6,508

746,012

Equinix,

Inc.,

REIT

222

160,071

Equity

Residential,

REIT

2,048

122,880

Everest

Re

Group

Ltd.

1,159

414,945

Evergy,

Inc.

1,379

84,284

Expedia

Group,

Inc.

*

16,099

1,562,086

Exxon

Mobil

Corp.

25,795

2,828,680

FedEx

Corp.

6,552

1,497,066

FleetCor

Technologies,

Inc.

*

1,988

419,170

Ford

Motor

Co.

48,760

614,376

General

Dynamics

Corp.

5,407

1,233,931

General

Motors

Co.

93,629

3,434,312

Gilead

Sciences,

Inc.

9,056

751,376

Goldman

Sachs

Group,

Inc.

(The)

910

297,670

Hartford

Financial

Services

Group,

Inc.

(The)

8,410

586,093

Hasbro,

Inc.

38,260

2,054,179

Hewlett

Packard

Enterprise

Co.

93,827

1,494,664

Horizon

Therapeutics

plc

*

799

87,203

HP,

Inc.

11,611

340,783

Humana,

Inc.

1,359

659,740

Huntington

Ingalls

Industries,

Inc.

6,326

1,309,609

Incyte

Corp.

*

2,360

170,557

Intel

Corp.

88,565

2,893,419

International

Paper

Co.

4,270

153,976

Johnson

&

Johnson

4,024

623,720

INVESTMENTS

SHARES

VALUE

($)

United

States

-

59.2%

(continued)

KLA

Corp.

243

96,998

Kroger

Co.

(The)

37,919

1,872,061

Laboratory

Corp.

of

America

Holdings

1,430

328,071

Lam

Research

Corp.

1,016

538,602

Leidos

Holdings,

Inc.

4,162

383,154

Lennar

Corp.,

Class

A

7,967

837,411

Lockheed

Martin

Corp.

2,211

1,045,206

LyondellBasell

Industries

NV,

Class

A

11,244

1,055,699

Marathon

Oil

Corp.

47,174

1,130,289

Marathon

Petroleum

Corp.

11,280

1,520,882

Marriott

International,

Inc.,

Class

A

1,738

288,578

Marvell

Technology,

Inc.

2,585

111,931

Mastercard,

Inc.,

Class

A

486

176,617

McDonald's

Corp.

390

109,048

Meta

Platforms,

Inc.,

Class

A

*

26,437

5,603,057

Microchip

Technology,

Inc.

11,313

947,803

Microsoft

Corp.

37,058

10,683,820

Mohawk

Industries,

Inc.

*

2,646

265,182

Molson

Coors

Beverage

Co.,

Class

B

3,595

185,790

Mosaic

Co.

(The)

37,345

1,713,389

NetApp,

Inc.

26,022

1,661,505

Netflix,

Inc.

*

262

90,516

NiSource,

Inc.

7,460

208,582

NRG

Energy,

Inc.

80,103

2,746,732

NVR,

Inc.

*

200

1,114,438

Occidental

Petroleum

Corp.

1,314

82,033

Ovintiv,

Inc.

9,560

344,925

Owens

Corning

28,652

2,744,862

PACCAR,

Inc.

9,352

684,566

PayPal

Holdings,

Inc.

3,858

292,977

Pfizer,

Inc.

92,320

3,766,656

Phillips

66

6,202

628,759

Pioneer

Natural

Resources

Co.

1,196

244,271

Prologis,

Inc.,

REIT

2,980

371,815

Public

Storage,

REIT

2,484

750,516

PulteGroup,

Inc.

44,942

2,619,220

Qorvo,

Inc.

*

2,796

283,990

QUALCOMM,

Inc.

14,452

1,843,786

Regeneron

Pharmaceuticals,

Inc.

*

113

92,849

Salesforce,

Inc.

*

7,568

1,511,935

Simon

Property

Group,

Inc.,

REIT

1,723

192,924

Skyworks

Solutions,

Inc.

3,689

435,228

Southwest

Airlines

Co.

20,614

670,780

SS&C

Technologies

Holdings,

Inc.

1,971

111,302

Stellantis

NV

(2)

142,126

2,584,743

Stellantis

NV

(2)

10,244

186,161

Swiss

Re

AG

(2)

7,662

787,144

Synchrony

Financial

65,121

1,893,719

Tesla,

Inc.

17,489

3,628,268

Travelers

Cos.,

Inc.

(The)

575

98,561

Tyson

Foods,

Inc.,

Class

A

37,405

2,218,865

Ulta

Beauty,

Inc.

*

906

494,377

Valero

Energy

Corp.

15,428

2,153,749

Veeva

Systems,

Inc.,

Class

A

*

8,114

1,491,272

VeriSign,

Inc.

*

439

92,774

Verizon

Communications,

Inc.

43,728

1,700,582

Viatris,

Inc.

128,931

1,240,316

56

AQR

Funds

|

Semi-Annual

Report

|

March

2023

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

(Continued)

AQR

GLOBAL

EQUITY

FUND

Schedule

of

Investments

March

31,

2023

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

United

States

-

59.2%

(continued)

VMware,

Inc.,

Class

A

*

1,113

138,958

Walmart,

Inc.

1,652

243,587

Welltower,

Inc.,

REIT

3,001

215,142

Whirlpool

Corp.

1,666

219,945

Zoom

Video

Communications,

Inc.,

Class

A

*

2,693

198,851

182,929,840

—

TOTAL

COMMON

STOCKS

(Cost

$230,522,417)

266,679,310

PREFERRED

STOCKS

-

0.2%

Germany

-

0.2%

Porsche

Automobil

Holding

SE

(Preference)

(2)

865

49,657

Volkswagen

AG

(Preference)

(2)

3,975

542,478

TOTAL

PREFERRED

STOCKS

(Cost

$620,572)

592,135

SHORT-TERM

INVESTMENTS

-

10.7%

INVESTMENT

COMPANIES

-

10.7%

Goldman

Sachs

Financial

Square

Funds

-

Treasury

Instruments

Fund,

Institutional

Shares,

4.50%

(d)(e)

6,528,870

6,528,870

Limited

Purpose

Cash

Investment

Fund,

4.73%

(d)

26,594,306

26,583,669

TOTAL

SHORT-TERM

INVESTMENTS

(Cost

$33,108,261)

33,112,539

TOTAL

INVESTMENTS

IN

SECURITIES

AT

VALUE

-

97.1%

(Cost

$264,251,250)

300,383,984

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

-

2.9%

(f)

9,061,196

NET

ASSETS

-

100.0%

309,445,180

SECTOR

VALUE

%

OF

NET

ASSETS

Communication

Services

$

17,260,380

5.6

%

Consumer

Discretionary

36,725,968

11.9

Consumer

Staples

11,806,364

3.8

Energy

26,645,046

8.6

Financials

39,393,664

12.7

Health

Care

22,042,332

7.1

Industrials

27,777,368

9.0

Information

Technology

49,430,393

16.0

Materials

26,236,668

8.5

Real

Estate

5,878,163

1.9

Utilities

4,075,099

1.3

Investment

Companies

33,112,539

10.7

Total

Investments

In

Securities

At

Value

300,383,984

97.1

Other

Assets

in

Excess

of

Liabilities

(f)

9,061,196

2.9

Net

Assets

$

309,445,180

100.0%

*

Non-income

producing

security.

(a)

Securities

exempt

from

registration

under

Rule

144A

or

section

4(2),

of

the

Securities

Act

of

1933.

Under

procedures

approved

by

the

Board

of

Trustees,

such

securities

have

been

determined

to

be

liquid

by

the

investment

adviser

and

may

be

resold,

normally

to

qualified

institutional

buyers

in

transactions

exempt

from

registration.

Total

value

of

all

such

securities

at

March

31,

2023

amounted

to

$635,855,

which

represents

0.21%

of

net

assets

of

the

Fund.

(b)

Security

fair

valued

using

significant

unobservable

inputs

(Level

3)

as

of

March

31,

2023

in

accordance

with

procedures

approved

by

the

Board

of

Trustees.

Total

value

of

all

such

securities

at

March

31,

2023

amounted

to

$0,

which

represents

0.00%

of

net

assets

of

the

Fund.

(c)

Represents

less

than

0.05%

of

net

assets.

(d)

Represents

7-day

effective

yield

as

of

March

31,

2023.

(e)

All

or

a

portion

of

the

security

pledged

as

collateral

for

forward

foreign

currency

exchange

and

swap

contracts.

(f)

Includes

appreciation/(depreciation)

on

forward

foreign

currency

exchange,

futures

and

swap

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).

57

AQR

Funds

|

Semi-Annual

Report

|

March

2023

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

(Continued)

AQR

GLOBAL

EQUITY

FUND

Schedule

of

Investments

March

31,

2023

(Unaudited)

Total

return

swap

contracts

outstanding

as

of

March

31,

2023

:

Over

the

Counter

REFERENCE

ENTITY

PAYMENTS

MADE

BY

FUND

PAYMENTS

RECEIVED

BY

FUND

PAYMENT

FREQUENCY

COUNTERPARTY

MATURITY

DATE

NOTIONAL

AMOUNT

VALUE

AND

UNREALIZED

APPRECIATION

(DEPRECIATION)

MSCI

Singapore

Net

Return

Index

Decreases

in

total

return

of

reference

entity

and

pays

the

SORA

plus

or

minus

a

specified

spread

(0.10%)

Increases

in

total

return

of

reference

entity

Monthly

JPMC

06/21/2023

SGD

11,032

$

140

MSCI

Spain

Net

Return

Index

Increases

in

total

return

of

reference

entity

Decreases

in

total

return

of

reference

entity

and

receives

the

ESTR

plus

or

minus

a

specified

spread

(-0.96%)

Monthly

JPMC

06/21/2023

EUR

(1,769,453)

38,916

MSCI

Sweden

Net

Return

Index

Increases

in

total

return

of

reference

entity

Decreases

in

total

return

of

reference

entity

and

receives

the

STIBOR

plus

or

minus

a

specified

spread

(-3.36%)

Monthly

JPMC

06/21/2023

SEK

(10,777,398)

14,303

53,359

Amsterdam

Exchange

Index

April

Futures

Increases

in

total

return

of

reference

entity

Decreases

in

total

return

of

reference

entity

At

termination

GSIN

04/21/2023

EUR

(9,986,460)

(517,125)

Swiss

Market

Index

June

Futures

Increases

in

total

return

of

reference

entity

Decreases

in

total

return

of

reference

entity

At

termination

GSIN

06/16/2023

CHF

(29,139,400)

(1,605,883)

Tel

Aviv

Stock

Exchange

35

Index

Decreases

in

total

return

of

reference

entity

and

pays

the

TELBOR

plus

or

minus

a

specified

spread

(-0.30%)

Increases

in

total

return

of

reference

entity

Monthly

GSIN

06/21/2023

ILS

2,145,792

(17,572)

MSCI

Italy

Net

Return

Index

Decreases

in

total

return

of

reference

entity

and

pays

the

ESTR

plus

or

minus

a

specified

spread

(-0.80%)

Increases

in

total

return

of

reference

entity

Monthly

JPMC

06/21/2023

EUR

5,073,824

(182,351)

58

AQR

Funds

|

Semi-Annual

Report

|

March

2023

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

(Continued)

AQR

GLOBAL

EQUITY

FUND

Schedule

of

Investments

March

31,

2023

(Unaudited)

REFERENCE

ENTITY

PAYMENTS

MADE

BY

FUND

PAYMENTS

RECEIVED

BY

FUND

PAYMENT

FREQUENCY

COUNTERPARTY

MATURITY

DATE

NOTIONAL

AMOUNT

VALUE

AND

UNREALIZED

APPRECIATION

(DEPRECIATION)

MSCI

Japan

Net

Return

Index

Decreases

in

total

return

of

reference

entity

and

pays

the

TONAR

plus

or

minus

a

specified

spread

(-0.20%)

Increases

in

total

return

of

reference

entity

Monthly

JPMC

06/21/2023

JPY

545,932,560

$

(54,199)

MSCI

Switzerland

Net

Return

Index

Increases

in

total

return

of

reference

entity

Decreases

in

total

return

of

reference

entity

and

receives

the

SARON

plus

or

minus

a

specified

spread

(-1.51%)

Monthly

JPMC

06/21/2023

CHF

(1,434,875)

(33,072)

MSCI

United

Kingdom

Net

Return

Index

Decreases

in

total

return

of

reference

entity

and

pays

the

SONIA

plus

or

minus

a

specified

spread

(0.15%)

Increases

in

total

return

of

reference

entity

Monthly

JPMC

06/21/2023

GBP

221,741

(9,944)

(2,420,146)

$

(2,366,787)

Futures

contracts

outstanding

as

of

March

31,

2023:

Exchange

Traded

DESCRIPTION

NUMBER

OF

CONTRACTS

EXPIRATION

DATE

TRADING

CURRENCY

NOTIONAL

AMOUNT

VALUE

AND

UNREALIZED

APPRECIATION

(DEPRECIATION)

Long

Contracts

CAC

40

10

Euro

Index

111

4/2023

EUR

$

8,828,633

$

152,595

Hang

Seng

Index

29

4/2023

HKD

3,783,163

73,390

MSCI

Singapore

Index

57

4/2023

SGD

1,311,711

14,970

FTSE

100

Index

185

6/2023

GBP

17,433,420

163,881

FTSE/MIB

Index

127

6/2023

EUR

18,356,854

475,732

S&P

500

E-Mini

Index

109

6/2023

USD

22,550,738

913,974

TOPIX

Index

206

6/2023

JPY

31,084,240

(185,893)

1,608,649

Short

Contracts

IBEX

35

Index

(22)

4/2023

EUR

(2,193,406)

(64,071)

OMXS30

Index

(57)

4/2023

SEK

(1,217,408)

(55,207)

DAX

Index

(30)

6/2023

EUR

(12,848,885)

(407,385)

S&P/TSX

60

Index

(36)

6/2023

CAD

(6,441,909)

(99,636)

SPI

200

Index

(29)

6/2023

AUD

(3,484,947)

(61,595)

(687,894)

$

920,755

59

AQR

Funds

|

Semi-Annual

Report

|

March

2023

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

(Continued)

AQR

GLOBAL

EQUITY

FUND

Schedule

of

Investments

March

31,

2023

(Unaudited)

Forward

foreign

currency

exchange

contracts

outstanding

as

of

March

31,

2023:

Over

the

Counter

CURRENCY

PURCHASED

CURRENCY

SOLD

COUNTERPARTY

SETTLEMENT

DATE

UNREALIZED

APPRECIATION

(DEPRECIATION)

AUD

2,010,500

USD

1,341,127

CITG

6/21/2023

$

6,711

AUD

2,010,500

USD

1,341,120

JPMC

6/21/2023

6,718

CAD

4,454,200

USD

3,273,248

CITG

6/21/2023

26,788

CAD

4,454,198

USD

3,273,230

JPMC

6/21/2023

26,803

CHF

1,900,500

USD

2,080,601

CITG

6/21/2023

14,477

CHF

1,900,500

USD

2,080,591

JPMC

6/21/2023

14,488

DKK

4,271,000

USD

621,957

CITG

6/21/2023

3,103

DKK

4,271,000

USD

621,954

JPMC

6/21/2023

3,105

EUR

41,262,698

USD

44,253,904

CITG

6/21/2023

697,026

EUR

41,262,694

USD

44,253,678

JPMC

6/21/2023

697,247

GBP

17,558,002

USD

21,280,596

CITG

6/21/2023

412,833

GBP

17,557,998

USD

21,280,485

JPMC

6/21/2023

412,942

HKD

160,500

USD

20,519

CITG

6/21/2023

2

HKD

160,500

USD

20,519

JPMC

6/21/2023

2

ILS

888,750

USD

243,659

CITG

6/21/2023

4,270

ILS

888,750

USD

243,658

JPMC

6/21/2023

4,271

JPY

1,520,000,000

USD

11,399,219

CITG

6/21/2023

183,261

JPY

1,520,000,000

USD

11,399,162

JPMC

6/21/2023

183,319

NZD

2,059,000

USD

1,277,137

CITG

6/21/2023

10,320

NZD

2,059,000

USD

1,277,130

JPMC

6/21/2023

10,326

SEK

138,500,001

USD

13,218,842

CITG

6/21/2023

180,792

SEK

138,499,999

USD

13,218,776

JPMC

6/21/2023

180,857

SGD

954,001

USD

712,142

CITG

6/21/2023

6,564

SGD

953,999

USD

712,137

JPMC

6/21/2023

6,568

USD

3,194,195

AUD

4,732,000

CITG

6/21/2023

21,867

USD

3,194,211

AUD

4,732,000

JPMC

6/21/2023

21,882

USD

557,922

CHF

505,500

CITG

6/21/2023

667

USD

557,924

CHF

505,500

JPMC

6/21/2023

670

USD

26,398

DKK

179,500

CITG

6/21/2023

128

USD

26,398

DKK

179,500

JPMC

6/21/2023

128

USD

552,565

HKD

4,318,500

CITG

6/21/2023

408

USD

552,568

HKD

4,318,500

JPMC

6/21/2023

411

USD

11,373

ILS

40,500

CITG

6/21/2023

76

USD

11,373

ILS

40,500

JPMC

6/21/2023

76

USD

2,058,545

JPY

270,000,000

CITG

6/21/2023

1,131

USD

2,058,555

JPY

270,000,000

JPMC

6/21/2023

1,141

USD

2,740,798

NOK

28,500,000

CITG

6/21/2023

8,881

USD

2,740,811

NOK

28,500,000

JPMC

6/21/2023

8,894

USD

3,920,988

SEK

40,428,250

CITG

6/21/2023

9,625

USD

3,921,007

SEK

40,428,250

JPMC

6/21/2023

9,646

USD

3,396

SGD

4,500

CITG

6/21/2023

6

USD

3,396

SGD

4,500

JPMC

6/21/2023

6

Total

unrealized

appreciation

3,178,436

AUD

34,859,035

USD

23,915,507

CITG

6/21/2023

(546,038)

AUD

34,859,028

USD

23,915,383

JPMC

6/21/2023

(545,916)

CHF

4,569,000

USD

5,047,555

CITG

6/21/2023

(10,768)

CHF

4,569,000

USD

5,047,530

JPMC

6/21/2023

(10,742)

HKD

951,000

USD

121,675

CITG

6/21/2023

(80)

HKD

951,000

USD

121,674

JPMC

6/21/2023

(80)

ILS

310,249

USD

87,489

CITG

6/21/2023

(941)

ILS

310,250

USD

87,489

JPMC

6/21/2023

(941)

JPY

1,085,000,003

USD

8,325,464

CITG

6/21/2023

(57,708)

JPY

1,084,999,997

USD

8,325,422

JPMC

6/21/2023

(57,666)

NOK

157,635,002

USD

15,292,276

CITG

6/21/2023

(181,899)

NOK

157,634,999

USD

15,292,199

JPMC

6/21/2023

(181,824)

60

AQR

Funds

|

Semi-Annual

Report

|

March

2023

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

GLOBAL

EQUITY

FUND

Schedule

of

Investments

March

31,

2023

(Unaudited)

CURRENCY

PURCHASED

CURRENCY

SOLD

COUNTERPARTY

SETTLEMENT

DATE

UNREALIZED

APPRECIATION

(DEPRECIATION)

NZD

1,195,000

USD

748,347

CITG

6/21/2023

$

(1,134)

NZD

1,195,000

USD

748,343

JPMC

6/21/2023

(1,130)

SEK

48,000,000

USD

4,659,659

CITG

6/21/2023

(15,743)

SEK

48,000,000

USD

4,659,636

JPMC

6/21/2023

(15,720)

SGD

21,500

USD

16,226

CITG

6/21/2023

(28)

SGD

21,500

USD

16,226

JPMC

6/21/2023

(28)

USD

2,404,747

AUD

3,624,500

CITG

6/21/2023

(25,116)

USD

2,404,759

AUD

3,624,500

JPMC

6/21/2023

(25,103)

USD

14,459,425

CAD

19,650,501

CITG

6/21/2023

(99,270)

USD

14,459,496

CAD

19,650,499

JPMC

6/21/2023

(99,198)

USD

30,927,961

CHF

28,476,502

CITG

6/21/2023

(464,048)

USD

30,928,111

CHF

28,476,498

JPMC

6/21/2023

(463,894)

USD

386,639

DKK

2,687,000

CITG

6/21/2023

(6,603)

USD

386,641

DKK

2,687,000

JPMC

6/21/2023

(6,601)

USD

15,687,327

EUR

14,636,500

CITG

6/21/2023

(257,445)

USD

15,687,406

EUR

14,636,500

JPMC

6/21/2023

(257,366)

USD

16,908,354

GBP

13,969,504

CITG

6/21/2023

(351,382)

USD

16,908,432

GBP

13,969,499

JPMC

6/21/2023

(351,297)

USD

13,038

HKD

102,000

CITG

6/21/2023

(3)

USD

13,038

HKD

102,000

JPMC

6/21/2023

(3)

USD

24,080

ILS

87,000

CITG

6/21/2023

(191)

USD

24,080

ILS

87,000

JPMC

6/21/2023

(191)

USD

16,242,245

JPY

2,159,435,503

CITG

6/21/2023

(212,766)

USD

16,242,326

JPY

2,159,435,497

JPMC

6/21/2023

(212,684)

USD

7,268,748

NOK

76,500,000

CITG

6/21/2023

(64,292)

USD

7,268,785

NOK

76,500,000

JPMC

6/21/2023

(64,255)

USD

18,235,431

NZD

29,488,000

CITG

6/21/2023

(202,902)

USD

18,235,522

NZD

29,487,999

JPMC

6/21/2023

(202,811)

USD

3,907,120

SEK

40,428,251

CITG

6/21/2023

(4,242)

USD

3,907,139

SEK

40,428,250

JPMC

6/21/2023

(4,224)

USD

72,787

SGD

97,500

CITG

6/21/2023

(666)

USD

72,788

SGD

97,500

JPMC

6/21/2023

(665)

Total

unrealized

depreciation

(5,005,604)

Net

unrealized

depreciation

$

(1,827,168)

Collateral

pledged

to,

or

(received

from),

each

counterparty

at

March

31,

2023

was

as

follows:

COUNTERPARTY

OVER

THE

COUNTER

EXCHANGE

TRADED

TOTAL

BARC

Cash

$

–

$

5,439,141

$

5,439,141

CITG

Investment

Companies

1,943,948

–

1,943,948

GSCO

Cash

–

2,682,139

2,682,139

GSIN

Cash

1,890,115

–

1,890,115

JPMC

Investment

Companies

4,584,922

–

4,584,922

61

Schedule

of

Investments

AQR

Funds

|

Semi-Annual

Report

|

March

2023

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

March

31,

2023

(Unaudited)

Abbreviations

ADR

-

American

Depositary

Receipt

CVA

-

Dutch

Certification

GDR

-

Global

Depositary

Receipt

NVDR

-

Non-Voting

Depositary

Receipt

OYJ

-

Public

Traded

Company

PJSC

-

Public

Joint

Stock

Company

Preference

-

A

special

type

of

equity

investment

that

shares

in

the

earnings

of

the

company,

has

limited

voting

rights,

and

may

have

a

dividend

preference.  Preference

shares

may

also

have

liquidation

preference.

REIT

-

Real

Estate

Investment

Trust

SCA

-

Limited

partnership

with

share

capital

Currencies

AUD

-

Australian

dollar

CAD

-

Canadian

dollar

CHF

-

Swiss

franc

DKK

-

Danish

krone

EUR

-

Euro

GBP

-

British

pound

HKD

-

Hong

Kong

dollar

ILS

-

Israeli

shekel

JPY

-

Japanese

yen

NOK

-

Norwegian

krone

NZD

-

New

Zealand

dollar

SEK

-

Swedish

krona

SGD

-

Singapore

dollar

USD

-

United

States

d

ollar

The

following

abbreviations

are

used

for

counterparty

descriptions:

BARC

-

Barclays

Capital,

Inc.

CITG

-

Citigroup

Global

Markets,

Inc.

GSCO

-

Goldman

Sachs

&

Co.

GSIN

-

Goldman

Sachs

International

JPMC

-

J.P.

Morgan

Chase

Bank,

NA

JPMS

-

J.P.

Morgan

Securities

LLC

The

following

reference

rates,

and

their

values

as

of

period

end,

are

used

for

security

descriptions:

1

Month

Stockholm

Interbank

Offered

Rate

(“STIBOR”):

3.02%

Euro

Short-Term

Rate

("ESTR"):

2.88%

Singapore

Overnight

Rate

Average

(“SORA”):

3.58%

Sterling

Overnight

Index

Average

(“SONIA”):

4.18%

Swiss

Average

Rate

Overnight

(“SARON”):

1.42%

Tel

Aviv

Interbank

Offer

Rate

("TELBOR"):

4.48%

Tokyo

Overnight

Average

Rate

(“TONAR”):  -0.03%

Statements

of

Assets

and

Liabilities

62

AQR

Funds

|

Semi-Annual

Report

|

March

2023

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

March

31,

2023

(Unaudited)

12

AQR

LARGE

CAP

MULTI-STYLE

FUND

AQR

SMALL

CAP

MULTI-STYLE

FUND

AQR

INTERNATIONAL

MULTI-STYLE

FUND

AQR

EMERGING

MULTI-STYLE

II

FUND

ASSETS:

Investments

in

securities

of

unaffiliated

issuers,

at

cost

...........

$

575,957,863

$

75,384,435

$

365,082,613

$

445,004,054

Investments

in

securities

of

unaffiliated

issuers,

at

value

..........

$

941,615,077

$

108,046,941

$

453,457,621

$

499,541,585

Cash

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

—

305

4,092

—

Cash

denominated

in

foreign

currencies

‡

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

—

—

1,623,978

2,888,666

Deposits

with

brokers

for

futures

contracts

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

2,118,987

42,537

740,093

590,427

Variation

margin

on

futures

contracts

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

497,084

11,883

—

—

Receivables:

Foreign

tax

reclaims

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

—

—

1,102,293

—

Dividends

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

724,928

77,086

2,083,543

2,664,844

Capital

shares

sold

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

953,062

39,575

271,216

58,671

Prepaid

expenses

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

63,798

35,560

46,776

49,069

Total

Assets

945,972,936

108,253,887

459,329,612

505,793,262

LIABILITIES:

Variation

margin

on

futures

contracts

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

—

—

68,308

37,122

Payables:

–

–

–

–

Accrued

investment

advisory

fees

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

182,967

27,034

135,476

187,460

Accrued

distribution

fees—Class

N

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

1,092

981

248

174

Capital

shares

redeemed

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

293,826

17,790

460,438

93,323

Deferred

foreign

capital

gains

tax

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

—

—

—

171,254

Other

accrued

expenses

and

liabilities

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

120,471

56,446

88,822

153,298

Total

Liabilities

598,356

102,251

753,292

642,631

Net

Assets

$

945,374,580

$

108,151,636

$

458,576,320

$

505,150,631

NET

ASSETS

CONSIST

OF:

Paid-in

capital

($0.001

par

value

common

stock,

unlimited

authorized

shares)

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

$

531,453,611

$

75,925,816

$

383,161,720

$

489,429,628

Total

distributable

earnings

(loss)

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

413,920,969

32,225,820

75,414,600

15,721,003

Net

Assets

$

945,374,580

$

108,151,636

$

458,576,320

$

505,150,631

NET

ASSETS:

Class

I

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

$

189,474,852

$

64,964,236

$

72,352,339

$

49,879,764

Class

N

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

5,265,649

4,568,806

1,205,725

836,226

Class

R6

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

750,634,079

38,618,594

385,018,256

454,434,641

SHARES

OUTSTANDING:

–

–

–

–

Class

I

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

11,650,918

4,290,752

5,967,547

5,333,543

Class

N

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

320,461

301,925

99,192

88,713

Class

R6

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

46,227,726

2,547,552

31,823,363

48,610,879

NET

ASSET

VALUE:

–

–

–

–

Class

I

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

$

16.26

$

15.14

$

12.12

$

9.35

Class

N

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

$

16.43

$

15.13

$

12.16

$

9.43

Class

R6

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

$

16.24

$

15.16

$

12.10

$

9.35

‡

Cash

denominated

in

foreign

currencies,

at

cost

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

$

—

$

—

$

1,622,064

$

2,807,378

Statements

of

Assets

and

Liabilities

63

AQR

Funds

|

Semi-Annual

Report

|

March

2023

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

March

31,

2023

(Unaudited)

AQR

LARGE

CAP

MOMENTUM

STYLE

FUND

AQR

SMALL

CAP

MOMENTUM

STYLE

FUND

AQR

INTERNATIONAL

MOMENTUM

STYLE

FUND

AQR

LARGE

CAP

DEFENSIVE

STYLE

FUND

ASSETS:

Investments

in

securities

of

unaffiliated

issuers,

at

cost

...........

$

459,802,979

$

137,066,309

$

262,433,134

$

2,456,037,199

Investments

in

securities

of

unaffiliated

issuers,

at

value

..........

$

683,617,462

$

177,739,583

$

357,847,887

$

3,873,282,657

Cash

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

—

577

3,501

—

Cash

denominated

in

foreign

currencies

‡

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

369

—

43,736

—

Due

from

broker

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

—

20,821

—

—

Deposits

with

brokers

for

futures

contracts

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

1,491,013

205,084

564,076

4,447,435

Variation

margin

on

futures

contracts

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

350,051

379,328

63,509

1,043,110

Receivables:

Securities

sold

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

—

12,244,988

—

—

Foreign

tax

reclaims

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

—

—

1,038,940

—

Dividends

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

624,595

115,749

1,986,729

4,223,786

Capital

shares

sold

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

1,315,380

326,402

96,402

2,008,609

Prepaid

expenses

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

42,764

29,805

31,913

142,640

Total

Assets

687,441,634

191,062,337

361,676,693

3,885,148,237

LIABILITIES:

Payables:

–

–

–

–

Securities

purchased

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

—

169,302

—

—

Interfund

loan

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

—

6,600,000

—

—

Accrued

investment

advisory

fees

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

129,137

61,694

103,008

817,342

Accrued

distribution

fees—Class

N

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

12,227

884

8,452

55,293

Capital

shares

redeemed

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

1,987,450

492,179

822,881

11,524,209

Other

accrued

expenses

and

liabilities

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

138,562

67,318

105,346

990,475

Total

Liabilities

2,267,376

7,391,377

1,039,687

13,387,319

Net

Assets

$

685,174,258

$

183,670,960

$

360,637,006

$

3,871,760,918

NET

ASSETS

CONSIST

OF:

Paid-in

capital

($0.001

par

value

common

stock,

unlimited

authorized

shares)

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

$

411,386,033

$

145,591,783

$

272,393,501

$

2,262,605,950

Total

distributable

earnings

(loss)

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

273,788,225

38,079,177

88,243,505

1,609,154,968

Net

Assets

$

685,174,258

$

183,670,960

$

360,637,006

$

3,871,760,918

NET

ASSETS:

Class

I

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

$

392,604,503

$

148,760,637

$

175,200,794

$

2,591,206,120

Class

N

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

59,763,255

4,040,954

40,960,676

268,878,007

Class

R6

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

232,806,500

30,869,369

144,475,536

1,011,676,791

SHARES

OUTSTANDING:

–

–

–

–

Class

I

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

20,869,560

8,658,030

10,763,548

101,818,831

Class

N

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

3,173,193

235,000

2,519,009

10,582,220

Class

R6

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

12,444,210

1,805,356

8,894,375

39,805,152

NET

ASSET

VALUE:

–

–

–

–

Class

I

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

$

18.81

$

17.18

$

16.28

$

25.45

Class

N

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

$

18.83

$

17.20

$

16.26

$

25.41

Class

R6

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

$

18.71

$

17.10

$

16.24

$

25.42

‡

Cash

denominated

in

foreign

currencies,

at

cost

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

$

413

$

—

$

43,080

$

—

Statements

of

Assets

and

Liabilities

64

AQR

Funds

|

Semi-Annual

Report

|

March

2023

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

March

31,

2023

(Unaudited)

AQR

INTERNATIONAL

DEFENSIVE

STYLE

FUND

AQR

GLOBAL

EQUITY

FUND

ASSETS:

Investments

in

securities

of

unaffiliated

issuers,

at

cost

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

$

249,668,615

$

264,251,250

Investments

in

securities

of

unaffiliated

issuers,

at

value

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

$

285,108,685

$

300,383,984

Cash

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

132,245

75,374

Cash

denominated

in

foreign

currencies

‡

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

1,412,759

1,593,785

Unrealized

appreciation

on

forward

foreign

currency

exchange

contracts

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

—

3,178,436

Unrealized

appreciation

on

OTC

swaps

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

—

53,359

Due

from

broker

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

—

1,926,877

Deposits

with

brokers

for

futures

contracts

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

472,901

8,791,757

Variation

margin

on

futures

contracts

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

58,060

675,728

Receivables:

Securities

sold

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

417

7,596

Foreign

tax

reclaims

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

487,082

385,437

Dividends

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

1,005,913

806,249

Capital

shares

sold

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

70,800

41,300

Prepaid

expenses

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

35,176

42,170

Total

Assets

288,784,038

317,962,052

LIABILITIES:

Unrealized

depreciation

on

forward

foreign

currency

exchange

contracts

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

—

5,005,604

Unrealized

depreciation

on

OTC

swaps

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

—

2,420,146

Variation

margin

on

futures

contracts

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

—

425,450

Payables:

–

–

Securities

purchased

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

—

42,584

Accrued

investment

advisory

fees

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

74,756

148,954

Accrued

distribution

fees—Class

N

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

1,437

1,361

Capital

shares

redeemed

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

243,778

400,915

Other

accrued

expenses

and

liabilities

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

77,004

71,858

Total

Liabilities

396,975

8,516,872

Net

Assets

$

288,387,063

$

309,445,180

NET

ASSETS

CONSIST

OF:

Paid-in

capital

($0.001

par

value

common

stock,

unlimited

authorized

shares)

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

$

262,807,221

$

277,883,422

Total

distributable

earnings

(loss)

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

25,579,842

31,561,758

Net

Assets

$

288,387,063

$

309,445,180

NET

ASSETS:

Class

I

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

$

115,550,238

$

7,949,238

Class

N

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

7,014,493

6,495,426

Class

R6

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

165,822,332

295,000,516

SHARES

OUTSTANDING:

–

–

Class

I

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

8,485,449

910,675

Class

N

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

496,404

755,127

Class

R6

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

12,187,019

33,574,703

NET

ASSET

VALUE:

–

–

Class

I

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

$

13.62

$

8.73

Class

N

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

$

14.13

$

8.60

Class

R6

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

$

13.61

$

8.79

‡

Cash

denominated

in

foreign

currencies,

at

cost

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

$

1,419,773

$

1,589,096

Statements

of

Operations

65

AQR

Funds

|

Semi-Annual

Report

|

March

2023

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

March

31,

2023

(Unaudited)

AQR

LARGE

CAP

MULTI-STYLE

FUND

AQR

SMALL

CAP

MULTI-STYLE

FUND

AQR

INTERNATIONAL

MULTI-STYLE

FUND

AQR

EMERGING

MULTI-STYLE

II

FUND

FOR

THE

SIX

MONTHS

ENDED

MARCH

31,

2023

FOR

THE

SIX

MONTHS

ENDED

MARCH

31,

2023

FOR

THE

SIX

MONTHS

ENDED

MARCH

31,

2023

FOR

THE

SIX

MONTHS

ENDED

MARCH

31,

2023

INVESTMENT

INCOME:

Dividend

income

†

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

$

10,684,543

$

1,109,481

$

6,197,100

$

8,768,172

Total

Income

10,684,543

1,109,481

6,197,100

8,768,172

EXPENSES:

Investment

advisory

fees

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

1,201,527

263,936

862,911

1,219,360

Custody

fees

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

17,782

22,514

32,309

149,516

Administration

&

accounting

fees

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

103,820

12,674

46,616

52,701

Legal

fees

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

45,282

3,018

11,172

12,552

Audit

&

tax

fees

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

27,249

27,537

32,758

52,862

Shareholder

reporting

fees

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

34,815

11,005

21,768

24,725

Transfer

agent

fees

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

122,842

47,935

48,687

38,368

Trustee

fees

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

33,434

4,270

14,216

16,242

Distribution

fees—Cl

ass

N

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

6,743

6,256

1,453

1,061

Interest

expense

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

44,032

3,425

12,747

14,835

Registration

fees

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

36,527

26,487

31,759

29,580

Tax

expense

(Note

2)

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

—

—

6,868

45,485

Other

expenses

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

19,177

2,049

9,907

20,742

Total

Expenses

1,693,230

431,106

1,133,171

1,678,029

Less

expense

reimbursements

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

(76,550)

(89,810)

(105,731)

(128,312)

Net

Expenses

1,616,680

341,296

1,027,440

1,549,717

Net

Investment

Income

(Loss)

9,067,863

768,185

5,169,660

7,218,455

REALIZED

GAIN

(LOSS)

AND

CHANGE

IN

UNREALIZED

APPRECIATION

(DEPRECIATION):

–

–

–

–

Net

realized

gain

(loss)

from:

Transactions

in

investment

securities

of

unaffiliated

issuers

(net

of

capital

gain

country

tax

of

$—,

$—,

$—

and

$(237,303))

......

41,221,730

182,422

2,942,358

(3,110,090)

Settlement

of

foreign

currency

and

foreign

currency

transactions

..

—

—

73,154

(235,044)

Expiration

or

closing

of

futures

contracts

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

482,425

(169,817)

810,831

(1,295,620)

Net

realized

gain

(loss)

41,704,155

12,605

3,826,343

(4,640,754)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investment

securities

of

unaffiliated

issuers

(net

changes

in

deferred

capital

gain

country

tax

accruals

of

$—,

$—,

$—

and

$116,981)

.

60,532,894

10,286,575

94,106,278

61,569,402

Foreign

currency

and

foreign

currency

transactions

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

—

—

130,849

209,842

Futures

contracts

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

5,373,979

457,426

2,418,179

2,891,772

Net

change

in

unrealized

appreciation

(depreciation)

65,906,873

10,744,001

96,655,306

64,671,016

Net

realized

gain

(loss)

and

net

change

in

unrealized

appreciation

(depreciation)

107,611,028

10,756,606

100,481,649

60,030,262

Net

increase

(decrease)

in

net

assets

resulting

from

operations

$

116,678,891

$

11,524,791

$

105,651,309

$

67,248,717

________________

†

Net

of

foreign

taxes

withheld

of

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

$

11,788

$

814

$

626,441

$

1,248,179

Statements

of

Operations

66

AQR

Funds

|

Semi-Annual

Report

|

March

2023

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

March

31,

2023

(Unaudited)

AQR

LARGE

CAP

MOMENTUM

STYLE

FUND

AQR

SMALL

CAP

MOMENTUM

STYLE

FUND

AQR

INTERNATIONAL

MOMENTUM

STYLE

FUND

AQR

LARGE

CAP

DEFENSIVE

STYLE

FUND

FOR

THE

SIX

MONTHS

ENDED

MARCH

31,

2023

FOR

THE

SIX

MONTHS

ENDED

MARCH

31,

2023

FOR

THE

SIX

MONTHS

ENDED

MARCH

31,

2023

FOR

THE

SIX

MONTHS

ENDED

MARCH

31,

2023

INVESTMENT

INCOME:

Dividend

income

†

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

$

6,962,360

$

2,151,871

$

5,358,451

$

39,938,285

Total

Income

6,962,360

2,151,871

5,358,451

39,938,285

EXPENSES:

Investment

advisory

fees

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

895,763

482,948

707,006

5,098,102

Custody

fees

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

14,337

17,980

29,909

54,755

Administration

&

accounting

fees

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

77,415

23,188

38,193

440,650

Legal

fees

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

22,623

10,805

9,052

120,613

Audit

&

tax

fees

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

26,263

26,305

32,760

27,927

Shareholder

reporting

fees

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

32,994

18,831

23,859

123,061

Transfer

agent

fees

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

254,061

95,460

118,531

1,523,438

Trustee

fees

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

25,089

7,673

12,180

139,609

Distribution

fees—Class

N

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

71,405

5,622

48,489

368,243

Interest

expense

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

23,842

6,779

11,550

126,404

Interfund

lending

expense

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

—

2,527

—

—

Registration

fees

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

30,671

27,958

27,916

56,920

Other

expenses

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

16,843

4,027

11,348

82,370

Total

Expenses

1,491,306

730,103

1,070,793

8,162,092

Less

expense

reimbursements

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

(78,135)

(89,043)

(109,057)

(18,243)

Net

Expenses

1,413,171

641,060

961,736

8,143,849

Net

Investment

Income

(Loss)

5,549,189

1,510,811

4,396,715

31,794,436

REALIZED

GAIN

(LOSS)

AND

CHANGE

IN

UNREALIZED

APPRECIATION

(DEPRECIATION):

–

–

–

–

Net

realized

gain

(loss)

from:

Transactions

in

investment

securities

of

unaffiliated

issuers

......

45,519,409

(417,212)

8,083,546

168,429,230

Settlement

of

foreign

currency

and

foreign

currency

transactions

..

—

—

107,835

—

Expiration

or

closing

of

futures

contracts

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

(956,467)

(303,295)

761,702

(2,944,834)

Net

realized

gain

(loss)

44,562,942

(720,507)

8,953,083

165,484,396

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investment

securities

of

unaffiliated

issuers

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

10,843,255

15,765,710

55,315,265

264,758,837

Foreign

currency

and

foreign

currency

transactions

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

35

—

117,843

—

Futures

contracts

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

4,259,803

930,090

1,987,691

17,022,652

Net

change

in

unrealized

appreciation

(depreciation)

15,103,093

16,695,800

57,420,799

281,781,489

Net

realized

gain

(loss)

and

net

change

in

unrealized

appreciation

(depreciation)

59,666,035

15,975,293

66,373,882

447,265,885

Net

increase

(decrease)

in

net

assets

resulting

from

operations

$

65,215,224

$

17,486,104

$

70,770,597

$

479,060,321

________________

†

Net

of

foreign

taxes

withheld

of

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

$

—

$

1,239

$

461,028

$

2,573

Statements

of

Operations

67

AQR

Funds

|

Semi-Annual

Report

|

March

2023

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

March

31,

2023

(Unaudited)

AQR

INTERNATIONAL

DEFENSIVE

STYLE

FUND

AQR

GLOBAL

EQUITY

FUND

FOR

THE

SIX

MONTHS

ENDED

MARCH

31,

2023

FOR

THE

SIX

MONTHS

ENDED

MARCH

31,

2023

INVESTMENT

INCOME:

Dividend

income

†

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

$

3,397,470

$

4,607,374

Total

Income

3,397,470

4,607,374

EXPENSES:

Investment

advisory

fees

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

535,447

898,114

Custody

fees

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

25,835

25,757

Administration

&

accounting

fees

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

28,927

32,338

Legal

fees

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

6,818

8,072

Audit

&

tax

fees

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

30,112

40,844

Shareholder

reporting

fees

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

15,164

13,539

Transfer

agent

fees

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

69,130

18,684

Trustee

fees

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

8,962

10,321

Distribution

fees—Class

N

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

8,256

7,971

Interest

expense

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

7,662

10,966

Registration

fees

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

38,569

27,012

Tax

expense

(Note

2)

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

7,294

—

Other

expenses

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

7,943

8,103

Total

Expenses

790,119

1,101,721

Less

expense

reimbursements

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

(106,842)

(28,061)

Net

Expenses

683,277

1,073,660

Net

Investment

Income

(Loss)

2,714,193

3,533,714

REALIZED

GAIN

(LOSS)

AND

CHANGE

IN

UNREALIZED

APPRECIATION

(DEPRECIATION):

–

–

Net

realized

gain

(loss)

from:

Transactions

in

investment

securities

of

unaffiliated

issuers

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

111,305

(2,674,723)

Settlement

of

foreign

currency

and

foreign

currency

transactions

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

55,358

146,125

Settlement

of

forward

foreign

currency

exchange

contracts

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

—

(4,750,185)

Expiration

or

closing

of

futures

contracts

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

944,315

2,248,850

Expiration

or

closing

of

swap

contracts

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

—

1,897,863

Net

realized

gain

(loss)

1,110,978

(3,132,070)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investment

securities

of

unaffiliated

issuers

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

46,316,070

44,954,512

Foreign

currency

and

foreign

currency

transactions

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

41,674

(44,446)

Forward

foreign

currency

exchange

contracts

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

—

628,632

Futures

contracts

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

1,273,833

3,631,826

Swap

contracts

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

—

(3,084,509)

Net

change

in

unrealized

appreciation

(depreciation)

47,631,577

46,086,015

Net

realized

gain

(loss)

and

net

change

in

unrealized

appreciation

(depreciation)

48,742,555

42,953,945

Net

increase

(decrease)

in

net

assets

resulting

from

operations

$

51,456,748

$

46,487,659

________________

†

Net

of

foreign

taxes

withheld

of

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

$

320,399

$

262,993

Statements

of

Changes

in

Net

Assets

(Continued)

68

AQR

Funds

|

Semi-Annual

Report

|

March

2023

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

March

31,

2023

(Unaudited)

AQR

LARGE

CAP

MULTI-STYLE

FUND

AQR

SMALL

CAP

MULTI-STYLE

FUND

FOR

THE

SIX

MONTHS

ENDED

MARCH

31,

2023

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2022

FOR

THE

SIX

MONTHS

ENDED

MARCH

31,

2023

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2022

OPERATIONS:

Net

investment

income

(loss)

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

$

9,067,863

$

16,263,325

$

768,185

$

996,152

Net

realized

gain

(loss)

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

41,704,155

98,007,912

12,605

225,154

Net

change

in

unrealized

appreciation

(depreciation)

.......

65,906,873

(

251,261,633

)

10,744,001

(

26,542,185

)

Net increase

(decrease)

in

net

assets

resulting

from

operations

116,678,891

(

136,990,396

)

11,524,791

(

25,320,879

)

DISTRIBUTIONS

TO

SHAREHOLDERS:

Class

I

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

(

21,320,561

)

(

33,351,169

)

(

611,222

)

(

4,130,148

)

Class

N

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

(

513,480

)

(

998,917

)

(

23,046

)

(

472,066

)

Class

R6

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

(

73,686,731

)

(

117,130,299

)

(

379,583

)

(

3,339,479

)

Total

distributions

(

95,520,772

)

(

151,480,385

)

(

1,013,851

)

(

7,941,693

)

CAPITAL

TRANSACTIONS:

CLASS

I

—

—

—

—

Proceeds

from

shares

sold

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

9,395,438

38,810,073

13,582,603

19,274,870

Reinvestment

of

distributions

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

19,925,876

31,067,108

476,317

4,130,148

Cost

of

shares

redeemed

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

(

49,334,248

)

(

83,944,878

)

(

15,289,654

)

(

12,980,847

)

Net

increase

(decrease)

from

capital

transactions

(

20,012,934

)

(

14,067,697

)

(

1,230,734

)

10,424,171

CLASS

N

—

—

—

—

Proceeds

from

shares

sold

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

190,337

1,461,580

152,440

1,350,549

Reinvestment

of

distributions

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

504,148

971,730

22,424

470,995

Cost

of

shares

redeemed

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

(

910,268

)

(

3,933,079

)

(

1,127,597

)

(

3,018,937

)

Net

increase

(decrease)

from

capital

transactions

(

215,783

)

(

1,499,769

)

(

952,733

)

(

1,197,393

)

CLASS

R6

—

—

—

—

Proceeds

from

shares

sold

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

69,736,459

110,278,746

1,296,587

2,930,308

Reinvestment

of

distributions

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

72,035,186

115,036,522

374,627

3,296,524

Cost

of

shares

redeemed

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

(

129,610,572

)

(

289,268,970

)

(

3,953,880

)

(

10,643,727

)

Net

increase

(decrease)

from

capital

transactions

12,161,073

(

63,953,702

)

(

2,282,666

)

(

4,416,895

)

Net

increase

(decrease)

in

net

assets

resulting

from

capital

transactions

(

8,067,644

)

(

79,521,168

)

(

4,466,133

)

4,809,883

Total

increase

(decrease)

in

net

assets

13,090,475

(

367,991,949

)

6,044,807

(

28,452,689

)

NET

ASSETS:

Beginning

of

period

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

932,284,105

1,300,276,054

102,106,829

130,559,518

End

of

period

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

$

945,374,580

$

932,284,105

$

108,151,636

$

102,106,829

$

—

$

—

$

—

$

—

Statements

of

Changes

in

Net

Assets

69

AQR

Funds

|

Semi-Annual

Report

|

March

2023

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

March

31,

2023

(Unaudited)

AQR

LARGE

CAP

MULTI-STYLE

FUND

AQR

SMALL

CAP

MULTI-STYLE

FUND

FOR

THE

SIX

MONTHS

ENDED

MARCH

31,

2023

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2022

FOR

THE

SIX

MONTHS

ENDED

MARCH

31,

2023

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2022

CHANGES

IN

SHARES

OUTSTANDING:

CLASS

I

Shares

outstanding,

beginning

of

period

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

12,877,494

13,594,164

4,363,260

3,689,600

Shares

sold

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

581,371

2,093,616

896,922

1,225,107

Shares

issued

on

reinvestment

of

distributions

...........

1,299,796

1,547,938

32,315

226,310

Shares

redeemed

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

(

3,107,743

)

(

4,358,224

)

(

1,001,745

)

(

777,757

)

Shares

outstanding,

end

of

period

11,650,918

12,877,494

4,290,752

4,363,260

CLASS

N

Shares

outstanding,

beginning

of

period

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

331,906

416,504

363,208

443,339

Shares

sold

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

11,629

72,439

10,040

78,135

Shares

issued

on

reinvestment

of

distributions

...........

32,526

47,987

1,521

25,836

Shares

redeemed

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

(

55,600

)

(

205,024

)

(

72,844

)

(

184,102

)

Shares

outstanding,

end

of

period

320,461

331,906

301,925

363,208

CLASS

R6

Shares

outstanding,

beginning

of

period

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

45,085,069

48,411,191

2,695,000

2,966,042

Shares

sold

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

4,353,561

5,818,565

84,847

182,106

Shares

issued

on

reinvestment

of

distributions

...........

4,708,182

5,740,345

25,398

180,434

Shares

redeemed

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

(

7,919,086

)

(

14,885,032

)

(

257,693

)

(

633,582

)

Shares

outstanding,

end

of

period

46,227,726

45,085,069

2,547,552

2,695,000

Statements

of

Changes

in

Net

Assets

(Continued)

70

AQR

Funds

|

Semi-Annual

Report

|

March

2023

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

March

31,

2023

(Unaudited)

AQR

INTERNATIONAL

MULTI-STYLE

FUND

AQR

EMERGING

MULTI-STYLE

II

FUND

FOR

THE

SIX

MONTHS

ENDED

MARCH

31,

2023

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2022

FOR

THE

SIX

MONTHS

ENDED

MARCH

31,

2023

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2022

OPERATIONS:

Net

investment

income

(loss)

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

$

5,169,660

$

15,137,460

$

7,218,455

$

21,473,476

Net

realized

gain

(loss)

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

3,826,343

(

4,705,914

)

(

4,640,754

)

(

18,235,690

)

Net

change

in

unrealized

appreciation

(depreciation)

.......

96,655,306

(

125,571,633

)

64,671,016

(

180,509,900

)

Net increase

(decrease)

in

net

assets

resulting

from

operations

105,651,309

(

115,140,087

)

67,248,717

(

177,272,114

)

DISTRIBUTIONS

TO

SHAREHOLDERS:

Class

I

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

(

2,036,519

)

(

2,258,789

)

(

1,929,495

)

(

1,303,522

)

Class

N

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

(

29,800

)

(

107,632

)

(

32,365

)

(

79,037

)

Class

R6

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

(

11,786,662

)

(

12,740,223

)

(

20,032,402

)

(

14,256,350

)

Total

distributions

(

13,852,981

)

(

15,106,644

)

(

21,994,262

)

(

15,638,909

)

CAPITAL

TRANSACTIONS:

CLASS

I

—

—

—

—

Proceeds

from

shares

sold

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

9,407,668

23,571,005

13,502,374

26,911,610

Reinvestment

of

distributions

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

2,035,042

2,257,515

1,929,495

1,303,522

Cost

of

shares

redeemed

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

(

16,695,656

)

(

23,327,130

)

(

15,123,360

)

(

30,542,211

)

Net

increase

(decrease)

from

capital

transactions

(

5,252,946

)

2,501,390

308,509

(

2,327,079

)

CLASS

N

—

—

—

—

Proceeds

from

shares

sold

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

63,966

502,788

12,858

1,568,170

Reinvestment

of

distributions

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

28,173

106,459

32,365

79,037

Cost

of

shares

redeemed

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

(

216,159

)

(

3,055,237

)

(

142,554

)

(

3,976,785

)

Net

increase

(decrease)

from

capital

transactions

(

124,020

)

(

2,445,990

)

(

97,331

)

(

2,329,578

)

CLASS

R6

—

—

—

—

Proceeds

from

shares

sold

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

22,518,031

53,599,434

31,112,179

78,703,320

Reinvestment

of

distributions

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

11,435,804

12,370,783

19,761,907

14,070,492

Cost

of

shares

redeemed

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

(

36,488,807

)

(

65,112,784

)

(

35,837,219

)

(

93,836,652

)

Net

increase

(decrease)

from

capital

transactions

(

2,534,972

)

857,433

15,036,867

(

1,062,840

)

Net

increase

(decrease)

in

net

assets

resulting

from

capital

transactions

(

7,911,938

)

912,833

15,248,045

(

5,719,497

)

Total

increase

(decrease)

in

net

assets

83,886,390

(

129,333,898

)

60,502,500

(

198,630,520

)

NET

ASSETS:

Beginning

of

period

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

374,689,930

504,023,828

444,648,131

643,278,651

End

of

period

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

$

458,576,320

$

374,689,930

$

505,150,631

$

444,648,131

$

—

$

—

$

—

$

—

Statements

of

Changes

in

Net

Assets

71

AQR

Funds

|

Semi-Annual

Report

|

March

2023

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

March

31,

2023

(Unaudited)

AQR

INTERNATIONAL

MULTI-STYLE

FUND

AQR

EMERGING

MULTI-STYLE

II

FUND

FOR

THE

SIX

MONTHS

ENDED

MARCH

31,

2023

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2022

FOR

THE

SIX

MONTHS

ENDED

MARCH

31,

2023

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2022

CHANGES

IN

SHARES

OUTSTANDING:

CLASS

I

Shares

outstanding,

beginning

of

period

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

6,411,784

6,225,267

5,275,790

5,460,518

Shares

sold

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

844,155

1,918,101

1,516,075

2,444,363

Shares

issued

on

reinvestment

of

distributions

...........

185,679

173,388

215,827

109,264

Shares

redeemed

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

(

1,474,071

)

(

1,904,972

)

(

1,674,149

)

(

2,738,355

)

Shares

outstanding,

end

of

period

5,967,547

6,411,784

5,333,543

5,275,790

CLASS

N

Shares

outstanding,

beginning

of

period

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

110,628

319,890

99,457

317,900

Shares

sold

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

5,649

38,750

1,430

156,717

Shares

issued

on

reinvestment

of

distributions

...........

2,563

8,183

3,588

6,603

Shares

redeemed

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

(

19,648

)

(

256,195

)

(

15,762

)

(

381,763

)

Shares

outstanding,

end

of

period

99,192

110,628

88,713

99,457

CLASS

R6

Shares

outstanding,

beginning

of

period

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

32,028,676

31,912,193

46,979,760

46,939,594

Shares

sold

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

2,005,451

4,538,537

3,371,843

7,575,358

Shares

issued

on

reinvestment

of

distributions

...........

1,046,277

952,331

2,212,980

1,180,410

Shares

redeemed

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

(

3,257,041

)

(

5,374,385

)

(

3,953,704

)

(

8,715,602

)

Shares

outstanding,

end

of

period

31,823,363

32,028,676

48,610,879

46,979,760

Statements

of

Changes

in

Net

Assets

(Continued)

72

AQR

Funds

|

Semi-Annual

Report

|

March

2023

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

March

31,

2023

(Unaudited)

AQR

LARGE

CAP

MOMENTUM

STYLE

FUND

AQR

SMALL

CAP

MOMENTUM

STYLE

FUND

FOR

THE

SIX

MONTHS

ENDED

MARCH

31,

2023

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2022

FOR

THE

SIX

MONTHS

ENDED

MARCH

31,

2023

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2022

OPERATIONS:

Net

investment

income

(loss)

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

$

5,549,189

$

8,765,047

$

1,510,811

$

1,529,787

Net

realized

gain

(loss)

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

44,562,942

77,101,924

(

720,507

)

(

2,893,240

)

Net

change

in

unrealized

appreciation

(depreciation)

.......

15,103,093

(

214,584,921

)

16,695,800

(

59,544,195

)

Net increase

(decrease)

in

net

assets

resulting

from

operations

65,215,224

(

128,717,950

)

17,486,104

(

60,907,648

)

DISTRIBUTIONS

TO

SHAREHOLDERS:

Class

I

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

(

42,896,531

)

(

120,461,315

)

(

932,882

)

(

41,786,280

)

Class

N

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

(

5,487,520

)

(

9,150,793

)

(

11,897

)

(

1,374,605

)

Class

R6

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

(

24,389,801

)

(

48,116,565

)

(

313,180

)

(

11,928,673

)

Total

distributions

(

72,773,852

)

(

177,728,673

)

(

1,257,959

)

(

55,089,558

)

CAPITAL

TRANSACTIONS:

CLASS

I

—

—

—

—

Proceeds

from

shares

sold

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

35,001,573

80,278,404

11,298,469

38,358,439

Reinvestment

of

distributions

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

42,126,060

120,338,699

920,971

41,484,288

Cost

of

shares

redeemed

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

(

92,817,087

)

(

387,079,891

)

(

28,628,836

)

(

49,068,968

)

Net

increase

(decrease)

from

capital

transactions

(

15,689,454

)

(

186,462,788

)

(

16,409,396

)

30,773,759

CLASS

N

—

—

—

—

Proceeds

from

shares

sold

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

8,242,601

14,526,890

194,189

1,906,659

Reinvestment

of

distributions

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

5,487,518

9,150,791

11,897

1,374,605

Cost

of

shares

redeemed

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

(

6,343,232

)

(

9,936,426

)

(

1,053,553

)

(

1,952,231

)

Net

increase

(decrease)

from

capital

transactions

7,386,887

13,741,255

(

847,467

)

1,329,033

CLASS

R6

—

—

—

—

Proceeds

from

shares

sold

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

21,734,696

30,267,233

3,086,721

10,515,174

Reinvestment

of

distributions

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

24,052,140

47,940,969

313,180

11,928,521

Cost

of

shares

redeemed

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

(

37,039,889

)

(

67,444,112

)

(

19,305,999

)

(

15,556,592

)

Net

increase

(decrease)

from

capital

transactions

8,746,947

10,764,090

(

15,906,098

)

6,887,103

Net

increase

(decrease)

in

net

assets

resulting

from

capital

transactions

444,380

(

161,957,443

)

(

33,162,961

)

38,989,895

Total

increase

(decrease)

in

net

assets

(

7,114,248

)

(

468,404,066

)

(

16,934,816

)

(

77,007,311

)

NET

ASSETS:

Beginning

of

period

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

692,288,506

1,160,692,572

200,605,776

277,613,087

End

of

period

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

$

685,174,258

$

692,288,506

$

183,670,960

$

200,605,776

$

—

$

—

$

—

$

—

Statements

of

Changes

in

Net

Assets

73

AQR

Funds

|

Semi-Annual

Report

|

March

2023

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

March

31,

2023

(Unaudited)

AQR

LARGE

CAP

MOMENTUM

STYLE

FUND

AQR

SMALL

CAP

MOMENTUM

STYLE

FUND

FOR

THE

SIX

MONTHS

ENDED

MARCH

31,

2023

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2022

FOR

THE

SIX

MONTHS

ENDED

MARCH

31,

2023

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2022

CHANGES

IN

SHARES

OUTSTANDING:

CLASS

I

Shares

outstanding,

beginning

of

period

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

21,627,910

29,516,085

9,607,947

8,105,017

Shares

sold

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

1,800,809

3,501,464

658,225

2,017,054

Shares

issued

on

reinvestment

of

distributions

...........

2,280,783

4,819,331

54,885

1,954,962

Shares

redeemed

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

(

4,839,942

)

(

16,208,970

)

(

1,663,027

)

(

2,469,086

)

Shares

outstanding,

end

of

period

20,869,560

21,627,910

8,658,030

9,607,947

CLASS

N

Shares

outstanding,

beginning

of

period

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

2,771,259

2,168,791

282,926

228,039

Shares

sold

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

431,219

649,853

11,121

85,420

Shares

issued

on

reinvestment

of

distributions

...........

296,462

365,885

708

64,718

Shares

redeemed

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

(

325,747

)

(

413,270

)

(

59,755

)

(

95,251

)

Shares

outstanding,

end

of

period

3,173,193

2,771,259

235,000

282,926

CLASS

R6

Shares

outstanding,

beginning

of

period

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

11,942,542

11,466,385

2,754,503

2,380,310

Shares

sold

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

1,103,924

1,336,170

177,615

539,481

Shares

issued

on

reinvestment

of

distributions

...........

1,310,029

1,929,991

18,765

564,797

Shares

redeemed

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

(

1,912,285

)

(

2,790,004

)

(

1,145,527

)

(

730,085

)

Shares

outstanding,

end

of

period

12,444,210

11,942,542

1,805,356

2,754,503

Statements

of

Changes

in

Net

Assets

(Continued)

74

AQR

Funds

|

Semi-Annual

Report

|

March

2023

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

March

31,

2023

(Unaudited)

AQR

INTERNATIONAL

MOMENTUM

STYLE

FUND

AQR

LARGE

CAP

DEFENSIVE

STYLE

FUND

FOR

THE

SIX

MONTHS

ENDED

MARCH

31,

2023

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2022

FOR

THE

SIX

MONTHS

ENDED

MARCH

31,

2023

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2022

OPERATIONS:

Net

investment

income

(loss)

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

$

4,396,715

$

10,844,528

$

31,794,436

$

64,053,590

Net

realized

gain

(loss)

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

8,953,083

460,547

165,484,396

391,357,018

Net

change

in

unrealized

appreciation

(depreciation)

.......

57,420,799

(

134,031,975

)

281,781,489

(

1,041,433,977

)

Net increase

(decrease)

in

net

assets

resulting

from

operations

70,770,597

(

122,726,900

)

479,060,321

(

586,023,369

)

DISTRIBUTIONS

TO

SHAREHOLDERS:

Class

I

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

(

4,633,520

)

(

7,146,673

)

(

267,895,560

)

(

100,392,574

)

Class

N

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

(

990,942

)

(

722,658

)

(

28,766,703

)

(

9,987,482

)

Class

R6

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

(

4,034,945

)

(

4,644,731

)

(

96,298,507

)

(

36,529,186

)

Total

distributions

(

9,659,407

)

(

12,514,062

)

(

392,960,770

)

(

146,909,242

)

CAPITAL

TRANSACTIONS:

CLASS

I

—

—

—

—

Proceeds

from

shares

sold

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

13,513,838

35,705,614

158,338,725

527,992,987

Reinvestment

of

distributions

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

4,524,192

7,110,033

262,708,832

98,434,127

Cost

of

shares

redeemed

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

(

31,121,930

)

(

145,425,924

)

(

627,509,457

)

(

1,279,179,728

)

Net

increase

(decrease)

from

capital

transactions

(

13,083,900

)

(

102,610,277

)

(

206,461,900

)

(

652,752,614

)

CLASS

N

—

—

—

—

Proceeds

from

shares

sold

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

4,234,711

11,569,146

34,337,966

78,384,275

Reinvestment

of

distributions

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

990,942

719,000

28,671,262

9,949,249

Cost

of

shares

redeemed

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

(

4,897,386

)

(

35,262,344

)

(

98,190,903

)

(

168,863,953

)

Net

increase

(decrease)

from

capital

transactions

328,267

(

22,974,198

)

(

35,181,675

)

(

80,530,429

)

CLASS

R6

—

—

—

—

Proceeds

from

shares

sold

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

7,184,418

19,981,308

137,800,362

234,569,987

Reinvestment

of

distributions

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

4,024,462

4,624,597

93,694,428

35,611,441

Cost

of

shares

redeemed

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

(

18,552,895

)

(

45,359,953

)

(

148,195,583

)

(

539,892,552

)

Net

increase

(decrease)

from

capital

transactions

(

7,344,015

)

(

20,754,048

)

83,299,207

(

269,711,124

)

Net

increase

(decrease)

in

net

assets

resulting

from

capital

transactions

(

20,099,648

)

(

146,338,523

)

(

158,344,368

)

(

1,002,994,167

)

Total

increase

(decrease)

in

net

assets

41,011,542

(

281,579,485

)

(

72,244,817

)

(

1,735,926,778

)

NET

ASSETS:

Beginning

of

period

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

319,625,464

601,204,949

3,944,005,735

5,679,932,513

End

of

period

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

$

360,637,006

$

319,625,464

$

3,871,760,918

$

3,944,005,735

$

—

$

—

$

—

$

—

Statements

of

Changes

in

Net

Assets

75

AQR

Funds

|

Semi-Annual

Report

|

March

2023

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

March

31,

2023

(Unaudited)

AQR

INTERNATIONAL

MOMENTUM

STYLE

FUND

AQR

LARGE

CAP

DEFENSIVE

STYLE

FUND

FOR

THE

SIX

MONTHS

ENDED

MARCH

31,

2023

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2022

FOR

THE

SIX

MONTHS

ENDED

MARCH

31,

2023

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2022

CHANGES

IN

SHARES

OUTSTANDING:

CLASS

I

Shares

outstanding,

beginning

of

period

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

11,583,846

17,386,714

109,433,399

131,882,887

Shares

sold

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

889,592

1,992,297

6,100,354

18,146,906

Shares

issued

on

reinvestment

of

distributions

...........

297,253

364,244

10,610,211

3,123,901

Shares

redeemed

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

(

2,007,143

)

(

8,159,409

)

(

24,325,133

)

(

43,720,295

)

Shares

outstanding,

end

of

period

10,763,548

11,583,846

101,818,831

109,433,399

CLASS

N

Shares

outstanding,

beginning

of

period

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

2,495,431

3,584,618

11,904,275

14,651,144

Shares

sold

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

273,342

694,548

1,355,502

2,846,256

Shares

issued

on

reinvestment

of

distributions

...........

65,108

36,815

1,158,903

316,150

Shares

redeemed

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

(

314,872

)

(

1,820,550

)

(

3,836,460

)

(

5,909,275

)

Shares

outstanding,

end

of

period

2,519,009

2,495,431

10,582,220

11,904,275

CLASS

R6

Shares

outstanding,

beginning

of

period

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

9,368,955

10,513,011

36,571,253

45,467,132

Shares

sold

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

459,446

1,166,085

5,217,759

8,050,342

Shares

issued

on

reinvestment

of

distributions

...........

264,942

237,402

3,790,228

1,131,600

Shares

redeemed

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

(

1,198,968

)

(

2,547,543

)

(

5,774,088

)

(

18,077,821

)

Shares

outstanding,

end

of

period

8,894,375

9,368,955

39,805,152

36,571,253

Statements

of

Changes

in

Net

Assets

(Continued)

76

AQR

Funds

|

Semi-Annual

Report

|

March

2023

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

March

31,

2023

(Unaudited)

AQR

INTERNATIONAL

DEFENSIVE

STYLE

FUND

AQR

GLOBAL

EQUITY

FUND

FOR

THE

SIX

MONTHS

ENDED

MARCH

31,

2023

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2022

FOR

THE

SIX

MONTHS

ENDED

MARCH

31,

2023

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2022

OPERATIONS:

Net

investment

income

(loss)

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

$

2,714,193

$

6,260,544

$

3,533,714

$

5,485,882

Net

realized

gain

(loss)

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

1,110,978

(

6,520,237

)

(

3,132,070

)

10,588,930

Net

change

in

unrealized

appreciation

(depreciation)

.......

47,631,577

(

64,139,038

)

46,086,015

(

70,473,926

)

Net increase

(decrease)

in

net

assets

resulting

from

operations

51,456,748

(

64,398,731

)

46,487,659

(

54,399,114

)

DISTRIBUTIONS

TO

SHAREHOLDERS:

Class

I

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

(

2,187,535

)

(

2,998,211

)

(

310,435

)

(

1,831,658

)

Class

N

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

(

109,199

)

(

173,359

)

(

259,557

)

(

899,735

)

Class

R6

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

(

3,177,917

)

(

3,977,204

)

(

12,318,896

)

(

36,526,098

)

Total

distributions

(

5,474,651

)

(

7,148,774

)

(

12,888,888

)

(

39,257,491

)

CAPITAL

TRANSACTIONS:

CLASS

I

—

—

—

—

Proceeds

from

shares

sold

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

16,083,691

48,125,580

593,046

757,839

Reinvestment

of

distributions

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

2,173,256

2,991,989

310,105

1,830,546

Cost

of

shares

redeemed

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

(

21,143,390

)

(

39,614,555

)

(

622,703

)

(

8,028,707

)

Net

increase

(decrease)

from

capital

transactions

(

2,886,443

)

11,503,014

280,448

(

5,440,322

)

CLASS

N

—

—

—

—

Proceeds

from

shares

sold

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

252,289

455,082

439,246

1,158,887

Reinvestment

of

distributions

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

109,181

173,332

259,185

899,735

Cost

of

shares

redeemed

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

(

521,329

)

(

1,851,287

)

(

738,356

)

(

1,896,797

)

Net

increase

(decrease)

from

capital

transactions

(

159,859

)

(

1,222,873

)

(

39,925

)

161,825

CLASS

R6

—

—

—

—

Proceeds

from

shares

sold

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

26,926,217

81,671,083

22,564,587

54,513,048

Reinvestment

of

distributions

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

2,833,021

3,459,795

12,302,894

36,502,590

Cost

of

shares

redeemed

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

(

19,390,592

)

(

59,830,077

)

(

32,020,623

)

(

49,615,927

)

Net

increase

(decrease)

from

capital

transactions

10,368,646

25,300,801

2,846,858

41,399,711

Net

increase

(decrease)

in

net

assets

resulting

from

capital

transactions

7,322,344

35,580,942

3,087,381

36,121,214

Total

increase

(decrease)

in

net

assets

53,304,441

(

35,966,563

)

36,686,152

(

57,535,391

)

NET

ASSETS:

Beginning

of

period

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

235,082,622

271,049,185

272,759,028

330,294,419

End

of

period

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

$

288,387,063

$

235,082,622

$

309,445,180

$

272,759,028

$

—

$

—

$

—

$

—

Statements

of

Changes

in

Net

Assets

77

AQR

Funds

|

Semi-Annual

Report

|

March

2023

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

March

31,

2023

(Unaudited)

AQR

INTERNATIONAL

DEFENSIVE

STYLE

FUND

AQR

GLOBAL

EQUITY

FUND

FOR

THE

SIX

MONTHS

ENDED

MARCH

31,

2023

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2022

FOR

THE

SIX

MONTHS

ENDED

MARCH

31,

2023

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2022

CHANGES

IN

SHARES

OUTSTANDING:

CLASS

I

Shares

outstanding,

beginning

of

period

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

8,699,248

7,810,200

874,571

1,555,962

Shares

sold

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

1,262,790

3,579,297

69,776

84,701

Shares

issued

on

reinvestment

of

distributions

...........

172,481

198,408

38,050

185,091

Shares

redeemed

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

(

1,649,070

)

(

2,888,657

)

(

71,722

)

(

951,183

)

Shares

outstanding,

end

of

period

8,485,449

8,699,248

910,675

874,571

CLASS

N

Shares

outstanding,

beginning

of

period

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

508,905

585,280

758,506

746,740

Shares

sold

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

18,718

32,108

52,232

126,229

Shares

issued

on

reinvestment

of

distributions

...........

8,347

11,076

32,277

92,092

Shares

redeemed

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

(

39,566

)

(

119,559

)

(

87,888

)

(

206,555

)

Shares

outstanding,

end

of

period

496,404

508,905

755,127

758,506

CLASS

R6

Shares

outstanding,

beginning

of

period

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

11,334,719

9,556,811

33,234,891

29,121,791

Shares

sold

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

2,197,574

6,121,321

2,665,496

5,621,568

Shares

issued

on

reinvestment

of

distributions

...........

225,200

229,582

1,500,353

3,664,919

Shares

redeemed

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

(

1,570,474

)

(

4,572,995

)

(

3,826,037

)

(

5,173,387

)

Shares

outstanding,

end

of

period

12,187,019

11,334,719

33,574,703

33,234,891

78

AQR

Funds

|

Semi-Annual

Report

|

March

2023

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Financial

Highlights

March

31,

2023

(Unaudited)

PER

SHARE

OPERATING

PERFORMANCE

Change

in

Net

Assets

Resulting

from

Operations

1

Less

Dividends

and

Distributions

*,1

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)

AAA

Net

Realized

and

Unrealized

Gain

(Loss)

AA

Net

Increase

(Decrease)

in

Net

Asset

Value

from

Operations

Distributions

from

Net

Investment

Income

Distributions

from

Net

Realized

Gains

Total

Distributions

AQR

LARGE

CAP

MULTI-STYLE

FUND

CLASS

I

SIX

MONTHS

ENDED

MARCH

31,

2023

$

16.00

0.15

6

1.82

1.97

(0.27)

(1.44)

(1.71)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2022

$

20.84

0.25

(2.57)

(2.32)

(0.26)

(2.26)

(2.52)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2021

$

17.63

0.22

4.78

5.00

(0.23)

(1.56)

(1.79)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2020

$

16.84

0.23

1.48

1.71

(0.21)

(0.71)

(0.92)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2019

$

18.83

0.21

8

(1.06)

(0.85)

(0.27)

(0.87)

(1.14)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2018

$

16.87

0.23

2.13

2.36

(0.22)

(0.18)

(0.40)

AQR

LARGE

CAP

MULTI-STYLE

FUND

CLASS

N

SIX

MONTHS

ENDED

MARCH

31,

2023

$

16.11

0.13

6

1.84

1.97

(0.21)

(1.44)

(1.65)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2022

$

20.95

0.20

(2.59)

(2.39)

(0.19)

(2.26)

(2.45)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2021

$

17.72

0.17

4.81

4.98

(0.19)

(1.56)

(1.75)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2020

$

16.76

0.20

1.47

1.67

—

(0.71)

(0.71)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2019

$

18.74

0.17

8

(1.06)

(0.89)

(0.22)

(0.87)

(1.09)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2018

$

16.79

0.18

2.13

2.31

(0.18)

(0.18)

(0.36)

AQR

LARGE

CAP

MULTI-STYLE

FUND

CLASS

R6

SIX

MONTHS

ENDED

MARCH

31,

2023

$

15.99

0.16

6

1.82

1.98

(0.29)

(1.44)

(1.73)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2022

$

20.83

0.27

(2.57)

(2.30)

(0.28)

(2.26)

(2.54)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2021

$

17.62

0.24

4.78

5.02

(0.25)

(1.56)

(1.81)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2020

$

16.83

0.25

1.48

1.73

(0.23)

(0.71)

(0.94)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2019

$

18.83

0.23

8

(1.07)

(0.84)

(0.29)

(0.87)

(1.16)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2018

$

16.87

0.25

2.13

2.38

(0.24)

(0.18)

(0.42)

AQR

SMALL

CAP

MULTI-STYLE

FUND

CLASS

I

SIX

MONTHS

ENDED

MARCH

31,

2023

$

13.75

0.10

1.42

1.52

(0.13)

—

(0.13)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2022

$

18.38

0.14

9

(3.64)

(3.50)

(0.08)

(1.05)

(1.13)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2021

$

12.35

0.07

10,11

6.24

6.31

(0.28)

—

(0.28)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2020

$

12.33

0.08

0.07

13

0.15

(0.12)

(0.01)

(0.13)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2019

$

15.88

0.11

8

(2.14)

(2.03)

(0.08)

(1.44)

(1.52)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2018

$

16.09

0.10

1.27

1.37

(0.12)

(1.46)

(1.58)

AQR

SMALL

CAP

MULTI-STYLE

FUND

CLASS

N

SIX

MONTHS

ENDED

MARCH

31,

2023

$

13.71

0.08

1.41

1.49

(0.07)

—

(0.07)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2022

$

18.32

0.09

9

(3.62)

(3.53)

(0.03)

(1.05)

(1.08)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2021

$

12.32

0.03

10,11

6.22

6.25

(0.25)

—

(0.25)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2020

$

12.29

0.04

0.08

13

0.12

(0.08)

(0.01)

(0.09)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2019

$

15.82

0.08

8

(2.12)

(2.04)

(0.05)

(1.44)

(1.49)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2018

$

16.01

0.06

1.28

1.34

(0.07)

(1.46)

(1.53)

AQR

SMALL

CAP

MULTI-STYLE

FUND

CLASS

R6

SIX

MONTHS

ENDED

MARCH

31,

2023

$

13.77

0.11

1.42

1.53

(0.14)

—

(0.14)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2022

$

18.41

0.15

9

(3.64)

(3.49)

(0.10)

(1.05)

(1.15)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2021

$

12.37

0.10

10,11

6.23

6.33

(0.29)

—

(0.29)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2020

$

12.35

0.08

0.08

13

0.16

(0.13)

(0.01)

(0.14)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2019

$

15.91

0.13

8

(2.15)

(2.02)

(0.10)

(1.44)

(1.54)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2018

$

16.11

0.11

1.29

1.40

(0.14)

(1.46)

(1.60)

79

AQR

Funds

|

Semi-Annual

Report

|

March

2023

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Financial

Highlights

March

31,

2023

(Unaudited)

RATIOS/SUPPLEMENTAL

DATA

Ratios

to

Average

Net

Assets

of:*

Net

Asset

Value,

End

of

Period

Total

Return

2,3

Net

Assets,

End

of

Period

(000’s)

Expenses,

Before

Reimbursements

and/or

Waivers

4

Expenses,

Net

of

Reimbursements

and/or

Waivers

4

Expenses,

Net

of

Reimbursements

and/or

Waivers

(Excluding

Interest

Expense)

4

Net

Investment

Income

(Loss)

Portfolio

Turnover

Rate

5

$

16.26

12.92%

$

189,475

0.43%

0.41%

0.40%

1.83%

6

25%

$

16.00

(13.59)%

$

206,052

0.42%

0.41%

0.40%

1.30%

56%

$

20.84

30.10%

$

283,306

0.41%

0.41%

0.40%

1.13%

59%

7

$

17.63

10.30%

$

218,609

0.45%

0.44%

0.44%

1.38%

48%

$

16.84

(3.55)%

$

361,920

0.44%

0.44%

0.44%

1.29%

8

55%

$

18.83

14.11%

$

507,109

0.44%

0.44%

0.44%

1.28%

64%

$

16.43

12.81%

$

5,266

0.68%

0.66%

0.65%

1.57%

6

25%

$

16.11

(13.82)%

$

5,348

0.67%

0.66%

0.65%

1.04%

56%

$

20.95

29.73%

$

8,726

0.66%

0.66%

0.65%

0.87%

59%

7

$

17.72

10.07%

$

10,681

0.71%

0.69%

0.69%

1.17%

48%

$

16.76

(3.84)%

$

57,421

0.70%

0.70%

0.70%

1.02%

8

55%

$

18.74

13.83%

$

71,104

0.70%

0.70%

0.70%

1.02%

64%

$

16.24

13.00%

$

750,634

0.33%

0.31%

0.30%

1.91%

6

25%

$

15.99

(13.51)%

$

720,884

0.32%

0.31%

0.30%

1.40%

56%

$

20.83

30.26%

$

1,008,244

0.31%

0.31%

0.30%

1.23%

59%

7

$

17.62

10.43%

$

863,892

0.35%

0.34%

0.34%

1.51%

48%

$

16.83

(3.50)%

$

1,027,712

0.35%

0.35%

0.35%

1.38%

8

55%

$

18.83

14.20%

$

1,366,762

0.35%

0.35%

0.35%

1.37%

64%

$

15.14

11.08%

$

64,964

0.76%

0.61%

0.60%

1.29%

35%

$

13.75

(20.56)%

$

60,005

0.75%

0.61%

0.60%

0.81%

9

65%

$

18.38

51.47%

$

67,830

0.83%

12

0.72%

12

0.71%

12

0.43%

10,11

60%

7

$

12.35

1.13%

$

39,049

0.70%

0.65%

0.64%

0.63%

51%

$

12.33

(11.74)%

$

42,197

0.66%

0.64%

0.64%

0.92%

8

70%

$

15.88

9.18%

$

61,690

0.66%

0.65%

0.64%

0.63%

64%

$

15.13

10.90%

$

4,569

1.01%

0.86%

0.85%

1.03%

35%

$

13.71

(20.75)%

$

4,979

1.00%

0.86%

0.85%

0.55%

9

65%

$

18.32

51.05%

$

8,123

1.08%

12

0.97%

12

0.96%

12

0.16%

10,11

60%

7

$

12.32

0.87%

$

5,421

0.95%

0.90%

0.89%

0.36%

51%

$

12.29

(11.94)%

$

8,304

0.92%

0.90%

0.90%

0.66%

8

70%

$

15.82

8.94%

$

7,795

0.92%

0.90%

0.90%

0.38%

64%

$

15.16

11.16%

$

38,619

0.66%

0.51%

0.50%

1.38%

35%

$

13.77

(20.51)%

$

37,123

0.65%

0.51%

0.50%

0.91%

9

65%

$

18.41

51.60%

$

54,607

0.74%

12

0.63%

12

0.62%

12

0.64%

10,11

60%

7

$

12.37

1.22%

$

213,517

0.60%

0.55%

0.54%

0.70%

51%

$

12.35

(11.66)%

$

501,656

0.57%

0.55%

0.55%

1.02%

8

70%

$

15.91

9.34%

$

675,945

0.57%

0.55%

0.55%

0.73%

64%

80

AQR

Funds

|

Semi-Annual

Report

|

March

2023

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Financial

Highlights

March

31,

2023

(Unaudited)

PER

SHARE

OPERATING

PERFORMANCE

Change

in

Net

Assets

Resulting

from

Operations

1

Less

Dividends

and

Distributions

*,1

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)

AAA

Net

Realized

and

Unrealized

Gain

(Loss)

AA

Net

Increase

(Decrease)

in

Net

Asset

Value

from

Operations

Distributions

from

Net

Investment

Income

Distributions

from

Net

Realized

Gains

Total

Distributions

AQR

INTERNATIONAL

MULTI-STYLE

FUND

CLASS

I

SIX

MONTHS

ENDED

MARCH

31,

2023

$

9.73

0.13

2.62

2.75

(0.36)

—

(0.36)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2022

$

13.12

0.39

(3.39)

(3.00)

(0.39)

—

(0.39)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2021

$

10.69

0.34

2.31

2.65

(0.22)

—

(0.22)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2020

$

11.06

0.22

(0.25)

(0.03)

(0.34)

—

(0.34)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2019

$

11.76

0.28

(0.60)

(0.32)

(0.38)

—

(0.38)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2018

$

11.95

0.28

(0.18)

0.10

(0.29)

—

(0.29)

AQR

INTERNATIONAL

MULTI-STYLE

FUND

CLASS

N

SIX

MONTHS

ENDED

MARCH

31,

2023

$

9.71

0.11

2.63

2.74

(0.29)

—

(0.29)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2022

$

13.08

0.32

(3.34)

(3.02)

(0.35)

—

(0.35)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2021

$

10.66

0.28

2.33

2.61

(0.19)

—

(0.19)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2020

$

11.03

0.19

(0.25)

(0.06)

(0.31)

—

(0.31)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2019

$

11.73

0.24

(0.59)

(0.35)

(0.35)

—

(0.35)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2018

$

11.92

0.24

(0.17)

0.07

(0.26)

—

(0.26)

AQR

INTERNATIONAL

MULTI-STYLE

FUND

CLASS

R6

SIX

MONTHS

ENDED

MARCH

31,

2023

$

9.72

0.14

2.61

2.75

(0.37)

—

(0.37)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2022

$

13.10

0.39

(3.37)

(2.98)

(0.40)

—

(0.40)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2021

$

10.67

0.37

2.29

2.66

(0.23)

—

(0.23)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2020

$

11.05

0.23

(0.26)

(0.03)

(0.35)

—

(0.35)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2019

$

11.75

0.28

(0.59)

(0.31)

(0.39)

—

(0.39)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2018

$

11.94

0.29

(0.18)

0.11

(0.30)

—

(0.30)

AQR

EMERGING

MULTI-STYLE

II

FUND

CLASS

I

SIX

MONTHS

ENDED

MARCH

31,

2023

$

8.49

0.13

1.14

1.27

(0.41)

—

(0.41)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2022

$

12.20

0.41

(3.83)

(3.42)

(0.29)

—

(0.29)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2021

$

10.57

0.34

11

1.48

1.82

(0.19)

—

(0.19)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2020

$

9.75

0.14

0.92

1.06

(0.24)

—

(0.24)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2019

$

10.58

0.25

8

(0.86)

(0.61)

(0.22)

—

(0.22)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2018

$

11.12

0.23

14

(0.59)

(0.36)

(0.18)

—

(0.18)

AQR

EMERGING

MULTI-STYLE

II

FUND

CLASS

N

SIX

MONTHS

ENDED

MARCH

31,

2023

$

8.51

0.12

1.15

1.27

(0.35)

—

(0.35)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2022

$

12.22

0.33

(3.78)

(3.45)

(0.26)

—

(0.26)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2021

$

10.60

0.33

11

1.46

1.79

(0.17)

—

(0.17)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2020

$

9.77

0.14

0.90

1.04

(0.21)

—

(0.21)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2019

$

10.57

0.16

8

(0.79)

(0.63)

(0.17)

—

(0.17)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2018

$

11.12

0.19

14

(0.59)

(0.40)

(0.15)

—

(0.15)

AQR

EMERGING

MULTI-STYLE

II

FUND

CLASS

R6

SIX

MONTHS

ENDED

MARCH

31,

2023

$

8.49

0.14

1.14

1.28

(0.42)

—

(0.42)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2022

$

12.20

0.41

(3.82)

(3.41)

(0.30)

—

(0.30)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2021

$

10.58

0.31

11

1.51

1.82

(0.20)

—

(0.20)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2020

$

9.76

0.18

0.89

1.07

(0.25)

—

(0.25)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2019

$

10.59

0.23

8

(0.83)

(0.60)

(0.23)

—

(0.23)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2018

$

11.13

0.24

14

(0.59)

(0.35)

(0.19)

—

(0.19)

81

AQR

Funds

|

Semi-Annual

Report

|

March

2023

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Financial

Highlights

March

31,

2023

(Unaudited)

RATIOS/SUPPLEMENTAL

DATA

Ratios

to

Average

Net

Assets

of:*

Net

Asset

Value,

End

of

Period

Total

Return

2,3

Net

Assets,

End

of

Period

(000’s)

Expenses,

Before

Reimbursements

and/or

Waivers

4

Expenses,

Net

of

Reimbursements

and/or

Waivers

4

Expenses,

Net

of

Reimbursements

and/or

Waivers

(Excluding

Interest

Expense)

4

Net

Investment

Income

(Loss)

Portfolio

Turnover

Rate

5

$

12.12

28.65%

$

72,352

0.61%

0.56%

0.55%

2.28%

28%

$

9.73

(23.62)%

$

62,389

0.63%

0.56%

0.56%

3.17%

73%

$

13.12

24.97%

$

81,680

0.61%

0.56%

0.56%

2.61%

62%

7

$

10.69

(0.51)%

$

49,672

0.67%

0.60%

0.59%

2.04%

74%

$

11.06

(2.37)%

$

50,189

0.67%

0.60%

0.60%

2.56%

57%

$

11.76

0.81%

$

82,661

0.64%

0.60%

0.60%

2.36%

61%

$

12.16

28.51%

$

1,206

0.86%

0.81%

0.80%

2.03%

28%

$

9.71

(23.79)%

$

1,074

0.88%

0.81%

0.81%

2.61%

73%

$

13.08

24.67%

$

4,184

0.86%

0.81%

0.81%

2.17%

62%

7

$

10.66

(0.75)%

$

4,147

0.92%

0.85%

0.84%

1.82%

74%

$

11.03

(2.62)%

$

4,261

0.92%

0.85%

0.85%

2.25%

57%

$

11.73

0.51%

$

6,892

0.89%

0.85%

0.85%

2.04%

61%

$

12.10

28.73%

$

385,018

0.51%

0.46%

0.45%

2.42%

28%

$

9.72

(23.50)%

$

311,227

0.53%

0.46%

0.46%

3.23%

73%

$

13.10

25.13%

$

418,160

0.51%

0.46%

0.46%

2.89%

62%

7

$

10.67

(0.47)%

$

191,955

0.57%

0.50%

0.49%

2.16%

74%

$

11.05

(2.27)%

$

217,891

0.57%

0.50%

0.50%

2.54%

57%

$

11.75

0.90%

$

329,854

0.54%

0.50%

0.50%

2.44%

61%

$

9.35

15.22%

$

49,880

0.77%

0.72%

0.71%

2.89%

35%

$

8.49

(28.72)%

$

44,791

0.79%

0.71%

0.70%

3.69%

61%

$

12.20

17.26%

$

66,601

0.80%

0.72%

0.72%

2.68%

11

61%

7

$

10.57

10.94%

$

19,271

0.86%

0.75%

0.75%

1.48%

58%

$

9.75

(5.68)%

$

36,722

0.84%

0.75%

0.75%

2.51%

8

62%

$

10.58

(3.35)%

$

17,266

0.85%

0.74%

0.74%

2.01%

14

54%

$

9.43

15.09%

$

836

1.02%

0.97%

0.96%

2.69%

35%

$

8.51

(28.85)%

$

846

1.04%

0.96%

0.95%

2.87%

61%

$

12.22

16.96%

$

3,885

1.05%

0.96%

0.96%

2.56%

11

61%

7

$

10.60

10.65%

$

867

1.12%

1.00%

1.00%

1.47%

58%

$

9.77

(5.92)%

$

677

1.09%

1.00%

1.00%

1.64%

8

62%

$

10.57

(3.70)%

$

1,675

1.11%

1.00%

1.00%

1.63%

14

54%

$

9.35

15.37%

$

454,435

0.67%

0.62%

0.61%

2.98%

35%

$

8.49

(28.65)%

$

399,011

0.69%

0.61%

0.60%

3.74%

61%

$

12.20

17.32%

$

572,793

0.71%

0.63%

0.63%

2.44%

11

61%

7

$

10.58

11.03%

$

321,431

0.77%

0.65%

0.65%

1.82%

58%

$

9.76

(5.59)%

$

305,195

0.74%

0.65%

0.65%

2.32%

8

62%

$

10.59

(3.27)%

$

313,070

0.76%

0.65%

0.65%

2.07%

14

54%

82

AQR

Funds

|

Semi-Annual

Report

|

March

2023

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Financial

Highlights

March

31,

2023

(Unaudited)

PER

SHARE

OPERATING

PERFORMANCE

Change

in

Net

Assets

Resulting

from

Operations

1

Less

Dividends

and

Distributions

*,1

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)

AAA

Net

Realized

and

Unrealized

Gain

(Loss)

AA

Net

Increase

(Decrease)

in

Net

Asset

Value

from

Operations

Distributions

from

Net

Investment

Income

Distributions

from

Net

Realized

Gains

Total

Distributions

AQR

LARGE

CAP

MOMENTUM

STYLE

FUND

CLASS

I

SIX

MONTHS

ENDED

MARCH

31,

2023

$

19.08

0.15

1.62

1.77

(0.24)

(1.80)

(2.04)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2022

$

26.92

0.21

(3.67)

(3.46)

(0.13)

(4.25)

(4.38)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2021

$

24.47

0.10

6.30

6.40

(0.17)

(3.78)

(3.95)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2020

$

22.57

0.20

3.92

4.12

(0.25)

(1.97)

(2.22)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2019

$

24.99

0.26

8

(0.44)

(0.18)

(0.22)

(2.02)

(2.24)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2018

$

22.00

0.19

4.77

4.96

(0.21)

(1.76)

(1.97)

AQR

LARGE

CAP

MOMENTUM

STYLE

FUND

CLASS

N

SIX

MONTHS

ENDED

MARCH

31,

2023

$

19.07

0.13

1.62

1.75

(0.19)

(1.80)

(1.99)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2022

$

26.92

0.16

(3.70)

(3.54)

(0.06)

(4.25)

(4.31)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2021

$

24.46

0.04

6.31

6.35

(0.11)

(3.78)

(3.89)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2020

$

22.56

0.15

3.90

4.05

(0.18)

(1.97)

(2.15)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2019

$

24.96

0.21

8

(0.43)

(0.22)

(0.16)

(2.02)

(2.18)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2018

$

21.98

0.13

4.77

4.90

(0.16)

(1.76)

(1.92)

AQR

LARGE

CAP

MOMENTUM

STYLE

FUND

CLASS

R6

SIX

MONTHS

ENDED

MARCH

31,

2023

$

19.00

0.16

1.61

1.77

(0.26)

(1.80)

(2.06)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2022

$

26.83

0.24

(3.67)

(3.43)

(0.15)

(4.25)

(4.40)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2021

$

24.40

0.13

6.28

6.41

(0.20)

(3.78)

(3.98)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2020

$

22.51

0.23

3.90

4.13

(0.27)

(1.97)

(2.24)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2019

$

24.94

0.29

8

(0.45)

(0.16)

(0.25)

(2.02)

(2.27)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2018

$

21.96

0.22

4.75

4.97

(0.23)

(1.76)

(1.99)

AQR

SMALL

CAP

MOMENTUM

STYLE

FUND

CLASS

I

SIX

MONTHS

ENDED

MARCH

31,

2023

$

15.88

0.12

6

1.28

1.40

(0.10)

—

(0.10)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2022

$

25.93

0.12

9

(4.92)

(4.80)

(0.07)

(5.18)

(5.25)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2021

$

19.47

(0.00)

15

7.92

7.92

(0.15)

(1.31)

(1.46)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2020

$

18.66

0.09

1.56

1.65

(0.10)

(0.74)

(0.84)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2019

$

27.14

0.09

8

(3.83)

(3.74)

(0.04)

(4.70)

(4.74)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2018

$

24.83

0.05

14

4.58

4.63

(0.06)

(2.26)

(2.32)

AQR

SMALL

CAP

MOMENTUM

STYLE

FUND

CLASS

N

SIX

MONTHS

ENDED

MARCH

31,

2023

$

15.86

0.10

6

1.29

1.39

(0.05)

—

(0.05)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2022

$

25.91

0.07

9

(4.93)

(4.86)

(0.01)

(5.18)

(5.19)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2021

$

19.45

(0.07)

7.93

7.86

(0.09)

(1.31)

(1.40)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2020

$

18.66

0.04

1.56

1.60

(0.07)

(0.74)

(0.81)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2019

$

27.14

0.05

8

(3.83)

(3.78)

(0.00)

15

(4.70)

(4.70)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2018

$

24.82

(0.00)

14,15

4.58

4.58

—

(2.26)

(2.26)

AQR

SMALL

CAP

MOMENTUM

STYLE

FUND

CLASS

R6

SIX

MONTHS

ENDED

MARCH

31,

2023

$

15.81

0.13

6

1.28

1.41

(0.12)

—

(0.12)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2022

$

25.85

0.14

9

(4.91)

(4.77)

(0.09)

(5.18)

(5.27)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2021

$

19.41

0.03

7.89

7.92

(0.17)

(1.31)

(1.48)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2020

$

18.61

0.11

1.56

1.67

(0.13)

(0.74)

(0.87)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2019

$

27.10

0.13

8

(3.85)

(3.72)

(0.07)

(4.70)

(4.77)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2018

$

24.79

0.08

14

4.58

4.66

(0.09)

(2.26)

(2.35)

83

AQR

Funds

|

Semi-Annual

Report

|

March

2023

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Financial

Highlights

March

31,

2023

(Unaudited)

RATIOS/SUPPLEMENTAL

DATA

Ratios

to

Average

Net

Assets

of:*

Net

Asset

Value,

End

of

Period

Total

Return

2,3

Net

Assets,

End

of

Period

(000’s)

Expenses,

Before

Reimbursements

and/or

Waivers

4

Expenses,

Net

of

Reimbursements

and/or

Waivers

4

Expenses,

Net

of

Reimbursements

and/or

Waivers

(Excluding

Interest

Expense)

4

Net

Investment

Income

(Loss)

Portfolio

Turnover

Rate

5

$

18.81

9.45%

$

392,605

0.43%

0.41%

0.40%

1.53%

45%

$

19.08

(16.71)%

$

412,574

0.42%

0.41%

0.40%

0.87%

84%

$

26.92

28.54%

$

794,698

0.42%

0.41%

0.40%

0.41%

102%

7

$

24.47

19.52%

$

616,263

0.42%

0.40%

0.40%

0.91%

75%

$

22.57

1.38%

$

678,252

0.41%

0.40%

0.40%

1.21%

8

61%

$

24.99

23.94%

$

986,458

0.40%

0.39%

0.39%

0.84%

66%

$

18.83

9.35%

$

59,763

0.68%

0.66%

0.65%

1.29%

45%

$

19.07

(16.97)%

$

52,860

0.67%

0.66%

0.65%

0.70%

84%

$

26.92

28.27%

$

58,376

0.67%

0.66%

0.65%

0.15%

102%

7

$

24.46

19.20%

$

46,797

0.67%

0.65%

0.65%

0.69%

75%

$

22.56

1.14%

$

67,654

0.66%

0.65%

0.65%

0.97%

8

61%

$

24.96

23.61%

$

77,381

0.65%

0.65%

0.65%

0.58%

66%

$

18.71

9.53%

$

232,806

0.33%

0.31%

0.30%

1.64%

45%

$

19.00

(16.64)%

$

226,855

0.32%

0.31%

0.30%

1.03%

84%

$

26.83

28.68%

$

307,619

0.31%

0.31%

0.30%

0.51%

102%

7

$

24.40

19.66%

$

116,264

0.32%

0.30%

0.30%

1.05%

75%

$

22.51

1.48%

$

202,063

0.31%

0.30%

0.30%

1.33%

8

61%

$

24.94

24.06%

$

101,971

0.30%

0.30%

0.30%

0.93%

66%

$

17.18

8.82%

$

148,761

0.70%

0.61%

0.60%

1.39%

6

21%

$

15.88

(23.61)%

$

152,563

0.68%

0.61%

0.60%

0.61%

9

74%

$

25.93

41.25%

$

210,181

0.67%

0.61%

0.60%

0.00%

103%

7

$

19.47

8.89%

$

160,586

0.67%

0.60%

0.60%

0.48%

86%

$

18.66

(10.90)%

$

201,555

0.66%

0.60%

0.60%

0.46%

8

79%

$

27.14

20.11%

$

346,665

0.63%

0.60%

0.60%

0.21%

14

73%

$

17.20

8.75%

$

4,041

0.95%

0.86%

0.85%

1.13%

6

21%

$

15.86

(23.83)%

$

4,488

0.93%

0.86%

0.85%

0.36%

9

74%

$

25.91

40.98%

$

5,908

0.92%

0.86%

0.85%

(0.28)%

103%

7

$

19.45

8.59%

$

3,761

0.92%

0.85%

0.85%

0.23%

86%

$

18.66

(11.09)%

$

4,395

0.91%

0.85%

0.85%

0.28%

8

79%

$

27.14

19.84%

$

2,835

0.85%

0.83%

0.83%

(0.02)%

14

73%

$

17.10

8.91%

$

30,869

0.60%

0.51%

0.50%

1.50%

6

21%

$

15.81

(23.56)%

$

43,555

0.58%

0.51%

0.50%

0.72%

9

74%

$

25.85

41.41%

$

61,524

0.57%

0.51%

0.50%

0.11%

103%

7

$

19.41

8.99%

$

42,453

0.57%

0.50%

0.50%

0.60%

86%

$

18.61

(10.80)%

$

54,417

0.56%

0.50%

0.50%

0.67%

8

79%

$

27.10

20.26%

$

21,162

0.53%

0.50%

0.50%

0.31%

14

73%

84

AQR

Funds

|

Semi-Annual

Report

|

March

2023

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Financial

Highlights

March

31,

2023

(Unaudited)

PER

SHARE

OPERATING

PERFORMANCE

Change

in

Net

Assets

Resulting

from

Operations

1

Less

Dividends

and

Distributions

*,1

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)

AAA

Net

Realized

and

Unrealized

Gain

(Loss)

AA

Net

Increase

(Decrease)

in

Net

Asset

Value

from

Operations

Distributions

from

Net

Investment

Income

Distributions

from

Net

Realized

Gains

Total

Distributions

AQR

INTERNATIONAL

MOMENTUM

STYLE

FUND

CLASS

I

SIX

MONTHS

ENDED

MARCH

31,

2023

$

13.64

0.19

2.88

3.07

(0.43)

—

(0.43)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2022

$

19.11

0.40

(5.43)

(5.03)

(0.44)

—

(0.44)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2021

$

16.19

0.29

2.83

3.12

(0.20)

—

(0.20)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2020

$

14.98

0.21

1.37

1.58

(0.37)

—

(0.37)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2019

$

15.82

0.31

(0.87)

(0.56)

(0.28)

—

(0.28)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2018

$

15.50

0.29

0.37

0.66

(0.34)

—

(0.34)

AQR

INTERNATIONAL

MOMENTUM

STYLE

FUND

CLASS

N

SIX

MONTHS

ENDED

MARCH

31,

2023

$

13.62

0.18

2.86

3.04

(0.40)

—

(0.40)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2022

$

19.05

0.37

(5.45)

(5.08)

(0.35)

—

(0.35)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2021

$

16.14

0.23

2.85

3.08

(0.17)

—

(0.17)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2020

$

14.94

0.18

1.35

1.53

(0.33)

—

(0.33)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2019

$

15.77

0.27

(0.86)

(0.59)

(0.24)

—

(0.24)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2018

$

15.46

0.26

0.36

0.62

(0.31)

—

(0.31)

AQR

INTERNATIONAL

MOMENTUM

STYLE

FUND

CLASS

R6

SIX

MONTHS

ENDED

MARCH

31,

2023

$

13.62

0.20

2.86

3.06

(0.44)

—

(0.44)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2022

$

19.08

0.42

(5.42)

(5.00)

(0.46)

—

(0.46)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2021

$

16.16

0.31

2.83

3.14

(0.22)

—

(0.22)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2020

$

14.96

0.23

1.35

1.58

(0.38)

—

(0.38)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2019

$

15.80

0.33

(0.87)

(0.54)

(0.30)

—

(0.30)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2018

$

15.49

0.32

0.35

0.67

(0.36)

—

(0.36)

AQR

LARGE

CAP

DEFENSIVE

STYLE

FUND

CLASS

I

SIX

MONTHS

ENDED

MARCH

31,

2023

$

24.99

0.20

2.83

3.03

(0.35)

(2.22)

(2.57)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2022

$

29.60

0.38

(4.18)

(3.80)

(0.34)

(0.47)

(0.81)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2021

$

24.88

0.31

4.75

5.06

(0.34)

—

(0.34)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2020

$

22.83

0.33

1.99

2.32

(0.26)

(0.01)

(0.27)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2019

$

21.18

0.34

1.62

1.96

(0.23)

(0.08)

(0.31)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2018

$

18.23

0.30

3.10

3.40

(0.27)

(0.18)

(0.45)

AQR

LARGE

CAP

DEFENSIVE

STYLE

FUND

CLASS

N

SIX

MONTHS

ENDED

MARCH

31,

2023

$

24.90

0.17

2.82

2.99

(0.26)

(2.22)

(2.48)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2022

$

29.50

0.29

(4.17)

(3.88)

(0.25)

(0.47)

(0.72)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2021

$

24.81

0.24

4.73

4.97

(0.28)

—

(0.28)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2020

$

22.76

0.27

1.99

2.26

(0.20)

(0.01)

(0.21)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2019

$

21.11

0.28

1.62

1.90

(0.17)

(0.08)

(0.25)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2018

$

18.18

0.25

3.09

3.34

(0.23)

(0.18)

(0.41)

AQR

LARGE

CAP

DEFENSIVE

STYLE

FUND

CLASS

R6

SIX

MONTHS

ENDED

MARCH

31,

2023

$

24.97

0.21

2.83

3.04

(0.37)

(2.22)

(2.59)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2022

$

29.57

0.40

(4.17)

(3.77)

(0.36)

(0.47)

(0.83)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2021

$

24.87

0.33

4.73

5.06

(0.36)

—

(0.36)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2020

$

22.81

0.36

1.99

2.35

(0.28)

(0.01)

(0.29)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2019

$

21.15

0.35

1.63

1.98

(0.24)

(0.08)

(0.32)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2018

$

18.21

0.32

3.09

3.41

(0.29)

(0.18)

(0.47)

85

AQR

Funds

|

Semi-Annual

Report

|

March

2023

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Financial

Highlights

March

31,

2023

(Unaudited)

RATIOS/SUPPLEMENTAL

DATA

Ratios

to

Average

Net

Assets

of:*

Net

Asset

Value,

End

of

Period

Total

Return

2,3

Net

Assets,

End

of

Period

(000’s)

Expenses,

Before

Reimbursements

and/or

Waivers

4

Expenses,

Net

of

Reimbursements

and/or

Waivers

4

Expenses,

Net

of

Reimbursements

and/or

Waivers

(Excluding

Interest

Expense)

4

Net

Investment

Income

(Loss)

Portfolio

Turnover

Rate

5

$

16.28

22.71%

$

175,201

0.62%

0.56%

0.55%

2.46%

34%

$

13.64

(27.03)%

$

158,014

0.63%

0.58%

0.57%

2.23%

77%

$

19.11

19.40%

$

332,293

0.60%

0.56%

0.55%

1.54%

84%

7

$

16.19

10.62%

$

256,067

0.60%

0.55%

0.55%

1.41%

72%

$

14.98

(3.26)%

$

270,031

0.61%

0.55%

0.55%

2.12%

70%

$

15.82

4.31%

$

348,643

0.60%

0.55%

0.55%

1.84%

65%

$

16.26

22.55%

$

40,961

0.87%

0.81%

0.80%

2.27%

34%

$

13.62

(27.23)%

$

33,996

0.89%

0.83%

0.82%

2.11%

77%

$

19.05

19.18%

$

68,275

0.85%

0.81%

0.80%

1.24%

84%

7

$

16.14

10.33%

$

60,332

0.86%

0.80%

0.80%

1.18%

72%

$

14.94

(3.51)%

$

36,694

0.86%

0.80%

0.80%

1.86%

70%

$

15.77

4.02%

$

40,452

0.85%

0.80%

0.80%

1.61%

65%

$

16.24

22.72%

$

144,475

0.52%

0.46%

0.45%

2.58%

34%

$

13.62

(26.95)%

$

127,615

0.54%

0.48%

0.47%

2.42%

77%

$

19.08

19.55%

$

200,637

0.50%

0.46%

0.45%

1.69%

84%

7

$

16.16

10.68%

$

114,949

0.50%

0.45%

0.45%

1.50%

72%

$

14.96

(3.15)%

$

129,267

0.51%

0.45%

0.45%

2.25%

70%

$

15.80

4.34%

$

63,978

0.50%

0.45%

0.45%

1.99%

65%

$

25.45

12.39%

$

2,591,206

0.41%

0.41%

0.40%

1.55%

15%

$

24.99

(13.40)%

$

2,734,495

0.38%

0.38%

0.37%

1.29%

28%

$

29.60

20.53%

$

3,903,177

0.37%

0.37%

0.37%

1.13%

17%

$

24.88

10.21%

$

4,248,841

0.40%

0.40%

0.40%

1.44%

35%

$

22.83

9.59%

$

3,262,596

0.39%

0.38%

0.38%

1.60%

20%

$

21.18

18.92%

$

1,502,430

0.39%

0.39%

0.39%

1.52%

18%

$

25.41

12.28%

$

268,878

0.66%

0.66%

0.65%

1.30%

15%

$

24.90

(13.66)%

$

296,466

0.66%

0.66%

0.65%

1.01%

28%

$

29.50

20.17%

$

432,165

0.66%

0.65%

0.65%

0.85%

17%

$

24.81

9.95%

$

463,060

0.66%

0.65%

0.65%

1.18%

35%

$

22.76

9.30%

$

389,897

0.66%

0.65%

0.65%

1.33%

20%

$

21.11

18.58%

$

309,274

0.65%

0.64%

0.64%

1.27%

18%

$

25.42

12.46%

$

1,011,677

0.31%

0.31%

0.30%

1.66%

15%

$

24.97

(13.31)%

$

913,045

0.31%

0.31%

0.30%

1.37%

28%

$

29.57

20.55%

$

1,344,591

0.31%

0.30%

0.30%

1.20%

17%

$

24.87

10.32%

$

1,377,116

0.31%

0.30%

0.30%

1.55%

35%

$

22.81

9.72%

$

1,275,970

0.31%

0.30%

0.30%

1.61%

20%

$

21.15

18.99%

$

309,211

0.30%

0.30%

0.30%

1.61%

18%

86

AQR

Funds

|

Semi-Annual

Report

|

March

2023

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Financial

Highlights

March

31,

2023

(Unaudited)

PER

SHARE

OPERATING

PERFORMANCE

Change

in

Net

Assets

Resulting

from

Operations

1

Less

Dividends

and

Distributions

*,1

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)

AAA

Net

Realized

and

Unrealized

Gain

(Loss)

AA

Net

Increase

(Decrease)

in

Net

Asset

Value

from

Operations

Distributions

from

Net

Investment

Income

Distributions

from

Net

Realized

Gains

Total

Distributions

AQR

INTERNATIONAL

DEFENSIVE

STYLE

FUND

CLASS

I

SIX

MONTHS

ENDED

MARCH

31,

2023

$

11.44

0.12

2.31

2.43

(0.25)

—

(0.25)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2022

$

15.08

0.31

(3.57)

(3.26)

(0.38)

—

(0.38)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2021

$

13.18

0.29

1.86

2.15

(0.25)

—

(0.25)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2020

$

13.09

0.23

0.20

13

0.43

(0.34)

—

(0.34)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2019

$

13.38

0.34

(0.35)

(0.01)

(0.28)

—

(0.28)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2018

$

13.27

0.32

14

0.10

0.42

(0.29)

(0.02)

(0.31)

AQR

INTERNATIONAL

DEFENSIVE

STYLE

FUND

CLASS

N

SIX

MONTHS

ENDED

MARCH

31,

2023

$

11.84

0.11

2.40

2.51

(0.22)

—

(0.22)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2022

$

15.60

0.28

(3.70)

(3.42)

(0.34)

—

(0.34)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2021

$

13.63

0.26

1.92

2.18

(0.21)

—

(0.21)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2020

$

13.52

0.24

0.18

13

0.42

(0.31)

—

(0.31)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2019

$

13.71

0.33

(0.36)

(0.03)

(0.16)

—

(0.16)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2018

$

13.58

0.26

14

0.14

0.40

(0.25)

(0.02)

(0.27)

AQR

INTERNATIONAL

DEFENSIVE

STYLE

FUND

CLASS

R6

SIX

MONTHS

ENDED

MARCH

31,

2023

$

11.43

0.13

2.32

2.45

(0.27)

—

(0.27)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2022

$

15.08

0.34

(3.59)

(3.25)

(0.40)

—

(0.40)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2021

$

13.18

0.33

1.83

2.16

(0.26)

—

(0.26)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2020

$

13.09

0.28

0.16

13

0.44

(0.35)

—

(0.35)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2019

$

13.38

0.33

(0.33)

0.00

15

(0.29)

—

(0.29)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2018

$

13.26

0.34

14

0.10

0.44

(0.30)

(0.02)

(0.32)

AQR

GLOBAL

EQUITY

FUND

CLASS

I

SIX

MONTHS

ENDED

MARCH

31,

2023

$

7.77

0.10

6

1.22

1.32

(0.11)

(0.25)

(0.36)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2022

$

10.45

0.15

(1.61)

(1.46)

(0.20)

(1.02)

(1.22)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2021

$

8.61

0.13

1.82

1.95

(0.11)

—

(0.11)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2020

$

8.20

0.06

0.47

0.53

(0.12)

—

(0.12)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2019

$

9.11

0.15

(0.72)

(0.57)

(0.13)

(0.21)

(0.34)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2018

$

8.89

0.13

0.54

0.67

(0.08)

(0.37)

(0.45)

AQR

GLOBAL

EQUITY

FUND

CLASS

N

SIX

MONTHS

ENDED

MARCH

31,

2023

$

7.66

0.08

6

1.21

1.29

(0.10)

(0.25)

(0.35)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2022

$

10.32

0.12

(1.58)

(1.46)

(0.18)

(1.02)

(1.20)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2021

$

8.52

0.11

1.79

1.90

(0.10)

—

(0.10)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2020

$

8.12

0.08

0.43

0.51

(0.11)

—

(0.11)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2019

$

9.06

0.13

(0.73)

(0.60)

(0.13)

(0.21)

(0.34)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2018

$

8.84

0.09

0.55

0.64

(0.05)

(0.37)

(0.42)

AQR

GLOBAL

EQUITY

FUND

CLASS

R6

SIX

MONTHS

ENDED

MARCH

31,

2023

$

7.83

0.10

6

1.24

1.34

(0.13)

(0.25)

(0.38)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2022

$

10.52

0.16

(1.62)

(1.46)

(0.21)

(1.02)

(1.23)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2021

$

8.67

0.14

1.84

1.98

(0.13)

—

(0.13)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2020

$

8.27

0.12

0.41

0.53

(0.13)

—

(0.13)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2019

$

9.19

0.14

(0.70)

(0.56)

(0.15)

(0.21)

(0.36)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2018

$

8.96

0.13

0.55

0.68

(0.08)

(0.37)

(0.45)

87

AQR

Funds

|

Semi-Annual

Report

|

March

2023

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Financial

Highlights

March

31,

2023

(Unaudited)

RATIOS/SUPPLEMENTAL

DATA

Ratios

to

Average

Net

Assets

of:*

Net

Asset

Value,

End

of

Period

Total

Return

2,3

Net

Assets,

End

of

Period

(000’s)

Expenses,

Before

Reimbursements

and/or

Waivers

4

Expenses,

Net

of

Reimbursements

and/or

Waivers

4

Expenses,

Net

of

Reimbursements

and/or

Waivers

(Excluding

Interest

Expense)

4

Net

Investment

Income

(Loss)

Portfolio

Turnover

Rate

5

$

13.62

21.46%

$

115,550

0.64%

0.56%

0.55%

1.96%

10%

$

11.44

(22.21)%

$

99,478

0.65%

0.56%

0.55%

2.26%

34%

$

15.08

16.44%

$

117,803

0.63%

0.55%

0.55%

1.94%

30%

$

13.18

3.21%

$

131,283

0.64%

0.55%

0.55%

1.79%

27%

$

13.09

0.18%

$

202,228

0.64%

0.55%

0.55%

2.64%

24%

$

13.38

3.15%

$

173,932

0.63%

0.55%

0.55%

2.41%

14

21%

$

14.13

21.35%

$

7,015

0.89%

0.81%

0.80%

1.72%

10%

$

11.84

(22.47)%

$

6,027

0.89%

0.81%

0.80%

1.95%

34%

$

15.60

16.13%

$

9,129

0.88%

0.80%

0.80%

1.69%

30%

$

13.63

3.04%

$

9,541

0.90%

0.80%

0.80%

1.79%

27%

$

13.52

(0.10)%

$

7,221

0.89%

0.80%

0.80%

2.51%

24%

$

13.71

2.90%

$

4,266

0.88%

0.80%

0.80%

1.84%

14

21%

$

13.61

21.60%

$

165,822

0.54%

0.46%

0.45%

2.10%

10%

$

11.43

(22.19)%

$

129,578

0.55%

0.46%

0.45%

2.43%

34%

$

15.08

16.54%

$

144,117

0.54%

0.45%

0.45%

2.21%

30%

$

13.18

3.32%

$

65,720

0.55%

0.45%

0.45%

2.20%

27%

$

13.09

0.26%

$

31,493

0.54%

0.45%

0.45%

2.58%

24%

$

13.38

3.32%

$

28,741

0.53%

0.45%

0.45%

2.54%

14

21%

$

8.73

17.34%

$

7,949

0.83%

0.81%

0.80%

2.29%

6

55%

$

7.77

(16.48)%

$

6,796

0.82%

0.81%

0.80%

1.54%

123%

$

10.45

22.81%

$

16,256

0.82%

0.80%

0.80%

1.28%

95%

$

8.61

6.48%

$

15,876

0.82%

0.80%

0.80%

0.76%

94%

$

8.20

(5.78)%

$

187,408

0.81%

0.80%

0.80%

1.82%

122%

$

9.11

7.65%

$

198,954

0.82%

0.80%

0.80%

1.42%

87%

$

8.60

17.16%

$

6,495

1.08%

1.06%

1.05%

2.01%

6

55%

$

7.66

(16.70)%

$

5,811

1.07%

1.06%

1.05%

1.29%

123%

$

10.32

22.46%

$

7,706

1.07%

1.05%

1.05%

1.10%

95%

$

8.52

6.24%

$

5,126

1.07%

1.05%

1.05%

0.94%

94%

$

8.12

(6.17)%

$

4,573

1.06%

1.05%

1.05%

1.59%

122%

$

9.06

7.36%

$

2,120

1.07%

1.05%

1.05%

1.02%

87%

$

8.79

17.38%

$

295,001

0.73%

0.71%

0.70%

2.37%

6

55%

$

7.83

(16.38)%

$

260,152

0.72%

0.71%

0.70%

1.68%

123%

$

10.52

23.00%

$

306,332

0.72%

0.70%

0.70%

1.39%

95%

$

8.67

6.40%

$

290,082

0.72%

0.70%

0.70%

1.47%

94%

$

8.27

(5.67)%

$

106,872

0.72%

0.70%

0.70%

1.72%

122%

$

9.19

7.74%

$

173,425

0.72%

0.70%

0.70%

1.39%

87%

88

Financial

Highlights

AQR

Funds

|

Semi-Annual

Report

|

March

2023

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

March

31,

2023

(Unaudited)

FUND

NET

INVESTMENT

INCOME

PER

SHARE

NET

INVESTMENT

INCOME

RATIO

AQR

Large

Cap

Multi-Style

Fund

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

$

0.02

0.14%

AQR

Small

Cap

Momentum

Style

Fund

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

0.02

0.13

AQR

Global

Equity

Fund

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

0.01

0.14

FUND

NET

INVESTMENT

INCOME

PER

SHARE

NET

INVESTMENT

INCOME

RATIO

AQR

Large

Cap

Multi-Style

Fund

-

Class

I

and R6

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

$

0.02

0.11%

AQR

Large

Cap

Multi-Style

Fund

-

Class

N

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

0.02

0.12

AQR

Small

Cap

Multi-Style

Fund

-

Class

I,

N

and

R6

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

0.02

0.15

AQR

Emerging

Multi-Style

II

Fund

-

Class

I,

N

and

R6

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

0.02

0.23

AQR

Large

Cap

Momentum

Style

Fund

-

Class

I,

N

and

R6

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

0.03

0.12

AQR

Small

Cap

Momentum

Style

Fund

-

Class

I,

N

and

R6

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

0.02

0.12

FUND

NET

INVESTMENT

INCOME

PER

SHARE

NET

INVESTMENT

INCOME

RATIO

AQR

Small

Cap

Multi-Style

Fund

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

$

0.02

0

.14%

AQR

Small

Cap

Momentum

Style

Fund

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

0.05

0

.23

FUND

NET

INVESTMENT

INCOME

(LOSS)

PER

SHARE

NET

INVESTMENT

INCOME

(LOSS)

RATIO

AQR

Small

Cap

Multi-Style

Fund

–

Class

I

and

N

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

$

0

.01

0

.07%

AQR

Small

Cap

Multi-Style

Fund

–

Class

R6

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

0

.01

0

.08

FUND

NET

INVESTMENT

INCOME

PER

SHARE

NET

INVESTMENT

INCOME

RATIO

AQR

Small

Cap

Multi-Style

Fund

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

$

0.03

0.16%

AQR

Emerging

Multi-Style

II

Fund

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

0.03

0.25

*

Annualized

for

periods

less

than

one

year.

1

Per

share

net

investment

income

(loss)

and

net

realized

and

unrealized

gain

(loss)

are

based

on

average

shares

outstanding.

2

Includes

adjustments

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

of

America

and

as

such,

the

net

asset

value

for

financial

reporting

purposes

and

the

returns

based

upon

those

net

asset

values

may

differ

from

the

net

asset

value

and

returns

for

shareholder

transactions.

3

Total

investment

return

is

calculated

assuming

an

initial

investment

made

at

the

net

asset

value

at

the

beginning

of

the

period,

reinvestment

of

all

dividends

and

distributions

at

net

asset

value

during

the

period

and

redemption

on

the

last

day

of

the

period

and

is

not

annualized.

4

Ratios

do

not

include

the

impact

of

the

expenses

of

the

underlying

funds

in

which

the

Funds

invest.

5

Portfolio

turnover

rate

excludes

derivatives,

if

any,

and

is

not

annualized.

6

For

the

period

ended

March

31,

2023,

certain

Funds

received

special

dividends.

Had

these

special

dividends

not

been

received,

the

Net

Investment

Income

Per

Share

and

Net

Investment

Income

Ratio

of

each

class

would

have

been

reduced

by

the

amounts

and

percentages

shown

below:

7

Excludes

activity

related

to

Funds’

reorganizations.

8

For

the

period

ended

September

30,

2019,

certain

Funds

received

special

dividends.

Had

these

special

dividends

not

been

received,

the

Net

Investment

Income

Per

Share

and

Net

Investment

Income

Ratio

of

each

class

would

have

been

reduced

by

the

amounts

and

percentages

shown

below:

9

For

the

period

ended

September

30,

2022,

certain

Funds

received

special

dividends.

Had

these

special

dividends

not

been

received,

the

Net

Investment

Income

Per

Share

and

Net

Investment

Income

Ratio

of

each

class

would

have

been

reduced

by

the

amounts

and

percentages

shown

below:

10

For

the

period

ended

September

30,

2021,

the

AQR

Small

Cap

Multi-Style

Fund

incurred

expenses

related

to

the

Fund's

closing

agreement

with

the

U.S.

Internal

Revenue

Service

(“IRS”)

and

reimbursement

related

to

such

closing

agreement.

Without

these

costs

and

reimbursement,

the

Net

Investment

Income

(Loss)

Per

Share

and

Net

Investment

Income

(Loss)

Ratio

of

each

class

would

have

been

reduced

by

the

amounts

and

percentages

shown

below:

11

For

the

period

ended

September

30,

2021,

certain

Funds

received

special

dividends.

Had

these

special

dividends

not

been

received,

the

Net

Investment

Income

Per

Share

and

Net

Investment

Income

Ratio

of

each

class

would

have

been

reduced

by

the

amounts

and

percentages

shown

below:

89

Financial

Highlights

AQR

Funds

|

Semi-Annual

Report

|

March

2023

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

March

31,

2023

(Unaudited)

FUND

Expenses,

Before

Reimbursements

and/or

Waivers

Expenses,

Net

of

Reimbursements

and/or

Waivers

AQR

Small

Cap

Multi-Style

Fund

–

Class

I

and

N

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

0.11%

0.11%

AQR

Small

Cap

Multi-Style

Fund

–  Class

R6

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

0.12

0.12

FUND

NET

INVESTMENT

INCOME

PER

SHARE

NET

INVESTMENT

INCOME

RATIO

AQR

Emerging

Multi-Style

II

Fund

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

$

0.01

0.11%

AQR

Small

Cap

Momentum

Style

Fund

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

0.02

0.09

AQR

International

Defensive

Style

Fund

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

0.04

0.27

12

For

the

period

ended

September

30,

2021,

the

AQR

Small

Cap

Multi-Style

Fund

incurred

expenses

related

to

the

Fund's

closing

agreement

with

the

IRS.

Without

these

costs,

the

Expenses,

Before

Reimbursements

and/or

Waivers

and

Expenses,

Net

of

Reimbursements

and/or

Waivers

of

each

class

would

have

been

reduced

by

the

percentages

shown

below:

13

The

amount

shown

for

a

share

outstanding

throughout

the

period

is

not

indicative

of

the

aggregate

net

realized

and

unrealized

gain

(loss)

for

that

period

because

of

the

timing

of

sales

and

repurchases

of

the

Fund

shares

in

relation

to

fluctuating

market

value

of

the

investments

in

the

Fund.

14

For

the

period

ended

September

30,

2018,

certain

Funds

received

special

dividends.

Had

these

special

dividends

not

been

received,

the

Net

Investment

Income

Per

Share

and

Net

Investment

Income

Ratio

of

each

class

would

have

been

reduced

by

the

amounts

and

percentages

shown

below:

15

Amount

is

less

than

$.005

per

share.

90

Notes

to

Financial

Statements

AQR

Funds

|

Semi-Annual

Report

|

March

2023

March

31,

2023

(Unaudited)

1.

Organization

AQR

Funds

(the

“Trust”),

was

organized

as

a

Delaware

statutory

trust

on

September

4,

2008.

The

Trust

is

an

open-end

management

investment

company,

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”).

As

of

March

31,

2023,

the

Trust

consists

of

twenty-two

active

series, ten

of

which

are

presented

in

this

book

(collectively,

the

“Funds”

and

each

individually

a

“Fund”):

AQR

Large

Cap

Multi-Style

Fund,

AQR

Small

Cap

Multi-Style

Fund,

AQR

International

Multi-Style

Fund,

AQR

Emerging

Multi-Style

II

Fund,

AQR

Large

Cap

Momentum

Style

Fund,

AQR

Small

Cap

Momentum

Style

Fund,

AQR

International

Momentum

Style

Fund,

AQR

Large

Cap

Defensive

Style

Fund,

AQR

International

Defensive

Style

Fund

and

AQR

Global

Equity

Fund.

The

remaining

active

series

are

reported

in

a

separate

book.

AQR

Capital

Management,

LLC

(the

“Adviser”)

serves

as

the

investment

adviser

of

each

Fund.

The

investment

objective

of

the

AQR

Large

Cap

Multi-Style

Fund,

AQR

Small

Cap

Multi-Style

Fund,

AQR

International

Multi-Style

Fund,

AQR

Large

Cap

Momentum

Style

Fund,

AQR

Small

Cap

Momentum

Style

Fund,

AQR

International

Momentum

Style

Fund,

AQR

Global

Equity

Fund

and AQR

Emerging

Multi-Style

II

Fund is

to

seek

long-term

capital

appreciation.

The

investment

objective

of

the

AQR

Large

Cap

Defensive

Style

Fund

and

AQR

International

Defensive

Style

Fund

is

to

seek

total

return.

Each

Fund

offers

Class

I,

Class

N

and

Class

R6

shares.

2.

Significant

Accounting

Policies

Basis

of

Preparation:

The

Funds

are

investment

companies

and

apply

specialized

accounting

and

reporting

guidance

of

the

Financial

Accounting

Standards

Board

Accounting

Standard

Codification

Topic

946

Financial

Services—Investment

Companies

.

The

accounting

policies

are

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(“GAAP”).

Use

of

Estimates:

The

preparation

of

the

financial

statements

in

conformity

with

GAAP

requires

the

Adviser

to

make

estimates

and

assumptions

that

affect

the

fair

value

of

investments,

the

reported

amounts

of

assets

and

liabilities

and

disclosure

of

contingent

assets

and

liabilities,

if

any,

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

increases

and

decreases

in

net

assets

from

operations

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates

and

such

differences

could

be

material. 

Valuation

of

Investments:

All

securities

and

other

investments

are

recorded

at

their

estimated

fair

value,

as

described

in

Note

4.

Cash:

Cash

comprises

U.S.

dollar

and

foreign

currency

deposits

held

at

a

custodian

bank(s)

which

may

exceed

insured

limits.

The

Funds

are

subject

to

risk

to

the

extent

that

the

institutions

may

be

unable

to

fulfill

their

obligations.

Due

to/from

Brokers:

Due

to/from

brokers

represents

cash

balances

on

deposit

with,

or

cash

balances

owed

to,

the

Funds’

prime

brokers

and

counterparties.

The

Funds

are

subject

to

credit

risk

should

the

prime

brokers

and

counterparties

be

unable

to

meet

their

obligations

to

the

Funds.

Foreign

Currency

Translation:

The

books

and

records

of

the

Funds

are

maintained

in

U.S.

dollars.

Foreign

denominated

assets

and

liabilities

are

translated

into

U.S.

dollars

at

the

prevailing

exchange

rate

at

the

valuation

date.

Transactions

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

prevailing

exchange

rate

on

the

date

of

the

transaction.

The

Funds’

income

earned

and

expense

incurred

in

foreign

denominated

currencies

are

translated

into

U.S.

dollars

at

the

prevailing

exchange

rate

on

the

date

of

such

activity.

The

Funds

do

not

separately

disclose

that

portion

of

the

results

of

operations

arising

from

changes

in

the

foreign

exchange

rates

on

investments

and

derivatives

from

the

fluctuations

that

result

from

changes

in

the

market

prices

of

investments

and

derivatives

held

or

sold

during

the

period.

Accordingly,

such

foreign

currency

gains

(losses)

are

included

in

the

reported

net

realized

gain

(loss)

from

transactions

in

investment

securities

and

derivatives

and

net

change

in

unrealized

appreciation

(depreciation)

on

investment

securities

and

derivatives

on

the

Statements

of

Operations.

Realized

gains

(losses)

from

settlement

of

foreign

currency

and

foreign

currency

transactions

reported

on

the

Statements

of

Operations

arise

from

the

disposition

of

foreign

currency

and

a

change

between

the

amounts

of

dividends,

interest

and

foreign

withholding

taxes

recorded

on

the

Funds’

books

on

the

transaction

date

and

the

U.S.

dollar

equivalent

of

the

amounts

actually

received

or

paid.

Changes

in

unrealized

appreciation

(depreciation)

on

foreign

currency

and

foreign

currency

translations

reported

on

the

Statements

of

Operations

arise

from

changes

(due

to

the

changes

in

the

exchange

rate)

in

the

value

of

foreign

currency

and

assets

and

liabilities

(other

than

investments)

denominated

in

foreign

currencies,

which

are

held

at

period

end.

Investment

Transactions

and

Related

Income:

Investment

transactions

are

accounted

for

on

trade

date

(the

date

the

order

to

buy

or

sell

is

executed).

Realized

gains

and

losses

on

investment

transactions

are

calculated

on

a

specifically

identified

cost

basis.

Interest

income

is

recorded

on

an

accrual

basis

using

the

effective

interest

method,

which

results

in

coupon

interest

being

adjusted

for

amortization

of

premiums

and

accretion

of

discounts,

when

applicable.

Non-cash

dividends

included

in

dividend

income,

if

any,

are

recorded

at

the

fair

value

of

the

securities

received.

The

Funds

record

distributions

received

in

excess

of

income

from

underlying

investments,

such

as

real

estate

investment

trusts,

as

a

reduction

of

cost

of

investments

and/or

realized

gain.

Such

amounts

are

based

on

estimates

(if

actual

amounts

are

not

available)

and

actual

amounts

of

income,

realized

gain

and

return

of

capital

may

differ

from

the

estimated

amounts.

The

Funds

adjust

the

estimated

amounts

of

components

of

distributions

(and

consequently

net

investment

income)

as

necessary

once

the

issuers

provide

information

about

the

actual

composition

of

the

distributions.

91

Notes

to

Financial

Statements

AQR

Funds

|

Semi-Annual

Report

|

March

2023

March

31,

2023

(Unaudited)

The

Funds

may

be

subject

to

foreign

taxes

on

income,

capital

gains

on

investments

or

currency

repatriation,

a

portion

of

which

may

be

recoverable.

Dividend

income

(expense)

net

of

foreign

taxes

withheld,

if

any,

is

recorded

on

the

ex-dividend

date

or

when

the

Fund

first

learns

of

the

ex-dividend

date

dividend

notification.

The

Funds

may

file

withholding

tax

reclaims

in

certain

jurisdictions

to

recover

a

portion

of

amounts

withheld.

Income

recognized,

if

any,

for

these

reclaims

is

reflected

as

dividend

income

in

the

Statements

of

Operations.

Additionally,

there

may

be

reclaims

that

include amounts

withheld

in

prior

years,

which

may

be

reclaimable

based

upon

certain

provisions

in

the

Treaty

on

the

Functioning

of

the

European

Union

(“EU”)

and

subsequent

rulings

by

the

European

Court

of

Justice

(“ECJ”).

Income

recognized

related

to

EU

reclaims

pursuant

to

the

ECJ

rulings

are

reflected

as

European

Union

tax

reclaims

on

the

Statements

of

Operations,

if

material.

These

reclaims

are

recorded

when

the

amount

is

known

and

there

are

no

significant

uncertainties

on

collectability.

Expenses

incurred

related

to

EU

reclaims

that

are

contingent

upon

successful

receipt

of

EU

reclaims

are

reflected

in

European

Union

tax

reclaim

fees

in

the

Statements

of

Operations,

if

material.

Multi-class

Operations:

Each

class

of

shares

offered

by

the

Trust

has

equal

rights

as

to

earnings,

assets

and

voting

privileges,

except

that

each

class

may

bear

different

sub-transfer

agency

and

distribution

fees,

and

shareholders

of

a

class

have

exclusive

voting

rights

regarding

any

matter

relating

solely

to

that

class

of

shares.

Income,

non-class

specific

expenses,

and

realized

gain

(loss)

and

change

in

unrealized

appreciation

(depreciation)

are

allocated

daily

to

each

class

of

shares

based

upon

the

proportion

of

relative

net

assets

at

the

beginning

of

each

day.

The

Funds

are

charged

for

those

expenses

that

are

directly

attributable

to

each

Fund.

Trust

level

expenses

are

allocated

among

the

Funds

based

on

the

ratio

of

average

net

assets

or

other

reasonable

methodology.

Certain

Funds

may

invest

in

other

investment

companies,

including

affiliated

funds,

and,

as

a

result,

indirectly

bear

a

portion

of

the

advisory

and

operating

expenses

incurred

by

these

entities.

Such

expenses

are

not

reflected

in

the

expenses

shown

on

the

Statements

of

Operations

and

are

not

included

in

the

ratios

to

average

net

assets

shown

on

the

Financial

Highlights.

Federal

Income

Taxes:

Each

Fund

is

treated

as

a

separate

taxable

entity

for

federal

income

tax

purposes.

Each

Fund

intends

to

qualify

as

a

“Regulated

Investment

Company”

("RIC")

under

Subchapter

M

of

the

Internal

Revenue

Code

of

1986,

as

amended

(the

“Code”).

If

so

qualified,

each

Fund

will

not

be

subject

to

federal

income

tax

to

the

extent

it

distributes

substantially

all

of

its

net

investment

income

and

capital

gains

to

shareholders.

Accordingly,

no

provision

for

Federal

income

tax

is

necessary.

The

Adviser

evaluates

tax

positions

taken

or

expected

to

be

taken

in

the

course

of

preparing

the

Funds’

tax

returns

to

determine

whether

the

tax

positions

are

“more-likely-than-not”

to

be

sustained

if

challenged

by

the

applicable

tax

authority.

Tax

positions

deemed

to

meet

the more-likely-than-

not

threshold

would

be

recorded

as

a

tax

benefit

or

expense

in

the

current

year.

The

Funds

are

required

to

analyze

all

open

tax

years.

Open

tax

years

are

those

years

that

are

open

for

examination

by

the

relevant

income

taxing

authority.

The

Funds

have

determined

that

there

is

no

tax

liability/benefit

resulting

from

uncertain

income

tax

positions

taken

or

expected

to

be

taken

for

any

of

the

Funds'

open

tax

years.

The

Funds

are

not

aware

of

any

tax

positions

for

which

it

is

reasonably

possible

that

the

total

amounts

of

unrecognized

tax

expense/benefit

will

materially

change

in

the

next

twelve

months.

The

returns

of

the

Funds

for

the

prior

three

fiscal

years

as

well

as

current

year,

or

since

inception

if

shorter,

are

open

for

examination. As

of

March

31,

2023,

the

Funds

had

no

examinations

in

progress.

In

2023,

AQR

International

Multi-Style

Fund,

AQR

Emerging

Multi-Style

II

Fund,

and

AQR

International

Defensive

Style

Fund

incurred

an

excise

tax

liability

of

$6,868,

$45,485

and

$7,294,

respectively,

relating

to

the

tax

year

2022.

Distributions

to

Shareholders:

Distributions

to

shareholders

are

recorded

on

the

ex-dividend

date.

The

Funds

intend

to

declare

and

distribute

substantially

all

of

their

net

investment

income

and

net

realized

capital

gains,

if

any,

at

least

annually.

Income

and

capital

gain

distributions

will

be

determined

in

accordance

with

federal

income

tax

regulations

which

may

differ

from

GAAP.

Differences

may

be

permanent

or

temporary.

Permanent

differences

are

reclassified

among

capital

accounts

in

the

financial

statements

to

reflect

their

tax

character.

Temporary

differences

arise

when

certain

items

of

income,

expense,

gain,

or

loss

are

recognized

in

different

periods

for

financial

statement

and

tax

purposes.

These

differences

will

reverse

at

some

time

in

the

future.

Differences

in

classification

may

also

result

from

the

treatment

of

short-term

gains

as

ordinary

income

for

tax

purposes.

As

a

result,

income,

dividends

and

capital

gain

distributions

declared

during

a

fiscal

period

may

differ

significantly

from

the

net

investment

income

(loss)

and

realized

gain

(loss)

reported

on

the

Funds’

financial

statements

presented

under

GAAP. 

The

Funds

utilize

earnings

and

profits

distributed

to

shareholders

on

redemptions

of

Fund

shares

as

part

of

the

dividends

paid

deduction. Distributions

classified

as

a

tax

basis

return

of

capital,

if

any,

are

reflected

on

the

Statements

of

Changes

in

Net

Assets

and

have

been

recorded

to

paid

in

capital.

Indemnification:

In

the

normal

course

of

business,

the

Funds

may

enter

into

various

agreements

that

provide

for

general

indemnifications.

The

Funds’

maximum

exposure

under

these

arrangements

is

unknown

as

any

potential

exposure

involves

future

claims

that

may

be

made

against

the

Funds.

However,

based

on

experience,

the

Funds

expect

the

risk

of

loss

to

be

remote.

3.

Securities

and

Other

Investments 

Affiliate

Investments:

Certain

investments

may

be

classified

as

an

affiliate

or

a

controlled

affiliate

of

the

Funds

on

the

Schedule

of

Investments.

Section

2a-3

of

the

1940

Act

defines

an

affiliate

as,

among

other

things,

a

company

in

which

a

Fund

owns

at

least

5%

of

the

outstanding

voting

securities or

an

issuer

which

is

under

common

control

with

another

fund

or

Trust.

Further,

pursuant

to

the

1940

Act,

control

is

presumed

to

exist

when,

among

other

things,

a

Fund

owns

more

than

25%

of

the

outstanding

voting

securities

of

a

portfolio

company.

92

Notes

to

Financial

Statements

AQR

Funds

|

Semi-Annual

Report

|

March

2023

March

31,

2023

(Unaudited)

Additionally,

certain

Funds

may

invest

in

the

Limited

Purpose

Cash

Investment

Fund

(the

“LPCI

Fund”),

which

is

managed

by

UBS

Asset

Management

(Americas)

Inc.

The

LPCI

Fund

is

a

registered

investment

company

under

the

1940

Act

and

is

subject

to

the

money

market

regulations

as

prescribed

in

Rule

2a-7

of

the

1940

Act.

Pursuant

to

the

LPCI

Fund’s

eligibility

requirements,

shares

of

the

LPCI

Fund

are

only

available

for

sale

to

the

Adviser

and

funds

advised

by

the

Adviser.

The

LPCI

Fund

may

be

considered

an

affiliated issuer

of

some

of

the

Funds

in

the

Trust

based

upon

ownership

of

the

outstanding

voting

securities.

However,

the

Funds

do

not

invest

in

the

LPCI

Fund

for

the

purpose

of

exercising

significant

influence

over

its

management,

board

or

policies.

A

summary

of

transactions

with

each

affiliated issuer

is

included

in

the

Schedules

of

Investments,

if

applicable.

Futures

Contracts:

Certain

Funds

invest

in

futures

contracts

as

part

of

their

primary

investment

strategy

and

to

equitize

its

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

receive

the

return

of

the

entire

margin

owed

to

the

Funds,

potentially

resulting

in

a

loss.

A

change

in

market

value

of

an

open

futures

contract

is

recorded

in

the

Statements

of

Operations

as

net

change

in

unrealized

appreciation

(depreciation)

on

futures

contracts.

A

realized

gain

(loss)

represents

the

difference

between

the

value

of

the

contract

at

the

time

it

was

opened

and

the

value

at

the

time

it

was

closed

or

expired,

and

is

reported

in

the

Statements

of

Operations.

The

use

of

long

futures

contracts

subjects

the

Funds

to

risk

of

loss

in

excess

of

the

variation

margin

on

the

Statements

of

Assets

and

Liabilities.

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

that

a

Fund

intends

to

buy

are

denominated,

when

a

Fund

holds

cash

reserves

and

short

term

investments),

or

for

other

investment

purposes.

The

market

value

of

the

contract

will

fluctuate

with

changes

in

currency

exchange

rates.

The

contract

is

marked

to

market

daily

and

the

change

in

market

value

is

recorded

as

net

change

in

unrealized

appreciation

(depreciation)

on

forward

foreign

currency

exchange

contracts.

When

the

contract

is

closed,

the

Funds

record

a

realized

gain

(loss)

equal

to

the

difference

between

the

value

of

the

contract

at

the

time

it

was

opened

and

the

value

at

the

time

it

was

closed.

The

Funds

could

be

exposed

to

risk

if

the

value

of

the

currency

changes

unfavorably,

if

the

counterparties

to

the

contracts

are

unable

to

meet

the

terms

of

their

contracts

or

if

the

Funds

are

unable

to

enter

into

a

closing

position.

Risks

may

exceed

amounts

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.

Swap

Contracts:

Certain

Funds

engage

in

various

swap

transactions

to

manage

risks

within

their

portfolios

or

as

alternatives

to

direct

investments.

Swap

transactions

may

be

privately

negotiated

in

the

over-the-counter

(“OTC”)

market

where

payments

are

settled

through

direct

payments

between

a

Fund

and

the

counterparty.

By

contrast,

certain

swap

transactions

are

subject

to

mandatory

central

clearing

(“centrally

cleared

swaps”).

These

swaps

are

executed

through

a

derivatives

clearing

member

(“DCM”),

acting

in

an

agency

capacity,

and

submitted

to

a

central

counterparty

(“CCP”),

in

which

case

all

payments

are

settled

with

the

CCP

through

the

DCM.

For

centrally

cleared

swaps,

the

Schedules

of

Investments

include

the

cumulative

appreciation

(depreciation),

while

only

the

current

day’s

variation

margin

is

reported

within

the

Statements

of

Assets

and

Liabilities.

For

credit

default

and

interest

rate

swap contracts,

an

upfront

payment

received

by

a

Fund

is

recorded

as

a

liability

and

an

upfront

payment

made

by

a

Fund

is

recorded

as

an

asset

on

the

Fund’s

Statement

of

Assets

and

Liabilities.

Upfront

payments

are

amortized

over

the

term

of

the

contract.

If

there

is

no

upfront

payment

or

receipt,

market

value

will

equal

unrealized

appreciation

(depreciation).

Payments

received

(paid)

by

a

Fund

are

recorded

as

realized

gains

(losses)

from

the

expiration

at

a

periodic

reset

date

or

closing

of

swap

contracts

in

the

Statements

of

Operations.

The

Funds’

use

of

swap

contracts

creates

additional

risks

beyond

those

that

would

exist

if

the

Funds

invested

in

the

underlying

positions

directly.

Total

Return

Swap

Contracts:

Certain

Funds

invest

in

total

return

swaps

to

obtain

exposure

to

the

underlying

referenced

instruments,

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

and

the

change,

if

any,

is

recorded

as

net

change

in

appreciation

(depreciation)

on

swap

contracts

in

the

Statements

of

Operations.

Total

return

swaps

normally

do

not

involve

the

delivery

of

securities

or

other

underlying

assets.

If

the

counterparty

to

a

total

return

swap

contract

defaults,

a

Fund’s

risk

of

loss

consists

of

the

net

amount

of

payments

the

Fund

is

contractually

entitled

to

receive,

if

any.

The

use

of

long

total

return

swap

contracts

subject

the

Funds

to

risk

of

loss

in

excess

of

the

amounts

shown

on

the

Statements

of

Assets

and

Liabilities.

The

use

of

short

total

return

swaps

subject

the

Funds

to

potential

unlimited

loss.

Periodic

payments

received

(paid)

by

the

Funds

are

recorded

as

realized

gains

(losses)

from

the

expiration

or

closing

of

swap

contracts

in

the

Statements

of

Operations.

Total

return

swap

contracts

outstanding

at

period

end,

if

any,

are

listed

after

each

Fund’s

Schedule

of

Investments. 

Master

Agreements:

Certain

Funds

are

parties

to

master

netting

arrangements

with

counterparties

(“Master

Agreements”).

Master

Agreements

govern

the

terms

of

certain

like

transactions

and

reduce

the

counterparty

risk

associated

with

relevant

transactions

by

specifying

payment

netting

mechanisms

across

multiple

transactions

and

providing

standardization

that

improves

legal

certainty.

Since

different

types

of

transactions

have

different

mechanics

and

are

sometimes

traded

by

different

legal

entities

of

a

particular

counterparty

organization,

each

type

of

transaction

may

be

covered

by

a

different

Master

Agreement,

resulting

in

the

need

for

multiple

Master

Agreements

with

a

counterparty

and

its

affiliates.

As

the

Master

Agreements

are

specific

to

unique

operations

of

different

asset

types,

they

allow

the

Funds

to

(i)

close

out

and

net

their

total

exposure

to

a

counterparty

in

the

event

of

a

default

with

respect

to

all

the

transactions

governed

under

a

single

Master

Agreement

with

a

counterparty,

(ii)

exit

transactions

through

means

other

than

sale,

such

as

through

a

negotiated

agreement

with

the

Funds’

counterparty,

a

transfer

to

another

party,

or

close

out

of

the

position

through

execution

of

an

offsetting

transaction.

93

Notes

to

Financial

Statements

AQR

Funds

|

Semi-Annual

Report

|

March

2023

March

31,

2023

(Unaudited)

Prime

Broker

Arrangements

may

be

entered

into

to

facilitate

execution

and/or

clearing

of

equities,

bonds,

equity

options

or

short

sales

of

securities

between

certain

Funds

and

selected

counterparties.

These

arrangements

provide

financing

terms

for

such

transactions

and

include

guidelines

surrounding

the

rights,

obligations,

and

other

events,

including,

but

not

limited

to,

margin,

execution,

and

settlement.

These

agreements

maintain

provisions

for

payments,

maintenance

of

collateral,

events

of

default,

and

termination.

Margin

and

other

assets

delivered

as

collateral

are

typically

held

by

the

prime

broker

and

offset

any

obligations

due

to

the

prime

broker.

Customer

Account

Agreements

govern

cleared

derivatives

transactions

and

exchange-traded

futures

and

options

transactions.

Upon

entering

into

an

exchange-traded

or

centrally

cleared

derivative

contract,

the

Funds

are

required

to

deposit

with

the

relevant

clearing

organization

cash

or

securities,

which

are

referred

to

as

the

initial

margin.

Securities

deposited

as

initial

margin

are

designated

on

the

Schedules

of

Investments

and

cash

deposited

is

recorded

as

deposits

with

brokers

for

centrally

cleared

swaps

and

deposits

with

brokers

for

futures

contracts

on

the

Statements

of

Assets

and

Liabilities.

For

exchange-traded

futures

or

centrally

cleared

swaps,

initial

margin

is

posted,

and

daily

changes

in

fair

value

are

recorded

as

a

payable

or

receivable

on

the

Statements

of

Assets

and

Liabilities

as

variation

margin

on

centrally

cleared

swaps

and

variation

margin

on

futures

contracts.

Variation

margin

is

determined

separately

for

exchange-traded

futures

and

centrally

cleared

swaps

and

cannot

be

netted.

International

Swaps

and

Derivatives

Association,

Inc.

Master

Agreements

and

Credit

Support

Annexes

(“ISDA

Master

Agreements”)

govern

OTC

derivative

transactions

entered

into

between

certain

Funds

and

a

counterparty.

ISDA

Master

Agreements

maintain

provisions

for

general

obligations,

representations,

netting

of

settlement

payments,

agreements

to

deliver

supporting

documents,

collateral

transfer

and

events

of

default

or

termination.

Events

of

termination

include

a

decline

in

the

Fund’s

net

assets

below

a

specified

threshold

over

a

certain

period

of

time

or

a

decline

in

the

counterparty’s

long-term

and

short-term

credit

ratings

below

a

specified

level.

In

each

case,

upon

occurrence,

the

other

party

may

elect

to

terminate

early

and

cause

settlement

of

all

OTC

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

a

party

to

elect

early

termination

could

be

material

to

the

financial

statements

and

impact

a

Fund’s

future

derivative

activity.

Collateral

pledged

by

a

Fund

for

OTC

derivatives

pursuant

to

a

Master

Agreement

is

segregated

by

the

Fund’s

custodian

and

identified

as

an

asset

in

the

Statements

of

Assets

and

Liabilities

either

as

a

component

of

investments

in

securities,

at

value

(securities)

or

in

due

from

brokers

(cash).

Collateral

and

margin

requirements

differ

according

to

the

terms

of

each

type

of

Master

Agreement.

Collateral

is

routinely

transferred

if

the

total

net

exposure

net

of

existing

collateral

already

in

place

governed

under

the

relevant

Master

Agreement

with

a

counterparty

in

a

given

account

exceeds

a

specified

threshold.

Collateral

can

be

in

the

form

of

cash,

debt

securities

issued

by

the

U.S.

government,

money

market

funds

and

other

securities

as

agreed

to

by

the

Fund

and

the

applicable

counterparty,

or

as

permitted

by

the

clearing

house

or

exchange.

Collateral

posted

for

the

benefit

of

a

Fund

pursuant

to

a

Master

Agreement

is

held

by

a

custodian

of

the

Fund.

Amounts

which

can

be

invested

or

repledged,

are

presented

in

the

Fund’s

Schedule

of

Investments.

Segregation

of

a

Fund’s

collateral

in

the

custodian

account

helps

mitigate

counterparty

risk.

Collateral

received

is

reflected

as

a

liability

within

due

to

brokers

in

the

Statements

of

Assets

and

Liabilities.

As

governed

by

the

relevant

Master

Agreements,

interest

expense

may

be

incurred

if

a

counterparty

charges

the

Fund

interest

on

collateral

posted

directly

to

a

Fund’s

custodian

account.

For

financial

reporting

purposes,

the

Funds

do

not

offset

derivative

assets

and

derivative

liabilities

subject

to

master

netting

agreements

on

the

Statements

of

Assets

and

Liabilities.

4.

Investment

Valuation

and

Fair

Value

Measurements 

Investment

Valuation

Policies:

The

Net

Asset

Value

(“NAV”)

of

the

Funds’

shares

are

valued

as

of

the

close

of

regular

trading

on

the

New

York

Stock

Exchange

(“NYSE”)

(normally

4:00

p.m.

Eastern

time)

on

each

day

that

the

NYSE

is

open

(each

a

“Business

Day”).

The

NAV

per

share

of

each

class

within

each

Fund

is

computed

by

dividing

the

total

current

value

of

the

assets

of

such

Fund

attributable

to

a

class,

less

class

liabilities,

by

the

total

number

of

shares

of

that

class

of

the

Fund

outstanding

at

the

time

the

computation

is

made.

GAAP

defines

fair

value

as

the

price

the

Funds

would

receive

to

sell

an

asset

or

pay

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date.

For

purposes

of

calculating

the

NAV,

portfolio

securities

and

other

financial

derivative

instruments

are

valued

on

each

Business

Day

using

valuation

methods

as

adopted

by

the

Funds’

Board

of

Trustees

(the

“Board”).

In accordance

with

Rule

2a-5

under

the

1940

Act,

the

Board

has

designated

the

Adviser

as

the

Valuation

Designee

for

the

Funds

to

perform

fair

value

determinations.

The

Valuation

Designee

has

established

a

Valuation

Committee

to

assist

with

oversight

and

monitoring

of

the

valuation

of

the

Funds’

investments.

This

includes

administering,

implementing

and

overseeing

the

continual

appropriateness

of

valuation

approaches

applied

and

the

determination

of

adjustments

to

the

fair

valuation

of

portfolio

securities

and

other

financial

derivative

instruments

in

good

faith

after

consideration

of

market

factor

changes

and

events

affecting

issuers.

Where

market

quotes

are

readily

available,

fair

market

value

is

generally

determined

on

the

basis

of

official

closing

prices

or

the

last

reported

sales

prices,

or

if

no

sales

are

reported,

based

on

quotes

obtained

from

pricing

services

or

established

market

makers.

Where

market

quotations

are

not

readily

available,

or

if

an

available

market

quotation

is

determined

not

to

reflect

fair

value,

securities

or

financial

derivatives

are

valued

at

fair

value,

as

determined

in

good

faith

by

the Valuation

Committee

in

accordance

with

the

valuation

procedures

approved

by

the

Funds’

Board.

Using

fair

value

to

price

a

security

may

require

subjective

determinations

about

the

value

of

a

security

that

could

result

in

a

value

that

is

different

from

a

security’s

most

recent

closing

price

and

from

the

prices

used

by

other

mutual

funds

to

calculate

their

net

assets.

It

is

possible

the

estimated

values

may

differ

significantly

from

the

values

which

would

have

been

used

had

an

active

ready

market

for

the

investments

existed.

These

differences

could

be

material.

94

Notes

to

Financial

Statements

AQR

Funds

|

Semi-Annual

Report

|

March

2023

March

31,

2023

(Unaudited)

Fair

Value

Hierarchy:

Various

inputs

are

utilized

in

determining

the

value

of

each

Fund’s

investments.

GAAP

establishes

a

hierarchy

for

inputs

used

in

measuring

fair

value

that

maximizes

the

use

of

observable

inputs

and

minimizes

the

use

of

unobservable

inputs

by

requiring

the

most

observable

inputs

be

used

when

available.

These

inputs

are

summarized

into

three

broad

levels

as

follows:

Level

1

—

Inputs

using

unadjusted

quoted

prices

in

active

markets

or

exchanges

for

identical

assets

and

liabilities.

Level

2

—

Other

significant

observable

inputs,

which

may

include,

but

are

not

limited

to,

quoted

prices

for

similar

assets

or

liabilities

in

markets

that

are

active,

quoted

prices

for

identical

or

similar

assets

or

liabilities

in

markets

that

are

not

active,

inputs

other

than

quoted

prices

that

are

observable

for

the

assets

or

liabilities

(such

as

interest

rates,

yield

curves,

volatilities,

prepayment

speeds,

credit

risks

and

default

rates)

or

other

market

corroborated

inputs.

Level

3

—

Significant

unobservable

inputs

based

on

the

best

information

available

in

the

circumstances,

to

the

extent

observable

inputs

are

not

available,

which

may

include

assumptions

made

by

the

Board

or

persons

acting

at

their

direction

that

are

used

in

determining

the

fair

value

of

investments.

An

investment

asset’s

or

liability’s

level

within

the

fair

value

hierarchy

is

based

on

the

lowest

level

input,

individually

or

in

aggregate,

that

is

significant

to

fair

value

measurement.

The

objective

of

fair

value

measurement

remains

the

same

even

when

there

is

a

significant

decrease

in

the

volume

and

level

of

activity

for

an

asset

or

liability

and

regardless

of

the

valuation

technique

used.

The

valuation

techniques

used

by

the

Funds

to

measure

fair

value

maximize

the

use

of

observable

inputs

and

minimize

the

use

of

unobservable

inputs.

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

assigned

level

within

the

hierarchy.

The

inputs

or

methodology

used

for

valuing

securities

are

not

necessarily

an

indication

of

the

risk

associated

with

investing

in

those

securities.

Valuation

Techniques:

The

following

inputs

and

techniques

may

be

used

by

the

Funds

to

evaluate

how

to

classify

each

major

category

of

assets

and

liabilities

into

the

appropriate

fair

value

hierarchy

in

accordance

with

GAAP.

Equity

securities,

including

securities

sold

short,

rights,

exchange

options,

warrants,

Exchange-Traded

Funds

(“ETFs”)

and

closed-end

investment

companies,

are

valued

at

the

last

quoted

sales

prices

or

official

closing

prices

taken

from

the

primary

market,

or

composite

in

which

each

security

trades

and

are

therefore

classified

Level

1.

Investments

in

mutual

funds

are

valued

daily

at

their

NAVs

which

are

also

classified

as

Level

1.

An

equity

for

which

no

sales

are

reported,

as

in

the

case

of

a

security

that

is

traded

in

the

over-the-counter

market

or

a

less

liquid

listed

equity,

is

valued

at

its

last

bid

price

(in

the

case

of

short

sales,

at

the

ask

price)

and

is

therefore

classified

Level

2.

In

addition,

equities

traded

outside

of

the

Western

Hemisphere,

or

in

foreign

markets

that

close

at

4:00

p.m.

Eastern

time

where

the

market

is

closed

due

to

a

holiday,

are

classified

Level

2

because

they

are

fair

valued

daily

based

on

the

application

of

a

fair

value

factor

(unless

the

Adviser

determines

that

use

of

another

valuation

methodology

is

appropriate).

The

Funds

apply

daily

fair

value

factors,

furnished

by

an

independent

pricing

service,

to

account

for

the

market

movement

between

the

close

of

the

foreign

market

and

the

close

of

the

NYSE.

The

pricing

service

uses

statistical

analysis

and

quantitative

models

to

adjust

local

market

prices

using

factors

such

as

subsequent

movement

and

changes

in

the

prices

of

indices,

American

Depositary

Receipts,

futures

contracts

and

exchange

rates

in

other

markets

in

determining

fair

value

as

of

the

time

a

Fund

calculates

its

net

asset

value.

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

may

use

one

or

more

valuation

approaches

(e.g.,

the

market

approach,

the

income

approach,

or

the

cost

approach),

including

proprietary

models

for

which

sufficient

and

reliable

data

is

available.

Within

Level

3,

the

market

approach

generally

is

based

on

the

technique

of

using

comparable

market

transactions,

while

the

use

of

the

income

approach

includes

the

estimation

of

future

cash

flows

discounted

to

calculate

fair

value.

Discounts

may

also

be

applied

due

to

the

nature

or

durations

of

any

restrictions

on

the

disposition

of

the

investment

or

adjusted

as

appropriate

for

credit,

market,

and/or

other

risk

factors.

The

inputs

used

by

the

Funds

in

estimating

the

value

of

Level

3

investments

include

the

original

transaction

price,

recent

transactions

in

the

same

or

similar

instruments,

completed

or

pending

third-party

transactions

in

the

underlying

investment

or

comparable

issuers,

subsequent

rounds

of

financing,

recapitalizations

and

other

transactions

across

the

capital

structure,

offerings

in

the

equity

or

debt

capital

markets,

changes

in

financial

ratios

or

cash

flows,

benchmark

yield

curves,

credit

spreads,

estimated

default

rates,

underlying

collateral,

and

other

unique

security

features.

Level

3

investments

may

also

be

adjusted

to

reflect

illiquidity

and/or

non-transferability,

with

the

amount

of

such

discount

estimated

by

the

Adviser

in

the

absence

of

market

information.

Assumptions

used

by

the

Funds

due

to

the

lack

of

observable

inputs

may

significantly

impact

the

fair

value

of

the

investment. 

Exchange-traded

derivatives,

such

as

futures

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.

For

option

contracts,

if

no

sales

occurred

on

such

date,

the

contracts

will

be

valued

at

the

mid

price

on

such

exchange

at

the

close

of

business

on

such

date.

Centrally

cleared

swaps

listed

or

traded

on

a

multilateral

trade

facility

platform,

such

as

a

registered

exchange,

are

valued

on

a daily

basis

using

quotations

provided

by

an

independent

pricing

service. 

OTC

derivatives,

including

forward

contracts

and

swap

contracts,

are

valued

by

the

Funds

on

a

daily

basis

using

observable

inputs,

such

as

quotations

provided

by

an

independent

pricing

service,

the

counterparty,

dealers

or

brokers,

whenever

available

and

considered

reliable.

95

Notes

to

Financial

Statements

AQR

Funds

|

Semi-Annual

Report

|

March

2023

March

31,

2023

(Unaudited)

The

value

of

each

total

return

swap

contract

and

total

return

basket

swap

contract

is

derived

from

a

combination

of

(i)

the

net

value

of

the

underlying

positions,

which

are

valued

daily

using

the

last

sale

or

closing

price

on

the

principal

exchange

on

which

the

securities

are

traded;

(ii)

financing

costs;

(iii)

the

value

of

dividends

or

accrued

interest;

(iv)

cash

balances

within

the

swap;

and

(v)

other

factors,

as

applicable. 

The

U.S.

dollar

value

of

forward

foreign

currency

exchange

contracts

is

determined

using

current

forward

currency

exchange

rates

supplied

by

an

independent

pricing

service. 

Generally,

a

valuation

model

is

used

consistently

for

similar

derivative

types.

In

instances

where

models

are

used,

the

value

of

an

OTC

derivative

depends

upon

the

contractual

terms

of,

and

specific

risks

inherent

in,

the

instrument

as

well

as

the

availability

and

reliability

of

observable

inputs.

Such

inputs

typically

may

include

market

prices

for

reference

securities,

yield

curves,

credit

spreads,

measures

of

volatility,

prepayment

rates

and

implied

correlations

of

such

inputs

which

are

obtained

from

outside

brokers

and/or

pricing

services

when

available.

Certain

OTC

derivatives,

such

as

generic

forwards,

swaps

and

options,

have

inputs

which

can

generally

be

corroborated

by

market

data

and

are

therefore

classified

within

Level

2.

Those

OTC

derivatives

that

have

less

liquidity

or

for

which

inputs

are

unobservable

are

classified

within

Level

3.

While

the

valuations

of

less

liquid

OTC

derivatives

may

utilize

some

Level

1

and/or

Level

2

inputs,

they

also

may

include

other

unobservable

inputs

which

may

be

considered

significant

to

the

fair

value

determination. 

Quantitative

Information

The

following

tables

represent

each

Fund’s

valuation

inputs

as

presented

on

the

Schedule

of

Investments:

AQR

LARGE

CAP

MULTI-STYLE

FUND

LEVEL

1

LEVEL

2

LEVEL

3

TOTALS

ASSETS

Common

Stocks

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

$

900,719,086

$

–

$

–

$

900,719,086

Short-Term

Investments

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

40,895,991

–

–

40,895,991

Futures

Contracts*

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

1,569,418

–

–

1,569,418

Total

Assets

$

943,184,495

$

–

$

–

$

943,184,495

AQR

SMALL

CAP

MULTI-STYLE

FUND

LEVEL

1

LEVEL

2

LEVEL

3

TOTALS

ASSETS

Common

Stocks

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

$

106,423,417

$

–

$

32,582

$

106,455,999

Short-Term

Investments

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

1,590,942

–

–

1,590,942

Futures

Contracts*

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

9,624

–

–

9,624

Total

Assets

$

108,023,983

$

–

$

32,582

$

108,056,565

AQR

INTERNATIONAL

MULTI-STYLE

FUND

LEVEL

1

LEVEL

2

LEVEL

3

TOTALS

ASSETS

Common

Stocks

†

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

$

42,322,393

$

390,319,464

$

–

$

432,641,857

Preferred

Stocks

†

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

–

633,774

–

633,774

Short-Term

Investments

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

20,181,990

–

–

20,181,990

Futures

Contracts*

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

725,079

–

–

725,079

Total

Assets

$

63,229,462

$

390,953,238

$

–

$

454,182,700

AQR

EMERGING

MULTI-STYLE

II

FUND

LEVEL

1

LEVEL

2

LEVEL

3

TOTALS

ASSETS

Common

Stocks

†

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

$

83,780,528

$

391,338,791

$

82,735

$

475,202,054

Preferred

Stocks

†

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

5,580,216

–

–

5,580,216

Short-Term

Investments

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

18,759,315

–

–

18,759,315

Futures

Contracts*

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

646,821

–

–

646,821

Total

Assets

$

108,766,880

$

391,338,791

$

82,735

$

500,188,406

AQR

LARGE

CAP

MOMENTUM

STYLE

FUND

LEVEL

1

LEVEL

2

LEVEL

3

TOTALS

ASSETS

Common

Stocks

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

$

655,770,075

$

–

$

–

$

655,770,075

Short-Term

Investments

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

27,847,387

–

–

27,847,387

Futures

Contracts*

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

843,469

–

–

843,469

Total

Assets

$

684,460,931

$

–

$

–

$

684,460,931

96

Notes

to

Financial

Statements

AQR

Funds

|

Semi-Annual

Report

|

March

2023

March

31,

2023

(Unaudited)

Transfers

to

Level

3

or

from

Level

3

are

generally

due

to

a

decline

or

an

increase

in

market

activity

(e.g.,

frequency

of

trades),

which

resulted

in

a

lack

of

or

increase

in

available

market

inputs

to

determine

price. 

The

fair

values

of

Level

3

investments

are

based

on

significant

unobservable

inputs

that

reflect

the

Adviser’s

determination

of

assumptions

that

market

participants

might

reasonably

use

in

valuing

the

securities.

Changes

in

significant

unobservable

inputs

could

cause

significant

changes

in

valuation

to

individual

securities

and

in

aggregate.

Fair

value

determinations

and

valuation

of

investments

that

are

not

actively

trading

involve

judgment

and

may

differ

materially

from

valuations

that

would

have

been

used

had

greater

market

activity

occurred.

AQR

SMALL

CAP

MOMENTUM

STYLE

FUND

LEVEL

1

LEVEL

2

LEVEL

3

TOTALS

ASSETS

Common

Stocks

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

$

177,408,311

$

–

$

34,142

$

177,442,453

Short-Term

Investments

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

297,130

–

–

297,130

Futures

Contracts*

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

36,318

–

–

36,318

Total

Assets

$

177,741,759

$

–

$

34,142

$

177,775,901

AQR

INTERNATIONAL

MOMENTUM

STYLE

FUND

LEVEL

1

LEVEL

2

LEVEL

3

TOTALS

ASSETS

Common

Stocks

†

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

$

37,244,636

$

305,292,641

$

–

$

342,537,277

Short-Term

Investments

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

15,310,610

–

–

15,310,610

Futures

Contracts*

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

552,932

–

–

552,932

Total

Assets

$

53,108,178

$

305,292,641

$

–

$

358,400,819

AQR

LARGE

CAP

DEFENSIVE

STYLE

FUND

LEVEL

1

LEVEL

2

LEVEL

3

TOTALS

ASSETS

Common

Stocks

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

$

3,784,429,851

$

–

$

–

$

3,784,429,851

Short-Term

Investments

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

88,852,806

–

–

88,852,806

Futures

Contracts*

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

3,293,953

–

–

3,293,953

Total

Assets

$

3,876,576,610

$

–

$

–

$

3,876,576,610

AQR

INTERNATIONAL

DEFENSIVE

STYLE

FUND

LEVEL

1

LEVEL

2

LEVEL

3

TOTALS

ASSETS

Common

Stocks

†

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

$

35,413,966

$

232,464,177

$

–

$

267,878,143

Preferred

Stocks

†

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

–

3,645,313

–

3,645,313

Short-Term

Investments

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

13,585,229

–

–

13,585,229

Futures

Contracts*

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

313,469

–

–

313,469

Total

Assets

$

49,312,664

$

236,109,490

$

–

$

285,422,154

AQR

GLOBAL

EQUITY

FUND

LEVEL

1

LEVEL

2

LEVEL

3

TOTALS

ASSETS

Common

Stocks

†

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

$

190,117,005

$

76,562,305

$

–

(a)

$

266,679,310

Preferred

Stocks

†

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

–

592,135

–

592,135

Short-Term

Investments

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

33,112,539

–

–

33,112,539

Futures

Contracts*

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

1,794,542

–

–

1,794,542

Forward

Foreign

Currency

Exchange

Contracts*

........

–

3,178,436

–

3,178,436

Total

Return

Swaps

Contracts*

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

–

53,359

–

53,359

Total

Assets

$

225,024,086

$

80,386,235

$

–

(a)

$

305,410,321

LIABILITIES

Futures

Contracts*

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

$

(873,787)

$

–

$

–

$

(873,787)

Forward

Foreign

Currency

Exchange

Contracts*

........

–

(5,005,604)

–

(5,005,604)

Total

Return

Swaps

Contracts*

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

–

(2,420,146)

–

(2,420,146)

Total

Liabilities

$

(873,787)

$

(7,425,750)

$

–

$

(8,299,537)

*

Derivative

instruments,

including

futures,

forward

foreign

currency

exchange

and

total

return

swap

contracts,

are

reported

at

the

cumulative

unrealized

appreciation/

(depreciation)

of

the

instrument

within

the

Funds

Schedule

of

Investments.

Only

current

day’s

variation

margin

is

reported

within

the

Statement

of

Assets

and

Liabilities

for

exchange-traded

and

cleared

derivatives.

†

Please

refer

to

the

Schedule

of

Investments

to

view

securities

segregated

by

country.

(a)

Security

has

zero

value.

97

Notes

to

Financial

Statements

AQR

Funds

|

Semi-Annual

Report

|

March

2023

March

31,

2023

(Unaudited)

5.

Federal

Income

Tax

Matters

At

March

31,

2023,

the

cost

and

aggregate

gross

unrealized

appreciation

(depreciation)

of

long

security

positions,

short

security

positions

and

derivative

instruments

for

federal

income

tax

purposes

were

as

follows:

The

differences

between

book-basis

and

tax-basis

cost

of

investments

was

due

primarily

to

timing

differences

in

recognizing

certain

gains

and

losses

on

security

transactions

(e.g.

wash

sale

loss

deferrals

and

passive

foreign

investment

company

("PFIC")

transactions).

As

of

September

30,

2022,

for

federal

income

tax

purposes,

the

following

Funds

have

capital

loss

carryforwards,

with

no

expiration,

available

to

offset

future

capital

gains,

if

any,

to

the

extent

provided

by

the

U.S.

Treasury

regulations.

The

ability

to

utilize

capital

loss

carryforwards

in

the

future

may

be

limited

under

the

Internal

Revenue

Code

and

related

regulations

based

on

the

results

of

future

transactions. 

6.

Investment

Transactions

During

the period

ended

March

31,

2023,

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:

7.

Derivative

Instruments

and

Activities

The

Funds

use

derivative

instruments

as

part

of

their

principal

investment

strategy

to

achieve

their

investment

objectives.

The

Funds’

derivative

contracts

are

not

accounted

for

as

hedging

instruments

under

GAAP.

For

financial

reporting

purposes,

the

Funds

do

not

offset

financial

assets

and

financial

liabilities

that

are

subject

to

master

netting

arrangements

or

similar

agreements

on

the

Statements

of

Assets

and

Liabilities.

All

derivative

instruments

held

by

the

Funds

were

subject

to

a

master

netting

agreement

or

similar

arrangement.

FUND

COST

OF

INVESTMENTS

GROSS

UNREALIZED

APPRECIATION

GROSS

UNREALIZED

DEPRECIATION

NET

UNREALIZED

APPRECIATION

(DEPRECIATION)

AQR

Large

Cap

Multi-Style

Fund

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

$

576,195,158

$

375,462,972

$

(8,473,635)

$

366,989,337

AQR

Small

Cap

Multi-Style

Fund

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

75,877,676

35,871,369

(3,692,480)

32,178,889

AQR

International

Multi-Style

Fund

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

365,185,072

97,674,142

(8,676,514)

88,997,628

AQR

Emerging

Multi-Style

II

Fund

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

445,184,229

91,204,006

(36,199,829)

55,004,177

AQR

Large

Cap

Momentum

Style

Fund

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

459,950,990

227,822,720

(3,312,779)

224,509,941

AQR

Small

Cap

Momentum

Style

Fund

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

137,089,254

46,317,869

(5,631,222)

40,686,647

AQR

International

Momentum

Style

Fund

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

262,467,140

97,699,518

(1,765,839)

95,933,679

AQR

Large

Cap

Defensive

Style

Fund

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

2,456,739,111

1,447,060,478

(27,222,979)

1,419,837,499

AQR

International

Defensive

Style

Fund

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

249,912,586

46,025,691

(10,516,123)

35,509,568

AQR

Global

Equity

Fund

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

269,513,568

46,883,224

(19,286,008)

27,597,216

FUND

SHORT-TERM

LONG

TERM

AQR

International

Multi-Style

Fund

*

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

$

22,780,255

$

—

AQR

Emerging

Multi-Style

II

Fund

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

39,731,769

—

AQR

Small

Cap

Momentum

Style

Fund

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

3,777,000

—

AQR

International

Momentum

Style

Fund

*

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

21,959,175

—

AQR

International

Defensive

Style

Fund

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

6,406,548

7,429,335

*

Capital

loss

carryforwards

are

reduced

for

limitations

to

the

extent

required

by

the

Internal

Revenue

Code

and

may

be

further

limited

depending

upon

a

variety

of

factors,

including

the

realization

of

net

unrealized

gains

or

losses

as

of

the

date

of

any

reorganization.

FUND

PURCHASES

SALES

AQR

Large

Cap

Multi-Style

Fund

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

$

233,882,508

$

324,987,191

AQR

Small

Cap

Multi-Style

Fund

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

39,157,484

38,993,098

AQR

International

Multi-Style

Fund

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

113,569,325

132,386,717

AQR

Emerging

Multi-Style

II

Fund

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

164,344,012

160,749,988

AQR

Large

Cap

Momentum

Style

Fund

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

311,096,298

367,156,592

AQR

Small

Cap

Momentum

Style

Fund

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

42,490,832

71,126,806

AQR

International

Momentum

Style

Fund

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

116,700,044

140,800,116

AQR

Large

Cap

Defensive

Style

Fund

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

606,147,892

1,042,626,412

AQR

International

Defensive

Style

Fund

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

25,997,099

24,930,865

AQR

Global

Equity

Fund

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

146,202,785

164,401,981

98

Notes

to

Financial

Statements

AQR

Funds

|

Semi-Annual

Report

|

March

2023

March

31,

2023

(Unaudited)

The

following

table

lists

the

fair

value

of

derivative

instruments

held

by

the

Funds,

by

primary

underlying

risk

and

contract

type,

as

included

in

the

Statements

of

Assets

and

Liabilities

at

March

31,

2023:

AQR

LARGE

CAP

MULTI-STYLE

FUND

AQR

SMALL

CAP

MULTI-STYLE

FUND

AQR

INTERNATIONAL

MULTI-STYLE

FUND

AQR

EMERGING

MULTI-STYLE

II

FUND

Equity

Risk

Exposure:

1,569,418

9,624

725,079

646,821

Unrealized

Appreciation

on

Futures

Contracts

*

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

$

1,569,418

$

9,624

$

725,079

$

646,821

1,569,418

9,624

725,079

646,821

Net

Fair

Value

of

Derivative

Contracts:

1,569,418

9,624

725,079

646,821

Unrealized

Appreciation

(Depreciation)

on

Futures

Contracts

*

......

1,569,418

9,624

725,079

646,821

1,569,418

9,624

725,079

646,821

AQR

LARGE

CAP

MOMENTUM

STYLE

FUND

AQR

SMALL

CAP

MOMENTUM

STYLE

FUND

AQR

INTERNATIONAL

MOMENTUM

STYLE

FUND

AQR

LARGE

CAP

DEFENSIVE

STYLE

FUND

Equity

Risk

Exposure:

843,469

36,318

552,932

3,293,953

Unrealized

Appreciation

on

Futures

Contracts

*

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

$

843,469

$

36,318

$

552,932

$

3,293,953

843,469

36,318

552,932

3,293,953

Net

Fair

Value

of

Derivative

Contracts:

843,469

36,318

552,932

3,293,953

Unrealized

Appreciation

(Depreciation)

on

Futures

Contracts

*

......

843,469

36,318

552,932

3,293,953

843,469

36,318

552,932

3,293,953

AQR

INTERNATIONAL

DEFENSIVE

STYLE

FUND

AQR

GLOBAL

EQUITY

FUND

Equity

Risk

Exposure:

313,469

5,141,833

Unrealized

Appreciation

on

Futures

Contracts

*

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

$

313,469

$

1,794,542

Swaps

at

Value

(Assets)

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

–

53,359

Unrealized

Depreciation

on

Futures

Contracts

*

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

–

(873,787)

Swaps

at

Value

(Liabilities)

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

–

(2,420,146)

313,469

5,141,833

Foreign

Exchange

Rate

Risk

Exposure:

–

8,184,040

Unrealized

Appreciation

on

Forward

Foreign

Currency

Exchange

Contracts

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

–

3,178,436

Unrealized

Depreciation

on

Forward

Foreign

Currency

Exchange

Contracts

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

–

(5,005,604)

–

8,184,040

Net

Fair

Value

of

Derivative

Contracts:

313,469

(7,467,157)

Unrealized

Appreciation

(Depreciation)

on

Futures

Contracts

*

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

313,469

920,755

Swaps

at

Value

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

–

(2,366,787)

Unrealized

Appreciation

(Depreciation)

on

Forward

Foreign

Currency

Exchange

Contracts

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

–

(1,827,168)

313,469

7,467,157

*

Includes

cumulative

appreciation/(depreciation)

on

futures

contracts,

if

any,

as

reported

in

the

Schedule

of

Investments.

Only

current

day’s

variation

margin

is

reported

within

the

Statements

of

Assets

and

Liabilities.

99

Notes

to

Financial

Statements

AQR

Funds

|

Semi-Annual

Report

|

March

2023

March

31,

2023

(Unaudited)

The

following

table

indicates

the

effect

of

derivative

instruments,

by

primary

underlying

risk

exposure

and

contract

type,

on

the

Statements

of

Operations

for

the period

ended

March

31,

2023:

*

AQR

LARGE

CAP

MULTI-STYLE

FUND

AQR

SMALL

CAP

MULTI-STYLE

FUND

AQR

INTERNATIONAL

MULTI-STYLE

FUND

AQR

EMERGING

MULTI-STYLE

II

FUND

Realized

Gain

(Loss)

on

Derivatives

Equity

Risk

Exposure:

482,425

(169,817)

810,831

(1,295,620)

Futures

Contracts

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

$

482,425

$

(169,817)

$

810,831

$

(1,295,620)

482,424.99

(169,816.56)

810,830.79

(1,295,619.76)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Derivatives

Equity

Risk

Exposure:

5,373,979

457,426

2,418,179

2,891,772

Futures

Contracts

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

5,373,979

457,426

2,418,179

2,891,772

5,373,979

457,426

2,418,179

2,891,772

*

AQR

LARGE

CAP

MOMENTUM

STYLE

FUND

AQR

SMALL

CAP

MOMENTUM

STYLE

FUND

AQR

INTERNATIONAL

MOMENTUM

STYLE

FUND

AQR

LARGE

CAP

DEFENSIVE

STYLE

FUND

Realized

Gain

(Loss)

on

Derivatives

Equity

Risk

Exposure:

(956,467)

(303,295)

761,702

(2,944,834)

Futures

Contracts

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

$

(956,467)

$

(303,295)

$

761,702

$

(2,944,834)

(956,466.5)

(303,294.93)

761,701.62

(2,944,834.21)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Derivatives

Equity

Risk

Exposure:

4,259,803

930,090

1,987,691

17,022,652

Futures

Contracts

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

4,259,803

930,090

1,987,691

17,022,652

4,259,803

930,090

1,987,691

17,022,652

*

AQR

INTERNATIONAL

DEFENSIVE

STYLE

FUND

AQR

GLOBAL

EQUITY

FUND

Realized

Gain

(Loss)

on

Derivatives

Equity

Risk

Exposure:

944,315

4,146,713

Futures

Contracts

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

$

944,315

$

2,248,850

Swap

Contracts

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

–

1,897,863

944,315.27

4,146,712.88

Foreign

Exchange

Rate

Risk

Exposure:

–

(4,750,185)

Forward

Foreign

Currency

Exchange

Contracts

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

–

(4,750,185)

–

(4,750,185)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Derivatives

Equity

Risk

Exposure:

1,273,833

547,316

Futures

Contracts

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

1,273,833

3,631,826

Swap

Contracts

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

–

(3,084,509)

1,273,833

547,316

Foreign

Exchange

Rate

Risk

Exposure:

–

628,632

Forward

Foreign

Currency

Exchange

Contracts

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

–

628,632

–

628,632

100

Notes

to

Financial

Statements

AQR

Funds

|

Semi-Annual

Report

|

March

2023

March

31,

2023

(Unaudited)

The

following

tables

present

the

AQR

Global

Equity

Fund's

gross

OTC

derivative

assets

and

liabilities

by

counterparty

and

contract

type

net

of

amounts

available

for

offset

under

netting

arrangements

and

any

related

collateral

received

or pledged

by

the

Fund

as

of

March

31,

2023:

AQR

Global

Equity

Fund

(a)

In

accordance

with

GAAP

disclosure

requirements,

the

table

above

does

not

include

the

additional

collateral

pledged

to

the

counterparty.

Total

additional

collateral

pledged

was

$4,475,495.

GROSS

AMO

UNTS

NOT

OFF

SET

IN  THE

STATEMENT

OF

ASSETS

&

LIABILITIES

COUNTERPARTY

INVESTMENT

TYPE

GROSS

AMOUNTS

OF

RECOGNIZED

ASSETS

PRESENTED

IN

THE

STATEMENT  OF

ASSETS

&

LIABILITIES

GROSS

AMOUNTS

ELIGIBLE

TO

OFFSET

NET

AMOUNTS

OF

ASSETS

FINANCIAL

INSTRUMENTS

CASH

COLLATERAL

(RECEIVED)/

PLEDGED

(a)

NET

AMOUNT

CITG

..........

Forward

Foreign

Currency

Exchange

Contracts

$

1,588,936

$

(1,588,936)

$

–

$

–

$

–

$

–

JPMC

..........

Forward

Foreign

Currency

Exchange

Contracts

1,589,500

(1,589,500)

–

JPMC

..........

Total

Return

Swap

Contracts

53,359

(53,359)

–

Total

JPMC

1,642,859

(1,642,859)

–

–

–

–

Total

financial

instruments

subject

to

master

netting

arrangement

or

similar

arrangement

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

3,231,795

(3,231,795)

–

–

–

–

GROSS

AMO

UNTS

NOT

OFFSET

IN  THE

STATEMENT

OF

ASSETS

&

LIABI

LITIES

COUNTERPARTY

INVESTMENT

TYPE

GROSS

AMOUNTS

OF

RECOGNIZED

LIABILITIES

PRESENTED

IN

THE

STATEMENT  OF

ASSETS

&

LIABILITIES

GROSS

AMOUNTS

ELIGIBLE

TO

OFFSET

NET

AMOUNTS

OF

LIABILITIES

FINANCIAL

INSTRUMENTS

CASH

COLLATERAL

RECEIVED/

(PLEDGED)

(a)

NET

AMOUNT

CITG

..........

Forward

Foreign

Currency

Exchange

Contracts

$

2,503,265

$

(1,588,936)

$

914,329

$

–

$

(914,329)

$

–

GSIN

..........

Total

Return

Swap

Contracts

2,140,580

–

2,140,580

–

(1,890,115)

250,465

JPMC

..........

Forward

Foreign

Currency

Exchange

Contracts

2,502,339

(1,589,500)

912,839

JPMC

..........

Total

Return

Swap

Contracts

279,566

(53,359)

226,207

Total

JPMC

2,781,905

(1,642,859)

1,139,046

–

(1,139,046)

–

Total

financial

instruments

subject

to

master

netting

arrangement

or

similar

arrangement

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

7,425,750

(3,231,795)

4,193,955

–

(3,943,490)

250,465

101

Notes

to

Financial

Statements

AQR

Funds

|

Semi-Annual

Report

|

March

2023

March

31,

2023

(Unaudited)

For

the period

ended

March

31,

2023,

the

average

and

ending

notional/settlement

balances/values

of

the

derivatives

held

by

the

Funds

were

as

follows:

Derivatives

Volume

Disclosure*

8.

Investment

Advisory

and

Other

Agreements

The

Adviser

serves

as

the

investment

adviser

to

each

of

the

Funds,

pursuant

to

certain

investment

management

agreements

entered

into

between

the

Trust,

on

behalf

of

the

applicable

Funds,

and

the

Adviser

(collectively,

the

“Advisory

Agreement”).

Under

the

Advisory

Agreement,

the

Adviser

furnishes

a

continuous

investment

program

for

each

Fund’s

portfolio,

makes

day-to-day

investment

decisions

for

each

Fund,

and

manages

each

Fund’s

investments

in

accordance

with

the

stated

policies

of

each

Fund.

The

Adviser

is

also

responsible

for

selecting

brokers

and

dealers

to

execute

purchase

and

sale

orders

for

the

portfolio

transactions

of

each

Fund,

subject

to

its

obligation

to

seek

best

execution,

and

also

provides

certain

other

administrative

services

to

each

Fund.

The

Adviser

provides

persons

satisfactory

to

the

Funds’

Board

to

serve

as

officers

of

the

Funds.

Pursuant

to

the

Advisory

Agreement,

the

Funds

calculate

and

accrue

daily

based

on

the

average

daily

net

assets

for

each

Fund

and

pay

monthly

the

Investment

Advisory

fee

in

the

annual

ratios

below:

*

AQR

LARGE

CAP

MULTI-STYLE

FUND

AQR

SMALL

CAP

MULTI-STYLE

FUND

AQR

INTERNATIONAL

MULTI-STYLE

FUND

AQR

EMERGING

MULTI-STYLE

II

FUND

AQR

LARGE

CAP

MOMENTUM

STYLE

FUND

Futures

Contracts:

Average

Notional

Balance

-

Long

$

38,470,200

$

2,830,910

$

15,289,152

$

15,025,833

$

20,063,363

Average

Notional

Balance

-

Short

–

–

–

–

–

Ending

Notional

Balance

-

Long

35,584,650

634,725

21,489,125

18,317,200

25,033,388

Ending

Notional

Balance

-

Short

–

–

–

–

–

*

AQR

SMALL

CAP

MOMENTUM

STYLE

FUND

AQR

INTERNATIONAL

MOMENTUM

STYLE

FUND

AQR

LARGE

CAP

DEFENSIVE

STYLE

FUND

AQR

INTERNATIONAL

DEFENSIVE

STYLE

FUND

AQR

GLOBAL

EQUITY

FUND

Futures

Contracts:

Average

Notional

Balance

-

Long

$

5,407,120

$

12,096,280

$

111,011,588

$

10,104,268

$

90,545,167

Average

Notional

Balance

-

Short

–

–

–

–

40,533,467

Ending

Notional

Balance

-

Long

2,992,275

14,885,150

74,686,388

13,732,075

103,348,759

Ending

Notional

Balance

-

Short

–

–

–

–

26,186,555

Forward

Foreign

Currency

Exchange

Contracts:

Average

Settlement

Value

-

Purchased

–

–

–

–

261,075,039

Average

Settlement

Value

-

Sold

–

–

–

–

243,258,608

Ending

Value

-

Purchased

–

–

–

–

315,873,491

Ending

Value

-

Sold

–

–

–

–

279,208,848

Total

Return

Swaps:

Average

Notional

Balance

-

Long

–

–

–

–

8,980,326

Average

Notional

Balance

-

Short

–

–

–

–

25,921,296

Ending

Notional

Balance

-

Long

–

–

–

–

10,492,803

Ending

Notional

Balance

-

Short

–

–

–

–

47,204,007

*

Average

notional/settlement

balance/value

is

based

on

the

average

of

the

notional/settlement

balances/values

that

were

outstanding

at

the

end

of

each

quarter

during

the

year.

FUND

RATIO

AQR

Large

Cap

Multi-Style

Fund

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

0.25%

AQR

Small

Cap

Multi-Style

Fund

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

0.45

AQR

International

Multi-Style

Fund

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

0.40

AQR

Emerging

Multi-Style

II

Fund

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

0.50

AQR

Large

Cap

Momentum

Style

Fund

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

0.25

AQR

Small

Cap

Momentum

Style

Fund

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

0.45

AQR

International

Momentum

Style

Fund

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

0.40

AQR

Large

Cap

Defensive

Style

Fund

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

0.25

AQR

International

Defensive

Style

Fund

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

0.40

AQR

Global

Equity

Fund

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

0.60

102

Notes

to

Financial

Statements

AQR

Funds

|

Semi-Annual

Report

|

March

2023

March

31,

2023

(Unaudited)

The

Trust

and

the

Adviser

have

entered

into

an

agreement

(the

“Expense

Limitation

Agreement”)

whereby

the

Adviser

has

agreed

to

reimburse

operating

expenses

of

each

Fund

at

least

through

January

28,

2024

for

Class

I,

N,

and

R6

shares.

Pursuant

to

the

Expense

Limitation

Agreement,

the

Adviser

has

agreed

to

reimburse

each

Fund

in

an

amount

sufficient

to

limit

each

Fund's

operating

expenses

other

than

management

fees

and

12b-1

fees,

and

exclusive

of

interest,

taxes,

borrowing

costs,

acquired

fund

fees

and

expenses,

dividend

and

interest

expense

related

to

short

sales,

expenses

related

to

class

action

claims,

contingent

expenses

related

to

tax

reclaim

receipts

and

extraordinary

expenses,

at

no

more

than

the

following

ratios:

The

Trust,

in

turn,

agreed

that

the

Funds

will

repay

the

expense

reimbursement

to

the

Adviser

only

to

the

extent

it

can

be

made

during

the

thirty-six

months

following

the

applicable

month

during

which

the

Adviser

reimbursed

the

applicable

Fund

for

its

operating

expenses

under

the

Expense

Limitation

Agreement.

Such

repayment

shall

be

made

only

out

of

the

class

of

the

Fund

for

which

the

applicable

expense

reimbursement

was

made.

Repayments

with

respect

to

a

Fund

must

be

limited

to

amounts

that

do

not

cause

the

total

annual

operating

expenses

or

the

other

operating

expenses,

as

applicable,

attributable

to

a

share

class

of

the

Fund

during

a

year

in

which

such

repayment

is

made

to

exceed

either

of

(i)

the

applicable

limits

in

effect

at

the

time

of

the

reimbursement

and

(ii)

the

applicable

limits

in

effect

at

the

time

of

recapture.

FUND

CLASS

I

CLASS

N

CLASS

R6

AQR

Large

Cap

Multi-Style

Fund

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

0.15

%

0.15

%

0.05

%

AQR

Small

Cap

Multi-Style

Fund

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

0.15

0.15

0.05

AQR

International

Multi-Style

Fund

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

0.15

0.15

0.05

AQR

Emerging

Multi-Style

II

Fund

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

0.20

0.20

0.10

AQR

Large

Cap

Momentum

Style

Fund

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

0.15

0.15

0.05

AQR

Small

Cap

Momentum

Style

Fund

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

0.15

0.15

0.05

AQR

International

Momentum

Style

Fund

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

0.15

0.15

0.05

AQR

Large

Cap

Defensive

Style

Fund

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

0.15

0.15

0.05

AQR

International

Defensive

Style

Fund

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

0.15

0.15

0.05

AQR

Global

Equity

Fund

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

0.20

0.20

0.10

103

Notes

to

Financial

Statements

AQR

Funds

|

Semi-Annual

Report

|

March

2023

March

31,

2023

(Unaudited)

The

amounts

reimbursed

by

the

Adviser

for

the

period

ended

March

31,

2023,

as

well

as

the

amounts

available

for

potential

future

recoupment

by

the

Adviser

and

the

expiration

schedule

at

March

31,

2023

are

as

follows:

EXPENSES

REIMBURSED

FOR

THE

PERIOD

ENDED

TOTAL

POTENTIAL

RECOUPMENT

AMOUNT

POTENTIAL

AMOUNTS

EXP

RECOUPMENT

IRING

MARCH

31

,

MARCH

31,

2023

MARCH

31,

2023

20

23

20

24

20

25

20

26

AQR

LARGE

CAP

MULTI-STYLE

FUND

Class

I

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

$

16,452

$

57,755

$

5,791

$

12,221

$

23,291

$

16,452

Class

N

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

429

1,992

263

607

693

429

Class

R6

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

59,669

216,031

21,588

50,987

83,787

59,669

Totals

$

76,550

$

275,778

$

27,642

$

63,815

$

107,771

$

76,550

AQR

SMALL

CAP

MULTI-STYLE

FUND

Class

I

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

$

54,322

$

224,365

$

13,987

$

66,045

$

90,011

$

54,322

Class

N

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

3,868

25,572

1,936

9,708

10,060

3,868

Class

R6

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

31,620

263,033

85,989

78,045

67,379

31,620

Totals

$

89,810

$

512,970

$

101,912

$

153,798

$

167,450

$

89,810

AQR

INTERNATIONAL

MULTI-STYLE

FUND

Class

I

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

$

17,208

$

119,550

$

16,441

$

36,313

$

49,588

$

17,208

Class

N

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

286

6,673

1,548

2,758

2,081

286

Class

R6

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

88,237

585,982

71,569

181,220

244,956

88,237

Totals

$

105,731

$

712,205

$

89,558

$

220,291

$

296,625

$

105,731

AQR

EMERGING

MULTI-STYLE

II

FUND

Class

I

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

$

12,912

$

110,509

$

13,505

$

38,023

$

46,069

$

12,912

Class

N

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

224

5,133

438

2,289

2,182

224

Class

R6

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

115,176

1,117,923

191,768

404,749

406,230

115,176

Totals

$

128,312

$

1,233,565

$

205,711

$

445,061

$

454,481

$

128,312

AQR

LARGE

CAP

MOMENTUM

STYLE

FUND

Class

I

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

$

45,916

$

213,429

$

41,959

$

50,356

$

75,198

$

45,916

Class

N

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

6,246

21,493

3,256

4,053

7,938

6,246

Class

R6

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

25,973

85,709

10,181

12,805

36,750

25,973

Totals

$

78,135

$

320,631

$

55,396

$

67,214

$

119,886

$

78,135

AQR

SMALL

CAP

MOMENTUM

STYLE

FUND

Class

I

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

$

67,945

$

379,803

$

62,637

$

116,031

$

133,190

$

67,945

Class

N

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

1,865

10,971

1,577

3,634

3,895

1,865

Class

R6

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

19,233

111,247

15,793

38,381

37,840

19,233

Totals

$

89,043

$

502,021

$

80,007

$

158,046

$

174,925

$

89,043

AQR

INTERNATIONAL

MOMENTUM

STYLE

FUND

Class

I

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

$

53,647

$

382,623

$

66,833

$

128,506

$

133,637

$

53,647

Class

N

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

11,945

77,089

14,348

28,868

21,928

11,945

Class

R6

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

43,465

236,879

29,833

70,444

93,137

43,465

Totals

$

109,057

$

696,591

$

111,014

$

227,818

$

248,702

$

109,057

AQR

LARGE

CAP

DEFENSIVE

STYLE

FUND

Class

I

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

$

–

$

–

$

–

$

–

$

–

$

–

Class

N

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

4,164

32,200

15,895

3,185

8,956

4,164

Class

R6

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

14,079

106,889

53,705

11,516

27,589

14,079

Totals

$

18,243

$

139,089

$

69,600

$

14,701

$

36,545

$

18,243

AQR

INTERNATIONAL

DEFENSIVE

STYLE

FUND

Class

I

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

$

43,477

$

316,581

$

59,946

$

105,567

$

107,591

$

43,477

Class

N

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

2,606

21,790

5,031

7,842

6,311

2,606

Class

R6

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

60,759

328,843

37,255

86,682

144,147

60,759

Totals

$

106,842

$

667,214

$

102,232

$

200,091

$

258,049

$

106,842

AQR

GLOBAL

EQUITY

FUND

Class

I

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

$

700

$

8,481

$

1,986

$

3,168

$

2,627

$

700

Class

N

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

598

3,705

511

1,304

1,292

598

Class

R6

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

26,763

175,300

31,428

60,854

56,255

26,763

Totals

$

28,061

$

187,486

$

33,925

$

65,326

$

60,174

$

28,061

104

Notes

to

Financial

Statements

AQR

Funds

|

Semi-Annual

Report

|

March

2023

March

31,

2023

(Unaudited)

9.

Distribution

Plan

The

Trust

has

adopted

a

Plan

of

Distribution

(the

“Plan”)

pursuant

to

Rule

12b-1

under

the

1940

Act

with

respect

to

the

Class

N

shares

of

the

Funds.

The

Plan

allows

for

the

payment

of

services

related

to

the

distribution

and

servicing

of

these

shares

at

a

rate

of

up

to

0.25%

per

annum

of

the

average

daily

net

asset

value

of

the

Class

N

shares

of

the

Funds.

10.

Principal

Risks

and

Concentrations

The

investment

techniques

and

strategies

utilized

by

the

Funds,

including

investments

made

on

a

shorter-term

basis

or

in

derivative

instruments

or

instruments

with

a

maturity

of

one

year

or

less

at

the

time

of

acquisition,

may

result

in

frequent

portfolio

trading

and

high

portfolio

turnover.

High

portfolio

turnover

will

cause

the

Funds

to

incur

higher

levels

of

brokerage

fees

and

commissions,

which

may

reduce

performance,

and

may

cause

higher

levels

of

current

tax

liability

to

shareholders

in

the

Funds.

In

the

normal

course

of

business,

the

Funds

trade

financial

instruments

and

enter

into

financial

transactions

where

risk

of

potential

loss

exists

due

to

changes

in

the

market

(market

risk).

A

Fund’s

investments

in

financial

derivatives

and

other

financial

instruments

may

expose

the

Fund

to

various

elements

of

market

risks

which

include

interest

rate,

foreign

currency,

equity,

and

commodity

risks.

Investment

in

securities

of

foreign

issuers

may

involve

certain

risks

that

are

greater

than

those

associated

with

investments

in

securities

of

U.S.

issuers.

These

include

risks

of

adverse

changes

in

foreign

economic,

political,

regulatory

and

other

conditions;

changes

in

currency

exchange

rates

or

exchange

control

regulations

(including

limitations

on

currency

movements

and

exchanges);

the

imposition

of

economic

sanctions,

embargos or

other

government

actions

and/or restrictions;

differing

accounting,

auditing,

financial

reporting

and

legal

standards

and

practices;

differing

securities

market

structures;

and

higher

transaction

costs.

To

the

extent

a

Fund’s

investments

in

a

single

country

or

a

limited

number

of

countries

represent

a

higher

percentage

of

the

Fund’s

assets,

the

Fund

assumes

the

risk

that

economic,

political

and

social

conditions

in

those

countries may

have

a

significant

impact

on

investment

performance,

may

subject

the

Fund

to

increased

price

volatility

and

may

impair

or

otherwise

limit

the

Fund's

ability

to

invest

in,

receive,

hold

or

sell

securities

issued

by

the

impacted

countries.

Emerging

markets

are

riskier

than

more

developed

markets

because

they

tend

to

develop

unevenly

and

may

never

fully

develop.

Investments

in

emerging

markets

may

be

considered

speculative.

Emerging

markets

are

more

likely

to

experience

hyperinflation

and

currency

devaluations,

which

adversely

affect

returns

to

U.S.

investors.

In

addition,

many

emerging

securities

markets

have

far

lower

trading

volumes

and

less

liquidity

than

developed

markets. 

Foreign

currency

risk

arises

from

the

possibility

that

fluctuations

in

foreign

exchange

rates

will

affect

the

value

of

cash

balances

held

in

foreign

currencies

and

non-U.S.

denominated

financial

instruments.

The

liquidity

and

trading

value

of

foreign

currencies

could

be

affected

by

global

economic

factors,

such

as

inflation,

interest

rate

levels,

and

trade

balances

among

countries,

as

well

as

the

actions

of

sovereign

governments

and

central

banks.

Currency

rates

in

foreign

countries

may

fluctuate

significantly

over

short

periods

of

time

for

a

number

of

reasons. 

The

market

values

of

equities,

such

as

common

stocks

and

preferred

securities

or

equity

related

investments

such

as

futures

and

options,

may

decline

due

to

general

market

conditions

which

are

not

specifically

related

to

a

particular

company.

They

may

also

decline

due

to

factors

which

affect

a

particular

industry

or

industries.

The

Funds

may

invest

in

illiquid

investments

and

may

experience

difficulty

in

selling

those

investments

in

a

timely

manner

at

the

price

that

it

believes

the

investments

are

worth.

Prices

may

fluctuate

widely

over

short

or

extended

periods

in

response

to

company,

market

or

economic

news.

Geopolitical

and

other

events,

including

war,

terrorism,

natural

disasters,

economic

uncertainty,

trade

disputes,

extreme

weather

and

climate-related

events,

public

health

crises

including

pandemics and

related

geopolitical

events

have

led,

and

in

the

future

may

lead,

to

increased

market

volatility,

which

may

disrupt

the

U.S.

and

world

economies

and

markets

and

may

have

significant

adverse

direct

or

indirect

effects

on

the

Funds

and

their

investments.

Although

multiple

asset

classes

may

be

affected

by

a

market

disruption,

the

duration

and

effects

may

not

be

the

same

for

all

types

of

assets.

Markets

also

tend

to

move

in

cycles,

with

periods

of

rising

and

falling

prices.

This

volatility

may

cause

the

Funds'

net

asset

value

to

experience

significant

increases

or

decreases

over

short

periods

of

time.

If

there

is

a

general

decline

in

the

securities

and

other

markets,

the

net

asset

value

of the

Funds

may

lose

value,

regardless

of

the

individual

results

of

the

securities

and

other

instruments

in

which

the

Funds

invest.

In

addition

to

market

risk,

the

Funds

may

be

exposed

to

the

risk

that

one

or

more

securities

in

the

Funds’

portfolios

will

decline

in

price,

or

fail

to

pay

interest

or

principal

when

due,

because

the

issuer

of

the

security

experiences

a

decline

in

its

financial

status

(credit

risk).

Credit

risk

is

measured

by

the

loss

a

Fund

would

record

if

the

major

financial

institution

or

other

counterparties

failed

to

perform

pursuant

to

terms

of

their

obligations.

Certain

Funds

may

primarily

maintain

cash

balances

at

one

or

several

major

financial

institutions

that

may

exceed

federally

insured

limits

and

as

such

each

of

the

Funds

have

credit

risk

associated

with

such

financial

institutions.

In

general,

lower

rated

securities

carry

a

greater

degree

of

risk

that

the

issuer

will

lose

its

ability

to

make

interest

and

principal

payments,

which

could

have

a

negative

impact

on

the

Funds’

net

asset

value

or

dividends.

The

Funds

minimize

credit

risk

by

monitoring

credit

exposure

and

collateral

values,

and

by

requiring

additional

collateral

to

be

deposited

with

or

returned

to

the

Funds

when

deemed

necessary.

105

Notes

to

Financial

Statements

AQR

Funds

|

Semi-Annual

Report

|

March

2023

March

31,

2023

(Unaudited)

In

the

normal

course

of

business,

the

Funds

may

enter

into

agreements

with

certain

counterparties

for

derivative

transactions.

A

number

of

each

Fund's

Master

Agreements

contain

provisions

that

require

each

Fund

to

maintain

a

predetermined

level

of

net

assets,

and/or

provide

limits

regarding

the

decline

of

a

Fund’s

net

asset

value

over

specified

time

periods.

If

a

Fund

was

to

violate

such

provisions,

the

counterparties

to

the

derivative

instruments

could

request

immediate

payment

or

demand

immediate

collateralization

on

derivative

instruments

in

net

liability

positions.

If

such

events

are

not

cured

by

the

Fund

or

waived

by

the

counterparties,

they

may

decide

to

curtail

or

limit

extension

of

credit,

and

the

Fund

may

be

forced

to

unwind

its

derivative

positions

which

may

result

in

material

losses.

Similar

to

credit

risk, the

Funds

may

be

exposed

to

counterparty

risk,

or

the

risk

that

an

institution

or

other

entity

with

which

the

Funds

have

unsettled

or

open

transactions

will

default.

Financial

assets,

which

potentially

expose the

Funds

to

counterparty

risk,

consist

principally

of

cash

due

from

counterparties

and

investments.

By

using

derivative

instruments,

the

Funds

may

be

exposed

to

the

risk

that

derivative

counterparties

may

not

perform

in

accordance

with

the

contractual

provisions

offset

by

the

value

of

any

collateral

received.

The

Funds’

exposure

to

credit

risk

associated

with

counterparty

non-performance

is

limited

to

the

unrealized

gains

inherent

in

such

transactions

that

are

recognized

in

the

Statements

of

Assets

and

Liabilities.

The

counterparties

to

the

Funds’

derivative

investments

may

include

affiliates

of

the

Funds’

clearing

brokers

and

other

major

financial

institutions.

While

the

Funds

use

multiple

clearing

brokers

and

counterparties,

a

concentration

of

credit

risk

may

exist

because

of

balances

held

and

transactions

with

a

limited

number

of

clearing

brokers

and

counterparties.

The

Funds

minimize

counterparty

credit

risk

through

credit

limits

and

approvals,

credit

monitoring

procedures,

executing

master

netting

arrangements,

and

managing

margin

and

collateral

requirements,

as

appropriate.

The

Funds

may

invest

in

securities

with

positive

momentum. This

entails

investing

in

securities

that

have

had

above-average

recent

returns.

These

securities

may

be

more

volatile

than

a

broad

cross-section

of

securities.

In

addition,

there

may

be

periods

during

which

the

investment

performance

of

the

Funds

while

using

a

momentum

strategy

may

suffer.

Investing

in

or

having

exposure

to

"value"

securities

presents

the

risk

that

the

securities

may

never

reach

what

the

Adviser

believes

are

their

full

market

values,

either

because

the

market

fails

to

recognize

what

the

Adviser

considers

to

be

the

security's

true

value

or

because

the

Adviser

misjudged

that

value.

In

addition,

there

may

be

periods

during

which

the

investment

performance

of

the

Funds

while

using

a

value

strategy

may

suffer.

The

Funds

may

have

investments

that

appreciate

or

decrease

significantly

in

value

over

short

periods

of

time.

This

may

cause

the

Funds’

net

asset

value

per

share

to

experience

significant

increases

or

declines

in

value

over

short

periods

of

time,

however,

all

investments

long-term

or

short-term

are

subject

to

risk

of

loss. 

The

Funds

may

invest

in

restricted

securities.

Restricted

securities

are

subject

to

legal

or

contractual

restrictions

on

resale

and

may

generally

be

sold

privately

but

may

be

required

to

be

registered

or

exempted

from

such

registration

before

being

sold

to

the

public.

Private

placement

securities

are

generally

considered

to

be

restricted

except

for

those

securities

traded

between

qualified

institutional

investors

under

the

provisions

of

Rule

144A

of

the

Securities

Act

of

1933.

Disposal

of

restricted

investments

may

involve

time-consuming

negotiations

and

expenses,

and

prompt

sale

at

an

acceptable

price

may

be

difficult

to

achieve.

Restricted

investments

held

by

the

Fund,

if

any,

are

disclosed

in

the

Schedule

of

Investments. 

The

Funds,

at

times,

may

utilize

substantial

leverage

in

their

investment

program.

Such

leverage

may

take

the

form

of

trading

on

margin,

investing

in

derivative

instruments

that

are

inherently

leveraged,

entering

into

other

forms

of

direct

and

indirect

borrowings.

There

is

no

guarantee

that

the

Funds’

borrowing

arrangement

or

other

arrangements

for

obtaining

leverage

will

continue

to

be

available,

or

if

available,

will

be

available

on

terms

and

conditions

acceptable

to

the

Funds.

Unfavorable

economic

conditions

could

also

increase

funding

costs,

limit

access

to

the

capital

markets

or

result

in

a

decision

by

lenders

not

to

extend

credit

to

the

Funds.

In

addition,

a

decline

in

market

value

of

the

Funds’

assets

may

have

particular

adverse

consequences

in

instances

where

they

have

borrowed

money

based

on

the

market

value

of

those

assets.

A

decrease

in

market

value

of

those

assets

may

result

in

the

lender

(including

derivative

counterparties)

requiring

the

Funds

to

post

additional

collateral

or

otherwise

sell

assets

at

a

time

when

it

may

not

be

in

the

Funds’

best

interest

to

do

so.

Given

the

complexity

of

the

investments

and

strategies

of

the

Funds,

the

Adviser

relies

heavily

on

quantitative

models

and

information

and

traditional

and

non-traditional

data

supplied

or

made

available

by

third

parties

(“Models

and

Data”).

Models

and

Data

are

used

to

construct

sets

of

transactions

and

investments,

to

provide

risk

management

insights,

and

to

assist

in

hedging

the

Funds'

investments.

When

Models

and

Data

prove

to

be

incorrect

or

incomplete,

including

because

data

is

stale,

missing

or

unavailable,

any

decisions

made

in

reliance

thereon

expose

the

Funds

to

potential

risks.

Similarly,

any

hedging

based

on

faulty

Models

and

Data

may

prove

to

be

unsuccessful.

Some

of

the

models

used

by

the

Adviser

for

the

Funds

are

predictive

in

nature.

The

use

of

predictive

models

has

inherent

risks.

Because

predictive

models

are

usually

constructed

based

on

historical

data

supplied

by

third

parties

or

otherwise,

the

success

of

relying

on

such

models

may

depend

heavily

on

the

accuracy

and

reliability

of

the

supplied

historical

data.

The

Funds

bear

the

risk

that

the

quantitative

models

used

by

the

Adviser

will

not

be

successful

in

selecting

investments

or

in

determining

the

weighting

of

investment

positions

that

will

enable

the

Funds

to

achieve their

investment

objective.

Periodically,

the

Funds

may

be

a

party

to

legal

actions

arising

in

the

ordinary

course

of

business.

The

Funds

are

currently

not

subject

to

any

actions

that

either

individually

or

in

the

aggregate

are

expected

to

have

a

material

impact

on

their

results

of

operations,

cash

flows

or

financial

condition.

106

Notes

to

Financial

Statements

AQR

Funds

|

Semi-Annual

Report

|

March

2023

March

31,

2023

(Unaudited)

11.

Interfund

Lending

Pursuant

to

an

exemptive

order

issued

by

the

Securities

and

Exchange

Commission

(the

“SEC”),

the

Funds

may

participate

in

a

joint

lending

and

borrowing

program

(the

“Interfund

Lending

Program”)

to

the

extent

such

participation

is

consistent

with

each

Fund’s

investment

objective

and

investment

policies.

This

Interfund

Lending

Program

allows

the

Funds

to

borrow

and

lend

to

other

AQR

Funds

that

permit

such

transactions.

All

loans

under

the

Interfund

Lending

Program

are

for

temporary

cash

management

or

emergency

purposes.

Interest

earned

or

paid

on

an

interfund

lending

transaction

will

be

based

on

the

average

of

certain

current

market

rates,

as

calculated

according

to

a

formula

established

by

the

Board.

No

Fund

may

borrow

or

lend

money

through

the

program

unless

it

receives

a

more

favorable

rate

than

is

typically

available

for

comparable

borrowings

from

a

bank

or

investments

in

U.S.

Treasury

bills,

respectively.

A

lending

Fund

may

lend

in

aggregate

up

to

15%

of

its

net

assets

but

may

not

lend

more

than

5%

of

its

net

assets

to

any

one

borrowing

Fund

through

the

Interfund

Lending

Program.

A

borrowing

Fund

may

not

borrow

through

the

Interfund

Lending

Program

or

from

any

other

source

more

than

33

1/3%

of

its

total

assets.

If

a

borrowing

Fund’s

total

outstanding

borrowings

exceed

10%

of

its

total

assets,

the

Fund

must

secure

each

of

its

outstanding

borrowings

through

the

Interfund

Lending

Program

with

collateral

equal

to

102%

of

the

outstanding

principal

value

of

the

loan.

The

Funds

are

not

required

to

borrow

money

under

the

Interfund

Lending

Program

and

may

borrow

under

other

arrangements,

including

their

existing

bank

line

of

credit.

This

could

result

in

a

Fund

borrowing

money

at

a

higher

interest

rate

than

it

would

have

received

under

the

Interfund

Lending

Program. Interest

expense

paid,

as

a

result

of

borrowing

under

this

agreement,

is

included

in

interfund

lending

expense

in

the

Statements

of

Operations.

During

the

reporting

period,

average

borrowings

from

another

series

of

the

Trust

(not

presented

in

this

book)

under

the

Interfund

Lending

Program

were

as

follows:

The

outstanding

balance

of

interfund borrowings

of

AQR

Small

Cap

Momentum

Style

Fund

amounting

to

$6,600,000

was

repaid

on

April

3,

2023.

12.

Line

of

Credit

Each

series

of

the

Trust

other

than

the

AQR

Diversifying

Strategies

Fund

(collectively,

the

“Participating

Funds”)

renewed

a

364-day

syndicated

line

of

credit

with

$345,000,000

in

committed

loans

(the

“Agreement”)

with

Bank

of

America,

N.A.,

as

the

administrative

agent,

effective

March

17,

2023.

Borrowing,

if

any,

under

this

arrangement

bears,

as

incurred,

interest

at

the

sum

of

(a)

1.00%

per

annum

plus

(b)

the

higher

of

(i)

the

Federal

Funds

Rate

or

(ii)

Term

SOFR

(including

a

0.10%

adjustment).

The

maximum

loan

amount

available

to

a

Participating

Fund

is

the

lesser

of

an

amount

that

will

not

exceed

the

borrowing

limits

set

forth

in

the

Participating

Fund’s

Prospectus

and/or

Statement

of

Additional

Information

and

will

not

cause

the

asset

coverage

ratio

for

any

borrowings

by

the

Participating

Fund

to

drop

below

the

required

amount

under

the

Agreement

(between

300-500%

per

Participating

Fund).

The

Agreement

is

subject

to

an

annual

commitment

fee

allocated

to

each

Participating

Fund,

which

is

payable

in

arrears

on

a

quarterly

basis.

In

the

event

of

a

draw

upon

the

line

of

credit,

liquid

assets

of

the

borrowing

Participating

Fund

may

be

earmarked

for

asset

coverage

purposes

until

its

loan

is

repaid

in

full.

Interest

expense

paid

as

a

result

of

borrowing

under

the

Agreement,

and

each

Participating

Fund's

allocated

commitment

fee,

is

included

in

interest

expense

in

the

Statements

of

Operations.

There

were

no

open

borrowings

as

of March

31,

2023

by

any

of

the

Funds.

During

the

reporting

period,

average

borrowings

under

the

line

of

credit

were

as

follows:

FUND

AVERAGE

LOANS

WEIGHTED

AVERAGE

INTEREST

RATE

OUTSTANDING

LOAN

AMOUNT

INTEREST

PAID

AQR

Small

Cap

Momentum

Style

Fund

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

$

2,196,250

5.25%

$

6,600,000

$

2,527

FUND

AVERAGE

BORROWINGS

AVERAGE

INTEREST

RATE

NUMBER

OF

DAYS

OUTSTANDING

INTEREST

PAID

AQR

Large

Cap

Multi-Style

Fund

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

$31,740,000

5.33

%

3

$14,098

AQR

Small

Cap

Momentum

Style

Fund

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

1,800,000

5.76

1

288

107

Notes

to

Financial

Statements

AQR

Funds

|

Semi-Annual

Report

|

March

2023

March

31,

2023

(Unaudited)

13.

Principal

Ownership

As

of

March

31,

2023,

the

Funds

had

individual

shareholders

and/or

omnibus

accounts

owning

more

than

5%

of

the

total

shares

outstanding

of

the

Fund

as

follows:

Significant

shareholder

transactions

by

these

shareholders,

if

any,

may

impact

the

Funds’

performance.

14.

New

Accounting

Pronouncements

and

Regulations 

On

October

26,

2022,

the

SEC

adopted

rule

and

form

amendments

which

require

open-end

mutual

funds

to

transmit

streamlined

annual

and

semi-

annual

reports

to

shareholders

that

highlight

key

information

to

investors.

In

connection

with

these

amendments,

certain

information

that

was

previously

disclosed

in

fund

shareholder

reports

will

instead

be

made

available

online,

delivered

free

of

charge

upon

request,

and

filed

on

a

semi-annual

basis

on

Form

N-CSR.

The

rule

and

form

amendments

have

a

compliance

date

of

July

24,

2024.

In

June

2022,

FASB

issued

Accounting

Standards

Update

No.

2022-03,

“Fair

Value

Measurement

of

Equity

Securities

Subject

to

Contractual

Sale

Restrictions”

(“ASU

2022-03”).

ASU

2022-03

clarifies

the

guidance

in

ASC

820,

related

to

the

measurement

of

the

fair

value

of

an

equity

security

subject

to

contractual

sale

restrictions,

where

it

eliminates

the

ability

to

apply

a

discount

to

fair

value

of

these

securities,

and

introduces

disclosure

requirements

related

to

such

equity

securities.

The

guidance

is

effective

for

fiscal

years,

and

interim

periods

within

those

fiscal

years,

beginning

after

December

15,

2023,

and

allows

for

early

adoption.

For

Registered

Investment

Companies,

such

as

the

Funds,

ASU

2022-03

will

be

applicable

to

equity

securities

with

contractual

sale

restrictions

executed,

or

modified,

after

the

date

of

adoption.

Management

has

reviewed

the

requirements

and

believes

the

adoption

of

this

ASU

will

not

have

a

material

impact

on

the

financial

statements. 

15.

Subsequent

Events

The

Funds

have

evaluated

subsequent

events

through

the

date

of

issuance

of

this

report

and

have

determined

that

there

are

no

material

events,

requiring

adjustment

to,

or

disclosure

in,

these

financial

statements.

FUND

NUMBER

OF

INDIVIDUAL

SHAREHOLDERS

AND/OR

OMNIBUS

ACCOUNTS

TOTAL

PERCENTAGE

INTEREST

HELD

AQR

Large

Cap

Multi-Style

Fund

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

4

91.35

%

AQR

Small

Cap

Multi-Style

Fund

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

4

90.66

AQR

International

Multi-Style

Fund

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

4

94.02

AQR

Emerging

Multi-Style

II

Fund

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

4

95.63

AQR

Large

Cap

Momentum

Style

Fund

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

3

89.89

AQR

Small

Cap

Momentum

Style

Fund

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

3

90.10

AQR

International

Momentum

Style

Fund

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

3

95.52

AQR

Large

Cap

Defensive

Style

Fund

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

5

73.97

AQR

International

Defensive

Style

Fund

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

5

92.05

AQR

Global

Equity

Fund

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

3

97.44

108

Fund

Expense

Examples

(Unaudited)

AQR

Funds

|

Semi-Annual

Report

|

March

2023

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

3/31/2023”

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

  3/31/23

ANNUALIZED

      EXPENSE

RATIO

FOR

THE

PERIOD

      EXPENSES

PAID

FOR

THE

PERIOD  

          ENDED

        3/31/23

AQR

Large

Cap

Multi-Style

Fund

Class

I

Actual

Return

$1,000.00

$1,129.20

0.41%

$2.18

Hypothetical

Return

$1,000.00

$1,022.89

0.41%

$2.07

Class

N

Actual

Return

$1,000.00

$1,128.10

0.66%

$3.50

Hypothetical

Return

$1,000.00

$1,021.64

0.66%

$3.33

Class

R6

Actual

Return

$1,000.00

$1,130.00

0.31%

$1.65

Hypothetical

Return

$1,000.00

$1,023.39

0.31%

$1.56

AQR

Small

Cap

Multi-Style

Fund

Class

I

Actual

Return

$1,000.00

$1,110.80

0.61%

$3.21

Hypothetical

Return

$1,000.00

$1,021.89

0.61%

$3.07

Class

N

Actual

Return

$1,000.00

$1,109.00

0.86%

$4.52

Hypothetical

Return

$1,000.00

$1,020.64

0.86%

$4.33

Class

R6

Actual

Return

$1,000.00

$1,111.60

0.51%

$2.68

Hypothetical

Return

$1,000.00

$1,022.39

0.51%

$2.57

AQR

International

Multi-Style

Fund

Class

I

Actual

Return

$1,000.00

$1,286.50

0.56%

$3.19

Hypothetical

Return

$1,000.00

$1,022.14

0.56%

$2.82

Class

N

Actual

Return

$1,000.00

$1,285.10

0.81%

$4.61

Hypothetical

Return

$1,000.00

$1,020.89

0.81%

$4.08

Class

R6

Actual

Return

$1,000.00

$1,287.30

0.46%

$2.62

Hypothetical

Return

$1,000.00

$1,022.64

0.46%

$2.32

109

Fund

Expense

Examples

(Unaudited)

AQR

Funds

|

Semi-Annual

Report

|

March

2023

BEGINNING

  ACCOUNT

          DATE

        VALUE

    ENDING

ACCOUNT

      VALUE

  3/31/23

ANNUALIZED

      EXPENSE

RATIO

FOR

THE

PERIOD

      EXPENSES

PAID

FOR

THE

PERIOD  

          ENDED

        3/31/23

AQR

Emerging

Multi-Style

II

Fund

Class

I

Actual

Return

$1,000.00

$1,152.20

0.72%

$3.86

Hypothetical

Return

$1,000.00

$1,021.34

0.72%

$3.63

Class

N

Actual

Return

$1,000.00

$1,150.90

0.97%

$5.20

Hypothetical

Return

$1,000.00

$1,020.09

0.97%

$4.89

Class

R6

Actual

Return

$1,000.00

$1,153.70

0.62%

$3.33

Hypothetical

Return

$1,000.00

$1,021.84

0.62%

$3.13

AQR

Large

Cap

Momentum

Style

Fund

Class

I

Actual

Return

$1,000.00

$1,094.50

0.41%

$2.14

Hypothetical

Return

$1,000.00

$1,022.89

0.41%

$2.07

Class

N

Actual

Return

$1,000.00

$1,093.50

0.66%

$3.44

Hypothetical

Return

$1,000.00

$1,021.64

0.66%

$3.33

Class

R6

Actual

Return

$1,000.00

$1,095.30

0.31%

$1.62

Hypothetical

Return

$1,000.00

$1,023.39

0.31%

$1.56

AQR

Small

Cap

Momentum

Style

Fund

Class

I

Actual

Return

$1,000.00

$1,088.20

0.61%

$3.18

Hypothetical

Return

$1,000.00

$1,021.89

0.61%

$3.07

Class

N

Actual

Return

$1,000.00

$1,087.50

0.86%

$4.48

Hypothetical

Return

$1,000.00

$1,020.64

0.86%

$4.33

Class

R6

Actual

Return

$1,000.00

$1,089.10

0.51%

$2.66

Hypothetical

Return

$1,000.00

$1,022.39

0.51%

$2.57

AQR

International

Momentum

Style

Fund

Class

I

Actual

Return

$1,000.00

$1,227.10

0.56%

$3.11

Hypothetical

Return

$1,000.00

$1,022.14

0.56%

$2.82

Class

N

Actual

Return

$1,000.00

$1,225.50

0.81%

$4.49

Hypothetical

Return

$1,000.00

$1,020.89

0.81%

$4.08

Class

R6

Actual

Return

$1,000.00

$1,227.20

0.46%

$2.55

Hypothetical

Return

$1,000.00

$1,022.64

0.46%

$2.32

AQR

Large

Cap

Defensive

Style

Fund

Class

I

Actual

Return

$1,000.00

$1,123.90

0.41%

$2.17

Hypothetical

Return

$1,000.00

$1,022.89

0.41%

$2.07

Class

N

Actual

Return

$1,000.00

$1,122.80

0.66%

$3.49

Hypothetical

Return

$1,000.00

$1,021.64

0.66%

$3.33

Class

R6

Actual

Return

$1,000.00

$1,124.60

0.31%

$1.64

Hypothetical

Return

$1,000.00

$1,023.39

0.31%

$1.56

110

Fund

Expense

Examples

(Unaudited)

AQR

Funds

|

Semi-Annual

Report

|

March

2023

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).

BEGINNING

  ACCOUNT

          DATE

        VALUE

    ENDING

ACCOUNT

      VALUE

  3/31/23

ANNUALIZED

      EXPENSE

RATIO

FOR

THE

PERIOD

      EXPENSES

PAID

FOR

THE

PERIOD  

          ENDED

        3/31/23

AQR

International

Defensive

Style

Fund

Class

I

Actual

Return

$1,000.00

$1,214.60

0.56%

$3.09

Hypothetical

Return

$1,000.00

$1,022.14

0.56%

$2.82

Class

N

Actual

Return

$1,000.00

$1,213.50

0.81%

$4.47

Hypothetical

Return

$1,000.00

$1,020.89

0.81%

$4.08

Class

R6

Actual

Return

$1,000.00

$1,216.00

0.46%

$2.54

Hypothetical

Return

$1,000.00

$1,022.64

0.46%

$2.32

AQR

Global

Equity

Fund

Class

I

Actual

Return

$1,000.00

$1,173.40

0.81%

$4.39

Hypothetical

Return

$1,000.00

$1,020.89

0.81%

$4.08

Class

N

Actual

Return

$1,000.00

$1,171.60

1.06%

$5.74

Hypothetical

Return

$1,000.00

$1,019.65

1.06%

$5.34

Class

R6

Actual

Return

$1,000.00

$1,173.80

0.71%

$3.85

Hypothetical

Return

$1,000.00

$1,021.39

0.71%

$3.58

Investment

Adviser

AQR

Capital

Management,

LLC

One

Greenwich

Plaza,

Suite

130

Greenwich,

CT

06830

Transfer

Agent

ALPS

Fund

Services,

Inc.

1290

Broadway,

Suite

1000

Denver,

CO

80203

Custodian

JPMorgan

Chase

Bank,

N.A.

4

Metro

Tech

Center

Brooklyn,

NY

11245

Distributor

ALPS

Distributors,

Inc.

1290

Broadway,

Suite

1000

Denver,

CO

80203

Administrator

JPMorgan

Chase

Bank,

N.A.

70

Fargo

Street

Boston,

MA

02210

Independent

Registered

Public

Accounting

Firm

PricewaterhouseCoopers,

LLP

300

Madison

Avenue

New

York,

NY

10017

You

may

obtain

a

description

of

the

AQR

Funds

proxy

voting,

policies,

procedures

and

information

regarding

how

each

Fund

voted

proxies

relating

to

portfolio

securities

during

the

12-month

period

ending

June

30th

of

each

year

(available

by

August

31st

of

that

year)

without

charge,

upon

request,

by

calling

1-866-290-2688

or

visiting

the

funds

website

https://funds.aqr.com,

or

by

accessing

the

SEC’s

website

at

www.SEC.gov.

Such

reports

may

be

reviewed

and

copied

at

the

SEC’s

Public

Reference

Room

in

Washington,

DC.

Information

on

the

operation

of

the

Public

Reference

Room

may

be

obtained

by

calling

202-551-8090.

The

Fund

files

complete

schedules

of

the

portfolio

holdings

with

the

SEC

for

the

first

and

third

quarters

on

Form

N-PORT

Part

F.

The

Form

N-PORT

Part

F

is

available

without

charge,

upon

request,

by

calling

1-800-SEC-0330,

or

by

accessing

the

SEC’s

website,

at

www.SEC.gov.

It

may

also

be

reviewed

and

copied

at

the

SEC’s

Public

Reference

Room

in

Washington,

DC.

This

report

has

been

prepared

for

shareholders

and

may

be

distributed

to

others

only

if

preceded

or

accompanied

by

an

effective

prospectus,

which

includes

information

regarding

the

Funds’

objectives

and

policies,

experienced

of

its

management,

marketability

of

shares

and

other

information.

AQR

Funds

P.O.

Box

2248,

Denver,

CO

80201-2248

|

p:

+1.866.290.2688

|

w:

https://funds.aqr.com

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 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. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13. 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.

section302.docx

(b)           Certification required by Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 is attached hereto.

section906.docx

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/ Ted Pyne

-----------------------------------

Ted Pyne,

Principal Executive Officer

May 26, 2023

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/ Ted Pyne

----------------------------------

Ted Pyne,

Principal Executive Officer

May 26, 2023

By: /s/ Matthew Plastina

---------------------------------

Matthew Plastina

Principal Financial Officer

May 26, 2023