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, 2023 to March 31, 2024

Item 1. Reports to Shareholders.

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

Semi-Annual

Report

March

31,

2024

(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

Go

Paperless,

Choose

E-Delivery

The

Securities

and

Exchange

Commission

has

adopted

new

regulations

that

will

result

in

changes

to

the

design

and

delivery

of

annual

and

semi-

annual

reports

beginning

in

July

2024.

If

you

have

previously

elected

to

receive

shareholder

reports

electronically,

you

will

continue

to

do

so

and

need

not

take

any

action.

Otherwise,

paper

copies

of

the

Fund’s

new,

streamlined

shareholder

reports

will

be

mailed

to

you

beginning

in

July

2024.

If

you

would

like

to

receive

shareholder

reports

and

other

communications

from

the

fund

electronically

instead

of

by

mail,

you

may

make

that

request

at

any

time

by

contacting

your

financial

intermediary

(such

as

a

broker-dealer

or

bank)

or,

if

you

are

a

direct

investor,

logging

into

your

account

at

https://funds.aqr.com

.

Table

of

Contents

Schedule

of

Investments

AQR

Large

Cap

Multi-Style

Fund

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

2

AQR

Small

Cap

Multi-Style

Fund

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

7

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

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

28

AQR

International

Momentum

Style

Fund

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

38

AQR

Large

Cap

Defensive

Style

Fund

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

42

AQR

International

Defensive

Style

Fund

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

46

AQR

Global

Equity

Fund

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

50

Financial

Statements

and

Notes

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

59

Fund

Expense

Examples

(Unaudited)

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

106

2

AQR

Funds

|

Semi-Annual

Report

|

March

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

(Continued)

AQR

LARGE

CAP

MULTI-STYLE

FUND

Schedule

of

Investments

March

31,

2024

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

COMMON

STOCKS

-

95.0%

Communication

Services

-

6

.3

%

Diversified

Telecommunication

Services

-

0

.1

%

AT&T,

Inc.

91,861

1,616,754

Entertainment

-

0

.1

%

Netflix,

Inc.

*

636

386,262

Playtika

Holding

Corp.

123,816

872,903

1,259,165

Interactive

Media

&

Services

-

6

.0

%

Alphabet,

Inc.,

Class

A

*

136,910

20,663,826

Alphabet,

Inc.,

Class

C

*

118,248

18,004,440

Meta

Platforms,

Inc.,

Class

A

64,758

31,445,190

70,113,456

Media

-

0

.1

%

Comcast

Corp.,

Class

A

40,014

1,734,607

Total

Communication

Services

74,723,982

Consumer

Discretionary

-

11

.2

%

Automobile

Components

-

0

.1

%

Phinia,

Inc.

15,114

580,831

Automobiles

-

0

.5

%

General

Motors

Co.

127,258

5,771,150

Broadline

Retail

-

2

.6

%

Amazon.com,

Inc.

*

136,603

24,640,449

eBay,

Inc.

21,705

1,145,590

Kohl's

Corp.

36,591

1,066,628

Macy's,

Inc.

214,195

4,281,758

31,134,425

Diversified

Consumer

Services

-

0

.4

%

H&R

Block,

Inc.

97,262

4,776,537

Hotels,

Restaurants

&

Leisure

-

1

.2

%

Aramark

96,269

3,130,668

Booking

Holdings,

Inc.

1,667

6,047,676

Expedia

Group,

Inc.

*

32,097

4,421,362

Travel

+

Leisure

Co.

11,174

547,079

14,146,785

Household

Durables

-

2

.8

%

Lennar

Corp.,

Class

A

57,474

9,884,378

PulteGroup,

Inc.

101,731

12,270,793

Toll

Brothers,

Inc.

83,675

10,825,035

32,980,206

Specialty

Retail

-

3

.3

%

AutoNation,

Inc.

*

55,681

9,219,660

Best

Buy

Co.,

Inc.

20,542

1,685,060

Dick's

Sporting

Goods,

Inc.

5,679

1,276,980

Gap,

Inc.

(The)

63,512

1,749,756

Murphy

USA,

Inc.

12,078

5,063,098

Penske

Automotive

Group,

Inc.

51,358

8,319,482

Victoria's

Secret

&

Co.

*

38,113

738,630

INVESTMENTS

SHARES

VALUE

($)

Specialty

Retail

-

3.3%

(continued)

Williams-Sonoma,

Inc.

34,351

10,907,473

38,960,139

Textiles,

Apparel

&

Luxury

Goods

-

0

.3

%

Capri

Holdings

Ltd.

*

21,374

968,242

PVH

Corp.

14,566

2,048,125

3,016,367

Total

Consumer

Discretionary

131,366,440

Consumer

Staples

-

2

.6

%

Beverages

-

0

.7

%

Molson

Coors

Beverage

Co.,

Class

B

123,321

8,293,337

Consumer

Staples

Distribution

&

Retail

-

1

.1

%

Albertsons

Cos.,

Inc.,

Class

A

4,409

94,529

Kroger

Co.

(The)

147,970

8,453,526

Walgreens

Boots

Alliance,

Inc.

116,778

2,532,915

Walmart,

Inc.

33,685

2,026,827

13,107,797

Food

Products

-

0

.7

%

Archer-Daniels-Midland

Co.

33,861

2,126,809

Bunge

Global

SA

39,568

4,056,511

Seaboard

Corp.

718

2,314,775

8,498,095

Tobacco

-

0

.1

%

Altria

Group,

Inc.

28,669

1,250,542

Total

Consumer

Staples

31,149,771

Energy

-

4

.7

%

Energy

Equipment

&

Services

-

0

.1

%

Baker

Hughes

Co.,

Class

A

40,166

1,345,561

Oil,

Gas

&

Consumable

Fuels

-

4

.6

%

APA

Corp.

17,789

611,586

Chesapeake

Energy

Corp.

23,834

2,117,174

Chevron

Corp.

23,061

3,637,642

EOG

Resources,

Inc.

8,158

1,042,919

Exxon

Mobil

Corp.

128,336

14,917,777

HF

Sinclair

Corp.

133,280

8,046,114

Marathon

Petroleum

Corp.

41,232

8,308,248

Ovintiv,

Inc.

58,937

3,058,830

Phillips

66

7,556

1,234,197

Pioneer

Natural

Resources

Co.

5,852

1,536,150

Valero

Energy

Corp.

52,747

9,003,385

53,514,022

Total

Energy

54,859,583

Financials

-

17

.5

%

Banks

-

2

.8

%

Bank

OZK

18,370

835,100

Citigroup,

Inc.

199,946

12,644,585

First

Citizens

BancShares,

Inc.,

Class

A

3,542

5,791,170

Schedule

of

Investments

March

31,

2024

(Unaudited)

AQR

LARGE

CAP

MULTI-STYLE

FUND

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

Funds

|

Semi-Annual

Report

|

March

2024

3

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Banks

-

2.8%

(continued)

FNB

Corp.

30,369

428,203

JPMorgan

Chase

&

Co.

33,218

6,653,566

Popular,

Inc.

64,511

5,682,774

Wells

Fargo

&

Co.

23,700

1,373,652

33,409,050

Capital

Markets

-

0

.9

%

Bank

of

New

York

Mellon

Corp.

(The)

66,485

3,830,866

Janus

Henderson

Group

plc

47,922

1,576,154

State

Street

Corp.

73,319

5,669,025

11,076,045

Consumer

Finance

-

1

.3

%

Capital

One

Financial

Corp.

23,903

3,558,918

Synchrony

Financial

258,650

11,152,988

14,711,906

Financial

Services

-

4

.5

%

Berkshire

Hathaway,

Inc.,

Class

B

*

43,607

18,337,616

Corebridge

Financial,

Inc.

283,976

8,158,631

Euronet

Worldwide,

Inc.

*

10,010

1,100,399

Fiserv,

Inc.

*

5,218

833,941

Global

Payments,

Inc.

18,702

2,499,709

MGIC

Investment

Corp.

282,251

6,311,132

PayPal

Holdings,

Inc.

*

17,705

1,186,058

Visa,

Inc.,

Class

A

1,219

340,199

Voya

Financial,

Inc.

32,532

2,404,765

Western

Union

Co.

(The)

855,782

11,963,832

53,136,282

Insurance

-

8

.0

%

American

International

Group,

Inc.

105,669

8,260,146

Arch

Capital

Group

Ltd.

*

25,018

2,312,664

Assurant,

Inc.

43,550

8,197,852

Assured

Guaranty

Ltd.

40,808

3,560,498

Axis

Capital

Holdings

Ltd.

133,749

8,696,360

Chubb

Ltd.

4,230

1,096,120

CNA

Financial

Corp.

63,092

2,865,638

Everest

Group

Ltd.

36,154

14,371,215

First

American

Financial

Corp.

5,959

363,797

Hartford

Financial

Services

Group,

Inc.

(The)

42,082

4,336,550

Loews

Corp.

6,597

516,479

Markel

Group,

Inc.

*

666

1,013,306

MetLife,

Inc.

10,090

747,770

Old

Republic

International

Corp.

165,147

5,073,316

Prudential

Financial,

Inc.

7,074

830,487

Reinsurance

Group

of

America,

Inc.

41,235

7,953,407

RenaissanceRe

Holdings

Ltd.

34,048

8,002,301

Travelers

Cos.,

Inc.

(The)

6,684

1,538,256

Unum

Group

264,947

14,217,056

93,953,218

Total

Financials

206,286,501

INVESTMENTS

SHARES

VALUE

($)

Health

Care

-

6

.7

%

Biotechnology

-

0

.9

%

AbbVie,

Inc.

10,534

1,918,241

Gilead

Sciences,

Inc.

17,204

1,260,193

United

Therapeutics

Corp.

*

29,190

6,705,527

Vertex

Pharmaceuticals,

Inc.

*

792

331,064

10,215,025

Health

Care

Providers

&

Services

-

5

.1

%

Cardinal

Health,

Inc.

86,534

9,683,155

Centene

Corp.

*

66,547

5,222,608

Cigna

Group

(The)

20,894

7,588,492

CVS

Health

Corp.

86,324

6,885,202

Elevance

Health,

Inc.

24,456

12,681,414

McKesson

Corp.

9,346

5,017,400

Molina

Healthcare,

Inc.

*

25,826

10,610,096

UnitedHealth

Group,

Inc.

5,781

2,859,861

60,548,228

Pharmaceuticals

-

0

.7

%

Eli

Lilly

&

Co.

1,714

1,333,424

Jazz

Pharmaceuticals

plc

*

12,345

1,486,585

Viatris,

Inc.

463,446

5,533,545

8,353,554

Total

Health

Care

79,116,807

Industrials

-

14

.1

%

Aerospace

&

Defense

-

1

.6

%

Curtiss-Wright

Corp.

6,990

1,789,020

Howmet

Aerospace,

Inc.

40,076

2,742,401

Huntington

Ingalls

Industries,

Inc.

16,268

4,741,634

Textron,

Inc.

97,103

9,315,091

Woodward,

Inc.

4,244

654,085

19,242,231

Building

Products

-

2

.0

%

Builders

FirstSource,

Inc.

*

47,950

9,999,973

Owens

Corning

76,630

12,781,884

Trane

Technologies

plc

1,767

530,453

23,312,310

Construction

&

Engineering

-

0

.6

%

EMCOR

Group,

Inc.

19,228

6,733,646

MDU

Resources

Group,

Inc.

28,772

725,054

7,458,700

Electrical

Equipment

-

1

.2

%

Acuity

Brands,

Inc.

41,644

11,190,992

Generac

Holdings,

Inc.

*

6,266

790,393

Vertiv

Holdings

Co.,

Class

A

22,793

1,861,505

13,842,890

Ground

Transportation

-

0

.9

%

Avis

Budget

Group,

Inc.

5,402

661,529

Hertz

Global

Holdings,

Inc.

*

99,517

779,218

Ryder

System,

Inc.

53,612

6,443,626

4

AQR

Funds

|

Semi-Annual

Report

|

March

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

LARGE

CAP

MULTI-STYLE

FUND

Schedule

of

Investments

March

31,

2024

(Unaudited)

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Ground

Transportation

-

0.9%

(continued)

Schneider

National,

Inc.,

Class

B

97,071

2,197,688

U-Haul

Holding

Co.

*

1,585

107,051

10,189,112

Industrial

Conglomerates

-

1

.0

%

General

Electric

Co.

65,530

11,502,481

Machinery

-

4

.9

%

AGCO

Corp.

79,177

9,740,355

Allison

Transmission

Holdings,

Inc.

130,278

10,573,362

Crane

Co.

17,447

2,357,613

Cummins,

Inc.

15,002

4,420,339

Esab

Corp.

6,989

772,774

Gates

Industrial

Corp.

plc

*

289,192

5,121,590

Oshkosh

Corp.

46,231

5,765,468

PACCAR,

Inc.

95,335

11,811,053

Snap-on,

Inc.

16,004

4,740,705

Timken

Co.

(The)

23,364

2,042,715

57,345,974

Passenger

Airlines

-

0

.1

%

United

Airlines

Holdings,

Inc.

*

20,895

1,000,452

Professional

Services

-

0

.7

%

Booz

Allen

Hamilton

Holding

Corp.,

Class

A

24,592

3,650,437

Concentrix

Corp.

5,431

359,641

ManpowerGroup,

Inc.

57,221

4,442,638

8,452,716

Trading

Companies

&

Distributors

-

1

.1

%

Air

Lease

Corp.,

Class

A

7,441

382,765

Core

&

Main,

Inc.,

Class

A

*

22,196

1,270,721

Ferguson

plc

2,545

555,904

MSC

Industrial

Direct

Co.,

Inc.,

Class

A

36,974

3,587,957

United

Rentals,

Inc.

7,439

5,364,337

WESCO

International,

Inc.

14,328

2,454,100

13,615,784

Total

Industrials

165,962,650

Information

Technology

-

29

.7

%

Communications

Equipment

-

0

.7

%

Cisco

Systems,

Inc.

158,269

7,899,206

Electronic

Equipment,

Instruments

&

Components

-

2

.3

%

Arrow

Electronics,

Inc.

*

88,166

11,413,971

Avnet,

Inc.

81,123

4,022,078

Jabil,

Inc.

60,562

8,112,280

TD

SYNNEX

Corp.

33,133

3,747,342

27,295,671

IT

Services

-

0

.8

%

Accenture

plc,

Class

A

3,932

1,362,870

Amdocs

Ltd.

3,573

322,892

Cognizant

Technology

Solutions

Corp.,

Class

A

9,464

693,617

DXC

Technology

Co.

*

242,843

5,150,700

INVESTMENTS

SHARES

VALUE

($)

IT

Services

-

0.8%

(continued)

VeriSign,

Inc.

*

8,828

1,672,994

9,203,073

Semiconductors

&

Semiconductor

Equipment

-

8

.5

%

Advanced

Micro

Devices,

Inc.

*

5,669

1,023,198

Applied

Materials,

Inc.

50,413

10,396,673

Broadcom,

Inc.

11,729

15,545,734

Cirrus

Logic,

Inc.

*

3,698

342,287

Lam

Research

Corp.

12,726

12,364,200

NVIDIA

Corp.

57,735

52,167,036

ON

Semiconductor

Corp.

*

8,798

647,093

QUALCOMM,

Inc.

22,040

3,731,372

Skyworks

Solutions,

Inc.

41,480

4,493,114

100,710,707

Software

-

10

.8

%

Adobe,

Inc.

*

20,466

10,327,144

AppLovin

Corp.,

Class

A

*

42,707

2,956,179

Cadence

Design

Systems,

Inc.

*

25,455

7,923,632

Crowdstrike

Holdings,

Inc.,

Class

A

*

1,168

374,449

DocuSign,

Inc.,

Class

A

*

27,687

1,648,761

Dropbox,

Inc.,

Class

A

*

61,281

1,489,128

Fortinet,

Inc.

*

7,915

540,674

Intuit,

Inc.

600

390,000

Manhattan

Associates,

Inc.

*

4,944

1,237,137

Microsoft

Corp.

188,853

79,454,234

NCR

Voyix

Corp.

*

287,100

3,626,073

Nutanix,

Inc.,

Class

A

*

6,072

374,764

Palantir

Technologies,

Inc.,

Class

A

*

58,221

1,339,665

RingCentral,

Inc.,

Class

A

*

53,555

1,860,501

Salesforce,

Inc.

17,654

5,317,032

Teradata

Corp.

*

33,618

1,300,008

Zoom

Video

Communications,

Inc.,

Class

A

*

110,728

7,238,289

127,397,670

Technology

Hardware,

Storage

&

Peripherals

-

6

.6

%

Apple,

Inc.

340,820

58,443,814

Hewlett

Packard

Enterprise

Co.

597,025

10,585,253

HP,

Inc.

261,115

7,890,895

Pure

Storage,

Inc.,

Class

A

*

20,371

1,059,088

77,979,050

Total

Information

Technology

350,485,377

Materials

-

1

.8

%

Chemicals

-

0

.8

%

CF

Industries

Holdings,

Inc.

5,526

459,819

LyondellBasell

Industries

NV,

Class

A

21,143

2,162,506

Mosaic

Co.

(The)

122,117

3,963,918

NewMarket

Corp.

4,252

2,698,404

9,284,647

Construction

Materials

-

0

.2

%

Eagle

Materials,

Inc.

6,222

1,690,828

Schedule

of

Investments

March

31,

2024

(Unaudited)

AQR

LARGE

CAP

MULTI-STYLE

FUND

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

Funds

|

Semi-Annual

Report

|

March

2024

5

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Containers

&

Packaging

-

0

.1

%

Berry

Global

Group,

Inc.

18,545

1,121,601

International

Paper

Co.

14,147

552,016

1,673,617

Metals

&

Mining

-

0

.7

%

Cleveland-Cliffs,

Inc.

*

104,749

2,381,992

Reliance,

Inc.

17,715

5,919,999

United

States

Steel

Corp.

5,123

208,916

8,510,907

Total

Materials

21,159,999

Utilities

-

0

.4

%

Electric

Utilities

-

0

.4

%

Hawaiian

Electric

Industries,

Inc.

448,371

5,053,141

TOTAL

COMMON

STOCKS

(Cost

$594,893,809)

1,120,164,251

SHORT-TERM

INVESTMENTS

-

4.8%

INVESTMENT

COMPANIES

-

4

.8

%

Limited

Purpose

Cash

Investment

Fund,

5.33%

(a)

(Cost

$56,098,608)

56,123,795

56,101,345

TOTAL

INVESTMENTS

IN

SECURITIES

AT

VALUE

-

99.8%

(Cost

$650,992,417)

1,176,265,596

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

-

0.2%

‡

2,298,503

NET

ASSETS

-

100.0%

1,178,564,099

SECTOR

VALUE

%

OF

NET

ASSETS

Communication

Services

$

74,723,982

6

.3

%

Consumer

Discretionary

131,366,440

11

.2

Consumer

Staples

31,149,771

2

.6

Energy

54,859,583

4

.7

Financials

206,286,501

17

.5

Health

Care

79,116,807

6

.7

Industrials

165,962,650

14

.1

Information

Technology

350,485,377

29

.7

Materials

21,159,999

1

.8

Utilities

5,053,141

0

.4

Investment

Companies

56,101,345

4

.8

Total

Investments

In

Securities

At

Value

1,176,265,596

99

.8

Other

Assets

in

Excess

of

Liabilities

‡

2,298,503

0

.2

Net

Assets

$

1,178,564,099

100

.0

%

All

securities

are

United

States

companies,

unless

noted

otherwise

in

parentheses.

*

Non-income

producing

security.

‡

Includes

appreciation/(depreciation)

on

futures

contracts.

(a)

Represents

7-day

effective

yield

as

of

March

31,

2024.

All

securities

are

Level

1

with

respect

to

ASC

820

(See

Note

4).

6

AQR

Funds

|

Semi-Annual

Report

|

March

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

LARGE

CAP

MULTI-STYLE

FUND

Schedule

of

Investments

March

31,

2024

(Unaudited)

Futures

contracts

outstanding

as

of

March

31,

2024:

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

177

6/2024

USD

$

46,980,225

$

715,424

Net

value

$

715,424

Collateral

pledged

to,

or

(received

from),

each

counterparty

at

March

31,

2024

was

as

follows:

COUNTERPARTY

OVER-THE-COUNTER

EXCHANGE-TRADED

TOTAL

GSCO

Cash

$

–

$

1,784,888

$

1,784,888

Schedule

of

Investments

March

31,

2024

(Unaudited)

AQR

SMALL

CAP

MULTI-STYLE

FUND

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

(Continued)

AQR

Funds

|

Semi-Annual

Report

|

March

2024

7

INVESTMENTS

SHARES

VALUE

($)

COMMON

STOCKS

-

93.8%

Communication

Services

-

1

.0

%

Diversified

Telecommunication

Services

-

0

.1

%

IDT

Corp.,

Class

B

1,366

51,648

Entertainment

-

0

.1

%

Marcus

Corp.

(The)

7,526

107,321

Interactive

Media

&

Services

-

0

.4

%

Cargurus,

Inc.,

Class

A

*

8,290

191,333

Cars.com,

Inc.

*

2,019

34,686

EverQuote,

Inc.,

Class

A

*

1,935

35,914

Yelp,

Inc.,

Class

A

*

5,657

222,886

484,819

Media

-

0

.4

%

AMC

Networks,

Inc.,

Class

A

*

5,781

70,123

EchoStar

Corp.,

Class

A

*

2,299

32,761

Gannett

Co.,

Inc.

*

55,152

134,571

Gray

Television,

Inc.

14,821

93,669

Sinclair,

Inc.

4,005

53,947

TEGNA,

Inc.

2,157

32,226

417,297

Wireless

Telecommunication

Services

-

0

.0

%

†

Telephone

and

Data

Systems,

Inc.

1,977

31,672

Total

Communication

Services

1,092,757

Consumer

Discretionary

-

12

.6

%

Automobile

Components

-

1

.2

%

Adient

plc

*

2,404

79,140

American

Axle

&

Manufacturing

Holdings,

Inc.

*

10,303

75,830

Cooper-Standard

Holdings,

Inc.

*

4,890

80,978

Dana,

Inc.

2,433

30,899

Holley,

Inc.

*

17,634

78,648

Modine

Manufacturing

Co.

*

4,565

434,542

Patrick

Industries,

Inc.

5,106

610,014

1,390,051

Automobiles

-

0

.1

%

Winnebago

Industries,

Inc.

1,070

79,180

Diversified

Consumer

Services

-

1

.7

%

2U,

Inc.

*

426,111

166,056

Adtalem

Global

Education,

Inc.

*

2,445

125,673

Chegg,

Inc.

*

28,006

212,005

Duolingo,

Inc.,

Class

A

*

1,545

340,796

Frontdoor,

Inc.

*

969

31,570

Perdoceo

Education

Corp.

40,792

716,308

Stride,

Inc.

*

3,904

246,147

1,838,555

Hotels,

Restaurants

&

Leisure

-

0

.7

%

Bloomin'

Brands,

Inc.

11,605

332,831

Brinker

International,

Inc.

*

2,169

107,756

Carrols

Restaurant

Group,

Inc.

1,432

13,618

El

Pollo

Loco

Holdings,

Inc.

*

14,144

137,763

INVESTMENTS

SHARES

VALUE

($)

Hotels,

Restaurants

&

Leisure

-

0.7%

(continued)

Monarch

Casino

&

Resort,

Inc.

906

67,941

RCI

Hospitality

Holdings,

Inc.

2,387

138,446

Target

Hospitality

Corp.

*

3,105

33,751

832,106

Household

Durables

-

3

.9

%

Beazer

Homes

USA,

Inc.

*

16,465

540,052

Century

Communities,

Inc.

659

63,593

Ethan

Allen

Interiors,

Inc.

1,406

48,605

Green

Brick

Partners,

Inc.

*

3,118

187,797

Hovnanian

Enterprises,

Inc.,

Class

A

*

3,412

535,479

KB

Home

7,991

566,402

Landsea

Homes

Corp.

*

9,871

143,426

Lovesac

Co.

(The)

*

5,996

135,510

M/I

Homes,

Inc.

*

3,649

497,322

MDC

Holdings,

Inc.

2,345

147,524

Meritage

Homes

Corp.

1,424

249,855

Taylor

Morrison

Home

Corp.,

Class

A

*

14,109

877,157

Tri

Pointe

Homes,

Inc.

*

6,166

238,378

Worthington

Enterprises,

Inc.

778

48,415

4,279,515

Leisure

Products

-

0

.6

%

Acushnet

Holdings

Corp.

1,421

93,715

JAKKS

Pacific,

Inc.

*

11,550

285,285

MasterCraft

Boat

Holdings,

Inc.

*

6,885

163,312

Solo

Brands,

Inc.,

Class

A

*

11,227

24,363

Vista

Outdoor,

Inc.

*

2,472

81,032

647,707

Specialty

Retail

-

3

.8

%

1-800-Flowers.com,

Inc.,

Class

A

*

5,907

63,973

Abercrombie

&

Fitch

Co.,

Class

A

*

400

50,132

Academy

Sports

&

Outdoors,

Inc.

444

29,988

Asbury

Automotive

Group,

Inc.

*

2,406

567,287

Big

5

Sporting

Goods

Corp.

6,275

22,088

Build-A-Bear

Workshop,

Inc.

5,092

152,098

Caleres,

Inc.

5,005

205,355

CarParts.com,

Inc.

*

38,518

62,399

Designer

Brands,

Inc.,

Class

A

24,946

272,660

Destination

XL

Group,

Inc.

*

18,113

65,207

Genesco,

Inc.

*

3,755

105,666

Group

1

Automotive,

Inc.

2,771

809,769

Haverty

Furniture

Cos.,

Inc.

2,173

74,143

Hibbett,

Inc.

3,437

263,996

J

Jill,

Inc.

*

1,292

41,305

ODP

Corp.

(The)

*

7,955

422,013

PetMed

Express,

Inc.

7,670

36,739

Sally

Beauty

Holdings,

Inc.

*

2,461

30,566

Signet

Jewelers

Ltd.

4,375

437,806

Sonic

Automotive,

Inc.,

Class

A

626

35,644

Stitch

Fix,

Inc.,

Class

A

*

89,709

236,832

Upbound

Group,

Inc.

4,183

147,283

8

AQR

Funds

|

Semi-Annual

Report

|

March

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

SMALL

CAP

MULTI-STYLE

FUND

Schedule

of

Investments

March

31,

2024

(Unaudited)

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Specialty

Retail

-

3.8%

(continued)

Urban

Outfitters,

Inc.

*

2,394

103,947

4,236,896

Textiles,

Apparel

&

Luxury

Goods

-

0

.6

%

Figs,

Inc.,

Class

A

*

17,561

87,454

G-III

Apparel

Group

Ltd.

*

13,120

380,611

Vera

Bradley,

Inc.

*

25,802

175,454

643,519

Total

Consumer

Discretionary

13,947,529

Consumer

Staples

-

3

.7

%

Beverages

-

0

.9

%

Coca-Cola

Consolidated,

Inc.

876

741,455

Vita

Coco

Co.,

Inc.

(The)

*

8,955

218,771

960,226

Consumer

Staples

Distribution

&

Retail

-

0

.6

%

Ingles

Markets,

Inc.,

Class

A

7,717

591,740

SpartanNash

Co.

1,939

39,187

United

Natural

Foods,

Inc.

*

5,348

61,448

692,375

Food

Products

-

0

.8

%

Cal-Maine

Foods,

Inc.

2,928

172,313

Dole

plc

2,572

30,684

John

B

Sanfilippo

&

Son,

Inc.

6,083

644,311

847,308

Household

Products

-

0

.0

%

†

Oil-Dri

Corp.

of

America

426

31,763

Personal

Care

Products

-

1

.3

%

BellRing

Brands,

Inc.

*

1,124

66,350

Edgewell

Personal

Care

Co.

791

30,564

elf

Beauty,

Inc.

*

3,028

593,579

Herbalife

Ltd.

*

4,065

40,853

Medifast,

Inc.

12,860

492,795

Nature's

Sunshine

Products,

Inc.

*

8,217

170,667

1,394,808

Tobacco

-

0

.1

%

Universal

Corp.

705

36,462

Vector

Group

Ltd.

6,859

75,175

111,637

Total

Consumer

Staples

4,038,117

Energy

-

6

.0

%

Energy

Equipment

&

Services

-

1

.7

%

KLX

Energy

Services

Holdings,

Inc.

*

17,306

133,948

Liberty

Energy,

Inc.,

Class

A

35,816

742,108

ProPetro

Holding

Corp.

*

44,558

360,029

Ranger

Energy

Services,

Inc.

22,455

253,517

RPC,

Inc.

7,931

61,386

Select

Water

Solutions,

Inc.,

Class

A

4,431

40,898

INVESTMENTS

SHARES

VALUE

($)

Energy

Equipment

&

Services

-

1.7%

(continued)

Weatherford

International

plc

*

2,091

241,343

1,833,229

Oil,

Gas

&

Consumable

Fuels

-

4

.3

%

Amplify

Energy

Corp.

*

4,990

32,984

Ardmore

Shipping

Corp.

(Ireland)

26,136

429,153

Callon

Petroleum

Co.

*

3,249

116,184

Centrus

Energy

Corp.,

Class

A

*

1,289

53,532

CONSOL

Energy,

Inc.

4,905

410,843

Dorian

LPG

Ltd.

7,568

291,065

FutureFuel

Corp.

16,419

132,173

Gulfport

Energy

Corp.

*

2,017

322,962

Hallador

Energy

Co.

*

19,501

103,940

International

Seaways,

Inc.

5,076

270,043

Nordic

American

Tankers

Ltd.

7,762

30,427

Par

Pacific

Holdings,

Inc.

*

986

36,541

PBF

Energy,

Inc.,

Class

A

11,580

666,661

Peabody

Energy

Corp.

13,014

315,720

REX

American

Resources

Corp.

*

1,748

102,625

Scorpio

Tankers,

Inc.

(Monaco)

2,747

196,548

Sitio

Royalties

Corp.,

Class

A

3,114

76,978

Teekay

Corp.

*

23,487

170,986

Teekay

Tankers

Ltd.,

Class

A

(Canada)

12,274

716,924

Uranium

Energy

Corp.

*

15,619

105,428

Vertex

Energy,

Inc.

*

114,277

159,988

4,741,705

Total

Energy

6,574,934

Financials

-

12

.0

%

Banks

-

5

.1

%

1st

Source

Corp.

4,426

232,011

Amalgamated

Financial

Corp.

2,488

59,712

Associated

Banc-Corp.

2,189

47,085

Bancorp,

Inc.

(The)

*

6,521

218,193

Cathay

General

Bancorp

6,118

231,444

Central

Pacific

Financial

Corp.

2,921

57,690

Community

Trust

Bancorp,

Inc.

984

41,968

CrossFirst

Bankshares,

Inc.

*

10,893

150,759

Customers

Bancorp,

Inc.

*

6,801

360,861

Eagle

Bancorp,

Inc.

6,813

160,037

First

Financial

Corp.

8,821

338,109

First

Merchants

Corp.

4,786

167,031

Flushing

Financial

Corp.

2,832

35,711

Fulton

Financial

Corp.

5,753

91,415

Great

Southern

Bancorp,

Inc.

7,773

426,116

Hancock

Whitney

Corp.

1,620

74,585

Hanmi

Financial

Corp.

8,931

142,182

Heartland

Financial

USA,

Inc.

9,631

338,530

Heritage

Commerce

Corp.

3,645

31,274

Hope

Bancorp,

Inc.

20,831

239,765

Horizon

Bancorp,

Inc.

3,764

48,292

Independent

Bank

Corp.

4,928

124,925

International

Bancshares

Corp.

10,172

571,056

Lakeland

Bancorp,

Inc.

1,943

23,510

Schedule

of

Investments

March

31,

2024

(Unaudited)

AQR

SMALL

CAP

MULTI-STYLE

FUND

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

Funds

|

Semi-Annual

Report

|

March

2024

9

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Banks

-

5.1%

(continued)

Mercantile

Bank

Corp.

3,684

141,797

Metropolitan

Bank

Holding

Corp.

*

3,052

117,502

Midland

States

Bancorp,

Inc.

12,906

324,328

NBT

Bancorp,

Inc.

2,515

92,250

Northfield

Bancorp,

Inc.

4,079

39,648

OceanFirst

Financial

Corp.

8,992

147,559

OFG

Bancorp

3,824

140,761

Provident

Financial

Services,

Inc.

5,483

79,887

Sandy

Spring

Bancorp,

Inc.

3,087

71,557

TrustCo

Bank

Corp.

5,633

158,625

Univest

Financial

Corp.

2,541

52,904

WesBanco,

Inc.

1,826

54,433

5,633,512

Capital

Markets

-

0

.6

%

Brightsphere

Investment

Group,

Inc.

4,263

97,367

Diamond

Hill

Investment

Group,

Inc.

208

32,067

Donnelley

Financial

Solutions,

Inc.

*

4,172

258,706

StoneX

Group,

Inc.

*

2,985

209,726

Virtus

Investment

Partners,

Inc.

373

92,497

690,363

Consumer

Finance

-

0

.7

%

Bread

Financial

Holdings,

Inc.

10,642

396,308

Enova

International,

Inc.

*

2,754

173,034

Green

Dot

Corp.,

Class

A

*

17,447

162,780

Navient

Corp.

2,234

38,872

PROG

Holdings,

Inc.

978

33,682

804,676

Financial

Services

-

2

.6

%

Banco

Latinoamericano

de

Comercio

Exterior

SA,

Class

E

(Panama)

7,806

231,214

Jackson

Financial,

Inc.,

Class

A

8,481

560,933

Mr

Cooper

Group,

Inc.

*

16,899

1,317,277

Pagseguro

Digital

Ltd.,

Class

A

(Brazil)

*

12,937

184,741

Paysafe

Ltd.

*

2,067

32,638

Radian

Group,

Inc.

1,781

59,610

StoneCo

Ltd.,

Class

A

(Brazil)

*

28,235

468,983

2,855,396

Insurance

-

2

.5

%

Ambac

Financial

Group,

Inc.

*

3,461

54,095

American

Equity

Investment

Life

Holding

Co.

*

928

52,172

eHealth,

Inc.

*

14,768

89,051

Employers

Holdings,

Inc.

13,872

629,650

Genworth

Financial,

Inc.,

Class

A

*

100,970

649,237

HCI

Group,

Inc.

790

91,703

James

River

Group

Holdings

Ltd.

1,412

13,132

ProAssurance

Corp.

*

2,433

31,288

Selective

Insurance

Group,

Inc.

4,313

470,850

SiriusPoint

Ltd.

*

3,152

40,062

Stewart

Information

Services

Corp.

3,042

197,913

INVESTMENTS

SHARES

VALUE

($)

Insurance

-

2.5%

(continued)

Universal

Insurance

Holdings,

Inc.

20,405

414,630

2,733,783

Mortgage

Real

Estate

Investment

Trusts

(REITs)

-

0

.5

%

Apollo

Commercial

Real

Estate

Finance,

Inc.

10,665

118,808

Arbor

Realty

Trust,

Inc.

6,322

83,767

Blackstone

Mortgage

Trust,

Inc.,

Class

A

9,163

182,435

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

Inc.

4,604

130,754

515,764

Total

Financials

13,233,494

Health

Care

-

11

.9

%

Biotechnology

-

6

.5

%

2seventy

bio,

Inc.

*

14,383

76,949

ACADIA

Pharmaceuticals,

Inc.

*

4,832

89,344

ADMA

Biologics,

Inc.

*

30,828

203,465

Alkermes

plc

*

15,777

427,083

Allakos,

Inc.

*

32,656

41,147

Allovir,

Inc.

*

44,133

33,316

Amicus

Therapeutics,

Inc.

*

15,837

186,560

Arcellx,

Inc.

*

2,528

175,822

Arcturus

Therapeutics

Holdings,

Inc.

*

12,010

405,578

Ardelyx,

Inc.

*

6,931

50,596

Bridgebio

Pharma,

Inc.

*

2,117

65,458

CareDx,

Inc.

*

6,304

66,759

Catalyst

Pharmaceuticals,

Inc.

*

47,895

763,446

Cerevel

Therapeutics

Holdings,

Inc.

*

2,765

116,877

Cytokinetics,

Inc.

*

3,638

255,060

Eagle

Pharmaceuticals,

Inc.

*

86,531

453,422

Emergent

BioSolutions,

Inc.

*

42,673

107,963

Halozyme

Therapeutics,

Inc.

*

6,000

244,080

Insmed,

Inc.

*

6,637

180,062

Karyopharm

Therapeutics,

Inc.

*

64,636

97,600

Kiniksa

Pharmaceuticals

Ltd.,

Class

A

*

8,824

174,097

Kodiak

Sciences,

Inc.

*

6,240

32,822

MacroGenics,

Inc.

*

22,602

332,701

Madrigal

Pharmaceuticals,

Inc.

*

595

158,889

Organogenesis

Holdings,

Inc.,

Class

A

*

135,262

384,144

PDL

BioPharma,

Inc.

(3)*

32,677

2,663

PMV

Pharmaceuticals,

Inc.

*

16,577

28,181

Prothena

Corp.

plc

(Ireland)

*

1,573

38,963

Rhythm

Pharmaceuticals,

Inc.

*

2,496

108,152

Veracyte,

Inc.

*

1,279

28,343

Vericel

Corp.

*

2,997

155,904

Viking

Therapeutics,

Inc.

*

3,476

285,032

Voyager

Therapeutics,

Inc.

*

64,570

601,147

Y-mAbs

Therapeutics,

Inc.

*

7,360

119,674

10

AQR

Funds

|

Semi-Annual

Report

|

March

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

SMALL

CAP

MULTI-STYLE

FUND

Schedule

of

Investments

March

31,

2024

(Unaudited)

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Biotechnology

-

6.5%

(continued)

Zymeworks,

Inc.

*

68,728

723,019

7,214,318

Health

Care

Equipment

&

Supplies

-

1

.1

%

Axonics,

Inc.

*

1,936

133,526

Inogen,

Inc.

*

7,751

62,551

Integer

Holdings

Corp.

*

343

40,021

Lantheus

Holdings,

Inc.

*

1,776

110,538

LeMaitre

Vascular,

Inc.

1,143

75,849

OraSure

Technologies,

Inc.

*

56,680

348,582

Semler

Scientific,

Inc.

*

4,494

131,270

Tactile

Systems

Technology,

Inc.

*

11,134

180,928

Zimvie,

Inc.

*

1,033

17,034

Zynex,

Inc.

*

4,657

57,607

1,157,906

Health

Care

Providers

&

Services

-

2

.9

%

AdaptHealth

Corp.,

Class

A

*

21,214

244,173

AMN

Healthcare

Services,

Inc.

*

2,494

155,900

Community

Health

Systems,

Inc.

*

63,826

223,391

CorVel

Corp.

*

2,410

633,734

Cross

Country

Healthcare,

Inc.

*

13,792

258,186

Ensign

Group,

Inc.

(The)

3,439

427,881

Owens

&

Minor,

Inc.

*

13,262

367,490

Patterson

Cos.,

Inc.

5,749

158,960

Pediatrix

Medical

Group,

Inc.

*

54,937

551,018

PetIQ,

Inc.,

Class

A

*

6,044

110,484

Select

Medical

Holdings

Corp.

1,101

33,195

3,164,412

Life

Sciences

Tools

&

Services

-

0

.0

%

†

Singular

Genomics

Systems,

Inc.

*

7,564

3,889

Pharmaceuticals

-

1

.4

%

Aclaris

Therapeutics,

Inc.

*

31,431

38,974

Amneal

Pharmaceuticals,

Inc.

*

61,522

372,823

Amphastar

Pharmaceuticals,

Inc.

*

3,631

159,437

Assertio

Holdings,

Inc.

*

107,596

103,217

Corcept

Therapeutics,

Inc.

*

15,077

379,790

EyePoint

Pharmaceuticals,

Inc.

*

9,325

192,748

Harmony

Biosciences

Holdings,

Inc.

*

1,411

47,381

Innoviva,

Inc.

*

10,365

157,963

Omeros

Corp.

*

6,731

23,222

Prestige

Consumer

Healthcare,

Inc.

*

488

35,409

Supernus

Pharmaceuticals,

Inc.

*

1,039

35,440

1,546,404

Total

Health

Care

13,086,929

Industrials

-

22

.4

%

Aerospace

&

Defense

-

0

.5

%

AAR

Corp.

*

1,965

117,644

Ducommun,

Inc.

*

1,921

98,547

Moog,

Inc.,

Class

A

1,353

216,006

National

Presto

Industries,

Inc.

997

83,549

INVESTMENTS

SHARES

VALUE

($)

Aerospace

&

Defense

-

0.5%

(continued)

V2X,

Inc.

*

784

36,621

552,367

Air

Freight

&

Logistics

-

0

.2

%

Hub

Group,

Inc.,

Class

A

4,758

205,641

Building

Products

-

2

.8

%

American

Woodmark

Corp.

*

789

80,210

Apogee

Enterprises,

Inc.

12,449

736,981

Insteel

Industries,

Inc.

7,233

276,445

JELD-WEN

Holding,

Inc.

*

3,402

72,225

Masonite

International

Corp.

*

874

114,887

Masterbrand,

Inc.

*

18,473

346,184

Quanex

Building

Products

Corp.

5,172

198,760

UFP

Industries,

Inc.

10,124

1,245,353

3,071,045

Commercial

Services

&

Supplies

-

1

.0

%

ACCO

Brands

Corp.

50,426

282,890

Cimpress

plc

(Ireland)

*

308

27,261

Deluxe

Corp.

2,272

46,781

Ennis,

Inc.

5,975

122,547

Interface,

Inc.,

Class

A

14,577

245,185

MillerKnoll,

Inc.

1,105

27,360

Steelcase,

Inc.,

Class

A

29,680

388,214

1,140,238

Construction

&

Engineering

-

3

.9

%

API

Group

Corp.

*

5,691

223,486

Arcosa,

Inc.

3,143

269,858

Argan,

Inc.

6,770

342,156

Comfort

Systems

USA,

Inc.

2,375

754,561

Fluor

Corp.

*

2,352

99,443

IES

Holdings,

Inc.

*

1,107

134,655

Limbach

Holdings,

Inc.

*

8,047

333,307

MYR

Group,

Inc.

*

5,940

1,049,895

Sterling

Infrastructure,

Inc.

*

7,551

832,951

Tutor

Perini

Corp.

*

16,212

234,425

4,274,737

Electrical

Equipment

-

2

.6

%

Array

Technologies,

Inc.

*

6,223

92,785

Atkore,

Inc.

4,053

771,529

Babcock

&

Wilcox

Enterprises,

Inc.

*

48,232

54,502

Encore

Wire

Corp.

3,646

958,096

Energy

Vault

Holdings,

Inc.

*

63,502

113,668

FTC

Solar,

Inc.

*

236,818

127,645

NEXTracker,

Inc.,

Class

A

*

5,036

283,376

Powell

Industries,

Inc.

999

142,158

Preformed

Line

Products

Co.

748

96,245

TPI

Composites,

Inc.

*

91,378

265,910

2,905,914

Schedule

of

Investments

March

31,

2024

(Unaudited)

AQR

SMALL

CAP

MULTI-STYLE

FUND

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

Funds

|

Semi-Annual

Report

|

March

2024

11

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Ground

Transportation

-

0

.7

%

ArcBest

Corp.

3,638

518,415

Covenant

Logistics

Group,

Inc.,

Class

A

5,641

261,517

779,932

Machinery

-

4

.3

%

Blue

Bird

Corp.

*

10,787

413,573

Commercial

Vehicle

Group,

Inc.

*

34,812

223,841

Federal

Signal

Corp.

2,937

249,263

Hyster-Yale

Materials

Handling,

Inc.

3,997

256,487

Manitowoc

Co.,

Inc.

(The)

*

31,390

443,855

Mueller

Industries,

Inc.

24,918

1,343,828

Proto

Labs,

Inc.

*

3,501

125,161

REV

Group,

Inc.

13,232

292,295

Shyft

Group,

Inc.

(The)

3,057

37,968

Standex

International

Corp.

367

66,875

Terex

Corp.

6,014

387,301

Titan

International,

Inc.

*

20,452

254,832

Wabash

National

Corp.

19,839

593,980

4,689,259

Marine

Transportation

-

1

.1

%

Costamare,

Inc.

(Monaco)

33,021

374,788

Genco

Shipping

&

Trading

Ltd.

5,937

120,699

Matson,

Inc.

1,718

193,103

Pangaea

Logistics

Solutions

Ltd.

14,652

102,125

Safe

Bulkers,

Inc.

(Greece)

84,820

420,707

1,211,422

Passenger

Airlines

-

0

.3

%

Allegiant

Travel

Co.

806

60,619

Blade

Air

Mobility,

Inc.

*

42,959

122,433

SkyWest,

Inc.

*

1,956

135,121

Spirit

Airlines,

Inc.

4,469

21,630

339,803

Professional

Services

-

1

.5

%

Barrett

Business

Services,

Inc.

2,223

281,699

CSG

Systems

International,

Inc.

749

38,603

IBEX

Holdings

Ltd.

*

6,104

94,185

Kelly

Services,

Inc.,

Class

A

20,981

525,364

Kforce,

Inc.

5,911

416,844

Legalzoom.com,

Inc.

*

16,265

216,975

Resources

Connection,

Inc.

8,271

108,846

1,682,516

Trading

Companies

&

Distributors

-

3

.5

%

BlueLinx

Holdings,

Inc.

*

4,333

564,330

Boise

Cascade

Co.

10,430

1,599,649

DNOW,

Inc.

*

2,131

32,391

DXP

Enterprises,

Inc.

*

890

47,820

GMS,

Inc.

*

7,975

776,286

Karat

Packaging,

Inc.

1,260

36,049

McGrath

RentCorp

969

119,545

INVESTMENTS

SHARES

VALUE

($)

Trading

Companies

&

Distributors

-

3.5%

(continued)

Rush

Enterprises,

Inc.,

Class

A

11,459

613,286

3,789,356

Total

Industrials

24,642,230

Information

Technology

-

19

.6

%

Communications

Equipment

-

0

.2

%

Aviat

Networks,

Inc.

*

1,159

44,436

CommScope

Holding

Co.,

Inc.

*

52,465

68,729

Extreme

Networks,

Inc.

*

12,290

141,827

254,992

Electronic

Equipment,

Instruments

&

Components

-

4

.6

%

Arlo

Technologies,

Inc.

*

52,760

667,414

Bel

Fuse,

Inc.,

Class

B

2,091

126,108

Benchmark

Electronics,

Inc.

3,100

93,031

Daktronics,

Inc.

*

37,336

371,867

ePlus,

Inc.

*

6,394

502,185

Fabrinet

(Thailand)

*

2,096

396,186

Insight

Enterprises,

Inc.

*

7,527

1,396,409

Kimball

Electronics,

Inc.

*

3,423

74,108

PC

Connection,

Inc.

6,496

428,281

Sanmina

Corp.

*

10,460

650,403

ScanSource,

Inc.

*

5,373

236,627

TTM

Technologies,

Inc.

*

2,021

31,629

Vishay

Intertechnology,

Inc.

1,424

32,296

5,006,544

IT

Services

-

0

.5

%

Hackett

Group,

Inc.

(The)

9,556

232,211

Perficient,

Inc.

*

680

38,277

Squarespace,

Inc.,

Class

A

*

3,885

141,569

Unisys

Corp.

*

33,513

164,549

576,606

Semiconductors

&

Semiconductor

Equipment

-

3

.8

%

ACM

Research,

Inc.,

Class

A

*

10,212

297,578

Amkor

Technology,

Inc.

24,527

790,750

Axcelis

Technologies,

Inc.

*

2,645

294,970

Diodes,

Inc.

*

5,446

383,943

FormFactor,

Inc.

*

6,265

285,872

inTEST

Corp.

*

18,026

238,844

NVE

Corp.

409

36,884

Onto

Innovation,

Inc.

*

1,983

359,082

Photronics,

Inc.

*

23,311

660,168

Rambus,

Inc.

*

1,513

93,519

SMART

Global

Holdings,

Inc.

*

13,122

345,371

Synaptics,

Inc.

*

1,422

138,730

Ultra

Clean

Holdings,

Inc.

*

6,059

278,350

4,204,061

Software

-

6

.3

%

8x8,

Inc.

*

170,448

460,210

ACI

Worldwide,

Inc.

*

1,023

33,974

Adeia,

Inc.

10,616

115,927

Amplitude,

Inc.,

Class

A

*

11,731

127,633

12

AQR

Funds

|

Semi-Annual

Report

|

March

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

SMALL

CAP

MULTI-STYLE

FUND

Schedule

of

Investments

March

31,

2024

(Unaudited)

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Software

-

6.3%

(continued)

Appfolio,

Inc.,

Class

A

*

581

143,356

Aurora

Innovation,

Inc.

*

13,718

38,685

Bit

Digital,

Inc.

(China)

*

11,685

33,536

Box,

Inc.,

Class

A

*

1,173

33,219

Cleanspark,

Inc.

*

15,860

336,391

Clear

Secure,

Inc.,

Class

A

3,417

72,680

CommVault

Systems,

Inc.

*

2,871

291,205

Consensus

Cloud

Solutions,

Inc.

*

30,875

489,677

CS

Disco,

Inc.

*

5,909

48,040

Digital

Turbine,

Inc.

*

60,757

159,183

Everbridge,

Inc.

*

2,042

71,123

EverCommerce,

Inc.

*

4,888

46,045

Expensify,

Inc.,

Class

A

*

32,751

60,262

Freshworks,

Inc.,

Class

A

*

10,876

198,052

InterDigital,

Inc.

4,829

514,095

LiveRamp

Holdings,

Inc.

*

5,263

181,573

Marathon

Digital

Holdings,

Inc.

*

7,679

173,392

MicroStrategy,

Inc.,

Class

A

*

264

450,004

Mitek

Systems,

Inc.

*

11,190

157,779

ON24,

Inc.

10,193

72,778

OneSpan,

Inc.

*

5,292

61,546

PagerDuty,

Inc.

*

2,837

64,343

Progress

Software

Corp.

5,680

302,801

Qualys,

Inc.

*

4,373

729,722

Riot

Platforms,

Inc.

*

2,587

31,665

Sapiens

International

Corp.

NV

(Israel)

1,145

36,823

SolarWinds

Corp.

*

9,958

125,670

SPS

Commerce,

Inc.

*

3,897

720,555

Terawulf,

Inc.

*

16,133

42,430

Verint

Systems,

Inc.

*

3,278

108,666

Weave

Communications,

Inc.

*

5,170

59,352

Xperi,

Inc.

*

10,148

122,385

Yext,

Inc.

*

23,669

142,724

Zeta

Global

Holdings

Corp.,

Class

A

*

8,754

95,681

6,953,182

Technology

Hardware,

Storage

&

Peripherals

-

4

.2

%

Eastman

Kodak

Co.

*

137,833

682,273

Immersion

Corp.

62,399

466,745

IonQ,

Inc.

*

23,991

239,670

Super

Micro

Computer,

Inc.

*

2,431

2,455,383

Turtle

Beach

Corp.

*

19,486

335,939

Xerox

Holdings

Corp.

22,525

403,197

4,583,207

Total

Information

Technology

21,578,592

Materials

-

4

.0

%

Chemicals

-

0

.5

%

Core

Molding

Technologies,

Inc.

*

16,670

315,563

Koppers

Holdings,

Inc.

3,235

178,475

Orion

SA

(Germany)

2,237

52,614

INVESTMENTS

SHARES

VALUE

($)

Chemicals

-

0.5%

(continued)

Rayonier

Advanced

Materials,

Inc.

*

9,145

43,713

590,365

Construction

Materials

-

0

.1

%

Knife

River

Corp.

*

2,158

174,971

Metals

&

Mining

-

3

.4

%

Alpha

Metallurgical

Resources,

Inc.

992

328,521

Arch

Resources,

Inc.

872

140,209

Commercial

Metals

Co.

16,408

964,298

Constellium

SE,

Class

A

*

16,716

369,591

Metallus,

Inc.

*

16,003

356,067

Olympic

Steel,

Inc.

8,744

619,775

Ramaco

Resources,

Inc.,

Class

A

4,278

72,041

Ryerson

Holding

Corp.

10,496

351,616

SunCoke

Energy,

Inc.

15,698

176,916

Warrior

Met

Coal,

Inc.

5,463

331,604

3,710,638

Total

Materials

4,475,974

Real

Estate

-

0

.6

%

Health

Care

REITs

-

0

.1

%

Healthpeak

Properties,

Inc.,

REIT

6,918

129,712

Office

REITs

-

0

.1

%

Piedmont

Office

Realty

Trust,

Inc.,

Class

A,

REIT

13,987

98,329

Real

Estate

Management

&

Development

-

0

.4

%

Forestar

Group,

Inc.

*

11,508

462,507

Total

Real

Estate

690,548

TOTAL

COMMON

STOCKS

(Cost

$57,974,566)

103,361,104

SHORT-TERM

INVESTMENTS

-

5.8%

INVESTMENT

COMPANIES

-

5

.8

%

Limited

Purpose

Cash

Investment

Fund,

5.33%

(a)

(Cost

$6,330,920)

6,333,997

6,331,463

TOTAL

INVESTMENTS

IN

SECURITIES

AT

VALUE

-

99.6%

(Cost

$64,305,486)

109,692,567

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

-

0.4%

‡

451,922

NET

ASSETS

-

100.0%

110,144,489

Schedule

of

Investments

March

31,

2024

(Unaudited)

AQR

SMALL

CAP

MULTI-STYLE

FUND

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

Funds

|

Semi-Annual

Report

|

March

2024

13

SECTOR

VALUE

%

OF

NET

ASSETS

Communication

Services

$

1,092,757

1

.0

%

Consumer

Discretionary

13,947,529

12

.6

Consumer

Staples

4,038,117

3

.7

Energy

6,574,934

6

.0

Financials

13,233,494

12

.0

Health

Care

13,086,929

11

.9

Industrials

24,642,230

22

.4

Information

Technology

21,578,592

19

.6

Materials

4,475,974

4

.0

Real

Estate

690,548

0

.6

Investment

Companies

6,331,463

5

.8

Total

Investments

In

Securities

At

Value

109,692,567

99

.6

Other

Assets

in

Excess

of

Liabilities

‡

451,922

0

.4

Net

Assets

$

110,144,489

100

.0

%

All

securities

are

United

States

companies,

unless

noted

otherwise

in

parentheses.

*

Non-income

producing

security.

†

Represents

less

than

0.05%

of

net

assets.

‡

Includes

appreciation/(depreciation)

on

futures

contracts.

(a)

Represents

7-day

effective

yield

as

of

March

31,

2024.

All

securities

are

Level

1

with

respect

to

ASC

820,

unless

otherwise

noted

in

parentheses.

(3)

Security

fair

valued

using

significant

unobservable

inputs

(Level

3)

in

accordance

with

procedures

approved

by

the

Board

of

Trustees

(See

Note

4).

Futures

contracts

outstanding

as

of

March

31,

2024:

Exchange-Traded

DESCRIPTION

NUMBER

OF

CONTRACTS

EXPIRATION

DATE

TRADING

CURRENCY

NOTIONAL

AMOUNT

VALUE

AND

UNREALIZED

APPRECIATION

(DEPRECIATION)

Long

Contracts

Russell

2000

E-Mini

Index

52

6/2024

USD

$

5,579,340

$

86,866

Net

value

$

86,866

Collateral

pledged

to,

or

(received

from),

each

counterparty

at

March

31,

2024

was

as

follows:

COUNTERPARTY

OVER-THE-COUNTER

EXCHANGE-TRADED

TOTAL

JPMS

Cash

$

–

$

270,361

$

270,361

14

AQR

Funds

|

Semi-Annual

Report

|

March

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

(Continued)

AQR

INTERNATIONAL

MULTI-STYLE

FUND

Schedule

of

Investments

March

31,

2024

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

COMMON

STOCKS

-

95.0%

Australia

-

4

.8

%

ANZ

Group

Holdings

Ltd.

40,586

777,876

Aristocrat

Leisure

Ltd.

62,256

1,743,226

BHP

Group

Ltd.

263,054

7,605,929

BlueScope

Steel

Ltd.

306,169

4,761,881

Brambles

Ltd.

190,221

2,001,906

Fortescue

Ltd.

427,362

7,151,919

Orica

Ltd.

57,404

682,784

Rio

Tinto

Ltd.

8,995

713,891

Santos

Ltd.

68,370

346,151

Tabcorp

Holdings

Ltd.

57,040

28,068

WiseTech

Global

Ltd.

18,202

1,113,287

Woodside

Energy

Group

Ltd.

17,156

341,960

27,268,878

—

Belgium

-

0

.4

%

Ageas

SA/NV

43,311

2,006,409

Groupe

Bruxelles

Lambert

NV

1,467

110,902

2,117,311

—

Canada

-

9

.9

%

Air

Canada

(1)*

25,354

367,053

Alimentation

Couche-Tard,

Inc.

(1)

21,067

1,202,384

ARC

Resources

Ltd.

(1)

139,020

2,478,560

Bank

of

Montreal

(1)

9,286

906,628

CAE,

Inc.

(1)*

20,904

431,645

Canadian

Apartment

Properties,

REIT

(1)

3,482

119,507

Canadian

Imperial

Bank

of

Commerce

(1)

3,612

183,113

Canadian

Pacific

Kansas

City

Ltd.

(1)

8,837

779,154

Canadian

Tire

Corp.

Ltd.,

Class

A

(1)

8,795

877,195

CCL

Industries,

Inc.,

Class

B

(1)

4,615

235,869

CGI,

Inc.

(1)*

27,366

3,019,139

Constellation

Software,

Inc.

(1)

143

390,609

Fairfax

Financial

Holdings

Ltd.

(1)

6,583

7,095,965

Great-West

Lifeco,

Inc.

(1)

6,006

192,078

iA

Financial

Corp.,

Inc.

(1)

13,966

867,623

Imperial

Oil

Ltd.

(1)

72,342

4,989,785

Intact

Financial

Corp.

(1)

3,695

600,235

Loblaw

Cos.

Ltd.

(1)

9,400

1,041,630

Manulife

Financial

Corp.

(1)

213,943

5,343,245

National

Bank

of

Canada

(1)

4,864

409,574

Nutrien

Ltd.

(1)

16,507

896,792

Onex

Corp.

(1)

5,414

405,565

Open

Text

Corp.

(1)

58,229

2,259,434

Parkland

Corp.

(1)

30,947

985,607

Power

Corp.

of

Canada

(1)

5,259

147,456

Restaurant

Brands

International,

Inc.

(1)

27,170

2,157,674

Royal

Bank

of

Canada

(1)

23,203

2,340,256

Shopify,

Inc.,

Class

A

(1)*

53,660

4,139,729

Suncor

Energy,

Inc.

(1)

30,090

1,110,479

TFI

International,

Inc.

(1)

32,739

5,220,644

Thomson

Reuters

Corp.

(1)

10,563

1,643,853

Toronto-Dominion

Bank

(The)

(1)

9,710

586,019

INVESTMENTS

SHARES

VALUE

($)

Canada

-

9.9%

(continued)

West

Fraser

Timber

Co.

Ltd.

(1)

24,359

2,103,303

55,527,802

—

China

-

0

.9

%

BOC

Hong

Kong

Holdings

Ltd.

1,302,000

3,491,038

SITC

International

Holdings

Co.

Ltd.

899,000

1,643,605

Wilmar

International

Ltd.

76,400

194,066

5,328,709

—

Denmark

-

3

.5

%

AP

Moller

-

Maersk

A/S,

Class

B

1,318

1,718,467

Novo

Nordisk

A/S,

Class

B

86,044

11,037,158

Pandora

A/S

32,229

5,201,955

ROCKWOOL

A/S,

Class

B

*

4,855

1,597,419

19,554,999

—

Finland

-

0

.4

%

Nokia

OYJ

124,892

443,129

Wartsila

OYJ

Abp

107,581

1,634,964

2,078,093

—

France

-

9

.2

%

AXA

SA

118,661

4,456,408

BNP

Paribas

SA

65,235

4,644,399

Carrefour

SA

139,187

2,387,660

Cie

de

Saint-Gobain

SA

96,024

7,452,785

Credit

Agricole

SA

63,659

949,661

Dassault

Aviation

SA

19,265

4,241,576

Eiffage

SA

1,438

163,202

Ipsen

SA

15,556

1,851,107

LVMH

Moet

Hennessy

Louis

Vuitton

SE

682

613,661

Orange

SA

156,041

1,835,045

Publicis

Groupe

SA

55,405

6,040,282

Societe

Generale

SA

71,514

1,916,076

Sodexo

SA

26,059

2,233,864

Thales

SA

1,224

208,668

TotalEnergies

SE

148,521

10,216,670

Unibail-Rodamco-Westfield,

REIT

*

4,856

390,647

Worldline

SA

*(a)

184,604

2,283,833

51,885,544

—

Germany

-

7

.9

%

Allianz

SE

(Registered)

3,857

1,156,010

Bayerische

Motoren

Werke

AG

5,910

681,889

Bechtle

AG

8,115

428,912

Brenntag

SE

37,884

3,192,903

Commerzbank

AG

362,677

4,984,702

Daimler

Truck

Holding

AG

92,688

4,696,944

Deutsche

Bank

AG

(Registered)

530,314

8,352,581

Deutsche

Boerse

AG

5,597

1,146,209

Deutsche

Post

AG

27,693

1,193,496

Fresenius

SE

&

Co.

KGaA

12,270

330,883

Hannover

Rueck

SE

2,264

619,943

Heidelberg

Materials

AG

3,572

393,211

HelloFresh

SE

*

54,363

387,762

Infineon

Technologies

AG

6,802

231,306

Knorr-Bremse

AG

10,969

829,638

Schedule

of

Investments

March

31,

2024

(Unaudited)

AQR

INTERNATIONAL

MULTI-STYLE

FUND

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

Funds

|

Semi-Annual

Report

|

March

2024

15

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Germany

-

7.9%

(continued)

Muenchener

Rueckversicherungs-

Gesellschaft

AG

in

Muenchen

(Registered)

11,461

5,594,583

Nemetschek

SE

2,894

286,457

Rational

AG

425

366,178

Rheinmetall

AG

1,633

918,434

SAP

SE

33,966

6,613,826

Siemens

Energy

AG

*

3,772

69,230

Talanx

AG

26,197

2,075,251

44,550,348

—

Hong

Kong

-

1

.2

%

Hong

Kong

Exchanges

&

Clearing

Ltd.

32,300

941,166

Link,

REIT

39,000

167,950

Swire

Pacific

Ltd.,

Class

A

122,000

1,004,350

WH

Group

Ltd.

(a)

7,203,000

4,754,562

6,868,028

—

Italy

-

2

.2

%

Coca-Cola

HBC

AG

45,952

1,452,096

Leonardo

SpA

82,200

2,065,164

Prysmian

SpA

4,664

243,246

UniCredit

SpA

228,170

8,665,738

12,426,244

—

Japan

-

21

.0

%

Aisin

Corp.

71,200

2,909,428

Brother

Industries

Ltd.

66,700

1,237,033

Chubu

Electric

Power

Co.,

Inc.

138,800

1,814,969

Dai

Nippon

Printing

Co.

Ltd.

18,200

557,387

Dai-ichi

Life

Holdings,

Inc.

76,000

1,938,345

Daito

Trust

Construction

Co.

Ltd.

9,500

1,083,786

Disco

Corp.

6,100

2,229,754

Fujitsu

Ltd.

124,000

1,984,496

Hakuhodo

DY

Holdings,

Inc.

19,300

173,963

Hikari

Tsushin,

Inc.

1,700

319,721

Hirose

Electric

Co.

Ltd.

10,400

1,068,705

Honda

Motor

Co.

Ltd.

191,700

2,372,037

Iida

Group

Holdings

Co.

Ltd.

24,500

317,068

Isuzu

Motors

Ltd.

21,400

289,273

ITOCHU

Corp.

105,100

4,515,054

Japan

Post

Holdings

Co.

Ltd.

118,200

1,190,880

Japan

Post

Insurance

Co.

Ltd.

265,300

5,071,250

Japan

Tobacco,

Inc.

35,000

933,167

Kajima

Corp.

9,300

190,879

Kansai

Electric

Power

Co.,

Inc.

(The)

85,900

1,225,691

Koito

Manufacturing

Co.

Ltd.

84,600

1,140,378

Kyowa

Kirin

Co.

Ltd.

29,600

532,537

M3,

Inc.

12,400

178,453

Marubeni

Corp.

171,700

2,973,785

Mazda

Motor

Corp.

555,000

6,432,232

McDonald's

Holdings

Co.

Japan

Ltd.

23,100

1,038,741

MEIJI

Holdings

Co.

Ltd.

17,700

386,438

Mitsui

&

Co.

Ltd.

70,800

3,310,013

Mitsui

OSK

Lines

Ltd.

5,800

176,938

MS&AD

Insurance

Group

Holdings,

Inc.

276,000

4,873,483

INVESTMENTS

SHARES

VALUE

($)

Japan

-

21.0%

(continued)

Nexon

Co.

Ltd.

199,200

3,311,003

Nippon

Steel

Corp.

34,200

823,005

Nippon

Yusen

KK

11,900

326,704

Nissin

Foods

Holdings

Co.

Ltd.

13,800

380,440

Nitto

Denko

Corp.

5,800

530,363

Obayashi

Corp.

297,800

3,540,972

Obic

Co.

Ltd.

4,500

679,730

Oji

Holdings

Corp.

28,600

118,730

Ono

Pharmaceutical

Co.

Ltd.

205,200

3,362,192

Oracle

Corp.

Japan

25,900

1,947,709

ORIX

Corp.

44,100

964,544

Osaka

Gas

Co.

Ltd.

72,100

1,621,961

Otsuka

Corp.

127,400

2,703,231

Otsuka

Holdings

Co.

Ltd.

29,500

1,225,380

Resona

Holdings,

Inc.

27,800

171,372

SCSK

Corp.

27,800

516,740

Shimizu

Corp.

219,100

1,414,885

Shionogi

&

Co.

Ltd.

84,200

4,302,769

Sompo

Holdings,

Inc.

142,800

2,993,097

Square

Enix

Holdings

Co.

Ltd.

75,300

2,904,008

Subaru

Corp.

259,000

5,865,795

SUMCO

Corp.

26,500

418,985

Sumitomo

Corp.

52,500

1,264,617

Sumitomo

Electric

Industries

Ltd.

58,300

903,378

Sumitomo

Mitsui

Trust

Holdings,

Inc.

36,500

786,451

Suntory

Beverage

&

Food

Ltd.

6,600

223,244

Taisei

Corp.

22,500

820,104

Tokyo

Electric

Power

Co.

Holdings,

Inc.

*

996,700

6,058,072

Tokyo

Gas

Co.

Ltd.

145,500

3,307,625

TOPPAN

Holdings,

Inc.

104,300

2,614,489

Tosoh

Corp.

162,100

2,202,728

Toyota

Motor

Corp.

30,800

778,469

Toyota

Tsusho

Corp.

63,500

4,360,599

Trend

Micro,

Inc.

27,100

1,376,320

USS

Co.

Ltd.

27,400

226,520

Yokogawa

Electric

Corp.

9,900

227,991

117,740,106

—

Luxembourg

-

0

.4

%

ArcelorMittal

SA

90,289

2,481,785

Netherlands

-

6

.1

%

ABN

AMRO

Bank

NV,

CVA

(a)

186,782

3,196,261

ASM

International

NV

6,000

3,674,415

ASML

Holding

NV

4,376

4,242,365

BE

Semiconductor

Industries

NV

35,115

5,378,867

ING

Groep

NV

109,319

1,799,750

Koninklijke

Ahold

Delhaize

NV

112,867

3,377,184

NN

Group

NV

16,388

756,553

Pluxee

NV

(1)*

7,843

231,843

Shell

plc

191,540

6,355,202

Wolters

Kluwer

NV

35,973

5,633,007

34,645,447

—

New

Zealand

-

0

.0

%

†

Xero

Ltd.

*

2,862

248,506

16

AQR

Funds

|

Semi-Annual

Report

|

March

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

INTERNATIONAL

MULTI-STYLE

FUND

Schedule

of

Investments

March

31,

2024

(Unaudited)

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Singapore

-

0

.8

%

CapitaLand

Integrated

Commercial

Trust,

REIT

156,096

228,877

Oversea-Chinese

Banking

Corp.

Ltd.

18,800

187,847

Singapore

Airlines

Ltd.

77,400

366,838

STMicroelectronics

NV

90,317

3,887,088

4,670,650

—

Spain

-

3

.2

%

Banco

Bilbao

Vizcaya

Argentaria

SA

500,247

5,957,191

Banco

Santander

SA

848,364

4,143,776

Industria

de

Diseno

Textil

SA

14,747

742,604

Repsol

SA

441,789

7,373,999

18,217,570

—

Sweden

-

3

.3

%

Alfa

Laval

AB

5,091

200,047

Atlas

Copco

AB,

Class

B

42,828

632,568

Evolution

AB

(a)

40,664

5,050,630

Hexagon

AB,

Class

B

16,342

193,178

Investor

AB,

Class

B

44,280

1,111,177

Saab

AB,

Class

B

18,111

1,611,026

SKF

AB,

Class

B

266,097

5,432,322

Swedish

Orphan

Biovitrum

AB

(1)*

20,465

510,860

Telefonaktiebolaget

LM

Ericsson,

Class

B

67,988

365,650

Volvo

AB,

Class

B

128,723

3,488,580

Volvo

Car

AB,

Class

B

*

41,972

158,905

18,754,943

—

Switzerland

-

5

.5

%

ABB

Ltd.

(Registered)

130,891

6,072,073

Adecco

Group

AG

(Registered)

6,605

261,309

BKW

AG

7,851

1,206,426

Logitech

International

SA

(Registered)

16,564

1,484,289

Novartis

AG

(Registered)

108,132

10,473,496

Sandoz

Group

AG

*

21,490

648,692

Schindler

Holding

AG

7,784

1,959,375

Swatch

Group

AG

(The)

5,752

1,341,840

Temenos

AG

(Registered)

20,250

1,448,490

UBS

Group

AG

(Registered)

173,314

5,336,500

Zurich

Insurance

Group

AG

959

518,066

30,750,556

—

United

Kingdom

-

11

.5

%

3i

Group

plc

30,804

1,092,230

Associated

British

Foods

plc

30,849

973,313

BAE

Systems

plc

495,005

8,437,572

Barclays

plc

2,994,792

6,940,875

Barratt

Developments

plc

66,145

397,008

BP

plc

1,231,641

7,726,613

British

American

Tobacco

plc

52,898

1,605,512

BT

Group

plc

2,348,595

3,250,365

Bunzl

plc

3,963

152,487

Centrica

plc

4,200,962

6,772,203

Compass

Group

plc

69,600

2,041,553

DCC

plc

15,707

1,142,781

HSBC

Holdings

plc

772,459

6,038,177

INVESTMENTS

SHARES

VALUE

($)

United

Kingdom

-

11.5%

(continued)

Imperial

Brands

plc

24,800

554,394

Kingfisher

plc

53,318

167,807

Lloyds

Banking

Group

plc

751,673

491,592

London

Stock

Exchange

Group

plc

9,002

1,077,126

Melrose

Industries

plc

61,253

520,093

NatWest

Group

plc

49,874

167,045

Next

plc

4,263

496,914

Rolls-Royce

Holdings

plc

*

1,602,482

8,621,940

Sage

Group

plc

(The)

44,892

717,466

Standard

Chartered

plc

187,007

1,585,393

Tesco

plc

805,457

3,016,818

Vodafone

Group

plc

629,840

558,621

64,545,898

—

United

States

-

2

.8

%

Holcim

AG

14,221

1,288,377

James

Hardie

Industries

plc,

CHESS

*

28,167

1,132,128

Nestle

SA

(Registered)

13,069

1,388,581

Roche

Holding

AG

12,026

3,070,467

Stellantis

NV

218,087

6,195,643

Swiss

Re

AG

20,903

2,688,855

15,764,051

—

TOTAL

COMMON

STOCKS

(Cost

$391,956,150)

535,425,468

SHORT-TERM

INVESTMENTS

-

4.2%

INVESTMENT

COMPANIES

-

4

.2

%

Limited

Purpose

Cash

Investment

Fund,

5.33%

(1)(b)

(Cost

$23,878,512)

23,890,468

23,880,912

TOTAL

INVESTMENTS

IN

SECURITIES

AT

VALUE

-

99.2%

(Cost

$415,834,662)

559,306,380

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

-

0.8%

‡

4,608,771

NET

ASSETS

-

100.0%

563,915,151

Schedule

of

Investments

March

31,

2024

(Unaudited)

AQR

INTERNATIONAL

MULTI-STYLE

FUND

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

Funds

|

Semi-Annual

Report

|

March

2024

17

SECTOR

VALUE

%

OF

NET

ASSETS

Communication

Services

$

18,073,287

3

.2

%

Consumer

Discretionary

52,403,753

9

.3

Consumer

Staples

24,259,252

4

.3

Energy

41,925,023

7

.4

Financials

134,328,380

23

.8

Health

Care

37,523,993

6

.7

Industrials

113,830,182

20

.2

Information

Technology

54,956,837

9

.8

Materials

33,122,697

5

.9

Real

Estate

2,995,117

0

.5

Utilities

22,006,947

3

.9

Investment

Companies

23,880,912

4

.2

Total

Investments

In

Securities

At

Value

559,306,380

99

.2

Other

Assets

in

Excess

of

Liabilities

‡

4,608,771

0

.8

Net

Assets

$

563,915,151

100

.0

%

*

Non-income

producing

security.

†

Represents

less

than

0.05%

of

net

assets.

‡

Includes

appreciation/(depreciation)

on

futures

contracts.

(a)

Securities

exempt

from

registration

under

Rule

144A

or

section

4(2),

of

the

Securities

Act

of

1933.

Under

procedures

approved

by

the

Board

of

Trustees,

such

securities

have

been

determined

to

be

liquid

by

the

investment

adviser

and

may

be

resold,

normally

to

qualified

institutional

buyers

in

transactions

exempt

from

registration.

Total

value

of

all

such

securities

at

March

31,

2024

amounted

to

$15,285,286,

which

represents

2.71%

of

net

assets

of

the

Fund.

(b)

Represents

7-day

effective

yield

as

of

March

31,

2024.

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,

2024:

Exchange-Traded

DESCRIPTION

NUMBER

OF

CONTRACTS

EXPIRATION

DATE

TRADING

CURRENCY

NOTIONAL

AMOUNT

VALUE

AND

UNREALIZED

APPRECIATION

(DEPRECIATION)

Long

Contracts

MSCI

EAFE

E-Mini

Index

192

6/2024

USD

$

22,628,160

$

207,658

Net

value

$

207,658

Collateral

pledged

to,

or

(received

from),

each

counterparty

at

March

31,

2024

was

as

follows:

COUNTERPARTY

OVER-THE-COUNTER

EXCHANGE-TRADED

TOTAL

JPMS

Cash

$

–

$

448,407

$

448,407

18

AQR

Funds

|

Semi-Annual

Report

|

March

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

(Continued)

AQR

EMERGING

MULTI-STYLE

II

FUND

Schedule

of

Investments

March

31,

2024

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

COMMON

STOCKS

-

94.0%

Brazil

-

3

.1

%

Banco

do

Brasil

SA

(1)

568,400

6,416,798

BB

Seguridade

Participacoes

SA

(1)

186,900

1,211,865

Gerdau

SA,

ADR

(1)

848,648

3,751,024

TIM

SA

(1)

38,200

135,574

Ultrapar

Participacoes

SA

(1)

63,500

360,459

Vibra

Energia

SA

(1)*

672,200

3,352,020

15,227,740

—

Chile

-

0

.7

%

Banco

de

Chile

1,258,913

140,028

Cencosud

SA

(1)

1,365,272

2,368,885

Enel

Chile

SA,

ADR

(1)

247,063

753,542

3,262,455

—

China

-

24

.2

%

3SBio,

Inc.

*(a)

102,500

78,412

Agricultural

Bank

of

China

Ltd.,

Class

A

577,700

331,875

Alibaba

Group

Holding

Ltd.

743,804

6,726,095

Anhui

Conch

Cement

Co.

Ltd.,

Class

A

18,000

55,091

Anhui

Conch

Cement

Co.

Ltd.,

Class

A

48,323

147,897

Baidu,

Inc.,

Class

A

*

294,050

3,871,056

Bank

of

Beijing

Co.

Ltd.,

Class

A

371,578

289,149

Bank

of

Beijing

Co.

Ltd.,

Class

A

163,700

127,386

Bank

of

China

Ltd.,

Class

A

573,300

345,923

Bank

of

China

Ltd.,

Class

H

1,992,000

816,741

Bank

of

Communications

Co.

Ltd.,

Class

A

366,400

315,471

Bank

of

Communications

Co.

Ltd.,

Class

H

293,000

192,680

Bank

of

Ningbo

Co.

Ltd.,

Class

A

55,900

160,363

Bank

of

Shanghai

Co.

Ltd.,

Class

A

214,111

197,867

Baoshan

Iron

&

Steel

Co.

Ltd.,

Class

A

697,722

622,096

BOE

Technology

Group

Co.

Ltd.,

Class

A

1,508,900

837,705

BOE

Technology

Group

Co.

Ltd.,

Class

A

75,000

41,638

BYD

Co.

Ltd.,

Class

A

30,400

873,089

China

CITIC

Bank

Corp.

Ltd.,

Class

H

4,189,000

2,234,413

China

Communications

Services

Corp.

Ltd.,

Class

H

1,098,000

512,388

China

Construction

Bank

Corp.,

Class

H

16,050,000

9,685,748

China

Everbright

Bank

Co.

Ltd.,

Class

A

505,900

217,409

China

Everbright

Bank

Co.

Ltd.,

Class

H

640,000

184,152

China

Feihe

Ltd.

(a)

1,092,000

513,878

China

Medical

System

Holdings

Ltd.

(1)

949,000

996,663

China

Merchants

Bank

Co.

Ltd.,

Class

A

93,558

415,307

INVESTMENTS

SHARES

VALUE

($)

China

-

24.2%

(continued)

China

Merchants

Bank

Co.

Ltd.,

Class

A

9,600

42,615

China

Merchants

Securities

Co.

Ltd.,

Class

A

225,800

430,399

China

Merchants

Shekou

Industrial

Zone

Holdings

Co.

Ltd.,

Class

A

122,100

162,488

China

Minsheng

Banking

Corp.

Ltd.,

Class

A

333,155

186,278

China

Minsheng

Banking

Corp.

Ltd.,

Class

H

550,000

190,610

China

Overseas

Land

&

Investment

Ltd.

287,500

414,933

China

Pacific

Insurance

Group

Co.

Ltd.,

Class

A

59,300

184,975

China

Petroleum

&

Chemical

Corp.,

Class

A

446,400

382,706

China

Resources

Land

Ltd.

558,000

1,770,218

China

State

Construction

Engineering

Corp.

Ltd.,

Class

A

1,076,500

774,096

China

Taiping

Insurance

Holdings

Co.

Ltd.

1,339,200

1,174,019

China

Tourism

Group

Duty

Free

Corp.

Ltd.,

Class

A

33,292

395,759

China

Vanke

Co.

Ltd.,

Class

A

112,700

143,509

China

Yangtze

Power

Co.

Ltd.,

Class

A

(1)

93,300

319,252

CITIC

Ltd.

5,579,000

5,369,705

CITIC

Securities

Co.

Ltd.,

Class

A

143,965

383,386

COSCO

SHIPPING

Holdings

Co.

Ltd.,

Class

H

1,113,500

1,172,384

CSPC

Pharmaceutical

Group

Ltd.

316,000

248,724

Dongfeng

Motor

Group

Co.

Ltd.,

Class

H

372,000

155,553

Dongyue

Group

Ltd.

1,678,000

1,575,197

East

Buy

Holding

Ltd.

*(a)

382,000

1,016,505

Far

East

Horizon

Ltd.

(1)

1,598,000

1,184,173

Foshan

Haitian

Flavouring

&

Food

Co.

Ltd.,

Class

A

53,567

292,292

GCL

Technology

Holdings

Ltd.

5,021,000

822,672

Geely

Automobile

Holdings

Ltd.

1,938,000

2,293,593

Guotai

Junan

Securities

Co.

Ltd.,

Class

A

88,600

173,959

H

World

Group

Ltd.,

ADR

(1)

14,632

566,258

Haier

Smart

Home

Co.

Ltd.,

Class

A

212,400

734,703

Haitong

Securities

Co.

Ltd.,

Class

A

175,200

209,298

Huatai

Securities

Co.

Ltd.,

Class

A

128,200

244,239

Huaxia

Bank

Co.

Ltd.,

Class

A

273,900

244,123

Industrial

&

Commercial

Bank

of

China

Ltd.,

Class

A

329,800

238,512

Industrial

Bank

Co.

Ltd.,

Class

A

145,390

325,492

Inner

Mongolia

Yili

Industrial

Group

Co.

Ltd.,

Class

A

148,900

570,568

JD.com,

Inc.,

Class

A

258,900

3,551,301

Jiangsu

Hengrui

Pharmaceuticals

Co.

Ltd.,

Class

A

222,238

1,415,597

Jiangsu

Yanghe

Brewery

Joint-

Stock

Co.

Ltd.,

Class

A

27,100

368,254

KE

Holdings,

Inc.,

ADR

(1)

55,797

766,093

Kingsoft

Corp.

Ltd.

423,200

1,306,135

Kunlun

Energy

Co.

Ltd.

2,470,000

2,063,420

Schedule

of

Investments

March

31,

2024

(Unaudited)

AQR

EMERGING

MULTI-STYLE

II

FUND

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

Funds

|

Semi-Annual

Report

|

March

2024

19

(Continued)

INVESTMENTS

SHARES

VALUE

($)

China

-

24.2%

(continued)

Kweichow

Moutai

Co.

Ltd.,

Class

A

700

164,213

Kweichow

Moutai

Co.

Ltd.,

Class

A

6,700

1,571,751

Lenovo

Group

Ltd.

3,244,000

3,758,500

Li

Auto,

Inc.,

Class

A

*

170,800

2,593,517

Luxshare

Precision

Industry

Co.

Ltd.,

Class

A

259,907

1,065,172

Luzhou

Laojiao

Co.

Ltd.,

Class

A

27,900

711,815

Luzhou

Laojiao

Co.

Ltd.,

Class

A

8,000

204,105

Meituan,

Class

B

*(a)

156,280

1,929,135

NARI

Technology

Co.

Ltd.,

Class

A

369,149

1,226,346

NetEase,

Inc.

72,200

1,496,103

New

China

Life

Insurance

Co.

Ltd.,

Class

A

36,300

150,986

New

China

Life

Insurance

Co.

Ltd.,

Class

H

268,100

475,452

New

Oriental

Education

&

Technology

Group,

Inc.

*

494,200

4,319,238

NIO,

Inc.,

ADR

(1)*

88,757

399,407

PDD

Holdings,

Inc.,

ADR

(1)*

38,287

4,450,863

PetroChina

Co.

Ltd.,

Class

A

421,600

537,909

PICC

Property

&

Casualty

Co.

Ltd.,

Class

H

2,460,000

3,246,571

Ping

An

Bank

Co.

Ltd.,

Class

A

151,385

218,825

Ping

An

Insurance

Group

Co.

of

China

Ltd.,

Class

A

48,800

273,804

Poly

Developments

and

Holdings

Group

Co.

Ltd.,

Class

A

114,400

147,422

SAIC

Motor

Corp.

Ltd.,

Class

A

157,800

325,022

Sany

Heavy

Industry

Co.

Ltd.,

Class

A

238,100

474,139

Sany

Heavy

Industry

Co.

Ltd.,

Class

A

57,800

115,100

Shanghai

Pudong

Development

Bank

Co.

Ltd.,

Class

A

4,300

4,248

Shanghai

Pudong

Development

Bank

Co.

Ltd.,

Class

A

140,963

139,274

Shenwan

Hongyuan

Group

Co.

Ltd.,

Class

A

354,200

215,645

Sinopharm

Group

Co.

Ltd.,

Class

H

576,800

1,479,084

Sinotruk

Hong

Kong

Ltd.

(1)

692,000

1,699,299

Sunny

Optical

Technology

Group

Co.

Ltd.

85,800

439,408

Tencent

Holdings

Ltd.

361,900

14,095,984

Tencent

Music

Entertainment

Group,

ADR

(1)*

50,183

561,548

Topsports

International

Holdings

Ltd.

(a)

581,000

389,672

Wuliangye

Yibin

Co.

Ltd.,

Class

A

30,100

635,240

Wuliangye

Yibin

Co.

Ltd.,

Class

A

9,082

191,669

Xiaomi

Corp.,

Class

B

*(a)

1,185,400

2,327,271

Yadea

Group

Holdings

Ltd.

(a)

318,000

515,977

Yum

China

Holdings,

Inc.

(1)

31,605

1,257,563

Zhongsheng

Group

Holdings

Ltd.

219,000

380,397

ZTO

Express

Cayman,

Inc.,

ADR

(1)

32,175

673,745

119,515,904

—

Hong

Kong

-

0

.5

%

Orient

Overseas

International

Ltd.

219,000

2,621,512

INVESTMENTS

SHARES

VALUE

($)

Hungary

-

0

.1

%

OTP

Bank

Nyrt.

(1)

7,468

343,715

India

-

17

.4

%

ABB

India

Ltd.

25,009

1,910,874

Axis

Bank

Ltd.,

GDR

(1)(b)

11,925

754,853

Bajaj

Auto

Ltd.

48,977

5,388,389

Bank

of

Baroda

270,221

858,453

Bharat

Electronics

Ltd.

504,612

1,222,157

Bharat

Petroleum

Corp.

Ltd.

416,817

3,019,553

Cipla

Ltd.

46,893

842,983

Coal

India

Ltd.

1,182,804

6,184,691

Colgate-Palmolive

India

Ltd.

10,661

347,359

DLF

Ltd.

18,871

203,608

Dr

Reddy's

Laboratories

Ltd.,

ADR

(1)

47,227

3,464,100

HCL

Technologies

Ltd.

163,226

3,034,787

HDFC

Asset

Management

Co.

Ltd.

(a)

13,049

588,461

Hero

MotoCorp

Ltd.

24,575

1,395,297

Hindalco

Industries

Ltd.

27,613

186,432

Hindustan

Aeronautics

Ltd.

(b)

106,814

4,274,346

Hindustan

Petroleum

Corp.

Ltd.

539,206

3,078,259

Indian

Oil

Corp.

Ltd.

1,560,201

3,148,322

Info

Edge

India

Ltd.

19,987

1,343,152

ITC

Ltd.

104,483

538,042

Jio

Financial

Services

Ltd.

*

203,618

865,660

Larsen

&

Toubro

Ltd.,

GDR

(1)(b)

17,611

797,778

Lupin

Ltd.

14,584

283,095

NTPC

Ltd.

1,587,578

6,415,847

Oil

&

Natural

Gas

Corp.

Ltd.

1,991,156

6,427,510

Power

Finance

Corp.

Ltd.

811,373

3,806,837

Power

Grid

Corp.

of

India

Ltd.

812,575

2,697,274

REC

Ltd.

714,880

3,880,325

Reliance

Industries

Ltd.,

GDR

(1)(a)

18,565

1,325,541

State

Bank

of

India,

GDR

(1)(b)

3,799

344,569

Tata

Consultancy

Services

Ltd.

144,220

6,731,030

Tata

Motors

Ltd.

262,140

3,129,534

Trent

Ltd.

27,349

1,298,141

Varun

Beverages

Ltd.

66,688

1,120,794

Vedanta

Ltd.

865,946

2,834,681

Zomato

Ltd.

*

874,191

1,916,160

85,658,894

—

Indonesia

-

2

.8

%

Adaro

Energy

Indonesia

Tbk.

PT

33,768,600

5,753,635

Aneka

Tambang

Tbk.

5,636,500

569,394

Astra

International

Tbk.

PT

3,049,300

990,689

Bank

Negara

Indonesia

Persero

Tbk.

PT

411,200

153,076

Indah

Kiat

Pulp

&

Paper

Tbk.

PT

497,200

300,231

Indofood

Sukses

Makmur

Tbk.

PT

(1)

1,602,600

644,376

United

Tractors

Tbk.

PT

3,542,700

5,402,700

13,814,101

‌

‌

—

20

AQR

Funds

|

Semi-Annual

Report

|

March

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

EMERGING

MULTI-STYLE

II

FUND

Schedule

of

Investments

March

31,

2024

(Unaudited)

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Malaysia

-

0

.4

%

AMMB

Holdings

Bhd.

175,028

154,154

Genting

Bhd.

628,860

627,822

RHB

Bank

Bhd.

842,054

1,004,064

1,786,040

—

Mexico

-

3

.4

%

Alfa

SAB

de

CV,

Class

A

(1)

2,563,309

1,907,313

Arca

Continental

SAB

de

CV

238,478

2,605,183

Banco

del

Bajio

SA

(a)

499,328

1,942,183

Cemex

SAB

de

CV,

ADR

(1)*

236,587

2,131,649

Coca-Cola

Femsa

SAB

de

CV,

ADR

(1)

16,220

1,576,584

Fibra

Uno

Administracion

SA

de

CV,

REIT

189,128

314,582

Fomento

Economico

Mexicano

SAB

de

CV,

ADR

(1)

9,096

1,184,936

Grupo

Aeroportuario

del

Sureste

SAB

de

CV,

ADR

(1)

5,647

1,799,586

Grupo

Carso

SAB

de

CV,

Series

A1

30,600

273,717

Grupo

Financiero

Banorte

SAB

de

CV,

Class

O

35,908

381,393

Grupo

Mexico

SAB

de

CV,

Series

B

347,518

2,069,191

Promotora

y

Operadora

de

Infraestructura

SAB

de

CV

74,388

789,032

16,975,349

—

Philippines

-

0

.4

%

BDO

Unibank,

Inc.

(1)

260,294

715,386

International

Container

Terminal

Services,

Inc.

(1)

124,804

705,998

SM

Prime

Holdings,

Inc.

(1)

596,524

346,995

1,768,379

—

Poland

-

1

.9

%

Bank

Polska

Kasa

Opieki

SA

60,661

2,756,662

Budimex

SA

(1)

2,208

386,951

ORLEN

SA

145,969

2,377,529

PGE

Polska

Grupa

Energetyczna

SA

*

1,497,507

2,698,056

Powszechny

Zaklad

Ubezpieczen

SA

101,220

1,236,275

9,455,473

—

Qatar

-

0

.0

%

†

Commercial

Bank

PSQC

(The)

(1)*

102,877

139,439

Russia

-

0

.0

%

Gazprom

PJSC

(3)*

863,552

—

LUKOIL

PJSC

(3)*

29,987

—

Magnit

PJSC

(3)*

6,681

—

MMC

Norilsk

Nickel

PJSC

(3)*

6,790

—

MMC

Norilsk

Nickel

PJSC,

ADR

(3)*

2

—

Mobile

TeleSystems

PJSC

(3)*

306,032

—

Novatek

PJSC

(3)*

71,760

—

Novolipetsk

Steel

PJSC

(3)*

326,680

—

PhosAgro

PJSC,

GDR

(3)*(b)

72

—

PhosAgro

PJSC

(3)*

3,717

—

Polyus

PJSC

(3)*

1,291

—

Rosneft

Oil

Co.

PJSC

(3)*

106,000

—

INVESTMENTS

SHARES

VALUE

($)

Russia

-

0.0%

(continued)

Severstal

PAO,

GDR

(3)*(b)

54,062

—

Surgutneftegas

PJSC

(3)*

1,249,260

—

Tatneft

PJSC

(3)*

134,766

—

—

—

Saudi

Arabia

-

3

.1

%

Arab

National

Bank

131,693

1,038,018

Arabian

Internet

&

Communications

Services

Co.

4,292

432,703

Banque

Saudi

Fransi

34,820

361,799

Elm

Co.

22,984

5,879,044

Etihad

Etisalat

Co.

(1)

233,607

3,276,291

Jarir

Marketing

Co.

148,728

582,959

Mouwasat

Medical

Services

Co.

(1)

4,330

157,476

Riyad

Bank

301,845

2,399,505

Saudi

Electricity

Co.

190,314

1,003,686

Savola

Group

(The)

(1)

17,071

257,169

15,388,650

—

South

Africa

-

3

.5

%

Absa

Group

Ltd.

91,900

717,492

African

Rainbow

Minerals

Ltd.

(1)

148,100

1,286,140

Exxaro

Resources

Ltd.

(1)

327,831

2,924,861

Harmony

Gold

Mining

Co.

Ltd.,

ADR

(1)

249,386

2,037,484

Kumba

Iron

Ore

Ltd.

(1)

13,386

326,713

Nedbank

Group

Ltd.

219,846

2,652,350

Old

Mutual

Ltd.

(1)

416,991

258,693

Sanlam

Ltd.

(1)

140,504

514,761

Sasol

Ltd.

255,116

1,971,514

Sibanye

Stillwater

Ltd.

1,444,447

1,653,154

Standard

Bank

Group

Ltd.

(1)

264,933

2,591,140

Woolworths

Holdings

Ltd.

(1)

100,625

314,573

17,248,875

—

South

Korea

-

13

.2

%

DB

Insurance

Co.

Ltd.

43,540

3,114,467

Doosan

Bobcat,

Inc.

37,352

1,498,640

GS

Holdings

Corp.

36,992

1,331,232

Hana

Financial

Group,

Inc.

152,331

6,668,720

Hankook

Tire

&

Technology

Co.

Ltd.

3,561

143,086

Hanmi

Semiconductor

Co.

Ltd.

53,893

5,362,825

HLB,

Inc.

*

27,732

2,258,179

HMM

Co.

Ltd.

150,731

1,763,092

Hyundai

Glovis

Co.

Ltd.

4,624

620,606

Hyundai

Mobis

Co.

Ltd.

8,944

1,736,368

Hyundai

Steel

Co.

13,102

309,700

Industrial

Bank

of

Korea

293,204

3,041,173

KB

Financial

Group,

Inc.

3,537

184,835

Kia

Corp.

78,898

6,557,152

Korea

Investment

Holdings

Co.

Ltd.

8,695

430,484

LG

Electronics,

Inc.

8,991

646,322

LG

Uplus

Corp.

11,488

85,739

Posco

DX

Co.

Ltd.

14,925

538,744

POSCO

Holdings,

Inc.

5,801

1,817,036

Posco

International

Corp.

100,463

3,971,269

Samsung

Electronics

Co.

Ltd.

254,047

15,267,592

Shinhan

Financial

Group

Co.

Ltd.

31,354

1,106,015

Schedule

of

Investments

March

31,

2024

(Unaudited)

AQR

EMERGING

MULTI-STYLE

II

FUND

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

Funds

|

Semi-Annual

Report

|

March

2024

21

(Continued)

INVESTMENTS

SHARES

VALUE

($)

South

Korea

-

13.2%

(continued)

Woori

Financial

Group,

Inc.

595,249

6,456,783

64,910,059

—

Taiwan

-

16

.2

%

Accton

Technology

Corp.

78,960

1,131,537

Alchip

Technologies

Ltd.

3,000

296,869

ASE

Technology

Holding

Co.

Ltd.

877,840

4,261,121

Catcher

Technology

Co.

Ltd.

181,500

1,233,345

Compal

Electronics,

Inc.

398,560

477,349

Evergreen

Marine

Corp.

Taiwan

Ltd.

(1)

47,000

258,472

Gigabyte

Technology

Co.

Ltd.

181,420

1,775,214

Hon

Hai

Precision

Industry

Co.

Ltd.

609,760

2,961,638

Inventec

Corp.

354,500

648,774

Lite-On

Technology

Corp.

1,090,420

3,614,677

MediaTek,

Inc.

156,980

5,688,061

Novatek

Microelectronics

Corp.

258,740

4,763,347

Pegatron

Corp.

173,900

541,397

Pou

Chen

Corp.

1,356,620

1,535,694

Quanta

Computer,

Inc.

381,080

3,337,107

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

1,324,300

31,725,214

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.,

ADR

(1)

52,389

7,127,523

United

Microelectronics

Corp.

2,356,580

3,827,187

Wistron

Corp.

892,860

3,363,477

Wiwynn

Corp.

10,000

684,763

Yang

Ming

Marine

Transport

Corp.

312,000

430,747

79,683,513

—

Thailand

-

2

.0

%

Kasikornbank

PCL,

NVDR

47,300

160,813

Krung

Thai

Bank

PCL,

NVDR

7,893,000

3,638,622

PTT

Exploration

&

Production

PCL,

NVDR

776,900

3,185,800

SCB

X

PCL,

NVDR

799,400

2,499,033

TMBThanachart

Bank

PCL,

NVDR

9,572,900

477,709

9,961,977

—

Turkey

-

0

.7

%

Akbank

TAS

(1)

947,617

1,371,136

Turkiye

Is

Bankasi

A/S,

Class

C

420,804

146,003

Yapi

ve

Kredi

Bankasi

A/S

*

2,221,040

1,888,087

3,405,226

—

United

Arab

Emirates

-

0

.4

%

Aldar

Properties

PJSC

(1)

158,981

238,975

Emaar

Properties

PJSC

(1)

293,170

650,646

Emirates

NBD

Bank

PJSC

(1)

260,389

1,226,695

2,116,316

—

TOTAL

COMMON

STOCKS

(Cost

$387,581,982)

463,283,617

INVESTMENTS

SHARES

VALUE

($)

PREFERRED

STOCKS

-

2.0%

Brazil

-

2

.0

%

Cia

Energetica

de

Minas

Gerais

(Preference)

(1)

290,400

727,245

Petroleo

Brasileiro

SA

(Preference)

(1)

1,243,400

9,262,157

TOTAL

PREFERRED

STOCKS

(Cost

$7,583,869)

9,989,402

SHORT-TERM

INVESTMENTS

-

4.1%

INVESTMENT

COMPANIES

-

4

.1

%

Limited

Purpose

Cash

Investment

Fund,

5.33%

(1)(c)

(Cost

$20,467,031)

20,476,808

20,468,618

TOTAL

INVESTMENTS

IN

SECURITIES

AT

VALUE

-

100.1%

(Cost

$415,632,882)

493,741,637

LIABILITIES

IN

EXCESS

OF

OTHER

ASSETS

-

(0.1)%

‡

(356,033)

NET

ASSETS

-

100.0%

493,385,604

SECTOR

VALUE

%

OF

NET

ASSETS

Communication

Services

$

26,171,584

5

.3

%

Consumer

Discretionary

61,497,168

12

.5

Consumer

Staples

15,867,110

3

.3

Energy

53,371,635

10

.8

Financials

96,089,893

19

.5

Health

Care

11,224,312

2

.3

Industrials

39,571,212

8

.0

Information

Technology

123,997,692

25

.1

Materials

23,644,623

4

.8

Real

Estate

5,159,469

1

.0

Utilities

16,678,322

3

.4

Investment

Companies

20,468,618

4

.1

Total

Investments

In

Securities

At

Value

493,741,637

100

.1

Liabilities

in

Excess

of

Other

Assets

‡

(

356,033

)

(

0

.1

)

Net

Assets

$

493,385,604

100

.0

%

22

AQR

Funds

|

Semi-Annual

Report

|

March

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

EMERGING

MULTI-STYLE

II

FUND

Schedule

of

Investments

March

31,

2024

(Unaudited)

*

Non-income

producing

security.

†

Represents

less

than

0.05%

of

net

assets.

‡

Includes

appreciation/(depreciation)

on

futures

contracts.

(a)

Securities

exempt

from

registration

under

Rule

144A

or

section

4(2),

of

the

Securities

Act

of

1933.

Under

procedures

approved

by

the

Board

of

Trustees,

such

securities

have

been

determined

to

be

liquid

by

the

investment

adviser

and

may

be

resold,

normally

to

qualified

institutional

buyers

in

transactions

exempt

from

registration.

Total

value

of

all

such

securities

at

March

31,

2024

amounted

to

$10,627,035,

which

represents

2.15%

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,

2024

amounted

to

$6,171,546,

which

represents

1.25%

of

net

assets

of

the

Fund.

(c)

Represents

7-day

effective

yield

as

of

March

31,

2024.

All

securities

are

Level

2

with

respect

to

ASC

820,

unless

otherwise

noted

in

parentheses.

(1)

Level

1

security

(See

Note

4).

(3)

Security

fair

valued

using

significant

unobservable

inputs

(Level

3)

in

accordance

with

procedures

approved

by

the

Board

of

Trustees

(See

Note

4).

Futures

contracts

outstanding

as

of

March

31,

2024:

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

285

6/2024

USD

$

14,948,250

$

57,788

Net

value

$

57,788

Collateral

pledged

to,

or

(received

from),

each

counterparty

at

March

31,

2024

was

as

follows:

COUNTERPARTY

OVER-THE-COUNTER

EXCHANGE-TRADED

TOTAL

JPMS

Cash

$

–

$

677,077

$

677,077

Schedule

of

Investments

March

31,

2024

(Unaudited)

AQR

LARGE

CAP

MOMENTUM

STYLE

FUND

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

(Continued)

AQR

Funds

|

Semi-Annual

Report

|

March

2024

23

INVESTMENTS

SHARES

VALUE

($)

COMMON

STOCKS

-

96.7%

Communication

Services

-

9

.3

%

Entertainment

-

1

.3

%

Electronic

Arts,

Inc.

6,096

808,756

Netflix,

Inc.

*

9,127

5,543,101

ROBLOX

Corp.,

Class

A

*

4,818

183,951

Roku,

Inc.,

Class

A

*

9,865

642,902

Spotify

Technology

SA

*

6,873

1,813,785

8,992,495

Interactive

Media

&

Services

-

7

.5

%

Alphabet,

Inc.,

Class

A

*

192,671

29,079,834

Meta

Platforms,

Inc.,

Class

A

47,036

22,839,741

Pinterest,

Inc.,

Class

A

*

5,353

185,589

52,105,164

Media

-

0

.1

%

Trade

Desk,

Inc.

(The),

Class

A

*

8,242

720,516

Wireless

Telecommunication

Services

-

0

.4

%

T-Mobile

US,

Inc.

17,442

2,846,883

Total

Communication

Services

64,665,058

Consumer

Discretionary

-

12

.5

%

Automobiles

-

1

.1

%

Tesla,

Inc.

*

41,039

7,214,246

Broadline

Retail

-

4

.0

%

Amazon.com,

Inc.

*

154,260

27,825,419

Hotels,

Restaurants

&

Leisure

-

2

.9

%

Aramark

9,846

320,192

Booking

Holdings,

Inc.

943

3,421,091

Carnival

Corp.

*

51,546

842,262

Chipotle

Mexican

Grill,

Inc.,

Class

A

*

2,068

6,011,200

Domino's

Pizza,

Inc.

1,642

815,877

DoorDash,

Inc.,

Class

A

*

11,280

1,553,482

DraftKings,

Inc.,

Class

A

*

43,355

1,968,750

McDonald's

Corp.

1,705

480,725

Royal

Caribbean

Cruises

Ltd.

*

16,044

2,230,276

Starbucks

Corp.

9,912

905,858

Wingstop,

Inc.

5,151

1,887,326

20,437,039

Household

Durables

-

1

.3

%

DR

Horton,

Inc.

2,027

333,543

Garmin

Ltd.

12,279

1,827,974

Lennar

Corp.,

Class

A

1,798

309,220

PulteGroup,

Inc.

15,848

1,911,586

Tempur

Sealy

International,

Inc.

26,961

1,531,924

Toll

Brothers,

Inc.

19,559

2,530,348

TopBuild

Corp.

*

1,207

531,961

8,976,556

INVESTMENTS

SHARES

VALUE

($)

Specialty

Retail

-

2

.5

%

AutoNation,

Inc.

*

15,844

2,623,450

Best

Buy

Co.,

Inc.

2,576

211,309

Dick's

Sporting

Goods,

Inc.

13,366

3,005,479

Gap,

Inc.

(The)

23,168

638,278

Home

Depot,

Inc.

(The)

6,141

2,355,688

Lowe's

Cos.,

Inc.

5,244

1,335,804

O'Reilly

Automotive,

Inc.

*

1,264

1,426,904

Penske

Automotive

Group,

Inc.

5,891

954,283

Ross

Stores,

Inc.

6,515

956,141

TJX

Cos.,

Inc.

(The)

5,956

604,058

Tractor

Supply

Co.

4,465

1,168,580

Ulta

Beauty,

Inc.

*

1,053

550,593

Wayfair,

Inc.,

Class

A

*

11,613

788,290

Williams-Sonoma,

Inc.

2,811

892,577

17,511,434

Textiles,

Apparel

&

Luxury

Goods

-

0

.7

%

Deckers

Outdoor

Corp.

*

2,195

2,066,066

Lululemon

Athletica,

Inc.

*

4,260

1,664,169

NIKE,

Inc.,

Class

B

4,315

405,524

PVH

Corp.

6,355

893,576

5,029,335

Total

Consumer

Discretionary

86,994,029

Consumer

Staples

-

1

.5

%

Beverages

-

0

.5

%

Celsius

Holdings,

Inc.

*

12,787

1,060,298

Constellation

Brands,

Inc.,

Class

A

4,147

1,126,989

Monster

Beverage

Corp.

*

23,264

1,379,090

3,566,377

Consumer

Staples

Distribution

&

Retail

-

0

.9

%

Casey's

General

Stores,

Inc.

2,884

918,410

Costco

Wholesale

Corp.

6,245

4,575,274

Target

Corp.

5,171

916,353

6,410,037

Household

Products

-

0

.1

%

Spectrum

Brands

Holdings,

Inc.

3,690

328,447

Personal

Care

Products

-

0

.0

%

†

Coty,

Inc.,

Class

A

*

20,840

249,246

Total

Consumer

Staples

10,554,107

Energy

-

1

.5

%

Energy

Equipment

&

Services

-

0

.2

%

TechnipFMC

plc

(United

Kingdom)

68,272

1,714,310

Oil,

Gas

&

Consumable

Fuels

-

1

.3

%

Cheniere

Energy,

Inc.

4,455

718,502

Diamondback

Energy,

Inc.

3,302

654,357

Exxon

Mobil

Corp.

1,918

222,948

Marathon

Oil

Corp.

42,078

1,192,491

Marathon

Petroleum

Corp.

10,789

2,173,984

Occidental

Petroleum

Corp.

5,855

380,517

24

AQR

Funds

|

Semi-Annual

Report

|

March

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

LARGE

CAP

MOMENTUM

STYLE

FUND

Schedule

of

Investments

March

31,

2024

(Unaudited)

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Oil,

Gas

&

Consumable

Fuels

-

1.3%

(continued)

Targa

Resources

Corp.

32,374

3,625,564

8,968,363

Total

Energy

10,682,673

Financials

-

10

.4

%

Banks

-

1

.8

%

Commerce

Bancshares,

Inc.

7,169

381,391

First

Citizens

BancShares,

Inc.,

Class

A

428

699,780

JPMorgan

Chase

&

Co.

50,376

10,090,313

New

York

Community

Bancorp,

Inc.

42,635

137,284

NU

Holdings

Ltd.,

Class

A

(Brazil)

*

115,443

1,377,235

12,686,003

Capital

Markets

-

3

.1

%

Ameriprise

Financial,

Inc.

6,911

3,030,059

BlackRock,

Inc.

365

304,300

CME

Group,

Inc.

4,233

911,323

Coinbase

Global,

Inc.,

Class

A

*

8,205

2,175,310

FactSet

Research

Systems,

Inc.

1,562

709,757

Goldman

Sachs

Group,

Inc.

(The)

1,046

436,904

Intercontinental

Exchange,

Inc.

4,335

595,759

Jefferies

Financial

Group,

Inc.

24,961

1,100,780

LPL

Financial

Holdings,

Inc.

11,275

2,978,855

MarketAxess

Holdings,

Inc.

2,194

481,034

Moody's

Corp.

2,295

902,004

Morgan

Stanley

31,752

2,989,768

MSCI,

Inc.,

Class

A

5,391

3,021,386

Nasdaq,

Inc.

11,442

721,990

S&P

Global,

Inc.

3,044

1,295,070

21,654,299

Consumer

Finance

-

0

.2

%

Capital

One

Financial

Corp.

3,365

501,015

OneMain

Holdings,

Inc.

11,245

574,507

SoFi

Technologies,

Inc.

*

62,405

455,557

1,531,079

Financial

Services

-

3

.6

%

Affirm

Holdings,

Inc.,

Class

A

*

24,901

927,811

Berkshire

Hathaway,

Inc.,

Class

B

*

26,190

11,013,419

Fiserv,

Inc.

*

6,637

1,060,725

Mastercard,

Inc.,

Class

A

11,061

5,326,646

Rocket

Cos.,

Inc.,

Class

A

*

27,396

398,612

Shift4

Payments,

Inc.,

Class

A

*

7,443

491,759

UWM

Holdings

Corp.,

Class

A

78,335

568,712

Visa,

Inc.,

Class

A

19,736

5,507,923

25,295,607

Insurance

-

1

.7

%

American

International

Group,

Inc.

17,195

1,344,133

Arch

Capital

Group

Ltd.

*

16,853

1,557,891

Arthur

J

Gallagher

&

Co.

7,060

1,765,283

Assured

Guaranty

Ltd.

21,907

1,911,386

Everest

Group

Ltd.

5,138

2,042,355

INVESTMENTS

SHARES

VALUE

($)

Insurance

-

1.7%

(continued)

Progressive

Corp.

(The)

14,432

2,984,826

11,605,874

Total

Financials

72,772,862

Health

Care

-

8

.2

%

Biotechnology

-

0

.7

%

AbbVie,

Inc.

4,217

767,916

Natera,

Inc.

*

2,886

263,953

Roivant

Sciences

Ltd.

*

86,150

908,021

United

Therapeutics

Corp.

*

4,751

1,091,400

Vertex

Pharmaceuticals,

Inc.

*

4,725

1,975,097

5,006,387

Health

Care

Equipment

&

Supplies

-

1

.6

%

Boston

Scientific

Corp.

*

17,375

1,190,014

Dexcom,

Inc.

*

20,414

2,831,422

Edwards

Lifesciences

Corp.

*

9,810

937,443

Hologic,

Inc.

*

8,007

624,226

IDEXX

Laboratories,

Inc.

*

5,192

2,803,316

Insulet

Corp.

*

4,004

686,286

Intuitive

Surgical,

Inc.

*

3,924

1,566,029

Stryker

Corp.

1,647

589,412

11,228,148

Health

Care

Providers

&

Services

-

1

.8

%

Cardinal

Health,

Inc.

6,980

781,062

Elevance

Health,

Inc.

3,564

1,848,077

HCA

Healthcare,

Inc.

3,101

1,034,276

McKesson

Corp.

2,935

1,575,655

Molina

Healthcare,

Inc.

*

2,619

1,075,964

UnitedHealth

Group,

Inc.

11,735

5,805,304

12,120,338

Health

Care

Technology

-

0

.4

%

Veeva

Systems,

Inc.,

Class

A

*

10,531

2,439,928

Life

Sciences

Tools

&

Services

-

1

.2

%

Agilent

Technologies,

Inc.

4,263

620,309

Danaher

Corp.

5,035

1,257,340

IQVIA

Holdings,

Inc.

*

2,990

756,141

Revvity,

Inc.

2,682

281,610

Sotera

Health

Co.

*

12,775

153,428

Thermo

Fisher

Scientific,

Inc.

9,229

5,363,987

8,432,815

Pharmaceuticals

-

2

.5

%

Eli

Lilly

&

Co.

21,061

16,384,615

Zoetis,

Inc.,

Class

A

6,713

1,135,907

17,520,522

Total

Health

Care

56,748,138

Schedule

of

Investments

March

31,

2024

(Unaudited)

AQR

LARGE

CAP

MOMENTUM

STYLE

FUND

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

Funds

|

Semi-Annual

Report

|

March

2024

25

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Industrials

-

16

.2

%

Aerospace

&

Defense

-

1

.8

%

Axon

Enterprise,

Inc.

*

2,995

937,076

BWX

Technologies,

Inc.

26,100

2,678,382

Curtiss-Wright

Corp.

6,128

1,568,400

Howmet

Aerospace,

Inc.

17,600

1,204,368

Lockheed

Martin

Corp.

5,283

2,403,078

Northrop

Grumman

Corp.

5,286

2,530,197

TransDigm

Group,

Inc.

887

1,092,429

12,413,930

Building

Products

-

1

.6

%

A

O

Smith

Corp.

4,045

361,866

AZEK

Co.,

Inc.

(The),

Class

A

*

16,051

806,081

Builders

FirstSource,

Inc.

*

15,066

3,142,014

Fortune

Brands

Innovations,

Inc.

5,250

444,517

Lennox

International,

Inc.

2,285

1,116,817

Trane

Technologies

plc

17,060

5,121,412

Trex

Co.,

Inc.

*

3,320

331,170

11,323,877

Commercial

Services

&

Supplies

-

1

.1

%

Cintas

Corp.

5,774

3,966,911

Clean

Harbors,

Inc.

*

5,033

1,013,193

Copart,

Inc.

*

34,720

2,010,983

Rollins,

Inc.

14,763

683,084

7,674,171

Construction

&

Engineering

-

1

.0

%

AECOM

8,308

814,849

EMCOR

Group,

Inc.

2,495

873,749

Quanta

Services,

Inc.

22,005

5,716,899

7,405,497

Electrical

Equipment

-

2

.3

%

Eaton

Corp.

plc

20,081

6,278,927

Hubbell,

Inc.,

Class

B

5,488

2,277,795

nVent

Electric

plc

17,295

1,304,043

Vertiv

Holdings

Co.,

Class

A

73,899

6,035,331

15,896,096

Ground

Transportation

-

2

.2

%

CSX

Corp.

26,301

974,978

JB

Hunt

Transport

Services,

Inc.

2,681

534,190

Old

Dominion

Freight

Line,

Inc.

23,704

5,198,524

Saia,

Inc.

*

1,667

975,195

Uber

Technologies,

Inc.

*

67,239

5,176,731

Union

Pacific

Corp.

5,640

1,387,045

XPO,

Inc.

*

8,105

989,053

15,235,716

Industrial

Conglomerates

-

0

.9

%

General

Electric

Co.

28,239

4,956,792

Honeywell

International,

Inc.

5,345

1,097,061

6,053,853

INVESTMENTS

SHARES

VALUE

($)

Machinery

-

2

.8

%

Allison

Transmission

Holdings,

Inc.

37,408

3,036,033

Caterpillar,

Inc.

4,750

1,740,543

Deere

&

Co.

4,898

2,011,805

Esab

Corp.

4,268

471,913

Illinois

Tool

Works,

Inc.

6,540

1,754,878

Ingersoll

Rand,

Inc.

10,860

1,031,157

Lincoln

Electric

Holdings,

Inc.

5,730

1,463,671

PACCAR,

Inc.

33,987

4,210,649

Parker-Hannifin

Corp.

4,198

2,333,206

Westinghouse

Air

Brake

Technologies

Corp.

6,146

895,349

Xylem,

Inc.

6,645

858,800

19,808,004

Passenger

Airlines

-

0

.2

%

Delta

Air

Lines,

Inc.

24,324

1,164,390

Professional

Services

-

0

.7

%

Automatic

Data

Processing,

Inc.

3,597

898,315

Booz

Allen

Hamilton

Holding

Corp.,

Class

A

18,188

2,699,826

Paycom

Software,

Inc.

2,108

419,513

Paylocity

Holding

Corp.

*

1,201

206,404

Verisk

Analytics,

Inc.,

Class

A

4,134

974,508

5,198,566

Trading

Companies

&

Distributors

-

1

.6

%

Fastenal

Co.

25,858

1,994,686

United

Rentals,

Inc.

6,146

4,431,942

Watsco,

Inc.

3,619

1,563,299

WESCO

International,

Inc.

1,764

302,138

WW

Grainger,

Inc.

2,686

2,732,468

11,024,533

Total

Industrials

113,198,633

Information

Technology

-

33

.8

%

Communications

Equipment

-

0

.8

%

Arista

Networks,

Inc.

*

15,718

4,557,906

Cisco

Systems,

Inc.

16,503

823,665

Ubiquiti,

Inc.

3,044

352,647

5,734,218

Electronic

Equipment,

Instruments

&

Components

-

0

.8

%

Amphenol

Corp.,

Class

A

13,224

1,525,388

Crane

NXT

Co.

3,641

225,378

Jabil,

Inc.

9,294

1,244,931

Keysight

Technologies,

Inc.

*

1,638

256,151

TD

SYNNEX

Corp.

8,911

1,007,834

Zebra

Technologies

Corp.,

Class

A

*

3,165

954,058

5,213,740

IT

Services

-

1

.4

%

Accenture

plc,

Class

A

16,271

5,639,691

Cloudflare,

Inc.,

Class

A

*

4,510

436,703

EPAM

Systems,

Inc.

*

1,145

316,203

Gartner,

Inc.

*

1,255

598,221

26

AQR

Funds

|

Semi-Annual

Report

|

March

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

LARGE

CAP

MOMENTUM

STYLE

FUND

Schedule

of

Investments

March

31,

2024

(Unaudited)

(Continued)

INVESTMENTS

SHARES

VALUE

($)

IT

Services

-

1.4%

(continued)

Kyndryl

Holdings,

Inc.

*

34,881

759,011

MongoDB,

Inc.,

Class

A

*

2,508

899,469

Okta,

Inc.,

Class

A

*

9,939

1,039,818

Twilio,

Inc.,

Class

A

*

3,245

198,432

9,887,548

Semiconductors

&

Semiconductor

Equipment

-

11

.9

%

Advanced

Micro

Devices,

Inc.

*

31,152

5,622,625

Analog

Devices,

Inc.

3,373

667,146

Applied

Materials,

Inc.

3,868

797,698

Broadcom,

Inc.

10,604

14,054,648

Intel

Corp.

54,513

2,407,839

KLA

Corp.

9,827

6,864,847

Lam

Research

Corp.

2,853

2,771,889

Marvell

Technology,

Inc.

3,349

237,377

Monolithic

Power

Systems,

Inc.

3,021

2,046,486

NVIDIA

Corp.

48,504

43,826,274

Skyworks

Solutions,

Inc.

3,632

393,418

Teradyne,

Inc.

9,768

1,102,123

Texas

Instruments,

Inc.

12,583

2,192,084

82,984,454

Software

-

14

.4

%

Adobe,

Inc.

*

7,112

3,588,715

AppLovin

Corp.,

Class

A

*

20,261

1,402,466

Atlassian

Corp.,

Class

A

*

3,166

617,718

Autodesk,

Inc.

*

3,076

801,052

Cadence

Design

Systems,

Inc.

*

15,781

4,912,310

Crowdstrike

Holdings,

Inc.,

Class

A

*

2,308

739,922

Datadog,

Inc.,

Class

A

*

5,477

676,957

Dynatrace,

Inc.

*

6,517

302,649

Elastic

NV

*

6,312

632,715

Fair

Isaac

Corp.

*

2,362

2,951,579

Fortinet,

Inc.

*

14,380

982,298

Gitlab,

Inc.,

Class

A

*

2,723

158,805

Guidewire

Software,

Inc.

*

1,911

223,033

HubSpot,

Inc.

*

1,382

865,906

Intuit,

Inc.

2,897

1,883,050

Manhattan

Associates,

Inc.

*

6,816

1,705,568

Microsoft

Corp.

112,122

47,171,968

Nutanix,

Inc.,

Class

A

*

35,692

2,202,910

Oracle

Corp.

40,747

5,118,231

Palantir

Technologies,

Inc.,

Class

A

*

67,193

1,546,111

Palo

Alto

Networks,

Inc.

*

8,197

2,329,014

Salesforce,

Inc.

24,942

7,512,032

ServiceNow,

Inc.

*

4,361

3,324,826

Smartsheet,

Inc.,

Class

A

*

12,659

487,371

Synopsys,

Inc.

*

9,326

5,329,809

UiPath,

Inc.,

Class

A

*

32,005

725,553

Workday,

Inc.,

Class

A

*

8,190

2,233,823

Zscaler,

Inc.

*

816

157,186

100,583,577

INVESTMENTS

SHARES

VALUE

($)

Technology

Hardware,

Storage

&

Peripherals

-

4

.5

%

Apple,

Inc.

178,589

30,624,442

HP,

Inc.

17,380

525,223

31,149,665

Total

Information

Technology

235,553,202

Materials

-

2

.2

%

Chemicals

-

0

.9

%

Air

Products

and

Chemicals,

Inc.

1,700

411,859

Chemours

Co.

(The)

9,696

254,617

Element

Solutions,

Inc.

38,953

973,046

Olin

Corp.

20,966

1,232,801

Sherwin-Williams

Co.

(The)

7,860

2,730,014

Westlake

Corp.

2,018

308,350

5,910,687

Containers

&

Packaging

-

0

.2

%

Avery

Dennison

Corp.

4,365

974,486

Packaging

Corp.

of

America

3,115

591,165

1,565,651

Metals

&

Mining

-

1

.1

%

Freeport-McMoRan,

Inc.

36,034

1,694,319

Nucor

Corp.

15,627

3,092,583

Reliance,

Inc.

3,454

1,154,258

Steel

Dynamics,

Inc.

12,307

1,824,266

7,765,426

Total

Materials

15,241,764

Real

Estate

-

0

.7

%

Hotel

&

Resort

REITs

-

0

.0

%

†

Park

Hotels

&

Resorts,

Inc.,

REIT

17,574

307,369

Real

Estate

Management

&

Development

-

0

.4

%

CoStar

Group,

Inc.

*

29,300

2,830,380

Specialized

REITs

-

0

.3

%

American

Tower

Corp.,

REIT

4,094

808,934

Digital

Realty

Trust,

Inc.,

REIT

3,200

460,928

Iron

Mountain,

Inc.,

REIT

5,659

453,908

1,723,770

Total

Real

Estate

4,861,519

Utilities

-

0

.4

%

Electric

Utilities

-

0

.4

%

Constellation

Energy

Corp.

16,274

3,008,249

TOTAL

COMMON

STOCKS

(Cost

$321,820,422)

674,280,234

Schedule

of

Investments

March

31,

2024

(Unaudited)

AQR

LARGE

CAP

MOMENTUM

STYLE

FUND

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

Funds

|

Semi-Annual

Report

|

March

2024

27

INVESTMENTS

SHARES

VALUE

($)

SHORT-TERM

INVESTMENTS

-

3.2%

INVESTMENT

COMPANIES

-

3

.2

%

Limited

Purpose

Cash

Investment

Fund,

5.33%

(a)

(Cost

$22,029,731)

22,040,751

22,031,934

TOTAL

INVESTMENTS

IN

SECURITIES

AT

VALUE

-

99.9%

(Cost

$343,850,153)

696,312,168

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

-

0.1%

‡

817,082

NET

ASSETS

-

100.0%

697,129,250

SECTOR

VALUE

%

OF

NET

ASSETS

Communication

Services

$

64,665,058

9

.3

%

Consumer

Discretionary

86,994,029

12

.5

Consumer

Staples

10,554,107

1

.5

Energy

10,682,673

1

.5

Financials

72,772,862

10

.4

Health

Care

56,748,138

8

.2

Industrials

113,198,633

16

.2

Information

Technology

235,553,202

33

.8

Materials

15,241,764

2

.2

Real

Estate

4,861,519

0

.7

Utilities

3,008,249

0

.4

Investment

Companies

22,031,934

3

.2

Total

Investments

In

Securities

At

Value

696,312,168

99

.9

Other

Assets

in

Excess

of

Liabilities

‡

817,082

0

.1

Net

Assets

$

697,129,250

100

.0

%

All

securities

are

United

States

companies,

unless

noted

otherwise

in

parentheses.

*

Non-income

producing

security.

†

Represents

less

than

0.05%

of

net

assets.

‡

Includes

appreciation/(depreciation)

on

futures

contracts.

(a)

Represents

7-day

effective

yield

as

of

March

31,

2024.

All

securities

are

Level

1

with

respect

to

ASC

820

(See

Note

4).

Futures

contracts

outstanding

as

of

March

31,

2024:

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

43

6/2024

USD

$

11,413,275

$

178,188

Net

value

$

178,188

Collateral

pledged

to,

or

(received

from),

each

counterparty

at

March

31,

2024

was

as

follows:

COUNTERPARTY

OVER-THE-COUNTER

EXCHANGE-TRADED

TOTAL

BARC

Cash

$

–

$

814,019

$

814,019

28

AQR

Funds

|

Semi-Annual

Report

|

March

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

(Continued)

AQR

SMALL

CAP

MOMENTUM

STYLE

FUND

Schedule

of

Investments

March

31,

2024

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

COMMON

STOCKS

-

97.0%

Communication

Services

-

1

.4

%

Diversified

Telecommunication

Services

-

0

.3

%

Cogent

Communications

Holdings,

Inc.

1,462

95,513

Consolidated

Communications

Holdings,

Inc.

*

22,117

95,545

Globalstar,

Inc.

*

110,591

162,569

IDT

Corp.,

Class

B

4,799

181,450

Ooma,

Inc.

*

500

4,265

Shenandoah

Telecommunications

Co.

2,425

42,122

581,464

Entertainment

-

0

.3

%

Cinemark

Holdings,

Inc.

*

6,375

114,559

IMAX

Corp.

*

2,551

41,250

Lions

Gate

Entertainment

Corp.,

Class

A

*

9,358

93,112

Sphere

Entertainment

Co.

*

3,038

149,105

Vivid

Seats,

Inc.,

Class

A

*

7,403

44,344

442,370

Interactive

Media

&

Services

-

0

.3

%

Cargurus,

Inc.,

Class

A

*

3,945

91,050

Cars.com,

Inc.

*

2,553

43,860

fuboTV,

Inc.

*

67,353

106,418

Grindr,

Inc.

(Singapore)

*

13,267

134,395

Vimeo,

Inc.

*

15,131

61,886

437,609

Media

-

0

.4

%

Advantage

Solutions,

Inc.

*

44,515

192,750

Cardlytics,

Inc.

*

12,188

176,604

Clear

Channel

Outdoor

Holdings,

Inc.

*

26,302

43,398

Integral

Ad

Science

Holding

Corp.

*

4,380

43,669

Magnite,

Inc.

*

4,524

48,633

TechTarget,

Inc.

*

3,688

121,999

627,053

Wireless

Telecommunication

Services

-

0

.1

%

Telephone

and

Data

Systems,

Inc.

10,475

167,809

Total

Communication

Services

2,256,305

Consumer

Discretionary

-

13

.6

%

Automobile

Components

-

1

.1

%

Cooper-Standard

Holdings,

Inc.

*

4,046

67,002

Gentherm,

Inc.

*

2,229

128,346

Holley,

Inc.

*

25,123

112,048

LCI

Industries

483

59,438

Modine

Manufacturing

Co.

*

10,638

1,012,631

Patrick

Industries,

Inc.

1,211

144,678

Visteon

Corp.

*

1,390

163,478

1,687,621

INVESTMENTS

SHARES

VALUE

($)

Broadline

Retail

-

0

.2

%

Dillard's,

Inc.,

Class

A

723

340,996

Diversified

Consumer

Services

-

1

.7

%

Adtalem

Global

Education,

Inc.

*

3,184

163,657

Carriage

Services,

Inc.,

Class

A

4,475

121,004

Coursera,

Inc.

*

14,670

205,673

Duolingo,

Inc.,

Class

A

*

4,258

939,230

Frontdoor,

Inc.

*

4,048

131,884

Graham

Holdings

Co.,

Class

B

81

62,182

Laureate

Education,

Inc.,

Class

A

28,158

410,262

OneSpaWorld

Holdings

Ltd.

(Bahamas)

*

5,778

76,443

Strategic

Education,

Inc.

1,580

164,509

Stride,

Inc.

*

2,555

161,093

Udemy,

Inc.

*

15,320

168,214

Universal

Technical

Institute,

Inc.

*

8,468

134,980

WW

International,

Inc.

*

11,720

21,682

2,760,813

Hotels,

Restaurants

&

Leisure

-

2

.0

%

BJ's

Restaurants,

Inc.

*

1,506

54,487

Bloomin'

Brands,

Inc.

4,401

126,221

Dave

&

Buster's

Entertainment,

Inc.

*

2,123

132,900

First

Watch

Restaurant

Group,

Inc.

*

1,768

43,528

Golden

Entertainment,

Inc.

6,517

240,021

Inspired

Entertainment,

Inc.

*

8,605

84,845

Kura

Sushi

USA,

Inc.,

Class

A

*

2,209

254,389

Light

&

Wonder,

Inc.

*

7,102

725,043

Monarch

Casino

&

Resort,

Inc.

1,116

83,689

Papa

John's

International,

Inc.

1,098

73,127

Potbelly

Corp.

*

9,918

120,107

Red

Rock

Resorts,

Inc.,

Class

A

7,426

444,223

Rush

Street

Interactive,

Inc.

*

13,806

89,877

Shake

Shack,

Inc.,

Class

A

*

3,349

348,397

Sweetgreen,

Inc.,

Class

A

*

4,590

115,943

Target

Hospitality

Corp.

*

17,953

195,149

3,131,946

Household

Durables

-

3

.8

%

Beazer

Homes

USA,

Inc.

*

1,480

48,544

Cavco

Industries,

Inc.

*

504

201,126

Century

Communities,

Inc.

1,509

145,618

Dream

Finders

Homes,

Inc.,

Class

A

*

9,672

422,957

Ethan

Allen

Interiors,

Inc.

5,340

184,604

Green

Brick

Partners,

Inc.

*

9,406

566,523

Helen

of

Troy

Ltd.

*

524

60,386

Hovnanian

Enterprises,

Inc.,

Class

A

*

1,334

209,358

Installed

Building

Products,

Inc.

3,931

1,017,068

KB

Home

8,040

569,875

Landsea

Homes

Corp.

*

3,755

54,560

La-Z-Boy,

Inc.

2,370

89,159

Legacy

Housing

Corp.

*

2,748

59,137

M/I

Homes,

Inc.

*

3,665

499,503

Meritage

Homes

Corp.

3,828

671,661

Schedule

of

Investments

March

31,

2024

(Unaudited)

AQR

SMALL

CAP

MOMENTUM

STYLE

FUND

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

Funds

|

Semi-Annual

Report

|

March

2024

29

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Household

Durables

-

3.8%

(continued)

Skyline

Champion

Corp.

*

1,493

126,920

Taylor

Morrison

Home

Corp.,

Class

A

*

10,348

643,335

Tri

Pointe

Homes,

Inc.

*

5,680

219,589

Worthington

Enterprises,

Inc.

3,857

240,021

6,029,944

Leisure

Products

-

0

.6

%

Acushnet

Holdings

Corp.

11,106

732,441

JAKKS

Pacific,

Inc.

*

1,519

37,519

Malibu

Boats,

Inc.,

Class

A

*

1,757

76,043

MasterCraft

Boat

Holdings,

Inc.

*

3,435

81,478

Solo

Brands,

Inc.,

Class

A

*

18,503

40,152

967,633

Specialty

Retail

-

3

.9

%

Abercrombie

&

Fitch

Co.,

Class

A

*

6,706

840,463

Academy

Sports

&

Outdoors,

Inc.

4,170

281,642

American

Eagle

Outfitters,

Inc.

6,652

171,555

Asbury

Automotive

Group,

Inc.

*

1,031

243,089

Boot

Barn

Holdings,

Inc.

*

589

56,043

Buckle,

Inc.

(The)

5,074

204,330

Build-A-Bear

Workshop,

Inc.

6,434

192,184

Caleres,

Inc.

6,268

257,176

Carvana

Co.,

Class

A

*

18,504

1,626,687

Destination

XL

Group,

Inc.

*

25,947

93,409

Group

1

Automotive,

Inc.

876

255,994

Guess?,

Inc.

1,835

57,748

ODP

Corp.

(The)

*

8,720

462,596

Shoe

Carnival,

Inc.

5,985

219,290

Signet

Jewelers

Ltd.

2,892

289,402

Sonic

Automotive,

Inc.,

Class

A

5,124

291,761

ThredUp,

Inc.,

Class

A

*

23,878

47,756

Upbound

Group,

Inc.

3,176

111,827

Urban

Outfitters,

Inc.

*

7,941

344,798

Winmark

Corp.

583

210,871

6,258,621

Textiles,

Apparel

&

Luxury

Goods

-

0

.3

%

G-III

Apparel

Group

Ltd.

*

3,593

104,233

Kontoor

Brands,

Inc.

4,214

253,893

Movado

Group,

Inc.

1,574

43,962

Oxford

Industries,

Inc.

447

50,243

Vera

Bradley,

Inc.

*

12,296

83,613

535,944

Total

Consumer

Discretionary

21,713,518

Consumer

Staples

-

3

.4

%

Beverages

-

0

.9

%

Coca-Cola

Consolidated,

Inc.

987

835,407

MGP

Ingredients,

Inc.

2,446

210,674

National

Beverage

Corp.

*

4,442

210,817

Vita

Coco

Co.,

Inc.

(The)

*

5,426

132,557

1,389,455

INVESTMENTS

SHARES

VALUE

($)

Consumer

Staples

Distribution

&

Retail

-

0

.7

%

Andersons,

Inc.

(The)

2,418

138,721

Natural

Grocers

by

Vitamin

Cottage,

Inc.

3,050

55,052

Sprouts

Farmers

Market,

Inc.

*

13,578

875,509

1,069,282

Food

Products

-

0

.0

%

†

Alico,

Inc.

1,635

47,873

Household

Products

-

0

.2

%

Central

Garden

&

Pet

Co.,

Class

A

*

4,011

148,086

Oil-Dri

Corp.

of

America

831

61,960

WD-40

Co.

778

197,075

407,121

Personal

Care

Products

-

1

.6

%

BellRing

Brands,

Inc.

*

11,177

659,778

elf

Beauty,

Inc.

*

7,417

1,453,955

Inter

Parfums,

Inc.

2,904

408,041

2,521,774

Tobacco

-

0

.0

%

†

Vector

Group

Ltd.

4,005

43,895

Total

Consumer

Staples

5,479,400

Energy

-

6

.8

%

Energy

Equipment

&

Services

-

2

.5

%

Archrock,

Inc.

16,883

332,088

ChampionX

Corp.

1,608

57,711

Diamond

Offshore

Drilling,

Inc.

*

23,409

319,299

Helix

Energy

Solutions

Group,

Inc.

*

21,036

228,030

Noble

Corp.

plc

3,467

168,115

RPC,

Inc.

16,332

126,410

TETRA

Technologies,

Inc.

*

24,012

106,373

Tidewater,

Inc.

*

10,690

983,480

US

Silica

Holdings,

Inc.

*

5,179

64,271

Valaris

Ltd.

*

2,654

199,740

Weatherford

International

plc

*

11,990

1,383,886

3,969,403

Oil,

Gas

&

Consumable

Fuels

-

4

.3

%

Amplify

Energy

Corp.

*

10,595

70,033

Ardmore

Shipping

Corp.

(Ireland)

3,918

64,334

Centrus

Energy

Corp.,

Class

A

*

1,469

61,008

Chord

Energy

Corp.

682

121,560

Civitas

Resources,

Inc.

5,444

413,254

CONSOL

Energy,

Inc.

5,691

476,678

DHT

Holdings,

Inc.

5,516

63,434

Dorian

LPG

Ltd.

13,715

527,479

Equitrans

Midstream

Corp.

29,320

366,207

Green

Plains,

Inc.

*

3,931

90,885

Gulfport

Energy

Corp.

*

1,346

215,521

International

Seaways,

Inc.

9,428

501,570

Kosmos

Energy

Ltd.

(Ghana)

*

35,645

212,444

Matador

Resources

Co.

3,324

221,943

Murphy

Oil

Corp.

2,133

97,478

30

AQR

Funds

|

Semi-Annual

Report

|

March

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

SMALL

CAP

MOMENTUM

STYLE

FUND

Schedule

of

Investments

March

31,

2024

(Unaudited)

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Oil,

Gas

&

Consumable

Fuels

-

4.3%

(continued)

Nordic

American

Tankers

Ltd.

21,663

84,919

Northern

Oil

&

Gas,

Inc.

7,827

310,575

Par

Pacific

Holdings,

Inc.

*

4,052

150,167

PBF

Energy,

Inc.,

Class

A

9,338

537,589

Peabody

Energy

Corp.

2,631

63,828

Permian

Resources

Corp.,

Class

A

63,774

1,126,249

REX

American

Resources

Corp.

*

1,794

105,326

Scorpio

Tankers,

Inc.

(Monaco)

6,335

453,269

Teekay

Corp.

*

20,271

147,573

Teekay

Tankers

Ltd.,

Class

A

(Canada)

4,418

258,055

Uranium

Energy

Corp.

*

35,179

237,458

6,978,836

Total

Energy

10,948,239

Financials

-

9

.3

%

Banks

-

1

.6

%

Amalgamated

Financial

Corp.

2,172

52,128

Axos

Financial,

Inc.

*

3,478

187,951

Bancorp,

Inc.

(The)

*

9,159

306,460

Business

First

Bancshares,

Inc.

2,577

57,416

Coastal

Financial

Corp.

*

4,755

184,827

Customers

Bancorp,

Inc.

*

2,691

142,784

Esquire

Financial

Holdings,

Inc.

5,327

252,873

First

BanCorp

7,504

131,620

First

Community

Bankshares,

Inc.

1,429

49,486

Greene

County

Bancorp,

Inc.

1,677

48,281

HomeTrust

Bancshares,

Inc.

1,765

48,255

Independent

Bank

Corp.

2,281

57,823

Lakeland

Financial

Corp.

3,172

210,367

Live

Oak

Bancshares,

Inc.

2,831

117,515

Mercantile

Bank

Corp.

2,193

84,409

Northeast

Bank

3,013

166,739

OFG

Bancorp

1,958

72,074

Primis

Financial

Corp.

4,955

60,302

ServisFirst

Bancshares,

Inc.

1,141

75,717

Triumph

Financial,

Inc.

*

2,953

234,232

2,541,259

Capital

Markets

-

1

.4

%

Artisan

Partners

Asset

Management,

Inc.,

Class

A

1,872

85,681

AssetMark

Financial

Holdings,

Inc.

*

1,405

49,751

B

Riley

Financial,

Inc.

2,345

49,644

Bakkt

Holdings,

Inc.

*

45,113

20,743

BGC

Group,

Inc.,

Class

A

34,506

268,112

Brightsphere

Investment

Group,

Inc.

8,653

197,634

Donnelley

Financial

Solutions,

Inc.

*

8,190

507,862

Forge

Global

Holdings,

Inc.

*

44,790

86,445

Hamilton

Lane,

Inc.,

Class

A

1,672

188,535

Perella

Weinberg

Partners

3,315

46,841

Piper

Sandler

Cos.

573

113,735

PJT

Partners,

Inc.,

Class

A

3,670

345,934

StoneX

Group,

Inc.

*

2,151

151,129

INVESTMENTS

SHARES

VALUE

($)

Capital

Markets

-

1.4%

(continued)

Virtus

Investment

Partners,

Inc.

748

185,489

2,297,535

Consumer

Finance

-

0

.7

%

Enova

International,

Inc.

*

1,584

99,523

FirstCash

Holdings,

Inc.

3,046

388,487

Nelnet,

Inc.,

Class

A

1,414

133,835

NerdWallet,

Inc.,

Class

A

*

5,983

87,950

OppFi,

Inc.

*

27,888

69,720

PROG

Holdings,

Inc.

4,935

169,962

Upstart

Holdings,

Inc.

*

6,261

168,358

World

Acceptance

Corp.

*

386

55,962

1,173,797

Financial

Services

-

3

.1

%

A-Mark

Precious

Metals,

Inc.

6,483

198,963

AvidXchange

Holdings,

Inc.

*

17,024

223,866

Banco

Latinoamericano

de

Comercio

Exterior

SA,

Class

E

(Panama)

2,812

83,291

Cantaloupe,

Inc.

*

6,992

44,959

Enact

Holdings,

Inc.

5,553

173,142

EVERTEC,

Inc.

3,192

127,361

Federal

Agricultural

Mortgage

Corp.,

Class

C

502

98,834

Jackson

Financial,

Inc.,

Class

A

4,590

303,583

Marqeta,

Inc.,

Class

A

*

15,185

90,503

Merchants

Bancorp

7,075

305,498

Mr

Cooper

Group,

Inc.

*

14,627

1,140,175

Pagseguro

Digital

Ltd.,

Class

A

(Brazil)

*

10,834

154,709

PennyMac

Financial

Services,

Inc.

9,017

821,358

Remitly

Global,

Inc.

*

18,767

389,228

StoneCo

Ltd.,

Class

A

(Brazil)

*

25,000

415,250

Walker

&

Dunlop,

Inc.

2,583

261,038

Waterstone

Financial,

Inc.

6,106

74,310

4,906,068

Insurance

-

2

.5

%

Ambac

Financial

Group,

Inc.

*

4,428

69,210

American

Coastal

Insurance

Corp.

*

18,221

194,782

American

Equity

Investment

Life

Holding

Co.

*

4,446

249,954

CNO

Financial

Group,

Inc.

18,395

505,495

Crawford

&

Co.,

Class

A

6,012

56,693

eHealth,

Inc.

*

6,954

41,933

Employers

Holdings,

Inc.

1,132

51,381

F&G

Annuities

&

Life,

Inc.

3,189

129,314

Genworth

Financial,

Inc.,

Class

A

*

45,137

290,231

Goosehead

Insurance,

Inc.,

Class

A

*

4,092

272,609

HCI

Group,

Inc.

1,676

194,550

Lemonade,

Inc.

*

12,570

206,274

Mercury

General

Corp.

2,302

118,783

Oscar

Health,

Inc.,

Class

A

*

33,107

492,301

Palomar

Holdings,

Inc.

*

1,224

102,608

Schedule

of

Investments

March

31,

2024

(Unaudited)

AQR

SMALL

CAP

MOMENTUM

STYLE

FUND

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

Funds

|

Semi-Annual

Report

|

March

2024

31

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Insurance

-

2.5%

(continued)

Selective

Insurance

Group,

Inc.

6,429

701,854

Selectquote,

Inc.

*

37,382

74,764

SiriusPoint

Ltd.

*

14,399

183,011

Universal

Insurance

Holdings,

Inc.

3,721

75,611

4,011,358

Total

Financials

14,930,017

Health

Care

-

16

.1

%

Biotechnology

-

9

.4

%

4D

Molecular

Therapeutics,

Inc.

*

2,389

76,114

ACADIA

Pharmaceuticals,

Inc.

*

12,413

229,516

ADMA

Biologics,

Inc.

*

72,795

480,447

Alkermes

plc

*

4,563

123,520

Alpine

Immune

Sciences,

Inc.

*

8,710

345,264

ALX

Oncology

Holdings,

Inc.

*

4,665

52,015

Amicus

Therapeutics,

Inc.

*

4,062

47,850

Arcellx,

Inc.

*

7,454

518,426

Arcturus

Therapeutics

Holdings,

Inc.

*

2,899

97,899

Ardelyx,

Inc.

*

43,702

319,025

Arrowhead

Pharmaceuticals,

Inc.

*

2,624

75,046

Astria

Therapeutics,

Inc.

*

6,187

87,082

Avita

Medical,

Inc.

*

4,491

71,991

Biohaven

Ltd.

*

8,256

451,521

Biomea

Fusion,

Inc.

*

4,720

70,564

Blueprint

Medicines

Corp.

*

4,991

473,446

Bridgebio

Pharma,

Inc.

*

18,584

574,617

Cabaletta

Bio,

Inc.

*

12,259

209,139

Catalyst

Pharmaceuticals,

Inc.

*

11,276

179,740

Celcuity,

Inc.

*

2,830

61,128

Celldex

Therapeutics,

Inc.

*

2,177

91,369

Crinetics

Pharmaceuticals,

Inc.

*

6,611

309,461

Cytokinetics,

Inc.

*

5,530

387,708

Dynavax

Technologies

Corp.

*

4,264

52,916

Dyne

Therapeutics,

Inc.

*

5,606

159,154

Editas

Medicine,

Inc.

*

9,087

67,426

Entrada

Therapeutics,

Inc.

*

3,443

48,787

Halozyme

Therapeutics,

Inc.

*

4,118

167,520

Humacyte,

Inc.

*

18,205

56,618

Ideaya

Biosciences,

Inc.

*

10,043

440,687

ImmunityBio,

Inc.

*

18,090

97,143

Immunovant,

Inc.

*

15,747

508,786

Inozyme

Pharma,

Inc.

*

25,577

195,920

Insmed,

Inc.

*

9,183

249,135

Iovance

Biotherapeutics,

Inc.

*

16,304

241,625

KalVista

Pharmaceuticals,

Inc.

*

7,497

88,914

Kiniksa

Pharmaceuticals

Ltd.,

Class

A

*

9,694

191,263

Krystal

Biotech,

Inc.

*

3,781

672,753

Kura

Oncology,

Inc.

*

2,060

43,940

MacroGenics,

Inc.

*

19,538

287,599

Madrigal

Pharmaceuticals,

Inc.

*

1,146

306,028

MannKind

Corp.

*

38,031

172,280

MiMedx

Group,

Inc.

*

17,634

135,782

Mirum

Pharmaceuticals,

Inc.

*

6,637

166,721

INVESTMENTS

SHARES

VALUE

($)

Biotechnology

-

9.4%

(continued)

Nuvalent,

Inc.,

Class

A

*

7,937

595,989

Olema

Pharmaceuticals,

Inc.

*

11,361

128,607

Organogenesis

Holdings,

Inc.,

Class

A

*

16,558

47,025

ORIC

Pharmaceuticals,

Inc.

*

14,084

193,655

PDL

BioPharma,

Inc.

(3)*

34,242

2,791

PDS

Biotechnology

Corp.

*

7,815

30,947

Precigen,

Inc.

*

29,320

42,514

Protagonist

Therapeutics,

Inc.

*

6,952

201,121

Recursion

Pharmaceuticals,

Inc.,

Class

A

*

14,828

147,835

REVOLUTION

Medicines,

Inc.

*

5,394

173,849

Rhythm

Pharmaceuticals,

Inc.

*

5,415

234,632

Rocket

Pharmaceuticals,

Inc.

*

8,248

222,201

Sana

Biotechnology,

Inc.

*

6,953

69,530

Savara,

Inc.

*

14,900

74,202

Scholar

Rock

Holding

Corp.

*

10,127

179,856

SpringWorks

Therapeutics,

Inc.

*

908

44,692

Syndax

Pharmaceuticals,

Inc.

*

5,386

128,187

Tango

Therapeutics,

Inc.

*

11,693

92,842

Tenaya

Therapeutics,

Inc.

*

17,228

90,102

TG

Therapeutics,

Inc.

*

9,868

150,092

Twist

Bioscience

Corp.

*

3,637

124,786

Tyra

Biosciences,

Inc.

*

2,390

39,196

UroGen

Pharma

Ltd.

*

6,178

92,670

Vaxcyte,

Inc.

*

10,051

686,584

Vera

Therapeutics,

Inc.

*

5,199

224,181

Vericel

Corp.

*

2,236

116,317

Viking

Therapeutics,

Inc.

*

11,550

947,100

Voyager

Therapeutics,

Inc.

*

5,609

52,220

Y-mAbs

Therapeutics,

Inc.

*

9,120

148,291

Zymeworks,

Inc.

*

3,781

39,776

15,005,675

Health

Care

Equipment

&

Supplies

-

2

.3

%

Alphatec

Holdings,

Inc.

*

19,838

273,566

Artivion,

Inc.

*

5,184

109,693

AtriCure,

Inc.

*

3,525

107,231

CVRx,

Inc.

*

7,109

129,455

Glaukos

Corp.

*

3,601

339,538

Haemonetics

Corp.

*

1,372

117,100

Integer

Holdings

Corp.

*

1,503

175,370

iRadimed

Corp.

2,123

93,391

Lantheus

Holdings,

Inc.

*

4,747

295,453

LeMaitre

Vascular,

Inc.

1,424

94,497

Merit

Medical

Systems,

Inc.

*

2,719

205,964

OraSure

Technologies,

Inc.

*

18,884

116,137

PROCEPT

BioRobotics

Corp.

*

2,300

113,666

Pulmonx

Corp.

*

9,890

91,680

Pulse

Biosciences,

Inc.

*

12,555

109,354

RxSight,

Inc.

*

7,048

363,536

Semler

Scientific,

Inc.

*

1,517

44,312

Surmodics,

Inc.

*

1,360

39,902

TransMedics

Group,

Inc.

*

3,251

240,379

UFP

Technologies,

Inc.

*

2,180

549,796

32

AQR

Funds

|

Semi-Annual

Report

|

March

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

SMALL

CAP

MOMENTUM

STYLE

FUND

Schedule

of

Investments

March

31,

2024

(Unaudited)

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Health

Care

Equipment

&

Supplies

-

2.3%

(continued)

Zynex,

Inc.

*

6,665

82,446

3,692,466

Health

Care

Providers

&

Services

-

2

.2

%

Addus

HomeCare

Corp.

*

3,686

380,911

Brookdale

Senior

Living,

Inc.

*

31,623

209,028

CorVel

Corp.

*

1,613

424,154

Ensign

Group,

Inc.

(The)

1,791

222,836

HealthEquity,

Inc.

*

5,814

474,597

Hims

&

Hers

Health,

Inc.

*

18,610

287,897

LifeStance

Health

Group,

Inc.

*

31,031

191,461

NeoGenomics,

Inc.

*

10,421

163,818

OPKO

Health,

Inc.

*

97,891

117,469

Owens

&

Minor,

Inc.

*

6,334

175,515

Patterson

Cos.,

Inc.

2,949

81,540

Pennant

Group,

Inc.

(The)

*

3,071

60,284

PetIQ,

Inc.,

Class

A

*

6,662

121,781

Progyny,

Inc.

*

6,397

244,046

RadNet,

Inc.

*

4,645

226,026

Select

Medical

Holdings

Corp.

5,751

173,393

Surgery

Partners,

Inc.

*

1,443

43,045

3,597,801

Health

Care

Technology

-

0

.2

%

Evolent

Health,

Inc.,

Class

A

*

6,265

205,429

Schrodinger,

Inc.

*

3,235

87,345

292,774

Life

Sciences

Tools

&

Services

-

0

.1

%

OmniAb,

Inc.

*

8,506

46,102

Quanterix

Corp.

*

4,821

113,583

159,685

Pharmaceuticals

-

1

.9

%

Amneal

Pharmaceuticals,

Inc.

*

36,450

220,887

Amphastar

Pharmaceuticals,

Inc.

*

6,080

266,973

ANI

Pharmaceuticals,

Inc.

*

1,323

91,459

Arvinas,

Inc.

*

1,318

54,407

Axsome

Therapeutics,

Inc.

*

3,546

282,971

Collegium

Pharmaceutical,

Inc.

*

1,219

47,322

Corcept

Therapeutics,

Inc.

*

7,667

193,132

CorMedix,

Inc.

*

12,613

53,479

Edgewise

Therapeutics,

Inc.

*

2,667

48,646

Evolus,

Inc.

*

8,306

116,284

EyePoint

Pharmaceuticals,

Inc.

*

9,435

195,021

Intra-Cellular

Therapies,

Inc.

*

7,414

513,049

Liquidia

Corp.

*

25,794

380,461

Marinus

Pharmaceuticals,

Inc.

*

9,999

90,391

Prestige

Consumer

Healthcare,

Inc.

*

1,173

85,113

Tarsus

Pharmaceuticals,

Inc.

*

3,785

137,585

Third

Harmonic

Bio,

Inc.

*

4,964

46,860

Verrica

Pharmaceuticals,

Inc.

*

3,063

18,133

WaVe

Life

Sciences

Ltd.

*

8,881

54,796

INVESTMENTS

SHARES

VALUE

($)

Pharmaceuticals

-

1.9%

(continued)

Xeris

Biopharma

Holdings,

Inc.

*

39,902

88,183

2,985,152

Total

Health

Care

25,733,553

Industrials

-

21

.3

%

Aerospace

&

Defense

-

1

.5

%

AAR

Corp.

*

821

49,153

AeroVironment,

Inc.

*

2,608

399,754

Archer

Aviation,

Inc.,

Class

A

*

23,523

108,676

Astronics

Corp.

*

3,133

59,652

Cadre

Holdings,

Inc.

1,848

66,898

Kratos

Defense

&

Security

Solutions,

Inc.

*

8,378

153,988

Leonardo

DRS,

Inc.

*

14,161

312,817

Moog,

Inc.,

Class

A

1,614

257,675

National

Presto

Industries,

Inc.

561

47,012

Parsons

Corp.

*

11,101

920,828

2,376,453

Building

Products

-

3

.2

%

AAON,

Inc.

9,867

869,283

American

Woodmark

Corp.

*

1,240

126,058

CSW

Industrials,

Inc.

2,599

609,725

Gibraltar

Industries,

Inc.

*

4,314

347,406

Griffon

Corp.

11,976

878,320

Janus

International

Group,

Inc.

*

7,069

106,954

JELD-WEN

Holding,

Inc.

*

6,055

128,548

Masterbrand,

Inc.

*

5,770

108,130

Simpson

Manufacturing

Co.,

Inc.

4,998

1,025,490

UFP

Industries,

Inc.

7,524

925,527

Zurn

Elkay

Water

Solutions

Corp.

1,882

62,990

5,188,431

Commercial

Services

&

Supplies

-

1

.4

%

ACV

Auctions,

Inc.,

Class

A

*

16,623

312,014

BrightView

Holdings,

Inc.

*

5,212

62,023

Brink's

Co.

(The)

847

78,246

Casella

Waste

Systems,

Inc.,

Class

A

*

2,553

252,415

CECO

Environmental

Corp.

*

7,836

180,385

Cimpress

plc

(Ireland)

*

3,584

317,220

CoreCivic,

Inc.

*

8,006

124,974

Enviri

Corp.

*

11,220

102,663

GEO

Group,

Inc.

(The)

*

10,472

147,864

HNI

Corp.

1,198

54,066

MillerKnoll,

Inc.

5,536

137,071

Quad/Graphics,

Inc.

13,145

69,800

Steelcase,

Inc.,

Class

A

11,237

146,980

Viad

Corp.

*

2,515

99,317

VSE

Corp.

1,395

111,600

2,196,638

Schedule

of

Investments

March

31,

2024

(Unaudited)

AQR

SMALL

CAP

MOMENTUM

STYLE

FUND

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

Funds

|

Semi-Annual

Report

|

March

2024

33

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Construction

&

Engineering

-

3

.4

%

Ameresco,

Inc.,

Class

A

*

3,440

83,007

API

Group

Corp.

*

10,971

430,831

Arcosa,

Inc.

4,266

366,279

Comfort

Systems

USA,

Inc.

5,613

1,783,306

Construction

Partners,

Inc.,

Class

A

*

7,244

406,751

Dycom

Industries,

Inc.

*

1,453

208,549

Fluor

Corp.

*

8,368

353,799

IES

Holdings,

Inc.

*

1,718

208,978

Limbach

Holdings,

Inc.

*

6,676

276,520

MYR

Group,

Inc.

*

3,261

576,382

Primoris

Services

Corp.

1,962

83,522

Sterling

Infrastructure,

Inc.

*

5,513

608,139

5,386,063

Electrical

Equipment

-

1

.3

%

Atkore,

Inc.

4,587

873,181

Encore

Wire

Corp.

2,043

536,860

Fluence

Energy,

Inc.,

Class

A

*

9,585

166,204

LSI

Industries,

Inc.

4,194

63,413

Powell

Industries,

Inc.

2,175

309,503

Preformed

Line

Products

Co.

408

52,497

2,001,658

Ground

Transportation

-

0

.5

%

ArcBest

Corp.

1,589

226,433

Covenant

Logistics

Group,

Inc.,

Class

A

5,720

265,179

FTAI

Infrastructure,

Inc.

27,883

175,105

Marten

Transport

Ltd.

11,175

206,514

873,231

Machinery

-

3

.6

%

Alamo

Group,

Inc.

1,547

353,226

Blue

Bird

Corp.

*

7,379

282,911

Columbus

McKinnon

Corp.

2,229

99,480

Enerpac

Tool

Group

Corp.,

Class

A

2,323

82,838

Enpro,

Inc.

801

135,185

ESCO

Technologies,

Inc.

536

57,379

Federal

Signal

Corp.

4,712

399,907

Franklin

Electric

Co.,

Inc.

2,799

298,961

Greenbrier

Cos.,

Inc.

(The)

3,586

186,831

Hyster-Yale

Materials

Handling,

Inc.

2,552

163,762

Kadant,

Inc.

1,701

558,098

Lindsay

Corp.

1,162

136,721

Mayville

Engineering

Co.,

Inc.

*

5,422

77,697

Mueller

Industries,

Inc.

15,614

842,063

Park-Ohio

Holdings

Corp.

2,019

53,867

Proto

Labs,

Inc.

*

2,640

94,380

SPX

Technologies,

Inc.

*

5,276

649,634

Standex

International

Corp.

738

134,478

Terex

Corp.

5,878

378,543

Titan

International,

Inc.

*

15,287

190,476

Wabash

National

Corp.

2,588

77,485

INVESTMENTS

SHARES

VALUE

($)

Machinery

-

3.6%

(continued)

Watts

Water

Technologies,

Inc.,

Class

A

2,134

453,582

5,707,504

Marine

Transportation

-

0

.0

%

†

Matson,

Inc.

423

47,545

Passenger

Airlines

-

0

.4

%

Joby

Aviation,

Inc.

*

39,303

210,664

SkyWest,

Inc.

*

7,121

491,919

702,583

Professional

Services

-

2

.6

%

ASGN,

Inc.

*

2,774

290,604

Barrett

Business

Services,

Inc.

1,083

137,238

CBIZ,

Inc.

*

10,722

841,677

CRA

International,

Inc.

1,390

207,916

ExlService

Holdings,

Inc.

*

6,770

215,286

Exponent,

Inc.

1,356

112,128

Huron

Consulting

Group,

Inc.

*

5,212

503,583

ICF

International,

Inc.

3,106

467,857

Insperity,

Inc.

599

65,656

Kelly

Services,

Inc.,

Class

A

2,137

53,510

Kforce,

Inc.

1,251

88,221

Legalzoom.com,

Inc.

*

17,456

232,863

Maximus,

Inc.

2,059

172,750

TriNet

Group,

Inc.

2,640

349,774

Upwork,

Inc.

*

12,391

151,914

Verra

Mobility

Corp.,

Class

A

*

7,464

186,376

4,077,353

Trading

Companies

&

Distributors

-

3

.4

%

Applied

Industrial

Technologies,

Inc.

4,994

986,565

Beacon

Roofing

Supply,

Inc.

*

4,115

403,352

BlueLinx

Holdings,

Inc.

*

3,429

446,593

Boise

Cascade

Co.

6,317

968,838

GATX

Corp.

3,841

514,809

Global

Industrial

Co.

7,153

320,311

GMS,

Inc.

*

2,232

217,263

H&E

Equipment

Services,

Inc.

816

52,371

Herc

Holdings,

Inc.

1,680

282,744

Hudson

Technologies,

Inc.

*

22,490

247,615

MRC

Global,

Inc.

*

5,186

65,188

Rush

Enterprises,

Inc.,

Class

A

14,698

786,637

Transcat,

Inc.

*

1,499

167,034

Xometry,

Inc.,

Class

A

*

1,479

24,980

5,484,300

Total

Industrials

34,041,759

Information

Technology

-

18

.7

%

Communications

Equipment

-

0

.4

%

Aviat

Networks,

Inc.

*

2,461

94,355

Calix,

Inc.

*

5,862

194,384

Digi

International,

Inc.

*

5,783

184,651

Extreme

Networks,

Inc.

*

11,523

132,975

34

AQR

Funds

|

Semi-Annual

Report

|

March

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

SMALL

CAP

MOMENTUM

STYLE

FUND

Schedule

of

Investments

March

31,

2024

(Unaudited)

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Communications

Equipment

-

0.4%

(continued)

Harmonic,

Inc.

*

4,387

58,961

665,326

Electronic

Equipment,

Instruments

&

Components

-

2

.6

%

Advanced

Energy

Industries,

Inc.

2,167

220,991

Arlo

Technologies,

Inc.

*

14,607

184,778

Badger

Meter,

Inc.

3,617

585,267

Bel

Fuse,

Inc.,

Class

B

882

53,193

Belden,

Inc.

885

81,960

Daktronics,

Inc.

*

11,010

109,660

ePlus,

Inc.

*

2,840

223,054

Evolv

Technologies

Holdings,

Inc.

*

15,808

70,346

Fabrinet

(Thailand)

*

3,479

657,601

Insight

Enterprises,

Inc.

*

3,728

691,618

Itron,

Inc.

*

2,870

265,532

Mirion

Technologies,

Inc.

*

7,166

81,477

Napco

Security

Technologies,

Inc.

3,249

130,480

nLight,

Inc.

*

3,440

44,720

Novanta,

Inc.

*

1,513

264,427

OSI

Systems,

Inc.

*

1,422

203,090

PC

Connection,

Inc.

2,599

171,352

ScanSource,

Inc.

*

2,464

108,515

SmartRent,

Inc.

*

29,215

78,296

4,226,357

IT

Services

-

0

.8

%

Applied

Digital

Corp.

*

10,128

43,348

BigBear.ai

Holdings,

Inc.

*

22,983

47,115

Couchbase,

Inc.

*

4,662

122,657

DigitalOcean

Holdings,

Inc.

*

3,698

141,190

Fastly,

Inc.,

Class

A

*

4,790

62,126

Grid

Dynamics

Holdings,

Inc.

*

3,453

42,437

Hackett

Group,

Inc.

(The)

7,639

185,628

Perficient,

Inc.

*

1,780

100,196

Squarespace,

Inc.,

Class

A

*

13,293

484,397

Unisys

Corp.

*

15,880

77,971

1,307,065

Semiconductors

&

Semiconductor

Equipment

-

3

.5

%

ACM

Research,

Inc.,

Class

A

*

6,270

182,708

Amkor

Technology,

Inc.

18,204

586,897

Axcelis

Technologies,

Inc.

*

5,666

631,872

Cohu,

Inc.

*

3,568

118,922

Credo

Technology

Group

Holding

Ltd.

*

14,554

308,399

Diodes,

Inc.

*

3,066

216,153

FormFactor,

Inc.

*

3,422

156,146

MACOM

Technology

Solutions

Holdings,

Inc.

*

12,353

1,181,441

Onto

Innovation,

Inc.

*

2,153

389,865

PDF

Solutions,

Inc.

*

6,405

215,656

Photronics,

Inc.

*

8,478

240,097

Power

Integrations,

Inc.

860

61,533

Rambus,

Inc.

*

14,424

891,548

Ultra

Clean

Holdings,

Inc.

*

3,122

143,425

INVESTMENTS

SHARES

VALUE

($)

Semiconductors

&

Semiconductor

Equipment

-

3.5%

(continued)

Veeco

Instruments,

Inc.

*

8,355

293,845

5,618,507

Software

-

8

.0

%

A10

Networks,

Inc.

16,745

229,239

ACI

Worldwide,

Inc.

*

4,080

135,497

Agilysys,

Inc.

*

2,090

176,103

Alarm.com

Holdings,

Inc.

*

2,650

192,046

Alkami

Technology,

Inc.

*

5,273

129,558

Altair

Engineering,

Inc.,

Class

A

*

6,830

588,405

Appfolio,

Inc.,

Class

A

*

5,314

1,311,176

Asana,

Inc.,

Class

A

*

9,801

151,818

Aurora

Innovation,

Inc.

*

144,595

407,758

AvePoint,

Inc.

*

6,863

54,355

Bit

Digital,

Inc.

(China)

*

21,229

60,927

Blackbaud,

Inc.

*

940

69,692

BlackLine,

Inc.

*

2,075

134,004

Braze,

Inc.,

Class

A

*

7,349

325,561

C3.ai,

Inc.,

Class

A

*

6,606

178,824

Cipher

Mining,

Inc.

*

43,298

222,985

Cleanspark,

Inc.

*

24,970

529,614

CommVault

Systems,

Inc.

*

980

99,401

CS

Disco,

Inc.

*

6,744

54,829

Digimarc

Corp.

*

3,419

92,928

EverCommerce,

Inc.

*

5,336

50,265

Freshworks,

Inc.,

Class

A

*

17,945

326,778

Intapp,

Inc.

*

4,288

147,078

InterDigital,

Inc.

2,630

279,990

LiveRamp

Holdings,

Inc.

*

4,189

144,521

Marathon

Digital

Holdings,

Inc.

*

22,791

514,621

MicroStrategy,

Inc.,

Class

A

*

1,509

2,572,181

Mitek

Systems,

Inc.

*

3,933

55,455

N-able,

Inc.

*

3,854

50,372

NextNav,

Inc.

*

28,423

187,023

PowerSchool

Holdings,

Inc.,

Class

A

*

2,134

45,433

PROS

Holdings,

Inc.

*

2,369

86,066

Q2

Holdings,

Inc.

*

3,708

194,892

Qualys,

Inc.

*

775

129,324

Rapid7,

Inc.

*

3,568

174,975

Riot

Platforms,

Inc.

*

19,885

243,392

SEMrush

Holdings,

Inc.,

Class

A

*

7,146

94,756

SolarWinds

Corp.

*

6,407

80,856

SoundHound

AI,

Inc.

*

20,596

121,310

Sprinklr,

Inc.,

Class

A

*

17,567

215,547

Sprout

Social,

Inc.,

Class

A

*

844

50,395

SPS

Commerce,

Inc.

*

3,649

674,700

Tenable

Holdings,

Inc.

*

2,534

125,256

Terawulf,

Inc.

*

66,117

173,888

Varonis

Systems,

Inc.,

Class

B

*

7,673

361,935

Weave

Communications,

Inc.

*

15,712

180,374

Xperi,

Inc.

*

8,438

101,762

Zeta

Global

Holdings

Corp.,

Class

A

*

13,092

143,096

Schedule

of

Investments

March

31,

2024

(Unaudited)

AQR

SMALL

CAP

MOMENTUM

STYLE

FUND

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

Funds

|

Semi-Annual

Report

|

March

2024

35

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Software

-

8.0%

(continued)

Zuora,

Inc.,

Class

A

*

6,860

62,563

12,733,524

Technology

Hardware,

Storage

&

Peripherals

-

3

.4

%

IonQ,

Inc.

*

16,766

167,492

Super

Micro

Computer,

Inc.

*

5,066

5,116,812

Turtle

Beach

Corp.

*

4,263

73,494

5,357,798

Total

Information

Technology

29,908,577

Materials

-

3

.2

%

Chemicals

-

0

.8

%

Aspen

Aerogels,

Inc.

*

8,152

143,475

Hawkins,

Inc.

8,372

642,970

HB

Fuller

Co.

2,017

160,835

Innospec,

Inc.

2,133

275,029

1,222,309

Construction

Materials

-

0

.2

%

Summit

Materials,

Inc.,

Class

A

*

6,749

300,803

United

States

Lime

&

Minerals,

Inc.

350

104,349

405,152

Containers

&

Packaging

-

0

.1

%

O-I

Glass,

Inc.

*

6,220

103,190

Pactiv

Evergreen,

Inc.

3,934

56,335

159,525

Metals

&

Mining

-

2

.1

%

Alpha

Metallurgical

Resources,

Inc.

1,343

444,761

Arch

Resources,

Inc.

276

44,378

ATI,

Inc.

*

14,204

726,819

Carpenter

Technology

Corp.

3,248

231,972

Commercial

Metals

Co.

3,960

232,729

Constellium

SE,

Class

A

*

6,285

138,961

Hecla

Mining

Co.

14,091

67,778

Materion

Corp.

1,684

221,867

Metallus,

Inc.

*

13,701

304,847

Ramaco

Resources,

Inc.,

Class

A

3,770

63,487

Ryerson

Holding

Corp.

8,783

294,231

SunCoke

Energy,

Inc.

12,255

138,114

Warrior

Met

Coal,

Inc.

6,274

380,832

3,290,776

Paper

&

Forest

Products

-

0

.0

%

†

Clearwater

Paper

Corp.

*

1,266

55,362

Total

Materials

5,133,124

Real

Estate

-

2

.9

%

Diversified

REITs

-

0

.1

%

Empire

State

Realty

Trust,

Inc.,

Class

A,

REIT

12,816

129,826

INVESTMENTS

SHARES

VALUE

($)

Health

Care

REITs

-

0

.3

%

CareTrust

REIT,

Inc.,

REIT

4,824

117,561

Diversified

Healthcare

Trust,

REIT

59,460

146,271

Sabra

Health

Care

REIT,

Inc.,

REIT

9,696

143,210

407,042

Hotel

&

Resort

REITs

-

0

.3

%

Apple

Hospitality

REIT,

Inc.,

REIT

2,822

46,224

Ryman

Hospitality

Properties,

Inc.,

REIT

3,243

374,923

Service

Properties

Trust,

REIT

10,697

72,526

493,673

Industrial

REITs

-

0

.1

%

Innovative

Industrial

Properties,

Inc.,

REIT

521

53,945

Terreno

Realty

Corp.,

REIT

2,183

144,951

198,896

Office

REITs

-

0

.1

%

SL

Green

Realty

Corp.,

REIT

3,926

216,440

Real

Estate

Management

&

Development

-

0

.9

%

Anywhere

Real

Estate,

Inc.

*

14,694

90,809

Compass,

Inc.,

Class

A

*

22,610

81,396

DigitalBridge

Group,

Inc.

6,837

131,749

Forestar

Group,

Inc.

*

5,195

208,787

Newmark

Group,

Inc.,

Class

A

4,645

51,513

Opendoor

Technologies,

Inc.

*

40,358

122,285

Redfin

Corp.

*

6,776

45,060

St

Joe

Co.

(The)

10,523

610,018

1,341,617

Residential

REITs

-

0

.1

%

Apartment

Investment

and

Management

Co.,

Class

A,

REIT

*

8,913

72,998

BRT

Apartments

Corp.,

REIT

4,950

83,160

156,158

Retail

REITs

-

0

.9

%

Acadia

Realty

Trust,

REIT

4,186

71,204

Macerich

Co.

(The),

REIT

9,287

160,015

Phillips

Edison

&

Co.,

Inc.,

REIT

6,333

227,165

Tanger,

Inc.,

REIT

19,764

583,631

Urban

Edge

Properties,

REIT

8,225

142,046

Whitestone,

REIT

23,732

297,836

1,481,897

Specialized

REITs

-

0

.1

%

Farmland

Partners,

Inc.,

REIT

9,873

109,591

Uniti

Group,

Inc.,

REIT

10,128

59,755

169,346

Total

Real

Estate

4,594,895

36

AQR

Funds

|

Semi-Annual

Report

|

March

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

SMALL

CAP

MOMENTUM

STYLE

FUND

Schedule

of

Investments

March

31,

2024

(Unaudited)

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Utilities

-

0

.3

%

Electric

Utilities

-

0

.3

%

Genie

Energy

Ltd.,

Class

B

2,480

37,398

Otter

Tail

Corp.

4,914

424,570

461,968

Water

Utilities

-

0

.0

%

†

Cadiz,

Inc.

*

10,859

31,491

Consolidated

Water

Co.

Ltd.

(Cayman

Islands)

1,536

45,020

76,511

Total

Utilities

538,479

TOTAL

COMMON

STOCKS

(Cost

$85,405,589)

155,277,866

SHORT-TERM

INVESTMENTS

-

4.8%

INVESTMENT

COMPANIES

-

4

.8

%

Limited

Purpose

Cash

Investment

Fund,

5.33%

(a)

(Cost

$7,721,705)

7,725,459

7,722,369

TOTAL

INVESTMENTS

IN

SECURITIES

AT

VALUE

-

101.8%

(Cost

$93,127,294)

163,000,235

LIABILITIES

IN

EXCESS

OF

OTHER

ASSETS

-

(1.8)%

‡

(

2,850,496

)

NET

ASSETS

-

100.0%

160,149,739

SECTOR

VALUE

%

OF

NET

ASSETS

Communication

Services

$

2,256,305

1

.4

%

Consumer

Discretionary

21,713,518

13

.6

Consumer

Staples

5,479,400

3

.4

Energy

10,948,239

6

.8

Financials

14,930,017

9

.3

Health

Care

25,733,553

16

.1

Industrials

34,041,759

21

.3

Information

Technology

29,908,577

18

.7

Materials

5,133,124

3

.2

Real

Estate

4,594,895

2

.9

Utilities

538,479

0

.3

Investment

Companies

7,722,369

4

.8

Total

Investments

In

Securities

At

Value

163,000,235

101

.8

Liabilities

in

Excess

of

Other

Assets

‡

(

2,850,496

)

(

1

.8

)

Net

Assets

$

160,149,739

100

.0

%

All

securities

are

United

States

companies,

unless

noted

otherwise

in

parentheses.

*

Non-income

producing

security.

†

Represents

less

than

0.05%

of

net

assets.

‡

Includes

appreciation/(depreciation)

on

futures

contracts.

(a)

Represents

7-day

effective

yield

as

of

March

31,

2024.

All

securities

are

Level

1

with

respect

to

ASC

820,

unless

otherwise

noted

in

parentheses.

(3)

Security

fair

valued

using

significant

unobservable

inputs

(Level

3)

in

accordance

with

procedures

approved

by

the

Board

of

Trustees

(See

Note

4).

Futures

contracts

outstanding

as

of

March

31,

2024:

Exchange-Traded

DESCRIPTION

NUMBER

OF

CONTRACTS

EXPIRATION

DATE

TRADING

CURRENCY

NOTIONAL

AMOUNT

VALUE

AND

UNREALIZED

APPRECIATION

(DEPRECIATION)

Long

Contracts

Russell

2000

E-Mini

Index

64

6/2024

USD

$

6,866,880

$

112,008

Net

value

$

112,008

Schedule

of

Investments

March

31,

2024

(Unaudited)

AQR

SMALL

CAP

MOMENTUM

STYLE

FUND

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

Funds

|

Semi-Annual

Report

|

March

2024

37

Collateral

pledged

to,

or

(received

from),

each

counterparty

at

March

31,

2024

was

as

follows:

COUNTERPARTY

OVER-THE-COUNTER

EXCHANGE-TRADED

TOTAL

BARC

Cash

$

–

$

370,552

$

370,552

38

AQR

Funds

|

Semi-Annual

Report

|

March

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

(Continued)

AQR

INTERNATIONAL

MOMENTUM

STYLE

FUND

Schedule

of

Investments

March

31,

2024

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

COMMON

STOCKS

-

95.7%

Australia

-

2

.1

%

Brambles

Ltd.

57,889

609,230

CAR

Group

Ltd.

5,639

132,550

Cochlear

Ltd.

277

60,921

Fortescue

Ltd.

46,858

784,170

Goodman

Group,

REIT

81,956

1,805,270

REA

Group

Ltd.

5,051

610,302

Suncorp

Group

Ltd.

25,011

266,965

Wesfarmers

Ltd.

2,036

90,754

WiseTech

Global

Ltd.

7,229

442,147

4,802,309

—

Austria

-

0

.1

%

Erste

Group

Bank

AG

5,234

233,267

Belgium

-

0

.1

%

Lotus

Bakeries

NV

(1)

32

308,983

Brazil

-

0

.2

%

Wheaton

Precious

Metals

Corp.

(1)

7,921

373,083

Canada

-

7

.1

%

Alimentation

Couche-Tard,

Inc.

(1)

12,187

695,565

AltaGas

Ltd.

(1)

6,848

151,262

Cameco

Corp.

(1)

17,505

757,811

Canadian

Pacific

Kansas

City

Ltd.

(1)

15,181

1,338,501

Cenovus

Energy,

Inc.

(1)

12,482

249,539

CGI,

Inc.

(1)*

727

80,206

Constellation

Software,

Inc.

(1)

758

2,070,503

Dollarama,

Inc.

(1)

8,369

637,553

Fairfax

Financial

Holdings

Ltd.

(1)

781

841,858

Hydro

One

Ltd.

(1)(a)

7,477

218,037

Imperial

Oil

Ltd.

(1)

6,438

444,061

Intact

Financial

Corp.

(1)

5,158

837,892

Lumine

Group,

Inc.

(1)*(b)

2,271

60,038

Manulife

Financial

Corp.

(1)

11,369

283,942

Open

Text

Corp.

(1)

5,866

227,616

Restaurant

Brands

International,

Inc.

(1)

3,282

260,636

Shopify,

Inc.,

Class

A

(1)*

31,096

2,398,974

Teck

Resources

Ltd.,

Class

B

(1)

6,010

275,088

Thomson

Reuters

Corp.

(1)

15,397

2,396,136

WSP

Global,

Inc.

(1)

10,904

1,817,347

16,042,565

—

Denmark

-

6

.1

%

Danske

Bank

A/S

51,880

1,557,252

Demant

A/S

*

6,793

337,635

DSV

A/S

5,959

968,663

Novo

Nordisk

A/S,

Class

B

76,615

9,827,667

Pandora

A/S

6,841

1,104,179

13,795,396

—

Finland

-

0

.3

%

UPM-Kymmene

OYJ

7,595

253,040

Wartsila

OYJ

Abp

25,817

392,354

645,394

‌

‌

—

INVESTMENTS

SHARES

VALUE

($)

France

-

8

.0

%

Accor

SA

32,662

1,524,873

Adevinta

ASA

(1)*

8,826

92,516

Air

Liquide

SA

5,291

1,100,786

Airbus

SE

5,620

1,035,366

Capgemini

SE

1,728

397,631

Credit

Agricole

SA

52,314

780,417

Dassault

Aviation

SA

794

174,815

Dassault

Systemes

SE

10,859

480,697

Engie

SA

10,717

179,589

Hermes

International

SCA

1,698

4,339,715

Klepierre

SA,

REIT

4,808

124,458

Legrand

SA

2,537

268,660

L'Oreal

SA

5,091

2,410,952

LVMH

Moet

Hennessy

Louis

Vuitton

SE

1,596

1,436,076

Orange

SA

58,750

690,901

Publicis

Groupe

SA

8,705

949,024

Safran

SA

6,749

1,528,458

SEB

SA

1,085

138,818

Sodexo

SA

4,673

400,585

Vivendi

SE

6,869

74,857

18,129,194

—

Germany

-

7

.9

%

adidas

AG

1,181

263,870

Allianz

SE

(Registered)

1,696

508,321

Bechtle

AG

4,530

239,430

Commerzbank

AG

49,672

682,701

Continental

AG

5,545

400,265

E.ON

SE

24,643

343,078

Hannover

Rueck

SE

2,949

807,514

Heidelberg

Materials

AG

7,894

868,982

Infineon

Technologies

AG

8,420

286,327

Muenchener

Rueckversicherungs-

Gesellschaft

AG

in

Muenchen

(Registered)

6,870

3,353,528

Nemetschek

SE

4,991

494,024

Rational

AG

103

88,744

Rheinmetall

AG

2,751

1,547,221

RWE

AG

11,615

394,761

SAP

SE

17,506

3,408,751

Scout24

SE

(a)

5,132

386,636

Siemens

AG

(Registered)

13,660

2,608,225

Siemens

Energy

AG

*

20,262

371,884

Symrise

AG,

Class

A

675

80,805

Talanx

AG

9,912

785,200

17,920,267

—

Hong

Kong

-

0

.2

%

Techtronic

Industries

Co.

Ltd.

25,361

344,602

Italy

-

4

.3

%

Banco

BPM

SpA

55,137

366,842

Ferrari

NV

8,665

3,778,248

Intesa

Sanpaolo

SpA

425,117

1,543,403

Leonardo

SpA

26,816

673,716

Prysmian

SpA

8,551

445,968

UniCredit

SpA

73,382

2,786,997

9,595,174

‌

‌

—

Schedule

of

Investments

March

31,

2024

(Unaudited)

AQR

INTERNATIONAL

MOMENTUM

STYLE

FUND

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

Funds

|

Semi-Annual

Report

|

March

2024

39

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Japan

-

33

.5

%

Advantest

Corp.

23,732

1,054,243

Aisin

Corp.

10,400

424,973

Ajinomoto

Co.,

Inc.

14,088

526,097

Asahi

Group

Holdings

Ltd.

1,900

69,768

Asahi

Intecc

Co.

Ltd.

16,800

294,333

Azbil

Corp.

8,900

246,226

Bandai

Namco

Holdings,

Inc.

24,677

457,886

Brother

Industries

Ltd.

15,400

285,612

Canon,

Inc.

21,400

637,614

Capcom

Co.

Ltd.

8,060

150,997

Chiba

Bank

Ltd.

(The)

71,223

592,660

Chubu

Electric

Power

Co.,

Inc.

43,700

571,428

Chugai

Pharmaceutical

Co.

Ltd.

39,569

1,512,145

Concordia

Financial

Group

Ltd.

14,500

72,880

Dai

Nippon

Printing

Co.

Ltd.

15,286

468,144

Daiichi

Sankyo

Co.

Ltd.

13,806

439,292

Daikin

Industries

Ltd.

2,674

365,110

Daito

Trust

Construction

Co.

Ltd.

1,600

182,532

Daiwa

House

Industry

Co.

Ltd.

15,500

461,364

Denso

Corp.

22,800

436,658

Disco

Corp.

4,052

1,481,142

ENEOS

Holdings,

Inc.

62,600

301,598

Fast

Retailing

Co.

Ltd.

4,556

1,411,568

Fuji

Electric

Co.

Ltd.

1,600

107,367

FUJIFILM

Holdings

Corp.

16,800

377,238

Fujitsu

Ltd.

41,080

657,444

Hikari

Tsushin,

Inc.

995

187,131

Hitachi

Ltd.

18,161

1,659,560

Honda

Motor

Co.

Ltd.

97,819

1,210,382

Hoya

Corp.

6,587

823,842

Hulic

Co.

Ltd.

12,600

129,406

Ibiden

Co.

Ltd.

4,800

214,977

Idemitsu

Kosan

Co.

Ltd.

18,600

127,524

Inpex

Corp.

11,054

168,034

ITOCHU

Corp.

76,629

3,291,950

Japan

Post

Holdings

Co.

Ltd.

19,100

192,435

Japan

Tobacco,

Inc.

65,198

1,738,304

JFE

Holdings,

Inc.

15,500

256,891

Kajima

Corp.

12,500

256,558

Kansai

Electric

Power

Co.,

Inc.

(The)

17,500

249,704

Kawasaki

Kisen

Kaisha

Ltd.

11,700

157,331

Keisei

Electric

Railway

Co.

Ltd.

4,600

187,060

Keyence

Corp.

1,010

468,904

Kikkoman

Corp.

19,475

249,952

Komatsu

Ltd.

4,400

130,200

Konami

Group

Corp.

2,207

150,339

Lasertec

Corp.

700

199,521

Makita

Corp.

11,200

318,310

Marubeni

Corp.

81,042

1,403,620

Mazda

Motor

Corp.

68,992

799,590

Mitsubishi

Corp.

133,656

3,088,954

Mitsubishi

Electric

Corp.

32,000

535,646

Mitsubishi

HC

Capital,

Inc.

325,515

2,270,350

Mitsubishi

Heavy

Industries

Ltd.

141,720

1,284,456

Mitsubishi

UFJ

Financial

Group,

Inc.

140,000

1,424,374

Mitsui

&

Co.

Ltd.

32,926

1,539,343

Mitsui

Chemicals,

Inc.

2,800

82,141

Mitsui

Fudosan

Co.

Ltd.

54,300

585,434

INVESTMENTS

SHARES

VALUE

($)

Japan

-

33.5%

(continued)

Mitsui

OSK

Lines

Ltd.

3,936

120,074

Mizuho

Financial

Group,

Inc.

39,461

780,353

MS&AD

Insurance

Group

Holdings,

Inc.

44,400

783,995

Murata

Manufacturing

Co.

Ltd.

12,900

241,261

Nintendo

Co.

Ltd.

11,400

622,037

Nippon

Sanso

Holdings

Corp.

18,600

583,589

Nippon

Steel

Corp.

37,339

898,544

Nippon

Yusen

KK

48,601

1,334,296

Nissan

Chemical

Corp.

4,338

164,306

Nissin

Foods

Holdings

Co.

Ltd.

24,045

662,876

Nitori

Holdings

Co.

Ltd.

2,207

334,476

Nomura

Real

Estate

Holdings,

Inc.

4,500

127,131

Nomura

Research

Institute

Ltd.

24,422

689,891

Obic

Co.

Ltd.

7,723

1,166,568

Odakyu

Electric

Railway

Co.

Ltd.

4,600

63,410

Oracle

Corp.

Japan

800

60,161

Oriental

Land

Co.

Ltd.

11,881

380,616

ORIX

Corp.

7,900

172,787

Osaka

Gas

Co.

Ltd.

21,800

490,413

Otsuka

Holdings

Co.

Ltd.

11,200

465,229

Pan

Pacific

International

Holdings

Corp.

9,200

243,816

Recruit

Holdings

Co.

Ltd.

20,718

909,661

Renesas

Electronics

Corp.

54,651

973,917

Resona

Holdings,

Inc.

97,250

599,494

Secom

Co.

Ltd.

5,300

384,531

Shimadzu

Corp.

10,609

295,504

Shin-Etsu

Chemical

Co.

Ltd.

33,209

1,456,612

Shionogi

&

Co.

Ltd.

1,811

92,545

Shiseido

Co.

Ltd.

2,356

64,650

Shizuoka

Financial

Group,

Inc.

62,736

596,964

SoftBank

Group

Corp.

4,200

249,419

Sony

Group

Corp.

5,432

465,798

Subaru

Corp.

18,400

416,721

Sumitomo

Corp.

18,451

444,447

Sumitomo

Mitsui

Financial

Group,

Inc.

71,021

4,152,789

Sumitomo

Realty

&

Development

Co.

Ltd.

11,400

424,759

Suzuki

Motor

Corp.

44,836

511,905

T&D

Holdings,

Inc.

20,300

352,899

Taisei

Corp.

2,022

73,700

TDK

Corp.

5,400

265,183

Terumo

Corp.

35,114

642,539

Tobu

Railway

Co.

Ltd.

9,663

241,622

Tokio

Marine

Holdings,

Inc.

24,300

761,714

Tokyo

Electric

Power

Co.

Holdings,

Inc.

*

81,800

497,191

Tokyo

Electron

Ltd.

8,929

2,325,550

Tokyo

Gas

Co.

Ltd.

14,127

321,147

TOPPAN

Holdings,

Inc.

19,200

481,287

Toyota

Industries

Corp.

4,400

460,377

Toyota

Motor

Corp.

245,300

6,199,949

Toyota

Tsusho

Corp.

7,378

506,654

Unicharm

Corp.

3,957

125,976

USS

Co.

Ltd.

7,524

62,202

Yamato

Holdings

Co.

Ltd.

4,100

59,009

Yaskawa

Electric

Corp.

2,700

114,952

Yokogawa

Electric

Corp.

15,100

347,744

40

AQR

Funds

|

Semi-Annual

Report

|

March

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

INTERNATIONAL

MOMENTUM

STYLE

FUND

Schedule

of

Investments

March

31,

2024

(Unaudited)

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Japan

-

33.5%

(continued)

Zensho

Holdings

Co.

Ltd.

5,300

220,401

75,454,183

—

Netherlands

-

8

.3

%

ASM

International

NV

2,275

1,393,216

ASML

Holding

NV

4,153

4,026,175

BE

Semiconductor

Industries

NV

7,618

1,166,915

Koninklijke

KPN

NV

96,541

361,103

Koninklijke

Philips

NV

*

8,365

167,417

Shell

plc

256,683

8,516,614

Universal

Music

Group

NV

5,112

153,617

Wolters

Kluwer

NV

17,543

2,747,056

18,532,113

—

New

Zealand

-

0

.1

%

Xero

Ltd.

*

3,820

331,688

Norway

-

0

.4

%

Kongsberg

Gruppen

ASA

7,733

533,948

Salmar

ASA

4,540

299,632

833,580

—

Singapore

-

0

.3

%

DBS

Group

Holdings

Ltd.

7,312

195,141

STMicroelectronics

NV

10,182

438,216

633,357

—

Spain

-

2

.1

%

ACS

Actividades

de

Construccion

y

Servicios

SA

18,525

775,798

Aena

SME

SA

(a)

692

136,292

Amadeus

IT

Group

SA

1,522

97,707

Banco

Bilbao

Vizcaya

Argentaria

SA

162,242

1,932,059

Banco

Santander

SA

146,653

716,317

Iberdrola

SA

24,566

305,118

Industria

de

Diseno

Textil

SA

16,997

855,906

4,819,197

—

Sweden

-

2

.3

%

Atlas

Copco

AB,

Class

A

57,417

969,690

H

&

M

Hennes

&

Mauritz

AB,

Class

B

12,270

200,076

Hexagon

AB,

Class

B

96,475

1,140,424

Investor

AB,

Class

B

39,247

984,877

Saab

AB,

Class

B

6,227

553,910

Sandvik

AB

10,002

222,052

SKF

AB,

Class

B

7,636

155,888

Volvo

AB,

Class

B

38,151

1,033,947

5,260,864

—

Switzerland

-

4

.3

%

ABB

Ltd.

(Registered)

15,847

735,147

Chocoladefabriken

Lindt

&

Spruengli

AG

14

167,564

EMS-Chemie

Holding

AG

(Registered)

698

534,960

Geberit

AG

(Registered)

251

148,337

Givaudan

SA

(Registered)

101

449,626

INVESTMENTS

SHARES

VALUE

($)

Switzerland

-

4.3%

(continued)

Kuehne

+

Nagel

International

AG

(Registered)

1,898

528,059

Logitech

International

SA

(Registered)

4,236

379,585

Lonza

Group

AG

(Registered)

462

276,091

Novartis

AG

(Registered)

13,212

1,279,694

Partners

Group

Holding

AG

1,321

1,887,029

Sika

AG

(Registered)

3,604

1,072,372

Temenos

AG

(Registered)

3,876

277,252

UBS

Group

AG

(Registered)

53,922

1,660,308

VAT

Group

AG

(a)

786

406,043

9,802,067

—

United

Kingdom

-

5

.0

%

3i

Group

plc

19,506

691,632

Admiral

Group

plc

1,917

68,701

Ashtead

Group

plc

15,045

1,071,644

Associated

British

Foods

plc

11,286

356,083

AstraZeneca

plc

1,295

173,975

BAE

Systems

plc

103,894

1,770,918

Bunzl

plc

7,883

303,319

Compass

Group

plc

19,222

563,832

HSBC

Holdings

plc

10,506

82,124

Informa

plc

14,356

150,623

InterContinental

Hotels

Group

plc

6,621

688,001

JD

Sports

Fashion

plc

169,248

287,528

London

Stock

Exchange

Group

plc

2,881

344,723

Melrose

Industries

plc

104,471

887,053

Rolls-Royce

Holdings

plc

*

367,997

1,979,959

Sage

Group

plc

(The)

45,950

734,375

SSE

plc

9,787

204,039

Whitbread

plc

16,935

708,018

Wise

plc,

Class

A

*

19,704

230,327

11,296,874

—

United

States

-

3

.0

%

CRH

plc

13,249

1,143,521

CSL

Ltd.

2,954

554,252

Experian

plc

4,463

194,466

Ferguson

plc

701

153,375

Ferrovial

SE

5,819

230,385

Holcim

AG

7,913

716,892

Jackson

Financial,

Inc.,

Class

A

(1)

223

14,749

Schneider

Electric

SE

8,827

1,995,578

Stellantis

NV

54,208

1,539,997

Swiss

Re

AG

1,814

233,344

6,776,559

—

TOTAL

COMMON

STOCKS

(Cost

$122,963,284)

215,930,716

NO.

OF

WARRANTS

WARRANTS

-

0.0%

Canada

-

0

.0

%

Constellation

Software,

Inc.,

expiring

3/31/2040

(3)*

(Cost

$–)

758

–

Schedule

of

Investments

March

31,

2024

(Unaudited)

AQR

INTERNATIONAL

MOMENTUM

STYLE

FUND

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

Funds

|

Semi-Annual

Report

|

March

2024

41

INVESTMENTS

SHARES

VALUE

($)

SHORT-TERM

INVESTMENTS

-

3.5%

INVESTMENT

COMPANIES

-

3

.5

%

Limited

Purpose

Cash

Investment

Fund,

5.33%

(1)(c)

(Cost

$7,895,574)

7,899,494

7,896,334

TOTAL

INVESTMENTS

IN

SECURITIES

AT

VALUE

-

99.2%

(Cost

$130,858,858)

223,827,050

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

-

0.8%

‡

1,883,445

NET

ASSETS

-

100.0%

225,710,495

SECTOR

VALUE

%

OF

NET

ASSETS

Communication

Services

$

4,774,920

2

.1

%

Consumer

Discretionary

32,893,577

14

.6

Consumer

Staples

7,676,402

3

.4

Energy

10,565,180

4

.7

Financials

37,431,128

16

.6

Health

Care

16,947,575

7

.5

Industrials

54,317,514

24

.1

Information

Technology

32,462,891

14

.4

Materials

11,095,408

4

.9

Real

Estate

3,840,354

1

.7

Utilities

3,925,767

1

.7

Investment

Companies

7,896,334

3

.5

Total

Investments

In

Securities

At

Value

223,827,050

99

.2

Other

Assets

in

Excess

of

Liabilities

‡

1,883,445

0

.8

Net

Assets

$

225,710,495

100

.0

%

*

Non-income

producing

security.

‡

Includes

appreciation/(depreciation)

on

futures

contracts.

(a)

Securities

exempt

from

registration

under

Rule

144A

or

section

4(2),

of

the

Securities

Act

of

1933.

Under

procedures

approved

by

the

Board

of

Trustees,

such

securities

have

been

determined

to

be

liquid

by

the

investment

adviser

and

may

be

resold,

normally

to

qualified

institutional

buyers

in

transactions

exempt

from

registration.

Total

value

of

all

such

securities

at

March

31,

2024

amounted

to

$1,147,008,

which

represents

0.51%

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,

2024

amounted

to

$60,038,

which

represents

0.03%

of

net

assets

of

the

Fund.

(c)

Represents

7-day

effective

yield

as

of

March

31,

2024.

All

securities

are

Level

2

with

respect

to

ASC

820,

unless

otherwise

noted

in

parentheses.

(1)

Level

1

security

(See

Note

4).

(3)

Security

fair

valued

using

significant

unobservable

inputs

(Level

3)

in

accordance

with

procedures

approved

by

the

Board

of

Trustees

(See

Note

4).

Futures

contracts

outstanding

as

of

March

31,

2024:

Exchange-Traded

DESCRIPTION

NUMBER

OF

CONTRACTS

EXPIRATION

DATE

TRADING

CURRENCY

NOTIONAL

AMOUNT

VALUE

AND

UNREALIZED

APPRECIATION

(DEPRECIATION)

Long

Contracts

MSCI

EAFE

E-Mini

Index

66

6/2024

USD

$

7,778,430

$

86,537

Net

value

$

86,537

Collateral

pledged

to,

or

(received

from),

each

counterparty

at

March

31,

2024

was

as

follows:

COUNTERPARTY

OVER-THE-COUNTER

EXCHANGE-TRADED

TOTAL

BARC

Cash

$

–

$

163,632

$

163,632

42

AQR

Funds

|

Semi-Annual

Report

|

March

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

(Continued)

AQR

LARGE

CAP

DEFENSIVE

STYLE

FUND

Schedule

of

Investments

March

31,

2024

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

COMMON

STOCKS

-

95.7%

Communication

Services

-

5

.8

%

Diversified

Telecommunication

Services

-

0

.6

%

AT&T,

Inc.

744,706

13,106,826

Verizon

Communications,

Inc.

56,831

2,384,629

15,491,455

Entertainment

-

1

.4

%

Electronic

Arts,

Inc.

291,563

38,681,663

Interactive

Media

&

Services

-

2

.4

%

Alphabet,

Inc.,

Class

A

*

254,637

38,432,362

Meta

Platforms,

Inc.,

Class

A

52,860

25,667,759

64,100,121

Wireless

Telecommunication

Services

-

1

.4

%

T-Mobile

US,

Inc.

237,160

38,709,255

Total

Communication

Services

156,982,494

Consumer

Discretionary

-

6

.4

%

Diversified

Consumer

Services

-

0

.2

%

Grand

Canyon

Education,

Inc.

*

42,175

5,744,657

Hotels,

Restaurants

&

Leisure

-

1

.6

%

Booking

Holdings,

Inc.

792

2,873,281

Chipotle

Mexican

Grill,

Inc.,

Class

A

*

2,887

8,391,845

McDonald's

Corp.

96,388

27,176,597

Texas

Roadhouse,

Inc.,

Class

A

30,901

4,773,277

43,215,000

Household

Durables

-

0

.8

%

Garmin

Ltd.

75,680

11,266,482

NVR,

Inc.

*

494

4,001,380

PulteGroup,

Inc.

49,330

5,950,184

21,218,046

Specialty

Retail

-

2

.7

%

AutoZone,

Inc.

*

7,988

25,175,380

Murphy

USA,

Inc.

19,477

8,164,758

O'Reilly

Automotive,

Inc.

*

33,837

38,197,913

71,538,051

Textiles,

Apparel

&

Luxury

Goods

-

1

.1

%

Deckers

Outdoor

Corp.

*

23,410

22,034,897

Lululemon

Athletica,

Inc.

*

20,250

7,910,662

29,945,559

Total

Consumer

Discretionary

171,661,313

Consumer

Staples

-

17

.5

%

Beverages

-

4

.1

%

Coca-Cola

Co.

(The)

607,073

37,140,726

Molson

Coors

Beverage

Co.,

Class

B

218,144

14,670,184

Monster

Beverage

Corp.

*

323,670

19,187,158

PepsiCo,

Inc.

221,313

38,731,988

109,730,056

INVESTMENTS

SHARES

VALUE

($)

Consumer

Staples

Distribution

&

Retail

-

4

.4

%

Casey's

General

Stores,

Inc.

38,227

12,173,388

Costco

Wholesale

Corp.

51,677

37,860,121

Kroger

Co.

(The)

661,566

37,795,266

Walmart,

Inc.

510,373

30,709,143

118,537,918

Food

Products

-

5

.0

%

Flowers

Foods,

Inc.

97,131

2,306,861

General

Mills,

Inc.

265,921

18,606,493

Hershey

Co.

(The)

112,712

21,922,484

Hormel

Foods

Corp.

25,940

905,047

J

M

Smucker

Co.

(The)

211,444

26,614,456

Kraft

Heinz

Co.

(The)

969,790

35,785,251

Mondelez

International,

Inc.,

Class

A

401,242

28,086,940

134,227,532

Household

Products

-

4

.0

%

Church

&

Dwight

Co.,

Inc.

308,312

32,160,025

Colgate-Palmolive

Co.

387,171

34,864,748

Kimberly-Clark

Corp.

6,432

831,979

Procter

&

Gamble

Co.

(The)

236,284

38,337,079

106,193,831

Total

Consumer

Staples

468,689,337

Energy

-

3

.6

%

Oil,

Gas

&

Consumable

Fuels

-

3

.6

%

Chesapeake

Energy

Corp.

11,444

1,016,571

Chevron

Corp.

227,792

35,931,910

ConocoPhillips

38,925

4,954,374

DT

Midstream,

Inc.

12,892

787,701

EOG

Resources,

Inc.

84,235

10,768,602

Exxon

Mobil

Corp.

278,010

32,315,883

Kinder

Morgan,

Inc.

76,595

1,404,752

Marathon

Petroleum

Corp.

29,977

6,040,366

Phillips

66

17,945

2,931,136

Total

Energy

96,151,295

Financials

-

14

.2

%

Capital

Markets

-

3

.2

%

Cboe

Global

Markets,

Inc.

213,255

39,181,341

CME

Group,

Inc.

178,211

38,367,046

Intercontinental

Exchange,

Inc.

61,543

8,457,855

86,006,242

Financial

Services

-

3

.3

%

Jack

Henry

&

Associates,

Inc.

4,818

837,031

Mastercard,

Inc.,

Class

A

80,390

38,713,412

MGIC

Investment

Corp.

429,651

9,606,997

Visa,

Inc.,

Class

A

137,704

38,430,432

87,587,872

Insurance

-

7

.7

%

Arch

Capital

Group

Ltd.

*

72,482

6,700,236

Arthur

J

Gallagher

&

Co.

87,666

21,920,007

Assurant,

Inc.

42,856

8,067,213

Schedule

of

Investments

March

31,

2024

(Unaudited)

AQR

LARGE

CAP

DEFENSIVE

STYLE

FUND

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

Funds

|

Semi-Annual

Report

|

March

2024

43

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Insurance

-

7.7%

(continued)

Assured

Guaranty

Ltd.

45,026

3,928,518

Chubb

Ltd.

89,716

23,248,107

CNA

Financial

Corp.

28,962

1,315,454

Everest

Group

Ltd.

51,578

20,502,255

Markel

Group,

Inc.

*

2,100

3,195,108

Marsh

&

McLennan

Cos.,

Inc.

116,121

23,918,604

Progressive

Corp.

(The)

167,133

34,566,447

Reinsurance

Group

of

America,

Inc.

28,241

5,447,124

RenaissanceRe

Holdings

Ltd.

33,302

7,826,969

Travelers

Cos.,

Inc.

(The)

107,380

24,712,433

Unum

Group

196,686

10,554,171

W

R

Berkley

Corp.

59,131

5,229,546

White

Mountains

Insurance

Group

Ltd.

2,680

4,808,724

205,940,916

Total

Financials

379,535,030

Health

Care

-

17

.4

%

Biotechnology

-

4

.6

%

AbbVie,

Inc.

89,938

16,377,710

Exelixis,

Inc.

*

105,815

2,510,990

Gilead

Sciences,

Inc.

92,079

6,744,787

Neurocrine

Biosciences,

Inc.

*

41,036

5,659,685

Regeneron

Pharmaceuticals,

Inc.

*

36,804

35,423,482

United

Therapeutics

Corp.

*

74,032

17,006,631

Vertex

Pharmaceuticals,

Inc.

*

92,069

38,485,762

122,209,047

Health

Care

Equipment

&

Supplies

-

1

.8

%

Abbott

Laboratories

163,950

18,634,557

Becton

Dickinson

&

Co.

68,058

16,840,952

Medtronic

plc

41,707

3,634,765

Stryker

Corp.

29,476

10,548,576

49,658,850

Health

Care

Providers

&

Services

-

5

.5

%

Cardinal

Health,

Inc.

147,965

16,557,284

Cencora,

Inc.

73,652

17,896,699

Centene

Corp.

*

118,451

9,296,034

Chemed

Corp.

16,133

10,356,257

Cigna

Group

(The)

18,568

6,743,712

Elevance

Health,

Inc.

15,053

7,805,583

McKesson

Corp.

71,250

38,250,562

Molina

Healthcare,

Inc.

*

9,401

3,862,213

UnitedHealth

Group,

Inc.

72,605

35,917,694

146,686,038

Health

Care

Technology

-

0

.2

%

Veeva

Systems,

Inc.,

Class

A

*

28,149

6,521,842

Life

Sciences

Tools

&

Services

-

1

.1

%

Danaher

Corp.

100,099

24,996,722

Thermo

Fisher

Scientific,

Inc.

4,717

2,741,568

West

Pharmaceutical

Services,

Inc.

2,655

1,050,610

28,788,900

INVESTMENTS

SHARES

VALUE

($)

Pharmaceuticals

-

4

.2

%

Eli

Lilly

&

Co.

49,374

38,410,997

Johnson

&

Johnson

243,240

38,478,136

Merck

&

Co.,

Inc.

273,998

36,154,036

113,043,169

Total

Health

Care

466,907,846

Industrials

-

16

.2

%

Aerospace

&

Defense

-

3

.6

%

General

Dynamics

Corp.

85,430

24,133,121

Lockheed

Martin

Corp.

84,115

38,261,390

Northrop

Grumman

Corp.

71,171

34,066,711

96,461,222

Air

Freight

&

Logistics

-

0

.5

%

Expeditors

International

of

Washington,

Inc.

109,878

13,357,868

Commercial

Services

&

Supplies

-

4

.4

%

Cintas

Corp.

43,038

29,568,397

Copart,

Inc.

*

103,035

5,967,787

Republic

Services,

Inc.,

Class

A

200,617

38,406,119

Rollins,

Inc.

100,865

4,667,024

Waste

Management,

Inc.

179,568

38,274,919

116,884,246

Ground

Transportation

-

1

.6

%

Landstar

System,

Inc.

104,730

20,187,755

Old

Dominion

Freight

Line,

Inc.

87,080

19,097,515

U-Haul

Holding

Co.

*

2,125

143,522

Union

Pacific

Corp.

19,257

4,735,874

44,164,666

Industrial

Conglomerates

-

1

.0

%

General

Electric

Co.

149,666

26,270,873

Machinery

-

0

.9

%

Crane

Co.

17,585

2,376,261

Cummins,

Inc.

12,984

3,825,736

IDEX

Corp.

3,856

940,941

Illinois

Tool

Works,

Inc.

38,005

10,197,882

Lincoln

Electric

Holdings,

Inc.

13,158

3,361,079

PACCAR,

Inc.

31,180

3,862,890

Snap-on,

Inc.

3,147

932,204

25,496,993

Professional

Services

-

3

.3

%

Automatic

Data

Processing,

Inc.

69,786

17,428,356

Booz

Allen

Hamilton

Holding

Corp.,

Class

A

15,816

2,347,727

CACI

International,

Inc.,

Class

A

*

55,380

20,979,605

FTI

Consulting,

Inc.

*

115,240

24,233,820

Leidos

Holdings,

Inc.

24,266

3,181,030

Paychex,

Inc.

39,389

4,836,969

Science

Applications

International

Corp.

11,649

1,518,913

44

AQR

Funds

|

Semi-Annual

Report

|

March

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

LARGE

CAP

DEFENSIVE

STYLE

FUND

Schedule

of

Investments

March

31,

2024

(Unaudited)

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Professional

Services

-

3.3%

(continued)

Verisk

Analytics,

Inc.,

Class

A

56,093

13,222,803

87,749,223

Trading

Companies

&

Distributors

-

0

.9

%

Fastenal

Co.

80,827

6,234,995

WW

Grainger,

Inc.

17,520

17,823,096

24,058,091

Total

Industrials

434,443,182

Information

Technology

-

12

.9

%

Communications

Equipment

-

1

.8

%

Arista

Networks,

Inc.

*

28,724

8,329,386

Cisco

Systems,

Inc.

772,151

38,538,056

F5,

Inc.

*

4,070

771,631

Ubiquiti,

Inc.

6,630

768,086

48,407,159

Electronic

Equipment,

Instruments

&

Components

-

0

.8

%

Amphenol

Corp.,

Class

A

145,779

16,815,608

Arrow

Electronics,

Inc.

*

22,071

2,857,312

TD

SYNNEX

Corp.

8,134

919,955

20,592,875

IT

Services

-

2

.0

%

Accenture

plc,

Class

A

35,337

12,248,158

Akamai

Technologies,

Inc.

*

60,052

6,531,255

Amdocs

Ltd.

136,547

12,339,752

International

Business

Machines

Corp.

99,850

19,067,356

VeriSign,

Inc.

*

11,716

2,220,299

52,406,820

Semiconductors

&

Semiconductor

Equipment

-

0

.3

%

Analog

Devices,

Inc.

14,700

2,907,513

Broadcom,

Inc.

785

1,040,447

NVIDIA

Corp.

6,001

5,422,263

9,370,223

Software

-

6

.7

%

Adobe,

Inc.

*

43,974

22,189,280

Aspen

Technology,

Inc.

*

3,677

784,231

Cadence

Design

Systems,

Inc.

*

115,246

35,873,775

Crowdstrike

Holdings,

Inc.,

Class

A

*

23,280

7,463,335

Dolby

Laboratories,

Inc.,

Class

A

129,006

10,806,833

Fortinet,

Inc.

*

169,129

11,553,202

Gitlab,

Inc.,

Class

A

*

25,479

1,485,935

Manhattan

Associates,

Inc.

*

35,797

8,957,483

Microsoft

Corp.

80,203

33,743,006

Roper

Technologies,

Inc.

68,712

38,536,438

Synopsys,

Inc.

*

16,359

9,349,169

180,742,687

Technology

Hardware,

Storage

&

Peripherals

-

1

.3

%

Apple,

Inc.

204,233

35,021,875

Total

Information

Technology

346,541,639

INVESTMENTS

SHARES

VALUE

($)

Materials

-

0

.5

%

Chemicals

-

0

.5

%

Linde

plc

18,086

8,397,692

NewMarket

Corp.

7,062

4,481,686

Total

Materials

12,879,378

Utilities

-

1

.2

%

Electric

Utilities

-

0

.5

%

Duke

Energy

Corp.

86,232

8,339,497

Hawaiian

Electric

Industries,

Inc.

261,456

2,946,609

Xcel

Energy,

Inc.

14,396

773,785

12,059,891

Gas

Utilities

-

0

.1

%

Atmos

Energy

Corp.

32,664

3,882,769

Multi-Utilities

-

0

.6

%

Consolidated

Edison,

Inc.

171,401

15,564,925

Total

Utilities

31,507,585

TOTAL

COMMON

STOCKS

(Cost

$1,504,008,437)

2,565,299,099

SHORT-TERM

INVESTMENTS

-

0.6%

INVESTMENT

COMPANIES

-

0

.6

%

Limited

Purpose

Cash

Investment

Fund,

5.33%

(a)

(Cost

$15,432,419)

15,440,139

15,433,963

TOTAL

INVESTMENTS

IN

SECURITIES

AT

VALUE

-

96.3%

(Cost

$1,519,440,856)

2,580,733,062

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

-

3.7%

‡

100,027,404

NET

ASSETS

-

100.0%

2,680,760,466

SECTOR

VALUE

%

OF

NET

ASSETS

Communication

Services

$

156,982,494

5

.8

%

Consumer

Discretionary

171,661,313

6

.4

Consumer

Staples

468,689,337

17

.5

Energy

96,151,295

3

.6

Financials

379,535,030

14

.2

Health

Care

466,907,846

17

.4

Industrials

434,443,182

16

.2

Information

Technology

346,541,639

12

.9

Materials

12,879,378

0

.5

Utilities

31,507,585

1

.2

Investment

Companies

15,433,963

0

.6

Total

Investments

In

Securities

At

Value

2,580,733,062

96

.3

Other

Assets

in

Excess

of

Liabilities

‡

100,027,404

3

.7

Net

Assets

$

2,680,760,466

100

.0

%

Schedule

of

Investments

March

31,

2024

(Unaudited)

AQR

LARGE

CAP

DEFENSIVE

STYLE

FUND

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

Funds

|

Semi-Annual

Report

|

March

2024

45

All

securities

are

United

States

companies,

unless

noted

otherwise

in

parentheses.

*

Non-income

producing

security.

‡

Includes

appreciation/(depreciation)

on

futures

contracts.

(a)

Represents

7-day

effective

yield

as

of

March

31,

2024.

All

securities

are

Level

1

with

respect

to

ASC

820

(See

Note

4).

Futures

contracts

outstanding

as

of

March

31,

2024:

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

279

6/2024

USD

$

74,053,575

$

99,727

Net

value

$

99,727

Collateral

pledged

to,

or

(received

from),

each

counterparty

at

March

31,

2024

was

as

follows:

COUNTERPARTY

OVER-THE-COUNTER

EXCHANGE-TRADED

TOTAL

GSCO

Cash

$

–

$

1,166,811

$

1,166,811

46

AQR

Funds

|

Semi-Annual

Report

|

March

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

(Continued)

AQR

INTERNATIONAL

DEFENSIVE

STYLE

FUND

Schedule

of

Investments

March

31,

2024

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

COMMON

STOCKS

-

94.8%

Australia

-

7

.4

%

ANZ

Group

Holdings

Ltd.

53,331

1,022,148

Aurizon

Holdings

Ltd.

234,392

611,166

BHP

Group

Ltd.

38,878

1,124,116

Brambles

Ltd.

12,311

129,562

Cochlear

Ltd.

10,954

2,409,127

Coles

Group

Ltd.

43,165

476,508

Fortescue

Ltd.

48,635

813,909

Goodman

Group,

REIT

26,881

592,116

Medibank

Pvt

Ltd.

149,829

367,100

QBE

Insurance

Group

Ltd.

21,446

253,507

REA

Group

Ltd.

14,545

1,757,443

Santos

Ltd.

109,455

554,160

Sonic

Healthcare

Ltd.

31,208

598,033

Telstra

Group

Ltd.

1,355,158

3,408,799

Washington

H

Soul

Pattinson

&

Co.

Ltd.

20,773

454,773

Wesfarmers

Ltd.

29,562

1,317,722

Woodside

Energy

Group

Ltd.

19,180

382,303

Woolworths

Group

Ltd.

85,111

1,839,763

18,112,255

—

Austria

-

0

.0

%

†

OMV

AG

2,070

98,040

Belgium

-

0

.9

%

Anheuser-Busch

InBev

SA/NV

15,325

932,894

Groupe

Bruxelles

Lambert

NV

354

26,762

KBC

Group

NV

10,505

787,582

Lotus

Bakeries

NV

(1)

15

144,836

UCB

SA

2,856

352,564

2,244,638

—

Brazil

-

1

.1

%

Wheaton

Precious

Metals

Corp.

(1)

43,365

2,042,514

Yara

International

ASA

20,186

640,080

2,682,594

—

Canada

-

11

.0

%

Alimentation

Couche-Tard,

Inc.

(1)

13,232

755,207

Bank

of

Montreal

(1)

1,972

192,534

Bank

of

Nova

Scotia

(The)

(1)

7,201

372,503

Barrick

Gold

Corp.

(1)

5,864

97,535

BCE,

Inc.

(1)

26,044

885,021

Canadian

National

Railway

Co.

(1)

14,914

1,963,907

Canadian

Natural

Resources

Ltd.

(1)

2,164

165,078

Canadian

Pacific

Kansas

City

Ltd.

(1)

12,615

1,112,258

CGI,

Inc.

(1)*

23,023

2,540,000

Constellation

Software,

Inc.

(1)

655

1,789,155

Descartes

Systems

Group,

Inc.

(The)

(1)*

4,966

454,238

Fairfax

Financial

Holdings

Ltd.

(1)

452

487,221

Fortis,

Inc.

(1)

1,804

71,278

Franco-Nevada

Corp.

(1)

12,505

1,490,020

George

Weston

Ltd.

(1)

1,315

177,666

Hydro

One

Ltd.

(1)(a)

45,825

1,336,302

Imperial

Oil

Ltd.

(1)

18,089

1,247,688

Intact

Financial

Corp.

(1)

11,764

1,911,004

INVESTMENTS

SHARES

VALUE

($)

Canada

-

11.0%

(continued)

Loblaw

Cos.

Ltd.

(1)

31,600

3,501,650

Lumine

Group,

Inc.

(1)*(b)

2,895

76,535

Metro,

Inc.,

Class

A

(1)

37,620

2,019,657

Royal

Bank

of

Canada

(1)

10,211

1,029,882

Saputo,

Inc.

(1)

15,226

299,563

Shopify,

Inc.,

Class

A

(1)*

8,899

686,535

Sun

Life

Financial,

Inc.

(1)

3,828

208,872

Thomson

Reuters

Corp.

(1)

9,491

1,477,024

Toronto-Dominion

Bank

(The)

(1)

2,713

163,735

Tourmaline

Oil

Corp.

(1)

1,547

72,328

West

Fraser

Timber

Co.

Ltd.

(1)

3,988

344,348

26,928,744

—

China

-

0

.9

%

BOC

Hong

Kong

Holdings

Ltd.

481,500

1,291,042

Budweiser

Brewing

Co.

APAC

Ltd.

(a)

250,300

369,175

SITC

International

Holdings

Co.

Ltd.

102,000

186,482

Wilmar

International

Ltd.

155,300

394,481

2,241,180

—

Denmark

-

3

.3

%

Carlsberg

A/S,

Class

B

10,573

1,447,921

Genmab

A/S

*

8,882

2,663,078

Novo

Nordisk

A/S,

Class

B

25,144

3,225,307

Pandora

A/S

1,478

238,558

ROCKWOOL

A/S,

Class

B

*

1,674

550,789

8,125,653

—

Finland

-

0

.4

%

Elisa

OYJ

9,862

439,682

Kone

OYJ,

Class

B

4,446

207,126

Nokia

OYJ

79,413

281,765

928,573

—

France

-

8

.2

%

Air

Liquide

SA

8,312

1,729,301

AXA

SA

2,954

110,940

BioMerieux

1,959

216,066

BNP

Paribas

SA

1,870

133,134

Bouygues

SA

10,793

440,623

Carrefour

SA

4,102

70,367

Danone

SA

28,355

1,833,005

Dassault

Aviation

SA

10,208

2,247,496

Dassault

Systemes

SE

20,125

890,877

Engie

SA

4,179

70,029

EssilorLuxottica

SA

1,091

246,797

Hermes

International

SCA

810

2,070,183

Ipsen

SA

8,896

1,058,591

L'Oreal

SA

7,440

3,523,372

Orange

SA

84,827

997,567

Pernod

Ricard

SA

978

158,323

Societe

Generale

SA

21,470

575,246

Thales

SA

4,719

804,497

TotalEnergies

SE

37,989

2,613,239

Vivendi

SE

27,657

301,402

20,091,055

—

Schedule

of

Investments

March

31,

2024

(Unaudited)

AQR

INTERNATIONAL

DEFENSIVE

STYLE

FUND

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

Funds

|

Semi-Annual

Report

|

March

2024

47

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Germany

-

4

.3

%

Beiersdorf

AG

24,034

3,499,283

Commerzbank

AG

12,214

167,872

Deutsche

Boerse

AG

1,426

292,030

Hannover

Rueck

SE

2,193

600,501

HelloFresh

SE

*

50,265

358,531

Nemetschek

SE

3,074

304,274

Rational

AG

1,109

955,510

SAP

SE

17,940

3,493,259

Scout24

SE

(a)

7,478

563,380

Talanx

AG

2,084

165,088

10,399,728

—

Hong

Kong

-

2

.6

%

CK

Asset

Holdings

Ltd.

166,000

684,032

CLP

Holdings

Ltd.

22,000

175,477

MTR

Corp.

Ltd.

165,500

546,804

Power

Assets

Holdings

Ltd.

540,000

3,163,647

Sino

Land

Co.

Ltd.

125,866

130,853

Sun

Hung

Kai

Properties

Ltd.

106,500

1,028,756

Swire

Pacific

Ltd.,

Class

A

20,000

164,647

Swire

Properties

Ltd.

148,600

312,569

WH

Group

Ltd.

(a)

192,000

126,736

6,333,521

—

Italy

-

1

.0

%

Assicurazioni

Generali

SpA

13,836

350,237

Coca-Cola

HBC

AG

37,799

1,194,458

Enel

SpA

25,117

165,810

Eni

SpA

15,770

249,703

Infrastrutture

Wireless

Italiane

SpA

(a)

6,477

73,501

Intesa

Sanpaolo

SpA

56,717

205,913

Leonardo

SpA

8,618

216,516

2,456,138

—

Japan

-

22

.4

%

BayCurrent

Consulting,

Inc.

18,300

359,713

Brother

Industries

Ltd.

50,800

942,148

Canon,

Inc.

118,700

3,536,674

Capcom

Co.

Ltd.

31,000

580,757

Chugai

Pharmaceutical

Co.

Ltd.

22,900

875,133

Daiichi

Sankyo

Co.

Ltd.

17,200

547,285

Daito

Trust

Construction

Co.

Ltd.

7,900

901,254

Disco

Corp.

5,100

1,864,221

Fast

Retailing

Co.

Ltd.

500

154,913

FUJIFILM

Holdings

Corp.

60,000

1,347,277

Fujitsu

Ltd.

47,000

752,188

Hirose

Electric

Co.

Ltd.

2,400

246,624

Hoya

Corp.

18,900

2,363,839

Inpex

Corp.

65,900

1,001,758

Japan

Post

Bank

Co.

Ltd.

189,900

2,040,535

Japan

Post

Holdings

Co.

Ltd.

25,500

256,916

Japan

Tobacco,

Inc.

134,100

3,575,363

Kao

Corp.

4,000

149,473

KDDI

Corp.

84,800

2,507,258

Keyence

Corp.

6,000

2,785,566

Kikkoman

Corp.

7,000

89,842

Kyocera

Corp.

31,600

423,791

McDonald's

Holdings

Co.

Japan

Ltd.

3,600

161,882

INVESTMENTS

SHARES

VALUE

($)

Japan

-

22.4%

(continued)

MEIJI

Holdings

Co.

Ltd.

5,000

109,163

Mitsubishi

UFJ

Financial

Group,

Inc.

60,300

613,498

MonotaRO

Co.

Ltd.

64,800

779,995

Murata

Manufacturing

Co.

Ltd.

4,000

74,810

Nexon

Co.

Ltd.

59,500

988,979

Nintendo

Co.

Ltd.

46,100

2,515,429

Nippon

Telegraph

&

Telephone

Corp.

1,507,600

1,795,707

Nippon

Yusen

KK

26,800

735,770

Nissin

Foods

Holdings

Co.

Ltd.

25,700

708,501

Nitto

Denko

Corp.

8,300

758,968

Obic

Co.

Ltd.

15,900

2,401,713

Ono

Pharmaceutical

Co.

Ltd.

10,700

175,319

Oracle

Corp.

Japan

12,600

947,534

Osaka

Gas

Co.

Ltd.

3,800

85,485

Otsuka

Corp.

68,000

1,442,855

Otsuka

Holdings

Co.

Ltd.

12,300

510,921

Recruit

Holdings

Co.

Ltd.

18,900

829,839

Renesas

Electronics

Corp.

7,200

128,309

SCSK

Corp.

19,800

368,038

Secom

Co.

Ltd.

17,200

1,247,912

Seiko

Epson

Corp.

26,700

467,051

SG

Holdings

Co.

Ltd.

27,000

341,927

Shin-Etsu

Chemical

Co.

Ltd.

8,800

385,985

Shionogi

&

Co.

Ltd.

4,500

229,958

Shizuoka

Financial

Group,

Inc.

9,600

91,349

SoftBank

Corp.

55,700

717,134

Square

Enix

Holdings

Co.

Ltd.

7,400

285,387

Subaru

Corp.

19,600

443,898

Sumitomo

Mitsui

Trust

Holdings,

Inc.

49,000

1,055,784

Suntory

Beverage

&

Food

Ltd.

30,100

1,018,130

Tokyo

Electron

Ltd.

7,500

1,953,369

TOPPAN

Holdings,

Inc.

17,200

431,152

Trend

Micro,

Inc.

8,800

446,923

Unicharm

Corp.

10,100

321,546

USS

Co.

Ltd.

42,200

348,874

Yakult

Honsha

Co.

Ltd.

68,800

1,406,168

54,627,790

—

Netherlands

-

5

.3

%

Adyen

NV

*(a)

562

949,295

Argenx

SE

*

935

368,646

ASM

International

NV

2,676

1,638,789

ASML

Holding

NV

1,288

1,248,667

BE

Semiconductor

Industries

NV

10,127

1,551,240

Heineken

NV

10,906

1,051,422

JDE

Peet's

NV

(1)

23,387

490,997

Koninklijke

Ahold

Delhaize

NV

79,639

2,382,941

Koninklijke

KPN

NV

65,374

244,525

Shell

plc

64,890

2,153,018

Wolters

Kluwer

NV

6,013

941,575

13,021,115

—

Norway

-

2

.1

%

DNB

Bank

ASA

17,442

346,704

Equinor

ASA

91,258

2,447,029

Gjensidige

Forsikring

ASA

32,778

475,755

Orkla

ASA

221,563

1,564,837

48

AQR

Funds

|

Semi-Annual

Report

|

March

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

INTERNATIONAL

DEFENSIVE

STYLE

FUND

Schedule

of

Investments

March

31,

2024

(Unaudited)

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Norway

-

2.1%

(continued)

Telenor

ASA

(1)

32,478

361,232

5,195,557

—

Portugal

-

0

.2

%

Jeronimo

Martins

SGPS

SA

27,424

544,100

Singapore

-

2

.9

%

DBS

Group

Holdings

Ltd.

56,200

1,499,855

Genting

Singapore

Ltd.

130,800

85,783

Oversea-Chinese

Banking

Corp.

Ltd.

332,900

3,326,294

Singapore

Telecommunications

Ltd.

268,800

505,162

United

Overseas

Bank

Ltd.

73,900

1,606,589

7,023,683

—

Spain

-

1

.2

%

Banco

Santander

SA

23,265

113,636

Iberdrola

SA

72,838

904,674

Industria

de

Diseno

Textil

SA

37,696

1,898,231

2,916,541

—

Sweden

-

1

.2

%

Essity

AB,

Class

B

30,372

721,460

Evolution

AB

(a)

1,878

233,255

Holmen

AB,

Class

B

*

2,760

112,277

Industrivarden

AB,

Class

A

7,802

268,309

Investor

AB,

Class

B

6,228

156,287

L

E

Lundbergforetagen

AB,

Class

B

1,645

89,041

Saab

AB,

Class

B

777

69,116

Swedish

Orphan

Biovitrum

AB

(1)*

39,902

996,059

Telefonaktiebolaget

LM

Ericsson,

Class

B

12,909

69,427

Volvo

Car

AB,

Class

B

*

25,601

96,925

2,812,156

—

Switzerland

-

5

.4

%

BKW

AG

1,240

190,545

Chocoladefabriken

Lindt

&

Spruengli

AG

127

1,520,041

EMS-Chemie

Holding

AG

(Registered)

741

567,916

Kuehne

+

Nagel

International

AG

(Registered)

6,384

1,776,148

Logitech

International

SA

(Registered)

11,519

1,032,210

Novartis

AG

(Registered)

29,656

2,872,434

Schindler

Holding

AG

957

240,894

Sonova

Holding

AG

(Registered)

872

252,525

Swisscom

AG

(Registered)

*

5,486

3,357,736

Zurich

Insurance

Group

AG

2,614

1,412,121

13,222,570

—

United

Kingdom

-

9

.4

%

Associated

British

Foods

plc

37,789

1,192,276

AstraZeneca

plc

12,430

1,669,894

Auto

Trader

Group

plc

(a)

275,178

2,430,073

BAE

Systems

plc

107,149

1,826,401

BP

plc

92,756

581,898

British

American

Tobacco

plc

103,812

3,150,807

Centrica

plc

307,360

495,483

INVESTMENTS

SHARES

VALUE

($)

United

Kingdom

-

9.4%

(continued)

CK

Hutchison

Holdings

Ltd.

81,500

392,231

Diageo

plc

41,987

1,553,612

HSBC

Holdings

plc

80,167

626,651

Imperial

Brands

plc

49,225

1,100,406

J

Sainsbury

plc

142,828

487,678

National

Grid

plc

11,222

151,205

Next

plc

1,031

120,178

Reckitt

Benckiser

Group

plc

23,736

1,353,072

Rolls-Royce

Holdings

plc

*

86,757

466,784

Sage

Group

plc

(The)

125,322

2,002,903

Tesco

plc

274,835

1,029,387

Unilever

plc

41,111

2,063,848

Vodafone

Group

plc

280,452

248,740

22,943,527

—

United

States

-

3

.3

%

CSL

Ltd.

10,487

1,967,650

GSK

plc

20,352

436,966

Holcim

AG

1,641

148,669

Nestle

SA

(Registered)

27,499

2,921,767

Roche

Holding

AG

6,230

1,590,638

Sanofi

SA

10,579

1,029,173

8,094,863

—

Zambia

-

0

.3

%

First

Quantum

Minerals

Ltd.

(1)

58,210

625,697

TOTAL

COMMON

STOCKS

(Cost

$185,535,753)

231,669,718

PREFERRED

STOCKS

-

1.4%

Germany

-

1

.4

%

Henkel

AG

&

Co.

KGaA

(Preference)

(Cost

$2,924,538)

41,292

3,318,888

NO.

OF

WARRANTS

WARRANTS

-

0.0%

Canada

-

0

.0

%

Constellation

Software,

Inc.,

expiring

3/31/2040

(3)*

(Cost

$–)

883

–

SHARES

SHORT-TERM

INVESTMENTS

-

3.9%

INVESTMENT

COMPANIES

-

3

.9

%

Limited

Purpose

Cash

Investment

Fund,

5.33%

(1)(c)

(Cost

$9,472,507)

9,477,744

9,473,953

TOTAL

INVESTMENTS

IN

SECURITIES

AT

VALUE

-

100.1%

(Cost

$197,932,798)

244,462,559

LIABILITIES

IN

EXCESS

OF

OTHER

ASSETS

-

(0.1)%

‡

(270,179)

NET

ASSETS

-

100.0%

244,192,380

Schedule

of

Investments

March

31,

2024

(Unaudited)

AQR

INTERNATIONAL

DEFENSIVE

STYLE

FUND

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

Funds

|

Semi-Annual

Report

|

March

2024

49

SECTOR

VALUE

%

OF

NET

ASSETS

Communication

Services

$

24,964,914

10

.2

%

Consumer

Discretionary

7,170,402

2

.9

Consumer

Staples

56,949,127

23

.3

Energy

11,566,243

4

.7

Financials

26,098,245

10

.7

Health

Care

26,656,000

10

.9

Industrials

21,889,217

9

.0

Information

Technology

38,188,961

15

.6

Materials

10,881,335

4

.5

Real

Estate

3,814,228

1

.6

Utilities

6,809,934

2

.8

Investment

Companies

9,473,953

3

.9

Total

Investments

In

Securities

At

Value

244,462,559

100

.1

Liabilities

in

Excess

of

Other

Assets

‡

(

270,179

)

(

0

.1

)

Net

Assets

$

244,192,380

100

.0

%

*

Non-income

producing

security.

†

Represents

less

than

0.05%

of

net

assets.

‡

Includes

appreciation/(depreciation)

on

futures

contracts.

(a)

Securities

exempt

from

registration

under

Rule

144A

or

section

4(2),

of

the

Securities

Act

of

1933.

Under

procedures

approved

by

the

Board

of

Trustees,

such

securities

have

been

determined

to

be

liquid

by

the

investment

adviser

and

may

be

resold,

normally

to

qualified

institutional

buyers

in

transactions

exempt

from

registration.

Total

value

of

all

such

securities

at

March

31,

2024

amounted

to

$6,081,717,

which

represents

2.49%

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,

2024

amounted

to

$76,535,

which

represents

0.03%

of

net

assets

of

the

Fund.

(c)

Represents

7-day

effective

yield

as

of

March

31,

2024.

All

securities

are

Level

2

with

respect

to

ASC

820,

unless

otherwise

noted

in

parentheses.

(1)

Level

1

security

(See

Note

4).

(3)

Security

fair

valued

using

significant

unobservable

inputs

(Level

3)

in

accordance

with

procedures

approved

by

the

Board

of

Trustees

(See

Note

4).

Futures

contracts

outstanding

as

of

March

31,

2024:

Exchange-Traded

DESCRIPTION

NUMBER

OF

CONTRACTS

EXPIRATION

DATE

TRADING

CURRENCY

NOTIONAL

AMOUNT

VALUE

AND

UNREALIZED

APPRECIATION

(DEPRECIATION)

Long

Contracts

MSCI

EAFE

E-Mini

Index

67

6/2024

USD

$

7,896,285

$

4,625

Net

value

$

4,625

50

AQR

Funds

|

Semi-Annual

Report

|

March

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

(Continued)

AQR

GLOBAL

EQUITY

FUND

Schedule

of

Investments

March

31,

2024

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

COMMON

STOCKS

-

86.9%

Australia

-

1

.0

%

Aristocrat

Leisure

Ltd.

(2)

4,137

115,840

ASX

Ltd.

(2)

891

38,547

BlueScope

Steel

Ltd.

(2)

106,647

1,658,693

Dexus,

REIT

(2)

19,240

99,136

Goodman

Group,

REIT

(2)

25,367

558,767

GPT

Group

(The),

REIT

(2)

42,925

127,745

Mirvac

Group,

REIT

(2)

95,677

147,057

Qantas

Airways

Ltd.

(2)*

57,742

204,992

QBE

Insurance

Group

Ltd.

(2)

9,803

115,878

Scentre

Group,

REIT

(2)

90,560

200,004

South32

Ltd.

(2)

51,020

99,557

Stockland,

REIT

(2)

49,658

156,913

Vicinity

Ltd.,

REIT

(2)

97,628

135,511

3,658,640

—

Belgium

-

0

.5

%

Ageas

SA/NV

(2)

38,021

1,761,346

Solvay

SA

(2)

1,728

47,160

1,808,506

—

Canada

-

2

.1

%

Air

Canada

*

114,770

1,661,541

Empire

Co.

Ltd.,

Class

A

4,002

97,734

Fairfax

Financial

Holdings

Ltd.

802

864,494

Great-West

Lifeco,

Inc.

1,345

43,015

Imperial

Oil

Ltd.

9,234

636,915

Nutrien

Ltd.

1,994

108,330

Parkland

Corp.

3,086

98,284

Power

Corp.

of

Canada

7,139

200,169

RioCan,

REIT

11,451

156,140

Shopify,

Inc.,

Class

A

*

29,566

2,280,939

Suncor

Energy,

Inc.

51,229

1,890,619

8,038,180

—

China

-

0

.1

%

BOC

Hong

Kong

Holdings

Ltd.

(2)

141,000

378,062

Denmark

-

0

.6

%

AP

Moller

-

Maersk

A/S,

Class

B

(2)

457

595,857

Danske

Bank

A/S

(2)

58,617

1,759,472

2,355,329

—

Finland

-

0

.1

%

Wartsila

OYJ

Abp

(2)

14,694

223,312

France

-

2

.0

%

BNP

Paribas

SA

(2)

7,460

531,114

Carrefour

SA

(2)

5,605

96,150

Cie

de

Saint-Gobain

SA

(2)

33,762

2,620,396

Credit

Agricole

SA

(2)

20,626

307,697

Dassault

Aviation

SA

(2)

1,102

242,627

Engie

SA

(2)

32,404

543,005

Orange

SA

(2)

19,753

232,296

Societe

Generale

SA

(2)

98,827

2,647,875

Unibail-Rodamco-Westfield,

REIT

(2)*

3,473

279,390

7,500,550

‌

‌

—

INVESTMENTS

SHARES

VALUE

($)

Germany

-

2

.6

%

Allianz

SE

(Registered)

(2)

2,018

604,830

Bayerische

Motoren

Werke

AG

(2)

17,669

2,038,629

Commerzbank

AG

(2)

125,623

1,726,587

Daimler

Truck

Holding

AG

(2)

5,245

265,789

Deutsche

Bank

AG

(Registered)

(2)

131,649

2,073,505

Fresenius

SE

&

Co.

KGaA

(2)

1,365

36,810

Heidelberg

Materials

AG

(2)

1,900

209,155

Mercedes-Benz

Group

AG

(2)

27,223

2,167,955

Muenchener

Rueckversicherungs-

Gesellschaft

AG

in

Muenchen

(Registered)

(2)

472

230,403

Scout24

SE

(2)(a)

1,493

112,480

Talanx

AG

(2)

3,583

283,835

9,749,978

—

Hong

Kong

-

0

.1

%

CK

Infrastructure

Holdings

Ltd.

(2)

2,749

16,101

Hong

Kong

Exchanges

&

Clearing

Ltd.

(2)

5,269

153,529

Link,

REIT

(2)

22,329

96,158

265,788

—

Italy

-

1

.3

%

Banco

BPM

SpA

(2)

197,805

1,316,052

Intesa

Sanpaolo

SpA

(2)

258,925

940,037

UniCredit

SpA

(2)

73,746

2,800,821

5,056,910

—

Japan

-

6

.1

%

Daito

Trust

Construction

Co.

Ltd.

(2)

486

55,444

Daiwa

House

Industry

Co.

Ltd.

(2)

2,451

72,955

Hikari

Tsushin,

Inc.

(2)

600

112,843

Hitachi

Construction

Machinery

Co.

Ltd.

(2)

16,200

488,777

Honda

Motor

Co.

Ltd.

(2)

38,200

472,675

Hulic

Co.

Ltd.

(2)

1,500

15,406

Iida

Group

Holdings

Co.

Ltd.

(2)

8,900

115,180

Inpex

Corp.

(2)

31,400

477,317

Japan

Metropolitan

Fund

Investment

Corp.,

REIT

(2)

214

133,342

Japan

Post

Bank

Co.

Ltd.

(2)

43,700

469,570

Japan

Post

Insurance

Co.

Ltd.

(2)

72,400

1,383,937

Japan

Real

Estate

Investment

Corp.,

REIT

(2)

30

106,945

JFE

Holdings,

Inc.

(2)

159,500

2,643,492

Makita

Corp.

(2)

15,300

434,834

Mazda

Motor

Corp.

(2)

215,000

2,491,765

Mitsubishi

Estate

Co.

Ltd.

(2)

5,764

105,170

Mitsui

Fudosan

Co.

Ltd.

(2)

13,794

148,720

Mizuho

Financial

Group,

Inc.

(2)

164,600

3,255,016

Nippon

Building

Fund,

Inc.,

REIT

(2)

25

100,003

NIPPON

EXPRESS

HOLDINGS,

Inc.

(2)

4,600

234,808

Nippon

Steel

Corp.

(2)

76,400

1,838,526

Nippon

Yusen

KK

(2)

29,700

815,387

Nissan

Motor

Co.

Ltd.

(2)

278,200

1,102,362

Nomura

Holdings,

Inc.

(2)

88,500

566,446

Schedule

of

Investments

March

31,

2024

(Unaudited)

AQR

GLOBAL

EQUITY

FUND

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

Funds

|

Semi-Annual

Report

|

March

2024

51

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Japan

-

6.1%

(continued)

Nomura

Real

Estate

Holdings,

Inc.

(2)

1,000

28,251

Nomura

Real

Estate

Master

Fund,

Inc.,

REIT

(2)

117

115,694

Oracle

Corp.

Japan

(2)

1,400

105,282

ORIX

Corp.

(2)

4,700

102,797

Panasonic

Holdings

Corp.

(2)

22,400

213,780

Renesas

Electronics

Corp.

(2)

29,600

527,492

Shionogi

&

Co.

Ltd.

(2)

2,000

102,204

Subaru

Corp.

(2)

36,200

819,852

Sumitomo

Realty

&

Development

Co.

Ltd.

(2)

2,624

97,769

Tokyo

Electron

Ltd.

(2)

8,400

2,187,773

Toyota

Tsusho

Corp.

(2)

15,500

1,064,398

23,006,212

—

Luxembourg

-

0

.2

%

ArcelorMittal

SA

(2)

29,113

800,233

Netherlands

-

2

.1

%

ABN

AMRO

Bank

NV,

CVA

(2)(a)

51,564

882,376

Aegon

Ltd.

(2)

17,572

107,204

Argenx

SE

(2)*

245

96,597

ASML

Holding

NV

(2)

1,035

1,003,393

BE

Semiconductor

Industries

NV

(2)

7,130

1,092,163

ING

Groep

NV

(2)

19,668

323,800

Koninklijke

Philips

NV

(2)*

22,048

441,268

NN

Group

NV

(2)

54,683

2,524,446

Shell

plc

(2)

38,971

1,293,038

Wolters

Kluwer

NV

(2)

672

105,228

7,869,513

—

New

Zealand

-

0

.1

%

Xero

Ltd.

(2)*

2,811

244,078

Russia

-

0

.0

%

Evraz

plc

(3)*

77,212

–

Singapore

-

0

.2

%

Grab

Holdings

Ltd.,

Class

A

*

155,923

489,598

Singapore

Exchange

Ltd.

(2)

4,067

27,755

STMicroelectronics

NV

(2)

2,231

96,018

613,371

—

Spain

-

1

.3

%

Banco

Santander

SA

(2)

436,860

2,133,813

Repsol

SA

(2)

158,214

2,640,785

Telefonica

SA

(2)

51,752

228,550

5,003,148

—

Sweden

-

0

.2

%

Investor

AB,

Class

B

(2)

8,816

221,232

SKF

AB,

Class

B

(2)

13,987

285,542

Swedbank

AB,

Class

A

(2)

15,246

302,598

809,372

—

Switzerland

-

0

.7

%

ABB

Ltd.

(Registered)

(2)

12,654

587,023

Adecco

Group

AG

(Registered)

(2)

8,252

326,468

Baloise

Holding

AG

(Registered)

(2)

1,317

206,513

INVESTMENTS

SHARES

VALUE

($)

Switzerland

-

0.7%

(continued)

Novartis

AG

(Registered)

(2)

14,779

1,431,471

Sandoz

Group

AG

(2)*

2,715

81,954

2,633,429

—

United

Kingdom

-

3

.8

%

3i

Group

plc

(2)

9,545

338,441

Aviva

plc

(2)

38,723

242,975

Barclays

plc

(2)

646,584

1,498,554

BP

plc

(2)

86,715

544,000

British

American

Tobacco

plc

(2)

15,725

477,271

Centrica

plc

(2)

1,172,370

1,889,931

CK

Hutchison

Holdings

Ltd.

(2)

276,500

1,330,697

DCC

plc

(2)

3,497

254,428

HSBC

Holdings

plc

(2)

364,934

2,852,626

InterContinental

Hotels

Group

plc

(2)

1,563

162,414

Melrose

Industries

plc

(2)

37,490

318,324

Ocado

Group

plc

(2)*

16,582

95,096

Rolls-Royce

Holdings

plc

(2)*

552,282

2,971,480

Vodafone

Group

plc

(2)

959,588

851,083

Whitbread

plc

(2)

5,929

247,879

14,075,199

—

United

States

-

61

.8

%

3M

Co.

39,350

4,173,855

Adobe,

Inc.

*

6,481

3,270,313

Advanced

Micro

Devices,

Inc.

*

1,760

317,662

Alphabet,

Inc.,

Class

A

*

22,527

3,400,000

Alphabet,

Inc.,

Class

C

*

24,147

3,676,622

Altria

Group,

Inc.

87,824

3,830,883

Amazon.com,

Inc.

*

62,857

11,338,147

American

International

Group,

Inc.

8,723

681,877

American

Tower

Corp.,

REIT

4,396

868,606

Apollo

Global

Management,

Inc.

3,260

366,587

Apple,

Inc.

77,681

13,320,739

Applied

Materials,

Inc.

7,591

1,565,492

Archer-Daniels-Midland

Co.

3,697

232,209

Arista

Networks,

Inc.

*

4,533

1,314,479

Assurant,

Inc.

6,240

1,174,618

AT&T,

Inc.

198,302

3,490,115

AvalonBay

Communities,

Inc.,

REIT

811

150,489

Baker

Hughes

Co.,

Class

A

128,146

4,292,891

Bank

of

America

Corp.

105,486

4,000,029

Berkshire

Hathaway,

Inc.,

Class

B

*

6,057

2,547,090

Booking

Holdings,

Inc.

424

1,538,221

Bristol-Myers

Squibb

Co.

19,244

1,043,602

Broadcom,

Inc.

1,453

1,925,821

Caesars

Entertainment,

Inc.

*

18,380

803,941

Cardinal

Health,

Inc.

12,191

1,364,173

Centene

Corp.

*

35,122

2,756,375

Cheniere

Energy,

Inc.

1,260

203,213

Chipotle

Mexican

Grill,

Inc.,

Class

A

*

269

781,921

Chubb

Ltd.

1,969

510,227

Cigna

Group

(The)

5,907

2,145,363

Cincinnati

Financial

Corp.

8,362

1,038,310

Cisco

Systems,

Inc.

68,878

3,437,701

Citigroup,

Inc.

74,544

4,714,163

Cleveland-Cliffs,

Inc.

*

65,049

1,479,214

CME

Group,

Inc.

5,011

1,078,818

52

AQR

Funds

|

Semi-Annual

Report

|

March

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

GLOBAL

EQUITY

FUND

Schedule

of

Investments

March

31,

2024

(Unaudited)

(Continued)

INVESTMENTS

SHARES

VALUE

($)

United

States

-

61.8%

(continued)

CNH

Industrial

NV

7,558

97,952

Comcast

Corp.,

Class

A

33,594

1,456,300

Coterra

Energy,

Inc.

30,214

842,366

Crowdstrike

Holdings,

Inc.,

Class

A

*

7,764

2,489,061

Crown

Castle,

Inc.,

REIT

1,970

208,485

Crown

Holdings,

Inc.

1,253

99,313

CVS

Health

Corp.

25,411

2,026,781

Datadog,

Inc.,

Class

A

*

7,723

954,563

Deckers

Outdoor

Corp.

*

1,071

1,008,089

Dell

Technologies,

Inc.,

Class

C

16,809

1,918,075

Delta

Air

Lines,

Inc.

23,798

1,139,210

Dick's

Sporting

Goods,

Inc.

3,161

710,782

Digital

Realty

Trust,

Inc.,

REIT

910

131,076

Discover

Financial

Services

1,227

160,847

DocuSign,

Inc.,

Class

A

*

70,158

4,177,909

Domino's

Pizza,

Inc.

3,088

1,534,365

DraftKings,

Inc.,

Class

A

*

61,355

2,786,131

Elevance

Health,

Inc.

908

470,834

Eli

Lilly

&

Co.

1,564

1,216,729

EOG

Resources,

Inc.

4,519

577,709

Equinix,

Inc.,

REIT

222

183,223

Everest

Group

Ltd.

7,971

3,168,473

Exact

Sciences

Corp.

*

4,456

307,731

Exxon

Mobil

Corp.

7,828

909,927

Fortive

Corp.

1,840

158,277

General

Dynamics

Corp.

5,063

1,430,247

General

Electric

Co.

28,134

4,938,361

General

Motors

Co.

97,850

4,437,498

Genuine

Parts

Co.

4,280

663,100

GoDaddy,

Inc.,

Class

A

*

25,918

3,075,948

Hewlett

Packard

Enterprise

Co.

47,254

837,813

Holcim

AG

(2)

3,975

360,122

Humana,

Inc.

7,842

2,718,978

Huntington

Ingalls

Industries,

Inc.

4,786

1,394,975

Incyte

Corp.

*

13,323

759,011

Intel

Corp.

31,824

1,405,666

International

Paper

Co.

20,479

799,091

Jacobs

Solutions,

Inc.

4,117

632,906

Jazz

Pharmaceuticals

plc

*

9,002

1,084,021

Johnson

&

Johnson

9,570

1,513,878

JPMorgan

Chase

&

Co.

787

157,636

Keurig

Dr

Pepper,

Inc.

14,873

456,155

Kimberly-Clark

Corp.

21,729

2,810,646

KLA

Corp.

679

474,329

Kraft

Heinz

Co.

(The)

38,540

1,422,126

Lam

Research

Corp.

300

291,471

Las

Vegas

Sands

Corp.

37,346

1,930,788

Lennar

Corp.,

Class

A

1,180

202,936

Lockheed

Martin

Corp.

3,296

1,499,252

Marathon

Petroleum

Corp.

1,377

277,466

McKesson

Corp.

1,684

904,055

Meta

Platforms,

Inc.,

Class

A

11,369

5,520,560

MetLife,

Inc.

6,890

510,618

Microsoft

Corp.

26,072

10,969,013

Molson

Coors

Beverage

Co.,

Class

B

57,769

3,884,965

Mosaic

Co.

(The)

28,246

916,865

Netflix,

Inc.

*

6,151

3,735,687

Neurocrine

Biosciences,

Inc.

*

13,420

1,850,886

INVESTMENTS

SHARES

VALUE

($)

United

States

-

61.8%

(continued)

NVIDIA

Corp.

16,771

15,153,606

ON

Semiconductor

Corp.

*

1,719

126,432

Ovintiv,

Inc.

7,867

408,297

Owens

Corning

5,882

981,118

PACCAR,

Inc.

12,842

1,590,995

Palantir

Technologies,

Inc.,

Class

A

*

17,755

408,543

PayPal

Holdings,

Inc.

*

15,858

1,062,327

PepsiCo,

Inc.

1,239

216,837

Pioneer

Natural

Resources

Co.

1,196

313,950

PPG

Industries,

Inc.

6,584

954,022

Prologis,

Inc.,

REIT

2,980

388,056

Public

Storage,

REIT

2,484

720,509

PulteGroup,

Inc.

19,389

2,338,701

QUALCOMM,

Inc.

8,032

1,359,818

Ross

Stores,

Inc.

15,132

2,220,772

Salesforce,

Inc.

1,992

599,951

Schlumberger

NV

14,188

777,644

Simon

Property

Group,

Inc.,

REIT

1,723

269,632

Snap,

Inc.,

Class

A

*

40,794

468,315

Snowflake,

Inc.,

Class

A

*

5,269

851,470

SS&C

Technologies

Holdings,

Inc.

4,109

264,496

Stellantis

NV

(2)

12,001

340,937

Stellantis

NV

(2)

10,244

290,694

Super

Micro

Computer,

Inc.

*

733

740,352

Swiss

Re

AG

(2)

20,313

2,612,961

Synchrony

Financial

45,240

1,950,749

Tesla,

Inc.

*

6,153

1,081,636

Uber

Technologies,

Inc.

*

15,931

1,226,528

UiPath,

Inc.,

Class

A

*

10,613

240,597

United

Parcel

Service,

Inc.,

Class

B

3,318

493,154

United

Therapeutics

Corp.

*

4,628

1,063,144

Valero

Energy

Corp.

5,989

1,022,262

VeriSign,

Inc.

*

1,562

296,015

Vertex

Pharmaceuticals,

Inc.

*

743

310,581

Vertiv

Holdings

Co.,

Class

A

13,551

1,106,710

Walmart,

Inc.

20,751

1,248,588

Wells

Fargo

&

Co.

8,862

513,642

Welltower,

Inc.,

REIT

3,001

280,413

Workday,

Inc.,

Class

A

*

2,107

574,684

Wynn

Resorts

Ltd.

10,957

1,120,134

Zoom

Video

Communications,

Inc.,

Class

A

*

21,087

1,378,457

Zscaler,

Inc.

*

3,672

707,337

231,510,109

—

Zambia

-

0

.0

%

†

First

Quantum

Minerals

Ltd.

9,308

100,051

TOTAL

COMMON

STOCKS

(Cost

$242,792,717)

325,699,970

PREFERRED

STOCKS

-

0.2%

Germany

-

0

.2

%

Porsche

Automobil

Holding

SE

(Preference)

(2)

865

45,822

Volkswagen

AG

(Preference)

(2)

4,545

602,777

TOTAL

PREFERRED

STOCKS

(Cost

$650,353)

648,599

Schedule

of

Investments

March

31,

2024

(Unaudited)

AQR

GLOBAL

EQUITY

FUND

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

Funds

|

Semi-Annual

Report

|

March

2024

53

(Continued)

INVESTMENTS

SHARES

VALUE

($)

SHORT-TERM

INVESTMENTS

-

9.1%

INVESTMENT

COMPANIES

-

9

.1

%

Goldman

Sachs

Financial

Square

Funds

-

Treasury

Instruments

Fund,

Institutional

Shares,

5.16%

(b)(c)

7,879,322

7,879,322

Limited

Purpose

Cash

Investment

Fund,

5.33%

(b)

26,348,233

26,337,693

TOTAL

SHORT-TERM

INVESTMENTS

(Cost

$34,213,276)

34,217,015

TOTAL

INVESTMENTS

IN

SECURITIES

AT

VALUE

-

96.2%

(Cost

$277,656,346)

360,565,584

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

-

3.8%

‡

14,259,600

NET

ASSETS

-

100.0%

374,825,184

SECTOR

VALUE

%

OF

NET

ASSETS

Communication

Services

$

23,172,007

6

.2

%

Consumer

Discretionary

45,725,726

12

.2

Consumer

Staples

14,868,660

4

.0

Energy

17,206,683

4

.6

Financials

62,466,336

16

.7

Health

Care

23,726,449

6

.3

Industrials

36,762,386

9

.8

Information

Technology

81,720,452

21

.8

Materials

12,113,823

3

.2

Real

Estate

6,137,010

1

.6

Utilities

2,449,037

0

.7

Investment

Companies

34,217,015

9

.1

Total

Investments

In

Securities

At

Value

360,565,584

96

.2

Other

Assets

in

Excess

of

Liabilities

‡

14,259,600

3

.8

Net

Assets

$

374,825,184

100

.0

%

*

Non-income

producing

security.

†

Represents

less

than

0.05%

of

net

assets.

‡

Includes

appreciation/(depreciation)

on

forward

foreign

currency

exchange,

futures

and

swap

contracts.

(a)

Securities

exempt

from

registration

under

Rule

144A

or

section

4(2),

of

the

Securities

Act

of

1933.

Under

procedures

approved

by

the

Board

of

Trustees,

such

securities

have

been

determined

to

be

liquid

by

the

investment

adviser

and

may

be

resold,

normally

to

qualified

institutional

buyers

in

transactions

exempt

from

registration.

Total

value

of

all

such

securities

at

March

31,

2024

amounted

to

$994,856,

which

represents

0.27%

of

net

assets

of

the

Fund.

(b)

Represents

7-day

effective

yield

as

of

March

31,

2024.

(c)

All

or

a

portion

of

the

security

pledged

as

collateral

for

forward

foreign

currency

exchange

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)

Security

fair

valued

using

significant

unobservable

inputs

(Level

3)

in

accordance

with

procedures

approved

by

the

Board

of

Trustees

(See

Note

4).

54

AQR

Funds

|

Semi-Annual

Report

|

March

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

GLOBAL

EQUITY

FUND

Schedule

of

Investments

March

31,

2024

(Unaudited)

(Continued)

Total

return

swap

contracts

outstanding

as

of

March

31,

2024

:

Over-the-Counter

REFERENCE

ENTITY

PAYMENTS

MADE

BY

FUND

PAYMENTS

RECEIVED

BY

FUND

PAYMENT

FREQUENCY

COUNTERPARTY

MATURITY

DATE

NOTIONAL

AMOUNT

VALUE

AND

UNREALIZED

APPRECIATION

(DEPRECIATION)

MSCI

Italy

Net

Return

Index

Decreases

in

total

return

of

reference

entity

and

pays

the

ESTR

plus

or

minus

a

specified

spread

(-0.76%)

Increases

in

total

return

of

reference

entity

Monthly

JPMC

06/19/2024

EUR

8,732,634

$

290,295

MSCI

Japan

Net

Return

Index

Decreases

in

total

return

of

reference

entity

and

pays

the

TONAR

plus

or

minus

a

specified

spread

(0.10%)

Increases

in

total

return

of

reference

entity

Monthly

JPMC

06/19/2024

JPY

730,634,214

239,340

MSCI

Singapore

Net

Return

Index

Decreases

in

total

return

of

reference

entity

and

pays

the

SORA

plus

or

minus

a

specified

spread

(0.25%)

Increases

in

total

return

of

reference

entity

Monthly

JPMC

06/19/2024

SGD

296,229

1,057

MSCI

Switzerland

Net

Return

Index

Increases

in

total

return

of

reference

entity

Decreases

in

total

return

of

reference

entity

and

receives

the

SARON

plus

or

minus

a

specified

spread

(-0.75%)

Monthly

JPMC

06/19/2024

CHF

(9,661,032)

9,446

MSCI

United

Kingdom

Net

Return

Index

Decreases

in

total

return

of

reference

entity

and

pays

the

SONIA

plus

or

minus

a

specified

spread

(0.25%)

Increases

in

total

return

of

reference

entity

Monthly

JPMC

06/19/2024

GBP

1,709,491

48,490

Tel

Aviv

Stock

Exchange

35

Index

Decreases

in

total

return

of

reference

entity

and

pays

the

TELBOR

plus

or

minus

a

specified

spread

(0.31%)

Increases

in

total

return

of

reference

entity

Monthly

GSIN

06/19/2024

ILS

2,647,987

36,456

Total

unrealized

appreciation

625,084

Amsterdam

Exchange

Index

April

Futures

Increases

in

total

return

of

reference

entity

Decreases

in

total

return

of

reference

entity

At

termination

GSIN

04/19/2024

EUR

(15,369,072)

(

405,013

)

Schedule

of

Investments

March

31,

2024

(Unaudited)

AQR

GLOBAL

EQUITY

FUND

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

Funds

|

Semi-Annual

Report

|

March

2024

55

(Continued)

REFERENCE

ENTITY

PAYMENTS

MADE

BY

FUND

PAYMENTS

RECEIVED

BY

FUND

PAYMENT

FREQUENCY

COUNTERPARTY

MATURITY

DATE

NOTIONAL

AMOUNT

VALUE

AND

UNREALIZED

APPRECIATION

(DEPRECIATION)

Swiss

Market

Index

June

Futures

Increases

in

total

return

of

reference

entity

Decreases

in

total

return

of

reference

entity

At

termination

GSIN

06/21/2024

CHF

(25,247,950)

$

(

78,394

)

MSCI

Australia

Net

Return

Index

Increases

in

total

return

of

reference

entity

Decreases

in

total

return

of

reference

entity

and

receives

the

BBR

plus

or

minus

a

specified

spread

(0.15%)

Monthly

JPMC

06/19/2024

AUD

(1,173,594)

(

14,922

)

MSCI

Canada

Net

Return

Index

Increases

in

total

return

of

reference

entity

Decreases

in

total

return

of

reference

entity

and

receives

the

CORRA

plus

or

minus

a

specified

spread

(-0.90%)

Monthly

JPMC

06/19/2024

CAD

(1,621,043)

(

8,389

)

MSCI

Sweden

Net

Return

Index

Decreases

in

total

return

of

reference

entity

and

pays

the

STIBOR

plus

or

minus

a

specified

spread

(-1.14%)

Increases

in

total

return

of

reference

entity

Monthly

JPMC

06/19/2024

SEK

8,901,396

(

6,852

)

Total

unrealized

depreciation

(

513,570

)

Net

unrealized

appreciation

$

111,514

Futures

contracts

outstanding

as

of

March

31,

2024:

Exchange-Traded

DESCRIPTION

NUMBER

OF

CONTRACTS

EXPIRATION

DATE

TRADING

CURRENCY

NOTIONAL

AMOUNT

VALUE

AND

UNREALIZED

APPRECIATION

(DEPRECIATION)

Long

Contracts

CAC

40

10

Euro

Index

37

4/2024

EUR

$

3,282,612

$

61,611

Hang

Seng

Index

43

4/2024

HKD

4,551,674

4,857

IBEX

35

Index

93

4/2024

EUR

11,103,959

687,502

MSCI

Singapore

Index

19

4/2024

SGD

409,269

(

784

)

OMXS30

Index

86

4/2024

SEK

2,028,279

(

5,105

)

FTSE

100

Index

398

6/2024

GBP

40,126,576

1,258,692

FTSE/MIB

Index

173

6/2024

EUR

31,925,885

1,126,132

S&P

500

E-Mini

Index

172

6/2024

USD

45,653,100

652,215

TOPIX

Index

86

6/2024

JPY

15,620,095

306,878

Total

of

long

contracts

4,091,998

Short

Contracts

DAX

Index

(

56

)

6/2024

EUR

(

28,359,083

)

(

806,034

)

S&P/TSX

60

Index

(

10

)

6/2024

CAD

(

1,980,584

)

(

12,913

)

SPI

200

Index

(

325

)

6/2024

AUD

(

42,097,812

)

(

1,148,143

)

Total

of

short

contracts

(

1,967,090

)

Net

value

$

2,124,908

56

AQR

Funds

|

Semi-Annual

Report

|

March

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

GLOBAL

EQUITY

FUND

Schedule

of

Investments

March

31,

2024

(Unaudited)

(Continued)

Forward

foreign

currency

exchange

contracts

outstanding

as

of

March

31,

2024:

Over-the-Counter

CURRENCY

PURCHASED

CURRENCY

SOLD

COUNTERPARTY

SETTLEMENT

DATE

UNREALIZED

APPRECIATION

(DEPRECIATION)

CAD

8,018,276

USD

5,913,423

CITG

6/20/2024

$

12,915

CAD

8,018,276

USD

5,913,394

JPMC

6/20/2024

12,945

ILS

23,000

USD

6,256

CITG

6/20/2024

21

ILS

23,000

USD

6,256

JPMC

6/20/2024

21

USD

18,731,325

AUD

28,536,484

CITG

6/20/2024

93,766

USD

18,731,419

AUD

28,536,485

JPMC

6/20/2024

93,860

USD

38,856,539

CHF

33,846,500

CITG

6/20/2024

992,076

USD

38,856,733

CHF

33,846,500

JPMC

6/20/2024

992,271

USD

85,946

DKK

587,500

CITG

6/20/2024

625

USD

85,946

DKK

587,500

JPMC

6/20/2024

625

USD

12,631,803

GBP

9,951,500

CITG

6/20/2024

66,216

USD

12,631,866

GBP

9,951,500

JPMC

6/20/2024

66,279

USD

372,926

HKD

2,909,500

CITG

6/20/2024

341

USD

372,928

HKD

2,909,500

JPMC

6/20/2024

342

USD

4,756

ILS

16,999

CITG

6/20/2024

117

USD

4,757

ILS

17,001

JPMC

6/20/2024

117

USD

20,424,659

JPY

3,020,000,000

CITG

6/20/2024

228,445

USD

20,424,761

JPY

3,020,000,000

JPMC

6/20/2024

228,547

USD

895,688

NOK

9,500,001

CITG

6/20/2024

18,969

USD

895,693

NOK

9,499,999

JPMC

6/20/2024

18,974

USD

26,810,571

NZD

43,935,999

CITG

6/20/2024

559,648

USD

26,810,705

NZD

43,936,000

JPMC

6/20/2024

559,782

USD

28,290,049

SEK

291,356,500

CITG

6/20/2024

980,378

USD

28,290,190

SEK

291,356,501

JPMC

6/20/2024

980,519

USD

30,316

SGD

40,500

CITG

6/20/2024

212

USD

30,316

SGD

40,500

JPMC

6/20/2024

212

Total

unrealized

appreciation

5,908,223

AUD

1,331,499

USD

870,647

CITG

6/20/2024

(

1,028

)

AUD

1,331,501

USD

870,644

JPMC

6/20/2024

(

1,023

)

CAD

41,439,923

USD

30,740,658

CITG

6/20/2024

(

112,252

)

CAD

41,439,923

USD

30,740,504

JPMC

6/20/2024

(

112,099

)

DKK

4,842,000

USD

709,987

CITG

6/20/2024

(

6,798

)

DKK

4,842,000

USD

709,983

JPMC

6/20/2024

(

6,796

)

EUR

36,284,500

USD

39,567,985

CITG

6/20/2024

(

295,458

)

EUR

36,284,500

USD

39,567,787

JPMC

6/20/2024

(

295,259

)

GBP

19,387,999

USD

24,661,162

CITG

6/20/2024

(

180,272

)

GBP

19,387,998

USD

24,661,038

JPMC

6/20/2024

(

180,147

)

HKD

2,055,000

USD

263,392

CITG

6/20/2024

(

232

)

HKD

2,055,000

USD

263,391

JPMC

6/20/2024

(

231

)

ILS

1,340,498

USD

374,137

CITG

6/20/2024

(

8,312

)

ILS

1,340,501

USD

374,136

JPMC

6/20/2024

(

8,310

)

JPY

4,780,564,500

USD

32,316,693

CITG

6/20/2024

(

346,723

)

JPY

4,780,564,500

USD

32,316,531

JPMC

6/20/2024

(

346,562

)

NOK

359,635,001

USD

34,233,552

CITG

6/20/2024

(

1,044,206

)

NOK

359,635,000

USD

34,233,381

JPMC

6/20/2024

(

1,044,036

)

SEK

96,499,999

USD

9,211,367

CITG

6/20/2024

(

166,148

)

SEK

96,500,001

USD

9,211,321

JPMC

6/20/2024

(

166,102

)

SGD

449,682

USD

336,007

CITG

6/20/2024

(

1,757

)

SGD

449,682

USD

336,005

JPMC

6/20/2024

(

1,755

)

USD

17,884,255

AUD

27,413,484

CITG

6/20/2024

(

19,858

)

USD

17,884,344

AUD

27,413,484

JPMC

6/20/2024

(

19,769

)

USD

555,468

CHF

499,000

CITG

6/20/2024

(

2,769

)

USD

555,470

CHF

499,000

JPMC

6/20/2024

(

2,767

)

USD

611,041

GBP

484,500

CITG

6/20/2024

(

729

)

Schedule

of

Investments

March

31,

2024

(Unaudited)

AQR

GLOBAL

EQUITY

FUND

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

Funds

|

Semi-Annual

Report

|

March

2024

57

CURRENCY

PURCHASED

CURRENCY

SOLD

COUNTERPARTY

SETTLEMENT

DATE

UNREALIZED

APPRECIATION

(DEPRECIATION)

USD

611,044

GBP

484,500

JPMC

6/20/2024

$

(

726

)

USD

6,614,069

JPY

990,000,000

CITG

6/20/2024

(

6,544

)

USD

6,614,102

JPY

990,000,000

JPMC

6/20/2024

(

6,510

)

Total

unrealized

depreciation

(

4,385,178

)

Net

unrealized

appreciation

$

1,523,045

Collateral

pledged

to,

or

(received

from),

each

counterparty

at

March

31,

2024

was

as

follows:

COUNTERPARTY

OVER-THE-COUNTER

EXCHANGE-TRADED

TOTAL

BARC

Cash

$

–

$

8,376,298

$

8,376,298

CITG

Cash

(

805,651

)

–

(

805,651

)

Investment

Companies

2,073,768

–

2,073,768

GSCO

Cash

–

4,694,364

4,694,364

GSIN

Cash

339,997

–

339,997

JPMC

Investment

Companies

5,805,554

–

5,805,554

58

Schedule

of

Investments

AQR

Funds

|

Semi-Annual

Report

|

March

2024

March

31,

2024

(Unaudited)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Abbreviations

ADR

-

American

Depositary

Receipt

CHESS

-

Clearing

House

Electronic

Subregister

System Depository

Interest

CVA

-

Dutch

Certification

GDR

-

Global

Depositary

Receipt

NVDR

-

Non-Voting

Depositary

Receipt

OYJ

-

Public

Traded

Company

PJSC

-

Public

Joint

Stock

Company

Preference

-

A

special

type

of

equity

investment

that

shares

in

the

earnings

of

the

company,

has

limited

voting

rights,

and

may

have

a

dividend

preference. Preference

shares

may

also

have

liquidation

preference.

REIT

-

Real

Estate

Investment

Trust

SCA

-

Limited

partnership

with

share

capital

Currencies

AUD

-

Australian

dollar

CAD

-

Canadian

dollar

CHF

-

Swiss

franc

DKK

-

Danish

krone

EUR

-

Euro

GBP

-

British

pound

HKD

-

Hong

Kong

dollar

ILS

-

Israeli

shekel

JPY

-

Japanese

yen

NOK

-

Norwegian

krone

NZD

-

New

Zealand

dollar

SEK

-

Swedish

krona

SGD

-

Singapore

dollar

USD

-

United

States

dollar

The

following

abbreviations

are

used

for

counterparty

descriptions:

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”):

4.02%

Australian

Bank-Bill

Reference

Rate

(“BBR”):

4.30%

Canadian

Overnight

Repo

Rate

Average

(“CORRA”):

5.05%

Euro

Short-Term

Rate

(“ESTR”):

3.90%

Singapore

Overnight

Rate

Average

(“SORA”):

3.69%

Sterling

Overnight

Index

Average

(“SONIA”):

5.19%

Swiss

Average

Rate

Overnight

(“SARON”):

1.46%

Tel

Aviv

Interbank

Offer

Rate

(“TELBOR”):

4.43%

Tokyo

Overnight

Average

Rate

(“TONAR”): 0.08%

Statements

of

Assets

and

Liabilities

59

AQR

Funds

|

Semi-Annual

Report

|

March

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

March

31,

2024

(Unaudited)

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

...........

$

650,992,417

$

64,305,486

$

415,834,662

$

415,632,882

Investments

in

securities

of

unaffiliated

issuers,

at

value

..........

$

1,176,265,596

$

109,692,567

$

559,306,380

$

493,741,637

Cash

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

343,567

9,884

189,423

—

Cash

denominated

in

foreign

currencies

‡

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

—

—

—

3,550,911

Deposits

with

brokers

for

futures

contracts

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

2,297,171

337,408

716,487

429,593

Variation

margin

on

futures

contracts

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

203,141

19,819

—

305,272

Receivables:

Securities

sold

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

—

—

—

6,170,568

Foreign

tax

reclaims

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

—

—

1,129,811

—

Dividends

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

893,449

64,825

2,488,638

2,150,409

Capital

shares

sold

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

315,613

89,284

675,666

375,678

Prepaid

expenses

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

67,358

35,487

50,033

46,631

Total

Assets

1,180,385,895

110,249,274

564,556,438

506,770,699

LIABILITIES:

Due

to

custodian

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

—

—

—

3,377,264

Foreign

currency

due

to

custodian,

at

value

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

—

—

105,425

—

Variation

margin

on

futures

contracts

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

—

—

60,422

—

Payables:

–

–

–

–

Securities

purchased

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

—

—

—

6,160,794

Accrued

investment

advisory

fees

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

231,509

27,126

170,218

189,651

Accrued

distribution

fees—Class

N

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

1,247

1,359

241

207

Capital

shares

redeemed

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

1,472,502

29,034

212,017

527,354

Deferred

foreign

capital

gains

tax

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

—

—

—

2,970,240

Other

accrued

expenses

and

liabilities

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

116,538

47,266

92,964

159,585

Total

Liabilities

1,821,796

104,785

641,287

13,385,095

Commitments

and

contingent

liabilities

^

Net

Assets

$

1,178,564,099

$

110,144,489

$

563,915,151

$

493,385,604

NET

ASSETS

CONSIST

OF:

Paid-in

capital

($0.001

par

value

common

stock,

unlimited

authorized

shares)

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

$

581,891,368

$

58,583,537

$

416,664,028

$

442,698,793

Total

distributable

earnings

(loss)

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

596,672,731

51,560,952

147,251,123

50,686,811

Net

Assets

$

1,178,564,099

$

110,144,489

$

563,915,151

$

493,385,604

NET

ASSETS:

Class

I

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

$

222,887,954

$

60,822,097

$

90,924,500

$

45,451,243

Class

N

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

6,045,236

6,824,721

1,155,360

770,131

Class

R6

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

949,630,909

42,497,671

471,835,291

447,164,230

SHARES

OUTSTANDING:

–

–

–

–

Class

I

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

11,514,918

3,315,557

6,535,857

4,526,355

Class

N

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

308,685

372,341

82,829

75,909

Class

R6

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

49,139,324

2,312,832

33,991,328

44,557,355

NET

ASSET

VALUE:

–

–

–

–

Class

I

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

$

19.36

$

18.34

$

13.91

$

10.04

Class

N

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

$

19.58

$

18.33

$

13.95

$

10.15

Class

R6

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

$

19.33

$

18.37

$

13.88

$

10.04

‡

Cash

denominated

in

foreign

currencies,

at

cost

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

$

—

$

—

$

—

$

3,551,257

^

See

Note

8

in

the

Notes

to

Financial

Statements

for

additional

information

on

potential

future

recoupment

of

expenses

reimbursed

by

the

Adviser.

Statements

of

Assets

and

Liabilities

60

AQR

Funds

|

Semi-Annual

Report

|

March

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

March

31,

2024

(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

...........

$

343,850,153

$

93,127,294

$

130,858,858

$

1,519,440,856

Investments

in

securities

of

unaffiliated

issuers,

at

value

..........

$

696,312,168

$

163,000,235

$

223,827,050

$

2,580,733,062

Cash

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

134,149

25,852

—

1,100,083

Cash

denominated

in

foreign

currencies

‡

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

367

—

110,171

—

Deposits

with

brokers

for

futures

contracts

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

558,797

458,551

271,061

3,622,176

Variation

margin

on

futures

contracts

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

433,410

24,009

—

—

Receivables:

Securities

sold

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

—

615

—

152,038,870

Foreign

tax

reclaims

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

—

—

999,225

—

Dividends

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

246,415

64,499

779,866

2,082,157

Capital

shares

sold

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

180,115

82,285

8,287

1,204,891

Prepaid

expenses

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

39,227

26,461

28,377

91,444

Total

Assets

697,904,648

163,682,507

226,024,037

2,740,872,683

LIABILITIES:

Variation

margin

on

futures

contracts

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

—

—

20,892

2,355,638

Payables:

–

–

–

–

Securities

purchased

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

—

—

—

53,114,966

Accrued

investment

advisory

fees

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

133,843

45,145

58,378

566,344

Accrued

distribution

fees—Class

N

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

15,777

504

829

34,331

Capital

shares

redeemed

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

480,354

3,419,950

131,607

3,472,092

Other

accrued

expenses

and

liabilities

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

145,424

67,169

101,836

568,846

Total

Liabilities

775,398

3,532,768

313,542

60,112,217

Commitments

and

contingent

liabilities

^

Net

Assets

$

697,129,250

$

160,149,739

$

225,710,495

$

2,680,760,466

NET

ASSETS

CONSIST

OF:

Paid-in

capital

($0.001

par

value

common

stock,

unlimited

authorized

shares)

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

$

315,602,959

$

87,938,501

$

119,437,987

$

1,277,045,659

Total

distributable

earnings

(loss)

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

381,526,291

72,211,238

106,272,508

1,403,714,807

Net

Assets

$

697,129,250

$

160,149,739

$

225,710,495

$

2,680,760,466

NET

ASSETS:

Class

I

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

$

367,611,413

$

128,952,799

$

131,632,599

$

1,773,535,111

Class

N

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

75,377,957

2,591,194

3,896,420

162,778,012

Class

R6

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

254,139,880

28,605,746

90,181,476

744,447,343

SHARES

OUTSTANDING:

–

–

–

–

Class

I

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

16,581,768

6,018,321

7,499,354

74,234,999

Class

N

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

3,398,985

120,689

218,066

6,819,328

Class

R6

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

11,533,825

1,341,930

5,151,698

31,219,611

NET

ASSET

VALUE:

–

–

–

–

Class

I

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

$

22.17

$

21.43

$

17.55

$

23.89

Class

N

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

$

22.18

$

21.47

$

17.87

$

23.87

Class

R6

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

$

22.03

$

21.32

$

17.51

$

23.85

‡

Cash

denominated

in

foreign

currencies,

at

cost

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

$

383

$

—

$

109,642

$

—

^

See

Note

8

in

the

Notes

to

Financial

Statements

for

additional

information

on

potential

future

recoupment

of

expenses

reimbursed

by

the

Adviser.

Statements

of

Assets

and

Liabilities

61

AQR

Funds

|

Semi-Annual

Report

|

March

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

March

31,

2024

(Unaudited)

AQR

INTERNATIONAL

DEFENSIVE

STYLE

FUND

AQR

GLOBAL

EQUITY

FUND

ASSETS:

Investments

in

securities

of

unaffiliated

issuers,

at

cost

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

$

197,932,798

$

277,656,346

Investments

in

securities

of

unaffiliated

issuers,

at

value

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

$

244,462,559

$

360,565,584

Cash

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

31,833

—

Cash

denominated

in

foreign

currencies

‡

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

79,795

697,703

Unrealized

appreciation

on

forward

foreign

currency

exchange

contracts

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

—

5,908,223

Unrealized

appreciation

on

OTC

swaps

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

—

625,084

Due

from

brokers

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

—

339,926

Deposits

with

brokers

for

futures

contracts

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

249,355

15,294,295

Variation

margin

on

futures

contracts

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

—

6,138

Receivables:

Securities

sold

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

24,506,316

14,447,099

Foreign

tax

reclaims

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

447,726

400,320

Dividends

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

738,059

830,158

Capital

shares

sold

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

274,183

406,942

Prepaid

expenses

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

26,507

44,819

Total

Assets

270,816,333

399,566,291

LIABILITIES:

Due

to

custodian

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

—

34,661

Due

to

brokers

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

—

805,652

Unrealized

depreciation

on

forward

foreign

currency

exchange

contracts

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

—

4,385,178

Unrealized

depreciation

on

OTC

swaps

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

—

513,570

Variation

margin

on

futures

contracts

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

245,694

104,863

Payables:

–

–

Securities

purchased

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

8,430,105

18,337,896

Interfund

loan

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

16,884,000

—

Accrued

investment

advisory

fees

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

71,642

181,004

Accrued

distribution

fees—Class

N

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

686

1,775

Capital

shares

redeemed

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

914,110

300,023

Other

accrued

expenses

and

liabilities

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

77,716

76,485

Total

Liabilities

26,623,953

24,741,107

Commitments

and

contingent

liabilities

^

Net

Assets

$

244,192,380

$

374,825,184

NET

ASSETS

CONSIST

OF:

Paid-in

capital

($0.001

par

value

common

stock,

unlimited

authorized

shares)

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

$

208,083,083

$

271,051,576

Total

distributable

earnings

(loss)

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

36,109,297

103,773,608

Net

Assets

$

244,192,380

$

374,825,184

NET

ASSETS:

Class

I

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

$

58,085,368

$

11,960,374

Class

N

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

3,220,968

8,777,594

Class

R6

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

182,886,044

354,087,216

SHARES

OUTSTANDING:

–

–

Class

I

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

4,097,361

1,106,427

Class

N

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

218,209

824,964

Class

R6

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

12,914,076

32,527,142

NET

ASSET

VALUE:

–

–

Class

I

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

$

14.18

$

10.81

Class

N

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

$

14.76

$

10.64

Class

R6

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

$

14.16

$

10.89

‡

Cash

denominated

in

foreign

currencies,

at

cost

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

$

79,799

$

699,396

^

See

Note

8

in

the

Notes

to

Financial

Statements

for

additional

information

on

potential

future

recoupment

of

expenses

reimbursed

by

the

Adviser.

Statements

of

Operations

62

AQR

Funds

|

Semi-Annual

Report

|

March

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

For

the

Six

Months

Ended

March

31,

2024

(Unaudited)

AQR

LARGE

CAP

MULTI-STYLE

FUND

AQR

SMALL

CAP

MULTI-STYLE

FUND

AQR

INTERNATIONAL

MULTI-STYLE

FUND

AQR

EMERGING

MULTI-STYLE

II

FUND

INVESTMENT

INCOME:

Dividend

income

†

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

$

10,027,999

$

777,964

$

6,494,509

$

6,495,415

Interest

income

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

3,910

46

—

754

European

Union

tax

reclaims

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

—

—

311,111

—

Total

Income

10,031,909

778,010

6,805,620

6,496,169

EXPENSES:

Investment

advisory

fees

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

1,339,177

228,406

1,030,351

1,219,075

Custody

fees

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

18,756

13,049

32,803

159,760

Administration

&

accounting

fees

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

117,415

11,128

56,472

53,442

Legal

fees

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

34,606

4,138

15,732

16,573

Audit

&

tax

fees

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

26,367

25,351

34,711

49,590

Shareholder

reporting

fees

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

32,086

10,899

21,301

21,693

Transfer

agent

fees

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

118,498

34,475

56,318

36,970

Trustee

fees

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

35,401

3,919

17,057

17,661

Distribution

fees—Class

N

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

6,769

6,847

1,374

1,536

Interest

expense

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

43,842

3,086

14,264

38,141

Interfund

lending

expense

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

—

3,771

—

—

Recoupment

of

reimbursement

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

1,571

—

11

—

Registration

fees

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

33,695

25,913

28,903

28,124

European

Union

tax

reclaim

fees

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

—

—

116,172

—

Other

expenses

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

15,204

1,772

9,761

23,388

Total

Expenses

1,823,387

372,754

1,435,230

1,665,953

Less

expense

reimbursements

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

(

61,069

)

(

73,413

)

(

100,319

)

(

137,452

)

Net

Expenses

1,762,318

299,341

1,334,911

1,528,501

Net

Investment

Income

(Loss)

8,269,591

478,669

5,470,709

4,967,668

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

$

1,309,198

)

.....

68,182,603

5,944,141

7,855,907

26,475,008

Settlement

of

foreign

currency

and

foreign

currency

transactions

..

—

—

4,254

(

114,252

)

Expiration

or

closing

of

futures

contracts

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

5,182,297

249,008

2,082,052

227,355

Net

realized

gain

(loss)

73,364,900

6,193,149

9,942,213

26,588,111

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investment

securities

of

unaffiliated

issuers

(net

changes

in

deferred

capital

gain

country

tax

accruals

of

$

—

,

$

—

,

$

—

and

$

1,416,504

)

161,220,951

13,174,989

74,445,611

29,478,643

Foreign

currency

and

foreign

currency

transactions

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

—

—

14,988

(

10,670

)

Futures

contracts

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

2,326,779

260,523

858,095

796,488

Net

change

in

unrealized

appreciation

(depreciation)

163,547,730

13,435,512

75,318,694

30,264,461

Net

realized

gain

(loss)

and

net

change

in

unrealized

appreciation

(depreciation)

236,912,630

19,628,661

85,260,907

56,852,572

Net

increase

(decrease)

in

net

assets

resulting

from

operations

$

245,182,221

$

20,107,330

$

90,731,616

$

61,820,240

†

Net

of

foreign

taxes

withheld

of

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

$

14,015

$

168

$

603,210

$

1,084,774

Statements

of

Operations

63

AQR

Funds

|

Semi-Annual

Report

|

March

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

For

the

Six

Months

Ended

March

31,

2024

(Unaudited)

AQR

LARGE

CAP

MOMENTUM

STYLE

FUND

AQR

SMALL

CAP

MOMENTUM

STYLE

FUND

AQR

INTERNATIONAL

MOMENTUM

STYLE

FUND

AQR

LARGE

CAP

DEFENSIVE

STYLE

FUND

INVESTMENT

INCOME:

Dividend

income

†

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

$

3,382,062

$

738,046

$

2,003,634

$

28,085,748

Interest

income

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

137

227

7,045

289

European

Union

tax

reclaims

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

—

—

262,429

—

Total

Income

3,382,199

738,273

2,273,108

28,086,037

EXPENSES:

Investment

advisory

fees

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

819,058

339,112

438,579

3,623,116

Custody

fees

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

14,042

15,231

23,043

43,012

Administration

&

accounting

fees

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

71,809

16,521

24,034

317,727

Legal

fees

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

25,994

27,467

8,212

106,215

Audit

&

tax

fees

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

26,774

26,301

34,793

28,871

Shareholder

reporting

fees

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

27,021

14,699

16,503

89,890

Transfer

agent

fees

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

212,376

69,708

74,120

828,961

Trustee

fees

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

22,642

5,733

8,576

111,266

Distribution

fees—Class

N

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

84,401

2,496

5,627

237,856

Interest

expense

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

19,400

5,765

14,408

97,324

Interfund

lending

expense

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

—

93

2,671

1,481

Recoupment

of

reimbursement

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

7,124

—

—

3,938

Registration

fees

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

29,666

26,771

27,073

45,740

European

Union

tax

reclaim

fees

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

—

—

98,992

—

Other

expenses

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

10,577

3,008

7,901

58,101

Total

Expenses

1,370,884

552,905

784,532

5,593,498

Less

expense

reimbursements

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

(

69,708

)

(

82,488

)

(

101,894

)

(

36,458

)

Net

Expenses

1,301,176

470,417

682,638

5,557,040

Net

Investment

Income

(Loss)

2,081,023

267,856

1,590,470

22,528,997

REALIZED

GAIN

(LOSS)

AND

CHANGE

IN

UNREALIZED

APPRECIATION

(DEPRECIATION):

–

–

–

–

Net

realized

gain

(loss)

from:

Transactions

in

investment

securities

of

unaffiliated

issuers

......

24,505,519

1,393,920

16,316,133

339,364,271

Settlement

of

foreign

currency

and

foreign

currency

transactions

..

(

31

)

25

(

26,600

)

—

Expiration

or

closing

of

futures

contracts

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

1,890,471

581,572

692,137

18,990,817

Net

realized

gain

(loss)

26,395,959

1,975,517

16,981,670

358,355,088

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investment

securities

of

unaffiliated

issuers

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

142,179,560

33,157,941

29,342,632

66,406,525

Foreign

currency

and

foreign

currency

transactions

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

35

—

29,115

—

Futures

contracts

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

700,294

229,607

166,246

5,102,557

Net

change

in

unrealized

appreciation

(depreciation)

142,879,889

33,387,548

29,537,993

71,509,082

Net

realized

gain

(loss)

and

net

change

in

unrealized

appreciation

(depreciation)

169,275,848

35,363,065

46,519,663

429,864,170

Net

increase

(decrease)

in

net

assets

resulting

from

operations

$

171,356,871

$

35,630,921

$

48,110,133

$

452,393,167

†

Net

of

foreign

taxes

withheld

of

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

$

—

$

411

$

203,572

$

—

Statements

of

Operations

64

AQR

Funds

|

Semi-Annual

Report

|

March

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

For

the

Six

Months

Ended

March

31,

2024

(Unaudited)

AQR

INTERNATIONAL

DEFENSIVE

STYLE

FUND

AQR

GLOBAL

EQUITY

FUND

INVESTMENT

INCOME:

Dividend

income

†

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

$

2,947,416

$

3,881,609

Interest

income

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

3,078

8,928

Total

Income

2,950,494

3,890,537

EXPENSES:

Investment

advisory

fees

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

520,480

995,749

Custody

fees

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

21,368

24,320

Administration

&

accounting

fees

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

28,534

36,372

Legal

fees

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

8,917

11,926

Audit

&

tax

fees

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

33,616

45,723

Shareholder

reporting

fees

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

14,325

13,865

Transfer

agent

fees

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

49,861

21,912

Trustee

fees

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

9,436

11,500

Distribution

fees—Class

N

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

3,929

9,381

Interest

expense

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

7,858

19,995

Interfund

lending

expense

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

13,601

—

Recoupment

of

reimbursement

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

808

99

Registration

fees

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

27,425

26,035

Other

expenses

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

21,068

14,682

Total

Expenses

761,226

1,231,559

Less

expense

reimbursements

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

(

94,053

)

(

23,600

)

Net

Expenses

667,173

1,207,959

Net

Investment

Income

(Loss)

2,283,321

2,682,578

REALIZED

GAIN

(LOSS)

AND

CHANGE

IN

UNREALIZED

APPRECIATION

(DEPRECIATION):

–

–

Net

realized

gain

(loss)

from:

Transactions

in

investment

securities

of

unaffiliated

issuers

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

200,613

20,002,271

Settlement

of

foreign

currency

and

foreign

currency

transactions

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

(

2,158

)

(

466,997

)

Settlement

of

forward

foreign

currency

exchange

contracts

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

—

(

3,058,534

)

Expiration

or

closing

of

futures

contracts

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

1,318,744

8,240,482

Expiration

or

closing

of

swap

contracts

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

—

(

3,375,852

)

Net

realized

gain

(loss)

1,517,199

21,341,370

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investment

securities

of

unaffiliated

issuers

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

24,602,454

40,124,579

Foreign

currency

and

foreign

currency

transactions

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

11,916

(

8,577

)

Forward

foreign

currency

exchange

contracts

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

—

2,189,419

Futures

contracts

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

(

24,043

)

2,548,866

Swap

contracts

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

—

(

80,129

)

Net

change

in

unrealized

appreciation

(depreciation)

24,590,327

44,774,158

Net

realized

gain

(loss)

and

net

change

in

unrealized

appreciation

(depreciation)

26,107,526

66,115,528

Net

increase

(decrease)

in

net

assets

resulting

from

operations

$

28,390,847

$

68,798,106

†

Net

of

foreign

taxes

withheld

of

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

$

244,426

$

105,660

Statements

of

Changes

in

Net

Assets

(Continued)

66

AQR

Funds

|

Semi-Annual

Report

|

March

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

March

31,

2024

(Unaudited)

AQR

LARGE

CAP

MULTI-STYLE

FUND

AQR

SMALL

CAP

MULTI-STYLE

FUND

FOR

THE

SIX

MONTHS

ENDED

MARCH

31,

2024

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2023

FOR

THE

SIX

MONTHS

ENDED

MARCH

31,

2024

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2023

OPERATIONS:

Net

investment

income

(loss)

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

$

8,269,591

$

16,440,653

$

478,669

$

1,243,977

Net

realized

gain

(loss)

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

73,364,900

116,420,293

6,193,149

6,446,910

Net

change

in

unrealized

appreciation

(depreciation)

.......

163,547,730

61,121,114

13,435,512

10,110,306

Net increase

(decrease)

in

net

assets

resulting

from

operations

245,182,221

193,982,060

20,107,330

17,801,193

DISTRIBUTIONS

TO

SHAREHOLDERS:

Class

I

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

(

25,618,468

)

(

21,320,561

)

(

3,798,567

)

(

611,222

)

Class

N

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

(

661,804

)

(

513,480

)

(

362,009

)

(

23,046

)

Class

R6

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

(

107,796,828

)

(

73,686,731

)

(

2,704,683

)

(

379,583

)

Total

distributions

(

134,077,100

)

(

95,520,772

)

(

6,865,259

)

(

1,013,851

)

CAPITAL

TRANSACTIONS:

CLASS

I

—

—

—

—

Proceeds

from

shares

sold

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

24,053,521

16,711,514

5,830,368

15,235,436

Reinvestment

of

distributions

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

23,419,876

19,925,876

3,615,622

476,317

Cost

of

shares

redeemed

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

(

41,060,724

)

(

65,032,528

)

(

14,444,053

)

(

26,851,549

)

Net

increase

(decrease)

from

capital

transactions

6,412,673

(

28,395,138

)

(

4,998,063

)

(

11,139,796

)

CLASS

N

—

—

—

—

Proceeds

from

shares

sold

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

403,609

230,838

2,036,511

389,071

Reinvestment

of

distributions

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

646,778

504,148

357,360

22,424

Cost

of

shares

redeemed

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

(

704,091

)

(

1,493,247

)

(

703,258

)

(

1,899,665

)

Net

increase

(decrease)

from

capital

transactions

346,296

(

758,261

)

1,690,613

(

1,488,170

)

CLASS

R6

—

—

—

—

Proceeds

from

shares

sold

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

80,316,592

135,709,289

4,148,693

2,072,527

Reinvestment

of

distributions

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

105,165,737

72,035,186

2,665,159

374,627

Cost

of

shares

redeemed

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

(

139,875,255

)

(

194,243,534

)

(

8,218,852

)

(

7,098,491

)

Net

increase

(decrease)

from

capital

transactions

45,607,074

13,500,941

(

1,405,000

)

(

4,651,337

)

Net

increase

(decrease)

in

net

assets

resulting

from

capital

transactions

52,366,043

(

15,652,458

)

(

4,712,450

)

(

17,279,303

)

Total

increase

(decrease)

in

net

assets

163,471,164

82,808,830

8,529,621

(

491,961

)

NET

ASSETS:

Beginning

of

period

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

1,015,092,935

932,284,105

101,614,868

102,106,829

End

of

period

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

$

1,178,564,099

$

1,015,092,935

$

110,144,489

$

101,614,868

$

—

$

—

$

—

$

—

Statements

of

Changes

in

Net

Assets

67

AQR

Funds

|

Semi-Annual

Report

|

March

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

March

31,

2024

(Unaudited)

AQR

LARGE

CAP

MULTI-STYLE

FUND

AQR

SMALL

CAP

MULTI-STYLE

FUND

FOR

THE

SIX

MONTHS

ENDED

MARCH

31,

2024

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2023

FOR

THE

SIX

MONTHS

ENDED

MARCH

31,

2024

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2023

CHANGES

IN

SHARES

OUTSTANDING:

CLASS

I

Shares

outstanding,

beginning

of

period

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

11,157,756

12,877,494

3,635,850

4,363,260

Shares

sold

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

1,323,329

1,005,743

336,432

1,004,167

Shares

issued

on

reinvestment

of

distributions

...........

1,376,021

1,299,796

214,450

32,315

Shares

redeemed

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

(

2,342,188

)

(

4,025,277

)

(

871,175

)

(

1,763,892

)

Shares

outstanding,

end

of

period

11,514,918

11,157,756

3,315,557

3,635,850

CLASS

N

Shares

outstanding,

beginning

of

period

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

289,173

331,906

268,845

363,208

Shares

sold

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

21,850

14,034

124,288

25,623

Shares

issued

on

reinvestment

of

distributions

...........

37,538

32,526

21,196

1,521

Shares

redeemed

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

(

39,876

)

(

89,293

)

(

41,988

)

(

121,507

)

Shares

outstanding,

end

of

period

308,685

289,173

372,341

268,845

CLASS

R6

Shares

outstanding,

beginning

of

period

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

46,312,501

45,085,069

2,396,643

2,695,000

Shares

sold

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

4,571,869

8,213,075

241,985

133,068

Shares

issued

on

reinvestment

of

distributions

...........

6,189,861

4,708,182

157,889

25,398

Shares

redeemed

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

(

7,934,907

)

(

11,693,825

)

(

483,685

)

(

456,823

)

Shares

outstanding,

end

of

period

49,139,324

46,312,501

2,312,832

2,396,643

Statements

of

Changes

in

Net

Assets

(Continued)

68

AQR

Funds

|

Semi-Annual

Report

|

March

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

March

31,

2024

(Unaudited)

AQR

INTERNATIONAL

MULTI-STYLE

FUND

AQR

EMERGING

MULTI-STYLE

II

FUND

FOR

THE

SIX

MONTHS

ENDED

MARCH

31,

2024

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2023

FOR

THE

SIX

MONTHS

ENDED

MARCH

31,

2024

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2023

OPERATIONS:

Net

investment

income

(loss)

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

$

5,470,709

$

14,110,858

$

4,967,668

$

21,182,996

Net

realized

gain

(loss)

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

9,942,213

14,642,795

26,588,111

(

7,282,418

)

Net

change

in

unrealized

appreciation

(depreciation)

.......

75,318,694

75,899,938

30,264,461

54,526,496

Net increase

(decrease)

in

net

assets

resulting

from

operations

90,731,616

104,653,591

61,820,240

68,427,074

DISTRIBUTIONS

TO

SHAREHOLDERS:

Class

I

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

(

2,729,357

)

(

2,036,519

)

(

2,357,124

)

(

1,929,495

)

Class

N

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

(

33,686

)

(

29,800

)

(

31,555

)

(

32,365

)

Class

R6

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

(

14,300,082

)

(

11,786,662

)

(

25,141,922

)

(

20,032,402

)

Total

distributions

(

17,063,125

)

(

13,852,981

)

(

27,530,601

)

(

21,994,262

)

CAPITAL

TRANSACTIONS:

CLASS

I

—

—

—

—

Proceeds

from

shares

sold

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

14,848,722

26,937,812

4,900,782

16,089,829

Reinvestment

of

distributions

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

2,727,983

2,035,042

2,357,124

1,929,495

Cost

of

shares

redeemed

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

(

22,763,971

)

(

22,936,828

)

(

14,696,108

)

(

18,164,595

)

Net

increase

(decrease)

from

capital

transactions

(

5,187,266

)

6,036,026

(

7,438,202

)

(

145,271

)

CLASS

N

—

—

—

—

Proceeds

from

shares

sold

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

108,980

74,510

6,716,747

10,845,077

Reinvestment

of

distributions

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

31,498

28,173

31,555

32,365

Cost

of

shares

redeemed

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

(

214,006

)

(

358,688

)

(

6,902,889

)

(

11,175,292

)

Net

increase

(decrease)

from

capital

transactions

(

73,528

)

(

256,005

)

(

154,587

)

(

297,850

)

CLASS

R6

—

—

—

—

Proceeds

from

shares

sold

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

38,652,925

54,693,892

17,271,517

44,669,362

Reinvestment

of

distributions

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

13,833,657

11,435,804

24,722,578

19,761,907

Cost

of

shares

redeemed

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

(

35,564,835

)

(

58,814,550

)

(

75,895,171

)

(

54,479,261

)

Net

increase

(decrease)

from

capital

transactions

16,921,747

7,315,146

(

33,901,076

)

9,952,008

Net

increase

(decrease)

in

net

assets

resulting

from

capital

transactions

11,660,953

13,095,167

(

41,493,865

)

9,508,887

Total

increase

(decrease)

in

net

assets

85,329,444

103,895,777

(

7,204,226

)

55,941,699

NET

ASSETS:

Beginning

of

period

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

478,585,707

374,689,930

500,589,830

444,648,131

End

of

period

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

$

563,915,151

$

478,585,707

$

493,385,604

$

500,589,830

$

—

$

—

$

—

$

—

Statements

of

Changes

in

Net

Assets

69

AQR

Funds

|

Semi-Annual

Report

|

March

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

March

31,

2024

(Unaudited)

AQR

INTERNATIONAL

MULTI-STYLE

FUND

AQR

EMERGING

MULTI-STYLE

II

FUND

FOR

THE

SIX

MONTHS

ENDED

MARCH

31,

2024

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2023

FOR

THE

SIX

MONTHS

ENDED

MARCH

31,

2024

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2023

CHANGES

IN

SHARES

OUTSTANDING:

CLASS

I

Shares

outstanding,

beginning

of

period

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

6,928,202

6,411,784

5,284,047

5,275,790

Shares

sold

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

1,163,687

2,310,116

522,468

1,790,113

Shares

issued

on

reinvestment

of

distributions

...........

216,335

185,679

253,182

215,827

Shares

redeemed

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

(

1,772,367

)

(

1,979,377

)

(

1,533,342

)

(

1,997,683

)

Shares

outstanding,

end

of

period

6,535,857

6,928,202

4,526,355

5,284,047

CLASS

N

Shares

outstanding,

beginning

of

period

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

88,593

110,628

72,730

99,457

Shares

sold

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

8,611

6,497

692,456

1,126,513

Shares

issued

on

reinvestment

of

distributions

...........

2,488

2,563

3,353

3,588

Shares

redeemed

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

(

16,863

)

(

31,095

)

(

692,630

)

(

1,156,828

)

Shares

outstanding,

end

of

period

82,829

88,593

75,909

72,730

CLASS

R6

Shares

outstanding,

beginning

of

period

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

32,630,968

32,028,676

48,071,527

46,979,760

Shares

sold

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

3,047,965

4,626,688

1,819,048

4,807,102

Shares

issued

on

reinvestment

of

distributions

...........

1,099,655

1,046,277

2,658,342

2,212,980

Shares

redeemed

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

(

2,787,260

)

(

5,070,673

)

(

7,991,562

)

(

5,928,315

)

Shares

outstanding,

end

of

period

33,991,328

32,630,968

44,557,355

48,071,527

Statements

of

Changes

in

Net

Assets

(Continued)

70

AQR

Funds

|

Semi-Annual

Report

|

March

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

March

31,

2024

(Unaudited)

AQR

LARGE

CAP

MOMENTUM

STYLE

FUND

AQR

SMALL

CAP

MOMENTUM

STYLE

FUND

FOR

THE

SIX

MONTHS

ENDED

MARCH

31,

2024

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2023

FOR

THE

SIX

MONTHS

ENDED

MARCH

31,

2024

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2023

OPERATIONS:

Net

investment

income

(loss)

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

$

2,081,023

$

8,983,324

$

267,856

$

1,956,906

Net

realized

gain

(loss)

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

26,395,959

83,204,864

1,975,517

7,890,023

Net

change

in

unrealized

appreciation

(depreciation)

.......

142,879,889

205,482

33,387,548

12,583,609

Net increase

(decrease)

in

net

assets

resulting

from

operations

171,356,871

92,393,670

35,630,921

22,430,538

DISTRIBUTIONS

TO

SHAREHOLDERS:

Class

I

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

(

44,486,489

)

(

42,896,531

)

(

4,888,127

)

(

932,882

)

Class

N

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

(

8,363,820

)

(

5,487,520

)

(

68,994

)

(

11,897

)

Class

R6

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

(

29,661,848

)

(

24,389,801

)

(

1,020,345

)

(

313,180

)

Total

distributions

(

82,512,157

)

(

72,773,852

)

(

5,977,466

)

(

1,257,959

)

CAPITAL

TRANSACTIONS:

CLASS

I

—

—

—

—

Proceeds

from

shares

sold

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

11,773,084

47,447,064

6,179,925

15,470,095

Reinvestment

of

distributions

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

43,714,466

42,126,060

4,810,346

920,971

Cost

of

shares

redeemed

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

(

90,443,614

)

(

158,303,975

)

(

38,311,488

)

(

53,691,461

)

Net

increase

(decrease)

from

capital

transactions

(

34,956,064

)

(

68,730,851

)

(

27,321,217

)

(

37,300,395

)

CLASS

N

—

—

—

—

Proceeds

from

shares

sold

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

8,049,685

12,688,573

477,042

416,435

Reinvestment

of

distributions

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

8,363,819

5,487,518

68,994

11,897

Cost

of

shares

redeemed

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

(

11,756,427

)

(

11,450,492

)

(

209,956

)

(

3,495,672

)

Net

increase

(decrease)

from

capital

transactions

4,657,077

6,725,599

336,080

(

3,067,340

)

CLASS

R6

—

—

—

—

Proceeds

from

shares

sold

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

13,301,436

31,855,675

1,819,816

4,372,456

Reinvestment

of

distributions

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

29,390,076

24,052,140

1,020,342

313,180

Cost

of

shares

redeemed

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

(

48,902,032

)

(

61,016,844

)

(

2,310,009

)

(

29,144,984

)

Net

increase

(decrease)

from

capital

transactions

(

6,210,520

)

(

5,109,029

)

530,149

(

24,459,348

)

Net

increase

(decrease)

in

net

assets

resulting

from

capital

transactions

(

36,509,507

)

(

67,114,281

)

(

26,454,988

)

(

64,827,083

)

Total

increase

(decrease)

in

net

assets

52,335,207

(

47,494,463

)

3,198,467

(

43,654,504

)

NET

ASSETS:

Beginning

of

period

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

644,794,043

692,288,506

156,951,272

200,605,776

End

of

period

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

$

697,129,250

$

644,794,043

$

160,149,739

$

156,951,272

$

—

$

—

$

—

$

—

Statements

of

Changes

in

Net

Assets

71

AQR

Funds

|

Semi-Annual

Report

|

March

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

March

31,

2024

(Unaudited)

AQR

LARGE

CAP

MOMENTUM

STYLE

FUND

AQR

SMALL

CAP

MOMENTUM

STYLE

FUND

FOR

THE

SIX

MONTHS

ENDED

MARCH

31,

2024

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2023

FOR

THE

SIX

MONTHS

ENDED

MARCH

31,

2024

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2023

CHANGES

IN

SHARES

OUTSTANDING:

CLASS

I

Shares

outstanding,

beginning

of

period

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

18,193,865

21,627,910

7,494,967

9,607,947

Shares

sold

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

596,002

2,443,198

318,941

893,412

Shares

issued

on

reinvestment

of

distributions

...........

2,292,316

2,280,783

254,516

54,885

Shares

redeemed

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

(

4,500,415

)

(

8,158,026

)

(

2,050,103

)

(

3,061,277

)

Shares

outstanding,

end

of

period

16,581,768

18,193,865

6,018,321

7,494,967

CLASS

N

Shares

outstanding,

beginning

of

period

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

3,138,139

2,771,259

104,462

282,926

Shares

sold

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

402,593

658,085

23,926

23,651

Shares

issued

on

reinvestment

of

distributions

...........

438,126

296,462

3,641

708

Shares

redeemed

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

(

579,873

)

(

587,667

)

(

11,340

)

(

202,823

)

Shares

outstanding,

end

of

period

3,398,985

3,138,139

120,689

104,462

CLASS

R6

Shares

outstanding,

beginning

of

period

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

11,747,699

11,942,542

1,314,013

2,754,503

Shares

sold

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

667,399

1,623,713

98,146

250,425

Shares

issued

on

reinvestment

of

distributions

...........

1,550,928

1,310,029

54,274

18,765

Shares

redeemed

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

(

2,432,201

)

(

3,128,585

)

(

124,503

)

(

1,709,680

)

Shares

outstanding,

end

of

period

11,533,825

11,747,699

1,341,930

1,314,013

Statements

of

Changes

in

Net

Assets

(Continued)

72

AQR

Funds

|

Semi-Annual

Report

|

March

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

March

31,

2024

(Unaudited)

AQR

INTERNATIONAL

MOMENTUM

STYLE

FUND

AQR

LARGE

CAP

DEFENSIVE

STYLE

FUND

FOR

THE

SIX

MONTHS

ENDED

MARCH

31,

2024

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2023

FOR

THE

SIX

MONTHS

ENDED

MARCH

31,

2024

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2023

OPERATIONS:

Net

investment

income

(loss)

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

$

1,590,470

$

8,839,480

$

22,528,997

$

59,603,522

Net

realized

gain

(loss)

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

16,981,670

36,268,204

358,355,088

578,908,370

Net

change

in

unrealized

appreciation

(depreciation)

.......

29,537,993

24,974,823

71,509,082

(

148,875,071

)

Net increase

(decrease)

in

net

assets

resulting

from

operations

48,110,133

70,082,507

452,393,167

489,636,821

DISTRIBUTIONS

TO

SHAREHOLDERS:

Class

I

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

(

15,826,491

)

(

4,633,520

)

(

385,770,639

)

(

267,895,560

)

Class

N

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

(

515,634

)

(

990,942

)

(

38,165,734

)

(

28,766,703

)

Class

R6

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

(

10,856,841

)

(

4,034,945

)

(

154,828,622

)

(

96,298,507

)

Total

distributions

(

27,198,966

)

(

9,659,407

)

(

578,764,995

)

(

392,960,770

)

CAPITAL

TRANSACTIONS:

CLASS

I

—

—

—

—

Proceeds

from

shares

sold

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

3,541,948

16,214,764

90,827,148

317,261,768

Reinvestment

of

distributions

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

15,399,047

4,524,192

380,629,673

262,708,832

Cost

of

shares

redeemed

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

(

39,707,432

)

(

67,838,711

)

(

739,697,602

)

(

1,260,558,103

)

Net

increase

(decrease)

from

capital

transactions

(

20,766,437

)

(

47,099,755

)

(

268,240,781

)

(

680,587,503

)

CLASS

N

—

—

—

—

Proceeds

from

shares

sold

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

177,327

5,145,397

8,267,318

40,265,043

Reinvestment

of

distributions

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

515,633

990,942

37,988,855

28,671,262

Cost

of

shares

redeemed

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

(

2,022,532

)

(

43,176,576

)

(

101,749,557

)

(

146,258,148

)

Net

increase

(decrease)

from

capital

transactions

(

1,329,572

)

(

37,040,237

)

(

55,493,384

)

(

77,321,843

)

CLASS

R6

—

—

—

—

Proceeds

from

shares

sold

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

3,696,420

10,832,011

83,058,321

233,135,224

Reinvestment

of

distributions

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

10,739,407

4,024,462

151,051,680

93,694,428

Cost

of

shares

redeemed

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

(

15,292,973

)

(

83,012,562

)

(

228,497,058

)

(

484,348,576

)

Net

increase

(decrease)

from

capital

transactions

(

857,146

)

(

68,156,089

)

5,612,943

(

157,518,924

)

Net

increase

(decrease)

in

net

assets

resulting

from

capital

transactions

(

22,953,155

)

(

152,296,081

)

(

318,121,222

)

(

915,428,270

)

Total

increase

(decrease)

in

net

assets

(

2,041,988

)

(

91,872,981

)

(

444,493,050

)

(

818,752,219

)

NET

ASSETS:

Beginning

of

period

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

227,752,483

319,625,464

3,125,253,516

3,944,005,735

End

of

period

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

$

225,710,495

$

227,752,483

$

2,680,760,466

$

3,125,253,516

$

—

$

—

$

—

$

—

Statements

of

Changes

in

Net

Assets

73

AQR

Funds

|

Semi-Annual

Report

|

March

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

March

31,

2024

(Unaudited)

AQR

INTERNATIONAL

MOMENTUM

STYLE

FUND

AQR

LARGE

CAP

DEFENSIVE

STYLE

FUND

FOR

THE

SIX

MONTHS

ENDED

MARCH

31,

2024

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2023

FOR

THE

SIX

MONTHS

ENDED

MARCH

31,

2024

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2023

CHANGES

IN

SHARES

OUTSTANDING:

CLASS

I

Shares

outstanding,

beginning

of

period

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

8,697,822

11,583,846

83,488,542

109,433,399

Shares

sold

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

224,016

1,052,112

3,805,583

12,251,552

Shares

issued

on

reinvestment

of

distributions

...........

998,641

297,253

17,452,071

10,610,211

Shares

redeemed

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

(

2,421,125

)

(

4,235,389

)

(

30,511,197

)

(

48,806,620

)

Shares

outstanding,

end

of

period

7,499,354

8,697,822

74,234,999

83,488,542

CLASS

N

Shares

outstanding,

beginning

of

period

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

296,137

2,495,431

8,957,331

11,904,275

Shares

sold

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

10,666

328,269

333,947

1,586,000

Shares

issued

on

reinvestment

of

distributions

...........

32,822

65,108

1,741,809

1,158,903

Shares

redeemed

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

(

121,559

)

(

2,592,671

)

(

4,213,759

)

(

5,691,847

)

Shares

outstanding,

end

of

period

218,066

296,137

6,819,328

8,957,331

CLASS

R6

Shares

outstanding,

beginning

of

period

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

5,189,534

9,368,955

30,490,402

36,571,253

Shares

sold

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

223,204

679,463

3,561,639

8,898,089

Shares

issued

on

reinvestment

of

distributions

...........

698,271

264,942

6,938,525

3,790,228

Shares

redeemed

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

(

959,311

)

(

5,123,826

)

(

9,770,955

)

(

18,769,168

)

Shares

outstanding,

end

of

period

5,151,698

5,189,534

31,219,611

30,490,402

Statements

of

Changes

in

Net

Assets

(Continued)

74

AQR

Funds

|

Semi-Annual

Report

|

March

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

March

31,

2024

(Unaudited)

AQR

INTERNATIONAL

DEFENSIVE

STYLE

FUND

AQR

GLOBAL

EQUITY

FUND

FOR

THE

SIX

MONTHS

ENDED

MARCH

31,

2024

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2023

FOR

THE

SIX

MONTHS

ENDED

MARCH

31,

2024

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2023

OPERATIONS:

Net

investment

income

(loss)

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

$

2,283,321

$

7,314,966

$

2,682,578

$

7,331,742

Net

realized

gain

(loss)

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

1,517,199

911,035

21,341,370

6,819,047

Net

change

in

unrealized

appreciation

(depreciation)

.......

24,590,327

33,825,268

44,774,158

55,133,252

Net increase

(decrease)

in

net

assets

resulting

from

operations

28,390,847

42,051,269

68,798,106

69,284,041

DISTRIBUTIONS

TO

SHAREHOLDERS:

Class

I

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

(

2,636,946

)

(

2,187,535

)

(

618,080

)

(

310,435

)

Class

N

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

(

77,666

)

(

109,199

)

(

414,975

)

(

259,557

)

Class

R6

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

(

5,492,727

)

(

3,177,917

)

(

18,123,018

)

(

12,318,896

)

Total

distributions

(

8,207,339

)

(

5,474,651

)

(

19,156,073

)

(

12,888,888

)

CAPITAL

TRANSACTIONS:

CLASS

I

—

—

—

—

Proceeds

from

shares

sold

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

2,651,350

19,092,074

323,878

4,938,743

Reinvestment

of

distributions

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

2,603,573

2,173,256

617,560

310,105

Cost

of

shares

redeemed

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

(

41,846,347

)

(

48,180,646

)

(

2,740,787

)

(

1,441,037

)

Net

increase

(decrease)

from

capital

transactions

(

36,591,424

)

(

26,915,316

)

(

1,799,349

)

3,807,811

CLASS

N

—

—

—

—

Proceeds

from

shares

sold

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

182,128

386,900

1,393,918

1,018,175

Reinvestment

of

distributions

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

77,639

109,181

414,588

259,185

Cost

of

shares

redeemed

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

(

363,240

)

(

4,511,395

)

(

1,132,509

)

(

1,304,499

)

Net

increase

(decrease)

from

capital

transactions

(

103,473

)

(

4,015,314

)

675,997

(

27,139

)

CLASS

R6

—

—

—

—

Proceeds

from

shares

sold

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

24,943,163

44,433,824

23,813,370

33,581,108

Reinvestment

of

distributions

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

5,078,610

2,833,021

18,113,246

12,302,894

Cost

of

shares

redeemed

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

(

24,473,500

)

(

32,839,959

)

(

36,493,355

)

(

57,945,613

)

Net

increase

(decrease)

from

capital

transactions

5,548,273

14,426,886

5,433,261

(

12,061,611

)

Net

increase

(decrease)

in

net

assets

resulting

from

capital

transactions

(

31,146,624

)

(

16,503,744

)

4,309,909

(

8,280,939

)

Total

increase

(decrease)

in

net

assets

(

10,963,116

)

20,072,874

53,951,942

48,114,214

NET

ASSETS:

Beginning

of

period

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

255,155,496

235,082,622

320,873,242

272,759,028

End

of

period

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

$

244,192,380

$

255,155,496

$

374,825,184

$

320,873,242

$

—

$

—

$

—

$

—

Statements

of

Changes

in

Net

Assets

75

AQR

Funds

|

Semi-Annual

Report

|

March

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

March

31,

2024

(Unaudited)

AQR

INTERNATIONAL

DEFENSIVE

STYLE

FUND

AQR

GLOBAL

EQUITY

FUND

FOR

THE

SIX

MONTHS

ENDED

MARCH

31,

2024

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2023

FOR

THE

SIX

MONTHS

ENDED

MARCH

31,

2024

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2023

CHANGES

IN

SHARES

OUTSTANDING:

CLASS

I

Shares

outstanding,

beginning

of

period

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

6,725,767

8,699,248

1,306,042

874,571

Shares

sold

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

194,460

1,481,506

32,523

554,178

Shares

issued

on

reinvestment

of

distributions

...........

191,862

172,481

65,419

38,050

Shares

redeemed

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

(

3,014,728

)

(

3,627,468

)

(

297,557

)

(

160,757

)

Shares

outstanding,

end

of

period

4,097,361

6,725,767

1,106,427

1,306,042

CLASS

N

Shares

outstanding,

beginning

of

period

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

225,557

508,905

755,307

758,506

Shares

sold

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

12,694

28,114

141,147

115,953

Shares

issued

on

reinvestment

of

distributions

...........

5,491

8,347

44,579

32,277

Shares

redeemed

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

(

25,533

)

(

319,809

)

(

116,069

)

(

151,429

)

Shares

outstanding,

end

of

period

218,209

225,557

824,964

755,307

CLASS

R6

Shares

outstanding,

beginning

of

period

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

12,491,883

11,334,719

32,041,639

33,234,891

Shares

sold

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

1,845,426

3,480,692

2,432,592

3,864,543

Shares

issued

on

reinvestment

of

distributions

...........

374,805

225,200

1,904,653

1,500,353

Shares

redeemed

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

(

1,798,038

)

(

2,548,728

)

(

3,851,742

)

(

6,558,148

)

Shares

outstanding,

end

of

period

12,914,076

12,491,883

32,527,142

32,041,639

76

AQR

Funds

|

Semi-Annual

Report

|

March

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Financial

Highlights

March

31,

2024

(Unaudited)

PER

SHARE

OPERATING

PERFORMANCE

Change

in

Net

Assets

Resulting

from

Operations

1

Less

Dividends

and

Distributions

*,1

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)

AAA

Net

Realized

and

Unrealized

Gain

(Loss)

AA

Net

Increase

(Decrease)

in

Net

Asset

Value

from

Operations

Distributions

from

Net

Investment

Income

Distributions

from

Net

Realized

Gains

Total

Distributions

AQR

LARGE

CAP

MULTI-STYLE

FUND

CLASS

I

SIX

MONTHS

ENDED

MARCH

31,

2024

$

17.59

0.13

3.98

4.11

(0.26)

(2

.08)

(2.34)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2023

$

16.00

0.27

6

3.03

3.30

(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)

AQR

LARGE

CAP

MULTI-STYLE

FUND

CLASS

N

SIX

MONTHS

ENDED

MARCH

31,

2024

$

17.75

0

.11

4.01

4.12

(0.21)

(2.08)

(2.29)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2023

$

16.11

0.23

6

3.06

3.29

(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)

AQR

LARGE

CAP

MULTI-STYLE

FUND

CLASS

R6

SIX

MONTHS

ENDED

MARCH

31,

2024

$

17.57

0

.14

3.97

4.11

(0.27)

(2.08)

(2.35)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2023

$

15.99

0.29

6

3.02

3.31

(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)

AQR

SMALL

CAP

MULTI-STYLE

FUND

CLASS

I

SIX

MONTHS

ENDED

MARCH

31,

2024

$

16.12

0

.08

3.30

3.38

(0.17)

(0.99)

(1.16)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2023

$

13.75

0.17

2.33

2.50

(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

12

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)

AQR

SMALL

CAP

MULTI-STYLE

FUND

CLASS

N

SIX

MONTHS

ENDED

MARCH

31,

2024

$

16.09

0

.06

3.30

3.36

(0.13)

(0.99)

(1.12)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2023

$

13.71

0.13

2.32

2.45

(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

12

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)

AQR

SMALL

CAP

MULTI-STYLE

FUND

CLASS

R6

SIX

MONTHS

ENDED

MARCH

31,

2024

$

16.14

0

.09

3.31

3.40

(0.18)

(0.99)

(1.17)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2023

$

13.77

0.19

2.32

2.51

(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

12

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)

77

AQR

Funds

|

Semi-Annual

Report

|

March

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Financial

Highlights

March

31,

2024

(Unaudited)

RATIOS/SUPPLEMENTAL

DATA

Ratios

to

Average

Net

Assets

of:*

Net

Asset

Value,

End

of

Period

Total

Return

2,3

Net

Assets,

End

of

Period

(000’s)

Expenses,

Before

Reimbursements

and/or

Waivers

4

Expenses,

Net

of

Reimbursements

and/or

Waivers

4

Expenses,

Net

of

Reimbursements

and/or

Waivers

(Excluding

Interest

Expense)

4

Net

Investment

Income

(Loss)

Portfolio

Turnover

Rate

5

$

19.36

25.19%

$

222,888

0.42%

0.41%

0.40%

1.47%

35%

$

17.59

22.16%

$

196,246

0.42%

0.41%

0.40%

1.62%

6

57%

$

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%

$

19.58

24.99%

$

6,045

0.67%

0.66%

0.65%

1.21%

35%

$

17.75

21.87%

$

5,132

0.67%

0.66%

0.65%

1.36%

6

57%

$

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%

$

19.33

25.27%

$

949,631

0.32%

0.31%

0.30%

1.56%

35%

$

17.57

22.25%

$

813,715

0.32%

0.31%

0.30%

1.70%

6

57%

$

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%

$

18.34

21.65%

$

60,822

0.75%

0.61%

0.60%

0.91%

28%

$

16.12

18.27%

$

58,597

0.74%

0.61%

0.60%

1.10%

63%

$

13.75

(20.56)%

$

60,005

0.75%

0.61%

0.60%

0.81%

9

65%

$

18.38

51.47%

$

67,830

0.83%

10

0.72%

10

0.71%

10

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%

$

18.33

21.54%

$

6,825

1.02%

0.86%

0.85%

0.68%

28%

$

16.09

17.94%

$

4,325

1.02%

0.86%

0.85%

0.84%

63%

$

13.71

(20.75)%

$

4,979

1.00%

0.86%

0.85%

0.55%

9

65%

$

18.32

51.05%

$

8,123

1.08%

10

0.97%

10

0.96%

10

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%

$

18.37

21.77%

$

42,497

0.67%

0.51%

0.50%

1.02%

28%

$

16.14

18.35%

$

38,693

0.67%

0.51%

0.50%

1.19%

63%

$

13.77

(20.51)%

$

37,123

0.65%

0.51%

0.50%

0.91%

9

65%

$

18.41

51.60%

$

54,607

0.74%

10

0.63%

10

0.62%

10

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%

78

AQR

Funds

|

Semi-Annual

Report

|

March

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Financial

Highlights

March

31,

2024

(Unaudited)

PER

SHARE

OPERATING

PERFORMANCE

Change

in

Net

Assets

Resulting

from

Operations

1

Less

Dividends

and

Distributions

*,1

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)

AAA

Net

Realized

and

Unrealized

Gain

(Loss)

AA

Net

Increase

(Decrease)

in

Net

Asset

Value

from

Operations

Distributions

from

Net

Investment

Income

Distributions

from

Net

Realized

Gains

Total

Distributions

AQR

INTERNATIONAL

MULTI-STYLE

FUND

CLASS

I

SIX

MONTHS

ENDED

MARCH

31,

2024

$

12.09

0.13

2.11

2.24

(0.42)

—

(0.42)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2023

$

9.73

0.35

2.37

2.72

(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)

AQR

INTERNATIONAL

MULTI-STYLE

FUND

CLASS

N

SIX

MONTHS

ENDED

MARCH

31,

2024

$

12.10

0.11

2.13

2.24

(0.39)

—

(0.39)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2023

$

9.71

0.32

2.36

2.68

(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)

AQR

INTERNATIONAL

MULTI-STYLE

FUND

CLASS

R6

SIX

MONTHS

ENDED

MARCH

31,

2024

$

12.07

0.14

2.10

2.24

(0

.43)

—

(0.43)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2023

$

9.72

0.37

2.35

2.72

(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)

AQR

EMERGING

MULTI-STYLE

II

FUND

CLASS

I

SIX

MONTHS

ENDED

MARCH

31,

2024

$

9.37

0.09

1

.12

1.21

(0.54)

—

(0.54)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2023

$

8.49

0.39

0.90

1.29

(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)

AQR

EMERGING

MULTI-STYLE

II

FUND

CLASS

N

SIX

MONTHS

ENDED

MARCH

31,

2024

$

9.42

0.08

1.14

1.22

(0

.49)

—

(0.49)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2023

$

8.51

0.51

0.75

1.26

(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)

AQR

EMERGING

MULTI-STYLE

II

FUND

CLASS

R6

SIX

MONTHS

ENDED

MARCH

31,

2024

$

9.37

0.10

1.12

1.22

(0

.55)

—

(0.55)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2023

$

8.49

0.40

0.90

1.30

(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)

79

AQR

Funds

|

Semi-Annual

Report

|

March

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Financial

Highlights

March

31,

2024

(Unaudited)

RATIOS/SUPPLEMENTAL

DATA

Ratios

to

Average

Net

Assets

of:*

Net

Asset

Value,

End

of

Period

Total

Return

2,3

Net

Assets,

End

of

Period

(000’s)

Expenses,

Before

Reimbursements

and/or

Waivers

4

Expenses,

Net

of

Reimbursements

and/or

Waivers

4

Expenses,

Net

of

Reimbursements

and/or

Waivers

(Excluding

Interest

Expense)

4

Net

Investment

Income

(Loss)

Portfolio

Turnover

Rate

5

$

13.91

18.89%

$

90,925

0.61%

0.58%

0.57%

2.00%

27%

$

12.09

28.33%

$

83,745

0.61%

0.56%

0.55%

2.98%

69%

$

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%

$

13.95

18.82%

$

1,155

0.86%

0.83%

0.82%

1.76%

27%

$

12.10

27.88%

$

1,072

0.86%

0.81%

0.80%

2.72%

69%

$

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%

$

13.88

18.95%

$

471,835

0.52%

0.48%

0.47%

2.18%

27%

$

12.07

28.42%

$

393,769

0.51%

0.46%

0.45%

3.12%

69%

$

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%

$

10.04

13.38%

$

45,452

0.76%

0.71%

0.70%

1.94%

34%

$

9.37

15.47%

$

49,505

0.77%

0.72%

0.71%

4.15%

65%

$

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%

$

10.15

13.39%

$

770

1.01%

0.96%

0.95%

1.64%

34%

$

9.42

14.96%

$

685

1.03%

0.97%

0.96%

5.43%

65%

$

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%

$

10.04

13.50%

$

447,164

0.67%

0.61%

0.60%

2.05%

34%

$

9.37

15.62%

$

450,400

0.68%

0.62%

0.61%

4.25%

65%

$

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%

80

AQR

Funds

|

Semi-Annual

Report

|

March

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Financial

Highlights

March

31,

2024

(Unaudited)

PER

SHARE

OPERATING

PERFORMANCE

Change

in

Net

Assets

Resulting

from

Operations

1

Less

Dividends

and

Distributions

*,1

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)

AAA

Net

Realized

and

Unrealized

Gain

(Loss)

AA

Net

Increase

(Decrease)

in

Net

Asset

Value

from

Operations

Distributions

from

Net

Investment

Income

Distributions

from

Net

Realized

Gains

Total

Distributions

AQR

LARGE

CAP

MOMENTUM

STYLE

FUND

CLASS

I

SIX

MONTHS

ENDED

MARCH

31,

2024

$

19.53

0.06

5.28

5.34

(0.21)

(2.49)

(2.70)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2023

$

19.08

0.25

2.24

2.49

(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)

AQR

LARGE

CAP

MOMENTUM

STYLE

FUND

CLASS

N

SIX

MONTHS

ENDED

MARCH

31,

2024

$

19.53

0

.04

5.28

5.32

(0.18)

(2.49)

(2.67)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2023

$

19.07

0.19

2.26

2.45

(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)

AQR

LARGE

CAP

MOMENTUM

STYLE

FUND

CLASS

R6

SIX

MONTHS

ENDED

MARCH

31,

2024

$

19.43

0

.07

5.25

5.32

(0.23)

(2.49)

(2.72)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2023

$

19.00

0.26

2.23

2.49

(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)

AQR

SMALL

CAP

MOMENTUM

STYLE

FUND

CLASS

I

SIX

MONTHS

ENDED

MARCH

31,

2024

$

17.62

0

.03

4.54

4.57

(0.15)

(0.61)

(0.76)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2023

$

15.88

0.17

6

1.67

1.84

(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)

13

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)

AQR

SMALL

CAP

MOMENTUM

STYLE

FUND

CLASS

N

SIX

MONTHS

ENDED

MARCH

31,

2024

$

17.61

0.01

4.54

4.55

(0.08)

(0.61)

(0.69)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2023

$

15.86

0.14

6

1.66

1.80

(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)

13

(4.70)

(4.70)

AQR

SMALL

CAP

MOMENTUM

STYLE

FUND

CLASS

R6

SIX

MONTHS

ENDED

MARCH

31,

2024

$

17.54

0.04

4.53

4.57

(0.18)

(0.61)

(0.79)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2023

$

15.81

0.20

6

1.65

1.85

(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)

81

AQR

Funds

|

Semi-Annual

Report

|

March

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Financial

Highlights

March

31,

2024

(Unaudited)

RATIOS/SUPPLEMENTAL

DATA

Ratios

to

Average

Net

Assets

of:*

Net

Asset

Value,

End

of

Period

Total

Return

2,3

Net

Assets,

End

of

Period

(000’s)

Expenses,

Before

Reimbursements

and/or

Waivers

4

Expenses,

Net

of

Reimbursements

and/or

Waivers

4

Expenses,

Net

of

Reimbursements

and/or

Waivers

(Excluding

Interest

Expense)

4

Net

Investment

Income

(Loss)

Portfolio

Turnover

Rate

5

$

22.17

29.63%

$

367,611

0.43%

0.41%

0.40%

0.63%

22%

$

19.53

13.64%

$

355,279

0.43%

0.41%

0.40%

1.27%

87%

$

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%

$

22.18

29.47%

$

75,378

0.68%

0.66%

0.65%

0.37%

22%

$

19.53

13.42%

$

61,272

0.68%

0.66%

0.65%

0.99%

87%

$

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%

$

22.03

29.67%

$

254,140

0.33%

0.31%

0.30%

0.72%

22%

$

19.43

13.74%

$

228,243

0.33%

0.31%

0.30%

1.36%

87%

$

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%

$

21.43

26.52%

$

128,953

0.73%

0.62%

0.61%

0.35%

19%

$

17.62

11.61%

$

132,059

0.71%

0.62%

0.61%

0.97%

6

54%

$

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%

$

21.47

26.35%

$

2,591

0.99%

0.87%

0.86%

0.10%

19%

$

17.61

11.34%

$

1,840

0.96%

0.87%

0.86%

0.81%

6

54%

$

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%

$

21.32

26.61%

$

28,606

0.64%

0.52%

0.51%

0.46%

19%

$

17.54

11.71%

$

23,052

0.61%

0.52%

0.51%

1.16%

6

54%

$

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%

82

AQR

Funds

|

Semi-Annual

Report

|

March

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Financial

Highlights

March

31,

2024

(Unaudited)

PER

SHARE

OPERATING

PERFORMANCE

Change

in

Net

Assets

Resulting

from

Operations

1

Less

Dividends

and

Distributions

*,1

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)

AAA

Net

Realized

and

Unrealized

Gain

(Loss)

AA

Net

Increase

(Decrease)

in

Net

Asset

Value

from

Operations

Distributions

from

Net

Investment

Income

Distributions

from

Net

Realized

Gains

Total

Distributions

AQR

INTERNATIONAL

MOMENTUM

STYLE

FUND

CLASS

I

SIX

MONTHS

ENDED

MARCH

31,

2024

$

16.07

0.12

14

3.52

3.64

(1.06)

(1.10)

(2.16)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2023

$

13.64

0.42

2.44

2.86

(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)

AQR

INTERNATIONAL

MOMENTUM

STYLE

FUND

CLASS

N

SIX

MONTHS

ENDED

MARCH

31,

2024

$

16.03

0.09

14

3.57

3.66

(0.72)

(1.10)

(1.82)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2023

$

13.62

0.43

2.38

2.81

(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)

AQR

INTERNATIONAL

MOMENTUM

STYLE

FUND

CLASS

R6

SIX

MONTHS

ENDED

MARCH

31,

2024

$

16.04

0.13

14

3.52

3.65

(1.08)

(1.10)

(2.18)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2023

$

13.62

0.46

2.40

2.86

(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)

AQR

LARGE

CAP

DEFENSIVE

STYLE

FUND

CLASS

I

SIX

MONTHS

ENDED

MARCH

31,

2024

$

25.43

0.19

3.60

3.79

(0.52)

(4.81)

(5.33)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2023

$

24.99

0.40

2.61

3.01

(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)

AQR

LARGE

CAP

DEFENSIVE

STYLE

FUND

CLASS

N

SIX

MONTHS

ENDED

MARCH

31,

2024

$

25.35

0.16

3.59

3.75

(0.42)

(4.81)

(5.23)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2023

$

24.90

0.33

2.60

2.93

(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)

AQR

LARGE

CAP

DEFENSIVE

STYLE

FUND

CLASS

R6

SIX

MONTHS

ENDED

MARCH

31,

2024

$

25.41

0.20

3.59

3.79

(0.54)

(4.81)

(5.35)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2023

$

24.97

0.43

2.60

3.03

(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)

83

AQR

Funds

|

Semi-Annual

Report

|

March

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Financial

Highlights

March

31,

2024

(Unaudited)

RATIOS/SUPPLEMENTAL

DATA

Ratios

to

Average

Net

Assets

of:*

Net

Asset

Value,

End

of

Period

Total

Return

2,3

Net

Assets,

End

of

Period

(000’s)

Expenses,

Before

Reimbursements

and/or

Waivers

4

Expenses,

Net

of

Reimbursements

and/or

Waivers

4

Expenses,

Net

of

Reimbursements

and/or

Waivers

(Excluding

Interest

Expense)

4

Net

Investment

Income

(Loss)

Portfolio

Turnover

Rate

5

$

17.55

24.50%

$

131,633

0.70%

0.61%

0.60%

1.45%

14

31%

$

16.07

21.13%

$

139,754

0.66%

0.58%

0.55%

2.63%

72%

$

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%

$

17.87

24.40%

$

3,896

0.95%

0.85%

0.84%

1.09%

14

31%

$

16.03

20.82%

$

4,747

0.90%

0.83%

0.80%

2.73%

72%

$

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%

$

17.51

24.65%

$

90,181

0.61%

0.51%

0.50%

1.59%

14

31%

$

16.04

21.21%

$

83,251

0.56%

0.48%

0.45%

2.86%

72%

$

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%

$

23.89

16.91%

$

1,773,535

0.39%

0.39%

0.38%

1.55%

13%

$

25.43

12.30%

$

2,123,494

0.38%

0.38%

0.37%

1.56%

31%

$

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%

$

23.87

16.76%

$

162,778

0.66%

0.66%

0.65%

1.29%

13%

$

25.35

12.02%

$

227,113

0.66%

0.66%

0.65%

1.28%

31%

$

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%

$

23.85

16.94%

$

744,447

0.31%

0.31%

0.30%

1.63%

13%

$

25.41

12.41%

$

774,647

0.31%

0.31%

0.30%

1.64%

31%

$

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%

84

AQR

Funds

|

Semi-Annual

Report

|

March

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Financial

Highlights

March

31,

2024

(Unaudited)

PER

SHARE

OPERATING

PERFORMANCE

Change

in

Net

Assets

Resulting

from

Operations

1

Less

Dividends

and

Distributions

*,1

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)

AAA

Net

Realized

and

Unrealized

Gain

(Loss)

AA

Net

Increase

(Decrease)

in

Net

Asset

Value

from

Operations

Distributions

from

Net

Investment

Income

Distributions

from

Net

Realized

Gains

Total

Distributions

AQR

INTERNATIONAL

DEFENSIVE

STYLE

FUND

CLASS

I

SIX

MONTHS

ENDED

MARCH

31,

2024

$

13.12

0.11

1.37

1.48

(0.42)

—

(0.42)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2023

$

11.44

0.34

1.59

1.93

(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

12

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)

AQR

INTERNATIONAL

DEFENSIVE

STYLE

FUND

CLASS

N

SIX

MONTHS

ENDED

MARCH

31,

2024

$

13.60

0.10

1.41

1.51

(0.35)

—

(0.35)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2023

$

11.84

0.32

1.66

1.98

(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

12

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)

AQR

INTERNATIONAL

DEFENSIVE

STYLE

FUND

CLASS

R6

SIX

MONTHS

ENDED

MARCH

31,

2024

$

13.12

0.13

1.34

1.47

(0.43)

—

(0.43)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2023

$

11.43

0.36

1.60

1.96

(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

12

0.44

(0.35)

—

(0.35)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2019

$

13.38

0.33

(0.33)

0.00

13

(0.29)

—

(0

.29)

AQR

GLOBAL

EQUITY

FUND

CLASS

I

SIX

MONTHS

ENDED

MARCH

31,

2024

$

9.35

0.07

1.96

2.03

(0.28)

(0.29)

(0.57)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2023

$

7.77

0.20

6

1.74

1.94

(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)

AQR

GLOBAL

EQUITY

FUND

CLASS

N

SIX

MONTHS

ENDED

MARCH

31,

2024

$

9.20

0.06

1.93

1.99

(0.26)

(0.29)

(0.55)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2023

$

7.66

0.17

6

1.72

1.89

(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)

AQR

GLOBAL

EQUITY

FUND

CLASS

R6

SIX

MONTHS

ENDED

MARCH

31,

2024

$

9.42

0.08

1.97

2.05

(0.29)

(0.29)

(0.58)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2023

$

7.83

0.21

6

1.76

1.97

(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)

85

AQR

Funds

|

Semi-Annual

Report

|

March

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Financial

Highlights

March

31,

2024

(Unaudited)

RATIOS/SUPPLEMENTAL

DATA

Ratios

to

Average

Net

Assets

of:*

Net

Asset

Value,

End

of

Period

Total

Return

2,3

Net

Assets,

End

of

Period

(000’s)

Expenses,

Before

Reimbursements

and/or

Waivers

4

Expenses,

Net

of

Reimbursements

and/or

Waivers

4

Expenses,

Net

of

Reimbursements

and/or

Waivers

(Excluding

Interest

Expense)

4

Net

Investment

Income

(Loss)

Portfolio

Turnover

Rate

5

$

14.18

11.41%

$

58,085

0.64%

0.57%

0.56%

1.60%

13%

$

13.12

17.00%

$

88,244

0.64%

0.56%

0.55%

2.58%

25%

$

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%

$

14.76

11.21%

$

3,221

0.86%

0.82%

0.81%

1.47%

13%

$

13.60

16.80%

$

3,067

0.89%

0.81%

0.80%

2.33%

25%

$

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%

$

14.16

11.38%

$

182,886

0.55%

0.47%

0.45%

1.84%

13%

$

13.12

17.22%

$

163,844

0.54%

0.46%

0.45%

2.73%

25%

$

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%

$

10.81

22.61%

$

11,960

0.83%

0.81%

0.80%

1.51%

62%

$

9.35

25.68%

$

12,211

0.83%

0.81%

0.80%

2.25%

6

115%

$

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%

$

10.64

22.48%

$

8,778

1.08%

1.06%

1.05%

1.28%

62%

$

9.20

25.33%

$

6,950

1.08%

1.06%

1.05%

1.99%

6

115%

$

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%

$

10.89

22.66%

$

354,087

0.73%

0.71%

0.70%

1.63%

62%

$

9.42

25.80%

$

301,712

0.73%

0.71%

0.70%

2.34%

6

115%

$

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%

86

Financial

Highlights

AQR

Funds

|

Semi-Annual

Report

|

March

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

March

31,

2024

(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

0.12

AQR

Global

Equity

Fund

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

0.01

0.13

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

PER

SHARE

NET

INVESTMENT

INCOME

RATIO

EXPENSES,

BEFORE

REIMBURSEMENTS

AND/OR

WAIVERS

EXPENSES,

NET

OF

REIMBURSEMENTS

AND/OR

WAIVERS

AQR

Small

Cap

Multi-Style

Fund

–

Class

I

and

N

.

$

0

.01

0

.07%

0

.11%

0

.11%

AQR

Small

Cap

Multi-Style

Fund

–

Class

R6

....

0

.01

0

.08

0

.12

0

.12

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

year

ended

September

30,

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

year

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

year

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

year

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

Per

Share,

Net

Investment

Income

Ratio,

Expenses,

Before

Reimbursements

and/or

Waivers,

and

Expenses,

Net

of

Reimbursements

and/or

Waivers,

of

each

class

would

have

been

reduced

by

the

amounts

and

percentages

shown

below:

11

For

the

year

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:

12

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.

87

Financial

Highlights

AQR

Funds

|

Semi-Annual

Report

|

March

2024

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

March

31,

2024

(Unaudited)

13

Amount

is

less

than

$.005

per

share.

14

For

the

period

ended

March

31,

2024,

the

AQR

International

Momentum

Style

Fund

received

European

Union

("EU")

tax

reclaims.

Had

these

EU

tax

reclaims

not

been

received,

the

Net

Investment

Income

Per

Share

and

Net

Investment

Income

Ratio

of

each

class

would

have

been

reduced

by

$0.02

and

0.12%,

respectively.

88

Notes

to

Financial

Statements

AQR

Funds

|

Semi-Annual

Report

|

March

2024

March

31,

2024

(Unaudited)

1.

Organization

AQR

Funds

(the

“Trust”),

was

organized

as

a

Delaware

statutory

trust

on

September

4,

2008.

The

Trust

is

an

open-end

management

investment

company,

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”).

As

of

March

31,

2024,

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

have

a

different

fiscal

year

end

and

are

reported

in

a

separate

book.

AQR

Capital

Management,

LLC

(the

“Adviser”)

serves

as

the

investment

adviser

of

each

Fund.

The

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,

N

and

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.

Net

change

in

unrealized

appreciation

(depreciation)

on

foreign

currency

and

foreign

currency

translations

reported

on

the

Statements

of

Operations

arise

from

changes

(due

to

the

changes

in

the

exchange

rate)

in

the

value

of

foreign

currency

and

assets

and

liabilities

(other

than

investments)

denominated

in

foreign

currencies,

which

are

held

at

period

end.

Investment

Transactions

and

Related

Income:

 Investment

transactions

are

accounted

for

on

trade

date

(the

date

the

order

to

buy

or

sell

is

executed).

Realized

gains

and

losses

on

investment

transactions

are

calculated

on

a

specific

identification

cost

method.

Interest

income

(expense) is

recorded

on

an

accrual

basis

using

the

effective

interest

method,

which

results

in

coupon

interest

being

adjusted

for

amortization

of

premiums

and

accretion

of

discounts,

when

applicable.

Non-cash

dividends

included

in

dividend

income,

if

any,

are

recorded

at

the

fair

value

of

the

securities

received.

The

Funds

record

distributions

received

in

excess

of

income

from

underlying

investments,

such

as

real

estate

investment

trusts,

as

a

reduction

of

cost

of

investments

and/or

realized

gain.

Such

amounts

are

based

on

estimates

(if

actual

amounts

are

not

available)

and

actual

amounts

of

income,

realized

gain

and

return

of

capital

may

differ

from

the

estimated

amounts.

The

Funds

adjust

the

estimated

amounts

of

components

of

distributions

(and

consequently

net

investment

income)

as

necessary

once

the

issuers

provide

information

about

the

actual

composition

of

the

distributions

.

89

Notes

to

Financial

Statements

AQR

Funds

|

Semi-Annual

Report

|

March

2024

March

31,

2024

(Unaudited)

The

Funds

may

be

subject

to

foreign

taxes

on

income

or capital

gains

on

investments,

a

portion

of

which

may

be

recoverable.

Dividend

income

(expense),

net

of

foreign

taxes

withheld,

if

any,

is

recorded

on

the

ex-dividend

date

or

when

the

Fund

first

learns

of

the

ex-dividend

date

notification.

The

Funds

may

file

withholding

tax

reclaims

in

certain

jurisdictions

to

recover

a

portion

of

amounts

withheld.

Income

recognized

for

these

reclaims,

if

any,

is

included

in

dividend

income on

the

Statements

of

Operations.

Additionally,

there

may

be

reclaims

that

include

amounts

withheld

in

prior

years,

which

may

be

reclaimable

based

upon

certain

provisions

in

the

Treaty

on

the

Functioning

of

the

European

Union

(“EU”)

and

subsequent

rulings

by

the

European

Court

of

Justice

(“ECJ”). Income

recognized

related

to

EU

reclaims

pursuant

to

the

ECJ

rulings

are

reported

as

European

Union

tax

reclaims

on

the

Statements

of

Operations,

if

material.

These

reclaims

are

recorded

when

the

amount

is

known

and

there

are

no

significant

uncertainties

on

collectability.

Expenses

incurred

related

to

EU

reclaims

that

are

contingent

upon

successful

receipt

of

EU

reclaims

are

reported

as

European

Union

tax

reclaim

fees on

the

Statements

of

Operations,

if

material.

Multi-class

Operations:

Each

class

of

shares

offered

by

the

Trust

has

equal

rights

as

to

earnings,

assets

and

voting

privileges,

except

that

each

class

may

bear

different

sub-transfer

agency

and

distribution

fees,

and

shareholders

of

a

class

have

exclusive

voting

rights

regarding

any

matter

relating

solely

to

that

class

of

shares.

Income,

non-class

specific

expenses,

and

realized

gain

(loss)

and

change

in

unrealized

appreciation

(depreciation)

are

allocated

daily

to

each

class

of

shares

based

upon

the

proportion

of

relative

net

assets

at

the

beginning

of

each

day.

The

Funds

are

charged

for

those

expenses

that

are

directly

attributable

to

each

Fund.

Trust

level

expenses

are

allocated

among

the

Funds

based

on

the

ratio

of

average

net

assets

or

other

reasonable

methodology.

Certain

Funds

may

invest

in

other

investment

companies,

including

affiliated

funds,

and,

as

a

result,

indirectly

bear

a

portion

of

the

advisory

and

operating

expenses

incurred

by

these

entities.

Such

expenses

are

not

reflected

in

the

expenses

shown

on

the

Statements

of

Operations

and

are

not

included

in

the

ratios

to

average

net

assets

shown

on

the

Financial

Highlights.

Federal

Income

Taxes:

Each

Fund

is

treated

as

a

separate

taxable

entity

for

federal

income

tax

purposes.

Each

Fund

intends

to

qualify

as

a

“Regulated

Investment

Company”

("RIC")

under

Subchapter

M

of

the

Internal

Revenue

Code

of

1986,

as

amended

(the

“Code”).

If

so

qualified,

each

Fund

will

not

be

subject

to

federal

income

tax

to

the

extent

it

distributes

substantially

all

of

its

net

investment

income

and

capital

gains

to

shareholders.

Accordingly,

no

provision

for

federal

income

tax

is

necessary.

The

Adviser

evaluates

tax

positions

taken

or

expected

to

be

taken

in

the

course

of

preparing

the

Funds’

tax

returns

to

determine

whether

the

tax

positions

are

“more-likely-than-not”

to

be

sustained

if

challenged

by

the

applicable

tax

authority.

Tax

positions

deemed

to

meet

the more-likely-than-

not

threshold

would

be

recorded

as

a

tax

benefit

or

expense

in

the

current

year.

The

Funds

are

required

to

analyze

all

open

tax

years.

Open

tax

years

are

those

years

that

are

open

for

examination

by

the

relevant

income

taxing

authority.

The

Funds

have

determined

that

there

is

no

tax

liability/benefit

resulting

from

uncertain

income

tax

positions

taken

or

expected

to

be

taken

for

any

of

the

Funds'

open

tax

years.

The

Funds

are

not

aware

of

any

tax

positions

for

which

it

is

reasonably

possible

that

the

total

amounts

of

unrecognized

tax

expense/benefit

will

materially

change

in

the

next

twelve

months.

The

returns

of

the

Funds

for

the

prior

three

fiscal

years

as

well

as

current

year,

or

since

inception

if

shorter,

are

open

for

examination. As

of

March

31,

2024,

the

Funds

had

no

examinations

in

progress.

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.

90

Notes

to

Financial

Statements

AQR

Funds

|

Semi-Annual

Report

|

March

2024

March

31,

2024

(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

Schedule

of

Investments,

if

applicable.

Futures

Contracts:

Certain

Funds

invest

in

futures

contracts

as

part

of

their

primary

investment

strategy

and/or

to

equitize their

cash

flows.

Investments

in

futures

contracts

may

increase

or

decrease

exposure

to

a

particular

market.

In

the

event

of

a

bankruptcy

or

insolvency

of

a

futures

commission

merchant

that

holds

margin

on

behalf

of

the

Funds,

the

Funds

may

not

receive

the

return

of

the

entire

margin

owed

to

the

Funds,

potentially

resulting

in

a

loss.

A

change

in

market

value

of

an

open

futures

contract

is reported on

the

Statements

of

Operations

as

net

change

in

unrealized

appreciation

(depreciation)

on

futures

contracts.

A

realized

gain

(loss)

represents

the

difference

between

the

value

of

the

contract

at

the

time

it

was

opened

and

the

value

at

the

time

it

was

closed

or

expired,

and

is

reported

on

the

Statements

of

Operations.

The

use

of

long

futures

contracts

subjects

the

Funds

to

risk

of

loss

in

excess

of

the

amounts

shown

in

the

Schedule

of

Investments,

up

to

the

contract

amount

of

the

futures

contracts.

The

use

of

short

futures

contracts

subjects

the

Funds

to

unlimited

risk

of

loss.

Futures

contracts

outstanding

at

period

end,

if

any,

are

disclosed

in

each

Fund’s

Schedule

of

Investments.

Forward

Foreign

Currency

Exchange

Contracts:

Certain

Funds

buy

and

sell

forward

foreign

currency

exchange

contracts,

which

are

agreements

between

two

parties

to

buy

and

sell

currencies

at

a

set

price

on

a

future

date.

These

contracts

are

used

to

protect

against

a

decline

in

value

relative

to

the

U.S.

dollar

of

the

currencies

in

which

portfolio

securities

are

denominated

or

quoted

(or

an

increase

in

the

value

of

a

currency

in

which

securities

that

a

Fund

intends

to

buy

are

denominated,

when

a

Fund

holds

cash

reserves

and

short-term

investments),

or

for

other

investment

purposes.

The

market

value

of

the

contract

will

fluctuate

with

changes

in

currency

exchange

rates.

The

contract

is

marked

to

market

daily

and

the

change

in

market

value,

if

any, is reported

as

net

change

in

unrealized

appreciation

(depreciation)

on

forward

foreign

currency

exchange

contracts.

When

the

contract

is

closed,

the

Funds

record

a

realized

gain

(loss)

equal

to

the

difference

between

the

value

of

the

contract

at

the

time

it

was

opened

and

the

value

at

the

time

it

was

closed.

The

Funds

could

be

exposed

to

risk

if

the

value

of

the

currency

changes

unfavorably,

if

the

counterparties

to

the

contracts

are

unable

to

meet

the

terms

of

their

contracts

or

if

the

Funds

are

unable

to

enter

into

a

closing

position.

Risks

may

exceed

amounts

reported

on

the

Statements

of

Assets

and

Liabilities.

Non-deliverable

forward

foreign

currency

exchange

contracts

are

settled

with

the

counterparty

in

U.S.

dollars

without

the

delivery

of

foreign

currency.

Forward

foreign

currency

exchange

contracts

outstanding

at

period

end,

if

any,

are

disclosed

in

each

Fund’s

Schedule

of

Investments.

Swap

Contracts:

Certain

Funds

engage

in

various

swap

transactions

to

manage

risks

within

their

portfolios

or

as

alternatives

to

direct

investments.

Swap

transactions

may

be

privately

negotiated

in

the

over-the-counter

(“OTC”)

market

where

payments

are

settled

through

direct

payments

between

a

Fund

and

the

counterparty.

By

contrast,

certain

swap

transactions

are

subject

to

mandatory

central

clearing

(“centrally

cleared

swaps”).

These

swaps

are

executed

through

a

derivatives

clearing

member

(“DCM”),

acting

in

an

agency

capacity,

and

submitted

to

a

central

counterparty

(“CCP”),

in

which

case

all

payments

are

settled

with

the

CCP

through

the

DCM.

For

centrally

cleared

swaps,

the

Schedules

of

Investments

include

the

cumulative

appreciation

(depreciation),

while

only

the

current

day’s

variation

margin

is

reported on

the

Statements

of

Assets

and

Liabilities.

For

credit

default

swap and

interest

rate

swap contracts,

an

upfront

payment

received

by

a

Fund

is

reported

as

a

liability

and

an

upfront

payment

made

by

a

Fund

is

reported

as

an

asset

on

the

Fund’s

Statement

of

Assets

and

Liabilities.

Upfront

payments

are

amortized

over

the

term

of

the

contract.

If

there

is

no

upfront

payment

or

receipt,

market

value

will

equal

unrealized

appreciation

(depreciation).

Payments

received

(paid)

by

a

Fund

are

reported

as

realized

gains

(losses)

from

expiration

or

closing

of

swap

contracts

on

the

Statements

of

Operations.

The

Funds’

use

of

swap

contracts

creates

additional

risks

beyond

those

that

would

exist

if

the

Funds

invested

in

the

underlying

positions

directly.

Total

Return

Swap

Contracts:

Certain

Funds

invest

in

total

return

swap

contracts

to

obtain

exposure

to

the

underlying

referenced

instruments,

obtain

leverage

or

attain

the

returns

from

ownership

without

actually

owning

the

underlying

position.

Total

return

swap

contracts

are

two-party

contracts

that

generally

obligate

one

party

to

pay

the

positive

return

and

the

other

party

to

pay

the

negative

return

on

a

specified

reference

security,

security

index

or

index

component

during

the

period

of

the

swap.

Total

return

swap

contracts

are

marked

to

market

daily

and

the

change

in

market

value,

if

any,

is

reported

as

net

change

in

unrealized

appreciation

(depreciation)

on

swap

contracts

on

the

Statements

of

Operations.

Total

return

swap

contracts

normally

do

not

involve

the

delivery

of

securities

or

other

underlying

assets.

If

the

counterparty

to

a

total

return

swap

contract

defaults,

a

Fund’s

risk

of

loss

consists

of

the

net

amount

of

payments

the

Fund

is

contractually

entitled

to

receive,

if

any.

The

use

of

long

total

return

swap

contracts

subjects

the

Funds

to

risk

of

loss

in

excess

of

the

amounts

shown

on

the

Statements

of

Assets

and

Liabilities.

The

use

of

short

total

return

swap

contracts

subjects

the

Funds

to

potential

unlimited

loss.

Periodic

payments

received

(paid)

by

the

Funds

are

reported

as

realized

gains

(losses)

from

expiration

or

closing

of

swap

contracts

on

the

Statements

of

Operations.

Total

return

swap

contracts

outstanding

at

period

end,

if

any, are

disclosed

in

each

Fund’s

Schedule

of

Investments. 

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.

91

Notes

to

Financial

Statements

AQR

Funds

|

Semi-Annual

Report

|

March

2024

March

31,

2024

(Unaudited)

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.

Prime

Broker

Arrangements

may

be

entered

into

to

facilitate

execution

and/or

clearing

of

equities,

bonds,

equity

option

contracts or

short

sales

of

securities

between

certain

Funds

and

selected

counterparties.

These

arrangements

provide

financing

terms

for

such

transactions

and

include

guidelines

surrounding

the

rights,

obligations,

and

other

events,

including,

but

not

limited

to,

margin,

execution,

and

settlement.

These

agreements

maintain

provisions

for

payments,

maintenance

of

collateral,

events

of

default,

and

termination.

Margin

and

other

assets

delivered

as

collateral

are

typically

held

by

the

prime

broker

and

offset

any

obligations

due

to

the

prime

broker.

Customer

Account

Agreements

govern

cleared

derivative

transactions

and

exchange-traded

futures

and

options

transactions.

Upon

entering

into

an

exchange-traded

or

centrally

cleared

derivative

contract,

the

Funds

are

required

to

deposit

with

the

relevant

clearing

organization

cash

or

securities,

which

are

referred

to

as

the

initial

margin.

Securities

deposited

as

initial

margin

are

designated

on

the

Schedules

of

Investments

and

cash

deposited

is

reported

as

deposits

with

brokers

for

futures

contracts and

deposits

with

brokers

for

centrally

cleared

swaps

on

the

Statements

of

Assets

and

Liabilities.

For

exchange-traded

futures

or

centrally

cleared

swap

contracts,

initial

margin

is

posted,

and

daily

changes

in

fair

value

are

reported

as

a

payable

or

receivable

on

the

Statements

of

Assets

and

Liabilities

as

variation

margin

on

futures

contracts

and

variation

margin

on

centrally

cleared

swaps.

Variation

margin

is

determined

separately

for

exchange-traded

futures

and

centrally

cleared

swap

contracts, and

cannot

be

netted.

International

Swaps

and

Derivatives

Association,

Inc.

Master

Agreements

and

Credit

Support

Annexes

(“ISDA

Master

Agreements”)

govern

OTC

derivative

transactions

entered

into

between

certain

Funds

and

a

counterparty.

ISDA

Master

Agreements

maintain

provisions

for

general

obligations,

representations,

netting

of

settlement

payments,

agreements

to

deliver

supporting

documents,

collateral

transfer

and

events

of

default

or

termination.

Events

of

termination

include

a

decline

in

the

Fund’s

net

assets

below

a

specified

threshold

over

a

certain

period

of

time

or

a

decline

in

the

counterparty’s

long-term

and

short-term

credit

ratings

below

a

specified

level.

In

each

case,

upon

occurrence,

the

other

party

may

elect

to

terminate

early

and

cause

settlement

of

all

OTC

derivatives

outstanding,

including

the

payment

of

any

losses

and

costs

resulting

from

such

early

termination,

as

reasonably

determined

by

the

terminating

party.

Any

decision

by

a

party

to

elect

early

termination

could

be

material

to

the

financial

statements

and

impact

a

Fund’s

future

derivative

activity.

Collateral

pledged

by

a

Fund

for

OTC

derivatives

pursuant

to

a

Master

Agreement

is

segregated

by

the

Fund’s

custodian

and

identified

as

an

asset

in

the

Statements

of

Assets

and

Liabilities

either

as

a

component

of

investments

in

securities,

at

value

(securities)

or

in

due

from

brokers

(cash).

Collateral

and

margin

requirements

differ

according

to

the

terms

of

each

type

of

Master

Agreement.

Collateral

is

routinely

transferred

if

the

total

net

exposure,

net

of

existing

collateral

already

in

place

governed

under

the

relevant

Master

Agreement,

with

a

counterparty

in

a

given

account

exceeds

a

specified

threshold.

Collateral

can

be

in

the

form

of

cash,

debt

securities

issued

by

the

U.S.

government,

money

market

funds,

and

other

securities

as

agreed

to

by

the

Fund

and

the

applicable

counterparty,

or

as

permitted

by

the

clearing

house

or

exchange.

Collateral

posted

for

the

benefit

of

a

Fund

pursuant

to

a

Master

Agreement

is

held

by

a

custodian

of

the

Fund.

Amounts

which

can

be

invested

or

repledged

are

presented

in

the

Fund’s

Schedule

of

Investments.

Segregation

of

a

Fund’s

collateral

in

the

custodian

account

helps

mitigate

counterparty

risk.

Collateral

received

is

reflected

as

a

liability

within

due

to

brokers

on

the

Statements

of

Assets

and

Liabilities.

As

governed

by

the

relevant

Master

Agreements,

interest

expense

may

be

incurred

if

a

counterparty

charges

the

Fund

interest

on

collateral

posted

directly

to

a

Fund’s

custodian

account.

For

financial

reporting

purposes,

the

Funds

do

not

offset

derivative

assets

and

liabilities

subject

to

Master

Agreements

on

the

Statements

of

Assets

and

Liabilities.

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”).

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.

92

Notes

to

Financial

Statements

AQR

Funds

|

Semi-Annual

Report

|

March

2024

March

31,

2024

(Unaudited)

Where

market

quotes

are

readily

available,

fair

value

is

generally

determined

on

the

basis

of

official

closing

prices

or

the

last

reported

sales

prices,

or

if

no

sales

are

reported,

based

on

quotes

obtained

from

pricing

services

or

established

market

makers.

Where

market

quotations

are

not

readily

available,

or

if

an

available

market

quotation

is

determined

not

to

reflect

fair

value,

securities and

other financial

derivatives

are

valued

at

fair

value,

as

determined

in

good

faith

by

the Valuation

Committee

in

accordance

with

the

valuation

procedures

approved

by

the

Funds’

Board.

Using

fair

value

to

price

a

security

may

require

subjective

determinations

about

the

value

of

a

security

that

could

result

in

a

value

that

is

different

from

a

security’s

most

recent

closing

price

and

from

the

prices

used

by

other

mutual

funds

to

calculate

their

net

assets.

It

is

possible

the

estimated

values

may

differ

significantly

from

the

values

which

would

have

been

used

had

an

active

market

for

the

investments

existed.

These

differences

could

be

material.

Fair

Value

Hierarchy:

Various

inputs

are

utilized

in

determining

the

value

of

each

Fund’s

investments.

GAAP

establishes

a

hierarchy

for

inputs

used

in

measuring

fair

value

that

maximizes

the

use

of

observable

inputs

and

minimizes

the

use

of

unobservable

inputs

by

requiring

the

most

observable

inputs

be

used

when

available.

These

inputs

are

summarized

into

three

broad

levels

as

follows:

Level

1

—

Inputs

using

unadjusted

quoted

prices

in

active

markets

or

exchanges

for

identical

assets

and

liabilities.

Level

2

—

Other

significant

observable

inputs,

which

may

include,

but

are

not

limited

to,

quoted

prices

for

similar

assets

or

liabilities

in

markets

that

are

active,

quoted

prices

for

identical

or

similar

assets

or

liabilities

in

markets

that

are

not

active,

inputs

other

than

quoted

prices

that

are

observable

for

the

assets

or

liabilities

(such

as

interest

rates,

yield

curves,

volatilities,

prepayment

speeds,

credit

risks

and

default

rates)

or

other

market

corroborated

inputs.

Level

3

—

Significant

unobservable

inputs

based

on

the

best

information

available

in

the

circumstances,

to

the

extent

observable

inputs

are

not

available,

which

may

include

assumptions

made

by

the

Board

or

persons

acting

at

their

direction

that

are

used

in

determining

the

fair

value

of

investments.

An

investment

asset’s

or

liability’s

level

within

the

fair

value

hierarchy

is

based

on

the

lowest

level

input,

individually

or

in

aggregate,

that

is

significant

to

fair

value

measurement.

The

objective

of

fair

value

measurement

remains

the

same

even

when

there

is

a

significant

decrease

in

the

volume

and

level

of

activity

for

an

asset

or

liability

and

regardless

of

the

valuation

technique

used.

The

valuation

techniques

used

by

the

Funds

to

measure

fair

value

maximize

the

use

of

observable

inputs

and

minimize

the

use

of

unobservable

inputs.

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

assigned

level

within

the

hierarchy.

The

inputs

or

methodology

used

for

valuing

securities

are

not

necessarily

an

indication

of

the

risk

associated

with

investing

in

those

securities.

Valuation

Inputs

and

Techniques:

The

following

inputs

and

techniques

may

be

used

by

the

Funds

to

evaluate

how

to

classify

each

major

category

of

assets

and

liabilities

into

the

appropriate

fair

value

hierarchy

in

accordance

with

GAAP.

Equity

securities,

including

securities

sold

short,

rights,

exchange-traded

option

contracts,

warrants,

exchange-traded

funds,

and

closed-end

funds,

are

valued

at

the

last

quoted

sales

prices

or

official

closing

prices

taken

from

the

primary

market,

or

composite

in

which

each

security

trades,

and

are

therefore

classified

as

Level

1.

Investments

in

mutual

funds

are

valued

daily

at

their

NAVs

which

are

also

classified

as

Level

1.

An

equity

for

which

no

sales

are

reported,

as

in

the

case

of

a

security

that

is

traded

in

the OTC

market

or

a

less

liquid

listed

equity,

is

valued

at

its

last

bid

price

(in

the

case

of

short

sales,

at

the

ask

price)

and

is

therefore

classified

as Level

2.

In

addition,

equities

traded

outside

of

the

Western

Hemisphere,

or

in

foreign

markets

that

close

at

4:00

p.m.

Eastern

time

where

the

market

is

closed

due

to

a

holiday,

are

generally

classified

as

Level

2

because

they

are

fair

valued

daily

based

on

the

application

of

a

fair

value

factor

(unless

the

Adviser

determines

that

use

of

another

valuation

methodology

is

appropriate).

The

Funds

apply

daily

fair

value

factors,

furnished

by

an

independent

pricing

service,

to

account

for

the

market

movement

between

the

close

of

the

foreign

market

and

the

close

of

the

NYSE.

The

pricing

service

uses

statistical

analysis

and

quantitative

models

to

adjust

local

market

prices

using

factors

such

as

subsequent

movement

and

changes

in

the

prices

of

indices,

American

Depositary

Receipts,

futures

contracts

and

exchange

rates

in

other

markets

in

determining

fair

value

as

of

the

time

a

Fund

calculates

its

NAV.

Investments

classified as

Level

3

have

significant

unobservable

inputs,

as

they

trade

infrequently

or

not

at

all.

Level

3

instruments

include

illiquid

securities.

When

observable

prices

are

not

available

for

these

securities,

the

Funds

may

use

one

or

more

valuation

approaches

(e.g.,

the

market

approach,

the

income

approach,

or

the

cost

approach),

including

proprietary

models

for

which

sufficient

and

reliable

data

is

available.

Within

Level

3,

the

market

approach

is

generally

based

on

the

technique

of

using

comparable

market

transactions,

while

the

use

of

the

income

approach

includes

the

estimation

of

future

cash

flows

discounted

to

calculate

fair

value.

Discounts

may

also

be

applied

due

to

the

nature

or

durations

of

any

restrictions

on

the

disposition

of

the

investment

or

adjusted

as

appropriate

for

credit,

market,

and/or

other

risk

factors.

The

inputs

used

by

the

Funds

in

estimating

the

value

of

Level

3

investments

include

the

original

transaction

price,

recent

transactions

in

the

same

or

similar

instruments,

completed

or

pending

third-party

transactions

in

the

underlying

investment

or

comparable

issuers,

subsequent

rounds

of

financing,

recapitalizations

and

other

transactions

across

the

capital

structure,

offerings

in

the

equity

or

debt

capital

markets,

changes

in

financial

ratios

or

cash

flows,

benchmark

yield

curves,

credit

spreads,

estimated

default

rates,

underlying

collateral,

and

other

unique

security

features.

Level

3

investments

may

also

be

adjusted

to

reflect

illiquidity

and/or

non-transferability,

with

the

amount

of

such

discount

estimated

by

the

Adviser

in

the

absence

of

market

information.

Assumptions

used

by

the

Funds

due

to

the

lack

of

observable

inputs

may

significantly

impact

the

fair

value

of

the

investment. 

93

Notes

to

Financial

Statements

AQR

Funds

|

Semi-Annual

Report

|

March

2024

March

31,

2024

(Unaudited)

Exchange-traded

derivatives,

such

as

futures

and

exchange-traded

option

contracts,

are

typically

classified as

Level

1

or

Level

2

within

the

fair

value

hierarchy

depending

on

whether

or

not

they

are

deemed

to

be

actively

traded.

Futures

and

option

contracts

that

are

listed

on

national

exchanges

and

are

freely

transferable

are

valued

at

fair

value

based

on

their

last

sales

price

on

the

date

of

determination

on

the

exchange

that

constitutes

the

principal

market.

For

option

contracts,

if

no

sales

occurred

on

such

date,

the

contracts

will

be

valued

at

the

mid

price

on

such

exchange

at

the

close

of

business

on

such

date.

Centrally

cleared

swaps

listed

or

traded

on

a

multilateral

trade

facility

platform,

such

as

a

registered

exchange,

are

valued

on

a daily

basis

using

quotations

provided

by

an

independent

pricing

service. 

OTC

derivatives,

including

forward

foreign

currency

exchange

and

swap

contracts,

are

valued

by

the

Funds

on

a

daily

basis

using

observable

inputs,

such

as

quotations

provided

by

an

independent

pricing

service,

the

counterparty,

dealers

or

brokers,

whenever

available

and

considered

reliable.

The

value

of

each

total

return

swap

contract

and

total

return

basket

swap

contract

is

derived

from

a

combination

of

(i)

the

net

value

of

the

underlying

positions,

which

are

valued

daily

using

the

last

sale

or

closing

price

on

the

principal

exchange

on

which

the

securities

are

traded;

(ii)

financing

costs;

(iii)

the

value

of

dividends

or

accrued

interest;

(iv)

cash

balances

within

the

swap;

and

(v)

other

factors,

as

applicable. 

The

U.S.

dollar

value

of

forward

foreign

currency

exchange

contracts

is

determined

using

current

forward

currency

exchange

rates

supplied

by

an

independent

pricing

service. 

Generally,

a

valuation

model

is

used

consistently

for

similar

derivative

types.

In

instances

where

models

are

used,

the

value

of

an

OTC

derivative

depends

upon

the

contractual

terms

of,

and

specific

risks

inherent

in,

the

instrument

as

well

as

the

availability

and

reliability

of

observable

inputs.

Such

inputs

typically

may

include

market

prices

for

reference

securities,

yield

curves,

credit

spreads,

measures

of

volatility,

prepayment

rates

and

implied

correlations

of

such

inputs

which

are

obtained

from

outside

brokers

and/or

pricing

services

when

available.

Certain

OTC

derivatives,

such

as

generic

forward,

swap

and

option

contracts,

have

inputs

which

can

generally

be

corroborated

by

market

data

and

are

therefore

classified

as

Level

2.

Those

OTC

derivatives

that

have

less

liquidity

or

for

which

inputs

are

unobservable

are

classified as

Level

3.

While

the

valuations

of

less

liquid

OTC

derivatives

may

utilize

some

Level

1

and/or

Level

2

inputs,

they

also

may

include

other

unobservable

inputs

which

may

be

considered

significant

to

the

fair

value

determination. 

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

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

$

1,120,164,251

$

–

$

–

$

1,120,164,251

Short-Term

Investments

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

56,101,345

–

–

56,101,345

Futures

Contracts*

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

715,424

–

–

715,424

Total

Assets

$

1,176,981,020

$

–

$

–

$

1,176,981,020

AQR

SMALL

CAP

MULTI-STYLE

FUND

LEVEL

1

LEVEL

2

LEVEL

3

TOTALS

ASSETS

Common

Stocks

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

$

103,358,441

$

–

$

2,663

$

103,361,104

Short-Term

Investments

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

6,331,463

–

–

6,331,463

Futures

Contracts*

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

86,866

–

–

86,866

Total

Assets

$

109,776,770

$

–

$

2,663

$

109,779,433

AQR

INTERNATIONAL

MULTI-STYLE

FUND

LEVEL

1

LEVEL

2

LEVEL

3

TOTALS

ASSETS

Common

Stocks

†

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

$

56,270,505

$

479,154,963

$

–

$

535,425,468

Short-Term

Investments

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

23,880,912

–

–

23,880,912

Futures

Contracts*

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

207,658

–

–

207,658

Total

Assets

$

80,359,075

$

479,154,963

$

–

$

559,514,038

AQR

EMERGING

MULTI-STYLE

II

FUND

LEVEL

1

LEVEL

2

LEVEL

3

TOTALS

ASSETS

Common

Stocks

†

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

$

74,613,548

$

388,670,069

$

–

(a)

$

463,283,617

Preferred

Stocks

†

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

9,989,402

–

–

9,989,402

Short-Term

Investments

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

20,468,618

–

–

20,468,618

Futures

Contracts*

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

57,788

–

–

57,788

Total

Assets

$

105,129,356

$

388,670,069

$

–

(a)

$

493,799,425

94

Notes

to

Financial

Statements

AQR

Funds

|

Semi-Annual

Report

|

March

2024

March

31,

2024

(Unaudited)

AQR

LARGE

CAP

MOMENTUM

STYLE

FUND

LEVEL

1

LEVEL

2

LEVEL

3

TOTALS

ASSETS

Common

Stocks

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

$

674,280,234

$

–

$

–

$

674,280,234

Short-Term

Investments

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

22,031,934

–

–

22,031,934

Futures

Contracts*

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

178,188

–

–

178,188

Total

Assets

$

696,490,356

$

–

$

–

$

696,490,356

AQR

SMALL

CAP

MOMENTUM

STYLE

FUND

LEVEL

1

LEVEL

2

LEVEL

3

TOTALS

ASSETS

Common

Stocks

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

$

155,275,075

$

–

$

2,791

$

155,277,866

Short-Term

Investments

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

7,722,369

–

–

7,722,369

Futures

Contracts*

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

112,008

–

–

112,008

Total

Assets

$

163,109,452

$

–

$

2,791

$

163,112,243

AQR

INTERNATIONAL

MOMENTUM

STYLE

FUND

LEVEL

1

LEVEL

2

LEVEL

3

TOTALS

ASSETS

Common

Stocks

†

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

$

16,831,896

$

199,098,820

$

–

$

215,930,716

Warrants

†

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

–

–

–

(a)

–

(a)

Short-Term

Investments

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

7,896,334

–

–

7,896,334

Futures

Contracts*

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

86,537

–

–

86,537

Total

Assets

$

24,814,767

$

199,098,820

$

–

(a)

$

223,913,587

AQR

LARGE

CAP

DEFENSIVE

STYLE

FUND

LEVEL

1

LEVEL

2

LEVEL

3

TOTALS

ASSETS

Common

Stocks

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

$

2,565,299,099

$

–

$

–

$

2,565,299,099

Short-Term

Investments

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

15,433,963

–

–

15,433,963

Futures

Contracts*

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

99,727

–

–

99,727

Total

Assets

$

2,580,832,789

$

–

$

–

$

2,580,832,789

AQR

INTERNATIONAL

DEFENSIVE

STYLE

FUND

LEVEL

1

LEVEL

2

LEVEL

3

TOTALS

ASSETS

Common

Stocks

†

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

$

31,590,079

$

200,079,639

$

–

$

231,669,718

Preferred

Stocks

†

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

–

3,318,888

–

3,318,888

Warrants

†

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

–

–

–

(a)

–

(a)

Short-Term

Investments

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

9,473,953

–

–

9,473,953

Futures

Contracts*

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

4,625

–

–

4,625

Total

Assets

$

41,068,657

$

203,398,527

$

–

(a)

$

244,467,184

AQR

GLOBAL

EQUITY

FUND

LEVEL

1

LEVEL

2

LEVEL

3

TOTALS

ASSETS

Common

Stocks

†

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

$

236,533,224

$

89,166,746

$

–

(a)

$

325,699,970

Preferred

Stocks

†

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

–

648,599

–

648,599

Short-Term

Investments

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

34,217,015

–

–

34,217,015

Total

Return

Swap

Contracts*

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

–

625,084

–

625,084

Futures

Contracts*

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

4,097,887

–

–

4,097,887

Forward

Foreign

Currency

Exchange

Contracts*

........

–

5,908,223

–

5,908,223

Total

Assets

$

274,848,126

$

96,348,652

$

–

(a)

$

371,196,778

LIABILITIES

Total

Return

Swap

Contracts*

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

–

(513,570)

–

(513,570)

Futures

Contracts*

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

$

(1,972,979)

$

–

$

–

$

(1,972,979)

Forward

Foreign

Currency

Exchange

Contracts*

........

–

(4,385,178)

–

(4,385,178)

Total

Liabilities

$

(1,972,979)

$

(4,898,748)

$

–

$

(6,871,727)

*

Derivative

instruments,

including

total

return

swap,

futures

and

forward

foreign

currency

exchange

contracts,

are

reported

at

the

cumulative

unrealized

appreciation/(depreciation)

of

the

instrument

on

the

Funds’

Schedules

of

Investments.

Only

current

day’s

variation

margin

is

reported

on

the

Statements

of

Assets

and

Liabilities

for

exchange-traded

and

cleared

derivatives.

†

Please

refer

to

the

Schedule

of

Investments

to

view

securities

segregated

by

country.

(a)

Securities

have

zero

value.

95

Notes

to

Financial

Statements

AQR

Funds

|

Semi-Annual

Report

|

March

2024

March

31,

2024

(Unaudited)

Transfers

to

Level

3

or

from

Level

3

are

generally

due

to

a

decline

or

an

increase

in

market

activity

(e.g.,

frequency

of

trades),

which

resulted

in

a

lack

of

or

increase

in

available

market

inputs

to

determine

price. 

The

fair

values

of

Level

3

investments

are

based

on

significant

unobservable

inputs

that

reflect

the

Adviser’s

determination

of

assumptions

that

market

participants

might

reasonably

use

in

valuing

the

securities.

Changes

in

significant

unobservable

inputs

could

cause

significant

changes

in

valuation

to

individual

securities

and

in

aggregate.

Fair

value

determinations

and

valuation

of

investments

that

are

not

actively

trading

involve

judgment

and

may

differ

materially

from

valuations

that

would

have

been

used

had

greater

market

activity

occurred.

5.

Federal

Income

Tax

Matters

At

March

31,

2024,

the

cost

and

aggregate

gross

unrealized

appreciation

(depreciation)

of

long

security

positions,

short

security

positions

and

derivative

instruments

for

federal

income

tax

purposes

were

as

follows:

The

differences

between

book-basis

and

tax-basis

cost

of

investments

was

due

primarily

to

timing

differences

in

recognizing

certain

gains

and

losses

on

security

transactions

(e.g.

wash

sale

loss

deferrals

and

passive

foreign

investment

company

("PFIC")

transactions).

As

of

September

30,

2023,

for

federal

income

tax

purposes,

the

following

Funds

have

capital

loss

carryforwards,

with

no

expiration,

available

to

offset

future

capital

gains,

if

any,

to

the

extent

provided

by

the

U.S.

Treasury

regulations.

The

ability

to

utilize

capital

loss

carryforwards

in

the

future

may

be

limited

under

the

Internal

Revenue

Code

and

related

regulations

based

on

the

results

of

future

transactions. 

6.

Investment

Transactions

During

the period

ended

March

31,

2024,

the

cost

of

purchases

and

the

proceeds

from

sales

of

investments

(excluding

swap

contracts,

forward

foreign

currency

exchange

contracts,

futures

contracts

and

short-term

investments)

were

as

follows:

FUND

COST

OF

INVESTMENTS

GROSS

UNREALIZED

APPRECIATION

GROSS

UNREALIZED

DEPRECIATION

NET

UNREALIZED

APPRECIATION

(DEPRECIATION)

AQR

Large

Cap

Multi-Style

Fund

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

$

651,223,429

$

526,892,681

$

(1,135,090)

$

525,757,591

AQR

Small

Cap

Multi-Style

Fund

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

64,661,785

47,705,935

(2,588,287)

45,117,648

AQR

International

Multi-Style

Fund

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

415,881,477

152,649,593

(9,017,032)

143,632,561

AQR

Emerging

Multi-Style

II

Fund

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

416,332,295

107,219,256

(29,752,126)

77,467,130

AQR

Large

Cap

Momentum

Style

Fund

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

343,989,646

353,235,335

(734,625)

352,500,710

AQR

Small

Cap

Momentum

Style

Fund

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

93,141,490

71,713,104

(1,742,351)

69,970,753

AQR

International

Momentum

Style

Fund

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

130,974,442

93,273,345

(334,200)

92,939,145

AQR

Large

Cap

Defensive

Style

Fund

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

1,519,512,915

1,064,357,442

(3,037,568)

1,061,319,874

AQR

International

Defensive

Style

Fund

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

198,088,944

53,262,475

(6,884,235)

46,378,240

AQR

Global

Equity

Fund

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

281,730,705

93,784,097

(11,189,751)

82,594,346

FUND

SHORT-TERM

LONG

TERM

AQR

International

Multi-Style

Fund

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

$

8,581,600

$

—

AQR

Emerging

Multi-Style

II

Fund

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

47,224,273

—

AQR

International

Momentum

Style

Fund

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

2,350,512

—

AQR

International

Defensive

Style

Fund

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

5,890,581

6,443,794

FUND

PURCHASES

SALES

AQR

Large

Cap

Multi-Style

Fund

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

$

351,302,799

$

423,970,239

AQR

Small

Cap

Multi-Style

Fund

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

26,936,946

39,679,352

AQR

International

Multi-Style

Fund

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

132,254,086

132,338,917

AQR

Emerging

Multi-Style

II

Fund

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

157,960,885

219,613,952

AQR

Large

Cap

Momentum

Style

Fund

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

137,971,450

263,011,286

AQR

Small

Cap

Momentum

Style

Fund

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

28,137,684

60,850,194

AQR

International

Momentum

Style

Fund

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

66,743,176

122,899,696

AQR

Large

Cap

Defensive

Style

Fund

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

358,780,771

1,211,691,642

AQR

International

Defensive

Style

Fund

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

32,205,485

62,495,564

AQR

Global

Equity

Fund

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

180,809,871

194,028,884

96

Notes

to

Financial

Statements

AQR

Funds

|

Semi-Annual

Report

|

March

2024

March

31,

2024

(Unaudited)

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 Agreements

or

similar

agreements

on

the

Statements

of

Assets

and

Liabilities.

All

derivative

instruments

held

by

the

Funds

were

subject

to

a

Master

Agreement

or

similar

arrangement.

The

following

table

lists

the

fair

value

of

derivative

instruments

held

by

the

Funds,

by

primary

underlying

risk

and

contract

type,

as

included

in

the

Statements

of

Assets

and

Liabilities

at

March

31,

2024:

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:

715,424

86,866

207,658

57,788

Unrealized

Appreciation

on

Futures

Contracts

*

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

$

715,424

$

86,866

$

207,658

$

57,788

715,424

86,866

207,658

57,788

Net

Fair

Value

of

Derivative

Contracts:

715,424

86,866

207,658

57,788

Unrealized

Appreciation

(Depreciation)

on

Futures

Contracts

*

......

715,424

86,866

207,658

57,788

715,424

86,866

207,658

57,788

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:

178,188

112,008

86,537

99,727

Unrealized

Appreciation

on

Futures

Contracts

*

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

$

178,188

$

112,008

$

86,537

$

99,727

178,188

112,008

86,537

99,727

Net

Fair

Value

of

Derivative

Contracts:

178,188

112,008

86,537

99,727

Unrealized

Appreciation

(Depreciation)

on

Futures

Contracts

*

......

178,188

112,008

86,537

99,727

178,188

112,008

86,537

99,727

AQR

INTERNATIONAL

DEFENSIVE

STYLE

FUND

AQR

GLOBAL

EQUITY

FUND

Equity

Risk

Exposure:

4,625

7,209,520

Unrealized

Appreciation

on

Futures

Contracts

*

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

$

4,625

$

4,097,887

Swaps

at

Value

(Assets)

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

–

625,084

Unrealized

Depreciation

on

Futures

Contracts

*

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

–

(1,972,979)

Swaps

at

Value

(Liabilities)

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

–

(513,570)

4,625

7,209,520

Foreign

Exchange

Rate

Risk

Exposure:

–

10,293,401

Unrealized

Appreciation

on

Forward

Foreign

Currency

Exchange

Contracts

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

–

5,908,223

Unrealized

Depreciation

on

Forward

Foreign

Currency

Exchange

Contracts

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

–

(4,385,178)

–

10,293,401

Net

Fair

Value

of

Derivative

Contracts:

4,625

3,759,467

Unrealized

Appreciation

(Depreciation)

on

Futures

Contracts

*

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

4,625

2,124,908

Swaps

at

Value

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

–

111,514

Unrealized

Appreciation

(Depreciation)

on

Forward

Foreign

Currency

Exchange

Contracts

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

–

1,523,045

4,625

3,759,467

*

Includes

cumulative

appreciation/(depreciation)

on

futures

contracts,

if

any,

as

reported

on

the

Schedule

of

Investments.

Only

current

day’s

variation

margin

is

reported

on

the

Statements

of

Assets

and

Liabilities.

97

Notes

to

Financial

Statements

AQR

Funds

|

Semi-Annual

Report

|

March

2024

March

31,

2024

(Unaudited)

The

following

table

indicates

the

effect

of

derivative

instruments,

by

primary

underlying

risk

exposure

and

contract

type,

on

the

Statements

of

Operations

for

the period

ended

March

31,

2024:

*

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:

5,182,297

249,008

2,082,052

227,355

Futures

Contracts

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

$

5,182,297

$

249,008

$

2,082,052

$

227,355

5,182,296.89

249,008.48

2,082,052.24

227,355.22

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Derivatives

Equity

Risk

Exposure:

2,326,779

260,523

858,095

796,488

Futures

Contracts

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

2,326,779

260,523

858,095

796,488

2,326,779

260,523

858,095

796,488

*

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:

1,890,471

581,572

692,137

18,990,817

Futures

Contracts

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

$

1,890,471

$

581,572

$

692,137

$

18,990,817

1,890,470.8

581,572.07

692,137.28

18,990,817.01

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Derivatives

Equity

Risk

Exposure:

700,294

229,607

166,246

5,102,557

Futures

Contracts

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

700,294

229,607

166,246

5,102,557

700,294

229,607

166,246

5,102,557

*

AQR

INTERNATIONAL

DEFENSIVE

STYLE

FUND

AQR

GLOBAL

EQUITY

FUND

Realized

Gain

(Loss)

on

Derivatives

Equity

Risk

Exposure:

1,318,744

4,864,630

Futures

Contracts

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

$

1,318,744

$

8,240,482

Swap

Contracts

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

–

(3,375,852)

1,318,744.05

4,864,630.42

Foreign

Exchange

Rate

Risk

Exposure:

–

(3,058,534)

Forward

Foreign

Currency

Exchange

Contracts

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

–

(3,058,534)

–

(3,058,534)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Derivatives

Equity

Risk

Exposure:

(24,043)

2,468,737

Futures

Contracts

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

(24,043)

2,548,866

Swap

Contracts

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

–

(80,129)

24,043

2,468,737

Foreign

Exchange

Rate

Risk

Exposure:

–

2,189,419

Forward

Foreign

Currency

Exchange

Contracts

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

–

2,189,419

–

2,189,419

98

Notes

to

Financial

Statements

AQR

Funds

|

Semi-Annual

Report

|

March

2024

March

31,

2024

(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,

2024:

AQR

Global

Equity

Fund

(a)

In

accordance

with

GAAP

disclosure

requirements,

the

table

above

does

not

include

the

additional

collateral

received

from

or

pledged

to

the

counterparty.

Total

additional

collateral

received

was

$45,008

and

total

additional

collateral

pledged

was

$7,879,322.

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

$

2,953,729

$

(2,193,086)

$

760,643

$

–

$

(760,643)

$

–

GSIN

..........

Total

Return

Swap

Contracts

36,456

(36,456)

–

–

–

–

JPMC

..........

Forward

Foreign

Currency

Exchange

Contracts

2,954,494

(2,192,092)

762,402

JPMC

..........

Total

Return

Swap

Contracts

588,628

(30,163)

558,465

Total

JPMC

3,543,122

(2,222,255)

1,320,867

–

–

1,320,867

Total

financial

instruments

subject

to

master

netting

arrangement

or

similar

arrangement

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

6,533,307

(4,451,797)

2,081,510

–

(760,643)

1,320,867

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

$

2,193,086

$

(2,193,086)

$

–

$

–

$

–

$

–

GSIN

..........

Total

Return

Swap

Contracts

483,407

(36,456)

446,951

–

(339,997)

106,954

JPMC

..........

Forward

Foreign

Currency

Exchange

Contracts

2,192,092

(2,192,092)

–

JPMC

..........

Total

Return

Swap

Contracts

30,163

(30,163)

–

Total

JPMC

2,222,255

(2,222,255)

–

–

–

–

Total

financial

instruments

subject

to

master

netting

arrangement

or

similar

arrangement

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

4,898,748

(4,451,797)

446,951

–

(339,997)

106,954

99

Notes

to

Financial

Statements

AQR

Funds

|

Semi-Annual

Report

|

March

2024

March

31,

2024

(Unaudited)

For

the period

ended

March

31,

2024,

the

average

and

ending

volume

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

$

49,531,483

$

4,782,785

$

21,945,985

$

18,637,565

$

15,376,408

Average

Notional

Balance

-

Short

–

–

–

–

–

Ending

Notional

Balance

-

Long

46,980,225

5,579,340

22,628,160

14,948,250

11,413,275

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

$

4,246,238

$

6,603,825

$

79,662,308

$

9,762,865

$

126,564,075

Average

Notional

Balance

-

Short

–

–

–

–

53,672,042

Ending

Notional

Balance

-

Long

6,866,880

7,778,430

74,053,575

7,896,285

154,701,449

Ending

Notional

Balance

-

Short

–

–

–

–

72,437,479

Forward

Foreign

Currency

Exchange

Contracts:

Average

Settlement

Value

-

Purchased

–

–

–

–

293,198,984

Average

Settlement

Value

-

Sold

–

–

–

–

266,268,283

Ending

Value

-

Purchased

–

–

–

–

358,409,637

Ending

Value

-

Sold

–

–

–

–

345,599,685

Total

Return

Swap

Contracts:

Average

Notional

Balance

-

Long

–

–

–

–

16,189,679

Average

Notional

Balance

-

Short

–

–

–

–

48,010,062

Ending

Notional

Balance

-

Long

–

–

–

–

18,176,489

Ending

Notional

Balance

-

Short

–

–

–

–

57,250,626

*

Average

volume

of

derivatives

is

based

on

the

average

of

the

notional

balances,

settlement

values

or

number

of

contracts,

as

applicable,

that

were

outstanding

at

the

end

of

each

quarter

during

the

reporting

period.

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

100

Notes

to

Financial

Statements

AQR

Funds

|

Semi-Annual

Report

|

March

2024

March

31,

2024

(Unaudited)

The

Trust

and

the

Adviser

have

entered

into

an

agreement

(the

“Expense

Limitation

Agreement”)

whereby

the

Adviser

has

agreed

to

reimburse

operating

expenses

of

each

Fund

at

least

through

January

28,

2025

for

Class

I,

N,

and

R6

shares.

Pursuant

to

the

Expense

Limitation

Agreement,

the

Adviser

has

agreed

to

reimburse

each

Fund

in

an

amount

sufficient

to

limit

each

Fund's

operating

expenses

other

than

management

fees

and

12b-1

fees,

and

exclusive

of

interest,

taxes,

borrowing

costs,

acquired

fund

fees

and

expenses,

dividend

and

interest

expense

related

to

short

sales,

expenses

related

to

class

action

claims,

contingent

expenses

related

to

tax

reclaim

receipts,

reorganization

expenses, and

extraordinary

expenses,

at

no

more

than

the

following

ratios:

The

Trust,

in

turn,

agreed

that

the

Funds

will

repay

the

expense

reimbursement

to

the

Adviser

only

to

the

extent

it

can

be

made

during

the

thirty-six

months

following

the

applicable

month

during

which

the

Adviser

reimbursed

the

applicable

Fund

for

its

operating

expenses

under

the

Expense

Limitation

Agreement.

Such

repayment

shall

be

made

only

out

of

the

share

class

of

the

Fund

for

which

the

applicable

expense

reimbursement

was

made.

Repayments

with

respect

to

a

Fund

must

be

limited

to

amounts

that

do

not

cause

the

total

annual

operating

expenses

or

the

other

operating

expenses,

as

applicable,

attributable

to

a

share

class

of

the

Fund

during

a

year

in

which

such

repayment

is

made

to

exceed

either

of

(i)

the

applicable

limits

in

effect

at

the

time

of

the

reimbursement

and

(ii)

the

applicable

limits

in

effect

at

the

time

of

recapture.

The

amounts

reimbursed

by

the

Adviser

for

the

period

ended

March

31,

2024,

as

well

as

the

amounts

available

for

potential

future

recoupment

by

the

Adviser

and

the

expiration

schedule

at

March

31,

2024

are

as

follows:

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

EXPENSES

REIMBURSED

FOR

THE

PERIOD

ENDED

TOTAL

POTENTIAL

RECOUPMENT

AMOUNT

POTENTIAL

AMOUNTS

EXP

RECOUPMENT

IRING

MARCH

31

,

MARCH

31,

2024

MARCH

31,

2024

20

24

20

25

20

26

20

27

AQR

LARGE

CAP

MULTI-STYLE

FUND

Class

I

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

$

9,671

$

59,728

$

1,272

$

23,291

$

25,494

$

9,671

Class

N

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

318

1,858

111

693

736

318

Class

R6

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

51,080

249,855

9,357

83,787

105,631

51,080

Totals

$

61,069

$

311,441

$

10,740

$

107,771

$

131,861

$

61,069

AQR

SMALL

CAP

MULTI-STYLE

FUND

Class

I

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

$

37,388

$

248,566

$

33,661

$

90,011

$

87,506

$

37,388

Class

N

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

4,384

27,307

5,123

10,060

7,740

4,384

Class

R6

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

31,641

195,074

31,194

67,379

64,860

31,641

Totals

$

73,413

$

470,947

$

69,978

$

167,450

$

160,106

$

73,413

AQR

INTERNATIONAL

MULTI-STYLE

FUND

Class

I

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

$

14,999

$

120,660

$

19,028

$

49,588

$

37,045

$

14,999

Class

N

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

184

4,159

1,335

2,081

559

184

Class

R6

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

85,136

627,762

113,708

244,956

183,962

85,136

Totals

$

100,319

$

752,581

$

134,071

$

296,625

$

221,566

$

100,319

AQR

EMERGING

MULTI-STYLE

II

FUND

Class

I

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

$

11,682

$

111,955

$

28,026

$

46,069

$

26,178

$

11,682

Class

N

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

302

4,904

1,808

2,182

612

302

Class

R6

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

125,468

1,045,417

252,553

406,230

261,166

125,468

Totals

$

137,452

$

1,162,276

$

282,387

$

454,481

$

287,956

$

137,452

AQR

LARGE

CAP

MOMENTUM

STYLE

FUND

Class

I

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

$

34,545

$

198,339

$

11,117

$

75,198

$

77,479

$

34,545

Class

N

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

7,812

30,288

878

7,938

13,660

7,812

Class

R6

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

27,351

122,523

3,972

36,750

54,450

27,351

Totals

$

69,708

$

351,150

$

15,967

$

119,886

$

145,589

$

69,708

101

Notes

to

Financial

Statements

AQR

Funds

|

Semi-Annual

Report

|

March

2024

March

31,

2024

(Unaudited)

During

the

period

ended

March

31,

2024,

the

Funds

repaid

to

the

Advisor

the

following

amounts

previously

reimbursed:

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 NAV

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,

and

equity

risks.

EXPENSES

REIMBURSED

FOR

THE

PERIOD

ENDED

TOTAL

POTENTIAL

RECOUPMENT

AMOUNT

POTENTIAL

AMOUNTS

EXP

RECOUPMENT

IRING

MARCH

31,

MARCH

31,

2024

MARCH

31,

2024

2024

2025

2026

2027

AQR

SMALL

CAP

MOMENTUM

STYLE

FUND

Class

I

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

$

66,921

$

411,613

$

64,565

$

133,190

$

146,937

$

66,921

Class

N

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

1,153

10,463

2,250

3,895

3,165

1,153

Class

R6

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

14,414

107,638

21,226

37,840

34,158

14,414

Totals

$

82,488

$

529,714

$

88,041

$

174,925

$

184,260

$

82,488

AQR

INTERNATIONAL

MOMENTUM

STYLE

FUND

Class

I

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

$

58,446

$

404,257

$

76,415

$

133,637

$

135,759

$

58,446

Class

N

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

2,208

59,365

16,072

21,928

19,157

2,208

Class

R6

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

41,240

277,710

44,081

93,137

99,252

41,240

Totals

$

101,894

$

741,332

$

136,568

$

248,702

$

254,168

$

101,894

AQR

LARGE

CAP

DEFENSIVE

STYLE

FUND

Class

I

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

$

–

$

–

$

–

$

–

$

–

$

–

Class

N

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

6,365

16,448

–

440

9,643

6,365

Class

R6

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

30,093

97,757

6,453

27,589

33,622

30,093

Totals

$

36,458

$

114,205

$

6,453

$

28,029

$

43,265

$

36,458

AQR

INTERNATIONAL

DEFENSIVE

STYLE

FUND

Class

I

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

$

26,953

$

268,254

$

50,132

$

107,591

$

83,578

$

26,953

Class

N

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

996

15,947

3,879

6,311

4,761

996

Class

R6

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

66,104

395,465

53,374

144,147

131,840

66,104

Totals

$

94,053

$

679,666

$

107,385

$

258,049

$

220,179

$

94,053

AQR

GLOBAL

EQUITY

FUND

Class

I

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

$

786

$

6,807

$

1,479

$

2,627

$

1,915

$

786

Class

N

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

432

3,728

681

1,292

1,323

432

Class

R6

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

22,382

166,571

27,957

56,255

59,977

22,382

Totals

$

23,600

$

177,106

$

30,117

$

60,174

$

63,215

$

23,600

FUND

CLASS

I

CLASS

N

CLASS

R6

AQR

Large

Cap

Multi-Style

Fund

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

$

1,571

$

–

$

–

AQR

International

Multi-Style

Fund

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

–

11

–

AQR

Large

Cap

Momentum

Style

Fund

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

7,124

–

–

AQR

Large

Cap

Defensive

Style

Fund

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

–

3,938

–

AQR

International

Defensive

Style

Fund

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

–

808

–

AQR

Global

Equity

Fund

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

–

99

–

102

Notes

to

Financial

Statements

AQR

Funds

|

Semi-Annual

Report

|

March

2024

March

31,

2024

(Unaudited)

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

option

contracts,

may

decline

due

to

general

market

conditions

which

are

not

specifically

related

to

a

particular

company.

They

may

also

decline

due

to

factors

which

affect

a

particular

industry

or

industries.

The

Funds

may

invest

in

illiquid

investments

and

may

experience

difficulty

in

selling

those

investments

in

a

timely

manner

at

the

price

that

it

believes

the

investments

are

worth.

Prices

may

fluctuate

widely

over

short

or

extended

periods

in

response

to

company,

market

or

economic

news.

Investments

in

REITs

and

other

real

estate-related

investments

are

subject

to

unique

risks.

In

a

rising

interest

rate

environment,

the

stock

prices

of

real

estate-related

investments

may

decline

and

the

borrowing

costs

of

these

companies

may

increase.

Historically,

the

returns

from

the

stocks

of

real

estate-related

investments,

which

typically

are

small-

or

mid-capitalization

stocks,

have

performed

differently

from

the

overall

stock

market.

Unique

risks

of

real-estate

related

investments

include

difficulties

in

valuing

and

disposing

of

real

estate;

the

risks

related

to

general

and

local

economic

conditions,

environmental

liability,

increases

in

property

taxes

and

operating

expenses,

and

casualty

or

condemnation

losses;

the

possibility

of

adverse

changes

in

the

climate

for

real

estate,

zoning

laws,

rent

limitations,

interest

rates

and

in

the

credit

markets;

and

the

possibility

of

borrowers

paying

off

mortgages

sooner

than

expected,

which

may

lead

to

reinvestment

of

assets

at

lower

prevailing

interest

rates.

Geopolitical

and

other

events,

including

war,

terrorism,

natural

disasters,

economic

uncertainty,

trade

disputes,

extreme

weather

and

climate-related

events,

public

health

crises

including

pandemics and

related

geopolitical

events

have

led,

and

in

the

future

may

lead,

to

increased

market

volatility,

which

may

disrupt

the

U.S.

and

world

economies

and

markets

and

may

have

significant

adverse

direct

or

indirect

effects

on

the

Funds

and

their

investments.

Although

multiple

asset

classes

may

be

affected

by

a

market

disruption,

the

duration

and

effects

may

not

be

the

same

for

all

types

of

assets.

Markets

also

tend

to

move

in

cycles,

with

periods

of

rising

and

falling

prices.

This

volatility

may

cause

the

Funds'

NAV

to

experience

significant

increases

or

decreases

over

short

periods

of

time.

If

there

is

a

general

decline

in

the

securities

and

other

markets,

the

NAV

of the

Funds

may

lose

value,

regardless

of

the

individual

results

of

the

securities

and

other

instruments

in

which

the

Funds

invest.

In

addition

to

market

risk,

the

Funds

may

be

exposed

to

the

risk

that

one

or

more

securities

in

the

Funds’

portfolios

will

decline

in

price,

or

fail

to

pay

interest

or

principal

when

due,

because

the

issuer

of

the

security

experiences

a

decline

in

its

financial

status

(credit

risk).

Credit

risk

is

measured

by

the

loss

a

Fund

would

record

if

the

major

financial

institution

or

other

counterparties

failed

to

perform

pursuant

to

terms

of

their

obligations.

Certain

Funds

may

primarily

maintain

cash

balances

at

one

or

several

major

financial

institutions

that

may

exceed

federally

insured

limits

and

as

such

each

of

the

Funds

have

credit

risk

associated

with

such

financial

institutions.

In

general,

lower

rated

securities

carry

a

greater

degree

of

risk

that

the

issuer

will

lose

its

ability

to

make

interest

and

principal

payments,

which

could

have

a

negative

impact

on

the

Funds’

NAV

or

dividends.

The

Funds

minimize

credit

risk

by

monitoring

credit

exposure

and

collateral

values,

and

by

requiring

additional

collateral

to

be

deposited

with

or

returned

to

the

Funds

when

deemed

necessary.

In

the

normal

course

of

business,

the

Funds

may

enter

into

agreements

with

certain

counterparties

for

derivative

transactions.

A

number

of

each

Fund's

Master

Agreements

contain

provisions

that

require

each

Fund

to

maintain

a

predetermined

level

of

net

assets,

and/or

provide

limits

regarding

the

decline

of

a

Fund’s NAV

over

specified

time

periods.

If

a

Fund

was

to

violate

such

provisions,

the

counterparties

to

the

derivative

instruments

could

request

immediate

payment

or

demand

immediate

collateralization

on

derivative

instruments

in

net

liability

positions.

If

such

events

are

not

cured

by

the

Fund

or

waived

by

the

counterparties,

they

may

decide

to

curtail

or

limit

extension

of

credit,

and

the

Fund

may

be

forced

to

unwind

its

derivative

positions

which

may

result

in

material

losses.

103

Notes

to

Financial

Statements

AQR

Funds

|

Semi-Annual

Report

|

March

2024

March

31,

2024

(Unaudited)

Similar

to

credit

risk, the

Funds

may

be

exposed

to

counterparty

risk,

or

the

risk

that

an

institution

or

other

entity

with

which

the

Funds

have

unsettled

or

open

transactions

will

default.

Financial

assets,

which

potentially

expose the

Funds

to

counterparty

risk,

consist

principally

of

cash

due

from

counterparties

and

investments.

By

using

derivative

instruments,

the

Funds

may

be

exposed

to

the

risk

that

derivative

counterparties

may

not

perform

in

accordance

with

the

contractual

provisions

offset

by

the

value

of

any

collateral

received.

The

Funds’

exposure

to

credit

risk

associated

with

counterparty

non-performance

is

limited

to

the

unrealized

gains

inherent

in

such

transactions

that

are

reported

on

the

Statements

of

Assets

and

Liabilities.

The

counterparties

to

the

Funds’

derivative

investments

may

include

affiliates

of

the

Funds’

clearing

brokers

and

other

major

financial

institutions.

While

the

Funds

use

multiple

clearing

brokers

and

counterparties,

a

concentration

of

credit

risk

may

exist

because

of

balances

held

and

transactions

with

a

limited

number

of

clearing

brokers

and

counterparties.

The

Funds

minimize

counterparty

credit

risk

through

credit

limits

and

approvals,

credit

monitoring

procedures,

executing

Master

Agreements,

and

managing

margin

and

collateral

requirements,

as

appropriate.

The

Funds

may

invest

in

securities

with

positive

momentum. This

entails

investing

in

securities

that

have

had

above-average

recent

returns.

These

securities

may

be

more

volatile

than

a

broad

cross-section

of

securities.

In

addition,

there

may

be

periods

during

which

the

investment

performance

of

the

Funds

while

using

a

momentum

strategy

may

suffer.

Investing

in

or

having

exposure

to

"value"

securities

presents

the

risk

that

the

securities

may

never

reach

what

the

Adviser

believes

are

their

full

market

values,

either

because

the

market

fails

to

recognize

what

the

Adviser

considers

to

be

the

security's

true

value

or

because

the

Adviser

misjudged

that

value.

In

addition,

there

may

be

periods

during

which

the

investment

performance

of

the

Funds

while

using

a

value

strategy

may

suffer.

The

Funds

may

have

investments

that

appreciate

or

decrease

significantly

in

value

over

short

periods

of

time.

This

may

cause

the

Funds’

NAV

per

share

to

experience

significant

increases

or

declines

in

value

over

short

periods

of

time,

however,

all

investments

long-term

or

short-term

are

subject

to

risk

of

loss. 

The

Funds

may

invest

in

restricted

securities.

Restricted

securities

are

subject

to

legal

or

contractual

restrictions

on

resale

and

may

generally

be

sold

privately

but

may

be

required

to

be

registered

or

exempted

from

such

registration

before

being

sold

to

the

public.

Private

placement

securities

are

generally

considered

to

be

restricted

except

for

those

securities

traded

between

qualified

institutional

investors

under

the

provisions

of

Rule

144A

of

the

Securities

Act

of

1933.

Disposal

of

restricted

securities

may

involve

time-consuming

negotiations

and

expenses,

and

prompt

sale

at

an

acceptable

price

may

be

difficult

to

achieve.

Restricted

securities

held

by

the

Funds

at

period

end,

if

any,

are

disclosed

in

the

Schedule

of

Investments. 

Certain Funds,

at

times,

may

utilize

substantial

leverage

in

their

investment

program.

Such

leverage

may

take

the

form

of

trading

on

margin,

investing

in

derivative

instruments

that

are

inherently

leveraged,

entering

into

other

forms

of

direct

and

indirect

borrowings.

There

is

no

guarantee

that

the

Funds’

borrowing

arrangement

or

other

arrangements

for

obtaining

leverage

will

continue

to

be

available,

or

if

available,

will

be

available

on

terms

and

conditions

acceptable

to

the

Funds.

Unfavorable

economic

conditions

could

also

increase

funding

costs,

limit

access

to

the

capital

markets

or

result

in

a

decision

by

lenders

not

to

extend

credit

to

the

Funds.

In

addition,

a

decline

in

market

value

of

the

Funds’

assets

may

have

particular

adverse

consequences

in

instances

where

they

have

borrowed

money

based

on

the

market

value

of

those

assets.

A

decrease

in

market

value

of

those

assets

may

result

in

the

lender

(including

derivative

counterparties)

requiring

the

Funds

to

post

additional

collateral

or

otherwise

sell

assets

at

a

time

when

it

may

not

be

in

the

Funds’

best

interest

to

do

so.

Given

the

complexity

of

the

investments

and

strategies

of

the

Funds,

the

Adviser

relies

heavily

on

quantitative

models

and

information

and

traditional

and

non-traditional

data

supplied

or

made

available

by

third

parties

(“Models

and

Data”).

Models

and

Data

are

used

to

construct

sets

of

transactions

and

investments,

to

provide

risk

management

insights,

and

to

assist

in

hedging

the

Funds'

investments.

When

Models

and

Data

prove

to

be

incorrect

or

incomplete,

including

because

data

is

stale,

missing

or

unavailable,

or

lacks

transparency,

any

decisions

made

in

reliance

thereon

expose

the

Funds

to

potential

risks.

Similarly,

any

hedging

based

on

faulty

Models

and

Data

may

prove

to

be

unsuccessful.

Some

of

the

models

used

by

the

Adviser

for

the

Funds

are

predictive

in

nature.

The

use

of

predictive

models

has

inherent

risks.

Because

predictive

models

are

usually

constructed

based

on

historical

data

supplied

by

third

parties

or

otherwise,

the

success

of

relying

on

such

models

may

depend

heavily

on

the

accuracy

and

reliability

of

the

supplied

historical

data.

The

Funds

bear

the

risk

that

the

quantitative

models

used

by

the

Adviser

will

not

be

successful

in

selecting

investments

or

in

determining

the

weighting

of

investment

positions

that

will

enable

the

Funds

to

achieve their

investment

objective.

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.

11.

Interfund

Lending

Pursuant

to

an

exemptive

order

issued

by

the

Securities

and

Exchange

Commission

(the

“SEC”),

the

Funds,

including

other

AQR

Funds

not

presented

in

this

book,

may

participate

in

a

joint

lending

and

borrowing

program

(the

“Interfund

Lending

Program”)

to

the

extent

such

participation

is

consistent

with

each

Fund’s

investment

objective

and

investment

policies. The

Interfund

Lending

Program

allows

the

Funds

to

borrow

and

lend

to

other

AQR

Funds

that

permit

such

transactions.

All

loans

under

the

Interfund

Lending

Program

are

for

temporary

cash

management

or

emergency

purposes.

Interest

earned

or

paid

on

an

interfund

lending

transaction

will

be

based

on

the

average

of

certain

current

market

rates,

as

calculated

according

to

a

formula

established

by

the

Board.

A

lending

Fund

may

lend

in

aggregate

up

to

15%

of

its

net

assets

but

may

not

lend

more

than

5%

of

its

net

assets

to

any

one

borrowing

Fund

through

the

Interfund

Lending

Program.

A

borrowing

Fund

may

not

borrow

through

the

Interfund

Lending

Program

or

from

any

other

source

more

than

33

1/3%

of

its

total

assets.

If

a

borrowing

Fund’s

total

outstanding

borrowings

exceed

10%

of

its

total

assets,

the

Fund

must

secure

each

of

its

outstanding

borrowings

through

the

Interfund

Lending

Program

with

collateral

equal

to

102%

of

the

outstanding

principal

value

of

the

loan.

104

Notes

to

Financial

Statements

AQR

Funds

|

Semi-Annual

Report

|

March

2024

March

31,

2024

(Unaudited)

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

the

Interfund

Lending

Program

is

reported

as

interfund

lending expense

on

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

International

Defensive

Style

Fund

amounting

to

$16,884,000

was

repaid

on April

3,

2024.

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

15,

2024.

Borrowing,

if

any,

under

this

arrangement

bears,

as

incurred,

interest

at

the

sum

of

(a)

1.00%

per

annum

plus

(b)

the

higher

of

(i)

the

Federal

Funds

Rate

or

(ii)

Term

SOFR

(including

a

0.10%

adjustment).

The

maximum

loan

amount

available

to

a

Participating

Fund

is

the

lesser

of

an

amount

that

will

not

exceed

the

borrowing

limits

set

forth

in

the

Participating

Fund’s

Prospectus

and/or

Statement

of

Additional

Information

and

will

not

cause

the

asset

coverage

ratio

for

any

borrowings

by

the

Participating

Fund

to

drop

below

the

required

amount

under

the

Agreement

(between

300-500%

per

Participating

Fund).

The

Agreement

is

subject

to

an

annual

commitment

fee

allocated

to

each

Participating

Fund,

which

is

payable

in

arrears

on

a

quarterly

basis.

In

the

event

of

a

draw

upon

the

line

of

credit,

liquid

assets

of

the

borrowing

Participating

Fund

may

be

earmarked

for

asset

coverage

purposes

until

its

loan

is

repaid

in

full.

Interest

expense

paid

as

a

result

of

borrowing

under

the

Agreement,

and

each

Participating

Fund's

allocated

commitment

fee,

is

included

in

interest

expense

on

the

Statements

of

Operations.

There

were

no

open

borrowings

as

of March

31,

2024

by

any

of

the

Funds.

During

the

reporting

period,

average

borrowings

under

the

line

of

credit

were

as

follows:

FUND

AVERAGE

BORROWINGS

WEIGHTED

AVERAGE

INTEREST

RATE

OUTSTANDING

LOAN

AMOUNT

INTEREST

PAID

AQR

Small

Cap

Multi-Style

Fund

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

$

4,659,000

5.91%

$

–

$

3,771

AQR

Small

Cap

Momentum

Style

Fund

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

576,000

5.89

–

93

AQR

International

Momentum

Style

Fund

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

1,501,273

5.90

–

2,671

AQR

Large

Cap

Defensive

Style

Fund

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

9,200,000

5.88

–

1,481

AQR

International

Defensive

Style

Fund

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

16,884,000

5.88

16,884,000

13,601

FUND

AVERAGE

BORROWINGS

WEIGHTED

AVERAGE

INTEREST

RATE

NUMBER

OF

DAYS

OUTSTANDING

INTEREST

PAID

AQR

Large

Cap

Multi-Style

Fund

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

$40,000,000

6.36

%

2

$14,126

AQR

Emerging

Multi-Style

II

Fund

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

13,390,000

6.36

10

23,643

AQR

Small

Cap

Momentum

Style

Fund

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

2,230,000

6.36

2

788

AQR

International

Momentum

Style

Fund

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

12,360,000

6.36

3

6,548

105

Notes

to

Financial

Statements

AQR

Funds

|

Semi-Annual

Report

|

March

2024

March

31,

2024

(Unaudited)

13.

Principal

Ownership

As

of

March

31,

2024,

the

Funds

had

individual

shareholders

and/or

omnibus

accounts

owning

more

than

5%

of

the

total

shares

outstanding

of

the

Fund

as

follows:

Significant

shareholder

transactions

by

these

shareholders,

if

any,

may

impact

the

Funds’

performance.

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,

and

will

have

no

effect

on

the

Funds'

accounting

policies

or

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

PERCENTAGE

INTEREST

HELD

BY

ADVISER

AND/OR

AFFILIATES

AQR

Large

Cap

Multi-Style

Fund

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

2

91.58

%

–

%

AQR

Small

Cap

Multi-Style

Fund

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

3

85.96

–

AQR

International

Multi-Style

Fund

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

2

94.30

–

AQR

Emerging

Multi-Style

II

Fund

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

2

95.37

–

AQR

Large

Cap

Momentum

Style

Fund

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

2

89.82

–

AQR

Small

Cap

Momentum

Style

Fund

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

2

97.40

–

AQR

International

Momentum

Style

Fund

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

2

95.93

–

AQR

Large

Cap

Defensive

Style

Fund

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

5

76.99

–

AQR

International

Defensive

Style

Fund

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

2

87.08

–

AQR

Global

Equity

Fund

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

3

97.18

–

106

Fund

Expense

Examples

(Unaudited)

AQR

Funds

|

Semi-Annual

Report

|

March

2024

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

3/31/2024”

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. 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.

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

  3/31/24

ANNUALIZED

      EXPENSE

RATIO

FOR

THE

PERIOD

      EXPENSES

PAID

FOR

THE

PERIOD  

          ENDED

        3/31/24

AQR

Large

Cap

Multi-Style

Fund

Class

I

Actual

Return

$1,000.00

$1,251.90

0.41%

$2.31

Hypothetical

Return

$1,000.00

$1,022.95

0.41%

$2.07

Class

N

Actual

Return

$1,000.00

$1,249.90

0.66%

$3.71

Hypothetical

Return

$1,000.00

$1,021.70

0.66%

$3.34

Class

R6

Actual

Return

$1,000.00

$1,252.70

0.31%

$1.75

Hypothetical

Return

$1,000.00

$1,023.45

0.31%

$1.57

AQR

Small

Cap

Multi-Style

Fund

Class

I

Actual

Return

$1,000.00

$1,216.50

0.61%

$3.38

Hypothetical

Return

$1,000.00

$1,021.95

0.61%

$3.08

Class

N

Actual

Return

$1,000.00

$1,215.40

0.86%

$4.76

Hypothetical

Return

$1,000.00

$1,020.70

0.86%

$4.34

Class

R6

Actual

Return

$1,000.00

$1,217.70

0.51%

$2.83

Hypothetical

Return

$1,000.00

$1,022.45

0.51%

$2.58

AQR

International

Multi-Style

Fund

Class

I

Actual

Return

$1,000.00

$1,188.90

0.58%

$3.17

Hypothetical

Return

$1,000.00

$1,022.10

0.58%

$2.93

Class

N

Actual

Return

$1,000.00

$1,188.20

0.83%

$4.54

Hypothetical

Return

$1,000.00

$1,020.85

0.83%

$4.19

Class

R6

Actual

Return

$1,000.00

$1,189.50

0.48%

$2.63

Hypothetical

Return

$1,000.00

$1,022.60

0.48%

$2.43

107

Fund

Expense

Examples

(Unaudited)

AQR

Funds

|

Semi-Annual

Report

|

March

2024

BEGINNING

  ACCOUNT

          DATE

        VALUE

    ENDING

ACCOUNT

      VALUE

  3/31/24

ANNUALIZED

      EXPENSE

RATIO

FOR

THE

PERIOD

      EXPENSES

PAID

FOR

THE

PERIOD  

          ENDED

        3/31/24

AQR

Emerging

Multi-Style

II

Fund

Class

I

Actual

Return

$1,000.00

$1,133.80

0.71%

$3.79

Hypothetical

Return

$1,000.00

$1,021.45

0.71%

$3.59

Class

N

Actual

Return

$1,000.00

$1,133.90

0.96%

$5.12

Hypothetical

Return

$1,000.00

$1,020.20

0.96%

$4.85

Class

R6

Actual

Return

$1,000.00

$1,135.00

0.61%

$3.26

Hypothetical

Return

$1,000.00

$1,021.95

0.61%

$3.08

AQR

Large

Cap

Momentum

Style

Fund

Class

I

Actual

Return

$1,000.00

$1,296.30

0.41%

$2.35

Hypothetical

Return

$1,000.00

$1,022.95

0.41%

$2.07

Class

N

Actual

Return

$1,000.00

$1,294.70

0.66%

$3.79

Hypothetical

Return

$1,000.00

$1,021.70

0.66%

$3.34

Class

R6

Actual

Return

$1,000.00

$1,296.70

0.31%

$1.78

Hypothetical

Return

$1,000.00

$1,023.45

0.31%

$1.57

AQR

Small

Cap

Momentum

Style

Fund

Class

I

Actual

Return

$1,000.00

$1,265.20

0.62%

$3.51

Hypothetical

Return

$1,000.00

$1,021.90

0.62%

$3.13

Class

N

Actual

Return

$1,000.00

$1,263.50

0.87%

$4.92

Hypothetical

Return

$1,000.00

$1,020.65

0.87%

$4.39

Class

R6

Actual

Return

$1,000.00

$1,266.10

0.52%

$2.95

Hypothetical

Return

$1,000.00

$1,022.40

0.52%

$2.63

AQR

International

Momentum

Style

Fund

Class

I

Actual

Return

$1,000.00

$1,245.00

0.61%

$3.42

Hypothetical

Return

$1,000.00

$1,021.95

0.61%

$3.08

Class

N

Actual

Return

$1,000.00

$1,244.00

0.85%

$4.77

Hypothetical

Return

$1,000.00

$1,020.75

0.85%

$4.29

Class

R6

Actual

Return

$1,000.00

$1,246.50

0.51%

$2.86

Hypothetical

Return

$1,000.00

$1,022.45

0.51%

$2.58

AQR

Large

Cap

Defensive

Style

Fund

Class

I

Actual

Return

$1,000.00

$1,169.10

0.39%

$2.11

Hypothetical

Return

$1,000.00

$1,023.05

0.39%

$1.97

Class

N

Actual

Return

$1,000.00

$1,167.60

0.66%

$3.58

Hypothetical

Return

$1,000.00

$1,021.70

0.66%

$3.34

Class

R6

Actual

Return

$1,000.00

$1,169.40

0.31%

$1.68

Hypothetical

Return

$1,000.00

$1,023.45

0.31%

$1.57

108

Fund

Expense

Examples

(Unaudited)

AQR

Funds

|

Semi-Annual

Report

|

March

2024

BEGINNING

  ACCOUNT

          DATE

        VALUE

    ENDING

ACCOUNT

      VALUE

  3/31/24

ANNUALIZED

      EXPENSE

RATIO

FOR

THE

PERIOD

      EXPENSES

PAID

FOR

THE

PERIOD  

          ENDED

        3/31/24

AQR

International

Defensive

Style

Fund

Class

I

Actual

Return

$1,000.00

$1,114.10

0.57%

$3.01

Hypothetical

Return

$1,000.00

$1,022.15

0.57%

$2.88

Class

N

Actual

Return

$1,000.00

$1,112.10

0.82%

$4.33

Hypothetical

Return

$1,000.00

$1,020.90

0.82%

$4.14

Class

R6

Actual

Return

$1,000.00

$1,113.80

0.47%

$2.48

Hypothetical

Return

$1,000.00

$1,022.65

0.47%

$2.38

AQR

Global

Equity

Fund

Class

I

Actual

Return

$1,000.00

$1,226.10

0.81%

$4.51

Hypothetical

Return

$1,000.00

$1,020.95

0.81%

$4.09

Class

N

Actual

Return

$1,000.00

$1,224.80

1.06%

$5.90

Hypothetical

Return

$1,000.00

$1,019.70

1.06%

$5.35

Class

R6

Actual

Return

$1,000.00

$1,226.60

0.71%

$3.95

Hypothetical

Return

$1,000.00

$1,021.45

0.71%

$3.59

Expenses

are

calculated

using

each

Class’

annualized

expense

ratio,

multiplied

by

the

average

account

value

for

the

period,

multiplied

by

183/366

(to

reflect

the

one-half

year

period

unless

stated

otherwise).

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

219512,

Kansas

City,

MO

64121-9512

|

p:

(866)

290-2688

|

w:

https://funds.aqr.com

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.

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

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

section906

SIGNATURES

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

AQR Funds

By: /s/ John Howard

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

John Howard,

Principal Executive Officer

May 24, 2024

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

By: /s/ John Howard

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

John Howard,

Principal Executive Officer

May 24, 2024

By: /s/ Matthew Plastina

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

Matthew Plastina

Principal Financial Officer

May 24, 2024