# EDGAR Filing Document

**Accession Number:** 0001444822
**File Stem:** 0001444822-25-000012
**Filing Date:** 2025-11
**Character Count:** 686804
**Document Hash:** 4ad5469e0dabf74a8a858eaf1bbba467
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001444822-25-000012.hdr.sgml**: 20251124

**ACCESSION NUMBER**: 0001444822-25-000012

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 140

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251124

**DATE AS OF CHANGE**: 20251124

**EFFECTIVENESS DATE**: 20251124

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AQR Funds
- **CENTRAL INDEX KEY:** 0001444822

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22235
- **FILM NUMBER:** 251513922

**BUSINESS ADDRESS:**
- **STREET 1:** ONE GREENWICH PLAZA
- **CITY:** GREENWICH
- **STATE:** CT
- **ZIP:** 06830
- **BUSINESS PHONE:** 203-742-3600

**MAIL ADDRESS:**
- **STREET 1:** ONE GREENWICH PLAZA
- **CITY:** GREENWICH
- **STATE:** CT
- **ZIP:** 06830

## Series and Classes Contracts Data

### AQR Global Equity Fund (Series ID: S000024170)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000070949 | Class N      | AQGNX           |
| C000070950 | Class I      | AQGIX           |
| C000135923 | Class R6     | AQGRX           |

### AQR Large Cap Momentum Style Fund (Series ID: S000025643)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000076804 | Class I      | AMOMX           |
| C000120475 | Class N      | AMONX           |
| C000144284 | Class R6     | QMORX           |

### AQR Small Cap Momentum Style Fund (Series ID: S000025644)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000076805 | Class I      | ASMOX           |
| C000120476 | Class N      | ASMNX           |
| C000144285 | Class R6     | QSMRX           |

### AQR International Momentum Style Fund (Series ID: S000025645)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000076806 | Class I      | AIMOX           |
| C000120477 | Class N      | AIONX           |
| C000144286 | Class R6     | QIORX           |

### AQR Large Cap Defensive Style Fund (Series ID: S000037429)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000115553 | Class N      | AUENX           |
| C000115554 | Class I      | AUEIX           |
| C000145934 | Class R6     | QUERX           |

### AQR International Defensive Style Fund (Series ID: S000037430)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000115555 | Class N      | ANDNX           |
| C000115556 | Class I      | ANDIX           |
| C000145935 | Class R6     | ANDRX           |

### AQR Large Cap Multi-Style Fund (Series ID: S000040063)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000124381 | Class I      | QCELX           |
| C000124382 | Class N      | QCENX           |
| C000144290 | Class R6     | QCERX           |

### AQR Small Cap Multi-Style Fund (Series ID: S000040064)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000124383 | Class I      | QSMLX           |
| C000124384 | Class N      | QSMNX           |
| C000144291 | Class R6     | QSERX           |

### AQR International Multi-Style Fund (Series ID: S000040065)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000124385 | Class I      | QICLX           |
| C000124386 | Class N      | QICNX           |
| C000144292 | Class R6     | QICRX           |

### AQR Emerging Multi-Style II Fund (Series ID: S000048055)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000151790 | Class I      | QTELX           |
| C000151791 | Class N      | QTENX           |
| C000151792 | Class R6     | QTERX           |

?xml version='1.0' encoding='ASCII'?

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number: <u>811-22235</u>

**<u>AQR Funds</u>**

(Exact name of registrant as specified in charter)

&nbsp;&nbsp;&nbsp;&nbsp;**One Greenwich Plaza, Suite 130**

**<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Greenwich, CT 06830</u>**<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

(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**

**<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Greenwich, CT 06830&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>** 

(Name and address of agent for service)

Registrant's telephone number, including area code: <u>203-742-3600</u>

Date of fiscal year end: <u>September 30</u>

Date of reporting period: <u>October 1, 2024 to September 30, 2025</u>

**Item 1. Reports to Shareholders.** 

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

#### AQR Large Cap Multi-Style Fund

#### Class I: QCELX

#### Annual Shareholder Report - September 30, 2025
![Image](i80305b756ddaf11732952704.jpg)

This annual shareholder report contains important information about the AQR Large Cap Multi-Style Fund for the period of October 1, 2024 to September 30, 2025.You can find additional information about the Fund at https://funds.aqr.com/fund-documents. You can also request this information by contacting us at 1-866-290-2688 or contacting your financial intermediary directly.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $45 | 0.41% |

---

# How did the Fund perform over the reporting period?
The AQR Large Cap Multi-Style Fund (the "Fund") seeks to invest in stocks of attractively valued U.S. large cap companies (generally companies with market capitalizations within the range of the Russell 1000<sup>®</sup> Total Return Index) that have positive momentum and stable businesses. The Fund is not actively managed to outperform a growth, value, or core benchmark. Rather, it seeks to provide systematic exposure to stocks that rank high on a combined score of Value, Momentum, and Quality styles.

For the one-year period ended September 30, 2025, the Class I Shares of the Fund returned 22.07%. The Fund's broad-based benchmark, the Russell 1000<sup>®</sup> Total Return Index, returned 17.75%.

#### Top Contributors:

# Top Detractors:
* ![Thin up arrow](i9b1cceeb2664bea79cb2406b.jpg)For stock selection within sector, gains were primarily driven by stock selection within the Information Technology, Industrials, and Consumer Staples sectors.

* ![Thin up arrow](i9b1cceeb2664bea79cb2406b.jpg)For sector selection, gains were primarily driven by underweights to the Health Care and Consumer Staples sectors.

* ![Thin down arrow](i5e6318c448f4ec1dc24d259e.jpg)For stock selection within sector, gains were partially offset by losses from stock selection within the Consumer Discretionary sector.

**The Fund's past performance is not a good predictor of the Fund's future performance. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.** Call 1-866-290-2688 or visit https://funds.aqr.com for current month-end performance.

# Total Return based on a $10,000 Investment
![Growth of 10K Chart](ie5b0bd35a5e7a156b7c1d2ed.jpg)

---

| | | |
|:---|:---|:---|
| | **Class I** | **Russell 1000<sup>®</sup> Total Return Index** |
| **9/30/2015** | $10000 | $10000 |
| **9/30/2016** | $10661 | $11493 |
| **9/30/2017** | $13008 | $13624 |
| **9/30/2018** | $14844 | $16044 |
| **9/30/2019** | $14317 | $16665 |
| **9/30/2020** | $15792 | $19334 |
| **9/30/2021** | $20546 | $25321 |
| **9/30/2022** | $17754 | $20962 |
| **9/30/2023** | $21688 | $25404 |
| **9/30/2024** | $28918 | $34468 |
| **9/30/2025** | $35301 | $40586 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Year** | **10 Year** |
| Class I | 22.07% | 17.45% | 13.44% |
| Russell 1000<sup>®</sup> Total Return Index | 17.75% | 15.99% | 15.04% |

---

# Key Fund Statistics
* Net Assets$1,269,418,197

* Total Number of Portfolio Holdings202

* Total Advisory Fees Paid (net of reimbursements)$2,898,932

* Portfolio Turnover Rate (excludes derivatives, if any)56%

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund as of September 30, 2025, excluding derivatives. The Fund's portfolio composition is subject to change.

# Sector Allocation
![Group By Industry Chart](i75f9d3b83db5a152b5eb8eea.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Others | 0.8 |
| Materials | 1.8 |
| Energy | 1.9 |
| Investment Companies | 3.2 |
| Consumer Staples | 3.2 |
| Health Care | 3.3 |
| Consumer Discretionary | 9.8 |
| Communication Services | 12.7 |
| Industrials | 13.2 |
| Financials | 17.8 |
| Information Technology | 32.2 |

---

# Top 10 Holdings

---

| | |
|:---|:---|
| **Security** | **% of Net Assets** |
| NVIDIA Corp. | 6.3 |
| Microsoft Corp. | 6.3 |
| Apple, Inc. | 4.6 |
| Limited Purpose Cash Investment Fund | 3.2 |
| Meta Platforms, Inc., Class A | 2.6 |
| Broadcom, Inc. | 2.5 |
| Amazon.com, Inc. | 2.1 |
| Alphabet, Inc., Class A | 2.0 |
| Alphabet, Inc., Class C | 1.8 |
| Berkshire Hathaway, Inc., Class B | 1.5 |

---

# Availability of Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://funds.aqr.com/fund-finder#panel-documents](i49454def390d0f0c59759de9.jpg)

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

• Prospectus&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• Statement of Additional Information&nbsp;&nbsp;&nbsp;&nbsp;

• Portfolio Holdings

AQR Funds are distributed by ALPS Distributors, Inc.

• Financial Statements & Other Information&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• Proxy Voting Report&nbsp;&nbsp;&nbsp;&nbsp;

• Updated Fund Performance&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

# **Householding** 
The Fund will mail only one copy of shareholder documents, annual and semi-annual, to shareholders with multiple accounts at the same address. This practice is commonly called "householding" and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at 1-866-290-2688.

#### AQR Large Cap Multi-Style Fund

#### Class N: QCENX

#### Annual Shareholder Report - September 30, 2025
![Image](i80305b756ddaf11732952704.jpg)

This annual shareholder report contains important information about the AQR Large Cap Multi-Style Fund for the period of October 1, 2024 to September 30, 2025.You can find additional information about the Fund at https://funds.aqr.com/fund-documents. You can also request this information by contacting us at 1-866-290-2688 or contacting your financial intermediary directly.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class N | $73 | 0.66% |

---

# How did the Fund perform over the reporting period?
The AQR Large Cap Multi-Style Fund (the "Fund") seeks to invest in stocks of attractively valued U.S. large cap companies (generally companies with market capitalizations within the range of the Russell 1000<sup>®</sup> Total Return Index) that have positive momentum and stable businesses. The Fund is not actively managed to outperform a growth, value, or core benchmark. Rather, it seeks to provide systematic exposure to stocks that rank high on a combined score of Value, Momentum, and Quality styles.

For the one-year period ended September 30, 2025, the Class N Shares of the Fund returned 21.77%. The Fund's broad-based benchmark, the Russell 1000<sup>®</sup> Total Return Index, returned 17.75%.

#### Top Contributors:

# Top Detractors:
* ![Thin up arrow](i84501d3e8d8b77f3885a12bf.jpg)For stock selection within sector, gains were primarily driven by stock selection within the Information Technology, Industrials, and Consumer Staples sectors.

* ![Thin up arrow](i84501d3e8d8b77f3885a12bf.jpg)For sector selection, gains were primarily driven by underweights to the Health Care and Consumer Staples sectors.

* ![Thin down arrow](i0f961f7d6ef9ce5abeebe1b8.jpg)For stock selection within sector, gains were partially offset by losses from stock selection within the Consumer Discretionary sector.

**The Fund's past performance is not a good predictor of the Fund's future performance. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.** Call 1-866-290-2688 or visit https://funds.aqr.com for current month-end performance.

# Total Return based on a $10,000 Investment
![Growth of 10K Chart](ia251db200217f0a40911a328.jpg)

---

| | | |
|:---|:---|:---|
| | **Class N** | **Russell 1000<sup>®</sup> Total Return Index** |
| **9/30/2015** | $10000 | $10000 |
| **9/30/2016** | $10640 | $11493 |
| **9/30/2017** | $12947 | $13624 |
| **9/30/2018** | $14738 | $16044 |
| **9/30/2019** | $14172 | $16665 |
| **9/30/2020** | $15600 | $19334 |
| **9/30/2021** | $20239 | $25321 |
| **9/30/2022** | $17442 | $20962 |
| **9/30/2023** | $21257 | $25404 |
| **9/30/2024** | $28264 | $34468 |
| **9/30/2025** | $34418 | $40586 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Year** | **10 Year** |
| Class N | 21.77% | 17.15% | 13.16% |
| Russell 1000<sup>®</sup> Total Return Index | 17.75% | 15.99% | 15.04% |

---

# Key Fund Statistics
* Net Assets$1,269,418,197

* Total Number of Portfolio Holdings202

* Total Advisory Fees Paid (net of reimbursements)$2,898,932

* Portfolio Turnover Rate (excludes derivatives, if any)56%

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund as of September 30, 2025, excluding derivatives. The Fund's portfolio composition is subject to change.

# Sector Allocation
![Group By Industry Chart](if10849e4786efc54b1ed94d4.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Others | 0.8 |
| Materials | 1.8 |
| Energy | 1.9 |
| Investment Companies | 3.2 |
| Consumer Staples | 3.2 |
| Health Care | 3.3 |
| Consumer Discretionary | 9.8 |
| Communication Services | 12.7 |
| Industrials | 13.2 |
| Financials | 17.8 |
| Information Technology | 32.2 |

---

# Top 10 Holdings

---

| | |
|:---|:---|
| **Security** | **% of Net Assets** |
| NVIDIA Corp. | 6.3 |
| Microsoft Corp. | 6.3 |
| Apple, Inc. | 4.6 |
| Limited Purpose Cash Investment Fund | 3.2 |
| Meta Platforms, Inc., Class A | 2.6 |
| Broadcom, Inc. | 2.5 |
| Amazon.com, Inc. | 2.1 |
| Alphabet, Inc., Class A | 2.0 |
| Alphabet, Inc., Class C | 1.8 |
| Berkshire Hathaway, Inc., Class B | 1.5 |

---

# Availability of Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://funds.aqr.com/fund-finder#panel-documents](i49454def390d0f0c59759de9.jpg)

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

• Prospectus&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• Statement of Additional Information&nbsp;&nbsp;&nbsp;&nbsp;

• Portfolio Holdings

AQR Funds are distributed by ALPS Distributors, Inc.

• Financial Statements & Other Information&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• Proxy Voting Report&nbsp;&nbsp;&nbsp;&nbsp;

• Updated Fund Performance&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

# **Householding** 
The Fund will mail only one copy of shareholder documents, annual and semi-annual, to shareholders with multiple accounts at the same address. This practice is commonly called "householding" and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at 1-866-290-2688.

#### AQR Large Cap Multi-Style Fund

#### Class R6: QCERX

#### Annual Shareholder Report - September 30, 2025
![Image](i80305b756ddaf11732952704.jpg)

This annual shareholder report contains important information about the AQR Large Cap Multi-Style Fund for the period of October 1, 2024 to September 30, 2025.You can find additional information about the Fund at https://funds.aqr.com/fund-documents. You can also request this information by contacting us at 1-866-290-2688 or contacting your financial intermediary directly.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R6 | $34 | 0.31% |

---

# How did the Fund perform over the reporting period?
The AQR Large Cap Multi-Style Fund (the "Fund") seeks to invest in stocks of attractively valued U.S. large cap companies (generally companies with market capitalizations within the range of the Russell 1000<sup>®</sup> Total Return Index) that have positive momentum and stable businesses. The Fund is not actively managed to outperform a growth, value, or core benchmark. Rather, it seeks to provide systematic exposure to stocks that rank high on a combined score of Value, Momentum, and Quality styles.

For the one-year period ended September 30, 2025, the Class R6 Shares of the Fund returned 22.21%. The Fund's broad-based benchmark, the Russell 1000<sup>®</sup> Total Return Index, returned 17.75%.

#### Top Contributors:

# Top Detractors:
* ![Thin up arrow](ie0a8eaf50115c124e278c2b3.jpg)For stock selection within sector, gains were primarily driven by stock selection within the Information Technology, Industrials, and Consumer Staples sectors.

* ![Thin up arrow](ie0a8eaf50115c124e278c2b3.jpg)For sector selection, gains were primarily driven by underweights to the Health Care and Consumer Staples sectors.

* ![Thin down arrow](ie40edb2cb4eb308a7092ea29.jpg)For stock selection within sector, gains were partially offset by losses from stock selection within the Consumer Discretionary sector.

**The Fund's past performance is not a good predictor of the Fund's future performance. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.** Call 1-866-290-2688 or visit https://funds.aqr.com for current month-end performance.

# Total Return based on a $50,000,000 Investment
![Growth of 10K Chart](i91866a3cc2618afc0f88b585.jpg)

---

| | | |
|:---|:---|:---|
| | **Class R6** | **Russell 1000<sup>®</sup> Total Return Index** |
| **9/30/2015** | $50000000 | $50000000 |
| **9/30/2016** | $53352886 | $57465889 |
| **9/30/2017** | $65187765 | $68119068 |
| **9/30/2018** | $74447053 | $80220385 |
| **9/30/2019** | $71839170 | $83327255 |
| **9/30/2020** | $79331008 | $96670538 |
| **9/30/2021** | $103339508 | $126603262 |
| **9/30/2022** | $89382120 | $104808166 |
| **9/30/2023** | $109272072 | $127020922 |
| **9/30/2024** | $145809846 | $172341746 |
| **9/30/2025** | $178199136 | $202929553 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Year** | **10 Year** |
| Class R6 | 22.21% | 17.57% | 13.55% |
| Russell 1000<sup>®</sup> Total Return Index | 17.75% | 15.99% | 15.04% |

---

# Key Fund Statistics
* Net Assets$1,269,418,197

* Total Number of Portfolio Holdings202

* Total Advisory Fees Paid (net of reimbursements)$2,898,932

* Portfolio Turnover Rate (excludes derivatives, if any)56%

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund as of September 30, 2025, excluding derivatives. The Fund's portfolio composition is subject to change.

# Sector Allocation
![Group By Industry Chart](idb18435ffb6860ca9e5873d9.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Others | 0.8 |
| Materials | 1.8 |
| Energy | 1.9 |
| Investment Companies | 3.2 |
| Consumer Staples | 3.2 |
| Health Care | 3.3 |
| Consumer Discretionary | 9.8 |
| Communication Services | 12.7 |
| Industrials | 13.2 |
| Financials | 17.8 |
| Information Technology | 32.2 |

---

# Top 10 Holdings

---

| | |
|:---|:---|
| **Security** | **% of Net Assets** |
| NVIDIA Corp. | 6.3 |
| Microsoft Corp. | 6.3 |
| Apple, Inc. | 4.6 |
| Limited Purpose Cash Investment Fund | 3.2 |
| Meta Platforms, Inc., Class A | 2.6 |
| Broadcom, Inc. | 2.5 |
| Amazon.com, Inc. | 2.1 |
| Alphabet, Inc., Class A | 2.0 |
| Alphabet, Inc., Class C | 1.8 |
| Berkshire Hathaway, Inc., Class B | 1.5 |

---

# Availability of Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://funds.aqr.com/fund-finder#panel-documents](i49454def390d0f0c59759de9.jpg)

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

• Prospectus&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• Statement of Additional Information&nbsp;&nbsp;&nbsp;&nbsp;

• Portfolio Holdings

AQR Funds are distributed by ALPS Distributors, Inc.

• Financial Statements & Other Information&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• Proxy Voting Report&nbsp;&nbsp;&nbsp;&nbsp;

• Updated Fund Performance&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

# **Householding** 
The Fund will mail only one copy of shareholder documents, annual and semi-annual, to shareholders with multiple accounts at the same address. This practice is commonly called "householding" and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at 1-866-290-2688.

#### AQR Small Cap Multi-Style Fund

#### Class I: QSMLX

#### Annual Shareholder Report - September 30, 2025
![Image](i80305b756ddaf11732952704.jpg)

This annual shareholder report contains important information about the AQR Small Cap Multi-Style Fund for the period of October 1, 2024 to September 30, 2025.You can find additional information about the Fund at https://funds.aqr.com/fund-documents. You can also request this information by contacting us at 1-866-290-2688 or contacting your financial intermediary directly.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $69 | 0.64% |

---

# How did the Fund perform over the reporting period?
The AQR Small Cap Multi-Style Fund (the "Fund") seeks to invest in stocks of attractively valued U.S. small-cap companies that have positive momentum and stable businesses. The Fund is not actively managed to outperform a growth, value, or core benchmark. Rather, it seeks to provide systematic exposure to stocks that rank high on a combined score of Value, Momentum, and Quality styles.

For the one-year period ended September 30, 2025, the Class I Shares of the Fund returned 16.48%. The Fund's broad-based benchmark, the Russell 3000<sup>®</sup> Total Return Index, and the Fund's secondary benchmark, the Russell 2000<sup>®</sup> Total Return Index, returned 17.41% and 10.76% respectively. Contributors and detractors relative to the secondary benchmark include the following:

#### Top Contributors:

# Top Detractors:
* ![Thin up arrow](ibf7b63e26c41bd64864590c3.jpg)For stock selection within sector, gains were primarily driven by stock selection within the Health Care, Financials, Consumer Staples, and Consumer Discretionary sectors.

* ![Thin up arrow](ibf7b63e26c41bd64864590c3.jpg)For sector selection, gains were primarily driven by an underweight to the Real Estate sector and an overweight to the Information Technology sector.

* ![Thin down arrow](id25a10795f2ae1f47ebb976f.jpg)For stock selection within sector, gains were partially offset by losses from stock selection within the Industrials sector.

**The Fund's past performance is not a good predictor of the Fund's future performance. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.** Call 1-866-290-2688 or visit https://funds.aqr.com for current month-end performance.

# Total Return based on a $10,000 Investment
![Growth of 10K Chart](ie8b67e29c4b038be3d4921ad.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I** | **Russell 3000<sup>®</sup> Total Return Index** | **Russell 2000<sup>®</sup> Total Return Index** |
| **9/30/2015** | $10000 | $10000 | $10000 |
| **9/30/2016** | $11374 | $11496 | $11547 |
| **9/30/2017** | $13435 | $13647 | $13942 |
| **9/30/2018** | $14668 | $16046 | $16066 |
| **9/30/2019** | $12945 | $16514 | $14638 |
| **9/30/2020** | $13092 | $18992 | $14695 |
| **9/30/2021** | $19830 | $25045 | $21701 |
| **9/30/2022** | $15753 | $20630 | $16602 |
| **9/30/2023** | $18631 | $24852 | $18085 |
| **9/30/2024** | $23727 | $33598 | $22925 |
| **9/30/2025** | $27636 | $39447 | $25391 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Year** | **10 Year** |
| Class I | 16.48% | 16.12% | 10.70% |
| Russell 3000<sup>®</sup> Total Return Index | 17.41% | 15.74% | 14.71% |
| Russell 2000<sup>®</sup> Total Return Index | 10.76% | 11.56% | 9.77% |

---

# Key Fund Statistics
* Net Assets$134,033,016

* Total Number of Portfolio Holdings537

* Total Advisory Fees Paid (net of reimbursements)$370,519

* Portfolio Turnover Rate (excludes derivatives, if any)66%

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund as of September 30, 2025, excluding derivatives. The Fund's portfolio composition is subject to change.

# Sector Allocation
![Group By Industry Chart](ia7dbe9ec37a510f946a30696.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Others | 1.5 |
| Materials | 2.5 |
| Energy | 3.5 |
| Communication Services | 3.6 |
| Consumer Staples | 3.7 |
| Investment Companies | 5.6 |
| Consumer Discretionary | 9.8 |
| Health Care | 12.0 |
| Industrials | 16.8 |
| Information Technology | 20.3 |
| Financials | 20.3 |

---

# Top 10 Holdings

---

| | |
|:---|:---|
| **Security** | **% of Net Assets** |
| Limited Purpose Cash Investment Fund | 5.6 |
| Argan, Inc. | 1 |
| InterDigital, Inc. | 1 |
| Perdoceo Education Corp. | 1 |
| Sanmina Corp. | 0.9 |
| REV Group, Inc. | 0.8 |
| Credo Technology Group Holding Ltd. | 0.8 |
| Fresh Del Monte Produce, Inc. | 0.8 |
| Catalyst Pharmaceuticals, Inc. | 0.8 |
| Alkermes plc | 0.7 |

---

# Availability of Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://funds.aqr.com/fund-finder#panel-documents](i49454def390d0f0c59759de9.jpg)

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

• Prospectus&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• Statement of Additional Information&nbsp;&nbsp;&nbsp;&nbsp;

• Portfolio Holdings

AQR Funds are distributed by ALPS Distributors, Inc.

• Financial Statements & Other Information&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• Proxy Voting Report&nbsp;&nbsp;&nbsp;&nbsp;

• Updated Fund Performance&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

# **Householding** 
The Fund will mail only one copy of shareholder documents, annual and semi-annual, to shareholders with multiple accounts at the same address. This practice is commonly called "householding" and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at 1-866-290-2688.

#### AQR Small Cap Multi-Style Fund

#### Class N: QSMNX

#### Annual Shareholder Report - September 30, 2025
![Image](i80305b756ddaf11732952704.jpg)

This annual shareholder report contains important information about the AQR Small Cap Multi-Style Fund for the period of October 1, 2024 to September 30, 2025.You can find additional information about the Fund at https://funds.aqr.com/fund-documents. You can also request this information by contacting us at 1-866-290-2688 or contacting your financial intermediary directly.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class N | $95 | 0.89% |

---

# How did the Fund perform over the reporting period?
The AQR Small Cap Multi-Style Fund (the "Fund") seeks to invest in stocks of attractively valued U.S. small-cap companies that have positive momentum and stable businesses. The Fund is not actively managed to outperform a growth, value, or core benchmark. Rather, it seeks to provide systematic exposure to stocks that rank high on a combined score of Value, Momentum, and Quality styles.

For the one-year period ended September 30, 2025, the Class N Shares of the Fund returned 16.19%. The Fund's broad-based benchmark, the Russell 3000<sup>®</sup> Total Return Index, and the Fund's secondary benchmark, the Russell 2000<sup>®</sup> Total Return Index, returned 17.41% and 10.76% respectively. Contributors and detractors relative to the secondary benchmark include the following:

#### Top Contributors:

# Top Detractors:
* ![Thin up arrow](i6b41f7001a517a8b4069613e.jpg)For stock selection within sector, gains were primarily driven by stock selection within the Health Care, Financials, Consumer Staples, and Consumer Discretionary sectors.

* ![Thin up arrow](i6b41f7001a517a8b4069613e.jpg)For sector selection, gains were primarily driven by an underweight to the Real Estate sector and an overweight to the Information Technology sector.

* ![Thin down arrow](id5e358c6c029a405552a37d0.jpg)For stock selection within sector, gains were partially offset by losses from stock selection within the Industrials sector.

**The Fund's past performance is not a good predictor of the Fund's future performance. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.** Call 1-866-290-2688 or visit https://funds.aqr.com for current month-end performance.

# Total Return based on a $10,000 Investment
![Growth of 10K Chart](i3f2aa30f5af363ac2fb3d493.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class N** | **Russell 3000<sup>®</sup> Total Return Index** | **Russell 2000<sup>®</sup> Total Return Index** |
| **9/30/2015** | $10000 | $10000 | $10000 |
| **9/30/2016** | $11351 | $11496 | $11547 |
| **9/30/2017** | $13371 | $13647 | $13942 |
| **9/30/2018** | $14567 | $16046 | $16066 |
| **9/30/2019** | $12828 | $16514 | $14638 |
| **9/30/2020** | $12940 | $18992 | $14695 |
| **9/30/2021** | $19545 | $25045 | $21701 |
| **9/30/2022** | $15489 | $20630 | $16602 |
| **9/30/2023** | $18267 | $24852 | $18085 |
| **9/30/2024** | $23208 | $33598 | $22925 |
| **9/30/2025** | $26966 | $39447 | $25391 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Year** | **10 Year** |
| Class N | 16.19% | 15.82% | 10.43% |
| Russell 3000<sup>®</sup> Total Return Index | 17.41% | 15.74% | 14.71% |
| Russell 2000<sup>®</sup> Total Return Index | 10.76% | 11.56% | 9.77% |

---

# Key Fund Statistics
* Net Assets$134,033,016

* Total Number of Portfolio Holdings537

* Total Advisory Fees Paid (net of reimbursements)$370,519

* Portfolio Turnover Rate (excludes derivatives, if any)66%

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund as of September 30, 2025, excluding derivatives. The Fund's portfolio composition is subject to change.

# Sector Allocation
![Group By Industry Chart](i75b380b87a06f03cd5e7051f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Others | 1.5 |
| Materials | 2.5 |
| Energy | 3.5 |
| Communication Services | 3.6 |
| Consumer Staples | 3.7 |
| Investment Companies | 5.6 |
| Consumer Discretionary | 9.8 |
| Health Care | 12.0 |
| Industrials | 16.8 |
| Information Technology | 20.3 |
| Financials | 20.3 |

---

# Top 10 Holdings

---

| | |
|:---|:---|
| **Security** | **% of Net Assets** |
| Limited Purpose Cash Investment Fund | 5.6 |
| Argan, Inc. | 1 |
| InterDigital, Inc. | 1 |
| Perdoceo Education Corp. | 1 |
| Sanmina Corp. | 0.9 |
| REV Group, Inc. | 0.8 |
| Credo Technology Group Holding Ltd. | 0.8 |
| Fresh Del Monte Produce, Inc. | 0.8 |
| Catalyst Pharmaceuticals, Inc. | 0.8 |
| Alkermes plc | 0.7 |

---

# Availability of Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://funds.aqr.com/fund-finder#panel-documents](i49454def390d0f0c59759de9.jpg)

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

• Prospectus&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• Statement of Additional Information&nbsp;&nbsp;&nbsp;&nbsp;

• Portfolio Holdings

AQR Funds are distributed by ALPS Distributors, Inc.

• Financial Statements & Other Information&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• Proxy Voting Report&nbsp;&nbsp;&nbsp;&nbsp;

• Updated Fund Performance&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

# **Householding** 
The Fund will mail only one copy of shareholder documents, annual and semi-annual, to shareholders with multiple accounts at the same address. This practice is commonly called "householding" and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at 1-866-290-2688.

#### AQR Small Cap Multi-Style Fund

#### Class R6: QSERX

#### Annual Shareholder Report - September 30, 2025
![Image](i80305b756ddaf11732952704.jpg)

This annual shareholder report contains important information about the AQR Small Cap Multi-Style Fund for the period of October 1, 2024 to September 30, 2025.You can find additional information about the Fund at https://funds.aqr.com/fund-documents. You can also request this information by contacting us at 1-866-290-2688 or contacting your financial intermediary directly.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R6 | $58 | 0.54% |

---

# How did the Fund perform over the reporting period?
The AQR Small Cap Multi-Style Fund (the "Fund") seeks to invest in stocks of attractively valued U.S. small-cap companies that have positive momentum and stable businesses. The Fund is not actively managed to outperform a growth, value, or core benchmark. Rather, it seeks to provide systematic exposure to stocks that rank high on a combined score of Value, Momentum, and Quality styles.

For the one-year period ended September 30, 2025, the Class R6 Shares of the Fund returned 16.57%. The Fund's broad-based benchmark, the Russell 3000<sup>®</sup> Total Return Index, and the Fund's secondary benchmark, the Russell 2000<sup>®</sup> Total Return Index, returned 17.41% and 10.76% respectively. Contributors and detractors relative to the secondary benchmark include the following:

#### Top Contributors:

# Top Detractors:
* ![Thin up arrow](i34cbc698719930374dfe1e53.jpg)For stock selection within sector, gains were primarily driven by stock selection within the Health Care, Financials, Consumer Staples, and Consumer Discretionary sectors.

* ![Thin up arrow](i34cbc698719930374dfe1e53.jpg)For sector selection, gains were primarily driven by an underweight to the Real Estate sector and an overweight to the Information Technology sector.

* ![Thin down arrow](ia595a9e22679a4b62685aa84.jpg)For stock selection within sector, gains were partially offset by losses from stock selection within the Industrials sector.

**The Fund's past performance is not a good predictor of the Fund's future performance. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.** Call 1-866-290-2688 or visit https://funds.aqr.com for current month-end performance.

# Total Return based on a $50,000,000 Investment
![Growth of 10K Chart](i1467f057d19ab1417b020039.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R6** | **Russell 3000<sup>®</sup> Total Return Index** | **Russell 2000<sup>®</sup> Total Return Index** |
| **9/30/2015** | $50000000 | $50000000 | $50000000 |
| **9/30/2016** | $56948463 | $57482040 | $57733871 |
| **9/30/2017** | $67296845 | $68234938 | $69708793 |
| **9/30/2018** | $73579721 | $80230546 | $80331116 |
| **9/30/2019** | $64997220 | $82571396 | $73190342 |
| **9/30/2020** | $65793069 | $94958212 | $73475966 |
| **9/30/2021** | $99740924 | $125226545 | $108507410 |
| **9/30/2022** | $79281947 | $103152429 | $83010584 |
| **9/30/2023** | $93831056 | $124258660 | $90423461 |
| **9/30/2024** | $119730204 | $167989722 | $114622521 |
| **9/30/2025** | $139573837 | $197235134 | $126953253 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Year** | **10 Year** |
| Class R6 | 16.57% | 16.23% | 10.81% |
| Russell 3000<sup>®</sup> Total Return Index | 17.41% | 15.74% | 14.71% |
| Russell 2000<sup>®</sup> Total Return Index | 10.76% | 11.56% | 9.77% |

---

# Key Fund Statistics
* Net Assets$134,033,016

* Total Number of Portfolio Holdings537

* Total Advisory Fees Paid (net of reimbursements)$370,519

* Portfolio Turnover Rate (excludes derivatives, if any)66%

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund as of September 30, 2025, excluding derivatives. The Fund's portfolio composition is subject to change.

# Sector Allocation
![Group By Industry Chart](i00d7bb6e9aedde5e6199c527.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Others | 1.5 |
| Materials | 2.5 |
| Energy | 3.5 |
| Communication Services | 3.6 |
| Consumer Staples | 3.7 |
| Investment Companies | 5.6 |
| Consumer Discretionary | 9.8 |
| Health Care | 12.0 |
| Industrials | 16.8 |
| Information Technology | 20.3 |
| Financials | 20.3 |

---

# Top 10 Holdings

---

| | |
|:---|:---|
| **Security** | **% of Net Assets** |
| Limited Purpose Cash Investment Fund | 5.6 |
| Argan, Inc. | 1 |
| InterDigital, Inc. | 1 |
| Perdoceo Education Corp. | 1 |
| Sanmina Corp. | 0.9 |
| REV Group, Inc. | 0.8 |
| Credo Technology Group Holding Ltd. | 0.8 |
| Fresh Del Monte Produce, Inc. | 0.8 |
| Catalyst Pharmaceuticals, Inc. | 0.8 |
| Alkermes plc | 0.7 |

---

# Availability of Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://funds.aqr.com/fund-finder#panel-documents](i49454def390d0f0c59759de9.jpg)

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

• Prospectus&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• Statement of Additional Information&nbsp;&nbsp;&nbsp;&nbsp;

• Portfolio Holdings

AQR Funds are distributed by ALPS Distributors, Inc.

• Financial Statements & Other Information&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• Proxy Voting Report&nbsp;&nbsp;&nbsp;&nbsp;

• Updated Fund Performance&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

# **Householding** 
The Fund will mail only one copy of shareholder documents, annual and semi-annual, to shareholders with multiple accounts at the same address. This practice is commonly called "householding" and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at 1-866-290-2688.

#### AQR International Multi-Style Fund

#### Class I: QICLX

#### Annual Shareholder Report - September 30, 2025
![Image](ie09e18764068a60d829a7ea3.jpg)

This annual shareholder report contains important information about the AQR International Multi-Style Fund for the period of October 1, 2024 to September 30, 2025.You can find additional information about the Fund at https://funds.aqr.com/fund-documents. You can also request this information by contacting us at 1-866-290-2688 or contacting your financial intermediary directly.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $67 | 0.59% |

---

# How did the Fund perform over the reporting period?
The AQR International Multi-Style Fund (the "Fund") seeks to invest in stocks of attractively valued large and mid-cap non-U.S. companies that have positive momentum and stable businesses. The Fund is not actively managed to outperform a growth, value, or core benchmark. Rather, it seeks to provide systematic exposure to stocks that rank high on a combined score of Value, Momentum, and Quality styles.

For the one-year period ended September 30, 2025, the Class I Shares of the Fund returned 26.32%. The Fund's broad-based benchmark, the MSCI Daily TR Net World Ex USA Index, returned 16.03%.

#### Top Contributors:

# Top Detractors:
* ![Thin up arrow](i7733b3fa6ece20508295b314.jpg)For stock selection within sector, gains were primarily driven by stock selection within the Financials, Industrials, Health Care, and Consumer Staples sectors.

* ![Thin up arrow](i7733b3fa6ece20508295b314.jpg)For sector selection, gains were primarily driven by an overweight to the Financials sector and underweights to the Health Care and Consumer Discretionary sectors.

* ![Thin down arrow](i5ba7c04f7117da6e2b2405d9.jpg)For stock selection within sector, gains were partially offset by losses from stock selection within the Communication Services sector.

**The Fund's past performance is not a good predictor of the Fund's future performance. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.** Call 1-866-290-2688 or visit https://funds.aqr.com for current month-end performance.

# Total Return based on a $10,000 Investment
![Growth of 10K Chart](ia70c5221eac564c9f5525716.jpg)

---

| | | |
|:---|:---|:---|
| | **Class I** | **MSCI Daily TR Net World Ex USA Index** |
| **9/30/2015** | $10000 | $10000 |
| **9/30/2016** | $10162 | $10716 |
| **9/30/2017** | $12185 | $12723 |
| **9/30/2018** | $12284 | $13063 |
| **9/30/2019** | $11993 | $12939 |
| **9/30/2020** | $11932 | $12960 |
| **9/30/2021** | $14912 | $16394 |
| **9/30/2022** | $11390 | $12474 |
| **9/30/2023** | $14617 | $15468 |
| **9/30/2024** | $18103 | $19332 |
| **9/30/2025** | $22867 | $22432 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Year** | **10 Year** |
| Class I | 26.32% | 13.89% | 8.62% |
| MSCI Daily TR Net World Ex USA Index | 16.03% | 11.60% | 8.41% |

---

# Key Fund Statistics
* Net Assets$732,720,161

* Total Number of Portfolio Holdings221

* Total Advisory Fees Paid (net of reimbursements)$2,387,712

* Portfolio Turnover Rate (excludes derivatives, if any)67%

**Graphical Representation of Holdings**

The tables below show the investment makeup of the Fund as of September 30, 2025, excluding derivatives. The Fund's portfolio composition is subject to change.

# Sector Allocation
![Group By Industry Chart](i16c66da8e4526b578d11a383.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Others | 1.9 |
| Investment Companies | 3.8 |
| Energy | 4.6 |
| Consumer Staples | 5.3 |
| Information Technology | 6.0 |
| Communication Services | 6.4 |
| Materials | 7.8 |
| Consumer Discretionary | 8.0 |
| Health Care | 9.1 |
| Industrials | 20.7 |
| Financials | 26.1 |

---

# Geographic Allocation

---

| | |
|:---|:---|
| **Country** | **% of Net Assets** |
| Japan | 19.4 |
| Canada | 11.3 |
| United States | 10.8 |
| United Kingdom | 10.7 |
| Germany | 8.6 |
| France | 7.8 |
| Australia | 5.8 |
| Netherlands | 3.8 |
| Sweden | 3.3 |
| Italy | 3.2 |
| Others | 15.0 |

---

#### Top 10 Holdings

---

| | |
|:---|:---|
| **Security** | **% of Net Assets** |
| Limited Purpose Cash Investment Fund | 3.8 |
| Novartis AG (Registered) | 2.3 |
| Roche Holding AG | 2.0 |
| Rolls-Royce Holdings plc | 1.8 |
| ABB Ltd. (Registered) | 1.7 |
| Banco Santander SA | 1.6 |
| Barclays plc | 1.5 |
| Deutsche Bank AG (Registered) | 1.5 |
| BHP Group Ltd. | 1.4 |
| NatWest Group plc | 1.4 |

---

# Availability of Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://funds.aqr.com/fund-finder#panel-documents](i49454def390d0f0c59759de9.jpg)

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

• Prospectus&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• Statement of Additional Information&nbsp;&nbsp;&nbsp;&nbsp;

• Portfolio Holdings

AQR Funds are distributed by ALPS Distributors, Inc.

• Financial Statements & Other Information&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• Proxy Voting Report&nbsp;&nbsp;&nbsp;&nbsp;

• Updated Fund Performance&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

# **Householding** 
The Fund will mail only one copy of shareholder documents, annual and semi-annual, to shareholders with multiple accounts at the same address. This practice is commonly called "householding" and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at 1-866-290-2688.

#### AQR International Multi-Style Fund

#### Class N: QICNX

#### Annual Shareholder Report - September 30, 2025
![Image](ie09e18764068a60d829a7ea3.jpg)

This annual shareholder report contains important information about the AQR International Multi-Style Fund for the period of October 1, 2024 to September 30, 2025.You can find additional information about the Fund at https://funds.aqr.com/fund-documents. You can also request this information by contacting us at 1-866-290-2688 or contacting your financial intermediary directly.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class N | $96 | 0.84% |

---

# How did the Fund perform over the reporting period?
The AQR International Multi-Style Fund (the "Fund") seeks to invest in stocks of attractively valued large and mid-cap non-U.S. companies that have positive momentum and stable businesses. The Fund is not actively managed to outperform a growth, value, or core benchmark. Rather, it seeks to provide systematic exposure to stocks that rank high on a combined score of Value, Momentum, and Quality styles.

For the one-year period ended September 30, 2025, the Class N Shares of the Fund returned 25.97%. The Fund's broad-based benchmark, the MSCI Daily TR Net World Ex USA Index, returned 16.03%.

#### Top Contributors:

# Top Detractors:
* ![Thin up arrow](i2e42e2d00dd8581c6d76f68e.jpg)For stock selection within sector, gains were primarily driven by stock selection within the Financials, Industrials, Health Care, and Consumer Staples sectors.

* ![Thin up arrow](i2e42e2d00dd8581c6d76f68e.jpg)For sector selection, gains were primarily driven by an overweight to the Financials sector and underweights to the Health Care and Consumer Discretionary sectors.

* ![Thin down arrow](i8b4f25c1f4817107faf3ea4c.jpg)For stock selection within sector, gains were partially offset by losses from stock selection within the Communication Services sector.

**The Fund's past performance is not a good predictor of the Fund's future performance. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.** Call 1-866-290-2688 or visit https://funds.aqr.com for current month-end performance.

# Total Return based on a $10,000 Investment
![Growth of 10K Chart](i724914c1236e10c9bfe70ec2.jpg)

---

| | | |
|:---|:---|:---|
| | **Class N** | **MSCI Daily TR Net World Ex USA Index** |
| **9/30/2015** | $10000 | $10000 |
| **9/30/2016** | $10128 | $10716 |
| **9/30/2017** | $12121 | $12723 |
| **9/30/2018** | $12173 | $13063 |
| **9/30/2019** | $11864 | $12939 |
| **9/30/2020** | $11775 | $12960 |
| **9/30/2021** | $14679 | $16394 |
| **9/30/2022** | $11188 | $12474 |
| **9/30/2023** | $14307 | $15468 |
| **9/30/2024** | $17681 | $19332 |
| **9/30/2025** | $22273 | $22432 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Year** | **10 Year** |
| Class N | 25.97% | 13.60% | 8.34% |
| MSCI Daily TR Net World Ex USA Index | 16.03% | 11.60% | 8.41% |

---

# Key Fund Statistics
* Net Assets$732,720,161

* Total Number of Portfolio Holdings221

* Total Advisory Fees Paid (net of reimbursements)$2,387,712

* Portfolio Turnover Rate (excludes derivatives, if any)67%

**Graphical Representation of Holdings**

The tables below show the investment makeup of the Fund as of September 30, 2025, excluding derivatives. The Fund's portfolio composition is subject to change.

# Sector Allocation
![Group By Industry Chart](i023892b7a47de0151d2c7648.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Others | 1.9 |
| Investment Companies | 3.8 |
| Energy | 4.6 |
| Consumer Staples | 5.3 |
| Information Technology | 6.0 |
| Communication Services | 6.4 |
| Materials | 7.8 |
| Consumer Discretionary | 8.0 |
| Health Care | 9.1 |
| Industrials | 20.7 |
| Financials | 26.1 |

---

# Geographic Allocation

---

| | |
|:---|:---|
| **Country** | **% of Net Assets** |
| Japan | 19.4 |
| Canada | 11.3 |
| United States | 10.8 |
| United Kingdom | 10.7 |
| Germany | 8.6 |
| France | 7.8 |
| Australia | 5.8 |
| Netherlands | 3.8 |
| Sweden | 3.3 |
| Italy | 3.2 |
| Others | 15.0 |

---

#### Top 10 Holdings

---

| | |
|:---|:---|
| **Security** | **% of Net Assets** |
| Limited Purpose Cash Investment Fund | 3.8 |
| Novartis AG (Registered) | 2.3 |
| Roche Holding AG | 2.0 |
| Rolls-Royce Holdings plc | 1.8 |
| ABB Ltd. (Registered) | 1.7 |
| Banco Santander SA | 1.6 |
| Barclays plc | 1.5 |
| Deutsche Bank AG (Registered) | 1.5 |
| BHP Group Ltd. | 1.4 |
| NatWest Group plc | 1.4 |

---

# Availability of Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://funds.aqr.com/fund-finder#panel-documents](i49454def390d0f0c59759de9.jpg)

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

• Prospectus&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• Statement of Additional Information&nbsp;&nbsp;&nbsp;&nbsp;

• Portfolio Holdings

AQR Funds are distributed by ALPS Distributors, Inc.

• Financial Statements & Other Information&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• Proxy Voting Report&nbsp;&nbsp;&nbsp;&nbsp;

• Updated Fund Performance&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

# **Householding** 
The Fund will mail only one copy of shareholder documents, annual and semi-annual, to shareholders with multiple accounts at the same address. This practice is commonly called "householding" and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at 1-866-290-2688.

#### AQR International Multi-Style Fund

#### Class R6: QICRX

#### Annual Shareholder Report - September 30, 2025
![Image](ie09e18764068a60d829a7ea3.jpg)

This annual shareholder report contains important information about the AQR International Multi-Style Fund for the period of October 1, 2024 to September 30, 2025.You can find additional information about the Fund at https://funds.aqr.com/fund-documents. You can also request this information by contacting us at 1-866-290-2688 or contacting your financial intermediary directly.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R6 | $56 | 0.49% |

---

# How did the Fund perform over the reporting period?
The AQR International Multi-Style Fund (the "Fund") seeks to invest in stocks of attractively valued large and mid-cap non-U.S. companies that have positive momentum and stable businesses. The Fund is not actively managed to outperform a growth, value, or core benchmark. Rather, it seeks to provide systematic exposure to stocks that rank high on a combined score of Value, Momentum, and Quality styles.

For the one-year period ended September 30, 2025, the Class R6 Shares of the Fund returned 26.54%. The Fund's broad-based benchmark, the MSCI Daily TR Net World Ex USA Index, returned 16.03%.

#### Top Contributors:

# Top Detractors:
* ![Thin up arrow](ibe18c3d01c69235e0cec3316.jpg)For stock selection within sector, gains were primarily driven by stock selection within the Financials, Industrials, Health Care, and Consumer Staples sectors.

* ![Thin up arrow](ibe18c3d01c69235e0cec3316.jpg)For sector selection, gains were primarily driven by an overweight to the Financials sector and underweights to the Health Care and Consumer Discretionary sectors.

* ![Thin down arrow](i2f723fe4093f462a969cc702.jpg)For stock selection within sector, gains were partially offset by losses from stock selection within the Communication Services sector.

**The Fund's past performance is not a good predictor of the Fund's future performance. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.** Call 1-866-290-2688 or visit https://funds.aqr.com for current month-end performance.

# Total Return based on a $50,000,000 Investment
![Growth of 10K Chart](i5466119db3909864f0a2b31e.jpg)

---

| | | |
|:---|:---|:---|
| | **Class R6** | **MSCI Daily TR Net World Ex USA Index** |
| **9/30/2015** | $50000000 | $50000000 |
| **9/30/2016** | $50857428 | $53580300 |
| **9/30/2017** | $61049744 | $63616739 |
| **9/30/2018** | $61548644 | $65314624 |
| **9/30/2019** | $60202901 | $64695092 |
| **9/30/2020** | $59918803 | $64800709 |
| **9/30/2021** | $74975522 | $81971444 |
| **9/30/2022** | $57356529 | $62371244 |
| **9/30/2023** | $73654511 | $77339236 |
| **9/30/2024** | $91273103 | $96660367 |
| **9/30/2025** | $115495749 | $112158478 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Year** | **10 Year** |
| Class R6 | 26.54% | 14.03% | 8.73% |
| MSCI Daily TR Net World Ex USA Index | 16.03% | 11.60% | 8.41% |

---

# Key Fund Statistics
* Net Assets$732,720,161

* Total Number of Portfolio Holdings221

* Total Advisory Fees Paid (net of reimbursements)$2,387,712

* Portfolio Turnover Rate (excludes derivatives, if any)67%

**Graphical Representation of Holdings**

The tables below show the investment makeup of the Fund as of September 30, 2025, excluding derivatives. The Fund's portfolio composition is subject to change.

# Sector Allocation
![Group By Industry Chart](i6a76bc26f556ca25418ad828.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Others | 1.9 |
| Investment Companies | 3.8 |
| Energy | 4.6 |
| Consumer Staples | 5.3 |
| Information Technology | 6.0 |
| Communication Services | 6.4 |
| Materials | 7.8 |
| Consumer Discretionary | 8.0 |
| Health Care | 9.1 |
| Industrials | 20.7 |
| Financials | 26.1 |

---

# Geographic Allocation

---

| | |
|:---|:---|
| **Country** | **% of Net Assets** |
| Japan | 19.4 |
| Canada | 11.3 |
| United States | 10.8 |
| United Kingdom | 10.7 |
| Germany | 8.6 |
| France | 7.8 |
| Australia | 5.8 |
| Netherlands | 3.8 |
| Sweden | 3.3 |
| Italy | 3.2 |
| Others | 15.0 |

---

#### Top 10 Holdings

---

| | |
|:---|:---|
| **Security** | **% of Net Assets** |
| Limited Purpose Cash Investment Fund | 3.8 |
| Novartis AG (Registered) | 2.3 |
| Roche Holding AG | 2.0 |
| Rolls-Royce Holdings plc | 1.8 |
| ABB Ltd. (Registered) | 1.7 |
| Banco Santander SA | 1.6 |
| Barclays plc | 1.5 |
| Deutsche Bank AG (Registered) | 1.5 |
| BHP Group Ltd. | 1.4 |
| NatWest Group plc | 1.4 |

---

# Availability of Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://funds.aqr.com/fund-finder#panel-documents](i49454def390d0f0c59759de9.jpg)

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

• Prospectus&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• Statement of Additional Information&nbsp;&nbsp;&nbsp;&nbsp;

• Portfolio Holdings

AQR Funds are distributed by ALPS Distributors, Inc.

• Financial Statements & Other Information&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• Proxy Voting Report&nbsp;&nbsp;&nbsp;&nbsp;

• Updated Fund Performance&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

# **Householding** 
The Fund will mail only one copy of shareholder documents, annual and semi-annual, to shareholders with multiple accounts at the same address. This practice is commonly called "householding" and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at 1-866-290-2688.

#### AQR Emerging Multi-Style II Fund

#### Class I: QTELX

#### Annual Shareholder Report - September 30, 2025
![Image](ie09e18764068a60d829a7ea3.jpg)

This annual shareholder report contains important information about the AQR Emerging Multi-Style II Fund for the period of October 1, 2024 to September 30, 2025.You can find additional information about the Fund at https://funds.aqr.com/fund-documents. You can also request this information by contacting us at 1-866-290-2688 or contacting your financial intermediary directly.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $77 | 0.71% |

---

# How did the Fund perform over the reporting period?
The AQR Emerging Multi-Style II Fund (the "Fund") seeks to invest in stocks of attractively valued large and mid-cap emerging countries' companies that have positive momentum and stable businesses. The Fund is not actively managed to outperform a growth, value, or core benchmark. Rather, it seeks to provide systematic exposure to stocks that rank high on a combined score of Value, Momentum, and Quality styles.

For the one-year period ended September 30, 2025, the Class I Shares of the Fund returned 17.07%. The Fund's broad-based benchmark, the MSCI Emerging Net Total Return USD Index, returned 17.32%.

#### Top Contributors:

# Top Detractors:
* ![Thin up arrow](i5f765ae7df2d7e8bbbccc15d.jpg)For stock selection within sector, losses were partially offset by gains from stock selection within the Financials, Materials, and Consumer Staples sectors.

* ![Thin up arrow](i5f765ae7df2d7e8bbbccc15d.jpg)For sector selection, losses were largely offset by gains from underweights to the Consumer Staples and Materials sectors.

* ![Thin down arrow](ib7ad35f0edc8eef2e296295c.jpg)For stock selection within sector, losses were primarily driven by stock selection within the Information Technology, Communication Services, Consumer Discretionary, and Energy sectors.

* ![Thin down arrow](ib7ad35f0edc8eef2e296295c.jpg)For sector selection, losses were primarily driven by an overweight to the Financials sector.

**The Fund's past performance is not a good predictor of the Fund's future performance. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.** Call 1-866-290-2688 or visit https://funds.aqr.com for current month-end performance.

# Total Return based on a $10,000 Investment
![Growth of 10K Chart](i7394a46edbcbffd9e49d40fb.jpg)

---

| | | |
|:---|:---|:---|
| | **Class I** | **MSCI Emerging Net Total Return USD Index** |
| **9/30/2015** | $10000 | $10000 |
| **9/30/2016** | $11214 | $11678 |
| **9/30/2017** | $13776 | $14301 |
| **9/30/2018** | $13315 | $14185 |
| **9/30/2019** | $12559 | $13899 |
| **9/30/2020** | $13933 | $15364 |
| **9/30/2021** | $16338 | $18161 |
| **9/30/2022** | $11645 | $13055 |
| **9/30/2023** | $13446 | $14582 |
| **9/30/2024** | $17431 | $18381 |
| **9/30/2025** | $20406 | $21565 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Year** | **10 Year** |
| Class I | 17.07% | 7.93% | 7.39% |
| MSCI Emerging Net Total Return USD Index | 17.32% | 7.02% | 7.99% |

---

# Key Fund Statistics
* Net Assets$588,926,145

* Total Number of Portfolio Holdings240

* Total Advisory Fees Paid (net of reimbursements)$2,421,693

* Portfolio Turnover Rate (excludes derivatives, if any)64%

**Graphical Representation of Holdings**

The tables below show the investment makeup of the Fund as of September 30, 2025, excluding derivatives. The Fund's portfolio composition is subject to change.

# Sector Allocation
![Group By Industry Chart](i90ce8c0ffcb9a235bbe14dd1.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Others | 1.9 |
| Utilities | 2.0 |
| Consumer Staples | 2.1 |
| Energy | 3.2 |
| Investment Companies | 5.3 |
| Materials | 6.2 |
| Consumer Discretionary | 7.2 |
| Communication Services | 10.3 |
| Industrials | 11.4 |
| Information Technology | 25.0 |
| Financials | 25.5 |

---

# Geographic Allocation

---

| | |
|:---|:---|
| **Country** | **% of Net Assets** |
| China | 30.3 |
| Taiwan | 18.4 |
| India | 13.8 |
| South Korea | 11.1 |
| United States | 5.8 |
| Brazil | 4.2 |
| South Africa | 3.5 |
| Saudi Arabia | 2.3 |
| Indonesia | 2.1 |
| Mexico | 1.9 |
| Others | 6.7 |

---

#### Top 10 Holdings

---

| | |
|:---|:---|
| **Security** | **% of Net Assets** |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 11.4 |
| Limited Purpose Cash Investment Fund | 5.3 |
| Tencent Holdings Ltd. | 4.7 |
| Alibaba Group Holding Ltd. | 3.4 |
| SK Hynix, Inc. | 2.4 |
| Samsung Electronics Co. Ltd. | 2.4 |
| China Construction Bank Corp., Class H | 2.0 |
| Xiaomi Corp., Class B | 1.6 |
| Banco do Brasil SA | 1.3 |
| Woori Financial Group, Inc. | 1.2 |

---

# Availability of Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://funds.aqr.com/fund-finder#panel-documents](i49454def390d0f0c59759de9.jpg)

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

• Prospectus&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• Statement of Additional Information&nbsp;&nbsp;&nbsp;&nbsp;

• Portfolio Holdings

AQR Funds are distributed by ALPS Distributors, Inc.

• Financial Statements & Other Information&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• Proxy Voting Report&nbsp;&nbsp;&nbsp;&nbsp;

• Updated Fund Performance&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

# **Householding** 
The Fund will mail only one copy of shareholder documents, annual and semi-annual, to shareholders with multiple accounts at the same address. This practice is commonly called "householding" and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at 1-866-290-2688.

#### AQR Emerging Multi-Style II Fund

#### Class N: QTENX

#### Annual Shareholder Report - September 30, 2025
![Image](ie09e18764068a60d829a7ea3.jpg)

This annual shareholder report contains important information about the AQR Emerging Multi-Style II Fund for the period of October 1, 2024 to September 30, 2025.You can find additional information about the Fund at https://funds.aqr.com/fund-documents. You can also request this information by contacting us at 1-866-290-2688 or contacting your financial intermediary directly.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class N | $104 | 0.96% |

---

# How did the Fund perform over the reporting period?
The AQR Emerging Multi-Style II Fund (the "Fund") seeks to invest in stocks of attractively valued large and mid-cap emerging countries' companies that have positive momentum and stable businesses. The Fund is not actively managed to outperform a growth, value, or core benchmark. Rather, it seeks to provide systematic exposure to stocks that rank high on a combined score of Value, Momentum, and Quality styles.

For the one-year period ended September 30, 2025, the Class N Shares of the Fund returned 16.74%. The Fund's broad-based benchmark, the MSCI Emerging Net Total Return USD Index, returned 17.32%.

#### Top Contributors:

# Top Detractors:
* ![Thin up arrow](i4334736397951594bf946e3c.jpg)For stock selection within sector, losses were partially offset by gains from stock selection within the Financials, Materials, and Consumer Staples sectors.

* ![Thin up arrow](i4334736397951594bf946e3c.jpg)For sector selection, losses were largely offset by gains from underweights to the Consumer Staples and Materials sectors.

* ![Thin down arrow](i7bac79872cb4baf040ad795e.jpg)For stock selection within sector, losses were primarily driven by stock selection within the Information Technology, Communication Services, Consumer Discretionary, and Energy sectors.

* ![Thin down arrow](i7bac79872cb4baf040ad795e.jpg)For sector selection, losses were primarily driven by an overweight to the Financials sector.

**The Fund's past performance is not a good predictor of the Fund's future performance. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.** Call 1-866-290-2688 or visit https://funds.aqr.com for current month-end performance.

# Total Return based on a $10,000 Investment
![Growth of 10K Chart](ib927b49ca1e57bcd02eebc44.jpg)

---

| | | |
|:---|:---|:---|
| | **Class N** | **MSCI Emerging Net Total Return USD Index** |
| **9/30/2015** | $10000 | $10000 |
| **9/30/2016** | $11181 | $11678 |
| **9/30/2017** | $13712 | $14301 |
| **9/30/2018** | $13204 | $14185 |
| **9/30/2019** | $12423 | $13899 |
| **9/30/2020** | $13745 | $15364 |
| **9/30/2021** | $16077 | $18161 |
| **9/30/2022** | $11439 | $13055 |
| **9/30/2023** | $13151 | $14582 |
| **9/30/2024** | $17013 | $18381 |
| **9/30/2025** | $19860 | $21565 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Year** | **10 Year** |
| Class N | 16.74% | 7.64% | 7.10% |
| MSCI Emerging Net Total Return USD Index | 17.32% | 7.02% | 7.99% |

---

# Key Fund Statistics
* Net Assets$588,926,145

* Total Number of Portfolio Holdings240

* Total Advisory Fees Paid (net of reimbursements)$2,421,693

* Portfolio Turnover Rate (excludes derivatives, if any)64%

**Graphical Representation of Holdings**

The tables below show the investment makeup of the Fund as of September 30, 2025, excluding derivatives. The Fund's portfolio composition is subject to change.

# Sector Allocation
![Group By Industry Chart](i394ca6a3d1d7112fc60d8f85.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Others | 1.9 |
| Utilities | 2.0 |
| Consumer Staples | 2.1 |
| Energy | 3.2 |
| Investment Companies | 5.3 |
| Materials | 6.2 |
| Consumer Discretionary | 7.2 |
| Communication Services | 10.3 |
| Industrials | 11.4 |
| Information Technology | 25.0 |
| Financials | 25.5 |

---

# Geographic Allocation

---

| | |
|:---|:---|
| **Country** | **% of Net Assets** |
| China | 30.3 |
| Taiwan | 18.4 |
| India | 13.8 |
| South Korea | 11.1 |
| United States | 5.8 |
| Brazil | 4.2 |
| South Africa | 3.5 |
| Saudi Arabia | 2.3 |
| Indonesia | 2.1 |
| Mexico | 1.9 |
| Others | 6.7 |

---

#### Top 10 Holdings

---

| | |
|:---|:---|
| **Security** | **% of Net Assets** |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 11.4 |
| Limited Purpose Cash Investment Fund | 5.3 |
| Tencent Holdings Ltd. | 4.7 |
| Alibaba Group Holding Ltd. | 3.4 |
| SK Hynix, Inc. | 2.4 |
| Samsung Electronics Co. Ltd. | 2.4 |
| China Construction Bank Corp., Class H | 2.0 |
| Xiaomi Corp., Class B | 1.6 |
| Banco do Brasil SA | 1.3 |
| Woori Financial Group, Inc. | 1.2 |

---

# Availability of Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://funds.aqr.com/fund-finder#panel-documents](i49454def390d0f0c59759de9.jpg)

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

• Prospectus&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• Statement of Additional Information&nbsp;&nbsp;&nbsp;&nbsp;

• Portfolio Holdings

AQR Funds are distributed by ALPS Distributors, Inc.

• Financial Statements & Other Information&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• Proxy Voting Report&nbsp;&nbsp;&nbsp;&nbsp;

• Updated Fund Performance&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

# **Householding** 
The Fund will mail only one copy of shareholder documents, annual and semi-annual, to shareholders with multiple accounts at the same address. This practice is commonly called "householding" and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at 1-866-290-2688.

#### AQR Emerging Multi-Style II Fund

#### Class R6: QTERX

#### Annual Shareholder Report - September 30, 2025
![Image](ie09e18764068a60d829a7ea3.jpg)

This annual shareholder report contains important information about the AQR Emerging Multi-Style II Fund for the period of October 1, 2024 to September 30, 2025.You can find additional information about the Fund at https://funds.aqr.com/fund-documents. You can also request this information by contacting us at 1-866-290-2688 or contacting your financial intermediary directly.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R6 | $66 | 0.61% |

---

# How did the Fund perform over the reporting period?
The AQR Emerging Multi-Style II Fund (the "Fund") seeks to invest in stocks of attractively valued large and mid-cap emerging countries' companies that have positive momentum and stable businesses. The Fund is not actively managed to outperform a growth, value, or core benchmark. Rather, it seeks to provide systematic exposure to stocks that rank high on a combined score of Value, Momentum, and Quality styles.

For the one-year period ended September 30, 2025, the Class R6 Shares of the Fund returned 17.15%. The Fund's broad-based benchmark, the MSCI Emerging Net Total Return USD Index, returned 17.32%.

#### Top Contributors:

# Top Detractors:
* ![Thin up arrow](ia2865f0fcd0d12c13f7592eb.jpg)For stock selection within sector, losses were partially offset by gains from stock selection within the Financials, Materials, and Consumer Staples sectors.

* ![Thin up arrow](ia2865f0fcd0d12c13f7592eb.jpg)For sector selection, losses were largely offset by gains from underweights to the Consumer Staples and Materials sectors.

* ![Thin down arrow](i376f0cc8e2cc3e944181984d.jpg)For stock selection within sector, losses were primarily driven by stock selection within the Information Technology, Communication Services, Consumer Discretionary, and Energy sectors.

* ![Thin down arrow](i376f0cc8e2cc3e944181984d.jpg)For sector selection, losses were primarily driven by an overweight to the Financials sector.

**The Fund's past performance is not a good predictor of the Fund's future performance. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.** Call 1-866-290-2688 or visit https://funds.aqr.com for current month-end performance.

# Total Return based on a $50,000,000 Investment
![Growth of 10K Chart](i352d11ede8096beda2f8feb0.jpg)

---

| | | |
|:---|:---|:---|
| | **Class R6** | **MSCI Emerging Net Total Return USD Index** |
| **9/30/2015** | $50000000 | $50000000 |
| **9/30/2016** | $56023014 | $58391625 |
| **9/30/2017** | $68935123 | $71506043 |
| **9/30/2018** | $66681592 | $70925583 |
| **9/30/2019** | $62952626 | $69495353 |
| **9/30/2020** | $69894455 | $76819315 |
| **9/30/2021** | $81999798 | $90803687 |
| **9/30/2022** | $58510112 | $65274938 |
| **9/30/2023** | $67647959 | $72911670 |
| **9/30/2024** | $87791527 | $91906708 |
| **9/30/2025** | $102848099 | $107827371 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Year** | **10 Year** |
| Class R6 | 17.15% | 8.03% | 7.48% |
| MSCI Emerging Net Total Return USD Index | 17.32% | 7.02% | 7.99% |

---

# Key Fund Statistics
* Net Assets$588,926,145

* Total Number of Portfolio Holdings240

* Total Advisory Fees Paid (net of reimbursements)$2,421,693

* Portfolio Turnover Rate (excludes derivatives, if any)64%

**Graphical Representation of Holdings**

The tables below show the investment makeup of the Fund as of September 30, 2025, excluding derivatives. The Fund's portfolio composition is subject to change.

# Sector Allocation
![Group By Industry Chart](i088cb66dfd61a069c0e787b7.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Others | 1.9 |
| Utilities | 2.0 |
| Consumer Staples | 2.1 |
| Energy | 3.2 |
| Investment Companies | 5.3 |
| Materials | 6.2 |
| Consumer Discretionary | 7.2 |
| Communication Services | 10.3 |
| Industrials | 11.4 |
| Information Technology | 25.0 |
| Financials | 25.5 |

---

# Geographic Allocation

---

| | |
|:---|:---|
| **Country** | **% of Net Assets** |
| China | 30.3 |
| Taiwan | 18.4 |
| India | 13.8 |
| South Korea | 11.1 |
| United States | 5.8 |
| Brazil | 4.2 |
| South Africa | 3.5 |
| Saudi Arabia | 2.3 |
| Indonesia | 2.1 |
| Mexico | 1.9 |
| Others | 6.7 |

---

#### Top 10 Holdings

---

| | |
|:---|:---|
| **Security** | **% of Net Assets** |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 11.4 |
| Limited Purpose Cash Investment Fund | 5.3 |
| Tencent Holdings Ltd. | 4.7 |
| Alibaba Group Holding Ltd. | 3.4 |
| SK Hynix, Inc. | 2.4 |
| Samsung Electronics Co. Ltd. | 2.4 |
| China Construction Bank Corp., Class H | 2.0 |
| Xiaomi Corp., Class B | 1.6 |
| Banco do Brasil SA | 1.3 |
| Woori Financial Group, Inc. | 1.2 |

---

# Availability of Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://funds.aqr.com/fund-finder#panel-documents](i49454def390d0f0c59759de9.jpg)

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

• Prospectus&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• Statement of Additional Information&nbsp;&nbsp;&nbsp;&nbsp;

• Portfolio Holdings

AQR Funds are distributed by ALPS Distributors, Inc.

• Financial Statements & Other Information&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• Proxy Voting Report&nbsp;&nbsp;&nbsp;&nbsp;

• Updated Fund Performance&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

# **Householding** 
The Fund will mail only one copy of shareholder documents, annual and semi-annual, to shareholders with multiple accounts at the same address. This practice is commonly called "householding" and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at 1-866-290-2688.

#### AQR Large Cap Momentum Style Fund

#### Class I: AMOMX

#### Annual Shareholder Report - September 30, 2025
![Image](i80305b756ddaf11732952704.jpg)

This annual shareholder report contains important information about the AQR Large Cap Momentum Style Fund for the period of October 1, 2024 to September 30, 2025.You can find additional information about the Fund at https://funds.aqr.com/fund-documents. You can also request this information by contacting us at 1-866-290-2688 or contacting your financial intermediary directly.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $45 | 0.41% |

---

# How did the Fund perform over the reporting period?
The AQR Large Cap Momentum Style Fund (the "Fund") seeks to invest in stocks of large cap U.S. companies (generally companies with market capitalizations within the range of the Russell 1000<sup>®</sup> Total Return Index) with positive momentum. The Fund is not actively managed to outperform a growth, value or core benchmark. Rather, it seeks to provide systematic exposure to stocks that share the common characteristic of positive momentum.

For the one-year period ended September 30, 2025, the Class I Shares of the Fund returned 19.99%. The Fund's broad-based benchmark, the Russell 1000<sup>®</sup> Total Return Index, returned 17.75%.

#### Top Contributors:

# Top Detractors:
* ![Thin up arrow](ibec60d7ab5224e5cf86fc595.jpg)For stock selection within sector, gains were primarily driven by stock selection within the Information Technology and Consumer Staples sectors.

* ![Thin up arrow](ibec60d7ab5224e5cf86fc595.jpg)For sector selection, losses were partially offset by gains from an underweight to the Health Care sector.

* ![Thin down arrow](iad339a594e7c6259918ac5b0.jpg)For stock selection within sector, gains were partially offset by losses from stock selection within the Consumer Discretionary sector.

* ![Thin down arrow](iad339a594e7c6259918ac5b0.jpg)For sector selection, losses were primarily driven by an underweight to the Information Technology sector.

**The Fund's past performance is not a good predictor of the Fund's future performance. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.** Call 1-866-290-2688 or visit https://funds.aqr.com for current month-end performance.

# Total Return based on a $10,000 Investment
![Growth of 10K Chart](id3a85bc9f0ac03be2a6354bb.jpg)

---

| | | |
|:---|:---|:---|
| | **Class I** | **Russell 1000<sup>®</sup> Total Return Index** |
| **9/30/2015** | $10000 | $10000 |
| **9/30/2016** | $11112 | $11493 |
| **9/30/2017** | $12931 | $13624 |
| **9/30/2018** | $16027 | $16044 |
| **9/30/2019** | $16249 | $16665 |
| **9/30/2020** | $19421 | $19334 |
| **9/30/2021** | $24964 | $25321 |
| **9/30/2022** | $20794 | $20962 |
| **9/30/2023** | $23630 | $25404 |
| **9/30/2024** | $32980 | $34468 |
| **9/30/2025** | $39572 | $40586 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Year** | **10 Year** |
| Class I | 19.99% | 15.30% | 14.75% |
| Russell 1000<sup>®</sup> Total Return Index | 17.75% | 15.99% | 15.04% |

---

# Key Fund Statistics
* Net Assets$656,166,860

* Total Number of Portfolio Holdings274

* Total Advisory Fees Paid (net of reimbursements)$1,528,397

* Portfolio Turnover Rate (excludes derivatives, if any)91%

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund as of September 30, 2025, excluding derivatives. The Fund's portfolio composition is subject to change.

# Sector Allocation
![Group By Industry Chart](i632961a18750b4042a62404a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Others | 2.3 |
| Energy | 1.8 |
| Utilities | 2.0 |
| Investment Companies | 3.7 |
| Consumer Staples | 4.7 |
| Health Care | 5.6 |
| Consumer Discretionary | 10.1 |
| Communication Services | 12.0 |
| Industrials | 12.8 |
| Financials | 17.5 |
| Information Technology | 27.3 |

---

# Top 10 Holdings

---

| | |
|:---|:---|
| **Security** | **% of Net Assets** |
| NVIDIA Corp. | 6.3 |
| Microsoft Corp. | 4.8 |
| Meta Platforms, Inc., Class A | 4.7 |
| Broadcom, Inc. | 4.0 |
| Limited Purpose Cash Investment Fund | 3.7 |
| Tesla, Inc. | 2.9 |
| JPMorgan Chase & Co. | 2.6 |
| Walmart, Inc. | 2.1 |
| Alphabet, Inc., Class A | 1.7 |
| Netflix, Inc. | 1.7 |

---

# Availability of Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://funds.aqr.com/fund-finder#panel-documents](i49454def390d0f0c59759de9.jpg)

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

• Prospectus&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• Statement of Additional Information&nbsp;&nbsp;&nbsp;&nbsp;

• Portfolio Holdings

AQR Funds are distributed by ALPS Distributors, Inc.

• Financial Statements & Other Information&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• Proxy Voting Report&nbsp;&nbsp;&nbsp;&nbsp;

• Updated Fund Performance&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

# **Householding** 
The Fund will mail only one copy of shareholder documents, annual and semi-annual, to shareholders with multiple accounts at the same address. This practice is commonly called "householding" and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at 1-866-290-2688.

#### AQR Large Cap Momentum Style Fund

#### Class N: AMONX

#### Annual Shareholder Report - September 30, 2025
![Image](i80305b756ddaf11732952704.jpg)

This annual shareholder report contains important information about the AQR Large Cap Momentum Style Fund for the period of October 1, 2024 to September 30, 2025.You can find additional information about the Fund at https://funds.aqr.com/fund-documents. You can also request this information by contacting us at 1-866-290-2688 or contacting your financial intermediary directly.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class N | $73 | 0.66% |

---

# How did the Fund perform over the reporting period?
The AQR Large Cap Momentum Style Fund (the "Fund") seeks to invest in stocks of large cap U.S. companies (generally companies with market capitalizations within the range of the Russell 1000<sup>®</sup> Total Return Index) with positive momentum. The Fund is not actively managed to outperform a growth, value or core benchmark. Rather, it seeks to provide systematic exposure to stocks that share the common characteristic of positive momentum.

For the one-year period ended September 30, 2025, the Class N Shares of the Fund returned 19.66%. The Fund's broad-based benchmark, the Russell 1000<sup>®</sup> Total Return Index, returned 17.75%.

#### Top Contributors:

# Top Detractors:
* ![Thin up arrow](idba2bd00ebcebcba496a496e.jpg)For stock selection within sector, gains were primarily driven by stock selection within the Information Technology and Consumer Staples sectors.

* ![Thin up arrow](idba2bd00ebcebcba496a496e.jpg)For sector selection, losses were partially offset by gains from an underweight to the Health Care sector.

* ![Thin down arrow](i611c00bf1fe0938014342941.jpg)For stock selection within sector, gains were partially offset by losses from stock selection within the Consumer Discretionary sector.

* ![Thin down arrow](i611c00bf1fe0938014342941.jpg)For sector selection, losses were primarily driven by an underweight to the Information Technology sector.

**The Fund's past performance is not a good predictor of the Fund's future performance. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.** Call 1-866-290-2688 or visit https://funds.aqr.com for current month-end performance.

# Total Return based on a $10,000 Investment
![Growth of 10K Chart](i05b6b938bd273420999fa4ae.jpg)

---

| | | |
|:---|:---|:---|
| | **Class N** | **Russell 1000<sup>®</sup> Total Return Index** |
| **9/30/2015** | $10000 | $10000 |
| **9/30/2016** | $11089 | $11493 |
| **9/30/2017** | $12871 | $13624 |
| **9/30/2018** | $15910 | $16044 |
| **9/30/2019** | $16091 | $16665 |
| **9/30/2020** | $19180 | $19334 |
| **9/30/2021** | $24603 | $25321 |
| **9/30/2022** | $20427 | $20962 |
| **9/30/2023** | $23168 | $25404 |
| **9/30/2024** | $32254 | $34468 |
| **9/30/2025** | $38597 | $40586 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Year** | **10 Year** |
| Class N | 19.66% | 15.01% | 14.46% |
| Russell 1000<sup>®</sup> Total Return Index | 17.75% | 15.99% | 15.04% |

---

# Key Fund Statistics
* Net Assets$656,166,860

* Total Number of Portfolio Holdings274

* Total Advisory Fees Paid (net of reimbursements)$1,528,397

* Portfolio Turnover Rate (excludes derivatives, if any)91%

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund as of September 30, 2025, excluding derivatives. The Fund's portfolio composition is subject to change.

# Sector Allocation
![Group By Industry Chart](i631a4c51d21bc66349e9b0e5.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Others | 2.3 |
| Energy | 1.8 |
| Utilities | 2.0 |
| Investment Companies | 3.7 |
| Consumer Staples | 4.7 |
| Health Care | 5.6 |
| Consumer Discretionary | 10.1 |
| Communication Services | 12.0 |
| Industrials | 12.8 |
| Financials | 17.5 |
| Information Technology | 27.3 |

---

# Top 10 Holdings

---

| | |
|:---|:---|
| **Security** | **% of Net Assets** |
| NVIDIA Corp. | 6.3 |
| Microsoft Corp. | 4.8 |
| Meta Platforms, Inc., Class A | 4.7 |
| Broadcom, Inc. | 4.0 |
| Limited Purpose Cash Investment Fund | 3.7 |
| Tesla, Inc. | 2.9 |
| JPMorgan Chase & Co. | 2.6 |
| Walmart, Inc. | 2.1 |
| Alphabet, Inc., Class A | 1.7 |
| Netflix, Inc. | 1.7 |

---

# Availability of Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://funds.aqr.com/fund-finder#panel-documents](i49454def390d0f0c59759de9.jpg)

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

• Prospectus&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• Statement of Additional Information&nbsp;&nbsp;&nbsp;&nbsp;

• Portfolio Holdings

AQR Funds are distributed by ALPS Distributors, Inc.

• Financial Statements & Other Information&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• Proxy Voting Report&nbsp;&nbsp;&nbsp;&nbsp;

• Updated Fund Performance&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

# **Householding** 
The Fund will mail only one copy of shareholder documents, annual and semi-annual, to shareholders with multiple accounts at the same address. This practice is commonly called "householding" and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at 1-866-290-2688.

#### AQR Large Cap Momentum Style Fund

#### Class R6: QMORX

#### Annual Shareholder Report - September 30, 2025
![Image](i80305b756ddaf11732952704.jpg)

This annual shareholder report contains important information about the AQR Large Cap Momentum Style Fund for the period of October 1, 2024 to September 30, 2025.You can find additional information about the Fund at https://funds.aqr.com/fund-documents. You can also request this information by contacting us at 1-866-290-2688 or contacting your financial intermediary directly.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R6 | $34 | 0.31% |

---

# How did the Fund perform over the reporting period?
The AQR Large Cap Momentum Style Fund (the "Fund") seeks to invest in stocks of large cap U.S. companies (generally companies with market capitalizations within the range of the Russell 1000<sup>®</sup> Total Return Index) with positive momentum. The Fund is not actively managed to outperform a growth, value or core benchmark. Rather, it seeks to provide systematic exposure to stocks that share the common characteristic of positive momentum.

For the one-year period ended September 30, 2025, the Class R6 Shares of the Fund returned 20.05%. The Fund's broad-based benchmark, the Russell 1000<sup>®</sup> Total Return Index, returned 17.75%.

#### Top Contributors:

# Top Detractors:
* ![Thin up arrow](i110f132f2c48759fb45036f2.jpg)For stock selection within sector, gains were primarily driven by stock selection within the Information Technology and Consumer Staples sectors.

* ![Thin up arrow](i110f132f2c48759fb45036f2.jpg)For sector selection, losses were partially offset by gains from an underweight to the Health Care sector.

* ![Thin down arrow](i87a43bd8775faab8a2e684c1.jpg)For stock selection within sector, gains were partially offset by losses from stock selection within the Consumer Discretionary sector.

* ![Thin down arrow](i87a43bd8775faab8a2e684c1.jpg)For sector selection, losses were primarily driven by an underweight to the Information Technology sector.

**The Fund's past performance is not a good predictor of the Fund's future performance. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.** Call 1-866-290-2688 or visit https://funds.aqr.com for current month-end performance.

# Total Return based on a $50,000,000 Investment
![Growth of 10K Chart](id6227d9632b6df845f036d4b.jpg)

---

| | | |
|:---|:---|:---|
| | **Class R6** | **Russell 1000<sup>®</sup> Total Return Index** |
| **9/30/2015** | $50000000 | $50000000 |
| **9/30/2016** | $55615459 | $57465889 |
| **9/30/2017** | $64774099 | $68119068 |
| **9/30/2018** | $80359618 | $80220385 |
| **9/30/2019** | $81550358 | $83327255 |
| **9/30/2020** | $97586988 | $96670538 |
| **9/30/2021** | $125579329 | $126603262 |
| **9/30/2022** | $104686642 | $104808166 |
| **9/30/2023** | $119073295 | $127020922 |
| **9/30/2024** | $166392407 | $172341746 |
| **9/30/2025** | $199754513 | $202929553 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Year** | **10 Year** |
| Class R6 | 20.05% | 15.40% | 14.86% |
| Russell 1000<sup>®</sup> Total Return Index | 17.75% | 15.99% | 15.04% |

---

# Key Fund Statistics
* Net Assets$656,166,860

* Total Number of Portfolio Holdings274

* Total Advisory Fees Paid (net of reimbursements)$1,528,397

* Portfolio Turnover Rate (excludes derivatives, if any)91%

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund as of September 30, 2025, excluding derivatives. The Fund's portfolio composition is subject to change.

# Sector Allocation
![Group By Industry Chart](iff6f767cb951650b2d9d2fc8.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Others | 2.3 |
| Energy | 1.8 |
| Utilities | 2.0 |
| Investment Companies | 3.7 |
| Consumer Staples | 4.7 |
| Health Care | 5.6 |
| Consumer Discretionary | 10.1 |
| Communication Services | 12.0 |
| Industrials | 12.8 |
| Financials | 17.5 |
| Information Technology | 27.3 |

---

# Top 10 Holdings

---

| | |
|:---|:---|
| **Security** | **% of Net Assets** |
| NVIDIA Corp. | 6.3 |
| Microsoft Corp. | 4.8 |
| Meta Platforms, Inc., Class A | 4.7 |
| Broadcom, Inc. | 4.0 |
| Limited Purpose Cash Investment Fund | 3.7 |
| Tesla, Inc. | 2.9 |
| JPMorgan Chase & Co. | 2.6 |
| Walmart, Inc. | 2.1 |
| Alphabet, Inc., Class A | 1.7 |
| Netflix, Inc. | 1.7 |

---

# Availability of Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://funds.aqr.com/fund-finder#panel-documents](i49454def390d0f0c59759de9.jpg)

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

• Prospectus&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• Statement of Additional Information&nbsp;&nbsp;&nbsp;&nbsp;

• Portfolio Holdings

AQR Funds are distributed by ALPS Distributors, Inc.

• Financial Statements & Other Information&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• Proxy Voting Report&nbsp;&nbsp;&nbsp;&nbsp;

• Updated Fund Performance&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

# **Householding** 
The Fund will mail only one copy of shareholder documents, annual and semi-annual, to shareholders with multiple accounts at the same address. This practice is commonly called "householding" and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at 1-866-290-2688.

#### AQR Small Cap Momentum Style Fund

#### Class I: ASMOX

#### Annual Shareholder Report - September 30, 2025
![Image](i80305b756ddaf11732952704.jpg)

This annual shareholder report contains important information about the AQR Small Cap Momentum Style Fund for the period of October 1, 2024 to September 30, 2025.You can find additional information about the Fund at https://funds.aqr.com/fund-documents. You can also request this information by contacting us at 1-866-290-2688 or contacting your financial intermediary directly.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $67 | 0.62% |

---

# How did the Fund perform over the reporting period?
The AQR Small Cap Momentum Style Fund (the "Fund") seeks to invest in stocks of small-cap U.S. companies with positive momentum. The Fund is not actively managed to outperform a growth, value, or core benchmark. Rather, it seeks to provide systematic exposure to stocks that share the common characteristic of positive momentum.

For the one-year period ended September 30, 2025, the Class I Shares of the Fund returned 17.01%. The Fund's broad-based benchmark, the Russell 3000<sup>®</sup> Total Return Index, and the Fund's secondary benchmark, the Russell 2000<sup>®</sup> Total Return Index, returned 17.41% and 10.76% respectively. Contributors and detractors relative to the secondary benchmark include the following:

#### Top Contributors:

# Top Detractors:
* ![Thin up arrow](if348d4f5349cbd358d0d643d.jpg)For stock selection within sector, gains were primarily driven by stock selection within the Industrials, Information Technology, Materials, and Financials sectors. 

* ![Thin up arrow](if348d4f5349cbd358d0d643d.jpg)For sector selection, losses were partially offset by gains from an underweight to the Real Estate sector.

* ![Thin down arrow](i77cc426c0fd04f6ae410eca6.jpg)For sector selection, losses were primarily driven by overweights to the Health Care and Financials sectors and underweights to the Utilities and Materials sectors.

**The Fund's past performance is not a good predictor of the Fund's future performance. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.** Call 1-866-290-2688 or visit https://funds.aqr.com for current month-end performance.

# Total Return based on a $10,000 Investment
![Growth of 10K Chart](ief65a5cb94e023cefc637f9a.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I** | **Russell 3000<sup>®</sup> Total Return Index** | **Russell 2000<sup>®</sup> Total Return Index** |
| **9/30/2015** | $10000 | $10000 | $10000 |
| **9/30/2016** | $11024 | $11496 | $11547 |
| **9/30/2017** | $13261 | $13647 | $13942 |
| **9/30/2018** | $15928 | $16046 | $16066 |
| **9/30/2019** | $14192 | $16514 | $14638 |
| **9/30/2020** | $15454 | $18992 | $14695 |
| **9/30/2021** | $21829 | $25045 | $21701 |
| **9/30/2022** | $16676 | $20630 | $16602 |
| **9/30/2023** | $18611 | $24852 | $18085 |
| **9/30/2024** | $25293 | $33598 | $22925 |
| **9/30/2025** | $29594 | $39447 | $25391 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Year** | **10 Year** |
| Class I | 17.01% | 13.88% | 11.46% |
| Russell 3000<sup>®</sup> Total Return Index | 17.41% | 15.74% | 14.71% |
| Russell 2000<sup>®</sup> Total Return Index | 10.76% | 11.56% | 9.77% |

---

# Key Fund Statistics
* Net Assets$135,398,695

* Total Number of Portfolio Holdings607

* Total Advisory Fees Paid (net of reimbursements)$420,655

* Portfolio Turnover Rate (excludes derivatives, if any)92%

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund as of September 30, 2025, excluding derivatives. The Fund's portfolio composition is subject to change.

# Sector Allocation
![Group By Industry Chart](i3b090571d6ecbef40060da76.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Others | 3.0 |
| Real Estate | 2.6 |
| Communication Services | 2.8 |
| Energy | 3.5 |
| Materials | 3.7 |
| Investment Companies | 4.6 |
| Consumer Discretionary | 8.8 |
| Health Care | 14.2 |
| Financials | 15.7 |
| Information Technology | 19.2 |
| Industrials | 21.5 |

---

# Top 10 Holdings

---

| | |
|:---|:---|
| **Security** | **% of Net Assets** |
| Limited Purpose Cash Investment Fund | 4.6 |
| Credo Technology Group Holding Ltd. | 1.4 |
| Kratos Defense & Security Solutions, Inc. | 1.2 |
| Bloom Energy Corp., Class A | 1.2 |
| Sterling Infrastructure, Inc. | 1 |
| IonQ, Inc. | 1 |
| Oklo, Inc. | 0.8 |
| Coeur Mining, Inc. | 0.8 |
| InterDigital, Inc. | 0.8 |
| EchoStar Corp., Class A | 0.7 |

---

# Availability of Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://funds.aqr.com/fund-finder#panel-documents](i49454def390d0f0c59759de9.jpg)

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

• Prospectus&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• Statement of Additional Information&nbsp;&nbsp;&nbsp;&nbsp;

• Portfolio Holdings

AQR Funds are distributed by ALPS Distributors, Inc.

• Financial Statements & Other Information&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• Proxy Voting Report&nbsp;&nbsp;&nbsp;&nbsp;

• Updated Fund Performance&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

# **Householding** 
The Fund will mail only one copy of shareholder documents, annual and semi-annual, to shareholders with multiple accounts at the same address. This practice is commonly called "householding" and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at 1-866-290-2688.

#### AQR Small Cap Momentum Style Fund

#### Class N: ASMNX

#### Annual Shareholder Report - September 30, 2025
![Image](i80305b756ddaf11732952704.jpg)

This annual shareholder report contains important information about the AQR Small Cap Momentum Style Fund for the period of October 1, 2024 to September 30, 2025.You can find additional information about the Fund at https://funds.aqr.com/fund-documents. You can also request this information by contacting us at 1-866-290-2688 or contacting your financial intermediary directly.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class N | $94 | 0.87% |

---

# How did the Fund perform over the reporting period?
The AQR Small Cap Momentum Style Fund (the "Fund") seeks to invest in stocks of small-cap U.S. companies with positive momentum. The Fund is not actively managed to outperform a growth, value, or core benchmark. Rather, it seeks to provide systematic exposure to stocks that share the common characteristic of positive momentum.

For the one-year period ended September 30, 2025, the Class N Shares of the Fund returned 16.75%. The Fund's broad-based benchmark, the Russell 3000<sup>®</sup> Total Return Index, and the Fund's secondary benchmark, the Russell 2000<sup>®</sup> Total Return Index, returned 17.41% and 10.76% respectively. Contributors and detractors relative to the secondary benchmark include the following:

#### Top Contributors:

# Top Detractors:
* ![Thin up arrow](icfa9d5bb5956273877751078.jpg)For stock selection within sector, gains were primarily driven by stock selection within the Industrials, Information Technology, Materials, and Financials sectors. 

* ![Thin up arrow](icfa9d5bb5956273877751078.jpg)For sector selection, losses were partially offset by gains from an underweight to the Real Estate sector.

* ![Thin down arrow](ia82f7dae9c10a3afdc03c0e7.jpg)For sector selection, losses were primarily driven by overweights to the Health Care and Financials sectors and underweights to the Utilities and Materials sectors.

**The Fund's past performance is not a good predictor of the Fund's future performance. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.** Call 1-866-290-2688 or visit https://funds.aqr.com for current month-end performance.

# Total Return based on a $10,000 Investment
![Growth of 10K Chart](i6473137078a3e464b671c92f.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class N** | **Russell 3000<sup>®</sup> Total Return Index** | **Russell 2000<sup>®</sup> Total Return Index** |
| **9/30/2015** | $10000 | $10000 | $10000 |
| **9/30/2016** | $10996 | $11496 | $11547 |
| **9/30/2017** | $13197 | $13647 | $13942 |
| **9/30/2018** | $15816 | $16046 | $16066 |
| **9/30/2019** | $14061 | $16514 | $14638 |
| **9/30/2020** | $15269 | $18992 | $14695 |
| **9/30/2021** | $21526 | $25045 | $21701 |
| **9/30/2022** | $16397 | $20630 | $16602 |
| **9/30/2023** | $18257 | $24852 | $18085 |
| **9/30/2024** | $24743 | $33598 | $22925 |
| **9/30/2025** | $28888 | $39447 | $25391 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Year** | **10 Year** |
| Class N | 16.75% | 13.60% | 11.19% |
| Russell 3000<sup>®</sup> Total Return Index | 17.41% | 15.74% | 14.71% |
| Russell 2000<sup>®</sup> Total Return Index | 10.76% | 11.56% | 9.77% |

---

# Key Fund Statistics
* Net Assets$135,398,695

* Total Number of Portfolio Holdings607

* Total Advisory Fees Paid (net of reimbursements)$420,655

* Portfolio Turnover Rate (excludes derivatives, if any)92%

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund as of September 30, 2025, excluding derivatives. The Fund's portfolio composition is subject to change.

# Sector Allocation
![Group By Industry Chart](i6f302e3cb570b6e60fed4976.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Others | 3.0 |
| Real Estate | 2.6 |
| Communication Services | 2.8 |
| Energy | 3.5 |
| Materials | 3.7 |
| Investment Companies | 4.6 |
| Consumer Discretionary | 8.8 |
| Health Care | 14.2 |
| Financials | 15.7 |
| Information Technology | 19.2 |
| Industrials | 21.5 |

---

# Top 10 Holdings

---

| | |
|:---|:---|
| **Security** | **% of Net Assets** |
| Limited Purpose Cash Investment Fund | 4.6 |
| Credo Technology Group Holding Ltd. | 1.4 |
| Kratos Defense & Security Solutions, Inc. | 1.2 |
| Bloom Energy Corp., Class A | 1.2 |
| Sterling Infrastructure, Inc. | 1 |
| IonQ, Inc. | 1 |
| Oklo, Inc. | 0.8 |
| Coeur Mining, Inc. | 0.8 |
| InterDigital, Inc. | 0.8 |
| EchoStar Corp., Class A | 0.7 |

---

# Availability of Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://funds.aqr.com/fund-finder#panel-documents](i49454def390d0f0c59759de9.jpg)

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

• Prospectus&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• Statement of Additional Information&nbsp;&nbsp;&nbsp;&nbsp;

• Portfolio Holdings

AQR Funds are distributed by ALPS Distributors, Inc.

• Financial Statements & Other Information&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• Proxy Voting Report&nbsp;&nbsp;&nbsp;&nbsp;

• Updated Fund Performance&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

# **Householding** 
The Fund will mail only one copy of shareholder documents, annual and semi-annual, to shareholders with multiple accounts at the same address. This practice is commonly called "householding" and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at 1-866-290-2688.

#### AQR Small Cap Momentum Style Fund

#### Class R6: QSMRX

#### Annual Shareholder Report - September 30, 2025
![Image](i80305b756ddaf11732952704.jpg)

This annual shareholder report contains important information about the AQR Small Cap Momentum Style Fund for the period of October 1, 2024 to September 30, 2025.You can find additional information about the Fund at https://funds.aqr.com/fund-documents. You can also request this information by contacting us at 1-866-290-2688 or contacting your financial intermediary directly.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R6 | $57 | 0.52% |

---

# How did the Fund perform over the reporting period?
The AQR Small Cap Momentum Style Fund (the "Fund") seeks to invest in stocks of small-cap U.S. companies with positive momentum. The Fund is not actively managed to outperform a growth, value, or core benchmark. Rather, it seeks to provide systematic exposure to stocks that share the common characteristic of positive momentum.

For the one-year period ended September 30, 2025, the Class R6 Shares of the Fund returned 17.13%. The Fund's broad-based benchmark, the Russell 3000<sup>®</sup> Total Return Index, and the Fund's secondary benchmark, the Russell 2000<sup>®</sup> Total Return Index, returned 17.41% and 10.76% respectively. Contributors and detractors relative to the secondary benchmark include the following:

#### Top Contributors:

# Top Detractors:
* ![Thin up arrow](i8e7f871311d0a8b8b9b511a6.jpg)For stock selection within sector, gains were primarily driven by stock selection within the Industrials, Information Technology, Materials, and Financials sectors. 

* ![Thin up arrow](i8e7f871311d0a8b8b9b511a6.jpg)For sector selection, losses were partially offset by gains from an underweight to the Real Estate sector.

* ![Thin down arrow](ib76842dff6dea1a79fbc72d8.jpg)For sector selection, losses were primarily driven by overweights to the Health Care and Financials sectors and underweights to the Utilities and Materials sectors.

**The Fund's past performance is not a good predictor of the Fund's future performance. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.** Call 1-866-290-2688 or visit https://funds.aqr.com for current month-end performance.

# Total Return based on a $50,000,000 Investment
![Growth of 10K Chart](i1e539548b5e507b0428bf6ba.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R6** | **Russell 3000<sup>®</sup> Total Return Index** | **Russell 2000<sup>®</sup> Total Return Index** |
| **9/30/2015** | $50000000 | $50000000 | $50000000 |
| **9/30/2016** | $55151502 | $57482040 | $57733871 |
| **9/30/2017** | $66396302 | $68234938 | $69708793 |
| **9/30/2018** | $79850101 | $80230546 | $80331116 |
| **9/30/2019** | $71228388 | $82571396 | $73190342 |
| **9/30/2020** | $77629788 | $94958212 | $73475966 |
| **9/30/2021** | $109780127 | $125226545 | $108507410 |
| **9/30/2022** | $83912264 | $103152429 | $83010584 |
| **9/30/2023** | $93741735 | $124258660 | $90423461 |
| **9/30/2024** | $127534696 | $167989722 | $114622521 |
| **9/30/2025** | $149383286 | $197235134 | $126953253 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Year** | **10 Year** |
| Class R6 | 17.13% | 13.99% | 11.57% |
| Russell 3000<sup>®</sup> Total Return Index | 17.41% | 15.74% | 14.71% |
| Russell 2000<sup>®</sup> Total Return Index | 10.76% | 11.56% | 9.77% |

---

# Key Fund Statistics
* Net Assets$135,398,695

* Total Number of Portfolio Holdings607

* Total Advisory Fees Paid (net of reimbursements)$420,655

* Portfolio Turnover Rate (excludes derivatives, if any)92%

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund as of September 30, 2025, excluding derivatives. The Fund's portfolio composition is subject to change.

# Sector Allocation
![Group By Industry Chart](ie94a6ef321d46d8997c8d8a5.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Others | 3.0 |
| Real Estate | 2.6 |
| Communication Services | 2.8 |
| Energy | 3.5 |
| Materials | 3.7 |
| Investment Companies | 4.6 |
| Consumer Discretionary | 8.8 |
| Health Care | 14.2 |
| Financials | 15.7 |
| Information Technology | 19.2 |
| Industrials | 21.5 |

---

# Top 10 Holdings

---

| | |
|:---|:---|
| **Security** | **% of Net Assets** |
| Limited Purpose Cash Investment Fund | 4.6 |
| Credo Technology Group Holding Ltd. | 1.4 |
| Kratos Defense & Security Solutions, Inc. | 1.2 |
| Bloom Energy Corp., Class A | 1.2 |
| Sterling Infrastructure, Inc. | 1 |
| IonQ, Inc. | 1 |
| Oklo, Inc. | 0.8 |
| Coeur Mining, Inc. | 0.8 |
| InterDigital, Inc. | 0.8 |
| EchoStar Corp., Class A | 0.7 |

---

# Availability of Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://funds.aqr.com/fund-finder#panel-documents](i49454def390d0f0c59759de9.jpg)

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

• Prospectus&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• Statement of Additional Information&nbsp;&nbsp;&nbsp;&nbsp;

• Portfolio Holdings

AQR Funds are distributed by ALPS Distributors, Inc.

• Financial Statements & Other Information&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• Proxy Voting Report&nbsp;&nbsp;&nbsp;&nbsp;

• Updated Fund Performance&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

# **Householding** 
The Fund will mail only one copy of shareholder documents, annual and semi-annual, to shareholders with multiple accounts at the same address. This practice is commonly called "householding" and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at 1-866-290-2688.

#### AQR International Momentum Style Fund

#### Class I: AIMOX

#### Annual Shareholder Report - September 30, 2025
![Image](ie09e18764068a60d829a7ea3.jpg)

This annual shareholder report contains important information about the AQR International Momentum Style Fund for the period of October 1, 2024 to September 30, 2025.You can find additional information about the Fund at https://funds.aqr.com/fund-documents. You can also request this information by contacting us at 1-866-290-2688 or contacting your financial intermediary directly.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $89 | 0.80% |

---

# How did the Fund perform over the reporting period?
The AQR International Momentum Style Fund (the "Fund") seeks to invest in stocks of non-U.S. companies with positive momentum. The Fund is not actively managed to outperform a growth, value, or core benchmark. Rather, it seeks to provide systematic exposure to stocks that share the common characteristic of positive momentum.

For the one-year period ended September 30, 2025, the Class I Shares of the Fund returned 21.98%. The Fund's broad-based benchmark, the MSCI Daily TR Net World Ex USA Index, returned 16.03%.

#### Top Contributors:

# Top Detractors:
* ![Thin up arrow](i94c993157e0da85c649074f6.jpg)For sector selection, gains were primarily driven by an underweight to the Health Care sector and an overweight to the Financials sector.

* ![Thin up arrow](i94c993157e0da85c649074f6.jpg)For stock selection within sector, gains were primarily driven by stock selection within the Industrials and Materials sectors.

* ![Thin down arrow](ib3c0628586fc5d955173e5bd.jpg)For stock selection within sector, gains were partially offset by losses from stock selection within the Financials sector.

**The Fund's past performance is not a good predictor of the Fund's future performance. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.** Call 1-866-290-2688 or visit https://funds.aqr.com for current month-end performance.

# Total Return based on a $10,000 Investment
![Growth of 10K Chart](id8674ca584937c827ac4c9eb.jpg)

---

| | | |
|:---|:---|:---|
| | **Class I** | **MSCI Daily TR Net World Ex USA Index** |
| **9/30/2015** | $10000 | $10000 |
| **9/30/2016** | $10640 | $10716 |
| **9/30/2017** | $12200 | $12723 |
| **9/30/2018** | $12726 | $13063 |
| **9/30/2019** | $12311 | $12939 |
| **9/30/2020** | $13617 | $12960 |
| **9/30/2021** | $16259 | $16394 |
| **9/30/2022** | $11864 | $12474 |
| **9/30/2023** | $14371 | $15468 |
| **9/30/2024** | $18657 | $19332 |
| **9/30/2025** | $22756 | $22432 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Year** | **10 Year** |
| Class I | 21.98% | 10.82% | 8.57% |
| MSCI Daily TR Net World Ex USA Index | 16.03% | 11.60% | 8.41% |

---

# Key Fund Statistics
* Net Assets$212,295,171

* Total Number of Portfolio Holdings267

* Total Advisory Fees Paid (net of reimbursements)$572,195

* Portfolio Turnover Rate (excludes derivatives, if any)86%

**Graphical Representation of Holdings**

The tables below show the investment makeup of the Fund as of September 30, 2025, excluding derivatives. The Fund's portfolio composition is subject to change.

# Sector Allocation
![Group By Industry Chart](id7c4bbcc01dc9f56a1f33753.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Others | 2.5 |
| Energy | 2.9 |
| Utilities | 3.2 |
| Consumer Staples | 3.7 |
| Materials | 4.7 |
| Investment Companies | 5.1 |
| Communication Services | 6.2 |
| Consumer Discretionary | 6.4 |
| Information Technology | 7.9 |
| Industrials | 20.0 |
| Financials | 37.0 |

---

# Geographic Allocation

---

| | |
|:---|:---|
| **Country** | **% of Net Assets** |
| Canada | 17.8 |
| Japan | 15.4 |
| Germany | 11.8 |
| United States | 8.8 |
| United Kingdom | 8.7 |
| France | 7.6 |
| Italy | 5.7 |
| Spain | 3.9 |
| Australia | 3.2 |
| Netherlands | 3.0 |
| Others | 13.7 |

---

#### Top 10 Holdings

---

| | |
|:---|:---|
| **Security** | **% of Net Assets** |
| Limited Purpose Cash Investment Fund | 5.1 |
| Shell plc | 2.3 |
| SAP SE | 1.8 |
| Shopify, Inc., Class A | 1.7 |
| UniCredit SpA | 1.7 |
| Royal Bank of Canada | 1.6 |
| Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered) | 1.6 |
| HSBC Holdings plc | 1.5 |
| Rolls-Royce Holdings plc | 1.5 |
| Sony Group Corp. | 1.4 |

---

# Availability of Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://funds.aqr.com/fund-finder#panel-documents](i49454def390d0f0c59759de9.jpg)

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

• Prospectus&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• Statement of Additional Information&nbsp;&nbsp;&nbsp;&nbsp;

• Portfolio Holdings

AQR Funds are distributed by ALPS Distributors, Inc.

• Financial Statements & Other Information&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• Proxy Voting Report&nbsp;&nbsp;&nbsp;&nbsp;

• Updated Fund Performance&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

# **Householding** 
The Fund will mail only one copy of shareholder documents, annual and semi-annual, to shareholders with multiple accounts at the same address. This practice is commonly called "householding" and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at 1-866-290-2688.

#### AQR International Momentum Style Fund

#### Class N: AIONX

#### Annual Shareholder Report - September 30, 2025
![Image](ie09e18764068a60d829a7ea3.jpg)

This annual shareholder report contains important information about the AQR International Momentum Style Fund for the period of October 1, 2024 to September 30, 2025.You can find additional information about the Fund at https://funds.aqr.com/fund-documents. You can also request this information by contacting us at 1-866-290-2688 or contacting your financial intermediary directly.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class N | $120 | 1.07% |

---

# How did the Fund perform over the reporting period?
The AQR International Momentum Style Fund (the "Fund") seeks to invest in stocks of non-U.S. companies with positive momentum. The Fund is not actively managed to outperform a growth, value, or core benchmark. Rather, it seeks to provide systematic exposure to stocks that share the common characteristic of positive momentum.

For the one-year period ended September 30, 2025, the Class N Shares of the Fund returned 21.67%. The Fund's broad-based benchmark, the MSCI Daily TR Net World Ex USA Index, returned 16.03%.

#### Top Contributors:

# Top Detractors:
* ![Thin up arrow](i48fb38afee2823550e1403d2.jpg)For sector selection, gains were primarily driven by an underweight to the Health Care sector and an overweight to the Financials sector.

* ![Thin up arrow](i48fb38afee2823550e1403d2.jpg)For stock selection within sector, gains were primarily driven by stock selection within the Industrials and Materials sectors.

* ![Thin down arrow](id02f79dcf59a967cabe702b2.jpg)For stock selection within sector, gains were partially offset by losses from stock selection within the Financials sector.

**The Fund's past performance is not a good predictor of the Fund's future performance. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.** Call 1-866-290-2688 or visit https://funds.aqr.com for current month-end performance.

# Total Return based on a $10,000 Investment
![Growth of 10K Chart](i349ad29bda47207e24456654.jpg)

---

| | | |
|:---|:---|:---|
| | **Class N** | **MSCI Daily TR Net World Ex USA Index** |
| **9/30/2015** | $10000 | $10000 |
| **9/30/2016** | $10616 | $10716 |
| **9/30/2017** | $12142 | $12723 |
| **9/30/2018** | $12630 | $13063 |
| **9/30/2019** | $12187 | $12939 |
| **9/30/2020** | $13446 | $12960 |
| **9/30/2021** | $16026 | $16394 |
| **9/30/2022** | $11662 | $12474 |
| **9/30/2023** | $14090 | $15468 |
| **9/30/2024** | $18254 | $19332 |
| **9/30/2025** | $22209 | $22432 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Year** | **10 Year** |
| Class N | 21.67% | 10.56% | 8.31% |
| MSCI Daily TR Net World Ex USA Index | 16.03% | 11.60% | 8.41% |

---

# Key Fund Statistics
* Net Assets$212,295,171

* Total Number of Portfolio Holdings267

* Total Advisory Fees Paid (net of reimbursements)$572,195

* Portfolio Turnover Rate (excludes derivatives, if any)86%

**Graphical Representation of Holdings**

The tables below show the investment makeup of the Fund as of September 30, 2025, excluding derivatives. The Fund's portfolio composition is subject to change.

# Sector Allocation
![Group By Industry Chart](ic7295255dc3c1b4d9cf0686f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Others | 2.5 |
| Energy | 2.9 |
| Utilities | 3.2 |
| Consumer Staples | 3.7 |
| Materials | 4.7 |
| Investment Companies | 5.1 |
| Communication Services | 6.2 |
| Consumer Discretionary | 6.4 |
| Information Technology | 7.9 |
| Industrials | 20.0 |
| Financials | 37.0 |

---

# Geographic Allocation

---

| | |
|:---|:---|
| **Country** | **% of Net Assets** |
| Canada | 17.8 |
| Japan | 15.4 |
| Germany | 11.8 |
| United States | 8.8 |
| United Kingdom | 8.7 |
| France | 7.6 |
| Italy | 5.7 |
| Spain | 3.9 |
| Australia | 3.2 |
| Netherlands | 3.0 |
| Others | 13.7 |

---

#### Top 10 Holdings

---

| | |
|:---|:---|
| **Security** | **% of Net Assets** |
| Limited Purpose Cash Investment Fund | 5.1 |
| Shell plc | 2.3 |
| SAP SE | 1.8 |
| Shopify, Inc., Class A | 1.7 |
| UniCredit SpA | 1.7 |
| Royal Bank of Canada | 1.6 |
| Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered) | 1.6 |
| HSBC Holdings plc | 1.5 |
| Rolls-Royce Holdings plc | 1.5 |
| Sony Group Corp. | 1.4 |

---

# Availability of Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://funds.aqr.com/fund-finder#panel-documents](i49454def390d0f0c59759de9.jpg)

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

• Prospectus&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• Statement of Additional Information&nbsp;&nbsp;&nbsp;&nbsp;

• Portfolio Holdings

AQR Funds are distributed by ALPS Distributors, Inc.

• Financial Statements & Other Information&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• Proxy Voting Report&nbsp;&nbsp;&nbsp;&nbsp;

• Updated Fund Performance&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

# **Householding** 
The Fund will mail only one copy of shareholder documents, annual and semi-annual, to shareholders with multiple accounts at the same address. This practice is commonly called "householding" and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at 1-866-290-2688.

#### AQR International Momentum Style Fund

#### Class R6: QIORX

#### Annual Shareholder Report - September 30, 2025
![Image](ie09e18764068a60d829a7ea3.jpg)

This annual shareholder report contains important information about the AQR International Momentum Style Fund for the period of October 1, 2024 to September 30, 2025.You can find additional information about the Fund at https://funds.aqr.com/fund-documents. You can also request this information by contacting us at 1-866-290-2688 or contacting your financial intermediary directly.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R6 | $79 | 0.70% |

---

# How did the Fund perform over the reporting period?
The AQR International Momentum Style Fund (the "Fund") seeks to invest in stocks of non-U.S. companies with positive momentum. The Fund is not actively managed to outperform a growth, value, or core benchmark. Rather, it seeks to provide systematic exposure to stocks that share the common characteristic of positive momentum.

For the one-year period ended September 30, 2025, the Class R6 Shares of the Fund returned 22.12%. The Fund's broad-based benchmark, the MSCI Daily TR Net World Ex USA Index, returned 16.03%.

#### Top Contributors:

# Top Detractors:
* ![Thin up arrow](i4318d2cbe95761ca4bf93570.jpg)For sector selection, gains were primarily driven by an underweight to the Health Care sector and an overweight to the Financials sector.

* ![Thin up arrow](i4318d2cbe95761ca4bf93570.jpg)For stock selection within sector, gains were primarily driven by stock selection within the Industrials and Materials sectors.

* ![Thin down arrow](ib90816ede3beb2cf2115b10c.jpg)For stock selection within sector, gains were partially offset by losses from stock selection within the Financials sector.

**The Fund's past performance is not a good predictor of the Fund's future performance. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.** Call 1-866-290-2688 or visit https://funds.aqr.com for current month-end performance.

# Total Return based on a $50,000,000 Investment
![Growth of 10K Chart](i9940488d875a45da57539d0e.jpg)

---

| | | |
|:---|:---|:---|
| | **Class R6** | **MSCI Daily TR Net World Ex USA Index** |
| **9/30/2015** | $50000000 | $50000000 |
| **9/30/2016** | $53265192 | $53580300 |
| **9/30/2017** | $61150888 | $63616739 |
| **9/30/2018** | $63807354 | $65314624 |
| **9/30/2019** | $61798616 | $64695092 |
| **9/30/2020** | $68400831 | $64800709 |
| **9/30/2021** | $81776050 | $81971444 |
| **9/30/2022** | $59740900 | $62371244 |
| **9/30/2023** | $72412690 | $77339236 |
| **9/30/2024** | $94124893 | $96660367 |
| **9/30/2025** | $114942692 | $112158478 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Year** | **10 Year** |
| Class R6 | 22.12% | 10.94% | 8.68% |
| MSCI Daily TR Net World Ex USA Index | 16.03% | 11.60% | 8.41% |

---

# Key Fund Statistics
* Net Assets$212,295,171

* Total Number of Portfolio Holdings267

* Total Advisory Fees Paid (net of reimbursements)$572,195

* Portfolio Turnover Rate (excludes derivatives, if any)86%

**Graphical Representation of Holdings**

The tables below show the investment makeup of the Fund as of September 30, 2025, excluding derivatives. The Fund's portfolio composition is subject to change.

# Sector Allocation
![Group By Industry Chart](ic68ba796f19f79b347509c1f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Others | 2.5 |
| Energy | 2.9 |
| Utilities | 3.2 |
| Consumer Staples | 3.7 |
| Materials | 4.7 |
| Investment Companies | 5.1 |
| Communication Services | 6.2 |
| Consumer Discretionary | 6.4 |
| Information Technology | 7.9 |
| Industrials | 20.0 |
| Financials | 37.0 |

---

# Geographic Allocation

---

| | |
|:---|:---|
| **Country** | **% of Net Assets** |
| Canada | 17.8 |
| Japan | 15.4 |
| Germany | 11.8 |
| United States | 8.8 |
| United Kingdom | 8.7 |
| France | 7.6 |
| Italy | 5.7 |
| Spain | 3.9 |
| Australia | 3.2 |
| Netherlands | 3.0 |
| Others | 13.7 |

---

#### Top 10 Holdings

---

| | |
|:---|:---|
| **Security** | **% of Net Assets** |
| Limited Purpose Cash Investment Fund | 5.1 |
| Shell plc | 2.3 |
| SAP SE | 1.8 |
| Shopify, Inc., Class A | 1.7 |
| UniCredit SpA | 1.7 |
| Royal Bank of Canada | 1.6 |
| Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered) | 1.6 |
| HSBC Holdings plc | 1.5 |
| Rolls-Royce Holdings plc | 1.5 |
| Sony Group Corp. | 1.4 |

---

# Availability of Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://funds.aqr.com/fund-finder#panel-documents](i49454def390d0f0c59759de9.jpg)

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

• Prospectus&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• Statement of Additional Information&nbsp;&nbsp;&nbsp;&nbsp;

• Portfolio Holdings

AQR Funds are distributed by ALPS Distributors, Inc.

• Financial Statements & Other Information&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• Proxy Voting Report&nbsp;&nbsp;&nbsp;&nbsp;

• Updated Fund Performance&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

# **Householding** 
The Fund will mail only one copy of shareholder documents, annual and semi-annual, to shareholders with multiple accounts at the same address. This practice is commonly called "householding" and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at 1-866-290-2688.

#### AQR Large Cap Defensive Style Fund

#### Class I: AUEIX

#### Annual Shareholder Report - September 30, 2025
![Image](i80305b756ddaf11732952704.jpg)

This annual shareholder report contains important information about the AQR Large Cap Defensive Style Fund for the period of October 1, 2024 to September 30, 2025.You can find additional information about the Fund at https://funds.aqr.com/fund-documents. You can also request this information by contacting us at 1-866-290-2688 or contacting your financial intermediary directly.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $39 | 0.37% |

---

# How did the Fund perform over the reporting period?
The AQR Large Cap Defensive Style Fund (the "Fund") pursues a defensive strategy in the U.S. market, meaning it seeks to participate in rising equity markets while mitigating downside risk in declining markets. In seeking this objective, the Fund invests in a broadly diversified set of large cap companies (generally companies with market capitalizations within the range of the Russell 1000<sup>®</sup> Total Return Index) that AQR Capital Management, LLC ("AQR") believes exhibit measures of low risk and high quality (e.g. stable companies in good business health). The Fund also favors lower beta stocks, which tend to be less sensitive to fluctuations in the overall economy and the stock market. AQR expects lower beta stocks to produce higher risk-adjusted returns than higher beta stocks over the long term.

For the one-year period ended September 30, 2025, the Class I Shares of the Fund returned 6.77%. The Fund's broad-based benchmark, the Russell 1000<sup>®</sup> Total Return Index, returned 17.75%.

#### Top Contributors:

# Top Detractors:
* ![Thin up arrow](id55f1bae97bd6ff3a859394d.jpg)For stock selection within sector, losses were partially offset by gains from stock selection within the Health Care sector.

* ![Thin down arrow](i04a8ad2ee6ba8ce83e938703.jpg)For sector selection, losses were primarily driven by overweights to the Consumer Staples and Health Care sectors and an underweight to the Information Technology sector.

* ![Thin down arrow](i04a8ad2ee6ba8ce83e938703.jpg)For stock selection within sector, losses were primarily driven by stock selection within the Information Technology, Industrials, and Financials sectors.

**The Fund's past performance is not a good predictor of the Fund's future performance. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.** Call 1-866-290-2688 or visit https://funds.aqr.com for current month-end performance.

# Total Return based on a $10,000 Investment
![Growth of 10K Chart](i46aec11f4fb9a2376a6531bc.jpg)

---

| | | |
|:---|:---|:---|
| | **Class I** | **Russell 1000<sup>®</sup> Total Return Index** |
| **9/30/2015** | $10000 | $10000 |
| **9/30/2016** | $11400 | $11493 |
| **9/30/2017** | $13489 | $13624 |
| **9/30/2018** | $16041 | $16044 |
| **9/30/2019** | $17579 | $16665 |
| **9/30/2020** | $19373 | $19334 |
| **9/30/2021** | $23350 | $25321 |
| **9/30/2022** | $20221 | $20962 |
| **9/30/2023** | $22710 | $25404 |
| **9/30/2024** | $28472 | $34468 |
| **9/30/2025** | $30400 | $40586 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Year** | **10 Year** |
| Class I | 6.77% | 9.43% | 11.76% |
| Russell 1000<sup>®</sup> Total Return Index | 17.75% | 15.99% | 15.04% |

---

# Key Fund Statistics
* Net Assets$2,040,291,359

* Total Number of Portfolio Holdings166

* Total Advisory Fees Paid (net of reimbursements)$5,443,275

* Portfolio Turnover Rate (excludes derivatives, if any)24%

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund as of September 30, 2025, excluding derivatives. The Fund's portfolio composition is subject to change.

# Sector Allocation
![Group By Industry Chart](ia24cee69729d81ad30faa8cc.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Others | 0.5 |
| Utilities | 1.4 |
| Investment Companies | 4.3 |
| Energy | 5.2 |
| Consumer Discretionary | 8.5 |
| Communication Services | 9.7 |
| Financials | 12.8 |
| Health Care | 13.1 |
| Information Technology | 13.5 |
| Industrials | 14.6 |
| Consumer Staples | 16.1 |

---

# Top 10 Holdings

---

| | |
|:---|:---|
| **Security** | **% of Net Assets** |
| Limited Purpose Cash Investment Fund | 4.3 |
| McKesson Corp. | 1.5 |
| Northrop Grumman Corp. | 1.5 |
| Apple, Inc. | 1.5 |
| Johnson & Johnson | 1.5 |
| Cboe Global Markets, Inc. | 1.5 |
| Microsoft Corp. | 1.5 |
| Veeva Systems, Inc., Class A | 1.5 |
| Cencora, Inc. | 1.5 |
| Walmart, Inc. | 1.4 |

---

# Availability of Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://funds.aqr.com/fund-finder#panel-documents](i49454def390d0f0c59759de9.jpg)

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

• Prospectus&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• Statement of Additional Information&nbsp;&nbsp;&nbsp;&nbsp;

• Portfolio Holdings

AQR Funds are distributed by ALPS Distributors, Inc.

• Financial Statements & Other Information&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• Proxy Voting Report&nbsp;&nbsp;&nbsp;&nbsp;

• Updated Fund Performance&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

# **Householding** 
The Fund will mail only one copy of shareholder documents, annual and semi-annual, to shareholders with multiple accounts at the same address. This practice is commonly called "householding" and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at 1-866-290-2688.

#### AQR Large Cap Defensive Style Fund

#### Class N: AUENX

#### Annual Shareholder Report - September 30, 2025
![Image](i80305b756ddaf11732952704.jpg)

This annual shareholder report contains important information about the AQR Large Cap Defensive Style Fund for the period of October 1, 2024 to September 30, 2025.You can find additional information about the Fund at https://funds.aqr.com/fund-documents. You can also request this information by contacting us at 1-866-290-2688 or contacting your financial intermediary directly.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class N | $68 | 0.66% |

---

# How did the Fund perform over the reporting period?
The AQR Large Cap Defensive Style Fund (the "Fund") pursues a defensive strategy in the U.S. market, meaning it seeks to participate in rising equity markets while mitigating downside risk in declining markets. In seeking this objective, the Fund invests in a broadly diversified set of large cap companies (generally companies with market capitalizations within the range of the Russell 1000<sup>®</sup> Total Return Index) that AQR Capital Management, LLC ("AQR") believes exhibit measures of low risk and high quality (e.g. stable companies in good business health). The Fund also favors lower beta stocks, which tend to be less sensitive to fluctuations in the overall economy and the stock market. AQR expects lower beta stocks to produce higher risk-adjusted returns than higher beta stocks over the long term.

For the one-year period ended September 30, 2025, the Class N Shares of the Fund returned 6.48%. The Fund's broad-based benchmark, the Russell 1000<sup>®</sup> Total Return Index, returned 17.75%.

#### Top Contributors:

# Top Detractors:
* ![Thin up arrow](ia62a685fc6f4dfcc6ae10e5b.jpg)For stock selection within sector, losses were partially offset by gains from stock selection within the Health Care sector.

* ![Thin down arrow](i4d8a262894d508111862fd75.jpg)For sector selection, losses were primarily driven by overweights to the Consumer Staples and Health Care sectors and an underweight to the Information Technology sector.

* ![Thin down arrow](i4d8a262894d508111862fd75.jpg)For stock selection within sector, losses were primarily driven by stock selection within the Information Technology, Industrials, and Financials sectors.

**The Fund's past performance is not a good predictor of the Fund's future performance. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.** Call 1-866-290-2688 or visit https://funds.aqr.com for current month-end performance.

# Total Return based on a $10,000 Investment
![Growth of 10K Chart](i672d929974494af8976a8933.jpg)

---

| | | |
|:---|:---|:---|
| | **Class N** | **Russell 1000<sup>®</sup> Total Return Index** |
| **9/30/2015** | $10000 | $10000 |
| **9/30/2016** | $11378 | $11493 |
| **9/30/2017** | $13425 | $13624 |
| **9/30/2018** | $15920 | $16044 |
| **9/30/2019** | $17401 | $16665 |
| **9/30/2020** | $19131 | $19334 |
| **9/30/2021** | $22990 | $25321 |
| **9/30/2022** | $19850 | $20962 |
| **9/30/2023** | $22235 | $25404 |
| **9/30/2024** | $27800 | $34468 |
| **9/30/2025** | $29601 | $40586 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Year** | **10 Year** |
| Class N | 6.48% | 9.12% | 11.46% |
| Russell 1000<sup>®</sup> Total Return Index | 17.75% | 15.99% | 15.04% |

---

# Key Fund Statistics
* Net Assets$2,040,291,359

* Total Number of Portfolio Holdings166

* Total Advisory Fees Paid (net of reimbursements)$5,443,275

* Portfolio Turnover Rate (excludes derivatives, if any)24%

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund as of September 30, 2025, excluding derivatives. The Fund's portfolio composition is subject to change.

# Sector Allocation
![Group By Industry Chart](ic1a548b97fbeb3ab150e5337.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Others | 0.5 |
| Utilities | 1.4 |
| Investment Companies | 4.3 |
| Energy | 5.2 |
| Consumer Discretionary | 8.5 |
| Communication Services | 9.7 |
| Financials | 12.8 |
| Health Care | 13.1 |
| Information Technology | 13.5 |
| Industrials | 14.6 |
| Consumer Staples | 16.1 |

---

# Top 10 Holdings

---

| | |
|:---|:---|
| **Security** | **% of Net Assets** |
| Limited Purpose Cash Investment Fund | 4.3 |
| McKesson Corp. | 1.5 |
| Northrop Grumman Corp. | 1.5 |
| Apple, Inc. | 1.5 |
| Johnson & Johnson | 1.5 |
| Cboe Global Markets, Inc. | 1.5 |
| Microsoft Corp. | 1.5 |
| Veeva Systems, Inc., Class A | 1.5 |
| Cencora, Inc. | 1.5 |
| Walmart, Inc. | 1.4 |

---

# Availability of Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://funds.aqr.com/fund-finder#panel-documents](i49454def390d0f0c59759de9.jpg)

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

• Prospectus&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• Statement of Additional Information&nbsp;&nbsp;&nbsp;&nbsp;

• Portfolio Holdings

AQR Funds are distributed by ALPS Distributors, Inc.

• Financial Statements & Other Information&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• Proxy Voting Report&nbsp;&nbsp;&nbsp;&nbsp;

• Updated Fund Performance&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

# **Householding** 
The Fund will mail only one copy of shareholder documents, annual and semi-annual, to shareholders with multiple accounts at the same address. This practice is commonly called "householding" and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at 1-866-290-2688.

#### AQR Large Cap Defensive Style Fund

#### Class R6: QUERX

#### Annual Shareholder Report - September 30, 2025
![Image](i80305b756ddaf11732952704.jpg)

This annual shareholder report contains important information about the AQR Large Cap Defensive Style Fund for the period of October 1, 2024 to September 30, 2025.You can find additional information about the Fund at https://funds.aqr.com/fund-documents. You can also request this information by contacting us at 1-866-290-2688 or contacting your financial intermediary directly.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R6 | $32 | 0.31% |

---

# How did the Fund perform over the reporting period?
The AQR Large Cap Defensive Style Fund (the "Fund") pursues a defensive strategy in the U.S. market, meaning it seeks to participate in rising equity markets while mitigating downside risk in declining markets. In seeking this objective, the Fund invests in a broadly diversified set of large cap companies (generally companies with market capitalizations within the range of the Russell 1000<sup>®</sup> Total Return Index) that AQR Capital Management, LLC ("AQR") believes exhibit measures of low risk and high quality (e.g. stable companies in good business health). The Fund also favors lower beta stocks, which tend to be less sensitive to fluctuations in the overall economy and the stock market. AQR expects lower beta stocks to produce higher risk-adjusted returns than higher beta stocks over the long term.

For the one-year period ended September 30, 2025, the Class R6 Shares of the Fund returned 6.84%. The Fund's broad-based benchmark, the Russell 1000<sup>®</sup> Total Return Index, returned 17.75%.

#### Top Contributors:

# Top Detractors:
* ![Thin up arrow](i49a02e8a54b8daa12e73468b.jpg)For stock selection within sector, losses were partially offset by gains from stock selection within the Health Care sector.

* ![Thin down arrow](ifbf0d47a856bf42ea7c3c391.jpg)For sector selection, losses were primarily driven by overweights to the Consumer Staples and Health Care sectors and an underweight to the Information Technology sector.

* ![Thin down arrow](ifbf0d47a856bf42ea7c3c391.jpg)For stock selection within sector, losses were primarily driven by stock selection within the Information Technology, Industrials, and Financials sectors.

**The Fund's past performance is not a good predictor of the Fund's future performance. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.** Call 1-866-290-2688 or visit https://funds.aqr.com for current month-end performance.

# Total Return based on a $50,000,000 Investment
![Growth of 10K Chart](ideb0d099d118cdb387d3d721.jpg)

---

| | | |
|:---|:---|:---|
| | **Class R6** | **Russell 1000<sup>®</sup> Total Return Index** |
| **9/30/2015** | $50000000 | $50000000 |
| **9/30/2016** | $57062999 | $57465889 |
| **9/30/2017** | $67578847 | $68119068 |
| **9/30/2018** | $80409939 | $80220385 |
| **9/30/2019** | $88226114 | $83327255 |
| **9/30/2020** | $97333729 | $96670538 |
| **9/30/2021** | $117333235 | $126603262 |
| **9/30/2022** | $101712116 | $104808166 |
| **9/30/2023** | $114337610 | $127020922 |
| **9/30/2024** | $143406158 | $172341746 |
| **9/30/2025** | $153213789 | $202929553 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Year** | **10 Year** |
| Class R6 | 6.84% | 9.50% | 11.85% |
| Russell 1000<sup>®</sup> Total Return Index | 17.75% | 15.99% | 15.04% |

---

# Key Fund Statistics
* Net Assets$2,040,291,359

* Total Number of Portfolio Holdings166

* Total Advisory Fees Paid (net of reimbursements)$5,443,275

* Portfolio Turnover Rate (excludes derivatives, if any)24%

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund as of September 30, 2025, excluding derivatives. The Fund's portfolio composition is subject to change.

# Sector Allocation
![Group By Industry Chart](i09396010239b2dc36ec42473.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Others | 0.5 |
| Utilities | 1.4 |
| Investment Companies | 4.3 |
| Energy | 5.2 |
| Consumer Discretionary | 8.5 |
| Communication Services | 9.7 |
| Financials | 12.8 |
| Health Care | 13.1 |
| Information Technology | 13.5 |
| Industrials | 14.6 |
| Consumer Staples | 16.1 |

---

# Top 10 Holdings

---

| | |
|:---|:---|
| **Security** | **% of Net Assets** |
| Limited Purpose Cash Investment Fund | 4.3 |
| McKesson Corp. | 1.5 |
| Northrop Grumman Corp. | 1.5 |
| Apple, Inc. | 1.5 |
| Johnson & Johnson | 1.5 |
| Cboe Global Markets, Inc. | 1.5 |
| Microsoft Corp. | 1.5 |
| Veeva Systems, Inc., Class A | 1.5 |
| Cencora, Inc. | 1.5 |
| Walmart, Inc. | 1.4 |

---

# Availability of Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://funds.aqr.com/fund-finder#panel-documents](i49454def390d0f0c59759de9.jpg)

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

• Prospectus&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• Statement of Additional Information&nbsp;&nbsp;&nbsp;&nbsp;

• Portfolio Holdings

AQR Funds are distributed by ALPS Distributors, Inc.

• Financial Statements & Other Information&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• Proxy Voting Report&nbsp;&nbsp;&nbsp;&nbsp;

• Updated Fund Performance&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

# **Householding** 
The Fund will mail only one copy of shareholder documents, annual and semi-annual, to shareholders with multiple accounts at the same address. This practice is commonly called "householding" and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at 1-866-290-2688.

#### AQR International Defensive Style Fund

#### Class I: ANDIX

#### Annual Shareholder Report - September 30, 2025
![Image](ie09e18764068a60d829a7ea3.jpg)

This annual shareholder report contains important information about the AQR International Defensive Style Fund for the period of October 1, 2024 to September 30, 2025.You can find additional information about the Fund at https://funds.aqr.com/fund-documents. You can also request this information by contacting us at 1-866-290-2688 or contacting your financial intermediary directly.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $64 | 0.61% |

---

# How did the Fund perform over the reporting period?
The AQR International Defensive Style Fund (the "Fund") pursues a defensive strategy in developed markets outside of the U.S., meaning it seeks to participate in rising equity markets while mitigating downside risk in declining markets. To achieve this objective, the Fund invests in a broadly diversified set of large and mid-cap companies that AQR Capital Management, LLC ("AQR") believes exhibit measures of low risk and high quality (e.g. stable companies in good business health). The Fund also favors lower beta stocks, which tend to be less sensitive to fluctuations in the overall economy and the stock market. AQR expects lower beta stocks to produce higher risk-adjusted returns than higher beta stocks over the long term.

For the one-year period ended September 30, 2025, the Class I Shares of the Fund returned 9.53%. The Fund's broad-based benchmark, the MSCI Daily TR Net World Ex USA Index, returned 16.03%.

#### Top Contributors:

# Top Detractors:
* ![Thin up arrow](i726aff3c1bfc30485f6791d1.jpg)For sector selection, losses were partially offset by gains from an overweight to the Communication Services sector.

* ![Thin up arrow](i726aff3c1bfc30485f6791d1.jpg)For stock selection within sector, losses were partially offset by gains from stock selection within the Consumer Staples sector.

* ![Thin down arrow](i9e233e07b6ffb36b7524b366.jpg)For sector selection, losses were primarily driven by an overweight to the Consumer Staples sector and an underweight to the Financials sector.

* ![Thin down arrow](i9e233e07b6ffb36b7524b366.jpg)For stock selection within sector, losses were primarily driven by stock selection within the Information Technology and Communication Services sectors.

**The Fund's past performance is not a good predictor of the Fund's future performance. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.** Call 1-866-290-2688 or visit https://funds.aqr.com for current month-end performance.

# Total Return based on a $10,000 Investment
![Growth of 10K Chart](i1e6c962a5ff3a31849f3f547.jpg)

---

| | | |
|:---|:---|:---|
| | **Class I** | **MSCI Daily TR Net World Ex USA Index** |
| **9/30/2015** | $10000 | $10000 |
| **9/30/2016** | $11284 | $10716 |
| **9/30/2017** | $12558 | $12723 |
| **9/30/2018** | $12954 | $13063 |
| **9/30/2019** | $12978 | $12939 |
| **9/30/2020** | $13395 | $12960 |
| **9/30/2021** | $15597 | $16394 |
| **9/30/2022** | $12133 | $12474 |
| **9/30/2023** | $14196 | $15468 |
| **9/30/2024** | $17210 | $19332 |
| **9/30/2025** | $18850 | $22432 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Year** | **10 Year** |
| Class I | 9.53% | 7.07% | 6.54% |
| MSCI Daily TR Net World Ex USA Index | 16.03% | 11.60% | 8.41% |

---

# Key Fund Statistics
* Net Assets$253,585,209

* Total Number of Portfolio Holdings232

* Total Advisory Fees Paid (net of reimbursements)$807,076

* Portfolio Turnover Rate (excludes derivatives, if any)23%

**Graphical Representation of Holdings**

The tables below show the investment makeup of the Fund as of September 30, 2025, excluding derivatives. The Fund's portfolio composition is subject to change.

# Sector Allocation
![Group By Industry Chart](i3110ec206bf345030a4f9164.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Others | 5.8 |
| Materials | 4.1 |
| Investment Companies | 4.4 |
| Energy | 5.7 |
| Consumer Discretionary | 6.5 |
| Information Technology | 8.6 |
| Health Care | 9.4 |
| Industrials | 10.0 |
| Financials | 11.4 |
| Communication Services | 12.4 |
| Consumer Staples | 21.4 |

---

# Geographic Allocation

---

| | |
|:---|:---|
| **Country** | **% of Net Assets** |
| Japan | 19.6 |
| Canada | 11.3 |
| United Kingdom | 10.3 |
| United States | 8.7 |
| France | 7.9 |
| Australia | 7.3 |
| Germany | 6.6 |
| Switzerland | 3.8 |
| Netherlands | 3.4 |
| Singapore | 3.4 |
| Others | 17.4 |

---

#### Top 10 Holdings

---

| | |
|:---|:---|
| **Security** | **% of Net Assets** |
| Limited Purpose Cash Investment Fund | 4.4 |
| Wheaton Precious Metals Corp. | 1.6 |
| Telstra Group Ltd. | 1.4 |
| Novartis AG (Registered) | 1.4 |
| Industria de Diseno Textil SA | 1.4 |
| Swisscom AG (Registered) | 1.3 |
| British American Tobacco plc | 1.3 |
| Loblaw Cos. Ltd. | 1.3 |
| Power Assets Holdings Ltd. | 1.3 |
| Oversea-Chinese Banking Corp. Ltd. | 1.3 |

---

# Availability of Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://funds.aqr.com/fund-finder#panel-documents](i49454def390d0f0c59759de9.jpg)

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

• Prospectus&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• Statement of Additional Information&nbsp;&nbsp;&nbsp;&nbsp;

• Portfolio Holdings

AQR Funds are distributed by ALPS Distributors, Inc.

• Financial Statements & Other Information&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• Proxy Voting Report&nbsp;&nbsp;&nbsp;&nbsp;

• Updated Fund Performance&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

# **Householding** 
The Fund will mail only one copy of shareholder documents, annual and semi-annual, to shareholders with multiple accounts at the same address. This practice is commonly called "householding" and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at 1-866-290-2688.

#### AQR International Defensive Style Fund

#### Class N: ANDNX

#### Annual Shareholder Report - September 30, 2025
![Image](ie09e18764068a60d829a7ea3.jpg)

This annual shareholder report contains important information about the AQR International Defensive Style Fund for the period of October 1, 2024 to September 30, 2025.You can find additional information about the Fund at https://funds.aqr.com/fund-documents. You can also request this information by contacting us at 1-866-290-2688 or contacting your financial intermediary directly.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class N | $90 | 0.86% |

---

# How did the Fund perform over the reporting period?
The AQR International Defensive Style Fund (the "Fund") pursues a defensive strategy in developed markets outside of the U.S., meaning it seeks to participate in rising equity markets while mitigating downside risk in declining markets. To achieve this objective, the Fund invests in a broadly diversified set of large and mid-cap companies that AQR Capital Management, LLC ("AQR") believes exhibit measures of low risk and high quality (e.g. stable companies in good business health). The Fund also favors lower beta stocks, which tend to be less sensitive to fluctuations in the overall economy and the stock market. AQR expects lower beta stocks to produce higher risk-adjusted returns than higher beta stocks over the long term.

For the one-year period ended September 30, 2025, the Class N Shares of the Fund returned 9.18%. The Fund's broad-based benchmark, the MSCI Daily TR Net World Ex USA Index, returned 16.03%.

#### Top Contributors:

# Top Detractors:
* ![Thin up arrow](i8026f776417641109f882c4f.jpg)For sector selection, losses were partially offset by gains from an overweight to the Communication Services sector.

* ![Thin up arrow](i8026f776417641109f882c4f.jpg)For stock selection within sector, losses were partially offset by gains from stock selection within the Consumer Staples sector.

* ![Thin down arrow](idafce38dfc61fcf654a2d692.jpg)For sector selection, losses were primarily driven by an overweight to the Consumer Staples sector and an underweight to the Financials sector.

* ![Thin down arrow](idafce38dfc61fcf654a2d692.jpg)For stock selection within sector, losses were primarily driven by stock selection within the Information Technology and Communication Services sectors.

**The Fund's past performance is not a good predictor of the Fund's future performance. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.** Call 1-866-290-2688 or visit https://funds.aqr.com for current month-end performance.

# Total Return based on a $10,000 Investment
![Growth of 10K Chart](i1651779f8d13a36e77059ef0.jpg)

---

| | | |
|:---|:---|:---|
| | **Class N** | **MSCI Daily TR Net World Ex USA Index** |
| **9/30/2015** | $10000 | $10000 |
| **9/30/2016** | $11259 | $10716 |
| **9/30/2017** | $12498 | $12723 |
| **9/30/2018** | $12861 | $13063 |
| **9/30/2019** | $12848 | $12939 |
| **9/30/2020** | $13238 | $12960 |
| **9/30/2021** | $15373 | $16394 |
| **9/30/2022** | $11918 | $12474 |
| **9/30/2023** | $13920 | $15468 |
| **9/30/2024** | $16833 | $19332 |
| **9/30/2025** | $18378 | $22432 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Year** | **10 Year** |
| Class N | 9.18% | 6.78% | 6.27% |
| MSCI Daily TR Net World Ex USA Index | 16.03% | 11.60% | 8.41% |

---

# Key Fund Statistics
* Net Assets$253,585,209

* Total Number of Portfolio Holdings232

* Total Advisory Fees Paid (net of reimbursements)$807,076

* Portfolio Turnover Rate (excludes derivatives, if any)23%

**Graphical Representation of Holdings**

The tables below show the investment makeup of the Fund as of September 30, 2025, excluding derivatives. The Fund's portfolio composition is subject to change.

# Sector Allocation
![Group By Industry Chart](ib33dc2580371b721a7bc6394.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Others | 5.8 |
| Materials | 4.1 |
| Investment Companies | 4.4 |
| Energy | 5.7 |
| Consumer Discretionary | 6.5 |
| Information Technology | 8.6 |
| Health Care | 9.4 |
| Industrials | 10.0 |
| Financials | 11.4 |
| Communication Services | 12.4 |
| Consumer Staples | 21.4 |

---

# Geographic Allocation

---

| | |
|:---|:---|
| **Country** | **% of Net Assets** |
| Japan | 19.6 |
| Canada | 11.3 |
| United Kingdom | 10.3 |
| United States | 8.7 |
| France | 7.9 |
| Australia | 7.3 |
| Germany | 6.6 |
| Switzerland | 3.8 |
| Netherlands | 3.4 |
| Singapore | 3.4 |
| Others | 17.4 |

---

#### Top 10 Holdings

---

| | |
|:---|:---|
| **Security** | **% of Net Assets** |
| Limited Purpose Cash Investment Fund | 4.4 |
| Wheaton Precious Metals Corp. | 1.6 |
| Telstra Group Ltd. | 1.4 |
| Novartis AG (Registered) | 1.4 |
| Industria de Diseno Textil SA | 1.4 |
| Swisscom AG (Registered) | 1.3 |
| British American Tobacco plc | 1.3 |
| Loblaw Cos. Ltd. | 1.3 |
| Power Assets Holdings Ltd. | 1.3 |
| Oversea-Chinese Banking Corp. Ltd. | 1.3 |

---

# Availability of Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://funds.aqr.com/fund-finder#panel-documents](i49454def390d0f0c59759de9.jpg)

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

• Prospectus&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• Statement of Additional Information&nbsp;&nbsp;&nbsp;&nbsp;

• Portfolio Holdings

AQR Funds are distributed by ALPS Distributors, Inc.

• Financial Statements & Other Information&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• Proxy Voting Report&nbsp;&nbsp;&nbsp;&nbsp;

• Updated Fund Performance&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

# **Householding** 
The Fund will mail only one copy of shareholder documents, annual and semi-annual, to shareholders with multiple accounts at the same address. This practice is commonly called "householding" and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at 1-866-290-2688.

#### AQR International Defensive Style Fund

#### Class R6: ANDRX

#### Annual Shareholder Report - September 30, 2025
![Image](ie09e18764068a60d829a7ea3.jpg)

This annual shareholder report contains important information about the AQR International Defensive Style Fund for the period of October 1, 2024 to September 30, 2025.You can find additional information about the Fund at https://funds.aqr.com/fund-documents. You can also request this information by contacting us at 1-866-290-2688 or contacting your financial intermediary directly.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R6 | $53 | 0.51% |

---

# How did the Fund perform over the reporting period?
The AQR International Defensive Style Fund (the "Fund") pursues a defensive strategy in developed markets outside of the U.S., meaning it seeks to participate in rising equity markets while mitigating downside risk in declining markets. To achieve this objective, the Fund invests in a broadly diversified set of large and mid-cap companies that AQR Capital Management, LLC ("AQR") believes exhibit measures of low risk and high quality (e.g. stable companies in good business health). The Fund also favors lower beta stocks, which tend to be less sensitive to fluctuations in the overall economy and the stock market. AQR expects lower beta stocks to produce higher risk-adjusted returns than higher beta stocks over the long term.

For the one-year period ended September 30, 2025, the Class R6 Shares of the Fund returned 9.60%. The Fund's broad-based benchmark, the MSCI Daily TR Net World Ex USA Index, returned 16.03%.

#### Top Contributors:

# Top Detractors:
* ![Thin up arrow](i1a1fffe44a6384fe3e401469.jpg)For sector selection, losses were partially offset by gains from an overweight to the Communication Services sector.

* ![Thin up arrow](i1a1fffe44a6384fe3e401469.jpg)For stock selection within sector, losses were partially offset by gains from stock selection within the Consumer Staples sector.

* ![Thin down arrow](i41641edf9bd7458bb25da842.jpg)For sector selection, losses were primarily driven by an overweight to the Consumer Staples sector and an underweight to the Financials sector.

* ![Thin down arrow](i41641edf9bd7458bb25da842.jpg)For stock selection within sector, losses were primarily driven by stock selection within the Information Technology and Communication Services sectors.

**The Fund's past performance is not a good predictor of the Fund's future performance. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.** Call 1-866-290-2688 or visit https://funds.aqr.com for current month-end performance.

# Total Return based on a $50,000,000 Investment
![Growth of 10K Chart](i89510a2d8fef02a083d57a04.jpg)

---

| | | |
|:---|:---|:---|
| | **Class R6** | **MSCI Daily TR Net World Ex USA Index** |
| **9/30/2015** | $50000000 | $50000000 |
| **9/30/2016** | $56477389 | $53580300 |
| **9/30/2017** | $62904636 | $63616739 |
| **9/30/2018** | $64992359 | $65314624 |
| **9/30/2019** | $65161461 | $64695092 |
| **9/30/2020** | $67326186 | $64800709 |
| **9/30/2021** | $78464671 | $81971444 |
| **9/30/2022** | $61052652 | $62371244 |
| **9/30/2023** | $71567290 | $77339236 |
| **9/30/2024** | $86804516 | $96660367 |
| **9/30/2025** | $95136484 | $112158478 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Year** | **10 Year** |
| Class R6 | 9.60% | 7.16% | 6.64% |
| MSCI Daily TR Net World Ex USA Index | 16.03% | 11.60% | 8.41% |

---

# Key Fund Statistics
* Net Assets$253,585,209

* Total Number of Portfolio Holdings232

* Total Advisory Fees Paid (net of reimbursements)$807,076

* Portfolio Turnover Rate (excludes derivatives, if any)23%

**Graphical Representation of Holdings**

The tables below show the investment makeup of the Fund as of September 30, 2025, excluding derivatives. The Fund's portfolio composition is subject to change.

# Sector Allocation
![Group By Industry Chart](i45c51ef681250076f431e291.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Others | 5.8 |
| Materials | 4.1 |
| Investment Companies | 4.4 |
| Energy | 5.7 |
| Consumer Discretionary | 6.5 |
| Information Technology | 8.6 |
| Health Care | 9.4 |
| Industrials | 10.0 |
| Financials | 11.4 |
| Communication Services | 12.4 |
| Consumer Staples | 21.4 |

---

# Geographic Allocation

---

| | |
|:---|:---|
| **Country** | **% of Net Assets** |
| Japan | 19.6 |
| Canada | 11.3 |
| United Kingdom | 10.3 |
| United States | 8.7 |
| France | 7.9 |
| Australia | 7.3 |
| Germany | 6.6 |
| Switzerland | 3.8 |
| Netherlands | 3.4 |
| Singapore | 3.4 |
| Others | 17.4 |

---

#### Top 10 Holdings

---

| | |
|:---|:---|
| **Security** | **% of Net Assets** |
| Limited Purpose Cash Investment Fund | 4.4 |
| Wheaton Precious Metals Corp. | 1.6 |
| Telstra Group Ltd. | 1.4 |
| Novartis AG (Registered) | 1.4 |
| Industria de Diseno Textil SA | 1.4 |
| Swisscom AG (Registered) | 1.3 |
| British American Tobacco plc | 1.3 |
| Loblaw Cos. Ltd. | 1.3 |
| Power Assets Holdings Ltd. | 1.3 |
| Oversea-Chinese Banking Corp. Ltd. | 1.3 |

---

# Availability of Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://funds.aqr.com/fund-finder#panel-documents](i49454def390d0f0c59759de9.jpg)

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

• Prospectus&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• Statement of Additional Information&nbsp;&nbsp;&nbsp;&nbsp;

• Portfolio Holdings

AQR Funds are distributed by ALPS Distributors, Inc.

• Financial Statements & Other Information&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• Proxy Voting Report&nbsp;&nbsp;&nbsp;&nbsp;

• Updated Fund Performance&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

# **Householding** 
The Fund will mail only one copy of shareholder documents, annual and semi-annual, to shareholders with multiple accounts at the same address. This practice is commonly called "householding" and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at 1-866-290-2688.

#### AQR Global Equity Fund

#### Class I: AQGIX

#### Annual Shareholder Report - September 30, 2025
![Image](ie09e18764068a60d829a7ea3.jpg)

This annual shareholder report contains important information about the AQR Global Equity Fund for the period of October 1, 2024 to September 30, 2025.You can find additional information about the Fund at https://funds.aqr.com/fund-documents. You can also request this information by contacting us at 1-866-290-2688 or contacting your financial intermediary directly.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $97 | 0.84% |

---

# How did the Fund perform over the reporting period?
The AQR Global Equity Fund (the "Fund") seeks to outperform its benchmark in three ways: by selecting stocks within each country and by using futures and forward contracts to over- and under-weight countries and currencies relative to the benchmark.

For the one-year period ended September 30, 2025, the Class I Shares of the Fund returned 30.22%. The Fund's broad-based benchmark, the MSCI World Net Total Return USD Index, returned 17.25%.

#### Top Contributors:

# Top Detractors:
* ![Thin up arrow](i973a820c9654e8c8f6f2888d.jpg)For country selection, gains were primarily driven by an underweight to Switzerland and overweights to Spain and Italy.

* ![Thin up arrow](i973a820c9654e8c8f6f2888d.jpg)For stock selection within sector, gains were primarily driven by stock selection within the Financials, Industrials, Information Technology, and Health Care sectors. 

* ![Thin up arrow](i973a820c9654e8c8f6f2888d.jpg)For sector selection, gains were primarily driven by an overweight to the Financials sector.

* ![Thin up arrow](i973a820c9654e8c8f6f2888d.jpg)For currency selection, losses were partially offset by gains from underweights to the New Zealand dollar, the Swiss franc, and the U.S. dollar.

* ![Thin down arrow](ie6b09ce5ed5ef9b757770a9b.jpg)For country selection, gains were partially offset by losses from overweights to Sweden and the United Kingdom and an underweight to Canada.

* ![Thin down arrow](ie6b09ce5ed5ef9b757770a9b.jpg)For sector selection, gains were partially offset by losses from an overweight to the Health Care sector. 

* ![Thin down arrow](ie6b09ce5ed5ef9b757770a9b.jpg)For currency selection, losses were primarily driven by overweight positions to the Japanese yen and the Australian dollar.

**The Fund's past performance is not a good predictor of the Fund's future performance. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.** Call 1-866-290-2688 or visit https://funds.aqr.com for current month-end performance.

# Total Return based on a $10,000 Investment
![Growth of 10K Chart](i04ad207079115bb357521d32.jpg)

---

| | | |
|:---|:---|:---|
| | **Class I** | **MSCI World Net Total Return USD Index** |
| **9/30/2015** | $10000 | $10000 |
| **9/30/2016** | $11133 | $11136 |
| **9/30/2017** | $13437 | $13159 |
| **9/30/2018** | $14465 | $14637 |
| **9/30/2019** | $13629 | $14905 |
| **9/30/2020** | $14512 | $16456 |
| **9/30/2021** | $17823 | $21199 |
| **9/30/2022** | $14885 | $17037 |
| **9/30/2023** | $18707 | $20777 |
| **9/30/2024** | $24676 | $27514 |
| **9/30/2025** | $32133 | $32260 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Year** | **10 Year** |
| Class I | 30.22% | 17.23% | 12.38% |
| MSCI World Net Total Return USD Index | 17.25% | 14.41% | 12.43% |

---

# Key Fund Statistics
* Net Assets$518,773,899

* Total Number of Portfolio Holdings372

* Total Advisory Fees Paid (net of reimbursements)$2,579,743

* Portfolio Turnover Rate (excludes derivatives, if any)119%

**Graphical Representation of Holdings**

The tables below show the investment makeup of the Fund as of September 30, 2025, excluding derivatives. The Fund's portfolio composition is subject to change.

# Sector Allocation
![Group By Industry Chart](i1b230cbe14877b9317806051.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Others | 0.6 |
| Utilities | 0.6 |
| Energy | 3.3 |
| Consumer Staples | 4.5 |
| Communication Services | 6.3 |
| Consumer Discretionary | 7.7 |
| Industrials | 8.8 |
| Health Care | 10.0 |
| Investment Companies | 10.1 |
| Financials | 17.4 |
| Information Technology | 27.3 |

---

# Geographic Allocation

---

| | |
|:---|:---|
| **Country** | **% of Net Assets** |
| United States | 73.6 |
| Japan | 5.5 |
| United Kingdom | 3.6 |
| France | 3.1 |
| Germany | 2.2 |
| Canada | 2.0 |
| Italy | 1.6 |
| Netherlands | 1.4 |
| Spain | 1.3 |
| Australia | 0.6 |
| Others | 1.7 |

---

#### Top 10 Holdings

---

| | |
|:---|:---|
| **Security** | **% of Net Assets** |
| Limited Purpose Cash Investment Fund | 7.1 |
| NVIDIA Corp. | 4.3 |
| Microsoft Corp. | 3.8 |
| Goldman Sachs Financial Square Funds - Treasury Instruments Fund, Institutional Shares | 3.0 |
| Apple, Inc. | 3.0 |
| Broadcom, Inc. | 1.6 |
| Walmart, Inc. | 1.5 |
| Palantir Technologies, Inc., Class A | 1.5 |
| Amazon.com, Inc. | 1.4 |
| GE Aerospace | 1.4 |

---

# Availability of Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://funds.aqr.com/fund-finder#panel-documents](i49454def390d0f0c59759de9.jpg)

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

• Prospectus&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• Statement of Additional Information&nbsp;&nbsp;&nbsp;&nbsp;

• Portfolio Holdings

AQR Funds are distributed by ALPS Distributors, Inc.

• Financial Statements & Other Information&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• Proxy Voting Report&nbsp;&nbsp;&nbsp;&nbsp;

• Updated Fund Performance&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

# **Householding** 
The Fund will mail only one copy of shareholder documents, annual and semi-annual, to shareholders with multiple accounts at the same address. This practice is commonly called "householding" and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at 1-866-290-2688.

#### AQR Global Equity Fund

#### Class N: AQGNX

#### Annual Shareholder Report - September 30, 2025
![Image](ie09e18764068a60d829a7ea3.jpg)

This annual shareholder report contains important information about the AQR Global Equity Fund for the period of October 1, 2024 to September 30, 2025.You can find additional information about the Fund at https://funds.aqr.com/fund-documents. You can also request this information by contacting us at 1-866-290-2688 or contacting your financial intermediary directly.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class N | $125 | 1.09% |

---

# How did the Fund perform over the reporting period?
The AQR Global Equity Fund (the "Fund") seeks to outperform its benchmark in three ways: by selecting stocks within each country and by using futures and forward contracts to over- and under-weight countries and currencies relative to the benchmark.

For the one-year period ended September 30, 2025, the Class N Shares of the Fund returned 29.94%. The Fund's broad-based benchmark, the MSCI World Net Total Return USD Index, returned 17.25%.

#### Top Contributors:

# Top Detractors:
* ![Thin up arrow](iea78d99860c4471ed31255a1.jpg)For country selection, gains were primarily driven by an underweight to Switzerland and overweights to Spain and Italy.

* ![Thin up arrow](iea78d99860c4471ed31255a1.jpg)For stock selection within sector, gains were primarily driven by stock selection within the Financials, Industrials, Information Technology, and Health Care sectors. 

* ![Thin up arrow](iea78d99860c4471ed31255a1.jpg)For sector selection, gains were primarily driven by an overweight to the Financials sector.

* ![Thin up arrow](iea78d99860c4471ed31255a1.jpg)For currency selection, losses were partially offset by gains from underweights to the New Zealand dollar, the Swiss franc, and the U.S. dollar.

* ![Thin down arrow](ic496fe092c1642a306a4feea.jpg)For country selection, gains were partially offset by losses from overweights to Sweden and the United Kingdom and an underweight to Canada.

* ![Thin down arrow](ic496fe092c1642a306a4feea.jpg)For sector selection, gains were partially offset by losses from an overweight to the Health Care sector. 

* ![Thin down arrow](ic496fe092c1642a306a4feea.jpg)For currency selection, losses were primarily driven by overweight positions to the Japanese yen and the Australian dollar.

**The Fund's past performance is not a good predictor of the Fund's future performance. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.** Call 1-866-290-2688 or visit https://funds.aqr.com for current month-end performance.

# Total Return based on a $10,000 Investment
![Growth of 10K Chart](i2c91cd10bfac683dcd9d783d.jpg)

---

| | | |
|:---|:---|:---|
| | **Class N** | **MSCI World Net Total Return USD Index** |
| **9/30/2015** | $10000 | $10000 |
| **9/30/2016** | $11093 | $11136 |
| **9/30/2017** | $13374 | $13159 |
| **9/30/2018** | $14358 | $14637 |
| **9/30/2019** | $13473 | $14905 |
| **9/30/2020** | $14314 | $16456 |
| **9/30/2021** | $17529 | $21199 |
| **9/30/2022** | $14602 | $17037 |
| **9/30/2023** | $18301 | $20777 |
| **9/30/2024** | $24079 | $27514 |
| **9/30/2025** | $31289 | $32260 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Year** | **10 Year** |
| Class N | 29.94% | 16.93% | 12.08% |
| MSCI World Net Total Return USD Index | 17.25% | 14.41% | 12.43% |

---

# Key Fund Statistics
* Net Assets$518,773,899

* Total Number of Portfolio Holdings372

* Total Advisory Fees Paid (net of reimbursements)$2,579,743

* Portfolio Turnover Rate (excludes derivatives, if any)119%

**Graphical Representation of Holdings**

The tables below show the investment makeup of the Fund as of September 30, 2025, excluding derivatives. The Fund's portfolio composition is subject to change.

# Sector Allocation
![Group By Industry Chart](i2b53a1e0ffa3ebfde73c3b09.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Others | 0.6 |
| Utilities | 0.6 |
| Energy | 3.3 |
| Consumer Staples | 4.5 |
| Communication Services | 6.3 |
| Consumer Discretionary | 7.7 |
| Industrials | 8.8 |
| Health Care | 10.0 |
| Investment Companies | 10.1 |
| Financials | 17.4 |
| Information Technology | 27.3 |

---

# Geographic Allocation

---

| | |
|:---|:---|
| **Country** | **% of Net Assets** |
| United States | 73.6 |
| Japan | 5.5 |
| United Kingdom | 3.6 |
| France | 3.1 |
| Germany | 2.2 |
| Canada | 2.0 |
| Italy | 1.6 |
| Netherlands | 1.4 |
| Spain | 1.3 |
| Australia | 0.6 |
| Others | 1.7 |

---

#### Top 10 Holdings

---

| | |
|:---|:---|
| **Security** | **% of Net Assets** |
| Limited Purpose Cash Investment Fund | 7.1 |
| NVIDIA Corp. | 4.3 |
| Microsoft Corp. | 3.8 |
| Goldman Sachs Financial Square Funds - Treasury Instruments Fund, Institutional Shares | 3.0 |
| Apple, Inc. | 3.0 |
| Broadcom, Inc. | 1.6 |
| Walmart, Inc. | 1.5 |
| Palantir Technologies, Inc., Class A | 1.5 |
| Amazon.com, Inc. | 1.4 |
| GE Aerospace | 1.4 |

---

# Availability of Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://funds.aqr.com/fund-finder#panel-documents](i49454def390d0f0c59759de9.jpg)

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

• Prospectus&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• Statement of Additional Information&nbsp;&nbsp;&nbsp;&nbsp;

• Portfolio Holdings

AQR Funds are distributed by ALPS Distributors, Inc.

• Financial Statements & Other Information&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• Proxy Voting Report&nbsp;&nbsp;&nbsp;&nbsp;

• Updated Fund Performance&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

# **Householding** 
The Fund will mail only one copy of shareholder documents, annual and semi-annual, to shareholders with multiple accounts at the same address. This practice is commonly called "householding" and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at 1-866-290-2688.

#### AQR Global Equity Fund

#### Class R6: AQGRX

#### Annual Shareholder Report - September 30, 2025
![Image](ie09e18764068a60d829a7ea3.jpg)

This annual shareholder report contains important information about the AQR Global Equity Fund for the period of October 1, 2024 to September 30, 2025.You can find additional information about the Fund at https://funds.aqr.com/fund-documents. You can also request this information by contacting us at 1-866-290-2688 or contacting your financial intermediary directly.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R6 | $86 | 0.74% |

---

# How did the Fund perform over the reporting period?
The AQR Global Equity Fund (the "Fund") seeks to outperform its benchmark in three ways: by selecting stocks within each country and by using futures and forward contracts to over- and under-weight countries and currencies relative to the benchmark.

For the one-year period ended September 30, 2025, the Class R6 Shares of the Fund returned 30.38%. The Fund's broad-based benchmark, the MSCI World Net Total Return USD Index, returned 17.25%.

#### Top Contributors:

# Top Detractors:
* ![Thin up arrow](i378c0ebb6f078a0e3cb3de7a.jpg)For country selection, gains were primarily driven by an underweight to Switzerland and overweights to Spain and Italy.

* ![Thin up arrow](i378c0ebb6f078a0e3cb3de7a.jpg)For stock selection within sector, gains were primarily driven by stock selection within the Financials, Industrials, Information Technology, and Health Care sectors. 

* ![Thin up arrow](i378c0ebb6f078a0e3cb3de7a.jpg)For sector selection, gains were primarily driven by an overweight to the Financials sector.

* ![Thin up arrow](i378c0ebb6f078a0e3cb3de7a.jpg)For currency selection, losses were partially offset by gains from underweights to the New Zealand dollar, the Swiss franc, and the U.S. dollar.

* ![Thin down arrow](i0ac8344e83c9d0d3a0393033.jpg)For country selection, gains were partially offset by losses from overweights to Sweden and the United Kingdom and an underweight to Canada.

* ![Thin down arrow](i0ac8344e83c9d0d3a0393033.jpg)For sector selection, gains were partially offset by losses from an overweight to the Health Care sector. 

* ![Thin down arrow](i0ac8344e83c9d0d3a0393033.jpg)For currency selection, losses were primarily driven by overweight positions to the Japanese yen and the Australian dollar.

**The Fund's past performance is not a good predictor of the Fund's future performance. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.** Call 1-866-290-2688 or visit https://funds.aqr.com for current month-end performance.

# Total Return based on a $50,000,000 Investment
![Growth of 10K Chart](i626767fd3a1fa0ea8e7bf036.jpg)

---

| | | |
|:---|:---|:---|
| | **Class R6** | **MSCI World Net Total Return USD Index** |
| **9/30/2015** | $50000000 | $50000000 |
| **9/30/2016** | $55665027 | $55678831 |
| **9/30/2017** | $67342563 | $65793184 |
| **9/30/2018** | $72552319 | $73186723 |
| **9/30/2019** | $68441489 | $74524252 |
| **9/30/2020** | $72819067 | $82280136 |
| **9/30/2021** | $89565304 | $105993956 |
| **9/30/2022** | $74897454 | $85184306 |
| **9/30/2023** | $94218119 | $103885582 |
| **9/30/2024** | $124374844 | $137572057 |
| **9/30/2025** | $162159924 | $161300443 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Year** | **10 Year** |
| Class R6 | 30.38% | 17.37% | 12.49% |
| MSCI World Net Total Return USD Index | 17.25% | 14.41% | 12.43% |

---

# Key Fund Statistics
* Net Assets$518,773,899

* Total Number of Portfolio Holdings372

* Total Advisory Fees Paid (net of reimbursements)$2,579,743

* Portfolio Turnover Rate (excludes derivatives, if any)119%

**Graphical Representation of Holdings**

The tables below show the investment makeup of the Fund as of September 30, 2025, excluding derivatives. The Fund's portfolio composition is subject to change.

# Sector Allocation
![Group By Industry Chart](ia3393c4c797460f6d30b1b75.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Others | 0.6 |
| Utilities | 0.6 |
| Energy | 3.3 |
| Consumer Staples | 4.5 |
| Communication Services | 6.3 |
| Consumer Discretionary | 7.7 |
| Industrials | 8.8 |
| Health Care | 10.0 |
| Investment Companies | 10.1 |
| Financials | 17.4 |
| Information Technology | 27.3 |

---

# Geographic Allocation

---

| | |
|:---|:---|
| **Country** | **% of Net Assets** |
| United States | 73.6 |
| Japan | 5.5 |
| United Kingdom | 3.6 |
| France | 3.1 |
| Germany | 2.2 |
| Canada | 2.0 |
| Italy | 1.6 |
| Netherlands | 1.4 |
| Spain | 1.3 |
| Australia | 0.6 |
| Others | 1.7 |

---

#### Top 10 Holdings

---

| | |
|:---|:---|
| **Security** | **% of Net Assets** |
| Limited Purpose Cash Investment Fund | 7.1 |
| NVIDIA Corp. | 4.3 |
| Microsoft Corp. | 3.8 |
| Goldman Sachs Financial Square Funds - Treasury Instruments Fund, Institutional Shares | 3.0 |
| Apple, Inc. | 3.0 |
| Broadcom, Inc. | 1.6 |
| Walmart, Inc. | 1.5 |
| Palantir Technologies, Inc., Class A | 1.5 |
| Amazon.com, Inc. | 1.4 |
| GE Aerospace | 1.4 |

---

# Availability of Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://funds.aqr.com/fund-finder#panel-documents](i49454def390d0f0c59759de9.jpg)

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

• Prospectus&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• Statement of Additional Information&nbsp;&nbsp;&nbsp;&nbsp;

• Portfolio Holdings

AQR Funds are distributed by ALPS Distributors, Inc.

• Financial Statements & Other Information&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• Proxy Voting Report&nbsp;&nbsp;&nbsp;&nbsp;

• Updated Fund Performance&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

# **Householding** 
The Fund will mail only one copy of shareholder documents, annual and semi-annual, to shareholders with multiple accounts at the same address. This practice is commonly called "householding" and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at 1-866-290-2688.

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

**Item 2. Code of Ethics.** 

a). As of the end of the period, September 30, 2025, the Registrant has adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. This code of ethics is included as Exhibit 19 (a)(1).

b). Not applicable.

c). There have been no substantive amendments to the Registrant's Code of Ethics during the fiscal year ended September 30, 2025 ("Reporting Period").

d). Registrant granted no waivers from the provisions of its Code of Ethics during the Reporting Period.

e). Not applicable.

f). Attached.

**Item 3. Audit Committee Financial Expert.** 

a). The Registrant's Board of Trustees has determined that its Audit Committee has one "audit committee financial expert", as that term is defined under Items 3(b) and 3(c), serving on its Audit Committee. Ms. Kathleen Hagerty, the Registrant's audit committee financial expert, is "independent", as that term is defined under Item 3(a)(2).

**Item 4. Principal Accountant Fees and Services.** 

Aggregate fees for professional services rendered for the AQR Funds by PricewaterhouseCoopers LLP for the fiscal years ended September 30, 2024 and September 30, 2025 were:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **2024** | &nbsp;&nbsp; **2025** |
| &nbsp;&nbsp; Audit Fees (a) | &nbsp;&nbsp; $421313 | &nbsp;&nbsp; $422300 |
| &nbsp;&nbsp; Audit-Related Fees (b) | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $0 |
| &nbsp;&nbsp; Tax Fees (c) | &nbsp;&nbsp; $180190 | &nbsp;&nbsp; $197990 |
| &nbsp;&nbsp; All Other Fees (d) | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $0 |
| &nbsp;&nbsp; Total: | &nbsp;&nbsp; $601503 | &nbsp;&nbsp; $620290 |

---

(a)&nbsp;&nbsp;&nbsp;&nbsp; Audit Fees: These fees relate to professional services rendered by PricewaterhouseCoopers LLP for the audits of the Registrant's annual financial statements or services normally provided by the independent registered public accounting firm in connection with statutory and regulatory filings or engagements. These services include the audits of the financial statements of the Registrant, issuance of consents and assistance with review of documents filed with the Securities and Exchange Commission (the "Commission").

(b) Audit-Related Fees: These fees relate to assurance and related services by PricewaterhouseCoopers LLP that are reasonably related to the performance of the audit of the Registrant's annual financial statements that are not reported under "Audit Fees" above. There were no audit-related services provided by PricewaterhouseCoopers LLP for the years ended September 30, 2024 and September 30, 2025. 
```
<pre style="font-size: 10.0pt;font-family: "Courier New";text-align: justify;text-indent: -.25in;margin-left: .25in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><span style="font-family: "Times New Roman",serif;display: inline;"> </span></pre>
```

(c) Tax Fees: The September 30, 2024 and September 30, 2025 fees relate to professional services rendered by PricewaterhouseCoopers LLP for tax compliance, tax advice and tax planning. The tax services provided by PricewaterhouseCoopers LLP relate to the review of the Registrant's federal and state income tax returns, excise tax calculations and the completion of an international taxation review.

(d) All Other Fees: These fees relate to products and services provided by PricewaterhouseCoopers LLP other than those reported under "Audit Fees," "Audit-Related Fees," and "Tax Fees" above. 
```
<pre style="font-size: 10.0pt;font-family: "Courier New";text-align: justify;text-indent: -.25in;margin-left: .25in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><span style="font-family: "Times New Roman",serif;display: inline;"> </span></pre>
```

(e) Audit Committee Pre-approval Policies and Procedures:

(i) Per Rule 2-01(c)(7)(A) and the charter of the
 Registrant's Audit Committee, the Audit Committee approves and recommends the
 principal accountant for the Registrant, pre-approves (i) the principal
 accountant's provision of all audit and permissible non-audit services to the
 Registrant (including the fees and other compensation to be paid to the
 principal accountant), and (ii) the principal accountant's provision of any
 permissible non-audit services to the Registrant's investment adviser (the
 "Adviser"), sub-adviser or any entity controlling, controlled by, or under
 common control with any investment adviser or sub-adviser, if the engagement
 relates directly to the operations of the financial reporting of the Trust.

(ii) 0% of services described in each of Items 4(b)
 through (d) were approved by the Audit Committee pursuant to paragraph (c)(7)(i)(C)
 of Rule 2-01 of Regulation S-X (which permits audit committee approval after
 the start of the engagement with respect to services other than audit, review
 or attest services, if certain conditions are satisfied).

```
<pre style="font-size: 10.0pt;font-family: "Courier New";text-align: justify;text-indent: -.25in;margin-left: .25in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><span style="font-family: "Times New Roman",serif;display: inline;">(f)    Less than 50% of the hours expended on the principal accountant's engagement to audit Registrant's financial statements were attributed to work performed by persons other than the accountant's full-time, permanent employees.</span></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Courier New";text-align: justify;text-indent: -.25in;margin-left: .25in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><span style="font-family: "Times New Roman",serif;display: inline;"> </span></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Courier New";text-align: justify;text-indent: -.25in;margin-left: .25in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><span style="font-family: "Times New Roman",serif;display: inline;">(g)   Disclose the aggregate non-audit fees billed by the Registrant's accountant for services rendered to the Registrant, and rendered to the Registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the Registrant for the fiscal years ended September 2024 and September 2025: $940,140 and $967,721, respectively.</span></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Courier New";text-indent: -.25in;margin-left: .25in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><span style="font-family: "Times New Roman",serif;display: inline;"> </span></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Courier New";text-align: justify;text-indent: -.25in;margin-left: .25in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><span style="font-family: "Times New Roman",serif;display: inline;">(h)   Not applicable.</span></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Courier New";text-align: justify;text-indent: -.25in;margin-left: .25in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><span style="font-family: "Times New Roman",serif;display: inline;"> </span></pre>
```

(i) The Registrant is not a foreign issuer, as identified by the Commission pursuant to Section 104(i)(2)(A) of the Sarbanes-Oxley Act of 2002 (15 U.S.C. 7214(i)(2)(A)), as having retained, for the preparation of the audit report on its financial statements included in the Form N- CSR, a registered public accounting firm that has a branch or office that is located in a foreign jurisdiction and that the Public Company Accounting Oversight Board ("PCAOB") has determined it is unable to inspect or investigate completely because of a position taken by an authority in the foreign jurisdiction must electronically submit to the Commission on a supplemental basis documentation that establishes that the Registrant is not owned or controlled by a governmental entity in the foreign jurisdiction.

(j) The Registrant is not a foreign issuer, as defined in 17 CFR 240.3b-4, identified by the Commission pursuant to Section 104(i)(2)(A) of the Sarbanes-Oxley Act of 2002 (15 U.S.C. 7214(i)(2)(A)), as having retained, for the preparation of the audit report on its financial statements included in the Form N-CSR, a registered public accounting firm that has a branch or office that is located in a foreign jurisdiction and that the PCAOB has determined it is unable to inspect or investigate completely because of a position taken by an authority in the foreign jurisdiction, for each year in which the Registrant is so identified. Also, the Registrant does not use a variable-interest entity or any similar structure that results in additional foreign entities being consolidated in the financial statements of the Registrant.

(1) Not applicable.

(2) Not applicable.

(3) Not applicable.

(4) Not applicable.

(5) Not applicable.

**Item 5. Audit Committee of Listed Registrants.**

(a) The Registrant is an issuer as defined in Section 10A-3 of the Securities Exchange Act of 1934 and has a separately-designated standing Audit Committee in accordance with Section 3(a)(58)(A) of such Act. All of the Board's independent Trustees, William L. Atwell, Gregg D. Behrens, Kathleen Hagerty and Mark A. Zurack, are members of the Audit Committee.

(b) Not applicable.

**Item 6. Investments**

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

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

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

#### Annual Report
September 30, 2025

#### AQR Large Cap Multi-Style Fund

#### AQR Small Cap Multi-Style Fund

#### AQR International Multi-Style Fund

#### AQR Emerging Multi-Style II Fund

#### AQR Large Cap Momentum Style Fund

#### AQR Small Cap Momentum Style Fund

#### AQR International Momentum Style Fund

#### AQR Large Cap Defensive Style Fund

#### AQR International Defensive Style Fund

#### AQR Global Equity Fund
**Table of Contents**

Schedule of

Investments

AQR Large Cap Multi-Style Fund

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

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

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

Financial Statements and Notes

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

Report of Independent Registered Public Accounting Firm

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

Other Federal Tax Information (Unaudited)

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

Other Information (Unaudited)

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

AQR Funds \| Annual Report \| September 2025

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

(Continued)

AQR LARGE CAP MULTI-STYLE FUND

Schedule of Investments

September 30, 2025

#### INVESTMENTS

#### SHARES

#### VALUE ($)

#### COMMON STOCKS - 96.7%

#### Communication Services - 12.7%

#### Diversified Telecommunication Services - 2.2%
AT&T, Inc.

592,157

16,722,514

Liberty Global Ltd., Class A

(Belgium) \*

158,911

1,821,120

Verizon Communications, Inc.

203,109

8,926,640

#### 27,470,274

#### Entertainment - 3.1%
Electronic Arts, Inc.

31,640

6,381,788

Netflix, Inc. \*

7,413

8,887,594

Playtika Holding Corp.

35,425

137,803

ROBLOX Corp., Class A \*

42,698

5,914,527

Spotify Technology SA \*

16,895

11,792,710

Walt Disney Co. (The)

60,125

6,884,313

#### 39,998,735

#### Interactive Media & Services - 6.7%
Alphabet, Inc., Class A

102,901

25,015,233

Alphabet, Inc., Class C

95,238

23,195,215

Meta Platforms, Inc., Class A

45,192

33,188,101

Reddit, Inc., Class A \*

14,323

3,294,147

#### 84,692,696

#### Media - 0.7%
Comcast Corp., Class A

222,393

6,987,588

Nexstar Media Group, Inc., Class A

7,935

1,569,067

#### 8,556,655

#### Total Communication Services

#### 160,718,360

#### Consumer Discretionary - 9.8%

#### Automobile Components - 0.2%
BorgWarner, Inc.

52,483

#### 2,307,153

#### Automobiles - 1.8%
General Motors Co.

105,978

6,461,479

Tesla, Inc. \*

36,639

16,294,096

#### 22,755,575

#### Broadline Retail - 3.0%
Amazon.com, Inc. \*

123,443

27,104,379

Dillard's, Inc., Class A

8,325

5,115,546

eBay, Inc.

45,320

4,121,854

Macy's, Inc.

84,004

1,506,192

#### 37,847,971

#### Diversified Consumer Services - 0.9%
ADT, Inc.

473,494

4,124,133

Grand Canyon Education, Inc. \*

17,325

3,803,184

H&R Block, Inc.

73,435

3,713,608

#### 11,640,925

#### Hotels, Restaurants & Leisure - 1.7%
Aramark

65,910

2,530,944

Booking Holdings, Inc.

1,546

8,347,271

Expedia Group, Inc.

41,376

8,844,120

#### INVESTMENTS

#### SHARES

#### VALUE ($)

#### Hotels, Restaurants & Leisure - 1.7% (continued)
Travel + Leisure Co.

24,883

1,480,290

#### 21,202,625

#### Specialty Retail - 2.2%
AutoNation, Inc. \*

46,364

10,143,052

Best Buy Co., Inc.

11,634

879,763

Gap, Inc. (The)

43,114

922,208

Murphy USA, Inc.

11,266

4,374,137

Penske Automotive Group, Inc.

51,358

8,931,670

Williams-Sonoma, Inc.

13,277

2,594,990

#### 27,845,820

#### Textiles, Apparel & Luxury Goods - 0.0%

#### †
PVH Corp.

4,836

#### 405,112

#### Total Consumer Discretionary

#### 124,005,181

#### Consumer Staples - 3.2%

#### Beverages - 0.1%
Molson Coors Beverage Co., Class

B

32,352

#### 1,463,928

#### Consumer Staples Distribution & Retail - 1.2%
Albertsons Cos., Inc., Class A

283,588

4,965,626

Kroger Co. (The)

105,417

7,106,160

Walmart, Inc.

33,685

3,471,576

#### 15,543,362

#### Food Products - 0.5%
Pilgrim's Pride Corp.

144,648

#### 5,890,067

#### Tobacco - 1.4%
Altria Group, Inc.

253,340

16,735,640

Philip Morris International, Inc.

4,135

670,697

#### 17,406,337

#### Total Consumer Staples

#### 40,303,694

#### Energy - 1.9%

#### Energy Equipment & Services - 0.1%
NOV, Inc.

140,696

1,864,222

TechnipFMC plc (United Kingdom)

9,140

360,573

#### 2,224,795

#### Oil, Gas & Consumable Fuels - 1.8%
Chevron Corp.

33,144

5,146,932

Coterra Energy, Inc.

142,674

3,374,240

EOG Resources, Inc.

18,396

2,062,559

Expand Energy Corp.

3,786

402,224

Exxon Mobil Corp.

99,501

11,218,738

Range Resources Corp.

10,359

389,913

#### 22,594,606

#### Total Energy

#### 24,819,401

#### Financials - 17.8%

#### Banks - 4.5%
Bank OZK

97,009

4,945,519

BOK Financial Corp.

14,387

1,603,287

Citigroup, Inc.

152,193

15,447,589

Schedule of Investments

September 30, 2025

AQR LARGE CAP MULTI-STYLE FUND

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

AQR Funds \| Annual Report \| September 2025

(Continued)

#### INVESTMENTS

#### SHARES

#### VALUE ($)

#### Banks - 4.5% (continued)
Citizens Financial Group, Inc.

83,369

4,431,896

Comerica, Inc.

5,311

363,910

First Hawaiian, Inc.

16,989

421,837

FNB Corp.

92,627

1,492,221

JPMorgan Chase & Co.

14,700

4,636,821

M&T Bank Corp.

10,153

2,006,436

Popular, Inc.

77,914

9,895,857

Regions Financial Corp.

33,426

881,444

US Bancorp

34,270

1,656,269

Wells Fargo & Co.

28,644

2,400,940

Zions Bancorp NA

120,935

6,842,502

#### 57,026,528

#### Capital Markets - 2.9%
Bank of New York Mellon Corp.

(The)

100,491

10,949,499

Charles Schwab Corp. (The)

4,730

451,573

CME Group, Inc.

5,637

1,523,061

Invesco Ltd.

137,133

3,145,831

Janus Henderson Group plc

93,626

4,167,293

Northern Trust Corp.

15,267

2,054,938

Raymond James Financial, Inc.

16,754

2,891,740

State Street Corp.

60,776

7,050,624

Stifel Financial Corp.

4,146

470,447

Virtu Financial, Inc., Class A

97,439

3,459,085

#### 36,164,091

#### Consumer Finance - 1.6%
Capital One Financial Corp.

29,548

6,281,314

Synchrony Financial

205,401

14,593,741

#### 20,875,055

#### Financial Services - 2.5%
Berkshire Hathaway, Inc., Class B \*

37,908

19,057,868

Equitable Holdings, Inc.

12,029

610,832

Global Payments, Inc.

14,577

1,211,057

MGIC Investment Corp.

271,654

7,706,824

Western Union Co. (The)

374,818

2,994,796

#### 31,581,377

#### Insurance - 6.3%
Allstate Corp. (The)

51,428

11,039,020

Arch Capital Group Ltd.

4,006

363,464

Assurant, Inc.

2,455

531,753

Assured Guaranty Ltd.

10,974

928,949

Axis Capital Holdings Ltd.

125,731

12,045,030

CNA Financial Corp.

95,703

4,446,362

Everest Group Ltd.

30,124

10,550,329

Globe Life, Inc.

4,058

580,172

Hanover Insurance Group, Inc.

(The)

13,048

2,369,908

Hartford Insurance Group, Inc. (The)

52,762

7,037,923

Lincoln National Corp.

34,312

1,383,803

MetLife, Inc.

9,641

794,129

Old Republic International Corp.

199,298

8,464,186

Reinsurance Group of America, Inc.

6,385

1,226,750

#### INVESTMENTS

#### SHARES

#### VALUE ($)

#### Insurance - 6.3% (continued)
RenaissanceRe Holdings Ltd.

15,450

3,923,219

Travelers Cos., Inc. (The)

8,090

2,258,890

Unum Group

153,332

11,926,163

#### 79,870,050

#### Total Financials

#### 225,517,101

#### Health Care - 3.3%

#### Biotechnology - 1.6%
AbbVie, Inc.

3,580

828,913

Exelixis, Inc. \*

131,993

5,451,311

Gilead Sciences, Inc.

30,452

3,380,172

Incyte Corp. \*

37,105

3,146,875

United Therapeutics Corp. \*

19,255

8,071,888

#### 20,879,159

#### Health Care Providers & Services - 1.6%
Cigna Group (The)

14,601

4,208,738

CVS Health Corp.

17,818

1,343,299

Elevance Health, Inc.

16,276

5,259,101

McKesson Corp.

9,534

7,365,397

Tenet Healthcare Corp. \*

8,879

1,802,792

#### 19,979,327

#### Pharmaceuticals - 0.1%
Corcept Therapeutics, Inc. \*

15,471

#### 1,285,795

#### Total Health Care

#### 42,144,281

#### Industrials - 13.2%

#### Aerospace & Defense - 5.6%
Curtiss-Wright Corp.

12,713

6,902,396

GE Aerospace

37,476

11,273,530

General Dynamics Corp.

29,966

10,218,406

Howmet Aerospace, Inc.

40,076

7,864,114

Huntington Ingalls Industries, Inc.

16,119

4,640,821

L3Harris Technologies, Inc.

2,804

856,370

Leonardo DRS, Inc.

26,607

1,207,958

Northrop Grumman Corp.

663

403,979

Rocket Lab Corp. \*

54,376

2,605,154

RTX Corp.

80,834

13,525,953

Textron, Inc.

120,313

10,165,246

Woodward, Inc.

4,244

1,072,501

#### 70,736,428

#### Building Products - 0.3%
Owens Corning

19,637

2,777,850

Trane Technologies plc

1,767

745,603

#### 3,523,453

#### Construction & Engineering - 1.3%
Comfort Systems USA, Inc.

518

427,443

EMCOR Group, Inc.

19,228

12,489,355

MasTec, Inc. \*

14,143

3,009,772

Valmont Industries, Inc.

2,927

1,134,886

#### 17,061,456

AQR Funds \| Annual Report \| September 2025

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

AQR LARGE CAP MULTI-STYLE FUND

Schedule of Investments

September 30, 2025

(Continued)

#### INVESTMENTS

#### SHARES

#### VALUE ($)

#### Electrical Equipment - 2.1%
Acuity, Inc.

34,125

11,752,309

GE Vernova, Inc.

21,102

12,975,620

Sensata Technologies Holding plc

50,726

1,549,679

#### 26,277,608

#### Ground Transportation - 0.6%
Norfolk Southern Corp.

4,517

1,356,952

Ryder System, Inc.

34,743

6,553,919

U-Haul Holding Co. \*

1,585

90,456

#### 8,001,327

#### Machinery - 1.8%
Allison Transmission Holdings, Inc.

99,429

8,439,534

Cummins, Inc.

5,311

2,243,207

Gates Industrial Corp. plc \*

79,719

1,978,626

Mueller Industries, Inc.

7,785

787,141

Oshkosh Corp.

28,905

3,748,978

PACCAR, Inc.

3,608

354,739

Snap-on, Inc.

16,004

5,545,866

#### 23,098,091

#### Passenger Airlines - 0.6%
Delta Air Lines, Inc.

26,887

1,525,837

United Airlines Holdings, Inc. \*

68,131

6,574,642

#### 8,100,479

#### Professional Services - 0.8%
Booz Allen Hamilton Holding Corp.,

Class A

24,592

2,457,970

Concentrix Corp.

70,687

3,262,205

Genpact Ltd.

8,644

362,097

Leidos Holdings, Inc.

21,504

4,063,396

#### 10,145,668

#### Trading Companies & Distributors - 0.1%
Air Lease Corp., Class A

10,692

680,546

WESCO International, Inc.

2,114

447,111

#### 1,127,657

#### Total Industrials

#### 168,072,167

#### Information Technology - 32.2%

#### Communications Equipment - 3.2%
Arista Networks, Inc. \*

53,709

7,825,939

Ciena Corp. \*

31,169

4,540,388

Cisco Systems, Inc.

142,122

9,723,987

F5, Inc. \*

28,698

9,274,907

Ubiquiti, Inc.

14,378

9,497,819

#### 40,863,040

#### Electronic Equipment, Instruments & Components - 1.9%
Amphenol Corp., Class A

4,560

564,300

Arrow Electronics, Inc. \*

38,468

4,654,628

Avnet, Inc.

69,346

3,625,409

Jabil, Inc.

46,975

10,201,560

TD SYNNEX Corp.

29,356

4,807,045

#### 23,852,942

#### INVESTMENTS

#### SHARES

#### VALUE ($)

#### IT Services - 0.6%
Cognizant Technology Solutions

Corp., Class A

9,464

634,751

DXC Technology Co. \*

241,003

3,284,871

VeriSign, Inc.

11,576

3,236,302

#### 7,155,924

#### Semiconductors & Semiconductor Equipment - 10.7%
Amkor Technology, Inc.

179,195

5,089,138

Applied Materials, Inc.

16,038

3,283,620

Broadcom, Inc.

95,236

31,419,309

Cirrus Logic, Inc. \*

13,924

1,744,538

Micron Technology, Inc.

62,689

10,489,124

NVIDIA Corp.

427,649

79,790,750

Qorvo, Inc. \*

9,222

839,940

QUALCOMM, Inc.

19,055

3,169,990

Skyworks Solutions, Inc.

5,780

444,944

#### 136,271,353

#### Software - 10.6%
Adobe, Inc. \*

5,223

1,842,413

AppLovin Corp., Class A \*

13,529

9,721,128

Docusign, Inc., Class A \*

11,182

806,110

Dropbox, Inc., Class A \*

185,432

5,601,901

Fortinet, Inc. \*

7,915

665,493

Intuit, Inc.

600

409,746

Microsoft Corp.

153,565

79,538,992

Palantir Technologies, Inc., Class A \*

77,551

14,146,853

Pegasystems, Inc.

46,689

2,684,617

RingCentral, Inc., Class A \*

49,567

1,404,729

Rubrik, Inc., Class A \*

27,730

2,280,792

Teradata Corp. \*

82,503

1,774,640

Zoom Communications, Inc., Class

A \*

163,169

13,461,443

#### 134,338,857

#### Technology Hardware, Storage & Peripherals - 5.2%
Apple, Inc.

229,434

58,420,779

Hewlett Packard Enterprise Co.

28,084

689,743

HP, Inc.

214,628

5,844,321

Western Digital Corp.

15,355

1,843,521

#### 66,798,364

#### Total Information Technology

#### 409,280,480

#### Materials - 1.8%

#### Chemicals - 0.8%
CF Industries Holdings, Inc.

43,047

3,861,316

Mosaic Co. (The)

174,252

6,043,059

#### 9,904,375

#### Metals & Mining - 1.0%
Alcoa Corp.

61,609

2,026,320

Newmont Corp.

109,612

9,241,388

Reliance, Inc.

1,673

469,829

Schedule of Investments

September 30, 2025

AQR LARGE CAP MULTI-STYLE FUND

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

AQR Funds \| Annual Report \| September 2025

(Continued)

#### INVESTMENTS

#### SHARES

#### VALUE ($)

#### Metals & Mining - 1.0% (continued)
Royal Gold, Inc.

3,781

758,393

#### 12,495,930

#### Total Materials

#### 22,400,305

#### Utilities - 0.8%

#### Electric Utilities - 0.1%
Edison International

6,701

370,431

Exelon Corp.

34,063

1,533,176

#### 1,903,607

#### Gas Utilities - 0.5%
MDU Resources Group, Inc.

77,869

1,386,847

National Fuel Gas Co.

34,865

3,220,480

UGI Corp.

41,840

1,391,598

#### 5,998,925

#### Independent Power and Renewable Electricity Producers - 0.2%
Vistra Corp.

12,007

#### 2,352,412

#### Total Utilities

#### 10,254,944

#### TOTAL COMMON STOCKS
(Cost $615,809,458)

#### 1,227,515,914

#### SHORT-TERM INVESTMENTS - 3.2%

#### INVESTMENT COMPANIES - 3.2%
Limited Purpose Cash Investment

Fund, 4.13% (a)

(Cost $40,543,923)

40,557,468

#### 40,549,357

#### TOTAL INVESTMENTS IN SECURITIES

#### AT VALUE - 99.9%
(Cost $656,353,381)

#### 1,268,065,271

#### OTHER ASSETS IN EXCESS OF

#### LIABILITIES - 0.1% ‡

#### 1,352,926

#### NET ASSETS - 100.0%

#### 1,269,418,197

#### SECTOR

#### VALUE

#### % OF NET

#### ASSETS
Communication Services

$

160,718,360

.7

%

Consumer Discretionary

124,005,181

.8

Consumer Staples

40,303,694

.2

Energy

24,819,401

.9

Financials

225,517,101

.8

Health Care

42,144,281

.3

Industrials

168,072,167

.2

Information Technology

409,280,480

.2

Materials

22,400,305

.8

Utilities

10,254,944

.8

Investment Companies

40,549,357

.2

#### Total Investments In Securities

#### At Value

#### 1,268,065,271

#### 99

#### .9
Other Assets in Excess of

Liabilities ‡

1,352,926

.1

#### Net Assets

#### $

#### 1,269,418,197

#### 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 September 30, 2025.

All securities are Level 1 with respect to ASC 820 (See Note 4).

#### Futures contracts outstanding as of September 30, 2025:

#### Exchange-Traded

#### DESCRIPTION

#### NUMBER OF

#### CONTRACTS

#### EXPIRATION

#### DATE

#### TRADING

#### CURRENCY

#### NOTIONAL

#### AMOUNT

#### UNREALIZED

#### APPRECIATION
(DEPRECIATION)

#### Long Contracts
S&P 500 E-Mini Index

12/2025

USD

$

30,998,250

$

335,757

#### Net unrealized appreciation

#### $

#### 335,757

AQR Funds \| Annual Report \| September 2025

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

AQR LARGE CAP MULTI-STYLE FUND

Schedule of Investments

September 30, 2025

Collateral pledged to (received from) each counterparty at September 30, 2025 was as follows:

#### COUNTERPARTY

#### OVER-THE-COUNTER

#### EXCHANGE-TRADED

#### TOTAL

#### GSCO
Cash

$

–

$

1,899,792

$

1,899,792

Schedule of Investments

September 30, 2025

AQR SMALL CAP MULTI-STYLE FUND

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

(Continued)

AQR Funds \| Annual Report \| September 2025

#### INVESTMENTS

#### SHARES

#### VALUE ($)

#### COMMON STOCKS - 94.0%

#### Communication Services - 3.6%

#### Diversified Telecommunication Services - 0.8%
Bandwidth, Inc., Class A \*

7,198

119,991

IDT Corp., Class B

14,628

765,191

Lumen Technologies, Inc. \*

40,197

246,005

#### 1,131,187

#### Entertainment - 0.6%
Cinemark Holdings, Inc.

14,807

414,892

Eventbrite, Inc., Class A \*

64,231

161,862

IMAX Corp. \*

1,317

43,132

Marcus Corp. (The)

3,180

49,322

Playtika Holding Corp.

16,837

65,496

#### 734,704

#### Interactive Media & Services - 1.3%
Angi, Inc. \*

8,990

146,177

Cargurus, Inc., Class A \*

6,208

231,124

EverQuote, Inc., Class A \*

17,736

405,622

fuboTV, Inc. \*

38,021

157,787

Travelzoo \*

30,317

298,016

TripAdvisor, Inc. \*

2,144

34,862

Yelp, Inc., Class A \*

13,240

413,088

Ziff Davis, Inc. \*

967

36,843

#### 1,723,519

#### Media - 0.7%
Altice USA, Inc., Class A \*

21,412

51,603

AMC Networks, Inc., Class A \*

17,373

143,153

EW Scripps Co. (The), Class A \*

47,487

116,818

Gannett Co., Inc. \*

18,446

76,182

Gray Media, Inc.

57,749

333,789

iHeartMedia, Inc., Class A \*

40,832

117,188

TEGNA, Inc.

6,558

133,324

#### 972,057

#### Wireless Telecommunication Services - 0.2%
Gogo, Inc. \*

3,415

29,335

Telephone and Data Systems, Inc.

4,883

191,609

#### 220,944

#### Total Communication Services

#### 4,782,411

#### Consumer Discretionary - 9.8%

#### Automobile Components - 1.2%
American Axle & Manufacturing

Holdings, Inc. \*

64,101

385,247

Garrett Motion, Inc. (Switzerland)

20,645

281,185

Goodyear Tire & Rubber Co. (The) \*

20,519

153,482

Modine Manufacturing Co. \*

40,800

Motorcar Parts of America, Inc. \*

8,570

141,748

Patrick Industries, Inc.

3,027

313,083

Strattec Security Corp. \*

3,324

226,231

Visteon Corp.

49,622

#### 1,591,398

#### INVESTMENTS

#### SHARES

#### VALUE ($)

#### Broadline Retail - 0.1%
Groupon, Inc. \*

5,337

#### 124,619

#### Diversified Consumer Services - 2.8%
Adtalem Global Education, Inc. \*

2,445

377,630

American Public Education, Inc. \*

19,620

774,402

Coursera, Inc. \*

34,397

402,789

Frontdoor, Inc. \*

1,007

67,761

Graham Holdings Co., Class B

50,624

Perdoceo Education Corp.

33,829

1,274,000

Strategic Education, Inc.

714

61,411

Stride, Inc. \*

3,999

595,611

Udemy, Inc. \*

18,646

130,709

#### 3,734,937

#### Hotels, Restaurants & Leisure - 1.4%
Bloomin' Brands, Inc.

45,975

329,641

Brinker International, Inc. \*

3,668

464,662

Cracker Barrel Old Country Store,

Inc.

2,952

130,065

Dine Brands Global, Inc.

4,468

110,449

El Pollo Loco Holdings, Inc. \*

14,144

137,197

Monarch Casino & Resort, Inc.

646

68,373

RCI Hospitality Holdings, Inc.

2,387

72,827

Rush Street Interactive, Inc. \*

17,852

365,609

Super Group SGHC Ltd. (Guernsey)

13,082

172,682

#### 1,851,505

#### Household Durables - 1.1%
Century Communities, Inc.

659

41,761

Cricut, Inc., Class A

10,700

67,303

Ethan Allen Interiors, Inc.

1,230

36,236

KB Home

4,244

270,088

Leggett & Platt, Inc.

4,330

38,450

M/I Homes, Inc. \*

3,179

459,175

Taylor Morrison Home Corp., Class

A \*

6,215

410,252

Tri Pointe Homes, Inc. \*

6,166

209,459

#### 1,532,724

#### Leisure Products - 0.3%
Acushnet Holdings Corp.

1,421

111,534

JAKKS Pacific, Inc.

18,008

337,290

#### 448,824

#### Specialty Retail - 2.5%
Abercrombie & Fitch Co., Class A \*

37,728

Academy Sports & Outdoors, Inc.

2,371

118,597

Asbury Automotive Group, Inc. \*

1,971

481,811

Build-A-Bear Workshop, Inc.

5,092

332,049

Genesco, Inc. \*

4,233

122,715

Group 1 Automotive, Inc.

2,004

876,770

Haverty Furniture Cos., Inc.

1,627

35,680

Lands' End, Inc. \*

3,316

46,756

ODP Corp. (The) \*

2,662

74,137

Petco Health & Wellness Co., Inc.,

Class A \*

38,040

147,215

Sally Beauty Holdings, Inc. \*

8,157

132,796

AQR Funds \| Annual Report \| September 2025

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

AQR SMALL CAP MULTI-STYLE FUND

Schedule of Investments

September 30, 2025

(Continued)

#### INVESTMENTS

#### SHARES

#### VALUE ($)

#### Specialty Retail - 2.5% (continued)
Signet Jewelers Ltd.

4,375

419,650

Sonic Automotive, Inc., Class A

626

47,632

Upbound Group, Inc.

3,777

89,250

Urban Outfitters, Inc. \*

4,929

352,078

#### 3,314,864

#### Textiles, Apparel & Luxury Goods - 0.4%
Carter's, Inc.

1,446

40,806

Figs, Inc., Class A \*

17,561

117,483

G-III Apparel Group Ltd. \*

12,955

344,733

Rocky Brands, Inc.

1,248

37,178

#### 540,200

#### Total Consumer Discretionary

#### 13,139,071

#### Consumer Staples - 3.7%

#### Beverages - 0.2%
Vita Coco Co., Inc. (The) \*

6,319

#### 268,368

#### Consumer Staples Distribution & Retail - 1.0%
Ingles Markets, Inc., Class A

7,717

536,795

Natural Grocers by Vitamin Cottage,

Inc.

964

38,560

United Natural Foods, Inc. \*

17,211

647,478

Weis Markets, Inc.

1,098

78,913

#### 1,301,746

#### Food Products - 1.7%
Cal-Maine Foods, Inc.

5,302

498,918

Dole plc

6,896

92,682

Fresh Del Monte Produce, Inc.

29,714

1,031,670

Hain Celestial Group, Inc. (The) \*

33,079

52,265

John B Sanfilippo & Son, Inc.

2,428

156,072

Lifeway Foods, Inc. \*

1,901

52,772

Seneca Foods Corp., Class A \*

3,894

420,318

#### 2,304,697

#### Household Products - 0.0%

#### †
Central Garden & Pet Co., Class A \*

1,096

#### 32,365

#### Personal Care Products - 0.1%
Nu Skin Enterprises, Inc., Class A

17,423

#### 212,386

#### Tobacco - 0.7%
Turning Point Brands, Inc.

8,673

857,413

Universal Corp.

672

37,545

#### 894,958

#### Total Consumer Staples

#### 5,014,520

#### Energy - 3.5%

#### Energy Equipment & Services - 0.6%
Liberty Energy, Inc., Class A

18,227

224,921

National Energy Services Reunited

Corp. \*

3,907

40,086

Oil States International, Inc. \*

12,681

76,847

Patterson-UTI Energy, Inc.

12,441

64,444

ProPetro Holding Corp. \*

26,795

140,406

Ranger Energy Services, Inc., Class

A

14,745

207,020

#### INVESTMENTS

#### SHARES

#### VALUE ($)

#### Energy Equipment & Services - 0.6% (continued)
RPC, Inc.

15,863

75,508

#### 829,232

#### Oil, Gas & Consumable Fuels - 2.9%
Ardmore Shipping Corp. (Ireland)

27,698

328,775

Berry Corp.

23,115

87,375

Centrus Energy Corp., Class A \*

1,442

447,121

Dorian LPG Ltd.

7,568

225,526

FutureFuel Corp.

13,593

52,741

Green Plains, Inc. \*

5,555

48,828

Gulfport Energy Corp. \*

992

179,532

Peabody Energy Corp.

23,621

626,429

PrimeEnergy Resources Corp. \*

513

85,686

REX American Resources Corp. \*

1,522

46,604

Scorpio Tankers, Inc. (Monaco)

8,833

495,090

SM Energy Co.

6,213

155,138

Teekay Corp. Ltd.

21,949

179,543

Teekay Tankers Ltd., Class A

(Canada)

17,698

894,634

#### 3,853,022

#### Total Energy

#### 4,682,254

#### Financials - 20.3%

#### Banks - 9.9%
1st Source Corp.

4,426

272,465

Amalgamated Financial Corp.

8,285

224,938

Ameris Bancorp

1,812

132,838

Associated Banc-Corp.

2,189

56,279

Atlantic Union Bankshares Corp.

1,580

55,758

Bancorp, Inc. (The) \*

3,304

247,437

BankUnited, Inc.

2,616

99,827

Bar Harbor Bankshares

2,336

71,155

Beacon Financial Corp.

6,046

143,351

Carter Bankshares, Inc. \*

2,090

40,567

Cathay General Bancorp

6,118

293,725

Central Pacific Financial Corp.

15,736

477,430

CNB Financial Corp.

8,648

209,282

Community Trust Bancorp, Inc.

5,113

286,072

ConnectOne Bancorp, Inc.

2,825

70,088

Customers Bancorp, Inc. \*

6,801

444,581

Eagle Bancorp, Inc.

9,553

193,162

Enterprise Financial Services Corp.

1,345

77,983

Farmers National Banc Corp.

2,516

36,256

First Busey Corp.

11,988

277,522

First Business Financial Services,

Inc.

2,843

145,732

First Community Bankshares, Inc.

2,312

80,458

First Financial Corp.

13,265

748,677

First Merchants Corp.

4,786

180,432

First Mid Bancshares, Inc.

2,209

83,677

Flushing Financial Corp.

2,812

38,834

Fulton Financial Corp.

5,753

107,178

Great Southern Bancorp, Inc.

7,773

476,096

Hancock Whitney Corp.

2,585

161,847

Hanmi Financial Corp.

21,357

527,304

Schedule of Investments

September 30, 2025

AQR SMALL CAP MULTI-STYLE FUND

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

AQR Funds \| Annual Report \| September 2025

(Continued)

#### INVESTMENTS

#### SHARES

#### VALUE ($)

#### Banks - 9.9% (continued)
Heritage Commerce Corp.

17,381

172,593

Heritage Financial Corp.

1,745

42,211

Home Bancorp, Inc.

3,922

213,063

HomeTrust Bancshares, Inc.

3,361

137,599

Hope Bancorp, Inc.

20,831

224,350

Horizon Bancorp, Inc.

7,321

117,209

Independent Bank Corp.

7,972

246,933

International Bancshares Corp.

10,172

699,325

Mercantile Bank Corp.

4,280

192,600

Metropolitan Bank Holding Corp.

6,357

475,631

Midland States Bancorp, Inc.

15,371

263,459

NBT Bancorp, Inc.

2,515

105,026

Northfield Bancorp, Inc.

12,707

149,943

Northrim Bancorp, Inc.

6,672

144,515

Northwest Bancshares, Inc.

7,678

95,130

OceanFirst Financial Corp.

17,440

306,421

OFG Bancorp

3,824

166,306

Old Second Bancorp, Inc.

2,400

41,484

Orrstown Financial Services, Inc.

3,160

107,377

Pathward Financial, Inc.

2,767

204,786

Peapack-Gladstone Financial Corp.

8,407

232,033

Peoples Bancorp, Inc.

1,204

36,108

Provident Financial Services, Inc.

4,829

93,103

QCR Holdings, Inc.

35,853

Renasant Corp.

5,100

188,139

S&T Bancorp, Inc.

4,944

185,845

Shore Bancshares, Inc.

10,510

172,469

Simmons First National Corp., Class

A

2,726

52,257

SmartFinancial, Inc.

4,060

145,064

South Plains Financial, Inc.

1,369

52,912

Third Coast Bancshares, Inc. \*

8,064

306,190

TrustCo Bank Corp.

5,633

204,478

UMB Financial Corp.

910

107,698

Univest Financial Corp.

12,927

388,068

Valley National Bancorp

21,204

224,762

Veritex Holdings, Inc.

3,360

112,661

WesBanco, Inc.

8,587

274,183

Westamerica Bancorp

1,618

80,884

#### 13,259,619

#### Capital Markets - 1.0%
Acadian Asset Management, Inc.

4,263

205,306

Artisan Partners Asset Management,

Inc., Class A

2,898

125,773

Diamond Hill Investment Group, Inc.

961

134,550

Donnelley Financial Solutions, Inc. \*

4,172

214,566

Piper Sandler Cos.

72,521

StoneX Group, Inc. \*

4,477

451,819

Victory Capital Holdings, Inc., Class

A

1,963

127,124

Virtus Investment Partners, Inc.

70,881

#### 1,402,540

#### INVESTMENTS

#### SHARES

#### VALUE ($)

#### Consumer Finance - 1.9%
Atlanticus Holdings Corp. \*

970

56,823

Bread Financial Holdings, Inc.

12,187

679,669

Dave, Inc. \*

511

101,868

Enova International, Inc. \*

2,754

316,958

Green Dot Corp., Class A \*

13,127

176,296

Oportun Financial Corp. \*

32,370

199,723

OppFi, Inc.

24,445

276,962

PROG Holdings, Inc.

1,112

35,984

Regional Management Corp.

10,014

390,145

Upstart Holdings, Inc. \*

572

29,057

World Acceptance Corp. \*

1,745

295,149

#### 2,558,634

#### Financial Services - 2.1%
Banco Latinoamericano de

Comercio Exterior SA, Class E

(Panama)

8,338

383,298

International Money Express, Inc. \*

4,163

58,157

Jackson Financial, Inc., Class A

8,481

858,532

NCR Atleos Corp. \*

7,988

314,008

NewtekOne, Inc.

10,412

119,218

Onity Group, Inc. \*

2,328

93,027

Pagseguro Digital Ltd., Class A

(Brazil)

45,978

459,780

Paysafe Ltd. \*

15,564

201,087

Priority Technology Holdings, Inc. \*

26,220

180,131

Radian Group, Inc.

1,481

53,642

Sezzle, Inc. \*

1,674

133,133

#### 2,854,013

#### Insurance - 5.2%
American Coastal Insurance Corp.

12,239

139,402

Donegal Group, Inc., Class A

9,375

181,781

Employers Holdings, Inc.

13,872

589,283

Fidelis Insurance Holdings Ltd.

(United Kingdom)

34,922

633,834

Genworth Financial, Inc., Class A \*

80,234

714,083

Greenlight Capital Re Ltd., Class A \*

5,579

70,853

Hamilton Insurance Group Ltd.,

Class B \*

8,019

198,871

HCI Group, Inc.

2,291

439,712

Heritage Insurance Holdings, Inc. \*

15,545

391,423

Horace Mann Educators Corp.

6,336

286,197

Investors Title Co.

580

155,341

James River Group Holdings Ltd.

35,537

197,230

Mercury General Corp.

10,190

863,908

ProAssurance Corp. \*

2,603

62,446

Root, Inc., Class A \*

1,038

92,911

Safety Insurance Group, Inc.

3,884

274,560

Selective Insurance Group, Inc.

4,313

349,655

SiriusPoint Ltd. (Sweden) \*

7,840

141,826

Skyward Specialty Insurance Group,

Inc. \*

2,744

130,505

Stewart Information Services Corp.

3,042

223,040

United Fire Group, Inc.

3,449

104,919

AQR Funds \| Annual Report \| September 2025

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

AQR SMALL CAP MULTI-STYLE FUND

Schedule of Investments

September 30, 2025

(Continued)

#### INVESTMENTS

#### SHARES

#### VALUE ($)

#### Insurance - 5.2% (continued)
Universal Insurance Holdings, Inc.

25,761

677,514

#### 6,919,294

#### Mortgage Real Estate Investment Trusts (REITs) - 0.2%
Arbor Realty Trust, Inc.

6,322

77,191

Blackstone Mortgage Trust, Inc.,

Class A

9,163

168,691

#### 245,882

#### Total Financials

#### 27,239,982

#### Health Care - 12.0%

#### Biotechnology - 6.2%
ACADIA Pharmaceuticals, Inc. \*

12,195

260,241

ADMA Biologics, Inc. \*

30,828

451,938

Agios Pharmaceuticals, Inc. \*

4,545

182,436

Akero Therapeutics, Inc. \*

1,243

59,018

Aldeyra Therapeutics, Inc. \*

12,135

63,345

Alkermes plc \*

31,888

956,640

Arcellx, Inc. \*

542

44,498

Aurinia Pharmaceuticals, Inc.

(Canada) \*

5,299

58,554

Bridgebio Pharma, Inc. \*

3,634

188,750

CareDx, Inc. \*

6,416

93,289

Catalyst Pharmaceuticals, Inc. \*

51,253

1,009,684

Coherus Oncology, Inc. \*

45,397

74,451

Emergent BioSolutions, Inc. \*

44,160

389,491

GRAIL, Inc. \*

3,513

207,724

Keros Therapeutics, Inc. \*

8,146

128,870

Krystal Biotech, Inc. \*

1,043

184,121

Kura Oncology, Inc. \*

33,934

300,316

Madrigal Pharmaceuticals, Inc. \*

549

251,804

Monte Rosa Therapeutics, Inc. \*

35,714

264,641

Myriad Genetics, Inc. \*

49,986

361,399

Novavax, Inc. \*

33,877

293,714

Organogenesis Holdings, Inc., Class

A \*

46,378

195,715

PDL BioPharma, Inc. (3)\*

32,677

1,029

Precigen, Inc. \*

8,534

28,077

Protagonist Therapeutics, Inc. \*

1,159

76,992

PTC Therapeutics, Inc. \*

11,750

721,097

Rhythm Pharmaceuticals, Inc. \*

2,194

221,572

Rigel Pharmaceuticals, Inc. \*

13,990

396,337

Scholar Rock Holding Corp. \*

1,815

67,591

Stoke Therapeutics, Inc. \*

12,666

297,651

TG Therapeutics, Inc. \*

4,581

165,489

Travere Therapeutics, Inc. \*

4,961

118,568

UroGen Pharma Ltd. \*

3,640

72,618

Veracyte, Inc. \*

1,680

57,674

Vericel Corp. \*

1,151

36,222

#### 8,281,556

#### Health Care Equipment & Supplies - 0.7%
Bioventus, Inc., Class A \*

13,924

93,152

Embecta Corp.

6,067

85,605

Inogen, Inc. \*

15,863

129,601

#### INVESTMENTS

#### SHARES

#### VALUE ($)

#### Health Care Equipment & Supplies - 0.7% (continued)
Integer Holdings Corp. \*

36,062

iRhythm Technologies, Inc. \*

47,297

Lantheus Holdings, Inc. \*

1,776

91,091

LeMaitre Vascular, Inc.

1,143

100,024

Tactile Systems Technology, Inc. \*

23,272

322,084

#### 904,916

#### Health Care Providers & Services - 2.6%
AdaptHealth Corp., Class A \*

52,167

466,895

Alignment Healthcare, Inc. \*

5,777

100,809

Community Health Systems, Inc. \*

29,250

93,892

Concentra Group Holdings Parent,

Inc.

4,674

97,827

CorVel Corp. \*

7,221

559,050

Cross Country Healthcare, Inc. \*

1,198

17,011

DocGo, Inc. \*

60,410

82,158

Ensign Group, Inc. (The)

3,439

594,156

GeneDx Holdings Corp. \*

850

91,579

Hims & Hers Health, Inc. \*

9,119

517,230

Owens & Minor, Inc. \*

10,112

48,537

Pediatrix Medical Group, Inc. \*

43,760

732,980

Select Medical Holdings Corp.

2,792

35,849

#### 3,437,973

#### Health Care Technology - 0.4%
Teladoc Health, Inc. \*

26,485

204,729

TruBridge, Inc. \*

12,092

243,896

Waystar Holding Corp. \*

4,571

173,332

#### 621,957

#### Life Sciences Tools & Services - 0.2%
Niagen Bioscience, Inc. \*

26,864

250,641

Quanterix Corp. \*

8,176

44,396

#### 295,037

#### Pharmaceuticals - 1.9%
Amneal Pharmaceuticals, Inc. \*

60,740

608,007

Amphastar Pharmaceuticals, Inc. \*

1,565

41,707

Collegium Pharmaceutical, Inc. \*

6,143

214,944

CorMedix, Inc. \*

11,625

135,199

Harmony Biosciences Holdings,

Inc. \*

9,292

256,087

Innoviva, Inc. \*

10,755

196,279

Pacira BioSciences, Inc. \*

16,513

425,540

Phibro Animal Health Corp., Class A

6,843

276,868

Prestige Consumer Healthcare,

Inc. \*

567

35,381

SIGA Technologies, Inc.

32,691

299,123

Supernus Pharmaceuticals, Inc. \*

1,151

55,006

#### 2,544,141

#### Total Health Care

#### 16,085,580
Schedule of Investments

September 30, 2025

AQR SMALL CAP MULTI-STYLE FUND

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

AQR Funds \| Annual Report \| September 2025

(Continued)

#### INVESTMENTS

#### SHARES

#### VALUE ($)

#### Industrials - 16.8%

#### Aerospace & Defense - 1.9%
AAR Corp. \*

1,965

176,202

AeroVironment, Inc. \*

687

216,329

Archer Aviation, Inc., Class A \*

26,952

258,200

Astronics Corp. \*

1,040

47,434

Byrna Technologies, Inc. \*

9,822

217,656

Ducommun, Inc. \*

1,921

184,666

Intuitive Machines, Inc. \*

11,754

123,652

Kratos Defense & Security

Solutions, Inc. \*

5,904

539,448

Moog, Inc., Class A

1,353

280,977

National Presto Industries, Inc.

997

111,814

V2X, Inc. \*

6,121

355,569

#### 2,511,947

#### Air Freight & Logistics - 0.1%
Hub Group, Inc., Class A

4,758

#### 163,865

#### Building Products - 0.9%
Apogee Enterprises, Inc.

5,518

240,419

Insteel Industries, Inc.

2,902

111,263

UFP Industries, Inc.

9,180

858,238

#### 1,209,920

#### Commercial Services & Supplies - 0.9%
ACCO Brands Corp.

30,248

120,690

Deluxe Corp.

4,580

88,669

Ennis, Inc.

7,300

133,444

GEO Group, Inc. (The) \*

5,381

110,257

Healthcare Services Group, Inc. \*

8,733

146,976

Interface, Inc., Class A

14,577

421,858

Pitney Bowes, Inc.

4,199

47,911

Quad/Graphics, Inc.

5,514

34,518

Steelcase, Inc., Class A

3,741

64,345

UniFirst Corp.

35,611

#### 1,204,279

#### Construction & Engineering - 3.8%
Argan, Inc.

5,100

1,377,255

Dycom Industries, Inc. \*

514

149,965

Fluor Corp. \*

19,846

834,921

Granite Construction, Inc.

37,391

IES Holdings, Inc. \*

560

222,684

Limbach Holdings, Inc. \*

524

50,891

Matrix Service Co. \*

3,626

47,428

MYR Group, Inc. \*

1,745

363,012

NWPX Infrastructure, Inc. \*

1,325

70,132

Primoris Services Corp.

3,276

449,893

Sterling Infrastructure, Inc. \*

2,322

788,737

Tutor Perini Corp. \*

9,994

655,507

#### 5,047,816

#### Electrical Equipment - 2.4%
American Superconductor Corp. \*

1,847

109,693

Amprius Technologies, Inc. \*

37,564

395,173

Array Technologies, Inc. \*

7,265

59,210

Atkore, Inc.

5,558

348,709

#### INVESTMENTS

#### SHARES

#### VALUE ($)

#### Electrical Equipment - 2.4% (continued)
Bloom Energy Corp., Class A \*

2,489

210,495

EnerSys

2,157

243,655

Enovix Corp. \*

3,167

31,575

LSI Industries, Inc.

2,101

49,605

Net Power, Inc. \*

16,816

50,616

NEXTracker, Inc., Class A \*

6,663

492,995

NuScale Power Corp. \*

11,605

417,780

Powell Industries, Inc.

936

285,302

Power Solutions International, Inc. \*

2,091

205,378

Preformed Line Products Co.

548

107,490

Shoals Technologies Group, Inc.,

Class A \*

17,901

132,647

Vicor Corp. \*

3,106

154,430

#### 3,294,753

#### Ground Transportation - 0.3%
ArcBest Corp.

1,552

108,438

Covenant Logistics Group, Inc.,

Class A

11,178

242,116

#### 350,554

#### Machinery - 2.6%
Atmus Filtration Technologies, Inc.

803

36,207

Blue Bird Corp. \*

9,145

526,295

Chart Industries, Inc. \*

1,908

381,886

Enpro, Inc.

39,550

Federal Signal Corp.

2,937

349,474

Greenbrier Cos., Inc. (The)

2,463

113,717

Hyster-Yale, Inc.

3,114

114,782

Luxfer Holdings plc (United

Kingdom)

2,803

38,962

Manitowoc Co., Inc. (The) \*

24,053

240,770

Mayville Engineering Co., Inc. \*

5,167

71,098

Mueller Water Products, Inc., Class

A

3,235

82,557

Proto Labs, Inc. \*

1,767

88,403

REV Group, Inc.

19,643

1,113,169

SPX Technologies, Inc. \*

36,796

Standex International Corp.

77,767

Wabash National Corp.

3,331

32,877

Watts Water Technologies, Inc.,

Class A

628

175,388

Worthington Enterprises, Inc.

570

31,629

#### 3,551,327

#### Marine Transportation - 0.3%
Costamare, Inc. (Monaco)

28,971

345,045

Safe Bulkers, Inc. (Monaco)

17,135

76,079

#### 421,124

#### Passenger Airlines - 0.7%
Joby Aviation, Inc. \*

2,749

44,369

SkyWest, Inc. \*

4,766

479,555

Strata Critical Medical, Inc. \*

33,000

166,980

Sun Country Airlines Holdings, Inc. \*

25,080

296,195

#### 987,099

AQR Funds \| Annual Report \| September 2025

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

AQR SMALL CAP MULTI-STYLE FUND

Schedule of Investments

September 30, 2025

(Continued)

#### INVESTMENTS

#### SHARES

#### VALUE ($)

#### Professional Services - 1.8%
Barrett Business Services, Inc.

8,892

394,093

CSG Systems International, Inc.

749

48,221

Heidrick & Struggles International,

Inc.

8,548

425,434

IBEX Holdings Ltd. \*

3,675

148,911

Kelly Services, Inc., Class A

29,466

386,594

Kforce, Inc.

5,911

177,212

Legalzoom.com, Inc. \*

12,639

131,193

Mistras Group, Inc. \*

4,238

41,702

Planet Labs PBC \*

6,492

84,266

Resolute Holdings Management,

Inc. \*

4,044

291,774

TTEC Holdings, Inc. \*

9,584

32,202

Willdan Group, Inc. \*

1,646

159,152

WNS Holdings Ltd. (United

Kingdom) \*

690

52,626

#### 2,373,380

#### Trading Companies & Distributors - 1.1%
BlueLinx Holdings, Inc. \*

1,328

97,050

Boise Cascade Co.

7,362

569,230

DNOW, Inc. \*

16,409

250,237

DXP Enterprises, Inc. \*

1,041

123,952

Herc Holdings, Inc.

33,248

Hudson Technologies, Inc. \*

8,642

85,815

Rush Enterprises, Inc., Class A

5,480

293,016

#### 1,452,548

#### Total Industrials

#### 22,568,612

#### Information Technology - 20.3%

#### Communications Equipment - 1.9%
Applied Optoelectronics, Inc. \*

1,585

41,099

Aviat Networks, Inc. \*

4,423

101,419

BK Technologies Corp. \*

1,543

130,353

Calix, Inc. \*

1,124

68,980

CommScope Holding Co., Inc. \*

41,146

636,940

Digi International, Inc. \*

2,149

78,353

Extreme Networks, Inc. \*

6,882

142,113

NETGEAR, Inc. \*

25,000

809,750

NetScout Systems, Inc. \*

8,380

216,455

Viasat, Inc. \*

12,786

374,630

#### 2,600,092

#### Electronic Equipment, Instruments & Components - 4.9%
Advanced Energy Industries, Inc.

836

142,237

Arlo Technologies, Inc. \*

30,729

520,857

Bel Fuse, Inc., Class B

726

102,381

Belden, Inc.

1,229

147,812

Benchmark Electronics, Inc.

5,586

215,340

Climb Global Solutions, Inc.

40,857

Daktronics, Inc. \*

22,394

468,482

ePlus, Inc.

6,394

454,038

Fabrinet (Thailand) \*

2,096

764,244

Insight Enterprises, Inc. \*

5,484

621,940

Kimball Electronics, Inc. \*

13,928

415,890

#### INVESTMENTS

#### SHARES

#### VALUE ($)

#### Electronic Equipment, Instruments & Components - 4.9%
(continued)

M-Tron Industries, Inc. \*

824

45,715

nLight, Inc. \*

1,305

38,667

Ouster, Inc. \*

5,488

148,450

PC Connection, Inc.

6,496

402,687

Plexus Corp. \*

566

81,895

Sanmina Corp. \*

10,460

1,204,051

ScanSource, Inc. \*

10,363

455,868

TTM Technologies, Inc. \*

5,053

291,053

#### 6,562,464

#### IT Services - 0.1%
Hackett Group, Inc. (The)

9,556

#### 181,659

#### Semiconductors & Semiconductor Equipment - 4.1%
ACM Research, Inc., Class A \*

9,507

372,009

Alpha & Omega Semiconductor

Ltd. \*

3,972

111,057

Ambarella, Inc. \*

1,925

158,851

Axcelis Technologies, Inc. \*

608

59,365

Credo Technology Group Holding

Ltd. \*

7,167

1,043,587

Diodes, Inc. \*

1,152

61,298

FormFactor, Inc. \*

2,213

80,598

Kopin Corp. \*

43,175

104,915

Navitas Semiconductor Corp. \*

14,105

101,838

NVE Corp.

723

47,190

Penguin Solutions, Inc. \*

11,638

305,847

Photronics, Inc. \*

23,311

534,988

Rambus, Inc. \*

8,091

843,082

Rigetti Computing, Inc. \*

18,681

556,507

Semtech Corp. \*

4,283

306,020

Silicon Laboratories, Inc. \*

761

99,790

SiTime Corp. \*

839

252,799

SkyWater Technology, Inc. \*

4,968

92,703

Synaptics, Inc. \*

2,510

171,533

Ultra Clean Holdings, Inc. \*

6,944

189,224

#### 5,493,201

#### Software - 7.5%
8x8, Inc. \*

119,034

252,352

A10 Networks, Inc.

2,120

38,478

ACI Worldwide, Inc. \*

8,704

459,310

Adeia, Inc.

11,411

191,705

Amplitude, Inc., Class A \*

3,237

34,701

Arteris, Inc. \*

6,268

63,307

AvePoint, Inc. \*

3,293

49,428

Cerence, Inc. \*

20,987

261,498

Cipher Mining, Inc. \*

4,920

61,943

Cleanspark, Inc. \*

13,483

195,503

Clear Secure, Inc., Class A

17,489

583,783

Commvault Systems, Inc. \*

3,374

636,944

Consensus Cloud Solutions, Inc. \*

24,795

728,229

Core Scientific, Inc. \*

11,912

213,701

Daily Journal Corp. \*

500

232,570

Digital Turbine, Inc. \*

29,430

188,352

D-Wave Quantum, Inc. (Canada) \*

27,811

687,210

Schedule of Investments

September 30, 2025

AQR SMALL CAP MULTI-STYLE FUND

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

AQR Funds \| Annual Report \| September 2025

(Continued)

#### INVESTMENTS

#### SHARES

#### VALUE ($)

#### Software - 7.5% (continued)
Five9, Inc. \*

4,889

118,314

Freshworks, Inc., Class A \*

5,413

63,711

InterDigital, Inc.

3,849

1,328,790

Life360, Inc. \*

818

86,953

LiveRamp Holdings, Inc. \*

4,112

111,600

MARA Holdings, Inc. \*

7,066

129,025

Mitek Systems, Inc. \*

8,063

78,775

OneSpan, Inc.

15,139

240,559

Ooma, Inc. \*

3,003

36,006

Pagaya Technologies Ltd., Class A \*

8,327

247,229

PagerDuty, Inc. \*

7,153

118,168

Porch Group, Inc. \*

16,157

271,114

Progress Software Corp. \*

5,680

249,522

Q2 Holdings, Inc. \*

31,562

Qualys, Inc. \*

4,956

655,827

Sapiens International Corp. NV

(Israel)

1,250

53,750

SoundHound AI, Inc. \*

21,414

344,337

SPS Commerce, Inc. \*

3,897

405,834

Varonis Systems, Inc., Class B \*

647

37,183

Verint Systems, Inc. \*

2,783

56,356

Workiva, Inc. \*

2,781

239,388

Xperi, Inc. \*

10,631

68,889

Zeta Global Holdings Corp., Class

A \*

8,754

173,942

#### 10,025,848

#### Technology Hardware, Storage & Peripherals - 1.8%
CompoSecure, Inc., Class A \*

30,398

632,886

Corsair Gaming, Inc. \*

4,729

42,183

CPI Card Group, Inc. \*

3,824

57,895

Diebold Nixdorf, Inc. \*

5,074

289,370

Eastman Kodak Co. \*

12,987

83,247

Immersion Corp.

6,647

48,789

IonQ, Inc. \*

13,407

824,531

Quantum Computing, Inc. \*

9,749

179,479

Turtle Beach Corp. \*

9,973

158,571

Xerox Holdings Corp.

22,128

83,201

#### 2,400,152

#### Total Information Technology

#### 27,263,416

#### Materials - 2.5%

#### Chemicals - 0.2%
AdvanSix, Inc.

4,923

95,408

Cabot Corp.

1,859

141,377

Koppers Holdings, Inc.

1,299

36,372

#### 273,157

#### Construction Materials - 0.2%
Knife River Corp. \*

2,158

165,885

United States Lime & Minerals, Inc.

55,383

#### 221,268

#### Containers & Packaging - 0.0%

#### †
Myers Industries, Inc.

2,290

#### 38,792

#### INVESTMENTS

#### SHARES

#### VALUE ($)

#### Metals & Mining - 2.1%
Alpha Metallurgical Resources, Inc.

\*

1,585

260,083

Coeur Mining, Inc. \*

27,868

522,804

Commercial Metals Co.

12,709

727,972

Constellium SE, Class A \*

16,570

246,562

Hecla Mining Co.

8,884

107,496

Metallus, Inc. \*

6,794

112,305

Olympic Steel, Inc.

4,270

130,021

Ryerson Holding Corp.

7,379

168,684

SSR Mining, Inc. (Canada) \*

13,903

339,511

SunCoke Energy, Inc.

16,546

135,015

#### 2,750,453

#### Total Materials

#### 3,283,670

#### Real Estate - 0.9%

#### Health Care REITs - 0.3%
American Healthcare REIT, Inc.,

REIT

10,691

#### 449,129

#### Office REITs - 0.2%
NET Lease Office Properties, REIT

6,779

#### 201,065

#### Real Estate Management & Development - 0.4%
Forestar Group, Inc. \*

10,063

267,575

RE/MAX Holdings, Inc., Class A \*

22,756

214,589

#### 482,164

#### Retail REITs - 0.0%

#### †
SITE Centers Corp., REIT

3,957

#### 35,653

#### Total Real Estate

#### 1,168,011

#### Utilities - 0.6%

#### Electric Utilities - 0.5%
Oklo, Inc. \*

3,227

360,230

TXNM Energy, Inc.

4,036

228,236

#### 588,466

#### Multi-Utilities - 0.1%
Northwestern Energy Group, Inc.

2,797

#### 163,932

#### Total Utilities

#### 752,398

#### TOTAL COMMON STOCKS
(Cost $79,141,995)

#### 125,979,925

#### SHORT-TERM INVESTMENTS - 5.6%

#### INVESTMENT COMPANIES - 5.6%
Limited Purpose Cash Investment

Fund, 4.13% (a)

(Cost $7,510,321)

7,512,936

#### 7,511,434

#### TOTAL INVESTMENTS IN SECURITIES

#### AT VALUE - 99.6%
(Cost $86,652,316)

#### 133,491,359

#### OTHER ASSETS IN EXCESS OF

#### LIABILITIES - 0.4% ‡

#### 541,657

#### NET ASSETS - 100.0%

#### 134,033,016

AQR Funds \| Annual Report \| September 2025

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

AQR SMALL CAP MULTI-STYLE FUND

Schedule of Investments

September 30, 2025

#### SECTOR

#### VALUE

#### % OF NET

#### ASSETS
Communication Services

$

4,782,411

.6

%

Consumer Discretionary

13,139,071

.8

Consumer Staples

5,014,520

.7

Energy

4,682,254

.5

Financials

27,239,982

.3

Health Care

16,085,580

.0

Industrials

22,568,612

.8

Information Technology

27,263,416

.3

Materials

3,283,670

.5

Real Estate

1,168,011

.9

Utilities

752,398

.6

Investment Companies

7,511,434

.6

#### Total Investments In Securities

#### At Value

#### 133,491,359

#### 99

#### .6
Other Assets in Excess of

Liabilities ‡

541,657

.4

#### Net Assets

#### $

#### 134,033,016

#### 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 September 30, 2025.

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

(3) Security fair valued using significant unobservable inputs (Level 3) in accordance with procedures approved by the Board of Trustees (See Note 4).

#### Futures contracts outstanding as of September 30, 2025:

#### Exchange-Traded

#### DESCRIPTION

#### NUMBER OF

#### CONTRACTS

#### EXPIRATION

#### DATE

#### TRADING

#### CURRENCY

#### NOTIONAL

#### AMOUNT

#### UNREALIZED

#### APPRECIATION
(DEPRECIATION)

#### Long Contracts
Russell 2000 E-Mini Index

12/2025

USD

$

6,138,750

$

26,025

#### Net unrealized appreciation

#### $

#### 26,025
Collateral pledged to (received from) each counterparty at September 30, 2025 was as follows:

#### COUNTERPARTY

#### OVER-THE-COUNTER

#### EXCHANGE-TRADED

#### TOTAL

#### JPMS
Cash

$

–

$

446,286

$

446,286

Schedule of Investments

September 30, 2025

AQR INTERNATIONAL MULTI-STYLE FUND

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

(Continued)

AQR Funds \| Annual Report \| September 2025

#### INVESTMENTS

#### SHARES

#### VALUE ($)

#### COMMON STOCKS - 95.9%

#### Australia - 5.8%
Aristocrat Leisure Ltd.

110,751

5,127,049

BHP Group Ltd.

372,078

10,394,081

BlueScope Steel Ltd.

386,597

5,807,029

Brambles Ltd.

228,202

3,744,261

Fortescue Ltd.

621,527

7,697,269

REA Group Ltd.

5,220

798,233

Rio Tinto Ltd.

8,995

725,565

Tabcorp Holdings Ltd.

57,040

38,737

Telstra Group Ltd.

1,160,321

3,699,248

Wesfarmers Ltd.

75,906

4,617,615

#### 42,649,087

#### Belgium - 1.0%
Ageas SA/NV

50,510

3,503,189

Groupe Bruxelles Lambert NV

1,467

131,515

KBC Group NV

1,805

216,309

UCB SA

11,574

3,230,708

#### 7,081,721

#### Brazil - 0.6%
Wheaton Precious Metals Corp. (1)

36,790

#### 4,117,033

#### Canada - 11.3%
Agnico Eagle Mines Ltd. (1)

28,627

4,821,563

AltaGas Ltd. (1)

15,154

466,914

ARC Resources Ltd. (1)

206,456

3,765,074

Bank of Nova Scotia (The) (1)

25,211

1,630,192

Canadian Imperial Bank of

Commerce (1)

3,612

288,633

CCL Industries, Inc., Class B (1)

4,615

260,114

Celestica, Inc. (1)\*

3,625

892,041

CGI, Inc. (1)

27,366

2,437,515

Descartes Systems Group, Inc.

(The) (1)\*

9,795

922,280

Dollarama, Inc. (1)

14,320

1,888,548

Empire Co. Ltd., Class A (1)

125,017

4,487,030

Fairfax Financial Holdings Ltd. (1)

5,504

9,629,330

George Weston Ltd. (1)

34,902

2,128,929

Great-West Lifeco, Inc. (1)

6,006

243,744

iA Financial Corp., Inc. (1)

22,811

2,593,508

Imperial Oil Ltd. (1)

59,544

5,399,050

Intact Financial Corp. (1)

7,051

1,371,847

Kinross Gold Corp. (1)

344,126

8,540,714

Loblaw Cos. Ltd. (1)

112,372

4,346,472

Manulife Financial Corp. (1)

213,943

6,665,638

Metro, Inc., Class A (1)

3,144

211,159

National Bank of Canada (1)

1,919

203,841

Onex Corp. (1)

4,373

388,030

Open Text Corp. (1)

93,351

3,489,343

Power Corp. of Canada (1)

5,259

227,561

Royal Bank of Canada (1)

23,203

3,419,846

Shopify, Inc., Class A (1)\*

15,299

2,272,919

Stantec, Inc. (1)

5,133

553,576

Suncor Energy, Inc. (1)

205,167

8,585,849

Thomson Reuters Corp. (1)

11,351

1,762,557

#### 83,893,817

#### INVESTMENTS

#### SHARES

#### VALUE ($)

#### China - 1.6%
BOC Hong Kong Holdings Ltd.

332,000

1,555,345

Prosus NV

141,305

9,992,390

SITC International Holdings Co.

Ltd. (1)

98,000

377,294

#### 11,925,029

#### Denmark - 2.4%
AP Moller - Maersk A/S, Class B

3,908

7,682,253

Danske Bank A/S

28,361

1,211,428

Genmab A/S \*

11,898

3,671,107

Pandora A/S

20,848

2,725,822

ROCKWOOL A/S, Class B

63,940

2,383,772

#### 17,674,382

#### Finland - 1.0%
Elisa OYJ

15,955

837,450

Fortum OYJ

11,887

225,623

Nokia OYJ

124,892

600,581

Nordea Bank Abp

78,085

1,285,574

Wartsila OYJ Abp

156,900

4,706,166

#### 7,655,394

#### France - 7.8%
AXA SA

118,661

5,690,390

BNP Paribas SA

64,665

5,914,442

Cie de Saint-Gobain SA

48,118

5,213,661

Credit Agricole SA

418,443

8,245,870

Dassault Aviation SA

5,041

1,698,177

Eiffage SA

16,907

2,166,089

Engie SA

36,370

781,829

Ipsen SA

15,664

2,103,304

Orange SA

422,673

6,856,168

Publicis Groupe SA

45,257

4,355,230

Societe Generale SA

128,095

8,528,093

Sodexo SA

11,989

756,437

Teleperformance SE

21,327

1,592,986

Thales SA

6,342

2,004,797

TotalEnergies SE

9,526

580,216

Unibail-Rodamco-Westfield, REIT \*

4,856

511,408

#### 56,999,097

#### Germany - 8.6%
Allianz SE (Registered)

5,066

2,131,401

Commerzbank AG

205,442

7,778,449

Deutsche Bank AG (Registered)

300,935

10,657,852

Deutsche Boerse AG

5,597

1,498,827

Deutsche Lufthansa AG (Registered)

122,886

1,042,957

Deutsche Telekom AG (Registered)

240,972

8,209,788

Fresenius SE & Co. KGaA

12,270

685,715

Hannover Rueck SE

2,264

683,182

Heidelberg Materials AG

3,572

807,435

Knorr-Bremse AG

10,681

1,004,962

LEG Immobilien SE

4,426

352,742

Muenchener Rueckversicherungs-

Gesellschaft AG in Muenchen

(Registered)

6,521

4,163,490

Rheinmetall AG

3,108

7,270,144

RWE AG

18,330

815,295

SAP SE

37,080

9,928,810

Siemens Energy AG \*

3,772

443,508

AQR Funds \| Annual Report \| September 2025

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

AQR INTERNATIONAL MULTI-STYLE FUND

Schedule of Investments

September 30, 2025

(Continued)

#### INVESTMENTS

#### SHARES

#### VALUE ($)

#### Germany - 8.6% (continued)
Talanx AG

40,087

5,344,694

#### 62,819,251

#### Hong Kong - 1.4%
HKT Trust & HKT Ltd.

144,000

212,907

Hong Kong Exchanges & Clearing

Ltd.

32,300

1,833,689

Link, REIT

39,000

200,382

Power Assets Holdings Ltd.

74,000

468,393

Swire Pacific Ltd., Class A (1)

25,000

211,868

WH Group Ltd. (a)

7,000,500

7,581,199

#### 10,508,438

#### Italy - 3.2%
Banco BPM SpA

39,063

586,277

Generali

5,453

214,303

Leonardo SpA

152,699

9,770,702

Poste Italiane SpA (a)

12,801

304,293

UniCredit SpA

132,375

10,073,091

Unipol Assicurazioni SpA

100,532

2,161,195

#### 23,109,861

#### Japan - 19.4%
Advantest Corp.

71,200

7,044,725

Aisin Corp.

76,300

1,317,712

Bandai Namco Holdings, Inc.

18,900

628,832

Bridgestone Corp.

39,600

1,830,239

Capcom Co. Ltd.

18,500

502,294

Chugai Pharmaceutical Co. Ltd.

118,600

5,258,073

Daito Trust Construction Co. Ltd.

123,000

2,698,774

Denso Corp.

17,700

254,733

Fujitsu Ltd.

87,600

2,054,950

Hitachi Ltd.

39,000

1,033,230

Honda Motor Co. Ltd.

100,900

1,041,220

Hoya Corp.

46,400

6,415,745

Idemitsu Kosan Co. Ltd.

473,100

3,236,757

Inpex Corp.

208,700

3,757,785

ITOCHU Corp.

105,100

5,980,021

Japan Post Insurance Co. Ltd.

143,800

4,075,442

Japan Tobacco, Inc.

35,000

1,147,897

Kawasaki Kisen Kaisha Ltd.

167,100

2,375,974

Komatsu Ltd.

9,300

323,986

Konami Group Corp.

27,100

3,909,499

M3, Inc.

12,400

200,735

Makita Corp.

61,100

1,980,337

Marubeni Corp.

68,100

1,699,246

Mitsubishi Electric Corp.

121,300

3,115,438

MonotaRO Co. Ltd.

150,300

2,182,169

MS&AD Insurance Group Holdings,

Inc.

157,500

3,566,736

Murata Manufacturing Co. Ltd.

21,600

410,056

Nexon Co. Ltd.

222,800

4,889,479

Nintendo Co. Ltd.

61,000

5,277,674

Nippon Steel Corp.

712,500

2,934,604

Nippon Yusen KK

236,000

8,053,536

Nitto Denko Corp.

90,800

2,152,391

Nomura Holdings, Inc.

609,000

4,463,163

Obayashi Corp.

120,600

1,979,470

Oracle Corp. Japan

2,000

204,206

Otsuka Corp.

47,400

989,437

#### INVESTMENTS

#### SHARES

#### VALUE ($)

#### Japan - 19.4% (continued)
Panasonic Holdings Corp.

359,000

3,896,621

Renesas Electronics Corp.

38,500

442,950

SCREEN Holdings Co. Ltd.

39,300

3,561,059

Shionogi & Co. Ltd.

107,600

1,895,897

SMC Corp.

9,600

2,967,285

Sompo Holdings, Inc.

16,200

500,832

Sony Financial Group, Inc. (1)\*

143,400

159,026

Sony Group Corp.

143,400

4,122,277

Subaru Corp.

427,300

8,708,077

Sumitomo Corp.

11,300

326,943

Sumitomo Electric Industries Ltd.

57,900

1,647,490

Suzuki Motor Corp.

306,400

4,460,842

Tokyo Electron Ltd.

10,600

1,879,030

TOPPAN Holdings, Inc.

8,000

204,976

Toyota Tsusho Corp.

190,500

5,273,483

Trend Micro, Inc.

45,500

2,490,341

Yokogawa Electric Corp.

7,600

218,109

ZOZO, Inc.

132,900

1,221,172

#### 142,962,975

#### Luxembourg - 0.9%
ArcelorMittal SA

176,734

#### 6,375,841

#### Netherlands - 3.8%
ABN AMRO Bank NV, CVA (a)

119,201

3,823,915

ASML Holding NV

3,429

3,343,916

ING Groep NV

109,319

2,865,880

Koninklijke Ahold Delhaize NV

211,536

8,559,699

NN Group NV

72,939

5,143,477

Wolters Kluwer NV

29,903

4,081,757

#### 27,818,644

#### Singapore - 0.6%
CapitaLand Integrated Commercial

Trust, REIT

156,096

277,218

Genting Singapore Ltd.

2,094,600

1,194,131

Singapore Airlines Ltd.

258,000

1,304,296

Singapore Technologies Engineering

Ltd.

207,800

1,387,591

#### 4,163,236

#### South Korea - 0.1%
Delivery Hero SE \*(a)

16,156

#### 463,909

#### Spain - 2.8%
Banco Bilbao Vizcaya Argentaria SA

188,810

3,638,299

Banco Santander SA

1,097,671

11,519,309

CaixaBank SA

299,173

3,159,840

Endesa SA (1)

10,115

323,133

Repsol SA

104,717

1,862,101

#### 20,502,682

#### Sweden - 3.3%
Alfa Laval AB

4,527

206,727

Atlas Copco AB, Class B

42,828

644,453

Boliden AB \*

14,610

596,356

Essity AB, Class B

29,557

772,594

Evolution AB (a)

31,569

2,598,884

Hexagon AB, Class B

24,590

293,436

Investor AB, Class B

44,280

1,386,156

Saab AB, Class B

131,347

8,070,252

Schedule of Investments

September 30, 2025

AQR INTERNATIONAL MULTI-STYLE FUND

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

AQR Funds \| Annual Report \| September 2025

(Continued)

#### INVESTMENTS

#### SHARES

#### VALUE ($)

#### Sweden - 3.3% (continued)
SKF AB, Class B

191,684

4,767,412

Svenska Handelsbanken AB, Class

A

16,287

212,507

Swedish Orphan Biovitrum AB \*

13,198

403,440

Telefonaktiebolaget LM Ericsson,

Class B

67,988

563,349

Volvo AB, Class B

120,441

3,463,595

#### 23,979,161

#### Switzerland - 2.6%
ABB Ltd. (Registered)

169,301

12,251,184

Helvetia Holding AG (Registered)

850

208,879

Sandoz Group AG

21,490

1,281,722

Schindler Holding AG

7,093

2,697,300

Zurich Insurance Group AG

3,792

2,710,458

#### 19,149,543

#### United Kingdom - 10.7%
3i Group plc

30,804

1,698,008

BAE Systems plc

239,239

6,659,560

Barclays plc

2,137,328

10,997,249

British American Tobacco plc

52,898

2,813,502

BT Group plc

1,879,479

4,835,331

Centrica plc

2,805,736

6,300,534

HSBC Holdings plc

96,317

1,359,333

Imperial Brands plc

24,800

1,053,540

International Consolidated Airlines

Group SA

301,627

1,578,550

Kingfisher plc

57,557

239,769

Lloyds Banking Group plc

751,673

850,582

London Stock Exchange Group plc

14,143

1,621,963

NatWest Group plc

1,439,387

10,166,899

Rolls-Royce Holdings plc

823,568

13,238,249

Standard Chartered plc

336,133

6,523,523

Tesco plc

805,457

4,827,660

Unilever plc

15,031

888,462

Vodafone Group plc

2,142,209

2,491,183

#### 78,143,897

#### United States - 7.0%
Amrize Ltd. \*

14,221

695,348

GSK plc

212,104

4,554,293

Holcim AG

14,221

1,213,401

James Hardie Industries plc,

CHESS \*

12,915

239,695

Novartis AG (Registered)

130,894

16,830,139

Roche Holding AG

44,516

14,823,095

Sanofi SA

59,354

5,620,462

Shell plc

191,540

6,826,685

Swiss Re AG

1,183

219,715

#### 51,022,833

#### TOTAL COMMON STOCKS
(Cost $463,880,239)

#### 703,015,831

#### INVESTMENTS

#### SHARES

#### VALUE ($)

#### SHORT-TERM INVESTMENTS - 3.8%

#### INVESTMENT COMPANIES - 3.8%
Limited Purpose Cash Investment

Fund, 4.13% (1)(b)

(Cost $27,687,382)

27,698,418

#### 27,692,878

#### TOTAL INVESTMENTS IN SECURITIES

#### AT VALUE - 99.7%
(Cost $491,567,621)

#### 730,708,709

#### OTHER ASSETS IN EXCESS OF

#### LIABILITIES - 0.3% ‡

#### 2,011,452

#### NET ASSETS - 100.0%

#### 732,720,161

#### SECTOR

#### VALUE

#### % OF NET

#### ASSETS
Communication Services

$

46,874,483

.4

%

Consumer Discretionary

58,772,506

.0

Consumer Staples

38,818,143

.3

Energy

34,013,516

.6

Financials

191,246,262

.1

Health Care

66,974,436

.1

Industrials

151,476,750

.7

Information Technology

44,039,052

.0

Materials

57,378,439

.8

Real Estate

4,040,523

.6

Utilities

9,381,721

.3

Investment Companies

27,692,878

.8

#### Total Investments In Securities

#### At Value

#### 730,708,709

#### 99

#### .7
Other Assets in Excess of

Liabilities ‡

2,011,452

.3

#### Net Assets

#### $

#### 732,720,161

#### 100

#### .0

#### %

AQR Funds \| Annual Report \| September 2025

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

AQR INTERNATIONAL MULTI-STYLE FUND

Schedule of Investments

September 30, 2025

\* Non-income producing security.

‡ Includes appreciation (depreciation) on futures contracts.

(a) Security exempt from registration under Rule 144A or section 4(2) of the Securities Act of 1933. Under procedures approved by the Board of

Trustees, such securities have been determined to be liquid by the investment adviser and may be resold, normally to qualified institutional buyers

in transactions exempt from registration. Total value of all such securities at September 30, 2025 amounted to $14,772,200 of investments in

securities, which represents 2.02% of net assets of the Fund.

(b) Represents 7-day effective yield as of September 30, 2025.

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 September 30, 2025:

#### Exchange-Traded

#### DESCRIPTION

#### NUMBER OF

#### CONTRACTS

#### EXPIRATION

#### DATE

#### TRADING

#### CURRENCY

#### NOTIONAL

#### AMOUNT

#### UNREALIZED

#### APPRECIATION
(DEPRECIATION)

#### Long Contracts
MSCI EAFE Index

12/2025

USD

$

23,814,315

$

102,751

#### Net unrealized appreciation

#### $

#### 102,751
Collateral pledged to (received from) each counterparty at September 30, 2025 was as follows:

#### COUNTERPARTY

#### OVER-THE-COUNTER

#### EXCHANGE-TRADED

#### TOTAL

#### JPMS
Cash

$

–

$

702,813

$

702,813

Schedule of Investments

September 30, 2025

AQR EMERGING MULTI-STYLE II FUND

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

(Continued)

AQR Funds \| Annual Report \| September 2025

#### INVESTMENTS

#### SHARES

#### VALUE ($)

#### COMMON STOCKS - 93.5%

#### Brazil - 2.9%
Banco do Brasil SA (1)

1,805,100

7,492,068

BB Seguridade Participacoes SA (1)

26,800

167,480

Embraer SA, ADR (1)

119,898

7,247,834

Telefonica Brasil SA (1)

156,160

999,647

TIM SA (1)

217,900

962,121

#### 16,869,150

#### Chile - 0.7%
Banco de Credito e Inversiones SA

3,863

170,695

Cencosud SA

805,426

2,292,252

Enel Chile SA, ADR (1)

62,924

244,774

Falabella SA (1)

85,523

507,038

Latam Airlines Group SA

37,895,307

860,923

#### 4,075,682

#### China - 30.3%
AAC Technologies Holdings, Inc.

76,000

446,297

Agricultural Bank of China Ltd.,

Class A

577,700

540,474

Alibaba Group Holding Ltd.

888,604

19,872,843

Anhui Conch Cement Co. Ltd.,

Class A

51,723

168,678

Autohome, Inc., ADR (1)

77,541

2,213,796

Baidu, Inc., Class A \*

14,400

238,096

Bank of Beijing Co. Ltd., Class A

535,278

413,836

Bank of China Ltd., Class A

573,300

416,647

Bank of China Ltd., Class H

3,488,000

1,906,565

Bank of Communications Co. Ltd.,

Class A

366,400

345,603

Bank of Communications Co. Ltd.,

Class H

533,000

446,603

Bank of Ningbo Co. Ltd., Class A

55,900

207,418

Bank of Shanghai Co. Ltd., Class

A (1)

214,111

269,135

Baoshan Iron & Steel Co. Ltd., Class

A

688,322

683,438

BOE Technology Group Co. Ltd.,

Class A

1,583,900

926,046

BYD Co. Ltd., Class A

68,100

1,048,840

China CITIC Bank Corp. Ltd., Class

H

6,779,000

5,820,895

China Communications Services

Corp. Ltd., Class H

1,878,000

1,108,895

China Construction Bank Corp.,

Class H

11,988,000

11,498,486

China Everbright Bank Co. Ltd.,

Class A

505,900

238,741

China Everbright Bank Co. Ltd.,

Class H (1)

702,000

292,276

China Galaxy Securities Co. Ltd.,

Class H

1,026,000

1,554,877

China Hongqiao Group Ltd.

1,645,500

5,573,036

China Merchants Bank Co. Ltd.,

Class A

103,158

585,810

China Merchants Securities Co. Ltd.,

Class A

225,800

543,760

China Merchants Shekou Industrial

Zone Holdings Co. Ltd., Class A

126,400

180,652

#### INVESTMENTS

#### SHARES

#### VALUE ($)

#### China - 30.3% (continued)
China Minsheng Banking Corp. Ltd.,

Class A

333,155

186,175

China Minsheng Banking Corp. Ltd.,

Class H

2,145,000

1,132,072

China National Building Material Co.

Ltd., Class H

1,208,000

855,968

China Overseas Land & Investment

Ltd.

287,500

529,484

China Pacific Insurance Group Co.

Ltd., Class A

59,300

292,841

China Petroleum & Chemical Corp.,

Class A

446,400

331,578

China Resources Land Ltd.

558,000

2,174,802

China State Construction

Engineering Corp. Ltd., Class A

1,076,500

824,295

China Taiping Insurance Holdings

Co. Ltd.

2,367,200

4,627,252

China Tourism Group Duty Free

Corp. Ltd., Class A

28,792

289,772

China Vanke Co. Ltd., Class A \*

175,300

169,802

China Yangtze Power Co. Ltd.,

Class A

93,300

356,785

CITIC Ltd.

3,897,000

5,708,004

CITIC Securities Co. Ltd., Class A

143,965

605,567

Far East Horizon Ltd. (1)

1,655,000

1,461,054

Foshan Haitian Flavouring & Food

Co. Ltd., Class A

34,567

189,454

Geely Automobile Holdings Ltd. (1)

1,732,000

4,351,172

Guotai Haitong Securities Co. Ltd.,

Class A

197,224

523,247

Haier Smart Home Co. Ltd., Class A

212,400

756,684

Hansoh Pharmaceutical Group Co.

Ltd. (a)

142,000

658,727

Huatai Securities Co. Ltd., Class A

128,200

392,655

Huatai Securities Co. Ltd., Class

H (a)

371,600

979,624

Huaxia Bank Co. Ltd., Class A

273,900

253,030

Industrial & Commercial Bank of

China Ltd., Class A

329,800

337,864

Industrial & Commercial Bank of

China Ltd., Class H

1,300,000

957,249

Industrial Bank Co. Ltd., Class A

145,390

405,115

Inner Mongolia Yili Industrial Group

Co. Ltd., Class A

148,900

570,711

JD.com, Inc., Class A

242,200

4,243,468

Jiangsu Hengrui Pharmaceuticals

Co. Ltd., Class A

137,638

1,382,489

Kingsoft Corp. Ltd.

1,315,000

5,834,951

Kuaishou Technology (a)

116,100

1,255,721

Kunlun Energy Co. Ltd.

2,084,000

1,861,378

Kweichow Moutai Co. Ltd., Class A

5,500

1,116,269

Lenovo Group Ltd.

810,000

1,200,250

Luxshare Precision Industry Co.

Ltd., Class A

167,407

1,527,060

Luzhou Laojiao Co. Ltd., Class A

17,500

324,547

NARI Technology Co. Ltd., Class A

250,249

807,513

NetEase, Inc.

201,900

6,132,180

New China Life Insurance Co. Ltd.,

Class A

36,300

312,631

AQR Funds \| Annual Report \| September 2025

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

AQR EMERGING MULTI-STYLE II FUND

Schedule of Investments

September 30, 2025

(Continued)

#### INVESTMENTS

#### SHARES

#### VALUE ($)

#### China - 30.3% (continued)
New China Life Insurance Co. Ltd.,

Class H

718,700

4,256,595

People's Insurance Co. Group of

China Ltd. (The), Class H

2,953,000

2,583,411

PetroChina Co. Ltd., Class A

421,600

476,591

PICC Property & Casualty Co. Ltd.,

Class H

2,018,000

4,552,313

Ping An Bank Co. Ltd., Class A

151,385

240,941

Ping An Insurance Group Co. of

China Ltd., Class A

48,800

378,242

Poly Developments and Holdings

Group Co. Ltd., Class A

151,800

167,752

Pop Mart International Group Ltd.

(a) 192,600

6,596,904

SAIC Motor Corp. Ltd., Class A

130,000

312,905

Sany Heavy Industry Co. Ltd., Class

A

166,900

544,991

Shanghai Pudong Development

Bank Co. Ltd., Class A

145,263

242,919

Shenwan Hongyuan Group Co. Ltd.,

Class A

354,200

265,520

Sinotruk Hong Kong Ltd.

1,696,500

5,002,706

Sunny Optical Technology Group

Co. Ltd.

23,300

270,260

Tencent Holdings Ltd.

324,400

27,641,995

Wuliangye Yibin Co. Ltd., Class A

22,782

389,016

WuXi AppTec Co. Ltd., Class H (a)

25,300

387,094

Wuxi Biologics Cayman, Inc. \*(a)

218,500

1,153,792

Xiaomi Corp., Class B \*(a)

1,321,400

9,183,660

Zhejiang Leapmotor Technology Co.

Ltd., Class H \*(a)

23,500

200,490

Zhongsheng Group Holdings Ltd.

55,000

102,781

#### 178,412,061

#### Hong Kong - 0.2%
Orient Overseas International Ltd.

65,500

#### 1,061,761

#### Hungary - 0.1%
OTP Bank Nyrt.

7,468

#### 646,007

#### India - 13.8%
Apollo Hospitals Enterprise Ltd.

2,543

212,355

Axis Bank Ltd., GDR (b)

8,881

568,183

Bajaj Holdings & Investment Ltd.

2,987

412,049

Bank of Baroda

1,626,937

4,737,353

Bharat Electronics Ltd.

662,219

3,014,314

Bharti Airtel Ltd.

32,045

677,735

BSE Ltd.

142,566

3,270,458

Canara Bank

4,873,890

6,791,860

Cipla Ltd.

46,564

790,009

Coal India Ltd.

998,060

4,385,505

DLF Ltd.

44,240

355,495

HCL Technologies Ltd.

194,398

3,034,833

HDFC Asset Management Co. Ltd.

(a) 17,588

1,095,729

HDFC Bank Ltd.

88,058

943,692

Hindalco Industries Ltd.

395,548

3,394,618

Hindustan Aeronautics Ltd. (b)

126,474

6,758,525

Indus Towers Ltd. \*

647,195

2,498,897

Info Edge India Ltd.

12,188

179,812

Infosys Ltd., ADR (1)

278,480

4,530,870

#### INVESTMENTS

#### SHARES

#### VALUE ($)

#### India - 13.8% (continued)
InterGlobe Aviation Ltd. (a)

73,870

4,643,961

ITC Ltd.

177,680

803,184

Larsen & Toubro Ltd., GDR (b)

14,876

617,389

Lodha Developers Ltd. (a)

17,053

218,141

Muthoot Finance Ltd.

22,601

781,568

NTPC Ltd.

820,487

3,146,312

Oil & Natural Gas Corp. Ltd.

1,568,693

4,228,184

Oil India Ltd.

35,914

167,259

Oracle Financial Services Software

Ltd.

13,529

1,280,904

Page Industries Ltd.

546

250,080

Power Finance Corp. Ltd.

487,657

2,251,942

Power Grid Corp. of India Ltd.

721,895

2,277,536

Punjab National Bank

1,061,916

1,349,395

REC Ltd.

307,398

1,289,521

Reliance Industries Ltd., GDR (a)

5,457

333,337

State Bank of India, GDR (b)

3,533

347,636

Suzlon Energy Ltd. \*

629,217

389,706

Tata Consultancy Services Ltd.

22,849

743,720

Tech Mahindra Ltd.

34,568

545,974

Union Bank of India Ltd.

1,635,855

2,550,584

Varun Beverages Ltd.

166,720

832,848

Vedanta Ltd.

809,777

4,250,375

Wipro Ltd.

143,482

387,110

#### 81,338,958

#### Indonesia - 2.1%
Alamtri Resources Indonesia Tbk.

PT

13,961,200

1,417,295

Astra International Tbk. PT

16,317,800

5,659,042

Indofood Sukses Makmur Tbk. PT

352,600

152,990

United Tractors Tbk. PT

3,022,000

4,859,708

#### 12,089,035

#### Malaysia - 0.2%
RHB Bank Bhd.

939,054

#### 1,472,162

#### Mexico - 1.9%
Alfa SAB de CV, Class A (1)

2,118,690

1,698,330

Arca Continental SAB de CV (1)

114,678

1,202,417

Controladora Alpek SAB de CV (1)\*

56,490

9,346

Grupo Aeroportuario del Centro

Norte SAB de CV, ADR (1)

2,163

224,671

Grupo Aeroportuario del Sureste

SAB de CV, ADR (1)

5,615

1,815,498

Grupo Financiero Banorte SAB de

CV, Class O (1)

461,508

4,648,975

Grupo Mexico SAB de CV, Series

B (1)

51,618

450,183

Industrias Penoles SAB de CV (1)\*

29,100

1,300,590

#### 11,350,010

#### Philippines - 0.2%
International Container Terminal

Services, Inc.

124,804

#### 1,012,149

#### Poland - 1.6%
Bank Polska Kasa Opieki SA

51,475

2,480,753

ORLEN SA

96,897

2,308,753

PGE Polska Grupa Energetyczna

SA \*

816,993

2,415,549

Schedule of Investments

September 30, 2025

AQR EMERGING MULTI-STYLE II FUND

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

AQR Funds \| Annual Report \| September 2025

(Continued)

#### INVESTMENTS

#### SHARES

#### VALUE ($)

#### Poland - 1.6% (continued)
Powszechna Kasa Oszczednosci

Bank Polski SA

85,094

1,653,435

Powszechny Zaklad Ubezpieczen

SA

34,858

522,006

#### 9,380,496

#### Russia - 0.0%
Gazprom PJSC (3)\*

863,552

–

GMK Norilskiy Nickel PAO (3)\*

679,000

–

GMK Norilskiy Nickel PAO, ADR (3)\*

–

LUKOIL PJSC (3)\*

29,987

–

Magnit PJSC (3)\*

6,681

–

Mobile TeleSystems PJSC (3)\*

306,032

–

Novatek PJSC (3)\*

71,760

–

Novolipetsk Steel PJSC (3)\*

326,680

–

PhosAgro PJSC (3)\*

3,717

–

PhosAgro PJSC, GDR (3)\*(b)

–

Polyus PJSC (3)\*

12,910

–

Rosneft Oil Co. PJSC (3)\*

106,000

–

Severstal PAO, GDR (3)\*(b)

54,062

–

Surgutneftegas PAO (3)\*

1,249,260

–

Tatneft PJSC (3)\*

134,766

–

#### –

#### Saudi Arabia - 2.3%
Arab National Bank

178,216

1,174,812

Elm Co. (1)

11,212

2,677,283

Etihad Etisalat Co. (1)

310,632

5,595,219

Riyad Bank

48,875

354,383

Saudi Arabian Mining Co. \*

66,543

1,135,755

Saudi Telecom Co.

207,170

2,436,139

#### 13,373,591

#### South Africa - 3.5%
Absa Group Ltd.

119,663

1,255,787

Exxaro Resources Ltd. (1)

6,113

63,778

Gold Fields Ltd., ADR (1)

143,709

6,030,031

Harmony Gold Mining Co. Ltd., ADR

(1) 296,301

5,377,863

Nedbank Group Ltd. (1)

124,588

1,540,216

Old Mutual Ltd.

469,381

362,688

Sibanye Stillwater Ltd. \*

1,444,447

4,085,696

Standard Bank Group Ltd.

120,379

1,646,914

#### 20,362,973

#### South Korea - 11.1%
DB Insurance Co. Ltd.

63,663

6,291,683

Doosan Bobcat, Inc.

7,986

315,945

Hana Financial Group, Inc.

91,800

5,707,661

HD Korea Shipbuilding & Offshore

Engineering Co. Ltd.

4,623

1,354,630

HMM Co. Ltd.

21,025

301,296

Hyundai Glovis Co. Ltd.

9,053

1,067,988

Hyundai Rotem Co. Ltd.

1,956

305,764

Industrial Bank of Korea

280,445

3,891,175

KB Financial Group, Inc.

10,762

888,251

Kia Corp.

53,980

3,874,517

Korea Investment Holdings Co. Ltd.

21,724

2,246,762

LG Uplus Corp.

11,488

125,656

Samsung Electronics Co. Ltd.

232,599

13,944,386

#### INVESTMENTS

#### SHARES

#### VALUE ($)

#### South Korea - 11.1% (continued)
Shinhan Financial Group Co. Ltd.

23,819

1,200,905

SK Hynix, Inc.

57,581

14,274,214

SK Square Co. Ltd. \*

16,829

2,424,045

Woori Financial Group, Inc.

392,969

7,277,453

#### 65,492,331

#### Taiwan - 18.4%
Accton Technology Corp.

78,960

2,730,532

Alchip Technologies Ltd.

3,000

344,625

ASE Technology Holding Co. Ltd.

61,840

337,670

Asustek Computer, Inc.

23,000

508,122

Compal Electronics, Inc.

1,386,560

1,481,291

Delta Electronics, Inc.

133,000

3,746,624

Evergreen Marine Corp. Taiwan Ltd.

1,171,000

6,896,873

Fubon Financial Holding Co. Ltd.

200,900

583,321

Hon Hai Precision Industry Co. Ltd.

512,760

3,661,180

International Games System Co.

Ltd.

156,000

4,039,300

MediaTek, Inc.

158,980

6,894,923

Taiwan Semiconductor

Manufacturing Co. Ltd.

1,538,900

66,846,477

United Microelectronics Corp.

2,100,580

3,159,979

Wan Hai Lines Ltd.

171,000

417,934

Yang Ming Marine Transport Corp.

2,722,000

4,747,732

Zhen Ding Technology Holding Ltd.

312,000

1,706,240

#### 108,102,823

#### Thailand - 1.8%
Delta Electronics Thailand PCL,

NVDR

189,100

928,231

Kasikornbank PCL, NVDR

508,300

2,629,113

Krung Thai Bank PCL, NVDR

7,078,300

5,415,610

SCB X PCL, NVDR

473,300

1,877,737

#### 10,850,691

#### Turkiye - 0.4%
Akbank TAS

107,162

161,941

Turk Hava Yollari AO

274,448

2,081,180

#### 2,243,121

#### United Arab Emirates - 0.9%
Aldar Properties PJSC

216,781

559,961

Dubai Islamic Bank PJSC

110,098

287,152

Emaar Properties PJSC (1)

418,516

1,486,948

Emirates NBD Bank PJSC (1)

461,167

3,050,967

First Abu Dhabi Bank PJSC (1)

36,959

157,373

#### 5,542,401

#### United Kingdom - 0.6%
Anglogold Ashanti plc

47,011

#### 3,282,495

#### United States - 0.5%
JBS NV, BDR (1)\*

146,581

2,192,002

JBS NV, Class A (1)\*

47,089

703,039

#### 2,895,041

#### TOTAL COMMON STOCKS
(Cost $382,782,169)

#### 549,852,938

AQR Funds \| Annual Report \| September 2025

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

AQR EMERGING MULTI-STYLE II FUND

Schedule of Investments

September 30, 2025

#### INVESTMENTS

#### SHARES

#### VALUE ($)

#### PREFERRED STOCKS - 1.3%

#### Brazil - 1.3%
Banco Bradesco SA (Preference) (1)

1,930,300

6,415,897

Cia Energetica de Minas Gerais

(Preference) (1)

728,920

1,527,072

#### TOTAL PREFERRED STOCKS
(Cost $6,058,259)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### 7,942,969

#### SHORT-TERM INVESTMENTS - 5.3%

#### INVESTMENT COMPANIES - 5.3%
Limited Purpose Cash Investment

Fund, 4.13% (1)(c)

(Cost $31,465,123)

31,476,854

#### 31,470,558

#### TOTAL INVESTMENTS IN SECURITIES

#### AT VALUE - 100.1%
(Cost $420,305,551)

#### 589,266,465

#### LIABILITIES IN EXCESS OF OTHER

#### ASSETS - (0.1)% ‡

#### (340,320)

#### NET ASSETS - 100.0%

#### 588,926,145

#### SECTOR

#### VALUE

#### % OF NET

#### ASSETS
Communication Services

$

60,831,265

.3

%

Consumer Discretionary

42,407,494

.2

Consumer Staples

12,467,060

.1

Energy

18,571,988

.2

Financials

150,128,796

.5

Health Care

4,584,466

.8

Industrials

67,215,563

.4

Information Technology

147,318,761

.0

Materials

36,598,071

.2

Real Estate

5,843,037

.1

Utilities

11,829,406

.0

Investment Companies

31,470,558

.3

#### Total Investments In Securities

#### At Value

#### 589,266,465

#### 100

#### .1
Liabilities in Excess of Other

Assets ‡

(340,320)

(0

.1)

#### Net Assets

#### $

#### 588,926,145

#### 100

#### .0

#### %
\* Non-income producing security.

‡ Includes appreciation (depreciation) on futures contracts.

(a) Security exempt from registration under Rule 144A or section 4(2) of the Securities Act of 1933. Under procedures approved by the Board of

Trustees, such securities have been determined to be liquid by the investment adviser and may be resold, normally to qualified institutional buyers

in transactions exempt from registration. Total value of all such securities at September 30, 2025 amounted to $26,707,180 of investments in

securities, which represents 4.53% 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 September 30,

2025 amounted to $8,291,733 of investments in securities, which represents 1.41% of net assets of the Fund.

(c) Represents 7-day effective yield as of September 30, 2025.

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 September 30, 2025:

#### Exchange-Traded

#### DESCRIPTION

#### NUMBER OF

#### CONTRACTS

#### EXPIRATION

#### DATE

#### TRADING

#### CURRENCY

#### NOTIONAL

#### AMOUNT

#### UNREALIZED

#### APPRECIATION
(DEPRECIATION)

#### Long Contracts
MSCI Emerging Markets Index

12/2025

USD

$

27,669,895

$

190,411

#### Net unrealized appreciation

#### $

#### 190,411
Collateral pledged to (received from) each counterparty at September 30, 2025 was as follows:

#### COUNTERPARTY

#### OVER-THE-COUNTER

#### EXCHANGE-TRADED

#### TOTAL

#### JPMS
Cash

$

–

$

693,385

$

693,385

Schedule of Investments

September 30, 2025

AQR LARGE CAP MOMENTUM STYLE FUND

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

(Continued)

AQR Funds \| Annual Report \| September 2025

#### INVESTMENTS

#### SHARES

#### VALUE ($)

#### COMMON STOCKS - 96.1%

#### Communication Services - 12.0%

#### Diversified Telecommunication Services - 1.0%
AST SpaceMobile, Inc. \*

18,014

884,127

AT&T, Inc.

211,494

5,972,591

#### 6,856,718

#### Entertainment - 3.6%
Electronic Arts, Inc.

6,096

1,229,563

Liberty Media Corp.-Liberty Live,

Class C \*

4,637

449,650

Netflix, Inc. \*

9,127

10,942,543

ROBLOX Corp., Class A \*

18,896

2,617,474

Spotify Technology SA \*

6,873

4,797,354

Take-Two Interactive Software, Inc. \*

2,448

632,465

Walt Disney Co. (The)

13,061

1,495,484

Warner Bros Discovery, Inc. \*

60,969

1,190,725

#### 23,355,258

#### Interactive Media & Services - 6.6%
Alphabet, Inc., Class A

45,332

11,020,209

Meta Platforms, Inc., Class A

41,956

30,811,647

Reddit, Inc., Class A \*

6,538

1,503,675

#### 43,335,531

#### Media - 0.3%
Fox Corp., Class A

30,837

#### 1,944,581

#### Wireless Telecommunication Services - 0.5%
T-Mobile US, Inc.

14,229

#### 3,406,138

#### Total Communication Services

#### 78,898,226

#### Consumer Discretionary - 10.1%

#### Automobile Components - 0.1%
QuantumScape Corp. \*

45,395

#### 559,266

#### Automobiles - 2.9%
Tesla, Inc. \*

42,946

#### 19,098,945

#### Broadline Retail - 1.2%
Amazon.com, Inc. \*

31,811

6,984,741

Coupang, Inc. (South Korea) \*

7,635

245,847

eBay, Inc.

7,392

672,303

#### 7,902,891

#### Diversified Consumer Services - 0.1%
Duolingo, Inc., Class A \*

1,629

#### 524,277

#### Hotels, Restaurants & Leisure - 2.3%
Aramark

9,846

378,086

Booking Holdings, Inc.

2,332,485

Carnival Corp. \*

27,031

781,466

Chipotle Mexican Grill, Inc., Class

A \*

59,398

2,327,808

Domino's Pizza, Inc.

1,642

708,868

DoorDash, Inc., Class A \*

7,813

2,125,058

Dutch Bros, Inc., Class A \*

9,977

522,196

Expedia Group, Inc.

830

177,412

McDonald's Corp.

1,564

475,284

Royal Caribbean Cruises Ltd.

14,740

4,769,569

#### INVESTMENTS

#### SHARES

#### VALUE ($)

#### Hotels, Restaurants & Leisure - 2.3% (continued)
Starbucks Corp.

2,633

222,752

#### 14,820,984

#### Household Durables - 0.6%
Garmin Ltd.

12,279

3,023,335

Somnigroup International, Inc.

14,032

1,183,319

#### 4,206,654

#### Specialty Retail - 2.6%
AutoNation, Inc. \*

11,403

2,494,634

Carvana Co., Class A \*

6,946

2,620,309

Dick's Sporting Goods, Inc.

7,473

1,660,650

Home Depot, Inc. (The)

6,141

2,488,272

Lowe's Cos., Inc.

5,244

1,317,870

O'Reilly Automotive, Inc. \*

18,960

2,044,077

Penske Automotive Group, Inc.

5,891

1,024,504

Ross Stores, Inc.

2,920

444,979

TJX Cos., Inc. (The)

5,956

860,880

Tractor Supply Co.

22,325

1,269,623

Williams-Sonoma, Inc.

5,622

1,098,820

#### 17,324,618

#### Textiles, Apparel & Luxury Goods - 0.3%
Amer Sports, Inc. (Finland) \*

31,667

1,100,428

Deckers Outdoor Corp. \*

1,916

194,225

Tapestry, Inc.

5,302

600,293

#### 1,894,946

#### Total Consumer Discretionary

#### 66,332,581

#### Consumer Staples - 4.7%

#### Beverages - 0.3%
Constellation Brands, Inc., Class A

4,147

558,476

Monster Beverage Corp. \*

21,254

1,430,607

#### 1,989,083

#### Consumer Staples Distribution & Retail - 3.2%
Casey's General Stores, Inc.

2,884

1,630,383

Costco Wholesale Corp.

6,245

5,780,559

Walmart, Inc.

133,199

13,727,489

#### 21,138,431

#### Food Products - 0.1%
Pilgrim's Pride Corp.

8,011

#### 326,208

#### Tobacco - 1.1%
Altria Group, Inc.

36,364

2,402,206

Philip Morris International, Inc.

29,411

4,770,464

#### 7,172,670

#### Total Consumer Staples

#### 30,626,392

#### Energy - 1.8%

#### Energy Equipment & Services - 0.2%
TechnipFMC plc (United Kingdom)

39,850

#### 1,572,083

AQR Funds \| Annual Report \| September 2025

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

AQR LARGE CAP MOMENTUM STYLE FUND

Schedule of Investments

September 30, 2025

(Continued)

#### INVESTMENTS

#### SHARES

#### VALUE ($)

#### Oil, Gas & Consumable Fuels - 1.6%
Cheniere Energy, Inc.

4,455

1,046,836

Diamondback Energy, Inc.

3,302

472,516

DT Midstream, Inc.

6,682

755,467

EQT Corp.

6,318

343,889

Exxon Mobil Corp.

1,918

216,255

Marathon Petroleum Corp.

10,106

1,947,830

Occidental Petroleum Corp.

4,478

211,585

Targa Resources Corp.

32,374

5,423,940

#### 10,418,318

#### Total Energy

#### 11,990,401

#### Financials - 17.5%

#### Banks - 6.1%
Bank of America Corp.

72,544

3,742,545

Citigroup, Inc.

51,766

5,254,249

Citizens Financial Group, Inc.

45,548

2,421,332

Commerce Bancshares, Inc.

7,527

449,814

East West Bancorp, Inc.

8,433

897,693

Fifth Third Bancorp

6,228

277,457

First Citizens BancShares, Inc.,

Class A

416,874

First Horizon Corp.

63,769

1,441,817

JPMorgan Chase & Co.

53,419

16,849,955

KeyCorp

11,409

213,234

M&T Bank Corp.

7,660

1,513,769

Synovus Financial Corp.

9,861

483,978

Wells Fargo & Co.

58,801

4,928,700

Western Alliance Bancorp

3,140

272,301

Wintrust Financial Corp.

1,608

212,964

Zions Bancorp NA

8,637

488,681

#### 39,865,363

#### Capital Markets - 5.7%
Ameriprise Financial, Inc.

6,911

3,395,029

Bank of New York Mellon Corp.

(The)

20,843

2,271,053

Blackrock, Inc.

425,542

Charles Schwab Corp. (The)

2,406

229,701

CME Group, Inc.

4,233

1,143,714

Coinbase Global, Inc., Class A \*

2,631

887,936

FactSet Research Systems, Inc.

1,562

447,497

Goldman Sachs Group, Inc. (The)

6,199

4,936,574

Interactive Brokers Group, Inc.,

Class A

18,132

1,247,663

Intercontinental Exchange, Inc.

4,335

730,361

Jefferies Financial Group, Inc.

24,961

1,632,949

LPL Financial Holdings, Inc.

10,982

3,653,601

Moody's Corp.

2,295

1,093,522

Morgan Stanley

31,752

5,047,298

MSCI, Inc., Class A

3,987

2,262,264

Nasdaq, Inc.

11,442

1,012,045

Robinhood Markets, Inc., Class A \*

31,455

4,503,727

S&P Global, Inc.

3,044

1,481,545

#### INVESTMENTS

#### SHARES

#### VALUE ($)

#### Capital Markets - 5.7% (continued)
Virtu Financial, Inc., Class A

24,845

881,997

#### 37,284,018

#### Consumer Finance - 1.0%
American Express Co.

5,135

1,705,642

Capital One Financial Corp.

9,202

1,956,161

OneMain Holdings, Inc.

11,245

634,893

SLM Corp.

10,899

301,684

SoFi Technologies, Inc. \*

46,124

1,218,596

Synchrony Financial

15,749

1,118,966

#### 6,935,942

#### Financial Services - 2.8%
Affirm Holdings, Inc., Class A \*

17,652

1,290,008

Apollo Global Management, Inc.

2,848

379,553

Berkshire Hathaway, Inc., Class B \*

7,668

3,855,010

Corebridge Financial, Inc.

5,636

180,634

Equitable Holdings, Inc.

18,138

921,048

Fiserv, Inc. \*

6,637

855,708

Mastercard, Inc., Class A

9,549

5,431,567

Toast, Inc., Class A \*

9,007

328,846

Visa, Inc., Class A

14,695

5,016,579

#### 18,258,953

#### Insurance - 1.9%
Allstate Corp. (The)

2,862

614,328

American International Group, Inc.

17,195

1,350,495

Arch Capital Group Ltd.

6,086

552,183

Arthur J Gallagher & Co.

7,060

2,186,765

Assured Guaranty Ltd.

21,907

1,854,428

Axis Capital Holdings Ltd.

5,500

526,900

Globe Life, Inc.

2,572

367,719

Lincoln National Corp.

15,597

629,027

Progressive Corp. (The)

14,432

3,563,982

Unum Group

8,377

651,563

#### 12,297,390

#### Total Financials

#### 114,641,666

#### Health Care - 5.6%

#### Biotechnology - 1.6%
AbbVie, Inc.

18,995

4,398,102

Alnylam Pharmaceuticals, Inc. \*

2,779

1,267,224

Exelixis, Inc. \*

12,472

515,093

Gilead Sciences, Inc.

8,563

950,493

Insmed, Inc. \*

2,283

328,775

Natera, Inc. \*

8,640

1,390,781

United Therapeutics Corp. \*

4,751

1,991,667

#### 10,842,135

#### Health Care Equipment & Supplies - 1.2%
Boston Scientific Corp. \*

17,375

1,696,321

Dexcom, Inc. \*

4,031

271,246

Edwards Lifesciences Corp. \*

5,160

401,293

Hologic, Inc. \*

7,943

536,073

IDEXX Laboratories, Inc. \*

3,637

2,323,643

Insulet Corp. \*

1,096

338,368

Schedule of Investments

September 30, 2025

AQR LARGE CAP MOMENTUM STYLE FUND

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

AQR Funds \| Annual Report \| September 2025

(Continued)

#### INVESTMENTS

#### SHARES

#### VALUE ($)

#### Health Care Equipment & Supplies - 1.2% (continued)
Intuitive Surgical, Inc. \*

3,924

1,754,931

Stryker Corp.

1,647

608,847

#### 7,930,722

#### Health Care Providers & Services - 1.2%
Cardinal Health, Inc.

2,021

317,216

CVS Health Corp.

12,908

973,134

Elevance Health, Inc.

3,564

1,151,600

HCA Healthcare, Inc.

3,101

1,321,646

McKesson Corp.

2,935

2,267,405

Molina Healthcare, Inc. \*

1,627

311,343

UnitedHealth Group, Inc.

3,855

1,331,131

#### 7,673,475

#### Health Care Technology - 0.5%
Doximity, Inc., Class A \*

10,845

793,312

Veeva Systems, Inc., Class A \*

9,078

2,704,427

#### 3,497,739

#### Life Sciences Tools & Services - 0.4%
Thermo Fisher Scientific, Inc.

5,257

#### 2,549,750

#### Pharmaceuticals - 0.7%
Corcept Therapeutics, Inc. \*

6,980

580,108

Eli Lilly & Co.

4,218

3,218,334

Zoetis, Inc., Class A

5,483

802,272

#### 4,600,714

#### Total Health Care

#### 37,094,535

#### Industrials - 12.8%

#### Aerospace & Defense - 4.1%
Axon Enterprise, Inc. \*

2,995

2,149,332

BWX Technologies, Inc.

2,935

541,126

Curtiss-Wright Corp.

5,358

2,909,073

GE Aerospace

28,239

8,494,856

Howmet Aerospace, Inc.

17,600

3,453,648

Lockheed Martin Corp.

5,283

2,637,326

Northrop Grumman Corp.

5,286

3,220,866

Rocket Lab Corp. \*

20,641

988,910

RTX Corp.

8,750

1,464,137

TransDigm Group, Inc.

838

1,104,501

#### 26,963,775

#### Building Products - 1.0%
A O Smith Corp.

4,045

296,944

Trane Technologies plc

14,545

6,137,408

#### 6,434,352

#### Commercial Services & Supplies - 1.1%
Cintas Corp.

23,096

4,740,685

Clean Harbors, Inc. \*

802

186,240

Copart, Inc. \*

34,720

1,561,358

Rollins, Inc.

14,763

867,179

#### 7,355,462

#### INVESTMENTS

#### SHARES

#### VALUE ($)

#### Construction & Engineering - 1.0%
AECOM

8,308

1,083,945

EMCOR Group, Inc.

2,495

1,620,602

Quanta Services, Inc.

9,317

3,861,151

#### 6,565,698

#### Electrical Equipment - 0.8%
Eaton Corp. plc

6,837

2,558,747

GE Vernova, Inc.

4,449

2,735,690

#### 5,294,437

#### Ground Transportation - 0.7%
JB Hunt Transport Services, Inc.

2,681

359,710

Lyft, Inc., Class A \*

11,851

260,840

Norfolk Southern Corp.

1,831

550,051

Old Dominion Freight Line, Inc.

9,440

1,328,963

Uber Technologies, Inc. \*

21,694

2,125,361

#### 4,624,925

#### Industrial Conglomerates - 0.2%
Honeywell International, Inc.

5,345

#### 1,125,123

#### Machinery - 2.1%
Allison Transmission Holdings, Inc.

24,508

2,080,239

Caterpillar, Inc.

4,750

2,266,462

Deere & Co.

4,046

1,850,074

Esab Corp.

1,705

190,517

Illinois Tool Works, Inc.

6,540

1,705,370

PACCAR, Inc.

6,399

629,150

Parker-Hannifin Corp.

4,198

3,182,714

Westinghouse Air Brake

Technologies Corp.

6,146

1,232,089

Xylem, Inc.

3,586

528,935

#### 13,665,550

#### Passenger Airlines - 0.4%
Alaska Air Group, Inc. \*

6,250

311,125

United Airlines Holdings, Inc. \*

20,923

2,019,070

#### 2,330,195

#### Professional Services - 0.4%
Automatic Data Processing, Inc.

3,597

1,055,719

Booz Allen Hamilton Holding Corp.,

Class A

8,867

886,257

Verisk Analytics, Inc., Class A

4,134

1,039,742

#### 2,981,718

#### Trading Companies & Distributors - 1.0%
Fastenal Co.

28,056

1,375,866

United Rentals, Inc.

2,557

2,441,066

Watsco, Inc.

3,619

1,463,162

WW Grainger, Inc.

1,471

1,401,804

#### 6,681,898

#### Total Industrials

#### 84,023,133

AQR Funds \| Annual Report \| September 2025

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

AQR LARGE CAP MOMENTUM STYLE FUND

Schedule of Investments

September 30, 2025

(Continued)

#### INVESTMENTS

#### SHARES

#### VALUE ($)

#### Information Technology - 27.3%

#### Communications Equipment - 1.2%
Arista Networks, Inc. \*

27,190

3,961,855

Ciena Corp. \*

2,702

393,601

Lumentum Holdings, Inc. \*

3,144

511,560

Ubiquiti, Inc.

4,147

2,739,425

#### 7,606,441

#### Electronic Equipment, Instruments & Components - 1.1%
Amphenol Corp., Class A

26,448

3,272,940

Jabil, Inc.

8,553

1,857,455

TD SYNNEX Corp.

8,495

1,391,056

Zebra Technologies Corp., Class A \*

1,545

459,112

#### 6,980,563

#### IT Services - 1.5%
Accenture plc, Class A (Ireland)

1,073

264,602

Cloudflare, Inc., Class A \*

9,855

2,114,785

International Business Machines

Corp.

11,802

3,330,052

Kyndryl Holdings, Inc. \*

34,881

1,047,476

Snowflake, Inc., Class A \*

7,014

1,582,008

Twilio, Inc., Class A \*

4,579

458,312

VeriSign, Inc.

4,493

1,256,108

#### 10,053,343

#### Semiconductors & Semiconductor Equipment - 11.3%
Analog Devices, Inc.

2,424

595,577

Applied Materials, Inc.

3,864

791,115

Astera Labs, Inc. \*

6,211

1,216,114

Broadcom, Inc.

80,502

26,558,415

KLA Corp.

2,232

2,407,435

NVIDIA Corp.

220,605

41,160,481

Texas Instruments, Inc.

6,524

1,198,654

#### 73,927,791

#### Software - 11.8%
Adobe, Inc. \*

969

341,815

AppLovin Corp., Class A \*

8,987

6,457,519

Atlassian Corp., Class A \*

1,197

191,161

Aurora Innovation, Inc. \*

65,445

352,749

Autodesk, Inc. \*

3,076

977,153

Cadence Design Systems, Inc. \*

4,122

1,447,894

Crowdstrike Holdings, Inc., Class A \*

1,629

798,829

Docusign, Inc., Class A \*

3,879

279,637

Fair Isaac Corp. \*

1,353

2,024,805

Fortinet, Inc. \*

13,258

1,114,733

Guidewire Software, Inc. \*

1,911

439,262

Intuit, Inc.

2,897

1,978,390

Microsoft Corp.

60,878

31,531,760

Nutanix, Inc., Class A \*

9,273

689,818

Oracle Corp.

33,560

9,438,414

Palantir Technologies, Inc., Class A \*

50,144

9,147,268

Palo Alto Networks, Inc. \*

6,438

1,310,906

Pegasystems, Inc.

3,186

183,195

Rubrik, Inc., Class A \*

7,892

649,117

Salesforce, Inc.

2,432

576,384

#### INVESTMENTS

#### SHARES

#### VALUE ($)

#### Software - 11.8% (continued)
ServiceNow, Inc. \*

4,353

4,005,979

Strategy, Inc., Class A \*

5,705

1,838,208

Synopsys, Inc. \*

2,591

1,278,374

Unity Software, Inc. \*

18,395

736,536

#### 77,789,906

#### Technology Hardware, Storage & Peripherals - 0.4%
Apple, Inc.

8,006

2,038,568

NetApp, Inc.

5,567

659,467

#### 2,698,035

#### Total Information Technology

#### 179,056,079

#### Materials - 1.0%

#### Chemicals - 0.4%
Element Solutions, Inc.

11,386

286,586

Sherwin-Williams Co. (The)

6,123

2,120,150

#### 2,406,736

#### Containers & Packaging - 0.2%
Avery Dennison Corp.

4,365

707,872

Packaging Corp. of America

3,115

678,852

#### 1,386,724

#### Metals & Mining - 0.4%
MP Materials Corp. \*

11,360

761,915

Reliance, Inc.

3,454

969,987

Steel Dynamics, Inc.

6,772

944,220

#### 2,676,122

#### Total Materials

#### 6,469,582

#### Real Estate - 1.3%

#### Health Care REITs - 0.7%
Omega Healthcare Investors, Inc.,

REIT

6,984

294,864

Ventas, Inc., REIT

11,543

807,895

Welltower, Inc., REIT

18,634

3,319,461

#### 4,422,220

#### Office REITs - 0.1%
Vornado Realty Trust, REIT

18,583

#### 753,169

#### Real Estate Management & Development - 0.3%
CoStar Group, Inc. \*

20,700

1,746,459

Zillow Group, Inc., Class C \*

2,565

197,633

#### 1,944,092

#### Specialized REITs - 0.2%
American Tower Corp., REIT

2,010

386,563

Digital Realty Trust, Inc., REIT

3,200

553,216

Iron Mountain, Inc., REIT

5,659

576,879

#### 1,516,658

#### Total Real Estate

#### 8,636,139
Schedule of Investments

September 30, 2025

AQR LARGE CAP MOMENTUM STYLE FUND

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

AQR Funds \| Annual Report \| September 2025

(Continued)

#### INVESTMENTS

#### SHARES

#### VALUE ($)

#### Utilities - 2.0%

#### Electric Utilities - 0.7%
Constellation Energy Corp.

4,804

1,580,852

Entergy Corp.

14,312

1,333,735

NRG Energy, Inc.

11,354

1,838,781

#### 4,753,368

#### Gas Utilities - 0.4%
Atmos Energy Corp.

5,400

922,050

National Fuel Gas Co.

11,629

1,074,171

UGI Corp.

20,052

666,929

#### 2,663,150

#### Independent Power and Renewable Electricity Producers - 0.5%
Talen Energy Corp. \*

590

250,974

Vistra Corp.

16,206

3,175,080

#### 3,426,054

#### Multi-Utilities - 0.4%
Dominion Energy, Inc.

26,627

1,628,773

NiSource, Inc.

14,920

646,036

#### 2,274,809

#### Total Utilities

#### 13,117,381

#### TOTAL COMMON STOCKS
(Cost $294,730,584)

#### 630,886,115

#### SHORT-TERM INVESTMENTS - 3.7%

#### INVESTMENT COMPANIES - 3.7%
Limited Purpose Cash Investment

Fund, 4.13% (a)

(Cost $24,199,566)

24,206,821

#### 24,201,979

#### TOTAL INVESTMENTS IN SECURITIES

#### AT VALUE - 99.8%
(Cost $318,930,150)

#### 655,088,094

#### OTHER ASSETS IN EXCESS OF

#### LIABILITIES - 0.2% ‡

#### 1,078,766

#### NET ASSETS - 100.0%

#### 656,166,860

#### SECTOR

#### VALUE

#### % OF NET

#### ASSETS
Communication Services

$

78,898,226

.0

%

Consumer Discretionary

66,332,581

.1

Consumer Staples

30,626,392

.7

Energy

11,990,401

.8

Financials

114,641,666

.5

Health Care

37,094,535

.6

Industrials

84,023,133

.8

Information Technology

179,056,079

.3

Materials

6,469,582

.0

Real Estate

8,636,139

.3

Utilities

13,117,381

.0

Investment Companies

24,201,979

.7

#### Total Investments In Securities

#### At Value

#### 655,088,094

#### 99

#### .8
Other Assets in Excess of

Liabilities ‡

1,078,766

.2

#### Net Assets

#### $

#### 656,166,860

#### 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 September 30, 2025.

All securities are Level 1 with respect to ASC 820 (See Note 4).

#### Futures contracts outstanding as of September 30, 2025:

#### Exchange-Traded

#### DESCRIPTION

#### NUMBER OF

#### CONTRACTS

#### EXPIRATION

#### DATE

#### TRADING

#### CURRENCY

#### NOTIONAL

#### AMOUNT

#### UNREALIZED

#### APPRECIATION
(DEPRECIATION)

#### Long Contracts
S&P 500 E-Mini Index

12/2025

USD

$

17,520,750

$

181,859

#### Net unrealized appreciation

#### $

#### 181,859

AQR Funds \| Annual Report \| September 2025

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

AQR LARGE CAP MOMENTUM STYLE FUND

Schedule of Investments

September 30, 2025

Collateral pledged to (received from) each counterparty at September 30, 2025 was as follows:

#### COUNTERPARTY

#### OVER-THE-COUNTER

#### EXCHANGE-TRADED

#### TOTAL

#### BARC
Cash

$

–

$

1,081,708

$

1,081,708

Schedule of Investments

September 30, 2025

AQR SMALL CAP MOMENTUM STYLE FUND

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

(Continued)

AQR Funds \| Annual Report \| September 2025

#### INVESTMENTS

#### SHARES

#### VALUE ($)

#### COMMON STOCKS - 95.0%

#### Communication Services - 2.8%

#### Diversified Telecommunication Services - 0.3%
Globalstar, Inc. \*

4,201

152,874

IDT Corp., Class B

4,799

251,036

#### 403,910

#### Entertainment - 0.4%
Cinemark Holdings, Inc.

5,046

141,389

CuriosityStream, Inc.

20,074

106,392

IMAX Corp. \*

8,097

265,177

#### 512,958

#### Interactive Media & Services - 0.6%
Arena Group Holdings, Inc. (The) \*

11,269

61,642

Cargurus, Inc., Class A \*

5,348

199,106

EverQuote, Inc., Class A \*

3,230

73,870

fuboTV, Inc. \*

40,682

168,830

Grindr, Inc. (Singapore) \*

13,267

199,270

Rumble, Inc. \*

15,710

113,740

TripAdvisor, Inc. \*

2,562

41,658

Webtoon Entertainment, Inc. (South

Korea) \*

1,833

35,579

#### 893,695

#### Media - 1.2%
Altice USA, Inc., Class A \*

14,292

34,444

EchoStar Corp., Class A \*

12,636

964,885

EW Scripps Co. (The), Class A \*

16,639

40,932

iHeartMedia, Inc., Class A \*

39,570

113,566

Magnite, Inc. \*

10,221

222,613

TEGNA, Inc.

14,780

300,477

#### 1,676,917

#### Wireless Telecommunication Services - 0.3%
Gogo, Inc. \*

8,457

72,646

Telephone and Data Systems, Inc.

7,660

300,578

#### 373,224

#### Total Communication Services

#### 3,860,704

#### Consumer Discretionary - 8.8%

#### Automobile Components - 1.0%
Cooper-Standard Holdings, Inc. \*

3,702

136,715

Dorman Products, Inc. \*

1,354

211,061

Garrett Motion, Inc. (Switzerland)

7,581

103,253

Modine Manufacturing Co. \*

2,242

318,723

Motorcar Parts of America, Inc. \*

7,246

119,849

Patrick Industries, Inc.

1,809

187,105

Solid Power, Inc. \*

24,180

83,905

Strattec Security Corp. \*

1,438

97,870

#### 1,258,481

#### Diversified Consumer Services - 2.5%
Adtalem Global Education, Inc. \*

3,434

530,381

American Public Education, Inc. \*

6,358

250,950

Carriage Services, Inc., Class A

4,474

199,272

Coursera, Inc. \*

9,445

110,601

#### INVESTMENTS

#### SHARES

#### VALUE ($)

#### Diversified Consumer Services - 2.5% (continued)
Frontdoor, Inc. \*

6,422

432,136

Graham Holdings Co., Class B

164,823

Laureate Education, Inc., Class A \*

14,919

470,545

Lincoln Educational Services Corp. \*

5,524

129,814

OneSpaWorld Holdings Ltd.

(Bahamas)

5,840

123,458

Perdoceo Education Corp.

4,519

170,186

Stride, Inc. \*

3,602

536,482

Universal Technical Institute, Inc. \*

6,821

222,024

#### 3,340,672

#### Hotels, Restaurants & Leisure - 1.5%
Brinker International, Inc. \*

3,564

451,488

Cheesecake Factory, Inc. (The)

2,138

116,820

Kura Sushi USA, Inc., Class A \*

797

47,350

Life Time Group Holdings, Inc. \*

7,616

210,202

Lindblad Expeditions Holdings, Inc. \*

6,333

81,062

Potbelly Corp. \*

6,817

116,162

Red Rock Resorts, Inc., Class A

792

48,359

Rush Street Interactive, Inc. \*

26,339

539,423

Serve Robotics, Inc. \*

5,056

58,801

Shake Shack, Inc., Class A \*

991

92,767

Super Group SGHC Ltd. (Guernsey)

20,403

269,320

#### 2,031,754

#### Household Durables - 0.5%
Cavco Industries, Inc. \*

124,857

Green Brick Partners, Inc. \*

6,031

445,450

M/I Homes, Inc. \*

921

133,029

#### 703,336

#### Leisure Products - 0.6%
Acushnet Holdings Corp.

5,770

452,887

Latham Group, Inc. \*

5,560

42,312

Peloton Interactive, Inc., Class A \*

34,211

307,899

#### 803,098

#### Specialty Retail - 2.5%
Abercrombie & Fitch Co., Class A \*

554

47,395

Advance Auto Parts, Inc.

2,811

172,595

Asbury Automotive Group, Inc. \*

1,031

252,028

Barnes & Noble Education, Inc. \*

4,734

47,103

Boot Barn Holdings, Inc. \*

736

121,970

Buckle, Inc. (The)

5,156

302,451

Build-A-Bear Workshop, Inc.

4,543

296,249

Citi Trends, Inc. \*

1,944

60,322

EVgo, Inc. \*

17,128

81,015

Group 1 Automotive, Inc.

778

340,383

National Vision Holdings, Inc. \*

5,880

171,637

Petco Health & Wellness Co., Inc.,

Class A \*

15,906

61,556

RealReal, Inc. (The) \*

16,917

179,828

Revolve Group, Inc. \*

1,605

34,187

Signet Jewelers Ltd.

1,657

158,940

Sonic Automotive, Inc., Class A

4,482

341,035

Stitch Fix, Inc., Class A \*

9,775

42,521

AQR Funds \| Annual Report \| September 2025

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

AQR SMALL CAP MOMENTUM STYLE FUND

Schedule of Investments

September 30, 2025

(Continued)

#### INVESTMENTS

#### SHARES

#### VALUE ($)

#### Specialty Retail - 2.5% (continued)
ThredUp, Inc., Class A \*

19,931

188,348

Urban Outfitters, Inc. \*

4,429

316,364

Warby Parker, Inc., Class A \*

7,466

205,912

#### 3,421,839

#### Textiles, Apparel & Luxury Goods - 0.2%
Kontoor Brands, Inc.

1,217

97,080

Wolverine World Wide, Inc.

7,479

205,224

#### 302,304

#### Total Consumer Discretionary

#### 11,861,484

#### Consumer Staples - 2.0%

#### Beverages - 0.3%
National Beverage Corp. \*

4,442

163,999

Vita Coco Co., Inc. (The) \*

2,258

95,897

Zevia PBC, Class A \*

32,731

89,028

#### 348,924

#### Consumer Staples Distribution & Retail - 0.6%
Chefs' Warehouse, Inc. (The) \*

2,580

150,491

Natural Grocers by Vitamin Cottage,

Inc.

5,902

236,080

PriceSmart, Inc.

1,882

228,080

United Natural Foods, Inc. \*

5,577

209,807

#### 824,458

#### Food Products - 0.5%
Alico, Inc.

3,525

122,177

Cal-Maine Foods, Inc.

2,944

277,030

Fresh Del Monte Produce, Inc.

3,034

105,340

Lifeway Foods, Inc. \*

2,837

78,755

Seneca Foods Corp., Class A \*

48,681

Vital Farms, Inc. \*

1,992

81,971

#### 713,954

#### Household Products - 0.1%
Central Garden & Pet Co., Class A \*

1,915

56,550

Oil-Dri Corp. of America

1,642

100,228

#### 156,778

#### Personal Care Products - 0.2%
Beauty Health Co. (The) \*

16,312

32,461

Honest Co., Inc. (The) \*

27,250

100,280

Lifevantage Corp.

3,820

37,168

Nu Skin Enterprises, Inc., Class A

3,151

38,411

#### 208,320

#### Tobacco - 0.3%
Turning Point Brands, Inc.

3,969

#### 392,375

#### Total Consumer Staples

#### 2,644,809

#### Energy - 3.5%

#### Energy Equipment & Services - 1.1%
Archrock, Inc.

16,883

444,192

Aris Water Solutions, Inc., Class A

6,963

171,707

Forum Energy Technologies, Inc. \*

3,162

84,457

#### INVESTMENTS

#### SHARES

#### VALUE ($)

#### Energy Equipment & Services - 1.1% (continued)
Kodiak Gas Services, Inc.

2,614

96,640

Natural Gas Services Group, Inc.

1,422

39,802

Solaris Energy Infrastructure, Inc.

8,169

326,515

Tidewater, Inc. \*

5,770

307,714

#### 1,471,027

#### Oil, Gas & Consumable Fuels - 2.4%
Centrus Energy Corp., Class A \*

1,794

556,266

CNX Resources Corp. \*

4,997

160,504

Core Natural Resources, Inc.

3,499

292,096

Delek US Holdings, Inc.

3,810

122,949

Dorian LPG Ltd.

3,343

99,621

Energy Fuels, Inc. \*

12,279

188,483

Excelerate Energy, Inc., Class A

1,588

40,002

Gevo, Inc. \*

57,151

112,016

Golar LNG Ltd. (Cameroon)

2,105

85,063

Gulfport Energy Corp. \*

1,193

215,909

International Seaways, Inc.

3,203

147,594

Lightbridge Corp. \*

4,472

94,851

NextDecade Corp. \*

8,726

59,250

Northern Oil & Gas, Inc.

5,616

139,277

Par Pacific Holdings, Inc. \*

1,148

40,662

PBF Energy, Inc., Class A

3,284

99,078

PrimeEnergy Resources Corp. \*

40,588

Sable Offshore Corp. \*

7,647

133,517

Scorpio Tankers, Inc. (Monaco)

2,063

115,631

Uranium Energy Corp. \*

35,854

478,292

#### 3,221,649

#### Total Energy

#### 4,692,676

#### Financials - 15.7%

#### Banks - 7.6%
Ameris Bancorp

1,499

109,892

Axos Financial, Inc. \*

3,332

282,054

BancFirst Corp.

1,407

177,915

Bancorp, Inc. (The) \*

8,913

667,495

Bank of Marin Bancorp

6,174

149,905

BankUnited, Inc.

5,924

226,060

Bar Harbor Bankshares

1,198

36,491

BayCom Corp.

2,734

78,603

Bridgewater Bancshares, Inc. \*

3,108

54,701

Cadence Bank

1,026

38,516

Capital Bancorp, Inc.

2,699

86,098

Capital City Bank Group, Inc.

3,432

143,423

Capitol Federal Financial, Inc.

15,629

99,244

Carter Bankshares, Inc. \*

2,052

39,829

Central Pacific Financial Corp.

7,750

235,135

Civista Bancshares, Inc.

2,545

51,689

Coastal Financial Corp. \*

4,390

474,866

Colony Bankcorp, Inc.

4,087

69,520

Customers Bancorp, Inc. \*

689

45,040

Dime Community Bancshares, Inc.

1,431

42,687

Enterprise Financial Services Corp.

769

44,587

Equity Bancshares, Inc., Class A

918

37,363

Esquire Financial Holdings, Inc.

4,882

498,233

Schedule of Investments

September 30, 2025

AQR SMALL CAP MOMENTUM STYLE FUND

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

AQR Funds \| Annual Report \| September 2025

(Continued)

#### INVESTMENTS

#### SHARES

#### VALUE ($)

#### Banks - 7.6% (continued)
FB Financial Corp.

2,268

126,418

Financial Institutions, Inc.

1,553

42,242

First Bancorp

3,683

194,794

First BanCorp

7,504

165,463

First Business Financial Services,

Inc.

741

37,984

First Financial Corp.

2,327

131,336

First Financial Northwest, Inc. (2)\*

1,568

1,662

First Mid Bancshares, Inc.

1,441

54,585

Hancock Whitney Corp.

3,169

198,411

Hanmi Financial Corp.

6,555

161,843

HBT Financial, Inc.

1,459

36,767

Heritage Commerce Corp.

3,736

37,098

Heritage Financial Corp.

2,111

51,065

Hingham Institution For Savings The

62,780

Home Bancorp, Inc.

1,315

71,437

HomeTrust Bancshares, Inc.

3,715

152,092

Horizon Bancorp, Inc.

9,595

153,616

Independent Bank Corp.

3,243

224,318

Independent Bank Corp.

2,427

75,176

Kearny Financial Corp.

5,840

38,369

Lakeland Financial Corp.

3,172

203,642

Mercantile Bank Corp.

2,587

116,415

Metropolitan Bank Holding Corp.

1,902

142,308

Mid Penn Bancorp, Inc.

2,402

68,793

NB Bancorp, Inc.

3,372

59,516

Nicolet Bankshares, Inc.

1,429

192,201

Northeast Bank

3,013

301,782

Northfield Bancorp, Inc.

3,293

38,857

Northrim Bancorp, Inc.

8,540

184,976

OFG Bancorp

1,958

85,153

Old National Bancorp

12,131

266,275

Old Second Bancorp, Inc.

2,130

36,817

Orrstown Financial Services, Inc.

3,542

120,357

Peapack-Gladstone Financial Corp.

1,314

36,266

Peoples Financial Services Corp.

1,098

53,374

Provident Financial Services, Inc.

6,525

125,802

QCR Holdings, Inc.

37,366

Renasant Corp.

1,780

65,664

Republic Bancorp, Inc., Class A

719

51,948

ServisFirst Bancshares, Inc.

1,141

91,885

Shore Bancshares, Inc.

9,856

161,737

SmartFinancial, Inc.

2,586

92,398

South Plains Financial, Inc.

1,027

39,694

Stock Yards Bancorp, Inc.

1,136

79,509

Texas Capital Bancshares, Inc. \*

2,561

216,481

Third Coast Bancshares, Inc. \*

2,014

76,472

Tompkins Financial Corp.

1,169

77,399

Triumph Financial, Inc. \*

2,953

147,768

TrustCo Bank Corp.

3,368

122,258

Trustmark Corp.

6,443

255,143

UMB Financial Corp.

4,314

510,562

Unity Bancorp, Inc.

2,327

113,720

#### INVESTMENTS

#### SHARES

#### VALUE ($)

#### Banks - 7.6% (continued)
Valley National Bancorp

39,775

421,615

#### 10,300,955

#### Capital Markets - 2.5%
Acadian Asset Management, Inc.

8,653

416,728

Artisan Partners Asset Management,

Inc., Class A

1,872

81,245

BGC Group, Inc., Class A

27,013

255,543

Donnelley Financial Solutions, Inc. \*

5,882

302,511

Perella Weinberg Partners

4,172

88,947

Piper Sandler Cos.

1,305

452,822

PJT Partners, Inc., Class A

3,670

652,269

StepStone Group, Inc., Class A

6,602

431,177

StoneX Group, Inc. \*

3,286

331,623

Victory Capital Holdings, Inc., Class

A

3,293

213,255

Virtus Investment Partners, Inc.

735

139,672

#### 3,365,792

#### Consumer Finance - 1.4%
Atlanticus Holdings Corp. \*

1,215

71,175

Bread Financial Holdings, Inc.

3,005

167,589

Dave, Inc. \*

1,761

351,055

Enova International, Inc. \*

1,584

182,303

FirstCash Holdings, Inc.

803

127,211

LendingClub Corp. \*

4,245

64,482

Nelnet, Inc., Class A

1,866

233,959

Oportun Financial Corp. \*

9,178

56,628

OppFi, Inc.

22,449

254,347

Upstart Holdings, Inc. \*

6,867

348,844

#### 1,857,593

#### Financial Services - 1.7%
Banco Latinoamericano de

Comercio Exterior SA, Class E

(Panama)

3,204

147,288

Enact Holdings, Inc.

1,037

39,759

EVERTEC, Inc.

1,379

46,583

Finance of America Cos., Inc., Class

A \*

1,875

42,056

Jackson Financial, Inc., Class A

4,590

464,646

Marqeta, Inc., Class A \*

6,654

35,133

NCR Atleos Corp. \*

3,188

125,320

Payoneer Global, Inc. \*

6,750

40,837

PennyMac Financial Services, Inc.

6,848

848,330

Priority Technology Holdings, Inc. \*

5,196

35,697

Remitly Global, Inc. \*

6,829

111,313

Sezzle, Inc. \*

3,031

241,055

StoneCo Ltd., Class A (Brazil) \*

8,397

158,787

#### 2,336,804

#### Insurance - 2.5%
American Coastal Insurance Corp.

7,814

89,002

CNO Financial Group, Inc.

18,395

727,522

Genworth Financial, Inc., Class A \*

37,888

337,203

Hamilton Insurance Group Ltd.,

Class B \*

5,828

144,534

AQR Funds \| Annual Report \| September 2025

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

AQR SMALL CAP MOMENTUM STYLE FUND

Schedule of Investments

September 30, 2025

(Continued)

#### INVESTMENTS

#### SHARES

#### VALUE ($)

#### Insurance - 2.5% (continued)
HCI Group, Inc.

1,610

309,007

Heritage Insurance Holdings, Inc. \*

10,082

253,865

Hippo Holdings, Inc. \*

4,463

161,382

Lemonade, Inc. \*

5,540

296,556

MBIA, Inc. \*

4,950

36,878

Mercury General Corp.

919

77,913

Oscar Health, Inc., Class A \*

3,269

61,882

Palomar Holdings, Inc. \*

2,753

321,413

Root, Inc., Class A \*

1,807

161,745

SiriusPoint Ltd. (Sweden) \*

13,820

250,004

Skyward Specialty Insurance Group,

Inc. \*

1,097

52,173

Tiptree, Inc.

2,143

41,081

United Fire Group, Inc.

1,396

42,466

Universal Insurance Holdings, Inc.

3,417

89,867

#### 3,454,493

#### Total Financials

#### 21,315,637

#### Health Care - 14.2%

#### Biotechnology - 6.3%
89bio, Inc. \*

9,522

139,973

ACADIA Pharmaceuticals, Inc. \*

7,908

168,757

ADMA Biologics, Inc. \*

23,768

348,439

Akebia Therapeutics, Inc. \*

40,514

110,603

Akero Therapeutics, Inc. \*

5,427

257,674

Aldeyra Therapeutics, Inc. \*

10,953

57,175

Alkermes plc \*

2,060

61,800

Anavex Life Sciences Corp. \*

8,381

74,591

Arcellx, Inc. \*

3,495

286,940

Arcutis Biotherapeutics, Inc. \*

13,175

248,349

Aurinia Pharmaceuticals, Inc.

(Canada) \*

10,063

111,196

Avidity Biosciences, Inc. \*

925

40,302

BioCryst Pharmaceuticals, Inc. \*

10,034

76,158

Bridgebio Pharma, Inc. \*

14,821

769,803

Capricor Therapeutics, Inc. \*

11,276

81,300

Cardiff Oncology, Inc. \*

19,653

40,485

Catalyst Pharmaceuticals, Inc. \*

11,276

222,137

Cidara Therapeutics, Inc. \*

2,569

246,008

Compass Therapeutics, Inc. \*

37,695

131,933

Cytokinetics, Inc. \*

2,345

128,881

Gossamer Bio, Inc. \*

30,030

78,979

GRAIL, Inc. \*

3,564

210,739

Kodiak Sciences, Inc. \*

16,066

263,000

Krystal Biotech, Inc. \*

1,014

179,001

Madrigal Pharmaceuticals, Inc. \*

1,303

597,634

MannKind Corp. \*

37,174

199,624

Mineralys Therapeutics, Inc. \*

970

36,782

Mirum Pharmaceuticals, Inc. \*

4,793

351,375

Monopar Therapeutics, Inc. \*

1,448

118,258

Nuvalent, Inc., Class A \*

1,907

164,917

Organogenesis Holdings, Inc., Class

A \*

11,981

50,560

PDL BioPharma, Inc. (3)\*

34,242

1,079

Protagonist Therapeutics, Inc. \*

3,593

238,683

#### INVESTMENTS

#### SHARES

#### VALUE ($)

#### Biotechnology - 6.3% (continued)
PTC Therapeutics, Inc. \*

7,337

450,272

Rhythm Pharmaceuticals, Inc. \*

6,456

651,991

Rigel Pharmaceuticals, Inc. \*

3,506

99,325

Scholar Rock Holding Corp. \*

6,826

254,200

Soleno Therapeutics, Inc. \*

732

49,483

Taysha Gene Therapies, Inc. \*

20,394

66,688

TG Therapeutics, Inc. \*

9,484

342,610

Tonix Pharmaceuticals Holding

Corp. \*

2,078

50,205

Tourmaline Bio, Inc. \*

1,907

91,212

Travere Therapeutics, Inc. \*

8,327

199,015

Vaxcyte, Inc. \*

1,488

53,598

Verastem, Inc. \*

12,730

112,406

Zymeworks, Inc. \*

3,394

57,970

#### 8,572,110

#### Health Care Equipment & Supplies - 1.6%
Alphatec Holdings, Inc. \*

9,227

134,161

AngioDynamics, Inc. \*

11,396

127,293

Artivion, Inc. \*

5,242

221,946

AtriCure, Inc. \*

2,005

70,676

Butterfly Network, Inc. \*

19,774

38,164

Glaukos Corp. \*

866

70,622

iRadimed Corp.

1,341

95,426

iRhythm Technologies, Inc. \*

2,232

383,882

Lantheus Holdings, Inc. \*

1,402

71,909

LeMaitre Vascular, Inc.

1,424

124,614

Lucid Diagnostics, Inc. \*

61,607

62,223

Merit Medical Systems, Inc. \*

2,701

224,804

NeuroPace, Inc. \*

5,075

52,323

Outset Medical, Inc. \*

4,469

63,102

Pro-Dex, Inc. \*

1,120

37,912

Pulse Biosciences, Inc. \*

4,112

72,782

SANUWAVE Health, Inc. \*

1,877

70,350

TransMedics Group, Inc. \*

579

64,964

UFP Technologies, Inc. \*

853

170,259

#### 2,157,412

#### Health Care Providers & Services - 3.4%
Addus HomeCare Corp. \*

3,686

434,911

Alignment Healthcare, Inc. \*

17,714

309,109

Aveanna Healthcare Holdings, Inc. \*

17,277

153,247

BrightSpring Health Services, Inc. \*

12,336

364,652

CorVel Corp. \*

1,800

139,356

Ensign Group, Inc. (The)

1,791

309,431

GeneDx Holdings Corp. \*

2,561

275,922

Guardant Health, Inc. \*

10,791

674,222

HealthEquity, Inc. \*

2,802

265,546

Hims & Hers Health, Inc. \*

15,795

895,892

Nutex Health, Inc. \*

691

71,394

Oncology Institute, Inc. (The) \*

28,953

101,046

OPKO Health, Inc. \*

66,111

102,472

Pediatrix Medical Group, Inc. \*

9,137

153,045

Pennant Group, Inc. (The) \*

2,397

60,452

RadNet, Inc. \*

2,686

204,700

Select Medical Holdings Corp.

5,751

73,843

Schedule of Investments

September 30, 2025

AQR SMALL CAP MOMENTUM STYLE FUND

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

AQR Funds \| Annual Report \| September 2025

(Continued)

#### INVESTMENTS

#### SHARES

#### VALUE ($)

#### Health Care Providers & Services - 3.4% (continued)
Talkspace, Inc. \*

14,588

40,263

#### 4,629,503

#### Health Care Technology - 0.4%
Claritev Corp. \*

2,107

111,840

LifeMD, Inc. \*

10,527

71,478

OptimizeRx Corp. \*

4,826

98,933

TruBridge, Inc. \*

3,411

68,800

Waystar Holding Corp. \*

6,299

238,858

#### 589,909

#### Life Sciences Tools & Services - 0.5%
Adaptive Biotechnologies Corp. \*

18,491

276,625

Ginkgo Bioworks Holdings, Inc. \*

3,386

49,368

Niagen Bioscience, Inc. \*

18,452

172,157

Personalis, Inc. \*

8,524

55,577

Quantum-Si, Inc. \*

48,187

67,944

#### 621,671

#### Pharmaceuticals - 2.0%
Aclaris Therapeutics, Inc. \*

30,303

57,576

Amneal Pharmaceuticals, Inc. \*

26,461

264,875

Amylyx Pharmaceuticals, Inc. \*

13,913

189,078

Aquestive Therapeutics, Inc. \*

11,235

62,804

Axsome Therapeutics, Inc. \*

2,724

330,830

CorMedix, Inc. \*

6,777

78,816

Eton Pharmaceuticals, Inc. \*

2,365

51,391

Harrow, Inc. \*

3,586

172,773

Ligand Pharmaceuticals, Inc. \*

1,068

189,185

Liquidia Corp. \*

9,285

211,141

Ocular Therapeutix, Inc. \*

4,337

50,699

Pacira BioSciences, Inc. \*

1,967

50,690

Phibro Animal Health Corp., Class A

2,631

106,450

Prestige Consumer Healthcare,

Inc. \*

607

37,877

Tarsus Pharmaceuticals, Inc. \*

4,579

272,130

Trevi Therapeutics, Inc. \*

20,734

189,716

WaVe Life Sciences Ltd. \*

8,881

65,009

Xeris Biopharma Holdings, Inc. \*

31,370

255,352

#### 2,636,392

#### Total Health Care

#### 19,206,997

#### Industrials - 21.5%

#### Aerospace & Defense - 3.3%
AeroVironment, Inc. \*

1,822

573,730

Archer Aviation, Inc., Class A \*

42,178

404,065

Astronics Corp. \*

5,884

268,369

Byrna Technologies, Inc. \*

5,267

116,717

Eve Holding, Inc. \*

12,382

47,175

Intuitive Machines, Inc. \*

17,193

180,870

Kratos Defense & Security

Solutions, Inc. \*

18,149

1,658,274

Mercury Systems, Inc. \*

7,202

557,435

Moog, Inc., Class A

838

174,028

Redwire Corp. \*

9,009

80,991

#### INVESTMENTS

#### SHARES

#### VALUE ($)

#### Aerospace & Defense - 3.3% (continued)
VSE Corp.

2,194

364,731

#### 4,426,385

#### Building Products - 1.4%
CSW Industrials, Inc.

2,595

629,936

Gibraltar Industries, Inc. \*

4,161

261,311

Griffon Corp.

2,883

219,540

Resideo Technologies, Inc. \*

3,371

145,560

UFP Industries, Inc.

5,252

491,010

Zurn Elkay Water Solutions Corp.

3,739

175,845

#### 1,923,202

#### Commercial Services & Supplies - 1.3%
BrightView Holdings, Inc. \*

5,212

69,841

Casella Waste Systems, Inc., Class

A \*

2,339

221,924

CECO Environmental Corp. \*

5,972

305,766

CoreCivic, Inc. \*

9,462

192,552

GEO Group, Inc. (The) \*

11,129

228,033

Healthcare Services Group, Inc. \*

4,531

76,257

Interface, Inc., Class A

4,436

128,378

OPENLANE, Inc. \*

7,699

221,577

Pitney Bowes, Inc.

25,919

295,736

Steelcase, Inc., Class A

3,312

56,966

#### 1,797,030

#### Construction & Engineering - 4.1%
Argan, Inc.

1,561

421,548

Construction Partners, Inc., Class

A \*

7,244

919,988

Dycom Industries, Inc. \*

1,234

360,032

Granite Construction, Inc.

1,995

218,752

IES Holdings, Inc. \*

1,474

586,136

Limbach Holdings, Inc. \*

2,965

287,961

Matrix Service Co. \*

3,826

50,044

MYR Group, Inc. \*

1,385

288,122

Primoris Services Corp.

4,367

599,720

Sterling Infrastructure, Inc. \*

4,108

1,395,405

Tutor Perini Corp. \*

5,821

381,799

#### 5,509,507

#### Electrical Equipment - 3.7%
Allient, Inc.

827

37,008

American Superconductor Corp. \*

4,850

288,041

Amprius Technologies, Inc. \*

25,061

263,642

Atkore, Inc.

1,098

68,888

Bloom Energy Corp., Class A \*

18,756

1,586,195

Eos Energy Enterprises, Inc. \*

32,464

369,765

KULR Technology Group, Inc. \*

14,080

58,573

NANO Nuclear Energy, Inc. \*

3,368

129,870

NEXTracker, Inc., Class A \*

11,506

851,329

NuScale Power Corp. \*

21,657

779,652

Powell Industries, Inc.

1,195

364,248

Power Solutions International, Inc. \*

1,294

127,097

Vicor Corp. \*

2,962

147,271

#### 5,071,579

AQR Funds \| Annual Report \| September 2025

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

AQR SMALL CAP MOMENTUM STYLE FUND

Schedule of Investments

September 30, 2025

(Continued)

#### INVESTMENTS

#### SHARES

#### VALUE ($)

#### Ground Transportation - 0.4%
ArcBest Corp.

1,360

95,023

Covenant Logistics Group, Inc.,

Class A

11,440

247,790

Hertz Global Holdings, Inc. \*

14,011

95,275

Marten Transport Ltd.

5,403

57,596

#### 495,684

#### Industrial Conglomerates - 0.1%
Brookfield Business Corp., Class A

(Canada)

2,636

#### 88,385

#### Machinery - 3.5%
Alamo Group, Inc.

530

101,177

Atmus Filtration Technologies, Inc.

1,188

53,567

Blue Bird Corp. \*

1,743

100,310

Enerpac Tool Group Corp., Class A

2,323

95,243

Enpro, Inc.

77,970

ESCO Technologies, Inc.

2,465

520,386

Federal Signal Corp.

2,995

356,375

Franklin Electric Co., Inc.

2,799

266,465

Graham Corp. \*

1,467

80,538

Greenbrier Cos., Inc. (The)

2,064

95,295

JBT Marel Corp.

3,427

481,322

Kadant, Inc.

1,653

491,900

Lindsay Corp.

38,794

Microvast Holdings, Inc. \*

37,816

145,592

Mueller Water Products, Inc., Class

A

5,315

135,639

Palladyne AI Corp. \*

11,359

97,574

Proto Labs, Inc. \*

1,920

96,058

REV Group, Inc.

4,927

279,213

Richtech Robotics, Inc., Class B \*

40,605

174,195

SPX Technologies, Inc. \*

2,988

558,099

Watts Water Technologies, Inc.,

Class A

1,330

371,442

Worthington Enterprises, Inc.

1,704

94,555

#### 4,711,709

#### Passenger Airlines - 1.0%
Joby Aviation, Inc. \*

39,133

631,606

SkyWest, Inc. \*

7,069

711,283

Strata Critical Medical, Inc. \*

12,946

65,507

#### 1,408,396

#### Professional Services - 1.9%
Barrett Business Services, Inc.

4,332

191,994

BlackSky Technology, Inc. \*

4,645

93,597

CBIZ, Inc. \*

717

37,972

CRA International, Inc.

1,390

289,857

CSG Systems International, Inc.

922

59,358

Exponent, Inc.

1,356

94,215

Huron Consulting Group, Inc. \*

1,868

274,166

IBEX Holdings Ltd. \*

2,449

99,234

Innodata, Inc. \*

4,806

370,398

Legalzoom.com, Inc. \*

14,481

150,313

Planet Labs PBC \*

33,827

439,075

Upwork, Inc. \*

7,969

147,984

#### INVESTMENTS

#### SHARES

#### VALUE ($)

#### Professional Services - 1.9% (continued)
Verra Mobility Corp., Class A \*

4,893

120,857

Willdan Group, Inc. \*

2,523

243,949

#### 2,612,969

#### Trading Companies & Distributors - 0.8%
Boise Cascade Co.

3,371

260,646

DXP Enterprises, Inc. \*

39,293

GATX Corp.

46,322

Rush Enterprises, Inc., Class A

7,715

412,521

Xometry, Inc., Class A \*

6,462

351,985

#### 1,110,767

#### Total Industrials

#### 29,155,613

#### Information Technology - 19.2%

#### Communications Equipment - 1.7%
ADTRAN Holdings, Inc. \*

13,458

126,236

Applied Optoelectronics, Inc. \*

7,941

205,910

BK Technologies Corp. \*

1,640

138,547

Calix, Inc. \*

6,773

415,659

CommScope Holding Co., Inc. \*

30,616

473,936

Digi International, Inc. \*

2,250

82,035

Extreme Networks, Inc. \*

14,015

289,410

NETGEAR, Inc. \*

3,891

126,029

Ribbon Communications, Inc. \*

10,147

38,559

Viasat, Inc. \*

4,195

122,914

Viavi Solutions, Inc. \*

19,534

247,886

#### 2,267,121

#### Electronic Equipment, Instruments & Components - 4.2%
908 Devices, Inc. \*

11,178

97,919

Advanced Energy Industries, Inc.

1,071

182,220

Aeva Technologies, Inc. \*

8,158

118,291

Arlo Technologies, Inc. \*

8,933

151,414

Badger Meter, Inc.

3,605

643,781

Bel Fuse, Inc., Class B

65,856

Belden, Inc.

969

116,542

Climb Global Solutions, Inc.

44,228

Daktronics, Inc. \*

11,010

230,329

Evolv Technologies Holdings, Inc. \*

19,000

143,450

Fabrinet (Thailand) \*

1,618

589,955

Frequency Electronics, Inc. \*

3,257

110,445

Insight Enterprises, Inc. \*

1,123

127,359

Itron, Inc. \*

2,870

357,487

Mirion Technologies, Inc. \*

21,325

496,020

nLight, Inc. \*

6,155

182,373

Novanta, Inc. \*

1,513

151,527

OSI Systems, Inc. \*

923

230,049

Ouster, Inc. \*

6,102

165,059

PC Connection, Inc.

1,848

114,558

Plexus Corp. \*

599

86,669

Red Cat Holdings, Inc. \*

10,780

111,573

Sanmina Corp. \*

3,500

402,885

TTM Technologies, Inc. \*

11,400

656,640

Schedule of Investments

September 30, 2025

AQR SMALL CAP MOMENTUM STYLE FUND

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

AQR Funds \| Annual Report \| September 2025

(Continued)

#### INVESTMENTS

#### SHARES

#### VALUE ($)

#### Electronic Equipment, Instruments & Components - 4.2%
(continued)

Vuzix Corp. \*

48,557

151,983

#### 5,728,612

#### IT Services - 0.6%
Applied Digital Corp. \*

19,304

442,834

BigBear.ai Holdings, Inc. \*

24,313

158,521

Crexendo, Inc. \*

7,710

50,115

Information Services Group, Inc.

7,213

41,474

TSS, Inc. \*

5,602

101,452

#### 794,396

#### Semiconductors & Semiconductor Equipment - 4.7%
ACM Research, Inc., Class A \*

4,601

180,037

Aeluma, Inc. \*

4,651

74,881

Ambarella, Inc. \*

1,307

107,854

Atomera, Inc. \*

17,172

75,900

Axcelis Technologies, Inc. \*

1,917

187,176

Credo Technology Group Holding

Ltd. \*

13,026

1,896,716

Diodes, Inc. \*

1,023

54,434

FormFactor, Inc. \*

3,422

124,629

Kopin Corp. \*

43,246

105,088

Navitas Semiconductor Corp. \*

15,726

113,542

PDF Solutions, Inc. \*

2,645

68,294

Rambus, Inc. \*

7,471

778,478

Rigetti Computing, Inc. \*

30,220

900,254

Semtech Corp. \*

8,755

625,545

Silicon Laboratories, Inc. \*

1,332

174,665

SiTime Corp. \*

2,097

631,847

SkyWater Technology, Inc. \*

7,388

137,860

Veeco Instruments, Inc. \*

6,003

182,671

#### 6,419,871

#### Software - 6.6%
A10 Networks, Inc.

14,183

257,421

ACI Worldwide, Inc. \*

4,080

215,302

Adeia, Inc.

6,077

102,094

Agilysys, Inc. \*

45,573

Airship AI Holdings, Inc. \*

8,622

44,576

Arteris, Inc. \*

5,030

50,803

AvePoint, Inc. \*

16,481

247,380

Blend Labs, Inc., Class A \*

27,713

101,152

Box, Inc., Class A \*

1,199

38,692

Cerence, Inc. \*

11,397

142,007

Cipher Mining, Inc. \*

16,346

205,796

Cleanspark, Inc. \*

4,767

69,121

Clear Secure, Inc., Class A

7,003

233,760

Commvault Systems, Inc. \*

3,932

742,283

Consensus Cloud Solutions, Inc. \*

2,482

72,896

CoreCard Corp. \*

3,256

87,652

Digital Turbine, Inc. \*

27,446

175,654

Domo, Inc., Class B \*

5,736

90,858

D-Wave Quantum, Inc. (Canada) \*

29,901

738,854

Freshworks, Inc., Class A \*

3,082

36,275

Hut 8 Corp. (Canada) \*

9,511

331,078

#### INVESTMENTS

#### SHARES

#### VALUE ($)

#### Software - 6.6% (continued)
InterDigital, Inc.

3,185

1,099,558

Kaltura, Inc. \*

29,291

42,179

Life360, Inc. \*

5,652

600,808

NextNav, Inc. \*

17,253

246,718

Ooma, Inc. \*

3,728

44,699

Pagaya Technologies Ltd., Class A \*

7,185

213,323

Porch Group, Inc. \*

21,099

354,041

Q2 Holdings, Inc. \*

4,596

332,704

Red Violet, Inc.

2,673

139,664

Rimini Street, Inc. \*

9,004

42,139

Riot Platforms, Inc. \*

18,259

347,469

Sapiens International Corp. NV

(Israel)

1,057

45,451

SoundHound AI, Inc. \*

37,360

600,749

SPS Commerce, Inc. \*

3,075

320,230

Terawulf, Inc. \*

19,232

219,629

Varonis Systems, Inc., Class B \*

2,062

118,503

Yext, Inc. \*

8,118

69,165

Zeta Global Holdings Corp., Class

A \*

4,034

80,156

#### 8,946,412

#### Technology Hardware, Storage & Peripherals - 1.4%
CompoSecure, Inc., Class A \*

12,682

264,039

IonQ, Inc. \*

22,147

1,362,040

Quantum Computing, Inc. \*

12,946

238,336

#### 1,864,415

#### Total Information Technology

#### 26,020,827

#### Materials - 3.7%

#### Chemicals - 1.2%
ASP Isotopes, Inc. \*

14,679

141,212

Flotek Industries, Inc. \*

4,463

65,160

Hawkins, Inc.

5,060

924,563

Ingevity Corp. \*

688

37,971

Intrepid Potash, Inc. \*

2,306

70,518

Perimeter Solutions, Inc. \*

8,965

200,726

PureCycle Technologies, Inc. \*

15,082

198,328

#### 1,638,478

#### Construction Materials - 0.2%
United States Lime & Minerals, Inc.

1,944

#### 255,733

#### Metals & Mining - 2.3%
American Battery Technology Co. \*

31,594

153,547

Ascent Industries Co. \*

3,881

49,987

Caledonia Mining Corp. plc (South

Africa)

2,294

83,066

Coeur Mining, Inc. \*

58,790

1,102,900

Compass Minerals International,

Inc. \*

5,318

102,106

Hecla Mining Co.

14,091

170,501

Ivanhoe Electric, Inc. \*

4,561

57,241

NioCorp Developments Ltd. \*

14,372

96,005

Perpetua Resources Corp. \*

12,883

260,623

Ramaco Resources, Inc., Class A \*

3,998

132,694

AQR Funds \| Annual Report \| September 2025

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

AQR SMALL CAP MOMENTUM STYLE FUND

Schedule of Investments

September 30, 2025

(Continued)

#### INVESTMENTS

#### SHARES

#### VALUE ($)

#### Metals & Mining - 2.3% (continued)
Ryerson Holding Corp.

2,111

48,257

SSR Mining, Inc. (Canada) \*

27,643

675,042

United States Antimony Corp. \*

26,210

162,502

US Gold Corp. \*

4,773

78,659

#### 3,173,130

#### Total Materials

#### 5,067,341

#### Real Estate - 2.6%

#### Health Care REITs - 1.0%
American Healthcare REIT, Inc.,

REIT

17,075

717,321

CareTrust REIT, Inc., REIT

7,351

254,933

Diversified Healthcare Trust, REIT

28,301

124,807

Sabra Health Care REIT, Inc., REIT

11,496

214,285

#### 1,311,346

#### Industrial REITs - 0.1%
Terreno Realty Corp., REIT

2,183

#### 123,885

#### Office REITs - 0.3%
Douglas Emmett, Inc., REIT

8,568

133,404

Paramount Group, Inc., REIT \*

20,952

137,026

Piedmont Realty Trust, Inc., Class

A, REIT

12,875

115,875

#### 386,305

#### Real Estate Management & Development - 0.7%
Compass, Inc., Class A \*

44,082

353,979

Douglas Elliman, Inc. \*

15,479

44,270

St Joe Co. (The)

10,404

514,790

#### 913,039

#### Retail REITs - 0.5%
CBL & Associates Properties, Inc.,

REIT

4,093

125,164

Tanger, Inc., REIT

18,118

613,113

#### 738,277

#### Total Real Estate

#### 3,472,852

#### Utilities - 1.0%

#### Electric Utilities - 0.8%
Oklo, Inc. \*

10,108

#### 1,128,356

#### Gas Utilities - 0.1%
Northwest Natural Holding Co.

1,399

#### 62,857

#### Independent Power and Renewable Electricity Producers - 0.1%
Hallador Energy Co. \*

9,632

#### 188,498

#### Total Utilities

#### 1,379,711

#### TOTAL COMMON STOCKS
(Cost $68,995,728)

#### 128,678,651

#### INVESTMENTS

#### SHARES

#### VALUE ($)

#### SHORT-TERM INVESTMENTS - 4.6%

#### INVESTMENT COMPANIES - 4.6%
Limited Purpose Cash Investment

Fund, 4.13% (a)

(Cost $6,143,555)

6,144,802

#### 6,143,573

#### TOTAL INVESTMENTS IN SECURITIES

#### AT VALUE - 99.6%
(Cost $75,139,283)

#### 134,822,224

#### OTHER ASSETS IN EXCESS OF

#### LIABILITIES - 0.4% ‡

#### 576,471

#### NET ASSETS - 100.0%

#### 135,398,695

#### SECTOR

#### VALUE

#### % OF NET

#### ASSETS
Communication Services

$

3,860,704

.8

%

Consumer Discretionary

11,861,484

.8

Consumer Staples

2,644,809

.0

Energy

4,692,676

.5

Financials

21,315,637

.7

Health Care

19,206,997

.2

Industrials

29,155,613

.5

Information Technology

26,020,827

.2

Materials

5,067,341

.7

Real Estate

3,472,852

.6

Utilities

1,379,711

.0

Investment Companies

6,143,573

.6

#### Total Investments In Securities

#### At Value

#### 134,822,224

#### 99

#### .6
Other Assets in Excess of

Liabilities ‡

576,471

.4

#### Net Assets

#### $

#### 135,398,695

#### 100

#### .0

#### %
Schedule of Investments

September 30, 2025

AQR SMALL CAP MOMENTUM STYLE FUND

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

AQR Funds \| Annual Report \| September 2025

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 September 30, 2025.

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).

#### Futures contracts outstanding as of September 30, 2025:

#### Exchange-Traded

#### DESCRIPTION

#### NUMBER OF

#### CONTRACTS

#### EXPIRATION

#### DATE

#### TRADING

#### CURRENCY

#### NOTIONAL

#### AMOUNT

#### UNREALIZED

#### APPRECIATION
(DEPRECIATION)

#### Long Contracts
Russell 2000 E-Mini Index

12/2025

USD

$

5,279,325

$

(3,353)

#### Net unrealized depreciation

#### $

#### (#### 3,353

####)
Collateral pledged to (received from) each counterparty at September 30, 2025 was as follows:

#### COUNTERPARTY

#### OVER-THE-COUNTER

#### EXCHANGE-TRADED

#### TOTAL

#### BARC
Cash

$

–

$

389,526

$

389,526

AQR Funds \| Annual Report \| September 2025

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

(Continued)

AQR INTERNATIONAL MOMENTUM STYLE FUND

Schedule of Investments

September 30, 2025

#### INVESTMENTS

#### SHARES

#### VALUE ($)

#### COMMON STOCKS - 94.5%

#### Australia - 3.2%
Aristocrat Leisure Ltd.

3,203

148,278

Brambles Ltd.

28,352

465,190

Coles Group Ltd.

4,875

75,040

Commonwealth Bank of Australia

14,579

1,610,011

Computershare Ltd.

4,717

113,330

Evolution Mining Ltd.

72,352

515,764

Goodman Group, REIT

35,291

764,792

Northern Star Resources Ltd.

12,055

188,243

Pro Medicus Ltd.

2,502

509,397

Qantas Airways Ltd.

44,168

319,149

REA Group Ltd.

5,051

772,389

SGH Ltd.

3,971

131,082

Suncorp Group Ltd.

21,287

285,410

Telstra Group Ltd.

18,566

59,191

Wesfarmers Ltd.

2,125

129,271

Westpac Banking Corp.

25,191

649,042

WiseTech Global Ltd.

2,326

139,056

#### 6,874,635

#### Austria - 0.3%
Erste Group Bank AG

6,270

#### 616,357

#### Belgium - 0.2%
Ageas SA/NV

3,502

242,886

KBC Group NV

2,096

251,182

#### 494,068

#### Brazil - 0.6%
Wheaton Precious Metals Corp. (1)

10,683

#### 1,195,495

#### Canada - 17.8%
Agnico Eagle Mines Ltd. (1)

11,220

1,889,752

Alamos Gold, Inc., Class A (1)

3,909

136,255

AltaGas Ltd. (1)

16,210

499,450

Bank of Montreal (1)

6,489

845,570

Bank of Nova Scotia (The) (1)

3,068

198,383

Barrick Mining Corp. (1)

28,587

938,932

Brookfield Asset Management Ltd.,

Class A (1)

8,502

483,839

Brookfield Corp., Class A (1)

28,337

1,944,313

Brookfield Renewable Corp. (1)

4,538

156,223

CAE, Inc. (1)\*

4,450

131,770

Cameco Corp. (1)

6,631

556,514

Canadian Imperial Bank of

Commerce (1)

24,160

1,930,613

Canadian Pacific Kansas City Ltd.

(1) 6,204

462,057

Canadian Utilities Ltd., Class A (1)

12,242

342,445

Celestica, Inc. (1)\*

3,627

892,533

Constellation Software, Inc. (1)

638

1,731,947

Dollarama, Inc. (1)

8,394

1,107,016

Emera, Inc. (1)

18,836

903,700

Empire Co. Ltd., Class A (1)

2,839

101,896

Enbridge, Inc. (1)

4,794

241,853

Fairfax Financial Holdings Ltd. (1)

787

1,376,868

Fortis, Inc. (1)

9,796

496,874

Franco-Nevada Corp. (1)

3,387

753,892

George Weston Ltd. (1)

9,792

597,286

Great-West Lifeco, Inc. (1)

5,153

209,127

Hydro One Ltd. (1)(a)

7,477

266,748

#### INVESTMENTS

#### SHARES

#### VALUE ($)

#### Canada - 17.8% (continued)
iA Financial Corp., Inc. (1)

3,927

446,482

Imperial Oil Ltd. (1)

4,106

372,304

Intact Financial Corp. (1)

5,199

1,011,521

Kinross Gold Corp. (1)

55,962

1,388,897

Lumine Group, Inc. (1)\*(b)

2,271

66,970

Lundin Gold, Inc. (1)

6,789

439,868

Manulife Financial Corp. (1)

20,362

634,401

National Bank of Canada (1)

551

58,529

Pan American Silver Corp. (1)

8,084

313,264

Power Corp. of Canada (1)

17,413

753,475

Royal Bank of Canada (1)

23,316

3,436,501

Shopify, Inc., Class A (1)\*

24,128

3,584,614

TC Energy Corp. (1)

1,877

102,057

Thomson Reuters Corp. (1)

10,557

1,639,267

TMX Group Ltd. (1)

6,780

259,371

Toronto-Dominion Bank (The) (1)

29,349

2,346,739

WSP Global, Inc. (1)

9,125

1,793,265

#### 37,843,381

#### China - 1.5%
BOC Hong Kong Holdings Ltd.

200,000

936,955

Prosus NV

26,121

1,847,148

SITC International Holdings Co.

Ltd. (1)

85,000

327,244

#### 3,111,347

#### Denmark - 1.2%
Danske Bank A/S

41,447

1,770,390

DSV A/S

2,605

520,403

Pandora A/S

1,668

218,087

#### 2,508,880

#### Finland - 0.6%
Fortum OYJ

13,987

265,483

Nordea Bank Abp

14,724

242,413

Orion OYJ, Class B

4,948

379,874

Sampo OYJ, Class A

10,328

118,741

Wartsila OYJ Abp

10,398

311,884

#### 1,318,395

#### France - 7.6%
Accor SA

17,221

818,177

Air Liquide SA

3,379

704,037

Airbus SE

6,229

1,454,633

AXA SA

6,267

300,534

BNP Paribas SA

18,484

1,690,598

Credit Agricole SA

19,138

377,135

Danone SA

6,095

531,077

Engie SA

24,367

523,806

EssilorLuxottica SA

1,838

598,736

Hermes International SCA

617

1,517,227

Klepierre SA, REIT

5,935

231,702

Legrand SA

2,537

421,551

L'Oreal SA

1,984

862,022

Orange SA

102,959

1,670,095

Safran SA

5,146

1,826,156

Societe Generale SA

28,084

1,869,730

Thales SA

2,107

666,053

#### 16,063,269
Schedule of Investments

September 30, 2025

AQR INTERNATIONAL MOMENTUM STYLE FUND

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

AQR Funds \| Annual Report \| September 2025

(Continued)

#### INVESTMENTS

#### SHARES

#### VALUE ($)

#### Germany - 11.8%
Allianz SE (Registered)

3,447

1,450,245

Commerzbank AG

42,810

1,620,873

Deutsche Bank AG (Registered)

40,224

1,424,565

Deutsche Telekom AG (Registered)

59,528

2,028,087

E.ON SE

24,016

452,353

Fresenius Medical Care AG

1,788

94,474

GEA Group AG

3,458

255,657

Hannover Rueck SE

2,710

817,766

Heidelberg Materials AG

2,093

473,114

MTU Aero Engines AG

213,599

Muenchener Rueckversicherungs-

Gesellschaft AG in Muenchen

(Registered)

5,302

3,385,190

Nemetschek SE

512

66,817

Rheinmetall AG

1,098

2,568,410

RWE AG

3,865

171,910

SAP SE

14,549

3,895,746

Scout24 SE (a)

5,345

670,570

Siemens AG (Registered)

6,260

1,690,062

Siemens Energy AG \*

20,262

2,382,388

Talanx AG

9,912

1,321,541

#### 24,983,367

#### Hong Kong - 1.0%
Hong Kong Exchanges & Clearing

Ltd.

22,000

1,248,953

Link, REIT

11,900

61,142

Sun Hung Kai Properties Ltd.

9,500

113,635

Techtronic Industries Co. Ltd.

25,361

324,195

WH Group Ltd. (a)

427,000

462,420

#### 2,210,345

#### Italy - 5.7%
BPER Banca SpA

43,681

485,827

Coca-Cola HBC AG

1,752

82,657

Ferrari NV

1,707

827,419

Generali

21,586

848,330

Intesa Sanpaolo SpA

425,117

2,813,924

Leonardo SpA

22,059

1,411,482

Poste Italiane SpA (a)

40,347

959,090

Prysmian SpA

3,657

363,950

UniCredit SpA

46,696

3,553,338

Unipol Assicurazioni SpA

30,174

648,668

#### 11,994,685

#### Japan - 15.4%
Advantest Corp.

13,732

1,358,682

Asics Corp.

21,300

557,368

Bandai Namco Holdings, Inc.

16,377

544,888

Chugai Pharmaceutical Co. Ltd.

14,869

659,210

Daifuku Co. Ltd.

5,200

166,421

Daiichi Sankyo Co. Ltd.

6,106

137,386

Daikin Industries Ltd.

874

100,739

Fast Retailing Co. Ltd.

656

199,235

Fujikura Ltd.

9,600

939,042

Fujitsu Ltd.

41,080

963,668

Hikari Tsushin, Inc.

595

165,748

Hitachi Ltd.

56,705

1,502,289

Hoya Corp.

2,187

302,397

IHI Corp.

22,400

417,184

#### INVESTMENTS

#### SHARES

#### VALUE ($)

#### Japan - 15.4% (continued)
ITOCHU Corp.

20,729

1,179,447

Japan Post Insurance Co. Ltd.

5,900

167,212

Japan Tobacco, Inc.

5,898

193,437

Kajima Corp.

2,700

78,691

Keyence Corp.

115,494

Konami Group Corp.

4,507

650,189

M3, Inc.

4,200

67,991

Mitsubishi Corp.

8,956

213,506

Mitsubishi Electric Corp.

12,700

326,183

Mitsubishi HC Capital, Inc.

42,915

354,508

Mitsubishi Heavy Industries Ltd.

86,120

2,253,684

Mitsubishi UFJ Financial Group, Inc.

136,600

2,203,546

Mitsui OSK Lines Ltd.

3,336

101,279

Mizuho Financial Group, Inc.

50,661

1,703,014

MS&AD Insurance Group Holdings,

Inc.

13,100

296,662

Nintendo Co. Ltd.

21,900

1,894,772

Nippon Yusen KK

13,801

470,961

Nitori Holdings Co. Ltd.

10,535

203,698

Nomura Holdings, Inc.

22,000

161,231

Nomura Research Institute Ltd.

15,822

607,439

Obayashi Corp.

17,900

293,802

Obic Co. Ltd.

19,115

666,223

Oracle Corp. Japan

1,200

122,524

Pan Pacific International Holdings

Corp.

17,500

115,219

Recruit Holdings Co. Ltd.

8,818

474,090

Resona Holdings, Inc.

86,450

881,556

SCSK Corp.

11,100

332,258

Shimadzu Corp.

6,009

151,532

SoftBank Group Corp.

14,300

1,804,382

Sompo Holdings, Inc.

18,900

584,304

Sony Financial Group, Inc. (1)\*

105,060

116,508

Sony Group Corp.

105,060

3,020,128

Sumitomo Electric Industries Ltd.

15,000

426,811

Sumitomo Mitsui Financial Group,

Inc.

9,663

271,848

T&D Holdings, Inc.

2,500

61,109

Taisei Corp.

2,500

171,793

Terumo Corp.

10,414

171,795

TIS, Inc.

16,300

537,658

Toho Co. Ltd.

7,500

482,122

Tokyo Gas Co. Ltd.

11,200

398,257

Toyota Industries Corp.

2,100

236,184

Zensho Holdings Co. Ltd.

3,100

202,515

#### 32,779,819

#### Macau - 0.1%
Galaxy Entertainment Group Ltd.

13,000

71,478

Sands China Ltd.

24,800

68,912

#### 140,390

#### Netherlands - 3.0%
ABN AMRO Bank NV, CVA (a)

34,099

1,093,881

Adyen NV \*(a)

469,851

Euronext NV (a)

5,922

886,591

ING Groep NV

26,407

692,279

JDE Peet's NV

9,109

334,188

Koninklijke Ahold Delhaize NV

24,520

992,190

Koninklijke KPN NV

14,059

67,477

AQR Funds \| Annual Report \| September 2025

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

AQR INTERNATIONAL MOMENTUM STYLE FUND

Schedule of Investments

September 30, 2025

(Continued)

#### INVESTMENTS

#### SHARES

#### VALUE ($)

#### Netherlands - 3.0% (continued)
NN Group NV

11,208

790,360

Wolters Kluwer NV

8,106

1,106,468

#### 6,433,285

#### New Zealand - 0.2%
Xero Ltd. \*

3,309

#### 345,278

#### Norway - 0.8%
Kongsberg Gruppen ASA

30,520

975,339

Orkla ASA

40,107

419,312

Telenor ASA

23,686

393,033

#### 1,787,684

#### Singapore - 1.9%
DBS Group Holdings Ltd.

45,343

1,798,204

Oversea-Chinese Banking Corp.

Ltd.

25,900

330,215

Singapore Exchange Ltd.

41,400

531,468

Singapore Technologies Engineering

Ltd.

74,700

498,812

Singapore Telecommunications Ltd.

275,900

882,071

#### 4,040,770

#### Spain - 3.9%
ACS Actividades de Construccion y

Servicios SA

12,350

989,953

Aena SME SA (a)

6,920

189,188

Banco Bilbao Vizcaya Argentaria SA

88,250

1,700,545

Banco Santander SA

183,896

1,929,862

Bankinter SA

8,570

135,477

CaixaBank SA

79,725

842,049

Endesa SA (1)

39,768

1,270,425

Grifols SA

4,358

63,449

Iberdrola SA

53,579

1,014,215

Industria de Diseno Textil SA

1,977

109,415

#### 8,244,578

#### Sweden - 2.4%
Hexagon AB, Class B

96,475

1,151,251

Investor AB, Class B

30,755

962,765

Saab AB, Class B

12,204

749,841

Securitas AB, Class B

21,197

319,504

Svenska Handelsbanken AB, Class

A

24,727

322,629

Swedbank AB, Class A

13,211

398,783

Tele2 AB, Class B

51,521

878,876

Telia Co. AB

89,196

340,280

#### 5,123,929

#### Switzerland - 2.7%
ABB Ltd. (Registered)

15,847

1,146,742

Chocoladefabriken Lindt & Spruengli

AG

214,042

Galderma Group AG

2,090

369,513

Geberit AG (Registered)

178,228

Givaudan SA (Registered)

411,983

Helvetia Holding AG (Registered)

2,623

644,577

Lonza Group AG (Registered)

308,911

Partners Group Holding AG

1,115

1,458,877

Sandoz Group AG

1,122

66,919

Swiss Life Holding AG (Registered)

163,021

#### INVESTMENTS

#### SHARES

#### VALUE ($)

#### Switzerland - 2.7% (continued)
Swiss Prime Site AG (Registered)

1,235

173,010

UBS Group AG (Registered)

4,742

194,960

Zurich Insurance Group AG

636

454,602

#### 5,785,385

#### United Kingdom - 8.7%
3i Group plc

19,506

1,075,229

Admiral Group plc

2,390

107,868

Ashtead Group plc

5,509

369,441

BAE Systems plc

45,937

1,278,722

Barclays plc

241,087

1,240,471

British American Tobacco plc

34,668

1,843,898

BT Group plc

254,839

655,624

Bunzl plc

7,883

249,160

Compass Group plc

13,795

470,213

HSBC Holdings plc

223,387

3,152,688

Imperial Brands plc

25,427

1,080,176

InterContinental Hotels Group plc

4,832

584,239

International Consolidated Airlines

Group SA

73,358

383,915

NatWest Group plc

181,220

1,280,021

Next plc

2,173

362,248

Pearson plc

5,086

72,328

Phoenix Group Holdings plc

9,905

85,946

Rolls-Royce Holdings plc

192,420

3,093,009

SSE plc

3,616

84,816

Standard Chartered plc

41,772

810,693

Wise plc, Class A \*

16,884

235,368

#### 18,516,073

#### United States - 3.7%
CSL Ltd.

2,954

388,588

Experian plc

4,463

224,164

Ferrovial SE

5,734

329,362

GFL Environmental, Inc. (1)

2,516

119,247

Holcim AG

3,785

322,953

Jackson Financial, Inc., Class A (1)

22,574

Schneider Electric SE

4,552

1,281,261

Shell plc

134,791

4,804,091

Swiss Re AG

1,994

370,340

#### 7,862,580

#### Zambia - 0.2%
First Quantum Minerals Ltd. (1)\*

15,000

#### 339,297

#### TOTAL COMMON STOCKS
(Cost $117,322,335)

#### 200,613,292

#### NO. OF

#### WARRANTS

#### WARRANTS - 0.0%

#### Canada - 0.0%
Constellation Software, Inc.,

expiring 3/31/2040 (3)\*

(Cost $–)

758

#### –
Schedule of Investments

September 30, 2025

AQR INTERNATIONAL MOMENTUM STYLE FUND

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

AQR Funds \| Annual Report \| September 2025

#### INVESTMENTS

#### SHARES

#### VALUE ($)

#### SHORT-TERM INVESTMENTS - 5.1%

#### INVESTMENT COMPANIES - 5.1%
Limited Purpose Cash Investment

Fund, 4.13% (1)(c)

(Cost $10,857,083)

10,860,426

#### 10,858,254

#### TOTAL INVESTMENTS IN SECURITIES

#### AT VALUE - 99.6%
(Cost $128,179,418)

#### 211,471,546

#### OTHER ASSETS IN EXCESS OF

#### LIABILITIES - 0.4% ‡

#### 823,625

#### NET ASSETS - 100.0%

#### 212,295,171

#### SECTOR

#### VALUE

#### % OF NET

#### ASSETS
Communication Services

$

13,249,159

.2

%

Consumer Discretionary

13,621,318

.4

Consumer Staples

7,789,641

.7

Energy

6,076,819

.9

Financials

78,459,118

.0

Health Care

4,118,641

.9

Industrials

42,366,177

.0

Information Technology

16,729,688

.9

Materials

10,011,746

.7

Real Estate

1,344,281

.6

Utilities

6,846,704

.2

Investment Companies

10,858,254

.1

#### Total Investments In Securities

#### At Value

#### 211,471,546

#### 99

#### .6
Other Assets in Excess of

Liabilities ‡

823,625

.4

#### Net Assets

#### $

#### 212,295,171

#### 100

#### .0

#### %
\* Non-income producing security.

‡ Includes appreciation (depreciation) on futures contracts.

(a) Security exempt from registration under Rule 144A or section 4(2) of the Securities Act of 1933. Under procedures approved by the Board of

Trustees, such securities have been determined to be liquid by the investment adviser and may be resold, normally to qualified institutional buyers

in transactions exempt from registration. Total value of all such securities at September 30, 2025 amounted to $4,998,339 of investments in

securities, which represents 2.35% 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 September 30,

2025 amounted to $66,970 of investments in securities, which represents 0.03% of net assets of the Fund.

(c) Represents 7-day effective yield as of September 30, 2025.

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 September 30, 2025:

#### Exchange-Traded

#### DESCRIPTION

#### NUMBER OF

#### CONTRACTS

#### EXPIRATION

#### DATE

#### TRADING

#### CURRENCY

#### NOTIONAL

#### AMOUNT

#### UNREALIZED

#### APPRECIATION
(DEPRECIATION)

#### Long Contracts
MSCI EAFE Index

12/2025

USD

$

10,027,080

$

77,164

#### Net unrealized appreciation

#### $

#### 77,164
Collateral pledged to (received from) each counterparty at September 30, 2025 was as follows:

#### COUNTERPARTY

#### OVER-THE-COUNTER

#### EXCHANGE-TRADED

#### TOTAL

#### BARC
Cash

$

–

$

257,393

$

257,393

AQR Funds \| Annual Report \| September 2025

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

(Continued)

AQR LARGE CAP DEFENSIVE STYLE FUND

Schedule of Investments

September 30, 2025

#### INVESTMENTS

#### SHARES

#### VALUE ($)

#### COMMON STOCKS - 95.4%

#### Communication Services - 9.7%

#### Diversified Telecommunication Services - 2.4%
AT&T, Inc.

990,815

27,980,615

Verizon Communications, Inc.

448,867

19,727,705

#### 47,708,320

#### Entertainment - 3.7%
Electronic Arts, Inc.

96,760

19,516,492

Netflix, Inc. \*

11,306

13,554,990

ROBLOX Corp., Class A \*

122,771

17,006,239

Spotify Technology SA \*

31,279

21,832,742

Walt Disney Co. (The)

37,199

4,259,285

#### 76,169,748

#### Interactive Media & Services - 2.7%
Alphabet, Inc., Class A

120,437

29,278,234

Meta Platforms, Inc., Class A

34,731

25,505,752

#### 54,783,986

#### Wireless Telecommunication Services - 0.9%
T-Mobile US, Inc.

78,010

#### 18,674,034

#### Total Communication Services

#### 197,336,088

#### Consumer Discretionary - 8.5%

#### Automobiles - 0.1%
General Motors Co.

30,721

#### 1,873,059

#### Broadline Retail - 1.6%
Amazon.com, Inc. \*

126,575

27,792,073

Dillard's, Inc., Class A

7,183

4,413,810

#### 32,205,883

#### Diversified Consumer Services - 0.3%
Duolingo, Inc., Class A \*

16,347

#### 5,261,119

#### Hotels, Restaurants & Leisure - 2.4%
Airbnb, Inc., Class A \*

163,080

19,801,174

Booking Holdings, Inc.

3,190

17,223,671

DoorDash, Inc., Class A \*

13,233

3,599,244

McDonald's Corp.

15,197

4,618,216

Texas Roadhouse, Inc., Class A

29,387

4,882,650

#### 50,124,955

#### Household Durables - 0.5%
Garmin Ltd.

45,884

#### 11,297,559

#### Specialty Retail - 3.2%
AutoZone, Inc. \*

6,526

27,998,106

Murphy USA, Inc.

19,547

7,589,318

O'Reilly Automotive, Inc. \*

271,300

29,248,853

#### 64,836,277

#### Textiles, Apparel & Luxury Goods - 0.4%
Deckers Outdoor Corp. \*

73,190

#### 7,419,270

#### Total Consumer Discretionary

#### 173,018,122

#### INVESTMENTS

#### SHARES

#### VALUE ($)

#### Consumer Staples - 16.1%

#### Beverages - 3.8%
Coca-Cola Co. (The)

416,951

27,652,190

Molson Coors Beverage Co., Class

B

40,829

1,847,512

Monster Beverage Corp. \*

307,811

20,718,759

PepsiCo, Inc.

189,710

26,642,872

#### 76,861,333

#### Consumer Staples Distribution & Retail - 4.3%
Costco Wholesale Corp.

30,241

27,991,977

Kroger Co. (The)

407,029

27,437,825

Maplebear, Inc. \*

91,631

3,368,355

Walmart, Inc.

284,549

29,325,620

#### 88,123,777

#### Food Products - 2.5%
General Mills, Inc.

92,192

4,648,321

Hershey Co. (The)

67,398

12,606,796

Hormel Foods Corp.

26,163

647,273

Ingredion, Inc.

18,516

2,260,989

Kraft Heinz Co. (The)

209,936

5,466,733

Mondelez International, Inc., Class A

242,163

15,127,923

Pilgrim's Pride Corp.

153,796

6,262,573

Tyson Foods, Inc., Class A

60,462

3,283,086

#### 50,303,694

#### Household Products - 3.5%
Church & Dwight Co., Inc.

256,043

22,437,048

Colgate-Palmolive Co.

247,295

19,768,762

Kimberly-Clark Corp.

6,117

760,588

Procter & Gamble Co. (The)

182,916

28,105,044

#### 71,071,442

#### Tobacco - 2.0%
Altria Group, Inc.

212,116

14,012,383

Philip Morris International, Inc.

167,425

27,156,335

#### 41,168,718

#### Total Consumer Staples

#### 327,528,964

#### Energy - 5.2%

#### Oil, Gas & Consumable Fuels - 5.2%
Chevron Corp.

94,429

14,663,879

ConocoPhillips

121,175

11,461,943

Coterra Energy, Inc.

152,962

3,617,551

DT Midstream, Inc.

75,741

8,563,278

EOG Resources, Inc.

225,024

25,229,691

Expand Energy Corp.

10,884

1,156,316

Exxon Mobil Corp.

258,816

29,181,504

Permian Resources Corp., Class A

57,518

736,230

Texas Pacific Land Corp.

12,971

12,110,245

#### Total Energy

#### 106,720,637
Schedule of Investments

September 30, 2025

AQR LARGE CAP DEFENSIVE STYLE FUND

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

AQR Funds \| Annual Report \| September 2025

(Continued)

#### INVESTMENTS

#### SHARES

#### VALUE ($)

#### Financials - 12.8%

#### Banks - 0.6%
First Citizens BancShares, Inc.,

Class A

4,509

8,067,322

JPMorgan Chase & Co.

7,028

2,216,842

Wells Fargo & Co.

12,124

1,016,234

#### 11,300,398

#### Capital Markets - 3.5%
Bank of New York Mellon Corp.

(The)

20,474

2,230,847

Cboe Global Markets, Inc.

123,216

30,218,724

CME Group, Inc.

107,292

28,989,226

Intercontinental Exchange, Inc.

58,528

9,860,797

#### 71,299,594

#### Financial Services - 2.8%
Jack Henry & Associates, Inc.

10,176

1,515,512

Mastercard, Inc., Class A

49,585

28,204,444

Visa, Inc., Class A

83,493

28,502,840

#### 58,222,796

#### Insurance - 5.9%
Arch Capital Group Ltd.

68,931

6,254,110

Arthur J Gallagher & Co.

76,402

23,664,755

Chubb Ltd.

76,515

21,596,359

Everest Group Ltd.

22,476

7,871,769

Markel Group, Inc. \*

1,998

3,818,897

Marsh & McLennan Cos., Inc.

92,211

18,583,283

Progressive Corp. (The)

80,773

19,946,892

Reinsurance Group of America, Inc.

17,662

3,393,400

Travelers Cos., Inc. (The)

21,462

5,992,620

W R Berkley Corp.

84,350

6,462,897

White Mountains Insurance Group

Ltd.

1,701

2,843,256

#### 120,428,238

#### Total Financials

#### 261,251,026

#### Health Care - 13.1%

#### Biotechnology - 1.9%
Exelixis, Inc. \*

83,675

3,455,778

Regeneron Pharmaceuticals, Inc.

2,105

1,183,578

United Therapeutics Corp. \*

63,599

26,661,337

Vertex Pharmaceuticals, Inc. \*

22,183

8,687,750

#### 39,988,443

#### Health Care Equipment & Supplies - 2.1%
Abbott Laboratories

155,917

20,883,523

Becton Dickinson & Co.

5,202

973,658

Boston Scientific Corp. \*

96,494

9,420,709

Edwards Lifesciences Corp. \*

13,152

1,022,831

Stryker Corp.

28,032

10,362,590

#### 42,663,311

#### INVESTMENTS

#### SHARES

#### VALUE ($)

#### Health Care Providers & Services - 5.0%
Cardinal Health, Inc.

61,824

9,703,895

Cencora, Inc.

96,040

30,015,381

Chemed Corp.

4,655

2,084,230

Cigna Group (The)

24,612

7,094,409

Elevance Health, Inc.

9,543

3,083,534

McKesson Corp.

40,201

31,056,881

UnitedHealth Group, Inc.

55,978

19,329,203

#### 102,367,533

#### Health Care Technology - 1.5%
Veeva Systems, Inc., Class A \*

100,856

#### 30,046,011

#### Life Sciences Tools & Services - 0.1%
Thermo Fisher Scientific, Inc.

4,486

#### 2,175,800

#### Pharmaceuticals - 2.5%
Corcept Therapeutics, Inc. \*

86,092

7,155,106

Johnson & Johnson

163,468

30,310,237

Merck & Co., Inc.

159,893

13,419,819

#### 50,885,162

#### Total Health Care

#### 268,126,260

#### Industrials - 14.6%

#### Aerospace & Defense - 3.2%
General Dynamics Corp.

2,384

812,944

Lockheed Martin Corp.

54,886

27,399,640

Northrop Grumman Corp.

50,291

30,643,312

RTX Corp.

33,013

5,524,066

#### 64,379,962

#### Air Freight & Logistics - 0.2%
Expeditors International of

Washington, Inc.

41,492

#### 5,086,504

#### Commercial Services & Supplies - 4.3%
Cintas Corp.

128,800

26,437,488

Copart, Inc. \*

18,554

834,373

RB Global, Inc. (Canada)

21,204

2,297,666

Republic Services, Inc., Class A

121,940

27,982,791

Rollins, Inc.

40,527

2,380,556

Waste Management, Inc.

128,679

28,416,184

#### 88,349,058

#### Electrical Equipment - 0.4%
GE Vernova, Inc.

13,480

#### 8,288,852

#### Ground Transportation - 0.5%
Landstar System, Inc.

27,501

3,370,522

Old Dominion Freight Line, Inc.

21,003

2,956,802

Uber Technologies, Inc. \*

17,707

1,734,755

U-Haul Holding Co. \*

2,125

121,274

Union Pacific Corp.

9,832

2,323,990

#### 10,507,343

AQR Funds \| Annual Report \| September 2025

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

AQR LARGE CAP DEFENSIVE STYLE FUND

Schedule of Investments

September 30, 2025

(Continued)

#### INVESTMENTS

#### SHARES

#### VALUE ($)

#### Machinery - 0.9%
Cummins, Inc.

11,573

4,888,088

Deere & Co.

13,231

6,050,007

Illinois Tool Works, Inc.

30,707

8,007,157

#### 18,945,252

#### Professional Services - 4.1%
Automatic Data Processing, Inc.

94,973

27,874,576

CACI International, Inc., Class A \*

37,286

18,597,511

FTI Consulting, Inc. \*

85,025

13,744,291

Leidos Holdings, Inc.

53,418

10,093,865

Paychex, Inc.

37,459

4,748,303

Verisk Analytics, Inc., Class A

31,243

7,857,927

#### 82,916,473

#### Trading Companies & Distributors - 1.0%
Fastenal Co.

93,157

4,568,419

WW Grainger, Inc.

16,662

15,878,220

#### 20,446,639

#### Total Industrials

#### 298,920,083

#### Information Technology - 13.5%

#### Communications Equipment - 2.5%
Arista Networks, Inc. \*

191,300

27,874,323

Cisco Systems, Inc.

190,501

13,034,079

F5, Inc. \*

3,996

1,291,467

Motorola Solutions, Inc.

5,052

2,310,229

Ubiquiti, Inc.

9,469

6,255,032

#### 50,765,130

#### Electronic Equipment, Instruments & Components - 0.1%
TD SYNNEX Corp.

7,919

1,296,736

Teledyne Technologies, Inc. \*

2,812

1,647,945

#### 2,944,681

#### IT Services - 0.9%
Accenture plc, Class A (Ireland)

33,606

8,287,240

Amdocs Ltd.

9,625

789,731

International Business Machines

Corp.

32,471

9,162,017

#### 18,238,988

#### Semiconductors & Semiconductor Equipment - 1.4%
Analog Devices, Inc.

10,705

2,630,218

Applied Materials, Inc.

25,200

5,159,448

Broadcom, Inc.

1,593

525,547

KLA Corp.

5,666

6,111,348

NVIDIA Corp.

76,361

14,247,435

#### 28,673,996

#### Software - 7.1%
Adobe, Inc. \*

21,818

7,696,299

Cadence Design Systems, Inc. \*

12,367

4,344,032

Datadog, Inc., Class A \*

20,610

2,934,864

Dolby Laboratories, Inc., Class A

33,764

2,443,501

Fortinet, Inc. \*

45,975

3,865,578

Manhattan Associates, Inc. \*

31,873

6,533,328

#### INVESTMENTS

#### SHARES

#### VALUE ($)

#### Software - 7.1% (continued)
Microsoft Corp.

58,202

30,145,726

Nutanix, Inc., Class A \*

7,247

539,104

Palantir Technologies, Inc., Class A \*

66,200

12,076,204

Roper Technologies, Inc.

32,316

16,115,666

Salesforce, Inc.

17,252

4,088,724

ServiceNow, Inc. \*

16,460

15,147,809

Synopsys, Inc. \*

11,470

5,659,183

Tyler Technologies, Inc. \*

7,189

3,760,997

Zoom Communications, Inc., Class

A \*

347,797

28,693,253

#### 144,044,268

#### Technology Hardware, Storage & Peripherals - 1.5%
Apple, Inc.

119,811

#### 30,507,475

#### Total Information Technology

#### 275,174,538

#### Materials - 0.3%

#### Chemicals - 0.3%
Linde plc

11,232

#### 5,335,200

#### Real Estate - 0.2%

#### Specialized REITs - 0.2%
Millrose Properties, Inc., Class A,

REIT

25,391

853,391

VICI Properties, Inc., Class A, REIT

95,778

3,123,321

#### Total Real Estate

#### 3,976,712

#### Utilities - 1.4%

#### Electric Utilities - 0.5%
Duke Energy Corp.

82,007

10,148,366

Xcel Energy, Inc.

8,209

662,056

#### 10,810,422

#### Gas Utilities - 0.3%
Atmos Energy Corp.

31,064

#### 5,304,178

#### Multi-Utilities - 0.6%
Consolidated Edison, Inc.

120,532

#### 12,115,877

#### Water Utilities - 0.0%

#### †
American Water Works Co., Inc.

7,884

#### 1,097,374

#### Total Utilities

#### 29,327,851

#### TOTAL COMMON STOCKS
(Cost $1,125,283,749)

#### 1,946,715,481

#### SHORT-TERM INVESTMENTS - 4.3%

#### INVESTMENT COMPANIES - 4.3%
Limited Purpose Cash Investment

Fund, 4.13% (a)

(Cost $87,918,297)

87,941,945

#### 87,924,356

#### TOTAL INVESTMENTS IN SECURITIES

#### AT VALUE - 99.7%
(Cost $1,213,202,046)

#### 2,034,639,837

#### OTHER ASSETS IN EXCESS OF

#### LIABILITIES - 0.3% ‡

#### 5,651,522

#### NET ASSETS - 100.0%

#### 2,040,291,359
Schedule of Investments

September 30, 2025

AQR LARGE CAP DEFENSIVE STYLE FUND

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

AQR Funds \| Annual Report \| September 2025

#### SECTOR

#### VALUE

#### % OF NET

#### ASSETS
Communication Services

$

197,336,088

.7

%

Consumer Discretionary

173,018,122

.5

Consumer Staples

327,528,964

.1

Energy

106,720,637

.2

Financials

261,251,026

.8

Health Care

268,126,260

.1

Industrials

298,920,083

.6

Information Technology

275,174,538

.5

Materials

5,335,200

.3

Real Estate

3,976,712

.2

Utilities

29,327,851

.4

Investment Companies

87,924,356

.3

#### Total Investments In Securities

#### At Value

#### 2,034,639,837

#### 99

#### .7
Other Assets in Excess of

Liabilities ‡

5,651,522

.3

#### Net Assets

#### $

#### 2,040,291,359

#### 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 September 30, 2025.

All securities are Level 1 with respect to ASC 820 (See Note 4).

#### Futures contracts outstanding as of September 30, 2025:

#### Exchange-Traded

#### DESCRIPTION

#### NUMBER OF

#### CONTRACTS

#### EXPIRATION

#### DATE

#### TRADING

#### CURRENCY

#### NOTIONAL

#### AMOUNT

#### UNREALIZED

#### APPRECIATION
(DEPRECIATION)

#### Long Contracts
S&P 500 E-Mini Index

12/2025

USD

$

71,767,688

$

995,357

#### Net unrealized appreciation

#### $

#### 995,357
Collateral pledged to (received from) each counterparty at September 30, 2025 was as follows:

#### COUNTERPARTY

#### OVER-THE-COUNTER

#### EXCHANGE-TRADED

#### TOTAL

#### GSCO
Cash

$

–

$

4,179,115

$

4,179,115

AQR Funds \| Annual Report \| September 2025

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

(Continued)

AQR INTERNATIONAL DEFENSIVE STYLE FUND

Schedule of Investments

September 30, 2025

#### INVESTMENTS

#### SHARES

#### VALUE ($)

#### COMMON STOCKS - 94.2%

#### Australia - 7.3%
ANZ Group Holdings Ltd.

41,489

911,038

Aristocrat Leisure Ltd.

29,811

1,380,055

BHP Group Ltd.

38,878

1,086,066

Brambles Ltd.

35,064

575,318

Cochlear Ltd.

6,115

1,126,908

Coles Group Ltd.

55,873

860,043

Fortescue Ltd.

29,644

367,125

Medibank Pvt Ltd.

149,829

477,325

Pro Medicus Ltd.

3,220

655,578

QBE Insurance Group Ltd.

21,446

291,843

REA Group Ltd.

14,545

2,224,194

Santos Ltd.

209,827

931,812

Sonic Healthcare Ltd.

63,253

895,908

Telstra Group Ltd.

1,143,663

3,646,140

Transurban Group

25,174

229,684

Vicinity Ltd., REIT

18,075

30,113

Washington H Soul Pattinson & Co.

Ltd.

14,169

360,753

Wesfarmers Ltd.

29,562

1,798,355

Woolworths Group Ltd.

42,953

758,038

#### 18,606,296

#### Austria - 0.4%
OMV AG

13,966

746,174

Verbund AG

2,075

151,128

#### 897,302

#### Belgium - 1.0%
Anheuser-Busch InBev SA/NV

19,561

1,169,292

Groupe Bruxelles Lambert NV

31,736

KBC Group NV

3,106

372,220

Lotus Bakeries NV

745,419

UCB SA

1,127

314,585

#### 2,633,252

#### Brazil - 1.6%
Wheaton Precious Metals Corp. (1)

35,604

#### 3,984,312

#### Canada - 11.3%
AltaGas Ltd. (1)

2,595

79,955

Bank of Montreal (1)

1,972

256,968

Canadian National Railway Co. (1)

16,563

1,561,923

Canadian Natural Resources Ltd. (1)

26,710

854,060

Canadian Pacific Kansas City Ltd.

(1) 12,615

939,531

Canadian Utilities Ltd., Class A (1)

2,642

73,905

CGI, Inc. (1)

19,134

1,704,283

Constellation Software, Inc. (1)

655

1,778,097

Descartes Systems Group, Inc.

(The) (1)\*

6,071

571,635

Dollarama, Inc. (1)

1,783

235,145

Enbridge, Inc. (1)

33,092

1,669,461

Fairfax Financial Holdings Ltd. (1)

145,210

Fortis, Inc. (1)

14,717

746,478

George Weston Ltd. (1)

3,945

240,635

Hydro One Ltd. (1)(a)

45,825

1,634,843

Imperial Oil Ltd. (1)

17,907

1,623,686

Intact Financial Corp. (1)

11,764

2,288,811

Loblaw Cos. Ltd. (1)

86,632

3,350,865

#### INVESTMENTS

#### SHARES

#### VALUE ($)

#### Canada - 11.3% (continued)
Lumine Group, Inc. (1)\*(b)

2,895

85,371

Lundin Gold, Inc. (1)

16,082

1,041,973

Metro, Inc., Class A (1)

36,820

2,472,921

Pembina Pipeline Corp. (1)

6,613

267,381

Royal Bank of Canada (1)

9,565

1,409,767

Sun Life Financial, Inc. (1)

3,828

229,867

Suncor Energy, Inc. (1)

16,118

674,508

Thomson Reuters Corp. (1)

15,214

2,362,395

Tourmaline Oil Corp. (1)

1,733

74,739

#### 28,374,413

#### China - 1.2%
BOC Hong Kong Holdings Ltd.

486,500

2,279,143

Prosus NV

10,036

709,696

Wilmar International Ltd.

58,200

128,709

#### 3,117,548

#### Denmark - 0.9%
Genmab A/S \*

4,791

1,478,255

Pandora A/S

1,478

193,245

ROCKWOOL A/S, Class B

14,870

554,374

#### 2,225,874

#### Finland - 0.9%
Elisa OYJ

29,366

1,541,371

Kone OYJ, Class B

5,428

370,239

Nokia OYJ

79,412

381,876

#### 2,293,486

#### France - 7.9%
Air Liquide SA

9,143

1,905,005

AXA SA

2,954

141,659

Bouygues SA

9,854

444,452

Danone SA

28,355

2,470,664

Dassault Aviation SA

8,336

2,808,174

Dassault Systemes SE

10,831

364,366

Engie SA

4,240

91,145

EssilorLuxottica SA

1,091

355,397

Hermes International SCA

810

1,991,822

Ipsen SA

6,323

849,029

L'Oreal SA

7,066

3,070,085

Orange SA

84,827

1,375,977

Societe Generale SA

13,801

918,820

Thales SA

3,228

1,020,417

TotalEnergies SE

37,989

2,313,858

#### 20,120,870

#### Germany - 5.5%
Allianz SE (Registered)

3,089

1,299,625

Beiersdorf AG

25,162

2,632,851

Commerzbank AG

30,463

1,153,391

CTS Eventim AG & Co. KGaA

1,483

145,593

Deutsche Boerse AG

1,426

381,870

Deutsche Telekom AG (Registered)

30,425

1,036,564

Fresenius Medical Care AG

3,998

211,245

Hannover Rueck SE

1,425

430,006

Mercedes-Benz Group AG

9,384

591,473

Rational AG

1,097

838,304

Rheinmetall AG

947,364

RWE AG

3,379

150,294

Schedule of Investments

September 30, 2025

AQR INTERNATIONAL DEFENSIVE STYLE FUND

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

AQR Funds \| Annual Report \| September 2025

(Continued)

#### INVESTMENTS

#### SHARES

#### VALUE ($)

#### Germany - 5.5% (continued)
SAP SE

12,082

3,235,163

Scout24 SE (a)

7,717

968,155

#### 14,021,898

#### Hong Kong - 2.8%
CK Asset Holdings Ltd.

281,500

1,363,334

Hang Seng Bank Ltd.

9,000

136,952

Power Assets Holdings Ltd.

519,000

3,285,080

Sino Land Co. Ltd.

323,866

409,472

Sun Hung Kai Properties Ltd.

124,000

1,483,232

WH Group Ltd. (a)

352,500

381,740

Wharf Real Estate Investment Co.

Ltd.

30,000

88,584

#### 7,148,394

#### Italy - 1.7%
Coca-Cola HBC AG

37,799

1,783,305

Eni SpA

15,770

275,913

Ferrari NV

1,953

946,660

Generali

15,350

603,255

Leonardo SpA

8,618

551,437

Snam SpA

13,493

81,015

#### 4,241,585

#### Japan - 19.6%
Advantest Corp.

14,100

1,395,093

Ajinomoto Co., Inc.

20,700

593,453

Canon, Inc.

32,000

933,859

Capcom Co. Ltd.

31,000

841,681

Chugai Pharmaceutical Co. Ltd.

60,500

2,682,239

Daito Trust Construction Co. Ltd.

92,000

2,018,595

Disco Corp.

700

219,478

Fast Retailing Co. Ltd.

2,100

637,795

Fujitsu Ltd.

9,000

211,125

Hoya Corp.

19,000

2,627,137

Idemitsu Kosan Co. Ltd.

34,500

236,035

Inpex Corp.

56,100

1,010,119

Japan Post Bank Co. Ltd.

177,800

2,177,147

Japan Post Holdings Co. Ltd.

7,400

73,447

Japan Tobacco, Inc.

98,000

3,214,112

Kao Corp.

3,700

161,250

KDDI Corp.

163,600

2,609,179

Keyence Corp.

3,000

1,117,683

Kobe Bussan Co. Ltd.

13,300

366,553

Konami Group Corp.

2,300

331,803

MatsukiyoCocokara & Co. (1)

30,000

609,392

MEIJI Holdings Co. Ltd.

43,000

891,621

Mitsubishi Electric Corp.

6,300

161,808

MonotaRO Co. Ltd.

61,000

885,644

Nexon Co. Ltd.

64,100

1,406,713

Nintendo Co. Ltd.

29,600

2,560,970

Nippon Yusen KK

13,500

460,690

Nissin Foods Holdings Co. Ltd.

21,300

401,199

Nitto Denko Corp.

35,000

829,666

NTT, Inc.

1,270,300

1,327,871

Obic Co. Ltd.

77,500

2,701,140

Oracle Corp. Japan

12,600

1,286,500

Osaka Gas Co. Ltd.

18,900

547,413

Otsuka Corp.

64,500

1,346,386

Otsuka Holdings Co. Ltd.

7,600

405,314

#### INVESTMENTS

#### SHARES

#### VALUE ($)

#### Japan - 19.6% (continued)
Recruit Holdings Co. Ltd.

22,300

1,198,934

Secom Co. Ltd.

22,200

814,460

Shin-Etsu Chemical Co. Ltd.

2,400

78,584

Shionogi & Co. Ltd.

57,500

1,013,142

SoftBank Corp.

557,000

819,235

Sumitomo Mitsui Trust Group, Inc.

16,400

475,994

Suntory Beverage & Food Ltd.

47,200

1,475,185

Takeda Pharmaceutical Co. Ltd.

2,600

76,363

Toho Co. Ltd.

6,600

424,267

Tokyo Electron Ltd.

1,400

248,174

Tokyo Gas Co. Ltd.

7,700

273,802

TOPPAN Holdings, Inc.

14,900

381,768

Trend Micro, Inc.

21,800

1,193,174

Yakult Honsha Co. Ltd.

9,900

161,437

ZOZO, Inc.

168,600

1,549,207

#### 49,463,836

#### Netherlands - 3.4%
Adyen NV \*(a)

533

857,639

Argenx SE \*

59,847

Argenx SE \*

1,392

1,028,479

ASM International NV

581

350,430

Heineken NV

8,963

701,884

Koninklijke Ahold Delhaize NV

71,565

2,895,841

Koninklijke KPN NV

199,601

957,993

Universal Music Group NV

40,577

1,172,572

Wolters Kluwer NV

4,000

546,000

#### 8,570,685

#### Norway - 2.4%
Equinor ASA

55,488

1,353,137

Gjensidige Forsikring ASA

8,755

257,280

Kongsberg Gruppen ASA

62,581

1,999,923

Mowi ASA

3,605

76,266

Orkla ASA

192,072

2,008,080

Telenor ASA

30,331

503,297

#### 6,197,983

#### Portugal - 0.2%
Galp Energia SGPS SA

4,609

87,339

Jeronimo Martins SGPS SA

20,528

499,759

#### 587,098

#### Singapore - 3.4%
DBS Group Holdings Ltd.

48,420

1,920,231

Genting Singapore Ltd.

1,437,200

819,347

Oversea-Chinese Banking Corp.

Ltd.

257,400

3,281,752

Singapore Telecommunications Ltd.

145,500

465,173

United Overseas Bank Ltd.

76,700

2,059,813

#### 8,546,316

#### Spain - 2.3%
CaixaBank SA

28,514

301,162

Endesa SA (1)

2,393

76,447

Iberdrola SA

100,282

1,898,272

Industria de Diseno Textil SA

62,258

3,445,596

Telefonica SA

13,761

70,817

#### 5,792,294

AQR Funds \| Annual Report \| September 2025

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

AQR INTERNATIONAL DEFENSIVE STYLE FUND

Schedule of Investments

September 30, 2025

(Continued)

#### INVESTMENTS

#### SHARES

#### VALUE ($)

#### Sweden - 2.0%
Essity AB, Class B

40,052

1,046,925

Evolution AB (a)

12,451

1,025,015

Holmen AB, Class B

3,328

126,444

Investor AB, Class B

7,399

231,621

L E Lundbergforetagen AB, Class B

1,464

76,069

Saab AB, Class B

3,114

191,331

Swedish Orphan Biovitrum AB \*

35,020

1,070,501

Tele2 AB, Class B

6,560

111,904

Telefonaktiebolaget LM Ericsson,

Class B

102,373

848,263

Telia Co. AB

100,783

384,484

#### 5,112,557

#### Switzerland - 3.8%
BKW AG

870

186,597

Chocoladefabriken Lindt & Spruengli

AG

1,941,664

EMS-Chemie Holding AG

(Registered)

1,207

857,538

Kuehne + Nagel International AG

(Registered)

4,123

771,568

Schindler Holding AG

957

363,924

Sonova Holding AG (Registered)

872

239,195

Swiss Prime Site AG (Registered)

522

73,126

Swisscom AG (Registered)

4,702

3,417,650

Zurich Insurance Group AG

2,614

1,868,444

#### 9,719,706

#### United Kingdom - 10.3%
Associated British Foods plc

37,789

1,044,160

AstraZeneca plc

12,430

1,904,290

Auto Trader Group plc (a)

275,178

2,923,295

BAE Systems plc

107,149

2,982,646

British American Tobacco plc

63,955

3,401,593

CK Hutchison Holdings Ltd.

12,500

82,125

Compass Group plc

24,460

833,738

Diageo plc

2,674

63,983

HSBC Holdings plc

80,167

1,131,407

Imperial Brands plc

49,225

2,091,149

J Sainsbury plc

142,828

642,187

Next plc

1,110

185,041

Reckitt Benckiser Group plc

9,660

743,840

Rolls-Royce Holdings plc

86,757

1,394,555

Sage Group plc (The)

120,786

1,791,800

Tesco plc

274,835

1,647,276

Unilever plc

52,411

3,097,943

Vodafone Group plc

173,856

202,178

#### 26,163,206

#### United States - 4.3%
CSL Ltd.

3,637

478,434

GSK plc

20,352

436,998

Holcim AG

1,641

140,018

Nestle SA (Registered)

18,834

1,729,625

Novartis AG (Registered)

27,193

3,496,431

Roche Holding AG

4,030

1,341,924

#### INVESTMENTS

#### SHARES

#### VALUE ($)

#### United States - 4.3% (continued)
Sanofi SA

10,579

1,001,767

#### INVESTMENTS

#### SHARES

#### VALUE ($)

#### United States - 4.3% (continued)
Shell plc

64,890

2,312,747

#### 10,937,944

#### TOTAL COMMON STOCKS
(Cost $165,198,887)

#### 238,756,855

#### PREFERRED STOCKS - 1.1%

#### Germany - 1.1%
Henkel AG & Co. KGaA (Preference)

32,696

2,638,120

Volkswagen AG (Preference)

770

83,460

#### TOTAL PREFERRED STOCKS
(Cost $2,233,842)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### 2,721,580

#### NO. OF

#### WARRANTS

#### WARRANTS - 0.0%

#### Canada - 0.0%
Constellation Software, Inc.,

expiring 3/31/2040 (3)\*

(Cost $–)

883

#### –

#### SHARES

#### SHORT-TERM INVESTMENTS - 4.4%

#### INVESTMENT COMPANIES - 4.4%
Limited Purpose Cash Investment

Fund, 4.13% (1)(c)

(Cost $11,261,440)

11,264,484

#### 11,262,231

#### TOTAL INVESTMENTS IN SECURITIES

#### AT VALUE - 99.7%
(Cost $178,694,169)

#### 252,740,666

#### OTHER ASSETS IN EXCESS OF

#### LIABILITIES - 0.3% ‡

#### 844,543

#### NET ASSETS - 100.0%

#### 253,585,209

#### SECTOR

#### VALUE

#### % OF NET

#### ASSETS
Communication Services

$

31,469,077

.4

%

Consumer Discretionary

16,425,651

.5

Consumer Staples

54,209,069

.4

Energy

14,430,969

.7

Financials

28,832,264

.4

Health Care

23,748,964

.4

Industrials

25,438,986

.0

Information Technology

21,763,895

.6

Materials

10,416,731

.1

Real Estate

5,466,457

.1

Utilities

9,276,372

.7

Investment Companies

11,262,231

.4

#### Total Investments In Securities

#### At Value

#### 252,740,666

#### 99

#### .7
Other Assets in Excess of

Liabilities ‡

844,543

.3

#### Net Assets

#### $

#### 253,585,209

#### 100

#### .0

#### %
Schedule of Investments

September 30, 2025

AQR INTERNATIONAL DEFENSIVE STYLE FUND

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

AQR Funds \| Annual Report \| September 2025

\* Non-income producing security.

‡ Includes appreciation (depreciation) on futures contracts.

(a) Security exempt from registration under Rule 144A or section 4(2) of the Securities Act of 1933. Under procedures approved by the Board of

Trustees, such securities have been determined to be liquid by the investment adviser and may be resold, normally to qualified institutional buyers

in transactions exempt from registration. Total value of all such securities at September 30, 2025 amounted to $7,790,687 of investments in

securities, which represents 3.07% 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 September 30,

2025 amounted to $85,371 of investments in securities, which represents 0.03% of net assets of the Fund.

(c) Represents 7-day effective yield as of September 30, 2025.

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 September 30, 2025:

#### Exchange-Traded

#### DESCRIPTION

#### NUMBER OF

#### CONTRACTS

#### EXPIRATION

#### DATE

#### TRADING

#### CURRENCY

#### NOTIONAL

#### AMOUNT

#### UNREALIZED

#### APPRECIATION
(DEPRECIATION)

#### Long Contracts
MSCI EAFE Index

12/2025

USD

$

9,052,225

$

35,008

#### Net unrealized appreciation

#### $

#### 35,008
Collateral pledged to (received from) each counterparty at September 30, 2025 was as follows:

#### COUNTERPARTY

#### OVER-THE-COUNTER

#### EXCHANGE-TRADED

#### TOTAL

#### JPMS
Cash

$

–

$

271,573

$

271,573

AQR Funds \| Annual Report \| September 2025

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

(Continued)

AQR GLOBAL EQUITY FUND

Schedule of Investments

September 30, 2025

#### INVESTMENTS

#### SHARES

#### VALUE ($)

#### COMMON STOCKS - 86.5%

#### Australia - 0.6%
BHP Group Ltd. (2)

8,732

243,930

Computershare Ltd. (2)

26,547

637,814

Northern Star Resources Ltd. (2)

8,765

136,868

Pro Medicus Ltd. (2)

8,102

1,649,534

QBE Insurance Group Ltd. (2)

9,925

135,062

Telstra Group Ltd. (2)

41,337

131,787

#### 2,934,995

#### Belgium - 0.2%
Ageas SA/NV (2)

17,638

#### 1,223,307

#### Canada - 2.0%
Agnico Eagle Mines Ltd.

1,142

192,344

ARC Resources Ltd.

36,467

665,038

Bank of Nova Scotia (The)

7,065

456,836

Canadian Natural Resources Ltd.

11,166

357,036

Celestica, Inc. \*

13,771

3,388,773

Empire Co. Ltd., Class A

9,081

325,929

Enbridge, Inc.

2,711

136,767

Fairfax Financial Holdings Ltd.

139,961

George Weston Ltd.

2,201

134,255

Great-West Lifeco, Inc.

3,441

139,648

Loblaw Cos. Ltd.

3,423

132,399

Power Corp. of Canada

7,139

308,910

Royal Bank of Canada

905

133,386

Suncor Energy, Inc.

80,775

3,380,281

Toronto-Dominion Bank (The)

1,740

139,130

Tourmaline Oil Corp.

2,924

126,104

#### 10,156,797

#### China - 0.5%
Prosus NV (2)

36,326

2,568,796

Yangzijiang Shipbuilding Holdings

Ltd. (2)

52,300

136,830

#### 2,705,626

#### Denmark - 0.5%
Danske Bank A/S (2)

64,920

#### 2,773,030

#### Finland - 0.1%
Nordea Bank Abp (2)

22,917

#### 377,300

#### France - 3.1%
BNP Paribas SA (2)

38,686

3,538,330

Carrefour SA (2)

9,085

137,681

Credit Agricole SA (2)

51,889

1,022,529

Orange SA (2)

48,929

793,676

Safran SA (2)

2,955

1,048,638

Societe Generale SA (2)

86,697

5,771,968

Thales SA (2)

5,454

1,724,087

TotalEnergies SE (2)

36,914

2,248,381

#### 16,285,290

#### Germany - 2.2%
Allianz SE (Registered) (2)

5,305

2,231,955

Commerzbank AG (2)

75,480

2,857,825

Deutsche Bank AG (Registered) (2)

31,781

1,125,549

Deutsche Lufthansa AG

(Registered) (2)

16,420

139,360

#### INVESTMENTS

#### SHARES

#### VALUE ($)

#### Germany - 2.2% (continued)
Deutsche Telekom AG (Registered)

(2) 3,977

135,494

Mercedes-Benz Group AG (2)

3,526

222,244

Muenchener Rueckversicherungs-

Gesellschaft AG in Muenchen

(Registered) (2)

139,826

Rheinmetall AG (2)

1,894

4,430,390

Talanx AG (2)

1,011

134,794

#### 11,417,437

#### Italy - 1.6%
Banco BPM SpA (2)

26,886

403,519

Intesa Sanpaolo SpA (2)

356,158

2,357,473

Leonardo SpA (2)

26,110

1,670,692

UniCredit SpA (2)

48,097

3,659,946

#### 8,091,630

#### Japan - 5.5%
Astellas Pharma, Inc. (2)

23,500

256,150

Canon, Inc. (2)

4,500

131,324

Dai-ichi Life Holdings, Inc. (2)

128,600

1,011,589

Daiichi Sankyo Co. Ltd. (2)

150,800

3,393,031

ENEOS Holdings, Inc. (2)

200,400

1,269,175

IHI Corp. (2)

19,600

365,036

Inpex Corp. (2)

85,200

1,534,084

Japan Post Bank Co. Ltd. (2)

127,400

1,560,003

Japan Post Holdings Co. Ltd. (2)

61,100

606,436

Kansai Electric Power Co., Inc.

(The) (2)

9,000

128,735

Kao Corp. (2)

21,400

932,634

LY Corp. (2)

180,700

580,049

Mitsubishi UFJ Financial Group,

Inc. (2)

67,300

1,085,642

Mizuho Financial Group, Inc. (2)

122,600

4,121,305

MS&AD Insurance Group Holdings,

Inc. (2)

6,000

135,876

Nexon Co. Ltd. (2)

52,700

1,156,533

NIDEC Corp. (2)

7,500

133,312

Nippon Building Fund, Inc., REIT

132,062

Nomura Holdings, Inc. (2)

18,200

133,382

ORIX Corp. (2)

5,300

139,104

Otsuka Holdings Co. Ltd. (2)

2,500

133,327

Panasonic Holdings Corp. (2)

270,900

2,940,374

Recruit Holdings Co. Ltd. (2)

37,200

2,000,016

Renesas Electronics Corp. (2)

11,200

128,858

Resona Holdings, Inc. (2)

91,500

933,053

Shionogi & Co. Ltd. (2)

26,300

463,402

Sony Financial Group, Inc. \*

4,600

5,101

Sony Group Corp. (2)

4,600

132,235

Sumitomo Mitsui Financial Group,

Inc. (2)

4,800

135,038

Sumitomo Mitsui Trust Group, Inc.

(2) 23,900

693,674

Takeda Pharmaceutical Co. Ltd. (2)

61,800

1,815,090

Terumo Corp. (2)

8,100

133,622

Toyota Motor Corp. (2)

6,800

130,604

#### 28,449,856
Schedule of Investments

September 30, 2025

AQR GLOBAL EQUITY FUND

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

AQR Funds \| Annual Report \| September 2025

(Continued)

#### INVESTMENTS

#### SHARES

#### VALUE ($)

#### Netherlands - 1.4%
ABN AMRO Bank NV, CVA (2)(a)

72,004

2,309,856

ASML Holding NV (2)

238,921

ING Groep NV (2)

19,668

515,611

NN Group NV (2)

61,927

4,366,939

#### 7,431,327

#### Russia - 0.0%
Evraz plc (3)\*

77,212

#### –

#### Spain - 1.3%
Banco Bilbao Vizcaya Argentaria

SA (2)

8,373

161,345

Banco de Sabadell SA (2)

34,495

134,641

Banco Santander SA (2)

448,615

4,707,909

Bankinter SA (2)

8,773

138,686

CaixaBank SA (2)

152,599

1,611,738

Repsol SA (2)

8,206

145,921

#### 6,900,240

#### Sweden - 0.3%
Saab AB, Class B (2)

9,903

608,462

Svenska Handelsbanken AB, Class

A (2)

10,392

135,591

Swedbank AB, Class A (2)

14,670

442,824

Telefonaktiebolaget LM Ericsson,

Class B (2)

46,826

388,001

#### 1,574,878

#### Switzerland - 0.1%
Zurich Insurance Group AG (2)

669

#### 478,190

#### United Kingdom - 3.6%
Aviva plc (2)

14,780

136,727

Barclays plc (2)

754,111

3,880,147

British American Tobacco plc (2)

2,545

135,362

HSBC Holdings plc (2)

73,670

1,039,714

International Consolidated Airlines

Group SA (2)

178,193

932,564

Kingfisher plc (2)

33,838

140,961

Lloyds Banking Group plc (2)

1,604,282

1,815,381

NatWest Group plc (2)

595,987

4,209,667

Rolls-Royce Holdings plc (2)

279,545

4,493,479

Vodafone Group plc (2)

1,572,394

1,828,543

#### 18,612,545

#### United States - 63.5%
AbbVie, Inc.

621

143,786

Adobe, Inc. \*

17,346

6,118,802

Advanced Micro Devices, Inc. \*

11,693

1,891,810

Airbnb, Inc., Class A \*

12,811

1,555,512

Allstate Corp. (The)

637

136,732

Alnylam Pharmaceuticals, Inc. \*

2,245

1,023,720

Alphabet, Inc., Class A

13,075

3,178,533

Alphabet, Inc., Class C

26,398

6,429,233

Altria Group, Inc.

53,906

3,561,030

Amazon.com, Inc. \*

33,629

7,383,920

American International Group, Inc.

2,106

165,405

American Tower Corp., REIT

684

131,547

Ameriprise Financial, Inc.

133,129

Amphenol Corp., Class A

1,167

144,416

Apple, Inc.

61,467

15,651,342

#### INVESTMENTS

#### SHARES

#### VALUE ($)

#### United States - 63.5% (continued)
Arista Networks, Inc. \*

28,976

4,222,093

AT&T, Inc.

4,731

133,603

Atlassian Corp., Class A \*

18,683

2,983,675

AutoZone, Inc. \*

1,149,784

Bank of New York Mellon Corp.

(The)

1,261

137,399

Berkshire Hathaway, Inc., Class B \*

8,118

4,081,243

BioMarin Pharmaceutical, Inc. \*

2,484

134,533

Booking Holdings, Inc.

815

4,400,405

Booz Allen Hamilton Holding Corp.,

Class A

26,177

2,616,391

Bristol-Myers Squibb Co.

57,262

2,582,516

Broadcom, Inc.

24,706

8,150,756

Capital One Financial Corp.

11,197

2,380,258

Centene Corp. \*

85,320

3,044,218

Charles Schwab Corp. (The)

26,712

2,550,195

Charter Communications, Inc., Class

A \*

5,441

1,496,846

Chevron Corp.

842

130,754

Chubb Ltd.

9,459

2,669,803

Cigna Group (The)

131,730

Cisco Systems, Inc.

1,983

135,677

Citigroup, Inc.

27,075

2,748,113

CME Group, Inc.

14,222

3,842,642

Comcast Corp., Class A

76,239

2,395,429

ConocoPhillips

15,726

1,487,522

Costco Wholesale Corp.

130,514

Coterra Energy, Inc.

13,718

324,431

Crowdstrike Holdings, Inc., Class A \*

152,018

CVS Health Corp.

1,736

130,877

Dell Technologies, Inc., Class C

15,114

2,142,712

Devon Energy Corp.

51,673

1,811,655

Dollar General Corp.

31,632

3,269,167

DoorDash, Inc., Class A \*

502

136,539

DR Horton, Inc.

952

161,335

DraftKings, Inc., Class A \*

63,623

2,379,500

eBay, Inc.

1,424

129,513

Edison International

22,696

1,254,635

Edwards Lifesciences Corp. \*

1,786

138,897

Electronic Arts, Inc.

792

159,746

Eli Lilly & Co.

138,103

EQT Corp.

2,560

139,341

Equinix, Inc., REIT

130,801

Everest Group Ltd.

1,706

597,492

Expand Energy Corp.

7,087

752,923

Expedia Group, Inc.

25,319

5,411,936

Exxon Mobil Corp.

8,625

972,469

FedEx Corp.

15,230

3,591,386

Fidelity National Financial, Inc.

14,664

887,025

Fidelity National Information

Services, Inc.

2,083

137,353

Fiserv, Inc. \*

1,095

141,178

Fortinet, Inc. \*

1,588

133,519

Freeport-McMoRan, Inc.

4,722

185,197

Garmin Ltd.

1,098

270,350

GE Aerospace

23,364

7,028,358

GE Vernova, Inc.

8,844

5,438,176

General Dynamics Corp.

3,651

1,244,991

General Motors Co.

97,968

5,973,109

Gilead Sciences, Inc.

8,808

977,688

AQR Funds \| Annual Report \| September 2025

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

AQR GLOBAL EQUITY FUND

Schedule of Investments

September 30, 2025

(Continued)

#### INVESTMENTS

#### SHARES

#### VALUE ($)

#### United States - 63.5% (continued)
HCA Healthcare, Inc.

145,760

Howmet Aerospace, Inc.

1,198

235,084

HP, Inc.

55,474

1,510,557

Incyte Corp. \*

27,720

2,350,933

Intel Corp. \*

202,054

6,778,912

International Business Machines

Corp.

532

150,109

Intuit, Inc.

3,581

2,445,501

Johnson & Johnson

32,318

5,992,404

JPMorgan Chase & Co.

134,373

Kinder Morgan, Inc.

4,896

138,606

Lam Research Corp.

14,716

1,970,472

Las Vegas Sands Corp.

2,530

136,089

Lockheed Martin Corp.

6,091

3,040,688

Mastercard, Inc., Class A

134,239

McDonald's Corp.

132,800

McKesson Corp.

3,512

2,713,160

Merck & Co., Inc.

75,824

6,363,908

Meta Platforms, Inc., Class A

6,436

4,726,470

MetLife, Inc.

1,656

136,405

Micron Technology, Inc.

41,182

6,890,572

Microsoft Corp.

38,394

19,886,173

Molina Healthcare, Inc. \*

26,149

5,003,873

MongoDB, Inc., Class A \*

130,360

Morgan Stanley

873

138,772

MSCI, Inc., Class A

133,909

Netflix, Inc. \*

1,321

1,583,773

Newmont Corp.

19,591

1,651,717

News Corp., Class A

41,629

1,278,427

Northrop Grumman Corp.

4,236

2,581,080

Novartis AG (Registered) (2)

35,563

4,572,633

Nutanix, Inc., Class A \*

2,744

204,126

NVIDIA Corp.

119,087

22,219,253

Oracle Corp.

6,141

1,727,095

Palantir Technologies, Inc., Class A \*

42,933

7,831,838

Palo Alto Networks, Inc. \*

15,113

3,077,309

PepsiCo, Inc.

940

132,014

Pfizer, Inc.

37,938

966,660

PG&E Corp.

118,412

1,785,653

Philip Morris International, Inc.

22,242

3,607,652

Pinterest, Inc., Class A \*

3,778

121,538

PNC Financial Services Group, Inc.

(The)

7,441

1,495,120

Procter & Gamble Co. (The)

871

133,829

Progressive Corp. (The)

555

137,057

Pure Storage, Inc., Class A \*

1,566

131,246

QUALCOMM, Inc.

1,448

240,889

Regeneron Pharmaceuticals, Inc.

3,094

1,739,663

Robinhood Markets, Inc., Class A \*

1,123

160,791

ROBLOX Corp., Class A \*

45,125

6,250,715

Roche Holding AG (2)

135,857

Salesforce, Inc.

15,542

3,683,454

Seagate Technology Holdings plc

917

216,467

ServiceNow, Inc. \*

130,680

Shell plc (2)

38,971

1,388,967

Snap, Inc., Class A \*

17,931

138,248

Snowflake, Inc., Class A \*

22,399

5,052,094

SS&C Technologies Holdings, Inc.

1,514

134,383

State Street Corp.

1,182

137,124

Swiss Re AG (2)

3,842

713,563

#### INVESTMENTS

#### SHARES

#### VALUE ($)

#### United States - 63.5% (continued)
Take-Two Interactive Software, Inc. \*

560

144,682

Tesla, Inc. \*

10,075

4,480,554

Textron, Inc.

1,610

136,029

TJX Cos., Inc. (The)

968

139,915

T-Mobile US, Inc.

562

134,532

Travelers Cos., Inc. (The)

134,584

Truist Financial Corp.

2,916

133,320

Tyson Foods, Inc., Class A

47,015

2,552,915

Uber Technologies, Inc. \*

1,363

133,533

United Parcel Service, Inc., Class B

7,057

589,471

United Therapeutics Corp. \*

127,021

UnitedHealth Group, Inc.

7,871

2,717,856

Veeva Systems, Inc., Class A \*

9,503

2,831,039

VeriSign, Inc.

9,229

2,580,152

Verizon Communications, Inc.

3,084

135,542

Vertiv Holdings Co., Class A

3,494

527,105

Visa, Inc., Class A

134,162

Walmart, Inc.

76,732

7,908,000

Welltower, Inc., REIT

777

138,415

West Pharmaceutical Services, Inc.

515

135,100

Western Digital Corp.

11,140

1,337,468

Workday, Inc., Class A \*

4,819

1,160,078

Zoom Communications, Inc., Class

A \*

43,372

3,578,190

Zscaler, Inc. \*

8,352

2,502,760

#### 328,900,903

#### TOTAL COMMON STOCKS
(Cost $309,695,990)

#### 448,313,351

#### PREFERRED STOCKS - 0.0% †

#### Germany - 0.0% †
Volkswagen AG (Preference) (2)

&nbsp;&nbsp;&nbsp;&nbsp;(Cost $114,617)

1,220

#### 132,235

#### SHORT-TERM INVESTMENTS - 10.1%

#### INVESTMENT COMPANIES - 10.1%
Goldman Sachs Financial Square

Funds - Treasury Instruments Fund,

Institutional Shares, 3.93% (b)(c)

15,726,500

15,726,500

Limited Purpose Cash Investment

Fund, 4.13% (b)

36,879,061

36,871,685

#### TOTAL SHORT-TERM INVESTMENTS
(Cost $52,589,431)

#### 52,598,185

#### TOTAL INVESTMENTS IN SECURITIES

#### AT VALUE - 96.6%
(Cost $362,400,038)

#### 501,043,771

#### OTHER ASSETS IN EXCESS OF

#### LIABILITIES - 3.4% ‡

#### 17,730,128

#### NET ASSETS - 100.0%

#### 518,773,899
Schedule of Investments

September 30, 2025

AQR GLOBAL EQUITY FUND

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

AQR Funds \| Annual Report \| September 2025

(Continued)

#### SECTOR

#### VALUE

#### % OF NET

#### ASSETS
Communication Services

$

32,933,400

6.3 %

Consumer Discretionary

40,108,710

7.7 Consumer Staples

23,093,382

4.5 Energy

17,009,455

3.3 Financials

90,046,840

17.4 Health Care

52,086,092

10.0 Industrials

45,617,355

8.8 Information Technology

141,438,449

27.3 Materials

2,410,056

0.5 Real Estate

532,825

0.1 Utilities

3,169,022

0.6 Investment Companies

52,598,185

10.1 #### Total Investments In Securities

#### At Value

#### 501,043,771
96.6 Other Assets in Excess of

Liabilities ‡

17,730,128

3.4 #### Net Assets

#### $

#### 518,773,899

#### 100.0%
\* Non-income producing security.

† Represents less than 0.05% of net assets.

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

(a) Security exempt from registration under Rule 144A or section 4(2) of the Securities Act of 1933. Under procedures approved by the Board of

Trustees, such securities have been determined to be liquid by the investment adviser and may be resold, normally to qualified institutional buyers

in transactions exempt from registration. Total value of all such securities at September 30, 2025 amounted to $2,309,856 of investments in

securities, which represents 0.45% of net assets of the Fund.

(b) Represents 7-day effective yield as of September 30, 2025.

(c) All or a portion of the security pledged as collateral for forward foreign currency exchange and swap contracts, as applicable.

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

(2) Level 2 security (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).

#### Total return swap contracts outstanding as of September 30, 2025:

#### Over-the-Counter

#### REFERENCE

#### ENTITY

#### PAYMENTS

#### MADE BY

#### FUND

#### PAYMENTS

#### RECEIVED BY

#### FUND

#### PAYMENT

#### FREQUENCY

#### COUNTERPARTY

#### MATURITY

#### DATE

#### NOTIONAL

#### AMOUNT

#### VALUE AND

#### UNREALIZED

#### APPRECIATION
(DEPRECIATION)

Swiss Market

Index December

Futures

Increases in

total return of

reference entity

Decreases in

total return of

reference entity

At termination

GSIN

12/19/2025

CHF

(37,649,660)

$

71,705

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

(0.10%)

Monthly

JPMC

12/17/2025

AUD

(6,984,504)

1,950

MSCI Japan Net

Return Index

Decreases in

total return

of reference

entity and pays

the TONAR

plus or minus

a specified

spread (0.15%)

Increases in

total return of

reference entity

Monthly

JPMC

12/17/2025

JPY

231,798,644

25,435

AQR Funds \| Annual Report \| September 2025

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

AQR GLOBAL EQUITY FUND

Schedule of Investments

September 30, 2025

(Continued)

#### REFERENCE

#### ENTITY

#### PAYMENTS

#### MADE BY

#### FUND

#### PAYMENTS

#### RECEIVED BY

#### FUND

#### PAYMENT

#### FREQUENCY

#### COUNTERPARTY

#### MATURITY

#### DATE

#### NOTIONAL

#### AMOUNT

#### VALUE AND

#### UNREALIZED

#### APPRECIATION
(DEPRECIATION)

MSCI Spain Net

Return Index

Decreases in

total return

of reference

entity and

pays the ESTR

plus or minus

a specified

spread (0.36%)

Increases in

total return of

reference entity

Monthly

JPMC

12/17/2025

EUR

2,630,523

$

96,465

MSCI Sweden

Net Return Index

Decreases in

total return

of reference

entity and pays

the STIBOR

plus or minus

a specified

spread (0.35%)

Increases in

total return of

reference entity

Monthly

JPMC

12/17/2025

SEK

13,253,343

1,485

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 (-0.07%)

Monthly

JPMC

12/17/2025

CHF

(8,688,836)

163,142

MSCI United

Kingdom Net

Return Index

Decreases in

total return

of reference

entity and pays

the SONIA

plus or minus

a specified

spread (0.45%)

Increases in

total return of

reference entity

Monthly

JPMC

12/17/2025

GBP

3,903,877

42,297

Tel Aviv Stock

Exchange 35

Index

Decreases in

total return

of reference

entity and pays

the SHIRON

plus or minus

a specified

spread (0.80%)

Increases in

total return of

reference entity

Monthly

GSIN

12/17/2025

ILS

4,296,412

23,894

#### Total unrealized appreciation

#### 426,373
Amsterdam

Exchange Index

October Futures

Increases in

total return of

reference entity

Decreases in

total return of

reference entity

At termination

GSIN

10/17/2025

EUR

(18,688,824)

(630,776)

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 (-0.15%)

Monthly

JPMC

12/17/2025

CAD

(1,048,294)

(23,040)

Schedule of Investments

September 30, 2025

AQR GLOBAL EQUITY FUND

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

AQR Funds \| Annual Report \| September 2025

(Continued)

#### REFERENCE

#### ENTITY

#### PAYMENTS

#### MADE BY

#### FUND

#### PAYMENTS

#### RECEIVED BY

#### FUND

#### PAYMENT

#### FREQUENCY

#### COUNTERPARTY

#### MATURITY

#### DATE

#### NOTIONAL

#### AMOUNT

#### VALUE AND

#### UNREALIZED

#### APPRECIATION
(DEPRECIATION)

MSCI Hong Kong

Net Return Index

Decreases in

total return

of reference

entity and pays

the HIBOR

plus or minus

a specified

spread (0.55%)

Increases in

total return of

reference entity

Monthly

JPMC

12/17/2025

HKD

176,442,664

$

(68,506)

MSCI Italy Net

Return Index

Increases in

total return of

reference entity

Decreases in

total return of

reference entity

and receives the

ESTR plus or

minus a specified

spread (0.03%)

Monthly

JPMC

12/17/2025

EUR

(923,670)

(15,828)

MSCI

Netherlands Net

Return Index

Increases in

total return of

reference entity

Decreases in

total return of

reference entity

and receives the

ESTR plus or

minus a specified

spread (-0.17%)

Monthly

JPMC

12/17/2025

EUR

(13,371,539)

(1,468,619)

MSCI Singapore

Net Return Index

Decreases in

total return

of reference

entity and pays

the SORA

plus or minus

a specified

spread (0.60%)

Increases in

total return of

reference entity

Monthly

JPMC

12/17/2025

SGD

75,146

(737) #### Total unrealized depreciation

#### (2,207,506)

#### Net unrealized depreciation

#### $

#### (1,781,133)

#### Futures contracts outstanding as of September 30, 2025:

#### Exchange-Traded

#### DESCRIPTION

#### NUMBER OF

#### CONTRACTS

#### EXPIRATION

#### DATE

#### TRADING

#### CURRENCY

#### NOTIONAL

#### AMOUNT

#### UNREALIZED

#### APPRECIATION
(DEPRECIATION)

#### Long Contracts
CAC 40 10 Euro Index

10/2025

EUR

$

9,917,964

$

107,051

IBEX 35 Index

10/2025

EUR

28,767,510

414,534

MSCI Singapore Index

10/2025

SGD

2,080,778

(3,907)

OMXS30 Index

10/2025

SEK

6,822,155

81,492

DAX Index

12/2025

EUR

13,390,304

204,203

FTSE 100 Index

12/2025

GBP

23,786,036

235,856

S&P 500 E-Mini Index

12/2025

USD

63,344,250

828,080

AQR Funds \| Annual Report \| September 2025

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

AQR GLOBAL EQUITY FUND

Schedule of Investments

September 30, 2025

(Continued)

#### DESCRIPTION

#### NUMBER OF

#### CONTRACTS

#### EXPIRATION

#### DATE

#### TRADING

#### CURRENCY

#### NOTIONAL

#### AMOUNT

#### UNREALIZED

#### APPRECIATION
(DEPRECIATION)

#### Long Contracts (continued)
TOPIX Index

12/2025

JPY

$

49,487,981

$

206,066

#### Total of long contracts

#### 2,073,375

#### Short Contracts
FTSE/MIB Index

(46) 12/2025

EUR

(11,474,719)

(30,543)

S&P/TSX 60 Index

(90) 12/2025

CAD

(22,929,079)

(537,098)

SPI 200 Index

(217) 12/2025

AUD

(31,851,608)

50,223

#### Total of short contracts

#### (517,418)

#### Net unrealized appreciation

#### $

#### 1,555,957

#### Forward foreign currency exchange contracts outstanding as of September 30, 2025:

#### Over-the-Counter

#### CURRENCY PURCHASED

#### CURRENCY SOLD

#### COUNTERPARTY

#### SETTLEMENT

#### DATE

#### UNREALIZED

#### APPRECIATION
(DEPRECIATION)

AUD

9,213,000

USD

6,000,903

CITG

12/17/2025

$

100,909

AUD

9,213,000

USD

6,000,891

JPMC

12/17/2025

100,921

CAD

3,412,000

USD

2,458,973

CITG

12/17/2025

1,645

CAD

3,412,000

USD

2,458,968

JPMC

12/17/2025

1,650

DKK

1,854,500

USD

292,235

CITG

12/17/2025

972

DKK

1,854,500

USD

292,235

JPMC

12/17/2025

973

EUR

35,196,500

USD

41,304,714

CITG

12/17/2025

202,523

EUR

35,196,500

USD

41,304,631

JPMC

12/17/2025

202,606

GBP

8,137,000

USD

10,914,502

CITG

12/17/2025

29,992

GBP

8,137,000

USD

10,914,480

JPMC

12/17/2025

30,014

HKD

8,785,375

USD

1,129,662

CITG

12/17/2025

1,104

HKD

8,785,375

USD

1,129,660

JPMC

12/17/2025

1,106

ILS

2,175,501

USD

651,075

CITG

12/17/2025

5,889

ILS

2,175,498

USD

651,073

JPMC

12/17/2025

5,890

JPY

2,995,169,481

USD

20,338,221

CITG

12/17/2025

77,337

JPY

2,995,169,481

USD

20,344,305

JPMC

12/17/2025

71,252

NOK

339,135,000

USD

33,576,638

CITG

12/17/2025

413,676

NOK

339,135,001

USD

33,576,571

JPMC

12/17/2025

413,744

SEK

149,503,543

USD

15,935,286

CITG

12/17/2025

22,129

SEK

149,503,542

USD

15,935,254

JPMC

12/17/2025

22,160

SGD

3,000

USD

2,339

CITG

12/17/2025

–

(a) SGD

3,000

USD

2,339

JPMC

12/17/2025

–

(a) USD

11,339,043

CAD

15,535,525

CITG

12/17/2025

135,350

USD

11,339,065

CAD

15,535,525

JPMC

12/17/2025

135,372

USD

1,277,795

CHF

1,004,986

CITG

12/17/2025

3,615

USD

1,277,798

CHF

1,004,986

JPMC

12/17/2025

3,617

USD

90,303

DKK

570,500

CITG

12/17/2025

USD

90,303

DKK

570,500

JPMC

12/17/2025

USD

5,745,567

EUR

4,835,000

CITG

12/17/2025

43,651

USD

5,745,578

EUR

4,835,000

JPMC

12/17/2025

43,662

USD

54,967,641

GBP

40,719,876

CITG

12/17/2025

198,265

USD

54,967,751

GBP

40,719,876

JPMC

12/17/2025

198,375

USD

42,059

HKD

326,500

CITG

12/17/2025

USD

42,059

HKD

326,500

JPMC

12/17/2025

USD

1,819

ILS

6,000

CITG

12/17/2025

USD

1,819

ILS

6,000

JPMC

12/17/2025

USD

584,359

JPY

85,000,000

CITG

12/17/2025

4,986

USD

584,360

JPY

85,000,000

JPMC

12/17/2025

4,987

USD

8,280,977

NOK

81,999,999

CITG

12/17/2025

62,404

USD

8,280,993

NOK

82,000,001

JPMC

12/17/2025

62,420

USD

8,847,607

SEK

82,000,001

CITG

12/17/2025

95,252

Schedule of Investments

September 30, 2025

AQR GLOBAL EQUITY FUND

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

AQR Funds \| Annual Report \| September 2025

(Continued)

#### CURRENCY PURCHASED

#### CURRENCY SOLD

#### COUNTERPARTY

#### SETTLEMENT

#### DATE

#### UNREALIZED

#### APPRECIATION
(DEPRECIATION)

USD

8,847,624

SEK

81,999,999

JPMC

12/17/2025

$

95,270

USD

28,286

SGD

36,000

CITG

12/17/2025

USD

28,286

SGD

36,000

JPMC

12/17/2025

#### Total unrealized appreciation

#### 2,794,441
AUD

274,500

USD

183,559

CITG

12/17/2025

(1,756)

AUD

274,500

USD

183,559

JPMC

12/17/2025

(1,756)

CAD

6,696,000

USD

4,862,660

CITG

12/17/2025

(33,732)

CAD

6,696,000

USD

4,862,650

JPMC

12/17/2025

(33,722)

CHF

542,000

USD

694,793

CITG

12/17/2025

(7,613)

CHF

542,000

USD

694,791

JPMC

12/17/2025

(7,612)

DKK

465,500

USD

74,009

CITG

12/17/2025

(410) DKK

465,500

USD

74,009

JPMC

12/17/2025

(410) EUR

2,639,500

USD

3,114,871

CITG

12/17/2025

(2,108)

EUR

2,639,500

USD

3,114,864

JPMC

12/17/2025

(2,102)

GBP

12,548,000

USD

16,968,576

CITG

12/17/2025

(91,165)

GBP

12,548,000

USD

16,968,542

JPMC

12/17/2025

(91,129)

HKD

1,738,500

USD

223,826

CITG

12/17/2025

(64) HKD

1,738,500

USD

223,825

JPMC

12/17/2025

(64) JPY

5,083,615,800

USD

34,882,020

CITG

12/17/2025

(231,276)

JPY

5,083,615,800

USD

34,900,199

JPMC

12/17/2025

(249,455)

NZD

14,518,930

USD

8,538,337

CITG

12/17/2025

(95,398)

NZD

14,518,929

USD

8,538,319

JPMC

12/17/2025

(95,381)

SEK

7,851,186

USD

838,200

CITG

12/17/2025

(195) SEK

7,851,186

USD

838,198

JPMC

12/17/2025

(194) SGD

1,400,362

USD

1,098,699

CITG

12/17/2025

(6,819)

SGD

1,400,362

USD

1,098,697

JPMC

12/17/2025

(6,817)

USD

6,890,817

AUD

10,526,969

CITG

12/17/2025

(81,243)

USD

6,890,830

AUD

10,526,968

JPMC

12/17/2025

(81,230)

USD

48,818,621

CHF

38,693,014

CITG

12/17/2025

(238,666)

USD

48,818,718

CHF

38,693,014

JPMC

12/17/2025

(238,569)

USD

459,517

DKK

2,923,000

CITG

12/17/2025

(2,626)

USD

459,518

DKK

2,923,000

JPMC

12/17/2025

(2,626)

USD

14,666

HKD

114,000

CITG

12/17/2025

(7) USD

14,666

HKD

114,000

JPMC

12/17/2025

(7) USD

10,666

ILS

35,502

CITG

12/17/2025

(55) USD

10,665

ILS

35,498

JPMC

12/17/2025

(55) USD

135,485

JPY

20,000,000

CITG

12/17/2025

(839) USD

135,485

JPY

20,000,000

JPMC

12/17/2025

(838) USD

690,563

NZD

1,191,500

CITG

12/17/2025

(2,309)

USD

690,564

NZD

1,191,500

JPMC

12/17/2025

(2,308)

USD

4,746,061

SEK

44,500,000

CITG

12/17/2025

(3,692)

USD

4,746,071

SEK

44,500,000

JPMC

12/17/2025

(3,683)

USD

8,565

SGD

11,000

CITG

12/17/2025

(11) USD

8,565

SGD

11,000

JPMC

12/17/2025

(11) #### Total unrealized depreciation

#### (1,617,953)

#### Net unrealized appreciation

#### $

#### 1,176,488
(a) Represents less than $0.5.

AQR Funds \| Annual Report \| September 2025

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

AQR GLOBAL EQUITY FUND

Schedule of Investments

September 30, 2025

Collateral pledged to (received from) each counterparty at September 30, 2025 was as follows:

#### COUNTERPARTY

#### OVER-THE-COUNTER

#### EXCHANGE-TRADED

#### TOTAL

#### BARC
Cash

$

–

$

11,670,012

$

11,670,012

#### CITG
Cash

(430,590)

–

(430,590)

Investment Companies

2,519,106

–

2,519,106

#### GSCO
Cash

–

3,491,993

3,491,993

#### GSIN
Cash

189,789

–

189,789

#### JPMC
Investment Companies

13,207,394

–

13,207,394

Schedule of Investments

AQR Funds \| Annual Report \| September 2025

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

September 30, 2025

#### Abbreviations
ADR - American Depositary Receipt

BDR - Brazilian Depositary Receipt

CHESS - Clearing House Electronic Subregister System Depository Interest

CPI - Consumer Price Index

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"): 1.89%

Australian Bank-Bill Reference Rate ("BBR"): 3.54%

Canadian Overnight Repo Rate Average ("CORRA"): 2.56%

Euro Short-Term Rate ("ESTR"): 1.92%

Hong Kong Interbank Offered Rate ("HIBOR"): 3.54%

Shekel Interbank Offered Rate ("SHIRON"): 4.50%

Singapore Overnight Rate Average ("SORA"): 1.20%

Sterling Overnight Index Average ("SONIA"): 3.97%

Swiss Average Rate Overnight ("SARON"): -0.05%

Tokyo Overnight Average Rate ("TONAR"): 0.48%

Statements of Assets and Liabilities

AQR Funds \| Annual Report \| September 2025

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

September 30, 2025

#### 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

...........

$

656,353,381

$

86,652,316

$

491,567,621

$

420,305,551

Investments in securities of unaffiliated issuers, at value

..........

$

1,268,065,271

$

133,491,359

$

730,708,709

$

589,266,465

Cash

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

—

—

23,382

505

Cash denominated in foreign currencies

‡

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

—

—

288,987

318,121

Deposits with brokers for futures contracts

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

2,117,815

460,314

716,431

795,750

Variation margin on futures contracts

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

117,734

11,997

89,133

88,046

Receivables:

Foreign tax reclaims

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

—

—

1,036,487

—

Dividends

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

911,623

61,918

1,814,904

1,240,490

Capital shares sold

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

760,110

332,632

253,191

19,990

Prepaid expenses

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

42,176

29,384

36,202

23,376

#### Total Assets

#### 1,272,014,729

#### 134,387,604

#### 734,967,426

#### 591,752,743

#### LIABILITIES:
Payables:

–

–

–

–

Accrued investment advisory fees

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

271,996

38,959

235,734

246,878

Accrued distribution fees—Class N

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

1,451

2,941

1,178

673

Capital shares redeemed

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

2,157,334

256,311

1,883,239

522,769

Deferred foreign capital gains tax

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

—

—

—

1,887,688

Other accrued expenses and liabilities

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

165,751

56,377

127,114

168,590

#### Total Liabilities

#### 2,596,532

#### 354,588

#### 2,247,265

#### 2,826,598
Commitments and contingent liabilities

^

#### Net Assets

#### $

#### 1,269,418,197

#### $

#### 134,033,016

#### $

#### 732,720,161

#### $

#### 588,926,145

#### NET ASSETS CONSIST OF:
Paid-in capital ($0.001 par value common stock, unlimited authorized

shares)

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

$

524,006,917

$

75,343,824

$

444,165,856

$

412,502,404

Total distributable earnings (loss)

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

745,411,280

58,689,192

288,554,305

176,423,741

#### Net Assets

#### $

#### 1,269,418,197

#### $

#### 134,033,016

#### $

#### 732,720,161

#### $

#### 588,926,145

#### NET ASSETS:
Class I

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

$

287,765,278

$

68,318,629

$

151,864,646

$

100,613,580

Class N

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

7,181,767

15,294,965

6,085,799

4,013,054

Class R6

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

974,471,152

50,419,422

574,769,716

484,299,511

#### SHARES OUTSTANDING:
–

–

–

–

Class I

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

12,865,620

3,458,647

8,755,783

7,844,997

Class N

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

317,309

775,962

350,711

310,102

Class R6

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

43,618,056

2,545,448

33,188,433

37,758,127

#### NET ASSET VALUE:
–

–

–

–

Class I

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

$

22.37 $

19.75 $

17.34 $

12.83 Class N

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

$

22.63 $

19.71 $

17.35 $

12.94 Class R6

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

$

22.34 $

19.81 $

17.32 $

12.83 ‡

Cash denominated in foreign currencies, at cost

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

$

—

$

—

$

288,537

$

313,708

^

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

AQR Funds \| Annual Report \| September 2025

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

September 30, 2025

#### 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

...........

$

318,930,150

$

75,139,283

$

128,179,418

$

1,213,202,046

Investments in securities of unaffiliated issuers, at value

..........

$

655,088,094

$

134,822,224

$

211,471,546

$

2,034,639,837

Cash

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

—

—

5,458

—

Cash denominated in foreign currencies

‡

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

—

79,154

—

Deposits with brokers for futures contracts

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

1,197,100

435,505

331,895

4,903,287

Variation margin on futures contracts

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

66,467

—

2,662

271,185

Receivables:

Foreign tax reclaims

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

—

—

455,247

—

Dividends

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

249,336

59,381

308,705

1,414,887

Capital shares sold

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

49,314

255,896

21,758

3,471,978

Due from custodian

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

—

—

16,712

—

Prepaid expenses

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

40,586

32,326

31,610

59,197

#### Total Assets

#### 656,691,300

#### 135,605,332

#### 212,724,747

#### 2,044,760,371

#### LIABILITIES:
Due to custodian

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

—

8,546

—

—

Variation margin on futures contracts

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

—

49,332

—

—

Payables:

–

–

–

–

Securities purchased

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

—

—

16,712

—

IRS compliance fee and related expenses

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

—

—

203,775

—

Accrued investment advisory fees

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

135,231

37,658

58,974

435,085

Accrued distribution fees—Class N

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

19,890

4,509

1,303

21,399

Capital shares redeemed

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

232,075

41,321

65,811

3,674,141

Other accrued expenses and liabilities

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

137,244

65,271

83,001

338,387

#### Total Liabilities

#### 524,440

#### 206,637

#### 429,576

#### 4,469,012
Commitments and contingent liabilities

^

#### Net Assets

#### $

#### 656,166,860

#### $

#### 135,398,695

#### $

#### 212,295,171

#### $

#### 2,040,291,359

#### NET ASSETS CONSIST OF:
Paid-in capital ($0.001 par value common stock, unlimited authorized

shares)

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

$

221,338,827

$

64,678,775

$

104,337,863

$

918,211,718

Total distributable earnings (loss)

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

434,828,033

70,719,920

107,957,308

1,122,079,641

#### Net Assets

#### $

#### 656,166,860

#### $

#### 135,398,695

#### $

#### 212,295,171

#### $

#### 2,040,291,359

#### NET ASSETS:
Class I

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

$

288,472,451

$

91,734,341

$

113,017,349

$

1,232,485,737

Class N

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

97,474,029

24,376,855

6,112,197

103,755,704

Class R6

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

270,220,380

19,287,499

93,165,625

704,049,918

#### SHARES OUTSTANDING:
–

–

–

–

Class I

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

11,440,434

4,022,967

6,178,240

55,713,271

Class N

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

3,869,812

1,070,410

327,399

4,701,273

Class R6

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

10,785,932

850,668

5,107,962

31,898,772

#### NET ASSET VALUE:
–

–

–

–

Class I

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

$

25.22 $

22.80 $

18.29 $

22.12 Class N

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

$

25.19 $

22.77 $

18.67 $

22.07 Class R6

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

$

25.05 $

22.67 $

18.24 $

22.07 ‡

Cash denominated in foreign currencies, at cost

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

$

$

—

$

75,915

$

—

^

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

AQR Funds \| Annual Report \| September 2025

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

September 30, 2025

#### AQR

#### INTERNATIONAL

#### DEFENSIVE

#### STYLE FUND

#### AQR GLOBAL

#### EQUITY FUND

#### ASSETS:
Investments in securities of unaffiliated issuers, at cost

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

$

178,694,169

$

362,400,038

Investments in securities of unaffiliated issuers, at value

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

$

252,740,666

$

501,043,771

Cash

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

—

Cash denominated in foreign currencies

‡

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

6,922

569,857

Unrealized appreciation on forward foreign currency exchange contracts

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

—

2,794,441

Unrealized appreciation on OTC swaps

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

—

426,373

Due from brokers

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

—

142,892

Deposits with brokers for futures contracts

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

272,296

16,059,547

Variation margin on futures contracts

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

34,285

658,415

Receivables:

Securities sold

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

—

45,525

Foreign tax reclaims

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

278,069

302,408

Dividends

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

437,144

635,976

Capital shares sold

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

61,557

953,058

Prepaid expenses

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

35,754

28,637

#### Total Assets

#### 253,866,728

#### 523,660,900

#### LIABILITIES:
Due to custodian

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

—

60,024

Due to brokers

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

—

430,590

Unrealized depreciation on forward foreign currency exchange contracts

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

—

1,617,953

Unrealized depreciation on OTC swaps

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

—

2,207,506

Payables:

–

–

Securities purchased

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

—

28,749

Accrued investment advisory fees

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

67,201

258,180

Accrued distribution fees—Class N

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

615

4,601

Capital shares redeemed

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

134,610

168,042

Other accrued expenses and liabilities

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

79,093

111,356

#### Total Liabilities

#### 281,519

#### 4,887,001
Commitments and contingent liabilities

^

#### Net Assets

#### $

#### 253,585,209

#### $

#### 518,773,899

#### NET ASSETS CONSIST OF:
Paid-in capital ($0.001 par value common stock, unlimited authorized shares)

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

$

180,254,046

$

324,248,392

Total distributable earnings (loss)

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

73,331,163

194,525,507

#### Net Assets

#### $

#### 253,585,209

#### $

#### 518,773,899

#### NET ASSETS:
Class I

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

$

40,335,226

$

42,787,390

Class N

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

3,346,950

24,643,350

Class R6

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

209,903,033

451,343,159

#### SHARES OUTSTANDING:
–

–

Class I

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

2,440,627

3,199,942

Class N

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

194,564

1,874,237

Class R6

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

12,709,961

33,462,218

#### NET ASSET VALUE:
–

–

Class I

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

$

16.53 $

13.37 Class N

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

$

17.20 $

13.15 Class R6

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

$

16.51 $

13.49 ‡

Cash denominated in foreign currencies, at cost

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

$

6,895

$

569,318

^

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

AQR Funds \| Annual Report \| September 2025

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

For the Year Ended September 30, 2025

#### 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

†

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

$

20,292,965

$

1,528,632

$

19,171,789

$

20,122,061

Interest income

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

706

1,019

European Union tax reclaims

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

—

—

637,143

—

#### Total Income

#### 20,293,167

#### 1,529,338

#### 19,809,951

#### 20,122,329

#### EXPENSES:
Investment advisory fees

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

2,960,100

515,852

2,553,679

2,613,460

Custody fees

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

39,431

19,129

86,190

304,526

Administration & accounting fees

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

220,953

21,360

118,423

97,303

Legal fees

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

60,174

6,350

30,136

30,746

Audit & tax fees

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

57,388

56,904

59,242

98,435

Shareholder reporting fees

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

33,294

25,371

30,731

36,494

Transfer agent fees

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

291,265

73,227

154,056

70,189

Trustee fees

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

69,634

7,567

36,936

30,838

Distribution fees—Class N

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

15,795

25,340

6,428

4,715

Interest expense

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

59,989

7,316

28,953

24,053

Recoupment of reimbursement

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

24,768

—

—

28,777

Registration fees

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

73,195

58,056

67,474

59,512

European Union tax reclaim fees

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

—

—

235,949

—

Other expenses

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

83,309

37,317

44,450

72,454

#### Total Expenses

#### 3,989,295

#### 853,789

#### 3,452,647

#### 3,471,502
Less expense reimbursements

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

(61,168)

(145,333)

(165,967)

(191,767)

#### Net Expenses

#### 3,928,127

#### 708,456

#### 3,286,680

#### 3,279,735

#### Net Investment Income (Loss)

#### 16,365,040

#### 820,882

#### 16,523,271

#### 16,842,594

#### REALIZED GAIN (LOSS) AND CHANGE IN UNREALIZED

#### APPRECIATION (DEPRECIATION):
–

–

–

–

Net realized gain (loss) from:

Transactions in investment securities of unaffiliated issuers

(net of foreign capital gains tax of $—, $—, $— and

$742,708)

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

147,110,134

14,131,786

41,572,727

20,585,027

Settlement of foreign currency and foreign currency

transactions

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

—

—

55,731

(203,120)

Expiration or closing of futures contracts

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

5,045,183

588,553

2,462,108

3,361,538

#### Net realized gain (loss)

#### 152,155,317

#### 14,720,339

#### 44,090,566

#### 23,743,445
Net change in unrealized appreciation (depreciation) on:

Investment securities of unaffiliated issuers (net of changes

in deferred foreign capital gains tax of $—, $—, $— and

$(4,541,231))

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

72,143,767

3,314,676

95,639,619

46,315,567

Foreign currency and foreign currency transactions

......

—

—

44,762

(7,155)

Futures contracts

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

(922,872)

(170,007)

(327,563)

(1,249,093)

#### Net change in unrealized appreciation (depreciation)

#### 71,220,895

#### 3,144,669

#### 95,356,818

#### 45,059,319

#### Net realized gain (loss) and net change in unrealized

#### appreciation (depreciation)

#### 223,376,212

#### 17,865,008

#### 139,447,384

#### 68,802,764

#### Net increase (decrease) in net assets resulting from

#### operations

#### $

#### 239,741,252

#### $

#### 18,685,890

#### $

#### 155,970,655

#### $

#### 85,645,358
†

Net of foreign taxes withheld of

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

$

26,320

$

2,139

$

1,800,502

$

2,859,187

Statements of Operations

AQR Funds \| Annual Report \| September 2025

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

For the Year Ended September 30, 2025

#### 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

†

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

$

7,994,346

$

1,340,934

$

5,105,050

$

36,880,545

Interest income

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

4,431

—

—

1,583

European Union tax reclaims

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

—

—

705,653

—

#### Total Income

#### 7,998,777

#### 1,340,934

#### 5,810,703

#### 36,882,128

#### EXPENSES:
Investment advisory fees

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

1,627,433

596,649

762,239

5,478,143

Custody fees

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

27,624

29,566

53,511

61,446

Administration & accounting fees

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

121,664

24,773

35,427

410,589

Legal fees

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

32,503

7,057

8,677

105,688

Audit & tax fees

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

56,593

57,524

62,894

61,440

Shareholder reporting fees

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

38,684

29,064

24,627

59,707

Transfer agent fees

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

407,030

130,603

128,757

1,059,859

Trustee fees

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

39,261

8,722

11,852

128,471

Distribution fees—Class N

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

217,259

29,138

11,862

317,488

Interest expense

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

41,868

12,459

9,403

113,721

Recoupment of reimbursement

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

9,787

—

—

52,130

Registration fees

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

62,942

57,418

55,678

92,767

IRS compliance fee and related expenses

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

—

—

203,775

—

European Union tax reclaim fees

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

—

—

262,311

—

Other expenses

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

61,336

18,249

22,448

182,684

#### Total Expenses

#### 2,743,984

#### 1,001,222

#### 1,653,461

#### 8,124,133
Less expense reimbursements

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

(99,036)

(175,994)

(190,044)

(34,868)

#### Net Expenses

#### 2,644,948

#### 825,228

#### 1,463,417

#### 8,089,265

#### Net Investment Income (Loss)

#### 5,353,829

#### 515,706

#### 4,347,286

#### 28,792,863

#### REALIZED GAIN (LOSS) AND CHANGE IN UNREALIZED

#### APPRECIATION (DEPRECIATION):
–

–

–

–

Net realized gain (loss) from:

Transactions in investment securities of unaffiliated issuers

120,876,693

15,983,428

33,587,494

359,466,647

Settlement of foreign currency and foreign currency

transactions

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

—

(47,978)

—

Expiration or closing of futures contracts

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

4,530,158

940,983

815,340

6,856,460

#### Net realized gain (loss)

#### 125,406,859

#### 16,924,411

#### 34,354,856

#### 366,323,107
Net change in unrealized appreciation (depreciation) on:

Investment securities of unaffiliated issuers

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

(13,006,331)

3,357,939

(1,670,288)

(255,959,672)

Foreign currency and foreign currency transactions

......

—

21,859

—

Futures contracts

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

(453,415)

(237,637)

(41,863)

(1,038,991)

#### Net change in unrealized appreciation (depreciation)

#### (#### 13,459,731

####)

#### 3,120,302

#### (#### 1,690,292

####)

#### (#### 256,998,663

####)

#### Net realized gain (loss) and net change in unrealized

#### appreciation (depreciation)

#### 111,947,128

#### 20,044,713

#### 32,664,564

#### 109,324,444

#### Net increase (decrease) in net assets resulting from

#### operations

#### $

#### 117,300,957

#### $

#### 20,560,419

#### $

#### 37,011,850

#### $

#### 138,117,307
†

Net of foreign taxes withheld of

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

$

3,087

$

2,566

$

397,052

$

—

Statements of Operations

AQR Funds \| Annual Report \| September 2025

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

For the Year Ended September 30, 2025

#### AQR

#### INTERNATIONAL

#### DEFENSIVE STYLE

#### FUND

#### AQR GLOBAL

#### EQUITY FUND

#### INVESTMENT INCOME:
Dividend income

†

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

$

6,759,246

$

9,129,253

Interest income

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

—

8,771

European Union tax reclaims

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

332,942

—

#### Total Income

#### 7,092,188

#### 9,138,024

#### EXPENSES:
Investment advisory fees

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

985,859

2,584,800

Custody fees

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

47,123

59,248

Administration & accounting fees

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

45,909

79,963

Legal fees

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

11,662

20,872

Audit & tax fees

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

59,728

87,106

Shareholder reporting fees

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

24,022

22,962

Transfer agent fees

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

69,728

60,689

Trustee fees

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

15,084

25,368

Distribution fees—Class N

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

6,514

27,414

Interest expense

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

11,700

46,930

Recoupment of reimbursement

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

—

34,392

Registration fees

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

60,638

58,415

European Union tax reclaim fees

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

122,624

—

Other expenses

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

23,577

160,869

#### Total Expenses

#### 1,484,168

#### 3,269,028
Less expense reimbursements

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

(178,783)

(5,057)

#### Net Expenses

#### 1,305,385

#### 3,263,971

#### Net Investment Income (Loss)

#### 5,786,803

#### 5,874,053

#### REALIZED GAIN (LOSS) AND CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION):
–

–

Net realized gain (loss) from:

Transactions in investment securities of unaffiliated issuers

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

5,286,544

49,799,693

Settlement of foreign currency and foreign currency transactions

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

18,760

(988,253)

Settlement of forward foreign currency exchange contracts

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

—

(2,754,756)

Expiration or closing of futures contracts

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

1,177,673

10,758,324

Expiration or closing of swap contracts

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

—

3,366,354

#### Net realized gain (loss)

#### 6,482,977

#### 60,181,362
Net change in unrealized appreciation (depreciation) on:

Investment securities of unaffiliated issuers

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

10,918,269

53,525,552

Foreign currency and foreign currency transactions

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

(296)

47,295

Forward foreign currency exchange contracts

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

—

329,873

Futures contracts

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

(70,282)

206,914

Swap contracts

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

—

(1,231,315)

#### Net change in unrealized appreciation (depreciation)

#### 10,847,691

#### 52,878,319

#### Net realized gain (loss) and net change in unrealized appreciation (depreciation)

#### 17,330,668

#### 113,059,681

#### Net increase (decrease) in net assets resulting from operations

#### $

#### 23,117,471

#### $

#### 118,933,734
†

Net of foreign taxes withheld of

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

$

642,858

$

488,922

Statements of Changes in Net Assets

(Continued)

AQR Funds \| Annual Report \| September 2025

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

September 30, 2025

#### AQR LARGE CAP MULTI-STYLE

#### FUND

#### AQR SMALL CAP MULTI-STYLE

#### FUND

#### FOR THE

#### YEAR ENDED

#### SEPTEMBER 30,

#### 2025

#### FOR THE

#### YEAR ENDED

#### SEPTEMBER 30,

#### 2024

#### FOR THE

#### YEAR ENDED

#### SEPTEMBER 30,

#### 2025

#### FOR THE

#### YEAR ENDED

#### SEPTEMBER 30,

#### 2024

#### OPERATIONS:
Net investment income (loss)

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

$

16,365,040

$

15,270,823

$

820,882

$

1,033,934

Net realized gain (loss)

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

152,155,317

126,699,922

14,720,339

12,499,149

Net change in unrealized appreciation (depreciation)

.......

71,220,895

178,385,879

3,144,669

11,681,964

#### Net increase (decrease) in net assets resulting from

#### operations

#### 239,741,252

#### 320,356,624

#### 18,685,890

#### 25,215,047

#### DISTRIBUTIONS TO SHAREHOLDERS:
Class I

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

(28,951,108)

(25,618,468)

(7,741,819)

(3,798,567)

Class N

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

(702,742)

(661,804)

(925,683)

(362,009)

Class R6

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

(110,797,060)

(107,796,828)

(5,544,370)

(2,704,683)

#### Total distributions

#### (#### 140,450,910

####)

#### (#### 134,077,100

####)

#### (#### 14,211,872

####)

#### (#### 6,865,259

####)

#### CAPITAL TRANSACTIONS:

#### CLASS I
—

—

—

—

Proceeds from shares sold

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

50,285,324

50,840,908

11,293,256

12,948,979

Reinvestment of distributions

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

26,680,923

23,419,876

7,467,002

3,615,622

Cost of shares redeemed

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

(60,528,482)

(58,855,983)

(15,206,463)

(22,050,642)

#### Net increase (decrease) from capital transactions

#### 16,437,765

#### 15,404,801

#### 3,553,795

#### (#### 5,486,041

####)

#### CLASS N
—

—

—

—

Proceeds from shares sold

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

1,377,746

710,413

10,901,304

3,604,184

Reinvestment of distributions

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

681,771

646,778

916,210

357,360

Cost of shares redeemed

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

(1,625,899)

(1,249,044)

(4,998,583)

(1,904,514)

#### Net increase (decrease) from capital transactions

#### 433,618

#### 108,147

#### 6,818,931

#### 2,057,030

#### CLASS R6
—

—

—

—

Proceeds from shares sold

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

100,452,840

119,982,341

6,912,478

7,514,906

Reinvestment of distributions

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

107,961,385

105,165,737

5,473,635

2,665,159

Cost of shares redeemed

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

(273,459,904)

(223,731,334)

(9,085,154)

(10,830,397)

#### Net increase (decrease) from capital transactions

#### (#### 65,045,679

####)

#### 1,416,744

#### 3,300,959

#### (#### 650,332

####)

#### Net increase (decrease) in net assets resulting from capital

#### transactions

#### (#### 48,174,296

####)

#### 16,929,692

#### 13,673,685

#### (#### 4,079,343

####)

#### Total increase (decrease) in net assets

#### 51,116,046

#### 203,209,216

#### 18,147,703

#### 14,270,445

#### NET ASSETS:
Beginning of period

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

1,218,302,151

1,015,092,935

115,885,313

101,614,868

#### End of period

#### ...................................

#### $

#### 1,269,418,197

#### $

#### 1,218,302,151

#### $

#### 134,033,016

#### $

#### 115,885,313
$

—

$

—

$

—

$

—

Statements of Changes in Net Assets

AQR Funds \| Annual Report \| September 2025

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

September 30, 2025

#### AQR LARGE CAP MULTI-STYLE

#### FUND

#### AQR SMALL CAP MULTI-STYLE

#### FUND

#### FOR THE

#### YEAR ENDED

#### SEPTEMBER 30,

#### 2025

#### FOR THE

#### YEAR ENDED

#### SEPTEMBER 30,

#### 2024

#### FOR THE

#### YEAR ENDED

#### SEPTEMBER 30,

#### 2025

#### FOR THE

#### YEAR ENDED

#### SEPTEMBER 30,

#### 2024

#### CHANGES IN SHARES OUTSTANDING:

#### CLASS I
Shares outstanding, beginning of period

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

11,965,042

11,157,756

3,276,788

3,635,850

Shares sold

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

2,543,500

2,684,223

636,538

721,775

Shares issued on reinvestment of distributions

...........

1,388,185

1,376,021

418,085

214,450

Shares redeemed

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

(3,031,107)

(3,252,958)

(872,764)

(1,295,287)

#### Shares outstanding, end of period

#### 12,865,620

#### 11,965,042

#### 3,458,647

#### 3,276,788

#### CLASS N
Shares outstanding, beginning of period

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

296,747

289,173

394,363

268,845

Shares sold

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

68,287

37,534

617,643

212,207

Shares issued on reinvestment of distributions

...........

34,981

37,538

51,300

21,196

Shares redeemed

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

(82,706)

(67,498)

(287,344)

(107,885)

#### Shares outstanding, end of period

#### 317,309

#### 296,747

#### 775,962

#### 394,363

#### CLASS R6
Shares outstanding, beginning of period

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

46,882,815

46,312,501

2,359,055

2,396,643

Shares sold

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

5,150,993

6,626,068

397,871

430,325

Shares issued on reinvestment of distributions

...........

5,625,919

6,189,861

305,961

157,889

Shares redeemed

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

(14,041,671)

(12,245,615)

(517,439)

(625,802)

#### Shares outstanding, end of period

#### 43,618,056

#### 46,882,815

#### 2,545,448

#### 2,359,055
Statements of Changes in Net Assets

(Continued)

AQR Funds \| Annual Report \| September 2025

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

September 30, 2025

#### AQR INTERNATIONAL MULTI-STYLE

#### FUND

#### AQR EMERGING MULTI-STYLE II

#### FUND

#### FOR THE

#### YEAR ENDED

#### SEPTEMBER 30,

#### 2025

#### FOR THE

#### YEAR ENDED

#### SEPTEMBER 30,

#### 2024

#### FOR THE

#### YEAR ENDED

#### SEPTEMBER 30,

#### 2025

#### FOR THE

#### YEAR ENDED

#### SEPTEMBER 30,

#### 2024

#### OPERATIONS:
Net investment income (loss)

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

$

16,523,271

$

15,751,840

$

16,842,594

$

16,135,476

Net realized gain (loss)

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

44,090,566

23,463,701

23,743,445

35,868,167

Net change in unrealized appreciation (depreciation)

.......

95,356,818

75,630,437

45,059,319

77,256,457

#### Net increase (decrease) in net assets resulting from

#### operations

#### 155,970,655

#### 114,845,978

#### 85,645,358

#### 129,260,100

#### DISTRIBUTIONS TO SHAREHOLDERS:
Class I

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

(5,339,614)

(2,729,358)

(3,480,590)

(2,357,124)

Class N

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

(65,428)

(33,686)

(52,351)

(31,555)

Class R6

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

(25,190,102)

(14,300,082)

(19,848,132)

(25,141,922)

#### Total distributions

#### (#### 30,595,144

####)

#### (#### 17,063,126

####)

#### (#### 23,381,073

####)

#### (#### 27,530,601

####)

#### CAPITAL TRANSACTIONS:

#### CLASS I
—

—

—

—

Proceeds from shares sold

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

49,656,594

38,067,855

36,165,815

32,006,011

Reinvestment of distributions

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

5,337,230

2,727,983

1,968,732

2,357,124

Cost of shares redeemed

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

(34,988,707)

(33,542,983)

(21,206,711)

(22,159,583)

#### Net increase (decrease) from capital transactions

#### 20,005,117

#### 7,252,855

#### 16,927,836

#### 12,203,552

#### CLASS N
—

—

—

—

Proceeds from shares sold

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

8,854,676

464,693

3,977,365

7,121,153

Reinvestment of distributions

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

61,981

31,498

52,351

31,555

Cost of shares redeemed

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

(4,841,102)

(389,534)

(1,408,003)

(7,164,219)

#### Net increase (decrease) from capital transactions

#### 4,075,555

#### 106,657

#### 2,621,713

#### (#### 11,511

####)

#### CLASS R6
—

—

—

—

Proceeds from shares sold

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

65,157,739

60,160,315

29,083,400

27,400,234

Reinvestment of distributions

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

24,415,564

13,833,657

19,487,262

24,722,578

Cost of shares redeemed

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

(105,728,240)

(58,303,128)

(73,646,572)

(134,445,961)

#### Net increase (decrease) from capital transactions

#### (#### 16,154,937

####)

#### 15,690,844

#### (#### 25,075,910

####)

#### (#### 82,323,149

####)

#### Net increase (decrease) in net assets resulting from capital

#### transactions

#### 7,925,735

#### 23,050,356

#### (#### 5,526,361

####)

#### (#### 70,131,108

####)

#### Total increase (decrease) in net assets

#### 133,301,246

#### 120,833,208

#### 56,737,924

#### 31,598,391

#### NET ASSETS:
Beginning of period

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

599,418,915

478,585,707

532,188,221

500,589,830

#### End of period

#### ...................................

#### $

#### 732,720,161

#### $

#### 599,418,915

#### $

#### 588,926,145

#### $

#### 532,188,221
$

—

$

—

$

—

$

—

Statements of Changes in Net Assets

AQR Funds \| Annual Report \| September 2025

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

September 30, 2025

#### AQR INTERNATIONAL MULTI-STYLE

#### FUND

#### AQR EMERGING MULTI-STYLE II

#### FUND

#### FOR THE

#### YEAR ENDED

#### SEPTEMBER 30,

#### 2025

#### FOR THE

#### YEAR ENDED

#### SEPTEMBER 30,

#### 2024

#### FOR THE

#### YEAR ENDED

#### SEPTEMBER 30,

#### 2025

#### FOR THE

#### YEAR ENDED

#### SEPTEMBER 30,

#### 2024

#### CHANGES IN SHARES OUTSTANDING:

#### CLASS I
Shares outstanding, beginning of period

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

7,410,317

6,928,202

6,370,651

5,284,047

Shares sold

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

3,265,178

2,808,291

3,210,950

3,070,858

Shares issued on reinvestment of distributions

...........

406,801

216,335

189,119

253,182

Shares redeemed

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

(2,326,513)

(2,542,511)

(1,925,723)

(2,237,436)

#### Shares outstanding, end of period

#### 8,755,783

#### 7,410,317

#### 7,844,997

#### 6,370,651

#### CLASS N
Shares outstanding, beginning of period

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

95,717

88,593

88,948

72,730

Shares sold

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

558,878

34,146

339,642

730,226

Shares issued on reinvestment of distributions

...........

4,710

2,488

4,976

3,353

Shares redeemed

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

(308,594)

(29,510)

(123,464)

(717,361)

#### Shares outstanding, end of period

#### 350,711

#### 95,717

#### 310,102

#### 88,948

#### CLASS R6
Shares outstanding, beginning of period

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

33,925,915

32,630,968

39,908,465

48,071,527

Shares sold

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

4,568,189

4,609,445

2,647,465

2,781,118

Shares issued on reinvestment of distributions

...........

1,865,207

1,099,655

1,873,775

2,658,342

Shares redeemed

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

(7,170,878)

(4,414,153)

(6,671,578)

(13,602,522)

#### Shares outstanding, end of period

#### 33,188,433

#### 33,925,915

#### 37,758,127

#### 39,908,465
Statements of Changes in Net Assets

(Continued)

AQR Funds \| Annual Report \| September 2025

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

September 30, 2025

#### AQR LARGE CAP MOMENTUM

#### STYLE FUND

#### AQR SMALL CAP MOMENTUM

#### STYLE FUND

#### FOR THE

#### YEAR ENDED

#### SEPTEMBER 30,

#### 2025

#### FOR THE

#### YEAR ENDED

#### SEPTEMBER 30,

#### 2024

#### FOR THE

#### YEAR ENDED

#### SEPTEMBER 30,

#### 2025

#### FOR THE

#### YEAR ENDED

#### SEPTEMBER 30,

#### 2024

#### OPERATIONS:
Net investment income (loss)

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

$

5,353,829

$

4,026,302

$

515,706

$

513,510

Net realized gain (loss)

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

125,406,859

77,007,399

16,924,411

25,212,437

Net change in unrealized appreciation (depreciation)

.......

(13,459,731)

140,039,257

3,120,302

19,961,885

#### Net increase (decrease) in net assets resulting from

#### operations

#### 117,300,957

#### 221,072,958

#### 20,560,419

#### 45,687,832

#### DISTRIBUTIONS TO SHAREHOLDERS:
Class I

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

(40,089,091)

(44,486,489)

(16,346,915)

(4,888,127)

Class N

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

(9,868,055)

(8,363,820)

(1,347,361)

(68,994)

Class R6

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

(33,377,129)

(29,661,848)

(4,957,877)

(1,020,345)

#### Total distributions

#### (#### 83,334,275

####)

#### (#### 82,512,157

####)

#### (#### 22,652,153

####)

#### (#### 5,977,466

####)

#### CAPITAL TRANSACTIONS:

#### CLASS I
—

—

—

—

Proceeds from shares sold

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

32,128,260

18,800,455

24,387,370

12,933,952

Reinvestment of distributions

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

39,354,170

43,714,466

16,188,458

4,810,346

Cost of shares redeemed

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

(126,072,688)

(162,453,322)

(51,021,010)

(78,497,081)

#### Net increase (decrease) from capital transactions

#### (#### 54,590,258

####)

#### (#### 99,938,401

####)

#### (#### 10,445,182

####)

#### (#### 60,752,783

####)

#### CLASS N
—

—

—

—

Proceeds from shares sold

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

31,978,688

14,230,733

26,744,459

1,174,404

Reinvestment of distributions

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

9,863,659

8,363,819

1,347,361

68,994

Cost of shares redeemed

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

(30,725,111)

(18,468,606)

(8,316,818)

(388,766)

#### Net increase (decrease) from capital transactions

#### 11,117,236

#### 4,125,946

#### 19,775,002

#### 854,632

#### CLASS R6
—

—

—

—

Proceeds from shares sold

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

60,285,201

26,113,650

6,646,834

4,516,971

Reinvestment of distributions

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

33,063,897

29,390,076

4,957,751

1,020,342

Cost of shares redeemed

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

(104,063,484)

(66,658,529)

(20,905,050)

(4,839,726)

#### Net increase (decrease) from capital transactions

#### (#### 10,714,386

####)

#### (#### 11,154,803

####)

#### (#### 9,300,465

####)

#### 697,587

#### Net increase (decrease) in net assets resulting from capital

#### transactions

#### (#### 54,187,408

####)

#### (#### 106,967,258

####)

#### 29,355

#### (#### 59,200,564

####)

#### Total increase (decrease) in net assets

#### (#### 20,220,726

####)

#### 31,593,543

#### (#### 2,062,379

####)

#### (#### 19,490,198

####)

#### NET ASSETS:
Beginning of period

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

676,387,586

644,794,043

137,461,074

156,951,272

#### End of period

#### ...................................

#### $

#### 656,166,860

#### $

#### 676,387,586

#### $

#### 135,398,695

#### $

#### 137,461,074
$

—

$

—

$

—

$

—

Statements of Changes in Net Assets

AQR Funds \| Annual Report \| September 2025

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

September 30, 2025

#### AQR LARGE CAP MOMENTUM

#### STYLE FUND

#### AQR SMALL CAP MOMENTUM

#### STYLE FUND

#### FOR THE

#### YEAR ENDED

#### SEPTEMBER 30,

#### 2025

#### FOR THE

#### YEAR ENDED

#### SEPTEMBER 30,

#### 2024

#### FOR THE

#### YEAR ENDED

#### SEPTEMBER 30,

#### 2025

#### FOR THE

#### YEAR ENDED

#### SEPTEMBER 30,

#### 2024

#### CHANGES IN SHARES OUTSTANDING:

#### CLASS I
Shares outstanding, beginning of period

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

13,714,003

18,193,865

4,485,026

7,494,967

Shares sold

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

1,425,239

908,509

1,212,185

634,072

Shares issued on reinvestment of distributions

...........

1,756,099

2,292,316

796,676

254,516

Shares redeemed

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

(5,454,907)

(7,680,687)

(2,470,920)

(3,898,529)

#### Shares outstanding, end of period

#### 11,440,434

#### 13,714,003

#### 4,022,967

#### 4,485,026

#### CLASS N
Shares outstanding, beginning of period

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

3,376,404

3,138,139

144,194

104,462

Shares sold

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

1,431,369

677,468

1,274,989

55,915

Shares issued on reinvestment of distributions

...........

439,753

438,126

66,275

3,641

Shares redeemed

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

(1,377,714)

(877,329)

(415,048)

(19,824)

#### Shares outstanding, end of period

#### 3,869,812

#### 3,376,404

#### 1,070,410

#### 144,194

#### CLASS R6
Shares outstanding, beginning of period

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

11,307,620

11,747,699

1,349,400

1,314,013

Shares sold

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

2,636,911

1,238,815

325,730

222,871

Shares issued on reinvestment of distributions

...........

1,486,018

1,550,928

245,555

54,274

Shares redeemed

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

(4,644,617)

(3,229,822)

(1,070,017)

(241,758)

#### Shares outstanding, end of period

#### 10,785,932

#### 11,307,620

#### 850,668

#### 1,349,400
Statements of Changes in Net Assets

(Continued)

AQR Funds \| Annual Report \| September 2025

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

September 30, 2025

#### AQR INTERNATIONAL MOMENTUM

#### STYLE FUND

#### AQR LARGE CAP DEFENSIVE STYLE

#### FUND

#### FOR THE

#### YEAR ENDED

#### SEPTEMBER 30,

#### 2025

#### FOR THE

#### YEAR ENDED

#### SEPTEMBER 30,

#### 2024

#### FOR THE

#### YEAR ENDED

#### SEPTEMBER 30,

#### 2025

#### FOR THE

#### YEAR ENDED

#### SEPTEMBER 30,

#### 2024

#### OPERATIONS:
Net investment income (loss)

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

$

4,347,286

$

3,880,241

$

28,792,863

$

37,816,655

Net realized gain (loss)

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

34,354,856

31,067,869

366,323,107

496,747,560

Net change in unrealized appreciation (depreciation)

.......

(1,690,292)

21,584,121

(256,998,663)

89,548,960

#### Net increase (decrease) in net assets resulting from

#### operations

#### 37,011,850

#### 56,532,231

#### 138,117,307

#### 624,113,175

#### DISTRIBUTIONS TO SHAREHOLDERS:
Class I

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

(18,248,254)

(15,826,491)

(281,983,302)

(385,770,639)

Class N

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

(769,681)

(515,634)

(29,060,791)

(38,165,734)

Class R6

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

(15,115,476)

(10,856,841)

(146,186,385)

(154,828,622)

#### Total distributions

#### (#### 34,133,411

####)

#### (#### 27,198,966

####)

#### (#### 457,230,478

####)

#### (#### 578,764,995

####)

#### CAPITAL TRANSACTIONS:

#### CLASS I
—

—

—

—

Proceeds from shares sold

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

27,564,620

4,876,450

196,351,344

165,942,889

Reinvestment of distributions

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

17,713,651

15,399,047

279,353,114

380,629,673

Cost of shares redeemed

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

(42,628,480)

(68,810,727)

(621,562,118)

(1,120,611,140)

#### Net increase (decrease) from capital transactions

#### 2,649,791

#### (#### 48,535,230

####)

#### (#### 145,857,660

####)

#### (#### 574,038,578

####)

#### CLASS N
—

—

—

—

Proceeds from shares sold

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

4,872,771

948,408

8,395,447

20,835,437

Reinvestment of distributions

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

769,678

515,633

28,958,517

37,988,855

Cost of shares redeemed

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

(4,047,808)

(2,506,737)

(73,879,788)

(125,573,000)

#### Net increase (decrease) from capital transactions

#### 1,594,641

#### (#### 1,042,696

####)

#### (#### 36,525,824

####)

#### (#### 66,748,708

####)

#### CLASS R6
—

—

—

—

Proceeds from shares sold

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

20,378,946

6,737,996

139,931,590

143,663,466

Reinvestment of distributions

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

15,008,259

10,739,407

128,170,022

151,051,680

Cost of shares redeemed

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

(32,860,851)

(22,339,279)

(243,626,151)

(307,217,003)

#### Net increase (decrease) from capital transactions

#### 2,526,354

#### (#### 4,861,876

####)

#### 24,475,461

#### (#### 12,501,857

####)

#### Net increase (decrease) in net assets resulting from capital

#### transactions

#### 6,770,786

#### (#### 54,439,802

####)

#### (#### 157,908,023

####)

#### (#### 653,289,143

####)

#### Total increase (decrease) in net assets

#### 9,649,225

#### (#### 25,106,537

####)

#### (#### 477,021,194

####)

#### (#### 607,940,963

####)

#### NET ASSETS:
Beginning of period

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

202,645,946

227,752,483

2,517,312,553

3,125,253,516

#### End of period

#### ...................................

#### $

#### 212,295,171

#### $

#### 202,645,946

#### $

#### 2,040,291,359

#### $

#### 2,517,312,553
$

—

$

—

$

—

$

—

Statements of Changes in Net Assets

AQR Funds \| Annual Report \| September 2025

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

September 30, 2025

#### AQR INTERNATIONAL MOMENTUM

#### STYLE FUND

#### AQR LARGE CAP DEFENSIVE STYLE

#### FUND

#### FOR THE

#### YEAR ENDED

#### SEPTEMBER 30,

#### 2025

#### FOR THE

#### YEAR ENDED

#### SEPTEMBER 30,

#### 2024

#### FOR THE

#### YEAR ENDED

#### SEPTEMBER 30,

#### 2025

#### FOR THE

#### YEAR ENDED

#### SEPTEMBER 30,

#### 2024

#### CHANGES IN SHARES OUTSTANDING:

#### CLASS I
Shares outstanding, beginning of period

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

5,922,659

8,697,822

61,486,797

83,488,542

Shares sold

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

1,640,617

299,892

9,048,269

6,911,911

Shares issued on reinvestment of distributions

...........

1,224,164

998,641

13,436,898

17,452,071

Shares redeemed

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

(2,609,200)

(4,073,696)

(28,258,693)

(46,365,727)

#### Shares outstanding, end of period

#### 6,178,240

#### 5,922,659

#### 55,713,271

#### 61,486,797

#### CLASS N
Shares outstanding, beginning of period

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

233,814

296,137

6,356,576

8,957,331

Shares sold

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

281,897

53,446

397,052

864,692

Shares issued on reinvestment of distributions

...........

52,005

32,822

1,392,906

1,741,809

Shares redeemed

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

(240,317)

(148,591)

(3,445,261)

(5,207,256)

#### Shares outstanding, end of period

#### 327,399

#### 233,814

#### 4,701,273

#### 6,356,576

#### CLASS R6
Shares outstanding, beginning of period

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

4,922,043

5,189,534

30,464,272

30,490,402

Shares sold

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

1,238,876

396,326

6,487,699

6,075,197

Shares issued on reinvestment of distributions

...........

1,040,795

698,271

6,182,828

6,938,525

Shares redeemed

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

(2,093,752)

(1,362,088)

(11,236,027)

(13,039,852)

#### Shares outstanding, end of period

#### 5,107,962

#### 4,922,043

#### 31,898,772

#### 30,464,272
Statements of Changes in Net Assets

(Continued)

AQR Funds \| Annual Report \| September 2025

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

September 30, 2025

#### AQR INTERNATIONAL DEFENSIVE

#### STYLE FUND

#### AQR GLOBAL EQUITY FUND

#### FOR THE

#### YEAR ENDED

#### SEPTEMBER 30,

#### 2025

#### FOR THE

#### YEAR ENDED

#### SEPTEMBER 30,

#### 2024

#### FOR THE

#### YEAR ENDED

#### SEPTEMBER 30,

#### 2025

#### FOR THE

#### YEAR ENDED

#### SEPTEMBER 30,

#### 2024

#### OPERATIONS:
Net investment income (loss)

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

$

5,786,803

$

6,031,635

$

5,874,053

$

6,649,327

Net realized gain (loss)

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

6,482,977

1,847,892

60,181,362

45,563,629

Net change in unrealized appreciation (depreciation)

.......

10,847,691

41,317,978

52,878,319

44,888,693

#### Net increase (decrease) in net assets resulting from

#### operations

#### 23,117,471

#### 49,197,505

#### 118,933,734

#### 97,101,649

#### DISTRIBUTIONS TO SHAREHOLDERS:
Class I

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

(979,222)

(2,636,946)

(1,579,505)

(618,080)

Class N

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

(45,108)

(77,666)

(467,416)

(414,975)

Class R6

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

(4,380,050)

(5,492,727)

(45,611,701)

(18,123,018)

#### Total distributions

#### (#### 5,404,380

####)

#### (#### 8,207,339

####)

#### (#### 47,658,622

####)

#### (#### 19,156,073

####)

#### CAPITAL TRANSACTIONS:

#### CLASS I
—

—

—

—

Proceeds from shares sold

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

4,689,230

3,860,655

29,728,576

547,430

Reinvestment of distributions

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

965,496

2,603,573

1,578,203

617,560

Cost of shares redeemed

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

(16,902,215)

(56,622,735)

(6,904,330)

(3,290,643)

#### Net increase (decrease) from capital transactions

#### (#### 11,247,489

####)

#### (#### 50,158,507

####)

#### 24,402,449

#### (#### 2,125,653

####)

#### CLASS N
—

—

—

—

Proceeds from shares sold

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

2,469,269

222,706

24,433,260

2,245,368

Reinvestment of distributions

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

45,086

77,639

467,199

414,588

Cost of shares redeemed

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

(2,115,219)

(1,083,799)

(8,538,720)

(6,106,662)

#### Net increase (decrease) from capital transactions

#### 399,136

#### (#### 783,454

####)

#### 16,361,739

#### (#### 3,446,706

####)

#### CLASS R6
—

—

—

—

Proceeds from shares sold

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

37,456,551

44,444,566

34,467,969

43,528,288

Reinvestment of distributions

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

4,127,059

5,078,610

45,590,494

18,113,246

Cost of shares redeemed

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

(44,674,875)

(44,915,141)

(64,525,238)

(63,686,619)

#### Net increase (decrease) from capital transactions

#### (#### 3,091,265

####)

#### 4,608,035

#### 15,533,225

#### (#### 2,045,085

####)

#### Net increase (decrease) in net assets resulting from capital

#### transactions

#### (#### 13,939,618

####)

#### (#### 46,333,926

####)

#### 56,297,413

#### (#### 7,617,444

####)

#### Total increase (decrease) in net assets

#### 3,773,473

#### (#### 5,343,760

####)

#### 127,572,525

#### 70,328,132

#### NET ASSETS:
Beginning of period

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

249,811,736

255,155,496

391,201,374

320,873,242

#### End of period

#### ...................................

#### $

#### 253,585,209

#### $

#### 249,811,736

#### $

#### 518,773,899

#### $

#### 391,201,374
$

—

$

—

$

—

$

—

Statements of Changes in Net Assets

AQR Funds \| Annual Report \| September 2025

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

September 30, 2025

#### AQR INTERNATIONAL DEFENSIVE

#### STYLE FUND

#### AQR GLOBAL EQUITY FUND

#### FOR THE

#### YEAR ENDED

#### SEPTEMBER 30,

#### 2025

#### FOR THE

#### YEAR ENDED

#### SEPTEMBER 30,

#### 2024

#### FOR THE

#### YEAR ENDED

#### SEPTEMBER 30,

#### 2025

#### FOR THE

#### YEAR ENDED

#### SEPTEMBER 30,

#### 2024

#### CHANGES IN SHARES OUTSTANDING:

#### CLASS I
Shares outstanding, beginning of period

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

3,159,548

6,725,767

1,076,209

1,306,042

Shares sold

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

302,757

277,666

2,560,422

52,541

Shares issued on reinvestment of distributions

...........

67,707

191,862

146,673

65,419

Shares redeemed

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

(1,089,385)

(4,035,747)

(583,362)

(347,793)

#### Shares outstanding, end of period

#### 2,440,627

#### 3,159,548

#### 3,199,942

#### 1,076,209

#### CLASS N
Shares outstanding, beginning of period

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

173,369

225,557

448,520

755,307

Shares sold

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

145,034

15,433

2,123,754

219,868

Shares issued on reinvestment of distributions

...........

3,032

5,491

44,075

44,579

Shares redeemed

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

(126,871)

(73,112)

(742,112)

(571,234)

#### Shares outstanding, end of period

#### 194,564

#### 173,369

#### 1,874,237

#### 448,520

#### CLASS R6
Shares outstanding, beginning of period

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

12,856,772

12,491,883

31,869,207

32,041,639

Shares sold

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

2,503,900

3,197,307

2,965,379

4,219,106

Shares issued on reinvestment of distributions

...........

289,822

374,805

4,205,765

1,904,653

Shares redeemed

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

(2,940,533)

(3,207,223)

(5,578,133)

(6,296,191)

#### Shares outstanding, end of period

#### 12,709,961

#### 12,856,772

#### 33,462,218

#### 31,869,207

AQR Funds \| Annual Report \| September 2025

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

Financial Highlights

September 30, 2025

#### PER SHARE OPERATING PERFORMANCE

#### Change in Net Assets Resulting

#### from Operations

#### 1

#### Less Dividends and Distributions

#### 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
FOR THE YEAR ENDED SEPTEMBER 30, 2025

$

20.62 0

.26

.90

.16

(0

.25)

(2

.16)

(2

.41)

FOR THE YEAR ENDED SEPTEMBER 30, 2024

$

17.59 0

.24

.13

.37

(0

.26)

(2

.08)

(2

.34)

FOR THE YEAR ENDED SEPTEMBER 30, 2023

$

16.00 0

.27

.03

.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

.78

.00

(0

.23)

(1

.56)

(1

.79)

#### AQR LARGE CAP MULTI-STYLE FUND CLASS N
FOR THE YEAR ENDED SEPTEMBER 30, 2025

$

20.83 0

.21

.94

.15

(0

.19)

(2

.16)

(2

.35)

FOR THE YEAR ENDED SEPTEMBER 30, 2024

$

17.75 0

.20

.17

.37

(0

.21)

(2

.08)

(2

.29)

FOR THE YEAR ENDED SEPTEMBER 30, 2023

$

16.11 0

.23

.06

.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

.81

.98

(0

.19)

(1

.56)

(1

.75)

#### AQR LARGE CAP MULTI-STYLE FUND CLASS R6
FOR THE YEAR ENDED SEPTEMBER 30, 2025

$

20.59 0

.28

.90

.18

(0

.27)

(2

.16)

(2

.43)

FOR THE YEAR ENDED SEPTEMBER 30, 2024

$

17.57 0

.26

.11

.37

(0

.27)

(2

.08)

(2

.35)

FOR THE YEAR ENDED SEPTEMBER 30, 2023

$

15.99 0

.29

.02

.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

.78

.02

(0

.25)

(1

.56)

(1

.81)

#### AQR SMALL CAP MULTI-STYLE FUND CLASS I
FOR THE YEAR ENDED SEPTEMBER 30, 2025

$

19.20 0

.12

.80

.92

(0

.30)

(2

.07)

(2

.37)

FOR THE YEAR ENDED SEPTEMBER 30, 2024

$

16.12 0

.17

.07

.24

(0

.17)

(0

.99)

(1

.16)

FOR THE YEAR ENDED SEPTEMBER 30, 2023

$

13.75 0

.17

.33

.50

(0

.13)

—

(0

.13)

FOR THE YEAR ENDED SEPTEMBER 30, 2022

$

18.38 0

.14

(3

.64)

(3

.50)

(0

.08)

(1

.05)

(1

.13)

FOR THE YEAR ENDED SEPTEMBER 30, 2021

$

12.35 0

.07

11,

.24

.31

(0

.28)

—

(0

.28)

#### AQR SMALL CAP MULTI-STYLE FUND CLASS N
FOR THE YEAR ENDED SEPTEMBER 30, 2025

$

19.16 0

.09

.78

.87

(0

.25)

(2

.07)

(2

.32)

FOR THE YEAR ENDED SEPTEMBER 30, 2024

$

16.09 0

.13

.06

.19

(0

.13)

(0

.99)

(1

.12)

FOR THE YEAR ENDED SEPTEMBER 30, 2023

$

13.71 0

.13

.32

.45

(0

.07)

—

(0

.07)

FOR THE YEAR ENDED SEPTEMBER 30, 2022

$

18.32 0

.09

(3

.62)

(3

.53)

(0

.03)

(1

.05)

(1

.08)

FOR THE YEAR ENDED SEPTEMBER 30, 2021

$

12.32 0

.03

11,

.22

.25

(0

.25)

—

(0

.25)

#### AQR SMALL CAP MULTI-STYLE FUND CLASS R6
FOR THE YEAR ENDED SEPTEMBER 30, 2025

$

19.25 0

.14

.80

.94

(0

.31)

(2

.07)

(2

.38)

FOR THE YEAR ENDED SEPTEMBER 30, 2024

$

16.14 0

.19

.09

.28

(0

.18)

(0

.99)

(1

.17)

FOR THE YEAR ENDED SEPTEMBER 30, 2023

$

13.77 0

.19

.32

.51

(0

.14)

—

(0

.14)

FOR THE YEAR ENDED SEPTEMBER 30, 2022

$

18.41 0

.15

(3

.64)

(3

.49)

(0

.10)

(1

.05)

(1

.15)

FOR THE YEAR ENDED SEPTEMBER 30, 2021

$

12.37 0

.10

11,

.23

.33

(0

.29)

—

(0

.29)

AQR Funds \| Annual Report \| September 2025

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

Financial Highlights

September 30, 2025

#### 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

#### 4

#### Expenses, Net of

#### Reimbursements

#### 4

#### Expenses, Net of

#### Reimbursements

#### (Excluding Interest

#### Expense)

#### 4

#### Net

#### Investment

#### Income (Loss)

#### Portfolio

#### Turnover

#### Rate

#### 5
$

22.37 #### 22.07%
$

287,765

0.41%

0.41%

0.40%

1.30%

56%

$

20.62 #### 33.33%
$

246,669

0.42%

0.41%

0.40%

1.29%

62%

$

17.59 #### 22.16%
$

196,246

0.42%

0.41%

0.40%

1.62%

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%

$

22.63 #### 21.77%
$

7,182

0.66%

0.66%

0.65%

1.06%

56%

$

20.83 #### 32.97%
$

6,182

0.67%

0.66%

0.65%

1.03%

62%

$

17.75 #### 21.87%
$

5,132

0.67%

0.66%

0.65%

1.36%

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%

$

22.34 #### 22.21%
$

974,471

0.31%

0.31%

0.30%

1.41%

56%

$

20.59 #### 33.44%
$

965,451

0.32%

0.31%

0.30%

1.39%

62%

$

17.57 #### 22.25%
$

813,715

0.32%

0.31%

0.30%

1.70%

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%

$

19.75 #### 16.48%
$

68,319

0.75%

0.64%

0.63%

0.69%

66%

$

19.20 #### 27.35%
$

62,927

0.74%

0.61%

0.60%

0.96%

64%

$

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%

65%

$

18.38 #### 51.47%
$

67,830

0.83%

0.72%

0.71%

0.43%

11,

60%

$

19.71 #### 16.19%
$

15,295

1.03%

0.89%

0.88%

0.51%

66%

$

19.16 #### 27.05%
$

7,557

1.02%

0.86%

0.85%

0.72%

64%

$

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%

65%

$

18.32 #### 51.05%
$

8,123

1.08%

0.97%

0.96%

0.16%

11,

60%

$

19.81 #### 16.57%
$

50,419

0.68%

0.54%

0.53%

0.80%

66%

$

19.25 #### 27.60%
$

45,401

0.67%

0.51%

0.50%

1.06%

64%

$

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%

65%

$

18.41 #### 51.60%
$

54,607

0.74%

0.63%

0.62%

0.64%

11,

60%

AQR Funds \| Annual Report \| September 2025

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

Financial Highlights

September 30, 2025

#### PER SHARE OPERATING PERFORMANCE

#### Change in Net Assets Resulting

#### from Operations

#### 1

#### Less Dividends and Distributions

#### 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
FOR THE YEAR ENDED SEPTEMBER 30, 2025

$

14.49 0

.38

.20

.58

(0

.42)

(0

.31)

(0

.73)

FOR THE YEAR ENDED SEPTEMBER 30, 2024

$

12.09 0

.37

.45

.82

(0

.42)

—

(0

.42)

FOR THE YEAR ENDED SEPTEMBER 30, 2023

$

9.73 0

.35

.37

.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

.31

.65

(0

.22)

—

(0

.22)

#### AQR INTERNATIONAL MULTI-STYLE FUND CLASS N
FOR THE YEAR ENDED SEPTEMBER 30, 2025

$

14.51 0

.36

.19

.55

(0

.40)

(0

.31)

(0

.71)

FOR THE YEAR ENDED SEPTEMBER 30, 2024

$

12.10 0

.34

.46

.80

(0

.39)

—

(0

.39)

FOR THE YEAR ENDED SEPTEMBER 30, 2023

$

9.71 0

.32

.36

.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

.33

.61

(0

.19)

—

(0

.19)

#### AQR INTERNATIONAL MULTI-STYLE FUND CLASS R6
FOR THE YEAR ENDED SEPTEMBER 30, 2025

$

14.46 0

.39

.21

.60

(0

.43)

(0

.31)

(0

.74)

FOR THE YEAR ENDED SEPTEMBER 30, 2024

$

12.07 0

.39

.43

.82

(0

.43)

—

(0

.43)

FOR THE YEAR ENDED SEPTEMBER 30, 2023

$

9.72 0

.37

.35

.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

.29

.66

(0

.23)

—

(0

.23)

#### AQR EMERGING MULTI-STYLE II FUND CLASS I
FOR THE YEAR ENDED SEPTEMBER 30, 2025

$

11.48 0

.35

.49

.84

(0

.49)

—

(0

.49)

FOR THE YEAR ENDED SEPTEMBER 30, 2024

$

9.37 0

.34

.31

.65

(0

.54)

—

(0

.54)

FOR THE YEAR ENDED SEPTEMBER 30, 2023

$

8.49 0

.39

.90

.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

.48

.82

(0

.19)

—

(0

.19)

#### AQR EMERGING MULTI-STYLE II FUND CLASS N
FOR THE YEAR ENDED SEPTEMBER 30, 2025

$

11.58 0

.33

.50

.83

(0

.47)

—

(0

.47)

FOR THE YEAR ENDED SEPTEMBER 30, 2024

$

9.42 0

.26

.39

.65

(0

.49)

—

(0

.49)

FOR THE YEAR ENDED SEPTEMBER 30, 2023

$

8.51 0

.51

.75

.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

.46

.79

(0

.17)

—

(0

.17)

#### AQR EMERGING MULTI-STYLE II FUND CLASS R6
FOR THE YEAR ENDED SEPTEMBER 30, 2025

$

11.48 0

.36

.49

.85

(0

.50)

—

(0

.50)

FOR THE YEAR ENDED SEPTEMBER 30, 2024

$

9.37 0

.33

.33

.66

(0

.55)

—

(0

.55)

FOR THE YEAR ENDED SEPTEMBER 30, 2023

$

8.49 0

.40

.90

.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

.51

.82

(0

.20)

—

(0

.20)

AQR Funds \| Annual Report \| September 2025

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

Financial Highlights

September 30, 2025

#### 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

#### 4

#### Expenses, Net of

#### Reimbursements

#### 4

#### Expenses, Net of

#### Reimbursements

#### (Excluding Interest

#### Expense)

#### 4

#### Net

#### Investment

#### Income (Loss)

#### Portfolio

#### Turnover

#### Rate

#### 5
$

17.34 #### 26.32%
$

151,864

0.62%

0.59%

0.59%

2.53%

67%

$

14.49 #### 23.85%
$

107,359

0.66%

0.62%

0.62%

2.76%

61%

$

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%

$

17.35 #### 25.97%
$

6,086

0.87%

0.84%

0.84%

2.32%

67%

$

14.51 #### 23.59%
$

1,389

0.91%

0.87%

0.87%

2.54%

61%

$

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%

$

17.32 #### 26.54%
$

574,770

0.52%

0.49%

0.49%

2.60%

67%

$

14.46 #### 23.92%
$

490,671

0.56%

0.52%

0.52%

2.91%

61%

$

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%

$

12.83 #### 17.07%
$

100,614

0.73%

0.71%

0.71%

3.16%

64%

$

11.48 #### 29.64%
$

73,128

0.76%

0.72%

0.71%

3.32%

61%

$

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%

61%

$

12.94 #### 16.74%
$

4,013

1.00%

0.96%

0.96%

2.91%

64%

$

11.58 #### 29.36%
$

1,030

1.02%

0.97%

0.96%

2.59%

61%

$

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%

61%

$

12.83 #### 17.15%
$

484,299

0.65%

0.61%

0.61%

3.24%

64%

$

11.48 #### 29.78%
$

458,030

0.68%

0.62%

0.61%

3.27%

61%

$

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%

61%

AQR Funds \| Annual Report \| September 2025

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

Financial Highlights

September 30, 2025

#### PER SHARE OPERATING PERFORMANCE

#### Change in Net Assets Resulting

#### from Operations

#### 1

#### Less Dividends and Distributions

#### 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
FOR THE YEAR ENDED SEPTEMBER 30, 2025

$

23.87 0

.19

.20

.39

(0

.20)

(2

.84)

(3

.04)

FOR THE YEAR ENDED SEPTEMBER 30, 2024

$

19.53 0

.13

.91

.04

(0

.21)

(2

.49)

(2

.70)

FOR THE YEAR ENDED SEPTEMBER 30, 2023

$

19.08 0

.25

.24

.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

.30

.40

(0

.17)

(3

.78)

(3

.95)

#### AQR LARGE CAP MOMENTUM STYLE FUND CLASS N
FOR THE YEAR ENDED SEPTEMBER 30, 2025

$

23.85 0

.13

.19

.32

(0

.14)

(2

.84)

(2

.98)

FOR THE YEAR ENDED SEPTEMBER 30, 2024

$

19.53 0

.07

.92

.99

(0

.18)

(2

.49)

(2

.67)

FOR THE YEAR ENDED SEPTEMBER 30, 2023

$

19.07 0

.19

.26

.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

.31

.35

(0

.11)

(3

.78)

(3

.89)

#### AQR LARGE CAP MOMENTUM STYLE FUND CLASS R6
FOR THE YEAR ENDED SEPTEMBER 30, 2025

$

23.74 0

.21

.16

.37

(0

.22)

(2

.84)

(3

.06)

FOR THE YEAR ENDED SEPTEMBER 30, 2024

$

19.43 0

.15

.88

.03

(0

.23)

(2

.49)

(2

.72)

FOR THE YEAR ENDED SEPTEMBER 30, 2023

$

19.00 0

.26

.23

.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

.28

.41

(0

.20)

(3

.78)

(3

.98)

#### AQR SMALL CAP MOMENTUM STYLE FUND CLASS I
FOR THE YEAR ENDED SEPTEMBER 30, 2025

$

23.02 0

.08

.39

.47

(0

.07)

(3

.62)

(3

.69)

FOR THE YEAR ENDED SEPTEMBER 30, 2024

$

17.62 0

.07

.09

.16

(0

.15)

(0

.61)

(0

.76)

FOR THE YEAR ENDED SEPTEMBER 30, 2023

$

15.88 0

.17

.67

.84

(0

.10)

—

(0

.10)

FOR THE YEAR ENDED SEPTEMBER 30, 2022

$

25.93 0

.12

(4

.92)

(4

.80)

(0

.07)

(5

.18)

(5

.25)

FOR THE YEAR ENDED SEPTEMBER 30, 2021

$

19.47 (0

.00)

.92

.92

(0

.15)

(1

.31)

(1

.46)

#### AQR SMALL CAP MOMENTUM STYLE FUND CLASS N
FOR THE YEAR ENDED SEPTEMBER 30, 2025

$

23.03 0

.03

.39

.42

(0

.06)

(3

.62)

(3

.68)

FOR THE YEAR ENDED SEPTEMBER 30, 2024

$

17.61 0

.02

.09

.11

(0

.08)

(0

.61)

(0

.69)

FOR THE YEAR ENDED SEPTEMBER 30, 2023

$

15.86 0

.14

.66

.80

(0

.05)

—

(0

.05)

FOR THE YEAR ENDED SEPTEMBER 30, 2022

$

25.91 0

.07

(4

.93)

(4

.86)

(0

.01)

(5

.18)

(5

.19)

FOR THE YEAR ENDED SEPTEMBER 30, 2021

$

19.45 (0

.07)

.93

.86

(0

.09)

(1

.31)

(1

.40)

#### AQR SMALL CAP MOMENTUM STYLE FUND CLASS R6
FOR THE YEAR ENDED SEPTEMBER 30, 2025

$

22.91 0

.10

.37

.47

(0

.09)

(3

.62)

(3

.71)

FOR THE YEAR ENDED SEPTEMBER 30, 2024

$

17.54 0

.09

.07

.16

(0

.18)

(0

.61)

(0

.79)

FOR THE YEAR ENDED SEPTEMBER 30, 2023

$

15.81 0

.20

.65

.85

(0

.12)

—

(0

.12)

FOR THE YEAR ENDED SEPTEMBER 30, 2022

$

25.85 0

.14

(4

.91)

(4

.77)

(0

.09)

(5

.18)

(5

.27)

FOR THE YEAR ENDED SEPTEMBER 30, 2021

$

19.41 0

.03

.89

.92

(0

.17)

(1

.31)

(1

.48)

AQR Funds \| Annual Report \| September 2025

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

Financial Highlights

September 30, 2025

#### 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

#### 4

#### Expenses, Net of

#### Reimbursements

#### 4

#### Expenses, Net of

#### Reimbursements

#### (Excluding Interest

#### Expense)

#### 4

#### Net

#### Investment

#### Income (Loss)

#### Portfolio

#### Turnover

#### Rate

#### 5
$

25.22 #### 19.99%
$

288,473

0.43%

0.41%

0.41%

0.82%

91%

$

23.87 #### 39.57%
$

327,410

0.43%

0.41%

0.40%

0.60%

53%

$

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%

$

25.19 #### 19.66%
$

97,474

0.68%

0.66%

0.66%

0.57%

91%

$

23.85 #### 39.22%
$

80,533

0.68%

0.66%

0.65%

0.35%

53%

$

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%

$

25.05 #### 20.05%
$

270,220

0.33%

0.31%

0.31%

0.91%

91%

$

23.74 #### 39.74%
$

268,445

0.33%

0.31%

0.30%

0.70%

53%

$

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%

$

22.80 #### 17.01%
$

91,734

0.75%

0.62%

0.61%

0.39%

92%

$

23.02 #### 35.90%
$

103,227

0.75%

0.63%

0.62%

0.33%

60%

$

17.62 #### 11.61%
$

132,059

0.71%

0.62%

0.61%

0.97%

54%

$

15.88 #### (23.61)%
$

152,563

0.68%

0.61%

0.60%

0.61%

74%

$

25.93 #### 41.25%
$

210,181

0.67%

0.61%

0.60%

0.00%

103%

$

22.77 #### 16.75%
$

24,377

1.00%

0.87%

0.86%

0.16%

92%

$

23.03 #### 35.53%
$

3,321

1.00%

0.88%

0.87%

0.09%

60%

$

17.61 #### 11.34%
$

1,840

0.96%

0.87%

0.86%

0.81%

54%

$

15.86 #### (23.83)%
$

4,488

0.93%

0.86%

0.85%

0.36%

74%

$

25.91 #### 40.98%
$

5,908

0.92%

0.86%

0.85%

(0.28)%

103%

$

22.67 #### 17.13%
$

19,288

0.65%

0.52%

0.51%

0.48%

92%

$

22.91 #### 36.05%
$

30,913

0.65%

0.53%

0.52%

0.44%

60%

$

17.54 #### 11.71%
$

23,052

0.61%

0.52%

0.51%

1.16%

54%

$

15.81 #### (23.56)%
$

43,555

0.58%

0.51%

0.50%

0.72%

74%

$

25.85 #### 41.41%
$

61,524

0.57%

0.51%

0.50%

0.11%

103%

AQR Funds \| Annual Report \| September 2025

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

Financial Highlights

September 30, 2025

#### PER SHARE OPERATING PERFORMANCE

#### Change in Net Assets Resulting

#### from Operations

#### 1

#### Less Dividends and Distributions

#### 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
FOR THE YEAR ENDED SEPTEMBER 30, 2025

$

18.30 0

.37

.81

.18

(0

.56)

(2

.63)

(3

.19)

FOR THE YEAR ENDED SEPTEMBER 30, 2024

$

16.07 0

.30

.09

.39

(1

.06)

(1

.10)

(2

.16)

FOR THE YEAR ENDED SEPTEMBER 30, 2023

$

13.64 0

.42

.44

.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

.83

.12

(0

.20)

—

(0

.20)

#### AQR INTERNATIONAL MOMENTUM STYLE FUND CLASS N
FOR THE YEAR ENDED SEPTEMBER 30, 2025

$

18.61 0

.34

.87

.21

(0

.52)

(2

.63)

(3

.15)

FOR THE YEAR ENDED SEPTEMBER 30, 2024

$

16.03 0

.25

.15

.40

(0

.72)

(1

.10)

(1

.82)

FOR THE YEAR ENDED SEPTEMBER 30, 2023

$

13.62 0

.43

.38

.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

.85

.08

(0

.17)

—

(0

.17)

#### AQR INTERNATIONAL MOMENTUM STYLE FUND CLASS R6
FOR THE YEAR ENDED SEPTEMBER 30, 2025

$

18.26 0

.39

.80

.19

(0

.58)

(2

.63)

(3

.21)

FOR THE YEAR ENDED SEPTEMBER 30, 2024

$

16.04 0

.32

.08

.40

(1

.08)

(1

.10)

(2

.18)

FOR THE YEAR ENDED SEPTEMBER 30, 2023

$

13.62 0

.46

.40

.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

.83

.14

(0

.22)

—

(0

.22)

#### AQR LARGE CAP DEFENSIVE STYLE FUND CLASS I
FOR THE YEAR ENDED SEPTEMBER 30, 2025

$

25.62 0

.29

.13

.42

(0

.36)

(4

.56)

(4

.92)

FOR THE YEAR ENDED SEPTEMBER 30, 2024

$

25.43 0

.34

.18

.52

(0

.52)

(4

.81)

(5

.33)

FOR THE YEAR ENDED SEPTEMBER 30, 2023

$

24.99 0

.40

.61

.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

.75

.06

(0

.34)

—

(0

.34)

#### AQR LARGE CAP DEFENSIVE STYLE FUND CLASS N
FOR THE YEAR ENDED SEPTEMBER 30, 2025

$

25.56 0

.23

.13

.36

(0

.29)

(4

.56)

(4

.85)

FOR THE YEAR ENDED SEPTEMBER 30, 2024

$

25.35 0

.27

.17

.44

(0

.42)

(4

.81)

(5

.23)

FOR THE YEAR ENDED SEPTEMBER 30, 2023

$

24.90 0

.33

.60

.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

.73

.97

(0

.28)

—

(0

.28)

#### AQR LARGE CAP DEFENSIVE STYLE FUND CLASS R6
FOR THE YEAR ENDED SEPTEMBER 30, 2025

$

25.58 0

.30

.13

.43

(0

.38)

(4

.56)

(4

.94)

FOR THE YEAR ENDED SEPTEMBER 30, 2024

$

25.41 0

.35

.17

.52

(0

.54)

(4

.81)

(5

.35)

FOR THE YEAR ENDED SEPTEMBER 30, 2023

$

24.97 0

.43

.60

.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

.73

.06

(0

.36)

—

(0

.36)

AQR Funds \| Annual Report \| September 2025

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

Financial Highlights

September 30, 2025

#### 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

#### 4

#### Expenses, Net of

#### Reimbursements

#### 4

#### Expenses, Net of

#### Reimbursements

#### (Excluding Interest

#### Expense)

#### 4

#### Net

#### Investment

#### Income (Loss)

#### Portfolio

#### Turnover

#### Rate

#### 5
$

18.29 #### 21.98%
$

113,017

0.90%

0.80%

0.80%

2.23%

86%

$

18.30 #### 29.82%
$

108,403

0.72%

0.63%

0.62%

1.76%

56%

$

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%

$

18.67 #### 21.67%
$

6,112

1.18%

1.07%

1.07%

2.00%

86%

$

18.61 #### 29.55%
$

4,351

0.98%

0.88%

0.87%

1.44%

56%

$

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%

$

18.24 #### 22.12%
$

93,166

0.80%

0.70%

0.70%

2.36%

86%

$

18.26 #### 29.98%
$

89,892

0.63%

0.53%

0.52%

1.90%

56%

$

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%

$

22.12 #### 6.77%
$

1,232,486

0.37%

0.37%

0.36%

1.31%

24%

$

25.62 #### 25.38%
$

1,575,463

0.38%

0.38%

0.37%

1.39%

21%

$

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%

$

22.07 #### 6.48%
$

103,755

0.66%

0.66%

0.65%

1.03%

24%

$

25.56 #### 25.02%
$

162,498

0.66%

0.66%

0.65%

1.12%

21%

$

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%

$

22.07 #### 6.84%
$

704,050

0.31%

0.31%

0.30%

1.37%

24%

$

25.58 #### 25.42%
$

779,352

0.32%

0.31%

0.30%

1.46%

21%

$

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%

AQR Funds \| Annual Report \| September 2025

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

Financial Highlights

September 30, 2025

#### PER SHARE OPERATING PERFORMANCE

#### Change in Net Assets Resulting

#### from Operations

#### 1

#### Less Dividends and Distributions

#### 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
FOR THE YEAR ENDED SEPTEMBER 30, 2025

$

15.43 0

.34

.08

.42

(0

.32)

—

(0

.32)

FOR THE YEAR ENDED SEPTEMBER 30, 2024

$

13.12 0

.30

.43

.73

(0

.42)

—

(0

.42)

FOR THE YEAR ENDED SEPTEMBER 30, 2023

$

11.44 0

.34

.59

.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

.86

.15

(0

.25)

—

(0

.25)

#### AQR INTERNATIONAL DEFENSIVE STYLE FUND CLASS N
FOR THE YEAR ENDED SEPTEMBER 30, 2025

$

16.05 0

.33

.10

.43

(0

.28)

—

(0

.28)

FOR THE YEAR ENDED SEPTEMBER 30, 2024

$

13.60 0

.31

.49

.80

(0

.35)

—

(0

.35)

FOR THE YEAR ENDED SEPTEMBER 30, 2023

$

11.84 0

.32

.66

.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

.92

.18

(0

.21)

—

(0

.21)

#### AQR INTERNATIONAL DEFENSIVE STYLE FUND CLASS R6
FOR THE YEAR ENDED SEPTEMBER 30, 2025

$

15.42 0

.37

.06

.43

(0

.34)

—

(0

.34)

FOR THE YEAR ENDED SEPTEMBER 30, 2024

$

13.12 0

.35

.38

.73

(0

.43)

—

(0

.43)

FOR THE YEAR ENDED SEPTEMBER 30, 2023

$

11.43 0

.36

.60

.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

.83

.16

(0

.26)

—

(0

.26)

#### AQR GLOBAL EQUITY FUND CLASS I
FOR THE YEAR ENDED SEPTEMBER 30, 2025

$

11.63 0

.15

.02

.17

(0

.27)

(1

.16)

(1

.43)

FOR THE YEAR ENDED SEPTEMBER 30, 2024

$

9.35 0

.18

.67

.85

(0

.28)

(0

.29)

(0

.57)

FOR THE YEAR ENDED SEPTEMBER 30, 2023

$

7.77 0

.20

.74

.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

.82

.95

(0

.11)

—

(0

.11)

#### AQR GLOBAL EQUITY FUND CLASS N
FOR THE YEAR ENDED SEPTEMBER 30, 2025

$

11.43 0

.12

.97

.09

(0

.21)

(1

.16)

(1

.37)

FOR THE YEAR ENDED SEPTEMBER 30, 2024

$

9.20 0

.16

.62

.78

(0

.26)

(0

.29)

(0

.55)

FOR THE YEAR ENDED SEPTEMBER 30, 2023

$

7.66 0

.17

.72

.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

.79

.90

(0

.10)

—

(0

.10)

#### AQR GLOBAL EQUITY FUND CLASS R6
FOR THE YEAR ENDED SEPTEMBER 30, 2025

$

11.72 0

.16

.05

.21

(0

.28)

(1

.16)

(1

.44)

FOR THE YEAR ENDED SEPTEMBER 30, 2024

$

9.42 0

.20

.68

.88

(0

.29)

(0

.29)

(0

.58)

FOR THE YEAR ENDED SEPTEMBER 30, 2023

$

7.83 0

.21

.76

.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

.84

.98

(0

.13)

—

(0

.13)

AQR Funds \| Annual Report \| September 2025

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

Financial Highlights

September 30, 2025

#### 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

#### 4

#### Expenses, Net of

#### Reimbursements

#### 4

#### Expenses, Net of

#### Reimbursements

#### (Excluding Interest

#### Expense)

#### 4

#### Net

#### Investment

#### Income (Loss)

#### Portfolio

#### Turnover

#### Rate

#### 5
$

16.53 #### 9.53%
$

40,335

0.68%

0.61%

0.60%

2.23%

23%

$

15.43 #### 21.23%
$

48,753

0.64%

0.57%

0.56%

2.17%

22%

$

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%

$

17.20 #### 9.18%
$

3,347

0.93%

0.86%

0.85%

2.03%

23%

$

16.05 #### 20.93%
$

2,782

0.90%

0.82%

0.81%

2.11%

22%

$

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%

$

16.51 #### 9.60%
$

209,903

0.58%

0.51%

0.50%

2.38%

23%

$

15.42 #### 21.29%
$

198,277

0.55%

0.47%

0.46%

2.50%

22%

$

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%

$

13.37 #### 30.22%
$

42,788

0.84%

0.84%

0.83%

1.30%

119%

$

11.63 #### 31.91%
$

12,518

0.83%

0.81%

0.80%

1.77%

121%

$

9.35 #### 25.68%
$

12,211

0.83%

0.81%

0.80%

2.25%

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%

$

13.15 #### 29.94%
$

24,643

1.09%

1.09%

1.08%

1.02%

119%

$

11.43 #### 31.57%
$

5,128

1.08%

1.06%

1.05%

1.59%

121%

$

9.20 #### 25.33%
$

6,950

1.08%

1.06%

1.05%

1.99%

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%

$

13.49 #### 30.38%
$

451,343

0.74%

0.74%

0.73%

1.38%

119%

$

11.72 #### 32.01%
$

373,555

0.73%

0.71%

0.70%

1.88%

121%

$

9.42 #### 25.80%
$

301,712

0.73%

0.71%

0.70%

2.34%

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%

Financial Highlights

AQR Funds \| Annual Report \| September 2025

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

September 30, 2025

FUND

#### NET INVESTMENT

#### INCOME PER SHARE

#### NET INVESTMENT

#### INCOME RATIO
AQR Large Cap Multi-Style Fund - Class I and R6

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

$

0.02 0.13%

AQR Large Cap Multi-Style Fund - Class N

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

0.03 0.13 AQR Small Cap Multi-Style Fund

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

0.04 0.22 AQR Emerging Multi-Style II Fund

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

0.04 0.38 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 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

#### EXPENSES,

#### NET OF

#### REIMBURSEMENTS
AQR Small Cap Multi-Style Fund – Class I and N

.

$

.01

.07%

.11%

.11%

AQR Small Cap Multi-Style Fund – Class R6

....

.01

.08

.12

.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 FUND

#### NET INVESTMENT

#### INCOME PER SHARE

#### NET

#### INVESTMENT

#### INCOME RATIO

#### EXPENSES,

#### BEFORE

#### REIMBURSEMENTS

#### EXPENSES,

#### NET OF

#### REIMBURSEMENTS
AQR International Multi-Style Fund

...........

$

0.01 0.11%

0.07%

.07

%

AQR International Momentum Style Fund

......

0.02 0.11 0.07 0.07 1

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

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.

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.

Ratios do not include the impact of the expenses of the underlying funds in which the Funds invest.

Portfolio turnover rate excludes derivatives, if any, and is not annualized.

For the year ended September 30, 2025, 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:

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:

Excludes activity related to Funds' reorganizations.

For the year ended September 30, 2024, AQR Small Cap Multi-Style Fund received special dividends. Had these special dividends not been

received, the Net Investment Income Per Share and Net Investment Income Ratio of each class would have been reduced by $0.03 and 0.18%,

respectively.

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:

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 Expenses, Net of Reimbursements of each

class would have been reduced by the amounts and percentages shown below:

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:

For the year ended September 30, 2024, certain Funds received European Union ("EU") tax reclaims and incurred the related fees. Had these

EU tax reclaims not been received, the Net Investment Income Per Share, Net Investment Income Ratio, Expenses, Before Reimbursements and

Expenses, Net of Reimbursements of each class would have been reduced by the amounts and percentages shown below:

Financial Highlights

AQR Funds \| Annual Report \| September 2025

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

September 30, 2025

FUND

#### NET INVESTMENT

#### INCOME PER SHARE

#### NET

#### INVESTMENT

#### INCOME RATIO

#### EXPENSES,

#### BEFORE

#### REIMBURSEMENTS

#### EXPENSES,

#### NET OF

#### REIMBURSEMENTS
AQR International Momentum Style Fund - Class I

..

$

0.02 0.13%

.24

%

.24

%

AQR International Momentum Style Fund - Class N

..

0.02 0.10 0.27 0.27 AQR International Momentum Style Fund - Class R6

.

0.02 0.12 0.25 0.25 14

Amount is less than $.005 per share.

For the year ended September 30, 2025, the AQR International Momentum Style Fund received European Union ("EU") tax reclaims and incurred

the related fees. Consequently, the Fund also incurred expenses related to the closing agreement with the IRS. Had these EU tax reclaims not

been received and the expenses related to the closing agreement with the IRS had not been incurred, the Net Investment Income Per Share, Net

Investment Income Ratio, Expenses, Before Reimbursements, and Expenses, Net of Reimbursements, of each class would have been reduced by

the amounts and percentages shown below:

For the year ended September 30, 2025, the AQR International Defensive Style Fund received European Union ("EU") tax reclaims and incurred the

related fees. Had these EU tax reclaims not been received, the Net Investment Income Per Share, Net Investment Income Ratio, Expenses, Before

Reimbursements, and Expenses, Net of Reimbursements, of each class would have been reduced by $0.01, 0.09%, 0.05% and 0.05%, respectively.

Notes to Financial Statements

AQR Funds \| Annual Report \| September 2025

September 30, 2025

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 September 30, 2025, the Trust consists of twenty-

six 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 ("FASB") Accounting Standard Codification ("ASC")

*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 from/to Brokers:
Due from/to brokers represents cash balances on deposit with, or cash balances owed to, the Funds' prime brokers and

counterparties. The Funds are subject to credit risk should the prime brokers and counterparties be unable to meet their obligations to the Funds.

#### Foreign Currency Translation:
The books and records of the Funds are maintained in U.S. dollars. Foreign denominated assets and liabilities are

translated into U.S. dollars at the prevailing exchange rate at the valuation date. Transactions denominated in foreign currencies are translated into

U.S. dollars at the prevailing exchange rate on the date of the transaction. The Funds' income earned and expense incurred in foreign denominated

currencies are translated into U.S. dollars at the prevailing exchange rate on the date of such activity.

The Funds do not separately disclose that portion of the results of operations arising from changes in the foreign exchange rates on investments and

derivatives from the fluctuations that result from changes in the market prices of investments and derivatives held or sold during the period. Accordingly,

such foreign currency gains (losses) are included in the reported net realized gain (loss) from transactions in investment securities and derivatives and

net change in unrealized appreciation (depreciation) on investment securities and derivatives on the Statements of Operations.

Realized gains (losses) from settlement of foreign currency and foreign currency transactions reported on the Statements of Operations arise from the

disposition of foreign currency and changes 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 using the 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

.

Notes to Financial Statements

AQR Funds \| Annual Report \| September 2025

September 30, 2025

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.

In certain circumstances and to the extent that EU tax reclaims recognized by a Fund exceed foreign withholding tax paid, and the Fund previously

passed-through foreign tax credits to its U.S. taxable shareholders, a Fund may enter into a closing agreement with the U.S. Internal Revenue Service

(the "IRS") in order to pay the associated tax liability on behalf of its shareholders. AQR International Momentum Style Fund intends to execute a closing

agreement with the IRS as a result of overstated foreign tax credits reported to shareholders. The estimated tax expense and associated fees, none

of which have yet been paid, related to AQR International Momentum Style Fund's closing agreement liability are reported as IRS compliance fee and

related expenses on the Statement of Assets and Liabilities and Statement of Operations.

#### Master Agreements:
Certain Funds are parties to master netting arrangements with counterparties ("Master Agreements"). Master Agreements govern

the terms of certain like transactions and reduce the counterparty risk associated with relevant transactions by specifying payment netting mechanisms

across multiple transactions and providing standardization that improves legal certainty. Since different types of transactions have different mechanics

and are sometimes traded by different legal entities of a particular counterparty organization, each type of transaction may be covered by a different

Master Agreement, resulting in the need for multiple Master Agreements with a counterparty and its affiliates.

As the Master Agreements are specific to unique operations of different asset types, they allow the Funds to (i) close out and net their total exposure

to a counterparty in the event of a default with respect to all the transactions governed under a single Master Agreement with a counterparty, (ii) exit

transactions through means other than sale, such as through a negotiated agreement with the Funds' counterparty, a transfer to another party, or close

out of the position through execution of an offsetting transaction.

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 over-

the-counter ("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 reported as a liability and included in 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.

Notes to Financial Statements

AQR Funds \| Annual Report \| September 2025

September 30, 2025

For financial reporting purposes, the Funds do not offset derivative assets and liabilities subject to Master Agreements on the Statements of Assets and

Liabilities.

#### 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.

#### 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.

#### Operating Segments:
In this reporting period, the Funds adopted FASB Accounting Standards Update 2023-07,

*Segment Reporting (Topic 280) -* 

*Improvements to Reportable Segment Disclosures* 

("ASU 2023-07"). Adoption of the new standard impacted financial statement disclosures only and did

not affect each Fund's financial position or results of operations. The Funds Chief Executive Officer acts as each Fund's chief operating decision maker

("CODM"), as defined in Topic 280, assessing performance and making decisions about resource allocation. The CODM has determined that each Fund

has a single operating segment based on the fact that the CODM monitors the operating results of each Fund as a whole and each Fund's long-term

strategic asset allocation is guided by the Fund's investment objective and principal investment strategies, as described in its respective prospectus,

and executed by the Fund's portfolio management team, comprised of investment professionals employed by the Adviser or Sub-Adviser. The financial

information provided to and reviewed by the CODM is consistent with that presented in each Fund's Schedule of Investments, Statements of Operations

and Changes in Net Assets, and Financial Highlights.

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.

Notes to Financial Statements

AQR Funds \| Annual Report \| September 2025

September 30, 2025

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.

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.

When market quotations 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 quotations obtained from pricing services or established market makers. When 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 or level

of activity for an asset or liability and regardless of the valuation technique used. The valuation techniques used by the Funds to measure fair value

maximize the use of observable inputs and minimize the use of unobservable inputs. Changes in valuation techniques may result in transfers into or out

of an assigned level within the hierarchy.

The inputs or methodologies used for valuing securities are not necessarily an indication of the risks 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.

Notes to Financial Statements

AQR Funds \| Annual Report \| September 2025

September 30, 2025

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 independent 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 lack of marketability, with the amount of such discount estimated by the Adviser in the absence of market

information. Assumptions used by the Funds due to the lack of observable inputs may significantly impact the fair value of the investment.

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 swap contracts 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 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

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

$

1,227,515,914

$

–

$

–

$

1,227,515,914

Investment Companies

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

40,549,357

–

–

40,549,357

Futures Contracts\*

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

335,757

–

–

335,757

#### Total Assets

#### $

#### 1,268,401,028

#### $

#### –

#### $

#### –

#### $

#### 1,268,401,028

#### –

Notes to Financial Statements

AQR Funds \| Annual Report \| September 2025

September 30, 2025

#### AQR SMALL CAP MULTI-STYLE FUND

#### LEVEL 1

#### LEVEL 2

#### LEVEL 3

#### TOTALS

#### ASSETS
Common Stocks

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

$

125,978,896

$

–

$

1,029

$

125,979,925

Investment Companies

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

7,511,434

–

–

7,511,434

Futures Contracts\*

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

26,025

–

–

26,025

#### Total Assets

#### $

#### 133,516,355

#### $

#### –

#### $

#### 1,029

#### $

#### 133,517,384

#### –

#### AQR INTERNATIONAL MULTI-STYLE FUND

#### LEVEL 1

#### LEVEL 2

#### LEVEL 3

#### TOTALS

#### ASSETS
Common Stocks

†

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

$

89,082,171

$

613,933,660

$

–

$

703,015,831

Investment Companies

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

27,692,878

–

–

27,692,878

Futures Contracts\*

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

102,751

–

–

102,751

#### Total Assets

#### $

#### 116,877,800

#### $

#### 613,933,660

#### $

#### –

#### $

#### 730,811,460

#### –

#### AQR EMERGING MULTI-STYLE II FUND

#### LEVEL 1

#### LEVEL 2

#### LEVEL 3

#### TOTALS

#### ASSETS
Common Stocks

†

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

$

70,963,994

$

478,888,944

$

–

(a) $

549,852,938

Preferred Stocks

†

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

7,942,969

–

–

7,942,969

Investment Companies

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

31,470,558

–

–

31,470,558

Futures Contracts\*

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

190,411

–

–

190,411

#### Total Assets

#### $

#### 110,567,932

#### $

#### 478,888,944

#### $

#### –
(a) #### $

#### 589,456,876

#### –

#### AQR LARGE CAP MOMENTUM STYLE FUND

#### LEVEL 1

#### LEVEL 2

#### LEVEL 3

#### TOTALS

#### ASSETS
Common Stocks

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

$

630,886,115

$

–

$

–

$

630,886,115

Investment Companies

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

24,201,979

–

–

24,201,979

Futures Contracts\*

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

181,859

–

–

181,859

#### Total Assets

#### $

#### 655,269,953

#### $

#### –

#### $

#### –

#### $

#### 655,269,953

#### –

#### AQR SMALL CAP MOMENTUM STYLE FUND

#### LEVEL 1

#### LEVEL 2

#### LEVEL 3

#### TOTALS

#### ASSETS
Common Stocks

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

$

128,675,910

$

1,662

$

1,079

$

128,678,651

Investment Companies

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

6,143,573

–

–

6,143,573

#### Total Assets

#### $

#### 134,819,483

#### $

#### 1,662

#### $

#### 1,079

#### $

#### 134,822,224

#### –

#### LIABILITIES
Futures Contracts\*

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

$

(3,353)

$

–

$

–

$

(3,353)

#### Total Liabilities

#### $

#### (3,353)

#### $

#### –

#### $

#### –

#### $

#### (3,353)

#### AQR INTERNATIONAL MOMENTUM STYLE FUND

#### LEVEL 1

#### LEVEL 2

#### LEVEL 3

#### TOTALS

#### ASSETS
Common Stocks

†

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

$

41,234,171

$

159,379,121

$

–

$

200,613,292

Warrants

†

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

–

–

–

(a) –

(a) Investment Companies

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

10,858,254

–

–

10,858,254

Futures Contracts\*

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

77,164

–

–

77,164

#### Total Assets

#### $

#### 52,169,589

#### $

#### 159,379,121

#### $

#### –
(a) #### $

#### 211,548,710

#### –

#### AQR LARGE CAP DEFENSIVE STYLE FUND

#### LEVEL 1

#### LEVEL 2

#### LEVEL 3

#### TOTALS

#### ASSETS
Common Stocks

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

$

1,946,715,481

$

–

$

–

$

1,946,715,481

Investment Companies

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

87,924,356

–

–

87,924,356

Futures Contracts\*

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

995,357

–

–

995,357

#### Total Assets

#### $

#### 2,035,635,194

#### $

#### –

#### $

#### –

#### $

#### 2,035,635,194

#### –

Notes to Financial Statements

AQR Funds \| Annual Report \| September 2025

September 30, 2025

Transfers to or from Level 3 are generally due to a decline or an increase in market activity (e.g., frequency of trades), which resulted in a lack of or

increase in available market inputs to determine price.

The fair values of Level 3 investments are based on significant unobservable inputs that reflect the Adviser's determination of assumptions that market

participants might reasonably use in valuing the securities. Changes in significant unobservable inputs could cause significant changes in valuation to

individual securities and in aggregate. Fair value determinations and valuation of investments that are not actively trading involve judgment and may

differ materially from valuations that would have been used had greater market activity occurred.

Securities classified as Level 3 in the Schedules of Investments of AQR Small Cap Multi-Style Fund, AQR Emerging Multi-Style II Fund, AQR Small Cap

Momentum Style Fund, AQR International Momentum Style Fund, AQR International Defensive Style Fund and AQR Global Equity Fund are considered

quantitatively insignificant for additional disclosure.

5. #### Federal Income Tax Matters
At September 30, 2025, 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:

#### AQR INTERNATIONAL DEFENSIVE STYLE FUND

#### LEVEL 1

#### LEVEL 2

#### LEVEL 3

#### TOTALS

#### ASSETS
Common Stocks

†

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

$

33,044,564

$

205,712,291

$

–

$

238,756,855

Preferred Stocks

†

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

–

2,721,580

–

2,721,580

Warrants

†

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

–

–

–

(a) –

(a) Investment Companies

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

11,262,231

–

–

11,262,231

Futures Contracts\*

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

35,008

–

–

35,008

#### Total Assets

#### $

#### 44,341,803

#### $

#### 208,433,871

#### $

#### –
(a) #### $

#### 252,775,674

#### –

#### AQR GLOBAL EQUITY FUND

#### LEVEL 1

#### LEVEL 2

#### LEVEL 3

#### TOTALS

#### ASSETS
Common Stocks

†

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

$

332,383,843

$

115,929,508

$

–

(a) $

448,313,351

Preferred Stocks

†

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

–

132,235

–

132,235

Investment Companies

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

52,598,185

–

–

52,598,185

Total Return Swap Contracts\*

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

–

426,373

–

426,373

Futures Contracts\*

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

2,127,505

–

–

2,127,505

Forward Foreign Currency Exchange Contracts\*

......

–

2,794,441

–

2,794,441

#### Total Assets

#### $

#### 387,109,533

#### $

#### 119,282,557

#### $

#### –
(a) #### $

#### 506,392,090

#### –

#### LIABILITIES
Total Return Swap Contracts\*

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

$

–

$

(2,207,506)

$

–

$

(2,207,506)

Futures Contracts\*

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

(571,548)

–

–

(571,548)

Forward Foreign Currency Exchange Contracts\*

......

–

(1,617,953)

–

(1,617,953)

#### Total Liabilities

#### $

#### (571,548)

#### $

#### (3,825,459)

#### $

#### –

#### $

#### (4,397,007)
\*

Derivative instruments, including total return swap, futures and forward foreign currency exchange contracts, are reported at the cumulative

unrealized appreciation (depreciation) of the instrument on the Funds' Schedules of Investments.

†

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

(a) Securities have zero value.

#### FUND

#### COST OF

#### INVESTMENTS

#### GROSS

#### UNREALIZED

#### APPRECIATION

#### GROSS

#### UNREALIZED

#### DEPRECIATION

#### NET

#### UNREALIZED

#### APPRECIATION
(DEPRECIATION)

AQR Large Cap Multi-Style Fund

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

$

656,871,657

$

616,371,688

$

(4,842,317)

$

611,529,371

AQR Small Cap Multi-Style Fund

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

87,285,452

47,723,115

(1,491,183)

46,231,932

AQR International Multi-Style Fund

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

497,030,287

238,525,562

(4,744,389)

233,781,173

AQR Emerging Multi-Style II Fund

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

428,699,146

177,211,596

(16,453,866)

160,757,730

AQR Large Cap Momentum Style Fund

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

319,183,209

336,457,414

(370,670)

336,086,744

AQR Small Cap Momentum Style Fund

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

75,186,884

59,970,215

(338,228)

59,631,987

AQR International Momentum Style Fund

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

131,059,029

80,615,082

(125,401)

80,489,681

AQR Large Cap Defensive Style Fund

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

1,214,222,294

836,383,436

(14,970,536)

821,412,900

AQR International Defensive Style Fund

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

180,230,278

74,582,257

(2,036,861)

72,545,396

AQR Global Equity Fund

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

367,682,343

145,905,671

(11,592,931)

134,312,740

Notes to Financial Statements

AQR Funds \| Annual Report \| September 2025

September 30, 2025

The differences between book-basis and tax-basis cost of investments was primarily due 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, 2025, the components of distributable earnings (accumulated losses) on a U.S. federal income tax basis were as follows:

As of September 30, 2025, the effect of permanent book/tax reclassifications resulted in increase (decrease) to the components of net assets as follows:

For financial reporting purposes, capital accounts are adjusted to reflect the tax character of permanent book/tax differences. The reclassifications

generally relate to utilization of earnings and profits distributed to shareholders on redemption of Fund shares. These reclassifications have no impact on

the NAV of the Funds.

#### FUND

#### UNDISTRIBUTED

#### ORDINARY

#### INCOME

#### UNDISTRIBUTED

#### LONG-TERM

#### CAPITAL GAIN

#### UNREALIZED

#### APPRECIATION
(DEPRECIATION)

(a) #### LOSS

#### CARRYFORWARDS

#### AND DEFERRALS
(b) #### OTHER

#### TEMPORARY

#### DIFFERENCES
(c) #### TOTAL

#### ACCUMULATED

#### EARNINGS
(LOSS)

AQR Large Cap Multi-Style

Fund

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

$

12,610,064

$

121,271,845

$

611,529,371

$

—

$

—

$

745,411,280

AQR Small Cap Multi-Style

Fund

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

1,346,294

11,110,968

46,231,930

—

—

58,689,192

AQR International Multi-Style

Fund

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

19,376,941

35,331,016

233,846,348

—

—

288,554,305

AQR Emerging Multi-Style II

Fund

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

13,071,000

4,789,069

158,563,672

—

—

176,423,741

AQR Large Cap Momentum

Style Fund

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

—

106,204,408

336,086,766

(7,463,141)

—

434,828,033

AQR Small Cap Momentum

Style Fund

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

458,750

10,629,187

59,631,983

—

—

70,719,920

AQR International Momentum

Style Fund

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

4,735,639

22,715,927

80,505,742

—

—

107,957,308

AQR Large Cap Defensive

Style Fund

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

26,339,191

275,026,368

821,412,901

—

(698,819)

1,122,079,641

AQR International Defensive

Style Fund

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

5,524,282

—

72,562,873

(4,755,992)

—

73,331,163

AQR Global Equity Fund

....

41,764,021

18,457,998

134,348,448

—

(44,960)

194,525,507

(a) The difference between book-basis and tax-basis unrealized appreciation (depreciation) is primarily attributable to timing differences in recognizing

certain gains and losses on investment transactions.

(b) The Funds have elected to defer certain qualified late-year losses and recognize such losses in the next taxable year.

(c) Other temporary differences represent book-to-tax basis differences related to straddle loss deferrals.

#### FUND

#### TOTAL

#### DISTRIBUTABLE

#### EARNINGS (LOSS)

#### PAID-IN CAPITAL
AQR Large Cap Multi-Style Fund

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

$

(14,981,724)

$

14,981,724

AQR Small Cap Multi-Style Fund

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

(1,090,022)

1,090,022

AQR International Multi-Style Fund

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

(6,169,195)

6,169,195

AQR Emerging Multi-Style II Fund

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

(1,494,125)

1,494,125

AQR Large Cap Momentum Style Fund

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

(19,818,582)

19,818,582

AQR Small Cap Momentum Style Fund

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

(3,828,563)

3,828,563

AQR International Momentum Style Fund

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

(4,674,688)

4,674,688

AQR Large Cap Defensive Style Fund

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

(48,516,428)

48,516,428

AQR International Defensive Style Fund

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

(540,917)

540,917

AQR Global Equity Fund

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

(5,162,915)

5,162,915

Notes to Financial Statements

AQR Funds \| Annual Report \| September 2025

September 30, 2025

The tax character of distributions paid during the fiscal years ended September 30, 2025 and 2024 were as follows:

During the year ended September 30, 2025, the Funds utilized capital loss carryforwards in the amounts listed below:

As of September 30, 2025, 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 year ended September 30, 2025, the cost of purchases and the proceeds from sales of investments (excluding swap contracts, forward

foreign currency exchange contracts, futures contracts and short-term investments) were as follows:

7. #### Derivative Instruments and Activities
The Funds use derivative instruments as part of their principal investment strategy to achieve their investment objectives. The Funds' derivative contracts

are not accounted for as hedging instruments under GAAP. All derivative instruments held by the Funds were subject to a Master Agreement or similar

arrangement.

#### SEPTEMBER 30, 2025

#### SEPTEMBER 30, 2024

#### FUND

#### ORDINARY

#### INCOME

#### LONG-TERM

#### CAPITAL

#### GAINS

#### ORDINARY

#### INCOME

#### LONG-TERM

#### CAPITAL

#### GAINS
AQR Large Cap Multi-Style Fund

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

$

19,868,052

$

120,582,858

$

15,460,865

$

118,616,235

AQR Small Cap Multi-Style Fund

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

1,793,736

12,418,136

1,027,904

5,837,355

AQR International Multi-Style Fund

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

17,886,683

12,708,461

17,063,126

—

AQR Emerging Multi-Style II Fund

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

23,381,073

—

27,530,601

—

AQR Large Cap Momentum Style Fund

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

18,516,364

64,817,911

6,585,815

75,926,342

AQR Small Cap Momentum Style Fund

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

428,780

22,223,373

1,225,531

4,751,935

AQR International Momentum Style Fund

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

6,046,679

28,086,732

13,333,279

13,865,687

AQR Large Cap Defensive Style Fund

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

51,340,976

405,889,502

56,525,318

522,239,677

AQR International Defensive Style Fund

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

5,404,380

—

8,207,339

—

AQR Global Equity Fund

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

29,552,852

18,105,770

18,261,149

894,924

#### FUND

#### SHORT-TERM

#### LONG-TERM
AQR Emerging Multi-Style II Fund

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

$

12,711,121

$

–

AQR International Defensive Style Fund

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

907,350

5,033,061

#### FUND

#### SHORT-TERM

#### LONG-TERM
AQR International Defensive Style Fund

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

$

4,091,475

$

664,517

#### FUND

#### PURCHASES

#### SALES
AQR Large Cap Multi-Style Fund

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

$

641,908,486

$

787,425,675

AQR Small Cap Multi-Style Fund

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

72,176,148

73,163,976

AQR International Multi-Style Fund

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

406,319,753

409,421,727

AQR Emerging Multi-Style II Fund

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

320,164,841

331,722,205

AQR Large Cap Momentum Style Fund

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

566,625,957

688,271,749

AQR Small Cap Momentum Style Fund

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

116,484,051

137,542,897

AQR International Momentum Style Fund

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

157,874,016

182,709,117

AQR Large Cap Defensive Style Fund

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

504,188,080

1,087,425,894

AQR International Defensive Style Fund

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

55,517,379

72,084,155

AQR Global Equity Fund

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

453,235,549

448,725,652

Notes to Financial Statements

AQR Funds \| Annual Report \| September 2025

September 30, 2025

#### 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 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.

The following table lists the fair value of derivative instruments held by the Funds, by primary underlying risk exposure and type of derivative contract, as

included in the Statements of Assets and Liabilities at September 30, 2025:

#### 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:
335,757

26,025

102,751

190,411

Unrealized Appreciation on Futures Contracts

\*

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

$

335,757

$

26,025

$

102,751

$

190,411

335,757

26,025

102,751

190,411

#### Net Fair Value of Derivative Contracts:
335,757

26,025

102,751

190,411

Unrealized Appreciation (Depreciation) on Futures Contracts

\*

......

335,757

26,025

102,751

190,411

Notes to Financial Statements

AQR Funds \| Annual Report \| September 2025

September 30, 2025

The following table indicates the effect of derivative instruments, by primary underlying risk exposure and type of derivative contract, on the Statements

of Operations for the year ended September 30, 2025:

#### 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:
181,859

3,353

77,164

995,357

Unrealized Appreciation on Futures Contracts

\*

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

$

181,859

$

–

$

77,164

$

995,357

Unrealized Depreciation on Futures Contracts

\*

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

–

(3,353)

–

–

181,859

3,353

77,164

995,357

#### Net Fair Value of Derivative Contracts:
181,859

(6,706)

77,164

995,357

Unrealized Appreciation (Depreciation) on Futures Contracts

\*

......

181,859

(3,353)

77,164

995,357

#### AQR

#### INTERNATIONAL

#### DEFENSIVE

#### STYLE FUND

#### AQR GLOBAL

#### EQUITY FUND

#### Equity Risk Exposure:
35,008

5,332,930

Unrealized Appreciation on Futures Contracts

\*

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

$

35,008

$

2,127,505

Swaps at Value (Assets)

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

–

426,373

Unrealized Depreciation on Futures Contracts

\*

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

–

(571,548)

Swaps at Value (Liabilities)

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

–

(2,207,506)

35,008

5,332,930

#### Foreign Exchange Rate Risk Exposure:
–

4,412,394

Unrealized Appreciation on Forward Foreign Currency Exchange Contracts

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

–

2,794,441

Unrealized Depreciation on Forward Foreign Currency Exchange Contracts

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

–

(1,617,953)

–

4,412,394

#### Net Fair Value of Derivative Contracts:
35,008

(829,821)

Unrealized Appreciation (Depreciation) on Futures Contracts

\*

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

35,008

1,555,957

Swaps at Value

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

–

(1,781,133)

Unrealized Appreciation (Depreciation) on Forward Foreign Currency Exchange Contracts

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

–

1,176,488

\*

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.

\*

#### 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:
5,045,183

588,553

2,462,108

3,361,538

Futures Contracts

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

$

5,045,183

$

588,553

$

2,462,108

$

3,361,538

5,045,182.68

588,552.67

2,462,107.86

3,361,537.55

#### Net Change in Unrealized Appreciation (Depreciation) on Derivatives

#### Equity Risk Exposure:
(922,872)

(170,007)

(327,563)

(1,249,093)

Futures Contracts

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

(922,872)

(170,007)

(327,563)

(1,249,093)

922,872

170,007

327,563

1,249,093

\*

#### 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:
4,530,158

940,983

815,340

6,856,460

Futures Contracts

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

$

4,530,158

$

940,983

$

815,340

$

6,856,460

4,530,158.07

940,982.96

815,339.53

6,856,460.23

#### Net Change in Unrealized Appreciation (Depreciation) on Derivatives

#### Equity Risk Exposure:
(453,415)

(237,637)

(41,863)

(1,038,991)

Futures Contracts

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

(453,415)

(237,637)

(41,863)

(1,038,991)

453,415

237,637

41,863

1,038,991

Notes to Financial Statements

AQR Funds \| Annual Report \| September 2025

September 30, 2025

The following tables present the AQR Global Equity Fund's gross OTC derivative assets and liabilities, by counterparty and type of derivative contract,

net of amounts available for offset under netting arrangements and any related collateral received or pledged by the Fund as of September 30, 2025:

\*

#### AQR

#### INTERNATIONAL

#### DEFENSIVE

#### STYLE FUND

#### AQR GLOBAL

#### EQUITY FUND

#### Realized Gain (Loss) on Derivatives

#### Equity Risk Exposure:
1,177,673

14,124,679

Futures Contracts

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

$

1,177,673

$

10,758,324

Swap Contracts

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

–

3,366,354

1,177,673.29

14,124,678.87

#### Foreign Exchange Rate Risk Exposure:
–

(2,754,756)

Forward Foreign Currency Exchange Contracts

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

–

(2,754,756)

–

(2,754,756)

#### Net Change in Unrealized Appreciation (Depreciation) on Derivatives

#### Equity Risk Exposure:
(70,282)

(1,024,401)

Futures Contracts

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

(70,282)

206,914

Swap Contracts

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

–

(1,231,315)

70,282

1,024,401

#### Foreign Exchange Rate Risk Exposure:
–

329,873

Forward Foreign Currency Exchange Contracts

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

–

329,873

–

329,873

#### AQR Global Equity Fund

#### GROSS AMOUNTS NOT OFFSET IN THE

#### STATEMENT OF ASSETS & LIABILITIES

#### COUNTERPARTY

#### INVESTMENT

#### TYPE

#### GROSS

#### AMOUNTS OF

#### RECOGNIZED

#### ASSETS

#### PRESENTED IN

#### THE

#### STATEMENT

#### OF ASSETS &

#### LIABILITIES

#### GROSS AMOUNTS

#### ELIGIBLE TO

#### OFFSET

#### NET AMOUNTS

#### OF ASSETS

#### FINANCIAL

#### INSTRUMENTS

#### CASH

#### COLLATERAL

#### (RECEIVED)/

#### PLEDGED
(a) #### NET

#### AMOUNT
CITG

..........

Forward Foreign

Currency Exchange

Contracts

$

1,400,060

$

(799,984)

$

600,076

$

–

$

(430,590)

$

169,486

GSIN

..........

Total Return Swap

Contracts

95,599

(95,599)

–

–

–

–

JPMC

..........

Total Return Swap

Contracts

330,774

(330,774)

–

JPMC

..........

Forward Foreign

Currency Exchange

Contracts

1,394,381

(817,969)

576,412

Total JPMC

1,725,155

(1,148,743)

576,412

–

–

576,412

Total financial instruments subject to

master netting arrangement or similar

arrangement

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

3,220,814

(2,044,326)

1,176,488

–

(430,590)

745,898

–

–

–

–

–

–

Notes to Financial Statements

AQR Funds \| Annual Report \| September 2025

September 30, 2025

For the year ended September 30, 2025, the average and ending volume of the derivative instruments held by the Funds were as follows:

#### Derivatives Volume Disclosure\*

#### AQR Global Equity Fund (continued)

#### GROSS AMOUNTS NOT OFFSET IN THE

#### STATEMENT OF ASSETS & LIABILITIES

#### 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

$

799,984

$

(799,984)

$

–

$

–

$

–

$

–

GSIN

..........

Total Return Swap

Contracts

630,776

(95,599)

535,177

–

(189,789)

345,388

(b) JPMC

..........

Total Return Swap

Contracts

1,576,730

(330,774)

1,245,956

JPMC

..........

Forward Foreign

Currency Exchange

Contracts

817,969

(817,969)

–

Total JPMC

2,394,699

(1,148,743)

1,245,956

–

(1,245,956)

–

Total financial instruments subject to

master netting arrangement or similar

arrangement

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

3,825,459

(2,044,326)

1,781,133

–

(1,435,745)

345,388

–

–

–

–

–

–

(a) In accordance with GAAP disclosure requirements, the table above does not include the additional collateral received from or pledged to the

counterparty. Total additional collateral pledged was $14,480,544.

(b) The amount of collateral shown for total return swap contracts is not indicative of the aggregate collateral as of period end because of the timing of

payments with counterparties.

\*

#### 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

$

40,316,015

$

5,394,582

$

27,354,257

$

19,859,941

$

22,303,693

Average Notional Balance - Short

–

–

–

–

–

Ending Notional Balance - Long

30,998,250

6,138,750

23,814,315

27,669,895

17,520,750

Ending Notional Balance - Short

–

–

–

–

–

Notes to Financial Statements

AQR Funds \| Annual Report \| September 2025

September 30, 2025

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 SMALL CAP

#### MOMENTUM

#### STYLE FUND

#### AQR

#### INTERNATIONAL

#### MOMENTUM

#### STYLE FUND

#### AQR LARGE

#### CAP DEFENSIVE

#### STYLE FUND

#### AQR

#### INTERNATIONAL

#### DEFENSIVE

#### STYLE FUND

#### AQR GLOBAL

#### EQUITY FUND

#### Futures Contracts:
Average Notional Balance - Long

$

5,269,547

$

7,546,255

$

70,793,035

$

7,475,017

$

131,045,348

Average Notional Balance - Short

–

–

–

–

68,810,252

Ending Notional Balance - Long

5,279,325

10,027,080

71,767,688

9,052,225

197,596,978

Ending Notional Balance - Short

–

–

–

–

66,255,406

#### Forward Foreign Currency Exchange

#### Contracts:
Average Settlement Value - Purchased

–

–

–

–

384,091,409

Average Settlement Value - Sold

–

–

–

–

324,256,764

Ending Value - Purchased

–

–

–

–

408,192,158

Ending Value - Sold

–

–

–

–

305,961,135

#### Total Return Swap Contracts:
Average Notional Balance - Long

–

–

–

–

30,529,872

Average Notional Balance - Short

–

–

–

–

40,389,289

Ending Notional Balance - Long

–

–

–

–

35,342,613

Ending Notional Balance - Short

–

–

–

–

102,310,353

\*

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

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

0.60 102

Notes to Financial Statements

AQR Funds \| Annual Report \| September 2025

September 30, 2025

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, 2026 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

month period following the end of the 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 year ended September 30, 2025, as well as the amounts available for potential future recoupment by the

Adviser and the expiration schedule at September 30, 2025 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 #### POTENTIAL RECOUPMENT

#### -

#### AMOUNTS EXPIRING SEPTEMBER 30,

#### EXPENSES

#### REIMBURSED FOR

#### THE

#### PERIOD ENDED

#### TOTAL POTENTIAL

#### RECOUPMENT

#### AMOUNT

#### SEPTEMBER 30, 2025

#### 20

#### 26

#### 20

#### 27

#### 20

#### 28

#### AQR LARGE CAP MULTI-STYLE FUND
Class I

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

$

12,149

$

61,855

$

25,494

$

24,212

$

12,149

Class N

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

1,827

736

764

Class R6

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

48,692

275,167

105,631

120,844

48,692

#### Totals
$

61,168

$

338,849

$

131,861

$

145,820

$

61,168

#### AQR SMALL CAP MULTI-STYLE FUND
Class I

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

$

66,193

$

227,854

$

87,506

$

74,155

$

66,193

Class N

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

14,680

32,772

7,740

10,352

14,680

Class R6

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

64,460

196,622

64,860

67,302

64,460

#### Totals
$

145,333

$

457,248

$

160,106

$

151,809

$

145,333

#### AQR INTERNATIONAL MULTI-STYLE FUND
Class I

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

$

30,867

$

105,487

$

37,045

$

37,575

$

30,867

Class N

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

552

1,588

559

552

Class R6

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

134,548

510,608

183,962

192,098

134,548

#### Totals
$

165,967

$

617,683

$

221,566

$

230,150

$

165,967

#### AQR EMERGING MULTI-STYLE II FUND
Class I

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

$

18,687

$

53,268

$

10,431

$

28,762

$

14,075

Class N

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

668

1,839

612

559

668

Class R6

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

172,412

702,933

261,166

269,355

172,412

#### Totals
$

191,767

$

758,040

$

272,209

$

298,676

$

187,155

#### AQR LARGE CAP MOMENTUM STYLE FUND
Class I

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

$

42,607

$

189,390

$

77,479

$

69,304

$

42,607

Class N

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

14,138

44,965

13,660

17,167

14,138

Class R6

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

42,291

155,313

54,450

58,572

42,291

#### Totals
$

99,036

$

389,668

$

145,589

$

145,043

$

99,036

Notes to Financial Statements

AQR Funds \| Annual Report \| September 2025

September 30, 2025

During the year ended September 30, 2025, 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.

#### POTENTIAL RECOUPMENT

#### -

#### AMOUNTS EXPIRING SEPTEMBER 30,

#### EXPENSES

#### REIMBURSED FOR

#### THE

#### PERIOD ENDED

#### TOTAL POTENTIAL

#### RECOUPMENT

#### AMOUNT

#### SEPTEMBER 30, 2025

#### 2026

#### 2027

#### 2028

#### AQR SMALL CAP MOMENTUM STYLE FUND
Class I

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

$

127,874

$

408,794

$

146,937

$

133,983

$

127,874

Class N

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

15,579

21,623

3,165

2,879

15,579

Class R6

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

32,541

98,392

34,158

31,693

32,541

#### Totals
$

175,994

$

528,809

$

184,260

$

168,555

$

175,994

#### AQR INTERNATIONAL MOMENTUM STYLE FUND
Class I

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

$

102,183

$

346,852

$

135,759

$

108,910

$

102,183

Class N

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

4,756

27,894

19,157

3,981

4,756

Class R6

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

83,105

262,953

99,252

80,596

83,105

#### Totals
$

190,044

$

637,699

$

254,168

$

193,487

$

190,044

#### AQR LARGE CAP DEFENSIVE STYLE FUND
Class I

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

$

15,575

$

–

$

–

$

–

$

–

Class N

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

3,210

16,069

1,810

11,049

3,210

Class R6

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

16,083

98,919

25,601

57,235

16,083

#### Totals
$

34,868

$

114,988

$

27,411

$

68,284

$

19,293

#### AQR INTERNATIONAL DEFENSIVE STYLE FUND
Class I

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

$

30,927

$

162,557

$

83,578

$

48,052

$

30,927

Class N

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

1,913

8,967

4,761

2,293

1,913

Class R6

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

145,943

426,796

131,840

149,013

145,943

#### Totals
$

178,783

$

598,320

$

220,179

$

199,358

$

178,783

#### AQR GLOBAL EQUITY FUND
Class I

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

$

$

2,911

$

940

$

1,804

$

Class N

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

1,806

761

984

Class R6

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

4,829

116,691

59,034

52,828

4,829

#### Totals
$

5,057

$

121,408

$

60,735

$

55,616

$

5,057

#### FUND

#### CLASS I

#### CLASS N

#### CLASS R6
AQR Large Cap Multi-Style Fund

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

$

8,166

$

$

16,484

AQR Emerging Multi-Style II Fund

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

28,777

–

–

AQR Large Cap Momentum Style Fund

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

9,594

AQR Large Cap Defensive Style Fund

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

15,575

6,643

29,912

AQR Global Equity Fund

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

2,450

1,263

30,679

Notes to Financial Statements

AQR Funds \| Annual Report \| September 2025

September 30, 2025

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, embargoes, tariffs 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

exchange 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.

Notes to Financial Statements

AQR Funds \| Annual Report \| September 2025

September 30, 2025

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 Schedules 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"). Non-traditional data, also known as "alternative data", is often

less structured than traditional data sets and usually has less history, making it more complicated to incorporate in quantitative models. Models and Data

are used to construct sets of transactions and investments, to provide risk management insights, and to assist in hedging the Funds' investments. When

Models and Data prove to be incorrect or incomplete, including because data is stale, missing or unavailable, any decisions made in reliance thereon

expose the Funds to potential risks. Similarly, any hedging based on faulty Models and Data may prove to be unsuccessful. Some of the models used by

the Adviser for the Funds are predictive in nature. The use of predictive models has inherent risks. Because predictive models are usually constructed

based on historical data supplied by third parties or otherwise, the success of relying on such models may depend heavily on the accuracy and reliability

of the supplied historical data. The Adviser also uses machine learning, which typically has less out-of-sample evidence and is less transparent or

interpretable. 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.

Notes to Financial Statements

AQR Funds \| Annual Report \| September 2025

September 30, 2025

A lending Fund may lend in aggregate up to 15% of its net assets but may not lend more than 5% of its net assets to any one borrowing Fund through

the Interfund Lending Program. A borrowing Fund may not borrow through the Interfund Lending Program or from any other source more than 33 1/3%

of its total assets. If a borrowing Fund's total outstanding borrowings exceed 10% of its total assets, the Fund must secure each of its outstanding

borrowings through the Interfund Lending Program with collateral equal to 102% of the outstanding principal value of the loan.

The Funds are not required to borrow money under the Interfund Lending Program and may borrow under other arrangements, including their existing

bank line of credit. This could result in a Fund borrowing money at a higher interest rate than it would have received under the Interfund Lending

Program. Interest expense paid as a result of borrowing under the Interfund Lending Program is reported as interfund lending expense on the

Statements of Operations.

The Funds did not utilize the Interfund Lending Program for the year ended September 30, 2025.

12. #### Line of Credit
Each series of the Trust other than the AQR Diversifying Strategies Fund, AQR CVX Fusion Fund, AQR LSE Fusion Fund, AQR MS Fusion Fund

and AQR MS Fusion HV Fund (collectively, the "Participating Funds") renewed a 364-day syndicated line of credit with $350,000,000 in committed

loans (the "Agreement") with Bank of America, N.A., as the administrative agent, effective March 14, 2025. 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.

During the reporting period, average borrowings under the line of credit were as follows:

There were no open borrowings as of September 30, 2025 by any of the Funds.

13. #### Principal Ownership
As of September 30, 2025, 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.

#### FUND

#### AVERAGE

#### BORROWINGS

#### WEIGHTED

#### AVERAGE

#### INTEREST

#### RATE

#### AGGREGATE

#### NUMBER

#### OF DAYS

#### OUTSTANDING

#### INTEREST

#### PAID
AQR Large Cap Multi-Style Fund

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

$

19,230,000

5.43 %

$

5,797

AQR Small Cap Multi-Style Fund

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

7,039,000

5.58 2

2,182

AQR Large Cap Momentum Style Fund

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

36,607,000

5.58 2

11,348

AQR Small Cap Momentum Style Fund

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

10,290,000

5.33 4

6,094

AQR International Momentum Style Fund

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

2,100,000

5.33 1

AQR Large Cap Defensive Style Fund

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

20,044,000

5.42 2

6,033

#### 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

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

89.72 %

–

%

AQR Small Cap Multi-Style Fund

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

87.29 –

AQR International Multi-Style Fund

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

93.32 –

AQR Emerging Multi-Style II Fund

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

96.34 –

AQR Large Cap Momentum Style Fund

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

89.98 –

AQR Small Cap Momentum Style Fund

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

91.27 –

AQR International Momentum Style Fund

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

95.18 –

AQR Large Cap Defensive Style Fund

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

82.76 –

AQR International Defensive Style Fund

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

92.83 –

AQR Global Equity Fund

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

95.01 –

Notes to Financial Statements

AQR Funds \| Annual Report \| September 2025

September 30, 2025

14. #### New Accounting Pronouncements and Regulations
In December 2023, the FASB issued Accounting Standards Update 2023-09,

*Income Taxes (Topic 740)—Improvements to Income Tax* 

*Disclosures*

("ASU 2023-09"). The amendments enhance income tax disclosures by requiring greater disclosure of income taxes paid by jurisdiction

if the quantitative threshold is met. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, with early adoption permitted.

Management expects the adoption of the guidance will not have a material impact on the Funds' 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.

Report of Independent Registered Public Accounting Firm

AQR Funds \| Annual Report \| September 2025

To the Board of Trustees of AQR Funds and Shareholders of 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

#### Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of 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 (ten of the funds constituting AQR Funds, hereafter collectively referred to as the "Funds") as of September 30, 2025,

the related statements of operations for the year ended September 30, 2025, the statements of changes in net assets for each of the two years in the

period ended September 30, 2025, including the related notes, and the financial highlights for each of the five years in the period ended September 30,

2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial

position of each of the Funds as of September 30, 2025, the results of each of their operations for the year then ended, the changes in each of their net

assets for each of the two years in the period ended September 30, 2025, and each of the financial highlights for each of the five years in the period

ended September 30, 2025, in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinions
These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial

statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States)

(PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and

regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and

perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or

fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud,

and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts

and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by

management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of

September 30, 2025 by correspondence with the custodian, transfer agent and brokers. We believe that our audits provide a reasonable basis for our

opinions.

/s/ PricewaterhouseCoopers LLP

New York, New York

November 20, 2025

We have served as the auditor of one or more investment companies in AQR Funds since 2008.

Other Federal Tax Information (Unaudited)

AQR Funds \| Annual Report \| September 2025

For the fiscal year ended September 30, 2025, the Funds designate the following percentages of ordinary income dividends, or maximum amount

allowable, as qualifying for the reduced tax rate under the Jobs and Growth Tax Relief Reconciliation Act of 2003:

For the fiscal year ended September 30, 2025, the following percentages of income dividends paid by the Funds qualify for the dividends received

deduction available to corporations:

The Funds designate the following amounts, or the maximum allowable under Section 852 of the Internal Revenue Code, as long term capital gain

dividends paid during the fiscal year ended September 30, 2025:

Certain Funds have derived net income from sources within foreign countries. For the year ended September 30, 2025, the foreign source income for

each Fund was as follows:

Certain Funds intend to elect to pass through to shareholders the credit for taxes paid to foreign countries. For the year ended September 30, 2025, the

foreign taxes paid for each Fund was as follows:

#### FUND

#### PERCENTAGE
AQR Large Cap Multi-Style Fund

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

79.25%

AQR Small Cap Multi-Style Fund

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

73.53%

AQR International Multi-Style Fund

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

86.75%

AQR Emerging Multi-Style II Fund

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

37.19%

AQR Large Cap Momentum Style Fund

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

61.81%

AQR Small Cap Momentum Style Fund

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

100.00%

AQR International Momentum Style Fund

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

80.86%

AQR Large Cap Defensive Style Fund

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

79.59%

AQR International Defensive Style Fund

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

83.88%

AQR Global Equity Fund

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

23.97%

#### FUND

#### PERCENTAGE
AQR Large Cap Multi-Style Fund

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

78.34%

AQR Small Cap Multi-Style Fund

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

73.05%

AQR Emerging Multi-Style II Fund

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

0.07%

AQR Large Cap Momentum Style Fund

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

60.88%

AQR Small Cap Momentum Style Fund

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

100.00%

AQR International Momentum Style Fund

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

0.18%

AQR Large Cap Defensive Style Fund

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

78.39%

AQR Global Equity Fund

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

10.83%

#### FUND

#### TOTAL
AQR Large Cap Multi-Style Fund

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

$

135,564,954

AQR Small Cap Multi-Style Fund

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

13,518,204

AQR International Multi-Style Fund

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

18,877,655

AQR Emerging Multi-Style II Fund

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

1,494,125

AQR Large Cap Momentum Style Fund

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

84,636,493

AQR Small Cap Momentum Style Fund

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

26,051,936

AQR International Momentum Style Fund

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

32,761,420

AQR Large Cap Defensive Style Fund

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

454,405,930

AQR Global Equity Fund

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

23,268,688

#### FUND

#### TOTAL

#### PER SHARE
AQR International Multi-Style Fund

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

$19,635,907

$0.4643

AQR Emerging Multi-Style II Fund

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

21,447,180

0.4671 AQR International Defensive Style Fund

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

7,031,272

0.4582 #### FUND

#### TOTAL

#### PER SHARE
AQR International Multi-Style Fund

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

$1,156,469

$0.0273

AQR Emerging Multi-Style II Fund

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

2,748,217

0.0599 AQR International Defensive Style Fund

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

304,503

0.0198 110

Other Information (Unaudited)

AQR Funds \| Annual Report \| September 2025

#### Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
There were no changes in and disagreements with accountants on accounting and financial disclosures required by Item 304 of Regulation S-K [17 CFR

229.304].

#### Item 9. Proxy Disclosures for Open-End Management Investment Companies.
There were no matters submitted to a vote of shareholders through the solicitation of proxies or otherwise.

#### Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
The information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-

End Management Investment Companies.

#### Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
The Board Board of Trustees (the "Board," and the members of which are referred to as "Board Members") of the AQR Funds (the "Trust") met in person

on May 29, 2025 (the "Meeting") to consider the continuation of the Third Amended and Restated Investment Management Agreement, as amended,

between AQR Capital Management, LLC ("AQR") and the Trust, on behalf of the AQR Global Equity Fund, AQR International Defensive Style Fund, AQR

International Momentum Style Fund, AQR International Multi-Style Fund, AQR Large Cap Defensive Style Fund, AQR Large Cap Momentum Style Fund,

AQR Large Cap Multi-Style Fund, AQR Small Cap Momentum Style Fund, AQR Small Cap Multi-Style Fund, and AQR Emerging Multi-Style II Fund, and

certain other series of the Trust (the "Investment Management Agreement"). Each of the aforementioned series of the Trust may be referred to herein as

a "Fund" and collectively, the "Funds."

During the Meeting, the Board Members who are not "interested persons" as defined in the Investment Company Act of 1940, as amended (the "1940

Act") (the "Independent Board Members"), met with independent legal counsel and representatives of AQR to review the materials provided and the

relevant legal considerations. In accordance with Section 15(c) of the 1940 Act, the Board requested and considered materials furnished by AQR

relevant to the Board's consideration of whether to approve the continuation of the Investment Management Agreement. These materials included: (i)

memoranda and materials provided by AQR describing the personnel and services provided to the Funds; (ii) performance information for the Funds

relevant to the consideration of the Investment Management Agreement; (iii) information independently compiled and prepared by Broadridge relating to

the Funds' fees and expenses and performance relative to peers within Morningstar fund categories; (iv) financial information for AQR and a profitability

analysis showing AQR's profitability from providing services to the Funds; and (v) a discussion of the compliance program of AQR and the regulatory

exam history of AQR.

At the Meeting, the Board, including the Independent Board Members, unanimously approved the continuation of the Investment Management

Agreement for an additional one-year period for each Fund. In approving the continuation of the Investment Management Agreement for a Fund, the

Board considered all factors it believed to be relevant with respect to the Fund, including, among other factors: (a) the nature, extent and quality of the

services provided by AQR; (b) the investment performance of the Fund and AQR's portfolio management; (c) the management fee and the cost of the

services provided and profits realized by AQR from the relationship with the Funds and the fund complex; (d) economies of scale; (e) fall-out benefits;

and (f) other factors.

The Board also considered other matters it deemed important to the approval process, such as AQR's services related to the valuation and pricing of the

Funds' portfolio holdings, direct and indirect benefits to AQR and its affiliates from their relationship with the Funds and advice from independent legal

counsel with respect to the review process and materials submitted for the Board's consideration. The Board did not identify any particular information as

controlling, and each Board Member may have attributed different weightings to the various items considered.

In considering the renewal of the Investment Management Agreement for each Fund, the Board did not view the Investment Management Agreement as

creating third-party beneficiary rights for shareholders to enforce the terms of the Investment Management Agreement against AQR.

The following is a summary of the Board's discussion and views regarding the factors it considered in evaluating the Investment Management

Agreement:

#### The Nature, Extent and Quality of the Services Provided by AQR.
The Board Members reviewed the services that AQR provided to the Funds

under the Investment Management Agreement, including certain administrative services. The Board considered the size and experience of AQR's staff,

its use of technology, and the Funds' stated investment objectives, strategies and processes. In connection with the investment advisory services

provided to the Funds, the Board Members took into account discussions they had regularly as part of quarterly Board meetings with representatives of

AQR regarding the management of each Fund's investments in accordance with the Fund's stated investment objectives and policies and the types of

transactions that are entered into on behalf of the Funds. During these discussions, the Board Members asked questions of, and received answers from,

representatives of AQR regarding the formulation and implementation of the Funds' investment strategies, their efficacy and potential risks.

In addition to the investment advisory services provided to the Funds, the Board Members considered that AQR also provides shareholder and

administrative services, provides oversight of Fund accounting, provides risk management, provides compliance oversight, administers the Funds'

liquidity risk management program, provides derivatives risk management services, serves as the Funds' valuation designee pursuant to Rule 2a-5

under the 1940 Act, oversees third-party service providers and provides assistance in meeting legal and regulatory requirements and other services

necessary for the operation of the Funds. In particular, the Board Members considered the compliance, shareholder and administrative services provided

to the Funds by AQR under the Investment Management Agreement. The Board Members recognized the enterprise risk of AQR involved in providing

services to the Funds over time.

Other Information (Unaudited)

AQR Funds \| Annual Report \| September 2025

Finally, the Independent Board Members had several opportunities to meet outside the presence of Fund management in executive session separately

with independent legal counsel to discuss and consider the Investment Management Agreement. Based on the presentations and materials at the

Meeting and their familiarity gained through regular Board presentations over time, the Board concluded that the services provided to the Funds by AQR

pursuant to the Investment Management Agreement were of a high quality and benefit the Funds.

#### Investment Performance of the Funds and AQR's Portfolio Management.
The Board considered the investment performance of each Fund. In

particular, the Independent Board Members considered the investment performance of the Funds relative to their stated objectives and AQR's efforts to

achieve such goals as well as the performance of the Funds relative to funds identified by Broadridge as their peers (the "Performance Peers").

The Board was cognizant of the fact that, in some cases, Fund performance was challenged over certain measurement periods in comparison to a

Fund's Performance Peers and considered AQR's views regarding the factors contributing to such underperformance on a Fund-by-Fund basis.

Representatives of AQR indicated AQR remains confident in its investment philosophy and disciplined systematic investment approach to managing the

Funds, which has contributed to positive relative performance for certain Funds in comparison to the Fund's Performance Peers in the most recent year.

The Board considered that Broadridge comparisons may be of limited use in some cases due to the differences between the ways in which a Fund is

managed from other Performance Peers. In other cases, underperformance in relation to Performance Peers may be due to differences in a Fund's

investment parameters compared to its Performance Peers, including risk limits, volatility targets, model limits on exposure to a particular country, and

the Fund's investment universe. Finally, the use of internal risk protections may affect a Fund's performance in relation to its Performance Peers or

benchmark.

The Board also discussed the performance of the Funds with AQR at Board meetings throughout the year. AQR's presentations to the Board at such

Board meetings, which addressed in detail the drivers of underperformance or outperformance, as applicable, supported a conclusion that the Funds

were being managed consistent with their stated policies and strategies. The Board considered AQR's performance in managing other registered

investment companies and private funds, noting that other funds AQR manages might have investment objectives, policies or restrictions different from

those of the Funds. Based on these factors, the Board Members determined that the performance of each Fund is consistent with its stated objectives

and strategies and AQR's investment process.

#### The Management Fee and the Cost of the Services and Profits Realized by AQR from the Relationship with the Funds.
The Board, including the

Independent Board Members, received information regarding the management fees paid by the Funds to AQR pursuant to the Investment Management

Agreement. The Board examined this information in order to determine the reasonableness of the fees in light of the nature and quality of services

provided to the Funds and the costs incurred by and benefits to AQR in providing those services, and other relevant factors.

To assist in this analysis, the Board reviewed comparative fee and expense information for each Fund relative to funds identified by Broadridge as their

peers (the "Expense Peers"), including comparisons of contractual management fees and actual net expenses. The first quartile is the most desirable

quartile (i.e., relatively lower fees or expenses) and the fourth is the least desirable (i.e., relatively higher fees or expenses). The Board noted that, as of

December 31, 2024, the net expenses for all of the Funds were equal to or lower than the median net expenses of their Expense Peers.

The Board also reviewed information regarding the fees AQR charges for other funds and accounts managed by AQR, including sub-advised mutual

funds, with similar investment strategies to certain of the Funds. The Board noted the greater services provided by AQR to the Funds in contrast to the

limited role of AQR when it sub-advises third party mutual funds or advises separate accounts.

The Board also received and reviewed information regarding the profitability of AQR with respect to Fund-related activities. AQR provided the Board

Members with a detailed description of the methodology and inputs used to determine profitability. The Board recognized that profitability may be

affected by numerous factors including, among other things, fee waivers and expense reimbursements by AQR, the types of funds managed, costs of

recruiting and retaining personnel, taxes, expense allocations and business mix.

The Board reviewed AQR's unaudited financial information. The purpose of the review was to help the Independent Board Members determine whether

the firm has the necessary resources to continue to provide high quality services to the Funds and attract and retain high quality employees.

Based on their review of the materials presented at the Meeting and discussions of these materials, the Board concluded that the management fees

under the Investment Management Agreement are reasonable and AQR's profitability was not excessive.

Other Information (Unaudited)

AQR Funds \| Annual Report \| September 2025

#### Economies of Scale.
AQR provided the Board with information concerning the extent to which economies of scale were realized as the Funds grew

and whether fee levels were reflective of such economies of scale. To show that economies are being shared, AQR presented information regarding

each Fund's management fees relative to comparable funds of similar and/or larger sizes, showing that management fees were set at a competitive

level. It also provided Morningstar data for the purpose of showing the hypothetical effective management fee for each Fund at higher asset levels

compared to its peers, some of which have breakpoints. The Board considered this information in determining the reasonableness of continuing to

operate each Fund without management fee breakpoints at the Fund's current asset level. The Board recognized that economies were also being shared

through the expense limitation agreements for the Funds. The Board noted that, under the Investment Management Agreement, none of the Funds have

breakpoints in their management fees that would allow investors to benefit directly in the form of lower fees as fund assets grew. The Board considered

that the funds in the AQR fund complex share some common resources and, as a result, an increase in the overall size of the complex could permit

each Fund to incur lower expenses than it would otherwise as a stand-alone entity. The Board also considered AQR's overall operations and its efforts

to expand the scale of, and further enhance the quality of, its operations. In particular, the Board noted the continuing enhancements to AQR's services

to the Funds in areas such as compliance, risk, portfolio management, technology, valuation and administration. AQR advised that its size as a firm has

resulted in additional benefits to the AQR Funds, such as the ability to negotiate better terms with service providers and to establish a dedicated money

market fund for the AQR Funds and other clients of AQR. The principals of AQR have also provided, for Funds that do not grow quickly, seed capital in

excess of regulatory minimums for extended periods.

#### Other Factors.
The Board also took into account other ancillary or "fall-out" benefits that AQR or its affiliates may derive from its relationship with the

Funds, both tangible and intangible, noting that no payments are received by AQR from the Funds beyond the fees under the Investment Management

Agreement. The Board was advised by AQR that AQR may obtain greater exposure to the public as a result of managing the AQR Funds, which could

lead to additional business opportunities, such as unregistered fund investments, separately managed account opportunities or sub-advisory mandates.

AQR may also obtain reputational benefits. AQR may also obtain economic benefits from its sponsorship/management of both the Funds and other

funds or accounts with respect to the potential economic leverage of its service provider relationships. The Board also received information regarding

AQR's brokerage and soft dollar practices, noting that AQR does not presently intend to make use of soft dollars to acquire third-party research. The

Board considered that AQR is responsible for decisions to buy and sell securities for the Funds, selection of broker-dealers and best execution, and

aggregation and allocation of trade orders among the firm's various advisory clients.

#### Conclusion.
Counsel advised the Board concerning the statutory and regulatory requirements for approval and disclosure of investment management

agreements. No single factor was determinative to the decision of the Board. Based on the foregoing and such other matters as were deemed

relevant, all of the Board Members, including all of the Independent Board Members, concluded that the management fee rates under the Investment

Management Agreement are reasonable in relation to the services provided by AQR to the Funds, as well as the costs incurred and benefits to be gained

by AQR in providing such services, including the investment advisory and administrative components. The Board also found the investment management

fees to be reasonable in comparison to the fees charged by advisers to other comparable funds of similar size. As a result, all of the Board Members,

including the Independent Board Members voting separately, approved the continuation of the Investment Management Agreement with respect to each

Fund. The Independent Board Members were represented by independent legal counsel who assisted them in their deliberations.

Investment Adviser

AQR Capital Management, LLC

One Greenwich Plaza, Suite 130

Greenwich, CT 06830

Transfer Agent

ALPS Fund Services, Inc.

1290 Broadway, Suite 1000

Denver, CO 80203

Custodian

JPMorgan Chase Bank, N.A.

4 Metro Tech Center

Brooklyn, NY 11245

Distributor

ALPS Distributors, Inc.

1290 Broadway, Suite 1000

Denver, CO 80203

Administrator

JPMorgan Chase Bank, N.A.

70 Fargo Street

Boston, MA 02210

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

300 Madison Avenue

New York, NY 10017

You may obtain a description of the AQR Funds proxy voting, policies, procedures and information regarding how each Fund voted

proxies relating to portfolio securities during the 12-month period ending June 30th of each year (available by August 31st of that

year) without charge, upon request, by calling 1-866-290-2688 or visiting the funds website https://funds.aqr.com, or by accessing the

SEC's website at www.SEC.gov. Such reports may be reviewed and copied at the SEC's Public Reference Room in Washington, DC.

Information on the operation of the Public Reference Room may be obtained by calling 202-551-8090.

The Fund files complete schedules of the portfolio holdings with the SEC for the first and third quarters on Form N-PORT Part F. The

Form N-PORT Part F is available without charge, upon request, by calling 1-800-SEC-0330, or by accessing the SEC's website, at

www.SEC.gov. It may also be reviewed and copied at the SEC's Public Reference Room in Washington, DC.

#### This report has been prepared for shareholders and may be distributed to others only if preceded or accompanied by

#### an effective prospectus, which includes information regarding the Funds' objectives and policies, experienced of its

#### management, marketability of shares and other information.

#### AQR Funds
P.O. Box 2248, Denver, CO 80201-2248 \| p: +1.866.290.2688 \| w: https://funds.aqr.com

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.** 

Not applicable.

**Item 13. Portfolio Managers of Closed-End Management Investment Companies.** 

Not applicable.

**Item 14. Purchases of Equity Securities by Closed-End Management Investment Company & Affiliated Purchasers.** 

Not applicable.

**Item 15. Submission of Matters to a Vote of Security Holders.** 

Not applicable.

**Item 16. Controls and Procedures.** 

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

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

**Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.** 

Not applicable.

**Item 18. Recovery of Erroneously Awarded Compensation.**

Not applicable.

**Item 19. Exhibits.** 

(a)(1)&nbsp;&nbsp;&nbsp;&nbsp; The code of ethics that is the subject of the disclosure required by Item 2 is attached hereto.

[codeofethics.docx](codeofethics.htm)

(a)(2)&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

(a)(3)&nbsp;&nbsp;&nbsp;&nbsp; Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.

[section302.docx](section302.htm)

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

[section906.docx](section906.htm)

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

November 24, 2025

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

November 24, 2025

By: /s/ Matthew Plastina

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

Matthew Plastina,

Principal Financial Officer

November 24, 2025

## Ex-99.Code

**AQR FUNDS: CODE OF ETHICS PURSUANT TO THE SARBANES-OXLEY ACT OF 2002**

**AS AMENDED: AUGUST 2023**

**LAST REVIEWED: AUGUST 2025**

**I. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; INTRODUCTION**

The Board of Trustees (the "**Board**") of the AQR Funds (the "**Trust**") has established this Code of Ethics ("**Code**") in accordance with the Sarbanes-Oxley Act of 2002 and the rules promulgated thereunder. This Code does not supersede or otherwise affect any separate code of ethics that the Trust and AQR Capital Management, LLC ("**Adviser**") have adopted pursuant to, among other things, Rule 17j-1 under the Investment Company Act of 1940, as amended ("**Investment Company Act**"), or any other applicable laws, regulations or corporate governance provisions.

This Code is designed to deter wrongdoing and promote:

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; full, fair, accurate, timely, and understandable disclosure in reports and documents that the Trust files with, or submits to, the U.S. Securities and Exchange Commission ("**SEC**") and in other public communications made by the Trust or any of its separate series (each, a "**Fund**");

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; compliance with applicable governmental laws, rules, and regulations;

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; accountability for adherence to the Code

This Code applies to the Trust's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the Trust or a third party (collectively, "**Covered Officers**"). The Trust's Covered Officers are those individuals listed in Appendix A, attached hereto.

II. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PRINCIPLES OF HONEST AND ETHICAL CONDUCT

A. &nbsp;&nbsp;&nbsp;&nbsp; General Objectives

The Trust expects each Covered Officer to adhere to the highest possible standards of honest and ethical conduct. Each Covered Officer is expected to handle actual or apparent conflicts of interest between personal and professional relationships in a manner that is above reproach and to place the interests of the Trust above the Covered Officer's own personal interests.

B. &nbsp;&nbsp;&nbsp;&nbsp; Conflicts of Interest

A "conflict of interest" occurs when a Covered Officer's private or personal interests interfere, or even appear to interfere, with the interests of the Trust. Certain conflicts of interest arise out of the relationships between Covered Officers and the Trust and already are subject to conflict of interest provisions in the Investment Company Act and the Investment Advisers Act of 1940, as amended ("**Investment Advisers Act**"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Trust because of their status as "affiliated persons" of the Trust. The Trust's and the Adviser's compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the Trust and the Adviser of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Trust or for the Adviser, or for both), be involved in establishing policies and implementing decisions that will have different effects on the Adviser and the Trust. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Trust and the Adviser and is consistent with the performance by the Covered Officers of their duties as officers of the Trust. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the Board that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other codes.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. Examples of possible conflicts of interest might include, but are not limited to:

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Personal Business Transactions.** A Covered Officer may not cause the Trust to engage in any business transaction with his or her family members or relatives or utilize the Covered Officer's relationship with the Trust to cause any third party to engage in any business transaction with his or her family members or relatives, except as permitted under the Investment Company Act.

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Use of Nonpublic or Confidential Information.** A Covered Officer may not use, or disclose to a third party (unless required by applicable laws or regulations), nonpublic or confidential information about the Trust or any of its service providers for personal gain by the Covered Officer or his or her family members or relatives (including securities transactions based on such information).

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Outside Employment or Activities.** A Covered Officer may not engage in any outside employment or activity that interferes with his or her duties and responsibilities with respect to the Trust or is otherwise in conflict with or prejudicial to the Trust. A Covered Officer must disclose to the Compliance Department any outside employment or activity that may constitute a conflict of interest and obtain the approval of the Trust's Chief Compliance Officer (the "**CCO**") or the CCO's delegate before engaging in such employment or activity.

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Gifts.** A Covered Officer may not accept gifts or other items of more than *de minimis* value from any person or entity that does, or seeks to do, business with or on behalf of the Trust. In this regard, each Covered Officer should refer to any other applicable procedures regarding accepting or giving gifts that have been adopted by the Trust and the Adviser.

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Corporate Opportunities.** A Covered Officer may not exploit for his or her personal gain, or the personal gain of the Covered Officer's family members or relatives, opportunities that are discovered through the use of Trust property, information, or the Covered Officer's position, unless the opportunity is first fully disclosed in writing to the Board and the Board determines not to pursue such opportunity for the Trust.

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Other Situations.** Because other conflicts of interest may arise, it is impractical to attempt to list in this Code all possible situations that could result in a conflict of interest. If a proposed transaction, interest, personal activity, or investment raises any material concerns, questions or doubts, a Covered Officer should consult with the Compliance Department before engaging in such transaction or investment or pursuing such interest or activity.

When consulting the Compliance Department, the Covered Officer shall provide a detailed and accurate description of the proposed transaction, investment, interest or activity. Upon such consultation, the Compliance Department shall conduct a review to determine: (1) whether engaging in such transaction, investment, interest or activity reasonably could be expected to give rise to a conflict of interest; and (2) the appropriate resolution of any such conflict.

Based on its review, the Compliance Department shall advise the Covered Officer that the proposed transaction, investment, interest or activity: (1) would not violate this Code; (2) would not violate this Code only if conducted in a particular manner and/or subject to certain conditions or safeguards; or (3) would violate the Code. If the Compliance Department has advised the Covered Officer that the proposed transaction, investment, interest or activity would not violate the Code only if conducted in a particular manner and/or subject to certain conditions or safeguards, the Covered Officer must conduct the proposed transaction, investment, interest or activity in that manner and/or subject to those conditions or safeguards. If the Compliance Department has advised the Covered Officer that the proposed transaction, investment, interest or activity would violate the Code, the Covered Officer may not conduct the proposed transaction, investment, interest or activity.

C. &nbsp;&nbsp;&nbsp;&nbsp; Reporting

Any actual or apparent conflict of interest that may arise as a result of a material transaction or business or personal relationship must be disclosed and reported by the Covered Officer to the Compliance Department and resolved before the Covered Officer takes any action.

III. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FULL, FAIR, ACCURATE, TIMELY, AND UNDERSTANDABLE DISCLOSURE IN TRUST DISCLOSURE AND REPORTING DOCUMENTS

Each Covered Officer should:

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; familiarize himself or herself with the disclosure requirements generally applicable to the Trust;

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; not knowingly misrepresent, or cause others to misrepresent, facts about the Trust to others, including the Board, the Trust's auditors, the Trust's counsel, counsel to the independent trustees, governmental regulators or self-regulatory organizations;

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to the extent appropriate within his or her area of expertise, consult with other officers and employees of the Trust and the Adviser with the goal of promoting full, fair, accurate, timely and understandable disclosure in reports and documents the Trust files with, or submits to, the SEC and in other public communications made by the Trust; and

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; use reasonable efforts to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

Each Covered Officer shall promptly bring to the attention of the Board's Nominating and Governance Committee any information he or she may have concerning any violation of the provisions of this Code involving any Trust management, employees or agents thereof who have a significant role in the Trust's financial reporting, disclosures or internal controls.

IV. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COMPLIANCE WITH APPLICABLE GOVERNMENTAL LAWS, RULES AND REGULATIONS

As a registered investment company, the Trust must comply with all applicable federal securities laws and regulations, as well as other applicable laws and regulations. The Trust insists on strict compliance with the spirit and the letter of these laws and regulations. Each Covered Officer must comply with all laws, rules, and regulations applicable to the Trust's operations and business.

A Covered Officer should seek guidance whenever he or she is in doubt as to the applicability of any law, rule, or regulation with respect to the contemplated course of action. If in doubt on a course of action, a good guideline is "always ask first, act later" — if a Covered Officer is unsure of what to do in any situation, he or she should seek guidance before acting. Each Covered Officer shall cooperate with the Compliance Department, the Trust's independent accountants, and the Trust's other service providers with the goal of maintaining the Trust's material compliance with applicable laws, rules and regulations.

Each Covered Officer should keep apprised of developments relating to those governmental laws, rules, and regulations applicable to the Trust. Each Covered Officer also should consult with the Legal and Compliance Departments and the various procedures, guidelines and other related materials which the Trust and its service providers have prepared on specific laws and regulations.

V. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PROMPT INTERNAL REPORTING OF VIOLATIONS OF THE CODE; EVALUATION OF POSSIBLE VIOLATIONS; DETERMINATION OF SANCTIONS

A. &nbsp;&nbsp;&nbsp;&nbsp; Reporting to the Compliance Department

Each Covered Officer shall promptly bring to the attention of the Compliance Department any knowledge or information the Covered Officer may have concerning a violation or possible violation of this Code. Failure to disclose or report to the Compliance Department any actual or possible violation of this Code is in of itself a violation of the Code.

B. &nbsp;&nbsp;&nbsp;&nbsp; Evaluation of Reports

The Compliance Department shall determine whether the reported conduct actually violates the Code. If it is determined that there has been a violation of the Code, the Compliance Department shall determine whether the violation of the Code has had or may have a material adverse impact upon the Trust or any Fund.

1. &nbsp;&nbsp;&nbsp;&nbsp; No Material Adverse Impact on the Trust or any Fund

If the Compliance Department determines that the violation has not caused a material adverse impact upon the Trust or any Fund, the Compliance Department shall determine what sanctions, if any, may be appropriate for the violation.

2. &nbsp;&nbsp;&nbsp;&nbsp; Material Adverse Impact on the Trust or any Fund

If the Compliance Department determines that the violation has caused a material adverse impact upon the Trust or any Fund, the Compliance Department shall promptly notify the Board's Nominating and Governance Committee of such violation. The Nominating and Governance Committee shall be entitled to consult with independent legal counsel to determine whether the violation actually has had a material adverse impact upon the Trust or any Fund and to formulate appropriate actions or sanctions that the Nominating and Governance Committee, in its business judgment, determines to be necessary or advisable.

C. &nbsp;&nbsp;&nbsp;&nbsp; Periodic Reports by the Chief Compliance Officer to the Board

At each quarterly meeting of the Board following a quarter in which one or more violations occurred, the CCO shall report to the Board all violations of this Code (whether or not they caused a material adverse impact upon the Trust or any Fund) and all sanctions imposed.

VI. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WAIVERS OF PROVISIONS OF THE CODE

A. &nbsp;&nbsp;&nbsp;&nbsp; Waivers

A Covered Officer may request a waiver (defined as the Trust's approval of a material departure from a provision of the Code) if there is a reasonable likelihood that a contemplated action would be a material departure from a provision of the Code. Waivers will not be granted except under extraordinary or special circumstances. The process of requesting a waiver shall consist of the following steps:

**1. &nbsp;&nbsp;&nbsp;&nbsp;** The Covered Officer shall set forth a request for waiver in writing and submit such request to the Compliance Department. The request shall describe the conduct, activity, or transaction for which the Covered Officer seeks a waiver, and shall briefly explain the reason for wanting to engage in the conduct, activity, or transaction.

**2. &nbsp;&nbsp;&nbsp;&nbsp;** The determination with respect to the waiver shall be made in a timely fashion by the CCO and submitted to the Board for ratification at its next regularly scheduled meeting.

**3. &nbsp;&nbsp;&nbsp;&nbsp;** The decision with respect to the waiver request shall be documented and maintained in the Trust's records for a period of not less than six years following the end of the fiscal year in which the waiver occurred.

B. &nbsp;&nbsp;&nbsp;&nbsp; Disclosure of Waivers

To the extent required by applicable law, waivers (including "**implicit waivers**") shall be publicly disclosed on a timely basis. An "implicit waiver" for these purposes is defined as the Trust's failure to take action within a reasonable period of time regarding a material departure from a provision of the Code that "has been made known" to an executive officer of the Trust within the meaning of Rule 3b-7 under the Securities Exchange Act of 1934, as amended ("**1934 Act**").

Rule 3b-7 under the 1934 Act currently defines an "executive officer" of the Trust as the president of the Trust; any vice president of the Trust in charge of a principal business unit, division or function; any other officer who performs a policy making function; or any other person who performs similar policy making functions for the Trust.

If a material departure from a provision of the Code is known only by the Covered Officer who has caused the material departure from the Code, the material departure will not be considered to have been made known to an executive officer of the Trust.

VII. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ACCOUNTABILITY FOR ADHERENCE TO THE CODE

The matters covered in this Code are of the utmost importance to the Trust and its shareholders and are essential to the Trust's ability to conduct its business in accordance with its stated values. Each Covered Officer is expected to adhere to these rules in carrying out his or her duties for the Trust. The conduct of each Covered Officer can reinforce an ethical atmosphere and positively influence the conduct of all employees and agents of the Trust.

Within a reasonable period of time following appointment, a Covered Officer must affirm in writing to the Board that he or she has received, read and understands the Code. Each Covered Officer must annually thereafter affirm to the Board that he or she has complied with the requirements of the Code.

The Trust will, if appropriate, take action against any Covered Officer whose actions are found to violate this Code. As discussed in Section V of the Code, appropriate sanctions for violations of the Code will depend on the materiality of the violation to the Trust.

Sanctions may include, among other things, a requirement that the violator undergo training related to the violation, a letter of sanction or written censure by the Board, the imposition of a monetary penalty, suspension of the violator as an officer of the Trust or termination of the employment of the violator. If the Trust or any Fund has suffered a loss because of violations of this Code, it may pursue its remedies against the individuals or entities responsible. Accordingly, each Covered Officer shall cooperate or take such steps as may be necessary or appropriate to remedy any material violation of this Code.

VIII. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RECORDKEEPING, AMENDMENTS AND DISCLOSURE OF CODE

A. &nbsp;&nbsp;&nbsp;&nbsp; Records

Please refer to the Trust's Recordkeeping Policies and Procedures

B. &nbsp;&nbsp;&nbsp;&nbsp; Amendments

The Board may amend the Code in its discretion.

C. &nbsp;&nbsp;&nbsp;&nbsp; Disclosure of Code

The Trust must disclose this Code, any substantive amendments and any waivers (including implicit waivers) by either: (1) filing with the SEC a copy of the Code, any such amendments and waivers in the Trust's annual report on Form N-CSR; (2) posting the text of the Code, any such amendments and waivers on the Trust's Internet website within five business days following the date of such amendments or waivers and disclosing in its most recent report on Form N-CSR, its Internet address and the fact that it has posted the Code on the website;<sup>1</sup> or (3) undertaking in its most recent report on Form N-CSR to provide to any person without charge, upon request, a copy of the Code, any such amendments and waivers and explain the manner in which such request may be made.

IX. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NO RIGHTS CREATED

This Code is a statement of certain fundamental principles, policies and procedures that govern each of the Covered Officers in the conduct of the Trust's business. It is not intended to and does not create any rights in any employee, investor, supplier, competitor, shareholder or any other person or entity.

<sup>1</sup> Information regarding any such amendments and waivers must be made available on the Trust's Internet website for a 12-month period, and it must retain the information for a period of not less than six years following the end of the fiscal year in which the amendment or waiver occurred.

# APPENDIX A

## AQR Funds CODE OF ETHICS
(Pursuant to the Sarbanes-Oxley Act of 2002)

**<u>Covered Officers</u>**

Chief Executive Officer and President (principal executive officer)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; John Howard

Chief Financial Officer (principal financial officer)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Matthew Plastina

Treasurer (principal accounting officer)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Matthew Plastina

Updated as of August 2023

## Ex-99.Cert

Hi CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE INVESTMENT COMPANY ACT OF 1940

AND SECTION 302 OF THE SARBANES OXLEY ACT OF 2002

I, John Howard, certify that:

1. &nbsp;&nbsp;&nbsp;&nbsp; I have reviewed this report on Form N-CSR of the AQR Funds (the "Registrant");

2. &nbsp;&nbsp;&nbsp;&nbsp; Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. &nbsp;&nbsp;&nbsp;&nbsp; Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report;

4. &nbsp;&nbsp;&nbsp;&nbsp; The Registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

a)

&nbsp;&nbsp;&nbsp;&nbsp; Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)

&nbsp;&nbsp;&nbsp;&nbsp; Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)

&nbsp;&nbsp;&nbsp;&nbsp; Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

d)

&nbsp;&nbsp;&nbsp;&nbsp; Disclosed in this report any change in the Registrant's internal control over financial reporting 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; and

5. &nbsp;&nbsp;&nbsp;&nbsp; The Registrant's other certifying officer(s) and I have disclosed to the Registrant's auditors and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):

a)

&nbsp;&nbsp;&nbsp;&nbsp; All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize, and report financial information; and

b)

&nbsp;&nbsp;&nbsp;&nbsp; Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting.

Date:&nbsp;&nbsp;&nbsp;&nbsp; November 24, 2025&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; By: &nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; /s/ John Howard

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ----------------------------------------

John Howard

Principal Executive Officer

CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE INVESTMENT COMPANY ACT OF 1940

AND SECTION 302 OF THE SARBANES OXLEY ACT OF 2002

I, Matthew Plastina, certify that:

1. &nbsp;&nbsp;&nbsp;&nbsp; I have reviewed this report on Form N-CSR of the AQR Funds (the "Registrant");

2. &nbsp;&nbsp;&nbsp;&nbsp; Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. &nbsp;&nbsp;&nbsp;&nbsp; Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report;

4. &nbsp;&nbsp;&nbsp;&nbsp; The Registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

a)

&nbsp;&nbsp;&nbsp;&nbsp; Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)

&nbsp;&nbsp;&nbsp;&nbsp; Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)

&nbsp;&nbsp;&nbsp;&nbsp; Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

d)

&nbsp;&nbsp;&nbsp;&nbsp; Disclosed in this report any change in the Registrant's internal control over financial reporting 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; and

5. &nbsp;&nbsp;&nbsp;&nbsp; The Registrant's other certifying officer(s) and I have disclosed to the Registrant's auditors and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):

a)

&nbsp;&nbsp;&nbsp;&nbsp; All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize, and report financial information; and

b)

&nbsp;&nbsp;&nbsp;&nbsp; Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting.

Date:&nbsp;&nbsp;&nbsp;&nbsp; November 24, 2025&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; By: &nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; /s/ Matthew Plastina

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ---------------------------------------

Matthew Plastina

Principal Financial Officer

## Exhibit 99.906

**Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of section 1350, chapter 63 of title 18, United States Code)**

In connection with the attached Report of the AQR Funds (the "Fund") on Form N-CSR to be filed with the Securities and Exchange Commission (the "Report"), each of the undersigned officers of the Fund does hereby certify that, to the best of such officer's knowledge:

1. The Report fully complies with the requirements of 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Fund as of, and for, the periods presented in the Report.

Dated: November 24, 2025

By: /s/ John Howard

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ______________________________

John Howard

Principal Executive Officer

By: /s/ Matthew Plastina

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; _______________________________

Matthew Plastina

Principal Financial Officer

A signed original of this written statement required by Section 906 has been provided to the Fund and will be retained by the Fund and furnished to the Securities and Exchange Commission or its staff upon request.