| 1940 Act |
The Investment Company Act of 1940, as amended |
| Absolute Return Benchmark |
The Merrill Lynch 3 Month Treasury Bill Index |
| Adviser |
AQR Capital Management, LLC |
| Advisory Agreement |
The Investment Advisory Agreement dated December 4, 2008 under which the Adviser serves as investment adviser to the AQR Funds |
| Alpha |
The risk-adjusted level of outperformance of a portfolio over its benchmark |
| Beta |
A measure of the volatility of a security or portfolio in comparison to an index or the market as a whole. |
| Board of Trustees |
The Board of Trustees of the AQR Funds or any duly authorized committee thereof, as permitted by applicable law |
| Business Day |
Each day during which the NYSE is open for trading |
| Code |
The Internal Revenue Code of 1986, as amended |
| Correlation |
The degree to which two or more attributes or measurements shows a tendency to vary together |
| Convertible Securities |
Fixed-income securities that are convertible into common stock |
| Distributor |
ALPS Distributors, Inc. |
| EPS Growth (5 Year) |
Growth of earnings per share over the last five years |
| IRS |
The Internal Revenue Service |
| Mutual Fund |
An investment company registered under the 1940 Act that pools the money of many investors and invests it in a variety of securities in an effort to achieve a specific objective over time |
| NAV |
The net asset value of a particular Fund |
| NYSE |
The New York Stock Exchange |
| Rule 12b-1 Plan |
A plan pursuant to Rule 12b-1 under the 1940 Act, which permits a fund to pay distribution and shareholder servicing expenses out of fund assets |
| P/B (Price-to-Book Ratio) |
A valuation ratio of a company's current share price compared to its book value |
| P/E (Price-to-Earnings Ratio) |
A valuation ratio of a company's current share price compared to its per-share earnings |
| Short Selling (Shorting) |
The sale of a security that the seller does not own, which requires borrowing the security. Short sellers hope to buy back the security at a lower price than what they paid |
| SEC |
U.S. Securities and Exchange Commission |
| Sub-Adviser |
CNH Partners, LLC |
| Transfer Agent |
ALPS Fund Services, Inc. |
| Total Return |
The percentage change, over a specified time period, in a mutual fund’s NAV, assuming the reinvestment of all distributions of dividends and capital gains |
| Tracking Error or Tracking Risk |
A measure of how closely a portfolio follows the index to which it is benchmarked. It measures the standard deviation of the difference between the portfolio and index returns |