The investment seeks to track the investment results (before fees and expenses) of the RAFI® Bonds U.S. Investment Grade 1-10 Index. The fund generally will invest at least 80% of its total assets in the components of the index. Strictly in accordance with its guidelines and mandated procedures, Research Affiliates, LLC or its agent compiles and calculates thei ndex, which is comprised of U.S. dollar-denominated investment grade corporate bonds which are SEC-registered securities or Rule 144A securities under the Securities Act of 1933 with registration rights and whose issuers are public companies domiciled in the United States.