The fund invests in the constituents of the JSE All Bond Index (ALBI) and aims to replicate the index by holding the same weightings of these constituents. The JSE All Bond Index (ALBI) is a composite bond Index that represents the top 20 vanilla bonds from across a range of maturities in the South African market, ranked by liquidity and market capitalisation. The fund is rebalanced monthly. The fund may also hold a small portion in cash instruments and listed derivatives to effect efficient portfolio management.