The fund aims to provide exposure to the fixed income market, primarily investing in a mix of Canadian, US, and international securities for short-term and long-term gain. The securities comprising the fund are selected by the manager based on their assessment of the markets and potential investment opportunities. The fund expects a long exposure on corporate bonds and short positions in government bonds to hedge against interest rate risk. No limitations are set regarding market value, geography, industry and maturity. NACO may also borrow up to 50% of its assets to use as leverage or to enter into short positions. The fund is actively managed.