The ACH Fixed Income Fund like its name is composed of fixed income,  a defensive asset class that can play an important role in a well diversified investment portfolio.  It is generally considered lower risk than shares, and provides regular interest payments that can be an ideal way to produce a steady source of income.

• Government bonds
  Issued directly by a government and are explicitly guaranteed. For instance, in Australia the Federal Government issues Commonwealth securities to help pay for major government projects.

• Semi-government bonds
  Not issued directly by a government but might have a direct or implied guarantee. For instance, state governments and other entities that have a government guarantee (like the World Bank), issue bonds to support their financial needs or to finance public projects.

• Corporate bonds
  Issued by large public companies to fund expansion and other major projects, corporate bonds differ in two important ways to government bonds; in yield and credit quality. Generally, corporate bonds are thought to have a higher level of risk than government or state government bonds, so they typically offer higher interest rates.

• Bond index funds
  These funds are collections of bonds that are intended to mirror the performance of a particular market benchmark or index. The primary advantage of bond index funds is their low costs.

• Bond exchange traded funds (ETFs)
  Bond ETFs are similar to conventional bond index funds. However, as ETFs are traded throughout the day like individual securities, bond ETFs offer additional trading flexibility not available from conventional bond index funds.

• Actively managed bond funds
  These funds are managed by individual investment managers that pick bonds with the intention of outperforming a fund’s benchmark. Actively managed bond funds offer investors the opportunity for higher returns than bond index funds, though usually at relatively higher costs.