The Fund invests predominantly in bank deposits, money market instruments (including but not limited to bank bills and certificates of deposit), corporate floating rate notes and asset backed and mortgage backed securities. Derivatives and fixed rate corporate debt may also be used. The Fund may be exposed to non-Australian dollar denominated cash and cash equivalent securities. Any foreign currency exposures will be largely hedged back to Australian dollars.

To provide a total return, before costs and tax, higher than the Fund’s benchmark over the short to medium term by providing exposure to a diversified portfolio of predominantly Australian dollar investment grade floating rate income securities and cash / cash equivalents

Benefits of investing in the Russell Investments Australian Floating Rate Fund - Class A

• Actively managed investment strategy:The Fund offers broad exposure to a diversified portfolio of cash and cash-like assets, including corporate debt, asset backed and debt-like hybrid securities. The Fund's investment strategy is based on the same deep insights, high standards and stringent research we use working for many of the world's largest investors.

• Deep global insights:The majority of investment opportunities reside outside of Australia. We operate a global business with specialists in the major markets around the world. We value local knowledge, building a dedicated team of over 300 professionals in 21 countries. We base our portfolio managers and manager researchers in the markets in which they work allowing them to better understand their portfolios, enabling quicker and more decisive action.

• Best of breed approach: Embedded within our funds is an open architecture selection process, scouring the globe for investment opportunities, wherever they reside. Our analysts seek to identify superior investment manager talent through a proprietary research process based on objective analysis. This includes monitoring more than 4,000 investment manager firms. We combine decades of consulting experience, proprietary analytics and our renowned manager research to bring the optimal combination of managers in each asset class.

Risk level

Low

Investor suitability

Suitable for investors seeking cash-like returns who have a short investment horizon.

About the Fund

The Fund invests predominantly in bank deposits, money market instruments (including but not limited to bank bills and certificates of deposit), corporate floating rate notes and asset backed and mortgage backed securities. Derivatives and fixed rate corporate debt may also be used. The Fund may be exposed to non-Australian dollar denominated cash and cash equivalent securities. Any foreign currency exposures will be largely hedged back to Australian dollars.

The primary manager in the Russell Investments Australian Cash Enhanced Fund is Perpetual Investment Management Limited, which is managing a floating rate note (FRN) mandate focused on adding value through security and sector selection. The Fund also includes a positioning strategy managed by Russell Investments which comprises vanilla' cash and is used to proactively manage the Fund's liquidity level.

Investment return objective

To provide a total return, before costs and tax, higher than the Fund's benchmark over the short to medium term by providing exposure to a diversified portfolio of predominantly Australian dollar investment grade floating rate income securities and cash / cash equivalents.

How we invest your money

The Fund typically invests in cash and cash equivalent securities such as bank deposits, money market instruments (including but not limited to bank bills and negotiable certificates of deposit), corporate floating rate notes and asset- backed and mortgage-backed securities.

Derivatives and fixed rate corporate debt may also be used. The Fund may be exposed to non-Australian dollar denominated cash and cash equivalent securities. Any foreign currency exposures will be largely hedged back to Australian dollars using forward foreign exchange contracts.

Perpetual Investment Management Limited Credit enhanced cash mandate

Perpetual's credit enhanced cash mandate invests in a diversified portfolio of cash and cash equivalent securities, such as corporate floating rate notes, asset- backed and mortgage-backed securities. Perpetual's credit enhanced cash mandate may invest in assets directly or indirectly by investing in other Perpetual managed funds that have similar investment objectives and authorised investments.

Asset allocation

• The Fund may invest from 65% - 90% in corporate floating rate notes, asset backed and mortgage backed securities.

• It may also invest from 10% - 35% in cash.