Australian Enhanced Income Fund (the Fund) is a managed investment fund. The Fund's principal activity is investment management, conducted primarily in Australia. The Fund is suitable for investors who are seeking to earn a rate of return consistently above the bank bill and bank term deposit rates of return but are prepared to accept a small degree of capital risk to achieve the objective. The Fund is a managed hybrid fund. The Fund invests in a portfolio of approximately 30 Australian Securities Exchange (ASX) listed debt equity hybrid securities. The timeframe for an investment in the Fund is over three years. The Fund offers a Dividend Reinvestment Plan (DRP) allowing unit holders to elect to receive their dividends in new units rather than in cash. Elstree Investment Management Limited is an investment manager of the Fund.