FUNDS A3.2.1

(1) The Fund Manager of a Public Fund must, by way of a Special Resolution, obtain prior approval from the Unitholders for any proposed change to the Public Fund which is a fundamental change.
(2) In addition to the specific fundamental changes in relation to a Fund prescribed under Rules 12.3.13 (affected person transactions) 12.13.3 (no new category or increase of remuneration) and 18.1.3 (transfer schemes relating to domestic schemes), a "fundamental change" under (1) is a change or event which:
(a) changes the purpose or nature of the Fund;
(b) may materially prejudice Unitholders;
(c) alters the risk profile of the Fund; or
(d) introduces any new type of payment out of Fund Property.
(3) Notwithstanding (2) above, any change may be fundamental depending on its degree of materiality and effect on the Fund and its Unitholders. Consequently, the Fund Manager must determine whether in each case a particular change is fundamental in nature and, if the Fund is an Investment Trust, obtain the Trustee's agreement to the outcome of the determination.