FUNDS 12.3.2

(1) In the case of any Fund other than an Investment Trust, the Fund Manager is responsible to the Unitholders for ensuring the safekeeping of the Fund Property in accordance with these Rules.
(2) Without removing the generality of the obligation under (1), and subject to Section 12.3.3 below a Fund Manager must, unless it is both impracticable and disproportionate to do so, in the case of a Fund structured other than as an Investment Trust:
(a) delegate the Regulated Activity of Providing Custody in relation to the Fund Property to a Service Provider who is an Eligible Custodian; and
(b) comply with the delegation procedures set out in Rule 12.12 in relation to such a delegation.