Declaration of trust relating to managed investment scheme

Conveyance duty is not imposed in respect of a declaration of trust:

that is made by a trustee in respect of dutiable property that, immediately before the trust is declared is held by the trustee as trustee of a responsible entity of a managed investment scheme, and
that is made for the purpose of holding the property on trust for the responsible entity of a managed investment scheme.

Does the trustee hold dutiable property in the ACT, as trustee of a responsible entity of a managed investment scheme?