12.—(1) The limits which apply to certain sorts of investments are set out in the Schedule.
(2) The percentages set out in the headings in Part I of the Schedule are the limits on the amount of each description of investment listed under those headings.
(3) The percentages referred to in paragraph (2) are percentages of the total value of all existing investments in the fund before making the investment which is subject to the limit.
(4) The limits set out in the Schedule only apply at the time the investment is made.
(5) The exceptions to the limits are specified in Part II of the Schedule.