“Investments” generally means the following:
- Securities, including stocks, bonds, and notes, other than securities of an issuer that is under common control with the qualified purchaser.
- Real estate held for investment purposes.
- Commodity futures contracts, options or commodity futures, and options on physical commodities traded on a contract market or board of trade, held for investment purposes.
- Physical commodities (e.g., gold and silver), with respect to which futures contracts are traded on a contract market or board of trade, held for investment purposes.
- Financial contracts (e.g., swaps and similar individually negotiated financial transactions), other than securities, held for investment purposes.
- For an investment company or a commodity pool, any binding capital commitments.
- Cash and cash equivalents held for investment purposes. Neither cash used by an individual to meet everyday expenses nor working capital used by a business is considered cash held for investment purposes
Section 2(a)(51) of the Investment Company Act: https://www.law.cornell.edu/uscode/text/15/80a-2
7 CFR § 270.2a51-1 – Definition of investments for purposes of section 2(a)(51) (definition of “qualified purchaser”): https://www.law.cornell.edu/cfr/text/17/270.2a51-1