基金的投资（Investments of the Fund）这一条款是私募投资基金合同（约定私募基金的一种书面合同）中的核心条款之一，主要对基金的投资目标及策略、基金的投资范围、投资禁止行为、风险收益特征、投资经理的基本情况等进行了说明，是了解私募投资基金时必须重点关注的条款。以下为部分合同中相关条款的双语示例，供参考：

示例一：

十一、基金的投资 Chapter XI Investments of the Fund

(一)本基金的投资目标及策略

Investment Objectives and Strategies of the Fund

本基金主要投资注册于XXX的主基金, 通过主基金的投资间接实现投资目标。

The Fund mainly invests in the Primary Fund registered in XXX, and indirectly achieves its investment objectives through the investments of the Primary Fund.

主基金的投资目标、投资策略请见本章第(三)条之“主基金的投资目标及投资策略”。

For the investment objectives and strategies of the Primary Fund, please refer to Article (3) of this chapter - "Investment Objectives and Strategies of the Primary Fund".

(二)本基金的投资范围

Investment Scope of the Fund

(1)本基金投资范围

Investment Scope of the Fund

本基金将其基金资产的至少XX%投资于主基金的权益单位, 为免歧义, 本基金存续期间, 因本基金投资的主基金份额净值的变化, 可能会导致本基金资产中投资于主基金的资产比例小于XX%, 届时将不视为对前述规定的违反,基金管理人亦无需就本基金的投资组合进行调整。

The Fund shall invest at least XX% of its fund assets in the equity units of the Primary Fund. For the avoidance of doubt, during the Term of the Fund, changes in the net value of the Primary Fund’s unit invested by the Fund may cause the proportion of the fund assets invested in the Primary Fund to be less than XX%. It will not be deemed to be a violation of the foregoing and the Fund Manager will not be required to make any adjustments to the Fund's portfolio.

为维持本基金流动性、支付本基金应承担的费用等目的, 本基金最多可将其基金资产的XX%投资于: (1)国内银行存款、现金等货币市场工具, 以及(2)中国法律法规允许本基金投资的其他产品或金融工具。

For the purpose of maintaining the liquidity of the Fund and paying the expenses to be borne by the Fund, the Fund may, at most, invest XX% of its fund assets in: (1) domestic bank deposits, cash and other money market instruments, and (2) other products or financial instruments in which the Fund may invest as permitted by the Chinese Laws and Regulations.

如本基金投资国内银行存款、现金以外的货币市场工具, 以及中国法律法规允许本基金投资的其他产品或金融工具前需与托管人书面确定是否符合监管要求, 托管人是否已做好运营准备。

If the Fund intends to invest in money market instruments other than domestic bank deposits and cash, as well as other products or financial instruments permitted by the Laws and Regulations, it is necessary to confirm with the trustee in writing whether they meet the regulatory requirements and whether the trustee is ready for operation.

基金管理人应当自本基金完成在基金业协会的备案之日起6个月内(“建仓期”)使基金投资组合比例符合基金合同的有关约定。

The Fund Manager shall, within 6 months from the date of filing the Fund with AMAC ("the Position-Building Period"), make the Fund's portfolio ratio in accordance with the relevant provisions of the Fund Contract.

(2)关于开放日发生申购/赎回情况下本基金对主基金的投资之特别说明

Special Notes on the Investment of the Fund in the Primary Fund in the case of Purchase/Redemption on the Open Day

根据本合同第七章第(六)条规定, 基金投资人在开放日的申购/赎回, 在正常情况下, 基金行政管理人在T+2工作日内对T日申购和赎回申请的有效性进行确认。经确认的申购和赎回申请, 基金管理人将一并做轧差处理, 并将根据轧差之后的净申购或净赎回的金额, 向主基金提出相应的申购或赎回申请。According to Article (6), Chapter VII of the Contract, under normal circumstances, the Fund Administrator will confirm the validity of the Fund Investor’s purchase/redemption applications on the Open Day (T Day) within T+2 Working Day. For the confirmed purchase and redemption applications, the Fund Manager will calculate the offset balance and submit the corresponding purchase or redemption application to the Primary Fund according to the net purchase or redemption amount after the offset.

为免歧义, 在出现净申购的情况下, 在基金管理人向主基金提出相应的申购申请之日前, 本基金的现金资产在短时间内的比例可能会超出前述10%的比例限制, 此种情形系被动超标, 不视为对前述投资比例的违反。

For the avoidance of doubt, in the case of net purchase amount, the proportion of cash assets of the Fund may exceed the limit of 10% mentioned above in a short period of time before the Fund Manager submits the corresponding purchase application to the Primary Fund. It is a passive excess, which shall not be deemed as a violation of the aforesaid investment proportion.

(三)主基金的投资目标及投资策略

Investment Objectives and Strategies of the Primary Fund

(1)主基金的投资目标

Investment Objectives of the Primary Fund

主基金主要投资于XXX。

The Primary Fund mainly invests in XXX.

(2)主基金的投资策略

Investment Strategies of the Primary Fund

……

(四)投资限制

Investment Limitations

(1)本基金财产应严格按照本合同约定的投资范围进行投资, 对于本基金财产的境外投资, 本基金应当遵守投资标的所在地法律法规, 并服从投资标的所在地的监管机构或证券交易所规定及行业自律规则。

The investments of the Fund Properties shall be made in strict accordance    with the investment scope stipulated in the Contract. For the overseas investments of the Fund Properties, the Fund shall abide by the laws and regulations in the place where the investment targets are located, and shall be subject to the provisions of the regulators or the stock exchanges in the place where the investment targets are located as well as the self-discipline rules of the industry.

(2)法律法规或监管部门对上述限制另有规定的, 从其规定。

If the laws and regulations or the regulators have other provisions on the above-mentioned restrictions, such provisions shall prevail.

(五)投资禁止行为

Prohibited Investments

本基金财产禁止从事下列行为:

The Fund Properties shall be prohibited from being engaged in any of the following acts:

(1)承销证券;

Underwriting securities;

(2)违反规定向他人贷款或提供担保;

Providing loans or guarantees to others in violation of regulations;

(3)从事承担无限责任的投资;

Engaging in investments with unlimited liability;

(4)利用基金财产为基金投资人之外的任何第三方谋取不正当利益、进行利益输送;

Using the Fund Properties to seek illegitimate interests for and to transfer benefits to any third party other than the Fund Investors;

(5)从事内幕交易、操纵证券价格及其他不正当的证券交易活动;

Engaging in insider trading, manipulating securities prices and conducting other improper securities trading activities; and

(6)法律法规以及本合同规定禁止从事的其他行为。

Other acts prohibited by the Laws and Regulations and the Contract.

(六)关联交易说明

Related-Party Transactions Statement

本基金的基金管理人与主基金管理公司(兼主基金行政管理人)、主基金投资管理人均为关联方, 因此, 本基金投资于主基金将构成关联交易。基金投资人签署本合同, 认购/申购本基金, 即视为基金投资人同意该等关联交易。

The Fund Manager of the Fund, the Management Company of the Primary Fund (concurrently as the Administrator of the Primary Fund) and the Investment Manager of the Primary Fund are related parties. Therefore, the Fund's investment in the Primary Fund shall constitute a related-party transaction. By signing the Contract and subscribing for/purchasing the Fund, the Fund Investor shall be deemed to have agreed to such related-party transaction.

基金管理人或其关联方可能向拥有与本基金相似或不相似的投资目标和/或投资内容的其他投资基金和专户提供有裁量权或无裁量权的投资管理服务的, 可能导致与本基金产生潜在的利益冲突。基金管理人的关联方为股权、固定收益、国际货币、商品、衍生品等市场的重要参与者, 因此基金管理人的关联方可能积极地代表其他投资基金与专户参与此类交易服务, 其中此类投资基金与专户可能投资于与主基金投资的相同投资组合基金和/或投资组合基金所投资的相同金融工具, 从而导致存在特定的利益冲突。

The Fund Manager or its affiliates may provide discretionary or non-discretionary investment management services to other investment funds and segregated accounts that have investment objectives and/or investment contents similar to or different from those of the Fund, which may result in potential conflicts of interest with the Fund. The Fund Manager’s affiliates are important participants in the equities, fixed incomes, international currencies, commodities, derivatives and other markets, so the Fund Manager's affiliates may actively participate in such trading services on behalf of other investment funds. Such investment funds and segregated accounts may invest in the same investment portfolio funds as those invested by the Primary Fund and/or the same financial instruments invested by the aforesaid investment portfolio fund, which will lead to certain conflicts of interest.

基金管理人保证其本身及其关联方将遵循公平、公正原则, 平等对待基金管理人及其关联方管理的所有投资产品, 并保证不会在这些投资产品之间人为地故意输送利益, 公平处理基金管理人及其关联方管理的其他投资产品与本基金的利益冲突。但是, 基金管理人并不保证本基金在投资收益或投资风险方面会优于基金管理人及其关联方管理的投资范围与本基金存在重叠和交叉的其他投资产品。基金管理人或其关联方管理的其他投资产品的投资损失或投资收益未达预期并不意味着本基金不会出现投资损失或投资收益未达预期的类似情况。基金份额持有人不得因本基金投资收益劣于基金管理人及其关联方管理的其他类似投资产品, 而向基金管理人提出任何损失或损害补偿的要求。

The Fund Manager warrants that the Fund Manager and its affiliates shall abide by the principles of fairness and equity, treat all investment products managed by the Fund Manager and its affiliates equally, guarantee not to deliberately transfer interests between these investment products, and deal fairly with conflicts of interest between the Fund and other investment products managed by the Fund Manager and its affiliates. However, the Fund Manager does not warrant that the Fund will be superior to other investment products managed by the Fund Manager and its affiliates whose investment scopes overlap and intersect with that of the Fund in terms of investment returns or investment risks. The fact that other investment products managed by the Fund Manager or its affiliates suffer losses or returns on those investments do not meet expectations does not mean that the Fund will not experience similar losses or returns on investments that do not meet expectations. The Fund Unit Holders shall not claim any loss or damage compensation from the Fund Manager due to the fact that the return on the Fund is inferior to other similar investment products managed by the Fund Manager and its affiliates.

(七)风险收益特征

Risk-Return Characteristics

在直销的情形下, 本基金风险等级为XX 级, 适合风险承受能力为XX型或以上的的普通投资者以及专业投资者。

In the case of direct selling, the risk grade of the Fund is XX, suitable for Ordinary Investors and Professional Investors with risk tolerance of XX or above.

在代销的情形下, 本基金的风险收益特征以基金管理人委托的销售机构的评级结果为准。

In the case of selling by proxy, the risk-return characteristics of the Fund shall be subject to the rating results of the sales agency entrusted by the Fund Manager.

(八)投资经理的基本情况

Basic Information of the Investment Manager

本基金的投资经理为XXX, 简历如下:

The investment manager of the Fund is XXX, whose resume is as follows:

XXX

基金管理人可根据业务需要变更投资经理, 并在变更后10个境内工作日通过本合同约定的方式之一告知基金份额持有人, 并应及时报告北京市金融局。

The Fund Manager can change the investment manager according to the business needs, and inform the Fund Unit Holders through one of the ways stipulated in the Contract within 10 Domestic Working Days after the change, and report to Beijing Finance Bureau in a timely manner.

示例二：

一、 基金的投资

         Investment of the Fund

(一) 本基金的投资目标及政策/Investment objectives and policies of the Fund

本基金将其几乎所有可用资产（除了某些费用和支出准备金）投资于海外联接实体，并由海外联接实体投资于主基金有限合伙权益。为免疑义，根据主基金法律文件，主基金通常于每季度第一个主基金正常营业日进行后续交割并接纳本基金之认缴出资（如有）；受限于主基金后续交割及提款进度，本基金可用资产可在适用法律法规允许的时限内被一次性或分多次用于认购主基金权益单位，或/及在认购主基金主基金权益单位后在主基金法律文件允许的时限内被一次性100%提取或分多次提取。

The Fund will invest almost all of its available assets (other than certain fees and expenses reserves) in the Overseas Feeder Entity, which will invest in the limited partnership interests of the Master Fund. For the avoidance of doubt, in accordance with the legal documents of the Master Fund, the Master Fund usually proceeds with the subsequent closing and accepts the capital contribution subscribed for by this Fund (if any) on the first normal business day of the Master Fund in each Quarter. Subject to the subsequent closing and drawdown schedules of the Master Fund, the available assets of this Fund may be utilized to subscribe for the equity units of the Master Fund either for one time or for several times within the time limit permitted by applicable laws and regulations, and/or be withdrawn either for one time in full or for multiple times after subscription for the equity units of the Master Fund within the time limited permissible by the Legal Document of the Master Fund.

主基金的投资目标、投资政策请参见附录B。无法确保本基金、主基金将实现其整体投资组合或任何单个投资的目标。

For the investment objectives and investment policies of the Master Fund, refer to Appendix B. There is no assurance that this Fund and/or the Master Fund will achieve the objectives of its overall portfolio or any individual investment.

(二) 本基金的投资范围/Investment scope of the Fund

1. 本基金投资范围/Investment scope of the Fund

本基金财产仅限于通过海外联接实体投资于主基金的权益单位。需要说明的是, 由于主基金在初始募集期内仅发行出售以美元计价的有限合伙权益, 因此本基金将主要投资于主基金的以美元计价的E类有限合伙权益（计价货币：美元）。

The Fund Property shall only be invested in the equity units of the Master Fund through the Overseas Feeder Entity. It should be noted that since the Master Fund only issues and sells dollar-denominated limited partnership interests during the initial Offering Period, the Fund will mainly invest in the dollar-denominated Class E limited partnership interests of the Master Fund (priced at USD).

为保持流动性, 同时允许以银行存款、货币基金或法律法规允许的短期流动性产品作为本基金流动性管理工具。

Meanwhile, to maintain liquidity, bank deposits, money funds or short-term liquid products permitted by laws and regulations are allowed as liquidity management tools for this Fund.

在法律法规及/或相关中国监管机构允许的前提下, 基金管理人在与基金份额持有人、基金托管人协商一致并履行适当程序或按照本合同约定的其他方式后, 可以调整本基金的投资范围, 并应为基金管理人相关系统准备以及投资组合调整留出必要的时间。

To the extent permissible by laws and regulations and/or the relevant Chinese regulatory authorities, the Fund Manager may adjust the investment scope of this Fund after reaching consensus through consultation with the Fund Share Holders and Fund Custodian and performing appropriate procedures or in accordance with other methods agreed in this Contract, with the necessary time to be reserved for the Fund Manager to prepare for related systems and adjust the investment portfolio.

(三) 主基金的投资目标、投资政策/Investment objectives and investment policies of the Master Fund

1. 主基金的投资目标/Investment objectives of the Master Fund

主基金将主要投资于不良债务和其他价值导向型投资，主要投资于具有公允市场报价且可在市场报价合理区间内出售的证券和债务。主基金的投资目标、投资政策参见附录B。

The Master Fund will invest primarily in distressed debt and other value-oriented investments, mainly in securities and debt that have fair market quotes and can be sold within a reasonable range of market quotes. See Appendix B for the investment objectives and investment policies of the Master Fund.

基金管理人并不确保主基金将达到其投资目标或避免实质性损失。

The Fund Manager provides no guarantee that the Master Fund will meet its investment objectives or avoid substantial losses.

主基金投资及其资产净值受限于市场条件的变化。

The investment of the Master Fund and its net asset value are subject to changes in market conditions.

(四) 投资限制/Investment restrictions

1. 本基金财产应严格按照本合同约定的投资范围进行投资, 对于本基金财产的境外投资, 本基金应当遵守投资标的所在地法律法规, 并服从投资标的所在地的监管机构或证券交易所规定及行业自律规则。The Fund Property shall be invested strictly in accordance with the investment scope agreed in this Contract. For overseas investments of the Fund Property, this Fund shall abide by the laws and regulations of the place where the investment target is located, and shall comply with the regulations of the regulatory authorities or stock exchange where the investment target is located and the industry self-regulation rules.

2. 法律法规或监管部门对上述限制另有规定的, 从其规定。

If the laws and regulations or the regulatory authorities have other provisions on the above restrictions, those provisions shall prevail.

3. 就本基金最终投资的主基金的投资限制，请参见附录B。

For the investment restrictions on the Master Fund finally invested by this Fund, refer to Appendix B.

(五) 投资禁止行为/Investment prohibitions

本基金财产禁止从事下列行为:/The Fund Property shall be prohibited from engaging in the following activities:

1. 承销证券;Underwriting securities;

2. 违反规定向他人贷款或提供担保;Providing loans or guarantees to others in violation of regulations;

3. 从事承担无限责任的投资;Providing loans or guarantees to others in violation of regulations;

4. 利用基金财产为基金投资人之外的任何第三方谋取不正当利益、进行利益输送;Using the Fund Property to seek illegal benefits and transfer benefits for any third party other than fund investors;

5. 从事内幕交易、操纵证券价格及其他不正当的证券交易活动;Engaging in insider trading, manipulation of securities prices and other illegitimate securities trading activities;

6. 法律法规以及本合同规定禁止从事的其他行为。Engaging in other acts prohibited by laws, regulations and this contract.

(六) 基金托管人对基金管理人投资运作的监督/Supervision of the Fund Custodian over the investment operation of the Fund Manager

1. 基金托管人自本基金成立之日起，于每一估值日后，仅对下述投资限制进行监督：From the date of establishment of this Fund, and after each Valuation Date, the Fund Custodian shall solely supervise investment restrictions as follows:

（1）投资于主基金的比例占本基金资产净值的0-100%。

The proportion invested in the overseas Master Fund accounts for 0-100% of the Net Asset Value of the Fund.

（2）投资于现金、银行存款、货币基金或法律法规允许的短期流动性产品的比例为本基金资产净值的0-100%。

The proportion invested in cash, bank deposits, money funds or short-term liquid products permitted by laws and regulations accounts for 0-100% of the Net Asset Value of the Fund.

2. 基金托管人发现基金管理人的投资运作不符合上述投资限制时，应当提示基金管理人及时纠正，基金管理人收到提示后应及时核对，并以书面形式向基金托管人进行解释或举证。

If the Fund Custodian finds that the investment operation of the Fund Manager does not conform to the above investment restrictions, it shall prompt the Fund Manager to make corrections in time, and the Fund Manager shall, upon receipt of the prompt, check timely and explain or present evidence to the Fund Custodian in written form.

基金托管人有权随时对通知事项进行复查，督促基金管理人改正。对基金管理人的违规事项，基金托管人有权报告中国证监会、基金业协会、上海市金融局。

The Fund Custodian shall have the right to review matters notified at any time and urge the Fund Manager to make corrections. Any violation by the Fund Manager may be reported by the Fund Custodian to the CSRC, the AMAC and the SHFSO.

3. 对于需要外部市场公共数据支持才可以实现的监控指标，基金托管人不能完全保证外部数据的真实、完整、准确，但会尽勤勉义务督促外部数据提供商保证所提供数据的真实、完整。

For the monitoring indicators that can be realized only with the support of external public data in the market, the Fund Custodian makes no guarantee as to the truth, integrity and accuracy of external data, but will do its duty of diligence to procure external data providers to ensure the truth and integrity of the data provided.

4. 因投资政策变更导致的投资监督事项的调整，应经基金管理人和基金托管人协商一致，并为基金托管人调整监督事项留出必要的时间。

The adjustment of investment supervision matters caused by the change of investment policy shall be agreed upon by the Fund Manager and the Fund Custodian through consultation, and necessary time shall be set aside for the Fund Custodian to adjust the supervision matters.

(七) 风险收益特征/Risk and return characteristics

在直销的情形下，按照《证券期货投资者适当性管理办法》及《基金募集机构投资者适当性管理实施指引（试行）》相关要求，本基金风险类型为R4, 包括损失全部投资金额的风险, 适合风险承受能力为C4及以上的普通投资者以及《证券期货投资者适当性管理办法》规定的专业投资者。

In the case of direct sales, as required in the Measures for the Suitability Management of Securities and Futures Investors and the Guidelines for Investor Suitability Management for Offering Institutions (trial), the Fund's risk type is R4, including the risk of losing the entire investment amount, and is suitable for ordinary investors with a risk tolerance of C4 and above and professional investors set out in the Measures for the Suitability Management of Securities and Futures Investors.

在代销的情形下，本基金的风险收益特征以基金管理人委托的销售机构的评级结果为准。

In the case of commission sales, the risk-return characteristics of this Fund are subject to the rating results of the sales agency commissioned by the Fund Manager.

(八) 投资经理/Investment manager

1. 投资经理的基本情况/Basic situation of the investment manager

本基金的投资经理为XXX，简历如下:

XXX serves as the investment manager of this Fund, whose resume is as follows:

基金管理人可根据业务需要变更投资经理，并在变更后10个工作日通过本合同约定的方式之一告知基金份额持有人, 并应按照《QDLP试点办法》的要求及时报告上海市金融局。

The Fund Manager may change the investment manager according to business needs, and notify the Fund Share Holders in one of the ways as agreed in this Contract within 10 working days after the change, and shall report to SHFSO in a timely manner as required under the QDLP Pilot Measures.