Securities include valuable securities and priceless securities. Generally speaking, negotiable securities refer to legal documents that record and represent certain rights, including stocks, funds, bonds, securities derivatives and so on.

Funds can be divided into broad sense and narrow sense. Broadly speaking, a fund refers to a certain amount of funds set up for a certain purpose. For example, trust and investment funds, unit trust funds, provident funds, insurance funds, retirement funds and funds of various foundations. In a narrow sense, funds (that is, what we usually say) refer to securities investment funds.

Securities investment fund is a collective securities investment model with * * * interests and * * * risks, that is, an indirect investment model in which investors' funds are concentrated by issuing fund shares, managed by fund custodians and managed and used by fund managers, and invested in financial instruments such as stocks and bonds, and the investment income is distributed according to the investment proportion of fund investors.

Securities investment funds have different names in different countries, such as mutual funds in the United States and securities investment funds in China.