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.

Funds have broad and narrow definitions. A fund in a broad sense 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. Fund is a narrow concept, which refers to funds with specific purposes and uses. So the securities investment fund is a part of the fund. The fund is not a securities investment fund.