From the content of information disclosure, China's fund laws and regulations are higher than other countries and regions in the world, which fully reflects the protection of fund investors' interests by China's regulatory authorities in the pilot stage of regulating securities investment funds. However, we feel that there is still room for improvement in the current information disclosure methods. We believe that the disclosure of fund income, except interim report and annual report, is not conducive to fund investors to fully and truly understand the fund's operating conditions, and loopholes in the information disclosure system may leave an opportunity for speculative funds. The net assets and actual income of a fund are two different concepts. The net assets of the fund are calculated according to the market value of the securities invested by the fund, reflecting the book value of the securities invested by the fund. Because the current market manipulation of fund investment stocks is difficult to eradicate, there may be considerable moisture in the fund's net assets; At the same time, if the fund holds a large proportion of a stock, especially if the fund and other financial institutions jointly speculate on the stock, the fund may not be able to sell all the shares at the share price when announcing the net asset value and realize the income.

Therefore, we suggest that the actual income of the fund should be announced at the same time as the net asset value of the fund. Contents of Portfolio Publication At present, the portfolios published by several securities investment funds generally combine treasury bonds investment and cash held as one content. However, the significance of national debt and cash in the fund portfolio is completely different. National debt is a kind of capital investment. According to the regulations, securities investment funds must invest more than 20% of the national debt. The Fund holds cash for redemption or temporary liquidity needs of fund holders. From the comparison of treasury bonds in fund assets, investors and regulators can judge whether the fund manager complies with the requirements of fund laws and regulations and fund contracts on investment scope and investment ratio. The size of cash position reflects the fund manager's ability to make full use of fund assets. Therefore, we believe that the ratio of national debt to cash can provide more effective information for investors and regulators.