Abstract: After reviewing the finance appraising theory, we select some indexes of appraising and establish a simple system of appraising that is composed of them. Then we appraise the achievement of all of the 54 Chinese closed-end security investment fund acquired in 2004. with the system crosscheck and analyse thoroughly. Finally, we obtain the orders of the funds according to achievement, and point out that most funds in China are strong in selecting stock and weak in choosing an auspicious day on which shoolcl be made great efforts.