Abstract: With the development of the Chinese securities market, several investment funds were founded and listed on the securities exchange. Both investors and the administration paid more attention on these investment funds. Our paper attempt to shed some light on the operation and performances of these investment funds. In doing this, we focus in part one on the resources of income of these investment funds, we find that” other income” in their balance sheets occupied a large percent in their whole income and it’s of course abnormal. This reflects some potential problems among these investment funds. In part two, we investigate statistically the investment operation and the evaluation of the market( through market value of the investment funds), we believe that the operation of the investment funds were not so good as they were expected, the term structure, risk structure and position control in their portfolios needs improvement so as to maximize the benefit of the securities investment. We hope to provide some proposals for the newly issued investment funds, individual investors may also obtain further knowledge about the investment funds from our paper.