Annual Report

Please note that this is neither an offer to sell nor a solicitation of an offer to buy Church Investors Fund securities. Such an offer is made by our Offering Circular and only in those states where Church Investors Fund securities may lawfully be offered or sold. Church Investors Fund securities are subject to certain risk factors as described in the Offering Circular and are not F.D.I.C. or S.I.P.C.

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