---

# U.S. Securities and Exchange Commission

# Washington, D.C. 20549

---

# FORM 10-QSB

# [X] QUARTERLY REPORT UNDER SECTION 13
OR 15(d) OF THE SECURITIES EXCHANGEACT OF 1934

For the quarterly period ended June 30, 2003

OR

# [  ] TRANSITION REPORT UNDER SECTION 13
OR 15(d) OF THE SECURITIES EXCHANGE

# ACT OF 1934

---

Commission File No. 0-8117

# CHURCH LOANS & INVESTMENTS TRUST

|State of Organization |                       | IRS
                                           Employer Identification
|--------------------- | --------------------- | ----------------------------------------------------------------------
|Texas                 |                       | No.
                                           75-6030254             
|                      | 5305 I-40 West        |                                                                       
|                      | Amarillo, Texas 79106 |                                                                       

Registrants telephone number:
806-358-3666

---

Check  whether the issuer (1) has filed all reports required to
be filed by  Section 13 or 15(d) of the  Exchange  Act during the past 12 months
(or for such  shorter  period  that the  registrant  was  required  to file such
reports),  and (2) has been subject to such filing  requirements for the past 90
days.  Yes X  No ___

As of June 30, 2003,  7,000,806 shares of the  Registrants
shares of beneficial interest were outstanding.

Transitional Small Business Disclosure Format (check one) Yes ___
No X

---

# CHURCH LOANS & INVESTMENTS TRUST
INDEX

|Part I. Financial Information |                                                                                                                                                                                                                            | Page
|----------------------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ----
|Item 1:                       | Financial Statements:                                                                                                                                                                                                      |     
|                              | Condensed
          Balance Sheets at June 30, 2003 and March 31, 2003                                                                                                                                                     | 1   
|                              | Condensed Statements of Income for the three-month periods
          ended June 30, 2003 and 2002                                                                                                                          | 2   
|                              | Condensed Statements of Cash Flows for the
          three-month periods ended June 30, 2003 and 2002                                                                                                                      | 3   
|                              | Notes to Condensed Financial Statements                                                                                                                                                                                    | 4   
|Item 2:                       | Management's Discussion and Analysis or Plan of Operation                                                                                                                                                                  | 6   
|Item 3:                       | Controls and Procedures                                                                                                                                                                                                    | 9   
|Part II.                      | Other Information                                                                                                                                                                                                          |     
|Item 6(a):                    | Exhibits                                                                                                                                                                                                                   | 10  
|                              | Exhibit 31.1 -
          Certification by the President and CFO Pursuant to Section 302 of the Sarbanes-Oxley Act and Rule 13a-14(a)
                  or 15d-14(a) under the Securities Exchange Act of 1934              | 11  
|                              | Exhibit 31.2 - Certification by the Senior Vice President Pursuant
                  to Section 302 of the Sarbanes-Oxley Act  and Rule 13a-14(a)
                  or 15d-14(a) under the Securities Exchange Act of 1934 | 12  
|                              | Exhibit 32.1 -
          Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant
          to Section 906 of the Sarbanes-Oxley Act of 2002 - President & CFO                                                | 13  
|                              | Exhibit 32.2 -
          Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant
          to Section 906 of the Sarbanes-Oxley Act of 2002 - Senior Vice President                                          | 14  
|Signatures                    | 15                                                                                                                                                                                                                        



---

# CHURCH LOANS & INVESTMENTS TRUST

(A Real Estate Investment Trust)
PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

Condensed Balance Sheets (Unaudited)
June 30, 2003 and March 31, 2003

`ASSETS
                                                                                  June 30, 2003      March 31, 2003
                                                                                 ---------------    ----------------
CASH AND CASH EQUIVALENTS                                                       $         42,792    $        273,432
RECEIVABLES
     Mortgage loans and church bonds - performing                                     37,440,098          35,689,239
     Interim construction loans - performing                                           5,079,648          15,672,768
     Nonperforming mortgage loans, church bonds
         and interim construction loans                                                3,077,932           2,834,574
     Less: Allowance for credit losses                                                (1,733,249)         (1,733,249)
                                                                                 ---------------    ----------------
                                                                                      43,864,429          52,463,332
     Accrued interest receivable                                                         285,536             445,778
     Notes receivable                                                                    232,608             302,719
                                                                                 ---------------    ----------------
                  Net receivables                                                     44,382,573          53,211,829
                                                                                 ---------------    ----------------
PROPERTY AND EQUIPMENT, net                                                              129,774             129,774

OTHER REAL ESTATE OWNED                                                                1,328,832           1,433,087

OTHER ASSETS                                                                              66,347              58,275
                                                                                 ---------------    ----------------
TOTAL ASSETS                                                                    $     45,950,318    $     55,106,397
                                                                                ================    ================

                                       LIABILITIES AND SHAREHOLDERS' EQUITY

LIABILITIES
     Notes payable and line of credit:
         Related parties                                                        $      2,794,732   $       2,236,993
         Other                                                                        19,774,630          30,133,721
                                                                                 ---------------    ----------------
                                                                                      22,569,362          32,370,714
     Accrued interest payable                                                            150,476             135,235
     Other                                                                             1,568,000           1,160,660
                                                                                 ---------------    ----------------
                  Total liabilities                                                   24,287,838          33,666,609
                                                                                 ---------------    ----------------
SHAREHOLDERS' EQUITY
     Shares of beneficial interest, no par value; authorized
         shares unlimited, 7,007,402 shares issued                                    20,623,866          20,623,866
     Undistributed net income                                                          1,055,104             832,412
     Treasury shares, at cost (6,596 shares)                                             (16,490)            (16,490)
                                                                                 ---------------    ----------------
                  Total shareholders' equity                                          21,662,480          21,439,788
                                                                                 ---------------    ----------------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY                                      $     45,950,318   $      55,106,397
                                                                                ================    ================`

These condensed financial statements should be read
only in  connection  with  the  accompanying  notes to  condensed  financial
statements.
-1-

---

# CHURCH LOANS & INVESTMENTS TRUST

(A Real Estate Investment Trust)

Condensed Statements of Income (Unaudited)
Three-month periods ended
June 30, 2003 and 2002

`Three-month periods ended June 30,
                                                                                        2003               2002
                                                                                        ----               ----
INTEREST INCOME AND FEES
     Interest and fees on mortgage loans, church bonds
       and interim construction loans                                              $    1,219,330   $     1,113,557
     Interest on temporary investments                                                    135,643            64,702
                                                                                   --------------   ---------------
                  Total interest income and fees                                        1,354,973         1,178,259

INTEREST EXPENSE                                                                          266,818           230,559
                                                                                   --------------   ---------------

                  Net interest income                                                   1,088,155           947,700

PROVISION FOR POSSIBLE CREDIT LOSSES                                                          -                 -
                                                                                   --------------   ---------------
                  Net interest income less provision for
                    possible credit losses                                              1,088,155           947,700
                                                                                   --------------   ---------------
OTHER INCOME, including gains on sale of other real
     estate owned of $107,643 in 2003                                                     122,750            13,317

OTHER OPERATING EXPENSES
     General and administrative                                                           203,154           178,540
     Board of Trust Managers' fees                                                         14,970            14,222
                                                                                   --------------   ---------------
                  Total other operating expenses                                          218,124           192,762
                                                                                   --------------   ---------------
                  Income before provision for income taxes                                992,781           768,255
PROVISION FOR INCOME TAXES                                                                     -                454
                                                                                   --------------   ---------------
NET INCOME                                                                         $      992,781   $       767,801
                                                                                   ==============   ===============
WEIGHTED AVERAGE NUMBER
     OF SHARES OUTSTANDING                                                              7,000,806         7,000,806
                                                                                   ==============   ===============

NET INCOME PER SHARE                                                                      $.14            $.11
                                                                                          ====            ====

DIVIDENDS PER SHARE                                                                       $.11            $.12
                                                                                          ====            ====`

These condensed financial statements should be read
only in  connection  with  the  accompanying  notes to  condensed  financial
statements.
-2-

---

# CHURCH LOANS & INVESTMENTS TRUST

(A Real Estate Investment Trust)

Condensed Statements of Cash Flows (Unaudited)
Three-month periods ended
June 30, 2003 and 2002

`Three-month periods ended June 30,
                                                                                         2003             2002
                                                                                         ----             ----
CASH FLOWS FROM OPERATING ACTIVITIES
     Net income                                                                       $   992,781       $   767,801
     Adjustments to reconcile net income to net cash
       provided by operating activities:
         Depreciation                                                                          -              3,919
         Amortization of loan discounts                                                    (6,499)           (7,269)
         Gain on sale of other real estate owned                                         (107,643)               -
         Changes in:
           Accrued interest receivable                                                    160,242            70,460
           Accrued interest payable                                                        15,241            53,719
           Other liabilities                                                              407,340          (130,980)
           Federal income tax payable                                                          -            (73,810)
           Other, net                                                                      (8,072)           13,415
                                                                                      -----------       -----------
                  Net cash provided by operating activities                             1,453,390           697,255
                                                                                      -----------       -----------
CASH FLOWS FROM INVESTING ACTIVITIES
     Investment in mortgage and interim construction
       loans and church bonds                                                          (3,953,814)       (4,807,488)
     Payments received on mortgage and interim
       construction loans and church bonds                                             12,411,002         7,501,159
     Investments in notes receivable                                                       (7,650)          (22,051)
     Payments received on notes receivable                                                 77,761           245,052
     Proceeds from sale of other real estate owned                                        360,112                -
                                                                                      -----------       -----------
                  Net cash provided by investing activities                             8,887,411         2,916,672
                                                                                      -----------       -----------
CASH FLOWS FROM FINANCING ACTIVITIES
     Borrowings on notes payable                                                        5,670,748         7,086,356
     Principal payments on notes payable                                              (15,472,100)       (9,912,479)
     Cash dividends                                                                      (770,089)         (840,097)
                                                                                      -----------       -----------
                  Net cash used by financing activities                               (10,571,441)       (3,666,220)
                                                                                      -----------       -----------
                  Decrease in cash and cash equivalents                                  (230,640)          (52,293)
CASH AND CASH EQUIVALENTS AT
     BEGINNING OF PERIOD                                                                  273,432           134,889
                                                                                      -----------       -----------
CASH AND CASH EQUIVALENTS AT END OF PERIOD                                            $    42,792       $    82,596
                                                                                      ===========       ===========
Supplemental disclosure of cash flow information
     Cash paid during the period for interest                                      $      251,578   $       176,840
                                                                                      ===========       ===========
     Real estate acquired through foreclosure                                      $      148,214   $       251,661
                                                                                      ===========       ===========`

These condensed financial statements should be read
only in  connection  with  the  accompanying  notes to  condensed  financial
statements.
-3-

---

# CHURCH LOANS & INVESTMENTS TRUST

(A Real Estate Investment Trust)
Notes to Condensed Financial Statements (Unaudited)

#### NOTE 1 - GENERAL

See Summary of Significant  Accounting  Policies in the Trust's Annual Report on
Form 10-KSB for a summary of the Trust's significant accounting policies.

The unaudited condensed financial  statements included herein were prepared from
the  books  of the  Trust  in  accordance  with  generally  accepted  accounting
principles and reflect all adjustments (consisting of normal recurring accruals)
which are, in the opinion of  management,  necessary to a fair  statement of the
results of  operations  and  financial  position for the interim  periods.  Such
financial  statements  generally  conform to the  presentation  reflected in the
Trust's  Annual Report to  Shareholders.  The current  interim  period  reported
herein is included in the fiscal year subject to independent audit at the end of
that year and is not  necessarily an indication of the expected  results for the
fiscal year.

#### NOTE 2 - WEIGHTED AVERAGE INTEREST RATES

Weighted  average  interest  rates and net interest  rate margins at June 30,
2003 and 2002, were as follows:

`Mortgage loan and           Total        Net interest
                        church bond portfolio     indebtedness      rate margin
                        ---------------------     ------------     ------------
   June 30, 2003                7.54%               3.00%             4.54%

   June 30, 2002                9.06%               3.75%             5.31%`

#### NOTE 3 - CONTRACTUAL MATURITIES

Scheduled  principal payments on mortgage loans,  church bonds and interim loans
and indebtedness (including notes payable) outstanding at June 30, 2003, for the
five twelve-month periods subsequent to June 30, 2003, follow:

`Twelve-month period          Mortgage loans, church bonds
      ending June 30,                 and interim loans           Indebtedness
    -------------------          ----------------------------    --------------
        2004                           $    7,728,245            $   22,569,362
        2005                                2,283,097                       -
        2006                                2,349,589                       -
        2007                                2,459,706                       -
        2008                                2,507,511                       -`

-4-

---

# CHURCH LOANS & INVESTMENTS TRUST

(A Real Estate Investment Trust)
Notes to Condensed Financial Statements (Unaudited)

#### NOTE 4 - MORTGAGE LOANS, CHURCH BONDS AND INTERIM CONSTRUCTION LOANS

Mortgage loans, church bonds and interim construction loans on which the accrual
of interest had been  discontinued  amounted to $3,077,932  and $887,707 at June
30, 2003 and 2002,  respectively.  If interest on these mortgage  loans,  church
bonds and interim  construction  loans had been accrued as earned,  interest and
fees on loans in the accompanying condensed statements of income would have been
increased by approximately $44,000 and $27,000 for the three-month periods ended
June 30,  2003 and 2002,  respectively.  Interest income actually  recognized on
such  loans  during  2003  and  2002  was  approximately  $43,000  and  $16,000,
respectively.

#### NOTE 5 - SUBSEQUENT EVENT

Subsequent  to June  30,  2003,  the  Trust  filed  Form  S-11,  a  Registration
Statement,  (the  Statement)  with the Securities and Exchange  Commission.  The
Statement indicated the Trust's intent to offer 7,000,000 additional shares at a
price of $3.00 per share.  The purpose of this  offering is to raise  additional
capital  in order  for the  Trust to make  additional  mortgage  loans  and as a
result, to further grow the company.  The effective date of the registration was
July 3, 2003. In addition,  the Trust has filed the Statement in various  states
and is  presently  responding  to the  comments.  It is the  Trust's  intent  to
continue to pursue such registration

This information is an integral part of the
accompanying condensed financial statements

-5-

---

# CHURCH LOANS & INVESTMENTS TRUST

(A Real Estate Investment Trust)
Notes to Condensed Financial Statements (Unaudited)

Item 2. Managements' Discussion and Analysis or Plan of Operation.

#### Forward-looking Statement Disclaimer

The  following  Management's  Discussion  and  Analysis or Plan of  Operation
includes forward-looking statements within the meaning of the Section 27A of the
Securities Act of 1933, as amended,  and Section 21E of the Securities  Exchange
Act of 1934, as amended. All statements other than statements of historical fact
made  herein  are  forward-looking,  which  can  be  identified  by  the  use of
forward-looking  terminology  such as  "may,"  "will,"  "expect,"  "anticipate,"
"estimate,"  "believe,"  "continue" or other similar words. Such forward-looking
statements are based upon  management's  current plans and  expectations and are
subject to risks and  uncertainties  that could cause  actual  results to differ
materially from those described in the forward-looking statements, including the
following:

- Competition in the business of making loans to churches;
- A decline in the general economic conditions;
- A decline in real estate values thereby affecting the value of the collateral securing the loans made by the Trust;
- A rise in interest rates resulting in higher cost of funds to the Trust prior to the re-pricing of the loans owing to the Trust;
- Inability of the Trust to borrow funds and at reasonable rates of interest;
- General risks of lending;
- Change in federal or state laws affecting the Trust's operations;
- Loss of critical management; and
- Other risks.

These risks and uncertainties are not intended to be exhaustive and should be
read in conjunction with other cautionary statements made herein.

#### Results of Operations  Three-month period ended June 30, 2003 as compared to
three-month period ended June 30, 2002

Our  revenues are derived from interest income earned on loans as well as, to
a lesser degree,  interest  earned on church bonds and  short-term  investments.
During the  three-month  period  ended June 30, 2003,  interest  income and fees
increased  by $176,714  (15%) over the  three-month  period ended June 30, 2002.
This increase was primarily  attributable to the receipt of interest income on a
mortgage  loan held on cash basis,  an increase  in  commitment  fees earned and
interest earned on temporary investments.

During the three-month  period ended June 30, 2003, we recognized  $43,007 in
interest income from the payment of a loan that was held on the cash basis.

-6-

---

# CHURCH LOANS & INVESTMENTS TRUST

(A Real Estate Investment Trust)

Item 2. Managements' Discussion and Analysis or Plan of Operation. (Continued)

Commitment  fees earned during the three-month  period ended June 30, 2003 as
compared to the  three-month  period  ended June 30, 2002  increased by $57,067.
This  increase  was  primarily  the result of the  payoff of two loans  prior to
maturity resulting in the immediate  recognition of the unearned commitment fees
relative to these two loans.

Interest  earned on temporary  investments  was $135,643 for the  three-month
period  ended June 30, 2003 as compared  to $64,702 for the  three-month  period
ended June 30,  2002,  an  increase  of $70,941 or  109.6%.  This  increase  was
attributable  to the  investment of proceeds from the sale of church bonds prior
to maturity.

The increase in interest income and fees during the three-month  period ended
June 30,  2003 as  compared to the  three-month  period  ended June 30, 2002 was
offset by a decrease in the interest  rates on our loan  portfolio.  The average
interest rate on our loans and church bonds  decreased from 9.06% as of June 30,
2002 to 7.54% as of June 30, 2003.

There  was a decrease in the amount of our  performing  interim  construction
loans from  $13,648,970  as of June 30, 2002, to $5,079,648 as of June 30, 2003.
There was a  increase  in  performing  mortgage  loans  and  church  bonds  from
$29,501,814 as of June 30, 2002 to $37,440,098 as of June 30, 2003. In addition,
non-performing  loans  increased from $887,707 as of June 30, 2002 to $3,077,932
as of June 30, 2003. Therefore, the total performing and non-performing mortgage
loans,  church bonds and interim loans held by Church Loans  increased  slightly
from $44,038,491 as of June 30, 2002 to $45,597,678 as of June 30, 2003.

Our net income for the  three-month  period  ended June 30, 2003 was $992,781
($.14 per share), an increase of $224,980 (29.3%) as compared to the three-month
period ended June 30, 2002. This increase was attributable to an increase in net
interest income and an increase in other income.  Net interest income  increased
from $947,700 for the  three-month  period ended June 30, 2002 to $1,088,155 for
the  three-month  period ended June 30, 2003, an increase of $140,455  (14.82%).
Other income  increased from $13,317 for the  three-month  period ended June 30,
2002 to $122,750 for the three-month  period ended June 30, 2003, an increase of
$109,433  (821.8%).  This  increase  was  primarily  the  result  of the sale of
property  acquired by us through a foreclosure of a  non-performing  loan.  This
sale resulted in a gain of $107,643.

The increases in the above income items for the three-month period ended June
30, 2003 as compared to the  three-month  period ended June 30, 2002 were offset
by an increase in our interest expense and other operating expenses.

The weighted  average  interest rate on our debt decreased from 3.75% for the
three-month period ended June 30, 2002 to 3.00% for the three-month period ended
June 30, 2003.  However,  our interest  expense  increased from $230,559 for the
three-month  period ended June 30, 2002 to $266,818 for the  three-month  period
ended June 30, 2003, an increase of $36,259 or 15.7%.

Non-performing  loans, church bonds and interim loans increased from $887,707
as of  June  30,  2002 to  $3,077,932  as of  June  30,  2003,  an  increase  of
$2,190,135.  The accrual of interest  on these loans has been  discontinued.  If
interest  on these  mortgage  loans,  church  bonds and  interim  loans had been
accrued as earned,  interest  and fees on loans  would  have been  increased  by
approximately  $44,000 and $27,000 for the  three-month  periods  ended June 30,
2003 and 2002, respectively.

-7-

---

# CHURCH LOANS & INVESTMENTS TRUST

(A Real Estate Investment Trust)

Item 2. Managements' Discussion and Analysis or Plan of Operation. (Continued)

General  and   administrative   expenses  increased  from  $178,540  for  the
three-month  period ended June 30, 2002 to $203,154 for the  three-month  period
ended June 30, 2003, an increase of $24,614 or 13.8%.

#### Results of Operations  Three-month period ended June 30, 2003 as compared to
year ended March 31, 2003

Our performing  mortgage loans and church bonds increased from $35,689,239 as
of March 31, 2003 to $37,440,098 as of June 30, 2003. However,  our portfolio of
performing  interim  construction  loans decreased during the three-month period
ended June 30, 2003 from  $15,672,768 to $5,079,648,  a decrease of $10,593,120.
This  decrease was primarily  attributable  to the payoff of one interim loan in
the amount of $7,700,000. Mortgage loans, interim loans and church bonds held by
us decreased from $54,196,581 as of March 31, 2003 to $45,597,678 as of June 30,
2003, a decrease of $8,598,903 (15.9%).

Our  liabilities   decreased  from  $33,666,609  as  of  March  31,  2003  to
$24,287,838 as of June 30, 2003. This decrease was primarily attributable to the
application  of the  proceeds of the payoff of the interim loan in the amount of
$7,700,000  mentioned  above to the reduction of our line of credit owing to the
Amarillo National Bank.

We added one full-time  employee in June, 2003 Josh Shields.  Mr. Shields is
25 years of age and  previously  was employed from January 2000 through May 2003
with Wells Fargo Bank in Amarillo, Texas (previously known as The First National
Bank of Amarillo).  Mr. Shields serves as a  Vice-President  of Church Loans and
works  primarily in the area of the marketing loan services and  underwriting of
loans for Church Loans.

Pursuant  to authority  granted by our Board of Trust  Managers,  on Tuesday,
June 3, 2003,  the Strategic  Planning  Committee of the Board of Trust Managers
authorized  management  to proceed to  register  an  offering  of an  additional
7,000,000  shares of  certificates  of beneficial  interest in Church Loans at a
price of $3.00 per share. On June 26, 2003, the Board of Trust Managers formally
authorized  such  offering and Form S-11 was filed with the SEC on July 3, 2003.
We are presently  responding to the comments of the various  states that we have
also  registered  such  offering.  It is our intent to  continue  to pursue such
registration.

#### Off-Balance Sheet Arrangements

We have no  off-balance  sheet  arrangements  or  commitments  other than our
normal loan commitments.

#### New Accounting Standards

The Trust does not believe the adoption of any recently issued pronouncements
by the Financial  Accounting  Standards Board will have a significant  impact on
its financial statements.

-8-

---

# CHURCH LOANS & INVESTMENTS TRUST

(A Real Estate Investment Trust)

Item 3.  Controls and Procedures

The Trust's chief executive officer and its senior vice president are charged
with making an evaluation  of the Trust's  disclosure  controls and  procedures.
These controls and procedures are designed to ensure that  information  required
to be disclosed in reports  mandated by the  Securities  Exchange Act of 1934 is
recorded,  communicated  to  management,  and  accurately  reported  within  the
required  time  periods.  The Trust's  chief  executive  officer and senior vice
president  have  concluded,  based upon their  evaluation of these  controls and
procedures  as of June  30,  2003,  that the  Trust's  disclosure  controls  and
procedures are effective.

There have been no significant changes in the Trust's internal controls or in
other factors that could  significantly  affect these controls subsequent to the
date of their evaluation.

-9-

---

# CHURCH LOANS & INVESTMENTS TRUST

(A Real Estate Investment Trust)
PART II. OTHER INFORMATION

Item 6(a) Exhibits:

| | Exhibit 31.1 -  Certification
  by the  President and CFO Pursuant to Section 302 of the  Sarbanes-Oxley  Act
 and Rule 13a-14(a) or 15d-14(a) under the Securities Exchange Act of 1934   
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|
| | Exhibit 31.2 -  Certification
 by the Senior Vice  President  Pursuant to Section 302 of the  Sarbanes-Oxley
 Act and Rule 13a-14(a) or 15d-14(a) under the Securities Exchange Act of 1934
|
| | Exhibit 32.1 -  Certification
 Pursuant to 18 U.S.C.  Section 1350, as Adopted Pursuant to Section 906 of the
 Sarbanes-Oxley Act of 2002 - President & CFO                                
|
| | Exhibit 32.2 -  Certification
Pursuant to 18 U.S.C.  Section 1350, as Adopted Pursuant to Section 906 of the
Sarbanes-Oxley Act of 2002 - Senior Vice President                            

-10-

---

# CHURCH LOANS & INVESTMENTS TRUST

SIGNATURES

In  accordance with the requirements of the Exchange
Act,  the  registrant  has caused  this report to be signed on its behalf by the
undersigned, thereunto duly authorized.



# CHURCH LOANS & INVESTMENTS TRUST



|By | /s/ B. R. McMorries
         ______________________________
                 B. R. McMorries, Chairman | Dated: August 14, 2003 | 
|-- | ------------------------------------------------------------------------------------------------------ | ---------------------- | 



|By | /s/ Kelly Archer
         ______________________________
                 Kelly Archer
                 Chief Financial Officer | Dated: August 14, 2003 | 
|-- | ------------------------------------------------------------------------------------------------------------------------------- | ---------------------- | 

-15-

---