N-CSR

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

Investment Company Act file number 811-10571

BLUE CHIP INVESTOR FUNDS
(Exact name of registrant as specified in charter)

1939 Friendship Drive, Suite C, El Cajon, CA 92020
(Address of principal executive offices)	(Zip code)

James Craft
1939 Friendship Drive, Suite C, El Cajon, CA 92020
(Name and address of agent for service)

Registrant’s telephone number, including area code: (619) 588-9700

Date of fiscal year end: December 31

Date of reporting period: December 31, 2023

Item 1. Report to Stockholders.

BLUE CHIP INVESTOR FUND

ANNUAL REPORT

December 31, 2023                                                                                      

Blue Chip Investor Fund
Annual Report
December 31, 2023
(Unaudited)

Dear Shareholders,

Blue Chip Investor Fund (“the Fund”) returned 18.9% in 2023, versus 26.3% for the S&P 500. Our trailing five-year and ten-year annualized returns are 9.1% and 7.0%, respectively. These results compare to 15.7% and 12.0% for the S&P 500.

The S&P 500 was up big in 2023, but the gains weren’t broad based. The rise was primarily driven by seven companies: Alphabet, Amazon, Apple, Meta, Microsoft, Nvidia and Tesla. These firms, which constitute approximately 28% of the S&P 500 Index’s total value, increased an average of 111.3% in 2023.

On an equal-weighted basis, the S&P 500 increased only 13.9% . From this perspective, we’re pleased with the Fund’s results in 2023. We delivered strong returns without owning six of the seven highly valued stocks listed above. (The Fund continues to own Alphabet, which we purchased at $54.89 in June of 2019.)

Our largest holding—Berkshire Hathaway (BRK/A), which accounts for 36.8% of the Fund’s total assets—was up 15.8% in the year. Berkshire’s book value, a rough proxy for its intrinsic value, grew an impressive 20.8% to $391,500 per share (based on our estimates), and this helped lift the stock price.

Several of the Fund’s positions that were down meaningfully in 2022, including Alphabet (GOOG), Brookfield Corp (BN), CarMax (KMX), Cimpress (CMPR), FedEx (FDX) and Wayfair (W), were our biggest gainers in 2023. As we’ve mentioned before, investors regularly shift between extreme optimism and pessimism, overshooting in both directions. This causes stock prices to fluctuate much more than the actual performance of the underlying businesses that those stocks represent. As patient investors, we try to use this volatility to our advantage.

The Fund’s goal remains delivering 10% annualized returns. We hope to achieve this target not by predicting macroeconomic changes or timing the market but by owning great companies that can grow their intrinsic value at (or above) this level over the long run.

Investment Strategy

The Fund attempts to invest in companies that we believe are undervalued and hold them until that value is realized. Quality being a major factor in determining value, we generally own excellent companies—industry leaders with favorable economics—capable of growing earnings for decades. In addition, most of our companies are run by owner-operators with significant personal stakes in the business. We believe this alignment of interest ultimately creates better outcomes for shareholders.

We apply a business-owner mentality to the stock market, with greater emphasis on future cashflows than near-term changes in stock prices. The result is a concentrated portfolio of carefully researched, competitively advantaged companies that we typically own for extended periods. The Fund currently owns 13 stocks, with an average holding time of about six years.

No other investment showcases our strategy better than Berkshire Hathaway. We acquired “A” shares in early 2003 at an average price of $66,559. 21 years later, BRK/A trades at $542,625—an annualized return of 10.5% . Neither “magic” nor fervent investor speculation produced this gain. It was the consequence of actual value creation. During this period, Berkshire increased its per-share book value at an annualized rate of 11.2% .

2023 Annual Report 1

Portfolio Activity

We’re true believers in the investing wisdom, “Money isn’t made in the buying and the selling but the waiting.” Accordingly, the Fund’s portfolio turnover—a measure of how often we buy and sell stocks—is remarkably low: The average equity mutual fund has a portfolio turnover ratio ranging from 90% to 100%¹. In comparison, the Fund’s ratio over the last five years averaged 11%.

For the first time in two years, we added a new company to the portfolio. In June, the Fund purchased First Citizens BancShares (FCNCA) at an average cost of $1,275.58. First Citizens is a 125-year-old bank controlled by the Holding family of North Carolina. It’s conservatively managed in every respect yet still able to generate industry-leading returns. Since 1991, First Citizens has compounded its per-share book value at an annualized rate of 12.8% . Furthermore, it achieved this growth without experiencing a single year in which book value declined (not even during the Great Financial Crisis).

In late March, First Citizens’ cleverly structured deal to buy Silicon Valley Bank (SVB) got our attention, and we were surprised to learn that SVB was simply one deal in a long line of shrewd business moves that First Citizens has made over the decades. We were surprised again to discover we could buy FCNCA at roughly 1.0x book value, a large discount to both its high-quality peers and its own historical average (1.3x) .

During the year, we exited several positions, including Advance Auto Parts (AAP), Bread Financial Holdings (BFH), Quest Diagnostics (DGX) and Wells Fargo (WFC). Advance and Bread were sold because of troubling developments in their respective businesses. Wells Fargo was swapped for First Citizens, a superior bank at a lower valuation. We continue to like Quest and its long-term prospects. However, we had another purpose for some cash and felt our Quest shares were the most appropriate source.

In Memoriam—Charles T. Munger

On November 28, Charlie Munger passed away. Charlie had served as Berkshire’s vice chairman since 1978, but he had been Warren Buffett’s intellectual partner since they first met in 1959. Charlie, though the lesser known of these two business titans, was instrumental in helping build Berkshire over the decades. Warren himself said, “Charlie never tired of repeating his maxims about business and investing to me, and his logic was irrefutable. Consequently, Berkshire has been built to Charlie’s blueprint. My role has been that of general contractor, with the CEOs of Berkshire’s subsidiaries doing the real work as sub-contractors.”

When Charlie officially joined Berkshire, its “A” shares traded at $158. In 2023, the stock reached a high of $566,570. This compound annual return of 20% for 45 years cements perhaps the most noteworthy financial partnership in history.

Charlie is one of the greatest investors of all time, but his impact on the world extends far beyond Wall Street. In addition to his significant contributions to law and business, Charlie influenced fields as diverse as psychology, architecture and hospital administration.

Charlie’s multidisciplinary approach to life—learning and synthesizing important mental models from nearly every major academic field—will continue to influence generations to come. Poor Charlie’s Almanack: The Wit and Wisdom of Charles T. Munger (a collection of Charlie’s writings and speeches) was published in 2005; it has sold millions of copies all over the world.

Charlie will be greatly missed.

¹ Source: Institute of Business and Finance

2023 Annual Report 2

Outlook

As always, we avoid making near-term predictions on the economy and the stock market, a task that continually humbles even the most seasoned and astute professionals. Coming into 2023, for example, it was widely considered a foregone conclusion that the economy would contract. But the recession was not to be, and the classic joke lives on: “Economists have successfully predicted nine of the last five recessions.”

Regarding the longer term, our perspective also remains the same. We believe stocks will outperform most other asset classes, but these returns will come at a cost: volatility. On average, the S&P 500 Index has experienced a 10% decline every two years and a 20% (or more) drop every four years. We don’t know what will cause any future sell-off; we just know that it’ll happen. That said, if we own a portfolio of excellent businesses and maintain a long-term perspective, we needn’t worry about the returns in any single year.

Thank you for your ongoing trust and support.

Sincerely,

Steven G. Check
Co-Portfolio Manager Ryan Kinney
Co-Portfolio Manager

2023 Annual Report 3

Blue Chip Investor Fund                                                                           

PERFORMANCE INFORMATION (Unaudited)

12/31/2023 NAV $192.60

AVERAGE ANNUAL RATE OF RETURN (%) FOR THE PERIODS ENDED DECEMBER 31, 2023

	1 Year(A)	5 Year(A)	10 Year(A)
Blue Chip Investor Fund	18.88%	9.09%	7.02%
S&P 500(B)	26.29%	15.69%	12.03%

The Fund’s total annual fund operating expense ratio, gross of any fee waivers or expense reimbursements, as stated in the fee table of the Prospectus dated May 1, 2023, was 1.37% (net of fee waivers or expense reimbursements it was 1.01%) . The Total Annual Fund Operating Expenses in this fee table will not correlate to the expense ratio in the Fund’s financial highlights because (a) the financial highlights include only the direct operating expenses incurred by the Fund, not the indirect costs of investing in acquired funds, and (b) the gross expense ratio may fluctuate due to changes in net assets and actual expenses incurred during the reported period.

^(A) The 1 Year, 5 Year and 10 Year returns include change in share prices and in each case includes reinvestment of any dividends and capital gain distributions.

^(B) The S&P 500 is a broad market-weighted average dominated by blue-chip stocks and is an unmanaged group of stocks whose composition is different from the Fund.

PAST PERFORMANCE DOES NOT GUARANTEE FUTURE RESULTS. INVESTMENT RETURN AND PRINCIPAL VALUE WILL FLUCTUATE SO THAT SHARES, WHEN REDEEMED, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST. RETURNS DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER WOULD PAY ON FUND DISTRIBUTIONS OR THE REDEMPTION OF FUND SHARES. CURRENT PERFORMANCE MAY BE LOWER OR HIGHER THAN THE PERFORMANCE DATA QUOTED. TO OBTAIN PERFORMANCE DATA CURRENT TO THE MOST RECENT MONTH END, PLEASE CALL 1-877-59-FUNDS.

2023 Annual Report 4

Blue Chip Investor Fund                                                                   

BLUE CHIP INVESTOR FUND
by Sectors (Unaudited)
(as a percentage of Common Stocks)

Proxy Voting Guidelines
(Unaudited)

Check Capital Management, Inc., the Fund’s Advisor, is responsible for exercising the voting rights associated with the securities held by the Fund. A description of the policies and procedures used by the Advisor in fulfilling this responsibility is available without charge on the Fund’s website at www.bcifx.com. It is also included in the Fund’s Statement of Additional Information, which is available on the Securities and Exchange Commission’s (“SEC”) website at http://www.sec.gov.

Form N-PX provides information regarding how the Fund voted proxies with regards to portfolio securities held during the most recent 12-month period ended June 30th and is available without charge, upon request, by calling our toll free number (1-877-59-FUNDS). This information is also available on the SEC’s website at http://www.sec.gov.

Availability of Quarterly Schedule of Investments
(Unaudited)

The Fund publicly files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. The Fund’s Form N-PORT is available on the SEC’s web site at http://www.sec.gov.

2023 Annual Report 5

Disclosure of Expenses
(Unaudited)

     Shareholders of this Fund incur ongoing costs, including investment advisory fees and other Fund expenses. Although the Fund charges no sales loads or transaction fees, you will be assessed fees for outgoing wire transfers, returned checks and stop payment orders at prevailing rates charged by Mutual Shareholder Services, LLC, the Fund’s transfer agent. IRA accounts will be charged an $8.00 annual maintenance fee. The following example is intended to help you understand your ongoing costs of investing in the Fund and to compare these costs with similar costs of investing in other mutual funds. The example is based on an investment of $1,000 invested in the Fund on July 1, 2023, and held through December 31, 2023.

Actual Expenses

     The first line of the table below provides information about actual account values and actual expenses. In order to estimate the expenses a shareholder paid during the period covered by this report, shareholders can divide their account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6) and then multiply the result by the number in the first line under the heading entitled “Expenses Paid During the Period.”

Hypothetical Example for Comparison Purposes

     The second line of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses paid by a shareholder for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare the 5% hypothetical example with the 5% hypothetical examples that appear in other funds' shareholder reports.

     Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as the annual maintenance fee charged to IRA accounts or exchange fees or the expenses of underlying funds. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

			Expenses Paid
	Beginning	Ending	During the Period*
	Account Value	Account Value	July 1, 2023 to
	July 1, 2023	December 31, 2023	December 31, 2023
Actual	$1,000.00	$1,054.54	$5.18
Hypothetical	$1,000.00	$1,020.16	$5.09
(5% annual return
before expenses)

*      Expenses are equal to the Fund’s annualized expense ratio of 1.00%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

2023 Annual Report 6

Blue Chip Investor Fund
			Schedule of Investments
			December 31, 2023
Shares			Fair Value		% of Net Assets
COMMON STOCKS
Air Courier Services
4,600	FedEx Corporation	$	1,163,662		3.16	%
Asset Manager
41,000	Brookfield Asset Management Inc. - Class A (Canada)		1,646,970
54,100	Brookfield Corporation - Class A (Canada)		2,170,492
			3,817,462		10.37	%
Commercial Printing
19,700	Cimpress PLC (Netherlands) *		1,576,985		4.28	%
Diversified Companies
25	Berkshire Hathaway Inc. Class A * (a)		13,565,626		36.86	%
Fire, Marine & Casualty Insurance
1,750	Markel Corporation *		2,484,825		6.75	%
Integrated Oil & Gas
70,000	Suncor Energy Inc. (Canada)		2,242,800		6.09	%
Internet Content & Information
22,000	Alphabet Inc. - Class C *		3,100,460		8.42	%
Retail - Auto Dealers & Gasoline Stations
24,000	CarMax, Inc. *		1,841,760		5.00	%
Retail - Catalog & Mail-Order Houses
8,800	Wayfair Inc. - Class A *		542,960		1.48	%
Services - Equipment Rental & Leasing, NEC
36,800	AerCap Holdings N.V. (Ireland) *		2,734,976		7.43	%
State Commercial Banks
380	First Citizens BancShares, Inc.		539,209		1.47	%
Wholesale - Motor Vehicles & Motor Vehicle Parts & Supplies
62,000	LKQ Corporation		2,962,980		8.05	%
Total for Common Stocks (Cost $20,060,208)			36,573,705		99.36	%
Money Market Funds
260,734	Fidelity Investments Money Market Funds Government
	Portfolio Class I 5.25% **		260,734		0.71	%
	(Cost - $260,734)
	Total Investments		36,834,439		100.07	%
	(Cost - $20,320,942)
	Liabilities in Excess of Other Assets		(27,596	)	-0.07	%
	Net Assets	$	36,806,843		100.00	%

* Non-Income Producing Securities.
** The yield rate shown represents the 7-day yield at December 31, 2023.
(a) The company’s 2022 annual report is available at www.berkshirehathaway.com/reports.html,
or sec.gov.

The accompanying notes are an integral part of these
financial statements.

2023 Annual Report 7

Blue Chip Investor Fund
Statement of Assets and Liabilities
December 31, 2023
Assets:
Investments at Fair Value	$	36,834,439
(Cost - $20,320,942)
Dividends Receivable		9,812
Prepaid Expenses		6,447
Receivable for Shareholder Purchases		12,072
Total Assets		36,862,770
Liabilities:
Investment Advisory Fee Payable		30,769
Administration Fee Payable		2,100
Other Accrued Expenses		23,058
Total Liabilities		55,927
Net Assets	$	36,806,843
Net Assets Consist of:
Paid In Capital	$	20,293,346
Total Distributable Earnings		16,513,497
Net Assets, for 191,108 Shares Outstanding	$	36,806,843
(Unlimited shares authorized, without par value)
Net Asset Value, Offering Price and Redemption Price
Per Share ($36,806,843/191,108 shares)	$	192.60
Statement of Operations
For the fiscal year ended December 31, 2023
Investment Income:
Dividends (Net of foreign withholding tax of $26,613)	$	319,589
Total Investment Income		319,589
Expenses:
Investment Advisory Fees		383,123
Transfer Agent & Accounting Fees		42,264
Administrative Fees		26,761
Audit & Tax Fees		19,000
Registration Fees		18,118
Legal Fees		18,000
Other Fees		10,400
Custody Fees		8,376
Insurance Expense		1,181
Trustee Fees		3,500
Printing and Postage Expense		936
Total Expenses		531,659
Less: Advisory Fee Waiver		(148,534	)
Net Expenses		383,125
Net Investment Loss		(63,536	)
Net Realized and Unrealized Gain on Investments:
Net Realized Gain on Investments		1,648,691
Net Change in Unrealized Appreciation on Investments		5,259,774
Net Realized and Unrealized Gain on Investments		6,908,465
Net Increase in Net Assets from Operations	$	6,844,929

The accompanying notes are an integral part of these
financial statements.

2023 Annual Report 8

Blue Chip Investor Fund
Statements of Changes in Net Assets
		1/1/2023			1/1/2022
		to			to
		12/31/2023			12/31/2022
From Operations:
Net Investment Loss	$	(63,536	)	$	(66,094	)
Net Realized Gain on Investments		1,648,691			629,193
Net Change in Unrealized Appreciation on Investments		5,259,774			(8,409,045	)
Net Increase (Decrease) in Net Assets from Operations		6,844,929			(7,845,946	)
From Distributions to Shareholders:		(1,648,691	)		(629,193	)
From Capital Share Transactions:
Proceeds From Sale of Shares		1,671,642			3,566,663
Shares Issued on Reinvestment of Dividends		1,648,691			629,193
Cost of Shares Redeemed		(10,153,089	)		(4,305,226	)
Net Decrease from Shareholder Activity		(6,832,756	)		(109,370	)
Net Decrease in Net Assets		(1,636,518	)		(8,584,509	)
Net Assets at Beginning of Year		38,443,361			47,027,870
Net Assets at End of Year	$	36,806,843		$	38,443,361
Share Transactions:
Issued		9,003			19,587
Reinvested		8,520			3,771
Redeemed		(53,145	)		(23,995	)
Net Decrease in Shares		(35,622	)		(637	)
Shares Outstanding Beginning of Year		226,730			227,367
Shares Outstanding End of Year		191,108			226,730

Financial Highlights
Selected data for a share outstanding		1/1/2023			1/1/2022			1/1/2021			1/1/2020			1/1/2019
throughout each year:		to			to			to			to			to
		12/31/2023			12/31/2022			12/31/2021			12/31/2020			12/31/2019
Net Asset Value -
Beginning of Year	$	169.56		$	206.84		$	162.09		$	172.79		$	144.68
Net Investment Income (Loss) (a)		(0.31	)		(0.29	)		(0.74	)		(0.14	)		1.83
Net Gains or (Losses) on Investments
(realized and unrealized) (b)		32.37			(34.17	)		48.15			(0.34	)		28.41
Total from Investment Operations		32.06			(34.46	)		47.41			(0.48	)		30.24
Distributions (From Net Investment Income)		-			-			-			(0.09	)		(1.91	)
Distributions (From Capital Gains)		(9.02	)		(2.82	)		(2.66	)		(10.13	)		(0.22	)
Total Distributions		(9.02	)		(2.82	)		(2.66	)		(10.22	)		(2.13	)
Net Asset Value -
End of Year	$	192.60		$	169.56		$	206.84		$	162.09		$	172.79
Total Return (c)		18.88	%		(16.64	)%		29.25	%		(0.26	)%		20.91	%
Ratios/Supplemental Data
Net Assets - End of Year (Thousands)	$	36,807		$	38,443		$	47,028		$	36,234		$	38,583
Before Reimbursement
Ratio of Expenses to Average Net Assets		1.39	%		1.37	%		1.34	%		1.44	%		1.40	%
Ratio of Net Investment Income (Loss) to
Average Net Assets		-0.55	%		-0.52	%		-0.72	%		-0.53	%		0.73	%
After Reimbursement
Ratio of Expenses to Average Net Assets (d)		1.00	%		1.01	%		1.00	%		1.00	%		1.00	%
Ratio of Net Investment Income (Loss) to
Average Net Assets (d)		-0.17	%		-0.16	%		-0.38	%		-0.09	%		1.14	%
Portfolio Turnover Rate		6.23	%		2.42	%		13.33	%		21.80	%		14.89	%

(a) Per share amounts calculated using the average shares method.
(b) Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in
net asset value for the period and may not reconcile with the aggregate gains and losses in the Statement of Operations due to
share transactions for the period.
(c) Total return represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment
of all dividends and distributions.
(d) The ratio of expenses to average net assets includes interest expenses. The after reimbursement ratio of expense excluding
interest expense was 1.00%, 1.00%, 1.00%, 1.00% and 1.00% for calendar years ended 2019, 2020, 2021, 2022 and 2023, respec-
tively. The after reimbursement ratio of net investment income (loss) excluding interest expense is 1.14%, -0.09%, -0.38%, -0.15%
and -0.17%, for the calendar years ended 2019, 2020, 2021, 2022 and 2023, respectively.

The accompanying notes are an integral part of these
financial statements.

2023 Annual Report 9

NOTES TO FINANCIAL STATEMENTS
BLUE CHIP INVESTOR FUND
December 31, 2023

1.) ORGANIZATION
Blue Chip Investor Fund (the “Fund”) is a non-diversified series of the Blue Chip Investor Funds (the “Trust”), formerly Premier Funds. The Trust is an open-end investment company under the Investment Company Act of 1940, as amended (the “1940 Act”). The Trust was organized in Ohio as a business trust on November 1, 2001, and may offer shares of beneficial interest in a number of separate series, each series representing a distinct fund with its own investment objectives and policies. The Fund commenced operations on January 1, 2002. At present, the Fund is the only series authorized by the Trust. The Fund’s investment objective is to seek long-term growth of capital. The Advisor to the Fund is Check Capital Management, Inc. (the “Advisor”).

2.) SIGNIFICANT ACCOUNTING POLICIES
The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The Fund follows the significant accounting policies described in this section.

SECURITY VALUATION
All investments in securities are recorded at their fair value, as described in Note 3.

FEDERAL INCOME TAXES
The Fund’s policy is to continue to comply with the requirements of the Internal Revenue Code that are applicable to regulated investment companies and to distribute all of its taxable income to shareholders. Therefore, no federal income tax provision is required. It is the Fund’s policy to distribute annually, prior to the end of the calendar year, dividends sufficient to satisfy excise tax requirements of the Internal Revenue Code. This Internal Revenue Code requirement may cause an excess of distributions over the book year-end accumulated income. In addition, it is the Fund’s policy to distribute annually, after the end of the fiscal year, any remaining net investment income and net realized capital gains.

The Fund recognizes the tax benefits of certain tax positions only where the position is “more likely than not” to be sustained assuming examination by tax authorities. Management has analyzed the Fund’s tax positions, and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax years. The Fund identifies its major tax jurisdictions as U.S. federal tax authorities; however, the Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months. The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statement of Operations. During the fiscal year ended December 31, 2023, the Fund did not incur any interest or penalties.

SHARE VALUATION
The net asset value (the “NAV”) is generally calculated as of the close of trading on the New York Stock Exchange (the “Exchange”) (normally 4:00 p.m. Eastern time) every day the Exchange is open. The NAV is calculated by taking the total value of the Fund’s assets, subtracting its liabilities, and then dividing by the total number of shares outstanding, rounded to the nearest cent. The offering price and redemption price per share are equal to the net asset value per share.

DISTRIBUTIONS TO SHAREHOLDERS
Distributions to shareholders, which are determined in accordance with income tax regulations, are recorded on the ex-dividend date. The treatment for financial reporting purposes of distributions made to shareholders during the year from net investment income or net realized capital gains may differ from their ultimate treatment for federal income tax purposes. These differences are caused primarily by differences in the timing of the recognition of certain components of income, expenses or realized capital gain for federal income tax purposes. Where such differences are permanent in nature, they are reclassified in the components of the net assets based on their ultimate characterization for federal income tax purposes. Any such reclassifications will have no effect on net assets, results of operations or net asset value per share of the Fund.

USE OF ESTIMATES
The financial statements are prepared in accordance with GAAP, which requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

2023 Annual Report 10

Notes to Financial Statements - continued

OTHER
The Fund records security transactions based on trade date. Dividend income is recognized on the ex-dividend date. Interest income and interest expense, if any, are recognized on an accrual basis. The Fund uses the specific identification method in computing gain or loss on sale of investment securities. Withholding taxes on foreign dividends have been provided for in accordance with the Fund’s understanding of the applicable country’s tax rules and regulations.

3.) SECURITIES VALUATIONS
The Fund utilizes various methods to measure the fair value of its investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of inputs are:

Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.

Level 2 - Observable inputs other than quoted prices included in level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available. The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in level 3.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

FAIR VALUE MEASUREMENTS
A description of the valuation techniques applied to the Fund’s major categories of assets measured at fair value on a recurring basis follows.

Equity securities (common stocks). Equity securities generally are valued by using market quotations, but may be valued on the basis of prices furnished by a pricing service when the Fund believes such prices accurately reflect the fair value of such securities. Securities that are traded on an exchange or on the NASDAQ over-the-counter market are generally valued at the last quoted sale price. Lacking a last sale price, an equity security is generally valued by the pricing service at its last bid price. Generally, if the security is traded in an active market and is valued at the last sale price, the security is categorized as a level 1 security, and if an equity security is valued by the pricing service at its last bid, it is generally categorized as a level 2 security. If market prices or, in the opinion of Fund management including as informed by the Advisor’s opinion, market prices do not reflect fair value, or if events occur after the close of trading (but prior to the time the NAV is calculated) that materially affects fair value, the Fund through the Advisor may value the Fund’s assets at their fair value according to policies approved by the Fund’s Board of Trustees (the “Trustees” or the “Board”). Such securities are categorized in level 2 or level 3, when appropriate.

Money market funds. Money market funds are valued at net asset value provided by the underlying fund and are classified in level 1 of the fair value hierarchy.

In accordance with the Trust’s good faith pricing guidelines, the Advisor is required to consider all appropriate factors relevant to the value of securities for which it has determined other pricing sources are not available or reliable as described above. There is no single standard for determining fair value, since fair value depends upon the circumstances of each individual case. As a general principle, the current fair value of an issue of securities being valued by the Advisor would appear to be the amount which the owner might reasonably expect to receive for them upon their current sale. Methods which are in accordance with this principle may, for example, be based on (i) a multiple of earnings; (ii) a discount from market of a similar freely traded security (including a derivative security or a basket of securities traded on other markets, exchanges or among dealers); or (iii) yield to maturity with respect to debt issues, or a combination of these and other methods.

2023 Annual Report 11

Notes to Financial Statements - continued

The following table summarizes the inputs used to value the Fund’s assets measured at fair value as of December 31, 2023:

Valuation Inputs of Assets	Level 1	Level 2	Level 3	Total
Common Stocks	$36,573,705	$–	$–	$36,573,705
Money Market Funds	260,734	–	–	260,734
Total	$36,834,439	$–	$–	$36,834,439

The Fund did not hold any level 3 assets during the fiscal year ended December 31, 2023.

The Fund did not invest in any derivative instruments during the fiscal year ended December 31, 2023.

4.) INVESTMENT ADVISORY AGREEMENT
The Fund has entered into an investment advisory agreement (the “Management Agreement”) with the Advisor, Check Capital Management, Inc. Under the terms of the Management Agreement, the Advisor manages the investment portfolio of the Fund, subject to policies adopted by the Trustees. Under the Management Agreement, the Advisor, at its own expense and without reimbursement from the Trust, furnishes office space and all necessary office facilities, equipment and executive personnel necessary for managing the assets of the Fund. The Advisor also pays the salaries and fees of all of its officers and employees that serve as officers and trustees of the Trust. For its services, the Advisor receives an annual investment management fee from the Fund of 1.00% of the average daily net assets of the Fund which is payable monthly. As a result of the above calculation, for the fiscal year ended December 31, 2023, the Advisor earned management fees totaling $383,123, before the waiver of fees and/or reimbursement of expenses described below. The Advisor has contractually agreed to waive management fees and reimburse expenses to the extent necessary to maintain total annual operating expenses of the Fund (excluding brokerage fees, commissions, interest and other borrowing expenses, taxes, extraordinary expenses and the indirect costs of investing in acquired funds) at 1.00% of its average daily net assets through April 30, 2024. There are no provisions for recoupment for any of the contractual waivers entered into by the Advisor. The Advisor waived and/or reimbursed expenses of $148,534 for the fiscal year ended December 31, 2023. At December 31, 2023, the Fund owed the Advisor $30,769.

5.) RELATED PARTY TRANSACTIONS
The Fund has entered into an administration servicing agreement with Premier Fund Solutions, Inc. (the “Administrator”). The Fund pays 0.07% on the first $200 million of assets, 0.05% on the next $500 million of assets and 0.03% on assets above $500 million subject to a minimum monthly fee of $2,000. The Fund also pays all out-of-pocket expenses directly attributable to the Fund. Certain officers and a Trustee of the Trust are also officers of Premier Fund Solutions, Inc. (the “Administrator”). For the fiscal year ended December 31, 2023, the Administrator earned $26,761. At December 31, 2023, the Fund owed the Administrator $2,100.

6.) PURCHASES AND SALES OF SECURITIES
For the fiscal year ended December 31, 2023, purchases and sales of investment securities other than U.S. Government obligations and short-term investments aggregated $2,348,679 and $8,481,677, respectively. Purchases and sales of U.S. Government obligations aggregated $0 and $0, respectively.

7.) CONTROL OWNERSHIP
The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates a presumption of control of a fund, under Section 2(a)(9) of the 1940 Act. As of December 31, 2023, Charles Schwab & Co. Inc., located at 101 Montgomery Street, San Francisco, California, held for the benefit of others, in aggregate, 56.13% of the Fund, and thus may be deemed to control the Fund. Also, National Financial Services, LLC, located at 200 Liberty Street, New York, New York, held for the benefit of others, in aggregate, 43.01% of the Fund, and thus may be deemed to control the Fund.

8.) TAX MATTERS
For federal income tax purposes, the cost of investments owned at December 31, 2023, was $20,320,942. At December 31, 2023, the composition of unrealized appreciation (the excess of value over tax cost) and depreciation (the excess of tax cost over value) was as follows:

Appreciation	(Depreciation)	Net Appreciation
$18,559,409	($2,045,912)	$16,513,497

As of December 31, 2023, there were no differences between book basis and tax basis.

2023 Annual Report 12

Notes to Financial Statements - continued

The tax character of distributions paid during fiscal years 2023 and 2022 was as follows:

	2023	2022
Ordinary Income	$                 –	$                   –
Long-term Capital Gains	1,648,691	629,193
	$     1,648,691	$        629,193

As of December 31, 2023, the components of distributable earnings on a tax basis were as follows:

Unrealized Appreciation	$16,513,497
Total Distributable Earnings	$16,513,497

As of December 31, 2023, total distributable earnings was increased by $63,536 and paid in capital was decreased by $63,536. The adjustment was primarily related to the reclassification of net operating loss.

9.) LOAN AGREEMENT
A loan agreement, subject to certain covenants and restrictions, is in place between the Fund and its custodian, U.S. Bank, N.A. The Fund may seek to obtain loans for the purpose of funding redemptions or purchasing securities up to the lesser of $8,500,000 or the maximum amount that the Fund is permitted to borrow under the 1940 Act using the securities in its portfolio as collateral and allowing U.S. Bank, N.A. the right to setoff to those securities. The maximum interest rate of such loans is set at a rate per annum equal to U.S. Bank’s prime–lending rate (which was 8.50% as of December 31, 2023) less 0.50% . During the fiscal year ended December 31, 2023, the Fund had an average loan balance of $0 and incurred no interest. Additionally, the maximum borrowing during the period was $0. Additionally, as of December 31, 2023, there was no outstanding loan balance. No compensating balances are required. The loan matured on February 4, 2024. The loan was not renewed.

10.) CONCENTRATION OF SECTOR RISK
If a Fund has significant investments in the securities of issuers in industries within a particular sector, any development affecting that sector will have a greater impact on the value of the net assets of the Fund than would be the case if the Fund did not have significant investments in that sector. In addition, this may increase the risk of loss of an investment in the Fund and increase the volatility of the Fund’s NAV per share. From time to time, circumstances may affect a particular sector and the companies within such sector. For instance, economic or market factors, regulation or deregulation, and technological or other developments may negatively impact all companies in a particular sector and therefore the value of a Fund’s portfolio will be adversely affected. As of December 31, 2023, the Fund had 36.86% of the value of its net assets invested in stocks within the Diversified Companies sector.

11.) SUBSEQUENT EVENTS
Subsequent events after the date of the Statement of Assets and Liabilities have been evaluated through the date the financial statements were issued. Management has concluded that there is no impact requiring adjustment to or disclosure in the financial statements.

2023 Annual Report 13

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders and Board of Trustees of
Blue Chip Investor Funds

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Blue Chip Investor Funds comprising Blue Chip Investor Fund (the “Fund”) as of December 31, 2023, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the related notes, and the financial highlights for each of the five years in the period then ended (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2023, the results of its operations for the year then ended, the changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2023, by correspondence with the custodian. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the Fund’s auditor since 2004.

COHEN & COMPANY, LTD.
Milwaukee, Wisconsin
February 21, 2024

2023 Annual Report 14

ADDITIONAL INFORMATION
December 31, 2023
(UNAUDITED)

1.) APPROVAL OF INVESTMENT ADVISORY AGREEMENT
On December 6, 2023, the Board of Trustees (the “Board” or the “Trustees”) considered the renewal of the Management Agreement (the “Agreement”) between the Advisor and the Trust, on behalf of the Fund. The Board reviewed the memorandum provided by legal counsel, noting that, in consideration of the continuance of the management agreement, the Board should review as much information as is reasonably necessary to evaluate the terms of the contract and determine whether it is fair to the Fund and its shareholders. The Board also reviewed the information provided by the Advisor to the Trustees for evaluation of continuance of the Agreement.

In renewing the Management Agreement, the Board of Trustees received material from the Advisor (the “Report”) addressing the following factors: (i) the investment performance of the Fund and the Advisor; (ii) the nature, extent and quality of the services provided by the investment Advisor to the Fund; (iii) the cost of the services to be provided and the profits to be realized by the Advisor and its affiliates from the relationship with the Fund; (iv) the extent to which economies of scale will be realized as the fund grows; and (v) whether the fee levels reflect these economies of scale to the benefit of shareholders.

As to the performance of the Fund, the Report included information regarding the performance of the Fund compared to a group of funds of similar size, style and objective (the “Peer Group”) as well as the Morningstar category average for the Fund. The Report also included comparative performance information for other accounts managed by the Advisor and the Fund’s benchmark index, the S&P 500® Index (the “Index”), and the Peer Group for the period ended September 30, 2023. The data showed that the Fund had similar performance to other accounts managed by the Advisor having a comparable mandate. The data showed that the Fund outperformed the Index, category and Peer Group for the one-year period ended September 30, 2023. The data also showed the Fund’s performance for the three-year, five-year, and ten-year periods. The data showed the Fund was within the range of the category and Peer Group during the periods of underperformance. The Trustees reviewed the information and concluded that the Fund’s performance was acceptable.

As for the nature, extent and quality of the services provided by the Advisor, the Trustees discussed the Advisor’s experience and capabilities. The representatives of the Advisor reviewed and discussed with the Board the Advisor’s Form ADV and the 17j-1 certifications. They summarized the information provided in the Report regarding matters such as the Advisor’s financial condition and investment personnel. The Trustees noted that while the Advisor employs a line of credit, it did not represent excessive leverage. They also discussed each portfolio manager’s background and investment management experience. Furthermore, they reviewed the Advisor’s financial information and discussed the firm’s ability to meet its obligations under the Agreement. The Board concluded that the nature and extent of the services provided by the Advisor were consistent with their expectations, that they were satisfied with the quality of services provided by the Advisor, satisfied with the Advisor’s cybersecurity program, and that the Advisor has the resources to meet its obligations under the Agreement. They noted that both the portfolio management and the Chief Compliance Officer services were acceptable.

As to the fee charged and costs of the services provided, the Board reviewed the fees under the Agreement compared to the Peer Group, the Fund’s category average and fees charged to other clients of the Advisor. The Board noted that the current net expense ratio was in line with the Peer Group and the category average. The Board noted that the advisory fee was similar to that charged to other clients of the Advisor, although not directly comparable because of the greater regulatory demands of the Fund on the Advisor. The Board concluded that the advisory fee, which was within the range of fees charged for the Peer Group and category, was reasonable, particularly in light of the Fund’s size and the net management fees received after waivers. The Board also reviewed a profit and loss analysis prepared by the Advisor that analyzed the expenses incurred by the Advisor in managing the Fund and the total revenue derived by the Advisor from the Fund. The Trustees noted that the Advisor did not utilize an affiliated broker and received no soft dollar benefits. The Trustees concluded that the Advisor was not overly profitable.

As to the economies of scale, it was noted that the Advisor capped the Fund’s expenses during the period, excluding certain expenses, and will cap the Fund’s expenses for an additional one year period. The Trustees also noted they will revisit the issue of economies of scale as Fund assets

2023 Annual Report 15

Additional Information (Unaudited) - continued

grow. Next, the Independent Trustee met in executive session with counsel to discuss the continuation of the Agreement. The Officers of the Trust were excused during this discussion.

Upon reconvening the meeting, it was the consensus of the Trustees, including the disinterested Trustees, that renewal of the Management Agreement would be in the best interests of the Fund and the shareholders.

2.) LIQUIDITY RISK MANAGEMENT PROGRAM
During the fiscal year ended December 31, 2023, the Board reviewed the Fund’s liquidity risk management program, adopted pursuant to Rule 22e-4 under the Investment Company Act. The program is overseen by the Advisor, who has delegated certain responsibilities for managing the program to a liquidity program administrator (the “LPA”). The LPA reported that it had assessed, managed and reviewed the program for the Fund taking into consideration several factors including the liquidity of the Fund’s portfolio investments and the market, trading or investment specific considerations that may reasonably affect a security’s classification as a liquid investment. The LPA certified that the program was adequate, effectively implemented and needed no changes at that time.

2023 Annual Report 16

TRUSTEES AND OFFICERS
(Unaudited)

The Board of Trustees supervises the business activities of the Trust. The names of the Trustees and executive officers of the Trust are shown below. Each Trustee who is an “interested person” of the Trust, as defined in the Investment Company Act of 1940, is indicated by an asterisk. Each Trustee serves until the Trustee sooner dies, resigns, retires or is removed. Officers hold office for one year and until their respective successors are chosen and qualified.

The Trustees and Officers of the Trust and their principal business activities during the past five years are:

Interested Trustees and Officers

					Other
			Principal	Number of	Directorships
Name,	Position	Length of	Occupation(s)	Portfolios	Held By
Address*,	with the	Time Served	During	Overseen	Trustee During
and Year of Birth	Trust		Past 5 Years	By Trustee	the
					Past 5 Years
James Craft, (1982)	President	Since 2023	Fund Administrator, Premier Fund	N/A	PFS Funds
			Solutions, Inc. (2007 to current);
			Chief Technology Officer, Premier
			Fund Solutions, Inc. (2011 to cur-
rent).
Jeffrey R. Provence**,	Secretary,	Since 2001	CEO, Premier Fund Solutions, Inc.	1	PFS Funds,
(1969)	Treasurer		(2001-Present). General Partner and		Meeder Funds
	and Trustee		Portfolio Manager for Value Trend
			Capital Management, LP (1995 to
current).
Jock Meeks, (1956)	Chief	Since 2004	Client Services Director for Check	N/A	N/A
	Compliance		Capital Management (2004 to cur-
	Officer		rent).

* The address of each officer and trustee is c/o Blue Chip Investor Fund, 1939 Friendship Drive, Suite C, El Cajon, California 92020.
** Jeffrey R. Provence is considered “interested person” as defined in Section 2(a)(19) of the Investment Company Act of 1940 due
to his position as officer of the Trust.

Independent Trustee

					Other
			Principal		Directorships
Name,	Position	Length of	Occupation(s)	Number of	Held By
Address*,	with the	Time Served	During	Portfolios	Trustee During
and Year of Birth	Trust		Past 5 Years	Overseen	the
				By Trustee	Past 5 Years
Allen C. Brown, (1943)	Independent	Since 2001	Retired. Law Office of Allen C.	1	PFS Funds
	Trustee		Brown, Estate planning and busi-
			ness attorney (1970 to 2021).
Robert L. Boerner, (1969)	Independent	Since 2023	Owner / Broker of Gecko Realty	1	PFS Funds,
	Trustee		(2008 to current).		Neiman Funds

* The address of each officer and trustee is c/o Blue Chip Investor Fund, 1939 Friendship Drive, Suite C, El Cajon, California 92020.

The Statement of Additional Information contains additional and more detailed information about the Trustees and is available without charge by calling the transfer agent at 1-877-59-FUNDS.

2023 Annual Report 17

Investment Advisor
Check Capital Management Inc.
575 Anton Boulevard, Suite 500
Costa Mesa, CA 92626-7169

Counsel
Thompson Hine LLP
312 Walnut Street, 14th Floor
Cincinnati, OH 45202

Custodian
U.S. Bank, N.A.
425 Walnut Street
Cincinnati, OH 45201

Dividend Paying Agent,
Shareholders' Servicing Agent,
Transfer Agent
Mutual Shareholder Services
8000 Town Centre Dr., Suite 400
Broadview Heights, OH 44147

Fund Administrator
Premier Fund Solutions, Inc.
1939 Friendship Drive, Suite C
El Cajon, CA 92020

Independent Registered Public Accounting Firm
Cohen & Company, Ltd.
342 N. Water Street
Suite 830
Milwaukee, WI 53202

This report is provided for the general information of the shareholders of the Blue Chip
Investor Fund. This report is not intended for distribution to prospective investors in the
Fund, unless preceded or accompanied by an effective prospectus.

BLUE CHIP INVESTOR FUND
575 Anton Boulevard, Suite 500
Costa Mesa, California 92626

(b) Not applicable.

Item 2. Code of Ethics.

The registrant has adopted a code of ethics that applies to the registrant’s principal executive officer and the principal financial officer. The registrant has not made any amendments to its code of ethics during the covered period. The registrant has not granted any waivers from any provisions of the code of ethics during the covered period. A copy of the registrant’s Code of Ethics is filed herewith.

Item 3. Audit Committee Financial Expert.

No member of the audit committee has currently identified as having all of the required technical attributes identified in instruction 2 (b) to item 3 of Form N-CSR to qualify as an “audit committee financial expert,” whether through the type of specialized education or experience required by that instruction. At this time, the Board believes the experience provided by each member of the audit committee collectively offers the fund adequate oversight by its audit committee given the fund’s level of financial complexity. The Board will from time to time reexamine such belief.

Item 4. Principal Accountant Fees and Services.

(a-d) The following table details the aggregate fees billed for each of the last two fiscal years for audit fees, audit-related fees, tax fees and other fees by the principal accountant to the registrant. The principal accountant has provided no services to the adviser or any entity controlled by, or under common control with the adviser that provides ongoing services to the registrant.

	FYE 12/31/2023	FYE 12/31/2022
Audit Fees	$15,250	$15,250
Audit-Related Fees	$0	$0
Tax Fees	$3,000	$3,000
All Other Fees	$750	$750

Nature of Tax Fees: preparation of Excise Tax Statement and 1120 RIC.
All Other Fees: Semi-Annual Report Review

(e) (1) The audit committee approves all audit and non-audit related services and, therefore, has not adopted pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.

(e) (2) None of the services described in paragraph (b) through (d) of this Item were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) All of the principal accountant’s hours spent on auditing the registrant’s financial statements were attributed to work performed by full-time permanent employees of the principal accountant.

(g) The following table indicates the aggregate non-audit fees billed by the registrant’s principal accountant for services to the registrant , the registrant’s investment adviser (not sub-adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant, for the last two years.

Non-Audit Fees	FYE 12/31/2023	FYE 12/31/2022
Registrant	$3,750	$3,750
Registrant’s Investment Adviser	$0	$0

(h) The principal accountant provided no services to the investment adviser or any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant.

(i) Not applicable.

(j) Not applicable.

Item 5. Audit Committee of Listed Companies. Not applicable.

Item 6. Investments.

(a) Not applicable. Schedule filed with Item 1.

(b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies. Not applicable.

Item 8. Portfolio Managers of Closed End Management Investment Companies. Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Companies and Affiliated Purchasers. Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

The registrant has not adopted procedures by which shareholders may recommend nominees to the registrant’s board of trustees.

Item 11. Controls and Procedures.

(a) The Registrant’s president and chief financial officer concluded that the disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR 270.30a -3(c))) as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act (17 CFR 270.30a -3(b)) and Rules 13a-15(b) or 15d-15(b) under the Exchange Act (17 CFR 240.13a -15(b) or 240.15d -15(b)).

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a -3(d)) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13. Exhibits.

(a)(1) Code of Ethics. Filed herewith.

(a)(2) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. Filed herewith.

(a)(3) Not applicable.

(a)(4) Not applicable.

(b) Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. Filed herewith.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Blue Chip Investor Funds

By: /s/ James Craft
James Craft
President

Date: 2/28/2024

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By: /s/ James Craft
James Craft
President

Date: 2/28/2024

By: /s/ Jeffrey R. Provence
Jeffrey R. Provence
Chief Financial Officer

          Date: 2/28/2024

EX-99.CODE ETH

BLUE CHIP INVESTOR FUND

CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND

SENIOR FINANCIAL OFFICERS

I.

Covered Officers/Purpose of the Code

This code of ethics (this “Code”) for Blue Chip Investor Fund (the “Trust”) applies to the Trust’s Principal Executive Officer and Principal Financial Officer (the “Covered Officers” each of whom is set forth in Exhibit A) for the purpose of promoting:

• honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

• full, fair, accurate, timely and understandable disclosure in reports and documents that the Trust files with, or submits to, the Securities and Exchange Commission (“SEC”) and in other public communications made by the Trust;

• compliance with applicable laws and governmental rules and regulations;

• the prompt internal reporting of violations of this Code to an appropriate person or persons identified in this Code; and

• accountability for adherence to this Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

II.

Covered Officers Should Handle Ethically Actual and Apparent Conflicts of Interest

Overview.  A “conflict of interest” occurs when a Covered Officer’s private interests interfere with the interests of, or the Covered Officer’s service to, the Trust.  For example, a conflict of interest would arise if a Covered Officer, or a member of the Covered Officer’s family, receives improper personal benefits as a result of the Covered Officer’s position with the Trust.

Certain conflicts of interest arise out of the relationships between Covered Officers and the Trust and already are subject to conflict of interest provisions in the Investment Company Act of 1940 (“Investment Company Act”) and the Investment Advisers Act of 1940 (“Investment Advisers Act”).  For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Trust because of their status as “affiliated persons” of the Trust.  This Code does not, and is not intended to, repeat or replace any compliance programs and procedures of the Trust or the investment adviser designed to prevent, or identify and correct, violations of the Investment Company Act and the Investment Advisers Act.  

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the Trust and the investment adviser or the administrator of which a Covered Officer is also an officer or employee.  As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties, whether formally for the Trust and/or for the adviser or the administrator, be involved in establishing policies and implementing decisions that will have different effects on the adviser or the administrator and the Trust.  The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Trust and the adviser or the administrator and is consistent with the performance by the Covered Officers of their duties as officers of the Trust.  Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically.  In addition, it is recognized by the Trust’s Board of Trustees (“Board”) that the Covered Officers may also be officers or employees of one or more investment companies covered by other codes.  

Other conflicts of interest are covered by this Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act.  The following list provides examples of conflicts of interest under this Code, but Covered Officers should keep in mind that these examples are not exhaustive.  The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Trust.

Each Covered Officer must:

• not use personal influence or personal relationships improperly to influence investment decisions or financial reporting by the Trust whereby the Covered Officer would benefit personally to the detriment of the Trust;

• not cause the Trust to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than the benefit of the Trust;

• not use material non-public knowledge of portfolio transactions made or contemplated for the Trust to trade personally or cause others to trade personally in contemplation of the market effect of such transactions;

• report at least annually any affiliations or other relationships related to conflicts of interest that the Trust’s Trustees and Officers Questionnaire covers.

There are some conflict of interest situations that should always be discussed with the compliance officer of the Trust appointed by the Board (the “Compliance Officer”), if material.  Examples of these include:

• service as a director on the board of any public company;

• the receipt of any non-nominal gifts;

-2-

• the receipt of any entertainment from any company with which the Trust has current or prospective business dealings unless such entertainment is business-related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any questions of impropriety;

• any ownership interest in, or any consulting or employment relationship with, any of the Trust’s service providers, other than its investment adviser, principal underwriter, administrator or any affiliated person thereof; and

• a direct or indirect financial interest in commissions, transaction charges or spreads paid by the Trust for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer’s employment, such as compensation or equity ownership.

III.

Disclosure and Compliance

• Each Covered Officer should familiarize himself with the disclosure requirements generally applicable to the Trust.

• Each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about the Trust to others, whether within or outside the Trust, including to the Trust’s directors and auditors, and to governmental regulators and self-regulatory organizations.

• Each Covered Officer should, to the extent appropriate within the Covered Officer’s area of responsibility, consult with other officers and employees of the Trust and of the adviser or the administrator with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Trust files with, or submits to, the SEC and in other public communications made by the Trust.

• It is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.  

IV.

Reporting and Accountability

Each Covered Officer must:

• upon adoption of this Code (or thereafter as applicable, upon becoming a Covered Officer), affirm in writing to the Board , in substantially the form set forth on Exhibit B, that the Covered Officer has received, read, and understands this Code;

• annually thereafter affirm to the Board, in substantially the form set forth on Exhibit C, that the Covered Officer has complied with the requirements of this Code;

• not retaliate against any other Covered Officer or any employee of the Trust or their affiliated persons for reports of potential violations that are made in good faith; and

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• notify the Compliance Officer for the Trust promptly if the Covered Officer knows of any violation of this Code.  Failure to do so is itself a violation of this Code.  

The Compliance Officer for the Trust is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation.  However, any approvals or waivers sought by a Covered Officer will be considered by the Audit Committee (the “Committee”), which will make recommendations to the Board.

The Trust will follow these procedures in investigating and enforcing this Code:

• the Compliance Officer for the Trust will take all appropriate action to investigate any potential violations reported to the Compliance Officer;

• the Compliance Officer will review with the outside legal counsel to the Trust the findings and conclusions of such investigation;

• if, after such investigation and review, the Compliance Officer believes that no violation has occurred, the Compliance Officer is not required to take any further action;

• any matter that the Compliance Officer believes is a violation will be reported to the Committee;

• if the Committee concurs that a violation has occurred, it will inform and make a recommendation to the Board, which will consider appropriate action, which may include review of, and appropriate modifications to, applicable policies and procedures (including changes to this Code); notification of the violation to appropriate personnel of the investment adviser or the administrator or its board; or a recommendation to take disciplinary action against the Covered Officer, which may include, without limitation, dismissal;

• the Board will be responsible for granting waivers, as appropriate; and

• any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.

V.  

Other Policies and Procedures

This Code shall be the sole code of ethics adopted by the Trust for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder.  Insofar as other policies or procedures of the Trust, the Trust’s adviser, principal underwriter, the administrator or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code.  The Trust’s and its investment adviser’s and principal underwriter’s codes of ethics under Rule 17j-1 under the Investment Company Act are separate requirements applying to the Covered Officers and others, and are not part of this Code.  

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VI.  

Amendments

Any amendments to this Code, other than amendments to Exhibit A, must be approved or ratified by a majority vote of the Board, including a majority of independent trustees.

VII.  

Confidentiality

 To the extent possible, all records, reports and other information prepared, maintained or acquired pursuant to this Code will be treated as confidential, it being understood that it may be necessary or advisable, that certain matters be disclosed to third parties (e.g., to the board of directors or officers of the adviser or the administrator).  

VIII.  

Internal Use

This Code is intended solely for the internal use by the Trust and does not constitute an admission, by or on behalf of the Trust, as to any fact, circumstance, or legal conclusion.

Date: August 12, 2003

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EX-99.CERT

Exhibit 99.CERT

CERTIFICATIONS

I, James Craft, certify that:

1.

I have reviewed this report on Form N-CSR of Blue Chip Investor Funds;

2.

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4.

The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a)

designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)

designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)

evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d)

disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.

The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a)

all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

b)

any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:            2/28/2024                       

/s/ James Craft                            

James Craft

President

Exhibit 99.CERT

CERTIFICATIONS

I, Jeffrey R. Provence, certify that:

1.

I have reviewed this report on Form N-CSR of Blue Chip Investor Funds;

2.

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4.

The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a)

designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)

designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)

evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d)

disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.

The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a)

all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

b)

any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:            2/28/2024                       

/s/ Jeffrey R. Provence                     

Jeffrey R. Provence

Chief Financial Officer

EX-99.906 CERT

EX-99.906CERT

CERTIFICATION

James Craft, President, and Jeffrey R. Provence, Chief Financial Officer of Blue Chip Investor Funds (the “Registrant”), each certify to the best of his or her knowledge that:

1.

The Registrant’s periodic report on Form N-CSR for the period ended December 31, 2023 (the “Form N-CSR”) fully complies with the requirements of Sections 15(d) of the Securities Exchange Act of 1934, as amended; and

2.

The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

President

      Chief Financial Officer

Blue Chip Investor Funds

      Blue Chip Investor Funds

/s/James Craft                                                           

      /s/Jeffrey R. Provence                                              

James Craft        

      Jeffrey R. Provence

Date:                2/28/2024                                                  Date:                2/28/2024                                                 

A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to Blue Chip Investor Funds and will be retained by Blue Chip Investor Funds and furnished to the Securities and Exchange Commission (the “Commission”) or its staff upon request.

This certification is being furnished to the Commission solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR filed with the Commission.