false Manor Investment Funds Inc N-1A 0001003924 0001003924 2026-01-01 2026-06-30 0001003924 mnrmx:C000033144Member 2026-01-01 2026-06-30 0001003924 mnrmx:C000033144Member 2026-06-30 0001003924 mnrmx:C000033144Member mnrmx:CommunicationServicesMember 2026-06-30 0001003924 mnrmx:C000033144Member mnrmx:ConsumerCyclicalMember 2026-06-30 0001003924 mnrmx:C000033144Member mnrmx:ConsumerDefensiveMember 2026-06-30 0001003924 mnrmx:C000033144Member us-gaap:EnergySectorMember 2026-06-30 0001003924 mnrmx:C000033144Member us-gaap:FinancialServicesSectorMember 2026-06-30 0001003924 mnrmx:C000033144Member us-gaap:HealthcareSectorMember 2026-06-30 0001003924 mnrmx:C000033144Member oef:IndustrialSectorMember 2026-06-30 0001003924 mnrmx:C000033144Member us-gaap:MoneyMarketFundsMember 2026-06-30 0001003924 mnrmx:C000033144Member mnrmx:RealEstateInvestmentTrustMember 2026-06-30 0001003924 mnrmx:C000033144Member us-gaap:TechnologySectorMember 2026-06-30 0001003924 mnrmx:C000033144Member mnrmx:AppliedMaterialsIncMember 2026-06-30 0001003924 mnrmx:C000033144Member mnrmx:VertivHoldingsCoMember 2026-06-30 0001003924 mnrmx:C000033144Member mnrmx:CumminsIncMember 2026-06-30 0001003924 mnrmx:C000033144Member mnrmx:AppLovinCorpMember 2026-06-30 0001003924 mnrmx:C000033144Member mnrmx:ValeroEnergyCorpMember 2026-06-30 0001003924 mnrmx:C000033144Member mnrmx:PaloAltoNetworksIncMember 2026-06-30 0001003924 mnrmx:C000033144Member mnrmx:AlphabetIncClassAMember 2026-06-30 0001003924 mnrmx:C000033144Member mnrmx:JpMorganChaseCoMember 2026-06-30 0001003924 mnrmx:C000033144Member mnrmx:MicrosoftCorpMember 2026-06-30 0001003924 mnrmx:C000033144Member mnrmx:NvidiaCorpMember 2026-06-30 0001003924 mnrmx:C000033145Member 2026-01-01 2026-06-30 0001003924 mnrmx:C000033145Member 2026-06-30 0001003924 mnrmx:C000033145Member mnrmx:BasicMaterialsMember 2026-06-30 0001003924 mnrmx:C000033145Member mnrmx:CommunicationServicesMember 2026-06-30 0001003924 mnrmx:C000033145Member mnrmx:ConsumerCyclicalMember 2026-06-30 0001003924 mnrmx:C000033145Member mnrmx:ConsumerDefensiveMember 2026-06-30 0001003924 mnrmx:C000033145Member us-gaap:FinancialServicesSectorMember 2026-06-30 0001003924 mnrmx:C000033145Member us-gaap:HealthcareSectorMember 2026-06-30 0001003924 mnrmx:C000033145Member oef:IndustrialSectorMember 2026-06-30 0001003924 mnrmx:C000033145Member us-gaap:MoneyMarketFundsMember 2026-06-30 0001003924 mnrmx:C000033145Member us-gaap:TechnologySectorMember 2026-06-30 0001003924 mnrmx:C000033145Member mnrmx:AppleIncMember 2026-06-30 0001003924 mnrmx:C000033145Member mnrmx:VertivHoldingsCoMember 2026-06-30 0001003924 mnrmx:C000033145Member mnrmx:UnitedRentalsIncMember 2026-06-30 0001003924 mnrmx:C000033145Member mnrmx:EliLilyCoMember 2026-06-30 0001003924 mnrmx:C000033145Member mnrmx:AlphabetIncClassCMember 2026-06-30 0001003924 mnrmx:C000033145Member mnrmx:AlphabetIncClassAMember 2026-06-30 0001003924 mnrmx:C000033145Member mnrmx:PaloAltoNetworksIncMember 2026-06-30 0001003924 mnrmx:C000033145Member mnrmx:AmazoncomIncMember 2026-06-30 0001003924 mnrmx:C000033145Member mnrmx:AppLovinCorpMember 2026-06-30 0001003924 mnrmx:C000033145Member mnrmx:NvidiaCorpMember 2026-06-30 0001003924 mnrmx:C000033146Member 2026-01-01 2026-06-30 0001003924 mnrmx:C000033146Member 2026-06-30 0001003924 mnrmx:C000033146Member us-gaap:MoneyMarketFundsMember 2026-06-30 0001003924 mnrmx:C000033146Member us-gaap:USTreasuryNotesSecuritiesMember 2026-06-30 0001003924 mnrmx:C000033146Member mnrmx:USTreasNote2034Nov15Member 2026-06-30 0001003924 mnrmx:C000033146Member mnrmx:USTreasNote2032Nov15Member 2026-06-30 0001003924 mnrmx:C000033146Member mnrmx:USTreasNote2030May15Member 2026-06-30 0001003924 mnrmx:C000033146Member mnrmx:USTreasNote2029Nov15Member 2026-06-30 0001003924 mnrmx:C000033146Member mnrmx:USTreasNote2027Sept30Member 2026-06-30 0001003924 mnrmx:C000033146Member mnrmx:USTreasNote2028Jul15Member 2026-06-30 0001003924 mnrmx:C000033146Member mnrmx:USTreasNote2026Aug15Member 2026-06-30 0001003924 mnrmx:C000033146Member mnrmx:GoldmanSachsFinSquareTreasMember 2026-06-30 iso4217:USD xbrli:shares iso4217:USD xbrli:shares xbrli:pure mnrmx:Holdings

 

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 811-09134

 

Manor Investment Funds
(Exact name of registrant as specified in charter)

 

116 Commons Court, Chadds Ford, PA 19317
(Address of principal executive offices)

 

Mutual Shareholder Services, LLC
8000 Town Centre Drive, Suite 400, Broadview Heights, OH 44147
(Name and address of agent for service)

 

Registrants telephone number, including area code:  610-722-0900

 

Date of fiscal year end: December 31

 

Date of reporting period: June 30, 2026

 

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270-30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection and policymaking roles.

 

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (OMB) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection if information under the clearance requirement of 44 U.S.C. 3507.

 

Item 1. Reports to Stockholders.

 

 

 
 

SEMI-ANNUAL SHAREHOLDER REPORT

June 30, 2026 (Unaudited)

 

MANOR FUND

MNRMX

 

ADDITIONAL INFORMATION

 

This semi-annual shareholder report contains important information about the Manor Fund - MNRMX (the “Fund”) for the period January 1, 2026 to June 30 2026, as well as certain changes to the Fund.

 

You can find additional information about the Fund at www.manorfunds.com. You can also request this information by contacting us at 1-800-787-3334.

 

This report describes changes to the Fund that occurred during the reporting period.

 

 

 

expense Information

 

What were the Fund costs for the past six months?

(based on a hypothetical $10,000 investment)

Fund Name Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment*
     
Manor Fund $70 1.25%

 

*Annualized

 

 

 

Fund statistics

 

  PORTFOLIO PORTFOLIO ADVISORY FEES
NET ASSETS: HOLDINGS: TURNOVER: PAID BY FUND:
$12,203,606 30 0.00% $42,373

 

 

 

PORTFOLIO ILLUSTRATION

 

The following chart gives a visual breakdown of the Fund by the industry sectors the underlying securities represent as a percentage of the portfolio of investments. Below Sectors are categorized using Morningstar® classifications.

 

 

Communication Services 8.49%
Consumer Cyclical 10.54%
Consumer Defensive 2.33%
Energy 6.27%
Financial Services 10.69%
Healthcare 7.46%
Industrials 16.41%
Money Market Fund 0.58%
Real Estate Investment Trust 2.58%
Technology 34.65%

 

 

 

 

top ten holdings (% of net assets)

1. Applied Materials, Inc. 17.45%
2. Vertiv Holdings Co 9.25%
3. Cummins, Inc. 5.35%
4. AppLovin Corp. 4.50%
5. Valero Energy Corp. 4.38%
6. Palo Alto Networks, Inc. 4.24%
7. Alphabet, Inc. Class A 3.90%
8. JP Morgan Chase & Co. 3.69%
9. Microsoft Corp. 3.32%
10. NVIDIA Corp. 3.19%
  Total % of Net Assets 59.27%

 

 

Material Fund Changes

 

Effective May 12, 2026, the Board appointed Bob Anastasi as Treasurer, Secretary and Chief Compliance Officer of the Trust and approved Hanover Fund Administration, LLC (“Hanover”) to provide administrator and compliance services to the Trust.

 

Householding

 

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-800-787-3334, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

 

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, visit www.manorfunds.com or contact us at 1-800-787-3334.

 

 

 

 

 

 
 

SEMI-ANNUAL SHAREHOLDER REPORT

June 30, 2026 (Unaudited)

 

MANOR GROWTH FUND

MNRGX

 

ADDITIONAL INFORMATION

 

This semi-annual shareholder report contains important information about the Manor Growth Fund - MNRGX (the “Fund”) for the period January 1, 2026 to June 30 2026, as well as certain changes to the Fund.

 

You can find additional information about the Fund at www.manorfunds.com. You can also request this information by contacting us at 1-800-787-3334.

 

This report describes changes to the Fund that occurred during the reporting period.

 

 

 

expense Information

 

What were the Fund costs for the past six months?

(based on a hypothetical $10,000 investment)

Fund Name Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment*
     
     
Manor Growth Fund $52 0.99%

 

*Annualized

 

 

 

Fund statistics

 

  PORTFOLIO PORTFOLIO ADVISORY FEES
NET ASSETS: HOLDINGS: TURNOVER: PAID BY FUND:
$17,943,523 25 2.14% $65,036

 

 

 

PORTFOLIO ILLUSTRATION

 

The following chart gives a visual breakdown of the Fund by the industry sectors the underlying securities represent as a percentage of the portfolio of investments. Below Sectors are categorized using Morningstar® classifications.

 

 

Basic Materials 1.91%
Communication Services 15.97%
Consumer Cyclical 8.17%
Consumer Defensive 1.26%
Financial Services 7.74%
Healthcare 13.54%
Industrials 17.77%
Money Market Fund 0.41%
Technology 33.23%

 

 

 

top ten holdings (% of net assets)

1. Apple, Inc. 11.60%
2. Vertiv Holdings Co. 10.52%
3. United Rentals, Inc. 7.26%
4. Eli Lilly & Co. 6.72%
5. Alphabet, Inc. Class C 5.24%
6. Alphabet, Inc. Class A 5.23%
7. Palo Alto Networks, Inc. 5.22%
8. Amazon.com, Inc. 5.11%
9. AppLovin Corp. 5.02%
10. NVIDIA Corp. 3.76%
  Total % of Net Assets 65.68%

 

 

 

Material Fund Changes

 

Effective May 12, 2026, the Board appointed Bob Anastasi as Treasurer, Secretary and Chief Compliance Officer of the Trust and approved Hanover Fund Administration, LLC (“Hanover”) to provide administrator and compliance services to the Trust.

 

 

Householding

 

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-800-787-3334, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

 

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, visit www.manorfunds.com or contact us at 1-800-787-3334.

 

 

 

 
 

SEMI-ANNUAL SHAREHOLDER REPORT

June 30, 2026 (Unaudited)

 

MANOR BOND FUND

MNRBX

 

ADDITIONAL INFORMATION

 

This semi-annual shareholder report contains important information about the Manor Bond Fund - MNRBX (the “Fund”) for the period January 1, 2026 to June 30, 2026, as well as certain changes to the Fund.

 

You can find additional information about the Fund at www.manorfunds.com. You can also request this information by contacting us at 1-800-787-3334.

 

This report describes changes to the Fund that occurred during the reporting period.

 

 

 

expense Information

 

What were the Fund costs for the past six months?

(based on a hypothetical $10,000 investment)

Fund Name Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment*
     
Manor Bond Fund $48 0.95%

 

*Annualized

 

 

 

 

Fund statistics

 

  PORTFOLIO PORTFOLIO ADVISORY FEES
NET ASSETS: HOLDINGS: TURNOVER: PAID BY FUND:
$2,639,184 8 16.72% $6,585

 

 

 

PORTFOLIO ILLUSTRATION

 

The following chart gives a visual breakdown of the Fund by the industry sectors the underlying securities represent as a percentage of the portfolio of investments. Below Sectors are categorized based on asset type.

 

 

Money Market Fund 3.25%
US Treasury Notes 96.75%

 

 

 

top holdings (% OF NET ASSETS)

1. US Treasury Note, 4.25%, Due 11/15/2034 28.18%
2. US Treasury Note, 4.125%, due 11/15/2032 24.44%
3. US Treasury Note, Series C, 0.625% Due 05/15/2030 11.43%
4. US Treasury Note, 1.75%, Due 11/15/2029 11.39%
5. US Treasury Note, 4.125%, Due 09/30/2027 7.58%
6. US Treasury Note, 3.875%, Due 07/15/2028 7.54%
7. US Treasury Note, 1.50%, Due 08/15/2026 5.67%
8. Goldman Sachs Financial Square Treasury Instruments Fund 3.23%
  Total % of Net Assets 99.46%

 

 

 

Material Fund Changes

 

Effective May 12, 2026, the Board appointed Bob Anastasi as Treasurer, Secretary and Chief Compliance Officer of the Trust and approved Hanover Fund Administration, LLC (“Hanover”) to provide administrator and compliance services to the Trust.

 

 

Householding

 

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-800-787-3334, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

 

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, visit www.manorfunds.com or contact us at 1-800-787-3334.

 

 

 
 

 

ITEM 2. CODE OF ETHICS

 

The Registrant, as of the end of the period covered by this report, has adopted a code of ethics that applies to the Registrant’s principal executive officer, principal financial officer, principal account officer or controller, or persons performing similar functions. 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.

 

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

 

The registrant’s Board of Trustees has determined that it does not have an audit committee financial expert serving on its audit committee. At this time, the registrant believes that the experience provided by each member of the audit committee together, offer the registrant adequate oversight for the registrant’s level of financial complexity.

 

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

 

The registrant has engaged its principal accountant to perform audit services. “Audit services” refer to performing an audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years. “Audit related services” refer to the assurance and related services by the principal accountant that are reasonably related to the performance of the audit. “Tax Services” refer to professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. 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.

 

Each year, the registrant’s Board of Directors recommend a principal accountant to perform audit services for the registrant. At the registrant’s Annual Meeting, the shareholders vote to approve or disapprove the principal accountant recommended by the Board.

 

ITEM 5. AUDIT-COMMITTEE OF LISTED REGISTRANTS.

Not applicable to open-end investment companies.

 

ITEM 6. SCHEDULE OF INVESTMENTS.

Schedule of Investments is included as part of the report filed under Item 7 of this form.

 

ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT COMPANIES.

 

 

 

 
 

 

 

 

 

 

Manor Fund (MNRMX)

Manor Growth Fund (MNRGX)

Manor Bond Fund (MNRBX)

 

 

 

Semi-Annual Financial Statements

 

June 30, 2026

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
 

 

 

       
    MANOR INVESTMENT FUNDS  
    MANOR FUND  
       
Schedule of Investments  
June 30, 2026 (Unaudited)  
       
Shares     Fair Value
       
COMMON STOCKS - 96.90%  
       
Beverages - 1.19%  
1,075   PepsiCo, Inc. $            145,555
       
Computer Peripheral Equipment - 4.24%  
1,517   Palo Alto Networks, Inc. * 517,327
       
Computer Storage Devices - 1.97%  
1,553   NetApp, Inc. 240,342
       
Converted Paper & Paperboard Products (No Container/Boxes)  - 1.28%  
964   Avery Dennison Corp.               156,505
       
Crude Petroleum & Natural Gas - 1.89%  
5,593   Devon Energy Corp.               231,103
       
Electronic Components - 9.25%  
3,372   Vertiv Holdings Co. Class A            1,129,013
       
Engines & Turbines - 5.35%  
915   Cummins, Inc.               652,587
       
Hospital & Medical Service Plans - 2.01%  
634   Elevance Health, Inc. 245,187
       
Investment Advice - 2.41%  
2,481   Apollo Global Management, Inc. Class A 293,527
       
National Commercial Banks - 6.03%  
1,374   JP Morgan Chase & Co. 449,752
1,163   PNC Financial Services Group, Inc.               286,354
      736,106
Operative Builders - 2.41%  
1,806   D.R. Horton, Inc. 294,161
       
Petroleum Refining - 4.38%  
2,053   Valero Energy Corp. 534,683
       
Pharmaceutical Preparations - 3.04%  
1,475   AbbVie, Inc. 371,169
       
Retail-Grocery Stores - 1.14%  
2,503   The Kroger Co. 138,992
       
Retail-Lumber & Other Building Materials Dealers - 1.70%  
939   Lowes Cos., Inc. 207,040
       
Search, Detection, Navigation, Guidance, Aeronautical & Nautical Systems & Instruments - 1.82%  
436   Northrop Grumman Corp. 222,059
       
Security Brokers, Dealers & Flotation Companies - 2.26%  
2,985   Charles Schwab Corp. 275,426
       
Semiconductors & Related Devices - 20.63%  
2,945   Applied Materials, Inc. 2,129,235
1,943   NVIDIA Corp. 388,775
      2,518,010
Services-Computer Programming, Data Processing, Etc. - 8.41%  
1,333   Alphabet, Inc. Class A 476,374
1,067   AppLovin Corp. Class A * 549,751
      1,026,125
Services-Prepackaged Software - 5.70%  
1,087   Microsoft Corp. 405,473
1,160   Take-Two Interactive Software, Inc. * 289,977
      695,450
Services-Video Tape Rental - 2.22%  
3,798   Netflix, Inc. *               271,177
       
Transportation Services - 2.51%  
1,718   Booking Holdings, Inc.               306,216
       
Water Transportation - 2.65%  
1,019   Royal Caribbean Cruises Ltd.               323,563
       
Wholesale - Drugs, Proprietaries & Druggists' Sundries - 2.41%  
1,040   Cencora, Inc.               294,299
       
TOTAL FOR COMMON STOCKS (Cost $3,727,778) - 96.90%          11,825,622
       
REAL ESTATE INVESTMENT TRUST - 2.58%  
302   Equinix, Inc.               314,802
TOTAL FOR REAL ESTATE INVESTMENT TRUST (Cost $112,407) - 2.58%               314,802
       
MONEY MARKET FUND - 0.59%  
71,336   Federated Hermes Government Obligations Fund - Institutional Class 3.49% ** (Cost $71,336)                 71,336
       
TOTAL INVESTMENTS (Cost $3,911,521) - 100.07% 12,211,760
       
LIABILITIES IN EXCESS OF OTHER ASSETS, NET - (0.07)%                (8,154)
       
NET ASSETS - 100.00% $       12,203,606
       
       
* Non-income producing securities during the period.  
** Variable rate security; the coupon rate shown represents the yield at June 30, 2026.  
       
The accompanying notes are an integral part of these financial statements.

 

 
 

 

       
    MANOR INVESTMENT FUNDS  
    GROWTH FUND  
       
Schedule of Investments  
June 30, 2026 (Unaudited)  
       
Shares     Fair Value
       
COMMON STOCKS - 99.69%  
       
Computer Peripheral Equipment - 5.22%  
2,747   Palo Alto Networks, Inc. * $                936,782
       
Electronic Components - 10.52%  
5,640   Vertiv Holdings Co. Class A 1,888,385
       
Electronic Computers - 11.60%  
7,192   Apple, Inc. 2,081,077
       
Industrial Instruments for Measurement, Display & Control - 2.09%  
1,968   Danaher Corp. 374,865
       
Investment Advice - 2.94%  
4,461   Apollo Global Management, Inc. Class A 527,781
       
Measuring & Controlling Devices - 2.03%  
725   Thermo Fisher Scientific, Inc. 363,486
       
Pharmaceutical Preparations - 9.44%  
1,942   AbbVie, Inc. 488,685
1,005   Eli Lilly & Co.                1,205,427
      1,694,112
Radio & TV Broadcasting & Communications Equipment - 2.61%  
2,531   Qualcomm, Inc. 467,703
       
Retail-Building Materials, Hardware, Garden Supply - 1.92%  
998   The Sherwin-Williams Co. 343,631
       
Retail-Catalog & Mail-Order Houses - 5.11%  
3,845   Amazon.com, Inc. * 916,417
       
Retail-Variety Stores - 1.26%  
1,864   Dollar Tree, Inc. * 225,451
       
Security Brokers, Dealers & Flotation Companies - 2.68%  
5,207   Charles Schwab Corp. 480,450
       
Semiconductors & Related Devices - 3.76%  
3,373   NVIDIA Corp.                   674,904
       
Services-Business Services - 2.13%  
744   MasterCard, Inc. Class A                   382,118
       
Services-Computer Programming, Data Processing, Etc. - 15.49%  
2,627   Alphabet, Inc. Class A 938,811
2,660   Alphabet, Inc. Class C 939,858
1,747   AppLovin Corp. Class A *                   900,107
      2,778,776
Services-Equipment Rental & Leasing - 7.26%  
1,150   United Rentals, Inc.                1,302,823
       
Services-Prepackaged Software - 7.85%  
1,771   Microsoft Corp. 660,618
1,585   Salesforce.com, Inc. 248,306
1,996   Take-Two Interactive Software, Inc. * 498,960
                     1,407,884
Services-Video Tape Rental - 2.73%  
6,869   Netflix, Inc. * 490,447
       
Water Transportation - 3.07%  
1,736   Royal Caribbean Cruises Ltd.                   551,232
       
TOTAL FOR COMMON STOCKS (Cost $5,191,113) - 99.69%              17,888,324
       
MONEY MARKET FUND - 0.41%  
74,359   Federated Hermes Government Obligations Fund - Institutional Class 3.49%** (Cost $74,359)                     74,359
       
TOTAL INVESTMENTS (Cost $5,265,472) - 100.11%              17,962,683
       
LIABILITIES IN EXCESS OF OTHER ASSETS, NET - (0.11)%                  (19,160)
       
NET ASSETS - 100.00% $           17,943,523
       
       
* Non-income producing securities during the period.  
** Variable rate security; the coupon rate shown represents the yield at June 30, 2026.  
       
The accompanying notes are an integral part of these financial statements.

 

 
 

 

       
    MANOR INVESTMENT FUNDS  
    BOND FUND  
       
Schedule of Investments  
June 30, 2026 (Unaudited)  
       
Face Amount Fair Value
       
US TREASURY NOTES - 96.23%  
150,000   US Treasury Note 1.50% Due 08/15/2026 $           149,553
200,000   US Treasury Note 4.125% Due 09/30/2027              199,969
200,000   US Treasury Note 3.875% Due 07/15/2028              198,906
325,000   US Treasury Note 1.75% Due 11/15/2029              300,765
345,000   US Treasury Note, Series C, 0.625% Due 05/15/2030              301,632
650,000   US Treasury Note 4.125% Due 11/15/2032              644,897
750,000   US Treasury Note 4.25% Due 11/15/2034              743,818
       
TOTAL FOR US TREASURY NOTES (Cost $2,581,499) - 96.23%           2,539,540
       
MONEY MARKET FUND - 3.23%  
Shares      
85,328   Goldman Sachs Financial Square Treasury Instruments Fund - Institutional Class 3.52%* (Cost $85,328)                85,328
       
TOTAL INVESTMENTS (Cost $2,666,827) - 99.46%           2,624,868
       
OTHER ASSETS IN EXCESS OF LIABILITIES, NET - (0.54)%               14,316
       
NET ASSETS - 100.00% $        2,639,184
       
* Variable rate security; the coupon rate shown represents the yield at June 30, 2026.  
       
The accompanying notes are an integral part of these financial statements.

 

 
 

 

         
MANOR INVESTMENT FUNDS
         
Statements of Assets and Liabilities
June 30, 2026 (Unaudited)
         
Assets:   Manor Fund Growth Fund Bond Fund
       Investments in Securities, at Value      
               (Cost $3,911,521, $5,265,472, and $2,666,827, respectively) $   12,211,760 $     17,962,683 $       2,624,868
       Cash   700      -      -
       Receivables:      
            Shareholder Subscriptions 1,000 1,000 500
            Dividends and Interest       2,191   5,136    16,133
                     Total Assets   12,215,651   17,968,819   2,641,501
Liabilities:        
       Payables:      
             Shareholder Redemptions          - 10,750 250
             Due to Advisor 12,045 14,546 2,067
                     Total Liabilities   12,045 25,296    2,317
Net Assets   $   12,203,606 $     17,943,523 $       2,639,184
         
Net Assets Consist of:      
    Capital Stock $               239 $                 369 $                 255
    Paid In Capital 3,101,805 3,790,538 2,665,528
    Distributable Earnings (Deficit)   9,101,562    14,152,616     (26,599)
Net Assets (10,000,000 shares authorized, $0.001 par value) for 238,658      
  369,498, and 254,580 shares outstanding, respectively. $   12,203,606 $     17,943,523 $       2,639,184
         
Net Asset Value and Offering Price Per Share $            51.13 $              48.56 $              10.37
         
         
The accompanying notes are an integral part of these financial statements.

 

 
 

 

         
MANOR INVESTMENT FUNDS
         
Statements of Operations
For the six months ended June 30, 2026 (Unaudited)
         
    Manor Fund Growth Fund Bond Fund
Investment Income:      
       Dividends $           65,448 $             55,579  $                 -
       Interest                  3,961                 5,813             39,468
            Total Investment Income              69,409                61,392             39,468
         
Expenses:        
       Advisory              42,373                65,036               6,585
       Administrative              28,248                20,812               5,926
            Total Expenses              70,621                85,848             12,511
         
Net Investment Income (Loss)             (1,212)             (24,456)             26,957
         
Realized and Unrealized Gain (Loss) on Investments:      
   Net Realized Gain on Investments            802,535           1,480,235               5,750
   Net Change in Unrealized Appreciation (Depreciation) on Investments          1,568,010           (121,753)          (34,207)
Net Realized and Unrealized Gain (Loss) on Investments          2,370,545           1,358,482          (28,457)
         
Net Increase (Decrease) in Net Assets Resulting from Operations $       2,369,333 $         1,334,026  $        (1,500)
         
         
         
The accompanying notes are an integral part of these financial statements.      

 

 
 

 

       
MANOR INVESTMENT FUNDS
MANOR FUND
       
Statements of Changes in Net Assets
       
    (Unaudited)  
    Six Months  
    Ended Year Ended
    6/30/2026 12/31/2025
Increase in Net Assets From Operations:    
    Net Investment Income (Loss)  $      (1,212) $        11,701
    Net Realized Gain on Investments         802,535         854,162
    Net Change in Unrealized Appreciation on Investments      1,568,010      1,096,070
    Net Increase in Net Assets Resulting from Operations      2,369,333      1,961,933
       
    Distributions to Shareholders                  -      (866,209)
       
Capital Share Transactions:    
    Proceeds from Shares Sold         215,121         113,542
    Reinvestment of Distributions                  -         866,209
    Cost of Shares Redeemed    (1,678,357)      (522,185)
    Net Increase (Decrease) from Capital Shares Transactions    (1,463,236)        457,566
       
Total Increase         906,097      1,553,290
       
    Net Assets    
    Beginning of Period/Year    11,297,509      9,744,219
       
    End of Period/Year $  12,203,606 $  11,297,509
       
Capital Share Transactions:    
    Shares Sold            4,951            2,836
    Shares Issued on Reinvestment of Distributions                  -          20,619
    Shares Redeemed        (38,495)        (13,154)
    Net Increase (Decrease) in Outstanding Shares of the Fund        (33,544)          10,301
       
The accompanying notes are an integral part of these financial statements.    

 

 
 

 

       
MANOR INVESTMENT FUNDS
GROWTH FUND
       
Statements of Changes in Net Assets
       
    (Unaudited)  
    Six Months  
    Ended Year Ended
    6/30/2026 12/31/2025
Increase (Decrease) in Net Assets From Operations:    
    Net Investment Loss  $     (24,456)  $       (47,004)
    Net Realized Gain on Investments       1,480,235         1,536,628
    Net Change in Unrealized Appreciation (Depreciation) on Investments       (121,753)         1,083,379
    Net Increase in Net Assets Resulting from Operations       1,334,026         2,573,003
       
    Distributions to Shareholders                   -      (1,489,902)
       
Capital Share Transactions:    
    Proceeds from Shares Sold           45,001           189,065
    Reinvestment of Distributions                   -         1,471,050
    Cost of Shares Redeemed     (2,293,326)      (1,438,470)
    Net Increase (Decrease) from Capital Shares Transactions     (2,248,325)          221,645
       
Total Increase (Decrease)       (914,299)        1,304,746
       
    Net Assets    
    Beginning of Period/Year     18,857,822       17,553,076
       
    End of Period/Year $   17,943,523 $    18,857,822
       
Capital Share Transactions:    
    Shares Sold             1,075               4,228
    Shares Issued on Reinvestment of Distributions                   -             32,617
    Shares Redeemed         (54,003)           (32,935)
    Net Increase (Decrease) in Outstanding Shares of the Fund         (52,928)              3,910
       
The accompanying notes are an integral part of these financial statements.    

 

 
 

 

       
MANOR INVESTMENT FUNDS
BOND FUND
 
Statements of Changes in Net Assets
       
    (Unaudited)  
    Six Months  
    Ended Year Ended
    6/30/2026 12/31/2025
Increase (Decrease) in Net Assets From Operations:    
    Net Investment Income $       26,957 $       57,465
    Net Realized Gain (Loss) on Investments           5,750         (1,355)
    Net Change in Unrealized Appreciation (Depreciation) on Investments       (34,207)          98,062
    Net Increase (Decrease) in Net Assets Resulting from Operations         (1,500)        154,172
       
    Distributions to Shareholders                 -       (57,479)
       
Capital Share Transactions:    
    Proceeds from Shares Sold        275,601        646,227
    Shares Issued on Reinvestment of Distributions                 -          57,479
    Cost of Shares Redeemed     (233,757)     (696,784)
    Net Increase from Capital Share Transactions         41,844          6,922
       
Total Increase          40,344        103,615
       
    Net Assets    
    Beginning of Period/Year     2,598,840     2,495,225
       
    End of Period/Year $   2,639,184 $   2,598,840
       
Capital Share Transactions:    
    Shares Sold          26,333          61,822
    Shares Issued on Reinvestment of Distributions                 -           5,537
    Shares Redeemed       (22,402)       (67,236)
    Net Increase in Outstanding Shares of the Fund           3,931              123
       
       
The accompanying notes are an integral part of these financial statements.    

 

 
 

 

 
MANOR INVESTMENT FUNDS
MANOR FUND
                 
Financial Highlights
Selected data for a share outstanding throughout each period/year.
                 
    (Unaudited)            
    Six Months            
    Ended   Years Ended
    6/30/2026   12/31/2025 12/31/2024 12/31/2023 12/31/2022 12/31/2021
                 
Net Asset Value, at Beginning of Period/Year $        41.50   $        37.21 $        33.13 $        29.41 $       34.48 $       27.54
                 
Income From Investment Operations:              
  Net Investment Income *             0.00               0.05             0.15             0.27            0.31            0.13
  Net Gain (Loss) on Securities (Realized and Unrealized)             9.63               7.69             6.53             3.78          (4.01)            8.00
     Total from Investment Operations             9.63               7.74             6.68             4.05          (3.70)            8.13
                 
Distributions:                
  Net Investment Income                 -            (0.05)          (0.15)          (0.28)          (0.32)          (0.14)
  Realized Gains                 -            (3.40)          (2.45)          (0.05)          (1.05)          (1.05)
     Total from Distributions                 -            (3.45)          (2.60)          (0.33)          (1.37)          (1.19)
                 
Net Asset Value, at End of Period/Year $        51.13   $        41.50 $        37.21 $        33.13 $       29.41 $       34.48
                 
Total Return **         23.20% (b)       20.67%       20.06%       13.77%    (10.69)%       29.50%
                 
Ratios/Supplemental Data:              
  Net Assets at End of Period/Year (Thousands) $      12,204   $      11,298 $        9,744 $        8,288 $       7,564 $       8,873
     Ratio of Expenses to Average Net Assets 1.25% (a) 1.25% 1.25% 1.25% 1.25% 1.25%
     Ratio of Net Investment Income (Loss) to Average Net Assets       (0.02)% (a) 0.11% 0.40% 0.89% 0.99% 0.41%
  Portfolio Turnover 0.00% (b) 9.54% 12.04% 9.46% 0.00% 3.20%
                 
                 
* Per share net investment income has been determined on the basis of average shares outstanding during the year.    
** Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund  
     assuming reinvestment of dividends.              
(a) Annualized.                
(b) Not annualized.              
The accompanying notes are an integral part of these financial statements.            

 

 
 

 

 
MANOR INVESTMENT FUNDS
GROWTH FUND
                 
Financial Highlights
Selected data for a share outstanding throughout each period/year.
                 
    (Unaudited)            
    Six Months            
    Ended   Years Ended
    6/30/2026   12/31/2025 12/31/2024 12/31/2023 12/31/2022 12/31/2021
                 
Net Asset Value, at Beginning of Period/Year $         44.64   $         41.94 $         35.46 $         29.74 $         37.94 $         31.08
                 
Income From Investment Operations:              
  Net Investment Income (Loss) *           (0.06)             (0.12)           (0.06)              0.08              0.04           (0.08)
  Net Gain (Loss) on Securities (Realized and Unrealized)             3.98               6.64              8.77              6.70           (6.65)              8.77
     Total from Investment Operations             3.92               6.52              8.71              6.78           (6.61)              8.69
                 
Distributions:                
  Net Investment Income                  -                    -                  -           (0.08)           (0.04)                  -
  Realized Gains                  -             (3.82)           (2.23)           (0.98)           (1.55)           (1.83)
     Total from Distributions                  -             (3.82)           (2.23)           (1.06)           (1.59)           (1.83)
                 
Net Asset Value, at End of Period/Year $         48.56   $         44.64 $         41.94 $         35.46 $         29.74 $         37.94
                 
Total Return **            8.78% (b)        15.45%        24.46%        22.77%      (17.37)%        27.90%
                 
Ratios/Supplemental Data:              
  Net Assets at End of Period/Year (Thousands) $       17,944   $       18,858 $       17,553 $       14,592 $       12,391 $       15,388
     Ratio of Expenses to Average Net Assets 0.99% (a) 0.99% 0.99% 0.99% 0.99% 0.99%
     Ratio of Net Investment Income (Loss) to Average Net Assets        (0.28)% (a)        (0.27)%        (0.16)% 0.24% 0.11%        (0.22)%
  Portfolio Turnover 2.14% (b) 9.44% 12.05% 12.87% 6.05% 6.41%
                 
* Per share net investment income (loss) has been determined on the basis of average shares outstanding during the year.    
** Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund    
     assuming reinvestment of dividends.              
(a) Annualized.                
(b) Not annualized.              
The accompanying notes are an integral part of these financial statements.            

 

 
 

 

 
MANOR INVESTMENT FUNDS
BOND FUND
                 
Financial Highlights
Selected data for a share outstanding throughout each period/year.
                 
    (Unaudited)            
    Six Months            
    Ended   Years Ended
    6/30/2026   12/31/2025 12/31/2024 12/31/2023 12/31/2022 12/31/2021
                 
Net Asset Value, at Beginning of Period/Year $       10.37   $         9.96 $       10.02 $         9.74 $       10.66 $       11.05
                 
Income From Investment Operations:              
  Net Investment Income *            0.11              0.22            0.20            0.14            0.06            0.07
  Net Gain (Loss) on Securities (Realized and Unrealized)          (0.11)              0.39          (0.10)            0.27          (0.91)          (0.39)
     Total from Investment Operations            0.00              0.61            0.10            0.41          (0.85)          (0.32)
                 
Distributions:                
  Net Investment Income                 -            (0.20)          (0.16)          (0.13)          (0.07)          (0.07)
     Total from Distributions                 -            (0.20)          (0.16)          (0.13)          (0.07)          (0.07)
                 
Net Asset Value, at End of Period/Year $       10.37   $       10.37 $         9.96 $       10.02 $         9.74 $       10.66
                 
Total Return **           0.00% (b)         6.08%         0.96%         4.16%      (8.01)%      (2.94)%
                 
Ratios/Supplemental Data:              
  Net Assets at End of Period/Year (Thousands) $       2,639   $       2,599 $       2,495 $       1,811 $       1,677 $       1,788
     Ratio of Expenses to Average Net Assets 0.95% (a) 0.95% 0.95% 0.95% 0.95% 0.95%
     Ratio of Net Investment Income to Average Net Assets 2.05% (a) 2.16% 1.94% 1.46% 0.64% 0.61%
  Portfolio Turnover 16.72% (b) 3.96% 0.00% 37.00% 0.00% 0.00%
                 
                 
* Per share net investment income has been determined on the basis of average shares outstanding during the year.    
** Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund  
     assuming reinvestment of dividends.              
(a) Annualized.                
(b) Not annualized.              
The accompanying notes are an integral part of these financial statements.            

 

 

 
 

 

 

Manor Investment Funds

 

NOTES TO FINANCIAL STATEMENTS

JUNE 30, 2026 (UNAUDITED)

 

1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

 

Organization: Manor Investment Funds (the “Trust”) is a Delaware Business Trust, (effective January 1, 2012) comprising of Manor Fund, Manor Growth Fund (“Growth Fund”) and Manor Bond Fund (“Bond Fund”) (collectively the “Funds”), and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end diversified management investment company. The Trust was originally incorporated in the Commonwealth of Pennsylvania on September 13, 1995 and was dissolved by domestication in Pennsylvania on January 3, 2012. The primary investment objective of each of the Funds is as follows: Manor Fund – long-term capital appreciation and moderate level of income, investing primarily in common stocks of large U.S. corporations; Growth Fund – long-term capital appreciation, investing primarily in common stocks of large U.S corporations, Bond Fund – current income, investing primarily in U.S. Government obligations.

 

The following is a summary of the significant accounting policies followed by the Funds in the preparation of their financial statements. The Funds are investment companies and follow the accounting and reporting guidance of Accounting Standards Codification Topic 946, including Accounting Standard Update 2013-08, applicable to investment companies.

 

Security Valuation: All investments in securities are recorded at their estimated fair value, as described in Note 2.

 

Federal Income Taxes: The Funds make no provision for federal income or excise tax. The Funds intend to qualify each year as “regulated investment companies” (“RIC”) under subchapter M of the Internal Revenue Code of 1986, as amended, by complying with the requirements applicable to RICs and by distributing substantially all of their taxable income. The Funds also intend to distribute sufficient net investment income and net capital gains, if any, so that they will not be subject to excise tax on undistributed income and gains. If the required amount of net investment income or gains is not distributed, the Funds could incur a tax expense. Therefore, no federal income tax or excise provision is required.

 

The Funds adopted ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, effective beginning fiscal year January 1, 2026. For the period January 1, 2026 through June 30, 2026 the Funds did not pay any income taxes for federal, state or foreign taxes.

 

The Funds recognize the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained, assuming examination by tax authorities. Management has analyzed the Funds’ tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax years (2022-2024) or expected to be taken in the Funds’ 2025 tax returns. The Funds identify their major tax jurisdiction as U.S. Federal.

 

The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations. During the six months ended June 30, 2026, the Funds did not incur any interest or penalties.

 

Distributions to Shareholders: The Funds intend to distribute to their shareholders substantially all of their net realized capital gains and net investment income, if any, annually. Distributions will be recorded on ex-dividend date.

 

Security Transactions and Investment Income: The Funds follow industry practice and record security transactions on the trade date. The specific identification method is used for determining gains or losses for financial statements and income tax purposes. Dividend income is recorded on the ex-dividend date and interest income is recorded on an accrual basis. Discounts and premiums are amortized over the useful lives of the respective securities when determined to be material. Withholding taxes on foreign dividends will be provided for in accordance with the Funds’ understanding of the applicable country’s tax rules and rates.

 

Use of Estimates: The preparation of financial statements in conformity with U.S. generally accepted accounting principles ("GAAP") 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.

 

2. SECURITIES VALUATIONS

 

Processes and Structure

The Trust’s Board of Trustees (the “Board”) has adopted guidelines for valuing securities including in circumstances in which market quotes are not readily available and has delegated to the adviser the responsibility for determining fair value prices, subject to review by the Board.

 

Hierarchy of Fair Value Inputs

The Funds utilize various methods to measure the fair value of most of their investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation techniques used to measure fair value. The three levels of inputs are as follows:

 

·Level 1. Unadjusted quoted prices in active markets for identical assets or liabilities that the Funds have 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 in active markets, interest rates, implied volatilities, credit spreads, yield curves, and market-collaborated inputs.

 

·Level 3. Unobservable inputs for the asset or liability to the extent that relevant observable inputs are not available, representing the Funds’ own assumptions about the assumptions that a market participant would use in valuing the asset or liability at measurement date, and that 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 Funds’ major categories of assets and liabilities measured at fair value on a recurring basis follows.

 

Equity securities (common stocks and real estate investment trusts). Securities traded on a national securities exchange (or reported on the NASDAQ national market) are stated at the last reported sales price on the day of valuation. To the extent these securities are actively traded, and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy. Certain foreign securities may be fair valued using a pricing service that considers the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets for investments such as American Depositary Receipts, financial futures, Exchange Traded Funds, and the movement of the certain indexes of securities based on a statistical analysis of the historical relationship and that are categorized in Level 2. Preferred stock and other equities traded on inactive markets or valued by reference to similar instruments are also categorized in Level 2.

 

U.S. government securities. U.S. government securities are normally valued using a model that incorporates market observable data, such as reported sales of similar securities, broker quotes, yields, bids, offers, and reference data. Certain securities are valued principally using dealer quotations. U.S. government securities are categorized in Level 1 or Level 2 of the fair value hierarchy, depending on the inputs used and market activity levels for specific securities.

Short-term investments. Investments in other open-end investment companies, including money market funds, are valued at the investment company's net asset value per share. These securities will be categorized Level 1 of the fair value hierarchy.

 

The following table summarizes the inputs used to value each Fund’s assets measured at fair value as of June 30, 2026:

 

Manor Fund Financial Instruments – Assets
         
Categories Level 1 Level 2 Level 3 Fair Value
    Common Stocks * $   11,825,622 $           - $           - $   11,825,622
    Real Estate Investment Trust 314,802 - - 314,802
    Money Market Fund 71,336 - - 71,336
  $   12,211,760 $           - $           - $   12,211,760

 

Growth Fund Financial Instruments – Assets
         
Categories Level 1 Level 2 Level 3 Fair Value
    Common Stocks * $   17,888,324 $           - $           - $   17,888,324
    Money Market Fund 74,359 - - 74,359
  $   17,962,683 $           - $           - $   17,962,683

 

Bond Fund Financial Instruments – Assets
         
Categories Level 1 Level 2 Level 3 Fair Value
    US Treasury Notes $                - $ 2,539,540 $           - $ 2,539,540
    Money Market Fund 85,328 - - 85,328
  $      85,328 $ 2,539,540 $           - $ 2,624,868

 

* Industry classifications of these categories are detailed on each Fund's Schedule of Investments.

 

The Funds did not hold any Level 3 assets during the six months ended June 30, 2026. The Funds did not hold any derivative instruments at any time during the six months ended June 30, 2026. There were no significant transfers into or out of Level 1 or Level 2 during the period. It is the Funds’ policy to recognize transfers into and out of Level 1 and Level 2 at the end of the reporting period.

 

3. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

 

Investment Advisory Agreement

Under an agreement effective December 31, 2021, Smithbridge Asset Management, Inc. (“Smithbridge” or “Advisor”) acquired the assets of Morris Capital Advisors, LLC. The Board voted to approve an investment advisory agreement with Smithbridge, effective December 31, 2021. Smithbridge assumed all duties and responsibilities previously performed by Morris Capital Advisors, LLC. At a Board meeting on March 16, 2022, the Board voted to approve an interim investment advisory agreement and an investment advisory agreement with Smithbridge to act as investment adviser to the Funds, pending shareholder approval. At a special meeting of shareholders held February 15, 2023, the shareholders of the Manor Fund, the Growth Fund, and the Bond Fund, voting separately, approved the new advisory agreement between the Trust and Smithbridge. Under the investment advisory agreement, the fee structure consists of a management fee not to exceed 0.75% of average net assets for the Manor Fund and the Growth Fund and a management fee not to exceed 0.50% of average net assets for the Bond Fund. The agreement also includes an administrative fee not to exceed 0.50%, 0.24% and 0.45% of average net assets for the Manor Fund, Growth Fund, and Bond Fund, respectively. Management and administrative fees are paid on a monthly basis. Expenses that may be excluded from the unified fees include such expenses as acquired fund fees or expenses.

 

Advisory Fees for the six months ended June 30, 2026

 

  Manor Fund Growth Fund Bond Fund
Advisory Fees Earned $  42,373 $    65,036 $    6,585
Advisory Fees owed to Advisor $    7,227 $    11,020 $    1,088

 

Administrative Fees for the six months ended June 30, 2026

 

  Manor Fund Growth Fund Bond Fund
Administrative Fees Earned $   28,248 $  20,812 $    5,926
Administrative Fees owed to Advisor $     4,818 $    3,526 $       979

 

Administrative Shareholder Servicing Fees

The Trust entered into an Administrative Services Agreement with Smithbridge effective January 1, 2022, under which Smithbridge, as Advisor to the Funds, provides certain services to the Trust including, but not limited to: accounting, recordkeeping, and portfolio administration of the funds; preparation, distribution, and filing of required reports; managing operational requirements and service providers; organizing and managing the Board; and providing marketing and distribution services. Under the Administrative Services Agreement, the Advisor earns a fee of 0.05% of net average assets of the Trust. This administrative shareholder services fee is included in the ordinary expenses of the Trust on an annual basis, billed monthly. The fee may be waived for assets in any fund series during periods that the Advisor serves as investment advisor to that series. For the six months ended June 30, 2026, no fees were billed or accrued for the Advisor under this agreement.

 

As Administrator to the Trust, the Advisor also oversees the third-party service providers. The Advisor pays all expenses related to management and administrative support for the Funds, including those third-party services currently under contract, as approved by the Board. The Advisor also pays certain financial institutions (which may include banks, brokers, securities dealers and other industry professionals) that charge a fee for providing distribution related services and/or certain administrative functions for the Fund shareholders.

 

Daniel A. Morris served as Co-Chief Investment Officer of the Advisor until February 1, 2026. He also served as the Trust’s President and Trustee until March 28, 2023, at which time the shareholders of the Trust elected Gregory B. Getts to serve as the Trust’s President and Trustee. Mr. Getts is also the owner/President of Mutual Shareholder Services, LLC (“MSS”), the Funds’ transfer agent and fund accountant. Prior to May 12, 2026, the Trust, on behalf of the Funds, entered into a Compliance Agreement with Empirical Administration, LLC ("Empirical") which provided for compliance services to the Funds. Brandon M. Pokersnik is the owner/president of Empirical and also an employee of MSS. He served as the Chief Compliance Officer and an officer of the Trust. Effective May 12, 2026, the Board appointed Bob Anastasi as Secretary and Chief Compliance Officer of the Trust and approved Hanover Fund Administration, LLC (“Hanover”) to provide compliance services to the Trust. Mr. Anastasi is the owner/president of Hanover, and also the vice president of MSS.

 

4. SEGMENT REPORTING

 

The Funds have adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures. Each Fund included herein is deemed to be an individual reporting segment and is not part of a consolidated reporting entity. The objective and strategy of each Fund is used by the Advisor to make investment decisions, and the results of the operations, as shown in the statements of operations and the financial highlights for each Fund is the information utilized for the day-to-day management of the Funds. Each Fund is party to the expense agreements as disclosed in the notes to the financial statements and resources are not allocated to a Fund based on performance measurements. Due to the significance of oversight and their role, the Chief Executive Officer and Chief Investment Officer of the Advisor is deemed to be the Chief Operating Decision Maker.

 

5. INVESTMENT TRANSACTIONS

 

Investment transactions, excluding short-term investments, for the six months ended June 30, 2026, were as follows:

 

  Manor Fund Growth Fund Bond Fund
Purchases $                   - $      371,188 $    399,094
Sales $    1,294,657 $   2,203,176 $    400,000

 

6. TAX MATTERS NOTE

 

As of December 31, 2025, the tax basis unrealized appreciation (depreciation) and cost of investment securities, including short-term investments, were as follows:

 

  Manor Fund Growth Fund Bond Fund

Federal tax cost of investments,

including short-term investments +

$  4,572,830 $    6,061,506 $  2,999,413
Gross tax appreciation of investments $  6,732,229 $   12,818,964 $       36,063
Gross tax depreciation of investments                   -               (374)       (43,815)
Net tax appreciation (depreciation) $  6,732,229 $   12,818,590 $      (7,752)

 

Each Fund’s distributable earnings on a tax basis are determined only at the end of each fiscal year.  As of December 31, 2025, the Funds’ most recent fiscal year-end, the components of distributable earnings on a tax basis were as follows:

 

 

 

Fund

Unrealized Appreciation

(Depreciation)

Undistributed Ordinary Income Undistributed Capital Gain
(Loss)

 

Capital Loss

Carryforward

Total Distributable Earnings (Deficit)
Manor Fund $   6,732,229 $             - $             - $             - $   6,732,229
Growth Fund + $ 12,818,590 $             - $             - $             - $ 12,818,590
Bond Fund $       (7,752) $             - $             -  $ (17,347) $     (25,099)

 

+ The difference between the book cost and tax cost of investments represents disallowed wash sales for tax purposes on the Growth Fund.

 

As of December 31, 2025, the Bond Fund has capital loss carryforwards available for federal income tax purposes, which can be used to offset future capital gains, as follows:

 

Long-term non-expiring   $    (14,109)
Short-term non-expiring   $      (3,238)
Total   $    (17,347)

 

Ordinary income and long-term capital gain distributions are determined in accordance with Federal income tax regulations, which may differ from the character of net investment income or net realized gains presented in the financial statements in accordance with GAAP.

 

There were no distributions paid during the six months ended June 30, 2026.

 

The tax character of distributions paid during the fiscal year ended December 31, 2025 was as follows:

 

  Manor Fund Growth Fund Bond Fund
Ordinary Income $   215,860 $    339,179 $ 57,479
Long-term Gain $   650,349 $ 1,150,723 $        —

 

7. CONTROL AND 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 the fund, under Section 2(a)(9) of the 1940 Act, as amended. As of June 30, 2026, Morgan Stanley, in omnibus accounts, for the benefit of others, in aggregate, owned approximately 28% of the Growth Fund and may be deemed to control the Growth Fund. As of June 30, 2026, an individual shareholder owned approximately 25% of the Bond Fund and may be deemed to control the Bond Fund.

 

8. INDEMNIFICATIONS

 

In the normal course of business, the Funds enter into contracts that contain general indemnifications to other parties. The Funds’ maximum exposure under these contracts is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. The Funds expect the risk of loss to be remote.

 

9. MARKET RISK

 

The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Funds may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, climate change and climate-related events, pandemics, epidemics, terrorism, tariffs and trade wars, international conflicts, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, trade barriers, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects. Any such event(s) could have a significant adverse impact on the value and risk profile of the Funds. Changes in market conditions and interest rates can have the same impact on all types of securities and instruments. In times of severe market disruptions, you could lose your entire investment.

 

10. SECTOR RISK

 

The Manor Fund and Growth Fund may, at times invest a substantial portion of the portfolio in companies in the technology sector. Companies in this sector are subject to the risk of rapidly changing technological developments and highly competitive industry participants. As a result, many companies can have variable earnings and may not pay dividends, leading to higher volatility as investor expectations shift.

 

11. NEW ACCOUNTING PRONOUNCEMENTS

 

In September 2023, the SEC adopted a final rule relating to “Names Rule” under the 1940 Act. The amendments expanded the rule to require more funds to adopt an 80 percent investment policy, including funds with names suggesting a focus in investments with particular characteristics (e.g., growth or value) or with terms that reference a thematic investment focus (e.g., environmental, social, or governance factors). The amendments will require that a fund review its name for compliance with the rule. If needed, a fund may need to adopt an 80 percent investment policy and review its portfolio assets' treatment under such policy at least quarterly. The rule also requires additional prospectus disclosure and reporting and record keeping requirements. The amendments will become effective on April 9, 2024. The compliance date is June 11, 2026 for funds with more than $1 billion in assets and December 11, 2026 for funds with less than $1 billion in assets. The Funds are in compliance with this new rule.

 

12. SUBSEQUENT EVENTS

 

Management has evaluated the impact of all other subsequent events through the date the financial statements were issued and has determined that there were no subsequent events requiring recognition or disclosure in these financial statements.

 

 
 

 

 

 

Manor Investment Funds

 

ADDITIONAL INFORMATION

JUNE 30, 2026 (UNAUDITED)

 

 

Proxy Voting Procedures

 

The Board has approved proxy voting procedures for the voting of proxies relating to securities held by the Funds. Records of the Funds proxy voting records are maintained and are available for inspection. The Board is responsible for overseeing the implementation of the procedures. Information regarding how the Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available without charge, upon request, by calling 800-787-3334; or on the Funds’ website at www.manorfunds.com under Fund Information, Proxy Voting, or on the SEC website at http://www.sec.gov.

 

 

 

 

 
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

This report is submitted for the general information of the shareholders of the Funds. It is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus, which includes information regarding each of the Fund’s risks, objectives, fees and expenses, experience of its management and other information.

 

 

 
 

 

ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

 

ITEM 9. PROXY DISCLOSURE FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

 

ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.

The information is included as part of the material filed under Item 7 of this Form.

 

ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.

The information is included as part of the material filed under Item 7 of this Form.

 

ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

 

ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable to open-end investment companies.

 

ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable to open-end investment companies.

 

ITEM 15. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

Not applicable.

 

ITEM 16. CONTROLS AND PROCEDURES.

(a) The registrant’s president and chief financial officer has concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rules 13-a-15(b) under the Securities Exchange Act of 1934.

 

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrant’s second fiscal half-year that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

 

ITEM 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

 

ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

(a) Not applicable.

(b) Not applicable.

 

ITEM 19. EXHIBITS

 

(a)(1) Code of Ethics — For annual reports.

 

(a)(2) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.

 

(b) Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.

 

 

 
 

 

 

 

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.

 

Manor Investment Funds
By /s/ Jonathan F. Kolle
     Jonathan F. Kolle, President

 

Date: 09/07/2026

 

 

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.

 

Manor Investment Funds
By /s/ Jonathan F. Kolle
     Jonathan F. Kolle, President

 

Date: 09/07/2026

 


ATTACHMENTS / EXHIBITS

ATTACHMENTS / EXHIBITS

manor99certrevised.htm

manor906certrevised.htm

XBRL SCHEMA FILE

XBRL DEFINITION FILE

XBRL LABEL FILE

XBRL PRESENTATION FILE

IDEA: R1.htm

IDEA: R2.htm

IDEA: R3.htm

IDEA: FilingSummary.xml

IDEA: MetaLinks.json

IDEA: manorncsrs_htm.xml