# EDGAR Filing Document

**Accession Number:** 0001003924
**File Stem:** 0001162044-25-000878
**Filing Date:** 2025-8
**Character Count:** 119263
**Document Hash:** 12112e68903496248a5b9edd167e064a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001162044-25-000878.hdr.sgml**: 20250827

**ACCESSION NUMBER**: 0001162044-25-000878

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 22

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250827

**DATE AS OF CHANGE**: 20250827

**EFFECTIVENESS DATE**: 20250827

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MANOR INVESTMENT FUNDS INC
- **CENTRAL INDEX KEY:** 0001003924

**ORGANIZATION NAME:**
- **EIN:** 232818611
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-09134
- **FILM NUMBER:** 251265196

**BUSINESS ADDRESS:**
- **STREET 1:** 15 CHESTER COMMONS
- **CITY:** MALVERN
- **STATE:** PA
- **ZIP:** 19355
- **BUSINESS PHONE:** 610-722-0900

**MAIL ADDRESS:**
- **STREET 1:** 15 CHESTER COMMONS
- **CITY:** MALVERN
- **STATE:** PA
- **ZIP:** 19355

## Series and Classes Contracts Data

### Manor Fund (Series ID: S000012149)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000033144 | Manor Fund   | MNRMX           |

### Growth Fund (Series ID: S000012150)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000033145 | Growth Fund  | MNRGX           |

### Bond Fund (Series ID: S000012151)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000033146 | Bond Fund    | MNRBX           |

?xml version='1.0' encoding='ASCII'? FORM N-CSRS

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)

15 Chester Commons, Malvern, PA 19355

(Address of principal executive offices)

Daniel A. Morris

15 Chester Commons, Malvern, PA 19355

(Name and address of agent for service)

Registrant s telephone number, including area code: 610-722-0900

Date of fiscal year end: December 31

Date of reporting period: June 30, 2025

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.

![](image_001.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

**June 30, 2025 (Unaudited)**

MANOR FUND

***MNRMX***

**<u>ADDITIONAL INFORMATION</u>**

This semi-annual shareholder report contains important information about the Manor Fund - MNRMX (the "Fund") for the period January 1, 2025 to June 30 2025, 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.

**<u>expense Information</u>**

**What were the Fund costs for the past six months?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Fund Name | &nbsp;&nbsp;**Costs of a $10,000 investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 investment\*** |
| &nbsp;&nbsp;Manor Fund | &nbsp;&nbsp;$65 | &nbsp;&nbsp;1.25% |

---

\*Annualized

**<u>Fund statistics</u>**

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;PORTFOLIO | &nbsp;&nbsp;PORTFOLIO | &nbsp;&nbsp;ADVISORY FEES |
| &nbsp;&nbsp;NET ASSETS: | &nbsp;&nbsp;HOLDINGS: | &nbsp;&nbsp;TURNOVER: | &nbsp;&nbsp;PAID BY FUND: |
| &nbsp;&nbsp;$10.1 MILLION | &nbsp;&nbsp;30 | &nbsp;&nbsp;6.67% | &nbsp;&nbsp;$35813 |

---

**<u>PORTFOLIO ILLUSTRATION</u>**

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.

![](image_003.jpg)

**<u>top ten holdings (% of net assets)</u>**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;1. | &nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;6.20% |
| &nbsp;&nbsp;2. | &nbsp;&nbsp;Applied Materials, Inc. | &nbsp;&nbsp;6.15% |
| &nbsp;&nbsp;3. | &nbsp;&nbsp;Netflix, Inc. | &nbsp;&nbsp;5.81% |
| &nbsp;&nbsp;4. | &nbsp;&nbsp;Vertiv Holdings Co., Class A | &nbsp;&nbsp;4.94% |
| &nbsp;&nbsp;5. | &nbsp;&nbsp;JP Morgan Chase & Co. | &nbsp;&nbsp;4.54% |
| &nbsp;&nbsp;6. | &nbsp;&nbsp;Booking Holdings, Inc. | &nbsp;&nbsp;4.53% |
| &nbsp;&nbsp;7. | &nbsp;&nbsp;AppLovin Corp., Class A | &nbsp;&nbsp;4.27% |
| &nbsp;&nbsp;8. | &nbsp;&nbsp;Apollo Global Management, Inc. Class A | &nbsp;&nbsp;4.01% |
| &nbsp;&nbsp;9. | &nbsp;&nbsp;Royal Caribbean Cruises Ltd. | &nbsp;&nbsp;3.75% |
| &nbsp;&nbsp;10. | &nbsp;&nbsp;Cencora, Inc. | &nbsp;&nbsp;3.57% |
|  | &nbsp;&nbsp;Total % of Net Assets | &nbsp;&nbsp;47.77% |

---

**<u>Householding</u>**

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.

![](image_001.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

**June 30, 2025 (Unaudited)**

MANOR GROWTH FUND

***MNRGX***

**<u>ADDITIONAL INFORMATION</u>**

This semi-annual shareholder report contains important information about the Manor Growth Fund - MNRGX (the "Fund") for the period January 1, 2025 to June 30 2025, 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.

**<u>expense Information</u>**

**What were the Fund costs for the past six months?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Fund Name | &nbsp;&nbsp;**Costs of a $10,000 investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 investment\*** |
| &nbsp;&nbsp;Manor Growth Fund | &nbsp;&nbsp;$49 | &nbsp;&nbsp;0.99% |

---

\*Annualized

**<u>Fund statistics</u>**

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;PORTFOLIO | &nbsp;&nbsp;PORTFOLIO | &nbsp;&nbsp;ADVISORY FEES |
| &nbsp;&nbsp;NET ASSETS: | &nbsp;&nbsp;HOLDINGS: | &nbsp;&nbsp;TURNOVER: | &nbsp;&nbsp;PAID BY FUND: |
| &nbsp;&nbsp;$16.8 MILLION | &nbsp;&nbsp;26 | &nbsp;&nbsp;6.47% | &nbsp;&nbsp;$61917 |

---

**<u>PORTFOLIO ILLUSTRATION</u>**

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.

![](image_005.jpg)

**<u>top ten holdings (% of net assets)</u>**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;1. | &nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;10.45% |
| &nbsp;&nbsp;2. | &nbsp;&nbsp;Netflix, Inc. | &nbsp;&nbsp;6.18% |
| &nbsp;&nbsp;3. | &nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;6.14% |
| &nbsp;&nbsp;4. | &nbsp;&nbsp;United Rentals, Inc. | &nbsp;&nbsp;6.12% |
| &nbsp;&nbsp;5. | &nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;6.08% |
| &nbsp;&nbsp;6. | &nbsp;&nbsp;Eli Lilly & Co. | &nbsp;&nbsp;5.62% |
| &nbsp;&nbsp;7. | &nbsp;&nbsp;Vertiv Holdings Co., Class A | &nbsp;&nbsp;5.21% |
| &nbsp;&nbsp;8. | &nbsp;&nbsp;AppLovin Corp., Class A | &nbsp;&nbsp;4.40% |
| &nbsp;&nbsp;9. | &nbsp;&nbsp;Apollo Global Management, Inc. Class A | &nbsp;&nbsp;4.26% |
| &nbsp;&nbsp;10. | &nbsp;&nbsp;Palo Alto Networks, Inc. | &nbsp;&nbsp;3.77% |
|  | &nbsp;&nbsp;Total % of Net Assets | &nbsp;&nbsp;58.23% |

---

**<u>Householding</u>**

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.

![](image_001.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

**June 30, 2025 (Unaudited)**

MANOR BOND FUND

***MNRBX***

**<u>ADDITIONAL INFORMATION</u>**

This semi-annual shareholder report contains important information about the Manor Bond Fund - MNRBX (the "Fund") for the period January 1, 2025 to June 30, 2025, 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.

**<u>expense Information</u>**

**What were the Fund costs for the past six months?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Fund Name | &nbsp;&nbsp;**Costs of a $10,000 investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 investment\*** |
| &nbsp;&nbsp;Manor Bond Fund | &nbsp;&nbsp;$48 | &nbsp;&nbsp;0.95% |

---

\*Annualized

**<u>Fund statistics</u>**

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;PORTFOLIO | &nbsp;&nbsp;PORTFOLIO | &nbsp;&nbsp;ADVISORY FEES |
| &nbsp;&nbsp;NET ASSETS: | &nbsp;&nbsp;HOLDINGS: | &nbsp;&nbsp;TURNOVER: | &nbsp;&nbsp;PAID BY FUND: |
| &nbsp;&nbsp;$2.6 MILLION | &nbsp;&nbsp;8 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;$6289 |

---

**<u>PORTFOLIO ILLUSTRATION</u>**

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.

![](image_007.jpg)

**<u>top holdings (% OF NET ASSETS)</u>**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;1. | &nbsp;&nbsp;US Treasury Note, 4.25%, Due 11/15/2034 | &nbsp;&nbsp;29.27% |
| &nbsp;&nbsp;2. | &nbsp;&nbsp;US Treasury Note, 4.125%, due 11/15/2032 | &nbsp;&nbsp;25.46% |
| &nbsp;&nbsp;3. | &nbsp;&nbsp;US Treasury Note, 0.50%, Due 02/28/2026 | &nbsp;&nbsp;15.19% |
| &nbsp;&nbsp;4. | &nbsp;&nbsp;US Treasury Note, 1.75%, Due 11/15/2029 | &nbsp;&nbsp;11.64% |
| &nbsp;&nbsp;5. | &nbsp;&nbsp;US Treasury Note, Series C, 0.625% Due 05/15/2030 | &nbsp;&nbsp;5.85% |
| &nbsp;&nbsp;6. | &nbsp;&nbsp;US Treasury Note, 1.50%, Due 08/15/2026 | &nbsp;&nbsp;5.68% |
| &nbsp;&nbsp;7. | &nbsp;&nbsp;US Treasury Note, 2.875%, Due 05/15/2028 | &nbsp;&nbsp;3.80% |
| &nbsp;&nbsp;8. | &nbsp;&nbsp;Goldman Sachs Financial Square Treasury Instruments Fund | &nbsp;&nbsp;2.79% |
|  | &nbsp;&nbsp;Total % of Net Assets | &nbsp;&nbsp;99.68% |

---

**<u>Householding</u>**

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 audit committee consists of two independent directors, Chaired by John McGinn. The Board of Directors has determined that the Registrant has at least three financial experts serving on its Board. Mr. Daniel Morris, Mr. John Giles, and Mr. Fred Myers are the Board's financial experts. Mr. Morris and Mr. Giles are "interested" directors, and Mr. Myers is an "independent" director.

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.

![A close-up of a sign AI-generated content may be incorrect.](image_008.jpg)

Manor Fund **(MNRMX)**

Manor Growth Fund **(MNRGX)**

Manor Bond Fund **(MNRBX)**

**Semi-Annual Financial Statements**

**June 30, 2025**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**M** **ANOR INVESTMENT FUNDS**<br>&nbsp;&nbsp;**M** **ANOR FUND** |  |
| &nbsp;&nbsp;**Schedule of Investments** | &nbsp;&nbsp;**Schedule of Investments** |  |
| &nbsp;&nbsp;**June 30, 2025 (Unaudited)** | &nbsp;&nbsp;**June 30, 2025 (Unaudited)** |  |
| &nbsp;&nbsp;**<u>Shares</u>** |  | &nbsp;&nbsp;**<u>Fair Value</u>** |
| &nbsp;&nbsp;**COMMON STOCKS - 94.50%** | &nbsp;&nbsp;**COMMON STOCKS - 94.50%** |  |
| &nbsp;&nbsp;**Beverages - 1.62%** | &nbsp;&nbsp;**Beverages - 1.62%** |  |
| &nbsp;&nbsp;1241 | &nbsp;&nbsp;PepsiCo, Inc. | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 163862 |
| &nbsp;&nbsp;**Computer Peripheral Equipment - 3.55%** | &nbsp;&nbsp;**Computer Peripheral Equipment - 3.55%** |  |
| &nbsp;&nbsp;1754 | &nbsp;&nbsp;Palo Alto Networks, Inc. \* | &nbsp;&nbsp;358939 |
| &nbsp;&nbsp;**Computer Storage Devices - 1.89%** | &nbsp;&nbsp;**Computer Storage Devices - 1.89%** |  |
| &nbsp;&nbsp;1793 | &nbsp;&nbsp;NetApp, Inc. | &nbsp;&nbsp;191044 |
| &nbsp;&nbsp;**Converted Paper & Paperboard Products (No Container/Boxes) - 1.93%** | &nbsp;&nbsp;**Converted Paper & Paperboard Products (No Container/Boxes) - 1.93%** |  |
| &nbsp;&nbsp;1113 | &nbsp;&nbsp;Avery Dennison Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 195298 |
| &nbsp;&nbsp;**Crude Petroleum & Natural Gas - 2.04%** | &nbsp;&nbsp;**Crude Petroleum & Natural Gas - 2.04%** |  |
| &nbsp;&nbsp;6488 | &nbsp;&nbsp;Devon Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 206383 |
| &nbsp;&nbsp;**Electronic Components - 4.94%** | &nbsp;&nbsp;**Electronic Components - 4.94%** |  |
| &nbsp;&nbsp;3883 | &nbsp;&nbsp;Vertiv Holdings Co. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 498616 |
| &nbsp;&nbsp;**Engines & Turbines - 3.43%** | &nbsp;&nbsp;**Engines & Turbines - 3.43%** |  |
| &nbsp;&nbsp;1056 | &nbsp;&nbsp;Cummins, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 345840 |
| &nbsp;&nbsp;**Hospital & Medical Service Plans - 2.82%** | &nbsp;&nbsp;**Hospital & Medical Service Plans - 2.82%** |  |
| &nbsp;&nbsp;732 | &nbsp;&nbsp;Elevance Health, Inc. | &nbsp;&nbsp;284719 |
| &nbsp;&nbsp;**Investment Advice - 4.01%** | &nbsp;&nbsp;**Investment Advice - 4.01%** |  |
| &nbsp;&nbsp;2855 | &nbsp;&nbsp;Apollo Global Management, Inc. Class A | &nbsp;&nbsp;405039 |
| &nbsp;&nbsp;**Life Insurance - 1.72%** | &nbsp;&nbsp;**Life Insurance - 1.72%** |  |
| &nbsp;&nbsp;2154 | &nbsp;&nbsp;Metlife, Inc. | &nbsp;&nbsp;173225 |
| &nbsp;&nbsp;**National Commercial Banks - 7.02%** | &nbsp;&nbsp;**National Commercial Banks - 7.02%** |  |
| &nbsp;&nbsp;1583 | &nbsp;&nbsp;JP Morgan Chase & Co. | &nbsp;&nbsp;458928 |
| &nbsp;&nbsp;1341 | &nbsp;&nbsp;PNC Financial Services Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 249989 |
|  |  | &nbsp;&nbsp;708917 |
| &nbsp;&nbsp;**Operative Builders - 2.66%** | &nbsp;&nbsp;**Operative Builders - 2.66%** |  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;2085 | &nbsp;&nbsp;D.R. Horton, Inc. | &nbsp;&nbsp;268798 |
| &nbsp;&nbsp;**Petroleum Refining - 3.16%** | &nbsp;&nbsp;**Petroleum Refining - 3.16%** |  |
| &nbsp;&nbsp;2375 | &nbsp;&nbsp;Valero Energy Corp. | &nbsp;&nbsp;319247 |
| &nbsp;&nbsp;**Pharmaceutical Preparations - 3.12%** | &nbsp;&nbsp;**Pharmaceutical Preparations - 3.12%** |  |
| &nbsp;&nbsp;1700 | &nbsp;&nbsp;AbbVie, Inc. | &nbsp;&nbsp;315554 |
| &nbsp;&nbsp;**Retail-Grocery Stores - 2.04%** | &nbsp;&nbsp;**Retail-Grocery Stores - 2.04%** |  |
| &nbsp;&nbsp;2873 | &nbsp;&nbsp;The Kroger Co. | &nbsp;&nbsp;206080 |
| &nbsp;&nbsp;**Retail-Lumber & Other Building Materials Dealers - 2.38%** | &nbsp;&nbsp;**Retail-Lumber & Other Building Materials Dealers - 2.38%** |  |
| &nbsp;&nbsp;1083 | &nbsp;&nbsp;Lowes Cos., Inc. | &nbsp;&nbsp;240285 |
| &nbsp;&nbsp;**Search, Detection, Navigation, Guidance, Aeronautical & Nautical Systems & Instruments - 2.47%** | &nbsp;&nbsp;**Search, Detection, Navigation, Guidance, Aeronautical & Nautical Systems & Instruments - 2.47%** |  |
| &nbsp;&nbsp;498 | &nbsp;&nbsp;Northrop Grumman Corp. | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 248990 |
| &nbsp;&nbsp;**Semiconductors & Related Devices - 9.67%** | &nbsp;&nbsp;**Semiconductors & Related Devices - 9.67%** |  |
| &nbsp;&nbsp;3395 | &nbsp;&nbsp;Applied Materials, Inc. | &nbsp;&nbsp;621523 |
| &nbsp;&nbsp;2248 | &nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;355161 |
|  |  | &nbsp;&nbsp;976684 |
| &nbsp;&nbsp;**Services-Computer Programming, Data Processing, Etc. - 6.96%** | &nbsp;&nbsp;**Services-Computer Programming, Data Processing, Etc. - 6.96%** |  |
| &nbsp;&nbsp;1542 | &nbsp;&nbsp;Alphabet, Inc. Class A | &nbsp;&nbsp;271747 |
| &nbsp;&nbsp;1231 | &nbsp;&nbsp;AppLovin Corp. Class A \* | &nbsp;&nbsp;430948 |
|  |  | &nbsp;&nbsp;702695 |
| &nbsp;&nbsp;**Services-Prepackaged Software - 9.41%** | &nbsp;&nbsp;**Services-Prepackaged Software - 9.41%** |  |
| &nbsp;&nbsp;1258 | &nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;625742 |
| &nbsp;&nbsp;1337 | &nbsp;&nbsp;Take-Two Interactive Software, Inc. \* | &nbsp;&nbsp;324690 |
|  |  | &nbsp;&nbsp;950432 |
| &nbsp;&nbsp;**Services-Video Tape Rental - 5.81%** | &nbsp;&nbsp;**Services-Video Tape Rental - 5.81%** |  |
| &nbsp;&nbsp;438 | &nbsp;&nbsp;Netflix, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 586539 |
| &nbsp;&nbsp;**Transportation Services - 4.53%** | &nbsp;&nbsp;**Transportation Services - 4.53%** |  |
| &nbsp;&nbsp;79 | &nbsp;&nbsp;Booking Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 457350 |
| &nbsp;&nbsp;**Water Transportation - 3.75%** | &nbsp;&nbsp;**Water Transportation - 3.75%** |  |
| &nbsp;&nbsp;1208 | &nbsp;&nbsp;Royal Caribbean Cruises Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 378273 |
| &nbsp;&nbsp;**Wholesale - Drugs, Proprietaries & Druggists' Sundries - 3.57%** | &nbsp;&nbsp;**Wholesale - Drugs, Proprietaries & Druggists' Sundries - 3.57%** |  |
| &nbsp;&nbsp;1201 | &nbsp;&nbsp;Cencora, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 360120 |
| &nbsp;&nbsp;TOTAL FOR COMMON STOCKS (Cost $4,047,204) - 94.50% | &nbsp;&nbsp;TOTAL FOR COMMON STOCKS (Cost $4,047,204) - 94.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9542929 |
| &nbsp;&nbsp;**REAL ESTATE INVESTMENT TRUST - 2.74%** | &nbsp;&nbsp;**REAL ESTATE INVESTMENT TRUST - 2.74%** |  |
| &nbsp;&nbsp;348 | &nbsp;&nbsp;Equinix, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 276824 |
| &nbsp;&nbsp;TOTAL FOR REAL ESTATE INVESTMENT TRUST (Cost $129,529) - 2.74% | &nbsp;&nbsp;TOTAL FOR REAL ESTATE INVESTMENT TRUST (Cost $129,529) - 2.74% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 276824 |
| &nbsp;&nbsp;**MONEY MARKET FUND - 2.84%** | &nbsp;&nbsp;**MONEY MARKET FUND - 2.84%** |  |
| &nbsp;&nbsp;286636 | &nbsp;&nbsp;Federated Hermes Government Obligations Fund - Institutional Class 5.18% \*\* (Cost $286,636) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 286636 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;TOTAL INVESTMENTS (Cost $4,463,369) - 100.08% | &nbsp;&nbsp;10106389 |
| &nbsp;&nbsp;**LIABILITIES IN EXCESS OF OTHER ASSETS, NET - (0.08)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8095) |
| &nbsp;&nbsp;**NET ASSETS - 100.00%** | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 10098294 |
| &nbsp;&nbsp;\* Non-income producing securities during the period. |  |
| &nbsp;&nbsp;\*\* Variable rate security; the coupon rate shown represents the yield at June 30, 2025. |  |
| &nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**M** **ANOR INVESTMENT FUNDS**<br>&nbsp;&nbsp;**G** **ROWTH FUND** |  |
| &nbsp;&nbsp;**Schedule of Investments** | &nbsp;&nbsp;**Schedule of Investments** |  |
| &nbsp;&nbsp;**June 30, 2025 (Unaudited)** | &nbsp;&nbsp;**June 30, 2025 (Unaudited)** |  |
| &nbsp;&nbsp;**<u>Shares</u>** |  | &nbsp;&nbsp;**<u>Fair Value</u>** |
| &nbsp;&nbsp;**COMMON STOCKS - 98.05%** | &nbsp;&nbsp;**COMMON STOCKS - 98.05%** |  |
| &nbsp;&nbsp;**Computer Peripheral Equipment - 3.77%** | &nbsp;&nbsp;**Computer Peripheral Equipment - 3.77%** |  |
| &nbsp;&nbsp;3092 | &nbsp;&nbsp;Palo Alto Networks, Inc. \* | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 632747 |
| &nbsp;&nbsp;**Crude Petroleum & Natural Gas - 2.04%** | &nbsp;&nbsp;**Crude Petroleum & Natural Gas - 2.04%** |  |
| &nbsp;&nbsp;2869 | &nbsp;&nbsp;EOG Resources, Inc. | &nbsp;&nbsp;343161 |
| &nbsp;&nbsp;**Electronic Components - 5.21%** | &nbsp;&nbsp;**Electronic Components - 5.21%** |  |
| &nbsp;&nbsp;6807 | &nbsp;&nbsp;Vertiv Holdings Co. Class A | &nbsp;&nbsp;874087 |
| &nbsp;&nbsp;**Electronic Computers - 10.45%** | &nbsp;&nbsp;**Electronic Computers - 10.45%** |  |
| &nbsp;&nbsp;8546 | &nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;1753383 |
| &nbsp;&nbsp;**Hospital & Medical Service Plans - 1.91%** | &nbsp;&nbsp;**Hospital & Medical Service Plans - 1.91%** |  |
| &nbsp;&nbsp;1030 | &nbsp;&nbsp;Unitedhealth Group, Inc. | &nbsp;&nbsp;321329 |
| &nbsp;&nbsp;**Investment Advice - 4.26%** | &nbsp;&nbsp;**Investment Advice - 4.26%** |  |
| &nbsp;&nbsp;5038 | &nbsp;&nbsp;Apollo Global Management, Inc. Class A | &nbsp;&nbsp;714741 |
| &nbsp;&nbsp;**Measuring & Controlling Devices - 1.97%** | &nbsp;&nbsp;**Measuring & Controlling Devices - 1.97%** |  |
| &nbsp;&nbsp;815 | &nbsp;&nbsp;Thermo Fisher Scientific, Inc. | &nbsp;&nbsp;330450 |
| &nbsp;&nbsp;**Pharmaceutical Preparations - 8.04%** | &nbsp;&nbsp;**Pharmaceutical Preparations - 8.04%** |  |
| &nbsp;&nbsp;2185 | &nbsp;&nbsp;AbbVie, Inc. | &nbsp;&nbsp;405580 |
| &nbsp;&nbsp;1210 | &nbsp;&nbsp;Eli Lilly & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 943231 |
|  |  | &nbsp;&nbsp;1348811 |
| &nbsp;&nbsp;**Radio & TV Broadcasting & Communuications Equipment - 2.70%** | &nbsp;&nbsp;**Radio & TV Broadcasting & Communuications Equipment - 2.70%** |  |
| &nbsp;&nbsp;2843 | &nbsp;&nbsp;Qualcomm, Inc. | &nbsp;&nbsp;452776 |
| &nbsp;&nbsp;**Retail-Building Materials, Hardware, Garden Supply - 3.51%** | &nbsp;&nbsp;**Retail-Building Materials, Hardware, Garden Supply - 3.51%** |  |
| &nbsp;&nbsp;1715 | &nbsp;&nbsp;The Sherwin-Williams Co. | &nbsp;&nbsp;588862 |
| &nbsp;&nbsp;**Retail-Catalog & Mail-Order Houses - 6.08%** | &nbsp;&nbsp;**Retail-Catalog & Mail-Order Houses - 6.08%** |  |
| &nbsp;&nbsp;4648 | &nbsp;&nbsp;Amazon.com, Inc. \* | &nbsp;&nbsp;1019725 |
| &nbsp;&nbsp;**Retail-Variety Stores - 1.24%** | &nbsp;&nbsp;**Retail-Variety Stores - 1.24%** |  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;2094 | &nbsp;&nbsp;Dollar Tree, Inc. \* | &nbsp;&nbsp;207390 |
| &nbsp;&nbsp;**Semiconductors & Related Devices - 3.57%** | &nbsp;&nbsp;**Semiconductors & Related Devices - 3.57%** |  |
| &nbsp;&nbsp;3792 | &nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 599098 |
| &nbsp;&nbsp;**Services-Business Services - 4.23%** | &nbsp;&nbsp;**Services-Business Services - 4.23%** |  |
| &nbsp;&nbsp;3001 | &nbsp;&nbsp;Akamai Technologies, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 239360 |
| &nbsp;&nbsp;838 | &nbsp;&nbsp;MasterCard, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 470906 |
|  |  | &nbsp;&nbsp;710266 |
| &nbsp;&nbsp;**Services-Computer Programming, Data Processing, Etc. - 10.71%** | &nbsp;&nbsp;**Services-Computer Programming, Data Processing, Etc. - 10.71%** |  |
| &nbsp;&nbsp;2996 | &nbsp;&nbsp;Alphabet, Inc. Class A | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 527985 |
| &nbsp;&nbsp;2996 | &nbsp;&nbsp;Alphabet, Inc. Class C | &nbsp;&nbsp;531460 |
| &nbsp;&nbsp;2108 | &nbsp;&nbsp;AppLovin Corp. Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 737969 |
|  |  | &nbsp;&nbsp;1797414 |
| &nbsp;&nbsp;**Services-Equipment Rental & Leasing - 6.12%** | &nbsp;&nbsp;**Services-Equipment Rental & Leasing - 6.12%** |  |
| &nbsp;&nbsp;1364 | &nbsp;&nbsp;United Rentals, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1027638 |
| &nbsp;&nbsp;**Services-Prepackaged Software - 12.30%** | &nbsp;&nbsp;**Services-Prepackaged Software - 12.30%** |  |
| &nbsp;&nbsp;2072 | &nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;1030633 |
| &nbsp;&nbsp;1787 | &nbsp;&nbsp;Salesforce.com, Inc. | &nbsp;&nbsp;487297 |
| &nbsp;&nbsp;2250 | &nbsp;&nbsp;Take-Two Interactive Software, Inc. \* | &nbsp;&nbsp;546412 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2064342 |
| &nbsp;&nbsp;**Services-Video Tape Rental - 6.18%** | &nbsp;&nbsp;**Services-Video Tape Rental - 6.18%** |  |
| &nbsp;&nbsp;775 | &nbsp;&nbsp;Netflix, Inc. \* | &nbsp;&nbsp;1037826 |
| &nbsp;&nbsp;**Water Transportation - 3.76%** | &nbsp;&nbsp;**Water Transportation - 3.76%** |  |
| &nbsp;&nbsp;2018 | &nbsp;&nbsp;Royal Caribbean Cruises Ltd. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 631916 |
| &nbsp;&nbsp;TOTAL FOR COMMON STOCKS (Cost $5,773,586) - 98.05% | &nbsp;&nbsp;TOTAL FOR COMMON STOCKS (Cost $5,773,586) - 98.05% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16455962 |
| &nbsp;&nbsp;**MONEY MARKET FUND - 2.08%** | &nbsp;&nbsp;**MONEY MARKET FUND - 2.08%** |  |
| &nbsp;&nbsp;349390 | &nbsp;&nbsp;Federated Hermes Government Obligations Fund - Institutional Class 5.18%\*\* (Cost $349,390) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 349390 |
| &nbsp;&nbsp;TOTAL INVESTMENTS (Cost $6,122,976) - 100.13% | &nbsp;&nbsp;TOTAL INVESTMENTS (Cost $6,122,976) - 100.13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16805352 |
| &nbsp;&nbsp;**LIABILITIES IN EXCESS OF OTHER ASSETS, NET - (0.13)%** | &nbsp;&nbsp;**LIABILITIES IN EXCESS OF OTHER ASSETS, NET - (0.13)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21172) |
| &nbsp;&nbsp;**NET ASSETS - 100.00%** | &nbsp;&nbsp;**NET ASSETS - 100.00%** | &nbsp;&nbsp;$16784180 |
| &nbsp;&nbsp;\* Non-income producing securities during the period. | &nbsp;&nbsp;\* Non-income producing securities during the period. |  |
| &nbsp;&nbsp;\*\* Variable rate security; the coupon rate shown represents the yield at June 30, 2025. | &nbsp;&nbsp;\*\* Variable rate security; the coupon rate shown represents the yield at June 30, 2025. |  |
| &nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**M** **ANOR INVESTMENT FUNDS**<br>&nbsp;&nbsp;**B** **OND FUND** |  |
| &nbsp;&nbsp;**Schedule of Investments** | &nbsp;&nbsp;**Schedule of Investments** |  |
| &nbsp;&nbsp;**June 30, 2025 (Unaudited)** | &nbsp;&nbsp;**June 30, 2025 (Unaudited)** |  |
| &nbsp;&nbsp;**<u>Face Amount</u>** | &nbsp;&nbsp;**<u>Face Amount</u>** | &nbsp;&nbsp;**<u>Fair Value</u>** |
| &nbsp;&nbsp;**US TREASURY NOTES - 96.89%** | &nbsp;&nbsp;**US TREASURY NOTES - 96.89%** |  |
| &nbsp;&nbsp;400000 | &nbsp;&nbsp;US Treasury Note 0.50% Due 02/28/2026 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 390410 |
| &nbsp;&nbsp;150000 | &nbsp;&nbsp;US Treasury Note 1.50% Due 08/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145975 |
| &nbsp;&nbsp;100000 | &nbsp;&nbsp;US Treasury Note 2.875% Due 05/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97754 |
| &nbsp;&nbsp;325000 | &nbsp;&nbsp;US Treasury Note 1.75% Due 11/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299229 |
| &nbsp;&nbsp;175000 | &nbsp;&nbsp;US Treasury Note, Series C, 0.625% Due 05/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150527 |
| &nbsp;&nbsp;650000 | &nbsp;&nbsp;US Treasury Note 4.125% Due 11/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;654494 |
| &nbsp;&nbsp;750000 | &nbsp;&nbsp;US Treasury Note 4.25% Due 11/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;752578 |
| &nbsp;&nbsp;TOTAL FOR US TREASURY NOTES (Cost $2,526,691) - 96.89% | &nbsp;&nbsp;TOTAL FOR US TREASURY NOTES (Cost $2,526,691) - 96.89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2490967 |
| &nbsp;&nbsp;**MONEY MARKET FUND - 2.79%** | &nbsp;&nbsp;**MONEY MARKET FUND - 2.79%** |  |
| &nbsp;&nbsp;**<u>Shares</u>** |  |  |
| &nbsp;&nbsp;71676 | &nbsp;&nbsp;Goldman Sachs Financial Square Treasury Instruments Fund - Institutional Class 5.16%\* (Cost $71,676) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71676 |
| &nbsp;&nbsp;TOTAL INVESTMENTS (Cost $2,598,367) - 99.68% | &nbsp;&nbsp;TOTAL INVESTMENTS (Cost $2,598,367) - 99.68% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2562643 |
| &nbsp;&nbsp;**OTHER ASSETS IN EXCESS OF LIABILITIES, NET - 0.32%** | &nbsp;&nbsp;**OTHER ASSETS IN EXCESS OF LIABILITIES, NET - 0.32%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8316 |
| &nbsp;&nbsp;**NET ASSETS - 100.00%** | &nbsp;&nbsp;**NET ASSETS - 100.00%** | &nbsp;&nbsp;$2570959 |
| &nbsp;&nbsp;\* Variable rate security; the coupon rate shown represents the yield at June 30, 2025. | &nbsp;&nbsp;\* Variable rate security; the coupon rate shown represents the yield at June 30, 2025. |  |
| &nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**M** **ANOR INVESTMENT FUNDS** | &nbsp;&nbsp;**M** **ANOR INVESTMENT FUNDS** | &nbsp;&nbsp;**M** **ANOR INVESTMENT FUNDS** | &nbsp;&nbsp;**M** **ANOR INVESTMENT FUNDS** |
| &nbsp;&nbsp;**Statements of Assets and Liabilities** | &nbsp;&nbsp;**Statements of Assets and Liabilities** | &nbsp;&nbsp;**Statements of Assets and Liabilities** | &nbsp;&nbsp;**Statements of Assets and Liabilities** |
| &nbsp;&nbsp;**June 30, 2025 (Unaudited)** | &nbsp;&nbsp;**June 30, 2025 (Unaudited)** | &nbsp;&nbsp;**June 30, 2025 (Unaudited)** | &nbsp;&nbsp;**June 30, 2025 (Unaudited)** |
| &nbsp;&nbsp;Assets: | &nbsp;&nbsp;**<u>Manor Fund</u>** | &nbsp;&nbsp;**<u>Growth Fund</u>** | &nbsp;&nbsp;**<u>Bond Fund</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at Value |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $4,463,369, $6,122,976, and $2,598,367, respectively) | &nbsp;&nbsp;$10106389 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;16805352 | &nbsp;&nbsp;$2562643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash | &nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholder Subscriptions | &nbsp;&nbsp;400 | &nbsp;&nbsp;400 | &nbsp;&nbsp;200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2645 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10108489 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16808397 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2573226 |
| &nbsp;&nbsp;Liabilities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;10750 | &nbsp;&nbsp;250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due to Advisor | &nbsp;&nbsp;10195 | &nbsp;&nbsp;13467 | &nbsp;&nbsp;2017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24217 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2267 |
| &nbsp;&nbsp;Net Assets | &nbsp;&nbsp;$10098294 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;16784180 | &nbsp;&nbsp;$2570959 |
| &nbsp;&nbsp;Net Assets Consist of: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Stock | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 254 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 403 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paid In Capital | &nbsp;&nbsp;3819742 | &nbsp;&nbsp;5176675 | &nbsp;&nbsp;2594719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributable Earnings (Deficit) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6278298 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11607102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (24008) |
| &nbsp;&nbsp;Net Assets (10,000,000 shares authorized, $0.001 par value) for 254,343 |  |  |  |
| &nbsp;&nbsp; 402,724, and 248,363 shares outstanding, respectively. | &nbsp;&nbsp;$10098294 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;16784180 | &nbsp;&nbsp;$2570959 |
| &nbsp;&nbsp;Net Asset Value and Offering Price Per Share | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39.70 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41.68 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.35 |
| &nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**M** **ANOR INVESTMENT FUNDS** | &nbsp;&nbsp;**M** **ANOR INVESTMENT FUNDS** | &nbsp;&nbsp;**M** **ANOR INVESTMENT FUNDS** | &nbsp;&nbsp;**M** **ANOR INVESTMENT FUNDS** |
| &nbsp;&nbsp;**Statements of Operations** | &nbsp;&nbsp;**Statements of Operations** | &nbsp;&nbsp;**Statements of Operations** | &nbsp;&nbsp;**Statements of Operations** |
| &nbsp;&nbsp;**For the six months ended June 30, 2025 (Unaudited)** | &nbsp;&nbsp;**For the six months ended June 30, 2025 (Unaudited)** | &nbsp;&nbsp;**For the six months ended June 30, 2025 (Unaudited)** | &nbsp;&nbsp;**For the six months ended June 30, 2025 (Unaudited)** |
|  | &nbsp;&nbsp;**<u>Manor Fund</u>** | &nbsp;&nbsp;**<u>Growth Fund</u>** | &nbsp;&nbsp;**<u>Bond Fund</u>** |
| &nbsp;&nbsp;Investment Income: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67009 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56210 | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3781 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6409 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62619 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39658 |
| &nbsp;&nbsp;Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisory | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35813 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61917 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrative | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23876 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19814 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59689 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81731 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11950 |
| &nbsp;&nbsp;Net Investment Income (Loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11101 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (19112) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27708 |
| &nbsp;&nbsp;Realized and Unrealized Gain (Loss) on Investments: |  |  |  |
| &nbsp;&nbsp; Net Realized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 624177 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 944365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp; Net Change in Unrealized Appreciation (Depreciation) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6861 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1053209) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70090 |
| &nbsp;&nbsp;Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 631038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(108844) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70090 |
| &nbsp;&nbsp;Net Increase (Decrease) in Net Assets Resulting from Operations | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 642139 | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp; (127956) | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 97798 |
| &nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. |  |  |  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**M** **ANOR INVESTMENT FUNDS** | &nbsp;&nbsp;**M** **ANOR INVESTMENT FUNDS** | &nbsp;&nbsp;**M** **ANOR INVESTMENT FUNDS** |
| &nbsp;&nbsp;**M** **ANOR FUND** | &nbsp;&nbsp;**M** **ANOR FUND** | &nbsp;&nbsp;**M** **ANOR FUND** |
| &nbsp;&nbsp;**Statements of Changes in Net Assets** | &nbsp;&nbsp;**Statements of Changes in Net Assets** | &nbsp;&nbsp;**Statements of Changes in Net Assets** |
|  | &nbsp;&nbsp;(Unaudited) |  |
|  | &nbsp;&nbsp;Six Months |  |
|  | &nbsp;&nbsp;Ended | &nbsp;&nbsp;Year Ended |
|  | &nbsp;&nbsp;6/30/2025 | &nbsp;&nbsp;12/31/2024 |
| &nbsp;&nbsp;Increase in Net Assets From Operations: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Investment Income | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 11101 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 36478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Realized Gain on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 624177 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 598846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6861 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1026295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 642139 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1661619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions to Shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(635575) |
| &nbsp;&nbsp;Capital Share Transactions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from Shares Sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51901 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 163037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 635575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of Shares Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(339965) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(368303) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) from Capital Shares Transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(288064) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 430309 |
| &nbsp;&nbsp;Total Increase | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 354075 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1456353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning of Period/Year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9744219 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8287866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;End of Period/Year | &nbsp;&nbsp;$10098294 | &nbsp;&nbsp;$9744219 |
| &nbsp;&nbsp;Capital Share Transactions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1381 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Issued on Reinvestment of Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8939) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9601) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) in Outstanding Shares of the Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7558) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11709 |
| &nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. |  |  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**M** **ANOR INVESTMENT FUNDS** | &nbsp;&nbsp;**M** **ANOR INVESTMENT FUNDS** | &nbsp;&nbsp;**M** **ANOR INVESTMENT FUNDS** |
| &nbsp;&nbsp;**G** **ROWTH FUND** | &nbsp;&nbsp;**G** **ROWTH FUND** | &nbsp;&nbsp;**G** **ROWTH FUND** |
| &nbsp;&nbsp;**Statements of Changes in Net Assets** | &nbsp;&nbsp;**Statements of Changes in Net Assets** | &nbsp;&nbsp;**Statements of Changes in Net Assets** |
|  | &nbsp;&nbsp;(Unaudited) |  |
|  | &nbsp;&nbsp;Six Months |  |
|  | &nbsp;&nbsp;Ended | &nbsp;&nbsp;Year Ended |
|  | &nbsp;&nbsp;6/30/2025 | &nbsp;&nbsp;12/31/2024 |
| &nbsp;&nbsp;Increase (Decrease) in Net Assets From Operations: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Investment Loss | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp; (19112) | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp; (25434) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Realized Gain on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 944365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 901740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1053209) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2654123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (127956) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3530429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions to Shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(888403) |
| &nbsp;&nbsp;Capital Share Transactions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from Shares Sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51901 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 314220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 877387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of Shares Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (692841) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(872200) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) from Capital Shares Transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (640940) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 319407 |
| &nbsp;&nbsp;Total Increase (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (768896) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2961433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning of Period/Year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17553076 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14591643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;End of Period/Year | &nbsp;&nbsp;$16784180 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;17553076 |
| &nbsp;&nbsp;Capital Share Transactions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1305 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Issued on Reinvestment of Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17097) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (21432) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) in Outstanding Shares of the Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15792) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7016 |
| &nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. |  |  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**M** **ANOR INVESTMENT FUNDS** | &nbsp;&nbsp;**M** **ANOR INVESTMENT FUNDS** | &nbsp;&nbsp;**M** **ANOR INVESTMENT FUNDS** |
| &nbsp;&nbsp;**B** **OND FUND** | &nbsp;&nbsp;**B** **OND FUND** | &nbsp;&nbsp;**B** **OND FUND** |
| &nbsp;&nbsp;**Statements of Changes in Net Assets** | &nbsp;&nbsp;**Statements of Changes in Net Assets** | &nbsp;&nbsp;**Statements of Changes in Net Assets** |
|  | &nbsp;&nbsp;(Unaudited) |  |
|  | &nbsp;&nbsp;Six Months |  |
|  | &nbsp;&nbsp;Ended | &nbsp;&nbsp;Year Ended |
|  | &nbsp;&nbsp;6/30/2025 | &nbsp;&nbsp;12/31/2024 |
| &nbsp;&nbsp;Increase (Decrease) in Net Assets From Operations: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Investment Income | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 27708 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 38420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Realized Gain on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70090 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (27187) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97798 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions to Shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (38462) |
| &nbsp;&nbsp;Capital Share Transactions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from Shares Sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 76701 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 743765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Issued on Reinvestment of Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of Shares Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (98765) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (71155) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) from Capital Share Transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (22064) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 711072 |
| &nbsp;&nbsp;Total Increase | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75734 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 683843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning of Period/Year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2495225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1811382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;End of Period/Year | &nbsp;&nbsp;$2570959 | &nbsp;&nbsp;$2495225 |
| &nbsp;&nbsp;Capital Share Transactions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7517 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Issued on Reinvestment of Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9680) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7089) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) in Outstanding Shares of the Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2163) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69665 |
| &nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. |  |  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**M** **ANOR INVESTMENT FUNDS** | &nbsp;&nbsp;**M** **ANOR INVESTMENT FUNDS** | &nbsp;&nbsp;**M** **ANOR INVESTMENT FUNDS** | &nbsp;&nbsp;**M** **ANOR INVESTMENT FUNDS** | &nbsp;&nbsp;**M** **ANOR INVESTMENT FUNDS** | &nbsp;&nbsp;**M** **ANOR INVESTMENT FUNDS** | &nbsp;&nbsp;**M** **ANOR INVESTMENT FUNDS** |
| &nbsp;&nbsp;**M** **ANOR FUND** | &nbsp;&nbsp;**M** **ANOR FUND** | &nbsp;&nbsp;**M** **ANOR FUND** | &nbsp;&nbsp;**M** **ANOR FUND** | &nbsp;&nbsp;**M** **ANOR FUND** | &nbsp;&nbsp;**M** **ANOR FUND** | &nbsp;&nbsp;**M** **ANOR FUND** |
| &nbsp;&nbsp;**Financial Highlights** | &nbsp;&nbsp;**Financial Highlights** | &nbsp;&nbsp;**Financial Highlights** | &nbsp;&nbsp;**Financial Highlights** | &nbsp;&nbsp;**Financial Highlights** | &nbsp;&nbsp;**Financial Highlights** | &nbsp;&nbsp;**Financial Highlights** |
| &nbsp;&nbsp;**Selected data for a share outstanding throughout each period/year.** | &nbsp;&nbsp;**Selected data for a share outstanding throughout each period/year.** | &nbsp;&nbsp;**Selected data for a share outstanding throughout each period/year.** | &nbsp;&nbsp;**Selected data for a share outstanding throughout each period/year.** | &nbsp;&nbsp;**Selected data for a share outstanding throughout each period/year.** | &nbsp;&nbsp;**Selected data for a share outstanding throughout each period/year.** | &nbsp;&nbsp;**Selected data for a share outstanding throughout each period/year.** |
|  | &nbsp;&nbsp;(Unaudited) |  |  |  |  |  |
|  | &nbsp;&nbsp;Six Months |  |  |  |  |  |
|  | &nbsp;&nbsp;Ended | &nbsp;&nbsp;Years Ended | &nbsp;&nbsp;Years Ended | &nbsp;&nbsp;Years Ended | &nbsp;&nbsp;Years Ended | &nbsp;&nbsp;Years Ended |
|  | &nbsp;&nbsp;6/30/2025 | &nbsp;&nbsp;12/31/2024 | &nbsp;&nbsp;12/31/2023 | &nbsp;&nbsp;12/31/2022 | &nbsp;&nbsp;12/31/2021 | &nbsp;&nbsp;12/31/2020 |
| &nbsp;&nbsp;Net Asset Value, at Beginning of Period/Year | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37.21 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33.13 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.41 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 34.48 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 27.54 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 26.46 |
| &nbsp;&nbsp;Income From Investment Operations: |  |  |  |  |  |  |
| &nbsp;&nbsp; Net Investment Income \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.17 |
| &nbsp;&nbsp; Net Gain (Loss) on Securities (Realized and Unrealized) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3.70) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.57 |
| &nbsp;&nbsp;Distributions: |  |  |  |  |  |  |
| &nbsp;&nbsp; Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.32) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.17) |
| &nbsp;&nbsp; Realized Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2.45) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.32) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2.60) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.37) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.49) |
| &nbsp;&nbsp;Net Asset Value, at End of Period/Year | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39.70 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37.21 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33.13 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 29.41 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 34.48 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 27.54 |
| &nbsp;&nbsp;Total Return \*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.69% &nbsp;&nbsp;(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20.06% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13.77% | &nbsp;&nbsp; (10.69)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.95% |
| &nbsp;&nbsp;Ratios/Supplemental Data: |  |  |  |  |  |  |
| &nbsp;&nbsp; Net Assets at End of Period/Year (Thousands) | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 10098 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9744 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8288 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 7564 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 8873 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 7275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of Expenses to Average Net Assets | &nbsp;&nbsp;1.25% &nbsp;&nbsp;(a) | &nbsp;&nbsp;1.25% | &nbsp;&nbsp;1.25% | &nbsp;&nbsp;1.25% | &nbsp;&nbsp;1.25% | &nbsp;&nbsp;1.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of Net Investment Income to Average Net Assets | &nbsp;&nbsp;0.23% &nbsp;&nbsp;(a) | &nbsp;&nbsp;0.40% | &nbsp;&nbsp;0.89% | &nbsp;&nbsp;0.99% | &nbsp;&nbsp;0.41% | &nbsp;&nbsp;0.66% |
| &nbsp;&nbsp; Portfolio Turnover | &nbsp;&nbsp;6.67% &nbsp;&nbsp;(b) | &nbsp;&nbsp;12.04% | &nbsp;&nbsp;9.46% | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;3.20% | &nbsp;&nbsp;11.95% |
| &nbsp;&nbsp;\* Per share net investment income has been determined on the basis of average shares outstanding during the year. | &nbsp;&nbsp;\* Per share net investment income has been determined on the basis of average shares outstanding during the year. | &nbsp;&nbsp;\* Per share net investment income has been determined on the basis of average shares outstanding during the year. | &nbsp;&nbsp;\* Per share net investment income has been determined on the basis of average shares outstanding during the year. | &nbsp;&nbsp;\* Per share net investment income has been determined on the basis of average shares outstanding during the year. |  |  |
| &nbsp;&nbsp;\*\* Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund | &nbsp;&nbsp;\*\* Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund | &nbsp;&nbsp;\*\* Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund | &nbsp;&nbsp;\*\* Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund | &nbsp;&nbsp;\*\* Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund | &nbsp;&nbsp;\*\* Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; assuming reinvestment of dividends. |  |  |  |  |  |  |
| &nbsp;&nbsp;(a) Annualized. |  |  |  |  |  |  |
| &nbsp;&nbsp;(b) Not annualized. |  |  |  |  |  |  |
| &nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. |  |  |  |  |  |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**M** **ANOR INVESTMENT FUNDS** | &nbsp;&nbsp;**M** **ANOR INVESTMENT FUNDS** | &nbsp;&nbsp;**M** **ANOR INVESTMENT FUNDS** | &nbsp;&nbsp;**M** **ANOR INVESTMENT FUNDS** | &nbsp;&nbsp;**M** **ANOR INVESTMENT FUNDS** | &nbsp;&nbsp;**M** **ANOR INVESTMENT FUNDS** | &nbsp;&nbsp;**M** **ANOR INVESTMENT FUNDS** | &nbsp;&nbsp;**M** **ANOR INVESTMENT FUNDS** |
| &nbsp;&nbsp;**G** **ROWTH FUND** | &nbsp;&nbsp;**G** **ROWTH FUND** | &nbsp;&nbsp;**G** **ROWTH FUND** | &nbsp;&nbsp;**G** **ROWTH FUND** | &nbsp;&nbsp;**G** **ROWTH FUND** | &nbsp;&nbsp;**G** **ROWTH FUND** | &nbsp;&nbsp;**G** **ROWTH FUND** | &nbsp;&nbsp;**G** **ROWTH FUND** |
| &nbsp;&nbsp;**Financial Highlights** | &nbsp;&nbsp;**Financial Highlights** | &nbsp;&nbsp;**Financial Highlights** | &nbsp;&nbsp;**Financial Highlights** | &nbsp;&nbsp;**Financial Highlights** | &nbsp;&nbsp;**Financial Highlights** | &nbsp;&nbsp;**Financial Highlights** | &nbsp;&nbsp;**Financial Highlights** |
| &nbsp;&nbsp;**Selected data for a share outstanding throughout each period/year.** | &nbsp;&nbsp;**Selected data for a share outstanding throughout each period/year.** | &nbsp;&nbsp;**Selected data for a share outstanding throughout each period/year.** | &nbsp;&nbsp;**Selected data for a share outstanding throughout each period/year.** | &nbsp;&nbsp;**Selected data for a share outstanding throughout each period/year.** | &nbsp;&nbsp;**Selected data for a share outstanding throughout each period/year.** | &nbsp;&nbsp;**Selected data for a share outstanding throughout each period/year.** | &nbsp;&nbsp;**Selected data for a share outstanding throughout each period/year.** |
|  | &nbsp;&nbsp;(Unaudited) |  |  |  |  |  |  |
|  | &nbsp;&nbsp;Six Months |  |  |  |  |  |  |
|  | &nbsp;&nbsp;Ended | &nbsp;&nbsp;Years Ended | &nbsp;&nbsp;Years Ended | &nbsp;&nbsp;Years Ended | &nbsp;&nbsp;Years Ended | &nbsp;&nbsp;Years Ended |  |
|  | &nbsp;&nbsp;6/30/2025 | &nbsp;&nbsp;12/31/2024 | &nbsp;&nbsp;12/31/2023 | &nbsp;&nbsp;12/31/2022 | &nbsp;&nbsp;12/31/2021 | &nbsp;&nbsp;12/31/2020 |  |
| &nbsp;&nbsp;Net Asset Value, at Beginning of Period/Year | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41.94 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35.46 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29.74 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37.94 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31.08 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27.41 |  |
| &nbsp;&nbsp;Income From Investment Operations: |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Net Investment Income (Loss) \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;\*\*\* |
| &nbsp;&nbsp; Net Gain (Loss) on Securities (Realized and Unrealized) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6.65) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.29 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6.61) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.29 |  |
| &nbsp;&nbsp;Distributions: |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |  |
| &nbsp;&nbsp; Realized Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2.23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.98) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.55) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.83) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3.62) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2.23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.59) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.83) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3.62) |  |
| &nbsp;&nbsp;Net Asset Value, at End of Period/Year | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41.68 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41.94 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35.46 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29.74 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37.94 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31.08 |  |
| &nbsp;&nbsp;Total Return \*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.62)% &nbsp;&nbsp;(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24.46% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22.77% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (17.37)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27.90% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26.65% |  |
| &nbsp;&nbsp;Ratios/Supplemental Data: |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Net Assets at End of Period/Year (Thousands) | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 16784 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 17553 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 14592 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 12391 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 15388 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 13024 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of Expenses to Average Net Assets | &nbsp;&nbsp;0.99% &nbsp;&nbsp;(a) | &nbsp;&nbsp;0.99% | &nbsp;&nbsp;0.99% | &nbsp;&nbsp;0.99% | &nbsp;&nbsp;0.99% | &nbsp;&nbsp;0.99% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of Net Investment Income (Loss) to Average Net Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.23)% &nbsp;&nbsp;(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.16)% | &nbsp;&nbsp;0.24% | &nbsp;&nbsp;0.11% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.22)% | &nbsp;&nbsp;0.00% |  |
| &nbsp;&nbsp; Portfolio Turnover | &nbsp;&nbsp;6.47% &nbsp;&nbsp;(b) | &nbsp;&nbsp;12.05% | &nbsp;&nbsp;12.87% | &nbsp;&nbsp;6.05% | &nbsp;&nbsp;6.41% | &nbsp;&nbsp;16.29% |  |
| &nbsp;&nbsp;\* Per share net investment income (loss) has been determined on the basis of average shares outstanding during the year. | &nbsp;&nbsp;\* Per share net investment income (loss) has been determined on the basis of average shares outstanding during the year. | &nbsp;&nbsp;\* Per share net investment income (loss) has been determined on the basis of average shares outstanding during the year. | &nbsp;&nbsp;\* Per share net investment income (loss) has been determined on the basis of average shares outstanding during the year. | &nbsp;&nbsp;\* Per share net investment income (loss) has been determined on the basis of average shares outstanding during the year. |  |  |  |
| &nbsp;&nbsp;\*\* Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund | &nbsp;&nbsp;\*\* Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund | &nbsp;&nbsp;\*\* Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund | &nbsp;&nbsp;\*\* Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund | &nbsp;&nbsp;\*\* Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; assuming reinvestment of dividends. |  |  |  |  |  |  |  |
| &nbsp;&nbsp;\*\*\* Less than $0.005 per share. |  |  |  |  |  |  |  |
| &nbsp;&nbsp;(a) Annualized. |  |  |  |  |  |  |  |
| &nbsp;&nbsp;(b) Not annualized. |  |  |  |  |  |  |  |
| &nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. |  |  |  |  |  |  |

---

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**M** **ANOR INVESTMENT FUNDS** | &nbsp;&nbsp;**M** **ANOR INVESTMENT FUNDS** | &nbsp;&nbsp;**M** **ANOR INVESTMENT FUNDS** | &nbsp;&nbsp;**M** **ANOR INVESTMENT FUNDS** | &nbsp;&nbsp;**M** **ANOR INVESTMENT FUNDS** | &nbsp;&nbsp;**M** **ANOR INVESTMENT FUNDS** | &nbsp;&nbsp;**M** **ANOR INVESTMENT FUNDS** |
| &nbsp;&nbsp;**B** **OND FUND** | &nbsp;&nbsp;**B** **OND FUND** | &nbsp;&nbsp;**B** **OND FUND** | &nbsp;&nbsp;**B** **OND FUND** | &nbsp;&nbsp;**B** **OND FUND** | &nbsp;&nbsp;**B** **OND FUND** | &nbsp;&nbsp;**B** **OND FUND** |
| &nbsp;&nbsp;**Financial Highlights** | &nbsp;&nbsp;**Financial Highlights** | &nbsp;&nbsp;**Financial Highlights** | &nbsp;&nbsp;**Financial Highlights** | &nbsp;&nbsp;**Financial Highlights** | &nbsp;&nbsp;**Financial Highlights** | &nbsp;&nbsp;**Financial Highlights** |
| &nbsp;&nbsp;**Selected data for a share outstanding throughout each period/year.** | &nbsp;&nbsp;**Selected data for a share outstanding throughout each period/year.** | &nbsp;&nbsp;**Selected data for a share outstanding throughout each period/year.** | &nbsp;&nbsp;**Selected data for a share outstanding throughout each period/year.** | &nbsp;&nbsp;**Selected data for a share outstanding throughout each period/year.** | &nbsp;&nbsp;**Selected data for a share outstanding throughout each period/year.** | &nbsp;&nbsp;**Selected data for a share outstanding throughout each period/year.** |
|  | &nbsp;&nbsp;(Unaudited) |  |  |  |  |  |
|  | &nbsp;&nbsp;Six Months |  |  |  |  |  |
|  | &nbsp;&nbsp;Ended | &nbsp;&nbsp;Years Ended | &nbsp;&nbsp;Years Ended | &nbsp;&nbsp;Years Ended | &nbsp;&nbsp;Years Ended | &nbsp;&nbsp;Years Ended |
|  | &nbsp;&nbsp;6/30/2025 | &nbsp;&nbsp;12/31/2024 | &nbsp;&nbsp;12/31/2023 | &nbsp;&nbsp;12/31/2022 | &nbsp;&nbsp;12/31/2021 | &nbsp;&nbsp;12/31/2020 |
| &nbsp;&nbsp;Net Asset Value, at Beginning of Period/Year | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 10.02 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 10.02 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.74 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 10.66 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 11.05 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 10.53 |
| &nbsp;&nbsp;Income From Investment Operations: |  |  |  |  |  |  |
| &nbsp;&nbsp; Net Investment Income \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.10 |
| &nbsp;&nbsp; Net Gain (Loss) on Securities (Realized and Unrealized) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.91) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.39) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.85) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.32) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.62 |
| &nbsp;&nbsp;Distributions: |  |  |  |  |  |  |
| &nbsp;&nbsp; Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.10) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.10) |
| &nbsp;&nbsp;Net Asset Value, at End of Period/Year | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 10.35 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.96 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 10.02 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.74 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 10.66 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 11.05 |
| &nbsp;&nbsp;Total Return \*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.92% &nbsp;&nbsp;(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.96% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.16% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8.01)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2.94)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.89% |
| &nbsp;&nbsp;Ratios/Supplemental Data: |  |  |  |  |  |  |
| &nbsp;&nbsp; Net Assets at End of Period/Year (Thousands) | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 2571 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 2495 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 1811 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 1677 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 1788 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 1414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of Expenses to Average Net Assets | &nbsp;&nbsp;0.95% &nbsp;&nbsp;(a) | &nbsp;&nbsp;0.95% | &nbsp;&nbsp;0.95% | &nbsp;&nbsp;0.95% | &nbsp;&nbsp;0.95% | &nbsp;&nbsp;0.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of Net Investment Income to Average Net Assets | &nbsp;&nbsp;2.20% &nbsp;&nbsp;(a) | &nbsp;&nbsp;1.94% | &nbsp;&nbsp;1.46% | &nbsp;&nbsp;0.64% | &nbsp;&nbsp;0.61% | &nbsp;&nbsp;0.87% |
| &nbsp;&nbsp; Portfolio Turnover | &nbsp;&nbsp;0.00% &nbsp;&nbsp;(b) | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;37.00% | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;14.48% |
| &nbsp;&nbsp;\* Per share net investment income has been determined on the basis of average shares outstanding during the year. | &nbsp;&nbsp;\* Per share net investment income has been determined on the basis of average shares outstanding during the year. | &nbsp;&nbsp;\* Per share net investment income has been determined on the basis of average shares outstanding during the year. | &nbsp;&nbsp;\* Per share net investment income has been determined on the basis of average shares outstanding during the year. | &nbsp;&nbsp;\* Per share net investment income has been determined on the basis of average shares outstanding during the year. |  |  |
| &nbsp;&nbsp;\*\* Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund | &nbsp;&nbsp;\*\* Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund | &nbsp;&nbsp;\*\* Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund | &nbsp;&nbsp;\*\* Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund | &nbsp;&nbsp;\*\* Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund | &nbsp;&nbsp;\*\* Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; assuming reinvestment of dividends. |  |  |  |  |  |  |
| &nbsp;&nbsp;(a) Annualized. |  |  |  |  |  |  |
| &nbsp;&nbsp;(b) Not annualized. |  |  |  |  |  |  |
| &nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. |  |  |  |  |  |

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Manor Investment Funds

NOTES TO FINANCIAL STATEMENTS

JUNE 30, 2025 (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, Growth Fund and Bond Fund (collectively the "Funds"), and is registered under the Investment Company Act of 1940, as amended, 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 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 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 (2021-2024) or expected to be taken in the Funds' 2025 tax returns. The Funds identify their major tax jurisdiction as U.S. Federal; however, the Funds are 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 12 months.

The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statement of Operations. During the six months ended June 30, 2025, 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 of Trustees.

 ****

***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, 2025:

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**<u>Manor Fund</u>** | &nbsp;&nbsp;**Financial Instruments – Assets** | &nbsp;&nbsp;**Financial Instruments – Assets** | &nbsp;&nbsp;**Financial Instruments – Assets** | &nbsp;&nbsp;**Financial Instruments – Assets** |
| &nbsp;&nbsp;***Categories*** | &nbsp;&nbsp;***<u>Level 1</u>*** | &nbsp;&nbsp;***<u>Level 2</u>*** | &nbsp;&nbsp;***<u>Level 3</u>*** | &nbsp;&nbsp;***<u>Fair Value</u>*** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Stocks \* | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 9542929 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 9542929 |
| &nbsp;&nbsp;&nbsp;&nbsp;Real Estate Investment Trust | &nbsp;&nbsp;276824 | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;276824 |
| &nbsp;&nbsp;&nbsp;&nbsp;Money Market Fund | &nbsp;&nbsp;286636 | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;286636 |
|  | &nbsp;&nbsp;$10106389 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;$10106389 |

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**<u>Growth Fund</u>** | &nbsp;&nbsp;**Financial Instruments – Assets** | &nbsp;&nbsp;**Financial Instruments – Assets** | &nbsp;&nbsp;**Financial Instruments – Assets** | &nbsp;&nbsp;**Financial Instruments – Assets** |
| &nbsp;&nbsp;***Categories*** | &nbsp;&nbsp;***<u>Level 1</u>*** | &nbsp;&nbsp;***<u>Level 2</u>*** | &nbsp;&nbsp;***<u>Level 3</u>*** | &nbsp;&nbsp;***<u>Fair Value</u>*** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Stocks \* | &nbsp;&nbsp;$16455962 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;$16455962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Money Market Fund | &nbsp;&nbsp;349390 | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;349390 |
|  | &nbsp;&nbsp;$16805352 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;$16805352 |

---

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**<u>Bond Fund</u>** | &nbsp;&nbsp;**Financial Instruments – Assets** | &nbsp;&nbsp;**Financial Instruments – Assets** | &nbsp;&nbsp;**Financial Instruments – Assets** | &nbsp;&nbsp;**Financial Instruments – Assets** |
| &nbsp;&nbsp;***Categories*** | &nbsp;&nbsp;***<u>Level 1</u>*** | &nbsp;&nbsp;***<u>Level 2</u>*** | &nbsp;&nbsp;***<u>Level 3</u>*** | &nbsp;&nbsp;***<u>Fair Value</u>*** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;US Treasury Notes | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;$2490967 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;$2490967 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Money Market Fund | &nbsp;&nbsp;71676 | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;71676 |
|  | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 71676 | &nbsp;&nbsp;$2490967 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;$2562643 |

---

\* 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, 2025. The Funds did not hold any derivative instruments at any time during the six months ended June 30, 2025. 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.

<u>Advisory Fees for the six months ended June 30, 2025</u>

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Manor Fund | &nbsp;&nbsp;Growth Fund | &nbsp;&nbsp;Bond Fund |
| &nbsp;&nbsp;Advisory Fees Earned | $35813 | $&nbsp;&nbsp;&nbsp;&nbsp;61917 | $6289 |
| &nbsp;&nbsp;Advisory Fees owed to Advisor | $&nbsp;&nbsp;&nbsp;&nbsp;6117 | $&nbsp;&nbsp;&nbsp;&nbsp;10202 | $1062 |

---

<u>Administrative Fees for the six months ended June 30, 2025</u>

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Manor Fund | &nbsp;&nbsp;Growth Fund | &nbsp;&nbsp;Bond Fund |
| &nbsp;&nbsp;Administrative Fees Earned | $23876 | $19814 | $5661 |
| Administrative Fees owed to Advisor | $&nbsp;&nbsp;&nbsp;&nbsp; 4078 | $&nbsp;&nbsp;&nbsp;&nbsp;3265 | $&nbsp;&nbsp;&nbsp;&nbsp; 955 |

---

*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, 2025, 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 serves Co-Chief Investment Officer of the Advisor. 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. The Trust, on behalf of the Funds, entered into a Compliance Agreement with Empirical Administration, LLC ("Empirical") which provides for compliance services to the Funds. Brandon M. Pokersnik is the owner/president of Empirical and also an employee of MSS. He serves as the Chief Compliance Officer and an officer of the Trust.

 

4. SEGMENT REPORTING

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 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, 2025, were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**<u>Manor Fund</u>** | &nbsp;&nbsp;**<u>Growth Fund</u>** | &nbsp;&nbsp;**<u>Bond Fund</u>** |
| &nbsp;&nbsp;Purchases | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 636499 | $1069139 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| &nbsp;&nbsp;Sales | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;1038059 | $1735803 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |

---

**6. TAX MATTERS NOTE**

As of December 31, 2024, the tax basis unrealized appreciation (depreciation) and cost of investment securities, including short-term investments, were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**<u>Manor Fund</u>** | &nbsp;&nbsp;**<u>Growth Fund</u>** | &nbsp;&nbsp;**<u>Bond Fund</u>** |
| &nbsp;&nbsp; Federal tax cost of investments,<br> including short-term investments + | &nbsp;&nbsp;<u>$4107198</u> | &nbsp;&nbsp;<u>$&nbsp;&nbsp;&nbsp;&nbsp;5832134</u> | &nbsp;&nbsp;<u>$2591186</u> |
| &nbsp;&nbsp;Gross tax appreciation of investments | &nbsp;&nbsp;$5636159 | &nbsp;&nbsp;$11735585 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1107 |
| &nbsp;&nbsp;Gross tax depreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (528) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(106921) |
| &nbsp;&nbsp;Net tax appreciation (depreciation) | &nbsp;&nbsp;<u>$5636159</u> | &nbsp;&nbsp;<u>$11735057</u> | &nbsp;&nbsp;<u>$(105814)</u> |

---

Each Fund's distributable earnings on a tax basis are determined only at the end of each fiscal year. As of December 31, 2024, the Fund's most recent fiscal year-end, the components of distributable earnings on a tax basis were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; <br>**<u>Fund</u>** | &nbsp;&nbsp; <br>**Unrealized Appreciation**<br> **<u>(Depreciation)</u>** | &nbsp;&nbsp; <br>**Undistributed Ordinary <u>Income</u>** | &nbsp;&nbsp; <br>**Undistributed Capital Gain<u><br> (Loss)</u>** | &nbsp;&nbsp; <br>**Capital Loss**<br> **<u>Carryforward</u>** | &nbsp;&nbsp; <br>**Total Distributable <u>Earnings (Deficit)</u>** |
| &nbsp;&nbsp;Manor Fund | &nbsp;&nbsp;$5636159 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;$5636159 |
| &nbsp;&nbsp;Growth Fund + | &nbsp;&nbsp;$11735057 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;$11735057 |
| &nbsp;&nbsp;Bond Fund | &nbsp;&nbsp;$(105814) | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp; $(15992) | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;(121806) |

---

+ 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, 2024, the Growth Fund recorded permanent book/tax differences of $13,697 from distributable earnings (an increase to distributable earnings) to paid-in-capital (a decrease to paid-in-capital) due to net operating losses.

As of December 31, 2024, 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 | $&nbsp;&nbsp;&nbsp;&nbsp;(12754) |
| Short-term non-expiring | $&nbsp;&nbsp;&nbsp;&nbsp; (3238) |
| Total | <u>$&nbsp;&nbsp;&nbsp;&nbsp;(15992)</u> |

---

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 U.S. GAAP.

There were no distributions paid during the six months ended June 30, 2025.

The tax character of distributions paid during the fiscal year ended December 31, 2024 was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Manor Fund** | &nbsp;&nbsp;**Growth Fund** | &nbsp;&nbsp;**Bond Fund** |
| &nbsp;&nbsp;Ordinary Income | $&nbsp;&nbsp;&nbsp;&nbsp; 41605 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $38462 |
| &nbsp;&nbsp;Long-term Gain | &nbsp;&nbsp;$593970 | &nbsp;&nbsp;$888403 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

**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 Investment Company Act of 1940, as amended. As of June 30, 2025, an individual shareholder owned approximately 27% of the Growth Fund and may be deemed to control the Growth Fund. As of June 30, 2025, 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, 2025 (UNAUDITED)

Proxy Voting Procedures

The Trust's Board of Trustees 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 <u>www.manorfunds.com</u> under Fund Information, Proxy Voting, or on the SEC website at <u>http://www.sec.gov</u>.

![A close-up of a sign AI-generated content may be incorrect.](image_008.jpg)

Fund Office:

15 Chester County Commons

Malvern, PA 19355

610-722-0900 800-787-3334

www.manorfunds.com

Funds distributed by:

Foreside Funds Services, LLC

Three Canal Plaza

Suite 100

Portland, ME 04101

**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 <u>/s/ Daniel A. Morris</u>

&nbsp;&nbsp;&nbsp;&nbsp; Daniel A. Morris, President

Mr. Morris serves as both Principal Executive Officer and Principal Financial Officer of Manor Investment Funds.

Date: 08/25/2025

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 <u>/s/ Daniel A. Morris</u>

&nbsp;&nbsp;&nbsp;&nbsp; Daniel A. Morris, President

Mr. Morris serves as both Principal Executive Officer and Principal Financial Officer of Manor Investment Funds.

Date: 08/25/2025

## Ex-99.Cert

I, Daniel A. Morris, certify that:

1. I have reviewed this report on Form N-CSR of Manor Investment 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: <u>August 25, 2025</u>

<u>/s/ Daniel A. Morris</u>

Daniel A. Morris, President

Mr. Morris serves as both Principal Executive Officer and Principal Financial Officer of Manor Investment Funds.

## Exhibit 99.906

EX-99.906CERT

**CERTIFICATION**

Daniel A. Morris, President of Manor Investment Funds (the "Registrant"), does certify to the best of his knowledge that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrant's periodic report on Form N-CSR for the period ended June 30, 2025 (the "Form N-CSR") fully complies with the requirements of Sections 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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

Manor Investment Funds

<u>/s/ Daniel A. Morris</u>

Daniel A. Morris

Mr. Morris serves as both Principal Executive Officer and Principal Financial Officer of Manor Investment Funds.

Date: <u>August 25, 2025</u>

A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to Manor Investment Funds and will be retained by Manor Investment 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.

<br>