# EDGAR Filing Document

**Accession Number:** 0001003924
**File Stem:** 0001162044-23-000294
**Filing Date:** 2023-3
**Character Count:** 148602
**Document Hash:** 0820e024e5afd088f23a84ae4ec23bae
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001162044-23-000294.hdr.sgml**: 20230308

**ACCESSION NUMBER**: 0001162044-23-000294

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 15

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230308

**DATE AS OF CHANGE**: 20230308

**EFFECTIVENESS DATE**: 20230308

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MANOR INVESTMENT FUNDS INC
- **CENTRAL INDEX KEY:** 0001003924
- **IRS NUMBER:** 232818611
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-09134
- **FILM NUMBER:** 23715923

**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           |

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

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT<br> INVESTMENT COMPANIES

Investment Company Act file number 811-09134

<u>Manor Investment Funds</u><br> (Exact name of registrant as specified in charter)

<u>15 Chester Commons, Malvern, PA 19355</u><br> (Address of principal executive offices)

Daniel A. Morris<br> <u>15 Chester Commons, Malvern, PA 19355</u><br> (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: December 31, 2022

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 SHAREHOLDERS.**

![[manorannual001.jpg]](manorannual001.jpg)

Manor Fund **(MNRMX)**

Manor Growth Fund **(MNRGX)**

Manor Bond Fund **(MNRBX)**

**Annual Report**

<br> **December 31, 2022**

Fund Office:<br> 15 Chester Commons<br> Malvern, PA 19355<br> 610-722-0900 800-787-3334<br> <u>www.manorfunds.com</u>

Managed by:<br> Morris Capital Advisors, LLC

Distributed by:<br> Foreside Funds Services, LLC

*Performance quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than what is stated. Investment return and principal value will vary with market conditions so that an investor's share, when redeemed, may be worth more or less than the original cost. Call us at 800-787-3334 for current and most recent month-end performance.*

MANOR INVESTMENT FUNDS

SHAREHOLDER LETTER

DECEMBER 31, 2022 (UNAUDITED)

&nbsp;&nbsp;&nbsp;&nbsp;Dear Fellow Shareholders:

The financial markets struggled throughout the year ended December 31, 2022. The Fed announced its intention to aggressively raise interest rates in an attempt to curb the inflationary spiral. The rate hikes hit the bond market, with bonds posting a negative return that was the worst in several decades. Prospects of continued rate hikes raised concerns about economic growth pressuring stocks, especially those large-cap growth names that led the market higher over the past several years.

**<u>The News of My Death Has Been Greatly Exaggerated</u>**

The quote above has been attributed to Samuel Clemens (more commonly known by his pen name, Mark Twain), when contacted by an English journalist to inquire whether the rumors that he was gravely ill, or dead, were indeed true. Clemens was in good health and wrote back to the journalist using a version of the quote we know so well today. While the quote above may not have been his exact response, it is a good one, nonetheless.

This comes to mind lately as I have been reading the commentary by financial journalists regarding the market action over the past year, specifically what is referred to as the 60/40 portfolio. The 60/40 portfolio is an investment allocation model investing 60% of the total portfolio in stocks, and 40% of the portfolio in bonds and cash. It is popular among investors and financial advisers because that investment allocation has generated the best return relative to risk over numerous market cycles. The relationship has generally been the case for almost seven decades, until this past year. Through the first nine months of the year, stocks (as measured by the S&P 500 index) were down approximately 23%, while bonds (as measured by the Bloomberg Barclay Intermediate Treasury index) were down approximately 12%. Both asset classes turned higher during the final quarter, but not enough to significantly change the relationship. The results were enough to prompt articles on "the death of the 60/40 portfolio". But, to paraphrase Clemens, the stories of the demise of the 60/40 portfolio might be greatly exaggerated. I don't think that a portfolio allocation with seven decades of history should be tossed aside because of one bad year. This also highlights the mistaken tendency to project short term investment results as a guide to long-term decisions. Every investment disclosure reminds us of that fact, but it is frequently forgotten.

Calendar year 2022 was a difficult year for equity and fixed-income investors. The financial markets were primed for a reversal after years of strong performance driven by highly accommodative Fed policy, unprecedented spending bills passed by Congress financed by ever-increasing debt, and a willingness by investors to ignore unreasonable valuations when investing in "innovative" companies or "meme" stocks. Things began to change as inflation pushed higher. When the Fed belatedly admitted that the inflationary spiral was not "transitory", they were forced to aggressively reverse years of easy money policy. Succussive rounds of interest rate hikes pummeled the bond market, triggering one of the worst calendar year returns in the bond market in modern financial history.

Annual Report \| 1

MANOR INVESTMENT FUNDS

SHAREHOLDER LETTER (CONTINUED)

DECEMBER 31, 2022 (UNAUDITED)

Stocks declined, at one point crossing into bear market territory (a decline of more than 20%). Many of the mega-tech names led the move lower, suffering from unsustainable growth expectations and extended valuations.

A rebound in both the stock and bond markets during the 4th quarter of the year is a good reminder, however, that every market correction eventually ends, and that there are investment opportunities even amid the downturn. The rebound in stocks rewarded investors that were focused on high quality companies trading at moderate valuations. Economically sensitive stocks generally outperformed with strength in energy, financial, industrial, and materials sectors. All somewhat counter-intuitive in the face of rising interest rates and recessionary concerns. The bond market rebounded, as well, as yields stabilized at higher levels and credit-sensitive bonds rallied. The markets may be gravely ill, but rumors of their demise might indeed be greatly exaggerated.

***The Manor Fund***

The Manor Fund outperformed both the S&P 500 index, and the Lipper Large-Cap Core mutual fund index during the year ended December 31, 2022 with a return of –10.69% for the Fund compared to returns of –18.11% for the S&P 500 and –17.25% for the Lipper Large-Cap Core mutual fund index. The Fund underperformed the S&P 500 index and the Lipper Large-Cap Core mutual fund index during the trailing 5-year and 10-year periods with returns of 5.35% and 9.53% for the Fund compared to 9.41% and 12.56% for the S&P 500 index and 8.14% and 11.43% for the Lipper index.

During the year ended December 31, 2022, the Fund was helped by strong performance from Devon Energy Corp., Valero Energy Corp., Northrup Grumman Corp., AbbVie, Inc., and Amerisource Bergen Corp. Four of these top performers represent the top performing sectors in the markets this year, Energy and Health Care. The shares of Devon Energy trended higher for much of the year. The company beat earnings and revenue estimates throughout the year, raised its dividend, and increased its share repurchase program. The shares of Valero Energy also rose through much of the year. The company reported revenue and earnings that exceeded expectations each quarter and announced a major share repurchase authorization mid-year. The shares of Northrop Grumman rose steadily throughout the year. Early in the year Northrop reported revenue and earnings that exceeded expectations, raised the dividend, and increased the authorized share repurchase program. Northrop missed revenue and earnings estimates later in the year, but the stock continued to move higher. The shares of AbbVie rose steadily early during the year and held much of those gains through year-end. AbbVie reported earnings that exceeded expectations each quarter, and steady revenue growth. The company also increased its cash dividend later in the year. The shares of AmerisourceBergen followed a similar trading pattern as AbbVie, rising early in the year and then extending those gains towards year-end. The company reported revenue and earnings that exceeded expectations almost every quarter and strong revenue growth.

Annual Report \| 2

MANOR INVESTMENT FUNDS

SHAREHOLDER LETTER (CONTINUED)

DECEMBER 31, 2022 (UNAUDITED)

Notable laggards during year ended December 31, 2022 include Applied Materials, Inc., Meta Platforms, Inc., Charter Communications, Inc., Skyworks Solutions, Inc., and Microsoft Corporation. All but one of the weak performers listed above is in the tech or associated sectors. These sectors were hit hard when the Fed raised interest rates sharply, raising concerns about the prospects for high growth industry sectors. The shares of Applied Materials declined through much of the year. The company generally reported revenue and earnings above expectations, but management reduced earnings expectations offsetting the reported operating results. The shares of Meta Platforms fell sharply early in the year and continued to decline. The company reported disappointing operating results and lowered guidance as the company struggled in its efforts to move its focus from the social media space to a suite of offerings that it referred to as the metaverse. The shares of Charter Communications declined through much of the year. The company beat earnings expectations most quarters, but experienced anemic revenue growth. The shares fell sharply late in the year when the company announced that they expect to incur much higher capital expenditures in the coming year than most investors expected. The shares of Skyworks Solutions fell through much of the year, in line with many of their peers in the tech sector. Investors were concerned that rising interest rates would hurt growth and that production issues for the new iPhones would hurt revenue growth for this Apple supplier. The shares of Microsoft performed in line with the market throughout the year. The company posted double digit revenue growth each quarter despite the economic headwinds of Fed rate hikes. Microsoft reported earnings above expectations most quarters and raised its quarterly dividend.

***The Growth Fund***

The Manor Growth Fund outperformed both the S&P 500 index and the Lipper Large-Cap Growth mutual fund index during the year ended December 31, 2022 with a return of –17.37% for the Fund, compared to –18.11% for the S&P 500 index, and –30.93% for the Lipper index. The Fund also outperformed both the S&P 500 index and the Lipper Large-Cap Growth mutual fund index during the trailing 5-year, and 10-year periods with returns of 10.35%, and 12.56% for the Fund, compared to 9.41%, and 12.56% for the index, and 9.25%, and 12.51% for the Lipper index. The Fund returned 6.56% since inception, outperforming both the S&P 500 index return of 6.46%, and the Lipper Large-Cap Growth mutual fund index return of 4.80%.

During the year ended December 31, 2022, the Fund was helped by strong performance from Eli Lilly & Co., AbbVie, Inc., Occidental Petroleum Co., Bristol-Myers Squibb Co., and EOG Resources, Inc. Each of the top performers are in the Health Care or Energy sectors. The shares of Eli Lilly rose steadily throughout the year. The shares moved higher despite mixed revenue and earnings results. The shares were bolstered by positive news on FDA approvals for Lilly drugs treatments under development. The shares of AbbVie rose steadily early in the year and held much of those gains through year-end. AbbVie reported earnings that exceeded expectations each quarter, and steady revenue growth. The company also increased its cash dividend later in the year. The shares of Occidental Petroleum rose steadily throughout the year. The

Annual Report \| 3

MANOR INVESTMENT FUNDS

SHAREHOLDER LETTER (CONTINUED)

DECEMBER 31, 2022 (UNAUDITED)

company reported revenue and earnings that exceeded expectations and strong revenue growth. The shares received an added lift when Warren Buffet and Berkshire Hathaway announced that they accumulated a 26% stake in the company. The shares of Bristol-Myers rose steadily throughout the year. The company announced positive operating results each quarter and increased its quarterly dividend. The company also received an FDA approval for a drug treatment under review and announced positive results for therapeutic platforms across a range of blood diseases. The shares of EOG Resources, a recent addition to the fund, rose steadily through year-end. The company reported mixed earnings results but strong revenue growth. The company also issued a special dividend in September in addition to its regular third quarter dividend.

Notable laggards during the year ended December 31, 2022 include Apple, Inc., Amazon.com, Inc., MKS Instruments, Inc., Charter Communications, and Qualcomm, Inc. Many of these weak performers are the mega-cap names that drove the market higher over the past several years. The shares of Apple, Inc. traded in a wide range during the first half of the year, but then reversed, setting a new 52 week low late in the year. Apple reported revenue and earnings that exceeded expectations each quarter, but investors focused instead on projected iPhone shipments and the rollout of product upgrades later this year. The company lowered estimates of iPhone shipments late in the year due to concerns about supply shortages for key components, reduced demand from China, and production issues at the Foxconn production facility due to the ongoing Covid lockdown in China. The shares of Amazon traded lower for much of the year. Amazon reported revenue and earnings above expectations most quarters, but guided revenue and earnings expectations lower each quarter. Indications of slowing growth in the Amazon web Services segment added to investor concerns. The shares of MKS Instruments fell steadily throughout the year. The company beat earnings estimates each quarter but consistently lowered revenue and earnings estimates.

***The Bond Fund***

The Fund declined 8.01% during the year ended December 31, 2022, underperforming the Bloomberg Barclay Intermediate US Treasury index return of –7.77%, but outperforming the Lipper US Government Index return of –11.67%. The Fund underperformed the Bloomberg Barclay Intermediate Treasury index but outperformed the Lipper US Government Index during the trailing 5-year period with a loss of 0.16% for the Fund, compared to a gain of 0.46% for the Bloomberg Barclay index, and a loss of 0.21% for the Lipper US Government Index The Fund underperformed the Lipper US Government Index and the Barclay index during the trailing 10-year period with a loss of 0.36% for the Fund, compared to a gain of 0.69% for the Bloomberg Barclay Intermediate Treasury index, and a gain of 0.42% for the Lipper index. The Fund underperformed the Lipper US Government Index and the Barclay index since inception with a return of 1.31% for the Fund, compared to a return of 3.21% for the Bloomberg Barclay Intermediate Treasury index, and a return of 3.25% for the Lipper index. Performance reflects the relatively conservative position of the Fund's investment portfolio of US Treasury securities. Debt securities typically decline in value when interest rates rise.

Annual Report \| 4

MANOR INVESTMENT FUNDS

SHAREHOLDER LETTER (CONTINUED)

DECEMBER 31, 2022 (UNAUDITED)

 **<u>Improving Health?</u>**

As I wrote last quarter, it is hard to feel good in the face of high inflation, rising interest rates, aggressive tightening by the Fed, and conflicting economic policy out of Washington; and it is not surprising that many people feel that our country is heading in the wrong direction. But the financial markets are forward looking, and the 4th quarter rebound could be an indication that the Fed may soon begin to slow the pace of interest rate hikes. There is still much to be done to lower inflation, and the news of substantial layoffs among numerous high-growth companies is a reminder that the risk of a prolonged recession remains real. The Fed will need to tread carefully as it manages the inherent conflict between fighting inflation and supporting the economy. If the Fed raises rates too high as it fights inflation it risks pushing an already weakened economy further into recession. Conversely, if it slows the rate hikes too soon inflation could remain elevated and economic growth could stagnate. The combination of persistent inflation and slow growth, a phenomenon known as stagflation, presents a difficult dilemma for investors and policy makers. High inflation will force interest rates higher as bond investors focus on real rates of return (yields less the rate of inflation), while stocks will struggle as higher interest rates raise costs and weak growth pressures earnings.

Given the uncertainty, it is not surprising that investors are overly sensitive to events in the financial news cycle. That uncertainty translates into a tendency to over-react on both the upside and downside, leading to sharp reversals in the market, sometimes on an intra-day basis. We recognize the risks of overtrading in this volatile market and believe that it is prudent to look past the market noise and focus on our long-term view. We take a conservative approach in our search for well-managed companies with the potential to grow, a sound financial structure to support that growth, and strong free-cash flow. Our objective is to invest in those types of companies when their share price gives us the opportunity to invest at reasonable valuations. Our investment process is designed to build portfolios that can withstand the bouts of uncertainty, while remaining positioned to participate in the rebounds that inevitably occur. This process has served us well over several market cycles reinforcing the view that the death of conservative investing has been greatly exaggerated.

Sincerely,

Daniel A. Morris

Annual Report \| 5

MANOR INVESTMENT FUNDS

**MANOR FUND**

PERFORMANCE ILLUSTRATION

DECEMBER 31, 2022 (UNAUDITED)

![[manorannual002.jpg]](manorannual002.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns (a) (for periods ended December 31, 2022)** | **Average Annual Total Returns (a) (for periods ended December 31, 2022)** | **Average Annual Total Returns (a) (for periods ended December 31, 2022)** | **Average Annual Total Returns (a) (for periods ended December 31, 2022)** | **Average Annual Total Returns (a) (for periods ended December 31, 2022)** |
|  | <br>**<u>1 Year</u>** | <br>**<u>5 Year</u>** | <br>**<u>10 Year</u>** | **<u>Since Inception</u>** |
| Manor Fund \* | -10.69% | 5.35% | 9.53% | 6.44% |
| Lipper Large Cap Core Index \*\* | -17.25% | 8.14% | 11.43% | 7.22% |
| S&P 500 \*\*\* | -18.11% | 9.41% | 12.56% | 9.19% |

---

*Performance quoted represents past performance and is no guarantee of future results. You should evaluate investment returns over a long time period as the equity market can be volatile in the short term. Current performance may be lower or higher than what is stated. Investment return and principal value will vary with market conditions so that an investor's share, when redeemed, may be worth more or less than the original cost. Call us at 800-787-3334 for current or most recent month-end performance .*

*Smithbridge Asset Management, Inc. acts as advisor to Manor Investment Funds under an investment advisory agreement with a "unified fee" structure whereby the advisor is paid a management fee not to exceed 0.75% of average net assets of the Manor Fund and an administrative fee not to exceed 0.50% of average net assets of the Manor Fund. The total expense ratio for the Manor Fund under the "unified fee" is 1.25%. The advisor pays all expenses of the Manor Fund under this "unified fee" structure.*

(a) The total returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

\* Initial public offering of shares was September 26, 1995.

\*\* The Lipper Large-Cap Core Index is an index compiled by Lipper Analytical comprised of mutual funds that are managed using large-cap stocks with a blend of growth and value. The illustrated returns are net of fees and expenses of the underlying funds included in the index, assume reinvestment of all distributions, and exclude the effect of taxes. Individuals cannot invest directly in an index.

\*\*\*The Standard & Poor's 500 Index ("S&P 500") is a market value-weighted index, representing the aggregate market value of the common equity of 500 stocks primarily traded on the New York Stock Exchange. The S&P 500 is a widely recognized, unmanaged index of common stock prices. The figures for the S&P 500 reflect all dividends reinvested but do not reflect any deductions for fees, expenses or taxes.

This chart assumes an initial investment of $10,000 made on September 26, 1995. Past performance doesn't guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, maybe worth more or less then their original cost. All returns reflect reinvested dividends but do not reflect the impact of taxes.

Current performance may be higher or lower than the performance quoted. Performance information current to the most recent month-end may be obtained by calling 1-800-787-3334.

Annual Report \| 6

MANOR INVESTMENT FUNDS

**GROWTH FUND**

PERFORMANCE ILLUSTRATION

DECEMBER 31, 2022 (UNAUDITED)

![[manorannual003.jpg]](manorannual003.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns (a) (for periods ended December 31, 2022)** | **Average Annual Total Returns (a) (for periods ended December 31, 2022)** | **Average Annual Total Returns (a) (for periods ended December 31, 2022)** | **Average Annual Total Returns (a) (for periods ended December 31, 2022)** | **Average Annual Total Returns (a) (for periods ended December 31, 2022)** |
|  | <br>**<u>1 Year</u>** | <br>**<u>5 Year</u>** | <br>**<u>10 Year</u>** | **<u>Since Inception</u>** |
| Manor Growth Fund \* | -17.37% | 10.35% | 12.56% | 6.56% |
| Lipper Large Cap Growth Index \*\* | -30.93% | 9.25% | 12.51% | 4.80% |
| S&P 500 \*\*\* | -18.11% | 9.41% | 12.56% | 6.46% |

---

<br> *Performance quoted represents past performance and is no guarantee of future results. You should evaluate investment returns over a long time period as the equity market can be volatile in the short term. Current performance may be lower or higher than what is stated. Investment return and principal value will vary with market conditions so that an investor's share, when redeemed, may be worth more or less than the original cost. Call us at 800-787-3334 for current or most recent month-end performance .*

*Smithbridge Asset Management, Inc. acts as advisor to Manor Investment Funds under an investment advisory agreement with a "unified fee" structure whereby the advisor is paid a management fee not to exceed 0.75% of average net assets of the Manor Growth Fund and an administrative fee not to exceed 0.24% of average net assets of the Manor Growth Fund. The total expense ratio for the Manor Growth Fund under the "unified fee" is 0.99%. The advisor pays all expenses of the Manor Growth Fund under this "unified fee" structure.*

(a) The total returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

\* Initial public offering of shares was June 30, 1999.

\*\* The Lipper Large-Cap Growth Index is an index compiled by Lipper Analytical comprised of mutual funds that are managed using large-cap stocks with a focus on growth. The illustrated returns are net of fees and expenses of the underlying funds included in the index, assume reinvestment of all distributions, and exclude the effect of taxes. Individuals cannot invest directly in an index.

\*\*\*The Standard & Poor's 500 Index ("S&P 500") is a market value-weighted index, representing the aggregate market value of the common equity of 500 stocks primarily traded on the New York Stock Exchange. The S&P 500 is a widely recognized, unmanaged index of common stock prices. The figures for the S&P 500 reflect all dividends reinvested but do not reflect any deductions for fees, expenses or taxes.

This chart assumes an initial investment of $10,000 made on June 30, 1999. Past performance doesn't guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, maybe worth more or less then their original cost. All returns reflect reinvested dividends but do not reflect the impact of taxes.

Current performance may be higher or lower than the performance quoted. Performance information current to the most recent month-end may be obtained by calling 1-800-787-3334.

Annual Report \| 7

MANOR INVESTMENT FUNDS

**BOND FUND**

PERFORMANCE ILLUSTRATION

DECEMBER 31, 2022 (UNAUDITED)

![[manorannual004.jpg]](manorannual004.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns (a) (for periods ended December 31, 2022)** | **Average Annual Total Returns (a) (for periods ended December 31, 2022)** | **Average Annual Total Returns (a) (for periods ended December 31, 2022)** | **Average Annual Total Returns (a) (for periods ended December 31, 2022)** | **Average Annual Total Returns (a) (for periods ended December 31, 2022)** |
|  | **<u>1 Year</u>** | **<u>5 Year</u>** | **<u>10 Year</u>** | **<u>Since Inception</u>** |
| Manor Bond Fund \* | -8.01% | -0.16% | -0.36% | 1.31% |
| Lipper US Government Index \*\* | -11.67% | -0.21% | 0.42% | 3.25% |
| Bloomberg Barclays Intermediate Treasury Index \*\*\* | -7.77% | 0.46% | 0.69% | 3.21% |

---

*Performance quoted represents past performance and is no guarantee of future results. You should evaluate investment returns over a long time period as the equity market can be volatile in the short term. Current performance may be lower or higher than what is stated. Investment return and principal value will vary with market conditions so that an investor's share, when redeemed, may be worth more or less than the original cost. Call us at 800-787-3334 for current or most recent month-end performance .*

*Smithbridge Asset Management, Inc. acts as advisor to Manor Investment Funds under an investment advisory agreement with a "unified fee" structure whereby the advisor is paid a management fee of not to exceed 0.50% of average net assets of the Manor Bond Fund and an administrative fee not to exceed 0.45% of average net assets of the Manor Bond Fund. The total expense ratio for the Manor Bond Fund under the "unified fee" is 0.95%. The advisor pays all expenses of the Manor Bond Fund under this "unified fee" structure.*

(a) The total returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

\* Initial public offering of shares was June 30, 1999.

\*\* The Lipper US Government Index is an index compiled by Lipper Analytical comprised of mutual funds that are managed using US Government securities with a focus on income. The illustrated returns are net of fees and expenses of the underlying funds included in the index, assume reinvestment of all distributions, and exclude the effect of taxes. Individuals cannot invest directly in an index.

\*\*\*The Bloomberg Barclays Intermediate Treasury Index includes all publicly issued, U.S. Treasury securities that have a remaining maturity of greater than or equal to 1 year and less than 10 years, are rated investment grade, and have $250 million or more of outstanding face value.

This chart assumes an initial investment of $10,000 made on June 30, 1999. Past performance doesn't guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, maybe worth more or less then their original cost. All returns reflect reinvested dividends but do not reflect the impact of taxes.

Current performance may be higher or lower than the performance quoted. Performance information current to the most recent month-end may be obtained by calling 1-800-787-3334.

Annual Report \| 8

MANOR INVESTMENT FUNDS

**MANOR FUND**

PORTFOLIO ILLUSTRATION

DECEMBER 31, 2022 (UNAUDITED)

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.

![[manorannual006.gif]](manorannual006.gif)

Sectors are categorized using Morningstar® classifications.

Annual Report \| 9

MANOR INVESTMENT FUNDS

**GROWTH FUND**

PORTFOLIO ILLUSTRATION

DECEMBER 31, 2022 (UNAUDITED)

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.

![[manorannual008.gif]](manorannual008.gif)

Sectors are categorized using Morningstar® classifications.

Annual Report \| 10

MANOR INVESTMENT FUNDS

**BOND FUND**

PORTFOLIO ILLUSTRATION

DECEMBER 31, 2022 (UNAUDITED)

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.

![[manorannual010.gif]](manorannual010.gif)

Sectors are categorized based on asset type.

Annual Report \| 11

MANOR INVESTMENT FUNDS

**MANOR FUND**

SCHEDULE OF INVESTMENTS

DECEMBER 31, 2022

---

| | | |
|:---|:---|:---|
| **<u>Shares</u>** |  | **<u>Fair Value</u>** |
| **COMMON STOCKS - 89.55%** | **COMMON STOCKS - 89.55%** |  |
| **Beverages - 3.39%** | **Beverages - 3.39%** |  |
| 1421 | PepsiCo, Inc. | $256718 |
| **Cable & Other Pay Television Services - 2.20%** | **Cable & Other Pay Television Services - 2.20%** |  |
| 491 | Charter Communications, Inc. Class A \* | 166498 |
| **Cogeneration Services & Small Power Producers - 1.40%** | **Cogeneration Services & Small Power Producers - 1.40%** |  |
| 3674 | The AES Corp. | 105664 |
| **Computer Storage Devices - 1.63%** | **Computer Storage Devices - 1.63%** |  |
| 2054 | NetApp, Inc. | 123363 |
| **Converted Paper & Paperboard Products (No Container/Boxes) - 5.73%** | **Converted Paper & Paperboard Products (No Container/Boxes) - 5.73%** |  |
| 2396 | Avery Dennison Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;433676 |
| **Crude Petroleum & Natural Gas - 6.03%** | **Crude Petroleum & Natural Gas - 6.03%** |  |
| 7411 | Devon Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;455851 |
| **Engines & Turbines - 3.87%** | **Engines & Turbines - 3.87%** |  |
| 1209 | Cummins, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;292929 |
| **Fire, Marine & Casualty Insurance - 2.41%** | **Fire, Marine & Casualty Insurance - 2.41%** |  |
| 827 | Chubb Ltd. (Switzerland) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182436 |
| **Hospital & Medical Service Plans - 5.69%** | **Hospital & Medical Service Plans - 5.69%** |  |
| 839 | Elevance Health, Inc. | 430382 |
| **Life Insurance - 2.36%** | **Life Insurance - 2.36%** |  |
| 2465 | Metlife, Inc. | 178392 |
| **National Commercial Banks - 6.42%** | **National Commercial Banks - 6.42%** |  |
| 1814 | JP Morgan Chase & Co. | 243258 |
| 1535 | PNC Financial Services Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242438 |
|  |  | 485696 |
| **Operative Builders - 5.53%** | **Operative Builders - 5.53%** |  |
| 4695 | D.R. Horton, Inc. | 418512 |
| **Petroleum Refining - 4.56%** | **Petroleum Refining - 4.56%** |  |
| 2721 | Valero Energy Corp. | 345186 |
| **Pharmaceutical Preparations - 4.16%** | **Pharmaceutical Preparations - 4.16%** |  |
| 1945 | AbbVie, Inc. | 314332 |
| **Retail-Drug Stores and Proprietary Stores - 1.67%** | **Retail-Drug Stores and Proprietary Stores - 1.67%** |  |
| 1352 | CVS Health Corp. | 125993 |
| **Retail-Grocery Stores - 1.95%** | **Retail-Grocery Stores - 1.95%** |  |
| 3309 | The Kroger Co. | 147515 |

---

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

Annual Report \| 12

MANOR INVESTMENT FUNDS

**MANOR FUND**

SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2022

---

| | | |
|:---|:---|:---|
| **<u>Shares</u>** |  | **<u>Fair Value</u>** |
| **Retail-Lumber & Other Building Materials Dealers - 3.26%** | **Retail-Lumber & Other Building Materials Dealers - 3.26%** |  |
| 1238 | Lowes Cos., Inc. | $246659 |
| **Search, Detection, Navigation, Guidance, Aeronautical & Nautical Systems & Instruments - 4.16%** | **Search, Detection, Navigation, Guidance, Aeronautical & Nautical Systems & Instruments - 4.16%** |  |
| 576 | Northrop Grumman Corp. | 314271 |
| **Semiconductors & Related Devices - 11.91%** | **Semiconductors & Related Devices - 11.91%** |  |
| 3885 | Applied Materials, Inc. | 378321 |
| 4553 | Microchip Technology, Inc. | 319848 |
| 2225 | Skyworks Solutions, Inc. | 202764 |
|  |  | 900933 |
| **Services-Business Services - 1.23%** | **Services-Business Services - 1.23%** |  |
| 1369 | Fidelity National Information Services, Inc. | 92887 |
| **Services-Prepackaged Software - 4.56%** | **Services-Prepackaged Software - 4.56%** |  |
| 1438 | Microsoft Corp. | 344861 |
| **Transportation Services - 2.42%** | **Transportation Services - 2.42%** |  |
| 91 | Booking Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183391 |
| **Wholesale - Drugs, Proprietaries & Druggists' Sundries - 3.01%** | **Wholesale - Drugs, Proprietaries & Druggists' Sundries - 3.01%** |  |
| 1375 | AmerisourceBergen Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227851 |
| TOTAL FOR COMMON STOCKS (Cost $3,209,281) - 89.55% | TOTAL FOR COMMON STOCKS (Cost $3,209,281) - 89.55% | &nbsp;&nbsp;&nbsp;&nbsp;6773996 |
| **REAL ESTATE INVESTMENT TRUST - 3.46%** | **REAL ESTATE INVESTMENT TRUST - 3.46%** |  |
| 399 | Equinix, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261357 |
| TOTAL FOR REAL ESTATE INVESTMENT TRUST (Cost $148,511) - 3.46% | TOTAL FOR REAL ESTATE INVESTMENT TRUST (Cost $148,511) - 3.46% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261357 |
| **MONEY MARKET FUND - 7.04%** | **MONEY MARKET FUND - 7.04%** |  |
| 532564 | First American Government Obligation Fund Class Z 4.06% \*\* (Cost $532,564) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;532564 |
| TOTAL INVESTMENTS (Cost $3,890,356) - 100.05% | TOTAL INVESTMENTS (Cost $3,890,356) - 100.05% | 7567917 |
| **LIABILITIES IN EXCESS OF OTHER ASSETS, NET - (0.05)%** | **LIABILITIES IN EXCESS OF OTHER ASSETS, NET - (0.05)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3490) |
| **NET ASSETS - 100.00%** | **NET ASSETS - 100.00%** | $7564427 |

---

\* Non-income producing securities during the period.

\*\* Variable rate security; the coupon rate shown represents the yield at December 31, 2022.

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

Annual Report \| 13

MANOR INVESTMENT FUNDS

**GROWTH FUND**

SCHEDULE OF INVESTMENTS

DECEMBER 31, 2022

---

| | | |
|:---|:---|:---|
| **<u>Shares</u>** |  | **<u>Fair Value</u>** |
| **COMMON STOCKS - 91.87%** | **COMMON STOCKS - 91.87%** |  |
| **Cable & Other Pay Television Services - 2.12%** | **Cable & Other Pay Television Services - 2.12%** |  |
| 775 | Charter Communications, Inc. Class A \* | $262802 |
| **Crude Petroleum & Natural Gas - 7.12%** | **Crude Petroleum & Natural Gas - 7.12%** |  |
| 3357 | EOG Resources, Inc. | 434799 |
| 7103 | Occidental Petroleum Corp. | 447418 |
|  |  | 882217 |
| **Electronic Computers - 10.17%** | **Electronic Computers - 10.17%** |  |
| 9697 | Apple, Inc.  | 1259931 |
| **Fire, Marine & Casualty Insurance - 2.96%** | **Fire, Marine & Casualty Insurance - 2.96%** |  |
| 1663 | Chubb Ltd. (Switzerland) | 366858 |
| **Hospital & Medical Service Plans - 5.01%** | **Hospital & Medical Service Plans - 5.01%** |  |
| 1170 | Unitedhealth Group, Inc.  | 620311 |
| **Measuring & Controlling Devices - 4.13%** | **Measuring & Controlling Devices - 4.13%** |  |
| 930 | Thermo Fisher Scientific, Inc.  | 512142 |
| **Pharmaceutical Preparations - 13.26%** | **Pharmaceutical Preparations - 13.26%** |  |
| 2460 | AbbVie Inc. | 397561 |
| 4802 | Bristol-Myers Squibb Co. | 345504 |
| 1394 | Eli Lilly & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;509981 |
| 541 | Regeneron Pharmaceuticals, Inc. \* | 390326 |
|  |  | 1643372 |
| **Radio & TV Broadcasting & Communuications Equipment - 3.03%** | **Radio & TV Broadcasting & Communuications Equipment - 3.03%** |  |
| 3413 | Qualcomm, Inc. | 375225 |
| **Retail-Building Materials, Hardware, Garden Supply - 3.71%** | **Retail-Building Materials, Hardware, Garden Supply - 3.71%** |  |
| 1935 | The Sherwin-Williams Co.  | 459233 |
| **Retail-Catalog & Mail-Order Houses - 3.67%** | **Retail-Catalog & Mail-Order Houses - 3.67%** |  |
| 5420 | Amazon.com, Inc. \* | 455280 |
| **Retail-Drug Stores & Proprietary Stores - 3.77%** | **Retail-Drug Stores & Proprietary Stores - 3.77%** |  |
| 5009 | CVS Health Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;466789 |
| **Retail-Variety Stores - 2.69%** | **Retail-Variety Stores - 2.69%** |  |
| 2360 | Dollar Tree, Inc. \* | 333798 |
| **Semiconductors & Related Devices - 3.61%** | **Semiconductors & Related Devices - 3.61%** |  |
| 7181 | On Semiconductor Corp. \* | 447879 |

---

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

 

Annual Report \| 14

MANOR INVESTMENT FUNDS

**GROWTH FUND**

SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2022

---

| | | |
|:---|:---|:---|
| **<u>Shares</u>** |  | **<u>Fair Value</u>** |
| **Services-Business Services - 6.94%** | **Services-Business Services - 6.94%** |  |
| 3613 | Akamai Technologies, Inc. \* | $304576 |
| 3004 | Fidelity National Information Services, Inc. | 203821 |
| 1010 | MasterCard, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;351207 |
|  |  | 859604 |
| **Services-Computer Programming, Data Processing, Etc. - 5.11%** | **Services-Computer Programming, Data Processing, Etc. - 5.11%** |  |
| 3580 | Alphabet, Inc. Class A \* | 315863 |
| 3580 | Alphabet, Inc. Class C \* | 317653 |
|  |  | 633516 |
| **Services-Equipment Rental & Leasing - 4.43%** | **Services-Equipment Rental & Leasing - 4.43%** |  |
| 1543 | United Rentals, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;548413 |
| **Services-Prepackaged Software - 4.56%** | **Services-Prepackaged Software - 4.56%** |  |
| 2356 | Microsoft Corp. | 565016 |
| **Trucking (No Local) - 2.88%** | **Trucking (No Local) - 2.88%** |  |
| 2188 | Landstar System, Inc. | 356425 |
| **Wholesale-Motor Vehicles & Motor Vehicle Parts & Supplies - 2.70%** | **Wholesale-Motor Vehicles & Motor Vehicle Parts & Supplies - 2.70%** |  |
| 6255 | LKQ Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;334080 |
| TOTAL FOR COMMON STOCKS (Cost $4,620,776) - 91.87% | TOTAL FOR COMMON STOCKS (Cost $4,620,776) - 91.87% | &nbsp;&nbsp;&nbsp;&nbsp;11382891 |
| **MONEY MARKET FUND - 8.18%** | **MONEY MARKET FUND - 8.18%** |  |
| 1013412 | First American Government Obligation Fund Class Z 4.06% \*\* <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $1,013,412) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1013412 |
| TOTAL INVESTMENTS (Cost $5,634,188) - 100.05% | TOTAL INVESTMENTS (Cost $5,634,188) - 100.05% | &nbsp;&nbsp;&nbsp;&nbsp;12396303 |
| **LIABILITIES IN EXCESS OF OTHER ASSETS, NET - (0.05)%** | **LIABILITIES IN EXCESS OF OTHER ASSETS, NET - (0.05)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5738) |
| **NET ASSETS - 100.00%** | **NET ASSETS - 100.00%** | $12390565 |

---

\* Non-income producing securities during the period.

\*\* Variable rate security; the coupon rate shown represents the yield at December 31, 2022.

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

Annual Report \| 15

MANOR INVESTMENT FUNDS

**BOND FUND**

SCHEDULE OF INVESTMENTS

DECEMBER 31, 2022

---

| | | |
|:---|:---|:---|
| **<u>Face Amount</u>** | **<u>Face Amount</u>** | **<u>Fair Value</u>** |
| **US TREASURY NOTES - 91.06%** | **US TREASURY NOTES - 91.06%** |  |
| 300000 | US Treasury Note 1.25% Due 07/31/2023 | $294093 |
| 225000 | US Treasury Note 2.50% Due 08/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221889 |
| 400000 | US Treasury Note 0.50% Due 02/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;356844 |
| 150000 | US Treasury Note 1.50% Due 08/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136887 |
| 100000 | US Treasury Note 2.875% Due 05/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94535 |
| 325000 | US Treasury Note 1.75% Due 11/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;284045 |
| 175000 | US Treasury Note, Series C, 0.625% Due 05/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138906 |
| TOTAL FOR US TREASURY NOTES (Cost $1,665,311) - 91.06% | TOTAL FOR US TREASURY NOTES (Cost $1,665,311) - 91.06% | &nbsp;&nbsp;&nbsp;&nbsp;1527199 |
| **MONEY MARKET FUND - 8.61%** | **MONEY MARKET FUND - 8.61%** |  |
| **<u>Shares</u>** |  |  |
| 144449 | First American Treasury Obligation Class Z 4.16% \* (Cost $144,449) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144449 |
| TOTAL INVESTMENTS (Cost $1,809,760) - 99.67% | TOTAL INVESTMENTS (Cost $1,809,760) - 99.67% | &nbsp;&nbsp;&nbsp;&nbsp;1671648 |
| **OTHER ASSETS IN EXCESS OF LIABILITIES, NET - 0.33%** | **OTHER ASSETS IN EXCESS OF LIABILITIES, NET - 0.33%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5476 |
| **NET ASSETS - 100.00%** | **NET ASSETS - 100.00%** | $1677124 |

---

\* Variable rate security; the coupon rate shown represents the yield at December 31, 2022.

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

Annual Report \| 16

MANOR INVESTMENT FUNDS

STATEMENTS OF ASSETS AND LIABILITIES

DECEMBER 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| Assets: | **<u>Manor Fund</u>** | **<u>Growth Fund</u>** | **<u>Bond Fund</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $3,890,356, $5,634,188, and $1,809,760, respectively) | $7567917 | $12396303 | $1671648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash | 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;&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;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3945 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4970 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6840 |
| &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;Total Assets | &nbsp;&nbsp;&nbsp;&nbsp;7572562 | &nbsp;&nbsp;&nbsp;&nbsp;12401273 | &nbsp;&nbsp;&nbsp;&nbsp;1678488 |
| Liabilities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due to Advisor | 8135 | 10708 | 1364 |
| &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;Total Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10708 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1364 |
| Net Assets | $7564427 | $12390565 | $1677124 |
| Net Assets Consist of: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Stock | $257 | $417 | $172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paid In Capital | 3886609 | 5630162 | 1824642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributable Earnings (Deficit) | &nbsp;&nbsp;&nbsp;&nbsp;3677561 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6759986 | &nbsp;&nbsp;&nbsp;&nbsp;(147690) |
| Net Assets (10,000,000 shares authorized, $0.001 par value) for 257,248, 416,606, and 172,122 shares outstanding, respectively. |  |  |  |
| Net Assets (10,000,000 shares authorized, $0.001 par value) for 257,248, 416,606, and 172,122 shares outstanding, respectively. | $7564427 | $12390565 | $1677124 |
| Net Asset Value and Offering Price Per Share | $29.41 | $29.74 | $9.74 |

---

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

Annual Report \| 17

MANOR INVESTMENT FUNDS

STATEMENTS OF OPERATIONS

For the year ended December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
|  | **<u>Manor Fund</u>** | **<u>Growth Fund</u>** | **<u>Bond Fund</u>** |
| Investment Income: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends | $168318 | $141944 | $-  |
| &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7224 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5452 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175542 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147396 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27561 |
| Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisory | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58745 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100753 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Administrative | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39163 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32241 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97908 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132994 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16424 |
| Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77634 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14402 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11137 |
| Realized and Unrealized Gain (Loss) on Investments: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;258905 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;612668 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(363) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;(1312780) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3281230) | &nbsp;&nbsp;&nbsp;&nbsp;(156116) |
| Net Realized and Unrealized Loss on Investments | &nbsp;&nbsp;&nbsp;&nbsp;(1053875) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2668562) | &nbsp;&nbsp;&nbsp;&nbsp;(156479) |
| Net Decrease in Net Assets Resulting from Operations | $(976241) | $(2654160) | $(145342) |

---

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

Annual Report \| 18

MANOR INVESTMENT FUNDS

**MANOR FUND**

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | Year Ended | Year Ended |
|  | <u>12/31/2022</u> | <u>12/31/2021</u> |
| Increase (Decrease) in Net Assets From Operations: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Investment Income | $77634 | $34026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Realized Gain on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;258905 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) on Investments | (1312780) | &nbsp;&nbsp;&nbsp;&nbsp;1804649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(976241) | &nbsp;&nbsp;&nbsp;&nbsp;2101462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions to Shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(336599) | &nbsp;&nbsp;&nbsp;&nbsp;(296829) |
| Capital Share Transactions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from Shares Sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;336599  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;284177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of Shares Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(531708) | &nbsp;&nbsp;&nbsp;&nbsp;(672780) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) from Capital Shares Transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3893  | &nbsp;&nbsp;&nbsp;&nbsp;(205936) |
| Total Increase (Decrease) | (1308947) | &nbsp;&nbsp;&nbsp;&nbsp;1598697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning of Year | &nbsp;&nbsp;&nbsp;&nbsp;8873374 | &nbsp;&nbsp;&nbsp;&nbsp;7274677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;End of Year | $7564427 | $8873374 |
| Capital Share Transactions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6307 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Issued on Reinvestment of Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11575  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18019) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20856) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Decrease in Outstanding Shares of the Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(137) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6717) |

---

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

Annual Report \| 19

MANOR INVESTMENT FUNDS

**GROWTH FUND**

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | Year Ended | Year Ended |
|  | <u>12/31/2022</u> | <u>12/31/2021</u> |
| Increase (Decrease) in Net Assets From Operations: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Investment Income (Loss) | $14402  | $(30865) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Realized Gain on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;612668 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;714256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) on Investments | (3281230) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2762685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) in Net Assets Resulting from Operations | (2654160) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3446076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions to Shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(628253) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(707770) |
| Capital Share Transactions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from Shares Sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225993 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;620196 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;695282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of Shares Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(560797) | (1416047) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) from Capital Shares Transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285392 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(374963) |
| Total Increase (Decrease) | (2997021) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2363343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning of Year | &nbsp;&nbsp;&nbsp;&nbsp;15387586 | &nbsp;&nbsp;&nbsp;&nbsp;13024243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;End of Year | $12390565 | $15387586 |
| Capital Share Transactions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6695 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Issued on Reinvestment of Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21116  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16764) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(41463) |
| &nbsp;&nbsp;&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;&nbsp;&nbsp;11047  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13454) |

---

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

Annual Report \| 20

MANOR INVESTMENT FUNDS

**BOND FUND**

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | Year Ended | Year Ended |
|  | <u>12/31/2022</u> | <u>12/31/2021</u> |
| Increase (Decrease) in Net Assets From Operations: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Investment Income | $11137 | $10717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(363) | &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 Depreciation on Investments | &nbsp;&nbsp;&nbsp;&nbsp;(156116) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(60904) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Decrease in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;&nbsp;(145342) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(50187) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions to Shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11225) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10782) |
| Capital Share Transactions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from Shares Sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;480357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Issued on Reinvestment of Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of Shares Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(61488) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(56105) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase from Capital Share Transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45765 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;435034 |
| Total Increase (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;(110802) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;374065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning of Year | &nbsp;&nbsp;&nbsp;&nbsp;1787926 | &nbsp;&nbsp;&nbsp;&nbsp;1413861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;End of Year | $1677124 | $1787926 |
| Capital Share Transactions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43975 |
| &nbsp;&nbsp;&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;1152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6193) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5193) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase in Outstanding Shares of the Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4369 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39795 |

---

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

Annual Report \| 21

MANOR INVESTMENT FUNDS

**MANOR FUND**

FINANCIAL HIGHLIGHTS

&nbsp;&nbsp;&nbsp;&nbsp;Selected data for a share outstanding throughout each year.

![[manorannual012.gif]](manorannual012.gif)

\* Per share net investment income has been determined on the basis of average shares outstanding during the year.

\*\* Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends.

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

Annual Report \| 22

MANOR INVESTMENT FUNDS

**GROWTH FUND**

FINANCIAL HIGHLIGHTS

&nbsp;&nbsp;&nbsp;&nbsp;Selected data for a share outstanding throughout each year.

![[manorannual014.gif]](manorannual014.gif)

\* Per share net investment income (loss) has been determined on the basis of average shares outstanding during the year.

\*\* Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends.

\*\*\* Less than $0.005 per share.

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

Annual Report \| 23

MANOR INVESTMENT FUNDS

**BOND FUND**

FINANCIAL HIGHLIGHTS

&nbsp;&nbsp;&nbsp;&nbsp;Selected data for a share outstanding throughout each year.

![[manorannual016.gif]](manorannual016.gif)

\* Per share net investment income has been determined on the basis of average shares outstanding during the year.

\*\* Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends.

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

Annual Report \| 24

MANOR INVESTMENT FUNDS

NOTES TO FINANCIAL STATEMENTS

DECEMBER 31, 2022

**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 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 (2019-2021) or expected to be taken in the Funds' 2022 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 year ended December 31, 2022, 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.

Annual Report \| 25

MANOR INVESTMENT FUNDS

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

DECEMBER 31, 2022

*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 Funds' Board of Trustees 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

Annual Report \| 26

MANOR INVESTMENT FUNDS

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

DECEMBER 31, 2022

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 December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **<u>Manor Fund</u>** | **Financial Instruments – Assets** | **Financial Instruments – Assets** | **Financial Instruments – Assets** | **Financial Instruments – Assets** |
| ***Categories*** | ***<u>Level 1</u>*** | ***<u>Level 2</u>*** | ***<u>Level 3</u>*** | ***<u>Fair Value</u>*** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Stocks \* | $6773996 | $- | $- | $6773996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real Estate Investment Trust | 261357 | - | - | 261357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Money Market Fund | 532564 | - | - | 532564 |
|  | $7567917 | $- | $- | $7567917 |

---

Annual Report \| 27

MANOR INVESTMENT FUNDS

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

DECEMBER 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| **<u>Growth Fund</u>** | **Financial Instruments – Assets** | **Financial Instruments – Assets** | **Financial Instruments – Assets** | **Financial Instruments – Assets** |
| ***Categories*** | ***<u>Level 1</u>*** | ***<u>Level 2</u>*** | ***<u>Level 3</u>*** | ***<u>Fair Value</u>*** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Stocks \* | $11382891 | $- | $- | $11382891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Money Market Fund | 1013412 | - | - | 1013412 |
|  | $12396303 | $- | $- | $12396303 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **<u>Bond Fund</u>** | **Financial Instruments – Assets** | **Financial Instruments – Assets** | **Financial Instruments – Assets** | **Financial Instruments – Assets** |
| ***Categories*** | ***<u>Level 1</u>*** | ***<u>Level 2</u>*** | ***<u>Level 3</u>*** | ***<u>Fair Value</u>*** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;US Treasury Notes  | $- | $1527199 | $- | $1527199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Money Market Fund | 144449 | - | - | 144449 |
|  | $144449 | $1527199 | $- | $1671648 |

---

\* 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 year ended December 31, 2022. The Funds did not hold any derivative instruments at any time during the year ended December 31, 2022. 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 of Trustees 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 of Trustees 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 Manor Investment Funds, pending shareholder approval. At a special meeting of shareholders held June 14, 2022 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.

Annual Report \| 28

MANOR INVESTMENT FUNDS

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

DECEMBER 31, 2022

<u>Advisory Fees for the year ended December 31, 2022</u>

---

| | | | |
|:---|:---|:---|:---|
|  | Manor Fund | Growth Fund | Bond Fund |
| Advisory Fees Earned | $58745 | $100753 | $8644 |
| Advisory Fees owed to Advisor | $4881 | $8112 | $718 |

---

<u>Administrative Fees for the year ended December 31, 2022</u>

---

| | | | |
|:---|:---|:---|:---|
|  | Manor Fund | Growth Fund | Bond Fund |
| Administrative Fees Earned | $39163 | $32241 | $7780 |
| Administrative Fees owed to Advisor | $3254 | $2596 | $646 |

---

*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 of Trustees; 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 year ended December 31, 2022, 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 is President and Trustee of the Funds and serves as Co-Chief Investment Officer of the Advisor.

**4. INVESTMENT TRANSACTIONS** 

Investment transactions, excluding short-term investments, for the year ended December 31, 2022, were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **<u>Manor Fund</u>** | **<u>Growth Fund</u>** | **<u>Bond Fund</u>** |
| Purchases | $- | $798345 | $- |
| Sales | $679921 | $1801645 | $50000 |

---

**5. TAX MATTERS NOTE**

As of December 31, 2022, the tax basis unrealized appreciation (depreciation) and cost of investment securities, including short-term investments, were as follows:

Annual Report \| 29

MANOR INVESTMENT FUNDS

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

DECEMBER 31, 2022

---

| | | | |
|:---|:---|:---|:---|
|  | **<u>Manor Fund</u>** | **<u>Growth Fund</u>** | **<u>Bond Fund</u>** |
| Federal tax cost of investments, <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;including short-term investments + | <u>$3890356</u> | <u>$5636317</u> | <u>$1809760</u> |
| Gross tax appreciation of investments | $3816240 | $6784717 | $- |
| Gross tax depreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(138679)</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(24731)</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(138112)</u> |
| Net tax appreciation (depreciation) | <u>$3677561</u> | <u>$6759986</u> | <u>$(138112)</u> |

---

Each Fund's distributable earnings on a tax basis are determined only at the end of each fiscal year. As of December 31, 2022, the Fund's most recent fiscal year-end, the components of distributable earnings on a tax basis were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**<u>Fund</u>** | <br>**Unrealized Appreciation**<br> **<u>(Depreciation)</u>** | <br>**Undistributed Capital Gain<br> <u>(Loss)</u>** | <br>**Capital Loss**<br> **<u>Carryforward</u>** | <br>**Total Distributable <u>Earnings (Deficit)</u>** |
| Manor Fund | $3677561 | $- | $- | $3677561 |
| Growth Fund + | $6759986 | $- | $- | $6759986 |
| Bond Fund | $(138112) | $- | $(9578) | $(147690) |

---

+ 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, 2022, 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 | $(6340) |
| Short-term non-expiring | <u>$(3238)</u> |
| Total | <u>$(9578)</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.

The tax character of distributions paid during the fiscal year ended December 31, 2022 was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Manor Fund** | **Growth Fund** | **Bond Fund** |
| Ordinary Income  | $94813 | $15585 | $11225 |
| Long-term Gain | $241786 | $612668 | $— |

---

The tax character of distributions paid during the fiscal year ended December 31, 2021 was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Manor Fund** | **Growth Fund** | **Bond Fund** |
| Ordinary Income  | $36772 | $— | $10782 |
| Long-term Gain | $260057 | $707770 | $— |

---

Annual Report \| 30

MANOR INVESTMENT FUNDS

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

DECEMBER 31, 2022

**6. 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.

**7. 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 Fund 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, 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, 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 Fund. The novel coronavirus (COVID-19) global pandemic and the aggressive responses taken by many governments, including closing borders, restricting international and domestic travel, and the imposition of prolonged quarantines or similar restrictions, as well as the forced or voluntary closure of, or operational changes to, many retail and other businesses, had negative impacts, and in many cases severe negative impacts, on markets worldwide. It is not known how long such impacts, or any future impacts of other significant events described above, will or would last, but there could be a prolonged period of global economic slowdown, which may impact your investment. Therefore, the Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. During a general market downturn, multiple asset classes may be negatively affected. 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.

**8. 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.

**9. 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.

Annual Report \| 31

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Shareholders and Board of Trustees

of the Manor Fund, Growth Fund and

Bond Fund, each a series of the Manor Investment Funds

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of the Manor Fund, Growth Fund and Bond Fund (collectively the "Funds"), each a series of the Manor Investment Funds, including the schedules of investments, as of December 31, 2022 the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the related notes (collectively referred to as the "financial statements") and the financial highlights for each of the five years in the period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial positions of the Manor Investment Funds as of December 31, 2022, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

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

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risk of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our procedures included confirmation of securities and cash owned as of December 31, 2022, by correspondence with the custodian. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

![[manorannual017.jpg]](manorannual017.jpg)

We have served as the Funds' auditor since 2003

Abington, Pennsylvania

February 23, 2023

Annual Report \| 32

MANOR INVESTMENT FUNDS

EXPENSE ILLUSTRATION

DECEMBER 31, 2022 (UNAUDITED)

Expense Example

As a shareholder of Manor Investment Funds, you incur ongoing costs which consist of management fees and administrative expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, July 1, 2022 through December 31, 2022.

Actual Expenses

The first line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During the Period" to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

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

Annual Report \| 33

MANOR INVESTMENT FUNDS

EXPENSE ILLUSTRATION (CONTINUED)

DECEMBER 31, 2022 (UNAUDITED)

---

| | | | |
|:---|:---|:---|:---|
| **Manor Fund** |  |  |  |
|  | **Beginning Account Value** | **Ending** <br> **Account Value** | **Expenses Paid During the Period\*** |
|  | <u>July 1, 2022</u> | <u>December 31, 2022</u> | <u>July 1, 2022 to December 31, 2022</u> |
| Actual | $1000.00  | $1081.31  | $6.56  |
| Hypothetical |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(5% Annual Return before expenses) | $1000.00  | $1018.90  | $6.36  |
| \* Expenses are equal to the Fund's annualized expense ratio of 1.25%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). | \* Expenses are equal to the Fund's annualized expense ratio of 1.25%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). | \* Expenses are equal to the Fund's annualized expense ratio of 1.25%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). | \* Expenses are equal to the Fund's annualized expense ratio of 1.25%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). |

---

---

| | | | |
|:---|:---|:---|:---|
| **Manor Growth Fund** |  |  |  |
|  | **Beginning Account Value** | **Ending** <br> **Account Value** | **Expenses Paid During the Period\*** |
|  | <u>July 1, 2022</u> | <u>December 31, 2022</u> | <u>July 1, 2022 to December 31, 2022</u> |
| Actual | $1000.00  | $999.63  | $4.99  |
| Hypothetical |  |  |  |
| (5% Annual Return before expenses) | $1000.00  | $1020.21  | $5.04  |
| \* Expenses are equal to the Fund's annualized expense ratio of .99%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). | \* Expenses are equal to the Fund's annualized expense ratio of .99%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). | \* Expenses are equal to the Fund's annualized expense ratio of .99%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). | \* Expenses are equal to the Fund's annualized expense ratio of .99%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). |

---

---

| | | | |
|:---|:---|:---|:---|
| **Manor Bond Fund** |  |  |  |
|  | **Beginning Account Value** | **Ending** <br> **Account Value** | **Expenses Paid During the Period\*** |
|  | <u>July 1, 2022</u> | <u>December 31, 2022</u> | <u>July 1, 2022 to December 31, 2022</u> |
| Actual | $1000.00  | $978.61  | $4.74  |
| Hypothetical |  |  |  |
| (5% Annual Return before expenses) | $1000.00  | $1020.42  | $4.84  |
| \* Expenses are equal to the Fund's annualized expense ratio of .95%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). | \* Expenses are equal to the Fund's annualized expense ratio of .95%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). | \* Expenses are equal to the Fund's annualized expense ratio of .95%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). | \* Expenses are equal to the Fund's annualized expense ratio of .95%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). |

---

Annual Report \| 34

MANOR INVESTMENT FUNDS

ADDITIONAL INFORMATION

DECEMBER 31, 2022 (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>.

Quarterly Portfolio Schedule

The Trust now files a complete schedule of investments with the SEC for the first and third quarters of each fiscal year on Form N-PORT. These forms are available on the SEC'S website at http://www.sec.gov. They may be reviewed and copied at the SEC's Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 1-800-723-0330.

Compensation of Board of Trustees

The members of the Board of Trustees serve without compensation. Daniel A. Morris, President of Manor Investment Funds (the "Funds"), and Co-Chief Investment Officer and Portfolio Manager at Smithbridge Asset Management, Inc., and an Interested Trustee of the Funds, receives no compensation directly from the Funds. He is compensated through the management fee paid to the adviser by the Funds. The business and affairs of the Funds are managed under the direction of the Funds' Board of Trustees. Information pertaining to the Trustees of the Funds are set forth below. The Statement of Additional Information includes additional information about the Funds' Trustees, and is available without charge, by calling 1-800-787-3334. Each trustee may be contacted by writing to the trustee c/o Manor Investment Funds, 15 Chester Commons, Malvern, PA 19355.

Liquidity Risk Management Program

The Funds have adopted and implemented a written liquidity risk management program as required by Rule 22e-4 (the "Liquidity Rule") under the Investment Company Act. The program is reasonably designed to assess and manage the Funds' liquidity risk, taking into consideration, among other factors, the Funds' investment strategy and the liquidity of its portfolio investments during normal and reasonably foreseeable stressed conditions; its short and long-term cash flow projections; and its cash holdings and access to other funding sources.

During the fiscal year ended December 31, 2022, the Trust's Liquidity Risk Management Program Committee (the "Committee") reviewed the Funds' investments and determined that the Funds held adequate levels of cash and highly liquid investments to meet shareholder redemption activities in accordance with applicable requirements. Accordingly, the Committee concluded that (i) the Funds' liquidity risk management program is reasonably designed to prevent violations of the Liquidity Rule and (ii) the Funds' liquidity risk management program has been effectively implemented.

Annual Report \| 35

MANOR INVESTMENT FUNDS

ADDITIONAL INFORMATION (CONTINUED)

DECEMBER 31, 2022 (UNAUDITED)

Approval Of Management Agreement

The new Investment Management Agreement (the "Agreement") for the Fund was considered, and approved, by the Trustees, including a majority of Trustees who are not interested persons of the Trust, or interested parties to the Agreement, at an in-person meeting held on March 17, 2022.

The Board undertook this process in response to the purchase of the assets of the previous fund manager, Morris Capital Advisors, LLC by Smithbridge Asset Management, Inc. The agreement, effective December 31, 2021, covers the investment advisory agreements for Manor Investment Funds, and the separately managed accounts of Morris Capital Advisors, LLC. Under the terms of the agreement Daniel A. Morris, investment manager of Manor Investment Funds, has a guaranteed three year contract with Smithbridge, with two additional option years, to serve as Co-Chief Investment Officer of Smithbridge, and sole portfolio manager of Manor Investment Funds. The agreement will continue the investment strategy and fee schedule of each fund as existing prior to the asset purchase.

The Trustees had the opportunity to review the following information: (i) executed copies of the management agreement, as amended; (ii) the most current Form ADV Parts I and II for Smithbridge Asset Management, and accompanying schedules, (iii) current financial statements for the Advisor; (iv) performance information illustrating the Funds' returns for various periods ended December 31, 2021, and comparisons to its benchmark and peer group for the same periods, and (v) an analysis of each Fund's advisory fee, expenditures, and total expense ratio under the "unified fee" structure compared to those of its peer group. The Trustees discussed this information with representatives of the Advisor for each Fund in compliance with the Trustees' 15(c) checklist, including, but not limited to, a request for the Advisor's current market outlook, a description of any changes in the Advisor's personnel or operations, and an attribution analysis of the Fund's performance during the prior year.

The Trustees confirmed that they had received and evaluated such information as they deemed necessary to make their decision. They also noted that they had taken into account a number of factors that they believed to be relevant, including information that had been provided by the Advisor to the Trustees throughout the year at regular quarterly meetings, as well as information that was specifically furnished to the Board in connection with its review of the management agreements.

The Trustees confirmed the factors they considered during their review of the Advisor as follows:

**<u>(i) The Nature, Extent and Quality of Services</u>** – The Trustees reviewed the resources provided to each of the Funds by Smithbridge Asset Management, Inc., the Fund's Advisor, and considered the adequacy of such resources in light of the expected growth in the levels of the Fund's assets, and whether the resources are sufficient to achieve performance, compliance and other needs.

The Trustees noted that the Advisor provides various administrative and professional support including portfolio managers, administrators, and chief financial officers, which appear to be satisfactory. They noted that Daniel A. Morris will continue to serve as the portfolio manager for each of the funds and will continue to provide administrative services. They determined

Annual Report \| 36

MANOR INVESTMENT FUNDS

ADDITIONAL INFORMATION (CONTINUED)

DECEMBER 31, 2022 (UNAUDITED)

that the Advisor's staff dedicates their efforts to the administration and investment management of the funds and related investment portfolios. They also noted that the Advisor was not proposing any changes to the level of services provided to the Fund. The Trustees noted that various compliance reports had been made available by the Advisor to the Trustees throughout the year. The Trustees reviewed the Advisor's compliance program and discussed compliance issues that had arisen during the year, if any, and the Advisor's efforts to enhance compliance. The Trustees determined that the Advisor's compliance policies and procedures appear reasonably designed to prevent violation of federal securities laws.

The Trustees noted that the manager provided a review of the investment limitations of each Fund and reported on the compliance with that investment limitation at each Board meeting. The reporting substantiated that there were no material compliance issues or deviation from the investment objectives, policies, or limitations in any of the Fund portfolios.

The Trustees noted that selection of broker-dealers for the funds were based on a reasonable expectation of receiving best execution, and that the selection is not influenced by the sale of fund shares by any broker-dealer.

The Trustees noted that there were no SEC staff examinations of the Adviser over the past year and that there was no litigation or administrative action during that period.

**<u>(ii) Fund Performance</u>** – The Trustees discussed the performance of each Fund and reviewed other materials provided by the Advisor and the Administrator.

The Trustees noted that the investment philosophy and process will remain unchanged under Smithbridge Asset Management. The selection of the peer group comparisons are based on mutual fund indices compiled by Lipper Analytical that are managed under the same investment categories as the Fund portfolios. These indices are comparable to the Morningstar Large-Cap Blend, Large-Cap Growth, and US Treasury fund categories and comparable to the portfolios and investment strategies of the Manor Fund, Manor Growth Fund, and the Manor Bond Fund, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) They noted that the Manor Fund outperformed both the S&P 500 index and comparable mutual funds, as measured by the Lipper Large-Cap Core mutual fund index, during the year ending December 31, 2021 with a return of 29.50% for the Fund compared to returns of 28.71% for the S&P 500 and 26.03% for the Lipper Large-Cap Core mutual fund index. The Fund underperformed the S&P 500 index and comparable mutual funds as measured by the Lipper Large-Cap Core mutual funds index during the trailing 3-year, 5-year, and 10-year periods with annualized returns of 21.76%, 12.07%, and 11.65% for the Fund compared to annualized returns of 26.05%, 18.45%, and 16.53% for the S&P 500 index, and returns of 23.49%, 16.82%, and 15.18% for the Lipper Large-Cap Core mutual fund index.

The fund outperformed both the S&P 500 index and the peer group as measured by the Lipper Large-Cap Core mutual fund index over the past year, but underperformed these same indices over the longer period. The fund underperformed the S&P 500 index and the peer group due to the relatively conservative investment process used to guide the fund portfolio. The process is driven by a disciplined valuation process that has been out

Annual Report \| 37

MANOR INVESTMENT FUNDS

ADDITIONAL INFORMATION (CONTINUED)

DECEMBER 31, 2022 (UNAUDITED)

of favor over the past several years as the Fed implemented successive rounds of liquidity injections and the purchase of financial assets, a policy referred to as "quantitative easing". The manager noted that the recent outperformance of the fund has occurred as the market began to adjust to a change in Fed policy, with a renewed focus on fundamental valuations of investment assets. The manager noted that shifts of this nature can persist for an extended period of time as the market adjusts to the change in investor focus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) They noted that the Growth Fund underperformed the S&P 500 index but outperformed the peer group as measured by the Lipper Large-Cap Growth mutual fund index during the year ended December 31, 2021 with a return of 27.90% for the Fund, compared to 28.71% for the S&P 500 index, and 22.35% for the Lipper index. The Fund outperformed the S&P 500 index for the trailing 3-year and 5-year periods with returns of 28.40% and 19.91% for the Fund, compared to 26.05% and 18.45% for the index, but underperformed the Lipper Large-Cap Growth index returns of 31.23% and 24.29%. The Fund underperformed the S&P 500 index and the Lipper index during the trailing 10-year period with a return of 16.18% for the Fund compared to returns of 16.53% for the S&P 500, and 18.45% for the Lipper index. The Fund returned 7.77% since inception, outperforming both the S&P 500 index return of 7.71%, and the Lipper Large-Cap Growth index return of 6.76%.

The Fund outperformed the S&P 500 index and the Lipper Large-Cap Growth mutual fund index during the quarter ended December 31, 2021, and continues to outperform both indices since inception. The Fund underperformed the S&P 500 index during the trailing year, but outperformed this same index over the trailing 3 years, while the Fund outperformed the peer group during the trailing year, but underperformed this same index over the trailing 3 years. This Fund performance illustrates the changing nature of investor focus and is attributable to the relatively conservative investment process used to guide the fund portfolio. The process is driven by a disciplined valuation process that has been out of favor over the past several years as the Fed implemented successive rounds of liquidity injections and the purchase of financial assets, a policy referred to as "quantitative easing". The manager noted that the recent outperformance of the fund has occurred as the market begins to adjust to a change in Fed policy, with a renewed focus on fundamental valuations of investment assets. The manager noted that shifts of this nature can persist for an extended period of time as the market adjusts to the change in investor focus.

They noted that the Bond underperformed the Bloomberg Barclay Intermediate US Treasury index and the Lipper US Government mutual fund index during year ended December 31, 2022, with a return of –2.94% for the Fund compared to –1.72% for the Bloomberg index and –1.88% for the Lipper index. The Fund underperformed the Bloomberg Barclay Intermediate Treasury index and the Lipper US Government index during the trailing 3-year, 5-year, and 10-year periods with returns of 2.32%, 1.50%, and 0.50% for the Fund, compared to returns of 3.03%, 2.33%, and 1.67% for the Bloomberg Barclay Intermediate Treasury index, and returns of 3.56%, 2.69%, and 1.98% for the Lipper US Government mutual fund index. Performance reflects the relatively conservative position of the Fund's investment portfolio of US Treasury securities. The

Annual Report \| 38

MANOR INVESTMENT FUNDS

ADDITIONAL INFORMATION (CONTINUED)

DECEMBER 31, 2022 (UNAUDITED)

Trustees recognized that this performance was consistent with the very short maturity profile of the Fund, designed to protect principal in a rising interest rate environment.

The underperformance of this fund is primarily due to the very conservative investment portfolio which provides a "safe haven" for fund shareholders who wish to avoid the volatility of the stock market. The fund is managed as a low-duration fixed income portfolio to reduce the impact of rising interest rates.

**<u>(iii) Fee Rates and Profitability</u>** – The Trustees discussed fee rates and the profitability of each Fund and reviewed other materials provided by the Advisor and the Administrator.

The Trustees noted that the fee structure of the funds will remain unchanged under Smithbridge Asset Management. The Funds do not pay compensation to brokers, dealers, or other financial intermediaries in connection with the distribution of Fund shares. The Advisor receives no other payments from the Fund other than fees pursuant to the advisor agreement. The Adviser does not have a relationship with the fund administrator, transfer agent, fund accountant, or distributor, and there is no expense limitation agreement currently in place.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) The Trustees noted that the gross and net operating expense ratio of the Manor Fund, including the fee for the investment adviser, was 1.25%. This compares to the peer group average gross and net operating expense ratio of 1.20% based on 1,227 funds in the peer group in the MorningStar database. The Trustees believe that the advisory fee is justified due to the Advisor's proprietary stock selection process, which includes constant monitoring of thousands of public companies, the administrative services provided by the Adviser, and the Advisor's efforts to increase visibility of the Fund and attract additional assets. The Trustees noted that the "unified fee" structure of the Fund provides greater flexibility to reduce the expense ratio when the opportunity arises.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) The Trustees noted that the gross and net operating expense ratio of the Manor Growth Fund, including the fee for the investment adviser, was 0.99%. This compares to the peer group average gross and net operating expense ratio of 1.03% based on 1,164 funds in the peer group in the MorningStar database. The Trustees noted that the expense ratio compares favorably to the peer group. The Trustees believe that the advisory fee is justified due to the Advisor's proprietary stock selection process, which includes constant monitoring of thousands of public companies, the administrative services provided by the Adviser, and the Advisor's efforts to increase visibility of the Fund and attract additional assets. The Trustees noted that the "unified fee" structure of the Fund provides greater flexibility to reduce the expense ratio when the opportunity arises.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) The Trustees noted that the gross and net operating expense ratio of the Manor Bond Fund, including the fee for the investment adviser, was 0.95%. The expense ratio was higher than the peer group average of 0.81% based on 219 funds in the MorningStar database. The Trustees believe that the higher advisory fee is justified by the administrative services provided by the Adviser, and the Advisor's efforts to increase visibility of the Fund and attract additional assets. The Trustees noted that the "unified fee" structure of the Fund provides greater flexibility to reduce the expense ratio when the opportunity arises.

Annual Report \| 39

MANOR INVESTMENT FUNDS

ADDITIONAL INFORMATION (CONTINUED)

DECEMBER 31, 2022 (UNAUDITED)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) The Trustees noted that the Advisor appeared profitable for the period despite the fact that the Advisor waived certain management fees and provided administrative functions for the Funds over and above their role as investment advisor.

**<u>(iv) Economies of Scale</u>** – In determining the reasonableness of the advisory fees, the Trustees also considered whether economies of scale will be realized as the Fund grows larger, and the extent to which this is reflected in the advisory fees. The Trustees noted that the combination with Smithbridge Asset Management could provide added marketing opportunities for the Funds. The Trustees concluded that efforts to improve the availability of the Funds and attract new shareholders, together with the added flexibility of the "unified fee" structure, will improve the potential of the Funds to realize the benefits of economies of scale. The Trustees also considered that future inflows may increasingly come through the brokerage industry No Transaction Fee (NTF) programs, incurring additional costs. Most major brokers charge 0.40% on these assets, which reduce the management fees to the advisor to the extent that they are not covered by the Shareholder Services fee.

The Trustees who are non-interested persons met separately to further discuss the performance of the Fund and the Advisor's compensation. On the basis of its review, and the foregoing information, the Trustees determined that the Advisory Agreement, including the advisory fee rates payable there under, continued to be fair and reasonable in light of all relevant circumstances, and concluded that it is in the best interest of the Fund and its shareholders to approve the Advisory Agreement.

Annual Report \| 40

MANOR INVESTMENT FUNDS

TRUSTEES AND OFFICERS

DECEMBER 31, 2022 (UNAUDITED)

The Officers and Trustees of the Fund have agreed to serve without compensation and their year of birth, length of service, principal occupation, number of portfolios overseen and other directorships are listed below. Unless otherwise provided, the address of each trustee and officer is 15 Chester Commons, Malvern, PA 19355.

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Name and Year of Birth | Position(s) Held with Trust | Length of Service | Length of Service | Principal Occupation(s)<br> During Past 5 Years | Principal Occupation(s)<br> During Past 5 Years | Number of Series Overseen | Other Directorships During Past 5 Years |
| **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** |
| James McFadden<br> 1947 | Trustee<br> Term: Indefinite | Since 2019<br> Formerly 1995 to 2006 | Since 2019<br> Formerly 1995 to 2006 | Retired; Privacy Officer, Capital One Corp. | Retired; Privacy Officer, Capital One Corp. | Three |  |
| John McGinn \*\*<br> 1944 | Trustee<br> Term: Indefinite | Since 2002 | Since 2002 | Retired; Formerly, Independent Real Estate Sales Consultant | Retired; Formerly, Independent Real Estate Sales Consultant | Three |  |
| Fred Myers <br> 1955 | Trustee<br> Term: Indefinite | Since 1995 | Since 1995 | Partner, Myers and Associates, CPA's | Partner, Myers and Associates, CPA's | Three |  |
| Edward Szkudlapski 1957 | Trustee<br> Term: Indefinite | Since 2000 | Since 2000 | President, Eclipse Business Solutions, Inc. (management consulting firm) | President, Eclipse Business Solutions, Inc. (management consulting firm) | Three |  |
| **Interested Trustee\*** | **Interested Trustee\*** | **Interested Trustee\*** | **Interested Trustee\*** | **Interested Trustee\*** | **Interested Trustee\*** | **Interested Trustee\*** | **Interested Trustee\*** |
| Daniel A. Morris\* <br> 1955 | Trustee, President and Treasurer | Trustee, President and Treasurer | Since 1995 | Since 1995 | Jan. 2022 – Present: Co-Chief Investment Officer and Portfolio Manager, Smithbridge Asset Management, Inc.<br> 2017 – 2021: President, Chief Investment Officer and Portfolio Manager, Morris Capital Advisors LLC | Three |  |

---

\* Mr. Morris is considered an "interested person" of the Trust within the meaning of Section 2(a)(19) of the 1940 Act because of his relationship with the Trust's advisor.

\*\* John McGinn resigned from the Board of Trustees, effective February 7, 2023.

Annual Report \| 41

MANOR INVESTMENT FUNDS

TRUSTEES AND OFFICERS (CONTINUED)

DECEMBER 31, 2022 (UNAUDITED)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Name and Year of Birth | Position(s) Held with Trust | Length of Service | Length of Service | Principal Occupation(s)<br> During Past 5 Years | Principal Occupation(s)<br> During Past 5 Years | Number of Series Overseen | Other Directorships During Past 5 Years |
| **Officers** | **Officers** | **Officers** | **Officers** | **Officers** | **Officers** | **Officers** | **Officers** |
| John R. Giles <br> 1958 | Secretary | Secretary | Since 2005 | Since 2005 | Director Marketing, Smithbridge Asset Management | N/A | N/A |
| Brandon M. Pokersnik<br> 1978 | Chief Compliance Officer | Chief Compliance Officer | Since 2022 | Since 2022 | Accountant, Mutual Shareholder Services, LLC, since 2008; Attorney Mutual Shareholder Services, LLC, since June 2016; Owner/President, Empirical Administration, LLC, since September 2012 | N/A | N/A |

---

No compensation was paid to either the independent or interested Trustees during the year ended December 31, 2022.

Annual Report \| 42

## M anor Investment Funds

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 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 Fred Myers. The Board of Directors has determined that the Registrant has at least three financial experts serving on its Board.<br> 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 limited to the preparation of income tax returns. 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.

---

| | | |
|:---|:---|:---|
|  | **12/31/2022** | **12/31/2021** |
| Audit Fees | $25500 | $23000 |
| Audit Related Fees | $0 | $0 |
| Tax Fees | $6000 | $5700 |
| All Other Fees | $0 | $0 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e)

The audit committee of the funds will review and discuss the scope of services provided by the principal accountant over the preceding two years. The committee will determine if the fees, as presented, accurately represent the services rendered, and if the scope of those services fulfill the needs of the funds. The committee incorporates this information into the approval of the principal accountant by the entire Board of Trustees. The committee reviewed and approved all principal accountant fees and services provided to the fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f)

All audit related services provided by the principal accountant were performed by full-time principal employees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g)

The audit committee has not approved any Non-Audit-Related fees over the past two fiscal years and the principal accountant has not billed the fund for any Non-Audit-Related services. The audit committee approved the Tax-Fees billed to the funds for the last two fiscal years. The services approved are limited to the preparation of income tax returns for the funds. The audit committee has not approved any other fees pertinent to the All Other Fees category over the past two fiscal years and the principal accountant has not billed the fund for any services applicable to this category. The principal accountant also provides tax preparation and filing services for the investment advisor of the fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h)

The audit committee reviewed non-audit services performed by the principal account for the investment advisor of the fund and determined that these fees and services are compatible with maintaining the independence of the principal accountant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i)

The registrant does not have a registered public accounting firm that has a branch or office that is located in a foreign jurisdiction and that the Public Company Accounting Oversight Board has determined it is unable to inspect or investigate completely because of a position taken by an authority in the foreign jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j) The registrant is not a foreign issuer, as defined in 17 CFR, 240, 3b-4, identified by the Commission pursuant to Section 104(i)(2)(A) of the Sarbanes-Oxley Act of 2002 (15 U.S.C. 7214(i)(2)(A).

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 to shareholders filed under Item 1 of this form.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.<br> Not applicable.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable to open-end investment companies.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable to open-end investment companies.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

Not applicable.

ITEM 11.

(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 period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

ITEM 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.<br> Not applicable.

ITEM 13. 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**<br> <u>By /s/ Daniel A. Morris</u><br> President

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

Date: March 8, 2023

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**<br> <u>By /s/ Daniel A. Morris</u><br> President

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

Date: March 8, 2023

## 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>March 8, 2023</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 December 31, 2022 (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>March 8, 2023</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.

## Ex-99.Code

**<u>Morris Capital Advisors, LLC/Manor Investment Funds</u>**

**Code of Ethics**

**Introduction**

This Code of Ethics ("Code") for the Principal Officers of Morris Capital Advisors, LLC ("MCA") and Manor Investment Funds, Inc. ("Fund") applies to all officers of Morris Capital Advisors, LLC and Manor Investment Funds.

Honesty and integrity are hallmarks of Morris Capital Advisors, LLC and Manor Investment Funds. We maintain the highest standards of ethics and conduct in all of our business relationships. This Code of Business Conduct and Ethics covers a wide range of business practices and procedures and applies to all officers and Directors of Morris Capital Advisors and the Fund in their conduct of their business and affairs. It does not cover every issue that may arise, but it sets out basic principles to guide all officers and Directors in discharging their duties. This Code has been adopted by Morris Capital Advisors and Directors of the Fund with the objectives of deterring wrongdoing and promoting (1) honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships, (2) full, fair, accurate, timely and understandable disclosure in reports and documents filed with the Securities and Exchange Commission and in other public communications, (3) compliance with applicable governmental laws, rules and regulations, (4) prompt internal reporting of violations of this Code, and (5) accountability for adherence to this Code.

This Code is intended as a code of ethics under Section 406 of the Sarbanes-Oxley Act of 2002 and Item 2 of Form N-CSR under the Investment Company Act of 1940, and is specifically applicable to the principal executive officer, principal financial officer, and principal accounting officer (or persons performing similar functions, whether or not as officers or employees of the Fund) of Morris Capital Advisors and the Fund (each a "Covered Officer").

All records and reports created or maintained pursuant to this Code are intended solely for the internal use of Morris Capital Advisors and the Fund, are confidential, and in no event constitute an admission by any person as to any fact, circumstance or legal conclusion.

**Compliance with Laws, Rules and Regulations**

Morris Capital Advisors and the Fund expect its officers and Directors to comply with all laws, rules and regulations applicable to Morris Capital Advisors and the Fund's operations and business. Officers and Directors should seek guidance whenever they are in doubt as to the applicability of any law, rule or regulation regarding any contemplated course of action. Morris Capital Advisors and the Fund hold information and training sessions to promote compliance with laws, rules and regulations, including insider-trading laws. Please consult the various guidelines and policies, which Morris Capital Advisors and the Fund have prepared in accordance with specific laws and regulations. A good guideline, if in doubt on a course of action, is "Always ask first, act later -- if you are unsure of what to do in any situation, seek guidance before you act."

Morris Capital Advisors and the Fund are subject to regulation by the Securities and Exchange Commission, and compliance with federal, state and local laws. Morris Capital Advisors expects its officers and the Fund expects its Directors to insist on strict compliance with the spirit and the letter of these laws and regulations.

<br> **Conflicts of Interest**

Each officer and Director of Morris Capital Advisors and the Fund should be scrupulous in avoiding any conflict of interest with regard to Morris Capital Advisors and the Fund's interests. A "conflict of interest" occurs when an individual's private interest interferes with the interests of Morris Capital Advisors and the Fund. A conflict situation can arise when an officer or Director pursues interests that prevent the individual from performing his duties to Morris Capital Advisors and the Fund objectively and effectively. Conflicts of interest also arise when an officer or Director or member of the individual's family receives undisclosed, improper benefits as a result of the individual's position with Morris Capital Advisors and the Fund. Any conflict of interest that arises in a specific situation or transaction must be disclosed by the individual and resolved before taking any action.

Matters involving a conflict of interest are prohibited as a matter of policy, except when approved by the Executive Officer of Morris Capital Advisors or Directors or the Fund's audit committee for any Covered Officer or Director, or except when approved by the Fund's president for any other individual. Conflicts of interest may not always be evident, and individuals should consult with higher levels of management or Morris Capital Advisors and the Fund's legal counsel if they are uncertain about any situation. In no event, however, shall investment in any security made in accordance with Morris Capital Advisors and the Fund's Policy on Personal Securities Transactions (or comparable policy or code then in effect) be considered a conflict of interest with Morris Capital Advisors and the Fund.

**Corporate Opportunities**

Officers and Directors shall not take for themselves personally opportunities that are discovered through the use of their position with Morris Capital Advisors and the Fund, except with the approval of the Executive Officer of Morris Capital Advisors or Directors or the Fund's audit committee for any Covered Officer or Director, or except with the approval by the Executive Officer of Morris Capital Advisors or Fund's president for any other individual. Officers and Directors owe a duty to Morris Capital Advisors and the Fund to advance its legitimate interests when the opportunity to do so arises. In no event, however, shall investment in any security made in accordance with Morris Capital Advisors and the Fund's Policy on Personal Securities Transactions (or comparable policy or code then in effect) be considered a business opportunity of Morris Capital Advisors and the Fund.

**Confidentiality**

Officers and Directors shall exercise care in maintaining the confidentiality of any confidential information respecting Morris Capital Advisors and the Fund, except where disclosure is authorized or legally mandated. Officers and Directors should consult with Morris Capital Advisors and the Fund's legal counsel if they believe they have a legal obligation to disclose confidential information. Confidential information includes non-public information of Morris Capital Advisors and the Fund that may be helpful to competitors, or otherwise harmful to Morris Capital Advisors and the Fund or its shareholders. The obligation to preserve confidentiality of this information continues after association with Morris Capital Advisors and the Fund ends.

**Fair Dealing**

Officers and Directors should endeavor to deal fairly with the clients of Morris Capital Advisors and the Fund's shareholders, service providers and competitors, and shall not seek unfair advantage through improper concealment, abuse of improperly acquired confidential information, misrepresentation of material facts when the other party is known by the officer or Director to rely justifiably on the individual to disclose those facts truthfully, or improper and unfair dealing.

**Business Gifts and Entertainment**

The purpose of business entertainment and gifts in a commercial setting is to create goodwill and sound working relationships, not to gain unfair advantage. No gift or entertainment should ever be offered, given, provided or accepted by any officer or Director in connection with Morris Capital Advisors and the Fund's business unless it (1) is not a cash gift, (2) is consistent with customary business practices, (3) is not excessive in value, (4) cannot be construed as a bribe, payoff or kickback and (5) does not violate any laws or regulations.

**Protection and Proper Use of Fund Assets** 

All officers and Directors should endeavor to protect Morris Capital Advisors and the Fund's assets and pursue their efficient investment in accordance with Morris Capital Advisors and the Fund's business purposes and declaration of trust. Any suspected incident of fraud or theft should be immediately reported for investigation as hereinafter described under the caption "Reporting Illegal or Unethical Behavior."

The obligation of officers and Directors to protect Morris Capital Advisors and the Fund's assets includes its proprietary information. Proprietary information includes intellectual property such as trademarks and copyrights, as well as business, marketing and service plans, databases, records, salary information and any unpublished financial data and reports. Unauthorized use or distribution of this information violates this Code.

**Insider Trading**

All officers and Directors should pay particular attention to potential violations of insider trading laws. Insider trading is both unethical and illegal and will be dealt with decisively if it occurs. Officers and Directors are expected to familiarize themselves with the Policy Statement on Insider Trading, adopted by Morris Capital Advisors and the Fund's investment adviser. If they have questions about these guidelines, they should consult with Morris Capital Advisors and the Fund's president, the investment adviser's compliance office, or Morris Capital Advisors and the Fund's legal counsel.

**Reporting Illegal or Unethical Behavior**

The Directors encourage each officer to talk to senior officers, the investment adviser's compliance officers, or the Directors about observed illegal or unethical behavior, or when the officer is in doubt about the best course of action in a particular situation. Officers should report actual and suspected violations of laws, rules, regulations or this Code to appropriate personnel. If an individual does not believe it appropriate or is not comfortable approaching senior officers or the investment adviser's compliance officers about their concerns, then the individual may contact any member of Morris Capital Advisors and the Fund's audit committee. If the individual's concerns require confidentiality, then this confidentiality will be protected, subject to applicable law, regulation or legal proceedings. Morris Capital Advisors and the Fund will not permit retaliation of any kind by or on behalf of Morris Capital Advisors and the Fund or its officers and Directors against good faith reports or complaints of violations of this Code or other illegal or unethical conduct.

**Reporting and Disclosure**

As a registered investment company, it is of critical importance that the Fund's filings with the Securities and Exchange Commission, including specifically shareholder reports, contain full, fair, accurate, timely and understandable disclosure. Each officer and Director should become familiar with the disclosure laws and regulations applicable to the Fund, consistent with the individual's authority and duties. Depending on the Fund, each officer and Director may be called upon to provide necessary information to ensure that the Fund's public reports are complete, fair and understandable. The Directors expect officers and Directors to take this responsibility very seriously and to provide prompt and accurate answers to inquiries related to the Fund's public disclosure requirements. Officers may be asked to certify as to the accuracy of all responses and information provided for inclusion in the Fund's public reports and filings.

**Recordkeeping**

Morris Capital Advisors and the Fund require accurate recording and reporting of information in order to make responsible business decisions. The Directors expect each of Morris Capital Advisors and the Fund's officers, consistent with the officer's individual authority and duties, to maintain books, records, accounts and financial statements in reasonable detail, and to appropriately reflect Morris Capital Advisors and the Fund's transactions in conformity with applicable legal requirements and Morris Capital Advisors and the Fund's system of internal controls.

**Accounting and Financial Reporting Concerns**

Morris Capital Advisors and the Fund seek to comply with all applicable financial reporting and accounting regulations applicable to Morris Capital Advisors and the Fund. Officers who have concerns or complaints regarding questionable accounting or auditing matters or procedures involving Morris Capital Advisors and the Fund are encouraged to submit those concerns or complaints to Morris Capital Advisors and the Fund's audit committee which will, subject to its duties arising under applicable law, regulations and legal proceedings, treat such submissions confidentially. These submissions may be directed to the attention of the audit committee chairman, or any Director who is a member of the audit committee, at the principal executive offices of Morris Capital Advisors and the Fund or at the Director's residence address.

**Waivers of the Code of Business Conduct and Ethics**

Any waiver of this Code for any Covered Officer or Director may be made only by the Executive Officer of Morris Capital Advisors or Directors or the Fund's audit committee and will be promptly disclosed as required by law or by Securities and Exchange Commission regulations. Waivers of this Code for any other individual may be made by the president only upon the individual's making full disclosure in advance of the transaction in question. This Code may be amended or modified at any time by the Directors.

**Consequences for Non-Compliance**

Any Covered Officer or Director of Morris Capital Advisors or the Fund found to be in non-compliance with any aspect of these policies will be subject to suspension of duties, termination of employment, or removal as an officer or Director of Morris Capital Advisors or the Fund.

<br>