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Previous: FINANCIAL ASSET SECURITIES CORP, 8-K, 1997-09-08 |
Next: HENNESSY FUNDS INC, N-30D, 1997-09-08 |
Manor
Investment Funds, Inc.
Semi-Annual Report
June 30, 1997
Fund Office:
15 Chester Commons
Malvern, PA 19355
610-722-0900 800-787-3334
Managed by:
Morris Capital Advisors, Inc.
Manor Investment Funds, Inc.
15 Chester Commons
Malvern, PA 19355
June 30, 1997
Dear Fellow Shareholders:
After years of writing this commentary, I am finally
speechless. The strength of the stock market rally during
this past quarter was stronger than just about anyone
expected. The rally was especially impressive given the
lackluster performance of the first quarter. We
participated in the market rally as our Fund appreciated by
12% during this recent quarter, and 16% for the year to
date.
There are many things working in the stock market's
favor at this time. Inflation is low, economic growth is
moderate, interest rates are declining, and new money
continues to flow into the financial markets. As long as
corporate profits continue to grow, the stock market has a
firm foundation.
Our fund has continued to grow from new contributions
and appreciation of existing investments. During the
quarter we increased our holdings of many top performers,
including Travelers, MBNA Corp., and General Electric. At
the same time we reduced our allocation to Cyprus Amax
Minerals and Delta Airlines.
Our investment discipline is to remain fully invested,
but the recent strength of the stock market makes it
difficult to identify stocks that are inexpensive.
Investing new cash is further complicated by the fact that
the recent market leaders are some of the most richly valued
companies.
Our strategy over the next several months will be to
invest in companies that are reasonably valued and have the
potential to outperform the market. We will look for
companies with earnings from new products or new markets,
companies that will benefit from more efficient operations,
or companies in industries that could prosper in an economy
that is growing moderately with low inflation.
Sincerely,
Daniel A. Morris
Portfolio of Investments
Manor Investment Funds, Inc.
June 30, 1997
Market
Value
Common 86.9%
Stock
Consumer Staples 3.6%
400 Coca Cola 27,200
27,200
Consumer
Discretionary 5.3%
1,050 Sunbeam 40,031
40,031
Retail 11.0%
550 Kmart Preferred 30,181
Class T
600 McDonalds 28,987
460 Sears, Roebuck & 24,725
Co.
83,893
Medical 1.2%
2850 Integra Life 8,906
Sciences
8,906
Automobile 10.9%
700 Chrysler Corp. 23,013
500 General Motors 27,875
500 Goodyear Tire 31,656
82,544
Basic Materials 5.5%
580 Cyprus Amax 14,210
Minerals
440 DuPont 27,665
41,875
Construction 4.3%
780 Masco 32,565
32,565
Multi-Industry 9.7%
410 Allied Signal 34,440
600 General Electric 39,000
73,440
Computer 11.9%
500 Hewlett-Packard 28,000
380 Int. Bus. Machines 34,295
200 Intel 28,362
90,657
Oils 2.9%
300 Chevron 22,181
22,181
Finance 18.6%
470 Allstate Insurance 34,310
975 MBNA Corp. 35,709
600 Travelers, Inc. 37,859
1,400 US F&G Corp. 33,600
141,478
Transportation 2.2%
200 Delta Airlines 16,525
16,525
Total Common Stock 661,297
Cash and Cash 13.1%
Equivalents
FNB West Chester 99,447
Money Market
99,447
Total Portfolio $760,744
Statement of Assets & Liabilities
Manor Investment Funds, Inc.
June 30, 1997
Assets
Investments at market value
(cost: $658,761.09) 760,744.13
Receivable for:
Dividends - 0 -
Interest 130.43
130.43
760,874.56
Liabilities and Net Assets
Payable for:
Expenses 1,062.72
Payable to 328.62
shareholders
1391.34
$ 759,483.22
Fund Shares outstanding 58,869
Pricing of Shares
Net Asset Value per share $ 12.90
Statement of Operations
Manor Investment Funds, Inc.
June 30, 1997
Investment Income
Dividends $ 4,418.64
Interest 1,206.87
Accrued 53.49
Income change
$ 5,679.00
Expenses
Trustee Fee 946.22
Management 447.94
Fee
Misc. Fee 1,577.88
Accrued 659.10
Expense change 3,631.14
Net Investment Income 2,047.86
Realized and unrealized gain
on investments:
Realized gain on securities
transactions:
Proceeds 78,796.97
from sales
Cost of 75,079.81
securities sold
3,717.16
Unrealized
appreciation(depreciation)
of investments:
Beginning 19,064.87
of period
End of 101,983.04
period
82,918.17
Net realized and unrealized 86,635.33
gain on investments
Net increase in net assets $ 88,683,19
from operations
Statement of Changes in Net Assets
Manor Investment Funds, Inc.
June 30, 1997
From Operations:
Net Investment $ 2,047.86
income
Net realized gain 3,717.16
from security sales
Net change in 82,918.17
unrealized appreciation
Net increase in net assets from 88,683.19
operations
Deductions to shareholders from:
Net investment - 0 -
income
Net realized short - 0 -
term gain
Net realized long - 0 -
term gain
- 0 -
From Fund share transactions:
Reinvestment of - 0 -
dividends and gain distributions
Proceeds from shares 360,041.81
sold
Payments for shares (83,779.90)
redeemed
Residual cash change (132.06)
Net increase in net assets from Fund 276,129.85
share transactions
Total increase in net assets 364,813.04
Net assets:
Beginning of period 394,670.18
End of period $759,483.22
Top Six Holdings June 30, 1997
Company Industry % of Net
Assets
Sunbeam Consumer 5.3 %
Discretionary
General Multi-Industry 5.1 %
Electric
Travelers Finance 5.0 %
MBNA Corp. Finance 4.7 %
Int. Bus. Computer 4.5 %
Machines
Allstate Finance 4.5 %
Insurance
Top Five Industries June 30, 1997
Industry % of Net
Assets
Finance 18.6 %
Computer 11.9 %
Automobile 10.9 %
Multi-Industry 9.7 %
Retail 7.1 %
Annualized
Total Year to Total
Return Date Return
3 1997 Since
Months Inception
Manor Investment 12.06 % 15.99 % 16.13 %
Funds
Lipper Growth & 14.01 % 15.93 % 22.96 %
Income Fund Index
S&P 500 Index 17.45 % 20.72 % 29.58 %
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