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Previous: MANOR INVESTMENT FUNDS INC, NSAR-A, 2000-03-22 |
Next: NATIONAL GRID GROUP PLC, U5A, 2000-03-22 |
Manor Investment Funds, Inc.
15 Chester Commons
Malvern, PA 19355
December 31, 1999
Dear Fellow Shareholders:
I am pleased to report that shareholder assets invested in Manor
Investment Funds, Inc. have grown to over $4.5 million, a 70% increase over
last year. The increase in assets was driven by shareholder investments in
our new Growth Fund, which rose to over $1 million in just six months. I
thank each one of you for contributing to our success.
On December 28, 1999, the Board of Directors declared dividends for
the funds, distributing $0.073 for the Manor Fund and $0.123 for the Bond
Fund. Additional information on these dividend distributions will be
provided on Form 1099 DIV, mailed to all taxable accounts by the end of
January. The dividend distributions are also included in the transaction
portion of your quarterly shareholder account statement. The information
in this Semi-Annual report provides a listing of fund assets for each
portfolio, financial statements for each fund, top holdings, industry
sectors, a chart of performance and a performance table for each fund.
The Manor Fund rose 6.61% for the 4th Quarter of 1999 and 10.95% for
the full year. The Fund was helped by strong performance from Cisco
Systems, America Online, and General Electric. Cisco, a top performer from
the previous quarter, benefits as the dominant producer of internet
communications equipment. AOL jumped on growth in its subscriber base and
strategic alliances, while GE continues to lead the industry in each of its
business segments. The fund was hurt by poor performance from Tandy, Masco
Corp., and Elder Trust. Tandy dropped after announcing lower than expected
sales growth during December. Masco suffered from profit taking after a
strong performance during the previous quarter, and Elder Trust declined
when a planned restructuring was delayed.
The Growth Fund rose 21.20% for the quarter and 17.20% in the six
months since inception. The Fund was helped by strong performance from
Oracle, CTC Communications, and Global Crossings. Oracle jumped after
announcing improved earnings expectations. CTC and Global Crossing rose as
the market recognized the potential for companies that provide data
communication. The fund was hurt by poor performance from Bergen Brunswig,
Ultramar Diamond Shamrock, and Lear. Bergen continues to suffer in a
difficult medical reimbursement environment. Ultramar declined despite
higher oil prices, and Lear declined despite beating earnings expectations.
The Bond Fund declined 0.17% for the 4th Quarter, but rose 0.23% in
the six months since inception. With an average yield of 5.53% and an
average maturity of 2.15 years, the fund is well positioned for a rising
interest rate environment. At year-end the Fund held approximately one
third of its assets in money market funds, which I expect to use to
purchase intermediate-term Treasury securities as yields rise.
I was somewhat surprised by the strength of the markets during the 4th
Quarter, especially in December. I had expected the market to sell off
late in the year and then rally after year-end. I expect the market to
perform well through the end of the first quarter on the strength of cash
inflow from retirement savings. Going forward, the stock market will need
strong corporate profits and a favorable interest rate environment to
preserve the bull market.
Sincerely,
Daniel A. Morris
Manor Fund Portfolio of December 31, 1999
Investments
Common and Preferred Stock 98.5 % Market Value
Consumer Staples 7.4 %
3,560 Pepsico $ 125,490
1,710 Tribune Co. 94,157
----------
219,647
Retail 5.8 %
3,030 McDonalds 122,147
1,000 Tandy Corp. 49,187
----------
171,334
Medical 6.9 %
1,600 Merck 107,500
2,970 Pfizer 96,339
----------
203,839
Automobile 4.8 %
1,181 Delphi Automotive 18,601
1,690 General Motors 122,842
----------
141,443
Basic Materials 4.6 %
2,050 DuPont 135,044
----------
135,044
Construction 3.6 %
4,210 Masco Corp. 106,829
----------
106,829
Multi-Industry 13.2 %
1,550 General Electric 239,863
2,610 Honeywell International 150,564
----------
390,427
Computer 30.2 %
1,660 America Online 125,952
2,470 Cisco Systems 264,599
980 Hewlett-Packard 111,475
2,160 Intel 177,795
1,980 Intl. Bus. Mach. 213,593
----------
893,414
Oils 4.7 %
1,600 Chevron 138,600
----------
138,600
Finance 12.2 %
2,720 Allstate Ins. 65,450
2,100 Citigroup 116,944
9,630 Elder Trust 58,382
3,560 Mellon Fin. Corp. 121,262
----------
362,038
Transportation 2.1 %
1,260 Delta Airlines 62,764
----------
62,764
Industrial Products 3.0 %
2240 Tyco Intl Ltd. 87,360
----------
87,360
----------
2,912,738
Cash and Cash Equivalents 1.5 %
FNB WC Demand Deposit 20
FNB WC Inv. Choice 44,153
----------
44,173
Dividend Rec. 1,490
----------
Total Portfolio $ 2,958,401
==========
Statement of Assets and Liabilities
Manor Investment Funds, Inc.
Manor Fund
12/31/99
Assets
Investments at market value (cost: $ $ 2,958,418.73
2,269,954.64)
Receivable for :
Dividends -
Interest 97.21
--------
97.21
------------
2,958,515.94
Liabilities and Net Assets
Payable for:
Expenses 2,550.17
Payable to shareholders -
---------
2,550.17
------------
Net Assets applicable to Fund $ 2,955,965.77
shares outstanding ============
Fund Shares outstanding 173,040.552
============
Pricing of Shares
Net asset value per share $ 17.08
============
Statement of Operations
Manor Investment Funds, Inc.
Manor Fund
12/31/99
Investment Income:
Dividends $ 51,768.58
Interest 6,782.02
Accrued Income change (332.26)
----------
$ 58,218.34
Expenses:
Trustee Fee 1,819.55
Management Fee 29,629.35
Misc. Fee 17,630.92
Accrued Expense change (4,146.66)
-----------
44,933.16
Net Investment Income 13,285.18
Realized and unrealized gain on investments:
Realized gain on securities transactions:
Proceeds from sales 577,908.36
Cost of securities sold 621,611.96
-----------
(43,703.60)
Unrealized appreciation(depreciation) of investments:
Beginning of period 356,149.27
End of period 688,464.09
-----------
332,314.82
-----------
Net realized and unrealized gain on investments 288,611.22
-----------
Net increase in net assets from operations $ 301,896.40
from operations ===========
Statement of Changes in Net Assets
Manor Investment Funds, Inc.
Manor Fund
12/31/99
From Operations:
Net investment income $ 13,285.18
Net realized gain from security sales (43,703.60)
Net change in unrealized appreciation 332,314.82
------------
Net increase in net assets from operations 301,896.40
Distributions to shareholders from:
Net investment income 12,478.54
Net realized short term gain -
Net realized long term gain -
------------
12,478.54
From Fund share transactions:
Reinvestment of dividends and 12,478.54
gain distributions
Proceeds from shares sold 259,610.67
Payments for shares redeemed (257,867.23)
Residual cash change -
------------
Net increase in net assets from Fund 14,221.98
share transactions
Total increase in net assets 303,639.84
Net assets:
Beginning of period 2,652,325.93
------------
End of period $ 2,955,965.77
============
Manor Fund
Top Five Holdings December 31, 1999
Company Industry % of Net Assets
Cisco Systems Computer 8.9 %
General Electric Multi-Industry 8.1 %
Intl. Bus. Machines Computer 7.2 %
Intel Computer 6.0 %
Honeywell Int'l Multi-Industry 5.1 %
Top Five Industries December 31, 1999
Industry % of Net Assets
Computer 30.2 %
Multi-Industry 13.2 %
Finance 12.2 %
Consumer Staples 7.4 %
Medical 6.9 %
Annualized
Total Total Total Return
Return Return Since
3 Months YTD Inception
Manor Fund 6.61 % 10.95 % 14.13 %
Lipper Growth & 8.40 % 11.28 % 17.15 %
Income Fund Index
S&P 500 Index 14.88 % 21.04 % 25.82 %
Growth Fund Portfolio of December 31, 1999
Investments
Common and Preferred Stock 94.0 % Market Value
Consumer Staples 1.1 %
470 Jones New York $ 12,749
---------
12,749
Consumer Discretionary 1.5 %
220 Cablevision 16,610
---------
16,610
Retail 3.0 %
1,900 Bergen Brunswig 15,794
2,730 Charming Shoppes 18,086
---------
33,880
Medical 8.6 %
580 Biogen 49,010
1,890 Ivax Corp. 48,667
---------
97,677
Automobile 1.0 %
360 Lear Corp 11,520
---------
11,520
Industrial Products 4.9 %
1,420 Allied Waste 12,514
2,500 Sensormatic Electronics 43,594
---------
561,008
Computer 42.5 %
920 BMC Software 73,542
310 Cisco Systems 33,209
1,370 Dell Computer 69,870
820 Intel 67,496
490 Microsoft Corp. 57,208
380 Oracle Corp. 42,584
980 Sun Microsystems 75,889
1,400 Xilinx 63,656
---------
483,454
Oils 3.2 %
1,470 Global Marine 24,439
550 Ultramar Dia. Shamrock 12,478
---------
36,917
Finance 6.2 %
670 Bear Stearns 28,642
2,190 Elder Trust 13,277
790 T. Rowe Price 29,181
---------
71,100
Utilities 14.1 %
1,240 CTC Comm. 48,379
1,470 Global Crossing Ld. 73,500
720 MCI Worldcom, Inc 38,205
---------
160,084
Transportation 2.0 %
300 Tidewater 10,800
410 Trinity Industries 11,659
---------
22,459
Other 5.8 %
420 Mid Cap SPDR Trust 34,072
220 S&P 500 Dep. Rec. 32,313
---------
66,385
---------
1,068,943
Cash and Cash Equivalents 6.0 %
FNB WC Inv. Choice 367,825
Payable to Broker (299,090)
---------
Total Portfolio $ 1,137,678
=========
Statement of Assets and Liabilities
Manor Investment Funds, Inc.
Growth Fund
12/31/99
Assets
Investments at market value $ 1,137,678.25
(cost: $ 1,016,369.03)
Receivable for :
Dividends -
Interest 112.36
-------
112.36
------------
1,137,790.61
Liabilities and Net Assets
Payable for:
Expenses 338.34
Payable to shareholders -
-------
338.34
------------
Net Assets applicable to Fund $ 1,137,452.27
shares outstanding ============
Fund Shares outstanding 97,023.430
============
Pricing of Shares
Net asset value per share $ 11.72
==========
Statement of Operations
Manor Investment Funds, Inc.
Growth Fund
12/31/99
Investment Income:
Dividends $ 1,560.11
Interest 1,872.56
Accrued Income change 112.36
---------
$ 3,545.03
----------
Expenses:
Trustee Fee 1,352.15
Management Fee 1,721.39
Misc. Fee 107.00
Accrued Expense change 338.34
--------
3,518.88
----------
Net Investment Income 26.15
Realized and unrealized gain on investments:
Realized gain on securities transactions:
Proceeds from sales 9,533.42
Cost of securities sold 13,201.25
----------
(3,667.83)
Unrealized appreciation(depreciation) of
investments:
Beginning of period -
End of period 121,309.22
-----------
121,309.22
-----------
Net realized and unrealized gain 117,641.39
on investments -----------
Net increase in net assets from $ 117,667.54
operations ===========
Statement of Changes in Net Assets
Manor Investment Funds, Inc.
Growth Fund
12/31/99
From Operations:
Net investment income $ 26.15
Net realized gain from security sales (3,667.83)
Net change in unrealized appreciation 121,309.22
------------
Net increase in net assets from operations 117,667.54
Distributions to shareholders from:
Net investment income -
Net realized short term gain -
Net realized long term gain -
------------
-
From Fund share transactions:
Reinvestment of dividends and gain
distributions -
Proceeds from shares sold 1,030,744.73
Payments for shares redeemed (10,960.00)
Residual cash change -
------------
Net increase in net assets from Fund share 1,019,784.73
transactions
Total increase in net assets 1,137,452.27
Net assets:
Beginning of period -
------------
End of period $1,137,452.27
============
Growth Fund
Top Five Holdings December 31, 1999
% of Net
Company Industry Assets
Sun Microsystems Computer 6.7 %
BMC Software Computer 6.5 %
Global Crossing Ltd. Utilities 6.5 %
Dell Computer Computer 6.1 %
Intel Computer 5.9 %
Top Five Industries December 31, 1999
Industry % of Net Assets
Computer 42.5 %
Utilities 14.1 %
Medical 8.6 %
Finance 6.2 %
Industrial Products 4.9 %
Total Total Total
Return Return Return
3 Months YTD Since
Inception
Growth Fund 21.20 % 17.20 % 17.20 %
Lipper Growth Fund Index 19.86 % 13.58 % 13.58 %
S&P Mid Cap Index 17.19 % 7.34 % 7.34 %
Bond Fund Portfilio of Investments December 31, 1999
Government Bonds 67.1 % Market Value
US Treasury Note 60.3 %
30,000 Due 5/31/2001 $ 29,616
100,000 Due 7/31/2001 98,938
30,000 Due 5/15/2004 28,716
100,000 Due 11/15/2005 97,062
Accrued Interest 3,361
--------
257,693
Treasury Bills 6.8 %
30,000 US T-Bill 6/22/2000 29,220
--------
29,220
--------
Total Bonds 286,913
Cash and Cash Equivalents 32.9 %
FNB WC Investor Choice 140,763
--------
Total Portfolio $ 427,676
========
Statement of Assets and Liabilities
Manor Investment Funds, Inc.
Bond Fund
12/31/99
Assets
Investments at market value $ 427,676.19
(cost: $ 427,839.49)
Receivable for :
Dividends -
Interest 226.50
-------
226.50
-----------
427,902.69
Liabilities and Net Assets
Payable for:
Expenses 484.11
Payable to shareholders -
-------
484.11
-----------
Net Assets applicable to Fund $ 427,418.58
shares outstanding ===========
Fund Shares outstanding 43,176.319
===========
Pricing of Shares
Net asset value per share $ 9.90
============
Statement of Operations
Bond Fund
Investment Income:
Dividends $ -
Interest 2,357.90
Accrued Income change 226.50
---------
$ 2,584.40
Expenses:
Trustee Fee 316.39
Management Fee 496.32
Misc. Fee -
Accrued Expense change 484.11
---------
1,296.82
----------
Net Investment Income 1,287.58
Realized and unrealized gain on investments:
Realized gain on securities transactions:
Proceeds from sales -
Cost of securities sold -
----------
-
---------
Unrealized appreciation(depreciation) of investments:
Beginning of period -
End of period (163.30)
----------
(163.30)
Net realized and unrealized gain (163.30)
on investments
----------
Net increase in net $ 1,124.28
assets from operations ==========
Statement of Changes in Net Assets
Manor Investment Funds, Inc.
Bond Fund
12/31/99
From Operations:
Net investment income $ 1,287.58
Net realized gain from security sales -
Net change in unrealized appreciation (163.30)
----------
Net increase in net assets from operations 1,124.28
Distributions to shareholders from:
Net investment income 4,407.62
Net realized short term gain -
Net realized long term gain -
----------
4,407.62
From Fund share transactions:
Reinvestment of dividends and 4,407.62
gain distributions
Proceeds from shares sold 456,566.30
Payments for shares redeemed (30,272.00)
Residual cash change -
----------
Net increase in net assets from Fund 430,701.92
share transactions
----------
Total increase in net assets 427,418.58
Net assets:
Beginning of period -
----------
End of period $ 427,418.58
==========
Bond Fund
Top Holdings December 31, 1999
Security % of Net Assets
US Treasury Note 7/01 23.1 %
US Treasury Note 11/05 22.7 %
US Treasury Note 5/01 6.9 %
US T-Bill 6/22/00 6.8 %
US Treasury Note 5/04 6.7 %
Total Total Return Total Return
Return YTD Since
3 Months Inception
Bond Fund -0.17 % 0.23 % 0.23 %
Lipper US Government -0.06 % 0.32 % 0.32 %
Lehman Intermediate -0.07 % 1.03 % 1.03 %
Government
Manor Investment Funds, Inc.
4th Quarter Report
December 31, 1999
Fund Office:
15 Chester Commons
Malvern, PA 19355
610-722-0900 800-787-3334
Managed By:
Morris Capital Advisors, Inc.
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