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Manor Fund

Objective
Long-term capital appreciation and a moderate level of income.

Investment Philosophy
We believe that investing in attractively valued companies with growing earnings and sound finances will generate superior long-term investment returns.

Investment Process
The firm employs a two-step disciplined, repeatable process:

1. Our proprietary analytical process identifies large-cap companies that we believe have:

• Strong earnings
• Capability to grow
• Strong financial structure
• Significant free cash flow
• Attractive valuations poised to appreciate

2. Our research-driven process selects companies with characteristics we believe are necessary for long-term appreciation:

• Validate data and underlying assumptions
• Evaluate management's strategic vision and ability to execute
• Assess the impact of industry trends and economic environments
• Evaluate company's ability to withstand bad times

Portfolio Characteristics as of 9/30/2011

Top Ten Holdings % Portfolio Goodrich Corp. 6.0% IBM 4.9% Nike Inc. 4.9% AmerisourceBergen 4.8% Colgate-Palmolive 4.7% Norfolk Southern 4.1% Newmont Mining 4.0% Amphenol Corp. 3.9% PepsiCo. Inc. 3.9% Chubb Corp. 3.7%

Sectors % Portfolio Information Technology 17.9% Industrial 14.7% Health Care 13.7% Consumer Staples 12.0% Financial 11.5% Energy 8.8% Consumer Disc. 8.0% Material 5.1% Telecommunications 2.9% Utility 1.9%

The portfolio is actively managed. Holdings and weightings are subject to change daily and are provided for informational purposes only and should not be deemed as a recommendation to buy or sell the securities mentioned.

Investments in mid-sized companies present a greater risk of loss than investments in large companies.

Mutual fund investing involves risk, including possible loss of principal amount invested.

Growth funds are generally more sensitive to market moves and thus may be more volatile than other stocks.