Torray Fund (TORYX) NPORT-P The Torray Fund (Mar 2020 report)

The Torray Fund
Schedule of Investments
As of March 31, 2020 (unaudited)
Shares						Market Value
		COMMON STOCKS - 90.5%
			34.9	%	FINANCIALS +
	164,100				American Express Co.	$	14,048,601
	76,400				Berkshire Hathaway, Inc. - Class B *		13,968,212
	156,818				Marsh & McLennan Cos., Inc.		13,558,484
	364,400				Loews Corp.		12,692,052
	589,300				Bank of America Corp.		12,510,839
	120,350				JPMorgan Chase & Co.		10,835,110
	92,950				Chubb Limited		10,381,586
	311,700				American International Group, Inc.		7,558,725
	253,400				Wells Fargo & Co.		7,272,580
							102,826,189
			14.7	%	HEALTH CARE
	108,924				Johnson & Johnson		14,283,204
	43,050				UnitedHealth Group Inc.		10,735,809
	40,150				Becton Dickinson & Co.		9,225,266
	163,400				Bristol-Myers Squibb Co.		9,107,916
							43,352,195
			13.0	%	INFORMATION TECHNOLOGY
	252,700				Intel Corp.		13,676,124
	336,900				Cisco Systems, Inc.		13,243,539
	103,550				International Business Machines Corp.		11,486,802
							38,406,465
			9.9	%	INDUSTRIALS
	166,350				Eaton Corp. plc		12,923,732
	63,400				General Dynamics Corp.		8,388,454
	989,447				General Electric Co.		7,856,209
							29,168,395
			6.8	%	CONSUMER STAPLES
	453,395				Kraft Heinz Co.		11,216,992
	189,700				Sysco Corp.		8,656,011
							19,873,003
			6.7	%	ENERGY
	417,620				BP plc - ADR		10,185,752
	269,900				Royal Dutch Shell plc - ADR - Class A		9,416,811
							19,602,563
			4.5	%	MATERIALS
	270,505				DuPont de Nemours, Inc.		9,224,220
	133,533				Dow, Inc.		3,904,505
							13,128,725
		TOTAL COMMON STOCKS
					(cost $245,393,771)		266,357,535
		SHORT-TERM INVESTMENTS - 9.8%
			1.7	%	MONEY MARKET FUND
	5,054,998				Fidelity Institutional Money Market Funds Government Portfolio - Class I, 0.30% ^		5,054,998
Par			8.1	%	U.S. TREASURY OBLIGATION
$	24,000,000				U.S. Treasury Bill, 1.44%,c 4/30/2020		23,971,193
					TOTAL SHORT-TERM INVESTMENTS
					(cost $29,026,191)		29,026,191
					TOTAL INVESTMENTS - 100.3%
					(cost $274,419,962)		295,383,726
					OTHER ASSETS AND LIABILITIES, NET - (0.3)%		(926,701	)
					TOTAL NET ASSETS - 100.0%	$	294,457,025

+	As of March 31, 2020, the Fund had a significant portion of its assets invested in this sector. The financials sector may be more greatly impacted by the performance of the overall economy, interest rates, competition, and consumer confidence and spending.
*	Non-income producing security.
^	The rate shown is the annualized seven-day effective yield as of March 31, 2020.
c	Rate shown is effective yield as of March 31, 2020.
ADR - American Depositary Receipt

The above industry classifications are based upon the The Global Industry Classification Standard ("GICS"^®). GICS was developed by and is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P").  GICS is a service mark of MSCI and S&P and has been licensed for use.

Summary of Fair Value Exposure

The Fund has adopted authoritative fair value accounting standards which establish an authoritative definition of fair value and set out a hierarchy for measuring fair value.  These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion in changes in valuation techniques and related inputs during the period and expanded disclosure of valuation levels for major security types.  These inputs are summarized in the three broad levels listed below:

Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has 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, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund's own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used to value the Fund's securities as of March 31, 2020:

	Level 1		Level 2		Level 3		Total
Common Stocks	$	266,357,535	$	-	$	-	$	266,357,535
Short-Term Investment		5,054,998		23,971,193		-		29,026,191
Total Investments in Securities	$	271,412,533	$	23,971,193	$	-	$	295,383,726
Refer to Schedule of Investments for furhter information on the classification of investments.