| The Torray Fund | ||||||||||
| Schedule of Investments | ||||||||||
| As of September 30, 2020 (unaudited) | ||||||||||
| Shares | Market Value | |||||||||
| COMMON STOCKS - 95.4% | ||||||||||
| 34.7 | % | FINANCIALS + | ||||||||
| 156,818 | Marsh & McLennan Cos., Inc. | $ | 17,987,025 | |||||||
| 164,100 | American Express Co. | 16,451,025 | ||||||||
| 76,400 | Berkshire Hathaway, Inc. - Class B * | 16,268,616 | ||||||||
| 589,300 | Bank of America Corp. | 14,196,237 | ||||||||
| 364,400 | Loews Corp. | 12,662,900 | ||||||||
| 120,350 | JPMorgan Chase & Co. | 11,586,094 | ||||||||
| 92,950 | Chubb Limited | 10,793,354 | ||||||||
| 192,500 | SEI Investments Co. | 9,763,600 | ||||||||
| 109,708,851 | ||||||||||
| 15.5 | % | HEALTH CARE | ||||||||
| 108,924 | Johnson & Johnson | 16,216,605 | ||||||||
| 43,050 | UnitedHealth Group Inc. | 13,421,699 | ||||||||
| 163,400 | Bristol-Myers Squibb Co. | 9,851,386 | ||||||||
| 40,150 | Becton Dickinson & Co. | 9,342,102 | ||||||||
| 48,831,792 | ||||||||||
| 12.6 | % | INFORMATION TECHNOLOGY | ||||||||
| 236,900 | Oracle Corp. | 14,142,930 | ||||||||
| 252,700 | Intel Corp. | 13,084,806 | ||||||||
| 103,550 | International Business Machines Corp. | 12,598,929 | ||||||||
| 39,826,665 | ||||||||||
| 12.3 | % | INDUSTRIALS | ||||||||
| 166,350 | Eaton Corp. plc | 16,972,691 | ||||||||
| 79,800 | General Dynamics Corp. | 11,046,714 | ||||||||
| 65,400 | Honeywell International, Inc. | 10,765,494 | ||||||||
| 38,784,899 | ||||||||||
| 8.0 | % | CONSUMER STAPLES | ||||||||
| 453,395 | Kraft Heinz Co. | 13,579,180 | ||||||||
| 189,700 | Sysco Corp. | 11,803,134 | ||||||||
| 25,382,314 | ||||||||||
| 4.7 | % | MATERIALS | ||||||||
| 270,505 | DuPont de Nemours, Inc. | 15,007,617 | ||||||||
| 4.0 | % | ENERGY | ||||||||
| 497,000 | Royal Dutch Shell plc - ADR - Class A | 12,509,490 | ||||||||
| 3.6 | % | COMMUNICATION SERVICES | ||||||||
| 91,100 | Walt Disney Co. | 11,303,688 | ||||||||
| TOTAL COMMON STOCKS | ||||||||||
| (cost $222,827,517) | 301,355,316 | |||||||||
| SHORT-TERM INVESTMENTS - 4.9% | ||||||||||
| 1.7 | % | MONEY MARKET FUND | ||||||||
| 5,560,193 | Fidelity Institutional Money Market Funds Government Portfolio - Class I, 0.01% ^ | 5,560,193 | ||||||||
| Par | 3.2 | % | U.S. TREASURY OBLIGATION | |||||||
| $ | 10,000,000 | U.S. Treasury Bill, 0.06%,c 10/29/2020 | 9,999,533 | |||||||
| TOTAL SHORT-TERM INVESTMENTS | ||||||||||
| (cost $15,559,726) | 15,559,726 | |||||||||
| TOTAL INVESTMENTS - 100.3% | ||||||||||
| (cost $238,387,243) | 316,915,042 | |||||||||
| OTHER ASSETS AND LIABILITIES, NET - (0.3)% | (975,729 | ) | ||||||||
| TOTAL NET ASSETS - 100.0% | $ | 315,939,313 | ||||||||
| + | As of September 30, 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 September 30, 2020. | |
☐ | Rate shown is effective yield as of September 30, 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 September 30, 2020: | |
| Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| Common Stocks | $ | 301,355,316 | $ | - | $ | - | $ | 301,355,316 | ||||||||
| Short-Term Investments | 5,560,193 | 9,999,533 | - | 15,559,726 | ||||||||||||
| Total Investments in Securities | $ | 306,915,509 | $ | 9,999,533 | $ | - | $ | 316,915,042 | ||||||||
| Refer to Schedule of Investments for further information on the classification of investments. | ||||||||||||||||
