Torray Fund (TORYX) NPORT-P The Torray Fund (Mar 2021 report)

The Torray Fund
Schedule of Investments
As of March 31, 2021 (unaudited)
Shares						Market Value
		COMMON STOCKS - 95.9%
			33.5	%	FINANCIALS +
	87,585				Berkshire Hathaway, Inc. - Class B *	$	22,375,340
	137,974				Marsh & McLennan Cos., Inc.		16,805,233
	418,935				Bank of America Corp.		16,208,595
	305,170				Loews Corp.		15,649,118
	108,300				American Express Co.		15,317,952
	99,560				JPMorgan Chase & Co.		15,156,019
	92,950				Chubb Limited		14,683,312
	222,850				SEI Investments Co.		13,578,250
							129,773,819
			12.3	%	INDUSTRIALS
	123,950				Eaton Corp. plc		17,139,806
	89,380				General Dynamics Corp.		16,227,833
	65,400				Honeywell International, Inc.		14,196,378
							47,564,017
			12.2	%	HEALTH CARE
	108,924				Johnson & Johnson		17,901,659
	43,050				UnitedHealth Group Inc.		16,017,614
	213,070				Bristol-Myers Squibb Co.		13,451,109
							47,370,382
			9.1	%	CONSUMER STAPLES
	453,395				Kraft Heinz Co.		18,135,800
	338,750				Altria Group, Inc.		17,330,450
							35,466,250
			7.5	%	COMMUNICATION SERVICES
	281,225				Comcast Corp. - Class A		15,217,085
	75,962				Walt Disney Co. *		14,016,508
							29,233,593
			7.4	%	INFORMATION TECHNOLOGY
	236,900				Oracle Corp.		16,623,273
	189,230				Intel Corp.		12,110,720
							28,733,993
			7.1	%	ENERGY
	385,300				Royal Dutch Shell plc - ADR - Class A		15,107,613
	459,395				Schlumberger NV		12,490,950
							27,598,563
			3.7	%	MATERIALS
	184,505				DuPont de Nemours, Inc.		14,258,546
			3.1	%	CONSUMER DISCRETIONARY
	103,250				Genuine Parts Co.		11,934,668
		TOTAL COMMON STOCKS
					(cost $233,395,999)		371,933,831
		SHORT-TERM INVESTMENT - 4.0%
	15,561,351				Fidelity Institutional Government Portfolio - Class I, 0.01% ^
					(Cost $15,561,351)		15,561,351
					TOTAL INVESTMENTS - 99.9%
					(cost $248,957,350)		387,495,182
					OTHER ASSETS AND LIABILITIES, NET - 0.1%		213,234
					TOTAL NET ASSETS - 100.0%	$	387,708,416

+	As of March 31, 2021, 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, 2021.
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, 2021:

	Level 1		Level 2		Level 3		Total
Common Stocks	$	371,933,831	$	-	$	-	$	371,933,831
Short-Term Investment		15,561,351		-		-		15,561,351
Total Investments in Securities	$	387,495,182	$	-	$	-	$	387,495,182
Refer to Schedule of Investments for further information on the classification of investments.