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.