NPORT-EX 2 torray.htm

The Torray Fund
  
         
Schedule of Investments
  
         
As of September 30, 2021 (unaudited)
  
         
Shares
      
Market Value
   
COMMON STOCKS - 97.9%
  
   
30.3%
FINANCIALS +
  
73,788
    
Berkshire Hathaway, Inc. - Class B *
$
 20,139,697
108,300
    
American Express Co.
         18,143,499
115,559
    
Marsh & McLennan Cos., Inc.
         17,499,099
99,560
    
JPMorgan Chase & Co.
         16,296,977
92,950
    
Chubb Limited
         16,124,966
334,445
    
Bank of America Corp.
         14,197,190
177,038
    
Loews Corp.
           9,547,659
       
111,949,087
   
12.9%
INDUSTRIALS
  
89,380
    
General Dynamics Corp.
         17,521,161
109,710
    
Eaton Corp. Plc
         16,380,800
65,400
    
Honeywell International, Inc.
         13,883,112
       
47,785,073
   
11.9%
HEALTH CARE
  
103,340
    
Johnson & Johnson
         16,689,410
37,739
    
UnitedHealth Group Inc.
         14,746,137
213,070
    
Bristol-Myers Squibb Co.
         12,607,352
       
44,042,899
   
10.2%
INFORMATION TECHNOLOGY
  
143,855
    
Fiserv, Inc. *
         15,608,268
81,951
    
VMware, Inc. - Class A *
         12,186,114
189,230
    
Intel Corp.
         10,082,174
       
37,876,556
   
9.9%
COMMUNICATION SERVICES
  
3,055
    
Alphabet, Inc. - Class A *
           8,167,604
281,225
    
Comcast Corp. - Class A
         15,728,914
75,962
    
Walt Disney Co. *
         12,850,492
       
36,747,010
   
8.5%
ENERGY
  
124,285
    
EOG Resources, Inc.
           9,976,357
110,200
    
Phillips 66
           7,717,306
459,395
    
Schlumberger NV
         13,616,468
       
31,310,131
   
7.4%
CONSUMER STAPLES
  
338,750
    
Altria Group, Inc.
         15,419,900
325,060
    
Kraft Heinz Co.
         11,968,709
       
27,388,609
   
3.4%
MATERIALS
  
184,505
    
DuPont de Nemours, Inc.
         12,544,495
         
   
3.4%
CONSUMER DISCRETIONARY
  
103,250
    
Genuine Parts Co.
         12,516,997
         
   
TOTAL COMMON STOCKS
  
     
(cost $229,356,729)
       362,160,857
         
   
 SHORT-TERM INVESTMENT - 2.1%
  
 7,641,837  
    

Fidelity Institutional Government Portfolio - Class I, 0.01% ^
  
     
(Cost $7,641,837)
           7,641,837
         
     
TOTAL INVESTMENTS - 100.0%
  
     
(cost $236,998,566)
369,802,694
     
OTHER ASSETS AND LIABILITIES, NET - 0.0%
137,483
     
TOTAL NET ASSETS - 100.0%
$
  369,940,177

+
As of September 30, 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 September 30, 2021.
  
 
The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor Financial Services LLC (“S&P”).  GICS is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

 
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, 2021:
  

        
Level 1
    
Level 2
    
Level 3
    
Total
   
Common Stocks
  
$
362,160,857
    
$
-
    
$
-
    
$
362,160,857
 
 
Short-Term Investment
    
7,641,837
      
-
      
-
      
7,641,837
     
Total Investments in Securities
  
$
369,802,694
    
$
-
    
$
-
    
$
369,802,694
                                     
Refer to Schedule of Investments for further information on the classification of investments.