The Torray Fund
  
Schedule of Investments
  
May 31, 2025 (Unaudited)
  
   
COMMON STOCKS - 93.3%
  
Shares
    
Value
 
Consumer Discretionary - 7.4%
        
Home Depot, Inc.
    
40,650
    
$
14,970,989
  
Lennar Corp. - Class B
    
95,840
      
9,708,592
  
             
24,679,581
  
                 
Energy - 12.0%
          
Chevron Corp.
    
69,985
      
9,566,949
  
EOG Resources, Inc.
    
111,935
      
12,152,783
  
Phillips 66
    
161,250
      
18,298,650
  
             
40,018,382
  
                 
Financials - 30.3%(a)
          
American Express Co.
    
55,285
      
16,256,554
  
Berkshire Hathaway, Inc. - Class B (b)
    
38,475
      
19,389,861
  
Blackstone, Inc.
    
100,750
      
13,980,070
  
CNA Financial Corp.
    
273,900
      
13,122,549
  
JPMorgan Chase & Co.
    
58,430
      
15,425,520
  
Marsh & McLennan Cos., Inc.
    
68,815
      
16,079,313
  
W R Berkley Corp.
    
87,810
      
6,558,529
  
             
100,812,396
  
                 
Health Care - 18.6%
          
AbbVie, Inc.
    
69,640
      
12,960,700
  
Amgen, Inc.
    
51,840
      
14,939,251
  
Pfizer, Inc.
    
501,300
      
11,775,537
  
Royalty Pharma PLC - Class A
    
397,290
      
13,062,895
  
UnitedHealth Group Inc.
    
30,450
      
9,193,160
  
             
61,931,543
  
                 
Industrials - 8.2%
          
Eaton Corp. PLC
    
40,635
      
13,011,327
  
General Dynamics Corp.
    
51,255
      
14,274,005
  
             
27,285,332
  
                 
Information Technology - 13.6%
          
Applied Materials, Inc.
    
50,515
      
7,918,226
  
Broadcom, Inc.
    
74,380
      
18,005,167
  
Texas Instruments, Inc.
    
104,500
      
19,107,825
  
             
45,031,218
  
                 
Real Estate - 3.2%
          
Prologis, Inc.
    
96,600
      
10,490,760
  
TOTAL COMMON STOCKS (Cost $203,929,598)
      
310,249,212
  
                 
CONVERTIBLE PREFERRED STOCKS - 3.2%
  
Shares
    
Value
 
Information Technology - 3.2%
          
Hewlett Packard Enterprise Co., 7.63%, 09/01/2027 (b)
    
204,000
      
10,512,120
  
TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $10,040,254)
      
10,512,120
  
                 
PREFERRED STOCKS - 1.3%
  
Shares
    
Value
 
Financials - 1.3%
          
SLM Corp., Series B, 6.26% (3 mo. Term SOFR + 1.96%), Perpetual (b)
    
53,515
      
4,214,307
  
TOTAL PREFERRED STOCKS (Cost $4,027,314)
      
4,214,307
  
                 
SHORT-TERM INVESTMENTS - 2.0%
          
Value
 
Money Market Funds - 2.0%
  
Shares
          
Fidelity Government Portfolio - Class Institutional, 4.18% (c)
    
6,565,584
      
6,565,584
  
TOTAL SHORT-TERM INVESTMENTS (Cost $6,565,584)
      
6,565,584
  
                 
TOTAL INVESTMENTS - 99.8% (Cost $224,562,750)
      
331,541,223
  
Other Assets in Excess of Liabilities - 0.2%
      
784,183
  
TOTAL NET ASSETS - 100.0%
          
$
332,325,406
  
two
      
–
%
Percentages are stated as a percent of net assets.
      
–
%
   
The Global Industry Classification Standard ("GICS®") was developed by and/or 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 by U.S. Bank Global Fund Services.
  
   
More narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting purposes.
  

PLC - Public Limited Company
SOFR - Secured Overnight Financing Rate

(a)
To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors.
(b)
Non-income producing security.
(c)
The rate shown represents the 7-day annualized effective yield as of May 31, 2025.


Summary of Fair Value Disclosure as of May 31, 2025 (Unaudited)
 
The Torray Fund (the "Fund") has adopted fair value accounting standards which establish a 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 of 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. The inputs or valuation methodology used for valuing securities are not an indication of the risk associated with investing in those securities.
 
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 based on the best information available.
 
The following is a summary of the fair valuation hierarchy of the Fund’s securities as of May 31, 2025:

   
Level 1
    
Level 2
    
Level 3
    
Total
  
Investments:
                        
  Common Stocks
    
310,249,212
      
–
      
–
      
310,249,212
  
  Convertible Preferred Stocks
    
10,512,120
      
–
      
–
      
10,512,120
  
  Preferred Stocks
    
4,214,307
      
–
      
–
      
4,214,307
  
  Money Market Funds
    
6,565,584
      
–
      
–
      
6,565,584
  
Total Investments
    
331,541,223
      
–
      
–
      
331,541,223
  
   
Refer to the Schedule of Investments for further disaggregation of investment categories.