UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY
Investment Company Act file number
811-06096
The Torray Fund
(Exact name of registrant as specified in charter)
7501 Wisconsin Avenue, Suite 750 West
Bethesda, MD 20814-6519
(Address of principal executive
offices) (Zip code)
William M Lane
Torray LLC
7501 Wisconsin Avenue, Suite 750 West
Bethesda, MD 20814-6519
(Name and address of agent for
service)
Registrants telephone number, including area code:
301-493-4600
Date of fiscal year end:
December 31
Date of reporting period:
September
30, 2012
Item 1.
|
Schedule of Investments
|
The
Schedule(s) of Investments is attached herewith.
The Torray Fund
SCHEDULE OF INVESTMENTS
As of September 30, 2012 (unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares
|
|
|
|
|
Market Value
|
|
|
COMMON STOCK 93.32%
|
|
|
19.98% INFORMATION TECHNOLOGY
|
|
|
|
|
66,400
|
|
|
International Business Machines Corp.
|
|
$
|
13,774,680
|
|
|
|
|
632,100
|
|
|
Western Union Co. (The)
|
|
|
11,516,862
|
|
|
|
|
400,000
|
|
|
EMC Corp.*
|
|
|
10,908,000
|
|
|
|
|
542,900
|
|
|
Cisco Systems, Inc.
|
|
|
10,363,961
|
|
|
|
|
424,600
|
|
|
Intel Corp.
|
|
|
9,629,928
|
|
|
|
|
131,300
|
|
|
Automatic Data Processing, Inc.
|
|
|
7,702,058
|
|
|
|
|
327,400
|
|
|
Hewlett-Packard Co.
|
|
|
5,585,444
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
69,480,933
|
|
|
17.74% FINANCIALS
|
|
|
|
|
336,400
|
|
|
Loews Corp.
|
|
|
13,879,864
|
|
|
|
|
380,500
|
|
|
Wells Fargo & Co.
|
|
|
13,138,665
|
|
|
|
|
161,400
|
|
|
Chubb Corp.
|
|
|
12,311,592
|
|
|
|
|
358,518
|
|
|
Marsh & McLennan Cos., Inc.
|
|
|
12,164,516
|
|
|
|
|
179,300
|
|
|
American Express Co.
|
|
|
10,194,998
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
61,689,635
|
|
|
16.60% INDUSTRIALS
|
|
|
|
|
642,297
|
|
|
General Electric Co.
|
|
|
14,586,565
|
|
|
|
|
310,146
|
|
|
Cintas Corp.
|
|
|
12,855,551
|
|
|
|
|
118,900
|
|
|
3M Co.
|
|
|
10,988,738
|
|
|
|
|
220,300
|
|
|
Eaton Corp.
|
|
|
10,411,378
|
|
|
|
|
134,700
|
|
|
General Dynamics Corp.
|
|
|
8,906,364
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
57,748,596
|
|
|
14.11% HEALTH CARE
|
|
|
|
|
191,724
|
|
|
Johnson & Johnson
|
|
|
13,211,701
|
|
|
|
|
190,700
|
|
|
Baxter International Inc.
|
|
|
11,491,582
|
|
|
|
|
133,700
|
|
|
Becton Dickinson & Co.
|
|
|
10,503,472
|
|
|
|
|
146,900
|
|
|
UnitedHealth Group Inc.
|
|
|
8,139,729
|
|
|
|
|
99,100
|
|
|
WellPoint, Inc.
|
|
|
5,748,791
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
49,095,275
|
|
|
11.58% CONSUMER STAPLES
|
|
|
|
|
385,600
|
|
|
Sysco Corp.
|
|
|
12,057,712
|
|
|
|
|
294,400
|
|
|
Walgreen Co.
|
|
|
10,727,936
|
|
|
|
|
141,300
|
|
|
Procter & Gamble Co. (The)
|
|
|
9,800,568
|
|
|
|
|
71,900
|
|
|
Colgate-Palmolive Co.
|
|
|
7,709,118
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
40,295,334
|
|
|
5.83% CONSUMER DISCRETIONARY
|
|
|
|
|
577,300
|
|
|
Gannett Co., Inc.
|
|
|
10,247,075
|
|
|
|
|
187,400
|
|
|
Tupperware Brands Corp.
|
|
|
10,042,766
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
20,289,841
|
|
|
2.90% MATERIALS
|
|
|
|
|
200,900
|
|
|
E.I. du Pont de Nemours & Co.
|
|
|
10,099,243
|
|
The Torray Fund
SCHEDULE OF INVESTMENTS
As of September 30, 2012 (unaudited) (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares
|
|
|
|
|
Market Value
|
|
|
|
|
|
|
2.31% ENERGY
|
|
|
|
|
425,500
|
|
|
Chesapeake Energy Corp.
|
|
|
$8,029,185
|
|
|
|
|
|
|
2.27% TELECOMMUNICATIONS
|
|
|
|
|
209,400
|
|
|
AT&T Inc.
|
|
|
7,894,380
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL COMMON STOCK 93.32%
|
|
|
324,622,422
|
|
|
|
|
(cost $274,359,934)
|
|
|
|
|
|
|
Principal Amount ($)
|
|
|
SHORT-TERM INVESTMENTS 6.76%
|
|
|
|
|
23,497,891
|
|
|
BNY Mellon Cash Reserve, 0.05%
(1)
|
|
|
23,497,891
|
|
|
|
|
(cost $23,497,891)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL INVESTMENTS 100.08%
|
|
|
348,120,313
|
|
|
|
|
(cost $297,857,825)
|
|
|
|
LIABILITIES LESS OTHER ASSETS (0.08%)
|
|
|
(261,262
|
)
|
|
|
|
|
|
|
|
|
|
|
|
NET ASSETS 100.00%
|
|
|
$347,859,051
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOP 10 HOLDINGS
|
|
|
|
|
|
|
1
|
|
General Electric Co.
|
|
|
6
|
|
|
Cintas Corp.
|
2
|
|
Loews Corp.
|
|
|
7
|
|
|
Chubb Corp.
|
3
|
|
International Business Machines Corp.
|
|
|
8
|
|
|
Marsh & McLennan Cos., Inc.
|
4
|
|
Johnson & Johnson
|
|
|
9
|
|
|
Sysco Corp.
|
5
|
|
Wells Fargo & Co.
|
|
|
10
|
|
|
Western Union Co. (The)
|
*
|
Non-income producing securities.
|
(1)
|
Represents current yield at September 30, 2012.
|
See notes to the Schedules of Investments.
The Torray Institutional Fund
SCHEDULE OF INVESTMENTS
As of September 30, 2012 (unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares
|
|
|
|
|
Market Value
|
|
|
|
COMMON STOCK 94.64%
|
|
|
|
|
|
|
|
|
|
19.80% INFORMATION TECHNOLOGY
|
|
|
|
|
3,710
|
|
|
International Business Machines Corp.
|
|
|
$769,639
|
|
|
|
|
35,500
|
|
|
Western Union Co. (The)
|
|
|
646,810
|
|
|
|
|
22,542
|
|
|
EMC Corp.*
|
|
|
614,720
|
|
|
|
|
30,670
|
|
|
Cisco Systems, Inc.
|
|
|
585,490
|
|
|
|
|
23,926
|
|
|
Intel Corp.
|
|
|
542,642
|
|
|
|
|
7,426
|
|
|
Automatic Data Processing, Inc.
|
|
|
435,609
|
|
|
|
|
18,460
|
|
|
Hewlett-Packard Co.
|
|
|
314,928
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,909,838
|
|
|
|
|
|
|
|
18.25% FINANCIALS
|
|
|
|
|
|
|
|
18,900
|
|
|
Loews Corp.
|
|
|
779,814
|
|
|
|
|
21,500
|
|
|
Wells Fargo & Co.
|
|
|
742,395
|
|
|
|
|
12,333
|
|
|
American Express Co.
|
|
|
701,254
|
|
|
|
|
9,100
|
|
|
Chubb Corp.
|
|
|
694,148
|
|
|
|
|
20,237
|
|
|
Marsh & McLennan Cos., Inc.
|
|
|
686,641
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,604,252
|
|
|
|
|
|
|
16.51% INDUSTRIALS
|
|
|
|
|
36,329
|
|
|
General Electric Co.
|
|
|
825,032
|
|
|
|
|
17,522
|
|
|
Cintas Corp.
|
|
|
726,287
|
|
|
|
|
6,700
|
|
|
3M Co.
|
|
|
619,214
|
|
|
|
|
12,440
|
|
|
Eaton Corp.
|
|
|
587,914
|
|
|
|
|
7,600
|
|
|
General Dynamics Corp.
|
|
|
502,512
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,260,959
|
|
|
|
|
|
|
13.85% HEALTH CARE
|
|
|
|
|
10,564
|
|
|
Johnson & Johnson
|
|
|
727,965
|
|
|
|
|
10,700
|
|
|
Baxter International Inc.
|
|
|
644,782
|
|
|
|
|
7,400
|
|
|
Becton Dickinson & Co.
|
|
|
581,344
|
|
|
|
|
8,270
|
|
|
UnitedHealth Group Inc.
|
|
|
458,241
|
|
|
|
|
5,580
|
|
|
WellPoint, Inc.
|
|
|
323,696
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,736,028
|
|
|
|
|
|
|
11.45% CONSUMER STAPLES
|
|
|
|
|
21,770
|
|
|
Sysco Corp.
|
|
|
680,748
|
|
|
|
|
16,800
|
|
|
Walgreen Co.
|
|
|
612,192
|
|
|
|
|
7,700
|
|
|
Procter & Gamble Co. (The)
|
|
|
534,072
|
|
|
|
|
4,040
|
|
|
Colgate-Palmolive Co.
|
|
|
433,169
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,260,181
|
|
|
|
|
|
|
5.84% CONSUMER DISCRETIONARY
|
|
|
|
|
32,800
|
|
|
Gannett Co., Inc.
|
|
|
582,200
|
|
|
|
|
10,650
|
|
|
Tupperware Brands Corp.
|
|
|
570,734
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,152,934
|
|
|
|
|
|
|
3.77% TELECOMMUNICATIONS
|
|
|
|
|
19,730
|
|
|
AT&T Inc.
|
|
|
743,821
|
|
|
|
|
|
|
2.88% MATERIALS
|
|
|
|
|
11,330
|
|
|
E.I. du Pont de Nemours & Co.
|
|
|
569,559
|
|
The Torray Institutional Fund
SCHEDULE OF INVESTMENTS
As of September 30, 2012 (unaudited) (continued)
|
|
|
|
|
|
|
|
|
|
|
Shares
|
|
|
|
Market Value
|
|
|
|
2.29%
ENERGY
|
|
|
|
|
|
|
23,980
|
|
Chesapeake Energy Corp.
|
|
|
$452,503
|
|
|
|
|
|
|
|
|
|
|
TOTAL COMMON STOCK 94.64%
|
|
|
18,690,075
|
|
|
|
(cost $15,925,225)
|
|
|
|
|
|
|
|
Principal Amount ($)
|
|
|
SHORT-TERM INVESTMENTS 5.27%
|
|
|
|
1,039,572
|
|
BNY Mellon Cash Reserve, 0.05%
(1)
|
|
|
1,039,572
|
|
|
|
(cost $1,039,572)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL INVESTMENTS 99.91%
|
|
|
19,729,647
|
|
|
|
(cost $16,964,797)
|
|
|
|
|
|
|
|
|
OTHER ASSETS LESS LIABILITIES 0.09%
|
|
|
18,519
|
|
|
|
|
|
|
|
|
|
|
NET ASSETS 100.00%
|
|
|
$19,748,166
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOP 10 HOLDINGS
|
|
|
|
|
|
|
1
|
|
General Electric Co.
|
|
|
6
|
|
|
Johnson & Johnson
|
2
|
|
Loews Corp.
|
|
|
7
|
|
|
Cintas Corp.
|
3
|
|
International Business Machines Corp.
|
|
|
8
|
|
|
American Express Co.
|
4
|
|
AT&T Inc.
|
|
|
9
|
|
|
Chubb Corp.
|
5
|
|
Wells Fargo & Co.
|
|
|
10
|
|
|
Marsh & McLennan Cos., Inc.
|
*
|
Non-income producing securities.
|
(1)
|
Represents current yield at September 30, 2012.
|
See notes to the Schedules of Investments.
The Torray Resolute Fund
SCHEDULE OF INVESTMENTS
As of September 30, 2012 (unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares
|
|
|
|
|
Market Value
|
|
|
|
COMMON STOCK 98.69%
|
|
|
|
|
|
|
|
|
|
31.95% INFORMATION TECHNOLOGY
|
|
|
|
|
285
|
|
|
Apple Inc.
|
|
|
$190,169
|
|
|
|
|
1,145
|
|
|
Visa, Inc., Class A
|
|
|
153,751
|
|
|
|
|
2,161
|
|
|
Accenture PLC, Class A
|
|
|
151,335
|
|
|
|
|
1,871
|
|
|
Fiserv Inc.*
|
|
|
138,510
|
|
|
|
|
2,017
|
|
|
Amphenol Corp., Class A
|
|
|
118,761
|
|
|
|
|
1,870
|
|
|
QUALCOMM, Inc.
|
|
|
116,856
|
|
|
|
|
3,406
|
|
|
Adobe Systems, Inc.*
|
|
|
110,559
|
|
|
|
|
1,930
|
|
|
MICROS Systems, Inc.*
|
|
|
94,802
|
|
|
|
|
2,873
|
|
|
Oracle Corp.
|
|
|
90,471
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,165,214
|
|
|
|
|
|
|
15.37% HEALTH CARE
|
|
|
|
|
2,398
|
|
|
Baxter International Inc.
|
|
|
144,503
|
|
|
|
|
1,926
|
|
|
Gilead Sciences, Inc.*
|
|
|
127,752
|
|
|
|
|
640
|
|
|
Novo-Nordisk A/S, ADR
|
|
|
100,998
|
|
|
|
|
1,770
|
|
|
Vertex Pharmaceuticals Inc.*
|
|
|
99,032
|
|
|
|
|
1,464
|
|
|
Varian Medical Systems, Inc.*
|
|
|
88,308
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
560,593
|
|
|
|
|
|
|
14.04% INDUSTRIALS
|
|
|
|
|
2,711
|
|
|
Danaher Corp.
|
|
|
149,512
|
|
|
|
|
1,705
|
|
|
United Technologies Corp.
|
|
|
133,484
|
|
|
|
|
798
|
|
|
Precision Castparts Corp.
|
|
|
130,345
|
|
|
|
|
1,071
|
|
|
Cummins Inc.
|
|
|
98,757
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
512,098
|
|
|
|
|
|
|
10.09% ENERGY
|
|
|
|
|
1,421
|
|
|
EOG Resources, Inc.
|
|
|
159,223
|
|
|
|
|
3,595
|
|
|
Enbridge, Inc.
|
|
|
140,313
|
|
|
|
|
562
|
|
|
Core Laboratories N.V.
|
|
|
68,272
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
367,808
|
|
|
|
|
|
|
7.96% CONSUMER DISCRETIONARY
|
|
|
|
|
1,971
|
|
|
Tupperware Brands Corp.
|
|
|
105,626
|
|
|
|
|
999
|
|
|
Nike, Inc., Class B
|
|
|
94,815
|
|
|
|
|
1,603
|
|
|
Coach, Inc.
|
|
|
89,800
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
290,241
|
|
|
|
|
|
|
7.91% FINANCIALS
|
|
|
|
|
2,297
|
|
|
American Tower Corp. REIT
|
|
|
163,983
|
|
|
|
|
995
|
|
|
Franklin Resources, Inc.
|
|
|
124,445
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
288,428
|
|
|
|
|
|
|
6.03% CONSUMER STAPLES
|
|
|
|
|
1,214
|
|
|
Colgate-Palmolive Co.
|
|
|
130,165
|
|
|
|
|
1,268
|
|
|
PepsiCo, Inc.
|
|
|
89,736
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
219,901
|
|
The Torray Resolute Fund
SCHEDULE OF INVESTMENTS
As of September 30, 2012 (unaudited) (continued)
|
|
|
|
|
|
|
|
|
|
|
Shares
|
|
|
|
Market Value
|
|
|
|
5.34% MATERIALS
|
|
|
|
|
|
|
987
|
|
Praxair, Inc.
|
|
$
|
102,529
|
|
|
|
1,237
|
|
Compass Minerals International, Inc.
|
|
|
92,268
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
194,797
|
|
TOTAL COMMON STOCK 98.69%
|
|
|
3,599,080
|
|
(cost $3,125,150)
|
|
|
|
|
|
Principal Amount ($)
|
|
|
SHORT-TERM INVESTMENTS 0.87%
|
|
|
|
31,550
|
|
BNY Mellon Cash Reserve, 0.05%
(1)
|
|
|
31,550
|
|
(cost $31,550)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL INVESTMENTS 99.56%
|
|
|
3,630,630
|
|
(cost $3,156,700)
|
|
|
|
|
|
|
OTHER ASSETS LESS LIABILITIES 0.44%
|
|
|
16,082
|
|
|
|
|
|
|
|
|
|
|
NET ASSETS 100.00%
|
|
$
|
3,646,712
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOP 10 HOLD
INGS
|
|
1
|
|
|
Apple Inc.
|
|
|
6
|
|
|
Danaher Corp.
|
|
2
|
|
|
American Tower Corp. REIT
|
|
|
7
|
|
|
Baxter International Inc.
|
|
3
|
|
|
EOG Resources, Inc.
|
|
|
8
|
|
|
Enbridge, Inc.
|
|
4
|
|
|
Visa, Inc., Class A
|
|
|
9
|
|
|
Fiserv Inc.
|
|
5
|
|
|
Accenture PLC, Class A
|
|
|
10
|
|
|
United Technologies Corp.
|
*
|
Non-income producing securities.
|
(1)
|
Represents current yield at September 30, 2012.
|
ADR - American Depository Receipt
REIT - Real Estate Investment Trust
See notes to the Schedules of Investments.
The Torray Fund
NOTES TO SCHEDULES OF INVESTMENTS
September 30, 2012 (unaudited)
Securities
Valuation
Portfolio securities for which market quotations are readily available are valued at market value, which is determined by using the last reported sale price, or, if no sales are reported, the last reported bid
price. For NASDAQ traded securities, market value is determined on the basis of the NASDAQ Official Closing Price instead of the last reported sales price. Other assets and securities for which no quotations are readily available or for which Torray
LLC (the Advisor) believes do not reflect market value are valued at fair value as determined in good faith by the Advisor under the supervision of the Board of Trustees (the Board or Trustees) in accordance with
the Funds Valuation Procedures. Short-term obligations having remaining maturities of 60 days or less are valued at amortized cost, which approximates market value.
Fair Value Measurements
Various inputs are used in determining the fair value of investments which are as follows:
Level 1 quoted prices in active markets for identical securities
Level 2 significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit
risk, etc.)
Level 3 significant unobservable inputs (including the Funds own assumptions in determining the fair
value of investments)
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with
investing in those securities.
The summary of inputs used to value the Funds net assets as of September 30, 2012
is as follows:
|
|
|
|
|
|
|
Valuation Inputs
|
|
Torray
Fund
|
|
Torray
Institutional
Fund
|
|
Torray
Resolute
Fund
|
Level 1 - Quoted Prices *
|
|
$348,120,313
|
|
$19,729,647
|
|
$3,630,630
|
Level 2 - Other Significant Observable Inputs
|
|
-
|
|
-
|
|
-
|
Level 3 - Significant Unobservable Inputs
|
|
-
|
|
-
|
|
-
|
|
|
|
Total Market Value of Investments
|
|
$348,120,313
|
|
$19,729,647
|
|
$3,630,630
|
|
|
|
* Security types and industry classifications as defined in the Schedules of
Investments.
The Funds had no transfers between Level 1 and Level 2 investments during the period.
Tax Disclosure
No provision for federal income taxes is required since the Funds intend to continue to comply with all
requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies and to distribute substantially all of its taxable income and capital gains to shareholders. Federal income tax regulations differ from
accounting principles generally accepted in the United States of America; therefore, distributions determined in accordance with tax regulations may differ in amount or character from net investment income and realized gains for financial reporting
purposes. Financial reporting records are adjusted for permanent book/tax differences to reflect tax character. Financial records are not adjusted for temporary differences. The amount and character of tax-basis distributions and composition of net
assets are finalized at fiscal year-end; accordingly, tax-basis balances have not been determined as of September 30, 2012.
The following information is based upon the book basis of investment securities as of September 30,
2012:
|
|
|
|
|
|
|
|
|
Torray
Fund
|
|
Torray
Institutional
Fund
|
|
Torray
Resolute
Fund
|
Gross unrealized appreciation
|
|
$ 68,333,980
|
|
$ 3,427,602
|
|
$ 496,602
|
Gross unrealized depreciation
|
|
(18,071,492)
|
|
(662,752)
|
|
(22,672)
|
|
|
|
|
|
|
|
Net unrealized appreciation/depreciation
|
|
$ 50,262,488
|
|
$ 2,764,850
|
|
$ 473,930
|
|
|
|
|
|
|
|
|
|
|
|
Aggregate book cost
|
|
$ 297,857,825
|
|
$ 16,964,797
|
|
$ 3,156,700
|
|
|
|
|
|
|
|
At December 31, 2011, the Torray Fund had net capital loss carry forward for federal income tax purposes of
$85,805,188 which are available to reduce future required distributions of net capital gains to shareholders through 2017. At December 31, 2011, the Torray Institutional Fund had net capital loss carry forward for federal income tax purposes of
$339,016, $3,679,435 and $1,023, which are available to reduce future required distributions of net capital gains to shareholders through 2016, 2017 and 2018, respectively. As of December 31, 2011, the Torray Institutional Fund had a short-term
capital loss carry forward of $14,410 and a long-term capital loss carry forward of $8,727 available to offset future realized capital gains in accordance with the Regulated Investment Company Modernization Act of 2010. These capital loss carry
forwards are not subject to expiration and must first be utilized to offset future realized gains of the same character and must be utilized prior to the utilization of the loss carry forwards subject to expiration that are described in the previous
sentence. The Torray Resolute Fund had no capital loss carry forward as of December 31, 2011. Under the current tax law, capital losses realized after October 31 and prior to the Funds fiscal year end may be deferred and treated as
occurring on the first day of the following fiscal year for tax purposes. At December 31, 2011, the Torray Institutional Fund had post-October losses of $105,172 and the Torray Resolute Fund had post-October losses of $3,587. There were no
post-October losses as of December 31, 2011 for the Torray Fund.
For additional information regarding the accounting policies of the
Funds, refer to the most recent financial statements in the N-CSR filing at www.sec.gov.
Item 2. Controls and Procedures.
|
(a)
|
The registrants principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrants
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the 1940 Act) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that
includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of
1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).
|
|
(b)
|
There were no changes in the registrants internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that
occurred during the registrants last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrants internal control over financial reporting.
|
Item 3. Exhibits.
Certifications
pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.
(Registrant) The Torray Fund
By (Signature and Title)* /s/ Robert E. Torray
Robert E. Torray, President
(principal executive officer)
Date 10/26/12
Pursuant to the requirements of
the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By (Signature and Title)* /s/ Robert E. Torray
Robert E. Torray, President
(principal executive officer)
Date 10/26/12
By (Signature and Title)*
/s/ William M Lane
William M Lane, Treasurer
(principal financial officer)
Date 10/26/12
*
|
Print the name and title of each signing officer under his or her signature.
|
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