Torray LLC
7501 Wisconsin Avenue, Suite 1100
Bethesda, Maryland 20814-6523
800-443-3036

Thursday, August  7, 2008

  The Torray Fund
The Torray Fund is a no-load, open end, mutual fund. The minimum investment to open a new account is $2,500.

 

Letter to Shareholders - 6/30/2008

 

The Torray Institutional Fund
The Torray Institutional Fund is a no-load, open end, mutual fund. The minimum investment to open a new account is $5,000,000.

The Torray Funds are available for purchase by residents of the US, Puerto Rico, Guam, and the US Virgin Islands only. The Funds are managed by Torray LLC.



News From Torray
Distributors


Shares of The Torray Funds are distributed by

PFPC Distributors, Inc. 
King of Prussia, PA







NAV for
Wednesday, August 6, 2008
SYMBOL CLOSE CHANGE YTD%
TORYX $31.33 +0.09 -9.95%
TORRX $70.28 +0.19 -10.02%
The returns quoted represent past performance, and they do not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher. The Torray Fund's Annual Operating Expense Ratio, as stated in the current prospectus, is 1.09%.


 

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You should consider the investment objectives, risks, charges and expenses of The Torray Funds carefully before investing. A prospectus with this and other information may be obtained by calling 1-800-443-3036 or by downloading one from this Web site. You should read the prospectus carefully before investing.