About the Torray Institutional Fund Prospectus & Applications Shareholder Reports Overview | Philosophy & Objective | Manager Biographies | FAQ's Total Returns | Portfolio Composition | Portfolio Characteristics | Distributions | NAV PHILOSOPHY & OBJECTIVE The Torray Institutional Fund is a no-load, open-end, diversified mutual fund managed by Torray LLC, a registered investment advisor. Investment Goals The Torray Institutional Fund's goals are to build shareholder wealth over long periods (10 years or more) and to minimize shareholder capital gains tax liability by limiting the realization of long and short-term gains. Investment Strategy The manager's strategy is to buy and hold stocks of high quality companies for long-term investment. Investments are made only when it is believed that a company's long-term outlook is sound and the shares are fairly priced. Ordinarily, 90% or more of the Fund's assets will be invested in common stocks, preferred stocks, and securities convertible into common stocks with the balance held in fixed-income securities, U.S. Treasury securities or other cash equivalents. The Fund usually holds between 25 and 40 stocks. The Fund may invest in the securities of issuers of all sizes and market capitalizations. Positions in individual issuers will generally not exceed 8% of assets and positions in industry groupings will generally not exceed 25% of assets. MANAGER BIOGRAPHIES Robert E. Torray Founder & Chairman   Mr. Torray, Chairman of Torray LLC, founded the firm in 1972, and is also the Founder and Chairman of Birmingham Capital Management Co. of Birmingham, Alabama.  He manages the assets of The Torray Fund (TORYX), The Torray Institutional Fund (TORRX) and Torray LLC's separate institutional account business, consistently utilizing a long-term value oriented investment strategy which has established him as one of the most successful large cap investment managers in the country.  Prior to 1972, Mr. Torray was a Vice President and Manager of the Pension Fund Management Division of Eastman, Dillon, Union Securities & Co.  He is a former Director of Sub Sea International Corporation, The Liberty Bank of Oklahoma, Charter Federal Savings Bank, The U.S. Satellite Broadcasting Company and CarrAmerica Realty Corporation. He currently serves on the Board of Directors of LaBranche & Co Inc.  Mr. Torray entered the investment management industry 45 years ago after graduating from Duke University with a BA in History. William M Lane, CPA Executive Vice President & Chief Compliance Officer   Mr. Lane is Executive Vice President and Chief Compliance Officer of Torray LLC.  He joined the company in 1982.  He oversees all of the financial and operational aspects of the business. Mr. Lane received a BSBA in Accounting from American University and is a Certified Public Accountant. Fred M. Fialco Vice President - Research & Portfolio Management   Mr. Fialco joined the company in 1997. His responsibilities as a senior member of the investment team have included trading securities, monitoring portfolios, performance analysis, regulatory and guideline compliance and voting proxies.  Recently, Mr. Fialco has transitioned into a role more focused on investment research.  Mr. Fialco received his BA in Economics and Environmental Studies from the University of Vermont in 1995.