About the Torray Institutional Fund Prospectus & Applications Shareholder Reports Overview | Philosophy & Objective | Manager Biographies | FAQ's Total Returns | Portfolio Composition | Portfolio Characteristics | Distributions | NAV Total Returns (as of December 31, 2009)   Fund  S&P 500 +/- Index  Year to Date 28.61% 26.46% 2.15%  1 Year 28.61% 26.46% 2.15% 5 Years -2.14% 0.42% -2.56% Since Inception (06/30/01) 1.11% 0.82% 0.29% Total Returns After-Tax (as of December 31, 2009)   After Distributions After Distributions & Redemption   1 Year 28.09% 18.54%   5 Years -3.74% -1.81%   Since Inception (06/30/01) -0.01% 0.89%   Total Returns (as of September 30, 2009)   Fund S&P 500 +/- Index 1 Year -5.50% -6.91% 1.41% 5 Years -1.93% 1.02% -2.95% Since Inception (06/30/01) 0.43% -0.13% 0.56% Annualized 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 Fund's Annual Operating Expense Ratio, as stated in the current prospectus, is 0.85%.