About the Torray Fund Prospectus & Applications Shareholder Reports Overview | Philosophy & Objective | Manager Biographies | FAQ's Total Returns | Portfolio Composition | Portfolio Characteristics | Distributions | NAV PHILOSOPHY & OBJECTIVE The Torray Fund is a no-load, open-end, diversified mutual fund managed by Torray LLC, a registered investment advisor. Investment Goals The Torray 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 & President   Mr. Torray founded the firm in 1972.  He manages the assets of The Torray Fund (TORYX), The Torray Institutional Fund (TORRX) and Torray LLC's separate institutional account business.  Mr. Torray has consistently utilized a long-term, value-oriented investment strategy.  Prior to 1972, he 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, CarrAmerica Realty Corporation, and LaBranche & Co Inc.  Mr. Torray entered the investment management industry after graduating from Duke University in 1959 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.  He is a senior member of the investment team with responsibilities including investment research and portfolio management.  Mr. Fialco joined Mr. Torray as a co-manager of the firm's portfolios in November 2007.  Over his years with the firm, he has had roles in securities trading, investment research, performance analysis, regulatory and guideline compliance and proxy voting.  Mr. Fialco received his BA in Economics and Environmental Studies from the University of Vermont in 1995. Shawn M. Hendon, CFA Vice President - Research & Portfolio Management   Mr. Hendon joined the firm January 1, 2008. He is a senior member of the investment team and a co-portfolio manager. Prior to joining Torray LLC, he was a founding member of Rockledge Partners, LLC, Managing Director and Portfolio Manager for Lockheed Martin Investment Management Company, and Director and Portfolio Manager for Martin Marietta Corporation. Mr. Hendon has a BA from Georgetown University (1973) and an MBA from George Washington University (1977). He has held the Chartered Financial Analyst designation since 1983.