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

Sunday, September  7, 2008

The Torray Fund Percent of earnings from U.S. Treasury obligations 0.00% Percent of earnings representing foreign income 0.00% Corporate dividends received deductions 100.00% Ordinary dividend qualifying for the 15% rate 100.00% The Torray Institutional Fund Percent of earnings from U.S. Treasury obligations 0.00% Percent of earnings representing foreign income 0.00% Corporate dividends received deductions 44.25% Ordinary dividend qualifying for the 15% rate 89.78%

NAV for Friday, September 5, 2008 SYMBOL CLOSE CHANGE YTD% TORYX $30.54 +0.11 -12.22% TORRX $68.58 +0.23 -12.20% 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%.

Privacy Policy and Security Certification for using this site. 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.