Torray Equity Income Fund

We view common stock ownership as an investment in a business. As a long term investor, we employ a value oriented approach to security selection. We seek to invest in companies when we believe that valuations are modest relative to earnings, cash flow or asset values. Our focus is on fundamental business analysis, with no attempt to forecast market trends or mirror market indices. We strive to limit risk through investment in large cap companies that generally have demonstrated records of profitability, conservative financial structures and shareholder oriented management. Although the Fund is subject to concentration risk, the portfolio is diversified at both the sector and company levels to help mitigate risk.