TORRAY FUND UPDATE
Effective June 30, 2020, Mr. Robert E. Torray will relinquish his duties as Co-Portfolio Manager of the Torray Fund, which he started in 1990. Mr. Torray will remain as Chairman of Torray LLC. Mr. Jeffrey D. Lent will join Mr. Shawn M. Hendon as Co-Portfolio Manager of the Fund, effective July 1, 2020. Mr. Lent has over 30 years of portfolio management experience, and currently serves as portfolio manager or co-portfolio manager for certain separate account strategies at Torray, including the Torray Large Cap Value strategy.