Torray Investment Partners LLC (“Torray”) was founded by Robert E. Torray in 1972. Torray provides investment supervisory services to private accounts and an open-end registered investment company (i.e., mutual fund), offering advice on equity securities based on a bottom- up investment process designed to produce strong performance through long-term investment in quality businesses. These services are described in more detail below. Torray is an employee-owned investment advisory firm, with ownership shares held by our executive management team and other select members of our staff. Employee ownership is currently structured such that no single employee is considered to be a principal owner or control person of the Firm. Mutual Fund. Torray serves as investment adviser to The Torray Fund (the “Fund”), a series of The RBB Fund Trust, a registered open-end investment company. Torray provides investment supervisory services to The Fund subject to the supervision and direction of the RBB Fund Trust Board of Trustees. The Torray Fund follows our large cap value strategy. The strategy, however, is tailored, as necessary, to comply with the individual investment policies and restrictions of the Fund. All of Torray’s investment strategies (large cap growth, large cap value, small/mid cap growth and equity income) are described in Item 8 of this Brochure. Wrap Fee Programs. From time to time, Torray offers investment advice to participants in one or more ‘wrap fee’ program. These programs are sponsored by brokerage firms as a means to give their clients access to the discretionary management services of various non-affiliated investment advisers, including Torray, for a single fee that covers the costs of portfolio management, trade execution, custody, and portfolio reporting. At present, Torray does not serve as a portfolio manager to a wrap fee program. Through a wrap program, Torray can provide participants access to a Torray strategy, tailored to a participant’s individual investment policies and restrictions. When Torray serves as portfolio manager to a wrap fee program, there are no differences between how we manage wrap fee assets and how we manage other separate account assets. If a participant selects Torray to manage its assets pursuant to this strategy, we receive a portion of the overall wrap fee charged to that participant by the sponsor. NOTE: The wrap fee payable to the broker-dealer sponsor of a wrap program may exceed the costs of the services provided under the program (i.e., investment management, trade execution and custody) if such services were purchased by participating investors directly. Model Portfolio Services. Access to Torray’s

large cap growth, equity income, and small/mid cap growth strategies are also available through the model portfolio services provided to several Unified Managed Account (“UMA”) programs managed by unaffiliated investment advisory firms. Our model portfolio services include the provision of model investment portfolios managed consistent with our strategies as well as proposed periodic updates to the asset composition and asset allocation construction of the portfolio. As the investment adviser to model portfolios, we are paid to share day-to-day portfolio strategy, while the program sponsors retain final discretion to implement the model strategy. Program sponsors manage all trading and administrative aspects of client account management. Fees and brokerage arrangements for model portfolio services differ from more traditional asset management, as described in Items 5 and 12 of this Brochure. Private Accounts. Torray offers its large cap value, small/mid cap growth, equity income and large cap growth strategies as separate accounts. Torray provides investment advisory services directly to various types of clients (“you” or “your”) such as individuals, high net worth individuals, pension and profit-sharing plans, charitable organizations, corporations, and other businesses and we also sub-advise separate account client portfolios through agreements with various wealth advisory or investment advisory firms (“Private Accounts”). Torray formulates an investment program for the Private Accounts and complies with limitations and guidelines established by each client, to the extent applicable. Performance Differences. While the advised Mutual Fund, Private Accounts (direct and sub- advised), and model portfolios utilizing the same investment strategy generally perform similarly, performance differences are expected due to fee schedule differences (as outlined in Item 5 of this Brochure), and in some cases, unique client restrictions. Furthermore, there will be performance dispersion between the Mutual Fund and Private Accounts as compared to model portfolios because Torray does not have trading discretion over model portfolios. For more information on Torray’s trade management policies and procedures, please see Item 12 - Brokerage Practices. With the exception of model portfolio services, Torray provides investment supervisory services to clients on a fully discretionary basis. As of 12/31/2023, Torray managed $648.9 million in client assets on a discretionary basis and $8.3 million in non-discretionary client assets. Additionally, as of 12/31/2023, Torray had approximately $203.2 million in assets under advisement attributed to model portfolio services.