Fees for private accounts are based on a percentage of assets under management. The standard annual fee schedule is 1.0% on the first $5 million, 0.75% on the next $20 million, 0.50% on the next $175 million, 0.375% on the next $100 million and 0.25% on the balance. Torray reserves the right to negotiate different fees. The minimum account size is $250,000. Fees are computed and payable quarterly, in advance.