SCHNEIDER SMALL CAP VALUE FUND
                                  (THE "FUND")


                  (INVESTMENT PORTFOLIO OF THE RBB FUND, INC.)


                        Supplement dated January 11, 2006
                      to Prospectus dated December 31, 2005

THIS SUPPLEMENT CONTAINS NEW AND ADDITIONAL INFORMATION BEYOND THAT CONTAINED IN
THE PROSPECTUS AND SHOULD BE READ IN CONJUNCTION WITH THE PROSPECTUS.

         As of the date of this  supplement,  the total assets of the  Schneider
Small Cap Value Fund (the "Fund") are approximately $55 million.  When the total
assets of the Fund reach $100 million, Schneider Capital Management Company (the
"Adviser") will close the Fund to new investments.  The Fund will continue to be
offered to employees of the Adviser and their spouses, parents and children, and
to directors of The RBB Fund, Inc.

Distributions  to all  shareholders  of the Fund will  continue to be reinvested
unless a shareholder has elected otherwise.




               PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE.