N/I NUMERIC INVESTORS
                                 family of funds

                   N/I NUMERIC INVESTORS Emerging Growth Fund
                        N/I NUMERIC INVESTORS Growth Fund
                       N/I NUMERIC INVESTORS Mid Cap Fund
                   N/I NUMERIC INVESTORS Small Cap Value Fund

                  (INVESTMENT PORTFOLIOS OF THE RBB FUND, INC.)

                          Supplement dated July 2, 2003
                      to Prospectus dated December 31, 2002

Revisions relating to the close of the N/I NUMERIC INVESTORS Small Cap Value
Fund. This Supplement supercedes the Supplement dated May 15, 2003 to the
Prospectus dated December 31, 2002.

     The following paragraph is included as the sixth paragraph under the
caption "CAPITAL LIMITATION" on page 2 of the prospectus and as the first
paragraph under the caption "PRIMARY INVESTMENT STRATEGIES" on page 9 of the
prospectus:

     Effective May 27, 2003, the N/I NUMERIC INVESTORS Small Cap Value Fund was
     closed to new investors. Effective immediately, Numeric will close the N/I
     NUMERIC INVESTORS Small Cap Value Fund to most investments. This closing
     will apply to new and existing shareholders except that existing
     shareholders currently investing through an Automatic Investment Plan may
     continue to invest through such Plan. Distributions to all shareholders of
     the N/I NUMERIC INVESTORS Small Cap Value Fund will continue to be
     reinvested unless a shareholder has elected otherwise.

               PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE.