Exhibit (d)(25)

                                November 21, 2005

Edward J. Roach
President
The RBB Fund, Inc.
Bellevue Park Corporate Center
400 Bellevue Parkway
Wilmington, DE 19809

          Re:  The RBB Fund, Inc.
               Bogle Investment Management Small Cap Growth Fund (the "Fund")

Dear Mr. Roach:

          By our execution of this letter agreement (this "Agreement"), Bogle
Investment Management, L.P. (the "Adviser") agrees that in order to improve the
performance of the Fund, the Adviser shall, from January 1, 2006 through
December 31, 2006, waive all or a portion of its investment advisory fees and/or
reimburse expenses (other than brokerage commissions, extraordinary items,
interest and taxes) in an aggregate amount equal to the amount by which the
Fund's total operating expenses (other than brokerage commissions, extraordinary
items, interest and taxes) exceed a total operating expense ratio (other than
brokerage commissions, extraordinary items, interest and taxes) of 1.25% of the
Institutional Class of the Fund's average daily net assets and 1.35% of the
Investor Class of the Fund's average daily net assets.

          The Adviser acknowledges that (1) it shall not be entitled to collect
on or make a claim for waived fees at any time in the future, and (2) it shall
not be entitled to collect on or make a claim for reimbursed Fund expenses at
any time in the future.

                                               BOGLE INVESTMENT MANAGEMENT, L.P.

                                               By:    /s/ John C. Bogle, Jr.
                                                      --------------------------
                                               Title: President

Your signature below acknowledges
acceptance of this Agreement:

By: /s/ Edward J. Roach
    ------------------------------
    Edward J. Roach
    President
    The RBB Fund, Inc.