SCHNEIDER SMALL CAP VALUE FUND
                                  (THE "FUND")


                  (INVESTMENT PORTFOLIO OF THE RBB FUND, INC.)

                          Supplement dated June 1, 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.




    Effective  June 1, 2006,  the  Schneider  Small Cap Value  Fund will  accept
subsequent  purchases and subsequent  exchanges  from all existing  shareholders
subject to any restrictions on such purchases imposed by a shareholder's  broker
or other intermediary.  The Schneider Small Cap Value Fund will remain closed to
new investors.  Existing  shareholders  must have an existing  account number in
Schneider  Small  Cap  Value  Fund in order to  purchase  or  exchange  from the
Schneider  Value  Fund.  New  account  numbers  will not be issued for  existing
shareholders except in cases of account transfers due to death,  divorce,  gifts
to family or charities or other special tax and legal  matters,  and in cases of
financial intermediary-to-financial intermediary transfers.










               PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE.