SCHNEIDER SMALL CAP VALUE FUND (Prospectus Summary) | SCHNEIDER SMALL CAP VALUE FUND

SUMMARY SECTION

Investment Goal

The Schneider Small Cap Value Fund (the "Fund") seeks long-term capital growth

by investing primarily in common stocks of companies that have capitalizations

that are less than the largest company in the Russell 2000® Index ("small cap

companies") and which Schneider Capital Management Company (the "Adviser")

believes are undervalued. There can be no guarantee that the Fund will achieve

its investment objective.

Expenses and Fees

This table describes the fees and expenses that you may pay if you buy and hold

shares of the Fund.

Shareholder Fees (fees paid directly from your investment)

Shareholder Fees (USD $)	SCHNEIDER SMALL CAP VALUE FUND
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)	none
Maximum Deferred Sales Charge (Load)	none
Maximum Sales Charge (Load) Imposed on Reinvested Dividends	none
Redemption fee (as a percentage of amount redeemed on shares held for less than one year, if applicable)	1.75%
Exchange Fee	none

Annual Fund Operating Expenses (expenses that that you pay each year as a percentage of the value of your investment)

Annual Fund Operating Expenses		SCHNEIDER SMALL CAP VALUE FUND
Management fees		1.00%
Distribution (12b-1) Fees		none
Other expenses		0.40%
Total Annual Fund Operating Expenses		1.40%
Fee waivers and expense reimbursements	[1]	(0.25%)
Net expenses		1.15%

Example:

This Example is intended to help you compare the cost of investing in the Fund

with the cost of investing in other mutual funds. The Example assumes that you

invest $10,000 in the Fund for the time periods indicated and then redeem all of

your shares at the end of those periods. The Example also assumes that your

investment has a 5% return each year, and that the Fund's operating expenses

remain the same. Although your actual costs may be higher or lower, based on

these assumptions your costs would be:

Expense Example (USD $)	Expense Example, With Redemption, 1 Year	Expense Example, With Redemption, 3 Years	Expense Example, With Redemption, 5 Years	Expense Example, With Redemption, 10 Years
SCHNEIDER SMALL CAP VALUE FUND	117	419	742	1,658

Portfolio Turnover

The Fund pays transaction costs, such as commissions, when it buys and sells

securities (or "turns over" its portfolio). A higher portfolio turnover rate may

indicate higher transactions costs and may result in higher taxes when Fund

shares are held in a taxable account. These costs, which are not reflected in

annual fund operating expenses or in the example, affect the Fund's performance.

During the most recent fiscal year, the Fund's portfolio turnover rate was

59.18% of the average value of its portfolio.

Principal Investment Strategies

Under normal circumstances, at least 80% of the Fund's net assets (including

borrowings for investment purposes) will be invested in small cap companies. As

of November 30, 2011, the market capitalization range of the companies held by

the Fund was $4.9 million to $5.2 billion. Please note that this range is as of

a particular point in time and is subject to change. The Fund invests primarily

in common stock of companies the Adviser believes are undervalued. The fund may

invest in convertible securities without regard to their credit ratings. The

Fund may also invest up to 20% of the value of its net assets in securities of

foreign issuers, including American Depositary Receipts ("ADRs").

Principal Risks

o The Fund invests in common stocks which are subject to market, economic and

business risks that will cause their prices to fluctuate over time. Therefore,

the value of your investment in the Fund may go up and down, sometimes rapidly

and unpredictably, and you could lose money. The value of securities convertible

into equity securities, such as warrants or convertible debt, is also affected

by prevailing interest rates, the credit quality of the issuer, and any call

provision.



o Stocks of small companies may be more volatile than, and not as readily

marketable as, those of larger companies. Small companies may also have limited

product lines, markets or financial resources and may be dependent on relatively

small or inexperienced management groups. Additionally, the trading volume of

small company securities may make them more difficult to sell than those of

larger companies.



o Value investing involves the risk that the Fund's investment in companies

whose securities are believed to be undervalued, relative to their underlying

profitability, will not appreciate in value as anticipated.



o Investing in foreign securities poses additional market risks since political

and economic events unique in a country or region will affect those markets and

their issuers and may not affect the U.S. economy or U.S. issuers. In addition,

investments in foreign securities are generally denominated in foreign currency.

As a result, changes in the value of those currencies compared to the U.S.

dollar may affect the value of the Fund's investments.

Risk/Return Information

The chart below illustrates the long-term performance of the Fund. The

information shows you how the Fund's performance has varied year by year and

provides some indication of the risks of investing in the Fund. The chart

assumes reinvestment of dividends and distributions. As with all such

investments, past performance is not an indication of future results.

Performance reflects fee waivers in effect. If fee waivers were not in place,

the Fund's performance would be reduced. Updated performance information is

available at www.schneidercap.com or 1-888-520-3277.

Total Returns for the Calendar Years Ended December 31

Best and Worst Quarterly Performance (for the periods reflected in the chart

above):



Best Quarter: 39.11% (Qtr. ended June 30,

2009)



Worst Quarter: (30.44%) (Qtr. ended December

31, 2008)



Year-to-date total return for the nine

months ended September 30, 2011: (36.60)%

Average Annual Total Returns

Average Annual Total Returns for the Periods Ended December 31, 2010

Average Annual Total Returns	Average Annual Returns, Label		Average Annual Returns, 1 Year	Average Annual Returns, 5 Years	Average Annual Returns, 10 Years	Average Annual Returns, Since Inception
SCHNEIDER SMALL CAP VALUE FUND	Before Taxes		32.24%	1.81%	12.34%	16.93%
SCHNEIDER SMALL CAP VALUE FUND After Taxes on Distributions	After Taxes on Distributions	[1]	32.24%	0.76%	10.09%	13.89%
SCHNEIDER SMALL CAP VALUE FUND After Taxes on Distributions and Sales	After Taxes on Distributions and Sale of Fund Shares		20.95%	1.16%	10.11%	13.76%
SCHNEIDER SMALL CAP VALUE FUND Russell 2000® Value Index	Russell 2000® Value Index (reflects no deduction for fees, expenses or taxes)	[2]	24.50%	3.52%	8.42%	9.44%

[1] The Adviser has contractually agreed to waive management fees and reimburse expenses to the extent that Total Annual Fund Operating Expenses (excluding certain items discussed below) exceed 1.15%. In determining the Adviser's obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account and could cause net Total Annual Fund Operating Expenses to exceed 1.15%: acquired fund fees and expenses, brokerage commissions, extraordinary items, interest and taxes. This contractual limitation is in effect until December 31, 2012 and may not be terminated without the approval of the Board of Directors of The RBB Fund, Inc.

[1] After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts ("IRA").

[2] The Russell 2000® Value Index is an unmanaged index that contains stocks from the Russell 2000® Index with greater-than-average value orientation. Companies in this index generally have lower price-to-book and price-to-earnings ratios. As of November 30, 2011, the market capitalization range of the companies in the Russell 2000® Value Index is $36.8 million to $3.7 billion. Please note that this range is as of a particular point in time and is subject to change.