Perimeter Small Cap Growth Fund (Second Prospectus Summary) | Perimeter Small Cap Growth Fund

SUMMARY SECTION

INVESTMENT OBJECTIVE

The investment objective of the Perimeter Small Cap Growth Fund (the "Fund") is

to seek long-term capital appreciation.

EXPENSES AND FEES

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

I Shares of the Fund.

Shareholder Fees (fees paid directly from your investment)

Shareholder Fees	Perimeter Small Cap Growth Fund I Shares
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 (Charged on redemptions within 7 days of purchase)	2.00%

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

Annual Fund Operating Expenses		Perimeter Small Cap Growth Fund I Shares
Management fees		0.90%
Distribution (12b-1) Fees		none
Other expenses		0.24%
Total Annual Fund Operating Expenses		1.14%
Fee Waiver and/or Expense Reimbursement	[1]	(0.04%)
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement		1.10%

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 that you sell 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 and returns might 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
Perimeter Small Cap Growth Fund I Shares	112	358	624	1,383

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 transaction costs and may result in higher taxes when Fund

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

Total Annual Fund Operating Expenses or in the Example, affect the Fund's

performance. During the most recent fiscal year ended August 31, 2011, the

Fund's portfolio turnover rate was 122%, of the average value of its portfolio.

PRINCIPAL INVESTMENT STRATEGIES

Under normal circumstances, the Fund invests at least 80% of its net assets in

small-cap equity securities. This investment policy may be changed by the Fund

upon 60 days' prior notice to shareholders. The Fund currently defines small-cap

equity securities as those of companies with market capitalizations between $50

million and $3 billion at the time of purchase. The Fund's investments will

generally consist of U.S. traded securities, which may include common stocks,

preferred stocks, warrants to acquire common stock, securities convertible into

common stock, and American Depositary Receipts ("ADRs"). ADRs may be available

through "sponsored" or "unsponsored" facilities. A sponsored facility is

established jointly by the issuer of the security underlying the receipt and the

depository, whereas an unsponsored facility is established by the depository

without participation by the issuer of the underlying security. The Fund

purchases equity securities and ADRs traded in the U.S. on registered exchanges

or the over-the-counter market.



The Fund's investment philosophy is based on the premise that a portfolio of

small cap stocks with positive earnings trends, reasonable valuation, and strong

fundamentals will provide superior returns over time. The Adviser selects

companies with strong current earnings growth, improving profitability, strong

balance sheets, and strong current and projected business fundamentals which are

priced at reasonable valuations. The Adviser believes in executing a very

disciplined and objective investment process and in controlling risk through a

broadly diversified portfolio. Because companies tend to shift in relative

attractiveness, the Fund may buy and sell securities frequently, which may

result in higher transaction costs, additional capital gains tax liabilities

and may adversely impact performance.



In addition, in order to implement its investment strategy, the Adviser may buy

or sell, to a limited extent, derivative instruments to use as a substitute for

a purchase or sale of a position in the underlying assets and/or as part of a

strategy designed to reduce exposure to other risks, such as market risk. The

Fund may purchase or sell futures contracts; sell options on a futures contract;

purchase or write put and call options on securities, securities indices and

currencies; or enter into equity index or interest rate swap agreements as the

Adviser determines is appropriate in seeking the Fund's investment objective.

The Fund may use derivatives for bona fide hedging; attempting to increase

yield; attempting to offset changes in the value of securities held or expected

to be acquired or be disposed of; or attempting to gain exposure to a particular

market, index or instrument.



The Adviser will identify sell candidates for a variety of reasons, including

but not limited to: (i) business fundamentals peak, begin to change or

deteriorate; (ii) earnings characteristics change, including negative estimate

revisions, negative earnings surprise and slowing earnings and/or revenue

momentum; (iii) a stock reaches extreme overvaluation; and (iv) a stock's

ranking weakens within the selection universe. The Adviser will not necessarily

sell a security that has appreciated or depreciated outside the stated market

capitalization range defined above.

PRINCIPAL INVESTMENT RISKS

As with all mutual funds, a shareholder is subject to the risk that his or her

investment could lose money. The principal risk factors affecting shareholders'

investments in the Fund are set forth below.



Since it purchases equity securities, the Fund is subject to the risk that stock

prices will fall over short or extended periods of time. Historically, the

equity markets have moved in cycles, and the value of the Fund's equity

securities may fluctuate drastically from day to day. Individual companies may

report poor results or be negatively affected by industry and/or economic trends

and developments. The prices of securities issued by such companies may suffer a

decline in response. These factors contribute to price volatility, which is the

principal risk of investing in the Fund.



The Fund is also subject to the risk that small-capitalization stocks may

underperform other segments of the equity market or the equity market as a

whole. The small-capitalization companies that the Fund invests in may be more

vulnerable to adverse business or economic events than larger, more established

companies. In particular, these small-cap companies may have limited product

lines, markets and financial resources, and may depend upon a relatively small

management group. Therefore, small-cap stocks may be more volatile than those of

larger companies. These securities may be traded over-the-counter or listed on

an exchange.



Because the Fund may invest in ADRs, it is subject to some of the same risks as

direct investments in foreign companies. These include the risk that political

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

their issuers. These events will not necessarily affect the U.S. economy or

similar issuers located in the United States. If the Fund holds unsponsored ADRs

it will generally bear all of the costs of the unsponsored facility. The

depository of an unsponsored facility is frequently under no obligation to

distribute shareholder communications received from the issuer of the deposited

security or to pass through, to the holders of the receipts, voting rights with

respect to the deposited securities. The depository of unsponsored depositary

receipts may provide less information to receipt holders.



The Fund's investments in derivative instruments, including futures contracts,

put and call options, and swaps, may be leveraged and result in losses exceeding

the amounts invested. An option is a type of derivative instrument that gives

the holder the right (but not the obligation) to buy (a "call") or sell (a

"put") an asset in the near future at an agreed upon price prior to the

expiration date of the option. The Fund may "cover" a call option by owning the

security underlying the option or through other means. The value of options can

be highly volatile, and their use can result in loss if the Adviser is incorrect

in its expectation of price fluctuations.



The Fund may frequently trade its portfolio securities. High portfolio turnover

will cause the Fund to incur higher brokerage commissions and transaction costs,

which could lower the Fund's performance. In addition to lower performance, high

portfolio turnover could result in taxable capital gains.

PERFORMANCE INFORMATION

The bar chart and the performance table 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. On February 8, 2010, substantially all of the assets of the

Perimeter Small Cap Growth Fund, a portfolio of The Advisors' Inner Circle Fund

II (the "Predecessor Fund"), were transferred to the Fund in a tax-free

reorganization (the "Reorganization"). As a result of the Reorganization, the

performance and accounting history of the Predecessor Fund prior to the date of

the Reorganization was assumed by the Fund and the Fund's fiscal year end

changed from July 31 to August 31. The performance information shown below for

periods prior to February 8, 2010 is that of the I Shares of the Predecessor

Fund, which commenced operations on December 31, 2007. The bar chart assumes

reinvestment of dividends and distributions. Total returns would have been lower

had certain fees and expenses not been waived or reimbursed. Past performance

(before and after taxes) does not necessarily indicate how the Fund will perform

in the future. Updated performance information is available at

www.perimetercap.com or 1-888-968-4964.

TOTAL RETURNS FOR THE CALENDAR YEARS ENDED DECEMBER 31 I Class Shares

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

above)



Best Quarter:                      Worst Quarter:

22.95%                             (26.39)%

(quarter ended June 30, 2009)      (quarter ended December 31, 2008)



Year to Date Total Return as of September 30, 2011: (17.81)%

Average Annual Total Returns

This table compares the average annual total returns of the Fund's I Shares for

the calendar year ended December 31, 2010 and since inception to those of the

Russell 2000® Growth Index. The returns shown below for periods prior to the

Reorganization on February 8, 2010 are for the Predecessor Fund.

Average Annual Total Returns Perimeter Small Cap Growth Fund	Average Annual Returns, Label		Average Annual Returns, 1 Year	Average Annual Returns, 3 Years	Average Annual Returns, Since Inception		Average Annual Returns, Since Inception Secondary
I Shares	Fund Returns Before Taxes		25.49%	0.26%	0.26%	[1]
I Shares After Taxes on Distributions	Fund Returns After Taxes on Distributions	[2]	25.49%	0.26%	0.26%	[1]
I Shares After Taxes on Distributions and Sales	Fund Returns After Taxes on Distributions and Sale of Fund Shares	[2]	16.57%	0.22%	0.22%	[1]
Russell 2000® Growth Index	Russell 2000® Growth Index (reflects no deduction for fees, expenses or taxes)	[3]	29.09%	2.18%			2.18%	[3]

[1] The Adviser has contractually agreed to waive its advisory fee and/or reimburse expenses in order to limit Total Annual Fund Operating Expenses (excluding certain items discussed below) to 1.10% of the Fund's average daily net assets attributable to I Shares. 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 1.10%: acquired fund fees and expenses, brokerage commissions, extraordinary items, interest or 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. If at any time during the first three years the Advisory Agreement is in effect, the Fund's Total Annual Fund Operating Expenses for that year are less than 1.10%, the Adviser may recoup any waived amount from the Fund if such reimbursement does not cause the Fund to exceed existing expense limitations.

[1] I Shares of the Fund commenced operations on December 31, 2007.

[2] 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. Your actual after-tax returns will depend on your 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.

[3] The Russell 2000® Growth Index measures the performance of those Russell 2000® companies with higher price-to-book ratios and higher forecasted growth values. The Russell 2000® Index is a widely-recognized, capitalization-weighted index that measures the performance of the smallest 2,000 companies in the Russell 3000® Index. As of November 30, 2011, the market capitalization range of the companies in the Russell 2000 Growth Index was between $29 million and $3.7 billion.