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ROBECO WPG SMALL/MICRO CAP VALUE FUND (Prospectus Summary) | ROBECO WPG SMALL/MICRO CAP VALUE FUND
SUMMARY SECTION
Investment Objective 
The Fund seeks capital appreciation by investing primarily in common stocks,

securities convertible into common stocks and in special situations.
Expenses and Fees 
This table describes the fees and expenses that you may pay if you buy and hold

Institutional Class shares of the Fund.
Shareholder Fees (fees paid directly from your investment)
Shareholder Fees
ROBECO WPG SMALL/MICRO CAP VALUE FUND
INSTITUTIONAL
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 60 days, if applicable) 2.00%
Exchange fee (as a percentage of amount exchanged on shares held for less than 60 days, if applicable) 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
ROBECO WPG SMALL/MICRO CAP VALUE FUND
INSTITUTIONAL
Management fees 0.90%
Distribution (12b-1) fees none
Other expenses 0.82%
Total annual Fund operating expenses 1.72%
Fee waivers and expense reimbursements [1] (0.02%)
Net expenses 1.70%
[1] The Fund's investment adviser, Robeco Investment Management, Inc. ("Robeco") has contractually agreed to waive a portion of its advisory fee and/or reimburse expenses in an aggregate amount equal to the amount by which the Total Annual Fund Operating Expenses (excluding certain items discussed below) for the Fund's Institutional Class exceeds 1.70% of the average daily net assets attributable to the Fund's Institutional Class shares. In determining Robeco'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 1.70%: acquired fund fees and expenses, short sale dividend 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. Robeco may not recoup any of its waived investment advisory fee.
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 all

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

investment has a 5% return each year and that the operating expenses of the Fund

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
ROBECO WPG SMALL/MICRO CAP VALUE FUND INSTITUTIONAL
 173 540 931 2,029
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 fiscal year ended August 31, 2011, the portfolio

turnover rate for the Fund was 85%.
Summary of Principal Investment Strategies 
Currently, the Fund pursues its objective by investing, under normal

circumstances, at least 80% of its net assets (including borrowings for

investment purposes) in equity securities of U.S. companies, that, at the time

of purchase, have a market capitalization that is within the range of the market

capitalization of issuers in the Russell 2000® Index. As of November 30, 2011,

the median market capitalization of the companies in the Russell 2000® Index is

$468 million and the largest stock is $3.7 billion.



Although the Fund invests primarily in common stocks, the Fund may invest in all

types of equity and equity-related securities, including (without limitation):



o Securities convertible into common stocks.



o Shares of real estate investment trusts ("REITs").



o Warrants and rights to purchase common stocks.



o Preferred stocks.



o Exchange traded limited partnerships.



Special Situations: The Fund may invest in companies that may experience unusual

and possibly unique developments which may create a special opportunity for

significant returns. Special situations include: significant technological

improvements or important discoveries; reorganizations, recapitalizations or

mergers; favorable resolutions of litigation; new management or material changes

in company policies; and actual or potential changes in control of a company.



Strategies: Robeco uses a value approach to select the Fund's investments. Using

this investment style, Robeco seeks securities selling at substantial discounts

to their underlying values and then holds these securities until the market

values reflect what Robeco believes to be their intrinsic values. Robeco employs

a bottom-up strategy, focusing on undervalued industries that Robeco believes

are experiencing positive change. Robeco then uses both qualitative and

quantitative methods to assess a security's potential value. The portfolio

managers managing the Fund meet with a multitude of companies annually to

identify companies with increasing returns on capital in their core businesses

which are selling at attractive valuations.



Factors Robeco looks for in selecting investments include (without limitation):



o Increasing returns on invested capital.



o Companies who have demonstrated an ability to generate high return on invested

capital (ROIC).



o Companies which provide solid cash flows with appropriate capital.



o Potential catalysts such as new products, cyclical upturns and changes in

management.



o Low market valuations relative to earnings forecast, book value, cash flow and

sales.
Summary of Principal Risks 
o Market Risk. The net asset value ("NAV") of the Fund will change with changes

in the market value of its portfolio positions. Investors may lose money.

Although the Fund will invest in stocks Robeco believes to be undervalued, there

is no guarantee that the price of these stocks will not move even lower.



o Management Risk. The Fund is subject to the risk of poor stock selection. In

other words, the individual stocks in the Fund may not perform as well as

expected, and/or the Fund's portfolio management practices do not work to

achieve their desired result.



o Small Cap Companies Risk. The small capitalization equity securities in which

the Fund may invest will often be traded only in the over-the-counter market or

on a regional securities exchange, may be listed only in the quotation service

commonly known as the "pink sheets," and may not be traded every day or in the

volume typical of trading on a national securities exchange. These securities

may also be subject to wide fluctuations in market value. The trading market for

any given small capitalization equity security may be sufficiently small as to

make it difficult for the Fund to dispose of a substantial block of such

securities. The sale by the Fund of portfolio securities to meet redemptions may

require the Fund to sell its small capitalization securities at a discount from

market prices or during periods when, in Robeco's judgment, such sale is not

desirable. Moreover, the lack of an efficient market for these securities may

make them difficult to value.



o Convertible Securities Risk. Securities that can be converted into common

stock, such as certain securities and preferred stock, are subject to the usual

risks associated with fixed income investments, such as interest rate risk and

credit risk. In addition, because they react to changes in the value of the

equity securities into which they will convert, convertible securities are also

subject to the risks associated with equity securities.



o REITs Risk. REITs may be affected by economic forces and other factors related

to the real estate industry. Investing in REITs may involve risks similar to

those associated with investing in small capitalization companies. REITs may

have limited financial resources, may trade less frequently and in a limited

volume and may be subject to more abrupt or erratic price movements than larger

company securities. Historically, small capitalization stocks, such as REITs,

have been more volatile in price than the larger capitalization stocks included

in the S&P 500® Index.



o Special Situations Risk. The Fund will seek to benefit from "special

situations," such as mergers, reorganizations, or other unusual events expected

to affect a particular issuer. There is a risk that the "special situation"

might not occur or involve longer time frames than originally expected, which

could have a negative impact on the price of the issuer's securities and fail to

produce gains or produce a loss for the Fund.



o Rights and Warrants Risk. The purchase of rights or warrants involves the risk

that the Fund could lose the purchase value of a right or warrant if the right

to subscribe to additional shares is not executed prior to the right's or

warrant's expiration. Also, the purchase of rights and/or warrants involves the

risk that the effective price paid for the right and/or warrant added to the

subscription price of the related security may exceed the value of the

subscribed security's market price such as when there is no movement in the

level of the underlying security.
Performance Information 
The bar chart and table below illustrate the long-term performance of the Robeco

WPG Small/Micro Cap Value Fund's Institutional Class. The performance for

periods prior to April 29, 2005 represents the performance of the WPG Tudor Fund

(the "Predecessor Fund"). The Predecessor Fund began operations on September 11,

1985. On April 29, 2005, the Predecessor Fund was reorganized as a new portfolio

of the Company. Prior to the reorganization, the Predecessor Fund offered only

one class of shares. In connection with the reorganization, shareholders of the

Predecessor Fund exchanged their shares for Institutional Class shares of the

Fund.



The bar chart below shows you how the performance of the Fund's Institutional

Class has varied year to year and provides some indication of the risks of

investing in the Fund. The bar chart assumes reinvestment of dividends and

distributions. As with all such investments, past performance (before and after

taxes) 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.robecoinvest.com or

1-888-261-4073.
Total Returns for the Calendar Years Ended December 31
Bar Chart 
Best and Worst Quarterly Performance (for the periods reflected in the chart

above):



Best Quarter: 28.51% (quarter ended June 30, 2009)



Worst Quarter: (30.21)% (quarter ended December 31, 2008)



Year-to-date total return for the nine months ended September 30, 2011: (23.13)%
Average Annual Total Returns 
The table below compares the average annual total returns for the Fund's

Institutional Class both before and after taxes for the past calendar year, past

five calendar years and past 10 calendar years to the average annual total

returns of a broad-based securities market index for the same periods.
Average Annual Total Returns (for the Periods Ended December 31, 2010) [1]
Average Annual Total Returns ROBECO WPG SMALL/MICRO CAP VALUE FUND
Average Annual Returns, Label
Average Annual Returns, 1 Year
Average Annual Returns, 5 Years
Average Annual Returns, 10 Years
INSTITUTIONAL
 Return Before Taxes 26.10% 4.59% 2.97%
INSTITUTIONAL After Taxes on Distributions
 Return After Taxes on Distributions [1] 26.10% 3.21% 1.55%
INSTITUTIONAL After Taxes on Distributions and Sales
 Return After Taxes on Distributions and Sale of Shares 16.96% 3.35% 1.85%
Russell 2000® Value Index
 Russell 2000® Value Index (reflects no deduction for fees, expenses or taxes) [2] 24.50% 3.52% 8.42%
[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. The table, like the bar chart, provides some indication of the risks of investing in the Fund by showing how the Fund's average annual total returns for the one year, five year, and since inception periods compare with those of a broad measure of market performance.
[2] The Russell 2000® Value Index measures the performance of those Russell 2000® Index companies with lower price-to-book ratios and lower forecasted growth values. As of November 30, 2011, the median market capitalization of the companies in the Russell 2000® Index is $468 million and the largest stock is $3.7 billion. Please note that this range is as of a particular point in time and is subject to change. The Index is unmanaged and cannot be invested in directly.
[1] The performance record prior to August 18, 2003 was achieved under the Predecessor Fund's growth-related strategy.