RNC MUTUAL FUND GROUP, INC.
SUPPLEMENT TO THE PROSPECTUS
DATED JANUARY 15, 1998
SUPPLEMENT DATED FEBRUARY 19, 1998
Bank Austria America, the indirect parent holding company for the Funds'
Adviser, RNC Capital Management Co. ("RNC"), has agreed to sell its interest in
RNC to a new limited liability company formed by the Adviser's chief executive
officer. This buy-back transaction is expected to be consummated on March 31,
1998. The proposed change in the Adviser's ownership is not expected to change
either the fee structure, portfolio management or day-to-day operations of the
Funds, but it will require action on the part of the Funds' Directors and each
Fund's shareholders. A proxy statement describing the proposed buy-back will be
available shortly.