Supplement dated November 12, 1998
to the Prospectus dated April 20, 1998
of
Exeter Fund, Inc.
Small Cap Series
Energy Series
Technology Series
Financial Services Series
International Series
Life Sciences Series
Global Fixed Income Series
World Opportunities Series
The prospectus is hereby amended and supplemented as follows:
In addition to the Small Cap Series and World Opportunities Series, the
International Series will now also be available to investors who purchase
their shares directly from Manning & Napier Investor Services, Inc. (the
Distributor).
The following information on Purchases and Exchanges applies to series
purchased directly from the Distributor:
PURCHASES
The minimum initial investment in each class of the Series is $2,000 and
subsequent purchases must be at least $100. The minimum initial investment is
waived for participants in the Automatic Investment Plan (see Automatic
Investment Plan below) and for shareholders who purchase shares through
Financial Intermediaries that provide sub-accounting services to the Fund.
The Distributor reserves the right to waive these minimum initial or
subsequent investment requirements in its sole discretion. The Distributor
has the right to refuse any order.
A purchase order will be effective as of the day received by the
Distributor, Transfer Agent, or its agents, if the order is received before
the time that the Fund calculates net asset values (normally, 4:00 p.m.
Eastern time) by the Distributor, Transfer Agent, or its agents. Payment may
be made by check or readily available funds. The purchase price of shares of
each Class of the Series is the net asset value next determined after a
purchase order is effective.
The shares of the Series may be purchased in exchange for securities to
be included in the Series, subject to the Advisors determination that these
securities are acceptable. Securities accepted in an exchange will be valued
at market value. All accrued interest and purchase or other rights which are
reflected in the market price of accepted securities at the time of valuation
become the property of the Series and must be delivered by the shareholder to
the Series upon receipt from the issuer.
The Advisor will not accept securities in exchange for shares of a Series
unless (1) such securities are appropriate in the Series at the time of the
exchange; (2) the shareholder represents and agrees that all securities
offered to the Series are not subject to any restrictions upon their sale by
the Series under the Securities Act of 1933, or otherwise; and (3) prices are
available from an independent pricing service approved by the Funds Board of
Directors.
AUTOMATIC INVESTMENT PLAN
Shareholders may purchase shares regularly through the Automatic
Investment Plan with a pre-authorized draft drawn on a checking account.
Under this plan, the shareholder may elect to have a specified amount invested
on a regular schedule. The minimum amount of each automatic investment is
$25. The amount specified by the shareholder will be withdrawn from the
shareholders bank account using the pre-authorized draft. This amount will be
invested at the applicable share price determined on the date the amount is
available for investment. Participation in the Automatic Investment Plan may
be discontinued either by the Fund or the shareholder upon 30 days prior
written notice to the other party. A shareholder who wishes to enroll in the
Automatic Investment Plan may do so by completing the applicable section of
the Account Application Form or contacting the Fund for an Automatic
Investment Plan Form.
EXCHANGES BETWEEN SERIES
As permitted pursuant to any rule, regulation or order promulgated by the
Securities and Exchange Commission, some or all of the shares of a Class in an
account for which payment has been received by the Fund may be exchanged for
shares of the same Class of any of the other Series of the Exeter Fund, Inc.
that offer that Class at the net asset value next determined after an exchange
order is effective. Shareholders may effect up to 4 exchanges in a 12-month
period without charge. Subsequent exchanges are subject to a fee of $15.
Exchanges will be made after instructions in writing or by telephone are
received by the Transfer Agent in proper form (i.e., if in writing - signed by
the record owner(s) exactly as the shares are registered; if by telephone -
proper account identification is given by the shareholder) and each exchange
must involve either shares having an aggregate value of at least $1,000 or all
the shares in the account. A shareholder must have received, and should read
carefully, the prospectus of the other Series and consider the differences in
objectives and policies before making any exchange. The exchange privilege
may not be available in all states. For federal and state income tax
purposes, an exchange is treated as a sale of the shares exchanged, and
therefore an exchange could result in a gain or loss to the shareholder making
the exchange. The Series may modify or terminate this exchange offer upon 60
days notice to shareholders subject to applicable law.
DATE: November 12, 1998
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE
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