Supplement dated November 10, 1998
to the Statement of Additional Information
dated February 27, 1998
of the Exeter Fund, Inc.
Blended Asset Series I
Blended Asset Series II
Flexible Yield Series I
Flexible Yield Series II
Flexible Yield Series III
Tax Managed Series
Defensive Series
Maximum Horizon Series
The Statement of Additional Information dated February 27, 1998 is hereby
amended and supplemented as follows. The following paragraph will appear
under "Risk and Investment Policies" on page B-2:
Year 2000 Technology Risk
Like most investment companies, the Fund and the Series rely on computers
in conducting daily business and processing information. There is a concern
that on January 1, 2000 some computer programs will be unable to recognize the
new year and as a consequence computer malfunctions will occur. The Advisor
is taking steps that it believes are reasonably designed to address this
potential problem and to obtain satisfactory assurance from other service
providers to the Fund and Series that they are also taking steps to address
the issue. There can, however, be no assurance that these steps will be
sufficient to avoid any adverse impact of the Fund, the Series or
shareholders.
Dated: November 10, 1998
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