EXPENSE LIMITATION AGREEMENT

     This agreement is made as of the 10th day of March, 2003 by and between
EXETER FUND, INC., a Maryland Corporation (the "Fund"), and MANNING & NAPIER
ADVISORS, INC., a New York Corporation (the "Advisor"), with respect to the
following:

     WHEREAS, the Advisor serves as the investment advisor to certain of the
Fund's Series, as listed on Schedule A, pursuant to an Investment Advisory
Agreement dated April 30, 1993; and

     WHEREAS, the Fund and the Advisor desire to enter into a contractual fee
waiver arrangement for a period BEGINNING AS OF THE INCEPTION of the High Yield
Bond Series and ending on February 28, 2004;

     NOW THERETOFORE, in consideration of the mutual covenants herein contained
and other good and valuable consideration, the receipt whereof is hereby
acknowledged, the parties hereto agree as follows:

1.     The Advisor agrees to waive its fee and/or reimburse expenses so that
each Series' total annual fund operating expenses do not exceed the amounts
listed on Schedule A for a period beginning on the Series' inception and ending
on February 28, 2004;

2.     Upon the termination of the Investment Advisory Agreement this Agreement
shall automatically terminate.

3.     Any question of interpretation of any term or provision of this Agreement
having a counterpart in or otherwise derived from a term or provision of the
1940 Act shall be resolved by reference to such term or provision of the 1940
Act and to interpretations thereof, if any, by the United States Courts or in
the absence of any controlling decision of any such court, by rules, regulations
or orders of the SEC issued pursuant to said Act.  In addition, where the effect
of a requirement of the 1940 Act reflected in any provision of this Agreement is
revised by rule, regulation or order of the SEC, such provision shall be deemed
to incorporate the effect of such rule, regulation or order.  Otherwise the
provisions of this Agreement shall be interpreted in accordance with the laws of
Maryland.

     IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
executed in duplicate by their respective officers as of the day and year first
above written.

[SEAL]


EXETER FUND, INC.



by: /s/ B. Reuben Auspitz
                    By: B. Reuben Auspitz
                              Title: Vice-President



MANNING & NAPIER ADVISORS, INC.



by: /s/ Michelle Thomas
                    By: Michelle Thomas
                              Title: Corporate Secretary


                                   SCHEDULE A

Series                          Expense Limitation
High Yield Bond Series               1.20%