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<PAGE> PAGE 12
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<PAGE> PAGE 13
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SIGNATURE SHEILA TWIBLE
TITLE ASST. VICE PRESIDENT
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 30334
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 160997
<AVERAGE-NET-ASSETS> 7752186
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0.00
<PER-SHARE-GAIN-APPREC> 3.63
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
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<PER-SHARE-NAV-END> 13.63
<EXPENSE-RATIO> 1.46
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001005020
<NAME> SENECA GROWTH FUND
<SERIES>
<NUMBER>
<NAME> CLASS B
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-START> MAR-10-1996
<PERIOD-END> SEP-30-1996
<INVESTMENTS-AT-COST> 13766640
<INVESTMENTS-AT-VALUE> 14386059
<RECEIVABLES> 47377
<ASSETS-OTHER> 69603
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 14503039
<PAYABLE-FOR-SECURITIES> 1058666
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 58447
<TOTAL-LIABILITIES> 1117113
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 11750432
<SHARES-COMMON-STOCK> 940105
<SHARES-COMMON-PRIOR> 1250
<ACCUMULATED-NII-CURRENT> 50611
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 965464
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 619419
<NET-ASSETS> 13385926
<DIVIDEND-INCOME> 39023
<INTEREST-INCOME> 29201
<OTHER-INCOME> 0
<EXPENSES-NET> (35898)
<NET-INVESTMENT-INCOME> 32326
<REALIZED-GAINS-CURRENT> 965464
<APPREC-INCREASE-CURRENT> 619419
<NET-CHANGE-FROM-OPS> 1617209
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 944161
<NUMBER-OF-SHARES-REDEEMED> (5306)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 1617209
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
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<AVERAGE-NET-ASSETS> 7752186
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0.03
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<PER-SHARE-NAV-END> 13.74
<EXPENSE-RATIO> 0.81
<AVG-DEBT-OUTSTANDING> 0
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001005020
<NAME> SENECA MID-CAP EDGE FUND
<SERIES>
<NUMBER>
<NAME> CLASS A
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-START> MAR-10-1996
<PERIOD-END> SEP-30-1996
<INVESTMENTS-AT-COST> 8720987
<INVESTMENTS-AT-VALUE> 9738762
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<TOTAL-ASSETS> 9837613
<PAYABLE-FOR-SECURITIES> 1005824
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 48640
<TOTAL-LIABILITIES> 1054464
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 7665195
<SHARES-COMMON-STOCK> 90756
<SHARES-COMMON-PRIOR> 1250
<ACCUMULATED-NII-CURRENT> 22765
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 77414
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1017775
<NET-ASSETS> 8783149
<DIVIDEND-INCOME> 3223
<INTEREST-INCOME> 23592
<OTHER-INCOME> 0
<EXPENSES-NET> (22200)
<NET-INVESTMENT-INCOME> 4615
<REALIZED-GAINS-CURRENT> 77414
<APPREC-INCREASE-CURRENT> 1017775
<NET-CHANGE-FROM-OPS> 1099804
<EQUALIZATION> 0
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<NUMBER-OF-SHARES-SOLD> 104231
<NUMBER-OF-SHARES-REDEEMED> (14725)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 1099804
<ACCUMULATED-NII-PRIOR> 0
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<OVERDISTRIB-NII-PRIOR> 0
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<GROSS-EXPENSE> 140511
<AVERAGE-NET-ASSETS> 4123195
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> (0.01)
<PER-SHARE-GAIN-APPREC> 4.94
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 14.93
<EXPENSE-RATIO> 1.55
<AVG-DEBT-OUTSTANDING> 0
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001005020
<NAME>SENECA MID-CAP EDGE FUND
<SERIES>
<NUMBER>
<NAME> CLASS B
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-START> MAR-10-1996
<PERIOD-END> SEP-30-1996
<INVESTMENTS-AT-COST> 8720987
<INVESTMENTS-AT-VALUE> 9738762
<RECEIVABLES> 36813
<ASSETS-OTHER> 62038
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 9837613
<PAYABLE-FOR-SECURITIES> 1005824
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 48640
<TOTAL-LIABILITIES> 1054464
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 7665195
<SHARES-COMMON-STOCK> 496095
<SHARES-COMMON-PRIOR> 1250
<ACCUMULATED-NII-CURRENT> 22765
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 77414
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1017775
<NET-ASSETS> 8783149
<DIVIDEND-INCOME> 3223
<INTEREST-INCOME> 23592
<OTHER-INCOME> 0
<EXPENSES-NET> (22200)
<NET-INVESTMENT-INCOME> 4615
<REALIZED-GAINS-CURRENT> 77414
<APPREC-INCREASE-CURRENT> 1017775
<NET-CHANGE-FROM-OPS> 1099804
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
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<NUMBER-OF-SHARES-SOLD> 509221
<NUMBER-OF-SHARES-REDEEMED> (14376)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 1099804
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
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<GROSS-ADVISORY-FEES> 18471
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 140511
<AVERAGE-NET-ASSETS> 4123195
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0.01
<PER-SHARE-GAIN-APPREC> 4.96
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<PER-SHARE-NAV-END> 14.97
<EXPENSE-RATIO> 0.90
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001005020
<NAME> SENECA REAL ESTATE FUND
<SERIES>
<NUMBER>
<NAME> CLASS A
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-START> MAR-12-1996
<PERIOD-END> SEP-30-1996
<INVESTMENTS-AT-COST> 1259149
<INVESTMENTS-AT-VALUE> 1323315
<RECEIVABLES> 112238
<ASSETS-OTHER> 64403
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<TOTAL-ASSETS> 1499956
<PAYABLE-FOR-SECURITIES> 162109
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 42284
<TOTAL-LIABILITIES> 204393
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1215584
<SHARES-COMMON-STOCK> 20085
<SHARES-COMMON-PRIOR> 1250
<ACCUMULATED-NII-CURRENT> 18381
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (2568)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 64166
<NET-ASSETS> 1295563
<DIVIDEND-INCOME> 9376
<INTEREST-INCOME> 1258
<OTHER-INCOME> 0
<EXPENSES-NET> (2133)
<NET-INVESTMENT-INCOME> 8501
<REALIZED-GAINS-CURRENT> (2568)
<APPREC-INCREASE-CURRENT> 64166
<NET-CHANGE-FROM-OPS> 70099
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1227)
<DISTRIBUTIONS-OF-GAINS> 0
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<NUMBER-OF-SHARES-SOLD> 18779
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 56
<NET-CHANGE-IN-ASSETS> 70099
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
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<PER-SHARE-DIVIDEND> (0.13)
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<PER-SHARE-NAV-END> 11.08
<EXPENSE-RATIO> 1.65
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001005020
<NAME> SENECA REAL ESTATE FUND
<SERIES>
<NUMBER>
<NAME> CLASS B
<S> <C>
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<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-START> MAR-12-1996
<PERIOD-END> SEP-30-1996
<INVESTMENTS-AT-COST> 1259149
<INVESTMENTS-AT-VALUE> 1323315
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<TOTAL-ASSETS> 1499956
<PAYABLE-FOR-SECURITIES> 162109
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 42284
<TOTAL-LIABILITIES> 204393
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1215584
<SHARES-COMMON-STOCK> 96708
<SHARES-COMMON-PRIOR> 1250
<ACCUMULATED-NII-CURRENT> 18381
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (2568)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 64166
<NET-ASSETS> 1295563
<DIVIDEND-INCOME> 9376
<INTEREST-INCOME> 1258
<OTHER-INCOME> 0
<EXPENSES-NET> (2133)
<NET-INVESTMENT-INCOME> 8501
<REALIZED-GAINS-CURRENT> (2568)
<APPREC-INCREASE-CURRENT> 64166
<NET-CHANGE-FROM-OPS> 70099
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (7178)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 94875
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 583
<NET-CHANGE-IN-ASSETS> 70099
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1630
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 109355
<AVERAGE-NET-ASSETS> 346844
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0.13
<PER-SHARE-GAIN-APPREC> 1.10
<PER-SHARE-DIVIDEND> (0.13)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 11.10
<EXPENSE-RATIO> 1.00
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
[DESCRIPTION]
INDEPENDENT AUDITORS REPORT
To the Board of Trustees
of Seneca Funds:
In planning and performing our audits of the financial statements of the
Seneca Funds comprising Seneca Growth Fund, Seneca Mid-Cap Edge Fund,
Seneca Bond Fund, and Seneca Real Estate Securities Fund (the Funds) for
the periods ended September 30, 1996 (on which we have issued our report
dated October 22, 1996), we considered its internal control structure,
including procedures for safeguarding securities, in order to determine our
auditing procedures for the purpose of expressing our opinion on the
financial statements and to comply with the requirements of Form N-SAR, not
to provide assurance on the internal control structure.
The management of the Funds is responsible for establishing and maintaining
an internal control structure. In fulfilling this responsibility, estimates
and judgments by management are required to assess the expected benefits and
related costs of internal control structure policies and procedures. Two of
the objectives of an internal control structure are to provide management
with reasonable, but not absolute, assurance that assets are safeguarded
against loss from unauthorized use or disposition and that transactions are
executed in accordance with managements authorization and recorded properly
to permit preparation of the financial statements in conformity with
generally accepted accounting principles.
Because of inherent limitations in any internal control structure, errors or
irregularities may occur and not be detected. Also, projection of any
evaluation of the structure to future periods is subject to the risk that it
may become inadequate because of changes in conditions or that the
effectiveness of the design and operation may deteriorate.
Our consideration of the internal control structure would not necessarily
disclose all matters in the internal control structure that might be
material weaknesses under standards established by the American Institute of
Certified Public Accountants. A material weakness is a condition in which
the design or operation of the specific internal control structure elements
does not reduce to a relatively low level the risk that errors or
irregularities, in amounts that would be material in relation to the
financial statements being audited, may occur and not be detected within a
timely period by employees in the normal course of performing their assigned
functions. However, we noted no matters involving the internal control
structure, including procedures for safeguarding securities, that we
consider to be material weaknesses as defined above as of September 30,
1996.
This report is intended solely for the information and use of the Board of
Trustees, management and the Securities and Exchange Commission.
October 22, 1996
- - 2 -
