<PAGE> PAGE 1
000 B000000 09/30/97
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002 B000000 SAN FRANCISCO
002 C000000 CA
002 D010000 94133
003 000000 N
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007 C020200 SENECA MID-CAP "EDGE" FUND
007 C030200 N
007 C010300 3
007 C020300 SENECA BOND FUND
007 C030300 N
007 C010400 4
007 C020400 SENECA REAL ESTATE SECURITIES FUND
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007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
008 A00AA01 GMG/SENECA CAPITAL MANAGEMENT. L.P.
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010 A00AA01 GMG/SENECA CAPITAL MANAGEMENT L.P.
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<PAGE> PAGE 2
010 A00AA02 STATE STREET BANK AND TRUST COMPANY
010 C01AA02 NORTH QUINCY
010 C02AA02 MA
010 C03AA02 02171
011 A00AA01 GENESIS MERCHANT GROUP SECURITIES, LLC
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011 C01AA01 SAN FRANCISCO
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011 A00AA02 SENECA DISTRIBUTORS LLC
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012 A00AA01 INVESTOR FIDUCIARY TRUST COMPANY
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012 C01AA01 KANSAS CITY
012 C02AA01 MO
012 C03AA01 64105
013 A00AA01 DELOITTE & TOUCHE, LLP
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015 A00AA01 INVESTOR FIDUCIARY TRUST COMPANY
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<PAGE> PAGE 3
015 A00AA06 GENERALE BANK
015 B00AA06 S
015 C01AA06 BRUSSELS
015 D01AA06 BELGIUM
015 E04AA06 X
015 A00AA07 BARCLAYS BANK OF BOTSWANA LTD.
015 B00AA07 S
015 C01AA07 GABORONE
015 D01AA07 BOTSWANA
015 E04AA07 X
015 A00AA08 CITIBANK, N.A.
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015 D01AA08 BRAZIL
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015 C01AA09 TORONTO
015 D01AA09 CANADA
015 E04AA09 X
015 A00AA10 CITIBANK, N.A.
015 B00AA10 S
015 C01AA10 SANTIAGO
015 D01AA10 CHILE
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015 A00AA11 THE HONGKONG AND SHANGHAI BANKING CORP. LTD.
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015 D01AA11 CHINA
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015 A00AA12 THE HONGKONG AND SHANGHAI BANKING CORP. LTD.
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015 C01AA12 SHENZHEN
015 D01AA12 CHINA
015 E04AA12 X
015 A00AA13 CITITRUST COLOMBIA S.A.
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015 E04AA13 X
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015 D01AA14 CYPRUS
015 E04AA14 X
015 A00AA15 CESKOSLOVENSKA OBCHODNI BANKA, A.S.
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015 C01AA15 PRAGUE
015 D01AA15 CZECH REPUBLIC
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<PAGE> PAGE 4
015 B00AA16 S
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015 D01AA16 DENMARK
015 E04AA16 X
015 A00AA17 NATIONAL BANK OF EGYPT
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015 C01AA18 HELSINKI
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015 E04AA18 X
015 A00AA19 BANQUE PARIBAS
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015 D01AA19 FRANCE
015 E04AA19 X
015 A00AA20 BERLINER HANDELSUND FRANKFURTER BANK
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015 D01AA20 GERMANY
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015 A00AA21 BARCLAYS BANK OF GHANA LTD.
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015 A00AA22 NATIONAL BANK OF GREECE S.A.
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<PAGE> PAGE 5
015 C01AA26 JAKARTA
015 D01AA26 INDONESIA
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015 A00AA27 BANK OF IRELAND
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015 D01AA29 ITALY
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015 A00AA30 SUMITOMO TRUST & BANKING CO., LTD.
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<PAGE> PAGE 6
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015 A00AA38 ANZ BANKING GROUP (NEW ZEALAND) LTD.
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015 A00AA39 CHRISTIANIA BANK OF KREDITKASSE
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015 C01AA39 OSLO
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015 A00AA40 DEUTSCHE BANK AG
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015 A00AA41 CITIBANK N.A.
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015 A00AA42 STANDARD CHARTERED BANK
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015 A00AA43 CITIBANK POLAND S.A.
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015 C01AA44 LISBON
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015 A00AA45 THE DEVELOPMENT BANK OF SINGAPORE LTD.
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015 A00AA46 STANDARD BANK OF SOUTH AFRICA LIMITED
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<PAGE> PAGE 7
015 E04AA46 X
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015 A00AA48 THE HONGKONG AND SHANGHAI BANKING CORP. LTD
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<PAGE> PAGE 8
015 A00AA57 CITIBANK, N.A.
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 18
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<PAGE> PAGE 19
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<PAGE> PAGE 20
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025 A000301 DONALDSON, LUFKIN & JENRETTE
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<PAGE> PAGE 21
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<PAGE> PAGE 22
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<PAGE> PAGE 23
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<PAGE> PAGE 24
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<PAGE> PAGE 25
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<PAGE> PAGE 26
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<PAGE> PAGE 27
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<PAGE> PAGE 28
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SIGNATURE BILL BESTON
TITLE ASST. VICE PRESIDENT
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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[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 (collectively
the "Funds"), comprising Seneca Funds, for the periods ended September 30,
1997 (on which we have issued our report dated November 5, 1997), 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 management's 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,
1997.
This report is intended solely for the information and use of the Board of
Trustees, management and the Securities and Exchange Commission.
Deloitte & Touche L.L.P.
November 5, 1997
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