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SENECA FUNDS
SUPPLEMENT DATED JUNE 26, 1997 TO STATEMENT OF
ADDITIONAL INFORMATION DATED OCTOBER 31, 1996,
AS AMENDED JANUARY 2, 1997
Changes to Board of Trustees
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Effective May 6, 1997, Victor Guinasso and Ronald K. Jacks resigned as
Trustees of the Funds, and the authorized number of Trustees of the Funds was
reduced from 7 to 5. Mr. Guinasso, an independent Trustee, stepped down due to
the demands of his other business commitments. Mr. Jacks, the Secretary of the
Funds and a portfolio manager of GMG/Seneca LLC, resigned so that the
independent Trustees would continue to constitute a majority of the Board, as
required by the 1940 Act.
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