<PAGE> PAGE 1
000 B000000 12/31/94
000 C000000 752372
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000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
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000 J000000 A
001 A000000 SELIGMAN HIGH INCOME FUND SERIES
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001 C000000 2128501864
002 A000000 100 PARK AVENUE
002 B000000 NEW YORK
002 C000000 NY
002 D010000 10017
003 000000 N
004 000000 N
005 000000 N
006 000000 N
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007 B000000 2
007 C010100 1
007 C020100 U.S. GOVERNMENT SECURITIES SERIES
007 C030100 N
007 C010200 2
007 C010300 3
007 C020300 HIGH-YIELD BOND SERIES
007 C030300 N
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
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008 B00AA01 A
008 C00AA01 801-15798
008 D01AA01 NEW YORK
008 D02AA01 NY
008 D03AA01 10017
011 A00AA01 SELIGMAN FINANCIAL SERVICES, INC.
011 B00AA01 8-25845
011 C01AA01 NEW YORK
011 C02AA01 NY
011 C03AA01 10017
012 A00AA01 SELIGMAN DATA CORP.
012 B00AA01 84-1895
012 C01AA01 NEW YORK
012 C02AA01 NY
<PAGE> PAGE 2
012 C03AA01 10017
013 A00AA01 DELOITTE & TOUCHE LLP
013 B01AA01 NEW YORK
013 B02AA01 NY
013 B03AA01 10281
015 A00AA01 INVESTORS FIDUCIARY TRUST COMPANY
015 B00AA01 C
015 C01AA01 KANSAS CITY
015 C02AA01 MO
015 C03AA01 64105
015 C04AA01 1716
015 E01AA01 X
015 A00AA02 CHASE MANHATTAN BANK
015 B00AA02 S
015 C01AA02 NEW YORK
015 C02AA02 NY
015 C03AA02 10036
015 E04AA02 X
018 00AA00 Y
019 A00AA00 Y
019 B00AA00 44
019 C00AA00 JWSELIGMAN
020 C000001 0
020 C000002 0
020 C000003 0
020 C000004 0
020 C000005 0
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020 C000008 0
020 C000009 0
020 C000010 0
021 000000 0
022 A000001 HSBC SECURITIES
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022 B000002 13-5634601
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022 B000003 13-3224016
022 C000003 124756
022 D000003 125861
022 A000004 CANADIAN IMPERIAL BANK OF COMMERCE
022 B000004 13-1942440
022 C000004 240305
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<PAGE> PAGE 3
022 C000005 168905
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022 A000006 MERILL LYNCH, PIERCE, FENNER & SMITH
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022 C000006 98675
022 D000006 68856
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022 C000009 15431
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<PAGE> PAGE 4
048 00AA00 0.500
048 A01AA00 0
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050 00AA00 N
051 00AA00 N
052 00AA00 N
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054 B00AA00 Y
054 C00AA00 N
054 D00AA00 N
054 E00AA00 N
054 F00AA00 N
054 G00AA00 Y
054 H00AA00 Y
054 I00AA00 N
054 J00AA00 Y
054 K00AA00 N
054 L00AA00 N
054 M00AA00 Y
054 N00AA00 N
054 O00AA00 Y
058 A00AA00 N
059 00AA00 Y
060 A00AA00 Y
060 B00AA00 Y
061 00AA00 1000
066 A00AA00 N
067 00AA00 N
068 A00AA00 N
<PAGE> PAGE 5
068 B00AA00 N
069 00AA00 N
077 A000000 Y
077 B000000 Y
077 C000000 N
077 D000000 N
077 E000000 N
077 F000000 N
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077 H000000 N
077 I000000 N
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077 N000000 N
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077 Q020000 N
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078 000000 N
080 A00AA00 ICI MUTAL INSURANCE COMPANY
080 C00AA00 15000
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081 B00AA00 51
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084 A00AA00 N
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<PAGE> PAGE 6
028 B020100 171
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042 F000100 0
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044 000100 0
055 A000100 N
055 B000100 N
056 000100 Y
057 000100 N
062 A000100 Y
<PAGE> PAGE 7
062 B000100 0.0
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062 E000100 0.0
062 F000100 0.0
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064 A000100 N
064 B000100 N
070 A010100 Y
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070 B020100 N
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070 D020100 N
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070 F010100 N
070 F020100 N
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070 G020100 N
070 H010100 N
070 H020100 N
070 I010100 N
070 I020100 N
070 J010100 Y
070 J020100 N
070 K010100 N
070 K020100 N
070 L010100 N
070 L020100 N
070 M010100 N
070 M020100 N
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070 N020100 N
070 O010100 N
070 O020100 N
<PAGE> PAGE 8
070 P010100 Y
070 P020100 N
070 Q010100 N
070 Q020100 N
070 R010100 N
070 R020100 N
071 A000100 293960
071 B000100 299893
071 C000100 66031
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<PAGE> PAGE 9
074 E000100 0
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028 A010300 1155
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028 B020300 224
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028 B040300 1044
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028 C040300 747
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028 D040300 2659
028 E010300 2307
028 E020300 229
028 E030300 0
028 E040300 2074
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028 F020300 234
<PAGE> PAGE 10
028 F030300 0
028 F040300 1215
028 G010300 12500
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030 A000300 399
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031 A000300 45
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032 000300 354
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035 000300 9
036 A000300 N
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043 000300 177
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055 A000300 Y
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056 000300 Y
057 000300 N
062 A000300 Y
062 B000300 0.0
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062 E000300 0.0
062 F000300 0.0
062 G000300 0.0
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062 J000300 5.0
062 K000300 0.0
062 L000300 2.4
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062 O000300 0.0
062 P000300 90.0
062 Q000300 2.6
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<PAGE> PAGE 11
063 A000300 0
063 B000300 8.2
064 A000300 N
064 B000300 N
070 A010300 Y
070 A020300 N
070 B010300 N
070 B020300 N
070 C010300 N
070 C020300 N
070 D010300 N
070 D020300 N
070 E010300 Y
070 E020300 N
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070 F020300 N
070 G010300 N
070 G020300 N
070 H010300 N
070 H020300 N
070 I010300 N
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070 J010300 Y
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071 A000300 123731
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<PAGE> PAGE 12
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<PAGE> PAGE 13
074 S000300 0
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SIGNATURE THOMAS G. ROSE
TITLE TREASURER
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 1
<NAME> U.S.GOVERNMENT SECURITIES SERIES A
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-END> DEC-31-1994
<INVESTMENTS-AT-COST> 60065
<INVESTMENTS-AT-VALUE> 59599
<RECEIVABLES> 1525
<ASSETS-OTHER> 65
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 61189
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 413
<TOTAL-LIABILITIES> 413
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 88803
<SHARES-COMMON-STOCK> 18486<F1>
<SHARES-COMMON-PRIOR> 9719<F1>
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (27561)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (466)
<NET-ASSETS> 54714<F1>
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 4687<F1>
<OTHER-INCOME> 0
<EXPENSES-NET> 679<F1>
<NET-INVESTMENT-INCOME> 4008<F1>
<REALIZED-GAINS-CURRENT> (8471)
<APPREC-INCREASE-CURRENT> 1283
<NET-CHANGE-FROM-OPS> (2860)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 4008<F1>
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 742<F1>
<NUMBER-OF-SHARES-REDEEMED> 2262<F1>
<SHARES-REINVESTED> 263<F1>
<NET-CHANGE-IN-ASSETS> (11346)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (19090)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 308<F1>
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 679<F1>
<AVERAGE-NET-ASSETS> 61742<F1>
<PER-SHARE-NAV-BEGIN> 7.18<F1>
<PER-SHARE-NII> .44<F1>
<PER-SHARE-GAIN-APPREC> (.71)<F1>
<PER-SHARE-DIVIDEND> .44<F1>
<PER-SHARE-DISTRIBUTIONS> 0<F1>
<RETURNS-OF-CAPITAL> 0<F1>
<PER-SHARE-NAV-END> 6.47<F1>
<EXPENSE-RATIO> 1.10<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Class A only. All other data are fund level.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 1
<NAME> U.S.GOVERNMENT SECURITIES SERIES D
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-END> DEC-31-1994
<INVESTMENTS-AT-COST> 60065
<INVESTMENTS-AT-VALUE> 59599
<RECEIVABLES> 1525
<ASSETS-OTHER> 65
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 61189
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 413
<TOTAL-LIABILITIES> 413
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 88803
<SHARES-COMMON-STOCK> 5891<F1>
<SHARES-COMMON-PRIOR> 322<F1>
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (27561)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (466)
<NET-ASSETS> 6062<F1>
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 452<F1>
<OTHER-INCOME> 0
<EXPENSES-NET> 132<F1>
<NET-INVESTMENT-INCOME> 320<F1>
<REALIZED-GAINS-CURRENT> (8471)
<APPREC-INCREASE-CURRENT> 1283
<NET-CHANGE-FROM-OPS> (2860)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 320<F1>
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 979<F1>
<NUMBER-OF-SHARES-REDEEMED> 398<F1>
<SHARES-REINVESTED> 32<F1>
<NET-CHANGE-IN-ASSETS> (11346)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (19090)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 30<F1>
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 132<F1>
<AVERAGE-NET-ASSETS> 5929<F1>
<PER-SHARE-NAV-BEGIN> 7.20<F1>
<PER-SHARE-NII> .37<F1>
<PER-SHARE-GAIN-APPREC> (.72)<F1>
<PER-SHARE-DIVIDEND> .37<F1>
<PER-SHARE-DISTRIBUTIONS> 0<F1>
<RETURNS-OF-CAPITAL> 0<F1>
<PER-SHARE-NAV-END> 6.48<F1>
<EXPENSE-RATIO> 2.22<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Class A only. All other data are fund level.
</FN>
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 3
<NAME> HIGH-YIELD BOND SERIES CL. A
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-END> DEC-31-1994
<INVESTMENTS-AT-COST> 67900
<INVESTMENTS-AT-VALUE> 66639
<RECEIVABLES> 2184
<ASSETS-OTHER> 66
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 68889
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 607
<TOTAL-LIABILITIES> 607
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 82893
<SHARES-COMMON-STOCK> 9297<F1>
<SHARES-COMMON-PRIOR> 8843<F1>
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (13350)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (1261)
<NET-ASSETS> 59033<F1>
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 6438<F1>
<OTHER-INCOME> 0
<EXPENSES-NET> 670<F1>
<NET-INVESTMENT-INCOME> 5768<F1>
<REALIZED-GAINS-CURRENT> (2208)
<APPREC-INCREASE-CURRENT> (3677)
<NET-CHANGE-FROM-OPS> 459
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 5768<F1>
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2747<F1>
<NUMBER-OF-SHARES-REDEEMED> 2634<F1>
<SHARES-REINVESTED> 342<F1>
<NET-CHANGE-IN-ASSETS> 4574
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (11142)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 297<F1>
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 670<F1>
<AVERAGE-NET-ASSETS> 61742<F1>
<PER-SHARE-NAV-BEGIN> 6.94<F1>
<PER-SHARE-NII> .65<F1>
<PER-SHARE-GAIN-APPREC> (.59)<F1>
<PER-SHARE-DIVIDEND> .65<F1>
<PER-SHARE-DISTRIBUTIONS> 0<F1>
<RETURNS-OF-CAPITAL> 0<F1>
<PER-SHARE-NAV-END> 6.35<F1>
<EXPENSE-RATIO> 1.13<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Class A only. All other data are fund level.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 3
<NAME> HIGH-YIELD BOND SERIES CL. D
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-END> DEC-31-1994
<INVESTMENTS-AT-COST> 67900
<INVESTMENTS-AT-VALUE> 66639
<RECEIVABLES> 2184
<ASSETS-OTHER> 66
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 68889
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 607
<TOTAL-LIABILITIES> 607
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 82893
<SHARES-COMMON-STOCK> 1456<F1>
<SHARES-COMMON-PRIOR> 342<F1>
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (13350)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (1261)
<NET-ASSETS> 9249<F1>
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 723<F1>
<OTHER-INCOME> 0
<EXPENSES-NET> 146<F1>
<NET-INVESTMENT-INCOME> 577<F1>
<REALIZED-GAINS-CURRENT> (2208)
<APPREC-INCREASE-CURRENT> (3677)
<NET-CHANGE-FROM-OPS> 459
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 577<F1>
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1370<F1>
<NUMBER-OF-SHARES-REDEEMED> 302<F1>
<SHARES-REINVESTED> 46<F1>
<NET-CHANGE-IN-ASSETS> 4574
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (11142)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 33<F1>
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 146<F1>
<AVERAGE-NET-ASSETS> 5929<F1>
<PER-SHARE-NAV-BEGIN> 6.94<F1>
<PER-SHARE-NII> .57<F1>
<PER-SHARE-GAIN-APPREC> (.59)<F1>
<PER-SHARE-DIVIDEND> .57<F1>
<PER-SHARE-DISTRIBUTIONS> 0<F1>
<RETURNS-OF-CAPITAL> 0<F1>
<PER-SHARE-NAV-END> 6.35<F1>
<EXPENSE-RATIO> 2.19<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Class D only. All other data are fund level.
</FN>
</TABLE>
<PAGE>
REPORT OF INDEPENDENT AUDITORS
The Board of Directors and Shareholders
Seligman High Income Fund Series, Inc.:
In planning and performing our audit of the financial statements of Seligman
High Income Fund Series, Inc. (the "Fund") for the year ended December 31, 1994,
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 Fund 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 the
preparation of financial statements in conformity with generally accepted
accounting principles.
Because of inherent limitations in any internal control structure, errors or
irregularities nevertheless 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
December 31, 1994.
This report is intended solely for the information and use of management and the
Securities and Exchange Commission.
/s/ Deloitte & Touche LLP
- --------------------------
DELOITTE & TOUCHE LLP
New York, New York
February 3, 1995
<PAGE>
