<PAGE> PAGE 1
000 B000000 12/31/95
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<PAGE> PAGE 2
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022 C000001 588199
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022 A000002 FIRST NATIONL BANK OF CHICAGO-GRAND CAYMAN
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022 C000002 502430
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022 C000004 217575
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022 A000005 STATE STREET BANK OF BOSTON
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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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> 001
<NAME> SELIGMAN U.S.GOVERNMENT SECURITIES CLASS A
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 58767
<INVESTMENTS-AT-VALUE> 62347
<RECEIVABLES> 1427
<ASSETS-OTHER> 63
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 63837
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 595
<TOTAL-LIABILITIES> 595
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 75961
<SHARES-COMMON-STOCK> 7701<F1>
<SHARES-COMMON-PRIOR> 8461<F1>
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<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (16299)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 3580
<NET-ASSETS> 55061<F1>
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 4212<F1>
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<EXPENSES-NET> (614)<F1>
<NET-INVESTMENT-INCOME> 3598<F1>
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<APPREC-INCREASE-CURRENT> 4047
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<DISTRIBUTIONS-OF-INCOME> (3598)<F1>
<DISTRIBUTIONS-OF-GAINS> 0
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<NUMBER-OF-SHARES-SOLD> 1600<F1>
<NUMBER-OF-SHARES-REDEEMED> (2610)<F1>
<SHARES-REINVESTED> 250<F1>
<NET-CHANGE-IN-ASSETS> 2466
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (27561)
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<GROSS-ADVISORY-FEES> 268<F1>
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 614<F1>
<AVERAGE-NET-ASSETS> 53599<F1>
<PER-SHARE-NAV-BEGIN> 6.47<F1>
<PER-SHARE-NII> .46<F1>
<PER-SHARE-GAIN-APPREC> .68<F1>
<PER-SHARE-DIVIDEND> (.46)<F1>
<PER-SHARE-DISTRIBUTIONS> 0<F1>
<RETURNS-OF-CAPITAL> 0<F1>
<PER-SHARE-NAV-END> 7.15<F1>
<EXPENSE-RATIO> 1.14<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> 004
<NAME> SELIGMAN U.S.GOVERNMENT SECURITIES CLASS D
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> DEC-31-1995
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<SHARES-COMMON-STOCK> 1142<F1>
<SHARES-COMMON-PRIOR> 935F1>
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (16299)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 3580
<NET-ASSETS> 8181<F1>
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 527<F1>
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<EXPENSES-NET> (135)<F1>
<NET-INVESTMENT-INCOME> 392<F1>
<REALIZED-GAINS-CURRENT> 2039
<APPREC-INCREASE-CURRENT> 4047
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<DISTRIBUTIONS-OF-INCOME> (392)<F1>
<DISTRIBUTIONS-OF-GAINS> 0
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<NUMBER-OF-SHARES-SOLD> 940<F1>
<NUMBER-OF-SHARES-REDEEMED> (774)<F1>
<SHARES-REINVESTED> 41<F1>
<NET-CHANGE-IN-ASSETS> 2466
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (27561)
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<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 33<F1>
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 135<F1>
<AVERAGE-NET-ASSETS> 6706<F1>
<PER-SHARE-NAV-BEGIN> 6.48<F1>
<PER-SHARE-NII> .40<F1>
<PER-SHARE-GAIN-APPREC> .68<F1>
<PER-SHARE-DIVIDEND> (.40)<F1>
<PER-SHARE-DISTRIBUTIONS> 0<F1>
<RETURNS-OF-CAPITAL> 0<F1>
<PER-SHARE-NAV-END> 7.16<F1>
<EXPENSE-RATIO> 2.01<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Class D 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> 001
<NAME> SELIGMAN HIGH-YIELD BOND SERIES CL. A
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 257674
<INVESTMENTS-AT-VALUE> 265730
<RECEIVABLES> 8769
<ASSETS-OTHER> 136
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 274635
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2353
<TOTAL-LIABILITIES> 2353
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 275965
<SHARES-COMMON-STOCK> 26169<F1>
<SHARES-COMMON-PRIOR> 9297<F1>
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (11739)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 8056
<NET-ASSETS> 182129<F1>
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0<F1>
<OTHER-INCOME> 11238
<EXPENSES-NET> (1132)<F1>
<NET-INVESTMENT-INCOME> 10106<F1>
<REALIZED-GAINS-CURRENT> 1611
<APPREC-INCREASE-CURRENT> 9317
<NET-CHANGE-FROM-OPS> 24486
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (10106)<F1>
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 21536<F1>
<NUMBER-OF-SHARES-REDEEMED> (5337)<F1>
<SHARES-REINVESTED> 673<F1>
<NET-CHANGE-IN-ASSETS> 204000
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (13350)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 526<F1>
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (1132)<F1>
<AVERAGE-NET-ASSETS> 103914<F1>
<PER-SHARE-NAV-BEGIN> 6.35<F1>
<PER-SHARE-NII> .65<F1>
<PER-SHARE-GAIN-APPREC> .61<F1>
<PER-SHARE-DIVIDEND> (.65)<F1>
<PER-SHARE-DISTRIBUTIONS> 0<F1>
<RETURNS-OF-CAPITAL> 0<F1>
<PER-SHARE-NAV-END> 6.96<F1>
<EXPENSE-RATIO> 1.09<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> 004
<NAME> SELIGMAN HIGH-YIELD BOND SERIES CL. D
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 257674
<INVESTMENTS-AT-VALUE> 265730
<RECEIVABLES> 8769
<ASSETS-OTHER> 136
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 274635
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2353
<TOTAL-LIABILITIES> 2353
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 275965
<SHARES-COMMON-STOCK> 12949<F1>
<SHARES-COMMON-PRIOR> 1456<F1>
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (11739)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 8056
<NET-ASSETS> 90153<F1>
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 4196<F1>
<OTHER-INCOME> 0
<EXPENSES-NET> (744)<F1>
<NET-INVESTMENT-INCOME> 3452<F1>
<REALIZED-GAINS-CURRENT> 1611
<APPREC-INCREASE-CURRENT> 9317
<NET-CHANGE-FROM-OPS> 24486
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (3452)<F1>
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 13455<F1>
<NUMBER-OF-SHARES-REDEEMED> (2252)<F1>
<SHARES-REINVESTED> 290<F1>
<NET-CHANGE-IN-ASSETS> 204000
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (13350)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 197<F1>
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (744)<F1>
<AVERAGE-NET-ASSETS> 38968<F1>
<PER-SHARE-NAV-BEGIN> 6.35<F1>
<PER-SHARE-NII> .60<F1>
<PER-SHARE-GAIN-APPREC> .61<F1>
<PER-SHARE-DIVIDEND> (.60)<F1>
<PER-SHARE-DISTRIBUTIONS> 0<F1>
<RETURNS-OF-CAPITAL> 0<F1>
<PER-SHARE-NAV-END> 6.96<F1>
<EXPENSE-RATIO> 1.91<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Class A only. All other data are fund level.
</FN>
</TABLE>
INDEPENDENT AUDITORS' REPORT
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, 1995,
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
preparation of 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
December 31, 1995.
This report is intended solely for the information and use of management and the
Securities and Exchange Commission.
February 2, 1996
Seligman High Income Fund Series
PROXY RESULTS
Seligman High Income Fund Series Shareholders voted on the following proposals
at the Special Meeting of Shareholders held on December 12, 1995, in New York,
New York. Each Trustee was elected, and all other proposals were approved. The
description of each proposal and number of shares voted are as follows:
<TABLE>
<CAPTION>
<S> <C> <C> <C>
For Withheld Non-Vote
Election of Trustees:
Fred E. Brown 21,717,907 603,680 15,617,325
John R. Galvin 21,724,130 597,455 15,617,326
Alice S. Ilchman 21,778,782 542,813 15,617,317
Frank A. McPherson 21,737,321 584,267 15,617,323
John E. Merow 21,768,124 553,470 15,617,318
Betsy S. Michel 21,778,055 543,540 15,617,317
William C. Morris 21,780,243 541,452 15,617,217
James C. Pitney 21,763,991 557,603 15,617,319
James Q. Riordan 21,768,540 553,051 15,617,321
Ronald T. Schroeder 21,778,153 543,441 15,617,318
Robert L. Shafer 21,781,740 539,855 15,617,316
James N. Whitson 21,781,740 539,855 15,617,316
Brian T. Zino 21,774,103 547,492 15,617,317
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
For Against Abstain Non-Vote
Ratification of the selection of Deloitte &
Touche LLP as independent auditors 21,004,197 287,231 1,028,668 15,618,815
Approval for increasing borrowing limits for:
U.S. Government Securities Series 4,034,852 369,705 264,056 4,279,317
High-Yield Bond Series 15,088,849 1,523,228 1,039,534 11,339,371
Approval of amendments to the fundamental
investment policy regarding investment
in restricted and illiquid securities of the
following series:
U.S. Government Securities Series 3,887,466 365,411 415,735 4,279,317
High-Yield Bond Series 14,326,512 1,931,265 1,391,745 11,341,461
Approval of amendments to the Management
Agreement with respect to the High-Yield
Bond Series 12,686,578 3,746,673 1,215,872 11,341,859
</TABLE>
