<PAGE> PAGE 1
000 A000000 04/30/95
000 C000000 881466
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 A
001 A000000 SELIGMAN HENDERSON GLOBAL FUND SERIES, INC.
001 B000000 811-6485
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
007 A000000 Y
007 B000000 3
007 C010100 1
007 C020100 SELIGMAN HENDERSON INTERNATIONAL FUND
007 C030100 N
007 C010200 2
007 C020200 SELIGMAN HENDERSON GLOBAL SMALLER COS. FUND
007 C030200 N
007 C010300 3
007 C020300 SELIGMAN HENDERSON GLOBAL TECHNOLOGY FUND
007 C030300 N
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
008 A00AA01 J & W SELIGMAN & CO., INC.
008 B00AA01 A
008 C00AA01 801-15798
008 D01AA01 NEW YORK
008 D02AA01 NY
008 D03AA01 10017
008 A00AA02 SELIGMAN HENDERSON CO.
008 B00AA02 S
008 C00AA02 801-40670
008 D01AA02 NEW YORK
008 D02AA02 NY
008 D03AA02 10017
011 A00AA01 SELIGMAN FINANCIAL SERVICES, INC.
<PAGE> PAGE 2
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
012 C03AA01 10017
013 A00AA01 DELOITTE & TOUCHE LLP
013 B01AA01 NEW YORK
013 B02AA01 NY
013 B03AA01 10281
014 A00AA01 SELIGMAN SERVICES INC.
014 B00AA01 8-47717
015 A00AA01 MORGAN STANLEY TRUST CO.
015 B00AA01 C
015 C01AA01 BROOKLYN
015 C02AA01 NY
015 C03AA01 11201
015 E01AA01 X
018 00AA00 Y
019 A00AA00 Y
019 B00AA00 43
019 C00AA00 JWSELIGMAN
020 A000001 BARCLAYS DE ZOETE WEDD
020 B000001 NA FOREIGN
020 C000001 36
020 A000002 CAZANOVE LONDON
020 B000002 NA FOREIGN
020 C000002 23
020 A000003 JARDINE FLEMING
020 B000003 NA FOREIGN
020 C000003 19
020 A000004 S.G WARBURG SECURITIES & CO., INC.
020 B000004 13-3340045
020 C000004 19
020 A000005 DAIWA
020 B000005 NA FOREIGN
020 C000005 16
020 A000006 INSTINET CORPORATION
020 B000006 13-3443395
020 C000006 16
020 A000007 MERRILL LYNCH, PIERCE, FENNER & SMITH INC.
020 B000007 13-5674085
020 C000007 14
020 A000008 TIEDEMANN LONDON
020 B000008 NA FOREIGN
020 C000008 13
020 A000009 ROBERT FLEMING INC.
020 B000009 13-3298866
<PAGE> PAGE 3
020 C000009 11
020 A000010 JAVELIN
020 B000010 NA FOREIGN
020 C000010 10
021 000000 370
022 A000001 LEHMAN BROTHERS INC.
022 B000001 13-2518466
022 C000001 7460
022 D000001 3915
022 A000002 NEEDHAM & CO., INC.
022 B000002 13-3255839
022 C000002 6113
022 D000002 4229
022 A000003 ROBERTSON, STEPHENS & CO.
022 B000003 94-2524501
022 C000003 5725
022 D000003 2519
022 A000004 ALEX BROWN & SONS, INC.
022 B000004 52-1319768
022 C000004 5955
022 D000004 1751
022 A000005 ADAMS HARKNESS & HILL, INC.
022 B000005 04-2149932
022 C000005 4285
022 D000005 2989
022 A000006 MORGAN STANLEY & CO., INC.
022 B000006 13-2655998
022 C000006 4340
022 D000006 2491
022 A000007 CS FIRST BOSTON CORPORATION
022 B000007 13-5659485
022 C000007 5070
022 D000007 640
022 A000008 COWEN & CO.
022 B000008 13-5616116
022 C000008 2251
022 D000008 3007
022 A000009 MERRILL LYNCH, PIERCE, FENNER & SMITH INC.
022 B000009 13-5674085
022 C000009 3256
022 D000009 1540
022 A000010 OPPENHEIMER & CO., INC.
022 B000010 13-2798343
022 C000010 2188
022 D000010 1680
023 C000000 77310
023 D000000 41725
024 00AA00 N
025 D00AA01 0
025 D00AA02 0
025 D00AA03 0
<PAGE> PAGE 4
025 D00AA04 0
025 D00AA05 0
025 D00AA06 0
025 D00AA07 0
025 D00AA08 0
026 A000000 N
026 B000000 Y
026 C000000 Y
026 D000000 Y
026 E000000 N
026 F000000 Y
026 G010000 N
026 G020000 N
026 H000000 Y
027 000000 Y
045 00AA00 Y
046 00AA00 Y
047 00AA00 Y
048 00AA00 1.000
048 A01AA00 0
048 A02AA00 0.000
048 B01AA00 0
048 B02AA00 0.000
048 C01AA00 0
048 C02AA00 0.000
048 D01AA00 0
048 D02AA00 0.000
048 E01AA00 0
048 E02AA00 0.000
048 F01AA00 0
048 F02AA00 0.000
048 G01AA00 0
048 G02AA00 0.000
048 H01AA00 0
048 H02AA00 0.000
048 I01AA00 0
048 I02AA00 0.000
048 J01AA00 0
048 J02AA00 0.000
048 K01AA00 0
048 K02AA00 0.000
054 A00AA00 Y
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
<PAGE> PAGE 5
054 K00AA00 N
054 L00AA00 N
054 M00AA00 Y
054 N00AA00 N
054 O00AA00 Y
077 A000000 Y
077 B000000 N
077 C000000 N
077 D000000 N
077 E000000 N
077 F000000 N
077 G000000 N
077 H000000 N
077 I000000 N
077 J000000 N
077 K000000 N
077 L000000 N
077 M000000 N
077 N000000 N
077 O000000 N
077 P000000 Y
077 Q010000 Y
077 Q020000 N
077 Q030000 N
078 000000 N
080 C00AA00 0
081 B00AA00 0
082 B00AA00 0
083 B00AA00 0
084 B00AA00 0
086 A010000 0
086 A020000 0
086 B010000 0
086 B020000 0
086 C010000 0
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
028 A010100 3149
028 A020100 0
028 A030100 0
028 A040100 535
028 B010100 2710
028 B020100 3202
028 B030100 0
028 B040100 1186
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<PAGE> PAGE 6
028 C020100 0
028 C030100 0
028 C040100 1920
028 D010100 2100
028 D020100 0
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028 E010100 2157
028 E020100 0
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028 G010100 16325
028 G020100 3202
028 G030100 0
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029 000100 Y
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030 B000100 4.75
030 C000100 0.00
031 A000100 6
031 B000100 0
032 000100 125
033 000100 0
034 000100 Y
035 000100 4
036 A000100 N
036 B000100 0
037 000100 N
038 000100 0
039 000100 N
040 000100 Y
041 000100 Y
042 A000100 0
042 B000100 0
042 C000100 0
042 D000100 100
042 E000100 0
042 F000100 0
042 G000100 0
042 H000100 0
043 000100 126
044 000100 0
049 000100 N
050 000100 N
051 000100 N
052 000100 N
<PAGE> PAGE 7
053 A000100 Y
053 B000100 Y
053 C000100 Y
055 A000100 N
055 B000100 N
056 000100 Y
057 000100 N
058 A000100 N
059 000100 Y
060 A000100 Y
060 B000100 Y
061 000100 1000
062 A000100 N
062 B000100 0.0
062 C000100 0.0
062 D000100 0.0
062 E000100 0.0
062 F000100 0.0
062 G000100 0.0
062 H000100 0.0
062 I000100 0.0
062 J000100 0.0
062 K000100 0.0
062 L000100 0.0
062 M000100 0.0
062 N000100 0.0
062 O000100 0.0
062 P000100 0.0
062 Q000100 0.0
062 R000100 0.0
063 A000100 0
063 B000100 0.0
066 A000100 Y
066 B000100 N
066 C000100 Y
066 D000100 N
066 E000100 N
066 F000100 N
066 G000100 N
067 000100 N
068 A000100 N
068 B000100 Y
069 000100 N
070 A010100 Y
070 A020100 N
070 B010100 N
070 B020100 N
070 C010100 N
070 C020100 N
070 D010100 N
070 D020100 N
<PAGE> PAGE 8
070 E010100 N
070 E020100 N
070 F010100 N
070 F020100 N
070 G010100 N
070 G020100 N
070 H010100 N
070 H020100 N
070 I010100 N
070 I020100 N
070 J010100 Y
070 J020100 Y
070 K010100 N
070 K020100 N
070 L010100 Y
070 L020100 Y
070 M010100 Y
070 M020100 Y
070 N010100 Y
070 N020100 N
070 O010100 N
070 O020100 N
070 P010100 Y
070 P020100 N
070 Q010100 N
070 Q020100 N
070 R010100 Y
070 R020100 N
071 A000100 24294
071 B000100 16629
071 C000100 74472
071 D000100 22
072 A000100 6
072 B000100 155
072 C000100 599
072 D000100 0
072 E000100 -1553
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072 H000100 0
072 I000100 105
072 J000100 63
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072 L000100 13
072 M000100 5
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072 S000100 5
<PAGE> PAGE 9
072 T000100 126
072 U000100 4
072 V000100 0
072 W000100 3
072 X000100 761
072 Y000100 13
072 Z000100 -1547
072AA000100 2365
072BB000100 1597
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073 A010100 0.0000
073 A020100 0.0000
073 B000100 0.6940
073 C000100 0.0000
074 A000100 3682
074 B000100 0
074 C000100 0
074 D000100 1910
074 E000100 0
074 F000100 76192
074 G000100 0
074 H000100 0
074 I000100 0
074 J000100 2485
074 K000100 63
074 L000100 1579
074 M000100 20
074 N000100 85931
074 O000100 1731
074 P000100 75
074 Q000100 0
074 R010100 0
074 R020100 0
074 R030100 0
074 R040100 243
074 S000100 0
074 T000100 83882
074 U010100 3735
074 U020100 1545
074 V010100 15.95
074 V020100 15.74
074 W000100 0.0000
074 X000100 3325
074 Y000100 0
075 A000100 0
075 B000100 80403
076 000100 0.00
<PAGE> PAGE 10
028 A010200 4505
028 A020200 0
028 A030200 0
028 A040200 787
028 B010200 4437
028 B020200 2331
028 B030200 0
028 B040200 1392
028 C010200 4128
028 C020200 0
028 C030200 0
028 C040200 1667
028 D010200 2850
028 D020200 0
028 D030200 0
028 D040200 1868
028 E010200 3568
028 E020200 0
028 E030200 0
028 E040200 2092
028 F010200 5188
028 F020200 0
028 F030200 0
028 F040200 1843
028 G010200 24676
028 G020200 2331
028 G030200 0
028 G040200 9649
028 H000200 9504
029 000200 Y
030 A000200 401
030 B000200 4.75
030 C000200 0.00
031 A000200 28
031 B000200 0
032 000200 373
033 000200 0
034 000200 Y
035 000200 7
036 A000200 N
036 B000200 0
037 000200 N
038 000200 0
039 000200 N
040 000200 Y
041 000200 Y
042 A000200 0
042 B000200 0
042 C000200 0
042 D000200 100
042 E000200 0
<PAGE> PAGE 11
042 F000200 0
042 G000200 0
042 H000200 0
043 000200 249
044 000200 0
049 000200 N
050 000200 N
051 000200 N
052 000200 N
053 A000200 N
055 A000200 N
055 B000200 N
056 000200 Y
057 000200 N
058 A000200 N
059 000200 Y
060 A000200 Y
060 B000200 Y
061 000200 1000
062 A000200 N
062 B000200 0.0
062 C000200 0.0
062 D000200 0.0
062 E000200 0.0
062 F000200 0.0
062 G000200 0.0
062 H000200 0.0
062 I000200 0.0
062 J000200 0.0
062 K000200 0.0
062 L000200 0.0
062 M000200 0.0
062 N000200 0.0
062 O000200 0.0
062 P000200 0.0
062 Q000200 0.0
062 R000200 0.0
063 A000200 0
063 B000200 0.0
066 A000200 Y
066 B000200 N
066 C000200 Y
066 D000200 N
066 E000200 N
066 F000200 N
066 G000200 N
067 000200 N
068 A000200 N
068 B000200 Y
069 000200 N
070 A010200 Y
<PAGE> PAGE 12
070 A020200 N
070 B010200 N
070 B020200 N
070 C010200 N
070 C020200 N
070 D010200 N
070 D020200 N
070 E010200 N
070 E020200 N
070 F010200 N
070 F020200 N
070 G010200 N
070 G020200 N
070 H010200 N
070 H020200 N
070 I010200 N
070 I020200 N
070 J010200 Y
070 J020200 N
070 K010200 N
070 K020200 N
070 L010200 Y
070 L020200 Y
070 M010200 Y
070 M020200 Y
070 N010200 Y
070 N020200 N
070 O010200 N
070 O020200 N
070 P010200 Y
070 P020200 N
070 Q010200 N
070 Q020200 N
070 R010200 Y
070 R020200 N
071 A000200 38986
071 B000200 24115
071 C000200 82792
071 D000200 29
072 A000200 6
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072 C000200 360
072 D000200 0
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<PAGE> PAGE 13
072 M000200 5
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073 B000200 0.3320
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074 R040200 383
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074 T000200 102384
074 U010200 4626
074 U020200 4055
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<PAGE> PAGE 14
074 V020200 11.70
074 W000200 0.0000
074 X000200 6303
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075 A000200 0
075 B000200 90320
076 000200 0.00
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028 A040300 1456
028 B010300 8190
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028 B040300 1179
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028 D040300 798
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028 E040300 1944
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030 A000300 1344
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031 B000300 0
032 000300 1197
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035 000300 5
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<PAGE> PAGE 15
040 000300 Y
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043 000300 138
044 000300 0
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050 000300 N
051 000300 N
052 000300 N
053 A000300 N
055 A000300 N
055 B000300 N
056 000300 Y
057 000300 N
058 A000300 N
059 000300 Y
060 A000300 Y
060 B000300 Y
061 000300 1000
062 A000300 N
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062 R000300 0.0
063 A000300 0
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066 A000300 Y
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066 C000300 Y
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<PAGE> PAGE 16
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066 G000300 N
067 000300 N
068 A000300 N
068 B000300 N
069 000300 N
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070 E020300 N
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070 F020300 N
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070 H010300 N
070 H020300 N
070 I010300 N
070 I020300 N
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070 J020300 N
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070 L010300 Y
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<PAGE> PAGE 17
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<PAGE> PAGE 18
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SIGNATURE THOMAS G. ROSE
TITLE TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 1
<NAME> INTERNATIONAL CLASS A
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-1995
<PERIOD-END> APR-30-1995
<INVESTMENTS-AT-COST> 74090
<INVESTMENTS-AT-VALUE> 78102
<RECEIVABLES> 4127
<ASSETS-OTHER> 3702
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 85931
<PAYABLE-FOR-SECURITIES> 1731
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 318
<TOTAL-LIABILITIES> 2049
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 80254
<SHARES-COMMON-STOCK> 3735<F1>
<SHARES-COMMON-PRIOR> 3560<F1>
<ACCUMULATED-NII-CURRENT> (1553)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 861
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 4320
<NET-ASSETS> 59564<F1>
<DIVIDEND-INCOME> 432<F1>
<INTEREST-INCOME> 114<F1>
<OTHER-INCOME> (1135)<F1>
<EXPENSES-NET> 485<F1>
<NET-INVESTMENT-INCOME> (1074)<F1>
<REALIZED-GAINS-CURRENT> 768
<APPREC-INCREASE-CURRENT> (4170)
<NET-CHANGE-FROM-OPS> (4948)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 2536<F1>
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 543<F1>
<NUMBER-OF-SHARES-REDEEMED> 521<F1>
<SHARES-REINVESTED> 153<F1>
<NET-CHANGE-IN-ASSETS> 1057
<ACCUMULATED-NII-PRIOR> (6)
<ACCUMULATED-GAINS-PRIOR> 3487
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 290<F1>
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 485<F1>
<AVERAGE-NET-ASSETS> 58505<F1>
<PER-SHARE-NAV-BEGIN> 17.67<F1>
<PER-SHARE-NII> .02<F1>
<PER-SHARE-GAIN-APPREC> (1.05)<F1>
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> .69<F1>
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 15.95<F1>
<EXPENSE-RATIO> 1.67<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Data is for Class A only.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 2
<NAME> GLOBAL SMALLER COS CLASS A
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-1995
<PERIOD-END> APR-30-1995
<INVESTMENTS-AT-COST> 81996
<INVESTMENTS-AT-VALUE> 94281
<RECEIVABLES> 1879
<ASSETS-OTHER> 8272
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 104432
<PAYABLE-FOR-SECURITIES> 1580
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 468
<TOTAL-LIABILITIES> 2048
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 88648
<SHARES-COMMON-STOCK> 4626<F1>
<SHARES-COMMON-PRIOR> 3878<F1>
<ACCUMULATED-NII-CURRENT> (1233)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 2527
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 12442
<NET-ASSETS> 54952<F1>
<DIVIDEND-INCOME> 194<F1>
<INTEREST-INCOME> 121<F1>
<OTHER-INCOME> (453)<F1>
<EXPENSES-NET> 437<F1>
<NET-INVESTMENT-INCOME> (575)<F1>
<REALIZED-GAINS-CURRENT> 2664
<APPREC-INCREASE-CURRENT> 1498
<NET-CHANGE-FROM-OPS> 2933
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 1358<F1>
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1203<F1>
<NUMBER-OF-SHARES-REDEEMED> 572<F1>
<SHARES-REINVESTED> 117<F1>
<NET-CHANGE-IN-ASSETS> 17798
<ACCUMULATED-NII-PRIOR> (3)
<ACCUMULATED-GAINS-PRIOR> 2355
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 240<F1>
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 437<F1>
<AVERAGE-NET-ASSETS> 48441<F1>
<PER-SHARE-NAV-BEGIN> 11.93<F1>
<PER-SHARE-NII> (.03)<F1>
<PER-SHARE-GAIN-APPREC> 0.31<F1>
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> .33<F1>
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.88<F1>
<EXPENSE-RATIO> 1.82<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Class A Only
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 3
<NAME> GLOBAL TECHNOLOGY CLASS A
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-1995
<PERIOD-END> APR-30-1995
<INVESTMENTS-AT-COST> 97244
<INVESTMENTS-AT-VALUE> 114483
<RECEIVABLES> 8086
<ASSETS-OTHER> 10258
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 132827
<PAYABLE-FOR-SECURITIES> 12585
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 635
<TOTAL-LIABILITIES> 13220
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 96613
<SHARES-COMMON-STOCK> 9797<F1>
<SHARES-COMMON-PRIOR> 6058<F1>
<ACCUMULATED-NII-CURRENT> (448)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 6207
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 17235
<NET-ASSETS> 96645<F1>
<DIVIDEND-INCOME> 169<F1>
<INTEREST-INCOME> 180<F1>
<OTHER-INCOME> (39)<F1>
<EXPENSES-NET> 644<F1>
<NET-INVESTMENT-INCOME> (334)<F1>
<REALIZED-GAINS-CURRENT> 6211
<APPREC-INCREASE-CURRENT> 11611
<NET-CHANGE-FROM-OPS> 17374
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 507
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 4650<F1>
<NUMBER-OF-SHARES-REDEEMED> 970<F1>
<SHARES-REINVESTED> 59
<NET-CHANGE-IN-ASSETS> 62389
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (1)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 337<F1>
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 644<F1>
<AVERAGE-NET-ASSETS> 67922<F1>
<PER-SHARE-NAV-BEGIN> 8.37<F1>
<PER-SHARE-NII> (.04)<F1>
<PER-SHARE-GAIN-APPREC> 1.60<F1>
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> .07
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.86<F1>
<EXPENSE-RATIO> 1.91<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Class A Only
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 4
<NAME> INTERNATIONAL CLASS D
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-1995
<PERIOD-END> APR-30-1995
<INVESTMENTS-AT-COST> 74090
<INVESTMENTS-AT-VALUE> 78102
<RECEIVABLES> 4127
<ASSETS-OTHER> 3702
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 85931
<PAYABLE-FOR-SECURITIES> 1731
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 318
<TOTAL-LIABILITIES> 2049
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 80254
<SHARES-COMMON-STOCK> 1545<F1>
<SHARES-COMMON-PRIOR> 1135<F1>
<ACCUMULATED-NII-CURRENT> (1553)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 861
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 4320
<NET-ASSETS> 24318<F1>
<DIVIDEND-INCOME> 167<F1>
<INTEREST-INCOME> 41<F1>
<OTHER-INCOME> (418)<F1>
<EXPENSES-NET> 263<F1>
<NET-INVESTMENT-INCOME> (473)<F1>
<REALIZED-GAINS-CURRENT> 768
<APPREC-INCREASE-CURRENT> (4170)
<NET-CHANGE-FROM-OPS> (4948)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 858<F1>
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 493<F1>
<NUMBER-OF-SHARES-REDEEMED> 136<F1>
<SHARES-REINVESTED> 53<F1>
<NET-CHANGE-IN-ASSETS> 1057
<ACCUMULATED-NII-PRIOR> (6)
<ACCUMULATED-GAINS-PRIOR> 3487
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 105<F1>
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 262<F1>
<AVERAGE-NET-ASSETS> 21181<F1>
<PER-SHARE-NAV-BEGIN> 17.53<F1>
<PER-SHARE-NII> (.04)<F1>
<PER-SHARE-GAIN-APPREC> (1.06)<F1>
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> .69<F1>
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 15.74<F1>
<EXPENSE-RATIO> 2.50<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Data is for Class D only.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 5
<NAME> GLOBAL SMALLER COS CLASS D
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-1995
<PERIOD-END> APR-30-1995
<INVESTMENTS-AT-COST> 81996
<INVESTMENTS-AT-VALUE> 94281
<RECEIVABLES> 1879
<ASSETS-OTHER> 8272
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 104432
<PAYABLE-FOR-SECURITIES> 1580
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 468
<TOTAL-LIABILITIES> 2048
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 88648
<SHARES-COMMON-STOCK> 4055<F1>
<SHARES-COMMON-PRIOR> 3247<F1>
<ACCUMULATED-NII-CURRENT> (1233)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 2527
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 12442
<NET-ASSETS> 47432<F1>
<DIVIDEND-INCOME> 166<F1>
<INTEREST-INCOME> 106<F1>
<OTHER-INCOME> (392)<F1>
<EXPENSES-NET> 534<F1>
<NET-INVESTMENT-INCOME> (654)<F1>
<REALIZED-GAINS-CURRENT> 2664
<APPREC-INCREASE-CURRENT> 1498
<NET-CHANGE-FROM-OPS> 2933
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 1134<F1>
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1001<F1>
<NUMBER-OF-SHARES-REDEEMED> 293<F1>
<SHARES-REINVESTED> 100<F1>
<NET-CHANGE-IN-ASSETS> 17798
<ACCUMULATED-NII-PRIOR> (3)
<ACCUMULATED-GAINS-PRIOR> 2355
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 203<F1>
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 535<F1>
<AVERAGE-NET-ASSETS> 40985<F1>
<PER-SHARE-NAV-BEGIN> 11.80<F1>
<PER-SHARE-NII> (.07)<F1>
<PER-SHARE-GAIN-APPREC> 0.30<F1>
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> .33<F1>
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.70<F1>
<EXPENSE-RATIO> 2.63<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Class D Only
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 6
<NAME> GLOBAL TECHNOLOGY CLASS D
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-1995
<PERIOD-END> APR-30-1995
<INVESTMENTS-AT-COST> 97244
<INVESTMENTS-AT-VALUE> 114483
<RECEIVABLES> 8086
<ASSETS-OTHER> 10258
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 132827
<PAYABLE-FOR-SECURITIES> 12585
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 635
<TOTAL-LIABILITIES> 13220
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 96613
<SHARES-COMMON-STOCK> 2348<F1>
<SHARES-COMMON-PRIOR> 779<F1>
<ACCUMULATED-NII-CURRENT> (448)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 6207
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 17235
<NET-ASSETS> 22962<F1>
<DIVIDEND-INCOME> 35<F1>
<INTEREST-INCOME> 32<F1>
<OTHER-INCOME> (8)<F1>
<EXPENSES-NET> 173<F1>
<NET-INVESTMENT-INCOME> (114)<F1>
<REALIZED-GAINS-CURRENT> 6211
<APPREC-INCREASE-CURRENT> 11611
<NET-CHANGE-FROM-OPS> 17374
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 507
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1802<F1>
<NUMBER-OF-SHARES-REDEEMED> 244<F1>
<SHARES-REINVESTED> 11<F1>
<NET-CHANGE-IN-ASSETS> 62389
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (1)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 63<F1>
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 173<F1>
<AVERAGE-NET-ASSETS> 12868<F1>
<PER-SHARE-NAV-BEGIN> 8.34<F1>
<PER-SHARE-NII> (.07)<F1>
<PER-SHARE-GAIN-APPREC> 1.58<F1>
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> .07
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.78<F1>
<EXPENSE-RATIO> 2.71<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Class D Only
</FN>
</TABLE>
The Boards of Directors/Trustees of
Seligman Capital Fund, Inc.
Seligman Cash Management Fund, Inc.
Seligman Common Stock Fund, Inc.
Seligman Communications and Information Fund, Inc.
Seligman Frontier Fund, Inc.
Seligman Growth Fund, Inc.
Seligman Henderson Global Fund Series, Inc.
Seligman High Income Fund Series
Seligman Income Fund, Inc.
Seligman New Jersey Tax-Exempt Fund, Inc.
Seligman Pennsylvania Tax-Exempt Fund
Seligman Tax-Exempt Fund Series, Inc.
Seligman Tax-Exempt Series Trust:
We have examined the accompanying description of the Seligman Capital Fund,
Inc., Seligman Cash Management Fund, Inc., Seligman Common Stock Fund, Inc.,
Seligman Communications and Information Fund, Inc., Seligman Frontier Fund,
Inc., Seligman Growth Fund, Inc., Seligman Henderson Global Fund Series, Inc.,
Seligman High Income Fund Series, Seligman Income Fund, Inc., Seligman New
Jersey Tax-Exempt Fund, Inc., Seligman Pennsylvania Tax-Exempt Fund, Seligman
Tax-Exempt Fund Series, Inc., Seligman Tax-Exempt Series Trust, ("Funds")
Alternative Distribution Accounting System functioning at Investors Fiduciary
Trust Company ("IFTC"), Kansas City, Missouri. Our examination included
procedures to obtain reasonable assurance about whether (1) the accompanying
description (Appendix I) presents fairly, in all material respects, the aspects
of the policies and procedures that may be relevant to the Funds' internal
control structure, (2) the control structure policies and procedures included in
the description were suitably designed to achieve the control objectives
specified in the description, if those policies and procedures were complied
with satisfactorily, and (3) such policies and procedures has been placed in
operation as of March 31, 1995. The control objectives were specified by the
management of J. & W. Seligman & Co. Incorporated. Our examination was performed
in accordance with standards established by the American Institute of Certified
Public Accountants and included those procedures we considered necessary in the
circumstances to obtain a reasonable basis for rendering our opinion.
In our opinion, the accompanying description of the aforementioned Alternative
Distribution Accounting System presents fairly, in all material respects, the
relevant aspects of policies and procedures that had been placed in operation as
of March 31, 1995. Also, in our opinion, the policies and procedures, as
described, are suitably designed to provide reasonable assurance that the
specified control objectives would be achieved if the described policies and
procedures were complied with satisfactorily.
<PAGE>
In addition to the procedures we considered necessary to render our opinion as
expressed in the previous paragraph, we applied tests to specific policies and
procedures, listed in Appendix II, to obtain evidence about their effectiveness
in meeting the control objectives, as described in Appendix II, during the
period from April 1, 1994 to March 31, 1995. The specific policies and
procedures and the nature, timing, extent, and results of the tests are listed
in Appendix II. In our opinion, such policies and procedures were operating with
sufficient effectiveness to provide reasonable, but not absolute, assurance that
the control objectives specified in Appendix II were achieved during the period
from April 1, 1994 to March 31, 1995.
The relative effectiveness and significance of specific policies and procedures
at IFTC and their effect on assessments of control risk at the Funds are
dependent on their interaction with the policies, procedures, and other factors
present at the Funds. We have performed no procedures to evaluate the
effectiveness of policies and procedures at the Funds with respect to this
report.
The description of policies and procedures at IFTC is as of March 31, 1995, and
information about tests of the operating effectiveness of specified policies and
procedures covers the period from April 1, 1994 to March 31, 1995. Any
projection of such information to the future is subject to the risk that,
because of change, the description may no longer portray the system in
existence. The potential effectiveness of specified policies and procedures at
IFTC is subject to inherent limitations and, accordingly, errors or
irregularities may occur and not be detected. Furthermore, the projection of any
conclusions, based on our findings, to future periods is subject to the risk
that changes may alter the validity of such conclusions.
This report is intended solely for use by the management and Boards of
Directors/Trustees of the Funds, J. & W. Seligman & Co. Incorporated and the
Securities and Exchange Commission.
/s/ Deloitte & Touche LLP
- --------------------------
May 11, 1995
<PAGE>
Appendix I
Description of the "Alternative Distribution Accounting System" (the "System")
The Funds' capital structure contains two classes of shares, each with a
different expense composition. The following is a summary of the class
structure:
Class A shares refer to shares sold under the "Initial Sales Load
Option" and are subject to a front-end sales load and an annual service
fee of up to .25% of average daily net asset value.
Class D shares refer to shares sold under the "No Initial Sales Load
Option" and are not subject to an initial sales load but incur an annual
service fee of up to .25% of average daily net asset value and an annual
distribution fee of up to .75% of average daily net asset value.
Class D has replaced the Class C noted in the Amended Exemptive Application
Filing of March 29, 1993. As of March 31, 1995, Class C shares and the Class B
shares noted in the Amended Exemption Application Filing of March 29, 1993 have
not been established.
Investors Fiduciary Trust Company ("IFTC") serves as the primary recordkeeper
for all transactions authorized by the Funds' management. In its portfolio
administrator role, IFTC is responsible for preparing daily net asset value
computations, updating the general ledger and investment portfolio, and
maintaining other subsidiary information as required by the Investment Company
Act of 1940 and the Securities and Exchange Commission.
DAILY PROCEDURES FOLLOWED BY INVESTORS FIDUCIARY TRUST COMPANY IN APPLICATION OF
THE SYSTEM
In order to facilitate the appropriate recordkeeping for each class of shares,
IFTC utilizes an accounting structure consisting of a principal general ledger
and class-specific ledgers.
The principal general ledger is used to record all transactions occurring at the
fund level.
The class-specific ledger is used to record fund share activity, class-specific
expenses and allocated income and expenses for each class.
A daily checklist has been developed for IFTC to ensure all daily entries and
reviews are completed in order to report properly the net asset values
calculated in accordance with the System (Attachment I).
IFTC utilizes an automated Multiple Class Pricing System ("MCPS") to calculate
net asset value ("NAV") for each class. An illustration of the allocation
methodology used to calculate each class' NAV is included at Attachment II. The
MCPS derives NAV from a capital statement, rather than balance sheet,
perspective by tracking all daily activity occurring in the Fund and in each
class. The allocation ratios are automatically calculated by IFTC's Portfolio
Accounting System ("PAS") based on each class' respective portion of total fund
net assets. The output from the MCPS is maintained on the Daily Price Make-Up by
Class report. An example of this report is included at Attachment III. A
supervisory review of the calculations is performed by IFTC.
Policies and procedures governing the posting allocations were specified by the
management of J. & W. Seligman & Co. Incorporated ("Seligman"), the Funds'
manager.
<PAGE>
Appendix I
(Continued)
The following represents a description of the major segments and control points
to be employed by the System.
Investment Transactions and Accrual of Income
Investment transactions are posted to the principal general ledger of PAS.
Interest and dividend income are also accrued in the principal general ledger.
The total amount payable and/or receivable for security transactions are
recorded on the daily batch sheet and are sent to Seligman for review.
The accuracy of investment transaction information processed through PAS is
based upon controls functioning separately from the controls in place for the
Alternative Distribution Accounting System. Such controls have not been tested
in connection with the issuance of this report.
Share Activity
Fund share subscriptions and redemptions are recorded in class-specific ledgers
for each class. The ending share balances from the class-specific ledgers are
agreed on a daily basis to the shares outstanding on the shareholder service
agent's reports for each class.
The value of settled shares (i.e., dividend shares) outstanding is calculated
daily for use in the multiple class allocations for the daily dividend Funds.
The value of settled shares for each class equals the ending dividend shares
times the previous day's NAV per share.
The value of shares outstanding (i.e., adjusted net assets) is calculated daily
for all Funds for each class as the prior day's net assets plus the current
day's capital activity.
The accuracy of shareholder transaction information processed through PAS is
based upon controls functioning separately from the controls in place for the
Alternative Distribution Accounting System. Such controls have not been tested
in connection with the issuance of this report.
Allocation of Revenue and Expense
The system allocates revenue and common expenses ratably to each class. Revenue
and expense allocations are based either on the value of settled shares or on
the value of shares outstanding depending on the distribution methodology of the
fund. Each class allocation is posted via the automated allocation facility to
the memorandum accounts of the class-specific ledger. The sum of the daily
allocated revenue and expenses of the memorandum accounts of the class-specific
ledger is agreed to the principal general ledger.
The accuracy of the revenue and expense accruals processed through PAS is based
upon controls functioning separately from the controls in place for the
Alternative Distribution Accounting System. Such controls have not been tested
in connection with the issuance of this report.
Class-Specific Expenses
Class-specific expenses are accrued in each class-specific ledger based upon
amounts authorized by Seligman.
Unrealized Appreciation/Depreciation and Realized Gains and Losses
The change in the unrealized appreciation/depreciation and realized gains and
losses are recorded in the principal general ledger and allocated to the classes
based on the value of shares outstanding.
<PAGE>
Calculation of NAV Per Class
The current day's net assets are calculated by adding the daily increase or
decrease in undistributed net investment income, capital share activity,
realized gains and losses, distributions of net realized gains and unrealized
appreciation/depreciation to the prior day's net assets. Net asset value per
share for each class is calculated by dividing the class' current day net assets
by its ending shares balance.
The NAV calculation for each class is reviewed by Seligman on a daily basis.
Dividend Rate Calculation
For periodic dividend Funds, the annual dividend rate per share for investment
income for each class will be calculated using the "record share" method. Total
investment income less common expenses from the principal general ledger is
divided by record date shares for all classes to arrive at an annual gross
dividend rate per share. Per share class-specific expenses, accrued in each
class-specific ledger, are deducted on a per share basis from the annual gross
dividend rate per share to arrive at the class-specific dividend rate per share.
The periodic dividends are authorized by the Funds' Board of Directors based
upon Seligman's estimate of the annual class specific dividend rate per share.
For daily dividend Funds, the dividend rate for investment income for each class
will be calculated using the "actual income" method. Under the "actual income"
method, the dividend rate is based on daily allocated income less allocated
common expenses and class-specific expenses divided by ending dividend shares.
Net realized gains for the Fund are divided by total ending shares to derive the
net realized gain distribution per share, which is paid to both class A and D
shareholders.
<PAGE>
Attachment I
IFTC'S ALTERNATIVE DISTRIBUTION ACCOUNTING SYSTEM
DAILY CHECKLIST
Prepare cash available
Record the settlement of the following:
o Long term security trades
o Long term interest payment received
o Short-term maturities
o Dividends received
Review for cash dividends, stock splits and stock dividends:
A. Review security listing for stock splits, stock dividends
B. Trace current security position to dividend accrual record
C. For securities going "ex-dividend," trace current position to
Wall Street Journal for dividends and stock splits.
D. Screen print current day dividends accruals
E. Trace cash dividend to Bloomberg and ascertain dividend declaration
F. View security listing to ascertain stock splits and dividends
Compare general ledger and subsidiary ledger and report/resolve any
discrepancies.
Trace adjusted net assets and shares to daily general ledger; report/resolve
differences, if any. Tie class level net assets to fund level general ledger.
Review income and expense entries for reasonableness by 9:30 A.M. Post manual
expense entries if required for Fund.
Review Failed Security Trades Report in conjunction with custody area;
investigate failed items.
Batch long-term and short-term trade tickets.
Review current daily trades for dividend activity. Determine if security was
owned as of "ex-date". If dividend detected, review/adjust accrual record.
Post "Record Share Balances" in the appropriate class portfolio. Trace "Record
Share Balances" and "Fund Share," Receivable and Payable" to Seligman Fund Share
Sheet. If the fund pays dividend daily, update "Dividend Share Balance" and
trace to Seligman Fund Share Sheet. Resolve any discrepancies.
<PAGE>
Attachment I
(Continued)
IFTC'S ALTERNATIVE DISTRIBUTION ACCOUNTING SYSTEM
DAILY CHECKLIST
Provide trade information to custody.
Provide cash available to custody by 2:00 P.M.
Complete bank reconciliation by 2:30 P.M., research/resolve reconciling items.
Post manual entries by 3:00 P.M.
Close out daily income by class and calculate each class dividend factor by 2:30
P.M.
Enter manual prices by 3:30 P.M.
Review "Daily Price Make-Up by Class" for reasonableness of allocated income,
expenses, gain/loss, and unrealized gain/loss:
A. Trace fund level net assets from rollforward "Daily Price Make-Up by
Class" to "Daily NAV Calculation Report."
B. Review on line pricing stratification; verify prices received with
Bloomberg or pricing source.
C. Review "Daily Security Pricing Listing," resolve any unusual fluctuations.
D. Review "Daily Security Pricing Listing" for ex-dividend items.
E. Perform detail review of "Pricing Stratification Report" for
unusual fluctuations in market value.
Communicate pricing information to NASDAQ by 4:30 P.M., outside transfer agent
by 5 P.M.
<PAGE>
Attachment II
ALTERNATIVE DISTRIBUTION ACCOUNTING SYSTEM
ILLUSTRATION OF MULTIPLE CLASS PRICING SYSTEM'S CALCULATIONS
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
Total Class Class
(T) (A) (D)
1. Net Assets Beginning of Day C __ I __ I __
Capital Activity
2. Subscriptions C __ I __ I __
3. Redemptions C __ I __ I __
4. Reinvestments C __ I __ I __
5. Adjusted Net Assets (1 + 2 - 3 + 4) C __ C __ C __
6. % Value of Adjusted Net Assets by Class (5(A-D)/5(T)) C __ C __
Operating Activity
7. Revenue (7(T) x 6(A-D) or 32(A-D)) I __ C __ C __
8. Management Fee (8(T) x 6(A-D) or 32(A-D)) I __ C __ C __
9. Other Common Expenses (9(T) x 6(A-D) or 32(A-D)) I __ C __ C __
10. Total Common Expenses (8 + 9) C __ C __ C __
11. 12B-1 Fees C __ I __ I __
12. Other Specific Expenses C __ I __ I __
13. Total Specific Expenses (11 + 12) C __ C __ C __
14. Daily Net Income (7 - 10 - 13) C __ C __ C __
15. Net Realized Gain/Losses (15(T) x 6(A-D)) I __ C __ C __
16. Dividends Declared - Net Investment Income C __ I __ I __
17. Daily Dividend Rate - For Daily Dividends Only (14(A-D)/35(A-D)) C __ C __
18. Dividends Declared - Net Realized Gains C __ I __ I __
19. Net Assets before Pricing (5 + 14 + 15 - 16 - 18) C __ C __ C __
20. Yesterday's Cumulative/Appreciation Depreciation (20(T) x 6(A-D)) I __ C __ C __
21. Today's Cumulative/Appreciation Depreciation (21(T) x 6(A-D)) I __ C __ C __
22. Change in Market Value (21 - 20) C __ C __ C __
23. Net Assets Adjusted for Pricing (19 + 22) C __ C __ C __
NAV Calculation
24. Today's NAV (23/30) C __ C __
25. Previous NAV I __ I __
26. Sales Load as a % of Offering Price I __
27. Offering Price (24/(100%-26)) C __
Share Activity
28. Beginning Share Balance C __ I __ I __
29. Share Activity - Prior Day C __ I __ I __
30. Ending Share Balance (28 + 29) C __ C __ C __
31. Value of Dividend Shares Outstanding (35 x 25) C __ C __ C __
32. % Value of Dividend Shares Outstanding by Class (31(A-D)/31(T)) C __ C __
33. Beginning Dividend Share Balance C __ I __ I __
34. Dividend Share Activity - Prior Day C __ I __ I __
35. Ending Dividend Share Balance (33 + 34) C __ C __ C __
C - Calculate
I - Input
Note: For allocation of revenue and expenses, line 6 applies to periodic
dividend funds and line 32 applies to daily dividend funds.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Attachment III
October 17, 1994
SELIGMAN CASH & TAXABLE BONDS
DAILY PRICE MAKE-UP BY CLASS - DOLLAR AMOUNTS
PRINCIPAL ACCOUNT AND NAME: 001-607 SCB/SCB U.S. GOV'T SEC
US GOVT A US GOVT D
Description 001 607 001 607 02 001 607 05
- ----------- ------- ---------- ----------
<S> <C> <C> <C>
Net Assets Beginning of Day 64,948,636.79 57,792,333.58 7,156,303.21
Fund Share Activity:
Subscriptions 746.23 462.54 283.69
Redemptions 68,421.27- 68,421.27-
Reinvestments
Adjusted Net Assets 64,880,961.75 57,724,374.85 7,156,586.90
Revenue 14,084.88 12,539.20 1,545.68
Expenses:
Common 1,339.71- 1,192.69- 147.02-
Specific 703.06- 430.00- 273.06-
Net Realized Gain/Loss
Other Credits
Other Debits
Dividends Declared:
Net Investment Income 12,042.11- 10,916.51- 1,125.60-
Net Realized Gains
Net Assets Before Pricing 64,880,961.75 57,724,374.85 7,156,586.90
Change in Market Value 50,934.00- 45,315.81- 5,618.19-
Net Assets Adjusted for Pricing 64,830,027.75 57,679,059.04 7,150,968.71
Yesterday's Cumulative AP/DP 1,455,103.12-
Today's Cumulative AP/DP 1,506,037.12-
Today's NAV 6.59 6.61
Today's Offering 6.92 6.61
Change in NAV .01-
Previous NAV 6.60 6.61
Beginning Share Balance 9,838,233.023 8,756,352.917 1,081,880.106
Ending Share Balance 9,827,979.174 8,746,056.149 1,081,923.025
Daily Change 10,253.849- 10,296.768- 42.919
Value of Dividend Shares O/S 64,996,421.08 57,863,696.41 7,132,724.67
Beginning Divd Share Balance 9,848,435.505 8,770,162.890 1,078,272.615
Ending Divd Share Balance 9,845,480.926 8,767,165.392 1,078,315.534
Daily Change 2,954.579- 2,997.498- 42.919
Undistributed Income 0.00 0.00 0.00
</TABLE>
<PAGE>
Appendix II
Control Objectives, Policies and Procedures
of the Alternative Distribution Accounting System
This report on policies and procedures placed in operation and tests of
operating effectiveness is intended to provide the Securities and Exchange
Commission, the Boards of Directors/Trustees and management with information
sufficient to obtain an understanding of those aspects of control structure
policies and procedures of the Alternative Distribution Accounting System that
may be relevant to a user organization's internal control structure, and reduce
the assessed level of control risk below the maximum for certain financial
statement assertions. This report, when coupled with an understanding of the
internal control structure policies and procedures in place at user
organizations, is intended to assist in the assessment of the total internal
control structure surrounding transactions processed through the application.
Our examination was restricted to the allocation methodology of the Alternative
Distribution Accounting System and accordingly did not extend to procedures in
effect at user organizations or other supporting applications at Investors
Fiduciary Trust Company. The examination was conducted in accordance with the
Statement on Auditing Standards (SAS) No. 70, "Reports on the Processing of
Transactions by Service Organizations," of the American Institute of Certified
Public Accountants. It is each interested party's responsibility to evaluate
this information in relation to internal control structure policies and
procedures in place at user organizations to obtain an understanding of the
internal control structure policy and procedures and assess control risk.
Our examination included inquiry of appropriate management, supervisory and
staff personnel; inspection of documents and records; observation of activities
and operations; and tests of controls surrounding the Alternative Distribution
Accounting System. Our tests of controls were performed from April 1, 1994 to
March 31, 1995, and were applied to those control structure policies and
procedures relating to control objectives specified in Appendix II.
The description of policies and procedures and control objectives are the
responsibility of the Funds' management. Our responsibility is to express an
opinion that the policies and procedures are operating with sufficient
effectiveness to provide reasonable, but not absolute, assurance that the
control objectives were achieved during the period covered by our report.
<PAGE>
Control Objectives, Policies and Procedures
of the Alternative Distribution Accounting System (the "System")
The System functions in a principal general ledger and class-specific ledger
account structure on the Investors Fiduciary Trust Company Portfolio Accounting
System. This System includes the detail of transactions in accordance with the
Investment Company Act of 1940.
The following represents the internal accounting control objectives and policies
and procedures for the allocation of income and expenses and the computation of
the net asset value and, if applicable, the dividend/distribution for each class
of shares utilizing the Daily Price Make-Up by Class report from the MCPS. It
does not cover the internal accounting control policies and procedures
surrounding the processing of information into the Funds' primary accounting
system.
The Daily Price Make-Ups by Class which were selected for testing during the
period April 1, 1994 to March 31, 1995 were subject to the procedures set forth
in the testing column.
<TABLE>
<CAPTION>
Control Objectives Control Policies and Procedures
- ------------------ -------------------------------
<S> <C> <C> <C>
A. Capital share activity as A. Daily, the shareholder service agent forwards reports
reported is forwarded by the of capital share activity for each class to
Fund's shareholder service the Fund.
agent and is recorded for
each class in an accurate
and timely manner by the
Fund.
</TABLE>
<TABLE>
<CAPTION>
Testing Expected Results of Testing Results of Testing
- -------- --------------------------- ------------------
<S> <C> <C> <C> <C>
A. Agreed activity reported by the shareholder service agent A. Amount of share activity As expected
to the activity reported in Daily Price Make-Up by Class. per shareholder service agent
agrees to amount recorded in
system for each class.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Control Objectives Control Policies and Procedures
- ------------------ -------------------------------
<S> <C> <C> <C> <C>
B. Net assets, NAV and B. The following represents certain primary control
dividend/distribution, if procedures used to verify the net assets, NAV and
applicable, for each class dividends/distribution, if applicable for each class
are accurately computed on a on the system:
daily basis.
1. The "Net Assets Beginning of Day," for each
class "Previous NAV" for each class,
"Yesterday's Cumulative
Appreciation/Depreciation," "Beginning Share
Balance" for each class and "Beginning Dividend
Share Balance" for each class are roll forward
from the prior day's Daily Price Make-Up by
Class.
2. The daily net capital stock activity for each
class for the current day is agreed from the
Daily Price Make-Up by Class to the shareholder
service agent report as described in Control
Procedure A.
</TABLE>
<TABLE>
<CAPTION>
Testing Expected Results of Testing Results of Testing
- -------- --------------------------- ------------------
<S> <C> <C> <C> <C>
B. The noted control procedures were
subject to the following procedures:
1. Agreed "Net Assets Beginning of Day," for each 1. "Net Assets Beginning of Day" for each class, As expected
class, "Previous NAV" for each class, "Yesterday's "Previous NAV" for each class, "Yesterday's
Cumulative Appreciation/Depreciation," "Beginning Cumulative Appreciation/Depreciation,"
Share Balance" for each class and "Beginning "Beginning Share Balance" for each class and
Dividend Share Balance" for each class to the "Beginning Dividend Share Balance" for each
previous day's Daily Price Make-Up by Class. class are equal to prior day Daily Price
Make-Up by Class.
2. Agreed Fund Share Activity - "Subscriptions," 2. Fund Share Activity - "Subscriptions," As expected
"Redemptions" and "Reinvestments" to the reports "Redemptions" and "Reinvestments" are equal to
from the shareholder service agent for each class. share activity report from shareholder service
agent for each class.
Recalculated "Adjusted Net Assets" by adding "Net "Adjusted Net Assets" is arithmetically correct As expected
Assets Beginning of Day" and Fund Share Activity - for each class.
"Subscriptions", "Redemptions" and "Reinvestments"
for each class.
<PAGE>
Recalculated for each class "Ending Share "Ending Share Balance" is arithmetically As expected
Balance" by adding "Beginning Share correct for each class.
Balance" for each class to the Share Activity -
Prior Day for each class. Obtained the Share
Activity - Prior Day for each class from
reports of the shareholder service agent.
For the daily dividend Funds, recalculated for "Ending dividend Share Balance" is As expected
each class "Ending Dividend Share Balance" by arithmetically correct for each class.
adding "Beginning Dividend Share Balance" for
each class to the Dividend Share Activity - prior
day for each class. Obtained the Dividend Share
activity - Prior Day for each class from reports
of the shareholder service agent.
For the daily dividend Funds recalculated for "Value of Dividend Shares O/S" is As expected
each class the "Value of Dividend Shares O/S" by arithmetically correct for each class.
multiplying the "Ending Dividend Share Balance"
for each class by the "Previous NAV" for each
class.
Control Policies and Procedures Testing
- ------------------------------- --------
3. Allocate investment income between classes 3. Recalculated for each class the "Revenue" by:
based on the appropriate asset allocation
percentage for each class. - Calculating the Percent Value of
Adjusted Net Assets by Class by dividing the
"Adjusted Net Assets" for each class by the
"Adjusted Net Assets" total for the periodic
dividend funds.
- Calculating the Percent Value of Dividend
Shares O/S by Class by dividing the "Value of
Dividend Shares O/S" for each class by the
"Value of Dividend Shares O/S" total for the
daily dividend funds.
- Multiplying the amount of "Revenue" in the
principal general ledger by the appropriate
allocation percentage, calculated above, for
each class.
4. Agree the total "Revenue," "Expenses," "Net 4. Agreed total "Revenue," "Expenses," "Net Realized
Realized Gains and Losses," and "Today's "Gain and Loss" and "Today's Cumulative Appreciation/Depreciation"
primary accounting system of the Fund. to the primary accounting system.
Expected Results of Testing Results of Testing
- --------------------------- ------------------
3. Allocation of "Revenue" to each class is As expected
arithmetically correct, based upon the
appropriate allocation percentage.
4. Total for each item is equal to the balance As expected
in the primary accounting system.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Control Objectives Control Policies and Procedures
- ------------------ -------------------------------
<S> <C> <C> <C> <C>
B. Net assets, NAV and 5. Allocate expenses between classes
dividend/distribution, if as follows:
applicable, for each class
are accurately computed on a
daily basis. (Continued)
a. Specific expenses are recorded to each
class based on authorization from
Seligman.
b. Common expenses are allocated in
accordance with the appropriate asset
allocation percentage for each class.
</TABLE>
<TABLE>
<CAPTION>
Testing Expected Results of Testing Results of Testing
- ------- --------------------------- ------------------
<S> <C> <C> <C> <C>
5a. Agree specific expenses to Seligman's 5a. Specific expenses are equal to the As expected
authorization reports. Seligman authorization reports.
b. Recalculated for each class the "Common" b. "Common" expenses are arithmetically As expected
expenses by: correct for each class.
- Calculating the Percent Value of
Adjusted Net Assets by Class for the
periodic dividend Funds as noted in 3
above.
- Calculating the percent value of
Dividend shares O/S by Class for daily
dividend Funds as noted in 3 above.
- Multiplying the "Common" expenses
by the appropriate asset allocation
percentage calculated above.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Control Policies and Procedures Testing
- ------------------------------- -------
<S> <C> <C> <C>
6. Allocate Realized and Unrealized Gains and 6. Recalculated the "Change in Market Value" by
Losses between the classes in accordance with subtracting "Yesterday's Cumulative
the appropriate asset allocation percentage of Appreciation/Depreciation" from "Today's
each class. Cumulative Appreciation/Depreciation."
Recalculated the allocation for each class the
"Change in Market Value" and the "Net Realized
Gain/Loss" by:
- Calculating the Percent Value of Adjusted
Net Assets by Class for all Funds as described
in 3 above.
- Multiplying the "Changes in Market Value"
and the "Net Realized Gain/Loss" by the percent
Value of Adjusted Net Assets by Class (which is
calculated in Step 3 above).
Expected Results of Testing Results of Testing
- --------------------------- ------------------
6. "Change in Market Value" is arthmetically As expected
correct.
Allocation of "Change in Market Value" As expected
and "Net Realized Gain/Loss" is
arithmetically correct based on the percent
Value of Adjusted Net Assets by Class.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Control Objectives Control Policies and Procedures
- ------------------ -------------------------------
<S> <C> <C>
B. Net assets, NAV and dividend/distribution, 7. Record "Dividend Declared-Net
if applicable, for each class are accurately Investment Income and Net Realized
computed on a daily basis. (Continued) Capital Gains" to shareholders of
of each Class in the Class-specific
ledgers.
a. Daily dividends declared to shareholders of
each class are calculated and recorded in
the class-specific ledgers.
b. Periodic dividends declared to shareholders
of each class are recorded in the class-
specific ledgers based on Seligman's authorization
c. "Net Realized Gains" declared to shareholders
are calculated and recorded in class-specific
ledgers.
Testing Expected Results of Testing Results of Testing
- ------- --------------------------- ------------------
7a. For the daily dividend Funds, recalculated for 7. "Dividends Declared-Net Investment As expected (when
each class the "Dividends Declared-Net Investment Income for the periodic dividend Funds are applicable)
Income" by multiplying the "Daily Dividend Rate" arithmetically correct for each class.
by the "Ending Dividend Shares" for each class.
The "Daily Dividend Rate" was calculated as the
current day's "Revenue" for each class less
current day's "Expenses-Common and Specific"
dividend by the "Ending Dividend Share
Balance" for each class.
b. For the periodic dividend Funds, recalculated "Dividend Declared-Net Realized Gains" As expected (when
for each class the "Dividends Declared - Net are arithmetically correct for each class. applicable.)
Investment" by multiplying the dividend rate
authorized by the Fund's Board of Diretors by
the "Ending Share Balance."
c. Recalculated for each class the "Dividends "Dividend Declared-Net Realized Gains" As expected
Declared-Net Realized Gains" by multiplying are arithmetically correct for each class.
the net realized gain distribution per share
authorized by the Fund's Board of Directors/
Trustees by the "Ending Share Balance" per class.
<PAGE>
Control Policies and Procedures Testing
- ------------------------------- -------
8. For each class, recalculated the current 8. Recalculated for each class the "Net Assets
day's NAV and Offering Price. Adjusted for Pricing" by adding "Adjusted Net
Assets," "Revenues," "Expenses - Common
and Specific," "Net Realized Gain/Loss,"
"Dividends Declared-Net Investment Income
and Net Realized Gains" and "Change in Market Value"
Recalculated "Today's NAV" by dividing the "Net
Assets Adjusted for Pricing" by class by
"Ending Share Balance" by class.
Recalculated "Offering Price" for Class A
shares by applying the "Load" percentage as
stated in the Fund's prospectus.
Expected Results of Testing Results of Testing
- --------------------------- ------------------
8. "Net Assets Adjusted for Pricing" is As expected
arithmetically correct for each class.
"Today's NAV" is arithmetically correct for As expected
each class.
"Offering Price" is arithmetically correct for As expected
Class A.
<PAGE>
Control Objectives Control Policies and Procedures
- ------------------ --------------------------------
B. Net assets, NAV and 9. The satisfactory completion of above
dividend/distribution, if procedures are reviewed by lthe Fund
applicable, for each supervisor or manager.
class are accurately computed on
a daily basis. (Concluded)
</TABLE>
<TABLE>
<CAPTION>
Testing Expected Results of Testing Results of Testing
- ------- --------------------------- ------------------
<S> <C> <C> <C> <C>
9. We made inquiry of the Fund supervisor as to 9. Response that the Fund As expected
the daily review of the above procedures. supervisor or manager determines that the
above procedures are satisfactorily
completed on a daily basis.
</TABLE>
