Seligman High Income Fund Series N-CSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM N-CSR CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES Investment Company Act file number 811-4103 Seligman High Income Fund Series (Exact name of Registrant as specified in charter) 100 Park Avenue New York, New York 10017 (Address of principal executive offices) (Zip code) Lawrence P. Vogel 100 Park Avenue New York, New York 10017 (Name and address of agent for service) Registrant's telephone number, including area code: (212) 850-1864 Date of fiscal year end: 12/31 Date of reporting period: 6/30/05 ITEM 1. REPORTS TO STOCKHOLDERS.

Seligman

High-Yield Bond Series

Mid-Year Report

June 30, 2005

Seeking to Maximize

Current Income by

Investing in a Diversified

Portfolio of High-Yielding

Corporate Bonds

J. & W. SELIGMAN & CO.

INCORPORATED
ESTABLISHED 1864

100 Park Avenue, New York, NY 10017

Seligman

141 Years of Investment Experience

J. & W. Seligman Co. Incorporated is a firm with a long tradition of investment expertise, offering a broad array of investment choices to help today’s investors seek their long-term financial goals.

Established in 1864, Seligman has a history of providing financial services marked not by fanfare, but rather by a quiet and firm adherence to financial prudence. While the world has changed dramatically in the 141 years since Seligman first opened its doors, the firm has continued to offer its clients high-quality investment solutions through changing times.

In the late 19th century, as the country grew, Seligman helped finance the westward expansion of the railroads, the construction of the Panama Canal, and the launching of urban transit systems. In the early 20th century, the firm helped fund the growing capital needs of new industries, including the nascent automobile and steel industries.

With the formation of Tri-Continental Corporation in 1929 — today, one of the nation’s largest diversified publicly-traded closed-end equity investment companies — Seligman began shifting its emphasis to investment management. In 1930, Seligman established what would be the first in an impressive lineup of mutual funds.

Seligman is proud of its distinctive past and of the traditional values that continue to shape the firm’s business decisions and investment judgment. While much has changed over the years, the firm’s commitment to providing prudent investment management that seeks to build wealth for clients over time is an enduring value that will continue to guide Seligman.

Table of Contents
To The Shareholders	1
Performance and Portfolio Overview	2
Understanding and Comparing Your Fund’s Expenses	7
Portfolio of Investments	8
Statement of Assets and Liabilities	15
Statement of Operations	16
Statements of Changes in Net Assets	17
Notes to Financial Statements	18
Financial Highlights	25
Report of Independent Registered Public Accounting Firm	31
Trustees and Executive Officers	32
Additional Fund Information	back cover

To The Shareholders

Your mid-year report for Seligman High-Yield Bond Series follows this letter. This report contains the Fund’s investment results and financial statements, as well as a portfolio of investments.

For the six months ended June 30, 2005, the Fund delivered a total return of 0.55% based on the net asset value of Class A shares. During the same time period, the Fund’s benchmarks, the Lipper High Current Yield Funds Average and the Citigroup US High-Yield Market Index, returned 0.27% and 0.82%, respectively.

We are pleased to announce that, effective April 28, 2005, J. Eric Misenheimer joined Seligman as the Fund’s Portfolio Manager. Mr. Misenheimer was previously Senior Vice President and Director of Taxable High-Yield for Northern Trust Global Investments and served as portfolio manager of the Northern High-Yield Fixed Income Fund.

A special meeting of shareholders has been scheduled for September 27, 2005. The proposals to be considered at such meeting are described in a proxy statement that has been mailed to all shareholders of record as of July 5, 2005.

We appreciate your continued support of Seligman High-Yield Bond Series and look forward to serving your investment needs for many years to come.

By Order of the Trustees,

William C. Morris
Chairman

Brian T. Zino
President

August 10, 2005

Manager	Shareholder Service Agent	Important Telephone Numbers
J. & W. Seligman & Co.	Seligman Data Corp.	(800) 221-2450	Shareholder Services
Incorporated	100 Park Avenue	(800) 445-1777	Retirement Plan
100 Park Avenue	New York, NY 10017		Services
New York, NY 10017		(212) 682-7600	Outside the
	General Counsel		United States
General Distributor	Sullivan & Cromwell LLP	(800) 622-4597	24-Hour Automated
Seligman Advisors, Inc.			Telephone Access
100 Park Avenue	Independent Registered		Service
New York, NY 10017	Public Accounting Firm
	Deloitte & Touche LLP

1

Performance and Portfolio Overview

This section of the report is intended to help you understand the performance of Seligman High-Yield Bond Series (the “Fund”) and to provide a summary of the Fund’s portfolio characteristics.

Performance data quoted in this report represents past performance and does not guarantee future investment results. The rates of return will vary and the principal value of an investment will fluctuate. Shares, if redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Total returns of the Fund as of the most recent month-end will be available at www.seligman.com¹ by the seventh business day following that month-end. Calculations assume reinvestment of distributions. Performance data quoted does not reflect the deduction of taxes that an investor may pay on distributions or the redemption of shares.

Returns for Class A shares are calculated with and without the effect of the initial 4.75% maximum sales charge. Returns for Class B shares are calculated with and without the effect of the maximum 5% contingent deferred sales charge (“CDSC”), charged on redemptions made within one year of purchase, declining to 1% in the sixth year and 0% thereafter. The return from inception for Class B shares reflects automatic conversion to Class A shares approximately eight years after inception date. Returns for Class C shares are calculated with and without the effect of the initial 1% maximum sales charge and the 1% CDSC that is charged on redemptions made within 18 months of purchase. Returns for Class D and Class R shares are calculated with and without the effect of the 1% CDSC, charged on redemptions made within one year of purchase. Returns for Class I shares do not have sales charges.

¹ The reference to Seligman’s website is an inactive textual reference and information contained in or otherwise accessible through Seligman’s website does not form a part of this report or the Seligman Portfolios’ prospectus.

2

Performance and Portfolio Overview

Investment Results
Total Returns
For Periods Ended June 30, 2005

				Average Annual
	Six Months*			One Year			Five Years			Ten Years			Class B Since Inception 4/22/96			Class C Since Inception 5/27/99			Class I Since Inception 11/30/01			Class R Since Inception 4/30/03
Class A
With Sales Charge		(4.36	)%		2.99	%		(1.78	)%		2.55	%		n/a			n/a			n/a			n/a
Without Sales Charge		0.55			8.15			(0.81	)		3.06			n/a			n/a			n/a			n/a
Class B
With CDSC†		(4.66	)		2.68			(1.79	)		n/a			n/a			n/a			n/a			n/a
Without CDSC		0.19			7.68			(1.54	)		n/a			1.31	%†††		n/a			n/a			n/a
Class C
With Sales Charge and CDSC††		(1.61	)		5.74			(1.73	)		n/a			n/a			(2.05	)%		n/a			n/a
Without Sales Charge and CDSC		0.48			7.67			(1.53	)		n/a			n/a			(1.89	)		n/a			n/a
Class D
With 1% CDSC		(0.50	)		6.67			n/a			n/a			n/a			n/a			n/a			n/a
Without CDSC		0.48			7.67			(1.53	)		2.31			n/a			n/a			n/a			n/a
Class I		1.06			8.92			n/a			n/a			n/a			n/a			6.41	%		n/a
Class R
With 1% CDSC		(0.25	)		7.20			n/a			n/a			n/a			n/a			n/a			n/a
Without CDSC		0.72			8.20			n/a			n/a			n/a			n/a			n/a			8.49	%
Lipper High Current Yield Funds Average**		0.27			8.94			5.47			5.85			5.31	#		4.32			8.78			10.38
Citigroup US High-Yield Market Index**		0.82			10.38			7.70			7.28			7.05	##		5.99	###		10.44			11.41

See footnotes on page 4.

3

Performance and Portfolio Overview

										Dividend Per Share and Yield Information
Net Asset Value Per Share										For Periods Ended June 30, 2005
	6/30/05			12/31/04			6/30/04			Dividendsø			SEC 30-Day Yieldsøø
Class A		$	3.40		$	3.51		$	3.39		$	0.1277		6.09	%
Class B			3.41			3.52			3.39			0.1152		5.59
Class C			3.42			3.52			3.40			0.1152		5.57
Class D			3.42			3.52			3.40			0.1152		5.63
Class I			3.40			3.51			3.39			0.1349		6.82
Class R			3.41			3.51			3.39			0.1235		6.17

*	Returns for periods of less than one year are not annualized.
**	The Citigroup US High-Yield Market Index (Citigroup Index) and the Lipper High Current Yield Funds Average (Lipper Average) are unmanaged benchmarks that assume reinvestment of all distributions and exclude the effect of taxes and sales charges, and the Citigroup Index also excludes the effect of fees. The Lipper Average is an average of funds that aim at high (relative) current yield from fixed income securities, has no quality or maturity restrictions, and tend to invest in lower-grade debt instruments. The Citigroup Index captures the performance of below investment-grade debt issues of corporations domiciled in the United States or Canada. Investors cannot invest directly in an average or an index.
ø	Represents per share amount paid or declared during the period ended June 30, 2005.
øø	Current yield, representing the annualized yield for the 30-day period ended June 30, 2005, has been computed in accordance with SEC regulations and will vary.
†	The CDSC is 5% for periods of one year or less and 2% for the five-year period.
††	The CDSC is 1% for periods up to 18 months.
†††	Return from inception of Class B shares reflects automatic conversion to Class A shares approximately eight years after inception date.
#	From April 25, 1996.
##	From April 30, 1996.
###	From May 31, 1999.

4

Performance and Portfolio Overview

Largest Industries

June 30, 2005

Largest Portfolio Changes

During Past Six Months
Largest Purchases	Largest Sales
Williams Companies 7.5%, 1/15/2031*	Huntsman ICI Chemicals 10.125%, 7/1/2009
Coventry Health Care 8.125%, 2/15/2012*	Calpine 9.625%, 9/30/2014**
Chesapeake Energy 7%, 8/15/2014*	Crown Castle International 10.75%, 8/1/2011**
Denny’s 10%, 10/1/2012	Charter Communications 0% (11.75%), 5/15/2011**
Intrawest 7.5%, 10/15/2013	Rite Aid 8.125%, 5/1/2010
HCA-The Healthcare 6.375%, 1/15/2015*	SBA Telecommunications 0% (9.75%), 12/15/2011
Ainsworth Lumber 7.25%, 10/1/2012	AK Steel 7.875%, 2/15/2009**
CITGO Petroleum 6%, 10/15/2011*	Williams Companies 8.125%, 3/15/2012**
Frontier Oil 6.625%, 10/1/2011	Hollywood Entertainment 9.625%, 3/15/2011**
AK Steel 7.75%, 6/15/2012*	Georgia-Pacific 7.5%, 5/15/2006

Largest portfolio changes from the previous period to the current period are based on cost of purchases and proceeds from sales of securities, listed in descending order.

*	Position added during the period.
**	Position eliminated during the period.

5

Performance and Portfolio Overview

Top Ten Companies

June 30, 2005

Security	Value		Percent of Net Assets
Dex Media	$	11,522,250		2.3
Qwest Services		10,643,000		2.1
AES		7,280,000		1.4
United States Steel		6,500,450		1.3
Williams Companies		6,361,875		1.3
SBA Telecommunications		6,135,525		1.2
Edison Mission Energy		5,849,594		1.2
Pilgrim’s Pride		5,798,000		1.1
El Paso		5,563,125		1.1
Western Financial Bank		5,557,125		1.1

The amounts shown for the top ten companies represent the value of the Fund’s investments in securities of all types issued by the companies or their affiliates.

Ratings§ June 30, 2005			Weighted Average Maturity
	Moody’s		7.38 years
Aaa	0.8	%
Ba	20.1
B	59.4
Caa	17.9
Ca	0.4
Non-rated	1.4

§ Credit ratings are those issued by Moody’s Investors Services, Inc. (“Moody’s”). Percentages are based on the market values of long-term holdings.

6

Understanding and Comparing
Your Fund’s Expenses

As a shareholder of the Fund, you incur ongoing expenses, such as management fees, distribution and/or service (12b-1) fees, and other fund expenses. The information below is intended to help you understand your ongoing expenses (in dollars) of investing in the Fund and to compare them with the ongoing expenses of investing in other mutual funds. Please note that the expenses shown in the table are meant to highlight your ongoing expenses only and do not reflect any transactional costs, such as sales charges (also known as loads) on certain purchases or redemptions. Therefore, the table is useful in comparing ongoing expenses only, and will not help you to determine the relative total expenses of owning different funds. In addition, if transactional costs were included, your total expenses would have been higher.

The table is based on an investment of $1,000 invested at the beginning of January 1, 2005 and held for the entire six-month period ended June 30, 2005.

Actual Expenses

The table below provides information about actual expenses and actual account values. You may use the information, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value at the beginning of the period by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading entitled “Expenses Paid During Period” for the Fund’s share class that you own to estimate the expenses that you paid on your account during the period.

Hypothetical Example for Comparison Purposes

The table below also provides information about hypothetical expenses and hypothetical account values based on the actual expense ratio of each class and an assumed rate of return of 5% per year before expenses, which is not the actual return of any class of the Fund. The hypothetical expenses and account values may not be used to estimate the ending account value or the actual expenses you paid for the period. You may use this information to compare the ongoing expenses of investing in the Fund and other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other mutual funds.

					Actual					Hypothetical
	Beginning Account Value 1/1/05		Annualized Expense Ratio*		Ending Account Value 6/30/05		Expenses Paid During Period** 1/1/05 to 6/30/05			Ending Account Value 6/30/05		Expenses Paid During Period** 1/1/05 to 6/30/05
Class A	$	1,000.00		1.35%	$	1,005.50		$	6.71	$	1,018.10		$	6.76
Class B		1,000.00		2.10		1,001.90			10.42		1,014.38			10.49
Class C		1,000.00		2.10		1,004.80			10.44		1,014.38			10.49
Class D		1,000.00		2.10		1,004.80			10.44		1,014.38			10.49
Class I		1,000.00		1.00		1,010.60			4.99		1,019.84			5.01
Class R		1,000.00		1.61		1,007.20			8.01		1,016.81			8.05

*	Expenses of Class B, Class C, Class D, Class I and Class R shares differ from the expenses of Class A shares due to the differences in 12b-1 fees and other class-specific expenses paid by each share class. See the Fund’s prospectus for a description of each share class and its expenses and sales charges.
**	Expenses are equal to the annualized expense ratio based on actual expenses for the period January 1, 2005 to June 30, 2005, multiplied by the average account value over the period, multiplied by 181/365 (number of days in the period).

7

Portfolio of Investments
June 30, 2005

	Principal Amount		Value
Corporate Bonds 93.5%
Aerospace 2.6%
Hexcel 6.75%, 2/1/2015	$	2,825,000	$	2,839,125
K&F Acquisition 7.75%, 11/15/2014		2,450,000		2,517,375
Sequa 9%, 8/1/2009		4,550,000		5,039,125
TD Funding 8.375%, 7/15/2011		2,650,000		2,822,250
				13,217,875
Auto 2.5%
Goodyear Tire & Rubber 7.857%, 8/15/2011		4,450,000		4,349,875
Stoneridge 11.5%, 5/1/2012		2,675,000		2,741,875
Tenneco Automotive 10.25%, 7/15/2013		1,775,000		2,014,625
TRW Automotive Acquisition 9.375%, 2/15/2013		3,000,000		3,337,500
				12,443,875
Broadcasting 1.3%
Nextmedia Operating 10.75%, 7/1/2011		3,625,000		3,955,781
Sinclair Broadcast Group 8%, 3/15/2012		2,300,000		2,369,000
				6,324,781
Building Products 1.0%
Associated Materials 9.75%, 4/15/2012		2,775,000		2,886,000
Texas Industries:
10.25%, 6/15/2011		1,775,000		2,065,656
7.25%, 7/15/2013*		100,000		103,000
				5,054,656
Cable 3.2%
Charter Communications Holdings:
8.625%, 4/1/2009		2,700,000		2,018,250
10.25%, 9/15/2010		5,300,000		5,386,125
CSC Holdings 7.875%, 12/15/2007		3,725,000		3,864,688
Insight Midwest/Insight Capital 10.5%, 11/1/2010		2,475,000		2,635,875
Mediacom Broadband 11%, 7/15/2013		2,200,000		2,392,500
				16,297,438
Capital Goods 3.0%
Blount 8.875%, 8/1/2012		2,550,000		2,741,250
Columbus McKinnon 10%, 8/1/2010		2,675,000		2,915,750
JLG Industries 8.375%, 6/15/2012		1,425,000		1,492,688
NMHG Holding 10%, 5/15/2009		2,050,000		2,162,750
Norcross Safety Products 9.875%, 8/15/2011		3,100,000		3,255,000
Park-Ohio Industries 8.375%, 11/15/2014		3,050,000		2,737,375
				15,304,813

See footnotes on page 14.

8

Portfolio of Investments
June 30, 2005

	Principal Amount		Value
Chemicals 8.4%
ARCO Chemical 9.8%, 2/1/2020	$	4,500,000	$	5,062,500
Huntsman ICI Chemicals 10.125%, 7/1/2009		5,000		5,169
Huntsman International 7.375%, 1/1/2015*		4,025,000		3,994,813
International Specialty Holdings 10.625%, 12/15/2009		4,125,000		4,455,000
KI Holdings 0% (9.875%†), 11/15/2014*		2,700,000		1,579,500
Koppers 9.875%, 10/15/2013		1,750,000		1,898,750
Lyondell Chemical 11.125%, 7/15/2012		1,800,000		2,052,000
Millennium America 9.25%, 6/15/2008		2,825,000		3,072,188
Nalco Finance Holdings 0% (9%†), 2/1/2014		4,445,000		3,305,969
Polyone 10.625%, 5/15/2010		2,650,000		2,815,625
Resolution Performance Products 9.5%, 4/15/2010		3,525,000		3,648,375
Rockwood Specialties Group 10.625%, 5/15/2011		3,525,000		3,903,938
Terra Capital 11.5%, 6/1/2010		3,283,000		3,759,035
UAP Holding 0% (10.75%†), 7/15/2012		3,600,000		2,970,000
				42,522,862
Consumer Products 2.6%
Jostens:
7.625%, 10/1/2012		1,775,000		1,761,687
0% (10.25%†), 12/1/2013*		5,425,000		3,851,750
Playtex Products 9.375%, 6/1/2011		1,775,000		1,877,063
Rayovac 8.5%, 10/1/2013		3,575,000		3,753,750
R.J. Reynolds 7.3%, 7/15/2015*		1,800,000		1,809,000
				13,053,250
Containers 3.0%
BWAY 10%, 10/15/2010		2,675,000		2,775,312
Crown Cork & Seal 8%, 4/15/2023		4,475,000		4,385,500
Owens-Illinois:
7.5%, 5/15/2010		3,600,000		3,798,000
7.8%, 5/15/2018		4,025,000		4,246,375
				15,205,187
Containers and Packaging 0.6%
AEP Industries 7.875%, 3/15/2013*		2,800,000		2,820,199
Diversified Telecommunication 2.6%
Qwest Services 13.5%, 12/15/2010		9,175,000		10,643,000
Qwest 7.875%, 9/1/2011*		2,500,000		2,618,750
				13,261,750

See footnotes on page 14.

9

Portfolio of Investments
June 30, 2005

	Principal
	Amount		Value
Electric 2.3%
Aquila, Inc. 14.875%, 7/1/2012	$	1,800,000	$	2,367,000
CMS Energy 7.5%, 1/15/2009		2,700,000		2,855,250
MSW Energy Holdings 8.5%, 9/1/2010		2,475,000		2,629,687
Nevada Power 8.25%, 6/1/2011		1,800,000		2,038,500
Sierra Pacific 8.625%, 3/15/2014		1,800,000		1,998,000
				11,888,437
Energy 6.1%
Citgo Petroleum 6%, 10/15/2011*		3,600,000		3,609,000
Dynegy Holdings 8.75%, 2/15/2012		1,925,000		2,107,875
Dynergy 7.125%, 5/15/2018		1,800,000		1,723,500
El Paso 7.875%, 6/15/2012		5,375,000		5,563,125
El Paso Production Holdings 7.75%, 6/1/2013		4,550,000		4,879,875
Frontier Oil 6.625%, 10/1/2011*		3,500,000		3,622,500
Reliant Energy 6.75%, 12/15/2014		3,125,000		3,070,312
Williams Companies 7.5%, 1/15/2031		5,850,000		6,361,875
				30,938,062
Environmental 0.5%
Allied Waste North America 8.5%, 12/1/2008		2,400,000		2,529,000
Finance 1.1%
Western Financial Bank 9.625%, 5/15/2012		5,075,000		5,557,125
Food and Beverage 1.9%
Land O’ Lakes 8.75%, 11/15/2011		3,550,000		3,594,375
Pilgrim’s Pride 9.25%, 11/15/2013		5,200,000		5,798,000
				9,392,375
Food and Drug 1.0%
Rite Aid 8.125%, 5/1/2010		1,850,000		1,914,750
Roundy’s 8.875%, 6/15/2012*		3,125,000		3,234,375
				5,149,125
Gaming 2.7%
Harrah’s Operating 7.875%, 12/15/2005		925,000		941,188
Mandalay Resort Group 9.375%, 2/15/2010		2,750,000		3,086,875
MGM Grand 9.75%, 6/1/2007		3,950,000		4,300,563
Park Place Entertainment 9.375%, 2/15/2007		2,025,000		2,181,937
Station Casinos:
6%, 4/1/2012*		1,775,000		1,810,500
6.875%, 3/1/2016		1,350,000		1,393,875
				13,714,938

See footnotes on page 14.

10

Portfolio of Investments
June 30, 2005

	Principal
	Amount		Value
Health Care Facilities and Supplies 4.8%
Alliance Imaging 7.25%, 12/15/2012*	$	3,575,000	$	3,396,250
Coventry Health Care 8.125%, 2/15/2002		3,850,000		4,177,250
DaVita 7.25%, 3/15/2015*		2,575,000		2,658,688
Fisher Scientific 6.125%, 7/1/2015*		3,150,000		3,169,688
HCA-The Healthcare:
6.375%, 1/15/2015		3,525,000		3,666,381
7.5%, 11/6/2033		900,000		972,482
Healthsouth 8.375%, 10/1/2011		2,700,000		2,693,250
Universal Hospital Services 10.125%, 11/1/2011		3,525,000		3,577,875
				24,311,864
Industrial 0.9%
Reddy Ice Holdings 0% (10.5%†), 11/1/2012*		6,650,000		4,821,250
Leisure 2.1%
Intrawest 7.5%, 10/15/2013		3,525,000		3,635,156
Six Flags 8.875%, 2/1/2010		3,175,000		3,111,500
Town Sports International 9.625%, 4/15/2011		3,575,000		3,718,000
				10,464,656
Lodging 2.8%
Felcor Lodging 9%, 6/1/2011		2,625,000		2,880,937
Host Marriot:
9.5%, 1/15/2007		2,400,000		2,556,000
6.375%, 3/15/2015*		1,800,000		1,791,000
John Q. Hammons Hotels 8.875%, 5/15/2012		2,325,000		2,545,875
MeriStar Hospitality 9.125%, 1/15/2011		4,125,000		4,351,875
				14,125,687
Metals and Mining 6.6%
AK Steel 7.75%, 6/15/2012		3,500,000		2,975,000
Aleris International 9%, 11/15/2014		450,000		468,000
Earle M. Jorgensen 9.75%, 6/1/2012		3,050,000		3,309,250
Gerdau AmeriSteel 10.375%, 7/15/2011		3,500,000		3,815,000
IMCO Recycling 10.375%, 10/15/2010		3,575,000		3,941,437
Neenah Foundry 11%, 9/30/2010		3,950,000		4,305,500
Novelis 7.25%, 2/15/2015*		2,700,000		2,723,625
Ryerson Tull 8.25%, 12/15/2011*		2,000,000		1,750,000
UCAR Finance 10.25%, 2/15/2012		3,475,000		3,674,813
United States Steel 10.75%, 8/1/2008		5,830,000		6,500,450
				33,463,075
Oil and Gas Exploration and Production 0.8%
Chesapeake Energy 7%, 8/15/2014		4,050,000		4,313,250

See footnotes on page 14.

11

Portfolio of Investments
June 30, 2005

	Principal
	Amount		Value
Oil Equipment 0.1%
Ocean Rig 8.375%, 7/1/2013*	$	450,000	$	457,875
Paper and Forest Products 5.0%
Ainsworth Lumber 7.25%, 10/1/2012*		3,500,000		3,351,250
Bowater 6.5%, 6/15/2013		1,800,000		1,786,500
Buckeye Technologies 8%, 10/15/2010		2,700,000		2,605,500
Caraustar Industries 9.875%, 4/1/2011		3,450,000		3,493,125
Georgia-Pacific:
7.5%, 5/15/2006		1,750,000		1,802,500
8.875%, 5/15/2031		2,775,000		3,447,937
Jefferson Smurfit 8.25%, 10/1/2012		4,250,000		4,292,500
Longview Fibre 10%, 1/15/2009		2,800,000		2,996,000
Newark Group 9.75%, 3/15/2014		1,800,000		1,665,000
				25,440,312
Publishing 4.2%
Dex Media 0% (9%†), 11/15/2013*		14,225,000		11,522,250
Houghton Mifflin 9.875%, 2/1/2013		4,425,000		4,745,812
Primedia 8.875%, 5/15/2011		4,850,000		5,104,625
				21,372,687
Railroads 0.5%
Progress Rail Services 7.75%, 4/1/2012		2,700,000		2,747,250
Restaurants 1.2%
Denny’s 10%, 10/1/2012*		3,575,000		3,735,875
Domino’s 8.25%, 7/1/2011		2,186,000		2,339,020
				6,074,895
Satellite 1.4%
DIRECTV Holdings 8.375%, 3/15/2013		1,771,000		1,970,238
EchoStar 5.75%, 10/1/2008		5,200,000		5,193,500
				7,163,738
Services 2.9%
Cenveo 9.625%, 3/15/2012		2,675,000		2,902,375
Corrections Corporation America 6.25%, 3/15/2013		2,550,000		2,543,625
Mobile Mini 9.5%, 7/1/2013		1,250,000		1,389,063
Petro Stopping 9%, 2/15/2012		2,700,000		2,727,000
Service Corporation International 7%, 6/15/2017*		2,700,000		2,787,750
Williams Scotsman:
9.875%, 6/1/2007		1,300,000		1,306,500
10%, 8/15/2008		900,000		994,617
				14,650,930

See footnotes on page 14.

12

Portfolio of Investments
June 30, 2005

	Principal
	Amount		Value
Stores 1.9%
Asbury Auto Group 9%, 6/15/2012	$	3,575,000	$	3,673,313
Central Garden & Pet 9.125%, 2/1/2013		2,675,000		2,889,000
J.C. Penney 7.4%, 4/1/2037		2,700,000		2,929,500
				9,491,813
Technology 1.1%
Corning 6.2%, 3/15/2016		2,575,000		2,701,378
Xerox 9.75%, 1/15/2009		2,625,000		2,995,781
				5,697,159
Textiles and Apparel 0.8%
Russell 9.25%, 5/1/2010		3,800,000		4,028,000
Tower 2.0%
American Tower:
9.375%, 2/1/2009		203,000		213,911
7.5%, 5/1/2012		3,600,000		3,861,000
SBA Telecommunications 0% (9.75%†), 12/15/2011		6,633,000		6,135,525
				10,210,436
Utilities 4.0%
AES 9.375%, 9/15/2010		6,400,000		7,280,000
Calpine:
8.25%, 8/15/2005		1,350,000		1,348,312
8.5%, 2/15/2011		2,700,000		1,863,000
Calpine Canada Energy 8.5%, 5/1/2008		900,000		652,500
Edison Mission Energy 7.73%, 6/15/2009		5,525,000		5,849,594
National Waterworks (Series B) 10.5%, 12/1/2012		1,775,000		2,005,750
Midland Funding 11.75%, 7/23/2005		1,247,545		1,251,272
				20,250,428
Wireless 4.0%
Alamosa Holdings 11%, 7/31/2010		4,000,000		4,505,000
Centennial Cellular Operating 10.75%, 12/15/2008		723,000		754,631
Centennial Communications 8.125%, 2/1/2014		2,590,000		2,771,300
Nextel Communications 7.375%, 8/1/2015		3,575,000		3,878,875
Nextel Partners:
12.5%, 11/15/2009		1,404,000		1,532,115
8.125%, 7/1/2011		1,750,000		1,907,500
Western Wireless 9.25%, 7/15/2013		4,550,000		5,204,062
				20,553,483
Total Corporate Bonds (Cost $455,855,321)				474,314,536

See footnotes on page 14.

13

Portfolio of Investments
June 30, 2005

	Principal Amount
	or Shares			Value
US Government Securities 0.8%
US Treasury Bond 5.375%, 2/15/2031 (Cost $4,061,971)	$	3,450,000		$	4,072,080
Preferred Stock 0.6%
Publishing 0.6%
Primedia 8.625% (Cost $2,622,000)		28,500	shs.		2,814,375
Fixed-Time Deposit 4.9%
Rabobank Nederland 3.35%, 7/1/2005 (Cost $24,982,000)	$	24,982,000			24,982,000
Total Investments (Cost $487,521,292) 99.8%					506,182,991
Other Assets Less Liabilities 0.2%					1,145,411
Net Assets 100.0%				$	507,328,402

*	The security may be offered and sold only to a “qualified institutional buyer” under Rule 144A of the Securities Act of 1933.
†	Deferred-interest debentures pay no interest for a stipulated number of years, after which they pay the indicated coupon rate.
See Notes to Financial Statements

14

Statement of Assets and Liabilities
June 30, 2005

Assets:
Investments, at value:
Corporate bonds (cost $455,855,321)	$	474,314,536
US Government securities (cost $4,061,971)		4,072,080
Preferred stocks (cost $2,622,000)		2,814,375
Fixed-time deposit (cost $24,982,000)		24,982,000
Total investments (cost $487,521,292)		506,182,991
Cash		15
Receivable for securities sold		11,772,936
Receivable for dividends and interest		9,430,105
Receivable for shares of Beneficial Interest sold		97,868
Expenses prepaid to shareholder service agent		96,790
Other		23,012
Total Assets		527,603,717
Liabilities:
Payable for securities purchased		15,666,766
Payable for shares of Beneficial Interest repurchased		2,682,892
Dividends payable		1,129,849
Distribution and service fees payable		286,356
Management fee payable		273,475
Accrued expenses and other		235,977
Total Liabilities		20,275,315
Net Assets	$	507,328,402
Composition of Net Assets:
Shares of Beneficial Interest, at par (unlimited shares authorized;
$0.001 par value; 148,824,123 shares outstanding):
Class A	$	61,259
Class B		48,938
Class C		11,484
Class D		24,946
Class I		1,970
Class R		227
Additional paid-in capital		1,941,488,425
Dividends in excess of net investment income		(2,183,632	)
Accumulated net realized loss		(1,450,786,914	)
Net unrealized appreciation of investments		18,661,699
Net Assets	$	507,328,402

Net Asset Value Per Share:
Class A ($208,470,061 ÷ 61,259,358 shares)	$  3.40	Class D	($85,220,664 ÷ 24,946,034 shares)	$                      3.42
Class B ($166,924,224 ÷ 48,938,088 shares)	$  3.41	Class I	($6,707,329 ÷ 1,970,216 shares)	$                      3.40
Class C ($39,234,164 ÷ 11,483,736 shares)	$  3.42	Class R	($771,960 ÷ 226,691 shares)	$                      3.41
See Notes to Financial Statements.

15

Statement of Operations
For the Six Months Ended June 30, 2005

Investment Income:
Interest	$	22,340,735
Dividends		141,234
Other Income		737,237
Total Investment Income		23,219,206
Expenses:
Distribution and service fees		1,905,338
Management fee		1,763,508
Shareholder account services		830,076
Custody and related services		85,816
Shareholders’ meeting expenses		67,122
Registration		63,628
Shareholder reports and communications		40,255
Auditing and legal fees		29,317
Directors’ fees and expenses		20,386
Miscellaneous		82,173
Total Expenses		4,887,619
Net Investment Income		18,331,587
Net Realized and Unrealized Gain (Loss) on Investments:
Net realized gain on investments		8,156,851
Net change in unrealized appreciation of investments		(24,699,001	)
Net Loss on Investments		(16,542,150	)
Increase in Net Assets from Operations	$	1,789,437

See Notes to Financial Statements.

16

Statements of Changes in Net Assets

	Six Months Ended June 30, 2005			Year Ended December 31, 2004
Operations:
Net investment income	$	18,331,587		$	48,594,095
Net realized gain on investments		8,156,851			485,357
Net change in unrealized appreciation of investments		(24,699,001	)		(9,176,202	)
Increase in Net Assets from Operations		1,789,437			39,903,250
Distributions to Shareholders:
Net investment income:
Class A		(7,430,844	)		(17,359,276	)
Class B		(6,277,802	)		(19,048,076	)
Class C		(1,396,197	)		(3,778,097	)
Class D		(2,959,025	)		(7,890,350	)
Class I		(245,102	)		(481,679	)
Class R		(22,617	)		(36,617	)
Total		(18,331,587	)		(48,594,095	)
Dividends in excess of net investment income:
Class A		(352,999	)		(402,543	)
Class B		(298,223	)		(441,705	)
Class C		(66,326	)		(87,610	)
Class D		(140,567	)		(182,968	)
Class I		(11,643	)		(11,169	)
Class R		(1,074	)		(849	)
Total		(870,832	)		(1,126,844	)
Decrease in Net Assets from Distributions		(19,202,419	)		(49,720,939	)
Capital Share Transactions:
Net proceeds from sales of shares		14,101,832			37,308,067
Investment of dividends		10,043,428			25,652,341
Exchanged from associated funds		13,009,326			32,527,537
Total		37,154,586			95,487,945
Cost of shares repurchased		(95,846,761	)		(195,607,794	)
Exchanged into associated funds		(22,980,402	)		(45,731,586	)
Total		(118,827,163	)		(241,339,380	)
Decrease in Net Assets from Capital Share Transactions		(81,672,577	)		(145,851,435	)
Decrease in Net Assets		(99,085,559	)		(155,669,124	)
Net Assets:
Beginning of period		606,413,961			762,083,085
End of Period (includes dividends in excess of net investment income of $2,183,632 and $1,312,800, respectively)	$	507,328,402		$	606,413,961

See Notes to Financial Statements.

17

Notes to Financial Statements

1.	Multiple Classes of Shares — Seligman High-Yield Bond Series (the “Fund”) is a series of Seligman High Income Fund Series (the “Series”). The Fund offers the following six classes of shares:
	Class A shares are sold with an initial sales charge of up to 4.75% and a continuing service fee of up to 0.25% on an annual basis. Class A shares purchased in an amount of $1,000,000 or more are sold without an initial sales charge but are subject to a contingent deferred sales charge (“CDSC”) of 1% on redemptions within 18 months of purchase.
	Class B shares are sold without an initial sales charge but are subject to a distribution fee of 0.75% and a service fee of up to 0.25% on an annual basis, and a CDSC, if applicable, of 5% on redemptions in the first year of purchase, declining to 1% in the sixth year and 0% thereafter. Class B shares will automatically convert to Class A shares approximately eight years after their date of purchase. If Class B shares of the Fund are exchanged for Class B shares of another Seligman mutual fund, the holding period of the shares exchanged will be added to the holding period of the shares acquired, both for determining the applicable CDSC and the conversion of Class B shares to Class A shares.
	Class C shares are sold primarily with an initial sales charge of up to 1%, and a CDSC, if applicable, of 1% imposed on redemptions made within 18 months of purchase. Shares purchased through certain financial intermediaries may be bought without an initial sales charge and with a 1% CDSC on redemptions made within 12 months of purchase. All Class C shares are subject to a distribution fee of up to 0.75% and a service fee of up to 0.25% on an annual basis.
	Class D shares are sold without an initial sales charge but are subject to a distribution fee of up to 0.75% and a service fee of up to 0.25% on an annual basis, and a CDSC, if applicable, of 1% imposed on redemptions made within one year of purchase.
	Class I shares are offered to certain institutional clients. Class I shares are sold without any sales charges and are not subject to distribution and service fees.
	Class R shares are offered to certain employee benefit plans and are not available to all investors. They are sold without an initial sales charge, but are subject to a distribution fee of up to 0.25% and a service fee of up to 0.25% on an annual basis, and a CDSC, if applicable, of 1% on redemptions made within one year of a plan’s initial purchase of Class R shares.
	All classes of shares represent interests in the same portfolio of investments, have the same rights and are generally identical in all respects except that each class bears its own class-specific expenses, and has exclusive voting rights with respect to any matter on which a separate vote of any class is required.
2.	Significant Accounting Policies — The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America which require management to make certain estimates and assumptions at the date of the financial statements. Actual results may differ from these estimates. These interim financial statements reflect all adjustments which are, in the opinion of management, necessary to a fair statement of the results for the interim period presented. All such adjustments are of a normal recurring nature. The following summarizes the significant accounting policies of the Fund:
	a.	Security Valuation — Securities traded on an exchange are valued at the last sales price on the primary exchange or market on which they are traded. Securities not listed on an exchange or security market are valued by independent pricing services based on bid prices, which consider such factors as coupons, maturities, credit ratings, liquidity, specific terms and features, and the US Treasury yield curve, or are valued by J. & W. Seligman & Co. Incorporated (the “Manager”) based on quotations provided by primary market makers in such securities. Securities for which market quotations are not readily available or (are otherwise no longer valid or reliable) are valued at fair value determined in accordance with procedures

18

Notes to Financial Statements

		approved by the Trustees. This can occur in the event of, among other things, natural disasters, acts of terrorism, market disruptions, intra-day trading halts, and extreme market volatility in the US markets. Short-term holdings maturing in 60 days or less are valued at amortized cost.
	b.	Federal Taxes — There is no provision for federal income tax. The Fund has elected to be taxed as a regulated investment company and intends to distribute substantially all taxable net income and net gain realized.
	c.	Security Transactions and Related Investment Income — Investment transactions are recorded on trade dates. Identified cost of investments sold is used for both financial reporting and federal income tax purposes. Dividends receivable are recorded on ex-dividend dates. Interest income is recorded on an accrual basis. The Fund amortizes discount and premium on portfolio securities for financial reporting purposes.
	d.	Repurchase Agreements — The Fund may enter into repurchase agreements with commercial banks and with broker/dealers deemed to be creditworthy by the Manager. Securities received as collateral subject to repurchase agreements are deposited with the Fund’s custodian and, pursuant to the terms of the repurchase agreement, must have an aggregate market value greater than or equal to the repurchase price plus accrued interest at all times. Procedures have been established to monitor, on a daily basis, the market value of repurchase agreements’ underlying securities to ensure the existence of the proper level of collateral.
	e.	Multiple Class Allocations — All income, expenses (other than class-specific expenses), and realized and unrealized gains or losses are allocated daily to each class of shares based upon the relative value of shares of each class. Class-specific expenses, which include distribution and service fees and any other items that are specifically attributable to a particular class, are charged directly to such class. For the six months ended June 30, 2005, distribution and service fees, shareholder account services and registration expenses were class-specific expenses.
	f.	Distributions to Shareholders — Dividends are declared daily and paid monthly. Other distributions paid by the Fund are recorded on ex-dividend dates.
3.	Management Fee, Distribution Services, and Other Transactions — The Manager manages the affairs of the Fund and provides the necessary personnel and facilities. Compensation of all officers of the Fund, all trustees of the Fund who are employees of the Manager, and all personnel of the Fund and the Manager is paid by the Manager. The Manager receives a fee, calculated daily and payable monthly, equal to 0.65% per annum of the first $1 billion of the Fund’s average daily net assets and 0.55% per annum of the Fund’s average daily net assets in excess of $1 billion. The management fee reflected in the Statement of Operations represents 0.65% per annum of the Fund’s average daily net assets.
	Seligman Advisors, Inc. (the “Distributor”), agent for the distribution of the Fund’s shares, and an affiliate of the Manager, received concessions of $5,462 from sales of Class A shares. Commissions of $38,361 and $8,073 were paid to dealers from sales of Class A and Class C shares, respectively.
	The Fund has an Administration, Shareholder Services and Distribution Plan (the “Plan”) with respect to distribution of its shares. Under the Plan, with respect to Class A shares, service organizations can enter into agreements with the Distributor and receive a continuing fee of up to 0.25% on an annual basis, payable monthly, of the average daily net assets of the Class A shares attributable to the particular service organizations for providing personal services and/or the maintenance of shareholder accounts. The Distributor charges such fees to the Fund pursuant to the Plan. For the six months ended June 30, 2005, fees incurred under the Plan aggregated $259,537 or 0.25% per annum of the average daily net assets of Class A shares.

19

Notes to Financial Statements

Under the Plan, with respect to Class B shares, Class C shares, Class D shares, and Class R shares, service organizations can enter into agreements with the Distributor and receive a continuing fee for providing personal services and/or the maintenance of shareholder accounts of up to 0.25% on an annual basis of the average daily net assets of the Class B, Class C, Class D, and Class R shares for which the organizations are responsible; and, for Class C, Class D, and Class R shares, fees for providing other distribution assistance of up to 0.75% (0.25%, in the case of Class R shares) on an annual basis of such average daily net assets. Such fees are paid monthly by the Fund to the Distributor pursuant to the Plan.

With respect to Class B shares, a distribution fee of 0.75% on an annual basis of average daily net assets is payable monthly by the Fund to the Distributor; however, the Distributor has sold its rights to this fee with respect to a substantial portion of Class B shares to third parties (the “Purchasers”), which provide funding to the Distributor to enable it to pay commissions to dealers at the time of the sale of the related Class B shares. Distribution fees retained by the Distributor, for the six months ended June 30, 2005, amounted to $1,375.

For the six months ended June 30, 2005, fees incurred under the Plan, equivalent to 1% per annum of the average daily net assets of Class B, Class C, and Class D shares, and 0.50% per annum of average daily net assets of Class R shares, amounted to $971,044, $216,011, $457,098, and $1,648, respectively.

The Distributor is entitled to retain any CDSC imposed on certain redemptions of Class A , Class C, Class D and Class R shares. For the six months ended June 30, 2005, such charges amounted to $34,876. The Distributor has sold its rights to collect any CDSC imposed on redemptions of Class B shares to the Purchasers.

Seligman Services, Inc., an affiliate of the Manager, is eligible to receive commissions from certain sales of shares of beneficial interest of the Fund, as well as distribution and service fees pursuant to the Plan. For the six months ended June 30, 2005, Seligman Services, Inc. received commissions of $2,739 from the sales of shares of the Fund. Seligman Services, Inc. also received distribution and service fees of $10,982, pursuant to the Plan.

Seligman Data Corp., which is owned by certain associated investment companies, charged the Fund at cost $830,076 for shareholder account services in accordance with a methodology approved by the Fund’s trustees. Class I shares receive more limited shareholder services than the Fund’s other classes of shares (the “Retail Classes”). Seligman Data Corp. does not allocate to Class I the costs of any of its departments that do not provide services to the Class I shareholders.

Costs of Seligman Data Corp. directly attributable to the Retail Classes of the Fund were charged to those classes in proportion to their respective net asset values. Costs directly attributable to Class I shares were charged to Class I. The remaining charges were allocated to the Retail Classes and Class I by Seligman Data Corp. pursuant to a formula based on their net assets, shareholder transaction volumes and number of shareholder accounts.

The Series and certain other associated investment companies (together, the “Guarantors”) have severally but not jointly guaranteed the performance and observance of all the terms and conditions of two leases entered into by Seligman Data Corp., including the payment of rent by Seligman Data Corp. (the “Guaranties”). The leases and the Guaranties expire in September 2008 and January 2009. The obligation of the Series to pay any amount due under either Guaranty is limited to a specified percentage of the full amount, which generally is based on the Series’ percentage of the expenses billed by Seligman Data Corp. to all Guarantors in the preceding calendar quarter. As of June 30, 2005, the Series’ potential obligation under the Guaranties is $396,900. As of June 30, 2005, no event has occurred which would result in the Series becoming liable to make any payment under a Guaranty. The Fund would bear a portion of any payments made by the Series under the Guaranties. A portion of rent paid by Seligman Data Corp. is charged to the Fund as part of Seligman Data Corp.’s shareholder account services cost.

20

Notes to Financial Statements

	Certain officers and trustees of the Fund are officers or directors of the Manager, the Distributor, Seligman Services, Inc., and/or Seligman Data Corp.
	The Fund has a compensation arrangement under which trustees who receive fees may elect to defer receiving such fees. Trustees may elect to have their deferred fees accrue interest or earn a return based on the performance of the Fund or other funds in the Seligman Group of Investment Companies. The cost of such fees and earnings/loss accrued thereon is included in trustees’ fees and expenses, and the accumulated balance thereof at June 30, 2005, of $27,587 is included in accrued expenses and other liabilities. Deferred fees and related accrued earnings are not deductible by the Fund for federal income tax purposes until such amounts are paid.
4.	Committed Line of Credit — The Fund is a participant in a joint $400 million committed line of credit that is shared by substantially all open-end funds in the Seligman Group of Investment Companies. The trustees have currently limited the Fund’s borrowings to 10% of its net assets. Borrowings pursuant to the credit facility are subject to interest at a rate equal to the overnight federal funds rate plus 0.50%. The Fund incurs a commitment fee of 0.10% per annum on its share of the unused portion of the credit facility. The credit facility may be drawn upon only for temporary purposes and is subject to certain other customary restrictions. The credit facility commitment expires in June 2006, but is renewable annually with the consent of the participating banks. For the six months ended June 30, 2005, the Fund did not borrow from the credit facility.
5.	Purchases and Sales of Securities — Purchases and sales of portfolio securities, excluding short-term investments, for the six months ended June 30, 2005, amounted to $166,725,657 and $255,372,707, respectively.
6.	Federal Tax Information — Certain components of income, expense and realized capital gain and loss are recognized at different times or have a different character for federal income tax purposes and for financial reporting purposes. Where such differences are permanent in nature, they are reclassified in the components of net assets based on their characterization for federal income tax purposes. Any such reclassifications will have no effect on net assets, results of operations or net asset value per share of the Fund. As a result of the differences described above, the treatment for financial reporting purposes of distributions made during the year from net investment income or net realized gains may differ from their treatment for federal income tax purposes. Further, the cost of investments also can differ for federal income tax purposes.
	The tax basis information presented below is based on operating results for the six months ended June 30, 2005 and will vary from the final tax information as of the Fund’s year-end.
	At June 30, 2005, the cost of investments for federal income tax purposes was $489,690,403. The tax basis cost was greater than the cost for financial reporting purposes due to the tax deferral of losses on wash sales in the amount of $56,000 and the amortization of premium for financial reporting purposes of $2,113,111.
	At June 30, 2005, the tax basis components of accumulated losses were as follows:

Gross unrealized appreciation of portfolio securities	$	20,825,140
Gross unrealized depreciation of portfolio securities		(4,332,552	)
Net unrealized appreciation of portfolio securities		16,492,588
Capital loss carryforwards		(1,458,558,386	)
Current period net realized gains		6,589,926
Undistributed income		1,194,615
Total accumulated losses	$	(1,434,281,257	)

21

Notes to Financial Statements

	At December 31, 2004, the Fund had net capital loss carryforwards for federal income tax purposes of $1,458,558,386, which are available for offset against future taxable net capital gains, with $88,447,879 expiring in 2007, $255,659,981 expiring in 2008, $668,622,539 expiring in 2009, $444,283,739 expiring in 2010, and $1,544,248 expiring in 2012. The amount was determined after adjustments for certain differences between financial reporting and tax purposes, such as wash sale losses. Accordingly, no capital gain distributions are expected to be paid to shareholders until net capital gains have been realized in excess of the available capital loss carryforwards.
	For the six months ended June 30, 2005 and the year ended December 31, 2004, the tax characterization of distributions to shareholders was the same as for financial reporting purposes.
7.	Transactions in Shares of Beneficial Interest — The Fund has authorized unlimited shares of $0.001 par value Shares of Beneficial Interest. Transactions in Shares of Beneficial Interest were as follows:

	Six Months Ended June 30, 2005						Year Ended December 31, 2004
Class A	Shares			Amount			Shares			Amount
Net proceeds from sales of shares		3,018,993		$	10,224,957			6,970,061		$	24,300,202
Investment of dividends		1,183,051			4,050,349			2,679,139			9,278,265
Exchanged from associated funds		2,561,563			8,638,065			6,850,834			23,699,984
Converted from Class B*		5,440,370			18,667,648			5,156,128			17,770,888
Total		12,203,977			41,581,019			21,656,162			75,049,339
Cost of shares repurchased		(10,109,624	)		(34,620,023	)		(20,375,894	)		(70,767,341	)
Exchanged into associated funds		(4,346,262	)		(14,946,699	)		(7,964,360	)		(27,599,893	)
Total		(14,455,886	)		(49,566,722	)		(28,340,254	)		(98,367,234	)
Decrease		(2,251,909	)	$	(7,985,703	)		(6,684,092	)	$	(23,317,895	)
Class B	Shares			Amount			Shares			Amount
Net proceeds from sales of shares		194,383		$	668,893			981,042		$	3,427,329
Investment of dividends		883,493			3,029,289			2,586,426			8,978,336
Exchanged from associated funds		579,352			2,005,461			1,482,105			5,149,932
Total		1,657,228			5,703,643			5,049,573			17,555,597
Cost of shares repurchased		(10,723,578	)		(36,854,142	)		(21,273,936	)		(73,910,560	)
Exchanged into associated funds		(1,469,625	)		(5,070,293	)		(3,576,498	)		(12,429,316	)
Converted to Class A*		(5,419,394	)		(18,641,510	)		(5,137,476	)		(17,747,493	)
Total		(17,612,597	)		(60,565,945	)		(29,987,910	)		(104,087,369	)
Decrease		(15,955,369	)	$	(54,862,302	)		(24,938,337	)	$	(86,531,772	)
Class C	Shares			Amount			Shares			Amount
Net proceeds from sales of shares		343,246		$	1,182,870			1,158,719		$	4,083,443
Investment of dividends		241,140			828,069			626,767			2,177,803
Exchanged from associated funds		263,835			910,726			350,697			1,225,061
Total		848,221			2,921,665			2,136,183			7,486,307
Cost of shares repurchased		(2,541,498	)		(8,724,634	)		(4,538,222	)		(15,763,557	)
Exchanged into associated funds		(454,017	)		(1,544,316	)		(795,234	)		(2,769,302	)
Total		(2,995,515	)		(10,268,950	)		(5,333,456	)		(18,532,859	)
Decrease		(2,147,294	)	$	(7,347,285	)		(3,197,273	)	$	(11,046,552	)

See footnote on page 23.

22

Notes to Financial Statements

	Six Months Ended June 30, 2005						Year Ended December 31, 2004
Class D	Shares			Amount			Shares			Amount
Net proceeds from sales of shares		410,432		$	1,416,978			883,302		$	3,072,468
Investment of dividends		540,305			1,854,882			1,350,531			4,693,220
Exchanged from associated funds		420,974			1,455,074			687,056			2,410,932
Total		1,371,711			4,726,934			2,920,889			10,176,620
Cost of shares repurchased		(4,435,944	)		(15,258,865	)		(9,776,462	)		(34,014,496	)
Exchanged into associated funds		(417,603	)		(1,418,999	)		(847,479	)		(2,933,075	)
Total		(4,853,547	)		(16,677,864	)		(10,623,941	)		(36,947,571	)
Decrease		(3,481,836	)	$	(11,950,930	)		(7,703,052	)	$	(26,770,951	)
Class I	Shares			Amount			Shares			Amount
Net proceeds from sales of shares		94,370		$	322,722			481,981		$	1,683,385
Investment of dividends		75,248			257,191			141,815			490,350
Total		169,618			579,913			623,796			2,173,735
Cost of shares repurchased		(51,389	)		(176,750	)		(315,154	)		(1,074,498	)
Increase		118,229		$	403,163			308,642		$	1,099,237
Class R	Shares			Amount			Shares			Amount
Net proceeds from sales of shares		75,444		$	259,274			205,237		$	717,845
Investment of dividends		6,923			23,648			10,004			34,367
Exchanged from associated funds		—			—			11,894			41,628
Total		82,367			282,922			227,135			793,840
Cost of shares repurchased		(60,896	)		(212,347	)		(22,356	)		(77,342	)
Exchanged into associated funds		(27	)		(95	)		—			—
Total		(60,923	)		(212,442	)		—			—
Increase		21,444		$	70,480			204,779		$	716,498

	* Automatic conversion of Class B shares to Class A shares approximately eight years after the initial purchase date. The amount of dividends accrued on Class B shares between the last dividend payment date and the conversion date is invested in Class A shares and is included in the conversion from Class B amount.
8.	Other Matters — The Manager conducted an extensive internal review in response to developments regarding disruptive or illegal trading practices within the mutual fund industry. As of September 2003, the Manager had one arrangement that permitted frequent trading in the Seligman registered investment companies (“Seligman Funds”). This arrangement was in the process of being closed down by the Manager before the first proceedings relating to trading practices within the mutual fund industry were publicly announced. Based on a review of the Manager’s records for 2001 through 2003, the Manager identified three other arrangements that had permitted frequent trading in the Seligman Funds. All three had already been terminated prior to the end of September 2002. The Securities and Exchange Commission (the “SEC”) and the Attorney General of the State of New York also are reviewing these matters.
	The Manager also reviewed its practice of placing some of the Seligman Funds’ orders to buy and sell portfolio securities with brokerage firms in recognition of their sales of Seligman Funds. At the time such orders were placed, this practice was permissible when done properly; however, the Manager believes that it may have violated applicable requirements for certain of such orders as a result of compensation arrangements the Manager had with certain brokerage firms. The Manager discontinued this practice

23

Notes to Financial Statements
	entirely in October 2003. The Manager is confident that the execution of all such orders was consistent with its best execution obligations and that the Seligman Funds did not pay higher brokerage commissions than they would otherwise have paid for comparable transactions. The Manager also responded fully to information requests from the SEC and the NASD relating to the Manager’s use of revenue sharing and fund portfolio brokerage commissions and will continue to provide additional information if, and as, requested.
	The results of the Manager’s internal reviews were presented to the Independent Trustees of the Seligman Funds. In order to resolve matters with the Independent Trustees relating to the four arrangements that permitted frequent trading, which did not adversely affect Seligman High-Yield Bond Series, in May 2004, the Manager made payments to three funds and agreed to waive a portion of its management fee with respect to another fund. In order to resolve matters with the Independent Trustees with regard to portfolio brokerage commissions, in May 2004, the Manager made payments to each of twenty-four funds in an amount equal to the commissions paid by each such fund during the period from 1998 through 2003 to certain brokerage firms in recognition of sales of fund shares. Seligman High-Yield Bond Series generally does not pay brokerage commissions and thus did not receive any payment from the Manager.

24

Financial Highlights

The tables below are intended to help you understand each Class’s financial performance for the periods presented. Certain information reflects financial results for a single share of Beneficial Interest of a Class that was held throughout the periods shown. Per share amounts are calculated using average shares outstanding. “Total Return” shows the rate that you would have earned (or lost) on an investment in each Class, assuming you reinvested all your dividends and capital gain distributions. Total returns do not reflect any taxes or sales charges and are not annualized for periods of less than one year.

Class A
	Six Months Ended 6/30/05			Year Ended December 31,
				2004			2003			2002			2001ø			2000
Per Share Data:
Net Asset Value, Beginning of Period	$	3.51		$	3.55		$	3.16		$	3.69		$	4.99		$	6.26
Income (Loss) from Investment Operations:
Net investment income		0.12			0.27			0.26			0.28			0.47			0.64
Net realized and unrealized gain (loss) on investments		(0.10	)		(0.04	)		0.40			(0.47	)		(1.21	)		(1.21	)
Total from Investment Operations		0.02			0.23			0.66			(0.19	)		(0.74	)		(0.57	)
Less Distributions:
Dividends from net investment income		(0.12	)		(0.27	)		(0.26	)		(0.28	)		(0.47	)		(0.64	)
Dividends in excess of net  investment income		(0.01	)		—	øø		(0.01	)		—			—			(0.02	)
Return of capital		—			—			—			(0.06	)		(0.09	)		(0.04	)
Total Distributions		(0.13	)		(0.27	)		(0.27	)		(0.34	)		(0.56	)		(0.70	)
Net Asset Value, End of Period	$	3.40		$	3.51		$	3.55		$	3.16		$	3.69		$	4.99
Total Return		0.55	%		7.03	%		21.84	%		(5.35	)%		(15.91	)%		(10.02	)%
Ratios/Supplemental Data:
Net assets, end of period (000s omitted)	$	208,470		$	222,827		$	248,869		$	254,191		$	360,394		$	584,944
Ratio of expenses to average net assets		1.35	%†		1.28	%		1.30	%		1.31	%		1.16	%		1.09	%
Ratio of net investment income to  average net assets		7.21	%†		7.78	%		7.88	%		8.53	%		10.61	%		11.08	%
Portfolio turnover rate		31.52	%		53.38	%		141.00	%		117.82	%		53.04	%		27.45	%

See footnotes on page 30.

25

Financial Highlights

Class B
	Six Months Ended 6/30/05			Year Ended December 31,
				2004			2003			2002			2001ø			2000
Per Share Data:
Net Asset Value, Beginning of Period	$	3.52		$	3.55		$	3.17		$	3.70		$	5.00		$	6.26
Income (Loss) from Investment Operations:
Net investment income		0.11			0.24			0.24			0.26			0.43			0.59
Net realized and unrealized gain (loss) on investments		(0.10	)		(0.02	)		0.39			(0.48	)		(1.21	)		(1.20	)
Total from Investment Operations		0.01			0.22			0.63			(0.22	)		(0.78	)		(0.61	)
Less Distributions:
Dividends from net investment income		(0.11	)		(0.24	)		(0.24	)		(0.25	)		(0.43	)		(0.59	)
Dividends in excess of net  investment income		(0.01	)		(0.01	)		(0.01	)		—			—			(0.02	)
Return of capital		—			—			—			(0.06	)		(0.09	)		(0.04	)
Total Distributions		(0.12	)		(0.25	)		(0.25	)		(0.31	)		(0.52	)		(0.65	)
Net Asset Value, End of Period	$	3.41		$	3.52		$	3.55		$	3.17		$	3.70		$	5.00
Total Return		0.19	%		6.53	%		20.64	%		(6.07	)%		(16.58	)%		(10.66	)%
Ratios/Supplemental Data:	��
Net assets, end of period (000s omitted)	$	166,924		$	228,229		$	319,267		$	326,688		$	483,041		$	723,751
Ratio of expenses to average net assets		2.10	%†		2.03	%		2.05	%		2.06	%		1.91	%		1.84	%
Ratio of net investment income to  average net assets		6.46	%†		7.03	%		7.13	%		7.78	%		9.86	%		10.33	%
Portfolio turnover rate		31.52	%		53.38	%		141.00	%		117.82	%		53.04	%		27.45	%

See footnotes on page 30.

26

Financial Highlights

Class C
	Six Months Ended 6/30/05			Year Ended December 31,
				2004			2003			2002			2001ø			2000
Per Share Data:
Net Asset Value, Beginning of Period	$	3.52		$	3.56		$	3.17		$	3.70		$	5.00		$	6.27
Income (Loss) from Investment Operations:
Net investment income		0.11			0.24			0.24			0.26			0.43			0.59
Net realized and unrealized gain (loss) on investments		(0.09	)		(0.03	)		0.40			(0.48	)		(1.21	)		(1.21	)
Total from Investment Operations		0.02			(0.21	)		0.64			(0.22	)		(0.78	)		(0.62	)
Less Distributions:
Dividends from net investment income		(0.11	)		(0.24	)		(0.24	)		(0.25	)		(0.43	)		(0.59	)
Dividends in excess of net investment income		(0.01	)		(0.01	)		(0.01	)		—			—			(0.02	)
Return of capital		—			—			—			(0.06	)		(0.09	)		(0.04	)
Total Distributions		(0.12	)		(0.25	)		(0.25	)		(0.31	)		(0.52	)		(0.65	)
Net Asset Value, End of Period	$	3.42		$	3.52		$	3.56		$	3.17		$	3.70		$	5.00
Total Return		0.48	%		6.22	%		20.98	%		(6.08	)%		(16.59	)%		(10.81	)%
Ratios/Supplemental Data:
Net assets, end of period (000s omitted)	$	39,234		$	48,012		$	59,892		$	52,709		$	78,721		$	87,204
Ratio of expenses to average net assets		2.10	%†		2.03	%		2.05	%		2.06	%		1.91	%		1.84	%
Ratio of net investment income to average net assets		6.46	%†		7.03	%		7.13	%		7.78	%		9.86	%		10.33	%
Portfolio turnover rate		31.52	%		53.38	%		141.00	%		117.82	%		53.04	%		27.45	%

See footnotes on page 30.

27

Financial Highlights

Class D
	Six Months Ended 6/30/05			Year Ended December 31,
				2004			2003			2002			2001ø			2000
Per Share Data:
Net Asset Value, Beginning of Period	$	3.52		$	3.56		$	3.17		$	3.70		$	5.00		$	6.27
Income (Loss) from Investment Operations:
Net investment income		0.11			0.24			0.24			0.26			0.43			0.59
Net realized and unrealized gain (loss) on investments		(0.09	)		(0.03	)		0.40			(0.48	)		(1.21	)		(1.21	)
Total from Investment Operations		0.02			0.21			0.64			(0.22	)		(0.78	)		(0.62	)
Less Distributions:
Dividends from net investment income		(0.11	)		(0.24	)		(0.24	)		(0.25	)		(0.43	)		(0.59	)
Dividends in excess of net investment income		(0.01	)		(0.01	)		(0.01	)		—			—			(0.02	)
Return of capital		—			—			—			(0.06	)		(0.09	)		(0.04	)
Total Distributions		(0.12	)		(0.25	)		(0.25	)		(0.31	)		(0.52	)		(0.65	)
Net Asset Value, End of period	$	3.42		$	3.52		$	3.56		$	3.17		$	3.70		$	5.00
Total Return		0.48	%		6.22	%		20.98	%		(6.08	)%		(16.59	)%		(10.81	)%
Ratios/Supplemental Data:
Net assets, end of period (000s omitted)	$	85,221		$	100,125		$	128,582		$	135,595		$	217,133		$	369,286
Ratio of expenses to average net assets		2.10	%†		2.03	%		2.05	%		2.06	%		1.91	%		1.84	%
Ratio of net investment income to average net assets		6.46	%†		7.03	%		7.13	%		7.78	%		9.86	%		10.33	%
Portfolio turnover rate		31.52	%		53.38	%		141.00	%		117.82	%		53.04	%		27.45	%

See footnotes on page 30.

28

Financial Highlights

Class I
	Six Months Ended 6/30/05			Year Ended December 31,									11/30/01* to 12/31/01ø
				2004			2003			2002
Per Share Data:
Net Asset Value, Beginning of Period	$	3.51		$	3.55		$	3.16		$	3.69		$	3.77
Income (Loss) from Investment Operations:
Net investment income		0.13			0.29			0.28			0.29			0.02
Net realized and unrealized gain (loss) on investments		(0.11	)		(0.04	)		0.40			(0.47	)		(0.05	)
Total from Investment Operations		0.02			0.25			0.68			(0.18	)		(0.03	)
Less Distributions:
Dividends from net investment income		(0.13	)		(0.29	)		(0.28	)		(0.29	)		(0.01	)
Dividends in excess of net investment income		—	øø		—	øø		(0.01	)		—			—
Return of capital		—			—			—			(0.06	)		(0.04	)
Total Distributions		(0.13	)		(0.29	)		(0.29	)		(0.35	)		(0.05	)
Net Asset Value, End of Period	$	3.40		$	3.51		$	3.55		$	3.16		$	3.69
Total Return		1.06	%		7.46	%		22.38	%		(5.02	)%		(0.91	)%
Ratios/Supplemental Data:
Net assets, end of period (000s omitted)	$	6,707		$	6,500		$	5,472		$	3,085		$	53
Ratio of expenses to average net assets		1.00	%†		0.85	%		0.95	%		0.93	%		0.78	%†
Ratio of net investment income to average net assets		7.56	%†		8.21	%		8.23	%		8.91	%		11.48	%†
Portfolio turnover rate		31.52	%		53.38	%		141.00	%		117.82	%		53.04	%**
Without expense reimbursement:‡‡
Ratio of expenses to average net assets		—			—			—			0.98	%		1.43	%†
Ratio of net investment income to average net assets		—			—			—			8.86	%		10.83	%†

See footnotes on page 30.

29

Financial Highlights

Class R
	Six Months				Year				4/30/03*
	Ended				Ended				to
	6/30/05				12/31/04				12/31/03
Per Share Data:
Net Asset Value, Beginning of Period		$	3.51			$	3.55			$	3.37
Income (Loss) from Investment Operations:
Net investment income			0.12				0.25				0.17
Net realized and unrealized gain (loss) on investments			(0.10	)			(0.02	)			0.19
Total from Investment Operations			0.02				0.23				0.36
Less Distributions:
Dividends from net investment income			(0.12	)			(0.25	)			(0.17	)
Dividends in excess of net investment income			—	øø			(0.02	)			(0.01	)
Total Distributions			(0.12	)			(0.27	)			(0.18	)
Net Asset Value, End of Period		$	3.41			$	3.51			$	3.55
Total Return			0.72	%			6.76	%			10.99	%
Ratios/Supplemental Data:
Net assets, end of period (000s omitted)		$	772			$	720			$	2
Ratio of expenses to average net assets			1.61	%†			1.53	%			1.56	%†
Ratio of net investment income to average net assets			6.95	%†			7.53	%			7.64	%†
Portfolio turnover rate			31.52	%			53.38	%			141.00	%‡

†	Annualized.
*	Commencement of offering of shares.
**	For the year ended December 31, 2001.
‡	For the year ended December 31, 2003.
‡‡	The Manager, at its discretion, reimbursed certain expenses of Class I shares.
ø	As required, effective January 1, 2001, the Fund adopted the provisions of the AICPA Audit and Accounting Guide for Investment Companies and began amortizing premium on debt securities. The effect of this change for the year ended December 31, 2001, was to decrease net investment income per share by $0.01 for Classes A, B, C and D, decrease net realized and unrealized loss on investments per share by $0.01 for Classes A, B, C and D, and decrease the ratios of net investment income to average net assets from 10.77% to 10.61% for Class A, from 10.02% to 9.86% for Classes B, C, and D, and from 11.53% to 11.48% for Class I. The effect of this change per share for Class I was less than $0.01. The ratios for periods prior to January 1, 2001, have not been restated.
øø	Less than + or - $0.01
See Notes to Financial Statements.

30

Report of Independent Registered
Public Accounting Firm

The Trustees and Shareholders,
Seligman High-Yield Bond Series of
Seligman High Income Fund Series:

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of Seligman High-Yield Bond Series, one of the funds constituting Seligman High Income Fund Series (the “Fund”) as of June 30, 2005, and the related statements of operations for the six months then ended, the statements of changes in net assets for the six months then ended and for the year ended December 31, 2004, and the financial highlights for each of the periods presented. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of June 30, 2005, by correspondence with the custodian and brokers; where replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Seligman High-Yield Bond Series of Seligman High Income Fund Series as of June 30, 2005, the results of its operations for the six months then ended, the changes in its net assets for the six months then ended and for the year ended December 31, 2004, and the financial highlights for the periods presented, in conformity with accounting principles generally accepted in the United States of America.

DELOITTE & TOUCHE LLP
New York, New York
August 24, 2005

31

Trustees

Robert B. Catell 2, 3		Leroy C. Richie 1, 3
•	Chairman, Chief Executive Officer and Director, KeySpan Corporation	•	Chairman and Chief Executive Officer, Q Standards Worldwide, Inc.
		•	Director, Kerr-McGee Corporation
John R. Galvin 1, 3
		Robert L. Shafer 2, 3
•	Dean Emeritus,
	Fletcher School of Law and Diplomacy at Tufts University	•	Ambassador and Permanent Observer of the Sovereign Military Order of Malta to the United Nations
Alice S. Ilchman 2, 3		James N. Whitson 1, 3
•	President Emerita, Sarah Lawrence College	•	Retired Executive Vice President and Chief Operating Officer, Sammons Enterprises, Inc.
•	Director, Jeannette K. Watson Summer Fellowship
•	Trustee, Committee for Economic Development	•	Director, CommScope, Inc.
Frank A. McPherson 2, 3		Brian T. Zino
•	Retired Chairman of the Board and Chief Executive Officer, Kerr-McGee	•	Director and President, J. & W. Seligman & Co. Incorporated
	Corporation	•	Chairman, Seligman Data Corp.
•	Director, ConocoPhillips	•	Director, ICI Mutual Insurance Company
•	Director, Integris Health	•	Member of the Board of Governors, Investment Company Institute
Betsy S. Michel 1, 3
•	Trustee, The Geraldine R. Dodge Foundation	Member:		1 Audit Committee
				2 Trustee Nominating Committee
William C. Morris				3 Board Operations Committee
•	Chairman, J. & W. Seligman & Co. Incorporated
•	Chairman, Carbo Ceramics Inc.

Executive Officers

William C. Morris	Thomas G. Rose
Chairman	Vice President
Brian T. Zino	Lawrence P. Vogel
President and Chief Executive Officer	Vice President and Treasurer
Eleanor T.M. Hoagland	Frank J. Nasta
Vice President and Chief Compliance Officer	Secretary
J. Eric Misenheimer
Vice President

32

Additional Fund
Information

Quarterly Schedule of Investments

A complete schedule of portfolio holdings owned by the Fund will be filed with the SEC for the first and third quarters of each fiscal year on Form N-Q, and will be available to shareholders (i) without charge, upon request, by calling toll-free (800) 221-2450 in the US or collect (212) 682-7600 outside the US or (ii) on the SEC’s website at www.sec.gov. In addition, the Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling (800) SEC-0330. Certain of the information contained in the Fund’s Form N-Q is also made available to shareholders on Seligman’s website at www.seligman.com.¹

Proxy Voting

A description of the policies and procedures used by the Fund to determine how to vote proxies relating to portfolio securities as well as information regarding how the Fund voted proxies relating to portfolio securities during the 12-month period ended June 30 of each year will be available (i) without charge, upon request, by calling toll-free (800) 221-2450 in the US or collect (212) 682-7600 outside the US and (ii) on the SEC’s website at www.sec.gov.²

This report is intended only for the information of shareholders or those who have received the offering prospectus covering shares of Beneficial Interest of Seligman High-Yield Bond Series, which contains information about the investment objectives, risks, charges, and expenses of the Fund, each of which should be considered carefully before investing. The prospectus, which contains information about these factors, should be read carefully before investing or sending money.

1	The reference to Seligman’s website is an inactive textual reference and information contained in or otherwise accessible through Seligman’s website does not form a part of this report or the Fund’s prospectus.
2	Information for each new 12-month period ending June 30 will be available no later than August 31 of that year.

TXHY3 6/05

Seligman

141 Years of Investment Experience

J. & W. Seligman & Co. Incorporated is a firm with a long tradition of investment expertise, offering a broad array of investment choices to help today’s investors seek their long-term financial goals.

Established in 1864, Seligman has a history of providing financial services marked not by fanfare, but rather by a quiet and firm adherence to financial prudence. While the world has changed dramatically in the 141 years since Seligman first opened its doors, the firm has continued to offer its clients high-quality investment solutions through changing times.

In the late 19th century, as the country grew, Seligman helped finance the westward expansion of the railroads, the construction of the Panama Canal, and the launching of urban transit systems. In the early 20th century, the firm helped fund the growing capital needs of new industries, including the nascent automobile and steel industries.

With the formation of Tri-Continental Corporation in 1929 — today, one of the nation’s largest diversified publicly-traded closed-end equity investment companies — Seligman began shifting its emphasis to investment management. In 1930, Seligman established what would be the first in an impressive lineup of mutual funds.

Seligman is proud of its distinctive past and of the traditional values that continue to shape the firm’s business decisions and investment judgment. While much has changed over the years, the firm's commitment to providing prudent investment management that seeks to build wealth for clients over time is an enduring value that will continue to guide Seligman.

Table of Contents
To The Shareholders	1
Performance and
Portfolio Overview	2
Understanding and
Comparing Your
Fund’s Expenses	5
Portfolio of Investments	6
Statement of
Assets and Liabilities	7
Statement of Operations	8
Statements of
Changes in Net Assets	9
Notes to Financial
Statements	10
Financial Highlights	16
Trustees and Executive
Officers	21
Additional Fund
Information	back
	cover

To The Shareholders

Your mid-year report for Seligman U.S. Government Securities Series follows this letter. The report contains the Fund’s investment results and financial statements, including a portfolio of investments.

For the six months ended June 30, 2005, the Fund delivered a total return of 1.43% based on the net asset value of Class A shares. During the same time period, the Fund’s peers, as measured by the Lipper General US Government Funds Average, returned 2.73%, and the Lehman Brothers Government Bond Index returned 2.93% .

A special meeting of shareholders has been scheduled for September 27, 2005. The proposals to be considered at such meeting are described in a proxy statement that has been mailed to all shareholders of record as of July 5, 2005.

We thank you for your continued support of Seligman U.S. Government Securities Series and look forward to serving your investment needs for many years to come.

By Order of the Trustees,

William C. Morris
Chairman

Brian T. Zino
President

August 16, 2005

Manager	Shareholder Service Agent	Important Telephone Numbers
J. & W. Seligman & Co.	Seligman Data Corp.	(800) 221-2450	Shareholder Services
Incorporated	100 Park Avenue	(800) 445-1777	Retirement Plan
100 Park Avenue	New York, NY 10017		Services
New York, NY 10017		(212) 682-7600	Outside the
			United States
General Distributor	General Counsel	(800) 622-4597	24-Hour Automated
Seligman Advisors, Inc.	Sullivan & Cromwell LLP		Telephone Access
100 Park Avenue			Service
New York, NY 10017

1

Performance and Portfolio Overview

This section of the report is intended to help you understand the performance of Seligman U.S. Government Securities Series (the “Fund”) and to provide a summary of the Fund’s portfolio characteristics.

Performance data quoted in this report represents past performance and does not guarantee future investment results. The rates of return will vary and the principal value of an investment will fluctuate. Shares, if redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Total returns of the Fund as of the most recent month end will be available at www.seligman.com¹ by the seventh business day following that month end. Calculations assume reinvestment of distributions. Performance data quoted does not reflect the deduction of taxes that an investor may pay on distributions or the redemption of shares.

Returns for Class A shares are calculated with and without the effect of the initial 4.75% maximum sales charge. Returns for Class B shares are calculated with and without the effect of the maximum 5% contingent deferred sales charge (“CDSC”), charged on redemptions made within one year of purchase, declining to 1% in the sixth year and 0% thereafter. The return from inception for Class B shares reflects automatic conversion to Class A shares approximately eight years after inception date. Returns for Class C shares are calculated with and without the effect of the initial 1% maximum sales charge and the 1% CDSC that is charged on redemptions made within 18 months of purchase. Returns for Class D and Class R shares are calculated with and without the effect of the 1% CDSC, charged on redemptions made within one year of purchase.

__________
¹ The reference to Seligman’s website is an inactive textual reference and information contained in or otherwise accessible through Seligman’s website does not form a part of this report or the Fund’s prospectus.

2

Performance and Portfolio Overview

Investment Results

Total Returns

For Periods Ended June 30, 2005

							Average Annual
									Class B		Class C		Class R
									Since		Since		Since
	Six		One		Five		Ten		Inception		Inception		Inception
	Months*		Year		Years		Years		1/1/97		5/27/99		4/30/03
Class A
With Sales Charge	(3.34	)%	(1.49	)%	4.39	%	4.57	%	n/a		n/a		n/a
Without Sales Charge	1.43		3.38		5.42		5.08		n/a		n/a		n/a
Class B
With CDSC†	(3.94	)	(2.39	)	4.29		n/a		n/a		n/a		n/a
Without CDSC	1.05		2.61		4.63		n/a		4.41	%‡	n/a		n/a
Class C
With Sales Charge and CDSC††	(0.78	)	0.76		4.41		n/a		n/a		4.00	%	n/a
Without Sales Charge and CDSC	1.19		2.76		4.63		n/a		n/a		4.18		n/a
Class D
With 1% CDSC	0.19		1.76		n/a		n/a		n/a		n/a		n/a
Without CDSC	1.19		2.76		4.63		4.30		n/a		n/a		n/a
Class R
With 1% CDSC	0.44		2.06		n/a		n/a		n/a		n/a		n/a
Without CDSC	1.44		3.06		n/a		n/a		n/a		n/a		1.02	%
Lehman Brothers
Government Bond Index**	2.93		6.65		7.06		6.63		6.71	#	6.58		3.34
Lipper General US
Government Funds Average**	2.73		6.51		6.19		5.71		5.74	##	5.57		2.79
See footnotes on page 4.

3

Performance and Portfolio Overview

Net Asset Value Per Share				Dividends Per Share and Yield Information
	6/30/05	12/31/04	6/30/04	For the Six Months Ended June 30, 2005
				Dividends Paidø	SEC 30-Day Yieldsøø
Class A	$7.09	$7.10	$7.07	$0.110	2.89	%
Class B	7.11	7.12	7.09	$0.084	2.29
Class C	7.11	7.11	7.08	$0.084	2.28
Class D	7.11	7.11	7.08	$0.084	2.30
Class R	7.10	7.10	7.08	$0.101	2.76

Weighted Average Maturity 20.3 years

*	Returns for periods of less than one year are not annualized.
**	The Lehman Brothers Government Bond Index (the “Lehman Index”) and the Lipper General US Government Funds Average (the “Lipper Average”) are unmanaged benchmarks that assume reinvestment of dividends and exclude the effect of taxes and sales charges. The Lehman Index also excludes the effect of fees. The Lipper Average includes funds that invest at least 65% of its assets in US government and government agency issues. The Lehman Index is a benchmark index made up of the Treasury Bond Index and the Agency Bond Index as well as the 1-3 Year Government Index and 20+ Year Treasury Index. Investors cannot invest directly in an average or an index.
†	The CDSC is 5% for periods of one year or less, and 2% for the five-year period.
††	The CDSC is 1% for periods up to 18 months.
‡	Returns from inception for Class B shares reflects automatic conversion to Class A shares approximately eight years after inception date.
ø	Represents per share amount paid or declared for the six months ended June 30, 2005.
øø	Current yield, representing the annualized yield for the 30-day period ended June 30, 2005, has been computed in accor- dance with SEC regulations and will vary.
#	From December 31, 1996
##	From January 2, 1997
An investment in the Fund is not insured by the Federal Deposit Insurance Corporation or any other government agency.

Composition of Net Assets

June 30, 2005
	Percent of Portfolio
	6/30/05	12/31/04
US Treasury	20.9	6.8
Other US Full Faith and Credit Obligations	72.6	83.2
Agency Obligations	5.7	6.6
Short-Term Holding and Other Assets Less Liabilities	0.8	3.4
Total	100.0	100.0

4

Understanding and Comparing Your Fund’s Expenses

As a shareholder of the Fund, you incur ongoing expenses, such as management fees, distribution and/or service (12b-1) fees, and other fund expenses. The information below is intended to help you understand your ongoing expenses (in dollars) of investing in the Fund and to compare them with the ongoing expenses of investing in other mutual funds. Please note that the expenses shown in the table are meant to highlight your ongoing expenses only and do not reflect any transactional costs, such as sales charges (also known as loads) on certain purchases or redemptions. Therefore, the table is useful in comparing ongoing expenses only, and will not help you to determine the relative total expenses of owning different funds. In addition, if transactional costs were included, your total expenses would have been higher.

The table is based on an investment of $1,000 invested at the beginning of January 1, 2005 and held for the entire six-month period ended June 30, 2005.

Actual Expenses

The table below provides information about actual expenses and actual account values. You may use the information, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value at the beginning of the period by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading entitled “Expenses Paid During Period” for the Fund’s share class that you own to estimate the expenses that you paid on your account during the period.

Hypothetical Example for Comparison Purposes

The table below also provides information about hypothetical expenses and hypothetical account values based on the actual expense ratio of each class and an assumed rate of return of 5% per year before expenses, which is not the actual return of any class of the Fund. The hypothetical expenses and account values may not be used to estimate the ending account value or the actual expenses you paid for the period. You may use this information to compare the ongoing expenses of investing in the Fund and other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other mutual funds.

			Actual		Hypothetical
	Beginning		Ending		Ending
	Account	Annualized	Account	Expenses Paid	Account	Expenses Paid
	Value	Expense	Value	During Period**	Value	During Period**
	1/1/05	Ratio*	6/30/05	1/1/05 to 6/30/05	6/30/05	1/1/05 to 6/30/05
Class A	$1,000.00	1.41%	$1,014.30	$ 7.04	$1,017.80	$ 7.05
Class B	1,000.00	2.16	1,010.50	10.77	1,014.08	10.79
Class C	1,000.00	2.16	1,011.90	10.77	1,014.08	10.79
Class D	1,000.00	2.16	1,011.90	10.77	1,014.08	10.79
Class R	1,000.00	1.67	1,014.40	8.34	1,016.51	8.35

*	Expenses of Class B, Class C, Class D and Class R shares differ from the expenses of Class A shares due to the differences in 12b-1 fees paid by each share class. See the Fund’s prospectus for a description of each share class and its expenses and sales charges.
**	Expenses are equal to the annualized expense ratio based on actual expenses for the period January 1, 2005 to June 30, 2005, multiplied by the average account value over the period, multiplied by 181/365 (number of days in the period).

5

Portfolio of Investments (unaudited)

June 30, 2005

	Principal
	Amount	Value
US Full Faith and Credit Obligations 93.5%
US Treasury Notes:
3.625%, 1/15/2010	$ 4,270,000	$ 4,251,152
4.25%, 11/15/2014	13,755,000	14,082,231
Ginnie Mae:
4%, 1/20/2034	1,776,275	1,750,508
5%, 1/20/2014	2,600,805	2,650,732
5%, 4/16/2018	3,759,544	3,838,888
5%, 5/20/2025	3,350,000	3,358,820
4%, 12/16/2028	3,137,784	3,119,808
5%, 5/20/2029	500,000	505,809
5%, 5/20/2029	7,258,612	7,325,697
5%, 7/20/2032	3,400,000	3,431,751
5%, 7/20/2032	16,000,000	16,093,144
3.625%, 4/16/2033	4,334,574	4,165,549
5.5%, 10/20/2033	5,000,000	5,142,106
5.5%, 2/20/2033	4,270,013	4,434,922
4.5%, 5/20/2034	2,417,034	2,430,589
Small Business Administration 5.199%, 8/1/2012	1,691,828	1,735,749
US Government Guaranteed Title XI (Vessel Management)
6.75%, 7/15/2025	1,640,000	1,906,062
US Trade Funding 4.26%, 11/15/2014	1,737,367	1,743,516
Total US Full Faith and Credit Obligations (Cost $81,696,831)		81,967,033
Agency Obligations 5.7%
Fannie Mae 4.5%, 1/25/2032	4,900,000	4,836,090
Freddie Mac 6%, 11/1/2010*	190,713	198,426
Total Agency Obligations  (Cost $4,916,802)		5,034,516
Repurchase Agreement  1.0%
State Street Corporation 2.65%, dated 6/30/2005 maturing
7/1/2005 in the amount of $851,000, collateralized by $845,000
US Treasury Notes 4.25%, due 8/15/2014, with a fair market
value of $876,688 (Cost $851,000)	851,000	851,000
Total Investments (Cost $87,464,633) 100.2%		87,852,549
Other Assets Less Liabilities (0.2)%		(139,655	)
Net Assets 100.0%		$87,712,894

* Investments in mortgage-backed securities are subject to principal paydowns. As a result of prepayments from refinancing or satisfaction of the underlying mortgage instruments, the average life may be less than the original maturity. This in turn may impact the ultimate yield realized from these investments.

See Notes to Financial Statements.

6

Statement of Assets and Liabilities (unaudited)

June 30, 2005

Assets:
Investments, at value:
US full faith and credit obligations (cost $81,696,831)	$81,967,033
Agency obligations (cost $4,916,802)	5,034,516
Short-term investments (cost $851,000)	851,000
Total investments (cost $87,464,633)	87,852,549
Receivable for interest	456,859
Receivable for shares of Beneficial Interest sold	49,531
Expenses prepaid to shareholder service agent	20,258
Other	1,979
Total Assets	88,381,176
Liabilities:
Bank overdraft	157
Payable for shares of Beneficial Interest repurchased	462,921
Dividends payable	81,231
Distribution and service fees payable	42,906
Management fee payable	36,311
Accrued expenses and other	44,756
Total Liabilities	668,282
Net Assets	$87,712,894
Composition of Net Assets:
Shares of Beneficial Interest, at par ($0.001 par value; unlimited shares authorized;
12,355,524 shares outstanding):
Class A	$        6,764
Class B	2,675
Class C	1,115
Class D	1,718
Class R	84
Additional paid-in capital	94,391,145
Dividends in excess of net investment income	(132,547	)
Accumulated net realized loss	(6,945,976	)
Net unrealized appreciation of investments	387,916
Net Assets	$87,712,894
Net Asset Value Per Share:
Class A ($47,974,880 ÷ 6,764,101 shares)	$7.09
Class B ($19,012,869 ÷ 2,674,787 shares)	$7.11
Class C ($7,920,126 ÷ 1,114,552 shares)	$7.11
Class D ($12,205,855 ÷ 1,717,669 shares)	$7.11
Class R ($599,164 ÷ 84,415 shares)	$7.10
See Notes to Financial Statements.

7

Statement of Operations (unaudited)
For the Six Months Ended June 30, 2005

Investment Income:
Interest	$1,957,600
Expenses:
Distribution and service fees	273,244
Management fee	225,894
Shareholder account services	195,031
Custody and related services	50,035
Auditing and legal fees	19,055
Shareholder reports and communications	10,149
Registration	8,876
Directors’ fees and expenses	6,246
Miscellaneous	7,662
Total Expenses	796,192
Net Investment Income	1,161,408
Net Realized and Unrealized Gain (Loss) on Investments:
Net realized loss on investments	(553,200	)
Net change in unrealized depreciation of investments	513,271
Net Loss on Investments	(39,929	)
Increase in Net Assets from Operations	$1,121,479
See Notes to Financial Statements.

8

Statements of Changes in Net Assets
(unaudited)

	Six Months Ended		Year Ended
	June 30, 2005		December 31, 2004
Operations:
Net investment income	$   1,161,408		$   2,496,531
Net realized loss on investments	(553,200	)	(2,198,295	)
Net change in unrealized depreciation of investments	513,271		437,869
Increase in Net Assets from Operations	1,121,479		736,105
Distribution to Shareholders:
Net investment income:
Class A	(685,566	)	(1,387,965	)
Class B	(234,924	)	(600,395	)
Class C	(97,242	)	(250,925	)
Class D	(137,006	)	(249,344	)
Class R	(6,670	)	(7,902	)
Total	(1,161,408	)	(2,496,531	)
Dividends in excess of net investment income:
Class A	(48,372	)	(159,849	)
Class B	(16,576	)	(69,146	)
Class C	(6,861	)	(28,898	)
Class D	(9,667	)	(28,716	)
Class R	(471	)	(910	)
Total	(81,947	)	(287,519	)
Decrease in Net Assets from Distributions	(1,243,355	)	(2,784,050	)
Capital Share Transactions:
Net proceeds from sales of shares	3,748,217		7,388,003
Investment of dividends	1,018,485		2,188,905
Exchanged from associated funds	7,055,958		16,694,284
Total	11,822,660		26,271,192
Cost of shares repurchased	(14,675,976	)	(41,135,646	)
Exchanged into associated funds	(2,669,861	)	(23,578,197	)
Total	(17,345,837	)	(64,713,843	)
Decrease in Net Assets from Capital Share Transactions	(5,523,177	)	(38,442,651	)
Decrease in Net Assets	(5,645,053	)	(40,490,596	)
Net Assets:
Beginning of period	93,357,947		133,848,543
End of Period (net of dividends in excess of
net investment income of $132,547 and $50,600, respectively)	$87,712,894		$93,357,947
See Notes to Financial Statements.

9

Notes to Financial Statements (unaudited)

1.	Multiple Classes of Shares — Seligman U.S. Government Securities Series (the “Fund”) is a series of Seligman High Income Fund Series (the “Series”). The Fund offers the following five classes of shares:
	Class A shares are sold with an initial sales charge of up to 4.75% and a continuing service fee of up to 0.25% on an annual basis. Class A shares purchased in an amount of $1,000,000 or more are sold without an initial sales charge but are subject to a contingent deferred sales charge (“CDSC”) of 1% on redemptions within 18 months of purchase.
	Class B shares are sold without an initial sales charge but are subject to a distribution fee of 0.75% and a service fee of up to 0.25% on an annual basis, and a CDSC, if applicable, of 5% on redemptions in the first year of purchase, declining to 1% in the sixth year and 0% thereafter. Class B shares will automatically convert to Class A shares approximately eight years after their date of purchase. If Class B shares of the Fund are exchanged for Class B shares of another Seligman mutual fund, the holding period of the shares exchanged will be added to the holding period of the shares acquired, both for determining the applicable CDSC and the conversion of Class B shares to Class A shares.
	Class C shares are sold primarily with an initial sales charge of up to 1%, and a CDSC, if applicable, of 1% imposed on redemptions made within 18 months of purchase. Shares purchased through certain financial intermediaries may be bought without an initial sales charge and with a 1% CDSC on redemptions made within 12 months of purchase. All Class C shares are subject to a distribution fee of up to 0.75% and a service fee of up to 0.25% on an annual basis.
	Class D shares are sold without an initial sales charge but are subject to a distribution fee of up to 0.75% and a service fee of up to 0.25% on an annual basis, and a CDSC, if applicable, of 1% imposed on redemptions made within one year of purchase.
	Class R shares are offered to certain employee benefit plans and are not available to all investors. They are sold without an initial sales charge, but are subject to a distribution fee of up to 0.25% and a service fee of up to 0.25% on an annual basis, and a CDSC, if applicable, of 1% on redemptions made within one year of a plan’s initial purchase of Class R shares.
	All classes of shares represent interests in the same portfolio of investments, have the same rights and are generally identical in all respects except that each class bears its separate distribution and certain other class-specific expenses, and has exclusive voting rights with respect to any matter on which a separate vote of any class is required.
2.	Significant Accounting Policies — The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America which require management to make certain estimates and assumptions at the date of the financial statements. Actual results may differ from these estimates. These unaudited interim financial statements reflect all adjustments which are, in the opinion of management, necessary to a fair statement of the results for the interim period presented. All such adjustments are of a normal recurring nature. The following summarizes the significant accounting policies of the Fund:
	a.	Security Valuation — Investments in US Government and Government agency obligations are valued at current market values or, in their absence, at fair values determined in accordance with procedures approved by the trustees. Securities traded on an exchange are valued at last sales prices or, in their absence and in the case of over-the-counter securities, at the mean of bid and asked prices. Short-term holdings maturing in 60 days or less are valued at amortized cost.
	b.	Federal Taxes — There is no provision for federal income tax. The Fund has elected to be taxed as a regulated investment company and intends to distribute substantially all taxable net income and net realized gain.

10

Notes to Financial Statements (unaudited)

c.	Security Transactions and Related Investment Income — Investment transactions are recorded on trade dates. Identified cost of investments sold is used for both financial reporting and federal income tax purposes. Interest income is recorded on an accrual basis. The Fund amortizes premiums and discounts on purchases of portfolio securities for financial reporting purposes.
d.	Repurchase Agreements — The Fund may enter into repurchase agreements with commercial banks and with broker/dealers deemed to be creditworthy by J. & W. Seligman & Co. Incorporated (the “Manager”). Securities received as collateral subject to repurchase agreements are deposited with the Fund’s custodian and, pursuant to the terms of the repurchase agreements, must have an aggregate market value greater than or equal to the repurchase price plus accrued interest at all times. Procedures have been established to monitor, on a daily basis, the market value of repurchase agreements’ underlying securities to ensure the existence of the proper level of collateral.
e.	Multiple Class Allocations — All income, expenses (other than class-specific expenses), and realized and unrealized gains or losses are allocated daily to each class of shares based upon the relative value of shares of each class. Class-specific expenses, which include distribution and service fees and any other items that are specifically attributable to a particular class, are charged directly to such class. For the six months ended June 30, 2005, distribution and service fees were the only class-specific expenses.
f.	Distributions to Shareholders — Dividends and distributions to shareholders are recorded on ex-dividend dates.

3.	Management Fee, Distribution Services, and Other Transactions — The Manager manages the affairs of the Fund and provides the necessary personnel and facilities. Compensation of all officers of the Fund, all directors of the Fund who are employees of the Manager, and all personnel of the Fund and the Manager is paid by the Manager. The Manager receives a fee, calculated daily and payable monthly, equal to 0.50% per annum of the Fund’s average daily net assets.
	Seligman Advisors, Inc. (the “Distributor”), agent for the distribution of the Fund’s shares and an affiliate of the Manager, received concessions of $381 from sales of Class A shares. Commissions of $3,308 and $985 were paid to dealers for sales of Class A and Class C shares, respectively.
	The Fund has an Administration, Shareholder Services and Distribution Plan (the “Plan”) with respect to distribution of its shares. Under the Plan, with respect to Class A shares, service organizations can enter into agreements with the Distributor and receive a continuing fee of up to 0.25% on an annual basis, payable quarterly, of the average daily net assets of the Class A shares attributable to the particular service organizations for providing personal services and/or the maintenance of shareholder accounts. The Distributor charges such fees to the Fund pursuant to the Plan. For the six months ended June 30, 2005, fees incurred under the Plan aggregated $58,810, or 0.25% per annum of the average daily net assets of Class A shares.
	Under the Plan, with respect to Class B shares, Class C shares, Class D shares, and Class R shares, service organizations can enter into agreements with the Distributor and receive a continuing fee for providing personal services and/or the maintenance of shareholder accounts of up to 0.25% on an annual basis of the average daily net assets of the Class B, Class C, Class D, and Class R shares for which the organizations are responsible; and, for Class C, Class D, and Class R shares, fees for providing other distribution assistance of up to 0.75% (0.25%, in the case of Class R shares) on an annual basis of such average daily net assets. Such fees are paid monthly by the Fund to the Distributor pursuant to the Plan.
	With respect to Class B shares, a distribution fee of 0.75% on an annual basis of average daily net assets is payable monthly by the Fund to the Distributor; however, the Distributor has sold its rights to this fee with respect to a substantial portion of Class B shares to third parties (the “Purchasers”), which provide funding to
11

Notes to Financial Statements (unaudited)

the Distributor to enable it to pay commissions to dealers at the time of the sale of the related Class B shares. Distribution fees retained by the Distributor, for the six months ended June 30, 2005, amounted to $87.

For the six months ended June 30, 2005, fees incurred under the Plan, equivalent to 1% per annum of the average daily net assets of Class B, Class C, and Class D shares, and 0.50% per annum of average daily net assets of Class R shares amounted to $106,876, $44,133, $62,157, and $1,268, respectively.

The Distributor is entitled to retain any CDSC imposed on certain redemptions of Class A, Class C, Class D and Class R shares. For the six months ended June 30, 2005, such charges amounted to $3,763. The Distributor has sold its rights to collect any CDSC imposed on redemptions of Class B shares to the Purchasers.

Seligman Services, Inc., an affiliate of the Manager, is eligible to receive commissions from certain sales of shares of the Fund, as well as distribution and service fees pursuant to the Plan. For the six months ended June 30, 2005, Seligman Services, Inc. received commissions of $631 from the sales of shares of the Fund. Seligman Services, Inc. also received distribution and service fees of $5,384 pursuant to the Plan.

Seligman Data Corp., which is owned by certain associated investment companies, charged the Fund at cost $195,031 for shareholder account services in accordance with a methodology approved by the Fund’s trustees.

Costs of Seligman Data Corp. directly attributable to the Fund were charged to the Fund. The remaining charges were allocated to the Fund by Seligman Data Corp. pursuant to a formula based on the Fund’s net assets, shareholder transaction volume and number of shareholder accounts.

The Series and certain other associated investment companies (together, the “Guarantors”) have severally but not jointly guaranteed the performance and observance of all the terms and conditions of two leases entered into by Seligman Data Corp., including the payment of rent by Seligman Data Corp. (the “Guaranties”). The leases and the Guaranties expire in September 2008 and January 2009. The obligation of the Series to pay any amount due under either Guaranty is limited to a specified percentage of the full amount, which generally is based on the Series’ percentage of the expenses billed by Seligman Data Corp. to all Guarantors in the preceding calendar quarter. As of June 30, 2005, the Series’ potential obligation under the Guaranties is $396,900. As of June 30, 2005, no event has occurred which would result in the Series becoming liable to make any payment under a Guaranty. The Fund would bear a portion of any payments made by the Series under the Guaranties. A portion of rent paid by Seligman Data Corp. is charged to the Fund as part of Seligman Data Corp.’s shareholder account services cost.

Certain officers and trustees of the Fund are officers or directors of the Manager, the Distributor, Seligman Services, Inc., and/or Seligman Data Corp.

The Fund has a compensation arrangement under which trustees who receive fees may elect to defer receiving such fees. Trustees may elect to have their deferred fees accrue interest or earn a return based on the performance of the Fund or other funds in the Seligman Group of Investment Companies. The cost of such fees and earnings/loss accrued thereon is included in trustees’ fees and expenses and the accumulated balance thereof at June 30, 2005, of $12,811 is included in accrued expenses and other liabilities. Deferred fees and related accrued earnings are not deductible by the Fund for federal income tax purposes until such amounts are paid.

12

Notes to Financial Statements (unaudited)

4.	Committed Line of Credit — The Fund is a participant in a joint $400 million committed line of credit that is shared by substantially all open-end funds in the Seligman Group of Investment Companies. The trustees have currently limited the Fund’s borrowings to 10% of its net assets. Borrowings pursuant to the credit facility are subject to interest at a rate equal to the overnight federal funds rate plus 0.50%. The Fund incurs a commitment fee of 0.10% per annum on its share of the unused portion of the credit facility. The credit facility may be drawn upon only for temporary purposes and is subject to certain other customary restrictions. The credit facility commitment expires in June 2006, but is renewable annually with the consent of the participating banks. For the six months ended June 30, 2005, the Fund did not borrow from the credit facility.
5.	Purchases and Sales of Securities — Purchases and sales of portfolio securities, excluding short-term investments, for the six months ended June 30, 2005, amounted to $91,199,961 and $94,283,117, respectively.
6.	Federal Tax Information — Certain components of income, expense and realized capital gain and loss are recognized at different times or have a different character for federal income tax purposes and for financial reporting purposes. Where such differences are permanent in nature, they are reclassified in the components of net assets based on their characterization for federal income tax purposes. Any such reclassifications will have no effect on net assets, results of operations or net asset value per share of the Fund. As a result of the differences described above, the treatment for financial reporting purposes of distributions made during the year from net investment income or net realized gains may differ from their treatment for federal income tax purposes. Further, the cost of investments also can differ for federal income tax purposes.
	The tax basis information presented below is based on operating results for the six months ended June 30, 2005 and will vary from the final tax information as of the Fund’s year end.
	At June 30, 2005, the cost of investments for federal income tax purposes was $87,490,080. The tax basis cost was greater than the cost for financial reporting purposes due to the amortization of premium for financial reporting purposes of $25,447.
	At June 30, 2005, the tax basis components of accumulated losses were as follows:

Gross unrealized appreciation of portfolio securities	$      699,118
Gross unrealized depreciation of portfolio securities	(336,649	)
Net unrealized appreciation of portfolio securities	362,469
Capital loss carryforward	(6,090,424	)
Current period net realized loss	(962,652	)
Total accumulated losses	$(6,690,607	)
At December 31, 2004, the Fund had a net capital loss carryforward for federal income tax purposes of $6,090,424, which is available for offset against future taxable net capital gains, with $522,463 expiring in 2005, $1,359,544 expiring in 2007, $1,438,163 expiring in 2008 and $2,770,254 expiring in 2012. Accordingly, no capital gain distributions are expected to be paid to shareholders until net capital gains have been realized in excess of the available capital loss carryforward.

13

Notes to Financial Statements (unaudited)

7.      Transactions in Shares of Beneficial Interest — The Fund has authorized unlimited shares of $0.001 par value Shares of Beneficial Interest. Transactions in Shares of Beneficial Interest were as follows:

	Six Months Ended					Year Ended
	June 30, 2005					December 31, 2004
Class A	Shares			Amount		Shares			Amount
Net proceeds from sales of shares	307,806		$	2,171,924		626,724		$	4,501,534
Investment of dividends	85,996			607,475		173,268			1,244,369
Exchanged from associated funds	409,786			2,897,394		1,708,703			12,328,090
Converted from Class B*	192,583			1,357,045		202,247			1,440,730
Total	996,171			7,033,838		2,710,942			19,514,723
Cost of shares repurchased	(821,468	)		(5,803,124	)	(2,175,736	)	(15,651,488		)
Exchanged into associated funds	(108,229	)		(765,916	)	(2,087,961	)	(15,016,179		)
Total	(929,697	)		(6,569,040	)	(4,263,697	)	(30,667,667		)
Increase (decrease)	66,474		$	464,798		(1,552,755	)	$	(11,152,944	)
Class B
Net proceeds from sales of shares	33,316		$	235,853		73,811		$	533,094
Investment of dividends	26,447			187,238		66,905			482,170
Exchanged from associated funds	157,012			1,111,624		235,238			1,695,274
Total	216,775			1,534,715		375,954			2,710,538
Cost of shares repurchased	(607,764	)		(4,295,183	)	(1,746,161	)	(12,527,793		)
Exchanged into associated funds	(121,499	)		(860,185	)	(658,913	)		(4,754,738	)
Converted to Class A*	(192,053	)		(1,356,552	)	(201,759	)		(1,440,139	)
Total	(921,316	)		(6,511,920	)	(2,606,833	)	(18,722,670		)
Decrease	(704,541	)	$	(4,977,205	)	(2,230,879	)	$	(16,012,132	)
Class C
Net proceeds from sales of shares	32,769		$	231,671		66,731		$	483,662
Investment of dividends	11,869			83,969		29,734			214,298
Exchanged from associated funds	21,827			154,709		131,313			941,842
Total	66,465			470,349		227,778			1,639,802
Cost of shares repurchased	(286,280	)		(2,029,449	)	(1,215,884	)		(8,753,403	)
Exchanged into associated funds	(38,305	)		(271,587	)	(225,660	)		(1,627,979	)
Total	(324,585	)		(2,301,036	)	(1,441,544	)	(10,381,382		)
Decrease	(258,120	)	$	(1,830,687	)	(1,213,766	)	$	(8,741,580	)
Class D
Net proceeds from sales of shares	129,105		$	913,392		195,546		$	1,404,763
Investment of dividends	18,760			132,709		33,323			239,801
Exchanged from associated funds	406,288			2,873,868		236,920			1,717,005
Total	554,153			3,919,969		465,789			3,361,569
Cost of shares repurchased	(351,845	)		(2,487,694	)	(580,541	)		(4,167,381	)
Exchanged into associated funds	(109,282	)		(772,173	)	(301,853	)		(2,179,301	)
Total	(461,127	)		(3,259,867	)	(882,394	)		(6,346,682	)
Increase (decrease)	93,026		$	660,102		(416,605	)	$	(2,985,113	)
See footnote on page 15.

14

Notes to Financial Statements (unaudited)

	Six Months Ended					Year Ended
	June 30, 2005					December 31, 2004
Class R	Shares			Amount		Shares			Amount
Net proceeds from sales of shares	27,525		$	194,884		63,771		$	464,359
Investment of dividends	1,004			7,094		1,156			8,267
Exchanged from associated funds	2,586			18,363		1,696			12,073
Total	31,115			220,341		66,623			484,699
Cost of shares repurchased	(8,571	)		(60,526	)	(5,006	)		(35,581	)
Increase	22,544		$	159,815		61,617		$	449,118

*		Automatic conversion of Class B shares to Class A shares approximately eight years after the initial purchase date. The amount of dividends accrued on Class B shares between the last dividend payment date and the conversion date is invested in Class A shares and is included in the conversion from Class B amount.
8.	Other Matters — The Manager conducted an extensive internal review in response to developments regarding disruptive or illegal trading practices within the mutual fund industry. As of September 2003, the Manager had one arrangement that permitted frequent trading in the Seligman registered investment companies (“Seligman Funds”). This arrangement was in the process of being closed down by the Manager before the first proceedings relating to trading practices within the mutual fund industry were publicly announced. Based on a review of the Manager’s records for 2001 through 2003, the Manager identified three other arrangements that had permitted frequent trading in the Seligman Funds. All three had already been terminated prior to the end of September 2002. The Securities and Exchange Commission (the “SEC”) and the Attorney General of the State of New York also are reviewing these matters.
	The Manager also reviewed its practice of placing some of the Seligman Funds’ orders to buy and sell portfolio securities with brokerage firms in recognition of their sales of Seligman Funds. At the time such orders were made, this practice was permissible when done properly; however, the Manager believes that it may have violated applicable requirements for certain of such orders as a result of compensation arrangements the Manager had with certain brokerage firms. The Manager discontinued this practice entirely in October 2003. The Manager is confident that the execution of all such orders was consistent with its best execution obligations and that the Seligman Funds did not pay higher brokerage commissions than they would otherwise have paid for comparable transactions. The Manager also responded fully to information requests from the SEC and the NASD relating to the Manager’s use of revenue sharing and fund portfolio brokerage commissions and will continue to provide additional information if, and as, requested.
	The results of the Manager’s internal reviews were presented to the Independent Trustees of the Seligman Funds. In order to resolve matters with the Independent Trustees relating to the four arrangements that permitted frequent trading, which did not adversely affect Seligman U.S. Government Securities Series, in May 2004, the Manager made payments to three funds and agreed to waive a portion of its management fee with respect to another fund. In order to resolve matters with the Independent Trustees with regard to portfolio brokerage commissions, in May 2004, the Manager made payments to each of twenty-four funds in an amount equal to the commissions paid by each such fund during the period from 1998 through 2003 to certain brokerage firms in recognition of sales of fund shares. Seligman U.S. Government Securities Series does not pay brokerage commissions and thus did not receive any payment from the Manager.

15

Financial Highlights (unaudited)

The tables below are intended to help you understand each Class’s financial performance for the periods presented. Certain information reflects financial results for a single share of Beneficial Interest of a Class that was held throughout the periods shown. Per share amounts are calculated using average shares outstanding. “Total Return” shows the rate that you would have earned (or lost) on an investment in each Class, assuming you reinvested all your dividends. Total returns do not reflect any taxes or sales charges and are not annualized for periods of less than one year.

Class A
		Six Months						Year Ended December 31,
		Ended
		6/30/05			2004			2003			2002			2001ø			2000
Per Share Data:
Net Asset Value, Beginning of Period	$	7.10		$	7.23		$	7.39		$	6.97		$	6.91		$	6.50
Income (Loss) from Investment
Operations:
Net investment income		0.10			0.19			0.18			0.26			0.32			0.36
Net realized and unrealized gain (loss)
on investments		—			(0.11	)		(0.14	)		0.45			0.08			0.41
Total from Investment Operations		0.10			0.08			0.04			0.71			0.40			0.77
Less Distributions:
Dividends from net investment income		(0.10	)		(0.19	)		(0.18	)		(0.26	)		(0.32	)		(0.36	)
Dividends in excess of net investment income		(0.01	)		(0.02	)		(0.02	)		(0.03	)		(0.02	)		—
Total Distributions		(0.11	)		(0.21	)		(0.20	)		(0.29	)		(0.34	)		(0.36	)
Net Asset Value, End of Period	$	7.09		$	7.10		$	7.23		$	7.39		$	6.97		$	6.91
Total Return		1.43	%		1.09	%		0.55	%		10.45	%		5.95	%		12.26	%
Ratios/Supplemental Data:
Net assets, end of period (000s omitted)	$	47,975		$	47,553		$	59,660		$	80,556		$	81,722		$	62,982
Ratio of expenses to average net assets		1.41	%†		1.31	%		1.27	%		1.24	%		1.16	%		1.21	%
Ratio of net investment income to
average net assets		2.92	%†		2.66	%		2.38	%		3.68	%		4.59	%		5.49	%
Portfolio turnover rate		104.68	%		133.02	%		250.49	%		184.24	%		66.84	%		37.42	%
See footnotes on page 20.

16

Financial Highlights (unaudited)

Class B
		Six Months						Year Ended December 31,
		Ended
		6/30/05			2004			2003			2002			2001ø			2000
Per Share Data:
Net Asset Value, Beginning of Period	$	7.12		$	7.25		$	7.40		$	6.98		$	6.93		$	6.51
Income (Loss) from Investment
Operations:
Net investment income		0.08			0.14			0.12			0.21			0.27			0.32
Net realized and unrealized gain (loss)
on investments		(0.01	)		(0.11	)		(0.13	)		0.45			0.07			0.42
Total from Investment Operations		0.07			0.03			(0.01	)		0.66			0.34			0.74
Less Distributions:
Dividends from net investment income		(0.08	)		(0.14	)		(0.12	)		(0.21	)		(0.27	)		(0.32	)
Dividends in excess of net investment
income		—			(0.02	)		(0.02	)		(0.03	)		(0.02	)		—
Total Distributions		(0.08	)		(0.16	)		(0.14	)		(0.24	)		(0.29	)		(0.32	)
Net Asset Value, End of Period	$	7.11		$	7.12		$	7.25		$	7.40		$	6.98		$	6.93
Total Return		1.05	%		0.34	%		(0.08	)%		9.63	%		5.01	%		11.59	%
Ratios/Supplemental Data:
Net assets, end of period (000s omitted)	$	19,013		$	24,045		$	40,659		$	66,563		$	44,557		$	30,064
Ratio of expenses to average net assets		2.16	%†		2.06	%		2.03	%		1.99	%		1.91	%		1.96	%
Ratio of net investment income to
average net assets		2.17	%†		1.91	%		1.62	%		2.93	%		3.84	%		4.74	%
Portfolio turnover rate		104.68	%		133.02	%		250.49	%		184.24	%		66.84	%		37.42	%
See footnotes on page 20.

17

Financial Highlights (unaudited)

Class C
		Six Months						Year Ended December 31,
		Ended
		6/30/05			2004			2003			2002			2001ø			2000
Per Share Data:
Net Asset Value, Beginning of Period	$	7.11		$	7.25		$	7.40		$	6.98		$	6.92		$	6.51
Income (Loss) from Investment
Operations:
Net investment income		0.08			0.14			0.12			0.21			0.27			0.32
Net realized and unrealized gain (loss)
on investments		—			(0.12	)		(0.13	)		0.45			0.08			0.41
Total from Investment Operations		0.08			0.02			(0.01	)		0.66			0.35			0.73
Less Distributions:
Dividends from net investment income		(0.08	)		(0.14	)		(0.12	)		(0.21	)		(0.27	)		(0.32	)
Dividends in excess of net investment
income		—			(0.02	)		(0.02	)		(0.03	)		(0.02	)		—
Total Distributions		(0.08	)		(0.16	)		(0.14	)		(0.24	)		(0.29	)		(0.32	)
Net Asset Value, End of Period	$	7.11		$	7.11		$	7.25		$	7.40		$	6.98		$	6.92
Total Return		1.19	%		0.20	%		(0.08	)%		9.63	%		5.16	%		11.43	%
Ratios/Supplemental Data:
Net assets, end of period (000s omitted)	$	7,920		$	9,764		$	18,739		$	25,488		$	15,961		$	4,714
Ratio of expenses to average net assets		2.16	%†		2.06	%		2.03	%		1.99	%		1.91	%		1.96	%
Ratio of net investment income to
average net assets		2.17	%†		1.91	%		1.62	%		2.93	%		3.84	%		4.74	%
Portfolio turnover rate		104.68	%		133.02	%		250.49	%		184.24	%		66.84	%		37.42	%
See footnotes on page 20.

18

Financial Highlights (unaudited)

Class D
		Six Months						Year Ended December 31,
		Ended
		6/30/05			2004			2003			2002			2001ø			2000
Per Share Data:
Net Asset Value, Beginning of Period	$	7.11		$	7.24		$	7.40		$	6.98		$	6.92		$	6.51
Income (Loss) from Investment
Operations:
Net investment income		0.08			0.14			0.12			0.21			0.27			0.32
Net realized and unrealized gain (loss)
on investments		—			(0.11	)		(0.14	)		0.45			0.08			0.41
Total from Investment Operations		0.08			0.03			(0.02	)		0.66			0.35			0.73
Less Distributions:
Dividends from net investment income		(0.08	)		(0.14	)		(0.12	)		(0.21	)		(0.27	)		(0.32	)
Dividends in excess of net investment
income		—			(0.02	)		(0.02	)		(0.03	)		(0.02	)		—
Total Distributions		(0.08	)		(0.16	)		(0.14	)		(0.24	)		(0.29	)		(0.32	)
Net Asset Value, End of Period	$	7.11		$	7.11		$	7.24		$	7.40		$	6.98		$	6.92
Total Return		1.19	%		0.34	%		(0.22	)%		9.63	%		5.16	%		11.43	%
Ratios/Supplemental Data:
Net assets, end of period (000s omitted)	$	12,206		$	11,556		$	14,789		$	23,768		$	20,106		$	15,138
Ratio of expenses to average net assets		2.16	%†		2.06	%		2.03	%		1.99	%		1.91	%		1.96	%
Ratio of net investment income to
average net assets		2.17	%†		1.91	%		1.62	%		2.93	%		3.84	%		4.74	%
Portfolio turnover rate		104.68	%		133.02	%		250.49	%		184.24	%		66.84	%		37.42	%
See footnotes on page 20.

19

Financial Highlights (unaudited)

Class R
		Six Months Ended			Year Ended			4/30/03* to
		6/30/05			12/31/04			12/31/03
Per Share Data:
Net Asset Value, Beginning of Period	$	7.10		$	7.23		$	7.36
Income (Loss) from Investment Operations:
Net investment income		0.09			0.17			0.10
Net realized and unrealized gain (loss)
on investments		0.01			(0.11	)		(0.10	)
Total from Investment Operations		0.10			0.06			—
Less Distributions
Dividends from net investment income		(0.09	)		(0.17	)		(0.10	)
Dividends in excess of net investment income		(0.01	)		(0.02	)		(0.03	)
Total Distributions		(0.10	)		(0.19	)		(0.13	)
Net Asset Value, End of Period	$	7.10		$	7.10		$	7.23
Total Return		1.44	%		0.82	%		(0.05	)%
Ratios/Supplemental Data:
Net assets, end of period (000s omitted)	$	599		$	440		$	2
Ratio of expenses to average net assets		1.67	%†		1.56	%		1.57	%†
Ratio of net investment loss to average net assets		2.66	%†		2.41	%		2.01	%†
Portfolio turnover rate		104.68	%		133.02	%		250.49	%††

*	Commencement of offering of shares.
†	Annualized.
††	For the year ended December 31, 2003.
ø	As required, effective January 1, 2001, the Fund adopted the provisions of the AICPA Audit and Accounting Guide for
	Investment Companies and began amortizing premium on debt securities. The effect of this change for the year ended
	December 31, 2001, was to decrease net investment income per share by $0.02, increase net realized and unrealized
	gain (loss) on investments by $0.02 for each class and decrease the ratios of net investment income to average net
	assets from 4.83% to 4.59% for Class A, and from 4.08% to 3.84% for Classes B, C, and D. The per share data and
	ratios for periods prior to January 1, 2001, have not been restated.

See Notes to Financial Statements.

20

Trustees

Robert B. Catell 2, 3
•	Chairman, Chief Executive Officer and Director,
	KeySpan Corporation
John R. Galvin 1, 3
•	Dean Emeritus,
	Fletcher School of Law and Diplomacy at Tufts
	University
Alice S. Ilchman 2, 3
•	President Emerita, Sarah Lawrence College
•	Director, Jeannette K. Watson Summer
	Fellowship
•	Trustee, Committee for Economic Development
Frank A. McPherson 2, 3
•	Retired Chairman of the Board and Chief
	Executive Officer, Kerr-McGee Corporation
•	Director, ConocoPhillips
•	Director, Integris Health
Betsy S. Michel 1, 3
•	Trustee, The Geraldine R. Dodge Foundation
William C. Morris
•	Chairman, J. & W. Seligman & Co. Incorporated
•	Chairman, Carbo Ceramics Inc.

Leroy C. Richie 1, 3
•	Chairman and Chief Executive Officer,
	Q Standards Worldwide, Inc.
•	Director, Kerr-McGee Corporation
Robert L. Shafer 2, 3
•	Ambassador and Permanent Observer of the
	Sovereign Military Order of Malta to the United
	Nations
James N. Whitson 1, 3
•	Retired Executive Vice President and Chief
	Operating Officer, Sammons Enterprises, Inc.
•	Director, CommScope, Inc.
Brian T. Zino
•	Director and President,
	J. & W. Seligman & Co. Incorporated
•	Chairman, Seligman Data Corp.
•	Director, ICI Mutual Insurance Company
•	Member of the Board of Governors,
	Investment Company Institute

Member:	1 Audit Committee
	2 Trustee Nominating Committee
	3 Board Operations Committee

Executive Officers 

William C. Morris 

Chairman 

Brian T. Zino 

President and Chief Executive Officer 

Eleanor T.M. Hoagland 

Vice President and Chief Compliance Officer 

Christopher J. Mahony 

Vice President 

Thomas G. Rose 

Vice President 

Lawrence P. Vogel 

Vice President and Treasurer 

Frank J. Nasta 

Secretary 

21

Additional Fund Information

QuarterlySchedule of Investments

A complete schedule of portfolio holdings owned by the Fund will be filed with the SEC for the first and third quarters of each fiscal year on Form N-Q, and will be available to shareholders (i) without charge, upon request, by calling toll-free (800) 221-2450 in the US or collect (212) 682-7600 outside the US or (ii) on the SEC’s website at www.sec.gov. In addition, the Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling (800) SEC-0330. Certain of the information contained in the Fund’s form N-Q is also made available to shareholders on Seligman’s website at www.seligman. com.¹

Proxy Voting

A description of the policies and procedures used by the Fund to determine how to vote proxies relating to portfolio securities as well as information regarding how the Fund voted proxies relating to portfolio securities during the 12-month period ended June 30 of each year will be available (i) without charge, upon request, by calling toll-free (800) 221-2450 in the US or collect (212) 682-7600 outside the US and (ii) on the SEC’s website at www.sec.gov.²

This report is intended only for the information of shareholders or those who have received the offering prospectus covering shares of Beneficial Interest of Seligman U.S. Government Securities Series, which contains information about the investment objectives, risks, charges, and expenses of the Fund, each of which should be considered carefully before investing. The prospectus, which contains information about these factors, should be read carefully before investing or sending money.

1	The reference to Seligman’s website is an inactive textual reference and information contained in or otherwise accessible through Seligman’s website does not form a part of this report of the Fund’s prospectus.
2	Information for each new 12-month period ending June 30 will be available no later than August 31 of that year.

TXUSG3 6/05

ITEM 2. CODE OF ETHICS. Not applicable. ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT. Not applicable. ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES. Not applicable. ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS. Not applicable. ITEM 6. SCHEDULE OF INVESTMENTS. Included in Item 1 above. ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. Not applicable. ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES. Not applicable. ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS. Not applicable. ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. The Board of Directors of the Registrant has a adopted a Nominating Committee Charter which provides that the Nominating Committee (the "Committee") may consider and evaluate nominee candidates properly submitted by shareholders if a vacancy among the Independent Directors of the Registrant occurs and if, based on the Board's then current size, composition and structure, the Committee determines that the vacancy should be filled. The Committee will consider candidates submitted by shareholders on the same basis as it considers and evaluates candidates recommended by other sources. A copy of the qualifications and procedures that must be met or followed by shareholders to properly submit a nominee candidate to the Committee may be obtained by submitting a request in writing to the Secretary of the Registrant. ITEM 11. CONTROLS AND PROCEDURES. (a) The registrant's principal executive officer and principal financial officer have concluded, based upon their evaluation of the registrant's disclosure controls and procedures as conducted within 90 days of the filing date of this report, that these disclosure controls and procedures provide reasonable assurance that material information required to be disclosed by the registrant in the report it files or submits on Form N-CSR is recorded, processed, summarized and reported, within the time periods specified in the Commission's rules and forms and that such material information is accumulated and communicated to the registrant's management, including its principal executive officer and principal financial officer, as appropriate, in order to allow timely decisions regarding required disclosure. (b) The registrant's principal executive officer and principal financial officer are aware of no changes in the registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting. ITEM 12. EXHIBITS. (a)(1) Not applicable. (a)(2) Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(a) under the Investment Company Act of 1940. (a)(3) Not applicable. (b) Certifications of chief executive officer and chief financial officer as required by Rule 30a-2(b) under the Investment Company Act of 1940. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. SELIGMAN HIGH INCOME FUND SERIES By: /S/ BRIAN T. ZINO Brian T. Zino President and Chief Executive Officer Date: September 7, 2005 Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. By: /S/ BRIAN T. ZINO Brian T. Zino President and Chief Executive Officer Date: September 7, 2005 By: /S/ LAWRENCE P. VOGEL Lawrence P. Vogel Vice President, Treasurer and Chief Financial Officer Date: September 7, 2005 SELIGMAN HIGH INCOME FUND SERIES EXHIBIT INDEX (a)(2) Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(a) under the Investment Company Act of 1940. (b) Certification of chief executive officer and chief financial officer as required by Rule 30a-2(b) of the Investment Company Act of 1940.