PRESIDENT'S LETTER
Dear Shareholder:
Since our last report to shareholders on October 31, 1993, the
fixed-income markets have experienced considerable volatility. Bond prices
reached a cyclical high during October and have been on a downward trend ever
since. The Fund's net asset value declined by approximately $1.61 per share
to $19.62 during the six months ended April 30, 1994, adjusted for capital
gain distributions.* During that time, income dividends of approximately $.57
per share were paid. This translates into an annualized distribution rate per
share of 5.78%, based on the April 30 net asset value per share, adjusted for
capital gain distributions. As has been true since the Fund's inception, all
dividends paid were fully exempt from Federal, New York State and City income
taxes, although certain shareholders may find some income subject to the
Federal Alternative Minimum Tax (AMT).
The first quarter of 1994 will be memorialized as the end of five years
of accommodative Federal Reserve Board policy. Since February, the Federal
Funds rate has been raised four times. Generally, it is anticipated that
further rate hikes will be forthcoming should the economy continue to signal
an unacceptable rate of growth; with such a heightened degree of nervousness
influencing both stocks and bonds, the markets could remain quite volatile.
Higher bond yields have had an effect on the supply of new municipal
bonds: while 1993 was a record year for bond issuance, so far this year new
issuance has fallen dramatically. At the same time, the appetite of
individual investors for tax exempt investments has been tempered. However,
should inflation fears subside and interest rates stabilize, attractive
investment opportunities could exist in municipal securities: new issuance
has been reduced, the highest marginal Federal tax rate has been increased to
nearly 40%, and municipal bonds are yielding substantially more than they
were only a few months ago. However, at this juncture it is still uncertain
as to whether and when such a scenario will unfold.
After a protracted recession, the New York economy finally appears to be
on the rebound. Although the State has lost over 500,000 jobs since the
recession began, employment growth is projected at approximately 1.4% for
1994. The State has taken a more realistic outlook in its economic
forecasting and this year it appears that for fiscal 1994, the State will
have an operating surplus of approximately $1.0 billion. Unfortunately, the
State is continuing its unacceptable policy of delaying the budget. As of
this writing, the State is almost two months late in enacting a budget.
Nonetheless, we believe that the economic outlook for New York is positive.
As we have witnessed in recent weeks, negative influences on the markets
can be quite powerful. The potential still exists for further market
volatility and higher yields before bond prices begin to rise again. This
Fund is managed with the intention of achieving long-term performance and
income goals. We appreciate your investment in the Fund, and we want to
assure you that we are at all times working in the Fund's best interest.
Very truly yours,
(Richard J. Moynihan Signature Logo)
Richard J. Moynihan
President
May 25, 1994
New York, N.Y.
* Capital gains, if any, are generally subject to Federal, State and local
taxes.
<TABLE>
<CAPTION>
GENERAL NEW YORK MUNICIPAL BOND FUND, INC.
STATEMENT OF INVESTMENTS APRIL 30, 1994 (UNAUDITED)
PRINCIPAL
MUNICIPAL BONDS--98.3% AMOUNT VALUE
-------------- --------------
<S> <C> <C>
NEW YORK--88.1%
Albany Industrial Development Agency:
IDR (Hampton Plaza Project) 6.25%, 3/1/2018............................. $ 5,600,000 $ 5,209,456
LR:
(New York State Assembly Building Project) 7.75%, 1/1/2010............ 3,615,000 3,878,931
(New York State Department of Health Building Project) 7.25%, 10/1/2010 1,755,000 1,801,630
Board Cooperative Educational Services, COP (Greenport Vocational Facility
Project)
7.875%, 10/1/2000....................................................... 1,120,000 1,196,563
Cohoes Industrial Development Agency, IDR (Norlite Corp. Project)
6.75%, 5/1/2009 (LOC; Dresdner Bank) (a)................................ 2,400,000 2,443,608
Erie County Water Authority, Water Revenue, Refunding
Zero Coupon, 12/1/2017 (Insured; AMBAC)................................. 1,210,000 224,649
Franklin County Solid Waste Management Authority, Solid Waste Systems Revenue
6.125%, 6/1/2009........................................................ 2,150,000 2,064,323
Grand Central District, Management Association, Inc., Business Improvement
District,
Capital Improvement, Refunding:
5.125%, 1/1/2014...................................................... 1,000,000 864,400
5.25%, 1/1/2022....................................................... 3,000,000 2,563,530
Jefferson County Industrial Development Agency, SWDR
(Champion International Corp.) 7.20%, 12/1/2020......................... 2,000,000 2,090,760
Metropolitan Transportation Authority, Service Contract,
Transportation Facilities:
Refunding:
7.125%, 7/1/2009.................................................. 2,000,000 2,117,740
7%, 7/1/2012...................................................... 3,000,000 3,125,100
Revenue 7.954%, 7/1/2022 (b,c)........................................ 3,000,000 2,456,250
New York City:
7.50%, 2/1/2006......................................................... 5,000,000 5,452,450
7.65%, 2/1/2006......................................................... 3,000,000 3,298,800
7.75%, 8/15/2007........................................................ 4,000,000 4,418,680
7%, 10/1/2008........................................................... 1,750,000 1,859,550
7.50%, 3/15/2009........................................................ 1,000,000 1,080,920
6.25%, 8/1/2011 (Insured; FSA).......................................... 2,000,000 2,067,040
7.20%, 2/1/2014......................................................... 5,000,000 5,345,350
New York City Health and Hospital Authority, Local Government Revenue,
Refunding
6%, 2/15/2007........................................................... 2,750,000 2,708,805
New York City Industrial Development Agency:
Civic Facility Revenue:
(Saint Christopher Ottilie Project) 7.50%, 7/1/2021 (LOC; Allied Irish Banks) (a) 2,620,000 2,772,798
(YMCA of Greater New York Project) 8%, 8/1/2016....................... 3,300,000 3,528,723
IDR:
7.625%, 11/1/2009 (LOC; ABN Amro Bank) (a)............................ 1,340,000 1,380,267
(Plaza Packaging Corp. Project) 7.65%, 12/1/2009 (LOC; Barclays Bank) (a) 2,750,000 2,942,473
GENERAL NEW YORK MUNICIPAL BOND FUND, INC.
STATEMENT OF INVESTMENTS (CONTINUED) APRIL 30, 1994 (UNAUDITED)
PRINCIPAL
MUNICIPAL BONDS (CONTINUED) AMOUNT VALUE
-------------- --------------
NEW YORK (CONTINUED)
New York City Municipal Water Finance Authority, Water and Sewer Systems
Revenue:
7%, 6/15/2009........................................................... $ 3,500,000 $ 3,687,705
7%, 6/15/2015(Prerefunded 6/15/2001) (d)................................ 755,000 842,640
7%, 6/15/2015(Prerefunded 6/15/2001) (d)................................ 320,000 357,146
7%, 6/15/2015........................................................... 925,000 966,791
6.75%, 6/15/2017........................................................ 5,000,000 5,140,900
New York State, Crossover Refunding 6.125%, 11/15/2012...................... 5,000,000 5,021,000
New York State Dormitory Authority, Revenues:
City University:
5.75%, 7/1/2011....................................................... 2,455,000 2,300,900
5.50%, 7/1/2012....................................................... 2,100,000 1,895,418
Consolidated City University Systems:
2nd Generation 5.75%, 7/1/2013........................................ 5,000,000 4,660,850
5.75%, 7/1/2013....................................................... 2,975,000 2,773,206
Society of New York Hospital 8.70%, 7/1/1994............................ 150,000 151,187
State University Educational Facilities:
6.25%, 5/15/2017...................................................... 5,000,000 4,828,650
5.40%, 5/15/2023...................................................... 12,750,000 10,870,905
Refunding:
5.50%, 5/15/2008.................................................. 5,000,000 4,678,950
7.50%, 5/15/2011.................................................. 2,000,000 2,250,980
7.375%, 5/15/2014................................................. 1,310,000 1,415,442
7%, 5/15/2016..................................................... 4,245,000 4,496,941
6%, 5/15/2017..................................................... 2,575,000 2,416,612
Suffolk County Judicial Facility 9.50%, 4/15/2014....................... 3,000,000 3,491,400
Upstate Community Colleges 7.20%, 7/1/2021 (Prerefunded 7/1/2001) (d)... 2,130,000 2,408,072
New York State Energy Research and Development Authority,
Electric Facilities Revenue:
(Consolidated Edison Co. of New York, Inc.) 6.75%, 1/15/2027.......... 3,250,000 3,320,265
(Long Island Lighting - A):
7.15%, 6/1/2020................................................... 2,000,000 2,036,960
7.15%, 2/1/2022................................................... 3,000,000 3,033,720
(Long Island Lighting Co. - D) 6.90%, 8/1/2022........................ 4,000,000 3,978,960
Gas Facilities Revenue 7.874%, 7/8/2026 (Insured; MBIA) (b)............. 3,000,000 2,482,500
New York State Environmental Facilities Corp.:
PCR (State Water Revolving Fund):
7.25%, 6/15/2010...................................................... 1,300,000 1,401,400
7.20%, 3/15/2011...................................................... 4,500,000 4,845,870
7.50%, 6/15/2012...................................................... 2,000,000 2,200,140
6.50%, 6/15/2014...................................................... 5,565,000 5,742,078
Special Obligation (Riverbank State Park):
7.25%, 4/1/2007....................................................... 1,500,000 1,630,830
7.25%, 4/1/2012....................................................... 2,500,000 2,695,900
GENERAL NEW YORK MUNICIPAL BOND FUND, INC.
STATEMENT OF INVESTMENTS (CONTINUED) APRIL 30, 1994 (UNAUDITED)
PRINCIPAL
MUNICIPAL BONDS (CONTINUED) AMOUNT VALUE
-------------- --------------
NEW YORK (CONTINUED)
New York State Housing Finance Agency, Revenue:
Childrens' Rescue Fund Housing 7.625%, 5/1/2018 ........................ $ 2,400,000 $ 2,443,128
Multi-Family Housing:
7.75%, 11/1/2020 (Insured; AMBAC)..................................... 2,230,000 2,420,219
Second Mortgage 6.625%, 8/15/2012..................................... 2,500,000 2,529,450
(Refunding - Health Facilities) 8%, 11/1/2008........................... 2,000,000 2,234,460
Service Contract Obligation:
6.30%, 9/15/2012...................................................... 2,500,000 2,457,950
7.375%, 9/15/2021 (Prerefunded 3/15/2002) (d)......................... 2,000,000 2,294,940
New York State Local Government Assistance Corp.:
7.25%, 4/1/2018 (Prerefunded 4/1/2001) (d).............................. 4,000,000 4,534,920
6.875%, 4/1/2019........................................................ 2,245,000 2,333,969
Refunding 6%, 4/1/2014.................................................. 5,000,000 4,875,000
New York State Medical Care Facilities Finance Agency, Revenue:
(Hospital & Nursing Home Insured Mortgage):
6.85%, 2/15/2012 (Insured; FHA)....................................... 3,000,000 3,179,580
6.20%, 8/15/2013 (Insured; FHA)....................................... 3,000,000 2,923,980
8%, 2/15/2028 (Insured; FHA).......................................... 4,470,000 4,917,402
7.45%, 8/15/2031 (Insured; FHA)....................................... 3,000,000 3,235,200
7%, 8/15/2032 (Insured; FHA).......................................... 2,195,000 2,306,396
Refunding 6.20%, 2/15/2023 (Insured; FHA)............................. 1,700,000 1,660,050
(Long Term Health Care - Insured Program)
6.45%, 11/1/2010 (Insured; Capital Guaranty).......................... 5,000,000 5,197,150
(Mental Health Services Facilities):
Improvement:
6.50%, 2/15/2019.................................................. 5,750,000 5,706,588
7.875%, 8/15/2020 (Prerefunded 8/15/2000) (d)..................... 1,250,000 1,446,225
7.875%, 8/15/2020................................................. 725,000 802,198
Refunding 5.375%, 2/15/2014........................................... 7,400,000 6,527,762
(North General Hospital) 7.40%, 2/15/2019............................... 1,000,000 1,064,500
(Refunding - Mortgage Hospital)
8%, 2/15/2025 (Insured; FHA) (Prerefunded 8/15/1997) (d).............. 1,000,000 1,117,990
New York State Mortgage Agency, Revenue, Homeowner Mortgage:
7.50%, 4/1/2016......................................................... 1,000,000 1,051,180
7.50%, 10/1/2017........................................................ 3,000,000 3,193,020
7.55%, 10/1/2017........................................................ 1,000,000 1,061,890
6.45%, 10/1/2020........................................................ 4,025,000 4,110,410
7.80%, 10/1/2020........................................................ 2,000,000 2,114,880
6.65%, 4/1/2022......................................................... 2,000,000 2,017,180
7.95%, 4/1/2022......................................................... 1,950,000 2,081,196
New York State Power Authority, General Purpose Revenue 5%, 1/1/2014........ 8,000,000 6,916,720
New York State Thruway Authority, Service Contract Revenue
(Local Highway and Bridge) 7.25%, 1/1/2010.............................. 4,350,000 4,604,866
GENERAL NEW YORK MUNICIPAL BOND FUND, INC.
STATEMENT OF INVESTMENTS (CONTINUED) APRIL 30, 1994 (UNAUDITED)
PRINCIPAL
MUNICIPAL BONDS (CONTINUED) AMOUNT VALUE
-------------- --------------
NEW YORK (CONTINUED)
New York State Urban Development Corp., Revenue:
(Alfred Technology Resources, Inc. Project) 7.875%, 1/1/2020............ $ 2,070,000 $ 2,279,298
(Onondaga County Convention Project) 7.875%, 1/1/2020................... 1,000,000 1,107,060
North Country Development Authority, Solid Waste Management System Revenue
6.75%, 7/1/2012......................................................... 4,530,000 4,583,545
Oneida - Herkimer Solid Waste Management Authority, Solid Waste System
Revenue,
Refunding 6.75%, 4/1/2014............................................... 1,600,000 1,623,952
Rensselaer County Industrial Development Agency, IDR (Albany International
Corp.)
7.55%, 6/1/2007......................................................... 4,000,000 4,383,160
Suffolk County Industrial Development Agency, Civic Facility Revenue
(Long Island Association of Children) 7.35%, 8/1/2009 (LOC; Barclays Bank) (a) 2,110,000 2,196,679
Triborough Bridge and Tunnel Authority:
(Convention Center Project) 7.25%, 1/1/2010............................. 4,500,000 4,918,140
Revenues:
7%, 1/1/2020 (Prerefunded 1/1/2001) (d)............................... 2,550,000 2,846,539
7%, 1/1/2021 (Prerefunded 1/1/2001) (d)............................... 2,000,000 2,225,460
General Purpose:
6%, 1/1/2014.......................................................... 3,000,000 2,935,350
6.50%, 1/1/2019....................................................... 4,300,000 4,386,043
Special Obligation, Refunding 7.10%, 1/1/2010........................... 3,000,000 3,276,540
U.S. RELATED--10.2%
Puerto Rico Commonwealth Highway and Transportation Authority,
Highway Revenue 7.361%, 7/1/2006 (b).................................... 7,450,000 6,677,062
Puerto Rico Commonwealth Infrastructure Financing Authority 7.50%, 7/1/2009. 2,000,000 2,174,260
Guam Airport Authority, Revenue:
6.60%, 10/1/2010........................................................ 2,000,000 2,028,440
6.70%, 10/1/2023........................................................ 4,000,000 4,047,040
Puerto Rico Electric Power Authority, Power Revenue 6.375%, 7/1/2024........ 1,500,000 1,488,225
Puerto Rico Housing Finance Corp., SFMR 10.214%, 8/4/2025
(Collateralized; GNMA) (b).............................................. 2,000,000 2,057,500
Puerto Rico Industrial Medical and Environmental Pollution Control
Facilities Financing Authority, Revenue:
(Pepsico Inc. Project) 6.25%, 11/15/2013 (Guaranteed; Pepsico, Inc.).. 4,000,000 4,088,160
(Refunding - Saint Luke's Hospital Project) 6.25%, 6/1/2010........... 1,100,000 1,090,584
Virgin Islands Port Authority, Airport Revenue (Cyril E. King Airport
Project)
8.10%, 10/1/2005........................................................ 3,500,000 3,862,145
Virgin Islands Public Finance Authority, Revenue:
(Highway - Transportation Trust Fund) 7.70%, 10/1/2004.................. 1,750,000 1,905,382
(Refunding - Matching Fund Loan Note) 7.25%, 10/1/2018.................. 3,500,000 3,723,265
Virgin Islands Water and Power Authority, Electric System Revenue 7.40%, 7/1/2011 1,000,000 1,075,670
--------------
TOTAL MUNICIPAL BONDS (cost $319,586,357)................................... $329,257,012
==============
GENERAL NEW YORK MUNICIPAL BOND FUND, INC.
STATEMENT OF INVESTMENTS (CONTINUED) APRIL 30, 1994 (UNAUDITED)
PRINCIPAL
SHORT-TERM MUNICIPAL INVESTMENTS--1.7% AMOUNT VALUE
-------------- --------------
NEW YORK;
New York City, VRDN 3.10% (LOC; Fuji Bank and Trust Co.) (a,e)
(cost $5,600,000)....................................................... $ 5,600,000 $ 5,600,000
==============
TOTAL INVESTMENTS --100.0%
(cost $325,186,356)..................................................... $334,857,012
==============
</TABLE>
<TABLE>
<CAPTION>
SUMMARY OF ABBREVIATIONS
<S> <C> <S> <C>
AMBAC American Municipal Bond Assurance Corporation LR Lease Revenue
COP Certificate of Participation MBIA Municipal Bond Insurance Association
FHA Federal Housing Administration PCR Pollution Control Revenue
FSA Financial Security Assurance SFMR Single Family Mortgage Revenue
GNMA Government National Mortgage Association SWDR Solid Waste Disposal Revenue
IDR Industrial Development Revenue VRDN Variable Rate Demand Note
LOC Letter of Credit
</TABLE>
SUMMARY OF COMBINED RATINGS
FITCH (F) OR MOODY'S OR STANDARD & POOR'S PERCENTAGE OF VALUE
- - - - - --------- --------- ------------------ --------------------
AAA Aaa AAA 11.7%
AA Aa AA 20.7
A A A 25.5
BBB Baa BBB 34.6
F1 MIG1 SP1 1.7
Not Rated Not Rated Not Rated 5.8
------
100.0%
=======
NOTES TO STATEMENT OF INVESTMENTS:
(a) Secured by letters of credit.
(b) Residual interest security - the interest rate is subject to change
periodically.
(c) Security exempt from registration under Rule 144A of the Securities
Act of 1933. These securities may be resold in transactions exempt from
registration, normally to qualified institutional buyers. At April 30,
1994, this security amounted to $2,456,250 or .7% of net assets.
(d) Bonds which are prerefunded are collateralized by U.S. Government
securities which are held in escrow and are used to pay principal and
interest on the tax-exempt issue and to retire the bonds in full at the
earliest refunding date.
(e) Securities payable on demand. The interest rate, which is subject to
change, is based upon bank prime rates or an index of market interest
rates.
(f) Fitch currently provides creditworthiness information for a limited
amount of investments.
See independent accountants' review report and notes to financial statements.
<TABLE>
<CAPTION>
GENERAL NEW YORK MUNICIPAL BOND FUND, INC.
STATEMENT OF ASSETS AND LIABILITIES APRIL 30, 1994 (UNAUDITED)
ASSETS:
<S> <C> <C>
Investments in securities, at value
(cost $325,186,356)_see statement..................................... $334,857,012
Cash.................................................................... 1,155,831
Interest receivable..................................................... 6,084,551
Receivable for investment securities sold............................... 1,520,581
Prepaid expenses........................................................ 37,062
------------
343,655,037
LIABILITIES:
Due to The Dreyfus Corporation.......................................... $ 193,763
Payable for investment securities purchased............................. 6,223,617
Payable for Common Stock redeemed....................................... 925,393
Accrued expenses........................................................ 109,174 7,451,947
----------- ------------
NET ASSETS ................................................................ $336,203,090
============
REPRESENTED BY:
Paid-in capital......................................................... $324,698,850
Accumulated undistributed investment income_net......................... 53,280
Accumulated undistributed net realized gain on investments.............. 1,780,304
Accumulated net unrealized appreciation on investments_Note 3........... 9,670,656
------------
NET ASSETS at value applicable to 17,132,691 outstanding shares of
Common Stock, equivalent to $19.62 per share (100 million shares of $.01
par value authorized)................................................... $336,203,090
============
See independent accountants' review report and notes to financial statements.
</TABLE>
<TABLE>
<CAPTION>
GENERAL NEW YORK MUNICIPAL BOND FUND, INC.
STATEMENT OF OPERATIONS SIX MONTHS ENDED APRIL 30, 1994 (UNAUDITED)
INVESTMENT INCOME:
<S> <C> <C>
INTEREST INCOME......................................................... $ 11,841,516
EXPENSES:
Management fee_Note 2(a).............................................. $ 1,132,620
Shareholder servicing costs_Note 2(b)................................. 409,216
Professional fees..................................................... 26,988
Custodian fees........................................................ 20,517
Prospectus and shareholders' reports.................................. 20,496
Directors' fees and expenses_Note 2(c)................................ 13,844
Registration fees..................................................... 1,942
Miscellaneous......................................................... 20,190
-------------
1,645,813
Less_reduction in management fee due to undertakings_Note 2(a)........ 271,221
-------------
TOTAL EXPENSES.................................................. 1,374,592
------------
INVESTMENT INCOME--NET.......................................... 10,466,924
REALIZED AND UNREALIZED (LOSS) ON INVESTMENTS:
Net realized gain on investments--Note 3................................ $ 1,781,717
Net unrealized (depreciation) on investments............................ (30,960,181)
-------------
NET REALIZED AND UNREALIZED (LOSS) ON INVESTMENTS............... (29,178,464)
--------------
NET (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS...................... $(18,711,540)
==============
See independent accountants' review report and notes to financial statements.
</TABLE>
<TABLE>
<CAPTION>
GENERAL NEW YORK MUNICIPAL BOND FUND, INC.
STATEMENT OF CHANGES IN NET ASSETS
YEAR ENDED SIX MONTHS ENDED
OCTOBER 31, APRIL 30, 1994
1993 (UNAUDITED)
-------------- --------------
<S> <C> <C>
OPERATIONS:
Investment income--net............................................... $ 20,808,983 $ 10,466,924
Net realized gain on investments..................................... 5,565,671 1,781,717
Net unrealized appreciation (depreciation) on investments for the period 33,345,236 (30,960,181)
-------------- --------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS.... 59,719,890 (18,711,540)
-------------- --------------
DIVIDENDS TO SHAREHOLDERS FROM:
Investment income--net............................................... (20,735,883) (10,534,817)
Net realized gain on investments..................................... (4,115,876) (5,588,704)
-------------- --------------
TOTAL DIVIDENDS.................................................... (24,851,759) (16,123,521)
-------------- --------------
CAPITAL STOCK TRANSACTIONS:
Net proceeds from shares sold........................................ 367,798,322 108,537,083
Dividends reinvested................................................. 19,356,609 12,568,643
Cost of shares redeemed.............................................. (292,270,773) (164,203,227)
-------------- --------------
INCREASE (DECREASE) IN NET ASSETS FROM CAPITAL STOCK TRANSACTIONS.. 94,884,158 (43,097,501)
-------------- --------------
TOTAL INCREASE (DECREASE) IN NET ASSETS........................ 129,752,289 (77,932,562)
NET ASSETS:
Beginning of period.................................................. 284,383,363 414,135,652
-------------- --------------
End of period (including undistributed investment income_net;
$121,173 in 1993 and $53,280 in 1994).............................. $414,135,652 $336,203,090
============== ==============
SHARES SHARES
-------------- --------------
CAPITAL SHARE TRANSACTIONS:
Shares sold.......................................................... 17,866,847 5,266,900
Shares issued for dividends reinvested............................... 941,812 603,557
Shares redeemed...................................................... (14,115,202) (7,975,314)
--------------- -------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING...................... 4,693,457 (2,104,857)
============== ==============
See independent accountants' review report and notes to financial statements.
</TABLE>
<TABLE>
<CAPTION>
GENERAL NEW YORK MUNICIPAL BOND FUND, INC.
FINANCIAL HIGHLIGHTS
Contained below is per share operating performance data for a share of
Common Stock outstanding, total investment return, ratios to average net
assets and other supplemental data for each period indicated. This
information has been derived from information provided in the Fund's
financial statements.
YEAR ENDED OCTOBER 31, SIX MONTHS ENDED
---------------------------------------------------------- APRIL 30, 1994
PER SHARE DATA: 1989 1990 1991 1992 1993 (UNAUDITED)
------ ------ ------ ------ ------ ---------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period $18.48 $18.31 $17.96 $19.24 $19.55 $21.53
------ ------ ------ ------ ------ ------
INVESTMENT OPERATIONS:
Investment income--net............. 1.03 1.32 1.30 1.24 1.17 .57
Net realized and unrealized gain
(loss) on investments............ (.17) (.35) 1.28 .31 2.24 (1.61)
------ ------ ------ ------ ------ ------
TOTAL FROM INVESTMENT OPERATIONS .86 .97 2.58 1.55 3.41 (1.04)
------ ------ ------ ------ ------ ------
DISTRIBUTIONS:
Dividends from investment
income_net....................... (1.03) (1.32) (1.30) (1.24) (1.16) (.57)
Dividends from net realized
gain on investments.............. -_ -_ -_ -_ (.27) (.30)
------ ------ ------ ------ ------ ------
TOTAL DISTRIBUTIONS.......... (1.03) (1.32) (1.30) (1.24) (1.43) (.87)
Net asset value, end of period..... $18.31 $17.96 $19.24 $19.55 $21.53 $19.62
====== ====== ====== ====== ====== ======
TOTAL INVESTMENT RETURN................ 4.79% 5.46% 14.83% 8.23% 18.05% (10.04%)(1)
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets 1.32% .07% .36% .62% .69% .73%(1)
Ratio of net investment income
to average net assets............ 5.60% 7.36% 6.95% 6.32% 5.64% 5.54%(1)
Decrease reflected in above expense
ratios due to undertakings
by the Manager................... .02% 1.14% .69% .39% .22% .14%(1)
Portfolio Turnover Rate............ 26.53% 59.98% 19.32% 43.20% 23.46% 15.07%(2)
Net Assets, end of period (000's
Omitted)......................... $38,250 $102,603 $209,165 $284,383 $414,136 $336,203
- - - - - ------------------
(1) Annualized.
(2) Not annualized.
See independent accountants' review report and notes to financial statements.
</TABLE>
GENERAL NEW YORK MUNICIPAL BOND FUND, INC.
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
NOTE 1--SIGNIFICANT ACCOUNTING POLICIES:
The Fund is registered under the Investment Company Act of 1940 ("Act")
as a non-diversified open-end management investment company. Dreyfus Service
Corporation ("Distributor") acts as the distributor of the Fund's shares,
which are sold to the public without a sales load. The Distributor is a
wholly-owned subsidiary of The Dreyfus Corporation ("Manager").
(A) PORTFOLIO VALUATION: The Fund's investments are valued each business
day by an independent pricing service ("Service") approved by the Board of
Directors. Investments for which quoted bid prices in the judgment of the
Service are readily available and are representative of the bid side of the
market are valued at the mean between the quoted bid prices (as obtained by
the Service from dealers in such securities) and asked prices (as calculated
by the Service based upon its evaluation of the market for such securities).
Other investments (which constitute a majority of the portfolio securities)
are carried at fair value as determined by the Service, based on methods
which include consideration of: yields or prices of municipal securities of
comparable quality, coupon, maturity and type; indications as to values from
dealers; and general market conditions. Investments not listed on an
exchange or the national securities market, or securities for which there
were no transactions, are valued at the average of the most recent bid and
asked prices. Bid price is used when no asked price is available.
(B) SECURITIES TRANSACTIONS AND INVESTMENT INCOME: Securities
transactions are recorded on a trade date basis. Realized gain and loss from
securities transactions are recorded on the identified cost basis. Interest
income, adjusted for amortization of premiums and, when appropriate,
discounts on investments, is earned from settlement date and recognized on
the accrual basis. Securities purchased or sold on a when-issued or
delayed-delivery basis may be settled a month or more after the trade date.
The Fund follows an investment policy of investing primarily in municipal
obligations of one state. Economic changes affecting the state and certain of
its public bodies and municipalities may affect the ability of issuers within
the state to pay interest on, or repay prinicipal of, municipal obligations
held by the Fund.
(C) DIVIDENDS TO SHAREHOLDERS: It is the policy of the Fund to declare
dividends daily from investment income-net. Such dividends are paid monthly.
Dividends from net realized capital gain are normally declared and paid
annually, but the Fund may make distributions on a more frequent basis to
comply with the distribution requirements of the Internal Revenue Code. To
the extent that net realized capital gain can be offset by capital loss
carryovers, if any, it is the policy of the Fund not to distribute such gain.
(D) FEDERAL INCOME TAXES: It is the policy of the Fund to continue to
qualify as a regulated investment company, which can distribute tax exempt
dividends, by complying with the provisions available to certain investment
companies, as defined in applicable sections of the Internal Revenue Code,
and to make distributions of income and net realized capital gain sufficient
to relieve it from all, or substantially all, Federal income taxes.
NOTE 2--MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES:
(A) Pursuant to a management agreement ("Agreement") with the Manager,
the management fee is computed at the annual rate of .60 of 1% of the average
daily value of the Fund's net assets. The Agreement provides that if in any
full fiscal year the aggregate expenses of the Fund, exclusive of taxes,
GENERAL NEW YORK MUNICIPAL BOND FUND, INC.
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
interest, brokerage commissions and extraordinary expenses, exceed the
expense limitation of any state having jurisdiction over the Fund, the Fund
may deduct from the payment to be made to the Manager under the Agreement, or
the Manager will bear, the excess expense to the extent required by state
law. However, the Manager had undertaken from November 1, 1993 through April
7, 1994, to reduce the management fee paid by the Fund, to the extent that
the Fund's aggregate expenses (excluding certain expenses as described above)
exceeded specified annual percentages of the Fund's average daily net assets.
The Manager has currently undertaken from April 8, 1994 to waive receipt of
the management fee payable to it by the Fund in excess of an annual rate of
.50 of 1% of the Fund's average daily net assets. The reduction in management
fee, pursuant to the undertakings, amounted to $271,221 for the six months
ended April 30, 1994.
The Manager may modify the expense limitation percentages from time to
time, provided that the resulting expense reimbursement would not be less
than the amount required pursuant to the Agreement.
(B) The Fund has adopted a Service Plan (the "Plan") pursuant to Rule
12b-1 under the Act. Pursuant to the Plan, the Fund pays the Distributor, at
an annual rate of .20 of 1% of the value of the Fund's average daily net
assets, for costs and expenses in connection with advertising, marketing and
distributing the Fund's shares and for servicing shareholder accounts. The
Distributor may make payments to one or more Service Agents (a securities
dealer, financial institution, or other industry professional) based on the
value of the Fund's shares owned by clients of the Service Agent. The Plan
also separately provides for the Fund to bear the costs of preparing,
printing and distributing certain of the Fund's prospectuses and statements
of additional information and costs associated with implementing and
operating the Plan, not to exceed the greater of $100,000 or .005 of 1% of
the Fund's average daily net assets for any full fiscal year. During the six
months ended April 30, 1994, the Fund was charged $386,937 pursuant to the
Plan.
(C) Certain officers and directors of the Fund are "affiliated persons,"
as defined in the Act, of the Manager and/or the Distributor. Each director
who is not an "affiliated person" receives an annual fee of $2,500 and an
attendence fee of $500 per meeting.
(D) On December 5, 1993, the Manager entered into an Agreement and Plan
of Merger (the "Merger Agreement") providing for the merger of the Manager
with a subsidiary of Mellon Bank Corporation ("Mellon").
Following the merger, it is planned that the Manager will be a direct
subsidiary of Mellon Bank, N.A. Closing of this merger is subject to a number
of contingencies, including receipt of certain regulatory approvals and
approvals of the stockholders of the Manager and of Mellon. The merger is
expected to occur in mid-1994, but could occur later.
As a result of regulatory requirements and the terms of the Merger
Agreement, the Manager will seek various approvals from the Fund's board and
shareholders before completion of the merger. Shareholder approval will be
solicited by a proxy statement.
GENERAL NEW YORK MUNICIPAL BOND FUND, INC.
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
NOTE 3--SECURITIES TRANSACTIONS:
Purchases and sales of securities amounted to $121,947,533 and
$165,371,147, respectively, for the six months ended April 30, 1994, and
consisted entirely of municipal bonds and short-term municipal investments.
At April 30, 1994, accumulated net unrealized appreciation on investments
was $9,670,656, consisting of $15,700,406 gross unrealized appreciation and
$6,029,750 gross unrealized depreciation.
At April 30 1994, the cost of investments for Federal income tax purposes
was substantially the same as the cost for financial reporting purposes (see
the Statement of Investments).
GENERAL NEW YORK MUNICIPAL BOND FUND, INC.
REVIEW REPORT OF ERNST & YOUNG, INDEPENDENT ACCOUNTANTS
SHAREHOLDERS AND BOARD OF DIRECTORS
GENERAL NEW YORK MUNICIPAL BOND FUND, INC.
We have reviewed the accompanying statement of assets and liabilities of
General New York Municipal Bond Fund, Inc., including the statement of
investments, as of April 30, 1994, and the related statements of operations
and changes in net assets and financial highlights for the six month period
ended April 30, 1994. These financial statements and financial highlights are
the responsibility of the Fund's management.
We conducted our review in accordance with standards established by the
American Institute of Certified Public Accountants. A review of interim
financial information consists principally of applying analytical procedures
to financial data, and making inquiries of persons responsible for financial
and accounting matters. It is substantially less in scope than an audit
conducted in accordance with generally accepted auditing standards, which
will be performed for the full year with the objective of expressing an
opinion regarding the financial statements and financial highlights taken as
a whole. Accordingly, we do not express such an opinion.
Based on our review, we are not aware of any material modifications that
should be made to the interim financial statements and financial highlights
referred to above for them to be in conformity with generally accepted
accounting principles.
We have previously audited, in accordance with generally accepted
auditing standards, the statement of changes in net assets for the year ended
October 31, 1993 and financial highlights for each of the five years in the
period ended October 31, 1993 and in our report dated December 3, 1993, we
expressed an unqualified opinion on such statement of changes in net assets
and financial highlights.
(Ernst & Young Signature Logo)
New York, New York
June 3, 1994
(Dreyfus Logo)
General
New York
Municipal
Bond Fund, Inc.
Semi-Annual
Report
April 30, 1994
(Dreyfus Lion Logo)
(Dreyfus `D' Logo)
GENERAL NEW YORK
MUNICIPAL BOND FUND, INC.
144 Glenn Curtiss Boulevard
Uniondale, NY 11556
MANAGER
The Dreyfus Corporation
200 Park Avenue
New York, NY 10166
DISTRIBUTOR
Dreyfus Service Corporation
200 Park Avenue
New York, NY 10166
CUSTODIAN
The Bank of New York
110 Washington Street
New York, NY 10286
TRANSFER AGENT &
DIVIDEND DISBURSING AGENT
The Shareholder Services Group, Inc.
P.O. Box 9671
Providence, RI 02940
Further information is contained in the Prospectus,
which must precede or accompany this report.
Printed in U.S.A. 949SA944
