LETTER TO SHAREHOLDERS
Dear Shareholder:
As your Fund ended its semi-annual reporting period on April 30,
1995, its net asset value was $19.30, an increase of approximately $.69
(adjusted for a capital gain distribution of $.1191) from our last
reporting period. Income dividends of approximately $.532 per share were
paid during this period, representing an annualized distribution rate
per share of 5.59% based on the April 30th net asset value, adjusted for
capital gain distributions.* We are pleased to report that all dividends
paid from net investment income during this period were exempt from
Federal, New York State and City taxes, although certain shareholders
may be subject to the Federal Alternative Minimum Tax (AMT) on some
portfolio income.
The economic environment in 1994 that resulted in the worst bond
market drop since the depression has made a dramatic recovery since our
last report. The Federal Reserve Board, in its efforts to control
inflation and keep the economy from overheating, raised the Federal
Funds rate seven times since February of 1994. The effect of this
tightening brought long U.S. Treasury Bond yields to approximately 8.15%
in November of 1994. The change in market perception since then has been
dramatic. While many economists continued to focus on the prospect of
higher rates, market fundamentals were reacting to early signs of a
slowing economy, and the fixed income markets began a remarkable
recovery. Indications of a slower, but not recessionary, economy have
brought fixed income markets to current levels. The final conclusion
remains to be seen as to whether the economy is experiencing a soft
landing or not, and whether the effect of lower rates will reenergize
the economy. At present, we believe that rates will continue to decline.
Bond yields have dropped worldwide, making it easier for U.S. rates to
stabilize. High personal debt levels will make it difficult for the
consumer to help reignite the economy, and the move toward tax cuts,
government downsizing, and deficit reduction should be positive for
lower rates. There will be a great deal of political posturing during
the next 18 months, during which many tax plans and budget proposals
will be put forth.
Since November 1994, the municipal bond market has recovered most of
the loss that it experienced during 1994. Municipals continue to face a
lack of supply and a continuing loss of high-coupon paper due to
prerefundings and active calls. These technical factors should give
stability to the tax-exempt market; however, we expect the ongoing
discussion of tax reform to keep the municipal market from performing as
well as Treasury bonds since the final tax reform proposal may not be
known for many months.
The New York economy was hurt by the upturn in rates during 1994.
New York City, in particular, had the early stages of recovery curtailed
by the higher rates and the subsequent loss of employment in the
financial sector. Even a new Governor has not been able to change New
York State's annual budget stalemate, and we near our third month
without a budget in place, and with major economic problems that need to
be addressed.
We have included a current Statement of Investments for your review.
We look forward to serving your investment needs in the future.
Very truly yours,
Richard J. Moynihan
Director of Municipal Portfolio Management
The Dreyfus Corporation
May 16, 1995
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, 1995 (UNAUDITED)
PRINCIPAL
LONG-TERM MUNICIPAL INVESTMENTS--100.0% AMOUNT VALUE
- -------------------------------------------------------------------------------------- -------------- --------------
<S> <C> <C>
NEW YORK--88.6%
Albany Industrial Development Agency:
IDR (Hampton Plaza Project) 6.25%, 3/15/2018............................ $ 5,600,000 $ 5,208,056
LR:
(New York State Assembly Building Project) 7.75%, 1/1/2010............ 3,615,000 3,857,205
(New York State Department of Health Building Project) 7.25%, 10/1/2010 1,755,000 1,810,932
Board of Cooperative Educational Services, COP (Greenport Vocational Facility Project)
7.875%, 10/1/2000....................................................... 1,120,000 1,191,994
Cohoes Industrial Development Agency, IDR (Norlite Corp. Project)
6.75%, 5/1/2009 (LOC; Dresdner Bank) (a)................................ 2,400,000 2,460,096
Erie County Water Authority, Water Revenue, Refunding
Zero Coupon, 12/1/2017 (Insured; AMBAC)................................. 1,210,000 237,850
Franklin County Solid Waste Management Authority, Solid Waste Systems Revenue
6.125%, 6/1/2009........................................................ 2,150,000 1,999,349
Grand Central District Management Association, Business Improvement District,
Capital Improvement, Refunding:
5.125%, 1/1/2014...................................................... 1,000,000 867,020
5.25%, 1/1/2022....................................................... 3,000,000 2,561,070
Jefferson County Industrial Development Agency, SWDR
(Champion International Corp.) 7.20%, 12/1/2020......................... 2,000,000 2,072,840
Metropolitan Transportation Authority, Service Contract, Transportation Facilities
Revenue, Refunding 7.004%, 7/1/2022..................................... 6,000,000 5,517,120
New York City:
7.65%, 2/1/2006......................................................... 3,000,000 3,242,370
7%, 10/1/2008........................................................... 1,750,000 1,807,085
7.50%, 3/15/2009........................................................ 1,000,000 1,060,290
6.25%, 8/1/2011 (Insured; FSA) (Prerefunded 8/1/2002) (b)............... 1,550,000 1,681,828
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 2,751,603
(YMCA of Greater New York Project) 8%, 8/1/2016....................... 3,300,000 3,477,342
IDR:
7.625%, 11/1/2009 (LOC; ABN Amro Bank) (a)............................ 1,285,000 1,313,219
(Plaza Packaging Corp. Project) 7.65%,
12/1/2009 (LOC; Barclays Bank) (a).................................... 2,640,000 2,793,674
Special Facility Revenue:
(Terminal One Group Association Project):
6%, 1/1/2015...................................................... 4,375,000 4,161,500
6%, 1/1/2019...................................................... 2,000,000 1,888,960
6.125%, 1/1/2024.................................................. 9,000,000 8,551,440
New York State, Crossover, Refunding 6.125%, 11/15/2012..................... 5,000,000 5,055,550
GENERAL NEW YORK MUNICIPAL BOND FUND, INC.
- -----------------------------------------------------------------------------------------------------------------------
STATEMENT OF INVESTMENTS (CONTINUED) APRIL 30, 1995 (UNAUDITED)
PRINCIPAL
LONG-TERM MUNICIPAL INVESTMENTS (CONTINUED) AMOUNT VALUE
- ------------------------------------------------------------------------------------- -------------- --------------
NEW YORK (CONTINUED)
New York State, GO:
5.70%, 3/15/2010........................................................ $ 6,060,000 $ 5,905,470
5.70%, 8/15/2012........................................................ 1,000,000 965,790
5.70%, 3/15/2013........................................................ 2,000,000 1,921,880
New York State Dormitory Authority, Revenues:
City University:
5.75%, 7/1/2011....................................................... 5,955,000 5,613,600
5%, 7/1/2020.......................................................... 3,000,000 2,442,570
Consolidated City University Systems:
2nd Generation 5.75%, 7/1/2013........................................ 5,000,000 4,638,050
5.75%, 7/1/2013....................................................... 12,975,000 12,035,740
Department of Health - Powell Park Cancer 6.625%, 7/1/2024.............. 2,700,000 2,730,024
State University Educational Facilities:
6.25%, 5/15/2014...................................................... 2,000,000 1,971,480
6.25%, 5/15/2017...................................................... 5,000,000 4,877,250
5.40%, 5/15/2023...................................................... 17,750,000 15,387,830
5.75%, 5/15/2024...................................................... 2,000,000 1,822,060
Refunding:
5.50%, 5/15/2008.................................................. 5,000,000 4,689,800
6%, 5/15/2017..................................................... 2,575,000 2,454,078
Upstate Community Colleges 7.20%, 7/1/2021 (Prerefunded 7/1/2001) (b)... 2,130,000 2,416,698
New York State Energy Research and Development Authority:
Electric Facilities Revenue (Consolidated Edison Co. of New York, Inc.)
7.125%, 12/1/2029.................................................... 2,000,000 2,105,500
Gas Facilities Revenue 5.635%, 7/8/2026 (Insured; MBIA)................. 6,000,000 5,565,300
New York State Environmental Facilities Corp.:
PCR (State Water Revolving Fund):
7.25%, 6/15/2010...................................................... 1,300,000 1,423,448
7.20%, 3/15/2011...................................................... 4,500,000 4,812,300
7.50%, 6/15/2012...................................................... 2,000,000 2,204,900
6.30%, 3/15/2016...................................................... 5,200,000 5,310,396
Special Obligation Revenue (Riverbank State Park) 7.25%, 4/1/2012....... 2,500,000 2,637,400
Water Facilities Revenue (New Rochelle Water Co. Project)
6.40%, 12/1/2024........................................................ 2,000,000 1,948,100
New York State Housing Finance Agency, Revenue:
LooseStrife Fields Apartments and Fairway Manor 6.75%, 1
1/15/2036 (Insured; FHA)................................................ 6,000,000 6,043,920
Multi-Family Housing:
Second Mortgage 6.625%, 8/15/2012..................................... 2,500,000 2,621,725
7.75%, 11/1/2020 (Insured; AMBAC)..................................... 2,195,000 2,354,357
Service Contract Obligation:
6.30%, 9/15/2012...................................................... 2,500,000 2,478,950
7.375%, 9/15/2021 (Prerefunded 3/15/2002) (b)......................... 2,000,000 2,291,880
New York State Local Government Assistance Corp.:
6%, 4/1/2016............................................................ 4,000,000 3,915,840
6%, 4/1/2024............................................................ 7,355,000 7,138,616
GENERAL NEW YORK MUNICIPAL BOND FUND, INC.
- -----------------------------------------------------------------------------------------------------------------------
STATEMENT OF INVESTMENTS (CONTINUED) APRIL 30, 1995 (UNAUDITED)
PRINCIPAL
LONG-TERM MUNICIPAL INVESTMENTS (CONTINUED) AMOUNT VALUE
- ------------------------------------------------------------------------------------- -------------- --------------
NEW YORK (CONTINUED)
New York State Medical Care Facilities Finance Agency, Revenue:
(Hospital & Nursing Home Insured Mortgage):
6.85%, 2/15/2012 (Insured; FHA)....................................... $ 3,000,000 $ 3,132,390
6.20%, 8/15/2013 (Insured; FHA)....................................... 3,000,000 3,016,050
6.125, 2/15/2015 (Insured; FHA)....................................... 5,170,000 5,180,185
8%, 2/15/2028 (Insured; FHA).......................................... 4,470,000 4,936,891
7.45%, 8/15/2031 (Insured; FHA)....................................... 3,000,000 3,230,220
Refunding 6.20%, 2/15/2023 (Insured; FHA)............................. 1,700,000 1,693,098
Improvement (Mental Health Services Facilities):
6.50%, 2/15/2019...................................................... 5,290,000 5,314,916
7.875%, 8/15/2020 (Prerefunded 8/15/2000) (b)......................... 1,250,000 1,438,962
(Long Term Health Care - Insured Program) 6.45%, 11/1/2010 (Insured; CGIC) 5,000,000 5,249,850
(North General Hospital) 7.40%, 2/15/2019............................... 1,000,000 1,024,010
(Refunding - Mortgage Hospital) 8%, 2/15/2025
(Insured; FHA) (Prerefunded 8/15/1997) (b)........................... 1,000,000 1,089,160
New York State Mortgage Agency, Revenue:
6.30%, 10/1/2017........................................................ 4,550,000 4,506,593
Homeowner Revenue:
6.60%, 10/1/2019...................................................... 3,500,000 3,499,755
6.45%, 10/1/2020...................................................... 3,820,000 3,853,234
7.80%, 10/1/2020...................................................... 2,000,000 2,103,600
6.65%, 4/1/2022....................................................... 2,000,000 2,022,620
7.95%, 4/1/2022....................................................... 1,950,000 2,052,121
New York State Thruway Authority:
General Revenue 6%, 1/1/2025 (Insured; FGIC)............................ 6,275,000 6,113,230
Service Contract Revenue (Local Highway and Bridge) 7.25%, 1/1/2010..... 4,350,000 4,600,603
New York State Urban Development Corp., Revenue:
(Alfred Technology Resources, Inc. Project) 7.875%, 1/1/2020............ 2,070,000 2,241,458
(Onondaga County Convention Project) 7.875%, 1/1/2020................... 1,000,000 1,094,120
Oneida - Herkimer Solid Waste Management Authority, Solid Waste System Revenue,
Refunding 6.75%, 4/1/2014............................................... 1,600,000 1,593,120
Onondaga County Industrial Development Agency, Sewer Facilities Revenue
(Bristol Meyers Squibb Co. Project) 5.75%, 3/1/2024..................... 4,000,000 3,718,760
Rensselaer County Industrial Development Agency, IDR (Albany International Corp.)
7.55%, 6/1/2007......................................................... 4,000,000 4,418,400
Suffolk County Industrial Development Agency, Civic Facility Revenue
(Long Island Association of Children) 7.35%,
8/1/2009 (LOC; Barclays Bank) (a)...................................... 2,040,000 2,134,085
U.S. RELATED--11.4%
Commonwealth of Puerto Rico Highway and Transportation Authority,
Highway Revenue 5.40%, 7/1/2006......................................... 14,900,000 14,214,153
Commonwealth of Puerto Rico Infrastructure Financing Authority 7.50%, 7/1/2009 2,000,000 2,161,300
GENERAL NEW YORK MUNICIPAL BOND FUND, INC.
- -----------------------------------------------------------------------------------------------------------------------
STATEMENT OF INVESTMENTS (CONTINUED) APRIL 30, 1995 (UNAUDITED)
PRINCIPAL
LONG-TERM MUNICIPAL INVESTMENTS (CONTINUED) AMOUNT VALUE
- ------------------------------------------------------------------------------------- -------------- --------------
U.S. RELATED (CONTINUED)
Guam Airport Authority, Revenue 6.60%, 10/1/2010............................ $ 2,000,000 $ 2,029,940
Puerto Rico Electric Power Authority, Power Revenue 6.375%, 7/1/2024........ 6,900,000 6,940,227
Puerto Rico Housing Finance Corp., SFMR 5.562%, 8/4/2025 (Collateralized; GNMA) 4,000,000 3,999,840
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 4,076,800
(Refunding - Saint Luke's Hospital Project) 6.25%, 6/1/2010........... 1,100,000 1,102,178
-----------
TOTAL INVESTMENTS
(cost $297,610,425)..................................................... $302,075,214
============
</TABLE>
<TABLE>
<CAPTION>
SUMMARY OF ABBREVIATIONS
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
AMBAC American Municipal Bond Assurance Corporation IDR Industrial Development Revenue
CGIC Capital Guaranty Insurance Corporation LOC Letter of Credit
COP Certificate of Participation LR Lease Revenue
FGIC Financial Guaranty Insurance Company MBIA Municipal Bond Investors Assurance
FHA Federal Housing Administration Insurance Corporation
FSA Financial Security Assurance PCR Pollution Control Revenue
GNMA Government National Mortgage Association SFMR Single Family Mortgage Revenue
GO General Obligation SWDR Solid Waste Disposal Revenue
</TABLE>
<TABLE>
<CAPTION>
SUMMARY OF COMBINED RATINGS
- -----------------------------------------------------------------------------------------------------------------------
FITCH (C) OR MOODY'S OR STANDARD & POOR'S PERCENTAGE OF VALUE
- --------- --------- -------------------- -----------------------
<S> <C> <C> <C>
AAA Aaa AAA 23.1%
AA Aa AA 13.9
A A A 34.8
BBB Baa BBB 23.0
Not Rated (d) Not Rated (d) Not Rated (d) 5.2
------
100.0%
======
</TABLE>
NOTES TO STATEMENT OF INVESTMENTS:
- ----------------------------------------------------------------------------
(a) Secured by letters of credit.
(b) 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 municipal issue and to retire the bonds in full
at the earliest refunding date.
(c) Fitch currently provides creditworthiness information for a limited
number of investments.
(d) Securities which, while not rated by Fitch, Moody's or Standard &
Poor's, have been determined by the Manager to be of comparable
quality to those rated securities in which the Fund may invest.
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, 1995 (UNAUDITED)
<S> <C> <C>
ASSETS:
Investments in securities, at value
(cost $297,610,425)--see statement.................................... $302,075,214
Receivable for investment securities sold............................... 6,332,503
Interest receivable..................................................... 5,390,593
Prepaid expenses........................................................ 1,684
------------
313,799,994
LIABILITIES:
Due to The Dreyfus Corporation.......................................... $ 198,189
Due to Distributor...................................................... 3,075
Due to Custodian........................................................ 2,011,911
Accrued expenses........................................................ 81,108 2,294,283
---------- ------------
NET ASSETS ................................................................ $311,505,711
============
REPRESENTED BY:
Paid-in capital......................................................... $306,306,432
Accumulated undistributed investment income--net........................ 94,089
Accumulated undistributed net realized gain on investments.............. 640,401
Accumulated net unrealized appreciation on investments--Note 3.......... 4,464,789
------------
NET ASSETS at value applicable to 16,141,717 outstanding shares of
Common Stock, equivalent to $19.30 per share
(100 million shares of $.01 par value authorized)....................... $311,505,711
============
</TABLE>
<TABLE>
<CAPTION>
STATEMENT OF OPERATIONS APRIL 30, 1995 (UNAUDITED)
<S> <C> <C>
INVESTMENT INCOME:
INTEREST INCOME......................................................... $ 9,863,962
EXPENSES:
Management fee--Note 2(a)............................................. $ 899,114
Shareholder servicing costs--Note 2(b)................................ 370,937
Professional fees..................................................... 24,900
Custodian fees........................................................ 17,186
Directors' fees and expenses--Note 2(c)............................... 13,781
Prospectus and shareholders' reports--Note 2(b)....................... 9,915
Registration fees..................................................... 347
Miscellaneous......................................................... 14,056
-----------
1,350,236
Less--reduction in management fee due to undertakings--Note 2(a)...... 130,377
-----------
TOTAL EXPENSES.................................................... 1,219,859
-----------
INVESTMENT INCOME--NET............................................ 8,644,103
REALIZED AND UNREALIZED GAIN ON INVESTMENTS:
Net realized gain on investments--Note 3................................ $ 645,707
Net unrealized appreciation on investments.............................. 10,030,802
-----------
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS................... 10,676,509
-----------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS........................ $19,320,612
===========
</TABLE>
See independent accountants' review report and notes to financial
statements.
<TABLE>
<CAPTION>
GENERAL NEW YORK MUNICIPAL BOND FUND, INC.
- -----------------------------------------------------------------------------------------------------------------------
STATEMENT OF CHANGES IN NET ASSETS
YEAR ENDED SIX MONTHS ENDED
OCTOBER 31, APRIL 30, 1995
1994 (UNAUDITED)
--------------- ----------------
<S> <C> <C>
OPERATIONS:
Investment income--net............................................... $ 20,263,846 $ 8,644,103
Net realized gain on investments..................................... 1,906,458 645,707
Net unrealized appreciation (depreciation) on investments for the period (46,196,850) 10,030,802
------------ ------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS.... (24,026,546) 19,320,612
------------ ------------
DIVIDENDS TO SHAREHOLDERS FROM:
Investment income--net............................................... (20,385,019) (8,550,014)
Net realized gain on investments..................................... (5,588,704) (1,910,351)
------------ ------------
TOTAL DIVIDENDS.................................................... (25,973,723) (10,460,365)
------------ ------------
CAPITAL STOCK TRANSACTIONS:
Net proceeds from shares sold........................................ 178,945,529 67,042,523
Dividends reinvested................................................. 19,895,760 7,764,894
Cost of shares redeemed.............................................. (254,981,061) (80,157,564)
------------ ------------
(DECREASE) IN NET ASSETS FROM CAPITAL STOCK TRANSACTIONS........... (56,139,772) (5,350,147)
------------ ------------
TOTAL INCREASE (DECREASE) IN NET ASSETS........................ (106,140,041) 3,510,100
NET ASSETS:
Beginning of period.................................................. 414,135,652 307,995,611
------------ ------------
End of period (including undistributed investment income--net;
$94,089 in 1995)................................................... $307,995,611 $311,505,711
============ ============
SHARES SHARES
------------ ------------
CAPITAL SHARE TRANSACTIONS:
Shares sold.......................................................... 8,859,506 3,571,277
Shares issued for dividends reinvested............................... 980,345 414,467
Shares redeemed...................................................... (12,633,641) (4,287,785)
------------ ------------
NET (DECREASE) IN SHARES OUTSTANDING............................... (2,793,790) (302,041)
============ ============
</TABLE>
See independent accountants' review report and notes to financial
statements.
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 the Fund's financial statements.
<TABLE>
<CAPTION>
YEAR ENDED OCTOBER 31, SIX MONTHS ENDED
---------------------------------------------------- APRIL 30, 1995
PER SHARE DATA: 1990 1991 1992 1993 1994 (UNAUDITED)
------ ------ ------ ------ ------ ---------------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period.... $18.31 $17.96 $19.24 $19.55 $21.53 $18.73
------ ------ ------ ------ ------ ------
INVESTMENT OPERATIONS:
Investment income--net.............. 1.32 1.30 1.24 1.17 1.14 .54
Net realized and unrealized gain
(loss) on investments............. (.35) 1.28 .31 2.24 (2.49) .68
------ ------ ------ ------ ------ ------
TOTAL FROM INVESTMENT OPERATIONS .97 2.58 1.55 3.41 (1.35) 1.22
------ ------ ------ ------ ------ ------
DISTRIBUTIONS:
Dividends from investment
income--net....................... (1.32) (1.30) (1.24) (1.16) (1.15) (.53)
Dividends from net realized
gain on investments............... -- -- -- (.27) (.30) (.12)
------ ------ ------ ------ ------ ------
TOTAL DISTRIBUTIONS........... (1.32) (1.30) (1.24) (1.43) (1.45) (.65)
------ ------ ------ ------ ------ ------
Net asset value, end of period...... $17.96 $19.24 $19.55 $21.53 $18.73 $19.30
====== ====== ====== ====== ====== ======
TOTAL INVESTMENT RETURN................. 5.47% 14.83% 8.23% 18.05% (6.59%) 13.47%(1)
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets .07% .36% .62% .69% .76% .81%(1)
Ratio of net investment income
to average net assets............. 7.36% 6.95% 6.32% 5.64% 5.62% 5.77%(1)
Decrease reflected in above expense
ratios due to undertakings
by the Manager.................... 1.14% .69% .39% .22% .12% .09%(1)
Portfolio Turnover Rate............. 59.98% 19.32% 43.20% 23.46% 24.56% 40.41%(2)
Net Assets, end of period
(000's Omitted)..................... $102,603 $209,165 $284,383 $414,136 $307,996 $311,506
- ------------
(1) Annualized.
(2) Not annualized.
</TABLE>
See independent accountants' review report and notes to financial
statements.
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.
Premier Mutual Fund Services, Inc. (the "Distributor") acts as the
distributor of the Fund's shares, which are sold to the public without a
sales load. The Distributor, located at One Exchange Place, Boston,
Massachusetts 02109, is a wholly-owned subsidiary of FDI Distribution
Services, Inc., a provider of mutual fund administration services, which
in turn is a wholly-owned subsidiary of FDI Holdings, Inc., the parent
company of which is Boston Institutional Group, Inc. The Dreyfus
Corporation ("Manager") serves as the Fund's investment adviser. The
Manager is a direct subsidiary of Mellon Bank, N.A.
(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 are
readily available and are representative of the bid side of the market
in the judgment of the Service 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 original
issue 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
principal 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 applicable provisions of the
Internal Revenue Code, and to make distributions of income and net
realized capital gain sufficient to relieve it from substantially all
Federal income and excise taxes.
GENERAL NEW YORK MUNICIPAL BOND FUND, INC.
- -------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
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, 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, 1994 through April 13, 1995, 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 reduction in management fee, pursuant to the
undertakings, amounted to $130,377 for the six months ended April 30,
1995.
(B) The Fund has adopted a Service Plan (the "Plan") pursuant to
Rule 12b-1 under the Act. Pursuant to the Plan, the Fund (a) reimburses
the Distributor for payments to third parties for distributing the
Fund's shares and servicing shareholder accounts and (b) pays the
Manager, Dreyfus Service Corporation or any affiliate (collectively
"Dreyfus") for advertising and marketing relating to the Fund and
servicing Shareholders accounts, at an aggregate annual rate of .20 of
1% of the value of the Fund's average daily net assets. Each of the
Distributor and Dreyfus may pay Service Agents (a securities dealer,
financial institution or other industry professional) a fee in respect
of the Fund's shares owned by shareholders with whom the Service Agent
has a servicing relationship or for whom the Service Agent is the dealer
or holder of record. Each of the Distributor and Dreyfus determine the
amounts to be paid to Service Agents to which it will make payments and
the basis on which such payments are made. 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, 1995, $305,427 was charged to the Fund
pursuant to the Plan.
(C) Each director who is not an "affiliated person" as defined in
the Act receives from the Fund an annual fee of $2,500 and an attendence
fee of $500 per meeting. The Chairman of the Board receives an
additional 25% of such compensation.
NOTE 3--SECURITIES TRANSACTIONS:
The aggregate amount of purchases and sales of investment securities
amounted to $208,455,179 and $220,520,905, respectively, for the six
months ended April 30, 1995, and consisted entirely of long-term and
short-term municipal investments.
At April 30, 1995, accumulated net unrealized appreciation on
investments was $4,464,789, consisting of $8,736,703 gross unrealized
appreciation and $4,271,914 gross unrealized depreciation.
At April 30, 1995, 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 LLP, 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, 1995, and the related
statements of operations and changes in net assets and financial
highlights for the six month period ended April 30, 1995. 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, 1994 and financial highlights for each of the five
years in the period ended April 30, 1995 and in our report dated
December 7, 1994, we expressed an unqualified opinion on such statement
of changes in net assets and financial highlights.
Ernst & Young LLP
New York, New York
June 9, 1995
General
New York
Municipal
Bond Fund, Inc.
Semi-Annual
Report
April 30, 1995
(Dreyfus Lion Logo)
GENERAL NEW YORK
MUNICIPAL BOND FUND, INC.
200 Park Avenue
New York, NY 10166
MANAGER
The Dreyfus Corporation
200 Park Avenue
New York, NY 10166
CUSTODIAN
The Bank of New York
90 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. 949SA954
