<Page>
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-00594
General Securities, Incorporated
(Exact name of registrant as specified in charter)
5100 Eden Avenue, Suite 204, Edina, MN 55436
(Address of principal executive offices) (Zip code)
Craig H. Robinson
5100 Eden Avenue, Suite 204, Edina, MN 55436
(Name and address of agent for service)
(952) 927-6799
(Registrant's telephone number, including area code)
Date of fiscal year end: 11/30/02
Date of reporting period: 05/31/03
<Page>
ITEM 1. REPORTS TO STOCKHOLDERS.
GENERAL SECURITIES
INCORPORATED
[LOGO]
FOCUS ON
QUALITY MANAGEMENT SYSTEMS
SEMI-ANNUAL REPORT MAY 31, 2003
<Page>
TO THE SHAREHOLDERS OF
GENERAL SECURITIES
INCORPORATED
Since our last letter General Securities, Inc. has moved up around 1.9% and the
S&P 500 has moved up around 3.9%. Not exactly what we were looking for but at
least it was finally a move in a positive direction. More encouraging to us is
that since we completed the transition of General Securities in August of last
year to reflect our Q-100 Index strategy it has out-performed the S&P 500.
The holdings have the greatest positive influence for the six months ended May
31 included: Amgen, Citigroup, General Electric, Home Depot and JPMorgan Chase
with Amgen leading the way, up 37%. The holdings having the greatest influence
on the downside included: American International Group, Merck, Microsoft, SBC
Communications and Verizon Communications with Microsoft down nearly 15%. It is
important to note that while there are companies which moved up or down more
than those just mentioned, they tend to represent a much smaller percent of
General Securities' value and consequently have less influence on its overall
performance.
In the future, the performance of General Securities, Inc. will be driven by
holdings in the largest "quality oriented" companies in the United States. These
companies are the driving force behind the Q-100 Index. When we complete the
annual rescoring of companies in the S&P 500 there may be changes to both the
Q-100 Index and to General Securities. However, since we have already improved
the scoring process, future turnover should be significantly less than last
year.
We appreciate your willingness to stay with us for the long haul and expect that
you will be rewarded as the economy slowly rights itself and the top "quality
companies" assert their leadership in the market.
Mark Billeadeau
Senior Portfolio Manager
<Page>
STATEMENT OF NET ASSETS MAY 31, 2003
ASSETS
(Unaudited)
<Table>
<Caption>
NUMBER OF MARKET
SHARES VALUE (a)
-----------------------------
INVESTMENT SECURITIES (percentages
represent value of investments
compared to total net assets):
COMMON STOCKS (98.64%):
Aerospace/Defense (1.20%):
Boeing Co. 2,900 $ 88,943
Honeywell, Inc. 3,000 78,600
Lockheed Martin Corp. 1,600 74,272
-------------
241,815
-------------
Air Freight & Couriers ( .63%):
Fedex Corp. 2,000 127,960
-------------
Airlines ( .41%):
Southwest Airlines 5,100 81,957
-------------
Auto Components ( .25%):
Johnson Controls, Inc. 600 49,950
-------------
Automobiles ( .65%):
General Motors Corp. 3,800 134,254
-------------
Banking (7.87%):
Bank America Corp 9,200 682,640
Banc One Corp. 7,000 261,520
Northern Trust Corp. 1,300 49,608
Suntrust Banks, Inc. 1,700 100,810
Wells Fargo & Co. 10,200 492,660
-------------
1,587,238
-------------
Beverages (4.52%):
Anheuser Busch Cos., Inc. (c) 4,200 221,046
Pepsico, Inc. (b) 15,600 689,520
-------------
910,566
-------------
Biotechnology (1.38%):
Amgen, Inc. (d) 4,300 278,382
-------------
Chemicals (1.88%):
Air Products & Chemicals, Inc. 1,100 47,949
Dow Chemical Co. 4,200 133,560
E.I. Dupont De Nemours & Co. 4,700 198,058
-------------
379,567
-------------
Communications Equipment (2.40%):
Cisco Systems, Inc. (d) 24,100 395,481
Corning, Inc (d) 3,300 24,123
Motorola, Inc. 7,500 63,900
-------------
483,504
-------------
Commercial Services & Supplies (2.38%):
Cendant Corp. (d) 7,000 117,600
First Data Corp. 4,900 202,958
Pitney Bowes, Inc. 1,500 57,615
Waste Management, Inc. 4,000 101,880
-------------
480,053
-------------
Computer Peripherals (4.44%):
Dell Computer Corp.(d) 8,600 269,782
Hewlett Packard Co. 6,400 124,800
International Business Machines 5,700 501,828
-------------
896,410
-------------
Containers & Packaging (.07%):
Bemis, Inc. 300 13,734
-------------
Diversified Financials (8.48%):
American Express Co. 5,600 233,296
Citigroup, Inc. 21,866 896,943
J.P. Morgan Chase & Co. 8,500 279,310
MBNA Corp. 5,400 108,270
Merrill Lynch & Co., Inc. 3,600 155,880
Moody's Corp. 700 36,505
-------------
1,710,204
-------------
</Table>
<Page>
<Table>
<Caption>
NUMBER OF MARKET
SHARES VALUE (a)
-----------------------------
Diversified Telecommunications (3.54%):
AT&T Corp. 2,660 51,843
SBC Communications 11,700 297,882
Verizon Communications 9,600 363,360
-------------
713,085
-------------
Electric Utilities (2.40%)
American Electric Power, Inc. 2,400 69,696
Entergy Corp. 1,700 87,873
FPL Group 1,300 86,411
Progress Energy, Inc. 1,600 75,280
Southern Co. 5,200 163,696
-------------
482,956
-------------
Electrical Equipment ( .39%)
Emerson Electric Co. 1,500 78,450
-------------
Electronic Equipment & Instruments ( .19%):
Agilent Technologies, Inc. (d) 1,500 27,195
Solectron Corp. (d) 2,800 11,200
-------------
38,395
-------------
Energy Equipment & Services ( 1.04%):
Halliburton Co. (b) 8,800 210,056
-------------
Food & Drug Retailing (1.11%):
Super Valu Inc. 900 17,865
Walgreen Co. 6,700 206,293
-------------
224,158
-------------
Food Products ( .76%):
Campbell Soup Co. 3,600 89,820
Hershey Foods Corp. 900 63,990
-------------
153,810
-------------
Health Care Equipment & Supplies (2.38%):
Baxter International, Inc. 3,300 83,622
Guidant Corp. (d) 1,700 71,876
Medtronic, Inc. 6,600 321,618
-------------
477,116
-------------
Health Care Providers & Services (1.16%):
Cardinal Health, Inc. 2,500 144,275
HCA, Inc. 2,700 89,100
-------------
233,375
-------------
Hotels, Restaurants & Leisure (1.32%):
Marriott International, Inc. 3,400 132,940
Starbucks Corp. (d) 5,400 133,218
-------------
266,158
-------------
Household Durables ( .32%):
Black & Decker Corp. 700 30,317
Whirlpool Corp. 600 34,140
-------------
64,457
-------------
Household Products (2.19%):
Proctor & Gamble Co. 4,800 440,736
-------------
Industrial Conglomerates (5.30%):
General Electric Co. 31,100 892,570
3M 1,400 177,058
-------------
1,069,628
-------------
Insurance (4.18%)
American International Group, Inc. 11,300 654,044
Marsh & McLennan Cos., Inc. 1,200 60,156
Metlife, Inc. 3,000 83,910
Travelers PPTY Casualty Corp. C1 B (d) 1,940 31,370
Unumprovident Corp. 1,000 12,900
-------------
842,380
-------------
</Table>
<Page>
<Table>
<Caption>
NUMBER OF MARKET
SHARES VALUE (a)
-----------------------------
IT Consulting & Services ( .10%):
Computer Sciences Corp. (d) 500 19,850
-------------
Leisure Equipment & Products ( .40%):
Eastman Kodak Co. 2,600 79,665
-------------
Machinery ( .51%):
Caterpillar, Inc. 1,200 62,580
Deere & Co. 900 39,303
-------------
101,883
-------------
Media (3.78%):
AOL Time Warner, Inc.(d) 24,300 369,846
Comcast Corp. (d) 4,302 129,103
Walt Disney Co. 11,600 227,940
Knight Ridder, Inc. 500 35,220
-------------
762,109
-------------
Metals & Mining ( .58%):
Alcoa, Inc. 4,000 98,440
Nucor Corp. 400 19,056
-------------
117,496
-------------
Multiline Retail (3.49%):
Sears Roebuck Co. 1,200 35,976
Walmart Stores, Inc. (c) 12,700 668,147
-------------
704,123
-------------
Multi-Utilities ( .60%):
Duke Energy Co. 6,200 120,156
-------------
Office Electronics ( .15%):
Xerox Corp. (d) 2,800 30,604
-------------
Oil & Gas (5.13%):
Anadarko Petroleum Corp. (b) 2,600 128,128
Ashland, Inc. 400 12,984
Chevron Texaco Corp. (c) 3,000 212,820
Exxon Mobil Corp. (c) 18,700 680,680
-------------
1,034,612
-------------
Paper & Forest Products ( .42%):
International Paper Co. 2,300 84,341
-------------
Pharmaceuticals (9.43%):
Johnson & Johnson (c) 11,900 646,765
Merck & Co., Inc. (c) 8,900 494,662
Pfizer, Inc. 24,500 759,990
-------------
1,901,417
-------------
Semiconductor Equipment & Products (3.35%):
Applied Materials, Inc. (d) 5,400 84,024
Intel Corp. 22,100 460,122
National Semiconductor Corp. (d) 600 14,976
Texas Instruments, Inc. 5,700 116,850
-------------
675,972
-------------
Software (5.04%):
Adobe Systems, Inc. 700 24,724
Microsoft Corp. (b) 31,800 782,598
Oracle Corp. (d) 16,100 209,461
-------------
1,016,783
-------------
Specialty Retail (1.76%):
Home Depot, Inc. 9,300 302,157
Radio Shack Corp. 700 16,870
Staples, Inc. (d) 1,900 36,841
-------------
355,868
-------------
Textiles & Apparel ( .41%):
Nike, Inc. 1,500 83,985
-------------
Personal Products ( .65%):
Gillette Co. 3,900 131,079
-------------
Total common stock (cost $ 19,147,805) 19,890,297
-------------
</Table>
<Page>
<Table>
<Caption>
NUMBER OF MARKET
SHARES VALUE (a)
-----------------------------
REPURCHASE AGREEMENT (1.09%):
Agreement with State Street Bank, acquired
on 5/30/03, interest of $5, 0.25% due
6/02/03 (cost $219,522) (e) 219,522
-------------
Total investment securities
(cost $19,367,327) (f) 20,109,819
Receivable from advisor 44,631
Interest receivable 2
Prepaid expenses 15,118
Dividends receivable 35,963
-------------
Total assets $ 20,205,533
LIABILITIES
Payable for shares of the Fund redeemed 1,952
Accrued investment advisory fees 9,749
Accrued management administration fees 6,500
Other accrued expenses 22,853
-------------
Total liabilities 41,054
-------------
Net assets applicable to outstanding capital stock $ 20,164,479
=============
Represented by:
Capital stock - authorized 10,000,000 shares
of $.01 par value per share; outstanding
1,912,204 shares 19,122
Capital surplus 19,371,682
Undistributed net investment income 31,183
Unrealized appreciation of investments 742,492
-------------
Net assets applicable to outstanding capital stock $ 20,164,479
=============
Net asset value per share of outstanding
capital stock $ 10.55
=============
</Table>
See accompanying notes to investment securities list and financial statements.
NOTES TO INVESTMENT SECURITIES LIST:
MAY 31, 2003
(a) Investment securities are valued by the procedures described in note 1 to
the financial statements..
(b) Holding increased in fiscal 2003.
(c) Holding decreased in fiscal 2003.
(d) Non-income producing securities.
(e) Repurchase agreement which is collateralized by U.S. Government securities.
Accrued interest shown represents interest due at the maturity of the
repurchase agreement.
(f) At May 31,2003 the cost of securities for federal income tax purposes was
$19,367,327, and the aggregate unrealized appreciation and depreciation
based on that cost was:
<Table>
Unrealized appreciation 2,589,348
Unrealized depreciation (1,846,856)
-------------
$ 742,492
=============
</Table>
<Page>
STATEMENT OF OPERATIONS
SIX MONTHS ENDED MAY 31, 2003
(UNAUDITED)
<Table>
INVESTMENT INCOME:
Income:
Dividends $ 174,631
Interest 152
-------------
Total income 174,783
-------------
Expenses (note 2):
Investment advisory fees 57,036
Management administration fees 38,024
Shareholder notices and reports 6,006
Auditing and tax services 10,197
Custodian and portfolio accounting fees 23,660
Transfer agent, registrar and disbursing agent fees 32,898
Legal services 2,500
Directors' fees 2,983
Federal and state registration fees and expenses 8,216
Other 6,658
-------------
Total expenses 188,178
Reimbursement from Advisor (44,631)
-------------
Total net expenses 143,547
-------------
Investment income - net 31,236
-------------
Realized and unrealized gains (losses) from Investments - net:
Net realized gains (losses) on securities
transactions (note 3) (93,433)
Net change in unrealized appreciation
or depreciation of investments 381,730
-------------
Net gain on investments 288,297
-------------
Net increase in net assets resulting
from operations $ 319,533
=============
</Table>
<Table>
FINANCIAL HIGHLIGHTS:
SELECTED PER SHARE HISTORICAL DATA WERE AS FOLLOWS:
Net asset value, beginning of year $10.35 $13.36 $15.81 $16.93 $16.34 $16.55
------ ------ ------ ------ ------ ------
Operations:
Investment income - net - .00 .07 .09 .12 .15
Net realized and unrealized gains (losses) on investments .20 (2.59) (2.41) (1.09) 3.11 .72
------ ------ ------ ------ ------ ------
Total from operations .20 (2.59) (2.34) (1.00) 3.23 .87
------ ------ ------ ------ ------ ------
Distributions to shareholders:
From investment income - net - (.01) (.07) (.09) (.06) (.15)
Excess distributions of net investment income - - - - - (.03)
From net realized gains - (.41) (.04) (.03) (2.58) (.90)
------ ------ ------ ------ ------ ------
Total distributions to shareholders - (.42) (.11) (.12) (2.64) (1.08)
------ ------ ------ ------ ------ ------
Net asset value, end of year $10.55 $10.35 $13.36 $15.81 $16.93 $16.34
====== ====== ====== ====== ====== ======
Total return* 1.93% (19.34%) (14.86%) (5.92%) 19.85% 5.26%
Net assets, end of year (000's omitted) $20,164 $20,785 $28,439 $40,290 $41,638 $43,791
Ratio of expenses to average daily net assets** 1.50% 1.50% 1.50% 1.40% 1.49% 1.47%
Ratio of net investment income to average daily net assets .03% (.05%) .46% .42% .70% .90%
Portfolio turnover rate 1% 68% 1% 5% 22% 25%
</Table>
* These are the Fund's total returns during the years, including reinvestment
of all dividend and capital gain distributions without adjustments for sales
charge.
** Total Fund expenses are contractually limited to 1.50% of average daily
net assets.
During the six months ended May 31, 2003 and the fiscal year ended November
30, 2002, the investment advisor waived $44,631 and $79,892, respectively, in
expenses that were otherwise payable by the Fund. Had the Fund incurred these
expenses the ratio of expenses to average daily net assets would have been
1.95% and 1.83%, respectively, and the ratio of net investment income to
average daily net assets would have been (.14%) and (.35%), respectively.
<Page>
STATEMENT OF CHANGES IN NET ASSETS
SIX MONTHS ENDED MAY 31, 2003
AND YEAR ENDED NOVEMBER 30, 2002
<Table>
<Caption>
NOVEMBER 30
MAY 31, 2003 2002
------------- -------------
OPERATIONS:
Net investment income (loss) $ 31,236 $ (3,623)
Net realized gains (losses) on investments (93,433) 786,155
Net change in unrealized appreciation
or depreciation of investments 381,730 (6,088,861)
------------- -------------
Net increase (decrease) in assets from
operations 319,533 (5,306,329)
------------- -------------
DISTRIBUTION TO SHAREHOLDERS FROM:
Net investment income (53) (19,361)
Net realized gains on investments (793,789)
------------- -------------
Total distributions (53) (813,150)
------------- -------------
CAPITAL SHARE TRANSACTIONS:
Proceeds from sale of 4,874 and
11,528 shares, respectively 47,952 132,940
Net asset value of 327 and 72,675
shares, respectively, issued in
reinvestment of net investment income
and net realized gain distributions 3,020 755,091
Payments for redemptions of 101,468
and 203,715 shares, respectively (990,921) (2,422,270)
------------- -------------
Decrease in net assets
from capital share transactions,
representing net decrease
of 96,267 and 119,512 shares
respectively (939,949) (1,534,239)
------------- -------------
TOTAL INCREASE (DECREASE) IN NET ASSETS (620,469) (7,653,718)
NET ASSETS:
Beginning of period 20,784,948 28,438,666
------------- -------------
End of period (including undistributed
net investment income of $31,183
and $0, (respectively) $ 20,164,479 $ 20,784,948
============= =============
</Table>
<Page>
NOTES TO FINANCIAL STATEMENTS
MAY 31, 2003
(UNAUDITED)
(1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
General Securities, Incorporated (the Fund) is registered under the
Investment Company Act of 1940, as amended, as a diversified open end
management investment company. The Fund invests primarily in common stocks
of companies believed to be undervalued.
The significant accounting policies followed by the Fund are summarized as
follows:
INVESTMENTS IN SECURITIES
Securities listed on national securities exchanges are valued on the basis
of the last reported sale each day, or if no sale is made, at the mean of
the last reported bid and asked price for such securities. Short-term
securities are valued at amortized cost which approximates market value.
Security transactions are recorded on the date securities are purchased or
sold. Realized gains or losses and unrealized appreciation or depreciation
of investments are determined on the basis of identified cost. Dividend
income is recorded on the ex-dividend date. Interest is recognized on the
accrual basis.
USE OF ESTIMATES
The preparation of financial statements in conformity with accounting
principles generally accepted in the United States of America requires
management to make estimates and assumptions that affect the reported
amounts of assets and liabilities and disclosure of contingent assets and
liabilities at the date of the financial statements and the reported amounts
of increase and decrease in net assets from operations during the period.
Actual results could differ from those estimates.
FEDERAL INCOME TAXES
It is the Fund's policy to continue meeting the requirements of the Internal
Revenue Code applicable to regulated investment companies and to distribute
taxable income to its shareholders in amounts which will relieve it from
all, or substantially all, federal income and excise taxes. Therefore, the
Fund does not provide for federal income or excise taxes.
DISTRIBUTIONS
Distributions to shareholders from investment income are made quarterly and
realized capital gain distributions, if any, are made annually. These
distributions are recorded on the record date and are payable in cash or
reinvested in additional shares of the Fund's capital stock.
Due to the timing of dividend distributions, the fiscal year in which
amounts are distributed for tax purposes may differ from the year that
income or realized gains were recorded by the Fund.
REPURCHASE AGREEMENTS
Securities pledged as collateral for repurchase agreements are held by the
fund's custodian bank until maturity of the repurchase agreement. Procedures
for all agreements ensure that the daily market and value of the collateral
is in excess of the repurchase agreement in the event of default.
(2) INVESTMENT ADVISORY FEE AND OTHER TRANSACTIONS WITH AFFILIATES
Robinson Capital Management, Inc. is the Fund's investment advisor and
administrator. As compensation for its services under the Investment
Advisory Agreement, Robinson Capital is paid an
<Page>
investment management advisory fee, payable monthly, at an annual rate of
0.60% for average net assets up to and including $100 million, 0.35% for
next $150 million of average net assets and 0.10% for net assets over $250
million. Robinson Capital is obligated to pay all Fund expenses (exclusive
of brokerage expenses and fees, interest and any federal or state income
taxes) which exceed 1.50% of the Fund's average net assets for any fiscal
year on the first $100 million of average net assets, 1.25% of the Fund's
average net assets for any fiscal year on the next $150 million of average
net assets, and 1% of the Fund's average net assets for any fiscal year on
average net assets in excess of $250 million. For managing the business
affairs and providing certain shareholder services pursuant to the
Management Agreement, the Fund pays Robinson Capital an administrative fee,
payable monthly, at an annual rate of 0.40% of the average daily assets of
the Fund, plus out-of-pocket expenses incurred. Robinson Capital may
subcontract with other entities to provide certain shareholder servicing
activities.
Legal service fees were paid to a law firm in which the secretary of the
Fund is a partner.
(3) SECURITIES TRANSACTIONS
Cost of purchases and proceeds from sales of securities (other than
short-term obligations) aggregated $185,202 and $964,354, respectively, for
the six months ended May 31, 2003.
<Page>
GENERAL SECURITIES
INCORPORATED
PRESIDENT Craig H. Robinson
VICE PRESIDENT Mark D. Billeadeau
SECRETARY John R. Houston
TREASURER Renee A. Rasmusson
DIRECTORS M. Michelle Coady,
Chair
Gary D. Floss
David W. Preus
Charles Walton
Arnold M. Weimerskirch
INVESTMENT MANAGER Robinson Capital Management, Inc.
CUSTODIAN, REGISTRAR State Street Corporation
AND TRANSFER AGENT
GENERAL COUNSEL Robins, Kaplan, Miller & Ciresi L.L.P.
INDEPENDENT AUDITORS KPMG LLP
This report has been prepared primarily for the benefit of existing
stockholders of the company and is not intended as an offer to sell
the company's shares. When used otherwise, it must be accompanied
or preceded by the current prospectus.
<Page>
FOR FURTHER
INFORMATION ABOUT
GENERAL SECURITIES
INCORPORATED
CONTACT:
ROBINSON CAPITAL MANAGEMENT, INC.
5100 EDEN AVENUE, SUITE 204
EDINA, MINNESOTA 55436
(952) 927-6799
800-577-9217
<Page>
GENERAL SECURITIES
INCORPORATED
ROBINSON CAPITAL MANAGEMENT, INC.
5100 EDEN AVENUE, SUITE 204
EDINA, MINNESOTA 55436
(952) 927-6799
800-577-9217
<Page>
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. [RESERVED].
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES
Not applicable.
ITEM 8. [RESERVED].
ITEM 9. CONTROLS AND PROCEDURES.
(a) The Registrant's President and Treasurer have evaluated the
Registrant's disclosure controls and procedures within 90
days of this filing and have concluded that the Registrant's
disclosure controls and procedures were effective, as of
that date, in ensuring that information required to be
disclosed by the Registrant in this form N-CSR was recorded,
processed, summarized, and reported timely.
(b) There were no significant changes in the Registrant's
internal controls or other factors that could significantly
affect these controls subsequent to the date of their
evaluation, including any corrective actions with regard to
significant deficiencies and material weaknesses.
ITEM 10. EXHIBITS.
(a) Not applicable.
(b) Certifications pursuant to Section 302 of the Sarbanes-Oxley
Act of 2002. Filed herewith.
(c) Certifications pursuant to Section 906 of the Sarbanes-Oxley
Act of 2002. Filed herewith.
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.
<Page>
GENERAL SECURITIES, INCORPORATED
By /s/ CRAIG H. ROBINSON
------------------------------------
Craig H. Robinson, President
Date AUGUST 11, 2003
---------------------------------------
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/ Craig H. Robinson
--------------------------------------------
Craig H. Robinson, President
Date August 11, 2003
------------------------------------------
By /s/ Renee A. Rasmusson
--------------------------------------------
Renee A. Rasmusson, Treasurer
Date August 11, 2003
------------------------------------------