<Page>
As filed with the Securities and Exchange Commission on [date]
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-00594
General Securities, Incorporated
(Exact name of registrant as specified in charter)
7701 France Avenue South, Suite 500
Edina, Minnesota 55435
(Address of principal executive offices) (Zip code)
Craig H. Robinson
General Securities, Incorporated
7701 France Avenue South, Suite 500
Edina, Minnesota 55435
(Name and address of agent for service)
(888) 494-5677
Registrant's telephone number, including area code
Date of fiscal year end: November 30th
Date of reporting period: May 31, 2004
<Page>
ITEM 1. REPORT TO STOCKHOLDERS.
<Page>
GENERAL SECURITIES INCORPORATED
[MANAGEMENT SYSTEMS LOGO]
SEMI-ANNUAL REPORT MAY 31, 2004
<Page>
TO THE SHAREHOLDERS OF
GENERAL SECURITIES
INCORPORATED
For the six months ended May 31, 2004, your fund had a total return of 6.28%
while the S&P 500 returned 6.79%. It is encouraging that for the eight month
period beginning October 31, 2003, through June 30, 2004 the fund has
outperformed the S&P 500 11.09% to 9.71%. Certainly eight months is a brief
period of time however, the results are consistent with our expectations and
have helped reinforce the decision making process behind the changes we made to
the portfolio last October.
The companies exerting the greatest positive influence on the fund's performance
for the six months ended May 31, 2004 were led by EBay, Inc., the internet
auction company, with a gain of 56.1% followed by Motorola, up 40.7%, and Yahoo,
another internet related company, up 38.7%. On the downside, Sears Roebuck & Co.
fell 31.3% followed by Intuit, Inc., a software maker, which fell 22.1%, and
Applied Materials Inc., a semiconductor capital equipment maker, down 17.5%.
As we continue to refine the process for evaluating and investing in leading
quality oriented companies the need for more sophisticated analytical tools and
research capabilities continues to grow as well. To meet this growing need we
found a partner who understands our strategy of focusing on quality oriented
companies and has the research capabilities to help us improve on what has
already been accomplished.
We are pleased to announce our association with Kopp Investment Advisors, LLC
(KIA), which has the enhanced research capabilities we need and a strong
marketing organization that can introduce the "quality story" to a larger
audience of investors. Craig and I began strategizing with people from the Kopp
organization several months ago. At a meeting in early June, your Board approved
Kopp Investment Advisors, LLC as the fund's interim investment advisor. This
appointment is subject to your approval.
Craig and I, in conjunction with Kopp Investment Advisors, look forward to
serving your investment needs for years to come. As always, if you have any
questions regarding your investment in General Securities; don't hesitate to
call us at our new number 1-(888)-494-KOPP.
Mark Billeadeau
Senior Portfolio Manager
<Page>
STATEMENT OF NET ASSETS MAY 31, 2004
ASSETS
(Unaudited)
<Table>
<Caption>
NUMBER OF MARKET
SHARES VALUE (a)
------------------------
INVESTMENT SECURITIES (percentages represent value of
investments compared to total net assets):
COMMON STOCKS (100.12%):
Aerospace/Defense (1.87%):
Boeing Co. (c) 4,300 $ 196,940
Lockheed Martin Corp. 4,000 198,160
------------
395,100
------------
Air Freight & Couriers ( .97%):
FedEx Corp. 2,800 206,024
------------
Airlines ( .73%):
Southwest Airlines Co. 10,000 155,100
------------
Auto Components ( .97%):
Johnson Controls, Inc. (b) 3,800 204,896
------------
Automobiles (1.72%):
General Motors Corp. 3,700 167,943
Harley-Davidson, Inc. (c) 3,400 195,466
------------
363,409
------------
Banking (5.53%):
Bank of America Corp. 3,100 257,703
Bank One Corp. (c) 4,700 227,715
Northern Trust Corp. 5,000 214,750
SunTrust Banks, Inc. 3,400 221,272
Wells Fargo & Co. 4,200 246,960
------------
1,168,400
------------
Beverages (2.07%):
Anheuser-Busch Cos., Inc. 4,200 223,734
PepsiCo, Inc. (c) 4,000 213,480
------------
437,214
------------
Biotechnology (1.11%):
Amgen, Inc. (d) 4,300 235,210
------------
Chemicals (3.43%):
Air Products & Chemicals, Inc. 3,900 194,883
Dow Chemical Co. 4,200 167,580
E.I. du Pont de Nemours & Co. (c) 4,200 181,440
Monsanto Co. (c) 5,200 179,400
------------
723,303
------------
Commercial Services & Supplies (2.95%):
Cendant Corp. (c) 8,900 204,166
First Data Corp. 4,900 212,121
Waste Management, Inc. 7,200 207,072
------------
623,359
------------
Communications Equipment (2.90%):
Cisco Systems, Inc. (c)(d) 9,000 199,350
Corning, Inc. (d) 16,300 201,957
Motorola, Inc. (c) 10,700 211,539
------------
612,846
------------
Computer Peripherals (2.81%):
Dell, Inc. (d) 5,700 200,526
Hewlett-Packard Co. (b) 8,900 189,036
International Business Machines Corp. 2,300 203,757
------------
593,319
------------
Containers & Packaging ( .91%):
Bemis Co., Inc. (b) 7,000 192,850
------------
Diversified Financials (6.18%):
American Express Co. 4,000 202,800
Citigroup, Inc. 4,900 227,507
Fannie Mae 3,200 216,640
J.P. Morgan Chase & Co. (c) 5,900 217,356
MBNA Corp. (c) 8,400 $ 213,360
Merrill Lynch & Co., Inc. 4,000 227,200
------------
1,304,863
------------
Diversified Telecommunications (2.37%):
AT&T Corp. 8,800 145,904
BellSouth Corp. (c) 7,100 177,216
Verizon Communications, Inc. 5,100 176,358
------------
499,478
------------
Electric Utilities (3.58%):
Entergy Corp. (c) 3,900 212,979
FPL Group, Inc. (c) 3,500 223,125
Progress Energy, Inc. (c) 4,000 170,440
Southern Co. 5,200 150,384
------------
756,928
------------
Electrical Equipment ( .96%):
Emerson Electric Co. 3,400 202,980
------------
Electronic Equipment & Services (1.61%):
Agilent Technologies, Inc. (c)(d) 6,400 164,480
Solectron Corp. (d) 32,100 176,550
------------
341,030
------------
Energy Equipment & Services (1.14%):
Halliburton Co. (c) 8,300 241,032
------------
Food & Drug Retailing ( .93%):
Walgreen Co. (b) 5,600 196,056
------------
Food Products (2.29%):
Hersey Foods Corp. (b) 2,800 248,444
Sara Lee Corp. 10,300 235,870
------------
484,314
------------
Health Care Equipment & Supplies (2.73%):
Baxter International, Inc. (c) 9,200 289,248
Medtronic, Inc. (c) 6,000 287,400
------------
576,648
------------
Health Care Providers & Services (1.41%):
Cardinal Health, Inc. (c) 4,400 297,924
------------
Hotels, Restaurants & Leisure (2.11%):
Marriott International, Inc.-Class A 4,600 226,918
Starbucks Corp. (d) 5,400 219,456
------------
446,374
------------
Household Durables (2.11%):
Black & Decker Corp. 4,200 251,706
Whirlpool Corp. 2,900 192,937
------------
444,643
------------
Household Products (1.07%):
Proctor & Gamble Co. 2,100 226,422
------------
Industrial Conglomerates (3.00%):
General Electric Co. 7,200 224,064
Honeywell International, Inc. (c) 5,600 188,720
3M Co. (b) 2,600 219,856
------------
632,640
------------
Insurance (4.96%):
American International Group, Inc. 3,800 278,540
Marsh & McLennan Cos., Inc. 5,300 233,836
MetLife, Inc. 7,600 270,180
Progressive Corp. 3,100 265,887
------------
1,048,443
------------
Internet & Catalog Retail (1.26%):
eBay, Inc. (c)(d) 3,000 266,400
------------
</Table>
<Page>
<Table>
<Caption>
NUMBER OF MARKET
SHARES VALUE (a)
--------------------------
Internet Software & Services (1.19%):
Yahoo!, Inc. (b)(d) 8,200 $ 251,412
------------
IT Consulting & Services ( .97%):
Computer Sciences Corp. (d) 4,700 204,873
------------
Leisure Equipment & Producers ( .92%):
Eastman Kodak Co. (c) 7,400 193,732
------------
Machinery (2.77%):
Caterpillar, Inc. (b) 2,600 195,910
Deere & Co. (c) 2,900 190,530
Eaton Corp. (b) 3,400 198,390
------------
584,830
------------
Media (2.96%):
Knight-Ridder, Inc. 2,800 212,744
Time Warner, Inc. (c)(d) 12,700 216,408
Walt Disney Co. (c) 8,300 194,801
------------
623,953
------------
Metals & Mining (1.77%):
Alcoa, Inc. 5,600 175,280
Nucor Corp. (c) 3,000 197,550
------------
372,830
------------
Multiline Retail (2.61%):
Sears, Roebuck & Co. 3,900 148,200
Target Corp. 4,500 201,150
Wal-Mart Stores, Inc. 3,600 200,628
------------
549,978
------------
Multi-Utilities ( .95%):
Duke Energy Corp. (c) 10,000 199,400
------------
Office Electronics ( .94%):
Xerox Corp. (c)(d) 14,700 199,038
------------
Oil & Gas (3.40%):
Anadarko Petroleum Corp. (c) 4,400 239,888
ChevronTexaco Corp. (c) 2,600 235,040
Exxon Mobil Corp. (c) 5,600 242,200
------------
717,128
------------
Paper & Forest Products ( .89%):
International Paper Co. 4,500 188,685
------------
Personal Products (1.12%):
Gillette Co. (c) 5,500 236,995
------------
Pharmaceuticals (4.29%):
Johnson & Johnson 5,700 317,547
Merck & Co., Inc. 6,300 297,990
Pfizer, Inc. (c) 8,200 289,788
------------
905,325
------------
Semiconductor Equipment & Products (3.27%):
Analog Devices, Inc. 4,100 201,515
Applied Materials, Inc. (d) 7,900 157,684
Intel Corp. 6,400 182,720
Texas Instruments, Inc. 5,700 148,827
------------
690,746
------------
Software (2.47%):
Intuit, Inc. (d) 3,800 148,884
Microsoft Corp. 7,900 208,165
Oracle Corp. (c)(d) 14,500 164,140
------------
521,189
------------
Specialty Retail (2.84%):
Best Buy Co., Inc. 3,500 184,660
Home Depot, Inc. 5,700 204,744
Staples, Inc. 7,600 209,608
------------
599,012
------------
<Caption>
NUMBER OF MARKET
SHARES/PAR VALUE (a)
--------------------------
Textiles & Apparel (1.08%):
NIKE, Inc.-Class B 3,200 $ 227,680
------------
Total common stock
(cost $17,811,402) 21,144,011
------------
REPURCHASE AGREEMENT (.09%):
Agreement with State Street Bank, acquired on
5/28/04, interest of $0.22, 0.10% due 6/01/04
(cost $19,888) (e) $ 19,888 19,888
------------
Total investment securities
(cost $17,831,290) (f) 21,163,899
------------
Receivable from advisor 39,722
Prepaid expenses 9,364
Dividends receivable 40,886
------------
Total assets 21,253,871
------------
LIABILITIES
Payable for shares redeemed 71,457
Accrued investment advisory fees 20,716
Accrued management administration fees 22,827
Other accrued expenses 25,796
------------
Total liabilities 140,796
------------
Net assets applicable to outstanding capital stock $ 21,113,075
============
Represented by:
Capital stock - authorized 10,000,000 shares of $.01
par value per share; outstanding 1,756,521 shares $ 10,242
Capital surplus 17,647,834
Undistributed net investment income 17,832
Accumulated net realized gains on investments 104,558
Unrealized net appreciation of investments 3,332,609
------------
Net assets applicable to outstanding capital stock $ 21,113,075
============
Net asset value per share of outstanding capital stock $ 12.02
============
</Table>
See accompanying notes to investment securities list and financial statements.
NOTES TO INVESTMENT SECURITIES LIST:
MAY 31, 2004
(a) Investment securities are valued by the procedures described in note 1 to
the financial statements.
(b) Holding increased in fiscal 2004.
(c) Holding decreased in fiscal 2004.
(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 31,2004, the cost of securities for federal income tax purposes was
$17,895,871, and the aggregate unrealized appreciation and depreciation
based on that cost was:
<Table>
Unrealized appreciation $ 3,743,184
Unrealized depreciation (475,156)
------------
$ 3,268,028
============
</Table>
<Page>
STATEMENT OF OPERATIONS
SIX MONTHS ENDED MAY 31, 2004
(UNAUDITED)
<Table>
INVESTMENT INCOME:
Income:
Dividends $ 180,633
Interest 12
------------
Total income 180,645
------------
Expenses (note 2):
Investment advisory fees 65,125
Management administration fees 43,417
Transfer agent, registrar and disbursing agent fees 33,079
Custodian and portfolio accounting fees 23,790
Legal services 9,970
Auditing and tax services 8,304
Shareholder notices and reports 7,350
Directors' fees 5,366
Federal and state registration fees and expenses 5,235
Other 899
------------
Total expenses 202,535
Reimbursement from Advisor (39,722)
------------
Total net expenses 162,813
------------
Investment income - net 17,832
------------
Realized and unrealized gains from Investments - net:
Net realized gains on securities transactions (note 3) 104,558
Net change in unrealized appreciation or depreciation
of investments 1,207,849
------------
Net gain on investments 1,312,407
------------
Net increase in net assets resulting from operations $ 1,330,239
============
</Table>
STATEMENT OF CHANGES IN NET ASSETS
SIX MONTHS ENDED MAY 31, 2004 (UNAUDITED)
AND YEAR ENDED NOVEMBER 30, 2003
<Table>
<Caption>
NOVEMBER 30,
MAY 31,2004 2003
------------ ------------
OPERATIONS:
Net investment income $ 17,832 $ 68,276
Net realized gains on investments 104,558 344,247
Net change in unrealized appreciation
or depreciation of investments 1,207,849 1,763,998
------------ ------------
Net increase in net assets from
operations 1,330,239 2,176,521
------------ ------------
DISTRIBUTION TO SHAREHOLDERS FROM:
Net investment income - (73,328)
Net realized gains on investments - (348,060)
------------ ------------
Total distributions - (421,388)
------------ ------------
CAPITAL SHARE TRANSACTIONS:
Proceeds from sale of 4,420 and
10,376 shares, respectively 52,987 108,359
Net asset value of 0 and 34,735
shares, respectively, issued in
reinvestment of net investment income
and net realized gain distributions - 392,503
Payments for redemptions of 114,300
and 187,181 shares, respectively (1,372,200) (1,938,894)
------------ ------------
Decrease in net assets
from capital share transactions,
representing net decrease
of 109,880 and 142,070 shares,
respectively (1,319,213) (1,438,032)
------------ ------------
TOTAL INCREASE IN NET ASSETS 11,026 317,101
NET ASSETS:
Beginning of period 21,102,049 20,784,948
------------ ------------
End of period (including undistributed
net investment income of $17,832
and $0, respectively $ 21,113,075 $ 21,102,049
============ ============
</Table>
FINANCIAL HIGHLIGHTS:
SELECTED PER SHARE HISTORICAL DATA WERE AS FOLLOWS:
<Table>
<Caption>
SIX MONTHS
ENDED
MAY 31, 2004 YEAR ENDED NOVEMBER 30
(UNAUDITED) 2003 2002 2001 2000 1999
------------ -------- -------- -------- -------- --------
Net asset value, beginning of period $ 11.31 $ 10.35 $ 13.36 $ 15.81 $ 16.93 $ 16.34
------------ -------- -------- -------- -------- --------
Operations:
Net investment income .01 .04 .00 .07 .09 .12
Net realized and unrealized gains
(losses) on investments .70 1.15 (2.59) (2.41) (1.09) 3.11
------------ -------- -------- -------- -------- --------
Total from operations .71 1.19 (2.59) (2.34) (1.00) 3.23
------------ -------- -------- -------- -------- --------
Distributions to shareholders:
From net investment income - (.04) (.01) (.07) (.09) (.06)
From net realized gains - (.19) (.41) (.04) (.03) (2.58)
------------ -------- -------- -------- -------- --------
Total distributions to shareholders - (.23) (.42) (.11) (.12) (2.64)
------------ -------- -------- -------- -------- --------
Net asset value, end of period $ 12.02 $ 11.31 $ 10.35 $ 13.36 $ 15.81 $ 16.93
============ ======== ======== ======== ======== ========
Total return* 6.28% 11.50% (19.34%) (14.86%) (5.92%) 19.85%
Net assets, end of period (000's omitted) $ 21,113 $ 21,102 $ 20,785 $ 28,439 $ 40,290 $ 41,638
Ratio of expenses to average daily net assets** 1.50%*** 1.50% 1.50% 1.50% 1.40% 1.49%
Ratio of net investment income (loss) to
average daily net assets** .17%*** .34% (.02%) .46% .42% .70%
Portfolio turnover rate 2% 50% 68% 1% 5% 22%
</Table>
* These are the Fund's total returns during the years, including reinvestment of
all dividend and capital gain distributions without adjustments for sales
charges.
** Total Fund expenses are contractually limited to 1.50% of average daily net
assets. During the six months ended May 31, 2004 and the years ended November
30, 2003, 2002, and 2001, the investment advisor waived $39,722, $93,735,
$78,892, and $35,964 in expenses, respectively, 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 1.87%, 1.97%, 1.83%, and 1.61%, respectively,
and the ratio of net investment income to average daily net assets would have
been (.20%), (.13%), .35%, and (.35)%, respectively.
*** Annualized
<Page>
NOTES TO FINANCIAL STATEMENTS
MAY 31, 2004
(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.
The Fund may elect to utilize equalization debits by which a portion of the
cost of redemptions, which occurred during the year ended November 30,
2003, would reduce required net realized gain distributions.
As of November 30, 2003 there were no distributable earnings on a tax
basis.
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.
Long term gain distributions for the year ended November 30, 2003 were
$348,060 and ordinary income distributions were $73,328.
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 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 the 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 $326,137 and $1,478,843, respectively,
for the six months ended May 31, 2004.
(4) SUBSEQUENT EVENT
On June 7, 2004, the Board of Directors of the Fund approved an Agreement
and Plan of Reorganization (the Plan). The Plan, which is subject to
regulatory review, shareholder approval, and approval by the directors of
Kopp Funds, Inc., provides for the acquisition by a new series of Kopp
Funds, Inc. (the Kopp Fund) of substantially all of the assets of the Fund
and the assumption of the liabilities of the Fund specified in the Plan in
exchange for Class I shares of the Kopp Fund to be distributed to the
shareholders of the Fund.
The Board of Directors of the Fund approved an interim investment advisory
agreement with Kopp Investment Advisors, LLC (KIA) on June 7, 2004. Subject
to regulatory review, shareholders of the Fund will be asked to approve the
interim investment advisory agreement at a special meeting as part of their
approval of the Plan. Robinson Capital Management, Inc., the former
investment advisor to the Fund, also engaged KIA to assume management of
the Fund pursuant to a sub-management agreement.
You can obtain a free copy of the proxy voting policies and procedures that
the Fund uses to determine how to vote proxies relating to Fund investments
by calling 1-800-577-9217. The proxy voting policies and procedures will
also be available on the EDGAR database on the SEC's internet site at
http://www.sec.gov.
<Page>
GENERAL SECURITIES
INCORPORATED
PRESIDENT, TREASURER Craig H. Robinson
VICE PRESIDENT Mark D. Billeadeau
SECRETARY John R. Houston
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.
FOR FURTHER INFORMATION ABOUT
GENERAL SECURITIES INCORPORATED
CONTACT:
ROBINSON CAPITAL MANAGEMENT, INC.
7701 FRANCE AVENUE SOUTH, SUITE 500
EDINA, MINNESOTA 55435
1-(888)-494-KOPP
<Page>
GENERAL SECURITIES
INCORPORATED
ROBINSON CAPITAL MANAGEMENT, INC.
7701 FRANCE AVENUE SOUTH, SUITE 500
EDINA, MINNESOTA 55435
1-(888)-494-KOPP
<Page>
ITEM 2. CODE OF ETHICS.
Not applicable for semi-annual reports.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
Not applicable for semi-annual reports.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Not applicable for semi-annual reports.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not applicable to open-end investment companies.
ITEM 6. SCHEDULE OF INVESTMENTS.
Not applicable for periods ending before July 9, 2004.
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES.
Not applicable to open-end investment companies.
ITEM 8. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT
COMPANY AND AFFILIATED PURCHASES.
Not applicable to open-end investment companies.
ITEM 9. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
Not Applicable.
ITEM 10. CONTROLS AND PROCEDURES.
(a) The Registrant's President and Treasurer have concluded that the
Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c)
under the Investment Company Act of 1940 (the "1940 Act")) are effective as
of a date within 90 days of the filing date of this Form N-CSR, based on the
evaluation of these controls and procedures required by Rule 30a-3(b) under
the 1940 Act and Rules 15d-15(b) under the Securities Exchange Act of 1934,
as amended.
(b) There were no significant changes in the Registrant's internal controls over
financial reporting that occurred during the Registrant's most recent fiscal
half-year that has
1
<Page>
materially affected, or is reasonably likely to materially affect, the
Registrant's internal control over financial reporting.
ITEM 11. EXHIBITS.
(a) (1) ANY CODE OF ETHICS OR AMENDMENT THERETO, THAT IS SUBJECT OF THE
DISCLOSURE REQUIRED BY ITEM 2, TO THE EXTENT THAT THE REGISTRANT INTENDS TO
SATISFY ITEM 2 REQUIREMENTS THROUGH FILING AN EXHIBIT.
Incorporated by reference to Form N-CSR for the fiscal year ended November
30, 2003.
(2) CERTIFICATIONS PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF
2002. Filed herewith.
(3) ANY WRITTEN SOLICITATION TO PURCHASE SECURITIES UNDER RULE 23c-1 UNDER
THE ACT SENT OR GIVEN DURING THE PERIOD COVERED BY THE REPORT BY OR ON
BEHALF OF THE REGISTRANT TO 10 OR MORE PERSONS. Not applicable to open-end
investment companies.
(b) CERTIFICATION PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002.
Furnished herewith.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) General Securities, Incorporated
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By (Signature and Title) /s/ Craig H. Robinson
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Craig H. Robinson, President and Treasurer
Date 8/3/04
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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 (Signature and Title) /s/ Craig H. Robinson
-------------------------------------------------
Craig H. Robinson, President and Treasurer
Date 8/3/04
--------------------------------------------------
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