General American Investors

STATEMENT OF INVESTMENTS
September 30, 2024 (Unaudited)

    SHARES   COMMON STOCKS   VALUE  
COMMUNICATION   MEDIA AND ENTERTAINMENT (6.3%)     
SERVICES   419,923   Alphabet Inc. - Class C  $70,206,926 
(7.7%)   1,002,188   Angi Inc. - Class A (a)   2,585,645 
    22,000   Meta Platforms, Inc. - Class A   12,593,680 
    56,478   The Walt Disney Company   5,432,619 
         (Cost $27,600,320)  90,818,870 
    TELECOMMUNICATION SERVICES (1.4%)     
    906,602   AT&T Inc.   19,945,244 
    274,199   GCI Liberty, Inc. Escrow (a)   —   
         (Cost $15,799,818)  19,945,244 
         (Cost $43,400,138)  110,764,114 
CONSUMER   AUTOMOBILES AND COMPONENTS (0.1%)      
DISCRETIONARY   100,000   Ford Motor Company (Cost $1,361,410)  1,056,000 
(9.8%)              
    CONSUMER SERVICES (1.8%)      
    173,157   Expedia Group, Inc. (a) (Cost $19,509,499)  25,630,699 
               
    DISTRIBUTION AND RETAIL (7.9%)      
    286,000   Amazon.com, Inc. (a)    53,290,380 
    525,092   The TJX Companies, Inc.    61,719,314 
          (Cost $12,034,026)  115,009,694 
          (Cost $32,904,935)  141,696,393 
          
CONSUMER   DISTRIBUTION AND RETAIL (2.5%)     
STAPLES   41,000   Costco Wholesale Corporation(Cost $1,238,971)  36,347,320 
(8.6%)             
    FOOD, BEVERAGE AND TOBACCO (4.1%)     
    325,000   Nestlé S.A. (Switzerland)   32,624,801 
    160,000   PepsiCo, Inc.   27,208,000 
          (Cost $18,526,343)  59,832,801 
    HOUSEHOLD AND PERSONAL PRODUCTS (2.0%)     
    466,461   Unilever PLC (Netherlands/United Kingdom)(Cost $12,929,503)  28,934,047 
         (Cost $32,694,817)  125,114,168 
              
ENERGY   504.230   Cameco Corporation (Canada)   24,082,025 
(5.7%)   81,991   Chevron Corporation   12,074,815 
    1,020,030   Energy Transfer LP   16,371,481 
    141,100   Exxon Mobil Corporation   16,539,742 
    1,173,370   Gulf Coast Ultra Deep Royalty Trust   15,547 
    234,556   Valaris Limited (Bermuda) (a)   13,076,497 
         (Cost $51,314,033)  82,160,107 
FINANCIALS   BANKS (2.4%)     
(19.1%)   80,000   JPMorgan Chase & Co.   16,868,800 
    101,100   M&T Bank Corporation   18,007,932 
          (Cost $3,337,828)  34,876,732 
    FINANCIAL SERVICES (7.2%)     
    110   Berkshire Hathaway Inc. - Class A (a)(b)   76,029,800 
    243,415   Nelnet, Inc. - Class A   27,574,051 
         (Cost $2,968,650)  103,603,851 
    INSURANCE (9.5%)     
    600,000   Arch Capital Group Ltd. (a) (Bermuda)   67,128,000 
    134,686   Everest Group, Ltd. (Bermuda)   52,774,015 
    220,327   MetLife, Inc.   18,172,571 
         (Cost $17,083,322)  138,074,586 
         (Cost $23,389,800)  276,555,169 

1 
 

General American Investors

STATEMENT OF INVESTMENTS - continued

September 30, 2024 (Unaudited)

 

    SHARES   COMMON STOCKS   VALUE  
HEALTH CARE   EQUIPMENT AND SERVICES (3.5%)     
(11.8%)   20,000   The Cigna Group  $6,928,800 
    37,000   Humana Inc.   11,719,380 
    200,434   iCAD, Inc. (a)   313,679 
    207,350   Solventum Corporation (a)   14,456,442 
    106,601   Tenet Healthcare Corporation (a)   17,717,086 
         (Cost $39,373,806)  51,135,387 
    PHARMACEUTICALS, BIOTECHNOLOGY AND LIFE SCIENCES (8.3%)     
    30,000   Amgen Inc.   9,666,300 
    60,010   Danaher Corporation   16,683,980 
    144,900   Gilead Sciences, Inc.   12,148,416 
    261,780   Intra-Cellular Therapies, Inc. (a)   19,154,443 
    204,326   Merck & Co., Inc.   23,203,261 
    540,808   Pfizer Inc.   15,650,983 
    294,350   Quantum-Si Incorporated - Class A (a)   259,676 
    11,876   Regeneron Pharmaceuticals, Inc. (a)   12,484,526 
    539,738   SIGA Technologies, Inc.   3,643,231 
    150,072   Stevanato Group S.p.A. (Italy)   3,001,440 
    827,180   Valneva SE (a) (France)   2,451,103 
    354,361   Valneva SE ADR (a) (France)   2,154,515 
         (Cost $77,286,675)  120,501,874 
         (Cost $116,660,481)  171,637,261 
INDUSTRIALS   CAPITAL GOODS (5.3%)     
(11.3%)   874,008   BAE Systems plc (United Kingdom)   14,460,252 
    110,000   GE Vernova Inc. (a)   28,047,800 
    60,785   L3Harris Technologies, Inc.   14,458,928 
    165,000   RTX Corporation   19,991,400 
         (Cost $47,295,857)  76,958,380 
    COMMERCIAL AND PROFESSIONAL SERVICES (5.5%)     
    395,625   Republic Services, Inc.(Cost $5,467,965)  79,457,325 
              
    TRANSPORTATION (0.5%)     
    100,583   Uber Technologies, Inc. (a)(Cost $6,684,873)  7,559,818 
         (Cost $59,448,695)  163,975,523 
INFORMATION   SEMICONDUCTORS AND SEMICONDUCTOR EQUIPMENT (8.5%)     
TECHNOLOGY   433,364   AIXTRON SE (Germany)   7,696,674 
(23.8%)   61,652   Applied Materials, Inc.   12,456,787 
    62,000   ASML Holding N.V. (Netherlands)   51,661,500 
    190,000   Broadcom Inc.   32,775,000 
    1,347,393   indie Semiconductor, Inc. - Class A (a)   5,376,098 
    65,009   Universal Display Corporation  13,645,389 
         (Cost $30,708,568)  123,611,448 
    SOFTWARE AND SERVICES (9.7%)     
    33,500   Adobe Inc. (a)   17,345,630 
    200,000   Microsoft Corporation   86,060,000 
    1,666,948   NextNav Inc. (a)   12,485,441 
    41,381   Tyler Technologies, Inc. (a)  24,154,917 
         (Cost $39,189,977)  140,045,988 
    TECHNOLOGY, HARDWARE AND EQUIPMENT (5.6%)     
    316,000   Apple Inc.   73,628,000 
    138,260   Cisco Systems, Inc.   7,358,197 
         (Cost $4,002,006)  80,986,197 
         (Cost $73,900,551)  344,643,633 
MATERIALS  

415,000

  Agnico Eagle Mines Limited (Canada)   33,432,400 
(4.3%)  

672,438

  Alamos Gold Inc. - Class A (Canada)   13,408,414 
    816,056   Algoma Steel Group Inc. (Canada)   8,348,253 
   

243,593

  Cleveland-Cliffs Inc. (a)   3,110,683 
    957,591   Ferroglobe PLC (United Kingdom)  4,443,222 
         (Cost $41,596,508)  62,742,972 
             
UTILITIES   290,000   Dominion Energy, Inc.(Cost $14,065,950)  16,759,100 
(1.2%)             
              
MISCELLANEOUS   5,022,356   Other (c)(Cost $19,543,707)  21,835,414 
(1.5%)             
        TOTAL COMMON STOCKS (104.8%)(Cost $508,919,615)  1,517,883,854 

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General American Investors

STATEMENT OF INVESTMENTS - continued
September 30, 2024 (Unaudited)

        PURCHASED OPTIONS (a)   VALUE 
PUTS  

CONTRACTS

(100 shares each)

 

COMPANY/EXPIRATION DATE/

EXERCISE PRICE/NOTIONAL

     
TECHNOLOGY,
HARDWARE
AND EQUIPMENT
(0.0%)
  500   Apple Inc./October 18, 2024
   /$215/$10,750,000
(Cost $162,834) $26,500 
              
    PRINCIPAL   SHORT-TERM SECURITIES     
        U.S. Treasury Bills     
  $ 27,000,000    Due October 31, 2024, 5.157% (d)   26,883,859 
    25,000,000    Due February 20, 2025, 4.708% (d)   24,570,056 
         (Cost $51,419,647)  51,453,915 
              
    SHARES        
    74,158,008   State Street Institutional Treasury Plus Money Market Fund, Trust Class, 4.90% (e)(Cost $74,158,008)  74,158,008 
              
        TOTAL SHORT-TERM SECURITIES (8.7%)(Cost $125,577,655)  125,611,923 
              
TOTAL INVESTMENTS (113.5%)(Cost $634,660,104)  1,643,522,277 
Liabilities in excess of other assets (-0.4%)   (5,122,027)
          1,638,400,250 
PREFERRED STOCK (-13.1%)   (190,038,825)
NET ASSETS APPLICABLE TO COMMON STOCK (100%)  $1,448,361,425 

 

ADR - American Depository Receipt
(a) Non-income producing security.
(b) 50 shares of 110 total shares held as collateral for options written.
(c) Securities which have been held for less than one year, not previously disclosed, and not restricted.
(d) Yield to maturity at purchase.
(e) 7-day yield.
   

3 
 

General American Investors

SIGNIFICANT ACCOUTNING POLICIES AND OTHER MATTERS

September 30, 2024 (Unaudited)

General American Investors Company, Inc. (the “Company”), established in 1927, is registered under the Investment Company Act of 1940 as a closed-end, diversified management investment company.  It is internally managed by its officers under the direction of the Board of Directors.
   
The accompanying financial statements have been prepared in accordance with United States generally accepted accounting principles (“U.S. GAAP”) pursuant to the requirements for reporting; Accounting Standards Codification 946, Financial Services – Investment Companies (“ASC 946”), and Regulation S-X.
   
The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income, expenses, and gains and losses during the reported period.  Changes in the economic environment, financial markets, and any other parameters used in determining these estimates could cause actual results to differ, and these differences could be material.
   
  a.  SECURITY VALUATION   Equity securities traded on a national securities exchange are valued at the last reported sales price on the last business day of the period.  Equity securities reported on the NASDAQ national market are valued at the official closing price on that day.  Listed and NASDAQ equity securities for which no sales are reported on that day and other securities traded in the over-the-counter market are valued at the last bid price (asked price for options written) on the valuation date.  Equity securities traded primarily in foreign markets are valued at the closing price of such securities on their respective exchanges or markets.  Corporate debt, domestic and foreign, and U.S. government securities are generally traded in the over-the-counter market rather than on a national securities exchange.  The Company utilizes the latest bid prices furnished by independent pricing services with respect to transactions in such securities to determine current market value if maturity date exceeds 60 days.  Investments in such securities maturing within 60 days or less are valued at amortized cost.  If, after the close of foreign markets, conditions change significantly, the price of certain foreign securities may be adjusted to reflect fair value as of the time of the valuation of the portfolio.  Investments in money market funds are valued at their net asset value.
   
  b.  OPTIONS   The Company may purchase and write (sell) exchange traded put and call options on equity securities.  The Company purchases put options or writes call options to hedge the value of portfolio investments while it purchases call options and writes put options to obtain market exposure.  The risk associated with purchasing an option is that the Company pays a premium whether or not the option is exercised.  Additionally, the Company bears the risk of loss of the premium and a change in market value should the counterparty not perform under the contract.  Put and call options purchased are accounted for in the same manner as portfolio securities.  Premiums received from writing options are reported as a liability on the Statement of Assets and Liabilities.  Those that expire unexercised are treated by the Company on the expiration date as realized gains on written option transactions in the Statement of Operations.  The difference between the premium received and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is also treated as a realized gain, or, if the premium is less than the amount paid for the closing purchase transaction, as a realized loss on written option transactions in the Statement of Operations.  If a written call option is exercised, the premium is added to the proceeds from the sale of the underlying security in determining whether the Company has realized a gain or loss on investments in the Statement of Operations.  If a written put option is exercised, the premium reduces the cost basis of the securities purchased by the Company and is parenthetically disclosed on the Statement of Assets and Liabilities.  The Company as writer of an option bears the market risk of an unfavorable change in the price of the security underlying the written option.  For exchange traded options purchased, the Company bears the risk of loss in the amount of the premiums paid plus appreciation in market value should a counterparty fail to perform under the contract.  Options written by the Company do not give rise to counterparty risk as options written obligate the Company to perform.  The Company has not entered into a master netting agreement with respect to options on equity securities.  See Note 4 for option information.
   
  c.  SECURITY TRANSACTIONS AND INVESTMENT INCOME   Security transactions are recorded as of the trade date.  Realized gains and losses are determined on the specific identification method.  Dividend income and distributions to stockholders are recorded as of the ex-dividend dates.  Interest income is recognized daily on the accrual basis, adjusted for the accretion of discounts and amortization of premiums.

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General American Investors

SIGNIFICANT ACCOUTNING POLICIES AND OTHER MATTERS - continued

September 30, 2024 (Unaudited)

  d.  FOREIGN CURRENCY TRANSLATION AND TRANSACTIONS   Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the exchange rate of such currencies versus U.S. dollars on the date of valuation.  Purchases and sales of securities, income and expense items denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.  Events may impact the availability or reliability of foreign exchange rates used to convert the U.S. dollar equivalent value.  If such an event occurs, the foreign exchange rate will be valued at fair value using procedures established and approved by the Company’s Board of Directors.  The Company does not separately report the effect of changes in foreign exchange rates from changes in market prices on securities held.  These changes are combined and included in net realized and unrealized gain or loss on the Statement of Operations.
   
  Realized foreign exchange gains or losses may also arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions and the difference between the recorded amounts of dividends, interest, and foreign withholding taxes and the U.S. dollar equivalent of the amounts actually received or paid.  Net unrealized foreign exchange gains and losses may also arise from changes in foreign exchange rates on foreign currency denominated assets and liabilities other than investments in securities held at the end of the reporting period.
   
  Foreign security and currency transactions may involve certain considerations and risks not typically associated with those of U.S. companies as a result of, among other factors, the possibility of political or economic instability or the level of governmental supervision and regulation of foreign securities markets.
   
  e.  DIVIDENDS AND DISTRIBUTIONS   The Company expects to pay dividends of net investment income and distributions of net realized capital and currency gains, if any, annually to common shareholders and quarterly to preferred shareholders.  Dividends and distributions to common and preferred shareholders, which are determined in accordance with Federal income tax regulations, are recorded on the ex-dividend date.  Permanent book/tax differences relating to income and gains are reclassified to paid-in capital as they arise.
   
  f.  FEDERAL INCOME TAXES   The Company’s policy is to fulfill the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all taxable income to its stockholders.  Accordingly, no provision for Federal income taxes is required.  In accordance with U.S. GAAP requirements regarding accounting for uncertainties in income taxes, management has analyzed the Company’s tax positions taken or expected to be taken on Federal and state income tax returns for all open tax years (the current and the prior three tax years) and has concluded that no provision for income tax is required in the Company’s financial statements.
   
  g.  INDEMNIFICATIONS   In the ordinary course of business, the Company enters into contracts that contain a variety of indemnifications.  The Company’s maximum exposure under these arrangements is unknown.  However, the Company has not had prior claims or losses pursuant to these indemnification provisions and expects any future risk of loss thereunder to be remote.

5 
 

General American Investors

FAIR VALUE MEASUREMENTS

September 30, 2024 (Unaudited)

Various data inputs are used in determining the value of the Company’s investments. These inputs are summarized in a hierarchy consisting of the three broad levels listed below:

Level 1 - quoted prices in active markets for identical securities (including money market funds which are valued at net asset value, typically $1 per share),

Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, etc.), and

Level 3 - significant unobservable inputs (including assumptions in determining the fair value of investments).

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. No transfers among levels occurred during the nine months ended September 30, 2024. The following is a summary of the inputs used to value the Company’s net assets as of September 30, 2024:

Assets  Level 1  Level 2  Level 3  Total
Common stocks  $1,517,883,854    —      —     $1,517,883,854 
Purchased options   26,500    —      —      26,500 
U.S. Treasury bills   —     $51,453,915    —      51,453,915 
Money market fund   74,158,008    —      —      74,158,008 
Total  $1,592,068,362   $51,453,915    —     $1,643,522,277 

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