STATEMENT OF INVESTMENTS March 31, 2020 (Unaudited)

General American Investors

		Shares		COMMON STOCKS			Value (Note 1a)
Communication Services (10.8%)		Media and Entertainment (8.3%)
		35,500		Alphabet Inc. (a)			$41,279,755
		186,500		Discovery, Inc. (a)			3,625,560
		66,500		Facebook, Inc. - Class A (a)			11,092,200
		180,602		ViacomCBS Inc. - Class B			2,530,234
		91,478		The Walt Disney Company			8,836,775
					(Cost $61,836,479)		67,364,524
		Telecommunication Services (2.5%)
		274,199		GCI Liberty, Inc. - Class A (a)			15,621,117
		384,506		Vodafone Group plc ADR (United Kingdom)			5,294,648
					(Cost $18,544,223)		20,915,765
					(Cost $80,380,702)		88,280,289
Consumer Discretionary (11.2%)		Retailing (11.2%)
		16,500		Amazon.com, Inc. (a)			32,170,380
		3,000		Booking Holdings Inc. (a)			4,035,960
		161,800		Target Corporation			15,042,546
		829,092		The TJX Companies, Inc.			39,638,888
					(Cost $31,281,563)		90,887,774
Consumer Staples (15.4%)		Food, Beverage and Tobacco (9.4%)
		200,118		Danone (France)			12,942,436
		83,210		Diageo plc ADR (United Kingdom)			10,577,655
		345,000		Nestlé S.A. (Switzerland)			35,647,013
		140,000		PepsiCo, Inc.			16,814,000
					(Cost $33,892,158)		75,981,104
		Food and Staples Retailing (2.8%)
		80,200		Costco Wholesale Corporation	(Cost $2,423,547)		22,867,426
		Household and Personal Products (3.2%)
		530,000		Unilever N.V. (Netherlands/United Kingdom)	(Cost $15,024,215)		26,190,166
					(Cost $51,339,920)		125,038,696
Energy (2.8%)		1,149,230		Cameco Corporation (Canada)			8,780,117
		100,725		EOG Resources, Inc.			3,618,042
		3,830,440		Gulf Coast Ultra Deep Royalty Trust			63,202
		420,000		Halliburton Company			2,877,000
		1,150,000		Helix Energy Solutions Group, Inc. (a)			1,886,000
		105,984		Phillips 66			5,686,042
					(Cost $41,484,519)		22,910,403
Financials (18.4%)		Banks (2.9%)
		120,000		JPMorgan Chase & Co.			10,803,600
		110,000		M&T Bank Corporation			11,377,300
		178,682		New York Community Bancorp, Inc.			1,677,824
					(Cost $6,569,736)		23,858,724
		Diversified Financials (6.5%)
		110		Berkshire Hathaway Inc. - Class A (a)(b)			29,920,000
		36,549		Berkshire Hathaway Inc. - Class B (a)			6,682,254
		350,000		Nelnet, Inc.			15,893,500
					(Cost $11,670,250)		52,495,754

1

STATEMENT OF INVESTMENTS March 31, 2020 (Unaudited) - continued

General American Investors

		Shares		COMMON STOCKS (continued)			Value (Note 1a)
Financials (18.4%) (continued)		Insurance (9.0%)
		1,080,000		Arch Capital Group Ltd. (a) (Bermuda)			$30,736,800
		295,000		Axis Capital Holdings Limited (Bermuda)			11,401,750
		105,000		Everest Re Group, Ltd. (Bermuda)			20,204,100
		360,000		MetLife, Inc.			11,005,200
					(Cost $29,635,065)		73,347,850
					(Cost $47,875,051)		149,702,328
Health Care (6.7%)		Health Care Equipment and Services (0.6%)
		62,000		Abbott Laboratories	(Cost $5,079,301)		4,892,420
		Pharmaceuticals, Biotechnology and Life Sciences (6.1%)
		712,400		Corbus Pharmaceuticals Holdings, Inc. (a)			3,732,976
		85,600		Gilead Sciences, Inc.			6,399,456
		266,527		Intra-Cellular Therapies, Inc. (a)			4,096,520
		516,496		Kindred Biosciences, Inc. (a)			2,065,984
		185,191		Merck & Co., Inc.			14,248,596
		803,184		Paratek Pharmaceuticals, Inc. (a)			2,530,030
		365,808		Pfizer Inc.			11,939,973
		950,000		Valneva SE (a) (France)			2,986,100
		1,306,672		VBI Vaccines, Inc. (a) (Canada)			1,241,338
					(Cost $39,081,949)		49,240,973
					(Cost $44,161,250)		54,133,393
Industrials (10.7%)		Capital Goods (4.2%)
		11,787		The Boeing Company			1,757,913
		154,131		Eaton Corporation plc (Ireland)			11,974,437
		217,541		United Technologies Corporation			20,520,643
					(Cost $31,350,065)		34,252,993
		Commercial and Professional Services (6.0%)
		525,200		Nielsen Holdings plc			6,586,008
		562,895		Republic Services, Inc.			42,250,899
					(Cost $18,726,437)		48,836,907
		Transportation (0.5%)
		141,511		Delta Air Lines, Inc.	(Cost $7,145,869)		4,037,309
					(Cost $57,222,371)		87,127,209
Information Technology (21.7%)		Semiconductors and Semiconductor Equipment (6.6%)
		118,652		Applied Materials, Inc.			5,436,635
		155,850		ASML Holding N.V. (Netherlands)			40,776,594
		58,009		Universal Display Corporation			7,644,426
					(Cost $9,249,877)		53,857,655
		Software and Services (7.0%)
		290,686		Microsoft Corporation			45,844,089
		669,655		Nuance Communications, Inc. (a)			11,236,811
					(Cost $17,352,707)		57,080,900
		Technology, Hardware and Equipment (8.1%)
		101,000		Apple Inc.			25,683,290
		600,000		Cisco Systems, Inc.			23,586,000
		152,337		InterDigital, Inc.			6,798,800

2

STATEMENT OF INVESTMENTS March 31, 2020 (Unaudited) - continued

General American Investors

		Shares		COMMON STOCKS (continued)			Value (Note 1a)
Information Technology (21.7%) (continued)		Technology, Hardware and Equipment (8.1%)(continued)
		135,000		Lumentum Holdings Inc. (a)			$9,949,500
					(Cost $32,436,127)		66,017,590
					(Cost $59,038,711)		176,956,145
Materials (0.4%)		919,669		Cleveland-Cliffs Inc.	(Cost $9,005,496)		3,632,692
Miscellanous (1.4%)		468,886		Other (c)	(Cost $12,675,550)		11,191,113
				TOTAL COMMON STOCKS (99.5%)	(Cost $434,465,133)		809,860,042
		Rights		RIGHTS (a)
Pharmaceuticals, Biotechnology and Life Sciences (0.0%)		1,415,824		Elanco Animal Health Incorporated/ December 31, 2021/$0.25	(Cost $35,646)		—
				OPTIONS (a)
CALL OPTIONS		Contracts (100 shares each)		COMPANY/EXPIRATION DATE/ EXERCISE PRICE/NOTIONAL
Energy (0.0%)		200		Transocean Ltd./May 15, 2020/$5/$100,000	(Cost $22,008)		—
PUT OPTIONS
Media and Entertainment (0.1%)		200		Charter Communications, Inc./ June 19, 2020/$485/$9,700,000	(Cost $298,858)		1,196,000
Technology, Hardware And Equipment (0.2%)		300		Apple Inc./June 19, 2020/$300/$9,000,000	(Cost $397,211)		1,438,500
				TOTAL OPTIONS (0.3%)	(Cost $718,077)		2,634,500
		Shares		SHORT-TERM SECURITY AND OTHER ASSETS
		189,057,074		State Street Institutional Treasury Plus Money Market Fund, Trust Class, 0.29% (d) (23.2%)	(Cost $189,057,074)		189,057,074
TOTAL INVESTMENTS (e) (123.0%)					(Cost $624,275,930)		1,001,551,616
Other assets in excess of liabilities (0.3%)							2,506,342
							1,004,057,958
PREFERRED STOCK (-23.3%)							(190,117,175	)
NET ASSETS APPLICABLE TO COMMON STOCK (100%)							$813,940,783

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)7-day yield.

(e)At March 31, 2020, the cost of investments and derivatives for Federal income tax purposes was $627,462,860; aggregate gross unrealized appreciation was $440,501,016; aggregate gross unrealized depreciation was $66,321,122; and net unrealized appreciation was $374,179,894.

STATEMENT OF OPTIONS WRITTEN March 31, 2020 (Unaudited)

Call Options	Contracts (100 shares each)	COMPANY/EXPIRATION DATE/ EXERCISE PRICE/NOTIONAL	Premiums Received*	Value (Note 1a)
Media And Entertainment (0.0%)	200	Charter Communications, Inc./June 19, 2020/$560/$11,200,000	$219,138	$128,000

*The maximum cash outlay if all options are exercised is $11,200,000.

3

(see notes to unaudited financial statements)

NOTES TO FINANCIAL STATEMENTS (Unaudited)

General American Investors

1. Significant Accounting Policies – 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 securities, domestic and foreign, are generally traded in the over-the-counter market rather than on a securities exchange. The Company utilizes the latest bid prices provided by independent dealers and information with respect to transactions in such securities to determine current market value. 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) put and call options. 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 equity 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 awritten put option is exercised, the premium reduces the cost basis for 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. See Note 4 for option activity.
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, adjusted for amortization of discount and premium on investments, is earned from settlement date and is recognized on the accrual basis. Cost of short-term investments represent amortized cost.
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.

4

NOTES TO FINANCIAL STATEMENTS (Unaudited) - continued

General American Investors

2. Fair Value Measurements – 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 using amortized cost and which transact at net asset value, typically $1 per share),

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

Level 3 - significant unobservable inputs (including the Company’s own 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. The following is a summary of the inputs used to value the Company’s net assets as of March 31, 2020:

Assets	Level 1		Level 2	Level 3	Total
Common stocks	$809,860,042		—	—	$809,860,042
Rights	—		—	—	—
Purchased options	2,634,500		—	—	2,634,500
Money market fund	189,057,074		—	—	189,057,074
Total	$1,001,551,616		—	—	$1,001,551,616
Liabilities
Options written	$(128,000	)	—	—	$(128,000	)

5