General American Investors Company, Inc.
100 Park Avenue, New York, NY 10017
(212) 916-8400 (800) 436-8401
E-mail: InvestorRelations@gainv.com
www.generalamericaninvestors.com
G E N E R A L
A M E R I C A N
I N V E S T O R S
2 0 1 5
A N N U A L
R E P O R T
GENERAL AMERICAN INVESTORS COMPANY, INC.
Established in 1927, the Company is a closed-end investment company listed on the
New York Stock Exchange. Its objective is long-term capital appreciation through
investment in companies with above average growth potential.
FINANCIAL SUMMARY (unaudited)
Net assets applicable to Common Stock -
December 31
Net investment income
Net realized gain
Net decrease in unrealized appreciation
Distributions to Preferred Stockholders
Per Common Share-December 31
Net asset value
Market price
Discount from net asset value
Common Shares outstanding-Dec. 31
Market price range* (high-low)
Market volume-shares
*Unadjusted for dividend payments.
2015
2014
$1,068,028,205
13,728,242
34,130,660
(76,268,833)
(11,311,972)
$1,227,899,705
9,735,291
102,101,749
(27,988,358)
(11,311,972)
$37.74
$31.94
-15.4%
$39.77
$35.00
-12.0%
28,296,697
$35.98-$30.46
16,381,264
30,871,844
$38.27-$32.31
9,864,111
DIVIDEND SUMMARY (per share) (unaudited)
Record Date
Payment Date
Ordinary
Income
Long-Term
Capital Gain
Total
Common Stock
Nov. 16, 2015
Feb. 1, 2016
Total from 2015 earnings
Dec. 30, 2015
Feb. 12, 2016
$0.340000
0.051500
$0.391500
$0.810000
0.048500
$0.858500
$1.150000
0.100000
$1.250000
Nov. 17, 2014
Total from 2014 earnings
Dec. 30, 2014
$0.574766 (a)
$2.925234
$3.500000
(a) Includes short-term gains in the amount of $.253614.
Preferred Stock
Mar. 9, 2015
Jun. 8 2015
Sept. 7, 2015
Dec. 7, 2015
Total for 2015
Mar. 7, 2014
Jun. 9, 2014
Sept. 8, 2014
Dec. 8, 2014
Total for 2014
Mar. 24, 2015
Jun. 24, 2015
Sept. 24, 2015
Dec. 24, 2015
Mar. 24, 2014
Jun. 24, 2014
Sept. 24, 2014
Dec. 24, 2014
$.109946
.109946
.109946
.109946
$.439784
$.061069
.061069
.061069
.061069
$.244276 (b)
$.261929
.261929
.261929
.261929
$1.047716
$.310806
.310806
.310806
.310806
$1.243224
$.371875
.371875
.371875
.371875
$1.487500
$.371875
.371875
.371875
.371875
$1.487500
(b) Includes short-term gains in the amount of $.107786 per share ($.0269465 per quarter).
T O T H E S T O C K H O L D E R S
G e n e r a l A m e r i c a n I n v e s t o r s
General American Investors Company, Inc.
100 Park Avenue, New York, NY 10017
(212) 916-8400 (800) 436-8401
E-mail: InvestorRelations@gainv.com
www.generalamericaninvestors.com
1
T O T H E S T O C K H O L D E R S
G e n e r a l A m e r i c a n I n v e s t o r s
General American Investors’ net asset value (NAV) per
Common Share (assuming reinvestment of all dividends)
decreased 1.6% for the year ended December 31, 2015. The
U.S. stock market was up 1.4% for the year, as measured by our
benchmark, the Standard & Poor’s 500 Stock Index (including
income). The return to our Common Stockholders decreased
by 5.3% and the discount at which our shares traded to their
NAV continued to fluctuate and on December 31, 2015, it was
15.4%.
The table that follows provides a comprehensive presentation
of our performance and compares our returns on an annual-
ized basis with the S&P 500.
Years
Stockholder Return
(Market Value)
NAV Return
S&P 500
3
5
10
20
30
40
50
11.6%
11.5%
9.6
5.2
10.6
11.5
14.2
11.3
9.5
5.2
10.3
11.7
13.6
11.6
15.1%
12.6
7.3
8.2
10.3
11.3
9.7
Over the past three years, we have commented on the de-
viation between the U.S. economy’s modest growth and the
equity market’s strong performance, with expansion in the
price-to-earnings multiple accounting for nearly 56% of those
gains. With the Fed recently raising interest rates, a period of
convergence may have begun.
The near zero return of the S&P 500 during 2015 masked a
market characterized by divergences between growth and value
investing, large and small capitalized equity performance, and
large disparities in performance between sectors, especially the
surprisingly strong performance of a few internet stocks. For
2015, 56% of the stocks in the Russell 2000 were down more
than 20% from their highs. We fared comparatively well due
in part to shares of companies in the bio-technology, select
technology and consumer discretionary sectors. We also en-
joyed positive performance of companies that were acquired,
namely: Platinum Underwriters, PartnerRe Insurance, EMC,
and Towers Watson. Detracting were shares of energy, select
industrials and a few financial companies.
The U.S. economy has maintained a modest advance for the
past year with GDP rising 2.1%, a deceleration from the prior
year. For the consumer, low inflation due to falling com-
modity and food prices and strong employment growth have
improved income levels, savings rates and balance sheets.
Home and auto sales continue to improve, the latter reaching
a level on par with 2007 albeit on elevated sub-prime loans.
The average age of a car in the U.S. remains high at 11+ years,
suggesting the improvement may last longer than prior cycles.
Unfortunately, inventories throughout the economy have
been elevated for the past two quarters and industrial produc-
tion has slowed demonstrably as the strong dollar and related
impacts from commodity markets has muted exports in dollar
terms. Changing consumer behavior may have also contrib-
uted to an increase in the household savings rate, reducing
consumption from its pace earlier in the year amidst higher
than expected health insurance costs, rent, and concerns over
geo-politics.
Weakness in energy prices has challenged all U.S. energy-relat-
ed companies leading to credit quality concerns. Historically,
widening credit spreads due to credit deterioration portend
future economic difficulty. With the Federal Reserve initiat-
ing its first interest rate increase since 2006 amidst weakening
growth, it would seem unlikely that rates will increase much
over the next several quarters. Europe continues to improve,
but recent turmoil in the Middle East and the related refugee
crisis has taxed the EU, both financially and politically, pos-
sibly leading to slower growth over the near term. China,
though accounting for less than 2% of U.S. exports has ac-
counted for nearly 46% of global growth over the past 5 years
and may have reached a near term peak in its contribution to
world GDP. This has negatively impacted emerging economies
that rely heavily on the production of base materials.
In sum, the post crisis world economy remains constrained by
excess capacity, leverage and geopolitical turmoil. These head-
winds are countered by low interest rates, low inflation and
GDP growth in the U.S. and Europe. U.S. companies, particu-
larly multi-nationals, have been buffeted by currency effects,
slowing worldwide growth and reduced trade as measured in
U.S. dollars. These risks appear to be discounted in valuations
assuming no exogenous shocks. Low prices for energy will
do their part in removing excess capacity over time and it re-
mains unclear if Saudi Arabia’s strategy of flooding the world
with oil and gaining market share will result in more power or
weakness as the country faces the potential for massive bud-
get deficits. Despite short term pain for producers, it seems
reasonable to assume lower prices for fuel are a net positive to
global GDP over time.
In the interim, given geopolitical uncertainties and a slowing
worldwide expansion, the U.S. may experience a period of
decelerating growth and as a result equity markets may expe-
rience higher volatility. Over the longer term, U.S. equities,
remain the better alternative to fixed income securities as
many of them have dividend yields that compare favorably
to bonds and possess a growth rate linked to global GDP.
Companies paying dividends with room to grow them will
garner more attention this year as growth appears modest
globally. For the longer term, few assets will provide investors
with a greater return than equities. Reinvested dividends form
the cornerstone of equity returns. Since 1935 approximately
44% of the total return of the S&P 500 is due to reinvested
dividends.
We are pleased to report that, on October 14, 2015, Mr. Henry
R. Schirmer was appointed to the Board of Directors of the
Company. Mr. Schirmer is the Chief Financial Officer and
Senior Vice President, Finance for Unilever North America.
Mr. Schirmer’s extensive experience in finance, informa-
tion technology, mergers and acquisitions, supply chain
operations, marketing and sales will be of great value to the
Company in the future.
As announced on December 16, 2015, Maureen E. LoBello, an
employee of the Company for the last twenty-three years and
Corporate Secretary since January 1, 2013, retired effective
December 31, 2015. Effective January 1, 2016, Linda J. Genid,
who has been an employee of the Company since 1983 and
Assistant Corporate Secretary since January 1, 2014, was ap-
pointed Corporate Secretary.
Information about the Company, including our investment
objectives, operating policies and procedures, investment re-
sults, record of dividend payments, financial reports and press
releases, etc., is available on our website, which can be accessed
at www.generalamericaninvestors.com.
By Order of the Board of Directors,
Jeffrey W. Priest
President and Chief Executive Officer
January 20, 2016
2
T H E C O M P A N Y
G e n e r a l A m e r i c a n I n v e s t o r s
Corporate
Overview
General American Investors,
established in 1927, is one of
the nation’s oldest closed-end
investment companies. It is an
independent organization that
is internally managed. For reg-
ulatory purposes, the Company is classified as
a diversified, closed-end management invest-
ment company; it is registered under and sub-
ject to the Investment Company Act of 1940
and Sub-Chapter M of the Internal Revenue
Code.
Investment
Policy
The primary objective of the
Company is long-term capital
appreciation. Lesser emphasis
is placed on current income.
In seeking to achieve its pri-
mary objective, the Company invests prin-
cipally in common stocks believed by its
management to have better than average
growth potential.
The Company’s investment approach focuses
on the selection of individual stocks, each of
which is expected to meet a clearly defined
portfolio objective. A continuous investment
research program, which stresses fundamental
security analysis, is carried on by the officers
and staff of the Company under the oversight
of the Board of Directors. The Directors have
a broad range of experience in business and
financial affairs.
Portfolio
Manager
Mr. Jeffrey W. Priest, has been
President of the Company
since February 1, 2012 and
has been responsible for the
management of the Company
since January 1, 2013 when
he was appointed Chief Executive Officer
and Portfolio Manager. Mr. Priest joined the
Company in 2010 as a senior investment
analyst and has spent his entire 30-year busi-
ness career on Wall Street. Mr. Priest succeeds
Mr. Spencer Davidson who served as Chief
Executive Officer and Portfolio Manager
from 1995 through 2012. Mr. Davidson re-
mains closely involved in the Company as its
Chairman of the Board of Directors. Common
Stock
“GAM”
Common
Stock
As a closed-end investment
company, the Company does
not offer its shares continu-
ously. The Common Stock is
listed on The New York Stock
Exchange (symbol, GAM) and
can be bought or sold in the same manner as
all listed stocks. Net asset value is computed
and published on the Company’s website daily
(on an unaudited basis) and is also furnished
upon request. It is also available on most
electronic quotation services using the symbol
“XGAMX.” Net asset value per share (NAV),
market price, and the discount or premium
from NAV as of the close of each week, is pub-
lished in Barron’s and The Wall Street Journal,
Monday edition.
While shares of the Company usually sell at
a discount to NAV, as do the shares of most
other domestic equity closed-end invest-
ment companies, they occasionally sell at a
premium over NAV. During 2015, the stock
sold at discounts to NAV which ranged from
12.7% (March 10) to 18.0% (September 8). At
December 31, the price of the stock was at a
discount of 15.4%.
Since March 1995, the Board of Directors has
authorized the repurchase of Common Stock
in the open market when the shares trade at
a discount to net asset value of at least 8%.
To date, 22,175,848 shares have been repur-
chased.
“GAM Pr B”
Preferred
Stock
On September 24, 2003, the
Company issued and sold in
a n u n d e r w r i t t e n o f f e r i n g
8,000,000 shares of its 5.95%
Cumulative Preferred Stock,
Series B with a liquidation
preference of $25 per share ($200,000,000 in
the aggregate). The Preferred Shares are rated
“A1” by Moody’s Investors Service, Inc. and
are listed and traded on The New York Stock
Exchange (symbol, GAM Pr B). The Preferred
Shares are available to leverage the investment
performance of the Common Stockholders;
higher market volatility for the Common
Stockholders may result.
The Board of Directors has authorized the re-
purchase of up to 1 million Preferred Shares
in the open market at prices below $25 per
share. To date, 395,313 shares have been re-
purchased.
3
T H E C O M P A N Y
G e n e r a l A m e r i c a n I n v e s t o r s
Dividend
and
Distribution
Policy
The Company’s dividend and
distribution policy is to dis-
tribute to stockholders before
year-end substantially all or-
dinary income estimated for
the full year and capital gains
realized during the ten-month period ended
October 31 of that year. If any additional capi-
tal gains are realized and available or ordinary
income is earned during the last two months
of the year, a “spill-over” distribution of these
amounts may be paid. Dividends and distri-
butions on shares of Preferred Stock are paid
quarterly. Distributions from capital gains and
dividends from ordinary income are allocated
proportionately among holders of shares of
Common Stock and Preferred Stock.
Dividends from income have been paid con-
tinuously on the Common Stock since 1939
and capital gain distributions in varying
amounts have been paid for each of the years
1943-2015 (except for the year 1974). (A table
listing dividends and distributions paid during
the 20-year period 1996-2015 is shown at the
bottom of page 4.) To the extent that shares
can be issued, dividends and distributions are
paid to Common Stockholders in additional
shares of Common Stock unless the stockhold-
er specifically requests payment in cash.
Proxy Voting
Policies,
Procedures
and Record
The policies and procedures
used by the Company to de-
termine how to vote proxies
relating to portfolio securities
and the Company’s proxy
voting record for the 12-
month period ended June
30, 2015 are available: (1) without charge,
upon request, by calling the Company at its
toll-free number (1-800-436-8401), (2) on the
Company’s website at www.generalamerican-
investors.com and (3) on the Securities and
Exchange Commission’s website at www.sec.
gov.
Direct
Registration
The Company makes avail-
able direct registration for
its Common Shareholders.
Direct registration, which is
an element of the Investors
Choice Plan administered by
our transfer agent, is a system that allows for
book-entry ownership and electronic trans-
fer of our Common Shares. Accordingly,
when Common Shareholders, who hold their
shares directly, receive new shares resulting
from a purchase, transfer or dividend pay-
ment, they will receive a statement showing
the credit of the new shares as well as their
Plan account and certificated share balanc-
es. A brochure which describes the features
and benefits of the Investors Choice Plan, in-
cluding the ability of shareholders to deposit
certificates with our transfer agent, can be
obtained by calling American Stock Transfer &
Trust Company at 1-800-413-5499, calling the
Company at 1-800-436-8401 or visiting our
website: www.generalamericaninvestors.com
- click on Distributions & Reports, then Report
Downloads.
Privacy
Policy and
Practices
The Company collects non-
public personal information
about its customers (stock-
holders) with respect to their
transactions in shares of the
Company’s securities but
only for those stockholders whose shares are
registered in their names. This information
includes the stockholder’s address, tax identifi-
cation or Social Security number and dividend
elections. We do not have knowledge of, nor
do we collect personal information about,
stockholders who hold the Company’s securi-
ties at financial institutions in “street name”
registration.
We do not disclose any nonpublic personal
information about our current or former stock-
holders to anyone, except as permitted by law.
We also restrict access to nonpublic personal
information about our stockholders to those
few employees who need to know that infor-
mation to perform their responsibilities. We
maintain safeguards that comply with federal
standards to guard our stockholders’ personal
information.
4
I N V E S T M E N T R E S U L T S ( U N A U D I T E D )
G e n e r a l A m e r i c a n I n v e s t o r s
Total return on $10,000 in-
vestment for 20 years ended
December 31, 2015
This table shows dividends
and distributions on the
Company’s Common Stock
for the prior 20-year period.
Amounts shown are based
upon the year in which the
income was earned, not the
year paid. Spill-over pay-
ments made after year-end
are attributable to income
and gains earned in the
prior year.
T he investment return for a Common Stockholder of General American Investors (GAM)
over the 20 years ended December 31, 2015 is shown in the table below and in the
accompa ny ing chart. The return based on GAM’s net asset value (NAV) per Common
Share in comparison to the change in the Standard & Poor’s 500 Stock Index (S&P 500) is also
displayed. Each illustration assumes an investment of $10,000 at the beginning of 1996.
Stockholder Return is the return a Common Stock holder of GAM would have achieved assum-
ing reinvestment of all dividends and distributions at the actual reinvestment price and of all
cash dividends at the average (mean between high and low) market price on the ex-dividend
date.
Net Asset Value (NAV) Return is the return on shares of the Company’s Common Stock based
on the NAV per share, including the reinvestment of all dividends and distributions at the rein-
vestment prices indicated above.
Standard & Poor’s 500 Return is the time-weighted total rate of return on this widely-recog-
nized, unmanaged index which is a measure of general stock market performance, including
dividend income.
Past performance may not be indicative of future results.
The following tables and graph do not reflect the deduction of taxes that a stockholder would pay
on Company distributions or the sale of Company shares.
GENERAL AMERICAN INVESTORS
STOCKHOLDER RETURN
CUMULATIVE
INVESTMENT
ANNUAL
RETURN
NET ASSET VALUE RETURN
ANNUAL
RETURN
CUMULATIVE
INVESTMENT
STANDARD & POOR’S 500
RETURN
CUMULATIVE
INVESTMENT
ANNUAL
RETURN
$11,948
19.48%
$11,997
19.97%
$12,291
22.91%
17,035
22,369
31,142
37,091
38,697
28,167
35,775
38,920
45,692
53,359
58,012
30,050
41,127
47,806
45,277
54,228
72,785
79,569
75,320
42.58
31.31
39.22
19.10
4.33
-27.21
27.01
8.79
17.40
16.78
8.72
-48.20
36.86
16.24
-5.29
19.77
34.22
9.32
-5.34
15,842
21,409
29,202
34,353
33,941
26,128
33,287
36,738
42,690
47,915
51,753
29,489
38,949
44,912
43,623
51,174
68,231
72,638
71,505
32.05
35.14
36.40
17.64
-1.20
-23.02
27.40
10.37
16.20
12.24
8.01
-43.02
32.08
15.31
-2.87
17.31
33.33
6.46
-1.56
16,388
21,066
25,482
23,165
20,411
15,892
20,431
22,635
23,729
27,445
28,929
18,205
23,020
26,487
27,052
31,377
41,546
47,234
47,900
33.33
28.55
20.96
-9.09
-11.89
-22.14
28.56
10.79
4.83
15.66
5.41
-37.07
26.45
15.06
2.13
15.99
32.41
13.69
1.41
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
D I V I D E N D S A N D D I S T R I B U T I O N S P E R C O M M O N S H A R E ( 1 9 9 6 - 2 0 1 5 ) ( U N A U D I T E D )
EARNINGS SOURCE
SHORT-TERM LONG-TERM
YEAR INCOME CAPITAL GAINS CAPITAL GAINS
$.050
1996
—
1997
—
1998
.620
1999
1.550
2000
.640
2001
2002
—
—
2003
—
2004
.041
2005
$2.710
2.950
4.400
4.050
6.160
1.370
.330
.590
.957
1.398
$.200
.210
.470
.420
.480
.370
.030
.020
.217
.547
EARNINGS SOURCE
SHORT-TERM LONG-TERM RETURN OF
YEAR INCOME CAPITAL GAINS CAPITAL GAINS CAPITAL
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
$.334
.706
.186
.103
.081
.147
.215
.184
.321
.392
—
$.009
—
.051
.033
.011
.015
—
.254
—
$2.666
5.250
.254
.186
.316
.342
1.770
1.916
2.925
.858
—
—
—
$.010
—
—
—
—
—
—
5
I N V E S T M E N T R E S U L T S ( U N A U D I T E D )
G e n e r a l A m e r i c a n I n v e s t o r s
20-YEAR INVESTMENT RESULTS
ASSUMING AN INITIAL
INVESTMENT OF $10,000
CUMULATIVE VALUE
OF INVESTMENT
COMPARATIVE ANNUALIZED INVESTMENT RESULTS
YEARS ENDED
DECEMBER 31, 2015
STOCKHOLDER
RETURN
GAM NET
ASSET VALUE
S&P 500
STOCK INDEX
-5.3%
-1.6%
1.4%
1 year
5 years
10 years
15 years
9.6
5.2
4.9
9.5
5.2
5.0
12.6
7.3
5.0
8.2
20 years
10.6
10.3
$100,000
$75,000
$50,000
$25,000
6
9
9
1
7
9
9
1
8
9
9
1
9
9
9
1
0
0
0
2
1
0
0
2
2
0
0
2
3
0
0
2
4
0
0
2
5
0
0
2
6
0
0
2
7
0
0
2
8
0
0
2
9
0
0
2
0
1
0
2
1
1
0
2
2
1
0
2
3
1
0
2
4
1
0
2
5
1
0
2
GAM Stockholder Return
GAM Net Asset Value
S&P 500 Stock Index
$0
6
M A J O R S T O C K C H A N G E S ( a ) : T H R E E M O N T H S E N D E D D E C E M B E R 3 1 , 2 0 1 5 ( U N A U D I T E D )
G e n e r a l A m e r i c a n I n v e s t o r s
INCREASES:
NEW POSITIONS
Applied DNA Sciences, Inc. - Warrants
Cempra, Inc.
NET SHARES TRANSACTED
578,591
324,409
SHARES HELD
281,409 (b)
494,409 (b)
ADDITIONS
Anadarko Petroleum Corporation
Hertz Global Holdings, Inc.
M&T Bank Corporation
Nelnet, Inc.
Synchronoss Technologies, Inc.
DECREASES:
ELIMINATIONS
Ciena Corporation
Target Corporation
REDUCTIONS
Apple Inc.
Costco Wholesale Corporation
EMC Corporation
Ensco plc - Class A
FCB Financial Holdings, Inc.
Intel Corporation
Intra-Cellular Therapies Inc.
Occidental Petroleum Corporation
QUALCOMM Incorporated
Repros Therapeutics Inc.
Republic Services, Inc.
Ultra Petroleum Corp.
Verint Systems Inc.
8,000
50,000
28,493 (c)
31,500
25,000
496,000
216,300
50,000
64,019
55,000
230,000
85,000
328,200
62,700
45,500
75,000
112,937
64,300
652,900
60,400
218,000
795,064
153,493
520,000
425,534
-----
-----
344,000
243,781
560,000
385,000
300,000
505,500
182,442
154,500
461,200
396,123
972,800
150,903
130,886
(a) Common shares unless otherwise noted; excludes transactions in Common Stocks - Miscellaneous - Other.
(b) Shares purchased in prior period and previously carried under Common Stocks - Miscellaneous - Other.
(c) Shares received in a merger with Hudson City Bancorp, Inc.
P O R T F O L I O D I V E R S I F I C A T I O N ( U N A U D I T E D )
DECEMBER 31, 2015
COST(000)
VALUE(000)
% COMMON
NET ASSETS
The diversification of the
Company’s net assets
applicable to its Common
Stock by industry group as
of December 31, 2015 is
shown in the table.
INDUSTRY CATEGORY
Financials
Banks
Diversified Financials
Insurance
Information Technology
Semiconductors & Semiconductor Equipment
Software & Services
Technology Hardware & Equipment
Consumer Staples
Food, Beverage & Tobacco
Food & Staples Retailing
Industrials
Capital Goods
Commercial & Professional Services
Transportation
$9,918
25,490
41,708
77,116
15,210
38,968
57,965
112,143
69,831
7,370
77,201
61,692
27,451
14,793
103,936
$29,337
55,296
170,754
255,387
35,244
58,065
101,271
194,580
123,172
39,371
162,543
71,842
74,047
11,314
157,203
Health Care
Pharmaceuticals, Biotechnology & Life Sciences
75,945
146,498
Consumer Discretionary
Automobiles & Components
Retailing
Energy
Miscellaneous*
Telecommunication Services
Materials
Short-Term Securities
Total Investments
Other Assets and Liabilities - Net
Preferred Stock
Net Assets Applicable to Common Stock
16,175
5,255
21,430
86,758
37,900
23,341
17,928
633,698
106,006
$739,704
17,811
88,259
106,070
76,923
32,485
22,061
9,112
1,162,862
106,006
1,268,868
(10,723)
(190,117)
$1,068,028
* Securities which have been held for less than one year, not previously disclosed and not restricted.
2.7%
5.2
16.0
23.9
3.3
5.5
9.5
18.3
11.5
3.7
15.2
6.7
6.9
1.1
14.7
13.7
1.6
8.3
9.9
7.2
3.0
2.1
0.9
108.9
9.9
118.8
(1.0)
(17.8)
100.0%
7
T E N L A R G E S T I N V E S T M E N T H O L D I N G S ( U N A U D I T E D )
G e n e r a l A m e r i c a n I n v e s t o r s
The statement of
investments as of
December 31, 2015,
shown on pages 8 - 10
includes 56 security
issues. Listed here are the
ten largest holdings on
that date.
THE TJX COMPANIES, INC.
Through its T.J. Maxx and Marshalls divisions, TJX is the leading
off-price retailer. The continued growth of these divisions in the
U.S. and Europe, along with expansion of related U.S. and foreign
off-price formats, provide ongoing growth opportunities.
SHARES
VALUE
% COMMON
NET ASSETS
1,244,668
$88,259,408
8.3%
ARCH CAPITAL GROUP LTD.
Arch Capital, a Bermuda-based insurer/reinsurer, generates premiums
of approximately $5 billion and has a high quality, well-reserved
A+ rated balance sheet. This company has a strong management team
that exercises prudent underwriting discipline, efficient expense
control, and steady capital management resulting in above-average
earnings and book value growth.
700,000
438,600
GILEAD SCIENCES, INC.
Gilead Sciences is a U.S. based biotechnology company that discovers,
develops and commercializes therapeutics. Originally founded to focus
predominantly on antiviral drugs to treat patients with HIV, Hepatitis B,
CMV, influenza and most recently, Hepatitis C, the company has expanded
its reach into cardiopulmonary medicine and oncology and other related areas.
REPUBLIC SERVICES, INC.
Republic Services is a leading provider of non-hazardous, solid
waste collection and disposal services in the U.S. The efficient
operation of its routes and facilities combined with appropriate
pricing enables Republic Services to generate significant free cash flow.
COSTCO WHOLESALE CORPORATION
Costco is the world’s largest wholesale club with a record of steady
growth in sales and profits as it continues to gain share of the
consumer dollar in the U.S. and overseas.
243,781
972,800
MICROSOFT CORPORATION
Microsoft is a leading global provider of software services and
hardware devices. The company produces the Windows operating
system, Office productivity suite, Azure public cloud service, and Xbox
gaming console.
680,686
APPLE INC.
Apple designs, manufactures and markets mobile communications
and media devices, personal computers and portable digital music
players. It also sells device related software, services, peripherals and
third-party content and applications. The company’s growth pro-
spects look favorable as the shift to mobile computing expands globally
and as more products and services are added to the Apple ecosystem.
344,000
48,825,000
4.6
44,381,934
4.1
42,793,472
4.0
39,370,631
3.7
37,764,459
3.5
36,209,440
3.4
PARTNERRE LTD.
PartnerRe, a Bermuda-based global reinsurer, generates annual
premiums of approximately $6 billion, has a quality investment
portfolio and a conservative, well-reserved A+ rated balance sheet.
This well-managed organization exercises prudent underwriting
discipline and superior capital management resulting in above
earnings and book value growth.
NESTLÉ S.A.
Nestlé is a well-managed global food company with a
favorably-positioned product portfolio and an excellent
AA rated balance sheet. Solid volume growth, strong pricing
power, expense control and steady capital management yield
durable, above-average, long-term total return potential.
253,361
35,404,666
3.3
450,000
33,497,253
3.1
GENERAL ELECTRIC COMPANY
General Electric is a global industrial and technology company.
The company aims to generate 75% of its earnings from industrial
businesses upon completion of the exit from most of its financial
businesses. The company’s diverse mix of infrastructure businesses,
many with leading market positions, forms the foundation of
management’s focus upon shareholder value via earnings growth,
optimization of profitability, and returning capital through dividends
and share repurchases.
1,015,000
31,617,250
3.0
$438,123,513
41.0%
8
S T A T E M E N T O F I N V E S T M E N T S D E C E M B E R 3 1 , 2 0 1 5
G e n e r a l A m e r i c a n I n v e s t o r s
CONSUMER
DISCRETIONARY
(9.9%)
CONSUMER STAPLES
(15.2%)
SHARES
COMMON STOCKS
AUTOMOBILES AND COMPONENTS (1.6%)
1,264,063 Ford Motor Company
RETAILING (8.3%)
1,244,668 The TJX Companies, Inc.
FOOD, BEVERAGE AND TOBACCO (11.5%)
201,174 Danone
237,400 Diageo plc ADR
450,000 Nestlé S.A.
195,000 PepsiCo, Inc.
704,378 Unilever N.V.
ENERGY
(7.2%)
FOOD AND STAPLES RETAILING (3.7%)
243,781 Costco Wholesale Corporation
218,000 Anadarko Petroleum Corporation
230,900 Apache Corporation
1,572,819 Cameco Corporation
385,000 Ensco plc - Class A
585,000 Halliburton Company
154,500 Occidental Petroleum Corporation
150,903 Ultra Petroleum Corp. (a)
FINANCIALS
(23.9%)
BANKS (2.7%)
300,000 FCB Financial Holdings, Inc. (a)
153,493 M&T Bank Corporation
DIVERSIFIED FINANCIALS (5.2%)
245,000 American Express Company
315,000 JPMorgan Chase & Co.
520,000 Nelnet, Inc.
INSURANCE (16.0%)
243,492 Aon plc
700,000 Arch Capital Group Ltd. (a)
110 Berkshire Hathaway Inc. Class A (a)
135,000 Everest Re Group, Ltd.
365,000 MetLife, Inc.
253,361 PartnerRe Ltd.
PHARMACEUTICALS, BIOTECHNOLOGY AND LIFE SCIENCES
1,200,000 Ariad Pharmaceuticals, Inc. (a)
180,000 Celgene Corporation (a)
494,409 Cempra, Inc. (a)
438,600 Gilead Sciences, Inc.
182,442 Intra-Cellular Therapies Inc. (a)
427,191 Merck & Co., Inc.
277,076 Paratek Pharmaceuticals Inc. (a)
605,808 Pfizer Inc.
396,123 Repros Therapeutics Inc. (a)
HEALTH CARE
(13.7%)
VALUE (NOTE 1a)
(COST $16,174,723)
$17,810,648
(COST $5,254,725)
(COST $21,429,448)
88,259,408
106,070,056
13,610,379
25,893,218
33,497,253
19,484,400
30,686,974
123,172,224
(COST $69,831,143)
(COST $7,369,695)
(COST $77,200,838)
39,370,631
162,542,855
10,590,440
10,268,123
19,392,858
5,925,150
19,913,400
10,445,745
377,258
76,912,974
10,737,000
18,600,282
29,337,282
17,039,750
20,799,450
17,456,400
55,295,600
22,452,397
48,825,000
21,758,000
24,717,150
17,596,650
35,404,666
170,753,863
255,386,745
7,500,000
21,556,800
15,390,952
44,381,934
9,813,555
22,564,229
5,256,132
19,555,482
479,309
146,498,393
(COST $86,314,371)
(COST $9,918,278)
(COST $25,489,288)
(COST $41,708,047)
(COST $77,115,613)
(COST $75,945,208)
9
S T A T E M E N T O F I N V E S T M E N T S D E C E M B E R 3 1 , 2 0 1 5 - c o n t i n u e d
G e n e r a l A m e r i c a n I n v e s t o r s
INDUSTRIALS
(14.7%)
SHARES
COMMON STOCKS (Continued)
CAPITAL GOODS (6.7%)
219,131 Eaton Corporation PLC
1,015,000 General Electric Company
300,000 United Technologies Corporation
COMMERCIAL AND PROFESSIONAL SERVICES (6.9%)
972,800 Republic Services, Inc.
243,298 Towers Watson & Co. Class A (b)
TRANSPORTATION (1.1%)
795,064 Hertz Global Holdings, Inc. (a)
VALUE (NOTE 1a)
$11,403,577
31,617,250
28,821,000
71,841,827
42,793,472
31,254,061
74,047,533
(COST $61,692,252)
(COST $27,450,601)
(COST $14,793,585)
(COST $103,936,438)
11,313,761
157,203,121
INFORMATION
TECHNOLOGY
(18.2%)
SEMICONDUCTORS AND SEMICONDUCTOR EQUIPMENT (3.3%)
200,850 ASML Holding N.V.
505,500
Intel Corporation
SOFTWARE AND SERVICES (5.5%)
680,686 Microsoft Corporation
425,534 Synchronoss Technologies, Inc. (a)
130,886 Verint Systems Inc. (a)
TECHNOLOGY HARDWARE AND EQUIPMENT (9.4%)
344,000 Apple Inc.
1,000,000 Cisco Systems, Inc.
560,000 EMC Corporation
461,200 QUALCOMM Incorporated
(COST $15,210,099)
(COST $38,967,624)
(COST $57,961,936)
(COST $112,139,659)
17,829,454
17,414,475
35,243,929
37,764,459
14,991,563
5,308,736
58,064,758
36,209,440
27,155,000
14,380,800
23,053,082
100,798,322
194,107,009
MATERIALS
(0.9%)
MISCELLANEOUS
(3.0%)
TELECOMMUNICATION
SERVICES
(2.1%)
TECHNOLOGY
HARDWARE AND
EQUIPMENT
(0.1%)
801,422 Huntsman Corporation
(COST $17,928,463)
9,112,168
Other (c)
(COST $37,899,832)
32,485,029
683,852 Vodafone Group plc ADR
(COST $23,341,422)
22,061,066
TOTAL COMMON STOCKS (108.8%)
(COST $633,251,292) 1,162,379,416
WARRANTS WARRANT
281,409 Applied DNA Sciences, Inc. (a)
(COST $2,814)
472,486
CONTRACTS
CALL OPTIONS
(100 SHARES EACH) COMPANY/EXPIRATION DATE/EXERCISE PRICE
ENERGY
1,000 Ensco plc/January 15, 2016/$17 (a)
1,500 Ensco plc/January 15, 2016/$19 (a)
(COST $443,582)
10,000
0
10,000
1 0
S T A T E M E N T O F I N V E S T M E N T S D E C E M B E R 3 1 , 2 0 1 5 - c o n t i n u e d
G e n e r a l A m e r i c a n I n v e s t o r s
SHARES
106,006,567
SHORT-TERM SECURITIES AND OTHER ASSETS
SSgA U.S. Treasury Money Market Fund (9.9%)
(COST $106,006,567)
TOTAL INVESTMENTS (d) (118.8%)
Liabilities in excess of receivables and other assets (-1.0%)
(COST $739,704,255)
PREFERRED STOCK (-17.8%)
NET ASSETS APPLICABLE TO COMMON STOCK (100%)
VALUE (NOTE 1a)
$106,006,567
1,268,868,469
(10,723,089)
1,258,145,380
(190,117,175)
$1,068,028,205
ADR - American Depository Receipt
(a) Non-income producing security.
(b) Name changed to Willis Towers Watson PLC upon merger on January 5, 2016.
(c) Securities which have been held for less than one year, not previously disclosed, and not restricted.
(d) At December 31, 2015, the cost of investments for Federal income tax purposes was $739,704,255; aggregate gross
unrealized appreciation was $586,393,098; aggregate gross unrealized depreciation was $57,228,885; and net unrealized ap-
preciation was $529,164,213.
(see notes to financial statements)
S T A T E M E N T O F O P T I O N S W R I T T E N
CALL OPTIONS
CONSUMER STAPLES
CONTRACTS
(100 SHARES EACH)
COMPANY/EXPIRATION DATE/EXERCISE PRICE
VALUE (NOTE 1a)
FOOD & STAPLES RETAILING
HEALTH CARE
INFORMATION TECHNOLOGY
SEMICONDUCTORS AND
250 Costco Wholesale Corporation/January 15, 2016/$145
500 Costco Wholesale Corporation/January 15, 2016/$150
1,000 Cempra, Inc./January 16, 2016/$25
$450,000
665,000
680,000
SEMICONDUCTOR EQUIPMENT
500
Intel Corporation/January 15, 2016/$32
(PREMIUMS RECEIVED $1,473,462)
PUT OPTIONS
ENERGY
1,000 Ensco plc/January 15, 2016/$14
1,500 Ensco plc/January 15, 2016/$15
TOTAL OPTIONS WRITTEN
(PREMIUMS RECEIVED $404,556*)
(PREMIUMS RECEIVED $1,878,018)
141,000
1,936,000
40,000
90,000
130,000
$2,066,000
*The maximum cash outlay if all put options are exercised is $3,650,000.
(see notes to financial statements)
1 1
S T A T E M E N T O F A S S E T S A N D L I A B I L I T I E S
G e n e r a l A m e r i c a n I n v e s t o r s
ASSETS
DECEMBER 31, 2015
INVESTMENTS, AT VALUE (NOTE 1a)
Common stocks (cost $633,251,292)
Warrant (cost $2,814)
Purchased options (cost $443,582)
Money market fund (cost $106,006,567)
Total investments (cost $739,704,255)
RECEIVABLES AND OTHER ASSETS
Cash, including that held by custodian in segregated account*
Dividends, interest and other receivables
Qualified pension plan asset, net excess funded (note 7)
Prepaid expenses, fixed assets and other assets
TOTAL ASSETS
LIABILITIES
Payable for securities purchased
Accrued compensation payable to officers and employees
Accrued preferred stock dividend not yet declared
Outstanding options written, at value (premiums received $1,878,018)
Accrued supplemental pension plan liability (note 7)
Accrued supplemental thrift plan liability (note 7)
Accrued expenses and other liabilities
TOTAL LIABILITIES
5.95% CUMULATIVE PREFERRED STOCK, SERIES B -
7,604,687 at a liquidation value of $25 per share (note 5)
NET ASSETS APPLICABLE TO COMMON STOCK - 28,296,697 (note 5)
NET ASSET VALUE PER COMMON SHARE
NET ASSETS APPLICABLE TO COMMON STOCK
Common Stock, 28,296,697 shares at par value (note 5)
Additional paid-in capital (note 5)
Undistributed realized gain on securities sold
Over distributed net investment income (note 5)
Accumulated other comprehensive loss (note 7)
Unallocated distributions on Preferred Stock
Unrealized appreciation on investments, options written and other
NET ASSETS APPLICABLE TO COMMON STOCK
*Of which $3,832,500 is collateral for options written.
(see notes to financial statements)
$1,162,379,416
472,486
10,000
106,006,567
1,268,868,469
3,845,114
2,201,436
1,995,511
916,094
1,277,826,624
5,355,964
3,219,500
219,955
2,066,000
5,605,494
2,816,870
397,461
19,681,244
190,117,175
$1,068,028,205
$37.74
$28,296,697
511,036,440
5,015,370
(92,807)
(5,247,870)
(219,955)
529,240,330
$1,068,028,205
1 2
S T A T E M E N T O F O P E R A T I O N S
G e n e r a l A m e r i c a n I n v e s t o r s
INCOME
Dividends (net of foreign withholding taxes of $643,722)
EXPENSES
Investment research
Administration and operations
Office space and general
Auditing and legal fees
Transfer agent, custodian and registrar fees and expenses
Directors’ fees and expenses
State and local taxes
Stockholders’ meeting and reports
TOTAL EXPENSES
NET INVESTMENT INCOME
YEAR ENDED
DECEMBER 31, 2015
$27,547,383
6,838,278
3,973,579
1,696,392
487,704
294,173
234,766
173,980
120,269
13,819,141
13,728,242
Realized Gain And Change In Unrealized Appreciation On Investments (Notes 1, 3 and 4)
Net realized gain on investments:
Securities transactions
Written options transactions (notes 1b and 4)
Net decrease in unrealized appreciation
NET INVESTMENT INCOME, REALIZED GAINS AND DEPRECIATION ON INVESTMENTS
DISTRIBUTIONS TO PREFERRED STOCKHOLDERS
DECREASE IN NET ASSETS RESULTING FROM OPERATIONS
(see notes to financial statements)
S T A T E M E N T O F C H A N G E S I N N E T A S S E T S
OPERATIONS
Net investment income
Net realized gain on investments
Net decrease in unrealized appreciation
Distributions to Preferred Stockholders:
From net investment income
From net capital gains
Decrease in net assets from Preferred distributions
INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
OTHER COMPREHENSIVE INCOME (LOSS)
Funded status of defined benefit plans (note 7)
DISTRIBUTIONS TO COMMON STOCKHOLDERS
From net investment income
From net capital gains
33,494,870
635,790
34,130,660
(76,268,833)
(28,409,931)
(11,311,972)
($39,721,903)
YEAR ENDED DECEMBER 31,
2015
2014
$13,728,242
34,130,660
(76,268,833)
(28,409,931)
$9,735,291
102,101,749
(27,988,358)
83,848,682
(3,344,407)
(7,967,565)
(11,311,972)
(1,037,961)
(10,274,011)
(11,311,972)
(39,721,903)
72,536,710
538,384
(3,962,010)
(9,622,112)
(22,923,266)
(9,462,665)
(93,663,921)
DECREASE IN NET ASSETS FROM COMMON DISTRIBUTIONS
(32,545,378)
(103,126,586)
CAPITAL SHARE TRANSACTIONS (NOTE 5)
Value of Common Shares issued in payment of dividends
and distributions
Cost of Common Shares purchased
INCREASE (DECREASE) IN NET ASSETS - CAPITAL TRANSACTIONS
NET DECREASE IN NET ASSETS
NET ASSETS APPLICABLE TO COMMON STOCK
BEGINNING OF YEAR
END OF YEAR (including over distributed net investment
income of ($92,807) and ($857,611), respectively)
(see notes to financial statements)
13,532,276
(101,674,879)
(88,142,603)
(159,871,500)
51,886,970
(18,905,125)
32,981,845
(1,570,041)
1,227,899,705
1,229,469,746
$1,068,028,205
$1,227,899,705
1 3
F I N A N C I A L H I G H L I G H T S
G e n e r a l A m e r i c a n I n v e s t o r s
The table shows per share
operating performance
data, total investment
return, ratios and supple-
mental data for each year
in the five-year period
ended December 31, 2015.
This information has
been derived from infor-
mation contained in the
financial statements and
market price data for the
Company’s shares.
PER SHARE OPERATING PERFORMANCE
Net asset value, beginning of year
Net investment income
Net gain (loss) on securities - realized
and unrealized
Other comprehensive income (loss)
Distributions on Preferred Stock:
Dividends from net investment income
Distributions from net capital gains
Total from investment operations
Distributions on Common Stock:
Dividends from net investment income
Distributions from net capital gains
2015
2014
2013
2012
2011
$39.77
.48
$41.07
.32
$32.68
.17
$29.78
.24
$31.26
.18
(.99)
.02
(.49)
(.12)
(.27)
(.39)
(.88)
2.39
(.13)
2.58
(.04)
(.34)
(.38)
2.20
(.34)
(.81)
(1.15)
(.32)
(3.18)
(3.50)
10.51
.20
10.88
(.04)
(.35)
(.39)
10.49
(.18)
(1.92)
(2.10)
5.05
—
5.29
(.04)
(.35)
(.39)
4.90
(.21)
(1.79)
(2.00)
(.68)
(.10)
(.60)
(.11)
(.27)
(.38)
(.98)
(.15)
(.35)
(.50)
Net asset value, end of year
Per share market value, end of year
$37.74
$31.94
$39.77
$35.00
$41.07
$35.20
$32.68
$27.82
$29.78
$24.91
TOTAL INVESTMENT RETURN - Stockholder
Return, based on market price per share
RATIOS AND SUPPLEMENTAL DATA
Net assets applicable to Common Stock,
(5.34%)
9.32%
34.24%
19.77%
(5.29%)
end of year (000’s omitted)
$1,068,028 $1,227,900 $1,229,470 $955,418 $886,537
Ratio of expenses to average net assets
applicable to Common Stock
1.17%
1.10%
1.27%
1.67%
1.39%
Ratio of net income to average net assets
applicable to Common Stock
Portfolio turnover rate
1.17%
14.41%
0.78%
14.98%
0.47%
17.12%
0.74%
9.56%
0.56%
11.17%
PREFERRED STOCK
Liquidation value, end of year
(000’s omitted)
Asset coverage
Liquidation preference per share
Market value per share
(see notes to financial statements)
$190,117
662%
$190,117
746%
$190,117 $190,117 $190,117
566%
747%
603%
$25.00
$26.75
$25.00
$26.01
$25.00
$25.30
$25.00
$25.54
$25.00
$25.47
1 4
N O T E S T O F I N A N C I A L S T A T E M E N T S
G e n e r a l A m e r i c a n I n v e s t o r s
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 esti-
mates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial state-
ments 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, condi-
tions 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.
Special holdings (restricted securities) and other securities for which quotations are not readily available are val-
ued at fair value determined in good faith pursuant to specific procedures appropriate to each security as estab-
lished by and under the general supervision of the Board of Directors. The determination of fair value involves
subjective judgments. As a result, using fair value to price a security may result in a price materially different
from the price used by other investors or the price that may be realized upon the actual sale of the security.
b. OPTIONS The Company may purchase and write (sell) put and call options. The Company typically purchases
put options or writes call options to hedge the value of portfolio investments while it typically purchases call
options and writes put options to obtain equity market exposure under specified circumstances. The risk associ-
ated 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 coun-
terparty 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 real-
ized 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 transac-
tion, 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 for the securities purchased by the Company and is parentheti-
cally disclosed under cost of investments 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 written option activity.
c. SECURITIES TRANSACTIONS AND INVESTMENT INCOME Securities transactions are recorded as of the trade date.
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 recog-
nized on the accrual basis. Cost of short-term investments represents amortized cost.
d. FOREIGN CURRENCY TRANSLATION AND TRANSACTIONS Portfolio securities and other assets and liabilities denomi-
nated 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. Such changes are included
in net realized and unrealized gain or loss from investments on the Statement of Operations.
Realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses real-
ized 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 ac-
tually received or paid. Net unrealized foreign exchange gains and losses arise from changes in foreign exchange
rates on foreign denominated assets and liabilities other than investments in securities held at the end of the
reporting period.
1 5
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G e n e r a l A m e r i c a n I n v e s t o r s
1. SIGNIFICANT ACCOUNTING POLICIES - (Continued from previous page.)
Foreign security and currency transactions may involve certain considerations and risks not typically associ-
ated 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 distribu-
tions 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 accor-
dance 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 appli-
cable 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 regard-
ing 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. CONTINGENT LIABILITIES Amounts related to contingent liabilities are accrued if it is probable that a liability has
been incurred and an amount is reasonably estimable. Management evaluates whether there are incremental
legal or other costs directly associated with the ultimate resolution of a matter that are reasonably estimable and,
if so, they are included in the accrual.
h. 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 the risk of
loss thereunder to be remote.
2. FAIR VALUE MEASUREMENTS
Various data inputs are used in determining the value of the Company’s investments. These inputs are summa-
rized 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 December 31, 2015:
Assets
Common stocks
Warrants
Purchased options
Money market fund
Total
Liabilities
Options written
Level 1
$1,162,379,416
472,486
10,000
106,006,567
$1,268,868,469
Level 2
—
—
—
—
—
Level 3
—
—
—
—
—
Total
$1,162,379,416
472,486
10,000
106,006,567
$1,268,868,469
($2,066,000)
—
—
($2,066,000)
Transfers of Level 3 Securities, if any, are reported as of the actual date of reclassification. No such transfers occurred during
the year ended December 31, 2015.
3. PURCHASES AND SALES OF SECURITIES
Purchases and sales of securities (other than short-term securities and options) during 2015 amounted to
$181,750,203 and $297,520,251, on long transactions, respectively.
4. WRITTEN OPTIONS
The level of activity in written options varies from year to year based upon market conditions. Transactions in
written covered call options and collateralized put options during the year ended December 31, 2015 were as fol-
lows:
COLLATERALIZED PUTS
COVERED CALLS
CONTRACTS
2,100
Options outstanding, December 31, 2014
Options written
2,250
Options terminated in closing purchase transaction (1,900)
(200)
Options expired
2,250
Options outstanding, December 31, 2015
PREMIUMS
$245,504
1,473,462
(200,966)
(44,538)
$1,473,462
CONTRACTS
0
4,762
(2,262)
0
2,500
PREMIUMS
$0
952,916
(548,360)
0
$404,556
5. CAPITAL STOCK AND DIVIDEND DISTRIBUTIONS
The authorized capital stock of the Company consists of 50,000,000 shares of Common Stock, $1.00 par value,
and 10,000,000 shares of Preferred Stock, $1.00 par value. With respect to the Common Stock, 28,296,697 shares
were issued and outstanding; 8,000,000 Preferred Shares were originally issued and 7,604,687 were outstanding
on December 31, 2015.
1 6
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5. CAPITAL STOCK AND DIVIDEND DISTRIBUTIONS - (Continued from previous page.)
On September 24, 2003, the Company issued and sold 8,000,000 shares of its 5.95% Cumulative Preferred Stock,
Series B in an underwritten offering. The Preferred Shares were noncallable for the 5 year period ended September
24, 2008 and have a liquidation preference of $25.00 per share plus accumulated and unpaid dividends to the date of
redemption.
On December 10, 2008, the Board of Directors authorized the repurchase of up to 1 million Preferred Shares in the
open market at prices below $25.00 per share. This authorization has been renewed annually thereafter. To date,
395,313 shares have been repurchased.
The Company allocates distributions from net capital gains and other types of income proportionately among hold-
ers of shares of Common Stock and Preferred Stock. To the extent that dividends on the shares of Preferred Stock are
not paid from net capital gains, they will be paid from investment company taxable income, or will represent a return
of capital.
Under the Investment Company Act of 1940, the Company is required to maintain an asset coverage of at least
200% of the Preferred Stock. In addition, pursuant to Moody’s Investor Service, Inc. Rating Agency Guidelines, the
Company is required to maintain a certain discounted asset coverage for its portfolio that equals or exceeds a Basic
Maintenance Amount. If the Company fails to meet these requirements in the future and does not cure such failure,
the Company may be required to redeem, in whole or in part, shares of Preferred Stock at a redemption price of $25.00
per share plus accumulated and unpaid dividends. In addition, failure to meet the foregoing asset coverage require-
ments could restrict the Company’s ability to pay dividends on shares of Common Stock and could lead to sales of
portfolio securities at inopportune times.
The holders of Preferred Stock have voting rights equivalent to those of the holders of Common Stock (one vote per
share) and, generally, vote together with the holders of Common Stock as a single class.
Holders of Preferred Stock will elect two members to the Company’s Board of Directors and the holders of Preferred
and Common Stock, voting as a single class, will elect the remaining directors. If the Company fails to pay dividends
on the Preferred Stock in an amount equal to two full years’ dividends, the holders of Preferred Stock will have the
right to elect a majority of the directors. In addition, the Investment Company Act of 1940 requires that approval of
the holders of a majority of any outstanding Preferred Shares, voting separately as a class, would be required to (a)
adopt any plan of reorganization that would adversely affect the Preferred Stock and (b) take any action requiring a
vote of security holders, including, among other things, changes in the Company’s subclassification as a closed-end
investment company or changes in its fundamental investment policies.
The Company presents its Preferred Stock, for which its redemption is outside of the Company’s control, outside of
the net assets applicable to Common Stock in the Statement of Assets and Liabilities.
Transactions in Common Stock during 2015 and 2014 were as follows:
SHARES
AMOUNT
2015
2014
2015
2014
Par Value of Shares issued in payment of
dividends and distributions (includes
439,217 and 1,473,643 shares issued
from treasury, respectively)
Increase in paid-in capital
Total increase
Par Value of Shares purchased (at an average
discount from net asset value of
15.5% and 14.4%, respectively)
Decrease in paid-in capital
Total decrease
Net increase (decrease)
439,217
1,473,643
$439,217
13,093,059
13,532,276
$1,473,643
50,413,327
51,886,970
(3,014,364)
(541,367)
(2,575,147)
932,276
(3,014,364)
(98,660,515)
(101,674,879)
($88,142,603)
(541,367)
(18,363,758)
(18,905,125)
$32,981,845
At December 31, 2015, the Company held in its treasury 3,684,175 shares of Common Stock with an aggregate cost
of $125,050,953.
The tax basis distributions during the year ended December 31, 2015 are as follows: ordinary distributions of
$12,966,519 and net capital gains distributions of $30,890,831. As of December 31, 2015, distributable earnings on
a tax basis included $1,442,060 from ordinary distributions and $5,268,234 from undistributed net capital gains and
$529,240,330 from net unrealized appreciation on investments if realized in future years. Reclassifications arising from
permanent “book/tax” differences reflect non-tax deductible expenses and redesignation of dividends during the year
ended December 31, 2015. As a result, additional paid-in capital was decreased by $3,081 and net investment income
increased by $3,081. As of December 31, 2015 the Company had straddle loss deferrals of $252,864. Net assets were
not affected by this reclassification.
6. OFFICERS’ COMPENSATION
The aggregate compensation accrued and paid by the Company during the year ended December 31, 2015 to its offi-
cers (identified on page 20) amounted to $7,036,500 of which $3,164,000 was payable as of year end.
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7. BENEFIT PLANS
The Company has funded (qualified) and unfunded (supplemental) defined contribution thrift plans that are avail-
able to its employees. The aggregate cost of such plans for 2015 was $275,860. The qualified thrift plan acquired 38,349
shares of the Company’s Common Stock during the year ended December 31, 2015. It held 576,937 shares of the
Company’s Common Stock at December 31, 2015.
The Company also has both funded (qualified) and unfunded (supplemental) noncontributory defined benefit pen-
sion plans that cover its employees. The pension plans provide a defined benefit based on years of service and final aver-
age salary with an offset for a portion of Social Security covered compensation. The investment policy of the pension
plan is to invest not less than 80% of its assets, under ordinary conditions, in equity securities and the balance in fixed
income securities. The investment strategy is to invest in a portfolio of diversified registered investment funds (open-end
and exchange traded) and an unregistered partnership. Open-end funds and the unregistered partnership are valued at
net asset value based upon the fair market value of the underlying investment portfolios. Exchange traded funds are val-
ued based upon their closing market price.
The Company recognizes the overfunded or underfunded status of a defined benefit postretirement plan as an asset
or liability in the Statement of Assets and Liabilities and recognizes changes in funded status in the year in which the
changes occur through other comprehensive income.
OBLIGATIONS AND FUNDED STATUS OF DEFINED BENEFIT PLANS:
DECEMBER 31, 2015 (MEASUREMENT DATE)
CHANGE IN BENEFIT OBLIGATION:
Benefit obligation at beginning of year
Service cost
Interest cost
Benefits paid
Actuarial loss
Projected benefit obligation at end of year
CHANGE IN PLAN ASSETS:
Fair value of plan assets at beginning of year
Actual return on plan assets
Employer contributions
Benefits paid
Fair value of plan assets at end of year
FUNDED STATUS AT END OF YEAR
QUALIFIED SUPPLEMENTAL
PLAN
PLAN
TOTAL
$16,878,901
435,566
669,462
(769,505)
(868,484)
16,345,940
$5,997,210
167,367
230,177
(314,277)
(474,983)
5,605,494
$22,876,111
602,933
899,639
(1,083,782)
(1,343,467)
21,951,434
19,467,227
(356,271)
—
(769,505)
18,341,451
$1,995,511
—
—
314,277
(314,277)
—
($5,605,494)
19,467,227
(356,271)
314,277
(1,083,782)
18,341,451
($3,609,983)
Accumulated benefit obligation at end of year
$15,185,972
$5,019,013
$20,204,985
WEIGHTED-AVERAGE ASSUMPTIONS USED TO DETERMINE OBLIGATION AT YEAR END:
Discount rate
Salary scale assumption
Mortality
4.25%
4.25%
4.25%
4.25%
RP-2014 Mortality Table/
MP-2015 Mortality
Improvement Scale
without collar adjustment
CHANGE IN FUNDED STATUS:
Noncurrent benefit asset - qualified plan
LIABILITIES:
Current benefit liability - supplemental plan
Noncurrent benefit liability - supplemental plan
BEFORE ADJUSTMENTS
AFTER
$2,588,326
($592,815)
$1,995,511
($305,970)
(5,691,240)
($5,609)
397,325
($311,579)
(5,293,915)
AMOUNTS RECOGNIZED IN ACCUMULATED OTHER COMPREHENSIVE INCOME CONSIST OF:
Net actuarial loss
Prior service cost
ACCUMULATED OTHER COMPREHENSIVE INCOME
$5,725,662
60,592
$5,786,254
($497,419)
(40,965)
($538,384)
$5,228,243
19,627
$5,247,870
WEIGHTED-AVERAGE ASSUMPTIONS TO DETERMINE NET PERIODIC BENEFIT COST DURING YEAR:
Discount rate
Expected return on plan assets*
Salary scale assumption
Mortality
3.90%
7.50%
4.25%
3.90%
N/A
4.25%
RP-2014 Mortality Table pro-
jected generationally with
MP-2014 Mortality
Improvement Scale without
collar adjustment
*Determined based upon a discount to the long-term average historical performance of the plan.
1 8
N O T E S T O F I N A N C I A L S T A T E M E N T S - c o n t i n u e d
G e n e r a l A m e r i c a n I n v e s t o r s
7. BENEFIT PLANS - (Continued from previous page.)
COMPONENTS OF NET PERIODIC BENEFIT COST:
Service cost
Interest cost
Expected return on plan assets
Amortization of:
Prior service cost
Recognized net actuarial loss
Net periodic benefit cost
QUALIFIED SUPPLEMENTAL
PLAN
PLAN
TOTAL
$435,566
669,462
(1,243,845)
40,208
615,006
$516,397
$167,367
230,177
—
757
139,062
$537,363
$602,933
899,639
(1,243,845)
40,965
754,068
$1,053,760
PLAN ASSETS
The Company’s qualified pension plan asset allocation by asset class at December 31, 2015, is as follows:
ASSET CATEGORY
Equity securities
Limited partnership interest
Money market fund
Total
LEVEL 2
—
$2,841,744
—
$2,841,744
LEVEL 3
—
—
—
—
LEVEL 1
$13,887,306
—
1,612,401
$15,499,707
TOTAL
$13,887,306
2,841,744
1,612,401
$18,341,451
EXPECTED CASH FLOWS
Expected Company contributions for 2016
Expected benefit payments:
2016
2017
2018
2019
2020
2021-2025
QUALIFIED PLAN
—
$834,092
859,992
883,983
903,576
917,773
4,908,100
SUPPLEMENTAL PLAN
$311,579
$311,579
302,746
298,283
293,206
282,604
1,475,115
TOTAL
$311,579
$1,145,671
1,162,738
1,182,266
1,196,782
1,200,377
6,381,215
The estimated amount that will be amortized from accumulated other comprehensive income into net periodic benefit cost in
2016 is $370,158 which is comprised of $352,354 of actuarial loss and $17,804 of service.
8. OPERATING LEASE COMMITMENT
In September 2007, the Company entered into an operating lease agreement for office space which expires in February
2018 and provided for aggregate rental payments of approximately $10,755,000, net of construction credits. The lease
agreement contains clauses whereby the Company receives free rent for a specified number of months and credit towards
construction of office improvements, and incurs escalations annually relating to operating costs and real property taxes
and to annual rent charges beginning in February 2013. The Company has the option to renew the lease after February
2018 for five years at market rates. Rental expense approximated $1,164,300 for the year ended December 31, 2015.
Minimum rental commitments under the operating lease are approximately $1,183,000 per annum in 2016 through 2017,
and $99,000 in 2018.
1 9
R E P O R T O F I N D E P E N D E N T R E G I S T E R E D P U B L I C A C C O U N T I N G F I R M
G e n e r a l A m e r i c a n I n v e s t o r s
TO THE BOARD OF DIRECTORS
AND STOCKHOLDERS OF
GENERAL AMERICAN INVESTORS COMPANY, INC.
We have audited the accompanying statement of assets and liabilities, including the state-
ments of investments and options written, of General American Investors Company, Inc. (the
“Company”) as of December 31, 2015, and the related statement of operations for the year
then ended, the statement of changes in net assets for each of the two years in the period then
ended, and financial highlights for each of the five years in the period then ended. These finan-
cial state ments and financial highlights are the responsibility of the Company’s management.
Our responsibility is to express an opinion on these financial state ments and financial high-
lights based on our audits.
We conducted our audits in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we plan and per-
form the audit to obtain reasonable assurance about whether the financial statements and
financial highlights are free of material misstatement. We were not engaged to perform an
audit of the Company’s internal control over financial reporting. Our audits included con-
sideration of internal control over financial reporting as a basis for designing audit procedures
that are appropriate in the circumstances, but not for the purpose of expressing an opinion on
the effectivness of the Company’s internal control over financial reporting. Accordingly, we
express no such opinion. An audit includes examining, on a test basis, evi dence supporting
the amounts and disclosures in the financial statements. Our procedures included confirma-
tion of securities owned as of December 31, 2015, by correspon dence with the custodian and
brokers. An audit also includes assessing the accounting principles used and significant esti-
mates made by management, as well as evaluating the overall financial statement presenta-
tion. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to above present
fairly, in all material respects, the financial position of General American Investors Company,
Inc. at December 31, 2015, the results of its operations for the year then ended, the changes in
its net assets for each of the two years in the period then ended, and the financial highlights
for each of the five years in the period then ended, in conformity with U.S. generally accepted
accounting principles.
New York, New York
February 8, 2016
2 0
O F F I C E R S
G e n e r a l A m e r i c a n I n v e s t o r s
NAME (AGE)
EMPLOYEE SINCE
Jeffrey W. Priest (53)
2010
PRINCIPAL OCCUPATION
DURING PAST 5 YEARS
President of the Company
since 2012 and Chief Executive
Officer since 2013
NAME (AGE)
EMPLOYEE SINCE
Sally A. Lynch, Ph.D. (56)
1997
Andrew V. Vindigni (56) Senior Vice-President of the
1988
Company since 2006,
Vice-President 1995-2006
securities analyst (financial
services and consumer
non-durables industries)
Eugene S. Stark (57)
2005
Craig A. Grassi (47)
1991
Vice-President, Administration
of the Company and
Principal Financial Officer
since 2005, Chief Compliance
Officer since 2006
Vice-President of the Company
since 2013, Assistant Vice-
President 2005-2012
securities analyst and
information technology
Anang K. Majmudar (41)
2012
Michael W. Robinson (43)
2006
Diane G. Radosti (63)
1980
Linda J. Genid (57)
1983
PRINCIPAL OCCUPATION
DURING PAST 5 YEARS
Vice-President of the
Company since 2006,
securities analyst
(biotechnology industry)
Vice-President of the
Company since 2015,
securities analyst
(general industries)
Vice-President of the
Company since 2010,
securities analyst
(general industries)
Treasurer of the Company
since 1990,
Principal Accounting
Officer since 2003
Corporate Secretary of the
Company effective 2016,
Assistant Corporate
Secretary 2014-2015,
network administrator
All officers serve for a term of one year and are elected by the Board of Directors at the time of its annual organization
meeting in April. The address for each officer is the Company’s office. All information is as of February 6, 2016.
S E R V I C E O R G A N I Z A T I O N S
COUNSEL
Sullivan & Cromwell LLP
INDEPENDENT AUDITORS
Ernst & Young LLP
CUSTODIAN
State Street Bank and
Trust Company
TRANSFER AGENT AND REGISTRAR
American Stock Transfer & Trust Company, LLC
6201 15th Avenue
Brooklyn, NY 11219
1-800-413-5499
www.amstock.com
Previous purchases of the Company’s Common and Preferred Stock are set forth in Note 5, on pages 15 and 16.
Prospective purchases of Common and Preferred Stock may be made at such times, at such prices, in such amounts
and in such manner as the Board of Directors may deem advisable.
The policies and procedures used by the Company to determine how to vote proxies relating to portfolio securities
and the Company’s proxy voting record for the twelve-month period ended June 30, 2015 are available: (1) without
charge, upon request, by calling us at our toll-free telephone number (1-800-436-8401), (2) on the Company’s website
at www.generalamericaninvestors.com and (3) on the Securities and Exchange Commission’s website at www.sec.gov.
In addition to distributing financial statements as of the end of each quarter, General American Investors files a
Quarterly Schedule of Portfolio Holdings (Form N-Q) with the Securities and Exchange Commission (“SEC”) as of
the end of the first and third calendar quarters. The Company’s Forms N-Q are available at www.generalamerican-
investors.com and on the SEC’s website: www.sec.gov. Copies of Forms N-Q may also be obtained and reviewed
at the SEC’s Public Reference Room in Washington, DC. or through the Company by calling us at 1-800-436-8401.
Information on the operation of the SEC’s Public Reference Room may be obtained by calling 1-800-SEC-0330.
On April 22, 2015, the Company submitted a CEO annual certification to the New York Stock Exchange (“NYSE”) on
which the Company’s principal executive officer certified that he was not aware, as of that date, of any violation by
the Company of the NYSE’s Corporate Governance listing standards. In addition, as required by Section 302 of the
Sarbanes-Oxley Act of 2002 and related SEC rules, the Company’s principal executive and principal financial officer
made quarterly certifications, included in filings with the SEC on Forms N-CSR and N-Q relating to, among other
things, the Company’s disclosure controls and procedures and internal control over financial reporting, as applicable.
D I R E C T O R S
G e n e r a l A m e r i c a n I n v e s t o r s
NAME (AGE)
DIRECTOR SINCE
PRINCIPAL OCCUPATION
DURING PAST 5 YEARS
INDEPENDENT DIRECTORS
Arthur G. Altschul, Jr. (51)
1995
Rodney B. Berens (70)
2007
Co-Founder and Chairman
Kolltan Pharmaceuticals, Inc.
Managing Member
Diaz & Altschul Capital
Management, LLC
(private investment company)
Chairman
Overbrook Management Corporation
(investment advisory firm)
Founding Partner
Berens Capital Management, LLC
(investment management)
Lewis B. Cullman (97)
Philanthropist
1961
Spencer Davidson (73)
1995
John D. Gordan, III (70)
1986
Chairman of the Board
General American Investors
Company, Inc.
President and Chief Executive
Officer (1995-2012)
Attorney
Beazley USA Services, Inc. (2013)
(insurance)
Senior Counsel (2010-2011)
Partner (1994-2010) (Retired)
Morgan, Lewis & Bockius LLP
Betsy F. Gotbaum (77)
Consultant
2010
Sidney R. Knafel (85)
1994
Lead Independent Director
Managing Partner
SRK Management Company
(private investment company)
Daniel M. Neidich (66)
2007
Chief Executive Officer
Dune Real Estate Partners LP
CURRENT DIRECTORSHIPS AND AFFILIATIONS
Child Mind Institute, Director
Delta Opportunity Fund, Ltd., Director
Neurosciences Research Foundation, Trustee
Overbrook Foundation, Director
Alfred P. Sloan Foundation, Member of Investment Committee
Svarog Capital Advisors, Member of Investment Committee
The Morgan Library and Museum, Trustee, Chairman of Investment
Sub-Committee, and Member of Finance, Compensation and
Nomination Committees
The Woods Hole Oceanographic Institute, Trustee and Member of
Investment Committee
Chess-in-the-Schools, Chairman
Metropolitan Museum of Art, Honorary Trustee
Museum of Modern Art, Vice Chairman, International Council and
Honorary Trustee
The New York Botanical Garden, Senior Vice Chairman, Board of
Managers
The New York Public Library, Trustee
Neurosciences Research Foundation, Trustee
Chess-in-the-Schools, Trustee
Community Service Society, Trustee
Coro Leadership, Trustee
Fisher Center for Alzheimer’s Research Foundation, Trustee
Learning Leaders, Trustee
Visiting Nurse Association of New York, Trustee
IGENE Biotechnology, Inc., Director
Child Mind Institute, Director
Prep for Prep, Director
Real Estate Roundtable, Member (formerly Chairman)
Urban Land Institute, Trustee
Henry R. Schirmer (51)
2015
Results for Development Institute, Director
Chief Financial Officer/Senior
Vice-President Finance
Unilever North America (2012)
Chief Financial Officer/Senior
Vice-President Finance
Unilever Germany/Australia/Switzerland
(2008-2012)
Raymond S. Troubh (89)
Financial Consultant
Diamond Offshore Drilling, Inc., Director
1989
INTERESTED DIRECTOR
Jeffrey W. Priest (53)
2013
President of the Company
since 2012 and Chief Executive Officer
since 2013
The Company is a stand-alone fund. All Directors serve for a term of one year and are elected by Stockholders at the time of the annual
meeting. The address for each Director is the Company’s office. All information is as of February 6, 2016.