UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF
REGISTERED MANAGEMENT INVESTMENT COMPANY
Investment Company Act file number: 811-00041
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GENERAL AMERICAN INVESTORS COMPANY, INC.
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(Exact name of registrant as specified in charter)
450 Lexington Avenue, Suite 3300, New York, NY 10017-3911
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(Address of principal executive offices)(Zip code)
Eugene L. DeStaebler, Jr.
General American Investors Company, Inc.
450 Lexington Avenue, Suite 3300
New York, NY 10017-3911
(Name and address of agent for service)
Registrant's telephone number, including area code: 212-916-8400
Date of fiscal year end: December 31
Date of reporting period: March 31, 2005
Item 1. SCHEDULE OF INVESTMENTS.
STATEMENT OF INVESTMENTS March 31, 2005 (Unaudited)
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General American Investors
Shares or Value
Principal Amount COMMON STOCKS (note 1)
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BUILDING AND REAL ESTATE (3.9%)
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1,100,000 CEMEX, S.A. de C.V. ADR (COST $29,121,764) $39,875,000
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COMMUNICATIONS AND INFORMATION SERVICES (6.9%)
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550,000 American Tower Corporation (a) 10,026,500
550,000 CIENA Corporation (a) 946,000
900,000 Cisco Systems, Inc. (a) 16,101,000
150,000 Juniper Networks, Inc. (a) 3,309,000
500,000 Lamar Advertising Company Class A (a) 20,145,000
4,600,000 Telecom Corporation of New Zealand Limited 19,826,000
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(COST $67,633,399) 70,353,500
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COMPUTER SOFTWARE AND SYSTEMS (5.1%)
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300,000 EMC Corporation (a) 3,696,000
1,525,000 Microsoft Corporation 36,859,250
623,000 NetIQ Corporation (a) 7,120,890
133,500 VeriSign, Inc. (a) 3,831,450
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(COST $53,801,539) 51,507,590
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CONSUMER PRODUCTS AND SERVICES (3.6%)
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350,000 Diageo plc 19,915,000
275,000 Ethan Allen Interiors Inc. 8,800,000
150,000 PepsiCo, Inc. 7,954,500
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(COST $28,303,579) 36,669,500
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ELECTRONICS (1.7%)
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715,000 Molex Incorporated Class A (COST $15,450,691) 16,874,000
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ENVIRONMENTAL CONTROL (INCLUDING SERVICES) (3.8%)
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1,175,000 Republic Services, Inc. (COST $26,227,380) 39,339,000
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FINANCE AND INSURANCE (30.2%)
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BANKING (9.7%)
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368,000 Bank of America Corporation 16,228,800
600,000 Golden West Financial Corporation 36,300,000
310,000 M&T Bank Corporation 31,638,600
205,000 SunTrust Banks, Inc. 14,774,350
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(COST $21,564,370) 98,941,750
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INSURANCE (19.2%)
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380,000 American International Group, Inc. 21,055,800
500,000 Annuity and Life Re (Holdings), Ltd. (a) 470,000
340,000 Arch Capital Group Ltd. (a) 13,613,600
300 Berkshire Hathaway Inc. Class A (a) 26,100,000
625,000 Everest Re Group, Ltd. 53,193,750
400,000 MetLife, Inc. 15,640,000
110,000 Montpelier Re Holdings Ltd. 3,866,500
475,000 PartnerRe Ltd. 30,685,000
350,000 Reinsurance Group of America, Incorporated 14,903,000
249,500 Transatlantic Holdings, Inc. 16,521,890
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(COST $92,539,813) 196,049,540
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OTHER (1.3%)
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275,000 Annaly Mortgage Management, Inc. 5,159,000
95,194 Central Securities Corporation 2,231,347
775,000 MFA Mortgage Investments, Inc. 5,897,750
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(COST $12,196,714) 13,288,097
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(COST $126,300,897) 308,279,387
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STATEMENT OF INVESTMENTS March 31, 2005 (Unaudited) - continued
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General American Investors
Shares or Value
Principal Amount COMMON STOCKS (continued) (note 1)
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HEALTH CARE (10.9%)
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PHARMACEUTICALS (8.7%)
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340,000 Alkermes, Inc. (a) $3,529,200
200,000 Biogen Idec Inc. (a) 6,902,000
300,000 Bristol-Myers Squibb Company 7,638,000
275,000 Cytokinetics, Incorporated (a) 1,804,000
270,000 Genaera Corporation (a) 615,600
400,000 Genentech, Inc. (a) 22,644,000
455,000 MedImmune, Inc. (a) 10,833,550
120,000 Millennium Pharmaceuticals, Inc. (a) 1,010,400
1,275,000 Pfizer Inc 33,494,250
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(COST $75,007,951) 88,471,000
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MEDICAL INSTRUMENTS AND DEVICES (2.2%)
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450,000 Medtronic, Inc. (COST $10,483,716) 22,927,500
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(COST $85,491,667) 111,398,500
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MISCELLANEOUS (1.8%)
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Other (b) (COST $17,213,077) 17,900,910
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OIL & NATURAL GAS (INCLUDING SERVICES) (26.5%)
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665,000 Apache Corporation 40,717,950
1,600,000 Devon Energy Corporation 76,400,000
600,000 EOG Resources, Inc. 29,244,000
525,000 Halliburton Company 22,706,250
650,000 Patterson-UTI Energy, Inc. 16,263,000
330,000 Total S.A. ADR 38,685,900
750,000 Unocal Corporation 46,267,500
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(COST $173,682,466) 270,284,600
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RETAIL TRADE (19.6%)
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700,000 Costco Wholesale Corporation 30,926,000
1,920,000 The Home Depot, Inc. (c) 73,420,800
2,500,000 The TJX Companies, Inc. 61,575,000
675,000 Wal-Mart Stores, Inc. 33,824,250
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(COST $68,036,225) 199,746,050
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SEMICONDUCTORS (0.8%)
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491,500 Brooks Automation, Inc. (a) 7,460,970
197,000 EMCORE Corporation (a) 663,890
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(COST $9,890,144) 8,124,860
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SPECIAL HOLDINGS (a) (d) (NOTE 2) (0.0%)
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144,000 Silicon Genesis Corporation 7,200
546,000 Standard MEMS, Inc. Series A Convertible Preferred -
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(COST $6,009,720) 7,200 (e)
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TOTAL COMMON STOCKS (114.8%) (COST $707,162,548) 1,170,360,097
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CORPORATE NOTE
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COMMUNICATIONS AND INFORMATION SERVICES (0.1%)
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$678,000 American Tower Corporation 9 3/8% due 2/1/09 (COST $711,652) 712,747
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STATEMENT OF INVESTMENTS March 31, 2005 (Unaudited) - continued
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General American Investors
Principal Value
Amount SHORT-TERM SECURITIES AND OTHER ASSETS (note 1)
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$12,500,000 American Express Credit Corporation notes due 4/5-5/16/05; 2.62%-2.77% $12,462,653
11,000,000 American General Finance Corporation notes due 4/11-4/18/05; 2.63%-2.68% 10,967,075
11,000,000 General Electric Capital Corporation notes due 4/25-5/9/05; 2.70%-2.76% 10,966,310
6,000,000 Prudential Funding, LLC note due 5/2/05; 2.74% 5,984,017
7,834,211 SSgA Prime Money Market Fund 7,834,211
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TOTAL SHORT-TERM SECURITIES (4.7%) (COST $48,214,266) 48,214,266
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TOTAL INVESTMENTS (f) (119.6%) (COST $756,088,466) 1,219,287,110
Cash, receivables and other assets less liabilities (0.0%) 273,186
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1,219,560,296
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PREFERRED STOCK (-19.6%) (200,000,000)
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NET ASSETS APPLICABLE TO COMMON STOCK (100%) $1,019,560,296
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(a) Non-income producing security.
(b) Securities which have been held for less than one year.
(c) 1,000,000 shares held by custodian in a segregated custodian account as collateral for open short positions.
(d) Restricted security.
(e) Fair value of each holding in the opinion of the directors.
(f) At March 31, 2005: (1) the cost of investments for Federal income tax purposes was the same as the cost for financial reporting
purposes, (2) aggregate gross unrealized appreciation was $510,849,253, (3) aggregate gross unrealized depreciation was
$47,650,609, and (4) net unrealized appreciation was $463,198,644.
(see notes to financial statements)
NOTES TO FINANCIAL STATEMENTS (Unaudited)
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General American Investors
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.
1. SECURITY VALUATION
Securities traded on a national securities exchange are valued at the last
reported sales price on the last business day of the period. Securities reported
on the NASDAQ national market are valued at the official closing price on that
day. Listed and NASDAQ 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 on the valuation date. Securities traded primarily in foreign
markets are generally valued at the preceding closing price of such securities
on their respective exchanges or markets. If, after the close of the foreign
market, 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. Corporate discount notes are valued at amortized cost, which
approximates market value. Special holdings (restricted securities) and other
securities for which quotations are not readily available are valued at fair
value determined in good faith pursuant to procedures established by and under
the general supervision of the Board of Directors.
2. RESTRICTED SECURITIES
DATE VALUE
ACQUIRED COST (NOTE 1)
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Silicon Genesis Corporation 2/16/01 $3,006,720 7,200
Standard MEMS, Inc. Series A Convertible Preferred 12/17/99 3,003,000 -
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Total $6,009,720 $7,200
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ITEM 2. CONTROLS AND PROCEDURES.
Conclusions of principal officers concerning controls and procedures
(a) As of April 13, 2005, an evaluation was performed under the supervision
and with the participation of the officers of General American Investors
Company, Inc. (the "Registrant"), including the principal executive officer
("PEO") and principal financial officer ("PFO"), of the effectiveness of the
Registrant's disclosure controls and procedures. Based on that evaluation,
the Registrant's officers, including the PEO and PFO, concluded that, as of
April 13, 2005, the Registrant's disclosure controls and procedures were
reasonably designed so as to ensure: (1) that information required to be
disclosed by the Registrant on Form N-Q is recorded, processed, summarized and
reported within the time periods specified by the rules and forms of the
Securities and Exchange Commission; and (2) that material information relating
to the Registrant is made known to the PEO and PFO as appropriate to allow
timely decisions regarding required disclosure.
(b) There have been no significant changes in the Registrant's internal control
over financial reporting (as defined in Rule 30a-3(d) under the Investment
Company Act of 1940 (17 CFR 270.30a-3(d)) that occurred during the Registrant's
last fiscal quarter that has materially affected, or is reasonably likely to
materially affect, the Registrant's internal control over financial reporting.
ITEM 3. EXHIBITS.
The certifications of the principal executive officer and principal
financial officer pursuant to Rule 30a-2(a)under the Investment Company
Act of 1940 are attached hereto as Exhibit 99 CERT.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to
be signed on its behalf by the undersigned, thereunto duly authorized.
General American Investors Company, Inc.
By: /s/ Eugene L. DeStaebler, Jr.
Eugene L. DeStaebler, Jr.
Vice-President, Administration
Date: April 29, 2005
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By: /s/ Spencer Davidson
Spencer Davidson
President and Chief Executive Officer
(Principal Executive Officer)
Date: April 29, 2005
By: /s/ Eugene L. DeStaebler, Jr.
Eugene L. DeStaebler, Jr.
Vice-President, Administration
(Principal Financial Officer)
Date: April 29, 2005