P80911610 -- Converted by SEC Publisher, created by BCL Technologies Inc., for SEC Filing
           Chubb Group of Insurance Companies        DECLARATIONS 
                    FINANCIAL INSTITUTION INVESTMENT 
           15 Mountain View Road, Warren, New Jersey 07059    COMPANY ASSET PROTECTION BOND 
 
NAME OF ASSURED (including its Subsidiaries):        Bond Number: 80911610 
 
GENERAL AMERICAN INVESTORS COMPANY, INC.         
                    FEDERAL INSURANCE COMPANY 
 
450 Lexington Avenue                Incorporated under the laws of Indiana 
New York, NY 10017                a stock insurance company herein called the COMPANY 
                    Capital Center, 251 North Illinois, Suite 1100 
                    Indianapolis, IN 46204-1927 
 
ITEM 1.    BOND PERIOD:    from    12:01 a.m. on    June 15, 2007 
             to    12:01 a.m. on    June 15, 2008 
ITEM 2.    LIMITS OF LIABILITY--DEDUCTIBLE AMOUNTS:     

If “Not Covered” is inserted below opposite any specified INSURING CLAUSE, such INSURING CLAUSE and any other reference shall be deemed to be deleted. There shall be no deductible applicable to any loss under INSURING CLAUSE 1. sustained by any Investment Company.

            DEDUCTIBLE 
 INSURING CLAUSE    LIMIT OF LIABILITY       AMOUNT 
 1.    Employee    $ 2,250,000.    $ - 0 - 
 2.    On Premises    $ 2,250,000.    $ 25,000. 
 3.    In Transit    $ 2,250,000.    $ 25,000. 
 4.    Forgery or Alteration    $ 2,250,000.    $ 25,000. 
 5.    Extended Forgery    $ Not Covered    $ N/A 
 6.    Counterfeit Money    $ 2,250,000.    $ 25,000. 
 7.    Threats to Person    $ 2,250,000.    $ 25,000. 
 8.    Computer System    $ Not Covered    $ N/A 
 9.    Voice Initiated Funds Transfer Instruction    $ Not Covered    $ N/A 
10.    Uncollectible Items of Deposit    $ Not Covered    $ N/A 
11.    Audit Expense    $ 25,000.    $ 10,000. 

ITEM 3.    THE LIABILITY OF THE COMPANY IS ALSO SUBJECT TO THE TERMS OF THE FOLLOWING 
    ENDORSEMENTS EXECUTED SIMULTANEOUSLY HEREWITH: 
    1 - 4 

IN WITNESS WHEREOF, THE COMPANY has caused this Bond to be signed by its authorized officers, but it shall not be valid unless also signed by an authorized representative of the Company.


ICAP Bond (5-98) - Federal   
Form 17-02-1421 (Ed. 5-98)  Page 1 of 1 

    The COMPANY, in consideration of payment of the required premium, and in reliance 
    on the APPLICATION and all other statements made and information furnished to the 
    COMPANY by the ASSURED, and subject to the DECLARATIONS made a part of this 
    Bond and to all other terms and conditions of this Bond, agrees to pay the ASSURED 
    for:             
 
 
Insuring Clauses                 
 
 
Employee    1.    Loss resulting directly from Larceny or Embezzlement committed by any 
        Employee, alone or in collusion with others. 
 
 
 
On Premises    2.    Loss of Property resulting directly from robbery, burglary, false pretenses, 
        common law or statutory larceny, misplacement, mysterious unexplainable 
        disappearance, damage, destruction or removal, from the possession, custody or 
        control of the ASSURED, while such Property is lodged or deposited at premises 
        located anywhere. 
 
 
In Transit    3.    Loss of Property resulting directly from common law or statutory larceny, 
        misplacement, mysterious unexplainable disappearance, damage or destruction, 
        while the Property is in transit anywhere: 
 
        a.    in an armored motor vehicle, including loading and unloading thereof, 
 
        b.    in the custody of a natural person acting as a messenger of the ASSURED, 
            or     
 
        c.    in the custody of a Transportation Company and being transported in a 
            conveyance other than an armored motor vehicle provided, however, that 
            covered Property transported in such manner is limited to the following: 
 
            (1)    written records, 
 
            (2)    securities issued in registered form, which are not endorsed or are 
                restrictively endorsed, or 
 
            (3)    negotiable instruments not payable to bearer, which are not endorsed 
                or are restrictively endorsed. 
 
        Coverage under this INSURING CLAUSE begins immediately on the receipt of 
        such Property by the natural person or Transportation Company and ends 
        immediately on delivery to the premises of the addressee or to any representative 
        of the addressee located anywhere. 

ICAP Bond (5-98)
Form 17-02-1421 (Ed. 5-98) Page 1 of 19

                                                                                                                                               FEDERAL INSURANCE COMPANY 
                                                                                                                                               Endorsement No:    1 
                                                                                                                                               Bond Number:    80911610 
NAME OF ASSURED: GENERAL AMERICAN INVESTORS COMPANY, INC. 
 
                                                                                 NAME OF ASSURED ENDORSEMENT     
It is agreed that the NAME OF ASSURED in the DECLARATIONS is amended to read as follows: 
General American Investors Company, Inc.     
General American Investors Company, Inc. Employees’ Retirement Plan     
General American Investors Company, Inc. Employees’ Thrift Plan     
 
This Endorsement applies to loss discovered after 12:01 a.m. on June 15, 2007. 
ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED. 

Date: June 20, 2007


ICAP Bond   
Form 17-02-0949 (Rev. 1-97)  Page 1 

                                                                                                                                   FEDERAL INSURANCE COMPANY 
 
                                                                                                                                   Endorsement No.: 2 
 
                                                                                                                                   Bond Number:    80911610 
 
 
 
NAME OF ASSURED: GENERAL AMERICAN INVESTORS COMPANY, INC. 
 
                                                     NEW YORK AMENDATORY ENDORSEMENT 
 
It is agreed that this Bond is amended as follows:     
 
1.    By adding to Section 13, Termination, the following:     
 
    Bonds In Effect Sixty (60) Days Or Less     
 
    If this Bond has been in effect for less than sixty (60) days and if it is not a renewal Bond, the 
    COMPANY may terminate it for any reason by mailing or delivering to the ASSURED and to the 
    authorized agent or broker, if any, written notice of termination at least sixty (60) days before the 
    effective date of termination.     
 
    Bonds In Effect More Than Sixty (60) Days     
 
    If this Bond has been in effect for sixty (60) days or more, or if it is a renewal of a Bond issued by the 
    COMPANY, it may be terminated by the COMPANY by mailing or delivering to the ASSURED and to 
    the authorized agent or broker, if any, written notice of termination at least sixty (60) days before the 
    effective date of termination. Furthermore, when the Bond is a renewal or has been in effect for sixty 
    (60) days or more, the COMPANY may terminate only for one or more of the reasons stated in 1-7 
    below.     
 
    1.    Nonpayment of premium;     
 
    2.    Conviction of a crime arising out of acts increasing the hazard insured against ; 
 
    3.    Discovery of fraud or material misrepresentation in the obtaining of this Bond or in the 
        presentation of a claim thereunder;     
 
    4.    Violation of any provision of this Bond that substantially and materially increases the hazard 
        insured against, and which occurred subsequent to inception of the current BOND PERIOD; 
 
    5.    If applicable, material physical change in the property insured, occurring after issuance or last 
        annual renewal anniversary date of this Bond, which results in the property becoming uninsurable 
        in accordance with the COMPANY's objective, uniformly applied underwriting standards in effect 
        at the time this Bond was issued or last renewed; or material change in the nature or extent of 
        this Bond occurring after issuance or last annual renewal anniversary date of this Bond, which 
        causes the risk of loss to be substantially and materially increased beyond that contemplated at 
        the time this Bond was issued or last renewed;     

ICAP Bond - New York   
Form 17-02-2863 (Rev. 7-03)  Page 1 

  6.      A determination by the Superintendent of Insurance that continuation of the present premium volume of the COMPANY would jeopardize the COMPANY's policyholders, creditors or the public, or continuing the Bond itself would place the COMPANY in violation of any provision of the New York Insurance Code; or
 
  7.      Where the COMPANY has reason to believe, in good faith and with sufficient cause, that there is
 
   a      probable risk or danger that the Property will be destroyed by the ASSURED for the purpose of collecting the insurance proceeds.
 
   Notice Of Termination
 
   Notice of termination under this SECTION shall be mailed to the ASSURED and to the authorized agent or broker, if any, at the address shown on the DECLARATIONS of this Bond. The COMPANY, however, may deliver any notice instead of mailing it.
 
   Return Premium Calculations
 
   The COMPANY shall refund the unearned premium computed pro rata if this Bond is terminated by the COMPANY."
 
2.      By adding a new Section reading as follows:
 
  "Section 17. Election To Conditionally Renew / Nonrenew This Bond
 
  Conditional Renewal
 
  If the COMPANY conditionally renews this Bond subject to:
 
  1.      Change of limits of liability ;
 
  2.      Change in type of coverage;
 
  3.      Reduction of coverage;
 
  4.      Increased deductible;
 
  5.      Addition of exclusion; or
 
  6.      Increased premiums in excess of 10%, exclusive of any premium increase due to and commensurate with insured value added; or as a result of experience rating, retrospective rating or audit; the COMPANY shall send notice as provided in Notices Of Nonrenewal And Conditional Renewal immediately below.
 
  Notices Of Nonrenewal And Conditional Renewal
 
  1.      If the COMPANY elects not to renew this Bond, or to conditionally renew this Bond as provided herein, the COMPANY shall mail or deliver written notice to the ASSURED at least sixty (60) but not more than one hundred twenty (120) days before:
 
   a.      The expiration date; or
 
   b.      The anniversary date if this Bond has been written for a term of more than one year.
 
ICAP Bond - New York   
Form 17-02-2863 (Rev. 7-03)  Page 2 

    2.    Notice shall be mailed or delivered to the ASSURED at the address shown on the 
        DECLARATIONS of this Bond and the authorized agent or broker, if any. If notice is mailed, 
        proof of mailing shall be sufficient proof of notice. 
 
    3.    Paragraphs 1. and 2. immediately above shall not apply when the ASSURED, authorized agent 
        or broker, or another insurer has mailed or delivered written notice to the COMPANY that the 
        Bond has been replaced or is no longer desired. 
 
3.    By adding to General Agreement B., Representations Made By Assured, the following: 
 
    No misrepresentation shall be deemed material unless knowledge by the COMPANY would have lead 
    to the COMPANY'S refusal to write this Bond. 
 
 
 
 
This Endorsement applies to loss discovered after 12:01 a.m. on June 15, 2007. 
 
 
 
 
ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED. 

Date: June 20, 2007


ICAP Bond - New York   
Form 17-02-2863 (Rev. 7-03)  Page 3 

             ENDORSEMENT/RIDER 
Effective date of         
this endorsement/rider: June 15, 2007                       FEDERAL INSURANCE COMPANY 
                           Endorsement/Rider No.    3 
                           To be attached to and     
                           form a part of Bond No.    80911610 
 
 
Issued to: GENERAL AMERICAN INVESTORS COMPANY, INC.     
    DELETING VALUATION-OTHER PROPERTY AND AMENDING CHANGE OR MODIFICATION 
        ENDORSEMENT     
In consideration of the premium charged, it is agreed that this Bond is amended as follows: 
1.    The paragraph titled Other Property in Section 9, Valuation, is deleted in its entirety. 
2.    The third paragraph in Section 16, Change or Modification, is deleted in its entirety and replaced with 
    the following:         
    If this Bond is for a joint ASSURED, no change or modification which would adversely affect the 
    rights of the ASSURED shall be effective prior to sixty (60) days after written notice has been 
    furnished to all insured Investment Companies and the Securities and Exchange Commission, 
    Washington, D.C., by the COMPANY.         
 
 
The title and any headings in this endorsement/rider are solely for convenience and form no part of the 
terms and conditions of coverage.         
All other terms, conditions and limitations of this Bond shall remain unchanged.     

17-02-2437 (12/2006) rev. Page 1

Effective date of         
this endorsement: June 15, 2007    FEDERAL INSURANCE COMPANY 
    Endorsement No.: 4 
    To be attached to and form a part of Bond 
    Number:    80911610 
 
 
Issued to: GENERAL AMERICAN INVESTORS COMPANY, INC.     
                                           COMPLIANCE WITH APPLICABLE TRADE SANCTION LAWS RIDER 
It is agreed that this insurance does not apply to the extent that trade or economic sanctions or other laws 
or regulations prohibit the coverage provided by this insurance. 
 
 
 
 
ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED. 

Date: June 25, 2007


Form 14-02-9228 (Ed. 4/2004)

  Important Notice:

The SEC Requires Proof of Your Fidelity Insurance Policy

Your company is now required to file an electronic copy of your fidelity insurance coverage (Chubb’s ICAP Bond policy) to the Securities and Exchange Commission (SEC), according to rules adopted by the SEC on June 12, 2006.

Chubb is in the process of providing your agent/broker with an electronic copy of your insurance policy as well as instructions on how to submit this proof of fidelity insurance coverage to the SEC. You can expect to receive this information from your agent/broker shortly.

The electronic copy of your policy is provided by Chubb solely as a convenience and does not affect the terms and conditions of coverage as set forth in the paper policy you receive by mail. The terms and conditions of the policy mailed to you, which are the same as those set forth in the electronic copy, constitute the entire agreement between your company and Chubb.

If you have any questions, please contact your agent or broker.

Form 14-02-12160 (ed. 7/2006)

  Chubb & Son, div. of Federal Insurance Company
as manager of the member insurers of the
Chubb Group of Insurance Companies

                                               POLICYHOLDER 
                             DISCLOSURE NOTICE OF 
TERRORISM INSURANCE COVERAGE 
(for policies with no terrorism exclusion or sublimit) 

You are hereby notified that, under the Terrorism Risk Insurance Act of 2002 (the “Act”) 
effective November 26, 2002, this policy makes available to you insurance for losses 
arising out of certain acts of international terrorism. Terrorism is defined as any act 
certified by the Secretary of the Treasury, in concurrence with the Secretary of State and 
the Attorney General of the United States, to be an act of terrorism; to be a violent act or 
an act that is dangerous to human life, property or infrastructure; to have resulted in 
damage within the United States, or outside the United States in the case of an air carrier 
or vessel or the premises of a United States Mission; and to have been committed by an 
individual or individuals acting on behalf of any foreign person or foreign interest, as part 
of an effort to coerce the civilian population of the United States or to influence the policy 
or affect the conduct of the United States Government by coercion. 
 
You should know that the insurance provided by your policy for losses caused by acts of 
terrorism is partially reimbursed by the United States under the formula set forth in the 
Act. Under this formula, the United States pays 90% of covered terrorism losses that 
exceed the statutorily established deductible to be paid by the insurance company 
providing the coverage. The portion of your policy’s annual premium that is attributable to 
insurance for such acts of terrorism is: $ -0-. 
 
If you have any questions about this notice, please contact your agent or broker. 

Form 10-02-1281 (Ed. 1/2003)