FRENKEL BENEFITS, LLC

ATTN:

Martin Kelly

601 PLAZA 3, 6TH FL.

JERSEY CITY, NJ 07311

INSURED:

GENERAL AMERICAN INVESTORS COMPANY INC

PRODUCT:

DFIBond

POLICY NO:

80911610

TRANSACTION:

RENL

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

100 PARK AVENUE, 35TH FLOOR

FEDERAL INSURANCE COMPANY

NEW YORK, NY

10017

Incorporated under the laws of Indiana

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, 2016

to

12:01 a.m. on

June 15, 2017

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.

SINGLE LOSS

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

$

None

6

.

Counterfeit Money

$

2,250,000

$

25,000

7

.

Threats to Person

$

2,250,000

$

25,000

8

.

Computer System

$

2,250,000

$

25,000

9

.

Voice Initiated Funds

Transfer Instruction

$

Not Covered

$

None

10

.

Uncollectible Items of Deposit

$

Not Covered

$

None

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 - 5

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

Insuring Clauses

(continued)

Forgery Or Alteration

4

.

Loss resulting directly from:

a.

Forgery on, or fraudulent material alteration of, any bills of exchange,

checks, drafts, acceptances, certificates of deposits, promissory notes, due

bills, money orders, orders upon public treasuries, letters of credit, other

written promises, orders or directions to pay sums certain in money, or

receipts for the withdrawal of Property, or

b.

transferring, paying or delivering any funds or other Property, or establishing

any credit or giving any value in reliance on any written instructions, advices

or applications directed to the ASSURED authorizing or acknowledging the

transfer, payment, delivery or receipt of funds or other Property, which

instructions, advices or applications fraudulently purport to bear the

handwritten signature of any customer of the ASSURED, or shareholder or

subscriber to shares of an Investment Company, or of any financial

institution or Employee but which instructions, advices or applications either

bear a Forgery or have been fraudulently materially altered without the

knowledge and consent of such customer, shareholder, subscriber, financial

institution or Employee;

excluding, however, under this INSURING CLAUSE any loss covered under

INSURING CLAUSE 5. of this Bond, whether or not coverage for INSURING

CLAUSE 5. is provided for in the DECLARATIONS of this Bond.

For the purpose of this INSURING CLAUSE, a mechanically reproduced facsimile

signature is treated the same as a handwritten signature.

Extended Forgery

5

.

Loss resulting directly from the ASSURED having, in good faith, and in the

ordinary course of business, for its own account or the account of others in any

capacity:

a.

acquired, accepted or received, sold or delivered, or given value, extended

credit or assumed liability, in reliance on any original Securities,

documents or other written instruments which prove to:

(1)

bear a Forgery or a fraudulently material alteration,

(2)

have been lost or stolen, or

(3)

be Counterfeit, or

b.

guaranteed in writing or witnessed any signatures on any transfer,

assignment, bill of sale, power of attorney, guarantee, endorsement or other

obligation upon or in connection with any Securities, documents or other

written instruments.

Actual physical possession, and continued actual physical possession if taken as

collateral, of such Securities, documents or other written instruments by an

Employee, Custodian, or a Federal or State chartered deposit institution of the

ASSURED is a condition precedent to the ASSURED having relied on such items.

Release or return of such collateral is an acknowledgment by the ASSURED that it

no longer relies on such collateral.

ICAP Bond (5-98)

Form 17-02-1421 (Ed. 5-98)

Page 2 of 19

Insuring Clauses

Extended Forgery

For the purpose of this INSURING CLAUSE, a mechanically reproduced facsimile

(continued)

signature is treated the same as a handwritten signature.

Counterfeit Money

6

.

Loss resulting directly from the receipt by the ASSURED in good faith of any

Counterfeit money.

Threats To Person

7

.

Loss resulting directly from surrender of Property away from an office of the

ASSURED as a result of a threat communicated to the ASSURED to do bodily

harm to an Employee as defined in SECTION 1.e. (1), (2) and (5), a Relative or

invitee of such Employee, or a resident of the household of such Employee, who

is, or allegedly is, being held captive provided, however, that prior to the surrender

of such Property:

a.

the Employee who receives the threat has made a reasonable effort to

notify an officer of the ASSURED who is not involved in such threat, and

b.

the ASSURED has made a reasonable effort to notify the Federal Bureau of

Investigation and local law enforcement authorities concerning such threat.

It is agreed that for purposes of this INSURING CLAUSE, any Employee of the

ASSURED, as set forth in the preceding paragraph, shall be deemed to be an

ASSURED hereunder, but only with respect to the surrender of money, securities

and other tangible personal property in which such Employee has a legal or

equitable interest.

Computer System

8

.

Loss resulting directly from fraudulent:

a.

entries of data into, or

b.

changes of data elements or programs within,

a Computer System, provided the fraudulent entry or change causes:

(1

)

funds or other property to be transferred, paid or delivered,

(2

)

an account of the ASSURED or of its customer to be added, deleted,

debited or credited, or

(3

)

an unauthorized account or a fictitious account to be debited or

credited.

ICAP Bond (5-98)

Form 17-02-1421 (Ed. 5-98)

Page 3 of 19

Insuring Clauses

(continued)

Voice Initiated Funds

9

.

Loss resulting directly from Voice Initiated Funds Transfer Instruction directed

Transfer Instruction

to the ASSURED authorizing the transfer of dividends or redemption proceeds of

Investment Company shares from a Customer's account, provided such Voice

Initiated Funds Transfer Instruction was:

a.

received at the ASSURED'S offices by those Employees of the ASSURED

specifically authorized to receive the Voice Initiated Funds Transfer

Instruction,

b.

made by a person purporting to be a Customer, and

c.

made by said person for the purpose of causing the ASSURED or Customer

to sustain a loss or making an improper personal financial gain for such

person or any other person.

In order for coverage to apply under this INSURING CLAUSE, all Voice Initiated

Funds Transfer Instructions must be received and processed in accordance with

the Designated Procedures outlined in the APPLICATION furnished to the

COMPANY.

Uncollectible Items of

10

.

Loss resulting directly from the ASSURED having credited an account of a

Deposit

customer, shareholder or subscriber on the faith of any Items of Deposit which

prove to be uncollectible, provided that the crediting of such account causes:

a.

redemptions or withdrawals to be permitted,

b.

shares to be issued, or

c.

dividends to be paid,

from an account of an Investment Company.

In order for coverage to apply under this INSURING CLAUSE, the ASSURED

must hold Items of Deposit for the minimum number of days stated in the

APPLICATION before permitting any redemptions or withdrawals, issuing any

shares or paying any dividends with respect to such Items of Deposit.

Items of Deposit shall not be deemed uncollectible until the ASSURED'S

standard collection procedures have failed.

Audit Expense

11

.

Expense incurred by the ASSURED for that part of the cost of audits or

examinations required by any governmental regulatory authority or self-regulatory

organization to be conducted by such authority, organization or their appointee by

reason of the discovery of loss sustained by the ASSURED and covered by this

Bond.

ICAP Bond (5-98)

Form 17-02-1421 (Ed. 5-98)

Page 4 of 19

General Agreements

Additional Companies

A.

If more than one corporation, or Investment Company, or any combination of

Included As Assured

them is included as the ASSURED herein:

(1

)

The total liability of the COMPANY under this Bond for loss or losses

sustained by any one or more or all of them shall not exceed the limit for

which the COMPANY would be liable under this Bond if all such loss were

sustained by any one of them.

(2

)

Only the first named ASSURED shall be deemed to be the sole agent of the

others for all purposes under this Bond, including but not limited to the giving

or receiving of any notice or proof required to be given and for the purpose of

effecting or accepting any amendments to or termination of this Bond. The

COMPANY shall furnish each Investment Company with a copy of the

Bond and with any amendment thereto, together with a copy of each formal

filing of claim by any other named ASSURED and notification of the terms of

the settlement of each such claim prior to the execution of such settlement.

(3

)

The COMPANY shall not be responsible for the proper application of any

payment made hereunder to the first named ASSURED.

(4

)

Knowledge possessed or discovery made by any partner, director, trustee,

officer or supervisory employee of any ASSURED shall constitute knowledge

or discovery by all the ASSUREDS for the purposes of this Bond.

(5

)

If the first named ASSURED ceases for any reason to be covered under this

Bond, then the ASSURED next named on the APPLICATION shall thereafter

be considered as the first named ASSURED for the purposes of this Bond.

Representation Made By

B.

The ASSURED represents that all information it has furnished in the

Assured

APPLICATION for this Bond or otherwise is complete, true and correct. Such

APPLICATION and other information constitute part of this Bond.

The ASSURED must promptly notify the COMPANY of any change in any fact or

circumstance which materially affects the risk assumed by the COMPANY under

this Bond.

Any intentional misrepresentation, omission, concealment or incorrect statement of

a material fact, in the APPLICATION or otherwise, shall be grounds for recision of

this Bond.

ICAP Bond (5-98)

Form 17-02-1421 (Ed. 5-98)

Page 5 of 19

General Agreements

(continued)

Additional Offices Or

C.

If the ASSURED, other than an Investment Company, while this Bond is in force,

Employees - Consolidation,

merges or consolidates with, or purchases or acquires assets or liabilities of

Merger Or Purchase Or

another institution, the ASSURED shall not have the coverage afforded under this

Acquisition Of Assets Or

Bond for loss which has:

Liabilities - Notice To

(1

)

occurred or will occur on premises, or

Company

(2

)

been caused or will be caused by an employee, or

(3

)

arisen or will arise out of the assets or liabilities,

of such institution, unless the ASSURED:

a.

gives the COMPANY written notice of the proposed consolidation, merger or

purchase or acquisition of assets or liabilities prior to the proposed effective

date of such action, and

b.

obtains the written consent of the COMPANY to extend some or all of the

coverage provided by this Bond to such additional exposure, and

c.

on obtaining such consent, pays to the COMPANY an additional premium.

Change Of Control -

D.

When the ASSURED learns of a change in control (other than in an Investment

Notice To Company

Company), as set forth in Section 2(a) (9) of the Investment Company Act of

1940,

the ASSURED shall within sixty (60) days give written notice to the

COMPANY setting forth:

(1

)

the names of the transferors and transferees (or the names of the beneficial

owners if the voting securities are registered in another name),

(2

)

the total number of voting securities owned by the transferors and the

transferees (or the beneficial owners), both immediately before and after the

transfer, and

(3

)

the total number of outstanding voting securities.

Failure to give the required notice shall result in termination of coverage for any

loss involving a transferee, to be effective on the date of such change in control.

Court Costs And

E.

The COMPANY will indemnify the ASSURED for court costs and reasonable

Attorneys’ Fees

attorneys' fees incurred and paid by the ASSURED in defense, whether or not

successful, whether or not fully litigated on the merits and whether or not settled,

of any claim, suit or legal proceeding with respect to which the ASSURED would

be entitled to recovery under this Bond. However, with respect to INSURING

CLAUSE 1., this Section shall only apply in the event that:

(1

)

an Employee admits to being guilty of Larceny or Embezzlement,

(2

)

an Employee is adjudicated to be guilty of Larceny or Embezzlement, or

ICAP Bond (5-98)

Form 17-02-1421 (Ed. 5-98)

Page 6 of 19

General Agreements

Court Costs And

(3)

in the absence of 1 or 2 above, an arbitration panel agrees, after a review of

Attorneys’ Fees

an agreed statement of facts between the COMPANY and the ASSURED,

(continued)

that an Employee would be found guilty of Larceny or Embezzlement if

such Employee were prosecuted.

The ASSURED shall promptly give notice to the COMPANY of any such suit or

legal proceeding and at the request of the COMPANY shall furnish copies of all

pleadings and pertinent papers to the COMPANY. The COMPANY may, at its

sole option, elect to conduct the defense of all or part of such legal proceeding.

The defense by the COMPANY shall be in the name of the ASSURED through

attorneys selected by the COMPANY. The ASSURED shall provide all reasonable

information and assistance as required by the COMPANY for such defense.

If the COMPANY declines to defend the ASSURED, no settlement without the

prior written consent of the COMPANY nor judgment against the ASSURED shall

determine the existence, extent or amount of coverage under this Bond.

If the amount demanded in any such suit or legal proceeding is within the

DEDUCTIBLE AMOUNT, if any, the COMPANY shall have no liability for court

costs and attorney's fees incurred in defending all or part of such suit or legal

proceeding.

If the amount demanded in any such suit or legal proceeding is in excess of the

LIMIT OF LIABILITY stated in ITEM 2. of the DECLARATIONS for the applicable

INSURING CLAUSE, the COMPANY'S liability for court costs and attorney's fees

incurred in defending all or part of such suit or legal proceedings is limited to the

proportion of such court costs and attorney's fees incurred that the LIMIT OF

LIABILITY stated in ITEM 2. of the DECLARATIONS for the applicable INSURING

CLAUSE bears to the total of the amount demanded in such suit or legal

proceeding.

If the amount demanded is any such suit or legal proceeding is in excess of the

DEDUCTIBLE AMOUNT, if any, but within the LIMIT OF LIABILITY stated in ITEM

2.

of the DECLARATIONS for the applicable INSURING CLAUSE, the

COMPANY'S liability for court costs and attorney's fees incurred in defending all or

part of such suit or legal proceedings shall be limited to the proportion of such

court costs or attorney's fees that the amount demanded that would be payable

under this Bond after application of the DEDUCTIBLE AMOUNT, bears to the total

amount demanded.

Amounts paid by the COMPANY for court costs and attorneys' fees shall be in

addition to the LIMIT OF LIABILITY stated in ITEM 2. of the DECLARATIONS.

ICAP Bond (5-98)

Form 17-02-1421 (Ed. 5-98)

Page 7 of 19

Conditions and

Limitations

Definitions

1

.

As used in this Bond:

a.

Computer System means a computer and all input, output, processing,

storage, off-line media libraries, and communication facilities which are

connected to the computer and which are under the control and supervision

of the operating system(s) or application(s) software used by the ASSURED.

b.

Counterfeit means an imitation of an actual valid original which is intended

to deceive and be taken as the original.

c.

Custodian means the institution designated by an Investment Company to

maintain possession and control of its assets.

d.

Customer means an individual, corporate, partnership, trust customer,

shareholder or subscriber of an Investment Company which has a written

agreement with the ASSURED for Voice Initiated Funds Transfer

Instruction.

e.

Employee means:

(1

)

an officer of the ASSURED,

(2

)

a natural person while in the regular service of the ASSURED at any of

the ASSURED'S premises and compensated directly by the ASSURED

through its payroll system and subject to the United States Internal

Revenue Service Form W-2 or equivalent income reporting plans of

other countries, and whom the ASSURED has the right to control and

direct both as to the result to be accomplished and details and means

by which such result is accomplished in the performance of such

service,

(3

)

a guest student pursuing studies or performing duties in any of the

ASSURED'S premises,