<?xml version="1.0" encoding="UTF-8"?><edgarSubmission xmlns="http://www.sec.gov/edgar/nport" xmlns:com="http://www.sec.gov/edgar/common" xmlns:ncom="http://www.sec.gov/edgar/nportcommon" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
  <headerData>
    <submissionType>NPORT-P</submissionType>
    <isConfidential>false</isConfidential>
    <filerInfo>
      
      <filer>
        <issuerCredentials>
          <cik>0000040417</cik>
          <ccc>XXXXXXXX</ccc>
        </issuerCredentials>
      </filer>
      
      
      
      
    </filerInfo>
  </headerData>
  <formData>
    <genInfo>
      <regName>General American Investors Company, Inc.</regName>
      <regFileNumber>811-00041</regFileNumber>
      <regCik>0000040417</regCik>
      <regLei>254900MHIF9G7IS1T951</regLei>
      <regStreet1>530 Fifth Avenue</regStreet1>
      <regStreet2>26TH FLOOR</regStreet2>
      <regCity>NEW YORK</regCity>
      <regStateConditional regCountry="US" regState="US-NY"/>
      <regZipOrPostalCode>10036</regZipOrPostalCode>
      <regPhone>2129168400</regPhone>
      <seriesName>N/A</seriesName>
      <seriesLei>N/A</seriesLei>
      <repPdEnd>2026-12-31</repPdEnd>
      <repPdDate>2026-06-30</repPdDate>
      <isFinalFiling>N</isFinalFiling>
    </genInfo>
    <fundInfo>
      <totAssets>1954955212</totAssets>
      <totLiabs>219075687</totLiabs>
      <netAssets>1735879525</netAssets>
      <assetsAttrMiscSec>15685316</assetsAttrMiscSec>
      <assetsInvested>0</assetsInvested>
      <amtPayOneYrBanksBorr>0</amtPayOneYrBanksBorr>
      <amtPayOneYrCtrldComp>0</amtPayOneYrCtrldComp>
      <amtPayOneYrOthAffil>0</amtPayOneYrOthAffil>
      <amtPayOneYrOther>0</amtPayOneYrOther>
      <amtPayAftOneYrBanksBorr>0</amtPayAftOneYrBanksBorr>
      <amtPayAftOneYrCtrldComp>0</amtPayAftOneYrCtrldComp>
      <amtPayAftOneYrOthAffil>0</amtPayAftOneYrOthAffil>
      <amtPayAftOneYrOther>0</amtPayAftOneYrOther>
      <delayDeliv>0</delayDeliv>
      <standByCommit>0</standByCommit>
      <liquidPref>190038825</liquidPref>
      <cshNotRptdInCorD>0</cshNotRptdInCorD>
      <isNonCashCollateral>N</isNonCashCollateral>
      <returnInfo>
        <monthlyTotReturns>
          <monthlyTotReturn rtn1="-0.14" rtn2="-0.95" rtn3="10.23"/>
        </monthlyTotReturns>
        <monthlyReturnCats>
          <equityContracts>
            <mon1 netRealizedGain="1167087" netUnrealizedAppr="-2493335"/>
            <mon2 netRealizedGain="833466" netUnrealizedAppr="139921"/>
            <mon3 netRealizedGain="1137672" netUnrealizedAppr="-105346"/>
            <optionCategory>
              <instrMon1 netRealizedGain="1167087" netUnrealizedAppr="-2493335"/>
              <instrMon2 netRealizedGain="833466" netUnrealizedAppr="139921"/>
              <instrMon3 netRealizedGain="1137672" netUnrealizedAppr="-105346"/>
            </optionCategory>
          </equityContracts>
        </monthlyReturnCats>
        <othMon1 netRealizedGain="19677739" netUnrealizedAppr="3078306"/>
        <othMon2 netRealizedGain="97970" netUnrealizedAppr="12365521"/>
        <othMon3 netRealizedGain="24531746" netUnrealizedAppr="96925863"/>
      </returnInfo>
      <mon1Flow redemption="7663848" reinvestment="N/A" sales="0"/>
      <mon2Flow redemption="1868379" reinvestment="N/A" sales="0"/>
      <mon3Flow redemption="1105316" reinvestment="N/A" sales="0"/>
      
      
    </fundInfo>
    <invstOrSecs>
      <invstOrSec>
        <name>Agnico Eagle Mines Limited</name>
        <lei>YGE0EUBRF7IJOB3QRX76</lei>
        <title>Common Stock</title>
        <cusip>008474108</cusip>
        <identifiers>
          <isin value="CA0084741085"/>
        </identifiers>
        <balance>179272</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>27810465.36</valUSD>
        <pctVal>1.6</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Alamos Gold Inc. - Class A</name>
        <lei>549300TDOX73YGYXE959</lei>
        <title>Common Stock</title>
        <cusip>011532108</cusip>
        <identifiers>
          <isin value="CA0115321089"/>
        </identifiers>
        <balance>236219</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7166884.46</valUSD>
        <pctVal>0.41</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Alphabet Inc. - Class C</name>
        <lei>5493006MHB84DD0ZWV18</lei>
        <title>Common Stock</title>
        <cusip>02079K107</cusip>
        <identifiers>
          <isin value="US02079K1079"/>
        </identifiers>
        <balance>209923</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>74172093.59</valUSD>
        <pctVal>4.27</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Amazon.com, Inc.</name>
        <lei>ZXTILKJKG63JELOEG630</lei>
        <title>Common Stock</title>
        <cusip>023135106</cusip>
        <identifiers>
          <isin value="US0231351067"/>
        </identifiers>
        <balance>291000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>69356940</valUSD>
        <pctVal>4</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>American Electric Power Company, Inc.</name>
        <lei>1B4S6S7G0TW5EE83BO58</lei>
        <title>Common Stock</title>
        <cusip>025537101</cusip>
        <identifiers>
          <isin value="US56600D1072"/>
        </identifiers>
        <balance>100000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>13681000</valUSD>
        <pctVal>0.79</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Amgen Inc.</name>
        <lei>62QBXGPJ34PQ72Z12S66</lei>
        <title>Common Stock</title>
        <cusip>031162100</cusip>
        <identifiers>
          <isin value="US0311621009"/>
        </identifiers>
        <balance>20000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7242400</valUSD>
        <pctVal>0.42</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Apple Inc.</name>
        <lei>HWUPKR0MPOU8FGXBT394</lei>
        <title>Common Stock</title>
        <cusip>037833100</cusip>
        <identifiers>
          <isin value="US0378331005"/>
        </identifiers>
        <balance>265705</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>76884398.8</valUSD>
        <pctVal>4.43</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Applied Materials, Inc.</name>
        <lei>41BNNE1AFPNAZELZ6K07</lei>
        <title>Common Stock</title>
        <cusip>038222105</cusip>
        <identifiers>
          <isin value="US0382221051"/>
        </identifiers>
        <balance>25052</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>18112596</valUSD>
        <pctVal>1.04</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Arch Capital Group Ltd.</name>
        <lei>549300AYR4P8AFKDCE43</lei>
        <title>Common Stock</title>
        <cusip>G0450A105</cusip>
        <identifiers>
          <isin value="BMG0450A1053"/>
        </identifiers>
        <balance>530200</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>51461212</valUSD>
        <pctVal>2.96</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Arcos Dorados Holdings Inc. - Class A</name>
        <lei>54930023P2MIZN13DQ85</lei>
        <title>Common Stock</title>
        <cusip>G0457F107</cusip>
        <identifiers>
          <isin value="VGG0457F1071"/>
        </identifiers>
        <balance>860178</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6933034.68</valUSD>
        <pctVal>0.4</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>UY</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Arista Networks, Inc.</name>
        <lei>54930023P2MIZN13DQ85</lei>
        <title>Common Stock</title>
        <cusip>040413205</cusip>
        <identifiers>
          <isin value="VGG0457F1071"/>
        </identifiers>
        <balance>55142</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>9367522.96</valUSD>
        <pctVal>0.54</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ARS Pharmaceuticals Inc</name>
        <lei>N/A</lei>
        <title>Common Stock</title>
        <cusip>82835W108</cusip>
        <identifiers>
          <isin value="US82835W1080"/>
        </identifiers>
        <balance>1133046</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>9075698.46</valUSD>
        <pctVal>0.52</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ASML Holding N.V.</name>
        <lei>724500Y6DUVHQD6OXN27</lei>
        <title>NY Reg Shrs</title>
        <cusip>N07059210</cusip>
        <identifiers>
          <isin value="USN070592100"/>
        </identifiers>
        <balance>55000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>109419200</valUSD>
        <pctVal>6.3</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>AT&amp;T Inc.</name>
        <lei>549300Z40J86GGSTL398</lei>
        <title>Common Stock</title>
        <cusip>00206R102</cusip>
        <identifiers>
          <isin value="US00206R1023"/>
        </identifiers>
        <balance>774639</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>16035027.3</valUSD>
        <pctVal>0.92</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BAE Systems plc</name>
        <lei>8SVCSVKSGDWMW2QHOH83</lei>
        <title>Common Stock</title>
        <cusip>026349902</cusip>
        <identifiers>
          <isin value="GB0002634946"/>
        </identifiers>
        <balance>874008</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>21378005.76</valUSD>
        <pctVal>1.23</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Berkshire Hathaway Inc. - Class A</name>
        <lei>5493000C01ZX7D35SD85</lei>
        <title>Common Stock</title>
        <cusip>084670108</cusip>
        <identifiers>
          <isin value="US0846701086"/>
        </identifiers>
        <balance>110</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>82373500</valUSD>
        <pctVal>4.75</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      
      <invstOrSec>
        <name>Boeing Company/The</name>
        <lei>RVHJWBXLJ1RFUBSY1F30</lei>
        <title>Common Stock</title>
        <cusip>097023105</cusip>
        <identifiers>
          <isin value="US0970231058"/>
        </identifiers>
        <balance>84154</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>18216816.38</valUSD>
        <pctVal>1.05</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Broadcom Inc.</name>
        <lei>549300WV6GIDOZJTV909</lei>
        <title>Common Stock</title>
        <cusip>11135F101</cusip>
        <identifiers>
          <isin value="US11135F1012"/>
        </identifiers>
        <balance>138000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>52129500</valUSD>
        <pctVal>3</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Cameco Corporation</name>
        <lei>N4BHALMXL3GMZKCUON55</lei>
        <title>Common Stock</title>
        <cusip>13321L108</cusip>
        <identifiers>
          <isin value="CA13321L1085"/>
        </identifiers>
        <balance>339230</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>34553967.8</valUSD>
        <pctVal>1.99</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Celestica Inc.</name>
        <lei>549300J3CG5T6RZWLN53</lei>
        <title>Common Stock</title>
        <cusip>15101Q207</cusip>
        <identifiers>
          <isin value="CA15101Q2071"/>
        </identifiers>
        <balance>-250</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-677500</valUSD>
        <pctVal>0.04</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>UBS Financial Services, Inc.</counterpartyName>
              <counterpartyLei>ETYRV6ORNFJB5NONI676</counterpartyLei>
            </counterparties>
            <putOrCall>Put</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Celestica Inc.</issuerName>
                <issueTitle>Celestica Inc Jul 370 Puts Exp 07/17/26</issueTitle>
                <identifiers>
                  <other otherDesc="Custom Ticker" value="CLSJUL370P"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>100</shareNo>
            <exercisePrice>370</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2026-07-17</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>-145126.72</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Chevron Corporation</name>
        <lei>N/A</lei>
        <title>Common Stock</title>
        <cusip>166764100</cusip>
        <identifiers>
          <isin value="US1667641005"/>
        </identifiers>
        <balance>86391</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>14320172.16</valUSD>
        <pctVal>0.82</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Cleveland-Cliffs Inc.</name>
        <lei>549300TM2WLI2BJMDD86</lei>
        <title>Common Stock</title>
        <cusip>185899101</cusip>
        <identifiers>
          <isin value="US1858991011"/>
        </identifiers>
        <balance>100593</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>944568.27</valUSD>
        <pctVal>0.05</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      
      <invstOrSec>
        <name>Costco Wholesale Corporation</name>
        <lei>29DX7H14B9S6O3FD6V18</lei>
        <title>Common Stock</title>
        <cusip>22160K105</cusip>
        <identifiers>
          <isin value="US22160K1051"/>
        </identifiers>
        <balance>33000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>30870510</valUSD>
        <pctVal>1.78</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Dominion Energy, Inc.</name>
        <lei>ILUL7B6Z54MRYCF6H308</lei>
        <title>Common Stock</title>
        <cusip>25746U109</cusip>
        <identifiers>
          <isin value="US25746U1097"/>
        </identifiers>
        <balance>290000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>19804100</valUSD>
        <pctVal>1.14</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Energy Transfer LP</name>
        <lei>MTLVN9N7JE8MIBIJ1H73</lei>
        <title>MLP</title>
        <cusip>29273V100</cusip>
        <identifiers>
          <isin value="US29273V1008"/>
        </identifiers>
        <balance>1020030</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>19502973.6</valUSD>
        <pctVal>1.12</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Everest Group, Ltd.</name>
        <lei>549300N24XF2VV0B3570</lei>
        <title>Common Stock</title>
        <cusip>G3223R108</cusip>
        <identifiers>
          <isin value="BMG3223R1088"/>
        </identifiers>
        <balance>122909</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>43906782.07</valUSD>
        <pctVal>2.53</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Exxon Mobil Corporation</name>
        <lei>J3WHBG0MTS7O8ZVMDC91</lei>
        <title>Common Stock</title>
        <cusip>30231G102</cusip>
        <identifiers>
          <isin value="US30231G1022"/>
        </identifiers>
        <balance>115100</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>15736472</valUSD>
        <pctVal>0.91</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Ferroglobe PLC</name>
        <lei>2138005GCFJACFTZUD90</lei>
        <title>Common Stock</title>
        <cusip>G33856108</cusip>
        <identifiers>
          <isin value="GB00BYW6GV68"/>
        </identifiers>
        <balance>827591</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2631739.38</valUSD>
        <pctVal>0.15</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      
      <invstOrSec>
        <name>GE Vernova Inc.</name>
        <lei>254900DP080RU6OK2553</lei>
        <title>Common Stock</title>
        <cusip>36828A101</cusip>
        <identifiers>
          <isin value="US36828A1016"/>
        </identifiers>
        <balance>71000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>83415060</valUSD>
        <pctVal>4.81</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Gilead Sciences, Inc.</name>
        <lei>549300WTZWR07K8MNV44</lei>
        <title>Common Stock</title>
        <cusip>375558103</cusip>
        <identifiers>
          <isin value="US3755581036"/>
        </identifiers>
        <balance>144900</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>18306666</valUSD>
        <pctVal>1.05</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>i-80 Gold Corp.</name>
        <lei>549300LFFIWIGUEXPK11</lei>
        <title>Common Stock</title>
        <cusip>44955L106</cusip>
        <identifiers>
          <isin value="CA44955L1067"/>
        </identifiers>
        <balance>3361767</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4840944.48</valUSD>
        <pctVal>0.28</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>IDEAYA Biosciences, Inc.</name>
        <lei>549300ULW08F62IJML11</lei>
        <title>Common Stock</title>
        <cusip>45166A102</cusip>
        <identifiers>
          <isin value="US45166A1025"/>
        </identifiers>
        <balance>308240</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>11488104.8</valUSD>
        <pctVal>0.66</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>indie Semiconductor, Inc. - Class A</name>
        <lei>254900L1MFXFYGB1PV53</lei>
        <title>Common Stock</title>
        <cusip>45569U101</cusip>
        <identifiers>
          <isin value="US45569U1016"/>
        </identifiers>
        <balance>1644107</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7382040.43</valUSD>
        <pctVal>0.43</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>JPMorgan Chase &amp; Co.</name>
        <lei>8I5DZWZKVSZI1NUHU748</lei>
        <title>Common Stock</title>
        <cusip>46625H100</cusip>
        <identifiers>
          <isin value="US46625H1005"/>
        </identifiers>
        <balance>80000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>26186400</valUSD>
        <pctVal>1.51</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>L3Harris Technologies, Inc.</name>
        <lei>549300UTE50ZMDBG8A20</lei>
        <title>Common Stock</title>
        <cusip>502431109</cusip>
        <identifiers>
          <isin value="US5024311095"/>
        </identifiers>
        <balance>65785</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>19116463.15</valUSD>
        <pctVal>1.1</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Maravai LifeSciences Holdings, Inc. - Class A</name>
        <lei>N/A</lei>
        <title>Common Stock</title>
        <cusip>56600D107</cusip>
        <identifiers>
          <isin value="US56600D1072"/>
        </identifiers>
        <balance>1716193</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>10709044.32</valUSD>
        <pctVal>0.62</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Marvell Technology, Inc.</name>
        <lei>N/A</lei>
        <title>Common Stock</title>
        <cusip>573874104</cusip>
        <identifiers>
          <isin value="US5738741041"/>
        </identifiers>
        <balance>112000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>33363680</valUSD>
        <pctVal>1.92</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Marvell Technology, Inc.</name>
        <lei>N/A</lei>
        <title>Common Stock</title>
        <cusip>573874104</cusip>
        <identifiers>
          <isin value="US5738741041"/>
        </identifiers>
        <balance>-300</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-2223000</valUSD>
        <pctVal>0.13</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>UBS Financial Services, Inc.</counterpartyName>
              <counterpartyLei>ETYRV6ORNFJB5NONI676</counterpartyLei>
            </counterparties>
            <putOrCall>Call</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Marvell Technology, Inc.</issuerName>
                <issueTitle>Marvell Technology, Inc. Jul 230 Calls Exp 07/17/26</issueTitle>
                <identifiers>
                  <other otherDesc="Custom Ticker" value="MRVLJUL230C"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>100</shareNo>
            <exercisePrice>230</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2026-07-17</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>-1903911.49</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Marvell Technology, Inc.</name>
        <lei>N/A</lei>
        <title>Common Stock</title>
        <cusip>573874104</cusip>
        <identifiers>
          <isin value="US5738741041"/>
        </identifiers>
        <balance>300</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>31500</valUSD>
        <pctVal>0</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>UBS Financial Services, Inc.</counterpartyName>
              <counterpartyLei>ETYRV6ORNFJB5NONI676</counterpartyLei>
            </counterparties>
            <putOrCall>Put</putOrCall>
            <writtenOrPur>Purchased</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Marvell Technology, Inc.</issuerName>
                <issueTitle>Marvell Technology, Inc. Jul 190 Puts Exp 07/17/26</issueTitle>
                <identifiers>
                  <other otherDesc="Custom Ticker" value="MRVLJUL190P"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>100</shareNo>
            <exercisePrice>190</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2026-07-17</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>-347088.89</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Mastercard Incorporated</name>
        <lei>AR5L2ODV9HN37376R084</lei>
        <title>Common Stock</title>
        <cusip>57636Q104</cusip>
        <identifiers>
          <isin value="US57636Q1040"/>
        </identifiers>
        <balance>15000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7704000</valUSD>
        <pctVal>0.44</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Mastercard Incorporated</name>
        <lei>AR5L2ODV9HN37376R084</lei>
        <title>Common Stock</title>
        <cusip>57636Q104</cusip>
        <identifiers>
          <isin value="US57636Q1040"/>
        </identifiers>
        <balance>200</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>94000</valUSD>
        <pctVal>0.01</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>UBS Financial Services, Inc.</counterpartyName>
              <counterpartyLei>ETYRV6ORNFJB5NONI676</counterpartyLei>
            </counterparties>
            <putOrCall>Put</putOrCall>
            <writtenOrPur>Purchased</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Mastercard Incorporated</issuerName>
                <issueTitle>Mastercard Inc. Jul 500 Puts Exp 07/17/26</issueTitle>
                <identifiers>
                  <other otherDesc="Custom Ticker" value="MAJUL500P"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>100</shareNo>
            <exercisePrice>500</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2026-07-17</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>-11923.59</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Mastercard Incorporated</name>
        <lei>AR5L2ODV9HN37376R084</lei>
        <title>Common Stock</title>
        <cusip>57636Q104</cusip>
        <identifiers>
          <isin value="US57636Q1040"/>
        </identifiers>
        <balance>-200</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-16000</valUSD>
        <pctVal>0</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>UBS Financial Services, Inc.</counterpartyName>
              <counterpartyLei>ETYRV6ORNFJB5NONI676</counterpartyLei>
            </counterparties>
            <putOrCall>Put</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Mastercard Incorporated</issuerName>
                <issueTitle>Mastercard Inc. Jul 460 Puts Exp 07/17/26</issueTitle>
                <identifiers>
                  <other otherDesc="Custom Ticker" value="MAJUL460P"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>100</shareNo>
            <exercisePrice>460</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2026-07-17</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>30596.44</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>M&amp;T Bank Corporation</name>
        <lei>549300WYXDDBYRASEG81</lei>
        <title>Common Stock</title>
        <cusip>55261F104</cusip>
        <identifiers>
          <isin value="US55261F1049"/>
        </identifiers>
        <balance>101100</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>24062811</valUSD>
        <pctVal>1.39</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Merck &amp; Co., Inc.</name>
        <lei>4YV9Y5M8S0BRK1RP0397</lei>
        <title>Common Stock</title>
        <cusip>58933Y105</cusip>
        <identifiers>
          <isin value="US58933Y1055"/>
        </identifiers>
        <balance>204326</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>26255891</valUSD>
        <pctVal>1.51</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Meta Platforms, Inc. - Class A</name>
        <lei>BQ4BKCS1HXDV9HN80Z93</lei>
        <title>Common Stock</title>
        <cusip>30303M102</cusip>
        <identifiers>
          <isin value="US30303M1027"/>
        </identifiers>
        <balance>32000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>18025280</valUSD>
        <pctVal>1.04</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MetLife, Inc.</name>
        <lei>C4BXATY60WC6XEOZDX54</lei>
        <title>Common Stock</title>
        <cusip>59156R108</cusip>
        <identifiers>
          <isin value="US59156R1086"/>
        </identifiers>
        <balance>90327</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7642567.47</valUSD>
        <pctVal>0.44</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Microsoft Corporation</name>
        <lei>INR2EJN1ERAN0W5ZP974</lei>
        <title>Common Stock</title>
        <cusip>594918104</cusip>
        <identifiers>
          <isin value="US5949181045"/>
        </identifiers>
        <balance>131400</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>49014828</valUSD>
        <pctVal>2.82</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Nelnet, Inc. - Class A</name>
        <lei>549300T6B0Q52I6OM558</lei>
        <title>Common Stock</title>
        <cusip>64031N108</cusip>
        <identifiers>
          <isin value="US64031N1081"/>
        </identifiers>
        <balance>230998</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>30798963.34</valUSD>
        <pctVal>1.77</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Nestle S.A.</name>
        <lei>KY37LUS27QQX7BB93L28</lei>
        <title>Common Stock</title>
        <cusip>712387901</cusip>
        <identifiers>
          <isin value="CH0038863350"/>
        </identifiers>
        <balance>275000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>28275990.1</valUSD>
        <pctVal>1.63</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NextNav Inc.</name>
        <lei>N/A</lei>
        <title>Common Stock</title>
        <cusip>65345N106</cusip>
        <identifiers>
          <isin value="US65345N1063"/>
        </identifiers>
        <balance>649814</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>11586183.62</valUSD>
        <pctVal>0.67</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Novo Nordisk A/S</name>
        <lei>549300DAQ1CVT6CXN342</lei>
        <title>Common Stock</title>
        <cusip>670100205</cusip>
        <identifiers>
          <isin value="US6701002056"/>
        </identifiers>
        <balance>808</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>223008</valUSD>
        <pctVal>0.01</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DK</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>UBS Financial Services, Inc.</counterpartyName>
              <counterpartyLei>ETYRV6ORNFJB5NONI676</counterpartyLei>
            </counterparties>
            <putOrCall>Call</putOrCall>
            <writtenOrPur>Purchased</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Novo Nordisk A/S</issuerName>
                <issueTitle>Novo Nordisk A/S Sept 50 Calls Exp 09/18/26</issueTitle>
                <identifiers>
                  <other otherDesc="Custom Ticker" value="NVOJUL50C"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>100</shareNo>
            <exercisePrice>50</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2026-09-18</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>36068.45</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Novo Nordisk A/S</name>
        <lei>549300DAQ1CVT6CXN342</lei>
        <title>Common Stock</title>
        <cusip>670100205</cusip>
        <identifiers>
          <isin value="US6701002056"/>
        </identifiers>
        <balance>1000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>226000</valUSD>
        <pctVal>0.01</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DK</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>UBS Financial Services, Inc.</counterpartyName>
              <counterpartyLei>ETYRV6ORNFJB5NONI676</counterpartyLei>
            </counterparties>
            <putOrCall>Call</putOrCall>
            <writtenOrPur>Purchased</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Novo Nordisk A/S</issuerName>
                <issueTitle>Novo Nordisk A/S Aug 50 Calls Exp 08/21/26</issueTitle>
                <identifiers>
                  <other otherDesc="Custom Ticker" value="NVOAUG50C"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>100</shareNo>
            <exercisePrice>50</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2026-08-21</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>-13822.95</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NVIDIA Corporation</name>
        <lei>549300S4KLFTLO7GSQ80</lei>
        <title>Common Stock</title>
        <cusip>67066G104</cusip>
        <identifiers>
          <isin value="US67066G1040"/>
        </identifiers>
        <balance>205979</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>41214338.11</valUSD>
        <pctVal>2.37</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Onto Innovation Inc.</name>
        <lei>254900RXZVN73CHOO062</lei>
        <title>Common Stock</title>
        <cusip>683344105</cusip>
        <identifiers>
          <isin value="US6833441057"/>
        </identifiers>
        <balance>60000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>22707000</valUSD>
        <pctVal>1.31</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PepsiCo, Inc.</name>
        <lei>FJSUNZKFNQ5YPJ5OT455</lei>
        <title>Common Stock</title>
        <cusip>713448108</cusip>
        <identifiers>
          <isin value="US7134481081"/>
        </identifiers>
        <balance>130000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>17602000</valUSD>
        <pctVal>1.01</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Pfizer Inc.</name>
        <lei>765LHXWGK1KXCLTFYQ30</lei>
        <title>Common Stock</title>
        <cusip>717081103</cusip>
        <identifiers>
          <isin value="US7170811035"/>
        </identifiers>
        <balance>405808</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>9771856.64</valUSD>
        <pctVal>0.56</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      
      <invstOrSec>
        <name>Regeneron Pharmaceuticals, Inc.</name>
        <lei>549300RCBFWIRX3HYQ56</lei>
        <title>Common Stock</title>
        <cusip>75886F107</cusip>
        <identifiers>
          <isin value="US75886F1075"/>
        </identifiers>
        <balance>36362</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>22673161.48</valUSD>
        <pctVal>1.31</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Republic Services, Inc.</name>
        <lei>NKNQHM6BLECKVOQP7O46</lei>
        <title>Common Stock</title>
        <cusip>760759100</cusip>
        <identifiers>
          <isin value="US7607591002"/>
        </identifiers>
        <balance>335625</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>71514975</valUSD>
        <pctVal>4.12</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Revolution Medicines, Inc.</name>
        <lei>549300JU3X0LBCQ65892</lei>
        <title>Common Stock</title>
        <cusip>76155X100</cusip>
        <identifiers>
          <isin value="US76155X1000"/>
        </identifiers>
        <balance>62545</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>11713427.6</valUSD>
        <pctVal>0.67</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>RTX Corporation</name>
        <lei>I07WOS4YJ0N7YRFE7309</lei>
        <title>Common Stock</title>
        <cusip>75513E101</cusip>
        <identifiers>
          <isin value="US75513E1010"/>
        </identifiers>
        <balance>160000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>30356800</valUSD>
        <pctVal>1.75</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ServiceNow, Inc.</name>
        <lei>549300HJTQM36M0E1G39</lei>
        <title>Common Stock</title>
        <cusip>81762P102</cusip>
        <identifiers>
          <isin value="US81762P1021"/>
        </identifiers>
        <balance>85000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8438800</valUSD>
        <pctVal>0.49</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ServiceNow Inc</name>
        <lei>549300HJTQM36M0E1G39</lei>
        <title>Common Stock</title>
        <cusip>81762P102</cusip>
        <identifiers>
          <isin value="US81762P1021"/>
        </identifiers>
        <balance>1500</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>1125000</valUSD>
        <pctVal>0.06</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>UBS Financial Services, Inc.</counterpartyName>
              <counterpartyLei>ETYRV6ORNFJB5NONI676</counterpartyLei>
            </counterparties>
            <putOrCall>Call</putOrCall>
            <writtenOrPur>Purchased</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>ServiceNow Inc</issuerName>
                <issueTitle>ServiceNow, Inc. Aug 105 Calls Exp 08/21/26</issueTitle>
                <identifiers>
                  <other otherDesc="Custom Ticker" value="NOWAUG105C"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>100</shareNo>
            <exercisePrice>105</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2026-08-21</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>117011.62</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ServiceNow Inc</name>
        <lei>549300HJTQM36M0E1G39</lei>
        <title>Common Stock</title>
        <cusip>81762P102</cusip>
        <identifiers>
          <isin value="US81762P1021"/>
        </identifiers>
        <balance>-1500</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-300000</valUSD>
        <pctVal>0.02</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>UBS Financial Services, Inc.</counterpartyName>
              <counterpartyLei>ETYRV6ORNFJB5NONI676</counterpartyLei>
            </counterparties>
            <putOrCall>Call</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>ServiceNow Inc</issuerName>
                <issueTitle>ServiceNow, Inc. Aug 135 Calls Exp 08/21/26</issueTitle>
                <identifiers>
                  <other otherDesc="Custom Ticker" value="NOWAUG135C"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>100</shareNo>
            <exercisePrice>135</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2026-08-21</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>-17914.31</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Siemens Energy AG</name>
        <lei>5299005CHJZ14D4FDJ62</lei>
        <title>Common Stock</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="DE000ENER6Y0"/>
        </identifiers>
        <balance>67600</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>12806351.03</valUSD>
        <pctVal>0.74</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Solventum Corporation</name>
        <lei>254900I70403OSGY4M28</lei>
        <title>Common Stock</title>
        <cusip>83444M101</cusip>
        <identifiers>
          <isin value="US83444M1018"/>
        </identifiers>
        <balance>377350</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>29112552.5</valUSD>
        <pctVal>1.68</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SS Inst. Treas Plus MM Fund TPL</name>
        <lei>549300PNASLVKQG64331</lei>
        <title>Open-End Fund</title>
        <cusip>930SJLII0</cusip>
        <identifiers>
          <isin value="US85749Q4486"/>
        </identifiers>
        <balance>199442862.1</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>199442862.1</valUSD>
        <pctVal>11.49</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="Money Market Fund"/>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TJX Companies, Inc./The</name>
        <lei>V167QI9I69W364E2DY52</lei>
        <title>Common Stock</title>
        <cusip>872540109</cusip>
        <identifiers>
          <isin value="US8725401090"/>
        </identifiers>
        <balance>484752</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>73439928</valUSD>
        <pctVal>4.23</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Tyler Technologies, Inc.</name>
        <lei>25490040SMU4Z8LBCW70</lei>
        <title>Common Stock</title>
        <cusip>902252105</cusip>
        <identifiers>
          <isin value="US9022521051"/>
        </identifiers>
        <balance>51681</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>15114625.26</valUSD>
        <pctVal>0.87</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Uber Technologies, Inc.</name>
        <lei>549300B2FTG34FILDR98</lei>
        <title>Common Stock</title>
        <cusip>90353T100</cusip>
        <identifiers>
          <isin value="US90353T1007"/>
        </identifiers>
        <balance>260583</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>18803669.28</valUSD>
        <pctVal>1.08</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Unilever PLC</name>
        <lei>549300MKFYEKVRWML317</lei>
        <title>Common Stock</title>
        <cusip>BLRB26905</cusip>
        <identifiers>
          <isin value="GB00B10RZP78"/>
        </identifiers>
        <balance>396854</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>23873897.08</valUSD>
        <pctVal>1.38</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Universal Display Corporation</name>
        <lei>N/A</lei>
        <title>Common Stock</title>
        <cusip>91347P105</cusip>
        <identifiers>
          <isin value="US91347P1057"/>
        </identifiers>
        <balance>58009</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5022999.31</valUSD>
        <pctVal>0.29</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Uranium Energy Corp.</name>
        <lei>549300VD69WD2USLIP04</lei>
        <title>Common Stock</title>
        <cusip>916896103</cusip>
        <identifiers>
          <isin value="US9168961038"/>
        </identifiers>
        <balance>454890</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4849127.4</valUSD>
        <pctVal>0.28</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Valneva SE</name>
        <lei>969500DIVIP5VKNW4948</lei>
        <title>Common Stock</title>
        <cusip>B03KGM907</cusip>
        <identifiers>
          <isin value="FR0004056851"/>
        </identifiers>
        <balance>1152180</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2968664.08</valUSD>
        <pctVal>0.17</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Valneva SE - ADR</name>
        <lei>969500DIVIP5VKNW4948</lei>
        <title>ADR</title>
        <cusip>92025Y103</cusip>
        <identifiers>
          <isin value="US92025Y1038"/>
        </identifiers>
        <balance>354361</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1853308.03</valUSD>
        <pctVal>0.11</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Veeva Systems Inc. - Class A</name>
        <lei>549300YZEXPDB92M2F02</lei>
        <title>Common Stock</title>
        <cusip>922475108</cusip>
        <identifiers>
          <isin value="US9224751084"/>
        </identifiers>
        <balance>58006</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>10294324.82</valUSD>
        <pctVal>0.59</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2026-07-31</ncom:dateSigned>
      <ncom:nameOfApplicant>General American Investors Company, Inc.</ncom:nameOfApplicant>
      <ncom:signature>/s/ Eugene S. Stark</ncom:signature>
      <ncom:signerName>Eugene S. Stark</ncom:signerName>
      <ncom:title>Vice-President Administration, CCO, PFO</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
