GENERAL AMERICAN INVESTORS CO INC Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
EXPE	Expedia Group, Inc.	50,000	$14,000	0.8%	$129.94	+90.0%	PUT	30212P303
ONTO	Onto Innovation Inc	80,000	$12,629	0.7%	$142.02	0.0%	COM	683344105
SPRY	ARS Pharmaceuticals Inc	559,959	$6,524	0.4%	$9.72	0.0%	COM	82835W108
RTX	RTX Corporation	37,200	$6,510	0.4%	$54.61	+217.4%	PUT	75513E101
RVMD	Revolution Medicines Inc	64,045	$5,101	0.3%	$65.57	0.0%	COM	76155X100
COLB	Columbia Banking System Inc.	165,556	$4,627	0.3%	$26.85	0.0%	COM	197236102
BB	BlackBerry Ltd	1,026,996	$3,892	0.2%	$4.40	0.0%	COM	09228F103
MET	MetLife, Inc.	50,000	$3,875	0.2%	$31.55	+150.2%	PUT	59156R108
SOLV	Solventum Corporation	22,700	$1,930	0.1%	$65.00	+17.8%	PUT	83444M101

Increased Positions (8)

MSFT Microsoft Corporation 3.7%

Value ($000) $65,700 (+85.1%) Shares 140,000 (+100.0%) Est. Cost $26.70 Unrealized +1774.6%

MRVI Maravai LifeSciences Holdings, 0.3%

Value ($000) $5,152 (+1216.1%) Shares 1,585,316 (+1062.2%) Est. Cost $3.30 Unrealized +2.1%

CCJ Cameco Corporation 0.4%

Value ($000) $7,125 (+149.5%) Shares 75,000 (+83.8%) Est. Cost $13.13 Unrealized +584.7%

ARCO Arcos Dorados Holdings Inc. Cl 0.4%

Value ($000) $6,974 (+47.6%) Shares 950,178 (+35.7%) Est. Cost $7.31 Unrealized -2.2%

TYL Tyler Technologies, Inc. 1.2%

Value ($000) $21,191 (-8.7%) Shares 46,681 (+5.2%) Est. Cost $371.71 Unrealized +28.2%

VYX NCR Voyix Corporation 0.7%

Value ($000) $12,039 (-12.0%) Shares 1,180,314 (+8.3%) Est. Cost $11.60 Unrealized -6.3%

NOBL Proshares S&P 500 Dividend Ari 0.1%

Value ($000) $2,342 (+29.8%) Shares 22,500 (+28.6%) Est. Cost $95.19 Unrealized —

INDI indie Semiconductor, Inc. - Cl 0.4%

Value ($000) $6,901 (-0.5%) Shares 1,954,849 (+14.7%) Est. Cost $5.12 Unrealized -14.4%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
MSFT	Microsoft Corporation	140,000 (+100.0%)	$65,700 (+85.1%)	3.7%	$26.70	+1774.6%	PUT	594918104
MRVI	Maravai LifeSciences Holdings,	1,585,316 (+1062.2%)	$5,152 (+1216.1%)	0.3%	$3.30	+2.1%	COM	56600D107
CCJ	Cameco Corporation	75,000 (+83.8%)	$7,125 (+149.5%)	0.4%	$13.13	+584.7%	PUT	13321L108
ARCO	Arcos Dorados Holdings Inc. Cl	950,178 (+35.7%)	$6,974 (+47.6%)	0.4%	$7.31	-2.2%	COM	G0457F107
TYL	Tyler Technologies, Inc.	46,681 (+5.2%)	$21,191 (-8.7%)	1.2%	$371.71	+28.2%	COM	902252105
VYX	NCR Voyix Corporation	1,180,314 (+8.3%)	$12,039 (-12.0%)	0.7%	$11.60	-6.3%	COM	62886E108
NOBL	Proshares S&P 500 Dividend Ari	22,500 (+28.6%)	$2,342 (+29.8%)	0.1%	$95.19	—	COM	74348A467
INDI	indie Semiconductor, Inc. - Cl	1,954,849 (+14.7%)	$6,901 (-0.5%)	0.4%	$5.12	-14.4%	COM	45569U101

Exited Positions (5)

AVGO Broadcom Inc. 0.8%

Value ($000) $15,000 Shares 50,000 Est. Cost $145.68 Unrealized +145.1%

DHR Danaher Corporation 0.6%

Value ($000) $9,915 Shares 50,010 Est. Cost $227.92 Unrealized -3.7%

ADBE Adobe Inc. 0.4%

Value ($000) $7,057 Shares 20,006 Est. Cost $502.06 Unrealized -32.3%

ASTL Algoma Steel Group Inc. 0.1%

Value ($000) $996 Shares 280,136 Est. Cost $8.68 Unrealized -54.1%

ALM Almonty Industries Inc. 0.0%

Value ($000) $246 Shares 40,721 Est. Cost $4.80 Unrealized +53.3%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
AVGO	Broadcom Inc.	50,000	$15,000	0.8%	$145.68	+145.1%	PUT	11135F101
DHR	Danaher Corporation	50,010	$9,915	0.6%	$227.92	-3.7%	—	235851102
ADBE	Adobe Inc.	20,006	$7,057	0.4%	$502.06	-32.3%	—	00724F101
ASTL	Algoma Steel Group Inc.	280,136	$996	0.1%	$8.68	-54.1%	—	015658107
ALM	Almonty Industries Inc.	40,721	$246	0.0%	$4.80	+53.3%	—	020398707

Decreased Positions (17)

THC Tenet Healthcare Corporation 0.3%

Value ($000) $5,962 (-67.9%) Shares 30,000 (-67.2%) Est. Cost $65.40 Unrealized +209.0%

AEM Agnico Eagle Mines Limited 1.7%

Value ($000) $30,392 (-24.9%) Shares 179,272 (-25.3%) Est. Cost $49.73 Unrealized +237.5%

AGI Alamos Gold Inc. - Class A 0.5%

Value ($000) $9,306 (-43.5%) Shares 241,219 (-48.9%) Est. Cost $8.58 Unrealized +306.0%

GOOG Alphabet Inc. - Class C 1.7%

Value ($000) $30,500 (-18.3%) Shares 100,000 (-42.9%) Est. Cost $107.87 Unrealized +165.5%

EG Everest Group, Ltd. 2.5%

Value ($000) $43,843 (-13.2%) Shares 129,196 (-10.5%) Est. Cost $150.79 Unrealized +119.0%

AVGO Broadcom Inc. 2.8%

Value ($000) $49,492 (-8.0%) Shares 143,000 (-12.3%) Est. Cost $145.68 Unrealized +145.1%

ANET Arista Networks, Inc. 1.0%

Value ($000) $18,433 (-16.0%) Shares 140,679 (-6.6%) Est. Cost $86.52 Unrealized +59.1%

AAPL Apple Inc. 4.2%

Value ($000) $74,953 (+4.9%) Shares 275,705 (-1.8%) Est. Cost $93.30 Unrealized +187.6%

MRVL Marvell Technology, Inc. 0.2%

Value ($000) $4,249 (-40.5%) Shares 50,000 (-41.1%) Est. Cost $73.50 Unrealized +19.0%

TJX TJX Companies, Inc./The 0.8%

Value ($000) $14,500 (-15.5%) Shares 100,000 (-23.1%) Est. Cost $33.35 Unrealized +342.9%

PEP PepsiCo, Inc. 1.1%

Value ($000) $20,093 (-10.6%) Shares 140,000 (-12.5%) Est. Cost $69.82 Unrealized +109.0%

CLF Cleveland-Cliffs Inc. 0.1%

Value ($000) $1,336 (-55.0%) Shares 100,593 (-58.7%) Est. Cost $12.24 Unrealized +3.2%

CRM Salesforce, Inc. 0.4%

Value ($000) $7,947 (-16.2%) Shares 30,000 (-25.0%) Est. Cost $266.04 Unrealized -6.7%

CCJ Cameco Corporation 2.0%

Value ($000) $35,611 (-3.3%) Shares 389,230 (-11.4%) Est. Cost $13.13 Unrealized +584.7%

IAUX i-80 Gold Corp. 0.3%

Value ($000) $5,073 (+25.6%) Shares 3,474,389 (-17.8%) Est. Cost $0.90 Unrealized +25.8%

RTX RTX Corporation 1.6%

Value ($000) $28,427 (+3.0%) Shares 155,000 (-6.1%) Est. Cost $54.61 Unrealized +217.4%

NN NextNav Inc. 0.8%

Value ($000) $13,315 (-4.7%) Shares 800,210 (-18.1%) Est. Cost $5.53 Unrealized +156.8%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
THC	Tenet Healthcare Corporation	30,000 (-67.2%)	$5,962 (-67.9%)	0.3%	$65.40	+209.0%	COM	88033G407
AEM	Agnico Eagle Mines Limited	179,272 (-25.3%)	$30,392 (-24.9%)	1.7%	$49.73	+237.5%	COM	008474108
AGI	Alamos Gold Inc. - Class A	241,219 (-48.9%)	$9,306 (-43.5%)	0.5%	$8.58	+306.0%	COM	011532108
GOOG	Alphabet Inc. - Class C	100,000 (-42.9%)	$30,500 (-18.3%)	1.7%	$107.87	+165.5%	PUT	02079K107
EG	Everest Group, Ltd.	129,196 (-10.5%)	$43,843 (-13.2%)	2.5%	$150.79	+119.0%	COM	G3223R108
AVGO	Broadcom Inc.	143,000 (-12.3%)	$49,492 (-8.0%)	2.8%	$145.68	+145.1%	COM	11135F101
ANET	Arista Networks, Inc.	140,679 (-6.6%)	$18,433 (-16.0%)	1.0%	$86.52	+59.1%	COM	040413205
AAPL	Apple Inc.	275,705 (-1.8%)	$74,953 (+4.9%)	4.2%	$93.30	+187.6%	COM	037833100
MRVL	Marvell Technology, Inc.	50,000 (-41.1%)	$4,249 (-40.5%)	0.2%	$73.50	+19.0%	COM	573874104
TJX	TJX Companies, Inc./The	100,000 (-23.1%)	$14,500 (-15.5%)	0.8%	$33.35	+342.9%	PUT	872540109
PEP	PepsiCo, Inc.	140,000 (-12.5%)	$20,093 (-10.6%)	1.1%	$69.82	+109.0%	COM	713448108
CLF	Cleveland-Cliffs Inc.	100,593 (-58.7%)	$1,336 (-55.0%)	0.1%	$12.24	+3.2%	COM	185899101
CRM	Salesforce, Inc.	30,000 (-25.0%)	$7,947 (-16.2%)	0.4%	$266.04	-6.7%	COM	79466L302
CCJ	Cameco Corporation	389,230 (-11.4%)	$35,611 (-3.3%)	2.0%	$13.13	+584.7%	COM	13321L108
IAUX	i-80 Gold Corp.	3,474,389 (-17.8%)	$5,073 (+25.6%)	0.3%	$0.90	+25.8%	COM	44955L106
RTX	RTX Corporation	155,000 (-6.1%)	$28,427 (+3.0%)	1.6%	$54.61	+217.4%	COM	75513E101
NN	NextNav Inc.	800,210 (-18.1%)	$13,315 (-4.7%)	0.8%	$5.53	+156.8%	COM	65345N106

Unchanged Positions (45)

GOOG Alphabet Inc. - Class C 5.2%

Value ($000) $92,547 Shares 294,923 Est. Cost $107.87 Unrealized +165.5%

REGN Regeneron Pharmaceuticals, Inc 1.4%

Value ($000) $24,207 Shares 31,362 Est. Cost $584.62 Unrealized +16.1%

ASML ASML Holding N.V. 3.7%

Value ($000) $66,331 Shares 62,000 Est. Cost $119.96 Unrealized —

RSG Republic Services, Inc. 4.3%

Value ($000) $75,368 Shares 355,625 Est. Cost $26.37 Unrealized +713.6%

MSFT Microsoft Corporation 4.9%

Value ($000) $87,052 Shares 180,000 Est. Cost $26.70 Unrealized +1774.6%

EXPE Expedia Group, Inc. 1.2%

Value ($000) $20,726 Shares 73,157 Est. Cost $129.94 Unrealized +90.0%

TJX TJX Companies, Inc./The 4.6%

Value ($000) $80,659 Shares 525,092 Est. Cost $33.35 Unrealized +342.9%

MRK Merck & Co., Inc. 1.2%

Value ($000) $21,507 Shares 204,326 Est. Cost $46.88 Unrealized +98.9%

GEV GE Vernova Inc. 3.7%

Value ($000) $65,357 Shares 100,000 Est. Cost $174.83 Unrealized +248.4%

VEEV Veeva Systems Inc. - Class A 0.6%

Value ($000) $10,716 Shares 48,006 Est. Cost $224.02 Unrealized +18.5%

AMZN Amazon.com, Inc. 3.7%

Value ($000) $66,015 Shares 286,000 Est. Cost $121.45 Unrealized +88.4%

ACGL Arch Capital Group Ltd. 3.2%

Value ($000) $57,552 Shares 600,000 Est. Cost $24.76 Unrealized +269.5%

UBER Uber Technologies, Inc. 0.7%

Value ($000) $13,121 Shares 160,583 Est. Cost $76.41 Unrealized +17.8%

T AT&T Inc. 1.0%

Value ($000) $18,000 Shares 724,639 Est. Cost $15.42 Unrealized +64.0%

META Meta Platforms, Inc. - Class A 1.2%

Value ($000) $21,123 Shares 32,000 Est. Cost $332.35 Unrealized +100.8%

SOLV Solventum Corporation 1.7%

Value ($000) $29,901 Shares 377,350 Est. Cost $65.00 Unrealized +17.8%

AAPL Apple Inc. 0.8%

Value ($000) $13,500 Shares 50,000 Est. Cost $93.30 Unrealized +187.6%

AMAT Applied Materials, Inc. 0.6%

Value ($000) $10,704 Shares 41,652 Est. Cost $53.54 Unrealized +347.3%

COST Costco Wholesale Corporation 1.6%

Value ($000) $28,457 Shares 33,000 Est. Cost $86.56 Unrealized +946.4%

IDYA IDEAYA Biosciences, Inc. 0.5%

Value ($000) $9,689 Shares 280,261 Est. Cost $27.60 Unrealized +15.5%

NNI Nelnet, Inc. - Class A 1.8%

Value ($000) $32,364 Shares 243,415 Est. Cost $36.69 Unrealized +256.6%

OLED Universal Display Corporation 0.4%

Value ($000) $7,592 Shares 65,009 Est. Cost $98.66 Unrealized +31.0%

GILD Gilead Sciences, Inc. 0.8%

Value ($000) $14,717 Shares 119,900 Est. Cost $54.37 Unrealized +122.3%

AMGN Amgen Inc. 0.6%

Value ($000) $9,819 Shares 30,000 Est. Cost $282.80 Unrealized +11.7%

VALN Valneva SE - ADR 0.2%

Value ($000) $3,125 Shares 354,361 Est. Cost $9.99 Unrealized —

XOM Exxon Mobil Corporation 1.0%

Value ($000) $17,582 Shares 146,100 Est. Cost $102.50 Unrealized +12.7%

LHX L3Harris Technologies, Inc. 1.2%

Value ($000) $20,780 Shares 70,785 Est. Cost $212.78 Unrealized +35.6%

UEC Uranium Energy Corp. 0.3%

Value ($000) $5,840 Shares 500,000 Est. Cost $6.27 Unrealized +109.3%

D Dominion Energy, Inc. 1.0%

Value ($000) $16,991 Shares 290,000 Est. Cost $43.10 Unrealized +38.7%

ET Energy Transfer LP 0.9%

Value ($000) $16,820 Shares 1,020,030 Est. Cost $8.13 Unrealized —

JPM JPMorgan Chase & Co. 1.5%

Value ($000) $25,778 Shares 80,000 Est. Cost $36.24 Unrealized +754.1%

MET MetLife, Inc. 0.6%

Value ($000) $11,077 Shares 140,327 Est. Cost $31.55 Unrealized +150.2%

MTB M&T Bank Corporation 1.1%

Value ($000) $20,370 Shares 101,100 Est. Cost $88.03 Unrealized +115.9%

THC Tenet Healthcare Corporation 0.3%

Value ($000) $5,850 Shares 30,000 Est. Cost $65.40 Unrealized +209.0%

PFE Pfizer Inc. 0.7%

Value ($000) $12,595 Shares 505,808 Est. Cost $21.38 Unrealized +17.1%

AEP American Electric Power Compan 0.7%

Value ($000) $11,531 Shares 100,000 Est. Cost $108.19 Unrealized +8.8%

CVX Chevron Corporation 0.7%

Value ($000) $13,167 Shares 86,391 Est. Cost $90.17 Unrealized +67.9%

— Adams Diversified Equity Fund, 0.2%

Value ($000) $3,058 Shares 131,124 Est. Cost $12.21 Unrealized —

GSM Ferroglobe PLC 0.3%

Value ($000) $4,443 Shares 957,591 Est. Cost $5.06 Unrealized -9.0%

BRK/A Berkshire Hathaway Inc. - Clas 4.7%

Value ($000) $83,028 Shares 110 Est. Cost $165023.42 Unrealized +352.3%

RSP Invesco S&P Equal Weight 0.3%

Value ($000) $5,864 Shares 30,611 Est. Cost $108.19 Unrealized —

VOE Vanguard Mid-Cap Value Index F 0.1%

Value ($000) $2,430 Shares 13,700 Est. Cost $142.29 Unrealized —

NVDA NVIDIA Corporation 1.7%

Value ($000) $30,023 Shares 160,979 Est. Cost $130.24 Unrealized +42.9%

— Royce Value Trust, Inc. 0.1%

Value ($000) $2,429 Shares 150,877 Est. Cost $15.07 Unrealized —

UEC Uranium Energy Corp. 0.1%

Value ($000) $2,600 Shares 200,000 Est. Cost $6.27 Unrealized +109.3%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
GOOG	Alphabet Inc. - Class C	294,923	$92,547	5.2%	$107.87	+165.5%	COM	02079K107
REGN	Regeneron Pharmaceuticals, Inc	31,362	$24,207	1.4%	$584.62	+16.1%	COM	75886F107
ASML	ASML Holding N.V.	62,000	$66,331	3.7%	$119.96	—	COM	N07059210
RSG	Republic Services, Inc.	355,625	$75,368	4.3%	$26.37	+713.6%	COM	760759100
MSFT	Microsoft Corporation	180,000	$87,052	4.9%	$26.70	+1774.6%	COM	594918104
EXPE	Expedia Group, Inc.	73,157	$20,726	1.2%	$129.94	+90.0%	COM	30212P303
TJX	TJX Companies, Inc./The	525,092	$80,659	4.6%	$33.35	+342.9%	COM	872540109
MRK	Merck & Co., Inc.	204,326	$21,507	1.2%	$46.88	+98.9%	COM	58933Y105
GEV	GE Vernova Inc.	100,000	$65,357	3.7%	$174.83	+248.4%	COM	36828A101
VEEV	Veeva Systems Inc. - Class A	48,006	$10,716	0.6%	$224.02	+18.5%	COM	922475108
AMZN	Amazon.com, Inc.	286,000	$66,015	3.7%	$121.45	+88.4%	COM	023135106
ACGL	Arch Capital Group Ltd.	600,000	$57,552	3.2%	$24.76	+269.5%	COM	G0450A105
UBER	Uber Technologies, Inc.	160,583	$13,121	0.7%	$76.41	+17.8%	COM	90353T100
T	AT&T Inc.	724,639	$18,000	1.0%	$15.42	+64.0%	COM	00206R102
META	Meta Platforms, Inc. - Class A	32,000	$21,123	1.2%	$332.35	+100.8%	COM	30303M102
SOLV	Solventum Corporation	377,350	$29,901	1.7%	$65.00	+17.8%	COM	83444M101
AAPL	Apple Inc.	50,000	$13,500	0.8%	$93.30	+187.6%	PUT	037833100
AMAT	Applied Materials, Inc.	41,652	$10,704	0.6%	$53.54	+347.3%	COM	038222105
COST	Costco Wholesale Corporation	33,000	$28,457	1.6%	$86.56	+946.4%	COM	22160K105
IDYA	IDEAYA Biosciences, Inc.	280,261	$9,689	0.5%	$27.60	+15.5%	COM	45166A102
NNI	Nelnet, Inc. - Class A	243,415	$32,364	1.8%	$36.69	+256.6%	COM	64031N108
OLED	Universal Display Corporation	65,009	$7,592	0.4%	$98.66	+31.0%	COM	91347P105
GILD	Gilead Sciences, Inc.	119,900	$14,717	0.8%	$54.37	+122.3%	COM	375558103
AMGN	Amgen Inc.	30,000	$9,819	0.6%	$282.80	+11.7%	COM	031162100
VALN	Valneva SE - ADR	354,361	$3,125	0.2%	$9.99	—	COM	92025Y103
XOM	Exxon Mobil Corporation	146,100	$17,582	1.0%	$102.50	+12.7%	COM	30231G102
LHX	L3Harris Technologies, Inc.	70,785	$20,780	1.2%	$212.78	+35.6%	COM	502431109
UEC	Uranium Energy Corp.	500,000	$5,840	0.3%	$6.27	+109.3%	COM	916896103
D	Dominion Energy, Inc.	290,000	$16,991	1.0%	$43.10	+38.7%	COM	25746U109
ET	Energy Transfer LP	1,020,030	$16,820	0.9%	$8.13	—	COM	29273V100
JPM	JPMorgan Chase & Co.	80,000	$25,778	1.5%	$36.24	+754.1%	COM	46625H100
MET	MetLife, Inc.	140,327	$11,077	0.6%	$31.55	+150.2%	COM	59156R108
MTB	M&T Bank Corporation	101,100	$20,370	1.1%	$88.03	+115.9%	COM	55261F104
THC	Tenet Healthcare Corporation	30,000	$5,850	0.3%	$65.40	+209.0%	PUT	88033G407
PFE	Pfizer Inc.	505,808	$12,595	0.7%	$21.38	+17.1%	COM	717081103
AEP	American Electric Power Compan	100,000	$11,531	0.7%	$108.19	+8.8%	COM	025537101
CVX	Chevron Corporation	86,391	$13,167	0.7%	$90.17	+67.9%	COM	166764100
—	Adams Diversified Equity Fund,	131,124	$3,058	0.2%	$12.21	—	COM	006212104
GSM	Ferroglobe PLC	957,591	$4,443	0.3%	$5.06	-9.0%	COM	G33856108
BRK/A	Berkshire Hathaway Inc. - Clas	110	$83,028	4.7%	$165023.42	+352.3%	COM	084670108
RSP	Invesco S&P Equal Weight	30,611	$5,864	0.3%	$108.19	—	COM	46137V357
VOE	Vanguard Mid-Cap Value Index F	13,700	$2,430	0.1%	$142.29	—	COM	922908512
NVDA	NVIDIA Corporation	160,979	$30,023	1.7%	$130.24	+42.9%	COM	67066G104
—	Royce Value Trust, Inc.	150,877	$2,429	0.1%	$15.07	—	COM	780910105
UEC	Uranium Energy Corp.	200,000	$2,600	0.1%	$6.27	+109.3%	PUT	916896103