| Industry | ||||
| Common Stock (81.1% of total investments) | ||||
| Industry | LEVEL ONE | |||
| Advertising | Shares | Cost | Market Value | % Total Inv. |
| Alphabet, Inc. A | 12,000 | 763,247 | 3,450,720 | |
| $ 3,450,720 | (7.6%) | |||
| Brokerage | ||||
| Charles Schwab Corp. | 10,000 | 337,286 | 939,800 | |
| $ 939,800 | (2.1%) | |||
| Conglomerate | ||||
| Berkshire Hathaway Inc. B* | 12,500 | 1,489,340 | 5,990,000 | |
| $ 5,990,000 | (13.2%) | |||
| Consumer | ||||
| Colgate-Palmolive Company | 12,000 | 72,938 | 1,022,760 | |
| Procter & Gamble Company | 2,000 | 145,879 | 288,880 | |
| $ 1,311,640 | (2.9%) | |||
| Credit Card | ||||
| Mastercard Inc | 1000 | 219,636 | 499,660 | |
| Visa Inc. | 1500 | 225,957 | 453,360 | |
| $ 953,020 | (2.1%) | |||
| Data Processing | ||||
| Automatic Data Processing, Inc. | 3000 | 82,775 | 609,540 | |
| Paychex, Inc. | 6000 | 140,075 | 552,720 | |
| $ 1,162,260 | (2.6%) | |||
| Drug/Medical Device | ||||
| Johnson & Johnson | 3071 | 34,933 | 750,675 | |
| Stryker Corp. | 4500 | 19,055 | 1,478,655 | |
| $ 2,229,330 | (4.9%) | |||
| Food | ||||
| Kraft Heinz Company | 29,000 | 772,000 | 652,210 | |
| PepsiCo, Inc. | 10,000 | 168,296 | 1,552,900 | |
| $ 2,205,110 | (4.9%) | |||
| Industrial | ||||
| Danaher Corporation | 1,000 | 225,262 | 189,600 | |
| Illinois Tool Works Inc. | 7,000 | 295,051 | 1,822,030 | |
| Veralto Corporation | 333 | 29,705 | 29,444 | |
| $ 2,041,074 | (4.5%) | |||
| Insurance | ||||
| Markel Corp.* | 3,170 | 4,169,168 | 6,067,602 | |
| White Mountains Insurance Group Ltd. | 300 | 526,542 | 659,088 | |
| $ 6,726,690 | (14.8%) | |||
| Mutual Fund Management | ||||
| Franklin Resources, Inc. | 50,000 | 1,183,351 | 1,181,000 | |
| T. Rowe Price Group, Inc. | 22,400 | 2,362,870 | 2,019,136 | |
| $ 3,200,136 | (7.0%) | |||
| Restaurant | ||||
| Starbucks Corp. | 12,000 | 588,432 | 1,075,080 | |
| $ 1,075,080 | (2.4%) | |||
| Retail | ||||
| AutoZone Inc.* | 500 | 265,855 | 1,688,890 | |
| eBay Inc. | 3,000 | 68,886 | 273,060 | |
| O'Reilly Automotive Inc.* | 19,125 | 259,704 | 1,765,429 | |
| $ 3,727,379 | (8.2%) | |||
| Technology Services | ||||
| Amazon.com Inc.* | 9,000 | 915,707 | 1,874,430 | |
| $ 1,874,430 | (4.1%) | |||
| Total common stock investments | $ 36,886,669 | |||
| Money Market Funds (18.9% of total investments) | LEVEL ONE | |||
| Morgan Stanley Inst. Liquidity Fund, Treasury, 3.53% | 8,571,366 | (18.9%) | ||
| Total investments | $ 45,458,035 | |||
| All other assets less liabilities | 51,450 | |||
| Total net assets | $ 45,509,485 | |||
| *Non-dividend paying security |