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				4,128,960
										$	4,128,960				(8.8	%)
Brokerage
Charles Schwab Corp.			10,000				337,286				977,400
										$	977,400				(2.1	%)
Conglomerate
Berkshire Hathaway Inc. B*			12,500				1,489,340				6,224,375
										$	6,224,375				(13.3	%)
Consumer
Colgate-Palmolive Company			12,000				72,938				1,023,840
Procter & Gamble Company			2,000				145,879				290,560
										$	1,314,400				(2.8	%)
Credit Card
Mastercard Inc			1000				219,636				551,470
Visa Inc.			1500				225,957				538,995
										$	1,090,465				(2.3	%)
Data Processing
Automatic Data Processing, Inc.			3000				82,775				774,180
Paychex, Inc.			6000				140,075				591,000
										$	1,365,180				(2.9	%)
Drug/Medical Device
Johnson & Johnson			3071				34,933				813,017
Stryker Corp.			4500				19,055				1,239,255
										$	2,052,272				(4.4	%)
Food
Kraft Heinz Company			29,000				772,000				658,880
PepsiCo, Inc.			18,000				1,199,227				2,280,960
										$	2,939,840				(6.3	%)
Industrial
Danaher Corporation			1,000				225,262				221,550
Illinois Tool Works Inc.			7,000				295,051				1,800,960
Veralto Corporation			333				29,705				31,409
										$	2,053,919				(4.4	%)
Insurance
Markel Corp.*			3,170				4,169,168				5,428,467
Progressive Corp.			2,500				480,125				518,275
White Mountains Insurance Group Ltd.			300				526,542				601,947
										$	6,548,689				(14.0	%)
Mutual Fund Management
Franklin Resources, Inc.			20,000				430,386				642,400
T. Rowe Price Group, Inc.			22,400				2,362,870				2,330,720
										$	2,973,120				(6.4	%)
Restaurant
Starbucks Corp.			12,000				588,432				1,127,520
										$	1,127,520				(2.4	%)
Retail
AutoZone Inc.*			500				265,855				1,415,010
eBay Inc.			3,000				68,886				318,150
O'Reilly Automotive Inc.*			19,125				259,704				1,633,466
										$	3,366,626				(7.2	%)
Technology Services
Amazon.com Inc.*			9,000				915,707				2,242,350
										$	2,242,350				(4.8	%)
Total common stock investments										$	38,405,115
Money Market Funds (18.9% of total investments)											LEVEL ONE
Morgan Stanley Inst. Liquidity Fund, Treasury, 3.53%											8,276,447				(17.7	%)
Total investments										$	46,681,562
All other assets less liabilities											24,725
Total net assets										$	46,706,287
*Non-dividend paying security