Shares
Market
Value
COMMON STOCKS — 98.5%
Financial Services — 14.2%
43,000
Aegon Ltd.
......................
$ 281,300
250
Affiliated Managers Group Inc.
........
42,007
5,595
Ally Financial Inc.
.................
204,050
190,700
American Express Co.
..............
51,307,835
8,750
Apollo Global Management Inc.
.......
1,198,225
400
Arthur J. Gallagher & Co.
............
138,096
2,100
Axis Capital Holdings Ltd.
...........
210,504
29,500
Banco Bilbao Vizcaya Argentaria SA
....
400,165
75,000
Banco Santander SA, ADR
...........
502,500
51,000
Bank of America Corp.
..............
2,128,230
86
Berkshire Hathaway Inc., Cl. A†
.......
68,665,978
4,500
Berkshire Hathaway Inc., Cl. B†
.......
2,396,610
42,000
Blackstone Inc.
...................
5,870,760
227,500
Blue Owl Capital Inc.
...............
4,559,100
1,370
Capital One Financial Corp.
...........
245,641
15,000
Cipher Mining Inc.†
................
34,500
83,620
Citigroup Inc.
....................
5,936,184
30,500
Commerzbank AG
.................
691,583
30,245
Credit Agricole SA
.................
548,608
5,000
Cullen/Frost Bankers Inc.
............
626,000
217,800
Dah Sing Banking Group Ltd.
.........
239,871
128,800
Dah Sing Financial Holdings Ltd.
......
480,841
35,200
Daiwa Securities Group Inc.
..........
233,227
30,000
Deutsche Bank AG
................
714,900
3,202
Diamond Hill Investment Group Inc.
....
457,374
110,000
DigitalBridge Group Inc.
............
970,200
568
E-L Financial Corp. Ltd.
.............
502,459
3,000
EXOR NV
.......................
271,028
478
Farmers & Merchants Bank of Long Beach
2,748,500
6,526
First American Financial Corp.
........
428,301
217
First Citizens BancShares Inc., Cl. A
....
402,344
17,526
Flushing Financial Corp.
.............
222,580
8,200,000
GAM Holding AG†
.................
824,912
17,000
ING Groep NV
....................
330,694
32,000
Interactive Brokers Group Inc., Cl. A
....
5,298,880
8,000
Intercontinental Exchange Inc.
........
1,380,000
63,150
Janus Henderson Group plc
..........
2,282,873
12,800
Japan Post Bank Co. Ltd.
............
128,521
78,400
Jefferies Financial Group Inc.
.........
4,199,888
30,600
JPMorgan Chase & Co.
.............
7,506,180
6,000
Julius Baer Group Ltd.
..............
411,665
900,000
Just Group plc
...................
1,708,985
27,200
Kinnevik AB, Cl. A
.................
200,784
8,190
KKR & Co. Inc.
...................
946,846
13,000
Loews Corp.
.....................
1,194,830
1,000
LPL Financial Holdings Inc.
..........
327,140
45,200
Marsh & McLennan Companies Inc.
....
11,030,156
2,100
Moelis & Co., Cl. A
................
122,556
9,640
Moody's Corp.
...................
4,489,252
29,000
Morgan Stanley
..................
3,383,430
Shares
Market
Value
45,535
NatWest Group plc
................
$ 265,748
11,246
NN Group NV
....................
623,580
6,000
Peapack-Gladstone Financial Corp.
.....
170,400
40,000
Polar Capital Holdings plc
...........
220,631
13,077
Prosus NV
......................
602,017
3,500
Root Inc., Cl. A†
..................
467,040
46,500
S&P Global Inc.
..................
23,626,650
12,200
Shinhan Financial Group Co. Ltd., ADR
..
391,376
1,100
Silvercrest Asset Management Group Inc.,
Cl. A
.........................
17,996
3,823
Southern First Bancshares Inc.†
.......
125,853
20,987
Standard Chartered plc
.............
308,918
97,000
State Street Corp.
.................
8,684,410
5,000
StoneCo Ltd., Cl. A†
...............
52,400
66,500
T. Rowe Price Group Inc.
............
6,109,355
2,400
Texas Capital Bancshares Inc.†
........
179,280
120,600
The Bank of New York Mellon Corp.
....
10,114,722
5,300
The Goldman Sachs Group Inc.
.......
2,895,337
20,000
The PNC Financial Services Group Inc.
..
3,515,400
13,750
The Westaim Corp.†
...............
301,075
16,700
Truist Financial Corp.
...............
687,205
16,100
TrustCo Bank Corp. NY
.............
490,728
7,200
UniCredit SpA
....................
401,180
37,500
W. R. Berkley Corp.
................
2,668,500
2,900
Webster Financial Corp.
.............
149,495
157,800
Wells Fargo & Co.
.................
11,328,462
25,348
Westwood Holdings Group Inc.
.......
410,638
274,235,489
Food and Beverage — 8.5%
6,000
Ajinomoto Co. Inc.
................
118,348
2,100
Anheuser-Busch InBev SA/NV
........
129,250
147,500
BellRing Brands Inc.†
..............
10,982,850
90,800
Brown-Forman Corp., Cl. A
..........
3,039,076
18,200
Constellation Brands Inc., Cl. A
........
3,340,064
25,000
Crimson Wine Group Ltd.†
...........
144,000
172,000
Danone SA
......................
13,175,078
800,000
Davide Campari-Milano NV
..........
4,683,327
4,250
Diageo plc
......................
110,595
140,000
Diageo plc, ADR
..................
14,670,600
86,000
Farmer Brothers Co.†
..............
190,920
90,000
Flowers Foods Inc.
................
1,710,900
85,500
Fomento Economico Mexicano SAB de CV,
ADR
.........................
8,343,090
1,670,000
Grupo Bimbo SAB de CV, Cl. A
........
4,528,247
3,500
Heineken Holding NV
...............
253,186
42,550
Heineken NV
....................
3,468,182
3,200
Ingredion Inc.
....................
432,672
97,200
ITO EN Ltd.
.....................
2,071,794
55,700
Kerry Group plc, Cl. A
..............
5,869,258
2,000
Kerry Group plc, Cl. A
..............
209,340
8,000
Keurig Dr Pepper Inc.
..............
273,760