1985 Carver mariner 3697, with a 72 series velvet drive 1 to 1 ratio to Walter RV40 v drives. Acquired the boat three months ago and checked fluid which was full cold to the scribed mark on dipstick shown in pic. Checked it regularly and always at the mark cold. No other marks on the dipstick. Finally did the hot check within 30 seconds of shutting down the motors. Expected the level to be higher from the cold mark, but as you can see in the picture it is towards the bottom of the dipstick. After full cool down its back at the scribed mark. I guess I assumed that it would be higher on the dipstick when hot, but maybe the scribed mark is the full cold mark. Would seem to make sense, because the oil coolers and lines are much higher than the transmission and would drain back after shut down.

Any thoughts appreciated, kind of bothered me when I saw this but no issues after about 40 hrs.