# EDGAR Filing Document

**Accession Number:** 0001166402
**File Stem:** 0001104659-25-112088
**Filing Date:** 2025-11
**Character Count:** 23547
**Document Hash:** 5171ee47a8cc474b4c2d1a943a3b1b15
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-112088.hdr.sgml**: 20251114

**ACCESSION NUMBER**: 0001104659-25-112088

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251114

**DATE AS OF CHANGE**: 20251114

**EFFECTIVENESS DATE**: 20251114

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FCA CORP /TX
- **CENTRAL INDEX KEY:** 0001166402

**ORGANIZATION NAME:**
- **EIN:** 760076528
- **STATE OF INCORPORATION:** TX
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-10019
- **FILM NUMBER:** 251482586

**BUSINESS ADDRESS:**
- **STREET 1:** 791 TOWN & COUNTRY BLVD, SUITE 250
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77057
- **BUSINESS PHONE:** 7137812856

**MAIL ADDRESS:**
- **STREET 1:** 791 TOWN & COUNTRY BLVD, SUITE 250
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77024

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 09-30-2025

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** FCA CORP /TX<br>**Address:** 791 Town  Country Blvd Suite 250<br>Houston, TX 77024

**Form 13F File Number:** 028-10019

**CRD Number (if applicable):** 000110658

**SEC File Number (if applicable):** 801-20514

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** William LeVay<br>**Title:** Chief Compliance Officer<br>**Phone:** 713-781-2856

**Signature, Place, and Date of Signing:**

/s/ William LeVay  Houston, TX  11-13-2025<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[x] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[ ] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 0

**Form 13F Information Table Entry Total:** 201

**Form 13F Information Table Value Total:** $360104435

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

**NONE**

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| 3M CO | COM | 88579Y101 |  | 1134543 | 7311 | SH |  | SOLE |  | 0 | 0 | 7311 |
| ADAMS DIVERSIFIED EQUITY | COM | 006212104 |  | 4317071 | 193591 | SH |  | SOLE |  | 0 | 0 | 193591 |
| ADAMS NATURAL RESOURCES FUND | COM | 00548F105 |  | 2731432 | 126925 | SH |  | SOLE |  | 0 | 0 | 126925 |
| ADVENT CONVERT  INCOME | COM | 00764C109 |  | 2790594 | 218186 | SH |  | SOLE |  | 0 | 0 | 218186 |
| AIR PRODUCTS  CHEMICALS INC | COM | 009158106 |  | 1456882 | 5342 | SH |  | SOLE |  | 0 | 0 | 5342 |
| ALLSTATE CORP | COM | 020002101 |  | 4171664 | 19435 | SH |  | SOLE |  | 0 | 0 | 19435 |
| ALPHABET INC-CL C | COM | 02079K107 |  | 5043866 | 20710 | SH |  | SOLE |  | 0 | 0 | 20710 |
| AMAZON.COM INC | COM | 023135106 |  | 1652775 | 7527 | SH |  | SOLE |  | 0 | 0 | 7527 |
| AMAZON.COM INC | COM | 023135106 |  | 329355 | 1500 | SH |  | DFND |  | 1500 | 0 | 0 |
| AMERICA MOVIL SAB DE CV | ADR | 02390A101 |  | 210000 | 10000 | SH |  | DFND |  | 10000 | 0 | 0 |
| AMERICAN BUSINESS BANK | COM | 02475L105 |  | 676955 | 12369 | SH |  | SOLE |  | 0 | 0 | 12369 |
| AMGEN INC | COM | 031162100 |  | 5281489 | 18715 | SH |  | SOLE |  | 0 | 0 | 18715 |
| ANGLOGOLD ASHANTI PLC | COM | G0378L100 |  | 210990 | 3000 | SH |  | DFND |  | 3000 | 0 | 0 |
| APPLE INC | COM | 037833100 |  | 4051897 | 15913 | SH |  | SOLE |  | 0 | 0 | 15913 |
| APPLE INC | COM | 037833100 |  | 1145835 | 4500 | SH |  | DFND |  | 4500 | 0 | 0 |
| APPLIED INDUSTRIAL TECH INC | COM | 03820C105 |  | 648187 | 2483 | SH |  | SOLE |  | 0 | 0 | 2483 |
| ARTESIAN RESOURCES CORP-CL A | COM | 043113208 |  | 2645974 | 81177 | SH |  | SOLE |  | 0 | 0 | 81177 |
| ASTRAZENECA PLC-SPONS ADR | ADR | 046353108 |  | 575400 | 7500 | SH |  | DFND |  | 7500 | 0 | 0 |
| AT INC | COM | 00206R102 |  | 1427144 | 50536 | SH |  | SOLE |  | 0 | 0 | 50536 |
| AUTOMATIC DATA PROCESSING | COM | 053015103 |  | 389181 | 1326 | SH |  | SOLE |  | 0 | 0 | 1326 |
| AUTOZONE INC | COM | 053332102 |  | 613504 | 143 | SH |  | SOLE |  | 0 | 0 | 143 |
| BANK OF AMERICA CORP | COM | 060505104 |  | 842377 | 16328 | SH |  | SOLE |  | 0 | 0 | 16328 |
| BRASILAGRO-CIA BRA - SPN ADR | ADR | 10554B104 |  | 106436 | 27432 | SH |  | DFND |  | 27432 | 0 | 0 |
| BROADCOM INC | COM | 11135F101 |  | 3630017 | 11003 | SH |  | SOLE |  | 0 | 0 | 11003 |
| CATERPILLAR INC | COM | 149123101 |  | 307762 | 645 | SH |  | SOLE |  | 0 | 0 | 645 |
| CATERPILLAR INC | COM | 149123101 |  | 381720 | 800 | SH |  | DFND |  | 800 | 0 | 0 |
| CEMEX SAB-SPONS ADR PART CER | ADR | 151290889 |  | 269700 | 30000 | SH |  | DFND |  | 30000 | 0 | 0 |
| CHEVRON CORP | COM | 166764100 |  | 543515 | 3500 | SH |  | DFND |  | 3500 | 0 | 0 |
| CISCO SYSTEMS INC | COM | 17275R102 |  | 1109682 | 16219 | SH |  | SOLE |  | 0 | 0 | 16219 |
| CLEARWATER ANALYTICS HDS-A | COM | 185123106 |  | 278247 | 15441 | SH |  | SOLE |  | 0 | 0 | 15441 |
| COCA-COLA CO/THE | COM | 191216100 |  | 334144 | 5038 | SH |  | SOLE |  | 0 | 0 | 5038 |
| COGNITION THERAPEUTICS INC | COM | 19243B102 |  | 70924 | 52536 | SH |  | SOLE |  | 0 | 0 | 52536 |
| CONSUMER DISCRETIONARY SELT | COM | 81369Y407 |  | 5281850 | 22041 | SH |  | SOLE |  | 0 | 0 | 22041 |
| CONSUMER STAPLES SPDR | COM | 81369Y308 |  | 4918081 | 62755 | SH |  | SOLE |  | 0 | 0 | 62755 |
| COPA HOLDINGS SA-CLASS A | COM | P31076105 |  | 356460 | 3000 | SH |  | DFND |  | 3000 | 0 | 0 |
| COTERRA ENERGY INC | COM | 127097103 |  | 540639 | 22860 | SH |  | SOLE |  | 0 | 0 | 22860 |
| CRH PLC | COM | G25508105 |  | 299750 | 2500 | SH |  | DFND |  | 2500 | 0 | 0 |
| CROWDSTRIKE HOLDINGS INC - A | COM | 22788C105 |  | 245190 | 500 | SH |  | DFND |  | 500 | 0 | 0 |
| CSX CORP | COM | 126408103 |  | 4397187 | 123830 | SH |  | SOLE |  | 0 | 0 | 123830 |
| CYRELA BRAZIL REALTY-SPO ADR | ADR | 23282C401 |  | 248160 | 44000 | SH |  | DFND |  | 44000 | 0 | 0 |
| DIAGEO PLC-SPONSORED ADR | ADR | 25243Q205 |  | 267204 | 2800 | SH |  | DFND |  | 2800 | 0 | 0 |
| DIMENSIONAL US SMALL CAP ETF | COM | 25434V500 |  | 1765740 | 25792 | SH |  | SOLE |  | 0 | 0 | 25792 |
| DNAPRINT GENOMICS | COM | 23324Q202 |  | 118 | 1175300 | SH |  | SOLE |  | 0 | 0 | 1175300 |
| DR HORTON INC | COM | 23331A109 |  | 677880 | 4000 | SH |  | DFND |  | 4000 | 0 | 0 |
| DUKE ENERGY CORP | COM | 26441C204 |  | 1271036 | 10271 | SH |  | SOLE |  | 0 | 0 | 10271 |
| ENERGY SELECT SECTOR SPDR | COM | 81369Y506 |  | 1378027 | 15425 | SH |  | SOLE |  | 0 | 0 | 15425 |
| ENTEGRIS INC | COM | 29362U104 |  | 1458973 | 15780 | SH |  | SOLE |  | 0 | 0 | 15780 |
| EVEREST GROUP LTD | COM | G3223R108 |  | 3094324 | 8835 | SH |  | SOLE |  | 0 | 0 | 8835 |
| EXXON MOBIL CORP | COM | 30231G102 |  | 295384 | 2620 | SH |  | SOLE |  | 0 | 0 | 2620 |
| FIRST COMMONWEALTH MTG TRUST | COM | 31983K101 |  | 1417128 | 224941 | SH |  | SOLE |  | 0 | 0 | 224941 |
| FIRST SEISMIC CORP | COM | 336397104 |  | 0 | 44451 | SH |  | SOLE |  | 0 | 0 | 44451 |
| GJENSIDIGE FORSIKRING-UN ADR | ADR | 37636X101 |  | 570200 | 20000 | SH |  | DFND |  | 20000 | 0 | 0 |
| GLASS HOUSE BRANDS INC | COM | 377130406 |  | 150800 | 20000 | SH |  | SOLE |  | 0 | 0 | 20000 |
| GOLD FIELDS LTD-SPONS ADR | ADR | 38059T106 |  | 344072 | 8200 | SH |  | DFND |  | 8200 | 0 | 0 |
| GOLDMAN SACHS ACTIVEBETA INT | COM | 381430107 |  | 9918978 | 241279 | SH |  | SOLE |  | 0 | 0 | 241279 |
| GOLDMAN ACTIVEBETA US LC ETF | COM | 381430503 |  | 5516578 | 42344 | SH |  | SOLE |  | 0 | 0 | 42344 |
| ALPHABET INC-CL A | COM | 02079K305 |  | 2364049 | 9725 | SH |  | SOLE |  | 0 | 0 | 9725 |
| GROUP 1 AUTOMOTIVE INC | COM | 398905109 |  | 730642 | 1670 | SH |  | DFND |  | 1670 | 0 | 0 |
| GRUPO AEROPORTUARIO SUR-ADR | ADR | 40051E202 |  | 581994 | 1800 | SH |  | DFND |  | 1800 | 0 | 0 |
| HA SUSTAINABLE INFRASTRUCTUR | COM | 41068X100 |  | 466640 | 15200 | SH |  | DFND |  | 15200 | 0 | 0 |
| HARLEYSVILLE FINANCIAL CORP | COM | 41284E100 |  | 210976 | 8675 | SH |  | DFND |  | 8675 | 0 | 0 |
| HDFC BANK LTD-ADR | ADR | 40415F101 |  | 546560 | 16000 | SH |  | DFND |  | 16000 | 0 | 0 |
| HEMPFUSION WELLNESS INC | COM | 423821107 |  | 0 | 22222 | SH |  | SOLE |  | 0 | 0 | 22222 |
| HOLLY MORTGAGE TRUST | COM | 436006100 |  | 26708 | 381541 | SH |  | SOLE |  | 0 | 0 | 381541 |
| INGLES MARKETS INC-CLASS A | COM | 457030104 |  | 4162563 | 59841 | SH |  | SOLE |  | 0 | 0 | 59841 |
| INTEL CORP | COM | 458140100 |  | 334494 | 9970 | SH |  | SOLE |  | 0 | 0 | 9970 |
| INTERCONTINENTAL HOTELS-ADR | ADR | 45857P806 |  | 740050 | 6103 | SH |  | DFND |  | 6103 | 0 | 0 |
| INTL BUSINESS MACHINES CORP | COM | 459200101 |  | 4299597 | 15238 | SH |  | SOLE |  | 0 | 0 | 15238 |
| INVESCO BULLETSHARES 2025 CB | COM | 46138J825 |  | 247701 | 11972 | SH |  | SOLE |  | 0 | 0 | 11972 |
| INVESCO BULLETSHARES 2025 HY | COM | 46138J817 |  | 739427 | 32065 | SH |  | SOLE |  | 0 | 0 | 32065 |
| INVESCO BULLETSHARES 2026 CB | COM | 46138J791 |  | 7563716 | 386693 | SH |  | SOLE |  | 0 | 0 | 386693 |
| INVESCO BULLETSHARES 2027 CB | COM | 46138J783 |  | 5836148 | 296101 | SH |  | SOLE |  | 0 | 0 | 296101 |
| INVESCO BULLETSHARES 2028 CB | COM | 46138J643 |  | 1598963 | 77733 | SH |  | SOLE |  | 0 | 0 | 77733 |
| INVESCO BULLETSHARES 2028 HY | COM | 46138J452 |  | 1122906 | 50856 | SH |  | SOLE |  | 0 | 0 | 50856 |
| INVESCO BULLETSHARES 2029 CB | COM | 46138J577 |  | 1508411 | 80192 | SH |  | SOLE |  | 0 | 0 | 80192 |
| INVESCO BULLETSHARES 2029 HY | COM | 46138J395 |  | 266423 | 12352 | SH |  | SOLE |  | 0 | 0 | 12352 |
| INVESCO BULLETSHARES 2031 CB | COM | 46138J429 |  | 774429 | 46429 | SH |  | SOLE |  | 0 | 0 | 46429 |
| INVESCO BULLETSHARES 2032 CB | COM | 46139W858 |  | 681648 | 32646 | SH |  | SOLE |  | 0 | 0 | 32646 |
| INVESCO S 500 EQUAL WEIGHT | COM | 46137V357 |  | 6637641 | 34990 | SH |  | SOLE |  | 0 | 0 | 34990 |
| INVESCO S 500 EQUAL WEIGHT | COM | 46137V282 |  | 1131128 | 25373 | SH |  | SOLE |  | 0 | 0 | 25373 |
| INVESCO S 500 EQUAL WEIGHT | COM | 46137V332 |  | 4271972 | 145355 | SH |  | SOLE |  | 0 | 0 | 145355 |
| INVESCO S GLOBAL WATER IND | COM | 46138E263 |  | 3692387 | 57478 | SH |  | SOLE |  | 0 | 0 | 57478 |
| INVESCO VARIABLE RATE PREFER | COM | 46138G870 |  | 4867569 | 197068 | SH |  | SOLE |  | 0 | 0 | 197068 |
| ISHARES 7-10 YEAR TREASURY B | COM | 464287440 |  | 3129778 | 32446 | SH |  | SOLE |  | 0 | 0 | 32446 |
| ISHARES CALIFORNIA MUNI BOND | COM | 464288356 |  | 207397 | 3636 | SH |  | SOLE |  | 0 | 0 | 3636 |
| ISHARES CORE 80/20 AGGRESSIV | COM | 464289859 |  | 323474 | 3670 | SH |  | SOLE |  | 0 | 0 | 3670 |
| ISHARES CORE 60/40 BALANCED | COM | 464289867 |  | 220823 | 3430 | SH |  | SOLE |  | 0 | 0 | 3430 |
| ISHARES CORE S MIDCAP ETF | COM | 464287507 |  | 5968383 | 91455 | SH |  | SOLE |  | 0 | 0 | 91455 |
| ISHARES CORE S SMALL-CAP E | COM | 464287804 |  | 227678 | 1916 | SH |  | SOLE |  | 0 | 0 | 1916 |
| ISHARES FLOATING RATE BOND E | COM | 46429B655 |  | 6184826 | 121069 | SH |  | SOLE |  | 0 | 0 | 121069 |
| ISHARES GLOBAL HEALTHCARE ET | COM | 464287325 |  | 4882531 | 55095 | SH |  | SOLE |  | 0 | 0 | 55095 |
| ISHARES GLOBAL TECH ETF | COM | 464287291 |  | 4568086 | 44260 | SH |  | SOLE |  | 0 | 0 | 44260 |
| ISHARES GSCI COMMODITY DYNAM | COM | 46431W853 |  | 320374 | 11932 | SH |  | SOLE |  | 0 | 0 | 11932 |
| ISHARES IBONDS DEC 2028 TERM | COM | 46436E833 |  | 4670617 | 208649 | SH |  | SOLE |  | 0 | 0 | 208649 |
| ISHARES MSCI EAFE ETF | COM | 464287465 |  | 779493 | 8348 | SH |  | SOLE |  | 0 | 0 | 8348 |
| ISHARES MSCI EAFE SMALL-CAP | COM | 464288273 |  | 5309742 | 69209 | SH |  | SOLE |  | 0 | 0 | 69209 |
| ISHARES MSCI USA MIN VOL FAC | COM | 46429B697 |  | 309947 | 3258 | SH |  | SOLE |  | 0 | 0 | 3258 |
| ISHARES RUSSELL 1000 ETF | COM | 464287622 |  | 6464167 | 17687 | SH |  | SOLE |  | 0 | 0 | 17687 |
| ISHARES RUSSELL 1000 GROWTH | COM | 464287614 |  | 508225 | 1085 | SH |  | SOLE |  | 0 | 0 | 1085 |
| ISHARES RUSSELL 2000 ETF | COM | 464287655 |  | 2119885 | 8761 | SH |  | SOLE |  | 0 | 0 | 8761 |
| ISHARES RUSSELL MID-CAP ETF | COM | 464287499 |  | 3437392 | 35602 | SH |  | SOLE |  | 0 | 0 | 35602 |
| ISHARES PREFERRED  INCOME S | COM | 464288687 |  | 641638 | 20292 | SH |  | SOLE |  | 0 | 0 | 20292 |
| JAMES HARDIE IND PLC | COM | G4253H101 |  | 480250 | 25000 | SH |  | DFND |  | 25000 | 0 | 0 |
| JOHN HANCOCK FINANCIAL OPP | COM | 409735206 |  | 3363244 | 93475 | SH |  | SOLE |  | 0 | 0 | 93475 |
| JOHN HANCOCK MULTI FACT LRG | COM | 47804J107 |  | 3034662 | 38722 | SH |  | SOLE |  | 0 | 0 | 38722 |
| JOHNSON  JOHNSON | COM | 478160104 |  | 3696484 | 19936 | SH |  | SOLE |  | 0 | 0 | 19936 |
| JPMORGAN CHASE  CO | COM | 46625H100 |  | 662403 | 2100 | SH |  | DFND |  | 2100 | 0 | 0 |
| JPMORGAN CHASE  CO | COM | 46625H100 |  | 719496 | 2281 | SH |  | SOLE |  | 0 | 0 | 2281 |
| JPMORGAN ULTRA-SHORT INCOME | COM | 46641Q837 |  | 1841857 | 36307 | SH |  | SOLE |  | 0 | 0 | 36307 |
| KAJIMA CORP-UNSPONSORED ADR | ADR | 483111209 |  | 347770 | 11900 | SH |  | DFND |  | 11900 | 0 | 0 |
| LENNAR CORP-A | COM | 526057104 |  | 403328 | 3200 | SH |  | DFND |  | 3200 | 0 | 0 |
| LENNOX INTERNATIONAL INC | COM | 526107107 |  | 899912 | 1700 | SH |  | DFND |  | 1700 | 0 | 0 |
| LOCKHEED MARTIN CORP | COM | 539830109 |  | 2530031 | 5068 | SH |  | SOLE |  | 0 | 0 | 5068 |
| LOWE'S COS INC | COM | 548661107 |  | 4005379 | 15938 | SH |  | SOLE |  | 0 | 0 | 15938 |
| LOWE'S COS INC | COM | 548661107 |  | 653406 | 2600 | SH |  | DFND |  | 2600 | 0 | 0 |
| LYNAS RARE EARTHS LTD-SP ADR | ADR | 551073307 |  | 554772 | 49800 | SH |  | DFND |  | 49800 | 0 | 0 |
| NYLI CBRE GBL INFR MGA TRM F | COM | 56064Q107 |  | 1639631 | 111692 | SH |  | SOLE |  | 0 | 0 | 111692 |
| MARRIOTT INTERNATIONAL -CL A | COM | 571903202 |  | 252627 | 970 | SH |  | SOLE |  | 0 | 0 | 970 |
| MERCK  CO. INC. | COM | 58933Y105 |  | 431904 | 5146 | SH |  | SOLE |  | 0 | 0 | 5146 |
| META PLATFORMS INC-CLASS A | COM | 30303M102 |  | 1211236 | 1649 | SH |  | SOLE |  | 0 | 0 | 1649 |
| METLIFE INC | COM | 59156R108 |  | 2483298 | 30148 | SH |  | SOLE |  | 0 | 0 | 30148 |
| MICROSOFT CORP | COM | 594918104 |  | 3519390 | 6795 | SH |  | SOLE |  | 0 | 0 | 6795 |
| MICROSOFT CORP | COM | 594918104 |  | 776925 | 1500 | SH |  | DFND |  | 1500 | 0 | 0 |
| MILLER INDUSTRIES INC/TENN | COM | 600551204 |  | 533544 | 13200 | SH |  | DFND |  | 13200 | 0 | 0 |
| MTN GROUP LTD-SPONS ADR | ADR | 62474M108 |  | 150300 | 18000 | SH |  | DFND |  | 18000 | 0 | 0 |
| NESTLE SA-SPONS ADR | ADR | 641069406 |  | 252368 | 2750 | SH |  | DFND |  | 2750 | 0 | 0 |
| NETAPP INC | COM | 64110D104 |  | 829220 | 7000 | SH |  | DFND |  | 7000 | 0 | 0 |
| NETFLIX INC | COM | 64110L106 |  | 330902 | 276 | SH |  | SOLE |  | 0 | 0 | 276 |
| NICE LTD - SPON ADR | ADR | 653656108 |  | 390906 | 2700 | SH |  | DFND |  | 2700 | 0 | 0 |
| NIDEC CORPORATION-SPON ADR | ADR | 654090109 |  | 217500 | 50000 | SH |  | DFND |  | 50000 | 0 | 0 |
| NORFOLK SOUTHERN CORP | COM | 655844108 |  | 720984 | 2400 | SH |  | DFND |  | 2400 | 0 | 0 |
| NOVARTIS AG-SPONSORED ADR | ADR | 66987V109 |  | 3133160 | 24432 | SH |  | SOLE |  | 0 | 0 | 24432 |
| NOVO-NORDISK A/S-SPONS ADR | ADR | 670100205 |  | 221960 | 4000 | SH |  | DFND |  | 4000 | 0 | 0 |
| NUVEEN PREFERED  INCOME OPP | COM | 67073B106 |  | 3883202 | 473561 | SH |  | SOLE |  | 0 | 0 | 473561 |
| NVIDIA CORP | COM | 67066G104 |  | 2349415 | 12592 | SH |  | SOLE |  | 0 | 0 | 12592 |
| NVR INC | COM | 62944T105 |  | 401733 | 50 | SH |  | DFND |  | 50 | 0 | 0 |
| NXP SEMICONDUCTORS NV | COM | N6596X109 |  | 2757355 | 12108 | SH |  | SOLE |  | 0 | 0 | 12108 |
| OLD REPUBLIC INTL CORP | COM | 680223104 |  | 3788842 | 89212 | SH |  | SOLE |  | 0 | 0 | 89212 |
| ORACLE CORP | COM | 68389X105 |  | 1722876 | 6126 | SH |  | SOLE |  | 0 | 0 | 6126 |
| OR ROYALTIES INC | COM | 68390D106 |  | 1756626 | 43828 | SH |  | SOLE |  | 0 | 0 | 43828 |
| PALANTIR TECHNOLOGIES INC-A | COM | 69608A108 |  | 217992 | 1195 | SH |  | SOLE |  | 0 | 0 | 1195 |
| PEARSON PLC-SPONSORED ADR | ADR | 705015105 |  | 283200 | 20000 | SH |  | DFND |  | 20000 | 0 | 0 |
| PHILIP MORRIS INTERNATIONAL | COM | 718172109 |  | 279803 | 1725 | SH |  | SOLE |  | 0 | 0 | 1725 |
| PIMCO ENHANCED SHORT MATURIT | COM | 72201R833 |  | 1395932 | 13864 | SH |  | SOLE |  | 0 | 0 | 13864 |
| PLEXUS CORP | COM | 729132100 |  | 2274961 | 15723 | SH |  | SOLE |  | 0 | 0 | 15723 |
| PROCTER  GAMBLE CO/THE | COM | 742718109 |  | 476315 | 3100 | SH |  | DFND |  | 3100 | 0 | 0 |
| PROCTER  GAMBLE CO/THE | COM | 742718109 |  | 214342 | 1395 | SH |  | SOLE |  | 0 | 0 | 1395 |
| QUALCOMM INC | COM | 747525103 |  | 1123806 | 6755 | SH |  | SOLE |  | 0 | 0 | 6755 |
| REPUBLIC SERVICES INC | COM | 760759100 |  | 229480 | 1000 | SH |  | DFND |  | 1000 | 0 | 0 |
| RGC RESOURCES INC | COM | 74955L103 |  | 983310 | 43820 | SH |  | SOLE |  | 0 | 0 | 43820 |
| RIO TINTO PLC-SPON ADR | ADR | 767204100 |  | 1139582 | 17264 | SH |  | SOLE |  | 0 | 0 | 17264 |
| ROCHE HOLDINGS LTD-SPONS ADR | ADR | 771195104 |  | 501720 | 12000 | SH |  | DFND |  | 12000 | 0 | 0 |
| ROYCE MICRO-CAP TRUST INC | COM | 780915104 |  | 3247368 | 312547 | SH |  | SOLE |  | 0 | 0 | 312547 |
| ROYCE SMALL-CAP TRUST INC | COM | 780910105 |  | 243510 | 15097 | SH |  | SOLE |  | 0 | 0 | 15097 |
| SCHWAB FNDMNTL US LRG CO ETF | COM | 808524771 |  | 3701847 | 140755 | SH |  | SOLE |  | 0 | 0 | 140755 |
| SCHWAB INTL EQUITY ETF | COM | 808524805 |  | 260005 | 11169 | SH |  | SOLE |  | 0 | 0 | 11169 |
| SCHWAB US MID CAP ETF | COM | 808524508 |  | 279764 | 9439 | SH |  | SOLE |  | 0 | 0 | 9439 |
| SCHWAB US SMALL-CAP ETF | COM | 808524607 |  | 275308 | 9868 | SH |  | SOLE |  | 0 | 0 | 9868 |
| SEAGATE TECHNOLOGY HOLDINGS | COM | G7997R103 |  | 200651 | 850 | SH |  | SOLE |  | 0 | 0 | 850 |
| SHOPRITE HOLDINGS-SPN ADR | ADR | 82510E209 |  | 385440 | 24000 | SH |  | DFND |  | 24000 | 0 | 0 |
| SIEMENS AG-SPONS ADR | ADR | 826197501 |  | 945070 | 7000 | SH |  | DFND |  | 7000 | 0 | 0 |
| SONOS INC | COM | 83570H108 |  | 2275200 | 144000 | SH |  | SOLE |  | 0 | 0 | 144000 |
| SONY GROUP CORP - SP ADR | ADR | 835699307 |  | 575800 | 20000 | SH |  | DFND |  | 20000 | 0 | 0 |
| SOUTHERN CO/THE | COM | 842587107 |  | 1458837 | 15393 | SH |  | SOLE |  | 0 | 0 | 15393 |
| SS SPDR P ST C CORP ETF | COM | 78464A474 |  | 1532948 | 50609 | SH |  | SOLE |  | 0 | 0 | 50609 |
| SPDR S 500 ETF TRUST | COM | 78462F103 |  | 1263077 | 1896 | SH |  | SOLE |  | 0 | 0 | 1896 |
| SPDR S MIDCAP 400 ETF TRST | COM | 78467Y107 |  | 822521 | 1380 | SH |  | SOLE |  | 0 | 0 | 1380 |
| STELLAR BANCORP INC | COM | 858927106 |  | 1225445 | 40390 | SH |  | SOLE |  | 0 | 0 | 40390 |
| STRYKER CORP | COM | 863667101 |  | 5009345 | 13551 | SH |  | SOLE |  | 0 | 0 | 13551 |
| TAIWAN SEMICONDUCTOR-SP ADR | ADR | 874039100 |  | 558580 | 2000 | SH |  | DFND |  | 2000 | 0 | 0 |
| TECHTRONIC INDUSTRIES-SP ADR | ADR | 87873R101 |  | 351148 | 5500 | SH |  | DFND |  | 5500 | 0 | 0 |
| TECNOGLASS INC | COM | G87264100 |  | 1159818 | 17334 | SH |  | DFND |  | 17334 | 0 | 0 |
| TESLA INC | COM | 88160R101 |  | 318420 | 716 | SH |  | SOLE |  | 0 | 0 | 716 |
| THERMO FISHER SCIENTIFIC INC | COM | 883556102 |  | 654777 | 1350 | SH |  | DFND |  | 1350 | 0 | 0 |
| THIRD COAST BANCSHARES INC | COM | 88422P109 |  | 227820 | 6000 | SH |  | DFND |  | 6000 | 0 | 0 |
| TOTALENERGIES SE -SPON ADR | ADR | 89151E109 |  | 238760 | 4000 | SH |  | DFND |  | 4000 | 0 | 0 |
| UNILEVER PLC-SPONSORED ADR | ADR | 904767704 |  | 414960 | 7000 | SH |  | DFND |  | 7000 | 0 | 0 |
| VALMONT INDUSTRIES | COM | 920253101 |  | 5051497 | 13028 | SH |  | SOLE |  | 0 | 0 | 13028 |
| VANECK MSTAR INT MOAT ETF | COM | 92189F593 |  | 1709960 | 46128 | SH |  | SOLE |  | 0 | 0 | 46128 |
| VANECK MORNINGSTAR WIDE MOAT | COM | 92189F643 |  | 2090825 | 21096 | SH |  | SOLE |  | 0 | 0 | 21096 |
| VANGUARD 0-3M T-BILL ETF | COM | 922040845 |  | 919100 | 12155 | SH |  | SOLE |  | 0 | 0 | 12155 |
| VANGUARD ENERGY ETF | COM | 92204A306 |  | 1931866 | 15349 | SH |  | SOLE |  | 0 | 0 | 15349 |
| VANGUARD FTSE DEVELOPED ETF | COM | 921943858 |  | 13023337 | 217345 | SH |  | SOLE |  | 0 | 0 | 217345 |
| VANGUARD FTSE EMERGING MARKE | COM | 922042858 |  | 1608762 | 29693 | SH |  | SOLE |  | 0 | 0 | 29693 |
| VANGUARD HIGH DVD YIELD ETF | COM | 921946406 |  | 1694376 | 12021 | SH |  | SOLE |  | 0 | 0 | 12021 |
| VANGUARD INFO TECH ETF | COM | 92204A702 |  | 16707531 | 22377 | SH |  | SOLE |  | 0 | 0 | 22377 |
| VANGUARD S 500 ETF | COM | 922908363 |  | 221227 | 361 | SH |  | SOLE |  | 0 | 0 | 361 |
| VANGUARD S/T CORP BOND ETF | COM | 92206C409 |  | 5571233 | 69701 | SH |  | SOLE |  | 0 | 0 | 69701 |
| VANGUARD TOTAL STOCK MKT ETF | COM | 922908769 |  | 2115435 | 6446 | SH |  | SOLE |  | 0 | 0 | 6446 |
| VEOLIA ENVIRONNEMENT-ADR | ADR | 92334N103 |  | 170690 | 10000 | SH |  | DFND |  | 10000 | 0 | 0 |
| VERITEX HOLDINGS INC | COM | 923451108 |  | 395453 | 11794 | SH |  | SOLE |  | 0 | 0 | 11794 |
| VERIZON COMMUNICATIONS INC | COM | 92343V104 |  | 742184 | 16887 | SH |  | SOLE |  | 0 | 0 | 16887 |
| VISA INC-CLASS A SHARES | COM | 92826C839 |  | 531187 | 1556 | SH |  | SOLE |  | 0 | 0 | 1556 |
| VISA INC-CLASS A SHARES | COM | 92826C839 |  | 238966 | 700 | SH |  | SOLE |  | 0 | 0 | 700 |
| VOYA FINANCIAL INC | COM | 929089100 |  | 3007857 | 40212 | SH |  | SOLE |  | 0 | 0 | 40212 |
| WALMART DE MEXICO SAB DE CV | COM | P98180188 |  | 30906 | 10016 | SH |  | SOLE |  | 0 | 0 | 10016 |
| WALT DISNEY CO/THE | COM | 254687106 |  | 542750 | 4740 | SH |  | SOLE |  | 0 | 0 | 4740 |
| WASTE MANAGEMENT INC | COM | 94106L109 |  | 1446837 | 6552 | SH |  | SOLE |  | 0 | 0 | 6552 |
| WESTERN ASSET HI INC OPPORT | COM | 95766K109 |  | 4560350 | 1187591 | SH |  | SOLE |  | 0 | 0 | 1187591 |
| WILLIAMS COS INC | COM | 969457100 |  | 2473627 | 39047 | SH |  | SOLE |  | 0 | 0 | 39047 |
| WOODSIDE ENERGY GROUP-ADR | ADR | 980228308 |  | 150500 | 10000 | SH |  | DFND |  | 10000 | 0 | 0 |

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