The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE
OMB APPROVAL
OMB Number: 3235-0006
Expires: July 31, 2015
Estimated average burden
hours per response: 23.8
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
ABBVIE INC COM 00287Y109 1,777,000 10,000 SH DFND 1 0 10,000 0
ALTRIA GROUP INC COM 02209S103 2,187,761 41,839 SH DFND 1 0 41,839 0
AMAZON COM INC COM 023135106 789,804 3,600 SH DFND 1 0 3,600 0
AMERICAN ELEC PWR CO INC COM 025537101 1,383,450 15,000 SH DFND 1 0 15,000 0
APPLE INC COM 037833100 13,247,218 52,900 SH DFND 1 0 52,900 0
ARCELORMITTAL SA LUXEMBOURG NY REGISTRY SH 03938L203 201,208 8,699 SH DFND 1 0 8,699 0
ASTRAZENECA PLC SPONSORED ADR 046353108 786,240 12,000 SH DFND 1 0 12,000 0
AT&T INC COM 00206R102 273,240 12,000 SH DFND 1 0 12,000 0
AUTOZONE INC COM 053332102 3,522,200 1,100 SH DFND 1 0 1,100 0
BANK MONTREAL QUE COM 063671101 291,635 3,005 SH DFND 1 0 3,005 0
BANK NEW YORK MELLON CORP COM 064058100 1,554,271 20,230 SH DFND 1 0 20,230 0
BANK NOVA SCOTIA HALIFAX COM 064149107 685,467 12,760 SH DFND 1 0 12,760 0
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 2,991,648 6,600 SH DFND 1 0 6,600 0
BHP GROUP LTD SPONSORED ADS 088606108 229,501 4,700 SH DFND 1 0 4,700 0
BOEING CO COM 097023105 354,000 2,000 SH DFND 1 0 2,000 0
BP PLC SPONSORED ADR 055622104 586,884 19,854 SH DFND 1 0 19,854 0
BRISTOL-MYERS SQUIBB CO COM 110122108 1,730,736 30,600 SH DFND 1 0 30,600 0
BRITISH AMERN TOB PLC SPONSORED ADR 110448107 2,149,272 59,176 SH DFND 1 0 59,176 0
C H ROBINSON WORLDWIDE INC COM NEW 12541W209 268,632 2,600 SH DFND 1 0 2,600 0
CANADIAN IMPERIAL BK COMM COM 136069101 1,167,921 18,471 SH DFND 1 0 18,471 0
CANADIAN NATL RY CO COM 136375102 913,590 9,000 SH DFND 1 0 9,000 0
CANADIAN PACIFIC KANSAS CITY COM 13646K108 2,754,981 38,068 SH DFND 1 0 38,068 0
CATERPILLAR INC COM 149123101 1,324,074 3,650 SH DFND 1 0 3,650 0
CEMEX SAB DE CV SPON ADR NEW 151290889 276,360 49,000 SH DFND 1 0 49,000 0
CHEVRON CORP NEW COM 166764100 8,009,507 55,299 SH DFND 1 0 55,299 0
CINCINNATI FINL CORP COM 172062101 2,874,000 20,000 SH DFND 1 0 20,000 0
CISCO SYS INC COM 17275R102 538,720 9,100 SH DFND 1 0 9,100 0
COCA COLA CO COM 191216100 255,266 4,100 SH DFND 1 0 4,100 0
CONOCOPHILLIPS COM 20825C104 4,581,654 46,200 SH DFND 1 0 46,200 0
CONSOLIDATED EDISON INC COM 209115104 3,926,120 44,000 SH DFND 1 0 44,000 0
CONSTELLATION BRANDS INC CL A 21036P108 596,700 2,700 SH DFND 1 0 2,700 0
CSX CORP COM 126408103 6,486,270 201,000 SH DFND 1 0 201,000 0
CUMMINS INC COM 231021106 278,880 800 SH DFND 1 0 800 0
DEERE & CO COM 244199105 254,220 600 SH DFND 1 0 600 0
DOUGLAS ELLIMAN INC COM 25961D105 135,616 81,207 SH DFND 1 0 81,207 0
DOW INC COM 260557103 537,381 13,391 SH DFND 1 0 13,391 0
DUKE ENERGY CORP NEW COM NEW 26441C204 1,152,818 10,700 SH DFND 1 0 10,700 0
DUPONT DE NEMOURS INC COM 26614N102 298,900 3,920 SH DFND 1 0 3,920 0
EASTMAN CHEM CO COM 277432100 5,031,732 55,100 SH DFND 1 0 55,100 0
ELEVANCE HEALTH INC COM 036752103 239,785 650 SH DFND 1 0 650 0
ELI LILLY & CO COM 532457108 8,337,600 10,800 SH DFND 1 0 10,800 0
ENBRIDGE INC COM 29250N105 484,254 11,413 SH DFND 1 0 11,413 0
ENTERGY CORP NEW COM 29364G103 424,592 5,600 SH DFND 1 0 5,600 0
ENTERPRISE PRODS PARTNERS L COM 293792107 3,763,200 120,000 SH DFND 1 0 120,000 0
EQUINOR ASA SPONSORED ADR 29446M102 448,783 18,944 SH DFND 1 0 18,944 0
EXXON MOBIL CORP COM 30231G102 5,206,388 48,400 SH DFND 1 0 48,400 0
FEDEX CORP COM 31428X106 4,290,283 15,250 SH DFND 1 0 15,250 0
FIRST HORIZON CORPORATION COM 320517105 3,423,800 170,000 SH DFND 1 0 170,000 0
FIRST INDL RLTY TR INC COM 32054K103 200,520 4,000 SH DFND 1 0 4,000 0
FIRSTENERGY CORP COM 337932107 1,312,740 33,000 SH DFND 1 0 33,000 0
FREEPORT-MCMORAN INC CL B 35671D857 1,016,736 26,700 SH DFND 1 0 26,700 0
GE VERNOVA INC COM 36828A101 215,778 656 SH DFND 1 0 656 0
HCA HEALTHCARE INC COM 40412C101 3,031,515 10,100 SH DFND 1 0 10,100 0
HEARTLAND EXPRESS INC COM 422347104 740,352 65,985 SH DFND 1 0 65,985 0
HOME DEPOT INC COM 437076102 1,828,253 4,700 SH DFND 1 0 4,700 0
HONEYWELL INTL INC COM 438516106 237,185 1,050 SH DFND 1 0 1,050 0
HSBC HLDGS PLC SPON ADR NEW 404280406 669,936 13,545 SH DFND 1 0 13,545 0
HUB GROUP INC CL A 443320106 356,480 8,000 SH DFND 1 0 8,000 0
HUNT J B TRANS SVCS INC COM 445658107 648,508 3,800 SH DFND 1 0 3,800 0
INTEL CORP COM 458140100 380,950 19,000 SH DFND 1 0 19,000 0
INTERNATIONAL PAPER CO COM 460146103 10,408,788 193,400 SH DFND 1 0 193,400 0
JPMORGAN CHASE & CO. COM 46625H100 6,354,712 26,510 SH DFND 1 0 26,510 0
KEYCORP COM 493267108 222,820 13,000 SH DFND 1 0 13,000 0
KINDER MORGAN INC DEL COM 49456B101 1,233,000 45,000 SH DFND 1 0 45,000 0
KNIGHT-SWIFT TRANSN HLDGS IN CL A 499049104 4,053,317 76,420 SH DFND 1 0 76,420 0
KROGER CO COM 501044101 336,325 5,500 SH DFND 1 0 5,500 0
LAM RESEARCH CORP COM NEW 512807306 325,035 4,500 SH DFND 1 0 4,500 0
LANDSTAR SYS INC COM 515098101 1,563,926 9,100 SH DFND 1 0 9,100 0
LOCKHEED MARTIN CORP COM 539830109 235,195 484 SH DFND 1 0 484 0
LOWES COS INC COM 548661107 2,591,400 10,500 SH DFND 1 0 10,500 0
MAIDEN HOLDINGS LTD SHS G5753U112 25,350 15,000 SH DFND 1 0 15,000 0
MARATHON PETE CORP COM 56585A102 5,797,341 41,558 SH DFND 1 0 41,558 0
MARRIOTT INTL INC NEW CL A 571903202 327,755 1,175 SH DFND 1 0 1,175 0
MCDONALDS CORP COM 580135101 579,780 2,000 SH DFND 1 0 2,000 0
MERCK & CO INC COM 58933Y105 1,342,781 13,498 SH DFND 1 0 13,498 0
META PLATFORMS INC CL A 30303M102 2,634,795 4,500 SH DFND 1 0 4,500 0
MICRON TECHNOLOGY INC COM 595112103 302,976 3,600 SH DFND 1 0 3,600 0
MICROSOFT CORP COM 594918104 8,398,388 19,925 SH DFND 1 0 19,925 0
MONDELEZ INTL INC CL A 609207105 298,650 5,000 SH DFND 1 0 5,000 0
MOODYS CORP COM 615369105 307,691 650 SH DFND 1 0 650 0
MORGAN STANLEY COM NEW 617446448 2,011,520 16,000 SH DFND 1 0 16,000 0
NISOURCE INC COM 65473P105 367,600 10,000 SH DFND 1 0 10,000 0
NOKIA CORP SPONSORED ADR 654902204 124,040 28,000 SH DFND 1 0 28,000 0
NORFOLK SOUTHN CORP COM 655844108 4,107,250 17,500 SH DFND 1 0 17,500 0
NOVARTIS AG SPONSORED ADR 66987V109 340,585 3,500 SH DFND 1 0 3,500 0
NUCOR CORP COM 670346105 1,528,901 13,100 SH DFND 1 0 13,100 0
NVIDIA CORPORATION COM 67066G104 470,015 3,500 SH DFND 1 0 3,500 0
OLD REP INTL CORP COM 680223104 2,967,580 82,000 SH DFND 1 0 82,000 0
ONEOK INC NEW COM 682680103 7,882,906 78,515 SH DFND 1 0 78,515 0
PBF ENERGY INC CL A 69318G106 257,535 9,700 SH DFND 1 0 9,700 0
PFIZER INC COM 717081103 3,261,784 122,947 SH DFND 1 0 122,947 0
PHILIP MORRIS INTL INC COM 718172109 830,415 6,900 SH DFND 1 0 6,900 0
PHILLIPS 66 COM 718546104 2,067,830 18,150 SH DFND 1 0 18,150 0
PPL CORP COM 69351T106 464,178 14,300 SH DFND 1 0 14,300 0
PROLOGIS INC. COM 74340W103 281,691 2,665 SH DFND 1 0 2,665 0
ROYAL BK CDA COM 780087102 251,986 2,091 SH DFND 1 0 2,091 0
SANOFI SPONSORED ADR 80105N105 347,883 7,213 SH DFND 1 0 7,213 0
SCHNEIDER NATIONAL INC CL B 80689H102 333,792 11,400 SH DFND 1 0 11,400 0
SEAGATE TECHNOLOGY HLDNGS PL ORD SHS G7997R103 336,609 3,900 SH DFND 1 0 3,900 0
SHELL PLC SPON ADS 780259305 1,593,753 25,439 SH DFND 1 0 25,439 0
SOUTHERN CO COM 842587107 905,520 11,000 SH DFND 1 0 11,000 0
SOUTHERN COPPER CORP COM 84265V105 1,052,643 11,551 SH DFND 1 0 11,551 0
SUBURBAN PROPANE PARTNERS L UNIT LTD PARTN 864482104 275,200 16,000 SH DFND 1 0 16,000 0
TAIWAN SEMICONDUCTOR MFG LTD SPONSORED ADS 874039100 1,088,170 5,510 SH DFND 1 0 5,510 0
TESLA INC COM 88160R101 565,376 1,400 SH DFND 1 0 1,400 0
TORONTO DOMINION BK ONT COM NEW 891160509 553,132 10,395 SH DFND 1 0 10,395 0
TRACTOR SUPPLY CO COM 892356106 689,780 13,000 SH DFND 1 0 13,000 0
UMH PPTYS INC COM 903002103 6,974,095 369,391 SH DFND 1 0 369,391 0
UNION PAC CORP COM 907818108 5,016,880 22,000 SH DFND 1 0 22,000 0
UNITED PARCEL SERVICE INC CL B 911312106 1,670,825 13,250 SH DFND 1 0 13,250 0
UNITEDHEALTH GROUP INC COM 91324P102 2,933,988 5,800 SH DFND 1 0 5,800 0
VALERO ENERGY CORP COM 91913Y100 2,801,182 22,850 SH DFND 1 0 22,850 0
VERIZON COMMUNICATIONS INC COM 92343V104 451,887 11,300 SH DFND 1 0 11,300 0
VIATRIS INC COM 92556V106 186,825 15,006 SH DFND 1 0 15,006 0
VULCAN MATLS CO COM 929160109 745,967 2,900 SH DFND 1 0 2,900 0
WALMART INC COM 931142103 948,675 10,500 SH DFND 1 0 10,500 0
WELLTOWER INC COM 95040Q104 201,648 1,600 SH DFND 1 0 1,600 0
WERNER ENTERPRISES INC COM 950755108 801,016 22,300 SH DFND 1 0 22,300 0
WILLIAMS COS INC COM 969457100 1,338,333 24,729 SH DFND 1 0 24,729 0
XPO INC COM 983793100 655,750 5,000 SH DFND 1 0 5,000 0