| Category | Amount | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| ACCOUNTING FEES | 3,235 | 1,618 | 1,617 |
| Name of Bond | End of Year Book Value | End of Year Fair Market Value |
|---|---|---|
| WINDSTREAM 10/15/2020 7.75% | 5,138 | 5,150 |
| DELUXE CORP 10/01/2014 5.125% | 0 | 0 |
| BLOCK (H&R) 10/30/2014 5.125% | 0 | 0 |
| DISH NETWORK 05/31/2015 7.75% | 5,068 | 5,131 |
| TELEFONICA 06/20/2016 6.421% | 4,835 | 5,367 |
| CAPITAL ONE 9/1/2016 6.15% | 3,445 | 5,373 |
| CONSOL ENERGY 04/01/2017 8.00% | 0 | 0 |
| MARTIN MIDSTREAM 04/01/2018 8.875% | 0 | 0 |
| PVR PARTNERS 04/15/2018 8.25% | 0 | 0 |
| TRANSOCEAN 04/15/2018 7.375% | 4,956 | 4,850 |
| RR DONNELLEY 05/15/2018 7.25% | 5,017 | 5,525 |
| VULCAN MATERIALS 06/15/2018 7.00% | 4,988 | 5,500 |
| POPULAR INC 07/01/2019 7.00% | 4,994 | 5,025 |
| HORNBECK OFFSHORE SERVICES 04/01/2020 5.875% | 4,681 | 4,425 |
| RENT-A-CENTER 11/15/2020 6.625% | 4,894 | 4,800 |
| SPRINT CORP 09/15/2021 7.25% | 4,788 | 4,956 |
| GULFMARK OFFSHORE INC 03/15/2022 6.375% | 4,688 | 3,725 |
| AMKOR TECHNOLOGY INC 10/01/2022 6.375% | 4,675 | 4,825 |
| TRIUMPH GROUP 07/15/2018 8.625% | 0 | 0 |
| BHP BILLITON 08/15/2018 7.25% | 0 | 0 |
| JONES GROUP 03/15/2019 | 0 | 0 |
| VANGUARD NATURAL RESOURCES 04/01/2020 7.875% | 5,117 | 4,314 |
| ANGLOGOLD ASHANTI 04/15/2020 5.375% | 4,248 | 4,789 |
| FERRELLGAS PARTNERS 06/15/2020 8.625% | 0 | 0 |
| HALCON RESOURCES 07/15/2020 9.75% | 0 | 0 |
| Name of Stock | End of Year Book Value | End of Year Fair Market Value |
|---|---|---|
| HOLLYFRONTIER | 7,371 | 6,372 |
| MARATHON PETROLEUM | 3,609 | 5,867 |
| PHILLIPS 66 | 3,720 | 5,736 |
| VALERO ENERGY | 3,368 | 5,693 |
| CANADIAN OIL SANDS | 7,997 | 5,598 |
| EXXON MOBIL | 8,021 | 10,632 |
| RIO TINTO PIC ADR | 2,008 | 4,790 |
| BLACKROCK | 0 | 0 |
| METLIFE | 0 | 0 |
| SINGAPORE I SHARES | 3,212 | 3,728 |
| TECHNE | 0 | 0 |
| BERKSHIRE HATHAWAY B | 6,251 | 15,015 |
| FRANCO NEVADA | 6,979 | 9,346 |
| ROYAL GOLD | 0 | 0 |
| ANNALY CAPITAL MNGMT INC | 3,675 | 4,000 |
| BANK OF NY MELLON | 0 | 0 |
| GOLDMAN SACHS | 8,050 | 9,692 |
| HARTFORD FINANCIAL SERVICES | 0 | 0 |
| JPMORGAN CHASE | 0 | 0 |
| PNC FINL SERVICES | 0 | 0 |
| PRUDENTIAL FINANCIAL | 3,709 | 4,071 |
| WELLS FARGO | 0 | 0 |
| ABERDEEN ASIA-PAC PR INC FD | 3,714 | 3,552 |
| AT&T | 7,508 | 7,222 |
| BCE INC | 3,853 | 4,127 |
| BLACKROCK DEBT STRAT FD INC | 3,515 | 3,460 |
| BLACKROCK LTD DURATION INC | 3,571 | 3,458 |
| CALIFORNIA RES CORP COM | 132 | 99 |
| CANON INC ADR | 3,519 | 3,641 |
| CENTURYLINK | 0 | 0 |
| KINDER MORGAN | 3,530 | 3,808 |
| DEVON ENERGY | 0 | 0 |
| DIGITAL REALTY TRUST INC | 3,750 | 4,310 |
| OCCIDENTAL PETROLEUM | 3,642 | 3,627 |
| EATON VANCE LTD DURATION FD | 3,518 | 3,389 |
| EATON VANCE TAX MG CEF | 3,648 | 3,519 |
| EATON VANCE TAX MGD DIV EQU FD | 3,617 | 3,464 |
| EOG RESOURCES INC | 3,791 | 3,683 |
| GEO GROUP INC COM | 3,759 | 4,641 |
| GLAXOSMITHKLINE PLC | 3,738 | 3,419 |
| GLOBAL X CHINA FINANCIALS | 3,680 | 3,920 |
| HCP INCORPORATED | 3,944 | 4,623 |
| HOSPITALITY PPTYS TR COM | 3,776 | 4,030 |
| LAS VEGAS SANDS CORPORATION | 3,606 | 3,780 |
| LIBERTY PROPERTY TRUST | 3,886 | 3,951 |
| MACY'S INC | 3,726 | 3,945 |
| NOW INC | 410 | 309 |
| PLUM CREEK TIMBER CO INC | 3,656 | 3,851 |
| RANGE RESOURCES | 3,839 | 2,673 |
| REALTY INCOME CORP | 3,853 | 4,532 |
| ROYAL DUTCH SHELL | 0 | 0 |
| SUNCOR ENERGY INC | 3,864 | 3,496 |
| TELEFONICA SA ADR | 3,773 | 3,410 |
| TOYOTA MOTOR CP ADR | 3,823 | 4,392 |
| VERIZON COMMUNICATIONS | 3,719 | 3,742 |
| W P CAREY INC | 3,879 | 4,206 |
| WASH REAL EST INV TR MARYLAND | 3,759 | 4,426 |
| ENSCO PLC | 0 | 0 |
| NATIONAL OILWELL VARCO | 0 | 0 |
| SEADRILL | 0 | 0 |
| CST BRANDS | 0 | 0 |
| NORDSTROM | 3,836 | 5,160 |
| INTEL | 3,789 | 6,532 |
| LAB CORP OF AMERICA | 0 | 0 |
| CALAVO GROWERS | 0 | 0 |
| CSX CORP | 0 | 0 |
| GENERAL ELECTRIC | 3,561 | 3,411 |
| BUNGE | 0 | 0 |
| POTASH | 3,746 | 4,238 |
| NUCOR | 3,848 | 3,679 |
| JAPAN I SHARES | 0 | 0 |
| EUROPE I SHARES | 0 | 0 |
| Category/ Item | Listed at Cost or FMV | Book Value | End of Year Fair Market Value |
|---|---|---|---|
| INCOME TAXED, NOT YET RECEIVED | AT COST | 271 | 271 |
| DORCHESTER MINERALS, LP | AT COST | 1,956 | 5,106 |
| Description | Revenue and Expenses per Books | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| INVESTMENT ADVISOR FEES | 3,440 | 3,440 | 0 | |
| ROYALTY TAX AND ADMINISTRATION | 67 | 67 | 0 | |
| POSTAGE | 5 | 0 | 5 | |
| BANK CHARGES | 5 | 5 | 0 | |
| MISCELLANEOUS EXPENSES | 103 | 0 | 0 |
| Description | Revenue And Expenses Per Books | Net Investment Income | Adjusted Net Income |
|---|---|---|---|
| DORCHESTER MINERALS, LP | 417 | 417 | 417 |
| Category | Amount | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| STATE FEES | 25 | 0 | 25 | |
| FOREIGN TAX PAID | 232 | 232 | 0 | |
| FEDERAL TAXES | 1,421 | 0 | 0 |