First Dallas Securities 13F-HR Quarterly holdings report by institutional manager

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

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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
A H BELO CORP COM CL A	COM	001282102	2,028	171,100	SH		SOLE		0	0	171,100
ADCARE HEALTH SYSTEMS INC COM	COM	00650w300	58	13,484	SH		SOLE		0	0	13,484
AEGEAN MARINE PETROLEUM NETWRK	COM	y0017s102	134	13,240	SH		SOLE		0	0	13,240
ALTRIA GROUP INC COM	COM	02209s103	251	5,976	SH		SOLE		0	0	5,976
AMEREN CORP COM	COM	023608102	622	15,216	SH		SOLE		0	0	15,216
AMERICAN AIRLS GRP INC COM	COM	02376r102	2,278	53,022	SH		SOLE		0	0	53,022
AMERICAN ELEC PWR INC COM	COM	025537101	332	5,950	SH		SOLE		0	0	5,950
APPLE INC COM	COM	037833100	424	4,561	SH		SOLE		0	0	4,561
AT&T INC COM	COM	00206r102	4,108	116,195	SH		SOLE		0	0	116,195
ATMOS ENERGY CORP COM	COM	049560105	5,397	101,052	SH		SOLE		0	0	101,052
ATWOOD OCEANICS INC COM	COM	050095108	399	7,615	SH		SOLE		0	0	7,615
BANK OF AMERICA CORPORATION CO	COM	060505104	227	14,747	SH		SOLE		0	0	14,747
BOEING CO COM	COM	097023105	5,265	41,380	SH		SOLE		0	0	41,380
BRISTOL MYERS SQUIBB CO COM	COM	110122108	466	9,614	SH		SOLE		0	0	9,614
BUILDERS FIRSTSOURCE INC COM	COM	12008r107	79	10,500	SH		SOLE		0	0	10,500
CANADIAN NATL RY CO COM	COM	136375102	286	4,400	SH		SOLE		0	0	4,400
CHEVRON CORP NEW COM	COM	166764100	886	6,790	SH		SOLE		0	0	6,790
CLIENT MANANGED	COM	002697156	696	347,965	SH		SOLE		0	0	347,965
COCA COLA CO COM	COM	191216100	380	8,962	SH		SOLE		0	0	8,962
COMSTOCK RES INC COM NEW	COM	205768203	972	33,704	SH		SOLE		0	0	33,704
CONOCOPHILLIPS COM	COM	20825c104	821	9,586	SH		SOLE		0	0	9,586
COSTCO WHSL CORP NEW COM	COM	22160k105	1,305	11,325	SH		SOLE		0	0	11,325
CUMMINS INC COM	COM	231021106	357	2,311	SH		SOLE		0	0	2,311
DEVON ENERGY CORP NEW COM	COM	25179m103	677	8,522	SH		SOLE		0	0	8,522
DISNEY WALT CO COM DISNEY	COM	254687106	519	6,058	SH		SOLE		0	0	6,058
DOW CHEM CO COM	COM	260543103	209	4,064	SH		SOLE		0	0	4,064
DRYSHIPS INC SHS	COM	y2109q101	71	21,977	SH		SOLE		0	0	21,977
DUKE ENERGY CORP NEW COM NEW	COM	26441C204	2,202	29,685	SH		SOLE		0	0	29,685
EAGLE MATERIALS INC COM	COM	26969p108	2,414	25,601	SH		SOLE		0	0	25,601
ENLINK MIDSTREAM LLC COM UNIT	COM	29336t100	882	21,187	SH		SOLE		0	0	21,187
ENSCO PLC SHS CLASS A	COM	g3157s106	1,956	35,200	SH		SOLE		0	0	35,200
EXXON MOBIL CORP COM	COM	30231g102	5,574	55,360	SH		SOLE		0	0	55,360
FREEPORT-MCMORAN COPPER & GOLD	COM	35671d857	2,494	68,328	SH		SOLE		0	0	68,328
GASCO ENERGY INC COM	COM	367220100	0	25,000	SH		SOLE		0	0	25,000
GENERAL ELECTRIC CO COM	COM	369604103	4,134	157,308	SH		SOLE		0	0	157,308
GEO GROUP INC COM	COM	36162j106	1,745	48,838	SH		SOLE		0	0	48,838
GILEAD SCIENCES INC COM	COM	375558103	293	3,531	SH		SOLE		0	0	3,531
GOGO INC COM	COM	38046c109	394	20,175	SH		SOLE		0	0	20,175
HALLIBURTON CO COM	COM	406216101	6,102	85,935	SH		SOLE		0	0	85,935
HELMERICH & PAYNE INC COM	COM	423452101	2,227	19,178	SH		SOLE		0	0	19,178
HERCULES OFFSHORE INC COM	COM	427093109	573	142,450	SH		SOLE		0	0	142,450
HERSHEY CO COM	COM	427866108	1,706	17,524	SH		SOLE		0	0	17,524
HOME DEPOT INC COM	COM	437076102	631	7,791	SH		SOLE		0	0	7,791
HONEYWELL INTL INC COM	COM	438516106	325	3,500	SH		SOLE		0	0	3,500
HYPERDYNAMICS CORP COM NEW	COM	448954206	113	19,875	SH		SOLE		0	0	19,875
ID WATCHDOG INC ORD SHS	COM	g4741r109	15	264,000	SH		SOLE		0	0	264,000
INTEGRYS ENERGY GROUP INC COM	COM	45822p105	356	5,000	SH		SOLE		0	0	5,000
INTRUSION INC COM NEW	COM	46121e205	409	222,025	SH		SOLE		0	0	222,025
JOHNSON & JOHNSON COM	COM	478160104	5,925	56,625	SH		SOLE		0	0	56,625
LEGG MASON INC COM	COM	524901105	364	7,100	SH		SOLE		0	0	7,100
LIFEVANTAGE CORP COM	COM	53222k106	216	150,000	SH		SOLE		0	0	150,000
LINN ENERGY LLC UNIT LTD LIAB	COM	536020100	3,216	99,407	SH		SOLE		0	0	99,407
LINNCO LLC COMSHS LTD INT	COM	535782106	1,908	60,968	SH		SOLE		0	0	60,968
LOCKHEED MARTIN CORP COM	COM	539830109	1,425	8,870	SH		SOLE		0	0	8,870
LUBYS INC COM	COM	549282101	959	163,170	SH		SOLE		0	0	163,170
MAGNUM HUNTER RES CORP DEL COM	COM	55973b102	82	10,000	SH		SOLE		0	0	10,000
MATADOR RES CO COM	COM	576485205	454	15,500	SH		SOLE		0	0	15,500
MERCK & CO INC NEW COM	COM	58933y105	1,039	17,967	SH		SOLE		0	0	17,967
MESABI TR CTF BEN INT	COM	590672101	1,487	75,970	SH		SOLE		0	0	75,970
MICRON TECHNOLOGY INC COM	COM	595112103	586	17,770	SH		SOLE		0	0	17,770
MORGAN STANLEY COM NEW	COM	617446448	291	9,002	SH		SOLE		0	0	9,002
NATIONAL CINEMEDIA INC COM	COM	635309107	222	12,650	SH		SOLE		0	0	12,650
NATIONAL OILWELL VARCO INC COM	COM	637071101	536	6,502	SH		SOLE		0	0	6,502
NATIONSTAR MTG HLDGS INC COM	COM	63861c109	366	10,075	SH		SOLE		0	0	10,075
NORDIC AMERICAN TANKERS LIMITE	COM	g65773106	117	12,250	SH		SOLE		0	0	12,250
NORFOLK SOUTHERN CORP COM	COM	655844108	545	5,294	SH		SOLE		0	0	5,294
ONEOK INC NEW COM	COM	682680103	286	4,200	SH		SOLE		0	0	4,200
PANHANDLE OIL AND GAS INC CL A	COM	698477106	514	9,175	SH		SOLE		0	0	9,175
PEPSICO INC COM	COM	713448108	212	2,377	SH		SOLE		0	0	2,377
PHILLIPS 66 COM	COM	718546104	290	3,612	SH		SOLE		0	0	3,612
POLARIS INDS INC COM	COM	731068102	811	6,226	SH		SOLE		0	0	6,226
PROCTER & GAMBLE CO COM	COM	742718109	2,370	30,159	SH		SOLE		0	0	30,159
ROCKY MTN CHOCOLATE FACTORY CO	COM	774678403	786	59,614	SH		SOLE		0	0	59,614
SIGNET JEWELERS LIMITED SHS	COM	g81276100	1,592	14,400	SH		SOLE		0	0	14,400
SIRIUS XM RADIO INC COM	COM	82968b103	941	271,900	SH		SOLE		0	0	271,900
SOUTHERN CO COM	COM	842587107	889	19,594	SH		SOLE		0	0	19,594
SOUTHWEST AIRLS CO COM	COM	844741108	2,520	93,833	SH		SOLE		0	0	93,833
STEIN MART INC COM	COM	858375108	285	20,500	SH		SOLE		0	0	20,500
TEJON RANCH CO COM	COM	879080109	509	15,800	SH		SOLE		0	0	15,800
TEXAS CAPITAL BANCSHARES INC C	COM	88224q107	651	12,075	SH		SOLE		0	0	12,075
TEXAS PAC LD TR SUB CTF PROP I	COM	882610108	9,920	61,954	SH		SOLE		0	0	61,954
TRANSOCEAN LTD REG SHS	COM	h8817h100	481	10,689	SH		SOLE		0	0	10,689
TREMOR VIDEO INC COM	COM	89484q100	132	28,000	SH		SOLE		0	0	28,000
TRINITY INDS INC COM	COM	896522109	4,950	113,226	SH		SOLE		0	0	113,226
UNITED CONTL HLDGS INC COM	COM	910047109	851	20,725	SH		SOLE		0	0	20,725
UNITED STATES STL CORP NEW COM	COM	912909108	463	17,762	SH		SOLE		0	0	17,762
UNITED TECHNOLOGIES CORP COM	COM	913017109	222	1,920	SH		SOLE		0	0	1,920
VERIZON COMMUNICATIONS INC COM	COM	92343v104	1,826	37,312	SH		SOLE		0	0	37,312
VIEWPOINT FINL GROUP INC MD CO	COM	92672a101	664	24,689	SH		SOLE		0	0	24,689
WAL-MART STORES INC COM	COM	931142103	4,135	55,091	SH		SOLE		0	0	55,091
XCEL ENERGY INC COM	COM	98389b100	4,458	138,319	SH		SOLE		0	0	138,319
BP PLC SPONSORED ADR	ADR	055622104	2,223	42,152	SH		SOLE		0	0	42,152
GLAXOSMITHKLINE PLC SPONSORED	ADR	37733w105	469	8,770	SH		SOLE		0	0	8,770
TOYOTA MOTOR CORP SP ADR REP2C	ADR	892331307	356	2,975	SH		SOLE		0	0	2,975
ENLINK MIDSTREAM PARTN COM UNI	RET	29336u107	252	8,006	SH		SOLE		0	0	8,006
HCP INC COM	RET	40414l109	218	5,261	SH		SOLE		0	0	5,261
MEDICAL PPTYS TRUST INC COM	RET	58463j304	208	15,691	SH		SOLE		0	0	15,691
RYMAN HOSPITALITY PPTYS INC CO	RET	78377t107	4,902	101,821	SH		SOLE		0	0	101,821
SPDR GOLD TRUST GOLD SHS	UIU	78463v107	206	1,614	SH		SOLE		0	0	1,614
CENTRAL FD CDA LTD CL A	MTF	153501101	179	12,300	SH		SOLE		0	0	12,300
PROFESSIONALLY MANAGED HDGS SI	MTF	74316j318	194	17,556	SH		SOLE		0	0	17,556
PROFESSIONALLY MANAGED HDGS SM	MTF	74316j326	1,640	147,424	SH		SOLE		0	0	147,424
PROFESSIONALLY MANAGED PTFL HD	MTF	742935174	4,268	273,406	SH		SOLE		0	0	273,406
PROFESSIONALLY MANAGED PTFL HD	MTF	742935166	2,827	187,247	SH		SOLE		0	0	187,247
PROFESSIONALLY MANAGED PTFL HD	MTF	742935158	3,347	211,752	SH		SOLE		0	0	211,752
PROFESSIONALLY MANAGED PTFL HO	MTF	742935109	19,194	481,659	SH		SOLE		0	0	481,659
PROFESSIONALLY MANAGED PTFL HO	MTF	742935299	1,624	79,480	SH		SOLE		0	0	79,480