Sabine Royalty Trust (the Trust) is an express trust. The trustee of the Trust is Bank of America, N.A. The Royalty Properties are the assets of the Trust. The basic function of the Trustee is to collect income from the Trust properties, to pay out of the Trust�s income and assets all expenses, charges and obligations, and to pay available income to Unit holders. The Royalty Properties constitute interests in gross production of oil, gas and other minerals. The Royalty Properties consist of royalty and mineral interests, including landowner�s royalties, overriding royalty interests, minerals, production payments and any other similar, non-participatory interest, in certain producing and proved undeveloped oil and gas properties. These properties are represented by approximately 5,400 tracts of land. Approximately 2,950 of the tracts are in Oklahoma, 1,750 in Texas, 330 in Louisiana, 200 in New Mexico, 150 in Mississippi and 12 in Florida.