<PAGE>   1

                                    FORM 10-Q

                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D. C. 20549

(Mark One)

[X]         QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
                         SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2001
                               ------------------------------------------------

                                       OR

[ ]         TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
                         SECURITIES EXCHANGE ACT OF 1934

For the transition period from ______________ to ____________

Commission file number 1-737
                       ------------------



                            TEXAS PACIFIC LAND TRUST
--------------------------------------------------------------------------------
             (Exact name of registrant as specified in its charter)


               NOT APPLICABLE                                 75-0279735
--------------------------------------------------------------------------------
(State or other jurisdiction of incorporation              (I.R.S. Employer
              or organization)                            Identification No.)

              1700 Pacific Avenue, Suite 1670, Dallas, Texas 75201
--------------------------------------------------------------------------------
                    (Address of principal executive offices)
                                   (Zip Code)


                                  214/969-5530
--------------------------------------------------------------------------------
              (Registrant's telephone number, including area code)


             80 Broad Street, Suite 2700, New York, New York 10004
--------------------------------------------------------------------------------
              (Former name, former address and former fiscal year,
                          if changed since last report)


Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.

Yes X   No
   ---    ---





<PAGE>   2

                                     Part I
                              FINANCIAL INFORMATION

                            TEXAS PACIFIC LAND TRUST

                                 BALANCE SHEETS
                      MARCH 31, 2001 and DECEMBER 31, 2000


<TABLE>
<CAPTION>
                                                                                                 March 31,       December 31,
                ASSETS                                                                             2001             2000
                                                                                                -----------      -----------
                                                                                                (Unaudited)

<S>                                                                                             <C>              <C>
Cash                                                                                            $   245,661      $   263,834
Temporary cash investments at cost which approximates market                                      1,000,000        1,350,000
Accounts receivable                                                                                 596,142          587,109
Accrued interest receivable                                                                         368,232          379,383
Prepaid expenses                                                                                     30,654           43,792
Notes receivable for land sales                                                                   8,463,673        8,591,998
Real estate acquired through foreclosure:
      (9,268.43 acres at March 31, 2001 and 9,669.46 acres at December 31, 2000)                  3,976,482        3,992,302
Water wells, leasehold improvements, furniture and
       equipment - at cost less accumulated depreciation                                            116,476          120,898

Property, no value assigned :
     Land (surface rights) situated in twenty-one counties in
         Texas - 1,025,892.21 acres in 2001 and 1,025,894.27 acres in 2000                               --               --

     Town lots in Iatan, Loraine and Morita - 628 lots in 2001 and 2000                                  --               --

     1/16 nonparticipating perpetual royalty interest in 386,987.70 acres in 2001 and 2000               --               --

     1/128 nonparticipating perpetual royalty interest in 85,413.60 acres in 2001 and 2000               --               --

                                                                                                -----------      -----------
                                                                                                $14,797,320      $15,329,316
                                                                                                ===========      ===========

                LIABILITIES AND CAPITAL

Federal income taxes payable                                                                    $   343,629      $    67,290
Other taxes                                                                                         103,121           36,330
Other liabilities                                                                                    15,765           51,071
Escrow deposits on land sales                                                                            --              640
Deferred taxes                                                                                    3,862,005        3,905,678
                                                                                                -----------      -----------
          Total liabilities                                                                       4,324,520        4,061,009

Capital:
      Certificates of Proprietary Interest, par value $100
            each; outstanding one certificate in 2001 and 2000                                           --               --

      Sub-share Certificates in Certificates of Proprietary Interest, par value
            $.16 2/3 each; outstanding 2,488,505 sub-shares in 2001 and
            2,504,205 sub-shares in 2000                                                                 --               --

      Net proceeds from all sources                                                              10,472,800       11,268,307
                                                                                                -----------      -----------
           Total capital                                                                         10,472,800       11,268,307

                                                                                                -----------      -----------
                                                                                                $14,797,320      $15,329,316
                                                                                                ===========      ===========
</TABLE>

                See accompanying notes to financial statements.



                                      (1)
<PAGE>   3



                            TEXAS PACIFIC LAND TRUST

                              STATEMENTS OF INCOME

                                   (Unaudited)


<TABLE>
<CAPTION>
                                                      Three Months Ended
                                                          March 31
                                                  --------------------------
                                                     2001            2000
                                                  ----------      ----------

<S>                                               <C>             <C>
Income:
     Rentals, royalties and sundry income         $1,415,568      $1,077,087
     Land sales                                       18,540         782,726
     Interest                                        213,621         214,712
                                                  ----------      ----------
                                                   1,647,729       2,074,525
                                                  ----------      ----------

Expenses:
     Taxes, other than Federal income taxes          149,971         131,026
     Basis in real estate sold                        15,821         588,815
     General and administrative expenses             395,377         361,030
                                                  ----------      ----------
                                                     561,169       1,080,871
                                                  ----------      ----------

            Income before
                 Federal income taxes              1,086,560         993,654

Federal income taxes                                 299,829         296,980
                                                  ----------      ----------

                 Net income                       $  786,731      $  696,674
                                                  ==========      ==========

Average number of sub-share certificates
       and equivalent sub-share certificates
       outstanding                                 2,501,138       2,585,555
                                                  ==========      ==========

Basic earnings per sub-share certificate          $      .31      $      .27
                                                  ==========      ==========

Cash dividend per sub-share certificate           $      .40      $      .40
                                                  ==========      ==========
</TABLE>


                See accompanying notes to financial statements.



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<PAGE>   4


                            TEXAS PACIFIC LAND TRUST

                            STATEMENTS OF CASH FLOWS

                                   (Unaudited)

<TABLE>
<CAPTION>
                                                                                       Three Months Ended
                                                                                             March 31
                                                                                   -----------------------------
                                                                                      2001               2000
                                                                                   -----------       -----------

<S>                                                                                <C>               <C>
Cash flows from operating activities:

    Net income                                                                     $   786,731       $   696,674

        Adjustments to reconcile net income to net cash provided by operating
            activities:

                 Depreciation                                                           11,700            10,800
                 Deferred taxes                                                        (43,673)          (38,806)

                 (Increase) decrease in assets:
                    Accounts receivable                                                 (9,033)           (5,785)
                    New notes receivable from land sales                               (13,900)         (559,227)
                    Payments received on notes receivable                              142,225           131,910
                    Accrued interest receivable                                         11,151            (9,402)
                    Prepaid Federal income taxes                                            --            41,523
                    Prepaid expenses                                                    13,138            12,049
                    Real estate acquired through foreclosure                            15,820           588,815

                 Increase (decrease) in liabilities:
                    Federal income taxes payable                                       276,339           294,263
                    Other taxes payable                                                 66,791            71,542
                    Escrow deposits on land sales                                         (640)               --
                    Other liabilities payable                                          (35,306)          (40,470)
                                                                                   -----------       -----------

                        Total adjustments                                              434,612           497,212
                                                                                   -----------       -----------

                            Net cash provided by operating activities                1,221,343         1,193,886
                                                                                   -----------       -----------

Cash flows from investing activities-
   Additions to water wells, leasehold improvements,
          furniture and equipment                                                       (7,278)           (6,339)
                                                                                   -----------       -----------

Cash flows from financing activities:
    Sub-shares purchased for retirement                                               (578,716)         (578,940)
    Dividends paid                                                                  (1,003,522)       (1,033,842)
                                                                                   -----------       -----------

                         Net cash used by financing activities                      (1,582,238)       (1,612,782)
                                                                                   -----------       -----------
Net (decrease) in cash and cash equivalents                                           (368,173)         (425,235)

Cash and cash equivalents at beginning
    of period                                                                        1,613,834         1,872,539
                                                                                   -----------       -----------
Cash and cash equivalents at end
    of period                                                                      $ 1,245,661       $ 1,447,304
                                                                                   ===========       ===========
</TABLE>


                See accompanying notes to financial statements.




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<PAGE>   5


                            TEXAS PACIFIC LAND TRUST
                          NOTES TO FINANCIAL STATEMENTS
                                 MARCH 31, 2001



(1)      In the opinion of management, the accompanying unaudited financial
         statements contain all adjustments (consisting of only normal recurring
         accruals) necessary to present fairly the financial position of Texas
         Pacific Land Trust (Trust) as of March 31, 2001 and the results of its
         operations for the three months ended March 31, 2001 and 2000 and its
         cash flows for the three months ended March 31, 2001 and 2000,
         respectively. These financial statements and footnotes included herein
         should be read in conjunction with the Trust's annual financial
         statements as of December 31, 2000 and 1999 and for each of the years
         in the three year period ended December 31, 2000 included in the
         Trust's Form 10-K.

(2)      No value is assigned to the land, unless acquired through foreclosure;
         consequently, no allowance for depletion is computed, and no charge to
         income is made therefore, and no cost is deducted from the proceeds of
         the land sales in computing gain or loss thereon.

(3)      The Sub-shares and the Certificates of Proprietary Interest are freely
         interchangeable in the ratio of one Certificate of Proprietary Interest
         for 600 Sub-shares or 600 Sub-shares for one Certificate of Proprietary
         Interest.

(4)      The Trust's effective Federal income tax rate is less than the 34%
         statutory rate because taxable income is reduced by statutory
         percentage depletion allowed on mineral royalty income.

(5)      The results of operations for the three months ended March 31, 2001 are
         not necessarily indicative of the results to be expected for the full
         year.

(6)      Cash in excess of daily requirements is invested in money market
         instruments with maturities of ninety days or less. Such investments
         are deemed to be cash equivalents for purposes of the statements of
         cash flows.

         Supplemental cash flow information for the three months ended March 31,
         2001 and 2000 is summarized as follows:

<TABLE>
<CAPTION>
                                    2001              2000
                               -------------      -------------

<S>                            <C>                <C>
Federal income taxes paid      $      67,163      $          --
                               =============      =============
</TABLE>








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<PAGE>   6



(7)      The Trust has adopted SFAS No. 131, Disclosures about Segments of an
         Enterprise and Related Information which establishes standards for the
         way public business enterprises are to report information about
         operating segments. SFAS No. 131 utilizes the management approach as a
         basis for identifying reportable segments. The management approach is
         based on the way that management organizes the segments within the
         enterprise for making operating decisions and assessing performance.
         The Trust's management views its operations as one segment and believes
         the only significant activity is managing the land which was conveyed
         to the Trust in 1888. Trust management makes decisions about resource
         allocation and performance assessment based on the same financial
         information presented in these financial statements. Managing the land
         includes sales and leases of such land, and the retention of oil and
         gas royalties.











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<PAGE>   7





                           Management's Discussion and
                       Analysis of Financial Condition and
                          Results of Operations for the
                               Three Months Ended
                             March 31, 2001 and 2000


Results of Operations for Quarter Ended March 31, 2001 Compared to Quarter Ended
March 31, 2000

Earnings per sub-share were $.31 for the first quarter of 2001 compared to $.27
for the first quarter of 2000. Total revenues were $1,647,729 compared to
$2,074,525, a decrease of 20.6%. The main reason for earnings being increased
while total revenues were 20.6% less is that land sold in the first quarter of
2000 had a basis of $572,994 more than land sold in the first quarter of 2001.

The Trust sold 2.06 acres of land for $18,540, an average of $9,000 per acre for
the first quarter of 2001. This compares to 15,654.53 acres at $50 per acre for
a total of $782,726 in the first quarter of 2000.

Land Sales may vary widely from year to year and quarter to quarter. The total
dollar amount, the average price per acre, and the number of acres sold in any
one year or quarter should not be assumed to be indicative of land sales in the
future. The Trust is a passive seller of land; it does not actively solicit
sales of land. The demand for and the sales price of any particular tract of the
Trust's land is influenced by many factors including the national and local
economies, the rate of residential and commercial development in nearby areas,
livestock carrying capacity, and the conditions of the local agricultural
industry which itself is influenced by range conditions and prices for livestock
and other agricultural products. Approximately 99% of the Trust's land is
classified as ranch land and intermingled with other ownerships to form ranching
units. Ranch land sales are, therefore, largely dependent on the actions of the
adjoining landowners.

Rentals, royalties and sundry income were $1,415,568 in the first quarter of
2001 compared to $1,077,087 in the first quarter of 2000, an increase of 31.4%.

Oil and gas royalty revenue was $1,188,717, up 38.1% compared to the first
quarter of 2000. Oil royalty revenue was $658,259, up 10.2% compared to 2000.
Crude oil production subject to the Trust's royalty interest was down 3.0% for
the first quarter and the average price per royalty barrel was up 13.6% compared
to 2000. Gas royalty revenue was $530,458 in the first quarter, up 101.2% on a
volume decrease of 6.2% and price increase of 114.6%.

Easement and Sundry income was $139,017, up 6.9% from the first quarter of 2000.

Interest revenue decreased .5% in the first quarter of 2001 compared to 2000.
Interest from notes receivable was $192,086, up 1.1% from the first quarter of
2000. Notes receivable were $8,463,673 as of March 31, 2001 down 4.0% from March
31, 2000. Sundry interest was $21,535, down 12.8% from the first quarter of
2000.

Taxes, other than Federal income taxes were up 14.5% over the first quarter of
2000. This is due mainly to the increase in oil and gas production taxes.

General and administrative expenses increased 9.5% compared to the first quarter
of 2000.









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<PAGE>   8

Management's Discussion (cont'd)

Liquidity and Capital Resources

The Trust's oil and gas royalty revenues, lease rentals and receipts of interest
and principal on notes receivable has generated more than adequate amounts of
cash to meet the Trust's needs and should continue to do so in the predictable
future.

Words or phrases when used in this Form 10-Q or other filings with the
Securities and Exchange Commission, such as "does not believe" and "believes",
or similar expressions are intended to identify "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act of 1995.

                          Quantitative and Qualitative
                          Disclosures About Market Risk

There have been no material changes in the information related to market risk of
the Trust since December 31, 2000.








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<PAGE>   9



                                     PART II


                                OTHER INFORMATION


Item 6.   Exhibits and Reports on Form 8-K

         (a)      Exhibits. Interim report furnished to shareholders upon
                  request per sub-part Item 601 (19) Regulation S-K.

         (b)      Reports on Form 8-K. The registrant has filed no reports on
                  Form 8-K during the quarter for which this report is filed.






                                   SIGNATURES

                  Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned thereunto duly authorized.



                                                    TEXAS PACIFIC LAND TRUST
                                                  ---------------------------
                                                          (Registrant)



Date  5/09/01                 By /s/ ROY THOMAS
    ----------------------      ------------------------------------
                                 Roy Thomas, General Agent,
                                 Authorized Signatory and Principal
                                 Financial Officer















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