----

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| NOT APPLICABLE(State or Other Jurisdiction of Incorporationor Organization) |   | 75-0279735(I.R.S. EmployerIdentification No.) |
|-----------------------------------------------------------------------------|--------|-----------------------------------------------|

| 1700 Pacific Avenue, Suite 2770, Dallas, Texas(Address of Principal Executive Offices) |   | 75201(Zip Code) |
|----------------------------------------------------------------------------------------|--------|-----------------|

| Large Accelerated Filer  |  ̈  |   | Accelerated Filer               | T            |
|-------------------------------|--------------|--------|---------------------------------|--------------|
| Non-Accelerated Filer    |  ̈  |   | Smaller reporting company  |  ̈  |

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|                                                                                                                                     |   | March 31,   |          |   | December 31, |   |
|------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------|---------------|--------|--------------|--------|
| Assets                                                                                                                                   |   | 2010        |          |   | 2009         |   |
|                                                                                                                                     |   | (Unaudited) |          |   |         |   |
|                                                                                                                                     |   |        |          |   |         |   |
| Cash and cash equivalents                                                                                                                |   | $           | 7,256,181     |   |         | $      | 8,151,209 |   |
| Accrued receivables                                                                                                                      |   |        | 1,914,792     |   |         |   | 1,630,220 |   |
| Other assets                                                                                                                             |   |        | 51,271        |   |         |   | 73,245 |   |
| Notes receivable for land sales                                                                                                          |   |        | 15,485,925    |   |         |   | 15,728,925 |   |
| Water wells, leasehold improvements, furniture, and equipment - at cost less accumulated depreciation                                    |   |        | 51,341        |   |         |   | 42,517 |   |
| Real estate acquired:                                                                                                                    |   |        |          |   |         |   |   |   |
|       (10,793 acres at March 31, 2010 and December 31, 2009)                                               |   |        | 1,161,504     |   |         |   | 1,161,504 |   |
| Real estate and royalty interests assigned through the 1888 Declaration of Trust, no value assigned:                                |   |        |          |   |         |   |   |   |
|                                                                                                                                     |   |        |          |   |         |   |   |   |
| Land (surface rights) situated in twenty counties in Texas – 950,379 acres in 2010 and 951,760 acres in 2009                       |   |        | –       |   |         |   | – |   |
|                                                                                                                                     |   |        |          |   |         |   |   |   |
|         Town lots in Loraine – 318 lots in 2010 and 541 town lots in Loraine and Morita in 2009 |   |        | –       |   |         |   | – |   |
|                                                                                                                                     |   |        |          |   |         |   |   |   |
|    1/16 nonparticipating perpetual royalty interest in 386,988 acres in 2010 and 2009                                          |   |        | –       |   |         |   | – |   |
|                                                                                                                                     |   |        |          |   |         |   |   |   |
|    1/128 nonparticipating perpetual royalty interest in 85,414 acres in 2010 and 2009                                     |   |        | –       |   |         |   | – |   |
|                                                                                                                                     |   | $           | 25,921,014    |   |         | $      | 26,787,620 |   |
|                                                                                                                                     |   |        |          |   |         |   |   |   |
|  Liabilities and Capital                                                                                                            |   |        |          |   |         |   |   |   |
|                                                                                                                                     |   |        |          |   |         |   |   |   |
| Accounts payable and accrued expenses                                                                                                    |   | $           | 781,004       |   |         | $      | 753,328 |   |
| Income taxes payable                                                                                                                     |   |        | 1,272,313     |   |         |   | 198,087 |   |
| Other taxes payable                                                                                                                      |   |        | 104,796       |   |         |   | 65,774 |   |
| Unearned revenues                                                                                                                        |   |        | 767,873       |   |         |   | 767,233 |   |
| Deferred taxes                                                                                                                           |   |        | 4,650,963     |   |         |   | 4,727,506 |   |
| Pension plan liability                                                                                                                   |   |        | 600,776       |   |         |   | 571,695 |   |
| Total liabilities                                                                                                                        |   |        | 8,177,725     |   |         |   | 7,083,623 |   |
|                                                                                                                                     |   |        |          |   |         |   |   |   |
| Capital:                                                                                                                                 |   |        |          |   |         |   |   |   |
| Certificates of Proprietary Interest, par value $100 each; outstanding 0 Certificates                                                    |   |        |  – |   |         |   | – |   |
| Sub-share Certificates in Certificates of Proprietary Interest, par value $.03 1/3 each; outstanding:                                    |   |        |          |   |         |   |   |   |
| 9,806,774 Sub-shares in 2010 and 9,894,514 Sub-shares in 2009                                                                            |   |        | –       |   |         |   | – |   |
| Other comprehensive income (loss)                                                                                                        |   |        | (475,370      | )      |         |   | (488,348 | ) |
| Net proceeds from all sources                                                                                                            |   |        | 18,218,659    |   |         |   | 20,192,345 |   |
| Total capital                                                                                                                            |   |        | 17,743,289    |   |         |   | 19,703,997 |   |
|                                                                                                                                     |   | $           | 25,921,014    |   |         | $      | 26,787,620 |   |

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|                                                                                                                                       |   | Three Months EndedMarch 31, |      |
|--------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------|-----------|
|                                                                                                                                       |   | 2010                        |      |   | 2009 |   |
| Income:                                                                                                                                    |   |                        |      |   |   |   |
| Rentals, royalties and sundry income                                                                                                       |   | $                           | 3,599,915 |   |   | $ | 1,536,559 |   |
|         Land sales                                                                                 |   |                        | 367,320   |   |   |   | – |   |
| Interest income from notes receivable                                                                                                      |   |                        | 277,947   |   |   |   | 312,419 |   |
|                                                                                                                                       |   |                        | 4,245,182 |   |   |   | 1,848,978 |   |
| Expenses:                                                                                                                                  |   |                        |      |   |   |   |   |   |
| Taxes, other than income taxes                                                                                                             |   |                        | 204,454   |   |   |   | 109,618 |   |
| General and administrative expenses                                                                                                        |   |                        | 553,783   |   |   |   | 542,929 |   |
|                                                                                                                                       |   |                        | 758,237   |   |   |   | 652,547 |   |
|                Operating income                                 |   |                        | 3,486,945 |   |   |   | 1,196,431 |   |
| Interest income earned from investments                                                                                                    |   |                        | 6,216     |   |   |   | 17,099 |   |
|                                                                                                                                       |   |                        |      |   |   |   |   |   |
|                Income before income taxes                       |   |                        | 3,493,161 |   |   |   | 1,213,530 |   |
| Income taxes                                                                                                                               |   |                        | 1,050,694 |   |   |   | 451,378 |   |
|  Net income                                                                                                                           |   | $                           | 2,442,467 |   |   | $ | 762,152 |   |
|                                                                                                                                       |   |                        |      |   |   |   |   |   |
| Average number of sub-share certificates and         equivalent sub-share certificates outstanding |   |                        | 9,860,238 |   |   |   | 10,177,844 |   |
|                                                                                                                                       |   |                        |      |   |   |   |   |   |
| Basic and dilutive earnings per sub-share certificate                                                                                      |   | $                           | .25       |   |   | $ | .07 |   |
|                                                                                                                                       |   |                        |      |   |   |   |   |   |
| Cash dividends per sub-share certificate                                                                                                   |   | $                           | .20       |   |   | $ | .19 |   |

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|                                                                                                                                                                                                                                                                                                                               |   | Three MonthsEnded March 31, |       |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------|------------|
|                                                                                                                                                                                                                                                                                                                               |   | 2010                        |       |   | 2009 |   |
| Cash flows from operating activities:                                                                                                                                                                                                                                                                                              |   |                        |       |   |   |   |
| Net income                                                                                                                                                                                                                                                                                                                         |   | $                           | 2,442,467  |   |   | $ | 762,152 |   |
|        Adjustments to reconcile net income to net cash provided by operating activities:                                                                                                                                                                                                        |   |                        |       |   |   |   |   |   |
| Deferred taxes                                                                                                                                                                                                                                                                                                                     |   |                        | (76,543    | ) |   |   | 35,094 |   |
| Depreciation and amortization                                                                                                                                                                                                                                                                                                      |   |                        | 3,462      |   |   |   | 6,000 |   |
|                 Loss on disposal of fixed assets                                                                                                                                                                                                        |   |                        | 2,884      |   |   |   | – |   |
|                 Changes in operating assets and liabilities:                                                                                                                                                                                            |   |                        |       |   |   |   |   |   |
|     Accrued receivables and other assets                                                                                                                                                                                                                                                                       |   |                        | (262,598   | ) |   |   | 220,102 |   |
|     Notes receivable for land sales                                                                                                                                                                                                                                                                            |   |                        | 243,000    |   |   |   | 228,001 |   |
|                     Accounts payable, accrued expenses                           and other liabilities |   |                        | 109,397    |   |   |   | (37,087 | ) |
|     Income taxes payable                                                                                                                                                                                                                                                                                       |   |                        | 1,074,226  |   |   |   | – |   |
|                     Prepaid income taxes                                                                                                                                                                                            |   |                        | –    |   |   |   | 423,717 |   |
| Net cash provided by operating activities                                                                                                                                                                                                                                                                                          |   |                        | 3,536,295  |   |   |   | 1,637,979 |   |
|                                                                                                                                                                                                                                                                                                                               |   |                        |       |   |   |   |   |   |
| Cash flows from investing activities:                                                                                                                                                                                                                                                                                              |   |                        |       |   |   |   |   |   |
|         Proceeds from sale of fixed assets                                                                                                                                                                                                                                                      |   |                        | 12,500     |   |   |   | – |   |
| Purchase of fixed assets                                                                                                                                                                                                                                                                                                           |   |                        | (27,670    | ) |   |   | (20,485 | ) |
|                              Net cash used in investing activities                                                                                                                |   |                        | (15,170    | ) |   |   | (20,485 | ) |
|                                                                                                                                                                                                                                                                                                                               |   |                        |       |   |   |   |   |   |
| Cash flows from financing activities:                                                                                                                                                                                                                                                                                              |   |                        |       |   |   |   |   |   |
| Purchase of Sub-share Certificates in Certificates of               Proprietary Interest                                                                                                                                                                          |   |                        | (2,448,092 | ) |   |   | (1,884,338 | )  |
| Dividends paid                                                                                                                                                                                                                                                                                                                     |   |                        | (1,968,061 | ) |   |   | (1,930,444 | ) |
|                                            Net cash used in financing activities                                 |   |                        | (4,416,153 | ) |   |   | (3,814,782 | ) |
|                                                                                                             |   |                        |       |   |   |   |   |   |
|                                            Net decrease in cash and cash equivalents                        |   |                        | (895,028   | ) |   |   | (2,197,288 | ) |
|                                                                                                                                                                                                                                                                                                                               |   |                        |       |   |   |   |   |   |
| Cash and cash equivalents, beginning of period                                                                                                                                                                                                                                                                                     |   |                        | 8,151,209  |   |   |   | 9,654,379 |   |
|                                                                                                                                                                                                                                                                                                                               |   |                        |       |   |   |   |   |   |
| Cash and cash equivalents, end of period                                                                                                                                                                                                                                                                                           |   | $                           | 7,256,181  |   |   | $ | 7,457,091 |   |

----

|   | TEXAS PACIFIC LAND TRUST |
|--------|--------------------------|

|   | Notes To Unaudited Financial Statements |
|--------|-----------------------------------------|

|   | March 31, 2010 |
|--------|----------------|

| (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 (the “Trust”) as of March 31, 2010 and the results of its operations for the three month periods ended March 31, 2010 and 2009, respectively, and its cash flows for the three month periods ended March 31, 2010 and 2009, respectively.  The financial statements and footnotes included herein should be read in conjunction with the Trust’s annual financial statements as of December 31, 2009 and 2008 and for each of the years in the three year period ended December 31, 2009 included in the Trust’s Annual Report on Form 10-K and Form 10-K/A for the year ended December 31, 2009. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | In June 2009, the FASB issued a standard which stipulated the FASB Accounting Standards Codification is the source of authoritative U.S. GAAP recognized by the FASB to be applied by nongovernmental entities.  This standard is effective for financial statements issued for interim and annual periods ending after September 15, 2009.  The implementation of this standard did not have a material impact on the Trust’s financial position, results of operations and cash flows. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | We evaluate events that occur after the balance sheet date but before financial statements are, or are available to be, issued to determine if a material event requires our amending the financial statements or disclosing the event.  We evaluated subsequent events through May 5, 2010, the date we issued these financial statements. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (4) | No value has been assigned to the land held by the Trust other than parcels which have been acquired through foreclosure and a limited number of parcels which have been acquired because they were offered for sale and were contiguous to parcels already owned by the Trust.  Consequently, no allowance for depletion is computed, and no charge to income is made, with respect thereto, and no cost is deducted from the proceeds of the land sales in computing gain or loss thereon. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (5) | The Sub-shares and the Certificates of Proprietary Interest are freely interchangeable in the ratio of one Certificate of Proprietary Interest for 3,000 Sub-shares or 3,000 Sub-shares for one Certificate of Proprietary Interest. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (6) | 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. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (7) | The results of operations for the three month period ended March 31, 2010 are not necessarily indicative of the results to be expected for the full year. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------|

| (8) | The Trust invests cash in excess of daily requirements primarily in U.S. Treasury Bills, certificates of deposit, bank deposits and savings accounts with maturities of ninety days or less.  Such investments are deemed to be highly liquid debt instruments and classified as cash equivalents for purposes of the statements of cash flows. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|              | 2010    |   | 2009                                               |
|-------------------|---------|--------|----------------------------------------------------|
|              |    |   |                                               |
| Income taxes paid | $60,000 |   | $       – |

| (9) | ASC 280, “Segment Reporting,” establishes standards for the way public business enterprises are to report information about operating segments.  In accordance with ASC 280, the Trust 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.  The Trust’s 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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| (c) | During the first quarter of 2010, the Trust repurchased Sub-share certificates as follows: |
|-----|--------------------------------------------------------------------------------------------|

| Period                                |   | TotalNumber ofSub-sharesPurchased |   |   | AveragePrice PaidperSub-share |   |   | Total Numberof Sub-sharesPurchased asPart of PubliclyAnnouncedPlans or Programs |   |   | MaximumNumber (orApproximate     Dollar Value) of    Sub-shares that     May Yet BePurchased Under  the Plans orPrograms |   |
|---------------------------------------|--------|-----------------------------------|--------|--------|-------------------------------|--------|--------|---------------------------------------------------------------------------------|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
| January 1, through January 31, 2010   |   |                              | 29,762 |   |                          | $      | 28.54  |                                                                            |   |   | –                                                                                                                                                                              |   |   |   | – |   |
| February 1, through February 28, 2010 |   |                              | 18,948 |   |                          | $      | 26.94  |                                                                            |   |   | –                                                                                                                                                                              |   |   |   | – |   |
| March 1, through March 31, 2010       |   |                              | 39,030 |   |                          | $      | 27.88  |                                                                            |   |   | –                                                                                                                                                                              |   |   |   | – |   |
| Total                                 |   |                              | 87,740 | *      |                          | $      | 27.90  |                                                                            |   |   | –                                                                                                                                                                              |   |   |   | – |   |

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|   | 31.1 | Rule 13a-14(a) Certification of Chief Executive Officer. |
|--------|------|----------------------------------------------------------|

|   | 31.2 | Rule 13a-14(a) Certification of Chief Financial Officer. |
|--------|------|----------------------------------------------------------|

|   | 32.1 | Certification of Chief Executive Officer furnished pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
|--------|------|---------------------------------------------------------------------------------------------------------------|

|   | 32.2 | Certification of Chief Financial Officer furnished pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
|--------|------|---------------------------------------------------------------------------------------------------------------|

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|                              |   | TEXAS PACIFIC LAND TRUST(Registrant)   |
|-----------------------------------|--------|--------------------------------------------------|
| Date:  May 5, 2010 |   | By:                                              |  /s/ Roy Thomas  |
|                              |   |                                             | Roy Thomas, General Agent,Authorized Signatory and Chief Executive Officer |
|                              |   |                                             |
|                              |   |                                             |
| Date:  May 5, 2010      |   | By:                                              | /s/ David M. Peterson  |
|                              |   |                                             | David M. Peterson, Assistant General Agent,and Chief Financial Officer |
|                              |   |                                             |

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| EXHIBITNUMBER |   | DESCRIPTION                                                                                                   |
|---------------|--------|---------------------------------------------------------------------------------------------------------------|
|          |   |                                                                                                          |
| 31.1          |   | Rule 13a-14(a) Certification of Chief Executive Officer.                                                      |
|          |   |                                                                                                          |
| 31.2          |   | Rule 13a-14(a) Certification of Chief Financial Officer.                                                      |
|          |   |                                                                                                          |
| 32.1          |   | Certification of Chief Executive Officer furnished pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
|          |   |                                                                                                          |
| 32.2          |   | Certification of Chief Financial Officer furnished pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
|          |   |                                                                                                          |