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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                                                                                                                |   | 2011        |       |   | 2010         |   |
|                                                                                                                  |   | (Unaudited) |       |   |         |   |
|                                                                                                                  |   |        |       |   |         |   |
| Cash and cash equivalents                                                                                             |   | $           | 8,126,107  |   |         | $      | 7,149,552 |   |
| Accrued receivables                                                                                                   |   |        | 2,382,896  |   |         |   | 2,164,842 |   |
| Other assets                                                                                                          |   |        | 51,281     |   |         |   | 73,259 |   |
| Prepaid income taxes                                                                                                  |   |        | –    |   |         |   | 57,893 |   |
| Notes receivable for land sales                                                                                       |   |        | 12,913,933 |   |         |   | 14,342,898 |   |
| Water wells, leasehold improvements, furniture, and equipment                                                         |   |        |       |   |         |   |   |   |
| - at cost less accumulated depreciation                                                                               |   |        | 36,292     |   |         |   | 39,412 |   |
| Real estate acquired:                                                                                                 |   |        |       |   |         |   |   |   |
|       (10,793 acres at March 31, 2011 and December 31, 2010)                            |   |        | 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 – 949,355 acres in 2011 and 949,423 acres in 2010                                                         |   |        | –    |   |         |   | – |   |
|                                                                                                                  |   |        |       |   |         |   |   |   |
| Town lots in Loraine – 318 lots in 2011 and in 2010                                                             |   |        | –    |   |         |   | – |   |
|                                                                                                                  |   |        |       |   |         |   |   |   |
| 1/16 nonparticipating perpetual royalty interest in 386,988 acres in 2011     and 2010            |   |        | –    |   |         |   | – |   |
|                                                                                                                  |   |        |       |   |         |   |   |   |
| 1/128 nonparticipating perpetual royalty interest in 85,414 acres in 2011     and 2010            |   |        | –    |   |         |   | – |   |
|                                                                                                                  |   | $           | 24,672,013 |   |         | $      | 24,989,360 |   |
|                                                                                                                  |   |        |       |   |         |   |   |   |
| Liabilities and Capital                                                                                               |   |        |       |   |         |   |   |   |
|                                                                                                                  |   |        |       |   |         |   |   |   |
| Accounts payable and accrued expenses                                                                                 |   | $           | 1,126,308  |   |         | $      | 976,202 |   |
| Income taxes payable                                                                                                  |   |        | 2,109,812  |   |         |   | 149,233 |   |
| Other taxes payable                                                                                                   |   |        | 131,952    |   |         |   | 87,424 |   |
| Unearned revenues                                                                                                     |   |        | 755,199    |   |         |   | 755,199 |   |
| Deferred taxes                                                                                                        |   |        | 3,795,432  |   |         |   | 4,282,733 |   |
| Pension plan liability                                                                                                |   |        | 464,484    |   |         |   | 436,343 |   |
| Total liabilities                                                                                                     |   |        | 8,383,187  |   |         |   | 6,687,134 |   |
|                                                                                                                  |   |        |       |   |         |   |   |   |
| 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:                                                                       |   |        |       |   |         |   |   |   |
| 9,468,591 Sub-shares in 2011 and 9,548,444 Sub-shares in 2010                                                         |   |        | –    |   |         |   | – |   |
| Other comprehensive income (loss)                                                                                     |   |        | (505,979   | )      |         |   | (515,724 | ) |
| Net proceeds from all sources                                                                                         |   |        | 16,794,805 |   |         |   | 18,817,950 |   |
| Total capital                                                                                                         |   |        | 16,288,826 |   |         |   | 18,302,226 |   |
|                                                                                                                  |   | $           | 24,672,013 |   |         | $      | 24,989,360 |   |
|                                                                                                                  |   |        |       |   |         |   |   |   |

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|                                                                                                                 |   | Three Months EndedMarch 31, |      |
|----------------------------------------------------------------------------------------------------------------------|--------|-----------------------------|-----------|
|                                                                                                                 |   | 2011                        |      |   | 2010 |   |
| Income:                                                                                                              |   |                        |      |   |   |   |
| Rentals, royalties and sundry income                                                                                 |   | $                           | 4,955,256 |   |   | $ | 3,599,915 |   |
|         Land sales                                                           |   |                        | 511,500   |   |   |   | 367,320 |   |
| Interest income from notes receivable                                                                                |   |                        | 249,012   |   |   |   | 277,947 |   |
|                                                                                                                 |   |                        | 5,715,768 |   |   |   | 4,245,182 |   |
| Expenses:                                                                                                            |   |                        |      |   |   |   |   |   |
| Taxes, other than income taxes                                                                                       |   |                        | 229,458   |   |   |   | 204,454 |   |
| General and administrative expenses                                                                                  |   |                        | 605,157   |   |   |   | 553,783 |   |
|                                                                                                                 |   |                        | 834,615   |   |   |   | 758,237 |   |
|                Operating income           |   |                        | 4,881,153 |   |   |   | 3,486,945 |   |
| Interest income earned from investments                                                                              |   |                        | 4,340     |   |   |   | 6,216 |   |
|                                                                                                                 |   |                        |      |   |   |   |   |   |
|                Income before income taxes |   |                        | 4,885,493 |   |   |   | 3,493,161 |   |
| Income taxes                                                                                                         |   |                        | 1,525,924 |   |   |   | 1,050,694 |   |
|  Net income                                                                                                     |   | $                           | 3,359,569 |   |   | $ | 2,442,467 |   |
|                                                                                                                 |   |                        |      |   |   |   |   |   |
| Average number of sub-share certificates                                                                             |   |                        |      |   |   |   |   |   |
| and equivalent sub-share certificates                                                                                |   |                        |      |   |   |   |   |   |
| outstanding                                                                                                          |   |                        | 9,518,001 |   |   |   | 9,860,238 |   |
|                                                                                                                 |   |                        |      |   |   |   |   |   |
| Basic and dilutive earnings per sub-share certificate                                                                |   | $                           | .35       |   |   | $ | .25 |   |
|                                                                                                                 |   |                        |      |   |   |   |   |   |
| Cash dividends per sub-share certificate                                                                             |   | $                           | .21       |   |   | $ | .20 |   |

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|                                                                                                                                                                                                                                                                                                       |   | Three MonthsEnded March 31, |       |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------|------------|
|                                                                                                                                                                                                                                                                                                       |   | 2011                        |       |   | 2010 |   |
| Cash flows from operating activities:                                                                                                                                                                                                                                                                      |   |                        |       |   |   |   |
| Net income                                                                                                                                                                                                                                                                                                 |   | $                           | 3,359,569  |   |   | $ | 2,442,467 |   |
|        Adjustments to reconcile net income to net                                                                                                                                                                                                                       |   |                        |       |   |   |   |   |   |
|     cash provided by operating activities:                                                                                                                                                                                                                                             |   |                        |       |   |   |   |   |   |
| Deferred taxes                                                                                                                                                                                                                                                                                             |   |                        | (487,301   | ) |   |   | (76,543 | ) |
| Depreciation and amortization                                                                                                                                                                                                                                                                              |   |                        | 3,120      |   |   |   | 3,462 |   |
|                Loss on disposal of fixed assets                                                                                                                                                                                 |   |                        | –    |   |   |   | 2,884 |   |
|               Changes in operating assets and liabilities:                                                                                                                                                                           |   |                        |       |   |   |   |   |   |
|     Accrued receivables and other assets                                                                                                                                                                                                                                               |   |                        | (196,076   | ) |   |   | (262,598 | ) |
|     Notes receivable for land sales                                                                                                                                                                                                                                                    |   |                        | 1,428,965  |   |   |   | 243,000 |   |
|                   Accounts payable, accrued expenses                                                                                                                                                             |   |                        |       |   |   |   |   |   |
|                        and other liabilities                                                                                                                                            |   |                        | 232,520    |   |   |   | 109,397 |   |
|     Income taxes payable                                                                                                                                                                                                                                                               |   |                        | 2,018,472  |   |   |   | 1,074,226 |   |
| Net cash provided by operating activities                                                                                                                                                                                                                                                                  |   |                        | 6,359,269  |   |   |   | 3,536,295 |   |
|                                                                                                                                                                                                                                                                                                       |   |                        |       |   |   |   |   |   |
| Cash flows from investing activities:                                                                                                                                                                                                                                                                      |   |                        |       |   |   |   |   |   |
|        Proceeds from sale of fixed assets                                                                                                                                                                                                                               |   |                        | –    |   |   |   | 12,500 |   |
| Purchase of fixed assets                                                                                                                                                                                                                                                                                   |   |                        | –    |   |   |   | (27,670 | ) |
|                              Net cash used in investing activities                                                                                        |   |                        | –    |   |   |   | (15,170 | ) |
|                                                                                                                                                                                                                                                                                                       |   |                        |       |   |   |   |   |   |
| Cash flows from financing activities:                                                                                                                                                                                                                                                                      |   |                        |       |   |   |   |   |   |
| Purchase of Sub-share Certificates in Certificates of                                                                                                                                                                                                                                                      |   |                        |       |   |   |   |   |   |
|            Proprietary Interest                                                                                                                                                                                                                     |   |                        | (3,382,481 | ) |   |   | (2,448,092 | ) |
| Dividends paid                                                                                                                                                                                                                                                                                             |   |                        | (2,000,233 | ) |   |   | (1,968,061 | ) |
|                                            Net cash used in financing activities    |   |                        | (5,382,714 | ) |   |   | (4,416,153 | ) |
|                                                                                                                                                                                                                                                                                                       |   |                        |       |   |   |   |   |   |
|                                            Net increase (decrease) in cash and cash |   |                        |       |   |   |   |   |   |
|                                                equivalents      |   |                        | 976,555    |   |   |   | (895,028 | ) |
|                                                                                                                                                                                                                                                                                                       |   |                        |       |   |   |   |   |   |
| Cash and cash equivalents, beginning of period                                                                                                                                                                                                                                                             |   |                        | 7,149,552  |   |   |   | 8,151,209 |   |
|                                                                                                                                                                                                                                                                                                       |   |                        |       |   |   |   |   |   |
| Cash and cash equivalents, end of period                                                                                                                                                                                                                                                                   |   | $                           | 8,126,107  |   |   | $ | 7,256,181 |   |
|                                                                                                                                                                                                                                                                                                       |   |                        |       |   |   |   |   |   |

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

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

|   | March 31, 2011 |
|--------|----------------|

| (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, 2011 and the results of its operations for the three month periods ended March 31, 2011 and 2010, respectively, and its cash flows for the three month periods ended March 31, 2011 and 2010, respectively.  The financial statements and footnotes included herein should be read in conjunction with the Trust’s annual financial statements as of December 31, 2010 and 2009 and for each of the years in the three year period ended December 31, 2010 included in the Trust’s Annual Report on Form 10-K for the year ended December 31, 2010. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | 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, 2011, the date we issued these financial statements. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | 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. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (4) | 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. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (5) | 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. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (6) | The results of operations for the three month period ended March 31, 2011 are not necessarily indicative of the results to be expected for the full year. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------|

| (7) | The Trust invests cash in excess of daily requirements primarily in bank deposit and savings accounts and certificates of deposit 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. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                                                          | 2011                                                     |   | 2010    |
|-------------------------------------------------------------------------------|----------------------------------------------------------|--------|---------|
|                                                                          |                                                     |   |    |
|           Income taxes paid | $        – |   | $60,000 |

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| (8) | 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 2011, the Trust repurchased Sub-share certificates as follows: |
|-----|--------------------------------------------------------------------------------------------|

| Period                                | TotalNumber ofSub-sharesPurchased | AveragePrice PaidperSub-share | Total Numberof Sub-sharesPurchased asPart of PubliclyAnnounced Plansor Programs | MaximumNumber (orApproximateDollar Value) ofSub-shares that May Yet BePurchased Underthe Plans orPrograms |
|---------------------------------------|-----------------------------------|-------------------------------|---------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------|
| January 1, through January 31, 2011   | 23,524                            | $36.76                        | –                                                                         | –                                                                                                        |
| February 1, through February 28, 2011 | 21,679                            | $43.82                        | –                                                                         | –                                                                                                        |
| March 1, through March 31, 2011       | 34,650                            | $45.25                        | –                                                                         | –                                                                                                        |
| Total                                 | 79,853*                           | $42.36                        | –                                                                         | –                                                                                                        |

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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, 2011 |   | By:                                              |   /s/ Roy Thomas |
|                         |   |                                             | Roy Thomas, General Agent,Authorized Signatory and Chief Executive Officer |
|                         |   |                                             |
|                         |   |                                             |
| Date:  May 5, 2011 |   | 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. |
|          |   |                                                                                                          |

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