----

----

| Texas                           |   | 75-6415930          |
|---------------------------------|--------|---------------------|
| (State or other jurisdiction of |   | (I.R.S. Employer    |
| incorporation or organization)  |   | Identification No.) |

| U.S. Trust, Bank of America              |   |       |
|------------------------------------------|--------|------------|
| Private Wealth Management                |   |       |
| P.O. Box 830650, Dallas, Texas           |   | 75283-0650 |
| (Address of principal executive offices) |   | (Zip Code) |

| (877) 228-5084                                             |
|------------------------------------------------------------|
| (Registrant’s telephone number, including area code) |

| NONE                                                                              |
|-----------------------------------------------------------------------------------|
| (Former name, former address and former fiscal year, if change since last report) |

|   | Large accelerated filer   ̈                                             | Accelerated filer  þ         |
|--------|---------------------------------------------------------------------------------------|---------------------------------------------|
|   | Non-accelerated filer   ̈ (Do not check if a smaller reporting company) | Smaller reporting company   ̈ |

----

----

----

|     | TABLE OF CONTENTS                                               |   |
|----------|-----------------------------------------------------------------|--------|
|     |                                                            |   |
|     |                                                            | Page   |
|     |                                                            |   |
|     | Glossary of Terms                                               | 3      |
|     |                                                            |   |
| PART I.  | FINANCIAL INFORMATION                                           |   |
|     |                                                            |   |
| Item 1.  | Financial Statements                                            | 4      |
|     |                                                            |   |
|     | Condensed Statements of Assets, Liabilities and Trust Corpus    |   |
|     | at September 30, 2011 and December 31, 2010                     | 5      |
|     |                                                            |   |
|     | Condensed Statements of Distributable Income                    |   |
|     | for the Three and Nine Months Ended September 30, 2011 and 2010 | 6      |
|     |                                                            |   |
|     | Condensed Statements of Changes in Trust Corpus                 |   |
|     | for the Three and Nine Months Ended September 30, 2011 and 2010 | 7      |
|     |                                                            |   |
|     | Notes to Condensed Financial Statements                         | 8      |
|     |                                                            |   |
| Item 2.  | Trustee’s Discussion and Analysis                         | 10     |
|     |                                                            |   |
| Item 3.  | Quantitative and Qualitative Disclosures about Market Risk      | 14     |
|     |                                                            |   |
| Item 4.  | Controls and Procedures                                         | 14     |
|     |                                                            |   |
| PART II. | OTHER INFORMATION                                               |   |
|     |                                                            |   |
| Item 1A. | Risk Factors                                                    | 15     |
|     |                                                            |   |
| Item 6.  | Exhibits                                                        | 15     |
|     |                                                            |   |
|     | Signatures                                                      | 16     |

----

| Bbl                                              | Barrel (of oil)                                                                                                                                                                                                                                                                                                                                                  |
|--------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                             |                                                                                                                                                                                                                                                                                                                                                             |
| Mcf                                              | Thousand cubic feet (of natural gas)                                                                                                                                                                                                                                                                                                                             |
|                                             |                                                                                                                                                                                                                                                                                                                                                             |
| MMBtu                                            | One million British Thermal Units, a common energy measurement                                                                                                                                                                                                                                                                                                   |
|                                             |                                                                                                                                                                                                                                                                                                                                                             |
| net proceeds                                     | Gross proceeds received by XTO Energy from sale of production from the underlying properties, less applicable costs, as defined in the net profits interest conveyances                                                                                                                                                                                          |
|                                             |                                                                                                                                                                                                                                                                                                                                                             |
| net profits income                               | Net proceeds multiplied by the applicable net profits percentage of 75% or 90%, which is paid to the trust by XTO Energy.  “Net profits income” is referred to as “royalty income” for income tax purposes.                                                                                                                    |
|                                             |                                                                                                                                                                                                                                                                                                                                                             |
| net profits interest                             | An interest in an oil and gas property measured by net profits from the sale of production, rather than a specific portion of production.  The following defined net profits interests were conveyed to the trust from the underlying properties:                                                                                                      |
|                                             |                                                                                                                                                                                                                                                                                                                                                             |
|                                             | 90% net profits interests - interests that entitle the trust to receive 90% of the net proceeds from the underlying properties that are royalty or overriding royalty interests in Texas, Oklahoma and New Mexico                                                                                                                                                |
|                                             |                                                                                                                                                                                                                                                                                                                                                             |
|                                             | 75% net profits interests - interests that entitle the trust to receive 75% of the net proceeds from the underlying properties that are working interests in Texas and Oklahoma                                                                                                                                                                                  |
|                                             |                                                                                                                                                                                                                                                                                                                                                             |
| royalty interest(and overridingroyalty interest) | A nonoperating interest in an oil and gas property that provides the owner a specified share of production without any production expense or development costs                                                                                                                                                                                                   |
|                                             |                                                                                                                                                                                                                                                                                                                                                             |
| underlying properties                            | XTO Energy’s interest in certain oil and gas properties from which the net profits interests were conveyed.  The underlying properties include royalty and overriding royalty interests in producing and nonproducing properties in Texas, Oklahoma and New Mexico, and working interests in producing properties located in Texas and Oklahoma. |
|                                             |                                                                                                                                                                                                                                                                                                                                                             |
| working interest                                 | An operating interest in an oil and gas property that provides the owner a specified share of production that is subject to all production expense and development costs                                                                                                                                                                                         |

----

----

| CROSS TIMBERS ROYALTY TRUST |
|-----------------------------|

|                                                                             |   | September 30, |       |   | December 31, |   |
|----------------------------------------------------------------------------------|--------|--------------------|------------|--------|-------------------|--------|
|                                                                             |   | 2011               |       |   | 2010              |   |
|                                                                             |   | (Unaudited)        |       |   |              |   |
| ASSETS                                                                      |   |               |       |   |              |   |
|                                                                             |   |               |       |   |              |   |
| Cash and short-term investments                                                  |   | $                  | 1,617,927  |   |              | $      | 1,413,665 |   |
|                                                                             |   |               |       |   |              |   |   |   |
| Interest to be received                                                          |   |               | 33         |   |              |   | 37 |   |
|                                                                             |   |               |       |   |              |   |   |   |
| Net profits interests in oil and gas properties - net (Note 1)                   |   |               | 13,656,982 |   |              |   | 14,521,347 |   |
|                                                                             |   |               |       |   |              |   |   |   |
|                                                                             |   | $                  | 15,274,942 |   |              | $      | 15,935,049 |   |
| LIABILITIES AND TRUST CORPUS                                                     |   |               |       |   |              |   |   |   |
|                                                                             |   |               |       |   |              |   |   |   |
| Distribution payable to unitholders                                              |   | $                  | 1,617,960  |   |              | $      | 1,413,702 |   |
|                                                                             |   |               |       |   |              |   |   |   |
| Trust corpus (6,000,000 units of beneficial interest authorized and outstanding) |   |               | 13,656,982 |   |              |   | 14,521,347 |   |
|                                                                             |   |               |       |   |              |   |   |   |
|                                                                             |   | $                  | 15,274,942 |   |              | $      | 15,935,049 |   |

----

| CROSS TIMBERS ROYALTY TRUST |
|-----------------------------|

|                          |   | Three Months Ended |      |   | Nine Months Ended |   |
|-------------------------------|--------|--------------------|-----------|--------|-------------------|--------|
|                          |   | September 30       |      |   | September 30      |   |
|                          |   | 2011               |      |   | 2010              |   |   | 2011 |   |   | 2010 |   |
|                          |   |               |      |   |              |   |   |   |   |   |   |   |
| Net profits income            |   | $                  | 5,257,619 |   |              | $      | 4,142,789 |   |   | $ | 14,177,476 |   |   | $ | 13,011,163 |   |
|                          |   |               |      |   |              |   |   |   |   |   |   |   |   |   |   |   |
| Interest income               |   |               | 131       |   |              |   | 43 |   |   |   | 274 |   |   |   | 185 |   |
|                          |   |               |      |   |              |   |   |   |   |   |   |   |   |   |   |   |
| Total income                  |   |               | 5,257,750 |   |              |   | 4,142,832 |   |   |   | 14,177,750 |   |   |   | 13,011,348 |   |
|                          |   |               |      |   |              |   |   |   |   |   |   |   |   |   |   |   |
| Administration expense        |   |               | 91,828    |   |              |   | 79,542 |   |   |   | 357,524 |   |   |   | 366,078 |   |
|                          |   |               |      |   |              |   |   |   |   |   |   |   |   |   |   |   |
| Distributable income          |   | $                  | 5,165,922 |   |              | $      | 4,063,290 |   |   | $ | 13,820,226 |   |   | $ | 12,645,270 |   |
|                          |   |               |      |   |              |   |   |   |   |   |   |   |   |   |   |   |
| Distributable income per unit |   |               |      |   |              |   |   |   |   |   |   |   |   |   |   |   |
| (6,000,000 units)             |   | $                  | 0.860987  |   |              | $      | 0.677215 |   |   | $ | 2.303371 |   |   | $ | 2.107545 |   |

----

| CROSS TIMBERS ROYALTY TRUST |
|-----------------------------|

|                                  |   | Three Months Ended |       |   | Nine Months Ended |   |
|---------------------------------------|--------|--------------------|------------|--------|-------------------|--------|
|                                  |   | September 30       |       |   | September 30      |   |
|                                  |   | 2011               |       |   | 2010              |   |   | 2011 |   |   | 2010 |   |
|                                  |   |               |       |   |              |   |   |   |   |   |   |   |
| Trust corpus, beginning of period     |   | $                  | 13,959,258 |   |              | $      | 15,378,318 |   |   | $ | 14,521,347 |   |   | $ | 16,188,498 |   |
|                                  |   |               |       |   |              |   |   |   |   |   |   |   |   |   |   |   |
| Amortization of net profits interests |   |               | (302,276   | )      |              |   | (391,668 | ) |   |   | (864,365 | ) |   |   | (1,201,848 | ) |
|                                  |   |               |       |   |              |   |   |   |   |   |   |   |   |   |   |   |
| Distributable income                  |   |               | 5,165,922  |   |              |   | 4,063,290 |   |   |   | 13,820,226 |   |   |   | 12,645,270 |   |
|                                  |   |               |       |   |              |   |   |   |   |   |   |   |   |   |   |   |
| Distributions declared                |   |               | (5,165,922 | )      |              |   | (4,063,290 | ) |   |   | (13,820,226 | ) |   |   | (12,645,270 | ) |
|                                  |   |               |       |   |              |   |   |   |   |   |   |   |   |   |   |   |
| Trust corpus, end of period           |   | $                  | 13,656,982 |   |              | $      | 14,986,650 |   |   | $ | 13,656,982 |   |   | $ | 14,986,650 |   |

----

| CROSS TIMBERS ROYALTY TRUST |
|-----------------------------|

| 1. | Basis of Accounting |
|----|---------------------|

|   | - | Net profits income recorded for a month is the amount computed and paid by XTO Energy Inc., the owner of the underlying properties, to Bank of America, N.A., as trustee for the trust.  XTO Energy is a wholly owned subsidiary of Exxon Mobil Corporation.  Net profits income consists of net proceeds received by XTO Energy from the underlying properties in the prior month, multiplied by net profit percentages of 90% for the 90% net profits interests, and 75% for the 75% net profits interests. |
|--------|---|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | - | Net profits income is computed separately for each of five conveyances under which the net profits interests were conveyed to the trust.  If monthly costs exceed revenues for any conveyance, such excess costs must be recovered, with accrued interest, from future net proceeds of that conveyance and cannot reduce net proceeds from the other conveyances. |
|--------|---|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | - | Interest income, interest to be received and distribution payable to unitholders include interest to be earned from the monthly record date (last business day of the month) through the date of the next distribution to unitholders. |
|--------|---|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | - | Trust expenses are recorded based on liabilities paid and cash reserves established by the trustee for liabilities and contingencies. |
|--------|---|---------------------------------------------------------------------------------------------------------------------------------------|

|   | - | Distributions to unitholders are recorded when declared by the trustee. |
|--------|---|-------------------------------------------------------------------------|

----

| 2. | Federal Income Taxes |
|----|----------------------|

| 3. | State Taxes |
|----|-------------|

----

| 4. | Contingencies |
|----|---------------|

|               |   |               |   | Distribution |     |
|--------------------|--------|--------------------|--------|--------------|----------|
| Record Date        |   | Payment Date       |   | per Unit     |     |
| July 29, 2011      |   | August 12, 2011    |   | $            | 0.336788 |   |
| August 31, 2011    |   | September 15, 2011 |   |         | 0.254539 |   |
| September 30, 2011 |   | October 17, 2011   |   |         | 0.269660 |   |
|               |   |               |   | $            | 0.860987 |   |

----

|   | · | oil and gas sales volumes, |
|--------|--------|----------------------------|

|   | · | oil and gas sales prices, and |
|--------|--------|-------------------------------|

|   | · | costs deducted in the calculation of net profits income. |
|--------|--------|----------------------------------------------------------|

----

|                            |   | Three Months           |      |   |     |   |      | Nine Months            |   |   |     |   |
|---------------------------------|--------|------------------------|-----------|--------|----------|--------|-----------|------------------------|--------|--------|----------|--------|
|                            |   | Ended September 30 (a) |      |   | Increase |   |      | Ended September 30 (a) |   |   | Increase |   |
|                            |   | 2011                   |      |   | 2010     |   |      | (Decrease)             |   |   | 2011     |   |   | 2010 |   |   | (Decrease) |   |
| Sales Volumes                   |   |                   |      |   |     |   |      |                   |   |   |     |   |   |   |   |   |   |   |
| Oil (Bbls) (b)                  |   |                   |      |   |     |   |      |                   |   |   |     |   |   |   |   |   |   |   |
| Underlying properties           |   |                   | 50,994    |   |     |   | 49,192    |                   |   |   | 4%       |   |   |   | 150,292 |   |   |   | 148,703 |   |   |   | 1% |   |
| Average per day                 |   |                   | 554       |   |     |   | 535       |                   |   |   | 4%       |   |   |   | 551 |   |   |   | 545 |   |   |   | 1% |   |
| Net profits interests           |   |                   | 29,514    |   |     |   | 24,421    |                   |   |   | 21%      |   |   |   | 84,999 |   |   |   | 75,178 |   |   |   | 13% |   |
|                            |   |                   |      |   |     |   |      |                   |   |   |     |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Gas (Mcf) (b)                   |   |                   |      |   |     |   |      |                   |   |   |     |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Underlying properties           |   |                   | 467,079   |   |     |   | 551,104   |                   |   |   | (15)%    |   |   |   | 1,387,085 |   |   |   | 1,548,653 |   |   |   | (10)% |   |
| Average per day                 |   |                   | 5,133     |   |     |   | 6,056     |                   |   |   | (15)%    |   |   |   | 5,081 |   |   |   | 5,673 |   |   |   | (10)% |   |
| Net profits interests           |   |                   | 413,280   |   |     |   | 486,840   |                   |   |   | (15)%    |   |   |   | 1,224,361 |   |   |   | 1,363,182 |   |   |   | (10)% |   |
|                            |   |                   |      |   |     |   |      |                   |   |   |     |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Average Sales Prices            |   |                   |      |   |     |   |      |                   |   |   |     |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Oil (per Bbl)                   |   | $                      | 92.53     |   |     | $      | 69.13     |                   |   |   | 34%      |   |   | $ | 88.27 |   |   | $ | 71.61 |   |   |   | 23% |   |
| Gas (per Mcf)                   |   | $                      | 8.07      |   |     | $      | 6.54      |                   |   |   | 23%      |   |   | $ | 7.27 |   |   | $ | 7.23 |   |   |   | 1% |   |
|                            |   |                   |      |   |     |   |      |                   |   |   |     |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Revenues                        |   |                   |      |   |     |   |      |                   |   |   |     |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Oil sales                       |   | $                      | 4,718,348 |   |     | $      | 3,400,765 |                   |   |   | 39%      |   |   | $ | 13,266,380 |   |   | $ | 10,648,499 |   |   |   | 25% |   |
| Gas sales                       |   |                   | 3,769,185 |   |     |   | 3,606,181 |                   |   |   | 5%       |   |   |   | 10,080,154 |   |   |   | 11,201,650 |   |   |   | (10)% |   |
| Total Revenues                  |   |                   | 8,487,533 |   |     |   | 7,006,946 |                   |   |   | 21%      |   |   |   | 23,346,534 |   |   |   | 21,850,149 |   |   |   | 7% |   |
|                            |   |                   |      |   |     |   |      |                   |   |   |     |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Costs                           |   |                   |      |   |     |   |      |                   |   |   |     |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Taxes, transportation and other |   |                   | 1,144,178 |   |     |   | 1,011,950 |                   |   |   | 13%      |   |   |   | 3,162,677 |   |   |   | 3,176,436 |   |   |   | - |   |
| Production expense (c)          |   |                   | 1,103,132 |   |     |   | 1,122,354 |                   |   |   | (2)%     |   |   |   | 3,256,477 |   |   |   | 3,387,559 |   |   |   | (4)% |   |
| Development costs               |   |                   | 116,207   |   |     |   | 115,678   |                   |   |   | -        |   |   |   | 412,210 |   |   |   | 309,034 |   |   |   | 33% |   |
| Total Costs                     |   |                   | 2,363,517 |   |     |   | 2,249,982 |                   |   |   | 5%       |   |   |   | 6,831,364 |   |   |   | 6,873,029 |   |   |   | (1)% |   |
|                            |   |                   |      |   |     |   |      |                   |   |   |     |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net Proceeds                    |   | $                      | 6,124,016 |   |     | $      | 4,756,964 |                   |   |   | 29%      |   |   | $ | 16,515,170 |   |   | $ | 14,977,120 |   |   |   | 10% |   |
|                            |   |                   |      |   |     |   |      |                   |   |   |     |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net Profits Income              |   | $                      | 5,257,619 |   |     | $      | 4,142,789 |                   |   |   | 27%      |   |   | $ | 14,177,476 |   |   | $ | 13,011,163 |   |   |   | 9% |   |

| (a) | Because of the interval between time of production and receipt of royalty income by the trust, (1) oil and gas sales for the quarter ended September 30 generally represent oil production for the May through July and gas production for the period April through June and (2) oil and gas sales for the nine months ended September 30 generally represent oil production for the period  November through July and gas production for the period October through June. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b) | Oil and gas sales volumes are allocated to the net profits interests based upon a formula that considers oil and gas prices and the total amount of production expense and development costs.  As product prices change, the trust’s share of the production volumes is impacted as the quantity of production to cover expenses in reaching the net profits break-even level changes inversely with price.  As such, the underlying property production volume changes may not correlate with the trust’s net profit share of those volumes in any given period.  Therefore, comparative discussion of oil and gas sales volumes is based on the underlying properties. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c) | Production expense is primarily from seven working interest properties in the 75% net profits interest.  Five of these properties are not operated by XTO Energy or ExxonMobil.  Production expense includes an overhead charge which is deducted and retained by the operator.  As of September 30, 2011, this charge was $34,211 per month (including monthly overhead charges of $2,666 which XTO Energy deducts as operator of the Penwell Unit and $4,507 which ExxonMobil deducts as operator of the Hewitt Unit) and is subject to adjustment each May based on an oil and gas industry index. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

----

| Exhibit Number  |
|-----------------|
| and Description |
|            |   |
| (31)            | Rule 13a-14(a)/15d-14(a) Certification |
|            |   |
| (32)            | Section 1350 Certification |
|            |   |
| (99)            | Items 1A, 7 and 7A to the Annual Report on Form 10-K for Cross Timbers Royalty Trust filed with the Securities and Exchange Commission on February 24, 2011 (incorporated herein by reference) |

----

|                              | CROSS TIMBERS ROYALTY TRUST       |
|-----------------------------------|-----------------------------------|
|                              | By BANK OF AMERICA, N.A., TRUSTEE |
|                              |                              |   |
|                              | By                                | /s/ Nancy G. Willis |
|                              |                              | Nancy G. Willis |
|                              |                              | Vice President |
|                              |                              |   |
|                              | EXXON MOBIL CORPORATION           |
|                              |                              |   |
| Date:  October 27, 2011 | By                                | /s/ Patrick T. Mulva |
|                              |                              | Patrick T. Mulva |
|                              |                              | Vice President and Controller |

----