<PAGE>

================================================================================


               UNITED STATES SECURITIES AND EXCHANGE COMMISSION
                            Washington, D.C. 20549

                                   Form 10-Q

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



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

                                      OR

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


                       Commission File Number:  1-10476
                                                -------


                             Hugoton Royalty Trust
            (Exact name of registrant as specified in its charter)


                      Texas                            58-6379215
         -------------------------------           -------------------
         (State or other jurisdiction of            (I.R.S. Employer
          incorporation or organization)           Identification No.)


     Bank of America, N.A., P.O. Box 830650, Dallas, Texas      75283-0650
     -----------------------------------------------------      ----------
           (Address of principal executive offices)             (Zip Code)


                                (877) 228-5083
             ----------------------------------------------------
             (Registrant's telephone number, including area code)


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


Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports) and (2) has been subject to such filing
requirements for the past 90 days.  Yes  X   No
                                       -----   -----

Indicate the number of units of beneficial interest outstanding, as of the
latest practicable date:

                         Outstanding as of May 1, 2001
                         -----------------------------
                                  40,000,000


================================================================================
<PAGE>

HUGOTON ROYALTY TRUST

FORM 10-Q FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2001
-------------------------------------------------------



                                     INDEX

                                                                        Page
                                                                        ----

           Glossary of Terms............................................  3


PART I.    FINANCIAL INFORMATION

  Item 1.  Financial Statements.........................................  4

           Report of Independent Public Accountants.....................  5

           Condensed Statements of Assets, Liabilities and Trust Corpus
             at March 31, 2001 and December 31, 2000....................  6

           Condensed Statements of Distributable Income
             for the Three Months Ended March 31, 2001 and 2000.........  7

           Condensed Statements of Changes in Trust Corpus
             for the Three Months Ended March 31, 2001 and 2000.........  8

           Notes to Condensed Financial Statements......................  9

  Item 2.  Trustee's Discussion and Analysis............................ 12

  Item 3.  Quantitative and Qualitative Disclosures about Market Risk... 15


PART II.   OTHER INFORMATION

  Item 6.  Exhibits and Reports on Form 8-K............................. 16

           Signatures................................................... 17

                                                                               2
<PAGE>

HUGOTON ROYALTY TRUST

GLOSSARY OF TERMS
-----------------

The following are definitions of significant terms used in this Form 10-Q:


Bbl                     Barrel (of oil)

Mcf                     Thousand cubic feet (of natural gas)

Mcfe                    Thousand cubic feet (of natural gas) equivalent,
                        computed with one barrel of oil as the energy equivalent
                        of six Mcf of natural gas

MMBtu                   One million British Thermal Units, a common energy
                        measurement

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

net proceeds            Gross proceeds from sale of production from the
                        underlying properties, less applicable costs

royalty income          Net proceeds multiplied by the net profits percentage of
                        80% and paid to the trust

underlying properties   Cross Timbers' interest in certain oil and gas
                        properties from which the net profits interests were
                        conveyed. The underlying properties include working
                        interests in predominantly gas-producing properties
                        located in Kansas, Oklahoma and Wyoming.

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 and development costs

                                                                               3
<PAGE>

HUGOTON ROYALTY TRUST

PART I - FINANCIAL INFORMATION
------------------------------



Item 1.  Financial Statements.

The condensed financial statements included herein are presented, without audit,
pursuant to the rules and regulations of the Securities and Exchange Commission.
Certain information and footnote disclosures normally included in annual
financial statements have been condensed or omitted pursuant to such rules and
regulations, although the trustee believes that the disclosures are adequate to
make the information presented not misleading.  These condensed financial
statements should be read in conjunction with the trust's financial statements
and the notes thereto included in the trust's annual report on Form 10-K.  In
the opinion of the trustee, all adjustments, consisting only of normal recurring
adjustments, necessary to present fairly the assets, liabilities and trust
corpus of the Hugoton Royalty Trust at March 31, 2001 and the distributable
income and changes in trust corpus for the three-month periods ended March 31,
2001 and 2000 have been included.  Distributable income for such interim periods
is not necessarily indicative of the distributable income for the full year.

                                                                               4
<PAGE>

REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS



Bank of America, N.A., as Trustee
 for the Hugoton Royalty Trust:

We have reviewed the accompanying condensed statement of assets, liabilities
and trust corpus of the Hugoton Royalty Trust as of March 31, 2001 and the
related condensed statements of distributable income and changes in trust corpus
for the three-month periods ended March 31, 2001 and 2000. These financial
statements are the responsibility of the trustee.

We conducted our review in accordance with standards established by the American
Institute of Certified Public Accountants. A review of interim financial
information consists principally of applying analytical procedures to financial
data and making inquiries of persons responsible for financial and accounting
matters. It is substantially less in scope than an audit conducted in accordance
with auditing standards generally accepted in the United States, the objective
of which is the expression of an opinion regarding the financial statements
taken as a whole. Accordingly, we do not express such an opinion.

The accompanying condensed financial statements are prepared on a modified cash
basis as described in Note 1 which is a comprehensive basis of accounting other
than accounting principles generally accepted in the United States.

Based on our review, we are not aware of any material modifications that should
be made to the financial statements referred to above for them to be in
conformity with the basis of accounting described in Note 1.

We have previously audited, in accordance with auditing standards generally
accepted in the United States, the statement of assets, liabilities and trust
corpus of the Hugoton Royalty Trust as of December 31, 2000 included in the
trust's annual report on Form 10-K, and in our report dated March 22, 2001, we
expressed an unqualified opinion on that statement. In our opinion, the
information set forth in the accompanying condensed statement of assets,
liabilities and trust corpus as of December 31, 2000 is fairly stated in all
material respects in relation to the statement of assets, liabilities and trust
corpus included in the trust's financial statements from which they have been
derived.



ARTHUR ANDERSEN LLP

Fort Worth, Texas
May 2, 2001

                                                                               5
<PAGE>

HUGOTON ROYALTY TRUST
--------------------------------------------------------------------------------

Condensed Statements of Assets, Liabilities and Trust Corpus

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

Cash and short-term investments........................  $ 16,831,240   $  5,976,160

Net profits interests in oil and gas properties - net..   222,760,307    226,081,443
                                                         ------------   ------------

                                                         $239,591,547   $232,057,603
                                                         ============   ============


LIABILITIES AND TRUST CORPUS

Distribution payable to unitholders....................  $ 16,831,240   $  5,976,160

Trust corpus (40,000,000 units of beneficial
  interest authorized and outstanding).................   222,760,307    226,081,443
                                                         ------------   ------------

                                                         $239,591,547   $232,057,603
                                                         ============   ============

</TABLE>



       The accompanying notes to condensed financial statements are an
                      integral part of these statements.

                                                                               6
<PAGE>

HUGOTON ROYALTY TRUST
--------------------------------------------------------------------------------

Condensed Statements of Distributable Income (Unaudited)


                                                    Three Months Ended March 31
                                                    ---------------------------
                                                          2001         2000
                                                    -------------  ------------

Royalty income....................................  $  33,683,872  $ 10,981,680

Interest income...................................         50,323        21,906
                                                    -------------  ------------

Total income......................................     33,734,195    11,003,586

Administration expense............................         79,715        64,306
                                                    -------------  ------------

Distributable income..............................  $  33,654,480  $ 10,939,280
                                                    =============  ============

Distributable income per unit (40,000,000 units)..  $    0.841362  $   0.273482
                                                    =============  ============



       The accompanying notes to condensed financial statements are an
                      integral part of these statements.

                                                                               7
<PAGE>

HUGOTON ROYALTY TRUST
--------------------------------------------------------------------------------

Condensed Statements of Changes in Trust Corpus (Unaudited)


                                                   Three Months Ended March 31
                                                   ---------------------------
                                                       2001           2000
                                                   ------------   ------------

Trust corpus, beginning of period...............   $226,081,443   $233,428,609

Amortization of net profits interests...........     (3,321,136)    (3,811,656)

Distributable income............................     33,654,480     10,939,280

Distributions declared..........................    (33,654,480)   (10,939,280)
                                                   ------------   ------------

Trust corpus, end of period.....................   $222,760,307   $229,616,953
                                                   ============   ============




       The accompanying notes to condensed financial statements are an
                      integral part of these statements.

                                                                               8
<PAGE>

HUGOTON ROYALTY TRUST
--------------------------------------------------------------------------------

Notes to Condensed Financial Statements (Unaudited)



1.   Basis of Accounting

     The financial statements of the trust are prepared on the following basis
     and are not intended to present financial position and results of
     operations in conformity with generally accepted accounting principles
     ("GAAP"):

       -  Royalty income recorded for a month is the amount computed and paid by
          the interest owner, Cross Timbers Oil Company, to Bank of America,
          N.A., as trustee for the trust. Royalty income consists of net
          proceeds received by Cross Timbers from the underlying properties in
          the prior month, multiplied by a net profits percentage of 80%.

          Costs deducted in the calculation of net proceeds for the 80% net
          profits interests generally include applicable taxes, transportation,
          marketing and legal costs, production expenses, development costs,
          operating charges and other costs.

       -  Royalty income is computed separately for each of three conveyances
          under which the net profits interests were conveyed to the trust. If
          monthly costs exceed revenues for any conveyance, such excess costs
          cannot reduce royalty income from other conveyances, but are carried
          forward with accrued interest to be recovered from future net proceeds
          of that conveyance.

       -  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.

     The trust's financial statements differ from those prepared in conformity
     with GAAP because revenues are recognized when received rather than accrued
     in the month of production, expenses are recognized when paid rather than
     when incurred and certain cash reserves may be established by the trustee
     for contingencies which would not be recorded under GAAP.

     The initial carrying value of the net profits interests of $247,066,951
     represents Cross Timbers' historical net book value for the interests on
     December 1, 1998, the date of the transfer to the trust. Amortization of
     the net profits interests is calculated on a unit-of-production basis and
     charged directly to trust corpus. Accumulated amortization was $24,306,644
     as of March 31, 2001 and $20,985,508 as of December 31, 2000.


2.   Distributions to Unitholders

     The trustee determines the amount to be distributed to unitholders each
     month by totaling royalty income, interest income and other cash receipts,
     and subtracting liabilities paid and adjustments in cash reserves
     established by the trustee. The resulting amount is distributed to
     unitholders of record generally within ten business days after the monthly
     record date, the last business day of the month.

                                                                               9
<PAGE>

     Royalty income received by the trustee is equal to the net proceeds
     received in the prior month by Cross Timbers from the underlying
     properties, multiplied by 80%. Net proceeds are the gross proceeds received
     from the sale of production from the underlying properties, less applicable
     costs. Such costs generally include applicable taxes, transportation, legal
     and marketing charges, production expenses, development and drilling costs,
     and overhead.

     For monthly trust distributions declared through March 2000, the related
     royalty income was based on gross proceeds equal to the greater of:

       -  the actual amount received from sales of production, or

       -  the imputed amount that would be received from sales of production at
          a gas price of $2.00 per Mcf.

     Because gas prices exceeded the $2.00 per Mcf minimum during first quarter
     2000, there were no imputed receipts during that period. Subsequent to
     March 2000, trust royalty income is based on the actual amount received
     from sales of production.

     Cross Timbers, as owner of the underlying properties, computes royalty
     income separately for each of the three conveyances. If costs exceed gross
     proceeds for any conveyance, such excess costs cannot be used to reduce the
     amounts to be received under the other conveyances. The trust is not liable
     for excess costs; however, future royalty income from the net profits
     interests created by that conveyance will be reduced by such excess costs
     plus accrued interest.


3.   Litigation

     Cross Timbers is a defendant in three separate lawsuits that could, if
     adversely determined, decrease future trust distributable income. Any
     damages relating to production prior to the formation of the trust will be
     borne by Cross Timbers.

     On April 3, 1998, a class action lawsuit, Booth, et al. v. Cross Timbers
     Oil Company, was filed in the District Court of Dewey County, Oklahoma by
     royalty owners of natural gas wells in Oklahoma. The plaintiffs allege that
     since 1991, Cross Timbers has underpaid royalty owners as a result of
     reducing royalties for improper charges for production, marketing,
     gathering, processing and transportation costs and selling natural gas
     through affiliated companies at prices less favorable than those paid by
     third parties. Cross Timbers believes that it has strong defenses to this
     lawsuit and intends to vigorously defend its position. However, if Cross
     Timbers ultimately makes any settlement payments, the trust will bear its
     80% share of such settlement related to production from the underlying
     properties for periods since December 1, 1998. Additionally, if a judgment
     or settlement increases the amount of future payments to royalty owners,
     the trust would bear its proportionate share of the increased payments
     through reduced net proceeds. The amount of any potential settlement
     related to the trust and reduction in net proceeds is not presently
     determinable, but, in Cross Timbers management's opinion, is not currently
     expected to be material to the trust's annual distributable income,
     financial position or liquidity.

     A second lawsuit, United States of America ex rel. Grynberg v. Cross
     Timbers Oil Company, et al., was filed in the United States District Court
     for the Western District of Oklahoma. This action alleges that Cross
     Timbers underpaid royalties on natural gas produced from federal leases and
     lands owned by Native Americans by at least 20% during the past ten years
     as a result of mismeasuring the volume of natural gas and wrongfully
     analyzing its heating content. The suit, which was brought under the qui
     tam

                                                                              10
<PAGE>

     provisions of the U.S. False Claims Act, seeks treble damages for the
     unpaid royalties (with interest), civil penalties between $5,000 and
     $10,000 for each violation of the U.S. False Claims Act, and an order for
     Cross Timbers to cease the allegedly improper measuring practices. The
     cases against Cross Timbers and other defendants have been consolidated in
     the United States District Court for Wyoming. Cross Timbers and other
     defendants have filed a motion to dismiss the lawsuit. The motion to
     dismiss has been heard by the Court and a decision is pending. Cross
     Timbers believes that the allegations of this lawsuit are without merit and
     intends to vigorously defend the action. However, an order to change
     measuring practices or a related settlement could adversely affect the
     trust by reducing net proceeds in the future by an amount that is presently
     not determinable, but, in Cross Timbers management's opinion, is not
     expected to be material to the trust's annual distributable income,
     financial position or liquidity.

     A third lawsuit, Bishop, et al. v. Amoco Production Co., et al., was filed
     in May 2000 in the Third Judicial District Court in Lincoln County, Wyoming
     by owners of royalty and overriding royalty interests in wells located in
     Wyoming. The plaintiffs alleged that Cross Timbers and the other producer
     defendants deducted impermissible costs of production from royalty payments
     that were made to the plaintiffs and other similarly situated persons, and
     failed to properly inform the plaintiffs and others of the deductions
     taken. The action was brought as a class action on behalf of all persons
     who own an interest in wells located in Wyoming as to which the defendants
     pay royalties and overriding royalties. The plaintiffs sought a declaratory
     judgment that the deductions made were impermissible and sought damages in
     the amount of the deductions made together with interest and attorneys'
     fees. Cross Timbers has reached a settlement in this action, which is
     subject to court approval. Cross Timbers will receive a release of claims
     relating to deductions taken, the statutory reporting of claims, and other
     miscellaneous matters. Cross Timbers agreed not to take similar deductions
     in the future and to itemize other deductions from future royalty
     disbursements. In a hearing in April 2001, the court provisionally
     certified the class and authorized notices to be mailed to potential class
     members. Cross Timbers expects the court will give final approval in June
     2001. The trust's portion of the settlement is expected to be less than
     $200,000.

                                                                              11
<PAGE>

Item 2.  Trustee's Discussion and Analysis.

The following discussion should be read in conjunction with the trustee's
discussion and analysis contained in the trust's 2000 annual report, as well as
the condensed financial statements and notes thereto included in this quarterly
report on Form 10-Q.

Distributable Income

For the quarter ended March 31, 2001 royalty income was $33,683,872, as compared
to $10,981,680 for the same prior year quarter.  Increased royalty income is the
result of higher product prices.  See "Royalty Income" below.

After adding interest income of $50,323 and deducting administration expense of
$79,715, distributable income for the quarter ended March 31, 2001 was
$33,654,480, or $0.841362 per unit of beneficial interest. For the quarter ended
March 31, 2000, distributable income was $10,939,280, or $0.273482 per unit.
Distributions to unitholders for the quarter ended March 31, 2001 were:


                                                          Distribution
                 Record Date          Payment Date          per Unit
               ----------------     -----------------     ------------

               January 31, 2001     February 14, 2001     $   0.171467
               February 28, 2001    March 14, 2001            0.249114
               March 30, 2001       April 13, 2001            0.420781
                                                          ------------

                                                          $   0.841362
                                                          ============


Royalty Income

Royalty income is recorded when received by the trust, which is the month
following receipt by Cross Timbers, and generally two months after oil and gas
production.  Royalty income is generally affected by three major factors:

       -  oil and gas sales volumes,

       -  oil and gas sales prices, and

       -  costs deducted in the calculation of royalty income.

                                                                              12
<PAGE>

The following is a summary of the calculation of royalty income received by the
trust:

                                             Three Months
                                          Ended March 31 (a)
                                       -------------------------      Increase
                                           2001         2000         (Decrease)
                                       -----------   -----------     ----------
Sales Volumes

Gas (Mcf) (b)
  Underlying properties.............     9,190,752     9,709,634          (5%)
   Average per day..................        99,899       105,540          (5%)
  Net profits interests.............     5,467,116     4,701,389          16%

Oil (Bbls) (b)
  Underlying properties.............        96,098       100,205          (4%)
   Average per day..................         1,045         1,089          (4%)
  Net profits interests.............        55,624        49,605          12%

Average Sales Prices
  Gas (per Mcf).....................       $  6.31       $  2.32         172%
  Oil (per Bbl).....................       $ 30.43       $ 25.19          21%

Revenues
  Gas sales.........................   $58,025,281   $22,501,491         158%
  Oil sales.........................     2,924,708     2,524,047          16%
                                       -----------   -----------
                                        60,949,989    25,025,538         144%
                                       -----------   -----------
Costs
  Taxes, transportation
   and other........................     5,289,244     2,415,586         119%
  Production expense................     4,913,786     3,286,303          50%
  Development costs.................     7,130,252     3,866,107          84%
  Overhead..........................     1,819,691     1,730,442           5%
                                       -----------   -----------
    Total Costs.....................    19,152,973    11,298,438          70%
                                       -----------   -----------

Other Proceeds
  Property sales....................       307,824             -           -
                                       -----------   -----------

Net Proceeds........................    42,104,840    13,727,100         207%

Net Profits Percentage..............            80%           80%
                                       -----------   -----------

Royalty Income......................   $33,683,872   $10,981,680         207%
                                       ===========   ===========

----------------------
(a) Because of the two-month interval between time of production and receipt of
    royalty income by the trust, oil and gas sales for the quarter ended March
    31 generally represent production for the period November through January.

(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 expenses and development costs. Changes in any of these factors
    may result in disproportionate fluctuations in volumes allocated to the net
    profits interests. Therefore, comparative discussion of oil and gas sales
    volumes is based on the underlying properties.


                                                                              13
<PAGE>

The following are explanations of significant variances:

Sales Volumes

Gas sales volumes were 5% lower and oil volumes were 4% lower for first quarter
2001 than first quarter 2000 volumes. This is primarily because of natural
production decline, partially offset by new wells.


Sales Prices

Gas

The first quarter 2001 average gas price was $6.31 per Mcf, a 172% increase over
the first quarter 2000 price of $2.32. After declining briefly at the end of
1999, gas prices strengthened in 2000, reaching a record high of $10.10 per
MMBtu in December 2000 as winter demand strained gas supplies. Gas prices are
expected to remain at higher levels in 2001 because of sustained demand related
to an extended heating season, electrical power generation requirements and
lower gas storage levels. The average NYMEX price for February through April
2001 was $5.56 per MMBtu. At May 1, 2001, the average NYMEX price for the
following twelve months was $4.86 per MMBtu. Recent trust gas prices have
averaged approximately $0.40 per MMBtu lower than the NYMEX price.

Oil

The average oil price for first quarter 2001 was $30.43 per Bbl, which is a 21%
increase over the first quarter 2000 average oil price of $25.19. During 2000,
West Texas Intermediate ("WTI") posted prices fluctuated between a low of $21.50
per Bbl in January to a high of $34.25 in September, as increased demand buoyed
prices. Lagging demand in 2001, caused by a worldwide economic slowdown, has
caused oil prices to decline. OPEC members agreed to cut production by one
million barrels per day effective April 1 to stem declining prices. The average
WTI posted price for February through April 2001 was $25.14. Recent trust oil
prices have averaged approximately $2.70 higher than the WTI posted price.


Costs

Costs deducted in the calculation of royalty income for first quarter 2001
totaled $19,152,973. Total costs for first quarter 2001 were 70% higher than for
the same 2000 quarter primarily because of increased production taxes associated
with higher revenue, increased production expenses related to the timing of
maintenance projects and prior period fuel adjustments, and increased
development costs for drilling and workovers in Oklahoma.

Other Proceeds

Royalty income for the quarter ended March 31, 2001 includes proceeds of
$307,824 ($246,259 net to the trust) from the sale of properties in Sweetwater
County, Wyoming.

                                                                              14
<PAGE>

Forward-Looking Statements

This Form 10-Q includes "forward-looking statements" within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. All statements other than
statements of historical fact included in this Form 10-Q, including, without
limitation, statements regarding the net profits interests, underlying
properties and industry and market conditions, are forward-looking statements
that are subject to risks and uncertainties which are detailed in the trust's
annual report on Form 10-K for the year ended December 31, 2000, which is
incorporated by this reference as though fully set forth herein. Although Cross
Timbers believes that the expectations reflected in such forward-looking
statements are reasonable, neither Cross Timbers nor the trustee can give any
assurance that such expectations will prove to be correct.

Item 3.  Quantitative and Qualitative Disclosures about Market Risk

There have been no material changes in the trust's market risks, as disclosed in
the trust's Form 10-K for the year ended December 31, 2000.

                                                                              15
<PAGE>

PART II - OTHER INFORMATION
---------------------------

Item 1.  Legal Proceedings

A lawsuit, Bishop, et al. v. Amoco Production Co., et al., was filed in May 2000
in the Third Judicial District Court in Lincoln County, Wyoming by owners of
royalty and overriding royalty interests in wells located in Wyoming.  The
plaintiffs alleged that Cross Timbers and the other producer defendants deducted
impermissible costs of production from royalty payments that were made to the
plaintiffs and other similarly situated persons, and failed to properly inform
the plaintiffs and others of the deductions taken. The action was brought as a
class action on behalf of all persons who own an interest in wells located in
Wyoming as to which the defendants pay royalties and overriding royalties.  The
plaintiffs sought a declaratory judgment that the deductions made were
impermissible and sought damages in the amount of the deductions made together
with interest and attorneys' fees.  Cross Timbers has reached a settlement in
this action, which is subject to court approval.  Cross Timbers will receive a
release of claims relating to deductions taken, the statutory reporting of
claims, and other miscellaneous matters.  Cross Timbers agreed not to take
similar deductions in the future and to itemize other deductions from future
royalty disbursements. In a hearing in April 2001, the court provisionally
certified the class and authorized notices to be mailed to potential class
members. Cross Timbers expects the court will give final approval in June 2001.
The trust's portion of the settlement is expected to be less than $200,000.

Items 2 through 5.  Not applicable.

Item 6. (a)  Exhibits.

     Exhibit Number
     and Description                                             Page
     ---------------                                             ----

       (15)  Awareness letter of Arthur Andersen LLP              18


        (b)  Reports on Form 8-K.

             No reports on Form 8-K have been filed during the quarter for which
             this report is filed.

                                                                              16
<PAGE>

                                  SIGNATURES


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


                                        HUGOTON ROYALTY TRUST
                                        By BANK OF AMERICA, N.A., TRUSTEE



                                        By         RON E. HOOPER
                                          -------------------------------
                                                   Ron E. Hooper
                                              Senior Vice President




                                        CROSS TIMBERS OIL COMPANY



Date: May 10, 2001                      By       LOUIS G. BALDWIN
                                          -------------------------------
                                                 Louis G. Baldwin
                                             Executive Vice President
                                            and Chief Financial Officer

                                                                              17