<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 JUNE 30, 2002

              [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D)
                     OF THE SECURITIES EXCHANGE ACT OF 1934
              FOR THE TRANSITION PERIOD FROM _________ TO ________

                          COMMISSION FILE NUMBER 1-8033

                           PERMIAN BASIN ROYALTY TRUST
                  (EXACT NAME OF REGISTRANT AS SPECIFIED IN THE
                     PERMIAN BASIN ROYALTY TRUST INDENTURE)

          Texas                                         75-6280532
(State or Other Jurisdiction of             (I.R.S. Employer Identification No.)
Incorporation or Organization)


                              Bank of America, N.A.
                                Trust Department
                                 901 Main Street
                               Dallas, Texas 75202
                         (Address of Principal Executive
                               Offices; Zip Code)

                                 (214) 209-2400
              (Registrant's Telephone Number, Including Area Code)

         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 [ ]

         Number of Units of beneficial interest of the Trust outstanding at
August 1, 2002: 46,608,796.




<PAGE>




                           PERMIAN BASIN ROYALTY TRUST

                         PART I - FINANCIAL INFORMATION


ITEM 1.       FINANCIAL STATEMENTS

The condensed financial statements included herein have been prepared by Bank of
America, N.A. as Trustee for the Permian Basin Royalty Trust, 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. It is suggested that these
condensed financial statements be read in conjunction with the financial
statements and the notes thereto included in the Trust's latest 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 Permian Basin Royalty Trust at June 30,
2002, and the distributable income and changes in trust corpus for the
three-month and six-month periods ended June 30, 2002 and 2001 have been
included. The distributable income for such interim periods is not necessarily
indicative of the distributable income for the full year.

Deloitte & Touche LLP, independent certified public accountants, has made a
limited review of the condensed financial statements as of June 30, 2002 and for
the three-month and six-month periods ended June 30, 2002 and 2001 included
herein.





                                       2
<PAGE>

                         INDEPENDENT ACCOUNTANTS' REPORT


Bank of America, N.A.,
         as Trustee for the Permian Basin Royalty Trust

We have reviewed the accompanying condensed statement of assets, liabilities and
trust corpus of the Permian Basin Royalty Trust as of June 30, 2002 and the
related condensed statements of distributable income and changes in trust corpus
for the three-month and six-month periods ended June 30, 2002 and 2001. These
financial statements are the responsibility of the Trustee.

We conducted our reviews 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 of
America, 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.

As described in Note 1 to the condensed financial statements, these condensed
financial statements have been prepared on a modified cash basis of accounting
which is a comprehensive basis of accounting other than accounting principles
generally accepted in the United States of America.

Based on our reviews, we are not aware of any material modifications that should
be made to such condensed financial statements 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 of America, the statement of assets, liabilities
and trust corpus of the Permian Basin Royalty Trust as of December 31, 2001, and
the related statements of distributable income and changes in trust corpus for
the year then ended (not presented herein); and in our report dated March 22,
2002, we expressed an unqualified opinion on those financial statements. In our
opinion, the information set forth in the accompanying condensed statement of
assets, liabilities and trust corpus as of December 31, 2001 is fairly stated,
in all material respects, in relation to the statement of assets, liabilities
and trust corpus from which it has been derived.


/s/  DELOITTE & TOUCHE LLP


Dallas, Texas
August 7, 2002




                                       3
<PAGE>


PERMIAN BASIN ROYALTY TRUST

CONDENSED STATEMENTS OF ASSETS, LIABILITIES AND TRUST CORPUS

<TABLE>
<CAPTION>
                                                                         June 30,            December 31,
                                                                           2002                  2001
                                                                      ----------------      ----------------
                                                                        (Unaudited)
<S>                                                                   <C>                   <C>
ASSETS

Cash and short-term investments                                           $ 1,889,669           $ 1,842,420

Net overriding royalty interests in producing oil and
    gas properties (net of accumulated amortization of
    $8,699,903, and $8,604,029 at June 30, 2002 and
    December 31, 2001, respectively)                                      $ 2,275,313           $ 2,371,187
                                                                      ----------------      ----------------

TOTAL ASSETS                                                              $ 4,164,982           $ 4,213,607
                                                                      ================      ================

LIABILITIES AND TRUST CORPUS

Distribution payable to Unit holders                                      $ 1,889,669           $ 1,842,420

Commitments and contingencies
Trust corpus - 46,608,796 Units of
    beneficial interest authorized and
    outstanding                                                           $ 2,275,313           $ 2,371,187
                                                                      ----------------      ----------------

TOTAL LIABILITIES
      AND TRUST CORPUS                                                    $ 4,164,982           $ 4,213,607
                                                                      ================      ================
</TABLE>


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




                                       4
<PAGE>


PERMIAN BASIN ROYALTY TRUST

CONDENSED STATEMENTS OF DISTRIBUTABLE INCOME (UNAUDITED)


<TABLE>
<CAPTION>
                                        Three Months Ended                      Six Months Ended
                                              June 30                                June 30
                                 -----------------------------------   -------------------------------------
                                        2002              2001               2002               2001
                                 -----------------  ----------------   -----------------  ------------------
<S>                                 <C>               <C>                <C>                 <C>
Royalty income                      $   5,654,312     $  12,042,995      $   10,228,540      $   24,135,414
Interest income                             3,058            24,282               7,892              50,459
                                    --------------    --------------     ---------------     ---------------
                                        5,657,370        12,067,277          10,236,432          24,185,873

General and administrative
    expenditures                         (134,628)         (131,034)           (295,379)          (297,015)
                                    --------------    --------------     ---------------     ---------------

Distributable income                $   5,522,742     $  11,936,243      $    9,941,053      $   23,888,858
                                    ==============    ==============     ===============     ===============
Distributable income per Unit
    (46,608,796 Units)              $     .118491     $     .256094      $      .213287      $      .512540
                                    ==============    ==============     ===============     ===============
</TABLE>


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











                                       5
<PAGE>

PERMIAN BASIN ROYALTY TRUST

CONDENSED STATEMENTS OF CHANGES IN TRUST CORPUS (UNAUDITED)


<TABLE>
<CAPTION>
                                               Three Months Ended                     Six Months Ended
                                                     June 30                               June 30
                                        ----------------------------------   ------------------------------------
                                             2002              2001                2002               2001
                                        ----------------  ----------------   -----------------  -----------------
<S>                                      <C>               <C>                 <C>               <C>
Trust corpus, beginning of period         $   2,329,575     $  2,537,002        $   2,371,187     $   2,595,254

Amortization of net overriding  royalty
    interests                                   (54,262)         (59,706)             (95,874)         (117,958)
Distributable income                          5,522,742       11,936,243            9,941,053        23,888,858
Distributions declared                       (5,522,742)     (11,936,243)          (9,941,053)      (23,888,858)
                                                                                                  --------------
                                          --------------    -------------       --------------
Total Trust Corpus, end of period         $   2,275,313     $  2,477,296        $   2,275,313     $   2,477,296
                                          ==============    =============       ==============    ==============

Distributions per unit                    $      .11849     $    .256094        $     .213287     $     .512540
                                          ==============    =============       ==============    ==============
</TABLE>






                                       6
<PAGE>

PERMIAN BASIN ROYALTY TRUST

NOTES TO CONDENSED FINANCIAL STATEMENTS (UNAUDITED)


1.   BASIS OF ACCOUNTING

The Permian Basin Royalty Trust ("Trust") was established as of November 1,
1980. The net overriding royalties conveyed to the Trust include: (1) a 75% net
overriding royalty carved out of Southland Royalty Company's fee mineral
interests in the Waddell ranch in Crane County, Texas (the "Waddell Ranch
properties"); and (2) a 95% net overriding royalty carved out of Southland
Royalty Company's major producing royalty interests in Texas (the "Texas Royalty
properties"). The net overriding royalty for the Texas Royalty properties is
subject to the provisions of the lease agreements under which such royalties
were created. The financial statements of the Trust are prepared on the
following basis:

o        Royalty income recorded for a month is the amount computed and paid to
         Bank of America, N.A. ("Trustee") as Trustee for the Trust by the
         interest owners: Burlington Resources Oil & Gas Company ("BROG") for
         the Waddell Ranch properties and River hill Energy Corporation ("River
         hill Energy"), formerly a wholly owned subsidiary of River hill Capital
         Corporation ("River hill Capital") and formerly an affiliate of Coastal
         Management Corporation ("CMC"), for the Texas Royalty properties. CMC
         currently conducts all field, technical and accounting operations on
         behalf of BROG with regard to the Waddell Ranch properties. CMC also
         conducts the accounting operations for the Texas Royalty properties on
         behalf of River hill Energy. Royalty income consists of the amounts
         received by the owners of the interest burdened by the net overriding
         royalty interests ("Royalties") from the sale of production less
         accrued production costs, development and drilling costs, applicable
         taxes, operating charges, and other costs and deductions multiplied by
         75% in the case of the Waddell Ranch properties and 95% in the case of
         the Texas Royalty properties.

         As was previously reported, in February 1997, BROG sold its interest in
         the Texas Royalty properties to River hill Energy.

         The Trustee has been advised that in the first quarter of 1998,
         Schlumberger Technology Corporation ("Schlumberger") acquired all of
         the shares of stock of River hill Capital. Prior to such acquisition by
         Schlumberger, CMC and River hill Energy were wholly owned subsidiaries
         of River hill Capital. The Trustee has further been advised that in
         connection with Schlumberger's acquisition of River hill Capital, the
         shareholders of River hill Capital acquired ownership of all of the
         shares of stock of River hill Energy. Thus, the ownership in the Texas
         Royalty properties referenced above remained in River hill Energy, the
         stock ownership of which was acquired by the former shareholders of
         River hill Capital.

o        Trust expenses recorded are based on liabilities paid and cash reserves
         established out of cash received or borrowed funds for liabilities and
         contingencies.



                                       7
<PAGE>

o        Distributions to Unit holders are recorded when declared by the
         Trustee.

o        Royalty income is computed separately for each of the conveyances under
         which the Royalties were conveyed to the Trust. If monthly costs exceed
         revenues for any conveyance ("excess costs"), such excess cannot reduce
         royalty income from other conveyances, but is carried forward with
         accrued interest to be recovered from future net proceeds of that
         conveyance.

The financial statements of the Trust differ from financial statements prepared
in accordance with accounting principles generally accepted in the United States
of America ("GAAP") because revenues are not accrued in the month of production
and certain cash reserves may be established for contingencies which would not
be accrued in financial statements. Amortization of the Royalties calculated on
a unit-of-production basis is charged directly to trust corpus.

2.       FEDERAL INCOME TAXES

For Federal income tax purposes, the Trust constitutes a fixed investment trust
which is taxed as a grantor trust. A grantor trust is not subject to tax at the
trust level. The Unit holders are considered to own the Trust's income and
principal as though no trust were in existence. The income of the Trust is
deemed to have been received or accrued by each Unit holder at the time such
income is received or accrued by the Trust and not when distributed by the
Trust.

The Royalties constitute "economic interests" in oil and gas properties for
Federal income tax purposes. Unit holders must report their share of the
revenues from the Royalties as ordinary income from oil and gas royalties and
are entitled to claim depletion with respect to such income.

The Trust has on file technical advice memoranda confirming the tax treatment
described above.

The classification of the Trust's income for purposes of the passive loss rules
may be important to a Unit holder. As a result of the Tax Reform Act of 1986,
royalty income will generally be treated as portfolio income and will not offset
passive losses.

3.       SUBSEQUENT EVENTS

Subsequent to June 30, 2002, the Trust declared a distribution on July 19, 2002
of $.036621 payable on August 14, 2002.

ITEM 2.       TRUSTEE'S DISCUSSION AND ANALYSIS

FORWARD LOOKING INFORMATION

Certain information included in this report contains, and other materials filed
or to be filed by the Trust with the Securities and Exchange Commission (as well
as information included in oral statements or other written statements made or
to be made by the Trust) may contain or include, forward looking statements
within the meaning of Section 21E of the Securities Exchange Act of 1934, as
amended, and Section 27A of the Securities Act of 1933, as amended. Such forward
looking statements may be or may concern, among other things, capital
expenditures, drilling




                                       8
<PAGE>

activity, development activities, production efforts and volumes, hydrocarbon
prices and the results thereof, and regulatory matters. Although the Trustee
believes that the expectations reflected in such forward-looking statements are
reasonable, such expectations are subject to numerous risks and uncertainties
and the Trustee can give no assurance that they will prove correct. There are
many factors, none of which is within the Trustee's control, that may cause such
expectations not to be realized, including, among other things, factors such as
actual oil and gas prices and the recoverability of reserves, capital
expenditures, general economic conditions, actions and policies of
petroleum-producing nations and other changes in the domestic and international
energy markets. Such forward looking statements generally are accompanied by
words such as "estimate," "expect," "predict," "anticipate," "goal," "should,"
"assume," "believe," or other words that convey the uncertainty of future events
or outcomes.

THREE MONTHS ENDED JUNE 30, 2002 COMPARED TO THREE MONTHS ENDED JUNE 30, 2001

For the quarter ended June 30, 2002 royalty income received by the Trust
amounted to $5,654,312 compared to royalty income of $12,042,995 during the
second quarter of 2001. The decrease in royalty income is primarily attributable
to significant decreases in both oil and gas prices and lower production for
both oil and gas.

Interest income for the quarter ended June 30, 2002, was $3,058 compared to
$24,282 during the second quarter of 2001. The decrease in interest income is
primarily attributable to less funds available for investment. General and
administrative expenses during the second quarter of 2002 amounted to $134,628
compared to $131,034 during the second quarter of 2001. The increase in general
and administrative expenses can be primarily attributed to the timing of payment
of year end expenses.

These transactions resulted in distributable income for the quarter ended June
30, 2002 of $5,522,742, or $.118491 per Unit of beneficial interest.
Distributions of $.030655, $.047293 and $.040543 per Unit were made to Unit
holders of record as of April 30, May 31 and June 28, 2002, respectively. For
the second quarter of 2001, distributable income was $11,936,243, or $.256094
per Unit of beneficial interest.

Royalty income for the Trust for the second quarter of the calendar year is
associated with actual oil and gas production for the period of February, March
and April 2002 from the properties from which the Trust's net overriding royalty
interests ("Royalties") were carved. Oil and gas sales attributable to the
Royalties and the properties from which the Royalties were carved are as
follows:




                                       9
<PAGE>

<TABLE>
<CAPTION>
                                                              SECOND QUARTER
                                                          ----------------------
                                                            2002          2001
                                                          ---------    ---------
<S>                                                         <C>          <C>
ROYALTIES:
Oil sales (Bbls)                                            190,930      257,885
Gas sales (Mcf)                                             790,302    1,088,264

PROPERTIES FROM WHICH THE ROYALTIES WERE CARVED:
Oil:
    Total oil sales (Bbls)                                  322,193      358,010
    Average per day (Bbls)                                    3,620        4,023
    Average price per Bbl                                 $   21.10    $   24.40

Gas:
    Total gas sales (Mcf)                                 1,473,866    1,583,761
    Average per day (Mcf)                                    16,560       17,795
    Average price per Mcf                                 $    2.52    $    5.64
</TABLE>


The posted price of oil decreased to an average price per barrel of $21.10 per
Bbl in the second quarter of 2002, compared to $24.40 per Bbl in the second
quarter of 2001. The Trustee has been advised by BROG that for the period August
1, 1993, through June 30, 2002, the oil from the Waddell Ranch properties was
being sold under a competitive bid to a third party. The average price of gas
decreased from $5.64 per Mcf in the second quarter of 2001 to $2.52 per Mcf in
the second quarter of 2002. This decrease is primarily attributable to a
significant increase in gas prices earlier in the year of 2001.

Since the oil and gas sales attributable to the Royalties are based on an
allocation formula that is dependent on such factors as price and cost
(including capital expenditures), the production amounts in the Royalties
section of the above table do not provide a meaningful comparison. Oil and gas
sales volumes from the Underlying Properties decreased for the applicable period
in 2002 compared to 2001.

Capital expenditures for drilling, remedial and maintenance activities on the
Waddell Ranch properties during the second quarter of 2002 totaled $802,000 as
compared to $226,000 for the second quarter of 2001. BROG has informed the
Trustee that the 2002 capital expenditures budget has been revised to $4.6
million for the Waddell Ranch. The total amount of capital expenditures for 2001
was $4.6 million. Through the second quarter of 2002, capital expenditures of
$1.7 million have been expended.

The Trustee has been advised that there was 1 well completed or in progress
during the three months ended June 30, 2002 as compared to 3 wells for the three
months ended June 30, 2001 on the Waddell Ranch properties.

Lease operating expense and property taxes totaled $2.0 million for the second
quarter of 2002, compared to $1.65 million in the second quarter of 2001 on the
Waddell Ranch properties. This increase is primarily attributable to higher
maintenance costs for the quarter.



                                       10
<PAGE>

SIX MONTHS ENDED JUNE 30, 2002 AND 2001

For the six months ended June 30, 2002, royalty income received by the Trust
amounted to $10,228,540 compared to royalty income of $24,135,414 for the six
months ended June 30, 2001. The decrease in royalty income is primarily due to a
decrease in gas prices in the first six months of 2002, compared to the first
six months in 2001. Interest income for the six months ended June 30, 2002 was
$7,892 compared to $50,459 for the six months ended June 30, 2001. The decrease
in interest income is attributable primarily to a decrease in funds available
for investment. General and administrative expenses for the six months ended
June 30, 2002 were $295,380. During the six months ended June 30, 2001, general
and administrative expenses were $297,015. The decrease in general and
administrative expenses is primarily due to timing differences in the receipt
and payment of these expenses.

These transactions resulted in distributable income for the six months ended
June 30, 2002 of $9,941,053, or $.213287, per Unit. For the six months ended
June 30, 2001, distributable income was $23,888,858 or $.512540 per Unit.

Royalty income for the Trust for the period ended June 30, 2002 is associated
with actual oil and gas production for the period November 2001 through April
2002 from the properties from which the Royalties were carved. Oil and gas
production attributable to the Royalties and the properties from which the
Royalties were carved are as follows:

<TABLE>
<CAPTION>
                                                             FIRST SIX MONTHS
                                                          ----------------------
                                                             2002        2001
                                                          ---------    ---------
<S>                                                         <C>          <C>
ROYALTIES:
Oil sales (Bbls)                                            366,168      485,115
Gas sales (Mcf)                                           1,549,944    2,015,968

PROPERTIES FROM WHICH THE ROYALTIES WERE CARVED:
Oil:
    Total oil sales (Bbls)                                  646,102      740,196
    Average per day (Bbls)                                    3,570        4,089
    Average price per Bbl                                 $   19.03    $   24.70
Gas:
    Total gas sales (Mcf)                                 3,029,372    3,174,554
    Average per day (Mcf)                                    16,737       17,539
    Average price per Mcf                                 $    2.44    $    5.63
</TABLE>


The average price of oil decreased during the six months ended June 30, 2002 to
$19.03 per barrel compared to $24.70 per barrel for the same period in 2001. The
decrease in the average price of oil is primarily due to lagging demand in 2002,
caused by a worldwide economic slowdown. The decrease in the average price of
gas from $5.63 per Mcf for the six months ended June 30, 2001 to $2.44 per Mcf
for the six months ended June 30, 2002 is primarily the result of a decrease in
the spot prices of natural gas.

Since the oil and gas sales volumes attributable to the Royalties are based on
an allocation formula that is dependent on such factors as price and cost
(including capital expenditures), the production amounts in the Royalties
section of the above table do not provide a meaningful




                                       11
<PAGE>

comparison. The oil and gas sales volumes from the properties from which the
Royalties are carved have remained relatively constant for the applicable period
of 2002 compared to 2001.

The Trust has been advised that 3 gross and 1 net productive oil wells were
drilled and completed on the Waddell Ranch properties during the six months
ended June 30, 2002 and during the six months ended June 30, 2001. Capital
expenditures for the Waddell Ranch properties for the six months ended June 30,
2002 totaled $1.7 million compared to $2.6 million for the same period in 2001.
BROG has previously advised the Trust that the remaining 2002 capital
expenditures budget for the Waddell Ranch properties is $2.9 million.

Lease operating expense and property taxes totaled $4.0 million in 2002 compared
to $4.3 million in 2001. The decrease in lease operating expense is primarily
attributable to more efficient field operations on the Waddell Ranch properties.

CALCULATION OF ROYALTY INCOME

The Trust's royalty income is computed as a percentage of the net profit from
the operation of the properties in which the Trust owns net overriding royalty
interests. These percentages of net profits are 75% and 95% in the case of the
Waddell Ranch properties and the Texas Royalty properties, respectively. Royalty
income received by the Trust for the three months ended June 30, 2002 and 2001,
respectively, were computed as shown in the table below:

<TABLE>
<CAPTION>
                                                                        THREE MONTHS ENDED JUNE 30,
                                                   -----------------------------------------------------------------
                                                                2002                                  2001
                                                   -----------------------------       -----------------------------
                                                     WADDELL            TEXAS           WADDELL             TEXAS
                                                     RANCH            ROYALTY            RANCH             ROYALTY
                                                   PROPERTIES        PROPERTIES        PROPERTIES         PROPERTIES
                                                   -----------       -----------       -----------       -----------
<S>                                                <C>               <C>               <C>               <C>
Gross proceeds of sales from the
    Underlying Properties
    Oil proceeds                                   $ 4,929,892       $ 1,867,653       $ 6,560,767       $ 2,281,884
    Gas proceeds                                     3,262,024           449,972         7,616,725         1,302,814
                                                   -----------       -----------       -----------       -----------
                      Total                          8,191,916         2,317,625        14,177,492         3,584,698
                                                   -----------       -----------       -----------       -----------

Less:
    Severance tax:
        Oil                                            207,630            68,646           275,169            87,141
        Gas                                            176,508            33,712            67,475            87,728
    Lease operating expense and property tax:
        Oil and gas                                  2,041,205           180,000         1,650,388           150,000
    Capital expenditures                               802,099                __           226,251                __
    Other                                                3,397              --              30,000              --
                                                   -----------       -----------       -----------       -----------
                      Total                          3,230,839           282,358         2,249,283           324,869
                                                   -----------       -----------       -----------       -----------

Net profits                                          4,961,077         2,035,267        11,928,209         3,259,829
Net overriding royalty interests                            75%               95%               75%               95%
                                                   -----------       -----------       -----------       -----------
Royalty income                                     $ 3,720,808       $ 1,933,504       $ 8,946,157       $ 3,096,838
                                                   ===========       ===========       ===========       ===========
</TABLE>


                                       12
<PAGE>


ITEM 3.       QUALITATIVE AND QUANTITATIVE DISCLOSURES ABOUT MARKET RISK

There have been no material changes in the Trust's market risk, as disclosed in
the Trust's annual report on Form 10-K for the fiscal year ended December 31,
2001.






                                       13
<PAGE>


                           PART II - OTHER INFORMATION


ITEMS 1 THROUGH 5.

Not applicable.


ITEM 6.       EXHIBITS AND REPORTS ON FORM 8-K

              (a) Exhibits

                  (4)(a)   Permian Basin Royalty Trust Indenture dated November
                           3, 1980, between Southland Royalty Company (now
                           Burlington Resources Oil & Gas Company) and The First
                           National Bank of Fort Worth (now Bank of America,
                           N.A.), as Trustee, heretofore filed as Exhibit (4)(a)
                           to the Trust's Annual Report on Form 10-K to the
                           Securities and Exchange Commission for the fiscal
                           year ended December 31, 1980 is incorporated herein
                           by reference.

                  (4)(b)   Net Overriding Royalty Conveyance (Permian Basin
                           Royalty Trust) from Southland Royalty Company (now
                           Burlington Resources Oil & Gas Company) to The First
                           National Bank of Fort Worth (now Bank of America,
                           N.A.), as Trustee, dated November 3, 1980 (without
                           Schedules), heretofore filed as Exhibit (4)(b) to the
                           Trust's Annual Report on Form 10-K to the Securities
                           and Exchange Commission for the fiscal year ended
                           December 31, 1980 is incorporated herein by
                           reference.

                  (4)(c)   Net Overriding Royalty Conveyance (Permian Basin
                           Royalty Trust - Waddell Ranch) from Southland Royalty
                           Company (now Burlington Resources Oil & Gas Company)
                           to The First National Bank of Fort Worth (now Bank of
                           America, N.A.), as Trustee, dated November 3, 1980
                           (without Schedules), heretofore filed as Exhibit
                           (4)(c) to the Trust's Annual Report on Form 10-K to
                           the Securities and Exchange Commission for the fiscal
                           year ended December 31, 1980 is incorporated herein
                           by reference.

                  (b)  Reports on Form 8-K

                  No reports were filed during the quarter ended June 30, 2002.





                                       14
<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.

                                  BANK OF AMERICA, N.A.,
                                      TRUSTEE FOR THE
                                      PERMIAN BASIN ROYALTY TRUST




                                  By       /s/ RON E. HOOPER
                                    ------------------------------------------
                                           Ron E. Hooper
                                           Senior Vice President
                                           Trust Administrator

Date:  August 14, 2002


               (The Trust has no directors or executive officers.)



                                       15
<PAGE>

                                INDEX TO EXHIBITS




Sequentially
Numbered      Exhibit
Page          Number       Exhibit

                  (4)(a)   Permian Basin Royalty Trust Indenture dated November
                           3, 1980, between Southland Royalty Company (now
                           Burlington Resources Oil & Gas Company) and The First
                           National Bank of Fort Worth (now Bank of America,
                           N.A.), as Trustee, heretofore filed as Exhibit (4)(a)
                           to the Trust's Annual Report on Form 10-K to the
                           Securities and Exchange Commission for the fiscal
                           year ended December 31, 1980 is incorporated herein
                           by reference.*

                  (b)      Net Overriding Royalty Conveyance (Permian Basin
                           Royalty Trust) from Southland Royalty Company (now
                           Burlington Resources Oil & Gas Company) to The First
                           National Bank of Fort Worth (now Bank of America,
                           N.A.), as Trustee, dated November 3, 1980 (without
                           Schedules), heretofore filed as Exhibit (4)(b) to the
                           Trust's Annual Report on Form 10-K to the Securities
                           and Exchange Commission for the fiscal year ended
                           December 31, 1980 is incorporated herein by
                           reference.*

                  (c)      Net Overriding Royalty Conveyance (Permian Basin
                           Royalty Trust - Waddell Ranch) from Southland Royalty
                           Company (now Burlington Resources Oil & Gas Company)
                           to The First National Bank of Fort Worth (now Bank of
                           America, N.A.), as Trustee, dated November 3, 1980
                           (without Schedules), heretofore filed as Exhibit
                           (4)(c) to the Trust's Annual Report on Form 10-K to
                           the Securities and Exchange Commission for the fiscal
                           year ended December 31, 1980 is incorporated herein
                           by reference.*

* A copy of this Exhibit is available to any Unit holder, at the actual
  cost of reproduction, upon written request to the Trustee, Bank of
  America, N.A., P. O. Box 830650, Dallas, Texas 75202.



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