Cross Timbers Royalty Trust is an express trust. The net profits interests are the principal asset of the trust. The net profits interests consists of: the 90% net profits interests, which are carved from producing royalty and overriding royalty interest properties in Texas, Oklahoma and New Mexico, and 11.11% nonparticipating royalty interests in nonproducing properties located primarily in Texas and Oklahoma, and the 75% net profits interests, which are carved from working interests in four properties in Texas and three properties in Oklahoma. As of December 31, 2011, all underlying royalties, underlying nonproducing royalties and underlying working interest properties were owned by XTO Energy Inc. (XTO Energy). Approximately 20 of the underlying royalty interests in the San Juan Basin burden working interests in properties operated by XTO Energy. Bank of America, N.A. is the trustee of the trust.