8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May 5, 2004

SABINE ROYALTY TRUST

(Exact name of Registrant as specified in its charter)

Delaware	1-8424	76-6297143
(State or other jurisdiction of	(Commission	(I.R.S. Employer
incorporation or organization)	File Number)	Identification No.)
Trust Division
Royalty Trust Group
Bank of America, N.A.
901 Main Street, 17th Floor
Dallas, Texas		75202
(Address of principal executive offices)		(Zip Code)

Registrant’s Telephone Number, including area code: (214) 209-2400

Not Applicable
(Former name, former address and former fiscal year, if changed since last report)

TABLE OF CONTENTS

	Item 7. Financial Statements and Exhibits
	Item 12. Results Of Operations And Financial Condition.
SIGNATURES
EXHIBIT INDEX
Press Release

Item 7. Financial Statements and Exhibits

     c. Exhibits

     99.1 Press Release dated May 5, 2004.

Item 12. Results Of Operations And Financial Condition.

     On May 5, 2004, the Registrant issued a press release announcing its monthly cash distribution to unitholders of record on May 17, 2004. The press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

     This Report on Form 8-K is being furnished pursuant to Item 12, Results of Operations and Financial Condition. The information furnished is not deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, is not subject to the liabilities of that section and is not deemed incorporated by reference in any filing under the Securities Act of 1933, as amended.

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.

Sabine Royalty Trust
By:	Bank of America, N.A., Trustee
	By:	/s/RON E. HOOPER
		Ron E. Hooper Senior Vice President and Administrator

Date: May 6, 2004

EXHIBIT INDEX

Exhibit
Number	Description
99.1	Press Release dated May 5, 2004.

EX-99.1

Exhibit 99.1

Sabine Royalty Trust

News Release

SABINE ROYALTY TRUST DECLARES
MONTHLY CASH DISTRIBUTION FOR MAY

     Dallas, Texas, May 5, 2004 — Bank of America, N.A., Dallas, Texas, as Trustee of the Sabine Royalty Trust (NYSE — SBR), today declared a cash distribution to the holders of its units of beneficial interest of $0.24520 per unit, payable on May 28, 2004, to unit holders of record on May 17, 2004.

     Due to the timing of the end of the month of April, approximately $32,000 of revenue received will be posted in the following month of May in addition to normal receipts during May.

     This distribution reflects primarily the oil production for February 2004 and the gas production for January 2004. Preliminary production volumes are approximately 43,000 barrels of oil and 571,000 mcf of gas.

     Effective March 15, 2004, Mellon Investor Services, transfer agent for Sabine Royalty Trust, opened a new toll free number dedicated to Sabine Royalty Trust, to provide account service assistance for registered unit holders of the Trust. That toll free number is 800-874-2086.

     The 2003 Annual Report/10-K and tax information for 2003 are now available. For those reports and more information on Sabine Royalty Trust, please visit our website at www.sbr-sabineroyalty.com.

* * *

Contact:	Ron E. Hooper
	Senior Vice President
	Bank of America, N.A.
	Toll Free — 800.365.6541