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Filing Details

Accession Number:: 0001105838-10-000030
Form Type:: 4
Zero Holdings:: No
Publication Time:: 2010-12-28 19:23:17
Reporting Period:: 2010-07-12

Filing Date:: 2010-12-28
Accepted Time:: 2010-12-28 19:23:17
SEC Url:: Form 4 Filing

Issuer

Cik	Name	Symbol	Sector (SIC)	IRS No
721765	Ll&E Royalty Trust	LRTR	Oil Royalty Traders (6792)	766007940

Insiders

Cik	Name	Reported Address	Insider Title	Director	Officer	Large Shareholder	Other
1105627	R Kenneth Wasiak	C/O Pustorino Puglisi &Amp; Co Llp 515 Madison Avenue New York NY 10022		No	No	No	Yes
1105838	Robert Robotti	6 East 43Rd Street 23Rd Floor New York NY 10017		No	No	No	Yes

Reported Non-Derivative Transactions

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Sec. Name	Acquisiton - Disposition	Date	Amount	Price	Remaning Holdings	Equity Swap Involved	Form Type	Code	Nature of Ownership	Explanation
Units Of Beneficial Interest	Disposition	2010-07-12	2,500	$1.17	1,916,321	No	5	S	Indirect	See Footnotes
Units Of Beneficial Interest	Disposition	2010-09-08	1,000	$2.22	1,915,321	No	5	S	Indirect	See Footnotes
Units Of Beneficial Interest	Disposition	2010-11-12	2,500	$1.05	1,912,821	No	5	S	Indirect	See Footnotes
Units Of Beneficial Interest	Disposition	2010-12-21	1,000	$0.75	1,911,821	No	5	S	Indirect	See Footnotes
Units Of Beneficial Interest	Disposition	2010-12-22	300	$0.75	1,911,521	No	5	S	Indirect	See Footnotes
Units Of Beneficial Interest	Disposition	2010-12-23	1,901,521	$0.75	10,000	No	4	S	Indirect	See Footnotes

Equity Swap Involved	Form Type	Code	Nature of Ownership	Explanation
No	5	S	Indirect	See Footnotes
No	5	S	Indirect	See Footnotes
No	5	S	Indirect	See Footnotes
No	5	S	Indirect	See Footnotes
No	5	S	Indirect	See Footnotes
No	4	S	Indirect	See Footnotes

Footnotes

These Units of Beneficial Ownership ("Units") were owned directly and beneficially by a discretionary brokerage customer of Robotti & Company, LLC ("Robotti & Company") and were sold as directed by the discretionary customer.
These Units were owned directly and beneficially by an advisory client of Robotti & Company Advisors, LLC ("Robotti & Company Advisors").
This number includes 57,500 Units owned directly and beneficially by the discretionary brokerage customers of Robotti & Company, 1,301,217 Units directly owned by the Ravenswood Investment Company, LP ("RIC") and 542,804 Units directly owned by Ravenswood Investments III, LP ("RI"). Each party hereto disclaims beneficial ownership of Units held by another party hereto except to the extent of his or its respective pecuniary interest therein, if any.
Each of Robotti & Company, a broker-dealer registered under Section 15 of the Securities Exchange Act of 1934, as amended ("Exchange Act"), Robotti & Company Advisors, an investment adviser registered under the Investment Advisers Act of 1940, as amended, Robotti & Company, Incorporated ("ROBT"), the parent holding company for Robotti & Company and Robotti & Company Advisors, RIC, RI, Ravenswood Management Company, L.L.C. ("RMC"), the general partner of RIC and RI, Robert E. Robotti, President and an owner of ROBT, President of Robotti & Company and Robotti & Company Advisors and a Managing Member of RMC, and Kenneth R. Wasiak (together with Robotti & Company, Robotti & Company Advisors, ROBT, RIC, RI, RMC and Mr. Robotti, the "Robotti Parties"), a Managing Member of RMC, may be deemed to be a group (for the purpose of Rule 16a-1(a)(1) under the Exchange Act),
Due to 1000 character limit, Footnote 5 is a continuation of Footnote 4:with the Spruce House Partnership LP (f/k/a Spruce House Partners, LP) ("SHP"), Spruce House Capital LLC ("SHC"), the general partner of SHP, and Benjamin Stein and Zachary Sternberg (together with SHP, SHC and Mr. Stein, the "Spruce House Parties"), each Managing Members of SHC, due to a Joint Filing Agreement dated as of September 2, 2009 among such persons. Each of the Robotti Parties disclaims beneficial ownership of any Units owned by any of the Spruce House Parties.