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Filing Details

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
1389653	Spruce House Partners Lp	6 East 43Rd Street 23Rd Floor New York NY 10017		No	No	No	Yes
1472167	Spruce House Capital Llc	6 East 43Rd Street 23Rd Floor New York NY 10017		No	No	No	Yes

Reported Non-Derivative Transactions

Sec. Name	Acquisiton - Disposition	Date	Amount	Price	Remaning Holdings	Equity Swap Involved	Form Type	Code	Nature of Ownership	Explanation
Units Of Beneficial Interest	Disposition	2010-12-23	293,564	$0.75	0	No	4	S	Direct

Equity Swap Involved	Form Type	Code	Nature of Ownership	Explanation
No	4	S	Direct

Footnotes

These Units of Beneficial Interest (the "Units") were directly owned by The Spruce House Partnership LP, formerly known as Spruce House Partners LP. Each of Messrs. Benjamin Stein and Zachary Sternberg and Spruce House Capital LLC disclaimed beneficial ownership of these Units except to the extent of his or its respective pecuniary interests therein, if any.
Each of The Spruce House Partnership LP ("SHP"), Spruce House Capital LLC ("SHC"), general partner of SHP, Benjamin Stein and Zachary Sternberg (together with SHP, SHC, Mr. Stein, the "Spruce House Parties"), each Managing Members of SHC, may have been deemed to have been a group (for the purpose of Rule 16a-1(a)(1) under the Securities Exchange Act of 1934, as amended ("Exchange Act") with Robotti & Company, LLC ("Robotti & Company"), Robotti & Company Advisors, LLC ("Robotti & Company Advisors"),
Due to a 1000 character limit, Footnotes 3 is a continuation of Footnote 2:Robotti & Company, Incorporated ("ROBT"), The Ravenswood Investment Company, L.P. ("RIC"), Ravenswood Investments III, L.P. ("RI"), Ravenswood Management Company, L.L.C. ("RMC"), Robert E. Robotti and Kenneth R. Wasiak (together with Robotti & Company, Robotti & Company Advisors, ROBT, RIC, RI, RMC and Mr. Robotti, the "Robotti Parties"), due to a Joint Filing Agreement dated as of September 2, 2009 among such persons. Each of the Spruce House Parties disclaims beneficial ownership of any Units owned by any of the Robotti Parties.