SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 13D

Under the Securities and Exchange Act of 1934

(Amendment No. 4)*

LL&E Royalty Trust

(Name of Issuer)

Units of Beneficial Interest

(Title of Class of Securities)

502003 10 6

(CUSIP Number)

Robert Robotti
c/o Robotti & Company, Incorporated

110 East 42^nd Street, Suite 1100

New York, New York 10017

212-986-4800

(Name, Address and Telephone Number of Person

Authorized to Receive Notices and Communications)

December 18, 2009

(Date of Event Which Requires Filing of this Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the following box. [  ]

Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits.  See 13d-7 for other parties to whom copies are to be sent.

  (Page 1 of 17 Pages)

*The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page.

The information required in the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

Schedule 13D

CUSIP No. 502003 10 6

Page 2 of 17 Pages

1.

Names of Reporting Persons
Robert E. Robotti

2.

Check the Appropriate Box if a Member of a Group (See Instructions)

(a)

[  ]

(b)

[X]

3.

SEC Use Only

4.

Source of Funds (See Instructions)

AF, OO

5.

Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)

[  ]

6.

Citizenship or Place of Organization

United States 

Number of

7.

Sole Voting Power: -0-

Shares

Beneficially

8.

Shared Voting Power: 1,866,219

Owned by

Each

9.

Sole Dispositive Power: -0-

Reporting

Person With

10.

Shared Dispositive Power: 1,866,219

11.

Aggregate Amount Beneficially Owned by Each Reporting Person

  1,866,219

12.

Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions) [  ]

13.

Percent of Class Represented by Amount in Row (11)

9.8%

14.

Type of Reporting Person (See Instructions)

  IN, HC

Schedule 13D

CUSIP No. 502003 10 6

Page 3 of 17 Pages

1.

Names of Reporting Persons
Robotti & Company, Incorporated

2.

Check the Appropriate Box if a Member of a Group (See Instructions)

(a)

[  ]

(b)

[X]

3.

SEC Use Only

4.

Source of Funds (See Instructions)

OO

5.

Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)

[   ]

6.

Citizenship or Place of Organization

New York 

Number of

7.

Sole Voting Power: -0-

Shares

Beneficially

8.

Shared Voting Power: 68,800

Owned by

Each

9.

Sole Dispositive Power: -0-

Reporting

Person With

10.

Shared Dispositive Power: 68,800

11.

Aggregate Amount Beneficially Owned by Each Reporting Person

 68,800

12.

Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions) [  ]

13.

Percent of Class Represented by Amount in Row (11)

 Less than 1%

14.

Type of Reporting Person (See Instructions)

  CO, HC

Schedule 13D

CUSIP No. 502003 10 6

Page 4 of 17 Pages

1.

Names of Reporting Persons
Robotti & Company, LLC

2.

Check the Appropriate Box if a Member of a Group (See Instructions)

(a)

[  ]

(b)

[X]

3.

SEC Use Only

4.

Source of Funds (See Instructions)

OO

5.

Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)

[  ]

6.

Citizenship or Place of Organization

New York 

Number of

7.

Sole Voting Power: -0-

Shares

Beneficially

8.

Shared Voting Power: 67,500

Owned by

Each

9.

Sole Dispositive Power: -0-

Reporting

Person With

10.

Shared Dispositive Power: 67,500

11.

Aggregate Amount Beneficially Owned by Each Reporting Person

  67,500

12.

Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions) [  ]

13.

Percent of Class Represented by Amount in Row (11)

 Less than 1%

14.

Type of Reporting Person (See Instructions)

  OO, BD

Schedule 13D

CUSIP No. 502003 10 6

Page 5 of 17 Pages

1.

Names of Reporting Persons
Robotti & Company Advisors, LLC

2.

Check the Appropriate Box if a Member of a Group (See Instructions)

(a)

[  ]

(b)

[X]

3.

SEC Use Only

4.

Source of Funds (See Instructions)

OO

5.

Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)

[  ]

6.

Citizenship or Place of Organization

New York 

Number of

7.

Sole Voting Power: -0-

Shares

Beneficially

8.

Shared Voting Power: 1,300

Owned by

Each

9.

Sole Dispositive Power: -0-

Reporting

Person With

10.

Shared Dispositive Power: 1,300

11.

Aggregate Amount Beneficially Owned by Each Reporting Person

 1,300

12.

Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions) [  ]

13.

Percent of Class Represented by Amount in Row (11)

 Less than 1%

14.

Type of Reporting Person (See Instructions)

OO, IA

Schedule 13D

CUSIP No. 502003 10 6

Page 6 of 17 Pages

1.

Names of Reporting Persons
Kenneth R. Wasiak

2.

Check the Appropriate Box if a Member of a Group (See Instructions)

(a)

[  ]

(b)

[X]

3.

SEC Use Only

4.

Source of Funds (See Instructions)

AF

5.

Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)

[  ]

6.

Citizenship or Place of Organization

United States

Number of

7.

Sole Voting Power: -0-

Shares

Beneficially

8.

Shared Voting Power: 1,797,419

Owned by

Each

9.

Sole Dispositive Power: -0-

Reporting

Person With

10.

Shared Dispositive Power: 1,797,419

11.

Aggregate Amount Beneficially Owned by Each Reporting Person

1,797,419

12.

Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions) [  ]

13.

Percent of Class Represented by Amount in Row (11)

 9.5%

14.

Type of Reporting Person (See Instructions)

  IN, HC

Schedule 13D

CUSIP No. 502003 10 6

Page 7 of 17 Pages

1.

Names of Reporting Persons
Ravenswood Management Company, L.L.C.

2.

Check the Appropriate Box if a Member of a Group (See Instructions)

(a)

[  ]

(b)

[X]

3.

SEC Use Only

4.

Source of Funds (See Instructions)

AF

5.

Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)

[  ]

6.

Citizenship or Place of Organization

New York 

Number of

7.

Sole Voting Power: -0-

Shares

Beneficially

8.

Shared Voting Power: 1,797,419

Owned by

Each

9.

Sole Dispositive Power: -0-

Reporting

Person With

10.

Shared Dispositive Power: 1,797,419

11.

Aggregate Amount Beneficially Owned by Each Reporting Person

  1,797,419

12.

Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions) [  ]

13.

Percent of Class Represented by Amount in Row (11)

 9.5%

14.

Type of Reporting Person (See Instructions)

  OO

Schedule 13D

CUSIP No. 502003 10 6

Page 8 of 17 Pages

1.

Names of Reporting Persons
The Ravenswood Investment Company, L.P.

2.

Check the Appropriate Box if a Member of a Group (See Instructions)

(a)

[  ]

(b)

[X]

3.

SEC Use Only

4.

Source of Funds (See Instructions)

WC

5.

Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)

[  ]

6.

Citizenship or Place of Organization

New York 

Number of

7.

Sole Voting Power: -0-

Shares

Beneficially

8.

Shared Voting Power: 1,268,895

Owned by

Each

9.

Sole Dispositive Power: -0-

Reporting

Person With

10.

Shared Dispositive Power: 1,268,895

11.

Aggregate Amount Beneficially Owned by Each Reporting Person

  1,268,895

12.

Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions) [  ]

13.

Percent of Class Represented by Amount in Row (11)

 6.7%

14.

Type of Reporting Person (See Instructions)

  PN

Schedule 13D

CUSIP No. 502003 10 6

Page 9 of 17 Pages

1.

Names of Reporting Persons
Ravenswood Investments III, L.P.

2.

Check the Appropriate Box if a Member of a Group (See Instructions)

(a)

[  ]

(b)

[X]

3.

SEC Use Only

4.

Source of Funds (See Instructions)

WC

5.

Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)

[  ]

6.

Citizenship or Place of Organization

New York 

Number of

7.

Sole Voting Power: -0-

Shares

Beneficially

8.

Shared Voting Power: 528,524

Owned by

Each

9.

Sole Dispositive Power: -0-

Reporting

Person With

10.

Shared Dispositive Power: 528,524

11.

Aggregate Amount Beneficially Owned by Each Reporting Person

  528,524

12.

Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions) [  ]

13.

Percent of Class Represented by Amount in Row (11)

 2.8%

14.

Type of Reporting Person (See Instructions)

  PN

Schedule 13D

CUSIP No. 502003 10 6

Page 10 of 17 Pages

1.

Names of Reporting Persons
Benjamin Stein

2.

Check the Appropriate Box if a Member of a Group (See Instructions)

(a)

[  ]

(b)

[X]

3.

SEC Use Only

4.

Source of Funds (See Instructions)

AF

5.

Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)

[  ]

6.

Citizenship or Place of Organization

United States

Number of

7.

Sole Voting Power: -0-

Shares

Beneficially

8.

Shared Voting Power: 229,764

Owned by

Each

9.

Sole Dispositive Power: -0-

Reporting

Person With

10.

Shared Dispositive Power: 229,764

11.

Aggregate Amount Beneficially Owned by Each Reporting Person

229,764

12.

Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions) [  ]

13.

Percent of Class Represented by Amount in Row (11)

 1.2%

14.

Type of Reporting Person (See Instructions)

  IN, HC

Schedule 13D

CUSIP No. 502003 10 6

Page 11 of 17 Pages

1.

Names of Reporting Persons
Zachary Sternberg

2.

Check the Appropriate Box if a Member of a Group (See Instructions)

(a)

[  ]

(b)

[X]

3.

SEC Use Only

4.

Source of Funds (See Instructions)

AF

5.

Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)

[  ]

6.

Citizenship or Place of Organization

United States

Number of

7.

Sole Voting Power: -0-

Shares

Beneficially

8.

Shared Voting Power: 229,764

Owned by

Each

9.

Sole Dispositive Power: -0-

Reporting

Person With

10.

Shared Dispositive Power: 229,764

11.

Aggregate Amount Beneficially Owned by Each Reporting Person

229,764

12.

Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions) [  ]

13.

Percent of Class Represented by Amount in Row (11)

 1.2%

14.

Type of Reporting Person (See Instructions)

  IN, HC

Schedule 13D

CUSIP No. 502003 10 6

Page 12 of 17 Pages

1.

Names of Reporting Persons
Spruce House Capital LLC

2.

Check the Appropriate Box if a Member of a Group (See Instructions)

(a)

[  ]

(b)

[X]

3.

SEC Use Only

4.

Source of Funds (See Instructions)

AF

5.

Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)

[  ]

6.

Citizenship or Place of Organization

Delaware

Number of

7.

Sole Voting Power: -0-

Shares

Beneficially

8.

Shared Voting Power: 229,764

Owned by

Each

9.

Sole Dispositive Power: -0-

Reporting

Person With

10.

Shared Dispositive Power: 229,764

11.

Aggregate Amount Beneficially Owned by Each Reporting Person

229,764

12.

Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions) [  ]

13.

Percent of Class Represented by Amount in Row (11)

 1.2%

14.

Type of Reporting Person (See Instructions)

  OO

Schedule 13D

CUSIP No. 502003 10 6

Page 13 of 17 Pages

1.

Names of Reporting Persons
Spruce House Partners LP

2.

Check the Appropriate Box if a Member of a Group (See Instructions)

(a)

[  ]

(b)

[X]

3.

SEC Use Only

4.

Source of Funds (See Instructions)

WC

5.

Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)

[  ]

6.

Citizenship or Place of Organization

Delaware

Number of

7.

Sole Voting Power: -0-

Shares

Beneficially

8.

Shared Voting Power: 229,764

Owned by

Each

9.

Sole Dispositive Power: -0-

Reporting

Person With

10.

Shared Dispositive Power: 229,764

11.

Aggregate Amount Beneficially Owned by Each Reporting Person

229,764

12.

Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions) [  ]

13.

Percent of Class Represented by Amount in Row (11)

 1.2%

14.

Type of Reporting Person (See Instructions)

  PN

SCHEDULE 13D

CUSIP No. 502003 10 6

Page 14 of 17 Pages

                 This Statement on Schedule 13D Amendment No. 4 (this "Statement") is filed on behalf of the Reporting Persons with the Securities and Exchange Commission (the "Commission").  This Statement amends, as specifically set forth herein, the Initial Statement of Beneficial Ownership on Schedule 13D relating to Units of Beneficial Interest (the "Units") of LL&E Royalty Trust (the "Issuer"), filed on October 23, 2008 with the Commission as amended by Amendment No. 1, Amendment No. 2, and Amendment No. 3 thereto, filed with the Commission on February 9, 2009, June 10, 2009 and September 2,2009   respectively (as previously amended, the "Amended Statement").  Capitalized terms used herein and not otherwise defined herein shall have the same meanings ascribed to them in the Initial Statement.

Item 3.

Source and Amount of Funds or Other Consideration

Item 3 of the Amended Statement is hereby amended and restated to read as follows:

                      The aggregate purchase price of the 67,500 Units held by Robotti & Company is $157,264.46 (including brokerage fees and expenses, but not including the purchase price for 3,000 units that were held by a customer and transferred into such customer's discretionary account). All of the Units beneficially held by Robotti & Company were paid for using the personal funds of its discretionary customers.

                      The aggregate purchase price of the 1,300 Units held by Robotti Advisors is $3,138.25 (including brokerage fees and expenses).  All of the Units beneficially held by Robotti Advisors were paid for using the personal funds of its clients.

                The aggregate purchase price of the 1,268,895 Units held by RIC is $1,808,096.14 (including brokerage fees and expenses).  All of the Units beneficially held by RIC were paid for using its working capital.

                The aggregate purchase price of the 528,524 Units held by RI is $800,284.63 (including brokerage fees and expenses).  All of the Units beneficially held by RI were paid for using its working capital.

                The aggregate purchase price of the 229,764 Units held by SHP is $131,028.98 (including brokerage fees and expenses).  All of the Units beneficially held by SHP were paid for using its working capital.

Item 5.

Interest in Securities of the Issuer

Item 5 of the Amended Statement is hereby amended and restated to read as follows:

                (a)-(b) As of December 28, 2009, the aggregate number of Units and percentage of the outstanding Units of the Issuer beneficially owned (i) by each of the Reporting Persons, and (ii) to the knowledge of the Reporting Persons, by each other person who may be deemed to be a member of a group, is as follows:

Reporting Person

Aggregate Number of Units

Number of Units: Sole Power to Vote or Dispose

Number of Units: Shared Power to Vote or Dispose

Approximate Percentage*

Robotti (1)(2)(3)(4)(5)

1,866,219

0

1,866,219

9.83%

ROBT (1)(2)(3)

68,800

0

68,800

**

Robotti & Company (1)(2)

67,500

0

67,500

**

Robotti & Company Advisors(1)(3)

1,300

0

1,300

**

Wasiak (1)(4)(5)

1,797,419

0

1,797,419

9.46%

RMC (1)(4)(5)

1,797,419

0

1,797,419

9.46%

RIC (1)(4)

1,268,895

0

1,268,895

6.68%

RI (1)(5)

528,524

0

528,524

2.78%

SCHEDULE 13D

CUSIP No. 502003 10 6

Page 15 of 17 Pages

Stein (1)(6)

229,764

0

229,764

1.2%

Sternberg (1)(6)

229,764

0

229,764

1.2%

SHC (1)(6)

229,764

0

229,764

1.2%

SHP (1)(6)

229,764

0

229,764

1.2%

                 *Based on 18,991,304 Units of Beneficial Interest outstanding as of August 25, 2009 as disclosed in the Issuer's Annual Report on Form 10-K, for the year ended December 31, 2008.

               **  Lessthan one percent.

                (1) Each of the Reporting Persons disclaims beneficial ownership of the securities held by the other Reporting Persons except to the extent of such Reporting Person's pecuniary interest therein, if any.
                (2) Each of Mr. Robotti and ROBT share with Robotti & Company the power to vote or direct the vote, and share the power to dispose or to direct the disposition, of 67,500 Units owned by the discretionary customers of Robotti & Company.
                (3) Each of Mr. Robotti and ROBT share with Robotti Advisors the power to vote or direct the vote, and share the power to dispose or to direct the disposition, of 1,300 Units owned by the discretionary customers of Robotti Advisors.

                (4) Each of Messrs. Robotti and Wasiak and RMC share with RIC the power to vote or direct the vote, and share the power to dispose or to direct the disposition, of 1,268,895 Units owned by RIC.
                (5) Each of Messrs. Robotti and Wasiak and RMC share with RI the power to vote or direct the vote, and share the power to dispose or to direct the disposition, of 528,524 Units owned by RI.
                (6) Each of Messrs. Stein and Sternberg and SHC share with SHP the power to vote or direct the vote, and share the power to dispose or to direct the disposition, of 229,764 Units owned by SHP.

                (c) The table below lists all the transactions in the Issuer's Units in the past sixty days by the Reporting Persons.  All such transactions were made by RIC, RI, and SHP in the open market.

Transactions in Units Within The Past Sixty Days

Party

Date of Purchase/ Sale

Number of Units

Buy/Sell

Price Per Unit

SHP

10/30/2009

300

BUY

$0.60

RIC

12/09/2009

5,304

BUY

$0.6265

RI

12/09/2009

2,273

BUY

$0.6265

SHP

12/09/2009

7,578

BUY

$0.6265

RIC

12/10/2009

27,756

BUY