NET INCOME PER UNIT

9 Months Ended

Oct. 31, 2011

NET INCOME PER UNIT

NET INCOME PER UNIT

Note 2. Net income per unit includes accrued income receivable.   The Trust recorded $19,268,209 of accrued income receivable as reflected on the Condensed Balance Sheet as of October 31, 2011 (unaudited).  Accrued income receivable includes accruals for anticipated positive pricing adjustments, royalties related to shipments during the month of October, and approximately $14,739,694 of royalties earned during July, August, and September 2011. The Trust typically receives payments from Northshore in the month following the end of each calendar quarter. However, during the fiscal quarter ended October 31, 2011, payment anticipated to be received by October 31, 2011, was not received until November 2, 2011. Therefore, the amount is included in accrued income receivable. These funds were used to pay distributions of $14,694,411 declared by the Trustees on October 14, 2011 and payable on November 20, 2011.  Net income per unit is based on 13,120,010 units outstanding during the period.