NET INCOME PER UNIT

9 Months Ended

Oct. 31, 2017

NET INCOME PER UNIT

NET INCOME PER UNIT

Note 2.  Net income per unit includes accrued income receivable.  For the three months ended October 31, 2017, the Trust recorded $2,837,160 of accrued income receivable as reflected on the Condensed Balance Sheet as of October 31, 2017 (unaudited). Accrued income receivable is accounted for and reported for the Trust’s third fiscal quarter based on shipments during the month of October, even though such accrued income receivable is not available for distribution to the holders of Certificates of Beneficial Interest in Mesabi Trust (“Unitholders”) until the applicable royalties are actually received by the Trust. Accrued income receivable also includes accruals for anticipated pricing adjustments, which can be positive or negative. Net income per unit is based on 13,120,010 units outstanding during the period.