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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
------------------------------
FORM 10-K
(Mark one)

/X/ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934

FOR THE FISCAL YEAR ENDED JANUARY 31, 2002

/ / TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934

For the transition period from ________________ to __________________.

COMMISSION FILE NUMBER 1-4488

--------------------

MESABI TRUST
(Name of Small Business Issuer in its Charter)

NEW YORK 13-6022277
(State or Other Jurisdiction of (I.R.S. Employer
Incorporation or Organization) Identification No.)

C/O DEUTSCHE BANK TRUST COMPANY AMERICAS
CORPORATE TRUST & AGENCY SERVICES - GDS
P.O. BOX 318
CHURCH STREET STATION 10008-0318
NEW YORK, NEW YORK (Zip Code)
(Address of Principal Executive Offices)

(615) 835-2749
(Issuer's telephone number, including area code)

Securities registered under Section 12(b) of the Exchange Act: UNITS OF
BENEFICIAL INTEREST IN MESABI TRUST

Securities registered under Section 12(g) of the Exchange Act: NONE

Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days. YES /X/ NO / /

Indicate by check mark if disclosure of delinquent filers pursuant to Item
405 of Regulation S-K is not contained herein, and will not be contained, to the
best of registrant's knowledge, in definitive proxy or information statements
incorporated by reference in Part III of this Form 10-K or any amendment to this
Form 10-K. /X/

As of April 15, 2002, the aggregate market value of the Units of Beneficial
Interest held by non-affiliates of the registrant, based on the closing price as
reported on the New York Stock Exchange, aggregated approximately $51,964,840*.
As of April 15, 2002, 13,120,010 Units of Beneficial Interest were outstanding.

DOCUMENTS INCORPORATED BY REFERENCE

Certain items in Parts I and II incorporate information by reference from
the Annual Report of the Trustees of Mesabi Trust to the Holders of Certificates
of Beneficial Interest for the fiscal year ended January 31, 2001, which is
annexed hereto and filed herewith as Exhibit 13.1.

- ----------
* Includes approximately $100,400 representing the market value, as of April
15, 2002, of 25,100 Units of Beneficial Interest the beneficial ownership of
which is disclaimed by affiliates (see Item 12 herein).

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PART I

ITEM 1. BUSINESS.

(a) GENERAL DEVELOPMENT OF BUSINESS.

The information under the headings "Mesabi Trust," "The Trust Estate,"
"Leasehold Royalties" and "Land Trust and Fee Royalties" set forth on pages 8
through 12 of the Annual Report of the Trustees of Mesabi Trust for the fiscal
year ended January 31, 2002 (the "Annual Report") is incorporated herein by
reference. Certain capitalized terms used below in this Part I are defined in
the Annual Report.

Mesabi Trust ("Mesabi Trust" or the "Trust"), formed pursuant to an
Agreement of Trust dated July 18, 1961 (the "Agreement of Trust"), is a trust
organized under the laws of the State of New York. Mesabi Trust holds all of the
interests formerly owned by Mesabi Iron Company, including all right, title and
interest in the Amended Assignment of Peters Lease, the Amended Assignment of
Cloquet Lease, the beneficial interest in the Mesabi Land Trust and all other
assets and property identified in the Agreement of Trust. The Amended Assignment
of Peters Lease relates to an Indenture made as of April 30, 1915 among East
Mesaba Iron Company, Dunka River Iron Company and Claude W. Peters (the "Peters
Lease") and the Amended Assignment of Cloquet Lease relates to an Indenture made
May 1, 1916 between Cloquet Lumber Company and Claude W. Peters (the "Cloquet
Lease").

The Trust will terminate twenty-one (21) years after the death of the
survivor of twenty-five (25) persons named in an exhibit to the Agreement of
Trust. The youngest person on this exhibit is now 41 years old.

(b) FINANCIAL INFORMATION ABOUT INDUSTRY SEGMENTS.

Substantially all of the Trust's revenue, operating profits and assets
relate to one business segment--iron ore mining. The information under the
heading "Selected Financial Data" set forth on page 2 of the Annual Report of
the Trustees of Mesabi Trust for the fiscal year ended January 31, 2002 is
incorporated herein by reference.

The Agreement of Trust specifically prohibits the Trustees from entering
into or engaging in any business. This prohibition applies even to business
activities the Trustees deem necessary or proper for the conservation and
protection of the Trust Estate. Accordingly, the Trustees' activities in
connection with the administration of Trust assets are limited to collecting
income, paying expenses and liabilities, distributing net income and protecting
and conserving the assets held.

Pursuant to a ruling from the Internal Revenue Service, which ruling was
based on the terms of the Agreement of Trust including the prohibition against
entering into any business, the Trust is not taxable as a corporation for
Federal income tax purposes. Instead, the holders of the Units of Beneficial
Interest (the "Unitholders") are considered as "owners" of the Trust and the
Trust's income is taxable directly to the Unitholders.

Leasehold royalty income constitutes the principal source of the Trust's
revenue, which comprised 98.7%, 99.2% and 99.2% of the total revenue of the
Trust in 2002, 2001 and 2000, respectively. Royalty rates are determined in
accordance with the terms of Mesabi Trust's leases and assignments of leases.
Until August 17, 1989, the overriding royalty was based on the quantity and iron
content of pellets shipped by Reserve Mining Company ("Reserve") from Mesabi
Trust lands, although Mesabi Trust did not receive any royalty income from May
1986 until July 1990 because Reserve filed a

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Chapter 11 bankruptcy petition and suspended its operations. On August 17, 1989,
Cyprus Northshore Mining Corporation ("Cyprus NMC") purchased substantially all
of Reserve's assets, including Reserve's interest in the Mesabi Trust lands. At
the same time, Mesabi Trust entered into certain agreements with Reserve's
Chapter 11 Trustee and Cyprus NMC (the "Amended Assignment Agreements"). The
Amended Assignment Agreements modified the method of calculating overriding
royalties payable to Mesabi Trust and transferred Reserve's interest in the
Mesabi Trust lands to Cyprus NMC. Pursuant to the Amended Assignment Agreements,
overriding royalties are determined by both the volume and selling price of iron
ore products shipped. In 1994, Cyprus NMC was sold by its parent corporation to
Cleveland-Cliffs Inc. ("CCI") and renamed Northshore Mining Corporation
("Northshore"). CCI now operates Northshore as a wholly-owned subsidiary.

In the beginning of 2001, CCI made several announcements of reductions in
iron ore pellet production at the Northshore's pellet plant at Silver Bay,
Minnesota, which processes iron ore produced at Mesabi Trust's Peter Mitchell
Mine. Most recently, on November 7, 2001, CCI announced that a previously
scheduled eight-week curtailment in pellet production, which would result in an
additional reduction of iron ore production of 500,000 tons at Northshore, would
be extended one additional week. As a result of this extension, Northshore
operations did not resume until December 15, 2001. As a result of these
production curtailments, Northshore's iron ore pellet production was
approximately 2.8 million tons in the fiscal year ended 2002. As reasons for
each production cutback, CCI cited the impact on their customers of perceived
unfairly traded imports and the general deterioration in overall steel demand in
North America.

Northshore has advised the Trustees that total calendar year 2002
production may be approximately 3.0 million tons of iron ore pellets. Northshore
has not provided the Trust with an estimate for total calendar year 2002
shipments. (See description of the uncertainty of market conditions in the iron
ore and steel industry under "Important Factors Affecting Mesabi Trust" below.)
During calendar years 2001, 2000, 1999, 1998 and 1997, the percentage of
shipments of iron ore products from Mesabi Trust lands was approximately 99.2%,
99.8%, 98.9%, 99.3% and 98.3%, respectively, of total shipments. Northshore has
not advised the Trustees as to the percentage of iron ore products it
anticipates shipping from Mesabi Trust lands.

In an effort to conserve cash in the deteriorating market for iron ore, CCI
announced on January 8, 2002, that where possible, it would challenge and reduce
excessive administrative and operating expenses. As a result of this effort, CCI
suspended its quarterly dividend on common shares of $.10, which is forecast to
save approximately $4 million annually, and also stated that it plans to leave
its Trinidad and Tobago plant (which produces hot briquetted iron (HBI)) idle
until the market improves and thus warrants resuming operations.

On November 14, 2001, CCI announced that it entered into a Memorandum of
Understanding with Mesabi Nugget LLC and other parties to participate in the
Mesabi Nugget Project. The project's objective is to develop a new iron making
technology (Kobe Steel's Itmk3 process) for converting iron ore into nearly pure
iron nugget form. The project's initial phase, Phase I, is currently in
progress. It includes permitting and preliminary engineering for a pilot
demonstration plant, development of project agreements, and due diligence
reviews by the project participants. On January 8, 2002, the Board of Directors
of CCI approved CCI's involvement in and investment of $4.5 million ($500,000 in
cash, with the residual in materials, other property and personnel) through
Phase II of this project. During Phase II, a test plant will be constructed at
Northshore to test the Kobe Steel Itmk3 process and its ability to convert iron
ore into nearly pure iron nugget form.

On March 2, 2002, Skillings Mining Review reported that the Iron Range
Resources and Rehabilitation Board (IRRRB) unanimously voted to provide a $7.5
million loan (which is in addition to the $500,000 previously committed by the
IRRRB) to assist in the funding of Phase II of the Mesabi

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Nugget Project. The March 2, 2002 issue of Skillings Mining Review also reported
that the IRRRB's loan is to be matched with a loan of $8.0 million by the
Minnesota Department of Trade and Economic Development. Furthermore, on April 4,
2002, CCI issued a press release stating that one of its subsidiaries, IronUnits
LLC, had signed an agreement committing itself through Phase II of the project.
According to a January 8, 2002 press release issued by CCI, construction of the
pilot plant at Northshore is planned to commence in May 2002, with operations
possibly commencing in the early part of 2003.

Although Mesabi Trust is not a direct party to this project and its
involvement in this project was not solicited, it appears that because the plant
will be located at the Northshore facility, the project will probably involve
the use of iron ore from the Mesabi Trust lands. CCI indicated that iron nuggets
from this new process would be used as an alternative or supplement to pig iron
in the steel making process. Based on the information available to the Mesabi
Trustees at this time, the Trustees are not able to appropriately project the
impact on royalties that would be received by the Mesabi Trust in the future,
even if the iron nugget project successfully achieves commercialization. CCI has
not reported any update on its several years old announcement that it was
evaluating whether to build a facility at Northshore's Silver Bay location to
produce premium grade pig iron through a direct reduced iron process.

On March 5, 2002, President Bush released a three-year tariff schedule to
be imposed on a significant number of imported steel products. The tariffs,
which range from eight percent to thirty percent, took effect on March 20.
Although these tariff measures may have a favorable impact on the amount of the
Trust's royalty income, it is nevertheless too early to determine the extent to
which these measures will positively or negatively affect the Trust during
fiscal year 2003. Furthermore, although domestic steel prices already appear to
be increasing, it is uncertain whether these increases are a result of the
President's tariffs on steel products. Consequently, the Trustees are unable to
determine at this time whether the increases will continue and what impact, if
any, they will have upon iron ore pellet prices during fiscal year 2003.

On March 7, 2002, CCI issued a press release to indicate that its Empire
Mine, located near Palmer, Michigan, will resume its iron ore pellet production
operations in late March. Despite CCI's statement in the March 7 release that it
continues to concentrate on reducing excessive production costs, CCI and its
co-owner, Ispat Inland, have nevertheless decided to proceed with production at
its Empire Mine, and as such have formulated a production plan for 2002.

Shipping activity by Northshore is dependent upon when the Great Lakes
shipping lanes freeze for the winter months (typically in January) and when they
re-open in the spring (typically late-March or April). Base overriding royalties
to Mesabi Trust are based on shipments made in a calendar quarter. Because there
typically is little or no shipping activity in the first calendar quarter, the
Trust receives only the minimum royalty for that period. Consequently, results
for a particular calendar quarter are not indicative of results for future
quarters or the year as a whole.

Mesabi Trust has no employees, but it engages independent consultants to
assist the Trustees in monitoring, among other things, the amount and sales
prices of iron ore products shipped by Northshore from Silver Bay, Minnesota. As
noted above, the information regarding amounts and sales prices of shipped iron
ore products is used to compute the royalties payable to Mesabi Trust by
Northshore. Deutsche Bank Trust Company Americas, the Corporate Trustee, also
performs certain administrative functions for Mesabi Trust.

ITEM 2. PROPERTIES.

The information under the heading "The Trust Estate" set forth on page 8 of
the Annual Report of the Trustees of Mesabi Trust for the fiscal year ended
January 31, 2002 is incorporated herein by reference.

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The Peters Lease provides that each leasehold estate will continue until
the reserves of iron ore, taconite and other minerals or materials on the land
subject to the Peters Lease are exhausted. The Mesabi Lease terminates when the
Peters Lease terminates. The Cloquet Lease, executed in 1916, terminates in the
year 2040. If Northshore decides to terminate or surrender one or more of these
leases, it must first give Mesabi Trust at least six months' notice of its
intention to do so and, at Mesabi Trust's request, reassign all of such leases
to Mesabi Trust. If any such reassignment occurs, Northshore must transfer the
lease interests to Mesabi Trust free and clear of liens, except public highways.
In return, Mesabi Trust must assume Northshore's future obligations as lessee
under the reassigned leases.

The Trustees have neither made nor caused to be made any surveys or test
drillings to ascertain the iron ore reserves on any land subject to the Peters
Lease or the Cloquet Lease. However, initial surveys and test drillings made by
Mesabi Iron Company many years ago indicated that these lands contained
accessible reserves of at least 1-1/2 billion tons of mineable raw material,
capable of yielding approximately 500 million tons of concentrated product. In
CCI's 2001 Annual Report, CCI estimated that there currently remains enough ore
reserve in the Peters and Cloquet Lease Lands to produce, at current extraction
rates, concentrated product for 80 years of mining. Little or no commercial ore
deposits exist in the Mesabi Lease Lands.

ITEM 3. LEGAL PROCEEDINGS.

None.

ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

None.

PART II

ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY AND RELATED STOCKHOLDER MATTERS.

The information set forth in the section titled "Certificates of Beneficial
Interest" on page 14 of the Annual Report of the Trustees of Mesabi Trust for
the fiscal year ended January 31, 2002 is incorporated herein by reference.

ITEM 6. SELECTED FINANCIAL DATA.

The information set forth in the sections titled "Selected Financial Data"
and "Reserves and Distributions" on pages 2 and 13, respectively, of the Annual
Report of the Trustees of Mesabi Trust for the fiscal year ended January 31,
2002 is incorporated herein by reference.

ITEM 7. TRUSTEE'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATION.

The information set forth in the sections titled "Trustees' Discussion and
Analysis of Financial Condition and Results of Operations," "Leasehold
Royalties," "Income and Expense" and "Reserves and Distributions" on pages 2, 9,
13 and 13, respectively, of the Annual Report of the Trustees of Mesabi Trust
for the fiscal year ended January 31, 2002 is incorporated herein by reference.

ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.

Not applicable.

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ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA.

The financial statements, including the independent auditors' reports
thereon, filed as a part of this report, are presented on pages F-1 through F-10
and are incorporated herein by reference.

ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
FINANCIAL DISCLOSURE.

The information required by Item 304 of Regulation S-K regarding the change
in Mesabi Trust's accountants was previously filed as part of Mesabi Trust's
Current Report on Form 8-K filed on August 1, 2000.

PART III

ITEM 10. DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT.

There are no directors or executive officers of the registrant. The
Agreement of Trust provides for a Corporate Trustee and four Individual Trustees
(collectively, the "Trustees"). Generally, Trustees continue in office until
their resignation or removal. Any Trustee may be removed at any time, with or
without cause, by the holders of two-thirds in interest of the Trust
Certificates then outstanding. In the case of an Individual Trustee, a successor
is also appointed if the Individual Trustee dies, becomes incapable of acting or
is adjudged bankrupt or insolvent. In the case of the Corporate Trustee, a
successor is also appointed if a receiver of the Corporate Trustee or of its
property is appointed, or if any public officer takes charge or control of the
Corporate Trustee or of its property or affairs for the purpose of
rehabilitation, conservation or liquidation.

The present Trustees of Mesabi Trust and their respective ages, terms in
office as Trustees, and business experience during the past five years are set
forth in the following table:

<Table>
<Caption>
Trustee Business Experience
Name Age Since During Past Five Years
- ---- --- ------- ----------------------

Deutsche Bank Trust Company Americas N/A 1961 Trust Company

David J. Hoffman 66 1977 Mining geologist; Until January 1988,
President of Towne Mines Exploration
Company, Inc., a privately-held mining
corporation.

Richard G. Lareau 73 1990 Partner in the law firm of Oppenheimer Wolff
& Donnelly LLP; Director of Northern
Technologies International Corporation.

Ira A. Marshall, Jr. 79 1976 Private investor and self-employed petroleum
engineer; Until February 1986, Director and
Vice President of New American Fund, Inc., a
closed-end investment trust.

Norman F. Sprague III 54 1981 Private investor; Orthopedic surgeon.
</Table>

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ITEM 11. TRUSTEES' COMPENSATION.

The Agreement of Trust was amended October 25, 1982 (the "Amendment").
Pursuant to the Amendment, each Individual Trustee receives at least $20,000 in
annual compensation for services as Trustee. Each year, annual Trustee
compensation is adjusted up or down (but not below $20,000) in accordance with
changes from the November 1981 level of 295.5 (the "1981 Escalation Level") in
the All Commodities Producer Price Index (with 1967 = 100 as a base). The All
Commodities Producer Price Index is published by the U.S. Department of Labor.
The adjustment is made at the end of each fiscal year and is calculated on the
basis of the proportion between (a) the level of such index for the November
preceding the end of such fiscal year and (b) the 1981 Escalation Level.

Also pursuant to the Amendment, Deutsche Bank Trust Company Americas, as
the Corporate Trustee, receives annual compensation in an amount equal to the
greater of (i) $20,000, or such other amount determined in accordance with the
adjustments described in the preceding paragraph, or (ii) one quarter of one
percent (1/4 of 1%) of the Trust Moneys, exclusive of proceeds of sale of any
part of the Trust Estate (as such terms are defined in the Trust Agreement),
received by the Trustees and distributed to Trust Certificate Holders.

Additionally, each year the Corporate Trustee receives $62,500 (or more, if
unanimously approved by the Individual Trustees) to cover clerical and
administrative services to Mesabi Trust other than services customarily
performed by a registrar or transfer agent.

The following table sets forth the cash compensation paid to the Trustees
through January 31, 2002, for services in all capacities as Trustees to Mesabi
Trust during the fiscal year ended January 31, 2002.

CASH COMPENSATION TABLE

<Table>
<Caption>
Name Capacity in Which Served Cash Compensation
- ---- ------------------------ -----------------

Deutsche Bank Trust Company Americas Corporate Trustee $ 88,853*

David J. Hoffman Individual Trustee $ 26,353

Richard G. Lareau Individual Trustee $ 26,353

Ira A. Marshall, Jr. Individual Trustee $ 26,353

Norman F. Sprague III Individual Trustee $ 26,353
</Table>

* Does not include $18,635 of fees and disbursements paid to Deutsche Bank
Trust Company Americas as registrar and transfer agent of the Units.

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ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND TRUSTEES.

The following table sets forth information concerning each person known to
Mesabi Trust to own beneficially more than 5% of the Trust's Units outstanding
as of April 15, 2002. Such information has been obtained from Mesabi Trust's
records and a review of statements filed with Mesabi Trust pursuant to Section
13(d)-102 of the Securities Exchange Act of 1934, as amended, through April 15,
2002.

<Table>
<Caption>
Name and Address Amount of Beneficial Percent of
of Beneficial Owner(s) Ownership of Units Class
- ---------------------- -------------------- ----------

Appaloosa Management L.P.,
a Delaware Limited Partnership
and David A. Tepper
26 Main Street 655,500 (1) 4.99%
Chatham, New Jersey 07928
</Table>

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(1) According to a Schedule 13G dated May 4, 1998, filed by such persons,
which indicates that each of such persons has sole voting power and
sole dispositive power with respect to such units. Appaloosa Management
L.P. is general partner of Appaloosa Investment Limited Partnership I.
The general partner of Appaloosa Management L.P. is Appaloosa Partners,
Inc., of which David Tepper is the sole shareholder and President.
Appaloosa Management L.P. acts as an investment advisor to Palomino
Fund Ltd. ("PLF"). Of the 655,500 Units reported, 327,750 are owned by
Appaloosa Investment Limited Partnership I and 327,750 are owned by
PLF.

The table below sets forth information as to the Units of Beneficial
Interest in Mesabi Trust beneficially owned as of March 4, 2002 by the Trustees
individually and as a group.

<Table>
<Caption>
Amount of Beneficial Percent of
Name Ownership of Units Class
- ---- -------------------- ----------

Deutsche Bank Trust Company Americas (1) 3,000 Less than 1%

David J. Hoffman (2) 38,100 Less than 1%

Richard G. Lareau (3) 24,000 Less than 1%

Ira A. Marshall, Jr. (4) 51,000 Less than 1%

Norman F. Sprague III 12,700 Less than 1%

All Trustees as a group 128,800 0.98%
</Table>

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(1) In addition to the Units indicated above, Deutsche Bank Trust Company
Americas holds, on behalf of various customers, Units in its Fiduciary
Department in so-called "directed" accounts. Deutsche Bank Trust Company
Americas has no voting or investment power over, and thus no beneficial
interest in, such Units.

(2) Includes 15,100 Units owned by Mr. Hoffman's wife, over which Mr. Hoffman
does not have any investment or voting power and as to which Mr. Hoffman
disclaims any beneficial ownership.

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(3) Includes 10,000 Units owned by Mr. Lareau's wife, over which Mr. Lareau
does not have any investment or voting power and as to which Mr. Lareau
disclaims any beneficial ownership.

(4) These Units consist of (a) 50,000 Units owned indirectly by Mr. Marshall
through a family trust of which Mr. Marshall is the sole trustee, and (b)
1,000 Units over which Mr. Marshall has joint voting and investment power.

ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS.

Mr. Richard G. Lareau, who became a Trustee on March 7, 1990, is a senior
partner in the law firm of Oppenheimer Wolff & Donnelly LLP, of Minneapolis,
Minnesota. That firm has been retained by Mesabi Trust since 1961 to act with
respect to matters of Minnesota law, and was retained in 1991 by the Trustees
other than Mr. Lareau to act as general counsel.

PART IV

ITEM 14. EXHIBITS, FINANCIAL STATEMENT SCHEDULES AND REPORTS ON FORM 8-K.

(a) 1. FINANCIAL STATEMENTS:

The following Financial Statements are incorporated in this reporting
reference from the pages noted in our Annual Agreement of Trustees for
the Year Ended January 31, 2002:

Independent Auditors' Reports - pages F-1 through F-2

Balance Sheets as of January 31, 2002 and 2001 - page F-3

Statements of Income for the years ended January 31, 2002, 2001
and 2000 - page F-4

Statements of Unallocated Reserve and Trust Corpus for the years
ended January 31, 2002, 2001 and 2000 - page F-5

Statements of Cash Flows for the years ended January 31, 2002,
2001 and 2000 - page F-6

Notes to Financial Statements - pages F-7 through F-10

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3. EXHIBITS:

<Table>
<Caption>
ITEM NO. ITEM FILING METHOD
-------- ---- -------------

3 Agreement of Trust dated as of July 18,11
1961...................................... Incorporated by reference from Exhibit 3
to Mesabi Trust's Annual Report on Form
10-K for the fiscal year ended
January 31, 1987.

3(a) Amendment to the Agreement of Trust dated
as of October 25, 1982.................... Incorporated by reference from Exhibit
3(a) to Mesabi Trust's Annual Report on
Form 10-K for the fiscal year ended
January 31, 1988.

4 Instruments defining the rights of Trust
Certificate Holders....................... Incorporated by reference from Exhibit 4
to Mesabi Trust's Annual Report on Form
10-K for the fiscal year ended
January 31, 1987.

10(a) Peters Lease.............................. Incorporated by reference from Exhibits
10(a) - 10(d) to Mesabi Trust's Annual
Report on Form 10-K for the fiscal year
ended January 31, 1987.

10(b) Amendment of Assignment of Peters Lease... Incorporated by reference from Exhibits
10(a) - 10(d) to Mesabi Trust's Annual
Report on Form 10-K for the fiscal year
ended January 31, 1987.

10(c) Cloquet Lease............................. Incorporated by reference from Exhibits
10(a) - 10(d) to Mesabi Trust's Annual
Report on Form 10-K for the fiscal year
ended January 31, 1987.

10(d) Assignment of Cloquet Lease............... Incorporated by reference from Exhibits
10(a) - 10(d) to Mesabi Trust's Annual
Report on Form 10-K for the fiscal year
ended January 31, 1987.
</Table>

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<Table>
<Caption>
ITEM NO. ITEM FILING METHOD
-------- ---- -------------

10(e) Modification of Lease and Consent to
Assignment dated as of October 22, 1982... Incorporated by reference from Exhibit
10(e) to Mesabi Trust's Annual Report on
Form 10-K for the fiscal year ended
January 31, 1988.

10(f) Amendment of Assignment, Assumption and
Further Assignment of Peters Lease........ Incorporated by reference from Exhibit A
to Mesabi Trust's Report on Form 8-K
dated August 17, 1989.

10(g) Amendment of Assignment, Assumption and
Further Assignments of Cloquet Lease...... Incorporated by reference from Exhibit B
to Mesabi Trust's Report on Form 8-K
dated August 17, 1989.

16 Letter from McGladrey & Pullen, LLP to
the SEC, dated July 31, 2000.............. Incorporated by reference from Exhibit
16.0 to Mesabi Trust's Report on Form 8-K
dated August 1, 2000.

13.1 Annual Report of the Trustees of Mesabi
Trust for the fiscal year ended January
31, 2002.................................. Filed herewith.

99 Letter to Mesabi Trust Unitholders
regarding uncertainty of market
conditions in the steel and iron ore
industry and the decrease in iron ore
pellet production at Northshore........... Filed herewith.

(b) REPORTS ON FORM 8-K FILED IN THE FOURTH
QUARTER:

None.
</Table>

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SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on
its behalf by the undersigned, thereunto duly authorized.

Dated: April 15, 2002
MESABI TRUST

By: Deutsche Bank Trust Company Americas
Corporate Trustee

By: /s/ Rodney Gaughan
------------------------------------
Rodney Gaughan
Associate

Pursuant to the requirements of the Securities Exchange Act of 1934, as
amended, this report has been signed below by the following persons on behalf of
the registrant and in the capacities and on the dates indicated.

/s/ Rodney Gaughan April 15, 2002
- --------------------------------
Rodney Gaughan
Associate
Deutsche Bank Trust Company Americas

/s/ David J. Hoffman April 15, 2002
- --------------------------------
David J. Hoffman
Individual Trustee

/s/ Richard G. Lareau April 15, 2002
- --------------------------------
Richard G. Lareau
Individual Trustee

/s/ Ira A. Marshall, Jr. April 15, 2002
- --------------------------------
Ira A. Marshall, Jr.
Individual Trustee

/s/ Norman F. Sprague III April 15, 2002
- --------------------------------
Norman F. Sprague III
Individual Trustee