-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 UiqO3QI1kq/4apaNYqfrjStwIpZVKp6p491K9DVfluNdOWNBytikT33Nu8HXsFHl
 ibWb4CKkIiBhBeOvr1FfWg==

<SEC-DOCUMENT>0000912057-01-519926.txt : 20010615
<SEC-HEADER>0000912057-01-519926.hdr.sgml : 20010615
ACCESSION NUMBER:		0000912057-01-519926
CONFORMED SUBMISSION TYPE:	10-Q
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20010430
FILED AS OF DATE:		20010614

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MESABI TRUST
		CENTRAL INDEX KEY:			0000065172
		STANDARD INDUSTRIAL CLASSIFICATION:	MINERAL ROYALTY TRADERS [6795]
		IRS NUMBER:				136022277
		STATE OF INCORPORATION:			NY
		FISCAL YEAR END:			0131

	FILING VALUES:
		FORM TYPE:		10-Q
		SEC ACT:		
		SEC FILE NUMBER:	001-04488
		FILM NUMBER:		1660987

	BUSINESS ADDRESS:	
		STREET 1:		P O BOX 318 CHURCH ST STATION
		STREET 2:		C/O BANKERS TRUST CO CORP TRUST
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10008-0318
		BUSINESS PHONE:		2122506519

	MAIL ADDRESS:	
		STREET 1:		C/O BANKERS TRUST COMPANY, CORPORATE
		STREET 2:		P.O. BOX 318 CHURCH STREET STATION
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10008-0318
</SEC-HEADER>
<DOCUMENT>
<TYPE>10-Q
<SEQUENCE>1
<FILENAME>a2051943z10-q.txt
<DESCRIPTION>FORM 10-Q
<TEXT>

<PAGE>

                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                              WASHINGTON, DC 20549

                                    FORM 10-Q

(Mark One)

/X/   QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
      ACT OF 1934

      For The Quarterly Period Ended April 30, 2001 or

/ /   TRANSITION REPORT UNDER 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
             (Exact name of registrant as specified in its charter)

                NEW YORK                               13-6022277
    (State or other jurisdiction of       (I.R.S. Employer Identification No.)
     incorporation or organization)

                        IN CARE OF BANKERS TRUST COMPANY,
                         CORPORATE TRUST & AGENCY GROUP
                                  P.O. BOX 318
                              CHURCH STREET STATION
                         NEW YORK, NEW YORK 10008-0318
                    (Address of principal executive offices)

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

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 / /

As of June 12, 2001, there were 13,120,010 Units of Beneficial Interest in
Mesabi Trust outstanding.


<PAGE>

                         PART I - FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS  (NOTE 1)

<TABLE>
<CAPTION>

                                                               THREE MONTHS ENDED
                                                                   APRIL 30,
                                                          ---------------------------
                                                            2001               2000
                                                            ----               ----
<S>                                                <C>                     <C>
A.  Condensed Statements of Income

   Revenues:

         Royalty income                            $    476,092            $    433,471
         Interest income                                 13,030                  10,358
                                                   ------------            ------------
                                                   $    489,122            $    443,829
   Expenses                                              66,565                  91,619
                                                   ------------            ------------
   Net income                                      $    422,557            $    352,210
                                                   ============            ============

   Weighted average number
      of units outstanding                           13,120,010              13,120,010

   Net income per unit  (Note 2)                   $     0.0322             $    0.0268

   Distributions declared
      per unit                                     $        ---             $       ---

</TABLE>

See Notes to Financial Statements.


                                       2
<PAGE>

B.  Condensed Balance Sheets

<TABLE>
<CAPTION>

                                                                   April 30, 2001              January 31, 2001
                                                                   --------------              ----------------
<S>                                                                <C>                        <C>
Assets:

         Cash                                                       $    244,604              $  1,947,696

         U.S. Government securities,
              at amortized cost (which approximates
              market)                                                    678,300                   505,815

         Accrued income                                                  321,289                    98,893
         Prepaid insurance                                                 2,004                     4,347
                                                                    ------------              ------------
                                                                    $  1,246,197              $  2,556,751
                                                                    ------------              ------------
         Fixed property, including
           intangibles, at nominal values:

              Amended Assignment of
                Peters Lease                                        $          1              $          1

              Assignment of Cloquet Lease                                      1                         1

              Certificate of beneficial
               interest for 13,120,010
               Units of Land Trust                                             1                         1
                                                                    ------------              ------------
                                                                    $          3              $          3
                                                                    ------------              ------------
                                                                    $  1,246,200                $2,556,754
                                                                    ============              ============

Liabilities, Unallocated
Reserve and Trust Corpus:

         Liabilities:
           Distribution payable                                     $        ---              $  1,705,601
           Accrued expenses                                               27,722                    55,232
                                                                    ------------              ------------
                                                                    $     27,722              $  1,760,833

         Unallocated reserve (Note 3)                                  1,218,475                   795,918
         Trust Corpus                                                          3                         3
                                                                    ------------              ------------
                                                                    $  1,246,200              $  2,556,754
                                                                    ============              ============

</TABLE>

See Notes to Financial Statements.


                                       3
<PAGE>

C.  Condensed Statements of Cash Flows

<TABLE>
<CAPTION>

                                                                             THREE MONTHS ENDED
                                                                                 APRIL 30,
                                                              -------------------------------------------------
                                                                        2001                     2000
                                                                        ----                     ----
<S>                                                                <C>                       <C>
Cash flows from operating activities:
           Royalties received                                      $    246,041             $   248,229
           Interest received                                             20,685                  18,063
           Expenses paid                                                (91,732)                (89,067)
                                                                   ------------             -----------
           Net cash provided by
              Operating activities                                 $    174,994             $   177,225
                                                                   ------------             -----------
Cash flows from investing activities:
           Maturities of
                U.S. Government
                Securities                                         $  1,947,486             $ 2,538,836
           Purchases of U.S.
             Government securities                                   (2,119,971)               (155,704)
                                                                   ------------             -----------
         Net cash (used for) provided by
            investing activities                                   $   (172,485)            $ 2,383,132
                                                                   ------------             -----------
Cash flows from financing activities:
         Net cash (used in) financing
            activities, distributions
            to Unitholders                                         $ (1,705,601)            $(2,361,602)
                                                                   ------------             -----------
Net (decrease) increase in cash                                    $ (1,703,092)            $   198,755
Cash, beginning of year                                               1,947,696                  51,082
                                                                   ------------             -----------
Cash, end of quarter                                               $    244,604             $   249,837
                                                                   ============             ===========

Reconciliation of net income
 to net cash provided by
 operating activities:
         Net income                                                $    422,557             $   352,210
         (Increase) in accrued income                                  (222,396)               (177,535)
         Decrease in prepaid insurance                                    2,343                   2,588
         (Decrease) in accrued expenses                                 (27,510)                    (38)
                                                                   ------------             -----------
         Net cash provided by
           operating activities                                    $    174,994             $   177,225
                                                                   ============             ===========


</TABLE>

See Notes to Financial Statements.


                                       4
<PAGE>

                                  MESABI TRUST

                          NOTES TO FINANCIAL STATEMENTS

Note 1.  The financial statements included herein have been prepared without
         audit (except for the balance sheet at January 31, 2001) in accordance
         with the instructions to Form 10-Q pursuant to the rules and
         regulations of the Securities and Exchange Commission. Certain
         information and footnote disclosures normally included in financial
         statements prepared in accordance with generally accepted accounting
         principles have been condensed or omitted pursuant to such rules and
         regulations. In the opinion of the Trustees, all adjustments,
         consisting only of normal recurring adjustments, necessary for a fair
         statement of (a) the results of operations for the three months ended
         April 30, 2001 and 2000, (b) the financial positions at April 30, 2001
         and January 31, 2001, and (c) the cash flows for the three months ended
         April 30, 2001 and 2000, have been made.

Note 2.  Earnings per unit are based on weighted average number of units
         outstanding during the period (13,120,010 units).

Note 3.  The Trustees attempt to maintain $600,000 of liquid assets as part
         of an Unallocated Reserve. The Unallocated Reserve consists of these
         liquid assets and accrued revenue (primarily royalties not yet
         received). At April 30, 2001, the Unallocated Reserve was represented
         by $902,996 in unallocated cash and U.S. Government securities, and
         $315,479 of accrued revenue primarily representing royalties not yet
         received by the Trust but anticipated to be received in July 2001 from
         Northshore as part of the royalty due with respect to the first fiscal
         quarter, based upon reported lessee shipping activity for the month of
         April 2001.


                                       5
<PAGE>

ITEM 2.  TRUSTEES' DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
         RESULTS OF OPERATIONS.

FORWARD-LOOKING INFORMATION

        Certain statements contained in this document are forward-looking,
including specifically those statements estimating calendar year 2001
production or shipments. All such forward-looking statements are based on
input from the lessee/operator. The Trust has no control over the operations
and activities of the lessee/operator except within the framework of current
agreements. Actual results could differ materially from those indicated in
such statements. Important factors that could cause actual results to differ
materially include those listed in "Important Factors Affecting Mesabi Trust"
below.

BACKGROUND

        Leasehold royalty income constitutes the principal source of the
Trust's revenue. Royalty rates are determined in accordance with the terms of
Mesabi Trust's leases and assignments of leases. Three types of royalties
comprise the Trust's leasehold royalty income:

         -  Overriding royalties, which constitute the majority of Mesabi
            Trust's royalty income, are determined by both the volume and
            selling price of iron ore products shipped.

         -  Fee royalties, historically a smaller component of the Trust's
            royalty income, are payable to Mesabi Land Trust, a Minnesota land
            trust of which Mesabi Trust is the sole beneficiary ("Mesabi Land
            Trust"), and are based on the amount of crude ore mined. Currently,
            the fee royalty on crude ore is based on an agreed price per ton,
            subject to certain indexing. Crude ore is used to produce iron ore
            pellets and other products.

         -  Minimum advance royalties, the third type of royalty, are discussed
            below.

        With respect to the volume component of royalty calculation,
Northshore Mining Company ("Northshore") is obligated to pay Mesabi Trust
base overriding royalties in varying amounts. The volume component of
overriding royalties constitutes a percentage of the gross proceeds of iron
ore products produced at Mesabi Trust lands (and to a limited extent other
lands) and shipped from Silver Bay, Minnesota. The percentage ranges from
2-1/2% of the gross proceeds for the first one million tons of iron ore
products so shipped annually to 6% of the gross proceeds for all iron ore
products in excess of 4 million tons so shipped annually.

        With respect to the selling price component of the overriding royalty
calculation, Northshore is obligated to pay to Mesabi Trust royalty bonuses.
The royalty bonus is a percentage of the gross proceeds of product shipped
from Silver Bay and sold at prices above a threshold price. The threshold
price is adjusted on an annual basis for inflation and deflation (but not
below $30). The threshold price was $38.22 for calendar year 1999, $38.82 for
calendar year 2000 and is $39.82 for calendar year 2001. The royalty bonus
percentage ranges from 1/2 of 1% of the gross proceeds (on all tonnage
shipped for sale at prices between the threshold price and $2.00 above the
threshold price) to 3% of the gross proceeds on all tonnage shipped for sale
at prices $10.00 or more above the threshold price. No royalty bonus has been
paid to date.

        Generally, Northshore's obligation to pay base overriding royalties
and royalty bonuses with respect to the sale of iron ore products accrues
upon the shipment of those products from Silver Bay. However, regardless of
whether any shipment has occurred, Northshore is obligated to pay to Mesabi
Trust a minimum advance royalty. Each year, the amount of the minimum advance
royalty is adjusted for


                                       6
<PAGE>

inflation and deflation (but not below $500,000 per annum). Advance royalties
payable were $637,044 for calendar year 1999, were $647,282 for calendar year
2000 and are $663,682 for calendar year 2001. Until overriding royalties (and
royalty bonuses, if any) for a particular year equal or exceed the minimum
advance royalty for the year, Northshore must make quarterly payments of up
to 25% of the minimum advance royalty for the year. Because advance minimum
royalties are essentially prepayments of base overriding and bonus royalties
earned each year, any advance minimum royalties paid in a fiscal quarter are
recouped by credits against base overriding and bonus royalties earned in
later fiscal quarters during the year. Historically, advance minimum
royalties have been paid in the first fiscal quarter and recouped in the
second fiscal quarter.

        Northshore is obligated to make quarterly royalty payments in
January, April, July and October of each year. In the case of base overriding
royalties and royalty bonuses, these quarterly royalty payments are to be
made whether or not the related proceeds of sale have been received by
Northshore by the time such payments become due.

        Under the relevant documents, Northshore may mine and ship iron ore
products from lands other than Mesabi Trust lands. To encourage the use of
iron ore products from Mesabi Trust lands, Mesabi Trust receives royalties on
stated percentages of iron ore shipped from Silver Bay, whether or not the
iron ore products are from Mesabi Trust lands. Mesabi Trust receives
royalties at the greater of (i) the aggregate quantity of iron ore products
shipped that were from Mesabi Trust lands, and (ii) a portion of the
aggregate quantity of all iron ore products shipped that were from any lands,
such portion being 90% of the first four million tons shipped during such
year, 85% of the next two million tons shipped during such year, and 25% of
all tonnage shipped during such year in excess of six million tons.

        In its Annual Report for the year ended December 31, 1999 ("CCI's
Annual Report"), CCI, parent company of Northshore, the lessee/operator of
Mesabi Trust iron ore interests, stated that it was continuing to evaluate
whether to build a facility to produce pig iron at CCI's Northshore Mine in
Minnesota that would produce premium grade pig iron. CCI's Annual Report
stated that while progress has been made in a number of areas on the project,
a decision relative to proceeding with this project has been delayed by
uncertainty about market conditions and timing of state environmental
permitting. Except for its May 2000 announcement regarding environmental
permitting for the facility (see below), CCI has made no public disclosure
regarding the pig iron facility project since CCI's Annual Report. (CCI made
no reference to the project in its Annual Report for the year ended December
31, 2000.) Because of the preliminary nature of this information, the Mesabi
Trustees are unable to determine at this time how the addition of a pig iron
facility (if the project proceeds) would impact overall revenues of Mesabi
Trust. As indicated elsewhere in this report, the Trust's revenues are
currently derived almost entirely from iron ore pellet production and sales.

        Following LTV Steel's decision to close the LTV Steel Mining
Company's plant at Hoyt Lakes, Minnesota this year, CCI announced in May 2000
that it has asked the Minnesota Pollution Control Agency to delay a decision
on environmental permitting for the possible pig iron facility at CCI's
Northshore Mine in order to evaluate whether its iron ore pellet production
should be increased to meet CCI's future sales requirements. CCI stated that
the requested delay should not be interpreted to mean that CCI has abandoned
plans for a possible pig iron facility. CCI reported that it will be
supplying LTV with a majority of its iron ore pellets over the next 10 years
with most of the pellets expected to come from Minnesota sources that are
owned or managed by CCI.

        Earlier this year, CCI announced a reduction in iron ore pellet
production at the Northshore Mine by approximately 700,000 tons in 2001. One
of the pellet production furnaces at the Northshore Mine has been shut down
since January 2001 and will remain idle through approximately September 2001.
CCI cited the impact on its customers of perceived unfairly traded imports
and the general


                                       7
<PAGE>

deterioration in overall steel demand in North America as reasons for the
production cutback. On May 11, 2001, CCI announced that possible additional
production cutbacks at the Northshore Mine, and several other CCI mines in
Michigan, were currently under review. No forecast of the volume of shipments
of iron ore pellets for 2001 was provided.

        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. Bankers Trust Company, the Corporate Trustee,
also performs certain administrative functions for Mesabi Trust.

IMPORTANT FACTORS AFFECTING MESABI TRUST

        The Agreement of Trust specifically prohibits the Trustees from
entering into or engaging in any business. This prohibition seemingly applies
even to business activities the Trustees deem necessary or proper for the
preservation 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.

        Accordingly, the income of the Trust is highly dependent upon the
activities and operations of Northshore, and the terms and conditions of the
Amended Assignment Agreements. The Trust and the Trustees have no control
over the operations and activities of Northshore, except within the framework
of the Amended Assignment Agreements.

        Due to winter weather, and the increasing royalty percentages based
on tonnage shipped in a calendar year, results for a particular calendar
quarter are typically not indicative of results for future quarters or the
year as a whole. Factors which can impact the results of the Trust in any
quarter or year include:

1.   SHIPPING CONDITIONS IN THE GREAT LAKES.  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 typically receives only the minimum royalty for that
     period.

2.   OPERATIONS OF NORTHSHORE.  Because the primary portion of the Trust's
     revenues derive from iron ore product shipped by Northshore from Silver
     Bay, Northshore's processing and shipping activities directly impact the
     Trust's revenues in each quarter and for each year.  In turn, a myriad
     of factors affect Northshore shipment volume.  These factors include
     economic conditions in the iron ore industry, pricing by competitors,
     long-term customer contracts or arrangements by Northshore or its
     competitors, availability of ore boats, production at Northshore's
     mining operations, and production at the pelletizing/processing
     facility.  If any pelletizing line becomes idle for any reason,
     production and shipments (and, consequently, Trust income) could be
     adversely impacted.

3.   INCREASING ROYALTIES. As described elsewhere in this Report, the royalty
     percentage paid to the Trust increases as the aggregate tonnage of iron ore
     products shipped, attributable to the Trust, in any calendar year
     increases. Assuming a consistent sales price per ton throughout a calendar
     year,


                                       8
<PAGE>

     shipments of iron ore product attributable to the Trust later in the
     year generate a higher royalty to the Trust.

4.   PERCENTAGE OF MESABI TRUST ORE.  As described elsewhere in this Report,
     Northshore has the ability to process and ship iron ore product from
     lands other than Mesabi Trust lands. In certain circumstances, the Trust
     may be entitled to royalties on those other shipments, but not in all
     cases.  In general, the Trust will receive higher royalties (assuming
     all other factors are equal) if a higher percentage of shipments are
     from Mesabi Trust lands.  The percentages of shipments that came from
     Mesabi Trust lands were 99.8%, 98.9%, 99.3%, 98.3% and 98.4% in calendar
     years 2000, 1999, 1998, 1997 and 1996, respectively.

5.   UNCERTAINTY OF MARKET CONDITIONS IN THE STEEL AND IRON ORE INDUSTRY.
     After a modest improvement in the first half of 2000, North American
     steel industry fundamentals deteriorated significantly in the second
     half of the year.  Weak steel demand, steel industry consolidation and
     price decreases attributable to slowing economies in the United States
     and Canada, high volumes of steel imports, and significantly rising
     energy costs have caused crisis conditions and uncertainty in the North
     American steel and iron ore industry.  Such current conditions in the
     steel and iron ore industry could have an adverse impact on the
     royalties that will be paid to the Trust during 2001.

COMPARISON OF THREE MONTHS ENDED APRIL 30, 2001 AND APRIL 30, 2000

        Mesabi Trust's net income increased to $422,557 for the three months
ended April 30, 2001, as compared to net income of $352,210 for the three
months ended April 30, 2000. Mesabi Trust's gross income for the three months
ended April 30, 2001 was $489,122, consisting of $401,694 in minimum advance
royalty income, $0 in overriding royalty income, $74,398 in fee royalty
income and $13,030 in interest income, as compared to gross income of
$443,829 consisting of $352,649 in minimum advance royalty income, $0 in
overriding royalty income, $89,464 in fee royalty income and $12,029 in
interest income, for the three months ended April 30, 2000. The increase in
royalty income was primarily due to increased minimum advance royalty
payments as compared to the comparable prior period. Mesabi Trust's expenses
for the three months ended April 30, 2001 were $66,565, compared to expenses
of $91,619 for the three months ended April 30, 2000.

        Mesabi Trust's Unallocated Reserve aggregated $1,218,475 at April 30,
2001, as compared with an Unallocated Reserve of $1,115,587 at April 30,
2000. The increase of $102,888 was due to the net effect of: (a) the increase
in net income of $70,347 during the three months ended April 30, 2001 as
compared with the three months ended April 30, 2000 and (b) the January 31,
2001 unallocated reserve balance of $795,918 was $32,541 higher than the
January 31, 2000 unallocated reserve balance of $763,377. The Trustees
anticipate that the amount of Unallocated Reserve will fluctuate from time to
time, depending upon a number of factors, including but not limited to the
income for a particular period, the amount and timing of distributions,
uncertainty about future royalty income and the uncertainty of future
expenses.


                                       9
<PAGE>

ROYALTY COMPARISONS

      The following chart summarizes Mesabi Trust's royalty income for the
three months ended April 30, 2001 and April 30, 2000, respectively:

<TABLE>
<CAPTION>

                                             Three months Ended April 30,
                                            2001                    2000
                                            ----                    ----
<S>                                     <C>                        <C>
Base overriding royalties               $    291,080               $352,649
Bonus royalties                                    0                      0
Minimum advance
   royalty paid (recouped)                   110,614                      0
Fee royalties                                 74,398                 89,464
                                        ------------               --------
  Total royalty income                  $    476,092               $433,471
                                        ============               ========

</TABLE>

ITEM 3.  QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK.

      Not applicable.


                                       10
<PAGE>

                           PART II - OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS.

        None.

ITEM 2. CHANGES IN SECURITIES AND USE OF PROCEEDS.

        None.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES.

        None.

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

        None.

ITEM 5. OTHER INFORMATION.

        None.

ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K.

      (a)   EXHIBITS.

            None.

      (b)   REPORTS ON FORM 8-K

            None.


                                       11
<PAGE>

                                   SIGNATURES

        Pursuant to the requirements 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.

                                                    MESABI TRUST
                                     -------------------------------------------
                                                 (Registrant)

                                     By: BANKERS TRUST COMPANY
                                        Corporate Trustee
                                     Principal Administrative Officer and duly
                                     authorized signatory:*

Date:  June 12, 2001                By:  /s/ Rodney Gaughan
                                       -----------------------------------------
                                            Name:  Rodney Gaughan
                                            Title: Associate

*     There are no directors
      or executive officers of
      the registrant.


                                       12
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
