<SEC-DOCUMENT>0001558370-17-009463.txt : 20180201
<SEC-HEADER>0001558370-17-009463.hdr.sgml : 20180201
<ACCEPTANCE-DATETIME>20171229161530
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001558370-17-009463
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20171229

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:		CORRESP

	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>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
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			<font style="display:inline;font-size:9pt;">Campbell Mithun Tower</font>
		</p>
		<p style="margin:0pt 0pt 3pt;line-height:100%;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Franklin Gothic Book;color:#68675A;text-align:left;text-justify:inter-ideograph;font-size: 9pt;">
			<font style="display:inline;font-size:9pt;">222 South Ninth Street, Suite 2000</font>
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		<p style="margin:0pt 0pt 3pt;line-height:100%;border-top:1pt none #D9D9D9 ;font-family:Franklin Gothic Book;color:#68675A;text-align:left;text-justify:inter-ideograph;font-size: 9pt;">
			<font style="display:inline;font-size:9pt;">Minneapolis, MN 55402-3338</font>
		</p>
		<p style="margin:0pt 0pt 3pt;line-height:100%;font-family:Franklin Gothic Book;color:#68675A;text-align:left;text-justify:inter-ideograph;font-size: 9pt;">
			<font style="display:inline;font-size:9pt;">Tel 612.607.7000&nbsp;&nbsp;Fax 612.607.7100</font>
		</p>
		<p style="margin:0pt;line-height:115%;font-family:Franklin Gothic Book;color:#68675A;text-align:left;text-justify:inter-ideograph;font-size: 8pt;">
			<font style="display:inline;font-size:8pt;">www.foxrothschild.com</font>
		</p>
		<p style="margin:0pt;line-height:100%;text-align:left;font-family:Times New Roman,Times,serif;color:#000000;text-justify:inter-ideograph;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;line-height:100%;text-align:left;font-family:Times New Roman,Times,serif;color:#000000;text-justify:inter-ideograph;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
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		<p style="margin:2pt 0pt;line-height:100%;color:#000000;text-align:left;font-family:Times New Roman,Times,serif;text-justify:inter-ideograph;font-size: 8pt;">
			<font style="display:inline;">THOMAS R. MAREK</font>
		</p>
		<p style="margin:0pt 0pt 2pt;line-height:100%;color:#000000;text-align:left;font-family:Times New Roman,Times,serif;text-justify:inter-ideograph;font-size: 7pt;">
			<font style="display:inline;">Direct Dial: 612-607-7309<br />Email Address: tmarek@foxrothschild.com</font>
		</p>
		<p style="margin:0pt;line-height:100%;text-align:left;font-family:Times New Roman,Times,serif;color:#000000;text-justify:inter-ideograph;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;line-height:100%;text-align:left;font-family:Times New Roman,Times,serif;color:#000000;text-justify:inter-ideograph;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 10pt;line-height:100%;text-align:left;font-family:Times New Roman,Times,serif;color:#000000;text-justify:inter-ideograph;font-size: 12pt;">
			<font style="display:inline;font-size:12pt;">December 29, 2017</font>
		</p>
		<p style="margin:0pt 0pt 10pt;line-height:100%;text-align:left;font-family:Times New Roman,Times,serif;color:#000000;text-justify:inter-ideograph;font-size: 12pt;">
			<font style="display:inline;font-weight:bold;font-size:12pt;text-decoration:underline;">VIA EDGAR</font>
		</p>
		<p style="margin:0pt;line-height:100%;text-align:left;font-family:Times New Roman,Times,serif;color:#000000;text-justify:inter-ideograph;font-size: 12pt;">
			<font style="display:inline;font-size:12pt;">Mr. Rufus Decker </font>
		</p>
		<p style="margin:0pt;line-height:100%;text-align:left;font-family:Times New Roman,Times,serif;color:#000000;text-justify:inter-ideograph;font-size: 12pt;">
			<font style="display:inline;font-size:12pt;">Accounting Branch Chief</font>
		</p>
		<p style="margin:0pt;line-height:100%;text-align:left;font-family:Times New Roman,Times,serif;color:#000000;text-justify:inter-ideograph;font-size: 12pt;">
			<font style="display:inline;font-size:12pt;">Securities and Exchange Commission</font>
		</p>
		<p style="margin:0pt;line-height:100%;text-align:left;font-family:Times New Roman,Times,serif;color:#000000;text-justify:inter-ideograph;font-size: 12pt;">
			<font style="display:inline;font-size:12pt;">Division of Corporation Finance</font>
		</p>
		<p style="margin:0pt;line-height:100%;text-align:left;font-family:Times New Roman,Times,serif;color:#000000;text-justify:inter-ideograph;font-size: 12pt;">
			<font style="display:inline;font-size:12pt;">100 F Street, N.E.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;line-height:100%;text-align:left;font-family:Times New Roman,Times,serif;color:#000000;text-justify:inter-ideograph;font-size: 12pt;">
			<font style="display:inline;font-size:12pt;">Washington, D.C. 20549</font>
		</p>
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						<font style="display:inline;font-weight:bold;font-size:12pt;">Re: </font></p>
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					<p style="margin:0pt;line-height:100%;text-align:left;font-family:Times New Roman,Times,serif;color:#000000;text-justify:inter-ideograph;font-size: 12pt;">
						<font style="display:inline;font-weight:bold;font-size:12pt;">Mesabi Trust</font></p>
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					<p style="margin:0pt;line-height:100%;text-align:left;font-family:Times New Roman,Times,serif;color:#000000;text-justify:inter-ideograph;font-size: 12pt;">
						<font style="display:inline;font-size:12pt;">&nbsp;</font></p>
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					<p style="margin:0pt;line-height:100%;text-align:left;font-family:Times New Roman,Times,serif;color:#000000;text-justify:inter-ideograph;font-size: 12pt;">
						<font style="display:inline;font-weight:bold;font-size:12pt;">Form 10-K for Fiscal Year Ended January 31, 2017</font></p>
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					<p style="margin:0pt;line-height:100%;text-align:left;font-family:Times New Roman,Times,serif;color:#000000;text-justify:inter-ideograph;font-size: 12pt;">
						<font style="display:inline;font-size:12pt;">&nbsp;</font></p>
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					<p style="margin:0pt;line-height:100%;text-align:left;font-family:Times New Roman,Times,serif;color:#000000;text-justify:inter-ideograph;font-size: 12pt;">
						<font style="display:inline;font-weight:bold;font-size:12pt;">Filed April 14, 2017</font></p>
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					<p style="margin:0pt;line-height:100%;text-align:left;font-family:Times New Roman,Times,serif;color:#000000;text-justify:inter-ideograph;font-size: 12pt;">
						<font style="display:inline;font-size:12pt;">&nbsp;</font></p>
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					<p style="margin:0pt;line-height:100%;text-align:left;font-family:Times New Roman,Times,serif;color:#000000;text-justify:inter-ideograph;font-size: 12pt;">
						<font style="display:inline;font-weight:bold;font-size:12pt;">File No. 001-04488</font></p>
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		<p style="margin:0pt;line-height:100%;text-align:left;font-family:Times New Roman,Times,serif;color:#000000;text-justify:inter-ideograph;font-size: 12pt;">
			<font style="display:inline;font-size:12pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 10pt;line-height:100%;text-align:left;font-family:Times New Roman,Times,serif;color:#000000;text-justify:inter-ideograph;font-size: 12pt;">
			<font style="display:inline;font-size:12pt;">Dear Mr. Decker:</font>
		</p>
		<p style="margin:0pt 0pt 10pt;line-height:100%;text-align:left;font-family:Times New Roman,Times,serif;color:#000000;text-justify:inter-ideograph;font-size: 12pt;">
			<font style="display:inline;font-size:12pt;">This letter sets forth the response of Mesabi Trust (the Trust) to the comment of the staff (the Staff) of the Division of Corporation Finance, Securities and Exchange Commission (the Commission) in the letter dated December 20, 2017 from Rufus Decker to Jeffrey Schoenfeld, the Trust&#x2019;s corporate trustee. Mr. Schoenfeld has asked me, as legal counsel to the Trust, to respond on behalf of the Trust and all Trustees.&nbsp;&nbsp;For your convenience, we have restated your original comment in italicized print prior to our response.</font>
		</p>
		<p style="margin:0pt 0pt 9pt;line-height:110%;text-align:left;font-family:Times New Roman,Times,serif;color:#000000;text-justify:inter-ideograph;font-size: 12pt;">
			<font style="display:inline;font-weight:bold;font-size:12pt;text-decoration:underline;">SEC Staff Comment</font>
		</p>
		<p style="margin:0pt 0pt 9pt;line-height:110%;text-align:left;font-family:Times New Roman,Times,serif;color:#000000;text-justify:inter-ideograph;font-size: 12pt;">
			<font style="display:inline;font-size:12pt;text-decoration:underline;">Form 10-K for the Fiscal Year Ended January 31, 2017</font>
		</p>
		<p style="margin:0pt 0pt 9pt;line-height:110%;text-align:left;font-family:Times New Roman,Times,serif;color:#000000;text-justify:inter-ideograph;font-size: 12pt;">
			<font style="display:inline;font-size:12pt;text-decoration:underline;">Exhibit 13 </font>
		</p>
		<p style="margin:0pt 0pt 9pt;line-height:110%;text-align:left;font-family:Times New Roman,Times,serif;color:#000000;text-justify:inter-ideograph;font-size: 12pt;">
			<font style="display:inline;font-size:12pt;text-decoration:underline;">Report of Independent Registered Public Accounting Firm, page F-3</font><font style="display:inline;font-size:12pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 46.8pt;line-height:100%;text-align:left;font-family:Times New Roman,Times,serif;color:#000000;text-justify:inter-ideograph;font-size: 12pt;">
			<font style="display:inline;font-style:italic;font-size:12pt;">1.&nbsp;&nbsp;&nbsp;&nbsp;Please have your auditors revise the first paragraph of their report to state that the Mesabi Trust&#x2019;s Trustees are responsible for maintaining effective internal control over financial reporting and for assessing the effectiveness of internal control over financial reporting.&nbsp;&nbsp;Please refer to paragraph .85 of PCAOB Auditing Standard 2201 for guidance.</font>
		</p>
		<p style="margin:0pt 0pt 0pt 36pt;line-height:1pt;text-align:left;font-family:Times New Roman,Times,serif;color:#000000;text-justify:inter-ideograph;font-size: 1pt;">
			<font style="display:inline;font-size:1pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;line-height:100%;text-align:left;font-family:Times New Roman,Times,serif;color:#000000;text-justify:inter-ideograph;font-size: 1pt;">
			<font style="display:inline;font-size:1pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 12pt;line-height:100%;text-align:left;font-family:Times New Roman,Times,serif;color:#000000;text-justify:inter-ideograph;font-size: 10pt;">
			&nbsp;
		</p>
		<p style="margin:0pt 0pt 9pt;line-height:112.92%;text-align:left;font-family:Times New Roman,Times,serif;color:#000000;text-justify:inter-ideograph;font-size: 10pt;">
			<font style="display:inline;"></font></p></div><div style="margin-left:10.2941176470588%;margin-right:10.2941176470588%;">
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:24pt 0pt 12pt;line-height:100%;text-align:center;color:#68675A;font-family:Times New Roman,Times,serif;text-justify:inter-ideograph;font-size: 8pt;">

			<font style="display:inline;font-family:Franklin Gothic Book;color:#68675A;font-size:8pt;">A Pennsylvania Limited Liability Partnership</font>

		</p>

		<p style="margin:0pt 0pt 3pt;line-height:100%;text-align:center;color:#68675A;font-family:Times New Roman,Times,serif;text-justify:inter-ideograph;font-size: 9pt;">

			<font style="display:inline;font-family:Franklin Gothic Book;color:#68675A;font-size:9pt;">California&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Colorado&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delaware&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;District&nbsp;of&nbsp;Columbia&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Florida</font>

		</p>

		<p style="margin:0pt 0pt 3pt;line-height:100%;text-align:center;color:#68675A;font-family:Times New Roman,Times,serif;text-justify:inter-ideograph;font-size: 9pt;">

			<font style="display:inline;font-family:Franklin Gothic Book;color:#68675A;font-size:9pt;">Illinois&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="display:inline;font-family:Franklin Gothic Book;color:#4A9A1E;font-size:9pt;">Minnesota</font><font style="display:inline;font-family:Franklin Gothic Book;color:#68675A;font-size:9pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nevada&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New&nbsp;Jersey&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New&nbsp;York&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pennsylvania&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Texas</font>

		</p>

</div></div><div style="margin-left:10.2941176470588%;margin-right:10.2941176470588%;"><hr align="center" style='background-color:#000000; border-width:0; color:#000000; height:2pt; lineheight:0; width:100%;'></hr><p style="page-break-after:always">&nbsp;</p></div><div style="margin-left:10.2941176470588%;margin-right:10.2941176470588%;"><div style="width:100%">

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						&nbsp;</p>

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						&nbsp;</p>

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					<p style="margin:0pt;line-height:100%;text-align:left;font-family:Times New Roman,Times,serif;color:#000000;text-justify:inter-ideograph;font-size: 10pt;">

						<font style="display:inline;"><img src="correspg002.jpg" style="width: 1.566667in; height: 0.7333333in" alt="Picture 3"></font></p>

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					<p style="margin:0pt;line-height:100%;text-align:left;font-family:Times New Roman,Times,serif;color:#000000;text-justify:inter-ideograph;font-size: 10pt;">

						&nbsp;</p>

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		<p style="margin:0pt;line-height:100%;text-align:left;font-family:Times New Roman,Times,serif;color:#000000;text-justify:inter-ideograph;font-size: 10pt;">

			&nbsp;

		</p>

		<p style="margin:0pt;line-height:100%;text-align:left;font-family:Times New Roman,Times,serif;color:#000000;text-justify:inter-ideograph;font-size: 12pt;">

			<font style="display:inline;font-size:12pt;">December 29, 2017</font>

		</p>

		<p style="margin:0pt 0pt 10pt;line-height:100%;text-align:left;font-family:Times New Roman,Times,serif;color:#000000;text-justify:inter-ideograph;font-size: 12pt;">

			<font style="display:inline;font-size:12pt;">Page 2</font>

		</p>

</div></div><div style="margin-left:10.2941176470588%;margin-right:10.2941176470588%;"><p style="margin:0pt 0pt 9pt;line-height:112.92%;text-align:left;font-family:Times New Roman,Times,serif;color:#000000;text-justify:inter-ideograph;font-size: 10pt;"><font style="display:inline;"></font>
		</p>
		<p style="margin:0pt 0pt 12pt;line-height:100%;text-indent:18pt;text-align:left;font-family:Times New Roman,Times,serif;color:#000000;text-justify:inter-ideograph;font-size: 12pt;">
			<font style="display:inline;font-weight:bold;font-size:12pt;text-decoration:underline;">Trust Response</font><font style="display:inline;font-size:12pt;">:</font>
		</p>
		<p style="margin:0pt 0pt 12pt 18pt;line-height:100%;text-align:left;font-family:Times New Roman,Times,serif;color:#000000;text-justify:inter-ideograph;font-size: 12pt;">
			<font style="display:inline;font-size:12pt;">The Trust advises the Staff that its auditor, Baker Tilly Virchow Krause, LLP (Baker Tilly), has advised the Trust that it will include the following additional language in the first paragraph of Baker Tilly&#x2019;s Report of Independent Registered Public Accounting Firm to be included in the Trust&#x2019;s Form 10-K for the year ended January 31, 2018, as well as in Baker Tilly&#x2019;s Report of Independent Registered Public Accounting Firm in all future Form 10-K filings of the Trust:</font>
		</p>
		<p style="margin:0pt 0pt 12pt 18pt;line-height:100%;text-align:left;font-family:Times New Roman,Times,serif;color:#000000;text-justify:inter-ideograph;font-size: 12pt;">
			<font style="display:inline;font-size:12pt;">&#x201C;Mesabi Trust&#x2019;s Trustees are responsible for these financial statements, for maintaining effective internal control over financial reporting, and their assessment of the effectiveness of internal control over financial reporting, included in the accompanying Trustees&#x2019; Report on Internal Control over Financial Reporting.&#x201D;</font>
		</p>
		<p style="margin:0pt 0pt 12pt 18pt;line-height:100%;text-align:left;font-family:Times New Roman,Times,serif;color:#000000;text-justify:inter-ideograph;font-size: 12pt;">
			<font style="display:inline;font-size:12pt;">The Trust also advises the Staff that the Trust&#x2019;s trustees have included the additional language regarding its responsibilities in the Trustees&#x2019; report included on page F-2 in the Trust&#x2019;s Form 10-K for the fiscal year ended January 31, 2017, and will continue to manage the required controls and procedures on behalf of the Trust, and include this language in all future Trustee reports on internal controls.</font>
		</p>
		<p style="margin:0pt 0pt 12pt 18pt;line-height:100%;text-align:left;font-family:Times New Roman,Times,serif;color:#000000;text-justify:inter-ideograph;font-size: 12pt;">
			<font style="display:inline;font-size:12pt;">Finally, by including in its diligence review and checklists a close review of future audit reports of the Trust, and specifically as related to this SEC Comment Letter and internal controls in particular, the Trust will be sure that compliance with this standard is confirmed in the future.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;line-height:100%;text-align:left;font-family:Times New Roman,Times,serif;color:#000000;text-justify:inter-ideograph;font-size: 12pt;">
			<font style="display:inline;font-size:12pt;">We hope that this response satisfactorily addresses your comment. The above response was summarized during my telephone conversation with Linda Cvrkel of the Commission Staff on December 22, 2017.&nbsp;&nbsp;If you have any further comments or questions or require any additional information concerning the filing or the matters discussed herein, please contact me at 612-607-7309 or Jeffrey Schoenfeld at 201-593-2204. Thank you.</font>
		</p>
		<p style="margin:0pt;line-height:100%;text-align:left;font-family:Times New Roman,Times,serif;color:#000000;text-justify:inter-ideograph;font-size: 12pt;">
			<font style="display:inline;font-size:12pt;">Very truly yours,</font>
		</p>
		<p style="margin:0pt;line-height:100%;text-align:left;font-family:Times New Roman,Times,serif;color:#000000;text-justify:inter-ideograph;font-size: 12pt;">
			<font style="display:inline;font-size:12pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;line-height:100%;text-align:left;font-family:Times New Roman,Times,serif;color:#000000;text-justify:inter-ideograph;font-size: 12pt;">
			<font style="display:inline;font-size:12pt;">/s/ Thomas R. Marek</font>
		</p>
		<p style="margin:0pt;line-height:100%;text-align:left;font-family:Times New Roman,Times,serif;color:#000000;text-justify:inter-ideograph;font-size: 12pt;">
			<font style="display:inline;font-size:12pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;line-height:100%;text-align:left;font-family:Times New Roman,Times,serif;color:#000000;text-justify:inter-ideograph;font-size: 12pt;">
			<font style="display:inline;font-size:12pt;">Thomas R. Marek</font>
		</p>
		<p style="margin:0pt;line-height:100%;text-align:left;font-family:Times New Roman,Times,serif;color:#000000;text-justify:inter-ideograph;font-size: 12pt;">
			<font style="display:inline;font-size:12pt;">Fox Rothschild LLP</font>
		</p>
		<p style="margin:0pt;line-height:100%;text-align:left;font-family:Times New Roman,Times,serif;color:#000000;text-justify:inter-ideograph;font-size: 12pt;">
			<font style="display:inline;font-size:12pt;"></font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;"></table></div></div><div style="margin-left:10.2941176470588%;margin-right:10.2941176470588%;">
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:24pt 0pt 12pt;line-height:100%;text-align:center;color:#68675A;font-family:Times New Roman,Times,serif;text-justify:inter-ideograph;font-size: 8pt;">

			<font style="display:inline;font-family:Franklin Gothic Book;color:#68675A;font-size:8pt;">A Pennsylvania Limited Liability Partnership</font>

		</p>

		<p style="margin:0pt 0pt 3pt;line-height:100%;text-align:center;color:#68675A;font-family:Times New Roman,Times,serif;text-justify:inter-ideograph;font-size: 9pt;">

			<font style="display:inline;font-family:Franklin Gothic Book;color:#68675A;font-size:9pt;">California&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Colorado&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delaware&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;District&nbsp;of&nbsp;Columbia&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Florida</font>

		</p>

		<p style="margin:0pt 0pt 3pt;line-height:100%;text-align:center;color:#68675A;font-family:Times New Roman,Times,serif;text-justify:inter-ideograph;font-size: 9pt;">

			<font style="display:inline;font-family:Franklin Gothic Book;color:#68675A;font-size:9pt;">Illinois&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="display:inline;font-family:Franklin Gothic Book;color:#4A9A1E;font-size:9pt;">Minnesota</font><font style="display:inline;font-family:Franklin Gothic Book;color:#68675A;font-size:9pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nevada&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New&nbsp;Jersey&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New&nbsp;York&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pennsylvania&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Texas</font>

		</p>

</div></div><div style="margin-left:10.2941176470588%;margin-right:10.2941176470588%;"><hr align="center" style='background-color:#000000; border-width:0; color:#000000; height:2pt; lineheight:0; width:100%;'></hr><p style="page-break-after:always">&nbsp;</p></div><div style="margin-left:10.2941176470588%;margin-right:10.2941176470588%;"><div style="width:100%">

		<div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;">

			<tr>

				<td valign="top" style="width:126.00pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">

					<p style="margin:0pt 0pt 9pt;line-height:112.92%;text-align:left;font-family:Times New Roman,Times,serif;color:#000000;text-justify:inter-ideograph;height:1.00pt;overflow:hidden;font-size:0pt;">

						&nbsp;</p>

				</td>

				<td valign="top" style="width:359.30pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">

					<p style="margin:0pt 0pt 9pt;line-height:112.92%;text-align:left;font-family:Times New Roman,Times,serif;color:#000000;text-justify:inter-ideograph;height:1.00pt;overflow:hidden;font-size:0pt;">

						&nbsp;</p>

				</td>

			</tr>

			<tr>

				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;width:126.00pt;padding:0pt;">

					<p style="margin:0pt;line-height:100%;text-align:left;font-family:Times New Roman,Times,serif;color:#000000;text-justify:inter-ideograph;font-size: 10pt;">

						<font style="display:inline;"><img src="correspg002.jpg" style="width: 1.566667in; height: 0.7333333in" alt="Picture 3"></font></p>

				</td>

				<td valign="top" style="border-left:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;width:359.30pt;padding:0pt;">

					<p style="margin:0pt;line-height:100%;text-align:left;font-family:Times New Roman,Times,serif;color:#000000;text-justify:inter-ideograph;font-size: 10pt;">

						&nbsp;</p>

				</td>

			</tr>

		</table></div>

		<p style="margin:0pt;line-height:100%;text-align:left;font-family:Times New Roman,Times,serif;color:#000000;text-justify:inter-ideograph;font-size: 10pt;">

			&nbsp;

		</p>

		<p style="margin:0pt;line-height:100%;text-align:left;font-family:Times New Roman,Times,serif;color:#000000;text-justify:inter-ideograph;font-size: 12pt;">

			<font style="display:inline;font-size:12pt;">December 29, 2017</font>

		</p>

		<p style="margin:0pt 0pt 10pt;line-height:100%;text-align:left;font-family:Times New Roman,Times,serif;color:#000000;text-justify:inter-ideograph;font-size: 12pt;">

			<font style="display:inline;font-size:12pt;">Page 3</font>

		</p>

</div></div><div style="margin-left:10.2941176470588%;margin-right:10.2941176470588%;"><div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;">
			<tr>
				<td valign="top" style="width:22.50pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 9pt;line-height:112.92%;text-align:left;font-family:Times New Roman,Times,serif;color:#000000;text-justify:inter-ideograph;height:1.00pt;overflow:hidden;font-size:0pt;">
						<font style="display:inline;"></font></p>
					<p style="margin:0pt;line-height:100%;text-align:left;font-family:Times New Roman,Times,serif;color:#000000;text-justify:inter-ideograph;height:1.00pt;overflow:hidden;font-size:0pt;">
						<font style="display:inline;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:462.80pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;line-height:100%;text-align:left;font-family:Times New Roman,Times,serif;color:#000000;text-justify:inter-ideograph;height:1.00pt;overflow:hidden;font-size:0pt;">
						<font style="display:inline;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;width:22.50pt;padding:0pt;">
					<p style="margin:0pt;line-height:100%;text-align:left;font-family:Times New Roman,Times,serif;color:#000000;text-justify:inter-ideograph;font-size: 12pt;">
						<font style="display:inline;font-size:12pt;">cc: </font></p>
				</td>
				<td valign="top" style="border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;width:462.80pt;padding:0pt;">
					<p style="margin:0pt;line-height:100%;text-align:left;font-family:Times New Roman,Times,serif;color:#000000;text-justify:inter-ideograph;font-size: 12pt;">
						<font style="display:inline;font-size:12pt;">Robert C. Berglund, Trustee</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;width:22.50pt;padding:0pt;">
					<p style="margin:0pt;line-height:100%;text-align:left;font-family:Times New Roman,Times,serif;color:#000000;text-justify:inter-ideograph;font-size: 12pt;">
						<font style="display:inline;font-size:12pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;width:462.80pt;padding:0pt;">
					<p style="margin:0pt;line-height:100%;text-align:left;font-family:Times New Roman,Times,serif;color:#000000;text-justify:inter-ideograph;font-size: 12pt;">
						<font style="display:inline;font-size:12pt;">James A. Ehrenberg, Trustee</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;width:22.50pt;padding:0pt;">
					<p style="margin:0pt;line-height:100%;text-align:left;font-family:Times New Roman,Times,serif;color:#000000;text-justify:inter-ideograph;font-size: 12pt;">
						<font style="display:inline;font-size:12pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;width:462.80pt;padding:0pt;">
					<p style="margin:0pt;line-height:100%;text-align:left;font-family:Times New Roman,Times,serif;color:#000000;text-justify:inter-ideograph;font-size: 12pt;">
						<font style="display:inline;font-size:12pt;">Richard G. Lareau, Trustee</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;width:22.50pt;padding:0pt;">
					<p style="margin:0pt;line-height:100%;text-align:left;font-family:Times New Roman,Times,serif;color:#000000;text-justify:inter-ideograph;font-size: 12pt;">
						<font style="display:inline;font-size:12pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;width:462.80pt;padding:0pt;">
					<p style="margin:0pt;line-height:100%;text-align:left;font-family:Times New Roman,Times,serif;color:#000000;text-justify:inter-ideograph;font-size: 12pt;">
						<font style="display:inline;font-size:12pt;">Michael P. Mlinar, Trustee</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;width:22.50pt;padding:0pt;">
					<p style="margin:0pt;line-height:100%;text-align:left;font-family:Times New Roman,Times,serif;color:#000000;text-justify:inter-ideograph;font-size: 12pt;">
						<font style="display:inline;font-size:12pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;width:462.80pt;padding:0pt;">
					<p style="margin:0pt;line-height:100%;text-align:left;font-family:Times New Roman,Times,serif;color:#000000;text-justify:inter-ideograph;font-size: 12pt;">
						<font style="display:inline;font-size:12pt;">Jeffrey Schoenfeld on behalf of Deutsche Bank National Trust&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Company, Corporate Trustee of Mesabi Trust</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;width:22.50pt;padding:0pt;">
					<p style="margin:0pt;line-height:100%;text-align:left;font-family:Times New Roman,Times,serif;color:#000000;text-justify:inter-ideograph;font-size: 12pt;">
						<font style="display:inline;font-size:12pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="border-left:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;width:462.80pt;padding:0pt;">
					<p style="margin:0pt;line-height:100%;text-align:left;font-family:Times New Roman,Times,serif;color:#000000;text-justify:inter-ideograph;font-size: 12pt;">
						<font style="display:inline;font-size:12pt;">John Dauwalter, Baker Tilly Virchow Krause, LLP</font><font style="display:inline;"></font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt 0pt 9pt;line-height:112.92%;text-align:left;font-family:Times New Roman,Times,serif;color:#000000;text-justify:inter-ideograph;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p></div><div style="margin-left:10.2941176470588%;margin-right:10.2941176470588%;">
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:24pt 0pt 12pt;line-height:100%;text-align:center;color:#68675A;font-family:Times New Roman,Times,serif;text-justify:inter-ideograph;font-size: 8pt;">

			<font style="display:inline;font-family:Franklin Gothic Book;color:#68675A;font-size:8pt;">A Pennsylvania Limited Liability Partnership</font>

		</p>

		<p style="margin:0pt 0pt 3pt;line-height:100%;text-align:center;color:#68675A;font-family:Times New Roman,Times,serif;text-justify:inter-ideograph;font-size: 9pt;">

			<font style="display:inline;font-family:Franklin Gothic Book;color:#68675A;font-size:9pt;">California&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Colorado&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delaware&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;District&nbsp;of&nbsp;Columbia&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Florida</font>

		</p>

		<p style="margin:0pt 0pt 3pt;line-height:100%;text-align:center;color:#68675A;font-family:Times New Roman,Times,serif;text-justify:inter-ideograph;font-size: 9pt;">

			<font style="display:inline;font-family:Franklin Gothic Book;color:#68675A;font-size:9pt;">Illinois&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="display:inline;font-family:Franklin Gothic Book;color:#4A9A1E;font-size:9pt;">Minnesota</font><font style="display:inline;font-family:Franklin Gothic Book;color:#68675A;font-size:9pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nevada&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New&nbsp;Jersey&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New&nbsp;York&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pennsylvania&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Texas</font>

		</p>

</div></div><div style="margin-left:10.2941176470588%;margin-right:10.2941176470588%;"><hr align="center" style='background-color:#000000; border-width:0; color:#000000; height:2pt; lineheight:0; width:100%;'></hr></div>
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