Adviser ValueWorks discloses 5.23% stake in Mesabi Trust via clients

Rhea-AI Filing Summary

ValueWorks LLC and its managing member, Charles Lemonides, report shared voting and shared dispositive power over 685,846 Units of Beneficial Interest in Mesabi Trust, representing 5.23% of the class. The holdings are stated as directly owned by advisory clients of ValueWorks LLC, and none of those clients are identified as owning more than 5% individually. Both reporting persons record 0 sole voting or dispositive power and disclaim beneficial ownership except for pecuniary interest. Exhibits referenced include a joint filing agreement and control person identification.

Positive

• Clear disclosure of aggregate beneficial ownership: 685,846 units (5.23%).
• Ownership held on behalf of advisory clients, with none of those clients reported as owning >5% individually.
• Filing includes required exhibits (Joint Filing Agreement and Control Person Identification), indicating procedural completeness.

Negative

• None.

Insights

Financial Analyst

TL;DR Ownership disclosure shows a modest >5% economic exposure by advisory clients via ValueWorks LLC, with shared control only.

ValueWorks LLC and Charles Lemonides report an aggregate 685,846 units, equal to 5.23% of Mesabi Trust's class, held for advisory clients. The filing indicates no sole voting or dispositive power; voting and disposition are shared, which suggests passive or discretionary advisory arrangements rather than direct control. The disclosure limits materiality: a >5% stake is reportable but not large enough alone to imply control or a change in governance.

Corporate Governance Expert

TL;DR The report signals compliance with beneficial ownership rules and emphasizes a client-owned position with a disclaimer against control intent.

The schedule identifies shared voting and dispositive authority and includes a standard disclaimer that the reporting persons disavow beneficial ownership beyond pecuniary interest. Exhibits for joint filing and control-person identification are attached, supporting the filing's procedural completeness. From a governance perspective, this is a routine disclosure of an adviser-managed position without indications of coordinated control or activist intent.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 3)

Mesabi Trust

(Name of Issuer)

Units of Beneficial Interest, no par value

(Title of Class of Securities)

590672101

(CUSIP Number)

06/30/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 590672101

1

Names of Reporting Persons

VALUEWORKS LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 685,846.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 685,846.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

685,846.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

5.23 %

12

Type of Reporting Person (See Instructions)

IA, OO

SCHEDULE 13G

CUSIP No. 590672101

1

Names of Reporting Persons

Charles Lemonides

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 685,846.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 685,846.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

685,846.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

5.23 %

12

Type of Reporting Person (See Instructions)

HC, IN

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Mesabi Trust
(b)	Address of issuer's principal executive offices: c/o Deutsche Bank Trust Company Americas, 1 Columbus Circle, 17th Floor, New York, New York 10019
Item 2.
(a)	Name of person filing: ValueWorks LLC Charles Lemonides
(b)	Address or principal business office or, if none, residence: ValueWorks LLC One World Trade Center, Suite 84-G New York, New York 10007 Charles Lemonides c/o ValueWorks LLC One World Trade Center, Suite 84-G New York, New York 10007
(c)	Citizenship: ValueWorks LLC - Delaware Charles Lemonides - United States
(d)	Title of class of securities: Units of Beneficial Interest, no par value
(e)	CUSIP No.: 590672101
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: ValueWorks LLC - 685,846 Charles Lemonides - 685,846
(b)	Percent of class: ValueWorks LLC - 5.23% Charles Lemonides - 5.23%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: ValueWorks LLC - 0 Charles Lemonides - 0
	(ii) Shared power to vote or to direct the vote: ValueWorks LLC - 685,846 Charles Lemonides - 685,846
	(iii) Sole power to dispose or to direct the disposition of: ValueWorks LLC - 0 Charles Lemonides - 0
	(iv) Shared power to dispose or to direct the disposition of: ValueWorks LLC - 685,846 Charles Lemonides - 685,846
Item 5.	Ownership of 5 Percent or Less of a Class.
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. All of the securities reported in this Schedule 13G Amendment No. 3 are directly owned by advisory clients of ValueWorks LLC. None of those advisory clients may be deemed to beneficially own more than 5% of the Units of Beneficial Interest, no par value.
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary. Please see Exhibit B attached hereto.
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

VALUEWORKS LLC

Signature:	By: /s/ Charles Lemonides
Name/Title:	Charles Lemonides / Managing Member
Date:	08/14/2025

Charles Lemonides

Signature:	By: /s/ Charles Lemonides
Name/Title:	Charles Lemonides
Date:	08/14/2025

Comments accompanying signature: * Each Reporting Person disclaims beneficial ownership of the reported securities except to the extent of his or its pecuniary interest therein, and this report shall not be deemed an admission that such Reporting Person is the beneficial owner of the securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purpose.

Exhibit Information

[Exhibit A - Joint Filing Agreement] [Exhibit B - Control Person Identification]

FAQ

What stake in Mesabi Trust (MSB) does ValueWorks LLC report?

ValueWorks LLC reports shared voting and dispositive power over 685,846 units, representing 5.23% of the class.

Does Charles Lemonides individually control the reported MSB units?

Charles Lemonides reports 0 sole voting and dispositive power and shares both voting and dispositive power for 685,846 units.

Are the reported MSB units owned directly by ValueWorks LLC or clients?

The filing states the securities are directly owned by advisory clients of ValueWorks LLC; the adviser reports them on behalf of those clients.

Does any single advisory client hold more than 5% of MSB according to the filing?

No. The filing states none of the advisory clients may be deemed to beneficially own more than 5% of the units individually.

What exhibits accompany the Schedule 13G/A for MSB?

Exhibit A is the Joint Filing Agreement and Exhibit B is Control Person Identification.