# Annual Report on Form 10-K

# Great Northern Iron Ore Properties

# December 31, 2003

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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

# FORM 10-K

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

|For the fiscal year ended  December 31, 2003                                   |  | Commission File Number  1-701       | 
|------------------------------------------------------------------------------ |  | ----------------------------------- | 
|                                                                              
|GREAT NORTHERN IRON ORE PROPERTIES                                             | 
|                                                                               | 
|(Exact name of registrant as specified in its charter)                         | 
|                                                                              
|Minnesota                                                                      |  | 41-0788355                          | 
|                                                                               |  |                                     | 
|(State or Other Jurisdiction ofIncorporation or Organization)                  |  | (I.R.S. EmployerIdentification No.) | 
|                                                                              
|W-1290 First National Bank Building332 Minnesota Street, Saint Paul, Minnesota |  | 55101-1361                          | 
|                                                                               |  |                                     | 
|(Address of Principal Executive Offices)                                       |  | (Zip Code)                          | 
|                                                                              
|Registrants Telephone Number, Including Area Code                             |  | 651/224-2385                        | 
|                                                                               |  |                                     | 

Securities registered pursuant to Section 12(b) of the Act:

|Title of Each Class                           |  | Name of Each Exchange on Which Registered | 
|--------------------------------------------- |  | ----------------------------------------- | 
|Trustees Certificates of Beneficial Interest |  | New York Stock Exchange                   | 

Securities registered pursuant to Section 12(g) of the 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 twelve months 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

Indicate by check mark whether the
Registrant is an accelerated filer (as defined in Rule 12b-2 of the Act).   Yes  X  No

The aggregate market value of the
voting and non-voting common equity held by non-affiliates computed by reference to the
price at which the common equity was last sold, or the average bid and ask price of such
common equity, as of the last business day of the Registrants most recently
completed second fiscal quarter, that being June 30, 2003, was $117,375,000.

The number of shares of beneficial
interest outstanding as of the close of the period covered by this report:

Trustees Certificates of Beneficial Interest  1,500,000

DOCUMENTS INCORPORATED BY REFERENCE

Portions of the Annual
Report to Certificate Holders for the year ended December 31, 2003 are
incorporated by reference into Part II.

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PART I

|Item 1. |  | BUSINESS
|------- |  | --------

| | The
Registrant (Trust) owns interests in fee, both mineral and nonmineral lands,
on the Mesabi Iron Range of Minnesota. The Registrant is a conventional trust organized
under the laws of the State of Michigan pursuant to a Trust Instrument dated December 7,
1906. Because the Trust properties and offices are all located in Minnesota, the Trust is
under the jurisdiction of the Ramsey County District Court in St. Paul, Minnesota. Income
is derived through royalties on iron ore minerals (principally taconite) taken from these
properties by lessees. The Registrant is presently involved solely with the leasing and
care of these properties. There have been no significant changes in these functions since
the beginning of the fiscal year.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | The terms of
the Great Northern Iron Ore Properties Trust Agreement, created December 7,
1906, state that the Trust shall continue for twenty years after the death of
the last surviving of eighteen named in the Trust Agreement. The last survivor
of these eighteen named in the Trust Agreement died April 6, 1995.
Accordingly, the Trust now terminates twenty years from April 6, 1995,
that being April 6, 2015. The termination of the Trust on April 6, 2015
means that there will be no trading of the Trusts 1,500,000 certificates
of beneficial interest (shares) on the New York Stock Exchange beyond that date.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | At the end of
the Trust, all monies remaining in the hands of the Trustees (after paying and
providing for all expenses and obligations of the Trust) shall be distributed
ratably among the certificate holders (term beneficiaries), while all property
other than monies shall be conveyed and transferred to the reversionary
beneficiary (formerly Lake Superior Company, Limited) or its successors or
assigns (currently Glacier Park Company, a wholly owned subsidiary of Burlington
Resources, Inc.). In addition, by the terms of a District Court Order dated
November 29, 1982, the reversioner, in effect, is required to pay the balance in
the Principal Charges account (as explained in the footnotes of the Financial
Statements) which primarily represents the costs of acquiring homes and surface
lands on the iron formation that are necessary for the orderly mine development
by United States Steel Corporation under its 1959 lease with the Trustees. This
account balance, which may increase or decrease, will be added to the cash
distributable to the certificate holders of record at the termination of the
Trust.
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

1

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|Item 1. |  | BUSINESS  Continued
|------- |  | --------------------

| | The raw
materials essential to the business of the Registrant are the minerals contained
in properties owned and leased by the Registrant. Since the Registrant leases
its properties to mining interests which control the amount of ore production,
the Registrant itself has no direct control over the tonnage mined from its
properties but is solely involved with administering the leases on the
properties. Since operating companies insist on freedom to move from property to
property as mining requirements dictate, such changes in production cannot be
precisely reduced to financial forecasts.
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Registrant owns
mineral interests in 12,033 acres on the Mesabi Iron Formation, including
approximately 7,443 acres which are wholly owned, 1,080 acres in which
Registrant is a tenant in common with a 91% interest, 3,350 acres in tenancy in
common with a 50% interest and 160 acres in tenancy in common with other
fractional interests. Of said total, 7,152 acres are under lease and 4,881 acres
are unleased.
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Registrant
cannot estimate at this time any tonnage for nonmagnetic taconite because of
lack of drilling, testing and any established large-scale commercial treatment
method for Mesabi Iron Range nonmagnetic taconite. To give a better perspective
on magnetic taconite, Registrants engineers estimate that the magnetic
taconite under lease as of January 1, 2004 was equivalent to approximately
361,349,000 tons of pellets.
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Present leases
provide for minimum royalties aggregating approximately $3,859,000 for the year
2004 even if no taconite is mined. All of this amount is attributable to
long-term taconite leases.
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | None of the
Registrants leases provide for any right of renewal by the lessees upon
expiration, even though unmined minerals might remain. Any extension of any such
terminating lease would have to be negotiated in the same manner as unleased
properties.
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | All leases
granted by the Registrant, except some covering remnants of natural ore, have
provisions for escalation of royalty rates. Most of the taconite royalty rates
are escalated on the basis of the price of pellets, the iron content, the
Producers Price Index (PPI) (All Commodities), the PPI (Iron and Steel subgroup)
or certain combinations of the above.
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

2

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|Item 1. |  | BUSINESS  Continued
|------- |  | --------------------

| | There are other
landowners on the Mesabi Iron Range, including mining companies and other
private fee owners. Accordingly, firm data on competitive conditions in the iron
ore industry is not available. Iron ore is also available from a number of other
sources. However, the generally close proximity of the Trusts lands to the
mining facilities tends to provide a competitive advantage to the Trust. In
addition, other typical competitive factors include royalty rates, quality and
geological characteristics of the ore bodies available, production guarantees
granted to the fee owners, minimum royalty provisions and other matters. The
Registrants non-taconite shipments have ceased as a source of income
because the ore deposits have, for practical purposes, been exhausted. The
mining of taconite by lessees is the most important part of the
Registrants business. Future development depends, to a large part, on the
demand for taconite from the Registrants properties by mining companies.
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | The
Registrants royalty income is dependent on the number of tons of taconite
shipped from its properties by the lessees, royalty rates, minimum royalties
collected and liquidation of minimum royalties collected. Following is a summary
of shipments by lessee during 2003, 2002 and 2001:
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|                                | Tons Shipped
|------------------------------- | ------------
|
|
|United States Steel Corporation |             
|Hibbing Taconite Company        |             
|National Steel Corporation      |             
|                               
|                                |             
|                               

| | Effective
May 20, 2003, United States Steel Corporation purchased National Steel
Corporation, which had filed for bankruptcy in early 2002. Tonnage mined before
the purchase is reflected under National Steel Corporation and tonnage mined
after the purchase is reflected under United States Steel Corporation.
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | At
December 31, 2003, the Registrant employed ten persons. The Registrant has
been engaged in only one line of business, namely the leasing and maintenance of
its mineral properties. The business of the Registrant is not seasonal, but
income depends upon production by mining companies which lease its properties.
The Registrant has no operations in foreign countries and has no customers or
lessees in foreign countries.
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

3

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|Item 1. |  | BUSINESS  Continued
|------- |  | --------------------

| | As previously
reported, Section 646 of the Tax Reform Act of 1986, as amended, provided a
special elective provision under which the Trust was allowed to convert from
taxation as a corporation to that of a grantor trust. Pursuant to an Order of
the Ramsey County District Court, the Trustees filed the Section 646 election
with the Internal Revenue Service on December 30, 1988. On January 1, 1989, the
Trust became exempt from federal and Minnesota corporate income taxes. For years
1989 and thereafter, certificate holders are taxed on their allocable share of
the Trusts income whether or not the income is distributed. For
certificate holder tax purposes, the Trusts income is determined on an
annual basis, one-fourth then being allocated to each quarterly record date.
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | The Trustees
provided annual income tax information in January 2004 to certificate holders of
record with holdings on any of the four quarterly record dates during 2003. This
information included a:
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Substitute Form
1099-MISC  This form reported ones 2003 allocable share of income
from the Trust, distributions declared and any taxes withheld. (Foreign
certificate holders received a Form 1042S.)
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Trust
Supplemental Statement  This statement reported the number of units
(shares) held on any of the four quarterly record dates in 2003.
| | -------------------------------------------------------------------------------------------------------------------------------------------

| | Tax Return
Guide  This guide instructed the certificate holders as to the preparation
of their income tax returns with respect to income allocated from the Trust and
various deductions allowable.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | The Registrant
does not maintain a website and therefore the Registrant does not make available
through a website the annual, quarterly and other reports that it files with the
Securities and Exchange Commission (SEC). The Registrant will furnish to
investors free of charge, upon request, a paper copy of the reports that it
files with the SEC. The Registrant will also furnish to investors free of
charge, upon request, a paper copy of the Trusts Code of Ethics, said
document which has been signed and affirmed by all employees, Trustees and
officers of the Trust.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

4

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|Item 1. |  | BUSINESS  Continued
|------- |  | --------------------

| | The following
is a listing of the Registrants current leases:
| | --------------------------------------------------------------

|Lease                  | Number ofLeased Acres |       | GNIOPInterest |     | County Location |                      | Term |                        | LesseeTerminationProvision
|---------------------- | --------------------- | ----- | ------------- | --- | --------------- | -------------------- | ---- | ---------------------- | --------------------------
|                      
|Bennett Annex          |                       | 237   |               | 100 | %               | St. Louis            |      | 1/1/1965 to 12/31/2039 |                           
|Carmi-Campbell         |                       | 1,597 |               | 100 |                 | St. Louis            |      | 7/1/1959 to 12/31/2010 |                           
|Enterprise-Mississippi |                      
|(incl. Miss. #3 mine)  |                       | 776   |               | 100 |                 | St. Louis and Itasca |      | 1/1/1961 to 12/31/2010 |                           
|Hanna Taconite #1      |                       | 40    |               | 100 |                 | Itasca               |      | 4/1/1962 to 12/31/2010 |                           
|Gray Annex             |                       | 40    |               | 50  |                 | St. Louis            |      | 1/1/1974 to 1/1/2049   |                           
|Ontario 50%            |                       | 1,397 |               | 50  |                 | St. Louis and Itasca |      | 7/1/1978 to 12/31/2016 |                           
|Ontario 100%           |                       | 400   |               | 100 |                 | St. Louis and Itasca |      | 7/1/1978 to 12/31/2016 |                           
|Ontario #3             |                       | 80    |               | 25  |                 | St. Louis            |      | 1/2/1993 to 12/31/2016 |                           
|Mahoning               |                       | 980   |               | 100 |                 | St. Louis and Itasca |      | 1/1/1979 to 12/31/2026 |                           
|Russell Annex          |                       | 120   |               | 50  |                 | Itasca               |      | 1/1/1966 to 12/31/2040 |                           
|South Stevenson        |                       | 180   |               | 100 |                 | St. Louis            |      | 4/1/1966 to 4/1/2041   |                           
|Minntac                |                       | 1,725 |               | 100 |                 | St. Louis            |      | 1/1/1959 to 12/31/2057 |                           
|Wentworth              |                       | 160   |               | 100 |                 | St. Louis            |      | 7/1/1965 to 4/23/2004  |                           
|Atkins                 |                       | 160   |               | 91  |                 | St. Louis            |      | 8/1/1984 to 7/31/2009  |                           

5

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|Item 2. |  | PROPERTIES
|------- |  | ----------

| | The Registrant
owns interests in fee, mineral and nonmineral lands on the Mesabi Iron Range of
Minnesota, most of which are leased to mining companies which extract taconite.
A list of the leased properties is shown in table format in Item 1 above. The
leases provide the lessees exclusive mining rights during the term of such
leases. Taconite deposits are substantial. The properties have a reversionary
interest as explained in Item 1 above.
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|Item 3. |  | LEGAL PROCEEDINGS
|------- |  | -----------------

| | In proceedings
commenced in 1972, the Minnesota Supreme Court determined that while by the
terms of the Trust, the Trustees are given discretionary powers to convert Trust
assets to cash and to distribute the proceeds to certificate holders, they are
limited in their exercise of those powers by the legal duty imposed by
well-established law of trusts to serve the interests of both term beneficiaries
and the reversionary beneficiary with impartiality. Thus, the Trustees have no
duty to exercise the powers of sale and distribution unless required to do so to
serve both term and reversionary interests; and, if the need arises, the
Trustees may petition the District Court of Ramsey County, Minnesota, for
further instructions defining what is required in a particular case to balance
the interests of certificate holders and reversioner. Also, the Court, in
effect, held that the Trust is a conventional trust, rather than a business
trust, and must operate within the framework of well-established trust law.
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | By a letter
dated April 14, 2003, certificate holders of record as of March 3, 2003 and the
reversioner were notified of a Hearing on May 14, 2003 in Ramsey County
Courthouse, Saint Paul, Minnesota for the purpose of settling and allowing the
Trust accounts for the year 2002 and for the purpose of requesting a fee
increase in the Presidents compensation of $50,000 and an increase of the
Presidents bonus of potentially $15,000, effective January 1, 2003. By
Court Order signed and dated May 14, 2003, the 2002 accounts were settled and
allowed in all respects and the requested fee increases for the President of
Trustees were granted, effective January 1, 2003. By previous Orders, the Court
settled and allowed the accounts of the Trustees for preceding years of the
Trust.
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|Item 4. |  | SUBMISSION OF
MATTERS TO A VOTE OF CERTIFICATE HOLDERS
|------- |  | ------------------------------------------------------

| | None.
| | -----

6

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PART II

|Item 5. |  | MARKET FOR THE
REGISTRANTS SHARES OF BENEFICIAL INTEREST AND RELATED SECURITY HOLDER MATTERS
|------- |  | ---------------------------------------------------------------------------------------------

| | Shares of
Beneficial Interest, Market Prices and Distributions on page 7 of the Annual
Report to Certificate Holders for the year ended December 31, 2003 are
incorporated herein by reference.
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|Item 6. |  | SELECTED FINANCIAL DATA
|------- |  | -----------------------

| | Selected
Financial Data on page 2 of the Annual Report to Certificate Holders for the
year ended December 31, 2003 is incorporated herein by reference.
| | -------------------------------------------------------------------------------------------------------------------------------------------------------

|Item 7. |  | MANAGEMENTS
DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
|------- |  | -------------------------------------------------------------------------------------

| | Trustees
and Managements Discussion and Analysis of Financial Condition and Results
of Operations on pages 3, 4, 5 and 6 of the Annual Report to Certificate Holders
for the year ended December 31, 2003 are incorporated herein by reference.
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|Item 7A. |  | QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
|-------- |  | ----------------------------------------------------------

| | None.
| | -----

|Item 8. |  | FINANCIAL
STATEMENTS AND SUPPLEMENTARY DATA
|------- |  | -------------------------------------------

| | The following
financial statements of the Registrant, included in the Annual Report to
Certificate Holders for the year ended December 31, 2003, are incorporated
herein by reference:
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Balance Sheets
 December 31, 2003 and 2002.
| | --------------------------------------------

| | Statements of
Income  Years ended December 31, 2003, 2002 and 2001.
| | --------------------------------------------------------------------

| | Statements of
Beneficiaries Equity  Years ended December 31, 2003, 2002 and 2001.
| | -----------------------------------------------------------------------------------

| | Statements of
Cash Flows  Years ended December 31, 2003, 2002 and 2001.
| | ------------------------------------------------------------------------

| | Notes to
Financial Statements  December 31, 2003.
| | --------------------------------------------------

| | Quarterly
Results of Operations on page 8 of the Annual Report to Certificate Holders for
the year ended December 31, 2003 are incorporated herein by reference.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------

7

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|Item 9. |  | CHANGES IN AND
DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE
|------- |  | ------------------------------------------------------------------------------------

| | None.
| | -----

|Item 9A. |  | CONTROLS AND PROCEDURES
|-------- |  | -----------------------

| | As of the end
of the period covered by this report, the Trust conducted an evaluation, under
the supervision and with the participation of the Chief Executive Officer and
Chief Financial Officer, of the Trusts disclosure controls and procedures
(as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act
of 1934 (the Exchange Act)). Based on this evaluation, the Chief
Executive Officer and Chief Financial Officer concluded that the Trusts
disclosure controls and procedures are effective to ensure that information
required to be disclosed by the Trust in reports that it files or submits under
the Exchange Act is recorded, processed, summarized and reported within the time
periods specified in Securities and Exchange Commission rules and forms. There
was no change in the Trusts internal control over financial reporting
during the Trusts most recently completed fiscal quarter that has
materially affected, or is reasonably likely to materially affect, the
Trusts internal control over financial reporting.
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

8

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PART III

|Item 10. |  | DIRECTORS AND
EXECUTIVE OFFICERS OF THE REGISTRANT
|-------- |  | --------------------------------------------------

| | The
Registrant, being a trust, has no directors as such. The management of the Trust is vested
in the following Trustees and officers whose terms of office are not fixed for a specified
time:
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|Name and Position    |  | Age                                   |  | Years of Servicein Position
|-------------------- |  | ------------------------------------- |  | ---------------------------
|                    
|Joseph S. Micallef   |  | Trustee and President of the Trustees |  | 70                         
|Roger W. Staehle (1) |  | Independent Trustee                   |  | 70                         
|Robert A. Stein (2)  |  | Independent Trustee                   |  | 65                         
|John H. Roe, III (3) |  | Independent Trustee                   |  | 64                         
|Thomas A. Janochoski |  | Vice President and Secretary          |  | 45                         

| | The Board of
Trustees meets quarterly throughout the year. The principal occupations of the
Trustees and officers during the last five years were as follows:
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------

| | JOSEPH S. MICALLEF
   President and Chief Executive Officer, Great Northern Iron Ore Properties.
| | ------------------------------------------------------------------------------------------------

| | ROGER W. STAEHLE
   Adjunct Professor, Institute of Technology, University of Minnesota;
   Industrial Consultant.
| | ------------------------------------------------------------------------------------------------------------------

| | ROBERT A. STEIN
   Executive Director and Chief Operating Officer, American Bar Association.
| | --------------------------------------------------------------------------------------------

| | JOHN H. ROE, III
   Chairman of the Board, Bemis Company, Inc., Minneapolis, Minnesota;
   Chief Executive Officer, Bemis Company, Inc., Minneapolis, Minnesota until May 4, 2000.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | THOMAS A. JANOCHOSKI
   Vice President and Secretary, Chief Financial Officer, Great Northern Iron Ore Properties.
| | ------------------------------------------------------------------------------------------------------------------

_________________
(1)   Roger W. Staehle is an independent member, pursuant to NYSE standards, of the Trusts Audit Committee.
(2)   Robert A. Stein is an independent member, pursuant to NYSE standards, and the chairman of the Trusts Audit Committee. He is deemed, for purposes thereto, to be a financial expert.
       He also presides at all non-management executive sessions.
(3)   John H. Roe, III is an independent member, pursuant to NYSE standards, of the Trusts Audit Committee. He is deemed, for purposes thereto, to be a financial expert.

9

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|Item 10. |  | DIRECTORS AND
EXECUTIVE OFFICERS OF THE REGISTRANT  Continued
|-------- |  | --------------------------------------------------------------

| | Executive
employees in addition to those listed above include Roger P. Johnson, Manager of
Mines and Chief Engineer.
| | --------------------------------------------------------------------------------------------------------------------

| | There are no
family relationships among any of the above persons.
| | -----------------------------------------------------------------

|Item 11. |  | EXECUTIVE COMPENSATION
|-------- |  | ----------------------

| | Summary Compensation Table
| | --------------------------

|Name andPrincipal Position        |  | Year |  | Salary   |  | Bonus   |  | All OtherCompensation | 
|--------------------------------- |  | ---- |  | -------- |  | ------- |  | --------------------- | 
|                                 
|CEO/President of the Trustees:    |  |      |  |          |  |         |  |                       | 
|Joseph S. Micallef                |  | 2003 |  | $150,000 |  | $50,000 |  | $                    | 
|                                  |  | 2002 |  | 100,000  |  | 35,000  |  |                      | 
|                                  |  | 2001 |  | 100,000  |  | 35,000  |  |                      | 
|CFO/Vice President and Secretary: | 
|Thomas A. Janochoski              |  | 2003 |  | 113,433  |  | 5,000   |  | 6,100                 | 
|                                  |  | 2002 |  | 102,533  |  | 3,500   |  | 5,000                 | 
|                                  |  | 2001 |  | 91,633   |  | 3,500   |  | 3,100                 | 

| | Chief Executive Officer (CEO)/President of the Trustees Compensation
| | --------------------------------------------------------------------

| | The Trust
Agreement (as modified by Court Orders, the last being effective January 1,
2003) provides for annual compensation to the CEO/President of the Trustees of
$150,000 and, in addition, a sum equal to 1% of the excess of gross income of
the Trust over $5,000,000 for that year until his total compensation shall reach
$200,000. By Court Orders previous to 2003, annual compensation to the
CEO/President of the Trustees for the years 2002 and 2001 was set at $100,000
and, in addition, a sum equal to 1% of the excess of gross income of the Trust
over $5,000,000 for that year until his total compensation shall reach $135,000.
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Trustee Compensation (Other Than the CEO/President of the Trustees)
| | -------------------------------------------------------------------

| | The Trust
Agreement (as modified by Court Orders, the last being effective January 1,
2001) provides for annual compensation to each Trustee (other than the
CEO/President of the Trustees) of $50,000.
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

10

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|Item 11. |  | EXECUTIVE COMPENSATION  Continued
|-------- |  | ----------------------------------

| | Because the
compensation of the Trustees and CEO/President of the Trustees is established by
the Trust Agreement (as modified by Court Orders), there is no compensation
committee for the Trustees and, accordingly, there is no Trustee compensation
committee report pertaining to their compensation, nor a performance graph
generated to link total return to executive compensation. There are no other
arrangements pursuant to which any Trustee was compensated for any services
provided as a Trustee, including that of committee participation or special
assignment. There are no options, stock appreciation rights, long-term
performance-based incentive plans or retirement benefits applicable to any of
the Trustees (including the CEO/President of the Trustees) and, accordingly,
disclosure tables with respect to such items have been omitted.
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Executive Officer Compensation of the Chief Financial Officer (CFO)/Vice President and Secretary
| | ------------------------------------------------------------------------------------------------

| | The Board of
Trustees, as a whole, determines compensation of executive officers (other than
the CEO/President of the Trustees). No compensation committee report exists as
the Trust Agreement empowers and grants the Trustees authority to establish
salaries for all employees of the Trust. The Trustees base employee salary
compensation on market data obtained from time to time, as deemed necessary. The
CFOs Bonus compensation is based on 10% of the CEO/Presidents Bonus
compensation. All Other Compensation of the CFO represents an accrual and
interest earnings established in a deferred compensation plan.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | The following
table shows the CFOs estimated annual pension benefit payable upon
retirement at various years of vested service as indicated:
| | ---------------------------------------------------------------------------------------------------------------------------------------------

| | Pension Plan Table
| | ------------------

|Average Annual Salary for Highest 60 Months |         | Estimated Annual Pension Benefit Payablefor Years of Vested Service Indicated
|------------------------------------------- | ------- | -----------------------------------------------------------------------------
|
|
|$                                           | 100,000 |                                                                              
|                                            | 110,000 |                                                                              
|                                            | 120,000 |                                                                              
|                                            | 130,000 |                                                                              
|                                            | 140,000 |                                                                              
|                                            | 150,000 |                                                                              
|                                            | 160,000 |                                                                              
|                                            | 170,000 |                                                                              
|                                            | 180,000 |                                                                              

11

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|Item 11. |  | EXECUTIVE COMPENSATION  Continued
|-------- |  | ----------------------------------

| | The CFOs
estimated annual pension benefit payable upon retirement from the Trusts
defined Pension Plan is based on the highest 60 consecutive months average
annual salary as disclosed in the Summary Compensation Table above, the years of
vested service, a straight-life annuity and no offsets or deductions. The CFO is
presently entitled to 14 years of vested service as of December 31, 2003. Upon
the Trust termination on April 6, 2015, the CFO would be entitled to 25 years of
vested service.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|Item 12. |  | SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT
|-------- |  | --------------------------------------------------------------

| | (a) |  | The only
authorized securities of the Registrant are Trustees Certificates of
Beneficial Interest. The holders of these securities do not have voting rights.
There were no entities holding more than 5% of the Certificates of Beneficial
Interest outstanding, of record and/or beneficially, as of December 31, 2003.
| | --- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (b) |  | There were no
securities owned by the Trustees or officers as of December 31, 2003.
| | --- |  | -----------------------------------------------------------------------------------

|Item 13. |  | CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
|-------- |  | ----------------------------------------------

| | None.
| | -----

|Item 14. |  | PRINCIPAL ACCOUNTANT FEES AND SERVICES
|-------- |  | --------------------------------------

| | All audit and
non-audit services were preapproved by the Audit Committee. Audit-related
services pertain to testimony at the Trusts annual hearing of accounts and
tax services pertain to the Trusts tax return guide and income tax
returns. Estimated fees in 2003 for the annual audit services are $46,750, for
audit-related services are $1,300, for tax services are $25,000 and for all
other services are $0. Fees paid in 2002 for the annual audit services were
$41,700, for audit-related services were $1,250, for tax services were $3,000
and for all other services were $0.
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

12

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PART IV

|Item 15. |  | EXHIBITS, FINANCIAL STATEMENT SCHEDULES AND REPORTS ON FORM 8-K
|-------- |  | ---------------------------------------------------------------

| | (a) |  | (1) and (2)
 The response to this portion of Item 15 is submitted as a separate
section of this report.
| | --- |  | --------------------------------------------------------------------------------------------------------

| |  | (3) |  | Listing of Exhibits:
| |  | --- |  | --------------------

| | Exhibit 3
 Copy of Trust Agreement and Rules and Regulations for Management of the
Trust (filed as Exhibit A to Form 11 of Great Northern Iron Ore Properties filed
on May 6, 1935 as published under date of March 30, 1935 and incorporated by
reference)
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Exhibit 4
 Specimen of Securities Registered Hereunder (filed as Exhibit E to
Form 11 of Great Northern Iron Ore Properties filed on May 6, 1935 as
published under date of March 30, 1935 and incorporated by reference)
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Exhibit 10
 Court Order on Trustee Compensation dated May 16, 2001 (filed as
Exhibit 10 to Form 10-K of Great Northern Iron Ore Properties filed on
March 14, 2003 and incorporated by reference)
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Exhibit 10(a)  Court Order on President of the Trustees
Compensation and Annual Hearing of Accounts dated May 14, 2003
| | ------------------------------------------------------------------------------------------------------------------------

| | Exhibit 13
 Annual Report to Certificate Holders
| | -------------------------------------------------

| | Exhibit 23
 Consent of Independent Auditors
| | --------------------------------------------

| | Exhibit 31.1
 Certification of Chief Executive Officer pursuant to Section 302 of the
Sarbanes-Oxley Act of 2002
| | -----------------------------------------------------------------------------------------------------------------

| | Exhibit 31.2
 Certification of Chief Financial Officer pursuant to Section 302 of the
Sarbanes-Oxley Act of 2002
| | -----------------------------------------------------------------------------------------------------------------

| | Exhibit 32
 Certifications of Chief Executive Officer and Chief Financial Officer
pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (furnished but not
filed)
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Exhibit 99(a)  Tax Return Guide
| | --------------------------------

| | Exhibit 99(b)  Audit Committee Charter
| | ---------------------------------------

| | Exhibit 99(c)  Report of Audit Committee
| | -----------------------------------------

13

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|Item 15. |  | EXHIBITS, FINANCIAL STATEMENT SCHEDULES AND REPORTS ON FORM 8-K  Continued
|-------- |  | ---------------------------------------------------------------------------

| | (b) |  | Reports
on Form 8-K  Form 8-K filed on January 28, 2004 attaching a Press
Release with respect to financial results.
| | --- |  | ---------------------------------------------------------------------------------------------------------------------

| | (c) |  | Exhibits
The response to this portion of Item 15 is submitted as a separate section of this
report.
| | --- |  | ----------------------------------------------------------------------------------------------------

| | (d) |  | Financial
Statement Schedules  The response to this portion of Item 15 is submitted as a
separate section of this report.
| | --- |  | --------------------------------------------------------------------------------------------------------------------------

14

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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.

GREAT NORTHERN IRON ORE PROPERTIES(Registrant)/s/   Joseph S. Micallef
     
     2/12/04Joseph S. Micallef, Chief Executive Officer,   Trustee and President of the Trustees
     Date


Pursuant to the
requirements of the Securities Exchange Act of 1934, 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/   Roger W. Staehle
     
     2/12/04Roger W. Staehle, Trustee
     Date/s/   Robert A. Stein
     2/12/04Robert A. Stein, Trustee
     Date/s/   John H. Roe, III
     2/12/04John H. Roe, III, Trustee
     Date/s/   Thomas A. Janochoski
     2/12/04Thomas A. Janochoski, Vice President and
     DateSecretary, Chief Financial Officer


15

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ANNUAL REPORT ON FORM 10-K

ITEM 15(a)(1) and (2) and ITEM 15(d)

LIST OF FINANCIAL STATEMENTS AND FINANCIAL STATEMENT SCHEDULES

FINANCIAL STATEMENT SCHEDULES

YEAR ENDED DECEMBER 31, 2003

GREAT NORTHERN IRON ORE PROPERTIES

W-1290 First National Bank Building
332 Minnesota Street
Saint Paul, Minnesota 55101-1361



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FORM 10-K  Item 15(a)(1) and (2)
GREAT NORTHERN IRON ORE PROPERTIES

LIST OF FINANCIAL STATEMENTS AND FINANCIAL STATEMENT SCHEDULES

The following  financial  statements
of Great Northern Iron Ore Properties, included in the Registrants Annual
Report to Certificate Holders for the year ended December 31, 2003, are
incorporated by reference in Item 8:

Balance
Sheets  December 31, 2003 and 2002

Statements
of Income  Years ended December 31, 2003, 2002 and 2001

Statements
of Beneficiaries Equity  Years ended December 31, 2003, 2002 and 2001

Statements
of Cash Flows  Years ended December 31, 2003, 2002 and 2001

Notes
to Financial Statements  December 31, 2003

All Item 15(d) schedules
for which provision is made in the applicable accounting regulation of the
Securities and Exchange Commission are not required under the related
instructions or are inapplicable and therefore have been omitted.

F-1

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