# EDGAR Filing Document

**Accession Number:** 0000072760
**File Stem:** 0001398344-26-003956
**Filing Date:** 2026-2
**Character Count:** 34768
**Document Hash:** 8e683459233f7dd317f82313e8885be3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-26-003956.hdr.sgml**: 20260227

**ACCESSION NUMBER**: 0001398344-26-003956

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260227

**DATE AS OF CHANGE**: 20260227

**PERIOD START**: 20260930

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** NORTHEAST INVESTORS TRUST
- **CENTRAL INDEX KEY:** 0000072760

**ORGANIZATION NAME:**
- **EIN:** 046012886
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-00576
- **FILM NUMBER:** 26693342

**BUSINESS ADDRESS:**
- **STREET 1:** 125 HIGH ST
- **STREET 2:** SUITE 1802
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02110
- **BUSINESS PHONE:** 800-225-6704

**MAIL ADDRESS:**
- **STREET 1:** 125 HIGH ST
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02110

## Series and Classes Contracts Data

### NORTHEAST INVESTORS TRUST (Series ID: S000011440)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000031645 | NORTHEAST INVESTORS TRUST | NTHEX           |

## Nport-Ex

---

| |
|:---|
| **Schedule of Investments (a)** |
| **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Corporate Bonds & Notes - 75.10%** | | |
| *Name of Issuer* | *Principal* | *Value* |
| **Aerospace / Defense - 3.86%** |  |  |
| &nbsp;&nbsp;&nbsp;Moog, Inc., 4.25%, 12/15/27 (c) | $5000000 | $4952115 |
| **Building Products - 7.49%** |  |  |
| &nbsp;&nbsp;&nbsp;Builders Firstsource, Inc., 4.25%, 2/01/32 (c) | 5000000 | 4761055 |
| &nbsp;&nbsp;&nbsp;Louisiana Pacific Corp., 3.625%, 3/15/29 (c) | 5000000 | 4847325 |
|  |  | 9608380 |
| **Chemicals - 3.53%** |  |  |
| &nbsp;&nbsp;&nbsp;Chemours Co., 4.625%, 11/15/29 (c) | 5000000 | 4521065 |
| **Coal - 0.20%** |  |  |
| &nbsp;&nbsp;&nbsp;Westmoreland Mining Holdings LLC, 8%, 11/4/30 (d) | 644681 | 251426 |
| **Energy/Natural Resources - 3.91%** |  |  |
| &nbsp;&nbsp;&nbsp;Comstock Resources, Inc., 6.75%, 3/01/29 (c) | 5000000 | 5011090 |
| **Food & Beverage - 7.61%** |  |  |
| &nbsp;&nbsp;&nbsp;Darling Ingredients, Inc., 5.25%, 4/15/27 (c) | 4750000 | 4745108 |
| &nbsp;&nbsp;&nbsp;Performance Food Group, Inc., 5.5%, 10/15/27 (c) | 5000000 | 5007040 |
|  |  | 9752148 |
| **Gaming - 1.49%** |  |  |
| &nbsp;&nbsp;&nbsp;MGM Growth Properties Operating Partnership, 3.875%, 2/15/29 | 2000000 | 1903100 |
| **Homebuilders - 4.03%** |  |  |
| &nbsp;&nbsp;&nbsp;KB Home, 7.25%, 7/15/30 | 5000000 | 5165315 |
| **Industrial Servicing / Manufacturing - 4.56%** |  |  |
| &nbsp;&nbsp;&nbsp;Fortress Transportation and Infrastructure Investors LLC, 5.5%, 5/01/28 (c) | 750000 | 750864 |
| &nbsp;&nbsp;&nbsp;XPO, Inc., 6.25%, 6/01/28 (c) | 5000000 | 5097885 |
|  |  | 5848749 |
| **Office Electronics - 3.90%** |  |  |
| &nbsp;&nbsp;&nbsp;Pitney Bowes, Inc., 6.875%, 3/15/27 (c) | 5000000 | 5002915 |
| **Oil & Gas Drlling - 4.19%** |  |  |
| &nbsp;&nbsp;&nbsp;Tidewater, Inc., 9.125%, 7/15/30 (c) | 5000000 | 5366425 |
| **Paper Product - 2.33%** |  |  |
| &nbsp;&nbsp;&nbsp;Graphic Packaging International, 4.75%, 7/15/27 (c) | 3000000 | 2992407 |
| **Retail Food Chains - 0.93%** |  |  |
| &nbsp;&nbsp;&nbsp;Brinker International, Inc., 8.25%, 7/15/30 (c) | 1130000 | 1196282 |
| **Retail General - 3.88%** |  |  |
| &nbsp;&nbsp;&nbsp;Under Armour, Inc., 3.25%, 6/15/26 | 5000000 | 4974090 |
| **Technology - 12.47%** |  |  |
| &nbsp;&nbsp;&nbsp;Fair Isaac Corp., 5.25%, 5/15/26 (c) | 5000000 | 5006265 |
| &nbsp;&nbsp;&nbsp;Iron Mountain, Inc., 4.5%, 2/15/31 (c) | 1000000 | 953496 |
| &nbsp;&nbsp;&nbsp;Iron Mountain, Inc., 5.625%, 7/15/32 (c) | 4000000 | 3937088 |
| &nbsp;&nbsp;&nbsp;SS&C Technologies, Inc., 5.5%, 9/30/2027 (c) | 5000000 | 5004370 |
| &nbsp;&nbsp;&nbsp;Western Digital Corp., 4.75%, 2/15/26 | 1087000 | 1084156 |
|  |  | 15985375 |
| **Tobacco - 7.63%** |  |  |
| &nbsp;&nbsp;&nbsp;Pyxus Holdings, Inc., 8.5%, 12/31/27 (c) | 10845675 | 9774643 |
| **Wireless Telecom - 3.09%** |  |  |
| &nbsp;&nbsp;&nbsp;Altice France Holdings SA, 9.5%, 11/01/29 (c) | 3850500 | 3961441 |
| &nbsp;&nbsp;&nbsp;**Total Corporate Bonds & Notes — (cost -$94,586,745)** |  | $96266966 |

---

---

| | | |
|:---|:---|:---|
| **GDP-Linked Bonds - 0.77%** | | |
| *Name of issuer* | *Principal* | *Value* |
| &nbsp;&nbsp;&nbsp;Republic of Argentina GDP Linked Security, 0% FRN (based on the performance of | $34386574 | $992740 |
| &nbsp;&nbsp;&nbsp;Argentina's GDP), 12/15/35 (e) |  |  |
| &nbsp;&nbsp;&nbsp;**Total GDP-Linked Bonds — (cost—$1,423,421)** |  | $992740 |

---

---

| | | |
|:---|:---|:---|
| **Common Stock - 16.95%** | *Number of* |  |
| *Name of issuer* | *Shares* | *Value* |
| **Chemicals - 2.20%** |  |  |
| &nbsp;&nbsp;&nbsp;Ingevity Corp. (e) | 602 | $35626 |
| &nbsp;&nbsp;&nbsp;NL Industries, Inc. | 510200 | 2790794 |
|  |  | 2826420 |
| **Coal - 0.04%** |  |  |
| &nbsp;&nbsp;&nbsp;Westmet Group Holdings (b) (d) (e) | 22614 | 45228 |
| &nbsp;&nbsp;&nbsp;Westmoreland Mining Holdings LLC, Class A Units (b) (d) (e) | 22417 | 11208 |
|  |  | 56436 |
| **Electrical Utility - 7.66%** |  |  |
| &nbsp;&nbsp;&nbsp;Homer City Holdings, LLC (b) (d) (e) | 196288 | 9814400 |
| **Energy / Natural Resources - 0.31%** |  |  |
| &nbsp;&nbsp;&nbsp;Talos Energy, Inc. (e) | 35718 | 393612 |
| **Food Processing - 2.45%** |  |  |
| &nbsp;&nbsp;&nbsp;Viskase Cos., Inc. (e) | 3052635 | 3135056 |
| **Metals & Mining - 1.97%** |  |  |
| &nbsp;&nbsp;&nbsp;American Gilsonite (b) (d) (e) | 1597765 | 2530860 |
| &nbsp;&nbsp;&nbsp;Metals Recovery Holdings, LLC (b) (d) (e) | 21539 | 0 |
|  |  | 2530860 |
| **Oil & Gas Drilling - 1.79%** |  |  |
| &nbsp;&nbsp;&nbsp;Key Energy Services, Inc. (e) | 129 | 240 |
| &nbsp;&nbsp;&nbsp;Nabors Industries LTD. (e) | 42311 | 2297487 |
|  |  | 2297727 |
| **Packaging & Container - 0.11%** |  |  |
| &nbsp;&nbsp;&nbsp;Smurfit WestRock PLC | 3626 | 140217 |
| **Transportation - 0.11%** |  |  |
| &nbsp;&nbsp;&nbsp;Getlink SA (France) | 7349 | 135832 |
| **Wireless Telecom - 0.31%** |  |  |
| &nbsp;&nbsp;&nbsp;Altice France Luxco 3 (France) | 22638 | 398995 |
| &nbsp;&nbsp;&nbsp;**Total Common Stock — (cost—$37,874,991)** |  | $21729555 |

---

---

| | | |
|:---|:---|:---|
| **Repurchase Agreement - 5.50%** | | |
| *Name of Issuer* | *Principal* | *Value* |
| &nbsp;&nbsp;&nbsp;State Street Bank & Trust Co. 1.06% dated 12/31/25, to be |  |  |
| &nbsp;&nbsp;&nbsp;repurchased at $7,044,930 on 01/02/2026 (f) |  |  |
| &nbsp;&nbsp;&nbsp;**Total Repurchase Agreement - (cost - $7,044,515)** | $7044515 | $7044515 |
| &nbsp;&nbsp;&nbsp;**Total Investments - 98.32% (cost—$140,929,672)** |  | $**126033776** |
| &nbsp;&nbsp;&nbsp;**Net Other Assets and Liabilities - 1.68%** |  | **2155693** |
| &nbsp;&nbsp;&nbsp;**Net Assets - 100%** |  | $**128189469** |

---

---

| | | | |
|:---|:---|:---|:---|
| *(a)* | Portions of the portfolio may be pledged to collateralize short term borrowings when utilized. | Portions of the portfolio may be pledged to collateralize short term borrowings when utilized. | Portions of the portfolio may be pledged to collateralize short term borrowings when utilized. |
| *(b)* | Fair value determination using significant unobersvable inputs in accordance with consistently | Fair value determination using significant unobersvable inputs in accordance with consistently | Fair value determination using significant unobersvable inputs in accordance with consistently |
|  | applied procedures approved by the Board of Trustees. The aggregate market value of good faith | applied procedures approved by the Board of Trustees. The aggregate market value of good faith | applied procedures approved by the Board of Trustees. The aggregate market value of good faith |
|  | securities as of December 31, 2025 was $12,401,696 which represents 9.67% of total net assets. | securities as of December 31, 2025 was $12,401,696 which represents 9.67% of total net assets. | securities as of December 31, 2025 was $12,401,696 which represents 9.67% of total net assets. |
| *(c)* | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may |
|  | be resold in transactions exempt from registration, normally to qualified institutional buyers. At the | be resold in transactions exempt from registration, normally to qualified institutional buyers. At the | be resold in transactions exempt from registration, normally to qualified institutional buyers. At the |
|  | period end, the value of these securities amounted to $82,888,879 which represents 64.66% of total net assets. | period end, the value of these securities amounted to $82,888,879 which represents 64.66% of total net assets. | period end, the value of these securities amounted to $82,888,879 which represents 64.66% of total net assets. |
|  | These securities are generally deemed liquid. | These securities are generally deemed liquid. | These securities are generally deemed liquid. |
| *(d)* | All or a portion of the security is restricted. The Trust may acquire restricted securities which | All or a portion of the security is restricted. The Trust may acquire restricted securities which | All or a portion of the security is restricted. The Trust may acquire restricted securities which |
|  | are subject to legal or contractual restrictions on resale and may be illiquid. | are subject to legal or contractual restrictions on resale and may be illiquid. | are subject to legal or contractual restrictions on resale and may be illiquid. |
|  | The aggregate market value of restricted securities as of December 31, 2025 | The aggregate market value of restricted securities as of December 31, 2025 | The aggregate market value of restricted securities as of December 31, 2025 |
|  | was $12,653,122 which represents 9.87% of total net assets. Additional information on | was $12,653,122 which represents 9.87% of total net assets. Additional information on | was $12,653,122 which represents 9.87% of total net assets. Additional information on |
|  | each holding is as follows: | each holding is as follows: | each holding is as follows: |
|  | Security | Acquisition Date | Acquisition Cost |
|  | American Gilsonite | 1/2/17 - 8/26/21 | $9640360 |
|  | Metals Recovery Holdings, LLC | 9/30/2016 - 12/10/2019 | $1999343 |
|  | Homer City Holdings, LLC | 4/6/2017 | $588216 |
|  | Westmoreland Mining Holdings LLC, 8% 11/4/30 | 5/4/2023 | $611587 |
|  | Westmoreland Mining Holdings LLC, Class A Units | 3/15/2019 - 5/4/2023 | $861283 |
|  | Westmet Group Holdings | 5/4/2023 | $135685 |
| *(e)* | Non-income producing security. | Non-income producing security. | Non-income producing security. |
| *(f)* | Acquired on December 31, 2025. Collateralized by $7,185,405 of US Treasury | Acquired on December 31, 2025. Collateralized by $7,185,405 of US Treasury | Acquired on December 31, 2025. Collateralized by $7,185,405 of US Treasury |
|  | Bond due 11/15/55. The maturity value is $7,044,930. | Bond due 11/15/55. The maturity value is $7,044,930. | Bond due 11/15/55. The maturity value is $7,044,930. |
| (g) | Non-income producing security due to default or bankruptcy filing. | Non-income producing security due to default or bankruptcy filing. | Non-income producing security due to default or bankruptcy filing. |
|  | FRN Floating Rate Note - rates reflected are as of December 31, 2025 | FRN Floating Rate Note - rates reflected are as of December 31, 2025 | FRN Floating Rate Note - rates reflected are as of December 31, 2025 |

---

**Investment Valuation**

Accounting Standards Codification ASC 820, Fair Value Measurements and Disclosures (ASC 820) defines fair value as the price that would be received to sell an investment in an orderly transaction between two market participants at the measurement date. ASC 820 establishes a fair value hierarchy that distinguishes between market data obtained from independent sources (observable inputs) and the Trust's own market assumptions (unobservable inputs). The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and the determination of the significance of certain inputs to the fair value measurement requires judgments and considers factors that may be specific to each security. The various inputs that may be used to determine the value of the Trust's investments are summarized in the following fair value hierarchy:

Level 1 - Unadjusted quoted prices in active markets for identical securities.

Level 2 - Other significant observable inputs based on data obtained from various pricing sources (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

---

| | |
|:---|:---|
| Level 3 - | Significant unobservable inputs including the Trust's own assumptions used to determine the fair value of investments. Factors considered in making such determinations may include, but are not limited to, information obtained directly from the company or analysts and the analysis of the company's financial statements or other documents. |

---

The following table summarized the Trust's investment as of December 31, 2025, based on the inputs used to value them.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |<br>**Level 1** |<br>**Level 2** |<br>**Level 3** | **Total as of**<br>**12/31/2025** |
| Corporate Bonds & Notes | $- | $96266966 | $- | $96266966 |
| Common Stock | 6056971 | 3270888 | 12401696 | 21729555 |
| GDP Linked Bonds |  | 992740 |  | 992740 |
| Repurchase Agreement | - | 7044515 | - | 7044515 |
|  | $6056971 | $107575109 | $12401696 | $126033776 |

---

Transfers between hierarchy levels may occur due to market fluctuation, changes in valuation techniques and/or changes in the availability of market data used in the determination of an investment's valuation. The Trust recognizes transfers between the levels at the end of each period. For the period ended December 31, 2025, there were no transfers among levels. At December 31, 2025, the reconciliation of assets in which significant unobservable inputs (Level 3) were used in determining fair value, is as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Corporate Bonds,**<br>**& Notes** | **Common**<br>**Stock** | **Totals**<br>**12/31/2025** |
| Beginning Balance @ 9/30/2025 | $- | $13684553 | $13684553 |
| Purchases / PIK Interest |  |  |  |
| Sales |  | (1252500) | (1252500) |
| Realized Gain(Loss) | (211506) | (568659) | (780165) |
| Net Change in Unrealized |  |  |  |
| Appreciation/(Depreciation) | 211506 | 538302 | 749808 |
| Transfers into Level 3 from |  |  |  |
| Level 2 |  |  |  |
| Transfers out of Level 3 |  |  |  |
| into Level 2 |  |  |  |
| Ending Balance @ 12/31/2025 | $- | $12401696 | $12401696 |

---

---

| | |
|:---|:---|
|  | Change in Unrealized<br> Gain / (Loss) for Positions Still<br> Held at December 31, 2025 |
| Common Stock | $(30357) |

---

The Financial Accounting Standard Board (FASB) issued guidance that a reporting entity should disclose quantitative information about the unobservable inputs used in the fair value determinations that are categorized in the Level 3 hierarchy. The guidance also required additional disclosure regarding the valuation process used and the sensitivity of the fair value measurements to changes in unobservable inputs and the interrelationships between those unobservable inputs within Level 3. The following table presents a summary of valuation techniques, inputs and quantitative information used in determining the fair value of the Trust's Level 3 securities as of December 31, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | |  | Significant | | Increase to |
|  | | Valuation | Unobservable | | Valuation from an |
| Investment Type | Fair Value | Technique | Inputs | Range | Increase in Input (1) |
| **<u>Common Stock</u>** |  |  |  |  |  |
| Coal | $45228 | Third Party Vendor (2) | Broker Quote | $2.00 - $2.75 | Increase |
| Coal | 11208 | Third Party Vendor (2) | Broker Quote | $0.50 - $1.00 | Increase |
| Electrical Utility | 9814400 | Market Transaction (2) | Recent Transaction | $50 | Increase |
| Metals and Mining | 2530860 | Market Comparable (3) | EBITDA | 7.0x - 9.6x | Increase |
|  |  |  | Multiple |  |  |
| Metals and Mining | 0 | Market Approach (4) | Recovery Rate | N/A | Increase |
|  | $12401696 |  |  |  |  |

---

(1) This column represents the direction change in the fair value
of the Level 3 securities that would result from an increase to the corresponding unobservable input. A decrease to the unobservable
inputs would have the opposite effect. Significant increases and decreases of these inputs could result in significantly higher or
lower fair value determinations.

(2) Certain of the Trust's Level 3 investments have been valued
using unadjusted inputs that have not been internally developed by the Trust including third-party transactions and quotations.

(3) Earnings multiples are based on comparable companies and transactions
of comparable companies.

(4) A market approach using the value of the underlying assets of
a company.

For additional information on the Trust's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** NORTHEAST INVESTORS TRUST

- **b. Investment Company Act file number:** 811-00576

- **c. CIK number of Registrant:** 0000072760

- **d. LEI of Registrant:** 254900TFW0QM0GDHQX67

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 125 HIGH ST

  - **City:** BOSTON

  - **State:** MA

  - **Foreign country:** US

  - **Zip / Postal Code:** 02110

  - **Telephone number:** 800-225-6704

**Item A.2. Information about the Series.**

- **a. Name of Series:** NORTHEAST INVESTORS TRUST

- **b. EDGAR series identifier (if any):** S000011440

- **c. LEI of Series:** 254900TFW0QM0GDHQX67

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-09-30

- **b. Date as of which information is reported:** 2025-12-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $128689629.96

**Total Liabilities:** $471140.86

**Net Assets:** $128218489.10

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 0 | **1-Year:** 1367.18 | **5-Year:** 897.92 | **10-Year:** 0 | **30-Year:** 0

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 953.25 | **1-Year:** 5434.74 | **5-Year:** 5328.78 | **10-Year:** 0 | **30-Year:** 0

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000031645 | 0.52%                | 0.39%                | -0.77%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-690145.13              | $979322.07                                 |
| Month 2  | $0.00                    | $-133685.80                                |
| Month 3  | $-1213712.04             | $-65070.83                                 |

### Schedule of Portfolio Investments

| Name                                                    | Title                  | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| ALTICE FRANCE SA                                        | 9.5% 11/1/29           | CUSIP: 02090DAA6<br>LEI: 5493001ZMCICV4N02J21 | Long             | DBT              | CORP              | FR        |   3850500 | PA      | $3961440.61   | 3.09%             | 2029-11-01      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| ALTICE LUXCO 3                                          | COMMON STOCK           | CUSIP: 02090LUX3<br>LEI: 5493001ZMCICV4N02J21 | Long             | EC               | CORP              | FR        |     22638 | NS      | $398994.75    | 0.31%             |  |  |  | Yes           |                  2 | On Loan: No      |
| AMERICAN GILSONITE CO                                   | COMMON STOCK           | CUSIP: 02636P201<br>LEI: 54930088Q5PLU37BHF34 | Long             | EC               | CORP              | US        |   1597765 | NS      | $2530859.76   | 1.97%             |  |  |  | Yes           |                  3 | On Loan: No      |
| BRINKER INTERNATIONAL, INC.                             | 8.25% MTY 7/15/30      | CUSIP: 109641AK6<br>LEI: 52990067JY6PBGJNTG76 | Long             | DBT              | CORP              | US        |   1130000 | PA      | $1196282.41   | 0.93%             | 2030-07-15      | Fixed         | 8.25%                 | Yes           |                  2 | On Loan: No      |
| BUILDERS FIRSTSOURCE                                    | 4.25% MTY 2/01/32      | CUSIP: 12008RAP2<br>LEI: 549300W0SKP6L3H7DP63 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4761055.00   | 3.71%             | 2032-02-01      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| CHEMOURS CO                                             | 4.625% MTY 11/15/29    | CUSIP: 163851AH1<br>LEI: 549300M1BOLNXL8DOV14 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4521065.00   | 3.53%             | 2029-11-15      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| COMSTOCK RESOURCES, INC.                                | 6.75% MTY 03/01/2029   | CUSIP: 205768AS3<br>LEI: I03QQGEA4SS774AURI46 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $5011090.00   | 3.91%             | 2029-03-01      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| DARLING INGREDIENTS                                     | 5.25% MTY 4/15/27      | CUSIP: 237266AH4<br>LEI: L1N0SPPKS7EXZYUMZ898 | Long             | DBT              | CORP              | US        |   4750000 | PA      | $4745107.50   | 3.70%             | 2027-04-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| FAIR ISAAC CORP                                         | 5.25% MTY 5/15/2026    | CUSIP: 303250AE4<br>LEI: RI6HET5SJUEY30V1PS26 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $5006265.00   | 3.90%             | 2026-05-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| FORTRESS TRANPORTATION & INFRASTRUCTURE INVESTORS LLC   | 5.5% MTY 5/1/28        | CUSIP: 34960PAD3<br>LEI: 529900E7PUVK6BC8PE80 | Long             | DBT              | CORP              | US        |    750000 | PA      | $750864.00    | 0.59%             | 2028-05-01      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| GETLINK SA                                              | GET FP                 | CUSIP: N/A<br>LEI: 9695007ZEQ7M0OE74G82       | Long             | EC               | CORP              | FR        |      7349 | NS      | $135831.57    | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| GRAPHIC PACKAGING INC                                   | 4.75% MTY 07/15/27     | CUSIP: 38869AAA5<br>LEI: SO75N4VY5NXGQSK8YQ65 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2992407.00   | 2.33%             | 2027-07-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| HOMER CITY INTERESTS INC.                               | COMMON STOCK           | CUSIP: N/A<br>LEI: 549300WURUOM5UICZI86       | Long             | EC               | CORP              | US        |    196288 | NS      | $9814400.00   | 7.66%             |  |  |  | Yes           |                  3 | On Loan: No      |
| INGEVITY CORP                                           | COMMON STOCK           | CUSIP: 45688C107<br>LEI: 5493009UTFC4B5IMGF87 | Long             | EC               | CORP              | US        |       602 | NS      | $35626.36     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| IRON MOUNTAIN INC.                                      | 5.625% MTY 7/15/32     | CUSIP: 46284VAL5<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $3937088.00   | 3.07%             | 2032-07-15      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| IRON MOUNTAIN INC.                                      | 4.50% MTY 2/15/31      | CUSIP: 46284VAN1<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $953496.00    | 0.74%             | 2031-02-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| KB HOME                                                 | 7.25% MTY 7/15/30      | CUSIP: 48666KBA6<br>LEI: 549300LGUCWQURMWLG09 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $5165315.00   | 4.03%             | 2030-07-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| KEY ENERGY SERVICES INC                                 | COMMON STOCK           | CUSIP: 49309J202<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       129 | NS      | $239.94       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| LOUISIANA-PACIFIC CORP.                                 | 3.625% MTY 3/15/29     | CUSIP: 546347AM7<br>LEI: 549300C7E2UAO5BVRR75 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4847325.00   | 3.78%             | 2029-03-15      | Fixed         | 3.62%                 | Yes           |                  2 | On Loan: No      |
| METALS RECOVERY HOLDINGS LLC                            | COMMON STOCK           | CUSIP: N/A<br>LEI: 5493003TN4GTBCPH6K85       | Long             | EC               | CORP              | US        |     21539 | NS      | $0.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| MGM GROWTH PROPERTIES                                   | 3.875% MTY 02/15/29    | CUSIP: U5930BAE6<br>LEI: 549300U6G4UOCMLQK204 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1903100.00   | 1.48%             | 2029-02-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| MOOG, INC.                                              | 4.25% MTY 12/15/27     | CUSIP: 615394AM5<br>LEI: 549300WM2I4U7OBAHG07 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4952115.00   | 3.86%             | 2027-12-15      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| NABORS INDUSTRIES                                       | COMMON STOCK           | CUSIP: G6359F137<br>LEI: 549300VFQWRKICUFNU92 | Long             | EC               | CORP              | BM        |     42311 | NS      | $2297487.30   | 1.79%             |  |  |  | No            |                  1 | On Loan: No      |
| NL INDUSTRIES INC.                                      | COMMON STOCK           | CUSIP: 629156407<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    510200 | NS      | $2790794.00   | 2.18%             |  |  |  | No            |                  1 | On Loan: No      |
| PERFORMANCE FOOD GROUP                                  | 5.5% MTY 10/15/2027    | CUSIP: 69346VAA7<br>LEI: 549300OMUOGBYK0FFO76 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $5007040.00   | 3.91%             | 2027-10-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| PITNEY BOWES                                            | 6.875% MTY 3/15/27     | CUSIP: 724479AP5<br>LEI: 549300N2O26NW4ST6W55 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $5002915.00   | 3.90%             | 2027-03-15      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| PYXUS HOLDCO                                            | 8.5% MTY 12/31/2027    | CUSIP: 747328AB8<br>LEI: 8YFRT44YTZ40IQKXOL79 | Long             | DBT              | CORP              | US        |  10845675 | PA      | $9774642.90   | 7.62%             | 2027-12-31      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| REPUBLIC OF ARGENTINA GDP LINKED SECURITY               | FRN WARRANTS SEPARATED | CUSIP: 040114GM6<br>LEI: 549300KPBYGYF7HCHO27 | Long             | DBT              |  | AR        |  34386574 | PA      | $992740.39    | 0.77%             | 2035-12-15      | Fixed         | 12.50%                | No            |                  2 | On Loan: No      |
| SMURFIT WESTROCK PLC                                    | COMMON STOCK           | CUSIP: G8267P108<br>LEI: 635400EGSEOPDW2EXS14 | Long             | EC               | CORP              | US        |      3626 | NS      | $140217.42    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| SS&C TECHNOLOGIES                                       | 5.5% MTY 09/30/27      | CUSIP: 78466CAC0<br>LEI: 549300KY09TR3J12JU49 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $5004370.00   | 3.90%             | 2027-09-30      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| STATE STREET BANK & TRUST CO. 1.06% 12/31/25 MTY 1/2/26 | REPURCHASE AGREEMENT   | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             | CORP              | US        |   7044515 | NS      | $7044514.86   | 5.49%             |  |  |  | No            |                  2 | On Loan: No      |
| TALOS ENERGY INC                                        | COMMON STOCK           | CUSIP: 87484T108<br>LEI: 549300GZ2DZZE2Y8TX15 | Long             | EC               | CORP              | US        |     35718 | NS      | $393612.36    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| TIDEWATER, INC.                                         | 9.125% MTY 7/15/2030   | CUSIP: 88642RAE9<br>LEI: 549300UOMTB7PD2UT305 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $5366425.00   | 4.19%             | 2030-07-15      | Fixed         | 9.12%                 | Yes           |                  2 | On Loan: No      |
| UNDER ARMOUR, INC.                                      | 3.25% MTY 6/15/2026    | CUSIP: 904311AA5<br>LEI: 549300D4549QKWETZ406 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4974090.00   | 3.88%             | 2026-06-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| VISKASE COS INC.                                        | COMMON STOCK           | CUSIP: 92831R201<br>LEI: 549300ST1VO2Z4YCSO49 | Long             | EC               | CORP              | US        |   3052635 | NS      | $3135056.15   | 2.45%             |  |  |  | No            |                  1 | On Loan: No      |
| WESTERN DIGITAL CORP                                    | 4.75% MTY 2/15/26      | CUSIP: 958102AM7<br>LEI: 549300QQXOOYEF89IC56 | Long             | DBT              | CORP              | US        |   1087000 | PA      | $1084156.00   | 0.85%             | 2026-02-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| WESTMET GROUP HOLDINGS                                  | COMMON STOCK           | CUSIP: 9608WMET9<br>LEI: 5493005KY5ANOTGMLS28 | Long             | EC               | CORP              | US        |     22614 | NS      | $45228.32     | 0.04%             |  |  |  | Yes           |                  2 | On Loan: No      |
| WESTMORELAND MINING HOLDINGS LLC                        | COMMON STOCK           | CUSIP: 96087I112<br>LEI: 5493005KY5ANOTGMLS28 | Long             | EC               | CORP              | US        |     22417 | NS      | $11208.37     | 0.01%             |  |  |  | Yes           |                  2 | On Loan: No      |
| WESTMORELAND MINING HOLDINGS LLC TL                     | 8% MTY 11/4/30         | CUSIP: 934NVF999<br>LEI: 5493005KY5ANOTGMLS28 | Long             | DBT              | CORP              | US        |    644681 | PA      | $251425.77    | 0.20%             | 2030-11-04      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| XPO LOGISTICS, INC.                                     | 6.25% MTY 6/01/28      | CUSIP: 98379KAA0<br>LEI: 54930096DB9LCLPN7H13 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $5097885.00   | 3.98%             | 2028-06-01      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-02-27

**Name of Applicant:** NORTHEAST INVESTORS TRUST

**Signature:** /s/ Gordon Barrett

**Name of Signer:** Gordon Barrett

**Title:** CFO