# EDGAR Filing Document

**Accession Number:** 0000072760
**File Stem:** 0001398344-25-021828
**Filing Date:** 2025-12
**Character Count:** 86653
**Document Hash:** 3219ba0a3755d6d68ad21acac1e7b35a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-25-021828.hdr.sgml**: 20251205

**ACCESSION NUMBER**: 0001398344-25-021828

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 25

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251205

**DATE AS OF CHANGE**: 20251205

**EFFECTIVENESS DATE**: 20251205

**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:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-00576
- **FILM NUMBER:** 251551408

**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           |

?xml version='1.0' encoding='ASCII'? NEIT TSR

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

**Investment Company Act file number 811-00576**

**Northeast Investors Trust**

**(Exact name of Registrant as specified in charter)**

**125 High Street, Room 1802**

**Boston, MA 02110**

**(Address of principal executive offices) (Zip code)**

**David Randall**

**125 High Street, Room 1802**

**Boston, MA 02110**

**(Name and address of agent for service)**

**Registrant's telephone number, including area code: 800-225-6704**

**Date of fiscal year end: September 30**

**Date of reporting period: September 30, 2025**

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549-1090. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Report to Stockholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The report to stockholders is attached herewith.

---

| | |
|:---|:---|
| ![NEIT Logo](neit_logo.jpg) | Northeast Investors Trust<br>*NTHEX* |

---

### Annual Shareholder Report
September 30, 2025

This annual shareholder report contains important information about Northeast Investors Trust (the "Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at **www.northeastinvestors.com/downloads**. You can also request this information by contacting us at 1-800-225-6704.

**What were the Fund costs for the last year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment**  | **Costs paid as a percentage of a $10,000 investment**  |
| Northeast Investors Trust | $200 | 1.94% |

---

**How did the Fund perform last year and what affected its performance?**

During the fiscal year ended September 30, 2025, Northeast Investors Trust posted a total return of 11.13%, which compares with the total return of the ICE BAML US High Yield Index of 7.23%. Although long-term interest rates rose during the period, our defensive position with regard to rising interest rates was not as much of a tailwind as expected because of narrowing spread levels between high yield bonds and Treasuries. Relative performance was aided by the net benefit of bond positions that had been converted into equity positions.

At the individual security level, strong performance was recorded by the securities of Pyxus International and Homer City LLC, offset by weakness in the securities of NL Industries and American Gilsonite. Credit losses were limited, with the bonds of Altice France being exchanged for a package of cash and securities in a near-par exchange. In general, credit losses in the high yield market remain relatively low. The direct impact of tariffs on portfolio companies was limited, although there was notable volatility in the March-April period as the first details of the tariff plan emerged.

**Cumulative Performance - September 30, 2015 through September 30, 2025**

Visit www.northeastinvestors.com for additional performance information.

![Ad2 Performance Graph](fp0095888-5_ar61.jpg)

**Average Annual Total Returns (as of September 30, 2025)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** |
| NTHEX | 11.13% | 6.40% | 3.45% |
| US High Yield Index | 7.23% | 5.53% | 6.07% |

---

Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**Fund Statistics**

(as of September 30, 2025)

---

| | |
|:---|:---|
| Net Assets ($) | $131612482 |
| Number of Portfolio Holdings | 49 |
| Portfolio Turnover Rate (%) | 40.96% |
| Total Trustee Fees Paid ($) | $641536 |

---

**What did the Fund invest in? (as of September 30, 2025)**

Asset Allocation (% of Net Assets)

![Af Image](fp0095888-5_ar63.jpg)

Top Ten Holdings (% of Net Assets)

---

| | |
|:---|:---|
|  |  |
| Homer City Holdings, LLC | 8.4% |
| Pyxus Holdco, Inc. 8.5%, 12/31/27 | 7.4% |
| Spirit Aerosystems, Inc. 9.375%, 11/30/29 | 4.0% |
| KB Home 7.25%, 7/15/30 | 3.9% |
| XPO Logistics, Inc. 6.25%, 6/1/28 | 3.9% |
| Fair Isaac Corp. 5.25%, 5/15/26 | 3.8% |
| SS&C Technologies 5.5%, 9/30/27 | 3.8% |
| Pitney Bowes, Inc. 6.875%, 3/15/27 | 3.8% |
| Comstock Resources, Inc. 6.75%, 7/15/27 | 3.8% |
| Performance Food Group 5.5%, 10/15/27 | 3.8% |

---

Top Ten Industry Breakdown (% of Net Assets)

![Af Image](fp0095888-5_ar62.jpg)

**Availability of Additional Information about the Fund.**

Additional information is available at **www.northeastinvestors.com/downloads** and/or **northeastinvestors.com/fund-facts**, including its:

* Prospectus

* Holdings

* Fund Commentary

* Financial Information

* Proxy Voting Information

* Updated Performance

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

Item 2. Code of Ethics.

(a) The registrant has adopted a code of ethics that applies to its principal executive officer, principal financial officer and principal accounting officer. A copy of the registrant's code of ethics dated October 13, 2021 is filed herewith as Exhibit 19(a)(1).

(b) During the period covered by this report, no material amendments were made to the provisions of the code of ethics adopted in 2(a) above.

(c) During the period covered by this report, no implicit or explicit waivers to the provisions of the code of ethics adopted in 2(a) above were granted.

The registrant undertakes to provide a copy of such code of ethics to any person upon request, without charge, by calling 800-225-6704

Item 3. Audit Committee Financial Expert.

The registrant does not have an Audit Committee Financial Expert. Although the members of the registrant's Audit Committee have a variety of business and investment experience, none of them has been determined to meet the technical qualifications required in order to meet the definition of an Audit Committee Financial Expert under this Item. The Audit Committee, under its charter, has the ability to retain independent advisers if it deems it necessary or appropriate without the need to seek approval from the management of the Trust.

Item 4. Principal Accountant Fees and Services.

(a) Audit Fees. The aggregate fees billed for the registrant's fiscal years ended September 30, 2025 and September 30, 2024 for professional services rendered by the registrant's principal accountants for the audit of its annual financial statements or services that are normally provided by such accountants in connection with statutory and regulatory filings were $45,000 and $45,000 respectively.

(b) Audit-Related Fees. The aggregate fees billed for the registrant's fiscal years ended September 30, 2025 and September 30, 2024 for assurance and related services by the registrant's principal accountants reasonably related to the performance of the audit of the registrant's financial statements and not reported under Paragraph (a) of this Item were $25,000 and $25,000 respectively. Such services consisted of a report of the Trust's transfer agent's internal controls pursuant to rule 17AD-13 and semi-annual report review.

(c) Tax Fees. The aggregate fees billed in the registrant's fiscal years ended September 30, 2025 and September 30, 2024 for professional services rendered by the registrant's principal accountants for tax matters were $7,000 and $7,000 respectively. Such services consisted of the preparation of the registrant's federal income and excise tax returns.

(d) Other Fees. During the fiscal years ended September 30, 2025 and September 30, 2024 the aggregate fees billed for other services rendered by the registrant's principal accountant were $0.

(e) It is the registrant's policy that all audit and non-audit services provided by the registrant's principal accountants be approved in advance by the Audit Committee, and all of the services described in Paragraphs (a)—(d) of this item were so approved.

(f) The registrant has been advised by its independent accountants that less than 50% of the hours expended on the principal accountant's engagement to audit the Registrant's financial statements for its fiscal year ended September 30, 2025 were attributed to work performed by persons other than the principal accountants' full-time, permanent employees.

(g) Not applicable to the registrant.

(h) Not applicable to the registrant

(i) Not applicable to the registrant

(j) Not applicable to the registrant

Item 5. Audit Committee of Listed Registrants.

Not applicable to the registrant.

Item 6. Investments.

A copy of Schedule I - Investments in securities of unaffiliated issuers as of the close of the reporting period is included in the financial statements files under Item 7 of this Form.

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

NORTHEAST

INVESTORS

TRUST

A NO LOAD FUND

---

| |
|:---|
| **Financial Statements** |
| **For the Year Ending** |
| **September 30, 2025** |

---

![](fp0095888-3_01.jpg)

**Financial Statements Table of Contents** 

---

| | |
|:---|:---|
| Schedule of Investments  | 1 |
| Financial Statements  | 5 |
| Financial Highlights  | 8 |
| Notes to Financial Statements  | 9 |
| Report of Independent Registered Public Accounting Firm  | 18 |

---

[THIS PAGE INTENTIONALLY LEFT BLANK]

&nbsp;&nbsp;&nbsp;*Schedule of Investments(a)<br> September 30, 2025*<br>

---

| | | |
|:---|:---|:---|
| **Corporate Bonds & Notes — 79.90%** | **Corporate Bonds & Notes — 79.90%** | **Corporate Bonds & Notes — 79.90%** |
| *Name of Issuer* | *Principal* | *Value* |
| **Aerospace / Defense — 7.74%** | **Aerospace / Defense — 7.74%** | **Aerospace / Defense — 7.74%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Moog, Inc., 4.25%, 12/15/27 <sup>(c)</sup>  | $5000000 | $4923525 |
| &nbsp;&nbsp;&nbsp;&nbsp;Spirit Aerosystems, Inc., 9.375%, 11/30/2029 <sup>(c)</sup>  | 5000000 | 5265160 |
|  |  | 10188685 |
| **Airlines — 0.76%** | **Airlines — 0.76%** | **Airlines — 0.76%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Delta Air Lines, Inc., 4.5%, 10/20/25 <sup>(c)</sup>  | 1000000 | 999753 |
| **Building Products — 7.21%** | **Building Products — 7.21%** | **Building Products — 7.21%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Builders Firstsource, Inc., 4.25%, 2/01/32 <sup>(c)</sup>  | 5000000 | 4701925 |
| &nbsp;&nbsp;&nbsp;&nbsp;Louisiana Pacific Corp., 3.625%, 3/15/29 <sup>(c)</sup>  | 5000000 | 4787500 |
|  |  | 9489425 |
| **Chemicals — 3.43%** | **Chemicals — 3.43%** | **Chemicals — 3.43%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Chemours Co., 4.625%, 11/15/29 <sup>(c)</sup>  | 5000000 | 4517360 |
| **Coal — 0.20%** | **Coal — 0.20%** | **Coal — 0.20%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Westmoreland Mining Holdings LLC, 8%, 11/4/30 <sup>(d)</sup>  | 678590 | 264650 |
| **Drug Stores — 0.00%** | **Drug Stores — 0.00%** | **Drug Stores — 0.00%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Rite Aid Corp., PIK FRN (TSFR3M + 700), 8/30/31 <sup>(b)</sup> <sup>(c)</sup> <sup>(g)</sup>  | 56272 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Rite Aid Corp., PIK 15%, 8/30/31 <sup>(b)</sup> <sup>(g)</sup>  | 167515 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Rite Aid Corp., PIK 15%, 8/30/31 <sup>(b) (g)</sup>  | 121937 | 0 |
|  |  | 0 |
| **Energy/Natural Resources — 3.79%** | **Energy/Natural Resources — 3.79%** | **Energy/Natural Resources — 3.79%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Comstock Resources, Inc., 6.75%, 3/01/29 <sup>(c)</sup>  | 5000000 | 4992555 |
| **Food & Beverage — 7.39%** | **Food & Beverage — 7.39%** | **Food & Beverage — 7.39%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Darling Ingredients, Inc., 5.25%. 4/15/27 <sup>(c)</sup>  | 4750000 | 4738272 |
| &nbsp;&nbsp;&nbsp;&nbsp;Performance Food Group, Inc., 5.5%, 10/15/27 <sup>(c)</sup>  | 5000000 | 4987380 |
|  |  | 9725652 |
| **Homebuilders — 3.92%** | **Homebuilders — 3.92%** | **Homebuilders — 3.92%** |
| &nbsp;&nbsp;&nbsp;&nbsp;KB Home, 7.25%, 7/15/30  | 5000000 | 5153665 |
| **Industrial Servicing / Manufacturing — 4.82%** | **Industrial Servicing / Manufacturing — 4.82%** | **Industrial Servicing / Manufacturing — 4.82%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Clean Harbors, Inc., 4.875%, 7/15/27 <sup>(c)</sup>  | 500000 | 499576 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fortress Transportation and Infrastructure Investors LLC, 5.5%, 5/01/28 <sup>(c)</sup>  | 750000 | 750428 |
| &nbsp;&nbsp;&nbsp;&nbsp;XPO, Inc., 6.25%, 6/01/28 <sup>(c)</sup>  | 5000000 | 5094915 |
|  |  | 6344919 |
| **Metals & Mining — 3.42%** | **Metals & Mining — 3.42%** | **Metals & Mining — 3.42%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Allegheny Technologies, Inc., 6.95%, 12/15/25  | 4500000 | 4499640 |

---

---

| | | |
|:---|:---|:---|
| **Corporate Bonds & Notes —** *(continued)* | **Corporate Bonds & Notes —** *(continued)* | **Corporate Bonds & Notes —** *(continued)* |
| *Name of Issuer* | *Principal* | *Value* |
| **Office Electronics - 3.79%** | **Office Electronics - 3.79%** | **Office Electronics - 3.79%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Pitney Bowes, Inc., 6.875%, 3/15/27 <sup>(c)</sup>  | $5000000 | $4993770 |
| **Paper Product — 2.26%** | **Paper Product — 2.26%** | **Paper Product — 2.26%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Graphic Packaging International, 4.75%, 7/15/27 <sup>(c)</sup>  | 3000000 | 2977194 |
| **Retail Food Chains — 0.91%** | **Retail Food Chains — 0.91%** | **Retail Food Chains — 0.91%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Brinker International, Inc., 8.25%, 7/15/30 <sup>(c)</sup>  | 1130000 | 1195334 |
| **Retail General — 3.76%** | **Retail General — 3.76%** | **Retail General — 3.76%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Under Armour, Inc., 3.25%, 6/15/26  | 5000000 | 4941740 |
| **Technology — 12.17%** | **Technology — 12.17%** | **Technology — 12.17%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Fair Isaac Corp., 5.25%, 5/15/26 <sup>(c)</sup>  | 5000000 | 4999590 |
| &nbsp;&nbsp;&nbsp;&nbsp;Iron Mountain, Inc., 4.5%, 2/15/31 <sup>(c)</sup>  | 1000000 | 954526 |
| &nbsp;&nbsp;&nbsp;&nbsp;Iron Mountain, Inc., 5.625%, 7/15/32 <sup>(c)</sup>  | 4000000 | 3978524 |
| &nbsp;&nbsp;&nbsp;&nbsp;SS&C Technologies, Inc., 5.5%, 9/30/2027 <sup>(c)</sup>  | 5000000 | 4993915 |
| &nbsp;&nbsp;&nbsp;&nbsp;Western Digital Corp., 4.75%, 2/15/26  | 1087000 | 1086414 |
|  |  | 16012969 |
| **Tobacco — 7.43%** | **Tobacco — 7.43%** | **Tobacco — 7.43%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Pyxus Holdings, Inc., 8.5%, 12/31/27 <sup>(c)</sup>  | 10845675 | 9784144 |
| **Wireless Telecom — 3.62%** | **Wireless Telecom — 3.62%** | **Wireless Telecom — 3.62%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Altice France SA, 8.125%, 2/01/27 <sup>(c)</sup>  | 5000000 | 4758575 |
| **Wirelines — 3.28%** | **Wirelines — 3.28%** | **Wirelines — 3.28%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniti Group LP, 10.5%, 2/15/28 <sup>(c)</sup>  | 4099000 | 4317067 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Corporate Bonds & Notes** — (cost —$103,991,484)  |  | $105157097 |

---

---

| | | |
|:---|:---|:---|
| **GDP-Linked Bonds — 0.71%** | **GDP-Linked Bonds — 0.71%** | **GDP-Linked Bonds — 0.71%** |
| *Name of issuer* | *Principal* | *Value* |
| &nbsp;&nbsp;&nbsp;&nbsp;Republic of Argentina GDP Linked Security, FRN (based on the performance of Argentina's GDP), 12/15/35 <sup>(e)</sup>  | $34386574 | $930157 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total GDP-Linked Bonds** — (cost—$1,423,421)  |  | $930157 |

---

---

| | | |
|:---|:---|:---|
| **Common Stock — 18.08%** | *Number*  |  |
| *Name of issuer* | *of Shares* | *Value* |
| **Chemicals - 2.41%** | **Chemicals - 2.41%** | **Chemicals - 2.41%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Ingevity Corp. <sup>(e)</sup>  | 602 | $33224 |
| &nbsp;&nbsp;&nbsp;&nbsp;NL Industries, Inc.  | 510200 | 3137730 |
|  |  | 3170954 |
| **Coal — 0.04%** | **Coal — 0.04%** | **Coal — 0.04%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Westmet Group Holdings <sup>(d)</sup> <sup>(e)</sup>  | 22614 | 45228 |
| &nbsp;&nbsp;&nbsp;&nbsp;Westmoreland Mining Holdings LLC, Class A Units <sup>(d)</sup> <sup>(e)</sup>  | 22417 | 11208 |
|  |  | 56436 |
| **Drug Stores — 0.00%** | **Drug Stores — 0.00%** | **Drug Stores — 0.00%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Rite Aid Litigation Trust Interests <sup>(b)</sup> <sup>(d)</sup> <sup>(e)</sup>  | 53022 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Rite Aid Equity Interests <sup>(b) (d)</sup> <sup>(e)</sup>  | 778 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Rite Aid Real Estate Cash Escrow <sup>(e)</sup>  | 856000 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Rite Aid Real Estate Cash Escrow <sup>(e)</sup>  | 155702 | 0 |
|  |  | 0 |
| **Electrical Utility — 8.41%** | **Electrical Utility — 8.41%** | **Electrical Utility — 8.41%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Homer City Holdings, LLC <sup>(b)</sup> <sup>(d)</sup> <sup>(e)</sup>  | 221338 | 11066900 |
| **Energy / Natural Resources — 0.26%** | **Energy / Natural Resources — 0.26%** | **Energy / Natural Resources — 0.26%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Talos Energy, Inc. <sup>(e)</sup>  | 35718 | 342536 |
| **Food Processing — 3.48%** | **Food Processing — 3.48%** | **Food Processing — 3.48%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Viskase Cos., Inc. <sup>(e)</sup>  | 3052635 | 4578953 |
| **Metals & Mining — 1.95%** | **Metals & Mining — 1.95%** | **Metals & Mining — 1.95%** |
| &nbsp;&nbsp;&nbsp;&nbsp;American Gilsonite <sup>(b)</sup> <sup>(d)</sup> <sup>(e)</sup>  | 1597765 | 2561217 |
| &nbsp;&nbsp;&nbsp;&nbsp;Metals Recovery Holdings, LLC <sup>(b)</sup> <sup>(d)</sup> <sup>(e)</sup>  | 21539 | 0 |
|  |  | 2561217 |
| **Oil & Gas Drilling — 1.31%** | **Oil & Gas Drilling — 1.31%** | **Oil & Gas Drilling — 1.31%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Key Energy Services, Inc. <sup>(e)</sup>  | 129 | 137 |
| &nbsp;&nbsp;&nbsp;&nbsp;Nabors Industries LTD. <sup>(e)</sup>  | 42311 | 1729251 |
|  |  | 1729388 |
| **Packaging & Container — 0.12%** | **Packaging & Container — 0.12%** | **Packaging & Container — 0.12%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Smurfit WestRock PLC  | 3626 | 154359 |
| **Transportation — 0.10%** | **Transportation — 0.10%** | **Transportation — 0.10%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Getlink SA (France)  | 7349 | 135295 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Common Stock** — (cost—$39,304,439)  |  | $23796038 |

---

---

| | | |
|:---|:---|:---|
| **Repurchase Agreement — 0.30%** |  |  |
| *Name of Issuer* | *Principal* | *Value* |
| &nbsp;&nbsp;&nbsp;&nbsp;State Street Bank & Trust Co. 1.26% dated 9/30/25, to be repurchased at $397,355 on 10/01/2025 <sup>(f)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Repurchase Agreement —** (cost — $397,341)  | $397341 | $397341 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Investments — 98.99%** (cost—$145,116,685)  |  | $130280633 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net Other Assets and Liabilities — 1.01%**  |  | 1331849 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net Assets - 100%**  |  | $131612482 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Portions of the portfolio may be pledged to collateralize short term borrowings when utilized.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Security is valued at fair value as determined in good faith under consistently applied procedures approved by the Board of Trustees. The aggregate market value of good faith securities as of September 30, 2025 was $13,628,117 which represents 10.35% of total net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(c) 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 period end, the value of these securities amounted to $89,210,988 which represents 67.78% of total net assets. These securities are generally deemed liquid.

&nbsp;&nbsp;&nbsp;&nbsp;(d) 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. The aggregate market value of restricted securities as of September 30, 2025 was $13,949,203 which represents 10.60% of total net assets. Additional information on 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 |
| Rite Aid Litigation Trust Interests | 8/30/2024 | $26511 |
| Rite Aid Equity Interests | 8/30/2024 | $155600 |
| 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 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(e) Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Acquired on September 30, 2025. Collateralized by $405,288 of US Treasury Notes due 7/15/34. The maturity value is $397,355.

&nbsp;&nbsp;&nbsp;&nbsp;(g) Non-income producing security due to default or bankruptcy filing.

PIK Payment in Kind

FRN Floating Rate Note - rates reflected are as of September 30, 2025

&nbsp;&nbsp;&nbsp;*<br> Statement of Assets and Liabilities*<br>

---

| | |
|:---|:---|
| **September 30, 2025** |  |
| Assets |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments—at market value (cost $144,719,344)  | $129883292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repurchase agreement - at market value (cost $397,341)  | 397341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable for interest  | 1772825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Misc. Receivable (see Note-N) | 112792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable for shares sold  | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Assets**  | $132166336 |
| Liabilities |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses  | 172569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable for trustee fees  | 164791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contingent Liability (see Note-K)  | 161005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable for shares repurchased  | 55489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Liabilities**  | $553854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Assets**  | $131612482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Assets Consist of:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital, at a $1.00 par value  | $33985171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paid in surplus  | 406752402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Distributable Earnings / (Loss)  | (309125091) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Assets**  | $131612482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Asset Value,** offering price and redemption price per share ($131,612,482/33,985,171 shares)  | $3.88 |

---

The accompanying notes are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;*<br> Statement of Operations*<br>

---

| | |
|:---|:---|
| **Year Ended September 30, 2025** | |
| Investment Income  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest  | $7950825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends  | 295588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Income  | 29194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Income**  | $**8275607** |
| Expenses |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Administrative expenses and salaries  | $1087383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trustee fees  | 641536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Computer and software related expenses  | 258400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Audit and related services  | 80300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commitment fees  | 60785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Custodian fees  | 60225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Registration and filing fees  | 58400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legal fees  | 49200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Printing, postage and stationery fees  | 41900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insurance  | 36500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sub-Transfer Agent fees  | 31550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Telephone  | 12950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest fees  | 887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other expenses  | 83300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Expenses**  | $**2503316** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Investment Income**  | $**5772291** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Realized and Unrealized Gain (Loss) on Investments:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) from investment transactions  | $(71838) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in unrealized appreciation (depreciation) of investments  | 8007341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting from Operations**  | $**13707794** |

---

The accompanying notes are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;*<br> Statements of Changes in Net Assets* <br>

---

| | | |
|:---|:---|:---|
|  | *Year Ended September 30, 2025* | *Year Ended September 30, 2024* |
| **Increase (Decrease) in Net Assets** |  |  |
| **From Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income  | $5772291 | $7024277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) from investment transactions  | (71838) | (2745809) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in unrealized appreciation (depreciation) of investments  | 8007341 | 8307592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting from Operations**  | $13707794 | $12586060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Distributions to Shareholders from Operations**  | (6497690) | (6636183) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**From Net Trust Share Transactions - (See Note-D)**  | (7343945) | (9569344) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Increase (Decrease) in Net Assets**  | $(133841) | $(3619467) |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning of Period  | 131746323 | 135365790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;End of Period  | $131612482 | $131746323 |

---

The accompanying notes are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;*<br> Financial Highlights*<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | *Year Ended September 30,* | *Year Ended September 30,* | *Year Ended September 30,* | *Year Ended September 30,* | *Year Ended September 30,* |
| **Per Share Data** | *2025* | *2024* | *2023* | *2022* | *2021* |
| **Net Asset Value:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Period  | $3.67 | $3.51 | $3.38 | $3.75 | $3.72 |
| **Income From Investment Operations:** |  |  |  |  |  |
| Net investment income^  | 0.16 | 0.19 | 0.16 | 0.13 | 0.17 |
| Net realized and unrealized gain (loss) on investment  | 0.24 | 0.15 | 0.16 | -0.30 | 0.08 |
| Total from investment operations  | 0.40 | 0.34 | 0.32 | -0.17 | 0.25 |
| **Less Distributions:** |  |  |  |  |  |
| Net investment income  | -0.19 | -0.18 | -0.19 | -0.20 | -0.22 |
| **Net Asset Value:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**End of Period**  | $3.88 | $3.67 | $3.51 | $3.38 | $3.75 |
| **Total Return <sup>#</sup>**  | 11.13% | 9.91% | 9.69% | -4.77% | 6.85% |
| **Ratios & Supplemental Data** |  |  |  |  |  |
| Net assets end of period (in thousands)  | $131612 | $131746 | $135366 | $134814 | $156933 |
| Ratio of operating expenses to average net assets \*  | 1.94% | 2.14% | 2.26% | 2.74% | 1.83% |
| Ratio of interest expense and commitment fee to average net assets  | 0.05% | 0.06% | 0.06% | 0.06% | 0.06% |
| Ratio of net investment income to average net assets  | 4.46% | 5.27% | 4.60% | 3.54% | 4.37% |
| Portfolio turnover rate  | 40.96% | 27.83% | 26.41% | 44.56% | 75.20% |

---

\* Includes Interest Expense and Commitment Fee when applicable

^ Calculated using the Average Share Method

---

| | |
|:---|:---|
| <sup>#</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Total Return reflects the rate that an investor earned on an investment in the Trust during each period, assuming reinvestment of all distributions.  |

---

The accompanying notes are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;*<br> Notes to Financial Statements*<br>

**Note A–Organization** 

Northeast Investors Trust (the "Trust"), a diversified open-end management investment company (a Massachusetts Trust), is registered with the SEC under the Investment Company Act of 1940, as amended. The primary objective of the Trust is the production of income. The Trust follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services — Investment Companies including FASB Accounting Standard update ("ASU") 2013-08.

**Note B–Significant Accounting Policies** 

**Valuation of Investments:** The value of equity securities or equity-like securities such as warrants for which market quotations are readily available, shall be determined on the basis of the last quoted sale prices taken from the primary market or exchange on which they are traded. A bid price may be used instead of last quoted sale price if it more closely reflects the fair value of the security as of the close of regular trading on the New York Stock Exchange. Fixed income securities, including securities convertible into equity, shall be valued on the basis of evaluated prices furnished by independent pricing services or from quotations received from dealers who make markets in such securities. The evaluations provided by the pricing services are based on analysis of market data and other factors such as last sale, dealer bids, yields, quality ratings, coupon rate, maturity, type of issue, trading characteristics and other relevant bond market data. Repurchase agreements are valued at contract value.

Securities for which market quotations are not readily available (including certain restricted securities and private placements, if any) are valued at their fair value as determined in good faith under consistently applied procedures reviewed by the Board of Trustees. Methodologies and factors used to fair value securities may include, but are not limited to, the analysis of current debt to cash flow, information of any recent sales, quotations or evaluated prices from broker-dealers, information obtained from the issuer or analysts and the nature of the existing market for securities with characteristics similar to such obligations. Valuations may also be derived following a review of pertinent data (Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA), Revenue, etc.) from company financial statements, relevant market valuation multiples for comparable companies in comparable industries, recent transactions, and management assumptions.

The Trust may use fair value pricing for foreign securities if a material event occurs that may affect the price of a security after the close of the foreign market or exchange (or on days the foreign market is closed) but before the Trust prices its portfolio, generally at 4:00 P.M. ET. Fair value pricing may also be used for securities acquired as a result of corporate restructurings or reorganizations as reliable market quotations for such issues may not be readily available. For securities valued in good faith, the value of an investment used to determine the Trust's net asset value may differ from published or quoted prices for the same investment. The valuations for these good faith securities are monitored and reviewed in accordance with the methodologies described above by the Trust's Valuation Designee on an ongoing basis as information becomes available, but are evaluated at least quarterly. The good faith security valuations and fair value methodologies are reviewed by the Trust's Board of Trustees on a quarterly basis as part of their oversight responsibilities. There can be no assurance that the Trust could obtain the fair value assigned to an investment if it were to sell the investment at the same time which the Trust determines its net asset value per share. The market value of securities valued in good faith on September 30, 2025 was $13,628,117 which represents 10.35% of net assets.

&nbsp;&nbsp;&nbsp;*Notes to Financial Statements<br> (continued)*<br>

**Federal Income Taxes:** It is the Trust's policy to comply with the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute each year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, no federal tax provisions are required. Income distributions, if any, are declared and paid quarterly for the Trust. Capital gains distributions, if any, are declared and paid annually.

The Trust has reviewed the tax positions for the open tax year as of September 30, 2025 and has determined that no provision for income tax is required in the Trust's financial statements. The Trust's federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. The Trust recognizes interest and penalties, if any, related to unrecognized tax benefits in income tax expense on the Statement of Operations.

The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with income tax rules. Therefore, the source of the Trust's distributions may be shown in the accompanying financial statements as either from net investment income or net realized gain on investment transactions.

**State Income Taxes:** Because the Trust is organized by an Agreement and Declaration of Trust executed under the laws of the Commonwealth of Massachusetts, it is not subject to state income or excise taxes.

**Net Asset Value:** In determining the net asset value per share, rounding adjustments are made for fractions of a cent to the next higher cent.

**Distributions and Income:** Income and capital gain distributions are determined in accordance with income tax regulations which may differ from generally accepted accounting principles in the United States of America. These differences are primarily due to differing treatments for capital loss carryforwards and losses deferred due to wash sales. Permanent book and tax differences relating to shareholder distributions will result in reclassifications to paid in surplus. The Trust's distributions and dividend income are recorded on the ex-dividend date. Interest income, which includes accretion of market discount and amortization of premium, is accrued as earned. Certain securities held by the Trust pay interest in the form of cash or additional securities (known as Payment-In-Kind or PIK); interest on such securities is recorded on the accrual basis.

**Expenses:** All expenses, including legal fees paid on behalf of the Trustees, are accrued for in the period in which the professional and other services are incurred.

**Security Transactions:** Security transactions are accounted for as of trade date. Realized gains and losses on securities sold are determined on the basis of identified cost.

**Use of Estimates and Basis of Accounting:** The preparation of financial statements in conformity with generally accepted accounting principles in the United States of America requires management to, where applicable, make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

&nbsp;&nbsp;&nbsp;*Notes to Financial Statements<br> (continued)*<br>

**Credit Risk:** Investments in high-yield securities can involve greater degrees of credit and possibly market risks than investments in higher-rated securities. Bonds which are rated as less than investment grade tend to be more susceptible to real or perceived adverse economic conditions.

**Payment-In-Kind (PIK) Risk:** Investments in PIK bonds may offer a higher interest rate than other bonds or fixed income securities; however, these bonds may also carry additional risk of default as they are generally issued by companies that do not have the current cash flow available to make routine cash interest payments to the lenders.

**Note C–Trustees' Compensation** 

Trustees' compensation was computed at the rate of 1/8 of 1% of the net assets (before deduction of accrued Trustees' compensation and excluding any borrowing from the bank) at the close of each quarter, from which the Trustees paid certain expenses specified in the Declaration of Trust. For the year ended September 30, 2025 the total Trustee fee was $641,536 from which the Independent Trustees were aggregately paid $40,000.

The total number of shares owned beneficially by the Trustees, officers and members of their immediate families on September 30, 2025 was 2,715,092 shares (7.99%).

**Administrative Expenses & Salaries:** Northeast Investors Trust incurs salary and administrative expenses which include such expenses for personnel performing transfer agent, and dividend disbursement related functions and other administrative functions of the Trust.

The Trust sponsors a 401(K) profit sharing plan which is available to employees deemed&nbsp;&nbsp;&nbsp;&nbsp;eligible participants as defined by the plan documents. Annual safe harbor contributions are made during the year and are included in the administrative expenses and salaries on the Statement of Operations. No changes to the plan were made during the period.

**Note D—Shares of Beneficial Interest** 

At September 30, 2025, there were unlimited shares of beneficial interest authorized with a par value of $1. Transactions in shares of beneficial interest were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Year Ended <br> September 30, 2025* | *Year Ended <br> September 30, 2025* | *Year Ended <br> September 30, 2024* | *Year Ended <br> September 30, 2024* |
| Shares Sold  | 861393 | $3248927 | 380042 | $1368052 |
| Shares issued to shareholders in reinvestment of distributions from net investment income  | 1243282 | 4577868 | 1293926 | 4633020 |
|  | 2104675 | $7826795 | 1673968 | $6001072 |
| Shares redeemed  | (4106075) | (15170740) | (4328184) | (15570416) |
| Net Increase (Decrease)  | (2001400) | $(7343945) | (2654216) | $(9569344) |

---

**Note E–Purchases and Sales of Investments** 

The cost of purchases and the proceeds from sales and maturities of securities, other than short-term and government securities, aggregated $49,460,763 and $58,764,745 respectively, for the year ended September 30, 2025.

&nbsp;&nbsp;&nbsp;*Notes to Financial Statements<br> (continued)*<br>

**Note F–Line of Credit** 

State Street Bank and Trust Company has made available to the Trust a line of credit pursuant to a loan agreement for temporary or extraordinary purposes. The Trust's line of credit, which does not require maintenance of compensating balances, is generally on a demand basis and is at a rate equal to the applicable margin (1.25%) plus the higher of (a) the Federal Funds Rate or (b) the daily Simple SOFR Rate during the period in which such loan is outstanding. At September 30, 2025, the Trust had an unused line of credit amounting to $20,000,000. The Trust pays a commitment fee of 0.30% on the unused portion of the line of credit. The line of credit may be terminated at the bank's option at its annual renewal date, on March 17, 2026. Portions of the Trust's portfolio are pledged to collateralize these short-term borrowings.

The line of credit details for the year ended September 30, 2025 were as follows:

---

| | |
|:---|:---|
| Maximum available credit  | $20000000.0 |
| Largest amount outstanding on an individual day  | $3300000.0 |
| Average balance when in use  | $2950000.0 |
| Credit facility outstanding  | $0.0 |
| Average interest rate when in use  | 5.41% |

---

For the year ended September 30, 2025 the total interest expense was $887.

**Note G–Repurchase Agreement** 

The Trust invests its cash balances into repurchase agreements secured by U.S. Government obligations. Securities pledged as collateral for repurchase agreements are held by the Trust's custodian bank until maturity of the repurchase agreement. Provisions of the agreement ensure that the market value of the collateral is sufficient in the event of default. However, in the event of default or bankruptcy by the other party to the agreement, realization and/or retention of the collateral may be subject to legal proceedings.

**Note H–Additional Tax Information** 

The amount of distributions paid during the years ended September 30, 2025 and 2024 were $6,497,690 and $6,636,183, respectively, and were classified as ordinary income. Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences will reverse in future periods.

As of September 30, 2025, the components of accumulated earnings (losses) on a tax basis were as follows:

---

| | |
|:---|:---|
| Undistributed Net Investment Income  | $1784875 |
| Total Capital Loss Carryforward  | (290691204) |
| Timing Differences  | (152586) |
| Net Unrealized gains (losses) - net  | (20066176) |
| Total distributable earnings (losses) - net  | $(309125091) |

---

As of September 30, 2025, the Trust had short term capital loss carryforward of $2,834,923 and long term capital loss carryforward of $287,856,281, both of which do not expire.

&nbsp;&nbsp;&nbsp;*Notes to Financial Statements<br> (continued)*<br>

Timing differences are related to certain expense accruals.

At September 30, 2025 the Trust's aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes was as follows:

---

| | |
|:---|:---|
| Tax cost  | $150346809 |
| Gross unrealized gain  | 7556300 |
| Gross unrealized loss  | (27622476) |
| Net unrealized security gain (loss)  | $(20066176) |

---

The difference between book and tax basis cost of investments and net unrealized gains (losses) is primarily attributable to accretion and amortization differences.

Reclassification of Capital Accounts: U.S. GAAP requires that certain components of net assets relating to permanent differences be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share. For the year ended September 30, 2025, the following adjustments were made:

---

| | |
|:---|:---|
| **Distributable <br> (Accumulated) <br> Earnings (Losses)** | **Paid-in Capital** |
| $3120 | $(3120) |

---

These differences were primarily due to expenses.

**Note I–Fair Value Measurements** 

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.

&nbsp;&nbsp;&nbsp;*Notes to Financial Statements<br> (continued)*<br>

The following table summarized the Trust's investment as of September 30, 2025 based on the inputs used to value them:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total as of <br> 9/30/2025** |
| Corporate Bonds & Notes  | $— | $105157097 | $0 | $105157097 |
| Common Stock  | 5397237 | 4714248 | 13684553 | 23796038 |
| GDP Linked Bonds  |  | 930157 |  | 930157 |
| Repurchase Agreement  |  | 397341 |  | 397341 |
|  | $5397237 | $111198843 | $13684553 | $130280633 |

---

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 September 30, 2025 there were no transfers among levels.

At September 30, 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 Stock** | **Total as of <br> 9/30/2025** |
| Beginning Balance @ 9/30/2024  | $227238 | $5907539 | $6134777 |
| Purchases / PIK Interest  | 23902 |  | 23902 |
| Sales  | (39444) |  | (39444) |
| Realized Gain(Loss)  |  |  |  |
| Net Change in Unrealized  |  |  |  |
| Appreciation/(Depreciation)  | (211696) | 7777014 | 7565318 |
| Transfers into Level 3 from Level 2  |  |  |  |
| Transfers out of Level 3 from Level 2  | $— | $— | $— |
| Ending Balance @ 9/30/2025  | $— | $13684553 | $13684553 |

---

---

| | |
|:---|:---|
|  | **Change in <br> Unrealized <br> Gain / (Loss) for <br> Positions <br> Still Held at <br> September 30, <br> 2025** |
| Corporate Bonds & Notes  | $(211696) |
| Common Stock  | 7777014 |
| Total  | 7565318 |

---

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.

&nbsp;&nbsp;&nbsp;*Notes to Financial Statements<br> (continued)*<br>

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 September 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type** | **Fair Value** | **Inputs** | **Range** | **Increase in <br> Input <sup>(1)</sup>** |
| **Corporate Bonds & Notes** | **Corporate Bonds & Notes** | **Corporate Bonds & Notes** | **Corporate Bonds & Notes** | **Corporate Bonds & Notes** |
| Drug Stores | $0 Market Approach <sup>(4)</sup> | Recovery Rate | N/A | Increase |
| Drug Stores | 0 Market Approach <sup>(4)</sup> | Recovery Rate | N/A | Increase |
| Drug Stores | 0 Market Approach <sup>(4)</sup> | Recovery Rate | N/A | Increase |
| **Common Stock** | **Common Stock** | **Common Stock** | **Common Stock** | **Common Stock** |
| Coal | $45228 Third Party Vendor <sup>(2)</sup> | Broker Quote | $2.00 - $2.75 | Increase |
| Coal | 11208 Third Party Vendor <sup>(2)</sup> | Broker Quote | $0.50 - $1.00 | Increase |
| Drug Stores | 0 Market Approach <sup>(4)</sup> | Recovery Rate | N/A | Increase |
| Drug Stores | 0 Market Approach <sup>(4)</sup> | Recovery Rate | N/A | Increase |
| Electrical Utility | 11066900 Market Transaction <sup>(2)</sup> | Recent Transaction | $50 | Increase |
| Metals and Mining | 2561217 Market Comparable <sup>(3)</sup> | Forward | 6.7x - 10.6x | Increase |
|  |  | EBITDA |  |  |
|  |  | Multiple |  |  |
| Metals and Mining | 0 Market Approach <sup>(4)</sup> | Recovery Rate | N/A | Increase |
|  | $13684553 |  |  |  |

---

<sup>(1)</sup> &nbsp;&nbsp;&nbsp;&nbsp;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. 

<sup>(2)</sup> &nbsp;&nbsp;&nbsp;&nbsp;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.

<sup>(3)</sup> &nbsp;&nbsp;&nbsp;&nbsp;Earnings multiples are based on comparable companies and transactions of comparable companies.

<sup>(4)</sup> &nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;*Notes to Financial Statements<br> (continued)*<br>

**Note J–Subsequent Events** 

Management has evaluated whether any other events or transactions occurred subsequent to September 30, 2025 and through the date of issuance of the Trust's financial statements and determined that there were no material events or transactions that would require recognition or disclosure in the Trust's financial statements.

**Note K–Contingent Liability** 

A lawsuit filed by former Trustee Robert B. Minturn ("Minturn") against the then serving Trustees (the "Defendant Trustees") sought a portion of past Trustee fees. The court dismissed Minturn's action against the Trust. A partial summary judgment against the Defendant Trustees was granted by the court and upheld on appeal in favor of Minturn. Consistent with an opinion provided by special independent counsel, the Trustees expect to consider the Trust's indemnification obligations in relation to the estate of Ernest Monrad, a Defendant Trustee, which represents an accrued contingent liability of $161,005.

**Note L–Indemnification** 

Under the Trust's Declaration of Trust, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust.

In addition, in the normal course of business, the Trust enters into contracts that provide general indemnifications to other parties. The Trust's maximum exposure under these contractual arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred. However, based on experience, the Trust expects the risk of loss from these third party service contracts with indemnification clauses to be minimal.

**Note M–Segment Reporting** 

The Trust adopted Financial Accounting Standards Board ("FASB") Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07") which impacted financial statement disclosures only and did not affect the Trust's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The CODMs, responsible for oversight, are the Trust's Chairman and Chief Financial Officer. The Trust operates as a single operating segment and its income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed by the CODMs using the information presented in the financial statements and financial highlights.

&nbsp;&nbsp;&nbsp;*Notes to Financial Statements<br> (continued)*<br>

**NOTE N – Employee Retention Credit ("ERC")** 

Under the provisions of the Coronavirus Aid, Relief, and Economic Security Act (the "CARES Act") signed into law on March 27, 2020 and the subsequent extension of the CARES Act, the Trust believes that it is eligible for a refundable employee retention credit. The tax credit is equal to 50% of qualified wages paid to employees during a quarter, capped at $10,000 of qualified wages per employee through December 31, 2020. Additional relief provisions were passed by the U.S. Government, which extend and slightly expand the qualified wage caps on these credits through December 31, 2021. Based on these additional provisions, the tax credit is now equal to 70% of qualified wages paid to employees during a quarter, and the limit on qualified wages per employee has been increased to $10,000 of qualified wages per quarter. During the fiscal year ended September 30, 2025, the company recorded $169,960 related to the CARES Employee Retention Credit ("ERC"), of which $146,993 was reflected as a reduction of Salary Expenses and $22,967 was reflected as Other Income on the Statement of Operations. The Trust recorded a receivable of $112,792 on the Statement of Assets and Liabilities, which was subsequently collected on November 6, 2025.

&nbsp;&nbsp;&nbsp;*<br> Report of Independent Registered Public Accounting Firm*<br>

**To the Shareholders and the Board of Trustees of Northeast Investors Trust Boston, Massachusetts** 

**Opinion on the Financial Statements** 

We have audited the accompanying statement of assets and liabilities of Northeast Investors Trust, including the schedule of investments, as of September 30, 2025, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the three years in the period then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of Northeast Investors Trust as of September 30, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the three years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

The financial highlights for each of the 2 years in the period ended September 30, 2022 have been audited by other auditors, whose report dated November 29, 2022 expressed an unqualified opinion on such financial highlights.

**Basis for Opinion** 

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We have served as the Fund's auditor since 2023.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of September 30, 2025 by correspondence with the custodian, transfer agent and private companies. We believe that our audit provides a reasonable basis for our opinion.

**TAIT, WELLER & BAKER LLP** 

**Philadelphia, Pennsylvania November 26, 2025**

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Trustees

Bruce H. Monrad Geofrey Wyatt Richard Reubenstone

Officers

Bruce H. Monrad, Chairman

Gordon C. Barrett, Executive Vice President, Chief Financial Officer & Clerk

David A. Randall, Vice President of Operations & Chief Compliance Officer

Chapin P. Mechem, Vice President

Matthew D. Fratolillo, Vice President

Joseph R. Morrison, Vice President

Custodian

State Street Bank & Trust Co.

1 Iron Street

Boston, Massachusetts 02110

Legal Counsel

Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.

One Financial Center

Boston, MA 02111

Transfer Agent

Northeast Investors Trust

125 High St.

Boston, Massachusetts 02110

Independent Registered Public Accounting Firm

Tait, Weller & Baker LLP

2 Liberty Place

50 South 16th Street – Suite 2900

Philadelphia, PA 19102

*This report is prepared for the information of the shareholders of Northeast Investors Trust and must not be given to others unless preceded or accompanied by a copy of the current Prospectus by which all offerings of the Trust shares are made. It should be noted in reading this report and the letter to shareholders that the record of past performance is not a representation as to the Trust's future performance, and that the Trust's investments are subject to market risks.* 

*For a free copy of the Trust's proxy voting guidelines or information on how the Trust voted proxies during the most recent 12 month period ended on June 30 visit www.northeastinvestors.com/downloads/, call 1-800-225-6704 or visit the Securities and Exchange Commission (SEC)'s web site at www.sec.gov.* 

*Shares of the Trust are sold to investors at net asset value by* 

**Northeast Investors Trust**

125 High St.

Boston, Massachusetts 02110

(800) 225-6704

*The share price for Northeast Investors Trust is made available at www.northeastinvestors.com or by calling 800-225-6704.*<br>

The financial statements and financial highlights are attached herewith.

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

There were no disagreements with accountants during the reporting period.

Item 9. Proxy Disclosures for Open-End Management Investment Companies.

Not applicable to the registrant.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

Included under Item 7 of this Form.

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

Not applicable to the registrant.

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to the registrant.

Item 13. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to the registrant.

Item 14. Purchase of Equity Securities by Closed-End Management Company and Affiliated Purchasers.

Not applicable to the registrant.

Item 15. Submission of Matters to a Vote of Security Holders.

The registrant has not changed its policies in regard to nominees for Trustee.

Item 16. Controls and Procedures.

(a) The registrant's principal executive and financial officers, after evaluating the effectiveness of the Company's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) have concluded that, based on such evaluation, the registrant's disclosure controls and procedures were effective as of a date within 90 days of the filing of this report.

(b) There was no change in the internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

Item 17. Disclosure of Securities Lending Activities for Closed End Management Investment Companies

Not applicable to the registrant.

Item 18. Recovery of Erroneously Awarded Compensation.

(a) Not applicable to the registrant.

(b) Not applicable to the registrant

Item 19. Exhibits.

(a)(1) [Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit, are attached.](fp0095888-3_ex99code.htm)

(a)(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act by the registered national securities exchange or registered national securities association upon which the registrant's securities are listed.Not applicable to the registrant

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| | |
|:---|:---|
| (a)(3) | [Separate certifications by the registrant's principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(a) under the Investment Company Act of 1940, are attached.](fp0095888-3_ex99cert.htm) |

---

(a)(4) Any written solicitation to purchase securities under Rule 23c-1 under the 1940 Act. Not applicable to the registrant

(a)(5) Change in the registrant's independent public accountant. There was no change in the registrant's independent public accounting firm for the period covered by this report.

(b) [A certification by the registrant's principal executive officer and principal financial officer, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(b) under the Investment Company Act of 1940, is attached.](fp0095888-3_ex99906cert.htm)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) Northeast Investors Trust

By (Signature and Title)

---

| |
|:---|
| /s/ Bruce H. Monrad |
| Chairman |
| (principal executive officer) |

---

Date: December 5, 2025

By (Signature and Title)

---

| |
|:---|
| /s/ Gordon C. Barrett |
| Treasurer |
| (principal financial officer) |

---

Date: December 5, 2025

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)

---

| |
|:---|
| /s/ Bruce H. Monrad |
| Chairman |
| (principal executive officer) |

---

Date: December 5, 2025

By (Signature and Title)

---

| |
|:---|
| /s/ Gordon C. Barrett |
| Treasurer |
| (principal financial officer) |

---

Date: December 5, 2025

## Ex-99.Code

---

| | |
|:---|:---|
| **October 13, 2021** | **Procedure #2C** |

---

**NORTHEAST INVESTORS TRUST**

**SARBANES-OXLEY CODE OF ETHICS FOR PRINCIPAL EXECUTIVE OFFICER**

**AND**

**PRINCIPAL FINANCIAL OFFICER**

**I.** **Covered Officers/Purpose of the Code** 

Pursuant to Section 406 of the Sarbanes-Oxley Act of 2002, the Securities and Exchange Commission ("SEC") adopted rules requiring annual disclosure of an investment company's Code of Ethics as it applies to the principal executive, principal financial and principal accounting officers. Northeast Investors Trust (the "Trust") adopted this Code of Ethics (the "Code") pursuant to these rules. The Code specifically applies to the Trust's Principal Executive Officer and Principal Financial Officer (the "Covered Officers" each of whom are set forth in Exhibit A) for the purpose of deterring wrongdoing and promoting:

● honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

● full, fair, accurate, timely and understandable disclosure in reports and documents that the Trust files with, or submits to, the SEC and in other public communications made by the Trust;

● compliance with applicable laws and governmental rules and regulations;

● the prompt internal reporting of violations of the Code to the Trust's Compliance Officer; and

● accountability for adherence to the Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**II.** **Covered Officers Should Handle Ethically Actual and Apparent Conflicts of Interest** 

**Overview.** A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his service to, the Trust. For example, a conflict of interest would arise if a Covered Officer, or a member of his family, receives improper personal benefits as a result of his position with the Trust.

Certain conflicts of interest arise out of the relationships between Covered Officers and the Trust and already are subject to conflict of interest provisions in the Investment Company Act of 1940 ("Investment Company Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Trust because of their status as "affiliated persons" of the Trust. The Trust's compliance procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these procedures, and such conflicts fall outside of the parameters of this Code.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Trust.

\* \* \* \*

Each Covered Officer must:

● not use his personal influence or personal relationships improperly to influence investment decisions or financial reporting by the Trust whereby the Covered Officer would benefit personally to the detriment of the Trust;

● not cause the Trust to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than the benefit the Trust;

● not disclose any material non-public information to any third parties; and

● not use material non-public knowledge of portfolio transactions made or contemplated for the Trust to trade personally or cause others to trade personally in contemplation of the market effect of such transactions.

There are some conflict of interest situations that may be discussed with the Trust's Compliance Officer, if material. Examples of these include:

● service as a director on the board of any public company;

● the receipt of any non- *de minimus* gifts;

● the receipt of any entertainment from any company with which the Trust has current or prospective business dealings unless such entertainment is business-related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any question of impropriety;

● any ownership interest in, or any consulting or employment relationship with, any of the Trust's service providers; and

● a direct or indirect financial interest in commissions, transaction charges or spreads paid by the Trust for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer's employment, such as compensation or equity ownership.

**III.** **Disclosure and Compliance** 

**Each Covered Officer:** 

● should familiarize himself with the disclosure requirements generally applicable to the Trust;

● should not knowingly misrepresent, or cause others to misrepresent, facts about the Trust to others, whether within or outside the Trust, including to the Trust's trustees and auditors, and to governmental regulators and self-regulatory organizations;

● should, to the extent appropriate within his area of responsibility, consult with other officers and employees of the Trust with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Trust files with, or submits to, the SEC and in other public communications made by the Trust;

● should cooperate with the Trust's independent accountants and regulatory agencies in their review of the Trust and its operations; and

● should promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

**IV.** **Reporting and Accountability** 

Each Covered Officer must:

● upon adoption of the Code (or thereafter as applicable, upon becoming a Covered Officer), affirm in writing by signing this document that he has received, read, and understands the Code;

● not retaliate against any other Covered Officer or any employee of the Trust or their affiliated persons for reports of potential violations that are made in good faith; and

● notify the Compliance Officer promptly if he knows or suspects that any violation of applicable laws, regulations or of this Code occurred, is occurring or is about to occur. Failure to do so is itself a violation of this Code.

The Compliance Officer is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation. The Compliance Officer may impose certain restrictions on behavior in order to prevent proposed activities from giving rise to a conflict of interest and Covered Officers will be obligated to act in accordance with such restrictions. However, any approvals or waivers sought by the Principal Executive Officer will be considered by the Trust's Audit Committee (the "Committee").

The Trust will follow these procedures in investigating and enforcing this Code:

● the Compliance Officer will take all appropriate action to investigate any potential violations reported to him and may review any potential violations of the Code with outside counsel;

● if, after such investigation, the Compliance Officer believes that no violation occurred, the Compliance Officer is not required to take any further action;

● any matter that the Compliance Officer believes is a violation will be reported to the Committee and will be recorded by the Compliance Officer and retained as part of the Trust's records;

● if the Committee concurs that a violation has occurred, it will consider appropriate action, which may include review of, and appropriate modifications to, applicable policies and procedures; or a recommendation to dismiss or otherwise discipline the Covered Officer; and

● any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.

**V.** **Other Policies and Procedures** 

This Code shall be the sole Code of Ethics adopted by the Trust for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Trust, govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The Trust's Code of Ethics under Rule 17j-1 under the Investment Company Act has separate requirements applying to the Covered Officers and others, and is not part of this Code. This Code does not supersede or otherwise affect any other code.

**VI.** **Amendments** 

Any amendments to this Code, other than amendments to Exhibit A, must be approved or ratified by a majority vote of the Board of Trustees (the "Board"), including a majority of independent trustees.

**VII.** **Confidentiality** 

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Trust, the Board and counsel.

**VIII.** **Internal Use** 

The Code is intended solely for the internal use by the Trust and does not constitute an admission, by or on behalf of the Trust, as to any fact, circumstance, or legal conclusion.

**IX.** **Acknowledgement** 

I have read and understand the foregoing Code of Ethics and will comply in all respects with its provisions.

    <br> Signature Date

**Exhibit A**

Persons Covered by this Code of Ethics:

Bruce H. Monrad Principal Executive Officer <br> Gordon C. Barrett Principal Financial and Accounting Officer

## Ex-99.Cert

Certification Pursuant to Section 302 of the Sarbanes-Oxley Act

I, Bruce H. Monrad, certify that:

1. I have reviewed this report on Form N-CSR of Northeast Investors Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period
covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required
to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and
procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined
in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal controls over financial reporting, or caused such internal controls over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: December 5, 2025

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| |
|:---|
| /S/ Bruce H. Monrad |
| Bruce H. Monrad |
| Chairman |
| (principal executive officer) |

---

Certification Pursuant to Section 302 of the Sarbanes-Oxley Act

I, Gordon C. Barrett, certify that:

1. I have reviewed this report on Form N-CSR of Northeast Investors
Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period
covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required
to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and
procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined
in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal controls over financial reporting, or caused such internal controls over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting;

5. The Registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee
of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: December 5, 2025

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| |
|:---|
| /S/ Gordon C. Barrett |
| Gordon C. Barrett |
| Treasurer |
| (principal financial officer) |

---

## Exhibit 99.906

Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

Pursuant to section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of section 1350, chapter 63 of title 18, United States Code), each of the undersigned officers of

Northeast Investors Trust, a Massachusetts business trust (the "registrant"), does hereby certify, to such officer's knowledge, that:

The report on Form N-CSR for the period ended September 30, 2025 of the registrant (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, and the information contained in the N-CSR fairly presents, in all material respects, the financial condition and results of operations of the registrant.

Dated: December 5, 2025

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| |
|:---|
| /S/ Bruce H. Monrad |
| Bruce H. Monrad |
| Chairman |
| (Principal Executive Officer) |

---

Dated: December 5, 2025

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| |
|:---|
| /S/ Gordon C. Barrett |
| Gordon C. Barrett |
| Treasurer |
| (Principal Financial Officer) |

---

The foregoing certification is being furnished solely pursuant to section 906 of the Sarbanes-Oxley Act of 2002 and is not being filed as a separate disclosure document.

A signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.