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000 J000000 A
001 A000000 NORTHEAST INVESTORS TRUST
001 B000000 811-576
001 C000000 6175233588
002 A000000 50 CONGRESS STREET
002 B000000 BOSTON
002 C000000 MA
002 D010000 02109
002 D020000 4096
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 N
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007 C010100 1
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007 C010300 3
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007 C010500 5
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019 B000000 0
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020 B000002 520256630
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<PAGE> PAGE 2
020 C000010 0
021 000000 33
022 A000001 INVESTORS BANK & TRUST
022 B000001 222347336
022 C000001 5245098
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022 A000002 SALOMON BROS
022 B000002 133082694
022 C000002 179612
022 D000002 5137
022 A000003 GOLDMAN SACHS
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022 C000003 162765
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022 C000004 119974
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022 D000006 49976
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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SIGNATURE ERNEST E MONRAD
TITLE TRUSTEE
<TABLE> <S> <C>
<ARTICLE> 6
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-START> OCT-01-1997
<PERIOD-END> MAR-31-1998
<INVESTMENTS-AT-COST> 2,316,030,767
<INVESTMENTS-AT-VALUE> 2,473,417,791
<RECEIVABLES> 55,495,753
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 2,528,913,544
<PAYABLE-FOR-SECURITIES> 54,660,632
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 7,036,435
<TOTAL-LIABILITIES> 61,697,067
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2,096,626,070
<SHARES-COMMON-STOCK> 205,611,883
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 6,052,184
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1,539,316
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 157,387,024
<NET-ASSETS> 2,467,216,477
<DIVIDEND-INCOME> 7,355,044
<INTEREST-INCOME> 90,978,322
<OTHER-INCOME> 3,289,011
<EXPENSES-NET> 7,056,930
<NET-INVESTMENT-INCOME> 94,565,447
<REALIZED-GAINS-CURRENT> 3,666,853
<APPREC-INCREASE-CURRENT> 34,622,557
<NET-CHANGE-FROM-OPS> 132,854,857
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 89,374,717
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 61,980,690
<NUMBER-OF-SHARES-REDEEMED> 67,198,831
<SHARES-REINVESTED> 5,218,141
<NET-CHANGE-IN-ASSETS> 349,554,570
<ACCUMULATED-NII-PRIOR> 861,454
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 5,786,465
<INTEREST-EXPENSE> 110,894
<GROSS-EXPENSE> 7,056,930
<AVERAGE-NET-ASSETS> 2,216,490,000
<PER-SHARE-NAV-BEGIN> 11.79
<PER-SHARE-NII> .50
<PER-SHARE-GAIN-APPREC> .19
<PER-SHARE-DIVIDEND> .48
<PER-SHARE-DISTRIBUTIONS> .48
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.00
<EXPENSE-RATIO> .63
<AVG-DEBT-OUTSTANDING> 2,459,744
<AVG-DEBT-PER-SHARE> 0
</TABLE>
