Northeast Investors Trust (the ‘Trust’) recognizes and respects the privacy of its shareholders and to that end is committed to safeguarding your personal information.

Why do we collect personal information? The Trust collects, retains and uses shareholder information for the purpose of administering its operations, providing shareholder service, and complying with legal and regulatory requirements.

How do we collect personal information? The Trust collects personal information during the account opening process. The Trust will collect and share (if necessary) name, street address, social security number and date of birth. The Trust will also collect personal information from sources such as: oral conversations with shareholders; correspondence from shareholders including email or other electronic communication; bank account information; and information from other forms or documents. We make every effort to maintain the most up to date, complete and accurate shareholder and account information. If you believe any information is inaccurate please call us at 800-225-6704. We will investigate the problem, and if it is determined that the information is incorrect, we will take appropriate action quickly and according to industry practices and applicable law.

How does the Trust protect personal information? Shareholder information is accessible only by authorized individuals or as set forth below. Our employees are responsible to protect the confidentiality of shareholder information and are subject to appropriate disciplinary measures to enforce that responsibility. Policies and procedures have been established to restrict access to personal information to a “need to know” basis for those performing account services or preparing shareholder communications.

The Trust maintains appropriate safeguards regarding shareholders information. This includes use of security procedures to prevent revealing shareholder information to inappropriate or unauthorized sources. These measures also include computer safeguards and secured files and buildings.

Does the Trust share personal information? We do not sell shareholder information to anyone, nor do we exchange or share shareholder information with outside organizations unless the third party is essential in administering our operations; this sharing is permitted by law and cannot be limited by shareholders. For example, we work with our custodian bank, State Street Bank & Trust Company, to assist in providing payments to shareholders. The Trust does not reveal specific information about shareholders or their accounts to unaffiliated third parties with the following exceptions:

1 If the shareholder requests it.

2 If the information is required by or allowed by law (for example, a subpoena or court order to produce records regarding the shareholder’s account with the Trust). In such instances, information provided is limited to that required by the specific law.

3 If the information is required by a Trust auditor or examiner for the purpose of completing an audit or regulatory examination of the Trust.

4 To make available products or services to us, such as computer programming services, but excluding marketing activities, that are offered by a third party who is under agreement to provide these services. These companies or vendors must agree to respect the privacy of any shareholder information provided and will be authorized to use such information only to perform the services required by the Trust.

These policies also apply, the extent applicable, to persons who visit our web site and provide us with any personal information other than their name, address and general area of investment interest.

Changes to Privacy Policy: As required by law, the Trust will provide its shareholders with its privacy policy on an annual basis. The Trust may update or revise its privacy policy and will post the revised policy on its website,