0000072760 2025-10-01 2026-03-31 0000072760 northeast:C000031645Member 2025-10-01 2026-03-31 0000072760 northeast:C000031645Member 2026-03-31 0000072760 northeast:CorporateBondsampNotesMember northeast:C000031645Member 2026-03-31 0000072760 northeast:CommonStocksMember northeast:C000031645Member 2026-03-31 0000072760 us-gaap:CashAndCashEquivalentsMember northeast:C000031645Member 2026-03-31 0000072760 northeast:GDPLinkedBondsMember northeast:C000031645Member 2026-03-31 0000072760 northeast:NetOtherAssetsLiabilitiesMember northeast:C000031645Member 2026-03-31 0000072760 northeast:HomerCityHoldingsLLCMember northeast:C000031645Member 2026-03-31 0000072760 northeast:PyxusHoldingsInc8125123127Member northeast:C000031645Member 2026-03-31 0000072760 northeast:TidewaterInc912571530Member northeast:C000031645Member 2026-03-31 0000072760 northeast:KBHome72571530Member northeast:C000031645Member 2026-03-31 0000072760 northeast:XPOInc6256128Member northeast:C000031645Member 2026-03-31 0000072760 northeast:AnywhereRealEstateGroupLLP741530Member northeast:C000031645Member 2026-03-31 0000072760 northeast:SSampCTechnologies5593027Member northeast:C000031645Member 2026-03-31 0000072760 northeast:MoogInc425121527Member northeast:C000031645Member 2026-03-31 0000072760 northeast:PitneyBowesInc687531527Member northeast:C000031645Member 2026-03-31 0000072760 northeast:UnderArmourInc32561526Member northeast:C000031645Member 2026-03-31 0000072760 northeast:C000031645Member northeast:TechnologyMember 2026-03-31 0000072760 northeast:C000031645Member northeast:ElectricUtilityMember 2026-03-31 0000072760 northeast:C000031645Member northeast:TobaccoMember 2026-03-31 0000072760 northeast:C000031645Member northeast:BuildingProductsMember 2026-03-31 0000072760 northeast:C000031645Member northeast:OilampGasDrillingMember 2026-03-31 0000072760 northeast:C000031645Member northeast:IndustrialServicingManufacturingMember 2026-03-31 0000072760 northeast:C000031645Member northeast:ChemicalsMember 2026-03-31 0000072760 northeast:C000031645Member northeast:EnergyNaturalResourcesMember 2026-03-31 0000072760 northeast:C000031645Member northeast:HomebuildersMember 2026-03-31 0000072760 northeast:C000031645Member us-gaap:RealEstateMember 2026-03-31 iso4217:USD shares pure false N-CSRS Northeast Investors Trust N-1A 0000072760 2026-03-31 Northeast Investors Trust Northeast Investors Trust NTHEX This <span id="xdx_90D_eoef--ShareholderReportAnnualOrSemiAnnual_c20251001__20260331_zCTl5tCqSmXk">semi-annual shareholder report</span> contains important information about Northeast Investors Trust (the "Fund") for the period of October 1, 2025 to <span id="xdx_90E_edei--DocumentPeriodEndDate_c20251001__20260331_zljlRxi0Osr4"><span style="-sec-ix-hidden: xdx2ixbrl0018">March 31, 2026.</span></span> semi-annual shareholder report You can find additional information about the Fund at <span id="xdx_903_eoef--AddlInfoWebsite_c20251001__20260331__oef--ClassAxis__custom--C000031645Member_z2ZBYBEQ4nB7"><strong>www.northeastinvestors.com/downloads</strong></span>. You can also request this information by contacting us at <span id="xdx_903_eoef--AddlInfoPhoneNumber_c20251001__20260331__oef--ClassAxis__custom--C000031645Member_zyLpdwKSiTmu">1-800-225-6704</span>. www.northeastinvestors.com/downloads 1-800-225-6704 <div class="section-header"><strong>What were the Fund costs for the last six months?</strong></div> <div class="section-subheader" style="margin-bottom: 8px">(based on a hypothetical $10,000 investment)</div> <div class="section-body" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> Costs of a $10,000 investment </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> Costs paid as a percentage of a $10,000 investment </th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left">Northeast Investors Trust</td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--ExpensesPaidAmt_pp2d_c20251001__20260331__oef--ClassAxis__custom--C000031645Member_zKRlFokb4VG1">$207<sup></sup></span></td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--ExpenseRatioPct_c20251001__20260331__oef--ClassAxis__custom--C000031645Member_ztUCZi46gp3w">2.06%<sup></sup></span></td> </tr></table></div> 207 0.0206 <div class="section-header"><strong>Fund Statistics</strong></div> <div class="section-subheader" style="margin-bottom: 8px">(as of March 31, 2026)</div> <div class="section-body" style="margin-bottom: 8px"> <table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Net Assets ($)</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_90B_eus-gaap--AssetsNet_iI_uUSD_c20260331__oef--ClassAxis__custom--C000031645Member_zSNa2CnZUa7h">$124,563,692</span></td> </tr> <tr> <th class="table-label" style="text-align: left">Number of Portfolio Holdings</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_901_eoef--HoldingsCount_iI_uShares_c20260331__oef--ClassAxis__custom--C000031645Member_zyN30ZMMurc3">38</span></td> </tr> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Portfolio Turnover Rate (%)</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_90F_eus-gaap--InvestmentCompanyPortfolioTurnover_c20251001__20260331__oef--ClassAxis__custom--C000031645Member_zOTds8qFoQdl">13.16%</span></td> </tr> <tr> <th class="table-label" style="text-align: left">Total Trustee Fees Paid ($)</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_903_eoef--AdvisoryFeesPaidAmt_c20251001__20260331__oef--ClassAxis__custom--C000031645Member_zNuMPghxLx7L">$316,403</span></td> </tr> </table> </div> 124563692 38 0.1316 316403 <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"><strong>What did the Fund invest in? (as of March 31, 2026)</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div>Asset Allocation (% of Net Assets)</div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Corporate Bonds &amp; Notes </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--PctOfNav_iI_c20260331__oef--ClassAxis__custom--C000031645Member__us-gaap--InvestmentTypeAxis__custom--CorporateBondsampNotesMember_zXVD4HEJVVJa">73.90%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Common Stocks </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90F_eoef--PctOfNav_iI_c20260331__oef--ClassAxis__custom--C000031645Member__us-gaap--InvestmentTypeAxis__custom--CommonStocksMember_zSmF4fRNb2h6">17.12%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Cash and Cash Equivalents </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90C_eoef--PctOfNav_iI_c20260331__oef--ClassAxis__custom--C000031645Member__us-gaap--InvestmentTypeAxis__custom--CashandCashEquivalentsMember_zaBhze6YFOyk">6.24%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> GDP-Linked Bonds </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--PctOfNav_iI_c20260331__oef--ClassAxis__custom--C000031645Member__us-gaap--InvestmentTypeAxis__custom--GDPLinkedBondsMember_z6DatJB8BMBh">0.95%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Net Other Assets (Liabilities) </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--PctOfNav_iI_c20260331__oef--ClassAxis__custom--C000031645Member__us-gaap--InvestmentTypeAxis__custom--NetOtherAssetsLiabilitiesMember_zhAGVmkNyS4c">1.79%</span></td> </tr> </table><img alt="Af Image" src="fp0098490-5_sa82.jpg" style="width: 348px; height: 300px"/></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div id="xdx_984_eoef--LargestHoldingsTableTextBlock_c20251001__20260331__oef--ClassAxis__custom--C000031645Member_zTaDoxy4u1KH"> <div>Top Ten Holdings* (% of Net Assets)</div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Homer City Holdings, LLC </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--PctOfNav_iI_c20260331__oef--ClassAxis__custom--C000031645Member__us-gaap--InvestmentTypeAxis__custom--HomerCityHoldingsLLCMember_zD7oYwGRyPRh">7.9%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Pyxus Holdings, Inc., 8.125%, 12/31/27 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--PctOfNav_iI_c20260331__oef--ClassAxis__custom--C000031645Member__us-gaap--InvestmentTypeAxis__custom--PyxusHoldingsInc8125123127Member_z5rywQkYLia8">7.7%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Tidewater, Inc., 9.125%, 7/15/30 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--PctOfNav_iI_c20260331__oef--ClassAxis__custom--C000031645Member__us-gaap--InvestmentTypeAxis__custom--TidewaterInc912571530Member_zFLtkcPr5Wwf">4.3%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> KB Home 7.25%, 7/15/30 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--PctOfNav_iI_c20260331__oef--ClassAxis__custom--C000031645Member__us-gaap--InvestmentTypeAxis__custom--KBHome72571530Member_z27DYX8QBWNf">4.1%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> XPO, Inc. 6.25%, 6/1/28 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90C_eoef--PctOfNav_iI_c20260331__oef--ClassAxis__custom--C000031645Member__us-gaap--InvestmentTypeAxis__custom--XPOInc6256128Member_zUsstuSters8">4.1%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Anywhere Real Estate Group LLP, 7%, 4/15/30 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90F_eoef--PctOfNav_iI_c20260331__oef--ClassAxis__custom--C000031645Member__us-gaap--InvestmentTypeAxis__custom--AnywhereRealEstateGroupLLP741530Member_zCKVxaHm4XS">4.0%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> SS&amp;C Technologies 5.5%, 9/30/27 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--PctOfNav_iI_c20260331__oef--ClassAxis__custom--C000031645Member__us-gaap--InvestmentTypeAxis__custom--SSampCTechnologies5593027Member_zBZAEigPLSGg">4.0%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Moog, Inc., 4.25%, 12/15/27 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--PctOfNav_iI_c20260331__oef--ClassAxis__custom--C000031645Member__us-gaap--InvestmentTypeAxis__custom--MoogInc425121527Member_zfX0Noe68Fbc">4.0%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Pitney Bowes, Inc., 6.875%, 3/15/27 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--PctOfNav_iI_c20260331__oef--ClassAxis__custom--C000031645Member__us-gaap--InvestmentTypeAxis__custom--PitneyBowesInc687531527Member_zRmUoUJXgBWh">4.0%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Under Armour, Inc., 3.25%, 6/15/26 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--PctOfNav_iI_c20260331__oef--ClassAxis__custom--C000031645Member__us-gaap--InvestmentTypeAxis__custom--UnderArmourInc32561526Member_zSXWAixtqYs3">4.0%</span></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"><p>* Does Not Include Cash Equivalents</p></div> </div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div>Top Ten Industry Breakdown* (% of Net Assets)</div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Technology </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--PctOfNav_iI_c20260331__oef--ClassAxis__custom--C000031645Member__oef--IndustrySectorAxis__custom--TechnologyMember_zi5TOjuL0Tqh">8.0%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Electric Utility </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--PctOfNav_iI_c20260331__oef--ClassAxis__custom--C000031645Member__oef--IndustrySectorAxis__custom--ElectricUtilityMember_zsCtqho5gUef">8.0%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Tobacco </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90C_eoef--PctOfNav_iI_c20260331__oef--ClassAxis__custom--C000031645Member__oef--IndustrySectorAxis__custom--TobaccoMember_z4O6JQ760ERd">7.8%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Building Products </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_907_eoef--PctOfNav_iI_c20260331__oef--ClassAxis__custom--C000031645Member__oef--IndustrySectorAxis__custom--BuildingProductsMember_zqGNtWff3tVh">7.6%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Oil &amp; Gas Drilling </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--PctOfNav_iI_c20260331__oef--ClassAxis__custom--C000031645Member__oef--IndustrySectorAxis__custom--OilampGasDrillingMember_zAeIyX9vfOOa">7.3%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Industrial Servicing / Manufacturing </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90C_eoef--PctOfNav_iI_c20260331__oef--ClassAxis__custom--C000031645Member__oef--IndustrySectorAxis__custom--IndustrialServicingManufacturingMember_zY2ixMYKnHv6">6.7%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Chemicals </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--PctOfNav_iI_c20260331__oef--ClassAxis__custom--C000031645Member__oef--IndustrySectorAxis__custom--ChemicalsMember_zL2MrjOwY1c">6.3%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Energy/Natural Resources </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90C_eoef--PctOfNav_iI_c20260331__oef--ClassAxis__custom--C000031645Member__oef--IndustrySectorAxis__custom--EnergyNaturalResourcesMember_zY3TLX1uPZwg">4.5%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Homebuilders </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90F_eoef--PctOfNav_iI_c20260331__oef--ClassAxis__custom--C000031645Member__oef--IndustrySectorAxis__custom--HomebuildersMember_zAjg7Kw6qoth">4.1%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Real Estate </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_905_eoef--PctOfNav_iI_c20260331__oef--ClassAxis__custom--C000031645Member__oef--IndustrySectorAxis__custom--RealEstateMember_zvnHmp2mgWae">4.1%</span></td> </tr> </table><img alt="Af Image" src="fp0098490-5_sa81.jpg" style="width: 348px; height: 400px"/></div> <div class="section-body" style="margin-bottom: 8px"><p>* Does Not Include Cash Equivalents</p></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> 0.7390 0.1712 0.0624 0.0095 0.0179 <div>Top Ten Holdings* (% of Net Assets)</div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Homer City Holdings, LLC </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--PctOfNav_iI_c20260331__oef--ClassAxis__custom--C000031645Member__us-gaap--InvestmentTypeAxis__custom--HomerCityHoldingsLLCMember_zD7oYwGRyPRh">7.9%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Pyxus Holdings, Inc., 8.125%, 12/31/27 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--PctOfNav_iI_c20260331__oef--ClassAxis__custom--C000031645Member__us-gaap--InvestmentTypeAxis__custom--PyxusHoldingsInc8125123127Member_z5rywQkYLia8">7.7%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Tidewater, Inc., 9.125%, 7/15/30 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--PctOfNav_iI_c20260331__oef--ClassAxis__custom--C000031645Member__us-gaap--InvestmentTypeAxis__custom--TidewaterInc912571530Member_zFLtkcPr5Wwf">4.3%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> KB Home 7.25%, 7/15/30 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--PctOfNav_iI_c20260331__oef--ClassAxis__custom--C000031645Member__us-gaap--InvestmentTypeAxis__custom--KBHome72571530Member_z27DYX8QBWNf">4.1%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> XPO, Inc. 6.25%, 6/1/28 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90C_eoef--PctOfNav_iI_c20260331__oef--ClassAxis__custom--C000031645Member__us-gaap--InvestmentTypeAxis__custom--XPOInc6256128Member_zUsstuSters8">4.1%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Anywhere Real Estate Group LLP, 7%, 4/15/30 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90F_eoef--PctOfNav_iI_c20260331__oef--ClassAxis__custom--C000031645Member__us-gaap--InvestmentTypeAxis__custom--AnywhereRealEstateGroupLLP741530Member_zCKVxaHm4XS">4.0%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> SS&amp;C Technologies 5.5%, 9/30/27 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--PctOfNav_iI_c20260331__oef--ClassAxis__custom--C000031645Member__us-gaap--InvestmentTypeAxis__custom--SSampCTechnologies5593027Member_zBZAEigPLSGg">4.0%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Moog, Inc., 4.25%, 12/15/27 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--PctOfNav_iI_c20260331__oef--ClassAxis__custom--C000031645Member__us-gaap--InvestmentTypeAxis__custom--MoogInc425121527Member_zfX0Noe68Fbc">4.0%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Pitney Bowes, Inc., 6.875%, 3/15/27 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--PctOfNav_iI_c20260331__oef--ClassAxis__custom--C000031645Member__us-gaap--InvestmentTypeAxis__custom--PitneyBowesInc687531527Member_zRmUoUJXgBWh">4.0%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Under Armour, Inc., 3.25%, 6/15/26 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--PctOfNav_iI_c20260331__oef--ClassAxis__custom--C000031645Member__us-gaap--InvestmentTypeAxis__custom--UnderArmourInc32561526Member_zSXWAixtqYs3">4.0%</span></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"><p>* Does Not Include Cash Equivalents</p></div> 0.079 0.077 0.043 0.041 0.041 0.040 0.040 0.040 0.040 0.040 0.080 0.080 0.078 0.076 0.073 0.067 0.063 0.045 0.041 0.041