UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM N-PX ANNUAL REPORT OF PROXY VOTING RECORD OF REGISTERED MANAGEMENT INVESTMENT COMPANY Investment Company Act file number: 811-576 Northeast Investors Trust (exact name of registrant as specified in charter) 150 Federal Street, Room 1000 Boston, MA 02110 (adress of principal executive offices) David Randall 150 Federal St, Room 1000 Boston, MA 02110 (name and address of agent for service) Registrant's telephone number, including area code: 617-523-3588 Date of fiscal year end: September 30 Date of reporting period ending: June 30, 2008 Form N-PX is to be used by a registered management investment company, other than a small business investment company registered on Form N-5 (239.24 and 274.5 of this chapter), to file reports with the Commission, not later than August 31 of each year, containing the registrant's proxy voting records for the most recent twelve-month period June 30, pursuant to section 30 of the Investment Company Act of 1940 and rule 30b1-4 thereunder (17 CFR 270.30b1-4). The Commission may use the information provided on Form N-PX in its regulatory, disclosure review, inspection, and policymaking roles. A registrant is required to disclose the information specified by Form N-PX, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-PX 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 the Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. 3507 Investment Company Report ZIONS BANCORPORATION SECURITY 989701107 MEETING TYPE Annual TICKER SYMBOL ZION MEETING DATE 24-Apr-2008 ISIN US9897011071 AGENDA 932834915 - Management
FOR/AGAINST ITEM PROPOSAL TYPE VOTE MANAGEMENT ---- ------------------------------------------------ ---------- -------- ----------- 1A ELECTION OF DIRECTOR: JERRY C. ATKIN Management For For 1B ELECTION OF DIRECTOR: STEPHEN D. QUINN Management For For 1C ELECTION OF DIRECTOR: SHELLEY THOMAS WILLIAMS Management For For 02 TO APPROVE SHAREHOLDER RESOLUTION REQUESTING Shareholder For BOARD TAKE ACTION TO DECLASSIFY DIRECTORS' TERMS OF OFFICE. 03 TO RATIFY THE APPOINTMENT OF THE COMPANY'S Management For For INDEPENDENT AUDITORS FOR FISCAL 2008. 04 TO TRANSACT ANY OTHER SUCH BUSINESS AS MAY Management For PROPERLY COME BEFORE THE MEETING.
UNAVAILABLE ACCOUNT NUMBER CUSTODIAN BALLOT SHARES SHARES VOTE DATE DATE CONFIRMED -------------- --------- ------------- ----------- ----------- -------------- 997IBE0 837 145600 0 21-Apr-2008 21-Apr-2008
Page 1 of 11 07-Jul-2008 Investment Company Report THE CHUBB CORPORATION SECURITY 171232101 MEETING TYPE Annual TICKER SYMBOL CB MEETING DATE 29-Apr-2008 ISIN US1712321017 AGENDA 932825473 - Management
FOR/AGAINST ITEM PROPOSAL TYPE VOTE MANAGEMENT ---- ------------------------------------------------ ---------- -------- ----------- 1A ELECTION OF DIRECTOR: ZOE BAIRD Management For For 1B ELECTION OF DIRECTOR: SHEILA P. BURKE Management For For 1C ELECTION OF DIRECTOR: JAMES I. CASH, JR. Management For For 1D ELECTION OF DIRECTOR: JOEL J. COHEN Management For For 1E ELECTION OF DIRECTOR: JOHN D. FINNEGAN Management For For 1F ELECTION OF DIRECTOR: KLAUS J. MANGOLD Management For For 1G ELECTION OF DIRECTOR: MARTIN G. MCGUINN Management For For 1H ELECTION OF DIRECTOR: LAWRENCE M. SMALL Management For For 1I ELECTION OF DIRECTOR: JESS SODERBERG Management For For 1J ELECTION OF DIRECTOR: DANIEL E. SOMERS Management For For 1K ELECTION OF DIRECTOR: KAREN HASTIE WILLIAMS Management For For 1L ELECTION OF DIRECTOR: ALFRED W. ZOLLAR Management For For 02 TO RATIFY THE APPOINTMENT OF ERNST & YOUNG LLP Management For For AS INDEPENDENT AUDITOR.
UNAVAILABLE ACCOUNT NUMBER CUSTODIAN BALLOT SHARES SHARES VOTE DATE DATE CONFIRMED -------------- --------- ------------- ----------- ----------- -------------- 997IBE0 837 444720 0 18-Mar-2008 18-Mar-2008
Page 2 of 11 07-Jul-2008 Investment Company Report STERLING CHEMICALS, INC. SECURITY 859166100 MEETING TYPE Annual TICKER SYMBOL SCHI MEETING DATE 29-Apr-2008 ISIN US8591661009 AGENDA 932868776 - Management
FOR/AGAINST ITEM PROPOSAL TYPE VOTE MANAGEMENT ---- ------------------------------------------------ ---------- -------- ----------- 01 DIRECTOR Management 1 RICHARD K. CRUMP For For 2 JOHN W. GILDEA For For 3 DR. PETER TING KAI WU For For 02 PROPOSAL TO RATIFY THE APPOINTMENT OF GRANT Management For For THORNTON LLP AS INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM FOR THE COMPANY. 03 TO AMEND THE AMENDED AND RESTATED CERTIFICATE OF Management For For INCORPORATION OF THE COMPANY TO REMOVE PROVISIONS RELATING TO THE COMPANY'S EMERGENCE FROM BANKRUPTCY. 04 PROPOSAL TO AMEND THE AMENDED AND RESTATED Management For For CERTIFICATE OF INCORPORATION OF THE COMPANY TO REMOVE PROVISIONS RELATING TO THE COMPANY'S 10% SENIOR SECURED NOTES DUE 2007. 05 TO AMEND THE AMENDED AND RESTATED CERTIFICATE OF Management For For INCORPORATION OF COMPANY TO PROHIBIT COMMON STOCKHOLDERS FROM VOTING. 06 PROPOSAL TO AMEND THE AMENDED AND RESTATED Management For For CERTIFICATE OF INCORPORATION OF THE COMPANY TO EXEMPT THE COMPANY FROM THE REQUIREMENT THAT DIRECTORS BE ELECTED BY BALLOT. 07 TO AMEND THE AMENDED AND RESTATED CERTIFICATE OF Management For For INCORPORATION OF COMPANY TO MODIFY THE DIRECTOR EXCULPATION PROVISIONS. 08 PROPOSAL TO AMEND THE AMENDED AND RESTATED Management For For CERTIFICATE OF INCORPORATION OF THE COMPANY TO MODIFY THE INDEMNIFICATION PROVISIONS THEREOF. 09 PROPOSAL TO AMEND AND RESTATE THE AMENDED AND Management For For RESTATED CERTIFICATE OF INCORPORATION OF THE COMPANY.
UNAVAILABLE ACCOUNT NUMBER CUSTODIAN BALLOT SHARES SHARES VOTE DATE DATE CONFIRMED -------------- --------- ------------- ----------- ----------- -------------- 997IBE0 837 250827 0 29-Apr-2008 28-Apr-2008
Page 3 of 11 07-Jul-2008 Investment Company Report DARLING INTERNATIONAL INC. SECURITY 237266101 MEETING TYPE Annual TICKER SYMBOL DAR MEETING DATE 06-May-2008 ISIN US2372661015 AGENDA 932860263 - Management
FOR/AGAINST ITEM PROPOSAL TYPE VOTE MANAGEMENT ---- ------------------------------------------------ ---------- -------- ----------- 01 DIRECTOR Management 1 RANDALL C. STUEWE For For 2 O. THOMAS ALBRECHT For For 3 C. DEAN CARLSON For For 4 MARLYN JORGENSEN For For 5 JOHN D. MARCH For For 6 CHARLES MACALUSO For For 7 MICHAEL URBUT For For
UNAVAILABLE ACCOUNT NUMBER CUSTODIAN BALLOT SHARES SHARES VOTE DATE DATE CONFIRMED -------------- --------- ------------- ----------- ----------- -------------- 997IBE0 837 216630 0 21-Apr-2008 21-Apr-2008
Page 4 of 11 07-Jul-2008 Investment Company Report KRONOS WORLDWIDE, INC. SECURITY 50105F105 MEETING TYPE Annual TICKER SYMBOL KRO MEETING DATE 15-May-2008 ISIN US50105F1057 AGENDA 932868803 - Management
FOR/AGAINST ITEM PROPOSAL TYPE VOTE MANAGEMENT ---- ------------------------------------------------ ---------- -------- ----------- 01 DIRECTOR Management 1 KEITH R. COOGAN For For 2 CECIL H. MOORE, JR. For For 3 GEORGE E. POSTON For For 4 GLENN R. SIMMONS For For 5 HAROLD C. SIMMONS For For 6 R. GERALD TURNER For For 7 STEVEN L. WATSON For For
UNAVAILABLE ACCOUNT NUMBER CUSTODIAN BALLOT SHARES SHARES VOTE DATE DATE CONFIRMED -------------- --------- ------------- ----------- ----------- -------------- 997IBE0 837 270700 0 29-Apr-2008 29-Apr-2008
Page 5 of 11 07-Jul-2008 Investment Company Report JPMORGAN CHASE & CO. SECURITY 46625H100 MEETING TYPE Annual TICKER SYMBOL JPM MEETING DATE 20-May-2008 ISIN US46625H1005 AGENDA 932852280 - Management
FOR/AGAINST ITEM PROPOSAL TYPE VOTE MANAGEMENT ---- ------------------------------------------------ ---------- -------- ----------- 1A ELECTION OF DIRECTOR: CRANDALL C. BOWLES Management For For 1B ELECTION OF DIRECTOR: STEPHEN B. BURKE Management For For 1C ELECTION OF DIRECTOR: DAVID M. COTE Management For For 1D ELECTION OF DIRECTOR: JAMES S. CROWN Management For For 1E ELECTION OF DIRECTOR: JAMES DIMON Management For For 1F ELECTION OF DIRECTOR: ELLEN V. FUTTER Management For For 1G ELECTION OF DIRECTOR: WILLIAM H. GRAY, III Management For For 1H ELECTION OF DIRECTOR: LABAN P. JACKSON, JR. Management For For 1I ELECTION OF DIRECTOR: ROBERT I. LIPP Management For For 1J ELECTION OF DIRECTOR: DAVID C. NOVAK Management For For 1K ELECTION OF DIRECTOR: LEE R. RAYMOND Management For For 1L ELECTION OF DIRECTOR: WILLIAM C. WELDON Management For For 02 APPOINTMENT OF INDEPENDENT REGISTERED PUBLIC Management For For ACCOUNTING FIRM 03 APPROVAL OF AMENDMENT TO 2005 LONG-TERM Management Against Against INCENTIVE PLAN 04 REAPPROVAL OF KEY EXECUTIVE PERFORMANCE PLAN Management Against Against 05 GOVERNMENTAL SERVICE REPORT Shareholder Against For 06 POLITICAL CONTRIBUTIONS REPORT Shareholder Against For 07 INDEPENDENT CHAIRMAN OF THE BOARD Shareholder Against For 08 EXECUTIVE COMPENSATION APPROVAL Shareholder Against For 09 TWO CANDIDATES PER DIRECTORSHIP Shareholder Against For 10 HUMAN RIGHTS AND INVESTMENT REPORT Shareholder Against For 11 LOBBYING PRIORITIES REPORT Shareholder Against For
UNAVAILABLE ACCOUNT NUMBER CUSTODIAN BALLOT SHARES SHARES VOTE DATE DATE CONFIRMED -------------- --------- ------------- ----------- ----------- -------------- 997IBE0 837 370000 0 16-Apr-2008 16-Apr-2008
Page 6 of 11 07-Jul-2008 Investment Company Report NL INDUSTRIES, INC. SECURITY 629156407 MEETING TYPE Annual TICKER SYMBOL NL MEETING DATE 21-May-2008 ISIN US6291564077 AGENDA 932866986 - Management
FOR/AGAINST ITEM PROPOSAL TYPE VOTE MANAGEMENT ---- ------------------------------------------------ ---------- -------- ----------- 01 DIRECTOR Management 1 CECIL H. MOORE, JR. For For 2 GLENN R. SIMMONS For For 3 HAROLD C. SIMMONS For For 4 THOMAS P. STAFFORD For For 5 STEVEN L. WATSON For For 6 TERRY N. WORRELL For For 02 AMENDMENT TO THE CERTIFICATE OF INCORPORATION TO Management For For DELETE ARTICLE XI (REQUIREMENTS FOR CERTAIN BUSINESS TRANSACTIONS; EXCEPTIONS). 03 AMENDMENT AND RESTATEMENT OF CERTIFICATE OF Management For For INCORPORATION.
UNAVAILABLE ACCOUNT NUMBER CUSTODIAN BALLOT SHARES SHARES VOTE DATE DATE CONFIRMED -------------- --------- ------------- ----------- ----------- -------------- 997IBE0 837 510200 0 23-Apr-2008 23-Apr-2008
Page 7 of 11 07-Jul-2008 Investment Company Report POLYMER GROUP, INC. SECURITY 731745204 MEETING TYPE Annual TICKER SYMBOL POLGA MEETING DATE 22-May-2008 ISIN US7317452040 AGENDA 932882459 - Management
FOR/AGAINST ITEM PROPOSAL TYPE VOTE MANAGEMENT ---- ------------------------------------------------ ---------- -------- ----------- 01 DIRECTOR Management 1 PEDRO A. ARIAS For For 2 RAMON BETOLAZA For For 3 WADE NESMITH For For 4 LAP WAI CHAN For For 5 WILLIAM B. HEWITT For For 6 EUGENE LINDEN For For 7 JAMES A. OVENDEN For For 8 VERONICA HAGEN For For 9 CHARLES E. VOLPE For For 02 TO APPROVE THE POLYMER GROUP, INC. 2008 Management Against Against LONG-TERM STOCK INCENTIVE PLAN.
UNAVAILABLE ACCOUNT NUMBER CUSTODIAN BALLOT SHARES SHARES VOTE DATE DATE CONFIRMED -------------- --------- ------------- ----------- ----------- -------------- 997IBE0 837 843103 0 07-May-2008 07-May-2008
Page 8 of 11 07-Jul-2008 Investment Company Report MAXXAM INC. SECURITY 577913106 MEETING TYPE Annual TICKER SYMBOL MXM MEETING DATE 29-May-2008 ISIN US5779131060 AGENDA 932893729 - Management
FOR/AGAINST ITEM PROPOSAL TYPE VOTE MANAGEMENT ---- ------------------------------------------------ ---------- -------- ----------- 01 DIRECTOR Management 1 CHARLES E. HURWITZ ** For For 2 ROBERT J. CRUIKSHANK * For For 3 STANLEY D. ROSENBERG * For For 4 MICHAEL J. ROSENTHAL * For For 02 PROPOSAL TO RE-APPROVE AND AMEND MAXXAM'S Management Against Against EXECUTIVE BONUS PLAN.
UNAVAILABLE ACCOUNT NUMBER CUSTODIAN BALLOT SHARES SHARES VOTE DATE DATE CONFIRMED -------------- --------- ------------- ----------- ----------- -------------- 997IBE0 837 200000 0 29-May-2008 07-May-2008
Page 9 of 11 07-Jul-2008 Investment Company Report CORE-MARK HOLDING COMPANY, INC. SECURITY 218681104 MEETING TYPE Annual TICKER SYMBOL CORE MEETING DATE 03-Jun-2008 ISIN US2186811046 AGENDA 932882497 - Management
FOR/AGAINST ITEM PROPOSAL TYPE VOTE MANAGEMENT ---- ------------------------------------------------ ---------- -------- ----------- 01 DIRECTOR Management 1 ROBERT A. ALLEN For For 2 STUART W. BOOTH For For 3 GARY F. COLTER For For 4 L. WILLIAM KRAUSE For For 5 HARVEY L. TEPNER For For 6 RANDOLPH I. THORNTON For For 7 J. MICHAEL WALSH For For 02 TO RATIFY OF THE SELECTION OF DELOITTE & TOUCHE Management For For LLP AS CORE-MARK'S INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM TO SERVE FOR THE FISCAL YEAR ENDING DECEMBER 31, 2008.
UNAVAILABLE ACCOUNT NUMBER CUSTODIAN BALLOT SHARES SHARES VOTE DATE DATE CONFIRMED -------------- --------- ------------- ----------- ----------- -------------- 997IBE0 837 241361 0 07-May-2008 07-May-2008
Page 10 of 11 07-Jul-2008 Investment Company Report KAISER ALUMINUM CORPORATION SECURITY 483007704 MEETING TYPE Annual TICKER SYMBOL KALU MEETING DATE 04-Jun-2008 ISIN US4830077040 AGENDA 932893868 - Management
FOR/AGAINST ITEM PROPOSAL TYPE VOTE MANAGEMENT ---- ------------------------------------------------ ---------- -------- ----------- 01 DIRECTOR Management 1 CAROLYN BARTHOLOMEW For For 2 JACK A. HOCKEMA For For 3 GEORGANNE C. PROCTOR For For 4 BRETT E. WILCOX For For 02 RATIFICATION OF APPOINTMENT OF DELOITTE & TOUCHE Management For For LLP AS KAISER'S INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM FOR THE YEAR ENDING DECEMBER 31, 2008 03 APPROVAL OF AMENDMENT OF KAISER'S AMENDED AND Management For For RESTATED CERTIFICATE OF INCORPORATION
UNAVAILABLE ACCOUNT NUMBER CUSTODIAN BALLOT SHARES SHARES VOTE DATE DATE CONFIRMED -------------- --------- ------------- ----------- ----------- -------------- 997IBE0 837 39757 0 30-May-2008 30-May-2008
Page 11 of 11 07-Jul-2008 Pursuant to the requirements of 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)* Bruce Monrad, Chairman (Principal Executive Officer) Date August 20, 2008 * Print the name and title of each signing officer under his or her signature By the Commission