The saturation magnetizations and anisotropy constants of alloys in the system Nd
xY
1-xCo
5have been determined as a function of temperature from 4.2K to the Curie temperature. Measurements were performed on specimens cut from single crystals grown from the melt. The saturation magnetizations of the alloys do not show the expected monotonic dependence on temperature, but peak at a temperature at which

. This behavior suggests the presence of large basal plane anisotropy. The anisotropy constants of the Nd
3+ion have been determined as a function of composition. The anisotropy of the Nd
3+ion is apparently not exclusively single ion.