# EDGAR Filing Document

**Accession Number:** 0000072760
**File Stem:** 0001398344-23-005167
**Filing Date:** 2023-2
**Character Count:** 33689
**Document Hash:** ca5cc02c5a775f9f01aa32e9ad272cb2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-23-005167.hdr.sgml**: 20230228

**ACCESSION NUMBER**: 0001398344-23-005167

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230228

**DATE AS OF CHANGE**: 20230228

**PERIOD START**: 20230930

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** NORTHEAST INVESTORS TRUST
- **CENTRAL INDEX KEY:** 0000072760
- **IRS NUMBER:** 046012886
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-00576
- **FILM NUMBER:** 23685453

**BUSINESS ADDRESS:**
- **STREET 1:** 125 HIGH ST
- **STREET 2:** SUITE 1802
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02110
- **BUSINESS PHONE:** 800-225-6704

**MAIL ADDRESS:**
- **STREET 1:** 125 HIGH ST
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02110

## Series and Classes Contracts Data

### NORTHEAST INVESTORS TRUST (Series ID: S000011440)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000031645 | NORTHEAST INVESTORS TRUST | NTHEX           |

## Nport-Ex

**Schedule of Investments (a) (unaudited)**

**December 31, 2022**

---

| | | |
|:---|:---|:---|
| **Corporate Bonds & Notes - 69.21%** | | |
| *Name of Issuer* | *Principal* | *Value* |
| **Auto Manufacturers - 5.31%** |  |  |
| &nbsp;&nbsp;&nbsp;Cooper-Standard Automotive, Inc., 13%, 6/01/24 (c) | 5000000 | 5200000 |
| &nbsp;&nbsp;&nbsp;Ford Motor Credit Co. LLC, 3.37%, 11/17/23 | 2000000 | 1950572 |
|  |  | 7150572 |
| **Building Products - 6.23%** |  |  |
| &nbsp;&nbsp;&nbsp;Builders Firstsource, Inc., 4.25%, 2/01/32 (c) | 5000000 | 4058055 |
| &nbsp;&nbsp;&nbsp;Louisiana Pacific Corp., 3.625%, 3/15/29 (c) | 5000000 | 4319230 |
|  |  | 8377285 |
| **Chemicals - 3.66%** |  |  |
| &nbsp;&nbsp;&nbsp;WR Grace Holdings LLC, 5.625%, 10/01/24 (c) | 5000000 | 4925000 |
| **Coal - 1.07%** |  |  |
| &nbsp;&nbsp;&nbsp;Westmoreland Mining Holdings LLC, PIK 15%, 3/15/29 (d) | 2212511 | 1438132 |
| **Drug Stores - 0.40%** |  |  |
| &nbsp;&nbsp;&nbsp;Rite Aid Corp., 8%, 11/15/26 (c) | 1012000 | 541223 |
| **Energy/Natural Resources - 4.21%** |  |  |
| &nbsp;&nbsp;&nbsp;CNX Resources, Inc., 7.25%, 3/14/27 (c) | 919000 | 912108 |
| &nbsp;&nbsp;&nbsp;Range Resources Corp., 4.875%, 5/15/25 | 5000000 | 4749505 |
|  |  | 5661613 |
| **Food Processing - 3.60%** |  |  |
| &nbsp;&nbsp;&nbsp;Pilgrims Pride Corp., 5.875%, 9/30/27 (c) | 5000000 | 4849880 |
| **Homebuilders - 3.61%** |  |  |
| &nbsp;&nbsp;&nbsp;KB Home, 7.25%, 7/15/30 | 5000000 | 4858450 |
| **Industrial Servicing / Manufacturing - 4.93%** |  |  |
| &nbsp;&nbsp;&nbsp;Clean Harbors, Inc., 4.875%, 7/15/27 (c) | 500000 | 473750 |
| &nbsp;&nbsp;&nbsp;Fortress Transportation and Infrastructure Investors LLC, 9.75%, 8/01/27 (c) | 5500000 | 5513750 |
| &nbsp;&nbsp;&nbsp;Fortress Transportation and Infrastructure Investors LLC, 5.5%, 5/01/28 (c) | 750000 | 639833 |
|  |  | 6627333 |
| **Metals & Mining - 3.31%** |  |  |
| &nbsp;&nbsp;&nbsp;Allegheny Technologies, Inc., 6.95%, 12/15/25 | 4500000 | 4455000 |
| **Oil & Gas Drilling - 5.47%** |  |  |
| &nbsp;&nbsp;&nbsp;Parker Drilling Co., 13% (11% cash, 2% PIK), 3/26/24 (d) | 2672031 | 2605230 |
| &nbsp;&nbsp;&nbsp;Tidewater, Inc., 8.5%, 11/16/26 | 4700000 | 4747000 |
|  |  | 7352230 |
| **Real Estate - 2.75%** |  |  |
| &nbsp;&nbsp;&nbsp;Five Point Operating Co. LP, 7.875%, 11/15/25 (c) | 4395000 | 3694529 |
| **Retail Food Chains - 4.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Brinker International, Inc., 5%, 10/01/24 (c) | 6000000 | 5783346 |
| **Retail General - 3.76%** |  |  |
| &nbsp;&nbsp;&nbsp;G-III Apparel Group LTD, 7.875%, 8/15/25 (c) | 5430000 | 5064572 |
| **Technology - 3.19%** |  |  |
| &nbsp;&nbsp;&nbsp;Iron Mountain, Inc., 4.5%, 2/15/31 (c) | 1000000 | 821940 |
| &nbsp;&nbsp;&nbsp;Iron Mountain, Inc., 5.625%, 7/15/32 (c) | 4000000 | 3466464 |
|  |  | 4288404 |
| **Tobacco - 10.02%** |  |  |
| &nbsp;&nbsp;&nbsp;Pyxus Holdings, Inc., 10%, 8/24/24 | 10845675 | 8513855 |
| &nbsp;&nbsp;&nbsp;Vector Group LTD, 10.5%, 11/01/26 (c) | 5000000 | 4963550 |
|  |  | 13477405 |
| **Wireless Telecom - 3.39%** |  |  |
| &nbsp;&nbsp;&nbsp;Altice France SA, 8.125%, 2/01/27 (c) | 5000000 | 4554400 |
| **Total Corporate Bonds & Notes — (cost -$101,162,433)** |  | $93099374 |
| **GDP-Linked Bonds - 0.11%** |  |  |

---

---

| | | |
|:---|:---|:---|
| *Name of issuer* | *Principal* | *Value* |
| &nbsp;&nbsp;&nbsp;Republic of Argentina GDP Linked Security, FRN (based on the performance of | $34386574 | $146143 |
| &nbsp;&nbsp;&nbsp;Argentina's GDP), 12/15/35 (e) |  |  |
| &nbsp;&nbsp;&nbsp;**Total GDP-Linked Bonds — (cost—$1,423,421)** |  | $146143 |

---

---

| | | |
|:---|:---|:---|
| **Common Stock - 10.91%** | *Number of* |  |
| *Name of issuer* | *Shares* | *Value* |
| **Chemicals - 2.61%** |  |  |
| &nbsp;&nbsp;&nbsp;Ingevity Corp. (e) | 602 | $42405 |
| &nbsp;&nbsp;&nbsp;NL Industries, Inc. | 510200 | 3474462 |
|  |  | 3516867 |
| **Coal - 0.00%** |  |  |
| &nbsp;&nbsp;&nbsp;Westmoreland Mining Holding, LLC, Class A Units (d) (e) | 22606 | 0 |
| **Electrical Utility - 0.00%** |  |  |
| &nbsp;&nbsp;&nbsp;Homer City Holdings, LLC (d) (e) | 221338 | 0 |
| **Energy / Natural Resources - 0.61%** |  |  |
| &nbsp;&nbsp;&nbsp;SilverBow Resources, Inc. (e) | 5058 | 143040 |
| &nbsp;&nbsp;&nbsp;Talos Energy, Inc. (e) | 35718 | 674356 |
|  |  | 817396 |
| **Food Processing - 1.95%** |  |  |
| &nbsp;&nbsp;&nbsp;Viskase Cos., Inc. (e) | 3052635 | 2625266 |
| **Metals & Mining - 4.82%** |  |  |
| &nbsp;&nbsp;&nbsp;American Gilsonite (b) (d) (e) | 1597765 | 5162538 |
| &nbsp;&nbsp;&nbsp;Metals Recovery Holdings, LLC (b) (d) (e) | 21539 | 1316701 |
| &nbsp;&nbsp;&nbsp;Ormet Corp. (e) | 372638 | - |
|  |  | 6479239 |
| **Oil & Gas Drilling - 0.74%** |  |  |
| &nbsp;&nbsp;&nbsp;Key Energy Services, Inc. (e) | 129 | 13 |
| &nbsp;&nbsp;&nbsp;Parker Drilling Co. (e) | 140471 | 997344 |
|  |  | 997357 |
| **Packaging & Container - 0.09%** |  |  |
| &nbsp;&nbsp;&nbsp;Westrock Co. | 3626 | 127490 |
| **Transportation - 0.09%** |  |  |
| &nbsp;&nbsp;&nbsp;Getlink SA (France) (e) | 7349 | 117878 |
| **Total Common Stock — (cost—$46,990,662)** |  | $14681493 |

---

---

| | | |
|:---|:---|:---|
| **Preferred Stock - 7.08%** | *Number of* |  |
| *Name of issuer* | *Shares* | *Value* |
| **Pipeline - 7.08%** |  |  |
| &nbsp;&nbsp;&nbsp;Crestwood Equity Partners LP PFD, 9.25%, Perpetual | 1100000 | $9526000 |
| **Total Preferred Stock — (cost—$10,441,640)** |  | $9526000 |
| **Repurchase Agreement - 12.32%** |  |  |

---

---

| | | |
|:---|:---|:---|
| *Name of Issuer* | *Principal* | *Value* |
| State Street Bank & Trust Co. 1.28% dated 12/30/2022, to be repurchased at $16,567,214 on 1/03/2023 (f) |  |  |
| **Total Repurchase Agreement - (cost - $16,564,858)** | $16564858 | $16564858 |
| **Total Investments - 99.63% (cost—$176,583,014)** |  | $**134017868** |
| **Net Other Assets and Liabilities - 0.37%** |  | **498798** |
| **Net Assets - 100%** |  | $**134516666** |

---

&nbsp;&nbsp;&nbsp;&nbsp;*(a)* Portions of the portfolio may be pledged to collateralize short term borrowings.

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* Security is valued at fair value as determined in good faith under consistently applied procedures approved by the Board of Trustees.
The aggregate market value of good faith securities as of December 31, 2022 was $6,479,239 which represents 4.82% of total net assets.

&nbsp;&nbsp;&nbsp;&nbsp;*(c)* Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt
from registration, normally to qualified institutional buyers. At the period end, the value of these securities amounted to $59,781,630
which represents 44.44% of total net assets. These securities are generally deemed liquid.

&nbsp;&nbsp;&nbsp;&nbsp;*(d)* All or a portion the security is restricted. The Trust may acquire restricted securities which are subject to legal or contractual
restrictions on resale and may be illiquid. The aggregate market value of restricted securities as of December 31, 2022 was $10,522,601
which represents 7.82% of total net assets. Additional information on each holding is as follows:

---

| | | |
|:---|:---|:---|
| Security | Acquisition Date | Acquisition Cost |
| American Gilsonite | 1/2/17 - 8/26/21 | $9640360 |
| Metals Recovery Holdings, LLC | 9/30/2016 - 12/10/2019 | $4906223 |
| Homer City Holdings, LLC | 4/6/2017 | $588216 |
| Parker Drilling Co. 13% | 3/26/24 3/27/2019 | $2485714 |
| Westmoreland Mining Holdings Co. 15% | 3/15/29 3/15/2019 | $2445129 |
| Westmoreland Mining Holdings Co. Class A Units | 3/15/2019 | $641637 |

---

 

&nbsp;&nbsp;&nbsp;&nbsp;*(e)* Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;*(f)* Acquired on December 30, 2022. Collateralized by $16,564,882 of US Treasury Bonds due 2/15/2050. The maturity value is $16,567,214.

PIK Payment in Kind

FRN Floating Rate Note - rates reflected are as of December 31, 2022

PFD Preferred Security

**Investment Valuation**

Accounting Standards Codification ASC 820, Fair Value Measurements and Disclosures (ASC 820) defines fair value as the price that would be received to sell an investment in an orderly transaction between two market participants at the measurement date. ASC 820 establishes a fair value hierarchy that distinguishes between market data obtained from independent sources (observable inputs) and the Trust's own market assumptions (unobservable inputs). The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and the determination of the significance of certain inputs to the fair value measurement requires judgments and considers factors that may be specific to each security. The various inputs that may be used to determine the value of the Trust's investments are summarized in the following fair value hierarchy:

Level 1 - Unadjusted quoted prices in active markets for identical securities.

Level 2 - Other significant observable inputs based on data obtained from various pricing sources (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

Level 3 - Significant unobservable inputs including the Trust's own assumptions used to determine the fair value of investments. Factors considered in making such determinations may include, but are not limited to, information obtained directly from the company or analysts and the analysis of the company's financial statements or other documents.

The following table summarized the Trust's investment as of December 31, 2022, based on

the inputs used to value them.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |<br>**Level 1** |<br>**Level 2** |<br>**Level 3** | **Total as of**<br>**12/31/2022** |
| Corporate Bonds, Loans & Notes | $- | $93099374 | $- | $93099374 |
| Common Stock | 8084376 | 117878 | 6479239 | 14681493 |
| Preferred Stock | 9526000 |  |  | 9526000 |
| GDP Linked Bonds |  | 146143 |  | 146143 |
| Repurchase Agreement | - | 16564858 | - | 16564858 |
|  | $17610376 | $109928253 | $6479239 | $134017868 |

---

Transfers between hierarchy levels may occur due to market fluctuation, changes in valuation techniques and/or changes in the availability of market data used in the determination of an investment's valuation. The Trust recognizes transfers between the levels at the end of each period. For the period ended December 31, 2022, there were no transfers among levels 1, 2 and 3.

At December 31, 2022, the reconciliation of assets in which significant unobservable inputs (Level 3) were used in determining fair value, is as follows:

---

| | | |
|:---|:---|:---|
|  |<br>**Common Stock** | **Totals**<br>**as of 12/31/22** |
| Beginning Balance @ 9/30/22 | $6872445 | $6872445 |
| Purchases / PIK Interest |  |  |
| Sales | (360407) | (360407) |
| Realized Gain(Loss) | (949884) | (949884) |
| Net Change in Unrealized |  |  |
| Appreciation/(Depreciation) | 917085 | 917085 |
| Ending Balance @ 12/31/2022 | $6479239 | $6479239 |

---

---

| | |
|:---|:---|
|  | Change in Unrealized<br>Gain / (Loss) for Positions Still<br>Held at December 31, 2022 |
| Common Stock | (32799) |
| Totals | $(32799) |

---

The Financial Accounting Standard Board (FASB) issued guidance that a reporting entity should disclose quantitative information about the unobservable inputs used in the fair value determinations that are categorized in the Level 3 hierarchy. The guidance also required additional disclosure regarding the valuation process used and the sensitivity of the fair value measurements to changes in unobservable inputs and the interrelationships between those unobservable inputs within Level 3. The following table presents a summary of valuation techniques, inputs and quantitative information used in determining the fair value of the Trust's Level 3 securities as of December 31, 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | |  |  | Significant |  |
|  | |  | Valuation | Unobservable |  |
| Investment Type | Fair Value | Technique | Inputs | Range | Increase in Input (1) |
| **Common Stock** |  |  |  |  |  |
| Metals & Mining | $5162538 | Market | Forward | 6.4x - 8.6x | Increase |
|  |  | Comparable (2) | EBITDA |  |  |
|  |  |  | Multiple |  |  |
| Metals & Mining | $1316701 | Market |  |  |  |
|  |  | Transaction (3) | N/A | N/A | N/A |
|  |  | Market | EBITDA | 2.4x - 7.1x | Increase |
|  |  | Comparable (2) | Multiple |  |  |
|  | $6479239 |  |  |  |  |

---

(1) This column represents the direction change in the fair value of the Level 3 securities that would result from an increase to the corresponding unobservable input. A decrease to the unobservable inputs would have the opposite effect. Significant increases and decreases of these inputs could result in significantly higher or lower fair value determinations.

(2) Earnings multiples are based on comparable public companies and transactions of comparable companies.

(3) Certain of the Trust's Level 3 investments have been valued using unadjusted inputs that have not been internally developed by the Trust including third-party transactions and quotations.

For additional information on the Trust's policy regarding valuation of investments and other significant accounting policies, please refer to the Trust's most recent semiannual or annual shareholder report.

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** NORTHEAST INVESTORS TRUST

- **b. Investment Company Act file number:** 811-00576

- **c. CIK number of Registrant:** 0000072760

- **d. LEI of Registrant:** 254900TFW0QM0GDHQX67

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 125 HIGH ST

  - **City:** BOSTON

  - **State:** MA

  - **Foreign country:** US

  - **Zip / Postal Code:** 02110

  - **Telephone number:** 800-225-6704

**Item A.2. Information about the Series.**

- **a. Name of Series:** NORTHEAST INVESTORS TRUST

- **b. EDGAR series identifier (if any):** S000011440

- **c. LEI of Series:** 254900TFW0QM0GDHQX67

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2023-09-30

- **b. Date as of which information is reported:** 2022-12-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $136092764.31

**Total Liabilities:** $1538266.63

**Net Assets:** $134554497.68

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 0 | **1-Year:** 811.43 | **5-Year:** 944.56 | **10-Year:** 0 | **30-Year:** 0

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 190.53 | **1-Year:** 8780.64 | **5-Year:** 11337.32 | **10-Year:** 3673.71 | **30-Year:** 0

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000031645 | 0.00%                | 0.29%                | 2.37%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $211562.99               | $-654748.14                                |
| Month 2  | $88315.00                | $-312604.72                                |
| Month 3  | $261196.86               | $2313829.89                                |

### Schedule of Portfolio Investments

| Name                                                          | Title                                           | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| ALLEGHENY LUDLUM LLC                                          | 6.95% MTY 12/15/2025                            | CUSIP: 016900AC6<br>LEI: KCBRRAMO64UL0JAYG446 | Long             | DBT              | CORP              | US        |   4500000 | PA      | $4455000.00   | 3.31%             | 2025-12-15      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| ALTICE FRANCE SA                                              | 8.125% MTY 02/01/2027                           | CUSIP: 02156LAA9<br>LEI: 5493001ZMCICV4N02J21 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4554400.00   | 3.38%             | 2027-02-01      | Fixed         | 8.12%                 | Yes           |                  2 | On Loan: No      |
| AMERICAN GILSONITE CO                                         | COMMON STOCK                                    | CUSIP: 02636P201<br>LEI: 54930088Q5PLU37BHF34 | Long             | EC               | CORP              | US        |   1597765 | NS      | $5162538.49   | 3.84%             |  |  |  | Yes           |                  3 | On Loan: No      |
| BRINKER INTERNATIONAL INC                                     | 5% MTY 10/01/2024                               | CUSIP: 109641AH3<br>LEI: 52990067JY6PBGJNTG76 | Long             | DBT              | CORP              | US        |   6000000 | PA      | $5783346.00   | 4.30%             | 2024-10-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| BUILDERS FIRSTSOURCE                                          | 4.25% MTY 2/01/2032                             | CUSIP: 12008RAP2<br>LEI: 549300W0SKP6L3H7DP63 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4058055.00   | 3.02%             | 2032-02-01      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| CLEAN HARBORS INC.                                            | 4.875% MTY 7/15/2027                            | CUSIP: 184496AN7<br>LEI: 5493000SJVZVZJKHJF48 | Long             | DBT              | CORP              | US        |    500000 | PA      | $473750.00    | 0.35%             | 2027-07-15      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| CNX RESOURCES CORP                                            | 7.25% MTY 03/14/2027                            | CUSIP: 12653CAC2<br>LEI: 549300JK3KH8PWM3B226 | Long             | DBT              | CORP              | US        |    919000 | PA      | $912107.50    | 0.68%             | 2027-03-14      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| COOPER-STANDARD AUTOMOTIVE INC.                               | 13% MTY 06/01/2024                              | CUSIP: 216762AG9<br>LEI: ITCH5B3Q4RTX2PH9UN62 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $5200000.00   | 3.86%             | 2024-06-01      | Fixed         | 13.00%                | Yes           |                  2 | On Loan: No      |
| CRESTWOOD EQUITY PARTNERS LP                                  | 9.25% PFD UNIT PERPETUAL                        | CUSIP: 226344307<br>LEI: 549300CUY0F1TYDLDL45 | Long             | EP               | CORP              | US        |   1100000 | NS      | $9526000.00   | 7.08%             |  |  |  | No            |                  1 | On Loan: No      |
| FIVE POINT OPERATING COMPANY                                  | 7.875% 11/15/2025                               | CUSIP: 33834YAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4395000 | PA      | $3694529.29   | 2.75%             | 2025-11-15      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: No      |
| FORD MOTOR CORP.                                              | 3.37% MTY 11/17/2023                            | CUSIP: 345397A78<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1950572.00   | 1.45%             | 2023-11-17      | Fixed         | 3.37%                 | No            |                  2 | On Loan: No      |
| FORTRESS TRANPORTATION & INFRASTRUCTURE INVESTORS LLC         | 9.75% MTY 8/1/2027                              | CUSIP: 34960PAC5<br>LEI: 529900E7PUVK6BC8PE80 | Long             | DBT              | CORP              | US        |   5500000 | PA      | $5513750.00   | 4.10%             | 2027-08-01      | Fixed         | 9.75%                 | Yes           |                  2 | On Loan: No      |
| FORTRESS TRANPORTATION & INFRASTRUCTURE INVESTORS LLC         | 5.5% MTY 5/1/2028                               | CUSIP: 34960PAD3<br>LEI: 529900E7PUVK6BC8PE80 | Long             | DBT              | CORP              | US        |    750000 | PA      | $639832.50    | 0.48%             | 2028-05-01      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| G-III APPAREL GROUP                                           | 7.875% MTY 8/15/2025                            | CUSIP: 36237HAA9<br>LEI: 529900O5KABM3R3SFM87 | Long             | DBT              | CORP              | US        |   5430000 | PA      | $5064571.86   | 3.76%             | 2025-08-15      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: No      |
| GETLINK SA                                                    | GET FP                                          | CUSIP: N/A<br>LEI: 9695007ZEQ7M0OE74G82       | Long             | EC               | CORP              | FR        |      7349 | NS      | $117877.96    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| HOMER CITY INTERESTS INC                                      | COMMON STOCK                                    | CUSIP: N/A<br>LEI: 549300WURUOM5UICZI86       | Long             | EC               | CORP              | US        |    221338 | NS      | $0.00         | 0.00%             |  |  |  | Yes           |                  2 | On Loan: No      |
| INGEVITY CORP                                                 | COMMON STOCK                                    | CUSIP: 45688C107<br>LEI: 5493009UTFC4B5IMGF87 | Long             | EC               | CORP              | US        |       602 | NS      | $42404.88     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| IRON MOUNTAIN INC                                             | 5.625% MTY 7/15/2032                            | CUSIP: 46284VAL5<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $3466464.00   | 2.58%             | 2032-07-15      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| IRON MOUNTAIN INC                                             | 4.50% MTY 2/15/2031                             | CUSIP: 46284VAN1<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $821940.00    | 0.61%             | 2031-02-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| KB HOME                                                       | 7.25% MTY 7/15/2030                             | CUSIP: 48666KBA6<br>LEI: 549300LGUCWQURMWLG09 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4858450.00   | 3.61%             | 2030-07-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| KEY ENERGY SERVICES INC                                       | COMMON STOCK                                    | CUSIP: 49309J202<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       129 | NS      | $12.90        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| LOUISIANA-PACIFIC CORP                                        | 3.625% MTY 3/15/2029                            | CUSIP: 546347AM7<br>LEI: 549300C7E2UAO5BVRR75 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4319230.00   | 3.21%             | 2029-03-15      | Fixed         | 3.62%                 | Yes           |                  2 | On Loan: No      |
| METALS RECOVERY HOLDINGS LLC                                  | COMMON STOCK                                    | CUSIP: N/A<br>LEI: 5493003TN4GTBCPH6K85       | Long             | EC               | CORP              | US        |     21539 | NS      | $1316701.38   | 0.98%             |  |  |  | Yes           |                  3 | On Loan: No      |
| NL INDUSTRIES INC.                                            | COMMON STOCK                                    | CUSIP: 629156407<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    510200 | NS      | $3474462.00   | 2.58%             |  |  |  | No            |                  1 | On Loan: No      |
| ORMET CORP                                                    | COMMON STOCK                                    | CUSIP: 686701103<br>LEI: 549300SMPKU17TFI0L90 | Long             | EC               | CORP              | US        |    372638 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| PARKER DRILLING CO.                                           | 13% (11% CASH/2% PIK) 2ND LIEN TL MTY 3/26/2024 | CUSIP: N/A<br>LEI: 5493003B4WZ1YZYFR583       | Long             | DBT              | CORP              | US        |   2672031 | PA      | $2605230.40   | 1.94%             | 2024-03-26      | Fixed         | 13.00%                | Yes           |                  2 | On Loan: No      |
| PARKER DRILLING CO.                                           | COMMON STOCK                                    | CUSIP: 701081606<br>LEI: 5493003B4WZ1YZYFR583 | Long             | EC               | CORP              | US        |    140471 | NS      | $997344.10    | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| PILGRIMS PRIDE CORP                                           | 5.875% MTY 9/30/2027                            | CUSIP: 72147KAE8<br>LEI: 549300ZSLGV64ZL3HD75 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4849880.00   | 3.60%             | 2027-09-30      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| PYXUS HOLDCO                                                  | 10% MTY 8/24/2024                               | CUSIP: 747328AA0<br>LEI: 8YFRT44YTZ40IQKXOL79 | Long             | DBT              | CORP              | US        |  10845675 | PA      | $8513854.88   | 6.33%             | 2024-08-24      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| RANGE RESOURCES CORP                                          | 4.875% MTY 5/15/2025                            | CUSIP: 75281AAS8<br>LEI: H3Y3WLYCX0BTO1TRW162 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4749505.00   | 3.53%             | 2025-05-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF ARGENTINA GDP LINKED SECURITY                     | FRN WARRANTS SEPARATED                          | CUSIP: 040114GM6<br>LEI: 549300KPBYGYF7HCHO27 | Long             |  |  | US        |  34386574 | PA      | $146142.94    | 0.11%             | 2035-12-15      | Fixed         | 12.50%                | No            |                  2 | On Loan: No      |
| RITE AID CORP                                                 | 8% MTY 11/15/2026                               | CUSIP: 767754CL6<br>LEI: 529900W353T1JY1DKT44 | Long             | DBT              | CORP              | US        |   1012000 | PA      | $541222.66    | 0.40%             | 2026-11-15      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| SILVERBOW RESOURCES INC                                       | COMMON STOCK                                    | CUSIP: 82836G102<br>LEI: 5493007QR70AVQSNF619 | Long             | EC               | CORP              | US        |      5058 | NS      | $143040.24    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| STATE STREET BANK & TRUST CO. 1.28% DATED 12/30/22 MTY 1/3/23 | REPURCHASE AGREEMENT                            | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             | CORP              | US        |  16564858 | PA      | $16564857.70  | 12.31%            |  |  |  | No            |                  2 | On Loan: No      |
| TALOS ENERGY INC                                              | COMMON STOCK                                    | CUSIP: 87484T108<br>LEI: 549300GZ2DZZE2Y8TX15 | Long             | EC               | CORP              | US        |     35718 | NS      | $674355.84    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| TIDEWATER, INC.                                               | 8.5% MTY 11/16/2026                             | CUSIP: BNRR80114<br>LEI: 549300UOMTB7PD2UT305 | Long             | DBT              | CORP              | NO        |   4700000 | PA      | $4747000.00   | 3.53%             | 2026-11-16      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| VECTOR GROUP LTD                                              | 10.5% 11/1/2026                                 | CUSIP: 92240MBJ6<br>LEI: 549300TUIF4WWN6NDN50 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4963550.00   | 3.69%             | 2026-11-01      | Fixed         | 10.50%                | Yes           |                  2 | On Loan: No      |
| VISKASE COS INC.                                              | COMMON STOCK                                    | CUSIP: 92831R201<br>LEI: 549300ST1VO2Z4YCSO49 | Long             | EC               | CORP              | US        |   3052635 | NS      | $2625266.10   | 1.95%             |  |  |  | No            |                  1 | On Loan: No      |
| W.R. GRACE HOLDINGS LLC                                       | 5.625% MTY 10/1/2024                            | CUSIP: 92943GAC5<br>LEI: 549300GJVOEHHLSO6K25 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4925000.00   | 3.66%             | 2024-10-01      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| WESTMORELAND MINING HOLDINGS LLC                              | COMMON STOCK                                    | CUSIP: 96087I112<br>LEI: 5493005KY5ANOTGMLS28 | Long             | EC               | CORP              | US        |     22606 | NS      | $0.00         | 0.00%             |  |  |  | Yes           |                  2 | On Loan: No      |
| WESTMORELAND MINING HOLDINGS LLC TL                           | 12.5% CASH / 15% PIK 3/15/29                    | CUSIP: 934NVFII6<br>LEI: 5493005KY5ANOTGMLS28 | Long             | DBT              | CORP              | US        |   2212511 | PA      | $1438132.34   | 1.07%             | 2029-03-15      | Fixed         | 12.50%                | Yes           |                  2 | On Loan: No      |
| WESTROCK CORP                                                 | COMMON STOCK                                    | CUSIP: 96145D105<br>LEI: 549300VKD8LJZMJ4KP57 | Long             | EC               | CORP              | US        |      3626 | NS      | $127490.16    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2023-02-28

**Name of Applicant:** NORTHEAST INVESTORS TRUST

**Signature:** /s/ Gordon C. Barrett

**Name of Signer:** Gordon C. Barrett

**Title:** CFO