# EDGAR Filing Document

**Accession Number:** 0000072760
**File Stem:** 0000072760-25-000008
**Filing Date:** 2025-11
**Character Count:** 21939
**Document Hash:** eb8aba645376a6e8641f0f4181da25a4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000072760-25-000008.hdr.sgml**: 20251128

**ACCESSION NUMBER**: 0000072760-25-000008

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251128

**DATE AS OF CHANGE**: 20251128

**PERIOD START**: 20250930

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** NORTHEAST INVESTORS TRUST
- **CENTRAL INDEX KEY:** 0000072760

**ORGANIZATION NAME:**
- **EIN:** 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:** 251535156

**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           |

## 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:** 2025-09-30

- **b. Date as of which information is reported:** 2025-09-30

**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:** $132166249.69

**Total Liabilities:** $496216.02

**Net Assets:** $131670033.67

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 0 | **1-Year:** 1302.13 | **5-Year:** 0 | **10-Year:** 0 | **30-Year:** 0

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

- **3-Month:** 698.81 | **1-Year:** 6157.04 | **5-Year:** 6993.18 | **10-Year:** 0 | **30-Year:** 0

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000031645 | 0.52%                | 0.26%                | 7.46%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $33249.12                | $245691.27                                 |
| Month 2  | $-262378.30              | $-48270.94                                 |
| Month 3  | $149011.47               | $8730785.14                                |

### 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      | $4499640.00   | 3.42%             | 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              | FR        |   5000000 | PA      | $4758575.00   | 3.61%             | 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      | $2561217.29   | 1.95%             |  |  |  | Yes           |                  3 | On Loan: No      |
| BRINKER INTERNATIONAL, INC.                             | 8.25% MTY 7/15/2030              | CUSIP: 109641AK6<br>LEI: 52990067JY6PBGJNTG76 | Long             | DBT              | CORP              | US        |   1130000 | PA      | $1195334.34   | 0.91%             | 2030-07-15      | Fixed         | 8.25%                 | Yes           |                  2 | On Loan: No      |
| BUILDERS FIRSTSOURCE                                    | 4.25% MTY 2/01/2032              | CUSIP: 12008RAP2<br>LEI: 549300W0SKP6L3H7DP63 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4701925.00   | 3.57%             | 2032-02-01      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| CHEMOURS CO                                             | 4.625% MTY 11/15/2029            | CUSIP: 163851AH1<br>LEI: 549300M1BOLNXL8DOV14 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4517360.00   | 3.43%             | 2029-11-15      | Fixed         | 4.62%                 | 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      | $499576.00    | 0.38%             | 2027-07-15      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| COMSTOCK RESOURCES, INC.                                | 6.75% MTY 03/01/2029             | CUSIP: 205768AS3<br>LEI: I03QQGEA4SS774AURI46 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4992555.00   | 3.79%             | 2029-03-01      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| DARLING INGREDIENTS                                     | 5.25% MTY 4/15/2027              | CUSIP: 237266AH4<br>LEI: L1N0SPPKS7EXZYUMZ898 | Long             | DBT              | CORP              | US        |   4750000 | PA      | $4738272.25   | 3.60%             | 2027-04-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| DELTA AIR LINES                                         | 4.5% MTY 10/20/2025              | CUSIP: 830867AA5<br>LEI: Q2CCMS6R0AS67HJMBN42 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $999752.75    | 0.76%             | 2025-10-20      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| FAIR ISAAC CORP                                         | 5.25% MTY 5/15/2026              | CUSIP: 303250AE4<br>LEI: RI6HET5SJUEY30V1PS26 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4999590.00   | 3.80%             | 2026-05-15      | Fixed         | 5.25%                 | 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      | $750428.25    | 0.57%             | 2028-05-01      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| GETLINK SA                                              | GET FP                           | CUSIP: N/A<br>LEI: 9695007ZEQ7M0OE74G82       | Long             | EC               | CORP              | FR        |      7349 | NS      | $135295.09    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| GRAPHIC PACKAGING INC                                   | 4.75% MTY 07/15/2027             | CUSIP: 38869AAA5<br>LEI: SO75N4VY5NXGQSK8YQ65 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2977194.00   | 2.26%             | 2027-07-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| HOMER CITY INTERESTS INC.                               | COMMON STOCK                     | CUSIP: N/A<br>LEI: 549300WURUOM5UICZI86       | Long             | EC               | CORP              | US        |    221338 | NS      | $11066900.00  | 8.41%             |  |  |  | Yes           |                  3 | On Loan: No      |
| INGEVITY CORP                                           | COMMON STOCK                     | CUSIP: 45688C107<br>LEI: 5493009UTFC4B5IMGF87 | Long             | EC               | CORP              | US        |       602 | NS      | $33224.38     | 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      | $3978524.00   | 3.02%             | 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      | $954526.00    | 0.72%             | 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      | $5153665.00   | 3.91%             | 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      | $136.74       | 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      | $4787500.00   | 3.64%             | 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      | $0.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| MOOG, INC.                                              | 4.25% MTY 12/15/2027             | CUSIP: 615394AM5<br>LEI: 549300WM2I4U7OBAHG07 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4923525.00   | 3.74%             | 2027-12-15      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| NABORS INDUSTRIES                                       | COMMON STOCK                     | CUSIP: G6359F137<br>LEI: 549300VFQWRKICUFNU92 | Long             | EC               | CORP              | US        |     42311 | NS      | $1729250.57   | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| NL INDUSTRIES INC.                                      | COMMON STOCK                     | CUSIP: 629156407<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    510200 | NS      | $3137730.00   | 2.38%             |  |  |  | No            |                  1 | On Loan: No      |
| PERFORMANCE FOOD GROUP                                  | 5.5% MTY 10/15/2027              | CUSIP: 69346VAA7<br>LEI: 549300OMUOGBYK0FFO76 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4987380.00   | 3.79%             | 2027-10-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| PITNEY BOWES                                            | 6.875% MTY 3/15/2027             | CUSIP: 724479AP5<br>LEI: 549300N2O26NW4ST6W55 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4993770.00   | 3.79%             | 2027-03-15      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| PYXUS HOLDCO                                            | 8.5% MTY 12/31/2027              | CUSIP: 747328AB8<br>LEI: 8YFRT44YTZ40IQKXOL79 | Long             | DBT              | CORP              | US        |  10845675 | PA      | $9784143.71   | 7.43%             | 2027-12-31      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| REPUBLIC OF ARGENTINA GDP LINKED SECURITY               | FRN WARRANTS SEPARATED           | CUSIP: 040114GM6<br>LEI: 549300KPBYGYF7HCHO27 | Long             | DBT              | CORP              | US        |  34386574 | PA      | $930156.83    | 0.71%             | 2035-12-15      | Fixed         | 12.50%                | No            |                  2 | On Loan: No      |
| RITE AID 8% BOND                                        | REAL ESTATE ESCROW               | CUSIP: 767ESCAC0<br>LEI: 529900W353T1JY1DKT44 | Long             |  | CORP              | US        |    856000 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| RITE AID CORP.                                          | LITIGATION TRUST INTEREST B      | CUSIP: 767754LB1<br>LEI: 529900W353T1JY1DKT44 | Long             |  | CORP              | US        |     53022 | NS      | $0.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| RITE AID CORP.                                          | COMMON STOCK                     | CUSIP: N/A<br>LEI: 529900W353T1JY1DKT44       | Long             | EC               | CORP              | US        |       778 | NS      | $0.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| RITE AID CORP.                                          | FRN (TSFR3M+700) PIK MTY 8/30/31 | CUSIP: 767754CR3<br>LEI: 529900W353T1JY1DKT44 | Long             | DBT              | CORP              | US        |     56272 | PA      | $0.00         | 0.00%             | 2031-08-30      | Floating      | 0.00%                 | Yes           |                  3 | On Loan: No      |
| RITE AID CORP.                                          | 15% PIK SER A MTY 8/30/31        | CUSIP: 767754CS1<br>LEI: 529900W353T1JY1DKT44 | Long             | DBT              | CORP              | US        |    167515 | PA      | $0.00         | 0.00%             | 2031-08-30      | Fixed         | 15.00%                | No            |                  3 | On Loan: No      |
| RITE AID CORP.                                          | 15% PIK SER B MTY 8/30/31        | CUSIP: 767754CT9<br>LEI: 529900W353T1JY1DKT44 | Long             | DBT              | CORP              | US        |    121937 | PA      | $0.00         | 0.00%             | 2031-08-30      | Fixed         | 15.00%                | No            |                  3 | On Loan: No      |
| RITE AID CORP. DIP                                      | REAL ESTATE ESCROW               | CUSIP: 767ESCAG1<br>LEI: 529900W353T1JY1DKT44 | Long             |  | CORP              | US        |    155702 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| SMURFIT WESTROCK PLC                                    | COMMON STOCK                     | CUSIP: G8267P108<br>LEI: 635400EGSEOPDW2EXS14 | Long             | EC               | CORP              | US        |      3626 | NS      | $154358.82    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| SPIRIT AEROSYSTEMS                                      | 9.375% MTY 11/30/2029            | CUSIP: 85205TAN0<br>LEI: ZD2NBKV6GCC3UMGBM518 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $5265160.00   | 4.00%             | 2029-11-30      | Fixed         | 9.38%                 | Yes           |                  2 | On Loan: No      |
| SS&C TECHNOLOGIES                                       | 5.5% MTY 09/30/2027              | CUSIP: 78466CAC0<br>LEI: 549300KY09TR3J12JU49 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4993915.00   | 3.79%             | 2027-09-30      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| STATE STREET BANK & TRUST CO. 1.26% 9/30/25 MTY 10/1/25 | REPURCHASE AGREEMENT             | CUSIP: 999916481<br>LEI: N/A                  | Long             | STIV             | CORP              | US        |    397341 | PA      | $397341.04    | 0.30%             |  |  |  | No            |                  2 | On Loan: No      |
| TALOS ENERGY INC                                        | COMMON STOCK                     | CUSIP: 87484T108<br>LEI: 549300GZ2DZZE2Y8TX15 | Long             | EC               | CORP              | US        |     35718 | NS      | $342535.62    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| UNDER ARMOUR, INC.                                      | 3.25% MTY 6/15/2026              | CUSIP: 904311AA5<br>LEI: 549300D4549QKWETZ406 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4941740.00   | 3.75%             | 2026-06-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| UNITI GROUP LP                                          | 10.5% MTY 2/15/2028              | CUSIP: 91327TAA9<br>LEI: 549300V3NU625PJUVA84 | Long             | DBT              | CORP              | US        |   4099000 | PA      | $4317066.80   | 3.28%             | 2028-02-15      | Fixed         | 10.50%                | Yes           |                  2 | On Loan: No      |
| VISKASE COS INC.                                        | COMMON STOCK                     | CUSIP: 92831R201<br>LEI: 549300ST1VO2Z4YCSO49 | Long             | EC               | CORP              | US        |   3052635 | NS      | $4578952.50   | 3.48%             |  |  |  | No            |                  1 | On Loan: No      |
| WESTERN DIGITAL CORP                                    | 4.75% MTY 2/15/2026              | CUSIP: 958102AM7<br>LEI: 549300QQXOOYEF89IC56 | Long             | DBT              | CORP              | US        |   1087000 | PA      | $1086414.11   | 0.83%             | 2026-02-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| WESTMET GROUP HLDGS                                     | COMMON STOCK                     | CUSIP: 9608WMET9<br>LEI: 5493005KY5ANOTGMLS28 | Long             | EC               | CORP              | US        |     22614 | NS      | $45228.32     | 0.03%             |  |  |  | Yes           |                  2 | On Loan: No      |
| WESTMORELAND MINING HOLDINGS LLC                        | COMMON STOCK                     | CUSIP: 96087I112<br>LEI: 5493005KY5ANOTGMLS28 | Long             | EC               | CORP              | US        |     22417 | NS      | $11208.37     | 0.01%             |  |  |  | Yes           |                  2 | On Loan: No      |
| WESTMORELAND MINING HOLDINGS LLC TL                     | 8% MTY 11/4/2030                 | CUSIP: 934NVF999<br>LEI: 5493005KY5ANOTGMLS28 | Long             | DBT              | CORP              | US        |    678590 | PA      | $264650.26    | 0.20%             | 2030-11-04      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| XPO LOGISTICS, INC.                                     | 6.25% MTY 6/01/2028              | CUSIP: 98379KAA0<br>LEI: 54930096DB9LCLPN7H13 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $5094915.00   | 3.87%             | 2028-06-01      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-11-28

**Name of Applicant:** NORTHEAST INVESTORS TRUST

**Signature:** /s/ Gordon Barrett

**Name of Signer:** Gordon Barrett

**Title:** CFO