UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F
FORM 13F COVER PAGE
Report for the Quarter Ended: March 31, 1999
Check here if Amendment [ ]: Amendment Number:
This Amendment (Check only one.) [ ] is a restatement
[ ] adds new holdings entries.
Institutional Investment Manager Filing this Report:
Name: Northeast Investors Trust
Address: 50 Congress Street
Boston, MA 02109
13F File Number:
The institutional investment manager filing this report and the person by whom
it is signed hereby represent that the person signing the report is authorized
to submit it, that all information contained herein is true, correct and
complete, and that it is understood that all required items, statements,
schedules, lists, and tables, are considered integral parts of this form.
Person signing this Report on Behalf of Reporting Manager:
Name: Gordon Barrett
Title: Trustee
Phone: 617-523-3588
Signature, Place, and Date of Signing:
Gordon Barrett Boston, MA May 7, 1999
Report Type (Check only one):
[X] 13F Holding Report.
[ ] 13F Notice
[ ] 13F Combination Report.
List of Other Managers Reporting to this Manager:
I AM SIGNING THIS REPORT AS REQUIRED BY THE SECURITIES AND EXCHANGE ACT OF 1934
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FORM 13F SUMMARY PAGE
REPORT SUMMARY:
Number of Other Included Managers:
Form 13F Information Table Entry Total:
Form 13F Information Table Value Total:
List of Other Included Managers:
No. 13 F File Number Name
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REM870-C FORM 13F AS OF 3/31/1999 12:55:12 5/05/1999
ACCOUNT MF001 NORTHEAST INVESTORS TRUST Page 1
Item 6 Item 8
Item 1 Item 3 Item 4 Item 5 Investment Discretion Voting Authority
______________ _____ _________________ _____________________ ________ ________
COMMON STOCKS
ADVANTICA RESTAURANT GROUP 00758B109 6,088,810.00 1,217,762.000 1,217,762.000 1,217,762.000
BANKERS TRUST CORP 066365107 30,887,500.00 350,000.000 350,000.000 350,000.000
CHASE MANHATTAN CORP 16161A108 32,525,000.00 400,000.000 400,000.000 400,000.000
CHUBB CORPORATION 171232101 29,281,250.00 500,000.000 500,000.000 500,000.000
CROMPTON & KNOWLES 227111101 1,465,128.00 93,024.000 93,024.000 93,024.000
DARLING INTERNATIONAL INC 237266101 1,351,273.00 745,530.000 745,530.000 745,530.000
GAYLORD CONTAINER COMMON STOCK 368145108 9,328,493.00 1,243,799.000 1,243,799.000 1,243,799.000
GRAND UNION CO 386532402 10,486,643.00 932,146.000 932,146.000 932,146.000
LEUCADIA NATIONAL CORP 527288104 7,338,892.00 242,608.000 242,608.000 242,608.000
LITTLE SWITZERLAND INC 537528101 530,214.00 273,659.000 273,659.000 273,659.000
MAXXAM INC 577913106 10,075,000.00 200,000.000 200,000.000 200,000.000
J P MORGAN & CO 616880100 24,675,000.00 200,000.000 200,000.000 200,000.000
NL INDUSTRIES 629156407 9,000,000.00 1,000,000.000 1,000,000.000 1,000,000.000
SPECIALTY EQUIPMENT 847497203 11,050,000.00 400,000.000 400,000.000 400,000.000
WALTER INDUSTRIES INC 93317Q105 5,625,000.00 500,000.000 500,000.000 500,000.000
WEST POINT STEVENS INC 961238102 44,300,000.00 1,600,000.000 1,600,000.000 1,600,000.000
COMMON STOCKS TOTAL * 234,008,203.00 9,898,528.000 9,898,528.000 9,898,528.000
WARRANTS
FEDERATED DEPT STORE C WARRANT 31410H119 153,750.00 10,000.000 10,000.000 10,000.000
FEDERATED DEPT STORE D WARRANT 31410H127 387,500.00 25,000.000 25,000.000 25,000.000
WHEREHOUSE ENTERTAINMENT A 963281118 968,936.00 81,164.000 81,164.000 81,164.000
WHEREHOUSE ENTERTAINMENT B 963281126 108,430.00 14,091.000 14,091.000 14,091.000
WHEREHOUSE ENTERTAINMENT C 963281134 94,198.00 14,091.000 14,091.000 14,091.000
WARRANTS TOTAL * 1,712,814.00 144,346.000 144,346.000 144,346.000
GRAND TOTAL ** 235,721,017.00 10,042,874.000 10,042,874.000 10,042,874.000
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