UNITED STATES
SECURITIES AND EXCHANGE COMMISSIONUNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washinton, D.C. 20549
Form 13F
FORM 13F COVER PAGE
Report for the Quarter Ended: March 31, 2000
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
Suite 1000
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.
Perosn signing this Report on behalf of Reporting Manager:
Name: Gordon Barrett
Title: Executive Vice President
Phone: 800-225-6704 x 236
Signature, Place, and Date of Signing:
Gordon Barrett, Boston, MA May 17, 2000
Report Type (Check if only one):
[x] 13F HOLDINGS REPORT.
[ ] 13F NOTICE.
[ ] 13F COMBINATION REPORT.
List of Other Managers Reporting for this Manager:
I AM SIGNING THIS REPORT AS REQUIRED BY THE SECURITIES EXCHANGE ACT OF 1934.
<PAGE>
FORM 13F SUMMARY PAGE
Report Summary:
Number of Other Included Managers: 1
Form 13F Information Table Entry Total:
Form 13F Information Table Value Total:
FORM 13F AS OF 3/31/2000
NORTHEAST INVESTORS TRUST
<TABLE>
<S> <C> <C> <C> <C> <C>
Item 6 Item 8
Item 1 Item 3 Item 4 Item 5 Investment Discretion Voting Authority
______________ _______ _____________ _____________ _____________________ ________________
COMMON STOCKS
ADVANTICA RESTAURANT GROUP 00758B109 1,826,643.00 1,217,762.000 1,217,762.000 1,217,762.000
CHUBB CORPORATION 171232101 33,781,250.00 500,000.000 500,000.000 500,000.000
DARLING INTERNATIONAL INC 237266101 1,211,486.00 745,530.000 745,530.000 745,530.000
GAYLORD CONTAINER COMMON STOCK 368145108 7,929,219.00 1,243,799.000 1,243,799.000 1,243,799.000
GRAND UNION CO 386532402 2,738,179.00 932,146.000 932,146.000 932,146.000
INTL AIRLINE SUPPORT GROUP 458865201 870,093.00 224,540.000 224,540.000 224,540.000
JPS INDUSTRIES INC 46624E405 3,635,881.00 1,038,823.000 1,038,823.000 1,038,823.000
LITTLE SWITZERLAND INC 537528101 287,068.00 273,659.000 273,659.000 273,659.000
MAXXAM INC 577913106 5,700,000.00 200,000.000 200,000.000 200,000.000
J P MORGAN & CO 616880100 13,175,000.00 100,000.000 100,000.000 100,000.000
NL INDUSTRIES 629156407 13,687,500.00 1,000,000.000 1,000,000.000 1,000,000.000
SMURFIT-STONE CONT CORP 832727101 4,355,343.00 257,142.000 257,142.000 257,142.000
SPECIALTY EQUIPMENT 847497203 5,347,275.00 257,700.000 257,700.000 257,700.000
TOWN & COUNTRY NEW COMMON SHS 89202TOWN .00 92,057.000 92,057.000 92,057.000
WALTER INDUSTRIES INC 93317Q105 3,875,000.00 500,000.000 500,000.000 500,000.000
WEST POINT STEVENS INC 961238102 30,400,000.00 1,600,000.000 1,600,000.000 1,600,000.000
COMMON STOCKS TOTAL * 128,819,937.00 10,183,158.000 10,183,158.000 10,183,158.000
WARRANTS
WHEREHOUSE ENTERTAINMENT A 963281118 885,499.00 81,164.000 81,164.000 81,164.000
WHEREHOUSE ENTERTAINMENT B 963281126 94,551.00 14,091.000 14,091.000 14,091.000
WHEREHOUSE ENTERTAINMENT C 963281134 80,601.00 14,091.000 14,091.000 14,091.000
WARRANTS TOTAL * 1,060,651.00 109,346.000 109,346.000 109,346.000
GRAND TOTAL ** 129,880,588.00 10,292,504.000 10,292,504.000 10,292,504.000
</TABLE>
