<?xml version="1.0" encoding="UTF-8"?><edgarSubmission xmlns="http://www.sec.gov/edgar/nport" xmlns:com="http://www.sec.gov/edgar/common" xmlns:ncom="http://www.sec.gov/edgar/nportcommon" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xsi:schemaLocation="http://www.sec.gov/edgar/nport eis_NPORT_Filer.xsd">
	<headerData>
		<submissionType>NPORT-P</submissionType>
		<isConfidential>false</isConfidential>
		<filerInfo>

			<filer>
				<issuerCredentials>
					<cik>0000072760</cik>
					<ccc>XXXXXXXX</ccc>
				</issuerCredentials>
			</filer>

			<seriesClassInfo>
				<seriesId>S000011440</seriesId>
				<classId>C000031645</classId>
			</seriesClassInfo>


		</filerInfo>
	</headerData>
	<formData>
		<genInfo>
			<regName>NORTHEAST INVESTORS TRUST</regName>
			<regFileNumber>811-00576</regFileNumber>
			<regCik>0000072760</regCik>
			<regLei>254900TFW0QM0GDHQX67</regLei>
			<regStreet1>125 HIGH ST</regStreet1>
			<regStreet2>SUITE 1802</regStreet2>
			<regCity>BOSTON</regCity>
			<regStateConditional regCountry="US" regState="US-MA"/>
			<regZipOrPostalCode>02110</regZipOrPostalCode>
			<regPhone>800-225-6704</regPhone>
			<seriesName>NORTHEAST INVESTORS TRUST</seriesName>
			<seriesId>S000011440</seriesId>
			<seriesLei>254900TFW0QM0GDHQX67</seriesLei>
			<repPdEnd>2022-09-30</repPdEnd>
			<repPdDate>2022-03-31</repPdDate>
			<isFinalFiling>N</isFinalFiling>
		</genInfo>
		<fundInfo>
			<totAssets>150082724.62</totAssets>
			<totLiabs>1035843.13</totLiabs>
			<netAssets>149046881.49</netAssets>
			<assetsAttrMiscSec>0</assetsAttrMiscSec>
			<assetsInvested>0</assetsInvested>
			<amtPayOneYrBanksBorr>0</amtPayOneYrBanksBorr>
			<amtPayOneYrCtrldComp>0</amtPayOneYrCtrldComp>
			<amtPayOneYrOthAffil>0</amtPayOneYrOthAffil>
			<amtPayOneYrOther>0</amtPayOneYrOther>
			<amtPayAftOneYrBanksBorr>0</amtPayAftOneYrBanksBorr>
			<amtPayAftOneYrCtrldComp>0</amtPayAftOneYrCtrldComp>
			<amtPayAftOneYrOthAffil>0</amtPayAftOneYrOthAffil>
			<amtPayAftOneYrOther>0</amtPayAftOneYrOther>
			<delayDeliv>0</delayDeliv>
			<standByCommit>0</standByCommit>
			<liquidPref>0</liquidPref>
			<cshNotRptdInCorD>0</cshNotRptdInCorD>
			<curMetrics>
				<curMetric>
					<curCd>USD</curCd>
					<intrstRtRiskdv01 period10Yr="14681.55" period1Yr="10246.28" period30Yr="11381.7" period3Mon="534.65" period5Yr="6480.64"/>
					<intrstRtRiskdv100 period10Yr="860066.95" period1Yr="1010306.69" period30Yr="544361.4" period3Mon="53321.48" period5Yr="635512.06"/>
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			</curMetrics>
			<creditSprdRiskInvstGrade period10Yr="0" period1Yr="0" period30Yr="0" period3Mon="554.83" period5Yr="0"/>
			<creditSprdRiskNonInvstGrade period10Yr="2439.73" period1Yr="10300.05" period30Yr="0" period3Mon="1012.06" period5Yr="6444.62"/>
			<isNonCashCollateral>N</isNonCashCollateral>
			<returnInfo>
				<monthlyTotReturns>
					<monthlyTotReturn classId="C000031645" rtn1="-0.82" rtn2="0.83" rtn3="-0.27"/>
				</monthlyTotReturns>
				<monthlyReturnCats/>
				<othMon1 netRealizedGain="112500" netUnrealizedAppr="-1075756.72"/>
				<othMon2 netRealizedGain="-96000" netUnrealizedAppr="405748.45"/>
				<othMon3 netRealizedGain="-768750" netUnrealizedAppr="-155054.02"/>
			</returnInfo>
			<mon1Flow redemption="1234868.31" reinvestment="0" sales="818215.03"/>
			<mon2Flow redemption="5597463.01" reinvestment="1406970.54" sales="43282.97"/>
			<mon3Flow redemption="1371409.26" reinvestment="0" sales="4720561.21"/>
		</fundInfo>
		<invstOrSecs>
			<invstOrSec>
				<name>ALLEGHENY LUDLUM LLC</name>
				<lei>KCBRRAMO64UL0JAYG446</lei>
				<title>6.95% MTY 12/15/2025</title>
				<cusip>016900AC6</cusip>
				<identifiers>
					<isin value="N/A"/>
				</identifiers>
				<balance>4500000</balance>
				<units>PA</units>
				<curCd>USD</curCd>
				<valUSD>4747500</valUSD>
				<pctVal>3.19</pctVal>
				<payoffProfile>Long</payoffProfile>
				<assetCat>DBT</assetCat>
				<issuerCat>CORP</issuerCat>
				<invCountry>US</invCountry>

				<isRestrictedSec>N</isRestrictedSec>

				<fairValLevel>2</fairValLevel>
				<debtSec>
					<maturityDt>2025-12-15</maturityDt>
					<couponKind>Fixed</couponKind>
					<annualizedRt>6.95</annualizedRt>
					<isDefault>N</isDefault>
					<areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
					<isPaidKind>N</isPaidKind>
				</debtSec>
				<securityLending>
					<isCashCollateral>N</isCashCollateral>
					<isNonCashCollateral>N</isNonCashCollateral>
					<isLoanByFund>N</isLoanByFund>
				</securityLending>
			</invstOrSec>
			<invstOrSec>
				<name>ALTICE FRANCE SA</name>
				<lei>5493001ZMCICV4N02J21</lei>
				<title>8.125% MTY 02/01/2027</title>
				<cusip>02156LAA9</cusip>
				<identifiers>
					<isin value="N/A"/>
				</identifiers>
				<balance>5000000</balance>
				<units>PA</units>
				<curCd>USD</curCd>
				<valUSD>5151900</valUSD>
				<pctVal>3.46</pctVal>
				<payoffProfile>Long</payoffProfile>
				<assetCat>DBT</assetCat>
				<issuerCat>CORP</issuerCat>
				<invCountry>US</invCountry>

				<isRestrictedSec>Y</isRestrictedSec>

				<fairValLevel>2</fairValLevel>
				<debtSec>
					<maturityDt>2027-02-01</maturityDt>
					<couponKind>Fixed</couponKind>
					<annualizedRt>8.125</annualizedRt>
					<isDefault>N</isDefault>
					<areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
					<isPaidKind>N</isPaidKind>
				</debtSec>
				<securityLending>
					<isCashCollateral>N</isCashCollateral>
					<isNonCashCollateral>N</isNonCashCollateral>
					<isLoanByFund>N</isLoanByFund>
				</securityLending>
			</invstOrSec>
			<invstOrSec>
				<name>AMERICAN EAGLE ENERGY CORP</name>
				<lei>549300QMH21TNIIJ0F25</lei>
				<title>11% MTY 9/01/2019</title>
				<cusip>02554FAA0</cusip>
				<identifiers>
					<isin value="N/A"/>
				</identifiers>
				<balance>15500000</balance>
				<units>PA</units>
				<curCd>USD</curCd>
				<valUSD>88505</valUSD>
				<pctVal>0.06</pctVal>
				<payoffProfile>Long</payoffProfile>
				<assetCat>DBT</assetCat>
				<issuerCat>CORP</issuerCat>
				<invCountry>US</invCountry>

				<isRestrictedSec>Y</isRestrictedSec>

				<fairValLevel>3</fairValLevel>
				<debtSec>
					<maturityDt>2019-09-01</maturityDt>
					<couponKind>Fixed</couponKind>
					<annualizedRt>11</annualizedRt>
					<isDefault>Y</isDefault>
					<areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
					<isPaidKind>N</isPaidKind>
				</debtSec>
				<securityLending>
					<isCashCollateral>N</isCashCollateral>
					<isNonCashCollateral>N</isNonCashCollateral>
					<isLoanByFund>N</isLoanByFund>
				</securityLending>
			</invstOrSec>
			<invstOrSec>
				<name>AMERICAN GILSONITE CO</name>
				<lei>54930088Q5PLU37BHF34</lei>
				<title>COMMON STOCK</title>
				<cusip>02636P201</cusip>
				<identifiers>
					<isin value="N/A"/>
				</identifiers>
				<balance>1597765</balance>
				<units>NS</units>
				<curCd>USD</curCd>
				<valUSD>5024172.0425</valUSD>
				<pctVal>3.37</pctVal>
				<payoffProfile>Long</payoffProfile>
				<assetCat>EC</assetCat>
				<issuerCat>CORP</issuerCat>
				<invCountry>US</invCountry>

				<isRestrictedSec>Y</isRestrictedSec>

				<fairValLevel>3</fairValLevel>
				<securityLending>
					<isCashCollateral>N</isCashCollateral>
					<isNonCashCollateral>N</isNonCashCollateral>
					<isLoanByFund>N</isLoanByFund>
				</securityLending>
			</invstOrSec>
			<invstOrSec>
				<name>BUILDERS FIRSTSOURCE</name>
				<lei>549300W0SKP6L3H7DP63</lei>
				<title>6.75% MTY 6/01/2027</title>
				<cusip>12008RAM9</cusip>
				<identifiers>
					<isin value="N/A"/>
				</identifiers>
				<balance>5354000</balance>
				<units>PA</units>
				<curCd>USD</curCd>
				<valUSD>5554775</valUSD>
				<pctVal>3.73</pctVal>
				<payoffProfile>Long</payoffProfile>
				<assetCat>DBT</assetCat>
				<issuerCat>CORP</issuerCat>
				<invCountry>US</invCountry>

				<isRestrictedSec>Y</isRestrictedSec>

				<fairValLevel>2</fairValLevel>
				<debtSec>
					<maturityDt>2027-06-01</maturityDt>
					<couponKind>Fixed</couponKind>
					<annualizedRt>6.75</annualizedRt>
					<isDefault>N</isDefault>
					<areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
					<isPaidKind>N</isPaidKind>
				</debtSec>
				<securityLending>
					<isCashCollateral>N</isCashCollateral>
					<isNonCashCollateral>N</isNonCashCollateral>
					<isLoanByFund>N</isLoanByFund>
				</securityLending>
			</invstOrSec>
			<invstOrSec>
				<name>CENTURYLINK, INC.</name>
				<lei>8M3THTGWLTYZVE6BBY25</lei>
				<title>7.5% MTY 4/01/2024</title>
				<cusip>156700BA3</cusip>
				<identifiers>
					<isin value="N/A"/>
				</identifiers>
				<balance>5000000</balance>
				<units>PA</units>
				<curCd>USD</curCd>
				<valUSD>5261500</valUSD>
				<pctVal>3.53</pctVal>
				<payoffProfile>Long</payoffProfile>
				<assetCat>DBT</assetCat>
				<issuerCat>CORP</issuerCat>
				<invCountry>US</invCountry>

				<isRestrictedSec>N</isRestrictedSec>

				<fairValLevel>2</fairValLevel>
				<debtSec>
					<maturityDt>2024-04-01</maturityDt>
					<couponKind>Fixed</couponKind>
					<annualizedRt>7.5</annualizedRt>
					<isDefault>N</isDefault>
					<areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
					<isPaidKind>N</isPaidKind>
				</debtSec>
				<securityLending>
					<isCashCollateral>N</isCashCollateral>
					<isNonCashCollateral>N</isNonCashCollateral>
					<isLoanByFund>N</isLoanByFund>
				</securityLending>
			</invstOrSec>
			<invstOrSec>
				<name>CENVEO ENTERPRISES INC</name>
				<lei>549300Q5ZSKHLXJ0YR63</lei>
				<title>COMMON STOCK</title>
				<cusip>N/A</cusip>
				<identifiers>
					<isin value="N/A"/>
					<other otherDesc="INTERNAL CUSIP" value="933EKD903"/>
				</identifiers>
				<balance>20833</balance>
				<units>NS</units>
				<curCd>USD</curCd>
				<valUSD>135414.5</valUSD>
				<pctVal>0.09</pctVal>
				<payoffProfile>Long</payoffProfile>
				<assetCat>EC</assetCat>
				<issuerCat>CORP</issuerCat>
				<invCountry>US</invCountry>

				<isRestrictedSec>Y</isRestrictedSec>

				<fairValLevel>2</fairValLevel>
				<securityLending>
					<isCashCollateral>N</isCashCollateral>
					<isNonCashCollateral>N</isNonCashCollateral>
					<isLoanByFund>N</isLoanByFund>
				</securityLending>
			</invstOrSec>
			<invstOrSec>
				<name>CF INDUSTRIES, INC.</name>
				<lei>5FVKT86LAD2F40NPC183</lei>
				<title>3.45% MTY 06/1/2023</title>
				<cusip>12527GAC7</cusip>
				<identifiers>
					<isin value="N/A"/>
				</identifiers>
				<balance>3333000</balance>
				<units>PA</units>
				<curCd>USD</curCd>
				<valUSD>3379662</valUSD>
				<pctVal>2.27</pctVal>
				<payoffProfile>Long</payoffProfile>
				<assetCat>DBT</assetCat>
				<issuerCat>CORP</issuerCat>
				<invCountry>US</invCountry>

				<isRestrictedSec>N</isRestrictedSec>

				<fairValLevel>2</fairValLevel>
				<debtSec>
					<maturityDt>2023-06-01</maturityDt>
					<couponKind>Fixed</couponKind>
					<annualizedRt>3.45</annualizedRt>
					<isDefault>N</isDefault>
					<areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
					<isPaidKind>N</isPaidKind>
				</debtSec>
				<securityLending>
					<isCashCollateral>N</isCashCollateral>
					<isNonCashCollateral>N</isNonCashCollateral>
					<isLoanByFund>N</isLoanByFund>
				</securityLending>
			</invstOrSec>
			<invstOrSec>
				<name>CLEAN HARBORS INC.</name>
				<lei>5493000SJVZVZJKHJF48</lei>
				<title>4.875% MTY 7/15/2027</title>
				<cusip>184496AN7</cusip>
				<identifiers>
					<isin value="N/A"/>
				</identifiers>
				<balance>500000</balance>
				<units>PA</units>
				<curCd>USD</curCd>
				<valUSD>498750</valUSD>
				<pctVal>0.33</pctVal>
				<payoffProfile>Long</payoffProfile>
				<assetCat>DBT</assetCat>
				<issuerCat>CORP</issuerCat>
				<invCountry>US</invCountry>

				<isRestrictedSec>Y</isRestrictedSec>

				<fairValLevel>2</fairValLevel>
				<debtSec>
					<maturityDt>2027-07-15</maturityDt>
					<couponKind>Fixed</couponKind>
					<annualizedRt>4.875</annualizedRt>
					<isDefault>N</isDefault>
					<areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
					<isPaidKind>N</isPaidKind>
				</debtSec>
				<securityLending>
					<isCashCollateral>N</isCashCollateral>
					<isNonCashCollateral>N</isNonCashCollateral>
					<isLoanByFund>N</isLoanByFund>
				</securityLending>
			</invstOrSec>
			<invstOrSec>
				<name>CNX RESOURCES CORP</name>
				<lei>549300JK3KH8PWM3B226</lei>
				<title>7.25% MTY 03/14/2027</title>
				<cusip>12653CAC2</cusip>
				<identifiers>
					<isin value="N/A"/>
				</identifiers>
				<balance>10000000</balance>
				<units>PA</units>
				<curCd>USD</curCd>
				<valUSD>10581600</valUSD>
				<pctVal>7.1</pctVal>
				<payoffProfile>Long</payoffProfile>
				<assetCat>DBT</assetCat>
				<issuerCat>CORP</issuerCat>
				<invCountry>US</invCountry>

				<isRestrictedSec>Y</isRestrictedSec>

				<fairValLevel>2</fairValLevel>
				<debtSec>
					<maturityDt>2027-03-14</maturityDt>
					<couponKind>Fixed</couponKind>
					<annualizedRt>7.25</annualizedRt>
					<isDefault>N</isDefault>
					<areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
					<isPaidKind>N</isPaidKind>
				</debtSec>
				<securityLending>
					<isCashCollateral>N</isCashCollateral>
					<isNonCashCollateral>N</isNonCashCollateral>
					<isLoanByFund>N</isLoanByFund>
				</securityLending>
			</invstOrSec>
			<invstOrSec>
				<name>COOPER-STANDARD AUTOMOTIVE INC.</name>
				<lei>ITCH5B3Q4RTX2PH9UN62</lei>
				<title>13% MTY 06/01/2024</title>
				<cusip>216762AG9</cusip>
				<identifiers>
					<isin value="N/A"/>
				</identifiers>
				<balance>5000000</balance>
				<units>PA</units>
				<curCd>USD</curCd>
				<valUSD>5100550</valUSD>
				<pctVal>3.42</pctVal>
				<payoffProfile>Long</payoffProfile>
				<assetCat>DBT</assetCat>
				<issuerCat>CORP</issuerCat>
				<invCountry>US</invCountry>

				<isRestrictedSec>Y</isRestrictedSec>

				<fairValLevel>2</fairValLevel>
				<debtSec>
					<maturityDt>2024-06-01</maturityDt>
					<couponKind>Fixed</couponKind>
					<annualizedRt>13</annualizedRt>
					<isDefault>N</isDefault>
					<areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
					<isPaidKind>N</isPaidKind>
				</debtSec>
				<securityLending>
					<isCashCollateral>N</isCashCollateral>
					<isNonCashCollateral>N</isNonCashCollateral>
					<isLoanByFund>N</isLoanByFund>
				</securityLending>
			</invstOrSec>
			<invstOrSec>
				<name>CRESTWOOD EQUITY PARTNERS LP</name>
				<lei>549300CUY0F1TYDLDL45</lei>
				<title>9.25% PFD UNIT PERPETUAL</title>
				<cusip>226344307</cusip>
				<identifiers>
					<isin value="N/A"/>
				</identifiers>
				<balance>1100000</balance>
				<units>NS</units>
				<curCd>USD</curCd>
				<valUSD>10560000</valUSD>
				<pctVal>7.09</pctVal>
				<payoffProfile>Long</payoffProfile>
				<assetCat>EP</assetCat>
				<issuerCat>CORP</issuerCat>
				<invCountry>US</invCountry>

				<isRestrictedSec>N</isRestrictedSec>

				<fairValLevel>1</fairValLevel>
				<securityLending>
					<isCashCollateral>N</isCashCollateral>
					<isNonCashCollateral>N</isNonCashCollateral>
					<isLoanByFund>N</isLoanByFund>
				</securityLending>
			</invstOrSec>
			<invstOrSec>
				<name>FIVE POINT OPERATING COMPANY</name>
				<lei>N/A</lei>
				<title>7.875% 11/15/2025</title>
				<cusip>33834YAA6</cusip>
				<identifiers>
					<isin value="N/A"/>
				</identifiers>
				<balance>4395000</balance>
				<units>PA</units>
				<curCd>USD</curCd>
				<valUSD>4497403.5</valUSD>
				<pctVal>3.02</pctVal>
				<payoffProfile>Long</payoffProfile>
				<assetCat>DBT</assetCat>
				<issuerCat>CORP</issuerCat>
				<invCountry>US</invCountry>

				<isRestrictedSec>Y</isRestrictedSec>

				<fairValLevel>2</fairValLevel>
				<debtSec>
					<maturityDt>2025-11-15</maturityDt>
					<couponKind>Fixed</couponKind>
					<annualizedRt>7.875</annualizedRt>
					<isDefault>N</isDefault>
					<areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
					<isPaidKind>N</isPaidKind>
				</debtSec>
				<securityLending>
					<isCashCollateral>N</isCashCollateral>
					<isNonCashCollateral>N</isNonCashCollateral>
					<isLoanByFund>N</isLoanByFund>
				</securityLending>
			</invstOrSec>
			<invstOrSec>
				<name>FORD MOTOR CORP.</name>
				<lei>UDSQCVRUX5BONN0VY111</lei>
				<title>3.35% MTY 11/1/2022</title>
				<cusip>345397ZU0</cusip>
				<identifiers>
					<isin value="N/A"/>
				</identifiers>
				<balance>3296000</balance>
				<units>PA</units>
				<curCd>USD</curCd>
				<valUSD>3303580.8</valUSD>
				<pctVal>2.22</pctVal>
				<payoffProfile>Long</payoffProfile>
				<assetCat>DBT</assetCat>
				<issuerCat>CORP</issuerCat>
				<invCountry>US</invCountry>

				<isRestrictedSec>N</isRestrictedSec>

				<fairValLevel>2</fairValLevel>
				<debtSec>
					<maturityDt>2022-11-01</maturityDt>
					<couponKind>Fixed</couponKind>
					<annualizedRt>3.35</annualizedRt>
					<isDefault>N</isDefault>
					<areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
					<isPaidKind>N</isPaidKind>
				</debtSec>
				<securityLending>
					<isCashCollateral>N</isCashCollateral>
					<isNonCashCollateral>N</isNonCashCollateral>
					<isLoanByFund>N</isLoanByFund>
				</securityLending>
			</invstOrSec>
			<invstOrSec>
				<name>FORTRESS TRANSPORTATION &amp; INFRASTRUCTURE INVESTORS LLC</name>
				<lei>529900E7PUVK6BC8PE80</lei>
				<title>9.75% MTY 8/1/2027</title>
				<cusip>34960PAC5</cusip>
				<identifiers>
					<isin value="N/A"/>
				</identifiers>
				<balance>5500000</balance>
				<units>PA</units>
				<curCd>USD</curCd>
				<valUSD>5746207.5</valUSD>
				<pctVal>3.86</pctVal>
				<payoffProfile>Long</payoffProfile>
				<assetCat>DBT</assetCat>
				<issuerCat>CORP</issuerCat>
				<invCountry>US</invCountry>

				<isRestrictedSec>Y</isRestrictedSec>

				<fairValLevel>2</fairValLevel>
				<debtSec>
					<maturityDt>2027-08-01</maturityDt>
					<couponKind>Fixed</couponKind>
					<annualizedRt>9.75</annualizedRt>
					<isDefault>N</isDefault>
					<areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
					<isPaidKind>N</isPaidKind>
				</debtSec>
				<securityLending>
					<isCashCollateral>N</isCashCollateral>
					<isNonCashCollateral>N</isNonCashCollateral>
					<isLoanByFund>N</isLoanByFund>
				</securityLending>
			</invstOrSec>
			<invstOrSec>
				<name>FORTRESS TRANSPORTATION &amp; INFRASTRUCTURE INVESTORS LLC</name>
				<lei>529900E7PUVK6BC8PE80</lei>
				<title>5.5% MTY 5/1/2028</title>
				<cusip>34960PAD3</cusip>
				<identifiers>
					<isin value="N/A"/>
				</identifiers>
				<balance>750000</balance>
				<units>PA</units>
				<curCd>USD</curCd>
				<valUSD>681862.5</valUSD>
				<pctVal>0.46</pctVal>
				<payoffProfile>Long</payoffProfile>
				<assetCat>DBT</assetCat>
				<issuerCat>CORP</issuerCat>
				<invCountry>US</invCountry>

				<isRestrictedSec>Y</isRestrictedSec>

				<fairValLevel>2</fairValLevel>
				<debtSec>
					<maturityDt>2028-05-01</maturityDt>
					<couponKind>Fixed</couponKind>
					<annualizedRt>5.5</annualizedRt>
					<isDefault>N</isDefault>
					<areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
					<isPaidKind>N</isPaidKind>
				</debtSec>
				<securityLending>
					<isCashCollateral>N</isCashCollateral>
					<isNonCashCollateral>N</isNonCashCollateral>
					<isLoanByFund>N</isLoanByFund>
				</securityLending>
			</invstOrSec>
			<invstOrSec>
				<name>G-III APPAREL GROUP</name>
				<lei>529900O5KABM3R3SFM87</lei>
				<title>7.875% MTY 8/15/2025</title>
				<cusip>36237HAA9</cusip>
				<identifiers>
					<isin value="N/A"/>
				</identifiers>
				<balance>5430000</balance>
				<units>PA</units>
				<curCd>USD</curCd>
				<valUSD>5702314.5</valUSD>
				<pctVal>3.83</pctVal>
				<payoffProfile>Long</payoffProfile>
				<assetCat>DBT</assetCat>
				<issuerCat>CORP</issuerCat>
				<invCountry>US</invCountry>

				<isRestrictedSec>Y</isRestrictedSec>

				<fairValLevel>2</fairValLevel>
				<debtSec>
					<maturityDt>2025-08-15</maturityDt>
					<couponKind>Fixed</couponKind>
					<annualizedRt>7.875</annualizedRt>
					<isDefault>N</isDefault>
					<areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
					<isPaidKind>N</isPaidKind>
				</debtSec>
				<securityLending>
					<isCashCollateral>N</isCashCollateral>
					<isNonCashCollateral>N</isNonCashCollateral>
					<isLoanByFund>N</isLoanByFund>
				</securityLending>
			</invstOrSec>
			<invstOrSec>
				<name>GETLINK SA</name>
				<lei>9695007ZEQ7M0OE74G82</lei>
				<title>GET FP</title>
				<cusip>N/A</cusip>
				<identifiers>
					<isin value="N/A"/>
					<other otherDesc="SEDOL" value="B292JQ90"/>
				</identifiers>
				<balance>7349</balance>
				<units>NS</units>
				<currencyConditional curCd="EUR" exchangeRt="0.898755"/>
				<valUSD>133090.39</valUSD>
				<pctVal>0.09</pctVal>
				<payoffProfile>Long</payoffProfile>
				<assetCat>EC</assetCat>
				<issuerCat>CORP</issuerCat>
				<invCountry>FR</invCountry>

				<isRestrictedSec>N</isRestrictedSec>

				<fairValLevel>2</fairValLevel>
				<securityLending>
					<isCashCollateral>N</isCashCollateral>
					<isNonCashCollateral>N</isNonCashCollateral>
					<isLoanByFund>N</isLoanByFund>
				</securityLending>
			</invstOrSec>
			<invstOrSec>
				<name>HOMER CITY INTERESTS INC</name>
				<lei>549300WURUOM5UICZI86</lei>
				<title>COMMON STOCK</title>
				<cusip>N/A</cusip>
				<identifiers>
					<isin value="N/A"/>
					<other otherDesc="INTERNAL CUSIP" value="962KMA907"/>
				</identifiers>
				<balance>221338</balance>
				<units>NS</units>
				<curCd>USD</curCd>
				<valUSD>0</valUSD>
				<pctVal>0</pctVal>
				<payoffProfile>Long</payoffProfile>
				<assetCat>EC</assetCat>
				<issuerCat>CORP</issuerCat>
				<invCountry>US</invCountry>

				<isRestrictedSec>Y</isRestrictedSec>

				<fairValLevel>2</fairValLevel>
				<securityLending>
					<isCashCollateral>N</isCashCollateral>
					<isNonCashCollateral>N</isNonCashCollateral>
					<isLoanByFund>N</isLoanByFund>
				</securityLending>
			</invstOrSec>
			<invstOrSec>
				<name>INGEVITY CORP</name>
				<lei>5493009UTFC4B5IMGF87</lei>
				<title>COMMON STOCK</title>
				<cusip>45688C107</cusip>
				<identifiers>
					<isin value="N/A"/>
					<ticker value="NGVT"/>
				</identifiers>
				<balance>602</balance>
				<units>NS</units>
				<curCd>USD</curCd>
				<valUSD>38570.14</valUSD>
				<pctVal>0.03</pctVal>
				<payoffProfile>Long</payoffProfile>
				<assetCat>EC</assetCat>
				<issuerCat>CORP</issuerCat>
				<invCountry>US</invCountry>

				<isRestrictedSec>N</isRestrictedSec>

				<fairValLevel>1</fairValLevel>
				<securityLending>
					<isCashCollateral>N</isCashCollateral>
					<isNonCashCollateral>N</isNonCashCollateral>
					<isLoanByFund>N</isLoanByFund>
				</securityLending>
			</invstOrSec>
			<invstOrSec>
				<name>IRON MOUNTAIN INC</name>
				<lei>SQL3F6CKNNBM3SQGHX24</lei>
				<title>5.625% MTY 7/15/2032</title>
				<cusip>46284VAL5</cusip>
				<identifiers>
					<isin value="N/A"/>
				</identifiers>
				<balance>4000000</balance>
				<units>PA</units>
				<curCd>USD</curCd>
				<valUSD>3941120</valUSD>
				<pctVal>2.64</pctVal>
				<payoffProfile>Long</payoffProfile>
				<assetCat>DBT</assetCat>
				<issuerCat>CORP</issuerCat>
				<invCountry>US</invCountry>

				<isRestrictedSec>Y</isRestrictedSec>

				<fairValLevel>2</fairValLevel>
				<debtSec>
					<maturityDt>2032-07-15</maturityDt>
					<couponKind>Fixed</couponKind>
					<annualizedRt>5.625</annualizedRt>
					<isDefault>N</isDefault>
					<areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
					<isPaidKind>N</isPaidKind>
				</debtSec>
				<securityLending>
					<isCashCollateral>N</isCashCollateral>
					<isNonCashCollateral>N</isNonCashCollateral>
					<isLoanByFund>N</isLoanByFund>
				</securityLending>
			</invstOrSec>
			<invstOrSec>
				<name>IRON MOUNTAIN INC</name>
				<lei>SQL3F6CKNNBM3SQGHX24</lei>
				<title>4.50% MTY 2/15/2031</title>
				<cusip>46284VAN1</cusip>
				<identifiers>
					<isin value="N/A"/>
				</identifiers>
				<balance>1000000</balance>
				<units>PA</units>
				<curCd>USD</curCd>
				<valUSD>923510</valUSD>
				<pctVal>0.62</pctVal>
				<payoffProfile>Long</payoffProfile>
				<assetCat>DBT</assetCat>
				<issuerCat>CORP</issuerCat>
				<invCountry>US</invCountry>

				<isRestrictedSec>Y</isRestrictedSec>

				<fairValLevel>2</fairValLevel>
				<debtSec>
					<maturityDt>2031-02-15</maturityDt>
					<couponKind>Fixed</couponKind>
					<annualizedRt>4.5</annualizedRt>
					<isDefault>N</isDefault>
					<areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
					<isPaidKind>N</isPaidKind>
				</debtSec>
				<securityLending>
					<isCashCollateral>N</isCashCollateral>
					<isNonCashCollateral>N</isNonCashCollateral>
					<isLoanByFund>N</isLoanByFund>
				</securityLending>
			</invstOrSec>
			<invstOrSec>
				<name>KEY ENERGY SERVICES INC</name>
				<lei>N/A</lei>
				<title>COMMON STOCK</title>
				<cusip>49309J202</cusip>
				<identifiers>
					<isin value="N/A"/>
					<ticker value="KEGXD"/>
				</identifiers>
				<balance>129</balance>
				<units>NS</units>
				<curCd>USD</curCd>
				<valUSD>130.29</valUSD>
				<pctVal>0</pctVal>
				<payoffProfile>Long</payoffProfile>
				<assetCat>EC</assetCat>
				<issuerCat>CORP</issuerCat>
				<invCountry>US</invCountry>

				<isRestrictedSec>N</isRestrictedSec>

				<fairValLevel>1</fairValLevel>
				<securityLending>
					<isCashCollateral>N</isCashCollateral>
					<isNonCashCollateral>N</isNonCashCollateral>
					<isLoanByFund>N</isLoanByFund>
				</securityLending>
			</invstOrSec>
			<invstOrSec>
				<name>METALS RECOVERY HOLDINGS LLC</name>
				<lei>5493003TN4GTBCPH6K85</lei>
				<title>COMMON STOCK</title>
				<cusip>N/A</cusip>
				<identifiers>
					<isin value="N/A"/>
					<other otherDesc="INTERNAL CUSIP" value="933ETX900"/>
				</identifiers>
				<balance>21539.365</balance>
				<units>NS</units>
				<curCd>USD</curCd>
				<valUSD>3455609.8674895</valUSD>
				<pctVal>2.32</pctVal>
				<payoffProfile>Long</payoffProfile>
				<assetCat>EC</assetCat>
				<issuerCat>CORP</issuerCat>
				<invCountry>US</invCountry>

				<isRestrictedSec>Y</isRestrictedSec>

				<fairValLevel>3</fairValLevel>
				<securityLending>
					<isCashCollateral>N</isCashCollateral>
					<isNonCashCollateral>N</isNonCashCollateral>
					<isLoanByFund>N</isLoanByFund>
				</securityLending>
			</invstOrSec>
			<invstOrSec>
				<name>NL INDUSTRIES INC.</name>
				<lei>N/A</lei>
				<title>COMMON STOCK</title>
				<cusip>629156407</cusip>
				<identifiers>
					<isin value="N/A"/>
					<ticker value="NL"/>
				</identifiers>
				<balance>510200</balance>
				<units>NS</units>
				<curCd>USD</curCd>
				<valUSD>3668338</valUSD>
				<pctVal>2.46</pctVal>
				<payoffProfile>Long</payoffProfile>
				<assetCat>EC</assetCat>
				<issuerCat>CORP</issuerCat>
				<invCountry>US</invCountry>

				<isRestrictedSec>N</isRestrictedSec>

				<fairValLevel>1</fairValLevel>
				<securityLending>
					<isCashCollateral>N</isCashCollateral>
					<isNonCashCollateral>N</isNonCashCollateral>
					<isLoanByFund>N</isLoanByFund>
				</securityLending>
			</invstOrSec>
			<invstOrSec>
				<name>ORMET CORP</name>
				<lei>549300SMPKU17TFI0L90</lei>
				<title>COMMON STOCK</title>
				<cusip>686701103</cusip>
				<identifiers>
					<isin value="N/A"/>
				</identifiers>
				<balance>372638</balance>
				<units>NS</units>
				<curCd>USD</curCd>
				<valUSD>0</valUSD>
				<pctVal>0</pctVal>
				<payoffProfile>Long</payoffProfile>
				<assetCat>EC</assetCat>
				<issuerCat>CORP</issuerCat>
				<invCountry>US</invCountry>

				<isRestrictedSec>N</isRestrictedSec>

				<fairValLevel>1</fairValLevel>
				<securityLending>
					<isCashCollateral>N</isCashCollateral>
					<isNonCashCollateral>N</isNonCashCollateral>
					<isLoanByFund>N</isLoanByFund>
				</securityLending>
			</invstOrSec>
			<invstOrSec>
				<name>PARKER DRILLING CO.</name>
				<lei>5493003B4WZ1YZYFR583</lei>
				<title>COMMON STOCK</title>
				<cusip>701081606</cusip>
				<identifiers>
					<isin value="N/A"/>
					<ticker value="PKDCD"/>
				</identifiers>
				<balance>140471</balance>
				<units>NS</units>
				<curCd>USD</curCd>
				<valUSD>702355</valUSD>
				<pctVal>0.47</pctVal>
				<payoffProfile>Long</payoffProfile>
				<assetCat>EC</assetCat>
				<issuerCat>CORP</issuerCat>
				<invCountry>US</invCountry>

				<isRestrictedSec>N</isRestrictedSec>

				<fairValLevel>1</fairValLevel>
				<securityLending>
					<isCashCollateral>N</isCashCollateral>
					<isNonCashCollateral>N</isNonCashCollateral>
					<isLoanByFund>N</isLoanByFund>
				</securityLending>
			</invstOrSec>
			<invstOrSec>
				<name>PARKER DRILLING CO.</name>
				<lei>5493003B4WZ1YZYFR583</lei>
				<title>13% (11% CASH/2% PIK) 2ND LIEN TL MTY 3/26/2024</title>
				<cusip>N/A</cusip>
				<identifiers>
					<isin value="N/A"/>
					<other otherDesc="INTERNAL CUSIP" value="701081PKD"/>
				</identifiers>
				<balance>2631911.72</balance>
				<units>PA</units>
				<curCd>USD</curCd>
				<valUSD>2605592.6028</valUSD>
				<pctVal>1.75</pctVal>
				<payoffProfile>Long</payoffProfile>
				<assetCat>LON</assetCat>
				<issuerCat>CORP</issuerCat>
				<invCountry>US</invCountry>

				<isRestrictedSec>Y</isRestrictedSec>

				<fairValLevel>2</fairValLevel>
				<debtSec>
					<maturityDt>2024-03-26</maturityDt>
					<couponKind>Fixed</couponKind>
					<annualizedRt>13</annualizedRt>
					<isDefault>N</isDefault>
					<areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
					<isPaidKind>Y</isPaidKind>
				</debtSec>
				<securityLending>
					<isCashCollateral>N</isCashCollateral>
					<isNonCashCollateral>N</isNonCashCollateral>
					<isLoanByFund>N</isLoanByFund>
				</securityLending>
			</invstOrSec>
			<invstOrSec>
				<name>PILGRIMS PRIDE CORP</name>
				<lei>549300ZSLGV64ZL3HD75</lei>
				<title>5.875% MTY 9/30/2027</title>
				<cusip>72147KAE8</cusip>
				<identifiers>
					<isin value="N/A"/>
				</identifiers>
				<balance>5000000</balance>
				<units>PA</units>
				<curCd>USD</curCd>
				<valUSD>5046950</valUSD>
				<pctVal>3.39</pctVal>
				<payoffProfile>Long</payoffProfile>
				<assetCat>DBT</assetCat>
				<issuerCat>CORP</issuerCat>
				<invCountry>US</invCountry>

				<isRestrictedSec>Y</isRestrictedSec>

				<fairValLevel>2</fairValLevel>
				<debtSec>
					<maturityDt>2027-09-30</maturityDt>
					<couponKind>Fixed</couponKind>
					<annualizedRt>5.875</annualizedRt>
					<isDefault>N</isDefault>
					<areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
					<isPaidKind>N</isPaidKind>
				</debtSec>
				<securityLending>
					<isCashCollateral>N</isCashCollateral>
					<isNonCashCollateral>N</isNonCashCollateral>
					<isLoanByFund>N</isLoanByFund>
				</securityLending>
			</invstOrSec>
			<invstOrSec>
				<name>PYXUS HOLDCO</name>
				<lei>8YFRT44YTZ40IQKXOL79</lei>
				<title>10% MTY 8/24/2024</title>
				<cusip>747328AA0</cusip>
				<identifiers>
					<isin value="N/A"/>
				</identifiers>
				<balance>10845675</balance>
				<units>PA</units>
				<curCd>USD</curCd>
				<valUSD>9310144.3335</valUSD>
				<pctVal>6.25</pctVal>
				<payoffProfile>Long</payoffProfile>
				<assetCat>DBT</assetCat>
				<issuerCat>CORP</issuerCat>
				<invCountry>US</invCountry>

				<isRestrictedSec>N</isRestrictedSec>

				<fairValLevel>2</fairValLevel>
				<debtSec>
					<maturityDt>2024-08-24</maturityDt>
					<couponKind>Fixed</couponKind>
					<annualizedRt>10</annualizedRt>
					<isDefault>N</isDefault>
					<areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
					<isPaidKind>N</isPaidKind>
				</debtSec>
				<securityLending>
					<isCashCollateral>N</isCashCollateral>
					<isNonCashCollateral>N</isNonCashCollateral>
					<isLoanByFund>N</isLoanByFund>
				</securityLending>
			</invstOrSec>
			<invstOrSec>
				<name>RANGE RESOURCES CORP</name>
				<lei>H3Y3WLYCX0BTO1TRW162</lei>
				<title>4.875% MTY 5/15/2025</title>
				<cusip>75281AAS8</cusip>
				<identifiers>
					<isin value="N/A"/>
				</identifiers>
				<balance>5000000</balance>
				<units>PA</units>
				<curCd>USD</curCd>
				<valUSD>5060830</valUSD>
				<pctVal>3.4</pctVal>
				<payoffProfile>Long</payoffProfile>
				<assetCat>DBT</assetCat>
				<issuerCat>CORP</issuerCat>
				<invCountry>US</invCountry>

				<isRestrictedSec>N</isRestrictedSec>

				<fairValLevel>2</fairValLevel>
				<debtSec>
					<maturityDt>2025-05-15</maturityDt>
					<couponKind>Fixed</couponKind>
					<annualizedRt>4.875</annualizedRt>
					<isDefault>N</isDefault>
					<areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
					<isPaidKind>N</isPaidKind>
				</debtSec>
				<securityLending>
					<isCashCollateral>N</isCashCollateral>
					<isNonCashCollateral>N</isNonCashCollateral>
					<isLoanByFund>N</isLoanByFund>
				</securityLending>
			</invstOrSec>
			<invstOrSec>
				<name>REPUBLIC OF ARGENTINA GDP LINKED SECURITY</name>
				<lei>549300KPBYGYF7HCHO27</lei>
				<title>FRN WARRANTS SEPARATED</title>
				<cusip>040114GM6</cusip>
				<identifiers>
					<isin value="N/A"/>
				</identifiers>
				<balance>34386574</balance>
				<units>PA</units>
				<curCd>USD</curCd>
				<valUSD>189126.157</valUSD>
				<pctVal>0.13</pctVal>
				<payoffProfile>Long</payoffProfile>
				<assetConditional assetCat="OTHER" desc="Foreign Fixed Income"/>
				<issuerConditional desc="GDP Linked Security" issuerCat="OTHER"/>
				<invCountry>US</invCountry>

				<isRestrictedSec>N</isRestrictedSec>

				<fairValLevel>2</fairValLevel>
				<debtSec>
					<maturityDt>2035-12-15</maturityDt>
					<couponKind>Fixed</couponKind>
					<annualizedRt>12.5</annualizedRt>
					<isDefault>N</isDefault>
					<areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
					<isPaidKind>N</isPaidKind>
				</debtSec>
				<securityLending>
					<isCashCollateral>N</isCashCollateral>
					<isNonCashCollateral>N</isNonCashCollateral>
					<isLoanByFund>N</isLoanByFund>
				</securityLending>
			</invstOrSec>
			<invstOrSec>
				<name>RITE AID CORP</name>
				<lei>529900W353T1JY1DKT44</lei>
				<title>7.5% MTY 7/1/2025</title>
				<cusip>767754CK8</cusip>
				<identifiers>
					<isin value="N/A"/>
				</identifiers>
				<balance>734000</balance>
				<units>PA</units>
				<curCd>USD</curCd>
				<valUSD>684576.11</valUSD>
				<pctVal>0.46</pctVal>
				<payoffProfile>Long</payoffProfile>
				<assetCat>DBT</assetCat>
				<issuerCat>CORP</issuerCat>
				<invCountry>US</invCountry>

				<isRestrictedSec>Y</isRestrictedSec>

				<fairValLevel>2</fairValLevel>
				<debtSec>
					<maturityDt>2025-07-01</maturityDt>
					<couponKind>Fixed</couponKind>
					<annualizedRt>7.5</annualizedRt>
					<isDefault>N</isDefault>
					<areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
					<isPaidKind>N</isPaidKind>
				</debtSec>
				<securityLending>
					<isCashCollateral>N</isCashCollateral>
					<isNonCashCollateral>N</isNonCashCollateral>
					<isLoanByFund>N</isLoanByFund>
				</securityLending>
			</invstOrSec>
			<invstOrSec>
				<name>RITE AID CORP</name>
				<lei>529900W353T1JY1DKT44</lei>
				<title>8% MTY 11/15/2026</title>
				<cusip>767754CL6</cusip>
				<identifiers>
					<isin value="N/A"/>
				</identifiers>
				<balance>1012000</balance>
				<units>PA</units>
				<curCd>USD</curCd>
				<valUSD>931389.14</valUSD>
				<pctVal>0.62</pctVal>
				<payoffProfile>Long</payoffProfile>
				<assetCat>DBT</assetCat>
				<issuerCat>CORP</issuerCat>
				<invCountry>US</invCountry>

				<isRestrictedSec>Y</isRestrictedSec>

				<fairValLevel>2</fairValLevel>
				<debtSec>
					<maturityDt>2026-11-15</maturityDt>
					<couponKind>Fixed</couponKind>
					<annualizedRt>8</annualizedRt>
					<isDefault>N</isDefault>
					<areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
					<isPaidKind>N</isPaidKind>
				</debtSec>
				<securityLending>
					<isCashCollateral>N</isCashCollateral>
					<isNonCashCollateral>N</isNonCashCollateral>
					<isLoanByFund>N</isLoanByFund>
				</securityLending>
			</invstOrSec>
			<invstOrSec>
				<name>SILVERBOW RESOURCES INC</name>
				<lei>5493007QR70AVQSNF619</lei>
				<title>COMMON STOCK</title>
				<cusip>82836G102</cusip>
				<identifiers>
					<isin value="N/A"/>
					<ticker value="SBOW"/>
				</identifiers>
				<balance>5058</balance>
				<units>NS</units>
				<curCd>USD</curCd>
				<valUSD>161856</valUSD>
				<pctVal>0.11</pctVal>
				<payoffProfile>Long</payoffProfile>
				<assetCat>EC</assetCat>
				<issuerCat>CORP</issuerCat>
				<invCountry>US</invCountry>

				<isRestrictedSec>N</isRestrictedSec>

				<fairValLevel>1</fairValLevel>
				<securityLending>
					<isCashCollateral>N</isCashCollateral>
					<isNonCashCollateral>N</isNonCashCollateral>
					<isLoanByFund>N</isLoanByFund>
				</securityLending>
			</invstOrSec>
			<invstOrSec>
				<name>STATE STREET BANK &amp; TRUST CO. 0.00% DATED 3/31/22 MTY 4/1/22</name>
				<lei>N/A</lei>
				<title>REPURCHASE AGREEMENT</title>
				<cusip>N/A</cusip>
				<identifiers>
					<isin value="N/A"/>
					<other otherDesc="INTERNAL CUSIP" value="999924533"/>
				</identifiers>
				<balance>15385769.36</balance>
				<units>PA</units>
				<curCd>USD</curCd>
				<valUSD>15385769.36</valUSD>
				<pctVal>10.32</pctVal>
				<payoffProfile>Long</payoffProfile>
				<assetCat>STIV</assetCat>
				<issuerCat>CORP</issuerCat>
				<invCountry>US</invCountry>

				<isRestrictedSec>N</isRestrictedSec>

				<fairValLevel>2</fairValLevel>
				<repurchaseAgrmt>
					<transCat>Repurchase</transCat>
					<clearedCentCparty centralCounterparty="STATE STREET BANK AND TRUST CO." isCleared="Y"/>
					<isTriParty>N</isTriParty>
					<repurchaseRt>0.00</repurchaseRt>
					<maturityDt>2022-04-01</maturityDt>
					<repurchaseCollaterals>
						<repurchaseCollateral>
							<principalAmt>14490600</principalAmt>
							<principalCd>USD</principalCd>
							<collateralVal>15693571.06</collateralVal>
							<collateralCd>USD</collateralCd>
							<invstCat>UST</invstCat>
						</repurchaseCollateral>
					</repurchaseCollaterals>
				</repurchaseAgrmt>
				<securityLending>
					<isCashCollateral>N</isCashCollateral>
					<isNonCashCollateral>N</isNonCashCollateral>
					<isLoanByFund>N</isLoanByFund>
				</securityLending>
			</invstOrSec>
			<invstOrSec>
				<name>TALOS ENERGY INC</name>
				<lei>549300GZ2DZZE2Y8TX15</lei>
				<title>COMMON STOCK</title>
				<cusip>87484T108</cusip>
				<identifiers>
					<isin value="N/A"/>
					<ticker value="TALO"/>
				</identifiers>
				<balance>35718</balance>
				<units>NS</units>
				<curCd>USD</curCd>
				<valUSD>563987.22</valUSD>
				<pctVal>0.38</pctVal>
				<payoffProfile>Long</payoffProfile>
				<assetCat>EC</assetCat>
				<issuerCat>CORP</issuerCat>
				<invCountry>US</invCountry>

				<isRestrictedSec>N</isRestrictedSec>

				<fairValLevel>1</fairValLevel>
				<securityLending>
					<isCashCollateral>N</isCashCollateral>
					<isNonCashCollateral>N</isNonCashCollateral>
					<isLoanByFund>N</isLoanByFund>
				</securityLending>
			</invstOrSec>
			<invstOrSec>
				<name>TIDEWATER, INC.</name>
				<lei>549300UOMTB7PD2UT305</lei>
				<title>8.5% MTY 11/16/2026</title>
				<cusip>BNRR80114</cusip>
				<identifiers>
					<isin value="NO0011129579"/>
				</identifiers>
				<balance>4700000</balance>
				<units>PA</units>
				<curCd>USD</curCd>
				<valUSD>4835125</valUSD>
				<pctVal>3.24</pctVal>
				<payoffProfile>Long</payoffProfile>
				<assetCat>DBT</assetCat>
				<issuerCat>CORP</issuerCat>
				<invCountry>NO</invCountry>

				<isRestrictedSec>N</isRestrictedSec>

				<fairValLevel>2</fairValLevel>
				<debtSec>
					<maturityDt>2026-11-16</maturityDt>
					<couponKind>Fixed</couponKind>
					<annualizedRt>8.5</annualizedRt>
					<isDefault>N</isDefault>
					<areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
					<isPaidKind>N</isPaidKind>
				</debtSec>
				<securityLending>
					<isCashCollateral>N</isCashCollateral>
					<isNonCashCollateral>N</isNonCashCollateral>
					<isLoanByFund>N</isLoanByFund>
				</securityLending>
			</invstOrSec>
			<invstOrSec>
				<name>VECTOR GROUP LTD</name>
				<lei>549300TUIF4WWN6NDN50</lei>
				<title>10.5% 11/1/2026</title>
				<cusip>92240MBJ6</cusip>
				<identifiers>
					<isin value="N/A"/>
				</identifiers>
				<balance>5000000</balance>
				<units>PA</units>
				<curCd>USD</curCd>
				<valUSD>5114900</valUSD>
				<pctVal>3.43</pctVal>
				<payoffProfile>Long</payoffProfile>
				<assetCat>DBT</assetCat>
				<issuerCat>CORP</issuerCat>
				<invCountry>US</invCountry>

				<isRestrictedSec>N</isRestrictedSec>

				<fairValLevel>2</fairValLevel>
				<debtSec>
					<maturityDt>2026-11-01</maturityDt>
					<couponKind>Fixed</couponKind>
					<annualizedRt>10.5</annualizedRt>
					<isDefault>N</isDefault>
					<areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
					<isPaidKind>N</isPaidKind>
				</debtSec>
				<securityLending>
					<isCashCollateral>N</isCashCollateral>
					<isNonCashCollateral>N</isNonCashCollateral>
					<isLoanByFund>N</isLoanByFund>
				</securityLending>
			</invstOrSec>
			<invstOrSec>
				<name>VISKASE COS INC.</name>
				<lei>549300ST1VO2Z4YCSO49</lei>
				<title>COMMON STOCK</title>
				<cusip>92831R201</cusip>
				<identifiers>
					<isin value="N/A"/>
					<ticker value="VKSC"/>
				</identifiers>
				<balance>3052635</balance>
				<units>NS</units>
				<curCd>USD</curCd>
				<valUSD>3357898.5</valUSD>
				<pctVal>2.25</pctVal>
				<payoffProfile>Long</payoffProfile>
				<assetCat>EC</assetCat>
				<issuerCat>CORP</issuerCat>
				<invCountry>US</invCountry>

				<isRestrictedSec>N</isRestrictedSec>

				<fairValLevel>1</fairValLevel>
				<securityLending>
					<isCashCollateral>N</isCashCollateral>
					<isNonCashCollateral>N</isNonCashCollateral>
					<isLoanByFund>N</isLoanByFund>
				</securityLending>
			</invstOrSec>
			<invstOrSec>
				<name>W.R. GRACE HOLDINGS</name>
				<lei>549300GJVOEHHLSO6K25</lei>
				<title>5.625% MTY 10/1/2024</title>
				<cusip>92943GAC5</cusip>
				<identifiers>
					<isin value="N/A"/>
				</identifiers>
				<balance>5000000</balance>
				<units>PA</units>
				<curCd>USD</curCd>
				<valUSD>5066000</valUSD>
				<pctVal>3.4</pctVal>
				<payoffProfile>Long</payoffProfile>
				<assetCat>DBT</assetCat>
				<issuerCat>CORP</issuerCat>
				<invCountry>US</invCountry>

				<isRestrictedSec>Y</isRestrictedSec>

				<fairValLevel>2</fairValLevel>
				<debtSec>
					<maturityDt>2024-10-01</maturityDt>
					<couponKind>Fixed</couponKind>
					<annualizedRt>5.625</annualizedRt>
					<isDefault>N</isDefault>
					<areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
					<isPaidKind>N</isPaidKind>
				</debtSec>
				<securityLending>
					<isCashCollateral>N</isCashCollateral>
					<isNonCashCollateral>N</isNonCashCollateral>
					<isLoanByFund>N</isLoanByFund>
				</securityLending>
			</invstOrSec>
			<invstOrSec>
				<name>WESTMORELAND MINING HOLDINGS LLC</name>
				<lei>5493005KY5ANOTGMLS28</lei>
				<title>COMMON STOCK</title>
				<cusip>96087I112</cusip>
				<identifiers>
					<isin value="N/A"/>
				</identifiers>
				<balance>22606</balance>
				<units>NS</units>
				<curCd>USD</curCd>
				<valUSD>0</valUSD>
				<pctVal>0</pctVal>
				<payoffProfile>Long</payoffProfile>
				<assetCat>EC</assetCat>
				<issuerCat>CORP</issuerCat>
				<invCountry>US</invCountry>

				<isRestrictedSec>Y</isRestrictedSec>

				<fairValLevel>2</fairValLevel>
				<securityLending>
					<isCashCollateral>N</isCashCollateral>
					<isNonCashCollateral>N</isNonCashCollateral>
					<isLoanByFund>N</isLoanByFund>
				</securityLending>
			</invstOrSec>
			<invstOrSec>
				<name>WESTMORELAND MINING HOLDINGS LLC TL</name>
				<lei>5493005KY5ANOTGMLS28</lei>
				<title>12.5% CASH / 15% PIK 3/15/2029</title>
				<cusip>N/A</cusip>
				<identifiers>
					<isin value="N/A"/>
					<other otherDesc="INTERNAL CUSIP" value="934NVFII6"/>
				</identifiers>
				<balance>1991096.44</balance>
				<units>PA</units>
				<curCd>USD</curCd>
				<valUSD>721772.4595</valUSD>
				<pctVal>0.48</pctVal>
				<payoffProfile>Long</payoffProfile>
				<assetCat>LON</assetCat>
				<issuerCat>CORP</issuerCat>
				<invCountry>US</invCountry>

				<isRestrictedSec>Y</isRestrictedSec>

				<fairValLevel>2</fairValLevel>
				<debtSec>
					<maturityDt>2029-03-15</maturityDt>
					<couponKind>Fixed</couponKind>
					<annualizedRt>12.5</annualizedRt>
					<isDefault>N</isDefault>
					<areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
					<isPaidKind>Y</isPaidKind>
				</debtSec>
				<securityLending>
					<isCashCollateral>N</isCashCollateral>
					<isNonCashCollateral>N</isNonCashCollateral>
					<isLoanByFund>N</isLoanByFund>
				</securityLending>
			</invstOrSec>
			<invstOrSec>
				<name>WESTROCK CORP</name>
				<lei>549300VKD8LJZMJ4KP57</lei>
				<title>COMMON STOCK</title>
				<cusip>96145D105</cusip>
				<identifiers>
					<isin value="N/A"/>
					<ticker value="WRK"/>
				</identifiers>
				<balance>3626</balance>
				<units>NS</units>
				<curCd>USD</curCd>
				<valUSD>170530.78</valUSD>
				<pctVal>0.11</pctVal>
				<payoffProfile>Long</payoffProfile>
				<assetCat>EC</assetCat>
				<issuerCat>CORP</issuerCat>
				<invCountry>US</invCountry>

				<isRestrictedSec>N</isRestrictedSec>

				<fairValLevel>1</fairValLevel>
				<securityLending>
					<isCashCollateral>N</isCashCollateral>
					<isNonCashCollateral>N</isNonCashCollateral>
					<isLoanByFund>N</isLoanByFund>
				</securityLending>
			</invstOrSec>
		</invstOrSecs>
		<signature>
			<ncom:dateSigned>2022-05-24</ncom:dateSigned>
			<ncom:nameOfApplicant>NORTHEAST INVESTORS TRUST</ncom:nameOfApplicant>
			<ncom:signature>/s/ Gordon C. Barrett</ncom:signature>
			<ncom:signerName>Gordon C. Barrett</ncom:signerName>
			<ncom:title>CFO</ncom:title>
		</signature>
	</formData>
</edgarSubmission>
