Northeast Investors Trust

Northeast Investors Trust as of Dec. 31, 2011

Portfolio Holdings for Northeast Investors Trust

Northeast Investors Trust holds 0 positions in its portfolio as reported in the December 2011 quarterly 13F filing

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FORM 13F AS OF 12/31/2011
NORTHEAST INVESTORS TRUST
                                                                                              Item 6                Item 8
 Item 1                         Item 3            Item 4              Item 5         Investment Discretion    Voting Authority
 ______________                 _____       _________________  _____________________          ________            ________
COMMON STOCKS
 CITIGROUP INC                  172967424        34,607,753.00        1,315,384.000         1,315,384.000        1,315,384.000
 CORE-MARK HOLDING CO INC       218681104        10,993,039.00          277,602.000           277,602.000          277,602.000
 KAISER ALUMINUM CORP           483007704           283,768.00            6,185.000             6,185.000            6,185.000
 NL INDUSTRIES                  629156407         6,617,294.00          510,200.000           510,200.000          510,200.000
 ROCK-TENN COMPANY              772739207         4,691,991.00           81,317.000            81,317.000           81,317.000