TABLE OF CONTENTS
|
Shareholder Letter
|
1
|
Portfolio Update
|
3
|
Disclosure of Fund Expenses
|
7
|
Schedule of Investments
|
8
|
Statement of Assets and Liabilities
|
12
|
Statement of Operations
|
13
|
Statements of Changes in Net Assets
|
14
|
Financial Highlights
|
16
|
Notes to Financial Statements
|
18
|
Additional Information
|
23
|
Board Approval of Investment Advisory Contract
|
24
|
Northeast Investors Growth Fund
|
Shareholder Letter
|
Semi-Annual Report | June 30, 2015
|
1 |
Northeast Investors Growth Fund
|
Shareholder Letter
|
2 |
www.northeastinvestorsgrowthfund.com
|
Northeast Investors Growth Fund
|
Portfolio Update
|
June 30, 2015 (Unaudited)
|
1 Year
|
5 Year
|
10 Year
|
Expense Ratio
|
|
Northeast Investors Growth Fund
|
10.62%
|
12.68%
|
5.79%
|
1.25%*
|
S&P 500® Total Return Index
|
7.42%
|
17.34%
|
7.89%
|
* | As stated in the Fund’s most recent prospectus. |
2005
|
2006
|
2007
|
2008
|
2009
|
2010
|
2011
|
2012
|
2013
|
2014
|
Six
Months
Ended
June 30,
2015
|
||||||||||||||||||||||||||||||||||
Northeast Investors Growth Fund
|
$
|
11,138
|
$
|
12,167
|
$
|
13,858
|
$
|
8,092
|
$
|
10,442
|
$
|
12,152
|
$
|
11,200
|
$
|
12,590
|
$
|
15,878
|
$
|
16,746
|
$
|
17,555
|
||||||||||||||||||||||
S&P 500® Total Return Index
|
$
|
10,491
|
$
|
12,148
|
$
|
12,816
|
$
|
8,074
|
$
|
10,211
|
$
|
11,749
|
$
|
11,997
|
$
|
13,917
|
$
|
18,425
|
$
|
20,947
|
$
|
21,206
|
Semi-Annual Report | June 30, 2015
|
3 |
Northeast Investors Growth Fund
|
Portfolio Update
|
June 30, 2015 (Unaudited)
|
2005
|
2006
|
2007
|
2008
|
2009
|
2010
|
2011
|
2012
|
2013
|
2014
|
Six
Months
Ended
June 30,
2015
|
||||||||||||||||||||||||||||||||||
Net Asset Value
|
18.40
|
20.10
|
20.19
|
11.74
|
15.15
|
17.60
|
16.22
|
16.67
|
17.26
|
16.58
|
17.38
|
|||||||||||||||||||||||||||||||||
Dividend Dist.
|
0.00
|
0.00
|
0.04
|
0.05
|
0.00
|
0.03
|
0.00
|
0.10
|
0.08
|
0.00
|
0.00
|
|||||||||||||||||||||||||||||||||
Capital Gains Dist.
|
0.00
|
0.00
|
2.60
|
0.00
|
0.00
|
0.00
|
0.00
|
1.47
|
3.60
|
1.64
|
0.00
|
|||||||||||||||||||||||||||||||||
Northeast Investors Growth Fund Return (%)
|
11.38
|
%
|
9.24
|
%
|
13.90
|
%
|
-41.61
|
%
|
29.05
|
%
|
16.38
|
%
|
-7.84
|
%
|
12.42
|
%
|
26.11
|
%
|
5.47
|
%
|
4.83
|
%
|
||||||||||||||||||||||
S&P 500® Return (%)
|
4.91
|
%
|
15.79
|
%
|
5.49
|
%
|
-37.00
|
%
|
26.46
|
%
|
15.06
|
%
|
2.11
|
%
|
16.00
|
%
|
32.39
|
%
|
13.69
|
%
|
1.23
|
%
|
4 |
www.northeastinvestorsgrowthfund.com
|
Northeast Investors Growth Fund
|
Portfolio Update
|
June 30, 2015 (Unaudited)
|
Ten Largest Investment Holdings
|
||||||||
Market Value
|
Percent of Net Assets
|
|||||||
Apple, Inc.
|
$
|
3,072,913
|
4.99
|
%
|
||||
Honeywell International, Inc.
|
2,263,734
|
3.67
|
%
|
|||||
Visa, Inc., Class A
|
2,249,525
|
3.65
|
%
|
|||||
Facebook, Inc., Class A
|
2,229,890
|
3.62
|
%
|
|||||
Gilead Sciences, Inc.
|
2,189,396
|
3.55
|
%
|
|||||
Goldman Sachs Group, Inc.
|
1,983,505
|
3.22
|
%
|
|||||
Akamai Technologies, Inc.
|
1,906,086
|
3.09
|
%
|
|||||
Manhattan Associates, Inc.
|
1,753,710
|
2.85
|
%
|
|||||
Celgene Corp.
|
1,736,025
|
2.82
|
%
|
|||||
CVS Health Corp.
|
1,730,520
|
2.81
|
%
|
Percent of Net Assets
|
||||
Consumer, Non‐Cyclical
|
22.87
|
%
|
||
Financial
|
17.02
|
%
|
||
Consumer, Cyclical
|
16.41
|
%
|
||
Technology
|
14.62
|
%
|
||
Industrial
|
11.30
|
%
|
||
Communications
|
10.06
|
%
|
||
Energy
|
6.74
|
%
|
||
Other Assets in Excess of Liabilities
|
0.98
|
%
|
||
Total
|
100.00
|
%
|
Semi-Annual Report | June 30, 2015
|
5
|
Northeast Investors Growth Fund
|
Portfolio Update
|
June 30, 2015 (Unaudited)
|
Market Value
|
% of Net Assets
|
|||||||
Common Stocks
|
||||||||
Aerospace/Defense
|
$
|
1,308,974
|
2.12
|
%
|
||||
Apparel
|
4,133,090
|
6.71
|
%
|
|||||
Auto Parts & Equipment
|
1,559,302
|
2.53
|
%
|
|||||
Banks
|
5,292,170
|
8.59
|
%
|
|||||
Beverages
|
774,722
|
1.26
|
%
|
|||||
Biotechnology
|
4,728,513
|
7.68
|
%
|
|||||
Computers
|
4,826,623
|
7.84
|
%
|
|||||
Cosmetics/Personal Care
|
711,984
|
1.16
|
%
|
|||||
Diversified Financial Services
|
2,664,701
|
4.32
|
%
|
|||||
Electronics
|
2,263,734
|
3.67
|
%
|
|||||
Food
|
1,199,231
|
1.95
|
%
|
|||||
Household Products/Wares
|
1,040,200
|
1.69
|
%
|
|||||
Insurance
|
1,646,560
|
2.67
|
%
|
|||||
Internet
|
4,111,493
|
6.68
|
%
|
|||||
Media
|
1,597,960
|
2.59
|
%
|
|||||
Miscellaneous Manufacturing
|
1,779,721
|
2.89
|
%
|
|||||
Oil & Gas
|
3,765,573
|
6.12
|
%
|
|||||
Pharmaceuticals
|
5,626,497
|
9.13
|
%
|
|||||
Pipelines
|
383,900
|
0.62
|
%
|
|||||
Real Estate Investment Trusts
|
886,255
|
1.44
|
%
|
|||||
Retail
|
4,415,748
|
7.17
|
%
|
|||||
Semiconductors
|
1,512,280
|
2.46
|
%
|
|||||
Software
|
2,665,466
|
4.32
|
%
|
|||||
Telecommunications
|
489,405
|
0.79
|
%
|
|||||
Transportation
|
1,611,753
|
2.62
|
%
|
|||||
Total Common Stocks
|
60,995,855
|
99.02
|
%
|
|||||
Other Assets in Excess of Liabilities
|
605,610
|
0.98
|
%
|
|||||
Total Net Assets
|
61,601,465
|
100.00
|
%
|
6
|
www.northeastinvestorsgrowthfund.com
|
Northeast Investors Growth Fund
|
Disclosure of Fund Expenses
|
June 30, 2015 (Unaudited)
|
Net
|
Beginning
|
Ending
|
||||||||||||
Expense
|
Account Value
|
Account Value
|
Expenses Paid
|
|||||||||||
Ratios
|
January 1, 2015
|
June 30, 2015
|
During Period(a)
|
|||||||||||
Northeast Investors Growth Fund
|
||||||||||||||
Actual Return
|
1.31%
|
$
|
1,000.00
|
$
|
1,048.30
|
$
|
6.65
|
|||||||
Hypothetical Return | ||||||||||||||
(5% return before expenses)
|
1.31%
|
$
|
1,000.00
|
$
|
1,018.30
|
$
|
6.56
|
(a)
|
Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half year (181), divided by 365.
|
Semi-Annual Report | June 30, 2015
|
7
|
Northeast Investors Growth Fund
|
Schedule of Investments
|
June 30, 2015 (Unaudited)
|
Description
|
Shares
|
$ Value
|
||||||
COMMON STOCKS ‐ 99.02%
|
||||||||
Communications ‐ 10.06%
|
||||||||
Internet ‐ 6.68%
|
||||||||
Amazon.com, Inc.(a)
|
1,100
|
$
|
477,499
|
|||||
Facebook, Inc., Class A(a)
|
26,000
|
2,229,890
|
||||||
Google, Inc., Class A(a)
|
2,600
|
1,404,104
|
||||||
4,111,493
|
||||||||
Media ‐ 2.59%
|
||||||||
Walt Disney Co.
|
14,000
|
1,597,960
|
||||||
Telecommunications ‐ 0.79%
|
||||||||
Verizon Communications, Inc.
|
10,500
|
489,405
|
||||||
Total Communications
|
6,198,858
|
|||||||
Consumer, Cyclical ‐ 16.41%
|
||||||||
Apparel ‐ 6.71%
|
||||||||
NIKE, Inc., Class B
|
14,200
|
1,533,884
|
||||||
Under Armour, Inc., Class A(a)
|
19,700
|
1,643,768
|
||||||
VF Corp.
|
13,700
|
955,438
|
||||||
4,133,090
|
||||||||
Auto Parts & Equipment ‐ 2.53%
|
||||||||
Magna International, Inc.
|
27,800
|
1,559,302
|
||||||
Retail ‐ 7.17%
|
||||||||
Costco Wholesale Corp.
|
10,300
|
1,391,118
|
||||||
CVS Health Corp.
|
16,500
|
1,730,520
|
||||||
Lowe’s Cos., Inc.
|
14,200
|
950,974
|
||||||
Starbucks Corp.
|
6,400
|
343,136
|
||||||
4,415,748
|
||||||||
Total Consumer, Cyclical
|
10,108,140
|
|||||||
Consumer, Non‐Cyclical ‐ 22.87%
|
||||||||
Beverages ‐ 1.26%
|
||||||||
PepsiCo, Inc.
|
8,300
|
774,722
|
||||||
Biotechnology ‐ 7.68%
|
||||||||
Amgen, Inc.
|
2,600
|
399,152
|
||||||
Biogen, Inc.(a)
|
1,000
|
403,940
|
||||||
Celgene Corp.(a)
|
15,000
|
1,736,025
|
See accompanying notes which are an integral part of these financial statements.
|
|
8
|
www.northeastinvestorsgrowthfund.com
|
Northeast Investors Growth Fund
|
Schedule of Investments
|
June 30, 2015 (Unaudited)
|
Description
|
Shares
|
$ Value
|
||||||
Consumer, Non‐Cyclical ‐ 22.87% (continued)
|
||||||||
Gilead Sciences, Inc.
|
18,700
|
$
|
2,189,396
|
|||||
4,728,513
|
||||||||
Cosmetics/Personal Care ‐ 1.16%
|
||||||||
Procter & Gamble Co.
|
9,100
|
711,984
|
||||||
Food ‐ 1.95%
|
||||||||
Mondelez International, Inc., Class A
|
29,150
|
1,199,231
|
||||||
Household Products/Wares ‐ 1.69%
|
||||||||
Clorox Co.
|
10,000
|
1,040,200
|
||||||
Pharmaceuticals ‐ 9.13%
|
||||||||
Alkermes PLC(a)
|
5,500
|
353,870
|
||||||
Bristol‐Myers Squibb Co.
|
19,700
|
1,310,838
|
||||||
Johnson & Johnson
|
16,840
|
1,641,226
|
||||||
Merck & Co., Inc.
|
8,000
|
455,440
|
||||||
Perrigo Co. PLC
|
6,100
|
1,127,463
|
||||||
Pfizer, Inc.
|
22,000
|
737,660
|
||||||
5,626,497
|
||||||||
Total Consumer, Non‐Cyclical
|
14,081,147
|
|||||||
Energy ‐ 6.74%
|
||||||||
Oil & Gas ‐ 6.12%
|
||||||||
Chevron Corp.
|
5,200
|
501,644
|
||||||
ConocoPhillips
|
6,500
|
399,165
|
||||||
EOG Resources, Inc.
|
7,800
|
682,890
|
||||||
Exxon Mobil Corp.
|
12,300
|
1,023,360
|
||||||
Occidental Petroleum Corp.
|
12,400
|
964,348
|
||||||
Pioneer Natural Resources Co.
|
1,400
|
194,166
|
||||||
3,765,573
|
||||||||
Pipelines ‐ 0.62%
|
||||||||
Kinder Morgan, Inc.
|
10,000
|
383,900
|
||||||
Total Energy
|
4,149,473
|
|||||||
Financial ‐ 17.02%
|
||||||||
Banks ‐ 8.59%
|
||||||||
Bank of America Corp.
|
39,200
|
667,184
|
||||||
Citigroup Inc
|
5,300
|
292,772
|
||||||
First Republic Bank
|
4,700
|
296,241
|
||||||
Goldman Sachs Group, Inc.
|
9,500
|
1,983,505
|
See accompanying notes which are an integral part of these financial statements.
|
|
Semi-Annual Report | June 30, 2015
|
9
|
Northeast Investors Growth Fund
|
Schedule of Investments
|
June 30, 2015 (Unaudited)
|
Description
|
Shares
|
$ Value
|
||||||
Financial ‐ 17.02% (continued)
|
||||||||
JPMorgan Chase & Co.
|
13,400
|
$
|
907,984
|
|||||
Wells Fargo & Co.
|
20,350
|
1,144,484
|
||||||
5,292,170
|
||||||||
Diversified Financial Services ‐ 4.32%
|
||||||||
BlackRock, Inc.
|
1,200
|
415,176
|
||||||
Visa, Inc., Class A
|
33,500
|
2,249,525
|
||||||
2,664,701
|
||||||||
Insurance ‐ 2.67%
|
||||||||
American International Group, Inc.
|
7,700
|
476,014
|
||||||
Berkshire Hathaway, Inc., Class B(a)
|
8,600
|
1,170,546
|
||||||
1,646,560
|
||||||||
Real Estate Investment Trusts ‐ 1.44%
|
||||||||
American Tower Corp.
|
9,500
|
886,255
|
||||||
Total Financial
|
10,489,686
|
|||||||
Industrial ‐ 11.30%
|
||||||||
Aerospace/Defense ‐ 2.12%
|
||||||||
United Technologies Corp.
|
11,800
|
1,308,974
|
||||||
Electronics ‐ 3.67%
|
||||||||
Honeywell International, Inc.
|
22,200
|
2,263,734
|
||||||
Miscellaneous Manufacturing ‐ 2.89%
|
||||||||
3M Co.
|
5,800
|
894,940
|
||||||
General Electric Co.
|
33,300
|
884,781
|
||||||
1,779,721
|
||||||||
Transportation ‐ 2.62%
|
||||||||
Union Pacific Corp.
|
16,900
|
1,611,753
|
||||||
Total Industrial
|
6,964,182
|
|||||||
Technology ‐ 14.62%
|
||||||||
Computers ‐ 7.84%
|
||||||||
Apple, Inc.
|
24,500
|
3,072,913
|
||||||
Manhattan Associates, Inc.(a)
|
29,400
|
1,753,710
|
||||||
4,826,623
|
||||||||
Semiconductors ‐ 2.46%
|
||||||||
NXP Semiconductors N.V.(a)
|
15,400
|
1,512,280
|
See accompanying notes which are an integral part of these financial statements.
|
|
10
|
www.northeastinvestorsgrowthfund.com
|
Northeast Investors Growth Fund
|
Schedule of Investments
|
June 30, 2015 (Unaudited)
|
Description
|
Shares
|
$ Value
|
||||||
Technology ‐ 14.62% (continued)
|
||||||||
Software ‐ 4.32%
|
||||||||
Akamai Technologies, Inc.(a)
|
27,300
|
$
|
1,906,086
|
|||||
Microsoft Corp.
|
17,200
|
759,380
|
||||||
2,665,466
|
||||||||
Total Technology
|
9,004,369
|
|||||||
Total Common Stocks
|
||||||||
(Cost $47,349,638)
|
60,995,855
|
|||||||
Total Investments ‐ 99.02%
|
||||||||
(Cost $47,349,638)
|
60,995,855
|
|||||||
Other Assets in Excess of Liabilities ‐ 0.98%
|
605,610
|
|||||||
Total Net Assets ‐ 100.00%
|
$
|
61,601,465
|
(a)
|
Non-income producing security. Includes securities which did not pay at least one dividend in the year preceding the date of this statement.
|
See accompanying notes which are an integral part of these financial statements.
|
|
Semi-Annual Report | June 30, 2015
|
11
|
Northeast Investors Growth Fund
|
Statement of Assets and Liabilities
|
June 30, 2015 (Unaudited)
|
ASSETS:
|
||||
Investments, at market value (Cost $47,349,638)
|
$
|
60,995,855
|
||
Cash
|
702,320
|
|||
Dividends receivable
|
33,088
|
|||
Other assets
|
16,442
|
|||
Total Assets
|
61,747,705
|
|||
LIABILITIES:
|
||||
Accrued investment advisory fee
|
34,077
|
|||
Accrued insurance
|
28,635
|
|||
Accrued audit and tax expense
|
27,749
|
|||
Accrued legal fees
|
15,869
|
|||
Accrued printing fees
|
12,412
|
|||
Accrued administration fees
|
8,380
|
|||
Payable for shares redeemed
|
4,511
|
|||
Accrued other expenses
|
14,607
|
|||
Total Liabilities
|
146,240
|
|||
NET ASSETS
|
$
|
61,601,465
|
||
NET ASSETS CONSISTS OF:
|
||||
Paid‐in capital
|
$
|
41,049,473
|
||
Undistributed net investment income
|
57,215
|
|||
Accumulated net realized gain
|
6,848,560
|
|||
Net unrealized appreciation on investments
|
13,646,217
|
|||
NET ASSETS
|
$
|
61,601,465
|
||
Shares of beneficial interest outstanding (unlimited number of shares, no par value common stock authorized)
|
3,544,659
|
|||
Net Asset Value, offering and redemption price per share
|
$
|
17.38
|
See accompanying notes which are an integral part of these financial statements.
|
|
12
|
www.northeastinvestorsgrowthfund.com
|
Northeast Investors Growth Fund
|
Statement of Operations
|
For the Six Months Ended June 30, 2015 (Unaudited)
|
INVESTMENT INCOME:
|
||||
Dividends, (net of foreign withholding taxes of $1,835)
|
$
|
473,198
|
||
Total Investment Income
|
473,198
|
|||
EXPENSES:
|
||||
Investment advisory fee (Note D)
|
208,606
|
|||
Administrative fees (Note C)
|
49,882
|
|||
Transfer agent fees (Note C)
|
44,170
|
|||
Audit and tax fees
|
22,486
|
|||
Legal fees
|
20,640
|
|||
Insurance
|
16,115
|
|||
Registration and filing fees
|
15,194
|
|||
Trustee fees
|
15,070
|
|||
Printing fees
|
10,779
|
|||
Custodian fees
|
5,379
|
|||
Miscellaneous fees
|
7,662
|
|||
Total Expenses
|
415,983
|
|||
Net Investment Income
|
57,215
|
|||
REALIZED AND UNREALIZED GAIN ON INVESTMENTS:
|
||||
Net realized gain on investment transactions
|
6,875,697
|
|||
Net change in unrealized depreciation on investments
|
(3,827,682
|
)
|
||
Net Gain on Investments
|
3,048,015
|
|||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS
|
$
|
3,105,230
|
See accompanying notes which are an integral part of these financial statements.
|
|
Semi-Annual Report | June 30, 2015
|
13
|
Northeast Investors Growth Fund
|
Statements of Changes in Net Assets
|
Six Months Ended
|
||||||||
June 30, 2015
|
Year Ended
|
|||||||
(Unaudited)
|
December 31, 2014
|
|||||||
INCREASE IN NET ASSETS FROM OPERATIONS:
|
|
|
|
|
||||
Net investment income/(loss)
|
$
|
57,215
|
$
|
(203,262
|
)
|
|||
Net realized gain on investment transactions
|
6,875,697
|
5,751,819
|
||||||
Net change in unrealized depreciation on investments
|
(3,827,682
|
)
|
(2,173,381
|
)
|
||||
Net Increase in Net Assets Resulting from Operations
|
3,105,230
|
3,375,176
|
||||||
DISTRIBUTIONS TO SHAREHOLDERS:
|
||||||||
From net realized gains on investments
|
–
|
(6,039,228
|
)
|
|||||
Net Decrease in Net Assets from Distributions
|
–
|
(6,039,228
|
)
|
|||||
FUND SHARE TRANSACTIONS:
|
||||||||
Proceeds from sale of shares
|
2,108,383
|
608,934
|
||||||
Reinvestment of distributions
|
–
|
5,439,311
|
||||||
Cost of shares redeemed
|
(9,593,198
|
)
|
(13,457,354
|
)
|
||||
Net Decrease in Net Assets from Fund Share Transactions
|
(7,484,815
|
)
|
(7,409,109
|
)
|
||||
Net Decrease in Net Assets
|
(4,379,585
|
)
|
(10,073,161
|
)
|
||||
NET ASSETS:
|
||||||||
Beginning of period
|
65,981,050
|
76,054,211
|
||||||
End of period*
|
$
|
61,601,465
|
$
|
65,981,050
|
||||
*Includes accumulated undistributed net investment income:
|
$
|
57,215
|
$
|
–
|
See accompanying notes which are an integral part of these financial statements.
|
|
14
|
www.northeastinvestorsgrowthfund.com
|
Northeast Investors Growth Fund
|
NET ASSET VALUE, BEGINNING OF PERIOD
|
INVESTMENT OPERATIONS:
|
Net investment income/(loss)(a)
|
Net realized and unrealized gain/(loss) on investments
|
Total from Investment Operations
|
LESS DISTRIBUTIONS TO SHAREHOLDERS
|
From net investment income
|
From net realized gains
|
Total Distributions
|
NET ASSET VALUE, END OF PERIOD
|
TOTAL RETURN(c)
|
RATIOS AND SUPPLEMENTAL DATA:
|
Net assets, end of period (in 000s)
|
Ratio to average daily net assets:
|
Expenses
|
Net investment income/(loss)
|
PORTFOLIO TURNOVER RATE
|
(a)
|
Average share method used to calculate per share data.
|
(b)
|
Less than $0.005 per share.
|
(c)
|
Total return represents the rate that the investor would have earned or lost on an investment in the Fund, assuming reinvestment of dividends.
|
(d)
|
Annualized.
|
See accompanying notes which are an integral part of these financial statements.
|
|
16
|
www.northeastinvestorsgrowthfund.com
|
Financial Highlights
|
For a share outstanding through the periods presented
|
Six Months
|
||||||||||||||||||||||
Ended
|
Year Ended
|
Year Ended
|
Year Ended
|
Year Ended
|
Year Ended
|
|||||||||||||||||
June 30, 2015
|
December 31,
|
December 31,
|
December 31,
|
December 31,
|
December 31,
|
|||||||||||||||||
(Unaudited)
|
2014
|
2013
|
2012
|
2011
|
2010
|
|||||||||||||||||
$
|
16.58
|
$
|
17.26
|
$
|
16.67
|
$
|
16.22
|
$
|
17.60
|
$
|
15.15
|
|||||||||||
0.00
|
(b)
|
(0.05
|
)
|
0.04
|
0.08
|
0.02
|
0.01
|
|||||||||||||||
0.80
|
1.01
|
4.23
|
1.94
|
(1.40
|
)
|
2.47
|
||||||||||||||||
0.80
|
0.96
|
4.27
|
2.02
|
(1.38
|
)
|
2.48
|
||||||||||||||||
–
|
–
|
(0.08
|
)
|
(0.10
|
)
|
–
|
(0.03
|
)
|
||||||||||||||
–
|
(1.64
|
)
|
(3.60
|
)
|
(1.47
|
)
|
–
|
–
|
||||||||||||||
–
|
(1.64
|
)
|
(3.68
|
)
|
(1.57
|
)
|
–
|
(0.03
|
)
|
|||||||||||||
$
|
17.38
|
$
|
16.58
|
$
|
17.26
|
$
|
16.67
|
$
|
16.22
|
$
|
17.60
|
|||||||||||
4.83
|
%
|
5.47
|
%
|
26.11
|
%
|
12.42
|
%
|
(7.84
|
)%
|
16.38
|
%
|
|||||||||||
$
|
61,601
|
$
|
65,981
|
$
|
76,054
|
$
|
73,016
|
$
|
76,191
|
$
|
93,264
|
|||||||||||
1.31
|
%(d)
|
1.25
|
%
|
1.23
|
%
|
1.38
|
%
|
1.40
|
%
|
1.39
|
%
|
|||||||||||
0.18
|
%(d)
|
(0.29
|
)%
|
0.22
|
%
|
0.44
|
%
|
0.14
|
%
|
0.03
|
%
|
|||||||||||
23
|
%
|
58
|
%
|
82
|
%
|
36
|
%
|
49
|
%
|
15
|
%
|
Semi-Annual Report | June 30, 2015
|
17
|
Northeast Investors Growth Fund
|
Notes to Financial Statements
|
June 30, 2015 (Unaudited)
|
NOTE A–ORGANIZATION
|
NOTE B–SIGNIFICANT ACCOUNTING POLICIES
|
18
|
www.northeastinvestorsgrowthfund.com
|
Northeast Investors Growth Fund
|
Notes to Financial Statements
|
June 30, 2015 (Unaudited)
|
NOTE C–FUND ADMINISTRATION, ACCOUNTING, TRANSFER AGENCY, SHAREHOLDER SERVICING AND OTHER AGREEMENTS
|
Semi-Annual Report | June 30, 2015
|
19
|
Northeast Investors Growth Fund
|
Notes to Financial Statements
|
June 30, 2015 (Unaudited)
|
NOTE D–INVESTMENT ADVISORY AND SERVICE CONTRACT
|
NOTE E–PURCHASES AND SALES OF INVESTMENTS
|
NOTE F–FUND SHARE TRANSACTIONS
|
6/30/2015
|
||||||||
(Unaudited)
|
12/31/2014
|
|||||||
Shares sold
|
121,492
|
36,045
|
||||||
Shares reinvested
|
–
|
325,122
|
||||||
Shares redeemed
|
(558,418
|
)
|
(787,376
|
)
|
||||
Net decrease in shares outstanding
|
(436,926
|
)
|
(426,209
|
)
|
NOTE G–TAX BASIS INFORMATION
|
Distributions Paid From:
|
2014
|
|||
Ordinary Income
|
$ | – | ||
Long Term Capital Gains
|
6,039,228
|
|||
Total
|
$
|
6,039,228
|
20
|
www.northeastinvestorsgrowthfund.com
|
Northeast Investors Growth Fund
|
Notes to Financial Statements
|
June 30, 2015 (Unaudited)
|
Cost of investments for income tax purposes
|
$
|
47,349,638
|
||
Aggregate gross appreciation
|
$
|
14,426,250
|
||
Aggregate gross depreciation
|
(780,033
|
)
|
||
Net unrealized appreciation
|
$
|
13,646,217
|
NOTE H–FAIR VALUE MEASUREMENTS
|
Level 1 - | Unadjusted quoted prices in active markets for identical, unrestricted assets or liabilities that the Fund has the ability to access at the measurement date; |
Level 2 - | Quoted prices which are not active, quoted prices for similar assets or liabilities in active markets or input other than quoted prices that are observable (either directly or indirectly) for substantially the full term of the asset or liability; and |
Level 3 - | Significant unobservable prices or inputs (including a Fund’s own assumptions in determining the fair value of investments) where there is little or no market activity for the asset or liability at the measurement date. |
Semi-Annual Report | June 30, 2015
|
21
|
Northeast Investors Growth Fund
|
Notes to Financial Statements
|
June 30, 2015 (Unaudited)
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||
Common Stocks
|
$
|
60,995,855
|
$
|
–
|
$
|
–
|
$
|
60,995,855
|
||||||||
TOTAL
|
$
|
60,995,855
|
$
|
–
|
$
|
–
|
$
|
60,995,855
|
22
|
www.northeastinvestorsgrowthfund.com
|
Northeast Investors Growth Fund
|
Additional Information
|
|
June 30, 2015 (Unaudited)
|
1. PROXY VOTING POLICIES AND VOTING RECORD
|
2. QUARTERLY PORTFOLIO HOLDINGS
|
Semi-Annual Report | June 30, 2015
|
23
|
Northeast Investors Growth Fund
|
Board Approval of Investment
Advisory Contract
|
|
June 30, 2015 (Unaudited)
|
24
|
www.northeastinvestorsgrowthfund.com
|
Northeast Investors Growth Fund
|
Board Approval of Investment
Advisory Contract
|
|
June 30, 2015 (Unaudited)
|
Semi-Annual Report | June 30, 2015
|
25
|
TRUSTEES
William A. Oates, Jr.
Michael Baldwin
John C. Emery
F. Washington Jarvis
OFFICERS
William A. Oates, Jr., President
Robert B. Minturn, Vice President, Clerk & Chief Legal Officer
John F. Francini, Jr., Vice President & Chief Financial Officer
Richard G. Manoogian, Vice President & Chief Compliance Officer
Nancy M. Mulligan, Vice President
Robert M. Kane, Vice President
INVESTMENT ADVISOR
Northeast Management & Research Company, Inc.
100 High Street
Boston, Massachusetts 02110
CUSTODIAN
Union Bank
350 California Street, 6th Floor
San Francisco, CA 94104
LEGAL COUNSEL
Wilmer Cutler Pickering Hale and Dorr LLP
60 State Street
Boston, Massachusetts 02109
TRANSFER AGENT
ALPS Fund Services, Inc.
1290 Broadway Suite 1100
Denver, Colorado 80203
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
Grant Thornton LLP
75 State Street
Boston, MA 02109
|
|
|
Must be preceded or accompanied by a prospectus.
|
(a) | Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the Reports to Stockholders filed under Item 1 of Form N-CSR. |
(b) | Not applicable. |
(a) | The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)). |
(b) | No changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) occurred during the registrant’s second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
(a)(1)
|
Not applicable to semi-annual report.
|
(a)(2) | Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto Exhibits 99.302(i) CERT. |
(a)(3) | Not applicable. |
(b) | Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto Exhibit 99.906CERT. |
Northeast Investors Growth Fund | ||
By:
|
/s/ William A. Oates, Jr.
|
|
William A. Oates, Jr., President
|
||
(principal executive officer)
|
||
Date:
|
September 4, 2015
|
By:
|
/s/ William A. Oates, Jr.
|
|
William A. Oates, Jr., President
|
||
(principal executive officer)
|
||
Date:
|
September 4, 2015
|
By:
|
/s/ John F. Francini, Jr.
|
|
John F. Francini, Jr., Chief Financial Officer
|
||
(principal financial officer)
|
||
Date:
|
September 4, 2015
|
1. | I have reviewed this report on Form N-CSR of Northeast Investors Growth Fund; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements and other information included in this report, fairly present in all material respects the financial conditions, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of the, and for the periods presented in this report; |
4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940, as amended) for the registrant and have: |
a. | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b. | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c. | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and |
d. | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
a. | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and |
b. | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
By:
|
/s/ William A. Oates, Jr.
|
|
William A. Oates, Jr., President
|
||
(principal executive officer)
|
||
Date:
|
September 4, 2015
|
|
1. | I have reviewed this report on Form N-CSR of Northeast Investors Growth Fund; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
6. | Based on my knowledge, the financial statements and other information included in this report, fairly present in all material respects the financial conditions, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of the, and for the periods presented in this report; |
7. | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940, as amended) for the registrant and have: |
a. | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b. | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c. | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and |
d. | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
3. | The registrant’s other certifying officer and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
a. | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and |
b. | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
By:
|
/s/ John F. Francini, Jr.
|
|
John F. Francini, Jr., Chief Financial Officer
|
||
(principal financial officer)
|
||
Date:
|
September 4, 2015
|
(i) | The Form N-CSR fully complies with the requirements of Section 13(a) or Section 15(d), as applicable, of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d)); and |
(ii) | The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant. |
By:
|
/s/ William A. Oates, Jr.
|
|
William A. Oates, Jr., President
|
||
(principal executive officer)
|
||
Date:
|
September 4, 2015
|
(i) | The Form N-CSR fully complies with the requirements of Section 13(a) or Section 15(d), as applicable of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d)); and |
(ii) | The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant. |
By:
|
/s/ John F. Francini, Jr.
|
|
John F. Francini, Jr. Chief Financial Officer
|
||
(principal financial officer)
|
||
Date:
|
September 4, 2015
|
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