Management & Research

William Oates Jr.
Nancy M. Mulligan, CFP®
President
, Clerk

Fairfield University, B.A. – 1989
Boston College, M.A. - 1993

Nancy is a portfolio manager and investment advisor. She helps individuals and families define their financial and investment goals and implement strategies to meet them. Nancy holds the CERTIFIED FINANCIAL PLANNER™ designation. Nancy is also an officer of Northeast Investors Growth Fund, a publicly held mutual fund, and an officer and director of Northeast Management and Research Company, Inc. Prior to joining the firm, she worked at Wellington Management Company in the client relations division. She began her business career with Chase Private Banking as an Investment Associate, where she was responsible for investment management and trust administration of Investment Management, Trust and IRA accounts. Nancy lives in Boston with her family and has been with Northeast since 1999. nmulligan@northeastinvest.com617.778.5423

John F. Francini
John F. Francini, CFA
Vice President, Treasurer

Trinity College, B.A. - 1991

John is a securities analyst and portfolio manager, and Chair of the firm’s Investment Committee. He is also Chief Financial Officer of Northeast Investors Growth Fund, a publicly held mutual fund, and Treasurer of Northeast Management and Research Company, Inc. He is a CFA® charterholder and is a member of the CFA Institute and the Boston Security Analyst Society. Prior to joining the firm, he worked for eight years as a securities analyst and portfolio manager at Rice, Heard & Bigelow, Inc., a private trust company. John also was an equities trader for Pershing Trading Company on the floor of the Boston Stock Exchange and a financial advisor at Prudential Securities. He is a graduate of the New England School of Banking at Williams College.  John lives outside of Boston with his family and has been with Northeast since 2003. jfrancini@northeastinvest.com617.778.5403

William Oates Jr.
Robert M. Kane, CFP®
Analyst

Trinity College, B.A. – 1998

Rob is a securities analyst and also oversees all operational activity for Northeast Investors Growth Fund, a publicly held mutual fund.  He is the Chief Information Officer for the firm. He passed the CERTIFIED FINANCIAL PLANNER™ examination in 2013. Prior to joining the firm, he worked at Boston Financial Data Services.  Rob lives in Quincy, Massachusetts with his family and has been with Northeast since 2000. rkane@northeastinvest.com617.778.5414

Justin Oates
Justin E. Oates, CFP®
Analyst

Cornell University, B.A. - 2002
F.W. Olin Graduate School of Business at Babson College, M.B.A. – 2007

Justin began his career at Northeast and, after earning his MBA, returned as a securities analyst and portfolio manager. He holds the CERTIFIED FINANCIAL PLANNER™ designation. Prior to rejoining Northeast, he was an Assistant Vice President at Brown Brothers Harriman & Co. He has over ten years of varied experience in financial services, including Investment Management, Banking, Project Management, and Marketing. Justin lives in Brookline, Massachusetts with his family and has been with Northeast in his current capacity since 2011. joates@northeastinvest.com617.778.5412

John Lawrie
John R. Lawrie, CFA
Analyst

Bowdoin College, A.B. – 2007

John is a portfolio manager, securities analyst and the firm’s head trader. Previously, he served as a Client Relationship Manager. He is a CFA charterholder and is a member of both the CFA Institute and the Boston Security Analyst Society. John lives in Boston with his family and has been with Northeast since 2007. jlawrie@northeastinvest.com617.778.5433

Richard G. Manoogian
Richard G. Manoogian
Chief Compliance Officer

Providence College, B.S. – 1985
University of Rhode Island, M.B.A. – 1992
Bryant University, M.S.T. – 2007

Richard is Chief Compliance Officer and Chief Financial Officer. He is also the Chief Compliance Officer of Northeast Investors Growth Fund, a publicly held mutual fund, and Northeast Management and Research Company, Inc. Richard has more than 25 years of experience in the financial services industry, including financial reporting, project management, operations management and tax compliance. Prior to joining the firm, he was the Director of Tax, IRAs, and Benefit Payment Processing at Investors Bank & Trust Co., Inc. and was a Senior Project Manager at BankBoston. Richard lives in Seekonk, Massachusetts and has been with Northeast since 2008. rmanoogian@northeastinvest.com617.778.5422

Important Notice

May 19, 2017

Dear Fellow Shareholder:

For more than 30 years, Northeast Investors Growth Fund (the “Fund”) has sought to help shareholders build and preserve wealth. The Fund has survived market fluctuations, wide economic swings and a myriad of domestic and foreign political upheavals. Our mission has always been to consider first and foremost the long-term interest of our shareholders. In keeping with this mission, on May 18, 2017, the Board of Trustees of the Fund (the “Board”) approved the involuntary redemption of all the Fund’s shares outstanding as of June 29, 2017. The Board also approved the subsequent liquidation and dissolution of the Fund.

For some time, the Fund’s investment advisor, Northeast Management and Research Co., Inc. (the “Advisor”) and the Board have been monitoring the Fund’s size and have taken many steps to reduce the Fund’s expenses. The death of Billy Oates, the sole owner of the Advisor and President of the Fund, accelerated this discussion. The Board approved an interim contract allowing the Advisor to continue managing the Fund through July 14, 2017. However, in order to continue managing the Fund after that date, a meeting of the shareholders and subsequent vote to approve a new investment advisory agreement is required. The estimated cost of this effort would be high relative to the size of the Fund and such cost would be borne by the Fund’s shareholders. The Advisor and the Board considered alternatives to the Fund’s liquidation, including the possibility of the Advisor’s acquisition and the Fund’s combination with another mutual fund, but the Board determined that the Fund’s liquidation was in the best interests of the shareholders. Additionally, as you the shareholder know, the Fund is not part of a larger fund complex. It is a stand-alone Fund that does not afford investors different investment opportunities, making it less attractive to new investors. Finally, increasing regulatory burdens and associated costs of operating mutual funds have made it very difficult for the Fund to compete with larger funds that have the scale to manage these costs. After careful consideration, the Advisor recommended liquidation to the Board and the Board concluded that liquidation was in the best interest of the shareholders.

Prior to June 29, 2017, shareholders may continue to redeem their shares at their net asset value in accordance with the procedures set forth in the Fund’s Prospectus.

All shareholders will receive a package in the mail which will include this letter and a Transaction Request form with instructions on how to redeem their shares. IRA owners will receive this letter and an IRA Distribution form plus additional information regarding their redemption options.

All shares that are not redeemed prior to June 29, 2017 will be involuntarily redeemed at their net asset value on that date without any approval or action of shareholders.

We thank you for the time that you were a shareholder of the Fund and remind you that we at Northeast Management and Research Company, Inc. and our affiliated investment adviser, Northeast Investment Management, Inc., remain committed to providing a high level of service to all of our clients. If you have any questions, please call us at 1-855-755-6344 Monday through Friday from 9 a.m. to 8 p.m. Eastern time or visit our website at www.northeastinvestorsgrowthfund.com.

Sincerely,
Nancy M. Mulligan
President

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