UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                   FORM N-CSR

   CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

                  Investment Company Act file number 811-03074

                         Northeast Investors Growth Fund
               (Exact name of registrant as specified in charter)

                               150 Federal Street
                                Boston, MA 02110
               (Address of principal executive offices) (Zip code)

                                  David Randall
                               150 Federal Street
                                Boston, MA 02110
                     (Name and address of agent for service)

        Registrant's telephone number, including area code: 617-523-3588

                   Date of fiscal year end: December 31, 2008

                    Date of reporting period: June 30, 2008

Form N-CSR is to be used by  management  investment  companies  to file reports
with the  Commission  not later than 10 days after the transmission to
stockholders  of any report that is required to be transmitted to  stockholders
under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR  270.30e-1).
The Commission may use the information  provided on Form N-CSR in its
regulatory,  disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information  specified by Form N-CSR,
and the Commission will make this information  public. A registrant  is not
required to respond to the  collection of  information  contained in Form N-CSR
unless the Form displays a currently valid Office of Management  and Budget
("OMB") control  number.  Please direct comments concerning the accuracy of
the information collection  burden  estimate and any suggestions for reducing
the burden to Secretary,  Securities and Exchange  Commission,  450 Fifth
Street,  NW,  Washington,  DC 20549-0609.  The OMB has reviewed this collection
of information  under the clearance  requirements of 44 U.S.C. 3507.


Item 1. Reports to Stockholders.

                                   NORTHEAST
                                   INVESTORS
                                  GROWTH FUND
                                 A NO-LOAD FUND
                               Semi-Annual Report
                              For the Period Ended
                                 June 30, 2008

Table of Contents

Letter to Shareholders . . . . . . . . . . . . . . . . . . . 2
Fund Performance. . . . . . . . . . . . . . . . . . . . .  . 4
Investment Sectors . . . . . . . . . . . . . . . . . . . . . 7
Schedule of Investments . . . . . . . . . . . . . . . . .  . 9
Financial Statements . . . . . . . . . . . . . . . . . . .. 11
Financial Highlights . . . . . . . . . . . . . . . . . . .. 14
Notes to the Financial Statements. . . . . . . . . . . . .. 15
Trustees & Officers . . . . . . . . . . . . . . . . . . . . 20

Dear Fellow Shareholders:

        The past six months were difficult for Northeast Investors Growth Fund,
though it outperformed its benchmark through the end of June, ending down 9.91%
as compared to the S&P 500 Index, which was down 11.91%. The Fund did better
than the S&P 500 by 2%, but neither one performed well on an absolute basis.

        The market was characterized by high volatility. The year began with a
swift pullback in the domestic markets and problems continued until the Federal
Reserve Bank orchestrated rescue of Bear Stearns in March. The market appeared
to be reassured by the Fed's actions and buyers began to return in April. By the
end of May, the market stood in slightly positive territory. Still, with the
slowdown in the US economy, the continued credit squeeze, and the increasing
price of oil, the markets sharply contracted during the month of June, erasing
all gains made the prior month.

        Our strategy is to buy high-quality companies with a particular focus on
unique services or products. We believe we have stayed true to that course.
Still, it does not guarantee positive returns, and this proved particularly true
in the performance of our technology holdings during these six months. This
sector began the year by significantly underperforming the market. At one point
during the period Google, Inc. and Apple, Inc. had each dropped more than 40%.
Apple, Inc. recovered some ground and ended the six-month period down
approximately 15%. Google, Inc., too, gained back some of the lost ground, but
still ended the six-month period down over 20%. We remain committed to Apple,
Inc., Google, Inc. and other long-term holdings such as Akamai Technologies,
Inc. and Corning, Inc., which we believe offer innovative products with relative
strength in their respective industries. International Business Machines Corp.
was added at the start of the year, and has been a favorable addition to the
Fund. It out-performed the majority of the other Technology holdings in the
Fund. We believe the company will continue to benefit from strong domestic and
international demand for their information technology services.

        We began the year with a heavy exposure to the energy sector, and it was
a great help to the Fund's performance. The Fund's top performers were
concentrated in this area with Weatherford International, Ltd., and Encana Corp.
each returning better than 30% for the six-month period. Weatherford
International Ltd., an oil service and equipment company, has benefited as oil
companies expanded their exploration to meet increased demand. Apache Corp,
which is focused more on natural gas exploration and production also increased
strongly during the first half of the year, up almost 30%. Despite the positive
correlation of high energy prices to higher levels of inflation, over the
long-term demand for oil should remain strong as both the developed and
developing economies have access to few viable substitutes.

        The other exceptional performers in the Fund during first six months of
the year were concentrated in the materials sector. Our holdings in this area,
BHP Billiton Ltd. (+22%), Freeport McMoran Copper & Gold (+15%), and Companhia
Vale Rio Doce (+10%) landed among the top ten performers for the first half.
Like energy, rising commodity prices, though helpful to the return of these
securities, contribute to inflationary concerns in the broader US and world
economy.

        In retrospect, the Fund's performance was hurt by a decision to increase
its exposure to the financial sector during the first half of the year.
As markets regrouped in April, we pared back our over-exposure to energy and
added names such as Bank of America Corp., Fifth Third Bancorp, and Merrill
Lynch & Co., Inc. to the portfolio, bringing our exposure to a neutral weight as
compared to the Index. Unfortunately, markets were not as calm as we believed
them to be, and we pared down our exposure recently. These institutions
continued to face extreme difficulties in the credit markets and more challenges
shoring up their reserves in light of the slowing economy. We remained committed
to companies such as Eaton Vance Corp., T. Rowe Price Group, Inc. and State
Street Corp. throughout the year and still see them as better positioned in the
near-term than companies with greater exposure to the credit markets.

        While we are concerned that the economy may remain challenged over the
near-term, we expect that over time, the markets will recover.We remain
confident the Fund owns good companies, providing good products and services to
the US and global markets, and that ultimately the share values will increase.

        Our lines of communication are always open to our most important
partners, our fellow shareholders. Please call us directly or visit our website
at www.northeastinvestors.com where you can view the Fund's closing price,
portfolio composition, and historical performance. If you follow your
investments on-line, the ticker symbol for the Fund is NTHFX. We continue to
appreciate your support.

William A. Oates, Jr.
July 2008

Average Annual Total Return (unaudited)
One year ended June 30, 2008 . . . . . . . . . . . . . . . . . .. . . . . 4.07%
Five years ended June 30, 2008 . . . . . . . . . . . . . . . . .. . . . . 9.56%
Ten years ended June 30, 2008 . . . . . . . . . . . . . . . . . . . . . . 2.99%

Performance Graph
(Ten Years) (unaudited)
The following graph compares the cumulative total shareholder return on the
Northeast Investors Growth Fund shares over the ten preceding years to the
cumulative total share return on the Standard & Poor's 500 Index, assuming an
investment of $10,000 in both at their closing prices on December 31, 1997 and
reinvestment of dividends and capital gains. The graph does not reflect the
deduction of taxes that a shareholder would pay on Fund distributions or the
redemption of Fund shares. Keep in mind that past performance does not guarantee
future returns, and an investment in the Fund is not guaranteed. For
management's discussion of the Growth Fund's 2008 performance, including
strategies and market conditions which influenced such performance, see the
President's letter to shareholders.

Table Omitted

<table>
<s>                     <c>                     <c>                     <c>                     <c>

                                                                                            Six Months
                                                                                            Ended
                                                                                            June 30,
             1998    1999   2000    2010    2002    2003    2004    2005    2006    2007    2008
Northeast
Investors
Growth    $13,334 $17,218 $14,642 $12,131 $9,381 $12,044 $13,075 $14,563 $15,909 $18,120 $16,325
Fund

Standard
& Poor's  $12,834 $15,534 $14,121 $12,443 $9,693 $12,473 $13,830 $14,509 $16,800 $17,721 $15,610
500 Index
</table>


Returns and Per Share Data
<table>
<s>                     <c>                     <c>                     <c>                     <c>

                                                                                    Six Months
                                                                                    Ended
                                          Year Ended December 31,                   June 30,
                                                                                    2008
                        1998  1999  2000  2001  2002  2003  2004  2005  2006  2007  (unaudited)
Net Asset Value         20.47 26.08 20.23 15.43 11.91 15.26 16.52 18.40 20.10 20.19 18.19
Income Dividend         0.05   0.02  0.00  0.00  0.02  0.03  0.05  0.00  0.00  0.04  0.00
Capital Gains Dist.     0.55   0.31  2.05  1.44  0.00  0.00  0.00  0.00  0.00  2.60  0.00
NEIG Return (%)         33.34 29.13 14.96 17.15 22.67 28.39  8.56 11.38  9.24 13.90  9.91
S&P 500 Return (%)      28.34 21.04  9.10 11.88 22.10 28.68 10.88  4.91 15.79  5.48 11.91

Table Omitted
</table>

Quarterly Portfolio Holdings: Each fiscal quarter-end the Fund is required to
file a complete schedule of investments with the Securities and Exchange
Commission. The schedules of portfolio holdings for the second and fourth
quarters appear in the semi-annual and annual reports to shareholders. For the
first and third quarters, the Fund files the schedules of portfolio holdings
with the SEC on Form N-Q. The Fund makes the information on Form N-Q available
on its website at www.northeastinvestors.com or upon request.

Shareholders may also access and review information and reports of the Fund,
including Form N-Q, at the SEC's Public Reference Room in Washington, D.C. You
can call the SEC at 1-202-942-8090 for information about the operation of the
Public Reference Room. Reports and other information about the Fund are
available on the SEC's internet site at http://www.sec.gov. and copies may be
obtained for a duplicating fee by electronic request at the following e-mail
address: publicinfo@sec.gov or by writing the Public Reference Center of the
Securities and Exchange Commission, Washington, D.C. 20549-0102. The Fund's
reference number as a registrant under the Investment Company Act of 1940 is
811-3074.

About Your Fund's Expenses (unaudited)
<table>
<s>                     <c>                     <c>                     <c>                     <c>
                                Beginning Account Value         Ending Account Value            Expenses Paid During Period
                                12/31/2007                      6/30/2008                       12/31/2007 - 6/30/2008
Actual Return
- -9.91%                          $1,000.00                       $ 900.90                        $5.34
Hypothetical
(5% return before expenses)     $1,000.00                       $1,019.08                       $5.84
</table>

Example:
As a shareholder of the Fund, you incur ongoing costs, including management
fees, and other fund expenses. This example is intended to help you understand
these expenses of investing in the fund and to compare these costs with the
ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the
period and held for the entire period, 12/31/2007 - 6/30/2008.


Actual Expenses:
The first line of the table above provides information about actual account
values and actual expenses. You may use the information in this line, together
with the amount you invested, to estimate the expenses that you paid over the
period. Simply divide your account value by $1,000 (for example, an $8,600
account value divided by $1,000 = 8.6), then multiply the result by the number
in the first line under the heading entitled "Expenses Paid During Period" to
estimate the expenses you paid on you account during this period.

Hypothetical Example for Comparison Purposes:
The second line of the table above provides information about hypothetical
account values and hypothetical expenses based on the Fund's actual expense
ratio and an assumed rate of return of 5% per year before expenses, which is not
the Fund's actual return. The hypothetical account values and expenses may not
be used to estimate the actual ending account balance or expenses you paid for
the period. You may use this information to compare the ongoing costs of
investing in the Fund and other funds. To do so, compare this 5% hypothetical
example with the 5% hypothetical examples that appear in the shareholder reports
of other funds.

Ten Largest Investment Holdings (unaudited)
June 30, 2008

                                                                Percent
                                                Market          of Net
Ten Largest Investment Holdings                 Value           Assets
Eaton Vance Corp. . . . . . . . . . . . . . . . $5,470,976      4.29%
T. Rowe Price Group, Inc. . . . . . . . . . . .  4,658,775      3.66%
Google, Inc., Class A . . . . . . . . . . . . .  4,000,792      3.14%
CVS Caremark Corp. . . . . . . . . . . . . . . . 3,827,606      3.00%
Schlumberger Ltd. . . . . . . . . . . . . . . .  3,760,050      2.95%
Apple, Inc. . . . . . . . . . . . . . . . . . .  3,666,936      2.88%
Weatherford International Ltd. . . . . . . . . . 3,421,710      2.69%
Corning, Inc. . . . . . . . . . . . . . . . . .  3,344,555      2.62%
Procter & Gamble Co. . . . . . . . . . . . . . . 3,314,145      2.60%
Akamai Technologies, Inc. . . . . . . . . . . .  3,231,991      2.54%

Summary of Sector Weightings as a Percentage of Net
Assets (unaudited)
June 30, 2008

                                                  Northeast
                                         Market   Investors           S&P 500
Major Sectors                             Value   Growth Fund           Index
- ------------------------------------------------------------------------------
Consumer Discretionary . . . . . . .$ 1,639,275         1.29%            8.12%
Consumer Staples . . . . . . . . . .$14,657,693        11.50%           10.79%
Energy . . . . . . . . . . . . . . .$21,020,388        16.49%           16.22%
Financials . . . . . . . . . . . .  $21,105,182        16.56%           14.25%
Health Care. . . . . . . . . . . .  $13,434,003        10.54%           11.92%
Industrials . . . . . . . . . . . . $16,521,761        12.97%           11.13%
Information Technology . . . . . .  $19,903,329        15.62%           16.44%
Materials. . . . . . . . . . . . .  $ 6,681,345         5.24%            3.83%
Telecommunication Services . . . .  $ 7,425,824         5.83%            3.32%
Utilities . . . . . . . . . . . . . $ 3,130,608         2.46%            3.98%
Cash, other assets and liabilities .$ 1,906,753         1.50%            0.00%
                                                       ------           ------
                                                      100.00%          100.00%


Summary of Net Assets by Industry (unaudited)
June 30, 2008
- ------------------------------------------------------------------------------
                                                                         % of
                                                Value              Net Assets
Common Stocks
Aerospace & Defense . . . . . . . . . . . $ 4,108,850                   3.22%
Asset Management & Custody . . . . . . . . 12,311,810                   9.66%
Biotechnology . . . . . . . . . . . . . . . 2,922,840                   2.29%
Communications Equipment . . . . . . . . .  5,054,165                   3.96%
Computer Hardware . . . . . . . . . . . . . 4,970,766                   3.90%
Construction & Farming . . . . . . . .  . . 3,664,809                   2.87%
Diversified Financial Services . . . .  . . 4,391,733                   3.45%
Diversified Metals & Mining . . . . . . . . 2,402,395                   1.89%
Diversified Minerals . . . . . . . .  . . . 4,278,950                   3.36%
Drug Retail . . . . . . . . . . . . . . . . 3,827,606                   3.00%
Electrical Components & Equipment. . . . . .5,582,945                   4.38%
Electrical Utility . . . . . . .  . . . . . 3,130,608                   2.46%
Footwear . . . . . . . . . . . . .  . . . . 1,639,275                   1.29%
Health Care Distributors . . . . . . .  . . 1,979,505                   1.55%
Health Care Equipment . . . . . . . . . . . 8,531,658                   6.70%
Household Products . . . . . . . . . .  . . 3,314,145                   2.60%
Hypermarkets & Supercenters . . . . . . . . 1,595,685                   1.25%
Industrial Machinery . . . . . . . .  . . . 2,744,150                   2.15%
Integrated Oil & Gas . . . . . . . .  . . . 9,159,114                   7.19%
Integrated Telecommunication Services. . . .5,280,327                   4.15%
Internet Software & Services . . . . . .  . 7,232,783                   5.68%
Investment Banking & Brokerage . . . . . .  4,401,639                   3.45%
Oil & Gas Equipment . . . . . . . . . . . . 7,181,760                   5.64%
Oil & Gas Exploration & Production . . . .  4,679,513                   3.67%
Packaged Foods . . . . . . . . . . . .  . . 2,848,860                   2.24%
Railroads . . . . . . . . . . . . . . . . . 3,066,623                   2.41%
Soft Drinks . . . . . . . . . . . . . . . . 3,071,397                   2.41%
Wireless Services . . . . . . . . . . . . . 2,145,497                   1.68%
                                            ---------                   -----
Total Common Stocks. . . . . . . .  . . . 125,519,408                  98.50%
Total Cash Equivalents . . . . . . . . . . 17,216,167                  13.51%
                                          -----------                  ------
Total Investment Portfolio . . . . .  . . 142,735,575                 112.01%
Net Other Assets and Liabilities . . . .. (15,309,414)                 12.01%
                                          -----------                 -------
Total Net Assets. . . . . . . . . . . . . 127,426,161                 100.00%


Schedule of Investments June 30, 2008 (unaudited)

                                        Number          Market          Percent
Common Stock Sector                         of          Value            of Net
Name of Issuer                          Shares          (Note B)         Assets

Consumer Discretionary
- -------------------------------------------------------------------------------
Nike, Inc. . . . . . . . . . . . . . . .27,500       $1,639,275           1.29%

Consumer Staples
- -------------------------------------------------------------------------------
Costco Wholesale Corp. #. . . . . . . . 22,750        1,595,685
CVS Caremark Corp. . . . . . .  . . . . 96,730        3,827,606
Nestle SA . . . . . . . . . . . . . . . 25,200        2,848,860
PepsiCo, Inc. . . . . . . . . . . . . . 48,300        3,071,397
Procter & Gamble Co. . . .  . . . . . . 54,500        3,314,145
                                                     ----------
                                                     14,657,693          11.50%

Energy
- -------------------------------------------------------------------------------
Apache Corp. . . . . . . . . . . . .  . 17,900        2,488,100
Chevron Corp. . . . . . . . . . . . . . 25,700        2,547,641
ConocoPhillips . . . .  . . . . . . . . 27,000        2,548,530
EnCana Corp. . . . . . .  . . . . . . . 24,100        2,191,413
Exxon Mobil Corp. . . . . . . . . . . . 22,582        1,990,152
Schlumberger Ltd. . . . . . . . . . . . 35,000        3,760,050
Suncor Energy, Inc. . . . . . . . . . . 35,664        2,072,792
Weatherford International Ltd. ^ .. . . 69,000        3,421,710
                                                     ----------
                                                     21,020,388          16.49%

Financials
- -------------------------------------------------------------------------------
Bank of America Corp. . . . . . . . . . 93,000        2,219,910
Eaton Vance Corp. # . . . . . . . . .  137,600        5,470,976
Goldman Sachs Group . . . . . . . . .   13,400        2,343,660
JPMorgan Chase & Co. . . . .  . . . . . 63,300        2,171,823
Merrill Lynch & Co, Inc. . . .  . . . . 64,900        2,057,979
State Street Corp. . . . . . . . .. . . 34,100        2,182,059
T. Rowe Price Group, Inc. #. . .  . . . 82,500        4,658,775
                                                     ----------
                                                     21,105,182          16.56%

Health Care
- -------------------------------------------------------------------------------
AmerisourceBergen Corp. . . . . . . . . 49,500        1,979,505
Gilead Sciences, Inc. ^ . . . . . . . . 55,200        2,922,840
Hologic, Inc. ^# . . . . . . . . .  . . 99,780        2,175,204
Intuitive Surgical, Inc. . . . .     . . 7,350        1,980,090
Medtronic, Inc. . . . . . . . . . . . . 35,600        1,842,300
Stryker Corp. . . . . . . . . . . . . . 40,300        2,534,064
                                                     ----------
                                                     13,434,003          10.54%

Industrials
- -------------------------------------------------------------------------------
The Boeing Company. . . . . . . . . . . 26,000        1,708,720
Burlington Northern Santa Fe Corp. .  . 30,700        3,066,623
Caterpillar, Inc. #. . . . . . . . .. . 28,100        2,074,342
Danaher Corp. . . . . . . . . . .   . . 35,500        2,744,150
Deere & Co. . . . . . . . . . . . . . . 22,050        1,590,466
Emerson Electric Co. . . . . .  . . . . 59,400        2,937,330
United Technologies Corp. . . . . . . . 38,900        2,400,130
                                                     ----------
                                                     16,521,761          12.97%

Information Technology
- -------------------------------------------------------------------------------
Akamai Technologies, Inc .^# . . . .. . 92,900        3,231,991
Apple, Inc. ^ . . . . . . . . . . . . . 21,900        3,666,936
Cisco Systems, Inc. ^ . . . . . . . . . 73,500        1,709,610
Corning, Inc. . . . . . . .  . . . . . 145,100        3,344,555
Google, Inc., Class A ^ . . . . .  . . . 7,600        4,000,792
International Business Machines Corp. . 11,000        1,303,830
Itron, Inc. ^#. . . . . . . . . . . . . 26,900        2,645,615
                                                     ----------
                                                     19,903,329          15.62%

Materials
- -------------------------------------------------------------------------------
BHP Billiton, Ltd. . . . . . . . . .  . 25,000        2,129,750
Freeport-McMoRan Copper & Gold, Inc. .  20,500        2,402,395
Companhia Vale Rio Doce . . . . . . . . 60,000        2,149,200
                                                    -----------
                                                      6,681,345           5.24%

Telecommunication Services
- -------------------------------------------------------------------------------
America Movil, ADR. . . . . .   . . . . 34,500        1,819,875
American Tower Corp., Class A ^ .   . . 50,781        2,145,497
AT&T, Inc. . . . . . . . . . . . . .  . 54,800        1,846,212
Verizon Communications. . . . . . . . . 45,600        1,614,240
                                                    -----------
                                                      7,425,824           5.83%

Utilities
- -------------------------------------------------------------------------------
Exelon Corp. . . . . . . . . . . . .  . 34,800        3,130,608           2.46%

Total Common Stocks (Cost- $98,005,793) . . . . .. $125,519,408          98.50%
                                                   ------------

Repurchase Agreement
- -------------------------------------------------------------------------------
State Street Bank & Trust Co.
Repurchase Agreement, 1.05% due 7/1/08 @ . . . . . .  1,960,563

Total Repurchase Agreement (Cost-$1,960,563) . . .  $ 1,960,563           1.54%
                                                    -----------

Cash Equivalents
- -------------------------------------------------------------------------------
State Street Bank & Trust Navigator Prime~  . . . .. 15,255,604

Total Cash Equivalents (Cost-$15,255,604). . . . . $ 15,255,604          11.97%
                                                   ------------

Total Investment Portfolio (Cost- $115,221,960) . . 142,735,575         112.01%
                                                   ------------

Total Assets and Liabilities . . . . . . . . .. . . (15,309,414)        -12.01%

Total Net Assets . . . . . . . . . . . . . . . . . $127,426,161         100.00%
                                                   -------------

@ Acquired on June 30, 2008. Collateralized by $2,021,847 of market value of
U.S. Government mortgagebacked securities due through 08/15/36. The maturity
value is $1,960,620.
^ Non-income producing security
# All or a portion of this security is currently out on loan (See Note I)
~ Security held as collateral for securities on loan.
The accompanying notes are an integral part of the financial statements.


Statement of Assets and Liabilities (unaudited)
June 30, 2008
- -------------------------------------------------------------------------------
Assets
- -------------------------------------------------------------------------------
Investments-at market value (including securities loaned of $14,866,601)
(cost $115,221,960) . . . . . .  . . . . . . . . . . . . . . . . . $142,735,575
Dividends receivable . . . . . . . . . . . . . . . . . . . . . . . . . . 45,569
Receivable for shares sold . . .. . . . . . . . . . . . . . . . . . . . . 5,414
Other receivables . . . . . . .  . . . . . . . . . . . . . . . . . . . . 37,480
                                                                   ------------
Total Assets . . . . . . . . . . . . . . . . . . . .  . . . . . . . 142,824,038

Liabilities
- -------------------------------------------------------------------------------
Collateral on securities loaned, at value . . . . . . . . .. . . . . 15,255,604
Accrued expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . 68,689
Accrued investment advisory fee. . . . . . . . . . . . . . . . . . . . . 63,928
Payable for shares repurchased . . . . . . . . . . . . . .  . . . . . . . 9,656
                                                                   ------------
Total Liabilities . . . . . . . . . . . . . . . . . . . . .. . . . . 15,397,877
                                                                   ------------
Net Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . $127,426,161

Net Assets Consist of:
Capital paid-in . . . . . . . . . . . . . . . . . . . . . . . . . . $95,925,519
Accumulated net investment income . . . . . . . . . . . . . . . . . . . 203,800
Accumulated net realized gain . . . . . . . . . . . . . . . . . . . . 3,783,227
Net unrealized appreciation of investments . . . . . . . . . . . . . 27,513,615
                                                                   ------------
Net Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . $127,426,161
                                                                   ------------

Net Asset Value, offering price and redemption price per share
($127,426,161/7,006,471 shares) . . . .  . . . . . . . . . . . . . . . . $18.19

The accompanying notes are an integral part of the financial statements.


Statement of Operations (unaudited)
Six Months Ended June 30, 2008

Investment Income
- -------------------------------------------------------------------------------
Dividend income . . . . . . . . . . . . . . . . . . . . . . . . .. . . $929,094
Security lending income . . . . . . . . . . . . . . . . . . . . .. . . . 36,043
Interest income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,907
Other income . . . . . . . . . . . . . . . . . . . . . . . . . .  . . . . . 337
                                                                   ------------
Total Income . . . . . . . . . . . . . . . . . . . . . . . . . .  . . . 969,381

Expenses
- -------------------------------------------------------------------------------
Investment advisory fee . . . . . . . . . . . . . . . . . . . .. . . . $381,852
Administrative expenses and salaries . . . . . . . . . . . . .  . . . . 177,820
Audit fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40,295
Legal fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37,300
Printing, postage, and stationery . . . . . . . . . . . . . . .. . . . . 22,750
Insurance . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . 20,930
Registration and Filing fees . . . . . . . . . . . . . . . . . . . . . . 18,200
Trustee fees. . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . 15,000
Computer and related expenses . . . . . . . . . . . . . . . . .. . . . . 14,925
Commitment fee . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,574
Telephone expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,100
Custodian fees . . . . . . . . . . . . . . . . . . . . . . . .  . . . . . 6,188
Interest fee . . . . . . . . . . . . . . . . . . . . . . . . .  . . . . . 2,097
Miscellaneous fees . . . . . . . . . . . . . . . . . . . . . .  . . . . . 6,550
                                                                    -----------
Total Expenses . . . . . . . . . . . . . . . . . . . . . . . .  . . . . 765,581
                                                                    -----------
Net Investment Income . . . . . . . . . . . . . . . . . . . . . . . . . 203,800

Realized and Unrealized Gain (Loss) on Investments:
Net realized gain (loss) from investment transactions . . .. . . . . $3,783,227
Change in unrealized appreciation/(depreciation) of investments . . (18,313,021)
                                                                    -----------
Net gain (loss)on investments . . . . . . . . . . . . . . . . . . . (14,529,794)
Net increase (decrease) in net assets resulting from operations .  ($14,325,994)

The accompanying notes are an integral part of the financial statements.


Statements of Changes in Net Assets
<table>
<s>                     <c>                     <c>                     <c>                     <c>
                                                                        Six Months
                                                                        Ended
                                                                        June 30,        Year Ended
                                                                        2008            December 31,
                                                                        (unaudited)     2007

Increase (Decrease) in Net Assets
From Operations:
Net investment income (loss) . . . . . . . . . . . . . . . . . .   . . $203,800        $152,107
Net realized gain (loss) from investment transactions . . . . . . . . 3,783,227       7,592,914
Change in unrealized appreciation/(depreciation) of investments . . (18,313,021)     10,742,593
                                                                    -----------      ----------
Net Increase (Decrease) in Net Assets
Resulting from Operations . . . . . . . . . . . . . . . . . . . . . (14,325,994)     18,487,614
                                                                    -----------      ----------
Distributions to Shareholders
From net investment income . . . . . . . . . . . . . . . . .    . . . . . . . -        (254,770)
From net realized gains from investment transactions . . . . . . . . . . .    -     (16,714,448)
                                                                    -----------      ----------
Total Distributions to Shareholders . . . . . . . . . . . . . . . . . .       -     (16,969,218)
From Net Fund Share Transactions . . . . . . . . . . . . . . . . . . (3,687,505)      3,994,441
                                                                    -----------      ----------
Total Increase (Decrease) in Net Assets . . . . . . . . . . . . . . (18,013,499)      5,512,837

Net Assets:
Beginning of Period . . . . . . . . . . . . . . . . . . . . . . . . 145,439,660     139,926,823
                                                                    -----------     -----------
End of Period . .  . . . . . . . . . . . . . . . . . . . . . . . . $127,426,161    $145,439,660
</table>

The accompanying notes are an integral part of the financial statements.

Financial Highlights
<table>
<s>                     <c>                     <c>                     <c>                     <c>
                                        Six Months
                                        Ended
                                        June 30,
                                        2008                            Year Ended December 31,
Per Share Data ^                        (unaudited)     2007        2006            2005            2004            2003
Net Asset Value:
Beginning of Period . . . . . . . .     $20.19          $20.10      $18.40          $16.52          $15.26          $11.91
Income From Investment
Operations:
Net investment income (loss) . . . .      0.03            0.02        0.01           (0.02)           0.04            0.03
Net realized and unrealized gain
(loss) on investment . . . . . . . .     (2.03)           2.71        1.69            1.90            1.27            3.35
                                        ------          ------      ------          ------          ------          ------
Total from investment operations . .     (2.00)           2.73        1.70            1.88            1.31            3.38
                                        ------          ------      ------          ------          ------          ------
Less Distributions:
Net investment income . . . . . . .       0.00           (0.04)       0.00            0.00           (0.05)          (0.03)
Capital Gain . . . . . . . . . . . . .    0.00           (2.60)       0.00            0.00            0.00            0.00
                                        ------          ------      ------          ------          ------          ------
Total Distributions . . . . . . . . . .   0.00           (2.64)       0.00            0.00           (0.05)          (0.03)
Net Asset Value:
End of Period . . . . . . . . . . . .   $18.19          $20.19      $20.10          $18.40          $16.52          $15.26
                                        ------          ------      ------          ------          ------          ------
Total Return . . . . . . . . . . . . . . -9.91%#         13.90%       9.24%          11.38%           8.56%          28.39%

Ratios & Supplemental Data
Net assets end of period (in
thousands) . . . . . . . . . . .  . . $127,426        $145,440    $139,927        $134,412        $136,238        $141,561
Ratio of operating expenses to
average net assets (includes
interest expense) . . . . . . . . . .     1.16%~          1.10%       1.15%           1.18%           1.32%           1.43%
Ratio of interest expense to
average net assets . . . . . . . . .      0.00%~*         0.01%       0.00%*          0.00%*          0.07%           0.22%
Ratio of net investment income to
average net assets . . . . . . . . .      0.31%~          0.11%       0.08%          -0.15%           0.29%           0.21%
Portfolio turnover rate . . . . . . . . .   23%#            40%         52%             57%             19%             25%
^ Average share method used to calculate per share data
* Amount is less than 0.01%
~ Annualized
# Not annualized
</table>

Notes to Financial Statements

Note A-Organization

Northeast Investors Growth Fund (the "Fund") is a diversified, no-load,
open-end, seriestype management investment company registered under the
Investment Company Act of 1940, as amended. The Fund presently consists of one
portfolio and is organized as a Massachusetts business trust.

The Fund's objective is to produce long term growth for its shareholders.

Note B-Significant Accounting Policies

Significant accounting policies of the Fund are as follows:

Valuation of Investments: Investments in securities traded on national
securities exchanges are valued based upon closing prices on the exchanges.
Securities traded in the over-the-counter market and listed securities with no
sales on the date of valuation are valued at closing bid prices. Repurchase
agreements are valued at cost with earned interest included in interest
receivable. Other short-term investments, when held by the Fund, are valued at
cost plus earned discount or interest which approximates market value.

Securities and other assets for which market quotations are not readily
available (including restricted securities, if any) are valued at their fair
value as determined in good faith under consistently applied procedures approved
by the Board of Trustees. The Fund may use fair value pricing for foreign
securities if a material event occurs that may effect the price of a security
after the close of the foreign market or exchange (or on days the foreign market
is closed) but before the Fund prices it's portfolio, generally at 4:00 p.m. ET.
Fair value pricing may also be used for securities acquired as a result of
corporate restructurings or reorganizations as reliable market quotations for
such issues may not be readily available. At June 30, 2008 there were no
securities priced at fair value as determined in good faith.

Security Transactions: Security transactions are accounted for as of trade date.
Gains and losses on securities sold are determined on the basis of identified
cost. Federal Income Taxes: No provision for federal income taxes is necessary
since the Fund has elected to qualify under subchapter M of the Internal Revenue
Code and its policy is to distribute all of its taxable income, including net
realized capital gains, within the prescribed time periods.

State Income Taxes: Because the Fund has been organized by an Agreement and
Declaration of Trust executed under the laws of the Commonwealth of
Massachusetts, it is not subject to state income or excise taxes.

Distributions and Income: Income and capital gain distributions are determined
in accordance with income tax regulations which may differ from U.S. generally
accepted accounting principles. These differences are primarily due to differing
treatments for capital loss carryovers and losses deferred due to wash sales.
Permanent book and tax differences relating to shareholder distributions will
result in reclassifications to paid-in-capital. The Fund's distributions and
dividend income are recorded on the ex-dividend date. Interest income, which
consists of interest from repurchase agreements, is accrued as earned.

Net Asset Value: In determining the net asset value per share, rounding
adjustments are made for fractions of a cent to the next higher cent.

Use of Estimates: The preparation of financial statements in conformity with
U.S. generally accepted accounting principles requires management to make
estimates and assumptions that affect the reported amounts of assets and
liabilities and disclosure of contingent assets and liabilities at the date of
the financial statements and the reported amounts of revenues and expenses
during the reporting period. Actual results could differ from those estimates.

Note C-Investment Advisory and Service Contract

The Fund has its investment advisory and service contract with Northeast
Management & Research Company, Inc. (the "Advisor"). Under the contract, the
Fund pays the Advisor an annual fee at a maximum rate of 1% of the first
$10,000,000 of the Fund's average daily net assets, 3.4 of 1% of the next
$20,000,000 and 1.2 of 1% of the average daily net assets in excess of
$30,000,000, in monthly installments on the basis of the average daily net
assets during the month preceding payment. All trustees except Messrs. John C.
Emery, Michael Baldwin, and F. Washington Jarvis are officers or directors of
the Advisor. The compensation of all disinterested trustees of the Fund is borne
by the Fund.

Under the Fund's Investment Advisory Agreement (the "Agreement"), personnel of
the Advisor provide the Fund with advice and assistance in the choice of
investments and the execution of securities transactions, and otherwise maintain
the Fund's organization. The Advisor also provides the Fund with necessary
office space and portfolio accounting and bookkeeping services. The salaries of
all officers of the Fund or of the Advisor performing services relating to
research, statistical and investment activities are paid by the Advisor.

The Fund pays expenses, including the salaries of employees engaged in the
following activities, related to its role as transfer, dividend paying and
shareholder servicing agent.

Note D-Purchases and Sales of Investments

The cost of purchases and proceeds from sales of investments, other than
short-term securities, aggregated $30,886,351 and $37,918,577, respectively,
for the six months ended June 30, 2008.

Note E-Shares of Beneficial Interest
<table>
<s>                     <c>                     <c>                     <c>                     <c>

At June 30, 2008, there was an unlimited number of shares of beneficial interest
authorized with no par value. Transactions in shares of beneficial interest were as follows:

                                        June 30, 2008                   December 31, 2007
                                        -------------                   -----------------
                                        Shares          Amount          Shares          Amount

Shares sold . . . . . . . . . . . . . . 191,303         $3,517,492      292,188         $6,243,717
Shares issued to shareholders
in reinvestment of
distributions from net
investment income and
realized gains from security
transactions . . . . . . . . . . . . .        0                 $0      790,393        $15,570,737
                                        -------         ----------      -------         ----------
                                        191,303         $3,517,492    1,082,581        $21,814,454

Shares repurchased. . . . . . . . .    (389,309)       $(7,204,997)    (840,605)      $(17,820,013)
                                        -------         ----------      -------         ----------
Net Increase . . . . . . . . . . . . . (198,006)       $(3,687,505)     241,976         $3,994,441
</table>

Note F-Repurchase Agreement

On a daily basis, the Fund invests any cash balances into repurchase agreements
hypothecated by U.S. Government obligations. Securities pledged as collateral
for repurchase agreements are held by the Fund's custodian bank until maturity
of the repurchase agreement. Provisions of the agreement ensure that the market
value of the collateral is sufficient in the event of default. However, in the
event of default or bankruptcy by the other party to the agreement, realization
and/or retention of the collateral may be subject to legal proceedings.

Note GCommitted Line of Credit

Short-term bank borrowings, which do not require maintenance of compensating
balances, are generally on a demand basis and are at rates equal to adjusted
money market interest rates in effect during the period in which such loans are
outstanding. At June 30, 2008, the Fund had an unused line of credit amounting
to $25,000,000. In addition the Fund pays a commitment fee of 0.10% per annum,
payable at the end of each quarter based on the unused portion of the line of
credit. The committed line of credit may be terminated at the bank's option at
the annual renewal date.

The following information relates to aggregate short-term borrowings during the
six months ended June 30, 2008:

Average amount outstanding (total of daily outstanding principal balances
divided by number of days with debt outstanding during the period) . . .$834,101
Weighted average interest rate . . . . . . . . . . . . . . . . . . . . . . 3.32%

Note H-Additional Tax Information

Dividends paid during the fiscal year ended December 31, 2006 and 2007 were $0
and $254,770 respectively, and such dividends were classified for tax purposes
as ordinary income.

Capital gain distributions paid during the fiscal year ended December 31, 2006
and 2007 were $0 and $16,714,448 respectively, and such capital gain
distributions were classified for tax purposes as long term capital gains.

As of December 31, the components of accumulated earnings (losses) on a tax
basis were as follows:

                                                                        2007
                                                                        ----
Unrealized appreciation . . . . . . . . . . . . . . . . . . . . . . $46,793,933
Unrealized depreciation . . . . . . . . . . . . . . .  . . . . . . . . (967,297)
Net unrealized appreciation of investments. . . . . .  . . . . . . . 45,826,636
Capital paid-in . . . . . . . . . . . . . . . . . . .  . . . . . . . 99,613,024

At December 31, 2007 the Fund's aggregate security unrealized gains and losses
based on cost for U.S. federal income tax purposes was as follows:

                                                                        2007
                                                                        ----
Tax cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $124,904,199
Gross unrealized gain . . . . . . . . . . . . . . . . .  . . . . . . 46,793,933
Gross unrealized loss . . . . . . . . . . . . . . . . .  . . . . . . . (967,297)
                                                                   ------------
Net unrealized security gain (loss) . . . . . . . . . . .. . . . . $ 45,826,636

On July 13, 2006, the Financial Accounting Standards Board (FASB) released FASB
Interpretation No. 48 "Accounting for Uncertainty in Income Taxes" (FIN 48). FIN
48 provides guidance for how uncertain tax positions should be recognized,
measured, presented and disclosed in the financial statements. FIN 48 requires
the evaluation of tax positions taken or expected to be taken in the course of
preparing the Fund's tax returns to determine whether the tax positions will
'more-likely-than-not' be sustained by the applicable tax authority. Tax
positions not deemed to meet the more-likely-than-not threshold would be
recorded as a tax benefit or expense in the Fund's current fiscal year. The
implementation of FIN 48 did not result in any unrecognized tax benefits and
management has concluded that no provision is required in the Fund's
accompanying financial statements, however each of the open tax years
(2005-2007) remains subject to examination by the Internal Revenue Service.

Note I-Securities Lending

The Fund may seek additional income by lending portfolio securities to qualified
institutions. The Fund will receive cash as collateral in an amount equal to at
least 102% of the current market value of any loaned securities plus accrued
interest. By reinvesting any cash collateral it receives in these transactions,
the Fund could realize additional gains and losses. If the borrower fails to
return the securities and the value of the collateral has declined during the
term of the loan, the Fund will bear the loss. At June 30, 2008, the value of
securities loaned and the value of collateral was $14,866,601 and $15,255,604,
respectively. During the six months ended June 30, 2008, income from securities
lending amounted to $36,043.

Note J-Financial Accounting Standards No. 157("FAS 157")

In September 2006, the Financial Accounting Standards Board issued Statement of
Financial Accounting Standards No. 157 ("FAS 157"), "Fair Value Measurements."
FAS 157 establishes a framework for measuring fair value and expands disclosures
about fair value measurements in financial statements, effective for the Fund's
current fiscal period. The various inputs that may be used to determine the
value of the Fund's investments are summarized in three broad levels. The inputs
or methodologies used for valuing securities are not necessarily an indication
of the risk associated with investing in those securities.

Level 1-Quoted prices in active markets for identical securities.
Level 2-Other significant observable inputs (including quoted prices for similar
securities, interest rates, prepayment speeds, credit risk, etc.)
Level 3-Significant unobservable inputs (including the Fund's own assumptions
used to determine the fair value of investments).

The following table summarized the Fund's investment as of June 30, 2008, based
on the inputs used to value them.

                                                                Investments
Valuation Inputs                                                in Securities

Level 1 - Quoted prices . . . . . . . . . . . . . . . .  . . . . $125,519,408
Level 2 - Other significant observable inputs . . . . . . . . . . . . . . . 0
Level 3 - Significant unobservable inputs . . . . . . . . . . . . . . . . . 0
                                                                -------------
Total . . . . . . . . . . . . . . . . . . . . . . . . .  . . . . $125,519,408


Trustees & Officers

The Trustees of Northeast Investors Growth Fund are William A. Oates, Jr.,
Ernest E. Monrad, Robert B. Minturn, John C. Emery, Michael Baldwin, and F.
Washington Jarvis. Under Massachusetts Law, the Trustees are generally
responsible for protecting the interests of the shareholders by overseeing the
operation and management of the Fund. The table below provides certain
information about the Fund's Trustees and Officers. The mailing address for the
Trustees and Officers of the Fund is 150 Federal Street, Boston, MA 02110-1745.

The Fund's Statement of Additional Information (SAI) contains additional
information about the Trustees. To request a free copy, call the Fund at
800-225-6704 or visit our website at www.northeastinvestors.com.

<table>
<s>                     <c>                     <c>                     <c>                     <c>

                                                                                Principal Occupation(s)
                                                                                During the Past Five Years/and
Name/Age/Service*                       Position                                Other Directorships
- -----------------                       --------                                ------------------------------

                                        Affiliated Trustees and Fund Officers

Williams A. Oates, Jr.                  Trustee and                             Trustee and President of Northeast
Age: 66                                 President                               Investors Growth Fund; President and
Years of Service: 27                                                            Director of Northeast Investment
                                                                                Management, Inc.

Ernest E. Monrad                        Trustee                                 Trustee of Northeast Investors Trust;
Age: 78                                                                         Director of New America High Income
Years of Service: 27                                                            Fund, Inc.


Gordon C. Barrett                       Executive Vice                          Chief Financial Officer of Northeast
Age: 51                                 President, Chief                        Investors Growth Fund, Chief Financial
Years of Service: 14                    Financial Officer,                      Officer of Northeast Investors Trust, and
                                        and Chief                               Officer of Northeast Investment
                                        Compliance Officer                      Management, Inc.


Robert B. Minturn                       Trustee, Clerk, Vice                    Officer of Northeast Investors Trust;
Age: 69                                 President, and                          Trustee and Officer of Northeast
Years of Service: 27                    Chief Legal Officer                     Investors Growth Fund; Officer of
                                                                                Northeast Investment Management, Inc.


                                        Independent Trustees

John C. Emery                           Trustee                                 Partner, Law Firm of Sullivan &
Age: 77                                                                         Worcester
Years of Service: 27

Michael Baldwin                         Trustee                                 Partner, Baldwin Brothers, Registered
Age: 67                                                                         Investment Advisor
Years of Service: 8

F. Washington Jarvis                    Trustee                                 Headmaster Emeritus at Roxbury Latin
Age: 69                                                                         School
Years of Service: 4

* The Trustees serve until their resignation or the appointment of a successor and the
officers serve at the pleasure of the Trustees.
</table>


Board Approval of Investment Advisory Contract

At its meeting held on May 21, 2008, the Board of Trustees of the Fund,
including the Independent Trustees voting separately, voted to extend the Fund's
investment management agreement with Northeast Management & Research Company,
Inc. (the "Investment Adviser").

The Investment Adviser presented detailed information to the Board requested by
the Independent Trustees. Such information included (i) information confirming
the financial condition of the Investment Adviser and the Investment Adviser's
profitability derived from its relationship with the Fund; (ii) a description
of the personnel and services provided by the Investment Adviser; (iii)
comparative information on investment performance; and (iv) information
regarding brokerage and portfolio transactions.

The Board reviewed and discussed financial information provided by the
Investment Adviser and the Investment Adviser's profitability derived from its
relationship with the Fund. Specifically, the Board reviewed and considered a
profit contribution analysis of the Investment Adviser showing its fees, income,
and expenses in connection with the Fund and the methodology used in the
analysis. The Board determined that the Investment Adviser is solvent and
sufficiently well capitalized to perform the ongoing responsibilities to the
Fund and to satisfy its obligations under the Act and the advisory agreement.

The Board reviewed the advisory fee and the effective investment advisory fee
rate paid by the Fund and the appropriateness of such advisory fee. The Board
reviewed and considered any economies of scale realized by the Fund and how the
current advisory fee for the Fund reflects the economies of scale for the
benefit of the shareholders of the Fund.

The Board also reviewed and considered the fees or other payments received by
the Investment Adviser. Specifically, the Board reviewed and considered
comparison of fees charged by investment advisers to fund peers of the Fund.
The Board also considered and reviewed information regarding brokerage.

The Board reviewed and considered the qualifications of the current and
anticipated portfolio managers to manage the portfolio of the Fund, including
their history managing investments generally and growth oriented investments in
particular, as well as the background and expertise of the key personnel and
amount of time they would be able to devote to the affairs of the Fund. The
Board concluded, in light of the particular requirements of the Fund, that it
was satisfied with the professional qualifications and overall commitment to
the Fund of the anticipated portfolio management team.

The Board considered the nature, extent and quality of services rendered to the
Fund by the Investment Adviser and the investment performance of the Fund based
on the data provided which included comparisons with index data and data
concerning performance relative to other funds with generally similar objectives
and management policies. The Board determined that in light of the data taken as
a whole and the nature of the investment program of the Fund, the investment
performance was reasonable and acceptable. The Board discussed the Investment
Adviser's profitability, and it was noted that the profitability percentage was
within ranges generally determined to be reasonable, given the services rendered
and the Fund's performance and services provided. The Board concluded that the
Fund's fees paid to the Investment Adviser were reasonable in light of
comparative performance and advisory fee information, costs of the services
provided and profits to be realized and benefits derived by the Investment
Adviser from the relationship with the Fund.


Trustees
- -------------------------------------------------------------------------------
William A. Oates, Jr.                                   John C. Emery
Ernest E. Monrad                                        Michael Baldwin
Robert B. Minturn                                       F. Washington Jarvis

Officers
- -------------------------------------------------------------------------------
William A. Oates, Jr., President
Gordon C. Barrett, Senior Vice President, Chief Financial Officer & Chief
Compliance Officer
Ernest E. Monrad, Assistant Treasurer
Robert B. Minturn, Vice President, Clerk & Chief Legal Officer
Richard J. Semple, Vice President
Bruce H. Monrad, Vice President
David A. Randall, Vice President
John F. Francini, Vice President
Nancy M. Mulligan, Vice President

Investment Advisor
- -------------------------------------------------------------------------------
Northeast Management & Research Company, Inc.
150 Federal Street
Boston, Massachusetts 02110

Custodian
- -------------------------------------------------------------------------------
State Street Bank & Trust Company
200 Clarendon Street
Boston, Massachusetts 02111

Legal Counsel
- -------------------------------------------------------------------------------
Mintz, Levin, Cohn, Ferris, Glovsky
and Popeo, P.C.
One Financial Center
Boston, Massachusetts 02111

Transfer Agent
- -------------------------------------------------------------------------------
Northeast Investors Growth Fund
150 Federal Street
Boston, Massachusetts 02110

This report is prepared for the information of the shareholders of Northeast
Investors Growth Fund and must not be given to others unless preceded or
accompanied by a copy of the current Prospectus by which all offerings of the
Fund shares are made. It should be noted in reading this report and the letter
to shareholders that the record of past performance is not a representation as
to the Fund's future performance, and that the Fund's investments are subject to
market risks.

For a free copy of the Fund's proxy voting guidelines and proxy
voting record visit www.northeastinvestors.com/growth/proxypolicy.stm, call
1-800-225-6704 or visit the Securities and Exchange Commission (SEC)'s website
at www.sec.gov.

Shares of the Fund are sold to investors at net asset value by

                        Northeast Investors Growth Fund
                               150 Federal Street
                          Boston, Massachusetts 02110
                          800-225-6704 * 617-523-3588
                           www.northeastinvestors.com




Item 2. Code of Ethics.

Not applicable for semi-annual report.



Item 3. Audit Committee Financial Expert.

Not applicable for semi-annual report.



Item 4. Principal Accountant Fees and Services.

Not applicable for semi-annual report.



Item 5. Audit Committee of Listed Registrants.

Not applicable to the registrant.


Item 6. Schedule of Investments

Included as part of Item 1 above.


Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End
Management Investment Companies.

Not applicable to the registrant.

Item 8.  Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to the registrant.


Item 9.    Purchase of Equity Securities by Closed-End Management Company and
Affiliated Purchasers

Not applicable to the registrant.

Item 10.  Submission of Matters to a Vote of Security Holders.

The registrant has not adopted procedures for the submission of nominees for
Trustee.


Item 11. Controls and Procedures.

(a)      The  registrant's  principal  executive and  financial  officers,
after  evaluating  the  effectiveness  of the  registrant's disclosure  controls
and procedures (as defined in Rule 30a-2(c) under the Investment  Company Act of
1940, as amended), have concluded that, based on such  evaluation,  the
registrant's disclosure controls and procedures were effective as of a date
within 90 days of the filing of this report.

(b)      The  registrant's  principal  executive  officer and principal
financial  officer are aware of no changes in the registrant's internal  control
over  financial  reporting  that occurred  during the  registrant's  most
recent fiscal  half-year  that has materially  affected,  or is  reasonably
likely to  materially  affect,  the  registrant's  internal  control over
financial reporting.


Item 12. Exhibits.

(a)      99.CERT Separate  certifications by the registrant's principal
executive officer and principal financial officer,  pursuant to Section 302 of
the  Sarbanes-Oxley  Act of 2002 and required by Rule 30a-2(a)  under the
Investment  Company Act of 1940, are attached.

(b)      99.906CERT A certification  by the registrant's  principal  executive
officer and principal  financial  officer,  pursuant to Section 906 of the
Sarbanes-Oxley  Act of 2002 and required by Rule  30a-2(b)  under the
Investment  Company Act of 1940, is attached.


                                   SIGNATURES

Pursuant to the  requirements  of the Securities  Exchange Act of 1934 and the
Investment  Company Act of 1940, the registrant has duly caused this report to
be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant)      Northeast Investors Growth Fund

By (Signature and Title)
                                    William A. Oates, Jr.
                                    President
                                    (principal executive officer)

Date: September 5, 2008


By (Signature and Title)
                                    Gordon C. Barrett
                                    Chief Financial Officer
                                    (principal financial officer)

Date: September 5, 2008


Pursuant to the  requirements  of the  Securities  Exchange Act of 1934 and the
Investment  Company Act of 1940,  this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.

By (Signature and Title)
                                    William A. Oates, Jr.
                                    President
                                    (principal executive officer)

Date: September 5, 2008


By (Signature and Title)
                                    Gordon C. Barrett
                                    Chief Financial Officer
                                    (principal financial officer)

Date: September 5, 2008


  Exhibit 99.CERT

         Certification Pursuant to Section 302 of the Sarbanes-Oxley Act

I, William A. Oates, Jr., certify that:

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 financial
information included in this report,  fairly present in all material respects
the financial  condition,  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, and for, the periods presented in this
report;

4. The  registrant's  other  certifying  officer(s) 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) 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  registrant's  most
recent fiscal  half-year (the  registrant's  second fiscal  half-year in the
case of an annual 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(s) 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.



Date: September 5, 2008
                                            William A. Oates, Jr.
                                            President
                                            (principal executive officer)





         Certification Pursuant to Section 302 of the Sarbanes-Oxley Act

I, Gordon C. Barrett, certify that:

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 financial
information included in this report,  fairly present in all material respects
the financial  condition,  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, and for, the periods presented in this
report;

4. The  registrant's  other  certifying  officer(s) 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) 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  registrant's  most
recent fiscal  half-year (the  registrant's  second fiscal  half-year in the
case of an annual 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(s) 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.


Date: September 5, 2008
                                            Gordon C. Barrett
                                            Chief Financial Officer
                                            (principal financial officer)




  Exhibit 99.906CERT

     Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

Pursuant to section 906 of the  Sarbanes-Oxley  Act of 2002  (subsections  (a)
and (b) of section 1350,  chapter 63 of title 18, United States Code), each of
the undersigned  officers of Northeast Investors Growth Fund, a Massachusetts
business trust (the "Registrant"), does hereby certify, to such officer's
knowledge, that:

The  report on Form N-CSR for the period  ended  June 30, 2008 of the
Registrant  (the "Form  N-CSR")  fully  complies  with the requirements  of
Section  13(a) or 15(d) of the  Securities  Exchange Act of 1934,  and the
information  contained in the N-CSR fairly presents, in all material respects,
the financial condition and results of operations of the Registrant.



Dated:  September 5, 2008
                                            William A. Oates, Jr.
                                            President
                                            (Principal Executive Officer)


Dated:  September 5, 2008
                                            Gordon C. Barrett
                                            Chief Financial Officer
                                            (Principal Financial Officer)

The foregoing  certification  is being  furnished  solely  pursuant to section
906 of the  Sarbanes-Oxley  Act of 2002 and is not being filed as a separate
disclosure document.

A signed  original of this written  statement  required by Section 906 has been
provided to the  Registrant and will be retained by the Registrant and
furnished to the Securities and Exchange Commission or its staff upon request.