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SIGNATURE WILLIAM A. OATES, JR
TITLE TRUSTEE
REPORT OF INDEPENDENT ACCOUNTANTS
To the Board of Trustees and Shareholders
of Northeast Investors Growth Fund:
In planning and performing our audits of the financial statements and
financial highlights of Northeast Investors Growth Fund (the "Fund") for the
year ended December 31, 1996, we considered the Fund's internal control
structure, including procedures for safeguarding securites, in order to
determine our auditing procedures for the purpose of expressing our opinion on
the financial statements and financial highlights and to comply with the
requirements of Form N-Sar, not to provide assurance on the
internal control structure.
The Fund's management is responsible for establishing and maintaining an
internal control structure. In fulfilling this responsibility, estimates and
judgments by management are required to assess the expected benefits and
related costs of internal control structure policies and procedures.
Two of the objectives of an internal control structure are to provide
management with reasonable, but not absolute,assurance that assets are
safeguarded against loss from unauthorized use or disposition and that
transactions are executed in accordance with management's authorization and
recorded properly to permit preparation of financial statements in conformity
with generally accepted accounting principles.
Because of inherent limitations in any internal control structure, errors
or irregularities may occur and not be detected. Also, projection of any
evaluation of the structure to future periods is subject to the risk that it
may become inadequate because of changes in conditions or that the effect-
iveness of the design and operation may deteriorate.
Our consideration of the internal control structure would not necessarily
disclose all matters in the internal control structure that might be material
weaknesses under standards established by the American Institute of Certified
Public Accountants. A material weakness is a condition in which thedesign or
operation of the specific internal control structure elements does not reduce
to a relatively low level the risk that errors or irregularities in amounts
that would be material in relation to the financial statements and financial
highlights being audited may occur and not be detected within a timely period
by employess in the normal course of performing their assigned functions.
However, we noted no matters involving the internal control structure,
including procedures for safeguarding securities, that we consider to be
material weaknesses, as defined above, as of December 31, 1996.
This report is intended solely for the information and use of the
Fund's management and the Securities and Exchange Commission.
Coopers & Lybrand L.L.P.
Boston, Massachusetts
January 24, 1997
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