|
|
|
Northeast Investors Growth Fund
|
|
Statements of Changes in Net Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended
December 31, 2013
|
|
|
Year Ended
December 31, 2012
|
|
|
|
|
|
|
INCREASE IN NET ASSETS FROM OPERATIONS:
|
|
|
|
|
|
|
|
|
Net investment income
|
|
$
|
165,023
|
|
|
$
|
338,155
|
|
Net realized gain on investment transactions
|
|
|
14,905,010
|
|
|
|
6,455,280
|
|
Net change in unrealized appreciation on investments
|
|
|
2,267,102
|
|
|
|
2,432,183
|
|
|
|
Net Increase in Net Assets Resulting from Operations
|
|
|
17,337,135
|
|
|
|
9,225,618
|
|
|
|
|
|
|
DISTRIBUTIONS TO SHAREHOLDERS:
|
|
|
|
|
|
|
|
|
From net investment income
|
|
|
(298,442
|
)
|
|
|
(408,312
|
)
|
From net realized gains on investments
|
|
|
(13,455,146
|
)
|
|
|
(6,012,636
|
)
|
|
|
Net Decrease in Net Assets from Distributions
|
|
|
(13,753,588
|
)
|
|
|
(6,420,948
|
)
|
|
|
|
|
|
FUND SHARE TRANSACTIONS:
|
|
|
|
|
|
|
|
|
Proceeds from sale of shares
|
|
|
829,656
|
|
|
|
1,261,243
|
|
Reinvestment of distributions
|
|
|
12,082,964
|
|
|
|
5,731,017
|
|
Cost of shares redeemed
|
|
|
(13,457,555
|
)
|
|
|
(12,972,016
|
)
|
|
|
Net Decrease in Net Assets from Fund Share Transactions
|
|
|
(544,935
|
)
|
|
|
(5,979,756
|
)
|
|
|
|
|
|
Net Increase / (Decrease) in Net Assets
|
|
|
3,038,612
|
|
|
|
(3,175,086
|
)
|
|
|
|
NET ASSETS:
|
|
|
|
|
|
|
|
|
Beginning of year
|
|
|
73,015,599
|
|
|
|
76,190,685
|
|
|
|
|
|
|
End of year*
|
|
$
|
76,054,211
|
|
|
$
|
73,015,599
|
|
|
|
|
|
|
*Includes accumulated undistributed net investment income:
|
|
$
|
|
|
|
$
|
47,719
|
|
|
|
|
See accompanying notes which are an integral part of these financial statements.
|
Annual Report | December 31, 2013
|
|
13
|
|
|
|
Northeast Investors Growth Fund
|
|
|
|
|
|
|
|
|
NET ASSET VALUE, BEGINNING OF YEAR INVESTMENT OPERATIONS:
|
Net investment income
(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 YEAR
|
|
|
TOTAL RETURN
(b)
|
|
RATIOS AND SUPPLEMENTAL DATA:
|
|
Net assets, end of year (in 000s)
|
Ratio to average daily net assets:
|
Expenses
|
Net investment income
|
PORTFOLIO TURNOVER RATE
|
(a)
|
Average share method used to calculate per share data.
|
(b)
|
Total return represents the rate that the investor would have earned or lost on an investment in the Fund, assuming reinvestment of dividends.
|
|
|
|
See accompanying notes which are an integral part of these financial statements.
|
14
|
|
www.northeastinvest.com
|
|
|
|
|
|
Financial Highlights
|
|
|
For a share outstanding through the years presented
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2013
|
|
|
2012
|
|
|
2011
|
|
|
2010
|
|
|
2009
|
|
|
|
|
|
$16.67
|
|
|
$
|
16.22
|
|
|
$
|
17.60
|
|
|
$
|
15.15
|
|
|
$
|
11.74
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
0.04
|
|
|
|
0.08
|
|
|
|
0.02
|
|
|
|
0.01
|
|
|
|
0.02
|
|
|
4.23
|
|
|
|
1.94
|
|
|
|
(1.40
|
)
|
|
|
2.47
|
|
|
|
3.39
|
|
|
|
|
|
4.27
|
|
|
|
2.02
|
|
|
|
(1.38
|
)
|
|
|
2.48
|
|
|
|
3.41
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(0.08)
|
|
|
|
(0.10
|
)
|
|
|
|
|
|
|
(0.03
|
)
|
|
|
|
|
|
(3.60)
|
|
|
|
(1.47
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3.68)
|
|
|
|
(1.57
|
)
|
|
|
|
|
|
|
(0.03
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$17.26
|
|
|
$
|
16.67
|
|
|
$
|
16.22
|
|
|
$
|
17.60
|
|
|
$
|
15.15
|
|
|
|
|
|
|
|
|
|
|
26.11%
|
|
|
|
12.42%
|
|
|
|
-7.84%
|
|
|
|
16.38%
|
|
|
|
29.05%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$76,054
|
|
|
$
|
73,016
|
|
|
$
|
76,191
|
|
|
$
|
93,264
|
|
|
$
|
92,364
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1.23%
|
|
|
|
1.38%
|
|
|
|
1.40%
|
|
|
|
1.39%
|
|
|
|
1.60%
|
|
|
0.22%
|
|
|
|
0.44%
|
|
|
|
0.14%
|
|
|
|
0.03%
|
|
|
|
0.16%
|
|
|
82%
|
|
|
|
36%
|
|
|
|
49%
|
|
|
|
15%
|
|
|
|
36%
|
|
|
|
|
Annual Report | December 31, 2013
|
|
15
|
|
|
|
Northeast Investors Growth Fund
|
|
Notes to Financial Statements
|
|
|
December 31, 2013
|
NOTE AORGANIZATION
Northeast Investors Growth Fund (the
Fund) is a diversified, no-load, open-end, series-type 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 Funds objective is to produce long-term capital appreciation for its shareholders. The Fund maintains a flexible
investment policy which primarily targets common stocks of large domestic companies. The Fund emphasizes well-known companies which it believes to have strong management, solid financial fundamentals and which are established leaders in their
industries. The Fund generally invests in companies with market capitalizations in excess of $10 billion.
NOTE BSIGNIFICANT ACCOUNTING POLICIES
Significant accounting policies of the Fund,
which are in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP) are as follows:
Use of Estimates:
The preparation of financial statements in conformity with U.S. GAAP 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.
Valuation of Investments:
Investments in securities traded on national securities
exchanges are valued based upon closing prices on the exchanges or last sales price. 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, which approximates market value 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 or are deemed unreliable (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. Methodologies and factors used to determine fair value of securities may include, but are not
limited to, contractual restrictions, information of any recent sales, the analysis of the companys financial statements, quotations or evaluated prices from broker-dealers and/or pricing services and information obtained from analysts. 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 its
portfolio, generally at 4:00 p.m. EST. 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 December 31,
2013 there were no securities priced at fair value as determined in good faith.
Investment
Transactions:
Investment transactions are accounted for as of trade date. Realized gains and losses on investment transactions are determined on the identified cost basis.
|
|
|
16
|
|
www.northeastinvest.com
|
|
|
|
Northeast Investors Growth Fund
|
|
Notes to Financial Statements
|
|
|
December 31, 2013
|
Investment Income:
Interest income is
recognized on an accrual basis. Dividend income is recorded on the ex-dividend date, net of applicable withholding taxes.
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 of 1986, as amended, and its policy is
to distribute substantially all of its taxable income, including net realized capital gains, within the prescribed time periods.
As of and during
the year ended December 31, 2013, management of the Fund does not believe there are unrecognized tax benefits. The Fund recognized interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statement of
Operations. During the year ended, the Fund did not incur any interest or penalties. The Fund is subject to examination by U.S. federal tax authorities for tax years 2010 through 2013.
Dividends and Distributions to Shareholders:
Income and capital gain distributions are
determined in accordance with income tax regulations which may differ from U.S. GAAP. Permanent book and tax differences relating to shareholder distributions will result in reclassifications to paid-in capital. The Funds distributions and
dividend income are recorded on the ex-dividend date.
Indemnification:
In the normal
course of business, the Fund may enter into contracts that contain general indemnification clauses. The Funds maximum exposure under these arrangements is unknown, as this would involve future claims against the Fund that have not yet
occurred. Based on experience, the Fund expects the risk of loss to be remote.
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.
Concentration of Credit Risk:
The Fund places its cash with one banking institution, which is insured by Federal Deposit Insurance Corporation (FDIC). The FDIC limit is $250,000. At various times
throughout the year, the amount on deposit may exceed the FDIC limit and subject the Fund to a credit risk. The Fund does not believe that such deposits are subject to any unusual risk associated with investment activities.
Subsequent Events:
In accordance with U.S. GAAP, management has evaluated subsequent
events through the date these financial statements were issued. All subsequent events determined to be relevant and material to these financial statements as a whole have been accordingly disclosed.
NOTE CFUND ADMINISTRATION, ACCOUNTING, TRANSFER AGENCY, SHAREHOLDER SERVICING AND OTHER AGREEMENTS
ALPS Fund Services, Inc. (ALPS)
serves as Fund administrator for which it is compensated by the Fund. ALPS also serves as fund accountant, transfer agent and shareholder servicing agent. ALPS carries out all functions related to the maintenance of shareholder accounts, acquisition
and redemption of shares and mailings to shareholders. ALPS also determines the Funds Net Asset Value.
Prior to December 2, 2013 State
Street Bank & Trust Company acted as Custodian for the Fund. Effective December 2, 2013 the Fund appointed Union Bank to act as custodian of portfolio securities and other assets.
|
|
|
Annual Report | December 31, 2013
|
|
17
|
|
|
|
Northeast Investors Growth Fund
|
|
Notes to Financial Statements
|
|
|
December 31, 2013
|
NOTE DINVESTMENT ADVISORY AND SERVICE CONTRACT
Northeast Management & Research Company,
Inc. (NMR) provides the Fund with the services of a Chief Compliance Officer and anti-money laundering officer. The Fund has an investment advisory and service contract with NMR (the Advisor). Under the contract, the Fund
pays the Advisor an annual fee at a maximum rate of 1.00% of the first $10,000,000 of the Funds average daily net assets, 3/4 of 1.00% of the next $20,000,000 and 1/2 of 1.00% 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.
Under the Funds 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 Funds organization. Compensation
to officers of the Fund or Advisor for services rendered to the Fund or to the Advisor are paid by the Advisor. Messrs. John C. Emery, Michael Baldwin, and F. Washington Jarvis, the Funds disinterested Trustees, are not officers or directors
of the Advisor. The compensation of all disinterested Trustees of the Fund is borne by the Fund.
NOTE EPURCHASES AND SALES OF INVESTMENTS
The cost of purchases and proceeds from
sales of investments, other than short-term securities, aggregated $61,297,858 and $75,317,480, respectively, for the year ended December 31, 2013.
NOTE
FFUND SHARE TRANSACTIONS
Transactions in shares of beneficial interest for the years ended were as follows:
|
|
|
|
|
|
|
|
|
|
|
12/31/2013
|
|
|
12/31/2012
|
|
|
|
|
|
|
Shares sold
|
|
|
46,216
|
|
|
|
70,793
|
|
Shares reinvested
|
|
|
715,816
|
|
|
|
341,946
|
|
Shares redeemed
|
|
|
(734,696)
|
|
|
|
(730,484)
|
|
|
|
|
|
|
Net increase/(decrease) in shares outstanding
|
|
|
27,336
|
|
|
|
(317,745)
|
|
|
|
|
|
|
NOTE GLINE 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. In addition the Fund pays a commitment fee
of 0.125% 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 banks option at the annual renewal date. During the year ended December 31, 2013,
interest expense related to the line of credit was $14,381.
The following information relates to aggregate short-term borrowings during the year ended December
31, 2013:
|
|
|
|
|
Average amount outstanding (total of daily outstanding principal balances divided by number of days with debt outstanding during the period)
|
|
$
|
1,785,212
|
|
Weighted average interest rate
|
|
|
1.38%
|
|
As of November 29, 2013 the Fund terminated the existing line of credit.
|
|
|
18
|
|
www.northeastinvest.com
|
|
|
|
Northeast Investors Growth Fund
|
|
Notes to Financial Statements
|
|
|
December 31, 2013
|
NOTE HTAX BASIS INFORMATION
For the year ended December 31, 2013, the
following reclassifications, which had no impact on results of operations or net assets, were recorded to reflect tax character:
|
|
|
|
|
Paid-in Capital
|
|
$
|
|
|
Accumulated Net Investment Income
|
|
|
85,700
|
|
Accumulated Net Realized Loss on Investments
|
|
|
(85,700)
|
|
The tax character of distributions paid for the years ended December 31, 2013 and December 31, 2012 were as follows:
|
|
|
|
|
|
|
|
|
Distributions Paid From:
|
|
2013
|
|
|
2012
|
|
|
|
Ordinary Income
|
|
|
$ 377,970
|
|
|
|
$ 1,420,417
|
|
Long Term Capital Gains
|
|
|
13,375,618
|
|
|
|
6,012,636
|
|
|
|
Total
|
|
|
$ 13,753,588
|
|
|
|
$ 6,420,948
|
|
|
|
As of December 31, 2013 the components of accumulated earnings on a tax basis were as follows:
|
|
|
|
|
|
|
Accumulated net realized gain on investments
|
|
$
|
1,420,417
|
|
Net unrealized appreciation on investments
|
|
|
19,591,027
|
|
|
|
Total accumulated earnings - net
|
|
$
|
21,011,444
|
|
|
|
At December 31, 2013 the Funds aggregate security unrealized gains and losses based on cost for U.S. federal
income tax purposes was as follows:
|
|
|
|
|
|
|
|
|
|
|
|
Cost of investments for income tax purposes
|
|
$
|
55,479,655
|
|
|
|
Aggregate Gross appreciation
|
|
$
|
19,766,994
|
|
Aggregate Gross depreciation
|
|
|
(175,967
|
)
|
|
|
Net unrealized appreciation
|
|
$
|
19,591,027
|
|
|
|
NOTE IREPURCHASE 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 Funds 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. As of November 29, 2013 the Fund ended its participation in the existing Repurchase Agreement.
NOTE JSECURITIES 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 December 31,
2013, no securities were loaned and the value
|
|
|
Annual Report | December 31, 2013
|
|
19
|
|
|
|
Northeast Investors Growth Fund
|
|
Notes to Financial Statements
|
|
|
December 31, 2013
|
no collateral was received. During the year ended December 31, 2013, income from securities lending amounted to $4,225. As of November 29, 2013 the Fund ended its participation in securities
lending.
NOTE KFAIR VALUE MEASUREMENTS
Accounting Standards Codification ASC 820, Fair Value Measurements and Disclosures (ASC 820) established a fair value hierarchy that
distinguishes between market data obtained from independent sources (observable inputs) and the Funds own market assumptions (unobservable inputs). The inputs or methodologies used for valuing securities are not necessarily an indication of
the risk associated with investing in those securities. The various inputs that may be used to determine the value of the Funds investments are summarized in the following fair value hierarchy:
|
|
|
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 Funds 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.
|
The availability of observable inputs can vary from security to security and is affected by a wide variety of factors,
including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or
inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.
An investment level within the fair value hierarchy is based on the lowest level input, individually or in the aggregate, that is significant to fair
value measurement. The valuation techniques used by the Fund to measure fair value during the year ended December 31, 2013 maximized the use of observable inputs and minimized the use of unobservable inputs.
The following table summarizes the Funds investments as of December 31, 2013, based on the inputs used to value them.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
Total
|
|
|
|
Common Stocks
|
|
|
$ 75,070,682
|
|
|
|
$
|
|
|
|
$
|
|
|
|
$ 75,070,682
|
|
|
|
TOTAL
|
|
|
$ 75,070,682
|
|
|
|
$
|
|
|
|
$
|
|
|
|
$ 75,070,682
|
|
|
|
For the year ended December 31, 2013, there have been no significant changes to the Funds fair value
methodologies. Additionally, there were no transfers into or out of Levels 1 and 2 during the year ended December 31, 2013. It is the Funds policy to recognize transfers at the end of the reporting period.
For the year ended December 31, 2013, the Fund did not have significant unobservable inputs (Level 3) used in determining fair value.
|
|
|
20
|
|
www.northeastinvest.com
|
|
|
|
Northeast Investors Growth Fund
|
|
Report of Independent Registered
Public Accounting Firm
|
To the Shareholders and Board of Trustees of
Northeast Investors Growth Fund
We have audited the accompanying
statement of assets and liabilities of Northeast Investors Growth Fund (a Massachusetts trust) (the Fund), including the schedule of investments, as of December 31, 2013, and the related statements of operations for the year then ended
and changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the two years in the period then ended. These financial statements and financial highlights are the responsibility of the
Funds management. Our responsibility is to express an opinion on these financial statements based on our audits. The financial highlights for each of the preceding three years in the period ended December 31, 2011, were audited by other
auditors. Those auditors expressed an unqualified opinion on those financial highlights in their report dated February 27, 2012.
We conducted our
audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of
material misstatement. We were not engaged to perform an audit of the Companys internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures
that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining,
on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation.
Our procedures included confirmation of securities owned as of December 31, 2013, by correspondence with the custodian. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of
Northeast Investors Growth Fund as of December 31, 2013, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the two
years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.
Boston, Massachusetts
February 27, 2014
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Annual Report | December 31, 2013
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21
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Northeast Investors Growth Fund
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Additional Information
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December 31, 2013 (Unaudited)
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1. PROXY VOTING POLICIES AND VOTING RECORD
A description of the policies and procedures
that the Fund uses to vote proxies relating to portfolio securities is available without charge upon request by calling toll-free 1-855-755-6344, on the Funds website at www.northeastinvest.com/growthfund/proxypolicy.shtml or on the Securities
and Exchange Commissions (SEC) website at http://www.sec.gov. Information regarding how the Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, 2013, is available without
charge upon request by calling toll-free 1-855-755-6344, or on the SECs website at http://www.sec.gov.
2. QUARTERLY PORTFOLIO HOLDINGS
The Fund files a complete listing of
portfolio holdings with the SEC as of the first and third quarters of each fiscal year on Form N-Q. The filings are available upon request by calling 1-855-755-6344. Furthermore, you may obtain a copy of the filing on the SECs website at
http://www.sec.gov. The Funds Form N-Q may also be reviewed and copied at the SECs Public Reference Room in Washington, D.C., and information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.
3. TAX INFORMATION (UNAUDITED)
The Fund designates the following for federal income tax purposes for distributions made during the calendar year ended December 31, 2013:
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Fund
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Dividends Received Deduction
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Qualified Dividend Income
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Northeast Investors Growth Fund
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84.92%
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84.92%
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The Fund will notify shareholders in early 2014 of amounts paid to them by the Fund, if any, during the calendar year
2013.
Pursuant to Section 852(b)(3) of the Internal Revenue Code, Northeast Investor Growth Fund designated $13,375,618 as long-term capital gain
dividends.
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22
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www.northeastinvest.com
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