# EDGAR Filing Document

**Accession Number:** 0001002537
**File Stem:** 0000894189-25-013685
**Filing Date:** 2025-11
**Character Count:** 46770
**Document Hash:** a724b18ca2a5464bf1c344450738032c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-25-013685.hdr.sgml**: 20251117

**ACCESSION NUMBER**: 0000894189-25-013685

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 3

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251117

**DATE AS OF CHANGE**: 20251117

**PERIOD START**: 20251231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** NEEDHAM FUNDS INC
- **CENTRAL INDEX KEY:** 0001002537

**ORGANIZATION NAME:**
- **EIN:** 133865553
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-09114
- **FILM NUMBER:** 251489706

**BUSINESS ADDRESS:**
- **STREET 1:** 250 PARK AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10177
- **BUSINESS PHONE:** 2123718300

**MAIL ADDRESS:**
- **STREET 1:** 250 PARK AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10177

## Series and Classes Contracts Data

### Needham Small Cap Growth Fund (Series ID: S000003816)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000010645 | Retail Class        | NESGX           |
| C000176577 | Institutional Class | NESIX           |

## Nport-Ex

*Needham Funds*

#### Notes to Schedule of Investments (Unaudited)
*September 30, 2025*

1. **Organization** 

Needham Growth Fund ("NGF"), Needham Aggressive Growth Fund ("NAGF") and Needham Small Cap Growth Fund ("NSCGF") (each, a "Portfolio" and collectively, the "Portfolios"), are portfolios of The Needham Funds, Inc. (the "Company"), which is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as a diversified, open-end management investment company. The Company was organized as a Maryland corporation on October 12, 1995. NGF, NAGF, and NSCGF each currently offer two classes, the Retail Class and the Institutional Class. The Institutional Class commenced operations on December 30, 2016.

Each Portfolio is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 "Financial Services – Investment Companies."

2. **Significant Accounting Policies** 

The following is a summary of significant accounting policies followed by the Company in the preparation of its financial statements. These policies are in conformity with accounting principles generally accepted in the United States of America ("GAAP").

*Security Valuation*: Portfolio securities for which market quotations are readily available are stated at the last sale price reported by the principal exchange for the security as of the exchange's close of business. Securities for which no sale has taken place during the day and securities which are not listed on an exchange are valued at the mean of the highest closing bid and lowest asked prices. Exchange traded options are valued at the last reported sale price on any exchange on which the option is principally traded. If no sales are reported on a particular day, the options will be valued at the mean between the highest closing bid and lowest asked prices across the exchanges where the option is traded. Non-exchange traded options will also be valued at the mean between the last bid and asked quotations. For options where market quotations are not readily available, value will be determined in accordance with the fair value procedures described below. All other securities and assets for which (a) market quotations are not readily available, such as in the case of a market or technical disruption that prevents the normal trading of a security held by a Portfolio, (b) market quotations are believed to be unrepresentative of fair market value, such as in the case of a thinly traded security, or (c) valuation is normally made at the last sale price on a foreign exchange and a significant event occurs after the close of that exchange but before the New York Stock Exchange closes, are valued at their fair value as determined in good faith by the Board of Directors (the "Board") in accordance with Fair Value Procedures established by the Board. The Company's Fair Value Procedures are implemented and monitored by a Fair Value Committee (the "Committee") designated by the Board. When a security is valued in accordance with the Fair Value Procedures, the Committee determines a value after taking into consideration any relevant information that is reasonably available to the Committee. Some of the more common reasons that may necessitate that a security be valued pursuant to these Fair Value Procedures include but are not limited to: the security's trading has been halted or suspended; the security has been delisted from a national exchange; the security's primary trading market is temporarily closed at a time when under normal conditions it would be open; or the security's primary pricing source is not able or willing to provide a price. The securities of each Portfolio may also be valued on the basis of valuations provided by a pricing service approved by, or on behalf of, the Board.

Portfolio securities listed or traded on securities exchanges, including American Depositary Receipts ("ADRs"), are valued at the closing price on the exchange or system where the security is principally traded or at the NASDAQ Official Closing Price. If there have been no sales for that day on the exchange or system, a security is valued at the mean of the highest closing bid and lowest asked prices on the exchange or system where the security is principally traded.

------

*Fair Value Measurements*: Valuation inputs used to determine the value of the Portfolios' investments are summarized in the three broad levels listed below:

Level 1 — Unadjusted quoted prices in active markets for identical assets and liabilities that the Funds have the ability to access.

Level 2 — Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument in an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

Level 3 — Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Funds' own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

The inputs or methodology used to value securities are not necessarily an indication of the risk associated with investing in those securities.

Portfolio securities listed or traded on securities exchanges, including ADRs, are valued at the closing price on the exchange or system where the security is principally traded or at the NASDAQ Official Closing Price. If there have been no sales for that day on the exchange or system, a security is valued at the mean of the highest closing bid and lowest asked prices on the exchange or system where the security is principally traded. These valuations are typically categorized as Level 1 in the fair value hierarchy.

In accordance with procedures adopted by the Board, fair value pricing may be used if events materially affecting the value of foreign securities occur between the times the exchange on which they are traded closes and the time the Portfolios' net asset values are calculated. These valuations are categorized as Level 2 in the fair value hierarchy.

The following is a summary categorization, as of September 30, 2025, of each Portfolio's investments based on the level of inputs utilized in determining the value of such investments:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Needham Growth Fund<sup>(2)</sup>** | **Needham Growth Fund<sup>(2)</sup>** | | | |
| **Assets <sup>(1)</sup>** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $147827484 | $- | $- | $**147827484** |
| Money Market Funds | 4432905 | - | - | **4432905** |
| **Total** | $**152260389** | $**-** | $**-** | $**152260389** |
| **Needham Aggressive Growth Fund<sup>(2)</sup>** | **Needham Aggressive Growth Fund<sup>(2)</sup>** |  |  |  |
| **Assets <sup>(1)</sup>** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $982915615 | $- | $- | $**982915615** |
| Real Estate Investment Trusts | 6187596 | - | - | **6187596** |
| Money Market Funds | 95656773 | - | - | **95656773** |
| **Total** | $**1084759984** | $**-** | $**-** | $**1084759984** |
| **Needham Small Cap Growth Fund<sup>(2)</sup>** | **Needham Small Cap Growth Fund<sup>(2)</sup>** |  |  |  |
| **Assets <sup>(1)</sup>** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $147049054 | $- | $- | $**147049054** |
| Money Market Funds | 4250397 | - | - | **4250397** |
| **Total** | $**151299451** | $**-** | $**-** | $**151299451** |

---

<sup>(1)</sup> *Please refer to the Schedule of Investments and Schedule of Securities Sold Short to view segregation by industry.*

<sup>(2)</sup> *As of September 30, 2025, Needham Growth Fund, Needham Aggressive Growth Fund, and Needham Small Cap Growth Fund did not hold Level 2 or Level 3 investments.*

3. Transactions with Affiliates

NAGF owned 5% or more of the voting securities of the following companies during the three months ended September 30, 2025. As a result, these companies are deemed to be affiliates of NAGF as defined by the 1940 Act. Transactions during the period in these affiliated companies were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Name**  | **Value at** <br> **January 1, 2025** | **Value of** <br> **Purchases** | **Value of Sales** | **Net Change in Unrealized Appreciation (Depreciation)** | **Net Realized** <br> **Gains (Losses)** | **Dividend** <br> **Income** | **Value at** <br> **September 30, 2025** | **Share Balance September 30, 2025** |
| Adams Resources & Energy, Inc.\* | $7172500 | $- | $(7220000) | $(1116404) | $1163904 | $- | - | - |
| Alpha Pro Tech, Ltd. | 3240125 | 110558 | - | (312208) | - | - | 3038475 | 635000 |
| Arteris, Inc. | 23793650 | 2949120 | - | 22230 | - | - | 26765000 | 2650000 |
| Asure Software, Inc. | 23477950 | 324316 | - | (3035766) | - | - | 20766500 | 2532500 |
| Comtech Telecommunications Corp.\* | 5934800 | - | (85491) | (2024289) | (130460) | - | 3694560 | 1432000 |
| Educational Development Corp. | 1328250 | - | (6636) | (217918) | (39696) | - | 1064000 | 800000 |
| FARO Technologies, Inc.\* | 24472400 | 438632 | (42857205) | (7096561) | 25042734 | - | - | - |
| Logility Supply Chain Solutions, Inc.\* | 20989952 | - | (26895772) | (692376) | 6598196 | (149352)\*\* | - | - |
| Matrix Service Co. | 16997400 | 193541 | - | 1578859 | - | - | 18769800 | 1435000 |
| Northern Technologies International Corp. | 7088995 | 970493 | (72200) | (2956404) | (96484) | 42040 | 4934400 | 640000 |
| Oil-Dri Corp of America | 24539200 | 822868 | - | 9644372 | - | 174065 | 35006440 | 573500 |
| Precision Optics Corp, Inc. | 2060550 | 1108885 | - | (124435) | - | - | 3045000 | 700000 |
| Research Solutions, Inc. | 11952000 | 755723 | - | (1144723) | - | - | 11563000 | 3100000 |
| Thinkific Labs, Inc.\* | 4160145 | 1736327 | - | (1369634) | - | - | 4526838 | 3150000 |
| ThredUp, Inc. | 8850825 | 15738 | (5358688) | 46884355 | 3236520 | - | 53628750 | 5675000 |
| Unisys Corp. | 28326750 | 456145 | (1292984) | (9280922) | (1680009) | - | 16528980 | 4238200 |
|  | $214385492 | $9882346 | $(83788976) | $28758176 | $34094705 | $66753 | $203331743 |  |
| *\*&nbsp;&nbsp;&nbsp;&nbsp; This security was no longer affiliated as of September 30, 2025.* | *\*&nbsp;&nbsp;&nbsp;&nbsp; This security was no longer affiliated as of September 30, 2025.* | *\*&nbsp;&nbsp;&nbsp;&nbsp; This security was no longer affiliated as of September 30, 2025.* | *\*&nbsp;&nbsp;&nbsp;&nbsp; This security was no longer affiliated as of September 30, 2025.* | *\*&nbsp;&nbsp;&nbsp;&nbsp; This security was no longer affiliated as of September 30, 2025.* | *\*&nbsp;&nbsp;&nbsp;&nbsp; This security was no longer affiliated as of September 30, 2025.* | *\*&nbsp;&nbsp;&nbsp;&nbsp; This security was no longer affiliated as of September 30, 2025.* | *\*&nbsp;&nbsp;&nbsp;&nbsp; This security was no longer affiliated as of September 30, 2025.* |  |
| *\*\* Represents reclassification of 2024 dividends to return of capital based on information received from the issuer.* | *\*\* Represents reclassification of 2024 dividends to return of capital based on information received from the issuer.* | *\*\* Represents reclassification of 2024 dividends to return of capital based on information received from the issuer.* | *\*\* Represents reclassification of 2024 dividends to return of capital based on information received from the issuer.* | *\*\* Represents reclassification of 2024 dividends to return of capital based on information received from the issuer.* | *\*\* Represents reclassification of 2024 dividends to return of capital based on information received from the issuer.* | *\*\* Represents reclassification of 2024 dividends to return of capital based on information received from the issuer.* | *\*\* Represents reclassification of 2024 dividends to return of capital based on information received from the issuer.* | *\*\* Represents reclassification of 2024 dividends to return of capital based on information received from the issuer.* |

---

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **Needham Small Cap Growth Fund** | **Needham Small Cap Growth Fund** | **Needham Small Cap Growth Fund** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** |
| **COMMON STOCKS - 98.0%** | **Shares** | **Value**  |
| **Aerospace & Defense - 0.5%** | **Aerospace & Defense - 0.5%** | |
| Mercury Systems, Inc. <sup>(a)</sup> | 10000 | $774000 |
| **Automobile Components - 0.8%** | **Automobile Components - 0.8%** |  |
| Mobileye Global, Inc. - Class A <sup>(a)</sup> | 80000 | 1129600 |
| **Chemicals - 3.8%** | **Chemicals - 3.8%** |  |
| Aspen Aerogels, Inc. <sup>(a)</sup> | 810000 | 5637600 |
| **Communications Equipment - 11.5%** | **Communications Equipment - 11.5%** |  |
| ADTRAN Holdings, Inc. <sup>(a)</sup> | 1000000 | 9380000 |
| Calix, Inc. <sup>(a)</sup> | 5000 | 306850 |
| Comtech Telecommunications Corp. <sup>(a)</sup> | 100000 | 258000 |
| Extreme Networks, Inc. <sup>(a)</sup> | 40000 | 826000 |
| Harmonic, Inc. <sup>(a)</sup> | 600000 | 6108000 |
| KVH Industries, Inc. <sup>(a)</sup> | 68200 | 381920 |
|  |  | 17260770 |
| **Construction & Engineering - 1.4%** | **Construction & Engineering - 1.4%** |  |
| Centuri Holdings, Inc. <sup>(a)</sup> | 50000 | 1058500 |
| Everus Construction Group, Inc. <sup>(a)</sup> | 12500 | 1071875 |
|  |  | 2130375 |
| **Consumer Finance - 0.1%** | **Consumer Finance - 0.1%** |  |
| Figure Technology Solutions, Inc. - Class A <sup>(a)</sup> | 2429 | 88343 |
| **Diversified Consumer Services - 1.2%** | **Diversified Consumer Services - 1.2%** |  |
| Matthews International Corp. - Class A | 75500 | 1833140 |
| **Electrical Equipment - 2.4%** | **Electrical Equipment - 2.4%** |  |
| Generac Holdings, Inc. <sup>(a)</sup> | 11000 | 1841400 |
| Vicor Corp. <sup>(a)</sup> | 34050 | 1692966 |
|  |  | 3534366 |
| **Electronic Equipment, Instruments & Components - 18.6%** | **Electronic Equipment, Instruments & Components - 18.6%** |  |
| 908 Devices, Inc. <sup>(a)</sup> | 12000 | 105120 |
| Badger Meter, Inc. | 15000 | 2678700 |
| Cognex Corp. | 55000 | 2491500 |
| Insight Enterprises, Inc. <sup>(a)</sup> | 17000 | 1927970 |
| nLight, Inc. <sup>(a)(e)</sup> | 105000 | 3111150 |
| Rogers Corp. <sup>(a)</sup> | 60000 | 4827600 |
| TTM Technologies, Inc. <sup>(a)</sup> | 85000 | 4896000 |
| Vishay Intertechnology, Inc. | 354350 | 5421555 |
| Vishay Precision Group, Inc. <sup>(a)</sup> | 75000 | 2403750 |
|  |  | 27863345 |
| **Gas Utilities - 0.5%** | **Gas Utilities - 0.5%** |  |
| MDU Resources Group, Inc. | 45000 | 801450 |
| **Hotels, Restaurants & Leisure - 2.4%** | **Hotels, Restaurants & Leisure - 2.4%** |  |
| Genius Sports Ltd. (Guernsey) <sup>(a)</sup> | 30000 | 371400 |
| Vail Resorts, Inc. | 22000 | 3290540 |
|  |  | 3661940 |
| **IT Services - 2.9%** | **IT Services - 2.9%** |  |
| Akamai Technologies, Inc. <sup>(a)</sup> | 9000 | 681840 |
| Commerce.com, Inc. <sup>(a)</sup> | 425000 | 2120750 |
| Unisys Corp. <sup>(a)</sup> | 414800 | 1617720 |
|  |  | 4420310 |
| **Life Sciences Tools & Services - 2.9%** | **Life Sciences Tools & Services - 2.9%** |  |
| Bruker Corp. | 37500 | 1218375 |
| CryoPort, Inc. <sup>(a)</sup> | 278000 | 2635440 |
| Standard BioTools, Inc. <sup>(a)</sup> | 400000 | 520000 |
|  |  | 4373815 |
| **Machinery - 1.7%** | **Machinery - 1.7%** |  |
| Chart Industries, Inc. <sup>(a)</sup> | 12500 | 2501875 |
| **Professional Services - 1.1%** | **Professional Services - 1.1%** |  |
| Parsons Corp. <sup>(a)</sup> | 20000 | 1658400 |
| **Semiconductors & Semiconductor Equipment - 30.6%<sup>(b)</sup>** | **Semiconductors & Semiconductor Equipment - 30.6%<sup>(b)</sup>** |  |
| Allegro MicroSystems, Inc. <sup>(a)</sup> | 40000 | 1168000 |
| AXT, Inc. <sup>(a)</sup> | 268000 | 1203320 |
| Camtek Ltd. (Israel) <sup>(a)</sup> | 25000 | 2626250 |
| CEVA, Inc. <sup>(a)</sup> | 137500 | 3631375 |
| Cohu, Inc. <sup>(a)</sup> | 118000 | 2398940 |
| Entegris, Inc. | 15000 | 1386900 |
| FormFactor, Inc. <sup>(a)</sup> | 64000 | 2330880 |
| Ichor Holdings Ltd. (Cayman Islands) <sup>(a)</sup> | 120000 | 2102400 |
| Marvell Technology, Inc. | 18000 | 1513260 |
| MaxLinear, Inc. <sup>(a)</sup> | 155000 | 2492400 |
| MKS, Inc. | 20000 | 2475400 |
| PDF Solutions, Inc. <sup>(a)</sup> | 340000 | 8778800 |
| Penguin Solutions, Inc. <sup>(a)</sup> | 112500 | 2956500 |
| Photronics, Inc. <sup>(a)</sup> | 100000 | 2295000 |
| Power Integrations, Inc. | 32500 | 1306825 |
| SiTime Corp. <sup>(a)</sup> | 5000 | 1506550 |
| Ultra Clean Holdings, Inc. <sup>(a)</sup> | 45000 | 1226250 |
| Veeco Instruments, Inc. <sup>(a)</sup> | 150000 | 4564500 |
|  |  | 45963550 |
| **Software - 10.9%** | **Software - 10.9%** |  |
| Arteris, Inc. <sup>(a)</sup> | 675000 | 6817500 |
| Bentley Systems, Inc. - Class B | 30000 | 1544400 |
| Cleanspark, Inc. <sup>(a)</sup> | 20000 | 290000 |
| PROS Holdings, Inc. <sup>(a)</sup> | 170000 | 3894700 |
| Rapid7, Inc. <sup>(a)</sup> | 160000 | 3000000 |
| Tenable Holdings, Inc. <sup>(a)</sup> | 20000 | 583200 |
| Yext, Inc. <sup>(a)</sup> | 30000 | 255600 |
|  |  | 16385400 |
| **Technology Hardware, Storage & Peripherals - 2.3%** | **Technology Hardware, Storage & Peripherals - 2.3%** |  |
| Pure Storage, Inc. - Class A <sup>(a)</sup> | 10000 | 838100 |
| Super Micro Computer, Inc. <sup>(a)</sup> | 55000 | 2636700 |
|  |  | 3474800 |
| **Trading Companies & Distributors - 2.4%** | **Trading Companies & Distributors - 2.4%** |  |
| Transcat, Inc. <sup>(a)</sup> | 48500 | 3550200 |
| **Water Utilities - 0.0%<sup>(c)</sup>** | **Water Utilities - 0.0%<sup>(c)</sup>** |  |
| WaterBridge Infrastructure LLC - Class A <sup>(a)</sup> | 229 | 5775 |
| **TOTAL COMMON STOCKS** (Cost $140,423,512) | **TOTAL COMMON STOCKS** (Cost $140,423,512) | 147049054 |
| **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** |
| **SHORT-TERM INVESTMENTS - 2.8%** |  | **Value**  |
| Dreyfus Treasury Securities Cash Management - Institutional Class, 3.98%<sup>(d)</sup> | 4250397 | 4250397 |
| **TOTAL SHORT-TERM INVESTMENTS** (Cost $4,250,397) | **TOTAL SHORT-TERM INVESTMENTS** (Cost $4,250,397) | 4250397 |
| **TOTAL INVESTMENTS - 100.8% (**Cost $144,673,909**)** | **TOTAL INVESTMENTS - 100.8% (**Cost $144,673,909**)** | 151299451 |
| Liabilities in Excess of Other Assets - (0.8)% | Liabilities in Excess of Other Assets - (0.8)% | (1261769) |
| **TOTAL NET ASSETS - 100.0%** |  | $150037682 |
| two | two | –% |
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. | –% |
| The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. | The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. | The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. |

---

LLC - Limited Liability Company<br>

---

| | |
|:---|:---|
| (a) | Non-income producing security. |
| (b) | To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors. |
| (c) | Represents less than 0.05% of net assets. |
| (d)<br> (e) | The rate shown represents the 7-day annualized yield as of September 30, 2025.<br> Security position is either entirely or partially held in a segregated account. The aggregated total market value as of September 30, 2025 is $1,481,500. |

---

---

| | | |
|:---|:---|:---|
| **Allocation of Portfolio Holdings by Country as of September 30, 2025** | **Allocation of Portfolio Holdings by Country as of September 30, 2025** | **Allocation of Portfolio Holdings by Country as of September 30, 2025** |
| (% of Investments) | (% of Investments) | (% of Investments) |
| United States^ | $146199401 | 96.6% |
| Israel | 2626250 | 1.8 |
| Cayman Islands | 2102400 | 1.4 |
| Guernsey | 371400 | 0.2 |
|  | $**151299451** | 100.0<br>**%** |

---

^United States allocation includes Short-Term Investment – Money Market Fund of 2.8%.

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Needham Funds Inc

- **b. Investment Company Act file number:** 811-09114

- **c. CIK number of Registrant:** 0001002537

- **d. LEI of Registrant:** 549300I20FS2UEMBPJ54

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 250 Park Avenue

  - **City:** New York

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10177

  - **Telephone number:** 800-625-7071

**Item A.2. Information about the Series.**

- **a. Name of Series:** Needham Small Cap Growth Fund

- **b. EDGAR series identifier (if any):** S000003816

- **c. LEI of Series:** 549300EO9KDMMKZ0F884

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-12-31

- **b. Date as of which information is reported:** 2025-09-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $150478011.11

**Total Liabilities:** $346732.66

**Net Assets:** $150131278.45

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000010645 | 2.63%                | 1.63%                | 6.81%                |
| Class ID C000176577 | 2.66%                | 1.68%                | 6.90%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $4297459.23              | $-435950.43                                |
| Month 2  | $590891.79               | $1804339.90                                |
| Month 3  | $1110215.31              | $8704874.20                                |

**Designated Index Information**

- **Index Name:** N/A

- **Index Identifier:** N/A

### Schedule of Portfolio Investments

| Name                           | Title                                       | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Vicor Corp                     | Vicor Corp                                  | CUSIP: 925815102<br>LEI: 5299005KMQOTR6B51F09 | Long             | EC               | CORP              | US        |     34050 | NS      | $1692966.00   | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Vishay Intertechnology Inc     | Vishay Intertechnology Inc                  | CUSIP: 928298108<br>LEI: 5493009O8F3QQJTCQR75 | Long             | EC               | CORP              | US        |    354350 | NS      | $5421555.00   | 3.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Transcat Inc                   | Transcat Inc                                | CUSIP: 893529107<br>LEI: 54930081E40TSSHUOS40 | Long             | EC               | CORP              | US        |     45000 | NS      | $3294000.00   | 2.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Ultra Clean Holdings Inc       | Ultra Clean Holdings Inc                    | CUSIP: 90385V107<br>LEI: 5493007L6LS7QX18PE75 | Long             | EC               | CORP              | US        |     45000 | NS      | $1226250.00   | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| AXT Inc                        | AXT Inc                                     | CUSIP: 00246W103<br>LEI: 549300M2142IVLVIJN37 | Long             | EC               | CORP              | US        |    268000 | NS      | $1203320.00   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| ADTRAN Holdings Inc            | ADTRAN Holdings Inc                         | CUSIP: 00486H105<br>LEI: 549300VV36J86CRRWF77 | Long             | EC               | CORP              | US        |   1000000 | NS      | $9380000.00   | 6.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Akamai Technologies Inc        | Akamai Technologies Inc                     | CUSIP: 00971T101<br>LEI: OC1LZNN2LF5WTJ5RIL89 | Long             | EC               | CORP              | US        |      9000 | NS      | $681840.00    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Bentley Systems Inc            | Bentley Systems Inc                         | CUSIP: 08265T208<br>LEI: 549300WVEHPGE0Z56F71 | Long             | EC               | CORP              | US        |     30000 | NS      | $1544400.00   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Commerce.com Inc               | Commerce.com Inc                            | CUSIP: 08975P108<br>LEI: 549300MOVEFQ78DMPG58 | Long             | EC               | CORP              | US        |    425000 | NS      | $2120750.00   | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Calix Inc                      | Calix Inc                                   | CUSIP: 13100M509<br>LEI: 5299002RQRZ4SXSCSJ58 | Long             | EC               | CORP              | US        |      5000 | NS      | $306850.00    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Centuri Holdings Inc           | Centuri Holdings Inc                        | CUSIP: 155923105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     50000 | NS      | $1058500.00   | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Comtech Telecommunications Cor | Comtech Telecommunications Corp             | CUSIP: 205826209<br>LEI: 529900FTEZ8MGM0Y8F73 | Long             | EC               | CORP              | US        |    100000 | NS      | $258000.00    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Standard BioTools Inc          | Standard BioTools Inc                       | CUSIP: 34385P108<br>LEI: 549300GX8Y96GSB6YP89 | Long             | EC               | CORP              | US        |    400000 | NS      | $520000.00    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| FormFactor Inc                 | FormFactor Inc                              | CUSIP: 346375108<br>LEI: 549300YCEEO6SZD1ZR61 | Long             | EC               | CORP              | US        |     64000 | NS      | $2330880.00   | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| MaxLinear Inc                  | MaxLinear Inc                               | CUSIP: 57776J100<br>LEI: 549300EMOI0SM2IY4F64 | Long             | EC               | CORP              | US        |    155000 | NS      | $2492400.00   | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| 908 Devices Inc                | 908 Devices Inc                             | CUSIP: 65443P102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     12000 | NS      | $105120.00    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| nLight Inc                     | nLight Inc                                  | CUSIP: 65487K100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    105000 | NS      | $3111150.00   | 2.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Rapid7 Inc                     | Rapid7 Inc                                  | CUSIP: 753422104<br>LEI: 549300GNVG5D60KEYN14 | Long             | EC               | CORP              | US        |    160000 | NS      | $3000000.00   | 2.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Rogers Corp                    | Rogers Corp                                 | CUSIP: 775133101<br>LEI: PW0CN80KNFR7RUOOKJ84 | Long             | EC               | CORP              | US        |     60000 | NS      | $4827600.00   | 3.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Tenable Holdings Inc           | Tenable Holdings Inc                        | CUSIP: 88025T102<br>LEI: 5493004S5OMPESF0EF83 | Long             | EC               | CORP              | US        |     20000 | NS      | $583200.00    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| WaterBridge Infrastructure LLC | WaterBridge Infrastructure LLC              | CUSIP: 940923105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       229 | NS      | $5775.38      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Yext Inc                       | Yext Inc                                    | CUSIP: 98585N106<br>LEI: 5299008ZQSBBVH7K0589 | Long             | EC               | CORP              | US        |     30000 | NS      | $255600.00    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Arteris Inc                    | Arteris Inc                                 | CUSIP: 04302A104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    675000 | NS      | $6817500.00   | 4.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Cleanspark Inc                 | Cleanspark Inc                              | CUSIP: 18452B209<br>LEI: 254900VO7KBRJQDGY810 | Long             | EC               | CORP              | US        |     20000 | NS      | $290000.00    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Dreyfus Treasury Securities Ca | Dreyfus Treasury Securities Cash Management | CUSIP: 261941108<br>LEI: 549300U78VESCW509025 | Long             | STIV             | RF                | US        |   4375482 | NS      | $4375482.14   | 2.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Entegris Inc                   | Entegris Inc                                | CUSIP: 29362U104<br>LEI: IYX6OWO7BT5DKO3BYG52 | Long             | EC               | CORP              | US        |     15000 | NS      | $1386900.00   | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Unisys Corp                    | Unisys Corp                                 | CUSIP: 909214306<br>LEI: 549300T21W22FIJJOW08 | Long             | EC               | CORP              | US        |    414800 | NS      | $1617720.00   | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Allegro MicroSystems Inc       | Allegro MicroSystems Inc                    | CUSIP: 01749D105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     40000 | NS      | $1168000.00   | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Camtek Ltd/Israel              | Camtek Ltd/Israel                           | CUSIP: M20791105<br>LEI: 5493000H80W07HCKGS43 | Long             | EC               | CORP              | IL        |     25000 | NS      | $2626250.00   | 1.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Everus Construction Group Inc  | Everus Construction Group Inc               | CUSIP: 300426103<br>LEI: 2549006JMMHR0KILT425 | Long             | EC               | CORP              | US        |     12500 | NS      | $1071875.00   | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| TTM Technologies Inc           | TTM Technologies Inc                        | CUSIP: 87305R109<br>LEI: 549300SC4BDOIS008048 | Long             | EC               | CORP              | US        |     85000 | NS      | $4896000.00   | 3.26%             |  |  |  | No            |                  1 | On Loan: No      |
| CEVA Inc                       | CEVA Inc                                    | CUSIP: 157210105<br>LEI: 529900G9T7CVU2J2VU73 | Long             | EC               | CORP              | US        |    137500 | NS      | $3631375.00   | 2.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Cognex Corp                    | Cognex Corp                                 | CUSIP: 192422103<br>LEI: 549300JQTYZCLC43S226 | Long             | EC               | CORP              | US        |     55000 | NS      | $2491500.00   | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| McGraw Hill Inc                | McGraw Hill Inc                             | CUSIP: 580907103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       509 | NS      | $6387.95      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Mobileye Global Inc            | Mobileye Global Inc                         | CUSIP: 60741F104<br>LEI: N/A                  | Long             | EC               | CORP              | IL        |     80000 | NS      | $1129600.00   | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Photronics Inc                 | Photronics Inc                              | CUSIP: 719405102<br>LEI: 549300OK5JVNIBNY6F63 | Long             | EC               | CORP              | US        |    100000 | NS      | $2295000.00   | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| SiTime Corp                    | SiTime Corp                                 | CUSIP: 82982T106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5000 | NS      | $1506550.00   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| NIQ Global Intelligence Plc    | NIQ Global Intelligence Plc                 | CUSIP: G63755105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2566 | NS      | $40286.20     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Chart Industries Inc           | Chart Industries Inc                        | CUSIP: 16115Q308<br>LEI: EM7QGKC1GYOF3LSZSL80 | Long             | EC               | CORP              | US        |     12500 | NS      | $2501875.00   | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Cohu Inc                       | Cohu Inc                                    | CUSIP: 192576106<br>LEI: 529900FJPORJ3JJ2XS33 | Long             | EC               | CORP              | US        |    118000 | NS      | $2398940.00   | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Extreme Networks Inc           | Extreme Networks Inc                        | CUSIP: 30226D106<br>LEI: 549300WRECW11X94UB57 | Long             | EC               | CORP              | US        |     40000 | NS      | $826000.00    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Figure Technology Solutions In | Figure Technology Solutions Inc             | CUSIP: 349381103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2429 | NS      | $88342.73     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Generac Holdings Inc           | Generac Holdings Inc                        | CUSIP: 368736104<br>LEI: 529900S2H2AHJHSFFI84 | Long             | EC               | CORP              | US        |     11000 | NS      | $1841400.00   | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Insight Enterprises Inc        | Insight Enterprises Inc                     | CUSIP: 45765U103<br>LEI: 529900S8991TYW6YP792 | Long             | EC               | CORP              | US        |     17000 | NS      | $1927970.00   | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| KVH Industries Inc             | KVH Industries Inc                          | CUSIP: 482738101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     68200 | NS      | $381920.00    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| PDF Solutions Inc              | PDF Solutions Inc                           | CUSIP: 693282105<br>LEI: 549300GMSP6MROFBI160 | Long             | EC               | CORP              | US        |    340000 | NS      | $8778800.00   | 5.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Parsons Corp                   | Parsons Corp                                | CUSIP: 70202L102<br>LEI: 549300ZXH0VRBSEPX752 | Long             | EC               | CORP              | US        |     20000 | NS      | $1658400.00   | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| PROS Holdings Inc              | PROS Holdings Inc                           | CUSIP: 74346Y103<br>LEI: 549300LPE1KNL5RWKQ48 | Long             | EC               | CORP              | US        |    170000 | NS      | $3894700.00   | 2.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Genius Sports Ltd              | Genius Sports Ltd                           | CUSIP: G3934V109<br>LEI: N/A                  | Long             | EC               | CORP              | GB        |     22500 | NS      | $278550.00    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Badger Meter Inc               | Badger Meter Inc                            | CUSIP: 056525108<br>LEI: 5493002JENE20OGTUG20 | Long             | EC               | CORP              | US        |     13000 | NS      | $2321540.00   | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Bruker Corp                    | Bruker Corp                                 | CUSIP: 116794108<br>LEI: LEBZ6VLQ6I8XB1NHVY15 | Long             | EC               | CORP              | US        |     37500 | NS      | $1218375.00   | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| CryoPort Inc                   | CryoPort Inc                                | CUSIP: 229050307<br>LEI: 9845004D8538BT8JF626 | Long             | EC               | CORP              | US        |    278000 | NS      | $2635440.00   | 1.76%             |  |  |  | No            |                  1 | On Loan: No      |
| MDU Resources Group Inc        | MDU Resources Group Inc                     | CUSIP: 552690109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     45000 | NS      | $801450.00    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Marvell Technology Inc         | Marvell Technology Inc                      | CUSIP: 573874104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     18000 | NS      | $1513260.00   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Matthews International Corp    | Matthews International Corp                 | CUSIP: 577128101<br>LEI: 549300ZVC5O0ATML6U61 | Long             | EC               | CORP              | US        |     75500 | NS      | $1833140.00   | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Mercury Systems Inc            | Mercury Systems Inc                         | CUSIP: 589378108<br>LEI: 549300P3B84SGK7HH679 | Long             | EC               | CORP              | US        |     10000 | NS      | $774000.00    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Penguin Solutions Inc          | Penguin Solutions Inc                       | CUSIP: 706915105<br>LEI: 254900DVWIPOY3GJ8E23 | Long             | EC               | CORP              | US        |    112500 | NS      | $2956500.00   | 1.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Power Integrations Inc         | Power Integrations Inc                      | CUSIP: 739276103<br>LEI: 54930085LGXSCIHD5W31 | Long             | EC               | CORP              | US        |     32500 | NS      | $1306825.00   | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Pure Storage Inc               | Pure Storage Inc                            | CUSIP: 74624M102<br>LEI: 549300NPDB0BZTK3WO90 | Long             | EC               | CORP              | US        |     10000 | NS      | $838100.00    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Vail Resorts Inc               | Vail Resorts Inc                            | CUSIP: 91879Q109<br>LEI: 529900PSZHRNU9HKH870 | Long             | EC               | CORP              | US        |     20000 | NS      | $2991400.00   | 1.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Veeco Instruments Inc          | Veeco Instruments Inc                       | CUSIP: 922417100<br>LEI: 5493004201F72ADDZW04 | Long             | EC               | CORP              | US        |    150000 | NS      | $4564500.00   | 3.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Vishay Precision Group Inc     | Vishay Precision Group Inc                  | CUSIP: 92835K103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     75000 | NS      | $2403750.00   | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Ichor Holdings Ltd             | Ichor Holdings Ltd                          | CUSIP: G4740B105<br>LEI: 529900PS8R2JVLJ2H892 | Long             | EC               | CORP              | US        |    117500 | NS      | $2058600.00   | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Aspen Aerogels Inc             | Aspen Aerogels Inc                          | CUSIP: 04523Y105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    810000 | NS      | $5637600.00   | 3.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Harmonic Inc                   | Harmonic Inc                                | CUSIP: 413160102<br>LEI: 549300LRGRD8XC9BTL66 | Long             | EC               | CORP              | US        |    600000 | NS      | $6108000.00   | 4.07%             |  |  |  | No            |                  1 | On Loan: No      |
| MKS Inc                        | MKS Inc                                     | CUSIP: 55306N104<br>LEI: 549300KEQATBHAGVF505 | Long             | EC               | CORP              | US        |     20000 | NS      | $2475400.00   | 1.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Super Micro Computer Inc       | Super Micro Computer Inc                    | CUSIP: 86800U302<br>LEI: 54930022CZO1N2UGVW07 | Long             | EC               | CORP              | US        |     55000 | NS      | $2636700.00   | 1.76%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-11-13

**Name of Applicant:** Needham Funds Inc

**Signature:** /s/ James W. Giangrasso

**Name of Signer:** James W. Giangrasso

**Title:** Principal, Chief Financial Officer