# EDGAR Filing Document

**Accession Number:** 0001002537
**File Stem:** 0001193125-26-230256
**Filing Date:** 2026-5
**Character Count:** 59826
**Document Hash:** 6b9acfd4c351028f91231ee52830def0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-230256.hdr.sgml**: 20260519

**ACCESSION NUMBER**: 0001193125-26-230256

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 3

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260519

**DATE AS OF CHANGE**: 20260519

**PERIOD START**: 20261231

**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:** 26997040

**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 Aggressive Growth Fund (Series ID: S000003815)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000010644 | Retail Class        | NEAGX           |
| C000176576 | Institutional Class | NEAIX           |

## Nport-Ex

Needham Funds

------

#### Notes to Schedule of Investments (Unaudited)
*March 31, 2026*

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.

3. Transactions with Affiliates

NAGF owned 5% or more of the voting securities of the following companies during the three months ended March 31, 2026. 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> **&nbsp;&nbsp;&nbsp;&nbsp;January 1, 2026** | **Value of** <br> **Purchases** | **Value of Sales** | **Net Change in Unrealized**<br> **Appreciation (Depreciation)** | **Net Realized**<br> **Gains (Losses)** | **Dividend**<br> **Income** | **Value at** <br> **March 31, 2026** | **Share Balance**<br> **March 31, 2026** |
| Alpha Pro Tech, Ltd. | $2852700 | $- | $- | $- | $- | $- | $2852700 | 642500 |
| Arteris, Inc. | 42803250 | 5573050 | - | 2998700 | - | - | 51375000 | 3125000 |
| Asure Software, Inc. | 24209400 | 331345 | - | (2116245) | - | - | 22424500 | 2607500 |
| Educational Development Corp. | 1056000 | - | - | (48000) | - | - | 1008000 | 800000 |
| Matrix Service Co. | 16789500 | - | - | (315700) | - | - | 16473800 | 1435000 |
| Northern Technologies International Corp. | 5584802 | 461851 | - | 256947 | - | 7375 | 6303600 | 765000 |
| Oil-Dri Corp of America | 31076900 | 2447544 | - | 10574031 | - | 136325 | 44098475 | 677500 |
| Precision Optics Corp, Inc. | 3013200 | 3443362 | - | 877153 | - | - | 7333715 | 1670550 |
| Research Solutions, Inc. | 9246300 | 27813 | - | (2143813) | - | - | 7130300 | 3155000 |
| Thinkific Labs, Inc. | 4876325 | 219945 | - | (1421480) | - | - | 3674790 | 3600000 |
| ThredUp, Inc. | 38819250 | 14695738 | - | (23092988) | - | - | 30422000 | 9275000 |
| Unisys Corp. | 11234856 | - | (353473) | (1589692) | (1166941) | - | 8124750 | 3925000 |
|  | $191562483 | $27200648 | $(353473) | $(16021087) | $(1166941) | $143700 | $201221630 |  |

---

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **Needham Aggressive Growth Fund** | **Needham Aggressive Growth Fund** | **Needham Aggressive Growth Fund** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **March 31, 2026 (Unaudited)** | **March 31, 2026 (Unaudited)** | **March 31, 2026 (Unaudited)** |
| **COMMON STOCKS - 92.8%** | **Shares**  | **Value**  |
| **Aerospace & Defense - 4.7%** | **Aerospace & Defense - 4.7%** | |
| Astronics Corp. <sup>(a)</sup> | 272500 | $18183925 |
| BWX Technologies, Inc. | 56750 | 11604807 |
| Draganfly, Inc. (Canada) <sup>(a)</sup> | 60000 | 294600 |
| DroneShield Ltd. (Australia) <sup>(a)</sup> | 1275000 | 3351606 |
| Electro Optic Systems Holdings Ltd. (Australia) <sup>(a)</sup> | 3055000 | 16883461 |
| Firefly Aerospace, Inc. <sup>(a)</sup> | 60000 | 1708200 |
| Huntington Ingalls Industries, Inc. | 45000 | 17095500 |
| Red Cat Holdings, Inc. <sup>(a)</sup> | 350000 | 4581500 |
|  |  | 73703599 |
| **Building Products - 0.7%** | **Building Products - 0.7%** |  |
| Alpha Pro Tech, Ltd. <sup>(a)(b)</sup> | 642500 | 2852700 |
| Modine Manufacturing Co. <sup>(a)</sup> | 34500 | 7476495 |
|  |  | 10329195 |
| **Chemicals - 2.8%** | **Chemicals - 2.8%** |  |
| Aspen Aerogels, Inc. <sup>(a)</sup> | 2840000 | 9712800 |
| Core Molding Technologies, Inc. <sup>(a)</sup> | 204021 | 4570070 |
| Ecovyst, Inc. <sup>(a)</sup> | 1020000 | 13117200 |
| Northern Technologies International Corp. <sup>(b)</sup> | 765000 | 6303600 |
| Solstice Advanced Materials, Inc. | 142500 | 10852800 |
|  |  | 44556470 |
| **Commercial Services & Supplies - 0.8%** | **Commercial Services & Supplies - 0.8%** |  |
| Clean Harbors, Inc. <sup>(a)</sup> | 41500 | 11899295 |
| **Communications Equipment - 0.6%** | **Communications Equipment - 0.6%** |  |
| ADTRAN Holdings, Inc. <sup>(a)</sup> | 252375 | 3174877 |
| Comtech Telecommunications Corp. <sup>(a)</sup> | 1019500 | 3384740 |
| KVH Industries, Inc. <sup>(a)</sup> | 300000 | 2688000 |
|  |  | 9247617 |
| **Construction & Engineering - 4.5%** | **Construction & Engineering - 4.5%** |  |
| Centuri Holdings, Inc. <sup>(a)</sup> | 642500 | 18767425 |
| Everus Construction Group, Inc. <sup>(a)</sup> | 114000 | 13458840 |
| Keller Group PLC (United Kingdom) | 75000 | 1907957 |
| Legence Corp. - Class A <sup>(a)</sup> | 67500 | 3811050 |
| MasTec, Inc. <sup>(a)</sup> | 15150 | 4874361 |
| Matrix Service Co. <sup>(a)(b)</sup> | 1435000 | 16473800 |
| MYR Group, Inc. <sup>(a)</sup> | 38600 | 10897552 |
|  |  | 70190985 |
| **Construction Materials - 0.9%** | **Construction Materials - 0.9%** |  |
| CRH PLC | 59000 | 6202080 |
| Smith-Midland Corp. <sup>(a)</sup> | 225000 | 7319250 |
|  |  | 13521330 |
| **Consumer Finance - 0.1%** | **Consumer Finance - 0.1%** |  |
| Figure Technology Solutions, Inc. - Class A <sup>(a)</sup> | 70000 | 2376500 |
| **Distributors - 0.1%** | **Distributors - 0.1%** |  |
| Educational Development Corp. <sup>(a)(b)</sup> | 800000 | 1008000 |
| **Diversified Consumer Services - 6.3%** | **Diversified Consumer Services - 6.3%** |  |
| Bright Horizons Family Solutions, Inc. <sup>(a)</sup> | 117500 | 9650275 |
| Lincoln Educational Services Corp. <sup>(a)</sup> | 1277500 | 51968700 |
| Universal Technical Institute, Inc. <sup>(a)</sup> | 1030000 | 37183000 |
|  |  | 98801975 |
| **Electrical Equipment - 14.3%** | **Electrical Equipment - 14.3%** |  |
| Generac Holdings, Inc. <sup>(a)</sup> | 51225 | 10005779 |
| Hammond Power Solutions, Inc. (Canada) | 234500 | 29562408 |
| nVent Electric PLC | 107500 | 12715100 |
| Thermon Group Holdings, Inc. <sup>(a)</sup> | 632500 | 31878000 |
| Vertiv Holdings Co. - Class A | 260750 | 65338735 |
| Vicor Corp. <sup>(a)</sup> | 475000 | 76475000 |
|  |  | 225975022 |
| **Electronic Equipment, Instruments & Components - 14.9%** | **Electronic Equipment, Instruments & Components - 14.9%** |  |
| 908 Devices, Inc. <sup>(a)</sup> | 950000 | 5814000 |
| Arlo Technologies, Inc. <sup>(a)</sup> | 1630000 | 23194900 |
| Blackline Safety Corp. (Canada) <sup>(a)</sup> | 2125000 | 10830458 |
| Cognex Corp. | 108000 | 5290920 |
| Elsight Ltd. (Australia) <sup>(a)</sup> | 1950000 | 7318991 |
| Evolv Technologies Holdings, Inc. <sup>(a)</sup> | 1250000 | 7562500 |
| LightPath Technologies, Inc. - Class A <sup>(a)</sup> | 527500 | 5290825 |
| Luna Innovations, Inc. <sup>(a)</sup> | 375840 | 413424 |
| Next Vision Stabilized Systems Ltd. (Israel) | 66000 | 6402061 |
| nLight, Inc. <sup>(a)</sup> | 1670000 | 95223400 |
| Unusual Machines, Inc. <sup>(a)</sup> | 405000 | 5022000 |
| Vishay Intertechnology, Inc. | 2055000 | 36990000 |
| Vishay Precision Group, Inc. <sup>(a)</sup> | 580000 | 25183600 |
|  |  | 234537079 |
| **Energy Equipment & Services - 3.8%** | **Energy Equipment & Services - 3.8%** |  |
| Energy Services of America Corp. | 800000 | 10504000 |
| Select Water Solutions, Inc. | 1155000 | 17671500 |
| TETRA Technologies, Inc. <sup>(a)</sup> | 3375000 | 28755000 |
| WaterBridge Infrastructure LLC - Class A | 110000 | 2946900 |
|  |  | 59877400 |
| **Entertainment - 0.3%** | **Entertainment - 0.3%** |  |
| Atlanta Braves Holdings, Inc. - Class C <sup>(a)</sup> | 110000 | 4697000 |
| **Food Products - 1.0%** | **Food Products - 1.0%** |  |
| Vital Farms, Inc. <sup>(a)</sup> | 1150000 | 16238000 |
| **Gas Utilities - 0.6%** | **Gas Utilities - 0.6%** |  |
| MDU Resources Group, Inc. | 497500 | 10308200 |
| **Health Care Equipment & Supplies - 0.7%** | **Health Care Equipment & Supplies - 0.7%** |  |
| LeMaitre Vascular, Inc. | 40000 | 4366800 |
| Precision Optics Corp, Inc. <sup>(a)(b)</sup> | 1670550 | 7333715 |
|  |  | 11700515 |
| **Health Care Providers & Services - 0.3%** | **Health Care Providers & Services - 0.3%** |  |
| Hinge Health, Inc. - Class A <sup>(a)</sup> | 22500 | 867600 |
| Labcorp Holdings, Inc. | 12300 | 3281763 |
|  |  | 4149363 |
| **Hotels, Restaurants & Leisure - 1.5%** | **Hotels, Restaurants & Leisure - 1.5%** |  |
| Genius Sports Ltd. (Guernsey) <sup>(a)</sup> | 3875000 | 17166250 |
| Life Time Group Holdings, Inc. <sup>(a)</sup> | 240000 | 6465600 |
|  |  | 23631850 |
| **Household Products - 2.8%** | **Household Products - 2.8%** |  |
| Oil-Dri Corp. of America <sup>(b)</sup> | 677500 | 44098475 |
| **Insurance - 0.6%** | **Insurance - 0.6%** |  |
| Markel Group, Inc. <sup>(a)</sup> | 5150 | 9857461 |
| **IT Services - 2.1%** | **IT Services - 2.1%** |  |
| Akamai Technologies, Inc. <sup>(a)</sup> | 152500 | 17514625 |
| Research Solutions, Inc. <sup>(a)(b)</sup> | 3155000 | 7130300 |
| Unisys Corp. <sup>(a)(b)</sup> | 3925000 | 8124750 |
|  |  | 32769675 |
| **Life Sciences Tools & Services - 0.7%** | **Life Sciences Tools & Services - 0.7%** |  |
| Bruker Corp. | 290000 | 10474800 |
| **Machinery - 3.3%** | **Machinery - 3.3%** |  |
| CECO Environmental Corp. <sup>(a)</sup> | 372500 | 22193550 |
| Gorman-Rupp Co. | 272500 | 16930425 |
| Somero Enterprises, Inc. | 1400000 | 3474428 |
| Tennant Co. | 141500 | 9395600 |
| Westinghouse Air Brake Technologies Corp. | 2750 | 687253 |
|  |  | 52681256 |
| **Media - 0.0% <sup>(c)</sup>** | **Media - 0.0% <sup>(c)</sup>** |  |
| The Trade Desk, Inc. - Class A <sup>(a)</sup> | 17000 | 385730 |
| **Professional Services - 4.7%** | **Professional Services - 4.7%** |  |
| Asure Software, Inc. <sup>(a)(b)</sup> | 2607500 | 22424500 |
| CRA International, Inc. | 140006 | 22664171 |
| Jacobs Solutions, Inc. | 90500 | 11518840 |
| Metatek-Group Ltd. (Canada) <sup>(a)</sup> | 2052600 | 7230063 |
| Parsons Corp. <sup>(a)</sup> | 195000 | 10563150 |
|  |  | 74400724 |
| **Semiconductors & Semiconductor Equipment - 11.3%** | **Semiconductors & Semiconductor Equipment - 11.3%** |  |
| Ambiq Micro, Inc. <sup>(a)</sup> | 175000 | 4446750 |
| ASML Holding NV (Netherlands) | 3250 | 4292697 |
| Camtek Ltd. (Israel) <sup>(a)</sup> | 61500 | 9324015 |
| Entegris, Inc. | 40000 | 4689600 |
| FormFactor, Inc. <sup>(a)</sup> | 321500 | 31182285 |
| MKS, Inc. | 48250 | 11088333 |
| Nova, Ltd. (Israel) <sup>(a)</sup> | 59650 | 25904802 |
| PDF Solutions, Inc. <sup>(a)</sup> | 1587500 | 51927125 |
| Photronics, Inc. <sup>(a)</sup> | 260000 | 10506600 |
| SiTime Corp. <sup>(a)</sup> | 9000 | 3108150 |
| Teradyne, Inc. | 20000 | 5929200 |
| Veeco Instruments, Inc. <sup>(a)</sup> | 474375 | 16062337 |
|  |  | 178461894 |
| **Software - 4.3%** | **Software - 4.3%** |  |
| Arteris, Inc. <sup>(a)(b)</sup> | 3125000 | 51375000 |
| Bentley Systems, Inc. - Class B | 172500 | 6058200 |
| Box, Inc. - Class A <sup>(a)</sup> | 195000 | 4609800 |
| Circle Internet Group, Inc. <sup>(a)</sup> | 5412 | 516359 |
| Computer Modelling Group Ltd. (Canada) | 600000 | 1846021 |
| Thinkific Labs, Inc. (Canada) <sup>(a)(b)</sup> | 3600000 | 3674790 |
|  |  | 68080170 |
| **Specialty Retail - 2.1%** | **Specialty Retail - 2.1%** |  |
| CarMax, Inc. <sup>(a)</sup> | 67500 | 2806650 |
| ThredUp, Inc. - Class A <sup>(a)(b)</sup> | 9275000 | 30422000 |
|  |  | 33228650 |
| **Technology Hardware, Storage & Peripherals - 1.7%** | **Technology Hardware, Storage & Peripherals - 1.7%** |  |
| Apple, Inc. | 13700 | 3476923 |
| Super Micro Computer, Inc. <sup>(a)</sup> | 1007500 | 22940775 |
|  |  | 26417698 |
| **Trading Companies & Distributors - 0.3%** | **Trading Companies & Distributors - 0.3%** |  |
| Transcat, Inc. <sup>(a)</sup> | 60500 | 4443725 |
| **TOTAL COMMON STOCKS** (Cost $974,760,884) | **TOTAL COMMON STOCKS** (Cost $974,760,884) | 1462049653 |
| **REAL ESTATE INVESTMENT TRUSTS - 0.7%** | **Shares**  | **Value**  |
| **Specialized REITs - 0.7%** | **Specialized REITs - 0.7%** |  |
| Equinix, Inc. | 11200 | 10978688 |
| **TOTAL REAL ESTATE INVESTMENT TRUSTS** (Cost $7,304,192) | **TOTAL REAL ESTATE INVESTMENT TRUSTS** (Cost $7,304,192) | 10978688 |
| **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** |
| **SHORT-TERM INVESTMENTS - 6.9%** | **Shares**  | **Value**  |
| Dreyfus Treasury Securities Cash Management - Institutional Class, 3.53% <sup>(d)</sup> | 109317095 | 109317095 |
| **TOTAL SHORT-TERM INVESTMENTS** (Cost $109,317,095) | **TOTAL SHORT-TERM INVESTMENTS** (Cost $109,317,095) | 109317095 |
| **TOTAL INVESTMENTS - 100.4% (**Cost $1,091,382,171**)** | **TOTAL INVESTMENTS - 100.4% (**Cost $1,091,382,171**)** | 1582345436 |
| Liabilities in Excess of Other Assets - (0.4)% | Liabilities in Excess of Other Assets - (0.4)% | (6812359) |
| **TOTAL NET ASSETS - 100.0%** |  | $1575533077 |
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. |  |

---

---

| |
|:---|
| LLC - Limited Liability Company |
| PLC - Public Limited Company |
| REIT - Real Estate Investment Trust |
| 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. |

---

(a) Non-income producing security.

(b) Affiliated security as defined by the Investment Company Act of 1940.

(c) Represents less than 0.05% of net assets.

(d) The rate shown represents the 7-day annualized yield as of March 31, 2026.

------

#### Summary of Fair Value Disclosure as of March 31, 2026 (Unaudited)
Needham Aggressive Growth Fund (the "Fund") has adopted fair value accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or valuation methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has 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 on 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 Fund's own assumptions about the assumptions a market participant would use in valuing the asset or liability, and based on the best information available.

The following is a summary of the fair valuation hierarchy of the Fund's securities as of March 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| <u>Investments:</u> |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $1462049653 | $– | $– | $1462049653 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Real Estate Investment Trusts | 10978688 | – | – | 10978688 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Short-Term Investments | 109317095 | – | – | 109317095 |
| Total Investments | $1582345436 | $– | $– | $1582345436 |
| Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. |

---

---

| | | |
|:---|:---|:---|
| **Allocation of Portfolio Holdings by Country as of March 31, 2026** | **Allocation of Portfolio Holdings by Country as of March 31, 2026** | |
| (% of Investments) | (% of Investments) |  |
| United States | $1436355256 | 90.8% |
| Canada | 53438340 | 3.4 |
| Israel | 41630878 | 2.6 |
| Australia | 27554058 | 1.7 |
| Guernsey | 17166250 | 1.1 |
| Netherlands | 4292697 | 0.3 |
| United Kingdom | 1907957 | 0.1 |
|  | $**1582345436** | 100.0<br> **%** |

---

## 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 Aggressive Growth Fund

- **b. EDGAR series identifier (if any):** S000003815

- **c. LEI of Series:** 549300BQ1XTH5R34Z698

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

- **a. Date of fiscal year-end:** 2026-12-31

- **b. Date as of which information is reported:** 2026-03-31

**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:** $1575717775.10

**Total Liabilities:** $1715369.84

**Net Assets:** $1574002405.26

**Cash Not Reported:** $30281.50

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000010644 | 10.64%               | 7.14%                | -5.59%               |
| Class ID C000176576 | 10.68%               | 7.17%                | -5.56%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $1031727.44              | $130758349.19                              |
| Month 2  | $1353429.40              | $103654541.47                              |
| Month 3  | $-2187277.89             | $-86429741.71                              |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Circle Internet Group Inc      | Circle Internet Group Inc                   | CUSIP: 172573107<br>LEI: 254900HFVVR6NPMQVN93 | Long             | EC               | CORP              | US        |      5412 | NS      | $516358.92    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| 908 Devices Inc                | 908 Devices Inc                             | CUSIP: 65443P102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    925000 | NS      | $5661000.00   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Unusual Machines Inc /US       | Unusual Machines Inc /US                    | CUSIP: 91532F102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    400000 | NS      | $4960000.00   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| DroneShield Ltd                | DroneShield Ltd                             | CUSIP: 00BYV1JW4<br>LEI: 5299002AW8NA4BW6MU87 | Long             | EC               | CORP              | AU        |   1275000 | NS      | $3351605.51   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| LeMaitre Vascular Inc          | LeMaitre Vascular Inc                       | CUSIP: 525558201<br>LEI: 549300FZUBUB7MHY8R17 | Long             | EC               | CORP              | US        |     40000 | NS      | $4366800.00   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Matrix Service Co              | Matrix Service Co                           | CUSIP: 576853105<br>LEI: 529900VYBKSX6HD2YW58 | Long             | EC               | CORP              | US        |   1435000 | NS      | $16473800.00  | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Oil-Dri Corp of America        | Oil-Dri Corp of America                     | CUSIP: 677864100<br>LEI: 549300RSG5KPUH16WH66 | Long             | EC               | CORP              | US        |    675000 | NS      | $43935750.00  | 2.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Smith-Midland Corp             | Smith-Midland Corp                          | CUSIP: 832156103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    225000 | NS      | $7319250.00   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Vicor Corp                     | Vicor Corp                                  | CUSIP: 925815102<br>LEI: 5299005KMQOTR6B51F09 | Long             | EC               | CORP              | US        |    475000 | NS      | $76475000.00  | 4.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Westinghouse Air Brake Technol | Westinghouse Air Brake Technologies Corp    | CUSIP: 929740108<br>LEI: 06BTX5UWZD0GQ5N5Y745 | Long             | EC               | CORP              | US        |      2750 | NS      | $687252.50    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Somero Enterprises Inc         | Somero Enterprises Inc                      | CUSIP: 00B1GCQ97<br>LEI: 549300OQ2P18NRWBIW58 | Long             | EC               | CORP              | US        |   1250000 | NS      | $3102168.04   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Markel Group Inc               | Markel Group Inc                            | CUSIP: 570535104<br>LEI: 549300SCNO12JLWIK605 | Long             | EC               | CORP              | US        |      5100 | NS      | $9761757.00   | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Super Micro Computer Inc       | Super Micro Computer Inc                    | CUSIP: 86800U302<br>LEI: 54930022CZO1N2UGVW07 | Long             | EC               | CORP              | US        |   1005000 | NS      | $22883850.00  | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| TETRA Technologies Inc         | TETRA Technologies Inc                      | CUSIP: 88162F105<br>LEI: 549300T5W131705EK832 | Long             | EC               | CORP              | US        |   3325000 | NS      | $28329000.00  | 1.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Metatek-Group Ltd              | Metatek-Group Ltd                           | CUSIP: 59140H109<br>LEI: N/A                  | Long             | EC               | CORP              | GB        |   2000000 | NS      | $7044784.70   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Aspen Aerogels Inc             | Aspen Aerogels Inc                          | CUSIP: 04523Y105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   2835000 | NS      | $9695700.00   | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Equinix Inc                    | Equinix Inc                                 | CUSIP: 29444U700<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | EC               | CORP              | US        |     11150 | NS      | $10929676.00  | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Hinge Health Inc               | Hinge Health Inc                            | CUSIP: 433313103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     22500 | NS      | $867600.00    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Huntington Ingalls Industries  | Huntington Ingalls Industries Inc           | CUSIP: 446413106<br>LEI: 5TZLZ6WJTBVJ0QWBG121 | Long             | EC               | CORP              | US        |     45000 | NS      | $17095500.00  | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Lincoln Educational Services C | Lincoln Educational Services Corp           | CUSIP: 533535100<br>LEI: 549300BJ55KUY6RG7L98 | Long             | EC               | CORP              | US        |   1275000 | NS      | $51867000.00  | 3.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Precision Optics Corp Inc/Mass | Precision Optics Corp Inc/Mass              | CUSIP: 740294400<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1670550 | NS      | $7333714.50   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Red Cat Holdings Inc           | Red Cat Holdings Inc                        | CUSIP: 75644T100<br>LEI: 5493005OGSQW28V2PY05 | Long             | EC               | CORP              | PR        |    350000 | NS      | $4581500.00   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Select Water Solutions Inc     | Select Water Solutions Inc                  | CUSIP: 81617J301<br>LEI: 54930094OK8LA3QDW486 | Long             | EC               | CORP              | US        |   1140000 | NS      | $17442000.00  | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Solstice Advanced Materials In | Solstice Advanced Materials Inc             | CUSIP: 83443Q103<br>LEI: 2138004GZ4H9TW6HK435 | Long             | EC               | CORP              | US        |    142500 | NS      | $10852800.00  | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Life Time Group Holdings Inc   | Life Time Group Holdings Inc                | CUSIP: 53190C102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    240000 | NS      | $6465600.00   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Trade Desk Inc/The             | Trade Desk Inc/The                          | CUSIP: 88339J105<br>LEI: 549300GXPD31VT3E0P46 | Long             | EC               | CORP              | US        |     17000 | NS      | $385730.00    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Vishay Precision Group Inc     | Vishay Precision Group Inc                  | CUSIP: 92835K103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    580000 | NS      | $25183600.00  | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Next Vision Stabilized Systems | Next Vision Stabilized Systems Ltd          | CUSIP: 00BN6JDH9<br>LEI: 2549001OCAI48UYCZD40 | Long             | EC               | CORP              | IL        |     66000 | NS      | $6402060.87   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Genius Sports Ltd              | Genius Sports Ltd                           | CUSIP: G3934V109<br>LEI: N/A                  | Long             | EC               | CORP              | GB        |   3850000 | NS      | $17055500.00  | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Legence Corp                   | Legence Corp                                | CUSIP: 52476L109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     67500 | NS      | $3811050.00   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| LightPath Technologies Inc     | LightPath Technologies Inc                  | CUSIP: 532257805<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    525000 | NS      | $5265750.00   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Luna Innovations Inc           | Luna Innovations Inc                        | CUSIP: 550351100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    467308 | NS      | $514038.80    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| MKS Inc                        | MKS Inc                                     | CUSIP: 55306N104<br>LEI: 549300KEQATBHAGVF505 | Long             | EC               | CORP              | US        |     48250 | NS      | $11088332.50  | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Modine Manufacturing Co        | Modine Manufacturing Co                     | CUSIP: 607828100<br>LEI: Z35SZFYJR8GZZRSIUU09 | Long             | EC               | CORP              | US        |     34250 | NS      | $7422317.50   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| PDF Solutions Inc              | PDF Solutions Inc                           | CUSIP: 693282105<br>LEI: 549300GMSP6MROFBI160 | Long             | EC               | CORP              | US        |   1587500 | NS      | $51927125.00  | 3.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Research Solutions Inc/CA      | Research Solutions Inc/CA                   | CUSIP: 761025105<br>LEI: 549300TYWPCKGK141Q94 | Long             | EC               | CORP              | US        |   3155000 | NS      | $7130300.00   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Tennant Co                     | Tennant Co                                  | CUSIP: 880345103<br>LEI: JYAIRLT8DVP6DP8UT336 | Long             | EC               | CORP              | US        |    140000 | NS      | $9296000.00   | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| ThredUp Inc                    | ThredUp Inc                                 | CUSIP: 88556E102<br>LEI: 549300JKGKTKX3L3XK25 | Long             | EC               | CORP              | US        |   9275000 | NS      | $30422000.00  | 1.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Vital Farms Inc                | Vital Farms Inc                             | CUSIP: 92847W103<br>LEI: 549300S6NYY7ER3XOT61 | Long             | EC               | CORP              | US        |   1120000 | NS      | $15814400.00  | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Nova Ltd                       | Nova Ltd                                    | CUSIP: M7516K103<br>LEI: 529900B2DSWE5V3SC292 | Long             | EC               | CORP              | IL        |     59650 | NS      | $25904802.00  | 1.65%             |  |  |  | No            |                  1 | On Loan: No      |
| SiTime Corp                    | SiTime Corp                                 | CUSIP: 82982T106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      9000 | NS      | $3108150.00   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Unisys Corp                    | Unisys Corp                                 | CUSIP: 909214306<br>LEI: 549300T21W22FIJJOW08 | Long             | EC               | CORP              | US        |   3925000 | NS      | $8124750.00   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Vertiv Holdings Co             | Vertiv Holdings Co                          | CUSIP: 92537N108<br>LEI: 549300KTTIRAOGXCRV69 | Long             | EC               | CORP              | US        |    260750 | NS      | $65338735.00  | 4.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Vishay Intertechnology Inc     | Vishay Intertechnology Inc                  | CUSIP: 928298108<br>LEI: 5493009O8F3QQJTCQR75 | Long             | EC               | CORP              | US        |   2039482 | NS      | $36710676.00  | 2.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple Inc                      | Apple Inc                                   | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |     13700 | NS      | $3476923.00   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Box Inc                        | Box Inc                                     | CUSIP: 10316T104<br>LEI: 549300KQUCPD8687YS68 | Long             | EC               | CORP              | US        |    195000 | NS      | $4609800.00   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| CECO Environmental Corp        | CECO Environmental Corp                     | CUSIP: 125141101<br>LEI: 5493002CZCTL4HGLIY91 | Long             | EC               | CORP              | US        |    370000 | NS      | $22044600.00  | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Cognex Corp                    | Cognex Corp                                 | CUSIP: 192422103<br>LEI: 549300JQTYZCLC43S226 | Long             | EC               | CORP              | US        |    108000 | NS      | $5290920.00   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Universal Technical Institute  | Universal Technical Institute Inc           | CUSIP: 913915104<br>LEI: 2549003YOJGAZ0PVFV48 | Long             | EC               | CORP              | US        |   1021500 | NS      | $36876150.00  | 2.34%             |  |  |  | No            |                  1 | On Loan: No      |
| WaterBridge Infrastructure LLC | WaterBridge Infrastructure LLC              | CUSIP: 940923105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    110000 | NS      | $2946900.00   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Computer Modelling Group Ltd   | Computer Modelling Group Ltd                | CUSIP: 205249105<br>LEI: 254900W17JFUVTM20222 | Long             | EC               | CORP              | CA        |    600000 | NS      | $1846021.13   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Everus Construction Group Inc  | Everus Construction Group Inc               | CUSIP: 300426103<br>LEI: 2549006JMMHR0KILT425 | Long             | EC               | CORP              | US        |    114000 | NS      | $13458840.00  | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| FormFactor Inc                 | FormFactor Inc                              | CUSIP: 346375108<br>LEI: 549300YCEEO6SZD1ZR61 | Long             | EC               | CORP              | US        |    321500 | NS      | $31182285.00  | 1.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Electro Optic Systems Holdings | Electro Optic Systems Holdings Ltd          | CUSIP: 006293990<br>LEI: 391200AIL8NMTC2B3I63 | Long             | EC               | CORP              | AU        |   3055000 | NS      | $16883460.51  | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| ADTRAN Holdings Inc            | ADTRAN Holdings Inc                         | CUSIP: 00486H105<br>LEI: 549300VV36J86CRRWF77 | Long             | EC               | CORP              | US        |    252375 | NS      | $3174877.50   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Atlanta Braves Holdings Inc    | Atlanta Braves Holdings Inc                 | CUSIP: 047726302<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    110000 | NS      | $4697000.00   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| BWX Technologies Inc           | BWX Technologies Inc                        | CUSIP: 05605H100<br>LEI: 549300NP85N265KWMS58 | Long             | EC               | CORP              | US        |     55000 | NS      | $11246950.00  | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Bright Horizons Family Solutio | Bright Horizons Family Solutions Inc        | CUSIP: 109194100<br>LEI: 2549009BKSVTM7UEYT38 | Long             | EC               | CORP              | US        |    117500 | NS      | $9650275.00   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Carter's Inc                   | Carter's Inc                                | CUSIP: 146229109<br>LEI: 5299003WAQK4R3L3ZU36 | Long             | EC               | CORP              | US        |     15000 | NS      | $536400.00    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Centuri Holdings Inc           | Centuri Holdings Inc                        | CUSIP: 155923105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    640000 | NS      | $18694400.00  | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Energy Services of America Cor | Energy Services of America Corp             | CUSIP: 29271Q103<br>LEI: 984500A00BECD43F7B49 | Long             | EC               | CORP              | US        |    800000 | NS      | $10504000.00  | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Arteris Inc                    | Arteris Inc                                 | CUSIP: 04302A104<br>LEI: 5299009413BJXLY5SM79 | Long             | EC               | CORP              | US        |   3100000 | NS      | $50964000.00  | 3.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Asure Software Inc             | Asure Software Inc                          | CUSIP: 04649U102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   2605000 | NS      | $22403000.00  | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Hammond Power Solutions Inc    | Hammond Power Solutions Inc                 | CUSIP: 408549103<br>LEI: 549300OLI26OOKEG5V73 | Long             | EC               | CORP              | CA        |    234000 | NS      | $29499374.60  | 1.87%             |  |  |  | No            |                  1 | On Loan: No      |
| CRH PLC                        | CRH PLC                                     | CUSIP: G25508105<br>LEI: 549300MIDJNNTH068E74 | Long             | EC               | CORP              | IE        |     47500 | NS      | $4993200.00   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Ecovyst Inc                    | Ecovyst Inc                                 | CUSIP: 27923Q109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1020000 | NS      | $13117200.00  | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Figure Technology Solutions In | Figure Technology Solutions Inc             | CUSIP: 349381103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     70000 | NS      | $2376500.00   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| KVH Industries Inc             | KVH Industries Inc                          | CUSIP: 482738101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    300000 | NS      | $2688000.00   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Blackline Safety Corp          | Blackline Safety Corp                       | CUSIP: 092382100<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |   2100000 | NS      | $10703040.76  | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Ambiq Micro Inc                | Ambiq Micro Inc                             | CUSIP: 023193105<br>LEI: 529900H4UP6I4UMDAA87 | Long             | EC               | CORP              | US        |    175000 | NS      | $4446750.00   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Bentley Systems Inc            | Bentley Systems Inc                         | CUSIP: 08265T208<br>LEI: 549300WVEHPGE0Z56F71 | Long             | EC               | CORP              | US        |    170000 | NS      | $5970400.00   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Bruker Corp                    | Bruker Corp                                 | CUSIP: 116794108<br>LEI: LEBZ6VLQ6I8XB1NHVY15 | Long             | EC               | CORP              | US        |    285000 | NS      | $10294200.00  | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| CarMax Inc                     | CarMax Inc                                  | CUSIP: 143130102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     67500 | NS      | $2806650.00   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Comtech Telecommunications Cor | Comtech Telecommunications Corp             | CUSIP: 205826209<br>LEI: 529900FTEZ8MGM0Y8F73 | Long             | EC               | CORP              | US        |   1019500 | NS      | $3384740.00   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Educational Development Corp   | Educational Development Corp                | CUSIP: 281479105<br>LEI: 254900CR48GDX3OIGC82 | Long             | EC               | CORP              | US        |    800000 | NS      | $1008000.00   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Firefly Aerospace Inc          | Firefly Aerospace Inc                       | CUSIP: 31816X106<br>LEI: 529900JPYLDP30163X55 | Long             | EC               | CORP              | US        |     60000 | NS      | $1708200.00   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Generac Holdings Inc           | Generac Holdings Inc                        | CUSIP: 368736104<br>LEI: 529900S2H2AHJHSFFI84 | Long             | EC               | CORP              | US        |     50000 | NS      | $9766500.00   | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Labcorp Holdings Inc           | Labcorp Holdings Inc                        | CUSIP: 504922105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     12300 | NS      | $3281763.00   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Parsons Corp                   | Parsons Corp                                | CUSIP: 70202L102<br>LEI: 549300ZXH0VRBSEPX752 | Long             | EC               | CORP              | US        |    195000 | NS      | $10563150.00  | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Thermon Group Holdings Inc     | Thermon Group Holdings Inc                  | CUSIP: 88362T103<br>LEI: 529900ZNZBBLDE77MZ38 | Long             | EC               | CORP              | US        |    630000 | NS      | $31752000.00  | 2.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Elsight Ltd                    | Elsight Ltd                                 | CUSIP: 00BD36ZB1<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |   1950000 | NS      | $7318991.57   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Thinkific Labs Inc             | Thinkific Labs Inc                          | CUSIP: 884121302<br>LEI: 549300ZDV691W5HGP697 | Long             | EC               | CORP              | CA        |   3600000 | NS      | $3674789.73   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Camtek Ltd/Israel              | Camtek Ltd/Israel                           | CUSIP: M20791105<br>LEI: 5493000H80W07HCKGS43 | Long             | EC               | CORP              | IL        |     61500 | NS      | $9324015.00   | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Arlo Technologies Inc          | Arlo Technologies Inc                       | CUSIP: 04206A101<br>LEI: 549300T4EUX2OQ75HV52 | Long             | EC               | CORP              | US        |   1625000 | NS      | $23123750.00  | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Astronics Corp                 | Astronics Corp                              | CUSIP: 046433108<br>LEI: 549300NNXCF8H4MSMK17 | Long             | EC               | CORP              | US        |    272500 | NS      | $18183925.00  | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Keller Group PLC               | Keller Group PLC                            | CUSIP: 000486622<br>LEI: 549300QO4MBL43UHSN10 | Long             | EC               | CORP              | GB        |     75000 | NS      | $1907957.43   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| CRA International Inc          | CRA International Inc                       | CUSIP: 12618T105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    132506 | NS      | $21450071.28  | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Draganfly Inc                  | Draganfly Inc                               | CUSIP: 26142Q304<br>LEI: 894500SZMK5WX44WHE32 | Long             | EC               | CORP              | CA        |     60000 | NS      | $294600.00    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Dreyfus Treasury Securities Ca | Dreyfus Treasury Securities Cash Management | CUSIP: 261941108<br>LEI: 549300U78VESCW509025 | Long             | STIV             | RF                | US        | 109317095 | NS      | $109317095.17 | 6.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Evolv Technologies Holdings In | Evolv Technologies Holdings Inc             | CUSIP: 30049H102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1150000 | NS      | $6957500.00   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Gorman-Rupp Co/The             | Gorman-Rupp Co/The                          | CUSIP: 383082104<br>LEI: 254900WVLPOIWPGJPA07 | Long             | EC               | CORP              | US        |    272500 | NS      | $16930425.00  | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| MDU Resources Group Inc        | MDU Resources Group Inc                     | CUSIP: 552690109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    497500 | NS      | $10308200.00  | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| MYR Group Inc                  | MYR Group Inc                               | CUSIP: 55405W104<br>LEI: 529900G1IMMZHOQ17I54 | Long             | EC               | CORP              | US        |     38600 | NS      | $10897552.00  | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| MasTec Inc                     | MasTec Inc                                  | CUSIP: 576323109<br>LEI: 549300TMDIT8WREDOF45 | Long             | EC               | CORP              | US        |     15150 | NS      | $4874361.00   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| nLight Inc                     | nLight Inc                                  | CUSIP: 65487K100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1666167 | NS      | $95004842.34  | 6.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Northern Technologies Internat | Northern Technologies International Corp    | CUSIP: 665809109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    760000 | NS      | $6262400.00   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| ASML Holding NV                | ASML Holding NV                             | CUSIP: N07059210<br>LEI: 724500Y6DUVHQD6OXN27 | Long             | EC               | CORP              | NL        |      3250 | NS      | $4292697.50   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Akamai Technologies Inc        | Akamai Technologies Inc                     | CUSIP: 00971T101<br>LEI: OC1LZNN2LF5WTJ5RIL89 | Long             | EC               | CORP              | US        |    152500 | NS      | $17514625.00  | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Alpha Pro Tech Ltd             | Alpha Pro Tech Ltd                          | CUSIP: 020772109<br>LEI: 529900Z93O5JUM52Q856 | Long             | EC               | CORP              | CA        |    642500 | NS      | $2852700.00   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Clean Harbors Inc              | Clean Harbors Inc                           | CUSIP: 184496107<br>LEI: 5493000SJVZVZJKHJF48 | Long             | EC               | CORP              | US        |     41500 | NS      | $11899295.00  | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Core Molding Technologies Inc  | Core Molding Technologies Inc               | CUSIP: 218683100<br>LEI: 549300ZY2MFRXCKVIJ28 | Long             | EC               | CORP              | US        |    204021 | NS      | $4570070.40   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Photronics Inc                 | Photronics Inc                              | CUSIP: 719405102<br>LEI: 549300OK5JVNIBNY6F63 | Long             | EC               | CORP              | US        |    260000 | NS      | $10506600.00  | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Quest Diagnostics Inc          | Quest Diagnostics Inc                       | CUSIP: 74834L100<br>LEI: 8MCWUBXQ0WE04KMXBX50 | Long             | EC               | CORP              | US        |      3000 | NS      | $587940.00    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| nVent Electric PLC             | nVent Electric PLC                          | CUSIP: G6700G107<br>LEI: N/A                  | Long             | EC               | CORP              | GB        |    107500 | NS      | $12715100.00  | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Entegris Inc                   | Entegris Inc                                | CUSIP: 29362U104<br>LEI: IYX6OWO7BT5DKO3BYG52 | Long             | EC               | CORP              | US        |     40000 | NS      | $4689600.00   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Teradyne Inc                   | Teradyne Inc                                | CUSIP: 880770102<br>LEI: C3X4YJ278QNZHRJULN75 | Long             | EC               | CORP              | US        |     20000 | NS      | $5929200.00   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Veeco Instruments Inc          | Veeco Instruments Inc                       | CUSIP: 922417100<br>LEI: 5493004201F72ADDZW04 | Long             | EC               | CORP              | US        |    474375 | NS      | $16062337.50  | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Jacobs Solutions Inc           | Jacobs Solutions Inc                        | CUSIP: 46982L108<br>LEI: 254900E3KHXCC2C8K272 | Long             | EC               | CORP              | US        |     90000 | NS      | $11455200.00  | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Transcat Inc                   | Transcat Inc                                | CUSIP: 893529107<br>LEI: 54930081E40TSSHUOS40 | Long             | EC               | CORP              | US        |     60500 | NS      | $4443725.00   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-05-19

**Name of Applicant:** Needham Funds Inc

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

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

**Title:** Principal, Chief Financial Officer