# EDGAR Filing Document

**Accession Number:** 0001002537
**File Stem:** 0001398344-25-016900
**Filing Date:** 2025-8
**Character Count:** 149603
**Document Hash:** d204449fad2cee50f496b2b80b429e19
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-25-016900.hdr.sgml**: 20250828

**ACCESSION NUMBER**: 0001398344-25-016900

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 34

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250828

**DATE AS OF CHANGE**: 20250828

**EFFECTIVENESS DATE**: 20250828

**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:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-09114
- **FILM NUMBER:** 251267844

**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 Growth Fund (Series ID: S000003649)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000010138 | Retail Class        | NEEGX           |
| C000176575 | Institutional Class | NEEIX           |

### Needham Aggressive Growth Fund (Series ID: S000003815)

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

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

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

?xml version='1.0' encoding='ASCII'? Needham Growth Fund - Retail Class

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number **<u>811-09114</u>**

**<u>The Needham Funds, Inc.</u>**

(Exact name of registrant as specified in charter)

**<u>250 Park Avenue, 10th Floor,</u>**

**<u>New York, NY 10177-1099</u>**

(Address of principal executive offices) (Zip code)

**<u>Mr. George A. Needham</u>**

**<u>250 Park Avenue, 10th Floor,</u>**

**<u>New York, NY 10177-1099</u>**

(Name and address of agent for service)

**<u>1-800-625-7071</u>**

Registrant's telephone number, including area code

Date of fiscal year end: **<u>December 31, 2025</u>**

Date of reporting period: **<u>June 30, 2025</u>**

**<u>Item 1. Reports to Stockholders.</u>**

(a) ![](needham-logo.jpg)

### Needham Growth Fund

#### Retail Class \| NEEGX
Semi-Annual Shareholder Report \| June 30, 2025

This semi-annual shareholder report contains important information about the Needham Growth Fund ("the Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the fund at www.needhamfunds.com/resources-forms. You can also request this information by contacting us at 1-800-625-7071.

#### What Were the Fund Costs for the Last six months ?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment**  | **Costs paid as a percentage of a $10,000 investment\***  |
| Retail Class | $85 | 1.75% |

---

<sup>\*</sup> Annualized

#### How Did the Fund Perform Over the Last six months and What Affected its Performance?
The Fund faced a challenging first quarter amid escalating trade tensions and market volatility, followed by a strong rebound in the second quarter. For the six-month period, the Fund returned -5.16%, underperforming the Russell Midcap Growth Index.

The market selloff in March was driven by tariff uncertainties and slowing GDP growth, which weighed on semiconductor-related and infrastructure holdings. Individual stock selection was a key factor affecting performance. Top contributors during the period included Super Micro Computer, Inc. (SMCI), which surged on a $20 billion contract with a Saudi customer, and Nova Ltd. (NVMI), which posted robust earnings. Top detractors were Aspen Aerogels, Inc. (ASPN) and The Trade Desk, Inc. (TTD).

The Fund's strategy remains focused on long-term growth opportunities in infrastructure, reshoring, and semiconductor innovation. The Fund continues to invest in companies poised to benefit from U.S. manufacturing incentives and structural shifts in global supply chains.

#### How Did the Fund Perform Over the Past 10 Years?\*
The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

#### Cumulative Performance

---

| |
|:---|
| Needham Growth Fund Retail Class: $23,178 |
| Russell 3000 Index: $33,822 |
| Russell Midcap Growth Index: $31,408 |
| S&P MidCap 400 Growth: $24,230 |

---

![Ad2 Performance Graph](fp0094532-3_sa91.jpg)

#### Annual Average Total Return (%)

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retail Class | -15.10 | 9.24 | 8.77 |
| Russell 3000<sup>®</sup> Index | 15.30 | 15.96 | 12.96 |
| Russell Midcap<sup>®</sup> Growth Index | 26.49 | 12.65 | 12.13 |
| S&P MidCap 400<sup>®</sup> Growth | 7.53 | 13.44 | 9.25 |

---

\* The Fund's past performance is not a good predictor of the Fund's future performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

#### Key Fund Statistics (as of June 30, 2025)

---

| | |
|:---|:---|
| Net Assets | $153287669 |
| Number of Holdings | 62 |
| Portfolio Turnover | 15% |

---

Needham Growth Fund PAGE 1 SAR-NEEGX-063025

---

| | |
|:---|:---|
| ![](needham-logo.jpg) | Semi-Annual Shareholder Report \| **June 30, 2025** |

---

#### What Sectors Did the Fund Invest In? (as of June 30, 2025)
![Af Image](fp0094532-3_sa92.jpg)

#### Top Ten Issuers (as a percentage of net assets)

---

| | |
|:---|:---|
|  |  |
| Super Micro Computer, Inc. | 9.5% |
| Entegris, Inc. | 4.6% |
| PDF Solutions, Inc. | 4.4% |
| Dreyfus Treasury Securities Cash Management | 4.3% |
| Parsons Corp. | 4.1% |
| Nova, Ltd. | 3.9% |
| Thermo Fisher Scientific, Inc. | 3.6% |
| Akamai Technologies, Inc. | 3.2% |
| CarMax, Inc. | 2.9% |
| Vicor Corp. | 2.6% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit www.needhamfunds.com/resources-forms

#### Householding
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Needham Funds, Inc. documents not be householded, please contact Needham Funds, Inc. at 1-800-625-7071, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Needham Funds, Inc. or your financial intermediary.

![QR Code](eedhamfundscomresourcesforms.jpg)

Needham Growth Fund PAGE 2 SAR-NEEGX-063025

![](needham-logo.jpg)

### Needham Growth Fund

#### Institutional Class \| NEEIX
Semi-Annual Shareholder Report \| June 30, 2025

This semi-annual shareholder report contains important information about the Needham Growth Fund ("the Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the fund at www.needhamfunds.com/resources-forms. You can also request this information by contacting us at 1-800-625-7071.

#### What Were the Fund Costs for the Last six months ?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment**  | **Costs paid as a percentage of a $10,000 investment\***  |
| Institutional Class | $59 | 1.21% |

---

<sup>\*</sup> Annualized

#### How Did the Fund Perform Over the Last six months and What Affected its Performance?
The Fund faced a challenging first quarter amid escalating trade tensions and market volatility, followed by a strong rebound in the second quarter. For the six-month period, the Fund returned -4.93%, underperforming the Russell Midcap Growth Index.

The market selloff in March was driven by tariff uncertainties and slowing GDP growth, which weighed on semiconductor-related and infrastructure holdings. Individual stock selection was a key factor affecting performance. Top contributors during the period included Super Micro Computer, Inc. (SMCI), which surged on a $20 billion contract with a Saudi customer, and Nova Ltd. (NVMI), which posted robust earnings. Top detractors were Aspen Aerogels, Inc. (ASPN) and The Trade Desk, Inc. (TTD).

The Fund's strategy remains focused on long-term growth opportunities in infrastructure, reshoring, and semiconductor innovation. The Fund continues to invest in companies poised to benefit from U.S. manufacturing incentives and structural shifts in global supply chains.

#### How Did the Fund Perform Since Inception?\*
The $100,000 chart reflects a hypothetical $100,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted.

#### Cumulative Performance

---

| |
|:---|
| Needham Growth Fund Institutional Class: $237,760 |
| Russell 3000 Index: $304,380 |
| Russell Midcap Growth Index: $305,460 |
| S&P MidCap 400 Growth: $213,750 |

---

![Ad2 Performance Graph](fp0094532-4_sa91.jpg)

#### Annual Average Total Return (%)

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception<br> (12/30/2016)**  |
| Institutional Class | -14.65 | 9.71 | 10.73 |
| Russell 3000<sup>®</sup> Index | 15.30 | 15.96 | 13.99 |
| Russell Midcap<sup>®</sup> Growth Index | 26.49 | 12.65 | 14.04 |
| S&P MidCap 400<sup>®</sup> Growth | 7.53 | 13.44 | 9.35 |

---

\* The Fund's past performance is not a good predictor of the Fund's future performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

#### Key Fund Statistics (as of June 30, 2025)

---

| | |
|:---|:---|
| Net Assets | $153287669 |
| Number of Holdings | 62 |
| Portfolio Turnover | 15% |

---

Needham Growth Fund PAGE 1 SAR-NEEIX-063025

---

| | |
|:---|:---|
| ![](needham-logo.jpg) | Semi-Annual Shareholder Report \| **June 30, 2025** |

---

#### What Sectors Did the Fund Invest In? (as of June 30, 2025)
![Af Image](fp0094532-4_sa92.jpg)

#### Top Ten Issuers (as a percentage of net assets)

---

| | |
|:---|:---|
|  |  |
| Super Micro Computer, Inc. | 9.5% |
| Entegris, Inc. | 4.6% |
| PDF Solutions, Inc. | 4.4% |
| Dreyfus Treasury Securities Cash Management | 4.3% |
| Parsons Corp. | 4.1% |
| Nova, Ltd. | 3.9% |
| Thermo Fisher Scientific, Inc. | 3.6% |
| Akamai Technologies, Inc. | 3.2% |
| CarMax, Inc. | 2.9% |
| Vicor Corp. | 2.6% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit www.needhamfunds.com/resources-forms

#### Householding
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Needham Funds, Inc. documents not be householded, please contact Needham Funds, Inc. at 1-800-625-7071, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Needham Funds, Inc. or your financial intermediary.

![QR Code](eedhamfundscomresourcesforms.jpg)

Needham Growth Fund PAGE 2 SAR-NEEIX-063025

![](needham-logo.jpg)

### Needham Aggressive Growth Fund

#### Retail Class \| NEAGX
Semi-Annual Shareholder Report \| June 30, 2025

This semi-annual shareholder report contains important information about the Needham Aggressive Growth Fund ("the Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the fund at www.needhamfunds.com/resources-forms. You can also request this information by contacting us at 1-800-625-7071.

#### What Were the Fund Costs for the Last six months ?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment**  | **Costs paid as a percentage of a $10,000 investment\***  |
| Retail Class | $87 | 1.66% |

---

<sup>\*</sup> Annualized

#### How Did the Fund Perform Over the Last six months and What Affected its Performance?
The Fund experienced a volatile but ultimately rewarding first half of 2025. The Fund posted modest negative returns in Q1 amid tariff-driven market declines but rebounded sharply in Q2, resulting in strong outperformance of the Russell 2000 Growth during the first half of 2025.

Market uncertainty around tariffs and slowing economic growth impacted the portfolio early in the year, but the key factor affecting performance in the first half of 2025 was stock selection. Top contributors included ThredUp, Inc. (TDUP), which continued to grow U.S. profitability and benefited from the end of the de minimis tariff exemption; FARO Technologies, Inc. (FARO), acquired by AMETEK, Inc. (AME); Super Micro Computer (SMCI), which surged on a $20 billion contract with a Saudi customer; and nLIGHT, Inc. (LASR), which advanced on progress in laser-based defense systems.

The Fund maintained its long-term, low-turnover strategy, focused on small-cap innovators positioned to benefit from U.S. industrial policy, reshoring, and disruptive technologies. The Fund continues to seek companies with long-term growth prospects, avoiding sector rotation in favor of high-conviction, bottom-up stock selection.

#### How Did the Fund Perform Over the Past 10 Years?\*
The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

#### Cumulative Performance

---

| |
|:---|
| Needham Aggressive Growth Fund Retail Class: $38,335 |
| Russell 3000 Index: $33,822 |
| Russell 2000 Growth Index: $19,926 |

---

![Ad2 Performance Graph](fp0094532-5_sa101.jpg)

#### Annual Average Total Return (%)

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retail Class | 8.98 | 18.50 | 14.38 |
| Russell 3000<sup>®</sup> Index | 15.30 | 15.96 | 12.96 |
| Russell 2000<sup>®</sup> Growth Index | 9.73 | 7.42 | 7.14 |

---

\* The Fund's past performance is not a good predictor of the Fund's future performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

#### Key Fund Statistics (as of June 30, 2025)

---

| | |
|:---|:---|
| Net Assets | $831503975 |
| Number of Holdings | 94 |
| Portfolio Turnover | 14% |

---

Needham Aggressive Growth Fund PAGE 1 SAR-NEAGX-063025

---

| | |
|:---|:---|
| ![](needham-logo.jpg) | Semi-Annual Shareholder Report \| **June 30, 2025** |

---

#### What Sectors Did the Fund Invest In? (as of June 30, 2025)
![Af Image](fp0094532-5_sa102.jpg)

#### Top Ten Issuers (as a percentage of net assets)

---

| | |
|:---|:---|
|  |  |
| ThredUp, Inc. | 5.3% |
| Super Micro Computer, Inc. | 4.8% |
| FARO Technologies, Inc. | 4.1% |
| Vertiv Holdings Co. | 4.0% |
| Oil-Dri Corp. of America | 4.0% |
| nLight, Inc. | 3.6% |
| PDF Solutions, Inc. | 3.3% |
| Genius Sports Ltd. | 2.9% |
| Asure Software, Inc. | 2.9% |
| Vicor Corp. | 2.8% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit www.needhamfunds.com/resources-forms

#### Householding
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Needham Funds, Inc. documents not be householded, please contact Needham Funds, Inc. at 1-800-625-7071, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Needham Funds, Inc. or your financial intermediary.

![QR Code](eedhamfundscomresourcesforms.jpg)

Needham Aggressive Growth Fund PAGE 2 SAR-NEAGX-063025

![](needham-logo.jpg)

### Needham Aggressive Growth Fund

#### Institutional Class \| NEAIX
Semi-Annual Shareholder Report \| June 30, 2025

This semi-annual shareholder report contains important information about the Needham Aggressive Growth Fund ("the Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the fund at www.needhamfunds.com/resources-forms. You can also request this information by contacting us at 1-800-625-7071.

#### What Were the Fund Costs for the Last six months ?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment**  | **Costs paid as a percentage of a $10,000 investment\***  |
| Institutional Class | $62 | 1.18% |

---

<sup>\*</sup> Annualized

#### How Did the Fund Perform Over the Last six months and What Affected its Performance?
The Fund experienced a volatile but ultimately rewarding first half of 2025. The Fund posted modest negative returns in Q1 amid tariff-driven market declines but rebounded sharply in Q2, resulting in strong outperformance of the Russell 2000 Growth during the first half of 2025.

Market uncertainty around tariffs and slowing economic growth impacted the portfolio early in the year, but the key factor affecting performance in the first half of 2025 was stock selection. Top contributors included ThredUp, Inc. (TDUP), which continued to grow U.S. profitability and benefited from the end of the de minimis tariff exemption; FARO Technologies, Inc. (FARO), acquired by AMETEK, Inc. (AME); Super Micro Computer (SMCI), which surged on a $20 billion contract with a Saudi customer; and nLIGHT, Inc. (LASR), which advanced on progress in laser-based defense systems.

The Fund maintained its long-term, low-turnover strategy, focused on small-cap innovators positioned to benefit from U.S. industrial policy, reshoring, and disruptive technologies. The Fund continues to seek companies with long-term growth prospects, avoiding sector rotation in favor of high-conviction, bottom-up stock selection.

#### How Did the Fund Perform Since Inception?\*
The $100,000 chart reflects a hypothetical $100,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted.

#### Cumulative Performance

---

| |
|:---|
| Needham Aggressive Growth Fund Institutional Class: $364,580 |
| Russell 3000 Index: $304,380 |
| Russell 2000 Growth Index: $197,370 |

---

![Ad2 Performance Graph](fp0094532-6_sa101.jpg)

#### Annual Average Total Return (%)

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception<br> (12/30/2016)**  |
| Institutional Class | 9.54 | 19.22 | 16.44 |
| Russell 3000<sup>®</sup> Index | 15.30 | 15.96 | 13.99 |
| Russell 2000<sup>®</sup> Growth Index | 9.73 | 7.42 | 8.33 |

---

\* The Fund's past performance is not a good predictor of the Fund's future performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

#### Key Fund Statistics (as of June 30, 2025)

---

| | |
|:---|:---|
| Net Assets | $831503975 |
| Number of Holdings | 94 |
| Portfolio Turnover | 14% |

---

Needham Aggressive Growth Fund PAGE 1 SAR-NEAIX-063025

---

| | |
|:---|:---|
| ![](needham-logo.jpg) | Semi-Annual Shareholder Report \| **June 30, 2025** |

---

#### What Sectors Did the Fund Invest In? (as of June 30, 2025)
![Af Image](fp0094532-6_sa102.jpg)

#### Top Ten Issuers (as a percentage of net assets)

---

| | |
|:---|:---|
|  |  |
| ThredUp, Inc. | 5.3% |
| Super Micro Computer, Inc. | 4.8% |
| FARO Technologies, Inc. | 4.1% |
| Vertiv Holdings Co. | 4.0% |
| Oil-Dri Corp. of America | 4.0% |
| nLight, Inc. | 3.6% |
| PDF Solutions, Inc. | 3.3% |
| Genius Sports Ltd. | 2.9% |
| Asure Software, Inc. | 2.9% |
| Vicor Corp. | 2.8% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit www.needhamfunds.com/resources-forms

#### Householding
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Needham Funds, Inc. documents not be householded, please contact Needham Funds, Inc. at 1-800-625-7071, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Needham Funds, Inc. or your financial intermediary.

![QR Code](eedhamfundscomresourcesforms.jpg)

Needham Aggressive Growth Fund PAGE 2 SAR-NEAIX-063025

![](needham-logo.jpg)

### Needham Small Cap Growth Fund

#### Retail Class \| NESGX
Semi-Annual Shareholder Report \| June 30, 2025

This semi-annual shareholder report contains important information about the Needham Small Cap Growth Fund ("the Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the fund at www.needhamfunds.com/resources-forms. You can also request this information by contacting us at 1-800-625-7071.

#### What Were the Fund Costs for the Last six months ?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment**  | **Costs paid as a percentage of a $10,000 investment\***  |
| Retail Class | $87 | 1.78% |

---

<sup>\*</sup> Annualized

#### How Did the Fund Perform Over the Last six months and What Affected its Performance?
During the first half of 2025, the Fund declined significantly in Q1, but ended the period with strong performance. After a sharp market pullback in March driven by tariff announcements and macroeconomic uncertainty, small-cap equities rebounded meaningfully by the end of the second quarter. The Fund returned -3.14% for the six-month period.

Individual stock selection was a key factor in performance. Contributors included TTM Technologies (TTMI) and nLight (LASR), which benefited from improving fundamentals and renewed investor confidence. Detractors included Aspen Aerogels (ASPN) and Harmonic, Inc. (HLIT), which were impacted by sector-specific headwinds and cautious outlooks.

The Fund maintains a long-term, bottom-up investment approach, focusing on companies with improving cost structures, strong balance sheets, and durable growth potential. Amid ongoing macro uncertainty, the Fund continues to find compelling opportunities in the small-cap universe that are poised for recovery and long-term value creation.

#### How Did the Fund Perform Over the Past 10 Years?\*
The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

#### Cumulative Performance

---

| |
|:---|
| Needham Small Cap Growth Fund Retail Class: $28,999 |
| Russell 3000 Index: $33,822 |
| Russell 2000 Growth Index: $19,926 |

---

![Ad2 Performance Graph](fp0094532-7_sa101.jpg)

#### Annual Average Total Return (%)

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retail Class | 0.28 | 5.96 | 11.23 |
| Russell 3000<sup>®</sup> Index | 15.30 | 15.96 | 12.96 |
| Russell 2000<sup>®</sup> Growth Index | 9.73 | 7.42 | 7.14 |

---

\* The Fund's past performance is not a good predictor of the Fund's future performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

#### Key Fund Statistics (as of June 30, 2025)

---

| | |
|:---|:---|
| Net Assets | $139384308 |
| Number of Holdings | 61 |
| Portfolio Turnover | 55% |

---

Needham Small Cap Growth Fund PAGE 1 SAR-NESGX-063025

---

| | |
|:---|:---|
| ![](needham-logo.jpg) | Semi-Annual Shareholder Report \| **June 30, 2025** |

---

#### What Sectors Did the Fund Invest In? (as of June 30, 2025)
![Af Image](fp0094532-7_sa102.jpg)

#### Top Ten Issuers (as a percentage of net assets)

---

| | |
|:---|:---|
|  |  |
| Dreyfus Treasury Securities Cash Management | 10.4% |
| ADTRAN Holdings, Inc. | 6.0% |
| TTM Technologies, Inc. | 5.4% |
| PDF Solutions, Inc. | 5.0% |
| Harmonic, Inc. | 3.8% |
| Arteris, Inc. | 3.7% |
| Aspen Aerogels, Inc. | 3.3% |
| Vishay Intertechnology, Inc. | 3.2% |
| Rogers Corp. | 2.7% |
| Chart Industries, Inc. | 2.7% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit www.needhamfunds.com/resources-forms

#### Householding
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Needham Funds, Inc. documents not be householded, please contact Needham Funds, Inc. at 1-800-625-7071, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Needham Funds, Inc. or your financial intermediary.

![QR Code](eedhamfundscomresourcesforms.jpg)

Needham Small Cap Growth Fund PAGE 2 SAR-NESGX-063025

![](needham-logo.jpg)

### Needham Small Cap Growth Fund

#### Institutional Class \| NESIX
Semi-Annual Shareholder Report \| June 30, 2025

This semi-annual shareholder report contains important information about the Needham Small Cap Growth Fund ("the Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the fund at www.needhamfunds.com/resources-forms. You can also request this information by contacting us at 1-800-625-7071.

#### What Were the Fund Costs for the Last six months ?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment**  | **Costs paid as a percentage of a $10,000 investment\***  |
| Institutional Class | $58 | 1.18% |

---

<sup>\*</sup> Annualized

#### How Did the Fund Perform Over the Last six months and What Affected its Performance?
During the first half of 2025, the Fund declined significantly in Q1, but ended the period with strong performance. After a sharp market pullback in March driven by tariff announcements and macroeconomic uncertainty, small-cap equities rebounded meaningfully by the end of the second quarter. The Fund returned -2.84% for the six-month period.

Individual stock selection was a key factor in performance. Contributors included TTM Technologies (TTMI) and nLight (LASR), which benefited from improving fundamentals and renewed investor confidence. Detractors included Aspen Aerogels (ASPN) and Harmonic, Inc. (HLIT), which were impacted by sector-specific headwinds and cautious outlooks.

The Fund maintains a long-term, bottom-up investment approach, focusing on companies with improving cost structures, strong balance sheets, and durable growth potential. Amid ongoing macro uncertainty, the Fund continues to find compelling opportunities in the small-cap universe that are poised for recovery and long-term value creation.

#### How Did the Fund Perform Since Inception?\*
The $100,000 chart reflects a hypothetical $100,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted.

#### Cumulative Performance

---

| |
|:---|
| Needham Small Cap Growth Fund Institutional Class: $263,160 |
| Russell 3000 Index: $304,380 |
| Russell 2000 Growth Index: $197,370 |

---

![Ad2 Performance Graph](fp0094532-8_sa101.jpg)

#### Annual Average Total Return (%)

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception<br> (12/30/2016)**  |
| Institutional Class | 0.90 | 6.57 | 12.06 |
| Russell 3000<sup>®</sup> Index | 15.30 | 15.96 | 13.99 |
| Russell 2000<sup>®</sup> Growth Index | 9.73 | 7.42 | 8.33 |

---

\* The Fund's past performance is not a good predictor of the Fund's future performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

#### Key Fund Statistics (as of June 30, 2025)

---

| | |
|:---|:---|
| Net Assets | $139384308 |
| Number of Holdings | 61 |
| Portfolio Turnover | 55% |

---

Needham Small Cap Growth Fund PAGE 1 SAR-NESIX-063025

---

| | |
|:---|:---|
| ![](needham-logo.jpg) | Semi-Annual Shareholder Report \| **June 30, 2025** |

---

#### What Sectors Did the Fund Invest In? (as of June 30, 2025)
![Af Image](fp0094532-8_sa102.jpg)

#### Top Ten Issuers (as a percentage of net assets)

---

| | |
|:---|:---|
|  |  |
| Dreyfus Treasury Securities Cash Management | 10.4% |
| ADTRAN Holdings, Inc. | 6.0% |
| TTM Technologies, Inc. | 5.4% |
| PDF Solutions, Inc. | 5.0% |
| Harmonic, Inc. | 3.8% |
| Arteris, Inc. | 3.7% |
| Aspen Aerogels, Inc. | 3.3% |
| Vishay Intertechnology, Inc. | 3.2% |
| Rogers Corp. | 2.7% |
| Chart Industries, Inc. | 2.7% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit www.needhamfunds.com/resources-forms

#### Householding
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Needham Funds, Inc. documents not be householded, please contact Needham Funds, Inc. at 1-800-625-7071, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Needham Funds, Inc. or your financial intermediary.

![QR Code](eedhamfundscomresourcesforms.jpg)

Needham Small Cap Growth Fund PAGE 2 SAR-NESIX-063025

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**<u>Item 2. Code of Ethics.</u>**

Not applicable for semi-annual reports.

**<u>Item 3. Audit Committee Financial Expert.</u>**

Not applicable for semi-annual reports.

**<u>Item 4. Principal Accountant Fees and Services.</u>**

Not applicable for semi-annual reports.

**<u>Item 5. Audit Committee of Listed Registrants.</u>**

Not applicable to registrants who are not listed issuers (as defined in Rule 10A-3 under the Securities Exchange Act of 1934).

**<u>Item 6. Investments.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) Schedule of Investments is included within the financial statements filed under Item 7 of this Form.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not Applicable.

**<u>Item 7. Financial Statements and Financial Highlights for Open-End Investment Companies.</u>**

(a) **NEEDHAM GROWTH FUND NEEDHAM AGGRESSIVE GROWTH FUND NEEDHAM SMALL CAP GROWTH FUND** 

Core Financial Statements

June 30, 2025

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
|  | Page |
| Schedule of Investments  | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Needham Growth Fund  | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Needham Aggressive Growth Fund  | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Needham Small Cap Growth Fund  | 6 |
| Statements of Assets and Liabilities  | 8 |
| Statements of Operations  | 9 |
| Statements of Changes in Net Assets  | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Needham Growth Fund  | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Needham Aggressive Growth Fund  | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Needham Small Cap Growth Fund  | 12 |
| Financial Highlights  | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Needham Growth Fund  | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Needham Aggressive Growth Fund  | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Needham Small Cap Growth Fund  | 17 |
| Notes to Financial Statements  | 19 |
| Supplemental Information  | 27 |

---

**Needham Growth Fund** 

**Schedule of Investments** 

as of June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - 94.6%** | **COMMON STOCKS - 94.6%** | **COMMON STOCKS - 94.6%** |
| **Aerospace & Defense - 1.8%** | **Aerospace & Defense - 1.8%** | **Aerospace & Defense - 1.8%** |
| Huntington Ingalls Industries, Inc.  | 10000 | $2414600 |
| RTX Corp.  | 2500 | 365050 |
|  |  | 2779650 |
| **Automobile Components - 0.2%** | **Automobile Components - 0.2%** | **Automobile Components - 0.2%** |
| Mobileye Global, Inc. - Class A <sup>(a)</sup>  | 15000 | 269700 |
| **Biotechnology - 0.4%** | **Biotechnology - 0.4%** | **Biotechnology - 0.4%** |
| Gilead Sciences, Inc.  | 5250 | 582068 |
| **Chemicals - 2.5%** | **Chemicals - 2.5%** | **Chemicals - 2.5%** |
| Aspen Aerogels, Inc. <sup>(a)</sup>  | 437500 | 2590000 |
| DuPont de Nemours, Inc.  | 17500 | 1200325 |
|  |  | 3790325 |
| **Commercial Services & Supplies - 1.9%** | **Commercial Services & Supplies - 1.9%** | **Commercial Services & Supplies - 1.9%** |
| Clean Harbors, Inc. <sup>(a)</sup>  | 12300 | 2843514 |
| **Communications Equipment - 0.9%** | **Communications Equipment - 0.9%** | **Communications Equipment - 0.9%** |
| ADTRAN Holdings, Inc. <sup>(a)</sup>  | 70000 | 627900 |
| KVH Industries, Inc. <sup>(a)(d)</sup>  | 136400 | 727012 |
|  |  | 1354912 |
| **Construction & Engineering - 0.7%** | **Construction & Engineering - 0.7%** | **Construction & Engineering - 0.7%** |
| Centuri Holdings, Inc. <sup>(a)</sup>  | 47500 | 1065900 |
| **Construction Materials - 0.3%** | **Construction Materials - 0.3%** | **Construction Materials - 0.3%** |
| CRH PLC (Ireland)  | 5000 | 459000 |
| **Diversified Consumer Services - 1.0%** | **Diversified Consumer Services - 1.0%** | **Diversified Consumer Services - 1.0%** |
| Bright Horizons Family Solutions, Inc. <sup>(a)</sup>  | 12500 | 1544875 |
| **Electrical Equipment - 9.0%** | **Electrical Equipment - 9.0%** | **Electrical Equipment - 9.0%** |
| Hammond Power Solutions, Inc. (Canada)  | 32500 | 2993556 |
| nVent Electric PLC (Ireland)  | 50000 | 3662500 |
| Vertiv Holdings Co. - Class A  | 24250 | 3113943 |
| Vicor Corp. <sup>(a)</sup>  | 89000 | 4037040 |
|  |  | 13807039 |
| **Electronic Equipment, Instruments & Components - 5.9%** | **Electronic Equipment, Instruments & Components - 5.9%** | **Electronic Equipment, Instruments & Components - 5.9%** |
| Coherent Corp. <sup>(a)</sup>  | 26000 | 2319460 |
| Corning, Inc.  | 42000 | 2208780 |
| TTM Technologies, Inc. <sup>(a)</sup>  | 39000 | 1591980 |
| Vishay Intertechnology, Inc.  | 185000 | 2937800 |
|  |  | 9058020 |
| **Health Care Equipment & Supplies - 3.0%** | **Health Care Equipment & Supplies - 3.0%** | **Health Care Equipment & Supplies - 3.0%** |
| Becton Dickinson & Co.  | 16750 | 2885187 |
| Medtronic PLC (Ireland)  | 19000 | 1656230 |
|  |  | 4541417 |
| **Health Care Providers & Services - 1.6%** | **Health Care Providers & Services - 1.6%** | **Health Care Providers & Services - 1.6%** |
| Labcorp Holdings, Inc.  | 6250 | 1640688 |
| Quest Diagnostics, Inc.  | 4500 | 808335 |
|  |  | 2449023 |
| **Hotels, Restaurants & Leisure - 0.4%** | **Hotels, Restaurants & Leisure - 0.4%** | **Hotels, Restaurants & Leisure - 0.4%** |
| Vail Resorts, Inc.  | 3500 | $549955 |
| **Industrial Conglomerates - 0.4%** | **Industrial Conglomerates - 0.4%** | **Industrial Conglomerates - 0.4%** |
| Honeywell International, Inc.  | 2500 | 582200 |
| **Insurance - 2.0%** | **Insurance - 2.0%** | **Insurance - 2.0%** |
| Markel Group, Inc. <sup>(a)</sup>  | 1500 | 2996040 |
| **Interactive Media & Services - 0.5%** | **Interactive Media & Services - 0.5%** | **Interactive Media & Services - 0.5%** |
| Alphabet, Inc. - Class A  | 4000 | 704920 |
| **IT Services - 4.3%** | **IT Services - 4.3%** | **IT Services - 4.3%** |
| Akamai Technologies, Inc. <sup>(a)</sup>  | 61000 | 4865360 |
| Unisys Corp. <sup>(a)</sup>  | 395800 | 1792974 |
|  |  | 6658334 |
| **Life Sciences Tools & Services - 4.8%** | **Life Sciences Tools & Services - 4.8%** | **Life Sciences Tools & Services - 4.8%** |
| Bruker Corp.  | 45500 | 1874600 |
| Thermo Fisher Scientific, Inc.  | 13500 | 5473710 |
|  |  | 7348310 |
| **Media - 2.5%** | **Media - 2.5%** | **Media - 2.5%** |
| Comcast Corp. - Class A  | 32500 | 1159925 |
| The Trade Desk, Inc. - Class A <sup>(a)</sup>  | 37500 | 2699625 |
|  |  | 3859550 |
| **Oil, Gas & Consumable Fuels - 0.5%** | **Oil, Gas & Consumable Fuels - 0.5%** | **Oil, Gas & Consumable Fuels - 0.5%** |
| Chevron Corp.  | 4250 | 608557 |
| Navigator Holdings, Ltd. (Marshall Islands)  | 15000 | 212250 |
|  |  | 820807 |
| **Professional Services - 4.4%** | **Professional Services - 4.4%** | **Professional Services - 4.4%** |
| Jacobs Solutions, Inc.  | 4500 | 591525 |
| Parsons Corp. <sup>(a)</sup>  | 86500 | 6208105 |
|  |  | 6799630 |
| **Semiconductors & Semiconductor Equipment - 29.5%<sup>(b)</sup>** | **Semiconductors & Semiconductor Equipment - 29.5%<sup>(b)</sup>** | **Semiconductors & Semiconductor Equipment - 29.5%<sup>(b)</sup>** |
| Analog Devices, Inc.  | 10000 | 2380200 |
| Applied Materials, Inc.  | 8250 | 1510328 |
| ASML Holding NV (Netherlands)  | 2750 | 2203822 |
| Entegris, Inc.  | 87000 | 7016550 |
| FormFactor, Inc. <sup>(a)</sup>  | 105000 | 3613050 |
| Lam Research Corp.  | 25000 | 2433500 |
| Marvell Technology, Inc.  | 37500 | 2902500 |
| MKS, Inc.  | 22250 | 2210760 |
| Nova, Ltd. (Israel) <sup>(a)</sup>  | 22000 | 6054400 |
| PDF Solutions, Inc. <sup>(a)</sup>  | 315000 | 6734700 |
| Photronics, Inc. <sup>(a)</sup>  | 139500 | 2626785 |
| SiTime Corp. <sup>(a)</sup>  | 7500 | 1598100 |
| Teradyne, Inc.  | 25000 | 2248000 |
| Veeco Instruments, Inc. <sup>(a)</sup>  | 85000 | 1727200 |
|  |  | 45259895 |

---

*See accompanying Notes to Financial Statements.*

**NEEDHAM GROWTH FUND** 

**Schedule of Investments** 

as of June 30, 2025 (Unaudited) (Continued)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Software - 2.3%** |  |  |
| Bentley Systems, Inc. - Class B  | 15000 | $809550 |
| Circle Internet Group, Inc. <sup>(a)</sup>  | 1141 | 206852 |
| Crowdstrike Holdings, Inc. - Class A <sup>(a)</sup>  | 1500 | 763965 |
| Klaviyo, Inc. - Class A <sup>(a)</sup>  | 45000 | 1511100 |
|  |  | 3291467 |
| **Specialty Retail - 2.8%** | **Specialty Retail - 2.8%** | **Specialty Retail - 2.8%** |
| CarMax, Inc. <sup>(a)</sup>  | 65000 | 4368650 |
| **Technology Hardware, Storage & Peripherals - 11.2%** | **Technology Hardware, Storage & Peripherals - 11.2%** | **Technology Hardware, Storage & Peripherals - 11.2%** |
| Apple, Inc.  | 4750 | 974557 |
| Hewlett Packard Enterprise Co.  | 84000 | 1717800 |
| Super Micro Computer, Inc. <sup>(a)(d)</sup>  | 297000 | 14555970 |
|  |  | 17248327 |
| **TOTAL COMMON STOCKS** (Cost $68,413,217)  |  | 145033528 |
| **REAL ESTATE INVESTMENT TRUSTS - COMMON - 1.3%** | **REAL ESTATE INVESTMENT TRUSTS - COMMON - 1.3%** | **REAL ESTATE INVESTMENT TRUSTS - COMMON - 1.3%** |
| **Specialized REITs - 1.3%** | **Specialized REITs - 1.3%** | **Specialized REITs - 1.3%** |
| Equinix, Inc.  | 2500 | 1988675 |
| **TOTAL REAL ESTATE INVESTMENT TRUSTS - COMMON** (Cost $1,926,385)  |  | 1988675 |
| **SHORT-TERM INVESTMENTS - 4.3%** | **SHORT-TERM INVESTMENTS - 4.3%** | **SHORT-TERM INVESTMENTS - 4.3%** |
| **Money Market Funds - 4.3%** | **Money Market Funds - 4.3%** | **Money Market Funds - 4.3%** |
| Dreyfus Treasury Securities Cash Management - Class Institutional, 4.11% <sup>(c)</sup>  | 6614198 | $6614198 |
| **TOTAL SHORT-TERM INVESTMENTS** (Cost $6,614,198)  |  | 6614198 |
| **TOTAL INVESTMENTS - 100.2%** (Cost $76,953,800)  |  | 153636401 |
| Liabilities in Excess of Other Assets - (0.2)%  |  | (348732) |
| **TOTAL NET ASSETS - 100.0%**  |  | $153287669 |

---

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.

PLC - Public Limited Company

REIT - Real Estate Investment Trust

<sup>(a)</sup> &nbsp;&nbsp;&nbsp;&nbsp;Non-income producing security.

<sup>(b)</sup> &nbsp;&nbsp;&nbsp;&nbsp;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.

<sup>(c)</sup> &nbsp;&nbsp;&nbsp;&nbsp;The rate shown represents the 7-day annualized effective yield as of June 30, 2025.

<sup>(d)</sup> &nbsp;&nbsp;&nbsp;&nbsp;Security position is either entirely or partially held in a segregated account. The aggregated total market value as of June 30, 2025 is $1,625,000. 

**Allocation of Portfolio Holdings by Country as of June 30, 2025** 

---

| | | |
|:---|:---|:---|
|  | **(% of Investments)** | **(% of Investments)** |
| United States^  | $136394643 | 88.7% |
| Israel  | 6054400 | 3.9 |
| Ireland  | 5777730 | 3.8 |
| Canada  | 2993556 | 1.9 |
| Netherlands  | 2203822 | 1.5 |
| Marshall Islands  | 212250 | 0.2 |
|  | $153636401 | 100.0% |

---

---

| | |
|:---|:---|
| ^  | United States allocation includes Short-Term Investment – Money Market Fund of 4.3%. |

---

*See accompanying Notes to Financial Statements.*

**Needham Aggressive Growth Fund** 

**Schedule of Investments** 

as of June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - 98.3%** | **COMMON STOCKS - 98.3%** | **COMMON STOCKS - 98.3%** |
| **Aerospace & Defense - 3.3%** | **Aerospace & Defense - 3.3%** | **Aerospace & Defense - 3.3%** |
| Astronics Corp. <sup>(a)</sup>  | 267500 | $8955900 |
| DroneShield Ltd. (Australia) <sup>(a)</sup>  | 1500000 | 2250874 |
| Electro Optic Systems Holdings Ltd. (Australia) <sup>(a)</sup>  | 2850000 | 5345825 |
| Huntington Ingalls Industries, Inc.  | 44500 | 10744970 |
|  |  | 27297569 |
| **Building Products - 0.3%** | **Building Products - 0.3%** | **Building Products - 0.3%** |
| Alpha Pro Tech, Ltd. <sup>(a)(f)</sup>  | 612500 | 2872625 |
| **Chemicals - 3.0%** | **Chemicals - 3.0%** | **Chemicals - 3.0%** |
| Aspen Aerogels, Inc. <sup>(a)</sup>  | 1620000 | 9590400 |
| Core Molding Technologies, Inc. <sup>(a)</sup>  | 205000 | 3400950 |
| Ecovyst, Inc. <sup>(a)</sup>  | 920000 | 7571600 |
| Mativ Holdings, Inc.  | 72500 | 494450 |
| Northern Technologies International Corp. <sup>(f)</sup>  | 515500 | 3819855 |
|  |  | 24877255 |
| **Commercial Services & Supplies - 1.0%** | **Commercial Services & Supplies - 1.0%** | **Commercial Services & Supplies - 1.0%** |
| Clean Harbors, Inc. <sup>(a)</sup>  | 34000 | 7860120 |
| Quest Resource Holding Corp. <sup>(a)</sup>  | 406023 | 820166 |
|  |  | 8680286 |
| **Communications Equipment - 0.8%** | **Communications Equipment - 0.8%** | **Communications Equipment - 0.8%** |
| ADTRAN Holdings, Inc. <sup>(a)</sup>  | 125000 | 1121250 |
| Comtech Telecommunications Corp. <sup>(a)</sup>  | 1432000 | 3508400 |
| KVH Industries, Inc. <sup>(a)</sup>  | 441400 | 2352662 |
|  |  | 6982312 |
| **Construction & Engineering - 4.5%** | **Construction & Engineering - 4.5%** | **Construction & Engineering - 4.5%** |
| Centuri Holdings, Inc. <sup>(a)</sup>  | 320000 | 7180800 |
| Everus Construction Group, Inc. <sup>(a)</sup>  | 92500 | 5876525 |
| Matrix Service Co. <sup>(a)(f)</sup>  | 1420000 | 19184200 |
| MYR Group, Inc. <sup>(a)</sup>  | 30000 | 5443500 |
|  |  | 37685025 |
| **Construction Materials - 1.2%** | **Construction Materials - 1.2%** | **Construction Materials - 1.2%** |
| CRH PLC (Ireland)  | 28000 | 2570400 |
| Smith-Midland Corp. <sup>(a)</sup>  | 217000 | 7282520 |
|  |  | 9852920 |
| **Distributors - 0.1%** | **Distributors - 0.1%** | **Distributors - 0.1%** |
| Educational Development Corp. <sup>(a)(f)</sup>  | 800000 | 1064000 |
| **Diversified Consumer Services - 4.4%** | **Diversified Consumer Services - 4.4%** | **Diversified Consumer Services - 4.4%** |
| Bright Horizons Family Solutions, Inc. <sup>(a)</sup>  | 95000 | 11741050 |
| Lincoln Educational Services Corp. <sup>(a)</sup>  | 609500 | 14048975 |
| Universal Technical Institute, Inc. <sup>(a)</sup>  | 311000 | 10539790 |
|  |  | 36329815 |
| **Electrical Equipment - 12.0%** | **Electrical Equipment - 12.0%** | **Electrical Equipment - 12.0%** |
| Hammond Power Solutions, Inc. (Canada)  | 188100 | 17325782 |
| nVent Electric PLC (Ireland)  | 107500 | 7874375 |
| Thermon Group Holdings, Inc. <sup>(a)</sup>  | 623500 | 17507880 |
| Vertiv Holdings Co. - Class A  | 260500 | 33450805 |
| Vicor Corp. <sup>(a)</sup>  | 511500 | 23201640 |
|  |  | 99360482 |
| **Electronic Equipment, Instruments & Components - 15.8%** | **Electronic Equipment, Instruments & Components - 15.8%** | **Electronic Equipment, Instruments & Components - 15.8%** |
| Arlo Technologies, Inc. <sup>(a)</sup>  | 1307500 | $22175200 |
| Blackline Safety Corp. (Canada) <sup>(a)</sup>  | 1205000 | 6371214 |
| Cognex Corp.  | 108000 | 3425760 |
| Evolv Technologies Holdings, Inc. <sup>(a)</sup>  | 100000 | 624000 |
| FARO Technologies, Inc. <sup>(a)(f)</sup>  | 780000 | 34257600 |
| Luna Innovations, Inc. <sup>(a)</sup>  | 1175000 | 1039875 |
| nLight, Inc. <sup>(a)</sup>  | 1525000 | 30012000 |
| Vishay Intertechnology, Inc.  | 1060000 | 16832800 |
| Vishay Precision Group, Inc. <sup>(a)</sup>  | 582500 | 16368250 |
|  |  | 131106699 |
| **Energy Equipment & Services - 0.6%** | **Energy Equipment & Services - 0.6%** | **Energy Equipment & Services - 0.6%** |
| Energy Services of America Corp.  | 125000 | 1242500 |
| Select Water Solutions, Inc.  | 100000 | 864000 |
| TETRA Technologies, Inc. <sup>(a)</sup>  | 750000 | 2520000 |
|  |  | 4626500 |
| **Food Products - 2.4%** | **Food Products - 2.4%** | **Food Products - 2.4%** |
| Vital Farms, Inc. <sup>(a)</sup>  | 507500 | 19548900 |
| **Gas Utilities - 0.7%** | **Gas Utilities - 0.7%** | **Gas Utilities - 0.7%** |
| MDU Resources Group, Inc.  | 349000 | 5817830 |
| **Health Care Equipment & Supplies - 0.8%** | **Health Care Equipment & Supplies - 0.8%** | **Health Care Equipment & Supplies - 0.8%** |
| LeMaitre Vascular, Inc.  | 40000 | 3322000 |
| Precision Optics Corp, Inc. <sup>(a)(f)</sup>  | 700000 | 3409000 |
|  |  | 6731000 |
| **Health Care Providers & Services - 0.5%** | **Health Care Providers & Services - 0.5%** | **Health Care Providers & Services - 0.5%** |
| Hinge Health, Inc. - Class A <sup>(a)</sup>  | 605 | 31309 |
| Labcorp Holdings, Inc.  | 12300 | 3228873 |
| Quest Diagnostics, Inc.  | 3000 | 538890 |
|  |  | 3799072 |
| **Hotels, Restaurants & Leisure - 3.1%** | **Hotels, Restaurants & Leisure - 3.1%** | **Hotels, Restaurants & Leisure - 3.1%** |
| Genius Sports Ltd. (Guernsey) <sup>(a)</sup>  | 2355000 | 24492000 |
| Sportradar Group AG - Class A (Switzerland) <sup>(a)</sup>  | 35000 | 982800 |
|  |  | 25474800 |
| **Household Products - 4.0%** | **Household Products - 4.0%** | **Household Products - 4.0%** |
| Oil-Dri Corp. of America <sup>(f)</sup>  | 561500 | 33122885 |
| **Insurance - 0.8%** | **Insurance - 0.8%** | **Insurance - 0.8%** |
| Markel Group, Inc. <sup>(a)</sup>  | 3450 | 6890892 |
| **Interactive Media & Services - 0.0%<sup>(b)</sup>** | **Interactive Media & Services - 0.0%<sup>(b)</sup>** | **Interactive Media & Services - 0.0%<sup>(b)</sup>** |
| Illumin Holdings, Inc. (Canada) <sup>(a)</sup>  | 150000 | 210391 |
| **IT Services - 4.6%** | **IT Services - 4.6%** | **IT Services - 4.6%** |
| Akamai Technologies, Inc. <sup>(a)(e)</sup>  | 116000 | 9252160 |
| Research Solutions, Inc. <sup>(a)(f)</sup>  | 2930000 | 8409100 |
| Unisys Corp. <sup>(a)(f)</sup>  | 4538000 | 20557140 |
|  |  | 38218400 |
| **Life Sciences Tools & Services - 0.7%** | **Life Sciences Tools & Services - 0.7%** | **Life Sciences Tools & Services - 0.7%** |
| Bruker Corp.  | 137500 | 5665000 |
| CryoPort, Inc. <sup>(a)</sup>  | 29500 | 220070 |
|  |  | 5885070 |

---

*See accompanying Notes to Financial Statements.*

**NEEDHAM Aggressive GROWTH FUND** 

**Schedule of Investments** 

as of June 30, 2025 (Unaudited) (Continued)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Machinery - 0.8%** | **Machinery - 0.8%** | **Machinery - 0.8%** |
| Gorman-Rupp Co.  | 140000 | $5140800 |
| Somero Enterprises, Inc.  | 340000 | 1143414 |
| Tennant Co.  | 2500 | 193700 |
| Westinghouse Air Brake Technologies Corp.  | 2750 | 575713 |
|  |  | 7053627 |
| **Media - 0.1%** | **Media - 0.1%** | **Media - 0.1%** |
| The Trade Desk, Inc. - Class A <sup>(a)</sup>  | 17000 | 1223830 |
| **Professional Services - 6.3%** | **Professional Services - 6.3%** | **Professional Services - 6.3%** |
| Asure Software, Inc. <sup>(a)(f)</sup>  | 2495000 | 24351200 |
| CRA International, Inc.  | 84750 | 15879607 |
| Jacobs Solutions, Inc.  | 17500 | 2300375 |
| Parsons Corp. <sup>(a)</sup>  | 137500 | 9868375 |
|  |  | 52399557 |
| **Semiconductors & Semiconductor Equipment - 10.4%** | **Semiconductors & Semiconductor Equipment - 10.4%** | **Semiconductors & Semiconductor Equipment - 10.4%** |
| ASML Holding NV (Netherlands)  | 3000 | 2404170 |
| Camtek Ltd. (Israel) <sup>(a)</sup>  | 35000 | 2959600 |
| Entegris, Inc.  | 66000 | 5322900 |
| FormFactor, Inc. <sup>(a)</sup>  | 250000 | 8602500 |
| MKS, Inc.  | 46500 | 4620240 |
| Nova, Ltd. (Israel) <sup>(a)</sup>  | 62750 | 17268800 |
| PDF Solutions, Inc. <sup>(a)</sup>  | 1269350 | 27138703 |
| Photronics, Inc. <sup>(a)</sup>  | 287500 | 5413625 |
| SiTime Corp. <sup>(a)</sup>  | 9500 | 2024260 |
| Teradyne, Inc.  | 22500 | 2023200 |
| Veeco Instruments, Inc. <sup>(a)</sup>  | 411000 | 8351520 |
|  |  | 86129518 |
| **Software - 4.5%** | **Software - 4.5%** | **Software - 4.5%** |
| Aptitude Software Group PLC (United Kingdom)  | 30000 | 138363 |
| Arteris, Inc. <sup>(a)(f)</sup>  | 2420000 | 23062600 |
| Bentley Systems, Inc. - Class B  | 42500 | 2293725 |
| Circle Internet Group, Inc. <sup>(a)</sup>  | 6088 | 1103693 |
| Computer Modelling Group Ltd. (Canada)  | 80000 | 423573 |
| Klaviyo, Inc. - Class A <sup>(a)</sup>  | 195000 | 6548100 |
| Thinkific Labs, Inc. (Canada) <sup>(a)(f)</sup>  | 2475000 | 3762254 |
|  |  | 37332308 |
| **Specialty Retail - 5.8%** | **Specialty Retail - 5.8%** | **Specialty Retail - 5.8%** |
| CarMax, Inc. <sup>(a)</sup>  | 67500 | 4536675 |
| ThredUp, Inc. - Class A <sup>(a)(f)</sup>  | 5875000 | 44003750 |
|  |  | 48540425 |
| **Technology Hardware, Storage & Peripherals - 5.1%** | **Technology Hardware, Storage & Peripherals - 5.1%** | **Technology Hardware, Storage & Peripherals - 5.1%** |
| Apple, Inc.  | 13700 | 2810829 |
| Super Micro Computer, Inc. <sup>(a)(e)</sup>  | 810000 | 39698100 |
|  |  | 42508929 |
| **Textiles, Apparel & Luxury Goods - 0.3%** | **Textiles, Apparel & Luxury Goods - 0.3%** | **Textiles, Apparel & Luxury Goods - 0.3%** |
| Carter's, Inc.  | 76500 | 2304945 |
| **Trading Companies & Distributors - 0.4%** | **Trading Companies & Distributors - 0.4%** | **Trading Companies & Distributors - 0.4%** |
| Transcat, Inc. <sup>(a)</sup>  | 40000 | $3438400 |
| **TOTAL COMMON STOCKS** (Cost $590,576,766)  |  | 817366267 |
| **REAL ESTATE INVESTMENT TRUSTS - COMMON - 0.7%** | **REAL ESTATE INVESTMENT TRUSTS - COMMON - 0.7%** | **REAL ESTATE INVESTMENT TRUSTS - COMMON - 0.7%** |
| **Specialized REITs - 0.7%** | **Specialized REITs - 0.7%** | **Specialized REITs - 0.7%** |
| Equinix, Inc.  | 6500 | 5170555 |
| **TOTAL REAL ESTATE INVESTMENT TRUSTS - COMMON** (Cost $3,636,656)  |  | 5170555 |
| **SHORT-TERM INVESTMENTS - 1.0%** | **SHORT-TERM INVESTMENTS - 1.0%** | **SHORT-TERM INVESTMENTS - 1.0%** |
| **Money Market Funds - 1.0%** | **Money Market Funds - 1.0%** | **Money Market Funds - 1.0%** |
| Dreyfus Treasury Securities Cash Management - Class Institutional, 4.11% <sup>(c)</sup>  | 8570335 | 8570335 |
| **TOTAL SHORT-TERM INVESTMENTS** (Cost $8,570,335)  |  | 8570335 |
| **TOTAL INVESTMENTS - 100.0%** (Cost $602,783,757)  |  | 831107157 |
| Other Assets in Excess of Other Assets - 0.0% <sup>(d)</sup>  |  | 396818 |
| **TOTAL NET ASSETS - 100.0%**  |  | $831503975 |

---

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.

PLC - Public Limited Company

REIT - Real Estate Investment Trust

<sup>(a)</sup> &nbsp;&nbsp;&nbsp;&nbsp;Non-income producing security.

<sup>(b)</sup> &nbsp;&nbsp;&nbsp;&nbsp;Represents less than 0.05% of net assets. 

<sup>(c)</sup> &nbsp;&nbsp;&nbsp;&nbsp;The rate shown represents the 7-day annualized effective yield as of June 30, 2025.

<sup>(d)</sup> &nbsp;&nbsp;&nbsp;&nbsp;Represents less than 0.05% of net assets. 

<sup>(e)</sup> &nbsp;&nbsp;&nbsp;&nbsp;Security position is either entirely or partially held in a segregated account. The aggregated total market value as of June 30, 2025 is $1,213,710. 

<sup>(f)</sup> <sup></sup>Affiliated company as defined by the Investment Company Act of 1940.

*See accompanying Notes to Financial Statements.*

**NEEDHAM Aggressive GROWTH FUND** 

**Schedule of Investments** 

as of June 30, 2025 (Unaudited) (Continued)

**Allocation of Portfolio Holdings by Country as of June 30, 2025** 

---

| | | |
|:---|:---|:---|
|  | **(% of Investments)** | **(% of Investments)** |
| United States^  | $744601111 | 89.6% |
| Canada  | 28093214 | 3.4 |
| Guernsey  | 24492000 | 2.9 |
| Israel  | 20228400 | 2.5 |
| Australia  | 7596699 | 0.9 |
| Ireland  | 2570400 | 0.3 |
| Netherlands  | 2404170 | 0.3 |
| Switzerland  | 982800 | 0.1 |
| United Kingdom  | 138363 | 0.0 <sup>(a)</sup> |
|  | $831107157 | 100.0% |

---

---

| | |
|:---|:---|
| ^  | United States allocation includes Short-Term Investment - Money Market Fund of 1.0%.  |

---

<sup>(a)</sup> &nbsp;&nbsp;&nbsp;&nbsp;Represents less than 0.05% of net assets. 

*See accompanying Notes to Financial Statements.*

**Needham Small Cap Growth Fund** 

**Schedule of Investments** 

as of June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - 90.7%** | **COMMON STOCKS - 90.7%** | **COMMON STOCKS - 90.7%** |
| **Aerospace & Defense - 0.4%** | **Aerospace & Defense - 0.4%** | **Aerospace & Defense - 0.4%** |
| Mercury Systems, Inc. <sup>(a)</sup>  | 10000 | $538600 |
| **Automobile Components - 0.7%** | **Automobile Components - 0.7%** | **Automobile Components - 0.7%** |
| Mobileye Global, Inc. - Class A <sup>(a)</sup>  | 53900 | 969122 |
| **Chemicals - 3.3%** | **Chemicals - 3.3%** | **Chemicals - 3.3%** |
| Aspen Aerogels, Inc. <sup>(a)</sup>  | 774500 | 4585040 |
| **Communications Equipment - 12.6%** | **Communications Equipment - 12.6%** | **Communications Equipment - 12.6%** |
| ADTRAN Holdings, Inc. <sup>(a)</sup>  | 925000 | 8297250 |
| Calix, Inc. <sup>(a)</sup>  | 40000 | 2127600 |
| Comtech Telecommunications Corp. <sup>(a)</sup>  | 100000 | 245000 |
| Extreme Networks, Inc. <sup>(a)</sup>  | 40000 | 718000 |
| Harmonic, Inc. <sup>(a)</sup>  | 565000 | 5350550 |
| KVH Industries, Inc. <sup>(a)</sup>  | 161400 | 860262 |
|  |  | 17598662 |
| **Construction & Engineering - 0.9%** | **Construction & Engineering - 0.9%** | **Construction & Engineering - 0.9%** |
| Centuri Holdings, Inc. <sup>(a)</sup>  | 22500 | 504900 |
| Everus Construction Group, Inc. <sup>(a)</sup>  | 12500 | 794125 |
|  |  | 1299025 |
| **Diversified Consumer Services - 1.0%** | **Diversified Consumer Services - 1.0%** | **Diversified Consumer Services - 1.0%** |
| Matthews International Corp. - Class A  | 60000 | 1434600 |
| **Electrical Equipment - 2.8%** | **Electrical Equipment - 2.8%** | **Electrical Equipment - 2.8%** |
| Generac Holdings, Inc. <sup>(a)</sup>  | 11000 | 1575310 |
| Vicor Corp. <sup>(a)</sup>  | 50000 | 2268000 |
|  |  | 3843310 |
| **Electronic Equipment, Instruments & Components - 18.2%** | **Electronic Equipment, Instruments & Components - 18.2%** | **Electronic Equipment, Instruments & Components - 18.2%** |
| Badger Meter, Inc.  | 6000 | 1469700 |
| Cognex Corp.  | 47500 | 1506700 |
| Insight Enterprises, Inc. <sup>(a)</sup>  | 11000 | 1518935 |
| nLight, Inc. <sup>(a)(c)</sup>  | 150000 | 2952000 |
| Rogers Corp. <sup>(a)</sup>  | 55000 | 3766400 |
| TTM Technologies, Inc. <sup>(a)</sup>  | 185000 | 7551700 |
| Vishay Intertechnology, Inc.  | 280000 | 4446400 |
| Vishay Precision Group, Inc. <sup>(a)</sup>  | 75000 | 2107500 |
|  |  | 25319335 |
| **Gas Utilities - 0.5%** | **Gas Utilities - 0.5%** | **Gas Utilities - 0.5%** |
| MDU Resources Group, Inc.  | 45000 | 750150 |
| **Hotels, Restaurants & Leisure - 1.7%** | **Hotels, Restaurants & Leisure - 1.7%** | **Hotels, Restaurants & Leisure - 1.7%** |
| Vail Resorts, Inc.  | 15000 | 2356950 |
| **IT Services - 3.5%** | **IT Services - 3.5%** | **IT Services - 3.5%** |
| Akamai Technologies, Inc. <sup>(a)</sup>  | 9000 | 717840 |
| BigCommerce Holdings, Inc. <sup>(a)</sup>  | 425000 | 2125000 |
| Unisys Corp. <sup>(a)</sup>  | 443000 | 2006790 |
|  |  | 4849630 |
| **Life Sciences Tools & Services - 2.9%** | **Life Sciences Tools & Services - 2.9%** | **Life Sciences Tools & Services - 2.9%** |
| Bruker Corp.  | 37500 | $1545000 |
| CryoPort, Inc. <sup>(a)</sup>  | 278000 | 2073880 |
| Standard BioTools, Inc. <sup>(a)</sup>  | 400000 | 480000 |
|  |  | 4098880 |
| **Machinery - 2.7%** | **Machinery - 2.7%** | **Machinery - 2.7%** |
| Chart Industries, Inc. <sup>(a)</sup>  | 22500 | 3704625 |
| **Professional Services - 1.0%** | **Professional Services - 1.0%** | **Professional Services - 1.0%** |
| Parsons Corp. <sup>(a)</sup>  | 20000 | 1435400 |
| **Semiconductors & Semiconductor Equipment - 24.5%** | **Semiconductors & Semiconductor Equipment - 24.5%** | **Semiconductors & Semiconductor Equipment - 24.5%** |
| Allegro MicroSystems, Inc. <sup>(a)</sup>  | 50000 | 1709500 |
| AXT, Inc. <sup>(a)</sup>  | 300000 | 627000 |
| Camtek Ltd. (Israel) <sup>(a)</sup>  | 25000 | 2114000 |
| CEVA, Inc. <sup>(a)</sup>  | 115000 | 2527700 |
| Cohu, Inc. <sup>(a)</sup>  | 118000 | 2270320 |
| Entegris, Inc.  | 12000 | 967800 |
| FormFactor, Inc. <sup>(a)</sup>  | 40000 | 1376400 |
| Ichor Holdings Ltd. (Cayman Islands) <sup>(a)</sup>  | 67500 | 1325700 |
| Marvell Technology, Inc.  | 18000 | 1393200 |
| MaxLinear, Inc. <sup>(a)</sup>  | 155000 | 2202550 |
| MKS, Inc.  | 20000 | 1987200 |
| PDF Solutions, Inc. <sup>(a)</sup>  | 329150 | 7037227 |
| Penguin Solutions, Inc. <sup>(a)</sup>  | 105000 | 2080050 |
| Photronics, Inc. <sup>(a)</sup>  | 100000 | 1883000 |
| Power Integrations, Inc.  | 7500 | 419250 |
| SiTime Corp. <sup>(a)</sup>  | 5000 | 1065400 |
| Ultra Clean Holdings, Inc. <sup>(a)</sup>  | 35000 | 789950 |
| Veeco Instruments, Inc. <sup>(a)</sup>  | 120000 | 2438400 |
|  |  | 34214647 |
| **Software - 10.0%** | **Software - 10.0%** | **Software - 10.0%** |
| Arteris, Inc. <sup>(a)</sup>  | 535000 | 5098550 |
| Bentley Systems, Inc. - Class B  | 30000 | 1619100 |
| Circle Internet Group, Inc. <sup>(a)</sup>  | 1022 | 185278 |
| PROS Holdings, Inc. <sup>(a)</sup>  | 150000 | 2349000 |
| Rapid7, Inc. <sup>(a)</sup>  | 160000 | 3700800 |
| Tenable Holdings, Inc. <sup>(a)</sup>  | 20000 | 675600 |
| Yext, Inc. <sup>(a)</sup>  | 30000 | 255000 |
|  |  | 13883328 |
| **Technology Hardware, Storage & Peripherals - 2.4%** | **Technology Hardware, Storage & Peripherals - 2.4%** | **Technology Hardware, Storage & Peripherals - 2.4%** |
| Pure Storage, Inc. - Class A <sup>(a)</sup>  | 10000 | 575800 |
| Super Micro Computer, Inc. <sup>(a)</sup>  | 55000 | 2695550 |
|  |  | 3271350 |
| **Trading Companies & Distributors - 1.6%** | **Trading Companies & Distributors - 1.6%** | **Trading Companies & Distributors - 1.6%** |
| Transcat, Inc. <sup>(a)</sup>  | 26500 | 2277940 |
| **TOTAL COMMON STOCKS** (Cost $129,908,430)  |  | 126430594 |

---

*See accompanying Notes to Financial Statements.*

**Needham Small Cap Growth Fund** 

**Schedule of Investments** 

as of June 30, 2025 (Unaudited) (Continued)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **SHORT-TERM INVESTMENTS - 10.4%** | **SHORT-TERM INVESTMENTS - 10.4%** | **SHORT-TERM INVESTMENTS - 10.4%** |
| **Money Market Funds - 10.4%**  |  |  |
| Dreyfus Treasury Securities Cash Management - Class Institutional, 4.11% <sup>(b)</sup>  | 14527987 | $14527987 |
| **TOTAL SHORT-TERM INVESTMENTS** (Cost $14,527,987)  |  | 14527987 |
| **TOTAL INVESTMENTS - 101.1%** (Cost $144,436,417)  |  | 140958581 |
| Liabilities in Excess of Other Assets - (1.1)%  |  | (1574273) |
| **TOTAL NET ASSETS - 100.0%**  |  | $139384308 |

---

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.

<sup>(a)</sup> &nbsp;&nbsp;&nbsp;&nbsp;Non-income producing security.

<sup>(b)</sup> &nbsp;&nbsp;&nbsp;&nbsp;The rate shown represents the 7-day annualized effective yield as of June 30, 2025.

<sup>(c)</sup> &nbsp;&nbsp;&nbsp;&nbsp;Security position is either entirely or partially held in a segregated account. The aggregated total market value as of June 30, 2025 is $1,968,000. 

**Allocation of Portfolio Holdings by Country as of June 30, 2025** 

---

| | | |
|:---|:---|:---|
|  | **(% of Investments)** | **(% of Investments)** |
| United States^  | $137518881 | 97.6% |
| Israel  | 2114000 | 1.5 |
| Cayman Islands  | 1325700 | 0.9 |
|  | $140958581 | 100.0% |

---

---

| | |
|:---|:---|
| ^  | United States allocation includes Short-Term Investment – Money Market Fund of 10.4%. |

---

*See accompanying Notes to Financial Statements.*

**Statements of Assets and Liabilities** 

For the period ended June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Needham <br> Growth Fund** | **Needham <br> Aggressive <br> Growth Fund** | **Needham Small <br> Cap Growth Fund** |
| **Assets** |  |  |  |
| Investments, at Value  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated Securities (Cost $76,953,800, $454,598,491, $144,436,417)  | $153636401 | $609230948 | $140958581 |
| &nbsp;&nbsp;&nbsp;Affiliated Securities, (Cost $-, $148,185,266, $—)  |  | 221876209 |  |
| Receivables: |  |  |  |
| &nbsp;&nbsp;&nbsp;Deposit with Broker for Securities Sold Short  |  | 5972 |  |
| &nbsp;&nbsp;&nbsp;Dividends and Interest  | 63352 | 53611 | 78119 |
| &nbsp;&nbsp;&nbsp;Fund Shares Sold  | 3129 | 2515364 | 446713 |
| &nbsp;&nbsp;&nbsp;Investment Securities Sold  | 137503 |  |  |
| Prepaid Expenses  | 34703 | 77443 | 32170 |
| &nbsp;&nbsp;&nbsp;**Total Assets**  | 153875088 | 833759547 | 141515583 |
| **Liabilities** |  |  |  |
| Payables: |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment Securities Purchased  | 234118 | 525760 | 1777415 |
| &nbsp;&nbsp;&nbsp;Fund Shares Redeemed  | 125679 | 746789 | 149095 |
| &nbsp;&nbsp;&nbsp;Due to Adviser  | 129666 | 664471 | 108919 |
| &nbsp;&nbsp;&nbsp;Distribution Fees  | 13235 | 43204 | 2549 |
| &nbsp;&nbsp;&nbsp;Administration and Accounting Fees  | 41209 | 113501 | 27861 |
| &nbsp;&nbsp;&nbsp;Transfer Agent Fees  | 16886 | 62785 | 16008 |
| &nbsp;&nbsp;&nbsp;Audit and Tax Fees  | 12653 | 58341 | 11655 |
| &nbsp;&nbsp;&nbsp;Directors' Fees  | 2676 | 7577 | 2670 |
| Accrued Expenses and Other Liabilities  | 11297 | 33144 | 35103 |
| &nbsp;&nbsp;&nbsp;**Total Liabilities**  | 587419 | 2255572 | 2131275 |
| **Net Assets**  | $153287669 | $831503975 | $139384308 |
| **Retail Class Shares** |  |  |  |
| **Net Assets**  | 70653992 | 213395725 | 26934870 |
| Shares Issued and Outstanding $0.001 Par Value  |  |  |  |
| (Authorized 800,000,000,100,000,000 and 100,000,000 respectively)  | 1220887 | 4158821 | 1623956 |
| **Net Asset Value and Offering Price Per Share**  | $57.87 | $51.31 | $16.59 |
| **Institutional Class Shares** |  |  |  |
| **Net Assets**  | 82633677 | 618108250 | 112449438 |
| Shares Issued and Outstanding $0.001 Par Value  |  |  |  |
| (Authorized 800,000,000,100,000,000 and 100,000,000 respectively)  | 1359208 | 11381358 | 6083771 |
| **Net Asset Value and Offering Price Per Share**  | $60.80 | $54.31 | $18.48 |
| **Components of Net Assets** |  |  |  |
| Paid-in Capital  | 63780366 | 596093133 | 196055921 |
| Distributable Earnings  | 89507303 | 235410842 | (56671613) |
| &nbsp;&nbsp;&nbsp;**Total Net Assets**  | $153287669 | $831503975 | $139384308 |

---

*See accompanying Notes to Financial Statements.*

**Statements of Operations** 

For the period ended June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Needham <br> Growth Fund** | **Needham <br> Aggressive <br> Growth Fund** | **Needham Small <br> Cap Growth Fund** |
| **Investment Income** |  |  |  |
| Dividend Income from unaffiliated securities (net of foreign withholding tax of $3,421, $23,539, $—)  | $534880 | $1278826 | $344663 |
| Dividend Income from affiliated securities  |  | 66753 |  |
| &nbsp;&nbsp;&nbsp;**Total Investment Income**  | 534880 | 1345579 | 344663 |
| **Expenses** |  |  |  |
| Investment Advisory Fees  | 977421 | 4616633 | 861326 |
| Distribution Fees  | 88332 | 243478 | 34794 |
| Administration and Accounting Fees  | 93951 | 329184 | 77127 |
| Audit Fees  | 10591 | 54427 | 9553 |
| Chief Compliance Officer Fees  | 3108 | 13186 | 2611 |
| Custodian Fees  | 10609 | 28672 | 6549 |
| Directors' Fees  | 3264 | 15053 | 2430 |
| Filing Fees  | 25870 | 62301 | 25218 |
| Legal Fees  | 13621 | 47383 | 11454 |
| Printing Fees  | 5257 | 30487 | 5224 |
| Transfer Agent Fees  | 36886 | 188000 | 37071 |
| Other Expenses  | 10510 | 64172 | 7175 |
| &nbsp;&nbsp;&nbsp;Total Expenses  | 1279420 | 5692976 | 1080532 |
| &nbsp;&nbsp;&nbsp;Fees Waived by Investment Adviser  | (130590) | (808593) | (183986) |
| &nbsp;&nbsp;&nbsp;Fees Recouped by Investment Adviser  |  |  | 51 |
| &nbsp;&nbsp;&nbsp;Net Expenses  | 1148830 | 4884383 | 896597 |
| **Net Investment Income (Loss)**  | (613950) | (3538804) | (551934) |
| **Net Realized / Unrealized Gain (Loss) from Investments, Securities Sold Short, Foreign Currency Transactions and Currency** |  |  |  |
| Net Realized Gain (Loss) from Unaffiliated Securities  | 11534687 | (2787615) | 5872822 |
| Net Realized Gain (Loss) from Affiliated Securities  |  | 13158458 |  |
| Net Realized (Loss) from Foreign Currency Transactions and Currency  | (601) | (9444) |  |
| Change in Unrealized Appreciation (Depreciation) on Investments and Securities Sold Short  | (21107800) | 31041907 | (11047395) |
| Change in Unrealized Appreciation on Affiliated Investments  |  | 42193618 |  |
| **Net Realized / Unrealized Gain from Investments, Securities Sold Short, Foreign Currency Transactions and Currency**  | (9573714) | 83596924 | (5174573) |
| **Change in Net Assets Resulting from Operations**  | $(10187664) | $80058120 | $(5726507) |

---

*See accompanying Notes to Financial Statements.*

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **Needham Growth Fund** | **Needham Growth Fund** |
|  | **Period Ended <br> June 30, 2025<br> (Unaudited)** | **Year Ended <br> December 31, 2024** |
| **Change in Net Assets** |  |  |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Loss  | $(613950) | $(969401) |
| &nbsp;&nbsp;&nbsp;Net Realized Gain from Investments, Securities Sold Short, Foreign Currency Transactions, and Currency  | 11534086 | 12458313 |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation on Investments, Securities Sold Short, Foreign Currency Translations  | (21107800) | 6851757 |
| &nbsp;&nbsp;&nbsp;**Change in Net Assets Resulting from Operations**  | (10187664) | 18340669 |
| **Distributable Earnings:** |  |  |
| &nbsp;&nbsp;&nbsp;Retail Class  |  | (3304564) |
| &nbsp;&nbsp;&nbsp;Institutional Class  |  | (4362839) |
| &nbsp;&nbsp;&nbsp;**Total Distributable Earnings**  |  | (7667403) |
| **Capital Transactions:** |  |  |
| **Retail Class:** |  |  |
| &nbsp;&nbsp;&nbsp;Shares Issued  | 3076548 | 28528217 |
| &nbsp;&nbsp;&nbsp;Shares Issued in Reinvestment of Distribution  |  | 3076761 |
| &nbsp;&nbsp;&nbsp;Shares Issued/(Redeemed) in Exchange for Institutional Class Shares  | (458070) | (1705915) |
| &nbsp;&nbsp;&nbsp;Shares Redeemed  | (9247632) | (29095871) |
| **Institutional Class:** |  |  |
| &nbsp;&nbsp;&nbsp;Shares Issued  | 13385376 | 64326647 |
| &nbsp;&nbsp;&nbsp;Shares Issued in Reinvestment of Distribution  |  | 4232756 |
| &nbsp;&nbsp;&nbsp;Shares Issued/(Redeemed) in Exchange for Retail Class Shares  | 458070 | 1705915 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed  | (35787121) | (37077492) |
| &nbsp;&nbsp;&nbsp;**Total Change in Net Assets from Capital Transactions**  | (28572829) | 33991018 |
| **Change in Net Assets**  | (38760493) | 44664284 |
| **Total Net Assets** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year  | 192048162 | 147383878 |
| &nbsp;&nbsp;&nbsp;End of Year  | $153287669 | $192048162 |
| **Share Transaction:** |  |  |
| **Retail Class:** |  |  |
| &nbsp;&nbsp;&nbsp;Number of Shares Issued  | 57024 | 413283 |
| &nbsp;&nbsp;&nbsp;Number of Shares Reinvested  |  | 49355 |
| &nbsp;&nbsp;&nbsp;Number of Shares Issued/(Redeemed) in Exchange for Institutional Class Shares  | (7784) | (26678) |
| &nbsp;&nbsp;&nbsp;Number of Shares Redeemed  | (166927) | (439689) |
| &nbsp;&nbsp;&nbsp;**Change in Retail Class Shares**  | (117687) | (3729) |
| **Institutional Class:** |  |  |
| &nbsp;&nbsp;&nbsp;Number of Shares Issued  | 212571 | 906468 |
| &nbsp;&nbsp;&nbsp;Number of Shares Reinvested  |  | 64850 |
| &nbsp;&nbsp;&nbsp;Number of Shares Issued/(Redeemed) in Exchange for Retail Class Shares  | 7784 | 26678 |
| &nbsp;&nbsp;&nbsp;Number of Shares Redeemed  | (587351) | (540334) |
| &nbsp;&nbsp;&nbsp;**Change in Institutional Class Shares**  | (366996) | 457662 |
| &nbsp;&nbsp;&nbsp;**Total Change in Shares**  | (484683) | 453933 |

---

*See accompanying Notes to Financial Statements.*

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **Needham Aggressive Growth Fund** | **Needham Aggressive Growth Fund** |
|  | **Period Ended <br> June 30, 2025<br> (Unaudited)** | **Year Ended <br> December 31, 2024** |
| **Change in Net Assets** |  |  |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Loss  | $(3538804) | $(1853873) |
| &nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) from Investments, Securities Sold Short, Foreign Currency Transactions, and Currency  | 10361399 | 4257930 |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation on Investments, Securities Sold Short, Foreign Currency Translations  | 73235525 | 59761585 |
| &nbsp;&nbsp;&nbsp;**Change in Net Assets Resulting from Operations**  | 80058120 | 62165642 |
| **Distributable Earnings:** |  |  |
| &nbsp;&nbsp;&nbsp;Retail Class  |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Class  |  |  |
| &nbsp;&nbsp;&nbsp;**Total Distributable Earnings**  |  |  |
| **Capital Transactions:** |  |  |
| **Retail Class:** |  |  |
| &nbsp;&nbsp;&nbsp;Shares Issued  | 20788662 | 172242460 |
| &nbsp;&nbsp;&nbsp;Shares Issued in Reinvestment of Distribution  |  |  |
| &nbsp;&nbsp;&nbsp;Shares Issued/(Redeemed) in Exchange for Institutional Class Shares  | (563593) | (25957076) |
| &nbsp;&nbsp;&nbsp;Shares Redeemed  | (40453683) | (96253196) |
| &nbsp;&nbsp;&nbsp;Capital Contribution  |  |  |
| **Institutional Class:** |  |  |
| &nbsp;&nbsp;&nbsp;Shares Issued  | 101424636 | 489466586 |
| &nbsp;&nbsp;&nbsp;Shares Issued in Reinvestment of Distribution  |  |  |
| &nbsp;&nbsp;&nbsp;Shares Issued/(Redeemed) in Exchange for Retail Class Shares  | 563593 | 25957076 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed  | (148893032) | (207126662) |
| &nbsp;&nbsp;&nbsp;**Total Change in Net Assets from Capital Transactions**  | (67133417) | 358329188 |
| **Change in Net Assets**  | 12924703 | 420494830 |
| **Total Net Assets** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year  | 818579272 | 398084442 |
| &nbsp;&nbsp;&nbsp;End of Year  | $831503975 | $818579272 |
| **Share Transaction:** |  |  |
| **Retail Class:** |  |  |
| &nbsp;&nbsp;&nbsp;Number of Shares Issued  | 457082 | 3727419 |
| &nbsp;&nbsp;&nbsp;Number of Shares Reinvested  |  |  |
| &nbsp;&nbsp;&nbsp;Number of Shares Issued/(Redeemed) in Exchange for Institutional Class Shares  | (12127) | (555043) |
| &nbsp;&nbsp;&nbsp;Number of Shares Redeemed  | (906127) | (2105163) |
| &nbsp;&nbsp;&nbsp;**Change in Retail Class Shares**  | (461172) | 1067213 |
| **Institutional Class:** |  |  |
| &nbsp;&nbsp;&nbsp;Number of Shares Issued  | 2148144 | 10131680 |
| &nbsp;&nbsp;&nbsp;Number of Shares Reinvested  |  |  |
| &nbsp;&nbsp;&nbsp;Number of Shares Issued/(Redeemed) in Exchange for Retail Class Shares  | 12127 | 555043 |
| &nbsp;&nbsp;&nbsp;Number of Shares Redeemed  | (3163273) | (4284073) |
| &nbsp;&nbsp;&nbsp;**Change in Institutional Class Shares**  | (1003002) | 6402650 |
| &nbsp;&nbsp;&nbsp;**Total Change in Shares**  | (1464174) | 7469863 |

---

*See accompanying Notes to Financial Statements.*

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **Needham Small Cap Growth Fund** | **Needham Small Cap Growth Fund** |
|  | **Period Ended <br> June 30, 2025<br> (Unaudited)** | **Year Ended <br> December 31, 2024** |
| **Change in Net Assets** |  |  |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Loss  | $(551934) | $(1203030) |
| &nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) from Investments, Securities Sold Short, Foreign Currency Transactions, and Currency  | 5872822 | 19114815 |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized (Depreciation) on Investments, Securities Sold Short, Foreign Currency Translations  | (11047395) | 2407628 |
| &nbsp;&nbsp;&nbsp;**Change in Net Assets Resulting from Operations**  | (5726507) | 20319413 |
| **Distributable Earnings:** |  |  |
| &nbsp;&nbsp;&nbsp;Retail Class  |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Class  |  |  |
| &nbsp;&nbsp;&nbsp;**Total Distributable Earnings**  |  |  |
| **Capital Transactions:** |  |  |
| **Retail Class:** |  |  |
| &nbsp;&nbsp;&nbsp;Shares Issued  | 602135 | 4354571 |
| &nbsp;&nbsp;&nbsp;Shares Issued in Reinvestment of Distribution  |  |  |
| &nbsp;&nbsp;&nbsp;Shares Issued/(Redeemed) in Exchange for Institutional Class Shares  |  | (304879) |
| &nbsp;&nbsp;&nbsp;Shares Redeemed  | (6873866) | (19526731) |
| **Institutional Class:** |  |  |
| &nbsp;&nbsp;&nbsp;Shares Issued  | 9308928 | 25774278 |
| &nbsp;&nbsp;&nbsp;Shares Issued in Reinvestment of Distribution  |  |  |
| &nbsp;&nbsp;&nbsp;Shares Issued/(Redeemed) in Exchange for Retail Class Shares  |  | 304879 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed  | (20250361) | (34894965) |
| &nbsp;&nbsp;&nbsp;**Total Change in Net Assets from Capital Transactions**  | (17213164) | (24292847) |
| **Change in Net Assets**  | (22939671) | (3973434) |
| **Total Net Assets** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year  | 162323979 | 166297413 |
| &nbsp;&nbsp;&nbsp;End of Year  | $139384308 | $162323979 |
| **Share Transaction:** |  |  |
| **Retail Class:** |  |  |
| &nbsp;&nbsp;&nbsp;Number of Shares Issued  | 35571 | 246575 |
| &nbsp;&nbsp;&nbsp;Number of Shares Reinvested  |  |  |
| &nbsp;&nbsp;&nbsp;Number of Shares Issued/(Redeemed) in Exchange for Institutional Class Shares  |  | (17261) |
| &nbsp;&nbsp;&nbsp;Number of Shares Redeemed  | (405032) | (1138091) |
| &nbsp;&nbsp;&nbsp;**Change in Retail Class Shares**  | (369461) | (908777) |
| **Institutional Class:** |  |  |
| &nbsp;&nbsp;&nbsp;Number of Shares Issued  | 529653 | 1416812 |
| &nbsp;&nbsp;&nbsp;Number of Shares Reinvested  |  |  |
| &nbsp;&nbsp;&nbsp;Number of Shares Issued/(Redeemed) in Exchange for Retail Class Shares  |  | 17261 |
| &nbsp;&nbsp;&nbsp;Number of Shares Redeemed  | (1138163) | (1903573) |
| &nbsp;&nbsp;&nbsp;**Change in Institutional Class Shares**  | (608510) | (469500) |
| &nbsp;&nbsp;&nbsp;**Total Change in Shares**  | (977971) | (1378277) |

---

*See accompanying Notes to Financial Statements.*

**Needham Growth Fund** 

**Financial Highlights** 

(For a share outstanding throughout each period/year)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Retail Class** | **Retail Class** | **Retail Class** | **Retail Class** | **Retail Class** | **Retail Class** |
|  | | **Year Ended December 31** | **Year Ended December 31** | **Year Ended December 31** | **Year Ended December 31** | **Year Ended December 31** |
|  | **Six Months <br> Ended <br> June 30, 2025**<br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net Asset Value, Beginning of Year  | $61.02 | $55.34 | $43.63 | $66.90 | $55.89 | $41.99 |
| **Investment Operations** |  |  |  |  |  |  |
| Net Investment Loss  | (0.29) | (0.47) | (0.53) | (0.67) | (0.89) | (0.56) |
| Net Realized and Unrealized Gain (Loss) on Investments  | (2.86) | 8.54 | 12.24 | (21.82) | 16.53 | 17.66 |
| **Total from Investment Operations**  | (3.15) | 8.07 | 11.71 | (22.49) | 15.64 | 17.10 |
| **Less Distributions** |  |  |  |  |  |  |
| Net Realized Gains  |  | (2.39) |  | (0.78) | (4.63) | (3.20) |
| **Total Distributions**  |  | (2.39) |  | (0.78) | (4.63) | (3.20) |
| **Net Asset Value, End of Year**  | $57.87 | $61.02 | $55.34 | $43.63 | $66.90 | $55.89 |
| Total Return  | (5.16)% | 14.51% | 26.85% | (33.66)% | 27.68% | 41.59% |
| Net Assets, End of Year (000's)  | $70654 | $81683 | $74277 | $62117 | $101366 | $82628 |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Ratio of Net Expenses to Average Net Assets  | 1.75% | 1.69% | 1.78% | 1.85% | 1.78% | 1.85% |
| Ratio of Net Expenses to Average Net Assets (before interest and dividend expense)<sup>(1)</sup>  | 1.75% | 1.69% | 1.78% | 1.85% | 1.78% | 1.85% |
| Ratio of Total Expenses to Average Net Assets (before waiver and reimbursement of expenses)  | 1.75% | 1.69% | 1.78% | 1.85% | 1.78% | 1.83% |
| Ratio of Net Investment Loss to Average Net Assets  | (1.07)% | (0.70)% | (1.07)% | (1.34)% | (1.40)% | (1.23)% |
| Ratio of Net Investment Loss to Average Net Assets (before waivers and reimbursements of expenses)  | (1.07)% | (0.70)% | (1.07)% | (1.34)% | (1.40)% | (1.21)% |
| Portfolio turnover rate  | 15% | 14% | 9% | 14% | 15% | 15% |

---

<sup>(1)</sup> &nbsp;&nbsp;&nbsp;&nbsp;The Adviser has contractually agreed to waive its fee and, if necessary, reimburse expenses of the Fund until April 29, 2026 to the extent Total Annual Fund Operating Expenses exceed 1.95% of the average daily net assets of the Retail Class shares of the Fund ("Expense Cap"). For a period of up to 36 months from the time of any waiver or reimbursement pursuant to this agreement, the Adviser may recoup from the Fund fees waived and expenses reimbursed to the extent that such recover would not cause the Total Annual Fund Operating Expenses of the Fund to exceed the lesser of the Expense Cap in effect (i) at the time of the waiver or reimbursement, or (ii) at the time of recoupment, during each 12-month period ended April 29 in the Recoupment period. 

<sup>(2)</sup> &nbsp;&nbsp;&nbsp;&nbsp;Information presented relates to a unit outstanding for the period presented and assumes the reinvestment of dividends and capital gain distributions. Had the adviser not waived a portion of the fees, total returns would have been lower.

*See accompanying Notes to Financial Statements.*

**Needham Growth Fund** 

**Financial Highlights** 

(For a share outstanding throughout each period/year)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
|  | | **Year Ended December 31** | **Year Ended December 31** | **Year Ended December 31** | **Year Ended December 31** | **Year Ended December 31** |
|  | **Six Months <br> Ended <br> June 30, 2025**<br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net Asset Value, Beginning of Year  | $63.94 | $57.63 | $45.27 | $69.06 | $57.36 | $42.83 |
| **Investment Operations** |  |  |  |  |  |  |
| Net Investment Loss  | (0.16) | (0.18) | (0.36) | (0.47) | (0.68) | (0.36) |
| Net Realized and Unrealized Gain (Loss) on Investments  | (2.98) | 8.88 | 12.72 | (22.54) | 17.01 | 18.09 |
| **Total from Investment Operations**  | (3.14) | 8.70 | 12.36 | (23.01) | 16.33 | 17.73 |
| **Less Distributions** |  |  |  |  |  |  |
| Net Realized Gains  |  | (2.39) |  | (0.78) | (4.63) | (3.20) |
| **Total Distributions**  |  | (2.39) |  | (0.78) | (4.63) | (3.20) |
| **Net Asset Value, End of Year**  | $60.80 | $63.94 | $57.63 | $45.27 | $69.06 | $57.36 |
| Total Return  | (4.93)% | 15.01% | 27.30% | (33.34)% | 28.18% | 42.24% |
| Net Assets, End of Year (000's)  | $82634 | $110366 | $73107 | $58441 | $115543 | $58046 |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Ratio of Net Expenses to Average Net Assets  | 1.21% | 1.26% | 1.40% | 1.40% | 1.40% | 1.40% |
| Ratio of Net Expenses to Average Net Assets (before interest and dividend expense)<sup>(1)</sup>  | 1.21% | 1.26% | 1.40% | 1.40% | 1.40% | 1.40% |
| Ratio of Total Expenses to Average Net Assets (before waiver and reimbursement of expenses)  | 1.51% | 1.45% | 1.50% | 1.58% | 1.50% | 1.58% |
| Ratio of Net Investment Loss to Average Net Assets  | (0.54)% | (0.26)% | (0.69)% | (0.90)% | (1.02)% | (0.77)% |
| Ratio of Net Investment Loss to Average Net Assets (before waivers and reimbursements of expenses)  | (0.84)% | (0.46)% | (0.79)% | (1.08)% | (1.12)% | (0.96)% |
| Portfolio turnover rate  | 15% | 14% | 9% | 14% | 15% | 15% |

---

<sup>(1)</sup> &nbsp;&nbsp;&nbsp;&nbsp;The Adviser has contractually agreed to waive its fee and, if necessary, reimburse expenses of the Fund until April 29, 2026 to the extent Total Annual Fund Operating Expenses exceed 1.21% of the average daily net assets of the Institutional Class shares of the Fund ("Expense Cap"). For a period of up to 36 months from the time of any waiver or reimbursement pursuant to this agreement, the Adviser may recoup from the Fund fees waived and expenses reimbursed to the extent that such recover would not cause the Total Annual Fund Operating Expenses of the Fund to exceed the lesser of the Expense Cap in effect (i) at the time of the waiver or reimbursement, or (ii) at the time of recoupment, during each 12-month period ended April 29 in the Recoupment period. 

<sup>(2)</sup> &nbsp;&nbsp;&nbsp;&nbsp;Information presented relates to a unit outstanding for the period presented and assumes the reinvestment of dividends and capital gain distributions. Had the adviser not waived a portion of the fees, total returns would have been lower. 

*See accompanying Notes to Financial Statements.*

**Needham Aggressive Growth Fund** 

**Financial Highlights** 

(For a share outstanding throughout each period/year)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Retail Class** | **Retail Class** | **Retail Class** | **Retail Class** | **Retail Class** | **Retail Class** |
|  | | **Year Ended December 31** | **Year Ended December 31** | **Year Ended December 31** | **Year Ended December 31** | **Year Ended December 31** |
|  | **Six Months <br> Ended <br> June 30, 2025**<br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net Asset Value, Beginning of Year  | $46.26 | $40.47 | $29.40 | $40.56 | $31.58 | $21.77 |
| **Investment Operations** |  |  |  |  |  |  |
| Net Investment Loss  | (0.29) | (0.27) | (0.17) | (0.43) | (0.59) | (0.37) |
| Net Realized and Unrealized Gain (Loss) on Investments  | 5.34 | 6.06 | 11.24 | (10.73) | 12.45 | 11.41 |
| **Total from Investment Operations**  | 5.05 | 5.79 | 11.07 | (11.16) | 11.86 | 11.04 |
| **Less Distributions** |  |  |  |  |  |  |
| Net Realized Gains  |  |  |  |  | (2.88) | (1.23) |
| **Total Distributions**  |  |  |  |  | (2.88) | (1.23) |
| **Net Asset Value, End of Year**  | $51.31 | $46.26 | $40.47 | $29.40 | $40.56 | $31.58 |
| Total Return  | 10.92% | 14.31% | 37.65% | (27.53)% | 37.54% | 51.39% |
| Net Assets, End of Year (000's)  | $213396 | $213702 | $143772 | $55027 | $63599 | $40258 |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Ratio of Net Expenses to Average Net Assets  | 1.66% | 1.67% | 1.79% | 1.85% | 1.86% | 1.95% |
| Ratio of Net Expenses to Average Net Assets (before interest and dividend expense)<sup>(1)</sup>  | 1.66% | 1.67% | 1.79% | 1.85% | 1.86% | 1.95% |
| Ratio of Total Expenses to Average Net Assets (before waiver and reimbursement of expenses)  | 1.66% | 1.65% | 1.78% | 1.82% | 1.82% | 1.96% |
| Ratio of Net Investment Loss to Average Net Assets  | (1.30)% | (0.58)% | (0.47)% | (1.38)% | (1.62)% | (1.56)% |
| Ratio of Net Investment Loss to Average Net Assets (before waivers and reimbursements of expenses)  | (1.30)% | (0.56)% | (0.45)% | (1.35)% | (1.59)% | (1.57)% |
| Portfolio turnover rate  | 14% | 7% | 7% | 11% | 12% | 13% |

---

<sup>(1)</sup> &nbsp;&nbsp;&nbsp;&nbsp;The Adviser has contractually agreed to waive its fee and, if necessary, reimburse expenses of the Fund until April 29, 2026 to the extent Total Annual Fund Operating Expenses exceed 1.85% of the average daily net assets of the Retail Class shares of the Fund ("Expense Cap"). For a period of up to 36 months from the time of any waiver or reimbursement pursuant to this agreement, the Adviser may recoup from the Fund fees waived and expenses reimbursed to the extent that such recover would not cause the Total Annual Fund Operating Expenses of the Fund to exceed the lesser of the Expense Cap in effect (i) at the time of the waiver or reimbursement, or (ii) at the time of recoupment, during each 12-month period ended April 29 in the Recoupment period. 

<sup>(2)</sup> &nbsp;&nbsp;&nbsp;&nbsp;Information presented relates to a unit outstanding for the period presented and assumes the reinvestment of dividends and capital gain distributions. Had the adviser not waived a portion of the fees, total returns would have been lower.

*See accompanying Notes to Financial Statements.*

**Needham Aggressive Growth Fund** 

**Financial Highlights** 

(For a share outstanding throughout each period/year)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
|  | | **Year Ended December 31** | **Year Ended December 31** | **Year Ended December 31** | **Year Ended December 31** | **Year Ended December 31** |
|  | **Six Months <br> Ended <br> June 30, 2025**<br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net Asset Value, Beginning of Year  | $48.84 | $42.52 | $30.73 | $42.11 | $32.49 | $22.23 |
| **Investment Operations** |  |  |  |  |  |  |
| Net Investment Loss  | (0.19) | (0.06) | 0.08 | (0.23) | (0.36) | (0.22) |
| Net Realized and Unrealized Gain (Loss) on Investments  | 5.66 | 6.38 | 11.71 | (11.15) | 12.86 | 11.71 |
| **Total from Investment Operations**  | 5.47 | 6.32 | 11.79 | (11.38) | 12.50 | 11.49 |
| **Less Distributions** |  |  |  |  |  |  |
| Net Realized Gains  |  |  |  |  | (2.88) | (1.23) |
| **Total Distributions**  |  |  |  |  | (2.88) | (1.23) |
| **Net Asset Value, End of Year**  | $54.31 | $48.84 | $42.52 | $30.73 | $42.11 | $32.49 |
| Total Return  | 11.20% | 14.86% | 38.37% | (27.02)% | 38.43% | 52.36% |
| Net Assets, End of Year (000's)  | $618108 | $604877 | $254313 | $79891 | $76778 | $34132 |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Ratio of Net Expenses to Average Net Assets  | 1.18% | 1.18% | 1.18% | 1.18% | 1.18% | 1.33% |
| Ratio of Net Expenses to Average Net Assets (before interest and dividend expense)<sup>(1)</sup>  | 1.18% | 1.18% | 1.18% | 1.18% | 1.18% | 1.32% |
| Ratio of Total Expenses to Average Net Assets (before waiver and reimbursement of expenses)  | 1.47% | 1.46% | 1.52% | 1.55% | 1.53% | 1.71% |
| Ratio of Net Investment Loss to Average Net Assets  | (0.82)% | (0.11)% | 0.21% | (0.71)% | (0.95)% | (0.94)% |
| Ratio of Net Investment Loss to Average Net Assets (before waivers and reimbursements of expenses)  | (1.11)% | (0.40)% | (0.13)% | (1.08)% | (1.30)% | (1.32)% |
| Portfolio turnover rate  | 14% | 7% | 7% | 11% | 12% | 13% |

---

<sup>(1)</sup> &nbsp;&nbsp;&nbsp;&nbsp;The Adviser has contractually agreed to waive its fee and, if necessary, reimburse expenses of the Fund until April 29, 2026 to the extent Total Annual Fund Operating Expenses exceed 1.18% of the average daily net assets of the Institutional Class shares of the Fund ("Expense Cap"). For a period of up to 36 months from the time of any waiver or reimbursement pursuant to this agreement, the Adviser may recoup from the Fund fees waived and expenses reimbursed to the extent that such recover would not cause the Total Annual Fund Operating Expenses of the Fund to exceed the lesser of the Expense Cap in effect (i) at the time of the waiver or reimbursement, or (ii) at the time of recoupment, during each 12-month period ended April 29 in the Recoupment period. 

<sup>(2)</sup> &nbsp;&nbsp;&nbsp;&nbsp;Information presented relates to a unit outstanding for the period presented and assumes the reinvestment of dividends and capital gain distributions. Had the adviser not waived a portion of the fees, total returns would have been lower. 

*See accompanying Notes to Financial Statements.*

**Needham Small Cap Growth Fund** 

**Financial Highlights** 

(For a share outstanding throughout each period/year)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Retail Class** | **Retail Class** | **Retail Class** | **Retail Class** | **Retail Class** | **Retail Class** |
|  | | **Year Ended December 31** | **Year Ended December 31** | **Year Ended December 31** | **Year Ended December 31** | **Year Ended December 31** |
|  | **Six Months <br> Ended <br> June 30, 2025**<br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net Asset Value, Beginning of Year  | $18.47 | $16.38 | $15.50 | $23.19 | $25.80 | $17.59 |
| **Investment Operations** |  |  |  |  |  |  |
| Net Investment Loss  | (0.11) | (0.21) | (0.07) | (0.26) | (0.48) | (0.32) |
| Net Realized and Unrealized Gain (Loss) on Investments  | (1.77) | 2.30 | 0.95 | (6.79) | 3.69 | 12.06 |
| **Total from Investment Operations**  | (1.88) | 2.09 | 0.88 | (7.05) | 3.21 | 11.74 |
| **Less Distributions** |  |  |  |  |  |  |
| Net Realized Gains  |  |  |  | (0.64) | (5.82) | (3.53) |
| **Total Distributions**  |  |  |  | (0.64) | (5.82) | (3.53) |
| **Net Asset Value, End of Year**  | $16.59 | $18.47 | $16.38 | $15.50 | $23.19 | $25.80 |
| Total Return  | (3.14)% | 12.76% | 5.68% | (30.33)% | 10.98% | 71.35% |
| Net Assets, End of Year (000's)  | $26935 | $34621 | $45583 | $59054 | $112830 | $89206 |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Ratio of Net Expenses to Average Net Assets  | 1.78% | 1.78% | 1.80% | 1.85% | 1.85% | 1.85% |
| Ratio of Net Expenses to Average Net Assets (before interest and dividend expense)<sup>(1)</sup>  | 1.78% | 1.78% | 1.80% | 1.85% | 1.85% | 1.85% |
| Ratio of Total Expenses to Average Net Assets (before waiver and reimbursement of expenses)  | 1.82% | 1.79% | 1.84% | 1.86% | 1.83% | 1.80% |
| Ratio of Net Investment Loss to Average Net Assets  | (1.29)% | (1.20)% | (0.48)% | (1.47)% | (1.72)% | (1.64)% |
| Ratio of Net Investment Loss to Average Net Assets (before waivers and reimbursements of expenses)  | (1.33)% | (1.21)% | (0.51)% | (1.48)% | (1.70)% | (1.59)% |
| Portfolio turnover rate  | 55% | 62% | 126% | 109% | 133% | 191% |

---

<sup>(1)</sup> &nbsp;&nbsp;&nbsp;&nbsp;The Adviser has contractually agreed to waive its fee and, if necessary, reimburse expenses of the Fund until April 29, 2026 to the extent Total Annual Fund Operating Expenses exceed 1.85% of the average daily net assets of the Retail Class shares of the Fund ("Expense Cap"). For a period of up to 36 months from the time of any waiver or reimbursement pursuant to this agreement, the Adviser may recoup from the Fund fees waived and expenses reimbursed to the extent that such recover would not cause the Total Annual Fund Operating Expenses of the Fund to exceed the lesser of the Expense Cap in effect (i) at the time of the waiver or reimbursement, or (ii) at the time of recoupment, during each 12-month period ended April 29 in the Recoupment period. 

<sup>(2)</sup> &nbsp;&nbsp;&nbsp;&nbsp;Information presented relates to a unit outstanding for the period presented and assumes the reinvestment of dividends and capital gain distributions. Had the adviser not waived a portion of the fees, total returns would have been lower.

*See accompanying Notes to Financial Statements.*

**Needham Small Cap Growth Fund** 

**Financial Highlights** 

(For a share outstanding throughout each period/year)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
|  | | **Year Ended December 31** | **Year Ended December 31** | **Year Ended December 31** | **Year Ended December 31** | **Year Ended December 31** |
|  | **Six Months <br> Ended <br> June 30, 2025**<br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net Asset Value, Beginning of Year  | $19.71 | $17.37 | $16.40 | $24.32 | $26.64 | $17.96 |
| **Investment Operations** |  |  |  |  |  |  |
| Net Investment Loss  | (0.06) | (0.11) | 0.03 | (0.14) | (0.31) | (0.20) |
| Net Realized and Unrealized Gain (Loss) on Investments  | (1.17) | 2.45 | 0.94 | (7.14) | 3.81 | 12.41 |
| **Total from Investment Operations**  | (1.23) | 2.34 | 0.97 | (7.28) | 3.50 | 12.21 |
| **Less Distributions** |  |  |  |  |  |  |
| Net Realized Gains  |  |  |  | (0.64) | (5.82) | (3.53) |
| **Total Distributions**  |  |  |  | (0.64) | (5.82) | (3.53) |
| **Net Asset Value, End of Year**  | $18.48 | $19.71 | $17.37 | $16.40 | $24.32 | $26.64 |
| Total Return  | (2.84)% | 13.47% | 5.85% | (29.82)% | 11.74% | 72.51% |
| Net Assets, End of Year (000's)  | $112449 | $127703 | $120715 | $137578 | $173855 | $127943 |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Ratio of Net Expenses to Average Net Assets  | 1.18% | 1.18% | 1.18% | 1.18% | 1.18% | 1.18% |
| Ratio of Net Expenses to Average Net Assets (before interest and dividend expense)<sup>(1)</sup>  | 1.18% | 1.18% | 1.18% | 1.18% | 1.18% | 1.18% |
| Ratio of Total Expenses to Average Net Assets (before waiver and reimbursement of expenses)  | 1.50% | 1.50% | 1.57% | 1.62% | 1.54% | 1.57% |
| Ratio of Net Investment Loss to Average Net Assets  | (0.68)% | (0.59)% | 0.16% | (0.76)% | (1.04)% | (0.97)% |
| Ratio of Net Investment Loss to Average Net Assets (before waivers and reimbursements of expenses)  | (1.00)% | (0.91)% | (0.23)% | (1.21)% | (1.40)% | (1.35)% |
| Portfolio turnover rate  | 55% | 62% | 126% | 109% | 133% | 191% |

---

<sup>(1)</sup> &nbsp;&nbsp;&nbsp;&nbsp;The Adviser has contractually agreed to waive its fee and, if necessary, reimburse expenses of the Fund until April 29, 2026 to the extent Total Annual Fund Operating Expenses exceed 1.18% of the average daily net assets of the Institutional Class shares of the Fund ("Expense Cap"). For a period of up to 36 months from the time of any waiver or reimbursement pursuant to this agreement, the Adviser may recoup from the Fund fees waived and expenses reimbursed to the extent that such recover would not cause the Total Annual Fund Operating Expenses of the Fund to exceed the lesser of the Expense Cap in effect (i) at the time of the waiver or reimbursement, or (ii) at the time of recoupment, during each 12-month period ended April 29 in the Recoupment period. 

<sup>(2)</sup> &nbsp;&nbsp;&nbsp;&nbsp;Information presented relates to a unit outstanding for the period presented and assumes the reinvestment of dividends and capital gain distributions. Had the adviser not waived a portion of the fees, total returns would have been lower. 

*See accompanying Notes to Financial Statements.*

**NEEDHAM FUNDS** 

**Notes to Financial Statements** 

June 30, 2025 (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;**1.** &nbsp;&nbsp;&nbsp;&nbsp; **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 an open-end management investment company. The Portfolios are "diversified" for purposes of the 1940 Act. Please refer to the most recently filed Registration Statement and Statement of Additional Information for a detailed description of each Portfolio's investment strategy. 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 of each Portfolio 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."

&nbsp;&nbsp;&nbsp;&nbsp;**2.** &nbsp;&nbsp;&nbsp;&nbsp; **CLASS SPECIFIC EXPENSES** 

Class level expenses are allocated daily to each class of shares based upon the ratio of net assets represented by each class as a percentage of the net assets of the Portfolio. Expenses deemed directly attributable to a class of shares are recorded by the specific class. Most Portfolio expenses are allocated by class based on relative net assets. Distribution Fees incurred in connection with the Company's Amended and Restated Plan of Distribution Pursuant to Rule 12b-1 are expensed at 0.25% of average daily net assets of the Retail Class shares, and the specific amounts are detailed in Note 5.

&nbsp;&nbsp;&nbsp;&nbsp;**3.** &nbsp;&nbsp;&nbsp;&nbsp; **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 reported 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 Company's Valuation Designee in accordance with Fair Value Procedures. The Company's Fair Value Procedures are implemented and monitored by a Fair Value Committee (the "Committee") established by the Valuation Designee. The Company's Board of Directors (the "Board") has designated the Portfolios' investment adviser as the Company's Valuation Designee.

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. The Portfolios value their investments in money market funds based on their daily net asset values.

**NEEDHAM FUNDS** 

**Notes to Financial Statements** 

June 30, 2025 (Unaudited) (Continued)

**Investment Transactions:** Changes in holdings of portfolio securities for the Portfolios shall be reflected no later than in the first calculation on the first business day following the trade date for purposes of calculating each Portfolio's daily net asset value per share. However, for financial reporting purposes, portfolio security transactions are reported on the trade date of the last business day of the reporting period. The cost (proceeds) of investments sold (sold short) is determined on a specific identification basis for the purpose of determining gains or losses on sales and buys to cover short positions. Dividend income, distributions to shareholders and dividend expense from securities sold short are recorded on the ex-dividend date. Interest income and interest expense from securities sold short is recorded on an accrual basis.

**Foreign Currency:** Foreign currency amounts are translated into U.S. dollars as follows: (i) assets and liabilities at the rate of exchange at the end of the respective period; and (ii) purchases and sales of securities and income and expenses at the rate of exchange prevailing on the dates of such transactions. The portion of realized/unrealized gains (losses) arising from changes in the exchange rates are included with the net realized/unrealized gain (loss) from affiliated and unaffiliated securities, securities sold short and foreign currency translations. Principal risks associated with such transactions include the movement in value of the foreign currency relative to the U.S. dollar and the ability of the counterparty to perform.

The Portfolios may also invest in forward currency contracts. Fluctuations in the value of such forward currency transactions are recorded daily as unrealized gain or loss; realized gain or loss includes net gain or loss on transactions that have terminated by settlement. These instruments involve securities and currency market risk, credit risk, or both kinds of risks, in excess of the amount recognized in the statements of assets and liabilities. Risks also arise from the possible inability of counterparties to meet the terms of their contracts. The Portfolios did not enter into forward currency contracts during the period ended June 30, 2025.

**Allocation of Expenses***:* Expenses directly attributable to a Portfolio are charged directly to that Portfolio, while expenses which are attributable to more than one Portfolio are allocated among the respective Portfolios based upon relative net assets or some other reasonable method.

**Use of Estimates:** The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period.

Actual results could differ from those estimates.

**Distributions to Shareholders:** Dividends from net investment income, if any, are declared and paid annually for the Portfolios. Distributable net realized gains, if any, are declared and distributed at least annually.

**Federal Income Taxes:** It is the policy of each Portfolio to continue to qualify as a regulated investment company, as defined in the Internal Revenue Code, by complying with the provisions available to certain investment companies and to make distributions of net investment income and net realized capital gains sufficient to relieve it from all, or substantially all, federal income taxes. Accordingly, no provision for income taxes has been made in the Portfolios' financial statements.

As of December 31, 2024, the Portfolios did not have any tax positions that did not meet the "more-likely-than- not" threshold of being sustained by the applicable tax authority. Open tax years are those that are open for exam by Federal and state taxing authorities. As of December 31, 2024, open Federal and New York tax years include the tax years ended December 31, 2021 through December 31, 2024. The Portfolios have no tax examinations in progress.

**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 Portfolios 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 Portfolios' 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.  |

---

**NEEDHAM FUNDS** 

**Notes to Financial Statements** 

June 30, 2025 (Unaudited) (Continued)

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.

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 June 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>**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** <sup>(1)</sup> |  |  |  |  |
| Common Stocks  | $147022203 | $— | $— | $147022203 |
| Short-Term Investments  | 6614198 |  |  | 6614198 |
| **Total**  | $153636401 | $— | $— | $153636401 |

---

**Needham Aggressive Growth Fund<sup>(2)</sup>**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** <sup>(1)</sup>  |  |  |  |  |
| Common Stocks  | $822536822 | $— | $— | $822536822 |
| Short-Term Investments  | 8570335 |  |  | 8570335 |
| **Total**  | $831107157 | $— | $— | $831107157 |

---

**Needham Small Cap Growth Fund<sup>(2)</sup>**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** <sup>(1)</sup> |  |  |  |  |
| Common Stocks  | $126430594 | $— | $— | $126430594 |
| Short-Term Investments  | 14527987 |  |  | 14527987 |
| **Total**  | $140958581 | $— | $— | $140958581 |

---

<sup>(1)</sup> &nbsp;&nbsp;&nbsp;&nbsp;Please refer to the Schedule of Investments to view segregation by industry.

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

&nbsp;&nbsp;&nbsp;&nbsp;**4.** &nbsp;&nbsp;&nbsp;&nbsp; **INVESTMENT ADVISORY AND ADMINISTRATIVE SERVICES** 

The Company has engaged Needham Investment Management L.L.C. (the "Adviser") to manage its investments pursuant to an Investment Advisory Agreement. The Company pays the Adviser an investment advisory fee at the annual rate of 1.25% of the average daily net assets of each Portfolio.

The Adviser has entered into an agreement with the Company (the "Expense Limitation Agreement") whereby the Adviser has contractually agreed to waive its investment advisory fee for, and to reimburse expenses of, the Institutional Class and Retail Class shares of each Portfolio in an amount that limits annual operating expenses to not more than 1.21% and 1.95% for NGF, 1.18% and 1.85% for NAGF, and 1.18% and 1.85% for NSCGF, of the average daily net assets of the Portfolio's Institutional Class and Retail Class, respectively (excluding taxes, interest, brokerage, dividends on short positions, acquired fund fees and expenses and extraordinary items, but including the investment advisory fee stated in the Investment Advisory Agreement). The Expense Limitation

**NEEDHAM FUNDS** 

**Notes to Financial Statements** 

June 30, 2025 (Unaudited) (Continued)

Agreement is effective for the period from April 29, 2025 through April 29, 2026. The Expense Limitation Agreement shall continue in effect from year to year thereafter only upon mutual agreement of the Company and the Adviser. Similar agreements were in effect for periods prior to April 29, 2025.

Any reimbursements or fee waivers made by the Adviser in respect of a Portfolio are subject to recoupment by the Adviser, to the extent that the Portfolio is able to make the repayment within the expense limitation established in the Expense Limitation Agreement. Under the Expense Limitation Agreement, the Adviser has a right to receive from each Portfolio class reimbursement for fee waivers and/or expense reimbursements made pursuant to the Agreement for a period of up to 36 months from the time of any waiver or reimbursement. The table below contains the amounts of fee waivers and expense reimbursements subject to recapture by the Adviser through December 31 of the period indicated:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **2028** | **2027** | **2026** | **2025** | **Total** |
| NGF (Retail Class)  | $— | $— | $— | $— | $— |
| NGF (Institutional Class)  | 130590 | 224261 | 63757 | 65533 | 484141 |
| NAGF (Retail Class)  |  |  |  |  |  |
| NAGF (Institutional Class)  | 808593 | 1461717 | 467988 | 211334 | 2949632 |
| NSCGF (Retail Class)  | 5331 | 9127 | 35362 | 40332 | 90152 |
| NSCGF (Institutional Class)  | 178654 | 396272 | 455161 | 378974 | 1409061 |

---

The Company and Fund Services (the "Administrator") are parties to a Fund Administration Servicing Agreement. The Administrator provides administrative and fund accounting services pursuant to this agreement and, in consideration of these services, receives a fee computed daily and paid monthly at an annual rate based on a percentage of the value of each Portfolio's assets. The Administrator is also compensated for any out of pocket expenses that are reasonably incurred in carrying out its duties under this agreement. The Administrator also provides transfer agent services pursuant to a Transfer Agent Servicing Agreement for additional fees.

Certain officers of the Company are also officers of the Adviser and/or Needham & Company, LLC (the "Distributor"), an affiliate of the Adviser. Such officers receive no fees from the Company for serving as officers of the Company. Each of the three Directors who is not an "interested person" (as defined in the 1940 Act) of the Company (each, an "Independent Director") receives a quarterly retainer of $3,750 and a per-meeting fee of $1,000. Each Independent Director is also a member of the Audit Committee of the Board and receives a fee of $1,000 per meeting attended. An affiliate of the Adviser provides an employee to serve as Chief Compliance Officer for the Company and to provide certain related services. The affiliate pays the Chief Compliance Officer's compensation for acting as such and the Company reimburses the affiliate for the Company's allocated portion of the expense.

&nbsp;&nbsp;&nbsp;&nbsp;**5.** &nbsp;&nbsp;&nbsp;&nbsp; **DISTRIBUTION PLAN AND BROKERAGE COMMISSIONS** 

The Company has adopted an Amended and Restated Plan of Distribution pursuant to Rule 12b-1 under the 1940 Act. Under the Plan, each Portfolio may pay compensation to the Distributor or any other distributor or financial institution with which the Company has an agreement with respect to the Retail Class of each Portfolio, with the amount of such compensation not to exceed an annual rate of 0.25% of the daily average net assets of each Portfolio's Retail Class shares. During the period ended June 30, 2025, NGF, NAGF, and NSCGF Retail Class shares incurred $88,332, $243,478 and $34,794, respectively, pursuant to the Plan.

During the period ended June 30, 2025, NGF, NAGF and NSCGF incurred and paid brokerage commissions to the Distributor in the amount of $6,303, $40,255, and $31,963, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;**6.** &nbsp;&nbsp;&nbsp;&nbsp; **TEMPORARY BORROWINGS** 

Each Portfolio may borrow from banks up to 25% of its total assets and may pledge its assets in connection with these borrowings, provided that no additional investments shall be made while borrowings exceed 5% of total assets.

The Portfolios did not engage in any temporary borrowings during the period ended June 30, 2025.

**NEEDHAM FUNDS** 

**Notes to Financial Statements** 

June 30, 2025 (Unaudited) (Continued)

&nbsp;&nbsp;&nbsp;&nbsp;**7.** &nbsp;&nbsp;&nbsp;&nbsp; **SHORT SALE TRANSACTIONS** 

During the period ended June 30, 2025, NGF sold securities short. Upon selling a security short, the Portfolios record an asset for the settlement amount as "Deposit with Broker for Securities Sold Short" and a corresponding liability, which is marked-to- market to reflect current value. The broker for the Portfolios' short sale transactions requires maintenance by each Portfolio of a minimum amount of collateral at all times, regardless of whether any short sales are outstanding. To the extent necessary to meet the broker's collateral requirements for open short positions, additional securities will be segregated above the minimum to cover the short positions. At June 30, 2025, the market value of securities separately segregated to cover short positions was $1,625,000, $1,213,710, and $1,968,000 for NGF, NAGF and NSCGF, respectively.

NGF, NAGF and NSCGF did not hold any securities sold short as of June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;**8.** &nbsp;&nbsp;&nbsp;&nbsp; **INVESTMENT TRANSACTIONS** 

The following summarizes the aggregate amount of the cost of purchases and proceeds from sales of investment securities and securities sold short, excluding short-term securities, during the period ended June 30, 2025:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| NGF |  |  |
| &nbsp;&nbsp;&nbsp;Long Transactions  | $2311595 | $37836771 |
| &nbsp;&nbsp;&nbsp;Short Sale Transactions  | 52687 | 61789 |
| NAGF  |  |  |
| &nbsp;&nbsp;&nbsp;Long Transactions  | 27925223 | 61312623 |
| &nbsp;&nbsp;&nbsp;Short Sale Transactions  | 263424 | 308715 |
| NSCGF  |  |  |
| &nbsp;&nbsp;&nbsp;Long Transactions  | 25326956 | 54332608 |
| &nbsp;&nbsp;&nbsp;Short Sale Transactions  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;**9.** &nbsp;&nbsp;&nbsp;&nbsp; **FINANCIAL INSTRUMENTS WITH OFF-BALANCE SHEET RISK** 

In the normal course of their business, the Portfolios may engage in transactions with off-balance sheet risk, including securities sold short, written options, futures, and forward currency contracts. Transactions in certain financial instruments represent future commitments to purchase or sell other financial instruments at specific terms at specified future dates. Each of these financial instruments contains varying degrees of off-balance sheet risk whereby changes in the market values of the securities underlying the financial instruments may be in excess of the amounts recognized in the financial statements.

Securities sold short represent obligations of the Portfolios to make future delivery of specific securities and, correspondingly, create an obligation to purchase the securities at market prices prevailing at a later delivery date (or to deliver the securities if already owned by the Portfolios). As a result, short sales create the risk that the Portfolios' ultimate obligation to satisfy the delivery requirements may exceed the amount of the proceeds initially received on the liability recorded in the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;**10.** &nbsp;&nbsp;&nbsp;&nbsp; **INDEMNIFICATION** 

Under the Company's organizational documents, the Company's Directors and Officers are indemnified against certain liabilities arising out of the performance of their duties to the Company. In addition, in the ordinary course of business, the Company enters into contracts that contain a variety of indemnifications. The Company's maximum exposure under these arrangements is unknown. However, the Company has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

**NEEDHAM FUNDS** 

**Notes to Financial Statements** 

June 30, 2025 (Unaudited) (Continued)

&nbsp;&nbsp;&nbsp;&nbsp;**11.** &nbsp;&nbsp;&nbsp;&nbsp; **TRANSACTIONS WITH AFFILIATES** 

NAGF owned 5% or more of the voting securities of the following companies during the period ended June 30, 2025. As a result, each of these companies is deemed to be an "affiliated person" (as defined in the 1940 Act) of NAGF (and the other Portfolios). Transactions during the year in affiliated companies were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Name** | **Value at <br> January 1, <br> 2025** | **Value of <br> Purchases** | **Value of Sales** | **Net Change <br> in Unrealized <br> Appreciation <br> (Depreciation)** | **Net Realized <br> Gains (Losses)** | **Dividend <br> Income** | | **Value at <br> June 30, <br> 2025** | **Share <br> Balance <br> June, <br> 2025** |
| Adams Resources & Energy, Inc.\*  | $7172500 | $— | $(7220000) | $(1116404) | $1163904 | $— |  |  |  |
| Alpha Pro Tech, Ltd.  | 3240125 |  |  | (367500) |  |  |  | 2872625 | 612500 |
| Arteris, Inc.  | 23793650 | 734094 |  | (1465144) |  |  |  | 23062600 | 2420000 |
| Asure Software, Inc.  | 23477950 |  |  | 873250 |  |  |  | 24351200 | 2495000 |
| Comtech Telecommunications Corp.\*  | 5934800 |  | (85490) | (2210449) | (130461) |  |  | 3508400 | 1432000 |
| Educational Development Corp.  | 1328250 |  | (6636) | (217918) | (39696) |  |  | 1064000 | 800000 |
| FARO Technologies, Inc.  | 24472400 |  | (8097205) | 13782133 | 4100272 |  |  | 34257600 | 780000 |
| Logility Supply Chain Solutions, Inc.\*  | 20989952 |  | (27196924) | (692376) | 6899348 | (149352) |)\*\* |  |  |
| Matrix Service Co.  | 16997400 |  |  | 2186800 |  |  |  | 19184200 | 1420000 |
| Northern Technologies International Corp.  | 7088995 |  | (72200) | (3100456) | (96484) | 42040 |  | 3819855 | 515500 |
| Oil-Dri Corp of America  | 24539200 | 63523 |  | 8520162 |  | 174065 |  | 33122885 | 561500 |
| Precision Optics Corp, Inc.  | 2060550 | 1108885 |  | 239565 |  |  |  | 3409000 | 700000 |
| Research Solutions, Inc.  | 11952000 | 166485 |  | (3709385) |  |  |  | 8409100 | 2930000 |
| Thinkific Labs, Inc.  | 4160145 | 780147 |  | (1178038) |  |  |  | 3762254 | 2475000 |
| ThredUp, Inc.  | 8850825 | 15738 | (3416671) | 36792308 | 1761550 |  |  | 44003750 | 5875000 |
| Unisys Corp.  | 28326750 | 456145 | (135312) | (7590468) | (499975) |  |  | 20557140 | 4538000 |
|  | $214385492 | $3325017 | $(46230438) | $40746080 | $13158458 | $66753 |  | $225384609 |  |

---

\* The value of these securities agrees to the Investments in Affiliated Securities, at Value in the Statements of Assets and Liabilities.

\*\* The Logility dividend was considered a return of capital.

&nbsp;&nbsp;&nbsp;&nbsp;**12.** &nbsp;&nbsp;&nbsp;&nbsp; **FEDERAL INCOME TAXES** 

No provision for federal income taxes is required since the Company intends to continue to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code and distribute substantially all of its taxable income and capital gains to shareholders. Because income tax regulations differ from GAAP, the timing and character of income and capital gain distributions determined in accordance with tax regulations can differ from income and capital gains recognized for financial reporting purposes. Accordingly, the character of distributions and the composition of net assets for tax purposes can differ from those reflected in the financial statements. These book/tax differences may be temporary or permanent in nature. Temporary differences are generally due to differing book and tax treatment for the timing of the recognition of gains and losses on securities, including post-October losses (as described below). Permanent differences are generally due to differing treatment of net investment losses and distributions paid

**NEEDHAM FUNDS** 

**Notes to Financial Statements** 

June 30, 2025 (Unaudited) (Continued)

in connection with redemptions. To the extent these differences are permanent, they are charged or credited to paid-in capital or distributable earnings, as appropriate, in the period in which the differences arise. These reclassifications have no effect on net assets or net asset value per share of each Portfolio. For the year ended December 31, 2024, the following table shows the reclassifications made:

---

| | | |
|:---|:---|:---|
|  | **Distributable <br> Earnings/ <br> (Accumulated <br> Deficit)** | **Paid In <br> Capital**  |
| NGF  | $(1661583) | $1661583 |
| NAGF  | 897134 | (897134) |
| NSCGF  | 1203029 | (1203029) |

---

The tax character distributions paid during 2024 and 2023 were as follows.

---

| | |
|:---|:---|
|  | **2024** |
| NGF |  |
| &nbsp;&nbsp;&nbsp;Ordinary income  |  |
| &nbsp;&nbsp;&nbsp;Long-term capital gains  | 7667403 |
| &nbsp;&nbsp;&nbsp;Return of capital  |  |
| NAGF  |  |
| &nbsp;&nbsp;&nbsp;Ordinary income  |  |
| &nbsp;&nbsp;&nbsp;Long-term capital gains  |  |
| &nbsp;&nbsp;&nbsp;Return of capital  |  |
| NSCGF  |  |
| &nbsp;&nbsp;&nbsp;Ordinary income  |  |
| &nbsp;&nbsp;&nbsp;Long-term capital gains  |  |
| &nbsp;&nbsp;&nbsp;Return of capital  |  |

---

As of December 31, 2024, the cost, gross unrealized appreciation, gross unrealized depreciation, and the net unrealized appreciation (depreciation) on securities, including proceeds from securities sold short for federal income tax purposes, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Cost**  | **Gross <br> Unrealized <br> Appreciation**  | **Gross <br> Unrealized <br> Depreciation**  | **Net Unrealized <br> Appreciation <br> (Depreciation)** |
| NGF  | $94482495 | $103182533 | $(5441141) | $97741392 |
| NAGF  | 659599331 | 213632629 | (58279908) | 155352721 |
| NSCGF  | 156088086 | 23380275 | (16964061) | 6416214 |

---

The difference between the tax cost of investments and the cost of investments for GAAP purposes is primarily due to the tax treatment for wash sale losses and as it relates to NAGF Passive Foreign Investment Company income. As of December 31, 2024, the components of distributable earnings (loss) on a tax basis were as follows:

**NEEDHAM FUNDS** 

**Notes to Financial Statements** 

June 30, 2025 (Unaudited) (Continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **NGF**  | **NAGF**  | **NSCGF**  |
| Undistributed ordinary income  | $— | $— | $— |
| Undistributed long-term capital gains  | 2118236 |  |  |
| Other accumulated appreciation (depreciation)  | (164661) |  | (57361319) |
| Unrealized appreciation (depreciation)  | 97741393 | 155352722 | 6416214 |
| Total accumulated earnings (loss)  | $99694968 | $155352722 | $(50945105) |

---

As of December 31, 2024, the Funds had accumulated capital loss carryovers of:

---

| | | | |
|:---|:---|:---|:---|
|  | **Capital Loss <br> Carryover ST** | **Capital Loss<br> Carryover LT**  | **Expires**  |
| NGF  | $— | $— | Indefinite |
| NAGF  | $— | $— | Indefinite |
| NSCGF  | $(8583952) | $(48777367) | Indefinite |

---

Under current tax law, capital and currency losses realized after October 31 of a Portfolio's fiscal year may be deferred and treated as occurring on the first business day of the following fiscal year for tax purposes. For the year ended December 31, 2024, NGF, NAGF, and NSCGF had $164,661, $—, and $— of losses to defer, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;**13.** &nbsp;&nbsp;&nbsp;&nbsp; **SUBSEQUENT EVENTS** 

Management has evaluated subsequent events through the date the financial statements were issued. This evaluation did not result in any subsequent events that necessitated recognition or disclosures.

**NEEDHAM FUNDS** 

**Supplemental Information** 

June 30, 2025 (Unaudited)

**Federal Income Tax Information** 

For the fiscal year ended December 31, 2024, certain dividends paid by the Portfolios may be subject to a maximum tax rate of 15%, as provided by the Jobs and Growth Tax Relief Reconciliation Act of 2003. The percentage of dividends declared from ordinary income reported as qualified dividend income was as follows:

---

| | |
|:---|:---|
| NGF  | 0.00% |
| NAGF  | 0.00% |
| NSCGF  | 0.00% |

---

For corporate shareholders, the percent of ordinary income distributions qualifying for the corporate dividends received deduction for the fiscal year ended December 31, 2024 was as follows:

---

| | |
|:---|:---|
| NGF  | 0.00% |
| NAGF  | 0.00% |
| NSCGF  | 0.00% |

---

The percentage of taxable ordinary income distributions that are designed as short-term capital gain distributions under Internal Revenue Section 871 (k)(2)(C) for each Fund were as follows:

---

| | |
|:---|:---|
| NGF  | 0.00% |
| NAGF  | 0.00% |
| NSCGF  | 0.00% |

---

**Privacy Policy** 

It is the policy of the Company to keep personally identifiable financial information about you as an individual ("nonpublic personal information") confidential, and use or disclose it only as necessary to provide services to you or the Company or as otherwise required or permitted by law. We may collect the following nonpublic personal information about you:

● Information we receive from you on or in applications or other forms, correspondence, or conversations, including, but not limited to, your name, address, phone number, social security number, assets, income and date of birth; and

● Information about your transactions with us, our affiliates, or others, including, but not limited to, your account number and balance, payments history, parties to transactions, cost basis information, other financial information and information about how you vote your shares.

We disclose nonpublic personal information about current and former shareholders to companies that provide necessary services to the Company. These companies include the transfer agent, distributor, administrator and investment adviser as well as other affiliates of the Company. We maintain physical, electronic and procedural safeguards that comply with federal standards to guard your nonpublic personal information and restrict access to this information to those persons who need it to provide services to you or the Company or who are otherwise permitted by law to receive it. In the event that you hold any shares of our funds through a financial intermediary, including, but not limited to, a broker-dealer, bank, or trust company, the privacy policy of your financial intermediary governs how your nonpublic personal information is shared with nonaffiliated third parties. If you have any questions concerning the Company's Privacy Policy, please call 1-800-625-7071.

**Disclosure of Portfolio Holdings** 

Each Portfolio files its complete schedule of portfolio holdings with the Securities and Exchange Commission ("SEC") for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. For the Portfolios, this would be for the fiscal quarters ending March 31 and September 30. Each Portfolio's Form N-PORT reports are available without charge, upon request, by calling 800-625-7071 or on the SEC's website at http://www.sec.gov.

**NEEDHAM FUNDS** 

**Supplemental Information** 

June 30, 2025 (Unaudited) (Continued)

**Voting Proxies on Company Portfolio Securities** 

A description of the policies and procedures that the Company uses to determine how to vote proxies relating to portfolio securities and information regarding how the Company voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 are available without charge, upon request, by calling 800-625-7071 or on the SEC's website at http://www.sec.gov.

**Household Delivery of Shareholder Documents** 

To reduce expenses, the Company may mail only one copy of the Portfolios' prospectuses, proxy statements, information statements, and each annual and semi-annual report to those addresses shared by two or more accounts. If you wish to receive individual copies of these documents, please call the Portfolios at 1-800-625-7071 or contact your financial institution. You will begin receiving individual copies thirty days after receiving your request.

**Index Disclaimer** 

The Portfolios have been developed solely by the Adviser. The Portfolios are not in any way connected to or sponsored, endorsed, sold or promoted by the London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group"). FTSE Russell is a trading name of certain of the LSE Group companies.

All rights in the Russell 2000<sup>®</sup> Index and the Russell 3000<sup>®</sup> Index (together, the "Indexes") vest in the relevant LSE Group company which owns the Index. "Russell<sup>®</sup>" is a trade mark of the relevant LSE Group company and is used by any other LSE Group company under license. The Indexes are calculated by or on behalf of FTSE International Limited or its affiliate, agent or partner. The LSE Group does not accept any liability whatsoever to any person arising out of (a) the use of, reliance on or any error in the Indexes or (b) investment in or operation of the Portfolios. The LSE Group makes no claim, prediction, warranty or representation either as to the results to be obtained from the Portfolios or the suitability of the Indexes for the purpose to which it is being put by the Adviser.

The source of the data for each of the Indexes is the LSE Group.<sup>©</sup> LSE Group 2021. All rights in the Indexes or data vest in the relevant LSE Group company which owns the Index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the Indexes or data and no party may rely on any Indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company's express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Financial Highlights are included within the financial statements filed under Item 7 of this Form.

**<u>Item 8. Changes in and Disagreements with Accountants for Open-End Investment Companies.</u>**

 

There were no changes in or disagreements with accountants during the period covered by this report.

**<u>Item 9. Proxy Disclosure for Open-End Investment Companies.</u>**

There were no matters submitted to a vote of shareholders during the period covered by this report.

**<u>Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies.</u>**

See Item 7(a).

**<u>Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.</u>**

Not applicable.

**<u>Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

**<u>Item 13. Portfolio Managers of Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

**<u>Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.</u>**

Not applicable to open-end investment companies.

**<u>Item 15. Submission of Matters to a Vote of Security Holders.</u>**

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of directors.

**<u>Item 16. Controls and Procedures.</u>**

(a) The Registrant's Principal Executive Officer and Principal Financial Officer have reviewed the Registrant's disclosure
controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the "Act")) as of a date within
90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities
Exchange Act of 1934. Based on their review, such officers have concluded that the disclosure controls and procedures are effective in
ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made
known to them by others within the Registrant and by the Registrant's service provider.

(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act)
that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the
Registrant's internal control over financial reporting.

**<u>Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies</u>**

Not applicable to open-end investment companies.

**<u>Item 18. Recovery of Erroneously Awarded Compensation.</u>**

Not applicable

**<u>Item 19. Exhibits.</u>**

(a) [(1) *Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit.* Incorporated by reference to the Registrant's Form N-CSR filed on March 11, 2022.](https://www.sec.gov/Archives/edgar/data/1002537/000089853122000148/nf-ex99codeeth.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant's securities are listed.

Not Applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(3) *A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)).* Filed herewith.](fp0094532-2_ex99cert.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) *Any written solicitation to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons.*

 

Not Applicable

&nbsp;&nbsp;&nbsp;&nbsp;(5) Change in the registrant's independent public accountant. Provide the information called for by Item 4 of Form 8-K under the
Exchange Act (17 CFR 249.308). Unless otherwise specified by Item 4, or related to and necessary for a complete understanding of information
not previously disclosed, the information should relate to events occurring during the reporting period

Not Applicable

*(b)* [*Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.* Furnished herewith.](fp0094532-2_ex99906cert.htm)

**SIGNATURES**

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

---

| | |
|:---|:---|
| (Registrant) | The Needham Funds, Inc. |
| By (Signature and Title) | /s/ George A. Needham |
|  | George A. Needham, President (Principal Executive Officer) |
| Date | August 27, 2025 |

---

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

---

| | |
|:---|:---|
| By (Signature and Title) | /s/ George A. Needham |
|  | George A. Needham, President (Principal Executive Officer) |
| Date | August 27, 2025 |
| By (Signature and Title) | /s/ James W. Giangrasso |
|  | James W. Giangrasso, Treasurer and Secretary (Principal Financial Officer) |
| Date | August 27, 2025 |

---

## Ex-99.Cert

EX.99.CERT

**<u>CERTIFICATIONS</u>**

I, George A. Needham, certify that:

1. I have reviewed this report on Form N-CSR of The Needham Funds, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period
covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required
to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule
30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about
the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based
on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the second
fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's
internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of
the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which
are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's
internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | August 27, 2025 | /s/ George A. Needham |
|  |  | George A. Needham |
|  |  | President (Principal Executive Officer) |

---

EX.99.CERT

**<u>CERTIFICATIONS</u>**

I, James W. Giangrasso, certify that:

1. I have reviewed this report on Form N-CSR of The Needham Funds, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period
covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required
to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule
30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report
based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the second
fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's
internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of
the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which
are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's
internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | August 27, 2025 | /s/ James W. Giangrasso |
|  |  | James W. Giangrasso |
|  |  | Treasurer and Secretary (Principal Financial Officer) |

---

## Exhibit 99.906

EX.99.906CERT

**<u>Certification Pursuant to Section 906 of the Sarbanes-Oxley Act</u>**

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, each of the undersigned officers of The Needham Funds, Inc., does hereby certify, to such officer's knowledge, that the report on Form N-CSR of The Needham Funds, Inc. for the period ended June 30, 2025 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable, and that the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of The Needham Funds, Inc. for the stated period.

---

| | |
|:---|:---|
| /s/ George A. Needham | /s/ James W. Giangrasso |
| George A. Needham | James W. Giangrasso |
| President (Principal Executive Officer) | Treasurer and Secretary (Principal Financial |
| The Needham Funds, Inc. | Officer) The Needham Funds, Inc. |

---

Dated: <u>August 27, 2025 </u> Dated: <u>August 27, 2025 </u>

This statement accompanies this report on Form N-CSR pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not be deemed as filed by The Needham Funds, Inc. for purposes of Section 18 of the Securities Exchange Act of 1934.