# EDGAR Filing Document

**Accession Number:** 0001002537
**File Stem:** 0000894189-25-013684
**Filing Date:** 2025-11
**Character Count:** 62192
**Document Hash:** a5175698466cbdefc0dff6447a80d920
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-25-013684.hdr.sgml**: 20251117

**ACCESSION NUMBER**: 0000894189-25-013684

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 3

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251117

**DATE AS OF CHANGE**: 20251117

**PERIOD START**: 20251231

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-09114
- **FILM NUMBER:** 251489705

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

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

## Series and Classes Contracts Data

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

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

## Nport-Ex

*Needham Funds*

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

1. **Organization** 

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

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

2. **Significant Accounting Policies** 

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

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

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

------

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

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

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

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

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

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

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

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

---

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

---

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

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

3. Transactions with Affiliates

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

---

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

---

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **Needham Aggressive Growth Fund** | **Needham Aggressive Growth Fund** | **Needham Aggressive Growth Fund** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** |
| **COMMON STOCKS - 91.0%** | **Shares** | **Value**  |
| **Aerospace & Defense - 5.3%** | **Aerospace & Defense - 5.3%** | |
| Astronics Corp. <sup>(a)</sup> | 272500 | $12428725 |
| BWX Technologies, Inc. | 23500 | 4332695 |
| DroneShield Ltd. (Australia) <sup>(a)</sup> | 1710000 | 5272819 |
| Electro Optic Systems Holdings Ltd. (Australia) <sup>(a)</sup> | 3055000 | 20659648 |
| Firefly Aerospace, Inc. <sup>(a)</sup> | 40000 | 1172800 |
| Huntington Ingalls Industries, Inc. | 44500 | 12811995 |
|  |  | 56678682 |
| **Building Products - 0.3%** | **Building Products - 0.3%** |  |
| Alpha Pro Tech, Ltd. <sup>(a)(d)</sup> | 635000 | 3038475 |
| **Chemicals - 2.9%** | **Chemicals - 2.9%** |  |
| Aspen Aerogels, Inc. <sup>(a)</sup> | 2010000 | 13989600 |
| Core Molding Technologies, Inc. <sup>(a)</sup> | 205000 | 4212750 |
| Ecovyst, Inc. <sup>(a)</sup> | 980000 | 8584800 |
| Northern Technologies International Corp. <sup>(d)</sup> | 640000 | 4934400 |
|  |  | 31721550 |
| **Commercial Services & Supplies - 1.6%** | **Commercial Services & Supplies - 1.6%** |  |
| CECO Environmental Corp. <sup>(a)</sup> | 175000 | 8960000 |
| Clean Harbors, Inc. <sup>(a)</sup> | 36000 | 8359920 |
| Quest Resource Holding Corp. <sup>(a)</sup> | 157500 | 245700 |
|  |  | 17565620 |
| **Communications Equipment - 0.6%** | **Communications Equipment - 0.6%** |  |
| ADTRAN Holdings, Inc. <sup>(a)</sup> | 125000 | 1172500 |
| Comtech Telecommunications Corp. <sup>(a)</sup> | 1432000 | 3694560 |
| KVH Industries, Inc. <sup>(a)</sup> | 372900 | 2088240 |
|  |  | 6955300 |
| **Construction & Engineering - 4.4%** | **Construction & Engineering - 4.4%** |  |
| Centuri Holdings, Inc. <sup>(a)</sup> | 490000 | 10373300 |
| Everus Construction Group, Inc. <sup>(a)</sup> | 105000 | 9003750 |
| Legence Corp. - Class A <sup>(a)</sup> | 35000 | 1078350 |
| Matrix Service Co. <sup>(a)(d)</sup> | 1435000 | 18769800 |
| MYR Group, Inc. <sup>(a)</sup> | 37500 | 7801125 |
|  |  | 47026325 |
| **Construction Materials - 1.1%** | **Construction Materials - 1.1%** |  |
| CRH PLC (Ireland) | 28000 | 3357200 |
| Smith-Midland Corp. <sup>(a)</sup> | 223000 | 8228700 |
|  |  | 11585900 |
| **Consumer Finance - 0.1%** | **Consumer Finance - 0.1%** |  |
| Figure Technology Solutions, Inc. - Class A <sup>(a)</sup> | 42500 | 1545725 |
| **Distributors - 0.1%** | **Distributors - 0.1%** |  |
| Educational Development Corp. <sup>(a)(d)</sup> | 800000 | 1064000 |
| **Diversified Consumer Services - 4.6%** | **Diversified Consumer Services - 4.6%** |  |
| Bright Horizons Family Solutions, Inc. <sup>(a)</sup> | 105000 | 11399850 |
| Lincoln Educational Services Corp. <sup>(a)</sup> | 865000 | 20327500 |
| Universal Technical Institute, Inc. <sup>(a)</sup> | 550000 | 17902500 |
|  |  | 49629850 |
| **Electrical Equipment - 10.2%** | **Electrical Equipment - 10.2%** |  |
| Hammond Power Solutions, Inc. (Canada) | 217500 | 19294783 |
| nVent Electric PLC (Ireland) | 107500 | 10603800 |
| Thermon Group Holdings, Inc. <sup>(a)</sup> | 623500 | 16659920 |
| Vertiv Holdings Co. - Class A | 260500 | 39299030 |
| Vicor Corp. <sup>(a)</sup> | 495050 | 24613886 |
|  |  | 110471419 |
| **Electronic Equipment, Instruments & Components - 11.7%** | **Electronic Equipment, Instruments & Components - 11.7%** |  |
| 908 Devices, Inc. <sup>(a)</sup> | 60000 | 525600 |
| Arlo Technologies, Inc. <sup>(a)</sup> | 1307500 | 22162125 |
| Blackline Safety Corp. (Canada) <sup>(a)</sup> | 1375000 | 7222282 |
| Cognex Corp. | 108000 | 4892400 |
| Elsight Ltd. (Australia) <sup>(a)</sup> | 1700000 | 1884189 |
| Evolv Technologies Holdings, Inc. <sup>(a)</sup> | 200000 | 1510000 |
| Luna Innovations, Inc. <sup>(a)</sup> | 1175000 | 1245500 |
| Next Vision Stabilized Systems Ltd. (Israel) | 50000 | 2264356 |
| nLight, Inc. <sup>(a)</sup> | 1525000 | 45185750 |
| Vishay Intertechnology, Inc. | 1325000 | 20272500 |
| Vishay Precision Group, Inc. <sup>(a)</sup> | 582500 | 18669125 |
|  |  | 125833827 |
| **Energy Equipment & Services - 1.7%** | **Energy Equipment & Services - 1.7%** |  |
| Energy Services of America Corp. | 350000 | 3622500 |
| Select Water Solutions, Inc. | 575000 | 6146750 |
| TETRA Technologies, Inc. <sup>(a)</sup> | 1525000 | 8768750 |
|  |  | 18538000 |
| **Food Products - 2.0%** | **Food Products - 2.0%** |  |
| Vital Farms, Inc. <sup>(a)</sup> | 522500 | 21500875 |
| **Gas Utilities - 0.8%** | **Gas Utilities - 0.8%** |  |
| MDU Resources Group, Inc. | 475000 | 8459750 |
| **Health Care Equipment & Supplies - 0.6%** | **Health Care Equipment & Supplies - 0.6%** |  |
| LeMaitre Vascular, Inc. | 40000 | 3500400 |
| Precision Optics Corp, Inc. <sup>(a)(d)</sup> | 700000 | 3045000 |
|  |  | 6545400 |
| **Health Care Providers & Services - 0.4%** | **Health Care Providers & Services - 0.4%** |  |
| Hinge Health, Inc. - Class A <sup>(a)</sup> | 7500 | 368100 |
| Labcorp Holdings, Inc. | 12300 | 3530838 |
| Quest Diagnostics, Inc. | 3000 | 571740 |
|  |  | 4470678 |
| **Hotels, Restaurants & Leisure - 2.8%** | **Hotels, Restaurants & Leisure - 2.8%** |  |
| Genius Sports Ltd. (Guernsey) <sup>(a)</sup> | 2450000 | 30331000 |
| **Household Products - 3.2%** | **Household Products - 3.2%** |  |
| Oil-Dri Corp. of America <sup>(d)</sup> | 573500 | 35006440 |
| **Insurance - 0.8%** | **Insurance - 0.8%** |  |
| Markel Group, Inc. <sup>(a)</sup> | 4250 | 8123280 |
| **Interactive Media & Services - 0.0%<sup>(b)</sup>** | **Interactive Media & Services - 0.0%<sup>(b)</sup>** |  |
| Illumin Holdings, Inc. (Canada) <sup>(a)</sup> | 150000 | 154128 |
| **IT Services - 3.4%** | **IT Services - 3.4%** |  |
| Akamai Technologies, Inc. <sup>(a)(e)</sup> | 116000 | 8788160 |
| Research Solutions, Inc. <sup>(a)(d)</sup> | 3100000 | 11563000 |
| Unisys Corp. <sup>(a)(d)</sup> | 4238200 | 16528980 |
|  |  | 36880140 |
| **Life Sciences Tools & Services - 0.9%** | **Life Sciences Tools & Services - 0.9%** |  |
| Bruker Corp. | 275000 | 8934750 |
| CryoPort, Inc. <sup>(a)</sup> | 29500 | 279660 |
|  |  | 9214410 |
| **Machinery - 1.3%** | **Machinery - 1.3%** |  |
| Gorman-Rupp Co. | 200000 | 9282000 |
| Somero Enterprises, Inc. | 549200 | 1698823 |
| Tennant Co. | 32500 | 2634450 |
| Westinghouse Air Brake Technologies Corp. | 2750 | 551293 |
|  |  | 14166566 |
| **Media - 0.1%** | **Media - 0.1%** |  |
| The Trade Desk, Inc. - Class A <sup>(a)</sup> | 17000 | 833170 |
| **Professional Services - 5.4%** | **Professional Services - 5.4%** |  |
| Asure Software, Inc. <sup>(a)(d)</sup> | 2532500 | 20766500 |
| CRA International, Inc. | 91506 | 19081746 |
| Jacobs Solutions, Inc. | 36500 | 5469890 |
| Parsons Corp. <sup>(a)</sup> | 150000 | 12438000 |
|  |  | 57756136 |
| **Semiconductors & Semiconductor Equipment - 10.6%** | **Semiconductors & Semiconductor Equipment - 10.6%** |  |
| ASML Holding NV (Netherlands) | 3250 | 3146293 |
| Camtek Ltd. (Israel) <sup>(a)</sup> | 53900 | 5662195 |
| Entegris, Inc. | 66000 | 6102360 |
| FormFactor, Inc. <sup>(a)</sup> | 306000 | 11144520 |
| MKS, Inc. | 48500 | 6002845 |
| Nova, Ltd. (Israel) <sup>(a)</sup> | 62250 | 19898835 |
| PDF Solutions, Inc. <sup>(a)</sup> | 1385000 | 35760700 |
| Photronics, Inc. <sup>(a)</sup> | 287500 | 6598125 |
| SiTime Corp. <sup>(a)</sup> | 9500 | 2862445 |
| Teradyne, Inc. | 22500 | 3096900 |
| Veeco Instruments, Inc. <sup>(a)</sup> | 465000 | 14149950 |
|  |  | 114425168 |
| **Software - 4.5%** | **Software - 4.5%** |  |
| Aptitude Software Group PLC (United Kingdom) | 30000 | 121041 |
| Arteris, Inc. <sup>(a)(d)</sup> | 2650000 | 26765000 |
| Bentley Systems, Inc. - Class B | 60000 | 3088800 |
| Box, Inc. - Class A <sup>(a)</sup> | 160000 | 5163200 |
| Circle Internet Group, Inc. <sup>(a)</sup> | 7000 | 928060 |
| Computer Modelling Group Ltd. (Canada) | 600000 | 2703169 |
| Klaviyo, Inc. - Class A <sup>(a)</sup> | 195000 | 5399550 |
| Thinkific Labs, Inc. (Canada) <sup>(a)</sup> | 3150000 | 4526837 |
|  |  | 48695657 |
| **Specialty Retail - 5.2%** | **Specialty Retail - 5.2%** |  |
| CarMax, Inc. <sup>(a)</sup> | 67500 | 3028725 |
| ThredUp, Inc. - Class A <sup>(a)(d)</sup> | 5675000 | 53628750 |
|  |  | 56657475 |
| **Technology Hardware, Storage & Peripherals - 3.9%** | **Technology Hardware, Storage & Peripherals - 3.9%** |  |
| Apple, Inc. | 13700 | 3488431 |
| Super Micro Computer, Inc. <sup>(a)(e)</sup> | 810000 | 38831400 |
|  |  | 42319831 |
| **Textiles, Apparel & Luxury Goods - 0.2%** | **Textiles, Apparel & Luxury Goods - 0.2%** |  |
| Carter's, Inc. | 70000 | 1975400 |
| **Trading Companies & Distributors - 0.3%** | **Trading Companies & Distributors - 0.3%** |  |
| Transcat, Inc. <sup>(a)</sup> | 45000 | 3294000 |
| **Water Utilities - 0.0%<sup>(b)</sup>** | **Water Utilities - 0.0%<sup>(b)</sup>** |  |
| WaterBridge Infrastructure LLC - Class A <sup>(a)</sup> | 17900 | 451438 |
| **TOTAL COMMON STOCKS** (Cost $676,025,533) | **TOTAL COMMON STOCKS** (Cost $676,025,533) | 982915615 |
| **REAL ESTATE INVESTMENT TRUSTS - COMMON - 0.6%** | **Shares** | **Value**  |
| **Specialized REITs - 0.6%** | **Specialized REITs - 0.6%** |  |
| Equinix, Inc. | 7900 | 6187596 |
| **TOTAL REAL ESTATE INVESTMENT TRUSTS - COMMON** (Cost $4,722,318) | **TOTAL REAL ESTATE INVESTMENT TRUSTS - COMMON** (Cost $4,722,318) | 6187596 |
| **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** |
| **SHORT-TERM INVESTMENTS - 8.9%** |  | **Value**  |
| Dreyfus Treasury Securities Cash Management - Institutional Class, 3.98%<sup>(c)</sup> | 95656773 | 95656773 |
| **TOTAL SHORT-TERM INVESTMENTS** (Cost $95,656,773) | **TOTAL SHORT-TERM INVESTMENTS** (Cost $95,656,773) | 95656773 |
| **TOTAL INVESTMENTS - 100.5% (**Cost $776,404,624**)** | **TOTAL INVESTMENTS - 100.5% (**Cost $776,404,624**)** | 1084759984 |
| Liabilities in Excess of Other Assets - (0.5)% | Liabilities in Excess of Other Assets - (0.5)% | (5296209) |
| **TOTAL NET ASSETS - 100.0%** |  | $1079463775 |
| two | two | –% |
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. | –% |
| The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. | The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. | The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. |

---

LLC - Limited Liability Company <br> PLC - Public Limited Company <br> REIT - Real Estate Investment Trust

---

| | |
|:---|:---|
| (a) | Non-income producing security. |
| (b) | Represents less than 0.05% of net assets. |
| (c)<br> (d)<br> (e) | The rate shown represents the 7-day annualized yield as of September 30, 2025.<br> Affiliated company as defined by the Investment Company Act of 1940.<br> Security position is either entirely or partially held in a segregated account. The aggregated total market value as of September 30, 2025 is $1,173,660. |

---

---

| | | |
|:---|:---|:---|
| **Allocation of Portfolio Holdings by Country as of September 30, 2025** | **Allocation of Portfolio Holdings by Country as of September 30, 2025** | **Allocation of Portfolio Holdings by Country as of September 30, 2025** |
| (% of Investments) | (% of Investments) | (% of Investments) |
| United States^ | $947657409 | 87.4% |
| Canada | 33901200 | 3.1 |
| Guernsey | 30331000 | 2.8 |
| Israel | 27825386 | 2.5 |
| Australia | 27816656 | 2.5 |
| Ireland | 13961000 | 1.3 |
| Netherlands | 3146293 | 0.3 |
| United Kingdom | 121040 | 0.1 |
|  | $**1084759984** | 100.0<br>**%** |

---

^United States allocation includes Short-Term Investment – Money Market Fund of 8.9%. <br>

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** New York

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10177

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

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

- **a. Name of Series:** Needham Aggressive Growth Fund

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

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

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $1080207976.81

**Total Liabilities:** $1743244.47

**Net Assets:** $1078464732.34

**Cash Not Reported:** $373461.45

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000010644 | 2.79%                | 2.98%                | 4.51%                |
| Class ID C000176576 | 2.82%                | 3.03%                | 4.54%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $20791076.03             | $3496452.82                                |
| Month 2  | $-129275.20              | $27594537.39                               |
| Month 3  | $-2022827.57             | $48822555.92                               |

**Designated Index Information**

- **Index Name:** N/A

- **Index Identifier:** N/A

### Schedule of Portfolio Investments

| Name                           | Title                                       | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Astronics Corp                 | Astronics Corp                              | CUSIP: 046433108<br>LEI: 549300NNXCF8H4MSMK17 | Long             | EC               | CORP              | US        |    272500 | NS      | $12428725.00  | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Figure Technology Solutions In | Figure Technology Solutions Inc             | CUSIP: 349381103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     35000 | NS      | $1272950.00   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Lincoln Educational Services C | Lincoln Educational Services Corp           | CUSIP: 533535100<br>LEI: 549300BJ55KUY6RG7L98 | Long             | EC               | CORP              | US        |    850000 | NS      | $19975000.00  | 1.85%             |  |  |  | No            |                  1 | On Loan: No      |
| MYR Group Inc                  | MYR Group Inc                               | CUSIP: 55405W104<br>LEI: 529900G1IMMZHOQ17I54 | Long             | EC               | CORP              | US        |     37500 | NS      | $7801125.00   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| McGraw Hill Inc                | McGraw Hill Inc                             | CUSIP: 580907103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3095 | NS      | $38842.25     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Vicor Corp                     | Vicor Corp                                  | CUSIP: 925815102<br>LEI: 5299005KMQOTR6B51F09 | Long             | EC               | CORP              | US        |    495050 | NS      | $24613886.00  | 2.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Next Vision Stabilized Systems | Next Vision Stabilized Systems Ltd          | CUSIP: 00BN6JDH9<br>LEI: 2549001OCAI48UYCZD40 | Long             | EC               | CORP              | IL        |     50000 | NS      | $2264356.02   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Genius Sports Ltd              | Genius Sports Ltd                           | CUSIP: G3934V109<br>LEI: N/A                  | Long             | EC               | CORP              | GB        |   2447500 | NS      | $30300050.00  | 2.81%             |  |  |  | No            |                  1 | On Loan: No      |
| NIQ Global Intelligence Plc    | NIQ Global Intelligence Plc                 | CUSIP: G63755105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     15417 | NS      | $242046.90    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple Inc                      | Apple Inc                                   | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |     13700 | NS      | $3488431.00   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Circle Internet Group Inc      | Circle Internet Group Inc                   | CUSIP: 172573107<br>LEI: 254900HFVVR6NPMQVN93 | Long             | EC               | CORP              | US        |      7000 | NS      | $928060.00    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Dreyfus Treasury Securities Ca | Dreyfus Treasury Securities Cash Management | CUSIP: 261941108<br>LEI: 549300U78VESCW509025 | Long             | STIV             | RF                | US        |  95278761 | NS      | $95278761.30  | 8.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Camtek Ltd/Israel              | Camtek Ltd/Israel                           | CUSIP: M20791105<br>LEI: 5493000H80W07HCKGS43 | Long             | EC               | CORP              | IL        |     53900 | NS      | $5662195.00   | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Asure Software Inc             | Asure Software Inc                          | CUSIP: 04649U102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   2532500 | NS      | $20766500.00  | 1.93%             |  |  |  | No            |                  1 | On Loan: No      |
| BWX Technologies Inc           | BWX Technologies Inc                        | CUSIP: 05605H100<br>LEI: 549300NP85N265KWMS58 | Long             | EC               | CORP              | US        |     23500 | NS      | $4332695.00   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Evolv Technologies Holdings In | Evolv Technologies Holdings Inc             | CUSIP: 30049H102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    190000 | NS      | $1434500.00   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Gorman-Rupp Co/The             | Gorman-Rupp Co/The                          | CUSIP: 383082104<br>LEI: 254900WVLPOIWPGJPA07 | Long             | EC               | CORP              | US        |    195000 | NS      | $9049950.00   | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| KVH Industries Inc             | KVH Industries Inc                          | CUSIP: 482738101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    372900 | NS      | $2088240.00   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Labcorp Holdings Inc           | Labcorp Holdings Inc                        | CUSIP: 504922105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     12300 | NS      | $3530838.00   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Legence Corp                   | Legence Corp                                | CUSIP: 52476L109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     22500 | NS      | $693225.00    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| MKS Inc                        | MKS Inc                                     | CUSIP: 55306N104<br>LEI: 549300KEQATBHAGVF505 | Long             | EC               | CORP              | US        |     48500 | NS      | $6002845.00   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Oil-Dri Corp of America        | Oil-Dri Corp of America                     | CUSIP: 677864100<br>LEI: 549300RSG5KPUH16WH66 | Long             | EC               | CORP              | US        |    573500 | NS      | $35006440.00  | 3.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Photronics Inc                 | Photronics Inc                              | CUSIP: 719405102<br>LEI: 549300OK5JVNIBNY6F63 | Long             | EC               | CORP              | US        |    287500 | NS      | $6598125.00   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| ADTRAN Holdings Inc            | ADTRAN Holdings Inc                         | CUSIP: 00486H105<br>LEI: 549300VV36J86CRRWF77 | Long             | EC               | CORP              | US        |    125000 | NS      | $1172500.00   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Arlo Technologies Inc          | Arlo Technologies Inc                       | CUSIP: 04206A101<br>LEI: 549300T4EUX2OQ75HV52 | Long             | EC               | CORP              | US        |   1307500 | NS      | $22162125.00  | 2.05%             |  |  |  | No            |                  1 | On Loan: No      |
| CRA International Inc          | CRA International Inc                       | CUSIP: 12618T105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     91006 | NS      | $18977481.18  | 1.76%             |  |  |  | No            |                  1 | On Loan: No      |
| CarMax Inc                     | CarMax Inc                                  | CUSIP: 143130102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     67500 | NS      | $3028725.00   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Computer Modelling Group Ltd   | Computer Modelling Group Ltd                | CUSIP: 205249105<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |    600000 | NS      | $2703168.79   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Entegris Inc                   | Entegris Inc                                | CUSIP: 29362U104<br>LEI: IYX6OWO7BT5DKO3BYG52 | Long             | EC               | CORP              | US        |     66000 | NS      | $6102360.00   | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Hinge Health Inc               | Hinge Health Inc                            | CUSIP: 433313103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2000 | NS      | $98160.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Klaviyo Inc                    | Klaviyo Inc                                 | CUSIP: 49845K101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    195000 | NS      | $5399550.00   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| 908 Devices Inc                | 908 Devices Inc                             | CUSIP: 65443P102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     60000 | NS      | $525600.00    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Westinghouse Air Brake Technol | Westinghouse Air Brake Technologies Corp    | CUSIP: 929740108<br>LEI: 06BTX5UWZD0GQ5N5Y745 | Long             | EC               | CORP              | US        |      2750 | NS      | $551292.50    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Elsight Ltd                    | Elsight Ltd                                 | CUSIP: 00BD36ZB1<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |   1700000 | NS      | $1884189.35   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Aptitude Software Group PLC    | Aptitude Software Group PLC                 | CUSIP: 00BJV2F80<br>LEI: 2138009VHA1WI2VKMA28 | Long             | EC               | CORP              | GB        |     30000 | NS      | $121040.95    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Energy Services of America Cor | Energy Services of America Corp             | CUSIP: 29271Q103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    325000 | NS      | $3363750.00   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| FormFactor Inc                 | FormFactor Inc                              | CUSIP: 346375108<br>LEI: 549300YCEEO6SZD1ZR61 | Long             | EC               | CORP              | US        |    306000 | NS      | $11144520.00  | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| PDF Solutions Inc              | PDF Solutions Inc                           | CUSIP: 693282105<br>LEI: 549300GMSP6MROFBI160 | Long             | EC               | CORP              | US        |   1380000 | NS      | $35631600.00  | 3.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Parsons Corp                   | Parsons Corp                                | CUSIP: 70202L102<br>LEI: 549300ZXH0VRBSEPX752 | Long             | EC               | CORP              | US        |    147500 | NS      | $12230700.00  | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Tennant Co                     | Tennant Co                                  | CUSIP: 880345103<br>LEI: JYAIRLT8DVP6DP8UT336 | Long             | EC               | CORP              | US        |     32500 | NS      | $2634450.00   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| TETRA Technologies Inc         | TETRA Technologies Inc                      | CUSIP: 88162F105<br>LEI: 549300T5W131705EK832 | Long             | EC               | CORP              | US        |   1400000 | NS      | $8050000.00   | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Trade Desk Inc/The             | Trade Desk Inc/The                          | CUSIP: 88339J105<br>LEI: 549300GXPD31VT3E0P46 | Long             | EC               | CORP              | US        |     17000 | NS      | $833170.00    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Thermon Group Holdings Inc     | Thermon Group Holdings Inc                  | CUSIP: 88362T103<br>LEI: 529900ZNZBBLDE77MZ38 | Long             | EC               | CORP              | US        |    623500 | NS      | $16659920.00  | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Universal Technical Institute  | Universal Technical Institute Inc           | CUSIP: 913915104<br>LEI: 2549003YOJGAZ0PVFV48 | Long             | EC               | CORP              | US        |    545000 | NS      | $17739750.00  | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Veeco Instruments Inc          | Veeco Instruments Inc                       | CUSIP: 922417100<br>LEI: 5493004201F72ADDZW04 | Long             | EC               | CORP              | US        |    462500 | NS      | $14073875.00  | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Vishay Precision Group Inc     | Vishay Precision Group Inc                  | CUSIP: 92835K103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    582500 | NS      | $18669125.00  | 1.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Vital Farms Inc                | Vital Farms Inc                             | CUSIP: 92847W103<br>LEI: 549300S6NYY7ER3XOT61 | Long             | EC               | CORP              | US        |    522500 | NS      | $21500875.00  | 1.99%             |  |  |  | No            |                  1 | On Loan: No      |
| WaterBridge Infrastructure LLC | WaterBridge Infrastructure LLC              | CUSIP: 940923105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     17500 | NS      | $441350.00    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Illumin Holdings Inc           | Illumin Holdings Inc                        | CUSIP: 45232V106<br>LEI: 52990074I5Q8ZO4WN656 | Long             | EC               | CORP              | CA        |    150000 | NS      | $154128.04    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Thinkific Labs Inc             | Thinkific Labs Inc                          | CUSIP: 884121302<br>LEI: 549300ZDV691W5HGP697 | Long             | EC               | CORP              | CA        |   3125000 | NS      | $4490910.40   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Blackline Safety Corp          | Blackline Safety Corp                       | CUSIP: 092382100<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |   1375000 | NS      | $7222282.10   | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Carter's Inc                   | Carter's Inc                                | CUSIP: 146229109<br>LEI: 5299003WAQK4R3L3ZU36 | Long             | EC               | CORP              | US        |     70000 | NS      | $1975400.00   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Clean Harbors Inc              | Clean Harbors Inc                           | CUSIP: 184496107<br>LEI: 5493000SJVZVZJKHJF48 | Long             | EC               | CORP              | US        |     36000 | NS      | $8359920.00   | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Core Molding Technologies Inc  | Core Molding Technologies Inc               | CUSIP: 218683100<br>LEI: 549300ZY2MFRXCKVIJ28 | Long             | EC               | CORP              | US        |    205000 | NS      | $4212750.00   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Ecovyst Inc                    | Ecovyst Inc                                 | CUSIP: 27923Q109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    970000 | NS      | $8497200.00   | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Educational Development Corp   | Educational Development Corp                | CUSIP: 281479105<br>LEI: 254900CR48GDX3OIGC82 | Long             | EC               | CORP              | US        |    800000 | NS      | $1064000.00   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Smith-Midland Corp             | Smith-Midland Corp                          | CUSIP: 832156103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    223000 | NS      | $8228700.00   | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Transcat Inc                   | Transcat Inc                                | CUSIP: 893529107<br>LEI: 54930081E40TSSHUOS40 | Long             | EC               | CORP              | US        |     43500 | NS      | $3184200.00   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| DroneShield Ltd                | DroneShield Ltd                             | CUSIP: 00BYV1JW4<br>LEI: 5299002AW8NA4BW6MU87 | Long             | EC               | CORP              | AU        |   1710000 | NS      | $5272818.71   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Precision Optics Corp Inc/Mass | Precision Optics Corp Inc/Mass              | CUSIP: 740294400<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    700000 | NS      | $3045000.00   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| SiTime Corp                    | SiTime Corp                                 | CUSIP: 82982T106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      9500 | NS      | $2862445.00   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Vertiv Holdings Co             | Vertiv Holdings Co                          | CUSIP: 92537N108<br>LEI: 549300KTTIRAOGXCRV69 | Long             | EC               | CORP              | US        |    260500 | NS      | $39299030.00  | 3.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Arteris Inc                    | Arteris Inc                                 | CUSIP: 04302A104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   2625000 | NS      | $26512500.00  | 2.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Aspen Aerogels Inc             | Aspen Aerogels Inc                          | CUSIP: 04523Y105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   2010000 | NS      | $13989600.00  | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Bright Horizons Family Solutio | Bright Horizons Family Solutions Inc        | CUSIP: 109194100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    105000 | NS      | $11399850.00  | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Equinix Inc                    | Equinix Inc                                 | CUSIP: 29444U700<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | EC               | CORP              | US        |      7900 | NS      | $6187596.00   | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Everus Construction Group Inc  | Everus Construction Group Inc               | CUSIP: 300426103<br>LEI: 2549006JMMHR0KILT425 | Long             | EC               | CORP              | US        |    105000 | NS      | $9003750.00   | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Teradyne Inc                   | Teradyne Inc                                | CUSIP: 880770102<br>LEI: C3X4YJ278QNZHRJULN75 | Long             | EC               | CORP              | US        |     22500 | NS      | $3096900.00   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Unisys Corp                    | Unisys Corp                                 | CUSIP: 909214306<br>LEI: 549300T21W22FIJJOW08 | Long             | EC               | CORP              | US        |   4238200 | NS      | $16528980.00  | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| CECO Environmental Corp        | CECO Environmental Corp                     | CUSIP: 125141101<br>LEI: 5493002CZCTL4HGLIY91 | Long             | EC               | CORP              | US        |    175000 | NS      | $8960000.00   | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Centuri Holdings Inc           | Centuri Holdings Inc                        | CUSIP: 155923105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    490000 | NS      | $10373300.00  | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Comtech Telecommunications Cor | Comtech Telecommunications Corp             | CUSIP: 205826209<br>LEI: 529900FTEZ8MGM0Y8F73 | Long             | EC               | CORP              | US        |   1432000 | NS      | $3694560.00   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| ThredUp Inc                    | ThredUp Inc                                 | CUSIP: 88556E102<br>LEI: 549300JKGKTKX3L3XK25 | Long             | EC               | CORP              | US        |   5675000 | NS      | $53628750.00  | 4.97%             |  |  |  | No            |                  1 | On Loan: No      |
| CRH PLC                        | CRH PLC                                     | CUSIP: G25508105<br>LEI: 549300MIDJNNTH068E74 | Long             | EC               | CORP              | US        |     28000 | NS      | $3357200.00   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Luna Innovations Inc           | Luna Innovations Inc                        | CUSIP: 550351100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1175000 | NS      | $1245500.00   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Markel Group Inc               | Markel Group Inc                            | CUSIP: 570535104<br>LEI: 549300SCNO12JLWIK605 | Long             | EC               | CORP              | US        |      4250 | NS      | $8123280.00   | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Matrix Service Co              | Matrix Service Co                           | CUSIP: 576853105<br>LEI: 529900VYBKSX6HD2YW58 | Long             | EC               | CORP              | US        |   1435000 | NS      | $18769800.00  | 1.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Northern Technologies Internat | Northern Technologies International Corp    | CUSIP: 665809109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    628959 | NS      | $4849273.89   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Nova Ltd                       | Nova Ltd                                    | CUSIP: M7516K103<br>LEI: 529900B2DSWE5V3SC292 | Long             | EC               | CORP              | IL        |     62250 | NS      | $19898835.00  | 1.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Hammond Power Solutions Inc    | Hammond Power Solutions Inc                 | CUSIP: 408549103<br>LEI: 549300OLI26OOKEG5V73 | Long             | EC               | CORP              | CA        |    217500 | NS      | $19294783.36  | 1.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Electro Optic Systems Holdings | Electro Optic Systems Holdings Ltd          | CUSIP: 006293990<br>LEI: 391200AIL8NMTC2B3I63 | Long             | EC               | CORP              | AU        |   3055000 | NS      | $20659648.24  | 1.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Quest Diagnostics Inc          | Quest Diagnostics Inc                       | CUSIP: 74834L100<br>LEI: 8MCWUBXQ0WE04KMXBX50 | Long             | EC               | CORP              | US        |      3000 | NS      | $571740.00    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Select Water Solutions Inc     | Select Water Solutions Inc                  | CUSIP: 81617J301<br>LEI: 54930094OK8LA3QDW486 | Long             | EC               | CORP              | US        |    550000 | NS      | $5879500.00   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Super Micro Computer Inc       | Super Micro Computer Inc                    | CUSIP: 86800U302<br>LEI: 54930022CZO1N2UGVW07 | Long             | EC               | CORP              | US        |    810000 | NS      | $38831400.00  | 3.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Vishay Intertechnology Inc     | Vishay Intertechnology Inc                  | CUSIP: 928298108<br>LEI: 5493009O8F3QQJTCQR75 | Long             | EC               | CORP              | US        |   1305000 | NS      | $19966500.00  | 1.85%             |  |  |  | No            |                  1 | On Loan: No      |
| CryoPort Inc                   | CryoPort Inc                                | CUSIP: 229050307<br>LEI: 9845004D8538BT8JF626 | Long             | EC               | CORP              | US        |     29500 | NS      | $279660.00    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| nLight Inc                     | nLight Inc                                  | CUSIP: 65487K100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1525000 | NS      | $45185750.00  | 4.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Quest Resource Holding Corp    | Quest Resource Holding Corp                 | CUSIP: 74836W203<br>LEI: 54930088J62L2GTB0F58 | Long             | EC               | CORP              | US        |    157500 | NS      | $245700.00    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Research Solutions Inc/CA      | Research Solutions Inc/CA                   | CUSIP: 761025105<br>LEI: 549300TYWPCKGK141Q94 | Long             | EC               | CORP              | US        |   3100000 | NS      | $11563000.00  | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Somero Enterprises Inc         | Somero Enterprises Inc                      | CUSIP: 832156103<br>LEI: 549300OQ2P18NRWBIW58 | Long             | EC               | CORP              | US        |    549200 | NS      | $1698823.21   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| nVent Electric PLC             | nVent Electric PLC                          | CUSIP: G6700G107<br>LEI: N/A                  | Long             | EC               | CORP              | GB        |    107500 | NS      | $10603800.00  | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Akamai Technologies Inc        | Akamai Technologies Inc                     | CUSIP: 00971T101<br>LEI: OC1LZNN2LF5WTJ5RIL89 | Long             | EC               | CORP              | US        |    116000 | NS      | $8788160.00   | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Alpha Pro Tech Ltd             | Alpha Pro Tech Ltd                          | CUSIP: 020772109<br>LEI: 529900Z93O5JUM52Q856 | Long             | EC               | CORP              | CA        |    632500 | NS      | $3026512.50   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Bentley Systems Inc            | Bentley Systems Inc                         | CUSIP: 08265T208<br>LEI: 549300WVEHPGE0Z56F71 | Long             | EC               | CORP              | US        |     52500 | NS      | $2702700.00   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Box Inc                        | Box Inc                                     | CUSIP: 10316T104<br>LEI: 549300KQUCPD8687YS68 | Long             | EC               | CORP              | US        |    150000 | NS      | $4840500.00   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Bruker Corp                    | Bruker Corp                                 | CUSIP: 116794108<br>LEI: LEBZ6VLQ6I8XB1NHVY15 | Long             | EC               | CORP              | US        |    265000 | NS      | $8609850.00   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Cognex Corp                    | Cognex Corp                                 | CUSIP: 192422103<br>LEI: 549300JQTYZCLC43S226 | Long             | EC               | CORP              | US        |    108000 | NS      | $4892400.00   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Firefly Aerospace Inc          | Firefly Aerospace Inc                       | CUSIP: 31816X106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     40000 | NS      | $1172800.00   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Huntington Ingalls Industries  | Huntington Ingalls Industries Inc           | CUSIP: 446413106<br>LEI: 5TZLZ6WJTBVJ0QWBG121 | Long             | EC               | CORP              | US        |     44500 | NS      | $12811995.00  | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Jacobs Solutions Inc           | Jacobs Solutions Inc                        | CUSIP: 46982L108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     36500 | NS      | $5469890.00   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| LeMaitre Vascular Inc          | LeMaitre Vascular Inc                       | CUSIP: 525558201<br>LEI: 549300FZUBUB7MHY8R17 | Long             | EC               | CORP              | US        |     40000 | NS      | $3500400.00   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| MDU Resources Group Inc        | MDU Resources Group Inc                     | CUSIP: 552690109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    455000 | NS      | $8103550.00   | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| ASML Holding NV                | ASML Holding NV                             | CUSIP: N07059210<br>LEI: 724500Y6DUVHQD6OXN27 | Long             | EC               | CORP              | NL        |      3250 | NS      | $3146292.50   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

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

**Name of Applicant:** Needham Funds Inc

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

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

**Title:** Principal, Chief Financial Officer