Needham Funds NPORT-P Needham Aggressive Growth Fund (Sep 2022 report)

Needham Aggressive Growth Fund
Schedule of Investments
September 30, 2022 (Unaudited)
		Shares		Fair Value
Common Stocks (86.1%)
Aerospace & Defense (2.5%)
Parsons Corp. (a)			82,500	$	3,234,000
Biotechnology (0.4%)
Avrobio, Inc. (a)			24,513		15,750
G1 Therapeutics, Inc. (a)			45,000		562,050
					577,800
Building Products (0.7%)
Alpha Pro Tech, Ltd. (a)			220,000		891,000
Jewett-Cameron Trading Co., Ltd. (Canada) (a)			7,500		39,750
					930,750
Chemicals (3.5%)
Aspen Aerogels, Inc. (a)			212,000		1,954,640
Mativ Holdings, Inc.			122,500		2,704,800
					4,659,440
Commercial Services & Supplies (2.8%)
ACV Auctions, Inc. - Class A (a)			100,000		719,000
Clean Harbors, Inc. (a)			27,500		3,024,450
					3,743,450
Communications Equipment (6.7%)
ADTRAN Holdings, Inc.			70,000		1,370,600
Cambium Networks Corp. (Cayman Islands) (a)			82,350		1,393,362
KVH Industries, Inc. (a)			658,750		6,073,675
					8,837,637
Construction & Engineering (0.4%)
Matrix Service Co. (a)			125,000		517,500
Construction Materials (3.0%)
Smith-Midland Corp. (a)			146,100		3,908,175
Distributors (0.4%)
Educational Development Corp.			225,000		542,250
Diversified Consumer Services (1.3%)
Bright Horizons Family Solutions, Inc. (a)			30,000		1,729,500
Electrical Equipment (7.7%)
Thermon Group Holdings, Inc. (a)			110,000		1,695,100
Vertiv Holdings Co.			220,000		2,138,400
Vicor Corp. (a)			105,875		6,261,447
					10,094,947
Electronic Equipment, Instruments & Components (4.2%)
Arlo Technologies, Inc. (a)			45,000		208,800
nLight, Inc. (a)			115,000		1,086,750
VIA Optronics AG (Germany) - ADR (a)			130,000		208,000
Vishay Precision Group, Inc. (a)			135,500		4,009,445
					5,512,995
Entertainment (0.1%)
World Wrestling Entertainment, Inc. - Class A			2,250		157,883
Health Care Equipment & Supplies (2.3%)
CryoPort, Inc. (a)			29,500		718,620
LeMaitre Vascular, Inc.			20,500		1,038,940
Omnicell, Inc. (a)			2,900		252,387
Precision Optics Corp, Inc. (a)			511,000		1,047,550
Sientra, Inc. (a)			20,000		12,800
ViewRay, Inc. (a)			4,300		15,652
					3,085,949
Health Care Providers & Services (2.2%)
Laboratory Corp. of America Holdings			12,000		2,457,720
Quest Diagnostics, Inc.			4,000		490,760
					2,948,480
Hotels, Restaurants & Leisure (1.0%)
Vacasa, Inc. - Class A (a)			420,850		1,292,009
Household Products (0.8%)
Oil-Dri Corp. of America			45,000		1,089,000
Insurance (1.2%)
Markel Corp. (a)			1,500		1,626,330
Interactive Media & Services (0.1%)
AcuityAds Holdings, Inc. (Canada) (a)			50,000		86,000
Internet & Direct Marketing Retail (0.4%)
ThredUp, Inc. - Class A (a)			285,000		524,400
IT Services (2.9%)
Akamai Technologies, Inc. (a)(b)			14,500		1,164,640
BigCommerce Holdings, Inc. (a)			7,500		111,000
Research Solutions, Inc. (a)			431,417		880,091
Unisys Corp. (a)			215,000		1,623,250
					3,778,981
Life Sciences Tools & Services (0.9%)
Bruker Corp.			22,500		1,193,850
Standard BioTools, Inc. (a)			50,000		55,000
					1,248,850
Machinery (0.2%)
Westinghouse Air Brake Technologies Corp.			3,000		244,050
Oil, Gas & Consumable Fuels (1.1%)
Adams Resources & Energy, Inc.			49,000		1,460,200
Professional Services (1.5%)
CRA International, Inc.			23,000		2,041,020
Real Estate Investment Trusts (REITs) (1.3%)
Equinix, Inc.			2,100		1,194,564
American Tower Corp.			2,250		483,075
					1,677,639
Semiconductors & Semiconductor Equipment (22.1%)
ASML Holding NV (Netherlands)			3,000		1,246,050
AXT, Inc. (a)			100,000		670,000
Entegris, Inc.			62,500		5,188,750
FormFactor, Inc. (a)			27,500		688,875
MKS Instruments, Inc.			22,000		1,818,080
Nova, Ltd. (Israel) (a)			60,000		5,118,000
PDF Solutions, Inc. (a)(b)			350,000		8,585,500
Photronics, Inc. (a)			225,000		3,289,500
Pivotal Systems Corp. (a)			1,082,494		63,010
SiTime Corp. (a)			5,000		393,650
SkyWater Technology, Inc. (a)			10,000		76,500
Taiwan Semiconductor Manufacturing Co., Ltd. (Taiwan) - ADR			4,650		318,804
Teradyne, Inc.			5,000		375,750
Veeco Instruments, Inc. (a)			75,000		1,374,000
					29,206,469
Software (6.0%)
The Trade Desk, Inc. - Class A (a)			12,000		717,000
Altair Engineering, Inc. - Class A (a)			19,000		840,180
ChannelAdvisor Corp. (a)			45,000		1,019,700
Copperleaf Technologies, Inc. (Canada) (a)			50,000		227,314
ESI Group (France) (a)			35,000		2,435,415
GSE Systems, Inc. (a)(d)			1,500,000		1,350,000
Q2 Holdings, Inc. (a)			8,000		257,600
Telos Corp. (a)			115,000		1,022,350
					7,869,559
Specialty Retail (1.0%)
CarMax, Inc. (a)			20,500		1,353,410
Technology Hardware, Storage & Peripherals (6.2%)
Apple, Inc. (b)			29,500		4,076,900
Intevac, Inc. (a)			109,119		507,403
Super Micro Computer, Inc. (a)			65,000		3,579,550
					8,163,853
Textiles, Apparel & Luxury Goods (0.2%)
Allbirds, Inc. - Class A (a)			75,000		228,000
Trading Companies & Distributors (1.0%)
Transcat, Inc. (a)			17,500		1,324,575
Total Common Stocks
(Cost $92,733,113)				$	113,695,101
Short-Term Investments (14.0%)
Money Market Fund (14.0%)
Dreyfus Treasury Securities Cash Management - Institutional Class, 2.51% (c)
Total Short-Term Investments
(Cost $18,482,207)			18,482,207	$	18,482,207
Total Investments (100.1%)
(Cost $111,215,320)					132,177,308
Liabilities in Excess of Other Assets (-0.1%)					(178,921	)
Net Assets (100.0%)				$	131,998,387
	Percentages are stated as a percent of net assets.
	Industry classifications may be different than those used for compliance monitoring purposes.
(a)	Non-income producing security.
(b)	Security position is either entirely or partially held in a segregated account as collateral for securities sold short, aggregating a total market value of $1,425,120.
(c)	Rate shown is the seven day yield as of September 30, 2022.
(d)	Affiliated security. Needham Aggressive Growth Fund owned 5% or more of the voting securities of the following company during the three months ended September 30, 2022. As a result, this company is deemed to be an affiliate of Needham Aggressive Growth Fund as defined by the 1940 Act.
ADR	American Depositary Receipt
	The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor’s Financial Services LLC (“S&P”).

Distribution of investments by country or territory of incorporation, as a percentage of Total Investments, is as follows:
	Country	Long
	United States^		91.6	%
	Israel		3.9	%
	France		1.8	%
	Cayman Islands		1.1	%
	Netherlands		0.9	%
	Canada		0.3	%
	Taiwan		0.2	%
	Germany		0.2	%
	Total		100.0	%
^	United States allocation includes Short-Term Investment-Money Market Fund of 14.0%

	Top Ten Holdings*
	(as a % of total investments, as of September 30, 2022)
	Security		% of Total Investments		Market Value
	PDF Solutions, Inc.	PDFS		6.50%		8,585,500
	Vicor Corp.	VICR		4.74%		6,261,448
	KVH Industries, Inc.	KVHI		4.60%		6,073,675
	Entegris, Inc.	ENTG		3.93%		5,188,750
	Nova, Ltd.	NVMI		3.87%		5,118,000
	Apple, Inc.	AAPL		3.08%		4,076,900
	Vishay Precision Group, Inc.	VPG		3.03%		4,009,445
	Smith-Midland Corp.	SMID		2.96%		3,908,175
	Super Micro Computer, Inc.	SMCI		2.71%		3,579,550
	Photronics, Inc.	PLAB		2.49%		3,289,500
	Top Ten Holdings = 37.90 of Total Investments†
*	Current portfolio holdings may not be indicative of future portfolio holdings.
†	Percentage of total investments less cash.

	Top Ten Holdings*
	(as a % of net assets, as of September 30, 2022)
	Security			% of Net Assets		Market Value
	PDF Solutions, Inc.	PDFS			6.50%		8,585,500
	Vicor Corp.	VICR			4.74%		6,261,448
	KVH Industries, Inc.	KVHI			4.60%		6,073,675
	Entegris, Inc.	ENTG			3.93%		5,188,750
	Nova, Ltd.	NVMI			3.88%		5,118,000
	Apple, Inc.	AAPL			3.09%		4,076,900
	Vishay Precision Group, Inc.	VPG			3.04%		4,009,445
	Smith-Midland Corp.	SMID			2.96%		3,908,175
	Super Micro Computer, Inc.	SMCI			2.71%		3,579,550
	Photronics, Inc.	PLAB			2.49%		3,289,500
	Top Ten Holdings = 37.95% of Net Assets
*	Current portfolio holdings may not be indicative of future portfolio holdings.
	Sector Weightings*
	(as a % of net investments, as of September 30, 2022)
	Sector	Long*				(Short)(1)		Total(1)(2)
	Cash		14.0%				–		14.0%
	Communication Services		0.2%				–		0.2%
	Consumer Discretionary		4.3%%				–		4.3%
	Consumer Staples		0.8%				–		0.8%
	Energy		1.1%				–		1.1%
	Financials		2.1%				–		2.1%
	Health Care		6.0%				–		6.0%
	Industrials		16.7%				–		16.7%
	Information Technology		47.9%				–		47.9%
	Materials		6.5%				–		6.5%
	Real Estate		0.4%				–		0.4%
*	Current portfolio holdings may not be indicative of future portfolio holdings.
(1)	Percentage of total investments includes all stocks, plus cash minus all short positions.
(2)	Total represents the difference between the long exposure and the short exposure, which produces the net exposure.