| Needham Growth Fund | |
| Schedule of Investments | |
| March 31, 2023 (Unaudited) | |
| | | | | | Fair | |
| | | Shares | | | Value | |
Common Stocks (97.5%) | | | | | | |
| Aerospace & Defense (2.7%) | | | | | | |
| Parsons Corp. (a) | | | 77,500 | | | $ | 3,467,350 | |
| Biotechnology (1.1%) | | | | | | | | |
| G1 Therapeutics, Inc. (a) | | | 64,000 | | | | 171,520 | |
| Gilead Sciences, Inc. | | | 15,000 | | | | 1,244,550 | |
| | | | | | | | | 1,416,070 | |
| Chemicals (2.3%) | | | | | | | | |
| Aspen Aerogels, Inc. (a) | | | 400,000 | | | | 2,980,000 | |
| Commercial Services & Supplies (1.3%) | | | | | | | | |
| Clean Harbors, Inc. (a) | | | 11,900 | | | | 1,696,464 | |
| Communications Equipment (7.7%) | | | | | | | | |
| ADTRAN Holdings, Inc. | | | 135,000 | | | | 2,141,100 | |
| Cambium Networks Corp. (a) | | | 90,000 | | | | 1,594,800 | |
| KVH Industries, Inc. (a) | | | 500,000 | | | | 5,690,000 | |
| ViaSat, Inc. (a)(c) | | | 9,000 | | | | 304,560 | |
| | | | | | | | | 9,730,460 | |
| Diversified Consumer Services (0.5%) | | | | | | | | |
| Bright Horizons Family Solutions, Inc. (a) | | | 8,000 | | | | 615,920 | |
| Electrical Equipment (3.2%) | | | | | | | | |
| Vicor Corp. (a) | | | 86,500 | | | | 4,060,310 | |
| Electronic Equipment, Instruments & Components (4.5%) | | | | | | | | |
| Benchmark Electronics, Inc. | | | 4,900 | | | | 116,081 | |
| Coherent Corp. (a) | | | 24,850 | | | | 946,288 | |
| Corning, Inc. | | | 37,500 | | | | 1,323,000 | |
| nLight, Inc. (a) | | | 135,850 | | | | 1,382,953 | |
| TTM Technologies, Inc. (a) | | | 50,000 | | | | 674,500 | |
| Vishay Intertechnology, Inc. | | | 55,000 | | | | 1,244,100 | |
| | | | | | | | | 5,686,922 | |
| Health Care Equipment & Supplies (5.3%) | | | | | | | | |
| Becton Dickinson & Co. | | | 18,500 | | | | 4,579,490 | |
| Medtronic PLC (Ireland) | | | 20,000 | | | | 1,612,400 | |
| ViewRay, Inc. (a) | | | 144,780 | | | | 500,939 | |
| | | | | | | | | 6,692,829 | |
| Health Care Providers & Services (2.6%) | | | | | | | | |
| Laboratory Corp. of America Holdings | | | 11,000 | | | | 2,523,620 | |
| Quest Diagnostics, Inc. | | | 5,500 | | | | 778,140 | |
| | | | | | | | | 3,301,760 | |
| Hotels, Restaurants & Leisure (0.3%) | | | | | | | | |
| Vacasa, Inc. - Class A (a) | | | 375,000 | | | | 360,825 | |
| Industrial Conglomerates (0.4%) | | | | | | | | |
| Honeywell International, Inc. - ADR | | | 2,500 | | | | 477,800 | |
| Interactive Media & Services (0.4%) | | | | | | | | |
| Alphabet, Inc. (a) | | | 5,000 | | | | 518,650 | |
| IT Services (3.0%) | | | | | | | | |
| Akamai Technologies, Inc. (a)(c) | | | 33,000 | | | | 2,583,900 | |
| Unisys Corp. - Class A (a) | | | 335,000 | | | | 1,299,800 | |
| | | | | | | | | 3,883,700 | |
| Life Sciences Tools & Services (9.0%) | | | | | | | | |
| Bruker Corp. | | | 7,500 | | | | 591,300 | |
| CryoPort, Inc. (a) | | | 43,500 | | | | 1,044,000 | |
| Thermo Fisher Scientific, Inc. | | | 17,000 | | | | 9,798,290 | |
| | | | | | | | | 11,433,590 | |
| Media (4.6%) | | | | | | | | |
| The Trade Desk, Inc. - Class A (a) | | | 47,000 | | | | 2,862,770 | |
| Comcast Corp. - Class A | | | 77,500 | | | | 2,938,025 | |
| | | | | | | | | 5,800,795 | |
| Oil, Gas & Consumable Fuels (0.9%) | | | | | | | | |
| Chevron Corp. | | | 5,000 | | | | 815,800 | |
| Navigator Holdings, Ltd. (a) | | | 20,000 | | | | 280,000 | |
| | | | | | | | | 1,095,800 | |
| Real Estate Investment Trusts (REITs) (0.4%) | | | | | | | | |
| American Tower Corp. | | | 2,500 | | | | 510,850 | |
| Semiconductors & Semiconductor Equipment (36.2%) (d) | | | | | | | | |
| Analog Devices, Inc. | | | 10,000 | | | | 1,972,200 | |
| Applied Materials, Inc. | | | 9,000 | | | | 1,105,470 | |
| ASML Holding NV (Netherlands) | | | 2,250 | | | | 1,531,598 | |
| AXT, Inc. (a) | | | 335,450 | | | | 1,335,091 | |
| Entegris, Inc. | | | 98,500 | | | | 8,077,985 | |
| FormFactor, Inc. (a) | | | 115,000 | | | | 3,662,750 | |
| Lam Research Corp. | | | 2,500 | | | | 1,325,300 | |
| Marvell Technology, Inc. | | | 31,000 | | | | 1,342,300 | |
| MKS Instruments, Inc. | | | 22,000 | | | | 1,949,640 | |
| Nova, Ltd. (Israel) (a) | | | 45,000 | | | | 4,701,150 | |
| PDF Solutions, Inc. (a) | | | 285,000 | | | | 12,084,000 | |
| Photronics, Inc. (a) | | | 176,150 | | | | 2,920,567 | |
| SiTime Corp. (a) | | | 12,500 | | | | 1,777,875 | |
| Teradyne, Inc. | | | 5,000 | | | | 537,550 | |
| Veeco Instruments, Inc. (a) | | | 75,000 | | | | 1,584,750 | |
| | | | | | | | | 45,908,226 | |
| Software (0.5%) | | | | | | | | |
| Alteryx, Inc. - Class A (a) | | | 6,000 | | | | 353,040 | |
| Telos Corp. (a) | | | 106,500 | | | | 269,445 | |
| | | | | | | | | 622,485 | |
| Specialty Retail (3.5%) | | | | | | | | |
| CarMax, Inc. (a) | | | 68,500 | | | | 4,403,180 | |
| Technology Hardware, Storage & Peripherals (6.9%) | | | | | | | | |
| Apple, Inc. | | | 8,250 | | | | 1,360,425 | |
| Hewlett Packard Enterprise Co. | | | 17,500 | | | | 278,775 | |
| Intevac, Inc. (a) | | | 179,300 | | | | 1,314,269 | |
| Super Micro Computer, Inc. (a) | | | 55,000 | | | | 5,860,250 | |
| | | | | | | | | 8,813,719 | |
| Trading Companies & Distributors (0.2%) | | | | | | | | |
| Air Lease Corp. | | | 7,500 | | | | 295,275 | |
| Total Common Stocks | | | | | | | | |
| (Cost $55,375,677) | | | | | | $ | 123,772,980 | |
| | | | | | | | | | |
Short-Term Investments (2.5%) | | | | | | | | |
| Money Market Fund (2.5%) | | | | | | | | |
| Dreyfus Treasury Securities Cash Management - Institutional Class, 4.43% (b) | | | | | | | | |
| Total Short-Term Investments | | | | | | | | |
| (Cost $3,113,947) | | | 3,113,947 | | | $ | 3,113,947 | |
| | | | | | | | | | |
| Total Investments (100.0%) | | | | | | | | |
| (Cost $58,489,624) | | | | | | | 126,886,927 | |
| Other Assets in Excess of Liabilities (0.0%) | | | | | | | 61,970 | |
| Net Assets (100.0%) | | | | | | $ | 126,948,897 | |
| | |
| 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)
| Rate shown is the seven day yield as of March 31, 2023 | | | | | | | | |
(c)
| Security position is either entirely or partially held in a segregated account as collateral for securities sold short, aggregating a total market value of $1,075,950. | | | | | |
(d)
| As of March 31, 2023, the Fund had a significant portion of its assets invested in the Semiconductors & Semiconductor Equipment industry. | | | | | |
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”). GICS is a service mark of MSCI and S&P and has been licensed for use by U.S. Bancorp FundServices, LLC. | | | | | | | | |
