| Needham Small Cap Growth Fund | |
| Schedule of Investments | |
| September 30, 2023 (Unaudited) | |
| | | | | | Fair | |
| | | Shares | | | Value | |
Common Stocks (75.7%) | | | | | | |
| Aerospace & Defense (0.6%) | | | | | | |
| Mercury Systems, Inc. (a) | | | 25,000 | | | $ | 927,250 | |
| Chemicals (8.0%) | | | | | | | | |
| Aspen Aerogels, Inc. (a)(b) | | | 1,325,000 | | | | 11,395,000 | |
| Communications Equipment (15.6%) | | | | | | | | |
| ADTRAN Holdings, Inc. (b) | | | 1,167,500 | | | | 9,608,525 | |
| Cambium Networks Corp. - ADR (a) | | | 737,500 | | | | 5,405,875 | |
| Harmonic, Inc. (a) | | | 200,000 | | | | 1,926,000 | |
| Infinera Corp. (a) | | | 650,000 | | | | 2,717,000 | |
| KVH Industries, Inc. (a)(b) | | | 492,500 | | | | 2,511,750 | |
| ViaSat, Inc. (a) | | | 12,500 | | | | 230,750 | |
| | | | | | | | 22,399,900 | |
| Electrical Equipment (6.5%) | | | | | | | | |
| Generac Holdings, Inc. (a) | | | 20,000 | | | | 2,179,200 | |
| Vicor Corp. (a) | | | 120,000 | | | | 7,066,800 | |
| | | | | | | | 9,246,000 | |
| Electronic Equipment, Instruments & Components (13.4%) | | | | | | | | |
| Akoustis Technologies, Inc. (a) | | | 500,000 | | | | 376,450 | |
| Cognex Corp. | | | 10,000 | | | | 424,400 | |
| Coherent Corp. (a) | | | 5,000 | | | | 163,200 | |
| Frequency Electronics, Inc. (d) | | | 465,000 | | | | 3,227,100 | |
| nLight, Inc. (a)(b) | | | 550,000 | | | | 5,720,000 | |
| Rogers Corp. (a) | | | 4,000 | | | | 525,880 | |
| TTM Technologies, Inc. (a) | | | 650,000 | | | | 8,372,000 | |
| Vishay Precision Group, Inc. (a) | | | 11,450 | | | | 384,491 | |
| | | | | | | | 19,193,521 | |
| IT Services (2.7%) | | | | | | | | |
| BigCommerce Holdings, Inc. (a) | | | 300,000 | | | | 2,961,000 | |
| Unisys Corp. (a) | | | 250,000 | | | | 862,500 | |
| | | | | | | | 3,823,500 | |
| Life Sciences Tools & Services (2.6%) | | | | | | | | |
| CryoPort, Inc. (a) | | | 15,000 | | | | 205,650 | |
| Standard BioTools, Inc. (a) | | | 1,190,000 | | | | 3,451,000 | |
| | | | | | | | 3,656,650 | |
| Semiconductors & Semiconductor Equipment (13.9%) | | | | | | | | |
| AXT, Inc. (a) | | | 1,500,000 | | | | 3,600,000 | |
| FormFactor, Inc. (a)(b) | | | 90,000 | | | | 3,144,600 | |
| MaxLinear, Inc. (a) | | | 250,000 | | | | 5,562,500 | |
| MKS Instruments, Inc. | | | 58,000 | | | | 5,019,320 | |
| PDF Solutions, Inc. (a) | | | 40,000 | | | | 1,296,000 | |
| Photronics, Inc. (a) | | | 2,500 | | | | 50,525 | |
| SiTime Corp. (a) | | | 1,150 | | | | 131,387 | |
| Ultra Clean Holdings, Inc. (a) | | | 7,500 | | | | 222,525 | |
| Veeco Instruments, Inc. (a) | | | 30,000 | | | | 843,300 | |
| | | | | | | | 19,870,157 | |
| Software (12.1%) | | | | | | | | |
| 8x8, Inc. (a) | | | 400,000 | | | | 1,008,000 | |
| Alteryx, Inc. - Class A (a) | | | 135,000 | | | | 5,088,150 | |
| Arteris, Inc. (a) | | | 150,000 | | | | 976,500 | |
| New Relic, Inc. (a) | | | 47,500 | | | | 4,066,950 | |
| Telos Corp. (a) | | | 50,000 | | | | 119,500 | |
| Yext, Inc. (a) | | | 100,000 | | | | 633,000 | |
| Zuora, Inc. - Class A (a) | | | 660,000 | | | | 5,438,400 | |
| | | | | | | | 17,330,500 | |
| Technology Hardware, Storage & Peripherals (0.3%) | | | | | | | | |
| Intevac, Inc. (a) | | | 153,850 | | | | 478,474 | |
| Total Common Stocks | | | | | | | | |
| (Cost $129,979,745) | | | | | | $ | 108,320,952 | |
| | | | | | | | | |
Warrants (0.0%) | | | | | | | | |
| Agile Therapeutics, Inc. (a) | | | 88 | | | | 29 | |
| Total Warrants | | | | | | | | |
| (Cost $1,750) | | | | | | | 29 | |
| | | | | | | | | |
Short-Term Investments (26.8%) | | | | | | | | |
| Money Market Fund (26.8%) | | | | | | | | |
| Dreyfus Treasury Securities Cash Management - Institutional Class, 5.24% (c) | | | | | | | | |
| (Cost $38,387,372) | | | 38,387,372 | | | $ | 38,387,372 | |
| | | | | | | | | |
| Total Investments (102.5%) | | | | | | | | |
| (Cost $168,368,867) | | | | | | | 146,708,353 | |
| Liabilities in Excess of Other Assets (-2.5%) | | | | | | | (3,568,180 | ) |
| Net Assets (100.0%) | | | | | | $ | 143,140,173 | |
| | Percentages are stated as a percent of net assets. | | | |
| | Industry classifications may be different than those used for compliance 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 $4,537,100. | | | |
(c)
| Rate shown is the seven day yield as of September 30, 2023 | | | |
(d)
| Affiliated security. Needham Small Cap Growth Fund owned 5% or more of the voting securities of the following company during the three months ended September 30, 2023. As a result, this company is deemed to be an affiliate of Needham Small Cap Growth Fund as defined by the 1940 Act. | | | |
| | 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 (Unaudited): |
| | Country | Long | | |
| | United States^ | 100.0% | | |
| | Total | 100.0% | | |
| | | | | |
| ^ | United States allocation includes Short-Term Investment-Money Market Fund of 26.8% | | | |
