Needham Funds NPORT-P Needham Growth Fund (Mar 2024 report)

Needham Growth Fund
Schedule of Investments
as of March 31, 2024 (Unaudited)
COMMON STOCKS - 86.2%	Shares		Value
Aerospace & Defense - 0.2%
Huntington Ingalls Industries, Inc.		1,050	$	306,043
RTX Corp.		2,000		195,060
				501,103
Biotechnology - 0.6%
G1 Therapeutics, Inc.(a)		35,000		151,200
Gilead Sciences, Inc.		14,000		1,025,500
				1,176,700
Chemicals - 3.6%
Aspen Aerogels, Inc.(a)		425,000		7,480,000
Commercial Services & Supplies - 1.2%
Clean Harbors, Inc.(a)		12,250		2,466,048
Communications Equipment - 1.8%
ADTRAN Holdings, Inc.		145,000		788,800
Cambium Networks Corp.(a)		85,000		366,350
KVH Industries, Inc.(a)(b)		487,017		2,483,787
ViaSat, Inc.(a)(b)		7,500		135,675
				3,774,612
Construction Materials - 0.2%
CRH PLC (Ireland)(a)		5,250		452,865
Diversified Consumer Services - 0.6%
Bright Horizons Family Solutions, Inc.(a)		10,750		1,218,620
Electrical Equipment - 3.1%
nVent Electric PLC (Ireland)		18,500		1,394,900
Vertiv Holdings Co. - Class A		7,500		612,525
Vicor Corp.(a)		112,500		4,302,000
				6,309,425
Electronic Equipment, Instruments & Components - 3.9%
Cognex Corp.		29,000		1,230,180
Coherent Corp.(a)		28,000		1,697,360
Corning, Inc.		40,000		1,318,400
nLight, Inc.(a)		135,000		1,755,000
TTM Technologies, Inc.(a)		53,500		837,275
Vishay Intertechnology, Inc.		55,000		1,247,400
				8,085,615
Health Care Equipment & Supplies - 3.0%
Becton Dickinson & Co.		18,250		4,515,963
Medtronic PLC (Ireland)		20,000		1,743,000
				6,258,963
Health Care Providers & Services - 1.3%
Laboratory Corp. of America Holdings		8,800		1,922,448
Quest Diagnostics, Inc.		5,500		732,105
				2,654,553
Hotels, Restaurants & Leisure - 0.0%(c)
Vacasa, Inc. - Class A(a)		8,043		54,853
Industrial Conglomerates - 0.2%
Honeywell International, Inc.		2,500		513,125
Insurance - 0.2%
Markel Group, Inc.(a)		250		380,370
Interactive Media & Services - 0.4%
Alphabet, Inc. - Class A(a)		5,000		754,650
IT Services - 3.0%
Akamai Technologies, Inc.(a)		38,500		4,187,260
Unisys Corp.(a)		415,000		2,037,650
				6,224,910
Life Sciences Tools & Services - 5.8%
Bruker Corp.		9,500		892,430
CryoPort, Inc.(a)		50,000		885,000
Fortrea Holdings, Inc.(a)		22,500		903,150
Thermo Fisher Scientific, Inc.		16,250		9,444,662
				12,125,242
Media - 3.3%
Comcast Corp. - Class A		70,000		3,034,500
The Trade Desk, Inc. - Class A(a)		45,000		3,933,900
				6,968,400
Oil, Gas & Consumable Fuels - 0.6%
Chevron Corp.		5,000		788,700
Navigator Holdings, Ltd. (Marshall Islands)		20,000		307,000
				1,095,700
Professional Services - 3.1%
Parsons Corp.(a)		77,850		6,457,658
Semiconductors & Semiconductor Equipment - 29.0%(d)
Analog Devices, Inc.		10,000		1,977,900
Applied Materials, Inc.		9,000		1,856,070
ASML Holding NV (Netherlands)		2,250		2,183,557
AXT, Inc.(a)		220,000		1,009,800
Entegris, Inc.		94,500		13,281,030
FormFactor, Inc.(a)		112,500		5,133,375
Lam Research Corp.		2,500		2,428,925
Marvell Technology, Inc.		33,250		2,356,760
MKS Instruments, Inc.		22,000		2,926,000
Nova, Ltd. (Israel)(a)		44,050		7,813,589
PDF Solutions, Inc.(a)(b)		282,500		9,511,775
Photronics, Inc.(a)		144,500		4,092,240
SiTime Corp.(a)		11,750		1,095,452
Teradyne, Inc.		13,500		1,523,205
Veeco Instruments, Inc.(a)		90,000		3,165,300
				60,354,978
Software - 1.5%
Altair Engineering, Inc. - Class A(a)		26,750		2,304,512
Klaviyo, Inc. - Class A(a)		35,000		891,800
				3,196,312
Specialty Retail - 3.0%
CarMax, Inc.(a)		71,750		6,250,142
Technology Hardware, Storage & Peripherals - 15.7%
Apple, Inc.		6,750		1,157,490
Hewlett Packard Enterprise Co.		27,500		487,575
Super Micro Computer, Inc.(a)(b)		30,750		31,058,423
				32,703,488
Textiles, Apparel & Luxury Goods - 0.7%
Carter's, Inc.		18,250		1,545,410
Trading Companies & Distributors - 0.2%
Air Lease Corp.		7,500		385,800
TOTAL COMMON STOCKS (Cost $59,153,951)				179,389,542
REAL ESTATE INVESTMENT TRUSTS - 0.2%	Shares		Value
Equinix, Inc.		500		412,665
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $399,733)				412,665
SHORT-TERM INVESTMENTS - 13.1%
Money Market Funds - 13.1%	Shares
Dreyfus Treasury Securities Cash Management - Class Institutional, 5.19%(e)		27,345,385		27,345,385
TOTAL SHORT-TERM INVESTMENTS (Cost $27,345,385)				27,345,385
TOTAL INVESTMENTS - 99.5% (Cost $86,899,069)			$	207,147,592
Other Assets in Excess of Liabilities - 0.5%				969,059
TOTAL NET ASSETS - 100.0%			$	208,116,651
Percentages are stated as a percent of net assets.
Industry classifications may be different than those used for compliance monitoring purposes.
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, Inc. and S&P and has been licensed for use by U.S. Bank Global Fund Services.

PLC - Public Limited Company

(a)	Non-income producing security.
(b)	All or a portion of security has been pledged as collateral for securities sold short. The total value of assets committed as collateral as of March 31, 2024 is $6,578,425.
(c)	Represents less than 0.05% of net assets.
(d)	As of March 31, 2024, the Fund had a significant portion of its assets invested in Semiconductors & Semiconductor Equipment.
(e)	The rate shown represents the 7-day effective yield as of March 31, 2024.

Needham Growth Fund

Schedule of Securities Sold Short

as of March 31, 2024(Unaudited)

COMMON STOCKS - (0.0)%	Shares			Value
Software - (0.0)%
Digimarc Corp. (a)(b)		(2,117	)	$	(57,540	)
TOTAL SECURITIES SOLD SHORT - 0.0% (Proceeds $55,337)					(57,540	)
Percentages are stated as a percent of net assets.

(a) Represents less than 0.05% of net assets.

Allocation of Portfolio Holdings by Country as of March 31, 2024
(% of Investments)
United States^	$	193,195,141	93.3%
Israel		7,813,589	3.8
Ireland		3,590,765	1.7
Netherlands		2,183,557	1.1
Marshall Islands		307,000	0.1
	$	207,090,052	100.0%

^ United States allocation includes Short-Term Investment-Money Market Fund of 13.2%.