Needham Funds NPORT-P Needham Small Cap Growth Fund (Sep 2024 report)

Needham Small Cap Growth Fund
Schedule of Investments
September 30, 2024 (Unaudited)
COMMON STOCKS - 92.3%	Shares		Value
Aerospace & Defense - 0.8%
Mercury Systems, Inc.(a)		35,000	$	1,295,000
Chemicals - 7.4%
Aspen Aerogels, Inc.(a)		450,000		12,460,500
Communications Equipment - 17.6%
ADTRAN Holdings, Inc.(a)		1,025,000		6,078,250
Calix, Inc.(a)		250,000		9,697,500
Cambium Networks Corp.(a)		400,000		732,000
Ciena Corp.(a)		2,500		153,975
Comtech Telecommunications Corp.(a)		100,000		481,000
Harmonic, Inc.(a)		600,000		8,742,000
KVH Industries, Inc.(a)		338,600		1,635,438
Lumentum Holdings, Inc.(a)		15,000		950,700
ViaSat, Inc.(a)		89,000		1,062,660
				29,533,523
Construction & Engineering - 0.6%
Centuri Holdings, Inc.(a)		22,500		363,375
MDU Resources Group, Inc.		25,000		685,250
				1,048,625
Electrical Equipment - 6.2%
Generac Holdings, Inc.(a)		15,000		2,383,200
Vertiv Holdings Co. - Class A		3,000		298,470
Vicor Corp.(a)		185,000		7,788,500
				10,470,170
Electronic Equipment, Instruments & Components - 18.2%
Badger Meter, Inc.		13,700		2,992,217
Cognex Corp.		52,500		2,126,250
Coherent Corp.(a)		1,000		88,910
FARO Technologies, Inc.(a)		35,875		686,647
Frequency Electronics, Inc.		65,886		795,903
Insight Enterprises, Inc.(a)		5,000		1,076,950
nLight, Inc.(a)(c)		560,000		5,986,400
Rogers Corp.(a)		51,000		5,763,510
TTM Technologies, Inc.(a)		360,000		6,570,000
Vishay Intertechnology, Inc.		110,000		2,080,100
Vishay Precision Group, Inc.(a)		92,500		2,395,750
				30,562,637
Hotels, Restaurants & Leisure - 1.0%
Vail Resorts, Inc.		10,000		1,742,900
IT Services - 3.0%
BigCommerce Holdings, Inc.(a)		400,000		2,340,000
Unisys Corp.(a)		475,000		2,698,000
				5,038,000
Life Sciences Tools & Services - 3.0%
Bruker Corp.		37,500		2,589,750
CryoPort, Inc.(a)		120,000		973,200
Standard BioTools, Inc.(a)		750,000		1,447,500
				5,010,450
Machinery - 2.4%
Barnes Group, Inc.		6,000		242,460
Chart Industries, Inc.(a)		27,500		3,413,850
Douglas Dynamics, Inc.		15,000		413,700
				4,070,010
Oil, Gas & Consumable Fuels - 0.6%
Murphy Oil Corp.		30,000		1,012,200
Professional Services - 1.0%
Amentum Holdings, Inc.(a)		2,250		72,563
Jacobs Solutions, Inc.		2,250		294,525
Parsons Corp.(a)		12,500		1,296,000
				1,663,088
Semiconductors & Semiconductor Equipment - 22.2%
Allegro MicroSystems, Inc.(a)		72,500		1,689,250
AXT, Inc.(a)		1,099,600		2,661,032
CEVA, Inc.(a)		150,000		3,622,500
Cohu, Inc.(a)		80,000		2,056,000
Entegris, Inc.		6,000		675,180
FormFactor, Inc.(a)		30,000		1,380,000
Ichor Holdings Ltd. (Cayman Islands)(a)		6,000		190,860
Marvell Technology, Inc.		26,000		1,875,120
MaxLinear, Inc.(a)		225,000		3,258,000
MKS Instruments, Inc.		20,000		2,174,200
PDF Solutions, Inc.(a)		300,000		9,504,000
Photronics, Inc.(a)		62,500		1,547,500
SiTime Corp.(a)		26,000		4,459,260
Veeco Instruments, Inc.(a)		70,000		2,319,100
				37,412,002
Software - 7.5%
Altair Engineering, Inc. - Class A(a)		5,000		477,550
Arteris, Inc.(a)		410,000		3,165,200
Bentley Systems, Inc. - Class B		10,500		533,505
Yext, Inc.(a)		195,000		1,349,400
Zuora, Inc. - Class A(a)		825,000		7,111,500
				12,637,155
Technology Hardware, Storage & Peripherals - 0.1%
Intevac, Inc.(a)		50,000		170,000
Trading Companies & Distributors - 0.7%
Transcat, Inc.(a)		10,000		1,207,700
TOTAL COMMON STOCKS (Cost $148,542,610)				155,333,960
SHORT-TERM INVESTMENTS - 8.0%
Money Market Funds - 8.0%	Shares
Dreyfus Treasury Securities Cash Management - Class Institutional, 4.89%(b)		13,484,304		13,484,304
TOTAL SHORT-TERM INVESTMENTS (Cost $13,484,304)				13,484,304
TOTAL INVESTMENTS - 100.3% (Cost $162,026,914)				168,818,264
Liabilities in Excess of Other Assets - (0.3)%				(503,748	)
TOTAL NET ASSETS - 100.0%			$	168,314,516
Percentages are stated as a percent of net assets.
The Global Industry Classification Standard ("GICS®") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") 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. Bank Global Fund Services.

(a)	Non-income producing security.
(b) (c)	The rate shown represents the 7-day annualized effective yield as of September 30, 2024. Security position is either entirely or partially held in a segregated account. The aggregated total market value as of September 30, 2024 is $1,069,000.

Allocation of Portfolio Holdings by Country as of September 30, 2024
(% of Net Assets)
United States^	$	168,627,404	99.9%
Cayman Islands		190,860	0.1
	$	168,818,264	100.0%

^ United States allocation includes Short-Term Investment-Money Market Fund of 8.0%