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

Needham Aggressive Growth Fund
Schedule of Investments
September 30, 2024 (Unaudited)
COMMON STOCKS - 91.9%	Shares		Value
Aerospace & Defense - 2.4%
Astronics Corp.(a)		267,500	$	5,210,900
DroneShield Ltd. (Australia)(a)		1,500,000		1,415,534
Electro Optic Systems Holdings Ltd. (Australia)(a)		2,850,000		2,788,033
Huntington Ingalls Industries, Inc.		41,000		10,839,580
				20,254,047
Building Products - 0.4%
Alpha Pro Tech, Ltd.(a)(e)		610,000		3,477,000
Chemicals - 7.1%
Aspen Aerogels, Inc.(a)		1,285,000		35,581,650
Core Molding Technologies, Inc.(a)		205,000		3,528,050
Ecovyst, Inc.(a)		915,000		6,267,750
Mativ Holdings, Inc.		482,500		8,197,675
Northern Technologies International Corp.(e)		522,500		6,421,525
				59,996,650
Commercial Services & Supplies - 1.4%
ACV Auctions, Inc. - Class A(a)		35,000		711,550
Clean Harbors, Inc.(a)		33,900		8,193,969
Quest Resource Holding Corp.(a)		350,000		2,793,000
				11,698,519
Communications Equipment - 1.1%
ADTRAN Holdings, Inc.(a)		160,000		948,800
Comtech Telecommunications Corp.(a)		1,302,500		6,265,025
KVH Industries, Inc.(a)		451,550		2,180,987
				9,394,812
Construction & Engineering - 3.9%
Centuri Holdings, Inc.(a)		310,000		5,006,500
Matrix Service Co.(a)(e)		1,420,000		16,372,600
MDU Resources Group, Inc.		340,000		9,319,400
MYR Group, Inc.(a)		25,000		2,555,750
				33,254,250
Construction Materials - 1.1%
CRH PLC (Ireland)		28,000		2,596,720
Smith-Midland Corp.(a)		210,000		7,011,900
				9,608,620
Distributors - 0.2%
Educational Development Corp.(a)(e)		805,000		1,883,700
Diversified Consumer Services - 3.0%
Bright Horizons Family Solutions, Inc.(a)		95,500		13,382,415
Lincoln Educational Services Corp.(a)		600,000		7,164,000
Universal Technical Institute, Inc.(a)		300,000		4,878,000
				25,424,415
Electrical Equipment - 11.1%
Hammond Power Solutions, Inc. (Canada)		188,100		19,657,698
nVent Electric PLC (Ireland)		102,500		7,201,650
Thermon Group Holdings, Inc.(a)		650,000		19,396,000
Vertiv Holdings Co. - Class A		260,500		25,917,145
Vicor Corp.(a)		516,000		21,723,600
				93,896,093
Electronic Equipment, Instruments & Components - 11.5%
Arlo Technologies, Inc.(a)		1,265,000		15,319,150
Blackline Safety Corp. (Canada)(a)		1,205,000		4,980,554
Cognex Corp.		155,000		6,277,500
FARO Technologies, Inc.(a)		955,000		18,278,700
Luna Innovations, Inc.(a)		1,000,000		2,350,000
nLight, Inc.(a)		1,530,000		16,355,700
Vishay Intertechnology, Inc.		975,000		18,437,250
Vishay Precision Group, Inc.(a)		585,000		15,151,500
				97,150,354
Energy Equipment & Services - 0.1%
Energy Services of America Corp.		50,000		475,000
Food Products - 1.9%
Vital Farms, Inc.(a)		447,500		15,693,825
Health Care Equipment & Supplies - 0.7%
LeMaitre Vascular, Inc.		38,500		3,576,265
Precision Optics Corp, Inc.(a)(e)		400,000		2,232,000
				5,808,265
Health Care Providers & Services - 0.4%
Labcorp Holdings, Inc.		12,300		2,748,804
Quest Diagnostics, Inc.		3,000		465,750
				3,214,554
Hotels, Restaurants & Leisure - 2.2%
Genius Sports Ltd. (Guernsey)(a)		2,327,500		18,247,600
Household Products - 2.2%
Oil-Dri Corp. of America(e)		267,500		18,454,825
Insurance - 0.6%
Markel Group, Inc.(a)		3,450		5,411,601
Interactive Media & Services - 0.0%(b)
Illumin Holdings, Inc. (Canada)(a)		150,000		180,783
IT Services - 5.1%
Akamai Technologies, Inc.(a)(d)		110,000		11,104,500
Research Solutions, Inc.(a)(e)		2,875,000		7,848,750
Unisys Corp.(a)(e)		4,240,000		24,083,200
				43,036,450
Life Sciences Tools & Services - 1.2%
Bruker Corp.		140,000		9,668,400
CryoPort, Inc.(a)		47,500		385,225
				10,053,625
Machinery - 0.6%
Gorman-Rupp Co.		127,500		4,966,125
Westinghouse Air Brake Technologies Corp.		3,000		545,310
				5,511,435
Media - 0.2%
The Trade Desk, Inc. - Class A(a)		12,000		1,315,800
Oil, Gas & Consumable Fuels - 0.6%
Adams Resources & Energy, Inc.(e)		190,000		5,130,000
Professional Services - 6.1%
Amentum Holdings, Inc.(a)		5,250		169,313
Asure Software, Inc.(a)(e)		2,482,500		22,466,625
CRA International, Inc.		83,000		14,551,560
Jacobs Solutions, Inc.		5,250		687,225
Parsons Corp.(a)		130,000		13,478,400
				51,353,123
Semiconductors & Semiconductor Equipment - 11.8%
ASML Holding NV (Netherlands)		2,700		2,249,775
AXT, Inc.(a)		75,000		181,500
Entegris, Inc.		64,500		7,258,185
FormFactor, Inc.(a)		230,000		10,580,000
MKS Instruments, Inc.		42,500		4,620,175
Nova, Ltd. (Israel)(a)		64,500		13,437,930
PDF Solutions, Inc.(a)		1,146,500		36,321,120
Photronics, Inc.(a)		305,000		7,551,800
SiTime Corp.(a)		9,500		1,629,345
Teradyne, Inc.		19,000		2,544,670
Veeco Instruments, Inc.(a)		407,500		13,500,475
				99,874,975
Software - 7.9%
Altair Engineering, Inc. - Class A(a)		175,000		16,714,250
American Software, Inc. - Class A(e)		1,810,000		20,253,900
Arteris, Inc.(a)(e)		2,325,000		17,949,000
Bentley Systems, Inc. - Class B		21,000		1,067,010
Klaviyo, Inc. - Class A(a)		200,000		7,076,000
Thinkific Labs, Inc. (Canada)(a)(e)		1,750,000		3,726,570
				66,786,730
Specialty Retail - 1.2%
CarMax, Inc.(a)		68,500		5,300,530
ThredUp, Inc. - Class A(a)(e)		6,200,000		5,220,400
				10,520,930
Technology Hardware, Storage & Peripherals - 4.3%
Apple, Inc.		24,000		5,592,000
Super Micro Computer, Inc.(a)(d)		73,500		30,605,400
				36,197,400
Textiles, Apparel & Luxury Goods - 1.2%
Carter's, Inc.		156,800		10,188,864
Trading Companies & Distributors - 0.4%
Transcat, Inc.(a)		29,500		3,562,715
TOTAL COMMON STOCKS (Cost $615,424,897)				777,056,960
REAL ESTATE INVESTMENT TRUSTS - 0.6%	Shares		Value
Equinix, Inc.		5,650		5,015,109
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $2,979,942)				5,015,109
SHORT-TERM INVESTMENTS - 7.7%
Money Market Funds - 7.7%	Shares
Dreyfus Treasury Securities Cash Management - Class Institutional, 4.89%(c)		65,371,102		65,371,102
TOTAL SHORT-TERM INVESTMENTS (Cost $65,371,102)				65,371,102
TOTAL INVESTMENTS - 100.2% (Cost $683,775,941)				847,443,171
Liabilities in Excess of Other Assets - (0.2)%				(1,819,436	)
TOTAL NET ASSETS - 100.0%			$	845,623,735
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.

PLC - Public Limited Company

(a)	Non-income producing security.
(b)	Represents less than 0.05% of net assets.
(c) (d) (e)	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 $1,230,300. Affiliated security. Needham Aggressive Growth Fund owned 5% or more of the voting securities of this issuer during the three months ended September 30, 2024. As a result, this company is deemed to be an affiliate of Needham Aggressive Growth Fund as defined by the 1940 Act.

Allocation of Portfolio Holdings by Country as of September 30, 2024
(% of Investments)
United States^	$	770,960,324	91.0%
Canada		28,545,605	3.4
Guernsey		18,247,600	2.1
Israel		13,437,930	1.6
Ireland		9,798,370	1.1
Australia		4,203,567	0.5
Netherlands		2,249,775	0.3
	$	847,443,171	100.0%

^ United States allocation includes Short-Term Investment-Money Market Fund of 7.7%.