NEEDHAM FUNDS INC (0001002537) (Filer)

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-09114

The Needham Funds, Inc.
(Exact name of registrant as specified in charter)

250 Park Avenue, 10th Floor,

New York, NY 10177-1099
(Address of principal executive offices) (Zip code)

Mr. George A. Needham

250 Park Avenue, 10th Floor,

New York, NY 10177-1099
(Name and address of agent for service)

1-800-625-7071

Registrant's telephone number, including area code

Date of fiscal year end: December 31, 2026

Date of reporting period: June 30, 2026

Item 1. Reports to Stockholders.

(a)

Needham Growth Fund

Institutional Class | NEEIX

Semi-Annual Shareholder Report | June 30, 2026

This semi-annual shareholder report contains important information about the Needham Growth Fund ("the Fund") for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund at www.needhamfunds.com/resources-forms. You can also request this information by contacting us at 1-800-625-7071.

What Were the Fund Costs for the Last six months?

(Based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment*
Institutional Class	$78	1.19%

^*	Annualized

How Did the Fund Perform Over the Last six months and What Affected its Performance?

Performance

For the six-month period ended June 30, 2026, the Needham Growth Fund's Institutional Class returned 65.64% , significantly outperforming the Russell 3000 Index's 10.88% and the Russell Midcap Growth Index's 7.27%.

Equity markets were volatile in the first quarter as war, tariff uncertainty, and a 2025 government-shutdown-related slowdown weighed on many industries, including software, autos, and health care equipment. Volatility continued into April as the closing of the Strait of Hormuz pushed oil above $126 per barrel, but markets rallied sharply after a June memorandum of understanding between the United States and Iran eased tensions, oil prices normalized, and the Information Technology sector led a broad-based recovery.

The key factor affecting the Fund's performance was stock selection, particularly among holdings tied to semiconductor manufacturing, data center infrastructure, and defense. Leading contributors for the period included Vicor Corporation (VICR), PDF Solutions, Inc. (PDFS), FormFactor, Inc. (FORM), and Vishay Intertechnology, Inc. (VSH). The Fund's detractors were small relative to its contributors and included Super Micro Computer, Inc. (SMCI), Thermo Fisher Scientific, Inc. (TMO), and Huntington Ingalls Industries, Inc. (HII).

Investment Themes

The Fund's major investment theme remains the importance of U.S. infrastructure. The Fund invests in lesser-known "pick and shovel" providers behind engineering, manufacturing, and technology development. Portfolio companies sell into data centers, life sciences laboratories, semiconductor and other manufacturing facilities, transportation infrastructure, energy systems, and defense-related markets. The U.S. has underinvested in many of these areas, which may create long-term opportunities.

Four areas present throughout the portfolio are: Semiconductor manufacturing, data centers and artificial intelligence (AI) processing, U.S. manufacturing, and defense technology.

Needham Investment Management LLC, the Fund's adviser, believes the AI buildout remains in an early stage. The Fund's strategy is to invest in companies developing new products and services and to hold those that execute successfully over time.

How Did the Fund Perform Since Inception?*

The following graph compares the initial and subsequent account values at the end of each of the most recently completed annual periods for the life of the Institutional Class shares of the Fund since its inception. The graph assumes a $100,000 initial investment at net asset value at the inception date of the Fund in an appropriate, broad-based securities market index and a more narrowly based index that reflects the market sector in which the Fund invests for the same period.

Cumulative Performance

	Needham Growth Fund Institutional Class: $454,003
	Russell 3000 Index: $373,848
	Russell Midcap Growth Index: $324,315
	S&P MidCap 400 Growth: $269,079

Date	Needham Growth Fund Institutional Class	Russell 3000 Index	Russell Midcap Growth Index	S&P MidCap 400 Growth
12/30/2016	100000	100000	100000	100000
12/31/2016	100000	100000	100000	100000
01/31/2017	101682	101882	103334	101677
02/28/2017	103018	105671	106305	104344
03/31/2017	101889	105743	106894	103940
04/30/2017	102488	106864	108480	104809
05/31/2017	104309	107958	111071	104299
06/30/2017	104286	108932	111400	105988
07/31/2017	108295	110986	113261	106922
08/31/2017	107281	111200	114060	105281
09/30/2017	111567	113912	117285	109403
10/31/2017	111751	116397	120567	111878
11/30/2017	112645	119932	124597	115991
12/31/2017	108885	121131	125268	116244
01/31/2018	113881	127515	132355	119585
02/28/2018	108658	122815	128201	114285
03/31/2018	107901	120350	127992	115346
04/30/2018	105503	120807	126783	115047
05/31/2018	111610	124218	131525	119794
06/30/2018	112947	125030	132033	120298
07/31/2018	115017	129179	134867	122421
08/31/2018	116733	133716	142641	126332
09/30/2018	114310	133937	142034	124947
10/31/2018	104368	124075	127969	113020
11/30/2018	108310	126560	131224	116549
12/31/2018	98183	114781	119317	103360
01/31/2019	107576	124633	133028	114172
02/28/2019	111744	129017	140828	119012
03/31/2019	112390	130900	142728	118335
04/30/2019	119405	136128	149147	123093
05/31/2019	114122	127318	140566	113281
06/30/2019	123544	136261	150438	121938
07/31/2019	125158	138286	153950	123388
08/31/2019	122986	135467	151146	118213
09/30/2019	126244	137845	149425	121833
10/31/2019	131381	140812	152195	123210
11/30/2019	136202	146165	159767	126876
12/31/2019	140534	150385	161638	130440
01/31/2020	140238	150221	163151	127034
02/29/2020	132232	137922	151900	114976
03/31/2020	114382	118955	129246	91698
04/30/2020	133610	134710	149485	104703
05/31/2020	143388	141914	164501	112362
06/30/2020	149623	145158	168357	113774
07/31/2020	163600	153401	181807	119020
08/31/2020	165963	164514	186753	123202
09/30/2020	163305	158524	184138	119202
10/31/2020	162025	155102	184364	121793
11/30/2020	189970	173971	209127	139180
12/31/2020	199902	181797	219160	148257
01/31/2021	210531	180989	218428	150487
02/28/2021	215619	186646	222158	160723
03/31/2021	214679	193336	217921	168228
04/30/2021	216247	203302	230165	175802
05/31/2021	215794	204230	226648	176147
06/30/2021	230640	209266	242049	174343
07/31/2021	236425	212805	244542	174945
08/31/2021	242838	218874	252436	178353
09/30/2021	239666	209053	240210	171272
10/31/2021	252770	223191	257052	181353
11/30/2021	258491	219793	246191	176026
12/31/2021	256228	228449	247055	184966
01/31/2022	223652	215008	215174	171630
02/28/2022	218346	209592	212562	173542
03/31/2022	220498	216390	215975	175945
04/30/2022	189147	196971	191656	163440
05/31/2022	193562	196707	184237	164663
06/30/2022	171449	180250	170465	148822
07/31/2022	194378	197161	191326	164969
08/31/2022	187663	189803	185059	159852
09/30/2022	164140	172203	169352	145155
10/31/2022	170039	186325	182662	160424
11/30/2022	181590	196050	192599	170240
12/31/2022	170799	184571	181039	160808
01/31/2023	185061	197282	196837	175648
02/28/2023	183288	192671	194894	172465
03/31/2023	186193	197823	197579	166929
04/30/2023	173025	199931	194717	165622
05/31/2023	197172	200709	194837	160339
06/30/2023	211547	214414	209897	175027
07/31/2023	227581	222100	216248	182248
08/31/2023	206868	217813	209118	176977
09/30/2023	194795	207438	198932	167674
10/31/2023	174648	201939	188781	158724
11/30/2023	196040	220769	211811	172227
12/31/2023	217432	232479	227869	187240
01/31/2024	229657	235056	226641	184036
02/29/2024	267121	247779	243681	194966
03/31/2024	280176	255772	249508	205877
04/30/2024	260481	244518	235018	193484
05/31/2024	275309	256071	237523	201976
06/30/2024	278516	263998	241491	198784
07/31/2024	273573	268905	242954	210324
08/31/2024	268442	274759	248991	210159
09/30/2024	268367	280443	257287	212588
10/31/2024	251011	278383	261782	211087
11/30/2024	260791	296902	296674	229684
12/31/2024	250074	287827	278235	213320
01/31/2025	255785	296914	295986	221532
02/28/2025	236464	291224	279120	211903
03/31/2025	209908	274236	258424	200308
04/30/2025	202437	272397	267104	195796
05/31/2025	214640	289663	292711	206364
06/30/2025	237794	304378	305462	213750
07/31/2025	246398	311082	311667	217212
08/31/2025	240844	318281	314785	224584
09/30/2025	260478	329265	313951	225612
10/31/2025	286526	336322	313074	224557
11/30/2025	271696	337245	306432	229157
12/31/2025	274049	337177	302321	229322
01/31/2026	314856	342408	299696	238611
02/28/2026	336962	340779	302062	248442
03/31/2026	317378	323833	283127	235060
04/30/2026	373524	356873	301443	253540
05/31/2026	415928	374955	315775	259760
06/30/2026	454003	373848	324315	269079

Ad2 Performance Graph

Annual Average Total Return %

(as of June 30, 2026)

	1 Year	5 Year	Since Inception (12/30/2016)
Institutional Class	90.95	14.51	17.27
Russell 3000^® Index	22.82	12.31	14.89
Russell Midcap^® Growth Index	6.17	6.03	13.19
S&P MidCap 400^® Growth	25.89	9.07	10.98


*	The Fund's past performance is not a good predictor of the Fund's future performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. All performance figures assume reinvestment of dividends and distributions.

Key Fund Statistics (as of June 30, 2026)

Net Assets	$292,571,662
Number of Holdings	79
Portfolio Turnover	24%

Needham Growth Fund

PAGE 1

SAR-NEEIX-063026

Semi-Annual Shareholder Report | June 30, 2026

What Sectors Did the Fund Invest In? (as of June 30, 2026) (as a percentage of net assets)


Information Technology	52.1%
Industrials	24.6%
Health Care	5.8%
Communication Services	2.4%
Consumer Discretionary	1.4%
Financials	1.1%
Materials	1.1%
Real Estate	0.7%
Energy	0.3%
Cash & Other	10.5%

Af Image

Top Ten Issuers (as a percentage of net assets)


Dreyfus Treasury Securities Cash Management	10.3%
PDF Solutions, Inc.	5.3%
Corning, Inc.	3.7%
Lam Research Corp.	3.7%
Vicor Corp.	3.5%
Vishay Intertechnology, Inc.	3.5%
FormFactor, Inc.	3.4%
Marvell Technology, Inc.	3.1%
MKS, Inc.	3.0%
Vertiv Holdings Co.	2.9%

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit www.needhamfunds.com/resources-forms

Householding

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Needham Funds, Inc. documents not be householded, please contact Needham Funds, Inc. at 1-800-625-7071, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Needham Funds, Inc. or your financial intermediary.

Needham Growth Fund

PAGE 2

SAR-NEEIX-063026

Needham Growth Fund

Retail Class | NEEGX

Semi-Annual Shareholder Report | June 30, 2026

What Were the Fund Costs for the Last six months?

(Based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment*
Retail Class	$107	1.62%

^*	Annualized

How Did the Fund Perform Over the Last six months and What Affected its Performance?

Performance

For the six-month period ended June 30, 2026, the Needham Growth Fund's Retail Class returned 65.33%, significantly outperforming the Russell 3000 Index's 10.88% and the Russell Midcap Growth Index's 7.27%.

The key factor affecting the Fund's performance was stock selection, particularly among holdings tied to semiconductor manufacturing, data center infrastructure, and defense. Leading contributors for the period included Vicor Corporation (VICR), PDF Solutions, Inc. (PDFS), FormFactor, Inc. (FORM), and Vishay Intertechnology, Inc. (VSH). The Fund's detractors were small relative to its contributors and included Super Micro Computer, Inc. (SMCI), Thermo Fisher Scientific, Inc. (TMO), and Huntington Ingalls Industries, Inc. (HII).

Investment Themes

Four areas present throughout the portfolio are: Semiconductor manufacturing, data centers and artificial intelligence (AI) processing, U.S. manufacturing, and defense technology.

How Did the Fund Perform Over the Past 10 Years?*

The following graph compares the initial and subsequent account values at the end of each of the most recently completed ten fiscal years of the Retail Class shares of the Fund. The graph assumes a $10,000 initial investment at the beginning of the first annual period in an appropriate, broad-based securities market index and a more narrowly based index that reflects the market sector in which the Fund invests for the same period.

Cumulative Performance

	Needham Growth Fund Retail Class: $47,627
	Russell 3000 Index: $40,672
	Russell Midcap Growth Index: $34,075
	S&P MidCap 400 Growth: $30,101

Date	Needham Growth Fund Retail Class	Russell 3000 Index	Russell Midcap Growth Index	S&P MidCap 400 Growth
06/30/2016	10000	10000	10000	10000
07/31/2016	10356	10397	10495	10429
08/31/2016	10440	10423	10464	10481
09/30/2016	10598	10440	10459	10414
10/31/2016	10182	10214	10034	10136
11/30/2016	11039	10671	10470	10947
12/31/2016	10961	10879	10507	11187
01/31/2017	11140	11084	10857	11374
02/28/2017	11282	11496	11169	11673
03/31/2017	11153	11504	11231	11628
04/30/2017	11216	11626	11398	11725
05/31/2017	11410	11745	11670	11668
06/30/2017	11403	11851	11705	11857
07/31/2017	11835	12074	11900	11961
08/31/2017	11719	12098	11984	11778
09/30/2017	12183	12393	12323	12239
10/31/2017	12198	12663	12668	12516
11/30/2017	12291	13048	13091	12976
12/31/2017	11873	13178	13162	13004
01/31/2018	12415	13873	13906	13378
02/28/2018	11840	13361	13470	12785
03/31/2018	11754	13093	13448	12904
04/30/2018	11488	13143	13321	12870
05/31/2018	12144	13514	13819	13401
06/30/2018	12288	13602	13873	13458
07/31/2018	12507	14054	14170	13695
08/31/2018	12687	14547	14987	14133
09/30/2018	12421	14571	14923	13978
10/31/2018	11334	13498	13446	12643
11/30/2018	11754	13769	13788	13038
12/31/2018	10654	12487	12536	11563
01/31/2019	11664	13559	13977	12772
02/28/2019	12112	14036	14797	13314
03/31/2019	12176	14241	14996	13238
04/30/2019	12930	14810	15671	13770
05/31/2019	12353	13851	14769	12673
06/30/2019	13366	14824	15806	13641
07/31/2019	13537	15044	16175	13803
08/31/2019	13292	14738	15881	13224
09/30/2019	13640	14996	15700	13629
10/31/2019	14188	15319	15991	13783
11/30/2019	14701	15902	16786	14193
12/31/2019	15163	16361	16983	14592
01/31/2020	15123	16343	17142	14211
02/29/2020	14253	15005	15960	12862
03/31/2020	12321	12941	13580	10258
04/30/2020	14390	14655	15706	11713
05/31/2020	15434	15439	17284	12570
06/30/2020	16102	15792	17689	12728
07/31/2020	17597	16689	19102	13315
08/31/2020	17846	17898	19622	13782
09/30/2020	17553	17246	19347	13335
10/31/2020	17412	16874	19371	13625
11/30/2020	20408	18927	21973	15570
12/31/2020	21468	19778	23027	16585
01/31/2021	22601	19690	22950	16835
02/28/2021	23143	20306	23342	17980
03/31/2021	23035	21033	22897	18819
04/30/2021	23197	22118	24183	19667
05/31/2021	23139	22219	23814	19705
06/30/2021	24722	22767	25432	19503
07/31/2021	25336	23152	25694	19571
08/31/2021	26012	23812	26523	19952
09/30/2021	25663	22743	25239	19160
10/31/2021	27061	24281	27008	20288
11/30/2021	27664	23912	25867	19692
12/31/2021	27410	24853	25958	20692
01/31/2022	23915	23391	22608	19200
02/28/2022	23346	22802	22334	19414
03/31/2022	23563	23542	22692	19683
04/30/2022	20203	21429	20137	18284
05/31/2022	20666	21400	19358	18421
06/30/2022	18298	19610	17911	16648
07/31/2022	20736	21450	20102	18455
08/31/2022	20011	20649	19444	17882
09/30/2022	17491	18734	17794	16238
10/31/2022	18118	20271	19192	17946
11/30/2022	19340	21329	20236	19044
12/31/2022	18185	20080	19022	17989
01/31/2023	19703	21463	20681	19649
02/28/2023	19507	20961	20477	19293
03/31/2023	19807	21522	20759	18674
04/30/2023	18402	21751	20459	18528
05/31/2023	20962	21836	20471	17937
06/30/2023	22479	23327	22054	19580
07/31/2023	24176	24163	22721	20388
08/31/2023	21971	23696	21972	19798
09/30/2023	20683	22568	20901	18757
10/31/2023	18535	21969	19835	17756
11/30/2023	20803	24018	22255	19267
12/31/2023	23067	25292	23942	20946
01/31/2024	24355	25572	23813	20588
02/29/2024	28324	26956	25603	21811
03/31/2024	29700	27826	26216	23031
04/30/2024	27607	26602	24693	21645
05/31/2024	29171	27858	24956	22595
06/30/2024	29496	28721	25373	22238
07/31/2024	28962	29255	25527	23529
08/31/2024	28408	29892	26161	23510
09/30/2024	28387	30510	27033	23782
10/31/2024	26544	30286	27505	23614
11/30/2024	27562	32301	31171	25694
12/31/2024	26415	31313	29234	23864
01/31/2025	27012	32302	31099	24782
02/28/2025	24956	31683	29327	23705
03/31/2025	22147	29835	27152	22408
04/30/2025	21346	29635	28064	21903
05/31/2025	22623	31513	30755	23086
06/30/2025	25051	33114	32094	23912
07/31/2025	25947	33843	32746	24299
08/31/2025	25354	34626	33074	25124
09/30/2025	27410	35821	32986	25239
10/31/2025	30142	36589	32894	25121
11/30/2025	28569	36690	32196	25635
12/31/2025	28808	36682	31765	25654
01/31/2026	33080	37251	31489	26693
02/28/2026	35392	37074	31737	27793
03/31/2026	33323	35231	29748	26296
04/30/2026	39207	38825	31672	28363
05/31/2026	43643	40792	33178	29059
06/30/2026	47627	40672	34075	30101

Ad2 Performance Graph

Annual Average Total Return %

(as of June 30, 2026)

	1 Year	5 Year	10 Year
Retail Class	90.12	14.01	16.89
Russell 3000^® Index	22.82	12.31	15.06
Russell Midcap^® Growth Index	6.17	6.03	13.04
S&P MidCap 400^® Growth	25.89	9.07	11.65


*	The Fund's past performance is not a good predictor of the Fund's future performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. All performance figures assume reinvestment of dividends and distributions.

Key Fund Statistics (as of June 30, 2026)

Net Assets	$292,571,662
Number of Holdings	79
Portfolio Turnover	24%

Needham Growth Fund

PAGE 1

SAR-NEEGX-063026

Semi-Annual Shareholder Report | June 30, 2026

What Sectors Did the Fund Invest In? (as of June 30, 2026) (as a percentage of net assets)


Information Technology	52.1%
Industrials	24.6%
Health Care	5.8%
Communication Services	2.4%
Consumer Discretionary	1.4%
Financials	1.1%
Materials	1.1%
Real Estate	0.7%
Energy	0.3%
Cash & Other	10.5%

Af Image

Top Ten Issuers (as a percentage of net assets)


Dreyfus Treasury Securities Cash Management	10.3%
PDF Solutions, Inc.	5.3%
Corning, Inc.	3.7%
Lam Research Corp.	3.7%
Vicor Corp.	3.5%
Vishay Intertechnology, Inc.	3.5%
FormFactor, Inc.	3.4%
Marvell Technology, Inc.	3.1%
MKS, Inc.	3.0%
Vertiv Holdings Co.	2.9%

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit www.needhamfunds.com/resources-forms

Householding

Needham Growth Fund

PAGE 2

SAR-NEEGX-063026

Needham Aggressive Growth Fund

Institutional Class | NEAIX

Semi-Annual Shareholder Report | June 30, 2026

This semi-annual shareholder report contains important information about the Needham Aggressive Growth Fund ("the Fund") for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund at www.needhamfunds.com/resources-forms. You can also request this information by contacting us at 1-800-625-7071.

What Were the Fund Costs for the Last six months?

(Based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment*
Institutional Class	$78	1.18%

^*	Annualized

How Did the Fund Perform Over the Last six months and What Affected its Performance?

Performance

For the six-month period ended June 30, 2026, the Needham Aggressive Growth Fund's Institutional Class returned 66.22%, significantly outperforming the Russell 2000 Growth Index's 22.18% and the Russell 3000 Index's 10.88%.

The key factor affecting the Fund's performance was stock selection, particularly among holdings tied to semiconductor manufacturing, data center infrastructure, and defense. Leading contributors included nLIGHT, Inc. (LASR), which continued to benefit from strength in its laser-based defense business; Vicor Corporation (VICR), which reported strong results tied to AI-related power delivery demand; Arteris, Inc. (AIP), which raised guidance following expanded hyperscaler adoption of its technology; and Vishay Intertechnology, Inc. (VSH), which advanced its capacity expansion plans and raised $750 million to fund growth and reduce debt. The Fund's detractors were small relative to its contributors and included Vital Farms, Inc. (VITL) and Huntington Ingalls Industries, Inc. (HII).

Investment Themes

Needham Investment Management LLC (the "Adviser") looks to invest in companies when they are investing in something new that is supported by an established business. The Fund's major investment theme remains the importance of U.S. infrastructure. The Fund invests in lesser-known "pick and shovel" providers behind engineering, manufacturing, and technology development. Portfolio companies sell into data centers, life sciences laboratories, semiconductor and other manufacturing facilities, transportation infrastructure, energy systems, and defense-related markets. The U.S. has underinvested in many of these areas, which may create long-term opportunities.

Four areas present throughout the portfolio are: Semiconductor manufacturing, data centers and artificial intelligence (AI) processing, U.S. manufacturing, and defense technology.

The Adviser believes the AI buildout remains in an early stage. The Fund's strategy is to invest in companies developing new products and services and to hold those that are successful over time.

How Did the Fund Perform Since Inception?*

Cumulative Performance

	Needham Aggressive Growth Fund Institutional Class: $692,708
	Russell 3000 Index: $373,848
	Russell 2000 Growth Index: $273,831

Date	Needham Aggressive Growth Fund Institutional Class	Russell 3000 Index	Russell 2000 Growth Index
12/30/2016	100000	100000	100000
12/31/2016	100000	100000	100000
01/31/2017	99507	101882	101624
02/28/2017	100897	105671	104116
03/31/2017	101750	105743	105349
04/30/2017	102692	106864	107289
05/31/2017	102512	107958	106313
06/30/2017	101480	108932	109972
07/31/2017	105967	110986	110908
08/31/2017	104756	111200	110779
09/30/2017	112562	113912	116811
10/31/2017	113504	116397	118621
11/30/2017	113792	119932	122026
12/31/2017	109363	121131	122167
01/31/2018	109975	127515	126929
02/28/2018	107996	122815	123315
03/31/2018	108703	120350	124976
04/30/2018	106253	120807	125098
05/31/2018	115771	124218	132974
06/30/2018	116619	125030	134015
07/31/2018	116007	129179	136319
08/31/2018	119399	133716	144806
09/30/2018	113462	133937	141417
10/31/2018	101777	124075	123522
11/30/2018	101621	126560	125455
12/31/2018	92570	114781	110795
01/31/2019	103464	124633	123590
02/28/2019	107637	129017	131572
03/31/2019	108287	130900	129791
04/30/2019	114466	136128	133744
05/31/2019	104602	127318	123821
06/30/2019	113544	136261	133358
07/31/2019	117447	138286	134661
08/31/2019	112515	135467	128850
09/30/2019	117718	137845	127793
10/31/2019	123625	140812	131429
11/30/2019	127456	146165	139165
12/31/2019	134028	150385	142354
01/31/2020	134571	150221	140786
02/29/2020	129808	137922	130622
03/31/2020	112082	118955	105676
04/30/2020	130833	134710	121416
05/31/2020	141142	141914	132890
06/30/2020	151392	145158	137997
07/31/2020	169600	153401	142739
08/31/2020	172434	164514	151112
09/30/2020	166947	158524	147875
10/31/2020	165078	155102	148998
11/30/2020	191506	173971	175272
12/31/2020	204202	181797	191654
01/31/2021	213567	180989	200895
02/28/2021	220418	186646	207528
03/31/2021	218972	193336	200998
04/30/2021	222806	203302	205380
05/31/2021	226263	204230	199515
06/30/2021	242164	209266	208872
07/31/2021	243044	212805	201264
08/31/2021	248763	218874	204922
09/30/2021	247066	209053	197065
10/31/2021	265859	223191	206293
11/30/2021	280937	219793	196218
12/31/2021	282683	228449	197087
01/31/2022	245694	215008	170672
02/28/2022	239451	209592	171417
03/31/2022	241532	216390	172200
04/30/2022	214076	196971	151073
05/31/2022	211995	196707	148220
06/30/2022	194139	180250	139044
07/31/2022	220856	197161	154612
08/31/2022	217500	189803	153159
09/30/2022	197159	172203	139381
10/31/2022	206289	186325	152611
11/30/2022	216694	196050	155096
12/31/2022	206289	184571	145140
01/31/2023	226831	197282	159577
02/28/2023	228979	192671	157849
03/31/2023	225287	197823	153954
04/30/2023	209981	199931	152165
05/31/2023	240055	200709	152193
06/30/2023	263215	214414	164812
07/31/2023	282347	222100	172517
08/31/2023	267310	217813	163537
09/30/2023	258382	207438	152750
10/31/2023	240525	201939	140969
11/30/2023	261335	220769	153803
12/31/2023	285435	232479	172221
01/31/2024	292685	235056	166698
02/29/2024	325914	247779	180238
03/31/2024	338937	255772	185278
04/30/2024	318463	244518	171012
05/31/2024	341555	256071	180170
06/30/2024	332761	263998	179870
07/31/2024	339273	268905	194594
08/31/2024	328465	274759	192440
09/30/2024	330613	280443	194997
10/31/2024	311548	278383	192410
11/30/2024	341958	296902	216002
12/31/2024	327861	287827	198320
01/31/2025	338467	296914	204590
02/28/2025	317120	291224	190740
03/31/2025	287247	274236	176275
04/30/2025	289865	272397	175147
05/31/2025	331284	289663	186391
06/30/2025	364581	304378	197367
07/31/2025	374851	311082	200729
08/31/2025	386196	318281	212601
09/30/2025	403717	329265	221434
10/31/2025	429092	336322	228598
11/30/2025	402983	337245	227034
12/31/2025	416694	337177	224127
01/31/2026	461120	342408	233039
02/28/2026	494233	340779	232475
03/31/2026	466810	323833	217834
04/30/2026	566699	356873	249835
05/31/2026	638205	374955	264431
06/30/2026	692708	373848	273831

Ad2 Performance Graph

Annual Average Total Return %

(as of June 30, 2026)

	1 Year	5 Year	Since Inception (12/30/2016)
Institutional Class	89.98	23.39	22.60
Russell 3000^® Index	22.82	12.31	14.89
Russell 2000^® Growth Index	38.74	5.57	11.19


*	The Fund's past performance is not a good predictor of the Fund's future performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. All performance figures assume reinvestment of dividends and distributions.

Key Fund Statistics (as of June 30, 2026)

Net Assets	$2,611,604,938
Number of Holdings	110
Portfolio Turnover	7%

Needham Aggressive Growth Fund

PAGE 1

SAR-NEAIX-063026

Semi-Annual Shareholder Report | June 30, 2026

What Sectors Did the Fund Invest In? (as of June 30, 2026) (as a percentage of net assets)


Information Technology	40.6%
Industrials	32.9%
Consumer Discretionary	9.0%
Energy	4.1%
Consumer Staples	3.2%
Materials	2.4%
Health Care	1.6%
Real Estate	0.5%
Communication Services	0.4%
Cash & Other	5.3%

Af Image

Top Ten Issuers (as a percentage of net assets)


Vicor Corp.	6.9%
Arteris, Inc.	5.9%
Vishay Intertechnology, Inc.	4.8%
Dreyfus Treasury Securities Cash Management	4.6%
PDF Solutions, Inc.	4.6%
nLight, Inc.	4.5%
Vertiv Holdings Co.	3.3%
Vishay Precision Group, Inc.	3.3%
CECO Environmental Corp.	3.2%
Oil-Dri Corp. of America	2.7%

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit www.needhamfunds.com/resources-forms

Householding

Needham Aggressive Growth Fund

PAGE 2

SAR-NEAIX-063026

Needham Aggressive Growth Fund

Retail Class | NEAGX

Semi-Annual Shareholder Report | June 30, 2026

What Were the Fund Costs for the Last six months?

(Based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment*
Retail Class	$102	1.55%

^*	Annualized

How Did the Fund Perform Over the Last six months and What Affected its Performance?

Performance

For the six-month period ended June 30, 2026, the Needham Aggressive Growth Fund's Retail Class returned 65.91%, significantly outperforming the Russell 2000 Growth Index's 22.18% and the Russell 3000 Index's 10.88%.

The key factor affecting the Fund's performance was stock selection, particularly among holdings tied to semiconductor manufacturing, data center infrastructure, and defense. Leading contributors included nLIGHT, Inc. (LASR), which continued to benefit from strength in its laser-based defense business; Vicor Corporation (VICR), which reported strong results tied to AI-related power delivery demand; Arteris, Inc. (AIP), which raised guidance following expanded hyperscaler adoption of its technology; and Vishay Intertechnology, Inc. (VSH), which advanced its capacity expansion plans and raised $750 million to fund growth and reduce debt. The Fund's detractors were small relative to its contributors and included Vital Farms, Inc. (VITL) and Huntington Ingalls Industries, Inc. (HII).

Investment Themes

Four areas present throughout the portfolio are: Semiconductor manufacturing, data centers and artificial intelligence (AI) processing, U.S. manufacturing, and defense technology.

The Adviser believes the AI buildout remains in an early stage. The Fund's strategy is to invest in companies developing new products and services and to hold those that are successful over time.

How Did the Fund Perform Over the Past 10 Years?*

Cumulative Performance

	Needham Aggressive Growth Fund Retail Class: $79,107
	Russell 3000 Index: $40,672
	Russell 2000 Growth Index: $30,976

Date	Needham Aggressive Growth Fund Retail Class	Russell 3000 Index	Russell 2000 Growth Index
06/30/2016	10000	10000	10000
07/31/2016	10393	10397	10654
08/31/2016	10580	10423	10767
09/30/2016	10932	10440	10922
10/31/2016	10917	10214	10243
11/30/2016	11938	10671	11160
12/31/2016	12046	10879	11312
01/31/2017	11976	11084	11496
02/28/2017	12138	11496	11778
03/31/2017	12240	11504	11917
04/30/2017	12343	11626	12137
05/31/2017	12316	11745	12026
06/30/2017	12186	11851	12440
07/31/2017	12721	12074	12546
08/31/2017	12570	12098	12531
09/30/2017	13500	12393	13214
10/31/2017	13602	12663	13418
11/30/2017	13631	13048	13804
12/31/2017	13097	13178	13820
01/31/2018	13160	13873	14358
02/28/2018	12921	13361	13950
03/31/2018	13001	13093	14137
04/30/2018	12700	13143	14151
05/31/2018	13836	13514	15042
06/30/2018	13926	13602	15160
07/31/2018	13847	14054	15421
08/31/2018	14244	14547	16381
09/30/2018	13529	14571	15997
10/31/2018	12132	13498	13973
11/30/2018	12107	13769	14192
12/31/2018	11028	12487	12533
01/31/2019	12317	13559	13981
02/28/2019	12807	14036	14884
03/31/2019	12879	14241	14682
04/30/2019	13605	14810	15129
05/31/2019	12428	13851	14007
06/30/2019	13487	14824	15086
07/31/2019	13945	15044	15233
08/31/2019	13350	14738	14576
09/30/2019	13965	14996	14456
10/31/2019	14658	15319	14867
11/30/2019	15100	15902	15742
12/31/2019	15873	16361	16103
01/31/2020	15931	16343	15926
02/29/2020	15355	15005	14776
03/31/2020	13263	12941	11954
04/30/2020	15465	14655	13735
05/31/2020	16675	15439	15033
06/30/2020	17885	15792	15610
07/31/2020	20022	16689	16147
08/31/2020	20335	17898	17094
09/30/2020	19686	17246	16728
10/31/2020	19453	16874	16855
11/30/2020	22546	18927	19827
12/31/2020	24030	19778	21680
01/31/2021	25118	19690	22725
02/28/2021	25917	20306	23476
03/31/2021	25727	21033	22737
04/30/2021	26161	22118	23233
05/31/2021	26556	22219	22569
06/30/2021	28405	22767	23628
07/31/2021	28489	23152	22767
08/31/2021	29151	23812	23181
09/30/2021	28930	22743	22292
10/31/2021	31114	24281	23336
11/30/2021	32863	23912	22196
12/31/2021	33051	24853	22295
01/31/2022	28701	23391	19307
02/28/2022	27959	22802	19391
03/31/2022	28179	23542	19479
04/30/2022	24969	21429	17089
05/31/2022	24717	21400	16767
06/30/2022	22623	19610	15729
07/31/2022	25711	21450	17490
08/31/2022	25312	20649	17325
09/30/2022	22933	18734	15767
10/31/2022	23984	20271	17263
11/30/2022	25173	21329	17545
12/31/2022	23951	20080	16418
01/31/2023	26330	21463	18052
02/28/2023	26558	20961	17856
03/31/2023	26118	21522	17415
04/30/2023	24326	21751	17213
05/31/2023	27796	21836	17216
06/30/2023	30493	23327	18644
07/31/2023	32700	24163	19515
08/31/2023	30941	23696	18499
09/30/2023	29898	22568	17279
10/31/2023	27813	21969	15947
11/30/2023	30199	24018	17398
12/31/2023	32969	25292	19482
01/31/2024	33792	25572	18857
02/29/2024	37613	26956	20389
03/31/2024	39096	27826	20959
04/30/2024	36717	26602	19345
05/31/2024	39373	27858	20381
06/30/2024	38338	28721	20347
07/31/2024	39071	29255	22013
08/31/2024	37817	29892	21769
09/30/2024	38053	30510	22058
10/31/2024	35837	30286	21766
11/30/2024	39324	32301	24434
12/31/2024	37686	31313	22434
01/31/2025	38884	32302	23143
02/28/2025	36423	31683	21577
03/31/2025	32977	29835	19940
04/30/2025	33254	29635	19813
05/31/2025	38004	31513	21085
06/30/2025	41800	33114	22326
07/31/2025	42965	33843	22707
08/31/2025	44244	34626	24050
09/30/2025	46240	35821	25049
10/31/2025	49124	36589	25859
11/30/2025	46126	36690	25682
12/31/2025	47676	36682	25353
01/31/2026	52741	37251	26362
02/28/2026	56515	37074	26298
03/31/2026	53357	35231	24642
04/30/2026	64754	38825	28262
05/31/2026	72901	40792	29913
06/30/2026	79107	40672	30976

Ad2 Performance Graph

Annual Average Total Return %

(as of June 30, 2026)

	1 Year	5 Year	10 Year
Retail Class	89.23	22.73	22.98
Russell 3000^® Index	22.82	12.31	15.06
Russell 2000^® Growth Index	38.74	5.57	11.97


*	The Fund's past performance is not a good predictor of the Fund's future performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. All performance figures assume reinvestment of dividends and distributions.

Key Fund Statistics (as of June 30, 2026)

Net Assets	$2,611,604,938
Number of Holdings	110
Portfolio Turnover	7%

Needham Aggressive Growth Fund

PAGE 1

SAR-NEAGX-063026

Semi-Annual Shareholder Report | June 30, 2026

What Sectors Did the Fund Invest In? (as of June 30, 2026) (as a percentage of net assets)


Information Technology	40.6%
Industrials	32.9%
Consumer Discretionary	9.0%
Energy	4.1%
Consumer Staples	3.2%
Materials	2.4%
Health Care	1.6%
Real Estate	0.5%
Communication Services	0.4%
Cash & Other	5.3%

Af Image

Top Ten Issuers (as a percentage of net assets)


Vicor Corp.	6.9%
Arteris, Inc.	5.9%
Vishay Intertechnology, Inc.	4.8%
Dreyfus Treasury Securities Cash Management	4.6%
PDF Solutions, Inc.	4.6%
nLight, Inc.	4.5%
Vertiv Holdings Co.	3.3%
Vishay Precision Group, Inc.	3.3%
CECO Environmental Corp.	3.2%
Oil-Dri Corp. of America	2.7%

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit www.needhamfunds.com/resources-forms

Householding

Needham Aggressive Growth Fund

PAGE 2

SAR-NEAGX-063026

Needham Small Cap Growth Fund

Institutional Class | NESIX

Semi-Annual Shareholder Report | June 30, 2026

This semi-annual shareholder report contains important information about the Needham Small Cap Growth Fund ("the Fund") for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund at www.needhamfunds.com/resources-forms. You can also request this information by contacting us at 1-800-625-7071.

What Were the Fund Costs for the Last six months?

(Based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment*
Institutional Class	$84	1.18%

^*	Annualized

How Did the Fund Perform Over the Last six months and What Affected its Performance?

Performance

For the six-month period ended June 30, 2026, the Needham Small Cap Growth Fund's Institutional Class returned 87.13%, significantly outperforming the Russell 2000 Growth Index's 22.18% and the Russell 3000 Index's 10.88%.

Small-cap equities were volatile early in 2026 as the U.S.-Iran war drove oil prices above $100 per barrel and introduced broad market uncertainty. Volatility continued into April with the closing of the Strait of Hormuz, which pushed oil to a peak of $126 per barrel, before a June memorandum of understanding between the United States and Iran eased tensions. Small-cap stocks staged a significant recovery in the second quarter as investor interest in the asset class accelerated, merger and acquisition activity picked up, and Information Technology led market gains.

The key factor affecting the Fund's performance was stock selection, particularly among semiconductor, communications infrastructure, and specialty materials holdings. Leading contributors for the period included Arteris, Inc. (AIP), which reported strong bookings and raised guidance; Vishay Intertechnology, Inc. (VSH), which advanced its capacity expansion strategy; and TTM Technologies, Inc. (TTMI) and nLIGHT, Inc. (LASR), which benefited from improving fundamentals and renewed investor confidence earlier in the period. The Fund's detractors were small relative to its contributors and included CoStar Group, Inc. (CSGP), Harmonic, Inc. (HLIT), and Lantronix, Inc. (LTRX).

Investment Themes

The Fund's major investment theme remains the importance of technology-driven infrastructure and industrial innovation. Portfolio companies sell products and services into data centers, communications infrastructure, semiconductor and advanced manufacturing facilities, defense systems, and specialty material markets. Needham Investment Management LLC, the Fund's investment adviser, believes that many of these industries continue to benefit from long-term capital spending trends and ongoing technological innovation.

How Did the Fund Perform Since Inception?*

Cumulative Performance

	Needham Small Cap Growth Fund Institutional Class: $563,707
	Russell 3000 Index: $373,848
	Russell 2000 Growth Index: $273,831

Date	Needham Small Cap Growth Fund Institutional Class	Russell 3000 Index	Russell 2000 Growth Index
12/30/2016	100000	100000	100000
12/31/2016	100000	100000	100000
01/31/2017	100787	101882	101624
02/28/2017	100262	105671	104116
03/31/2017	101639	105743	105349
04/30/2017	102033	106864	107289
05/31/2017	103541	107958	106313
06/30/2017	107279	108932	109972
07/31/2017	109377	110986	110908
08/31/2017	107672	111200	110779
09/30/2017	113770	113912	116811
10/31/2017	114164	116397	118621
11/30/2017	120397	119932	122026
12/31/2017	112480	121131	122167
01/31/2018	114191	127515	126929
02/28/2018	112266	122815	123315
03/31/2018	113264	120350	124976
04/30/2018	110982	120807	125098
05/31/2018	118043	124218	132974
06/30/2018	118257	125030	134015
07/31/2018	117187	129179	136319
08/31/2018	125889	133716	144806
09/30/2018	127886	133937	141417
10/31/2018	117472	124075	123522
11/30/2018	119629	126560	125455
12/31/2018	107333	114781	110795
01/31/2019	123813	124633	123590
02/28/2019	129107	129017	131572
03/31/2019	125008	130900	129791
04/30/2019	134401	136128	133744
05/31/2019	130900	127318	123821
06/30/2019	138841	136261	133358
07/31/2019	139695	138286	134661
08/31/2019	136877	135467	128850
09/30/2019	143367	137845	127793
10/31/2019	153613	140812	131429
11/30/2019	158995	146165	139165
12/31/2019	166699	150385	142354
01/31/2020	167163	150221	140786
02/29/2020	159181	137922	130622
03/31/2020	141917	118955	105676
04/30/2020	172361	134710	121416
05/31/2020	179786	141914	132890
06/30/2020	191481	145158	137997
07/31/2020	208838	153401	142739
08/31/2020	210323	164514	151112
09/30/2020	210601	158524	147875
10/31/2020	211065	155102	148998
11/30/2020	257782	173971	175272
12/31/2020	287576	181797	191654
01/31/2021	311973	180989	200895
02/28/2021	323631	186646	207528
03/31/2021	309490	193336	200998
04/30/2021	313376	203302	205380
05/31/2021	327733	204230	199515
06/30/2021	345653	209266	208872
07/31/2021	347920	212805	201264
08/31/2021	346516	218874	204922
09/30/2021	333454	209053	197065
10/31/2021	333778	223191	206293
11/30/2021	317514	219793	196218
12/31/2021	321346	228449	197087
01/31/2022	290691	215008	170672
02/28/2022	285406	209592	171417
03/31/2022	284745	216390	172200
04/30/2022	238499	196971	151073
05/31/2022	231232	196707	148220
06/30/2022	210619	180250	139044
07/31/2022	225946	197161	154612
08/31/2022	230835	189803	153159
09/30/2022	205202	172203	139381
10/31/2022	217358	186325	152611
11/30/2022	226885	196050	155096
12/31/2022	225510	184571	145140
01/31/2023	254507	197282	159577
02/28/2023	248597	192671	157849
03/31/2023	238291	197823	153954
04/30/2023	203385	199931	152165
05/31/2023	225236	200709	152193
06/30/2023	231557	214414	164812
07/31/2023	240627	222100	172517
08/31/2023	214242	217813	163537
09/30/2023	208058	207438	152750
10/31/2023	179474	201939	140969
11/30/2023	204760	220769	153803
12/31/2023	238703	232479	172221
01/31/2024	218639	235056	166698
02/29/2024	241177	247779	180238
03/31/2024	247361	255772	185278
04/30/2024	227297	244518	171012
05/31/2024	270173	256071	180170
06/30/2024	260828	263998	179870
07/31/2024	276219	268905	194594
08/31/2024	270585	274759	192440
09/30/2024	270035	280443	194997
10/31/2024	256568	278383	192410
11/30/2024	278006	296902	216002
12/31/2024	270860	287827	198320
01/31/2025	276219	296914	204590
02/28/2025	254232	291224	190740
03/31/2025	221937	274236	176275
04/30/2025	212043	272397	175147
05/31/2025	235405	289663	186391
06/30/2025	263164	304378	197367
07/31/2025	270173	311082	200729
08/31/2025	274708	318281	212601
09/30/2025	293672	329265	221434
10/31/2025	317996	336322	228598
11/30/2025	293947	337245	227034
12/31/2025	301093	337177	224127
01/31/2026	335449	342408	233039
02/28/2026	355237	340779	232475
03/31/2026	347817	323833	217834
04/30/2026	443600	356873	249835
05/31/2026	519732	374955	264431
06/30/2026	563707	373848	273831

Ad2 Performance Graph

Annual Average Total Return %

(as of June 30, 2026)

	1 Year	5 Year	Since Inception (12/30/2016)
Institutional Class	114.10	10.27	19.96
Russell 3000^® Index	22.82	12.31	14.89
Russell 2000^® Growth Index	38.74	5.57	11.19


*	The Fund's past performance is not a good predictor of the Fund's future performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. All performance figures assume reinvestment of dividends and distributions.

Key Fund Statistics (as of June 30, 2026)

Net Assets	$419,641,238
Number of Holdings	70
Portfolio Turnover	80%

Needham Small Cap Growth Fund

PAGE 1

SAR-NESIX-063026

Semi-Annual Shareholder Report | June 30, 2026

What Sectors Did the Fund Invest In? (as of June 30, 2026) (as a percentage of net assets)


Information Technology	59.4%
Industrials	16.6%
Consumer Discretionary	4.4%
Health Care	2.7%
Materials	1.9%
Energy	1.5%
Utilities	0.8%
Real Estate	0.2%
Cash & Other	12.5%

Af Image

Top Ten Issuers (as a percentage of net assets)


Dreyfus Treasury Securities Cash Management	14.3%
Arteris, Inc.	8.7%
Badger Meter, Inc.	5.1%
Vishay Intertechnology, Inc.	5.0%
Ambarella, Inc.	2.8%
Harmonic, Inc.	2.7%
Veeco Instruments, Inc.	2.6%
Calix, Inc.	2.4%
PDF Solutions, Inc.	2.4%
CEVA, Inc.	2.4%

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit www.needhamfunds.com/resources-forms

Householding

Needham Small Cap Growth Fund

PAGE 2

SAR-NESIX-063026

Needham Small Cap Growth Fund

Retail Class | NESGX

Semi-Annual Shareholder Report | June 30, 2026

What Were the Fund Costs for the Last six months?

(Based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment*
Retail Class	$127	1.78%

^*	Annualized

How Did the Fund Perform Over the Last six months and What Affected its Performance?

Performance

For the six-month period ended June 30, 2026, the Needham Small Cap Growth Fund's Retail Class returned 86.58%, significantly outperforming the Russell 2000 Growth Index's 22.18% and the Russell 3000 Index's 10.88%.

Investment Themes

How Did the Fund Perform Over the Past 10 Years?*

Cumulative Performance

	Needham Small Cap Growth Fund Retail Class: $64,612
	Russell 3000 Index: $40,672
	Russell 2000 Growth Index: $30,976

Date	Needham Small Cap Growth Fund Retail Class	Russell 3000 Index	Russell 2000 Growth Index
06/30/2016	10000	10000	10000
07/31/2016	10519	10397	10654
08/31/2016	10830	10423	10767
09/30/2016	11231	10440	10922
10/31/2016	11067	10214	10243
11/30/2016	12191	10671	11160
12/31/2016	12104	10879	11312
01/31/2017	12191	11084	11496
02/28/2017	12128	11496	11778
03/31/2017	12287	11504	11917
04/30/2017	12326	11626	12137
05/31/2017	12509	11745	12026
06/30/2017	12953	11851	12440
07/31/2017	13199	12074	12546
08/31/2017	12985	12098	12531
09/30/2017	13715	12393	13214
10/31/2017	13763	12663	13418
11/30/2017	14500	13048	13804
12/31/2017	13542	13178	13820
01/31/2018	13740	13873	14358
02/28/2018	13507	13361	13950
03/31/2018	13619	13093	14137
04/30/2018	13343	13143	14151
05/31/2018	14181	13514	15042
06/30/2018	14198	13602	15160
07/31/2018	14068	14054	15421
08/31/2018	15105	14547	16381
09/30/2018	15338	14571	15997
10/31/2018	14086	13498	13973
11/30/2018	14328	13769	14192
12/31/2018	12846	12487	12533
01/31/2019	14815	13559	13981
02/28/2019	15447	14036	14884
03/31/2019	14949	14241	14682
04/30/2019	16058	14810	15129
05/31/2019	15633	13851	14007
06/30/2019	16576	14824	15086
07/31/2019	16669	15044	15233
08/31/2019	16317	14738	14576
09/30/2019	17094	14996	14456
10/31/2019	18306	15319	14867
11/30/2019	18927	15902	15742
12/31/2019	19841	16361	16103
01/31/2020	19875	16343	15926
02/29/2020	18916	15005	14776
03/31/2020	16863	12941	11954
04/30/2020	20473	14655	13735
05/31/2020	21330	15439	15033
06/30/2020	22717	15792	15610
07/31/2020	24759	16689	16147
08/31/2020	24917	17898	17094
09/30/2020	24939	17246	16728
10/31/2020	24973	16874	16855
11/30/2020	30479	18927	19827
12/31/2020	33997	19778	21680
01/31/2021	36857	19690	22725
02/28/2021	38201	20306	23476
03/31/2021	36514	21033	22737
04/30/2021	36962	22118	23233
05/31/2021	38623	22219	22569
06/30/2021	40718	22767	23628
07/31/2021	40968	23152	22767
08/31/2021	40771	23812	23181
09/30/2021	39216	22743	22292
10/31/2021	39229	24281	23336
11/30/2021	37307	23912	22196
12/31/2021	37730	24853	22295
01/31/2022	34102	23391	19307
02/28/2022	33467	22802	19391
03/31/2022	33369	23542	19479
04/30/2022	27952	21429	17089
05/31/2022	27073	21400	16767
06/30/2022	24649	19610	15729
07/31/2022	26422	21450	17490
08/31/2022	26975	20649	17325
09/30/2022	23966	18734	15767
10/31/2022	25381	20271	17263
11/30/2022	26489	21329	17545
12/31/2022	26286	20080	16418
01/31/2023	29660	21463	18052
02/28/2023	28965	20961	17856
03/31/2023	27744	21522	17415
04/30/2023	23674	21751	17213
05/31/2023	26184	21836	17216
06/30/2023	27015	23327	18644
07/31/2023	28049	24163	19515
08/31/2023	24980	23696	18499
09/30/2023	24234	22568	17279
10/31/2023	20910	21969	15947
11/30/2023	23844	24018	17398
12/31/2023	27778	25292	19482
01/31/2024	25421	25572	18857
02/29/2024	28032	26956	20389
03/31/2024	28745	27826	20959
04/30/2024	26387	26602	19345
05/31/2024	31356	27858	20381
06/30/2024	30254	28721	20347
07/31/2024	32035	29255	22013
08/31/2024	31356	29892	21769
09/30/2024	31271	30510	22058
10/31/2024	29694	30286	21766
11/30/2024	32153	32301	24434
12/31/2024	31322	31313	22434
01/31/2025	31933	32302	23143
02/28/2025	29372	31683	21577
03/31/2025	25641	29835	19940
04/30/2025	24471	29635	19813
05/31/2025	27151	31513	21085
06/30/2025	30339	33114	22326
07/31/2025	31136	33843	22707
08/31/2025	31645	34626	24050
09/30/2025	33798	35821	25049
10/31/2025	36579	36589	25859
11/30/2025	33798	36690	25682
12/31/2025	34612	36682	25353
01/31/2026	38530	37251	26362
02/28/2026	40785	37074	26298
03/31/2026	39920	35231	24642
04/30/2026	50892	38825	28262
05/31/2026	59609	40792	29913
06/30/2026	64612	40672	30976

Ad2 Performance Graph

Annual Average Total Return %

(as of June 30, 2026)

	1 Year	5 Year	10 Year
Retail Class	112.86	9.66	20.51
Russell 3000^® Index	22.82	12.31	15.06
Russell 2000^® Growth Index	38.74	5.57	11.97


*	The Fund's past performance is not a good predictor of the Fund's future performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. All performance figures assume reinvestment of dividends and distributions.

Key Fund Statistics (as of June 30, 2026)

Net Assets	$419,641,238
Number of Holdings	70
Portfolio Turnover	80%

Needham Small Cap Growth Fund

PAGE 1

SAR-NESGX-063026

Semi-Annual Shareholder Report | June 30, 2026

What Sectors Did the Fund Invest In? (as of June 30, 2026) (as a percentage of net assets)


Information Technology	59.4%
Industrials	16.6%
Consumer Discretionary	4.4%
Health Care	2.7%
Materials	1.9%
Energy	1.5%
Utilities	0.8%
Real Estate	0.2%
Cash & Other	12.5%

Af Image

Top Ten Issuers (as a percentage of net assets)


Dreyfus Treasury Securities Cash Management	14.3%
Arteris, Inc.	8.7%
Badger Meter, Inc.	5.1%
Vishay Intertechnology, Inc.	5.0%
Ambarella, Inc.	2.8%
Harmonic, Inc.	2.7%
Veeco Instruments, Inc.	2.6%
Calix, Inc.	2.4%
PDF Solutions, Inc.	2.4%
CEVA, Inc.	2.4%

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit www.needhamfunds.com/resources-forms

Householding

Needham Small Cap Growth Fund

PAGE 2

SAR-NESGX-063026

(b)

Not applicable.

Item 2. Code of Ethics.

Not applicable for semi-annual reports.

Item 3. Audit Committee Financial Expert.

Not applicable for semi-annual reports.

Item 4. Principal Accountant Fees and Services.

Not applicable for semi-annual reports.

Item 5. Audit Committee of Listed Registrants.

Not applicable to registrants who are not listed issuers (as defined in Rule 10A-3 under the Securities Exchange Act of 1934).

Item 6. Investments.

(a)

Schedule of Investments is included within the financial statements filed under Item 7 of this Form.

(b)

Not Applicable.

Item 7. Financial Statements and Financial Highlights for Open-End Investment Companies.

(a)

NEEDHAM GROWTH FUND
NEEDHAM AGGRESSIVE GROWTH FUND
NEEDHAM SMALL CAP GROWTH FUND

Core Financial Statements
June 30, 2026

TABLE OF CONTENTS

	Page
Schedules of Investments	1
Needham Growth Fund	1
Needham Aggressive Growth Fund	3
Needham Small Cap Growth Fund	6
Statements of Assets and Liabilities	8
Statements of Operations	9
Statements of Changes in Net Assets	10
Needham Growth Fund	10
Needham Aggressive Growth Fund	11
Needham Small Cap Growth Fund	12
Financial Highlights	13
Needham Growth Fund	13
Needham Aggressive Growth Fund	15
Needham Small Cap Growth Fund	17
Notes to Financial Statements	19
Supplemental Information	28

Needham Growth Fund

Schedule of Investments

As of June 30, 2026 (Unaudited)

	Shares		Value
COMMON STOCKS - 89.3%
Aerospace & Defense - 5.0%
AeroVironment, Inc. ^(a)		28,500	$	4,704,495
BWX Technologies, Inc.		5,000		973,250
HEICO Corp.		7,000		2,493,330
Honeywell Aerospace, Inc. ^(a)		7,500		1,658,100
Huntington Ingalls Industries, Inc.		10,500		2,938,845
Lockheed Martin Corp.		2,250		1,146,285
RTX Corp.		3,000		569,190
				14,483,495
Biotechnology - 0.2%
Gilead Sciences, Inc.		5,000		631,700

Chemicals - 0.9%
Aspen Aerogels, Inc. ^(a)		350,000		2,219,000
Solstice Advanced Materials, Inc.		4,000		354,400
				2,573,400
Commercial Services & Supplies - 1.6%
Clean Harbors, Inc. ^(a)		13,000		3,883,750
Waste Management, Inc.		4,000		891,520
				4,775,270
Communications Equipment - 0.2%
KVH Industries, Inc. ^(a)		47,500		470,725

Construction & Engineering - 1.9%
Centuri Holdings, Inc. ^(a)		50,000		1,512,000
MasTec, Inc. ^(a)		4,500		1,872,270
Primoris Services Corp.		14,250		1,412,460
Quanta Services, Inc.		1,000		720,040
				5,516,770
Construction Materials - 0.2%
CRH PLC		5,700		609,900

Diversified Telecommunication Services - 0.3%
Comcast Corp. - Class A		31,500		773,325

Electrical Equipment - 11.2%
Generac Holdings, Inc. ^(a)		6,000		1,756,860
Hammond Power Solutions, Inc.		18,000		4,406,684
nVent Electric PLC		47,000		7,971,670
Vertiv Holdings Co. - Class A		25,000		8,370,500
Vicor Corp. ^(a)		27,000		10,254,060
				32,759,774
Electronic Equipment, Instruments & Components - 10.4%
Coherent Corp. ^(a)		16,500		6,508,755
Corning, Inc.		42,500		10,855,775
TTM Technologies, Inc. ^(a)		15,000		2,805,300
Vishay Intertechnology, Inc.		190,000		10,218,200
				30,388,030
Energy Equipment & Services - 0.1%
SLB Ltd.		3,500		162,715

Entertainment - 0.8%
Atlanta Braves Holdings, Inc. - Class C ^(a)		33,000	$	1,712,700
Netflix, Inc. ^(a)		10,000		714,000
				2,426,700
Health Care Equipment & Supplies - 1.4%
Becton Dickinson & Co.		16,750		2,534,777
Medtronic PLC		19,500		1,525,485
				4,060,262
Health Care Providers & Services - 0.9%
Labcorp Holdings, Inc.		6,250		1,750,000
Quest Diagnostics, Inc.		4,500		953,775
				2,703,775
Hotels, Restaurants & Leisure - 0.3%
Vail Resorts, Inc.		6,000		816,900

Industrial Conglomerates - 0.6%
Honeywell International, Inc.		7,500		1,679,250

Insurance - 1.1%
Markel Group, Inc. ^(a)		1,675		3,271,292

Interactive Media & Services - 1.1%
Alphabet, Inc. - Class A		9,000		3,216,330

IT Services - 1.0%
Akamai Technologies, Inc. ^(a)		20,000		2,364,200
Unisys Corp. ^(a)		175,000		640,500
				3,004,700
Life Sciences Tools & Services - 3.3%
Bruker Corp.		37,500		2,256,750
Thermo Fisher Scientific, Inc.		13,250		6,643,020
Waters Corp. ^(a)		2,266		849,841
				9,749,611
Machinery - 2.2%
Elmet Group Co. ^(a)		168,750		3,331,125
Franklin Electric Co., Inc.		15,800		1,693,602
Tennant Co.		17,500		1,531,950
				6,556,677
Media - 0.2%
The Trade Desk, Inc. - Class A ^(a)		34,000		614,720
Versant Media Group, Inc.		1,260		45,373
				660,093
Oil, Gas & Consumable Fuels - 0.2%
Chevron Corp.		4,250		704,480

Professional Services - 2.1%
Jacobs Solutions, Inc.		9,500		1,197,000
Parsons Corp. ^(a)		95,000		4,977,050
				6,174,050
Real Estate Management & Development - 0.5%
CoStar Group, Inc. ^(a)		52,500		1,486,800

See accompanying Notes to Financial Statements.

NEEDHAM GROWTH FUND

Schedule of Investments

As of June 30, 2026 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS - (Continued)
Semiconductors & Semiconductor Equipment - 34.9% ^(b)
Analog Devices, Inc.		10,500	$	4,170,285
Applied Materials, Inc.		8,250		5,964,750
ASML Holding NV		2,875		5,719,640
Cerebras Systems, Inc. - Class A ^(a)		89		19,669
Entegris, Inc.		30,000		5,395,800
FormFactor, Inc. ^(a)(d)		63,000		10,075,590
Lam Research Corp.		25,000		10,833,250
Marvell Technology, Inc.		30,250		9,011,172
MKS, Inc.		20,000		8,896,000
Nova, Ltd. ^(a)		10,000		5,429,400
PDF Solutions, Inc. ^(a)		220,000		15,573,800
Photronics, Inc. ^(a)		57,500		1,870,475
Qnity Electronics, Inc.		17,500		2,857,925
SiTime Corp. ^(a)		6,000		4,473,360
Teradyne, Inc.		9,000		4,354,560
Veeco Instruments, Inc. ^(a)		98,050		7,432,190
				102,077,866
Software - 1.2%
Bentley Systems, Inc. - Class B		24,075		719,602
Crowdstrike Holdings, Inc. - Class A ^(a)		2,000		1,526,280
Microsoft Corp.		1,500		559,530
Salesforce, Inc.		5,000		783,300
				3,588,712
Specialty Retail - 1.1%
CarMax, Inc. ^(a)		60,000		3,173,400

Technology Hardware, Storage & Peripherals - 4.4%
Apple, Inc.		4,750		1,374,460
Hewlett Packard Enterprise Co.		74,000		3,338,140
Super Micro Computer, Inc. ^(a)(d)		275,000		8,065,750
				12,778,350
TOTAL COMMON STOCKS (Cost $83,865,251)				261,274,352
REAL ESTATE INVESTMENT TRUSTS - 0.2%
Specialized REITs - 0.2%
Equinix, Inc.		525	$	547,254
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $563,826)				547,254

SHORT-TERM INVESTMENTS
MONEY MARKET FUNDS - 10.3%
Dreyfus Treasury Securities Cash Management - Institutional Class, 3.53% ^(c)		30,150,639		30,150,639
TOTAL MONEY MARKET FUNDS (Cost $30,150,639)				30,150,639

TOTAL INVESTMENTS - 99.8% (Cost $114,579,716)				291,972,245
Other Assets in Excess of Liabilities - 0.2%				599,417
TOTAL NET ASSETS - 100.0%			$	292,571,662

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)	To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect that industry or sector.

^(c)	The rate shown represents the 7-day annualized yield as of June 30, 2026.

^(d)	Security position is either entirely or partially held in a segregated account. The aggregated total market value as of June 30, 2026 is $1,223,550.

Allocation of Portfolio Holdings by Country as of June 30, 2026

	(% of Investments)
United States	$	266,309,466	91.2	%
United Kingdom		7,971,670	2.7
Netherlands		5,719,640	2.0
Israel		5,429,400	1.9
Canada		4,406,684	1.5
Ireland		2,135,385	0.7
	$	291,972,245	100.0	%

See accompanying Notes to Financial Statements.

Needham Aggressive Growth Fund

Schedule of Investments

As of June 30, 2026 (Unaudited)

	Shares		Value
COMMON STOCKS - 95.0%
Aerospace & Defense - 3.5%
Astronics Corp. ^(a)		272,500	$	22,143,350
Astronics Corp. - Class B ^(a)		54,500		4,142,000
BWX Technologies, Inc.		82,500		16,058,625
Draganfly, Inc. ^(a)		1,250,000		6,775,000
Electro Optic Systems Holdings Ltd. ^(a)		3,155,000		22,498,892
Firefly Aerospace, Inc. ^(a)		60,000		1,764,000
Huntington Ingalls Industries, Inc.		46,000		12,874,940
Red Cat Holdings, Inc. ^(a)		362,500		3,860,625
				90,117,432
Building Products - 0.5%
Alpha Pro Tech, Ltd. ^(a)(b)		642,500		3,610,850
Modine Manufacturing Co. ^(a)		38,000		10,146,760
				13,757,610
Chemicals - 1.9%
Aspen Aerogels, Inc. ^(a)		2,075,000		13,155,500
Core Molding Technologies, Inc. ^(a)		200,100		4,722,360
Ecovyst, Inc. ^(a)		1,020,000		12,699,000
Northern Technologies International Corp. ^(b)		800,000		6,848,000
Solstice Advanced Materials, Inc.		142,500		12,625,500
				50,050,360
Commercial Services & Supplies - 0.5%
Clean Harbors, Inc. ^(a)		42,500		12,696,875

Communications Equipment - 0.8%
ADTRAN Holdings, Inc. ^(a)		50,000		695,000
Comtech Telecommunications Corp. ^(a)		764,625		1,605,713
Evertz Technologies Ltd.		102,900		1,385,785
KVH Industries, Inc. ^(a)		300,000		2,973,000
Lantronix, Inc. ^(a)(b)		2,400,000		14,112,000
				20,771,498
Construction & Engineering - 3.8%
Centuri Holdings, Inc. ^(a)		665,000		20,109,600
Everus Construction Group, Inc. ^(a)		114,000		18,918,300
Keller Group PLC		100,000		3,520,407
Legence Corp. - Class A ^(a)		67,500		5,753,025
MasTec, Inc. ^(a)		25,250		10,505,515
Matrix Service Co. ^(a)(b)		1,435,000		19,659,500
MYR Group, Inc. ^(a)		39,000		19,515,600
				97,981,947
Construction Materials - 0.5%
CRH PLC		65,000		6,955,000
Smith-Midland Corp. ^(a)		225,000		6,525,000
				13,480,000
Distributors - 0.0% ^(c)
Educational Development Corp. ^(a)(b)		800,000		1,208,000

Diversified Consumer Services - 4.6%
Bright Horizons Family Solutions, Inc. ^(a)		90,000		6,379,200
Lincoln Educational Services Corp. ^(a)		1,325,000		66,117,500
Universal Technical Institute, Inc. ^(a)		1,130,000		48,330,100
				120,826,800
Electrical Equipment - 13.9%
Generac Holdings, Inc. ^(a)		59,500	$	17,422,195
Hammond Power Solutions, Inc.		235,500		57,654,120
nVent Electric PLC		107,500		18,233,075
Vertiv Holdings Co. - Class A		260,750		87,304,315
Vicor Corp. ^(a)		477,000		181,155,060
				361,768,765
Electronic Equipment, Instruments & Components - 17.1%
908 Devices, Inc. ^(a)		1,397,650		12,159,555
Arlo Technologies, Inc. ^(a)		1,690,000		22,781,200
Blackline Safety Corp. ^(a)		2,125,000		13,589,811
Cognex Corp.		108,000		7,821,360
Elsight Ltd. ^(a)		2,035,000		10,003,393
Evolv Technologies Holdings, Inc. ^(a)		3,075,000		17,835,000
LightPath Technologies, Inc. - Class A ^(a)		959,000		15,679,650
Next Vision Stabilized Systems Ltd.		66,000		5,336,156
nLight, Inc. ^(a)		1,705,000		118,702,100
Unusual Machines, Inc. ^(a)		468,500		10,447,550
Vishay Intertechnology, Inc.		2,317,100		124,613,638
Vishay Precision Group, Inc. ^(a)		579,000		86,797,890
				445,767,303
Energy Equipment & Services - 4.1%
EagleRock Land LLC - Class A ^(a)		160,000		3,400,000
Energy Services of America Corp.		800,000		15,472,000
Select Water Solutions, Inc.		1,300,000		25,974,000
TETRA Technologies, Inc. ^(a)		5,090,900		57,679,897
WaterBridge Infrastructure LLC - Class A		112,500		3,855,375
				106,381,272
Entertainment - 0.4%
Atlanta Braves Holdings, Inc. - Class C ^(a)		218,075		11,318,093

Food Products - 0.5%
Vital Farms, Inc. ^(a)		1,210,000		14,072,300

Gas Utilities - 0.4%
MDU Resources Group, Inc.		510,000		10,817,100

Health Care Equipment & Supplies - 0.5%
LeMaitre Vascular, Inc.		40,000		3,838,400
Precision Optics Corp, Inc. ^(a)(b)		1,670,550		8,519,805
				12,358,205
Health Care Providers & Services - 0.2%
Hinge Health, Inc. - Class A ^(a)		22,500		1,867,500
Labcorp Holdings, Inc.		12,300		3,444,000
				5,311,500
Hotels, Restaurants & Leisure - 1.6%
Genius Sports Ltd. ^(a)		4,800,000		29,088,000
Life Time Group Holdings, Inc. ^(a)		305,000		12,456,200
				41,544,200
Household Products - 2.7%
Oil-Dri Corp. of America ^(b)		686,000		70,116,060

See accompanying Notes to Financial Statements.

NEEDHAM Aggressive GROWTH FUND

Schedule of Investments

As of June 30, 2026 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS - (Continued)
Insurance - 0.4%
Markel Group, Inc. ^(a)		5,600	$	10,936,856

IT Services - 1.6%
Akamai Technologies, Inc. ^(a)(e)		160,500		18,972,705
Research Solutions, Inc. ^(a)(b)		3,155,000		7,319,600
Unisys Corp. ^(a)(b)		3,925,000		14,365,500
				40,657,805
Life Sciences Tools & Services - 0.9%
Bruker Corp.		311,000		18,715,980
CryoPort, Inc. ^(a)		343,550		5,393,735
				24,109,715
Machinery - 7.2%
3D Systems Corp. ^(a)		3,025,000		9,135,500
CECO Environmental Corp. ^(a)		917,500		83,253,950
Elmet Group Co. ^(a)(b)		2,044,400		40,356,456
Franklin Electric Co., Inc.		95,100		10,193,769
Gorman-Rupp Co.		272,500		24,999,150
Somero Enterprises, Inc.		1,705,000		4,297,046
Tennant Co.		155,000		13,568,700
Twin Disc, Inc.		150,000		3,480,000
				189,284,571
Professional Services - 3.3%
Asure Software, Inc. ^(a)(b)		2,635,000		20,921,900
CRA International, Inc.		215,506		30,666,504
Jacobs Solutions, Inc.		115,000		14,490,000
Metatek-Group Ltd. ^(a)(b)		2,750,000		6,941,653
Parsons Corp. ^(a)		235,000		12,311,650
				85,331,707
Semiconductors & Semiconductor Equipment - 12.7%
Ambiq Micro, Inc. ^(a)		278,990		24,634,817
ASML Holding NV		3,275		6,515,416
Camtek Ltd. ^(a)		64,000		10,439,680
Entegris, Inc.		35,000		6,295,100
FormFactor, Inc. ^(a)		322,500		51,577,425
MKS, Inc.		48,250		21,461,600
Nova, Ltd. ^(a)		59,650		32,386,371
PDF Solutions, Inc. ^(a)		1,705,000		120,696,950
Photronics, Inc. ^(a)		175,000		5,692,750
SiTime Corp. ^(a)		9,000		6,710,040
Teradyne, Inc.		20,000		9,676,800
Veeco Instruments, Inc. ^(a)		474,375		35,957,625
				332,044,574
Software - 6.8%
Arteris, Inc. ^(a)(b)		3,175,000		154,273,250
Bentley Systems, Inc. - Class B		316,250		9,452,712
Box, Inc. - Class A ^(a)		195,000		5,175,300
Computer Modelling Group Ltd.		600,000		1,514,543
Octave Intelligence PLC - Class B ^(a)		300,000		4,890,000
Thinkific Labs, Inc. (Canada) ^(a)(b)		3,600,000		3,172,924
				178,478,729
Specialty Retail - 2.8%
CarMax, Inc. ^(a)		67,500	$	3,570,075
ThredUp, Inc. - Class A ^(a)(b)		10,175,000		69,698,750
				73,268,825
Technology Hardware, Storage & Peripherals - 1.6%
Apple, Inc.		13,700		3,964,232
Super Micro Computer, Inc. ^(a)(e)		1,250,000		36,662,500
				40,626,732
Trading Companies & Distributors - 0.2%
Transcat, Inc. ^(a)		60,500		5,612,585

TOTAL COMMON STOCKS (Cost $1,188,350,128)				2,480,697,419

REAL ESTATE INVESTMENT TRUSTS - 0.5%
Specialized REITs - 0.5%
Equinix, Inc.		12,650		13,186,233

TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $8,861,096)				13,186,233

SHORT-TERM INVESTMENTS
MONEY MARKET FUNDS - 4.6%
Dreyfus Treasury Securities Cash Management - Institutional Class, 3.53% ^(d)		121,382,448		121,382,448

TOTAL MONEY MARKET FUNDS (Cost $121,382,448)				121,382,448

TOTAL INVESTMENTS - 100.1% (Cost $1,318,593,672)				2,615,266,100
Liabilities in Excess of Other Assets - (0.1)%				(3,661,162	)
TOTAL NET ASSETS - 100.0%			$	2,611,604,938

Percentages are stated as a percent of net assets.

^(a)	Non-income producing security.

^(b)	Affiliated security as defined by the Investment Company Act of 1940.

^(c)	Represents less than 0.05% of net assets.

^(d)	The rate shown represents the 7-day annualized yield as of June 30, 2026.

^(e)	Security position is either entirely or partially held in a segregated account. The aggregated total market value as of June 30, 2026 is $1,149,210.

See accompanying Notes to Financial Statements.

NEEDHAM Aggressive GROWTH FUND

Schedule of Investments

As of June 30, 2026 (Unaudited) (Continued)

Allocation of Portfolio Holdings by Country as of June 30, 2026

	(% of Investments)
United States	$	2,371,784,399	90.7	%
Canada		87,703,033	3.5
United Kingdom		57,783,135	2.2
Israel		48,162,207	1.8
Australia		32,502,285	1.2
Ireland		6,955,000	0.3
Netherlands		6,515,416	0.2
Puerto Rico		3,860,625	0.1
	$	2,615,266,100	100.0	%

See accompanying Notes to Financial Statements.

Needham Small Cap Growth Fund

Schedule of Investments

As of June 30, 2026 (Unaudited)

	Shares		Value
COMMON STOCKS - 87.5%
Aerospace & Defense - 3.3%
AeroVironment, Inc. ^(a)		32,500	$	5,364,775
Firefly Aerospace, Inc. ^(a)		92,500		2,719,500
HEICO Corp.		2,500		890,475
Mercury Systems, Inc. ^(a)		10,000		1,223,300
Red Cat Holdings, Inc. ^(a)		325,000		3,461,250
				13,659,300
Automobile Components - 0.1%
Mobileye Global, Inc. - Class A ^(a)		40,000		387,200

Chemicals - 1.9%
Aspen Aerogels, Inc. ^(a)		600,000		3,804,000
Flotek Industries, Inc. ^(a)		120,000		2,822,400
Solstice Advanced Materials, Inc.		16,000		1,417,600
				8,044,000
Communications Equipment - 7.7%
ADTRAN Holdings, Inc. ^(a)		400,000		5,560,000
Calix, Inc. ^(a)		275,000		10,263,000
Comtech Telecommunications Corp. ^(a)		39,185		82,288
Harmonic, Inc. ^(a)		700,000		11,431,000
KVH Industries, Inc. ^(a)		37,500		371,625
Lantronix, Inc. ^(a)		750,000		4,410,000
				32,117,913
Construction & Engineering - 3.4%
Centuri Holdings, Inc. ^(a)		200,000		6,048,000
Everus Construction Group, Inc. ^(a)		12,500		2,074,375
MasTec, Inc. ^(a)		2,500		1,040,150
Primoris Services Corp.		50,000		4,956,000
				14,118,525
Diversified Consumer Services - 1.9%
Matthews International Corp. - Class A		300,000		8,076,000

Electrical Equipment - 1.1%
Generac Holdings, Inc. ^(a)		16,500		4,831,365

Electronic Equipment, Instruments & Components - 19.7%
908 Devices, Inc. ^(a)		252,970		2,200,839
Arlo Technologies, Inc. ^(a)		305,000		4,111,400
Badger Meter, Inc.		145,000		21,515,100
Cognex Corp.		65,000		4,707,300
LightPath Technologies, Inc. - Class A ^(a)		51,000		833,850
nLight, Inc. ^(a)(c)		125,000		8,702,500
Rogers Corp. ^(a)		55,000		9,005,150
TTM Technologies, Inc. ^(a)		10,000		1,870,200
Unusual Machines, Inc. ^(a)		250,000		5,575,000
Vishay Intertechnology, Inc.		392,900		21,130,162
Vishay Precision Group, Inc. ^(a)		20,000		2,998,200
				82,649,701
Energy Equipment & Services - 1.5%
TETRA Technologies, Inc. ^(a)		560,600		6,351,598

Gas Utilities - 0.8%
MDU Resources Group, Inc.		155,000		3,287,550
Hotels, Restaurants & Leisure - 2.4%
Genius Sports Ltd. ^(a)		125,000	$	757,500
Vail Resorts, Inc.		67,500		9,190,125
				9,947,625
IT Services - 0.3%
Akamai Technologies, Inc. ^(a)		3,000		354,630
Commerce.com, Inc. ^(a)		120,000		355,200
Unisys Corp. ^(a)		175,000		640,500
				1,350,330
Life Sciences Tools & Services - 2.7%
Bruker Corp.		94,000		5,656,920
CryoPort, Inc. ^(a)		373,450		5,863,165
				11,520,085
Machinery - 5.2%
3D Systems Corp. ^(a)		500,200		1,510,604
CECO Environmental Corp. ^(a)		40,000		3,629,600
Elmet Group Co. ^(a)		242,000		4,777,080
Franklin Electric Co., Inc.		43,300		4,641,327
Mayville Engineering Co., Inc. ^(a)		110,000		4,120,600
Tennant Co.		37,500		3,282,750
				21,961,961
Professional Services - 1.9%
Parsons Corp. ^(a)		150,000		7,858,500

Real Estate Management & Development - 0.2%
CoStar Group, Inc. ^(a)		27,000		764,640

Semiconductors & Semiconductor Equipment - 19.5%
Allegro MicroSystems, Inc. ^(a)		55,000		3,829,100
Ambarella, Inc. ^(a)		135,000		11,583,000
Ambiq Micro, Inc. ^(a)		44,710		3,947,893
Axcelis Technologies, Inc. ^(a)		35,500		6,725,475
CEVA, Inc. ^(a)		210,000		9,903,600
Cohu, Inc. ^(a)		50,000		3,695,500
FormFactor, Inc. ^(a)		2,000		319,860
Kopin Corp. ^(a)		750,000		3,360,000
Marvell Technology, Inc.		18,000		5,362,020
MKS, Inc.		4,000		1,779,200
PDF Solutions, Inc. ^(a)		140,000		9,910,600
Photronics, Inc. ^(a)		200,000		6,506,000
Synaptics, Inc. ^(a)		30,000		3,726,900
Veeco Instruments, Inc. ^(a)		145,000		10,991,000
				81,640,148
Software - 11.7%
Arteris, Inc. ^(a)		752,500		36,563,975
Bentley Systems, Inc. - Class B		146,250		4,371,413
Cleanspark, Inc. ^(a)		175,000		2,546,250
Netskope, Inc. - Class A ^(a)		500,000		5,470,000
				48,951,638
Technology Hardware, Storage & Peripherals - 0.5%
Super Micro Computer, Inc. ^(a)		76,000		2,229,080

See accompanying Notes to Financial Statements.

Needham Small Cap Growth Fund

Schedule of Investments

As of June 30, 2026 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS - (Continued)
Trading Companies & Distributors - 1.7%
Transcat, Inc. ^(a)		76,220	$	7,070,929

TOTAL COMMON STOCKS (Cost $246,503,838)				366,818,088

SHORT-TERM INVESTMENTS
MONEY MARKET FUNDS - 14.3%
Dreyfus Treasury Securities Cash Management - Institutional Class, 3.53% ^(b)		60,206,391		60,206,391

TOTAL MONEY MARKET FUNDS (Cost $60,206,391)				60,206,391

TOTAL INVESTMENTS - 101.8% (Cost $306,710,229)				427,024,479
Liabilities in Excess of Other Assets - (1.8)%				(7,383,241	)
TOTAL NET ASSETS - 100.0%			$	419,641,238

Percentages are stated as a percent of net assets.

^(a)	Non-income producing security.

^(b)	The rate shown represents the 7-day annualized yield as of June 30, 2026.

^(c)	Security position is either entirely or partially held in a segregated account. The aggregated total market value as of June 30, 2026 is $1,392,400.

Allocation of Portfolio Holdings by Country as of June 30, 2026

	(% of Investments)
United States	$	422,418,529	98.9	%
Puerto Rico		3,461,250	0.8
United Kingdom		757,500	0.2
Israel		387,200	0.1
	$	427,024,479	100.0	%

See accompanying Notes to Financial Statements.

NEEDHAM FUNDS
Statements of Assets and Liabilities

As of June 30, 2026 (Unaudited)

	Needham Growth Fund		Needham Aggressive Growth Fund		Needham Small Cap Growth Fund
ASSETS:
Investments in unaffiliated securities, at value	$	291,972,245	$	2,174,141,851	$	427,024,479
Investments in affiliated securities, at value		—		441,124,249		—
Receivable for fund shares sold		991,746		5,317,208		2,481,665
Receivable for investments sold		—		4,193,026		—
Dividends receivable		140,551		446,086		358,596
Deposits at broker for securities sold short		—		196,543		—
Foreign currency, at value		—		3,000		—
Dividend tax reclaims receivable		3,510		—		—
Prepaid expenses and other assets		35,583		112,616		65,385
Total assets		293,143,635		2,625,534,579		429,930,125

LIABILITIES:
Payable for investments purchased		163,497		8,626,360		9,434,456
Payable for fund shares redeemed		70,124		2,616,179		389,854
Payable to Adviser		251,602		2,194,898		386,052
Payable to custodian		—		171,413		—
Payable for distribution fees		25,320		118,139		25,271
Payable for expenses and other liabilities		61,430		202,652		53,254
Total liabilities		571,973		13,929,641		10,288,887

NET ASSETS	$	292,571,662	$	2,611,604,938	$	419,641,238

NET ASSETS CONSIST OF:
Capital stock ($0.001, $0.001 and $0.001 per share)	$	2,779	$	26,227	$	10,504
Additional paid-in capital		87,958,701		1,324,879,643		297,063,771
Total distributable earnings		204,610,182		1,286,699,068		122,566,963
Total net assets	$	292,571,662	$	2,611,604,938	$	419,641,238

Institutional Class
Net assets	$	163,108,519	$	2,011,515,916	$	272,377,701
Shares issued and outstanding (800,000,000, 100,000,000 and 100,000,000 shares authorized, $0.00, $0.00 and $0.00 par value)		1,509,795		19,907,852		6,639,330
Net asset value per share	$	108.03	$	101.04	$	41.02

Retail Class
Net assets	$	129,463,143	$	600,089,022	$	147,263,537
Shares issued and outstanding (800,000,000, 100,000,000 and 100,000,000 shares authorized, $0.00, $0.00 and $0.00 par value)		1,269,415		6,319,289		3,865,017
Net asset value per share	$	101.99	$	94.96	$	38.10

COST:
Investments in unaffiliated securities, at cost	$	114,579,716	$	1,081,984,719	$	306,710,229
Investments in affiliated securities, at cost	$	—	$	236,608,953	$	—
Foreign currency, at cost	$	—	$	2,985	$	—

See accompanying Notes to Financial Statements.

NEEDHAM FUNDS
Statements of Operations

For the Period Ended June 30, 2026 (Unaudited)

	Needham Growth Fund			Needham Aggressive Growth Fund			Needham Small Cap Growth Fund
INVESTMENT INCOME:
Dividend income from unaffiliated securities	$	877,227		$	3,992,944		$	1,201,443
Dividend income from affiliated securities		—			283,415			—
Less: dividend withholding taxes		(3,062	)		(27,069	)		—
Less: issuance fees		(11	)		—			—
Total investment income		874,154			4,249,290			1,201,443

EXPENSES:
Investment advisory fee		1,313,646			11,138,457			1,501,330
Distribution expenses - Retail Class		118,812			486,856			73,353
Fund administration and accounting fees		75,104			462,037			73,737
Transfer agent fees		26,086			219,034			26,607
Legal fees		10,787			63,841			10,057
Federal and state registration fees		22,800			51,890			29,061
Reports to shareholders		6,131			51,151			10,054
Audit fees		10,110			49,097			9,487
Custodian fees		8,463			46,127			6,263
Trustees’ fees		2,801			21,279			2,745
Compliance fees		1,955			14,980			1,878
Other expenses and fees		8,141			81,595			5,795
Total expenses		1,604,836			12,686,344			1,750,367
Fees Waived by Investment Adviser		(149,392	)		(1,443,183	)		(214,175	)
Fees Recouped by Investment Adviser		—			—			57,191
Net expenses		1,455,444			11,243,161			1,593,383
NET INVESTMENT LOSS		(581,290	)		(6,993,871	)		(391,940	)

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments in unaffiliated securities		20,973,282			(2,009,943	)		47,298,935
Investments in affiliated securities		—			(1,166,941	)		—
Securities sold short		5,276			(5,882	)		26,795
Foreign currency transactions		(72	)		(30,001	)		—
Net realized gain (loss)		20,978,486			(3,212,767	)		47,325,730
Net change in unrealized appreciation (depreciation) on:
Investments in unaffiliated securities		86,582,945			794,333,278			111,670,239
Investments in affiliated securities		—			159,801,812			—
Foreign currency translation		—			(216	)		—
Net change in unrealized appreciation (depreciation)		86,582,945			954,134,874			111,670,239
Net realized and unrealized gain (loss)		107,561,431			950,922,107			158,995,969
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	106,980,141		$	943,928,236		$	158,604,029

See accompanying Notes to Financial Statements.

NEEDHAM GROWTH FUND
Statements of Changes in Net Assets

	Needham Growth Fund
	Period ended June 30, 2026 (Unaudited)			Year ended December 31, 2025
OPERATIONS:
Net investment income (loss)	$	(581,290	)	$	(1,215,436	)
Net realized gain (loss)		20,978,486			19,210,285
Net change in unrealized appreciation (depreciation)		86,582,945			(6,980,817	)
Net increase (decrease) in net assets from operations		106,980,141			11,014,032


DISTRIBUTIONS TO SHAREHOLDERS:
From earnings - Institutional Class		—			(5,508,141	)
From earnings - Retail Class		—			(5,163,387	)
Total distributions to shareholders		—			(10,671,528	)

CAPITAL TRANSACTIONS:
Shares sold - Institutional Class		32,785,336			14,273,138
Shares issued from reinvestment of distributions - Institutional Class		—			5,267,446
Shares issued /(redeemed) in exchange for Retail Class Shares		80,660			671,289
Shares redeemed - Institutional Class		(9,176,422	)		(50,011,719	)
Shares sold - Retail Class		22,805,157			5,996,805
Shares issued from reinvestment of distributions - Retail Class		—			4,798,660
Shares issued /(redeemed) in exchange for Institutional Class Shares		(80,660	)		(671,289	)
Shares redeemed - Retail Class		(10,533,078	)		(23,004,468	)
Net increase (decrease) in net assets from capital transactions		35,880,993			(42,680,138	)

NET INCREASE (DECREASE) IN NET ASSETS		142,861,134			(42,337,634	)

NET ASSETS:
Beginning of the period		149,710,528			192,048,162
End of the period	$	292,571,662		$	149,710,528

SHARES TRANSACTIONS
Shares sold - Institutional Class		377,968			226,265
Shares issued from reinvestment of distributions - Institutional Class		—			84,077
Shares issued /(redeemed) in exchange for Retail Class Shares		829			11,495
Shares redeemed - Institutional Class		(105,623	)		(811,420	)
Shares sold - Retail Class		274,312			105,951
Shares issued from reinvestment of distributions - Retail Class		—			80,922
Shares issued /(redeemed) in exchange for Institutional Class Shares		(878	)		(11,495	)
Shares redeemed - Retail Class		(123,497	)		(394,474	)
Total increase (decrease) in shares outstanding		423,111			(708,679	)

See accompanying Notes to Financial Statements.

NEEDHAM AGGRESSIVE GROWTH FUND
Statements of Changes in Net Assets

	Needham Aggressive Growth Fund
	Period ended June 30, 2026 (Unaudited)			Year ended December 31, 2025
OPERATIONS:
Net investment income (loss)	$	(6,993,871	)	$	(7,254,211	)
Net realized gain (loss)		(3,212,767	)		31,078,286
Net change in unrealized appreciation (depreciation)		954,134,874			187,449,396
Net increase (decrease) in net assets from operations		943,928,236			211,273,471


DISTRIBUTIONS TO SHAREHOLDERS:
From earnings - Institutional Class		—			(17,950,428	)
From earnings - Retail Class		—			(5,557,483	)
Total distributions to shareholders		—			(23,507,911	)

CAPITAL TRANSACTIONS:
Shares sold - Institutional Class		493,581,382			432,413,122
Shares issued from reinvestment of distributions - Institutional Class		—			17,524,261
Shares issued /(redeemed) in exchange for Retail Class Shares		8,176,959			5,993,868
Shares redeemed - Institutional Class		(187,585,052	)		(245,148,497	)
Shares sold - Retail Class		182,003,459			74,287,639
Shares issued from reinvestment of distributions - Retail Class		—			4,906,272
Shares issued /(redeemed) in exchange for Institutional Class Shares		(8,176,959	)		(5,993,868	)
Shares redeemed - Retail Class		(45,979,791	)		(64,670,925	)
Net increase (decrease) in net assets from capital transactions		442,019,998			219,311,872

NET INCREASE (DECREASE) IN NET ASSETS		1,385,948,234			407,077,432

NET ASSETS:
Beginning of the period		1,225,656,704			818,579,272
End of the period	$	2,611,604,938		$	1,225,656,704

SHARES TRANSACTIONS
Shares sold - Institutional Class		6,460,754			7,789,225
Shares issued from reinvestment of distributions - Institutional Class		—			304,505
Shares issued /(redeemed) in exchange for Retail Class Shares		97,808			105,670
Shares redeemed - Institutional Class		(2,413,513	)		(4,820,956	)
Shares sold - Retail Class		2,356,611			1,421,370
Shares issued from reinvestment of distributions - Retail Class		—			90,488
Shares issued /(redeemed) in exchange for Institutional Class Shares		(104,016	)		(105,670	)
Shares redeemed - Retail Class		(607,816	)		(1,351,672	)
Total increase (decrease) in shares outstanding		5,789,828			3,432,960

See accompanying Notes to Financial Statements.

NEEDHAM SMALL CAP GROWTH FUND
Statements of Changes in Net Assets

	Needham Small Cap Growth Fund
	Period ended June 30, 2026 (Unaudited)			Year ended December 31, 2025
OPERATIONS:
Net investment income (loss)	$	(391,940	)	$	(1,042,606	)
Net realized gain (loss)		47,325,730			13,833,586
Net change in unrealized appreciation (depreciation)		111,670,239			1,074,453
Net increase (decrease) in net assets from operations		158,604,029			13,865,433


CAPITAL TRANSACTIONS:
Shares sold - Institutional Class		95,554,497			21,238,387
Shares issued /(redeemed) in exchange for Retail Class Shares		123,894			4,497
Shares redeemed - Institutional Class		(67,524,321	)		(35,079,008	)
Shares sold - Retail Class		91,216,616			2,017,137
Shares issued /(redeemed) in exchange for Intuitional Class Shares		(123,894	)		(4,497	)
Shares redeemed - Retail Class		(10,137,992	)		(12,437,519	)
Net increase (decrease) in net assets from capital transactions		109,108,800			(24,261,003	)

NET INCREASE (DECREASE) IN NET ASSETS		267,712,829			(10,395,570	)

NET ASSETS:
Beginning of the period		151,928,409			162,323,979
End of the period	$	419,641,238		$	151,928,409

SHARES TRANSACTIONS
Shares sold - Institutional Class		3,098,752			1,100,260
Shares issued /(redeemed) in exchange for Retail Class Shares		4,879			224
Shares redeemed - Institutional Class		(2,198,400	)		(1,846,896	)
Shares sold - Retail Class		2,907,975			105,293
Shares issued /(redeemed) in exchange for Institutional Class Shares		(5,241	)		(224	)
Shares redeemed - Retail Class		(327,396	)		(690,229	)
Total increase (decrease) in shares outstanding		3,480,569			(1,331,572	)

See accompanying Notes to Financial Statements.

Needham Growth Fund

Financial Highlights

(For a share outstanding throughout each period/year)

	Institutional Class
	Period ended June 30, 2026			Year ended December 31,
	(Unaudited)			2025			2024			2023			2022			2021
PER SHARE DATA:

Net asset value, beginning of period	$	65.21		$	63.94		$	57.63		$	45.27		$	69.06		$	57.36

INVESTMENT OPERATIONS:
Net investment loss ^(a)		(0.15	)		(0.34	)		(0.18	)		(0.36	)		(0.47	)		(0.68	)
Net realized and unrealized gain (loss) on investments ^(b)		42.97			6.28			8.88			12.72			(22.54	)		17.01
Total from investment operations		42.82			5.94			8.70			12.36			(23.01	)		16.33

LESS DISTRIBUTIONS FROM:
Net realized gains		—			(4.67	)		(2.39	)		—			(0.78	)		(4.63	)
Total distributions		—			(4.67	)		(2.39	)		—			(0.78	)		(4.63	)

Net asset value, end of period	$	108.03		$	65.21		$	63.94		$	57.63		$	45.27		$	69.06

TOTAL RETURN ^(c)		65.67	%		9.59	%		15.01	%		27.30	%		(33.34	)%		28.18	%

SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of period (in thousands)	$	163,109		$	80,645		$	110,366		$	73,107		$	58,441		$	115,543
Ratio of expenses to average net assets:
Before expense waiver/recoupment^(d)		1.40	%		1.47	%		1.45	%		1.50	%		1.58	%		1.50	%
After expense waiver/recoupment^(d)		1.19	%		1.21	%		1.26	%		1.40	%		1.40	%		1.40	%
Ratio of net investment income (loss) to average net assets ^(d)		(0.36	)%		(0.56	)%		(0.26	)%		(0.69	)%		(0.90	)%		(1.02	)%
Portfolio turnover rate ^(c)		24	%		6	%		14	%		9	%		14	%		15	%

^(a)	Net investment income per share has been calculated based on average shares outstanding during the periods.

^(b)	Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

^(c)	Not annualized for periods less than one year.

^(d)	Annualized for periods less than one year.

See accompanying Notes to Financial Statements.

Needham Growth Fund

Financial Highlights

(For a share outstanding throughout each period/year)

	Retail Class
	Period ended June 30, 2026			Year ended December 31,
	(Unaudited)			2025			2024			2023			2022			2021
PER SHARE DATA:

Net asset value, beginning of period	$	61.69		$	61.02		$	55.34		$	43.63		$	66.90		$	55.89

INVESTMENT OPERATIONS:
Net investment loss ^(a)		(0.31	)		(0.61	)		(0.47	)		(0.53	)		(0.67	)		(0.89	)
Net realized and unrealized gain (loss) on investments ^(b)		40.61			5.95			8.54			12.24			(21.82	)		16.53
Total from investment operations		40.30			5.34			8.07			11.71			(22.49	)		15.64

LESS DISTRIBUTIONS FROM:
Net realized gains		—			(4.67	)		(2.39	)		—			(0.78	)		(4.63	)
Total distributions		—			(4.67	)		(2.39	)		—			(0.78	)		(4.63	)

Net asset value, end of period	$	101.99		$	61.69		$	61.02		$	55.34		$	43.63		$	66.90

TOTAL RETURN ^(c)		65.33	%		9.06	%		14.51	%		26.85	%		(33.66	)%		27.68	%

SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of period (in thousands)	$	129,463		$	69,065		$	81,683		$	74,277		$	62,117		$	101,366
Ratio of expenses to average net assets:
Before expense waiver/recoupment ^(d)		1.68	%		1.74	%		1.69	%		1.78	%		1.85	%		1.78	%
After expense waiver/recoupment^(d)		1.62	%		1.70	%		1.69	%		1.78	%		1.85	%		1.78	%
Ratio of net investment income (loss) to average net assets ^(d)		(0.79	)%		(1.04	)%		(0.70	)%		(1.07	)%		(1.34	)%		(1.40	)%
Portfolio turnover rate ^(c)		24	%		6	%		14	%		9	%		14	%		15	%

^(a)	Net investment income per share has been calculated based on average shares outstanding during the periods.

^(b)	Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

^(c)	Not annualized for periods less than one year.

^(d)	Annualized for periods less than one year.

See accompanying Notes to Financial Statements.

Needham Aggressive Growth Fund

Financial Highlights

(For a share outstanding throughout each period/year)

	Institutional Class
	Period ended June 30, 2026			Year ended December 31,
	(Unaudited)			2025			2024			2023			2022			2021
PER SHARE DATA:

Net asset value, beginning of period	$	60.78		$	48.84		$	42.52		$	30.73		$	42.11		$	32.49

INVESTMENT OPERATIONS:
Net investment income (loss) ^(a)		(0.27	)		(0.37	)		(0.06	)		0.08			(0.23	)		(0.36	)
Net realized and unrealized gain (loss) on investments ^(b)		40.53			13.53			6.38			11.71			(11.15	)		12.86
Total from investment operations		40.26			13.16			6.32			11.79			(11.38	)		12.50

LESS DISTRIBUTIONS FROM:
Net realized gains		—			(1.22	)		—			—			—			(2.88	)
Total distributions		—			(1.22	)		—			—			—			(2.88	)

Net asset value, end of period	$	101.04		$	60.78		$	48.84		$	42.52		$	30.73		$	42.11

TOTAL RETURN ^(c)		66.24	%		27.09	%		14.86	%		38.37	%		(27.02	)%		38.43	%

SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of period (in thousands)	$	2,011,516		$	958,125		$	604,877		$	254,313		$	79,891		$	76,778
Ratio of expenses to average net assets:
Before expense waiver/recoupment^(d)		1.37	%		1.45	%		1.46	%		1.52	%		1.55	%		1.53	%
After expense waiver/recoupment^(d)		1.18	%		1.18	%		1.18	%		1.18	%		1.18	%		1.18	%
Ratio of net investment income (loss) to average net assets ^(d)		(0.70	)%		(0.69	)%		(0.12	)%		0.21	%		(0.71	)%		(0.95	)%
Portfolio turnover rate ^(c)		7	%		16	%		7	%		7	%		11	%		12	%

^(a)	Net investment income per share has been calculated based on average shares outstanding during the periods.

^(b)	Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

^(c)	Not annualized for periods less than one year.

^(d)	Annualized for periods less than one year.

See accompanying Notes to Financial Statements.

Needham Aggressive Growth Fund

Financial Highlights

(For a share outstanding throughout each period/year)

	Retail Class
	Period ended June 30, 2026			Year ended December 31,
	(Unaudited)			2025			2024			2023			2022			2021
PER SHARE DATA:

Net asset value, beginning of period	$	57.23		$	46.26		$	40.47		$	29.40		$	40.56		$	31.58

INVESTMENT OPERATIONS:
Net investment loss ^(a)		(0.39	)		(0.58	)		(0.27	)		(0.17	)		(0.43	)		(0.59	)
Net realized and unrealized gain (loss) on investments ^(b)		38.12			12.77			6.06			11.24			(10.73	)		12.45
Total from investment operations		37.73			12.19			5.79			11.07			(11.16	)		11.86

LESS DISTRIBUTIONS FROM:
Net realized gains		—			(1.22	)		—			—			—			(2.88	)
Total distributions		—			(1.22	)		—			—			—			(2.88	)

Net asset value, end of period	$	94.96		$	57.23		$	46.26		$	40.47		$	29.40		$	40.56

TOTAL RETURN ^(c)		65.93	%		26.51	%		14.31	%		37.65	%		(27.53	)%		37.54	%

SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of period (in thousands)	$	600,089		$	267,532		$	213,702		$	143,772		$	55,027		$	63,599
Ratio of expenses to average net assets:
Before expense waiver/recoupment^(d)		1.62	%		1.70	%		1.65	%		1.78	%		1.82	%		1.82	%
After expense waiver/recoupment^(d)		1.55	%		1.63	%		1.67	%		1.79	%		1.85	%		1.86	%
Ratio of net investment income (loss) to average net assets ^(d)		(1.08	)%		(1.15	)%		(0.58	)%		(0.47	)%		(1.38	)%		(1.62	)%
Portfolio turnover rate ^(c)		7	%		16	%		7	%		7	%		11	%		12	%

^(a)	Net investment income per share has been calculated based on average shares outstanding during the periods.

^(b)	Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

^(c)	Not annualized for periods less than one year.

^(d)	Annualized for periods less than one year.

See accompanying Notes to Financial Statements.

Needham Small Cap Growth Fund

Financial Highlights

(For a share outstanding throughout each period/year)

	Institutional Class
	Period ended June 30, 2026			Year ended December 31,
	(Unaudited)			2025			2024			2023			2022			2021
PER SHARE DATA:

Net asset value, beginning of period	$	21.91		$	19.71		$	17.37		$	16.40		$	24.32		$	26.64

INVESTMENT OPERATIONS:
Net investment income (loss) ^(a)		(0.03	)		(0.12	)		(0.11	)		0.03			(0.14	)		(0.31	)
Net realized and unrealized gain (loss) on investments ^(b)		19.14			2.32			2.45			0.94			(7.14	)		3.81
Total from investment operations		19.11			2.20			2.34			0.97			(7.28	)		3.50

LESS DISTRIBUTIONS FROM:
Net realized gains		—			—			—			—			(0.64	)		(5.82	)
Total distributions		—			—			—			—			(0.64	)		(5.82	)

Net asset value, end of period	$	41.02		$	21.91		$	19.71		$	17.37		$	16.40		$	24.32

TOTAL RETURN ^(c)		87.22	%		11.16	%		13.47	%		5.85	%		(29.82	)%		11.74	%

SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of period (in thousands)	$	272,378		$	125,612		$	127,703		$	120,715		$	137,578		$	173,855
Ratio of expenses to average net assets:
Before expense waiver/recoupment^(d)		1.39	%		1.46	%		1.50	%		1.57	%		1.62	%		1.54	%
After expense waiver/recoupment^(d)		1.18	%		1.18	%		1.18	%		1.18	%		1.18	%		1.18	%
Ratio of net investment income (loss) to average net assets ^(d)		(0.21	)%		(0.61	)%		(0.59	)%		0.16	%		(0.76	)%		(1.04	)%
Portfolio turnover rate ^(c)		80	%		48	%		62	%		126	%		109	%		133	%

^(a)	Net investment income per share has been calculated based on average shares outstanding during the periods.

^(b)	Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

^(c)	Not annualized for periods less than one year.

^(d)	Annualized for periods less than one year.

See accompanying Notes to Financial Statements.

Needham Small Cap Growth Fund

Financial Highlights

(For a share outstanding throughout each period/year)

	Retail Class
	Period ended June 30, 2026			Year ended December 31,
	(Unaudited)			2025			2024			2023			2022			2021
PER SHARE DATA:

Net asset value, beginning of period	$	20.41		$	18.47		$	16.38		$	15.50		$	23.19		$	25.80

INVESTMENT OPERATIONS:
Net investment loss ^(a)		(0.10	)		(0.22	)		(0.21	)		(0.07	)		(0.26	)		(0.48	)
Net realized and unrealized gain (loss) on investments ^(b)		17.79			2.16			2.30			0.95			(6.79	)		3.69
Total from investment operations		17.69			1.94			2.09			0.88			(7.05	)		3.21

LESS DISTRIBUTIONS FROM:
Net realized gains		—			—			—			—			(0.64	)		(5.82	)
Total distributions		—			—			—			—			(0.64	)		(5.82	)

Net asset value, end of period	$	38.10		$	20.41		$	18.47		$	16.38		$	15.50		$	23.19

TOTAL RETURN ^(c)		86.67	%		10.50	%		12.76	%		5.68	%		(30.33	)%		10.98	%

SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of period (in thousands)	$	147,264		$	26,317		$	34,621		$	45,583		$	59,054		$	112,830
Ratio of expenses to average net assets:
Before expense waiver/recoupment^(d)		1.66	%		1.75	%		1.79	%		1.84	%		1.86	%		1.83	%
After expense waiver/recoupment^(d)		1.78	%		1.78	%		1.78	%		1.80	%		1.85	%		1.85	%
Ratio of net investment income (loss) to average net assets ^(d)		(0.68	)%		(1.22	)%		(1.20	)%		(0.48	)%		(1.47	)%		(1.72	)%
Portfolio turnover rate ^(c)		80	%		48	%		62	%		126	%		109	%		133	%

^(a)	Net investment income per share has been calculated based on average shares outstanding during the periods.

^(b)	Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

^(c)	Not annualized for periods less than one year.

^(d)	Annualized for periods less than one year.

See accompanying Notes to Financial Statements.

NEEDHAM FUNDS

Notes to Financial Statements

June 30, 2026 (Unaudited)

1.	ORGANIZATION

Needham Growth Fund (“NGF”), Needham Aggressive Growth Fund (“NAGF”) and Needham Small Cap Growth Fund (“NSCGF”) (each, a “Portfolio” and collectively, the “Portfolios”), are portfolios of The Needham Funds, Inc. (the “Company”), which is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Portfolios are “diversified” for purposes of the 1940 Act. Each Portfolio’s investment objective is to seek long-term, tax-efficient capital appreciation. Please refer to the most recently filed Prospectus and Statement of Additional Information for a detailed description of each Portfolio’s investment strategy. The Company was organized as a Maryland corporation on October 12, 1995. NGF, NAGF, and NSCGF each currently offer two classes, the Retail Class and the Institutional Class. The Institutional Class of each Portfolio commenced operations on December 30, 2016.

Each Portfolio is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 “Financial Services – Investment Companies.”

2.	CLASS SPECIFIC EXPENSES

Class level expenses are allocated daily to each class of shares based upon the ratio of net assets represented by each class as a percentage of the net assets of the Portfolio. Expenses deemed directly attributable to a class of shares are recorded by the specific class. Most Portfolio expenses are allocated by class based on relative net assets. Distribution Fees incurred in connection with the Company’s Amended and Restated Plan of Distribution Pursuant to Rule 12b-1 are expensed at 0.25% of average daily net assets of the Retail Class shares, and the specific amounts are detailed in Note 5.

3.	SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies followed by the Company in the preparation of its financial statements. These policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”).

Security Valuation: Portfolio securities for which market quotations are readily available are stated at the last reported sale price reported by the principal exchange for the security as of the exchange’s close of business. Securities for which no sale has taken place during the day and securities which are not listed on an exchange are valued at the mean of the highest closing bid and lowest asked prices. Exchange traded options are valued at the last reported sale price on any exchange on which the option is principally traded. If no sales are reported on a particular day, the options will be valued at the mean between the highest closing bid and lowest asked prices across the exchanges where the option is traded. Non-exchange traded options will also be valued at the mean between the last bid and asked quotations. For options where market quotations are not readily available, value will be determined in accordance with the fair value procedures described below. All other securities and assets for which (a) market quotations are not readily available, such as in the case of a market or technical disruption that prevents the normal trading of a security held by a Portfolio, (b) market quotations are believed to be unrepresentative of fair market value, such as in the case of a thinly traded security, or (c) valuation is normally made at the last sale price on a foreign exchange and a significant event occurs after the close of that exchange but before the New York Stock Exchange closes, are valued at their fair value as determined in good faith by the Company’s Valuation Designee in accordance with Fair Value Procedures. The Company’s Fair Value Procedures are implemented and monitored by a Fair Value Committee (the “Committee”) established by the Valuation Designee. The Company’s Board of Directors (the “Board”) has designated the Portfolios’ investment adviser as the Company’s Valuation Designee.

When a security is valued in accordance with the Fair Value Procedures, the Committee determines a value after taking into consideration any relevant information that is reasonably available to the Committee. Some of the more common reasons that may necessitate that a security be valued pursuant to these Fair Value Procedures include, but are not limited to: the security’s trading has been halted or suspended; the security has been delisted from a national exchange; the security’s primary trading market is temporarily closed at a time when under normal conditions it would be open; or the security’s primary pricing source is not able or willing to provide a price. The securities of each Portfolio may also be valued on the basis of valuations provided by a pricing service approved by, or on behalf of, the Board.

Portfolio securities listed or traded on securities exchanges, including American Depositary Receipts (“ADRs”), are valued at the closing price on the exchange or system where the security is principally traded or at the NASDAQ Official Closing Price. If there have been no sales for that day on the exchange or system, a security is valued at the mean of the highest closing bid and lowest asked prices on the exchange or system where the security is principally traded. The Portfolios value their investments in money market funds based on their daily net asset values.

NEEDHAM FUNDS

Notes to Financial Statements

June 30, 2026 (Unaudited) (Continued)

Investment Transactions: Changes in holdings of portfolio securities for the Portfolios shall be reflected no later than in the first calculation on the first business day following the trade date for purposes of calculating each Portfolio’s daily net asset value per share. However, for financial reporting purposes, portfolio security transactions are reported on the trade date of the last business day of the reporting period. The cost (proceeds) of investments sold (sold short) is determined on a specific identification basis for the purpose of determining gains or losses on sales and buys to cover short positions. Dividend income, distributions to shareholders and dividend expense from securities sold short are recorded on the ex-dividend date. Interest income and interest expense from securities sold short is recorded on an accrual basis.

Foreign Currency: Foreign currency amounts are translated into U.S. dollars as follows: (i) assets and liabilities at the rate of exchange at the end of the respective period; and (ii) purchases and sales of securities and income and expenses at the rate of exchange prevailing on the dates of such transactions. The portion of realized/unrealized gains (losses) arising from changes in the exchange rates are included with the net realized/unrealized gain (loss) from affiliated and unaffiliated securities, securities sold short and foreign currency translations. Principal risks associated with such transactions include the movement in value of the foreign currency relative to the U.S. dollar and the ability of the counterparty to perform.

The Portfolios may also invest in forward currency contracts. Fluctuations in the value of such forward currency transactions are recorded daily as unrealized gain or loss. Realized gain or loss includes net gain or loss on transactions that have terminated by settlement. These instruments involve securities and currency market risk, credit risk, or both kinds of risks, in excess of the amount recognized in the statements of assets and liabilities. Risks also arise from the possible inability of counterparties to meet the terms of their contracts. The Portfolios did not enter into forward currency contracts during the period ended June 30, 2026.

Allocation of Expenses: Expenses directly attributable to a Portfolio are charged directly to that Portfolio, while expenses which are attributable to more than one Portfolio are allocated among the respective Portfolios based upon relative net assets or some other reasonable method.

Use of Estimates: The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period.

Actual results could differ from those estimates.

Distributions to Shareholders: Dividends from net investment income, if any, are declared and paid annually for the Portfolios. Distributable net realized gains, if any, are declared and distributed at least annually.

Federal Income Taxes: It is the policy of each Portfolio to continue to qualify as a regulated investment company, as defined in the Internal Revenue Code, by complying with the provisions available to certain investment companies and to make distributions of net investment income and net realized capital gains sufficient to relieve it from all, or substantially all, federal income taxes. Accordingly, no provision for income taxes has been made in the Portfolios’ financial statements.

As of December 31, 2025, the Portfolios did not have any tax positions that did not meet the “more-likely-than- not” threshold of being sustained by the applicable tax authority. Open tax years are those that are open for exam by Federal and state taxing authorities. As of December 31, 2025, open Federal and New York tax years include the tax years ended December 31, 2022 through December 31, 2025. The Portfolios have no tax examinations in progress.

Fair Value Measurements: Valuation inputs used to determine the value of the Portfolios’ investments are summarized in the three broad levels listed below:

Level 1 –

Unadjusted quoted prices in active markets for identical assets and liabilities that the Portfolios have the ability to access.

Level 2 –

Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument in an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

Level 3 –

Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Portfolios’ own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

NEEDHAM FUNDS

Notes to Financial Statements

June 30, 2026 (Unaudited) (Continued)

The inputs or methodology used to value securities are not necessarily an indication of the risk associated with investing in those securities.

Portfolio securities listed or traded on securities exchanges, including ADRs, are valued at the closing price on the exchange or system where the security is principally traded or at the NASDAQ Official Closing Price. If there have been no sales for that day on the exchange or system, a security is valued at the mean of the highest closing bid and lowest asked prices on the exchange or system where the security is principally traded. These valuations are typically categorized as Level 1 in the fair value hierarchy.

Fair value pricing may be used if events materially affecting the value of foreign securities occur between the times the exchange on which they are traded closes and the time the Portfolios’ net asset values are calculated. These valuations are categorized as Level 2 in the fair value hierarchy.

The following is a summary categorization, as of June 30, 2026, of each Portfolio’s investments based on the level of inputs utilized in determining the value of such investments:

Needham Growth Fund⁽¹⁾

	Level 1		Level 2		Level 3		Total
Assets ⁽²⁾
Common Stocks	$	261,274,352	$	—	$	—	$	261,274,352
Real Estate Investment Trusts		547,254		—		—		547,254
Short-Term Investments		30,150,639		—		—		30,150,639
Total	$	291,972,245	$	—	$	—	$	291,972,245

Needham Aggressive Growth Fund⁽¹⁾

	Level 1		Level 2		Level 3		Total
Assets ⁽²⁾
Common Stocks	$	2,480,697,419	$	—	$	—	$	2,480,697,419
Real Estate Investment Trusts		13,186,233						13,186,233
Short-Term Investments		121,382,448		—		—		121,382,448
Total	$	2,615,266,100	$	—	$	—	$	2,615,266,100

Needham Small Cap Growth Fund⁽¹⁾

	Level 1		Level 2		Level 3		Total
Assets ⁽²⁾
Common Stocks	$	366,818,088	$	—	$	—	$	366,818,088
Short-Term Investments		60,206,391		—		—		60,206,391
Total	$	427,024,479	$	—	$	—	$	427,024,479

⁽¹⁾	During the period ended June 30, 2026, Needham Growth Fund, Needham Aggressive Growth Fund, and Needham Small Cap Growth Fund did not hold Level 2 or Level 3 investments.

⁽²⁾	Please refer to the Schedule of Investments to view segregation by industry.

Segment reporting: During the period ended December 31, 2025, the Portfolios adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures (“ASU 2023-07”). Adoption of the new standard impacted financial statement disclosures only and did not affect the Portfolios’ financial position or its results of operations. The intent of ASU 2023-07 is, through improved segment disclosures, to enable investors to better understand an entity’s overall performance and to assess its potential future cash flows.

NEEDHAM FUNDS

Notes to Financial Statements

June 30, 2026 (Unaudited) (Continued)

Needham Investment Management L.L.C. (“the Adviser”) acts as the Company’s chief operating decision maker (CODM) assessing performance and making decisions about resource allocation. The CODM has determined that the Company has a single operating segment based on the fact that the CODM monitors the operating results of the Company as a whole and that the Company’s long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Company’s portfolio managers as a team.

The financial information in the form of portfolio composition, total returns, expense ratios and changes in net assets which are used by the CODM to assess the segment’s performance versus comparative benchmarks and to make resource allocation decisions for the Corporation’s single segment, is consistent with that presented within the financial statements. Segment assets are reflected on the accompanying statement of assets and liabilities as “net assets” and significant segment expenses are listed on the accompanying statement of operations.

4.	INVESTMENT ADVISORY AND ADMINISTRATIVE SERVICES

The Company has engaged the Adviser to manage its investments pursuant to an Investment Advisory Agreement. The Company pays the Adviser an investment advisory fee at the annual rate of 1.25% of the respective average daily net assets of each Portfolio.

The Adviser has entered into an agreement with the Company (the “Expense Limitation Agreement”) whereby the Adviser has contractually agreed to waive its investment advisory fee for, and to reimburse expenses of, the Institutional Class and Retail Class shares of each Portfolio in an amount that limits annual operating expenses to not more than 1.18% and 1.85% of the average daily net assets of each Portfolio’s Institutional Class and Retail Class, respectively (excluding taxes, interest, brokerage, dividends on short positions, acquired fund fees and expenses and extraordinary items, but including the investment advisory fee stated in the Investment Advisory Agreement). The Expense Limitation Agreement is effective for the period from March 31, 2026 through March 31, 2027. The Expense Limitation Agreement shall continue in effect from year to year thereafter only upon mutual agreement of the Company and the Adviser. Similar agreements were in effect for periods prior to March 31, 2026 for NGF and NSCGF. Prior to March 31, 2026, the Adviser had contractually agreed to waive its investment advisory fee for, and to reimburse the expenses of, the Institutional and Retail Class Shares of NGF in an amount that limits annual operating expenses to not more than 1.21% and 1.95% of the average daily net assets of each Portfolio’s Institutional Class and Retail Class, respectively (excluding taxes, interest, brokerage, dividends on short positions, acquired fund fees and expenses and extraordinary items, but including the investment advisory fee stated in the Investment Advisory Agreement).

For the periods presented in these financial statements, whenever the reimbursement of expenses and/or the waiver of management fees resulted in different classes of a Portfolio paying different management or custodial fees (or other expenses related to the management of the Portfolio’s assets), the Adviser has waived and/or reimburse such management or custodial fees (or other expenses related to the management of the Portfolio’s assets) to the extent necessary to eliminate such difference.

Any reimbursements or fee waivers made by the Adviser in respect of a Portfolio are subject to recoupment by the Adviser, to the extent that the Portfolio is able to make the repayment within the expense limitation established in the Expense Limitation Agreement. Under the Expense Limitation Agreement, the Adviser has a right to receive from each Portfolio class reimbursement for fee waivers and/or expense reimbursements made pursuant to the Agreement for a period of up to 36 months from the time of any waiver or reimbursement. The table below contains the amounts of fee waivers and expense reimbursements subject to recapture by the Adviser through December 31 of the period indicated:

	2029		2028		2027		2026		Total
NGF (Retail Class)	$	—	$	—	$	—	$	—	$	—
NGF (Institutional Class)		122,127		221,404		224,261		27,560		595,352
NAGF (Retail Class)		—		—		—		—		—
NAGF (Institutional Class)		1,306,863		1,810,535		1,461,717		7,897,265		4,922,030
NSCGF (Retail Class)		—		5,331		1,149		—		6,480
NSCGF (Institutional Class)		193,637		322,348		396,272		195,855		1,108,112

The Company and U.S. Bancorp Fund Services, LLC (the “Administrator”) are parties to a Fund Administration Servicing Agreement. The Administrator provides administrative and fund accounting services pursuant to this agreement and, in consideration of these services, receives a fee computed daily and paid monthly at an annual rate based on a percentage of the value of each Portfolio’s

NEEDHAM FUNDS

Notes to Financial Statements

June 30, 2026 (Unaudited) (Continued)

assets. The Administrator is also compensated for any out of pocket expenses that are reasonably incurred in carrying out its duties under this agreement. The Administrator also provides transfer agent services pursuant to a Transfer Agent Servicing Agreement for additional fees.

Certain officers of the Company are also officers of the Adviser and/or Needham & Company, LLC (the “Distributor”), an affiliate of the Adviser. Such officers receive no fees from the Company for serving as officers of the Company. Each of the two Directors who is not an “interested person” (as defined in the 1940 Act) of the Company (each, an “Independent Director”) receives a quarterly retainer of $3,750 and a per-meeting fee of $1,000. Each Independent Director is also a member of the Audit Committee of the Board and receives a fee of $1,000 per meeting attended. An affiliate of the Adviser provides an employee to serve as Chief Compliance Officer for the Company and to provide certain related services. The affiliate pays the Chief Compliance Officer’s compensation for acting as such and the Company reimburses the affiliate for the Company’s allocated portion of the expense.

5.	DISTRIBUTION PLAN AND BROKERAGE COMMISSIONS

The Company has adopted an Amended and Restated Plan of Distribution pursuant to Rule 12b-1 under the 1940 Act. Under the Plan, each Portfolio may pay compensation to the Distributor or any other distributor or financial institution with which the Company has an agreement with respect to the Retail Class of each Portfolio, with the amount of such compensation not to exceed an annual rate of 0.25% of the daily average net assets of each Portfolio’s Retail Class shares. During the period ended June 30, 2026, NGF, NAGF, and NSCGF Retail Class shares incurred $118,812, $486,856 and $73,353, respectively, pursuant to the Plan.

During the period ended June 30, 2026, NGF, NAGF and NSCGF incurred and paid brokerage commissions to the Distributor in the amount of $7,864, $241,081 and $91,580, respectively.

6.	TEMPORARY BORROWINGS

Each Portfolio may borrow from banks up to 25% of its total assets and may pledge its assets in connection with these borrowings, provided that no additional investments shall be made while borrowings exceed 5% of total assets.

The Portfolios did not engage in any temporary borrowings during the period ended June 30, 2026.

7.	SHORT SALE TRANSACTIONS

During the period ended June 30, 2026, NGF, NAGF and NSCGF sold securities short. Upon selling a security short, the Portfolios record an asset for the settlement amount as “Deposit with Broker for Securities Sold Short” and a corresponding liability, which is marked-to-market to reflect current value. The broker for the Portfolios’ short sale transactions requires maintenance by each Portfolio of a minimum amount of collateral at all times, regardless of whether any short sales are outstanding. To the extent necessary to meet the broker’s collateral requirements for open short positions, additional securities will be segregated above the minimum to cover the short positions. At June 30, 2026, the market value of securities separately segregated to cover short positions was $1,223,550, $1,149,210 and $1,392,400 in NGF, NAGF and NSCGF, respectively.

NGF, NAGF and NSCGF did not hold any securities sold short as of June 30, 2026.

NEEDHAM FUNDS

Notes to Financial Statements

June 30, 2026 (Unaudited) (Continued)

8.	INVESTMENT TRANSACTIONS

The following summarizes the aggregate amount of the cost of purchases and proceeds from sales of investment securities and securities sold short, excluding short-term securities, during the period ended June 30, 2026:

	Purchases		Sales
NGF
Long Transactions	$	33,994,544	$	26,958,375
Short Sale Transactions		292,276		287,000
NAGF
Long Transactions		449,449,508		39,094,609
Short Sale Transactions		468,668		475,550
NSCGF
Long Transactions		164,137,582		101,285,866
Short Sale Transactions		584,422		557,627

9.	FINANCIAL INSTRUMENTS WITH OFF-BALANCE SHEET RISK

In the normal course of their business, the Portfolios may engage in transactions with off-balance sheet risk, including securities sold short, written options, futures, and forward currency contracts. Transactions in certain financial instruments represent future commitments to purchase or sell other financial instruments at specific terms at specified future dates. Each of these financial instruments contains varying degrees of off-balance sheet risk whereby changes in the market values of the securities underlying the financial instruments may be in excess of the amounts recognized in the financial statements.

Securities sold short represent obligations of the Portfolios to make future delivery of specific securities and, correspondingly, create an obligation to purchase the securities at market prices prevailing at a later delivery date (or to deliver the securities if already owned by the Portfolios). As a result, short sales create the risk that the Portfolios’ ultimate obligation to satisfy the delivery requirements may exceed the amount of the proceeds initially received on the liability recorded in the financial statements.

10.

INDEMNIFICATION

Under the Company’s organizational documents, the Company’s Directors and Officers are indemnified against certain liabilities arising out of the performance of their duties to the Company. In addition, in the ordinary course of business, the Company enters into contracts that contain a variety of indemnifications. The Company’s maximum exposure under these arrangements is unknown. However, the Company has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

NEEDHAM FUNDS

Notes to Financial Statements

June 30, 2026 (Unaudited) (Continued)

11.

TRANSACTIONS WITH AFFILIATES

NAGF owned 5% or more of the voting securities of the following companies during the period ended June 30, 2026. As a result, each of these companies is deemed to be an “affiliated person” (as defined in the 1940 Act) of NAGF (and the other Portfolios). Transactions during the year in affiliated companies were as follows:

Security Name	Value at January 1, 2026		Value of Purchases		Value of Sales			Net Change in Unrealized Appreciation (Depreciation)			Net Realized Gains (Losses)			Dividend Income		Value at June 30, 2026		Share Balance June 30, 2026
Alpha Pro Tech, Ltd.	$	2,852,700	$	—	$	—		$	758,150		$	—		$	—	$	3,610,850		642,500
Arteris, Inc.		42,803,250		7,102,661		—			104,367,339			—			7		154,273,250		3,175,000
Asure Software, Inc.		24,209,400		569,991		—			(3,857,491	)		—			—		20,921,900		2,635,000
Educational Development Corp.		1,056,000		—		—			152,000			—			—		1,208,000		800,000
Lantronix, Inc.		—		16,193,565		—			(2,081,565	)		—			—		14,112,000		2,400,000
Matrix Service Co.		16,789,500		—		—			2,870,000			—			—		19,659,500		1,435,000
Metatek-Group, Ltd.		—		9,825,695		—			(2,884,042	)		—			—		6,941,653		2,750,000
Northern Technologies International Corp.		5,584,802		743,065		—			520,133			—			7,375		6,848,000		800,000
Oil-Dri Corp of America		31,076,900		3,103,865		—			35,935,295			—			276,033		70,116,060		686,000
Precision Optics Corp, Inc.		3,013,200		3,443,362		—			2,063,243			—			—		8,519,805		1,670,550
Research Solutions, Inc.		9,246,300		27,813		—			(1,954,513	)		—			—		7,319,600		3,155,000
The Elmet Group Co.		—		31,466,423		—			8,890,033			—			—		40,356,456		2,044,400
Thinkific Labs, Inc.		4,876,325		219,945		—			(1,923,346	)		—			—		3,172,924		3,600,000
ThredUp, Inc.		38,819,250		18,583,982		—			12,295,518			—			—		69,698,750		10,175,000
Unisys Corp.		11,234,856		—		(353,473	)		4,651,058			(1,166,941	)		—		14,365,500		3,925,000
	$	191,562,483	$	91,280,367	$	(353,473	)	$	159,801,812		$	(1,166,941	)	$	283,415	$	441,124,249

⁽¹⁾	The value of these securities agrees to the Investments in Affiliated Securities, at Value in the Statement of Assets and Liabilities.

12.

FEDERAL INCOME TAXES

No provision for federal income taxes is required since the Company intends to continue to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code and distribute substantially all of its taxable income and capital gains to shareholders. Because income tax regulations differ from GAAP, the timing and character of income and capital gain distributions determined in accordance with tax regulations can differ from income and capital gains recognized for financial reporting purposes. Accordingly, the character of distributions and the composition of net assets for tax purposes can differ from those reflected in the financial statements. These book/tax differences may be temporary or permanent in nature. Temporary differences are generally due to differing book and tax treatment for the timing of the recognition of gains and losses on securities, including post-October losses (as described below). Permanent differences are generally due to differing treatment of net investment losses and distributions paid in connection with redemptions. To the extent these differences are permanent, they are charged or credited to paid-in capital or distributable earnings, as appropriate, in the period in which the differences arise. These reclassifications have no effect on net assets or net asset value per share of each Portfolio. For the year ended December 31, 2025, the following table shows the reclassifications made:

	Distributable Earnings/ (Accumulated Deficit)			Paid In Capital
NGF	$	(2,407,430	)	$	2,407,430
NAGF		(347,450	)		347,450
NSCGF		1,042,606			(1,042,606	)

NEEDHAM FUNDS

Notes to Financial Statements

June 30, 2026 (Unaudited) (Continued)

The tax character distributions paid during 2025 and 2024 were as follows:

	2025		2024
NGF
Ordinary income		—		—
Long-term capital gains		10,671,528		7,667,403
Return of capital		—		—
NAGF
Ordinary income		—		—
Long-term capital gains		23,507,911		—
Return of capital		—		—
NSCGF
Ordinary income		—		—
Long-term capital gains		—		—
Return of capital		—		—

As of December 31, 2025, the cost, gross unrealized appreciation, gross unrealized depreciation, and the net unrealized appreciation (depreciation) on securities, including proceeds from securities sold short for federal income tax purposes, were as follows:

	Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
NGF	$	59,104,421	$	93,073,562	$	(2,323,384	)	$	90,750,178
NAGF		882,914,318		414,304,868		(71,811,414	)		342,493,454
NSCGF		143,600,175		27,169,781		(18,687,413	)		8,482,368

The difference between the tax cost of investments and the cost of investments for GAAP purposes is primarily due to the tax treatment for wash sale losses and as it relates to NAGF Passive Foreign Investment Company income. As of December 31, 2025, the components of distributable earnings (loss) on a tax basis were as follows:

	NGF			NAGF			NSCGF
Undistributed ordinary income	$	—		$	277,444		$	—
Undistributed long-term capital gains		6,880,114			—			—
Other accumulated appreciation (depreciation)		(250	)		(67	)		(44,519,434	)
Unrealized appreciation (depreciation)		90,750,178			342,493,454			8,482,368
Total accumulated earnings (loss)	$	97,630,042		$	342,770,831		$	(36,037,066	)

As of December 31, 2025, the Funds had accumulated capital loss carryovers of:

	Capital Loss Carryover ST			Capital Loss Carryover LT			Expires
NGF	$	—		$	—			Indefinite
NAGF	$	—		$	—			Indefinite
NSCGF	$	(7,607,383	)	$	(36,912,051	)		Indefinite

Under current tax law, capital and currency losses realized after October 31 of a Portfolio’s fiscal year may be deferred and treated as occurring on the first business day of the following fiscal year for tax purposes. For the year ended December 31, 2025, NGF, NAGF, and NSCGF had $250, $—, and $— of losses to defer, respectively.

NEEDHAM FUNDS

Notes to Financial Statements

June 30, 2026 (Unaudited) (Continued)

13.

SUBSEQUENT EVENTS

Management has evaluated subsequent events through the date the financial statements were issued. This evaluation did not result in any subsequent events that necessitated recognition or disclosures.

NEEDHAM FUNDS

Supplemental Information

June 30, 2026 (Unaudited)

Federal Income Tax Information

For the fiscal year ended December 31, 2025, certain dividends paid by the Portfolios may be subject to a maximum tax rate of 15%, as provided by the Jobs and Growth Tax Relief Reconciliation Act of 2003. The percentage of dividends declared from ordinary income reported as qualified dividend income was as follows:

NGF	0.00%
NAGF	0.00%
NSCGF	0.00%

For corporate shareholders, the percent of ordinary income distributions qualifying for the corporate dividends received deduction for the fiscal year ended December 31, 2025 was as follows:

NGF	0.00%
NAGF	0.00%
NSCGF	0.00%

The percentage of taxable ordinary income distributions that are designed as short-term capital gain distributions under Internal Revenue Section 871 (k)(2)(C) for each Fund were as follows:

NGF	0.00%
NAGF	0.00%
NSCGF	0.00%

Privacy Policy

It is the policy of the Company to keep personally identifiable financial information about you as an individual (“nonpublic personal information”) confidential, and use or disclose it only as necessary to provide services to you or the Company or as otherwise required or permitted by law. We may collect the following nonpublic personal information about you:

●

Information we receive from you on or in applications or other forms, correspondence, or conversations, including, but not limited to, your name, address, phone number, social security number, assets, income and date of birth; and

●

Information about your transactions with us, our affiliates, or others, including, but not limited to, your account number and balance, payments history, parties to transactions, cost basis information, other financial information and information about how you vote your shares.

We disclose nonpublic personal information about current and former shareholders to companies that provide necessary services to the Company. These companies include the transfer agent, distributor, administrator and investment adviser as well as other affiliates of the Company. We maintain physical, electronic and procedural safeguards that comply with federal standards to guard your nonpublic personal information and restrict access to this information to those persons who need it to provide services to you or the Company or who are otherwise permitted by law to receive it. In the event that you hold any shares of our funds through a financial intermediary, including, but not limited to, a broker-dealer, bank, or trust company, the privacy policy of your financial intermediary governs how your nonpublic personal information is shared with nonaffiliated third parties. If you have any questions concerning the Company’s Privacy Policy, please call 1-800-860-3865.

Disclosure of Portfolio Holdings

Each Portfolio files its complete schedule of portfolio holdings with the Securities and Exchange Commission (“SEC”) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. For the Portfolios, this would be for the fiscal quarters ending March 31 and September 30. Each Portfolio’s Form N-PORT reports are available without charge, upon request, by calling 800-625-7071 or on the SEC’s website at http://www.sec.gov.

NEEDHAM FUNDS

Supplemental Information

June 30, 2026 (Unaudited) (Continued)

Voting Proxies on Company Portfolio Securities

A description of the policies and procedures that the Company uses to determine how to vote proxies relating to portfolio securities and information regarding how the Company voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 are available without charge, upon request, by calling 800-625-7071 or on the SEC’s website at http://www.sec.gov.

Household Delivery of Shareholder Documents

To reduce expenses, the Company may mail only one copy of the Portfolios’ prospectuses, proxy statements, information statements, and each annual and semi-annual report to those addresses shared by two or more accounts. If you wish to receive individual copies of these documents, please call the Portfolios at 1-800-625-7071 or contact your financial institution. You will begin receiving individual copies thirty days after receiving your request.

Index Disclaimer

The Portfolios have been developed solely by the Adviser. The Portfolios are not in any way connected to or sponsored, endorsed, sold or promoted by the London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). FTSE Russell is a trading name of certain of the LSE Group companies.

All rights in the Russell 2000^® Index and the Russell 3000^® Index (together, the “Indexes”) vest in the relevant LSE Group company which owns the Index. “Russell^®” is a trade mark of the relevant LSE Group company and is used by any other LSE Group company under license. The Indexes are calculated by or on behalf of FTSE International Limited or its affiliate, agent or partner. The LSE Group does not accept any liability whatsoever to any person arising out of (a) the use of, reliance on or any error in the Indexes or (b) investment in or operation of the Portfolios. The LSE Group makes no claim, prediction, warranty or representation either as to the results to be obtained from the Portfolios or the suitability of the Indexes for the purpose to which it is being put by the Adviser.

The source of the data for each of the Indexes is the LSE Group.^© LSE Group 2021. All rights in the Indexes or data vest in the relevant LSE Group company which owns the Index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the Indexes or data and no party may rely on any Indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.

Statement Regarding Liquidity Risk Management Program

The Company has adopted a liquidity risk management program (the “LRMP”) pursuant to the requirements of Rule 22e-4 under the 1940 Act, which requires registered open-end funds (other than money market funds) to adopt and implement a written liquidity risk management program that is reasonably designed to assess and manage fund liquidity risk. The rule is designed to promote effective liquidity risk management throughout the open-end fund industry, thereby reducing liquidity risk—i.e., the risk that a fund could not meet requests to redeem shares issued by the fund without significant dilution of remaining investors’ interests in the fund.

Pursuant to the requirements of Rule 22e-4, the LRMP is required to include policies and procedures reasonably designed to incorporate the following elements, and the LRMP complies with these requirements: (1) assessment, management and periodic review of liquidity risk; (2) classification of each Portfolio’s investments into one of the four liquidity categories in Rule 22e-4; (3) if the Portfolio does not primarily hold assets that are considered highly liquid investments (cash and other investments reasonably expected to be convertible into cash in current market conditions in three business days or less without the conversion into cash significantly changing the market value of the investment), determination of a “highly liquid investment minimum” (as defined in Rule 22e-4, the “HLIM”) and compliance with additional related requirements; (4) prohibition on the acquisition of any “illiquid investment” (as defined in Rule 22e-4) if immediately after the acquisition the Portfolio would have invested more than 15% of its net assets in illiquid investments; and (5) if the Portfolios reserve the right to engage in redemptions in-kind, establishment of policies and procedures regarding how and when the Portfolios will engage in such redemptions in-kind. There have been no material changes to the LRMP since it was initially approved by the Board.

The Board has approved the Adviser to administer the LRMP (the “Program Administrator”). As Program Administrator, the Adviser delegates the day-to-day activities required by the LRMP to a Liquidity Committee comprised of various Company officers and others within the Adviser (the “Liquidity Committee”), and the Liquidity Committee seeks assistance from and works together with Fund Services in effectuating the requirements of the LRMP as necessary.

NEEDHAM FUNDS

Supplemental Information

June 30, 2026 (Unaudited) (Continued)

Pursuant to the requirements of Rule 22e-4, the Board must review, no less frequently than annually, a written report prepared by the Program Administrator that addresses the operation of the program and assesses its adequacy and effectiveness of implementation, including, if applicable, the operation of the HLIM, and any material changes to the program. The Board received a written report in October 2025 (the “Annual Report”).

The Annual Report states that the Adviser, as the Program Administrator, acting primarily through the Liquidity Committee, has assessed the operation of the LRMP and believes that the LRMP is reasonably designed to assess and manage the Portfolios’ liquidity risk and is adequate and effective in its implementation. The Program Administrator and the Liquidity Committee initially determined that each Portfolio primarily holds assets that are highly liquid investments, and the Annual Report states that this determination continues to be maintained so that no Portfolio needs to maintain a HLIM. In addition, the Annual Report states that, since the LRMP was implemented, no Portfolio has breached its limit on illiquid investments.

(b)

Financial Highlights are included within the financial statements filed under Item 7 of this Form.

Item 8. Changes in and Disagreements with Accountants for Open-End Investment Companies.

There were no changes in or disagreements with accountants during the period covered by this report.

Item 9. Proxy Disclosure for Open-End Investment Companies.

There were no matters submitted to a vote of shareholders during the period covered by this report.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies.

See Item 7(a).

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

Not applicable.

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 13. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable to open-end investment companies.

Item 15. Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of directors.

Item 16. Controls and Procedures.

(a)

The Registrant's Principal Executive Officer and Principal Financial Officer have reviewed the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the "Act")) as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934. Based on their review, such officers have concluded that the disclosure controls and procedures are effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known to them by others within the Registrant and by the Registrant's service provider.

(b)

There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies

Not applicable to open-end investment companies.

Item 18. Recovery of Erroneously Awarded Compensation.

Not applicable

Item 19. Exhibits.

(a)

(1) Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit. Incorporated by reference to the Registrant's Form N-CSR filed on March 11, 2022.

(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant's securities are listed.

Not Applicable

(3) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)). Filed herewith.

(4) Any written solicitation to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons.

Not Applicable

(5)

Change in the registrant's independent public accountant. Provide the information called for by Item 4 of Form 8-K under the Exchange Act (17 CFR 249.308). Unless otherwise specified by Item 4, or related to and necessary for a complete understanding of information not previously disclosed, the information should relate to events occurring during the reporting period

Not Applicable

(b)

Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. Furnished herewith.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) The Needham Funds, Inc.

By (Signature and Title)*_/s/ George A. Needham

George A. Needham, President (Principal Executive Officer)

Date 8/21/2026

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)*_/s/ George A. Needham _____

George A. Needham, President (Principal Executive Officer)

Date 8/21/2026

By (Signature and Title)*_/s/ James W. Giangrasso _____

James W. Giangrasso, Treasurer and Secretary (Principal Financial Officer)

Date 8/21/2026

* Print the name and title of each signing officer under his or her signature.