0000894189-13-002949.txt : 20130522 0000894189-13-002949.hdr.sgml : 20130522 20130522114823 ACCESSION NUMBER: 0000894189-13-002949 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 7 FILED AS OF DATE: 20130522 DATE AS OF CHANGE: 20130522 EFFECTIVENESS DATE: 20130522 FILER: COMPANY DATA: COMPANY CONFORMED NAME: NEEDHAM FUNDS INC CENTRAL INDEX KEY: 0001002537 IRS NUMBER: 133865553 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1940 Act SEC FILE NUMBER: 811-09114 FILM NUMBER: 13864076 BUSINESS ADDRESS: STREET 1: 445 PARK AVE CITY: NEW YORK STATE: NY ZIP: 10022 BUSINESS PHONE: 2123718300 MAIL ADDRESS: STREET 1: 445 PARK AVE CITY: NEW YORK STATE: NY ZIP: 10022 FILER: COMPANY DATA: COMPANY CONFORMED NAME: NEEDHAM FUNDS INC CENTRAL INDEX KEY: 0001002537 IRS NUMBER: 133865553 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1933 Act SEC FILE NUMBER: 033-98310 FILM NUMBER: 13864077 BUSINESS ADDRESS: STREET 1: 445 PARK AVE CITY: NEW YORK STATE: NY ZIP: 10022 BUSINESS PHONE: 2123718300 MAIL ADDRESS: STREET 1: 445 PARK AVE CITY: NEW YORK STATE: NY ZIP: 10022 0001002537 S000003649 Needham Growth Fund C000010138 Needham Growth Fund NEEGX 0001002537 S000003815 Needham Aggressive Growth Fund C000010644 Needham Aggressive Growth Fund NEAGX 0001002537 S000003816 Needham Small Cap Growth Fund C000010645 Needham Small Cap Growth Fund NESGX 485BPOS 1 needham_bxbrl.htm POST EFFECTIVE AMENDMENT FOR XBRL needham_bxbrl.htm

 
File No. 33-98310
811-09114 

 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
 
FORM N-1A
 
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933
 
[x]
Pre-Effective Amendment No.
[  ]
 
Post-Effective Amendment No. 27
[x]
 
and/or
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940
 
[x]
Amendment No. 29
   
 
(check appropriate box or boxes)
 
THE NEEDHAM FUNDS, INC.  

(Exact name of Registrant as Specified in Charter)
 
445 Park Avenue
New York, New York 10022  

(Address of Principal Executive Offices)                                                                                         (Zip Code)
 
Registrant’s Telephone Number, including Area Code:  (212) 371-8300
 
 
James W. Giangrasso
Copy to:
Jana Manes, Esq.
 
The Needham Funds, Inc.
 
Stroock & Stroock & Lavan LLP
 
445 Park Avenue
 
180 Maiden Lane
 
New York, New York 10022
 
New York, NY 10038

 (Name and Address of Agent for Service)
 
Approximate Date of Proposed Public Offering: as soon as practicable, following effectiveness of this filing.
 
It is proposed that this filing will become effective (check appropriate box):
 
[x ]
immediately upon filing pursuant to paragraph (b)
[  ]
on (date)  pursuant to paragraph (b)

[  ]
60 days after filing pursuant to paragraph (a)(1)
[  ]
on (date) pursuant to paragraph (a)(1)

[  ]
75 days after filing pursuant to paragraph (a)(2)
[  ]
on (date) pursuant to paragraph (a)(2) of Rule 485

If appropriate, check the following box:
 
[  ]           this post-effective amendment designates a new effective date for a previously filed post-effective amendment.

Explanatory Note:  
This Post-Effective Amendment No. 27 to the Registration Statement of The Needham Funds, Inc. on Form N-1A hereby incorporates Parts A, B and C from the Company’s PEA No. 26 on Form N-1A filed April 30, 2013.  This PEA No. 27 is filed for the sole purpose of submitting the XBRL exhibit for the risk/return summary first provided in PEA No. 26 to the Trust’s Registration Statement.
 
 
 
 

 
 
 
SIGNATURES

 Pursuant to the requirements of the Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended, the Registrant certifies that it meets all of the requirements for effectiveness of this registration statement under Rule 485(b) under the Securities Act and has duly caused this amendment to Registrant's registration statement to be signed on its behalf by the undersigned, duly authorized in the City of New York, State of New York, on the 22nd of May, 2013.
 
THE NEEDHAM FUNDS, INC.

By    /s/ George A. Needham                            
George A. Needham
Chairman and President

 Pursuant to the requirements of the Securities Act of 1933, this Amendment to the Registration Statement has been signed below by the following persons in the capacities and on the date indicated.


Signature
 
Title
Date
       
/s/ George A. Needham                      
     
George A. Needham
 
 
Director, Chairman and President
(Principal Executive Officer)
 
 May 22, 2013
/s/ John W. Larson                           
     
John W. Larson
 
 
Director
 May 22, 2013
/s/ James P. Poitras                           
     
James P. Poitras
 
 
Director
 May 22, 2013
/s/ F. Randall Smith                            
     
F. Randall Smith
 
 
Director
 May 22, 2013
/s/James W. Giangrasso                    
     
James W. Giangrasso
 
Chief Financial Officer, Treasurer
and Secretary (Principal Financial
and Accounting Officer)
 May 22, 2013
 
 
 

 

EXHIBIT INDEX

Exhibit
Exhibit No.
Instance Document
EX-101.INS
Schema Document
EX-101.SCH
Calculation Linkbase Document
EX-101.CAL
Definition Linkbase Document
EX-101.DEF
Label Linkbase Document
EX-101.LAB
Presentation Linkbase Document
EX-101.PRE

 
 
 
 
 
2
 

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Acquired fund fees and expenses are not included in the Financial Highlights section of this Prospectus, which reflects only the operating expenses of the Aggressive Growth Fund. Acquired fund fees and expenses are not included in the Financial Highlights section of this Prospectus, which reflects only the operating expenses of the Small Cap Growth Fund. NEEDHAM FUNDS INC 485BPOS false 0001002537 2012-12-31 2013-04-30 2013-05-01 2013-05-01 Needham Growth Fund NEEGX Investment Objective <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">The Needham Growth Fund (the &#8220;Growth Fund&#8221;) seeks long-term, tax-efficient capital appreciation.</font> </div> Example <div style="TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">This example is intended to help you compare the cost of investing in the Growth Fund with the cost of investing in other mutual funds.</font> </div> <br/><div align="left" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt"> <font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">The example assumes that you invest $10,000 in the Growth Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year, that all dividends and distributions have been reinvested, and that the Growth Fund&#8217;s operating expenses remain the same.</font></div> 198 612 1052 2275 ~ http://needham.com/20130430/role/ScheduleExpenseExampleTransposed20003 column dei_LegalEntityAxis compact ck0001002537_S000003649Member row primary compact * ~ Although your actual costs may be higher or lower, based on these assumptions your costs would be: Portfolio Turnover <div style="TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">The Growth Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Growth Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Growth Fund&#8217;s performance. During the most recent fiscal year, the Growth Fund&#8217;s portfolio turnover rate was 17% of the average value of its portfolio.</font> </div> 0.17 Principal Investment Strategies <div style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Under normal conditions, the Growth Fund invests at least 65% of its total assets in equity securities of domestic issuers listed on a nationally recognized securities exchange or traded on the NASDAQ System. The Growth Fund invests, in general, in stocks from a variety of industries included in the healthcare, technology, specialty retailing, oil services and industrial, media/leisure/cable/entertainment and business and consumer services sectors. These are some of the sectors within the economy which the Adviser believes will have significant long-term growth rates and often include the stocks of rapidly growing companies with a variety of market capitalizations.</font> </div> Principal Investment Risks <div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">The Growth Fund invests primarily in equity securities that fluctuate in value. Political and economic news can influence market-wide trends. Other factors may cause price swings in a single company&#8217;s stock or the stocks of the companies within a given industry. The Growth Fund invests in stocks believed by the investment adviser to have the potential for growth, but that may not realize such perceived potential for extended periods of time or may never realize such perceived growth potential. Such stocks may be more volatile than other stocks because they can be more sensitive to investor perceptions of the issuing company&#8217;s growth potential. The Growth Fund often invests in smaller companies that may have limited product lines, markets or financial resources. These smaller companies may trade at a lower volume than more widely held securities and may fluctuate in value more sharply than those of other securities. Although the Growth Fund is classified as &#8220;diversified&#8221; under the Investment Company Act of 1940, as amended (the &#8220;1940 Act&#8221;), the Growth Fund may invest its assets in a smaller number of issuers than other, more diversified, funds. The Growth Fund&#8217;s net asset value (&#8220;NAV&#8221;) may be more vulnerable to changes in the market value of a single issuer or group of issuers and may be relatively more susceptible to adverse effects from any single corporate, industry, economic, market, political or regulatory occurrence than if the Growth Fund&#8217;s investments consisted of securities issued by a larger number of issuers. Loss of money is a risk of investing in the Growth Fund.</font> </div> Loss of money is a risk of investing in the Growth Fund. Fees and Expenses of the Growth Fund <div style="TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">This table describes the fees and expenses you may pay if you buy and hold shares of the Growth Fund.</font> </div> 0.0000 0.0000 0.0000 -0.0200 0.0125 0.0025 0.0012 0.0032 0.0044 0.0001 0.0195 ~ http://needham.com/20130430/role/ScheduleShareholderFees20001 column dei_LegalEntityAxis compact ck0001002537_S000003649Member row primary compact * ~ ~ http://needham.com/20130430/role/ScheduleAnnualFundOperatingExpenses20002 column dei_LegalEntityAxis compact ck0001002537_S000003649Member row primary compact * ~ Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Acquired fund fees and expenses are not included in the Financial Highlights section of this Prospectus, which reflects only the operating expenses of the Growth Fund. Shareholder Fees (fees paid directly from your investment) Bar Chart and Performance Table <div style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">The information in the bar chart and table that follows provides some indication of the risks of investing in the Growth Fund by showing changes in the Growth Fund&#8217;s performance from year to year and by showing how the Growth Fund&#8217;s average annual returns for the 1, 5 and 10 years and for the life of the Growth Fund compare to those of broad measures of market performance.</font> </div> <br/><div style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">The Growth Fund&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Growth Fund will perform in the future. Updated performance information is available on the Growth Fund&#8217;s Web site at www.needhamfunds.com.</font> </div> 0.4734 0.0620 0.1450 0.1805 0.0309 -0.4041 0.4687 0.3137 -0.1094 0.1280 ~ http://needham.com/20130430/role/ScheduleAnnualTotalReturnsBarChart20004 column dei_LegalEntityAxis compact ck0001002537_S000003649Member column rr_ProspectusShareClassAxis compact ck0001002537_C000010138Member row primary compact * ~ highest quarterly return 0.2361 2003-06-30 lowest quarterly return -0.2610 2008-12-31 <div style="TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">During the ten-year period shown in the above chart, the highest quarterly return was 23.61% (for the quarter ended 6/30/03) and the lowest quarterly return was -26.10% (for the quarter ended 12/31/08).</font> </div> Average annual total returns for the periods ended December 31, 2012 <div style="TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">The following table shows the Growth Fund&#8217;s average annual returns (before and after taxes) and the change in value of certain broad-based market indices over various periods ended December 31, 2012. The index information is intended to permit you to compare the Growth Fund&#8217;s performance to several broad measures of market performance. The NASDAQ Composite Index, the S&amp;P 400 MidCap Index and the Russell 2000 Index are relevant to the Growth Fund because they have characteristics similar to the Growth Fund&#8217;s investment strategies.</font> </div> <br/><div style="TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not include the impact of state and local taxes. In some instances, the <font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#8220;Return After Taxes on Distributions and Redemption&#8221;</font> may be greater than the <font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#8220;Return Before Taxes&#8221;</font> because you are assumed to be able to use the capital loss on the sale of shares to offset other taxable gains.</font> </div> <br/><div style="TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Your actual after-tax returns depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their shares in a tax-deferred account (including a 401(k) or IRA), or to investors who are tax-exempt.</font> </div> 0.1280 0.0293 0.0968 0.1319 Return Before Taxes 0.1127 0.0229 0.0904 0.1194 Return After Taxes on Distributions 0.1025 0.0240 0.0854 0.1149 Return After Taxes on Distributions and Redemption 0.1600 0.0166 0.0710 0.0701 S&P 500 Index (reflect no deduction for fees, expenses or taxes) 0.1775 0.0378 0.0946 0.0710 NASDAQ Composite Index (reflect no deduction for fees, expenses or taxes) 0.1788 0.0515 0.1053 0.1096 S&P 400 MidCap Index (reflect no deduction for fees, expenses or taxes) 0.1635 0.0356 0.0972 0.0740 Russell 2000 Index (reflect no deduction for fees, expenses or taxes) 1996-01-01 1996-01-01 1996-01-01 1996-01-01 1996-01-01 ~ http://needham.com/20130430/role/ScheduleAverageAnnualReturnsTransposed20005 column dei_LegalEntityAxis compact ck0001002537_S000003649Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not include the impact of state and local taxes. The information in the bar chart and table that follows provides some indication of the risks of investing in the Growth Fund by showing changes in the Growth Fund's performance from year to year and by showing how the Growth Fund's average annual returns for the 1, 5 and 10 years and for the life of the Growth Fund compare to those of broad measures of market performance. The Growth Fund's past performance (before and after taxes) is not necessarily an indication of how the Growth Fund will perform in the future. reflect no deduction for fees, expenses or taxes In some instances, the "Return After Taxes on Distributions and Redemption" may be greater than the "Return Before Taxes" because you are assumed to be able to use the capital loss on the sale of shares to offset other taxable gains. www.needhamfunds.com Your actual after-tax returns depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their shares in a tax-deferred account (including a 401(k) or IRA), or to investors who are tax-exempt. Average annual total returns for the periods ended December 31, 2012 Needham Aggressive Growth Fund NEAGX Investment Objective <div style="TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">The Needham Aggressive Growth Fund (the &#8220;Aggressive Growth Fund&#8221;) seeks long-term, tax-efficient capital appreciation.</font> </div> Example <div style="TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">This example is intended to help you compare the cost of investing in the Aggressive Growth Fund with the cost of investing in other mutual funds.</font> </div> <br/><div align="left" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt"> <font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">The example assumes that you invest $10,000 in the Aggressive Growth Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year, that all dividends and distributions have been reinvested, and that the Aggressive Growth Fund&#8217;s operating expenses remain the same.</font></div> 209 646 1108 2390 ~ http://needham.com/20130430/role/ScheduleExpenseExampleTransposed20010 column dei_LegalEntityAxis compact ck0001002537_S000003815Member row primary compact * ~ Although your actual costs may be higher or lower, based on these assumptions your costs would be: Portfolio Turnover <div style="TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">The Aggressive Growth Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Aggressive Growth Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Aggressive Growth Fund&#8217;s performance. During the most recent fiscal year, the Aggressive Growth Fund&#8217;s portfolio turnover rate was 15% of the average value of its portfolio.</font> </div> 0.15 Principal Investment Strategies <div style="TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Under normal conditions, the Aggressive Growth Fund invests at least 65% of its total assets in equity securities of domestic issuers listed on a nationally recognized securities exchange or traded on the NASDAQ System. The Aggressive Growth Fund invests, in general, in markets and industries with strong growth potential, focusing primarily on the market leaders in these areas as these companies often garner a disproportionate share of the positive financial returns. Although the Aggressive Growth Fund invests in companies of all sizes, the Aggressive Growth Fund&#8217;s investment strategy may require it to often invest in smaller companies. The Aggressive Growth Fund focuses on healthcare, technology, business and consumer services, media, communications, financial and energy company stocks, but invests in companies in any industry that fits its profile.</font> <!--EFPlaceholder--><br /> </div> Principal Investment Risks <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">The Aggressive Growth Fund invests primarily in equity securities that fluctuate in value. Political and economic news can influence market-wide trends. Other factors may cause price swings in a single company&#8217;s stock or the stocks of the companies within a given industry. The Aggressive Growth Fund invests in stocks believed by the investment adviser to have the potential for growth, but that may not realize such perceived potential for extended periods of time or may never realize such perceived growth potential. Such stocks may be more volatile than other stocks because they can be more sensitive to investor perceptions of the issuing company&#8217;s growth potential. The Aggressive Growth Fund often invests in smaller companies that may have limited product lines, markets or financial resources. These smaller companies may trade at a lower volume than more widely held securities and may fluctuate in value more sharply than those of other securities. Although the Aggressive Growth Fund is classified as &#8220;diversified&#8221; under the 1940 Act, the Aggressive Growth Fund may invest its assets in a smaller number of issuers than other, more diversified, funds. The Aggressive Growth Fund&#8217;s NAV may be more vulnerable to changes in the market value of a single issuer or group of issuers and may be relatively more susceptible to adverse effects from any single corporate, industry, economic, market, political or regulatory occurrence than if the Aggressive Growth Fund&#8217;s investments consisted of securities issued by a larger number of issuers. Loss of money is a risk of investing in the Aggressive Growth Fund.</font> </div> Loss of money is a risk of investing in the Aggressive Growth Fund. Fees and Expenses of the Aggressive Growth Fund <div style="TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">This table describes the fees and expenses you may pay if you buy and hold shares of the Aggressive Growth Fund.</font> </div> 0.0000 0.0000 0.0000 -0.0200 0.0125 0.0025 0.0017 0.0039 0.0056 0.0000 0.0206 ~ http://needham.com/20130430/role/ScheduleShareholderFees20008 column dei_LegalEntityAxis compact ck0001002537_S000003815Member row primary compact * ~ ~ http://needham.com/20130430/role/ScheduleAnnualFundOperatingExpenses20009 column dei_LegalEntityAxis compact ck0001002537_S000003815Member row primary compact * ~ Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Acquired fund fees and expenses are not included in the Financial Highlights section of this Prospectus, which reflects only the operating expenses of the Aggressive Growth Fund. Shareholder Fees (fees paid directly from your investment) Bar Chart and Performance Table <div style="TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">The information in the bar chart and table that follows provides some indication of the risks of investing in the Aggressive Growth Fund by showing changes in the Aggressive Growth Fund&#8217;s performance from year to year and by showing how the Aggressive Growth Fund&#8217;s average annual returns for the 1, 5 and 10 years and for the life of the Aggressive Growth Fund compare to those of broad measures of market performance.</font> </div> <br/><div style="TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Aggressive Growth Fund&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Aggressive Growth Fund will perform in the future. Updated performance information is available on the Aggressive Growth Fund&#8217;s Web site at www.needhamfunds.com.</font> </div> 0.2662 0.1164 0.0970 0.1222 0.1558 -0.2760 0.3118 0.3942 -0.1377 0.1461 ~ http://needham.com/20130430/role/ScheduleAnnualTotalReturnsBarChart20011 column dei_LegalEntityAxis compact ck0001002537_S000003815Member column rr_ProspectusShareClassAxis compact ck0001002537_C000010644Member row primary compact * ~ highest quarterly return 0.1989 2009-06-30 lowest quarterly return -0.2693 2011-09-30 <div style="TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">During the ten-year period shown in the above chart, the highest quarterly return was 19.89% (for the quarter ended 6/30/09) and the lowest quarterly return was -26.93% (for the quarter ended 9/30/11).</font> </div> Average annual total returns for the periods ended December 31, 2012 <div style="TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">The following table shows the Aggressive Growth Fund&#8217;s average annual returns (before and after taxes) and the change in value of certain broad-based market indices over various periods ended December 31, 2012. The index information is intended to permit you to compare the Aggressive Growth Fund&#8217;s performance to several broad measures of market performance. The NASDAQ Composite Index and the Russell 2000 Index are relevant to the Aggressive Growth Fund because they have characteristics similar to the Aggressive Growth Fund&#8217;s investment strategies.</font> </div> <br/><div style="TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not include the impact of state and local taxes. In some instances, the <font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#8220;Return After Taxes on Distributions and Redemption&#8221;</font> may be greater than the <font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#8220;Return Before Taxes&#8221;</font> because you are assumed to be able to use the capital loss on the sale of shares to offset other taxable gains.</font> </div> <br/><div style="TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Your actual after-tax returns depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their shares in a tax-deferred account (including a 401(k) or IRA), or to investors who are tax-exempt.</font> </div> 0.1461 0.0552 0.1016 0.0823 Return Before Taxes 0.1459 0.0520 0.0955 0.0762 Return After Taxes on Distributions 0.0951 0.0466 0.0889 0.0710 Return After Taxes on Distributions and Redemption 0.1600 0.0166 0.0710 0.0409 S&P 500 Index (reflect no deduction for fees, expenses or taxes) 0.1775 0.0378 0.0946 0.0552 NASDAQ Composite Index (reflect no deduction for fees, expenses or taxes) 0.1635 0.0356 0.0972 0.0683 Russell 2000 Index (reflect no deduction for fees, expenses or taxes) 2001-09-04 2001-09-04 2001-09-04 2001-09-04 ~ http://needham.com/20130430/role/ScheduleAverageAnnualReturnsTransposed20012 column dei_LegalEntityAxis compact ck0001002537_S000003815Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not include the impact of state and local taxes. The information in the bar chart and table that follows provides some indication of the risks of investing in the Aggressive Growth Fund by showing changes in the Aggressive Growth Fund's performance from year to year and by showing how the Aggressive Growth Fund's average annual returns for the 1, 5 and 10 years and for the life of the Aggressive Growth Fund compare to those of broad measures of market performance. The Aggressive Growth Fund's past performance (before and after taxes) is not necessarily an indication of how the Aggressive Growth Fund will perform in the future. reflect no deduction for fees, expenses or taxes In some instances, the "Return After Taxes on Distributions and Redemption" may be greater than the "Return Before Taxes" because you are assumed to be able to use the capital loss on the sale of shares to offset other taxable gains. www.needhamfunds.com Your actual after-tax returns depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their shares in a tax-deferred account (including a 401(k) or IRA), or to investors who are tax-exempt. Average annual total returns for the periods ended December 31, 2012 Needham Small Cap Growth Fund NESGX Investment Objective <div style="TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">The Needham Small Cap Growth Fund (the &#8220;Small Cap Growth Fund&#8221;) seeks long-term, tax-efficient capital appreciation.</font> </div> Example <div style="TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">This example is intended to help you compare the cost of investing in the Small Cap Growth Fund with the cost of investing in other mutual funds.</font> </div> <br/><div align="left" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt"> <font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The example assumes that you invest $10,000 in the Small Cap Growth Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year, that all dividends and distributions have been reinvested, and that the Small Cap Growth Fund&#8217;s operating expenses remain the same.</font></div> 208 643 1103 2379 ~ http://needham.com/20130430/role/ScheduleExpenseExampleTransposed20017 column dei_LegalEntityAxis compact ck0001002537_S000003816Member row primary compact * ~ Although your actual costs may be higher or lower, based on these assumptions your costs would be: Portfolio Turnover <div style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">The Small Cap Growth Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Small Cap Growth Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Small Cap Growth Fund&#8217;s performance. During the most recent fiscal year, the Small Cap Growth Fund&#8217;s portfolio turnover rate was 72% of the average value of its portfolio.</font> </div> 0.72 Principal Investment Strategies <div style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Under normal conditions, the Small Cap Growth Fund invests at least 80% of its net assets in equity securities of domestic issuers listed on a nationally recognized securities exchange or traded on the NASDAQ System that have market capitalizations not exceeding $3 billion at the time of investment. The Small Cap Growth Fund invests, in general, in companies with strong growth potential that, for a variety of reasons, including the market&#8217;s inefficiencies, are trading at a discount to their underlying value where a catalyst is in place to eliminate that discount.</font> </div> Principal Investment Risks <div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">The Small Cap Growth Fund invests primarily in equity securities that fluctuate in value. Political and economic news can influence market-wide trends. Other factors may cause price swings in a single company&#8217;s stock or the stocks of the companies within a given industry. The Small Cap Growth Fund often invests in smaller companies that may have limited product lines, markets or financial resources. These smaller companies may trade at a lower volume than more widely held securities and may fluctuate in value more sharply than those of other securities. The Small Cap Growth Fund invests in stocks believed by the investment adviser to have the potential for growth, but that may not realize such perceived potential for extended periods of time or may never realize such perceived growth potential. Such stocks may be more volatile than other stocks because they can be more sensitive to investor perceptions of the issuing company's growth potential. Although the Small Cap Growth Fund is classified as &#8220;diversified&#8221; under the 1940 Act, the Small Cap Growth Fund may invest its assets in a smaller number of issuers than other, more diversified, funds. The Small Cap Growth Fund&#8217;s NAV may be more vulnerable to changes in the market value of a single issuer or group of issuers and may be relatively more susceptible to adverse effects from any single corporate, industry, economic, market, political or regulatory occurrence than if the Small Cap Growth Fund&#8217;s investments consisted of securities issued by a larger number of issuers. Loss of money is a risk of investing in the Small Cap Growth Fund.</font> </div> Loss of money is a risk of investing in the Small Cap Growth Fund. Fees and Expenses of the Small Cap Growth Fund <div style="TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">This table describes the fees and expenses you may pay if you buy and hold shares of the Small Cap Growth Fund.</font> </div> 0.0000 0.0000 0.0000 -0.0200 0.0125 0.0025 0.0012 0.0042 0.0054 0.0001 0.0205 ~ http://needham.com/20130430/role/ScheduleShareholderFees20015 column dei_LegalEntityAxis compact ck0001002537_S000003816Member row primary compact * ~ ~ http://needham.com/20130430/role/ScheduleAnnualFundOperatingExpenses20016 column dei_LegalEntityAxis compact ck0001002537_S000003816Member row primary compact * ~ Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Acquired fund fees and expenses are not included in the Financial Highlights section of this Prospectus, which reflects only the operating expenses of the Small Cap Growth Fund. Shareholder Fees (fees paid directly from your investment) Bar Chart and Performance Table <div style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">The information in the bar chart and table that follow provides some indication of the risks of investing in the Small Cap Growth Fund by showing changes in the Small Cap Growth Fund&#8217;s performance from year to year and by showing how the Small Cap Growth Fund&#8217;s average annual returns for 1, 5 and 10 years and for the life of the Small Cap Growth Fund compare to those of broad measures of market performance.</font> </div> <br/><div style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Small Cap Growth Fund&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Small Cap Growth Fund will perform in the future. Updated performance information is available on the Small Cap Growth Fund&#8217;s Web site at www.needhamfunds.com.</font> </div> 0.6224 0.1034 0.0201 0.0852 -0.0201 -0.2342 0.4118 0.3689 -0.1610 0.0853 ~ http://needham.com/20130430/role/ScheduleAnnualTotalReturnsBarChart20018 column dei_LegalEntityAxis compact ck0001002537_S000003816Member column rr_ProspectusShareClassAxis compact ck0001002537_C000010645Member row primary compact * ~ highest quarterly return 0.3471 2003-06-30 lowest quarterly return -0.2372 2011-09-30 <div style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">During the ten-year period shown in the above chart, the highest quarterly return was 34.71% (for the quarter ended 6/30/03) and the lowest quarterly return was -23.72% (for the quarter ended 9/30/11).</font> </div> Average annual total returns for the periods ended December 31, 2012 <div style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">The following table shows the Small Cap Growth Fund&#8217;s average annual returns (before and after taxes) and the change in value of certain broad-based market indices over various periods ended December 31, 2012. The index information is intended to permit you to compare the Small Cap Growth Fund&#8217;s performance to several broad measures of market performance. The NASDAQ Composite Index and the Russell 2000 Index are relevant to the Small Cap Growth Fund because they have characteristics similar to the Small Cap Growth Fund&#8217;s investment strategies.</font> </div> <br/><div style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not include the impact of state and local taxes. In some instances, the <font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#8220;Return After Taxes on Distributions and Redemption&#8221;</font> may be greater than the <font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#8220;Return Before Taxes&#8221;</font> because you are assumed to be able to use the capital loss on the sale of shares to offset other taxable gains.</font> </div> <br/><div style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Your actual after-tax returns depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their shares in a tax-deferred account (including a 401(k) or IRA), or to investors who are tax-exempt.</font> </div> 0.0853 0.0615 0.1010 0.0988 Return Before Taxes 0.0853 0.0548 0.0888 0.0873 Return After Taxes on Distributions 0.0554 0.0514 0.0873 0.0857 Return After Taxes on Distributions and Redemption 0.1600 0.0166 0.0710 0.0469 S&P 500 Index (reflect no deduction for fees, expenses or taxes) 0.1775 0.0378 0.0946 0.0669 NASDAQ Composite Index (reflect no deduction for fees, expenses or taxes) 0.1635 0.0356 0.0972 0.0664 Russell 2000 Index (reflect no deduction for fees, expenses or taxes) 2002-05-22 2002-05-22 2002-05-22 2002-05-22 ~ http://needham.com/20130430/role/ScheduleAverageAnnualReturnsTransposed20019 column dei_LegalEntityAxis compact ck0001002537_S000003816Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not include the impact of state and local taxes. The information in the bar chart and table that follow provides some indication of the risks of investing in the Small Cap Growth Fund by showing changes in the Small Cap Growth Fund's performance from year to year and by showing how the Small Cap Growth Fund's average annual returns for 1, 5 and 10 years and for the life of the Small Cap Growth Fund compare to those of broad measures of market performance. The Small Cap Growth Fund's past performance (before and after taxes) is not necessarily an indication of how the Small Cap Growth Fund will perform in the future. reflect no deduction for fees, expenses or taxes In some instances, the "Return After Taxes on Distributions and Redemption" may be greater than the "Return Before Taxes" because you are assumed to be able to use the capital loss on the sale of shares to offset other taxable gains. www.needhamfunds.com Your actual after-tax returns depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their shares in a tax-deferred account (including a 401(k) or IRA), or to investors who are tax-exempt. 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