NPORT-EX 3 aggressive.htm

Needham Aggressive Growth Fund
  
Schedule of Investments
  
September 30, 2025 (Unaudited)
  
   
COMMON STOCKS - 91.0%
  
Shares
    
Value
 
Aerospace & Defense - 5.3%
        
Astronics Corp. (a)
    
272,500
    
$
12,428,725
  
BWX Technologies, Inc.
    
23,500
      
4,332,695
  
DroneShield Ltd. (Australia) (a)
    
1,710,000
      
5,272,819
  
Electro Optic Systems Holdings Ltd. (Australia) (a)
    
3,055,000
      
20,659,648
  
Firefly Aerospace, Inc. (a)
    
40,000
      
1,172,800
  
Huntington Ingalls Industries, Inc.
    
44,500
      
12,811,995
  
             
56,678,682
  
                 
Building Products - 0.3%
          
Alpha Pro Tech, Ltd. (a)(d)
    
635,000
      
3,038,475
  
                 
Chemicals - 2.9%
          
Aspen Aerogels, Inc. (a)
    
2,010,000
      
13,989,600
  
Core Molding Technologies, Inc. (a)
    
205,000
      
4,212,750
  
Ecovyst, Inc. (a)
    
980,000
      
8,584,800
  
Northern Technologies International Corp. (d)
    
640,000
      
4,934,400
  
             
31,721,550
  
                 
Commercial Services & Supplies - 1.6%
          
CECO Environmental Corp. (a)
    
175,000
      
8,960,000
  
Clean Harbors, Inc. (a)
    
36,000
      
8,359,920
  
Quest Resource Holding Corp. (a)
    
157,500
      
245,700
  
             
17,565,620
  
                 
Communications Equipment - 0.6%
          
ADTRAN Holdings, Inc. (a)
    
125,000
      
1,172,500
  
Comtech Telecommunications Corp. (a)
    
1,432,000
      
3,694,560
  
KVH Industries, Inc. (a)
    
372,900
      
2,088,240
  
             
6,955,300
  
                 
Construction & Engineering - 4.4%
          
Centuri Holdings, Inc. (a)
    
490,000
      
10,373,300
  
Everus Construction Group, Inc. (a)
    
105,000
      
9,003,750
  
Legence Corp. - Class A (a)
    
35,000
      
1,078,350
  
Matrix Service Co. (a)(d)
    
1,435,000
      
18,769,800
  
MYR Group, Inc. (a)
    
37,500
      
7,801,125
  
             
47,026,325
  
                 
Construction Materials - 1.1%
          
CRH PLC (Ireland)
    
28,000
      
3,357,200
  
Smith-Midland Corp. (a)
    
223,000
      
8,228,700
  
             
11,585,900
  
                 
Consumer Finance - 0.1%
          
Figure Technology Solutions, Inc. - Class A (a)
    
42,500
      
1,545,725
  
                 
Distributors - 0.1%
          
Educational Development Corp. (a)(d)
    
800,000
      
1,064,000
  
                 
Diversified Consumer Services - 4.6%
          
Bright Horizons Family Solutions, Inc. (a)
    
105,000
      
11,399,850
  
Lincoln Educational Services Corp. (a)
    
865,000
      
20,327,500
  
Universal Technical Institute, Inc. (a)
    
550,000
      
17,902,500
  
             
49,629,850
  
                 
Electrical Equipment - 10.2%
          
Hammond Power Solutions, Inc. (Canada)
    
217,500
      
19,294,783
  
nVent Electric PLC (Ireland)
    
107,500
      
10,603,800
  
Thermon Group Holdings, Inc. (a)
    
623,500
      
16,659,920
  
Vertiv Holdings Co. - Class A
    
260,500
      
39,299,030
  
Vicor Corp. (a)
    
495,050
      
24,613,886
  
             
110,471,419
  
                 
Electronic Equipment, Instruments & Components - 11.7%
          
908 Devices, Inc. (a)
    
60,000
      
525,600
  
Arlo Technologies, Inc. (a)
    
1,307,500
      
22,162,125
  
Blackline Safety Corp. (Canada) (a)
    
1,375,000
      
7,222,282
  
Cognex Corp.
    
108,000
      
4,892,400
  
Elsight Ltd. (Australia) (a)
    
1,700,000
      
1,884,189
  
Evolv Technologies Holdings, Inc. (a)
    
200,000
      
1,510,000
  
Luna Innovations, Inc. (a)
    
1,175,000
      
1,245,500
  
Next Vision Stabilized Systems Ltd. (Israel)
    
50,000
      
2,264,356
  
nLight, Inc. (a)
    
1,525,000
      
45,185,750
  
Vishay Intertechnology, Inc.
    
1,325,000
      
20,272,500
  
Vishay Precision Group, Inc. (a)
    
582,500
      
18,669,125
  
             
125,833,827
  
                 
Energy Equipment & Services - 1.7%
          
Energy Services of America Corp.
    
350,000
      
3,622,500
  
Select Water Solutions, Inc.
    
575,000
      
6,146,750
  
TETRA Technologies, Inc. (a)
    
1,525,000
      
8,768,750
  
             
18,538,000
  
                 
Food Products - 2.0%
          
Vital Farms, Inc. (a)
    
522,500
      
21,500,875
  
                 
Gas Utilities - 0.8%
          
MDU Resources Group, Inc.
    
475,000
      
8,459,750
  
                 
Health Care Equipment & Supplies - 0.6%
          
LeMaitre Vascular, Inc.
    
40,000
      
3,500,400
  
Precision Optics Corp, Inc. (a)(d)
    
700,000
      
3,045,000
  
             
6,545,400
  
                 
Health Care Providers & Services - 0.4%
          
Hinge Health, Inc. - Class A (a)
    
7,500
      
368,100
  
Labcorp Holdings, Inc.
    
12,300
      
3,530,838
  
Quest Diagnostics, Inc.
    
3,000
      
571,740
  
             
4,470,678
  
                 
Hotels, Restaurants & Leisure - 2.8%
          
Genius Sports Ltd. (Guernsey) (a)
    
2,450,000
      
30,331,000
  
                 
Household Products - 3.2%
          
Oil-Dri Corp. of America (d)
    
573,500
      
35,006,440
  
                 
Insurance - 0.8%
          
Markel Group, Inc. (a)
    
4,250
      
8,123,280
  
                 
Interactive Media & Services - 0.0%(b)
          
Illumin Holdings, Inc. (Canada) (a)
    
150,000
      
154,128
  
                 
IT Services - 3.4%
          
Akamai Technologies, Inc. (a)(e)
    
116,000
      
8,788,160
  
Research Solutions, Inc. (a)(d)
    
3,100,000
      
11,563,000
  
Unisys Corp. (a)(d)
    
4,238,200
      
16,528,980
  
             
36,880,140
  
                 
Life Sciences Tools & Services - 0.9%
          
Bruker Corp.
    
275,000
      
8,934,750
  
CryoPort, Inc. (a)
    
29,500
      
279,660
  
             
9,214,410
  
                 
Machinery - 1.3%
          
Gorman-Rupp Co.
    
200,000
      
9,282,000
  
Somero Enterprises, Inc.
    
549,200
      
1,698,823
  
Tennant Co.
    
32,500
      
2,634,450
  
Westinghouse Air Brake Technologies Corp.
    
2,750
      
551,293
  
             
14,166,566
  
                 
Media - 0.1%
          
The Trade Desk, Inc. - Class A (a)
    
17,000
      
833,170
  
                 
Professional Services - 5.4%
          
Asure Software, Inc. (a)(d)
    
2,532,500
      
20,766,500
  
CRA International, Inc.
    
91,506
      
19,081,746
  
Jacobs Solutions, Inc.
    
36,500
      
5,469,890
  
Parsons Corp. (a)
    
150,000
      
12,438,000
  
             
57,756,136
  
                 
Semiconductors & Semiconductor Equipment - 10.6%
          
ASML Holding NV (Netherlands)
    
3,250
      
3,146,293
  
Camtek Ltd. (Israel) (a)
    
53,900
      
5,662,195
  
Entegris, Inc.
    
66,000
      
6,102,360
  
FormFactor, Inc. (a)
    
306,000
      
11,144,520
  
MKS, Inc.
    
48,500
      
6,002,845
  
Nova, Ltd. (Israel) (a)
    
62,250
      
19,898,835
  
PDF Solutions, Inc. (a)
    
1,385,000
      
35,760,700
  
Photronics, Inc. (a)
    
287,500
      
6,598,125
  
SiTime Corp. (a)
    
9,500
      
2,862,445
  
Teradyne, Inc.
    
22,500
      
3,096,900
  
Veeco Instruments, Inc. (a)
    
465,000
      
14,149,950
  
             
114,425,168
  
                 
Software - 4.5%
          
Aptitude Software Group PLC (United Kingdom)
    
30,000
      
121,041
  
Arteris, Inc. (a)(d)
    
2,650,000
      
26,765,000
  
Bentley Systems, Inc. - Class B
    
60,000
      
3,088,800
  
Box, Inc. - Class A (a)
    
160,000
      
5,163,200
  
Circle Internet Group, Inc. (a)
    
7,000
      
928,060
  
Computer Modelling Group Ltd. (Canada)
    
600,000
      
2,703,169
  
Klaviyo, Inc. - Class A (a)
    
195,000
      
5,399,550
  
Thinkific Labs, Inc. (Canada) (a)
    
3,150,000
      
4,526,837
  
             
48,695,657
  
                 
Specialty Retail - 5.2%
          
CarMax, Inc. (a)
    
67,500
      
3,028,725
  
ThredUp, Inc. - Class A (a)(d)
    
5,675,000
      
53,628,750
  
             
56,657,475
  
                 
Technology Hardware, Storage & Peripherals - 3.9%
          
Apple, Inc.
    
13,700
      
3,488,431
  
Super Micro Computer, Inc. (a)(e)
    
810,000
      
38,831,400
  
             
42,319,831
  
                 
Textiles, Apparel & Luxury Goods - 0.2%
          
Carter's, Inc.
    
70,000
      
1,975,400
  
                 
Trading Companies & Distributors - 0.3%
          
Transcat, Inc. (a)
    
45,000
      
3,294,000
  
                 
Water Utilities - 0.0%(b)
          
WaterBridge Infrastructure LLC - Class A (a)
    
17,900
      
451,438
  
TOTAL COMMON STOCKS (Cost $676,025,533)
      
982,915,615
  
                 
REAL ESTATE INVESTMENT TRUSTS - COMMON - 0.6%
  
Shares
    
Value
 
Specialized REITs - 0.6%
          
Equinix, Inc.
    
7,900
      
6,187,596
  
TOTAL REAL ESTATE INVESTMENT TRUSTS - COMMON (Cost $4,722,318)
      
6,187,596
  
                 
SHORT-TERM INVESTMENTS
  
SHORT-TERM INVESTMENTS - 8.9%
          
Value
 
Dreyfus Treasury Securities Cash Management - Institutional Class, 3.98%(c)
    
95,656,773
      
95,656,773
  
TOTAL SHORT-TERM INVESTMENTS (Cost $95,656,773)
      
95,656,773
  
                 
TOTAL INVESTMENTS - 100.5% (Cost $776,404,624)
      
1,084,759,984
  
Liabilities in Excess of Other Assets - (0.5)%
      
(5,296,209
)
TOTAL NET ASSETS - 100.0%
          
$
1,079,463,775
  
two
      
–
%
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.
  

LLC - Limited Liability Company
PLC - Public Limited Company
REIT - Real Estate Investment Trust

(a)
Non-income producing security.
(b)
Represents less than 0.05% of net assets.
(c)
(d)
(e)
The rate shown represents the 7-day annualized yield as of September 30, 2025.
Affiliated company as defined by the Investment Company Act of 1940.
Security position is either entirely or partially held in a segregated account. The aggregated total market value as of September 30, 2025 is $1,173,660.


Allocation of Portfolio Holdings by Country as of September 30, 2025
  
(% of Investments)
  
United States^
  
$
947,657,409
      
87.4
%
Canada
    
33,901,200
      
3.1
  
Guernsey
    
30,331,000
      
2.8
  
Israel
    
27,825,386
      
2.5
  
Australia
    
27,816,656
      
2.5
  
Ireland
    
13,961,000
      
1.3
  
Netherlands
    
3,146,293
      
0.3
  
United Kingdom
    
121,040
      
0.1
  
   
$
1,084,759,984
      
100.0
%
^United States allocation includes Short-Term Investment – Money Market Fund of 8.9%.