NPORT-EX 3 smallcap.htm

Needham Small Cap Growth Fund
  
Schedule of Investments
  
September 30, 2025 (Unaudited)
  
   
COMMON STOCKS - 98.0%
  
Shares
    
Value
 
Aerospace & Defense - 0.5%
        
Mercury Systems, Inc. (a)
    
10,000
    
$
774,000
  
                 
Automobile Components - 0.8%
          
Mobileye Global, Inc. - Class A (a)
    
80,000
      
1,129,600
  
                 
Chemicals - 3.8%
          
Aspen Aerogels, Inc. (a)
    
810,000
      
5,637,600
  
                 
Communications Equipment - 11.5%
          
ADTRAN Holdings, Inc. (a)
    
1,000,000
      
9,380,000
  
Calix, Inc. (a)
    
5,000
      
306,850
  
Comtech Telecommunications Corp. (a)
    
100,000
      
258,000
  
Extreme Networks, Inc. (a)
    
40,000
      
826,000
  
Harmonic, Inc. (a)
    
600,000
      
6,108,000
  
KVH Industries, Inc. (a)
    
68,200
      
381,920
  
             
17,260,770
  
                 
Construction & Engineering - 1.4%
          
Centuri Holdings, Inc. (a)
    
50,000
      
1,058,500
  
Everus Construction Group, Inc. (a)
    
12,500
      
1,071,875
  
             
2,130,375
  
                 
Consumer Finance - 0.1%
          
Figure Technology Solutions, Inc. - Class A (a)
    
2,429
      
88,343
  
                 
Diversified Consumer Services - 1.2%
          
Matthews International Corp. - Class A
    
75,500
      
1,833,140
  
                 
Electrical Equipment - 2.4%
          
Generac Holdings, Inc. (a)
    
11,000
      
1,841,400
  
Vicor Corp. (a)
    
34,050
      
1,692,966
  
             
3,534,366
  
                 
Electronic Equipment, Instruments & Components - 18.6%
          
908 Devices, Inc. (a)
    
12,000
      
105,120
  
Badger Meter, Inc.
    
15,000
      
2,678,700
  
Cognex Corp.
    
55,000
      
2,491,500
  
Insight Enterprises, Inc. (a)
    
17,000
      
1,927,970
  
nLight, Inc. (a)(e)
    
105,000
      
3,111,150
  
Rogers Corp. (a)
    
60,000
      
4,827,600
  
TTM Technologies, Inc. (a)
    
85,000
      
4,896,000
  
Vishay Intertechnology, Inc.
    
354,350
      
5,421,555
  
Vishay Precision Group, Inc. (a)
    
75,000
      
2,403,750
  
             
27,863,345
  
                 
Gas Utilities - 0.5%
          
MDU Resources Group, Inc.
    
45,000
      
801,450
  
                 
Hotels, Restaurants & Leisure - 2.4%
          
Genius Sports Ltd. (Guernsey) (a)
    
30,000
      
371,400
  
Vail Resorts, Inc.
    
22,000
      
3,290,540
  
             
3,661,940
  
                 
IT Services - 2.9%
          
Akamai Technologies, Inc. (a)
    
9,000
      
681,840
  
Commerce.com, Inc. (a)
    
425,000
      
2,120,750
  
Unisys Corp. (a)
    
414,800
      
1,617,720
  
             
4,420,310
  
                 
Life Sciences Tools & Services - 2.9%
          
Bruker Corp.
    
37,500
      
1,218,375
  
CryoPort, Inc. (a)
    
278,000
      
2,635,440
  
Standard BioTools, Inc. (a)
    
400,000
      
520,000
  
             
4,373,815
  
                 
Machinery - 1.7%
          
Chart Industries, Inc. (a)
    
12,500
      
2,501,875
  
                 
Professional Services - 1.1%
          
Parsons Corp. (a)
    
20,000
      
1,658,400
  
                 
Semiconductors & Semiconductor Equipment - 30.6%(b)
          
Allegro MicroSystems, Inc. (a)
    
40,000
      
1,168,000
  
AXT, Inc. (a)
    
268,000
      
1,203,320
  
Camtek Ltd. (Israel) (a)
    
25,000
      
2,626,250
  
CEVA, Inc. (a)
    
137,500
      
3,631,375
  
Cohu, Inc. (a)
    
118,000
      
2,398,940
  
Entegris, Inc.
    
15,000
      
1,386,900
  
FormFactor, Inc. (a)
    
64,000
      
2,330,880
  
Ichor Holdings Ltd. (Cayman Islands) (a)
    
120,000
      
2,102,400
  
Marvell Technology, Inc.
    
18,000
      
1,513,260
  
MaxLinear, Inc. (a)
    
155,000
      
2,492,400
  
MKS, Inc.
    
20,000
      
2,475,400
  
PDF Solutions, Inc. (a)
    
340,000
      
8,778,800
  
Penguin Solutions, Inc. (a)
    
112,500
      
2,956,500
  
Photronics, Inc. (a)
    
100,000
      
2,295,000
  
Power Integrations, Inc.
    
32,500
      
1,306,825
  
SiTime Corp. (a)
    
5,000
      
1,506,550
  
Ultra Clean Holdings, Inc. (a)
    
45,000
      
1,226,250
  
Veeco Instruments, Inc. (a)
    
150,000
      
4,564,500
  
             
45,963,550
  
                 
Software - 10.9%
          
Arteris, Inc. (a)
    
675,000
      
6,817,500
  
Bentley Systems, Inc. - Class B
    
30,000
      
1,544,400
  
Cleanspark, Inc. (a)
    
20,000
      
290,000
  
PROS Holdings, Inc. (a)
    
170,000
      
3,894,700
  
Rapid7, Inc. (a)
    
160,000
      
3,000,000
  
Tenable Holdings, Inc. (a)
    
20,000
      
583,200
  
Yext, Inc. (a)
    
30,000
      
255,600
  
             
16,385,400
  
                 
Technology Hardware, Storage & Peripherals - 2.3%
          
Pure Storage, Inc. - Class A (a)
    
10,000
      
838,100
  
Super Micro Computer, Inc. (a)
    
55,000
      
2,636,700
  
             
3,474,800
  
                 
Trading Companies & Distributors - 2.4%
          
Transcat, Inc. (a)
    
48,500
      
3,550,200
  
                 
Water Utilities - 0.0%(c)
          
WaterBridge Infrastructure LLC - Class A (a)
    
229
      
5,775
  
TOTAL COMMON STOCKS (Cost $140,423,512)
      
147,049,054
  
                 
SHORT-TERM INVESTMENTS
  
SHORT-TERM INVESTMENTS - 2.8%
          
Value
 
Dreyfus Treasury Securities Cash Management - Institutional Class, 3.98%(d)
    
4,250,397
      
4,250,397
  
TOTAL SHORT-TERM INVESTMENTS (Cost $4,250,397)
      
4,250,397
  
                 
TOTAL INVESTMENTS - 100.8% (Cost $144,673,909)
      
151,299,451
  
Liabilities in Excess of Other Assets - (0.8)%
      
(1,261,769
)
TOTAL NET ASSETS - 100.0%
          
$
150,037,682
  
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

(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 those industries or sectors.
(c)
Represents less than 0.05% of net assets.
(d)
(e)
The rate shown represents the 7-day annualized yield as of September 30, 2025.
Security position is either entirely or partially held in a segregated account. The aggregated total market value as of September 30, 2025 is $1,481,500.


Allocation of Portfolio Holdings by Country as of September 30, 2025
  
(% of Investments)
  
United States^
  
$
146,199,401
      
96.6
%
Israel
    
2,626,250
      
1.8
  
Cayman Islands
    
2,102,400
      
1.4
  
Guernsey
    
371,400
      
0.2
  
   
$
151,299,451
      
100.0
%
^United States allocation includes Short-Term Investment – Money Market Fund of 2.8%.