The Needham Aggressive Growth Fund seeks to create long-term capital appreciation for its shareholders by investing in equities of public companies with above average prospective growth rates. While focusing on capital appreciation, the Fund also seeks tax efficiency and lowered risk exposure through the use of hedging instruments such as short selling and options.

• Long-term capital appreciation
• Targets industry leaders
• Seeks tax efficiency
• Focuses on growth markets
• Shorts and hedges permitted
• Bottom up stock selection
• Sound valuation discipline

Bernard Lirola
Fund Manager since 1/08
Education:

École Polytechnique; Paris, France 1973

Harvard Business School, MBA 1976
Securities Industry Experience:
1976-1978       Smith Barney, Harris Upham & Co

1978-1990       CS First Boston; Head of First Boston’s M&A healthcare group
1990-1994       Swiss Bank Corporation; Head of U.S. M&A

1994-2007       Needham & Company, LLC; Co-Head of Investment Banking

2007                Needham Asset Management, LLC

Phone: 212-705-0298
blirola@needhamco.com

"The attributes we seek in a stock are: good management, visible and predictable growth, attractive valuation."

 November 14, 2007 - the Needham Aggressive Growth Fund made a short-term capital gains distribution in the amount of $0.12 per share and a long-term capital gains distribution in the amount of $1.88 per share. These distributions has a record date of November 13, an ex-dividend date of November 14 and a payable date of November 15.

 November 14, 2006 - the Needham Aggressive Growth Fund made a short-term capital gains distribution in the amount of $0.10 per share and a long-term capital gains distribution in the amount of $1.31 per share. These distributions has a record date of November 13, an ex-dividend date of November 14 and a payable date of November 15.

 November 15, 2005 - the Needham Aggressive Growth Fund made a long-term cap gains distribution in the amount of $0.35 per share. This distribution has a record date of November 11, an ex-dividend date of November 14 and a payable date of November 15.