1 – https://www.cbo.gov/publication/56368#:~:text=During%20the%20second%20quarter%20of,the%20fourth%20quarter
2 – https://www.marketwatch.com/story/fed-unanimously-adopts-new-strategy-widely-seen-as-leading-to-easier-policy-2020-08-27
3 – https://research.ftserussell.com/products/downloads-research/FTSE_Russell_Monthly_Performance_Report_LCY.pdf?
4 – https://www.morningstar.com/funds/xnas/neaix/portfolio

The Needham Aggressive Growth Fund inception date is 9/4/01.
**Performance for any periods prior to the inception date of Institutional Class Shares are based on the historical performance of the Retail Class Shares adjusted to assume the expenses associated with Institutional Class Shares.

The Needham Aggressive Growth Fund’s Gross Expense Ratio is 2.17% for the Retail Class and 1.90% for the Institutional Class. The Needham Aggressive Growth Fund’s Net Expense Ratio is 1.92% for the Retail Class and 1.24% for the Institutional Class. The Net Expense Ratio reflects a contractual agreement by the Fund’s investment adviser to waive its fee and/or reimburse the Fund through May 1, 2021 to the extent the Gross Expense Ratio exceeds 1.85% and 1.18% of the average daily net assets of Retail Class Shares and Institutional Class Shares (Expense Cap). The Expense Cap excludes taxes, interest, brokerage, dividends on short positions, fees and expenses of “acquired funds,” extraordinary items and shareholder redemption fees but includes the management fee.

The information presented in this commentary is not intended as personalized investment advice and does not constitute a
recommendation to buy or sell a particular security or other investments.
This message is not an offer of the Needham Growth Fund, the Needham Aggressive Growth Fund or the Needham Small Cap Growth
Fund. Shares are sold only through the currently effective prospectus. Please read the prospectus or summary prospectus and
consider the investment objectives, risks and charges and expenses of the Funds carefully before you invest. The prospectus and
summary prospectus contain this and other information about the Funds and can be obtained on our website,
www.needhamfunds.com.
Investment returns and principal value will fluctuate, and when redeemed, shares may be worth more or less than their original cost.
Performance data quoted represents past performance, and does not guarantee future results. Current performance may be higher or
lower than these results. Performance current to the most recent month-end may be obtained by calling our transfer agent at 1-800-
625-7071. Total return figures include reinvestment of all dividends and capital gains.
All three of the Needham Funds have substantial exposure to small and micro capitalized companies. Funds holding smaller capitalized
companies are subject to greater price fluctuation than those of larger companies.
Needham & Company, LLC, member FINRA/SIPC, is the distributor of The Needham Funds, Inc.
Portfolio holdings are subject to change. Needham Aggressive Growth Fund’s ownership as a percentage of net assets in the stated
securities as of 9/30/20: AAPL: 10.66%; ENTG: 11.37%; ASPN: 2.49%; CYRX: 2.38%.

The source of the data for each of the Russell 2000 Index and the Russell 3000 Index (together, the “Indexes”) is the London Stock
Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2019. All rights in the Indexes vest in
the relevant LSE Group company which owns the Index. The Indexes are calculated by or on behalf of FTSE International Limited or
its affiliate, agent or partner. Neither the LSE Group nor its licensors accept any liability for any errors or omissions in the Indexes; no
party may rely on the Index returns shown; and the LSE Group makes no claim, prediction, warranty or representation about the
Fund or the suitability of the Indexes with respect to the Fund. No further distribution of data from the LSE Group is permitted
without the relevant LSE Group company’s express written consent. The LSE Group is not connected to the Fund and does not
promote, sponsor or endorse the Fund or the content of this prospectus.