Overview

Investment Objective

The Needham Growth Fund seeks long-term, tax-efficient capital appreciation by investing primarily investing in the equity securities of public companies with above-average prospective long-term growth rates at value prices.

The central premise of the Growth Fund’s investment style is growth, but more specifically, “Growth At a Reasonable Price,” or “GARP.”

Strategy
  • Invest in equity securities, concentrating on growth sectors such as technology, health care and specialty retail
  • Maintain sound valuation discipline of buying growth companies at a reasonable price
  • Invest in venture-backed post-IPO opportunities
  • Invest for long-term capital appreciation with tax efficiency
  • Invest in strong, incentivized management teams
  • Invest in companies with high operating margins
  • Can utilize shorting techniques to dampen volatility

Portfolio Managers

Fund Statistics

Class I Class R
Ticker Symbols NEEIX NEEGX
Inception Date December 30, 2016 January 1, 1996
Minimum Initial Investment $100,000 $2000/$1000 for IRA
Minimum Subsequent Investment None $100/No Min. for IRA
12B-1 Fees None 25 bps
Redemption Fee None None
Gross Expense Ratio 1.50% 1.79%
Net Expense Ratio* 1.21% 1.75%

*Reflects a contractual agreement by the Fund’s investment adviser to waive its fee and/or reimburse the Fund through April 29, 2025 to the extent the Gross Expense Ratio exceeds 1.95% and 1.21% 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.

Proxy Voting Record

Independent Service Providers

Transfer Agent
U.S Bancorp Fund Services, LLC
Custodian
U.S. Bancorp Fund Services, LLC
Auditor
RSM US LLP
Legal Counsel
Proskauer, LLP

Performance

Daily Performance as of 12/13/2024

$ NAV $ Change Daily % YTD %
Needham Growth Fund - Class I $67.37 -$0.12 -0.18% 21.18%
Needham Growth Fund - Class R $64.32 -$0.11 -0.17% 20.71%

Quarterly Performance as of 11/30/2024

3rd Quarter YTD 1 Year 3 Years 5 Years 10 Years Since Inception
Needham Growth Fund - Class I ** -2.85% 19.94% 33.03% 0.30% 13.87% 10.88% 13.20%
After Taxes on Distributions -3.66% 23.43% 37.77% 3.19% 14.92% 10.21% 12.04%
After Taxes on Distributions & Redemptions -2.17% 13.87% 22.36% 2.90% 12.80% 9.21% 11.45%
Needham Growth Fund - Class R -2.98% 19.49% 32.49% -0.12% 13.40% 10.38% 12.71%
After Taxes on Distributions -3.80% 23.06% 37.25% 2.75% 14.40% 9.70% 11.56%
After Taxes on Distributions & Redemptions -2.25% 13.65% 22.05% 2.58% 12.39% 8.78% 10.99%
Russell 3000 Total Return † 8.06% 27.71% 34.49% 10.54% 15.23% 12.89% 10.16%
SP MidCap 400 Total Return †† 9.29% 22.67% 33.36% 9.27% 12.60% 10.59% 11.50%
Russell Midcap Growth Total Return ††† 19.15% 30.20% 40.07% 6.41% 13.18% 12.22% 10.28%

Historical Monthly Returns Since Inception

Select Year:
Class I Class R
Jan 96 8.54% 8.50%
Feb 96 12.11% 12.07%
Mar 96 3.41% 3.37%
Apr 96 7.67% 7.64%
May 96 6.69% 6.65%
Jun 96 -1.91% -1.94%
Jul 96 -2.44% -2.47%
Aug 96 3.81% 3.77%
Sep 96 5.27% 5.24%
Oct 96 -0.43% -0.46%
Nov 96 1.91% 1.88%
Dec 96 -0.79% -0.82%
Class I Class R
Jan 97 3.97% 3.93%
Feb 97 0.56% 0.53%
Mar 97 0.50% 0.46%
Apr 97 0.30% 0.26%
May 97 4.50% 4.46%
Jun 97 1.60% 1.57%
Jul 97 5.72% 5.69%
Aug 97 1.03% 0.99%
Sep 97 3.01% 2.97%
Oct 97 -3.49% -3.53%
Nov 97 -1.03% -1.06%
Dec 97 -1.23% -1.27%
Class I Class R
Jan 98 2.12% 2.08%
Feb 98 8.32% 8.29%
Mar 98 -3.29% -3.32%
Apr 98 2.96% 2.92%
May 98 -2.61% -2.65%
Jun 98 3.73% 3.69%
Jul 98 -3.71% -3.75%
Aug 98 -19.76% -19.79%
Sep 98 10.96% 10.92%
Oct 98 11.06% 11.02%
Nov 98 0.82% 0.79%
Dec 98 12.70% 12.65%
Class I Class R
Jan 99 4.50% 4.46%
Feb 99 -5.79% -5.82%
Mar 99 5.10% 5.06%
Apr 99 3.57% 3.53%
May 99 6.80% 6.76%
Jun 99 9.72% 9.68%
Jul 99 3.27% 3.23%
Aug 99 2.19% 2.15%
Sep 99 -0.58% -0.61%
Oct 99 -4.82% -4.85%
Nov 99 16.64% 16.60%
Dec 99 23.39% 23.35%
Class I Class R
Jan 00 2.76% 2.72%
Feb 00 27.63% 27.58%
Mar 00 -6.54% -6.57%
Apr 00 -0.49% -0.52%
May 00 -7.91% -7.94%
Jun 00 11.46% 11.42%
Jul 00 -3.17% -3.21%
Aug 00 15.29% 15.25%
Sep 00 -4.85% -4.88%
Oct 00 -3.81% -3.85%
Nov 00 -12.99% -13.02%
Dec 00 -3.09% -3.13%
Class I Class R
Jan 01 22.21% 22.16%
Feb 01 -11.54% -11.57%
Mar 01 -5.91% -5.94%
Apr 01 10.53% 10.49%
May 01 1.40% 1.37%
Jun 01 3.83% 3.80%
Jul 01 -4.34% -4.37%
Aug 01 -5.58% -5.61%
Sep 01 -11.93% -11.97%
Oct 01 8.12% 8.09%
Nov 01 7.36% 7.32%
Dec 01 3.04% 3.00%
Class I Class R
Jan 02 -0.11% -0.14%
Feb 02 -4.26% -4.29%
Mar 02 5.95% 5.91%
Apr 02 -4.80% -4.84%
May 02 -4.82% -4.86%
Jun 02 -10.85% -10.88%
Jul 02 -12.44% -12.47%
Aug 02 -0.87% -0.91%
Sep 02 -10.69% -10.72%
Oct 02 6.75% 6.72%
Nov 02 15.45% 15.41%
Dec 02 -7.91% -7.95%
Class I Class R
Jan 03 -0.46% -0.50%
Feb 03 -0.42% -0.45%
Mar 03 -1.64% -1.67%
Apr 03 6.94% 6.91%
May 03 13.15% 13.11%
Jun 03 2.25% 2.22%
Jul 03 7.08% 7.05%
Aug 03 6.04% 6.00%
Sep 03 0.70% 0.66%
Oct 03 5.26% 5.22%
Nov 03 2.36% 2.32%
Dec 03 -0.44% -0.47%
Class I Class R
Jan 04 5.90% 5.86%
Feb 04 -1.06% -1.09%
Mar 04 -2.34% -2.38%
Apr 04 -4.30% -4.33%
May 04 2.72% 2.68%
Jun 04 2.72% 2.68%
Jul 04 -10.41% -10.44%
Aug 04 -3.29% -3.32%
Sep 04 5.00% 4.96%
Oct 04 2.11% 2.07%
Nov 04 6.13% 6.09%
Dec 04 4.70% 4.67%
Class I Class R
Jan 05 -4.59% -4.62%
Feb 05 4.20% 4.17%
Mar 05 -2.84% -2.87%
Apr 05 -5.95% -5.98%
May 05 7.39% 7.36%
Jun 05 2.01% 1.98%
Jul 05 9.50% 9.46%
Aug 05 -0.14% -0.18%
Sep 05 2.84% 2.81%
Oct 05 -4.19% -4.23%
Nov 05 6.88% 6.84%
Dec 05 0.32% 0.28%
Class I Class R
Jan 06 8.70% 8.66%
Feb 06 0.57% 0.54%
Mar 06 1.19% 1.15%
Apr 06 1.56% 1.52%
May 06 -3.31% -3.35%
Jun 06 -0.28% -0.31%
Jul 06 0.94% 0.91%
Aug 06 2.96% 2.93%
Sep 06 0.36% 0.32%
Oct 06 2.62% 2.59%
Nov 06 1.70% 1.66%
Dec 06 0.53% 0.49%
Class I Class R
Jan 07 0.75% 0.72%
Feb 07 0.01% -0.03%
Mar 07 1.16% 1.12%
Apr 07 2.60% 2.57%
May 07 2.32% 2.28%
Jun 07 -0.66% -0.70%
Jul 07 -3.61% -3.65%
Aug 07 -0.32% -0.35%
Sep 07 1.75% 1.71%
Oct 07 2.66% 2.62%
Nov 07 -3.20% -3.24%
Dec 07 0.26% 0.22%
Class I Class R
Jan 08 -8.37% -8.40%
Feb 08 -3.45% -3.48%
Mar 08 -2.35% -2.38%
Apr 08 6.24% 6.20%
May 08 4.03% 4.00%
Jun 08 -8.49% -8.53%
Jul 08 0.00% -0.03%
Aug 08 3.09% 3.06%
Sep 08 -10.19% -10.22%
Oct 08 -19.68% -19.71%
Nov 08 -10.15% -10.18%
Dec 08 2.51% 2.48%
Class I Class R
Jan 09 -6.53% -6.56%
Feb 09 -5.35% -5.39%
Mar 09 7.96% 7.92%
Apr 09 12.91% 12.87%
May 09 4.30% 4.26%
Jun 09 3.90% 3.87%
Jul 09 8.37% 8.33%
Aug 09 2.50% 2.46%
Sep 09 6.86% 6.82%
Oct 09 -3.71% -3.75%
Nov 09 2.30% 2.26%
Dec 09 7.94% 7.90%
Class I Class R
Jan 10 -3.22% -3.26%
Feb 10 5.42% 5.38%
Mar 10 8.21% 8.17%
Apr 10 2.50% 2.47%
May 10 -7.28% -7.31%
Jun 10 -4.39% -4.43%
Jul 10 3.59% 3.56%
Aug 10 -6.54% -6.58%
Sep 10 16.06% 16.03%
Oct 10 3.71% 3.68%
Nov 10 3.64% 3.60%
Dec 10 8.89% 8.85%
Class I Class R
Jan 11 2.80% 2.76%
Feb 11 1.95% 1.92%
Mar 11 0.55% 0.51%
Apr 11 2.46% 2.43%
May 11 -1.46% -1.49%
Jun 11 -2.16% -2.19%
Jul 11 -7.40% -7.43%
Aug 11 -10.26% -10.29%
Sep 11 -10.61% -10.64%
Oct 11 17.52% 17.48%
Nov 11 -1.66% -1.69%
Dec 11 0.07% 0.03%
Class I Class R
Jan 12 9.40% 9.37%
Feb 12 3.24% 3.21%
Mar 12 2.47% 2.43%
Apr 12 -2.55% -2.59%
May 12 -9.15% -9.18%
Jun 12 4.27% 4.23%
Jul 12 0.46% 0.43%
Aug 12 3.26% 3.22%
Sep 12 1.11% 1.08%
Oct 12 -3.60% -3.63%
Nov 12 1.77% 1.74%
Dec 12 3.02% 2.99%
Class I Class R
Jan 13 5.12% 5.08%
Feb 13 1.39% 1.36%
Mar 13 2.69% 2.65%
Apr 13 0.93% 0.90%
May 13 6.80% 6.76%
Jun 13 -0.60% -0.63%
Jul 13 5.62% 5.59%
Aug 13 -2.32% -2.36%
Sep 13 3.68% 3.64%
Oct 13 1.49% 1.45%
Nov 13 3.49% 3.46%
Dec 13 2.65% 2.62%
Class I Class R
Jan 14 0.39% 0.35%
Feb 14 3.19% 3.16%
Mar 14 -2.56% -2.59%
Apr 14 -3.36% -3.39%
May 14 1.27% 1.23%
Jun 14 5.48% 5.45%
Jul 14 -2.97% -3.01%
Aug 14 3.29% 3.26%
Sep 14 -3.46% -3.49%
Oct 14 6.04% 6.01%
Nov 14 0.61% 0.57%
Dec 14 1.74% 1.70%
Class I Class R
Jan 15 -1.49% -1.52%
Feb 15 6.39% 6.36%
Mar 15 -1.06% -1.10%
Apr 15 -2.00% -2.04%
May 15 3.12% 3.09%
Jun 15 -1.02% -1.06%
Jul 15 -2.11% -2.14%
Aug 15 -6.62% -6.65%
Sep 15 -3.78% -3.82%
Oct 15 4.96% 4.92%
Nov 15 1.15% 1.12%
Dec 15 -1.57% -1.61%
Class I Class R
Jan 16 -7.29% -7.32%
Feb 16 3.35% 3.32%
Mar 16 4.75% 4.72%
Apr 16 -0.23% -0.27%
May 16 0.67% 0.63%
Jun 16 0.28% 0.24%
Jul 16 3.59% 3.56%
Aug 16 0.85% 0.82%
Sep 16 1.54% 1.51%
Oct 16 -3.89% -3.93%
Nov 16 8.46% 8.42%
Dec 16 -0.67% -0.71%
Class I Class R
Jan 17 1.68% 1.64%
Feb 17 1.31% 1.27%
Mar 17 -1.10% -1.14%
Apr 17 0.59% 0.57%
May 17 1.78% 1.73%
Jun 17 -0.02% -0.07%
Jul 17 3.84% 3.79%
Aug 17 -0.94% -0.98%
Sep 17 4.00% 3.97%
Oct 17 0.17% 0.12%
Nov 17 0.80% 0.76%
Dec 17 -3.34% -3.40%
Class I Class R
Jan 18 4.59% 4.57%
Feb 18 -4.59% -4.64%
Mar 18 -0.70% -0.72%
Apr 18 -2.22% -2.26%
May 18 5.79% 5.71%
Jun 18 1.20% 1.18%
Jul 18 1.83% 1.78%
Aug 18 1.49% 1.44%
Sep 18 -2.08% -2.09%
Oct 18 -8.70% -8.75%
Nov 18 3.78% 3.71%
Dec 18 -9.35% -9.35%
Class I Class R
Jan 19 9.57% 9.47%
Feb 19 3.87% 3.84%
Mar 19 0.58% 0.53%
Apr 19 6.24% 6.20%
May 19 -4.42% -4.46%
Jun 19 8.26% 8.19%
Jul 19 1.31% 1.28%
Aug 19 -1.74% -1.81%
Sep 19 2.65% 2.62%
Oct 19 4.07% 4.02%
Nov 19 3.67% 3.61%
Dec 19 3.18% 3.14%
Class I Class R
Jan 20 -0.21% -0.26%
Feb 20 -5.71% -5.75%
Mar 20 -13.50% -13.55%
Apr 20 16.81% 16.79%
May 20 7.32% 7.25%
Jun 20 4.35% 4.33%
Jul 20 9.34% 9.28%
Aug 20 1.44% 1.42%
Sep 20 -1.60% -1.64%
Oct 20 -0.78% -0.80%
Nov 20 17.25% 17.20%
Dec 20 5.23% 5.20%
Class I Class R
Jan 21 5.32% 5.28%
Feb 21 2.42% 2.40%
Mar 21 -0.44% -0.46%
Apr 21 0.73% 0.70%
May 21 -0.21% -0.25%
Jun 21 6.88% 6.84%
Jul 21 2.51% 2.49%
Aug 21 2.71% 2.67%
Sep 21 -1.31% -1.34%
Oct 21 5.47% 5.45%
Nov 21 2.26% 2.23%
Dec 21 -0.88% -0.92%
Class I Class R
Jan 22 -12.71% -12.75%
Feb 22 -2.37% -2.38%
Mar 22 0.99% 0.93%
Apr 22 -14.22% -14.26%
May 22 2.33% 2.29%
Jun 22 -11.42% -11.46%
Jul 22 13.37% 13.32%
Aug 22 -3.45% -3.50%
Sep 22 -12.53% -12.59%
Oct 22 3.59% 3.58%
Nov 22 6.79% 6.75%
Dec 22 -5.94% -5.97%
Class I Class R
Jan 23 8.35% 8.34%
Feb 23 -0.96% -0.99%
Mar 23 1.59% 1.54%
Apr 23 -7.07% -7.09%
May 23 13.96% 13.91%
Jun 23 7.29% 7.24%
Jul 23 7.58% 7.55%
Aug 23 -9.10% -9.12%
Sep 23 -5.84% -5.86%
Oct 23 -10.34% -10.38%
Nov 23 12.25% 12.24%
Dec 23 10.91% 10.88%
Class I Class R
Jan 24 5.62% 5.58%
Feb 24 16.31% 16.30%
Mar 24 4.89% 4.86%
Apr 24 -7.03% -7.05%
May 24 5.69% 5.66%
Jun 24 1.18% 1.16%
Jul 24 -1.79% -1.85%
Aug 24 -1.88% -1.91%
Sep 24 -0.03% -0.07%
Oct 24 -6.47% -6.49%
Nov 24 3.90% 3.83%

The Needham Growth Fund inception date is 1/1/96. Performance data quoted represents past performance and does not guarantee future results. Figures include changes in principal value, reinvested dividends and capital gains distributions. Investment return and principal value will vary, and shares may be worth more or less at redemption than at original purchase. Current performance may be lower or higher than the performance data quoted. Please visit www.needhamfunds.com or call 1-800-625-7071 for the most current month-end performance data.

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 2023.  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.

**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.

Array ( [fund_name_i] => Needham Growth Fund Institutional Class [inception_date_i] => 12/30/2016 [growth_value_i] => 10000 [as_of_date_i] => 11/30/2024 [fund_load_i] => 360345 [fund_noload_i] => 360345 [index1_name] => Russell 3000 Total Return [index1_load] => 164128 [index1_noload] => 164128 [index2_name] => Russell Midcap Growth Total Return [index2_load] => 169283 [index2_noload] => 169283 [index3_name] => SP MidCap 400 Total Return [index3_load] => 232756 [index3_noload] => 232756 [index4_name] => [index4_load] => [index4_noload] => [index5_name] => [index5_load] => [index5_noload] => [fund_name_r] => Needham Growth Fund (Retail) [inception_date_r] => 1/1/1996 [growth_value_r] => 10000 [as_of_date_r] => 11/30/2024 [fund_load_r] => 318208 [fund_noload_r] => 318208 ) 1

Growth of 10K as of 11/30/2024

NEEIX NEEGX Russell 3000 Total Return Russell Midcap Growth Total Return †† SP MidCap 400 Total Return †††
01/01/1996 10000 10000 10000 10000 10000
01/31/1996 10854 10850 10290 10177 10145
02/29/1996 12168 12160 10442 10562 10490
03/31/1996 12583 12570 10547 10645 10616
04/30/1996 13549 13530 10747 11159 10940
05/31/1996 14455 14430 11022 11387 11088
06/30/1996 14180 14150 10986 11043 10921
07/31/1996 13834 13800 10411 10185 10183
08/31/1996 14360 14320 10727 10736 10770
09/30/1996 15117 15070 11311 11418 11239
10/31/1996 15053 15000 11518 11284 11272
11/30/1996 15340 15281 12330 11949 11907
12/31/1996 15219 15156 12182 11748 11920
01/31/1997 15824 15752 12856 12267 12368
02/28/1997 15913 15836 12870 11997 12266
03/31/1997 15992 15909 12287 11319 11743
04/30/1997 16040 15951 12893 11597 12048
05/31/1997 16761 16662 13773 12636 13101
06/30/1997 17030 16924 14346 12985 13469
07/31/1997 18005 17886 15471 14228 14803
08/31/1997 18190 18064 14843 14089 14785
09/30/1997 18737 18601 15685 14803 15634
10/31/1997 18083 17944 15158 14061 14954
11/30/1997 17897 17754 15738 14209 15176
12/31/1997 17676 17529 16053 14396 15765
01/31/1998 18050 17893 16137 14137 15465
02/28/1998 19553 19376 17291 15466 16746
03/31/1998 18909 18732 18148 16114 17501
04/30/1998 19468 19279 18326 16333 17821
05/31/1998 18959 18769 17874 15661 17019
06/30/1998 19666 19462 18479 16104 17126
07/31/1998 18936 18732 18143 15414 16462
08/31/1998 15193 15025 15364 12472 13398
09/30/1998 16859 16666 16412 13416 14648
10/31/1998 18724 18503 17658 14404 15957
11/30/1998 18878 18649 18738 15375 16754
12/31/1998 21274 21009 19928 16967 18778
01/31/1999 22231 21945 20605 17476 18047
02/28/1999 20944 20668 19876 16622 17102
03/31/1999 22012 21714 20605 17547 17580
04/30/1999 22796 22481 21535 18347 18966
05/31/1999 24347 24001 21126 18111 19049
06/30/1999 26713 26325 22193 19375 20068
07/31/1999 27587 27176 21520 18758 19642
08/31/1999 28190 27760 21276 18563 18969
09/30/1999 28027 27590 20732 18405 18383
10/31/1999 26677 26252 22032 19828 19320
11/30/1999 31116 30610 22649 21882 20334
12/31/1999 38394 37757 24094 25671 21542
01/31/2000 39453 38784 23150 25665 20936
02/29/2000 50352 49482 23364 31061 22401
03/31/2000 47059 46230 25194 31093 24276
04/30/2000 46828 45987 24307 28075 23428
05/31/2000 43125 42335 23624 26028 23136
06/30/2000 48068 47171 24323 28790 23475
07/31/2000 46544 45659 23893 26967 23846
08/31/2000 53658 52620 25665 31034 26509
09/30/2000 51058 50052 24503 29517 26327
10/31/2000 49111 48127 24154 27497 25434
11/30/2000 42732 41861 21928 21521 23515
12/31/2000 41410 40552 22297 22655 25314
01/31/2001 50606 49540 23059 23949 25877
02/28/2001 44767 43810 20952 19806 24401
03/31/2001 42122 41207 19587 16972 22586
04/30/2001 46556 45529 21157 19801 25078
05/31/2001 47209 46151 21327 19708 25662
06/30/2001 49018 47902 20934 19718 25558
07/31/2001 46890 45807 20589 18388 25178
08/31/2001 44275 43237 19374 17055 24354
09/30/2001 38991 38063 17664 14237 21325
10/31/2001 42159 41141 18075 15733 22268
11/30/2001 45261 44153 19467 17427 23925
12/31/2001 46637 45480 19742 18089 25161
01/31/2002 46587 45414 19494 17502 25030
02/28/2002 44603 43466 19096 16510 25061
03/31/2002 47257 46036 19933 17770 26852
04/30/2002 44987 43810 18887 16829 26727
05/31/2002 42817 41681 18668 16327 26276
06/30/2002 38173 37147 17325 14525 24353
07/31/2002 33424 32513 15947 13114 21994
08/31/2002 33133 32219 16022 13068 22104
09/30/2002 29592 28764 14339 12030 20324
10/31/2002 31589 30696 15481 12962 21204
11/30/2002 36470 35428 16418 13976 22431
12/31/2002 33584 32612 15489 13132 21509
01/31/2003 33428 32448 15110 13003 20881
02/28/2003 33286 32301 14862 12890 20383
03/31/2003 32741 31760 15018 13130 20555
04/30/2003 35014 33954 16244 14024 22048
05/31/2003 39620 38407 17225 15373 23875
06/30/2003 40512 39258 17457 15593 24179
07/31/2003 43382 42025 17858 16150 25037
08/31/2003 46000 44546 18254 17039 26173
09/30/2003 46321 44841 18055 16709 25772
10/31/2003 48757 47182 19148 18055 27721
11/30/2003 49907 48279 19412 18539 28686
12/31/2003 49688 48050 20300 18741 29171
01/31/2004 52618 50866 20723 19360 29803
02/29/2004 52060 50309 21002 19684 30518
03/31/2004 50841 49114 20753 19647 30648
04/30/2004 48656 46986 20324 19092 29642
05/31/2004 49978 48246 20619 19543 30257
06/30/2004 51335 49540 21029 19854 30945
07/31/2004 45991 44366 20234 18539 29501
08/31/2004 44480 42893 20317 18310 29424
09/30/2004 46702 45021 20630 18994 30296
10/31/2004 47687 45954 20968 19638 30780
11/30/2004 50609 48754 21943 20652 32613
12/31/2004 52990 51029 22725 21642 33979
01/31/2005 50560 48672 22120 21062 33112
02/28/2005 52686 50702 22607 21596 34222
03/31/2005 51190 49245 22224 21280 33844
04/30/2005 48144 46298 21741 20438 32528
05/31/2005 51703 49703 22565 21609 34487
06/30/2005 52743 50686 22723 22011 35287
07/31/2005 57754 55482 23655 23295 37140
08/31/2005 57672 55384 23430 23153 36726
09/30/2005 59312 56939 23635 23452 37009
10/31/2005 56825 54533 23192 22762 36213
11/30/2005 60735 58266 24094 23997 37983
12/31/2005 60928 58429 24116 24260 38245
01/31/2006 66226 63488 24922 25713 40499
02/28/2006 66606 63832 24966 25397 40159
03/31/2006 67398 64568 25397 26106 41162
04/30/2006 68447 65551 25673 26217 41741
05/31/2006 66180 63357 24851 24983 39859
06/30/2006 65998 63161 24895 24881 39868
07/31/2006 66620 63734 24872 23989 38731
08/31/2006 68594 65600 25480 24542 39173
09/30/2006 68841 65813 26050 25102 39437
10/31/2006 70646 67515 26988 26065 41076
11/30/2006 71846 68639 27575 27088 42398
12/31/2006 72224 68975 27906 26845 42192
01/31/2007 72768 69470 28437 27822 43725
02/28/2007 72773 69452 27970 27762 44045
03/31/2007 73614 70230 28261 27908 44638
04/30/2007 75530 72033 29390 29134 45996
05/31/2007 77282 73678 30461 30315 48301
06/30/2007 76771 73165 29891 29790 47246
07/31/2007 73997 70495 28872 29123 45211
08/31/2007 73763 70248 29286 29280 45628
09/30/2007 75051 71450 30354 30429 46835
10/31/2007 77047 73324 30911 31205 48067
11/30/2007 74578 70950 29519 29831 45646
12/31/2007 74770 71108 29340 29913 45558
01/31/2008 68511 65131 27562 27536 42751
02/29/2008 66147 62863 26706 27117 41956
03/31/2008 64593 61364 26548 26638 41526
04/30/2008 68623 65171 27875 28570 44726
05/31/2008 71390 67774 28446 30075 47093
06/30/2008 65326 61995 26099 27876 43780
07/31/2008 65328 61975 25891 26817 42968
08/31/2008 67348 63869 26293 27062 43704
09/30/2008 60486 57340 23821 22928 39023
10/31/2008 48581 46038 19596 17896 30540
11/30/2008 43652 41352 18049 16063 27709
12/31/2008 44748 42376 18394 16654 29052
01/31/2009 41828 39596 16851 15904 26945
02/28/2009 39589 37464 15085 14694 24336
03/31/2009 42740 40432 16407 16094 26538
04/30/2009 48259 45638 18133 18381 30484
05/31/2009 50332 47582 19101 19331 31318
06/30/2009 52296 49422 19166 19421 31512
07/31/2009 56673 53540 20658 20953 34266
08/31/2009 58088 54857 21396 21594 35763
09/30/2009 62072 58600 22292 22836 37809
10/31/2009 59769 56404 21719 21919 36093
11/30/2009 61141 57680 22953 22944 37555
12/31/2009 65995 62237 23607 24364 39912
01/31/2010 63869 60209 22756 23391 38629
02/28/2010 67327 63450 23528 24552 40641
03/31/2010 72854 68634 25011 26233 43541
04/30/2010 74678 70328 25550 27011 45397
05/31/2010 69242 65185 23532 25157 42129
06/30/2010 66201 62300 22179 23557 39368
07/31/2010 68580 64516 23719 25178 42087
08/31/2010 64093 60272 22602 24095 40008
09/30/2010 74388 69931 24736 27008 44531
10/31/2010 77150 72502 25703 28064 46067
11/30/2010 79959 75115 25851 28984 47436
12/31/2010 87066 81763 27604 30792 50544
01/31/2011 89502 84021 28207 31406 51554
02/28/2011 91246 85631 29234 32677 53954
03/31/2011 91746 86070 29366 33210 55276
04/30/2011 94006 88161 30240 34411 56777
05/31/2011 92635 86844 29895 34292 56012
06/30/2011 90636 84941 29358 33745 54872
07/31/2011 83931 78628 28685 32479 52933
08/31/2011 75321 70537 26964 30265 49167
09/30/2011 67331 63032 24872 27223 43963
10/31/2011 79126 74049 27735 30893 50006
11/30/2011 77815 72797 27660 30743 49855
12/31/2011 77866 72819 27887 30284 49669
01/31/2012 85188 79639 29294 32480 52950
02/29/2012 87950 82193 30534 33928 55332
03/31/2012 90121 84193 31476 34680 56372
04/30/2012 87821 82016 31269 34680 56246
05/31/2012 79787 74485 29336 32127 52599
06/30/2012 83194 77639 30485 32737 53593
07/31/2012 83580 77973 30787 32695 53570
08/31/2012 86301 80483 31555 33811 55434
09/30/2012 87261 81349 32384 34488 56509
10/31/2012 84122 78395 31825 33701 56061
11/30/2012 85611 79756 32072 34452 57296
12/31/2012 88200 82139 32465 35070 58549
01/31/2013 92714 86312 34246 37232 62776
02/28/2013 94002 87483 34700 37607 63392
03/31/2013 96527 89802 36060 39105 66424
04/30/2013 97426 90607 36650 39681 66841
05/31/2013 104048 96732 37515 40724 68352
06/30/2013 103428 96122 37028 40227 67090
07/31/2013 109243 101491 39058 42729 71246
08/31/2013 106708 99099 37967 41916 68577
09/30/2013 110635 102711 39379 43984 72150
10/31/2013 112278 104199 41052 45137 74831
11/30/2013 116199 107802 42243 46134 75821
12/31/2013 119284 110625 43357 47605 78163
01/31/2014 119750 111018 41988 46569 76503
02/28/2014 123577 114529 43979 49495 80240
03/31/2014 120415 111558 44213 48577 80536
04/30/2014 116375 107777 44266 47864 79277
05/31/2014 117847 109103 45232 49164 80685
06/30/2014 124307 115044 46367 50702 84023
07/31/2014 120610 111583 45452 49187 80431
08/31/2014 124582 115216 47359 51836 84520
09/30/2014 120271 111190 46372 50332 80676
10/31/2014 127537 117868 47648 51722 83551
11/30/2014 128313 118545 48802 53422 85096
12/31/2014 130543 120563 48802 53271 85798
01/31/2015 128603 118728 47444 52373 84835
02/28/2015 136822 126276 50191 55978 89181
03/31/2015 135366 124887 49680 56136 90357
04/30/2015 132657 122345 49905 55742 89010
05/31/2015 136798 126119 50595 56404 90592
06/30/2015 135396 124782 49749 55495 89398
07/31/2015 132542 122109 50581 56394 89520
08/31/2015 123769 113984 47527 53113 84525
09/30/2015 119086 109633 46142 51061 81803
10/31/2015 124995 115033 49787 54275 86411
11/30/2015 126435 116318 50063 54394 87581
12/31/2015 124445 114446 49035 53164 83931
01/31/2016 115371 106064 46269 49140 79155
02/29/2016 119239 109584 46254 49910 80272
03/31/2016 124907 114753 49510 53472 87108
04/30/2016 124616 114446 49817 53440 88174
05/31/2016 125451 115173 50708 54316 90212
06/30/2016 125798 115452 50813 54308 90587
07/31/2016 130320 119559 52829 56997 94474
08/31/2016 131432 120537 52964 56830 94945
09/30/2016 133458 122353 53047 56801 94341
10/31/2016 128262 117548 51900 54494 91817
11/30/2016 139113 127449 54222 56863 99167
12/31/2016 138174 126545 55280 57060 101338
01/31/2017 140498 128615 56321 58963 103037
02/28/2017 142345 130248 58415 60658 105740
03/31/2017 140785 128761 58455 60994 105330
04/30/2017 141612 129490 59075 61899 106210
05/31/2017 144128 131735 59679 63377 105694
06/30/2017 144096 131648 60218 63565 107405
07/31/2017 149635 136634 61353 64627 108352
08/31/2017 148235 135292 61471 65083 106689
09/30/2017 154156 140657 62971 66923 110866
10/31/2017 154411 140832 64345 68796 113374
11/30/2017 155646 141900 66299 71095 117543
12/31/2017 150451 137077 66961 71478 117799
01/31/2018 157354 143338 70491 75522 121185
02/28/2018 150137 136693 67892 73152 115813
03/31/2018 149091 135703 66530 73033 116889
04/30/2018 145778 132636 66782 72343 116586
05/31/2018 154216 140207 68668 75049 121397
06/30/2018 156064 141868 69117 75338 121908
07/31/2018 158923 144392 71411 76956 124058
08/31/2018 161294 146469 73918 81391 128022
09/30/2018 157947 143402 74041 81045 126618
10/31/2018 144209 130847 68589 73020 114532
11/30/2018 149656 135699 69963 74877 118108
12/31/2018 135664 123008 63451 68083 104743
01/31/2019 148642 134657 68898 75906 115699
02/28/2019 154401 139831 71321 80357 120604
03/31/2019 155294 140575 72362 81441 119918
04/30/2019 164987 149284 75252 85104 124740
05/31/2019 157687 142622 70382 80208 114796
06/30/2019 170705 154309 75325 85840 123569
07/31/2019 172936 156281 76445 87845 125039
08/31/2019 169935 153453 74887 86245 119794
09/30/2019 174437 157472 76201 85262 123463
10/31/2019 181534 163800 77841 86843 124858
11/30/2019 188196 169720 80800 91163 128573
12/31/2019 194181 175056 83133 92231 132185
01/31/2020 193773 174597 83042 93094 128733
02/29/2020 182711 164550 76243 86675 116514
03/31/2020 158047 142246 65759 73748 92925
04/30/2020 184615 166134 74468 85297 106104
05/31/2020 198125 178183 78450 93865 113865
06/30/2020 206739 185895 80244 96065 115296
07/31/2020 226053 203155 84800 103740 120612
08/31/2020 229318 206032 90943 106562 124850
09/30/2020 225645 202655 87632 105070 120796
10/31/2020 223877 201029 85741 105199 123422
11/30/2020 262489 235615 96171 119329 141042
12/31/2020 276213 247855 100498 125053 150240
01/31/2021 290900 260937 100051 124636 152500
02/28/2021 297930 267190 103178 126764 162872
03/31/2021 296630 265949 106876 124346 170478
04/30/2021 298797 267811 112386 131333 178153
05/31/2021 298171 267146 112899 129326 178503
06/30/2021 318685 285417 115683 138114 176675
07/31/2021 326678 292512 117639 139537 177285
08/31/2021 335539 300318 120994 144041 180739
09/30/2021 331157 296282 115565 137065 173562
10/31/2021 349262 312424 123380 146675 183778
11/30/2021 357167 319391 121502 140478 178381
12/31/2021 354040 316458 126287 140970 187440
01/31/2022 309029 276108 118857 122779 173926
02/28/2022 301698 269533 115863 121288 175864
03/31/2022 304671 272040 119621 123236 178298
04/30/2022 261352 233252 108886 109359 165626
05/31/2022 267452 238597 108740 105126 166866
06/30/2022 236898 211256 99643 97268 150813
07/31/2022 268580 239401 108991 109171 167176
08/31/2022 259301 231028 104924 105595 161990
09/30/2022 226799 201937 95194 96633 147096
10/31/2022 234950 209174 103001 104227 162570
11/30/2022 250910 223284 108377 109898 172517
12/31/2022 236000 209952 102031 103302 162959
01/31/2023 255706 227472 109058 112316 177998
02/28/2023 253256 225210 106509 111207 174771
03/31/2023 257270 228675 109357 112739 169162
04/30/2023 239076 212455 110522 111106 167837
05/31/2023 272440 242008 110952 111175 162483
06/30/2023 292302 259528 118529 119768 177368
07/31/2023 314458 279118 122777 123392 184686
08/31/2023 285838 253656 120407 119324 179344
09/30/2023 269156 238783 114672 113511 169916
10/31/2023 241318 213995 111632 107719 160847
11/30/2023 270876 240179 122042 120860 174531
12/31/2023 300435 266315 128515 130023 189745
01/31/2024 317326 281187 129939 129322 186497
02/29/2024 369092 327009 136973 139045 197574
03/31/2024 387130 342893 141391 142370 208631
04/30/2024 359917 318730 135170 134102 196072
05/31/2024 380405 336780 141556 135531 204678
06/30/2024 384888 340679 145938 137795 201443
07/31/2024 378007 334373 148651 138631 213137
08/31/2024 370917 327972 151887 142075 212970
09/30/2024 370813 327731 155029 146809 215432
10/31/2024 346832 306457 153891 149374 213910
11/30/2024 360345 318208 164128 169283 232756
NEEIX $360,345
NEEGX $318,208
Russell 3000 Total Return $164,128
Russell Midcap Growth Total Return †† $169,283

The chart illustrates the performance of a hypothetical $10,000 investment made in the Fund since the Fund’s inception. Assumes reinvestment of dividends and capital gains, but does not reflect the effect of redemption fees. This chart does not imply any future performance.

† The Russell 3000® Index measures the performance of the largest 3,000 US companies representing approximately 96% of the investable US equity market, as of the most recent reconstitution.

†† The Russell Midcap® Growth Index measures the performance of the mid-cap growth segment of the US equity universe. It includes those Russell Midcap Index companies with relatively higher price-to-book ratios, higher I/B/E/S (Institutional Brokers’ Estimate System) forecast medium term (2 year) growth and higher sales per share historical growth (5 years).

The source of the data for each of the Russell 3000 Index and the Russell Midcap Growth Index (together, the “Indexes”) is the London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”).  © LSE Group 2024.  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.

†††The S&P MidCap 400® Growth measures constituents from the S&P MidCap 400 that are classified as growth stocks based on three factors: sales growth, the ratio of earnings change to price, and momentum.

Distributions - 2024

Class I & Class R Shares
Record Date November 12, 2024
Ex Date November 13, 2024
Pay Date November 13, 2024
Long-Term Capital Gains ($/Share) $2.39042 per share
Short-Term Capital Gains ($/Share) $0.00000 per share
Ordinary Income ($/Share) $0.00 per share

Portfolio

Portfolio Characteristics as of 9/30/24

Net Assets
$231 Million
Number of Holdings
74
12-Month Trailing Turnover
13%
Morningstar Category
Mid-Cap Growth
Lipper Classification
Multi-Cap Core
Active Share vs. S&P 400 Midcap
96.5%

Top Ten Holdings as of 9/30/24

% Of Net Assets
Super Micro Computer Inc. 5.53%
Aspen Aerogels, Inc. 4.78%
Entegris, Inc. 4.59%
Thermo Fisher Scientific, Inc. 4.34%
PDF Solutions, Inc. 4.28%
% Of Net Assets
Parsons Corp. 3.92%
Nova, Ltd. 3.89%
Akamai Technologies, Inc. 3.05%
CarMax, Inc. 2.62%
Trade Desk, Inc. 2.42%
Total 39.43%

Sector Weightings as of 9/30/24*

Sector1 2 % of Net Investments*
Information Technology 47.5
Industrials 14.9
Cash 10.7
Health Care 10.6
Materials 5.7
Consumer Discretionary 4.1
Communication Services 4.0
Financials 1.0
Real Estate 1.0
Energy 0.5

*Current portfolio holdings may not be indicative of future portfolio holdings.

1 Percentage of total investments includes all stocks, plus cash minus all short positions.

2 Total represents the difference between the long exposure and the short exposure, which produces the net exposure.

Risk/Reward Metrics as of 9/30/24*

3 YR 5 YR Since Inception
Fund S&P 400 Midcap Fund S&P 400 Midcap Fund S&P 400 Midcap
Annualized Return 3.42 7.47 15.79 11.78 12.62 11.25
Alpha -2.62 0.00 5.31 0.00 2.17 0.00
Beta 1.07 1.00 0.95 1.00 0.99 1.00
Maximum Drawdown -36.77 -21.52 -36.77 -29.70 -49.15 -49.62
Upside Capture Ratio 92.87 100.00 98.03 100.00 101.70 100.00
Downside Capture Ratio 105.84 100.00 87.39 100.00 96.69 100.00
Standard Deviation 28.11 20.48 25.91 21.89 22.03 18.11
R-Squared 60.40 100.00 63.96 100.00 65.61 100.00
Sharpe Ratio -0.01 0.19 0.52 0.43 0.47 0.50

*Risk/Reward metrics based on the Fund’s retail share class. The Fund’s inception is 1/1/96. Metrics since inception of the Fund are calculated from 1/31/1996 to 9/30/24. Active Share is as of 9/30/24.

 

12-Month Trailing Turnover: A measure of trading activity in a fund’s portfolio over the past 12 months expressed as a percentage of the fund’s average total assets.

Active Share: Represents the proportion of portfolio holdings that differ from those in the benchmark index.

Alpha: A statistic that measures the difference between the Fund’s actual returns and its benchmark, given its level of risk as measured by beta. The difference is expressed as an annual percentage.

Beta: A statistic that measures the volatility of the fund, as compared to that of the overall market.

Maximum Drawdown: Measures the largest single drop from peak to trough in the value of a portfolio (before a new peak is achieved).

Upside Capture Ratio: Measures a fund’s performance versus a benchmark during periods where the benchmark had a positive return.

Downside Capture Ratio: Measures a fund’s performance versus a benchmark during periods where the benchmark had a negative return.

Standard Deviation: A statistical measure of portfolio risk used to measure variability of total return around an average, over a specified period of time. The greater the standard deviation over the period, the wider the variability or range of returns and hence, the greater the fund’s volatility.

R-Squared: Measures the percentage of a fund’s returns that can be explained by the returns of the benchmark. Sharpe Ratio: The

Sharpe ratio is calculated by subtracting the risk-free rate, such as that of the 10-year U.S. Treasury bond from the rate of return for a portfolio and dividing the result by the standard deviation of the portfolio returns.