<PAGE> PAGE 1
000 A000000 06/30/1999
000 C000000 0001002537
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 6.1
000 J000000 A
001 A000000 THE NEEDHAM FUNDS, INC.
001 B000000 811-9114
001 C000000 2123718300
002 A000000 445 PARK AVENUE
002 B000000 NEW YORK
002 C000000 NY
002 D010000 10022
003 000000 N
004 000000 N
005 000000 N
006 000000 N
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007 C020100 NEEDHAM GROWTH FUND
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020 A000001 MORGAN STANLEY & CO., INC.
020 B000001 13-2655998
020 C000001 33
020 A000002 SALOMON SMITH BARNEY
020 B000002 13-3371860
020 C000002 9
020 A000003 LEHMAN BROTHERS SECURITIES
020 B000003 13-2518466
020 C000003 8
020 A000004 ROBERTSON, STEPHENS & CO., L.P.
020 B000004 94-2524501
020 C000004 7
020 A000005 MONTGOMERY SECURITIES
020 B000005 94-1701676
020 C000005 6
020 A000006 NEEDHAM & COMPANY
020 B000006 13-3255839
<PAGE> PAGE 2
020 C000006 6
020 A000007 DONALDSON, LUFKIN & JENRETTE SECURITIES CORP.
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020 A000008 MILLER, TABACK, HIRSCH
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020 C000008 2
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022 B000007 94-3220242
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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080 A000100 GREAT AMERICAN INSURANCE COMPANY
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SIGNATURE MARY JANE MALONEY
TITLE MANAGER
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001002537
<NAME> THE NEEDHAM FUNDS, INC.
<SERIES>
<NUMBER> 01
<NAME> NEEDHAM GROWTH FUND
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<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> JUN-30-1999
<INVESTMENTS-AT-COST> 20973129
<INVESTMENTS-AT-VALUE> 29275430
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<PAYABLE-FOR-SECURITIES> (1595873)
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<OTHER-ITEMS-LIABILITIES> (4513758)
<TOTAL-LIABILITIES> (6109631)
<SENIOR-EQUITY> 0
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<NUMBER-OF-SHARES-REDEEMED> (4177302)
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</TABLE>
EXHIBIT INDEX
Exhibit A: Attachment to item 77O:
Transactions effected pursuant to Rule 10f-3
- -------------------------------------------------------
Exhibit A:
NEEDHAM GROWTH FUND
Rule 10F-3
Issuer
Vignette Corporation
Type of Security
Common
IPO or Security
IPO
SEC Registered
Yes
Total Offering
4,000,000
Date of Purchase
2/18/99
Number of shares Purchased
1,000
Date of Public Offer
2/18/99
Fund Price Paid
$19.00
Public Offering Price
$19.00
Firm Commitment Underwriting ?
Yes
Underwriting gross spread as % of Proceeds
7.00%
Consistent with average industry % of gross spread
Yes
Company operational for 3 years?
Yes
Less than 3% of fund assets used for purchase?
Yes
Fund's purchase represents less than 4% of the offering?
Yes
Name of underwriter(s) purchased from?
Morgan Stanley
Needham Company, Inc Mgr or Co-Mgr?
No
NEEDHAM GROWTH FUND
Rule 10F-3
Issuer
Catapult Communications Corp.
Type of Security
Common
IPO or Security
IPO
SEC Registered
Yes
Total Offering
3,352,500
Date of Purchase
2/11/99
Number of shares Purchased
500
Date of Public Offer
2/11/99
Fund Price Paid
$10.00
Public Offering Price
$10.00
Firm Commitment Underwriting ?
Yes
Underwriting gross spread as % of Proceeds
7.00%
Consistent with average industry % of gross spread
Yes
Company operational for 3 years?
Yes
Less than 3% of fund assets used for urchase?
Yes
Fund's purchase represents less than 4% of the offering?
Yes
Name of underwriter(s) purchased from?
Hambrecht & Quist
Needham Company, Inc Mgr or Co-Mgr?
No
NEEDHAM GROWTH FUND
Rule 10F-3
Issuer
Entercom Communications Corp.
Type of Security
Common
IPO or Security
IPO
SEC Registered
Yes
Total Offering
13,627,500
Date of Purchase
1/28/99
Number of shares Purchased
2,100
Date of Public Offer
1/28/99
Fund Price Paid
$22.50
Public Offering Price
$22.50
Firm Commitment Underwriting ?
Yes
Underwriting gross spread as % of Proceeds
6.00%
Consistent with average industry % of gross spread
Yes
Company operational for 3 years?
Yes
Less than 3% of fund assets used for purchase?
Yes
Fund's purchase represents less than 4% of the offering?
Yes
Name of underwriter(s) purchased from?
Goldman Sachs/ First Boston
Needham Company, Inc Mgr or Co-Mgr?
No
NEEDHAM GROWTH FUND
Rule 10F-3
Issuer
Flashnet Communications Inc.
Type of Security
Common
IPO or Security
IPO
SEC Registered
Yes
Total Offering
3,000,000
Date of Purchase
3/16/99
Number of shares Purchased
500
Date of Public Offer
3/16/99
Fund Price Paid
$17.00
Public Offering Price
$17.00
Firm Commitment Underwriting ?
Yes
Underwriting gross spread as % of Proceeds
7.00%
Consistent with average industry % of gross spread
Yes
Company operational for 3 years?
Yes
Less than 3% of fund assets used for purchase?
Yes
Fund's purchase represents less than 4% of the offering?
Yes
Name of underwriter(s) purchased from?
Robertson Stephens
Needham Company, Inc Mgr or Co-Mgr?
No
NEEDHAM GROWTH FUND
Rule 10F-3
Issuer
Intraware Incorporated
Type of Security
Common
IPO or Security
IPO
SEC Registered
Yes
Total Offering
4,000,000
Date of Purchase
2/25/99
Number of shares Purchased
2,000
Date of Public Offer
2/25/99
Fund Price Paid
$16.00
Public Offering Price
$16.00
Firm Commitment Underwriting ?
Yes
Underwriting gross spread as % of Proceeds
7.00%
Consistent with average industry % of gross spread
Yes
Company operational for 3 years?
Yes
Less than 3% of fund assets used for purchase?
Yes
Fund's purchase represents less than 4% of the offering?
Yes
Name of underwriter(s) purchased from?
First Boston
Needham Company, Inc Mgr or Co-Mgr?
No
NEEDHAM GROWTH FUND
Rule 10F-3
Issuer
iVillage Incorporated
Type of Security
Common
IPO or Security
IPO
SEC Registered
Yes
Total Offering
3,650,000
Date of Purchase
3/18/99
Number of shares Purchased
500
Date of Public Offer
3/18/99
Fund Price Paid
$24.00
Public Offering Price
$24.00
Firm Commitment Underwriting ?
Yes
Underwriting gross spread as % of Proceeds
7.00%
Consistent with average industry % of gross spread
Yes
Company operational for 3 years?
Yes
Less than 3% of fund assets used for purchase?
Yes
Fund's purchase represents less than 4% of the offering?
Yes
Name of underwriter(s) purchased from?
First Boston
Needham Company, Inc Mgr or Co-Mgr?
No
NEEDHAM GROWTH FUND
Rule 10F-3
Issuer
Korn/Ferry International Corp.
Type of Security
Common
IPO or Security
IPO
SEC Registered
Yes
Total Offering
11,750,000
Date of Purchase
2/11/99
Number of shares Purchased
5,000
Date of Public Offer
2/11/99
Fund Price Paid
$14.00
Public Offering Price
$14.00
Firm Commitment Underwriting ?
Yes
Underwriting gross spread as % of Proceeds
6.25%
Consistent with average industry % of gross spread
Yes
Company operational for 3 years?
Yes
Less than 3% of fund assets used for purchase?
Yes
Fund's purchase represents less than 4% of the offering?
Yes
Name of underwriter(s) purchased from?
First Boston
Needham Company, Inc Mgr or Co-Mgr?
No
NEEDHAM GROWTH FUND
Rule 10F-3
Issuer
Multex.com Incorporated
Type of Security
Common
IPO or Security
IPO
SEC Registered
Yes
Total Offering
3,000,000
Date of Purchase
3/17/99
Number of shares Purchased
500
Date of Public Offer
3/17/99
Fund Price Paid
$14.00
Public Offering Price
$14.00
Firm Commitment Underwriting ?
Yes
Underwriting gross spread as % of Proceeds
7.00%
Consistent with average industry % of gross spread
Yes
Company operational for 3 years?
Yes
Less than 3% of fund assets used for purchase?
Yes
Fund's purchase represents less than 4% of the offering?
Yes
Name of underwriter(s) purchased from?
Robertson Stephens
Needham Company, Inc Mgr or Co-Mgr?
No
NEEDHAM GROWTH FUND
Rule 10F-3
Issuer
Modem Media Poppe Tyson Inc.
Type of Security
Common
IPO or Security
IPO
SEC Registered
Yes
Total Offering
2,600,000
Date of Purchase
2/5/99
Number of shares Purchased
1,000
Date of Public Offer
2/5/99
Fund Price Paid
$16.00
Public Offering Price
$16.00
Firm Commitment Underwriting ?
Yes
Underwriting gross spread as % of Proceeds
6.25%
Consistent with average industry % of gross spread
Yes
Company operational for 3 years?
Yes
Less than 3% of fund assets used for purchase?
Yes
Fund's purchase represents less than 4%
of the offering?
Yes
Name of underwriter(s) purchased from?
Robertson Stephens
Needham Company, Inc Mgr or Co-Mgr?
No
NEEDHAM GROWTH FUND
Rule 10F-3
Issuer
Nvidia Corporation
Type of Security
Common
IPO or Security
IPO
SEC Registered
Yes
Total Offering
3,500,000
Date of Purchase
1/21/99
Number of shares Purchased
2,600
Date of Public Offer
1/21/99
Fund Price Paid
$12.00
Public Offering Price
$12.00
Firm Commitment Underwriting ?
Yes
Underwriting gross spread as % of Proceeds
7.00%
Consistent with average industry % of gross spread
Yes
Company operational for 3 years?
Yes
Less than 3% of fund assets used for purchase?
Yes
Fund's purchase represents less than 4% of the offering?
Yes
Name of underwriter(s) purchased from?
Morgan Stanley/Hambrecht & Quist
Needham Company, Inc Mgr or Co-Mgr?
No
NEEDHAM GROWTH FUND
Rule 10F-3
Issuer
ONYX Software Corp.
Type of Security
Common
IPO or Security
IPO
SEC Registered
Yes
Total Offering
3,100,000
Date of Purchase
2/11/99
Number of shares Purchased
1,000
Date of Public Offer
2/11/99
Fund Price Paid
$13.00
Public Offering Price
$13.00
Firm Commitment Underwriting ?
Yes
Underwriting gross spread as % of Proceeds
7.00%
Consistent with average industry % of
gross spread
Yes
Company operational for 3 years?
Yes
Less than 3% of fund assets used for purchase?
Yes
Fund's purchase represents less than 4% of the offering?
Yes
Name of underwriter(s) purchased from?
First Boston
Needham Company, Inc Mgr or Co-Mgr?
No
NEEDHAM GROWTH FUND
Rule 10F-3
Issuer
Priceline.com,
Incorporated
Type of Security
Common
IPO or Security
IPO
SEC Registered
Yes
Total Offering
10,000,000
Date of Purchase
3/29/99
Number of shares Purchased
1,000
Date of Public Offer
3/29/99
Fund Price Paid
$16.00
Public Offering Price
$16.00
Firm Commitment Underwriting ?
Yes
Underwriting gross spread as % of Proceeds
7.00%
Consistent with average industry % of gross spread
Yes
Company operational for 3 years?
Yes
Less than 3% of fund assets used for purchase?
Yes
Fund's purchase represents less than 4%
of the offering?
Yes
Name of underwriter(s) purchased from?
Morgan Stanley
Needham Company, Inc Mgr or Co-Mgr?
No
NEEDHAM GROWTH FUND
Rule 10F-3
Issuer
Perot Systems Corp.
Type of Security
Common
IPO or Security
IPO
SEC Registered
Yes
Total Offering
6,500,000
Date of Purchase
2/1/99
Number of shares Purchased
2,500
Date of Public Offer
2/1/99
Fund Price Paid
$16.00
Public Offering Price
$16.00
Firm Commitment Underwriting ?
Yes
Underwriting gross spread as % of Proceeds
7.00%
Consistent with average industry % of gross spread
Yes
Company operational for 3 years?
Yes
Less than 3% of fund assets used for purchase?
Yes
Fund's purchase represents less than 4% of the offering?
Yes
Name of underwriter(s) purchased from?
Morgan Stanley/ Merrill Lynch
Needham Company, Inc Mgr or Co-Mgr?
No
NEEDHAM GROWTH FUND
Rule 10F-3
Issuer
SERENA Software Inc.
Type of Security
Common
IPO or Security
IPO
SEC Registered
Yes
Total Offering
6,000,000
Date of Purchase
2/12/99
Number of shares Purchased
1,000
Date of Public Offer
2/12/99
Fund Price Paid
$13.00
Public Offering Price
$13.00
Firm Commitment Underwriting ?
Yes
Underwriting gross spread as % of Proceeds
7.00%
Consistent with average industry % of
gross spread
Yes
Company operational for 3 years?
Yes
Less than 3% of fund assets used for purchase?
Yes
Fund's purchase represents less than 4%
of the offering?
Yes
Name of underwriter(s) purchased from?
Hambrecht & Quist
Needham Company, Inc Mgr or Co-Mgr?
No
NEEDHAM GROWTH FUND
Rule 10F-3
Issuer
AUTOWEB.COM, Incorporated
Type of Security
Common
IPO or Security
IPO
SEC Registered
Yes
Total Offering
5,000,000
Date of Purchase
3/22/99
Number of shares Purchased
1,500
Date of Public Offer
3/22/99
Fund Price Paid
$14.00
Public Offering Price
$14.00
Firm Commitment Underwriting ?
Yes
Underwriting gross spread as % of Proceeds
7.00%
Consistent with average industry % of
gross spread
Yes
Company operational for 3 years?
Yes
Less than 3% of fund assets used for purchase?
Yes
Fund's purchase represents less than 4%
of the offering?
Yes
Name of underwriter(s) purchased from?
Hambrecht & Quist/ First Boston
Needham Company, Inc Mgr or Co-Mgr?
No
NEEDHAM GROWTH FUND
Rule 10F-3
Issuer
USInternetWorking
Incorporated
Type of Security
Common
IPO or Security
IPO
SEC Registered
Yes
Total Offering
6,000,000
Date of Purchase
4/8/99
Number of shares Purchased
1,200
Date of Public Offer
4/9/99
Fund Price Paid
$21.00
Public Offering Price
$21.00
Firm Commitment Underwriting ?
Yes
Underwriting gross spread as % of Proceeds
7.00%
Consistent with average industry % of gross spread
Yes
Company operational for 3 years?
Yes
Less than 3% of fund assets used for purchase?
Yes
Fund's purchase represents less than 4%
of the offering?
Yes
Name of underwriter(s) purchased from?
Credit Suisse First Boston
Needham Company, Inc Mgr or Co-Mgr?
No
NEEDHAM GROWTH FUND
Rule 10F-3
Issuer
Ariba Incorporated
Type of Security
Common
IPO or Security
IPO
SEC Registered
Yes
Total Offering
5,000,000
Date of Purchase
6/22/99
Number of shares Purchased
200
Date of Public Offer
6/23/99
Fund Price Paid
$23.00
Public Offering Price
$23.00
Firm Commitment Underwriting ?
Yes
Underwriting gross spread as % of Proceeds
7.00%
Consistent with average industry % of gross spread
Yes
Company operational for 3 years?
Yes
Less than 3% of fund assets used for purchase?
Yes
Fund's purchase represents less than 4% of the offering?
Yes
Name of underwriter(s) purchased from?
Morgan Stanley Dean Witter and
Company
Needham Company, Inc Mgr or Co-Mgr?
No
NEEDHAM GROWTH FUND
Rule 10F-3
Issuer
Brocade Communications
Systems Incorporated
Type of Security
Common
IPO or Security
IPO
SEC Registered
Yes
Total Offering
3,250,000
Date of Purchase
5/24/99
Number of shares Purchased
500
Date of Public Offer
5/25/99
Fund Price Paid
$19.00
Public Offering Price
$19.00
Firm Commitment Underwriting ?
Yes
Underwriting gross spread as % of
Proceeds
7.00%
Consistent with average industry % of
gross spread
Yes
Company operational for 3 years?
Yes
Less than 3% of fund assets used for
purchase?
Yes
Fund's purchase represents less than 4%
of the offering?
Yes
Name of underwriter(s) purchased from?
Morgan Stanley Dean
Witter and Company
Needham Company, Inc Mgr or Co-Mgr?
No
NEEDHAM GROWTH FUND
Rule 10F-3
Issuer
Extreme Networks
Incorporated
Type of Security
Common
IPO or Security
IPO
SEC Registered
Yes
Total Offering
7,000,000
Date of Purchase
4/8/99
Number of shares Purchased
1,000
Date of Public Offer
4/9/99
Fund Price Paid
$17.00
Public Offering Price
$17.00
Firm Commitment Underwriting ?
Yes
Underwriting gross spread as % of
Proceeds
7.00%
Consistent with average industry % of
gross spread
Yes
Company operational for 3 years?
Yes
Less than 3% of fund assets used for
purchase?
Yes
Fund's purchase represents less than 4%
of the offering?
Yes
Name of underwriter(s) purchased from?
Morgan Stanley Dean
Witter and Company
Needham Company, Inc Mgr or Co-Mgr?
No
NEEDHAM GROWTH FUND
Rule 10F-3
Issuer
Goto.com Incorporated
Type of Security
Common
IPO or Security
IPO
SEC Registered
Yes
Total Offering
6,000,000
Date of Purchase
6/18/99
Number of shares Purchased
250
Date of Public Offer
6/18/99
Fund Price Paid
$15.00
Public Offering Price
$15.00
Firm Commitment Underwriting ?
Yes
Underwriting gross spread as % of
Proceeds
7.00%
Consistent with average industry % of
gross spread
Yes
Company operational for 3 years?
Yes
Less than 3% of fund assets used for
purchase?
Yes
Fund's purchase represents less than 4%
of the offering?
Yes
Name of underwriter(s) purchased from?
Donaldson Lufkin & Jenrette
Needham Company, Inc Mgr or Co-Mgr?
No
NEEDHAM GROWTH FUND
Rule 10F-3
Issuer
Maker Communications
Incorporated
Type of Security
Common
IPO or Security
IPO
SEC Registered
Yes
Total Offering
3,350,000
Date of Purchase
5/10/99
Number of shares Purchased
500
Date of Public Offer
5/11/99
Fund Price Paid
$13.00
Public Offering Price
$13.00
Firm Commitment Underwriting ?
Yes
Underwriting gross spread as % of
Proceeds
7.00%
Consistent with average industry % of
gross spread
Yes
Company operational for 3 years?
Yes
Less than 3% of fund assets used for purchase?
Yes
Fund's purchase represents less than 4%
of the offering?
Yes
Name of underwriter(s) purchased from?
Lehman Brothers Holdings Incorporated
Needham Company, Inc Mgr or Co-Mgr?
No
NEEDHAM GROWTH FUND
Rule 10F-3
Issuer
Redback Networks
Incorporated
Type of Security
Common
IPO or Security
IPO
SEC Registered
Yes
Total Offering
2,500,000
Date of Purchase
5/17/99
Number of shares Purchased
500
Date of Public Offer
5/18/99
Fund Price Paid
$23.00
Public Offering Price
$23.00
Firm Commitment Underwriting ?
Yes
Underwriting gross spread as % of
Proceeds
7.00%
Consistent with average industry % of
gross spread
Yes
Company operational for 3 years?
Yes
Less than 3% of fund assets used for
purchase?
Yes
Fund's purchase represents less than 4%
of the offering?
Yes
Name of underwriter(s) purchased from?
Morgan Stanley Dean
Witter and Company
Needham Company, Inc Mgr or Co-Mgr?
No
NEEDHAM GROWTH FUND
Rule 10F-3
Issuer
Redback Networks
Incorporated
Type of Security
Common
IPO or Security
IPO
SEC Registered
Yes
Total Offering
2,500,000
Date of Purchase
5/17/99
Number of shares Purchased
500
Date of Public Offer
5/18/99
Fund Price Paid
$23.00
Public Offering Price
$23.00
Firm Commitment Underwriting ?
Yes
Underwriting gross spread as % of
Proceeds
7.00%
Consistent with average industry % of
gross spread
Yes
Company operational for 3 years?
Yes
Less than 3% of fund assets used for
purchase?
Yes
Fund's purchase represents less than 4%
of the offering?
Yes
Name of underwriter(s) purchased from?
Morgan Stanley Dean
Witter and Company
Needham Company, Inc Mgr or Co-Mgr?
No
NEEDHAM GROWTH FUND
Rule 10F-3
Issuer
Silknet Software
Incorporated
Type of Security
Common
IPO or Security
IPO
SEC Registered
Yes
Total Offering
3,000,000
Date of Purchase
5/5/99
Number of shares Purchased
1,000
Date of Public Offer
5/5/99
Fund Price Paid
$15.00
Public Offering Price
$15.00
Firm Commitment Underwriting ?
Yes
Underwriting gross spread as % of
Proceeds
7.00%
Consistent with average industry % of
gross spread
Yes
Company operational for 3 years?
Yes
Less than 3% of fund assets used for
purchase?
Yes
Fund's purchase represents less than 4%
of the offering?
Yes
Name of underwriter(s) purchased from?
Credit Suisse First
Boston
Needham Company, Inc Mgr or Co-Mgr?
No
NEEDHAM GROWTH FUND
Rule 10F-3
Issuer
US Search.com
Incorporated
Type of Security
Common
IPO or Security
IPO
SEC Registered
Yes
Total Offering
6,000,000
Date of Purchase
6/24/99
Number of shares Purchased
500
Date of Public Offer
6/25/99
Fund Price Paid
$9.00
Public Offering Price
$9.00
Firm Commitment Underwriting ?
Yes
Underwriting gross spread as % of
Proceeds
7.00%
Consistent with average industry % of
gross spread
Yes
Company operational for 3 years?
Yes
Less than 3% of fund assets used for
purchase?
Yes
Fund's purchase represents less than 4%
of the offering?
Yes
Name of underwriter(s) purchased from?
Bear Stearns and
Company
Needham Company, Inc Mgr or Co-Mgr?
No
NEEDHAM GROWTH FUND
Rule 10F-3
Issuer
Alloy Online
Incorporated
Type of Security
Common
IPO or Security
IPO
SEC Registered
Yes
Total Offering
3,700,000
Date of Purchase
5/14/99
Number of shares Purchased
500
Date of Public Offer
5/14/99
Fund Price Paid
$15.00
Public Offering Price
$15.00
Firm Commitment Underwriting ?
Yes
Underwriting gross spread as % of
Proceeds
7.00%
Consistent with average industry % of
gross spread
Yes
Company operational for 3 years?
Yes
Less than 3% of fund assets used for
purchase?
Yes
Fund's purchase represents less than 4%
of the offering?
Yes
Name of underwriter(s) purchased from?
Robertson Stephens &
Company
Needham Company, Inc Mgr or Co-Mgr?
No
