<PAGE> PAGE 1
000 B000000 12/31/1999
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<PAGE> PAGE 2
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<PAGE> PAGE 3
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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-END> DEC-31-1999
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<OVERDISTRIBUTION-GAINS> 0
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<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (4275566)
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</TABLE>
EXHIBIT INDEX
EXHIBIT A:
Attachment to item 77B:
Accountants report on internal control
EXHIBIT B:
Attachment to item 77O:
Transactions effected pursuant to Rule 10f-3
- ------------------------------------------------------------------
EXHIBIT A:
To the Shareholders and
Board of Directors of
Needham Growth Fund:
In planning and performing our audit of the financial
statements of Needham Growth Fund for the year ended
December 31, 1999, we considered its internal control,
including control activities for safeguarding securities,
in order to determine our auditing procedures for the
purpose of expressing our opinion on the financial
statements and to comply with the requirements of Form N-
SAR, not to provide assurance on internal control.
The management of Needham Growth Fund is responsible for
establishing and maintaining internal control. In
fulfilling this responsibility, estimates and judgments
by management are required to assess the expected
benefits and related costs of controls. Generally,
controls that are relevant to an audit pertain to the
entity's objective of preparing financial statements for
external purposes that are fairly presented in conformity
with generally accepted accounting principles. Those
controls include the safeguarding of assets against
unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control,
error or fraud may occur and not be detected. Also,
projection of any evaluation of internal control to
future periods is subject to the risk that it may become
inadequate because of changes in conditions or that the
effectiveness of the design and operation may
deteriorate.
Our consideration of internal control would not
necessarily disclose all matters in internal control that
might be material weaknesses under standards established
by the American Institute of Certified Public
Accountants. A material weakness is a condition in which
the design or operation of one or more of the internal
control components does not reduce to a relatively low
level the risk that misstatements caused by error or
fraud in amounts that would be material in relation to
the financial statements being audited may occur and not
be detected within a timely period by employees in the
normal course of performing their assigned functions.
However, we noted no matters involving internal control
and its operation, including controls for safeguarding
securities, that we consider to be material weaknesses as
defined above as of December 31, 1999.
This report is intended solely for the information and
use of management, the Board of Directors of Needham
Growth Fund and the Securities and Exchange Commission.
Arthur Andersen LLP
New York, New York
February 22, 2000
EXHIBIT B:
NEEDHAM Growth Fund
Rule 10F-3
Issuer
Voyager.net, Inc.
Type of Security
Common
IPO or Security
IPO
SEC Registered
Yes
Total Offering
9,000,000
Date of Purchase
7/21/99
Number of shares Purchased
1,000
Date of Public Offer
7/21/99
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 represent's 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
Gadzoox Networks, Inc.
Type of Security
Common
IPO or Security
IPO
SEC Registered
Yes
Total Offering
3,500,000
Date of Purchase
7/19/99
Number of shares Purchased
250
Date of Public Offer
7/20/99
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 represent's 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
JFAX.COM, Inc.
Type of Security
Common
IPO or Security
IPO
SEC Registered
Yes
Total Offering
8,500,000
Date of Purchase
7/23/99
Number of shares Purchased
1,000
Date of Public Offer
7/23/99
Fund Price Paid
$9.50
Public Offering Price
$9.50
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 represent's 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
SonicWALL, Inc.
Type of Security
Common
IPO or Security
IPO
SEC Registered
Yes
Total Offering
4,000,000
Date of Purchase
11/10/99
Number of shares Purchased
900
Date of Public Offer
11/11/99
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 represent's less than 4% of the offering?
Yes
Name of underwriter(s) purchased from?
Hambrecht & Quist Group and Bear Stearns & Co.
Needham Company, Inc Mgr or Co-Mgr?
No
NEEDHAM Growth Fund
Rule 10F-3
Issuer
Agile Software Corporation
Type of Security
Common
IPO or Security
IPO
SEC Registered
Yes
Total Offering
3,000,000
Date of Purchase
8/19/99
Number of shares Purchased
10,000
Date of Public Offer
8/20/99
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 represent's less than 4% of the offering?
Yes
Name of underwriter(s) purchased from?
Morgan Stanley Dean Witter
Needham Company, Inc Mgr or Co-Mgr?
No
NEEDHAM Growth Fund
Rule 10F-3
Issuer
Breakaway Solutions, Inc.
Type of Security
Common
IPO or Security
IPO
SEC Registered
Yes
Total Offering
3,000,000
Date of Purchase
10/5/99
Number of shares Purchased
1,000
Date of Public Offer
10/6/99
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 represent's less than 4% of the offering?
Yes
Name of underwriter(s) purchased from?
Morgan Stanley Dean Witter
Needham Company, Inc Mgr or Co-Mgr?
No
NEEDHAM Growth Fund
Rule 10F-3
Issuer
E-Stamp Corporation
Type of Security
Common
IPO or Security
IPO
SEC Registered
Yes
Total Offering
7,000,000
Date of Purchase
10/8/99
Number of shares Purchased
500
Date of Public Offer
10/8/99
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 represent's less than 4% of the offering?
Yes
Name of underwriter(s) purchased from?
Donaldson Lufkin & Jenrette, Inc.
Needham Company, Inc Mgr or Co-Mgr?
No
NEEDHAM Growth Fund
Rule 10F-3
Issuer
Immersion Corporation
Type of Security
Common
IPO or Security
IPO
SEC Registered
Yes
Total Offering
4,250,000
Date of Purchase
11/12/99
Number of shares Purchased
500
Date of Public Offer
11/12/99
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 represent's less than 4% of the offering?
Yes
Name of underwriter(s) purchased from?
Hambrecht & Quist Group
Needham Company, Inc Mgr or Co-Mgr?
No
NEEDHAM Growth Fund
Rule 10F-3
Issuer
McAfee.com Corporation
Type of Security
Common
IPO or Security
IPO
SEC Registered
Yes
Total Offering
6,250,000
Date of Purchase
12/1/99
Number of shares Purchased
5,000
Date of Public Offer
12/2/99
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 represent's less than 4% of the offering?
Yes
Name of underwriter(s) purchased from?
Morgan Stanley Dean Witter
Needham Company, Inc Mgr or Co-Mgr?
No
NEEDHAM Growth Fund
Rule 10F-3
Issuer
MotherNature.com, Inc.
Type of Security
Common
IPO or Security
IPO
SEC Registered
Yes
Total Offering
4,100,000
Date of Purchase
12/9/99
Number of shares Purchased
4,000
Date of Public Offer
12/10/99
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 represent's less than 4% of the offering?
Yes
Name of underwriter(s) purchased from?
Bear Stearns & Co.
Needham Company, Inc Mgr or Co-Mgr?
No
NEEDHAM Growth Fund
Rule 10F-3
Issuer
ACT Manufacturing, Inc.
Type of Security
Common
IPO or Security
SECONDARY
SEC Registered
Yes
Total Offering
3,020,000
Date of Purchase
11/16/99
Number of shares Purchased
5,000
Date of Public Offer
11/16/99
Fund Price Paid
$26.0625
Public Offering Price
$26.0625
Firm Commitment Underwriting ?
Yes
Underwriting gross spread as % of Proceeds
5.76%
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 represent's 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
