bowne of philadelphi 02 25 2004 12 31 no marks next pcn 002 00 page graphics valid 31bow w93405 001 15 445 park avenue new york 10022 2606 1 800 625 7071 www needhamfunds com annual report december 2003 contents management discussion and analysis portfolio characteristics needham growth fund 3 aggressive 4 small cap 5 schedule investments 6 10 13 securities sold short 9 statements assets liabilities 16 operations 17 changes in net 18 financial highlights 19 20 21 notes to 22 independent auditors 26 voting proxies on 09 40 003 is bow funds dear shareholders
