COMPUTING - ELECTRONICS - MEDIA market in USA

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www needhamco com seeking to build wealth for long term investors needham growth fund aggressive six months ended june 30 2002 unaudited semiannual report funds 445 park avenue new york 10022 2606 1 800 625 7071 the peter jr trapp portfolio manager contents letter from advisor 8 mapping crisis 7 schedule of investments 12 24 securities sold short 21 27 statements assets and liabilities 28 operations 29 james k kloppenburg changes in net financial highlights 31 32 notes 33 philadelphia 9 oil service index s&p retail bloomberg broadcast & cable stock 6 healthcare morgan stanley 5 high tech nasdaq 4 composite 3 500 russell 2 2000 dow jones industrial average 40 20 10 0