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Previous: FTI FUNDS, NSAR-A, 1997-07-30 |
Next: TJT INC, 8-K, 1997-07-30 |
VAN WAGONER CAPITAL APPRECIATION FUND
SCHEDULE OF INVESTMENTS
JUNE 30, 1997
(UNAUDITED)
Number
of Shares Value
--------- -----
COMMON STOCKS 83.70%
COMMERCIAL SERVICES - SECURITY/SAFETY 2.11%
1,000 Check Point Software Technologies Ltd. * $ 23,375
---------
COMPUTERS - INTEGRATED SYSTEMS 1.82%
400 Oracle Corp. * 20,150
---------
COMPUTERS - LOCAL NETWORKS 5.01%
500 3COM Corp. * 22,500
750 Citrix Systems, Inc. * 32,906
---------
55,406
---------
COMPUTERS - MINI/MICRO 9.85%
250 Dell Computer Corp. * 29,359
200 Intel Corp. 28,363
750 Micron Electronics, Inc. * 13,359
2,250 Rational Software Corp. * 37,828
---------
108,909
---------
COMPUTERS - SERVICES 2.06%
450 Viasoft, Inc. * 22,838
---------
COMPUTERS - SOFTWARE 19.74%
3,500 Avant! Corp. *+ 113,094
200 Microsoft Corp. * 25,275
750 Netscape Communications Corp. * 24,047
3,250 Pure Atria Corp. * + 45,906
250 Remedy Corp. * 10,000
---------
218,322
---------
ELECTRONICS - LASER SYSTEMS/COMPONENTS 2.20%
500 Cymer, Inc. * 24,375
---------
ELECTRONICS - SEMICONDUCTOR EQUIPMENT 8.05%
500 ASM Lithography Holding N.V. * 29,250
500 Applied Materials, Inc. * 35,406
500 KLA-Tencor Corp. * 24,375
---------
89,031
---------
Number
of Shares Value
--------- -----
ELECTRONICS - SEMICONDUCTOR MANUFACTURING 2.59%
250 Altera Corp. * $12,625
500 LSI Logic Corp. * 16,000
---------
28,625
---------
ENERGY - COMMERCIAL SERVICES 2.07%
1,500 Simulation Sciences, Inc. * + 22,875
---------
ENERGY - SERVICES 1.13%
500 Nabors Industries, Inc. * 12,500
---------
MEDICAL - ETHICAL DRUGS 1.80%
500 Dura Pharmaceuticals, Inc. * 19,937
---------
MEDICAL - INFORMATION SERVICES 3.11%
500 HBO & Co. 34,438
---------
MEDICAL - INSTRUMENTS 1.83%
250 Medtronic, Inc. 20,250
---------
MEDICAL - OUTPATIENT/HOME 1.88%
500 Renal Care Group, Inc. * 20,844
---------
OIL & GAS 9.38%
500 Baker Hughes, Inc. 19,344
2,000 Comstock Resources, Inc. * 20,875
500 Noble Drilling Corp. * 11,281
1,000 Santa Fe International Corp. * 34,000
300 Smith International, Inc. * 18,225
---------
103,725
---------
POLLUTION CONTROL - SERVICES 0.92%
300 Newpark Resources, Inc. * 10,125
---------
RETAIL 1.81%
500 TJX Companies, Inc. 13,188
250 Family Dollar Stores, Inc. 6,812
---------
20,000
---------
Number
of Shares Value
--------- -----
TELECOMMUNICATIONS - EQUIPMENT 5.85%
500 Advanced Fibre Communications, Inc. * $30,187
250 Lucent Technologies, Inc. 18,016
500 P-COM, Inc. * 16,500
---------
64,703
---------
TEXTILES 0.49%
200 Polo Ralph Lauren Corp. * 5,475
---------
TOTAL COMMON STOCKS (COST $731,150) 925,903
--------
Principal
Amount
---------
REPURCHASE AGREEMENTS 16.45%
$182,000 UMB Bank, n.a., 5.30%, dated 6/30/97,
repurchase price $182,026, maturing
7/1/97 (collateralized by U.S.
Treasury Notes) 182,000
---------
TOTAL REPURCHASE AGREEMENTS (COST $182,000) 182,000
---------
SHORT-TERM INVESTMENTS 0.04%
416 UMB Bank, n.a., Money Market Fiduciary 416
---------
TOTAL SHORT-TERM INVESTMENTS (COST $416) 416
---------
TOTAL INVESTMENTS (COST $913,566) 100.19% 1,108,319
Other Liabilities less Assets (0.19)% (2,136)
---------
NET ASSETS 100.00% $1,106,183
=========
* Non-income producing
+ Affiliated company - see Note 6
See notes to financial statements.
VAN WAGONER GROWTH FUND
SCHEDULE OF INVESTMENTS
JUNE 30, 1997
(UNAUDITED)
Number
of Shares Value
--------- -----
COMMON STOCKS 83.81%
COMMERCIAL SERVICES - SECURITY/SAFETY 2.12%
1,000 Check Point Software Technologies Ltd. * $23,375
---------
COMPUTERS - INTEGRATED SYSTEMS 1.82%
400 Oracle Corp. * 20,150
---------
COMPUTERS - LOCAL NETWORKS 5.01%
500 3COM Corp. * 22,500
750 Citrix Systems, Inc. * 32,906
---------
55,406
---------
COMPUTERS - MINI/MICRO 9.86%
250 Dell Computer Corp. * 29,359
200 Intel Corp. 28,363
750 Micron Electronics, Inc. * 13,359
2,250 Rational Software Corp. * 37,828
---------
108,909
---------
COMPUTERS - SERVICES 2.07%
450 Viasoft, Inc. * 22,838
---------
COMPUTERS - SOFTWARE 19.76%
3,500 Avant! Corp. * + 113,094
200 Microsoft Corp. * 25,275
750 Netscape Communications Corp. * 24,047
3,250 Pure Atria Corp. * + 45,906
250 Remedy Corp. * 10,000
---------
218,322
---------
ELECTRONICS - LASER SYSTEMS/COMPONENTS 2.21%
500 Cymer, Inc. * 24,375
---------
ELECTRONICS - SEMICONDUCTOR EQUIPMENT 8.06%
500 ASM Lithography Holding N.V. * 29,250
500 Applied Materials, Inc. * 35,406
500 KLA-Tencor Corp. * 24,375
---------
89,031
---------
Number
of Shares Value
--------- -----
ELECTRONICS - SEMICONDUCTOR MANUFACTURING 2.59%
250 Altera Corp. * $12,625
500 LSI Logic Corp. * 16,000
---------
28,625
---------
ENERGY - COMMERCIAL SERVICES 2.07%
1,500 Simulation Sciences, Inc. * + 22,875
---------
ENERGY - SERVICES 1.13%
500 Nabors Industries, Inc. * 12,500
---------
MEDICAL - ETHICAL DRUGS 1.80%
500 Dura Pharmaceuticals, Inc. * 19,937
---------
MEDICAL - INFORMATION SERVICES 3.12%
500 HBO & Co. 34,438
---------
MEDICAL - INSTRUMENTS 1.83%
250 Medtronic, Inc. 20,250
---------
MEDICAL - OUTPATIENT/HOME 1.89%
500 Renal Care Group, Inc. * 20,844
---------
OIL & GAS 9.39%
500 Baker Hughes, Inc. 19,344
2,000 Comstock Resources, Inc. * 20,875
500 Noble Drilling Corp. * 11,281
1,000 Santa Fe International Corp. * 34,000
300 Smith International, Inc. * 18,225
---------
103,725
---------
POLLUTION CONTROL - SERVICES 0.92%
300 Newpark Resources, Inc. * 10,125
---------
RETAIL 1.81%
500 TJX Companies, Inc. 13,188
250 Family Dollar Stores, Inc. 6,812
---------
20,000
---------
Number
of Shares Value
--------- -----
TELECOMMUNICATIONS - EQUIPMENT 5.86%
500 Advanced Fibre Communications, Inc. * $30,187
250 Lucent Technologies, Inc. 18,016
500 P-COM, Inc. * 16,500
---------
64,703
---------
TEXTILES 0.49%
200 Polo Ralph Lauren Corp. * 5,475
---------
TOTAL COMMON STOCKS (COST $731,150) 925,903
---------
Principal
Amount
- ---------
REPURCHASE AGREEMENTS 16.29%
$180,000 UMB Bank, n.a., 5.30%, dated 6/30/97,
repurchase price $180,026, maturing
7/1/97 (collateralized by U.S.
Treasury Notes) 180,000
---------
TOTAL REPURCHASE AGREEMENTS (COST $180,000) 180,000
---------
SHORT-TERM INVESTMENTS 0.00%
38 UMB Bank, n.a., Money Market Fiduciary 38
---------
TOTAL SHORT-TERM INVESTMENTS (COST $38) 38
---------
TOTAL INVESTMENTS (COST $911,188) 100.10% 1,105,941
Other Liabilities less Assets (0.10)% (1,111)
---------
NET ASSETS 100.00% $1,104,830
=========
* Non-income producing
+ Affiliated company - see Note 6
See notes to financial statements.
VAN WAGONER FUNDS, INC.
STATEMENTS OF ASSETS AND LIABILITIES
JUNE 30, 1997
(UNAUDITED)
Capital
Appreciation Growth
Fund Fund
----------- -------
ASSETS:
Investments, at value:
Nonaffiliated issuers (cost $632,111 and
$631,733, respectively) $744,444 $744,066
Affiliated issuers (cost $99,455 and
$99,455, respectively) 181,875 181,875
Repurchase agreements, at value (cost $182,000
and $180,000, respectively) 182,000 180,000
Receivable for investments sold 13,093 13,093
Receivable from investment adviser 10,579 10,365
Interest and dividends receivable 230 228
Cash 20,000 21,000
Prepaid expenses and other assets 11,293 11,291
--------- ---------
Total Assets 1,163,514 1,161,918
--------- ---------
LIABILITIES:
Payable for investments purchased 39,948 39,948
Accrued investment advisory fee 1,096 876
Accrued distribution fee 1,116 1,114
Accrued expenses and other liabilities 15,171 15,150
--------- ---------
Total Liabilities 57,331 57,088
--------- ---------
NET ASSETS $1,106,183 $1,104,830
========= =========
NET ASSETS CONSIST OF:
Capital stock $ 11 $ 11
Paid-in-capital 1,104,270 1,104,289
Accumulated net realized loss on investments (192,851) (194,223)
Net unrealized appreciation on investments 194,753 194,753
--------- ---------
Net Assets $1,106,183 $1,104,830
========= =========
CAPITAL STOCK, $0.0001 PAR VALUE
Authorized 100,000,000 100,000,000
Issued and outstanding 109,344 109,459
NET ASSET VALUE, REDEMPTION PRICE,
AND OFFERING PRICE PER SHARE (NET
ASSETS/SHARES OUTSTANDING) $ 10.12 $ 10.09
=========== ===========
See notes to financial statements.
VAN WAGONER FUNDS, INC.
STATEMENTS OF OPERATIONS
SIX MONTHS ENDED JUNE 30, 1997
(UNAUDITED)
Capital
Appreciation Growth
Fund Fund
----------- -------
INVESTMENT INCOME:
Interest $2,805 $2,811
Dividends 319 319
--------- ---------
Total Investment Income 3,124 3,130
--------- ---------
EXPENSES:
Fund accounting and administration fees 30,580 30,580
Federal and state registration fees 12,030 12,032
Professional fees 8,544 8,544
Investment advisory fees 5,579 4,456
Custody fees 4,352 4,353
Printing and postage expenses 2,699 2,699
Directors' fees and expenses 1,381 1,381
Distribution fees 1,116 1,114
Transfer agent fees and expenses 66 73
Miscellaneous 808 807
--------- ---------
Total expenses before waiver 67,155 66,039
Less: Waiver of expenses (58,452) (57,349)
--------- ---------
Net Expenses 8,703 8,690
--------- ---------
NET INVESTMENT LOSS (5,579) (5,560)
--------- ---------
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized loss on investments (192,851) (194,223)
Change in unrealized appreciation on investments 194,753 194,753
--------- ---------
Net Gain on Investments 1,902 530
--------- ---------
NET DECREASE IN NET ASSETS
RESULTING FROM OPERATIONS $(3,677) $(5,030)
======== ========
See notes to financial statements.
VAN WAGONER FUNDS, INC.
STATEMENTS OF CHANGES IN NET ASSETS
SIX MONTHS ENDED JUNE 30, 1997
(UNAUDITED)
Capital
Appreciation Growth
Fund Fund
----------- -------
OPERATIONS:
Net investment loss $(5,579) $(5,560)
Net realized loss on investments (192,851) (194,223)
Change in unrealized appreciation
on investments 194,753 194,753
--------- ---------
Net decrease in net assets resulting
from operations (3,677) (5,030)
--------- ---------
CAPITAL SHARE TRANSACTIONS:
Proceeds from sale of shares 1,109,860 1,109,860
Redemption of shares - -
--------- ---------
Net increase from share transactions 1,109,860 1,109,860
--------- ---------
TOTAL INCREASE IN NET ASSETS 1,106,183 1,104,830
NET ASSETS:
Beginning of period - -
--------- ---------
End of period $1,106,183 $1,104,830
========= =========
TRANSACTIONS IN SHARES:
Shares sold 109,344 109,459
Shares redeemed - -
--------- ---------
Net increase 109,344 109,459
========= =========
See notes to financial statements.
VAN WAGONER FUNDS, INC.
FINANCIAL HIGHLIGHTS
SIX MONTHS ENDED JUNE 30, 1997
(UNAUDITED)
For a Fund share outstanding throughout the period.
Capital
Appreciation Growth
Fund<F1> Fund<F1>
----------- -------
NET ASSET VALUE, BEGINNING OF PERIOD $10.00 $10.00
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment loss (0.05) (0.05)
Net realized and unrealized gains on investments 0.17 0.14
------ ------
Total from investment operations 0.12 0.09
------ ------
NET ASSET VALUE, END OF PERIOD $10.12 $10.09
====== ======
TOTAL RETURN<F2> 1.20% 0.90%
SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of period (000s) $1,106 $1,105
Ratio of expenses to average net assets, net of
waivers and reimbursements<F3> 1.95% 1.95%
Ratio of net investment loss to average net
assets, net of waivers and reimbursements<F3> (1.25)% (1.25)%
Ratio of expenses to average net assets, before
waivers and reimbursements<F3> 15.05% 14.82%
Ratio of net investment loss to average net
assets, before waivers and reimbursements<F3> (14.35)% (14.12)%
Portfolio turnover rate<F2> 333% 332%
Average commission rate paid on portfolio
investment transactions $0.0459 $0.0459
<F1> Commenced operations after the close of business on December 31, 1996
<F2> Not annualized
<F3> Annualized
See notes to financial statements.
VAN WAGONER FUNDS, INC.
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 1997
(UNAUDITED)
(1) Organization
------------
Van Wagoner Funds, Inc. (the "Company") was organized on October 18, 1995
as a Maryland corporation and is registered under the Investment Company
Act of 1940 (the "1940 Act") as an open-end management investment
company. The Capital Appreciation Fund and the Growth Fund (collectively,
the "Funds") are separate, diversified investment portfolios of Van
Wagoner Funds, Inc. The Funds commenced operations after the close of
business on December 31, 1996.
(2) Significant Accounting Policies
-------------------------------
The following is a summary of significant accounting policies consistently
followed by the Funds in the preparation of their financial statements.
These policies are in conformity with generally accepted accounting
principles ("GAAP"). The presentation of financial statements in conformity
with GAAP requires management to make estimates and assumptions that affect
the reported amounts of assets and liabilities at the date of the financial
statements and the reported amounts of revenues and expenses during the
reporting period. Actual results could differ from those estimates.
(a) Investment Valuation - A security traded on a recognized stock
exchange is valued at the last sale price prior to the time when
assets are valued on the principal exchange on which the security is
traded. If no sale is reported on the valuation date, the most
current bid price will be used. All other securities for which over-
the-counter market quotations are readily available are valued at the
most current closing price. Debt securities which will mature in more
than 60 days are valued at prices furnished by a pricing service.
Securities which will mature in 60 days or less are valued at
amortized cost, which approximates market value. Any securities for
which market quotations are not readily available are valued at their
fair value as determined in good faith by the Funds' investment
adviser pursuant to guidelines established by the Board of Directors.
(b) Repurchase Agreements - During the term of a repurchase agreement, the
market value of the underlying collateral, including accrued interest,
is required to equal or exceed the market value of the repurchase
agreement. The underlying collateral for all repurchase agreements is
held by the Funds' custodian.
VAN WAGONER FUNDS, INC.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 1997
(UNAUDITED)
(c) Expenses - The Funds are charged for those expenses that are directly
attributable to each portfolio, such as advisory and custodian fees.
Expenses that are not directly attributable to a portfolio are
typically allocated among the portfolios in proportion to their
respective net assets.
(d) Federal Income Taxes - Each Fund intends to comply with the
requirements of the Internal Revenue Code necessary to qualify as a
regulated investment company and to make the requisite distributions
of income to its shareholders which will be sufficient to relieve it
from all or substantially all federal income taxes.
(e) Distributions to Shareholders - Dividends from net investment income
and net realized capital gains, if any, will be declared and paid at
least annually. Distributions to shareholders are recorded on the ex-
dividend date. Each Fund may periodically make reclassifications
among certain of its capital accounts as a result of the timing and
characterization of certain income and capital gains distributions
determined in accordance with federal tax regulations, which may
differ from GAAP.
(f) Other - Investment transactions are accounted for on the trade date
basis. Each Fund determines the gain or loss realized from the
investment transactions by comparing the original cost of the security
lot sold with the net sale proceeds. Dividend income is recognized on
the ex-dividend date and interest income is recognized on an accrual
basis.
(3) Investment Advisory Agreement
-----------------------------
The Funds have an agreement with Van Wagoner Capital Management, Inc. (The
"Adviser") to furnish investment advisory services to the Funds. Under
the terms of this agreement, the Adviser is compensated at the rate of
1.25% and 1.00% of the average daily net assets of the Capital Appreciation
Fund and Growth Fund, respectively. The Adviser has agreed to voluntarily
reduce fees for expenses (exclusive of brokerage, interest, taxes and
extraordinary expenses) that exceed the expense limitation of 1.95% for
each Fund until January 1, 1998. Expenses of $58,452 and $57,349 were
waived in the Capital Appreciation and Growth Funds, respectively.
VAN WAGONER FUNDS, INC.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 1997
(UNAUDITED)
(4) Service and Distribution Plan
-----------------------------
The Funds have adopted a Service and Distribution Plan (the "Plan")
pursuant to Rule 12b-1 under the 1940 Act. The Plan authorizes payments
by the Funds in connection with the distribution of their shares at an
annual rate, as determined from time to time by the Board of Directors,
of up to 0.25% of a Fund's average daily net assets.
(5) Investment Transactions
-----------------------
The aggregate purchases and sales of securities, excluding short-term
investments, for the Funds for the six months ended June 30, 1997 were as
follows:
Capital
Appreciation Growth
Fund Fund
------------ ----------
Purchases $3,131,561 $3,132,933
Sales 2,243,540 2,243,540
For the six months ended June 30, 1997, there were no purchases or sales of
long-term U.S. Government securities.
The cost of securities on a tax basis for the Capital Appreciation Fund and
Growth Fund is $966,584 and $965,578, respectively. At June 30, 1997,
gross unrealized appreciation and depreciation on investments for federal
income tax purposes were as follows:
Capital
Appreciation Growth
Fund Fund
------------ ----------
Unrealized appreciation $165,499 $165,499
(Unrealized depreciation) (23,764) (25,136)
-------- --------
Net unrealized depreciation
on investments $141,735 $140,363
======== ========
VAN WAGONER FUNDS, INC.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 1997
(UNAUDITED)
(6) Transactions with Affiliated Companies
--------------------------------------
An affiliated company is a company in which one or more Funds has ownership
of at least 5% of the voting securities. Companies which are affiliates of
each Fund are as follows:
<TABLE>
Share Activity
------------------------------------------------------
<CAPTION>
Amount of
Amount of Gain (Loss)
Dividends Realized on
Credited to Sale of
Balance Purchases/ Sales/ Balance Income in Shares in
Security Name 12/31/96 Additions Reductions 6/30/97 Fiscal 1997 Fiscal 1997
- -------------- -------- ---------- ---------- -------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C>
CAPITAL APPRECIATION FUND
Avant! Corp. * - 5,450 1,950 3,500 - $(17,950)
Cardiovascular
Dynamics, Inc. * - 2,500 2,500 - - 1,613
NCS HealthCare,
Inc. * - 500 500 - - (2,098)
Patterson
Energy, Inc. * - 900 900 - - 4,281
Pure Atria
Corp. * - 4,950 1,700 3,250 - (10,029)
Simulation
Sciences, Inc. * - 1,500 - 1,500 - -
Template
Software, Inc. * - 1,000 1,000 - - (1,251)
----- ---------
$ - $(25,434)
===== =========
</TABLE>
VAN WAGONER FUNDS, INC.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 1997
(UNAUDITED)
(6) Transactions with Affiliated Companies (continued)
<TABLE>
Share Activity
------------------------------------------------------
<CAPTION>
Amount of
Amount of Gain (Loss)
Dividends Realized on
Credited to Sale of
Balance Purchases/ Sales/ Balance Income in Shares in
Security Name 12/31/96 Additions Reductions 6/30/97 Fiscal 1997 Fiscal 1997
- -------------- -------- ---------- ---------- -------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C>
GROWTH FUND
Avant! Corp. * - 5,450 1,950 3,500 - $(17,950)
Cardiovascular Dynamics, Inc. * - 2,500 2,500 - - 1,613
NCS HealthCare, Inc. * - 500 500 - - (2,098)
Patterson Energy, Inc. * - 900 900 - - 4,281
Pure Atria Corp. * - 4,950 1,700 3,250 - (10,029)
Simulation Sciences, Inc. * - 1,500 - 1,500 - -
Template Software, Inc. * - 1,000 1,000 - - (1,251)
----- ---------
$ - $(25,434)
===== =========
* Non-income producing
</TABLE>
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