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<PAGE> PAGE 10
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<PAGE> PAGE 12
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<PAGE> PAGE 21
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<PAGE> PAGE 22
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<PAGE> PAGE 23
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050 000500 N
051 000500 N
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056 000500 Y
057 000500 N
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<PAGE> PAGE 24
062 O000500 0.0
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066 E000500 N
066 F000500 N
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067 000500 N
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069 000500 N
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070 E020500 N
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070 F020500 N
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070 G020500 N
070 H010500 Y
070 H020500 N
070 I010500 N
070 I020500 N
070 J010500 Y
070 J020500 N
070 K010500 Y
070 K020500 N
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<PAGE> PAGE 25
071 A000500 0
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<PAGE> PAGE 26
074 K000500 0
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<PAGE> PAGE 27
028 H000600 0
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<PAGE> PAGE 28
062 A000600 N
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<PAGE> PAGE 29
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<PAGE> PAGE 30
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SIGNATURE PAUL J. SCHMANSKI
TITLE FINANCIAL ANALYST
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001002556
<NAME> VAN WAGONER FUNDS INC
<SERIES>
<NUMBER> 1
<NAME> MICRO CAP FUND
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<ACCUMULATED-NET-GAINS> (20,290,753)
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<DIVIDEND-INCOME> 43,277
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<OTHER-INCOME> 0
<EXPENSES-NET> (1,817,339)
<NET-INVESTMENT-INCOME> (972,487)
<REALIZED-GAINS-CURRENT> (20,296,388)
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<NET-CHANGE-FROM-OPS> (8,493,898)
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001002556
<NAME> VAN WAGONER FUNDS INC
<SERIES>
<NUMBER> 2
<NAME> EMERGING GROWTH FUND
<S> <C>
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<SHARES-COMMON-STOCK> 50,275,260
<SHARES-COMMON-PRIOR> 3,333
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<ACCUMULATED-NET-GAINS> (118,826,887)
<OVERDISTRIBUTION-GAINS> 0
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<NET-ASSETS> 638,159,476
<DIVIDEND-INCOME> 116,520
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<OTHER-INCOME> 0
<EXPENSES-NET> (10,153,666)
<NET-INVESTMENT-INCOME> (7,754,290)
<REALIZED-GAINS-CURRENT> (118,833,259)
<APPREC-INCREASE-CURRENT> 38,051,781
<NET-CHANGE-FROM-OPS> (88,535,768)
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<SHARES-REINVESTED> 0
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<OVERDISTRIB-NII-PRIOR> 0
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<GROSS-ADVISORY-FEES> 6,508,760
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 10,332,352
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<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> (0.15)
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001002556
<NAME> VAN WAGONER FUNDS INC
<SERIES>
<NUMBER> 3
<NAME> MID CAP FUND
<S> <C>
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<PER-SHARE-NII> (0.09)
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<EXPENSE-RATIO> 1.95
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001002556
<NAME> VAN WAGONER FUNDS INC
<SERIES>
<NUMBER> 4
<NAME> POST VENTURE FUND
<S> <C>
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001002556
<NAME> VAN WAGONER FUNDS INC
<SERIES>
<NUMBER> 5
<NAME> CAPITAL APPRECIATION FUND
<S> <C>
<PERIOD-TYPE> OTHER
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<NAME> VAN WAGONER FUNDS INC
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<NAME> GROWTH FUND
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VAN WAGONER FUNDS, INC.
FORM N-SAR
Report for the Year Ending December 31, 1996
Item 77B - Accountant's Report on Internal Control
To the Board of Directors of The Van Wagoner Funds, Inc.
In planning and performing our audit of the financial statements
of the Emerging Growth Fund, the Micro-Cap Fund and the Mid-Cap
Fund, three of the portfolios of Van Wagoner Funds, Inc. (the
"Fund") for the year ended December 31, 1996, we considered its
internal control structure, including procedures for safeguarding
securities, in order to determine our auditing procedures for the
purposes of expressing our opinion on the financial statements and
to comply with the requirements of Form N-SAR, and not to provide
assurance on the internal control structure.
The management of the Fund is responsible for establishing and
maintaining an internal control structure. In fulfilling this
responsibility, estimates and judgments by management are required
to assess the expected benefits and related costs of internal
control structure policies and procedures. Two of the objectives
of an internal control structure are to provide management with
reasonable, but not absolute, assurance that assets are
appropriately safeguarded against loss from unauthorized use or
disposition and that transactions are executed in accordance with
management's authorization and recorded properly to permit
preparation of financial statements in conformity with generally
accepted accounting principles.
Because of inherent limitations in any internal control structure,
errors or irregularities may occur and not be detected. Also,
projection of any evaluation of the structure 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 the internal control structure would not
necessarily disclose all matters in the internal control structure
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 the specific internal control structure elements does
not reduce to a relatively low level the risk that errors or
irregularities 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 the internal control structure, including
procedures for safeguarding securities, that we consider to be
material weaknesses as defined above as of December 31, 1996.
This report is intended solely for the information and use of
management and the Securities and Exchange Commission.
Price Waterhouse LLP
January 24, 1997
VAN WAGONER FUNDS, INC.
FORM N-SAR
Report for the Year Ending December 31, 1996
Item 77J - Revaluation of Assets or Restatement of Capital Share
Accounts
In accordance with the provisions of Statement of Position 93-2,
"Determination, Disclosure and Financial Statement Presentation of
Income, Capital Gain and Return of Capital Distributions by
Investment Companies," the Funds are required to report the
accumulated net investment income (loss) and accumulated net
capital gain (loss) accounts to approximate amounts available for
future distributions on a tax basis (or to offset future realized
capital gains). Accordingly, reclassifications were recorded to
increase undistributed net investment income by $7,754,290,
$972,487 and $971,113, decrease accumulated net realized capital
loss on investments by $6,372, $4,635 and $2,306, and decrease
paid-in capital in excess of par by $7,760,662, $977,122 and
$973,419 for the Emerging Growth, Micro-Cap and Mid-Cap Funds,
respectively.
These reclassifications have no impact on the net asset values of
the Funds and are designed to present the Funds' capital accounts
on a tax basis.
