VanWagonerFunds
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Semi-Annual Report
June 30, 2000
<PAGE>
Van Wagoner Funds SEMI-ANNUAL REPORT
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Dear Fellow Shareholders: June 30, 2000
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During the first six months of 2000, the market gave us all plenty to talk
about. January opened with a long-predicted correction. February saw the Nasdaq
and Russell 2000 come roaring back, while the Dow and S&P 500/R Index dropped.
By the end of March those positions had reversed, leading into a deep,
widespread correction that lasted through April and May. In June the sun came
out and the market was up again.
In spite of all this volatility, your Van Wagoner Funds turned in a strong
performance. As you'll see in the numbers on pages 4-8, the Funds outperformed
most relative indices, including the S&P 500/R Index and the Nasdaq<F1>. And the
reason is fundamental: business in our portfolio companies is thriving.
One of the things people talked and talked about was interest rates. Is the
Fed's strategy to slow the economy finally working? Is Alan Greenspan nearly
finished raising rates? If there is an interest rate increase in August, what
will that do to the market?
Evidence had been mounting that the economy was slowing at the edges. But at
the end of the second quarter, a mixed bag of indicators showed the numbers--
especially retail spending--picking up steam again. Signs of inflation, however,
were just about nil.
So what will happen in August? Our view is that if a rate hike does combine with
seasonal patterns to deliver a summer swoon, it'll simply be a terrific
opportunity to load up on the names we like best. We have the confidence to buy
because we spend every day researching company fundamentals and industry trends,
seeking to invest where we see the greatest potential for long-term growth.
The other big topic of conversation has been the tug-of-war between the new
economy and the old. Back in March it looked like the old economy stocks were
reasserting themselves. But then we headed into one of those all-around
pullbacks that remind people investing does involve risk. A lot of speculation
got taken out of the market this spring, and that's healthy in the long run.
Meanwhile, it's no secret that we at Van Wagoner prefer the new economy
companies...the vibrant areas of telecommunications, Internet, information
exchange, biotech and health care. These companies are creating fundamental,
enduring changes in the economy. They don't have the inflationary pressures of
old economy companies; for example, labor and management are generally the same
people, all with equity ownership. When the company does well, no one's
demanding an increase in wages.
The performance of new economy companies isn't always easy to evaluate, since
many don't yet have earnings. Our analysts look for revenue growth and,
especially, a strong business model that won't compromise profitability. While
we see short-term choppiness ahead, we believe the long-term outlook for
companies that capture the energy of emerging growth is positive.
http://WWW.VANWAGONER.COM
<PAGE>
Van Wagoner Funds SEMI-ANNUAL REPORT
--------------------------------------------------------------------------------
At the year's midpoint we're especially pleased with the positioning of our
portfolio companies. Our analysts' intensive research has paid off. Business has
been outstanding across the board, and we're looking forward to one of our best
earnings seasons ever.
Here's a look at our strategies, sector by sector.
- INTERNET. This is the main theme across our portfolio. With companies like GE
and GM changing their business structure to use the Internet to disseminate
information, increase efficiency and grow revenue, it's clear that the
revolution continues.
Early in the year we trimmed some of our biggest Internet and software
holdings, taking profits in names that had grown to outsize proportions.
Then we used the April plunge to load the boat again; some companies had
dropped 60% without a change in fundamentals. Names we continue to like
include Ariba<F2>, whose business-to-business software helps major
corporations reduce costs, and Interwoven<F2>, which helps organizations
manage Website content.
- ENERGY. We made good first-quarter gains with companies like Dril-Quip<F2>, a
manufacturer of highly engineered offshore drilling equipment. In the second
quarter, energy prices held when tech stocks fell. As oil prices appeared to
peak, we took profits on some of the energy stocks we'd purchased last fall
and moved that money into biotechnology.
- HEALTH CARE. In the first quarter we highlighted medical product companies
like MiniMed<F2>, whose drug delivery systems focus on diabetes management.
As biotechnology got more interesting in the second quarter, we added select
genome-related companies, considering them high-growth vehicles less
sensitive to a slowing economy.
- SEMICONDUCTORS. Wireless growth, high-speed telecom backbones, networking
equipment and broadband access are driving the growth of communications-
related semiconductors. Even so, we moved away from the group a bit in the
second quarter. Summer is traditionally slower here. And in a slowing
economy, negative perceptions of commodity-related semis end up hurting all
semis. Names we like include SDL<F2>, which supplies high-performance
opticals for telecommunications, and Emulex<F2>, whose chips streamline data
storage for business servers.
- TELECOMMUNICATIONS. This looks to be a key sector for us throughout 2000 and
beyond. Demand for equipment in the long haul and metropolitan markets is
strong. Holdings include Netro<F2>, which provides broadband wireless access
equipment, and Sycamore<F2>, a maker of next-generation optical Internet
equipment.
Call toll-free 1-800-228-2121
<PAGE>
Van Wagoner Funds SEMI-ANNUAL REPORT
- CONSUMER GOODS. Our exposure in this sector continues to be negligible, and
we expect to stay on the sidelines for the near term.
Our cash position ranges from three to ten percent, reflecting our belief
that there's still plenty of opportunity in the market. To date we're pleased
with the Funds' performance and thrilled with our companies' fundamentals.
We're positioning our portfolios firmly in companies we believe will perform
well throughout the second half of the year. Like you, all of us at Van
Wagoner Funds are shareholders, and we look forward to continuing long-term
growth.
Sincerely,
/s/Garrett R. Van Wagoner
Garrett R. Van Wagoner
<F1> Please see pages 4-8 for the total returns of the Funds and their
respective benchmarks, including the Russell 2000 Index, S&P 500/R Index
and Nasdaq Industrial Index.
Each of the five Van Wagoner Funds seeks capital appreciation. Although all
of the Funds are aggressive growth funds, they differ based on the market
capitalization of the stocks, and the sectors in which they invest. This
will affect their relative performance. For example, during 1999, the
Funds' performance benefited from their investments in the technology
sectors.
<F2> Holdings may change due to ongoing management. References to specific
investments should not be construed as a recommendation of the Funds or
their Adviser.
http://WWW.VANWAGONER.COM
<PAGE>
Van Wagoner Funds PERFORMANCE
Mid-Cap Growth Fund
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TOTAL RETURN For the periods ended 6/30/00
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ONE YEAR AVERAGE ANNUAL SINCE INCEPTION
70.80% 29.38%
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MID-CAP GROWTH FUND S&P MidCap 400 Lipper Mid-Cap Growth
-------------------- --------------- ----------------------
12/31/1995 10,000 10,000 10,000
12/31/1996 12,390 11,920 11,346
12/31/1997 10,670 15,765 12,632
12/31/1998 12,430 18,778 14,248
12/31/1999 28,202 21,543 24,751
6/30/2000 31,837 23,476 25,815
This chart assumes an initial investment of $10,000 made after the close of
business on 12/31/95 (Inception date). Returns shown here and in the table are
based on net change in NAV assuming reinvestment of distributions. Performance
figures reflect fee waivers in effect and represent past performance, which is
no guarantee of future results. In the absence of fee waivers, total return
would be reduced. The investment return and principal value of an investment in
Van Wagoner Funds will fluctuate so that an investor's shares in the Funds, when
redeemed, may be worth more or less than their original cost.
The S&P MidCap 400 Index is a capitalization weighted index that measures the
performance of the mid-range sector of the U.S. stock market where the median
market capitalization is approximately $700 million.
The Lipper Mid-Cap Growth Funds Index includes funds that, by portfolio
practice, invest at least 75% of their equity assets in companies with market
capitalizations (on a three-year weighted basis) of less than 300% of the
dollar-weighted median market capitalization of the S&P MidCap 400 Index.
Call toll-free 1-800-228-2121
<PAGE>
Van Wagoner Funds PERFORMANCE
Technology Fund
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TOTAL RETURN For the periods ended 6/30/00
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ONE YEAR AVERAGE ANNUAL SINCE INCEPTION
86.55% 112.85%
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TECHNOLOGY Morgan Stanley Lipper Science
FUND High-Tech S&P 500/R & Tech
------------ ------------ ------------ ------------
12/31/1997 10,000 10,000 10,000 10,000
12/31/1998 18,510 19,569 12,858 14,694
12/31/1999 59,927 41,267 15,564 31,432
6/30/2000 65,890 45,560 15,497 34,238
This chart assumes an initial investment of $10,000 made after the close of
business on 12/31/97 (Inception date). Returns shown here and in the table are
based on net change in NAV assuming reinvestment of distributions. Performance
figures reflect fee waivers in effect and represent past performance, which is
no guarantee of future results. In the absence of fee waivers, total return
would be reduced. The investment return and principal value of an investment in
Van Wagoner Funds will fluctuate so that an investor's shares in the Funds, when
redeemed, may be worth more or less than their original cost.
The Morgan Stanley High-Technology 35 Index is a broad-market technology
indicator dedicated exclusively to the electronics-based technology sector. The
35 stocks in the Index include the most highly capitalized American companies
drawn from nine technology subsectors: computer services, design software,
server software, PC software and new media, networking and telecom equipment,
server hardware, PC hardware and peripherals, specialized systems, and
semiconductors. Capitalization ranges from $1 billion to $54 billion.
The S&P 500/R Composite Stock Index is an unmanaged index of 500 selected common
stocks, most of which are listed on the New York Stock Exchange. The index is
heavily weighted toward stocks with large market capitalizations and represents
approximately two-thirds of the total market value of all domestic common
stocks.
The Lipper Science & Technology Funds Index includes the largest ten funds in
the group which, by prospectus or portfolio practice, invest 65% of their equity
portfolios in science and technology stocks.
http://WWW.VANWAGONER.COM
<PAGE>
Van Wagoner Funds PERFORMANCE
Post-Venture Fund
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TOTAL RETURN For the periods ended 6/30/00
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ONE YEAR AVERAGE ANNUAL SINCE INCEPTION
82.95% 51.77%
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POST-VENTURE FUND Nasdaq Industrial Lipper Mid-Cap Growth
------------------ ----------------- ----------------------
12/31/1996 10,000 10,000 10,000
12/31/1997 8,780 11,051 11,134
12/31/1998 12,080 11,849 12,558
12/31/1999 40,736 20,407 21,816
6/30/2000 42,994 19,218 22,754
This chart assumes an initial investment of $10,000 made after the close of
business on 12/31/96 (Inception date). Returns shown here and in the table are
based on net change in NAV assuming reinvestment of distributions. Performance
figures reflect fee waivers in effect and represent past performance, which is
no guarantee of future results. In the absence of fee waivers, total return
would be reduced. The investment return and principal value of an investment in
Van Wagoner Funds will fluctuate so that an investor's shares in the Funds, when
redeemed, may be worth more or less than their original cost.
The Nasdaq Industrial Index tracks the performance of domestic common stocks
traded on the regular Nasdaq market and which are classified as industrial
companies. As of June 30, 2000, this index included 2,506 companies, including
agricultural, mining, construction, manufacturing (electronic components),
services and public administration enterprises.
The Lipper Mid-Cap Growth Funds Index includes funds that, by portfolio
practice, invest at least 75% of their equity assets in companies with market
capitalizations (on a three-year weighted basis) of less than 300% of the
dollar-weighted median market capitalization of the S&P MidCap 400 Index.
Call toll-free 1-800-228-2121
<PAGE>
Van Wagoner Funds PERFORMANCE
Micro-Cap Growth Fund
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TOTAL RETURN For the periods ended 6/30/00
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ONE YEAR AVERAGE ANNUAL SINCE INCEPTION
111.47% 37.89%
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MICRO-CAP Lipper
GROWTH FUND Russell 2000 Mid-Cap Growth
------------- ------------- ----------------
12/31/1995 10,000 10,000 10,000
12/31/1996 12,450 11,649 11,705
12/31/1997 9,990 14,254 13,019
12/31/1998 11,300 13,891 13,145
12/31/1999 34,790 16,844 21,185
6/30/2000 42,400 17,356 23,641
This chart assumes an initial investment of $10,000 made after the close of
business on 12/31/95 (Inception date). Returns shown here and in the table are
based on net change in NAV assuming reinvestment of distributions. Performance
figures reflect fee waivers in effect and represent past performance, which is
no guarantee of future results. In the absence of fee waivers, total return
would be reduced. The investment return and principal value of an investment in
Van Wagoner Funds will fluctuate so that an investor's shares in the Funds, when
redeemed, may be worth more or less than their original cost.
The Russell 2000 is an index of the smallest 2000 companies in the Russell 3000
Index, as ranked by total market capitalization. The Russell 2000 Index is
widely regarded in the industry to accurately capture the universe of small-cap
stocks.
The Lipper Small-Cap Growth Funds Index includes funds that, by portfolio
practice, invest at least 75% of their equity assets in companies with market
capitalizations (on a three-year weighted basis) of less than 250% of the
dollar-weighted median market capitalization of the S&P Small-Cap 600 Index.
http://WWW.VANWAGONER.COM
<PAGE>
Van Wagoner Funds PERFORMANCE
Emerging Growth Fund
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---------------------------------------------
TOTAL RETURN For the periods ended 6/30/00
---------------------------------------------
ONE YEAR AVERAGE ANNUAL SINCE INCEPTION
124.32% 43.39%
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EMERGING Nasdaq Lipper
GROWTH FUND Industrial Mid-Cap Growth
------------- ------------- ----------------
12/31/1995 10,000 10,000 10,000
12/31/1996 12,690 11,557 11,346
12/31/1997 10,150 12,772 12,632
12/31/1998 10,960 13,694 14,248
12/31/1999 42,870 23,584 24,751
6/30/2000 50,540 22,210 25,815
This chart assumes an initial investment of $10,000 made after the close of
business on 12/31/95 (Inception date). Returns shown here and in the table are
based on net change in NAV assuming reinvestment of distributions. Performance
figures reflect fee waivers in effect and represent past performance, which is
no guarantee of future results. In the absence of fee waivers, total return
would be reduced. The investment return and principal value of an investment in
Van Wagoner Funds will fluctuate so that an investor's shares in the Funds, when
redeemed, may be worth more or less than their original cost.
The Nasdaq Industrial Index tracks the performance of domestic common stocks
traded on the regular Nasdaq market and which are classified as industrial
companies. As of June 30, 2000, this index included 2,506 companies, including
agricultural, mining, construction, manufacturing (electronic components),
services and public administration enterprises.
The Lipper Mid-Cap Growth Funds Index includes funds that, by portfolio
practice, invest at least 75% of their equity assets in companies with market
capitalizations (on a three-year weighted basis) of less than 300% of the
dollar-weighted median market capitalization of the S&P MidCap 400 Index.
Call toll-free 1-800-228-2121
<PAGE>
Van Wagoner Funds SCHEDULE OF INVESTMENTS
VAN WAGONER MID-CAP GROWTH FUND June 30, 2000 (Unaudited)
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NUMBER
OF SHARES VALUE
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COMMON AND PREFERRED STOCKS 98.83%
CHEMICALS - SPECIALTY 0.29%
15,300 Symyx Technologies, Inc.<F1> $ 651,922
------------
COMMERCIAL SERVICES -
SECURITY/SAFETY 0.39%
4,100 Check Point Software
Technologies Ltd.<F1> 868,175
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COMPUTER SOFTWARE -
DESKTOP 1.07%
40,000 NetIQ Corp.<F1> 2,385,000
------------
COMPUTER SOFTWARE - EDUCATION 0.79%
40,000 Metasolv Software, Inc.<F1> 1,760,000
------------
COMPUTER SOFTWARE - ENTERPRISE 14.55%
141,300 Ariba, Inc.<F1> 13,854,013
133,414 Authoria, Inc.<F1><F3> 1,041,963
7,150 E.piphany, Inc.<F1> 766,391
12,850 Eprise Corp.<F1> 211,222
25,000 Informatica Corp.<F1> 2,048,437
30,000 Interwoven, Inc.<F1> 3,299,529
47,114 Interwoven, Inc.<F1><F2> 5,181,541
77,550 IntraNet Solutions, Inc.<F1> 2,975,981
30,260 Puma Technology, Inc.<F1> 811,346
36,250 Software Technologies Corp.<F1> 1,112,422
10,000 TIBCO Software Inc.<F1> 1,072,343
------------
32,375,188
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COMPUTER SOFTWARE - INTERNET 4.56%
24,850 Agile Software Corp.<F1> 1,756,584
19,600 Art Technology Group, Inc.<F1> 1,978,375
2,750 Embarcadero Technologies, Inc.<F1> 80,781
15,000 Exodus Communications, Inc.<F1> 690,937
25,000 Portal Software, Inc.<F1> 1,596,875
79,750 Preview Systems, Inc.<F1> 1,036,750
32,600 Primus Knowledge Solutions, Inc.<F1> 1,467,000
12,200 Versata, Inc.<F1> 491,813
20,000 Vignette Corp.<F1> 1,040,312
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10,139,427
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NUMBER
OF SHARES VALUE
------------------------------------------------------------------------------
COMPUTER SOFTWARE - SECURITY 2.64%
13,200 ISS Group, Inc.<F1> $1,303,293
25,000 Quest Software, Inc.<F1> 1,384,375
7,150 VeriSign, Inc.<F1> 1,261,975
35,000 WatchGuard Technologies, Inc.<F1> 1,922,813
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5,872,456
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COMPUTERS - GRAPHICS 1.90%
12,500 Micromuse, Inc.<F1> 2,068,554
34,100 NVIDIA Corp.<F1> 2,167,481
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4,236,035
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COMPUTERS - LOCAL NETWORKS 3.54%
26,900 Brocade Communications
Systems, Inc.<F1> 4,935,728
16,450 Extreme Networks, Inc.<F1> 1,735,475
10,000 Foundry Networks, Inc.<F1> 1,100,000
4,250 Netsolve, Inc.<F1> 110,500
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7,881,703
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COMPUTERS - MEMORY DEVICES 3.08%
52,478 Datacore Software Corp.<F1><F3> 1,066,878
46,350 Network Appliances, Inc.<F1> 3,731,175
18,150 SanDisk Corp.<F1> 1,110,553
8,325 VERITAS Software Corp.<F1> 940,855
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6,849,461
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COMPUTERS - MINI/MICRO 0.94%
435,000 eMachines, Inc.<F1><F2> 1,062,444
11,000 Rational Software Corp.<F1> 1,022,311
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2,084,755
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COMPUTERS - RETAIL/WHOLESALE 2.36%
40,000 Emulex Corp.<F1> 2,627,500
35,000 Netegrity, Inc.<F1> 2,635,937
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5,263,437
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COMPUTERS - SERVICES 0.65%
35,000 InterNAP Network Services Corp.<F1> 1,453,046
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http://WWW.VANWAGONER.COM
<PAGE>
Van Wagoner Funds SCHEDULE OF INVESTMENTS
VAN WAGONER MID-CAP GROWTH FUND (CONT'D.) June 30, 2000 (Unaudited)
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NUMBER
OF SHARES VALUE
------------------------------------------------------------------------------
COMPUTERS - SOFTWARE 2.87%
22,700 Allaire Corp.<F1> $ 834,225
20,000 BroadVision, Inc.<F1> 1,016,250
10,000 i2 Technologies, Inc.<F1> 1,042,656
9,700 Mercury Interactive Corp.<F1> 938,475
20,000 Phone.com, Inc.<F1> 1,302,500
25,000 RealNetworks, Inc.<F1> 1,264,063
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6,398,169
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ELECTRONICS - LASER SYSTEMS/COMPONENTS 0.26%
9,850 Bookham Technology PLC ADR<F1> 583,613
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ELECTRONICS - MISCELLANEOUS COMPONENTS 1.19%
7,800 RF Micro Devices, Inc.<F1> 683,475
34,000 Sawtek Inc.<F1> 1,957,125
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2,640,600
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ELECTRONICS - PARTS DISTRIBUTION 0.10%
4,000 Marvell Technology Group Ltd.<F1> 228,000
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ELECTRONICS - SEMICONDUCTOR EQUIPMENT 6.63%
25,000 Caliper Technologies Corp.<F1> 1,150,000
125,000 Cobalt Networks, Inc.<F1> 7,234,375
25,250 JDS Uniphase Corp.<F1> 3,026,844
17,200 LTX Corp.<F1> 600,925
36,700 Photon Dynamics, Inc.<F1> 2,741,031
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14,753,175
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ELECTRONICS - SEMICONDUCTOR MANUFACTURING 15.63%
16,750 Applied Micro Circuits Corp.<F1> 1,654,062
20,950 Broadcom Corp.<F1> 4,586,741
30,650 Exar Corp.<F1> 2,672,297
21,350 Globespan, Inc.<F1> 2,606,367
8,550 PMC-Sierra, Inc.<F1> 1,519,228
22,300 SDL, Inc.<F1> 6,359,681
77,500 StorageNetworks, Inc.<F1> 6,994,375
177,817 Transmeta Corp.<F1><F3> 2,222,713
62,975 TranSwitch Corp.<F1> 4,860,883
13,650 TriQuint Semiconductor, Inc.<F1> 1,306,134
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34,782,481
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NUMBER
OF SHARES VALUE
------------------------------------------------------------------------------
FINANCE - CONSUMER LOANS 0.12%
6,200 724 Solutions, Inc.<F1> $ 272,025
------------
FINANCE - INVESTMENT BROKER 0.54%
12,600 The Goldman Sachs Group, Inc. 1,195,425
------------
INTERNET - E-COMMERCE 0.96%
75,436 HomeGrocer.com, Inc.<F1><F2> 406,479
200,000 Onvia.com, Inc.<F1> 1,725,000
------------
2,131,479
------------
INTERNET - NETWORK SECURITY/SOLUTIONS 4.18%
1,200 Breakaway Solutions, Inc.<F1> 32,400
42,300 Juniper Networks, Inc.<F1> 6,157,294
22,350 Keynote Systems, Inc.<F1> 1,577,072
40,000 WebTrends Corp.<F1> 1,547,500
------------
9,314,266
------------
INTERNET SERVICE PROVIDER/CONTENT 1.33%
53,550 LifeMinders, Inc.<F1> 1,583,072
32,850 NaviSite, Inc.<F1> 1,373,541
------------
2,956,613
------------
MEDICAL - BIOMEDICAL/GENETICS 3.63%
5,350 Abgenix, Inc.<F1> 641,247
2,800 Affymetrix, Inc.<F1> 462,350
12,500 Cephalon, Inc.<F1> 748,437
15,250 Curagen Corp.<F1> 580,453
15,250 Gene Logic, Inc.<F1> 544,234
27,050 Genome Therapeutics Corp.<F1> 823,334
19,750 Genzyme Transgenics Corp.<F1> 535,719
8,850 Maxygen, Inc.<F1> 502,376
12,500 Medarex, Inc.<F1> 1,056,250
5,600 Millennium Pharmaceuticals, Inc.<F1> 626,500
6,000 Myriad Genetics, Inc.<F1> 888,469
4,000 Protein Design Labs, Inc.<F1> 659,812
------------
8,069,181
------------
MEDICAL - GENERIC DRUG 0.22%
2,800 Genentech, Inc.<F1> 481,600
------------
MEDICAL - INFORMATION SERVICES 0.27%
6,500 PE Corp. - Celera Genomics Group<F1> 607,750
------------
Call toll-free 1-800-228-2121
<PAGE>
Van Wagoner Funds SCHEDULE OF INVESTMENTS
VAN WAGONER MID-CAP GROWTH FUND (CONT'D.) June 30, 2000 (Unaudited)
------------------------------------------------------------------------------
NUMBER
OF SHARES VALUE
------------------------------------------------------------------------------
MULTIMEDIA 0.55%
20,000 Gemstar - TV Guide
International, Inc.<F1> $ 1,229,062
------------
PHARMACEUTICALS 0.15%
6,450 Aclara Biosciences, Inc.<F1> 328,547
------------
RESEARCH & DEVELOPMENT 0.15%
5,050 Aurora Biosciences Corp.<F1> 344,347
------------
TELECOMMUNICATIONS - EQUIPMENT 22.25%
28,050 Advanced Fibre Communications, Inc.<F1> 1,271,016
13,900 Anaren Microwave, Inc.<F1> 1,824,157
12,500 Avanex Corp.<F1> 1,193,750
36,850 C-COR.net Corp.<F1> 994,950
9,400 Centillium Communications, Inc.<F1> 648,600
22,050 Certicom Corp.<F1> 1,510,079
13,650 CIENA Corp.<F1> 2,275,284
50,000 Copper Mountain Networks, Inc.<F1> 4,406,250
40,000 Digital Microwave Corp.<F1> 1,525,000
30,700 Efficient Networks, Inc.<F1> 2,258,369
11,900 E-Tek Dynamics, Inc.<F1> 3,139,369
44,458 Kestrel Solutions, Inc.<F1><F3> 578,910
40,600 Natural Microsystems Corp.<F1> 4,564,963
130,000 Netro Corp.<F1> 7,458,750
16,000 Next Level Communications, Inc.<F1> 1,372,000
3,800 Oni Systems Corp.<F1> 445,372
64,450 Powerwave Technologies, Inc.<F1> 2,835,800
12,200 Redback Networks, Inc.<F1> 2,171,600
5,450 Sonus Networks, Inc.<F1> 860,419
20,000 Sycamore Networks, Inc.<F1> 2,207,500
14,500 Turnstone Systems, Inc.<F1> 2,402,241
60,000 Virata Corp.<F1> 3,577,500
------------
49,521,879
------------
NUMBER
OF SHARES VALUE
------------------------------------------------------------------------------
TELECOMMUNICATIONS - SERVICES 1.04%
7,000 Aether Systems, Inc.<F1> $ 1,435,000
32,200 Com21, Inc.<F1> 805,000
2,650 VYYO, Inc.<F1> 71,550
------------
2,311,550
------------
TOTAL COMMON AND PREFERRED STOCKS
(cost $140,853,005) 219,970,367
------------
PRINCIPAL
AMOUNT
---------
SHORT-TERM INVESTMENT 2.75%
$6,122,079 UMB Bank, n.a.,
Money Market Fiduciary 6,122,079
------------
TOTAL SHORT-TERM INVESTMENT
(cost $6,122,079) 6,122,079
------------
TOTAL INVESTMENTS 101.58%
(cost $146,975,084) 226,092,446
Liabilities less Other Assets (1.58)% (3,523,674)
------------
NET ASSETS 100.00% $222,568,772
============
NUMBER
OF SHARES
---------
SECURITIES SOLD SHORT
19,200 Terayon Communication
Systems, Inc.<F1> $ 1,233,299
------------
TOTAL SECURITIES SOLD SHORT
(proceeds $915,189) $ 1,233,299
============
http://WWW.VANWAGONER.COM
<PAGE>
Van Wagoner Funds SCHEDULE OF INVESTMENTS
VAN WAGONER MID-CAP GROWTH FUND (CONT'D.) June 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
NOTES TO SCHEDULE OF INVESTMENTS
<F1> Non-income producing
<F2> Security acquired in a private placement transaction; resale may be limited
due to certain restrictions. Security is valued under procedures approved
by the Board of Directors.
<F3> The following securities were purchased in private placement transactions.
Resale to the public may require registration or may be limited due to
certain restrictions. These securities are valued at their fair value under
procedures approved by the Board of Directors. At June 30, 2000, the value
of the Fund's restricted securities was $4,910,464 or 2.2% of net assets.
DATE(S) OF NUMBER
SECURITY DESCRIPTION ACQUISITION OF SHARES COST
-----------------------------------------------------------------------------
Authoria, Inc. May 00 133,414 $1,041,963
Datacore Software Corp. May 00 52,478 1,066,878
Kestrel Solutions, Inc. January 00 44,458 578,910
Transmeta Corp. July 99 - April 00 177,817 1,847,713
-----------------------------------------------------------------------------
See notes to financial statements.
Call toll-free 1-800-228-2121
<PAGE>
VAN WAGONER TECHNOLOGY FUND June 30, 2000 (Unaudited)
------------------------------------------------------------------------------
Van Wagoner Funds SCHEDULE OF INVESTMENTS
NUMBER
OF SHARES VALUE
------------------------------------------------------------------------------
COMMON AND PREFERRED STOCKS 100.89%
CHEMICALS - SPECIALTY 0.33%
45,000 Symyx Technologies, Inc.<F1> $ 1,917,419
------------
COMMERCIAL SERVICES - SECURITY/SAFETY 0.43%
11,600 Check Point Software
Technologies Ltd.<F1> 2,456,300
------------
COMPUTER SOFTWARE - DESKTOP 0.42%
40,850 NetIQ Corp.<F1> 2,435,681
------------
COMPUTER SOFTWARE - EDUCATION 1.26%
81,720 Docent, Inc.<F1><F4> 614,534
84,300 Metasolv Software, Inc.<F1> 3,709,200
541,177 Tavolo, Inc.<F1><F4> 2,944,003
------------
7,267,737
------------
COMPUTER SOFTWARE - ENTERPRISE 16.12%
199,603 Acta Technology, Inc.<F1><F4> 1,431,154
196,106 Authoria, Inc.<F1><F4> 1,531,588
350,000 Ariba, Inc.<F1> 34,316,380
5,112 BindView Development Corp.<F1> 61,344
140,888 Comergent Technologies, Inc.<F1><F4> 1,211,637
403,672 DataChannel, Inc.<F1><F4> 2,258,020
19,200 E.piphany, Inc.<F1> 2,058,000
351,650 Eprise Corp.<F1> 5,780,247
126,389 Eprise Corp.<F1><F3> 1,841,987
16,000 Event411.Com, Inc.<F1><F4> 480,000
381,357 Icarian, Inc.<F1><F4> 2,630,372
57,300 Impresse Corp.<F1><F4> 709,947
46,900 Informatica Corp.<F1> 3,842,869
120,150 Interwoven, Inc.<F1> 13,214,614
56,537 Interwoven, Inc.<F1><F3> 6,217,908
214,150 IntraNet Solutions, Inc.<F1> 8,218,006
64,708 Puma Technology, Inc.<F1> 1,734,983
43 Reciprocal, Inc.<F1><F4> 1,851
1,171 Reciprocal, Inc.<F1><F4> 532,524
103,500 Software Technologies Corp.<F1> 3,176,156
12,750 TIBCO Software, Inc.<F1> 1,367,237
------------
92,616,824
------------
NUMBER
OF SHARES VALUE
------------------------------------------------------------------------------
COMPUTER SOFTWARE - INTERNET 6.30%
69,600 Agile Software Corp.<F1> $ 4,919,850
42,450 Art Technology Group, Inc.<F1> 4,284,797
313,193 Blue Pumpkin Software, Inc.<F1><F4> 2,289,441
91,050 Corillian Corp.<F1> 1,513,706
58,100 Embarcadero Technologies, Inc.<F1> 1,706,688
10,000 Exodus Communications, Inc.<F1> 460,625
17,544 iVillage, Inc.<F1> 148,027
120,000 MaMaMedia, Inc.<F1><F4> 648,000
395,550 Onvia.com, Inc.<F1> 3,411,619
95,836 Onvia.com, Inc.<F1><F3> 729,810
46,000 Portal Software, Inc.<F1> 2,938,250
161,150 Preview Systems, Inc.<F1> 2,094,950
80,000 Preview Systems, Inc.<F1><F3> 1,038,752
88,450 Primus Knowledge Solutions, Inc.<F1> 3,980,250
170,000 Screaming Media, Inc.<F1><F4> 560,000
37,100 Versata, Inc.<F1> 1,495,594
40,000 Vignette Corp.<F1> 2,080,624
105,150 Virage, Inc.<F1> 1,899,272
------------
36,200,255
------------
COMPUTER SOFTWARE - MEDICAL 0.73%
1,778,000 OnHealth Network Co.<F1><F2> 4,111,625
------------
COMPUTER SOFTWARE - SECURITY 2.23%
29,500 ISS Group, Inc.<F1> 2,912,662
65,000 Quest Software, Inc.<F1> 3,599,375
13,600 VeriSign, Inc.<F1> 2,400,400
71,300 WatchGuard Technologies, Inc.<F1> 3,917,043
------------
12,829,480
------------
COMPUTERS - GRAPHICS 1.71%
23,800 Micromuse, Inc.<F1> 3,938,526
92,600 NVIDIA Corp.<F1> 5,885,888
------------
9,824,414
------------
COMPUTERS - INTEGRATED SYSTEMS 0.62%
42,250 Oracle Corp.<F1> 3,551,640
------------
http://WWW.VANWAGONER.COM
<PAGE>
Van Wagoner Funds SCHEDULE OF INVESTMENTS
VAN WAGONER TECHNOLOGY FUND (CONT'D.) June 30, 2000 (Unaudited)
NUMBER
OF SHARES VALUE
------------------------------------------------------------------------------
COMPUTERS - LOCAL NETWORKS 5.70%
123,442 Anda Networks, Inc.<F1><F4> $ 1,693,624
61,300 Brocade Communications
Systems, Inc.<F1> 11,247,588
150,000 Cisco Systems, Inc.<F1> 9,534,375
51,800 Extreme Networks, Inc.<F1> 5,464,900
17,500 Foundry Networks, Inc.<F1> 1,925,000
57,150 NetSolve, Inc.<F1> 1,485,900
164,877 Sitara Networks, Inc.<F1><F4> 1,073,349
205,000 Top Layer Networks, Inc.<F1><F4> 319,800
------------
32,744,536
------------
COMPUTERS - MEMORY DEVICES 3.33%
213,684 CommVault Systems, Inc.<F1><F4> 1,224,815
54,346 Datacore Software Corp.<F1><F4> 1,104,854
60,000 EMC Corp.<F1> 4,616,250
210,000 Lexar Media, Inc.<F1><F4> 543,900
71,300 Network Appliances, Inc.<F1> 5,739,650
54,700 SanDisk Corp.<F1> 3,346,956
22,662 VERITAS Software Corp.<F1> 2,561,160
------------
19,137,585
------------
COMPUTERS - MINI/MICRO 1.28%
220,000 eMachines, Inc.<F1><F3> 537,328
75,000 Sun Microsystems, Inc.<F1> 6,820,312
------------
7,357,640
------------
COMPUTERS - RETAIL/WHOLESALE 1.46%
70,000 Emulex Corp.<F1> 4,598,125
50,000 Netegrity, Inc.<F1> 3,765,625
------------
8,363,750
------------
COMPUTERS - SERVICES 0.47%
64,400 InterNAP Network Services Corp.<F1> 2,673,605
------------
COMPUTERS - SOFTWARE 2.52%
70,500 Allaire Corp.<F1> 2,590,875
35,000 BroadVision, Inc.<F1> 1,778,438
17,350 i2 Technologies, Inc.<F1> 1,809,008
19,750 Mercury Interactive Corp.<F1> 1,910,812
83,509 NextVenue, Inc.<F1><F4> 730,704
NUMBER
OF SHARES VALUE
------------------------------------------------------------------------------
COMPUTERS - SOFTWARE 2.52% (CONT'D.)
54,063 Phone.com, Inc.<F1> $ 3,520,874
42,400 RealNetworks, Inc.<F1> 2,143,850
------------
14,484,561
------------
ELECTRONICS - LASER SYSTEMS/
COMPONENTS 0.30%
29,450 Bookham Technology PLC ADR<F1> 1,744,913
------------
ELECTRONICS - MISCELLANEOUS COMPONENTS 0.82%
20,300 RF Micro Devices, Inc.<F1> 1,778,788
50,600 Sawtek, Inc.<F1> 2,912,662
------------
4,691,450
------------
ELECTRONICS - PARTS DISTRIBUTION 0.10%
10,500 Marvell Technology Group Ltd.<F1> 598,500
------------
ELECTRONICS - SEMICONDUCTOR EQUIPMENT 6.43%
60,000 Caliper Technologies Corp.<F1> 2,760,000
221,622 Cobalt Networks, Inc.<F1> 12,826,373
35,000 Intel Corp. 4,679,063
72,700 JDS Uniphase Corp.<F1> 8,714,913
51,400 LTX Corp.<F1> 1,795,787
66,950 Photon Dynamics, Inc.<F1> 5,000,328
31,450 Rudolph Technologies, Inc.<F1> 1,218,688
------------
36,995,152
------------
ELECTRONICS - SEMICONDUCTOR
MANUFACTURING 15.74%
102,000 Applied Micro Circuits Corp.<F1> 10,072,500
48,600 Broadcom Corp.<F1> 10,640,363
79,450 Exar Corp.<F1> 6,927,047
63,950 Globespan, Inc.<F1> 7,806,894
18,250 PMC-Sierra, Inc.<F1> 3,242,797
195,000 Sandcraft, Inc.<F1><F4> 481,650
55,000 SDL, Inc.<F1> 15,685,312
250,000 StorageNetworks, Inc.<F1><F3> 18,050,000
110,376 Transmeta Corp.<F1><F4> 1,379,700
165,450 TranSwitch Corp.<F1> 12,770,672
35,450 TriQuint Semiconductor, Inc.<F1> 3,392,122
------------
90,449,057
------------
Call toll-free 1-800-228-2121
<PAGE>
VAN WAGONER TECHNOLOGY FUND (CONT'D.) June 30, 2000 (Unaudited)
Van Wagoner Funds SCHEDULE OF INVESTMENTS
NUMBER
OF SHARES VALUE
------------------------------------------------------------------------------
FINANCE - CONSUMER LOANS 0.13%
17,400 724 Solutions, Inc.<F1> $ 763,425
------------
INTERNET - E-COMMERCE 0.18%
97,608 HomeGrocer.com, Inc.<F1><F3> 525,951
120,000 Pointshare Corp.<F1><F4> 330,000
105,000 SmarterKids.com, Inc.<F1><F3> 192,244
------------
1,048,195
------------
INTERNET - NETWORK SECURITY/SOLUTIONS 2.86%
2,900 Breakaway Solutions, Inc.<F1> 78,300
61,700 Juniper Networks, Inc.<F1> 8,981,206
51,850 Keynote Systems, Inc.<F1> 3,658,666
508,400 MessageMedia, Inc.<F1> 1,779,400
50,600 WebTrends Corp. 1,957,588
------------
16,455,160
------------
INTERNET SERVICE PROVIDER/CONTENT 1.00%
73,450 LifeMinders, Inc.<F1> 2,171,366
31,562 LifeMinders, Inc.<F1><F3> 881,511
63,800 NaviSite, Inc.<F1> 2,667,638
------------
5,720,515
------------
MEDICAL - BIOMEDICAL/GENETICS 4.04%
15,150 Abgenix, Inc.<F1> 1,815,869
4,200 Affymetrix, Inc.<F1> 693,525
64,276 Athersys, Inc.<F1><F4> 771,312
30,000 Cephalon, Inc.<F1> 1,796,250
43,200 Curagen Corp.<F1> 1,644,300
43,200 Gene Logic, Inc.<F1> 1,541,700
76,600 Genome Therapeutics Corp.<F1> 2,331,513
51,650 Genzyme Transgenics Corp.<F1> 1,401,006
25,050 Maxygen, Inc.<F1> 1,421,978
35,000 Medarex, Inc.<F1> 2,957,500
15,850 Millennium Pharmaceuticals, Inc.<F1> 1,773,219
16,100 Myriad Genetics, Inc.<F1> 2,384,057
89,400 Paradigm Genetics, Inc.<F1> 1,089,563
9,850 Protein Design Labs, Inc.<F1> 1,624,788
------------
23,246,580
------------
MEDICAL - INFORMATION SERVICES 0.30%
18,400 PE Corp. - Celera Genomics Group<F1> 1,720,400
------------
NUMBER
OF SHARES VALUE
------------------------------------------------------------------------------
MEDICAL - INSTRUMENTS 0.27%
105,200 Genomic Solutions<F1> $ 1,538,550
------------
MEDICAL - PRODUCTS 0.40%
7,250 Cardiac Pathways Corp.<F1> 35,344
550 Cardiac Pathways Corp.<F1><F4> 550,000
93,600 Sonic Innovations, Inc.<F1> 1,737,450
------------
2,322,794
------------
MULTIMEDIA 0.42%
39,200 Gemstar - TV Guide
International, Inc.<F1> 2,408,961
------------
PHARMACEUTICALS 0.16%
18,500 Aclara Biosciences, Inc.<F1> 942,344
------------
RESEARCH & DEVELOPMENT 0.17%
14,250 Aurora Biosciences Corp.<F1> 971,672
------------
RETAIL - MAIL ORDER/DIRECT 0.01%
13,360 garden.com, Inc.<F1> 31,730
------------
TELECOMMUNICATIONS - EQUIPMENT 21.42%
57,050 Advanced Fibre Communications, Inc.<F1> 2,585,078
21,400 Anaren Microwave, Inc.<F1> 2,808,414
23,350 Avanex Corp.<F1> 2,229,925
71,850 C-COR.net Corp.<F1> 1,939,950
26,600 Centillium Communications, Inc.<F1> 1,835,400
60,050 Certicom Corp.<F1> 4,112,482
27,900 CIENA Corp.<F1> 4,650,581
89,082 Copper Mountain Networks, Inc.<F1> 7,850,351
43,194 Corvis Corp.<F1><F4> 1,159,470
102,600 Digital Microwave Corp.<F1> 3,911,625
90,850 Efficient Networks, Inc.<F1> 6,683,153
31,450 E-Tek Dynamics, Inc.<F1> 8,296,903
960 Floware Wireless Systems Ltd.<F1><F4> 373,834
95,765 Kestrel Solutions, Inc.<F1><F4> 1,247,004
45,616 Mahi Networks, Inc.<F1><F4> 328,435
97,050 Natural Microsystems Corp.<F1> 10,912,059
334,250 Netro Corp.<F1> 19,177,594
22,900 Next Level Communications, Inc.<F1> 1,963,675
http://WWW.VANWAGONER.COM
<PAGE>
Van Wagoner Funds SCHEDULE OF INVESTMENTS
VAN WAGONER TECHNOLOGY FUND (CONT'D.) June 30, 2000 (Unaudited)
------------------------------------------------------------------------------
NUMBER
OF SHARES VALUE
------------------------------------------------------------------------------
TELECOMMUNICATIONS - EQUIPMENT 21.42% (CONT'D.)
79,200 Nokia Ab ADR $ 3,955,050
10,650 Oni Systems Corp.<F1> 1,248,213
606,602 Portera Systems<F1><F4> 3,136,132
105,000 Powerwave Technologies, Inc.<F1> 4,620,000
29,350 Redback Networks, Inc.<F1> 5,224,300
15,200 Sonus Networks, Inc.<F1> 2,399,700
43,550 Sycamore Networks, Inc.<F1> 4,806,831
43,450 Turnstone Systems, Inc.<F1> 7,198,440
400,085 Vertical Networks, Inc.<F1><F4> 1,352,287
119,400 Virata Corp.<F1> 7,119,225
------------
123,126,111
------------
TELECOMMUNICATIONS - SERVICES 1.23%
9,800 Aether Systems, Inc.<F1> 2,009,000
75,874 Arbinet Holdings, Inc.<F1><F4> 1,466,644
72,275 Com21, Inc.<F1> 1,806,875
65,800 VYYO, Inc.<F1> 1,776,600
------------
7,059,119
------------
TOTAL COMMON AND PREFERRED STOCKS
(cost $377,914,121) 579,807,680
------------
TOTAL INVESTMENTS 100.89%
(cost $377,914,121) 579,807,680
Liabilities less Other Assets (0.89)% (5,108,533)
------------
NET ASSETS 100.00% $574,699,147
============
NUMBER
OF SHARES
---------
SECURITIES SOLD SHORT
56,600 Terayon Communication
Systems, Inc. $ 3,635,661
------------
Total Securities Sold Short
(proceeds $2,697,296) $ 3,635,661
============
Call toll-free 1-800-228-2121
<PAGE>
VAN WAGONER TECHNOLOGY FUND (CONT'D.) June 30, 2000 (Unaudited)
-----------------------------------------------------------------------------
Van Wagoner Funds SCHEDULE OF INVESTMENTS
NOTES TO SCHEDULE OF INVESTMENTS
<F1> Non-income producing
<F2> Affiliated company - see Note 8
<F3> Security acquired in a private placement transaction; resale may be limited
due to certain restrictions. Security is valued under procedures approved
by the Board of Directors.
<F4> The following securities were purchased in private placement transactions.
Resale to the public may require registration or may be limited due to
certain restrictions. These securities are valued at their fair value under
procedures approved by the Board of Directors. At June 30, 2000, the value
of the Fund's restricted securities was $37,110,585 or 6.5% of net assets.
DATE(S) OF NUMBER
SECURITY DESCRIPTION ACQUISITION OF SHARES COST
-----------------------------------------------------------------------------
Acta Technology, Inc. July 99 - June 00 199,603 $1,225,004
Anda Networks, Inc. March 00 123,442 1,693,624
Arbinet Holdings, Inc. March 00 75,874 1,466,644
Athersys, Inc. March 00 64,276 771,312
Authoria, Inc. May 00 196,106 1,531,588
Blue Pumpkin Software, Inc. March 00 313,193 2,289,441
Cardiac Pathways Corp. July 99 550 550,000
Comergent Technologies February 00 140,888 1,211,637
CommVault Systems, Inc. April 00 213,684 1,224,815
Corvis Corp. December 99 43,194 1,159,470
DataChannel, Inc. March 00 403,672 2,258,020
Datacore Software Corp. May 00 54,346 1,104,854
Docent, Inc. April 00 81,720 614,534
Event411.com, Inc. June 99 16,000 480,000
Floware Wireless
Systems Ltd. September 99 960 373,834
Icarian, Inc. March 00 381,357 2,630,372
Impresse Corp. November 99 57,300 709,947
Kestrel Solutions, Inc. January 00 95,765 1,247,004
Lexar Media, Inc. September 99 210,000 543,900
Mahi Networks, Inc. May 00 45,616 328,435
MaMaMedia, Inc. April 99 120,000 648,000
NextVenue, Inc. March 00 83,509 730,704
Pointshare Corp. September 99 120,000 330,000
Portera Systems February 00 606,602 3,136,132
Reciprocal, Inc. March 00 43 1,851
Reciprocal, Inc. November 99 1,171 532,524
Sandcraft, Inc. October 99 195,000 481,650
Screaming Media, Inc. October 99 170,000 560,000
Sitara Networks, Inc. July 99 - June 00 164,877 847,249
Tavolo, Inc. May 99 - April 00 541,177 2,940,003
Top Layer Networks, Inc. August 99 205,000 319,800
Transmeta Corp. June 98 - April 00 110,376 1,103,871
Vertical Networks, Inc. May 99 - February 00 400,085 938,287
------------------------------------------------------------------------------
See notes to financial statements.
http://WWW.VANWAGONER.COM
<PAGE>
Van Wagoner Funds SCHEDULE OF INVESTMENTS
VAN WAGONER POST-VENTURE FUND June 30, 2000 (Unaudited)
-----------------------------------------------------------------------------
NUMBER
OF SHARES VALUE
------------------------------------------------------------------------------
COMMON AND PREFERRED STOCKS 98.18%
CHEMICALS - SPECIALTY 0.29%
45,000 Symyx Technologies, Inc.<F1> $ 1,917,419
------------
COMMERCIAL SERVICES - SECURITY/SAFETY 0.40%
12,450 Check Point Software
Technologies Ltd.<F1> 2,636,288
------------
COMPUTER SOFTWARE - DESKTOP 0.73%
80,000 NetIQ Corp.<F1> 4,770,000
------------
COMPUTER SOFTWARE - EDUCATION 1.01%
76,050 Metasolv Software, Inc.<F1> 3,346,200
595,295 Tavolo, Inc.<F1><F4> 3,238,405
------------
6,584,605
------------
COMPUTER SOFTWARE -ENTERPRISE 15.49%
226,331 Acta Technology, Inc.<F1><F4> 1,622,793
400,000 Ariba, Inc.<F1> 39,218,720
5,623 BindView Development Corp.<F1> 67,478
124,968 Comergent Technologies, Inc.<F1><F4> 1,074,725
436,424 DataChannel, Inc.<F1><F4> 2,441,225
83,789 Docent, Inc.<F1><F4> 630,093
21,150 E.piphany, Inc.<F1> 2,267,016
295,850 Eprise Corp.<F1> 4,863,034
86,422 Eprise Corp.<F1><F3> 1,259,499
20,000 Event411.Com, Inc.<F1><F4> 600,000
422,640 Icarian, Inc.<F1><F4> 2,915,117
48,600 Impresse Corp.<F1><F4> 602,154
50,950 Informatica Corp.<F1> 4,174,716
150,000 Interwoven, Inc.<F1> 16,497,645
65,960 Interwoven, Inc.<F1><F3> 7,254,202
225,000 IntraNet Solutions, Inc.<F1> 8,634,375
74,802 Puma Technology, Inc.<F1> 2,005,629
36 Reciprocal, Inc.<F1><F4> 1,549
993 Reciprocal, Inc.<F1><F4> 451,577
106,000 Software Technologies Corp.<F1> 3,252,875
12,100 TIBCO Software Inc.<F1> 1,297,535
------------
101,131,957
------------
NUMBER
OF SHARES VALUE
------------------------------------------------------------------------------
COMPUTER SOFTWARE - INTERNET 7.67%
74,350 Agile Software Corp.<F1> $ 5,255,616
67,400 Art Technology Group, Inc.<F1> 6,803,188
326,907 Blue Pumpkin Software, Inc.<F1><F4> 2,389,690
89,700 Corillian Corp.<F1> 1,491,262
58,550 Embarcadero Technologies, Inc.<F1> 1,719,906
30,000 Exodus Communications, Inc.<F1> 1,381,875
50,000 Firepond, Inc. 1,800,000
40,936 iVillage, Inc.<F1> 345,398
155,000 MaMaMedia, Inc.<F1><F4> 837,000
415,550 Onvia.com, Inc.<F1> 3,584,119
91,954 Onvia.com, Inc.<F1><F3> 700,248
63,250 Portal Software, Inc.<F1> 4,040,094
165,900 Preview Systems, Inc.<F1> 2,156,700
100,000 Preview Systems, Inc.<F1><F3> 1,298,440
96,300 Primus Knowledge Solutions, Inc.<F1> 4,333,500
187,000 Screaming Media, Inc.<F1><F4> 616,000
45,500 Versata, Inc.<F1> 1,834,219
70,000 Vignette Corp.<F1> 3,641,092
120,450 Virage, Inc.<F1> 2,175,628
60,000 Vitria Technology, Inc. 3,667,500
------------
50,071,475
------------
COMPUTER SOFTWARE - MEDICAL 0.68%
1,920,300 OnHealth Network Co.<F1><F2> 4,440,694
------------
COMPUTER SOFTWARE - SECURITY 2.73%
206,968 Authoria, Inc.<F1><F4> 1,616,420
38,500 ISS Group, Inc.<F1> 3,801,271
95,000 Quest Software, Inc.<F1> 5,260,625
14,950 VeriSign, Inc.<F1> 2,638,675
82,700 WatchGuard Technologies, Inc.<F1> 4,543,331
------------
17,860,322
------------
COMPUTERS - GRAPHICS 1.73%
31,800 Micromuse, Inc.<F1> 5,262,401
95,100 NVIDIA Corp. 6,044,794
------------
11,307,195
------------
Call toll-free 1-800-228-2121
<PAGE>
VAN WAGONER POST-VENTURE FUND (CONT'D.) June 30, 2000 (Unaudited)
------------------------------------------------------------------------------
Van Wagoner Funds SCHEDULE OF INVESTMENTS
NUMBER
OF SHARES VALUE
------------------------------------------------------------------------------
COMPUTERS - LOCAL NETWORKS 4.18%
134,403 Anda Networks, Inc.<F1><F4> $ 1,844,009
70,000 Brocade Communications
Systems, Inc.<F1> 12,843,901
189,014 CommVault Systems, Inc.<F1><F4> 1,083,409
52,300 Extreme Networks, Inc.<F1> 5,517,650
24,900 Foundry Networks, Inc.<F1> 2,739,000
61,300 NetSolve, Inc.<F1> 1,593,800
183,733 Sitara Networks, Inc.<F1><F4> 1,196,102
290,000 Top Layer Networks, Inc.<F1><F4> 452,400
------------
27,270,271
------------
COMPUTERS - MEMORY DEVICES 2.18%
54,800 Datacore Software Corp.<F1><F4> 1,114,084
230,000 Lexar Media, Inc.<F1><F4> 595,700
75,650 Network Appliances, Inc.<F1> 6,089,825
53,600 SanDisk Corp.<F1> 3,279,650
28,075 VERITAS Software Corp.<F1> 3,172,913
------------
14,252,172
------------
COMPUTERS - MINI/MICRO 0.10%
240,000 eMachines, Inc.<F1><F3> 586,176
692 Sun Microsystems, Inc.<F1> 62,929
------------
649,105
------------
COMPUTERS - RETAIL/WHOLESALE 1.61%
79,600 Emulex Corp.<F1> 5,228,725
70,000 Netegrity, Inc.<F1> 5,271,875
------------
10,500,600
------------
COMPUTERS - SERVICES 0.41%
63,900 InterNAP Network Services Corp.<F1> 2,652,847
------------
COMPUTERS - SOFTWARE 2.20%
67,550 Allaire Corp.<F1> 2,482,462
40,000 BroadVision, Inc.<F1> 2,032,500
17,450 i2 Technologies, Inc.<F1> 1,819,435
24,500 Mercury Interactive Corp.<F1> 2,370,375
90,369 NextVenue, Inc.<F1><F4> 790,729
38,020 Phone.com, Inc.<F1> 2,476,052
47,700 RealNetworks, Inc.<F1> 2,411,831
------------
14,383,384
------------
NUMBER
OF SHARES VALUE
------------------------------------------------------------------------------
ELECTRONICS - LASER SYSTEMS/COMPONENTS 0.31%
34,600 Bookham Technology PLC ADR<F1> $ 2,050,050
------------
ELECTRONICS - MISCELLANEOUS COMPONENTS 1.12%
23,200 RF Micro Devices, Inc.<F1> 2,032,900
91,500 Sawtek, Inc.<F1> 5,266,969
------------
7,299,869
------------
ELECTRONICS - PARTS DISTRIBUTION 0.10%
11,850 Marvell Technology Group Ltd.<F1> 675,450
------------
ELECTRONICS - SEMICONDUCTOR EQUIPMENT 5.25%
62,500 Caliper Technologies Corp.<F1> 2,875,000
231,892 Cobalt Networks, Inc.<F1> 13,420,749
68,900 JDS Uniphase Corp.<F1> 8,259,387
57,700 LTX Corp.<F1> 2,015,894
87,900 Photon Dynamics, Inc.<F1> 6,565,031
29,200 Rudolph Technologies, Inc.<F1> 1,131,500
------------
34,267,561
------------
ELECTRONICS - SEMICONDUCTOR MANUFACTURING 15.30%
55,400 Applied Micro Circuits Corp.<F1> 5,470,750
58,850 Broadcom Corp.<F1> 12,884,472
80,500 Exar Corp.<F1> 7,018,594
63,950 Globespan, Inc.<F1> 7,806,895
29,350 PMC-Sierra, Inc.<F1> 5,215,128
195,000 Sandcraft, Inc.<F1><F4> 481,650
71,100 SDL, Inc.<F1> 20,276,831
300,000 StorageNetworks, Inc.<F1><F3> 21,660,000
172,950 TranSwitch Corp.<F1> 13,349,578
148,441 Transmeta Corp.<F1><F4> 1,855,513
40,500 TriQuint Semiconductor, Inc.<F1> 3,875,344
------------
99,894,755
------------
FINANCE - CONSUMER LOANS 0.12%
18,500 724 Solutions, Inc.<F1> 811,687
------------
INTERNET - E-COMMERCE 0.15%
66,740 HomeGrocer.com, Inc.<F1><F3> 359,622
140,000 Pointshare Corp.<F1><F4> 385,000
135,000 SmarterKids.com, Inc.<F1><F3> 247,172
------------
991,794
------------
http://WWW.VANWAGONER.COM
<PAGE>
Van Wagoner Funds SCHEDULE OF INVESTMENTS
VAN WAGONER POST-VENTURE FUND (CONT'D.) June 30, 2000 (Unaudited)
------------------------------------------------------------------------------
NUMBER
OF SHARES VALUE
------------------------------------------------------------------------------
INTERNET - NETWORK SECURITY/SOLUTIONS 3.57%
4,200 Breakaway Solutions, Inc.<F1> $ 113,400
98,100 Juniper Networks, Inc.<F1> 14,279,681
63,300 Keynote Systems, Inc.<F1> 4,466,606
513,050 MessageMedia, Inc.<F1> 1,795,675
68,250 WebTrends Corp.<F1> 2,640,422
------------
23,295,784
------------
INTERNET SERVICE PROVIDER/CONTENT 0.90%
70,500 LifeMinders, Inc.<F1> 2,084,156
34,063 LifeMinders, Inc.<F1><F3> 951,363
67,950 NaviSite, Inc.<F1> 2,841,159
------------
5,876,678
------------
MEDICAL - BIOMEDICAL/GENETICS 4.02%
16,250 Abgenix, Inc.<F1> 1,947,714
6,950 Affymetrix, Inc.<F1> 1,147,619
69,219 Athersys, Inc.<F1><F4> 830,628
40,000 Cephalon, Inc.<F1> 2,395,000
46,300 Curagen Corp.<F1> 1,762,294
54,550 Gene Logics, Inc. 1,946,753
82,100 Genome Therapeutics Corp.<F1> 2,498,919
62,100 Genzyme Transgenics Corp.<F1> 1,684,463
26,850 Maxygen, Inc.<F1> 1,524,156
37,500 Medarex, Inc.<F1> 3,168,750
17,000 Millennium Pharmaceuticals, Inc.<F1> 1,901,875
17,250 Myriad Genetics, Inc.<F1> 2,554,347
89,800 Paradigm Genetics, Inc.<F1> 1,094,438
10,600 Protein Design Labs, Inc.<F1> 1,748,503
------------
26,205,459
------------
MEDICAL - INFORMATION SERVICES 0.28%
19,750 PE Corp. - Celera Genomics Group<F1> 1,846,625
------------
MEDICAL - INSTRUMENTS 0.24%
105,650 Genomic Solutions<F1> 1,545,131
------------
MEDICAL - PRODUCTS 0.40%
13,150 Cardiac Pathways Corp.<F1> 64,106
700 Cardiac Pathways Corp.<F1><F4> 700,000
101,150 Sonic Innovations, Inc.<F1> 1,877,597
------------
2,641,703
------------
NUMBER
OF SHARES VALUE
------------------------------------------------------------------------------
MULTIMEDIA 0.41%
44,100 Gemstar - TV Guide
International, Inc.<F1> $ 2,710,082
------------
PHARMACEUTICALS 0.15%
18,750 Aclara Biosciences, Inc.<F1> 955,078
------------
RESEARCH & DEVELOPMENT 0.16%
15,300 Aurora Biosciences Corp. 1,043,269
------------
RETAIL - MAIL ORDER/DIRECT 0.01%
15,797 garden.com, Inc.<F1> 37,518
------------
TELECOMMUNICATIONS - EQUIPMENT 23.04%
60,300 Advanced Fibre Communications, Inc.<F1> 2,732,344
28,500 Anaren Microwave, Inc.<F1> 3,740,177
56,700 Avanex Corp.<F1> 5,414,850
70,350 C-COR.net Corp.<F1> 1,899,450
28,500 Centillium Communications, Inc.<F1> 1,966,500
66,950 Certicom Corp.<F1> 4,585,024
42,600 CIENA Corp.<F1> 7,100,887
100,930 Copper Mountain Networks, Inc.<F1> 8,894,456
40,962 Corvis Corp.<F1><F4> 1,099,555
102,050 Digital Microwave Corp.<F1> 3,890,656
112,500 Dynatech Corp. 2,039,062
84,600 Efficient Networks, Inc.<F1> 6,223,387
43,600 E-Tek Dynamics, Inc.<F1> 11,502,225
1,042 Floware Wireless Systems Ltd.<F1><F4> 405,765
78,930 Kestrel Solutions, Inc.<F1><F4> 1,027,787
47,251 Mahi Networks, Inc.<F1><F4> 340,207
107,400 Natural Microsystems Corp.<F1> 12,075,787
352,893 Netro Corp.<F1> 20,247,235
40,200 Next Level Communications, Inc.<F1> 3,447,150
12,850 Oni Systems Corp.<F1> 1,506,060
30,000 Polycom, Inc.<F1> 2,822,811
549,239 Portera Systems<F1><F4> 2,839,566
135,000 Powerwave Technologies, Inc.<F1> 5,940,000
58,000 Redback Networks, Inc.<F1> 10,324,000
16,150 Sonus Networks, Inc.<F1> 2,549,681
42,500 Sycamore Networks, Inc.<F1> 4,690,937
52,650 Turnstone Systems, Inc.<F1> 8,722,620
183,500 Virata Corp.<F1> 10,941,187
455,791 Vertical Networks, Inc.<F1><F4> 1,540,574
------------
150,509,940
------------
Call toll-free 1-800-228-2121
<PAGE>
VAN WAGONER POST-VENTURE FUND (CONT'D.) June 30, 2000 (Unaudited)
------------------------------------------------------------------------------
Van Wagoner Funds SCHEDULE OF INVESTMENTS
NUMBER
OF SHARES VALUE
------------------------------------------------------------------------------
TELECOMMUNICATIONS -
SERVICES 1.24%
10,500 Aether Systems, Inc.<F1> $ 2,152,500
83,108 Arbinet Holdings, Inc.<F1><F4> 1,606,478
88,500 Com21, Inc.<F1> 2,212,500
78,400 VYYO, Inc.<F1> 2,116,800
------------
8,088,278
------------
TOTAL COMMON AND PREFERRED STOCKS
(cost $424,261,907) 641,175,045
------------
PRINCIPAL
AMOUNT
---------
SHORT-TERM INVESTMENTS 3.44%
$15,000,000 UMB Bank, n.a., repurchase
agreement, 5.90%, dated 6/30/00,
repurchase price $15,007,274,
maturing 7/3/00 (collateralized by
U.S. Treasury Notes
maturing 7/31/00) 15,000,000
7,442,102 UMB Bank, n.a.,
Money Market Fiduciary 7,442,102
------------
TOTAL SHORT-TERM INVESTMENTS
(cost $22,442,102) 22,442,102
------------
TOTAL INVESTMENTS 101.62%
(cost $446,704,009) 663,617,147
Liabilities less Other Assets (1.62)% (10,563,296)
------------
NET ASSETS 100.00% $653,053,851
============
NUMBER
OF SHARES VALUE
------------------------------------------------------------------------------
SECURITIES SOLD SHORT
60,000 Cymer, Inc. $ 2,865,000
50,000 Harmonic Lightwaves, Inc. 1,237,500
70,000 SeaChange International, Inc.<F1> 2,021,250
61,400 Terayon Communication
Systems, Inc. 3,943,986
------------
TOTAL SECURITIES SOLD SHORT
(proceeds $8,817,466) $ 10,067,736
============
http://WWW.VANWAGONER.COM
<PAGE>
Van Wagoner Funds SCHEDULE OF INVESTMENTS
VAN WAGONER POST-VENTURE FUND (CONT'D.) June 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
NOTES TO SCHEDULE OF INVESTMENTS
<F1> Non-income producing
<F2> Affiliated company - see Note 8
<F3> Security acquired in a private placement transaction; resale may be limited
due to certain restrictions. Security is valued under procedures approved
by the Board of Directors.
<F4> The following securities were purchased in private placement transactions.
Resale to the public may require registration or may be limited due to
certain restrictions. These securities are valued at their fair value under
procedures approved by the Board of Directors. At June 30, 2000, the value
of the Fund's restricted securities was $39,225,904 or 6.0% of net assets.
DATE(S) OF NUMBER
SECURITY DESCRIPTION ACQUISITION OF SHARES COST
-----------------------------------------------------------------------------
Acta Technology, Inc. July 99 - June 00 226,331 $1,362,393
Anda Networks, Inc. March 00 134,403 1,844,009
Arbinet Holdings, Inc. March 00 83,108 1,606,478
Athersys, Inc. March 00 69,219 830,628
Authoria, Inc. May 00 206,968 1,616,420
Blue Pumpkin Software, Inc. March 00 326,907 2,389,690
Cardiac Pathways Corp. July 99 700 700,000
Comergent Technologies February 00 124,968 1,074,725
CommVault Systems, Inc. April 00 189,014 1,083,409
Corvis Corp. December 99 40,962 1,099,555
DataChannel, Inc. March 00 436,424 2,441,225
Datacore Software Corp. May 00 54,800 1,114,084
Docent, Inc. April 00 83,789 630,093
Event411.com, Inc. June 99 20,000 600,000
Floware Wireless
Systems Ltd. September 99 1,042 405,765
Icarian, Inc. March 00 422,640 2,915,117
Impresse Corp. November 99 48,600 602,154
Kestrel Solutions, Inc. January 00 78,930 1,027,787
Lexar Media, Inc. September 99 230,000 595,700
Mahi Networks, Inc. May 00 47,251 340,207
MaMaMedia, Inc. April 99 155,000 837,000
NextVenue, Inc. March 00 90,369 790,729
Pointshare Corp. September 99 140,000 385,000
Portera Systems February 00 549,239 2,839,566
Reciprocal, Inc. March 00 36 1,549
Reciprocal, Inc. November 99 993 451,577
Sandcraft, Inc. October 99 195,000 481,650
Screaming Media, Inc. October 99 187,000 616,000
Sitara Networks, Inc. July 99 - June 00 183,733 903,502
Tavolo, Inc. May 99 - April 00 595,295 3,234,005
Top Layer Networks, Inc. August 99 290,000 452,400
Transmeta Corp. June 98 - April 00 148,441 1,383,013
Vertical Networks, Inc. May 99 - February 00 455,791 1,057,754
-----------------------------------------------------------------------------
See notes to financial statements.
Call toll-free 1-800-228-2121
<PAGE>
VAN WAGONER MICRO-CAP GROWTH FUND June 30, 2000 (Unaudited)
-----------------------------------------------------------------------------
Van Wagoner Funds SCHEDULE OF INVESTMENTS
NUMBER
OF SHARES VALUE
------------------------------------------------------------------------------
COMMON AND PREFERRED STOCKS 86.80%
CHEMICALS - SPECIALTY 0.83%
50,000 Symyx Technologies, Inc.<F1> $ 2,130,465
------------
COMPUTER SOFTWARE - EDUCATION 1.13%
33,068 Docent, Inc.<F1><F4> 248,671
487,059 Tavolo, Inc.<F1><F4> 2,649,600
------------
2,898,271
------------
COMPUTER SOFTWARE - ENTERPRISE 13.44%
104,066 Acta Technology, Inc.<F1><F4> 746,153
55,000 Actuate Software Corp.<F1> 2,935,625
151,400 Ariba, Inc.<F1> 14,844,285
28,010 Authoria, Inc.<F1><F4> 218,758
5,964 BindView Development Corp.<F1> 71,571
71,386 Comergent Technologies, Inc.<F1><F4> 613,920
182,347 DataChannel, Inc.<F1><F4> 1,019,994
62,950 Eprise Corp.<F1> 1,034,740
147,936 Eprise Corp.<F1><F3> 2,156,017
13,000 Event411.Com, Inc.<F1><F4> 390,000
189,694 Icarian, Inc.<F1><F4> 1,308,395
70,400 Impresse Corp.<F1><F4> 872,256
25,500 Interwoven, Inc.<F1> 2,804,600
127,550 IntraNet Solutions, Inc.<F1> 4,894,731
53 Reciprocal, Inc.<F1><F4> 2,281
1,438 Reciprocal, Inc.<F1><F4> 653,945
------------
34,567,271
------------
COMPUTER SOFTWARE - INTERNET 11.92%
40,000 Art Technology Group, Inc.<F1> 4,037,500
139,224 Blue Pumpkin Software, Inc.<F1><F4> 1,017,727
60,000 Centra Software, Inc.<F1> 570,000
43,600 Corillian Corp.<F1> 724,850
100,000 Embarcadero Technologies, Inc.<F1> 2,937,500
60,000 Exodus Communications, Inc.<F1> 2,763,750
99,415 iVillage, Inc.<F1> 838,814
120,000 MaMaMedia, Inc.<F1><F4> 648,000
23,400 Netopia, Inc.<F1> 941,850
170,950 Onvia.com, Inc.<F1> 1,474,444
63,460 Onvia.com, Inc.<F1><F3> 483,261
50,000 Preview Systems, Inc.<F1> 650,000
NUMBER
OF SHARES VALUE
------------------------------------------------------------------------------
COMPUTER SOFTWARE -
INTERNET 11.92% (CONT'D.)
72,500 Preview Systems, Inc.<F1><F3> $ 941,369
113,300 Primus Knowledge Solutions, Inc.<F1> 5,098,500
25,000 Proxim, Inc.<F1> 2,474,218
204,000 Screaming Media, Inc.<F1><F4> 672,000
50,000 Versata, Inc.<F1> 2,015,625
131,100 Virage, Inc.<F1> 2,367,994
------------
30,657,402
------------
COMPUTER SOFTWARE - MEDICAL 1.40%
1,553,300 OnHealth Network Co.<F1><F2> 3,592,006
------------
COMPUTER SOFTWARE - SECURITY 1.39%
65,000 WatchGuard Technologies, Inc.<F1> 3,570,938
------------
COMPUTERS - GRAPHICS 0.64%
10,000 Micromuse, Inc.<F1> 1,654,843
------------
COMPUTERS - LOCAL NETWORKS 2.26%
55,453 Anda Networks, Inc.<F1><F4> 760,815
59,900 Asyst Technologies, Inc.<F1> 2,051,575
70,000 NetSolve, Inc.<F1> 1,820,000
100,000 Sitara Networks, Inc.<F1><F4> 651,000
330,000 Top Layer Networks, Inc.<F1><F4> 514,800
------------
5,798,190
------------
COMPUTERS - MEMORY DEVICES 1.26%
56,130 CommVault Systems, Inc.<F1><F4> 321,732
1,158 Datacore Software Corp.<F1><F4> 23,542
270,000 Lexar Media, Inc.<F1><F4> 699,300
25,000 Silicon Storage Technology, Inc.<F1> 2,207,813
------------
3,252,387
------------
COMPUTERS - MINI/MICRO 0.39%
285,000 eMachines, Inc.<F1><F3> 696,084
3,468 Sun Microsystems, Inc.<F1> 315,371
------------
1,011,455
------------
COMPUTERS - RETAIL/WHOLESALE 1.98%
25,900 Emulex Corp.<F1> 1,701,306
45,000 Netegrity, Inc.<F1> 3,389,063
------------
5,090,369
------------
http://WWW.VANWAGONER.COM
<PAGE>
Van Wagoner Funds SCHEDULE OF INVESTMENTS
VAN WAGONER MICRO-CAP GROWTH FUND (CONT'D.) June 30, 2000 (Unaudited)
------------------------------------------------------------------------------
NUMBER
OF SHARES VALUE
------------------------------------------------------------------------------
COMPUTERS - SOFTWARE 2.88%
35,000 Adept Technology<F1> $ 1,636,250
30,000 Allaire Corp.<F1> 1,102,500
100,000 JDA Software Group, Inc.<F1> 1,918,750
42,374 NextVenue, Inc.<F1><F4> 370,773
51,000 NS Group, Inc. 1,067,813
19,999 Phone.com, Inc.<F1> 1,302,478
------------
7,398,564
------------
ELECTRONICS - LASER SYSTEMS/COMPONENTS 0.14%
80,000 BrightSmile, Inc.<F1> 360,000
------------
ELECTRONICS - MISCELLANEOUS COMPONENTS 0.68%
20,100 RF Micro Devices, Inc.<F1> 1,761,263
------------
ELECTRONICS - SEMICONDUCTOR EQUIPMENT 5.65%
101,351 Cobalt Networks, Inc.<F1> 5,865,689
53,450 LTX Corp.<F1> 1,867,409
70,400 Photon Dynamics, Inc.<F1> 5,258,000
39,500 Rudolph Technologies, Inc.<F1> 1,530,625
------------
14,521,723
------------
ELECTRONICS - SEMICONDUCTOR MANUFACTURING 12.67%
80,000 Elantec Semiconductor, Inc.<F1> 5,570,000
60,000 Exar Corp.<F1> 5,231,250
85,000 PLX Technology, Inc.<F1> 3,527,500
225,000 Sandcraft, Inc.<F1><F4> 555,750
220,000 StorageNetworks, Inc.<F1><F3> 15,884,000
146,430 Transmeta Corp.<F1><F4> 1,830,375
------------
32,598,875
------------
INTERNET - E-COMMERCE 1.32%
100,000 Ebenx, Inc.<F1> 2,118,750
114,248 HomeGrocer.com, Inc.<F1><F3> 615,614
160,000 Pointshare Corp.<F1><F4> 440,000
120,000 SmarterKids.com, Inc.<F1><F3> 219,708
------------
3,394,072
------------
INTERNET - NETWORK SECURITY/SOLUTIONS 1.32%
306,250 MessageMedia, Inc.<F1> 1,071,875
60,000 WebTrends Corp.<F1> 2,321,250
------------
3,393,125
------------
NUMBER
OF SHARES VALUE
------------------------------------------------------------------------------
INTERNET SERVICE PROVIDER/CONTENT 1.50%
30,000 Digital Insight Corp.<F1> $1,020,000
18,400 LifeMinders, Inc.<F1> 543,950
36,875 LifeMinders, Inc.<F1><F3> 1,029,900
30,000 NaviSite, Inc.<F1> 1,254,375
------------
3,848,225
------------
MEDICAL - BIOMEDICAL/GENETICS 2.66%
28,944 Athersys, Inc.<F1><F4> 347,328
26,700 Cephalon, Inc.<F1> 1,598,663
49,400 Gene Logic, Inc.<F1> 1,762,961
55,000 Genzyme Transgenics Corp.<F1> 1,491,875
42,400 Paradigm Genetics, Inc.<F1> 516,750
25,000 Visible Genetics, Inc.<F1> 1,128,125
------------
6,845,702
------------
MEDICAL - INFORMATION SYSTEMS 0.94%
90,000 Aspect Medical Systems, Inc.<F1> 2,430,000
------------
MEDICAL - INSTRUMENTS 0.28%
49,900 Genomic Solutions<F1> 729,788
------------
MEDICAL - PRODUCTS 1.56%
800 Cardiac Pathways Corp.<F1><F4> 800,000
104,000 Endocare, Inc.<F1> 2,106,000
60,000 Sonic Innovations, Inc.<F1> 1,113,750
------------
4,019,750
------------
METAL PROCESSING & FABRICATION 0.68%
60,000 Maverick Tube Corp.<F1> 1,747,500
------------
OIL & GAS - DRILLING 1.98%
194,650 Grey Wolf, Inc.<F1> 973,250
210,300 Key Energy Group, Inc.<F1> 2,024,138
39,450 Patterson Energy, Inc.<F1> 1,124,325
24,050 UTI Energy Corp.<F1> 965,006
------------
5,086,719
------------
OIL & GAS - FIELD SERVICES 0.35%
57,800 Horizon Offshore, Inc.<F1> 895,900
------------
OIL & GAS - MACHINERY/EQUIPMENT 0.64%
35,000 Dril-Quip, Inc.<F1> 1,636,250
------------
Call toll-free 1-800-228-2121
<PAGE>
VAN WAGONER MICRO-CAP GROWTH FUND (CONT'D.) June 30, 2000 (Unaudited)
------------------------------------------------------------------------------
Van Wagoner Funds SCHEDULE OF INVESTMENTS
NUMBER
OF SHARES VALUE
------------------------------------------------------------------------------
OIL & GAS - SERVICES 0.60%
59,800 Veritas DGC, Inc.<F1> $ 1,554,800
------------
RESEARCH & DEVELOPMENT 0.21%
7,900 Aurora Biosciences Corp.<F1> 538,681
------------
RETAIL - MAIL ORDER/DIRECT 0.05%
50,026 garden.com, Inc.<F1> 118,812
------------
TELECOMMUNICATIONS - EQUIPMENT 12.19%
35,000 Anaren Microwave, Inc.<F1> 4,593,200
91,650 C-COR.net Corp.<F1> 2,474,550
50,000 Celeritek, Inc.<F1> 2,040,625
39,999 Copper Mountain Networks, Inc.<F1> 3,524,912
28,875 Corvis Corp.<F1><F4> 775,101
1,202 Floware Wireless Systems Ltd.<F1><F4> 468,070
55,000 Natural Microsystems Corp.<F1> 6,184,063
126,307 Netro Corp.<F1> 7,246,864
272,057 Portera Systems<F1><F4> 1,406,535
36,850 Powerwave Technologies, Inc.<F1> 1,621,400
299,254 Vertical Networks, Inc.<F1><F4> 1,011,479
------------
31,346,799
------------
TELECOMMUNICATIONS - SERVICES 1.86%
38,217 Arbinet Holdings, Inc.<F1><F4> 738,735
119,200 Com21, Inc.<F1> 2,980,000
39,850 VYYO, Inc.<F1> 1,075,950
------------
4,794,685
------------
TOTAL COMMON AND PREFERRED STOCKS
(cost $112,201,585) 223,244,830
------------
PRINCIPAL
AMOUNT VALUE
-----------------------------------------------------------------------------
SHORT-TERM INVESTMENTS 7.30%
$13,000,000 UMB Bank, n.a., repurchase
agreement, 5.90%, dated 6/30/00,
repurchase price $13,006,304,
maturing 7/3/00 (collateralized
by U.S. Treasury Notes
maturing 7/31/00) $ 13,000,000
------------
5,772,770 UMB Bank, n.a., Money
Market Fiduciary 5,772,770
------------
TOTAL SHORT-TERM INVESTMENTS
(cost $18,772,770) 18,772,770
------------
TOTAL INVESTMENTS 94.10%
(cost $130,974,355) 242,017,600
Other Assets less Liabilities 5.90% 15,170,262
------------
NET ASSETS 100.00% $257,187,862
============
NUMBER
OF SHARES
---------
SECURITIES SOLD SHORT
25,000 Applied Films Corp.<F1> $ 915,625
16,000 Terayon Communication
Systems, Inc.<F1> 1,027,749
25,000 Zoll Medical Corp.<F1> 1,225,000
------------
TOTAL SECURITIES SOLD SHORT
(proceeds $2,617,781) $ 3,168,374
============
http://WWW.VANWAGONER.COM
<PAGE>
Van Wagoner Funds SCHEDULE OF INVESTMENTS
VAN WAGONER MICRO-CAP GROWTH FUND (CONT'D.) June 30, 2000 (Unaudited)
-------------------------------------------------------------------------------
NOTES TO SCHEDULE OF INVESTMENTS
<F1> Non-income producing
<F2> Affiliated company - see Note 8
<F3> Security acquired in a private placement transaction; resale may be limited
due to certain restrictions. Security is valued under procedures approved
by the Board of Directors.
<F4> The following securities were purchased in private placement transactions.
Resale to the public may require registration or may be limited due to
certain restrictions. These securities are valued at their fair value under
procedures approved by the Board of Directors. At June 30, 2000, the value
of the Fund's restricted securities was $22,777,035 or 8.9% of net assets.
DATE(S) OF NUMBER
SECURITY DESCRIPTION ACQUISITION OF SHARES COST
-----------------------------------------------------------------------------
Acta Technology, Inc. July 99 - June 00 104,066 $540,003
Anda Networks, Inc. March 00 55,453 760,815
Arbinet Holdings, Inc. March 00 38,217 738,735
Athersys, Inc. March 00 28,944 347,328
Authoria, Inc. May 00 28,010 218,758
Blue Pumpkin Software, Inc. March 00 139,224 1,017,727
Cardiac Pathways Corp. July 99 800 800,000
Comergent Technologies February 00 71,386 613,920
CommVault Systems, Inc. April 00 56,130 321,732
Corvis Corp. December 99 28,875 775,101
DataChannel, Inc. March 00 182,347 1,019,994
Datacore Software Corp. May 00 1,158 23,542
Docent, Inc. April 00 33,068 248,671
Event411.com, Inc. June 99 13,000 390,000
Floware Wireless
Systems Ltd. September 99 1,202 468,070
Icarian, Inc. March 00 189,694 1,308,395
Impresse Corp. November 99 70,400 872,256
Lexar Media, Inc. September 99 270,000 699,300
MaMaMedia, Inc. April 99 120,000 648,000
NextVenue, Inc. March 00 42,374 370,773
Pointshare Corp. September 99 160,000 440,000
Portera Systems February 00 272,057 1,406,535
Reciprocal, Inc. March 00 53 2,281
Reciprocal, Inc. November 99 1,438 653,945
Sandcraft, Inc. October 99 225,000 555,750
Screaming Media, Inc. October 99 204,000 672,000
Sitara Networks, Inc. July 99 100,000 385,000
Tavolo, Inc. May 99 - April 00 487,059 2,646,001
Top Layer Networks, Inc. August 99 330,000 514,800
Transmeta Corp. June 98 - April 00 146,430 690,000
Vertical Networks, Inc. May 99 - February 00 299,254 666,479
------------------------------------------------------------------------------
See notes to financial statements.
Call toll-free 1-800-228-2121
<PAGE>
VAN WAGONER EMERGING GROWTH FUND June 30, 2000 (Unaudited)
NUMBER
OF SHARES VALUE
------------------------------------------------------------------------------
COMMON AND PREFERRED STOCKS 101.02%
CHEMICALS - SPECIALTY 0.35%
101,850 Symyx Technologies, Inc.<F1> $ 4,339,757
------------
COMMERCIAL SERVICES - SECURITY/SAFETY 0.42%
24,450 Check Point Software
Technologies Ltd.<F1> 5,177,288
------------
COMPUTER SOFTWARE - DESKTOP 0.41%
85,100 NetIQ Corp.<F1> 5,074,087
------------
COMPUTER SOFTWARE - EDUCATION 2.02%
142,940 Docent, Inc.<F1><F4> 1,074,909
188,200 Metasolv Software, Inc.<F1> 8,280,800
2,868,239 Tavolo, Inc.<F1><F4> 15,603,220
------------
24,958,929
------------
COMPUTER SOFTWARE - ENTERPRISE 16.10%
500,000 Acta Technology, Inc.<F1><F4> 3,585,000
736,200 Ariba, Inc.<F1> 72,182,054
26,239 BindView Development Corp.<F1> 314,873
348,682 Comergent Technologies, Inc.<F1><F4> 2,998,665
821,118 DataChannel, Inc.<F1><F4> 4,593,088
37,500 E.piphany, Inc.<F1> 4,019,531
192,700 Eprise Corp.<F1> 3,167,506
602,582 Eprise Corp.<F1><F3> 8,781,969
84,000 Event411.Com, Inc.<F1><F4> 2,520,000
872,950 Icarian, Inc.<F1><F4> 6,021,085
293,600 Impresse Corp.<F1><F4> 3,637,704
108,450 Informatica Corp.<F1> 8,886,122
99,450 Interwoven, Inc.<F1> 10,937,939
301,531 Interwoven, Inc.<F1><F3> 33,162,054
457,650 IntraNet Solutions, Inc.<F1> 17,562,319
135,434 Puma Technology, Inc.<F1> 3,631,325
220 Reciprocal, Inc.<F1><F4> 9,469
6,000 Reciprocal, Inc.<F1><F4> 2,728,560
216,000 Software Technologies Corp.<F1> 6,628,500
29,050 TIBCO Software, Inc.<F1> 3,115,156
------------
198,482,919
------------
NUMBER
OF SHARES VALUE
------------------------------------------------------------------------------
COMPUTER SOFTWARE - INTERNET 7.09%
124,550 Agile Software Corp.<F1> $ 8,804,128
118,050 Art Technology Group, Inc.<F1> 11,915,672
606,014 Blue Pumpkin Software, Inc.<F1><F4> 4,429,962
209,900 Corillian Corp.<F1> 3,489,587
122,150 Embarcadero Technologies, Inc.<F1> 3,588,156
54,000 Exodus Communications, Inc.<F1> 2,487,375
391,812 iVillage, Inc.<F1> 3,305,914
750,000 MaMaMedia, Inc.<F1><F4> 4,050,000
694,250 Onvia.com, Inc.<F1> 5,987,906
321,844 Onvia.com, Inc.<F1><F3> 2,450,906
105,800 Portal Software, Inc.<F1> 6,757,975
131,250 Preview Systems, Inc.<F1> 1,706,250
412,500 Preview Systems, Inc.<F1><F3> 5,356,065
170,000 Primus Knowledge Solutions, Inc.<F1> 7,650,000
880,600 Screaming Media, Inc.<F1><F4> 2,900,802
95,600 Versata, Inc.<F1> 3,853,875
90,000 Vignette Corp.<F1> 4,681,404
219,050 Virage, Inc.<F1> 3,956,591
------------
87,372,568
------------
COMPUTER SOFTWARE - MEDICAL 0.97%
5,192,050 OnHealth Network Co.<F1><F2> 12,006,616
------------
COMPUTER SOFTWARE - SECURITY 2.35%
73,300 ISS Group, Inc.<F1> 7,237,224
140,000 Quest Software, Inc.<F1> 7,752,500
27,850 VeriSign, Inc.<F1> 4,915,525
165,750 WatchGuard Technologies, Inc.<F1> 9,105,891
------------
29,011,140
------------
COMPUTERS - GRAPHICS 1.84%
53,700 Micromuse, Inc.<F1> 8,886,507
216,800 NVIDIA Corp.<F1> 13,780,350
------------
22,666,857
------------
COMPUTERS - LOCAL NETWORKS 4.12%
255,847 Anda Networks, Inc.<F1><F4> 3,510,221
123,000 Brocade Communications Systems, Inc.<F1> 22,568,569
110,950 Extreme Networks, Inc.<F1> 11,705,225
35,050 Foundry Networks, Inc.<F1> 3,855,500
156,000 NetSolve, Inc.<F1> 4,056,000
480,000 Sitara Networks, Inc.<F1><F4> 3,124,800
1,250,000 Top Layer Networks, Inc.<F1><F4> 1,950,000
------------
50,770,315
------------
http://WWW.VANWAGONER.COM
<PAGE>
Van Wagoner Funds SCHEDULE OF INVESTMENTS
VAN WAGONER EMERGING GROWTH FUND (CONT'D.) June 30, 2000 (Unaudited)
------------------------------------------------------------------------------
NUMBER
OF SHARES VALUE
------------------------------------------------------------------------------
COMPUTERS - MEMORY DEVICES 2.35%
123,085 CommVault Systems, Inc.<F1><F4> $ 705,511
5,049 Datacore Software Corp.<F1><F4> 102,646
1,215,000 Lexar Media, Inc.<F1><F4> 3,146,850
165,400 Network Appliances, Inc.<F1> 13,314,700
117,300 SanDisk Corp.<F1> 7,177,294
40,037 VERITAS Software Corp.<F1> 4,524,806
------------
28,971,807
------------
COMPUTERS - MINI/MICRO 0.31%
1,010,000 eMachines, Inc.<F1><F3> 2,466,824
15,252 Sun Microsystems, Inc.<F1> 1,386,979
------------
3,853,803
------------
COMPUTERS - RETAIL/WHOLESALE 1.55%
175,000 Emulex Corp.<F1> 11,495,312
100,000 Netegrity, Inc.<F1> 7,531,250
------------
19,026,562
------------
COMPUTERS - SERVICES 0.60%
178,150 InterNAP Network Services Corp.<F1> 7,396,004
------------
COMPUTERS - SOFTWARE 2.43%
146,800 Allaire Corp.<F1> 5,394,900
70,000 BroadVision, Inc.<F1> 3,556,875
42,360 i2 Technologies, Inc.<F1> 4,416,691
40,550 Mercury Interactive Corp.<F1> 3,923,212
193,381 NextVenue, Inc.<F1><F4> 1,692,084
100,001 Phone.com, Inc.<F1> 6,512,543
87,750 RealNetworks, Inc.<F1> 4,436,859
------------
29,933,164
------------
ELECTRONICS - LASER SYSTEMS/COMPONENTS 0.33%
67,800 Bookham Technology PLC ADR<F1> 4,017,150
------------
ELECTRONICS - MISCELLANEOUS COMPONENTS 0.68%
42,250 RF Micro Devices, Inc.<F1> 3,702,156
81,200 Sawtek, Inc.<F1> 4,674,075
------------
8,376,231
------------
NUMBER
OF SHARES VALUE
------------------------------------------------------------------------------
ELECTRONICS - PARTS DISTRIBUTION 0.10%
21,650 Marvell Technology Group Ltd.<F1> $ 1,234,050
------------
ELECTRONICS - SEMICONDUCTOR EQUIPMENT 6.66%
115,000 Caliper Technologies Corp.<F1> 5,290,000
648,648 Cobalt Networks, Inc.<F1> 37,540,503
162,400 JDS Uniphase Corp.<F1> 19,467,700
112,400 LTX Corp.<F1> 3,926,975
176,600 Photon Dynamics, Inc.<F1> 13,189,813
68,750 Rudolph Technologies, Inc.<F1> 2,664,063
------------
82,079,054
------------
ELECTRONICS - SEMICONDUCTOR MANUFACTURING 18.73%
80,000 Applied Micro Circuits Corp.<F1> 7,900,000
110,650 Broadcom Corp.<F1> 24,225,434
170,250 Exar Corp.<F1> 14,843,672
132,950 Globespan, Inc.<F1> 16,230,283
38,400 PMC-Sierra, Inc. <F1> 6,823,200
1,000,000 Sandcraft, Inc.<F1><F4> 2,470,000
103,700 SDL, Inc.<F1> 29,573,944
1,250,000 StorageNetworks, Inc.<F1><F3> 90,250,000
581,526 Transmeta Corp.<F1><F4> 7,269,075
315,000 TranSwitch Corp.<F1> 24,314,063
73,800 TriQuint Semiconductor, Inc.<F1> 7,061,738
------------
230,961,409
------------
FINANCE - CONSUMER LOANS 0.13%
36,350 724 Solutions, Inc.<F1> 1,594,856
------------
INTERNET - E-COMMERCE 0.44%
465,360 HomeGrocer.com, Inc.<F1><F3> 2,507,546
665,000 Pointshare Corp.<F1><F4> 1,828,750
592,500 SmarterKids.com, Inc.<F1><F3> 1,084,808
------------
5,421,104
------------
INTERNET - NETWORK SECURITY/SOLUTIONS 2.53%
11,050 Breakaway Solutions, Inc.<F1> 298,350
132,000 Juniper Networks, Inc.<F1> 19,214,250
107,300 Keynote Systems, Inc.<F1> 7,571,356
14,600 MessageMedia, Inc.<F1> 51,100
105,400 WebTrends Corp.<F1> 4,077,663
------------
31,212,719
------------
Call toll-free 1-800-228-2121
<PAGE>
VAN WAGONER EMERGING GROWTH FUND (CONT'D.) June 30, 2000 (Unaudited)
------------------------------------------------------------------------------
Van Wagoner Funds SCHEDULE OF INVESTMENTS
NUMBER
OF SHARES VALUE
------------------------------------------------------------------------------
INTERNET SERVICE PROVIDER/CONTENT 0.95%
113,150 LifeMinders, Inc.<F1> $ 3,344,997
160,000 LifeMinders, Inc.<F1><F3> 4,468,720
93,750 NaviSite, Inc.<F1> 3,919,922
------------
11,733,639
------------
MEDICAL - BIOMEDICAL/GENETICS 3.93%
31,850 Abgenix, Inc.<F1> 3,817,519
6,000 Affymetrix, Inc.<F1> 990,750
128,163 Athersys, Inc.<F1><F4> 1,537,956
70,000 Cephalon, Inc.<F1> 4,191,250
92,600 Curagen Corp.<F1> 3,524,587
90,750 Gene Logics, Inc.<F1> 3,238,641
161,100 Genome Therapeutics Corp.<F1> 4,903,481
108,600 Genzyme Transgenics Corp.<F1> 2,945,775
52,650 Maxygen, Inc.<F1> 2,988,709
70,000 Medarex, Inc.<F1> 5,915,000
33,300 Millennium Pharmaceuticals, Inc.<F1> 3,725,437
33,850 Myriad Genetics, Inc.<F1> 5,012,444
187,950 Paradigm Genetics, Inc.<F1> 2,290,641
20,750 Protein Design Labs, Inc.<F1> 3,422,777
------------
48,504,967
------------
MEDICAL - INFORMATION SERVICES 0.29%
38,700 PE Corp. - Celera Genomics Group<F1> 3,618,450
------------
MEDICAL - INSTRUMENTS 0.26%
221,100 Genomic Solutions<F1> 3,233,587
------------
MEDICAL - PRODUCTS 0.53%
2,950 Cardiac Pathways Corp.<F1><F4> 2,950,000
195,000 Sonic Innovations, Inc.<F1> 3,619,688
------------
6,569,688
------------
MULTIMEDIA 0.40%
81,100 Gemstar - TV Guide International, Inc.<F1> 4,983,846
------------
PHARMACEUTICALS 0.16%
38,750 Aclara Biosciences, Inc.<F1> 1,973,828
------------
RESEARCH & DEVELOPMENT 0.17%
30,000 Aurora Biosciences Corp.<F1> 2,045,625
------------
NUMBER
OF SHARES VALUE
------------------------------------------------------------------------------
RETAIL - MAIL ORDER/DIRECT 0.04%
222,633 garden.com, Inc.<F1> $ 528,753
------------
TELECOMMUNICATIONS - EQUIPMENT 20.52%
132,800 Advanced Fibre
Communications, Inc.<F1> 6,017,500
35,800 Anaren Microwave, Inc.<F1> 4,698,188
48,650 Avanex Corp.<F1> 4,646,075
141,950 C-COR.net Corp.<F1> 3,832,650
55,900 Centillium Communications, Inc.<F1> 3,857,100
123,650 Certicom Corp.<F1> 8,468,084
63,750 CIENA Corp.<F1> 10,626,328
212,601 Copper Mountain Networks, Inc.<F1> 18,735,463
142,965 Corvis Corp.<F1><F4> 3,837,652
175,000 Digital Microwave Corp.<F1> 6,671,875
198,450 Efficient Networks, Inc.<F1> 14,598,478
65,900 E-Tek Dynamics, Inc.<F1> 17,385,244
4,810 Floware Wireless Systems Ltd.<F1><F4> 1,873,062
232,935 Kestrel Solutions, Inc.<F1><F4> 3,033,163
197,450 Natural Microsystems Corp.<F1> 22,200,784
633,500 Netro Corp.<F1> 36,347,063
65,300 Next Level Communications, Inc.<F1> 5,599,475
22,300 Oni Systems Corp.<F1> 2,613,629
1,424,287 Portera Systems<F1><F4> 7,363,564
210,200 Powerwave Technologies, Inc.<F1> 9,248,800
60,650 Redback Networks, Inc.<F1> 10,795,700
31,750 Sonus Networks, Inc.<F1> 5,012,531
101,750 Sycamore Networks, Inc.<F1> 11,230,656
89,050 Turnstone Systems, Inc.<F1> 14,753,074
1,830,401 Vertical Networks, Inc.<F1><F4> 6,186,755
225,000 Virata Corp.<F1> 13,415,625
------------
253,048,518
------------
TELECOMMUNICATIONS - SERVICES 1.26%
20,600 Aether Systems, Inc.<F1> 4,223,000
175,930 Arbinet Holdings, Inc.<F1><F4> 3,400,727
172,325 Com21, Inc.<F1> 4,308,125
134,950 VYYO, Inc.<F1> 3,643,650
------------
15,575,502
------------
http://WWW.VANWAGONER.COM
<PAGE>
Van Wagoner Funds SCHEDULE OF INVESTMENTS
VAN WAGONER EMERGING GROWTH FUND (CONT'D.) June 30, 2000 (Unaudited)
------------------------------------------------------------------------------
VALUE
------------------------------------------------------------------------------
TOTAL COMMON AND PREFERRED STOCKS
(cost $636,608,412) $1,245,754,792
--------------
TOTAL INVESTMENTS 101.02%
(cost $636,608,412) 1,245,754,792
Liabilities less Other Assets (1.02)% (12,620,316)
--------------
NET ASSETS 100.00% $1,233,134,476
==============
NUMBER
OF SHARES
---------
SECURITIES SOLD SHORT
150,800 Terayon Communication
Systems, Inc. $ 9,686,532
------------
TOTAL SECURITIES SOLD SHORT
(proceeds $7,189,258) $ 9,686,532
============
Call toll-free 1-800-228-2121
<PAGE>
VAN WAGONER EMERGING GROWTH FUND (CONT'D.) June 30, 2000 (Unaudited)
-------------------------------------------------------------------------------
Van Wagoner Funds SCHEDULE OF INVESTMENTS
NOTES TO SCHEDULE OF INVESTMENTS
<F1> Non-income producing
<F2> Affiliated company - see Note 8
<F3> Security acquired in a private placement transaction; resale may be limited
due to certain restrictions. Security is valued under procedures approved
by the Board of Directors.
<F4> The following securities were purchased in private placement transactions.
Resale to the public may require registration or may be limited due to
certain restrictions. These securities are valued at their fair value under
procedures approved by the Board of Directors. At June 30, 2000, the value
of the Fund's restricted securities was $110,135,280 or 8.9% of net assets.
DATE(S) OF NUMBER
SECURITY DESCRIPTION ACQUISITION OF SHARES COST
-----------------------------------------------------------------------------
Acta Technology, Inc. July 99 500,000 $2,500,000
Anda Networks, Inc. March 00 255,847 3,510,221
Arbinet Holdings, Inc. March 00 175,930 3,400,727
Athersys, Inc. March 00 128,163 1,537,956
Blue Pumpkin Software, Inc. March 00 606,014 4,429,962
Cardiac Pathways Corp. July 99 2,950 2,950,000
Comergent Technologies February 00 348,682 2,998,665
CommVault Systems, Inc. April 00 123,085 705,511
Corvis Corp. December 99 142,965 3,837,652
DataChannel, Inc. March 00 821,118 4,593,088
Datacore Software Corp. May 00 5,049 102,646
Docent, Inc. April 00 142,940 1,074,909
Event411.com, Inc. June 99 84,000 2,520,000
Floware Wireless
Systems Ltd. September 99 4,810 1,873,062
Icarian, Inc. March 00 872,950 6,021,085
Impresse Corp. November 99 293,600 3,637,704
Kestrel Solutions, Inc. January 00 232,935 3,037,073
Lexar Media, Inc. September 99 1,215,000 3,146,850
MaMaMedia, Inc. April 99 750,000 4,050,000
NextVenue, Inc. March 00 193,381 1,692,084
Pointshare Corp. September 99 665,000 1,828,750
Portera Systems February 00 1,424,287 7,363,564
Reciprocal, Inc. March 00 220 9,469
Reciprocal, Inc. November 99 6,000 2,728,560
Sandcraft, Inc. October 99 1,000,000 2,470,000
Screaming Media, Inc. October 99 880,600 2,900,802
Sitara Networks, Inc. July 99 480,000 1,848,000
Tavolo, Inc. May 99 - April 00 2,868,239 2,862,000
Top Layer Networks, Inc. August 99 1,250,000 1,950,000
Transmeta Corp. June 98 - April 00 581,526 3,984,075
Vertical Networks, Inc. May 99 - February 00 1,830,401 3,978,755
-----------------------------------------------------------------------------
See notes to financial statements.
http://WWW.VANWAGONER.COM
<PAGE>
Van Wagoner Funds STATEMENTS OF ASSETS AND LIABILITIES
-------------------------------------------------------------------------------
June 30, 2000 (Unaudited)
<TABLE>
<CAPTION> MICRO-CAP
MID-CAP TECHNOLOGY POST-VENTURE GROWTH EMERGING
ASSETS: GROWTH FUND FUND FUND FUND GROWTH FUND
<S> <C> <C> <C> <C> <C>
Investments, at value:
Nonaffiliated issuers (cost $146,975,084,
$362,231,532, $430,193,862,
$120,203,212 and $603,707,031,
respectively) $226,092,446 $575,696,055 $659,176,453 $238,425,594 $1,233,748,176
Affiliated issuers (cost $0, $15,682,589,
$16,510,147, $10,771,143 and $32,901,381,
respectively) - 4,111,625 4,440,694 3,592,006 12,006,616
Receivable from brokers for proceeds
on securities sold short 1,921,320 5,663,889 15,600,970 4,544,962 9,724,128
Receivable for investments sold 2,075,591 7,301,773 8,187,907 19,741,828 18,757,054
Receivable for fund shares sold - 20,186 103 - 13,300
Interest and dividends receivable 25,831 12,607 18,391 24,692 7,403
Organizational expenses, net of accumulated
amortization 3,676 - - 3,676 3,676
Prepaid expenses and other assets 37,971 183,672 290,885 57,314 279,139
--------------- --------------- --------------- --------------- ---------------
Total Assets 230,156,835 592,989,807 687,715,403 266,390,072 1,274,539,492
--------------- --------------- --------------- --------------- ---------------
LIABILITIES:
Payable for investments purchased 6,119,519 11,945,309 23,897,651 5,671,138 25,861,755
Payable for fund shares redeemed 8,151 71,443 8,222 - -
Payable to custodian - 1,976,206 - - 4,506,483
Accrued investment advisory fee 152,548 520,453 571,619 278,413 1,057,656
Accrued distribution fee 6,358 - - 27,139 122,355
Securities sold short, at value (proceeds of
$915,189, $2,697,296, $8,817,466, $2,617,781
and $7,189,258, respectively) 1,233,299 3,635,661 10,067,736 3,168,374 9,686,532
Accrued expenses and other liabilities 68,188 141,588 116,324 57,146 170,235
--------------- --------------- --------------- --------------- ---------------
Total Liabilities 7,588,063 18,290,660 34,661,552 9,202,210 41,405,016
--------------- --------------- --------------- --------------- ---------------
NET ASSETS $222,568,772 $574,699,147 $653,053,851 $257,187,862 $1,233,134,476
=============== =============== =============== =============== ===============
NET ASSETS CONSIST OF:
Capital stock $161,343,988 $432,923,697 $535,696,138 $ 80,862,795 $ 376,128,788
Accumulated net realized gain
(loss) on investments (17,574,468) (59,179,744) (98,305,155) 65,832,415 250,356,582
Net unrealized appreciation on investments 78,799,252 200,955,194 215,662,868 110,492,652 606,649,106
--------------- --------------- --------------- --------------- ---------------
Net Assets $222,568,772 $574,699,147 $653,053,851 $257,187,862 $1,233,134,476
=============== =============== ================ =============== ===============
CAPITAL STOCK, $0.0001 PAR VALUE
Authorized 100,000,000 100,000,000 100,000,000 100,000,000 200,000,000
Issued and outstanding 7,283,437 8,967,493 16,253,793 6,065,862 24,397,822
NET ASSET VALUE, REDEMPTION
PRICE, AND OFFERING PRICE PER SHARE
(NET ASSETS/SHARES OUTSTANDING) $30.56 $64.09 $40.18 $42.40 $50.54
====== ====== ====== ====== ======
</TABLE>
Call toll-free 1-800-228-2121
See notes to financial statements.
<PAGE>
Van Wagoner Funds STATEMENTS OF OPERATIONS
-------------------------------------------------------------------------------
Six Months Ended June 30, 2000 (Unaudited)
<TABLE>
<CAPTION> MICRO-CAP
MID-CAP TECHNOLOGY POST-VENTURE GROWTH EMERGING
GROWTH FUND FUND FUND FUND GROWTH FUND
<S> <C> <C> <C> <C> <C>
INVESTMENT INCOME:
Interest $ 634,904 $ 1,347,665 $ 1,877,571 $ 842,993 $ 2,550,089
Dividends 3,841 19,318 14 3,000 8,991
--------------- --------------- --------------- --------------- ---------------
Total Investment Income 638,745 1,366,983 1,877,585 845,993 2,559,080
--------------- --------------- --------------- --------------- ---------------
EXPENSES:
Investment advisory fees 884,385 3,209,285 3,944,073 2,105,623 8,172,083
Distribution fees 221,096 641,857 657,346 175,469 817,208
Transfer agent fees and expenses 171,015 437,787 419,131 224,200 921,769
Fund accounting and administration fees 92,152 151,613 153,472 116,684 270,720
Custody fees 27,694 38,126 39,450 36,137 193,181
Federal and state registration fees 24,162 79,339 94,148 5,599 9,477
Professional fees 6,822 12,105 11,958 8,768 24,702
Printing and postage expenses 5,158 19,114 18,603 10,652 49,452
Amortization of organization costs 3,653 - - 3,653 3,653
Directors' fees and expenses 1,811 1,811 1,811 1,811 1,811
Miscellaneous 6,580 7,144 4,597 2,882 10,071
--------------- --------------- --------------- --------------- ---------------
Total expenses before waiver of expenses 1,444,528 4,598,181 5,344,589 2,691,478 10,474,127
Waiver of expenses - - (217,294) - -
--------------- --------------- --------------- --------------- ---------------
Net Expenses 1,444,528 4,598,181 5,127,295 2,691,478 10,474,127
--------------- --------------- --------------- --------------- ---------------
NET INVESTMENT LOSS (805,783) (3,231,198) (3,249,710) (1,845,485) (7,915,047)
--------------- --------------- --------------- --------------- ---------------
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on investments (17,836,363) (39,832,072) (79,366,761) 107,909,180 406,078,896
Net realized loss on short positions (2,340,352) (6,376,604) (6,227,859) (15,473,013) (72,499,807)
Net realized gain on options written 332,004 690,413 652,056 2,879,013 9,594,982
Net realized loss on options purchased (5,655,468) (14,691,830) (15,145,057) (9,833,078) (60,426,152)
Net change in unrealized appreciation
and depreciation on investments 38,686,059 82,457,414 87,532,891 (33,420,550) (85,661,923)
--------------- --------------- --------------- --------------- ---------------
Net Gain (Loss) on Investments 13,185,880 22,247,321 (12,554,730) 52,061,552 197,085,996
--------------- --------------- --------------- --------------- ---------------
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS $12,380,097 $19,016,123 $(15,804,440) $ 50,216,067 $189,170,949
=============== =============== =============== =============== ===============
</TABLE>
http://WWW.VANWAGONER.COM
See notes to financial statements.
<PAGE>
Van Wagoner Funds STATEMENTS OF CHANGES IN NET ASSETS
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
MID-CAP GROWTH FUND TECHNOLOGY FUND
Six Months Ended Year Six Months Ended Year
June 30, 2000 Ended June 30, 2000 Ended
(Unaudited) Dec. 31, 1999 (Unaudited) Dec. 31, 1999
<S> <C> <C> <C> <C>
OPERATIONS:
Net investment loss $(805,783) $(699,774) $(3,231,198) $(1,123,247)
Net realized gain (loss) on investments (17,836,363) 67,518,057 (39,832,072) 39,537,335
Net realized loss on short positions (2,340,352) (9,900,338) (6,376,604) (8,040,675)
Net realized gain on options written 332,004 - 690,413 16,075
Net realized loss on options purchased (5,655,468) (16,928,052) (14,691,830) (24,047,077)
Net change in unrealized appreciation and
depreciation on investments 38,686,059 25,787,247 82,457,414 116,317,983
------------- ------------- ------------- -------------
Net increase (decrease) in net assets
resulting from operations 12,380,097 65,777,140 19,016,123 122,660,394
------------- ------------- ------------- -------------
DISTRIBUTIONS:
Net realized gains - (4,219,722) - (5,573,230)
CAPITAL SHARE TRANSACTIONS:
Proceeds from sale of shares 172,590,440 98,635,982 479,899,922 400,603,541
Proceeds from reinvestment of dividends - 4,157,543 - 5,456,495
Redemption of shares (104,318,028) (68,359,203) (325,660,513) (129,879,761)
------------- ------------- ------------- -------------
Net increase (decrease) from
share transactions 68,272,412 34,434,322 154,239,409 276,180,275
------------- ------------- ------------- -------------
TOTAL INCREASE (DECREASE)
IN NET ASSETS 80,652,509 95,991,740 173,255,532 393,267,439
NET ASSETS:
Beginning of period 141,916,263 45,924,523 401,443,615 8,176,176
------------- ------------- ------------- -------------
End of period $222,568,772 $141,916,263 $574,699,147 $401,443,615
============= ============= ============= =============
TRANSACTIONS IN SHARES:
Shares sold 5,678,557 5,034,855 7,535,569 9,542,651
Shares issued in reinvestment of dividends - 182,125 - 113,845
Shares redeemed (3,638,742) (3,666,629) (5,455,147) (3,211,041)
------------- ------------- ------------- -------------
Net increase (decrease) 2,039,815 1,550,351 2,080,422 6,445,455
============= ============= ============= =============
</TABLE>
<TABLE>
<CAPTION>
POST-VENTURE FUND MICRO-CAP GROWTH FUND EMERGING GROWTH FUND
Six Months Ended Year Six Months Ended Year Six Months Ended Year
June 30, 2000 Ended June 30, 2000 Ended June 30, 2000 Ended
(Unaudited) Dec. 31, 1999 (Unaudited) Dec. 31, 1999 (Unaudited) Dec. 31, 1999
<S> <C> <C> <C> <C> <C> <C>
OPERATIONS:
Net investment loss $(3,249,710) $(1,272,229) $(1,845,485) $(1,368,863) $(7,915,047) $(7,420,998)
Net realized gain (loss) on investments (79,366,761) 51,164,087 107,909,180 49,608,529 406,078,896 340,185,709
Net realized loss on short positions (6,227,859) (7,641,260) (15,473,013) (10,521,834) (72,499,807) (44,993,173)
Net realized gain on options written 652,056 30,730 2,879,013 - 9,594,982 373,500
Net realized loss on options purchased (15,145,057) (25,137,750) (9,833,078) (25,280,979) (60,426,152) (119,484,650)
Net change in unrealized appreciation and
depreciation on investments 87,532,891 124,073,693 (33,420,550) 133,799,599 (85,661,923) 644,972,646
------------- ------------- ------------- ------------- ------------- -------------
Net increase (decrease) in net assets
resulting from operations (15,804,440) 141,217,271 50,216,067 146,236,452 189,170,949 813,633,034
------------- ------------- ------------- ------------- ------------- -------------
DISTRIBUTIONS:
Net realized gains - (13,414,334) - - - -
CAPITAL SHARE TRANSACTIONS:
Proceeds from sale of shares 757,601,549 468,452,887 113,634,713 310,557,920 418,488,201 1,334,976,637
Proceeds from reinvestment of dividends - 13,277,844 - - - -
Redemption of shares (479,967,053) (237,390,880) (202,688,613) (206,882,174) (841,351,695) (871,154,335)
------------- ------------- ------------- ------------- ------------- -------------
Net increase (decrease) from
share transactions 277,634,496 244,339,851 (89,053,900) 103,675,746 (422,863,494) 463,822,302
------------- ------------- ------------- ------------- ------------- -------------
TOTAL INCREASE (DECREASE)
IN NET ASSETS 261,830,056 372,142,788 (38,837,833) 249,912,198 (233,692,545) 1,277,455,336
NET ASSETS:
Beginning of period 391,223,795 19,081,007 296,025,695 46,113,497 1,466,827,021 189,371,685
------------- ------------- ------------- ------------- ------------- -------------
End of period $653,053,851 $391,223,795 $257,187,862 $296,025,695 $1,233,134,476 $1,466,827,021
============ ============ ============ ============ ============ ============
TRANSACTIONS IN SHARES:
Shares sold 18,719,682 17,970,926 2,793,921 13,641,819 8,819,503 53,354,949
Shares issued in reinvestment of dividends - 422,069 - - - -
Shares redeemed (12,738,101) (9,700,571) (5,236,771) (9,214,749) (18,641,684) (36,410,153)
------------- ------------- ------------- ------------- ------------- -------------
Net increase (decrease) 5,981,581 8,692,424 (2,442,850) 4,427,070 (9,822,181) 16,944,796
============ ============ ============ ============ ============ ============
</TABLE>
Call toll-free 1-800-228-2121
http://WWW.VANWAGONER.COM
See notes to financial statements.
<PAGE>
Van Wagoner Funds FINANCIAL HIGHLIGHTS
-------------------------------------------------------------------------------
For a Fund Share Outstanding Throughout the Period
<TABLE>
<CAPTION>
MID-CAP GROWTH FUND TECHNOLOGY FUND
Six Months Year Year Year Year Six Months Year Year
Ended Ended Ended Ended Ended Ended Ended Ended
June 30, 2000 Dec. 31, Dec. 31, Dec. 31, Dec. 31,June 30, 2000,Dec. 31, Dec. 31,
(Unaudited) 1999 1998 1997 1996 (Unaudited) 1999 1998
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of Period $27.06 $12.43 $10.67 $12.39 $10.00 $58.29 $18.51 $10.00
INCOME (LOSS) FROM INVESTMENT
OPERATIONS:
Net investment loss (0.11) (0.13) (0.16) (0.22) (0.09) (0.36) (0.16) (0.08)
Net realized and unrealized gains
(losses) on investments 3.61 15.71 1.92 (1.50) 2.48<F1> 6.16 41.29 8.59
------- ------- ------- ------- ------- ------- ------- -------
Total from investment operations 3.50 15.58 1.76 (1.72) 2.39 5.80 41.13 8.51
------- ------- ------- ------- ------- ------- ------- -------
DISTRIBUTIONS:
Net realized gains - (0.95) - - - - (1.35) -
Net Asset Value, End of Period $30.56 $27.06 $12.43 $10.67 $12.39 $64.09 $58.29 $18.51
======= ======= ======= ======= ======= ======= ======== ========
Total Return<F2> 12.89% 126.88% 16.49% (13.88)% 23.90% 9.95% 223.76% 85.10%
SUPPLEMENTAL DATA AND RATIOS:
Net assets,
end of period (000s) $222,569 $141,916 $45,925 $73,837 $137,740 $574,699 $401,444 $8,176
Ratio of expenses to average
net assets:
Net of waivers and
reimbursements<F3> 1.63% 1.85% 1.95% 1.80% 1.95% 1.79% 1.95% 1.95%
Before waivers and
reimbursements<F3> 1.63% 1.85% 2.12% 1.80% 2.05% 1.79% 2.03% 5.80%
Ratio of net investment loss to
average net assets:
Net of waivers and
reimbursements<F3> (0.91)% (0.88)% (1.15)% (1.42)% (1.16)% (1.26)% (1.05)% (0.88)%
Before waivers and
reimbursements<F3> (0.91)% (0.88)% (1.32)% (1.42)% (1.26)% (1.26)% (1.13)% (4.73)%
Portfolio turnover rate<F2> 153% 589% 787% 304% 173% 138% 275% 888%
</TABLE>
<TABLE>
<CAPTION>
POST-VENTURE FUND MICRO-CAP GROWTH FUND
Six Months Year Year Year Six Months Year Year Year Year
Ended Ended Ended Ended Ended Ended Ended Ended Ended
June 30, 2000 Dec. 31, Dec. 31, Dec. 31,June 30, 2000 Dec. 31, Dec. 31, Dec. 31, Dec. 31,
(Unaudited) 1999 1998 1997 (Unaudited) 1999 1998 1997 1996
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of Period $38.09 $12.08 $8.78 $10.00 $34.79 $11.30 $ 9.99 $12.45 $10.00
INCOME (LOSS) FROM INVESTMENT
OPERATIONS:
Net investment loss (0.20) (0.12) (0.14) (0.15) (0.30) (0.16) (0.16) (0.26) (0.09)
Net realized and unrealized gains
(losses) on investments 2.29 28.33 3.44 (1.07) 7.91 23.65 1.47 (2.20) 2.54<F1>
------- ------- ------- ------- ------- ------- ------- ------- -------
Total from investment operations 2.09 28.21 3.30 (1.22) 7.61 23.49 1.31 (2.46) 2.45
------- ------- ------- ------- ------- ------- ------- ------- -------
DISTRIBUTIONS:
Net realized gains - (2.20) - - - - - - -
Net Asset Value, End of Period $40.18 $38.09 $12.08 $8.78 $42.40 $34.79 $11.30 $9.99 $12.45
======= ======= ======= ======= ======= ======= ======= ======= =======
Total Return<F2> 5.54% 237.22% 37.59% (12.20)% 21.87% 207.88% 13.11% (19.76)% 24.50%
SUPPLEMENTAL DATA AND RATIOS:
Net assets,
end of period (000s) $653,054 $391,224 $19,081 $20,468 $257,188 $296,026 $46,113 $71,867 $140,698
Ratio of expenses to average
net assets:
Net of waivers and
reimbursements<F3> 1.95% 1.95% 1.95% 1.95% 1.92% 1.95% 1.95% 1.95% 1.95%
Before waivers and
reimbursements<F3> 2.03% 2.23% 2.90% 2.69% 1.92% 2.18% 2.63% 2.32% 2.55%
Ratio of net investment loss to
average net assets:
Net of waivers and
reimbursements<F3> (1.24)% (1.06)% (1.39)% (1.39)% (1.31)% (1.13)% (1.30)% (1.72)% (1.04)%
Before waivers and
reimbursements<F3> (1.32)% (1.34)% (2.34)% (2.13)% (1.31)% (1.36)% (1.98)% (2.09)% (1.64)%
Portfolio turnover rate<F2> 127% 328% 641% 317% 78% 180% 367% 232% 153%
</TABLE>
<F1> The amount shown may not correlate with the aggregate gains and losses of
portfolio securities due to the timing of sales and
redemptions of Fund shares.
<F2> Not annualized for periods less than one year.
<F3> Annualized for periods less than one year.
Call toll-free 1-800-228-2121
http://WWW.VANWAGONER.COM
See notes to financial statements.
<PAGE>
Van Wagoner Funds FINANCIAL HIGHLIGHTS
-------------------------------------------------------------------------------
For a Fund Share Outstanding Throughout the Period
EMERGING GROWTH FUND
Six Months Year Year Year Year
Ended Ended Ended Ended Ended
June 30, 2000 Dec. 31, Dec. 31, Dec. 31, Dec. 31,
(Unaudited) 1999 1998 1997 1996
Net Asset Value,
Beginning of Period $42.86 $10.96 $10.15 $12.69 $10.00
INCOME (LOSS) FROM INVESTMENT
OPERATIONS:
Net investment loss (0.32) (0.22) (0.20) (0.25) (0.15)
Net realized and
unrealized gains
(losses) on investments 8.00 32.12 1.01 (2.29) 2.84<F1>
------- ------- ------- ------- -------
Total from investment
operations 7.68 31.90 0.81 (2.54) 2.69
------- ------- ------- ------- -------
Net Asset Value,
End of Period $50.54 $42.86 $10.96 $10.15 $12.69
======= ======= ======= ======= =======
Total Return<F2> 17.89% 291.15% 7.98% (20.02)% 26.90%
SUPPLEMENTAL DATA AND RATIOS:
Net assets,
end of period (000s)$1,233,134 $1,466,827 $189,372 $313,217 $638,159
Ratio of expenses to
average net assets:
Net of waivers and
reimbursements<F3> 1.60% 1.79% 1.95% 1.88% 1.95%
Before waivers and
reimbursements<F3> 1.60% 1.79% 2.10% 1.88% 1.98%
Ratio of net investment
loss to average
net assets:
Net of waivers and
reimbursements<F3> (1.21)% (1.30)% (1.55)% (1.68)% (1.49)%
Before waivers and
reimbursements<F3> (1.21)% (1.30)% (1.70)% (1.68)% (1.52)%
Portfolio turnover
rate<F2> 121% 353% 668% 333% 159%
<F1> The amount shown may not correlate with the aggregate gains and losses of
portfolio securities due to the timing of sales and redemptions of Fund
shares.
<F2> Not annualized for periods less than one year.
<F3> Annualized for periods less than one year.
Call toll-free 1-800-228-2121
<PAGE>
Van Wagoner Funds NOTES TO FINANCIAL STATEMENTS
-------------------------------------------------------------------------------
June 30, 2000 (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
Mid-Cap Growth Fund, Technology Fund, Post-Venture Fund, Micro-Cap Growth
Fund and Emerging Growth Fund (collectively "the Funds") are separate,
diversified investment portfolios of Van Wagoner Funds, Inc. The Micro-Cap
Growth and Emerging Growth Funds closed to new investors on November 15,
1999.
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. The
financial statements have been prepared in accordance with generally
accepted accounting principles ("GAAP") which require management to make
certain estimates and assumptions at the date of the financial statements.
Actual results could differ from such estimates.
(A) INVESTMENT VALUATION - A security traded on a recognized stock
exchange is valued at the last sale price. If no sale is reported, the
most current bid price is used. All other securities for which over-
the-counter market quotations are readily available are valued at the
last sale 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' Adviser under the supervision
of 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.
(C) ORGANIZATIONAL COSTS - Costs incurred by the Mid-Cap Growth, Micro-Cap
Growth and Emerging Growth Funds in connection with their
organization, registration and the initial public offering of shares
have been deferred and will be amortized over the period of benefit,
but not to exceed five years. If any of the original shares of a Fund
are redeemed by any holder thereof prior to the end of the
amortization period, the redemption proceeds will be reduced by the
pro rata share of the unamortized expenses as of the date of
redemption. The pro rata share by which the proceeds are reduced will
be derived by dividing the number of original shares being redeemed by
the total number of original shares outstanding at the time of
redemption for the Funds being redeemed.
(D) EXPENSES - The Funds are charged for those expenses that are directly
attributable to each Fund, such as advisory and custodian fees.
Expenses that are not
http://WWW.VANWAGONER.COM
<PAGE>
Van Wagoner Funds NOTES TO FINANCIAL STATEMENTS
directly attributable to a portfolio are typically allocated among the
portfolios in proportion to their respective net assets.
(E) 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.
As of December 31, 1999, the Emerging Growth and Micro-Cap Growth
Funds had federal income tax capital loss carryforwards of $44,603,535
and $23,862,439, respectively. The entire federal income tax loss
carryforward for each of these Funds expires between 2004 and 2006.
Net realized gains and losses may differ for tax and financial
statement purposes primarily as a result of wash sales.
(F) OPTIONS CONTRACTS - The Funds purchase put options to hedge portfolio
investments. Premiums paid for option contracts purchased are included
in the Statements of Assets and Liabilities as an asset. Option
contracts are valued at the last sales price reported on the date of
valuation. If no sale is reported, the option contract purchased is
valued at the mean of the current bid and asked price reported on the
day of valuation. When option contracts expire or are closed, realized
gains or losses are recognized without regard to any unrealized gains
or losses on the underlying securities.
The Funds may also write (sell) covered call options to hedge
portfolio investments. When a Fund sells an option, an amount equal to
the premium received by the Fund is included in the Statements of
Assets and Liabilities as an asset and an equivalent liability. The
amount of the liability is subsequently marked-to-market to reflect
the current value of the option written. By writing an option, a Fund
may become obligated during the term of the option to deliver or
purchase the securities underlying the option at the exercise price if
the option is exercised. Option contracts are valued at the last sales
price reported on the date of valuation. If no sale is reported, the
option contract written is valued at the average of the current bid
and asked price reported on the day of valuation. When an option
expires on its stipulated expiration date or a Fund enters into a
closing purchase transaction, the Fund realizes a gain or loss if the
cost of the closing purchase transaction differs from the premium
received when the option was sold without regard to any unrealized
gain or loss on the underlying security, and the liability related to
such option is eliminated. When a written option is exercised, the
premium originally received decreases the cost basis of the security
(or increases the proceeds on a sale of the security), and the Fund
realizes a gain or loss from the sale of the underlying security.
(G) 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-
divi-
Call toll-free 1-800-228-2121
<PAGE>
Van Wagoner Funds NOTES TO FINANCIAL STATEMENTS
dend date. The Funds may periodically make reclassifications among
certain capital accounts as a result of the timing and
characterization of certain income and capital gains or losses
determined in accordance with federal income tax regulations, which
may differ from GAAP.
(H) INITIAL PUBLIC OFFERINGS - The Funds may invest in initial public
offerings ("IPOs"). IPOs and other investment techniques may have a
magnified performance impact on a Fund.
(I) OTHER - Investment transactions are accounted for on a 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 and expense is
recognized on the ex-dividend date and interest income is recognized
on an accrual basis.
3. INVESTMENT ADVISORY AGREEMENT
Each Fund has an agreement with Van Wagoner Capital Management, Inc.
(the "Adviser") to furnish investment advisory services to the Funds.
Under the terms of each agreement, the Adviser is compensated at the
following percentage of average daily net assets for each Fund: 1.00%
for the Mid-Cap Growth Fund, 1.25% for the Technology Fund, 1.50% for
the Post-Venture Fund, 1.50% for the Micro-Cap Growth Fund and 1.25%
for the Emerging Growth Fund. The Adviser has agreed to voluntarily
reduce fees for expenses (exclusive of brokerage, interest, taxes and
extraordinary expenses) that exceed 1.95% for each Fund until January
1, 2001. Expenses of $0, $0, $217,294, $0 and $0 were waived in the
Mid-Cap Growth, Technology, Post-Venture, Micro-Cap Growth and
Emerging Growth Funds, respectively.
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 each 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, 2000 were
as follows:
PURCHASES SALES
----------------------------------------------------------------------
MID-CAP GROWTH FUND $ 341,758,549 $ 241,957,509
TECHNOLOGY FUND 890,992,692 648,330,351
POST-VENTURE FUND 969,132,536 592,202,162
MICRO-CAP GROWTH FUND 194,494,399 303,450,377
EMERGING GROWTH FUND 1,544,834,092 1,867,734,133
----------------------------------------------------------------------
The cost of securities on a tax basis at June 30, 2000, for the Mid-
Cap Growth Fund, Technology Fund, Post-Venture Fund, Micro-Cap Growth
Fund and Emerging Growth Fund is $155,722,484, $391,919,468,
$457,252,929, $128,780,280 and $656,511,128, respectively.
http://WWW.VANWAGONER.COM
<PAGE>
Van Wagoner Funds NOTES TO FINANCIAL STATEMENTS
These amounts include the proceeds on short sales reflected in the
Statements of Assets and Liabilities. At June 30, 2000, gross
unrealized appreciation and depreciation on securities for federal
income tax purposes were as follows:
NET
UNREALIZED
APPRECIATION
UNREALIZED (UNREALIZED ON
APPRECIATION DEPRECIATION) INVESTMENTS
-----------------------------------------------------------------------
MID-CAP GROWTH FUND $82,142,916 $(13,006,253) $69,136,663
TECHNOLOGY FUND 221,401,251 (37,148,700) 184,252,551
POST-VENTURE FUND 242,307,340 (46,010,858) 196,296,482
MICRO-CAP GROWTH FUND 123,823,250 (13,754,304) 110,068,946
EMERGING GROWTH FUND 638,602,949 (59,045,817) 579,557,132
6. SHORT POSITIONS
When a Fund sells a security short, an amount equal to the sales
proceeds is included in the Statements of Assets and Liabilities as an
asset and an equal amount as a liability. The amount of the liability
is subsequently marked-to-market to reflect the current value of the
security sold short. Subsequent fluctuations in the market prices of
securities sold short may cause the liability to differ from that
reflected in the Statements of Assets and Liabilities. The Fund is
liable for any dividends paid on securities sold short. The Fund
maintains assets consisting of cash or liquid securities equal in
amount to the liability created by the short sale. These assets are
adjusted daily to reflect changes in the value of the securities sold
short.
Call toll-free 1-800-228-2121
<PAGE>
Van Wagoner Funds NOTES TO FINANCIAL STATEMENTS
7. OPTIONS CONTRACTS WRITTEN
The premium amount and the number of options contracts written during
the six months ended June 30, 2000 were as follows:
PREMIUM NUMBER OF
AMOUNT CONTRACTS
-----------------------------------------------------------------------
MID-CAP GROWTH FUND
Options outstanding at
December 31, 1999 - -
Options written $829,388 1,069
Options closed (513,209) (703)
Options exercised (237,123) (254)
Options expired (79,056) (112)
------------ ------------
Options outstanding at
June 30, 2000 $ - -
============ ============
TECHNOLOGY FUND
Options outstanding at
December 31, 1999 - -
Options written $ 2,154,986 2,895
Options closed (1,501,085) (2,035)
Options exercised (411,449) (517)
Options expired (242,452) (343)
------------ ------------
Options outstanding at
June 30, 2000 $ - -
============ ============
PREMIUM NUMBER OF
AMOUNT CONTRACTS
-----------------------------------------------------------------------
POST-VENTURE FUND
Options outstanding at
December 31, 1999 - -
Options written $ 2,082,553 2,859
Options closed (1,559,206) (2,080)
Options exercised (275,328) (432)
Options expired (248,019) (347)
------------ ------------
Options outstanding at
June 30, 2000 $ - -
============ ============
MICRO-CAP GROWTH FUND
Options outstanding at
December 31, 1999 - -
Options written $ 3,362,330 3,303
Options closed (2,612,928) (2,243)
Options exercised (297,477) (409)
Options expired (451,925) (651)
------------ ------------
Options outstanding at
June 30, 2000 $ - -
============ ============
EMERGING GROWTH FUND
Options outstanding at
December 31, 1999 - -
Options written $ 16,381,028 18,023
Options closed (12,103,216) (12,567)
Options exercised (2,108,084) (2,459)
Options expired (2,169,728) (2,997)
------------ ------------
Options outstanding at
June 30, 2000 $ - -
============ ============
Call toll-free 1-800-228-2121
<PAGE>
Van Wagoner Funds NOTES TO FINANCIAL STATEMENTS
8. TRANSACTIONS WITH AFFILIATED COMPANIES
An affiliated company is a company in which a Fund has ownership of at
least 5% of the voting securities. The market value of these securities is
reflected in the Schedules of Investments. Companies which are affiliates
of each Fund are as follows:
<TABLE>
<CAPTION>
AMOUNT OF
AMOUNT OF LOSS
SHARE ACTIVITY DIVIDENDS REALIZED
------------------------------------------------------ CREDITED ON SALE
BALANCE PURCHASES/ SALES/ BALANCE TO INCOME OF SHARES
SECURITY NAME 12/31/99 ADDITIONS REDUCTIONS 6/30/00 IN 2000 IN 2000
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
MID-CAP GROWTH FUND
OnHealth Network Co.<F1> 898,000 - 898,000 - - $(2,231,426)
============ ============
TECHNOLOGY FUND
OnHealth Network Co.<F1> 1,453,000 325,000 - 1,778,000 - -
============ ============
POST-VENTURE FUND
OnHealth Network Co.<F1> 1,579,000 341,300 - 1,920,300 - -
============ ============
MICRO-CAP GROWTH FUND
OnHealth Network Co.<F1> 1,568,300 - 15,000 1,553,300 - $ (94,586)
============ ============
EMERGING GROWTH FUND
NATCO Group, Inc. - 1,088,250 1,088,250 - - $(3,451,748)
OnHealth Network Co.<F1> 5,192,050 - - 5,192,050 - -
VitaminShoppe.com<F1> 624,650 - 624,650 - - (1,329,010)
------------ ------------
- $(4,780,758)
============ ============
</TABLE>
<F1> Non-income producing
Call toll-free 1-800-228-2121
<PAGE>
THIS REPORT IS SUBMITTED FOR THE GENERAL INFORMATION OF SHAREHOLDERS OF VAN
WAGONER FUNDS. IT IS NOT AUTHORIZED FOR DISTRIBUTION TO PROSPECTIVE INVESTORS
UNLESS ACCOMPANIED OR PRECEDED BY AN EFFECTIVE PROSPECTUS FOR THE FUNDS. THE
PROSPECTUS GIVES DETAILS ABOUT CHARGES, INVESTMENT OBJECTIVES, RISKS AND
OPERATING POLICIES OF THE FUNDS. READ THE PROSPECTUS CAREFULLY.
<PAGE>
-------------------
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PERMIT NO. 472
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-------------------
(LOGO) VANWAGONERFUNDS
-------------------------------------------------------
Please mail correspondence to:
VAN WAGONER FUNDS
P.O. BOX 1628
MILWAUKEE, WI 53201-1628
Express mail or overnight deliveries
should be sent to:
VAN WAGONER FUNDS
207 EAST BUFFALO ST., SUITE 315
MILWAUKEE, WI 53202-5712
-------------------
WWW.VANWAGONER.COM
-------------------
1-800-228-2121
ADDRESS SERVICE REQUESTED
VW-410-0800
