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Previous: EAI SELECT MANAGERS EQUITY FUND, NSAR-A, 2000-08-25 |
Next: VAN WAGONER FUNDS INC, NSAR-A, 2000-08-25 |
VAN WAGONER CAPITAL APPRECIATION FUND
SCHEDULE OF INVESTMENTS
JUNE 30, 2000
(UNAUDITED)
Number
of Shares Value
---------- -------
COMMON AND PREFERRED STOCKS 87.70%
CHEMICALS - SPECIALTY 0.13%
100 Symyx Technologies, Inc.<F1> $ 4,261
----------
COMMERCIAL SERVICES - SECURITY/SAFETY 0.64%
100 Check Point Software Technologies Ltd.<F1> 21,175
----------
COMPUTER SOFTWARE - DESKTOP 0.36%
200 NetIQ Corp.<F1> 11,925
----------
COMPUTER SOFTWARE - EDUCATION 1.74%
217 Docent, Inc.<F1><F3> 1,632
150 Metasolv Software, Inc.<F1> 6,600
9,016 Tavolo, Inc.<F1><F3> 49,047
----------
57,279
----------
COMPUTER SOFTWARE - ENTERPRISE 13.00%
2,500 Acta Technology, Inc.<F1><F3> 17,925
2,000 Ariba, Inc.<F1> 196,094
17 Bindview Development Corp.<F1> 205
224 Comergent Technologies, Inc.<F1><F3> 1,926
894 DataChannel, Inc.<F1><F3> 5,001
100 E.piphany, Inc.<F1> 10,719
350 Eprise Corp.<F1> 5,753
2,310 Eprise Corp.<F1>^ 33,663
167 Event411.Com, Inc.<F1><F3> 5,010
896 Icarian, Inc.<F1><F3> 6,180
300 Impresse Corp.<F1><F3> 3,717
200 Informatica Corp.<F1> 16,387
750 Interwoven, Inc.<F1> 82,488
450 IntraNet Solutions, Inc.<F1> 17,269
100 Puma Technology, Inc.<F1> 2,681
1 Reciprocal, Inc.<F1><F3> 43
7 Reciprocal, Inc.<F1><F3> 3,183
500 Software Technologies Corp.<F1> 15,344
50 TIBCO Software, Inc.<F1> 5,362
----------
428,950
----------
<PAGE>
VAN WAGONER CAPITAL APPRECIATION FUND
SCHEDULE OF INVESTMENTS
JUNE 30, 2000
(UNAUDITED)
Number
of Shares Value
---------- -------
COMPUTER SOFTWARE - INTERNET 5.32%
200 Agile Software Corp.<F1> $ 14,138
350 Art Technology Group, Inc.<F1> 35,328
821 Blue Pumpkin Software, Inc.<F1><F3> 6,002
200 Corillian Corp.<F1> 3,325
500 Embarcadero Technologies, Inc.<F1> 14,687
100 Exodus Communications, Inc.<F1> 4,606
2,924 iVillage, Inc.<F1> 24,671
700 Onvia.com, Inc.<F1> 6,037
456 Onvia.com, Inc.<F1><F2> 3,473
300 Preview Systems, Inc.<F1> 3,900
1,605 Preview Systems, Inc.<F1><F2> 20,840
200 Primus Knowledge Solutions, Inc.<F1> 9,000
510 Screaming Media, Inc.<F1><F3> 1,680
50 Versata, Inc.<F1> 2,016
200 Vignette Corp.<F1> 10,403
850 Virage, Inc.<F1> 15,353
----------
175,459
----------
COMPUTER SOFTWARE - MEDICAL 1.05%
15,000 OnHealth Network Co.<F1> 34,688
----------
COMPUTER SOFTWARE - SECURITY 1.43%
200 ISS Group, Inc.<F1> 19,747
300 Quest Software, Inc.<F1> 16,612
200 WatchGuard Technologies, Inc.<F1> 10,988
----------
47,347
----------
COMPUTERS - GRAPHICS 1.27%
100 Micromuse, Inc.<F1> 16,548
400 NVIDIA Corp.<F1> 25,425
----------
41,973
----------
<PAGE>
VAN WAGONER CAPITAL APPRECIATION FUND
SCHEDULE OF INVESTMENTS
JUNE 30, 2000
(UNAUDITED)
Number
of Shares Value
---------- -------
COMPUTERS - LOCAL NETWORKS 3.51%
328 Anda Networks, Inc.<F1><F3> $ 4,500
200 Brocade Communications Systems, Inc.<F1> 36,697
350 Cisco Systems, Inc.<F1> 22,247
150 Extreme Networks, Inc.<F1> 15,825
550 NetSolve, Inc.<F1> 14,300
2,221 Sitara Networks, Inc.<F1><F3> 14,459
5,000 Top Layer Networks, Inc.<F1><F3> 7,800
----------
115,828
----------
COMPUTERS - MEMORY DEVICES 2.83%
449 CommVault Systems, Inc.<F1><F3> 2,573
350 EMC Corp.<F1> 26,928
3,002 Lexar Media, Inc.<F1><F3> 7,775
400 Network Appliances, Inc.<F1> 32,200
250 SanDisk Corp.<F1> 15,297
75 VERITAS Software Corp.<F1> 8,476
----------
93,249
----------
COMPUTERS - MINI/MICRO 0.82%
1,750 eMachines, Inc.<F1><F2> 4,274
250 Sun Microsystems, Inc.<F1> 22,734
----------
27,008
----------
COMPUTERS - RETAIL/WHOLESALE 0.99%
500 Emulex Corp.<F1> 32,844
----------
COMPUTERS - SERVICES 0.38%
300 InterNAP Network Services Corp.<F1> 12,455
----------
COMPUTERS - SOFTWARE 1.72%
200 Allaire Corp.<F1> 7,350
150 BroadVision, Inc.<F1> 7,622
100 i2 Technologies, Inc.<F1> 10,427
100 Mercury Interactive Corp.<F1> 9,675
202 NextVenue, Inc.<F1><F3> 1,768
150 Phone.com, Inc.<F1> 9,768
200 RealNetworks, Inc.<F1> 10,113
----------
56,723
----------
<PAGE>
VAN WAGONER CAPITAL APPRECIATION FUND
SCHEDULE OF INVESTMENTS
JUNE 30, 2000
(UNAUDITED)
Number
of Shares Value
----------- -------
ELECTRONICS - LASER SYSTEMS/COMPONENTS 0.18%
100 Bookham Technology PLC ADR<F1> $ 5,925
----------
ELECTRONICS - MISCELLANEOUS COMPONENTS 0.53%
100 RF Micro Devices, Inc.<F1> 8,763
150 Sawtek, Inc.<F1> 8,634
----------
17,397
----------
ELECTRONICS - PARTS DISTRIBUTION 0.26%
150 Marvell Technology Group Ltd.<F1> 8,550
----------
ELECTRONICS - SEMICONDUCTOR EQUIPMENT 2.76%
200 Caliper Technologies Corp.<F1> 9,200
350 Cobalt Networks, Inc.<F1> 20,256
225 Intel Corp. 30,080
200 JDS Uniphase Corp.<F1> 23,975
100 Photon Dynamics, Inc.<F1> 7,469
----------
90,980
----------
ELECTRONICS - SEMICONDUCTOR MANUFACTURING 23.00%
260 Broadcom Corp.<F1> 56,924
200 Exar Corp.<F1> 17,437
200 Globespan, Inc.<F1> 24,416
50 PMC-Sierra, Inc.<F1> 8,884
2,433 Sandcraft, Inc.<F1><F3> 6,009
300 SDL, Inc.<F1> 85,556
6,520 StorageNetworks, Inc.<F1><F2> 470,744
3,038 Transmeta Corp.<F1><F3> 37,975
475 TranSwitch Corp.<F1> 36,664
150 TriQuint Semiconductor, Inc.<F1> 14,353
----------
758,962
----------
FINANCE - CONSUMER LOANS 0.13%
100 724 Solutions, Inc.<F1> 4,388
----------
FINANCE - INVESTMENT BROKER 0.36%
125 The Goldman Sachs Group, Inc. 11,859
----------
<PAGE>
VAN WAGONER CAPITAL APPRECIATION FUND
SCHEDULE OF INVESTMENTS
JUNE 30, 2000
(UNAUDITED)
Number
of Shares Value
----------- -------
INTERNET - E-COMMERCE 0.70%
1,784 HomeGrocer.com, Inc.<F1><F2> $ 9,613
3,409 Pointshare Corp.<F1><F3> 9,375
2,340 SmarterKids.com, Inc.<F1><F2> 4,284
----------
23,272
----------
INTERNET - NETWORK SECURITY/SOLUTIONS 3.10%
500 Juniper Networks, Inc.<F1> 72,781
200 Keynote Systems, Inc.<F1> 14,113
400 WebTrends Corp.<F1> 15,475
----------
102,369
----------
INTERNET - SERVICE PROVIDER/CONTENT 0.70%
500 LifeMinders, Inc.<F1> 14,781
148 LifeMinders, Inc.<F1><F2> 4,134
100 NaviSite, Inc.<F1> 4,181
----------
23,096
----------
MEDICAL - BIOMEDICAL/GENETICS 2.62%
50 Abgenix, Inc.<F1> 5,993
50 Affymetrix, Inc.<F1> 8,256
179 Athersys, Inc.<F1><F3> 2,148
100 Cephalon, Inc.<F1> 5,988
200 Curagen Corp.<F1> 7,613
250 Gene Logic, Inc.<F1> 8,922
350 Genome Therapeutics Corp.<F1> 10,653
200 Genzym Transgenics Corp.<F1> 5,425
100 Maxygen, Inc.<F1> 5,677
150 Medarex, Inc.<F1> 12,675
50 Millennium Pharmaceuticals, Inc.<F1> 5,594
50 Myriad Genetics, Inc.<F1> 7,404
----------
86,348
----------
MEDICAL - INFORMATION SERVICES 0.28%
100 PE Corp. - Celera Genomics Group<F1> 9,350
----------
MEDICAL - PRODUCTS 0.22%
400 Sonic Innovations, Inc.<F1> 7,425
----------
<PAGE>
VAN WAGONER CAPITAL APPRECIATION FUND
SCHEDULE OF INVESTMENTS
JUNE 30, 2000
(UNAUDITED)
Number
of Shares Value
----------- --------
MULTIMEDIA 0.28%
150 Gemstar International Group Ltd.<F1> $ 9,218
----------
PHARMACEUTICALS 0.15%
100 Aclara Biosciences, Inc.<F1> 5,094
----------
RESEARCH & DEVELOPMENT 0.21%
100 Aurora Biosciences Corp.<F1> 6,819
----------
RETAIL - WHOLESALE COMPUTERS 0.46%
200 Netegrity, Inc.<F1> 15,063
----------
TELECOMMUNICATIONS - EQUIPMENT 15.82%
350 Advanced Fibre Communications, Inc.<F1> 15,859
300 Anaren Microwave, Inc.<F1> 39,370
300 Avanex Corp.<F1> 28,650
350 C-COR.net Corp.<F1> 9,450
50 Centillium Communications, Inc.<F1> 3,450
250 Certicom Corp.<F1> 17,121
200 CIENA Corp.<F1> 33,338
300 Copper Mountain Networks, Inc.<F1> 26,438
204 Corvis Corp.<F1><F3> 5,476
300 Digital Microwave Corp.<F1> 11,437
400 Efficient Networks, Inc.<F1> 29,425
100 E-Tek Dynamics, Inc.<F1> 26,381
3 Floware Wireless Systems Ltd.<F1><F3> 1,168
134 Kestrel Solutions, Inc.<F1><F3> 1,745
300 Natural Microsystems Corp.<F1> 33,731
1,500 Netro Corp.<F1> 86,062
300 Nokia Ab ADR 14,981
350 Oni Systems Corp.<F1> 41,021
1,084 Portera Systems<F1><F3> 5,604
450 Powerwave Technologies, Inc.<F1> 19,800
200 Sycamore Networks, Inc.<F1> 22,075
150 Turnstone Systems, Inc.<F1> 24,851
222 Vertical Networks, Inc.<F1><F3> 750
400 Virata Corp.<F1> 23,850
----------
522,033
----------
<PAGE>
VAN WAGONER CAPITAL APPRECIATION FUND
SCHEDULE OF INVESTMENTS
JUNE 30, 2000
(UNAUDITED)
Number
of Shares Value
----------- -------
TELECOMMUNICATIONS - SERVICES 0.75%
181 Arbinet Holdings, Inc.<F1><F3> $3,499
200 Com21, Inc.<F1> 5,000
325 Qwest Communications International, Inc.<F1> 16,148
----------
24,647
----------
TOTAL COMMON AND PREFERRED STOCKS 2,893,959
(cost $1,776,706) -----------
Principal
Amount
-----------
SHORT-TERM INVESTMENTS 9.62%
$317,493 UMB Bank, n.a. Money Market Fiduciary 317,493
----------
TOTAL SHORT-TERM INVESTMENTS 317,493
(cost $317,493) ----------
TOTAL INVESTMENTS 97.32% 3,211,452
(cost $2,094,199)
OTHER ASSETS LESS LIABILITIES 2.68% 88,567
----------
NET ASSETS 100.00% $3,300,019
==========
<PAGE>
VAN WAGONER CAPITAL APPRECIATION FUND
SCHEDULE OF INVESTMENTS
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 $213,970 or 6.5% of net
assets.
SECURITY DESCRIPTION DATE(S) OF ACQUISITION NUMBER OF SHARES COST
-----------------------------------------------------------------------------
Acta Technology, Inc. July 99 2,500 $17,925
Anda Networks, Inc. March 00 328 4,500
Arbinet Holdings, Inc. March 00 181 3,499
Athersys, Inc. March 00 179 2,148
Blue Pumpkin Software, Inc. March 00 821 6,002
Comergent Technologies February 00 224 1,926
CommVault Systems, Inc. April 00 449 2,573
Corvis Corp. December 99 204 5,476
DataChannel, Inc. March 00 894 5,001
Docent, Inc. April 00 217 1,632
Event411.com, Inc. June 99 167 5,010
Floware Wireless Systems Ltd. September 99 3 1,168
Icarian, Inc. March 00 896 6,180
Impresse Corp. November 99 300 3,717
Kestrel Solutions, Inc. January 00 134 1,745
Lexar Media, Inc. September 99 3,002 7,775
NextVenue, Inc. March 00 202 1,768
Pointshare Corp. September 99 3,409 9,375
Portera Systems February 00 1,084 5,604
Reciprocal, Inc. March 00 1 43
Reciprocal, Inc. November 99 7 3,183
Sandcraft, Inc. October 99 2,433 6,009
ScreamingMedia, Inc. October 99 510 1,680
Sitara Networks, Inc. July 99 2,221 14,459
Tavolo, Inc. May 99 - April 00 9,016 48,980
Top Layer Networks, Inc. August 99 5,000 7,800
Transmeta Corp. July 99 - April 00 3,038 31,725
Vertical Networks, Inc. February 00 222 750
-----------------------------------------------------------------------------
See notes to financial statements.
<PAGE>
VAN WAGONER GROWTH FUND
SCHEDULE OF INVESTMENTS
JUNE 30, 2000
(UNAUDITED)
Number
of Shares Value
----------- -------
COMMON AND PREFERRED STOCKS 95.49%
Commercial Services - Security/Safety 0.77%
100 Check Point Software Technologies Ltd.<F1> $ 21,175
----------
COMPUTER SOFTWARE - EDUCATION 1.79%
9,016 Tavolo, Inc.<F1><F3> 49,047
----------
COMPUTER SOFTWARE - ENTERPRISE 10.91%
2,500 Acta Technology, Inc.<F1><F3> 17,925
1,500 Ariba, Inc.<F1> 147,070
12 Bindview Development Corp.<F1> 144
325 Comergent Technologies, Inc.<F1><F3> 2,795
855 DataChannel, Inc.<F1><F3> 4,783
100 E.piphany, Inc.<F1> 10,719
250 Eprise Corp.<F1> 4,109
774 Eprise Corp.<F1><F2> 11,288
166 Event411.Com, Inc.<F1><F3> 4,980
893 Icarian, Inc.<F1><F3> 6,159
300 Impresse Corp.<F1><F3> 3,717
200 Informatica Corp.<F1> 16,388
600 Interwoven, Inc.<F1> 65,991
5 Reciprocal, Inc.<F1><F3> 2,274
----------
298,342
----------
COMPUTER SOFTWARE - INTERNET 5.02%
150 Agile Software Corp.<F1> 10,603
350 Art Technology Group, Inc.<F1> 35,328
699 Blue Pumpkin Software, Inc.<F1> <F3> 5,110
2,924 iVillage, Inc.<F1> 24,671
100 Onvia.com, Inc.<F1> 863
404 Onvia.com, Inc.<F1><F2> 3,077
200 Preview Systems, Inc.<F1> 2,600
1,550 Preview Systems, Inc.<F1><F2> 20,126
400 Primus Knowledge Solutions, Inc.<F1> 18,000
510 Screaming Media, Inc.<F1><F3> 1,680
850 Virage, Inc.<F1> 15,353
----------
137,411
----------
<PAGE>
VAN WAGONER GROWTH FUND
SCHEDULE OF INVESTMENTS
JUNE 30, 2000
(UNAUDITED)
Number
of Shares Value
----------- -------
COMPUTER SOFTWARE - MEDICAL 1.27%
15,000 OnHealth Network Co.<F1> $ 34,688
----------
COMPUTER SOFTWARE - SECURITY 2.92%
200 ISS Group, Inc.<F1> 19,747
250 Quest Software, Inc.<F1> 13,844
200 VeriSign, Inc.<F1> 35,300
200 WatchGuard Technologies, Inc.<F1> 10,987
----------
79,878
----------
COMPUTERS - GRAPHICS 0.93%
400 NVIDIA Corp.<F1> 25,425
----------
COMPUTERS - INTEGRATED SYSTEMS 1.23%
400 Oracle Corp.<F1> 33,625
----------
COMPUTERS - LOCAL NETWORKS 3.55%
284 Anda Networks, Inc.<F1><F3> 3,896
200 Brocade Communications Systems, Inc.<F1> 36,697
600 Cisco Systems, Inc.<F1> 38,137
2,000 Sitara Networks, Inc.<F1><F3> 13,020
3,334 Top Layer Networks, Inc.<F1><F3> 5,201
----------
96,951
------------
COMPUTERS - MEMORY DEVICES 3.42%
341 CommVault Systems, Inc.<F1><F3> 1,954
183 Docent, Inc.<F1><F3> 1,376
500 EMC Corp.<F1> 38,469
2,500 Lexar Media, Inc.<F1><F3> 6,475
200 Network Appliances, Inc.<F1> 16,100
200 SanDisk Corp.<F1> 12,238
150 VERITAS Software Corp.<F1> 16,952
----------
93,564
----------
<PAGE>
VAN WAGONER GROWTH FUND
SCHEDULE OF INVESTMENTS
JUNE 30, 2000
(UNAUDITED)
Number
of Shares Value
----------- -------
COMPUTERS - MINI/MICRO 1.27%
1,232 eMachines, Inc.<F1><F2> $ 3,009
350 Sun Microsystems, Inc.<F1> 31,828
----------
34,837
----------
COMPUTERS - RETAIL/WHOLESALE 1.92%
800 Emulex Corp.<F1> 52,550
----------
COMPUTERS - SERVICES 0.91%
600 InterNAP Network Services Corp.<F1> 24,909
----------
COMPUTERS - SOFTWARE 2.16%
300 Allaire Corp.<F1> 11,025
60 i2 Technologies, Inc.<F1> 6,256
100 Mercury Interactive Corp.<F1> 9,675
212 NextVenue, Inc.<F1><F3> 1,855
350 Phone.com, Inc.<F1> 22,794
150 RealNetworks, Inc.<F1> 7,584
----------
59,189
----------
ELECTRONICS - LASER SYSTEMS/COMPONENTS 0.22%
100 Bookham Technology PLC ADR<F1> 5,925
----------
ELECTRONICS - MISCELLANEOUS COMPONENTS 0.64%
100 RF Micro Devices, Inc.<F1> 8,763
150 Sawtek, Inc.<F1> 8,634
----------
17,397
----------
ELECTRONICS - SEMICONDUCTOR EQUIPMENT 4.28%
500 Cobalt Networks, Inc.<F1> 28,938
300 Intel Corp. 40,106
400 JDS Uniphase Corp.<F1> 47,950
----------
116,994
----------
<PAGE>
VAN WAGONER GROWTH FUND
SCHEDULE OF INVESTMENTS
JUNE 30, 2000
(UNAUDITED)
Number
of Shares Value
----------- -------
ELECTRONICS - SEMICONDUCTOR MANUFACTURING 27.50%
150 Applied Micro Circuits Corp.<F1> $ 14,813
400 Broadcom Corp.<F1> 87,575
200 Exar Corp.<F1> 17,437
200 Globespan, Inc.<F1> 24,416
50 PMC-Sierra, Inc.<F1> 8,884
2,000 Sandcraft, Inc.<F1><F3> 4,940
350 SDL, Inc.<F1> 99,815
6,000 StorageNetworks, Inc.<F1><F2> 433,200
3,038 Transmeta Corp.<F1><F3> 37,975
300 TranSwitch Corp.<F1> 23,156
----------
752,211
----------
FINANCE - INVESTMENT BROKER 0.87%
250 The Goldman Sachs Group, Inc. 23,719
----------
INTERNET - E-COMMERCE 0.52%
598 HomeGrocer.com, Inc.<F1><F2> 3,222
2,500 Pointshare Corp.<F1><F3> 6,875
2,250 SmarterKids.com, Inc.<F1><F2> 4,119
----------
14,216
----------
INTERNET - NETWORK SECURITY/SOLUTIONS 2.93%
400 Juniper Networks, Inc.<F1> 58,225
200 Keynote Systems, Inc.<F1> 14,113
200 WebTrends Corp.<F1> 7,737
----------
80,075
----------
INTERNET - SERVICE PROVIDER/CONTENT 0.34%
200 LifeMinders, Inc.<F1> 5,913
125 LifeMinders, Inc.<F1><F2> 3,491
----------
9,404
----------
MEDICAL - BIOMEDICAL/GENETICS 0.34%
150 Athersys, Inc.<F1><F3> 1,800
150 Genome Therapeutics Corp.<F1> 4,565
50 Maxygen, Inc.<F1> 2,838
----------
9,203
----------
<PAGE>
VAN WAGONER GROWTH FUND
SCHEDULE OF INVESTMENTS
JUNE 30, 2000
(UNAUDITED)
Number
of Shares Value
----------- -------
MEDICAL - INFORMATION SERVICES 0.72%
300 PE Corp. - Celera Genomics Group<F1> $ 19,763
----------
MULTIMEDIA 0.22%
100 Gemstar International Group Ltd.<F1> 6,145
----------
PHARMACEUTICALS 0.19%
100 Aclara Biosciences, Inc.<F1> 5,094
----------
TELECOMMUNICATIONS - EQUIPMENT 18.33%
100 Advanced Fibre Communications, Inc.<F1> 4,531
300 Avanex Corp.<F1> 28,650
100 C-COR.net Corp.<F1> 2,700
200 CIENA Corp.<F1> 33,338
400 Copper Mountain Networks, Inc.<F1> 35,250
171 Corvis Corp. <F1><F3> 4,590
350 Efficient Networks, Inc.<F1> 25,747
300 E-Tek Dynamics, Inc.<F1> 79,144
3 Floware Wireless Systems Ltd.<F1><F3> 1,168
198 Kestrel Solutions, Inc.<F1><F3> 2,578
200 Natural Microsystems Corp.<F1> 22,487
1,250 Netro Corp.<F1> 71,719
500 Nokia Ab ADR 24,969
350 Oni Systems Corp.<F1> 41,021
1,505 Portera Systems<F1><F3> 7,781
200 Powerwave Technologies, Inc.<F1> 8,800
400 Scientific-Atlanta, Inc.<F1> 29,800
250 Sycamore Networks, Inc.<F1> 27,594
150 Turnstone Systems, Inc.<F1> 24,851
242 Vertical Networks, Inc.<F1><F3> 818
400 Virata Corp.<F1> 23,850
----------
501,386
----------
TELECOMMUNICATIONS - SERVICES 0.32%
193 Arbinet Holdings, Inc.<F1><F3> 3,731
200 Com21, Inc.<F1> 5,000
----------
8,731
----------
<PAGE>
VAN WAGONER GROWTH FUND
SCHEDULE OF INVESTMENTS
JUNE 30, 2000
(UNAUDITED)
Number
of Shares Value
----------- -------
TOTAL COMMON AND PREFERRED STOCKS $2,611,854
(cost $1,637,017) ----------
Principal
Amount
----------
SHORT-TERM INVESTMENTS 1.96%
$53,658 Money Market Fiduciary 53,658
----------
TOTAL SHORT-TERM INVESTMENTS 53,658
(cost $53,658) ------------
TOTAL INVESTMENTS 97.45% 2,665,512
(cost $1,690,675)
OTHER ASSETS LESS LIABILITIES 2.55% 69,745
----------
NET ASSETS 100.00% $2,735,257
==========
<PAGE>
VAN WAGONER GROWTH FUND
SCHEDULE OF INVESTMENTS
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 $204,503 or 7.5% of net
assets.
Security Description Date(s) of Acquisition Number of Shares Cost
-----------------------------------------------------------------------------
Acta Technology, Inc. July 99 2,500 $17,925
Anda Networks, Inc. March 00 284 3,896
Arbinet Holdings, Inc. March 00 193 3,731
Athersys, Inc. March 00 150 1,800
Blue Pumpkin Software, Inc. March 00 699 5,110
Comergent Technologies February 00 325 2,795
CommVault Systems, Inc. April 00 341 1,954
Corvis Corp. December 99 171 4,590
DataChannel, Inc. March 00 855 4,783
Docent, Inc. April 00 183 1,376
Event411.com, Inc. June 99 166 4,980
Floware Wireless Systems Ltd. September 99 3 1,168
Icarian, Inc. March 00 893 6,159
Impresse Corp. November 99 300 3,717
Kestrel Solutions, Inc. January 00 198 2,578
Lexar Media, Inc. September 99 2,500 6,475
NextVenue, Inc. March 00 212 1,855
Pointshare Corp. September 99 2,500 6,875
Portera Systems February 00 1,505 7,781
Reciprocal, Inc. November 99 5 2,274
Sandcraft, Inc. October 99 2,000 4,940
Screaming Media, Inc. October 99 510 1,680
Sitara Networks, Inc. July 99 2,000 13,020
Tavolo, Inc. May 99 - April 00 9,016 48,980
Top Layer Networks, Inc. August 99 3,334 5,201
Transmeta Corp. July 99 - April 00 3,038 31,725
Vertical Networks, Inc. February 00 242 818
-----------------------------------------------------------------------------
See notes to financial statements.
<PAGE>
VAN WAGONER FUNDS, INC.
STATEMENTS OF ASSETS AND LIABILITIES
JUNE 30, 2000
(UNAUDITED)
Capital
Appreciation Growth
Fund Fund
------------ -------
ASSETS:
Investments, at value (cost $2,094,199
and $1,690,675, respectively) $3,211,452 $2,665,512
Receivable for investments sold 134,887 107,144
Interest and dividends receivable 18 26
Receivable from Adviser 3,655 3,661
Prepaid expenses and other assets 12,774 11,083
---------- ---------
Total Assets 3,362,786 2,787,426
---------- ---------
LIABILITIES:
Payable for investments purchased 58,547 47,412
Accrued expenses and other liabilities 4,220 4,757
---------- ---------
Total Liabilities 62,767 52,169
---------- ---------
NET ASSETS $3,300,019 $2,735,257
========== ==========
NET ASSETS CONSIST OF:
Capital stock $1,533,980 $1,296,542
Accumulated net realized gain
on investments 648,786 463,878
Net unrealized appreciation
on investments 1,117,253 974,837
---------- ---------
Net Assets $3,300,019 $2,735,257
========== ==========
CAPITAL STOCK, $0.0001 par value
Authorized 100,000,000 100,000,000
Issued and outstanding 88,293 89,757
NET ASSET VALUE, REDEMPTION PRICE,
AND OFFERING PRICE PER SHARE (NET
ASSETS/SHARES OUTSTANDING) $37.38 $30.47
========== ========
See notes to financial statements
<PAGE>
VAN WAGONER FUNDS, INC.
STATEMENTS OF OPERATIONS
SIX MONTHS ENDED JUNE 30, 2000
(UNAUDITED)
Capital
Appreciation Growth
Fund Fund
------------ ------
INVESTMENT INCOME:
Interest $ 7,311 $ 5,358
Dividends 122 352
-------- -------
Total Investment Income 7,433 5,710
-------- -------
EXPENSES:
Fund accounting and administration fees 22,377 22,377
Investment advisory fees 13,604 9,993
Custody fees 6,284 6,028
Professional fees 4,551 4,541
Federal and state registration fees 2,696 2,858
Directors' fees and expenses 1,924 1,931
Miscellaneous 1,477 1,198
-------- -------
Total expenses before waivers
and reimbursements 52,913 48,926
Less: Waiver and reimbursement of expenses (31,691) (29,440)
-------- -------
Net Expenses 21,222 19,486
-------- -------
NET INVESTMENT LOSS (13,789) (13,776)
-------- -------
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain on investments 771,612 574,550
Net realized loss on short positions (11,956) (12,431)
Net realized gain on options written 8,473 7,653
Net realized loss on options purchased (105,526) (92,339)
Net change in unrealized appreciation
and depreciation on investments 255,788 255,378
-------- -------
Net Gain on Investments 918,391 732,811
-------- -------
NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS $904,602 $719,035
======== ========
See notes to financial statements.
<PAGE>
VAN WAGONER FUNDS, INC.
STATEMENTS OF CHANGES IN NET ASSETS
Capital Appreciation Fund Growth Fund
------------------------- -----------
Six Six
Months Months
Ended Year Ended Year
June 30, Ended June 30, Ended
2000 Dec. 31, 2000 Dec. 31,
(Unaudited) 1999 (Unaudited) 1999
--------- --------- --------- -------
OPERATIONS:
Net investment loss $(13,789) $(11,605) $(13,776) $(10,650)
Net realized gain
on investments 771,612 1,324,890 574,550 990,901
Net realized loss on
short positions (11,956) - (12,431) -
Net realized gain on
options written 8,473 - 7,653 -
Net realized loss on
options purchased (105,526) (21,117) (92,339) (18,431)
Net change in unrealized
appreciation and
depreciation
on investments 255,788 625,516 255,378 502,764
----------- ----------- ----------- ----------
Net increase in net
assets resulting from
operations 904,602 1,917,684 719,035 1,464,584
----------- ----------- ----------- ----------
DISTRIBUTIONS:
Net realized gains - (1,249,945) - (912,068)
In excess of net
realized gains - (519) - (375)
----------- ----------- ----------- ----------
Total distributions - (1,250,464) - (912,443)
CAPITAL SHARE TRANSACTIONS:
Proceeds from sale of
shares 537,000 674,075 685,000 -
Proceeds from reinvestment
of dividends - 488,670 - 143,433
Redemption of shares - (842,156) - (162,500)
----------- ----------- ----------- ----------
Net increase (decrease)
from share transactions 537,000 320,589 685,000 (19,067)
----------- ----------- ----------- ----------
TOTAL INCREASE IN NET ASSETS 1,441,602 987,809 1,404,035 533,074
NET ASSETS:
Beginning of period 1,858,417 870,608 1,331,222 798,148
----------- ----------- ----------- ----------
End of period $3,300,019 $1,858,417 $2,735,257 $1,331,222
========== ========== ========== =========
TRANSACTIONS IN SHARES:
Shares sold 17,400 18,429 31,434 -
Shares issued in
reinvestment of dividends - 20,891 - 10,182
Shares redeemed - (26,286) - (8,618)
----------- ----------- ----------- ----------
Net increase 17,400 13,034 31,434 1,564
=========== =========== =========== ==========
See notes to financial statements.
VAN WAGONER FUNDS, INC.
FINANCIAL HIGHLIGHTS
For a Fund share outstanding throughout the period
Capital Appreciation Fund
---------------------------------------------
Six
Months
Ended Year Year Year
June 30, Ended Ended Ended
2000 Dec. 31, Dec. 31 Dec. 31,
(Unaudited) 1999 1998 1997
--------- --------- --------- -------
Net Asset Value, Beginning
of Period $26.21 $15.05 $9.08 $10.00
Income (Loss) from
Investment Operations:
Net investment loss (0.16) (0.16) (0.03) (0.11)
Net realized and unrealized
gains on investments 11.33 34.32 7.13 0.54
-------- -------- ------- ------
Total from investment
operations 11.17 34.16 7.10 0.43
-------- -------- ------- ------
DISTRIBUTIONS:
Net realized gains - (22.99) (0.43) -
In excess of net
realized gains - (0.01) (0.70) (1.35)
-------- -------- ------- ------
Total distributions - (23.00) (1.13) (1.35)
-------- -------- ------- ------
Net Asset Value, End of Period $ 37.38 $ 26.21 $ 15.05 $ 9.08
======== ======== ======= ======
Total Return<F1> 42.62% 230.76% 78.18% 4.56%
Supplemental Data and Ratios:
Net assets, end of
period (000s) $3,300 $1,858 $871 $1,304
Ratio of expenses to
average net assets:
Net of waivers and
reimbursements<F2> 1.95% 1.95% 1.95% 1.95%
Before waivers and
reimbursements<F2> 4.85% 6.65% 17.13% 11.78%
Ratio of net investment loss
to average net assets:
Net of waivers and
reimbursements<F2> (1.26)% (0.68)% (0.21)% (1.36)%
Before waivers and
reimbursements<F2> (4.16)% (5.38)% (15.39)% (11.19)%
Portfolio turnover rate 122% 270% 1,263% 625%
<F1> Not annualized for periods less than one year
<F2> Annualized for periods less than one year
See notes to financial statements.
<PAGE>
VAN WAGONER FUNDS, INC.
FINANCIAL HIGHLIGHTS
For a Fund share outstanding throughout the period
Growth Fund
---------------------------------------------
Six
Months
Ended Year Year Year
June 30, Ended Ended Ended
2000 Dec. 31, Dec. 31 Dec. 31,
(Unaudited) 1999 1998 1997
--------- --------- --------- -------
Net Asset Value, Beginning of
Period $22.82 $14.06 $9.58 $10.00
Income (Loss) from
Investment Operations:
Net investment loss (0.15) (0.18) (0.02) (0.12)
Net realized and unrealized
gains on investments 7.80 24.58 7.00 0.68
-------- ------- ------- ------
Total from investment
operations 7.65 24.40 6.98 0.56
-------- ------- ------- ------
Distributions:
Net realized gains - (15.63) (1.65) -
In excess of net
realized gains - (0.01) (0.85) (0.98)
-------- ------- ------- ------
Total distributions - (15.64) (2.50) (0.98)
-------- ------- ------- ------
Net Asset Value, End of Period $ 30.47 $ 22.82 $ 14.06 $ 9.58
======= ======= ======= =======
Total Return<F1> 33.52% 176.81% 72.86% 5.74%
SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of
period (000s) $2,735 $1,331 $798 $1,323
Ratio of expenses to
average net assets:
Net of waivers and
reimbursements<F2> 1.95% 1.95% 1.95% 1.95%
Before waivers and
reimbursements<F2> 4.89% 7.01% 16.58% 11.60%
Ratio of net investment
loss to average net assets:
Net of waivers and
reimbursements<F2> (1.38)% (0.70)% (0.18)% (1.40)%
Before waivers and
reimbursements<F2> (4.32)% (5.76)% (14.81)% (11.05)%
Portfolio turnover rate 129% 244% 1,233% 593%
<F1> Not annualized for periods less than one year
<F2> Annualized for periods less than one year
See notes to financial statements.
<PAGE>
VAN WAGONER FUNDS, INC.
NOTES TO FINANCIAL STATEMENTS
(1) Organization
------------
Van Wagoner Funds, Inc. (the "Company") was organized on October 18, 1995
as a Maryland corporation and is registered under the Investment Company
Act of 1940 (the "1940 Act") as an open-end management investment company.
The Capital Appreciation Fund and the Growth Fund (collectively, the
"Funds") are separate, diversified investment portfolios of Van Wagoner
Funds, Inc. Substantially all of the shares issued by the Funds are held
by an affiliate of the Adviser.
(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
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 supervision of the Board of
Directors.
(b) 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 directly attributable to a portfolio are typically
allocated among the portfolios in proportion to their respective net
assets.
(c) 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.
<PAGE>
VAN WAGONER FUNDS, INC.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
(d) Options Contracts - The Funds purchase put options to hedge portfolio
investments. Premiums paid for options 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.
(e) Distributions to Shareholders - Dividends from net investment income and
net realized capital gains, if any, will be declared and paid at least
annually. Distributions to shareholders are recorded on the ex-dividend
date. Each Fund may periodically make reclassifications among certain
of its capital accounts as a result of the timing and characterization
of certain income and capital gains distributions determined in
accordance with federal tax regulations, which may differ from GAAP.
(f) 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.
(g) Other - Investment transactions are accounted for on the trade date
basis. Each Fund determines the gain or loss realized from the
investment transactions by comparing the original cost of the security
lot sold with the net sale proceeds. Dividend income is recognized on
the ex-dividend date and interest income is recognized on an accrual
basis.
(3) Investment Advisory Agreement
-----------------------------
The Funds have an agreement with Van Wagoner Capital Management, Inc. (the
"Adviser") to furnish investment advisory services to the Funds. Under the
terms of this agreement, the Adviser is compensated at the rate of 1.25%
and 1.00% of the average daily net assets of the Capital Appreciation Fund
and Growth Fund, respectively. The Adviser has agreed to voluntarily
reduce fees for expenses (exclusive of brokerage, interest, taxes and
extraordinary expenses) that exceed the expense limitation of 1.95% for
each Fund until January 1, 2001. Expenses of $31,691 and $29,440 were
waived in the Capital Appreciation and Growth Funds, respectively, during
the period ended June 30, 2000.
<PAGE>
VAN WAGONER FUNDS, INC.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
(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. No fees were paid under the
plan during the six months ended June 30, 2000.
(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:
Capital
Appreciation Growth
Fund Fund
---- ----
Purchases $2,827,703 $2,872,066
Sales 2,337,470 2,351,822
The cost of securities on a tax basis at June 30, 2000 for the Capital
Appreciation Fund and Growth Fund was $2,097,883 and $1,694,269,
respectively. At June 30, 2000, gross unrealized appreciation and
depreciation on investments for federal income tax purposes were as follows:
Capital
Appreciation Growth
Fund Fund
---- ----
Unrealized appreciation $1,257,443 $1,114,689
Unrealized depreciation (143,874) (143,446)
--------- ---------
Net unrealized appreciation
on investments $1,113,569 $971,243
========== ========
<PAGE>
VAN WAGONER FUNDS, INC.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
(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 subsequently2
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.
<PAGE>
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