The Van Wagoner Emerging Growth Fund seeks capital appreciation by investing primarily in small-cap and mid-cap growth companies.   Portfolio Manager: Garrett R. Van Wagoner The Fund invests in firms that have the potential for above average long-term growth. We look for companies that offer innovative products or services, have a unique strength in specific areas such as research, product development or marketing and have strong management teams and financial resources. The firms can be either larger, established firms taking their existing products or services in a new direction, or smaller, emerging growth companies who are developing new products or services. The Fund looks for these growth opportunities in every industry. The companies in which the Fund invests may be in the developmental stage or may be older companies undergoing significant changes. As a result, they may be subject to greater business risks and more sensitive to changes in economic conditions than larger, more established companies. Top Five Holdings1   Top Sector Allocations Anadigics, Inc. 6%   Information Technology 98% Asiainfo Holdings, Inc. 6%   Industrials 2% 3Par, Inc. 6%       Commvault Systems, Inc. 5%       Netezza Corp. 5%       As of 06/30/08   As of 06/30/08 Currently the Emerging Growth Fund does not hold any private equity investments. To read more detailed statistics on the Fund including: Portfolio manager commentary Growth of $10,000 Asset allocation Please view our fund fact sheet for more information. Year Short-Term Gain Long-Term Gain Total 2007 none none none 2006 none none none 2005 none none none 2004 none none none 2003 none none none 2002 none none none 2001 none none none 2000 $0.38 $4.60 $4.98 1999 none none none 1998 none none none 1997 none none none 1996 none none none

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	1Portfolio composition will change due to ongoing management of the Fund. References to specific securities should not be construed as recommendations of the Fund or their Adviser.