The Van Wagoner Growth Opportunities Fund seeks capital appreciation by investing in growth companies that are recognized as leaders in their industry, but are also known as innovators in their field.   Portfolio Manager: Garrett R. Van Wagoner The Fund invests in companies that continue to grow due to new, improved or upgraded products, services or business operations. We look for companies that are recognized as leaders in their industry and innovators within their field. 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. We're excited about the future of growing companies in America and the future of technology. We believe the worst is behind us and that this is a great time to invest in growth companies with extremely attractive valuations and the potential to provide significant returns. The Van Wagoner Growth Opportunities Fund will invest in mid-sized, growth companies that should benefit from an improving market and economy. Fund highlights include: Management fee based on performance No initial load or fees No low balance account servicing fees Van Wagoner Funds growth style investing & experienced portfolio management team Top Five Holdings1   Top Sector Allocations Anadigics, Inc. 6%   Information Technology 98% Asiainfo Holdings, Inc. 6%   Industrials 2% 3Par, Inc. 5%       Commvault Systems, Inc. 5%       Netezza Corp. 5%       As of 06/30/08   As of 06/30/08 Currently the Growth Opportunities 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 $0.17 none $0.17 2003 $2.22 none $2.22

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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.