Month End Performance
as of 04/30/2008

Fund Name	1 Month	3 Month	One Year	Average Annual Three Year	Average Annual Five Year	Average Annual Ten Year	Average Annual Since Inception	Fund Inception Date
Small-Cap Growth	14.17%	-1.30%	-30.03%	-6.57%	-5.40%	-3.61%	-2.00%	12/31/95
Growth Opportunities	14.07%	-2.16%	-31.63%	-10.09%	-5.09%	n/a	-3.93%	3/1/03
Emerging Growth	14.48%	-1.19%	-28.60%	-7.76%	-5.52%	-10.65%	-7.70%	12/31/95

Quarter End Performance
as of 03/31/2008

Fund Name	1st Qtr. 2008	One Year	Average Annual Three Year	Average Annual Five Year	Average Annual Ten Year	Average Annual Since Inception	Fund Inception Date
Small-Cap Growth	-31.59%	-38.46%	-12.93%	-6.57%	-4.57%	-31.75%	12/31/95
Growth Opportunities	-32.16%	-39.70%	-15.23%	-6.26%	n/a	-28.72%	3/1/03
Emerging Growth	-31.60%	-37.23%	-13.81%	-6.60%	-11.39%	-67.49%	12/31/95

The Fund's performance information assumes reinvestment of all dividends and includes all Fund expenses, but does not reflect the impact of taxes. Performance data quoted represent past performance, which is not a guarantee of future results. Both the return from and the principal value of an investment in the Fund will fluctuate so that any investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Returns shown are based on net change in NAV and reflect fee waivers in effect. In the absence of fee waivers, total return would be reduced. The Fund's performance information assumes reinvestment of all dividends and includes all Fund expenses.

The gross expense ratios for the Van Wagoner Funds (net ratios in parentheses*) are: Small-Cap Growth Fund 5.31% (3.81%); Growth Opportunities Fund 6.44% (5.34%); Emerging Growth Fund 4.81% (3.70%).

* One or more brokers through which the Fund executes portfolio transactions may provide payments to various parties (other than the Adviser) who provide services to the Funds. Such payments would have the effect of reducing Total Annual Fund Operating Expenses. These arrangements, however, may decrease the number of brokers through which the Fund executes transactions.

Fund/Index	2007	2006	2005	2004
Small-Cap Growth	-10.69%	6.29%	-12.37%	-15.79%
S&P SmallCap 600 Index	-0.30%	15.12%	7.69%	22.67%
Growth Opportunities	-11.38a	2.48%	-13.11%	-13.64%
S&P MidCap 400 Index	7.97	10.31%	12.55%	16.48%
Emerging Growth	-9.98%	10.84%	-22.29%	-16.04%
Nasdaq Composite Index	10.65%	10.39%	2.12%	9.15%

Fund/Index	2003	2002	2001	2000
Small-Cap Growth	37.47%	-39.68%	-40.74%	-18.23%
S&P SmallCap 600 Index	38.78%	-14.62%	6.55%	11.81%
Growth Opportunities	n/a	n/a	n/a	n/a
S&P MidCap 400 Index	n/a	n/a	n/a	n/a
Emerging Growth	47.22%	-64.56%	-59.70%	-20.90%
Nasdaq Composite Index	50.77%	-31.26%	-20.82%	-39.18%

The Fund's performance information assumes reinvestment of all dividends and includes all Fund expenses, but does not reflect the impact of taxes. Performance data quoted represent past performance, which is not a guarantee of future results. Both the return from and the principal value of an investment in the Fund will fluctuate so that any investor's shares, when redeemed, may be worth more or less than their original cost.

The S&P Small-Cap 600 Index is a capitalization-weighted index that measures the performance of selected U.S. stocks with a small market capitalization. The S&P MidCap 400 Index is a market-value weighted index that consists of 400 domestic stocks chosen for market size, liquidity, and industry group representation. The Nasdaq Composite Index is a broad-based capitalization-weighted index of all Nasdaq National Market and Small-Cap stocks.

Indexes are hypothetical portfolios of specified securities, the performance of which is used as a benchmark in judging the relative performance of securities. Indexes are unmanaged portfolios and do not guarantee future performance. It is not possible to invest in an index.