wcmpf-ncsrs.htm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-22045

Wisconsin Capital Funds, Inc.

(Exact name of registrant as specified in charter)

1221 John Q. Hammons Drive

Madison, Wisconsin 53717

(Address of principal executive offices) (Zip code)

Thomas G. Plumb

1221 John Q. Hammons Drive

Madison, Wisconsin 53717

(Name and address of agent for service)

(608) 824-8800

Registrant's telephone number, including area code

Date of fiscal year end: March 31

Date of reporting period: September 30, 2014

Item 1. Reports to Stockholders.

Plumb Balanced Fund

Plumb Equity Fund

SEMI-ANNUAL REPORT

September 30, 2014

www.plumbfunds.com

PLUMB FUNDS

September 30, 2014

Dear Fellow Shareholders:

We are pleased to present the semi-annual report for the Plumb Funds. Fueled by their equity returns, the Plumb Balanced Fund and the Plumb Equity Fund exceeded their blended* benchmarks and provided shareholders positive returns for the six months ended September 30, 2014, with the Funds up 4.53% and 5.93%, respectively and the blended benchmarks up 3.56% and 5.38%, respectively. For the one-year period ended September 30, 2014, the average annual return has been 15.30% for the Plumb Balanced Fund and 20.68% for the Plumb Equity Fund. For the three-year period ended September 30, 2014, the average annual return has been 13.41% for the Plumb Balanced Fund and 16.69% for the Plumb Equity Fund. For the five-year period ended September 30, 2014, the average annual return has been 9.06% for the Plumb Balanced Fund and 10.18% for the Plumb Equity Fund. Since inception (5/24/2007), the Plumb Balanced Fund and Plumb Equity Fund have averaged annual returns of 3.16% and 2.55%, respectively. The Balanced Fund’s Gross and Net** Expense Ratio as noted in the prospectus dated August 1, 2014 are 1.60% and 1.27%, respectively. The Equity Fund’s Gross and Net** Expense Ratio as noted in the prospectus dated August 1, 2014 are 1.69% and 1.41%, respectively.

Performance data quoted represents past performance and does not guarantee future results. Investment returns and principal value will fluctuate, and when sold, may be worth more or less than their original cost. Performance data current to the most recent month-end may be lower or higher than the performance quoted and can be obtained by calling 866-987-7888.

**	The Fund’s Advisor has contractually agreed to waive fees through at least July 31, 2015.

The Funds’ performance should be reviewed in light of the markets that they operate in. For the last one year, five years, and since the Funds’ inception, as of 9/30/2014, the U.S. stock market has had average annual returns of 19.73%, 15.70%, and 6.00%, as measured by the total return of the S&P 500. The broader international markets, as measured by the MSCI EAFE Index, have averaged 1.53%, 3.52%, and -2.62% during those periods, while the Barclays Capital Intermediate Government/Credit Bond Index averaged 2.20%, 3.42%, and 4.47% for the same time frames.

Individual positions contributing to the 5.93% return in the Equity Fund were led by Exact Sciences, which received FDA approval for its revolutionary new colorectal cancer detection product during the period, Allergan, the Botox and eye-products company that received an unsolicited buyout offer from Valeant Pharmaceuticals, Apple, which unveiled its new highly anticipated phone products, and Kansas City Southern, a relatively new position for the Fund that we selected in an effort to participate in the cross-border railroad traffic between the United States and Mexico. These selections were somewhat offset by Las Vegas Sands whose stock declined due to concerns about its Macau gambling facility growth. We eliminated this position during the quarter ended September 30, 2014.

PLUMB FUNDS

The Balanced Fund was up 4.53% for the six months and had many of the same factors going for it, but also benefitted from its exposure to energy infrastructure. These pipeline and service companies bucked the under-performance trend of companies that own the oil and gas fields.

Our investment approach is to seek out good quality, growing companies trading at what we believe are reasonable prices. In the Balanced Fund, we generally use fixed income investments in an attempt to moderate the volatility of the stock market and to provide a potential income component to our total return objective. With the low interest rate environment present since the financial crisis, it has been difficult to find attractive fixed income instruments to meet that objective. In fact, at times, the dividend yield on high quality blue-chip stocks exceeded the yield of ten-year U.S. Treasury Bonds. In this environment, we have added securities that seek to generate income that may have an equity component to the Balanced Fund’s overall asset mix, such as publicly traded partnerships that combine capital appreciation potential with the potential for high current income yields.

Best wishes in the coming year from all of us at the Plumb Funds.

Thomas G. Plumb

Opinions expressed are those of Thomas Plumb and is not intended to be a forecast of future events, a guarantee of future results, nor investment advice.

Must be preceded or accompanied by a current prospectus.

Fund holdings and sector allocations are subject to change and should not be considered recommendations to buy or sell any security. Please refer to the schedule of investments in this report for complete holdings information.

Mutual fund investing involves risk. Principal loss is possible. The Funds may invest in small and mid-sized companies which involve additional risks such as limited liquidity and greater volatility. The Funds invest in foreign securities which involve greater volatility and political, economic and currency risks and differences in accounting methods. The Balanced Fund will invest in debt securities, which typically decrease in value when interest rates rise. This risk is usually greater for longer-term debt securities. Investments by the Balanced Fund in lower-rated and non-rated securities present a greater risk of loss to principal and interest than higher-rated securities. Investments in Asset Backed and Mortgage Backed Securities include additional risks that investors should be aware of such as credit risk, prepayment risk, possible illiquidity and default, as well as increased susceptibility to adverse economic developments. Because the Funds may invest in ETFs, they are subject to additional risks that do not apply to conventional mutual funds, including the risks that the market price of an ETF’s shares may trade at a discount to its net asset value (“NAV”), an active secondary trading market may not develop or be maintained, or trading may be halted by the exchange in which they trade, which may impact the Funds’ ability to sell its shares.

PLUMB FUNDS

The S&P 500 Index is an unmanaged market capitalization-weighted index based on the average weighted performance of 500 widely held common stocks. The Barclays Capital Intermediate Government/Credit Bond Index is an unmanaged market value weighted index measuring the principal price changes of, and income provided by, the underlying universe of securities that comprise the index. The MSCI EAFE Index is an unmanaged market capitalization-weighted index that is designed to measure the equity market performance of developed markets, excluding the US & Canada.

The blended benchmark for the Plumb Balanced Fund is made up of 55% S&P 500 index, 35% Barclays capital intermediate government/credit bond index and 10% MSCI EAFE index. The blended benchmark for the Plumb Equity Fund is made up of 90% S&P 500 index, and 10% MSCI EAFE index. You cannot invest directly in an index.

The Plumb Funds are distributed by Quasar Distributors, LLC.

PLUMB FUNDS

Expense Example

September 30, 2014 (Unaudited)

As a shareholder of the Plumb Funds (the “Funds”), you incur ongoing costs, including investment advisory fees; distribution (12b-1) fees; and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (April 1, 2014 – September 30, 2014).

Actual Expenses

The first line of the table on the following page provides information about actual account values and actual expenses. However, the table does not include shareholder-specific fees such as the $15.00 fee charged for wire redemptions. The table also does not include portfolio trading commissions and related trading costs. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During the Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line of the table on the following page provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees, or exchange fees, which, although not charged by the Funds, may be charged by other funds. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

PLUMB FUNDS

Expense Example

September 30, 2014 (Unaudited) (Continued)

Plumb Balanced Fund

			Expenses Paid
	Beginning	Ending	During the Period*
	Account Value	Account Value	April 1, 2014 to
	April 1, 2014	September 30, 2014	September 30, 2014
Actual	$1,000.00	$1,045.30	$6.51
Hypothetical
(5% return per
year before expenses)	$1,000.00	$1,018.70	$6.43

*	Expenses are equal to the Fund’s annualized expense ratio of 1.27%, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the partial year period).

Plumb Equity Fund

			Expenses Paid
	Beginning	Ending	During the Period*
	Account Value	Account Value	April 1, 2014 to
	April 1, 2014	September 30, 2014	September 30, 2014
Actual	$1,000.00	$1,059.30	$7.28
Hypothetical
(5% return per
year before expenses)	$1,000.00	$1,018.00	$7.13

*	Expenses are equal to the Fund’s annualized expense ratio of 1.41%, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the partial year period).

PLUMB FUNDS

Plumb Balanced Fund

Investments by Industry Sector as of September 30, 2014

(as a Percentage of Total Investments) (Unaudited)

PLUMB FUNDS

Plumb Equity Fund

Investments by Industry Sector as of September 30, 2014

(as a Percentage of Total Investments) (Unaudited)

PLUMB FUNDS

Plumb Balanced Fund

Schedule of Investments – September 30, 2014 (Unaudited)

	Shares		Value

COMMON STOCKS – 66.48%

Administrative and Support Services – 2.94%
Priceline Group, Inc. (a)		550	$	637,219
Synchrony Financial (a)		15,000		368,250
				1,005,469

Air Transportation – 0.63%
Delta Air Lines, Inc.		6,000		216,900


Beverage and Tobacco Product Manufacturing – 5.41%
Constellation Brands, Inc. – Class A (a)		11,000		958,760
Diageo PLC – ADR		4,500		519,300
Pepsico, Inc.		4,000		372,360
				1,850,420

Broadcasting (except Internet) – 1.43%
The Walt Disney Company		5,500		489,665


Chemical Manufacturing – 6.34%
Allergan, Inc.		3,000		534,570
Church & Dwight Company, Inc.		7,000		491,120
E.I. du Pont de Nemours and Company		6,300		452,088
Johnson & Johnson		6,500		692,835
				2,170,613

Computer and Electronic
Product Manufacturing – 8.85%
Apple, Inc.		4,200		423,150
Medtronic, Inc.		8,000		495,600
Microchip Technology, Inc.		13,000		613,990
NXP Semiconductors NV (a) (b)		7,000		479,010
QUALCOMM, Inc.		9,000		672,930
VeriFone Systems, Inc. (a)		10,000		343,800
				3,028,480

Couriers and Messengers – 1.72%
United Parcel Service, Inc. – Class B		6,000		589,740


Credit Intermediation and Related Activities – 6.71%
American Express Company		6,000		525,240
Discover Financial Services		11,000		708,290
JPMorgan Chase & Company		7,000		421,680
Visa, Inc. – Class A		3,000		640,110
				2,295,320

The accompanying notes are an integral part of these financial statements.

PLUMB FUNDS

Plumb Balanced Fund

Schedule of Investments – September 30, 2014 (Unaudited) (Continued)

	Shares		Value

COMMON STOCKS (Continued)

Data Processing, Hosting,
and Related Services – 1.89%
Fiserv, Inc. (a)		10,000	$	646,350


Electrical Equipment, Appliance, and
Component Manufacturing – 0.91%
Emerson Electric Company		5,000		312,900


Food Manufacturing – 1.50%
The Hain Celestial Group, Inc. (a)		5,000		511,750


Insurance Carriers and Related Activities – 3.07%
American International Group, Inc.		10,500		567,210
Berkshire Hathaway, Inc. – Class B (a)		3,500		483,490
				1,050,700

Machinery Manufacturing – 1.80%
General Electric Company		24,000		614,880


Miscellaneous Manufacturing – 3.34%
3M Company		3,500		495,880
Intuitive Surgical, Inc. (a)		1,400		646,548
				1,142,428

Other Information Services – 2.13%
Google Inc. – Class A (a)		700		411,887
Google Inc. – Class C (a)		550		317,548
				729,435

Pipeline Transportation – 3.92%
Enbridge, Inc. (b)		14,000		670,320
TransCanada Corporation (b)		13,000		669,890
				1,340,210

Professional, Scientific, and Technical Services – 2.83%
Cerner Corporation (a)		6,500		387,205
Exact Sciences Corporation (a)		30,000		581,400
				968,605

Publishing Industries (Except Internet) – 1.11%
ANSYS, Inc. (a)		5,000		378,350


Rail Transportation – 2.13%
Kansas City Southern		6,000		727,200

The accompanying notes are an integral part of these financial statements.

PLUMB FUNDS

Plumb Balanced Fund

Schedule of Investments – September 30, 2014 (Unaudited) (Continued)

	Shares		Value

COMMON STOCKS (Continued)

Rental and Leasing Services – 1.16%
Ryder System, Inc.		4,400	$	395,868


Support Activities for Mining – 3.81%
ConocoPhillips		8,000		612,160
Schlumberger Limited (b)		6,800		691,492
				1,303,652

Transportation Equipment Manufacturing – 1.17%
Ford Motor Company		27,000		399,330


Utilities – 1.68%
Kinder Morgan, Inc.		15,000		575,100

TOTAL COMMON STOCKS
(Cost $15,851,201)				22,743,365


EXCHANGE-TRADED FUNDS – 1.96%

Funds, Trusts, and Other Financial Vehicles – 1.96%
Alerian MLP ETF		35,000		670,950

TOTAL EXCHANGE-TRADED FUNDS
(Cost $565,283)				670,950

	Principal
	Amount


TRUST PREFERRED SECURITIES – 1.60%

Credit Intermediation and Related Activities – 1.60%
Wells Fargo & Company	$	500,000		549,650

TOTAL TRUST PREFERRED SECURITIES
(Cost $570,229)				549,650

CORPORATE BONDS – 29.34%

Administrative and Support Services – 1.49%
The Dun & Bradstreet Corporation
4.375%, 12/01/2022		500,000		510,977

Broadcasting (except Internet) – 1.54%
Time Warner Cable, Inc.
4.000%, 09/01/2021		500,000		526,902

The accompanying notes are an integral part of these financial statements.

PLUMB FUNDS

Plumb Balanced Fund

Schedule of Investments – September 30, 2014 (Unaudited) (Continued)

	Principal
	Amount		Value

CORPORATE BONDS (Continued)

Clothing and Clothing Accessories Stores – 1.55%
Hanesbrands, Inc.
6.375%, 12/15/2020	$	500,000	$	528,500


Computer and Electronic
Product Manufacturing – 2.88%
Bio-Rad Laboratories, Inc.
4.875%, 12/15/2020		425,000		452,871
Nokia Corporation
5.375%, 05/15/2019 (b)		500,000		531,250
				984,121

Credit Intermediation and Related Activities – 4.46%
Bank of America Corporation
5.000%, 05/10/2030 (c)		500,000		500,969
General Electric Capital Corporation
1.375%, 08/01/2017 (c)		500,000		499,515
Zions Bancorporation
3.700%, 02/15/2018		523,000		523,722
				1,524,206

Data Processing, Hosting, and Related Services – 1.13%
Verisign, Inc.
4.625%, 05/01/2023		400,000		388,000


Electronics and Appliance Stores – 1.59%
Ingram Micro, Inc.
5.250%, 09/01/2017		500,000		544,878


Food Services and Drinking Places – 1.48%
Darden Restaurants, Inc.
4.500%, 10/15/2021		500,000		504,411


Funds, Trusts, and Other Financial Vehicles – 1.50%
Senior Housing Properties Trust
4.300%, 01/15/2016		500,000		514,564


Health and Personal Care Stores – 0.98%
CVS Pass-Through Trust
6.943%, 01/10/2030		276,090		336,673

The accompanying notes are an integral part of these financial statements.

PLUMB FUNDS

Plumb Balanced Fund

Schedule of Investments – September 30, 2014 (Unaudited) (Continued)

	Principal
	Amount		Value

CORPORATE BONDS (Continued)

Oil and Gas Extraction – 2.55%
Freeport-McMoRan Oil & Gas LLC
6.625%, 05/01/2021	$	330,000	$	362,175
Petrobras International Finance Company
3.500%, 02/06/2017 (b)		500,000		509,940
				872,115

Pipeline Transportation – 1.06%
Copano Energy, LLC
7.125%, 04/01/2021		325,000		361,708


Publishing Industries (Except Internet) – 1.51%
Symantec Corporation
4.200%, 09/15/2020		500,000		517,751


Securities, Commodity Contracts, and Other
Financial Investments and Related Activities – 5.62%
Citigroup, Inc.
1.584%, 04/25/2024 (c)		500,000		500,219
The Goldman Sachs Group, Inc.
3.000%, 10/30/2027 (c)		500,000		486,183
Morgan Stanley
5.000%, 10/15/2030 (c)		500,000		514,225
Morgan Stanley
4.172%, 12/01/2017 (c)		400,000		421,068
				1,921,695

TOTAL CORPORATE BONDS
(Cost $9,876,478)				10,036,501

The accompanying notes are an integral part of these financial statements.

PLUMB FUNDS

Plumb Balanced Fund

Schedule of Investments – September 30, 2014 (Unaudited) (Continued)

	Shares		Value

SHORT-TERM INVESTMENTS – 0.21%

Money Market Funds – 0.21%
Invesco STIC Prime Portolio 0.01% (c)		73,915	$	73,915

TOTAL SHORT-TERM INVESTMENTS
(Cost $73,915)				73,915

Total Investments
(Cost $26,937,106) – 99.59%				34,074,381
Other Assets in Excess of Liabilities – 0.41%				138,984
TOTAL NET ASSETS – 100.00%			$	34,213,365

Percentages are stated as a percent of net assets.

ADR – American Depositary Receipt

(a)	Non-income producing security.

(b)	Foreign-issued security. Total foreign concentration was as follows: Cayman Islands 1.49%, Canada 3.92%, Curacao 2.02%, Finland 1.55%, Netherlands 1.40%.

(c)	Variable rate security. The rate listed is as of September 30, 2014.

The accompanying notes are an integral part of these financial statements.

PLUMB FUNDS

Plumb Equity Fund

Schedule of Investments – September 30, 2014 (Unaudited)

	Shares		Value

COMMON STOCKS – 97.05%

Administrative and Support Services – 4.48%
Priceline Group, Inc. (a)		500	$	579,290
Synchrony Financial (a)		18,000		441,900
				1,021,190

Air Transportation – 0.95%
Delta Air Lines, Inc.		6,000		216,900


Beverage and Tobacco
Product Manufacturing – 7.90%
Brown-Forman Corporation – Class B		3,000		270,660
Constellation Brands, Inc. – Class A (a)		11,000		958,760
Diageo PLC – ADR		5,000		577,000
				1,806,420

Broadcasting (except Internet) – 3.47%
Liberty Interactive Corporation – Class A (a)		7,500		213,900
The Walt Disney Company		6,500		578,695
				792,595

Chemical Manufacturing – 8.85%
Allergan, Inc.		2,000		356,380
Church & Dwight Company, Inc.		7,500		526,200
E.I. du Pont de Nemours and Company		7,000		502,320
Johnson & Johnson		6,000		639,540
				2,024,440

Computer and Electronic
Product Manufacturing – 13.31%
Apple, Inc.		4,200		423,150
Medtronic, Inc.		8,500		526,575
Microchip Technology, Inc.		12,000		566,760
NXP Semiconductors NV (a) (b)		8,000		547,440
QUALCOMM, Inc.		8,500		635,545
VeriFone Systems, Inc. (a)		10,000		343,800
				3,043,270

Couriers and Messengers – 2.58%
United Parcel Service, Inc. – Class B		6,000		589,740

The accompanying notes are an integral part of these financial statements.

PLUMB FUNDS

Plumb Equity Fund

Schedule of Investments – September 30, 2014 (Unaudited) (Continued)

	Shares		Value

COMMON STOCKS (Continued)

Credit Intermediation and Related Activities – 10.17%
American Express Company		6,000	$	525,240
Discover Financial Services		11,000		708,290
JPMorgan Chase & Company		7,500		451,800
Visa, Inc. – Class A		3,000		640,110
				2,325,440

Data Processing, Hosting, and Related Services – 2.83%
Fiserv, Inc. (a)		10,000		646,350


Food Manufacturing – 2.01%
The Hain Celestial Group, Inc. (a)		4,500		460,575


Insurance Carriers and Related Activities – 4.23%
American International Group, Inc.		11,500		621,230
Berkshire Hathaway, Inc. – Class B (a)		2,500		345,350
				966,580

Machinery Manufacturing – 2.46%
General Electric Company		22,000		563,640


Miscellaneous Manufacturing – 2.52%
Intuitive Surgical, Inc. (a)		1,250		577,275


Oil and Gas Extraction – 2.49%
Phillips 66		7,000		569,170


Other Information Services – 3.32%
Google Inc. – Class A (a)		700		411,887
Google Inc. – Class C (a)		600		346,416
				758,303

Pipeline Transportation – 5.60%
Enbridge, Inc. (b)		16,000		766,080
TransCanada Corporation (b)		10,000		515,300
				1,281,380

Professional, Scientific, and Technical Services – 5.34%
Cerner Corporation (a)		7,500		446,775
Exact Sciences Corporation (a)		40,000		775,200
				1,221,975

The accompanying notes are an integral part of these financial statements.

PLUMB FUNDS

Plumb Equity Fund

Schedule of Investments – September 30, 2014 (Unaudited) (Continued)

	Shares		Value

COMMON STOCKS (Continued)

Publishing Industries (Except Internet) – 1.65%
ANSYS, Inc. (a)		5,000	$	378,350


Rail Transportation – 3.18%
Kansas City Southern		6,000		727,200


Rental and Leasing Services – 1.97%
Ryder System, Inc.		5,000		449,850


Support Activities for Mining – 5.61%
ConocoPhillips		7,200		550,944
Schlumberger Limited (b)		7,200		732,168
				1,283,112

Transportation Equipment Manufacturing – 2.13%
Ford Motor Company		33,000		488,070


TOTAL COMMON STOCKS
(Cost $15,541,039)				22,191,825


SHORT-TERM INVESTMENTS – 3.01%

Money Market Funds – 3.01%
Invesco STIC Prime Portolio 0.01% (c)		676,000		676,000
Invesco STIC Treasury Portolio 0.01% (c)		12,026		12,026
				688,026

TOTAL SHORT-TERM INVESTMENTS
(Cost $688,026)				688,026


Total Investments
(Cost $16,229,065) – 100.06%				22,879,851
Liabilities in Excess of Other Assets – (0.06)%				(13,386	)
TOTAL NET ASSETS – 100.00%			$	22,866,465

Percentages are stated as a percent of net assets.

ADR – American Depositary Receipt

(a)	Non-income producing security.

(b)	Foreign-issued security. Total foreign concentration was as follows: Canada 5.60%, Curacao 3.20%, Netherlands 2.39%.

(c)	Variable rate security. The rate listed is as of September 30, 2014.

The accompanying notes are an integral part of these financial statements.

PLUMB FUNDS

Statements of Assets and Liabilities

September 30, 2014 (Unaudited)

	Plumb			Plumb
	Balanced			Equity
	Fund			Fund

Assets
Investments, at value*	$	34,074,381		$	22,879,851
Dividends and interest receivable		145,739			25,350
Receivable for investments sold		227,818			—
Receivable for fund shares sold		1,218			2,500
Prepaid assets		6,311			8,089
Total Assets		34,455,467			22,915,790


Liabilities
Payable for investments purchased		105,571			—
Payable for fund shares redeemed		74,829			—
Accrued distribution fee		21,757			11,087
Payable to Advisor (a)		2,501			6,579
Administrative & accounting
services fee payable (a)		5,694			3,812
Payable to directors		4,515			2,967
Accrued expenses and other liabilities		27,235			24,880
Total Liabilities		242,102			49,325
Net Assets	$	34,213,365		$	22,866,465


Net Assets Consist Of:
Paid in capital	$	35,371,310		$	16,287,187
Accumulated undistributed
net investment income		298,018			36,728
Accumulated net realized loss		(8,593,238	)		(108,236	)
Net unrealized appreciation on investments		7,137,275			6,650,786
Net Assets	$	34,213,365		$	22,866,465


Capital shares outstanding, $0.001 par value
(200 million shares issued each)		1,560,492			1,000,603
Net asset value, offering and
redemption price per share	$	21.92		$	22.85

* Cost of Investments	$	26,937,106		$	16,229,065

(a)	See Note 4 in the Notes to Financial Statements.

The accompanying notes are an integral part of these financial statements.

PLUMB FUNDS

Statements of Operations

For the Six Months Ended September 30, 2014 (Unaudited)

	Plumb			Plumb
	Balanced			Equity
	Fund			Fund
Investment Income:
Dividends (Net of foreign withholding
taxes of $4,317 and $3,943, respectively)	$	196,957		$	162,075
Interest		202,070			196
Total Investment Income		399,027			162,271

Expenses:
Investment Advisor’s fee (a)		111,142			75,428
Distribution fees		42,747			29,011
Administrative & accounting service fees (a)		34,198			23,209
Legal fees		11,842			7,733
Administration fee		5,433			4,691
Transfer agent fees and expenses		23,550			19,178
Fund accounting fees		16,985			15,578
Registration fees		5,859			5,097
Director fees and expenses		8,977			5,979
Audit and tax fees		9,170			6,032
Custody fees		3,810			3,843
Insurance expense		1,660			1,281
Printing and mailing expense		2,908			1,633
Total expenses before waiver		278,281			198,693
Less: Fees waived/reimbursed by Advisor (a)		(64,546	)		(36,232	)
Net expenses		213,735			162,461
Net Investment Income (Loss)		185,292			(190	)

Realized and Unrealized Gain:
Net realized gain on investments		1,535,266			1,720,490
Net change in unrealized
appreciation on investments		(207,092	)		(376,594	)
Net realized and unrealized
gain on investments		1,328,174			1,343,896

Net Increase in Net Assets
Resulting from Operations	$	1,513,466		$	1,343,706

(a)	See Note 4 in the Notes to the Financial Statements.

The accompanying notes are an integral part of these financial statements.

PLUMB FUNDS

Plumb Balanced Fund

Statements of Changes in Net Assets

	For the
	Six Months			For the
	Ended			Year Ended
	September 30,			March 31,
	2014			2014
	(Unaudited)

Operations:
Net investment income	$	185,292		$	445,094
Net realized gain on investments		1,535,266			3,577,862
Net change in unrealized appreciation
on investments		(207,092	)		916,326
Net increase in net assets
resulting from operations		1,513,466			4,939,282

Dividends And Distributions To Shareholders:
Net investment income		—			(469,807	)
Total dividends and distributions		—			(469,807	)

Capital Share Transactions:
Proceeds from shares sold		219,547			1,676,658
Shares issued in reinvestment of dividends		—			206,053
Cost of shares redeemed		(929,955	)		(7,036,124	)
Net decrease in net assets
from capital share transactions		(710,408	)		(5,153,413	)

Total increase (decrease) in net assets		803,058			(683,938	)

Net Assets:
Beginning of period		33,410,307			34,094,245
End of period*	$	34,213,365		$	33,410,307

* Including accumulated undistributed
net investment income of:	$	298,018		$	112,726

Change In Shares Outstanding:
Shares sold		10,289			85,008
Shares issued in reinvestment of dividends		—			10,298
Shares redeemed		(43,117	)		(361,453	)
Net decrease		(32,828	)		(266,147	)

The accompanying notes are an integral part of these financial statements.

PLUMB FUNDS

Plumb Equity Fund

Statements of Changes in Net Assets

	For the
	Six Months			For the
	Ended			Year Ended
	September 30,			March 31,
	2014			2014
	(Unaudited)

Operations:
Net investment income (loss)	$	(190	)	$	93,641
Net realized gain on investments		1,720,490			4,678,354
Net change in unrealized appreciation
on investments		(376,594	)		235,641
Net increase in net assets
resulting from operations		1,343,706			5,007,636

Dividends And Distributions To Shareholders:
Net investment income		—			(130,916	)
Total dividends and distributions		—			(130,916	)

Capital Share Transactions:
Proceeds from shares sold		309,055			1,000,148
Shares issued in reinvestment of dividends		—			77,104
Cost of shares redeemed		(2,326,378	)		(18,836,129	)
Net decrease in net assets from
capital share transactions		(2,017,323	)		(17,758,877	)

Total decrease in net assets		(673,617	)		(12,882,157	)

Net Assets:
Beginning of period		23,540,082			36,422,239
End of period*	$	22,866,465		$	23,540,082

* Including accumulated undistributed
net investment income of:	$	36,728		$	36,918

Change In Shares Outstanding:
Shares sold		13,806			51,920
Shares issued in reinvestment of dividends		—			3,813
Shares redeemed		(104,483	)		(1,002,488	)
Net decrease		(90,677	)		(946,755	)

The accompanying notes are an integral part of these financial statements.

PLUMB FUNDS

(This Page Intentionally Left Blank.)

PLUMB FUNDS

Plumb Balanced Fund

Financial Highlights

	For the
	Six Months
	Ended
	September 30
	2014
	(Unaudited)

Per share operating performance
(For a share outstanding throughout the period)

Net asset value, beginning of period	$	20.97
Operations:
Net investment income(1)		0.12
Net realized and unrealized gain (loss)		0.83

Total from investment operations		0.95

Dividends and distributions to shareholders:
Dividends from net investment income		—
Total dividends and distributions		—

Change in net asset value for the period		0.95

Net asset value, end of period	$	21.92
Total return(2)		4.53	%(4)

Ratios / supplemental data
Net assets, end of period (000)	$	34,213
Ratio of net expenses to average net assets:
Before expense reimbursement and waivers		1.63	%(5)
After expense reimbursement and waivers(3)		1.25	%(5)
Ratio of net investment income to average net assets:
After expense reimbursement and waivers(3)		1.08	%(5)
Portfolio turnover rate		24	%(4)

(1)	Net investment income per share is calculated using current year ending balances prior to consideration of adjustment for permanent book and tax differences.

(2)	Total return represents the rate that the investor would have earned or lost on an investment in the Fund, assuming reinvestment of dividends.

(3)	Effective July 1, 2010, the Advisor contractually agreed to cap the Fund’s expenses at 1.25%. Prior to July 1, 2010, the Fund’s expense cap was 1.10%.

(4)	Not annualized.

(5)	Annualized.

The accompanying notes are an integral part of these financial statements.

PLUMB FUNDS

Plumb Balanced Fund

Financial Highlights (Continued)

For the Years Ended March 31,
2014			2013			2012			2011			2010




$	18.34		$	18.38		$	17.82		$	16.43		$	12.72

	0.29			0.39			0.29			0.31			0.33
	2.63			(0.01	)		0.54			1.44			3.73

	2.92			0.38			0.83			1.75			4.06


	(0.29	)		(0.42	)		(0.27	)		(0.36	)		(0.35	)
	(0.29	)		(0.42	)		(0.27	)		(0.36	)		(0.35	)

	2.63			(0.04	)		0.56			1.39			3.71

$	20.97		$	18.34		$	18.38		$	17.82		$	16.43
	16.01	%		2.22	%		4.87	%		10.76	%		32.01	%


$	33,410		$	34,094		$	49,981		$	44,626		$	44,476

	1.58	%		1.47	%		1.48	%		1.56	%		1.64	%
	1.25	%		1.25	%		1.25	%		1.21	%		1.10	%

	1.36	%		1.83	%		1.78	%		1.79	%		2.15	%
	46	%		64	%		72	%		85	%		54	%

The accompanying notes are an integral part of these financial statements.

PLUMB FUNDS

Plumb Equity Fund

Financial Highlights

	For the
	Six Months
	Ended
	September 30
	2014
	(Unaudited)

Per share operating performance
(For a share outstanding throughout the period)

Net asset value, beginning of period	$	21.57
Operations:
Net investment income(1)		0.00
Net realized and unrealized gain (loss)		1.28

Total from investment operations		1.28

Dividends and distributions to shareholders:
Dividends from net investment income		—
Total dividends and distributions		—

Change in net asset value for the period		1.28

Net asset value, end of period	$	22.85
Total return(2)		5.93	%(4)

Ratios / supplemental data
Net assets, end of period (000)	$	22,866
Ratio of net expenses to average net assets:
Before expense reimbursement and waivers		1.71	%(5)
After expense reimbursement and waivers(3)		1.40	%(5)
Ratio of net investment income to average net assets:
After expense reimbursement and waivers(3)		(0.31	%)(5)
Portfolio turnover rate		17	%(4)

(1)	Net investment income per share is calculated using current year ending balances prior to consideration of adjustment for permanent book and tax differences.

(2)	Total return represents the rate that the investor would have earned or lost on an investment in the Fund, assuming reinvestment of dividends.

(3)	Effective July 1, 2010, the Advisor contractually agreed to cap the Fund’s expenses at 1.40%. Prior to July 1, 2010, the Fund’s expense cap was 1.20%.

(4)	Not annualized.

(5)	Annualized.

The accompanying notes are an integral part of these financial statements.

PLUMB FUNDS

Plumb Equity Fund

Financial Highlights (Continued)

For the Years Ended March 31,
2014			2013			2012			2011			2010




$	17.87		$	18.02		$	17.56		$	15.75		$	11.31

	0.11			0.20			0.08			0.07			0.14
	3.70			(0.14	)		0.42			1.86			4.45

	3.81			0.06			0.50			1.93			4.59


	(0.11	)		(0.21	)		(0.04	)		(0.12	)		(0.15	)
	(0.11	)		(0.21	)		(0.04	)		(0.12	)		(0.15	)

	3.70			(0.15	)		0.46			1.81			4.44

$	21.57		$	17.87		$	18.02		$	17.56		$	15.75
	21.38	%		0.42	%		2.88	%		12.31	%		40.66	%


$	23,540		$	36,422		$	49,982		$	17,322		$	15,406

	1.68	%		1.46	%		1.54	%		1.85	%		2.18	%
	1.40	%		1.40	%		1.40	%		1.35	%		1.20	%

	0.38	%		1.08	%		0.80	%		0.46	%		0.98	%
	52	%		84	%		69	%		111	%		73	%

The accompanying notes are an integral part of these financial statements.

PLUMB FUNDS

Notes to Financial Statements

September 30, 2014 (Unaudited)

1.	ORGANIZATION

Wisconsin Capital Funds, Inc. (the “Company”) is registered under the Investment Company Act of 1940 (the “1940 Act”) as an open-end, diversified management investment company. The Company was organized as a Maryland corporation on April 3, 2007. The Company is authorized to issue up to 2 billion shares, which are units of beneficial interest with a $0.001 par value. The Company currently offers shares of two series, each with its own investment strategy and risk/reward profile: the Plumb Balanced Fund and the Plumb Equity Fund (individually a “Fund”, collectively the “Funds”). The investment objective of the Plumb Balanced Fund is high total return through capital appreciation while attempting to preserve principal, with current income as a secondary objective. The investment objective of the Plumb Equity Fund is long-term capital appreciation. Wisconsin Capital Management, LLC (the “Advisor”) serves as the Funds’ investment advisor. The Advisor is indirectly owned by SVA Plumb Financial, LLC which in turn is partially owned by TGP, Inc. The Advisor is controlled by Thomas G. Plumb indirectly through TGP, Inc. Certain directors or officers of the Funds are also officers of the Advisor.

2.	SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of its financial statements. These policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”).

Security Valuation:

The Funds have adopted authoritative fair valuation accounting standards which establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a discussion in changes in valuation techniques and related inputs during the year. These inputs are summarized in the three broad levels listed below.

	Level 1 –	quoted prices in active markets for identical securities

	Level 2 –	other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

	Level 3 –	significant unobservable inputs (including the Funds’ own assumptions in determining fair value of investments)

Equity securities, including common stocks, foreign issued common stocks, and exchange-traded funds, are valued at the last sale price reported by the exchange

PLUMB FUNDS

Notes to Financial Statements

September 30, 2014 (Unaudited) (Continued)

on which the securities are primarily traded on the day of valuation. Nasdaq-listed securities are valued at their Nasdaq Official Closing Price. Equity securities not traded on a listed exchange or not traded using Nasdaq are valued as of the last sale price at the close of the U.S. market. If there are no sales on a given day for securities traded on an exchange, the latest bid quotation will be used. These securities will generally be classified as Level 1 securities.

Investments in mutual funds, including money market funds, are generally priced at the ending net asset value (NAV) provided by the service agent of the funds and will be classified as Level 1 securities.

Debt securities, such as corporate bonds, and trust preferred securities are valued using a market approach based on information supplied by independent pricing services. The market inputs used by the independent pricing service include: benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers, and reference data including market research publications. Debt securities with remaining maturities of 60 days or less may be valued on an amortized cost basis, which involves valuing an instrument at its cost and thereafter assuming a constant amortization to maturity of any discount or premium, regardless of the impact of fluctuating rates on the fair value of the instrument. To the extent the inputs are observable and timely, these debt securities and trust preferred securities will generally be classified as Level 2 securities.

Any securities or other assets for which market quotations are not readily available are valued at fair value as determined in good faith by the Advisor pursuant to procedures established under the general supervision and responsibility of the Funds’ Board of Directors and will be classified as Level 3 securities.

The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

PLUMB FUNDS

Notes to Financial Statements

September 30, 2014 (Unaudited) (Continued)

The following is a summary of the inputs used, as of September 30, 2014, to value the Funds’ investments carried at fair value:

Description	Level 1		Level 2		Level 3		Total
The Plumb Balanced Fund
Investments in:
Common Stock*	$	22,743,365	$	—	$	—	$	22,743,365
Exchange-Traded Funds*		670,950		—		—		670,950
Trust Preferred Securities*		—		549,650		—		549,650
Corporate Bonds*		—		10,036,501		—		10,036,501
Money Market Funds		73,915		—		—		73,915
Total	$	23,488,230	$	10,586,151	$	—	$	34,074,381

Description	Level 1		Level 2		Level 3		Total
The Plumb Equity Fund
Investments in:
Common Stock*	$	22,191,825	$	—	$	—	$	22,191,825
Money Market Funds		688,026		—		—		688,026
Total	$	22,879,851	$	—	$	—	$	22,879,851

For detailed industry descriptions, refer to the Schedule of Investments.

The Funds did not hold any investments during the period with significant unobservable inputs which would be classified as Level 3. As of and during the period ending September 30, 2014, no securities were transferred into or out of Level 1 or Level 2. It is the Funds’ policy to consider transfers into or out of any level as of the end of the reporting period. The Funds did not hold any derivative instruments during the period ending September 30, 2014.

Use of Estimates:

The presentation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

Expenses:

Expenses directly attributable to a Fund are charged to the Fund, while expenses attributable to more than one series of the Company are allocated among the respective series based on relative net assets or another appropriate basis.

PLUMB FUNDS

Notes to Financial Statements

September 30, 2014 (Unaudited) (Continued)

Federal Income Taxes:

The Funds intend to meet the requirements of the Internal Revenue Code (the “Code”) applicable to regulated investment companies and to distribute substantially all net investment taxable income and net capital gains to shareholders in a manner which results in no tax cost to the Funds. Therefore, no federal income or excise tax provision is recorded.

As of and during the period ended September 30, 2014, the Funds did not have a liability for any unrecognized tax benefits. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations. During the period ended September 30, 2014, the Funds did not incur any interest or penalties. The Funds are not subject to examination by U.S. taxing authorities for tax years prior to 2010.

Distributions to Shareholders:

Dividends from net investment income are declared and paid at least annually. Distributions of net realized capital gains, if any, will be declared and paid at least annually. Distributions to shareholders are recorded on the ex-dividend date.

The Funds may periodically make reclassifications among certain of its capital accounts as a result of the recognition and characterization of certain income and capital gain distributions determined annually in accordance with federal tax regulations which may differ from GAAP. Any such reclassifications will have no effect on net assets, results of operations or net asset values per share of the Funds.

Other:

Investment and shareholder transactions are recorded on the trade date. Gains or losses from investment transactions are determined using the specific identification method. Dividend income is recognized on the ex-dividend date and interest income is recognized on an accrual basis. Discounts and premiums on securities purchased are amortized over the expected life of the respective securities using the effective interest method. Withholding taxes on foreign dividends have been provided for in accordance with the Funds’ understanding of the applicable country’s tax rules and rates.

3.	DISTRIBUTION PLAN

The Company has adopted a plan pursuant to Rule 12b-1 under the 1940 Act (the “12b-1 Plan”), on behalf of the Funds, which authorizes it to pay Quasar Distributors, LLC (the “Distributor”) a distribution fee of 0.25% of the Funds’ average daily net assets for services to prospective Fund shareholders and distribution of Fund shares. During the period ended September 30, 2014, the Plumb Balanced Fund and the Plumb Equity Fund incurred expenses of $42,747

PLUMB FUNDS

Notes to Financial Statements

September 30, 2014 (Unaudited) (Continued)

and $29,011, respectively, pursuant to the 12b-1 Plan. As of September 30, 2014, $21,757 and $11,087 for the Plumb Balanced Fund and Plumb Equity Fund, respectively, were accrued.

4.	INVESTMENT ADVISOR AND OTHER AFFILIATES

The Funds have an Investment Advisory Agreement (the “Advisory Agreement”) with Wisconsin Capital Management, LLC. The Advisory Agreement provides for advisory fees computed daily and paid monthly at an annual rate of 0.65% of the Funds’ average daily net assets.

Under the terms of the Advisory Agreement, the Advisor has contractually agreed to limit the Funds’ expenses. The Advisor has agreed to limit annual operating expenses through July 31, 2015, to 1.25% and 1.40% of the Funds’ average daily net assets for the Plumb Balanced Fund and the Plumb Equity Fund, respectively. Any such waiver or reimbursement is subject to later adjustment to allow the Advisor to recoup amounts waived or reimbursed to the extent actual fees and expenses for a period are less than the expense limitation caps in place at the time the waiver was made, provided, however, that the Advisor shall only be entitled to recoup such amounts for a period of three years from the date such amount was waived or reimbursed. For the six months ended September 30, 2014, the Advisor waived expenses for the Plumb Balanced Fund and the Plumb Equity Fund of $64,546 and $36,232, respectively.

The following table shows the remaining waived or reimbursed expenses subject to potential recovery as of March 31, 2014 expiring in:

Plumb Balanced Fund	Plumb Equity Fund
2015 . . . . . . . $109,061	2015 . . . . . . . $42,559
2016 . . . . . . . $ 94,065	2016 . . . . . . . $24,641
2017 . . . . . . . $108,110	2017 . . . . . . . $72,213

The Funds also have an Administrative and Accounting Services Agreement (“Agreement”) with the Advisor. Fund administration responsibilities include general fund management, compliance, financial reporting, and oversight and assistance to other providers. The Advisor’s administrative and accounting fees are 0.20% of the Funds’ average daily net assets, computed daily and paid monthly.

5.	INVESTMENT TRANSACTIONS

For the six months ended September 30, 2014, the aggregate purchases and sales of investment securities, other than short-term investments, were as follows:

	Plumb Balanced Fund	Plumb Equity Fund
Purchases:	$8,191,118	$3,765,925
Sales:	$8,429,657	$6,320,529

PLUMB FUNDS

Notes to Financial Statements

September 30, 2014 (Unaudited) (Continued)

6.	BENEFICIAL OWNERSHIP

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates a presumption of control of the fund under Section 2(a)(9) of the 1940 Act. As of September 30, 2014 certain entities and their affiliates which may control or be under common control with the Advisor, including Thomas Plumb, SVA Plumb Trust Company, and SVA Plumb Wealth Management, LLC, either directly or for the benefit of their customers, owned 65.47% of the Plumb Balanced Fund and 70.62% of the Plumb Equity Fund.

7.	FEDERAL TAX INFORMATION

As of March 31, 2014 the components of accumulated earnings (losses) for income tax purposes were as follows:

	Plumb Balanced Fund			Plumb Equity Fund
Unrealized appreciation	$	7,523,538		$	7,088,216
Unrealized depreciation		(194,729	)		(101,989	)
Net tax unrealized
appreciation on investments		7,328,809			6,986,227
Undistributed ordinary income		69,281			36,918
Other accumulated losses		(10,069,501	)		(1,787,573	)
Total accumulated gains (losses)	$	(2,671,411	)	$	5,235,572

The tax cost of investments as of March 31, 2014 was $25,936,251 and $16,574,816 for the Plumb Balanced Fund and Plumb Equity Fund, respectively. The tax basis of investments for tax and financial reporting purposes differs principally due to the deferral of losses on wash sales.

As of March 31, 2014 the Funds had prior tax basis capital losses which may be carried over to offset future capital gains as shown below.

	Capital Loss Carryover
	Plumb Balanced Fund			Plumb Equity Fund
Expires:
March 31, 2017	$	(1,851,503	)	$	—
March 31, 2018	$	(8,217,998	)	$	(1,787,573	)

Prior year capital loss carryovers of $3,578,437 and $4,636,638 for the Plumb Balanced Fund and Plumb Equity Fund, respectively, were utilized during the year ended March 31, 2014.

PLUMB FUNDS

Notes to Financial Statements

September 30, 2014 (Unaudited) (Continued)

8.	DISTRIBUTIONS TO SHAREHOLDERS

The tax character of distributions paid during the fiscal years ended March 31, 2014 and 2013 was as follows:

	Plumb Balanced Fund
	Year Ended		Year Ended
	March 31, 2014		March 31, 2013
Distributions paid from:
Ordinary Income	$	469,807	$	913,396
Total Distributions Paid	$	469,807	$	913,396

	Plumb Equity Fund
	Year Ended		Year Ended
	March 31, 2014		March 31, 2013
Distributions paid from:
Ordinary Income	$	130,916	$	530,427
Total Distributions Paid	$	130,916	$	530,427

PLUMB FUNDS

Additional Information (Unaudited)

BOARD REVIEW OF FUNDS’ INVESTMENT ADVISORY AGREEMENT

The Investment Company Act of 1940, as amended (“1940 Act”), requires that the Funds’ Investment Advisory Agreement (the “Advisory Agreement”) with the Advisor be approved on an annual basis by the vote of a majority of the Board of Directors who are not parties to the Advisory Agreement or “interested persons” of the Funds (as that term is defined in 1940 Act) (the “Independent Directors”), cast in person at a meeting called for the purpose of voting on such approval. At its meeting held May 19, 2014, the Board of Directors, including all of the Independent Directors (one of whom cast his vote by telephone), unanimously approved the continuation of the Advisory Agreement for another year with a contractual waiver by the Advisor whereby the Advisor agreed to limit expenses until July 31, 2015, to 1.25% and 1.40% for the Plumb Balanced Fund and Plumb Equity Fund, respectively, to the extent that either Funds’ total annual operating expenses exceed those levels.

The Board’s approval was based on its consideration and evaluation of a variety of factors, which included, among other things: (i) the nature, extent and quality of the services rendered; (ii) the investment performance of each Fund; (iii) fees and expenses paid by each Fund to the Advisor; (iv) the economies of scale and whether economies of scale will accrue to the shareholders; and (v) the costs of the services to the Advisor and profits realized by the Advisor in providing services to the Funds.

In connection with its consideration of the Advisory Agreement, the Board reviewed and discussed and considered various materials at this meeting, including:

•a memorandum from Fund counsel discussing the duties and responsibilities of directors when approving investment advisory agreements;

•a memorandum and related materials from the Funds’ management providing information regarding:

othe Funds’ absolute performances, and their performances relative to industry benchmarks and a universe of relevant peers, as determined by Morningstar;

othe actual fees and expenses paid by the Funds and their expense ratios compared to their respective Morningstar peers; and

othe Advisor’s analysis of profitability of the Advisory Agreement and related administrative agreement to the Advisor.

•the Advisory Agreement and other service agreements with the Advisor or affiliates of the Advisor; and

•reports from the Funds’ Chief Compliance Officer regarding the Advisor’s adherence to the Funds’ compliance program.

PLUMB FUNDS

Additional Information (Unaudited)

In addition, the Board had received and considered detailed information on the Funds’ investment performance and expenses at each of its quarterly meetings during the year as well as in-person reports from the Funds’ portfolio managers and reports from the Funds’ Chief Compliance Officer.

The nature, extent and quality of the services rendered by the Advisor.

The Board considered the nature, extent, and quality of services provided by the Advisor, including services required to be provided under the Agreement, services required to be provided under other agreements with the Advisor, and additional services provided by the Advisor that were not required under any of those agreements. The Board considered the background and experience of the Funds’ portfolio managers, other advisory personnel, compliance personnel, and other support personnel. The Board noted that, in addition to investment management and broker-selection services, the Advisor prepares compliance and other materials for each of the Board’s meetings; provides office space, equipment, information technology, and administrative services necessary for operation of the Funds; and performs regular compliance and risk analysis functions for the Funds.

The Board determined that the Advisor, which has significant experience over the past quarter century managing mutual funds, was well qualified to continue managing the Funds. The Board noted the long history of the portfolio managers and other Advisor staff in the money management industry. The Board determined that, based on the information presented to it in the meeting materials, it believed that the nature, extent, and quality of services provided by the Advisor were reasonably comparable to those provided by advisors to comparable funds and that such services were adequate for the Funds’ needs.

The performance of the Funds.

In reviewing the investment performance of each of the Funds, the Board reviewed the year-to-date, one-year, three-year, five-year, and life-of-fund performances of the Balanced Fund and Equity Fund. The Advisor and the Board discussed the performance of the Funds, noting that while the performance of each Fund had lagged its respective benchmark during the three-year, five-year, and life-of-fund periods, each Fund had outperformed its benchmark over the year-to-date and one-year periods. The Advisor noted that it had added an additional portfolio manager during the year to both Funds and had implemented additional internal risk-control measures in an effort to limit the risk of future underperformance and to improve the total return of each of the Funds, and that these measures had now been in effect for over a year. The Advisor suggested that recent performance improvements by both Funds were in part attributable to those measures. The Board determined that these measures were reasonably likely to continue achieving their intended results.

PLUMB FUNDS

Additional Information (Unaudited) (Continued)

After considering the performances of the Balanced Fund and the Equity Fund, including a consideration of more positive recent performance and the apparent effectiveness of the risk-control measures, the Board determined that the performances of the Balanced Fund and the Equity Fund were satisfactory.

The fees and expenses charged by the Advisor.

The Board reviewed the expense ratios for each Fund, noting that pre-waiver expenses totaled 1.47 percent for the Balanced Fund and 1.58 percent for the Equity Fund, and that after the waiver of certain fees and expenses the expense ratio was 1.25 percent for the Balanced Fund and 1.40 percent for the Equity Fund. The Board noted that the gross expense ratio for the Balanced Fund had remained stable over the past fiscal year and that the gross expense ratio for the Equity Fund had increased as asset levels in that Fund declined. The Advisor acknowledged that both of these expense ratios were somewhat higher than both the average and the median of their respective Morningstar comparison universes, but suggested that the Morningstar expense ratios included funds and fund complexes with significantly larger amounts of assets under management, which tended to drive down fees and expenses for those other funds and fund complexes.

In reviewing the cost of services provided to the Funds and profits realized by the Advisor from these relationships, the Board stressed the Advisor’s willingness to waive and reimburse portions of its advisory fee in an effort to keep the Funds’ expense ratios competitive. The Board also noted that expense ratios tend to be higher for small funds in comparison to the industry in general, and that fluctuations in asset levels of the Funds over the past several years had demonstrated the significant impact that varying asset levels have on the Funds’ gross expense ratios. Overall, the Directors concurred that the fees charged by the Advisor to the Funds were appropriate given the quality and scope of services and fees charged by the Advisor to other clients, and that the Funds’ expense ratios were reasonable compared to peers and competitors.

The extent to which economies of scale will be realized as the Funds grow.

The Board also considered whether economies of scale might be realized as the Funds’ assets increase. Based on information provided by the Advisor, it estimated that each of the Funds would need to significantly increase their assets under management to achieve a level of assets under management whereby the gross expense ratio of each Fund were equal to or less than the amount of fees currently being waived by the Funds. The Board noted that an increase in assets could help the Funds to achieve economies of scale in the Funds’ operations, but that due to the continued relatively small size of the Funds, the Funds have yet to achieve any significant economies of scale. The Board concluded that neither the Balanced Fund nor the Equity Fund was likely to realize material economies of scale until assets under management in each grew significantly.

PLUMB FUNDS

Additional Information (Unaudited) (Continued)

Profits realized by the Advisor.

The Advisor discussed its profitability, indicating that it does not provide similar services to any other registered investment company. The Board considered the fees for other accounts managed by the Advisor. The Advisor indicated that none of these other accounts had investment objectives identical to either of the Funds. The Advisor outlined its standard investment advisory contract fee schedule for separately managed accounts and said that the standard contract is not strictly comparable to the advisory contract with the Funds because separately managed account clients do not require the same level of services or the same level of regulatory and compliance costs as does a registered investment company. The Advisor provided information to the Board regarding the net revenue generated by the Funds for the Advisor; it noted that much of the assets invested in the Funds are from its separately managed account clients, such that the Advisor waives its fee with respect to those client assets invested in the Funds and as a result, the Funds do not generate significant profitability for the Advisor. The Board agreed with this assessment.

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WISCONSIN CAPITAL FUNDS, INC.

c/o U.S. Bancorp Fund Services, LLC

P.O. Box 701

Milwaukee, WI 53201-0701

1-866-987-7888

INVESTMENT ADVISOR

Wisconsin Capital Management, LLC

1221 John Q. Hammons Drive

Madison, WI 53717

Telephone: (608) 824-8800

DISTRIBUTOR

Quasar Distributors, LLC

615 East Michigan Street

Milwaukee, WI 53202

CUSTODIAN

U.S. Bank National Association

1555 N. Rivercenter Drive

MK-WI-5302

Milwaukee, WI 53212

TRANSFER AGENT AND

DIVIDEND DISBURSING AGENT

US Bancorp Fund Services, LLC

615 East Michigan Street

Milwaukee, WI 53202

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

Cohen Fund Audit Services, Ltd.

1350 Euclid Avenue

Suite 800

Cleveland, OH 44115

LEGAL COUNSEL

Quarles & Brady LLP

411 East Wisconsin Avenue

Milwaukee, WI 53202

This report has been prepared for shareholders and may be distributed to others only if preceded or accompanied by a current prospectus.

The Funds’ Proxy Voting Policies and Procedures are available without charge upon request by calling 1-866-987-7888 and on the SEC’s website at www.sec.gov. Information regarding how the Funds voted proxies relating to portfolio securities during the 12-month period ended June 30, 2014 is available by calling 1-866-987-7888 and on the SEC’s website at www.sec.gov.

The Funds’ complete schedule of portfolio holdings for the first and third quarters is filed with the SEC on Form N-Q. The Funds’ Form N-Q is available without charge, upon request, by calling 1-866-987-7888 and on the SEC’s website at www.sec.gov. The Funds’ Forms N-Q may also be reviewed and copied at the Commission’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

Item 2. Code of Ethics.

Not Applicable for Semi-Annual Reports.

Item 3. Audit Committee Financial Expert.

Not Applicable for Semi-Annual Reports.

Item 4. Principal Accountant Fees and Services.

Not Applicable for Semi-Annual Reports

Item 5. Audit Committee of Listed Registrants.

Not applicable to registrants who are not listed issuers (as defined in Rule 10A-3 under the Securities Exchange Act of 1934).

Item 6. Investments.

Schedule of Investments is included as part of the report to shareholders filed under Item 1 of this Form.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable to open-end investment companies.

Item 10. Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of directors/trustees.

Item 11. Controls and Procedures.

(a)

The Registrant’s President/Chief Executive Officer (principal executive officer) and Vice President/Chief Financial Officer (principal financial officer) have reviewed the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934. Based on their review, such officers have concluded that the disclosure controls and procedures are effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known to them by others within the Registrant and by the Registrant’s service provider.

(b)

There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting.

Item 12. Exhibits.

(a)	(1) Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit. Not Applicable.

(2) A separate certification for each principal executive and principal financial officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. Filed herewith.

(3) Any written solicitation to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable to open-end investment companies.

(b)	Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. Furnished herewith.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) Wisconsin Capital Funds, Inc.

By (Signature and Title) /s/Thomas G. Plumb

Thomas G. Plumb, President

Date November 20, 2014

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title) /s/Thomas G. Plumb

Thomas G. Plumb, Principal Executive Officer

Date November 20, 2014

By (Signature and Title) /s/Timothy R. O’Brien

Timothy R. O’Brien, Principal Financial Officer

Date November 20, 2014

/s/Thomas G. Plumb Thomas G. Plumb Principal Executive Officer, Wisconsin Capital Funds, Inc.	/s/Timothy R. O’Brien Timothy R. O’Brien Principal Financial Officer, Wisconsin Capital Funds, Inc.
Dated: November 20, 2014	Dated: November 20, 2014