N-CSRS 1 wcmpf-ncsrs.htm PLUMB FUNDS SEMIANNUAL REPORT 9-30-21
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)



8401 Excelsior Drive, Suite 102
Madison, WI 53717
(Address of principal executive offices) (Zip code)



Thomas G. Plumb
8401 Excelsior Drive, Suite 102
Madison, WI 53717
(Name and address of agent for service)



(608) 960-4616
Registrant's telephone number, including area code



Date of fiscal year end: March 31, 2022



Date of reporting period:  September 30, 2021



Item 1. Reports to Stockholders.

(a)











Plumb Balanced Fund
Investor Shares (PLBBX)
Institutional Shares (PLIBX)
Class A Shares (PLABX)



Plumb Equity Fund
Investor Shares (PLBEX)
Institutional Shares (PLIEX)
Class A Shares (PLAEX)






SEMI-ANNUAL REPORT
September 30, 2021







www.plumbfunds.com

PLUMB FUNDS

September 30, 2021
 
Dear Fellow Shareholders:
 
For the Plumb Balanced Fund’s (PLBBX) semi-annual period, ending September 30th, 2021, the Fund finished up 6.15% and ahead its blended benchmark by a total of 42 basis points. Just before quarter end on September 15th, the stock market temporarily swooned, disproportionally hitting the technology sector. However, the Plumb Funds outperformance was due mainly to an overweight in our usual technology allocation. The top attribution contributors were Nvidia, Domo, Alphabet (aka Google), Microsoft, and Adobe. The bottom attribution contributors were Wex, Exact Sciences, Constellation Brands, Olo and Guardant Health.
 
The Plumb Equity Fund (PLBEX) for the semi-annual period ending September 30th, 2021, finished up 8.46% and behind our blended benchmark by a total of 13 basis points. The top attribution contributors were Nvidia, Domo, Intuitive Surgical, Alphabet (aka Google), and Copart. The bottom attribution contributors were Wex, Exact Sciences, Olo, Guardant Health, and Constellation Brands.
 
Overall, the Plumb Funds philosophy is to focus on growth companies with secular macroeconomic drivers. Currently, we are directing our efforts on Software as a Service or SaaS (aka Application Software), payment processing, e-commerce, and increasingly faster graphic semiconductor chips. We believe we are in the early stages of a technological renaissance that Klaus Schwab named the 4th industrial revolution in 2016. The Fourth Industrial Revolution is a way of describing the blurring of boundaries between the physical, digital, and biological worlds.
 
Currently, the Plumb Funds feel that productivity gains will likely remain the primary focus of most publicly traded companies as they battle through labor shortages, supply chain issues, climate change, and COVID complications.
 
Now the top of mind is inflation and understanding if it is transitory or not. Simply put, the Plumb Funds feel commodity inflation is usually temporary, but wage inflation is not. Intuitively this makes sense, for once you get a raise in pay, one does not willing or easily go back to the old lower wage. To offset upward wage costs, companies will strive to run at maximum efficiency. We at the Plumb Funds feel this is a win-win for our shareholders for when companies focus on efficiency, there is less and less waste, which ultimately is better for our environment. We at the Plumb Fund invest in companies that are both transformative and enable significant drivers to help us all becoming better stewards of our planet.
 
Even as we closely monitor these and a litany of other issues, we remain steadfastly plotting our investment course, knowing that we believe a good investment is usually a sustainable growth company that ultimately benefits humankind.
 


Thomas G. Plumb
3

PLUMB FUNDS

Opinions expressed are those of Thomas Plumb and are not intended to be a forecast of future events, a guarantee of future results, or investment advice.
 
Must be preceded or accompanied by a current prospectus.
 
Past performance does not guarantee future results.
 
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 Plumb 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 Plumb 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 their shares.
 
The S&P 500 Index is an unmanaged market capitalization-weighted index based on the average weighted performance of 500 widely held common stocks.
 
A basis point is a standard measure for interest rates and other percentages in finance, representing one-one hundredth of one percent.
 
The Bloomberg Barclays Capital Intermediate Government/Credit Bond Index is an unmanaged market value weighted index measuring both 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% Bloomberg 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.
4

PLUMB FUNDS

Expense Example
September 30, 2021 (Unaudited)

As a shareholder of the Plumb Funds (the “Funds”), you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and redemption fees (for Class A Shares); and (2) 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, 2021 – September 30, 2021).
 
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 balanced 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. 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.
5

PLUMB FUNDS

Expense Example
September 30, 2021 (Unaudited) (Continued)

Plumb Balanced Fund

   
Ending
 
 
Beginning
Account Value
Expenses Paid
 
Account Value
September 30, 2021
During the Period
Actual –
     
  Investor Shares(1)
$1,000.00
$1,061.50
$6.15
  Institutional Shares(2)
$1,000.00
$1,062.50
$5.12
  Class A Shares(1)
$1,000.00
$1,061.70
$6.15
       
Hypothetical –
     
  Investor Shares(3)
$1,000.00
$1,019.10
$6.02
  Institutional Shares(4)
$1,000.00
$1,020.10
$5.01
  Class A Shares(3)
$1,000.00
$1,019.10
$6.02

(1)
Expenses are equal to the Fund’s annualized six-month expense ratio of 1.19%, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the partial year period).
(2)
Expenses are equal to the Fund’s annualized six-month expense ratio of 0.99%, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the partial year period).
(3)
Assumes 5% return per year before expenses. Expenses are equal to the Fund’s annualized six-month expense ratio of 1.19%, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the partial year period).
(4)
Assumes 5% return per year before expenses. Expenses are equal to the Fund’s annualized six-month expense ratio of 0.99%, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the partial year period).

6

PLUMB FUNDS

Expense Example
September 30, 2021 (Unaudited) (Continued)

Plumb Equity Fund

   
Ending
 
 
Beginning
Account Value
Expenses Paid
 
Account Value
September 30, 2021
During the Period
Actual –
     
  Investor Shares(1)
$1,000.00
$1,084.60
$6.22
  Institutional Shares(2)
$1,000.00
$1,085.50
$5.18
  Class A Shares(1)
$1,000.00
$1,084.60
$6.22
       
Hypothetical –
     
  Investor Shares(3)
$1,000.00
$1,019.10
$6.02
  Institutional Shares(4)
$1,000.00
$1,020.11
$5.01
  Class A Shares(3)
$1,000.00
$1,019.10
$6.02

(1)
Expenses are equal to the Fund’s annualized six-month expense ratio of 1.19%, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the partial year period).
(2)
Expenses are equal to the Fund’s annualized six-month expense ratio of 0.99%, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the partial year period).
(3)
Assumes 5% return per year before expenses. Expenses are equal to the Fund’s annualized six-month expense ratio of 1.19%, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the partial year period).
(4)
Assumes 5% return per year before expenses. Expenses are equal to the Fund’s annualized six-month expense ratio of 0.99%, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the partial year period).

7

PLUMB FUNDS

Plumb Balanced Fund
Investments by Industry Sector as of September 30, 2021
(as a Percentage of Total Investments) (Unaudited)






8

PLUMB FUNDS

Plumb Balanced Fund
Investments by Asset Allocation as of September 30, 2021
(as a Percentage of Total Investments) (Unaudited)







9

PLUMB FUNDS

Plumb Equity Fund
Investments by Industry Sector as of September 30, 2021
(as a Percentage of Total Investments) (Unaudited)







The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.
10

PLUMB FUNDS

Plumb Balanced Fund
Schedule of Investments – September 30, 2021 (Unaudited)

   
Shares
   
Value
 
COMMON STOCKS – 63.27%
           
             
Banks – 2.77%
           
JPMorgan Chase & Co.
   
22,500
   
$
3,683,025
 
                 
Capital Goods – 2.47%
               
Lockheed Martin Corp.
   
9,500
     
3,278,450
 
                 
Commercial & Professional Services – 2.74%
               
Copart, Inc. (a)
   
21,000
     
2,913,120
 
VSE Corp.
   
15,000
     
722,550
 
             
3,635,670
 
Diversified Financials – 1.85%
               
Discover Financial Services
   
20,000
     
2,457,000
 
                 
Food, Beverage & Tobacco – 1.90%
               
Constellation Brands, Inc. – Class A
   
12,000
     
2,528,280
 
                 
Health Care Equipment & Services – 2.85%
               
Guardant Health, Inc. (a)
   
16,000
     
2,000,160
 
Intuitive Surgical, Inc. (a)
   
1,800
     
1,789,470
 
             
3,789,630
 
Media & Entertainment – 2.52%
               
Alphabet, Inc. – Class A (a)
   
1,250
     
3,341,900
 
                 
Pharmaceuticals, Biotechnology & Life Sciences – 1.36%
               
Merck & Co., Inc.
   
24,000
     
1,802,640
 
                 
Retailing – 5.77%
               
Amazon.com, Inc. (a)
   
1,100
     
3,613,544
 
Chewy, Inc. (a)
   
10,000
     
681,100
 
MercadoLibre, Inc. (a)
   
2,000
     
3,358,800
 
             
7,653,444
 
Semiconductors & Semiconductor Equipment – 5.45%
               
Advanced Micro Devices, Inc. (a)
   
22,000
     
2,263,800
 
NVIDIA Corp.
   
24,000
     
4,971,840
 
             
7,235,640
 

The accompanying notes are an integral part of these financial statements.
11

PLUMB FUNDS

Plumb Balanced Fund
Schedule of Investments – September 30, 2021 (Unaudited) (Continued)

   
Shares
   
Value
 
COMMON STOCKS (Continued)
           
             
Software & Services – 30.93%
           
Adobe, Inc. (a)
   
5,750
   
$
3,310,390
 
Adyen NV – ADR (a) (b)
   
105,000
     
2,944,200
 
ANSYS, Inc. (a)
   
3,750
     
1,276,688
 
Autodesk, Inc. (a)
   
11,500
     
3,279,455
 
Coupa Software, Inc. (a)
   
10,000
     
2,191,800
 
Domo, Inc. (a)
   
22,000
     
1,857,680
 
Mastercard, Inc. – Class A
   
11,000
     
3,824,480
 
Microsoft Corp.
   
14,500
     
4,087,840
 
Mitek Systems, Inc. (a)
   
125,000
     
2,312,500
 
Olo, Inc. (a)
   
46,500
     
1,396,395
 
Pagseguro Digital Ltd. – ADR (a) (b)
   
47,000
     
2,430,840
 
PayPal Holdings, Inc. (a)
   
13,500
     
3,512,835
 
Square, Inc. (a)
   
10,000
     
2,398,400
 
Visa, Inc. – Class A
   
17,000
     
3,786,750
 
WEX, Inc. (a)
   
14,000
     
2,465,960
 
             
41,076,213
 
                 
Technology Hardware & Equipment – 2.66%
               
Apple, Inc.
   
25,000
     
3,537,500
 
TOTAL COMMON STOCKS
               
  (Cost $48,796,758)
           
84,019,392
 
                 
   
Principal
         
   
Amount
         
CORPORATE BONDS – 34.93%
               
                 
Automobiles & Components – 0.38%
               
Toyota Industries Corp. (b)
               
  3.11%, 03/12/2022
 
$
500,000
     
505,201
 
                 
Banks – 11.77%
               
Banc of California, Inc.
               
  4.38%, (SOFR + 4.20%) 10/30/2030 (c)
   
1,000,000
     
1,052,306
 
Bank OZK
               
  2.75%, (SOFR + 2.09%) 10/01/2031 (c)
   
2,500,000
     
2,504,249
 
Citigroup, Inc.
               
  1.48%, (3 Month LIBOR USD + 1.35%)
               
  04/25/2024 (c)
   
500,000
     
506,600
 
  4.70%, (SOFR + 3.23%) Perpetual Maturity (c)
   
600,000
     
614,625
 

The accompanying notes are an integral part of these financial statements.
12

PLUMB FUNDS

Plumb Balanced Fund
Schedule of Investments – September 30, 2021 (Unaudited) (Continued)

   
Principal
       
   
Amount
   
Value
 
CORPORATE BONDS (Continued)
           
             
Banks (Continued)
           
Flagstar Bancorp, Inc.
           
  4.13%, (SOFR + 3.91%) 11/01/2030 (c)
 
$
500,000
   
$
520,177
 
Fulton Financial Corp.
               
  3.25%, (SOFR + 2.30%) 03/15/2030 (c)
   
1,705,000
     
1,721,667
 
Home BancShares, Inc.
               
  5.63%, (3 Month LIBOR USD + 3.58%)
               
  04/15/2027 (c)
   
2,310,000
     
2,350,761
 
JPMorgan Chase & Co.
               
  6.75%, (3 Month LIBOR USD + 3.78%)
               
  Perpetual Maturity (c)
   
2,325,000
     
2,553,141
 
Pinnacle Financial Partners, Inc.
               
  4.13%, (3 Month LIBOR USD + 2.78%)
               
  09/15/2029 (c)
   
1,575,000
     
1,611,888
 
TriState Capital Holdings, Inc.
               
  5.75%, (3 Month LIBOR USD + 5.36%)
               
  05/15/2030 (c)
   
500,000
     
531,058
 
Western Alliance Bank
               
  5.25%, (SOFR + 5.12%) 06/01/2030 (c)
   
1,500,000
     
1,653,275
 
             
15,619,747
 
Capital Goods – 1.36%
               
Carlisle Cos, Inc.
               
  3.50%, 12/01/2024
   
500,000
     
535,631
 
General Electric Co.
               
  1.12%, (3 Month LIBOR USD + 1.00%)
               
  03/15/2023 (c)
   
1,000,000
     
1,011,162
 
Raytheon Technologies Corp.
               
  3.10%, 11/15/2021
   
250,000
     
250,575
 
             
1,797,368
 
Consumer Services – 2.21%
               
Expedia Group, Inc.
               
  5.00%, 02/15/2026
   
2,600,000
     
2,936,600
 
                 
Diversified Financials – 5.70%
               
Discover Financial Services
               
  6.13%, (H15T5Y + 5.78%) Perpetual Maturity (c)
   
250,000
     
280,805
 
General Motors Financial Co., Inc.
               
  3.45%, 01/14/2022
   
2,500,000
     
2,515,112
 

The accompanying notes are an integral part of these financial statements.
13

PLUMB FUNDS

Plumb Balanced Fund
Schedule of Investments – September 30, 2021 (Unaudited) (Continued)

   
Principal
       
   
Amount
   
Value
 
CORPORATE BONDS (Continued)
           
             
Diversified Financials (Continued)
           
The Charles Schwab Corp.
           
  5.38%, (H15T5Y + 4.97%) Perpetual Maturity (c)
 
$
1,000,000
   
$
1,113,750
 
The Goldman Sachs Group, Inc.
               
  1.84%, (3 Month LIBOR USD + 1.70%)
               
  04/05/2026 (c)
   
1,000,000
     
1,021,715
 
Toyota Motor Credit Corp.
               
  1.15%, 05/26/2022
   
2,625,000
     
2,641,681
 
             
7,573,063
 
Food, Beverage & Tobacco – 0.65%
               
General Mills, Inc.
               
  3.15%, 12/15/2021
   
450,000
     
450,363
 
PepsiCo., Inc.
               
  0.67%, (3 Month LIBOR USD + 0.53%)
               
  10/06/2021 (c)
   
410,000
     
410,024
 
             
860,387
 
Health Care Equipment & Services – 1.70%
               
CVS Pass-Through Trust
               
  6.94%, 01/10/2030
   
184,937
     
223,752
 
Kaiser Foundation Hospitals
               
  3.50%, 04/01/2022
   
2,000,000
     
2,031,402
 
             
2,255,154
 
Insurance – 1.21%
               
Fidelity National Financial, Inc.
               
  5.50%, 09/01/2022
   
1,000,000
     
1,046,583
 
Old Republic International Corp.
               
  4.88%, 10/01/2024
   
500,000
     
555,659
 
             
1,602,242
 
Petroleum and Coal Products Manufacturing – 0.20%
               
Murphy Oil USA, Inc.
               
  5.63%, 05/01/2027
   
250,000
     
261,672
 
                 
Pharmaceuticals, Biotechnology
               
  & Life Sciences – 0.95%
               
Amgen, Inc.
               
  3.63%, 05/15/2022
   
1,250,000
     
1,265,522
 

The accompanying notes are an integral part of these financial statements.
14

PLUMB FUNDS

Plumb Balanced Fund
Schedule of Investments – September 30, 2021 (Unaudited) (Continued)

   
Principal
       
   
Amount
   
Value
 
CORPORATE BONDS (Continued)
           
             
Semiconductors & Semiconductor Equipment – 2.05%
           
Qorvo, Inc.
           
  4.38%, 10/15/2029
 
$
2,500,000
   
$
2,728,125
 
                 
Software & Services – 5.82%
               
CDK Global, Inc.
               
  4.88%, 06/01/2027
   
2,000,000
     
2,096,960
 
PayPal Holdings, Inc.
               
  2.20%, 09/26/2022
   
1,548,000
     
1,578,012
 
VeriSign, Inc.
               
  4.75%, 07/15/2027
   
2,000,000
     
2,106,300
 
VMware, Inc.
               
  3.90%, 08/21/2027
   
1,750,000
     
1,950,940
 
             
7,732,212
 
Technology Hardware & Equipment – 0.93%
               
Motorola Solutions, Inc.
               
  4.00%, 09/01/2024
   
1,135,000
     
1,236,164
 
TOTAL CORPORATE BONDS
               
  (Cost $46,017,445)
           
46,373,457
 

The accompanying notes are an integral part of these financial statements.
15

PLUMB FUNDS

Plumb Balanced Fund
Schedule of Investments – September 30, 2021 (Unaudited) (Continued)

   
Shares
   
Value
 
SHORT TERM INVESTMENT – 1.84%
           
             
Money Market Fund – 1.84%
           
First American Government Obligations Fund –
           
  Class X – 0.03% (d)
   
2,446,206
   
$
2,446,206
 
TOTAL SHORT TERM INVESTMENT
               
  (Cost $2,446,206)
           
2,446,206
 
                 
Total Investments (Cost $97,260,409) – 100.04%
           
132,839,055
 
Liabilities in Excess of Other Assets – (0.04)%
           
(49,997
)
TOTAL NET ASSETS – 100.00%
         
$
132,789,058
 

ADR – American Depositary Receipt
H15T5Y – 5 Year Treasury Constant Maturity Rate
LIBOR – London Inter-bank Offered Rate
SOFR – Secured Overnight Financing Rate
(a)
Non-income producing security.
(b)
Foreign issued security. Foreign concentration is as follows: Netherlands 2.22%, Cayman Islands: 1.83%, Japan: 0.38%.
(c)
Variable or Floating rate security based on a reference index and spread. The rate listed is as of September 30, 2021.
(d)
Rate shown is the 7-day effective yield.

The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor’s Financial Services LLC (“S&P”). GICS is a service mark of MSCI and S&P and has been licensed for use by U.S. Bancorp Global Fund Services, LLC.
 
The accompanying notes are an integral part of these financial statements.
16

PLUMB FUNDS

Plumb Equity Fund
Schedule of Investments – September 30, 2021 (Unaudited)

   
Shares
   
Value
 
COMMON STOCKS – 100.94%
           
             
Capital Goods – 2.91%
           
Lockheed Martin Corp.
   
3,000
   
$
1,035,300
 
                 
Commercial & Professional Services – 4.58%
               
Copart, Inc. (a)
   
10,000
     
1,387,200
 
VSE Corp.
   
5,000
     
240,850
 
             
1,628,050
 
Food, Beverage & Tobacco – 3.20%
               
Constellation Brands, Inc. – Class A
   
5,400
     
1,137,726
 
                 
Health Care Equipment & Services – 5.46%
               
Guardant Health, Inc. (a)
   
6,000
     
750,060
 
Intuitive Surgical, Inc. (a)
   
1,200
     
1,192,980
 
             
1,943,040
 
Media & Entertainment – 4.51%
               
Alphabet, Inc. – Class A (a)
   
600
     
1,604,112
 
                 
Pharmaceuticals, Biotechnology & Life Sciences – 1.88%
               
Exact Sciences Corp. (a)
   
7,000
     
668,150
 
                 
Retailing – 11.07%
               
Amazon.com, Inc. (a)
   
500
     
1,642,520
 
Chewy, Inc. (a)
   
9,000
     
612,990
 
MercadoLibre, Inc. (a)
   
1,000
     
1,679,400
 
             
3,934,910
 
Semiconductors & Semiconductor Equipment – 8.72%
               
Advanced Micro Devices, Inc. (a)
   
10,000
     
1,029,000
 
NVIDIA Corp.
   
10,000
     
2,071,600
 
             
3,100,600
 
Software & Services – 54.63%
               
Adobe, Inc. (a)
   
2,000
     
1,151,440
 
Adyen NV – ADR (a) (b)
   
56,000
     
1,570,240
 
ANSYS, Inc. (a)
   
1,300
     
442,585
 
Autodesk, Inc. (a)
   
4,500
     
1,283,265
 
Coupa Software, Inc. (a)
   
4,250
     
931,515
 
Domo, Inc. (a)
   
11,000
     
928,840
 
Fiserv, Inc. (a)
   
7,500
     
813,750
 
Marqeta, Inc. (a)
   
20,000
     
442,400
 
Mastercard, Inc. – Class A
   
4,250
     
1,477,640
 

The accompanying notes are an integral part of these financial statements.
17

PLUMB FUNDS

Plumb Equity Fund
Schedule of Investments – September 30, 2021 (Unaudited) (Continued)

   
Shares
   
Value
 
COMMON STOCKS (Continued)
           
             
Software & Services (Continued)
           
Microsoft Corp.
   
4,750
   
$
1,339,120
 
Mitek Systems, Inc. (a)
   
50,000
     
925,000
 
Olo, Inc. (a)
   
22,500
     
675,675
 
Pagseguro Digital Ltd. – ADR (a) (b)
   
23,000
     
1,189,560
 
PayPal Holdings, Inc. (a)
   
6,300
     
1,639,323
 
Snowflake, Inc. (a)
   
2,250
     
680,468
 
Square, Inc. (a)
   
4,500
     
1,079,280
 
Tyler Technologies, Inc. (a)
   
500
     
229,325
 
Visa, Inc. – Class A
   
7,400
     
1,648,350
 
WEX, Inc. (a)
   
5,550
     
977,577
 
             
19,425,353
 
Technology Hardware & Equipment – 3.98%
               
Apple, Inc.
   
10,000
     
1,415,000
 
TOTAL COMMON STOCKS
               
  (Cost $20,058,546)
           
35,892,241
 
                 
SHORT TERM INVESTMENT – 1.14%
               
Money Market Fund – 1.14%
               
First American Government Obligations Fund –
               
  Class X – 0.03% (c)
   
406,671
     
406,671
 
TOTAL SHORT TERM INVESTMENT
               
  (Cost $406,671)
           
406,671
 
                 
Total Investments (Cost $20,465,217) – 102.08%
           
36,298,912
 
Liabilities in Excess of Other Assets – (2.08)%
           
(741,304
)
TOTAL NET ASSETS – 100.00%
         
$
35,557,608
 

Percentages are stated as a percent of net assets.
ADR – American Depositary Receipt
(a)
Non-income producing security.
(b)
Foreign issued security. Foreign concentration is as follows: Netherlands: 4.42%, Cayman Islands: 3.35%.
(c)
Rate shown is the 7-day effective yield.

The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor’s Financial Services LLC (“S&P”). GICS is a service mark of MSCI and S&P and has been licensed for use by U.S. Bancorp Global Fund Services, LLC.
 
The accompanying notes are an integral part of these financial statements.

18

PLUMB FUNDS







 (This Page Intentionally Left Blank.)
 

 




19

PLUMB FUNDS

Statements of Assets and Liabilities
September 30, 2021 (Unaudited)

   
Plumb
   
Plumb
 
   
Balanced
   
Equity
 
   
Fund
   
Fund
 
Assets
           
Investments, at value*
 
$
132,839,055
   
$
36,298,912
 
Dividends and interest receivable
   
443,597
     
12
 
Receivable for fund shares sold
   
105,701
     
923
 
Prepaid assets
   
44,025
     
38,389
 
Total Assets
   
133,432,378
     
36,338,236
 
                 
Liabilities
               
Payable for fund shares redeemed
   
496,289
     
705,102
 
Payable to Adviser (Note 4)
   
66,984
     
5,748
 
Accrued 12b-1 fees (Note 3)
   
     
21,181
 
Accrued Directors’ fees
   
7,866
     
2,232
 
Accrued expenses and other liabilities
   
72,181
     
46,365
 
Total Liabilities
   
643,320
     
780,628
 
Total Net Assets
 
$
132,789,058
   
$
35,557,608
 
                 
Net Assets Consist Of:
               
Paid in capital
 
$
83,220,204
   
$
11,933,918
 
Total distributable earnings
   
49,568,854
     
23,623,690
 
Total Net Assets
 
$
132,789,058
   
$
35,557,608
 

The accompanying notes are an integral part of these financial statements.
20

PLUMB FUNDS

Statements of Assets and Liabilities
September 30, 2021 (Unaudited) (Continued)

   
Plumb
   
Plumb
 
   
Balanced
   
Equity
 
   
Fund
   
Fund
 
Investor Shares
           
Net Assets
 
$
89,015,079
   
$
24,261,025
 
Capital shares outstanding, $0.001 par value
               
  (200 million shares issued each)
   
2,147,881
     
641,483
 
Net asset value, offering and
               
  redemption price per share
 
$
41.44
   
$
37.82
 
                 
Institutional Shares
               
Net Assets
 
$
43,700,724
   
$
11,239,804
 
Capital shares outstanding, $0.001 par value
               
  (200 million shares issued each)
   
1,053,410
     
297,013
 
Net asset value, offering and
               
  redemption price per share
 
$
41.48
   
$
37.84
 
                 
Class A Shares
               
Net Assets
 
$
73,255
   
$
56,779
 
Capital shares outstanding, $0.001 par value
               
  (200 million shares issued each)
   
1,767
     
1,501
 
Net asset value, minimum offering and
               
  redemption price per share(a)
 
$
41.45
   
$
37.82
 
Maximum offering price per share
               
  ($41.45/0.9425) ($37.82/0.9425)(b)
 
$
43.98
   
$
40.13
 
                 
*  Cost of Investments
 
$
97,260,409
   
$
20,465,217
 

(a)
A 1.00% contingent deferred sales charge is imposed on Class A share purchases of $1 million or more that are redeemed within 18 months after purchase.
(b)
On investments of $25,000 or more, the offering price may be reduced.

The accompanying notes are an integral part of these financial statements.
21

PLUMB FUNDS

Statements of Operations
For the Six Months Ended September 30, 2021 (Unaudited)

   
Plumb
   
Plumb
 
   
Balanced
   
Equity
 
   
Fund
   
Fund
 
Investment Income:
           
Dividend income
 
$
191,122
   
$
44,661
 
Interest income
   
629,314
     
80
 
Total Investment Income
   
820,436
     
44,741
 
                 
Expenses:
               
Investment Advisor’s fee (Note 4)
   
457,365
     
123,497
 
12b-1 fees – Investor shares (Note 3)
   
116,910
     
21,370
 
12b-1 fees – Class A shares (Note 3)
   
74
     
69
 
Fund administration and accounting fees
   
79,848
     
51,742
 
Transfer agent fees and expenses
   
56,667
     
26,815
 
Registration fees
   
38,527
     
34,416
 
Legal fees
   
23,955
     
25,519
 
Director fees and expenses
   
15,738
     
4,300
 
Audit and tax fees
   
6,950
     
7,134
 
Printing and mailing expense
   
3,003
     
1,738
 
Custody fees
   
4,942
     
4,577
 
Insurance expense
   
7,595
     
2,195
 
Total expenses before Adviser waiver
   
811,574
     
303,372
 
Less: Fees waived by Adviser (Note 4)
   
(24,537
)
   
(89,719
)
Net expenses
   
787,037
     
213,653
 
Net Investment Income (Loss)
   
33,399
     
(168,912
)
                 
Realized and Unrealized Gain:
               
Net realized gain on investments
   
7,072,191
     
3,923,344
 
Net change in unrealized appreciation
               
  (depreciation) on investments
   
1,452,282
     
(597,960
)
Net Realized and Unrealized Gain on Investments
   
8,524,473
     
3,325,384
 
                 
Net Increase in Net Assets Resulting from Operations
 
$
8,557,872
   
$
3,156,472
 

The accompanying notes are an integral part of these financial statements.
22

PLUMB FUNDS







(This Page Intentionally Left Blank.)
 

 



 
23

PLUMB FUNDS

Plumb Balanced Fund
Statements of Changes in Net Assets

   
For the
       
   
Six Months
   
For the
 
   
Ended
   
Year Ended
 
   
September 30,
   
March 31,
 
   
2021
   
2021
 

 
(Unaudited)
       
             
Operations:
           
Net investment income
 
$
33,399
   
$
181,069
 
Net realized gain on investments
   
7,072,191
     
7,548,512
 
Net change in unrealized appreciation on investments
   
1,452,282
     
29,931,654
 
Net increase in net assets resulting from operations
   
8,557,872
     
37,661,235
 
                 
Distributions To Shareholders:
               
Net distributions – Investor shares
   
     
(432,494
)
Net distributions – Institutional shares*
   
     
(212,600
)
Total distributions to shareholders
   
     
(645,094
)
                 
Capital Share Transactions:
               
Proceeds from shares sold – Investor shares
   
8,159,247
     
40,229,343
 
Proceeds from shares sold – Institutional shares*
   
10,149,423
     
57,505,210
 
Proceeds from shares sold – Class A shares**
   
23,204
     
50,000
 
Shares issued in reinvestment of dividends –
               
  Investor shares
   
     
400,341
 
Shares issued in reinvestment of dividends –
               
  Institutional shares*
   
     
212,600
 
Cost of shares redeemed – Investor shares
   
(19,129,834
)
   
(76,145,029
)
Cost of shares redeemed – Institutional shares*
   
(16,556,901
)
   
(13,830,801
)
Net increase (decrease) in net assets from
               
  capital share transactions
   
(17,354,861
)
   
8,421,664
 
                 
Total increase (decrease) in net assets
   
(8,796,989
)
   
45,437,805
 
                 
Net Assets:
               
Beginning of period
   
141,586,047
     
96,148,242
 
End of period
 
$
132,789,058
   
$
141,586,047
 

The accompanying notes are an integral part of these financial statements.
24

PLUMB FUNDS

Plumb Balanced Fund
Statements of Changes in Net Assets (Continued)

   
For the
       
   
Six Months
   
For the
 
   
Ended
   
Year Ended
 
   
September 30,
   
March 31,
 
   
2021
   
2021
 

 
(Unaudited)
       
             
Change in Shares Outstanding:
           
Investor Shares
           
Shares sold
   
198,064
     
1,109,270
 
Shares issued in reinvestment of dividends
   
     
10,019
 
Shares redeemed
   
(471,181
)
   
(2,092,013
)
Net decrease
   
(273,117
)
   
(972,724
)
                 
Institutional Shares*
               
Shares sold
   
252,237
     
1,556,512
 
Shares issued in reinvestment of dividends
   
     
5,324
 
Shares redeemed
   
(403,430
)
   
(357,233
)
Net increase (decrease)
   
(151,193
)
   
1,204,603
 
                 
Class A Shares**
               
Shares sold
   
549
     
1,218
 
Net increase
   
549
     
1,218
 

*
 
Institutional Shares began operations on August 1, 2020.
**
 
 Class A Shares began operations on February 8, 2021.

The accompanying notes are an integral part of these financial statements.
25

PLUMB FUNDS

Plumb Equity Fund
Statements of Changes in Net Assets

   
For the
       
   
Six Months
   
For the
 
   
Ended
   
Year Ended
 
   
September 30,
   
March 31,
 
   
2021
   
2021
 

 
(Unaudited)
       
             
Operations:
           
Net investment loss
 
$
(168,912
)
 
$
(293,847
)
Net realized gain on investments
   
3,923,344
     
7,292,241
 
Net change in unrealized appreciation
               
  (depreciation) on investments
   
(597,960
)
   
10,494,676
 
Net increase in net assets
               
  resulting from operations
   
3,156,472
     
17,493,070
 
                 
Distributions To Shareholders:
               
Net distributions – Investor shares
   
     
(2,749,763
)
Net distributions – Institutional shares*
   
     
(1,002,629
)
Total distributions to shareholders
   
     
(3,752,392
)
                 
Capital Share Transactions:
               
Proceeds from shares sold – Investor shares
   
313,857
     
3,313,604
 
Proceeds from shares sold – Institutional shares*
   
168,991
     
20,538,488
 
Proceeds from shares sold – Class A shares**
   
8,000
     
50,000
 
Shares issued in reinvestment of dividends –
               
  Investor shares
   
     
2,449,688
 
Shares issued in reinvestment of dividends –
               
  Institutional shares*
   
     
1,002,629
 
Cost of shares redeemed – Investor shares
   
(1,447,405
)
   
(26,344,429
)
Cost of shares redeemed – Institutional shares*
   
(4,904,124
)
   
(7,543,229
)
Cost of shares redeemed – Class A shares**
   
(1,500
)
   
 
Net decrease in net assets
               
  from capital share transactions
   
(5,862,181
)
   
(6,533,249
)
                 
Total increase (decrease) in net assets
   
(2,705,709
)
   
7,207,429
 
                 
Net Assets:
               
Beginning of period
   
38,263,317
     
31,055,888
 
End of period
 
$
35,557,608
   
$
38,263,317
 

The accompanying notes are an integral part of these financial statements.
26

PLUMB FUNDS

Plumb Equity Fund
Statements of Changes in Net Assets (Continued)

   
For the
       
   
Six Months
   
For the
 
   
Ended
   
Year Ended
 
   
September 30,
   
March 31,
 
   
2021
   
2021
 

 
(Unaudited)
       
             
Change in Shares Outstanding:
           
Investor Shares
           
Shares sold
   
8,500
     
101,558
 
Shares issued in reinvestment of dividends
   
     
67,522
 
Shares redeemed
   
(38,158
)
   
(797,522
)
Net decrease
   
(29,658
)
   
(628,442
)
                 
Institutional Shares*
               
Shares sold
   
4,246
     
610,038
 
Shares issued in reinvestment of dividends
   
     
27,666
 
Shares redeemed
   
(132,202
)
   
(212,735
)
Net increase (decrease)
   
(127,956
)
   
424,969
 
                 
Class A Shares**
               
Shares sold
   
211
     
1,327
 
Shares redeemed
   
(37
)
   
 
Net increase
   
174
     
1,327
 

*
 
Institutional shares began operations on August 1, 2020.
**
 
Class A shares began operations on February 8, 2021.

The accompanying notes are an integral part of these financial statements.
27

PLUMB FUNDS

Plumb Balanced Fund – Investor Shares
Financial Highlights

   
For the
 
   
Six Months
 
   
Ended
 
   
September 30,
 
   
2021
 

 
(Unaudited)
 
       
Per share operating performance
     
(For a share outstanding throughout the period)
     
       
Net asset value, beginning of period
 
$
39.04
 
Operations:
       
Net investment income(1)
   
0.00
(2) 
Net realized and unrealized gain (loss)
   
2.40
 
Total from investment operations
   
2.40
 
         
Distributions to shareholders:
       
Distributions from net investment income
   
 
Distributions from net realized gains
   
 
Total distributions to shareholders
   
 
         
Change in net asset value for the period
   
2.40
 
         
Net asset value, end of period
 
$
41.44
 
Total return(3)
   
6.15
%(4)
         
Ratios / supplemental data
       
Net assets, end of period (000)
 
$
89,015
 
Ratio of net expenses to average net assets:
       
Before expense reimbursement and waivers/recoupment
   
1.24
%(5)
After expense reimbursement and waivers/recoupment(6)
   
1.19
%(5)
Ratio of net investment income to average net assets:
       
After expense reimbursement and waivers/recoupment(6)
   
(0.02
)%(5)
Portfolio turnover rate
   
16
%(4)

(1)
Net investment income (loss) per share has been calculated based on average shares outstanding during the period. Prior to the year ended March 31, 2021, net investment income per share was calculated using current year ending balances prior to consideration of adjustment for permanent book and tax differences.
(2)
Amount rounds to less than $0.005.
(3)
Total return represents the rate that the investor would have earned or lost on an investment in the Fund, assuming reinvestment of dividends.
(4)
Not annualized for the six months ended September 30, 2021.
(5)
Annualized for the six months ended September 30, 2021.
(6)
Effective December 1, 2017, the Advisor contractually agreed to cap the Funds expenses at 1.19%. Prior to December 1, 2017, the Fund’s expense cap was 1.30%.

The accompanying notes are an integral part of these financial statements.
28

PLUMB FUNDS

Plumb Balanced Fund – Investor Shares
Financial Highlights (Continued)

For the Years Ended March 31,
 
2021
   
2020
   
2019
   
2018
   
2017
 
                           
                           
$
28.33
   
$
30.98
   
$
28.77
   
$
24.75
   
$
21.69
 
                                     
 
0.05
     
0.17
     
0.16
     
0.15
     
0.13
 
 
10.82
     
(2.01
)
   
2.51
     
4.05
     
3.05
 
 
10.87
     
(1.84
)
   
2.67
     
4.20
     
3.18
 
                                     
                                     
 
(0.16
)
   
(0.15
)
   
     
(0.18
)
   
(0.12
)
 
     
(0.66
)
   
(0.46
)
   
     
 
 
(0.16
)
   
(0.81
)
   
(0.46
)
   
(0.18
)
   
(0.12
)
                                     
 
10.71
     
(2.65
)
   
2.21
     
4.02
     
3.06
 
                                     
$
39.04
   
$
28.33
   
$
30.98
   
$
28.77
   
$
24.75
 
 
38.35
%
   
(6.27
)%
   
9.47
%
   
16.98
%
   
14.70
%
                                     
                                     
$
94,514
   
$
96,148
   
$
97,139
   
$
44,722
   
$
33,281
 
                                     
 
1.22
%
   
1.19
%
   
1.18
%
   
1.50
%
   
1.68
%
 
1.19
%
   
1.19
%
   
1.19
%
   
1.26
%
   
1.28
%
                                     
 
0.13
%
   
0.58
%
   
0.66
%
   
0.57
%
   
0.56
%
 
63
%
   
52
%
   
58
%
   
37
%
   
29
%

The accompanying notes are an integral part of these financial statements.
29

PLUMB FUNDS

Plumb Balanced Fund – Institutional Shares
Financial Highlights

   
For the
   
For the
 
   
Six Months
   
Period
 
   
Ended
   
Ended
 
   
September 30,
   
March 31,
 
   
2021
     
2021*

   
(Unaudited)
         
               
Per share operating performance
             
(For a share outstanding throughout the period)
             
               
Net asset value, beginning of period
 
$
39.04
   
$
35.38
 
Operations:
               
Net investment income(1)
   
0.04
     
0.04
 
Net realized and unrealized gain (loss)
   
2.40
     
3.85
 
Total from investment operations
   
2.44
     
3.89
 
                 
Distributions to shareholders:
               
Distributions from net investment income
   
     
(0.23
)
Distributions from net realized gains
   
     
 
Total distributions to shareholders
   
     
(0.23
)
                 
Change in net asset value for the period
   
2.44
     
3.66
 
                 
Net asset value, end of period
 
$
41.48
   
$
39.04
 
Total return(2)
   
6.25
%(3)
   
10.97
%(3)
                 
Ratios / supplemental data
               
Net assets, end of period (000)
 
$
43,701
   
$
47,024
 
Ratio of net expenses to average net assets:
               
Before expense reimbursement and waivers
   
1.00
%(4)
   
1.02
%(4)
After expense reimbursement and waivers
   
0.99
%(4)
   
0.99
%(4)
Ratio of net investment income to average net assets:
               
After expense reimbursement and waivers
   
0.19
%(4)
   
0.16
%(4)
Portfolio turnover rate
   
16
%(3)
   
63
%(3)

(1)
Net investment income (loss) per share has been calculated based on average shares outstanding during the period.
(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)
Not annualized for the period.
(4)
Annualized for the period.
*
Institutional Shares began operations on August 3, 2020.

The accompanying notes are an integral part of these financial statements.
30

PLUMB FUNDS

Plumb Balanced Fund – Class A Shares
Financial Highlights

   
For the
   
For the
 
   
Six Months
   
Period
 
   
Ended
   
Ended
 
   
September 30,
   
March 31,
 
   
2021
     
2021*

   
(Unaudited)
         
               
Per share operating performance
             
(For a share outstanding throughout the period)
             
               
Net asset value, beginning of period
 
$
39.04
   
$
41.04
 
Operations:
               
Net investment income(1)
   
0.00
(2) 
   
(0.00
)(2)
Net realized and unrealized gain (loss)
   
2.41
     
(2.00
)(3)
Total from investment operations
   
2.41
     
(2.00
)
                 
Distributions to shareholders:
               
Distributions from net investment income
   
     
 
Distributions from net realized gains
   
     
 
Total distributions to shareholders
   
     
 
                 
Change in net asset value for the period
   
2.41
     
(2.00
)
                 
Net asset value, end of period
 
$
41.45
   
$
39.04
 
Total return(4)(5)
   
6.17
%(6)
   
(4.87
)%(6)
                 
Ratios / supplemental data
               
Net assets, end of period (000)
 
$
73
   
$
48
 
Ratio of net expenses to average net assets:
               
Before expense reimbursement and waivers
   
1.25
%(7)
   
1.33
%(7)
After expense reimbursement and waivers
   
1.19
%(7)
   
1.19
%(7)
Ratio of net investment income to average net assets:
               
After expense reimbursement and waivers
   
(0.02
)%(7)
   
(0.03
)%(7)
Portfolio turnover rate
   
16
%(6)
   
63
%(6)

(1)
Net investment income (loss) per share has been calculated based on average shares outstanding during the period.
(2)
Amount rounds to less than $0.005.
(3)
Net realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the Fund’s statement of operations due to share transactions for the period.
(4)
Total return represents the rate that the investor would have earned or lost on an investment in the Fund, assuming reinvestment of dividends.
(5)
Total investment return excludes the effect of applicable sales charges.
(6)
Not annualized for the period.
(7)
Annualized for the period.
*
Class A Shares began operations on February 8, 2021.

The accompanying notes are an integral part of these financial statements.
31

PLUMB FUNDS

Plumb Equity Fund – Investor Shares
Financial Highlights

   
For the
 
   
Six Months
 
   
Ended
 
   
September 30,
 
   
2021
 
   
(Unaudited)
 
Per share operating performance
     
(For a share outstanding throughout the period)
     
       
Net asset value, beginning of period
 
$
34.87
 
Operations:
       
Net investment loss(1)
   
(0.18
)
Net realized and unrealized gain (loss)
   
3.13
 
Total from investment operations
   
2.95
 
         
Distributions to shareholders:
       
Distributions from net investment income
   
 
Distributions from net realized gains
   
 
Total distributions to shareholders
   
 
         
Change in net asset value for the period
   
2.95
 
         
Net asset value, end of period
 
$
37.82
 
Total return(3)
   
8.46
%(4)
         
Ratios / supplemental data
       
Net assets, end of period (000)
 
$
24,261
 
Ratio of net expenses to average net assets:
       
Before expense reimbursement and waivers
   
1.65
%(5)
After expense reimbursement and waivers(6)
   
1.19
%(5)
Ratio of net investment income to average net assets:
       
After expense reimbursement and waivers(6)
   
(0.95
)%(5)
Portfolio turnover rate
   
16
%(4)

(1)
Net investment income (loss) per share has been calculated based on average shares outstanding during the period. Prior to the year ended March 31, 2021, net investment income per share was calculated using current year ending balances prior to consideration of adjustment for permanent book and tax differences.
(2)
Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the year.
(3)
Total return represents the rate that the investor would have earned or lost on an investment in the Fund, assuming reinvestment of dividends.
(4)
Not annualized for the six months ended September 30, 2021.
(5)
Annualized for the six months ended September 30, 2021.
(6)
Effective December 1, 2017, the Advisor contractually agreed to cap the Funds’ expenses at 1.19%. Prior to December 1, 2017, the Fund’s expense cap was 1.45%.

The accompanying notes are an integral part of these financial statements.
32

PLUMB FUNDS

Plumb Equity Fund – Investor Shares
Financial Highlights (Continued)

For the Years Ended March 31,
 
2021
   
2020
   
2019
   
2018
   
2017
 
                           
                           
                           
$
23.90
   
$
28.35
   
$
28.78
   
$
24.70
   
$
20.40
 
                                     
 
(0.24
)
   
(0.21
)
   
(0.17
)
   
(0.21
)
   
(0.15
)
 
14.57
     
(2.97
)
   
3.23
     
7.84
(2) 
   
4.69
 
 
14.33
     
(3.18
)
   
3.06
     
7.63
     
4.54
 
                                     
                                     
 
(0.15
)
   
     
     
     
 
 
(3.21
)
   
(1.27
)
   
(3.49
)
   
(3.55
)
   
(0.24
)
 
(3.36
)
   
(1.27
)
   
(3.49
)
   
(3.55
)
   
(0.24
)
                                     
 
10.97
     
(4.45
)
   
(0.43
)
   
4.08
     
4.30
 
                                     
$
34.87
   
$
23.90
   
$
28.35
   
$
28.78
   
$
24.70
 
 
59.42
%
   
(12.07
)%
   
12.67
%
   
31.65
%
   
22.38
%
                                     
                                     
$
23,404
   
$
31,056
   
$
37,587
   
$
29,641
   
$
23,533
 
                                     
 
1.53
%
   
1.43
%
   
1.44
%
   
1.68
%
   
1.86
%
 
1.19
%
   
1.19
%
   
1.19
%
   
1.36
%
   
1.43
%
                                     
 
(0.75
)%
   
(0.70
)%
   
(0.63
)%
   
(0.79
)%
   
(0.74
)%
 
66
%
   
46
%
   
64
%
   
69
%
   
18
%
                                     

The accompanying notes are an integral part of these financial statements.
33

PLUMB FUNDS

Plumb Equity Fund – Institutional Shares
Financial Highlights

   
For the
   
For the
 
   
Six Months
   
Period
 
   
Ended
   
Ended
 
   
September 30,
   
March 31,
 
   
2021
     
2021*

   
(Unaudited)
         
               
Per share operating performance
             
(For a share outstanding throughout the period)
             
               
Net asset value, beginning of period
 
$
34.86
   
$
32.57
 
Operations:
               
Net investment income(1)
   
(0.14
)
   
(0.16
)
Net realized and unrealized gain (loss)
   
3.12
     
5.88
 
Total from investment operations
   
2.98
     
5.72
 
                 
Distributions to shareholders:
               
Distributions from net investment income
   
     
(0.22
)
Distributions from net realized gains
   
     
(3.21
)
Total distributions to shareholders
   
     
(3.43
)
                 
Change in net asset value for the period
   
2.98
     
2.29
 
                 
Net asset value, end of period
 
$
37.84
   
$
34.86
 
Total return(2)
   
8.55
%(3)
   
17.17
%(3)
                 
Ratios / supplemental data
               
Net assets, end of period (000)
 
$
11,240
   
$
14,813
 
Ratio of net expenses to average net assets:
               
Before expense reimbursement and waivers
   
1.48
%(4)
   
1.39
%(4)
After expense reimbursement and waivers
   
0.99
%(4)
   
0.99
%(4)
Ratio of net investment income to average net assets:
               
After expense reimbursement and waivers
   
(0.76
)%(4)
   
(0.70
)%(4)
Portfolio turnover rate
   
16
%(3)
   
66
%(3)

(1)
Net investment income (loss) per share has been calculated based on average shares outstanding during the period.
(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)
Not annualized for the period.
(4)
Annualized for the period.
*
Institutional Shares began operations on August 3, 2020.

The accompanying notes are an integral part of these financial statements.
34

PLUMB FUNDS

Plumb Equity Fund – Class A Shares
Financial Highlights

   
For the
   
For the
 
   
Six Months
   
Period
 
   
Ended
   
Ended
 
   
September 30,
   
March 31,
 
   
2021
     
2021*

   
(Unaudited)
         
Per share operating performance
             
(For a share outstanding throughout the period)
             
               
Net asset value, beginning of period
 
$
34.87
   
$
37.67
 
Operations:
               
Net investment income(1)
   
(0.18
)
   
(0.05
)
Net realized and unrealized gain (loss)
   
3.13
     
(2.75
)(2)
Total from investment operations
   
2.95
     
(2.80
)
                 
Distributions to shareholders:
               
Distributions from net investment income
   
     
 
Distributions from net realized gains
   
     
 
Total distributions to shareholders
   
     
 
                 
Change in net asset value for the period
   
2.95
     
(2.80
)
                 
Net asset value, end of period
 
$
37.82
   
$
34.87
 
Total return(3)(4)
   
8.46
%(5)
   
(7.43
)%(5)
                 
Ratios / supplemental data
               
Net assets, end of period (000)
 
$
57
   
$
46
 
Ratio of net expenses to average net assets:
               
Before expense reimbursement and waivers
   
1.74
%(6)
   
1.77
%(6)
After expense reimbursement and waivers
   
1.19
%(6)
   
1.19
%(6)
Ratio of net investment income to average net assets:
               
After expense reimbursement and waivers
   
(0.96
)%(6)
   
(0.98
)%(6)
Portfolio turnover rate
   
16
%(5)
   
66
%(5)

(1)
Net investment income (loss) per share has been calculated based on average shares outstanding during the period.
(2)
Net realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the Fund’s statement of operations due to share transactions for the period.
(3)
Total return represents the rate that the investor would have earned or lost on an investment in the Fund, assuming reinvestment of dividends.
(4)
Total investment return excludes the effect of applicable sales charges.
(5)
Not annualized for the period.
(6)
Annualized for the period.
*
Class A Shares began operations on February 8, 2021.

The accompanying notes are an integral part of these financial statements.
35

PLUMB FUNDS

Notes to Financial Statements
September 30, 2021 (Unaudited)

1.
ORGANIZATION

Wisconsin Capital Funds, Inc. (the “Company”), also referred to as the “Plumb Funds”, 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”). Each Fund offers three share classes: the Investor Shares (Inception date of May 24, 2007), the Institutional Shares (Inception date of August 3, 2020), and the Class A Shares (Inception date of February 8, 2021). Each share class represents an interest in the same assets of the Fund, has the same rights and is identical in all material respects except that (i) Class A Shares have a maximum front end sales load of 5.75% and maximum deferred sales charge of 1.00%; (ii) Investor Shares and Class A Shares have a 12b-1 fee of up to 0.25%; and (iii) certain other class specific expenses will be borne solely by the class to which such expenses are attributable.
 
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. As of December 31, 2014, the Advisor is 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”). The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 Financial Services – Investment Companies.
 
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
36

PLUMB FUNDS

Notes to Financial Statements
September 30, 2021 (Unaudited) (Continued)

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 far value of investments)

Equity securities, including domestic common stocks and foreign issued common stocks, are valued at the last sale price reported by the exchange 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 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 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.
37

PLUMB FUNDS

Notes to Financial Statements
September 30, 2021 (Unaudited) (Continued)

The following is a summary of the inputs used, as of September 30, 2021, to value the Funds’ investments carried at fair value:
 
Description
 
Level 1
   
Level 2
   
Level 3
   
Total
 
Plumb Balanced Fund
                       
Common Stocks*
 
$
84,019,392
   
$
   
$
   
$
84,019,392
 
Corporate Bonds*
   
     
46,373,457
     
     
46,373,457
 
Short-Term Investment
   
2,446,206
     
     
     
2,446,206
 
Total
 
$
86,465,598
   
$
46,373,457
   
$
   
$
132,839,055
 
                                 
Description
 
Level 1
   
Level 2
   
Level 3
   
Total
 
Plumb Equity Fund
                               
Common Stocks*
 
$
35,892,241
   
$
   
$
   
$
35,892,241
 
Short-Term Investment
   
406,671
     
     
     
406,671
 
Total
 
$
36,298,912
   
$
   
$