N-CSR 1 wcmpf-ncsra.htm PLUMB FUNDS ANNUAL REPORT 3-31-22
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)



8020 Excelsior Drive, Suite 402
Madison, WI 53717
(Address of principal executive offices) (Zip code)



Thomas G. Plumb
8020 Excelsior Drive, Suite 402
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:  March 31, 2022



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)







ANNUAL REPORT
March 31, 2022







www.plumbfunds.com




PLUMB FUNDS

March 31, 2022
 
Dear Fellow Shareholders,
 
The Plumb Balanced Fund (PLBBX) for 1st quarter ending March 31, 2022 finished down 8.63% and trailed our blended benchmark by 3.92%.  The energy sector was up 38.97% in the quarter while all other sectors were either relatively flat or down double digits such as Communication Services -11.33%, Consumer Discretionary -10.26%, Information Technology -8.95%.  The stock market had not seen such a cross-sector sell-off since the 4th quarter of 2018.  Geopolitical issues concerned the market, highlighted by the invasion of Ukraine by Russia on February 24th.
 
Our top attribution contributors were WEX, Merck, Visa, Domo, and our Tri-State Capital Bond.  Our bottom attribution detractors were PayPal, Autodesk, Advanced Micro Systems, and Adyen.
 
For the Plumb Equity Fund (PLBEX) for the 4th quarter ending March 31, 2022 finished down 13.29% and trailed our blended benchmark by 8.49%.  Our top contributors were WEX, Visa, Domo, Cash, and Mastercard.  Our bottom attribution detractors were PayPal, Autodesk, Advanced Micro Devices, Adyen, and Snowflake.
 
In an attempt to dampen volatility during the quarter, we added SLB – Schlumberger (Oil Services) and NTR – Nutrien (Fertilizer & Potash) to both mutual funds, which are areas of the market we traditionally are underweight.  These are tumultuous times and we believe all of our companies will be the ultimate winners as we postulate the world going into a global recession. As contemplate the interconnectedness of world around us, our hearts go out the people and refugees affected by war, discrimination, and nationalism.
 
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 (aka Saas or Application Software), payment processing, e-commerce, and increasingly faster semiconductor chips. We believe we are in the early stages of a technological renaissance that Klaus Schwab named the Fourth Industrial Revolution in 2016.  The Fourth Industrial Revolution is a way of describing the blurring of boundaries between the physical, digital, and biological worlds.
 

Thomas G. Plumb
 
It is not possible to invest directly in an index.
 
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 current to the most recent month-end may be lower or higher than the performance quoted and can obtained by calling 866-987-7888.
 

3

PLUMB FUNDS

Past performance does not guarantee future results.
 
Opinions expressed are those of the author as of March 31, 2022 and are subject to change, are not intended to be a forecast of future events, a guarantee of future results, nor investment advice.
 
Mutual fund investing involves risk. Principal loss is possible. The fund 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, and economic and currency risks and differences in accounting methods. Because the funds may invest in ETF’s, 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 a fund’s ability to sell its shares. The fund may also use options and future contracts, which have the risks of unlimited losses of the underlying holdings due to unanticipated market movements and failure to correctly predict the direction of security prices, interest rates and currency exchange rates. The investment in these options is not suitable for all investors. 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.
 
Fund holdings are subject to change at any time and should not be considered a recommendation to buy or sell any security. Please refer to the schedule of investments in this report for complete holdings information.
 
Diversification does not assure a profit nor protect against loss in a declining market.
 
Plumb Funds are distributed by Quasar Distributors, LLC, distributor.
 


4

PLUMB FUNDS

Expense Example
March 31, 2022 (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 (October 1, 2021 – March 31, 2022).
 
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, which 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
March 31, 2022 (Unaudited) (Continued)

Plumb Balanced Fund

   
Ending
 
 
Beginning
Account Value
Expenses Paid
 
Account Value
March 31, 2022
During the Period
Actual –
     
  Investor Shares(1)
$1,000.00
$   916.40
$5.69
Actual –
     
  Institutional Shares(2)
$1,000.00
$   917.50
$4.73
Actual –
     
  Class A Shares(1)
$1,000.00
$   916.40
$5.69
Hypothetical –
     
  Investor Shares(3)
$1,000.00
$1,019.00
$5.99
Hypothetical –
     
  Institutional Shares(4)
$1,000.00
$1,020.00
$4.99
Hypothetical –
     
  Class A Shares(3)
$1,000.00
$1,019.00
$5.99

(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 182/365 (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 182/365 (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 182/365 (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 182/365 (to reflect the partial year period).


6

PLUMB FUNDS

Expense Example
March 31, 2022 (Unaudited) (Continued)

Plumb Equity Fund

   
Ending
 
 
Beginning
Account Value
Expenses Paid
 
Account Value
March 31, 2022
During the Period
Actual –
     
  Investor Shares(1)
$1,000.00
$   860.30
$5.52
Actual –
     
  Institutional Shares(2)
$1,000.00
$   861.30
$4.59
Actual –
     
  Class A Shares(1)
$1,000.00
$   860.40
$5.52
Hypothetical –
     
  Investor Shares(3)
$1,000.00
$1,019.00
$5.99
Hypothetical –
     
  Institutional Shares(4)
$1,000.00
$1,020.00
$4.99
Hypothetical –
     
  Class A Shares(3)
$1,000.00
$1,019.00
$5.99

(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 182/365 (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 182/365 (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 182/365 (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 182/365 (to reflect the partial year period).


7

PLUMB FUNDS

Plumb Balanced Fund (Unaudited)

Comparison of Change in Value of a Hypothetical $10,000 Investment
from inception of May 24, 2007 to March 31, 2022



Average Annual Rate of Return
Periods ended March 31, 2022

 
1 Year
3 Year
5 Year
10 Year
Since Inception
Plumb Balanced Fund –
         
  Investor Shares
 -2.73%
  8.05%
10.07%
  8.75%
 5.91%
Plumb Balanced Fund –
         
  Institutional Shares*
 -2.52%
  8.28%
10.30%
  8.97%
 6.12%
Plumb Balanced Fund –
         
  Class A Shares
         
  (w sales charge)**
 -8.29%
  5.94%
  8.78%
  8.11%
 5.49%
Plumb Balanced Fund –
         
  Class A Shares
         
  (w/o sales charge)**
 -2.70%
  8.06%
10.07%
  8.75%
 5.91%
Bloomberg Capital
         
  Intermediate
         
  Government/Credit
         
  Bond Index
 -4.10%
  1.50%
  1.81%
  1.85%
 3.14%
MSCI EAFE Index
 -1.21%
  5.17%
  4.00%
  3.45%
-0.19%
S&P 500 Index
15.65%
18.92%
15.99%
14.64%
 9.91%
Blended Benchmark
  6.86%
11.56%
  9.95%
  9.12%
 6.80%

*
Performance shown for the Institutional Shares prior to its inception on August 1, 2020 reflects the performance of the Investor Shares adjusted for the Institutional Share’s fees and expenses.

 

 
8

PLUMB FUNDS

 
**
Performance shown for the Class A Shares prior to its inception on February 8, 2021 reflects the performance of the Investor Shares adjusted for the Class A Share’s fees and expenses and the Class A Share’s sales charge of 5.75%.

Per the fee table in the Fund’s August 1, 2021 prospectus, the Fund’s annual operating expense ratio is, before fee waivers, 1.22%, 1.02%, and 1.33% for Investor, Institutional, and Class A shares, respectively.
 
Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling 1-866-987-7888.
 
The line graph and performance table do not reflect the deduction of taxes that a shareholder may pay on fund distributions or the redemption of fund shares. Total return calculations reflect expense reimbursements and fee waivers.
 
The Bloomberg Capital Intermediate Government/Credit Bond Index is an unmanaged index which includes nonconvertible bonds publicly issued by the U.S. government or its agencies; corporate bonds guaranteed by the U.S. government and quasi-federal corporations; and publicly issued, fixed rate, nonconvertible domestic bonds of companies in industry, public utilities, and finance.
 
The MSCI EAFE Index in an index intended to reflect the performance of major developed countries’ international equity markets, besides the United States and Canada.
 
The Standard & Poor’s 500 Index (S&P 500) is an unmanaged, capitalization-weighted index generally representative of the U.S. market for large capitalization stocks.
 
The Blended Benchmark is made up of 55% S&P 500 Index, 35% Barclays Capital Intermediate Government/Credit Bond Index, and 10% MSCI EAFE Index.
 
The Fund’s portfolio holdings may differ significantly from the securities held in the relevant index and, unlike a mutual fund, an unmanaged index assumes no transaction costs, taxes, management fees or other expenses. You cannot invest directly in an index.
 


9

PLUMB FUNDS

Plumb Equity Fund (Unaudited)

Comparison of Change in Value of a Hypothetical $10,000 Investment
from inception of May 24, 2007 to March 31, 2022



Average Annual Rate of Return
Periods ended March 31, 2022

 
1 Year
3 Year
5 Year
10 Year
Since Inception
Plumb Equity Fund –
         
  Investor Shares
 -6.69%
  9.36%
14.17%
11.99%
 7.41%
Plumb Equity Fund –
         
  Institutional Shares*
 -6.51%
  9.59%
14.40%
12.21%
 7.62%
Plumb Equity Fund –
         
  Class A Shares
         
  (w sales charge)**
-12.06% 
  7.22%
12.83%
11.33%
 6.98%
Plumb Equity Fund –
         
  Class A Shares
         
  (w/o sales charge)**
 -6.68%
  9.36%
14.17%
11.99%
 7.41%
S&P 500 Index
15.65%
18.92%
15.99%
14.64%
 9.91%
MSCI EAFE Index
 -1.21%
  5.17%
  4.00%
  3.45%
-0.19%
Blended Benchmark
13.88%
17.51%
14.76%
13.50%
 8.89%

  *
Performance shown for the Institutional Shares prior to its inception on August 1, 2021 reflects the performance of the Investor Shares adjusted for the Institutional Share’s fees and expenses.
**
Performance shown for the Class A Shares prior to its inception on February 8, 2021 reflects the performance of the Investor Shares adjusted for the Class A Share’s fees and expenses and the Class A Share’s sales charge of 5.75%.


10

PLUMB FUNDS

Per the fee table in the Fund’s August 1, 2021 prospectus, the Fund’s annual operating expense ratio is, before fee waivers, 1.53%, 1.39%, and 1.77% for Investor, Institutional, and Class A shares, respectively.
 
Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling 1-866-987-7888.
 
The line graph and performance table do not reflect the deduction of taxes that a shareholder may pay on fund distributions or the redemption of fund shares. Total return calculations reflect expense reimbursements and fee waivers.
 
The Standard & Poor’s 500 Index (S&P 500) is an unmanaged, capitalization-weighted index generally representative of the U.S. market for large capitalization stocks.
 
The MSCI EAFE Index in an index intended to reflect the performance of major developed countries’ international equity markets, besides the United States and Canada.
 
The Blended Benchmark is made up of 90% S&P 500 Index and 10% MSCI EAFE Index.
 
The Fund’s portfolio holdings may differ significantly from the securities held in the relevant index and, unlike a mutual fund, an unmanaged index assumes no transaction costs, taxes, management fees or other expenses. You cannot invest directly in an index.
 


11

PLUMB FUNDS

Plumb Balanced Fund
Investments by Industry Sector as of March 31, 2022
(as a Percentage of Total Investments) (Unaudited)





12

PLUMB FUNDS

Plumb Balanced Fund
Investments by Asset Allocation as of March 31, 2022
(as a Percentage of Total Investments) (Unaudited)







13

PLUMB FUNDS

Plumb Equity Fund
Investments by Industry Sector as of March 31, 2022
(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.
 


14

PLUMB FUNDS

Plumb Balanced Fund
Schedule of Investments – March 31, 2022

   
Shares
   
Value
 
COMMON STOCKS – 64.85%
           
             
Automobiles & Components – 2.17%
           
Ford Motor Co.
   
125,000
   
$
2,113,750
 
                 
Banks – 1.75%
               
JPMorgan Chase & Co.
   
12,500
     
1,704,000
 
                 
Capital Goods – 2.03%
               
Raytheon Technologies Corp.
   
20,000
     
1,981,400
 
                 
Chemicals – 0.80%
               
NUTRIEN Ltd. (a) (b)
   
7,500
     
779,925
 
                 
Commercial & Professional Services – 3.74%
               
Copart, Inc. (a)
   
19,500
     
2,446,665
 
VSE Corp.
   
26,000
     
1,198,340
 
             
3,645,005
 
Diversified Financials – 3.31%
               
American Express Co.
   
9,000
     
1,683,000
 
Discover Financial Services
   
14,000
     
1,542,660
 
             
3,225,660
 
Energy – 1.27%
               
Schlumberger NV – ADR (b)
   
30,000
     
1,239,300
 
                 
Food, Beverage & Tobacco – 2.24%
               
Constellation Brands, Inc. – Class A
   
9,500
     
2,188,040
 
                 
Health Care Equipment & Services – 1.86%
               
Intuitive Surgical, Inc. (a)
   
6,000
     
1,810,080
 
                 
Media & Entertainment – 2.85%
               
Alphabet, Inc. – Class A (a)
   
1,000
     
2,781,350
 
                 
Pharmaceuticals, Biotechnology & Life Sciences – 1.68%
               
Merck & Co., Inc.
   
20,000
     
1,641,000
 
                 
Retailing – 5.62%
               
Amazon.com, Inc. (a)
   
860
     
2,803,557
 


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

15

PLUMB FUNDS

Plumb Balanced Fund
Schedule of Investments – March 31, 2022 (Continued)

   
Shares
   
Value
 
COMMON STOCKS (Continued)
           
             
Retailing (Continued)
           
MercadoLibre, Inc. (a)
   
2,250
   
$
2,676,330
 
             
5,479,887
 
Semiconductors & Semiconductor Equipment – 6.98%
               
Advanced Micro Devices, Inc. (a)
   
26,000
     
2,842,840
 
NVIDIA Corp.
   
14,500
     
3,956,470
 
             
6,799,310
 
Software & Services – 24.47%
               
Adobe, Inc. (a)
   
3,500
     
1,594,670
 
Adyen NV – ADR (a) (b)
   
60,000
     
1,186,200
 
Autodesk, Inc. (a)
   
11,500
     
2,465,025
 
Domo, Inc. (a)
   
30,000
     
1,517,100
 
LATCH, Inc. (a)
   
180,000
     
768,600
 
Mastercard, Inc. – Class A
   
8,250
     
2,948,385
 
Microsoft Corp.
   
12,250
     
3,776,797
 
Mitek Systems, Inc. (a)
   
79,000
     
1,158,930
 
Olo, Inc. (a)
   
80,000
     
1,060,000
 
PayPal Holdings, Inc. (a)
   
14,000
     
1,619,100
 
Visa, Inc. – Class A
   
12,250
     
2,716,683
 
WEX, Inc. (a)
   
17,000
     
3,033,650
 
             
23,845,140
 
Technology Hardware & Equipment – 4.08%
               
Apple, Inc.
   
22,750
     
3,972,378
 
TOTAL COMMON STOCKS
               
  (Cost $39,683,505)
           
63,206,225
 
                 
   
Principal
         
   
Amount
         
CORPORATE BONDS – 33.42%
               
                 
Banks – 15.94%
               
Amalgamated Financial Corp.
               
  3.25%, (SOFR +2.30%)
               
  11/15/2031 (c)
 
$
1,500,000
     
1,445,169
 
Banc of California, Inc.
               
  4.38%, (SOFR + 4.20%) 10/30/2030 (c)
   
1,700,000
     
1,699,929
 
Bank OZK
               
  2.75%, (SOFR + 2.09%) 10/01/2031 (c)
   
2,500,000
     
2,432,091
 


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

16

PLUMB FUNDS

Plumb Balanced Fund
Schedule of Investments – March 31, 2022 (Continued)

   
Principal
       
   
Amount
   
Value
 
CORPORATE BONDS (Continued)
           
             
Banks (Continued)
           
Citigroup, Inc.
           
  1.61%, (3 Month LIBOR USD + 1.35%)
           
  04/25/2024 (c)
 
$
500,000
   
$
503,361
 
  4.70%, (SOFR + 3.23%) Perpetual Maturity (c)
   
600,000
     
575,250
 
Flagstar Bancorp, Inc.
               
  4.13%, (SOFR + 3.91%) 11/01/2030 (c)
   
500,000
     
498,409
 
Home BancShares, Inc.
               
  5.63%, (3 Month LIBOR USD + 3.58%)
               
  04/15/2027 (c)
   
2,310,000
     
2,310,099
 
JPMorgan Chase & Co.
               
  6.75%, (3 Month LIBOR USD + 3.78%)
               
  Perpetual Maturity (c)
   
2,325,000
     
2,427,730
 
Pinnacle Financial Partners, Inc.
               
  4.13%, (3 Month LIBOR USD + 2.78%)
               
  09/15/2029 (c)
   
1,575,000
     
1,581,665
 
TriState Capital Holdings, Inc.
               
  5.75%, (3 Month LIBOR USD + 5.36%)
               
  05/15/2030 (c)
   
500,000
     
521,966
 
Western Alliance Bank
               
  5.25%, (SOFR + 5.12%) 06/01/2030 (c)
   
1,500,000
     
1,536,331
 
             
15,532,000
 
Capital Goods – 1.55%
               
Carlisle Cos, Inc.
               
  3.50%, 12/01/2024
   
500,000
     
505,074
 
General Electric Co.
               
  1.83%, (3 Month LIBOR USD + 1.00%)
               
  03/15/2023 (c)
   
1,000,000
     
1,002,465
 
             
1,507,539
 
Consumer Services – 2.80%
               
Expedia Group, Inc.
               
  5.00%, 02/15/2026
   
2,600,000
     
2,727,373
 
                 
Diversified Financials – 2.11%
               
The Charles Schwab Corp.
               
  5.38%, (H15T5Y + 4.97%) Perpetual Maturity (c)
   
1,000,000
     
1,035,000
 


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

17

PLUMB FUNDS

Plumb Balanced Fund
Schedule of Investments – March 31, 2022 (Continued)

   
Principal
       
   
Amount
   
Value
 
CORPORATE BONDS (Continued)
           
             
Diversified Financials (Continued)
           
The Goldman Sachs Group, Inc.
           
  1.91%, (3 Month LIBOR USD + 1.70%)
           
  04/05/2026 (c)
 
$
1,000,000
   
$
1,021,116
 
             
2,056,116
 
Health Care Equipment & Services – 0.20%
               
CVS Pass-Through Trust
               
  6.94%, 01/10/2030
   
176,577
     
197,914
 
                 
Insurance – 0.53%
               
Old Republic International Corp.
               
  4.88%, 10/01/2024
   
500,000
     
517,173
 
                 
Oil & Gas – 0.26%
               
Murphy Oil USA, Inc.
               
  5.63%, 05/01/2027
   
250,000
     
254,471
 
                 
Semiconductors & Semiconductor Equipment – 2.57%
               
Qorvo, Inc.
               
  4.38%, 10/15/2029
   
2,500,000
     
2,505,500
 
                 
Software & Services – 7.46%
               
CDK Global, Inc.
               
  4.88%, 06/01/2027
   
2,305,000
     
2,327,301
 
VeriSign, Inc.
               
  4.75%, 07/15/2027
   
3,100,000
     
3,171,888
 
VMware, Inc.
               
  3.90%, 08/21/2027
   
1,750,000
     
1,772,176
 
             
7,271,365
 
TOTAL CORPORATE BONDS
               
  (Cost $33,810,167)
           
32,569,451
 


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

18

PLUMB FUNDS

Plumb Balanced Fund
Schedule of Investments – March 31, 2022 (Continued)

   
Shares
   
Value
 
SHORT TERM INVESTMENT – 1.43%
           
Money Market Fund – 1.43%
           
First American Government Obligations Fund –
           
  Class X – 0.18% (d)
   
1,397,245
   
$
1,397,245
 
TOTAL SHORT TERM INVESTMENT
               
  (Cost $1,397,245)
           
1,397,245
 
                 
Total Investments (Cost $74,890,917) – 99.70%
           
97,172,921
 
Other Assets in Excess of Liabilities – 0.30%
           
289,140
 
TOTAL NET ASSETS – 100.00%
         
$
97,444,561
 

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: Curacao 1.27%, Netherlands 1.22%, Canada: 0.80%.
(c)
Variable or Floating rate security based on a reference index and spread. The rate listed is as of March 31, 2022.
(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.

19

PLUMB FUNDS

Plumb Equity Fund
Schedule of Investments – March 31, 2022

   
Shares
   
Value
 
COMMON STOCKS – 97.26%
           
             
Automobiles & Components – 2.25%
           
Ford Motor Co.
   
35,000
   
$
591,850
 
                 
Capital Goods – 2.83%
               
Raytheon Technologies Corp.
   
7,500
     
743,025
 
                 
Chemicals – 1.58%
               
NUTRIEN Ltd. (a) (b)
   
4,000
     
415,960
 
                 
Commercial & Professional Services – 6.08%
               
Copart, Inc. (a)
   
9,250
     
1,160,598
 
VSE Corp.
   
9,500
     
437,855
 
             
1,598,453
 
Diversified Financials – 1.42%
               
American Express Co.
   
2,000
     
374,000
 
                 
Energy – 2.12%
               
Schlumberger NV – ADR (b)
   
13,500
     
557,685
 
                 
Food, Beverage & Tobacco – 3.77%
               
Constellation Brands, Inc. – Class A
   
4,300
     
990,376
 
                 
Health Care Equipment & Services – 3.15%
               
Intuitive Surgical, Inc. (a)
   
2,750
     
829,620
 
                 
Media & Entertainment – 4.76%
               
Alphabet, Inc. – Class A (a)
   
450
     
1,251,607
 
                 
Retailing – 8.99%
               
Amazon.com, Inc. (a)
   
360
     
1,173,582
 
MercadoLibre, Inc. (a)
   
1,000
     
1,189,480
 
             
2,363,062
 
Semiconductors & Semiconductor Equipment – 9.40%
               
Advanced Micro Devices, Inc. (a)
   
10,500
     
1,148,070
 
NVIDIA Corp.
   
4,850
     
1,323,371
 
             
2,471,441
 
Software & Services – 46.00%
               
Adobe, Inc. (a)
   
1,700
     
774,554
 
Adyen NV – ADR (a) (b)
   
35,000
     
691,950
 
Autodesk, Inc. (a)
   
4,800
     
1,028,880
 
Domo, Inc. (a)
   
15,000
     
758,550
 


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

20

PLUMB FUNDS

Plumb Equity Fund
Schedule of Investments – March 31, 2022 (Continued)

   
Shares
   
Value
 
COMMON STOCKS (Continued)
           
             
Software & Services (Continued)
           
Fiserv, Inc. (a)
   
7,500
   
$
760,500
 
LATCH, Inc. (a)
   
66,000
     
281,820
 
Mastercard, Inc. – Class A
   
3,500
     
1,250,830
 
Microsoft Corp.
   
4,000
     
1,233,240
 
Mitek Systems, Inc. (a)
   
40,000
     
586,800
 
Olo, Inc. (a)
   
35,000
     
463,750
 
PayPal Holdings, Inc. (a)
   
6,500
     
751,725
 
Snowflake, Inc. (a)
   
2,750
     
630,107
 
Square, Inc. (a)
   
3,500
     
474,600
 
Visa, Inc. – Class A
   
5,400
     
1,197,558
 
WEX, Inc. (a)
   
6,800
     
1,213,460
 
             
12,098,324
 
Technology Hardware & Equipment – 4.91%
               
Apple, Inc.
   
7,400
     
1,292,114
 
TOTAL COMMON STOCKS
               
  (Cost $16,423,848)
           
25,577,517
 
                 
SHORT TERM INVESTMENT – 2.90%
               
                 
Money Market Fund – 2.90%
               
First American Government Obligations Fund –
               
  Class X – 0.18% (c)
   
763,392
     
763,392
 
TOTAL SHORT TERM INVESTMENT
               
  (Cost $763,392)
           
763,392
 
                 
Total Investments (Cost $17,187,240) – 100.16%
           
26,340,909
 
Liabilities in Excess of Other Assets – (0.16)%
           
(41,241
)
TOTAL NET ASSETS – 100.00%
         
$
26,286,868
 

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 2.63%, Curacao 2.12%, Canada, 1.58%.
(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.

21

PLUMB FUNDS

Statements of Assets and Liabilities
March 31, 2022

   
Plumb
   
Plumb
 
   
Balanced
   
Equity
 
   
Fund
   
Fund
 
Assets
           
Investments, at value*
 
$
97,172,921
   
$
26,340,909
 
Dividends and interest receivable
   
423,328
     
1,692
 
Receivable for fund shares sold
   
1,889
     
750
 
Prepaid assets
   
39,667
     
19,497
 
Total Assets
   
97,637,805
     
26,362,848
 
                 
Liabilities
               
Payable for fund shares redeemed
   
51,483
     
 
Payable to Adviser (Note 4)
   
61,461
     
8,845
 
Accrued 12b-1 fees (Note 3)
   
     
22,543
 
Accrued Directors’ fees
   
7,988
     
2,013
 
Accrued expenses and other liabilities
   
72,312
     
42,579
 
Total Liabilities
   
193,244
     
75,980
 
Total Net Assets
 
$
97,444,561
   
$
26,286,868
 
                 
Net Assets Consist Of:
               
Paid in capital
 
$
70,923,767
   
$
15,229,282
 
Total distributable earnings
   
26,520,794
     
11,057,586
 
Total Net Assets
 
$
97,444,561
   
$
26,286,868
 


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

22

PLUMB FUNDS

Statements of Assets and Liabilities
March 31, 2022 (Continued)

   
Plumb
   
Plumb
 
   
Balanced
   
Equity
 
   
Fund
   
Fund
 
Investor Shares
           
Net Assets
 
$
62,718,304
   
$
17,251,910
 
Capital shares outstanding, $0.001 par value
               
  (200 million shares issued each)
   
1,789,524
     
669,716
 
Net asset value, offering and
               
  redemption price per share
 
$
35.05
   
$
25.76
 
                 
Institutional Shares
               
Net Assets
 
$
34,658,551
   
$
8,986,458
 
Capital shares outstanding, $0.001 par value
               
  (200 million shares issued each)
   
986,794
     
348,187
 
Net asset value, offering and
               
  redemption price per share
 
$
35.12
   
$
25.81
 
                 
Class A Shares
               
Net Assets
 
$
67,706
   
$
48,500
 
Capital shares outstanding, $0.001 par value
               
  (200 million shares issued each)
   
1,932
     
1,883
 
Net asset value, minimum offering and
               
  redemption price per share (a)
 
$
35.05
   
$
25.76
 
                 
Maximum offering price per share
               
  ($35.06/0.9425) ($25.76/0.9425) (b)
 
$
37.19
   
$
27.33
 
                 
*  Cost of Investments
 
$
74,890,917
   
$
17,187,240
 

(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.

23

PLUMB FUNDS

Statements of Operations
For the Fiscal Year Ended March 31, 2022

   
Plumb
   
Plumb
 
   
Balanced
   
Equity
 
   
Fund
   
Fund
 
Investment Income:
           
Dividend income*
 
$
386,211
   
$
82,425
 
Interest income
   
1,269,743
     
236
 
Total Investment Income
   
1,655,954
     
82,661
 
                 
Expenses:
               
Investment Advisor’s fee (Note 4)
   
843,867
     
226,158
 
12b-1 fees – Investor shares (Note 3)
   
213,720
     
37,188
 
12b-1 fees – Class A shares (Note 3)
   
163
     
136
 
Fund administration and accounting fees
   
162,900
     
115,036
 
Transfer agent fees and expenses
   
119,481
     
85,153
 
Registration fees
   
70,899
     
64,868
 
Legal fees
   
19,687
     
19,395
 
Director fees and expenses
   
31,678
     
8,263
 
Audit and tax fees
   
13,766
     
13,758
 
Printing and mailing expense
   
11,703
     
3,225
 
Custody fees
   
10,806
     
8,316
 
Insurance expense
   
15,149
     
4,290
 
Total expenses before Adviser waiver
   
1,513,819
     
585,786
 
Less: Fees waived by Adviser (Note 4)
   
(60,778
)
   
(194,538
)
Net expenses
   
1,453,041
     
391,248
 
Net Investment Income (Loss)
   
202,913
     
(308,587
)
                 
Realized and Unrealized Gain (Loss):
               
Net realized gain (loss) on investments
   
9,959,962
     
5,970,497
 
Net change in unrealized appreciation
               
  (depreciation) on investments
   
(11,844,515
)
   
(7,277,985
)
Net Realized and Unrealized
               
  Gain (Loss) on Investments
   
(1,884,553
)
   
(1,307,488
)
                 
Net Increase (Decrease) in Net Assets
               
  Resulting from Operations
 
$
(1,681,640
)
 
$
(1,616,075
)

*
Net of foreign withholding taxes of $540 and $288, respectively.


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

24

PLUMB FUNDS







(This Page Intentionally Left Blank.)
 









25

PLUMB FUNDS

Plumb Balanced Fund
Statements of Changes in Net Assets

   
For the
   
For the
 
   
Year Ended
   
Year Ended
 
   
March 31,
   
March 31,
 
   
2022
   
2021
 
Operations:
           
Net investment income
 
$
202,913
   
$
181,069
 
Net realized gain on investments
   
9,959,962
     
7,548,512
 
Net change in unrealized appreciation
               
  (depreciation) on investments
   
(11,844,515
)
   
29,931,654
 
Net increase (decrease) in net assets
               
  resulting from operations
   
(1,681,640
)
   
37,661,235
 
                 
Distributions To Shareholders:
               
Net distributions – Investor shares
   
(6,226,837
)
   
(432,494
)
Net distributions – Institutional shares*
   
(3,479,208
)
   
(212,600
)
Net distributions – Class A shares**
   
(5,569
)
   
 
Total distributions to shareholders
   
(9,711,614
)
   
(645,094
)
                 
Capital Share Transactions:
               
Proceeds from shares sold – Investor shares
   
13,723,072
     
40,229,343
 
Proceeds from shares sold – Institutional shares*
   
19,005,833
     
57,505,210
 
Proceeds from shares sold – Class A shares**
   
23,857
     
50,000
 
Shares issued in reinvestment of dividends –
               
  Investor shares
   
6,193,307
     
400,341
 
Shares issued in reinvestment of dividends –
               
  Institutional shares*
   
3,478,904
     
212,600
 
Shares issued in reinvestment of dividends –
               
  Class A shares**
   
5,569
     
 
Cost of shares redeemed – Investor shares
   
(44,390,523
)
   
(76,145,029
)
Cost of shares redeemed – Institutional shares*
   
(30,788,251
)
   
(13,830,801
)
Net increase (decrease) in net assets
               
  from capital share transactions
   
(32,748,232
)
   
8,421,664
 
                 
Total increase (decrease) in net assets
   
(44,141,486
)
   
45,437,805
 
                 
Net Assets:
               
Beginning of year
   
141,586,047
     
96,148,242
 
End of year
 
$
97,444,561
   
$
141,586,047
 


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

26

PLUMB FUNDS

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

   
For the
   
For the
 
   
Year Ended
   
Year Ended
 
   
March 31,
   
March 31,
 
   
2022
   
2021
 
Change in Shares Outstanding:
           
Investor Shares
           
Shares sold
   
339,749
     
1,109,270
 
Shares issued in reinvestment of dividends
   
165,375
     
10,019
 
Shares redeemed
   
(1,136,598
)
   
(2,092,013
)
Net decrease
   
(631,474
)
   
(972,724
)
 
               
Institutional Shares*
               
Shares sold
   
470,356
     
1,556,512
 
Shares issued in reinvestment of dividends
   
92,771
     
5,324
 
Shares redeemed
   
(780,936
)
   
(357,233
)
Net increase (decrease)
   
(217,809
)
   
1,204,603
 
 
               
Class A Shares**
               
Shares sold
   
564
     
1,218
 
Shares issued in reinvestment of dividends
   
149
     
 
Shares redeemed
   
     
 
Net increase
   
713
     
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.

27

PLUMB FUNDS

Plumb Equity Fund
Statements of Changes in Net Assets

   
For the
   
For the
 
   
Year Ended
   
Year Ended
 
   
March 31,
   
March 31,
 
   
2022
   
2021
 
Operations:
           
Net investment loss
 
$
(308,587
)
 
$
(293,847
)
Net realized gain on investments
   
5,970,497
     
7,292,241
 
Net change in unrealized appreciation
               
  (depreciation) on investments
   
(7,277,985
)
   
10,494,676
 
Net increase (decrease) in net assets
               
  resulting from operations
   
(1,616,075
)
   
17,493,070
 
                 
Distributions To Shareholders:
               
Net distributions – Investor shares
   
(4,760,982
)
   
(2,749,763
)
Net distributions – Institutional shares*
   
(2,236,119
)
   
(1,002,629
)
Net distributions – Class A shares**
   
(11,468
)
   
 
Total distributions to shareholders
   
(7,008,569
)
   
(3,752,392
)
                 
Capital Share Transactions:
               
Proceeds from shares sold – Investor shares
   
469,109
     
3,313,604
 
Proceeds from shares sold – Institutional shares*
   
719,955
     
20,538,488
 
Proceeds from shares sold – Class A shares**
   
9,700
     
50,000
 
Shares issued in reinvestment of dividends –
               
  Investor shares
   
4,760,982
     
2,449,688
 
Shares issued in reinvestment of dividends –
               
  Institutional shares*
   
2,236,119
     
1,002,629
 
Shares issued in reinvestment of dividends –
               
  Class A shares**
   
11,468
     
 
Cost of shares redeemed – Investor shares
   
(5,393,982
)
   
(26,344,429
)
Cost of shares redeemed – Institutional shares*
   
(6,161,956
)
   
(7,543,229
)
Cost of shares redeemed – Class A shares**
   
(3,200
)
   
 
Net decrease in net assets
               
  from capital share transactions
   
(3,351,805
)
   
(6,533,249
)
                 
Total increase (decrease) in net assets
   
(11,976,449
)
   
7,207,429
 
                 
Net Assets:
               
Beginning of year
   
38,263,317
     
31,055,888
 
End of year
 
$
26,286,868
   
$
38,263,317
 


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

28

PLUMB FUNDS

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

   
For the
   
For the
 
   
Year Ended
   
Year Ended
 
   
March 31,
   
March 31,
 
   
2022
   
2021
 
Change in Shares Outstanding:
           
Investor Shares
           
Shares sold
   
13,467
     
101,558
 
Shares issued in reinvestment of dividends
   
165,715
     
67,522
 
Shares redeemed
   
(180,606
)
   
(797,522
)
Net decrease
   
(1,424
)
   
(628,442
)
 
               
Institutional Shares*
               
Shares sold
   
23,804
     
610,038
 
Shares issued in reinvestment of dividends
   
77,724
     
27,666
 
Shares redeemed
   
(178,310
)
   
(212,735
)
Net increase (decrease)
   
(76,782
)
   
424,969
 
 
               
Class A Shares**
               
Shares sold
   
267
     
1,327
 
Shares issued in reinvestment of dividends
   
399
     
 
Shares redeemed
   
(111
)
   
 
Net increase
   
555
     
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.

29

PLUMB FUNDS

Plumb Balanced Fund – Investor Shares
Financial Highlights





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

Net asset value, beginning of year

Operations:
Net investment income(1)
Net realized and unrealized gain (loss)
Total from investment operations

Distributions to shareholders:
Distributions from net investment income
Distributions from net realized gains
Total distributions to shareholders

Change in net asset value for the year

Net asset value, end of year
Total return(2)

Ratios / supplemental data
Net assets, end of year (000)
Ratio of net expenses to average net assets:
Before expense reimbursement and waivers/recoupment
After expense reimbursement and waivers/recoupment(3)
Ratio of net investment income to average net assets:
After expense reimbursement and waivers/recoupment(3)
Portfolio turnover rate

(1)
Net investment income (loss) per share has been calculated based on average shares outstanding during the year. 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)
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 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.

30

PLUMB FUNDS

Plumb Balanced Fund – Investor Shares
Financial Highlights (Continued)

For the Years Ended March 31,
 
2022
   
2021
   
2020
   
2019
   
2018
 
                           
                           
                           
$
39.04
   
$
28.33
   
$
30.98
   
$
28.77
   
$
24.75
 
                                     
 
0.03
     
0.05
     
0.17
     
0.16
     
0.15
 
 
(0.89
)
   
10.82
     
(2.01
)
   
2.51
     
4.05
 
 
(0.86
)
   
10.87
     
(1.84
)
   
2.67
     
4.20
 
                                     
                                     
 
(0.06
)
   
(0.16
)
   
(0.15
)
   
     
(0.18
)
 
(3.07
)
   
     
(0.66
)
   
(0.46
)
   
 
 
(3.13
)
   
(0.16
)
   
(0.81
)
   
(0.46
)
   
(0.18
)
                                     
 
(3.99
)
   
10.71
     
(2.65
)
   
2.21
     
4.02
 
                                     
$
35.05
   
$
39.04
   
$
28.33
   
$
30.98
   
$
28.77
 
 
(2.73
)%
   
38.35
%
   
(6.27
)%
   
9.47
%
   
16.98
%
                                     
                                     
$
62,718
   
$
94,514
   
$
96,148
   
$
97,139
   
$
44,722
 
                                     
 
1.25
%
   
1.22
%
   
1.19
%
   
1.18
%
   
1.50
%
 
1.19
%
   
1.19
%
   
1.19
%
   
1.19
%
   
1.26
%
                                     
 
0.08
%
   
0.13
%
   
0.58
%
   
0.66
%
   
0.57
%
 
38
%
   
63
%
   
52
%
   
58
%
   
37
%



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

31

PLUMB FUNDS

Plumb Balanced Fund – Institutional Shares
Financial Highlights

         
For the
 
   
For the
   
Period
 
   
Year Ended
   
Ended
 
   
March 31,
   
March 31,
 
   
2022
   
2021*

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)
   
0.12
     
0.04
 
Net realized and unrealized gain (loss)
   
(0.91
)
   
3.85
 
Total from investment operations
   
(0.79
)
   
3.89
 
                 
Distributions to shareholders:
               
Distributions from net investment income
   
(0.06
)
   
(0.23
)
Distributions from net realized gains
   
(3.07
)
   
 
Total distributions to shareholders
   
(3.13
)
   
(0.23
)
                 
Change in net asset value for the period
   
(3.92
)
   
3.66
 
                 
Net asset value, end of period
 
$
35.12
   
$
39.04
 
Total return(2)
   
(2.52
)%
   
10.97
%(3)
                 
Ratios / supplemental data
               
Net assets, end of period (000)
 
$
34,659
   
$
47,024
 
Ratio of net expenses to average net assets:
               
Before expense reimbursement and waivers
   
1.00
%
   
1.02
%(4)
After expense reimbursement and waivers
   
0.99
%
   
0.99
%(4)
Ratio of net investment income to average net assets:
               
After expense reimbursement and waivers
   
0.30
%
   
0.16
%(4)
Portfolio turnover rate
   
38
%
   
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 1, 2020.


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

32

PLUMB FUNDS

Plumb Balanced Fund – Class A Shares
Financial Highlights

         
For the
 
   
For the
   
Period
 
   
Year Ended
   
Ended
 
   
March 31,
   
March 31,
 
   
2022
   
2021*

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)
   
0.05
     
(0.00
)(2)
Net realized and unrealized gain (loss)
   
(0.91
)
   
(2.00
)(3)
Total from investment operations
   
(0.86
)
   
(2.00
)
                 
Distributions to shareholders:
               
Distributions from net investment income
   
(0.06
)
   
 
Distributions from net realized gains
   
(3.07
)
   
 
Total distributions to shareholders
   
(3.13
)
   
 
                 
Change in net asset value for the period
   
(3.99
)
   
(2.00
)
                 
Net asset value, end of period
 
$
35.05
   
$
39.04
 
Total return(4)(5)
   
(2.70
)%
   
(4.87
)%(6)
                 
Ratios / supplemental data
               
Net assets, end of period (000)
 
$
68
   
$
48
 
Ratio of net expenses to average net assets:
               
Before expense reimbursement and waivers
   
1.26
%
   
1.33
%(7)
After expense reimbursement and waivers
   
1.19
%
   
1.19
%(7)
Ratio of net investment income to average net assets:
               
After expense reimbursement and waivers
   
0.12
%
   
(0.03
)%(7)
Portfolio turnover rate
   
38
%
   
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.

33

PLUMB FUNDS

Plumb Equity Fund – Investor Shares
Financial Highlights





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

Net asset value, beginning of year

Operations:
Net investment loss(1)
Net realized and unrealized gain (loss)
Total from investment operations

Distributions to shareholders:
Distributions from net investment income
Distributions from net realized gains
Total distributions to shareholders

Change in net asset value for the year

Net asset value, end of year

Total return(3)

Ratios / supplemental data
Net assets, end of year (000)
Ratio of net expenses to average net assets:
Before expense reimbursement and waivers
After expense reimbursement and waivers(4)
Ratio of net investment income to average net assets:
After expense reimbursement and waivers(4)
Portfolio turnover rate

(1)
Net investment income (loss) per share has been calculated based on average shares outstanding during the year. 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 year, 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)
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.

34

PLUMB FUNDS

Plumb Equity Fund – Investor Shares
Financial Highlights (Continued)

For the Years Ended March 31,
 
2022
   
2021
   
2020
   
2019
   
2018
 
                           
                           
                           
$
34.87
   
$
23.90
   
$
28.35
   
$
28.78
   
$
24.70
 
                                     
 
(0.33
)
   
(0.24
)
   
(0.21
)
   
(0.17
)
   
(0.21
)
 
(1.24
)
   
14.57
     
(2.97
)
   
3.23
     
7.84
(2)
 
(1.57
)
   
14.33
     
(3.18
)
   
3.06
     
7.63
 
                                     
                                     
 
     
(0.15
)
   
     
     
 
 
(7.54
)
   
(3.21
)
   
(1.27
)
   
(3.49
)
   
(3.55
)
 
(7.54
)
   
(3.36
)
   
(1.27
)
   
(3.49
)
   
(3.55
)
                                     
 
(9.11
)
   
10.97
     
(4.45
)
   
(0.43
)
   
4.08
 
                                     
$
25.76
   
$
34.87
   
$
23.90
   
$
28.35
   
$
28.78
 
 
(6.69
)%
   
59.42
%
   
(12.07
)%
   
12.67
%
   
31.65
%
                                     
                                     
$
17,252
   
$
23,404
   
$
31,056
   
$
37,587
   
$
29,641
 
                                     
 
1.74
%
   
1.53
%
   
1.43
%
   
1.44
%
   
1.68
%
 
1.19
%
   
1.19
%
   
1.19
%
   
1.19
%
   
1.36
%
                                     
 
(0.95
)%
   
(0.75
)%
   
(0.70
)%
   
(0.63
)%
   
(0.79
)%
 
40
%
   
66
%
   
46
%
   
64
%
   
69
%




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

35

PLUMB FUNDS

Plumb Equity Fund – Institutional Shares
Financial Highlights

         
For the
 
   
For the
   
Period
 
   
Year Ended
   
Ended
 
   
March 31,
   
March 31,
 
   
2022
   
2021*

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)
   
(0.26
)
   
(0.16
)
Net realized and unrealized gain (loss)
   
(1.25
)
   
5.88
 
Total from investment operations
   
(1.51
)
   
5.72
 
                 
Distributions to shareholders:
               
Distributions from net investment income
   
     
(0.22
)
Distributions from net realized gains
   
(7.54
)
   
(3.21
)
Total distributions to shareholders
   
(7.54
)
   
(3.43
)
                 
Change in net asset value for the period
   
(9.05
)
   
2.29
 
                 
Net asset value, end of period
 
$
25.81
   
$
34.86
 
Total return(2)
   
(6.51
)%
   
17.17
%(3)
                 
Ratios / supplemental data
               
Net assets, end of period (000)
 
$
8,986
   
$
14,813
 
Ratio of net expenses to average net assets:
               
Before expense reimbursement and waivers
   
1.57
%
   
1.39
%(4)
After expense reimbursement and waivers
   
0.99
%
   
0.99
%(4)
Ratio of net investment income to average net assets:
               
After expense reimbursement and waivers
   
(0.75
)%
   
(0.70
)%(4)
Portfolio turnover rate
   
40
%
   
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 1, 2020.


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

36

PLUMB FUNDS

Plumb Equity Fund – Class A Shares
Financial Highlights

         
For the
 
   
For the
   
Period
 
   
Year Ended
   
Ended
 
   
March 31,
   
March 31,
 
   
2022
   
2021*

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)
   
(0.33
)
   
(0.05
)
Net realized and unrealized gain (loss)
   
(1.24
)
   
(2.75
)(2)
Total from investment operations
   
(1.57
)
   
(2.80
)
                 
Distributions to shareholders:
               
Distributions from net investment income
   
     
 
Distributions from net realized gains
   
(7.54
)
   
 
Total distributions to shareholders
   
(7.54
)
   
 
                 
Change in net asset value for the period
   
(9.11
)
   
(2.80
)
                 
Net asset value, end of period
 
$
25.76
   
$
34.87
 
Total return(3)(4)
   
(6.68
)%
   
(7.43
)%(5)
                 
Ratios / supplemental data
               
Net assets, end of period (000)
 
$
49
   
$
46
 
Ratio of net expenses to average net assets:
               
Before expense reimbursement and waivers
   
1.84
%
   
1.77
%(6)
After expense reimbursement and waivers
   
1.19
%
   
1.19
%(6)
Ratio of net investment income to average net assets:
               
After expense reimbursement and waivers
   
(0.95
)%
   
(0.98
)%(6)
Portfolio turnover rate
   
40
%
   
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.

37

PLUMB FUNDS

Notes to Financial Statements
March 31, 2022

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 sa