As filed with the Securities and Exchange
Commission on December 3, 2008
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)
1200
John Q. Hammons Drive
Second
Floor
Madison,
Wisconsin 53717
(Address
of principal executive offices) (Zip code)
Thomas
G. Plumb
1200
John Q. Hammons Drive
Second
Floor
Madison,
Wisconsin 53717
(Name and
address of agent for service)
(608)
824-8800
Registrant's
telephone number, including area code
Date of
fiscal year end: March 31
Date of
reporting period: September 30, 2008
Item 1. Reports to
Stockholders.
Plumb
Funds is a trademark of
Wisconsin
Capital Funds, Inc.
Plumb
Balanced Fund
Plumb
Equity Fund
SEMI-ANNUAL
REPORT
September
30, 2008
www.plumbfunds.com
PLUMB
FUNDS
Dear
Fellow Shareholders:
The
performance of the Plumb Equity Fund for the six months ended September 30, 2008
was -4.37% versus -10.87% for the S&P 500. For the same period, the Plumb
Balanced Fund returned -7.19%, outperforming its benchmark, the 65/35 blend of
the S&P 500 and Lehman Government/Corporate Bond index, which returned
–8.01%.
Despite
outperforming our benchmarks, we are notably disappointed with our reported
returns. Our performance was primarily driven by our failure to accurately
predict the impact of external events on the market. Our biggest miscalculation
was in the Balanced Fund, where we continued to hold Fannie
Mae and
Freddie Mac preferred shares, despite knowing that the companies were likely to
go under government control. Our beliefs about Fannie Mae and Freddie Mac led us
to correctly sell the common stock, but not the preferred shares.
Our
reason for keeping the Fannie and Freddie preferred shares was based on the way
the government resolved the Bear Stearns situation and statements by our
national leaders, most notably Treasury Secretary Henry Paulson. In the Bear
Stearns situation, the government not only bailed out all the debt holders, and
the preferred shareholders, it also bailed out the stockholders. Fannie Mae and
Freddie
Mac preferred stock is widely held among financial institutions, including
insurance companies and regional and community banks. We viewed the preferred
shares as a cheap way for the government to maintain some capital in the
financial system. We believed that wiping out the preferred shareholders would
further amplify an already severe capitalization problem among our nation’s
financial institutions. Regrettably, the government did not see it this way, and
we were proven wrong. It is remarkable to us that the government decided to bail
out all the stakeholders of Bear Stearns but not the preferred shareholders of
Fannie Mae and Freddie Mac. Although we think the government got this call
wrong, and with its decision further exacerbated the capitalization problems in
the financial system, this is of little consolation to our
investors.
Among our
equity holdings in both Funds, the drivers by position weighting that positively
impacted returns were Corinthian Colleges, Electronic Data Systems after being
bought by Hewlett Packard, Alliance Data Systems, and Covidien. Stock prices
from energy and industrial companies performed poorly despite their franchises
due to major economic headwinds. Performance detractors included Manitowoc,
TomoTherapy, Office Depot, and General Electric. We have since sold some of our
positions in these companies, while increasing our investment in the ones we
consider to be even more promising and offered at an even better
price.
3
PLUMB FUNDS
As the markets have continued to sell off, we have become increasingly
bullish on equities. This may sound counterintuitive, and we note that many
investors are putting money into cash and cash equivalents. These are the same
investors that were happy to buy equities at 40 times earnings only a short time
ago. Equities are trading at valuations we haven’t seen since the early 1980s.
We recognize
that there are real problems in the economy; business defaults and unemployment
will likely continue to rise, even possibly beyond most people’s current
expectations. Many more financial institutions may need to be shut down. Yet, we
believe we are finding fantastic bargains among some of America’s strongest
businesses. We have no idea whether the market will be higher in the next three
months, or even the next year; but we believe we are buying solid companies at
greatly reduced prices that should report record earnings over the longer term.
We believe the only time the investor ever gets a chance to buy great companies
at great prices is when the news is bad.
Admittedly
the ride will be bumpy, and we cannot tell you when the market will return to a
normal environment. What we can tell you is that eventually we believe it will,
and we believe the companies we are buying should have the staying power to not
only survive, but prosper.
Sincerely,
Thomas G.
Plumb
Portfolio
Manager
Past
performance is not a guarantee of future results.
Fund
holdings and sector allocations 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.
Current
and future portfolio holdings are subject to risk.
The
Lehman Government/Corporate Bond Index is a benchmark index made up of the
Lehman Brothers Government and Corporate Bond indexes, including U.S. government
Treasury and Agency securities as well as corporate and Yankee bonds. The
S&P 500 Index is a broad based unmanaged index of 500 stocks, which is
widely recognized as representative of the equity market in general. It is not
possible to invest directly in an index.
Mutual
fund investing involves risk. Principal loss is possible. The Funds may invest
in smaller companies, which involve additional risks such as limited liquidity
and greater volatility. Under adverse market conditions the funds could invest a
substantial portion of their assets in US Treasury Securities and money market
securities, which could reduce the benefit from any upswing in the
market.
4
PLUMB FUNDS
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. Investment by the Fund in lower-rated and non-rated securities
presents a greater risk of loss to principal and interest than higher-rated
securities. The Fund may engage in short-term trading, which could produce
higher transaction costs and taxable distributions and lower the fund’s after
tax performance. 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.
(11/08)
5
PLUMB
FUNDS
Expense
Example
September
30, 2008 (Unaudited)
As a
shareholder of the Plumb Funds (the “Funds”), you incur ongoing costs, including
investment advisory fees; distribution (12b-1) fees; and other Fund expenses.
This example is intended to help you understand your ongoing costs (in dollars)
of investing in the Funds and to compare these costs with the ongoing costs of
investing in other mutual funds.
The
Example is based on an investment of $1,000 invested at the beginning of the
period and held for the entire period (April 1, 2008 – September 30,
2008).
Actual
Expenses
The first
line of the table on the following page provides information about actual
account values and actual expenses. However, the table does not include
shareholder specific fees such as the $15.00 fee charged for wire redemptions.
The table also does not include portfolio trading commissions and related
trading costs. You may use the information in this line, together with the
amount you invested, to estimate the expenses that you paid over the period.
Simply divide your account value by $1,000 (for example, an $8,600 account value
divided by $1,000 = 8.6), then multiply the result by the number in the first
line under the heading entitled “Expenses Paid During the Period” to estimate
the expenses you paid on your account during this period.
Hypothetical
Example for Comparison Purposes
The
second line of the table on the following page provides information about
hypothetical account values and hypothetical expenses based on the Fund’s actual
expense ratio and an assumed rate of return of 5% per year before expenses,
which is not the Fund’s actual return. The hypothetical account values and
expenses may not be used to estimate the actual ending account balance or
expenses you paid for the period. You may use this information to compare the
ongoing costs of investing in the Funds and other funds. To do so, compare this
5% hypothetical example with the 5% hypothetical examples that appear in the
shareholder reports of the other funds.
Please
note that the expenses shown in the table are meant to highlight your ongoing
costs only and do not reflect any transactional costs, such as sales charges
(loads), redemption fees, or exchange fees, which, although not charged by the
Funds, may be charged by other funds. Therefore, the second line of the table is
useful in comparing ongoing costs only, and will not help you determine the
relative costs of owning different funds. In addition, if these transactional
costs were included, your costs would have been higher.
6
PLUMB
FUNDS
Expense
Example
September
30, 2008 (Unaudited) (Continued)
Plumb Balanced
Fund
|
Expenses
Paid
|
|||||
|
Beginning
|
Ending
|
During
the Period*
|
|||
|
Account
Value
|
Account
Value
|
April
1, 2008 to
|
|||
|
April
1, 2008
|
September
30, 2008
|
September
30, 2008
|
|||
|
Actual
|
$1,000.00
|
$
928.10
|
$5.30
|
||
|
Hypothetical
|
|||||
|
(5%
return per
|
|||||
|
year
before expenses)
|
$1,000.00
|
$1,019.50
|
$5.55
|
|
*
Expenses are equal to the Fund’s annualized expense ratio of 1.10%,
multiplied by the average
account value over the period, multiplied by 183/366 (to reflect the
period).
|
Plumb Equity
Fund
|
Expenses
Paid
|
|||||
|
Beginning
|
Ending
|
During
the Period*
|
|||
|
Account
Value
|
Account
Value
|
April
1, 2008 to
|
|||
|
April
1, 2008
|
September
30, 2008
|
September
30, 2008
|
|||
|
Actual
|
$1,000.00
|
$
956.30
|
$5.87
|
||
|
Hypothetical
|
|||||
|
(5%
return per
|
|||||
|
year
before expenses)
|
$1,000.00
|
$1,019.00
|
$6.06
|
|
*
Expenses are equal to the Fund’s annualized expense ratio of 1.20%,
multiplied by the
average account value over the period, multiplied by 183/366 (to reflect
the period).
|
7
PLUMB
FUNDS
Plumb
Balanced Fund
Investments
by Sector as of September 30, 2008
(as
a Percentage of Total Investments) (Unaudited)
8
PLUMB
FUNDS
Plumb
Equity Fund
Investments
by Sector as of September 30, 2008
(as
a Percentage of Total Investments) (Unaudited)
9
PLUMB
FUNDS
Plumb
Balanced Fund
Schedule
of Investments – September 30, 2008 (Unaudited)
|
Shares
|
Value
|
|||||||
|
COMMON
STOCKS – 64.58%
|
||||||||
|
Aerospace
& Defense – 1.26%
|
||||||||
|
Boeing
Co.
|
10,500 | $ | 602,175 | |||||
|
Air
Freight & Logistics – 0.99%
|
||||||||
|
United
Parcel Service, Inc.
|
7,500 | 471,675 | ||||||
|
Beverages
– 2.32%
|
||||||||
|
The
Coca-Cola Co.
|
12,000 | 634,560 | ||||||
|
Dr.
Pepper Snapple Group, Inc. (a)
|
18,000 | 476,640 | ||||||
| 1,111,200 | ||||||||
|
Chemicals
– 1.58%
|
||||||||
|
EI
Du Pont de Nemours & Co.
|
18,800 | 757,640 | ||||||
|
Commercial
Banks – 0.86%
|
||||||||
|
Marshall & Ilsley
Corp.
|
20,500 | 413,075 | ||||||
|
Communications
Equipment – 3.37%
|
||||||||
|
Cisco
Systems, Inc. (a)
|
60,000 | 1,353,600 | ||||||
|
Corning,
Inc.
|
16,500 | 258,060 | ||||||
| 1,611,660 | ||||||||
|
Consumer
Finance – 1.26%
|
||||||||
|
American
Express Co.
|
17,000 | 602,310 | ||||||
|
Diversified
Consumer Services – 1.81%
|
||||||||
|
Apollo
Group, Inc. (a)
|
7,000 | 415,100 | ||||||
|
Corinthian
Colleges, Inc. (a)
|
30,000 | 450,000 | ||||||
| 865,100 | ||||||||
|
Diversified
Financial Services – 5.18%
|
||||||||
|
Bank
of America Corp.
|
20,000 | 700,000 | ||||||
|
CME
Group, Inc.
|
1,100 | 408,661 | ||||||
|
J.P.
Morgan Chase & Co.
|
14,800 | 691,160 | ||||||
|
Moody's
Corp.
|
20,000 | 680,000 | ||||||
| 2,479,821 | ||||||||
|
Electronic
Equipment & Instruments – 1.12%
|
||||||||
|
Anixter
International, Inc. (a)
|
9,000 | 535,590 | ||||||
The
accompanying notes are an integral part of these financial
statements.
10
PLUMB
FUNDS
Plumb
Balanced Fund
Schedule
of Investments – September 30, 2008 (Unaudited) (Continued)
|
Shares
|
Value
|
|||||||
|
COMMON
STOCKS (Continued)
|
||||||||
|
Energy
Equipment & Services – 0.73%
|
||||||||
|
Schlumberger
Ltd.
|
4,500 | $ | 351,405 | |||||
|
Food
& Staple s Retailing – 4.12%
|
||||||||
|
CVS/Caremark
Corp.
|
17,000 | 572,220 | ||||||
|
Walgreen
Co.
|
22,000 | 681,120 | ||||||
|
Wal-Mart
Stores, Inc.
|
12,000 | 718,680 | ||||||
| 1,972,020 | ||||||||
|
Food
Products – 3.66%
|
||||||||
|
Cadbury
Plc – ADR
|
17,400 | 712,356 | ||||||
|
Hain
Celestial Group, Inc. (a)
|
9,000 | 247,770 | ||||||
|
Nestle
SA – ADR
|
18,450 | 793,123 | ||||||
| 1,753,249 | ||||||||
|
Health
Care Equipment & Supplies – 2.30%
|
||||||||
|
Medtronic,
Inc.
|
22,000 | 1,102,200 | ||||||
|
Health
Care Providers & Services – 1.33%
|
||||||||
|
United
Health Group, Inc.
|
25,000 | 634,750 | ||||||
|
Hotels
Restaurants & Leisure – 0.47%
|
||||||||
|
Wendy's
International, Inc.
|
10,000 | 223,550 | ||||||
|
Industrial
Conglomerates – 3.10%
|
||||||||
|
General
Electric Co.
|
32,200 | 821,100 | ||||||
|
Tyco
International Ltd.
|
19,000 | 665,380 | ||||||
| 1,486,480 | ||||||||
|
Insurance
– 1.64%
|
||||||||
|
Berkshire
Hathaway, Inc. Class – A(a)
|
6 | 783,600 | ||||||
|
IT
Services – 6.92%
|
||||||||
|
Alliance
Data Systems Corp. (a)
|
11,000 | 697,180 | ||||||
|
Fiserv,
Inc. (a)
|
16,300 | 771,316 | ||||||
|
Metavante
Technologies, Inc. (a)
|
18,000 | 346,680 | ||||||
|
Paychex,
Inc.
|
27,500 | 908,325 | ||||||
|
The
Western Union Co.
|
24,000 | 592,080 | ||||||
| 3,315,581 | ||||||||
The
accompanying notes are an integral part of these financial
statements.
11
PLUMB
FUNDS
Plumb
Balanced Fund
Schedule
of Investments – September 30, 2008 (Unaudited) (Continued)
|
Shares
|
Value
|
|||||||
|
COMMON
STOCKS (Continued)
|
||||||||
|
Machinery
– 1.01%
|
||||||||
|
Ingersoll -Rand Co.
Ltd.
|
10,000 | $ | 311,700 | |||||
|
The
Manitowoc Co.
|
11,000 | 171,050 | ||||||
| 482,750 | ||||||||
|
Media
– 2.60%
|
||||||||
|
The
McGraw-Hill Companies, Inc.
|
10,000 | 316,100 | ||||||
|
Omnicom
Group .
|
12,100 | 466,576 | ||||||
|
The
Walt Disney Co.
|
15,000 | 460,350 | ||||||
| 1,243,026 | ||||||||
|
Multiline
Retail – 0.67%
|
||||||||
|
Kohl's
Corp. (a)
|
7,000 | 322,560 | ||||||
|
Oil
& Gas – 0.79%
|
||||||||
|
Petro-Canada
|
11,400 | 380,190 | ||||||
|
Oil,
Gas & Consumable Fuels – 4.68%
|
||||||||
|
Chevron
Corp.
|
14,000 | 1,154,720 | ||||||
|
Exxon
Mobil Corp.
|
14,000 | 1,087,240 | ||||||
| 2,241,960 | ||||||||
|
Pharmaceuticals
– 2.97%
|
||||||||
|
Johnson
& Johnson
|
16,000 | 1,108,480 | ||||||
|
Merck
& Co., Inc.
|
10,000 | 315,600 | ||||||
| 1,424,080 | ||||||||
|
Road
& Rail – 1.27%
|
||||||||
|
Burlington
Northern Santa Fe Corp.
|
6,600 | 610,038 | ||||||
|
Semiconductor
& Semiconductor Equipment – 0.7 4%
|
||||||||
|
Microchip
Technology, Inc.
|
12,000 | 353,160 | ||||||
|
Software
– 4.64%
|
||||||||
|
Microsoft
Corp.
|
63,000 | 1,681,470 | ||||||
|
Oracle
Corp. (a)
|
26,500 | 538,215 | ||||||
| 2,219,685 | ||||||||
The
accompanying notes are an integral part of these financial
statements.
12
PLUMB
FUNDS
Plumb
Balanced Fund
Schedule
of Investments – September 30, 2008 (Unaudited) (Continued)
|
Shares
|
Value
|
|||||||
|
COMMON
STOCKS (Continued)
|
||||||||
|
Specialty
Retail – 1.19%
|
||||||||
|
Cabela’s,
Inc. (a)
|
35,000 | $ | 422,800 | |||||
|
Cost
Plus, Inc. (a)
|
75,000 | 146,250 | ||||||
| 569,050 | ||||||||
|
TOTAL
COMMON STOCKS
|
||||||||
|
(Cost
$34,336,320)
|
30,919,580 | |||||||
|
PREFERRED
STOCKS – 1.80%
|
||||||||
|
Commercial
Banks – 0.58%
|
||||||||
|
Fifth
Third Capital (a)
|
30,000 | 274,800 | ||||||
|
Diversified
Financial Services – 1.03%
|
||||||||
|
Citigroup,
Inc.
|
30,000 | 495,000 | ||||||
|
Thrifts
& Mortgage Finance – 0.19%
|
||||||||
|
Federal
National Mortgage Association
|
20,000 | 43,600 | ||||||
|
Federal
Home Loan Mortgage Corp.
|
30,000 | 48,900 | ||||||
| 92,500 | ||||||||
|
TOTAL
PREFERRED STOCKS
|
||||||||
|
(Cost
$2,351,635)
|
862,300 | |||||||
|
Principal
|
||||||||
|
Amount
|
||||||||
|
CORPORATE
BONDS – 28.27%
|
||||||||
|
Capital
Markets – 2.04%
|
||||||||
|
The
Bear Stearns Companies, Inc.
|
||||||||
|
4.550%,
06/23/2010
|
$ | 1,000,000 | 977,933 | |||||
|
Chemicals
– 2.14%
|
||||||||
|
EI
Du Pont De Nemours & Co.
|
||||||||
|
6.875%,
10/15/2009
|
1,000,000 | 1,026,029 | ||||||
|
Computer
and Electronic Product Manufacturing – 2.05%
|
||||||||
|
Lexmark
International, Inc.
|
||||||||
|
5.900%,
06/01/2013
|
1,000,000 | 981,775 | ||||||
The
accompanying notes are an integral part of these financial
statements.
13
PLUMB
FUNDS
Plumb
Balanced Fund
Schedule
of Investments – September 30, 2008 (Unaudited) (Continued)
|
Principal
|
||||||||
|
Amount
|
Value
|
|||||||
|
CORPORATE
BONDS (Continued)
|
||||||||
|
Construction
Materials – 2.09%
|
||||||||
|
Martin
Marietta Materials, Inc.
|
||||||||
|
5.875%,
12/01/2008
|
$ | 1,000,000 | $ | 998,589 | ||||
|
Consumer
Finance – 0.76%
|
||||||||
|
American
Express Co.
|
||||||||
|
4.750%,
06/17/2009
|
373,000 | 363,066 | ||||||
|
Electric
, Gas, And Sanitary Services – 2.13%
|
||||||||
|
Integrys
Energy Group, Inc.
|
||||||||
|
7.000%,
11/01/2009
|
1,000,000 | 1,020,060 | ||||||
|
Food
& Staples Retailing – 2.15%
|
||||||||
|
Wal-Mart
Stores, Inc.
|
||||||||
|
6.875%,
08/10/2009
|
1,000,000 | 1,027,278 | ||||||
|
Insurance
– 2.10%
|
||||||||
|
Marsh
& McLennan Companies, Inc.
|
||||||||
|
7.125%,
06/15/2009
|
1,000,000 | 1,003,936 | ||||||
|
Miscellaneous
Manufacturing – 1.05%
|
||||||||
|
Mattel
Inc.
|
||||||||
|
7.480%,
04/22/2009
|
500,000 | 504,566 | ||||||
|
Non-depository
Credit Institutions – 3.45%
|
||||||||
|
American
General Finance Corp.
|
||||||||
|
5.850%,
06/01/2013
|
1,000,000 | 415,654 | ||||||
|
5.800%,
09/15/2013
|
500,000 | 269,539 | ||||||
|
General
Electric Capital Corp.
|
||||||||
|
5.200%,
02/01/2011
|
1,000,000 | 969,001 | ||||||
| 1,654,194 | ||||||||
|
Publishing
Industries – 2.14%
|
||||||||
|
Oracle
Corp.
|
||||||||
|
5.000%,
01/15/2011
|
1,000,000 | 1,024,319 | ||||||
The
accompanying notes are an integral part of these financial
statements.
14
PLUMB
FUNDS
Plumb
Balanced Fund
Schedule
of Investments – September 30, 2008 (Unaudited) (Continued)
|
Principal
|
||||||||
|
Amount
|
Value
|
|||||||
|
CORPORATE
BONDS (Continued)
|
||||||||
|
Specialty
Retail – 4.08%
|
||||||||
|
Home
Depot, Inc.
|
||||||||
|
4.625%,
08/15/2010
|
$ | 1,000,000 | $ | 979,561 | ||||
|
5.200%,
03/01/2011
|
1,000,000 | 974,678 | ||||||
| 1,954,239 | ||||||||
|
Transportation
Equipment Manufacturing – 2.09%
|
||||||||
|
Textron
Financial Corp.
|
||||||||
|
5.125%,
02/03/2011
|
1,000,000 | 1,001,984 | ||||||
|
TOTAL
CORPORATE BONDS
|
||||||||
|
(Cost
$14,358,340)
|
13,537,968 | |||||||
|
U.S.
GOVERNMENT AGENCY ISSUES – 2.98%
|
||||||||
|
Federal
Home Loan Bank
|
||||||||
|
5.000%,
07/12/2010
|
400,000 | 411,734 | ||||||
|
2.850%,
03/17/2009
|
19,048 | 19,009 | ||||||
| 430,743 | ||||||||
|
Federal
National Mortgage Association
|
||||||||
|
5.500%,
04/25/2022
|
1,000,000 | 997,257 | ||||||
|
TOTAL
U.S. GOVERNMENT AGENCY ISSUES
|
||||||||
|
(Cost
$1,406,038)
|
1,428,000 | |||||||
|
SHORT-TERM
INVESTMENTS – 0.95%
|
||||||||
|
Variable
Rate Demand Note – 0.95%
|
||||||||
|
AIM
Liquid Assets, 2.477%(b)
|
455,064 | 455,064 | ||||||
|
TOTAL
SHORT-TERM INVESTMENTS
|
||||||||
|
(Cost $455,064)
|
455,064 | |||||||
|
Total
Investments
|
||||||||
|
(Cost $52,907,397) –
98.58%
|
47,202,912 | |||||||
|
Other
Assets in Excess of Liabilities – 1.42%
|
678,222 | |||||||
|
TOTAL
NET ASSETS – 100.0 0%
|
||||||||
| $ | 47,881,134 | |||||||
Percentages
are stated as a percent of net assets. ADR – American Depository
Receipt
(a)
Non-income producing security.
(b)
Variable rate security. The rate listed is as of September 30,
2008.
The
accompanying notes are an integral part of these financial
statements.
15
PLUMB
FUNDS
Plumb
Balanced Fund
Schedule
of Investments – September 30, 2008 (Unaudited) (Continued)
FAS 157 –
Summary of Fair Value Exposure at September 30, 2008
Various
inputs are used in determining the value of the Fund's investments.
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 Fund's own assumptions in
determining the fair value of investments)
The
inputs or methodology used for valuing securities are not an indication of the
risk associated with investing in those securities.
The
following is a summary of the inputs used, as of September 30, 2008, in valuing
the Fund’s investments carried at fair value:
|
Level
1 –
|
Level
3 –
|
|||||||||||||||
|
Quoted
Prices in
|
Level
2 –
|
Significant
|
||||||||||||||
|
active
markets for
|
Significant
other
|
unobservable
|
||||||||||||||
|
Description
|
Total
|
identical
assets
|
observable
inputs
|
inputs
|
||||||||||||
|
Assets:
|
||||||||||||||||
|
Investments
|
$ | 47,202,912 | $ | 32,236,944 | $ | 14,965,968 | $ | — | ||||||||
|
Total
|
$ | 47,202,912 | $ | 32,236,944 | $ | 14,965,968 | $ | — | ||||||||
The
accompanying notes are an integral part of these financial
statements.
16
PLUMB
FUNDS
Plumb
Equity Fund
Schedule
of Investments – September 30, 2008 (Unaudited)
|
Shares
|
Value
|
|||||||
|
COMMON
STOCKS – 94.39%
|
||||||||
|
Aerospace
& Defense – 1.93%
|
||||||||
|
Boeing
Co.
|
5,500 | $ | 315,425 | |||||
|
Air
Freight & Logistics – 1.16%
|
||||||||
|
United
Parcel Service, Inc.
|
3,000 | 188,670 | ||||||
|
Beverages
– 3.40%
|
||||||||
|
The
Coca-Cola Co.
|
6,000 | 317,280 | ||||||
|
Dr.
Pepper Snapple Group, Inc. (a)
|
9,000 | 238,320 | ||||||
| 555,600 | ||||||||
|
Chemicals
– 2.47%
|
||||||||
|
EI
Du Pont de Nemours & Co.
|
10,000 | 403,000 | ||||||
|
Commercial
Banks – 1.23%
|
||||||||
|
Marshall & Ilsley
Corp.
|
10,000 | 201,500 | ||||||
|
Communications
Equipment – 4.52%
|
||||||||
|
Cisco
Systems, Inc. (a)
|
27,000 | 609,120 | ||||||
|
Corning,
Inc.
|
8,200 | 128,248 | ||||||
| 737,368 | ||||||||
|
Consumer
Finance – 1.85%
|
||||||||
|
American
Express Co.
|
8,500 | 301,155 | ||||||
|
Diversified
Consumer Services – 3.19%
|
||||||||
|
Apollo
Group, Inc. (a)
|
5,000 | 296,500 | ||||||
|
Corinthian
Colleges, Inc. (a)
|
15,000 | 225,000 | ||||||
| 521,500 | ||||||||
|
Diversified
Financial Services – 7.61%
|
||||||||
|
Bank
of America Corp.
|
10,500 | 367,500 | ||||||
|
CME
Group, Inc.
|
600 | 222,906 | ||||||
|
J.P.
Morgan Chase & Co.
|
7,400 | 345,580 | ||||||
|
Moody's
Corp.
|
9,000 | 306,000 | ||||||
| 1,241,986 | ||||||||
|
Electronic
Equipment & Instruments – 1.82%
|
||||||||
|
Anixter
International, Inc. (a)
|
5,000 | 297,550 | ||||||
The
accompanying notes are an integral part of these financial
statements.
17
PLUMB
FUNDS
Plumb
Equity Fund
Schedule
of Investments – September 30, 2008 (Unaudited) (Continued)
|
Shares
|
Value
|
|||||||
|
COMMON
STOCKS (Continued)
|
||||||||
|
Energy
Equipment & Services – 1.91%
|
||||||||
|
Schlumberger
Ltd.
|
4,000 | $ | 312,360 | |||||
|
Food
& Staple s Retailing –6.69%
|
||||||||
|
CVS/Caremark
Corp.
|
9,000 | 302,940 | ||||||
|
Walgreen
Co.
|
11,000 | 340,560 | ||||||
|
Wal-Mart
Stores, Inc.
|
7,500 | 449,175 | ||||||
| 1,092,675 | ||||||||
|
Food
Products – 5.29%
|
||||||||
|
Cadbury
Plc – ADR
|
8,500 | 347,990 | ||||||
|
Hain
Celestial Group, Inc. (a)
|
4,500 | 123,885 | ||||||
|
Nestle
SA – ADR
|
9,100 | 391,188 | ||||||
| 863,063 | ||||||||
|
Health
Care Equipment & Supplies – 3.38%
|
||||||||
|
Medtronic,
Inc.
|
11,000 | 551,100 | ||||||
|
Health
Care Providers & Services – 1.94%
|
||||||||
|
United
Health Group, Inc.
|
12,500 | 317,375 | ||||||
|
Industrial
Conglomerates – 4.02%
|
||||||||
|
General
Electric Co.
|
16,100 | 410,550 | ||||||
|
Tyco
International Ltd.
|
7,000 | 245,140 | ||||||
| 655,690 | ||||||||
|
Insurance
– 2.42%
|
||||||||
|
Berkshire
Hathaway, Inc. – Class A (a)
|
1 | 130,600 | ||||||
|
Berkshire
Hathaway, Inc. – Class B (a)
|
60 | 263,700 | ||||||
| 394,300 | ||||||||
|
IT
Services – 10.00%
|
||||||||
|
Alliance
Data Systems Corp. (a)
|
5,500 | 348,590 | ||||||
|
Fiserv,
Inc. (a)
|
8,200 | 388,024 | ||||||
|
Metavante
Technologies, Inc. ( a )
|
8,000 | 154,080 | ||||||
|
Paychex,
Inc.
|
15,000 | 495,450 | ||||||
|
The
Western Union Co.
|
10,000 | 246,700 | ||||||
| 1,632,844 | ||||||||
The
accompanying notes are an integral part of these financial
statements.
18
PLUMB
FUNDS
Plumb
Equity Fund
Schedule
of Investments – September 30, 2008 (Unaudited) (Continued)
|
Shares
|
Value
|
|||||||
|
COMMON
STOCKS (Continued)
|
||||||||
|
Machinery
– 1.62%
|
||||||||
|
Ingersoll -Rand Co.
Ltd.
|
5,000 | $ | 155,850 | |||||
|
The
Manitowoc Co.
|
7,000 | 108,850 | ||||||
| 264,700 | ||||||||
|
Media
– 4.36%
|
||||||||
|
The
McGraw-Hill Companies, Inc.
|
5,500 | 173,855 | ||||||
|
Omnicom
Group
|
6,000 | 231,360 | ||||||
|
The
Walt Disney Co.
|
10,000 | 306,900 | ||||||
| 712,115 | ||||||||
|
Multiline
Retail – 0.99%
|
||||||||
|
Kohl's
Corp. (a)
|
3,500 | 161,280 | ||||||
|
Oil,
Gas & Consumable Fuels – 6.46%
|
||||||||
|
Chevron
Corp.
|
6,000 | 494,880 | ||||||
|
Exxon
Mobil Corp.
|
7,200 | 559,152 | ||||||
| 1,054,032 | ||||||||
|
Pharmaceuticals
– 4.21%
|
||||||||
|
Johnson
& Johnson
|
8,100 | 561,168 | ||||||
|
Merck
& Co., Inc.
|
4,000 | 126,240 | ||||||
| 687,408 | ||||||||
|
Road
& Rail – 1.87%
|
||||||||
|
Burlington
Northern Santa Fe Corp.
|
3,300 | 305,019 | ||||||
|
Semiconductor
& Semiconductor Equipment – 1.0 8%
|
||||||||
|
Microchip
Technology, Inc.
|
6,000 | 176,580 | ||||||
|
Software
– 6.92%
|
||||||||
|
Microsoft
Corp.
|
30,900 | 824,721 | ||||||
|
Oracle
Corp. (a)
|
15,000 | 304,650 | ||||||
| 1,129,371 | ||||||||
|
Specialty
Retail – 2.05%
|
||||||||
|
Cabela's
, Inc. (a)
|
18,000 | 217,440 | ||||||
|
Cost
Plus, Inc. (a)
|
60,000 | 117,000 | ||||||
| 334,440 | ||||||||
|
TOTAL
COMMON STOCKS
|
||||||||
|
(Cost
$16,861,226)
|
15,408,106 | |||||||
The
accompanying notes are an integral part of these financial
statements.
19
PLUMB
FUNDS
Plumb
Equity Fund
Schedule
of Investments – September 30, 2008 (Unaudited) (Continued)
|
Shares
|
Value
|
|||||||
|
SHORT-TERM
INVESTMENTS – 4.18%
|
||||||||
|
Money
Market Funds – 0.38%
|
||||||||
|
AIM
STIT-STIC Prime Portfolio, 2.29%
|
62,543
|
$ | 62,543 | |||||
|
Principal
|
||||||||
|
Amount
|
||||||||
|
Variable
Rate Demand Notes – 3.80%
|
||||||||
|
AIM
Liquid Assets, 2.48% (b)
|
$ | 620,000 | 620,000 | |||||
|
TOTAL
SHORT-TERM INVESTMENTS
|
||||||||
|
(Cost $682,543)
|
682,543 | |||||||
|
Total
Investments
|
||||||||
|
(Cost $17,543,769) –
98.57%
|
16,090,649 | |||||||
|
Other
Assets in Excess of Liabilities – 1.43%
|
232,722 | |||||||
|
TOTAL
NET ASSETS – 100.0 0%
|
$ | 16,323,371 | ||||||
Percentages
are stated as a percent of net assets.
ADR –
American Depository Receipt
(a)
Non-income producing security.
(b)
Variable rate security. The rate listed is as of September 30,
2008.
FAS 157 –
Summary of Fair Value Exposure at September 30, 2008
Various
inputs are used in determining the value of the Fund's investments.
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 Fund's own assumptions in
determining the fair value of investments)
The
inputs or methodology used for valuing securities are not an indication of the
risk associated with investing in those securities.
The
following is a summary of the inputs used, as of September 30, 2008, in valuing
the Fund’s investments carried at fair value:
|
Level
1 –
|
Level
3 –
|
|||||||||||||||
|
Quoted
Prices in
|
Level
2 –
|
Significant
|
||||||||||||||
|
active
markets for
|
Significant
other
|
Unobservable
|
||||||||||||||
|
Description
|
Total
|
identical
assets
|
observable
inputs
|
inputs
|
||||||||||||
|
Assets:
|
||||||||||||||||
|
Investments
|
$ | 16,090,649 | $ | 16,090,649 | $ | — | $ | — | ||||||||
|
Total
|
$ | 16,090,649 | $ | 16,090,649 | $ | — | $ | — | ||||||||
The
accompanying notes are an integral part of these financial
statements.
20
PLUMB
FUNDS
Statements
of Assets and Liabilities
September
30, 2008 (Unaudited)
|
Plumb
|
Plumb
|
|||||||
|
Balanced
|
Equity
|
|||||||
|
Fund
|
Fund
|
|||||||
|
Assets
|
||||||||
|
Investments,
at value*
|
$ | 47,202,912 | $ | 16,090,649 | ||||
|
Dividends,
interest and other receivables
|
288,359 | 20,094 | ||||||
|
Receivable
for investments sold
|
675,029 | 290,163 | ||||||
|
Receivable
for fund shares sold
|
446 | 15,564 | ||||||
|
Receivable
from Advisor
|
— | 626 | ||||||
|
Prepaid
assets
|
19,706 | 20,180 | ||||||
|
Total
Assets
|
48,186,452 | 16,437,276 | ||||||
|
Liabilities
|
||||||||
|
Payable
for investments purchased
|
151,201 | 34,638 | ||||||
|
Payable
for fund shares redeemed
|
31,616 | — | ||||||
|
Accrued
distribution fee
|
20,713 | 5,455 | ||||||
|
Payable
to Adviser
|
9,957 | — | ||||||
|
Administrative
& accounting services fee payable
|
7,496 | 2,082 | ||||||
|
Accrued
expenses and other liabilities
|
84,335 | 71,730 | ||||||
|
Total
Liabilities
|
305,318 | 113,905 | ||||||
|
Net
Assets
|
$ | 47,881,134 | $ | 16,323,371 | ||||
|
Net
Assets Consist Of:
|
||||||||
|
Paid
in capital
|
$ | 59,462,436 | $ | 20,870,911 | ||||
|
Accumulated
net investment income
|
754,804 | 64,315 | ||||||
|
Accumulated
net realized loss
|
(6,631,636 | ) | (3,158,735 | ) | ||||
|
Net
unrealized depreciation on investments
|
(5,704,470 | ) | (1,453,120 | ) | ||||
|
Net
assets
|
$ | 47,881,134 | $ | 16,323,371 | ||||
|
Shares
of beneficial interest outstanding
|
||||||||
|
(unlimited shares of $0.01 par
value authorized)
|
2,944,899 | 1,035,145 | ||||||
|
Net
asset value and redemption price per share
|
$ | 16.26 | $ | 15.77 | ||||
|
Maximum
offering price per share
|
$ | 16.26 | $ | 15.77 | ||||
|
*
Cost of Investments
|
$ | 52,907,397 | $ | 17,543,769 | ||||
The
accompanying notes are an integral part of these financial
statements.
21
PLUMB
FUNDS
Statements
of Operations
For
the Period Ended September 30, 2008 (Unaudited)
|
Plumb
|
Plumb
|
|||||||
|
Balanced
|
Equity
|
|||||||
|
Fund
|
Fund
|
|||||||
|
Investment
Income:
|
||||||||
|
Dividends
|
$ | 367,271 | $ | 132,606 | ||||
|
Interest
|
410,656 | 5,614 | ||||||
|
Total investment
income
|
777,927 | 138,220 | ||||||
|
Expenses:
|
||||||||
|
Investment
Adviser's fee (a)
|
172,466 | 57,217 | ||||||
|
Distribution
fees .
|
66,333 | 22,007 | ||||||
|
Administrative
& accounting service fees (b)
|
41,138 | 13,204 | ||||||
|
Transfer
agent fees and expenses
|
21,883 | 11,665 | ||||||
|
Administration
fee
|
20,657 | 20,554 | ||||||
|
Professional
fees
|
19,896 | 14,574 | ||||||
|
Fund
accounting fees
|
14,521 | 14,407 | ||||||
|
Trustee
fees and expenses
|
9,935 | 3,938 | ||||||
|
Printing
and mailing expense
|
6,726 | 1,062 | ||||||
|
Other
expenses
|
6,018 | 6,018 | ||||||
|
Registration
fees
|
4,808 | 2,320 | ||||||
|
Insurance
expense
|
4,671 | 1,384 | ||||||
|
Custody
fees
|
1,029 | 341 | ||||||
|
Total expenses before
waiver
|
390,081 | 168,691 | ||||||
|
Less: Fees waived
(b)
|
(98,284 | ) | (63,060 | ) | ||||
|
Net expenses
|
291,797 | 105,631 | ||||||
|
Net
Investment Income
|
486,130 | 32,589 | ||||||
|
Realized
and Unrealized Loss:
|
||||||||
|
Net realized loss on
investments
|
(2,865,732 | ) | (1,312,011 | ) | ||||
|
Net change in
unrealized
|
||||||||
|
appreciation (depreciation) on
investments
|
(1,226,885 | ) | 558,919 | |||||
|
Net realized and
unrealized
|
||||||||
|
loss on
investments
|
(4,092,617 | ) | (753,092 | ) | ||||
|
Net
Decrease in Net Assets
|
||||||||
|
Resulting from
Operations
|
$ | (3,606,487 | ) | $ | (720,503 | ) | ||
(a) See
Note 4 in the Notes to the Financial Statements.
The
accompanying notes are an integral part of these financial
statements.
22
PLUMB
FUNDS
Plumb
Balanced Fund
Statements
of Changes in Net Assets
|
For
the Period
|
For
the Period
|
|||||||
|
April
1, 2008
|
May
24, 2007*
|
|||||||
|
through
|
through
|
|||||||
|
September
30,
|
March
31,
|
|||||||
|
2008
|
2008
|
|||||||
|
(Unaudited)
|
||||||||
|
Operations:
|
||||||||
|
Net
investment income
|
$ | 486,130 | $ | 882,206 | ||||
|
Net
realized loss on investments
|
(2,865,732 | ) | (3,765,904 | ) | ||||
|
Net
change in unrealized
|
||||||||
|
depreciation on
investments
|
(1,226,885 | ) | (4,477,586 | ) | ||||
|
Net decrease in net
assets
|
||||||||
|
resulting from
operations
|
(3,606,487 | ) | (7,361,284 | ) | ||||
|
Dividends
and Distributions to Shareholders:
|
||||||||
|
Net investment
income
|
— | (657,363 | ) | |||||
|
Total dividends and
distributions
|
— | (657,363 | ) | |||||
|
Fund
Share Transactions:
|
||||||||
|
Proceeds from shares
sold
|
2,564,996 | 70,466,806 | ||||||
|
Shares issued to holders
in
|
||||||||
|
reinvestment of
dividends
|
— | 218,964 | ||||||
|
Cost of shares
redeemed
|
(6,778,315 | ) | (7,016,183 | ) | ||||
|
Net increase in net assets
from
|
||||||||
|
capital share
transactions
|
(4,213,319 | ) | 63,669,587 | |||||
|
Total increase in net
assets
|
(7,819,806 | ) | 55,650,940 | |||||
|
Net
Assets:
|
||||||||
|
Beginning of
period
|
55,700,940 | 50,000 | ||||||
|
End of period**
|
$ | 47,881,134 | $ | 55,700,940 | ||||
|
**
Including undistributed net
|
||||||||
|
investment income
of
|
$ | 754,804 | $ | 268,674 | ||||
|
Change
In Shares Outstanding:
|
||||||||
|
Shares sold
|
145,634 | 3,541,392 | ||||||
|
Shares issued to holders
in
|
||||||||
|
reinvestment of
dividends
|
— | 11,691 | ||||||
|
Shares redeemed
|
(380,919 | ) | (375,399 | ) | ||||
|
Net increase
|
(235,285 | ) | 3,177,684 | |||||
|
*
|
Commencement
of operations.
|
The
accompanying notes are an integral part of these financial
statements.
23
PLUMB
FUNDS
Plumb
Equity Fund
Statements
of Changes in Net Assets
|
For
the Period
|
For
the Period
|
|||||||
|
April
1, 2008
|
May
24, 2007*
|
|||||||
|
through
|
through
|
|||||||
|
September
30,
|
March
31,
|
|||||||
|
2008
|
2008
|
|||||||
|
(Unaudited)
|
||||||||
|
Operations:
|
||||||||
|
Net investment
income
|
$ | 32,589 | $ | 93,803 | ||||
|
Net realized loss on
investments
|
(1,312,011 | ) | (1,846,724 | ) | ||||
|
Net change in unrealized
appreciation
|
||||||||
|
(depreciation) on
investments
|
558,919 | (2,012,039 | ) | |||||
|
Net decrease in net
assets
|
||||||||
|
resulting from
operations
|
(720,503 | ) | (3,764,960 | ) | ||||
|
Dividends
and Distributions to Shareholders:
|
||||||||
|
Net investment
income
|
— | (102,110 | ) | |||||
|
Total dividends and
distributions
|
— | (102,110 | ) | |||||
|
Fund
Share Transactions:
|
||||||||
|
Proceeds from shares
sold
|
1,761,547 | 26,171,160 | ||||||
|
Shares issued to holders
in
|
||||||||
|
reinvestment of
dividends
|
— | 44,331 | ||||||
|
Cost of shares
redeemed
|
(2,346,346 | ) | (4,769,748 | ) | ||||
|
Net increase (decrease) In net
assets from
|
||||||||
|
capital share
transactions
|
(584,799 | ) | 21,445,743 | |||||
|
Total increase (decrease) in
net assets
|
(1,305,302 | ) | 17,578,673 | |||||
|
Net
Assets:
|
||||||||
|
Beginning of
period
|
17,628,673 | 50,000 | ||||||
|
End of period**
|
$ | 16,323,371 | $ | 17,628,673 | ||||
|
**
Including undistributed net
|
||||||||
|
investment income
of
|
$ | 64,315 | $ | 31,727 | ||||
|
Change
In Shares Outstanding:
|
||||||||
|
Shares sold
|
105,998 | 1,326,871 | ||||||
|
Shares issued to holders
in
|
||||||||
|
reinvestment of
dividends
|
— | 2,417 | ||||||
|
Shares redeemed
|
(139,922 | ) | (262,718 | ) | ||||
|
Net increase
(decrease)
|
(33,924 | ) | 1,066,570 | |||||
|
*
|
Commencement
of operations.
|
The
accompanying notes are an integral part of these financial
statements.
24
PLUMB
FUNDS
Plumb
Balanced Fund
Financial
Highlights
|
For
the Period
|
For
the Period
|
|||||||
|
April
1, 2008
|
May
24, 2007*
|
|||||||
|
through
|
through
|
|||||||
|
September
30,
|
March
31,
|
|||||||
|
2008
|
2008
|
|||||||
|
(
Unaudited)
|
||||||||
|
Per
share operating performance
|
||||||||
|
(For
a share outstanding throughout the period)
|
||||||||
|
Net
asset value, beginning of period
|
$ | 17.52 | $ | 20.00 | ||||
|
Operations:
|
||||||||
|
Net
investment income(1)
|
0.17 | 0.28 | ||||||
|
Net
realized and unrealized loss
|
(1.43 | ) | (2.55 | ) | ||||
|
Total
from investment operations
|
(1.26 | ) | (2.27 | ) | ||||
|
Dividends
and distributions to shareholders:
|
||||||||
|
Dividends
from net investment income
|
— | (0.21 | ) | |||||
|
Total
dividends and distributions
|
— | (0.21 | ) | |||||
|
Change
in net asset value for the period
|
(1.26 | ) | (2.48 | ) | ||||
|
Net
asset value, end of period
|
$ | 16.26 | $ | 17.52 | ||||
|
Total
return
|
(7.19 | )%(2) | (11.44 | )%(2) | ||||
|
Ratios/Supplemental
data
|
||||||||
|
Net
assets, end of period (000)
|
$ | 47,881 | $ | 55,701 | ||||
|
Ratio
of net expenses to average net assets:
|
||||||||
|
Before expense reimbursement
and waivers
|
1.47 | %(3) | 1.56 | %(3) | ||||
|
After expense reimbursement and
waivers
|
1.10 | %(3) | 1.10 | %(3) | ||||
|
Ratio
of net investment income
|
||||||||
|
to average net
assets:
|
||||||||
|
Before expense reimbursement
and waivers
|
1.47 | %(3) | 1.32 | %(3)(4) | ||||
|
After expense reimbursement and
waivers
|
1.84 | %(3) | 1.78 | %(3) | ||||
|
Portfolio
turnover rate
|
27 | %(2) | 51 | %(2) | ||||
|
*
|
Commencement
of operations.
|
|
(1)
|
Net investment income per share is calculated using ending balances prior to consideration of adjustment for permanent book and tax differences. |
| (2) | Not annualized. |
| (3) | Annualized. |
| (4) | Due to a clerical error, this number appeared as 2.24% n i the Fund’s annual report for the period ended March 31, 2008 and should have been reported as 1.32%. |
The
accompanying notes are an integral part of these financial
statements.
25
PLUMB
FUNDS
Plumb
Equity Fund
Financial
Highlights
|
For
the Period
|
For
the Period
|
|||||||
|
April
1, 2008
|
May
24, 2007*
|
|||||||
|
through
|
through
|
|||||||
|
September
30,
|
March
31,
|
|||||||
|
2008
|
2008
|
|||||||
|
(Unaudited)
|
||||||||
|
Per
share operating performance
|
||||||||
|
(For
a share outstanding throughout the period)
|
||||||||
|
Net
asset value, beginning of period
|
$ | 16.49 | $ | 20.00 | ||||
|
Operations:
|
||||||||
|
Net
investment income(1)
|
0.03 | 0.08 | ||||||
|
Net
realized and unrealized loss
|
(0.75 | ) | (3.50 | ) | ||||
|
Total
from investment operations
|
(0.72 | ) | (3.42 | ) | ||||
|
Dividends
and distributions to shareholders:
|
||||||||
|
Dividends
from net investment income
|
— | (0.09 | ) | |||||
|
Total
dividends and distributions
|
— | (0.09 | ) | |||||
|
Change
in net asset value for the period
|
(0.72 | ) | (3.51 | ) | ||||
|
Net
asset value, end of period
|
$ | 15.77 | $ | 16.49 | ||||
|
Total
return
|
(4.37 | )%(2) | (17.14 | )%(2) | ||||
|
Ratios/Supplemental
data
|
||||||||
|
Net
assets, end of period (000)
|
$ | 16,323 | $ | 17,629 | ||||
|
Ratio
of net expenses to average net assets:
|
||||||||
|
Before expense reimbursement
and waivers
|
1.92 | %(3) | 2.10 | %(3) | ||||
|
After expense reimbursement and
waivers
|
1.20 | %(3) | 1.20 | %(3) | ||||
|
Ratio
of net investment income (loss)
|
||||||||
|
to average net
assets:
|
||||||||
|
Before expense reimbursement
and waivers
|
(0.35 | )%(3) | (0.34 | )%(3)(4) | ||||
|
After expense reimbursement and
waivers
|
0.37 | %(3) | 0.56 | %(3) | ||||
|
Portfolio
turnover rate
|
33 | %(2) | 67 | %(2) | ||||
|
*
|
Commencement
of operations.
|
| (1) | Net investment income per share is calculated using ending balances prior to consideration of adjustment for permanent book and tax differences. |
| (2) | Not annualized. |
| (3) | Annualized. |
| (4) | Due to a clerical error, this number appeared as 1.46% i n the Fund’s annual report for the period ended March 31, 2008 and should have been reported as (0.34)%. |
The
accompanying notes are an integral part of these financial
statements.
26
PLUMB
FUNDS
Notes
to Financial Statements
For
the Period From April 1, 2008 through September 30, 2008
(Unaudited)
1.
ORGANIZATION
Wisconsin
Capital Funds, Inc. (the “Company”) is registered under the Investment Company
Act of 1940 (the “1940 Act”) as an open-end, diversified management investment
company. The Company was organized as a Maryland corporation on April 3, 2007.
The Company is authorized to issue up to 200 million shares per series, which
are units of beneficial interest with a $0.001 par value. The Company currently
offers shares of two series, each with its own investment strategy and
risk/reward profile: the Plumb Balanced Fund and the Plumb Equity Fund
(individually a “Fund”, collectively the “Funds”). The investment objective of
the Plumb Balanced Fund is high total return through capital appreciation while
attempting to preserve principal, with current income as a secondary objective.
The investment objective of the Plumb Equity Fund is long-term capital
appreciation.
2.
SIGNIFICANT ACCOUNTING POLICIES
The
following is a summary of significant accounting policies consistently followed
by the Funds in the preparation of its financial statements. These policies are
in conformity with accounting principles generally accepted in the United States
of America (“GAAP”).
Security
Valuation:
Portfolio
securities which are traded on an exchange are valued at the last sale price
reported by the exchange on which the securities are primarily traded on the day
of valuation. If there are no sales on a given day for securities traded on an
exchange, the latest bid quotation will be used. If there is no Nasdaq Official
Closing Price for a Nasdaq-listed security or sale price available for an
over-the-counter security, the mean of the latest bid and asked quotations from
Nasdaq will be used. Debt securities for which market quotations are not readily
available may be valued based on information supplied by independent pricing
services, including services using matrix pricing formulas and/or independent
broker bid quotations. 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 market value of the instrument. 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.
27
PLUMB
FUNDS
Notes
to Financial Statements
For
the Period From April 1, 2008 through September 30, 2008 (Unaudited)
(Continued)
Use
of Estimates:
In
preparing the financial statements in conformity with GAAP, management is
required to make estimates and assumptions that affect the reported amounts of
assets and liabilities and disclosure of contingent assets and liabilities as of
the date of the financial statements and the reported amounts of increases and
decreases in net assets from operations during the reporting period. Actual
results could differ from these estimates.
Expenses:
Expenses
directly attributable to a Fund are charged to the Fund, while expenses
attributable to more than one series of the Company are allocated among the
respective series based on relative net assets or another appropriate
basis.
Federal
Income Taxes:
The Funds
intend to meet the requirements of the Internal Revenue Code (the “Code”)
applicable to regulated investment companies and to distribute substantially all
net investment taxable income and net capital gains to shareholders in a manner
which results in no tax cost to the Funds. Therefore, no federal income or
excise tax provision is recorded.
Distributions
to Shareholders:
Dividends
from net investment income are declared and paid at least annually.
Distributions of net realized capital gains, if any, will be declared and paid
at least annually. Distributions to shareholders are recorded on the exdividend
date.
The Funds
may periodically make reclassifications among certain of its capital accounts as
a result of the recognition and characterization of certain income and capital
gain distributions determined annually in accordance with federal tax
regulations which may differ from GAAP. Any such reclassifications will have no
effect on net assets, results of operations or net asset values per share of the
Funds. For the fiscal period ended March 31, 2008, $43,831 for the Plumb
Balanced Fund and $40,034 for the Plumb Equity Fund, was reclassified from
paid-in capital to undistributed net investment income.
New
Accounting Pronouncements:
Effective
September 28, 2007 the Funds adopted Financial Accounting Standards Board (FASB)
Interpretation No. 48 (FIN 48), “Accounting for Uncertainty in Income Taxes”, a
clarification of FASB Statement No. 109, “Accounting for Income Taxes”. FIN 48
establishes financial reporting rules regarding recognition and measurement of
tax positions taken or expected to be taken on a tax return. FIN 48 was applied
to all open tax years as of the effective date. The adoption of FIN 48 had no
impact on the Funds’ net assets or results of operations.
28
PLUMB
FUNDS
Notes
to Financial Statements
For
the Period From April 1, 2008 through September 30, 2008 (Unaudited)
(Continued)
As of and
during the period ended March 31, 2008, the Funds did not have a liability for
any unrecognized tax benefits. The Funds recognize interest and penalties, if
any, related to unrecognized tax benefits as income tax expense in the statement
of operations. During the period, the Funds did not incur any interest or
penalties.
In
September 2006, the FASB issued Statement of Financial Accounting Standards
(“SFAS”) No. 157, “Fair Value Measurements”. SFAS No. 157 defines fair value,
establishes a framework for measuring fair value in accordance with GAAP, and
expands disclosure about fair value measurements. SFAS No. 157 is effective for
financial statements issued for fiscal years beginning after November 15, 2007.
Management believes the adoption of SFAS 157 will have no material impact on the
Funds.
In March
2008, the FASB issued SFAS No. 161, Disclosures about Derivative Instruments and
Hedging Activities. The provisions are effective for fiscal years beginning
after November 15, 2008. SFAS 161 is intended to improve financial reporting for
derivative instruments by requiring enhanced disclosure that enables investors
to understand how and why an entity uses derivatives, how derivatives are
accounted for, and how derivative instruments affect an entity’s results of
operations and financial position. Management is currently evaluating the
implications of SFAS 161. The impact on the Fund’s financial statement
disclosures, if any, is currently being assessed.
3. DISTRIBUTION
PLAN
The
Company has adopted a plan pursuant to Rule 12b-1 under the 1940 Act (the “12b-1
Plan”), on behalf of the Funds, which authorizes it to pay Quasar Distributors,
LLC (the “Distributor”) a distribution fee of 0.25% of the Funds’ average daily
net assets for services to prospective Fund shareholders and distribution of
Fund shares. During the period ended September 30, 2008, the Plumb Balanced Fund
and the Plumb Equity Fund incurred expenses of $66,333 and $22,007,
respectively, pursuant to the 12b-1 Plan. As of September 30, 2008, $20,713 and
$5,455 for the Plumb Balanced Fund and Plumb Equity Fund, respectively, were
accrued.
4.
INVESTMENT ADVISOR AND OTHER AFFILIATES
The Funds
have an Investment Advisory Agreement (the “Advisory Agreement”) with Wisconsin
Capital Management, LLC (the “Advisor”). The Advisory Agreement provides for
advisory fees computed daily and paid monthly at an annual rate of 0.65% of the
Funds’ average daily net assets.
29
PLUMB
FUNDS
Notes
to Financial Statements
For
the Period From April 1, 2008 through September 30, 2008 (Unaudited)
(Continued)
Under the
terms of the Advisory Agreement, the Advisor has, contractually agreed to limit
the expenses until June 30, 2010, to the extent that the Funds total annual
operating expenses exceed 1.10% and 1.20% for the Plumb Balanced Fund and the
Plumb Equity Fund, respectively. Any such waiver or reimbursement is subject to
later adjustment to allow the Advisor to recoup amounts waived or reimbursed to
the extent actual fees and expenses for a period are less than the expense
limitation caps, provided, however, that the Advisor shall only be entitled to
recoup such amounts for a period of three years from the date such amount was
waived or reimbursed. For the period ended September 30, 2008, the Advisor
waived expenses for the Plumb Balanced Fund and the Plumb Equity Fund of $98,284
and $63,060, respectively.
The
following table shows the remaining waived or reimbursed expenses subject to
potential recovery expiring in:
|
Plumb
Balanced Fund
|
Plumb
Equity Fund
|
|||
|
2011
|
$231,096
|
2011
|
$153,281
|
|
|
2012
|
$ 98,284
|
2012
|
$ 63,060
|
|
The Funds
also have an Administrative and Accounting Services Agreement with the Advisor
which provides for the administrative and accounting fees computed daily and
paid monthly at an annual rate of 0.15% of the Funds’ average daily net
assets.
5.
INVESTMENT TRANSACTIONS
For the
period ended September 30, 2008, purchases and sales of investment securities,
other than short-term investments and short-term U.S. Government obligations
were as follows:
|
Plumb
Balanced Fund
|
Plumb
Equity Fund
|
||
|
Purchases
|
$14,063,135
|
$5,451,572
|
|
|
Sales
|
$17,189,773
|
$6,713,139
|
The
advisor advanced certain reimbursable offering expenses incurred prior to the
Funds’ commencement of operations, all of which has been reimbursed to the
Advisor during the period May 24, 2007 (commencement of operations) through
March 31, 2008.
30
PLUMB
FUNDS
Notes
to Financial Statements
For
the Period From April 1, 2008 through September 30, 2008 (Unaudited)
(Continued)
6.
BENEFICIAL OWNERSHIP
The
beneficial ownership, either directly or indirectly, of more than 25% of the
voting securities of a fund creates a presumption of control of the fund, under
Section 2(a)(9) of the Investment Company Act of 1940. As of September 30, 2008,
Charles Schwab & Co., Inc., for the benefit of its customers, owned 31% of
the Plumb Equity Fund. As of September 30, 2008, the Plumb Trust Company, for
the benefit of its customers, owned 61% and 31% of the Plumb Balanced Fund and
the Plumb Equity Fund, respectively. As a result, Charles Schwab & Co., Inc.
may be deemed to control the Plumb Equity Fund and the Plumb Trust Company may
be deemed to control both the Plumb Equity Fund and the Plumb Balanced
Fund.
7.
FEDERAL TAX INFORMATION
As of
March 31, 2008 the components of accumulated earnings (losses) for income tax
purposes were as follows:
|
Plumb
Balanced Fund
|
Plumb
Equity Fund
|
|||||||
|
Tax
cost of Investments
|
$ | 59,907,793 | $ | 19,824,881 | ||||
|
Unrealized
Appreciation
|
$ | 1,311,189 | $ | 479,774 | ||||
|
Unrealized
Depreciation
|
(5,842,039 | ) | (2,616,351 | ) | ||||
|
Net
tax unrealized
|
||||||||
|
depreciation
on investments
|
$ | (4,530,850 | ) | $ | (2,136,577 | ) | ||
|
Undistributed
ordinary income
|
$ | 268,674 | $ | 31,727 | ||||
|
Undistributed
long-term capital gains
|
— | — | ||||||
|
Distributable
earnings
|
$ | 268,674 | $ | 31,727 | ||||
|
Other
accumulated losses
|
(3,712,640 | ) | (1,722,186 | ) | ||||
|
Total
accumulated losses
|
$ | (7,974,816 | ) | $ | (3,827,036 | ) | ||
The tax
basis of investments for tax and financial reporting purposes differs
principally due to the deferral of losses on wash sales.
As of
March 31, 2008 the funds had tax basis capital losses which may be carried over
to offset future capital gains as shown below.
|
Capital
Loss Carryover
|
Expires
|
|||
|
Plumb
Balanced Fund
|
506,660
|
03/31/16
|
||
|
Plumb
Equity Fund
|
211,702
|
03/31/16
|
31
PLUMB
FUNDS
Notes
to Financial Statements
For
the Period From April 1, 2008 through September 30, 2008 (Unaudited)
(Continued)
As of
March 31, 2008, the funds deferred, on a tax basis, post-October losses
of:
|
Plumb
Balanced Fund
|
3,205,9
80
|
|
Plumb
Equity Fund
|
1,510,4
84
|
8.
DISTRIBUTIONS TO SHAREHOLDERS
The tax
character of distributions paid during the period ended March 31, 2008 was as
follows:
|
Plumb
Balanced Fund
|
Plumb
Equity Fund
|
|||||
|
Period
Ended
|
Period
Ended
|
|||||
|
March
31, 2008
|
March
31, 2008
|
|
Distributions
paid from:
|
||||||||
|
Ordinary
Income
|
$
|
657,363
|
$ |
102,110
|
||||
|
Total Distributions
Paid
|
$ |
657,363
|
$ |
102,110
|
||||
32
PLUMB
FUNDS
Additional
Information (Unaudited) (Continued)
The Board
of Directors of the Funds have an audit committee and a nominating committee.
The audit committee consults with the independent auditors for the Funds on
matters pertaining to their audits of the Funds’ annual financial statements,
and approves all audit and non-audit services to be provided by the independent
auditors. The audit committee has adopted a written charter, which is available
upon request. The audit committee consists of Jay Loewi (Chair), Patrick J.
Quinn and Jeffrey B. Sauer, none of whom is an “interested” person of the Funds.
Jay Loewi has been determined by the Board to be an audit committee financial
expert.
The
nominating committee considers and recommends nominees for directors to the
Board to fill vacancies and for election and re-election as and when required.
All nominations of directors who are not “interested persons” of the Funds must
be made and approved by the nominating committee. The nominating committee has
not established any specific, minimum qualifications or standards for director
nominees. The nominating committee will generally not consider any director
candidates recommended by shareholders. The nominating committee has adopted a
written charter, which is available upon request. No policy or procedure has
been established as to the recommendation of director nominees by shareholders,
except that nominations of directors who are not “interested persons” of the
Funds must be made and approved by the nominating committee. The nominating
committee consists of Jeffrey B. Sauer (Chair), Jay Loewi and Patrick J.
Quinn.
The
Funds’ Statement of Additional Information includes additional information about
the directors of the Company and is available, without charge, at www.wiscap.com
or upon request, by calling 1-866-987-7888.
2.
QUALIFIED DIVIDEND INCOME/DIVIDENDS RECEIVED DEDUCTION
For the
fiscal year ended March 31, 2008, certain dividends paid by the Funds may be
subject to a maximum tax rate of 15%, as provided for by the Jobs and Growth Tax
Relief Reconciliation Act of 2003. The percentage of dividends declared from
ordinary income designated as qualified dividend income was as
follows:
| Plumb Balanced Fund |
65.90%
|
| Plumb Equity Fund |
100.00%
|
For
corporate shareholders, the percent of ordinary income distributions qualifying
for the corporate dividends received deduction for the fiscal year ended March
31, 2008, was as follows:
| Plumb Balanced Fund |
64.90%
|
| Plumb Equity Fund |
100.00%
|
33
PLUMB
FUNDS
Additional
Information (Unaudited)
|
1.
|
ADDITIONAL
DISCLOSURE REGARDING FUND DIRECTORS AND
OFFICERS
|
|
Name, Address
and Age |
Position(s)
Held
with
Wisconsin Capital |
Term
of Office |
Principal Occupation(s) |
Other Directorships |
||||
|
Independent
Directors:
|
||||||||
|
Patrick
J. Quinn
|
Director
|
Since
|
President
and Chairman
|
National
|
||||
|
Birth
date:
|
2007
|
of
the Board of Ayres
|
Presto
|
|||||
|
September
13, 1949
|
Associates
(professional
|
Industries
|
||||||
|
civil
engineering firm)
|
since
May
|
|||||||
|
since
April 2000.
|
2001.
|
|||||||
|
Jay
Loewi
|
Director
|
Since
|
CEO
of the QTI Group since
|
None.
|
||||
|
Birth
date:
|
2007
|
November
of 2007; prior
|
||||||
|
March
1, 1957
|
thereto,
President of QTI
|
|||||||
|
Group
of Companies since
|
||||||||
|
1992.
|
||||||||
|
Jeffrey
B. Sauer
|
Director
|
Since
|
Assistant
to the
|
None.
|
||||
|
Birth
date:
|
2007
|
Commissioner
of Western
|
||||||
|
March
10, 1943
|
Collegiate
Hockey
|
|||||||
|
Association
since 2002.
|
||||||||
|
Interested
Directors and Officers:
|
||||||||
|
Thomas
G. Plumb(2)
|
Director,
|
Since
|
President
of Wisconsin
|
None.
|
||||
|
Birth
date:
|
President
|
2007
|
Capital
Management, LLC
|
|||||
|
July
29, 1952
|
and
Chief
|
since
January, 2004; CEO of
|
||||||
|
Executive
|
Plumb
Trust Company; Vice
|
|||||||
|
Officer
|
President
of Thompson Plumb
|
|||||||
|
and
Associates (investment
|
||||||||
|
advisor)
until March, 2005.
|
||||||||
|
Timothy
R. O’Brien
|
Chief
|
Since
|
Principal,
Vice President and
|
None.
|
||||
|
Birth
date:
|
Financial
|
2007
|
Portfolio
Manager for
|
|||||
|
June
8, 1959
|
Officer
and
|
Wisconsin
Capital
|
||||||
|
Treasurer
|
Management,
LLC since
|
|||||||
|
2004;
prior thereto, Portfolio
|
||||||||
|
Manager
and Research
|
||||||||
|
Analyst
for Wisconsin Capital
|
||||||||
|
Management,
LLC.
|
34
PLUMB
FUNDS
Additional
Information (Unaudited) (Continued)
|
Name, Address
and Age |
Position(s) Held
with |
Term
of Office |
Principal Occupation(s) |
Other Directorships |
||||
|
Connie
M. Redman
|
Chief
|
Since
|
Vice
President, Chief
|
None.
|
||||
|
Birth
date:
|
Compliance
|
2007
|
Compliance
Officer and
|
|||||
|
February
27, 1966
|
Officer
|
Corporate
Secretary of
|
||||||
|
Wisconsin
Capital
|
||||||||
|
Management,
LLC since
|
||||||||
|
March,
2008; Vice President,
|
||||||||
|
Chief
Compliance Officer,
|
||||||||
|
Human
Resources Manager
|
||||||||
|
and
Corporate Secretary of
|
||||||||
|
Wisconsin
Capital Management,
|
||||||||
|
LLC
since October, 2005; Vice
|
||||||||
|
President,
Human Resources
|
||||||||
|
Manager
and Corporate
|
||||||||
|
Secretary
of Wisconsin Capital
|
||||||||
|
Management,
LLC from
|
||||||||
|
January,
2004 through
|
||||||||
|
October,
2005; prior thereto
|
||||||||
|
Human
Resources Manager
|
||||||||
|
and
Corporate Secretary of
|
||||||||
|
Wisconsin
Capital
|
||||||||
|
Management,
LLC.
|
||||||||
|
Donna
M. Baker
|
Secretary
|
Since
|
Controller
and Human
|
None.
|
||||
|
Birth
date:
|
2007
|
Resource
Manager
|
||||||
|
March
16, 1964
|
of
Wisconsin Capital
|
|||||||
|
Management,
LLC since
|
||||||||
|
March
2008; Controller of
|
||||||||
|
Wisconsin
Capital Management,
|
||||||||
|
LLC
August 2004 to March 2008;
|
||||||||
|
Director
of Finance of Madison
|
||||||||
|
Country Day
School January
|
||||||||
|
2002
to July 2004.
|
|
(1)
|
Officers
of the Funds serve one-year terms, subject to annual reappointment by the
Board of Directors. Directors of the Funds serve a term of indefinite
length until their resignation or removal, and stand for re-election by
shareholders as and when required under the 1940
Act.
|
|
(2)
|
Thomas
G. Plumb is an “interested person” of the Funds by virtue of his positions
with the Funds and the Advisor.
|
35
WISCONSIN
CAPITAL FUNDS, INC.
c/o U.S.
Bancorp Fund Services, LLC
P.O. Box
701
Milwaukee,
WI 53201-0701
1-866-987-7888
INVESTMENT
ADVISOR
Wisconsin
Capital Management, LLC
1200 John
Q. Hammons Drive
Madison,
WI 53717
Telephone:
(608) 824-8800
DISTRIBUTOR
Quasar
Distributors, LLC
615 East
Michigan Street
Milwaukee,
WI 53202
CUSTODIAN
U.S. Bank
National Association
1555 N.
Rivercenter Drive
MK-WI-5302
Milwaukee,
WI 53212
TRANSFER
AGENT AND
DIVIDEND
DISBURSING AGENT
US
Bancorp Fund Services, LLC
615 East
Michigan Street
Milwaukee,
WI 53202
INDEPENDENT
ACCOUNTANTS
Cohen
Fund Audit Services, Ltd.
800
Westpoint Parkway
Suite
1100
Westlake,
OH 44145
LEGAL
COUNSEL
Quarles
& Brady LLP
411 East
Wisconsin Avenue
Milwaukee,
WI 53202
This
report has been prepared for shareholders and may be distributed to others only
if preceded or accompanied by a current prospectus.
The
Funds’ Proxy Voting Policies and Procedures are available without charge upon
request by calling 1-866-987-7888. Information regarding how the Funds voted
proxies relating to portfolio securities during the 12-month period ended June
30, 2007 is available by calling 1-866-987-7888 and on the SEC’s website at
www.sec.gov.
The
Funds’ complete schedule of portfolio holdings for the first and third quarters
is filed with the SEC on Form N-Q. The Funds’ Form N-Q is available without
charge, upon request, by calling 1-866-987-7888 and on the SEC’s website at
www.sec.gov.
36
Item 2. Code of
Ethics.
Not
applicable for semi-annual reports.
Item 3. Audit Committee
Financial Expert.
Not
applicable for semi-annual reports.
Item 4. Principal Accountant
Fees and Services.
Not
applicable for semi-annual reports.
Item 5. Audit Committee of
Listed Registrants.
Not
applicable to registrants who are not listed issuers (as defined in Rule 10A-3
under the Securities Exchange Act of 1934).
Item 6.
Investments.
Schedule
of Investments is included as part of the report to shareholders filed under
Item 1 of this Form.
Item 7. Disclosure of Proxy
Voting Policies and Procedures for Closed-End Management Investment
Companies.
Not
applicable to open-end investment companies.
Item 8. Portfolio Managers
of Closed-End Management Investment Companies.
Not
applicable to open-end investment companies.
Item 9. Purchases of Equity
Securities by Closed-End Management Investment Company and Affiliated
Purchasers.
Not
applicable to open-end investment companies.
Item 10. Submission of
Matters to a Vote of Security Holders.
There
have been no material changes to the procedures by which shareholders may
recommend nominees to the registrant’s board of directors/trustees.
Item 11. Controls and
Procedures.
|
(a)
|
The
Registrant’s President/Chief Executive Officer and Treasurer/Chief
Financial Officer have reviewed the Registrant's disclosure controls and
procedures (as defined in Rule 30a-3(c) under the Investment Company
Act of 1940 (the “Act”)) as of a date within 90 days of the filing of this
report, as required by Rule 30a-3(b) under the Act and
Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of
1934. Based on their review, such officers have concluded that
the disclosure controls and procedures are effective in ensuring that
information required to be disclosed in this report is appropriately
recorded, processed, summarized and reported and made known to them by
others within the Registrant and by the Registrant’s service
provider.
|
|
(b)
|
There
were no changes in the Registrant's internal control over financial
reporting (as defined in Rule 30a-3(d) under the Act) that occurred during
the second fiscal quarter of the period covered by this report that has
materially affected, or is reasonably likely to materially affect, the
Registrant's internal control over financial
reporting.
|
Item 12.
Exhibits.
|
(a)
|
(1)
Any code of ethics or
amendment thereto, that is the subject of the disclosure required by
Item 2, to the extent that the registrant intends to satisfy
Item 2 requirements through filing an exhibit. Not
Applicable.
|
| (2) A separate certification for each principal executive and principal financial officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. Filed herewith. | |
| (3) Any written solicitation to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable to open-end investment companies. |
|
(b)
|
Certifications pursuant to
Section 906 of the Sarbanes-Oxley Act of
2002. Furnished
herewith.
|
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934 and the Investment
Company Act of 1940, the registrant has duly caused this report to be signed on
its behalf by the undersigned, thereunto duly authorized.
(Registrant) Wisconsin
Capital Funds,
Inc.
By (Signature and
Title)*
/s/
Thomas G.
Plumb
Thomas G. Plumb, President
Date
11/25/2008
Pursuant
to the requirements of the Securities Exchange Act of 1934 and the Investment
Company Act of 1940, this report has been signed below by the following persons
on behalf of the registrant and in the capacities and on the dates
indicated.
By (Signature and
Title)*
/s/
Thomas G.
Plumb
Thomas G. Plumb, President
Date
11/25/2008
By (Signature and
Title)*
/s/
Timothy R.
O’Brien
Timothy
R. O’Brien, Treasurer
Date
11/25/2008
* Print
the name and title of each signing officer under his or her
signature.