# EDGAR Filing Document

**Accession Number:** 0001395397
**File Stem:** 0001580642-26-003609
**Filing Date:** 2026-6
**Character Count:** 104267
**Document Hash:** 35602b8c38963b762d8e76718f4366a0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-26-003609.hdr.sgml**: 20260605

**ACCESSION NUMBER**: 0001580642-26-003609

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 27

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260605

**DATE AS OF CHANGE**: 20260605

**EFFECTIVENESS DATE**: 20260605

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** WISCONSIN CAPITAL FUNDS INC
- **CENTRAL INDEX KEY:** 0001395397

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22045
- **FILM NUMBER:** 261069351

**BUSINESS ADDRESS:**
- **STREET 1:** 8020 EXCELSIOR DRIVE
- **STREET 2:** SUITE 402
- **CITY:** MADISON
- **STATE:** WI
- **ZIP:** 53717
- **BUSINESS PHONE:** 608 824 8800

**MAIL ADDRESS:**
- **STREET 1:** 8020 EXCELSIOR DRIVE
- **STREET 2:** SUITE 402
- **CITY:** MADISON
- **STATE:** WI
- **ZIP:** 53717

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** WISCONSON CAPITAL FUNDS INC
- **DATE OF NAME CHANGE:** 20070405

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** WINSONIC CAPITAL FUNDS INC
- **DATE OF NAME CHANGE:** 20070404

## Series and Classes Contracts Data

### Plumb Balanced Fund (Series ID: S000017840)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000049545 | Investor Shares      | PLBBX           |
| C000221188 | Institutional Shares | PLIBX           |

### Plumb Equity Fund (Series ID: S000017841)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000049546 | Investor Shares      | PLBEX           |
| C000221189 | Institutional Shares | PLIEX           |

?xml version='1.0' encoding='ASCII'?

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 <u>811-22045</u> <br>

<u>Wisconsin Capital Funds, Inc.</u> <br> (Exact name of registrant as specified in charter) <br>

<u>8020 Excelsior Drive, Suite 402, Madison, WI</u> <u>53717</u> <br> (Address of principal executive offices) (Zip code) <br>

---

| |
|:---|
| Thomas G. Plumb |
| 8020 Excelsior Drive, Suite 402, Madison, WI 53717 |
| (Name and address of agent for service) |

---

Registrant's telephone number, including area code: <u>608-960-4616</u> <br>

Date of fiscal year end: <u>3/31</u> <br>

Date of reporting period: <u>3/31/2026</u>

**Item 1. Reports to Stockholders.**

(a)&nbsp;&nbsp;&nbsp;&nbsp;

# Plumb Balanced Fund

## Institutional Class (PLIBX)

#### Annual Shareholder Report - March 31, 2026
![Image](ie63e44278280b8ffc3a32337.jpg)

![Image](ibf9a1ccc5551fd8502ac587f.jpg)

## Fund Overview
This annual shareholder report contains important information about Plumb Balanced Fund for the period of April 1, 2025 to March 31, 2026. You can find additional information about the Fund at **plumbfunds.com**. You can also request this information by contacting us at 1-866-987-7888.

## What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $127 | 1.19% |

---

## How did the Fund perform during the reporting period?
The Plumb Funds are pleased to present our March 31, 2026, fiscal year results to you, even in a down market caused by geopolitical risks. The fiscal year of 2026 proved to be an eventful period for financial markets, most notably the United States entering into a conflict with Iran on February 28th that sent crude oil prices dramatically up and hence gasoline prices at the pumps.

The largest contributors to the Plumb Balanced Fund included Modine Manufacturing, AAR, Exxon Mobil, Phillips 66, and Ubiquiti. The largest detractors for the quarter were Microsoft, American Express, Toast, Mercardo Libre, and Visa.

## How has the Fund performed since inception?

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](id591eb7c7b839ae6add1d8c1.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Plumb Balanced Fund** | **55% S&P500/35% Bloomberg Govt./Credit/10% MSCI EAFE Price** | **MSCI EAFE Price (USD)** | **S&P 500<sup>®</sup> Index** |
| **Aug-2020** | $10000 | $10000 | $10000 | $10000 |
| **Mar-2021** | $11097 | $11325 | $12006 | $12190 |
| **Mar-2022** | $10817 | $12102 | $11860 | $14098 |
| **Mar-2023** | $9915 | $11510 | $11376 | $13008 |
| **Mar-2024** | $12835 | $13598 | $12773 | $16895 |
| **Mar-2025** | $12866 | $14534 | $13052 | $18289 |
| **Mar-2026** | $14581 | $16448 | $15432 | $21545 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception (August 3, 2020)** |
| Plumb Balanced Fund | 13.34% | 5.61% | 6.89% |
| S&P 500<sup>®</sup> Index | 17.80% | 12.06% | 14.53% |
| MSCI EAFE Price (USD) | 18.24% | 5.15% | 7.97% |
| 55% S&P500/35% Bloomberg Govt./Credit/10% MSCI EAFE Price | 13.16% | 7.75% | 9.19% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. For updated performance call 1-866-987-7888.***

## **Fund Statistics** 
* Net Assets$63,208,971

* Number of Portfolio Holdings59

* Advisory Fee (net of waivers)$349,117

* Portfolio Turnover29%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i7ade83e2fc0f4fef66d5479d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 64.9% |
| Corporate Bonds | 31.5% |
| Money Market Funds | 2.8% |
| Municipal Bonds | 0.8% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i95450689bb8bd36608f9e396.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.3% |
| Communications | 0.6% |
| Real Estate | 0.8% |
| Education | 0.8% |
| Consumer Staples | 1.0% |
| Technology | 1.1% |
| Money Market Funds | 2.8% |
| Health Care | 4.2% |
| Communication Services | 4.3% |
| Utilities | 6.1% |
| Energy | 8.3% |
| Consumer Discretionary | 11.0% |
| Industrials | 13.6% |
| Information Technology | 17.8% |
| Financials | 27.3% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| NVIDIA Corporation | 6.3% |
| Modine Manufacturing Company | 4.5% |
| Alphabet, Inc. - Class A | 4.3% |
| AAR Corporation | 3.5% |
| Mastercard, Inc. - Class A | 3.2% |
| VSE Corporation | 3.2% |
| Amazon.com, Inc. | 3.2% |
| Visa, Inc. - Class A | 3.0% |
| Microsoft Corporation | 2.8% |
| Taiwan Semiconductor Manufacturing Company Ltd. - ADR | 2.7% |

---

## Material Fund Changes
No material changes occurred during the year ended March 31, 2026.

# Plumb Balanced Fund- Institutional Class

#### Annual Shareholder Report - March 31, 2026

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**plumbfunds.com**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 033126-PLIBX

# Plumb Balanced Fund

## Investor Class (PLBBX)

#### Annual Shareholder Report - March 31, 2026
![Image](ie63e44278280b8ffc3a32337.jpg)

![Image](ibf9a1ccc5551fd8502ac587f.jpg)

## Fund Overview
This annual shareholder report contains important information about Plumb Balanced Fund for the period of April 1, 2025 to March 31, 2026. You can find additional information about the Fund at **plumbfunds.com**. You can also request this information by contacting us at 1-866-987-7888.

## What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor Class | $153 | 1.44% |

---

## How did the Fund perform during the reporting period?
The Plumb Funds are pleased to present our March 31, 2026, fiscal year results to you, even in a down market caused by geopolitical risks. The fiscal year of 2026 proved to be an eventful period for financial markets, most notably the United States entering into a conflict with Iran on February 28th that sent crude oil prices dramatically up and hence gasoline prices at the pumps.

The largest contributors to the Plumb Balanced Fund included Modine Manufacturing, AAR, Exxon Mobil, Phillips 66, and Ubiquiti. The largest detractors for the quarter were Microsoft, American Express, Toast, Mercardo Libre, and Visa.

## How has the Fund performed over the last ten years?

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](ie90a134e35758f82cbe8f8dc.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Plumb Balanced Fund** | **S&P 500<sup>®</sup> Index** | **MSCI EAFE Price (USD)** | **55% S&P500/35% Bloomberg Govt./Credit/10% MSCI EAFE Price** |
| **Mar-2016** | $10000 | $10000 | $10000 | $10000 |
| **Mar-2017** | $11470 | $11717 | $10853 | $11028 |
| **Mar-2018** | $13418 | $13357 | $12141 | $12012 |
| **Mar-2019** | $14689 | $14625 | $11352 | $12764 |
| **Mar-2020** | $13768 | $13605 | $9440 | $12387 |
| **Mar-2021** | $19048 | $21271 | $13367 | $16585 |
| **Mar-2022** | $18528 | $24599 | $13206 | $17722 |
| **Mar-2023** | $16953 | $22698 | $12667 | $16856 |
| **Mar-2024** | $21888 | $29480 | $14221 | $19914 |
| **Mar-2025** | $21882 | $31913 | $14532 | $21285 |
| **Mar-2026** | $24738 | $37594 | $17182 | $24087 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Plumb Balanced Fund | 13.05% | 5.37% | 9.48% |
| S&P 500<sup>®</sup> Index | 17.80% | 12.06% | 14.16% |
| MSCI EAFE Price (USD) | 18.24% | 5.15% | 5.56% |
| 55% S&P500/35% Bloomberg Govt./Credit/10% MSCI EAFE Price | 13.16% | 7.75% | 9.19% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. For updated performance call 1-866-987-7888.***

## **Fund Statistics** 
* Net Assets$63,208,971

* Number of Portfolio Holdings59

* Advisory Fee (net of waivers)$349,117

* Portfolio Turnover29%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i7ade83e2fc0f4fef66d5479d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 64.9% |
| Corporate Bonds | 31.5% |
| Money Market Funds | 2.8% |
| Municipal Bonds | 0.8% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i95450689bb8bd36608f9e396.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.3% |
| Communications | 0.6% |
| Real Estate | 0.8% |
| Education | 0.8% |
| Consumer Staples | 1.0% |
| Technology | 1.1% |
| Money Market Funds | 2.8% |
| Health Care | 4.2% |
| Communication Services | 4.3% |
| Utilities | 6.1% |
| Energy | 8.3% |
| Consumer Discretionary | 11.0% |
| Industrials | 13.6% |
| Information Technology | 17.8% |
| Financials | 27.3% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| NVIDIA Corporation | 6.3% |
| Modine Manufacturing Company | 4.5% |
| Alphabet, Inc. - Class A | 4.3% |
| AAR Corporation | 3.5% |
| Mastercard, Inc. - Class A | 3.2% |
| VSE Corporation | 3.2% |
| Amazon.com, Inc. | 3.2% |
| Visa, Inc. - Class A | 3.0% |
| Microsoft Corporation | 2.8% |
| Taiwan Semiconductor Manufacturing Company Ltd. - ADR | 2.7% |

---

## Material Fund Changes
No material changes occurred during the year ended March 31, 2026.

# Plumb Balanced Fund- Investor Class

#### Annual Shareholder Report - March 31, 2026

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**plumbfunds.com**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 033126-PLBBX

# Plumb Equity Fund

## Institutional Class (PLIEX)

#### Annual Shareholder Report - March 31, 2026
![Image](ie63e44278280b8ffc3a32337.jpg)

![Image](ibf9a1ccc5551fd8502ac587f.jpg)

## Fund Overview
This annual shareholder report contains important information about Plumb Equity Fund for the period of April 1, 2025 to March 31, 2026. You can find additional information about the Fund at **www.plumbfunds.com**. You can also request this information by contacting us at 1-866-987-7888.

## What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $132 | 1.25% |

---

## How did the Fund perform during the reporting period?
The Plumb Funds are pleased to present our March 31, 2026, fiscal year results to you, even in a down market caused by geopolitical risks. The fiscal year of 2026 proved to be an eventful period for financial markets, most notably the United States entering into a conflict with Iran on February 28th that sent crude oil prices dramatically up and hence gasoline prices at the pumps.

The largest contributors to the Plumb Equity Fund and percentage of net assets by security selection included: AAR, Modine Manufacturing, Phillips 66, VSE, and Honeywell. The largest detractors included Genius Sports, Microsoft, Autodesk, Cellebrite, and Toast.

## How has the Fund performed since inception?

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](i39efc8161056773dd4f763b4.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Plumb Equity Fund** | **90% S&P500/10% MSCI EAFE Price** | **MSCI EAFE VALUE Price (USD)** | **S&P 500<sup>®</sup> Index** |
| **Aug-2020** | $10000 | $10000 | $10000 | $10000 |
| **Mar-2021** | $11717 | $12173 | $12556 | $12190 |
| **Mar-2022** | $10954 | $13863 | $12568 | $14098 |
| **Mar-2023** | $9749 | $12847 | $12051 | $13008 |
| **Mar-2024** | $14073 | $16449 | $13609 | $16895 |
| **Mar-2025** | $13167 | $17715 | $14803 | $18289 |
| **Mar-2026** | $14578 | $20890 | $18594 | $21545 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception (August 3, 2020)** |
| Plumb Equity Fund | 10.72% | 4.47% | 6.89% |
| S&P 500<sup>®</sup> Index | 17.80% | 12.06% | 14.53% |
| MSCI EAFE VALUE Price (USD) | 25.61% | 8.17% | 11.59% |
| 90% S&P500/10% MSCI EAFE Price | 17.92% | 11.41% | 13.91% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. For updated performance call 1-866-987-7888.***

## **Fund Statistics** 
* Net Assets$27,834,119

* Number of Portfolio Holdings30

* Advisory Fee (net of waivers)$6,554

* Portfolio Turnover26%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ie42d198d41db50d97e29ce77.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 99.5% |
| Money Market Funds | 0.5% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](ic05b47346445fd34d84a4453.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.1% |
| Money Market Funds | 0.5% |
| Consumer Staples | 1.1% |
| Energy | 6.1% |
| Health Care | 6.9% |
| Communication Services | 7.7% |
| Consumer Discretionary | 11.2% |
| Financials | 16.2% |
| Industrials | 18.6% |
| Information Technology | 31.8% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| NVIDIA Corporation | 13.2% |
| Alphabet, Inc. - Class A | 7.7% |
| VSE Corporation | 6.1% |
| Advanced Micro Devices, Inc. | 5.8% |
| AAR Corporation | 5.5% |
| Apple, Inc. | 4.1% |
| Microsoft Corporation | 4.0% |
| Visa, Inc. - Class A | 3.9% |
| Amazon.com, Inc. | 3.6% |
| Mastercard, Inc. - Class A | 3.6% |

---

## Material Fund Changes
No material changes occurred during the year ended March 31, 2026.

# Plumb Equity Fund- Institutional Class

#### Annual Shareholder Report - March 31, 2026

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**www.plumbfunds.com**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 033126-PLIEX

# Plumb Equity Fund

## Investor Class (PLBEX)

#### Annual Shareholder Report - March 31, 2026
![Image](ie63e44278280b8ffc3a32337.jpg)

![Image](ibf9a1ccc5551fd8502ac587f.jpg)

## Fund Overview
This annual shareholder report contains important information about Plumb Equity Fund for the period of April 1, 2025 to March 31, 2026. You can find additional information about the Fund at **www.plumbfunds.com**. You can also request this information by contacting us at 1-866-987-7888.

## What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor Class | $158 | 1.50% |

---

## How did the Fund perform during the reporting period?
The Plumb Funds are pleased to present our March 31, 2026, fiscal year results to you, even in a down market caused by geopolitical risks. The fiscal year of 2026 proved to be an eventful period for financial markets, most notably the United States entering into a conflict with Iran on February 28th that sent crude oil prices dramatically up and hence gasoline prices at the pumps.

The largest contributors to the Plumb Equity Fund and percentage of net assets by security selection included: AAR, Modine Manufacturing, Phillips 66, VSE, and Honeywell. The largest detractors included Genius Sports, Microsoft, Autodesk, Cellebrite, and Toast.

## How has the Fund performed over the last ten years?

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](if212d88c2e9aa6220525f070.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Plumb Equity Fund** | **S&P 500<sup>®</sup> Index** | **MSCI EAFE Price (USD)** | **90% S&P500/10% MSCI EAFE Price** |
| **Mar-2016** | $10000 | $10000 | $10000 | $10000 |
| **Mar-2017** | $12238 | $11717 | $10853 | $11632 |
| **Mar-2018** | $16111 | $13357 | $12141 | $13235 |
| **Mar-2019** | $18153 | $14625 | $11352 | $14271 |
| **Mar-2020** | $15961 | $13605 | $9440 | $13130 |
| **Mar-2021** | $25444 | $21271 | $13367 | $20333 |
| **Mar-2022** | $23742 | $24599 | $13206 | $23155 |
| **Mar-2023** | $21096 | $22698 | $12667 | $21458 |
| **Mar-2024** | $30366 | $29480 | $14221 | $27474 |
| **Mar-2025** | $28346 | $31913 | $14532 | $29589 |
| **Mar-2026** | $31297 | $37594 | $17182 | $34892 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Plumb Equity Fund | 10.41% | 4.23% | 12.09% |
| S&P 500<sup>®</sup> Index | 17.80% | 12.06% | 14.16% |
| MSCI EAFE Price (USD) | 18.24% | 5.15% | 5.56% |
| 90% S&P500/10% MSCI EAFE Price | 17.92% | 11.41% | 13.31% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. For updated performance call 1-866-987-7888.***

## **Fund Statistics** 
* Net Assets$27,834,119

* Number of Portfolio Holdings30

* Advisory Fee (net of waivers)$6,554

* Portfolio Turnover26%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ie42d198d41db50d97e29ce77.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 99.5% |
| Money Market Funds | 0.5% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](ic05b47346445fd34d84a4453.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.1% |
| Money Market Funds | 0.5% |
| Consumer Staples | 1.1% |
| Energy | 6.1% |
| Health Care | 6.9% |
| Communication Services | 7.7% |
| Consumer Discretionary | 11.2% |
| Financials | 16.2% |
| Industrials | 18.6% |
| Information Technology | 31.8% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| NVIDIA Corporation | 13.2% |
| Alphabet, Inc. - Class A | 7.7% |
| VSE Corporation | 6.1% |
| Advanced Micro Devices, Inc. | 5.8% |
| AAR Corporation | 5.5% |
| Apple, Inc. | 4.1% |
| Microsoft Corporation | 4.0% |
| Visa, Inc. - Class A | 3.9% |
| Amazon.com, Inc. | 3.6% |
| Mastercard, Inc. - Class A | 3.6% |

---

## Material Fund Changes
No material changes occurred during the year ended March 31, 2026.

# Plumb Equity Fund- Investor Class

#### Annual Shareholder Report - March 31, 2026

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**www.plumbfunds.com**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 033126-PLBEX

(b)&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

**Item 2. Code of Ethics.**

---

| | |
|:---|:---|
| (a) | The registrant has, as of the end of the period covered by this report, adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, and principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. |
| (b) | Not applicable |
| (c) | During the period covered by this report, there were no amendments to any provision of the code of ethics. |
| (d) | During the period covered by this report, there were no waivers or implicit waivers of a provision of the code of ethics. |
| (e) | The Code of Ethics is posted on Registrant's website |
| (f)(1) | See Item 19(a)(1) |

---

**Item 3. Audit Committee Financial Expert.**

The registrant's board of directors has determined that there is at least one audit committee financial expert serving on its audit committee. Harlan Moeckler is the "audit committee financial expert" and is considered to be "independent" as each term is defined in Item 3 of Form N-CSR.

**Item 4. Principal Accountant Fees and Services.**

The registrant has engaged its principal accountant to perform audit services, audit-related services, tax services and other services during the past two fiscal years. "Audit services" refer to performing an audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years. "Audit-related services" refer to the assurance and related services by the principal accountant that are reasonably related to the performance of the audit. "Tax services" refer to professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. The following table details the aggregate fees billed or expected to be billed for each of the last two fiscal years for audit fees, audit-related fees, tax fees and other fees by the principal accountant.

---

| | | |
|:---|:---|:---|
|  | FYE 2026 | FYE 2025 |
| (a) Audit Fees | $37000 | $31000 |
| (b) Audit-Related Fees | $0 | $5000 |
| (c) Tax Fees | $6000 | $6000 |
| (d) All Other Fees | $0 | $0 |

---

(e)(1) The audit committee has adopted pre-approval policies and procedures that require the audit committee to pre-approve all audit and non-audit services of the registrant, including services provided to any entity affiliated with the registrant.

(e)(2) The percentage of fees billed by Cohen & Co applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows:

---

| | | |
|:---|:---|:---|
|  | FYE 2026 | FYE 2025 |
| Audit-Related Fees | 0% | 0% |
| Tax Fees | 0% | 0% |
| All Other Fees | 0% | 0% |

---

(f) All of the principal accountant's hours spent on auditing the registrant's financial statements were attributed to work performed by full-time permanent employees of the principal accountant.

(g) The following table indicates the non-audit fees billed or expected to be billed by the registrant's accountant for services to the registrant and to the registrant's investment adviser (and any other controlling entity, etc.—not sub-adviser) for the last two years. The audit committee of the board of directors has considered whether the provision of non-audit services that were rendered to the registrant's investment adviser is compatible with maintaining the principal accountant's independence and has concluded that the provision of such non-audit services by the accountant has not compromised the accountant's independence.

---

| | | |
|:---|:---|:---|
| Non-Audit Related Fees | FYE 2026 | FYE 2025 |
| Tax Fees | $0 | $0 |
| All Other Fees | $0 | $0 |

---

(h) The audit committee of the board of directors has considered whether the provision of non-audit services that were rendered to the registrant's investment adviser is compatible with maintaining the principal accountant's independence and has concluded that the provision of such non-audit services by the accountant has not compromised the accountant's independence.

(i) The registrant has not been identified by the U.S. Securities and Exchange Commission as having filed an annual report issued by a registered public accounting firm branch or office that is located in a foreign jurisdiction where the Public Company Accounting Oversight Board is unable to inspect or completely investigate because of a position taken by an authority in that jurisdiction.

(j) The registrant is not a foreign issuer.

**Item 5. Audit Committee of Listed Registrants.** Not Applicable.

**Item 6. Investments.**

(a)&nbsp;&nbsp;&nbsp;&nbsp; The Registrant's schedule of investments in unaffiliated issuers is included in the Financial Statements under Item 7 of this form.

(b)&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

**Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.**

(a)&nbsp;&nbsp;&nbsp;&nbsp; Long Form Financial Statements

---

| |
|:---|
| ![(PLUMB FUNDS LOGO)](wi001_v1.jpg) |
| **Plumb Balanced Fund** |
| Investor Class: PLBBX&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class: PLIBX |
| **Plumb Equity Fund** |
| Investor Class: PLBEX&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class: PLIEX |
| **Annual Financial Statements and Additional** |
| **Information** |
| **March 31, 2026** |

---

---

| |
|:---|
| **PLUMB BALANCED FUND** |
| **SCHEDULE OF INVESTMENTS** |
| **March 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 64.7%** |  |
|  | **AEROSPACE & DEFENSE - 4.2%** |  |
| 20000 | AAR Corporation<sup>(a)</sup> | $2189200 |
| 18000 | Park Aerospace Corporation | 492840 |
|  |  | 2682040 |
|  | **AUTOMOBILE COMPONENTS - 4.5%** |  |
| 13000 | Modine Manufacturing Company<sup>(a)</sup> | 2817230 |
|  | **BANKS - 2.3%** |  |
| 5000 | JPMorgan Chase & Company | 1470800 |
|  | **BROADLINE RETAIL - 4.8%** |  |
| 9600 | Amazon.com, Inc.<sup>(a)</sup> | 1999392 |
| 600 | MercadoLibre, Inc.<sup>(a)</sup> | 1037412 |
|  |  | 3036804 |
|  | **COMMERCIAL SERVICES & SUPPLIES - 3.2%** |  |
| 11000 | VSE Corporation | 2028400 |
|  | **COMMUNICATIONS EQUIPMENT - 1.3%** |  |
| 1000 | Ubiquiti, Inc. | 790290 |
|  | **CONSTRUCTION & ENGINEERING - 1.1%** |  |
| 1300 | Quanta Services, Inc. | 713726 |
|  | **CONSUMER FINANCE - 2.6%** |  |
| 5450 | American Express Company | 1648516 |
|  | **ELECTRICAL EQUIPMENT - 0.7%** |  |
| 500 | GE Vernova, Inc. | 436450 |
|  | **FINANCIAL SERVICES - 6.5%** |  |
| 4100 | Mastercard, Inc., Class A | 2048606 |
| 5000 | Toast, Inc., Class A<sup>(a)</sup> | 132550 |
| 6300 | Visa, Inc., Class A | 1904112 |
|  |  | 4085268 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **PLUMB BALANCED FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **March 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 64.7% (Continued)** |  |
|  | **HEALTH CARE EQUIPMENT & SUPPLIES - 2.1%** |  |
| 2350 | Intuitive Surgical, Inc.<sup>(a)</sup> | $1083326 |
| 750 | Stryker Corporation | 246443 |
|  |  | 1329769 |
|  | **INDUSTRIAL CONGLOMERATES - 2.1%** |  |
| 5750 | Honeywell International, Inc. | 1299673 |
|  | **INTERACTIVE MEDIA & SERVICES - 4.3%** |  |
| 9500 | Alphabet, Inc., Class A | 2731820 |
|  | **OIL, GAS & CONSUMABLE FUELS - 6.3%** |  |
| 9000 | Exxon Mobil Corporation | 1526940 |
| 30000 | Kinder Morgan, Inc. | 1005900 |
| 8000 | Phillips 66 | 1457440 |
|  |  | 3990280 |
|  | **PERSONAL CARE PRODUCTS - 1.0%** |  |
| 10000 | e.l.f. Beauty, Inc.<sup>(a)</sup> | 606100 |
|  | **PHARMACEUTICALS - 1.2%** |  |
| 800 | Eli Lilly & Company | 735816 |
|  | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 11.4%** |  |
| 7500 | Advanced Micro Devices, Inc.<sup>(a)</sup> | 1525725 |
| 23000 | NVIDIA Corporation | 4011200 |
| 5000 | Taiwan Semiconductor Manufacturing Company Ltd. - ADR | 1689750 |
|  |  | 7226675 |
|  | **SOFTWARE - 2.7%** |  |
| 4700 | Microsoft Corporation | 1739799 |
|  | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 2.4%** |  |
| 6000 | Apple, Inc. | 1522740 |
|  | **TOTAL COMMON STOCKS (Cost $18,312,748)** | 40892196 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **PLUMB BALANCED FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **March 31, 2026** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 31.4%** | **CORPORATE BONDS — 31.4%** |  |  |  |
|  | **AEROSPACE & DEFENSE — 1.5%** | **AEROSPACE & DEFENSE — 1.5%** |  |  |  |
| 1000000 | Boeing Company (The) |  | 2.9500 | 02/01/30 | $941003 |
|  | **BANKING — 10.2%** |  |  |  |  |
| 1000000 | Amalgamated Financial Corporation<sup>(c)</sup> | TSFR3M + 2.300% | 3.2500 | 11/15/31 | 964239 |
| 1200000 | Banc of California, Inc.<sup>(b)</sup> | TSFR3M + 4.195% | 7.8550 | 10/30/30 | 1191785 |
| 500000 | Flagstar Bancorp, Inc.<sup>(b)</sup> | TSFR3M + 3.910% | 7.5740 | 11/01/30 | 474096 |
| 500000 | JPMorgan Chase & Company |  | 5.0000 | 01/31/34 | 495565 |
| 1000000 | JPMorgan Chase & Company |  | 5.0000 | 12/13/34 | 986523 |
| 1575000 | Pinnacle Financial Partners, Inc.<sup>(b)</sup> | TSFR3M + 3.037% | 6.7110 | 09/15/29 | 1582481 |
| 500000 | US Bancorp |  | 5.4500 | 07/30/35 | 500160 |
| 275000 | Wells Fargo & Company<sup>(c)</sup> | SOFRRATE + 1.380% | 5.2110 | 12/03/35 | 274003 |
|  |  |  |  |  | 6468852 |
|  | **ELEC & GAS MARKETING & TRADING — 1.3%** | **ELEC & GAS MARKETING & TRADING — 1.3%** |  |  |  |
| 750000 | Jersey Central Power & Light Company |  | 6.1500 | 06/01/37 | 794735 |
|  | **ELECTRIC UTILITIES — 4.8%** |  |  |  |  |
| 500000 | AEP Texas, Inc. |  | 5.7000 | 05/15/34 | 515459 |
| 500000 | Appalachian Power Company |  | 6.3750 | 04/01/36 | 536031 |
| 1000000 | National Grid USA |  | 5.8750 | 04/01/33 | 1036346 |
| 550000 | National Rural Utilities Cooperative Finance |  | 5.8000 | 01/15/33 | 583319 |
| 400000 | Public Service Company of Colorado |  | 5.1500 | 09/15/35 | 398973 |
|  |  |  |  |  | 3070128 |
|  | **HEALTH CARE FACILITIES & SERVICES — 0.9%** | **HEALTH CARE FACILITIES & SERVICES — 0.9%** |  |  |  |
| 98184 | CVS Pass-Through Trust |  | 6.9430 | 01/10/30 | 101106 |
| 500000 | HCA, Inc. |  | 3.5000 | 09/01/30 | 475053 |
|  |  |  |  |  | 576159 |
|  | **HOME CONSTRUCTION — 1.7%** | **HOME CONSTRUCTION — 1.7%** |  |  |  |
| 1000000 | Masco Corporation |  | 7.7500 | 08/01/29 | 1082158 |
|  | **INSTITUTIONAL FINANCIAL SERVICES — 5.7%** | **INSTITUTIONAL FINANCIAL SERVICES — 5.7%** | **INSTITUTIONAL FINANCIAL SERVICES — 5.7%** |  |  |
| 500000 | Goldman Sachs Group, Inc. (The) |  | 4.8000 | 11/29/31 | 502376 |
| 500000 | Goldman Sachs Group, Inc. (The) |  | 6.4500 | 05/01/36 | 528899 |
| 310000 | Jefferies Financial Group, Inc.<sup>(b)</sup> |  | 5.2500 | 11/29/28 | 305920 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **PLUMB BALANCED FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **March 31, 2026** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 31.4% (Continued)** | **CORPORATE BONDS — 31.4% (Continued)** |  |  |  |
|  | **INSTITUTIONAL FINANCIAL SERVICES — 5.7% (Continued)** | **INSTITUTIONAL FINANCIAL SERVICES — 5.7% (Continued)** | **INSTITUTIONAL FINANCIAL SERVICES — 5.7% (Continued)** |  |  |
| 1000000 | Morgan Stanley Finance, LLC |  | 5.0000 | 06/28/32 | $997563 |
| 1250000 | Morgan Stanley Finance, LLC |  | 5.8500 | 05/08/34 | 1250665 |
|  |  |  |  |  | 3585423 |
|  | **INTERNET MEDIA & SERVICES — 0.6%** | **INTERNET MEDIA & SERVICES — 0.6%** |  |  |  |
| 350000 | VeriSign, Inc. |  | 4.7500 | 07/15/27 | 350059 |
|  | **OIL & GAS PRODUCERS — 2.0%** | **OIL & GAS PRODUCERS — 2.0%** |  |  |  |
| 1000000 | El Paso Natural Gas Company, LLC |  | 7.5000 | 11/15/26 | 1016301 |
| 250000 | Murphy Oil USA, Inc. |  | 5.6250 | 05/01/27 | 250267 |
|  |  |  |  |  | 1266568 |
|  | **REAL ESTATE INVESTMENT TRUSTS — 0.8%** | **REAL ESTATE INVESTMENT TRUSTS — 0.8%** |  |  |  |
| 450000 | Weyerhaeuser Company |  | 6.8750 | 12/15/33 | 489951 |
|  | **SOFTWARE — 1.1%** |  |  |  |  |
| 750000 | Oracle Corporation |  | 5.2000 | 09/26/35 | 702504 |
|  | **TRANSPORTATION & LOGISTICS — 0.8%** | **TRANSPORTATION & LOGISTICS — 0.8%** |  |  |  |
| 500000 | Union Pacific Corporation |  | 5.1000 | 02/20/35 | 509273 |
|  | **TOTAL CORPORATE BONDS (Cost $19,761,771)** | **TOTAL CORPORATE BONDS (Cost $19,761,771)** | **TOTAL CORPORATE BONDS (Cost $19,761,771)** |  | 19836813 |
| **Principal** |  |  | **Coupon Rate** |  |  |
| **Amount ($)** |  |  | **(%)** | **Maturity** | **Fair Value** |
|  | **MUNICIPAL BONDS — 0.8%** |  |  |  |  |
|  | **STUDENT LOANS — 0.8%** |  |  |  |  |
| 500000 | Massachusetts Educational Financing Authority |  | 4.5950 | 07/01/31 | 500287 |
|  | **TOTAL MUNICIPAL BONDS (Cost $500,000)** | **TOTAL MUNICIPAL BONDS (Cost $500,000)** |  |  | 500287 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **PLUMB BALANCED FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **March 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENTS — 2.8%** |  |
|  | **MONEY MARKET FUNDS - 2.8%** |  |
| 1763437 | First American Government Obligations Fund, Class X, 3.57% (Cost $1,763,437)<sup>(d)</sup> | $1763437 |
|  | **TOTAL INVESTMENTS - 99.7% (Cost $40,337,956)** | $62992733 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.3%** | 216238 |
|  | **NET ASSETS - 100.0%** | $63208971 |

---

---

| | |
|:---|:---|
| ADR | - American Depositary Receipt |
| LLC | - Limited Liability Company |
| Ltd. | - Limited Company |
| SOFRRATE | United States SOFR Secured Overnight Financing Rate |
| TSFR3M | Term SOFR Secured Overnight Financing Rate 3 month |

---

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Variable rate security; the rate shown represents the rate on March 31, 2026.

<sup>(c)</sup> Step bond. Coupon rate is fixed rate that changes on a specified date. The rate shown is the current rate at March 31, 2026.

<sup>(d)</sup> Rate disclosed is the seven day effective yield as of March 31, 2026.

See accompanying notes to financial statements.

---

| |
|:---|
| **PLUMB EQUITY FUND** |
| **SCHEDULE OF INVESTMENTS** |
| **March 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.6%** |  |
|  | **AEROSPACE & DEFENSE - 6.7%** |  |
| 14000 | AAR Corporation<sup>(a)</sup> | $1532440 |
| 12000 | Park Aerospace Corporation | 328560 |
|  |  | 1861000 |
|  | **AUTOMOBILE COMPONENTS - 3.5%** |  |
| 4500 | Modine Manufacturing Company<sup>(a)</sup> | 975195 |
|  | **BANKS - 5.4%** |  |
| 2600 | JPMorgan Chase & Company | 764816 |
| 52000 | NU Holdings Ltd./Cayman Islands, Class A<sup>(a)</sup> | 747240 |
|  |  | 1512056 |
|  | **BROADLINE RETAIL - 7.0%** |  |
| 4800 | Amazon.com, Inc.<sup>(a)</sup> | 999696 |
| 550 | MercadoLibre, Inc.<sup>(a)</sup> | 950961 |
|  |  | 1950657 |
|  | **COMMERCIAL SERVICES & SUPPLIES - 7.1%** |  |
| 8000 | Copart, Inc.<sup>(a)</sup> | 265600 |
| 9250 | VSE Corporation | 1705700 |
|  |  | 1971300 |
|  | **CONSUMER FINANCE - 3.3%** |  |
| 3000 | American Express Company | 907440 |
|  | **ELECTRICAL EQUIPMENT - 1.6%** |  |
| 500 | GE Vernova, Inc. | 436450 |
|  | **FINANCIAL SERVICES - 7.5%** |  |
| 2000 | Mastercard, Inc., Class A | 999320 |
| 3600 | Visa, Inc., Class A | 1088064 |
|  |  | 2087384 |
|  | **HEALTH CARE EQUIPMENT & SUPPLIES - 4.9%** |  |
| 1900 | Intuitive Surgical, Inc.<sup>(a)</sup> | 875881 |
| 1500 | Stryker Corporation | 492885 |
|  |  | 1368766 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **PLUMB EQUITY FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **March 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.6% (Continued)** |  |
|  | **HOTELS, RESTAURANTS & LEISURE - 0.7%** |  |
| 43000 | Genius Sports Ltd.<sup>(a)</sup> | $190490 |
|  | **INDUSTRIAL CONGLOMERATES - 3.2%** |  |
| 4000 | Honeywell International, Inc. | 904120 |
|  | **INTERACTIVE MEDIA & SERVICES - 7.7%** |  |
| 7500 | Alphabet, Inc., Class A | 2156700 |
|  | **OIL, GAS & CONSUMABLE FUELS - 6.1%** |  |
| 2850 | Marathon Petroleum Corporation | 695913 |
| 5450 | Phillips 66 | 992881 |
|  |  | 1688794 |
|  | **PERSONAL CARE PRODUCTS - 1.1%** |  |
| 5000 | e.l.f. Beauty, Inc.<sup>(a)</sup> | 303050 |
|  | **PHARMACEUTICALS - 2.0%** |  |
| 600 | Eli Lilly & Company | 551862 |
|  | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 19.7%** |  |
| 8000 | Advanced Micro Devices, Inc.<sup>(a)</sup> | 1627440 |
| 3000 | Microchip Technology, Inc. | 193830 |
| 21000 | NVIDIA Corporation | 3662400 |
|  |  | 5483670 |
|  | **SOFTWARE - 8.0%** |  |
| 2000 | Cadence Design Systems, Inc.<sup>(a)</sup> | 555740 |
| 3000 | Microsoft Corporation | 1110510 |
| 1388 | Synopsys, Inc.<sup>(a)</sup> | 550314 |
|  |  | 2216564 |
|  | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 4.1%** |  |
| 4500 | Apple, Inc. | 1142055 |
|  | **TOTAL COMMON STOCKS (Cost $14,132,758)** | 27707553 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **PLUMB EQUITY FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **March 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENTS — 0.5%** |  |
|  | **MONEY MARKET FUNDS - 0.5%** |  |
| 144752 | First American Government Obligations Fund, Class X, 3.57% (Cost $144,752)<sup>(b)</sup> | $144752 |
|  | **TOTAL INVESTMENTS - 100.1% (Cost $14,277,510)** | $27852305 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.1)%** | (18186) |
|  | **NET ASSETS - 100.0%** | $27834119 |

---

Ltd. - Limited Company <br>

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Rate disclosed is the seven day effective yield as of March 31, 2026.

See accompanying notes to financial statements.

---

| |
|:---|
| **Plumb Funds** |
| **STATEMENTS OF ASSETS AND LIABILITIES** |
| **March 31, 2026** |

---

---

| | | |
|:---|:---|:---|
|  | **Plumb Balanced Fund** | **Plumb Equity Fund** |
| **ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Investment securities : |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At cost | $40337956 | $14277510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At value | $62992733 | $27852305 |
| &nbsp;&nbsp;&nbsp;Receivable due from advisor |  | 9018 |
| &nbsp;&nbsp;&nbsp;Dividends and interest receivable | 333716 | 6168 |
| &nbsp;&nbsp;&nbsp;Receivable for Fund shares sold | 12945 | 7500 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | 5854 | 5304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL ASSETS** | 63345248 | 27880295 |
| **LIABILITIES** |  |  |
| &nbsp;&nbsp;&nbsp;Distribution (12b-1) fees payable | 52813 | 22217 |
| &nbsp;&nbsp;&nbsp;Investment advisory fees payable | 43889 |  |
| &nbsp;&nbsp;&nbsp;Payable to related parties | 25829 | 12320 |
| &nbsp;&nbsp;&nbsp;Payable for Fund shares redeemed | 5250 |  |
| &nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | 8496 | 11639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL LIABILITIES** | 136277 | 46176 |
| **NET ASSETS** | $**63208971** | $**27834119** |
| **Net Assets Consist Of:** |  |  |
| &nbsp;&nbsp;&nbsp;Paid in capital ($0.001 par value, 2 billion shares authorized) | $37308771 | $13491692 |
| &nbsp;&nbsp;&nbsp;Accumulated earnings | 25900200 | 14342427 |
| **NET ASSETS** | $**63208971** | $**27834119** |
| **Net Asset Value Per Share:** |  |  |
| Institutional Shares: |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $27969999 | $13750419 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding ($0.001 par value, 200 million shares issued each) | 768128 | 469375 |
| &nbsp;&nbsp;&nbsp;Net asset value (Net Assets ÷ Shares Outstanding), offering price and redemption price per share | $36.41 | $29.30 |
| Investor Shares: |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $35238972 | $14083700 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding ($0.001 par value, 200 million shares issued each) | 967217 | 486640 |
| &nbsp;&nbsp;&nbsp;Net asset value (Net Assets ÷ Shares Outstanding), offering price and redemption price per share | $36.43 | $28.94 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **Plumb Funds** |
| **STATEMENTS OF OPERATIONS** |
| **For the Year Ended March 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENT INCOME** | **Plumb Balanced**<br>**Fund** | **Plumb Equity**<br>**Fund** |
| &nbsp;&nbsp;&nbsp;Dividends | $259499 | $114323 |
| &nbsp;&nbsp;&nbsp;Interest | 928727 | 31062 |
| &nbsp;&nbsp;&nbsp;Less: Foreign withholding taxes | (3816) | (215) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENT INCOME** | 1184410 | 145170 |
| **EXPENSES** |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees | 410610 | 186769 |
| &nbsp;&nbsp;&nbsp;Distribution (12b-1) fees, Investor Class shares | 88036 | 36266 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 93657 | 74199 |
| &nbsp;&nbsp;&nbsp;Registration fees | 65860 | 63727 |
| &nbsp;&nbsp;&nbsp;Legal fees | 57862 | 57848 |
| &nbsp;&nbsp;&nbsp;Administrative services fees | 36326 | 32014 |
| &nbsp;&nbsp;&nbsp;Accounting services fees | 46008 | 44050 |
| &nbsp;&nbsp;&nbsp;Custodian fees | 26356 | 26465 |
| &nbsp;&nbsp;&nbsp;Third party administrative servicing fees | 20920 | 7501 |
| &nbsp;&nbsp;&nbsp;Trustees fees and expenses | 17888 | 17056 |
| &nbsp;&nbsp;&nbsp;Audit fees | 14908 | 14831 |
| &nbsp;&nbsp;&nbsp;Printing expenses | 10816 | 9167 |
| &nbsp;&nbsp;&nbsp;Insurance expense | 7660 | 2091 |
| &nbsp;&nbsp;&nbsp;Miscellaneous expense | 4356 | 3621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL EXPENSES** | 901263 | 575605 |
| &nbsp;&nbsp;&nbsp;Less: Fees waived and/or expenses reimbursed by the advisor | (61493) | (180215) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**NET EXPENSES** | 839770 | 395390 |
| **NET INVESTMENT INCOME (LOSS)** | 344640 | (250220) |
| **REALIZED AND UNREALIZED GAIN FROM INVESTMENTS** |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain from security transactions | 2901989 | 832841 |
| &nbsp;&nbsp;&nbsp;Net change in net unrealized appreciation on investments | 4265059 | 1935890 |
| **NET REALIZED AND UNREALIZED GAIN FROM INVESTMENTS** | 7167048 | 2768731 |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $**7511688** | $**2518511** |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **Plumb Funds** |
| **STATEMENTS OF CHANGES IN NET ASSETS** |

---

---

| | | |
|:---|:---|:---|
|  | **Plumb Balanced Fund** | **Plumb Balanced Fund** |
|  | **For the**<br>**Year Ended**<br>**March 31, 2026** | **For the**<br>**Year Ended**<br>**March 31, 2025** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $344640 | $266589 |
| &nbsp;&nbsp;&nbsp;Net realized gain from security transactions | 2901989 | 6906851 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments | 4265059 | (6751506) |
| Net increase in net assets resulting from operations | 7511688 | 421934 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Class | (2529030) | (2841747) |
| &nbsp;&nbsp;&nbsp;Investor Class | (3150278) | (2229735) |
| &nbsp;&nbsp;&nbsp;Class A\* |  | (9516) |
| Total distributions to shareholders | (5679308) | (5080998) |
| **FROM SHARES OF BENEFICIAL INTEREST** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 3926699 | 1933768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 5591763 | 3633333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A\* | 3770 | 8076 |
| &nbsp;&nbsp;&nbsp;Distributions reinvested |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 2310996 | 2823696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 3132606 | 2223745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A\* |  | 8736 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | (5503508) | (14523570) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (7305560) | (7144007) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A\* | (100304) | (42446) |
| Net increase (decrease) in net assets from shares of beneficial interest | 2056462 | (11078669) |
| **TOTAL INCREASE (DECREASE) IN NET ASSETS** | 3888842 | (15737733) |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Period/Year | 59320129 | 75057862 |
| &nbsp;&nbsp;&nbsp;End of Period/Year | $**63208971** | $**59320129** |
| **SHARE ACTIVITY** |  |  |
| Institutional Class: |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 103105 | 50193 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 62867 | 74979 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (146026) | (381948) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in shares of beneficial interest outstanding | 19946 | (256776) |
| Investor Class: |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 142498 | 95782 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 85102 | 59190 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (192634) | (187772) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in shares of beneficial interest outstanding | 34966 | (32800) |
| Class A\*: |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 110 | 223 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested |  | 233 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (2641) | (1150) |
| &nbsp;&nbsp;&nbsp;Net decrease in shares of beneficial interest outstanding | (2531) | (694) |

---

 

<sup>\*</sup> On June 27, 2025, Class A Shares were converted into Investor Shares and the Class A Share class was thereafter abolished.

See accompanying notes to financial statements.

---

| |
|:---|
| **Plumb Funds** |
| **STATEMENTS OF CHANGES IN NET ASSETS (Continued)** |

---

---

| | | |
|:---|:---|:---|
|  | **Plumb Equity Fund** | **Plumb Equity Fund** |
|  | **For the**<br>**Year Ended**<br>**March 31, 2026** | **For the**<br>**Year Ended**<br>**March 31, 2025** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss | $(250220) | $(230903) |
| &nbsp;&nbsp;&nbsp;Net realized gain from security transactions | 832841 | 1615330 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments | 1935890 | (3099285) |
| Net increase (decrease) in net assets resulting from operations | 2518511 | (1714858) |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Class | (703090) | (49201) |
| &nbsp;&nbsp;&nbsp;Investor Class | (742011) | (45296) |
| &nbsp;&nbsp;&nbsp;Class A\* |  | (213) |
| Total distributions to shareholders | (1445101) | (94710) |
| **FROM SHARES OF BENEFICIAL INTEREST** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 1351171 | 320775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 1873638 | 1796911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A\* |  | 6103 |
| &nbsp;&nbsp;&nbsp;Distributions reinvested |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 682409 | 43784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 662409 | 45296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A\* |  | 213 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | (1138645) | (2079714) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (1248227) | (850686) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A\* | (64655) | (297) |
| Net increase (decrease) in net assets from shares of beneficial interest | 2118100 | (717615) |
| **TOTAL INCREASE (DECREASE) IN NET ASSETS** | 3191510 | (2527183) |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Period/Year | 24642609 | 27169792 |
| &nbsp;&nbsp;&nbsp;End of Period/Year | $**27834119** | $**24642609** |
| **SHARE ACTIVITY** |  |  |
| Institutional Class: |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 41237 | 10599 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 21500 | 1400 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (35091) | (69484) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in shares of beneficial interest outstanding | 27646 | (57485) |
| Investor Class: |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 57597 | 59481 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 21109 | 1436 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (39614) | (28098) |
| &nbsp;&nbsp;&nbsp;Net increase in shares of beneficial interest outstanding | 39092 | 32819 |
| Class A\*: |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold |  | 206 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested |  | 7 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (2070) | (10) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in shares of beneficial interest outstanding | (2070) | 203 |

---

\* On June 27, 2025, Class A Shares were converted into Investor Shares and the Class A Share class was thereafter abolished.

See accompanying notes to financial statements.

---

| |
|:---|
| **Plumb Funds** |
| **FINANCIAL HIGHLIGHTS** |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year Presented |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Plumb Balanced Fund Institutional Class** | **Plumb Balanced Fund Institutional Class** | **Plumb Balanced Fund Institutional Class** | **Plumb Balanced Fund Institutional Class** | **Plumb Balanced Fund Institutional Class** |
|  | **For the**<br>**Year Ended**<br>**2026** | **Year Ended**<br>**March 31,**<br>**2025** | **Year Ended**<br>**March 31,**<br>**2024** | **Year Ended**<br>**March 31,**<br>**2023** | **Year Ended**<br>**March 31,**<br>**2022** |
| Net asset value, beginning of year | $35.22 | $37.99 | $29.76 | $35.12 | $39.04 |
| Activity from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (1) | 0.26 | 0.19 | 0.34 | 0.34 | 0.12 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 4.47 | 0.09 | 8.36 | (3.42) | (0.91) |
| Total from investment operations | 4.73 | 0.28 | 8.70 | (3.08) | (0.79) |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.06) | (0.57) | (0.47) | (0.19) | (0.06) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (3.48) | (2.48) |  | (2.09) | (3.07) |
| Total distributions | (3.54) | (3.05) | (0.47) | (2.28) | (3.13) |
| Net asset value, end of year | $36.41 | $35.22 | $37.99 | $29.76 | $35.12 |
| Total return (2) | 13.34% | 0.24% | 29.45% | (8.34)% | (2.52)% |
| Net assets, at end of year (000s) | $27970 | $26351 | $29666 | $19224 | $34659 |
| Ratio of gross expenses to average net assets (3) | 1.29% | 1.28% | 1.34% | 1.28% | 1.00% |
| Ratio of net expenses to average net assets | 1.19% | 1.19% | 1.13% (4) | 0.99% | 0.99% |
| Ratio of net investment income to average net assets | 0.68% | 0.53% | 1.03% | 1.12% | 0.30% |
| Portfolio Turnover Rate | 29% | 26% | 25% | 36% | 38% |

---

(1) Per share amounts calculated using
 the average shares method, which more appropriately presents the per share data for the year.

(2) Total returns are historical in nature
 and assume changes in share price, reinvestment of dividends and capital gains distributions, if any, and excludes any sales charges (loads)
 and redemption fees.

(3) Represents the ratio of expenses to
 average net assets absent fee waivers and/or expense reimbursements by the advisor and affiliates.

(4) Effective July 28th, 2023, the expense
 cap is 1.19%

See accompanying notes to financial statements.

---

| |
|:---|
| **Plumb Funds** |
| **FINANCIAL HIGHLIGHTS** |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year Presented |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Plumb Balanced Fund Investor Class** | **Plumb Balanced Fund Investor Class** | **Plumb Balanced Fund Investor Class** | **Plumb Balanced Fund Investor Class** | **Plumb Balanced Fund Investor Class** |
|  | **For the**<br>**Year Ended**<br>**2026** | **Year Ended**<br>**March 31,**<br>**2025** | **Year Ended**<br>**March 31,**<br>**2024** | **Year Ended**<br>**March 31,**<br>**2023** | **Year Ended**<br>**March 31,**<br>**2022** |
| Net asset value, beginning of year | $35.27 | $38.07 | $29.77 | $35.05 | $39.04 |
| Activity from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (1) | 0.17 | 0.10 | 0.26 | 0.28 | 0.03 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 4.47 | 0.08 | 8.36 | (3.41) | (0.89) |
| Total from investment operations | 4.64 | 0.18 | 8.62 | (3.13) | (0.86) |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment income |  | (0.50) | (0.32) | (0.06) | (0.06) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (3.48) | (2.48) |  | (2.09) | (3.07) |
| Total distributions | (3.48) | (2.98) | (0.32) | (2.15) | (3.13) |
| Net asset value, end of year | $36.43 | $35.27 | $38.07 | $29.77 | $35.05 |
| Total return (2) | 13.05% | (0.03)% | 29.11% | (8.50)% | (2.73)% |
| Net assets, at end of year (000s) | $35239 | $32880 | $45270 | $39756 | $62718 |
| Ratio of gross expenses to average net assets (3) | 1.54% | 1.53% | 1.58% | 1.53% | 1.25% |
| Ratio of net expenses to average net assets | 1.44% | 1.44% | 1.37% (4) | 1.19% | 1.19% |
| Ratio of net investment income to average net assets | 0.44% | 0.28% | 0.79% | 0.93% | 0.08% |
| Portfolio Turnover Rate | 29% | 26% | 25% | 36% | 38% |

---

(1) Per share amounts calculated using
 the average shares method, which more appropriately presents the per share data for the year.

(2) Total returns are historical in nature
 and assume changes in share price, reinvestment of dividends and capital gains distributions, if any, and excludes any redemption fees.

(3) Represents the ratio of expenses to
 average net assets absent fee waivers and/or expense reimbursements by the advisor and affiliates.

(4) Effective July 28th, 2023, the expense
 cap is 1.44%

See accompanying notes to financial statements.

---

| |
|:---|
| **Plumb Funds** |
| **FINANCIAL HIGHLIGHTS** |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year Presented |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Plumb Equity Fund Institutional Class** | **Plumb Equity Fund Institutional Class** | **Plumb Equity Fund Institutional Class** | **Plumb Equity Fund Institutional Class** | **Plumb Equity Fund Institutional Class** |
|  | **For the**<br>**Year Ended**<br>**2026** | **Year Ended**<br>**March 31,**<br>**2025** | **Year Ended**<br>**March 31,**<br>**2024** | **Year Ended**<br>**March 31,**<br>**2023** | **Year Ended**<br>**March 31,**<br>**2022** |
| Net asset value, beginning of year | $27.77 | $29.78 | $20.63 | $25.81 | $34.86 |
| Activity from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (1) | (0.23) | (0.21) | 0.42 | (0.05) | (0.26) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 3.33 | (1.70 | 8.73 | (3.06) | (1.25) |
| Total from investment operations | 3.10 | (1.91 | 9.15 | (3.11) | (1.51) |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gains | (1.57) | (0.10 |  | (2.07) | (7.54) |
| Total distributions | (1.57) | (0.10 |  | (2.07) | (7.54) |
| Net asset value, end of year | $29.30 | $27.77 | $29.78 | $20.63 | $25.81 |
| Total return (2) | 10.72% | (6.44 | 44.35% | (11.00)% | (6.51)% |
| Net assets, at end of year (000s) | $13750 | $12269 | $12176 | $6499 | $8986 |
| Ratio of gross expenses to average net assets (4) | 1.88% | 1.96 | 2.28% | 2.25% | 1.57% |
| Ratio of net expenses to average net assets | 1.25% | 1.25 | 1.18% (5) | 0.99% | 0.99% |
| Ratio of net investment income (loss) to average net assets | (0.74)% | (0.71) | (0.51)% | (0.24)% | (0.75)% |
| Portfolio Turnover Rate | 26% | 21 | 14% | 43% | 40% |

---

(1) Per share amounts calculated using
 the average shares method, which more appropriately presents the per share data for the year.

(2) Total returns are historical in nature
 and assume changes in share price, reinvestment of dividends and capital gains distributions, if any, and excludes any sales charges (loads)
 and redemption fees.

(3) Realized and unrealized gains and
 losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period,
 and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.

(4) Represents the ratio of expenses to
 average net assets absent fee waivers and/or expense reimbursements by the advisor and affiliates.

(5) Effective July 28, 2023, the expense
 cap is 1.25%

See accompanying notes to financial statements.

---

| |
|:---|
| **Plumb Funds** |
| **FINANCIAL HIGHLIGHTS** |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year Presented |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Plumb Equity Fund Investor Class** | **Plumb Equity Fund Investor Class** | **Plumb Equity Fund Investor Class** | **Plumb Equity Fund Investor Class** | **Plumb Equity Fund Investor Class** |
|  | **For the**<br>**Year Ended**<br>**2026** | **Year Ended**<br>**March 31,**<br>**2025** | **Year Ended**<br>**March 31,**<br>**2024** | **Year Ended**<br>**March 31,**<br>**2023** | **Year Ended**<br>**March 31,**<br>**2022** |
| Net asset value, beginning of year | $27.52 | $29.58 | $20.55 | $25.76 | $34.87 |
| Activity from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss (1) | (0.31) | (0.29) | (0.45) | (0.09) | (0.33) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 3.30 | (1.67 | 9.48 | (3.05) | (1.24) |
| Total from investment operations | 2.99 | (1.96 | 9.03 | (3.14) | (1.57) |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gains | (1.57) | (0.10 |  | (2.07) | (7.54) |
| Total distributions | (1.57) | (0.10 |  | (2.07) | (7.54) |
| Net asset value, end of year | $28.94 | $27.52 | $29.58 | $20.55 | $25.76 |
| Total return (2) | 10.41% | (6.65 | 43.94% | (11.15)% | (6.69)% |
| Net assets, at end of year (000s) | $14084 | $12317 | $14939 | $13736 | $17252 |
| Ratio of gross expenses to average net assets (4) | 2.12% | 2.20 | 2.51% | 2.26% | 1.74% |
| Ratio of net expenses to average net assets | 1.50% | 1.50 | 1.41% (5) | 1.19% | 1.19% |
| Ratio of net investment loss to average net assets | (1.00)% | (0.96) | (0.74)% | (0.43)% | (0.95)% |
| Portfolio Turnover Rate | 26% | 21 | 14% | 43% | 40% |

---

(1) Per share amounts calculated using
 the average shares method, which more appropriately presents the per share data for the year.

(2) Total returns are historical in nature
 and assume changes in share price, reinvestment of dividends and capital gains distributions, if any, and excludes any redemption fees.

(3) Realized and unrealized gains and
 losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period,
 and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.

(4) Represents the ratio of expenses to
 average net assets absent fee waivers and/or expense reimbursements by the advisor and affiliates.

(5) Effective July 28, 2023, the expense
 cap is 1.50%.

See accompanying notes to financial statements.

---

| |
|:---|
| **Plumb Funds** |
| **NOTES TO FINANCIAL STATEMENTS** |
| **March 31, 2026** |

---

**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 two share classes: the Investor Shares (Inception date of May 24, 2007) and Institutional Shares (Inception date of August 3, 2020). 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) Investor Class Shares have a 12b-1 fee of up to 0.25%; and (ii) certain other class specific expenses will be borne solely by the class to which such expenses are attributable.

The investment objective of the Plumb Balanced Fund is high total return through capital appreciation while attempting to preserve principal, with current income as a secondary objective. The investment objective of the Plumb Equity Fund is long-term capital appreciation. Wisconsin Capital Management, LLC (the "Advisor") serves as the Funds' investment advisor. As of December 31, 2014, the Advisor is owned by TGP, Inc. The Advisor is controlled by Thomas G. Plumb indirectly through TGP, Inc. Certain directors or officers of the Funds are also officers of the Advisor.

**2.** **SIGNIFICANT ACCOUNTING POLICIES** 

The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of its financial statements. These policies are in conformity with generally accepted accounting principles in the United States of America ("GAAP"). The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 Financial Services – Investment Companies.

**Operating Segments –** The Funds have adopted FASB ASU 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of the standard impacted financial statement disclosures only and did not affect each Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The CODM is comprised of the portfolio manager and Chief Financial Officer of the Trust. Each Fund operates as a single operating segment. Each Fund's income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the CODM responsible for oversight functions of each Fund, using the information presented in the financial statements and financial highlights.

**Accounting Pronouncement –** The Funds adopted the FASB Accounting Standards Update 2023-09, "Income Taxes (Topic 740) Improvements to Income Tax Disclosures" ("ASU 2023-09"), which establishes new income tax disclosure requirements and modifies or eliminates certain existing disclosure provisions. The amendments in this ASU are intended to address investor requests for more transparency about income tax information and to improve the effectiveness of income tax disclosures. The Funds' adoption of ASU 2023-09 did not have a material impact on the Funds' financial statements.

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

---

| |
|:---|
| **Plumb Funds** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **March 31, 2026** |

---

Level 1 – Quoted prices in active markets for identical securities.

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

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

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

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

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

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

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

The following is a summary of the inputs used, as of March 31, 2026, to value the Funds' investments carried at fair value:

Plumb Balanced Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Assets \* | Level 1 | Level 2 | Level 3 | Total |
| &nbsp;&nbsp;Common Stocks | $40892196 | $— | $— | $40892196 |
| &nbsp;&nbsp;Corporate Bonds |  | 19836813 |  | 19836813 |
| &nbsp;&nbsp;U.S. Government Agency Issues |  | 500287 |  | 500287 |
| &nbsp;&nbsp;Money Market Fund | 1763437 |  |  | 1763437 |
| &nbsp;&nbsp;Total | $42655633 | $20337100 | $— | $62992733 |

---

---

| |
|:---|
| **Plumb Funds** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **March 31, 2026** |

---

Plumb Equity Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Assets \* | Level 1 | Level 2 | Level 3 | Total |
| &nbsp;&nbsp;Common Stocks | $27707553 | $— | $— | $27707553 |
| &nbsp;&nbsp;Money Market Fund | 144752 |  |  | 144752 |
| &nbsp;&nbsp;Total | $27852305 | $— | $— | $27852305 |

---

The Funds did not hold any Level 3 securities during the year.

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

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

**Allocation of Income and Expenses:** Net investment income, other than class specific expenses, and realized and unrealized gains and losses are allocated daily to each class of shares based upon the relative NAV of outstanding shares of each class of shares at the beginning of the day (after adjusting for the current capital shares activity of the respective class). Generally, 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.

As of and during the year ended March 31, 2026, the Funds did not have a liability for any unrecognized tax benefits. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations. During the year ended March 31, 2026, the Funds did not incur any interest or penalties.

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

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

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

Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of investment securities and income and expense

---

| |
|:---|
| **Plumb Funds** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **March 31, 2026** |

---

items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Fund does not isolate the portion of the results of operations from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Realized foreign exchange gains or losses arising from sales of portfolio securities and sales and maturities of short-term securities are reported within realized gain (loss) on investments. Net unrealized foreign exchange gains and losses arising from changes in the values of investments in securities from fluctuations in exchange rates are reported within unrealized gain (loss) on investments.

Under the Company's organizational documents, the Company will indemnify its officers and directors for certain liabilities that may arise from performance of their duties to the Funds. Additionally, in the normal course of business, the Funds enter into contracts that contain a variety of representations and warranties which provide general indemnifications. The Funds' maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred.

**3.** **INVESTMENT ADVISORY AGREEMENT AND TRANSACTIONS WITH RELATED PARTIES** 

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

Under the terms of the Advisory Agreement, the Advisor has contractually agreed to waive its advisory fee and/or reimburse expenses in order to limit the total annual fund operating expenses for Plumb Balanced Fund to 1.44% of the Fund's average daily net assets for the Investor Shares, and 1.19% of the Fund's average daily net assets for the Institutional Shares and for Plumb Equity Fund to 1.50% of the Fund's average daily net assets for the Investor Shares, and 1.25% of the Fund's average daily net assets for the Institutional Shares. This contractual limitation is in effect until at least July 31, 2026, and may not be terminated without the approval of the Board of Directors of Wisconsin Capital Funds, Inc. Prior to July 28, 2023, Wisconsin Capital Management contractually agreed to waive its advisory fee and/or reimburse expenses in order to limit the Total Annual Fund Operating Expenses of each Fund to 1.19% of the Fund's average daily net assets for the Investor Shares and 0.99% of the Fund's average daily net assets for the Institutional Shares. Any such waiver or reimbursement is subject to later adjustment to allow the Advisor to recoup amounts waived or reimbursed to the extent actual fees and expenses for a period are less than the expense limitation caps in place at the time the waiver was made, provided, however, that the Advisor shall only be entitled to recoup such amounts for a period of three years from the date such amount was waived or reimbursed. For the year ended March 31, 2026, the Advisor waived $33,663 and $27,830 expenses in the Plumb Balanced Fund's Investor Shares and Institutional Shares, respectively. For the year ended March 31, 2026, the Advisor waived $90,502 and $89,713 of expenses in the Plumb Equity Fund's Investor Shares and Institutional Shares, respectively.

As of March 31, 2026, the Advisor has waived/reimbursed expenses that may be recovered no later than March 31 of the year indicated below:

---

| | | | |
|:---|:---|:---|:---|
| **Plumb Balanced Fund Investor Shares** | **Plumb Balanced Fund Investor Shares** | **Plumb Equity Fund Investor Shares** | **Plumb Equity Fund Investor Shares** |
| March 31, 2027 | $97577 | March 31, 2027 | $164692 |
| March 31, 2028 | 36618 | March 31, 2028 | 102227 |
| March 31, 2029 | 33663 | March 31, 2029 | 90502 |
| **Plumb Balanced Fund Institutional Shares** | **Plumb Balanced Fund Institutional Shares** | **Plumb Equity Fund Institutional Shares** | **Plumb Equity Fund Institutional Shares** |
| March 31, 2027 | $44559 | March 31, 2027 | $80656 |
| March 31, 2028 | 27542 | March 31, 2028 | 90683 |
| March 31, 2029 | 27830 | March 31, 2029 | 89713 |

---

---

| |
|:---|
| **Plumb Funds** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **March 31, 2026** |

---

b. Distributor – The Funds' Distributor, principal underwriter and distributor of shares of the Funds, is Ultimus Fund Distributors, LLC (the "Distributor"). Each Fund has adopted a Distribution Plan (the "Rule 12b-1 Plan") under Rule 12b-1 under the 1940 Act. The Rule 12b-1 Plan provides that the Funds will compensate the Distributor for distribution and other services provided to the Funds, its activities and expenses related to the sale and distribution of the Funds and ongoing services to the investors in the Funds. Under the Plan, the Fund pays its distributor an annual fee for distribution and shareholder servicing expenses up to 0.25% of the Fund's average daily net assets attributable to Investor shares. The Distributor may pay up to the full amount of this fee to third parties that make available Fund shares and/or provide services to the Funds and their shareholders. The fee paid to a third party is based on the level of such services provided. Third parties may use the payments for, among other purposes, compensating employees engaged in sales and/or shareholder servicing. During the year ended March 31, 2026, the Plumb Balanced Fund Investor Shares incurred expenses of $88,036 and the Plumb Equity Fund Investor Shares incurred expenses of $36,266, pursuant to the Rule 12b-1 Plan. The Institutional Shares of each Fund are not subject to any 12b-1 fees under this Plan.

The following table reflects the Funds incurred distribution fees to UFS for the period August 4, 2025 through March 31, 2026.

---

| | |
|:---|:---|
| **Fund** | **Investor Class** |
| Plumb Balanced Fund | $59705 |
| Plumb Equity Fund | 24958 |

---

Prior to August 4, 2025, Quasar Distributors, LLC ("Quasar") acted as the distributor.

The following table reflects the Funds incurred distribution fees to Quasar for the period October 1, 2024 through August 3, 2025.

---

| | |
|:---|:---|
| **Fund** | **Investor Class** |
| Plumb Balanced Fund | $28331 |
| Plumb Equity Fund | 11308 |

---

c. Administration, Fund Accounting and Transfer Agency Fees

Ultimus Fund Solutions, LLC ("UFS") – UFS, an affiliate of the Distributor, provides administration, fund accounting, and transfer agency services to the Trust. Pursuant to a separate servicing agreement with UFS, the Funds pay UFS customary fees for providing administration, fund accounting and transfer agency services to the Funds. Certain officers of the Trust are also officers of UFS and are not paid any fees directly by the Funds for serving in such capacities.

For the period of August 4, 2025 through March 31, 2026, the Funds paid UFS the following:

---

| | | |
|:---|:---|:---|
| <br>**Fund** | **Administration**<br>**and Fund**<br>**Accounting Fees** |<br>**Transfer Agent**<br>**Fees** |
| Plumb Balanced Fund | $33135 | $53107 |
| Plumb Equity Fund | 30489 | 40471 |

---

Prior to August 4, 2025, U.S. Bank Global Fund Services ("U.S. Bank") acted as administrator, transfer agent and accounting agent.

---

| |
|:---|
| **Plumb Funds** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **March 31, 2026** |

---

For the period of October 1, 2024 through August 3, 2025, the Funds paid U.S. Bank the following:

---

| | | |
|:---|:---|:---|
| <br>**Fund** | **Administration**<br>**and Fund**<br>**Accounting Fees** |<br>**Transfer Agent**<br>**Fees** |
| Plumb Balanced Fund | $49199 | $40550 |
| Plumb Equity Fund | 45575 | 33728 |

---

For the year ended March 31, 2026, each fund paid $20,000 to the Trustees for their services.

In addition, certain affiliates of the Distributor provide services to the Funds as follows:

Blu Giant, LLC ("Blu Giant"), an affiliate of UFS and the Distributor, provides EDGAR conversion and filing services as well as print management services for the Funds on an ad-hoc basis. For the provision of these services, Blu Giant receives fees from the Funds.

**4.** **INVESTMENT TRANSACTIONS** 

For the year ended March 31, 2026, cost of purchases and proceeds from sales of portfolio securities, other than short-term investments and U.S. government securities, amounted to $17,789,432 and $21,786,833 respectively, for Plumb Balanced Fund, and $8,672,507 and $7,330,695, respectively, for Plumb Equity Fund.

**5.** **BENEFICIAL OWNERSHIP** 

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a Fund creates presumption of the control of the Fund, under Section 2(a)(9) of the 1940 Act. As of March 31, 2026, ownership percentages of the holders of the voting securities of each Fund that may be deemed to control the Fund was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Plumb Balanced Fund** | **Plumb Balanced Fund** | **Plumb Equity Fund** | **Plumb Equity Fund** |
|  | **Investor**<br>**Shares** | **Institutional**<br>**Shares** | **Investor**<br>**Shares** | **Institutional**<br>**Shares** |
| Charles Schwab & Co, Inc. |  | 67.12% |  | 85.75% |
| First National Bank | 33.99% |  | 59.59% |  |

---

**6.** **DISTRIBUTIONS TO SHAREHOLDERS AND TAX COMPONENTS OF CAPITAL** 

The below table represents aggregate cost for federal tax purposes, for the Funds as of March 31, 2026, and differs from market value by net unrealized appreciation/depreciation which consisted of:

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Fund** |<br>**Aggregate Cost** | **Gross Unrealized**<br>**Appreciation** | **Gross Unrealized**<br>**Depreciation** | **Net Unrealized**<br>**Appreciation/(Depreciation)** |
| Plumb Balanced Fund | $40493698 | $22957581 | $(458546) | $22499035 |
| Plumb Equity Fund | 14277510 | 14363987 | (789192) | 13574795 |

---

---

| |
|:---|
| **Plumb Funds** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **March 31, 2026** |

---

The tax character of distributions paid during the fiscal years ended March 31, 2026 and 2025 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **For fiscal year ended**<br>**March 31, 2026** | **Ordinary**<br>**Income** | **Long-Term**<br>**Capital Gain** | **Total**<br>**Distribution** |
| Plumb Balanced Fund | $43787 | $5635521 | $5679308 |
| Plumb Equity Fund |  | 1445101 | 1445101 |
| **For fiscal year ended** | **Ordinary** | **Long-Term** | **Total** |
| **March 31, 2025** | **Income** | **Capital Gain** | **Distribution** |
| Plumb Balanced Fund | $979202 | $4101796 | $5080998 |
| Plumb Equity Fund |  | 94710 | 94710 |

---

As of March 31, 2026, the components of accumulated earnings on a tax basis were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Undistributed**<br>**Ordinary**<br>**Income** | **Undistributed**<br>**Long-Term**<br>**Capital Gains** | **Accumulated**<br>**Capital and Other**<br>**Losses** | **Unrealized**<br>**Appreciation/**<br>**(Depreciation)** | **Total**<br>**Accumulated**<br>**Earnings/(Deficits)** |
| Plumb Balanced Fund | $500059 | $2901106 | $— | $22499035 | $25900200 |
| Plumb Equity Fund |  | 832394 | (64762) | 13574795 | $14342427 |

---

The tax cost of investments as of March 31, 2026, was $40,493,698 and $14,277,510 for the Plumb Balanced Fund and Plumb Equity Fund, respectively. The tax basis of investments for tax and financial reporting purposes differs primarily due to the amortization of callable bonds.

As of March 31, 2026, The Plumb Balanced Fund did not defer, on a tax basis, any late year ordinary and post-October capital losses. The Plumb Equity Fund did defer, on a tax basis, $64,762 late year ordinary losses and no post-October capital losses.

Additionally, GAAP requires that certain components of net assets relating to permanent differences be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share. For the year ended March 31, 2026, distributable earnings increased by $235,024 and capital stock decreased by $235,024 for the Plumb Equity Fund. The permanent difference relates to net operating loss. No reclassification was made to the Plumb Balanced Fund.

**7.** **SUBSEQUENT EVENTS** 

In preparing these financial statements, the Funds have evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued. Management has determined that there were no material events that would require disclosure in the Fund's financial statements.

**<u>REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</u>**

To the Shareholders and Board of Directors of

Wisconsin Capital Funds, Inc.

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Wisconsin Capital Funds, Inc. comprising Plumb Balanced Fund and Plumb Equity Fund (the "Funds") as of March 31, 2026, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of March 31, 2026, the results of their operations for the year then ended, the changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of March 31, 2026, by correspondence with the custodian. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the Funds' auditor since 2007.

![(SIGNATURE)](wi002_v1.jpg)

COHEN & COMPANY, LTD.

Milwaukee, Wisconsin

May 27, 2026

---

| |
|:---|
| **Plumb Funds** |
| **ADDITIONAL INFORMATION (Unaudited)** |
| **March 31, 2026** |

---

**Changes in and Disagreements with Accountants**

There were no changes in or disagreements with accountants during the period covered by this report

**Proxy Disclosures**

Not applicable

**Remuneration Paid to Directors, Officers and Others**

Refer to the financial statements included herein

**Statement Regarding Basis for Approval of Investment Advisory Agreement** 

Not applicable

**Qualified Dividend Income/Dividends Received Deduction**

For the fiscal year ended March 31, 2026, certain dividends paid by the Funds may be subject to a maximum tax rate of 23.8% (which includes a 3.8% Medicare tax). The percentage of dividends declared from ordinary income designated as qualified dividend income was as follows:

---

| | |
|:---|:---|
| **Plumb Balanced Fund** | **55.94%** |
| **Plumb Equity Fund** | **0.00%** |

---

For corporate shareholders, the percent of ordinary income distributions qualifying for the corporate dividends received deduction for the fiscal year ended March 31, 2026, was as follows:

---

| | |
|:---|:---|
| **Plumb Balanced Fund** | **67.87%** |
| **Plumb Equity Fund** | **0.00%** |

---

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

Not applicable.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.**

Not applicable.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

Included under Item 7

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.**

Not applicable.

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable.

**Item 13. Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable.

**Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Not applicable.

**Item 15. Submission of Matters to a Vote of Security Holders.**

None

**Item 16. Controls and Procedures**

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

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

**Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable.

**Item 18. Recovery of Erroneously Awarded Compensation.**

(a)&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

(b)&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

**Item 19. 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 due to availability through the registrant's website.

(a)(2)&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

(a)(3)&nbsp;&nbsp;&nbsp;&nbsp;A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)): [Attached hereto.](ex99-cert.htm)

(a)(4) Not applicable.

(b) &nbsp;&nbsp;&nbsp;&nbsp; Certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)): [Attached hereto.](ex99-906cert.htm)

**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.

Wisconsin Capital Funds, Inc.

---

| |
|:---|
| By <u>/s/ Nathan M. Plumb</u><br> Nathan M. Plumb |
| Principal Executive Officer/President |
| Date: 5/29/2026 |

---

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 <u>/s/ Nathan M. Plumb</u><br> Nathan M. Plumb |
| Principal Executive Officer/President |
| Date: 5/29/2026 |

---

---

| |
|:---|
| By <u>/s/ Alissa Schlimgen</u><br> Alissa Schlimgen |
| Principal Financial Officer/Chief Financial Officer |
| Date: 5/29/2026 |

---

## Ex-99.Cert

**Certification** [Exhibit 99. CERT]

I, Nathan M. Plumb, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this report on Form N-CSR of the Wisconsin Capital Funds, Inc. ("registrant");

&nbsp;&nbsp;&nbsp;&nbsp;2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact or
 omit to state a material fact necessary to make the statements made, in light of the circumstances
 under which such statements were made, not misleading with respect to the period covered
 by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based
 on my knowledge, the financial statements, and other financial information included in this
 report, fairly present in all material respects the financial condition, results of operations,
 changes in net assets, and cash flows (if the financial statements are required to include
 a statement of cash flows) of the registrant as of, and for, the periods presented in this
 report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The
 registrant's other certifying officer(s) and I are responsible for establishing and maintaining
 disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company
 Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under
 the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to the
 registrant, including its consolidated subsidiaries, is made known to us by others within
 those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed
 such internal control over financial reporting, or caused such internal control over financial
 reporting to be designed under our supervision, to provide reasonable assurance regarding
 the reliability of financial reporting and the preparation of financial statements for external
 purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented in
 this report our conclusions about the effectiveness of the disclosure controls and procedures,
 as of a date within 90 days prior to the filing date of this report based on such evaluation;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed
 in this report any change in the registrant's internal control over financial reporting
 that occurred during 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; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The
 registrant's other certifying officer(s) and I have disclosed to the registrant's auditors
 and the audit committee of the registrant's board of directors (or persons performing the
 equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All
 significant deficiencies and material weaknesses in the design or operation of internal control
 over financial reporting which are reasonably likely to adversely affect the registrant's
 ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any
 fraud, whether or not material, that involves management or other employees who have a significant
 role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: 5/29/2026 | <u>/s/ Nathan M. Plumb</u> |
|  | Nathan M. Plumb |
|  | Principal Executive Officer/President |

---

**Certification** [Exhibit 99. CERT]

I, Alissa Schlimgen, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this report on Form N-CSR of the Wisconsin Capital Funds, Inc. ("registrant");

&nbsp;&nbsp;&nbsp;&nbsp;2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact or
 omit to state a material fact necessary to make the statements made, in light of the circumstances
 under which such statements were made, not misleading with respect to the period covered
 by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based
 on my knowledge, the financial statements, and other financial information included in this
 report, fairly present in all material respects the financial condition, results of operations,
 changes in net assets, and cash flows (if the financial statements are required to include
 a statement of cash flows) of the registrant as of, and for, the periods presented in this
 report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The
 registrant's other certifying officer(s) and I are responsible for establishing and maintaining
 disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company
 Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under
 the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to the
 registrant, including its consolidated subsidiaries, is made known to us by others within
 those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed
 such internal control over financial reporting, or caused such internal control over financial
 reporting to be designed under our supervision, to provide reasonable assurance regarding
 the reliability of financial reporting and the preparation of financial statements for external
 purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented in
 this report our conclusions about the effectiveness of the disclosure controls and procedures,
 as of a date within 90 days prior to the filing date of this report based on such evaluation;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed
 in this report any change in the registrant's internal control over financial reporting
 that occurred during 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; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The
 registrant's other certifying officer(s) and I have disclosed to the registrant's auditors
 and the audit committee of the registrant's board of directors (or persons performing the
 equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All
 significant deficiencies and material weaknesses in the design or operation of internal control
 over financial reporting which are reasonably likely to adversely affect the registrant's
 ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any
 fraud, whether or not material, that involves management or other employees who have a significant
 role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: 5/29/2026 | <u>/s/ Alissa Schlimgen</u> |
|  | Alissa Schlimgen |
|  | Principal Financial Officer/Chief Financial Officer |

---

## Exhibit 99.906

**CERTIFICATION** [Exhibit 99.906CERT]

Nathan M. Plumb, Principal Executive Officer/President, and Alissa Schlimgen, Principal Financial Officer/Chief Financial Officer of Wisconsin Capital Funds, Inc (the "Registrant"), each certify to the best of his/her knowledge that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrant's periodic report on Form N-CSR for the period ended March 31, 2026, (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

---

| | |
|:---|:---|
| Principal Executive Officer/President | Principal Financial Officer/Chief Financial Officer |
| Wisconsin Capital Funds, Inc. | Wisconsin Capital Funds, Inc. |
| /s/ Nathan M. Plumb | /s/ Alissa Schlimgen |
| Nathan M. Plumb | Alissa Schlimgen |

---

Date: <u>5/29/2026</u> Date: <u>5/29/2026</u>

This certification is being furnished to the Commission solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR filed with the Commission.