N-Q 1 v232207_nq.htm QUARTERLY REPORT Unassociated Document

As filed with the Securities and Exchange Commission on August 24, 2011

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

 
FORM N-Q
 
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT
INVESTMENT COMPANY

 
Investment Company Act file number 811-22045

 
Wisconsin Capital Funds, Inc.
(Exact name of registrant as specified in charter)

1221 John Q. Hammons Drive
Madison, WI 53717
(Address of principal executive offices) (Zip code)

Thomas G. Plumb
1221 John Q. Hammons Drive
Madison, WI 53717
(Name and address of agent for service)

 
608-824-8800
Registrant's telephone number, including area code



Date of fiscal year end: March 31

Date of reporting period:  June 30, 2011

 
 

 

 
Item 1. Schedule of Investments.
 

Wisconsin Capital Funds, Inc.
Plumb Balanced Fund
Schedule of Investments
June 30, 2011 (Unaudited)

   
Shares
   
Value
 
COMMON STOCKS - 65.12%
           
             
Beverage and Tobacco Product Manufacturing - 2.41%
           
PepsiCo, Inc.
    16,000     $ 1,126,880  
                 
Chemical Manufacturing - 10.04%
               
Abbott Laboratories
    18,300       962,946  
Air Products & Chemicals, Inc.
    7,000       669,060  
Church & Dwight Company, Inc.
    10,000       405,400  
E.I. du Pont de Nemours and Company
    10,000       540,500  
Johnson & Johnson
    12,800       851,456  
Merck & Company, Inc.
    14,000       494,060  
Teva Pharmaceutical Industries Ltd. - ADR
    16,000       771,520  
              4,694,942  
                 
Computer and Electronic Product Manufacturing - 5.15%
               
Apple, Inc. (a)
    2,800       939,876  
Cisco Systems, Inc.
    25,000       390,250  
Microchip Technology, Inc.
    18,000       682,380  
Qualcomm, Inc.
    7,000       397,530  
              2,410,036  
                 
Couriers and Messengers - 1.09%
               
United Parcel Service, Inc. – Class B
    7,000       510,510  
                 
Credit Intermediation and Related Activities - 6.25%
               
CIT Group, Inc. (a)
    14,500       641,770  
Citigroup, Inc.
    15,000       624,600  
Discover Financial Services
    38,000       1,016,500  
Visa, Inc. - Class A
    7,600       640,376  
              2,923,246  
                 
Electrical Equipment, Appliance, and Component Manufacturing - 1.44%
               
Emerson Electric Company
    12,000       675,000  
                 
Food Manufacturing - 1.38%
               
Unilever PLC – ADR
    20,000       647,800  
                 
Food Services and Drinking Places - 1.44%
               
McDonald’s Corporation
    8,000       674,560  
 
 
 

 

Wisconsin Capital Funds, Inc.
Plumb Balanced Fund
Schedule of Investments
June 30, 2011 (Unaudited) (Continued)

   
Shares
   
Value
 
COMMON STOCKS  (Continued)
           
             
General Merchandise Stores - 1.50%
           
Kohl's Corporation
    14,000     $ 700,140  
                 
Health and Personal Care Stores - 2.09%
               
CVS Caremark Corporation
    26,000       977,080  
                 
Insurance Carriers and Related Activities - 0.76%
               
Greenlight Capital Re, Ltd. (a) (b)
    13,500       354,915  
                 
Internet Service Providers, Web Search Portals - 1.25%
               
Automatic Data Processing, Inc.
    11,100       584,748  
                 
Management of Companies and Enterprises - 1.43%
               
Foster Wheeler AG (a) (b)
    22,000       668,360  
                 
Merchant Wholesalers, Nondurable Goods - 2.16%
               
The Procter & Gamble Company
    10,000       635,700  
Universal Corporation
    10,000       376,700  
              1,012,400  
                 
Mining (except Oil and Gas) - 1.27%
               
Newmont Mining Corporation
    11,000       593,670  
                 
Miscellaneous Manufacturing - 2.15%
               
3M Company
    6,000       569,100  
CareFusion Corporation (a)
    16,000       434,720  
              1,003,820  
                 
Oil and Gas Extraction - 1.81%
               
ATP Oil & Gas Corporation (a)
    28,710       439,550  
Petroleo Brasileiro S.A. – ADR
    12,000       406,320  
              845,870  
                 
Petroleum and Coal Products Manufacturing - 6.52%
               
BP PLC – ADR
    20,000       885,800  
Chevron Corporation
    9,000       925,560  
ConocoPhillips
    10,000       751,900  
Exxon Mobil Corporation
    6,000       488,280  
              3,051,540  

 
 

 

Wisconsin Capital Funds, Inc.
Plumb Balanced Fund
Schedule of Investments
June 30, 2011 (Unaudited) (Continued)

   
Shares
   
Value
 
COMMON STOCKS  (Continued)
           
             
Pipeline Transportation - 1.59%
           
TransCanada Corporation (b)
    17,000     $ 745,280  
                 
Primary Metal Manufacturing - 1.48%
               
RTI International Metals, Inc. (a)
    18,000       690,660  
                 
Professional, Scientific, and Technical Services - 1.43%
               
Global Geophysical Services, Inc. (a)
    37,500       667,500  
                 
Rail Transportation - 1.12%
               
Union Pacific Corporation
    5,000       522,000  
                 
Support Activities for Mining - 3.11%
               
Atwood Oceanics, Inc. (a)
    12,000       529,560  
Transocean Ltd. (b)
    10,000       645,600  
Weatherford International Ltd. (a) (b)
    15,000       281,250  
              1,456,410  
                 
Telecommunications - 2.06%
               
Vodafone Group PLC – ADR
    36,000       961,920  
                 
Transportation Equipment Manufacturing - 4.19%
               
Ford Motor Company (a)
    50,000       689,500  
General Motors Company (a)
    19,400       588,984  
Visteon Corporation (a)
    10,000       684,100  
              1,962,584  
                 
TOTAL COMMON STOCKS
               
(Cost $25,939,269)
            30,461,871  
                 
PUBLICLY-TRADED PARTNERSHIPS - 2.09%
               
                 
Real Estate - 1.27%
               
Penn Virginia Resources Partners, L.P.
    22,000       592,680  
                 
Securities, Commodity Contracts, and Other Financial Investments and Related Activities - 0.82%
               
Fortress Investment Group, LLC - Class A (a)
    80,000       385,600  
                 
TOTAL PUBLICLY-TRADED PARTNERSHIPS
               
(Cost $1,046,911)
            978,280  

 
 

 

Wisconsin Capital Funds, Inc.
Plumb Balanced Fund
Schedule of Investments
June 30, 2011 (Unaudited) (Continued)

   
Shares
   
Value
 
PREFERRED SECURITIES - 1.71%
           
             
Securities, Commodity Contracts, and Other Financial Investments and Related Activities - 1.71%
           
The Goldman Sachs Group, Inc., Series D
           
4.000%, perpetual (c)
    25,000     $ 556,000  
Morgan Stanley Capital Trust VIII
               
6.450%, 01/15/2046
    10,000       243,100  
              799,100  
                 
TOTAL TRUST PREFERRED SECURITIES
               
(Cost $653,361)
            799,100  
                 
EXCHANGE-TRADED FUNDS - 0.67%
               
                 
Funds, Trusts, and Other Financial Vehicles - 0.36%
               
iShares Silver Trust (a)
    5,000       169,250  
                 
Securities, Commodity Contracts, and Other Financial Investments and Related Activities - 0.31%
               
SPDR Gold Trust (a)
    1,000       145,980  
                 
TOTAL EXCHANGE-TRADED FUNDS
               
(Cost $226,571)
            315,230  
                 
   
Principal
         
   
Amount
         
CONVERTIBLE BONDS - 2.05%
               
                 
Securities, Commodity Contracts, and Other Financial Investments and Related Activities - 1.51%
               
The NASDAQ OMX Group, Inc.
               
2.500%, 08/15/2013
  $ 700,000       706,125  
                 
Specialty Trade Contractors - 0.54%
               
Transocean, Inc., Series B
               
1.500%, 12/15/2037 (b)
    250,000       250,938  
                 
TOTAL CONVERTIBLE BONDS
               
(Cost $914,358)
            957,063  

 
 

 

Wisconsin Capital Funds, Inc.
Plumb Balanced Fund
Schedule of Investments
June 30, 2011 (Unaudited) (Continued)

   
Principal
       
   
Amount
   
Value
 
CORPORATE BONDS - 20.78%
           
             
Chemical Manufacturing - 1.14%
           
Biogen Idec, Inc.
           
6.000%, 03/01/2013
  $ 500,000     $ 535,135  
Credit Intermediation and Related Activities - 3.03%
               
Block Financial LLC
               
7.875%, 01/15/2013
    500,000       529,048  
CIT Group, Inc.
               
7.000%, 05/01/2014
    334,603       339,204  
Zions Bancorporation
               
7.750%, 09/23/2014
    500,000       548,619  
              1,416,871  
                 
Food Manufacturing - 1.12%
               
Kraft Foods, Inc.
               
6.250%, 06/01/2012
    500,000       525,065  
                 
Funds, Trusts, and Other Financial Vehicles - 1.19%
               
Health Care Property Investors, Inc.
               
6.000%, 03/01/2015
    500,000       556,851  
                 
Health and Personal Care Stores - 1.89%
               
CVS Pass-Through Trust
               
6.943%, 01/10/2030
    305,544       344,595  
Medco Health Solutions, Inc.
               
6.125%, 03/15/2013
    500,000       539,390  
              883,985  
                 
Machinery Manufacturing - 1.70%
               
General Electric Company
               
5.000%, 02/01/2013
    750,000       796,352  
                 
Merchant Wholesalers, Nondurable Goods - 1.16%
               
Lorillard Tobacco Company
               
6.875%, 05/01/2020
    500,000       543,370  
                 
Mining (except Oil and Gas) - 1.17%
               
Freeport-McMoRan Copper & Gold Inc.
               
8.375%, 04/01/2017
    500,000       545,625  

 
 

 

Wisconsin Capital Funds, Inc.
Plumb Balanced Fund
Schedule of Investments
June 30, 2011 (Unaudited) (Continued)

   
Principal
       
   
Amount
   
Value
 
CORPORATE BONDS  (Continued)
           
             
Oil and Gas Extraction - 1.22%
           
Noble Holding International Limited
           
7.375%, 03/15/2014 (b)
  $ 500,000     $ 570,276  
                 
Paper Manufacturing - 1.16%
               
Sealed Air Corporation
               
7.875%, 06/15/2017
    500,000       541,302  
                 
Petroleum and Coal Products Manufacturing - 2.38%
               
Atlantic Richfield Company
               
8.500%, 04/01/2012
    539,000       569,575  
Owens Corning
               
6.500%, 12/01/2016
    500,000       544,664  
              1,114,239  
                 
Securities, Commodity Contracts, and Other Financial Investments and Related Activities - 3.22%
               
The Goldman Sachs Group, Inc. - Series D
               
5.375%, 03/15/2020
    500,000       517,217  
Morgan Stanley
               
5.000%, 08/31/2025 (c)
    500,000       495,553  
5.000%, 08/19/2025 (c)
    500,000       492,096  
              1,504,866  
                 
Utilities - 0.40%
               
Alliant Energy Corporation
               
4.000%, 10/15/2014
    180,000       189,508  
                 
TOTAL CORPORATE BONDS
               
(Cost $9,400,881)
            9,723,445  
                 
U.S. GOVERNMENT AGENCY ISSUES - 2.13%
               
                 
Federal Home Loan Banks
               
2.000%, 08/18/2025 (c)
    250,000       248,461  
Federal National Mortgage Association
               
2.000%, 07/29/2030 (c)
    750,000       746,322  
                 
TOTAL U.S. GOVERNMENT AGENCY ISSUES
               
(Cost $974,125)
            994,783  

 
 

 

Wisconsin Capital Funds, Inc.
Plumb Balanced Fund
Schedule of Investments
June 30, 2011 (Unaudited) (Continued)

   
Principal
       
   
Amount
   
Value
 
MUNICIPAL BONDS - 0.49%
           
             
West Virginia State Job Investment Trust Board - Series 2003B
           
0.000%, 06/12/2013
  $ 250,000     $ 230,173  
                 
TOTAL MUNICIPAL BONDS
               
(Cost $231,616)
            230,173  
                 
   
Contracts
         
CALL OPTIONS PURCHASED - 0.73%
               
                 
Computer and Electronic Product Manufacturing - 0.73%
               
Qualcomm, Inc.
               
Expiration: 01/19/2013, Exercise Price $30 (a)
    125       341,562  
                 
TOTAL CALL OPTIONS PURCHASED
               
(Cost $292,447)
            341,562  
                 
   
Shares
         
SHORT-TERM INVESTMENTS - 7.33%
               
                 
Money Market Funds - 5.73%
               
STIT-STIC Prime Portfolio 0.035% (c)
    1,300,000       1,300,000  
STIT-Treasury Portfolio 0.02% (c)
    1,381,113       1,381,113  
              2,681,113  
                 
   
Principal
         
   
Amount
         
U.S. Treasury Bills - 1.60%
               
U.S. Treasury Bill
               
12/29/2011
  $ 750,000       749,672  
                 
TOTAL SHORT-TERM INVESTMENTS
               
(Cost $3,430,818)
            3,430,785  

 
 

 

Wisconsin Capital Funds, Inc.
Plumb Balanced Fund
Schedule of Investments
June 30, 2011 (Unaudited) (Continued)

   
Value
 
Total Investments
     
(Cost $43,110,357) - 103.10%
  $ 48,232,292  
         
Other Liabilities in Excess of Assets - (3.10%)
    (1,452,239 )
         
TOTAL NET ASSETS - 100.00%
  $ 46,780,053  

Percentages are stated as a percent of net assets.

ADR - American Depository Receipt
(a) Non-income producing security.
(b) Foreign issued security.
(c) Variable rate security. The rate listed is as of June 30, 2011.

The cost basis of investments for federal income tax purposes at June 30, 2011 was as follows**:

Cost of investments
  $ 43,110,357  
Gross unrealized appreciation
    5,846,339  
Gross unrealized depreciation
    (724,404 )
Net unrealized appreciation
  $ 5,121,935  

 
**
Because tax adjustments are calculated annually, the above table does not reflect tax adjustments. For the previous fiscal year's federal tax information, please refer to the Notes to Financial Statements section in the Fund's most recent semi-annual or annual report.

The accompanying notes are an integral part of the schedule of investments.

 
 

 

Wisconsin Capital Funds, Inc.
Plumb Equity Fund
Schedule of Investments
June 30, 2011 (Unaudited)

   
Shares
   
Value
 
COMMON STOCKS - 87.16%
           
             
Beverage and Tobacco Product Manufacturing - 3.65%
           
PepsiCo, Inc.
    9,000     $ 633,870  
                 
Chemical Manufacturing - 11.40%
               
Abbott Laboratories
    9,800       515,676  
Air Products & Chemicals, Inc.
    4,500       430,110  
Church & Dwight Company, Inc.
    5,000       202,700  
Johnson & Johnson
    6,300       419,076  
Teva Pharmaceutical Industries Ltd. - ADR
    8,500       409,870  
              1,977,432  
                 
Computer and Electronic Product Manufacturing - 7.65%
               
Apple, Inc. (a)
    1,450       486,722  
Cisco Systems, Inc.
    15,000       234,150  
Microchip Technology, Inc.
    10,000       379,100  
Qualcomm, Inc.
    4,000       227,160  
              1,327,132  
                 
Couriers and Messengers - 2.31%
               
United Parcel Service, Inc. – Class B
    5,500       401,115  
                 
Credit Intermediation and Related Activities - 9.35%
               
CIT Group, Inc. (a)
    8,000       354,080  
Citigroup, Inc.
    7,500       312,300  
Discover Financial Services
    20,000       535,000  
Visa, Inc. - Class A
    5,000       421,300  
              1,622,680  
                 
Electrical Equipment, Appliance, and Component Manufacturing - 2.59%
               
Emerson Electric Company
    8,000       450,000  
                 
Food Manufacturing - 1.87%
               
Unilever PLC – ADR
    10,000       323,900  
                 
Food Services and Drinking Places - 1.94%
               
McDonald’s Corporation
    4,000       337,280  
                 
General Merchandise Stores - 2.31%
               
Kohl's Corporation
    8,000       400,080  

 
 

 

Wisconsin Capital Funds, Inc.
Plumb Equity Fund
Schedule of Investments
June 30, 2011 (Unaudited) (Continued)

   
Shares
   
Value
 
COMMON STOCKS  (Continued)
           
             
Health and Personal Care Stores - 2.60%
           
CVS Caremark Corporation
    12,000     $ 450,960  
                 
Insurance Carriers and Related Activities - 1.21%
               
Greenlight Capital Re, Ltd. (a) (b)
    8,000       210,320  
                 
Internet Service Providers, Web Search Portals - 1.67%
               
Automatic Data Processing, Inc.
    5,500       289,740  
                 
Management of Companies and Enterprises - 2.10%
               
Foster Wheeler AG (a) (b)
    12,000       364,560  
                 
Merchant Wholesalers, Nondurable Goods - 3.76%
               
Alliance One International, Inc. (a)
    45,000       145,350  
The Procter & Gamble Company
    5,000       317,850  
Universal Corporation
    5,000       188,350  
              651,550  
                 
Miscellaneous Manufacturing - 3.13%
               
3M Company
    4,000       379,400  
CareFusion Corporation (a)
    6,000       163,020  
              542,420  
                 
Oil and Gas Extraction - 2.43%
               
ATP Oil & Gas Corporation (a)
    18,700       286,297  
Petroleo Brasileiro S.A. – ADR
    4,000       135,440  
              421,737  
                 
Petroleum and Coal Products Manufacturing - 7.73%
               
BP PLC – ADR
    10,500       465,045  
Chevron Corporation
    4,500       462,780  
ConocoPhillips
    5,500       413,545  
              1,341,370  
                 
Pipeline Transportation - 2.02%
               
TransCanada Corporation (b)
    8,000       350,720  
                 
Primary Metal Manufacturing - 3.32%
               
RTI International Metals, Inc. (a)
    15,000       575,550  

 
 

 

Wisconsin Capital Funds, Inc.
Plumb Equity Fund
Schedule of Investments
June 30, 2011 (Unaudited) (Continued)

   
Shares
   
Value
 
COMMON STOCKS  (Continued)
           
             
Professional, Scientific, and Technical Services - 2.56%
           
Global Geophysical Services, Inc. (a)
    25,000     $ 445,000  
                 
Support Activities for Mining - 2.48%
               
Atwood Oceanics, Inc. (a)
    5,500       242,715  
Weatherford International Ltd. (a) (b)
    10,000       187,500  
              430,215  
                 
Telecommunications - 2.62%
               
Vodafone Group PLC – ADR
    17,000       454,240  
                 
Transportation Equipment Manufacturing - 6.46%
               
Ford Motor Company (a)
    27,000       372,330  
General Motors Company (a)
    10,000       303,600  
Visteon Corporation (a)
    6,500       444,665  
              1,120,595  
                 
TOTAL COMMON STOCKS
               
(Cost $12,656,841)
            15,122,466  
                 
PUBLICLY-TRADED PARTNERSHIPS - 3.00%
               
                 
Real Estate - 1.86%
               
Penn Virginia Resources Partners, L.P.
    12,000       323,280  
                 
Securities, Commodity Contracts, and Other Financial Investments and Related Activities - 1.14%
               
Fortress Investment Group LLC - Class A (a)
    41,000       197,620  
                 
TOTAL PUBLICLY-TRADED PARTNERSHIPS
               
(Cost $555,422)
            520,900  
                 
EXCHANGE-TRADED FUNDS - 4.48%
               
                 
Funds, Trusts, and Other Financial Vehicles - 2.96%
               
iShares MSCI South Korea Index Fund
    3,500       227,500  
iShares Silver Trust (a)
    2,000       67,700  
Market Vectors Gold Miners
    4,000       218,360  
              513,560  

 
 

 

Wisconsin Capital Funds, Inc.
Plumb Equity Fund
Schedule of Investments
June 30, 2011 (Unaudited) (Continued)

   
Shares
   
Value
 
EXCHANGE-TRADED FUNDS  (Continued)
           
             
Securities, Commodity Contracts, and Other Financial Investments and Related Activities - 1.52%
           
SPDR Gold Trust (a)
    1,800     $ 262,764  
                 
TOTAL EXCHANGE-TRADED FUNDS
               
(Cost $687,634)
            776,324  
                 
   
Contracts
         
CALL OPTIONS PURCHASED - 3.40%
               
                 
Computer and Electronic Product Manufacturing - 2.36%
               
Qualcomm, Inc.
               
Expiration: 01/19/2013, Exercise Price $30 (a)
    150       409,875  
                 
Educational Services - 0.32%
               
Corinthian Colleges, Inc.
               
Expiration: 01/21/2012, Exercise Price $2.50 (a)
    301       55,685  
                 
Oil and Gas Extraction - 0.72%
               
Petroleo Brasileiro S.A. – ADR
               
Expiration: 01/19/2013, Exercise Price $25 (a)
    125       125,000  
                 
TOTAL CALL OPTIONS PURCHASED
               
(Cost $605,567)
            590,560  
                 
   
Shares
         
SHORT-TERM INVESTMENTS - 1.95%
               
                 
Money Market Funds - 1.95%
               
STIT-STIC Prime Portfolio 0.035% (c)
    337,787       337,787  
                 
TOTAL SHORT-TERM INVESTMENTS
               
(Cost $337,787)
            337,787  
                 
Total Investments
               
(Cost $14,843,251) - 99.99%
            17,348,037  

 
 

 

Wisconsin Capital Funds, Inc.
Plumb Equity Fund
Schedule of Investments
June 30, 2011 (Unaudited) (Continued)

   
Value
 
       
Other Assets in Excess of Liabilities - 0.01%
  $ 1,402  
         
TOTAL NET ASSETS - 100.00%
  $ 17,349,439  

Percentages are stated as a percent of net assets.

ADR - American Depository Receipt
(a) Non-income producing security.
(b) Foreign issued security.
(c) Variable rate security. The rate listed is as of June 30, 2011.

The cost basis of investments for federal income tax purposes at June 30, 2011 was as follows**:

Cost of investments
  $ 14,843,251  
Gross unrealized appreciation
    2,919,411  
Gross unrealized depreciation
    (414,625 )
Net unrealized appreciation
  $ 2,504,786  

 
**
Because tax adjustments are calculated annually, the above table does not reflect tax adjustments. For the previous fiscal year's federal tax information, please refer to the Notes to Financial Statements section in the Fund's most recent semi-annual or annual report.

The accompanying notes are an integral part of the schedule of investments.

 
 

 

Wisconsin Capital Funds, Inc.
Notes to Schedules of Investments
June 30, 2011 (Unaudited)

Security Valuation

The Wisconsin Capital Funds, Inc. (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 of changes in valuation techniques and related inputs during the year. These inputs are summarized in the three broad levels listed below.
Level 1 – quoted prices in active markets for identical securities
Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
Level 3 – significant unobservable inputs (including the Funds’ own assumptions in determining fair value of investments)

Equity securities, including common stocks, publicly-traded partnerships, foreign issued common stocks, preferred securities, exchange-traded funds, and real estate investment trusts, which are traded on an exchange are valued at the last sale price reported by the exchange on which the securities are primarily traded on the day of valuation. 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 at 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.

An option that is purchased by the Funds is generally valued at the last sale price or, in the absence of the last sale price, the average of the quoted bid and asked prices. If an options exchange closes after the time at which the Funds’ net asset value is calculated, snapshot prices are provided by the independent pricing services or other sources at the close of the New York Stock Exchange to calculate the net asset value.

When using the market quotations or closing price provided by a pricing service and when the market is considered active, the security will be classified as a Level 1 security. Listed options for which no sale was reported on that date are valued at their evaluated mean prices as furnished by the independent pricing services and generally will be classified as a Level 2 security. These securities are typically valued using market observable data such as broker quotes, bid and ask offers, and market quotes for the underlying equities.

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, convertible bonds, municipal bonds, and U.S. government agency issues are valued using a market approach based on information supplied by independent pricing services, including services using matrix pricing formulas as well as market transactions and/or independent broker bid quotations. The significant inputs of these matrix

 
 

 

Wisconsin Capital Funds, Inc.
Notes to Schedules of Investments
June 30, 2011 (Unaudited) (Continued)

pricing formulas include coupons, ratings, maturities, and other fundamental data relating to the issuer. 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 June 30, 2011, to value the Funds’ investments carried at fair value:

Description
 
Level 1
   
Level 2
   
Level 3
   
Total
 
The Plumb Balanced Fund
                       
Investments in:
                       
Common Stock*
  $ 30,461,871     $ -     $ -     $ 30,461,871  
Publicly-Traded Partnerships*
    978,280       -       -       978,280  
Preferred Securities*
    799,100       -       -       799,100  
Exchange-Traded Funds*
    315,230       -       -       315,230  
Convertible Bonds*
    -       957,063       -       957,063  
Corporate Bonds*
    -       9,723,445       -       9,723,445  
U.S. Government Agency Issues
    -       1,744,455       -       1,744,455  
Municipal Bonds
    -       230,173       -       230,173  
Purchased Options*
    -       341,562       -       341,562  
Money Market Funds
    2,681,113       -       -       2,681,113  
                                 
Total
  $ 35,235,594     $ 12,996,698     $ -     $ 48,232,292  

 
 

 

Wisconsin Capital Funds, Inc.
Notes to Schedules of Investments
June 30, 2011 (Unaudited) (Continued)

Description
 
Level 1
   
Level 2
   
Level 3
   
Total
 
The Plumb Equity Fund
                       
Investments in:
                       
Common Stock*
  $ 15,122,466     $ -     $ -     $ 15,122,466  
Publicly-Traded Partnerships*
    520,900       -       -       520,900  
Exchange-Traded Funds*
    776,324       -       -       776,324  
Purchased Options*
    -       590,560               590,560  
Money Market Funds
    337,787       -       -       337,787  
                                 
Total
  $ 16,757,477     $ 590,560     $ -     $ 17,348,037  

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

 
 
Item 2. Controls and Procedures.
 
(a)
The Registrant’s President/Chief Executive Officer and Vice President/Chief Financial Officer have concluded that the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “1940 Act”)) are effective as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 15d-15(b) under the Securities Exchange Act of 1934, as amended.

(b)
There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the Registrant's last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.
 
Item 3. Exhibits.
 
Separate certifications for each principal executive officer and principal financial officer of the Registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)).  Filed herewith.

 
 

 


 
SIGNATURES

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

(Registrant)  Wisconsin Capital Funds, Inc.                                                                                                                      

By (Signature and Title)* /s/ Thomas G. Plumb                                                                    
Thomas G. Plumb, President (Principal Executive Officer)

Date   August 24, 2011    
 

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

By (Signature and Title)* /s/ Thomas G. Plumb                                                                    
Thomas G. Plumb, President (Principal Executive Officer)

Date   August 24, 2011
 
 
By (Signature and Title)* /s/ Timothy R. O’Brien                                                                
Timothy R. O’Brien, Chief Financial (Principal Accounting Officer)
 
Date   August 24, 2011
 
 
* Print the name and title of each signing officer under his or her signature.