Commentary

April 9, 2020

Commentary

Q3 2026 Quarterly Commentary

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The third quarter was an unusual one for investors. At first glance, the stock market appeared to have another strong quarter led by technology and oil companies.

Q2 2026 Quarterly Commentary

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The Plumb Funds are pleased to present our Q2 June 30th 2026, results to you, buoyed
by one of the strongest market quarters in recent memory.

Q1 2026 Quarterly Commentary

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The Plumb Funds are pleased to present our Q1 2026 results to you, even in a down market caused by
geopolitical risks.

Q4 2025 Quarterly Commentary

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The Plumb Funds are pleased to present our Q4 2025 results to you. The dominant theme of fourth quarter was confirmation rather than surprise.

Q3 2025 Quarterly Commentary

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The Plumb Funds are pleased to present our Q3 2025 results to you

Q2 2025 Quarterly Commentary

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After a bit of a stumble out of the gate in the first quarter of this year, both of our Funds roared back to be
competitive as we raced by the half pole on June 30th of this year.

Q1 2025 Quarterly Commentary

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After a strong finish to 2024, the S&P 500 stumbled in the first quarter of 2025, returning -4.6% as market
volatility made its comeback.

Q4 2024 Quarterly Commentary

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We at the Plumb Funds are pleased to present our positive 4th Quarter results for December 31st, 2024.

Q3 2024 Quarterly Commentary

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As we enter our final quarter of the year, we are pleased to present our Third Quarter results ending September 30th, 2024.

Q2 2024 Quarterly Commentary

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We at the Plumb Funds are pleased to present our strong 2nd Quarter results for June 30th, 2024, as we continue to excel at the halfway point of this year.

Q1 2024 Quarterly Commentary

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The first quarter of 2024 proved awarding to equity investors in general, and specifically for shareholders of the Plumb Funds.

CATEGORIES

Mutual fund investing involves risk. Principal loss is possible.

The Funds may invest in smaller companies, which involve additional risks such as limited liquidity and greater volatility. The Funds may invest in foreign securities which involve greater volatility and political, economic and currency risks and differences in accounting methods. Growth stocks typically are more volatile than value stocks; however, value stocks have a lower expected growth rate in earnings and sales. Temporary Defensive Positions: Under adverse market conditions the Fund could invest a substantial portion of its assets in US Treasury securities and money market securities which could reduce the benefit from any upswing in the markets.

The Plumb Balanced Fund will invest in debt securities, which typically decrease in value when interest rates rise. This risk is usually greater for longer-term debt securities. Investment by the Fund in lower-rated and non-rated securities presents a greater risk of loss to principal and interest than higher-rated securities. Investments in Asset Backed and Mortgage Backed Securities include additional risks that investors should be aware of such as credit risk, prepayment risk, possible illiquidity and default, as well as increased susceptibility to adverse economic developments. The Fund may engage in short-term trading, which could produce higher transaction costs and taxable distributions and lower the fund’s after-tax performance.

Diversification does not assure a profit nor protect against loss in a declining market.

Investment performance reflects fee waivers. In the absence of these waivers, returns would be reduced.

Any tax or legal information provided isn’t an exhaustive interpretation of some of the current income tax regulations. Investors must consult their tax advisor or legal counsel for advice and information concerning their particular situation. Neither the Fund nor any of its representatives may give legal or tax advice.

References to other mutual fund products should not be interpreted as offers of those securities.

The Funds' investment objectives, risks, charges, and expenses must be considered carefully before investing. The prospectus contains this and other information about the Funds. You may obtain a free hard-copy version by calling 1-866.987.7888 or you may download a prospectus here. Read it carefully before investing.

Plumb Funds are distributed by Ultimus Fund Distributors, LLC member FINRA/SIPC.

Wisconsin Capital Management is not affiliated with Ultimus Fund Distributors, LLC.

Wisconsin Capital Management, the advisor to the funds, is a registered investment advisory firm based in Madison, Wisconsin, founded in 1984. Plumb Funds is a registered trademark of Wisconsin Capital Funds, Inc.