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SIGNATURE THOMAS G. PLUMB
TITLE PRESIDENT
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<ACCUMULATED-NII-PRIOR> 206
<ACCUMULATED-GAINS-PRIOR> 1,757
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 248
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 408
<AVERAGE-NET-ASSETS> 29,086
<PER-SHARE-NAV-BEGIN> 16.54
<PER-SHARE-NII> 0.18
<PER-SHARE-GAIN-APPREC> 3.01
<PER-SHARE-DIVIDEND> (0.23)
<PER-SHARE-DISTRIBUTIONS> (1.34)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 18.16
<EXPENSE-RATIO> 1.40
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000795264
<NAME> THOMPSON PLUMB FUNDS, INC.
<SERIES>
<NUMBER> 2
<NAME> THOMPSON PLUMB BOND FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> NOV-30-1997
<PERIOD-START> DEC-01-1996
<PERIOD-END> NOV-30-1997
<INVESTMENTS-AT-COST> 31,165
<INVESTMENTS-AT-VALUE> 31,690
<RECEIVABLES> 482
<ASSETS-OTHER> 4
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 32,176
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 39
<TOTAL-LIABILITIES> 39
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 31,577
<SHARES-COMMON-STOCK> 3,050
<SHARES-COMMON-PRIOR> 2,091
<ACCUMULATED-NII-CURRENT> 416
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (381)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 525
<NET-ASSETS> 32,137
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,851
<OTHER-INCOME> 0
<EXPENSES-NET> (321)
<NET-INVESTMENT-INCOME> 1,530
<REALIZED-GAINS-CURRENT> (200)
<APPREC-INCREASE-CURRENT> 120
<NET-CHANGE-FROM-OPS> 1,450
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,393)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,357
<NUMBER-OF-SHARES-REDEEMED> (527)
<SHARES-REINVESTED> 129
<NET-CHANGE-IN-ASSETS> 9,984
<ACCUMULATED-NII-PRIOR> 277
<ACCUMULATED-GAINS-PRIOR> (181)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 184
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 321
<AVERAGE-NET-ASSETS> 28,235
<PER-SHARE-NAV-BEGIN> 10.59
<PER-SHARE-NII> .54
<PER-SHARE-GAIN-APPREC> (0.06)
<PER-SHARE-DIVIDEND> (0.53)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.54
<EXPENSE-RATIO> 1.14
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000795264
<NAME> THOMPSON PLUMB FUNDS, INC.
<SERIES>
<NUMBER> 3
<NAME> THOMPSON PLUMB GROWTH FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> NOV-30-1997
<PERIOD-START> DEC-01-1996
<PERIOD-END> NOV-30-1997
<INVESTMENTS-AT-COST> 33,117
<INVESTMENTS-AT-VALUE> 43,993
<RECEIVABLES> 1,607
<ASSETS-OTHER> 4
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 45,604
<PAYABLE-FOR-SECURITIES> 161
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 67
<TOTAL-LIABILITIES> 228
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 30,541
<SHARES-COMMON-STOCK> 1,153
<SHARES-COMMON-PRIOR> 734
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 3,959
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 10,876
<NET-ASSETS> 45,376
<DIVIDEND-INCOME> 309
<INTEREST-INCOME> 62
<OTHER-INCOME> 0
<EXPENSES-NET> (506)
<NET-INVESTMENT-INCOME> (135)
<REALIZED-GAINS-CURRENT> 4,104
<APPREC-INCREASE-CURRENT> 5,098
<NET-CHANGE-FROM-OPS> 9,067
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (1,838)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 506
<NUMBER-OF-SHARES-REDEEMED> (141)
<SHARES-REINVESTED> 54
<NET-CHANGE-IN-ASSETS> 21,299
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 1,899
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 333
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 506
<AVERAGE-NET-ASSETS> 33,308
<PER-SHARE-NAV-BEGIN> 32.79
<PER-SHARE-NII> (0.12)
<PER-SHARE-GAIN-APPREC> 9.16
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (2.47)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 39.36
<EXPENSE-RATIO> 1.52
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
To the Shareholders and Board of Directors
of Thompson Plumb Funds, Inc.
In planning and performing our audit of the financial statements of
Thompson Plumb Balanced Fund, Thompson Plumb Bond Fund, and Thompson
Plumb Growth Fund (constituting the Thompson Plumb Funds, Inc.,
hereafter referred to as the "Funds") for the year ended November 30,
1997, we considered its internal control, including control activities
for safeguarding securities, in order to determine our auditing
procedures for the purposes of expressing our opinion on the financial
statements and to comply with the requirements of Form N-SAR, not to
provide assurance on internal control.
The management of the Fund is responsible for establishing and
maintaining internal control. In fulfilling this responsibility,
estimates and judgments by management are required to assess the
expected benefits and related costs of control activities. Generally,
control activities that are relevant to an audit pertain to the
entity's objective of preparing financial statements for external
purposes that are fairly presented in conformity with generally
accepted accounting principles. Those control activities include the
safeguarding of assets against unauthorized acquisition, use, or
disposition.
Because of inherent limitations in internal control, errors or
irregularities may occur and may not be detected. Also, projection of
any evaluation of internal control to future periods is subject to the
risk that it may become inadequate because of changes in conditions or
that the effectiveness of the design and operation may deteriorate.
Our consideration of internal control would not necessarily disclose
all matters in internal control that might be material weaknesses under
standards established by the American Institute of Certified Public
Accountants. A material weakness is a condition in which the design or
operation of any specific internal control component does not reduce to
a relatively low level the risk that errors or irregularities in
amounts that would be material in relation to the financial statements
being audited may occur and not be detected within a timely period by
employees in the normal course of performing their assigned functions.
However, we noted no matters involving internal control, including
controls over safeguarding securities, that we consider to be material
weaknesses as defined above as of November 30, 1997.
This report is intended solely for the information and use of management
and the Securities and Exchange Commission.
PRICE WATERHOUSE LLP
Milwaukee, Wisconsin
January 22, 1998
