Deloitte & Touche LLP
2500 One PPG Place
Pittsburgh, Pennsylvania 15222-5401
412-338-7200
Fax 412-338-7380
WesMark Funds
c/o Federated Services Company
Federated Investors Tower
Pittsburgh, PA 15222-3779
To the Board of Trustees of:
Portfolios of WesMark Funds File No.
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WesMark West Virginia Municipal Bond Fund 811-07925
WesMark Growth Fund 811-07925
WesMark Balanced Fund 811-07925
WesMark Bond Fund 811-07925
We have examined the investment accounts shown by the books and records of the
investment companies listed above (the Funds) for the period from the date of
the last security count, January 29, 1999, to May 14, 1999. Our examination was
made without prior notice to the funds. Our work included agreement of an
analysis of portfolio transactions recorded from January 29, 1999 to May 14,
1999, in the investment accounts to supporting records and verification of a
sample of such portfolio security transactions to supporting records and
documentation. It is understood that this report is solely for the use of
management and the Securities and Exchange Commission and should not be used for
any other purpose.
WesBanco Wheeling (WesBanco), located in Wheeling, West Virginia, in addition to
acting as custodian for the Funds, is the holder of investment securities of
other customers of WesBanco. Agents of WesBanco hold, or account for by book
entry, securities which are the responsibility of WesBanco through custodian or
trust arrangements. Securities held by agents of WesBanco, while identified by
such agents as being deposited by WesBanco, cannot always be identified by such
agents as to the specific customers of WesBanco who have securities included in
such deposits.
WesBanco confirmed to us that all portfolio securities owned by the Funds on May
14, 1999 were held for the account of WesBanco by The Depository Trust Company
(DTC) and/or by the Federal Reserve Book Entry System (FED), as agents of
WesBanco.
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We obtained confirmations from DTC and FED of the securities held by each such
agent for the account of WesBanco as of May 14, 1999. In cases where securities
confirmed by the agents could not be attributed by the agent to specific Wesmark
Funds, we reviewed WesBanco's reconciliation of the agent's confirmation to
WesBanco's internal records, identifying securities held by such agent as a part
of WesBanco's aggregate security position with such agent. We also reviewed
WesBanco's records which show the owners of the securities held by each agent
for the account of WesBanco at that date. We determined that securities,
identified by such records as the property of the Funds, were in agreement with
the Funds' records of securities owned at May 14, 1999.
Because the above procedures do not constitute an audit made in accordance with
generally accepted auditing standards, we do not express an opinion on the
investment accounts referred to above. In connection with the procedures
referred to above, no matters came to our attention that caused us to believe
that the specified accounts should be adjusted. Had we performed additional
procedures or had we audited the financial statements of the Funds in accordance
with generally accepted auditing standards, matters might have come to our
attention that would have been reported to you. This report relates only to the
investments specified above and does not extend to the financial statements of
any of the Funds, taken as a whole.
/s/ DELOITTE & TOUCHE LLP
DELOITTE & TOUCHE LLP
June 4, 1999
