WESMARK FUNDS
N-30D/A, 2000-09-26
Previous: EARTHGRAINS CO /DE/, 8-K, 2000-09-26
 Next: PUBLIC EMPLOYEES RETIREMENT SYSTEM OF OHIO, 13F-HR/A, 2000-09-26

[Graphic Representation Omitted -- See Appendix]

Family of Funds

COMBINED SEMI-ANNUAL REPORT

[Graphic Representation Omitted -- See Appendix]

Growth Fund

[Graphic Representation Omitted -- See Appendix]

Balanced Fund

[Graphic Representation Omitted -- See Appendix]

Bond Fund

[Graphic Representation Omitted -- See Appendix]

West Virginia Municipal Bond Fund

DATED JULY 31, 2000

 

WESMARK FUNDS
PRESIDENT’S MESSAGE
 
 
 
Dear Shareholder:
 
I am pleased to present the combined Semi-Annual Report for the WesMark Funds. This report covers the six-month period from February 1, 2000 through July 31, 2000, which is the first half of the funds’ fiscal year. It gives you a complete picture of each fund’s operation, beginning with the portfolio manager overview of the market and fund strategy, followed by a complete list of fund holdings and the financial statements.
 
WesMark Growth Fund is managed to help your money grow over time. To pursue that objective, the fund invests in a diversified portfolio of stocks selected for their long-term potential to provide above-average returns.
 
During the reporting period, the fund produced a strong total return of 14.36%. Contributing to the total return were a share price increase of $0.39, dividend income totaling $0.01 per share and capital gains totaling $1.78 per share.* On the last day of the reporting period, the fund’s net assets reached $216 million.
 
WesMark Balanced Fund pursues capital appreciation and income by investing in a diversified portfolio of stocks and bonds. At the end of the reporting period, more than 70% of the fund’s portfolio was invested primarily in high-quality common and preferred stocks. The rest of the portfolio was invested across U.S. government agency bonds and investment-grade corporate bonds.
 
During the reporting period, the fund paid monthly income dividends totaling $0.14 per share as well as capital gains totaling $0.43 per share. The net asset value increased from $10.64 to $10.67. Through the income and gain in net asset value, the fund achieved a 5.55% total return.* At the end of the period, the fund’s total net assets reached $79 million.
 
WesMark Bond Fund is managed to help your money earn a high level of current income by investing in a diversified portfolio of high-quality bonds. At the end of the reporting period, the fund’s $130-million portfolio was invested primarily across government agency bonds (50.7%) and investment-grade corporate bonds (45%).
 
During the reporting period, the fund paid monthly income dividends totaling $0.29 per share while the net asset value increased by $0.11. The income and net asset value increase resulted in a 4.43% total return.*
 
WesMark West Virginia Municipal Bond Fund is managed to help your money earn income free from federal income tax and West Virginia state income tax.** To pursue that objective, it invests in a portfolio of high-quality bonds issued by West Virginia municipalities.
 
During the reporting period, the fund paid double tax-free income dividends totaling $0.22 per share. The fund’s net asset value increased from $9.66 to $9.89. Through the dividends and net asset value increase, the fund produced a positive total return of 4.79%.* At the end of the reporting period, the fund’s net assets totaled more than $61 million.
WESMARK FUNDS
PRESIDENT’S MESSAGE
 
 
 
Thank you for pursuing your financial goals through the diversification and professional management of the WesMark Funds.
 
Sincerely,
/s/ Peter J. Germain
Peter J. Germain
President
 
 *
Past performance is no guarantee of future results. Investment return and principal value will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Total returns for the period based on offering price, (i.e. less any applicable sales charge) were: WesMark Growth Fund, 8.94%; WesMark Balanced Fund, 0.55%; WesMark Bond Fund, 0.50%; and WesMark West Virginia Municipal Bond Fund, 0.82%.
 
**
Income may be subject to the federal alternative minimum tax.
WESMARK GROWTH FUND
PORTFOLIO OF INVESTMENTS
July 31, 2000 (Unaudited)
 
Shares
    
     Value
              
COMMON STOCKS—98.4%     
       AUTO MANUFACTURERS—MAJOR—1.0%
   40,062      General Motors Corp.      $  2,281,058
           
       BANKS—SUPER REGIONAL—7.6%
125,000      Bank One Corp.      3,976,563
135,000      PNC Bank Corp.      6,868,125
135,000      Wells Fargo & Co.      5,577,187
           
       TOTAL      16,421,875
           
       BEVERAGES—ALCOHOL—4.3%
115,000      Anheuser-Busch Cos., Inc.      9,257,500
           
       BEVERAGES—SOFT—2.1%
100,000      PepsiCo, Inc.      4,581,250
           
       BIOMEDICAL—3.0%
100,000    (a)Amgen, Inc.      6,493,750
           
       BIOMEDICAL INSTRUMENTS—1.2%
30,000      PE Corp.-PE Biosystems Group      2,615,625
           
       BUSINESS INFORMATION—0.5%
10,000      Reuters Holdings PLC, ADR      1,150,000
           
       COMPUTERS—MINI—2.9%
60,000    (a)Sun Microsystems, Inc.      6,326,250
           
       DATA PROCESSING—MANAGEMENT—3.8%
40,000      Automatic Data Processing, Inc.      1,982,500
135,000      First Data Corp.      6,218,437
           
       TOTAL      8,200,937
           
       DIVERSIFIED OPERATIONS—1.4%
60,000      General Electric Co.      3,086,250
           
       DRUGS & HEALTH CARE—3.5%
100,000      Merck & Co., Inc.      7,168,750
5,000    (a)Sepracor, Inc.      528,750
           
       TOTAL      7,697,500
           
 
WESMARK GROWTH FUND
 
Shares
    
     Value
                    
COMMON STOCKS—(Continued)     
               ELECTRONIC COMPONENTS—SEMICONDUCTOR—1.4%
75,000    (a)Adaptec, Inc.      $  1,856,250
20,000      Texas Instruments, Inc.      1,173,750
           
       TOTAL      3,030,000
           
       ENTERTAINMENT—DIVERSIFIED—0.4%
10,000      Time Warner, Inc.      766,875
           
       FOOD—DIVERSIFIED—1.6%
80,000      Keebler Foods Co.      3,530,000
           
       FOREST PRODUCTS—1.1%
50,000      Weyerhaeuser Co.      2,284,375
           
       INSTRUMENTS—CONTROL—2.8%
181,250      Honeywell International, Inc.      6,094,531
           
       INSURANCE—LIFE/HEALTH—5.6%
115,000      American General Corp.      7,669,062
120,000      Nationwide Financial Services, Inc., Class A      4,410,000
           
       TOTAL      12,079,062
           
       INSURANCE PROPERTY & CASUALTY—1.8%
45,000      American International Group, Inc.      3,945,937
           
       INVESTMENT BROKERAGE—NATIONAL—2.4%
75,000      PaineWebber Group, Inc.      5,193,750
           
       LONG DISTANCE CARRIERS—1.4%
75,000    (a)WorldCom, Inc.      2,929,688
           
       NETWORKING PRODUCTS—1.9%
60,000    (a)Cisco Systems, Inc.      3,926,250
           
       OIL & GAS DRILLING—1.9%
40,000    (a)Nabors Industries, Inc.      1,665,000
50,000      Transocean Sedco Forex, Inc.      2,475,000
           
       TOTAL      4,140,000
           
       OIL & GAS—PIPELINES—3.8%
40,000      El Paso Energy Corp.      1,935,000
   150,000      Williams Cos., Inc. (The)      6,262,500
           
       TOTAL      8,197,500
           
 
WESMARK GROWTH FUND
 
Shares
    
     Value
                    
COMMON STOCKS—(Continued)     
       OIL COMPONENTS—EXPLORATION & PRODUCTION—10.5%
   335,000      Burlington Resources, Inc.      $ 10,929,375
400,000      EOG Resources, Inc.      11,825,000
           
       TOTAL      22,754,375
           
       OIL FIELD—MACHINERY & EQUIPMENT—2.2%
75,000      Baker Hughes, Inc.      2,596,875
30,000      Schlumberger Ltd.      2,218,125
           
       TOTAL      4,815,000
           
       OIL—INTEGRATED—7.6%
150,000      BP Amoco PLC, ADR      7,846,875
170,000      Phillips Petroleum Co.      8,638,125
           
       TOTAL      16,485,000
           
       PRINTED CIRCUIT BOARDS—0.7%
30,000    (a)Jabil Circuit, Inc.      1,501,875
           
       PROTECTION—SAFETY—4.5%
180,000      Tyco International Ltd.      9,630,000
           
       PUBLISHING—NEWSPAPERS—1.9%
125,000      Tribune Co.      4,062,500
           
       RETAIL—APPAREL & SHOES—1.0%
120,000      Nordstrom, Inc.      2,100,000
           
       RETAIL—BUILDING PRODUCTS—1.9%
95,000      Lowe’s Cos., Inc.      4,007,812
           
       RETAIL—DISCOUNT—3.3%
130,000      Wal-Mart Stores, Inc.      7,141,875
           
       RETAIL—FOOD—1.2%
120,000    (a)Kroger Co., Inc.      2,482,500
           
       SATELLITE COMMUNICATIONS—1.1%
90,003      General Motors Corp., Class H      2,328,828
           
       SEMICONDUCTOR EQUIPMENT & MATERIALS—1.2%
35,000    (a)Applied Materials, Inc.      2,655,625
           
 
WESMARK GROWTH FUND
 
Shares
    
     Value
                    
COMMON STOCKS—(Continued)     
       TELECOMMUNICATION SERVICES—1.1%
55,000      SBC Communications, Inc.      $    2,340,938
           
               TELECOMMUNICATIONS EQUIPMENT—2.8%
35,000      Lucent Technologies, Inc.         1,531,250
70,000    (a)Tellabs, Inc.      4,550,000
           
       TOTAL      6,081,250
           
TOTAL COMMON STOCKS
(identified cost $177,079,032)		      212,617,541
           
MUTUAL FUND—1.5%     
3,284,632      Federated U.S. Treasury Cash Reserves Fund (at net asset value)      3,284,632
           
TOTAL INVESTMENTS
(identified cost $180,363,664)(b)		      $215,902,173
           
 
(a)
Non-income producing security.
 
(b)
The cost of investments for federal tax purposes amounts to $180,363,664. The net unrealized appreciation of investments on a federal tax basis amounts to $35,538,509 which is comprised of $43,677,324 appreciation and $8,138,815 depreciation at July 31, 2000.
 
Note:
The categories of investments are shown as a percentage of net assets ($216,036,004) at July 31, 2000.
 
The following acronym is used throughout this portfolio:
 
ADR—American Depositary Receipt
 
See Notes which are an integral part of the Financial Statements
WESMARK BALANCED FUND
PORTFOLIO OF INVESTMENTS
July 31, 2000 (Unaudited)
 
Shares
    
     Value
                    
COMMON STOCKS—70.2%       
       AUTO MANUFACTURERS—MAJOR—1.1%
    15,000      General Motors Corp.      $   854,062
           
       BANKS—SUPER REGIONAL—4.9%
15,000      Bank One Corp.      477,187
50,000      PNC Financial Services Group      2,543,750
20,000      Wells Fargo & Co.      826,250
           
       TOTAL      3,847,187
           
       BEVERAGES—ALCOHOL—1.5%
15,000      Anheuser-Busch Cos., Inc.      1,207,500
           
       BEVERAGES—SOFT—2.3%
40,000      PepsiCo, Inc.      1,832,500
           
       BIOMEDICAL—2.5%
30,000    (a)Amgen, Inc.      1,948,125
           
       BUSINESS INFORMATION—0.7%
5,000      Reuters Holdings PLC, ADR      575,000
           
       DIVERSIFIED OPERATIONS—5.2%
80,000      General Electric Co.      4,115,000
           
       DRUGS & HEALTH CARE—3.0%
32,500      Merck & Co., Inc.      2,329,844
           
       ELECTRONIC COMPONENTS—SEMICONDUCTOR—2.2%
30,000      Texas Instruments, Inc.      1,760,625
           
       ENTERTAINMENT—DIVERSIFIED—0.7%
7,000      Time Warner, Inc.      536,812
           
       FOOD—DIVERSIFIED—0.8%
15,000      Keebler Foods Co.      661,875
           
       FOREST PRODUCTS—0.6%
10,000      Weyerhaeuser Co.      456,875
           
       INSTRUMENTS—CONTROL—2.8%
66,250      Honeywell International, Inc.      2,227,656
           
       INSURANCE—LIFE/HEALTH—3.0%
25,000      American General Corp.      1,667,187
WESMARK BALANCED FUND
 
Shares
    
     Value
COMMON STOCKS—(Continued)       
       INSURANCE-LIFE/HEALTH—(Continued)
               
    20,000      Nationwide Financial Services, Inc., Class A      $   735,000
           
       TOTAL       2,402,187
           
       INSURANCE PROPERTY & CASUALTY—1.0%
9,375      American International Group, Inc.      822,070
           
       OIL & GAS—EQUIPMENT & SERVICES—4.2%
80,000      Williams Cos., Inc. (The)      3,340,000
           
       OIL & GAS—PIPELINES—0.6%
10,000      El Paso Energy Corp.      483,750
           
       OIL COMPONENTS—EXPLORATION & PRODUCTION—3.4%
60,000      Burlington Resources, Inc.      1,957,500
25,000      EOG Resources, Inc.      739,063
           
       TOTAL      2,696,563
           
       OIL—FIELD SERVICES—1.2%
30,000      Tidewater, Inc.      963,750
           
       OIL—INTEGRATED—8.0%
53,120      BP Amoco PLC, ADR      2,778,840
70,000      Phillips Petroleum Co.      3,556,875
           
       TOTAL      6,335,715
           
       PROTECTION—SAFETY—2.0%
30,000      Tyco International Ltd.      1,605,000
           
       PUBLISHING—NEWSPAPERS—1.7%
40,000      Tribune Co.      1,300,000
           
       RETAIL—BUILDING PRODUCTS—0.5%
10,000      Lowe’s Cos., Inc.      421,875
           
       RETAIL—CONSUMER ELECTRONICS—0.7%
25,000      Circuit City Stores, Inc.      573,438
           
       RETAIL—DISCOUNT—0.7%
10,000      Wal-Mart Stores, Inc.      549,375
           
       RETAIL—FOOD—1.1%
40,000    (a)Kroger Co., Inc.              827,500
           
WESMARK BALANCED FUND
 
 
Shares
    
     Value
COMMON STOCKS—(Continued)       
               
       SEMICONDUCTOR EQUIPMENT & MATERIALS—0.6%
     6,000    (a)Applied Materials, Inc.      $   455,250
           
       TELECOMMUNICATIONS EQUIPMENT—1.7%
15,000      Lucent Technologies, Inc.      656,250
10,000    (a)Tellabs, Inc.      650,000
           
       TOTAL      1,306,250
           
       TELECOMMUNICATIONS SERVICES—5.3%
20,000      SBC Communications, Inc.      851,250
36,600      Verizon Communications      1,720,200
40,000    (a)WorldCom, Inc.      1,562,500
           
       TOTAL      4,133,950
           
       UTILITY—ELECTRIC POWER—5.1%
100,000      DPL, Inc.      2,412,500
15,666      Duke Energy Corp.      966,396
30,000      TECO Energy, Inc.      658,125
           
       TOTAL      4,037,021
           
       UTILITY—GAS DISTRIBUTION—0.3%
12,068      MCN Energy Group, Inc.      260,971
           
       UTILITY—TELEPHONE—0.8%
20,000      AT&T Corp.      618,750
           
TOTAL COMMON STOCKS
(identified cost $45,358,553)		       55,486,476
           
PREFERRED STOCKS—1.7%
       FINANCE—1.1%
15,000      Merrill Lynch Preferred Capital Trust III      321,563
25,000      Merrill Lynch Preferred Capital Trust IV      546,875
           
       TOTAL      868,438
           
       TELECOMMUNICATIONS—CELLULAR—0.6%
20,000      Motorola Capital Trust              435,000
           
TOTAL PREFERRED STOCKS
(identified cost $1,487,500)		      1,303,438
           
 
WESMARK BALANCED FUND
 
 
Principal
Amount
    
     Value
               
CORPORATE BONDS—20.0%       
       AUTOMOTIVE—1.1%
$1,000,000      Delphi Auto Systems Corp., Note, 6.50%, 5/1/2009      $   902,863
           
       BANKING—1.2%
1,000,000      Bank of America Corp., Sub. Note, 7.20%, 4/15/2006      982,654
           
       FINANCE—3.1%
1,000,000      Merrill Lynch & Co., Inc., Note, 7.25%, 4/4/2002      995,801
500,000      PNC Funding Corp., Sub. Note, 6.125%, 2/15/2009      446,587
1,000,000      Washington Mutual, Inc., Sub. Note, 8.25%, 4/1/2010      1,006,196
           
       TOTAL      2,448,584
           
       FINANCE—AUTOMOTIVE—1.3%
1,000,000      Ford Motor Credit Co., Unsecd. Note, 7.50%, 3/15/2005      996,010
           
       OIL COMPONENTS—EXPLORATION &
PRODUCTION—1.8%
1,500,000      EOG Resources, Inc., Note, 6.50%, 12/1/2007      1,392,281
           
       OIL—INTEGRATED—5.4%
1,000,000      Coastal Corp., Deb., 9.625%, 5/15/2012      1,134,394
1,000,000      Conoco, Inc., Sr. Note, 6.35%, 4/15/2009      935,384
2,000,000      Phillips Petroleum Co., Deb., 9.375%, 2/15/2011      2,197,924
           
       TOTAL      4,267,702
           
       PAPER & FOREST PRODUCTS—3.9%
2,000,000      Federal Paper Board Co., Inc., Deb., 8.875%, 7/1/2012      2,105,334
1,000,000      Weyerhaeuser Co., Deb., 7.50%, 3/1/2013      967,556
           
       TOTAL      3,072,890
           
       PROTECTION—SAFETY—1.1%
1,000,000      Tyco International Group, Company Guarantee, 6.125%,
1/15/2009		      898,268
           
       RETAIL—MAJOR DEPARTMENT STORE—1.1%
1,000,000      Dillard Department Stores, Inc., Note, 7.85%, 10/1/2012      833,169
           
TOTAL CORPORATE BONDS
(identified cost $16,354,860)		      15,794,421
           
WESMARK BALANCED FUND
 
 
Principal
Amount
or Shares
    
     Value
               
GOVERNMENT AGENCIES—6.9%     
       FEDERAL HOME LOAN MORTGAGE
CORPORATION—6.9%
$  5,672,283      6.50%, 3/1/2013—9/1/2018 (identified cost $5,700,965)      $  5,443,432
           
MUTUAL FUND—0.7%
548,752      Federated U.S. Treasury Cash Reserves Fund (at net asset value)      548,752
           
TOTAL INVESTMENTS
(identified cost $69,450,630)(b)		      $78,576,519
           
(a) Non-income producing security.
 
(b) The cost of investments for federal tax purposes amounts to $69,450,630. The net unrealized appreciation of investments on a federal tax basis amounts to $9,125,889 which is comprised of $12,855,840 appreciation and $3,729,951 depreciation at July 31, 2000.
 
Note: The categories of investments are shown as a percentage of net assets ($79,007,807) at July 31, 2000.
 
The following acronym is used throughout this portfolio:
 
ADR—American Depositary Receipt
 
See Notes which are an integral part of the Financial Statements
WESMARK BOND FUND
PORTFOLIO OF INVESTMENTS
July 31, 2000 (Unaudited)
 
Principal
Amount
    
     Value
CORPORATE BONDS—45.0%     
                                 
       AUTOMOTIVE—2.8%
$3,000,000      Delphi Auto Systems Corp., Note, 6.50%, 5/1/2009      $  2,708,589
1,000,000      Goodyear Tire & Rubber Co., Note, 6.625%, 12/1/2006      938,479
          
       TOTAL      3,647,068
          
       BANKING—5.2%
1,000,000      Bank of America Corp., Sr. Note, 5.875%, 2/15/2009      893,019
2,000,000      Bank of America Corp., Sub. Note, 9.375%, 9/15/2009      2,175,482
2,000,000      NationsBank Corp., Sub. Note, 7.80%, 9/15/2016      1,995,416
2,000,000      Wells Fargo & Co., Sub. Note, 6.25%, 4/15/2008      1,819,832
          
       TOTAL      6,883,749
          
       BASIC MATERIALS—0.7%
1,000,000      Worthington Industries, Inc., Note, 7.125%, 5/15/2006      971,099
          
       COMPUTER SERVICES—1.4%
1,000,000      Dell Computer Corp., Sr. Note, 6.55%, 4/15/2008      934,699
1,000,000      First Data Corp., Series MTND, 6.375%, 12/15/2007      947,020
          
       TOTAL      1,881,719
          
       COMPUTERS—MAINFRAME—2.3%
3,000,000      International Business Machines Corp., Deb., 7.50%, 6/15/2013      3,042,192
          
       COMPUTERS—MINI—3.0%
4,000,000      Sun Microsystems, Inc., Sr. Note, 7.65%, 8/15/2009      3,987,020
          
       ENERGY—1.5%
1,000,000      Carolina Power & Light Co., Sr. Note, 7.50%, 4/1/2005      1,003,883
1,000,000      Columbia Energy Group, Note, 7.32%, 11/28/2010      965,960
          
       TOTAL      1,969,843
          
       FINANCE—3.9%
1,000,000      Donaldson, Lufkin and Jenrette Securities Corp., MTN, 6.90%,
10/1/2007		      941,935
1,000,000      FINOVA Capital Corp., Sr. Note, 6.75%, 3/9/2009      822,392
750,000      Merrill Lynch & Co., Inc., Note, 7.00%, 1/15/2007      739,111
2,000,000      National City Corp., Sub. Note, 6.875%, 5/15/2019      1,772,672
1,000,000      PNC Funding Corp., Sub. Note, 6.125%, 2/15/2009      893,174
          
       TOTAL      5,169,284
          
WESMARK BOND FUND
 
Principal
Amount
    
     Value
CORPORATE BONDS—(Continued)     
                                 
       FINANCE—AUTOMOTIVE—2.0%
$3,000,000      Ford Motor Credit Corp., Sr. Note, 5.80%, 1/12/2009      $  2,622,423
          
       INSTRUMENTS—CONTROL—0.8%
1,000,000      Honeywell International, Inc., Note, 7.00%, 3/15/2007      983,922
          
       INSURANCE—1.4%
2,000,000      Progressive Corp., OH, Note, 7.00%, 10/1/2013      1,801,864
          
       METALS & MINING—0.7%
1,000,000      Commercial Metals Corp., Note, 6.75%, 2/15/2009      930,012
          
       OIL—1.2%
1,400,000      Coastal Corp., Deb., 9.625%, 5/15/2012      1,588,152
          
       OIL—INTEGRATED—3.5%
2,000,000      Conoco, Inc., Sr. Note, 6.35%, 4/15/2009      1,870,768
3,000,000      Phillips Petroleum Co., Note, 6.375%, 3/30/2009      2,717,358
          
       TOTAL      4,588,126
          
       OIL—REFINING & MARKETING—1.1%
500,000      Union Oil of California, Deb., 9.125%, 2/15/2006      529,121
1,000,000      Union Oil of California, Company Guarantee, MTN, Series C,
6.70%, 10/15/2007		      937,630
          
       TOTAL      1,466,751
          
       OIL COMPONENTS—EXPLORATION & PRODUCTION—2.5%
3,500,000      EOG Resources, Inc., Note, 6.50%, 12/1/2007      3,248,655
          
       PHARMACEUTICALS—1.4%
2,000,000      Lilly (Eli) & Co., Note, 6.57%, 1/1/2016      1,895,526
          
       PROTECTION—SAFETY—2.1%
3,000,000      Tyco International Group, Company Guarantee, 6.125%,
1/15/2009		      2,694,804
          
       RETAIL—FOOD—3.4%
3,000,000      Kroger Co., Inc., Company Guarantee, 8.05%, 2/1/2010      2,988,738
1,500,000      Kroger Co., Inc., Sr. Note, 8.15%, 7/15/2006      1,513,723
          
       TOTAL      4,502,461
          
WESMARK BOND FUND
 
Principal
Amount
    
     Value
CORPORATE BONDS—(Continued)     
                                 
       RETAIL—MAJOR DEPARTMENT STORES—2.0%
$      500,000      Penney (J.C.) Co., Inc., Deb., 7.65%, 8/15/2016      $    397,656
1,000,000      Penney (J.C.) Co., Inc., Note, 7.60%, 4/1/2007      875,891
1,500,000      Sears Roebuck Acceptance Corp., Note, 6.875%, 10/15/2017      1,300,875
          
       TOTAL      2,574,422
          
       UTILITY—TELEPHONE—2.1%
2,000,000      Alltel Corp., Deb., 7.00%, 3/15/2016      1,837,232
1,000,000      GTE Northwest, Inc., Deb., 6.30%, 6/1/2010      900,498
          
       TOTAL      2,737,730
          
TOTAL CORPORATE BONDS
(identified cost $61,281,785)		      59,186,822
          
GOVERNMENT AGENCIES—50.7%
       FEDERAL FARM CREDIT BANK—5.9%
5,000,000      6.46%, 4/2/2008      4,731,145
3,000,000      7.95%, 1/22/2010      2,987,601
          
       TOTAL      7,718,746
          
       FEDERAL HOME LOAN BANK—8.5%
6,335,000      5.83%, 9/30/2013      5,529,581
3,000,000      6.50%, 9/9/2008      2,822,979
3,000,000      6.865%, 10/23/2007      2,887,986
          
       TOTAL      11,240,546
          
       FEDERAL HOME LOAN MORTGAGE CORPORATION—26.3%
11,741,153      6.00%, 4/1/2013—10/1/2013      11,161,406
10,093,678      6.50%, 3/1/2013—5/1/2013      9,763,211
4,000,000      6.69%, 4/23/2008      3,808,800
4,000,000      6.846%, 10/10/2007      3,849,200
6,206,920      7.00%, 7/1/2011—3/1/2018      6,086,212
          
       TOTAL      34,668,829
          
       FEDERAL NATIONAL MORTGAGE ASSOCIATION—7.2%
6,640,387      6.50%, 5/1/2018—9/1/2018      6,367,865
2,000,000      6.59%, 5/21/2008      1,900,688
WESMARK BOND FUND
 
Principal
Amount
or Shares
    
     Value
GOVERNMENT AGENCIES—(Continued)     
                                 
       FEDERAL NATIONAL MORTGAGE ASSOCIATION—(Continued)
$1,317,040      7.00%, 2/1/2018      $      1,286,313
          
       TOTAL      9,554,866
          
       TENNESSEE VALLEY AUTHORITY—2.8%
4,000,000      Tennessee Valley Authority, Series C, 6.00%, 3/15/2013              3,632,796
          
TOTAL GOVERNMENT AGENCIES
(identified cost $70,623,529)		      66,815,783
          
PREFERRED STOCKS—1.9%     
       FINANCE—1.6%
50,000      Merrill Lynch Preferred Capital Trust III      1,071,875
25,000      Merrill Lynch Preferred Capital Trust IV      546,875
20,500      Reliastar Financing I      486,875
          
       TOTAL      2,105,625
          
       TELECOMMUNICATIONS—CELLULAR—0.3%
20,000      Motorola Capital Trust      435,000
          
TOTAL PREFERRED STOCKS
(identified cost $2,876,538)		      2,540,625
          
MUTUAL FUND—1.4%
1,793,645      Federated Prime Obligations Fund (at net asset value)      1,793,645
          
TOTAL INVESTMENTS
(identified cost $136,575,497)(a)		      $130,336,875
          
(a) 
The cost of investments for federal tax purposes amounts to $136,575,497. The net unrealized depreciation of investments on a federal tax basis amounts to $6,238,622 which is comprised of $166,459 appreciation and $6,405,081 depreciation at July 31, 2000.
 
Note:
The categories of investments are shown as a percentage of net assets ($131,709,408) at
July 31, 2000.
 
The following acronym is used throughout this portfolio:
 
MTN—Medium Term Note
 
See Notes which are an integral part of the Financial Statements
WESMARK WEST VIRGINIA MUNICIPAL BOND FUND
PORTFOLIO OF INVESTMENTS
July 31, 2000 (Unaudited)
 
Principal
Amount
    
     Credit
Rating*
     Value
    
LONG-TERM MUNICIPALS—96.5%     
       WEST VIRGINIA—96.5%
$  500,000      Berkeley County, WV, Board of Education, GO UT,
4.50% (FGIC INS)/(Original Issue Yield: 5.30%),
6/1/2009		      AAA      $   482,645
100,000      Brooke County, WV, Board of Education, GO UT
Refunding Bonds, 8.75% (AMBAC INS), 8/1/2001		      AAA      104,207
500,000      Cabell County, WV, Board of Education, GO UT, 4.60%
(Original Issue Yield: 4.70%), 5/1/2003		      A+      498,440
500,000      Cabell County, WV, Board of Education, GO UT, 6.00%
(MBIA INS), 5/1/2006		      AAA      532,610
100,000      Cabell, Putnam & Wayne County’s, WV, Single Family
Residence Mortgage Revenue Bonds, 7.375% (FGIC INS),
4/1/2010		      AAA      111,357
160,000      Charles Town, WV, Residential Mortgage Revenue
Bonds, 6.20%, 3/1/2011		      A1      163,562
355,000      Charles Town, WV, Waterworks and Sewer System,
Refunding Revenue Bonds, 5.00% (Original Issue Yield:
5.15%), 10/1/2013		      AA      335,358
340,000      Charles Town, WV, Waterworks and Sewer System,
Refunding Revenue Bonds, 5.00%, 10/1/2012		      AA      322,704
315,000      Charleston, WV, Building Commission, Parking Facility,
Refunding Revenue Bonds, 0.00%, (Original Issue Yield:
6.90%), 12/1/2016		      NR      110,546
1,555,000      Charleston, WV, Building Commission, Parking Facility,
Refunding Revenue Bonds, 0.00%, (Original Issue Yield:
7.00%), 12/1/2017		      NR      507,552
125,000      Charleston, WV, Building Commission, Revenue Bonds,
5.60% (Original Issue Yield: 5.60%), 6/1/2019		      NR      113,626
235,000      Charleston, WV, Building Commission, Revenue Bonds,
5.85%, (Center for Arts and Sciences Project), (Original
Issue Yield: 5.85%), 6/1/2019		      NR      218,764
865,000      Charleston, WV, Building Commission, Subordinate
Bonds, 6.00% (Charleston Town Center Parking),
12/1/2010		      NR      893,830
500,000      Charleston, WV, Civic Center Revenue, Improvement
Bonds, 6.25%, 12/1/2015		      NR      500,750
WESMARK WEST VIRGINIA MUNICIPAL BOND FUND
 
Principal
Amount
    
     Credit
Rating*
     Value
    
LONG-TERM MUNICIPALS—(Continued)     
       WEST VIRGINIA—(Continued)
$1,000,000      Charleston, WV, Urban Renewal Authority, Public
Improvement Revenue Bonds, 5.25% (FSA INS),
12/15/2018		      AAA      $   965,650
1,200,000      Charleston, WV, Urban Renewal Authority, Refunding
Revenue Bonds, 5.30% (FSA INS)/(Original Issue Yield:
5.281%), 12/15/2022		      AAA      1,135,308
1,240,000      Charleston, WV, GO UT, 7.20%, 10/1/2008      A1      1,426,248
355,000      Charleston, WV, GO UT, 7.20%, 10/1/2003      A1      380,865
500,000      Fairmont, WV, Waterworks, Series 1999, 5.25%
(AMBAC INS)/(Original Issue Yield: 4.95%), 7/1/2017		      Aaa      485,255
795,000      Fairmont, WV, Waterworks, Series 1999, 5.25%
(AMBAC INS)/(Original Issue Yield: 4.848%), 7/1/2015		      Aaa      783,655
2,235,000      Fairmont, WV, Waterworks, Water Utility Improvement
Revenue Bonds, 5.00% (AMBAC INS), 7/1/2019		      Aaa      2,060,178
500,000      Harrison County, WV, Board of Education, GO UT,
6.40% (FGIC INS)/(Original Issue Yield: 6.45%),
5/1/2006		      AAA      542,575
680,000      Harrison County, WV, Building Commission, Healthcare,
Maplewood Retirement Revenue Bonds, 5.15% (AMBAC
INS)/(Original Issue Yield: 5.32%), 4/1/2018		      Aaa      642,267
420,000      Jackson County, WV, Revenue Bonds, 7.375% (FGIC
INS), 6/1/2010		      AAA      499,548
750,000      Kanawha County, WV, Commercial Development,
Refunding Revenue Bonds, 6.50% (May Department
Stores Co.), 6/1/2003		      A+      779,460
750,000      Kanawha County, WV, PCR Bonds, 6.00%, 12/1/2007      BBB-      751,012
2,025,000      Kanawha County, WV, PCR Bonds, 7.35% (Union
Carbide Corp.), 8/1/2004		      Baa2      2,135,484
285,000      Logan County, WV, Revenue Bonds, 8.00% (Logan
County Health Care Center Limited Partnership Project),
12/1/2009		      NR      334,140
60,000      Marshall County, WV, Special Obligation Bonds, 6.50%
(Original Issue Yield: 6.65%), 5/15/2010		      AAA      63,833
355,000      Mason County, WV, PCR Bonds, 5.45% (Ohio Power
Co.)/(AMBAC INS)/(Original Issue Yield: 5.47%),
12/1/2016		      AAA      355,295
 
WESMARK WEST VIRGINIA MUNICIPAL BOND FUND
 
Principal
Amount
    
     Credit
Rating*
     Value
    
LONG-TERM MUNICIPALS—(Continued)     
       WEST VIRGINIA—(Continued)
$1,275,000      Mason County, WV, PCR Bonds, Series I, 6.85% (Original
Issue Yield: 6.89%), 6/1/2022		      BBB+      $1,314,946
350,000      Ohio County, WV, Board of Education, GO UT, 5.00%
(MBIA INS)/(Original Issue Yield: 5.25%), 6/1/2013		      A+      341,561
785,000      Ohio County, WV, Board of Education, GO UT Refunding
Bonds, 5.125% (MBIA INS)/(Original Issue Yield:
5.375%), 6/1/2018		      AAA      741,535
1,035,000      Ohio County, WV, Board of Education, GO UT Refunding
Bonds, 5.125% (Original Issue Yield: 5.375%), 6/1/2018		      A+      966,649
1,000,000      Ohio County, WV, Board of Education, GO UT, 5.00%
(Original Issue Yield: 5.25%), 6/1/2013		      A+      960,560
300,000      Ohio County, WV, Board of Education, GO UT, 5.25%
(MBIA INS)/(Original Issue Yield: 5.65%), 6/1/2016		      AAA      296,484
1,100,000      Ohio County, WV, County Community Health System
Refunding Revenue Bonds, 4.85% (Ohio Valley Medical
Center)/(American Capital Access INS), 1/1/2008		      A      1,062,457
155,000      Parkersburg, WV, Waterworks & Sewer Systems,
Refunding Revenue Bonds, 5.80% (FSA INS)/(Original
Issue Yield: 5.929%), 9/1/2019		      AAA      157,286
150,000      Pleasants County, WV, PCR Bonds, Series C, 6.15%,
5/1/2015		      A      153,804
830,000      Pleasants County, WV, PCR Bonds, 6.15% (West Penn
Power Co.)/(AMBAC INS), 5/1/2015		      AAA      864,237
535,000      Putnam County, WV, PCR Bonds, (Appalachian Power
Co.), Series D, 5.45% (AMBAC INS)/(Original Issue
Yield: 5.47%), 6/1/2019		      AAA      525,691
475,000      Raleigh County, WV, Commercial Development Refunding
Revenue Bonds, 5.50%, 6/1/2006		      NR      484,918
865,000      Raleigh County, WV, Building Commission, Public
Improvement Bonds, 5.00%, 10/1/2012		      A      846,437
1,795,000      Raleigh, Fayette & Nicholas Counties, WV, Refunding
Bonds, 6.25% (Original Issue Yield: 6.60%), 8/1/2011		      Aaa      1,963,909
2,015,000      Randolph County, WV, Refunding Revenue Bonds, 5.20%
(Davis Health Systems, Inc.)/(FSA INS), 11/1/2015		      Aaa      1,954,993
1,000,000      South Charleston, WV, Refunding Revenue Bonds, 7.625%
(Union Carbide Corp.), 8/1/2005		      BBB      1,086,260
 
WESMARK WEST VIRGINIA MUNICIPAL BOND FUND
 
Principal
Amount
    
     Credit
Rating*
     Value
    
LONG-TERM MUNICIPALS—(Continued)     
       WEST VIRGINIA—(Continued)
$  500,000      South Charleston, WV, Revenue Bonds, 5.50%, (Herbert
J. Thomas Hospital)/(MBIA INS), 10/1/2009		      AAA      $   503,600
1,000,000      South Charleston, WV, Refunding Revenue Bonds, 5.10%
(Union Carbide Corp.), 1/1/2012		      BBB      917,330
415,000      Taylor County, WV, GO UT Bonds, 8.40% (Original
Issue Yield: 8.45%), 5/1/2001		      NR      426,732
175,000      Weirton, WV, Municipal Hospital Building, Refunding
Revenue Bonds, 5.75% (Weirton Medical Center,
Inc.)/(AMBAC INS)/(Original Issue Yield: 6.00%),
12/1/2003		      AAA      177,296
1,000,000      West Virginia State College, Revenue Bonds, 5.75%
(AMBAC INS)/(Original Issue Yield: 5.85%), 4/1/2003		      AAA      1,028,430
200,000      West Virginia State College, Revenue Bonds, 5.75%
(AMBAC INS)/(Original Issue Yield: 5.95%), 4/1/2004		      AAA      207,518
500,000      West Virginia Housing Development Fund, Series A,
5.65% (AMBAC INS)/(Original Issue Yield: 5.65%),
11/1/2021		      AAA      490,855
275,000      West Virginia Housing Development Fund, Refunding
Revenue Bonds, 6.70%, 5/1/2009		      AAA      285,566
735,000      West Virginia Housing Development Fund, Revenue
Bonds, 5.35%, 11/1/2010		      AAA      739,101
430,000      West Virginia Housing Development Fund, Refunding
Revenue Bonds, Series A, 5.50%, 11/1/2011		      AAA      433,268
250,000      West Virginia School Building Authority, Refunding
Revenue Bonds, 5.25%, 7/1/2021		      AAA      237,220
2,000,000      West Virginia School Building Authority, Revenue Bonds,
5.625% (MBIA INS)/(Original Issue Yield: 5.90%),
7/1/2003		      AAA      2,055,160
100,000      West Virginia School Building Authority, Revenue Bonds,
6.75% (MBIA INS)/(Original Issue Yield: 7.00%),
7/1/2004		      AAA      107,500
300,000      West Virginia School Building Authority, Revenue Bonds,
6.80% (MBIA INS)/(Original Issue Yield: 6.85%),
7/1/2001		      AAA      306,480
 
WESMARK WEST VIRGINIA MUNICIPAL BOND FUND
 
Principal
Amount
    
     Credit
Rating*
     Value
    
LONG-TERM MUNICIPALS—(Continued)     
       WEST VIRGINIA—(Continued)
$  240,000      West Virginia State Building Commission Lease, Series B,
4.60% (West Virginia Regional Jail and Correctional
Facility)/(AMBAC INS)/(Original Issue Yield: 4.65%),
7/1/2010		      AAA      $   226,949
150,000      West Virginia State Building Commission Lease, Series C,
4.50% (West Virginia Regional Jail and Correctional
Facility)/(AMBAC INS), 7/1/2007		      AAA      144,192
150,000      West Virginia State Building Commission Lease, Series C,
4.50% (West Virginia Regional Jail and Correctional
Facility)/(AMBAC INS)/(Original Issue Yield: 4.55%),
7/1/2008		      AAA      143,292
2,000,000      West Virginia State Building Commission Lease,
Refunding Revenue Bonds, 5.375% (AMBAC
INS)/(Original Issue Yield: 5.04%), 7/1/2021		      AAA      1,932,900
190,000      West Virginia State Building Commission Lease, Revenue
Bonds, 4.50% (West Virginia Regional Jail and
Correctional Facility)/(AMBAC INS)/(Original Issue
Yield: 4.55%), 7/1/2008		      AAA      181,665
870,000      West Virginia State Hospital Finance Authority,
Refunding Revenue Bonds, 5.00% (FSA INS), 8/1/2009		      Aaa      864,406
1,000,000      West Virginia State Hospital Finance Authority,
Refunding Revenue Bonds, 5.00% (West Virginia
University Hospital, Inc.)/(MBIA INS)/(Original Issue
Yield: 5.55%), 6/1/2016		      AAA      943,490
100,000      West Virginia State Hospital Finance Authority,
Refunding Revenue Bonds, 6.125% (Original Issue Yield:
6.25%), 9/1/2009		      A2      100,512
200,000      West Virginia State Hospital Finance Authority, Revenue
Bonds, Series A, 5.60% (Cabell Huntington
Hospital)/(AMBAC INS)/(Original Issue Yield: 5.75%),
1/1/2005		      AAA      205,484
100,000      West Virginia State Hospital Finance Authority, Revenue
Bonds, Series A, 6.00% (Charleston Area Medical
Center)/(Original Issue Yield: 6.10%), 9/1/2007		      A2      100,394
300,000      West Virginia State Hospital Finance Authority, Revenue
Bonds, 4.70% (FSA INS), 8/1/2006		      Aaa      293,466
 
WESMARK WEST VIRGINIA MUNICIPAL BOND FUND
 
Principal
Amount
    
     Credit
Rating*
     Value
    
LONG-TERM MUNICIPALS—(Continued)     
       WEST VIRGINIA—(Continued)
$  700,000      West Virginia State Hospital Finance Authority, Revenue
Bonds, 4.90% (West Virginia University Hospital,
Inc.)/(MBIA INS)/(Original Issue Yield: 5.00%),
6/1/2004		      AAA      $   703,101
1,750,000      West Virginia State Hospital Finance Authority, Revenue
Bonds, 5.75% (Charleston Area Medical Center)/(MBIA
INS)/(Original Issue Yield: 5.98%), 9/1/2013		      AAA      1,792,788
180,000      West Virginia State Hospital Finance Authority, Revenue
Bonds, 6.75% (Original Issue Yield: 6.85%), 3/1/2014		      BBB-      177,786
750,000      West Virginia State Hospital Finance Authority,
Refunding Revenue Bonds, 4.75% (Department of Health
& Human Resources)/(FSA INS)/(Original Issue Yield:
4.80%), 8/1/2008		      Aaa      727,043
1,000,000      West Virginia State Housing Development Fund, Series
A, 5.05%, 11/1/2014		      AAA      970,280
1,200,000      West Virginia State Housing Development Fund, Series
C, 5.80% (Original Issue Yield: 5.80%), 5/1/2017		      AAA      1,209,696
1,000,000      West Virginia State Housing Development Fund,
Refunding Revenue Bonds, Series A, 5.10%, 11/1/2015		      AAA      939,780
1,000,000      West Virginia State, GO UT Highway Improvement
Bonds, 5.25%, 6/1/2010		      AAA      1,024,620
900,000      West Virginia State, GO UT Highway Improvement
Bonds, 5.10% (Original Issue Yield: 5.17%), 6/1/2012		      AA-      897,561
2,000,000      West Virginia State, GO UT Water Utility & Sewer
Improvement Bonds, 0.00%, (Original Issue Yield:
4.98%), 11/1/2010		      AAA      1,180,860
55,000      West Virginia University Board of Regents, Revenue
Bonds, 5.90% (MBIA INS), 4/1/2004		      AAA      56,411
490,000      West Virginia University Board of Regents, Revenue
Bonds, 5.90%, 4/1/2004		      A+      503,019
400,000      West Virginia University, Refunding Bond, Series A,
4.85% (Dormitory Project)/(AMBAC INS)/(Original
Issue Yield: 4.95%), 5/1/2010		      AAA      391,164
500,000      West Virginia University, Refunding Revenue Bonds,
5.00% (Student Union Project)/(AMBAC INS)/(Original
Issue Yield: 5.22%), 5/1/2017		      AAA      472,825
 
WESMARK WEST VIRGINIA MUNICIPAL BOND FUND
 
Principal
Amount
or Shares
    
     Credit
Rating*
     Value
    
LONG-TERM MUNICIPALS—(Continued)     
       WEST VIRGINIA—(Continued)
$1,000,000      West Virginia University, Revenue Bonds, Series B,
5.00% (Student Union Project)/(AMBAC INS)/(Original
Issue Yield: 5.19%), 5/1/2015		      AAA      $   957,650
100,000      West Virginia University, Revenue Bonds, 5.50%,
(Marshall University Library)/(AMBAC INS)/(Original
Issue Yield: 5.55%), 4/1/2009		      AAA      102,284
135,000      West Virginia Water Development Authority, Refunding
Revenue Bonds, Loan Program II, 5.00% (Original Issue
Yield: 6.02%), 11/1/2018		      AAA      124,586
765,000      West Virginia Water Development Authority, Water
Development Revenue Bonds, Loan Program II, 7.70%
(United States Treasury PRF)/(Original Issue Yield:
7.822%), 11/1/2029 (@102)		      A-      786,183
425,000      Wetzel County, WV, Board of Education, GO UT, 7.00%
(MBIA INS)/(Original Issue Yield: 7.15%), 5/1/2004		      AAA      459,829
500,000      Wheeling, WV, Waterworks & Sewer Systems, Refunding
Revenue Bonds, 4.90% (FGIC INS)/(Original Issue Yield:
5.00%), 6/1/2006		      Aaa      500,970
300,000      Wheeling, WV, Waterworks & Sewer Systems, Series C,
Revenue Bonds, 6.60% (FGIC INS)/(United States
Treasury PRF)/(Original Issue Yield: 6.691%), 6/1/2002
(@100)		      AAA      311,178
155,000      Wheeling, WV, GO UT, 7.50%, 6/1/2003      Baa1      164,833
165,000      Wood County, WV, Building Commission, Refunding
Revenue Bonds, 6.625% (St. Joseph Hospital,
Parkersburg)/(AMBAC INS), 1/1/2006		      AAA      172,323
                
TOTAL LONG-TERM MUNICIPALS
(identified cost $60,329,316)		           59,638,027
                
MUTUAL FUND—0.8%
502,937      Federated Tax-Free Obligations Fund (at net asset value)           502,937
                
TOTAL INVESTMENTS
(identified cost $60,832,253)(a)		           $60,140,964
                
WESMARK WEST VIRGINIA MUNICIPAL BOND FUND
 
  * 
Please refer to the Appendix of the Statement of Additional Information for an explanation of the credit ratings. Current credit ratings are unaudited.
 
(a) 
The cost of investments for federal tax purposes amounts to $60,832,253. The net unrealized depreciation of investments on a federal tax basis amounts to $691,289 which is comprised of $529,763 appreciation and $1,221,052 depreciation at July 31, 2000.
 
Note:    The categories of investments are shown as a percentage of net assets ($61,805,124) at July 31, 2000.
 
The following acronyms are used throughout this portfolio:
 
AMBAC—American Municipal Bond Assurance Corporation
FGIC—Financial Guaranty Insurance Corporation
FSA—Financial Security Assurance
GO—General Obligation
INS—Insured
MBIA—Municipal Bond Insurance Association
PCR—Pollution Control Revenue
PRF—Prerefunded
UT—Unlimited Tax
 
See Notes which are an integral part of the Financial Statements
WESMARK FUNDS
STATEMENTS OF ASSETS AND LIABILITIES
July 31, 2000 (Unaudited)
 
       WesMark
Growth
Fund
     WesMark
Balanced
Fund
     WesMark
Bond
Fund
     WesMark
West Virginia
Municipal Bond
Fund
Assets:
    Total investments in securities, at value      $215,902,173        $78,576,519        $130,336,875        $60,140,964  
    Cash      166,998        53,455        78,586        24,816  
    Income receivable      141,111        440,228        2,063,966        799,716  
    Receivable for investments sold      —        —        —        1,715,499  
    Deferred organizational costs      1,916        —        —        2,108  
     
     
     
     
  
        Total assets      216,212,198        79,070,202        132,479,427        62,683,103  
     
     
     
     
  
Liabilities:
    Payable for investments purchased      —        —        —        624,902  
    Payable to adviser      139,194        45,217        61,243        15,710  
    Income distribution payable      —        —        696,170        231,415  
    Accrued expenses      37,000        17,178        12,606        5,952  
     
     
     
     
  
        Total liabilities      176,194        62,395        770,019        877,979  
     
     
     
     
  
Net Assets Consist of:
    Paid in capital      153,703,433        65,331,334        139,003,536        62,647,837  
    Net unrealized appreciation (depreciation) of investments      35,538,509        9,125,889        (6,238,622 )      (691,289 )
    Accumulated net realized gain (loss) on investments      26,137,046        4,555,035        (1,119,738 )      (151,332 )
    Undistributed net investment income (distributions in excess
         of net investment income)		      657,016        (4,451 )      64,232        (92 )
     
     
     
     
  
        Total Net Assets      $216,036,004        $79,007,807        $131,709,408        $61,805,124  
     
     
     
     
  
    Shares Outstanding:      13,951,377        7,402,626        14,126,746        6,248,941  
     
     
     
     
  
Net Asset Value, Offering Price and Redemption Proceeds
Per Share:
    Net Asset Value Per Share      $            15.48        $          10.67        $              9.32        $            9.89  
     
     
     
     
  
    Offering Price Per Share(a)      $            16.25 (b)      $          11.20 (b)      $              9.68 (c)      $          10.28 (c)
     
     
     
     
  
    Redemption Proceeds Per Share      $            15.48        $          10.67        $              9.32        $            9.89  
     
     
     
     
  
    Investments, at identified cost      $180,363,664        $69,450,630        $136,575,497        $60,832,253  
     
     
     
     
  
    Investments, at tax cost      $180,363,664        $69,450,630        $136,575,497        $60,832,253  
     
     
     
     
  
(a) 
See “What Do Shares Cost?” in the Prospectus.
 
(b) 
Computation of offering price per share 100/95.25 of net asset value.
 
(c) 
Computation of offering price per share 100/96.25 of net asset value.
 
See Notes which are an integral part of the Financial Statements
WESMARK FUNDS
STATEMENTS OF OPERATIONS
Six Months Ended July 31, 2000 (Unaudited)
 
     WesMark
Growth
Fund
     WesMark
Balanced
Fund
     WesMark
Bond
Fund
     WesMark
West Virginia
Municipal Bond
Fund
Investment Income:
    Dividends    $  1,155,624 (a)      $    550,119 (b)      $    103,712        $            —  
    Interest    551,580        818,142        4,464,687        1,659,011  
    
     
     
     
  
    Total income    1,707,204        1,368,261        4,568,399        1,659,011  
    
     
     
     
  
Expenses:
    Investment adviser fee    787,279        297,663        385,244        186,672  
    Administrative personnel and services fee    144,692        54,715        88,533        42,904  
    Custodian fees    14,909        7,634        9,758        6,271  
    Transfer and dividend disbursing agent fees and expenses    16,906        13,918        16,673        16,664  
    Directors’/Trustees’ fees    2,086        1,787        2,151        1,340  
    Auditing fees    8,545        8,888        7,865        7,509  
    Legal fees    2,090        1,973        1,929        1,865  
    Portfolio accounting fees    27,308        22,754        24,173        26,405  
    Share registration costs    11,987        8,540        8,573        7,113  
    Printing and postage    12,526        12,365        11,853        12,835  
    Insurance premiums    574        397        514        405  
    Miscellaneous    4,196        1,163        1,061        2,367  
    
     
     
     
  
    Total expenses    1,033,098        431,797        558,327        312,350  
    
     
     
     
  
Waivers—
    Waiver of investment adviser fee    (15,549 )      (45,869 )      (42,582 )      (93,336 )
    
     
     
     
  
        Net expenses    1,017,549        385,928        515,745        219,014  
    
     
     
     
  
            Net investment income    689,655        982,333        4,052,654        1,439,997  
    
     
     
     
  
Realized and Unrealized Gain (Loss) on Investments:
    Net realized gain (loss) on investments    26,138,078        4,569,100        (408,974 )      (150,945 )
    Net change in unrealized appreciation (depreciation)
        of investments		    357,799         (1,372,692 )      2,088,439        1,698,381  
    
     
     
     
  
        Net realized and unrealized gain on investments    26,495,877        3,196,408        1,679,465        1,547,436  
    
     
     
     
  
            Change in net assets resulting from operations    $27,185,532        $4,178,741        $5,732,119        $2,987,433  
    
     
     
     
  
(a) 
Net of foreign taxes withheld of $10,657.
 
(b) 
Net of foreign taxes withheld of $3,683.
 
See Notes which are an integral part of the Financial Statements
WESMARK FUNDS
STATEMENTS OF CHANGES IN NET ASSETS
 
 
     WesMark Growth Fund
   WesMark Balanced Fund
     Six Months
Ended
(unaudited)
July 31,
2000
   Year Ended
January 31,
2000
   Six Months
Ended
(unaudited)
July 31,
2000
   Year Ended
January 31,
2000
Increase (Decrease) in Net Assets:
Operations—
    Net investment income    $        689,655      $        169,196      $      982,333      $  1,681,690  
    Net realized gain on investments    26,138,078      38,142,956      4,569,100      3,851,990  
    Net change in unrealized appreciation (depreciation)
         of investments		    357,799      5,108,617      (1,372,692 )    2,992,458  
    
    
    
    
  
    Change in net assets resulting from operations    27,185,532      43,420,769      4,178,741      8,526,138  
    
    
    
    
  
Distributions to Shareholders—
    Distributions from net investment income    (127,621 )    (89,403 )    (986,784 )    (1,660,374 )
    Distributions from net realized gain on investments     (23,521,812 )     (18,287,743 )     (3,135,713 )     (1,633,127 )
    
    
    
    
  
    Change in net assets from distributions to shareholders    (23,649,433 )    (18,377,146 )    (4,122,497 )    (3,293,501 )
    
    
    
    
  
Share Transactions—
    Proceeds from sale of shares    22,058,948      25,917,293      7,458,164      13,683,589  
    Net asset value of shares issued to shareholders in payment of
         distributions declared		    11,021,956      7,551,961      740,209      384,158  
    Cost of shares redeemed    (3,885,476 )    (10,286,075 )    (3,107,367 )    (6,326,453 )
    
    
    
    
  
    Change in net assets from share transactions    29,195,428      23,183,179      5,091,006      7,741,294  
    
    
    
    
  
    Change in net assets    32,731,527      48,226,802      5,147,250      12,973,931  
 
Net Assets:
    Beginning of period     183,304,477       135,077,675       73,860,557       60,886,626  
    
    
    
    
  
    End of period    216,036,004      183,304,477      79,007,807      73,860,557  
    
    
    
    
  
    Undistributed (distributions in excess of) net investment income
         included in net assets at end of period		    $        657,016      $          94,982      $        (4,451 )    —  
    
    
    
    
  
    Net gain (loss) as computed for federal tax purposes    $  26,138,078      $  38,142,956      $  4,569,100      $  3,851,990  
    
    
    
    
  
 
See Notes which are an integral part of the Financial Statements
WESMARK FUNDS
STATEMENTS OF CHANGES IN NET ASSETS
(Continued)
 
     WesMark Bond Fund
   WesMark West Virginia
Municipal Bond Fund
     Six Months
Ended
(unaudited)
July 31,
2000
   Year Ended
January 31,
2000
   Six Months
Ended
(unaudited)
July 31,
2000
   Year Ended
January 31,
2000
Increase (Decrease) in Net Assets:
Operations—
    Net investment income    $    4,052,654      $    7,064,904      $  1,439,997      $  2,890,504  
    Net realized gain (loss) on investments    (408,974 )    (710,764 )    (150,945 )    203,160  
    Net change in unrealized appreciation (depreciation)
         of investments		    2,088,439      (10,581,038 )    1,698,381      (4,996,680 )
    
    
    
    
  
    Change in net assets resulting from operations    5,732,119      (4,226,898 )    2,987,433      (1,903,016 )
    
    
    
    
  
Distributions to Shareholders—
    Distributions from net investment income     (4,081,723 )     (6,971,603 )     (1,440,089 )     (2,890,681 )
    Distributions from net realized gain on investments    —      (70,876 )    (19,978 )    (188,017 )
    
    
    
    
  
    Change in net assets from distributions to shareholders    (4,081,723 )    (7,042,479 )    (1,460,067 )    (3,078,698 )
    
    
    
    
  
Share Transactions—
    Proceeds from sale of shares    9,320,660      26,937,178      1,716,627      10,177,556  
    Net asset value of shares issued to shareholders in payment of
         distributions declared		    818,455      1,664,577      79,674      221,710  
    Cost of shares redeemed    (5,203,503 )    (9,854, 641 )    (5,575,326 )    (8,794,434 )
    
    
    
    
  
    Change in net assets from share transactions    4,935,612      18,747,114      (3,779,025 )    1,604,832  
    
    
    
    
  
    Change in net assets    6,586,008      7,477,737      (2,251,659 )    (3,376,882 )
 
Net Assets:
    Beginning of period     125,123,400       117,645,663       64,056,783       67,433,665  
    
    
    
    
  
    End of period    131,709,408      125,123,400      61,805,124      64,056,783  
    
    
    
    
  
    Undistributed (distributions in excess of) net investment income
         included in net assets at end of period		    $          64,232      $          93,301      $              (92 )    $              —  
    
    
    
    
  
    Net gain (loss) as computed for federal tax purposes    $      (408,974 )    $      (710,764 )    $    (150,945 )    $      203,738  
    
    
    
    
  
 
See Notes which are an integral part of the Financial Statements
WESMARK FUNDS
FINANCIAL HIGHLIGHTS
(For a share outstanding throughout each period)
 
Year Ended January 31,
   Net Asset
Value,
beginning
of period
   Net
Investment
Income
   Net
Realized and
Unrealized
Gain (Loss)
on Investments
   Total from
Investment
Operations
   Distributions
from Net
Investment
Income
   Distributions
from Net
Realized
Gain on
Investments
   Total
Distributions
WesMark Growth Fund
    1998(c)    $10.00      0.09        1.71         1.80         (0.08 )      (0.57 )    (0.65 )  
    1999    $11.15      0.06        2.38         2.44         (0.06 )      (0.79 )    (0.85 )  
    2000    $12.74      0.01        3.95         3.96         (0.01 )      (1.60 )    (1.61 )  
    2000(d)    $15.09      0.05        2.13         2.18         (0.01 )      (1.78 )    (1.79 )  
 
WesMark Balanced Fund
    1999(e)    $10.00      0.24        0.30      0.54      (0.24 )    (0.49 )    (0.73 )
    2000    $  9.81      0.25        1.07      1.32      (0.25 )    (0.24 )    (0.49 )
    2000(d)    $10.64      0.14        0.46      0.60      (0.14 )    (0.43 )    (0.57 )
 
WesMark Bond Fund
    1999(e)    $10.00      0.43        0.13      0.56      (0.43 )    (0.02 )    (0.45 )
    2000    $10.11      0.56        (0.89 )    (0.33 )    (0.56 )    (0.01 )    (0.57 )
    2000(d)    $  9.21      0.29        0.11      0.40      (0.29 )    —      (0.29 )
 
WesMark West Virginia
Municipal Bond Fund
    1998(c)    $10.00      0.35        0.31      0.66      (0.35 )    (0.01 )    (0.36 )
    1999    $10.30      0.43        0.12      0.55      (0.43 )    (0.01 )    (0.44 )
    2000    $10.41      0.44        (0.72 )    (0.28 )    (0.44 )    (0.03 )    (0.47 )
    2000(d)    $  9.66      0.22        0.23      0.45      (0.22 )    (0.00 )(f)    (0.22 )
(a) 
Based on net asset value, which does not reflect the sales charge or contingent deferred sales charge, if applicable.
 
(b) 
This voluntary expense decrease is reflected in both the expense and the net investment income ratios shown above.
 
(c) 
Reflects operations for the period from April 14, 1997 (date of initial public investment) to January 31, 1998.
 
(d) 
For the six months ended July 31, 2000 (unaudited).
 
(e) 
Reflects operations for the period from April 20, 1998 (date of initial public investment) to January 31, 1999.
 
(f) 
Amount represents less than $0.01 per share.
 
(g) 
Computed on an annualized basis.
 
(h) 
Amount represents less than 0.01%.
 
See Notes which are an integral part of the Financial Statements
 
 
 
 
 
          Ratios to Average Net Assets
         
Net
Asset Value,
end of period
   Total
Return(a)
   Expenses
   Net
Investment
Income
   Expense
Waiver/
Reimbursement(b)
   Net Assets,
end of period
(000 omitted)
   Portfolio
Turnover
Rate
WesMark Growth Fund
     $11.15                        18.24 %    1.14 %(g)    0.99 %(g)    0.00 %(g)(h)    $114,142          58%
     $12.74                        22.58 %    1.04 %          0.50 %    0.01 %    $135,078          58%
     $15.09                        31.22 %    0.95 %    0.10 %    0.01 %    $183,304          71%
     $15.48                        14.36 %    0.97 %(g)    0.66 %(g)    0.01 %(g)    $216,036          35%
 
WesMark Balanced Fund
     $9.81                        5.50 %    1.15 %(g)    3.03 %(g)    0.09 %(g)    $  60,887          57%
     $10.64                        13.52 %    0.90 %    2.38 %    0.15 %    $  73,864          44%
     $10.67                        5.55 %    0.97 %(g)    2.48 %(g)    0.12 %(g)    $  79,008          22%
 
WesMark Bond Fund
     $10.11                        5.70 %    0.90 %(g)    5.47 %(g)    0.07 %(g)    $117,646          39%
     $9.21                        (3.41 %)    0.72 %    5.85 %    0.10 %    $125,123          26%
     $9.32                        4.43 %    0.80 %(g)    6.31 %(g)    0.07 %(g)    $131,709           7%
 
WesMark West Virginia
Municipal Bond Fund
     $10.30                        6.64 %    0.74 %(g)    4.26 %(g)    0.30 %(g)    $  66,381           6%
     $10.41                        5.46 %    0.74 %    4.20 %    0.29 %    $  67,434          17%
     $9.66                        (2.77 %)    0.65 %    4.37 %    0.30 %    $  64,057          30%
     $9.89                        4.79 %    0.70 %(g)    4.63 %(g)    0.30 %(g)    $  61,805          16%
WESMARK FUNDS
NOTES TO FINANCIAL STATEMENTS
July 31, 2000 (Unaudited)
 
 
(1)  Organization
 
WesMark Funds (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company. The Trust consists of four portfolios (individually referred to as the “Fund”, or collectively as the “Funds”) which are presented herein:
 
 
Portfolio Name
     Diversification
     Investment Objective
WesMark Growth
Fund (“Growth
Fund”)		      diversified      to achieve capital appreciation
WesMark Balanced
Fund (“Balanced
Fund”)		      diversified      to achieve capital appreciation and income
WesMark Bond
Fund (“Bond
Fund”)		      diversified      to achieve high current income consistent with
preservation of capital
WesMark West
Virginia Municipal
Bond Fund (“West
Virginia Municipal
Bond Fund”)		      non-diversified      provide current income which is exempt from
federal income tax and income taxes by the
State of West Virginia
 
 
The assets of each portfolio are segregated and a shareholder’s interest is limited to the portfolio in which shares are held.
 
(2)  Significant Accounting Policies
 
The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of their financial statements. These policies are in conformity with generally accepted accounting principles.
 
        Investment Valuation—U.S. government securities, listed corporate bonds, and other fixed income and asset-backed securities are generally valued at the mean of the latest bid and asked price as furnished by an independent pricing service. Listed equity securities are valued at the last sale price reported on a national securities exchange. Short-term securities are valued at the prices provided by an independent pricing service. However, short-term securities with remaining maturities of 60 days or less at the time of purchase may be valued at amortized cost, which approximates fair market value. Investments in other open-end regulated investment companies are valued at net asset value.
 
WESMARK FUNDS
 
        Investment Income, Expenses and Distributions—Interest income and expenses are accrued daily. Bond premium and discount, if applicable, are amortized as required by the Internal Revenue Code, as amended (the “Code”). Dividend income and distributions to shareholders are recorded on the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at fair value.
 
        Federal Taxes—It is each Fund’s policy to comply with the provisions of the Code applicable to regulated investment companies and to distribute to shareholders each year substantially all of their income. Accordingly, no provisions for federal tax are necessary.
 
        When-Issued and Delayed Delivery Transactions—The Funds may engage in when-issued or delayed delivery transactions. The Funds record when-issued securities on the trade date and maintains security positions such that sufficient liquid assets will be available to make payment for the securities purchased. Securities purchased on a when-issued or delayed delivery basis are marked to market daily and begin earning interest on the settlement date. Losses may occur on these transactions due to changes in market conditions or the failure of counterparties to perform under the contract.
 
        Use of Estimates—The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts of assets, liabilities, expenses and revenues reported in the financial statements. Actual results could differ from those estimated.
 
        Other—Investment transactions are accounted for on a trade date basis.
 
(3)  Shares of Beneficial Interest
 
The Declaration of Trust permits the Board of Trustees (“Trustees”) to issue an unlimited number of full and fractional shares of beneficial interest (without par value).
 
        Transactions in shares were as follows:
 
     Growth Fund
   Balanced Fund
     Six-Months
Ended
July 31,
2000
   Year
Ended
January 31,
2000
   Six-Months
Ended
July 31,
2000
   Year
Ended
January 31,
2000
Shares sold    1,335,455      1,762,726      671,195      1,296,249  
Shares issued to shareholders in payment of distributions declared    705,359      495,984      68,114      35,955  
Shares redeemed    (234,712 )    (717,443 )    (280,708 )    (596,275 )
    
    
    
    
  
Net change resulting from share transactions    1,806,102      1,541,267      458,601      735,929  
    
    
    
    
  
WESMARK FUNDS
 
     Bond Fund
   West Virginia
Municipal Bond Fund
     Six-Months
Ended
July 31,
2000
   Year
Ended
January 31,
2000
   Six-Months
Ended
July 31,
2000
   Year
Ended
January 31,
2000
Shares sold    1,008,407      2,802,070      177,559      1,015,142  
Shares issued to shareholders in payment of distributions declared    88,653      173,886      8,208      22,197  
Shares redeemed    (562,601 )    (1,023,579 )    (571,329 )    (879,799 )
    
    
    
    
  
Net change resulting from share transactions    534,459      1,952,377      (385,562 )    157,540  
    
    
    
    
  
 
(4)  Investment Adviser Fee and Other Transactions with Affiliates
 
        Investment Adviser Fee—WesBanco Trust and Investment Services, the Funds’ investment adviser (the “Adviser” or “WesBanco”), receives for its services an annual fee equal to the percentage of each Fund’s average daily net assets as follows:
 
Fund Name
     Investment Adviser
Fee Percentage
Growth Fund      0.75 %
        
Balanced Fund      0.75 %
        
Bond Fund      0.60 %
        
West Virginia Municipal Bond Fund      0.60 %
        
 
        The Adviser may voluntarily choose to waive any portion of its fee. The Adviser can modify or terminate this voluntary waiver at any time at its sole discretion.
 
        Administrative Fee—Federated Services Company (“FServ”) provides the Funds with certain administrative personnel and services. The fee paid to FServ is based on a scale that ranges from 0.15% to 0.075% of the average aggregate net assets of the Trust for the period.
 
        Distribution (12b-1) Fee—The Funds have adopted a Distribution Plan (the “Plan”) pursuant to Rule 12b-1 under the Act. Under the terms of the Plan, each Fund will compensate Edgewood Services, Inc., the principal distributor, from the net assets of each Fund to finance activities intended to result in the sale of each Fund’s shares. The Plan provides that the Funds may incur distribution expenses up to 0.25% of the average daily net assets of each Fund’s shares, annually, to compensate Edgewood Services, Inc. For the six months ended July 31, 2000, the Funds did not incur fees under the Plan.
WESMARK FUNDS
 
 
        Shareholder Services Fee—Under the terms of a Shareholder Services Agreement with WesBanco, each Fund will pay WesBanco up to 0.25% of average daily net assets for the period. The fee paid to WesBanco is used to finance certain services for shareholders and to maintain shareholder accounts. For the six months ended July 31, 2000, the Funds did not incur a shareholder services fee.
 
        Transfer and Dividend Disbursing Agent Fees and Expenses—FServ, through its subsidiary, Federated Shareholder Services Company (“FSSC”) serves as transfer and dividend disbursing agent for the Funds. The fee paid to FSSC is based on the size, type, and number of accounts and transactions made by shareholders.
 
        Portfolio Accounting Fees—FServ maintains the Funds’ accounting records for which it receives a fee. The fee is based on the level of each Fund’s average daily net assets for the period, plus out-of-pocket expenses.
 
        Custodian Fees—WesBanco is the Funds’ custodian. The fee is based on the level of each Fund’s average daily net assets for the period, plus out-of-pocket expenses.
 
        Organizational Expense—Organizational expenses of $5,607 for Growth Fund and $6,169 for West Virginia Municipal Bond Fund were borne initially by the Adviser. The Funds have agreed to reimburse the Adviser for these expenses. These expenses have been deferred and are being amortized over the five-year period following each Fund’s effective date.
 
WESMARK FUNDS
 
        Other Affiliated Parties and Transactions—Pursuant to an exemptive order issued by the SEC, the Funds may invest in certain affiliated money market funds which are distributed by an affiliate of the Funds’ distributor. As of July 31, 2000, each Fund owned the following percentages of the affiliated funds’ outstanding shares:
 
Fund Name
     Affiliated Fund Name
     % of
Outstanding
Shares
Growth Fund      Federated U.S. Treasury Cash Reserves Fund      0.14 %
              
Balanced Fund      Federated U.S. Treasury Cash Reserves Fund      0.02 %
              
Bond Fund      Federated Prime Obligations Fund      0.02 %
              
West Virginia Municipal Bond Fund      Federated Tax-Free Obligations Fund      0.01 %
              
 
        General—Certain of the Officers and Trustees of the Trust are Officers and Directors or Trustees of the above companies.
 
(5)  Investment Transactions
 
Purchases and sales of investments, excluding short-term securities (and in-kind contributions), for the six months ended July 31, 2000, were as follows:
 
Fund Name
     Purchases
     Sales
Growth Fund      $93,086,178      $67,056,223
           
Balanced Fund      $22,062,384      $16,985,954
           
Bond Fund      $16,726,799      $ 8,839,125
           
West Virginia Municipal Bond Fund      $ 9,588,114      $13,816,979
           
 
(6)  Concentration of Credit Risk
 
Since the West Virginia Municipal Bond Fund invests a substantial portion of its assets in issuers located in one state, it will be more susceptible to factors adversely affecting issuers of that state than would be a comparable tax-exempt mutual fund that invests nationally. In order to reduce the credit risk associated with such factors, at July 31, 2000, 52% of the securities in the portfolio of investments are backed by letters of credit or bond insurance of various financial institutions and financial guaranty assurance agencies. The percentage of investments insured by or supported (backed) by a letter of credit from any one institution or agency did not exceed 21% of total investments.
 
(7)  Subsequent Event
 
The WesMark Small Company Growth Fund was declared effective on August 1, 2000.
 
 
TRUSTEES
 
OFFICERS
 
 
 
John F. Donahue
Thomas C. Bigley
John T. Conroy, Jr.
Nicholas P. Constantakis
John F. Cunningham
J. Christopher Donahue
Lawrence D. Ellis, M.D.
Peter E. Madden
Charles F. Mansfield, Jr.
John E. Murray, Jr., J.D., S.J.D.
Marjorie P. Smuts
John S. Walsh
John F. Donahue
Chairman
Peter J. Germain
President
Richard J. Thomas
Treasurer
J. Christopher Donahue
Executive Vice President
John W. McGonigle
Executive Vice President and Secretary
Richard B. Fisher
Vice President
Beth S. Broderick
Vice President and Assistant Treasurer
C. Todd Gibson
Assistant Secretary
 
Mutual funds are not bank deposits or obligations, are not guaranteed by any bank, and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board, or any other government agency. Investment in mutual funds involves investment risk, including the possible loss of principal.
 
This report is authorized for distribution to prospective investors only when preceded or accompanied by the fund’s prospectus which contains facts concerning its objective and policies, management fees, expenses and other information.
 

[Graphic Representation Omitted -- See Appendix]

Family of Funds

COMBINED SEMI-ANNUAL REPORT

[Graphic Representation Omitted -- See Appendix]

Investment Adviser
A Division of WesBanco Bank, Inc.

Cusip 951025204
Cusip 951025303
Cusip 951025402
Cusip 951025105

Edgewood Services, Inc., Distributor

25752 (9/00)



© 2022 IncJournal is not affiliated with or endorsed by the U.S. Securities and Exchange Commission