Form N-CSRS WESMARK FUNDS For: Jun 30

 

United States

Securities and Exchange Commission

Washington, D.C.  20549

 

FORM N-CSR

 

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

 

811-07925

(Investment Company Act file number)

 

WesMark Funds

(Exact name of Registrant as specified in charter)

 

One Bank Plaza, 5th floor

Wheeling, WV 26003

(Address of principal executive offices)

 

(304) 234-9000

(Registrant’s telephone number)

 

Sareena Khwaja-Dixon, Esq.

ALPS Fund Services, Inc.

1290 Broadway, Suite 1000

Denver, CO 80203

(Name and address of agent for service)

 

Date of fiscal year end:  December 31

 

Date of reporting period:  January 1 – June 30, 2021

Item 1. Reports to Stockholders.

 

(a)

 

 

Table of Contents

 

June 30, 2021

 

Small Company Growth Fund
Portfolio of Investments Summary Table	2
Portfolio of Investments	3
Growth Fund
Portfolio of Investments Summary Table	6
Portfolio of Investments	7
Balanced Fund
Portfolio of Investments Summary Table	10
Portfolio of Investments	11
Government Bond Fund
Portfolio of Investments Summary Table	16
Portfolio of Investments	17
West Virginia Municipal Bond Fund
Portfolio of Investments Summary Table	22
Portfolio of Investments	23
Tactical Opportunity Fund
Portfolio of Investments Summary Table	27
Portfolio of Investments	28
Statements of Assets and Liabilities	29
Statements of Operations	30
Statements of Changes in Net Assets	31
Financial Highlights	34
Notes to Financial Statements	40
Shareholder Expense Example	53
Board of Trustees and Trust Officers	54
Board Review of Advisory Contract	56
Additional Information	58
Glossary of Terms	59

 

Semi-Annual Report  »  June 30, 2021

Portfolio of Investments Summary Table

WesMark Small Company Growth Fund

June 30, 2021 (Unaudited)

 

 

(1)

See the Fund's Prospectus and Statement of Additional Information for a description of the types of securities in which the Fund invests.

(2)

Short Term Investments include investment in a money market mutual fund.

(3)

Assets, other than investments in securities, less liabilities.

(4)

Securities are assigned to a sector classification by the Fund's advisor.

 

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Portfolio of Investments

June 30, 2021 (Unaudited)

WesMark Small Company Growth Fund

 

 

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Portfolio of Investments

WesMark Small Company Growth Fund

June 30, 2021 (Unaudited)

 

 

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Portfolio of Investments

June 30, 2021 (Unaudited)

WesMark Small Company Growth Fund

 

 

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Portfolio of Investments Summary Table

WesMark Growth Fund

June 30, 2021 (Unaudited)

 

 

(1)

See the Fund's Prospectus and Statement of Additional Information for a description of the types of securities in which the Fund invests.

(2)

Short Term Investments include investment in a money market mutual fund.

(3)

Assets, other than investments in securities, less liabilities.

(4)

Securities are assigned to a sector classification by the Fund's advisor.

 

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Portfolio of Investments

June 30, 2021 (Unaudited)

WesMark Growth Fund

 

 

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Portfolio of Investments

WesMark Growth Fund

June 30, 2021 (Unaudited)

 

 

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Portfolio of Investments

June 30, 2021 (Unaudited)

WesMark Growth Fund

 

 

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Portfolio of Investments Summary Table

WesMark Balanced Fund

June 30, 2021 (Unaudited)

 

 

(1)

See the Fund's Prospectus and Statement of Additional Information for a description of the types of securities in which the Fund invests.

(2)

Short Term Investments include investment in a money market mutual fund.

(3)

Assets, including written options, less liabilities.

(4)

Securities are assigned to a sector classification by the Fund's advisor.

 

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Portfolio of Investments

June 30, 2021 (Unaudited)

WesMark Balanced Fund

 

 

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Portfolio of Investments

WesMark Balanced Fund

June 30, 2021 (Unaudited)

 

 

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Portfolio of Investments

June 30, 2021 (Unaudited)

WesMark Balanced Fund

 

 

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Portfolio of Investments
WesMark Balanced Fund	June 30, 2021 (Unaudited)

 

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	Portfolio of Investments
June 30, 2021 (Unaudited)	WesMark Balanced Fund

 

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Portfolio of Investments Summary Table
WesMark Government Bond Fund	June 30, 2021 (Unaudited)

 

(1)

See the Fund's Prospectus and Statement of Additional Information for a description of the types of securities in which the Fund invests.

(2)

Short Term Investments include investment in a money market mutual fund.

(3)

Assets, other than investments in securities, less liabilities.

 

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	Portfolio of Investments
June 30, 2021 (Unaudited)	WesMark Government Bond Fund

 

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Portfolio of Investments
WesMark Government Bond Fund	June 30, 2021 (Unaudited)

 

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	Portfolio of Investments
June 30, 2021 (Unaudited)	WesMark Government Bond Fund

 

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Portfolio of Investments
WesMark Government Bond Fund	June 30, 2021 (Unaudited)

 

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	Portfolio of Investments
June 30, 2021 (Unaudited)	WesMark Government Bond Fund

 

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Portfolio of Investments Summary Table
WesMark West Virginia Municipal Bond Fund	June 30, 2021 (Unaudited)

 

(1)

See the Fund's Prospectus and Statement of Additional Information for a description of the types of securities in which the Fund invests.

(2)

Short Term Investments include investment in a money market mutual fund.

(3)

Assets, other than investments in securities, less liabilities.

(4)

These tables depict the long-term credit-quality ratings assigned to the Fund’s portfolio holdings by Standard & Poor’s (S&P) and Moody’s Investors Service (Moody’s), each of which is a Nationally Recognized Statistical Rating Organization (NRSRO). These credit-quality ratings are shown without regard to gradations within a given rating category. For example, securities rated “A-” have been included in the “A” rated category.

 

Rated securities that have been prerefunded, but not rated again by the NRSRO, have been included in the “Not rated by…” category. Rated securities include a security with an obligor and/or credit enhancer that has received a rating from an NRSRO with respect to a class of debt obligations that is comparable in priority and security with the security held by the Fund. Credit-quality ratings are an assessment of the risk that a security will default in payment and do not address other risks presented by the security. Please see the descriptions of credit-quality ratings in the Fund’s Statement of Additional Information. Holdings that are rated only by a different NRSRO than the one identified have been included in the “Not rated by…” category.

 

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	Portfolio of Investments
June 30, 2021 (Unaudited)	WesMark West Virginia Municipal Bond Fund

 

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Portfolio of Investments
WesMark West Virginia Municipal Bond Fund	June 30, 2021 (Unaudited)

 

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	Portfolio of Investments
June 30, 2021 (Unaudited)	WesMark West Virginia Municipal Bond Fund

 

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Portfolio of Investments
WesMark West Virginia Municipal Bond Fund	June 30, 2021 (Unaudited)

 

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	Portfolio of Investments Summary Table
June 30, 2021 (Unaudited)	WesMark Tactical Opportunity Fund

 

(1)

See the Fund's Prospectus and Statement of Additional Information for a description of the types of securities in which the Fund invests.

(2)

Short Term Investments include investment in a money market mutual fund.

(3)

Assets, including written options, less liabilities.

(4)

Securities are assigned to a category classification by the Fund's advisor.

 

Semi-Annual Report | June 30, 2021

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Portfolio of Investments
WesMark Tactical Opportunity Fund	June 30, 2021 (Unaudited)

 

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	Statements of Assets and Liabilities
June 30, 2021 (Unaudited)

 

		WesMark Small Company Growth Fund				WesMark Growth Fund				WesMark Balanced Fund				WesMark Government Bond Fund				WesMark West Virginia Municipal Bond Fund				WesMark Tactical Opportunity Fund
ASSETS:
Investments in securities, at value (cost - see below)		$	128,647,308			$	400,666,041			$	118,986,709			$	236,827,900			$	117,162,665			$	50,277,961
Cash			7,611				112,360				21,225				19,350				–				11,369
RECEIVABLE FOR:
Dividends and interest			52,394				84,783				236,013				855,973				723,213				10,057
Investments sold			–				–				2,784				84,015				–				–
Fund shares sold			359,114				806,785				1,641,191				3,296,624				23,219				234,020
Prepaid expenses			7,070				19,828				11,201				14,977				9,069				9,975
Total Assets			129,073,497				401,689,797				120,899,123				241,098,839				117,918,166				50,543,382
LIABILITIES:
PAYABLE FOR:
Investments purchased			–				–				–				–				1,419,852				–
Fund shares redeemed			219,893				5,203,106				266,855				147,336				170,863				124,989
Income distribution payable			–				–				–				274,702				159,103				–
Fund Accounting and Administration fees			13,397				22,859				18,199				37,157				25,549				9,361
Audit, Tax, and Legal expenses			14,402				14,402				14,402				14,402				10,974				14,321
Shareholder services fee (Note 5)			26,474				81,240				24,425				48,843				23,870				10,310
Transfer agency expenses			6,254				10,143				7,286				6,472				4,448				3,316
Registration expenses			98				–				430				–				271				–
Printing and Postage expenses			2,576				2,596				2,599				2,615				2,560				2,655
Trustees' fees and expenses			–				–				186				781				420				60
Other accrued liabilities and expenses			–				–				–				–				–				245
Total Liabilities			283,094				5,334,346				334,382				532,308				1,817,910				165,257
Net Assets		$	128,790,403			$	396,355,451			$	120,564,741			$	240,566,531			$	116,100,256			$	50,378,125
NET ASSETS CONSIST OF:
Paid-in capital		$	50,461,517			$	132,074,649			$	80,551,231			$	239,501,525			$	110,483,940			$	39,792,144
Total distributable earnings		$	78,328,886			$	264,280,802			$	40,013,510			$	1,065,006			$	5,616,316			$	10,585,981
Net Assets		$	128,790,403			$	396,355,451			$	120,564,741			$	240,566,531			$	116,100,256			$	50,378,125
Shares Outstanding, No Par Value, Unlimited Shares Authorized			6,895,700				14,774,917				8,190,300				24,145,515				10,781,808				3,848,845
Net asset value, offering price & redemption price per share		$	18.68			$	26.83			$	14.72			$	9.96			$	10.77			$	13.09
Investments, at identified cost		$	70,716,833			$	155,224,644			$	82,654,547			$	232,828,766			$	111,783,257			$	43,020,021

 

See Notes to Financial Statements which are an integral part of the Financial Statements.

 

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Statements of Operations
	For the Six Months Ended June 30, 2021 (Unaudited)

 

		WesMark Small Company Growth Fund				WesMark Growth Fund				WesMark Balanced Fund				WesMark Government Bond Fund				WesMark West Virginia Municipal Bond Fund				WesMark Tactical Opportunity Fund
INVESTMENT INCOME:
Dividends, net of foreign taxes*		$	485,436			$	1,953,338			$	1,024,382			$	–			$	–			$	338,941
Interest			369				752				357,945				2,040,672				1,637,645				275
Total Investment Income			485,805				1,954,090				1,382,327				2,040,672				1,637,645				339,216
EXPENSES:
Investment adviser fee (Note 5)			466,501				1,409,942				431,479				699,566				354,782				177,666
Fund Accounting and Administration fees (Note 5)			60,633				117,203				65,118				100,969				72,880				43,392
Custodian fees (Note 5)			10,462				21,677				9,525				15,105				8,973				6,517
Transfer agency expenses (Note 5)			16,201				27,467				19,849				16,859				12,298				9,345
Trustees' fees and expenses (Note 8)			13,708				26,058				14,044				20,311				14,509				10,508
Audit and tax expenses			10,125				10,125				10,125				10,125				10,125				10,128
Legal expenses			12,861				12,861				12,861				12,861				16,011				12,861
Shareholder services fee (Note 5)			154,241				460,477				141,073				288,893				147,299				59,871
Registration expenses			7,181				7,799				6,849				6,716				3,826				7,224
Printing and Postage expenses			3,460				3,569				3,518				3,392				3,533				3,303
Insurance premiums			2,659				8,737				2,803				5,754				3,046				1,071
Miscellaneous			1,872				6,466				2,206				4,762				2,414				797
Net Expenses			759,904				2,112,381				719,450				1,185,313				649,696				342,683
Net Investment Income (Loss)			(274,099	)			(158,291	)			662,877				855,359				987,949				(3,467	)
REALIZED & UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain on investments			12,488,350				6,990,301				3,279,709				291,060				231,488				2,937,388
Net realized gain on written options			–				–				33,921				–				–				77,042
Net change in unrealized appreciation (depreciation) of investments			5,801,567				45,050,323				7,098,959				(2,171,957	)			(1,000,982	)			1,354,453
Net change in unrealized appreciation (depreciation) of written options			–				–				16,382				–				–				14,085
Net realized and unrealized gain (loss) on investments			18,289,917				52,040,624				10,428,971				(1,880,897	)			(769,494	)			4,382,968
Net Increase (Decrease) in Net Assets Resulting from Operations		$	18,015,818			$	51,882,333			$	11,091,848			$	(1,025,538	)		$	218,455			$	4,379,501
*Foreign tax withholding		$	–			$	13,200			$	5,468			$	–			$	–			$	–

 

See Notes to Financial Statements which are an integral part of the Financial Statements.

 

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Statements of Changes in Net Assets

 

		WesMark Small Company Growth Fund								WesMark Growth Fund
		For the Six Months Ended June 30, 2021 (Unaudited)				For the Year Ended December 31, 2020				For the Six Months Ended June 30, 2021 (Unaudited)				For the Year Ended December 31, 2020
INCREASE (DECREASE) IN NET ASSETS FROM:
OPERATIONS
Net investment income (loss)		$	(274,099	)		$	(354,553	)		$	(158,291	)		$	220,884
Net realized gain			12,488,350				18,081,826				6,990,301				31,263,642
Net change in unrealized appreciation			5,801,567				16,581,381				45,050,323				48,769,116
Net increase in net assets resulting from operations			18,015,818				34,308,654				51,882,333				80,253,642
DISTRIBUTIONS TO SHAREHOLDERS (NOTE 4)
From distributable earnings			–				(9,440,746	)			(21,299	)			(26,435,378	)
Decrease in net assets from distributions to shareholders			–				(9,440,746	)			(21,299	)			(26,435,378	)
BENEFICIAL INTEREST TRANSACTIONS (NOTE 3)
Proceeds from sale of shares			5,906,795				8,738,188				11,062,137				19,375,754
Shares issued in reinvestment of distributions			–				2,599,130				6,842				8,375,367
Cost of shares redeemed			(11,236,903	)			(16,285,252	)			(30,660,282	)			(48,721,725	)
Net decrease resulting from beneficial interest transactions			(5,330,108	)			(4,947,934	)			(19,591,303	)			(20,970,604	)
Net Increase in Net Assets			12,685,710				19,919,974				32,269,731				32,847,660
NET ASSETS:
Beginning of Period			116,104,693				96,184,719				364,085,720				331,238,060
End of Period		$	128,790,403			$	116,104,693			$	396,355,451			$	364,085,720

 

See Notes to Financial Statements which are an integral part of the Financial Statements.

 

Semi-Annual Report | June 30, 2021

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Statements of Changes in Net Assets

 

		WesMark Balanced Fund								WesMark Government Bond Fund
		For the Six Months Ended June 30, 2021 (Unaudited)				For the Year Ended December 31, 2020				For the Six Months Ended June 30, 2021 (Unaudited)				For the Year Ended December 31, 2020
INCREASE (DECREASE) IN NET ASSETS FROM:
OPERATIONS
Net investment income		$	662,877			$	1,789,738			$	855,359			$	2,489,663
Net realized gain			3,313,630				703,719				291,060				1,674,514
Net change in unrealized appreciation (depreciation)			7,115,341				3,339,053				(2,171,957	)			3,771,435
Net increase (decrease) in net assets resulting from operations			11,091,848				5,832,510				(1,025,538	)			7,935,612
DISTRIBUTIONS TO SHAREHOLDERS (NOTE 4)
From distributable earnings			(650,963	)			(4,335,827	)			(1,700,143	)			(4,353,098	)
Decrease in net assets from distributions to shareholders			(650,963	)			(4,335,827	)			(1,700,143	)			(4,353,098	)
BENEFICIAL INTEREST TRANSACTIONS (NOTE 3)
Proceeds from sale of shares			8,420,348				11,578,341				25,718,297				28,599,594
Shares issued in reinvestment of distributions			105,302				670,599				177,944				516,263
Cost of shares redeemed			(13,168,272	)			(11,149,851	)			(15,168,860	)			(32,092,284	)
Net increase (decrease) resulting from beneficial interest transactions			(4,642,622	)			1,099,089				10,727,381				(2,976,427	)
Net Increase in Net Assets			5,798,263				2,595,772				8,001,700				606,087
NET ASSETS:
Beginning of Period			114,766,478				112,170,706				232,564,831				231,958,744
End of Period		$	120,564,741			$	114,766,478			$	240,566,531			$	232,564,831

 

See Notes to Financial Statements which are an integral part of the Financial Statements.

 

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Statements of Changes in Net Assets

 

		WesMark West Virginia Municipal Bond Fund								WesMark Tactical Opportunity Fund
		For the Six Months Ended June 30, 2021 (Unaudited)				For the Year Ended December 31, 2020				For the Six Months Ended June 30, 2021 (Unaudited)				For the Year Ended December 31, 2020
INCREASE (DECREASE) IN NET ASSETS FROM:
OPERATIONS
Net investment income (loss)		$	987,949			$	2,124,958			$	(3,467	)		$	145,794
Net realized gain			231,488				55,975				3,014,430				831,218
Net change in unrealized appreciation (depreciation)			(1,000,982	)			1,803,816				1,368,538				2,908,130
Net increase in net assets resulting from operations			218,455				3,984,749				4,379,501				3,885,142
DISTRIBUTIONS TO SHAREHOLDERS (NOTE 4)
From distributable earnings			(987,949	)			(2,174,183	)			(55,699	)			(960,583	)
Decrease in net assets from distributions to shareholders			(987,949	)			(2,174,183	)			(55,699	)			(960,583	)
BENEFICIAL INTEREST TRANSACTIONS (NOTE 3)
Proceeds from sale of shares			7,349,957				6,366,348				3,254,552				4,092,334
Shares issued in reinvestment of distributions			132,295				311,173				1,415				24,479
Cost of shares redeemed			(10,066,998	)			(6,901,445	)			(2,963,525	)			(2,731,965	)
Net increase (decrease) resulting from beneficial interest transactions			(2,584,746	)			(223,924	)			292,442				1,384,848
Net Increase (Decrease) in Net Assets			(3,354,240	)			1,586,642				4,616,244				4,309,407
NET ASSETS:
Beginning of Period			119,454,496				117,867,854				45,761,881				41,452,474
End of Period		$	116,100,256			$	119,454,496			$	50,378,125			$	45,761,881

 

See Notes to Financial Statements which are an integral part of the Financial Statements.

 

Semi-Annual Report | June 30, 2021

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Financial Highlights

WesMark Small Company Growth Fund

 

		For the Six Months Ended June 30, 2021 (Unaudited)				For the Year Ended December 31, 2020				For the Year Ended December 31, 2019				For the Year Ended December 31, 2018				For the Year Ended December 31, 2017				For the Year Ended December 31, 2016
PER COMMON SHARE OPERATING PERFORMANCE
Net Asset Value, Beginning of Year		$	16.12			$	12.79			$	10.63			$	13.90			$	13.32			$	12.58
Income (Loss) from Investment Operations:
Net Investment Income (Loss)			(0.04	)			(1.36	)			(0.05	)			(0.05	)			(0.04	)			0.03
Net Realized and Unrealized Gain (Loss) on Investments			2.60				6.01				2.21				(1.89	)			1.81				1.41
Total from Investment Operations			2.56				4.65				2.16				(1.94	)			1.77				1.44
LESS DISTRIBUTIONS TO COMMON SHAREHOLDERS
From Net Investment Income			–				–				–				–				–				(0.04	)
From Net Realized Gain on Investments			–				(1.32	)			–				(1.33	)			(1.19	)			(0.66	)
Total Distributions			–				(1.32	)			–				(1.33	)			(1.19	)			(0.70	)
Net Asset Value, End of Period		$	18.68			$	16.12			$	12.79			$	10.63			$	13.90			$	13.32
Total Return			15.88	%(1)			36.61	%			20.32	%			(13.72	)%			13.19	%			11.42	%
RATIOS TO AVERAGE NET ASSETS
Net Expenses			1.22	%(2)			1.27	%			1.26	%			1.25	%			1.24	%			1.23	%
Net Investment Income/(Loss)			(0.44	)%(2)			(0.37	)%			(0.46	)%			(0.43	)%			(0.33	)%			0.26	%
Net Assets Value End of Period (000 omitted)		$	128,790			$	116,105			$	96,185			$	81,439			$	101,061			$	96,736
Portfolio Turnover Rate			21	%(3)			52	%			50	%			88	%			49	%			41	%

 

(1)

Total return not annualized for periods less than one full year.

(2)

Ratios for periods of less than a year are annualized.

(3)

Not Annualized.

 

See Notes to Financial Statements which are an integral part of the Financial Statements.

 

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Financial Highlights

WesMark Growth Fund

 

		For the Six Months Ended June 30, 2021 (Unaudited)				For the Year Ended December 31, 2020				For the Year Ended December 31, 2019				For the Year Ended December 31, 2018				For the Year Ended December 31, 2017				For the Year Ended December 31, 2016
PER COMMON SHARE OPERATING PERFORMANCE
Net Asset Value, Beginning of Year		$	23.41			$	19.95			$	16.80			$	20.00			$	17.37			$	18.10
Income (Loss) from Investment Operations:
Net Investment Income (Loss)			(0.01	)			(1.66	)			0.04				0.04				0.03				0.07
Net Realized and Unrealized Gain (Loss) on Investments			3.43				6.89				4.40				(1.32	)			4.19				0.03
Total from Investment Operations			3.42				5.23				4.44				(1.28	)			4.22				0.10
LESS DISTRIBUTIONS TO COMMON SHAREHOLDERS
From Net Investment Income			0.00	(1)			(0.02	)			(0.04	)			(0.04	)			(0.03	)			(0.07	)
From Net Realized Gain on Investments			–				(1.75	)			(1.25	)			(1.88	)			(1.56	)			(0.76	)
Total Distributions			–				(1.77	)			(1.29	)			(1.92	)			(1.59	)			(0.83	)
Net Asset Value, End of Period		$	26.83			$	23.41			$	19.95			$	16.80			$	20.00			$	17.37
Total Return			14.62	%(2)			26.31	%			26.53	%			(6.19	)%			24.22	%			0.51	%
RATIOS TO AVERAGE NET ASSETS
Net Expenses			1.12	%(3)			1.14	%			1.14	%			1.13	%			1.13	%			1.15	%
Net Investment Income/(Loss)			(0.08	)%(3)			0.07	%			0.23	%			0.19	%			0.13	%			0.40	%
Net Assets Value End of Period (000 omitted)		$	396,355			$	364,086			$	331,238			$	287,441			$	347,982			$	314,067
Portfolio Turnover Rate			7	%(4)			27	%			55	%			37	%			37	%			61	%

 

(1)

Less than $0.005 per share.

(2)

Total return not annualized for periods less than one full year.

(3)

Ratios for periods of less than a year are annualized.

(4)

Not Annualized.

See Notes to Financial Statements which are an integral part of the Financial Statements.

 

Semi-Annual Report | June 30, 2021

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Financial Highlights

WesMark Balanced Fund

 

		For the Six Months Ended June 30, 2021 (Unaudited)				For the Year Ended December 31, 2020				For the Year Ended December 31, 2019				For the Year Ended December 31, 2018				For the Year Ended December 31, 2017				For the Year Ended December 31, 2016
PER COMMON SHARE OPERATING PERFORMANCE
Net Asset Value, Beginning of Year		$	13.45			$	13.31			$	11.77			$	13.05			$	12.30			$	11.65
Income (Loss) from Investment Operations:
Net Investment Income (Loss)			0.09				(0.08	)			0.23				0.23				0.22				0.20
Net Realized and Unrealized Gain (Loss) on Investments			1.26				0.72				2.14				(0.82	)			1.09				0.92
Total from Investment Operations			1.35				0.64				2.37				(0.59	)			1.31				1.12
LESS DISTRIBUTIONS TO COMMON SHAREHOLDERS
From Net Investment Income			(0.08	)			(0.22	)			(0.23	)			(0.23	)			(0.21	)			(0.21	)
From Net Realized Gain on Investments			–				(0.28	)			(0.60	)			(0.46	)			(0.35	)			(0.26	)
Total Distributions			(0.08	)			(0.50	)			(0.83	)			(0.69	)			(0.56	)			(0.47	)
Net Asset Value, End of Period		$	14.72			$	13.45			$	13.31			$	11.77			$	13.05			$	12.30
Total Return			10.06	%(1)			5.05	%			20.30	%			(4.58	)%			10.77	%			9.68	%
RATIOS TO AVERAGE NET ASSETS
Net Expenses			1.25	%(2)			1.27	%			1.25	%			1.24	%			1.23	%			1.23	%
Net Investment Income			1.15	%(2)			1.66	%			1.74	%			1.69	%			1.71	%			1.69	%
Net Assets Value End of Period (000 omitted)		$	120,565			$	114,766			$	112,171			$	101,893			$	116,398			$	106,577
Portfolio Turnover Rate			11	%(3)			29	%			31	%			35	%			23	%			49	%

 

(1)

Total return not annualized for periods less than one full year.

(2)

Ratios for periods of less than a year are annualized.

(3)

Not Annualized.

 

See Notes to Financial Statements which are an integral part of the Financial Statements.

 

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Financial Highlights

WesMark Government Bond Fund

 

		For the Six Months Ended June 30, 2021 (Unaudited)				For the Year Ended December 31, 2020				For the Year Ended December 31, 2019				For the Year Ended December 31, 2018				For the Year Ended December 31, 2017				For the Year Ended December 31, 2016
PER COMMON SHARE OPERATING PERFORMANCE
Net Asset Value, Beginning of Year		$	10.08			$	9.93			$	9.68			$	9.77			$	9.84			$	9.94
Income (Loss) from Investment Operations:
Net Investment Income			0.04				0.11				0.19				0.17				0.21				0.14
Net Realized and Unrealized Gain (Loss) on Investments			(0.09	)			0.23				0.27				(0.06	)			(0.09	)			(0.06	)
Total from Investment Operations			(0.05	)			0.34				0.46				0.11				0.12				0.08
LESS DISTRIBUTIONS TO COMMON SHAREHOLDERS
From Net Investment Income			(0.07	)			(0.19	)			(0.21	)			(0.20	)			(0.19	)			(0.17	)
From Net Realized Gain on Investments			–				–				–				–				–				(0.01	)
Total Distributions			(0.07	)			(0.19	)			(0.21	)			(0.20	)			(0.19	)			(0.18	)
Net Asset Value, End of Period		$	9.96			$	10.08			$	9.93			$	9.68			$	9.77			$	9.84
Total Return			(0.47	)%(1)			3.46	%			4.75	%			1.15	%			1.20	%			0.79	%
RATIOS TO AVERAGE NET ASSETS
Net Expenses			1.02	%(2)			1.03	%			1.01	%			1.01	%			1.00	%			1.01	%
Net Investment Income			0.73	%(2)			1.09	%			1.72	%			1.81	%			2.19	%			1.41	%
Net Assets Value End of Period (000 omitted)		$	240,567			$	232,565			$	231,959			$	230,250			$	249,951			$	248,517
Portfolio Turnover Rate			10	%(3)			51	%			37	%			17	%			26	%			33	%

 

(1)

Total return not annualized for periods less than one full year.

(2)

Ratios for periods of less than a year are annualized.

(3)

Not Annualized.

 

See Notes to Financial Statements which are an integral part of the Financial Statements.

 

Semi-Annual Report | June 30, 2021

37

Financial Highlights

WesMark West Virginia Municipal Bond Fund

 

		For the Six Months Ended June 30, 2021 (Unaudited)				For the Year Ended December 31, 2020				For the Year Ended December 31, 2019				For the Year Ended December 31, 2018				For the Year Ended December 31, 2017				For the Year Ended December 31, 2016
PER COMMON SHARE OPERATING PERFORMANCE
Net Asset Value, Beginning of Year		$	10.84			$	10.67			$	10.38			$	10.54			$	10.36			$	10.57
Income (Loss) from Investment Operations:
Net Investment Income			0.09				0.18				0.20				0.21				0.21				0.21
Net Realized and Unrealized Gain (Loss) on Investments			(0.07	)			0.18				0.30				(0.16	)			0.19				(0.20	)
Total from Investment Operations			0.02				0.36				0.50				0.05				0.40				0.01
LESS DISTRIBUTIONS TO COMMON SHAREHOLDERS
From Net Investment Income			(0.09	)			(0.19	)			(0.21	)			(0.21	)			(0.21	)			(0.21	)
From Net Realized Gain on Investments			–				0.00	(1)			0.00	(1)			–				(0.01	)			(0.01	)
Total Distributions			(0.09	)			(0.19	)			(0.21	)			(0.21	)			(0.22	)			(0.22	)
Net Asset Value, End of Period		$	10.77			$	10.84			$	10.67			$	10.38			$	10.54			$	10.36
Total Return			0.18	%(2)			3.48	%			4.83	%			0.47	%			3.90	%			0.06	%
RATIOS TO AVERAGE NET ASSETS
Net Expenses			1.10	%(3)			1.10	%			1.08	%			1.09	%			1.08	%			1.05	%
Net Investment Income			1.67	%(3)			1.81	%			1.94	%			2.00	%			2.01	%			2.01	%
Expense Waiver/Reimbursement(4)			–				–				–				–				–				0.02	%(5)
Net Assets Value End of Period (000 omitted)		$	116,100			$	119,454			$	117,868			$	114,345			$	116,039			$	118,168
Portfolio Turnover Rate			12	%(6)			10	%			9	%			10	%			7	%			17	%

 

(1)

Less than $0.005 per share.

(2)

Total return not annualized for periods less than one full year.

(3)

Ratios for periods of less than a year are annualized.

(4)

This expense decrease from the voluntary waiver is reflected in both the net expense and the net investment income ratios shown.

(5)

As of February 29, 2016, the waiver was voluntarily terminated by the Adviser.

(6)

Not Annualized.

 

See Notes to Financial Statements which are an integral part of the Financial Statements.

 

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Financial Highlights

WesMark Tactical Opportunity Fund

 

		For the Six Months Ended June 30, 2021 (Unaudited)				For the Year Ended December 31, 2020				For the Year Ended December 31, 2019				For the Year Ended December 31, 2018				For the Period Ended December 31, 2017(1)
PER COMMON SHARE OPERATING PERFORMANCE
Net Asset Value, Beginning of Period		$	11.95			$	11.25			$	10.01			$	10.62			$	10.00
Income (Loss) from Investment Operations:
Net Investment Income (Loss)			(0.00	)(2)			0.04				0.10				0.05				0.04
Net Realized and Unrealized Gain (Loss) on Investments			1.15				0.91				1.56				(0.60	)			0.80
Total from Investment Operations			1.15				0.95				1.66				(0.55	)			0.84
LESS DISTRIBUTIONS TO COMMON SHAREHOLDERS
From Net Investment Income			(0.01	)			(0.04	)			(0.11	)			(0.04	)			(0.05	)
From Net Realized Gain on Investments			–				(0.21	)			(0.31	)			(0.02	)			(0.17	)
Total Distributions			(0.01	)			(0.25	)			(0.42	)			(0.06	)			(0.22	)
Net Asset Value, End of Period		$	13.09			$	11.95			$	11.25			$	10.01			$	10.62
Total Return			9.66	%(3)			8.48	%			16.61	%			(5.20	)%			8.33	%(3)
RATIOS TO AVERAGE NET ASSETS
Net Expenses(4)			1.44	%(5)			1.50	%			1.46	%			1.56	%			1.75	%(5)
Net Investment Income/(Loss)(4)(6)			(0.01	)%(5)			0.36	%			0.91	%			0.55	%			0.50	%(5)
Expense Waiver/Reimbursement(7)			–				–				–				–				0.23	%(5)
Net Assets Value End of Period (000 omitted)		$	50,378			$	45,762			$	41,452			$	35,734			$	28,023
Portfolio Turnover Rate			37	%(8)			169	%			152	%			145	%			88	%

 

(1)	The WesMark Tactical Opportunity Fund commenced operations on March 1, 2017.
(2)	Less than $0.005 per share.
(3)	Total return not annualized for periods less than one full year.
(4)	The ratios shown do not include the Fund's proportionate shares of the expenses of the underlying investment companies in which the Fund invests.
(5)	Ratios for periods of less than a year are annualized.
(6)	Recognition of net investment income is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests.
(7)	This expense decrease from the voluntary waiver is reflected in both the net expense and the net investment income ratios shown.
(8)	Not Annualized.

 

See Notes to Financial Statements which are an integral part of the Financial Statements.

 

Semi-Annual Report | June 30, 2021

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Notes to Financial Statements
	June 30, 2021 (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 six portfolios (individually referred to as the “Fund”, or collectively as the “Funds”), which are presented herein:

 

Portfolio Name	Diversification	Investment Objective
WesMark Small Company Growth Fund (“Small Company Growth Fund”)	Diversified	To achieve capital appreciation
WesMark Growth Fund (“Growth Fund”)	Diversified	To achieve capital appreciation
WesMark Balanced Fund (“Balanced Fund”)	Diversified	To achieve capital appreciation and income
WesMark Government Bond Fund (“Government 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	To achieve current income which is exempt from federal income tax and income taxes imposed by the State of West Virginia
WesMark Tactical Opportunity Fund (“Tactical Opportunity Fund”)	Diversified	To achieve capital appreciation

 

The assets of each Fund are segregated and a shareholder’s interest is limited to the Fund 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 (“GAAP”) in the United States of America.

 

The accompanying financial statements were prepared in accordance with GAAP in the United States, which require the use of estimates made by management of the Funds. Actual results could differ from those estimates that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standard Codification Topic 946 Financial Services - Investment Companies.

 

Investment Valuation – In calculating their net asset value (NAV), the Funds generally value investments as follows:

 

››

Equity securities listed on an exchange or traded through a regulated market system are valued at their last reported sale price or official closing price on their principal exchange or market.

››

Fixed-income securities acquired with remaining maturities greater than 60 days are valued using price evaluations provided by a pricing service approved by the Board of Trustees (the “Trustees”).

››

Fixed-income securities acquired with remaining maturities of 60 days or less may be valued using price evaluations provided by a pricing service approved by the Trustees. They may also be valued at their cost (adjusted for the accretion of any discount or amortization of any premium), which approximates value.

››

Options are generally valued at market values established by the exchanges on which they are traded at the close of trading on such exchanges.

››

Shares of other mutual funds are valued based upon their reported NAVs.

 

If the Funds cannot obtain a price or price evaluation from a pricing service for an investment, the Funds may attempt to value the investment based upon the mean of bid and asked quotations or fair value the investment based on price evaluations, from one or more dealers. If any price, quotation, price evaluation or other pricing source is not readily available when the NAV is calculated, the Funds use the fair value of the investment determined in accordance with the procedures described below. There can be no assurance that the Funds could purchase or sell an investment at the price used to calculate the Funds’ NAVs.

 

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	Notes to Financial Statements
June 30, 2021 (Unaudited)

 

Fair Valuation and Significant Events Procedures – The Trustees have authorized the use of pricing services to provide evaluations of the current fair value of certain investments for purposes of calculating the NAV. Factors considered by pricing services in evaluating an investment include the yields or prices of investments of comparable quality, coupon, maturity, call rights and other potential prepayments, terms and type, reported transactions, indications as to values from dealers, and general market conditions. The Funds normally use mean evaluations (a price evaluation indicative of a price between the bid and asked prices for an investment) for fixed-income securities. In the event that market quotations and price evaluations are not available for an investment, the fair value of the investment is determined in accordance with procedures adopted by the Trustees.

 

The Trustees also have adopted procedures requiring an investment to be priced at its fair value whenever the Adviser determines that a significant event affecting the value of the investment has occurred between the time as of which the price of the investment would otherwise be determined and the time as of which the NAV is computed. An event is considered significant if there is both an affirmative expectation that the investment’s value will change in response to the event and a reasonable basis for quantifying the resulting change in value. Examples of significant events that may occur after the close of the principal market on which a security is traded, or after the time of a price evaluation provided by a pricing service or a dealer, include:

 

››

With respect to securities traded in foreign markets, significant trends in U.S. equity markets or in the trading of foreign securities index futures or options contracts;

››

With respect to price evaluations of fixed-income securities determined before the close of regular trading on the NYSE, actions by the Federal Reserve Open Market Committee and other significant trends in U.S. fixed-income markets; and

››

Corporate announcements concerning matters such as acquisitions, recapitalizations, litigation developments, a natural disaster affecting the issuer’s operations or regulatory changes or market developments affecting the issuer’s industry.

 

The Funds may seek to obtain more current quotations or price evaluations from alternative pricing sources. If a reliable alternative pricing source is not available, the Funds will determine the fair value of the investment using another method approved by the Trustees.

 

A three-tier hierarchy has been established to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, for example, the risk inherent in a particular valuation approach used to measure fair value including such a pricing model and/or the risk inherent in the inputs to the valuation approach. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.

 

The three-tier hierarchy of inputs is summarized in the three broad Levels listed below.

 

Level 1 —

Unadjusted quoted prices in active markets for identical assets or liabilities that the Funds have the ability to access at the measurement date.

 

Level 2 —

Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

 

Level 3 —

Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Funds’ own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

 

Semi-Annual Report | June 30, 2021

41

Notes to Financial Statements
	June 30, 2021 (Unaudited)

 

The following is a summary of the inputs used as of June 30, 2021 in valuing the Funds’ investments carried at fair value:

 

Small Company Growth Fund

 

Investments in Securities at Value*		Level 1 - Quoted Prices				Level 2 - Other Significant Observable Inputs				Level 3 - Significant Unobservable Inputs				Total
Common Stocks		$	121,061,998			$	–			$	–			$	121,061,998
Exchange Traded Funds			3,722,527				–				–				3,722,527
Short Term Investments			3,862,783				–				–				3,862,783
Total		$	128,647,308			$	–			$	–			$	128,647,308

 

Growth Fund

 

Investments in Securities at Value*		Level 1 - Quoted Prices				Level 2 - Other Significant Observable Inputs				Level 3 - Significant Unobservable Inputs				Total
Common Stocks		$	394,321,075			$	–			$	–			$	394,321,075
Short Term Investments			6,344,966				–				–				6,344,966
Total		$	400,666,041			$	–			$	–			$	400,666,041

 

Balanced Fund

 

Investments in Securities at Value*		Level 1 - Quoted Prices				Level 2 - Other Significant Observable Inputs				Level 3 - Significant Unobservable Inputs				Total
Common Stocks		$	81,882,860			$	–			$	–			$	81,882,860
Exchange Traded Funds			1,800,489				–				–				1,800,489
Corporate Bonds			–				21,981,309				–				21,981,309
U.S. Government Agency - Collateralized
Mortgage Obligations			–				2,078,924				–				2,078,924
Commercial Mortgage-Backed Securities			–				2,098,917				–				2,098,917
U.S. Government Agency - Mortgage-
Backed Securities			–				5,883,050				–				5,883,050
Taxable Municipal Bonds			–				2,366,868				–				2,366,868
Non-Taxable Municipal Bonds			–				475,366				–				475,366
Short Term Investments			418,926				–				–				418,926
Total		$	84,102,275			$	34,884,434			$	–			$	118,986,709

 

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	Notes to Financial Statements
June 30, 2021 (Unaudited)

 

Government Bond Fund

 

Investments in Securities at Value*		Level 1 - Quoted Prices				Level 2 - Other Significant Observable Inputs				Level 3 - Significant Unobservable Inputs				Total
U.S. Government Agency - Collateralized
Mortgage Obligations		$	–			$	117,223,765			$	–			$	117,223,765
U.S. Government Agency - Mortgage-
Backed Securities			–				49,561,562				–				49,561,562
Taxable Municipal Bonds			–				62,079,153				–				62,079,153
Non-Taxable Municipal Bonds			–				1,097,228				–				1,097,228
Short Term Investments			6,866,192				–				–				6,866,192
Total		$	6,866,192			$	229,961,708			$	–			$	236,827,900

 

West Virginia Municipal Bond Fund

 

Investments in Securities at Value*		Level 1 - Quoted Prices				Level 2 - Other Significant Observable Inputs				Level 3 - Significant Unobservable Inputs				Total
Non-Taxable Municipal Bonds		$	–			$	115,289,196			$	–			$	115,289,196
Short Term Investments			1,873,469				–				–				1,873,469
Total		$	1,873,469			$	115,289,196			$	–			$	117,162,665

 

Tactical Opportunity Fund

 

Investments in Securities at Value*		Level 1 - Quoted Prices				Level 2 - Other Significant Observable Inputs				Level 3 - Significant Unobservable Inputs				Total
Exchange Traded Funds		$	48,154,766			$	–			$	–			$	48,154,766
Short Term Investments			2,123,195				–				–				2,123,195
Total		$	50,277,961			$	–			$	–			$	50,277,961

 

All securities of the Funds were valued using either Level 1 or Level 2 inputs during the six months ended June 30, 2021. Thus, a reconciliation of assets in which unobservable inputs (Level 3) were used is not applicable for the Funds.

 

*

For detailed descriptions of sector and/or geography classifications, see the accompanying Portfolios of Investments.

 

Semi-Annual Report | June 30, 2021

43

Notes to Financial Statements
	June 30, 2021 (Unaudited)

 

Investment Income, Expenses and Distributions – Investment transactions are accounted for on a trade-date basis. Realized gains and losses from investment transactions are recorded on an identified cost basis. Interest income and expenses are accrued daily. 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. Foreign dividends are recorded on the ex-dividend date or when the Funds are informed of the ex-dividend date. Trust level expenses are allocated to each Fund based on net assets, equally across all Funds, or to a specific Fund, whichever is deemed most appropriate for a particular expense. Each Fund pays its own expenses.

 

Distributions of net investment income, if any, for the Small Company Growth Fund, Growth Fund, and Tactical Opportunity Fund are declared and paid quarterly. Distributions of net investment income for the Balanced Fund are declared and paid monthly, and distributions of net investment income for the Government Bond Fund and West Virginia Municipal Bond Fund are declared daily and paid monthly. Distributions of capital gains, if any, for Small Company Growth Fund, Growth Fund, Balanced Fund, Government Bond Fund, West Virginia Municipal Bond Fund, and Tactical Opportunity Fund are declared and paid annually.

 

Premium and Discount Amortization/Paydown Gains and Losses – All premiums and discounts on fixed-income securities are amortized/accreted over the estimated lives of such securities for financial statement purposes using the effective interest method. Gains and losses realized on principal payments of mortgage-backed securities (paydown gains and losses) are classified as part of investment income.

 

Federal Taxes – It is each Fund’s policy to comply with the Subchapter M provision of the Internal Revenue Code of 1986, as amended, (the “Code”) and to distribute to shareholders each year substantially all of its income. As of and during the period ended June 30, 2021, the Funds did not have a liability for any unrecognized tax benefits. The Funds recognize interest and penalties, if any, related to tax liabilities as income tax expense in the Statements of Operations. The Funds file U.S. federal, state, and local tax returns as required. The Funds’ tax returns are subject to examination by the relevant tax authorities until expiration of the applicable statute of limitations which is generally three years after the filing of the tax return for federal purposes and four years for most state returns. Tax returns for open years have not incorporated uncertain tax positions that require a provision for income taxes and federal and state taxing authorities.

 

The Funds may be subject to taxes imposed by governments of countries in which they invest. Such taxes are generally based on either income or gains earned or repatriated. The Funds accrue and apply such taxes to net investment income, net realized gains and net unrealized gains as income is earned.

 

Withholding taxes on foreign dividends have been provided for in accordance with the Funds’ understanding of the applicable country’s tax rules and rates.

 

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 maintain 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.

 

Restricted Securities – Restricted securities are securities that either: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933; or (b) are subject to contractual restrictions on public sales. In some cases, when a security cannot be offered for public sale without first being registered, the issuer of the restricted security has agreed to register such securities for resale, at the issuer’s expense, either upon demand by the Funds or in connection with another registered offering of the securities. Many such restricted securities may be resold in the secondary market in transactions exempt from registration. Restricted securities may be determined to be liquid under criteria established by the Trustees. The Funds will not incur any registration costs upon such resales. The Funds’ restricted securities are valued at the price provided by dealers in the secondary market or, if no market prices are available, at the fair value as determined in accordance with procedures established by and under the general supervision of the Trustees.

 

Derivative Instruments and Hedging Activities – The following discloses the Funds’ use of derivative instruments and hedging activities.

 

The Funds’ exposure to derivative contracts and hybrid instruments, either directly or indirectly through another investment company, may involve risks different from or possibly greater than the risk associated with investing directly in a security instead of the derivative. Risks include: 1) the value of the derivative may not correlate with the value of the underlying security or may correlate inversely; 2) any potential risk reduction may be offset with gain limitations; 3) derivatives may be difficult to price; 4) possible adverse tax consequences; and 5) other risks, such as but not limited to, stock market, interest rate, credit, currency, liquidity, and leverage risks.

 

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	Notes to Financial Statements
June 30, 2021 (Unaudited)

 

Market Risk Factors: In pursuit of their investment objectives, certain Funds may use derivatives that increase or decrease a Fund’s exposure to the following market risk factors:

 

Equity Risk: Equity risk relates to the change in value of equity securities as they relate to increases or decreases in the general market.

 

Interest Rate Risk: Changes in interest rates will affect the value of a Fund’s investments. In general, as interest rates rise, bond prices fall, and as interest rates fall, bond prices rise. Interest rate risk is generally greater for funds that invest a significant portion of their assets in high yield securities.

 

Writing Covered Call Options and Purchasing Put Options

 

The Funds will not write call options on securities unless the securities are held in the Fund’s portfolio or unless the Fund is entitled to them in deliverable forms without further payment or after segregating cash in the amount of any further payment.

 

The Funds will not purchase put options on securities unless the securities are held in the Fund’s portfolio.

 

Option contracts (options) - are rights to buy or sell a security for a specified price within a specified period. The seller of the option receives a payment, or premium, from the buyer, which the seller keeps regardless of whether the buyer uses (or exercises) the option. Options can trade on exchanges or in the over the counter (OTC) market and may be bought or sold on a wide variety of securities. There were no options held as of June 30, 2021.

 

A Fund may buy and/or sell the following types of options:

 

Call Options – A call option gives the holder (buyer) the right to buy the underlying security from the seller (writer) of the option. A Fund may use call options in the following ways:

 

››

Buy call options on a security in anticipation of an increase in the value of the security; or

››

Sell call options on a security to generate income from premiums, and in anticipation of a decrease or only limited increase in the value of the underlying security. If a Fund writes a call option on a security that it owns and that call option is exercised, a Fund must deliver the security to the buyer and foregoes any possible profit from an increase in the market price of the security over the exercise price plus the premium received.

 

Put Options – A put option gives the holder the right to sell the security to the writer of the option. A Fund may use put options in the following ways:

 

››

Buy put options on a security in anticipation of a decrease in the value of the security; or

››

Write put options on a security to generate income from premiums, and in anticipation of an increase or only limited decrease in the value of the security. In writing puts, there is a risk that a Fund may be required to take delivery of the security when its current market price is lower than the exercise price.

 

A Fund may also buy or write options, as needed, to close out existing option positions. Finally, a Fund may enter into combinations of options contracts in an attempt to benefit from changes in the prices of those options contracts (without regard to changes in the value of the security).

 

Semi-Annual Report | June 30, 2021

45

Notes to Financial Statements
	June 30, 2021 (Unaudited)

 

The effect of derivative instruments on the Statements of Operations for the period ended June 30, 2021:

 

Risk Exposure		Statements of Operations Location		Realized Gain/(Loss) on Derivatives Recognized in Income				Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in Income
WesMark Balanced Fund
Equity Contracts (Written Options)		Net realized gain (loss) on written options/Net change in unrealized appreciation (depreciation) of written options		$	33,921			$	16,382
Total				$	33,921			$	16,382
WesMark Tactical Opportunity Fund
Equity Contracts (Purchased Options)		Net realized gain (loss) on investments/Net change in unrealized appreciation (depreciation) on investments		$	(7,576	)		$	–
Equity Contracts (Written Options)		Net realized gain (loss) on written options/Net change in unrealized appreciation (depreciation) of written options		$	77,042			$	14,085
Total				$	69,466			$	14,085

 

The Balanced Fund and Tactical Opportunity Fund had average monthly written call option notional value of $(445,021) and $(4,528,425), respectively, during the period ended June 30, 2021. The Tactical Opportunity Fund had average monthly purchased option notional value of $191,127 during the period ended June 30, 2021.

 

Market Risk – The Funds may incur losses due to political, regulatory, market, economic or social developments affecting the market(s) generally. Local, regional or global events such as terrorism, war, natural disasters, disease/virus outbreaks and epidemics or other public health crises, recessions, depressions or other events – or the potential for such events – could have a significant negative impact on economic and market conditions.

 

The public health crisis caused by the novel coronavirus disease known as COVID-19 has become a pandemic that has resulted in, and may continue to result in, significant global economic and market volatility. COVID-19 has caused, and may continue to cause, societal disruptions such as quarantines, travel restrictions, workforce displacement and loss of resources. There is significant uncertainty surrounding the magnitude, duration, reach, costs and other effects of the COVID-19 pandemic, including actions that have been or could be taken by governmental authorities or other third parties. The impacts, as well as the uncertainty over impacts yet to unfold, of COVID-19 – and any other infectious illness outbreaks, epidemics, pandemics or other public health crises that may arise in the future – could negatively affect economies and markets in ways that cannot be foreseen.

 

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	Notes to Financial Statements
June 30, 2021 (Unaudited)

 

3.SHARES OF BENEFICIAL INTEREST

 

The following tables summarize share activity:

 

		For the Six Months Ended June 30, 2021 (Unaudited)				For the Year Ended December 31, 2020
Small Company Growth Fund
Shares sold			327,395				755,653
Shares issued to shareholders in payment of distributions declared			–				164,710
Shares redeemed			(633,555	)			(1,238,536	)
Net decrease resulting from share transactions			(306,160	)			(318,173	)
Common shares outstanding, end of period			6,895,700				7,201,860

 

		For the Six Months Ended June 30, 2021 (Unaudited)				For the Year Ended December 31, 2020
Growth Fund
Shares sold			444,033				956,297
Shares issued to shareholders in payment of distributions declared			281				362,574
Shares redeemed			(1,224,247	)			(2,369,749	)
Net decrease resulting from share transactions			(779,933	)			(1,050,878	)
Common shares outstanding, end of period			14,774,917				15,554,850

 

		For the Six Months Ended June 30, 2021 (Unaudited)				For the Year Ended December 31, 2020
Balanced Fund
Shares sold			592,230				935,567
Shares issued to shareholders in payment of distributions declared			7,472				51,586
Shares redeemed			(940,625	)			(884,291	)
Net increase/(decrease) resulting from share transactions			(340,923	)			102,862
Common shares outstanding, end of period			8,190,300				8,531,223

 

		For the Six Months Ended June 30, 2021 (Unaudited)				For the Year Ended December 31, 2020
Government Bond Fund
Shares sold			2,577,132				2,829,844
Shares issued to shareholders in payment of distributions declared			17,849				50,998
Shares redeemed			(1,519,502	)			(3,180,339	)
Net increase/(decrease) resulting from share transactions			1,075,479				(299,497	)
Common shares outstanding, end of period			24,145,515				23,070,036

 

Semi-Annual Report | June 30, 2021

47

Notes to Financial Statements
	June 30, 2021 (Unaudited)

 

		For the Six Months Ended June 30, 2021 (Unaudited)				For the Year Ended December 31, 2020
West Virginia Municipal Bond Fund
Shares sold			682,501				589,584
Shares issued to shareholders in payment of distributions declared			12,302				28,859
Shares redeemed			(935,290	)			(645,953	)
Net decrease resulting from share transactions			(240,487	)			(27,510	)
Common shares outstanding, end of period			10,781,808				11,022,295

 

		For the Six Months Ended June 30, 2021 (Unaudited)				For the Year Ended December 31, 2020
Tactical Opportunity Fund
Shares sold			257,681				404,246
Shares issued to shareholders in payment of distributions declared			109				2,062
Shares redeemed			(238,178	)			(261,018	)
Net increase resulting from share transactions			19,612				145,290
Common shares outstanding, end of period			3,848,845				3,829,233

 

4.FEDERAL TAX INFORMATION AND TAX BASIS

 

The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. For the Funds’ most year ended December 31, 2020, there were no permanent differences that resulted in adjustments to distributable earnings or paid-in capital.

 

For federal income tax purposes, the following amounts apply as of June 30, 2021:

 

Fund Name		Gross Appreciation (excess of value over tax cost)				Gross Depreciation (excess of tax cost over value)				Net Unrealized Appreciation (Depreciation)				Cost of Investments for Income Tax Purposes (includes cost of derivatives)
Small Company Growth Fund		$	58,455,868			$	(560,237	)		$	57,895,631			$	70,716,833
Growth Fund		$	245,624,356			$	(388,345	)		$	245,236,011			$	155,430,030
Balanced Fund		$	36,481,858			$	(149,696	)		$	36,332,162			$	82,654,547
Government Bond Fund		$	4,929,529			$	(930,395	)		$	3,999,134			$	232,828,766
West Virginia Municipal Bond Fund		$	5,453,693			$	(74,285	)		$	5,379,408			$	111,783,257
Tactical Opportunity Fund		$	7,379,289			$	(129,961	)		$	7,249,328			$	43,028,633

 

The difference between book and tax basis for unrealized appreciation/(depreciation) for the Funds is attributable to wash sales, deferred dividends, and certain other investments.

 

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	Notes to Financial Statements
June 30, 2021 (Unaudited)

 

The tax character of distributions as reported on the Statements of Changes in Net Assets for the years ended December 31, 2020 was as follows:

 

		For Year Ended December 31, 2020
Fund Name		Tax-Exempt Income				Ordinary Income				Long-Term Capital Gain				Total
Small Company Growth Fund		$	–			$	–			$	9,440,746			$	9,440,746
Growth Fund		$	–			$	248,515			$	26,186,863			$	26,435,378
Balanced Fund		$	–			$	1,912,881			$	2,422,946			$	4,335,827
Government Bond Fund		$	–			$	4,353,098			$	–			$	4,353,098
West Virginia Municipal Bond Fund		$	2,122,947			$	2,068			$	49,168			$	2,174,183
Tactical Opportunity Fund		$	–			$	328,108			$	632,475			$	960,583

 

As of December 31, 2020, the Funds most recent year end, the components of distributable earnings on a tax basis was as follows:

 

Fund Name		Undistributed net investment income				Accumulated net realized gain (loss) on investments				Other cumulative effect of timing differences				Net unrealized appreciation (depreciation) on investments				Total
Small Company Growth Fund		$	2,829,869			$	5,354,291			$	–			$	52,128,908			$	60,313,068
Growth Fund		$	21,274			$	12,212,806			$	–			$	200,185,688			$	212,419,768
Balanced Fund		$	16,126			$	341,946			$	2,467			$	29,212,086			$	29,572,625
Government Bond Fund		$	143,910			$	(2,524,314	)		$	–			$	6,171,091			$	3,790,687
West Virginia Municipal Bond Fund		$	–			$	5,420			$	–			$	6,380,390			$	6,385,810
Tactical Opportunity Fund		$	–			$	376,241			$	–			$	5,885,938			$	6,262,179

 

Capital loss carryovers used during the year ended December 31, 2020, were as follows:

 

Fund Name		Capital Losses
Small Company Growth Fund		$	102,367

 

Under current law, capital losses maintain their character as short-term or long-term and are carried forward to the next tax year without expiration. As of December 31, 2020, the following amounts are available as carry forwards to the next tax year:

 

		Non expiring
Fund Name		ST				LT
Government Bond Fund		$	1,221,606			$	1,208,153

 

The Fund elects to defer to the period ending December 31, 2021, capital losses recognized during the period November 1, 2020 to December 31, 2020 in the amount of:

 

Fund Name		Capital Losses
Government Bond Fund		$	94,555

 

Capital losses arising in the post-October period of the current fiscal year may be deferred to the next fiscal year if the fund elects to defer the recognition of these losses. When this election is made any losses recognized during the period are treated as having occurred on the first day of the next fiscal year separate from and in addition to the application of normal capital loss carryovers as described above.

 

Semi-Annual Report | June 30, 2021

49

Notes to Financial Statements
	June 30, 2021 (Unaudited)

 

5.INVESTMENT ADVISER FEE AND OTHER TRANSACTIONS WITH AFFILIATES

 

Investment Adviser Fee – WesBanco Investment Department is the Funds’ investment adviser (the “Adviser”). The Advisory Agreement between the Funds and the Adviser provides for an annual fee, accrued daily and paid monthly, equal to the percentage of each Fund’s average daily net assets as follows: 

 

Fund Name	Investment Adviser Fee Percentage
Small Company Growth Fund	0.75%
Growth Fund	0.75%
Balanced Fund	0.75%
Government Bond Fund	0.60%
West Virginia Municipal Bond Fund	0.60%
Tactical Opportunity Fund	0.75%

 

The Adviser is contractually obligated to waive a portion of its fees and reimburse other expenses until March 1, 2022 in amounts necessary to limit the Tactical Opportunity Fund’s operating expenses (including the organizational expenses of the Fund, but excluding interest expense, fees on borrowings and expenses associated with the Fund’s investment in other investment companies, if any, extraordinary expenses, tax reclaim recovery expenses and proxy-related expenses) to an annual rate (as a percentage of the Fund’s average daily net assets) of 1.75%. This expense limitation arrangement may not be terminated by the Adviser prior to such date unless such termination is approved by the Trustees. The Adviser is not entitled to recoup any of the fees or expenses waived or reimbursed within this expense limitation arrangement.

 

For the period ended June 30, 2021, the Adviser did not waive any fees due to expenses being under the limit.

 

Administrative Fee – ALPS Fund Services, Inc. (“ALPS”) provides the Funds with certain administrative personnel and services. The fees paid to ALPS are based on the daily average aggregate net assets of the Trust for the period, subject to an annual minimum (on the Trust level). The annual minimum fee will be allocated among the Funds using an equal per-Fund allocation. Any remaining amounts of the minimum fee after the per-Fund allocation will be allocated among the Funds based upon the relative net assets of each Fund.

 

Transfer Agent Fee – ALPS is the Transfer Agent and Dividend Disbursing Agent for the Funds. ALPS receives an annual base fee per Fund in addition to certain out-of-pocket expenses.

 

Distribution (12b-1) Fee – ALPS Distributors, Inc. (“ADI”), an affiliate of ALPS, serves as the Funds’ distributor. The Funds currently have no active distribution plan pursuant to Rule 12b-1 under the ACT.

 

Shareholder Services Fee – Under the terms of Shareholder Services Agreements with WesBanco Bank ("WesBanco", an affiliate of the Adviser) and other financial institutions, the Funds may pay WesBanco as well as other financial institutions, up to 0.25% of average daily net assets. The fee is used to finance certain services for shareholders and to maintain shareholder accounts. WesBanco and other financial institutions may voluntarily choose to waive any portion of their fee, which arrangement they can modify or terminate at any time at their sole discretion.

 

Recordkeeping Fee – The Funds may pay recordkeeping fees on an average net assets basis or on a per account per year basis to financial intermediaries for providing recordkeeping services to the Funds and shareholders.

 

Custodian Fees – WesBanco is the Funds’ custodian. The custodian fee paid to WesBanco is based on the level of each Fund’s average daily net assets for the period, plus out-of-pocket expenses. WesBanco may voluntarily choose to waive any portion of its fee. WesBanco can modify or terminate this voluntary waiver at any time at its sole discretion.

 

General – Certain Officers and Trustees of the Funds are Officers and Directors or Trustees of the above companies.

 

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	Notes to Financial Statements
June 30, 2021 (Unaudited)

 

6.INVESTMENT TRANSACTIONS

 

Purchases and sales of investments, excluding long-term U.S. government securities and short-term obligations, for the period ended June 30, 2021 were as follows:

 

Fund		Purchases				Sales
Small Company Growth Fund		$	25,278,757			$	28,831,996
Growth Fund			24,318,283				28,569,776
Balanced Fund			12,693,073				17,566,726
Government Bond Fund			50,356,117				39,419,925
West Virginia Municipal Bond Fund			13,858,698				15,662,844
Tactical Opportunity Fund			16,708,701				18,105,353

 

Purchases and Sales of U.S. Government Securities, other than short-term securities, for the period ended June 30, 2021 were as follows:

 

Fund		Purchases				Sales
Balanced Fund		$	–			$	1,000,000
Government Bond Fund			5,000,000				–

 

7.CONCENTRATION OF RISK

 

Since the West Virginia Municipal Bond Fund invests a substantial portion of its assets in issuers located in one state, it is 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, as of June 30, 2021, 73% of the securities in the portfolio were backed by letters of credit, bond insurance of various financial institutions, or financial guaranty assurance agencies.

 

Additionally, the Funds may invest a portion of their assets in securities of companies that are deemed by the Funds’ management to be classified in similar business sectors. The economic developments within a particular sector may have an adverse effect on the ability of issuers to meet their obligations. Additionally, economic developments may have an effect on the liquidity and volatility of portfolio securities.

 

8.COMPENSATION OF TRUSTEES

 

None of the Trustees are entitled to receive any retirement, pension plan or deferred compensation benefits from the Trust. Interested Trustees receive the same compensation as Independent Trustees. No officers of the Funds are compensated by the Funds, but officers may be reimbursed by the Funds for travel and related expenses incurred in performing their duties.

 

9.RECENT ACCOUNTING PRONOUNCEMENT

 

In March 2020, the Financial Accounting Standards Board (“FASB”) issued guidance providing optional temporary financial reporting relief from the effect of certain types of contract modifications due to the planned discontinuation of the LIBOR (London Interbank Offered Rate) or other interbank-offered based reference rates as of the end of December 2021. Management continues to evaluate the impact of the guidance and may apply other elections, as applicable, as the expected market transition to alternative reference rates evolves.

 

Semi-Annual Report | June 30, 2021

51

Notes to Financial Statements
	June 30, 2021 (Unaudited)

 

10. SUBSEQUENT EVENTS

 

In preparing these financial statements, the Funds’ management has evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued.

 

Shareholder Distributions for the Balanced Fund: On July 30, 2021, the Balanced Fund paid a monthly distribution of $0.010 per share to common shareholders of record as of July 21, 2021.

 

Shareholder Distributions for Government Bond Fund and West Virginia Municipal Bond Fund: On August 2, 2021, the Government Bond Fund and the West Virginia Municipal Bond Fund paid daily distributions declared from July 1, 2021 to July 31, 2021 totaling $0.011 and $0.015 per share, respectively, to common shareholders.

 

Fund Name Changes: Effective July 23, 2021, the WesMark Small Company Growth Fund and the WesMark Growth Fund names changed to the WesMark Small Company Fund and the WesMark Large Company Fund, resepectively.

 

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	Shareholder Expense Example
June 30, 2021 (Unaudited)

 

As a shareholder of a Fund, you incur ongoing costs, including management fees and to the extent applicable, shareholder services fees and other Fund expenses. This example is intended to help you to understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds. It is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from January 1, 2021 to June 30, 2021.

 

ACTUAL EXPENSES

The first line of the table below (“Actual Fund Return”) provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expenses that you incurred over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading “Expense Paid During Period” to estimate the expenses attributable to your investment during this period.

 

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

The second line under each fund of the table below (“Hypothetical Fund Return”) provides information about hypothetical account values and hypothetical expenses based on a Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. Thus, you should not use the hypothetical account values and expenses to estimate the actual ending account balance or your expenses for the period. Rather, these figures are required to be provided to enable you to compare the ongoing costs of investing in the Funds with other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

 

Please note that the expenses shown in the table are meant to highlight your ongoing costs only. Therefore, the second line of the table below (“Hypothetical Fund Return”) is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds.

 

	Beginning Account Value January 1, 2021	Ending Account Value June 30, 2021	Expense Paid During Period(1)	Net Expense Ratios(2)
WesMark Small Company Growth Fund
Actual Fund Return	$ 1,000.00	$1,158.80	$6.53	1.22%
Hypothetical Fund Return (assuming a 5% return before expenses)	$ 1,000.00	$1,018.74	$6.11	1.22%
WesMark Growth Fund
Actual Fund Return	$ 1,000.00	$1,146.20	$5.96	1.12%
Hypothetical Fund Return (assuming a 5% return before expenses)	$ 1,000.00	$1,019.24	$5.61	1.12%
WesMark Balanced Fund
Actual Fund Return	$ 1,000.00	$1,100.60	$6.51	1.25%
Hypothetical Fund Return (assuming a 5% return before expenses)	$ 1,000.00	$1,018.60	$6.26	1.25%
WesMark Government Bond Fund
Actual Fund Return	$ 1,000.00	$995.30	$5.05	1.02%
Hypothetical Fund Return (assuming a 5% return before expenses)	$ 1,000.00	$1,019.74	$5.11	1.02%
WesMark West Virginia Municipal Bond Fund
Actual Fund Return	$ 1,000.00	$1,001.80	$5.46	1.10%
Hypothetical Fund Return (assuming a 5% return before expenses)	$ 1,000.00	$1,019.34	$5.51	1.10%
WesMark Tactical Opportunity Fund
Actual Fund Return	$ 1,000.00	$1,096.60	$7.49	1.44%
Hypothetical Fund Return (assuming a 5% return before expenses)	$ 1,000.00	$1,017.65	$7.20	1.44%

 

(1)

Expenses are equal to the Funds' annualized net expense ratios, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the six month period).

(2)

Annualized, based on the Fund's most recent fiscal half-year expenses.

 

Semi-Annual Report | June 30, 2021

53

Board of Trustees and Trust Officers
	June 30, 2021 (Unaudited)

 

The Board is responsible for managing the Trust’s business affairs and for exercising all the Trust’s powers except those reserved for the shareholders. The following tables give information about each Board member and the senior officers of the Funds. Where required, the tables separately list Board members who are “interested persons” of the Funds (i.e., “Interested” Board members) and those who are not (i.e., “Independent” Board members). The WesMark Fund Complex consists of one Investment Company (comprising six portfolios). Unless otherwise noted, each Officer is elected annually; each Board member oversees all portfolios in the WesMark Fund Complex; and serves for an indefinite term.

 

Name, Year of Birth, Address* and Date Service Began	Principal Occupations in Past Five Years, other Directorships Held and Previous Positions
Independent Trustees
Lawrence E. Bandi (1954)   TRUSTEE Began serving September 2004	Principal Occupations: Retired   Other Directorships: Welty Corporation, St. Vincent’s de Paul Parish School.   Previous Positions: President, Central Catholic High School (Education); President and Chief Executive Officer, Valley National Gases, Inc. (Gas Supplier); Chief Financial Officer & Vice President, West Virginia Northern Community College (Education); VP & CFO MPD Corporation (Hospitality).
Gary J. Madich, CFA (1955)   TRUSTEE Began serving November 2020	Principal Occupation: Retired   Other Directorships: Managing Director/CEO Global Fixed Income and previously Managing Director/Global CIO Fixed Income, JPMorgan Investment Management (Investment Management); Senior Managing Director/ CIO Fixed Income, Banc One Investment Advisors (Investment Management); Senior Vice President and Senior Portfolio Manager Fixed Income, Federated Investors (Investment Management).
Jordan A. Miller, Jr. (1951)   TRUSTEE Began serving March 1, 2021	Principal Occupation: Retired   Previous Positions and Directorships: Regional Chairman Fifth Third Bank Central Ohio (National Bank); Regional CEO and President Fifth Third Bank Central Ohio (Commercial, Consumer, and Private banking); Managing Director of Fifth Third Advisor Services (Investment Management); CEO Fifth Third Bank Investments a FINRA registered broker dealer (Investment Management).
Interested Trustees
Robert E. Kirkbride** (1939)   CHAIRMAN AND TRUSTEE Began serving September 2004	Principal Occupations and Other Directorships: Paid Consultant to the Executive Loan Committee of WesBanco Bank, Inc.(Financial Services); Vice President and Director, Ohio Valley Land Company (Real Estate Development); Director, The Mountain Company (Holding Company); Director, The Laurel Management Group (Holding Company); President and Director, Thunder Corporation (Oil and Gas Production); Member and Manager, Marietta Ventures LLC (real estate development and related consulting); Vice President and Director, Spartan Foundation (private foundation).
J. Christopher Gardill*** (1976)   TRUSTEE Began serving August 2015	Principal Occupations: Member, Phillips, Gardill, Kaiser & Altmeyer, PLLC (private law firm).   Other Directorships: Board Member, Wheeling Vintage Raceboat Regatta (Private Organization).

 

*

All Trustees may be reached via the Funds at 1290 Broadway, Suite 1000, Denver, CO, 80203.

**

Mr. Kirkbride is an interested person due to his security holdings in WesBanco, Inc. The Funds’ investment adviser, WesBanco Investment Department, is a division of WesBanco Bank, Inc., a wholly owned subsidiary of WesBanco, Inc. Mr. Kirkbride previously served as a Director for WesBanco, Inc. and WesBanco Bank, Inc., and currently serves as a paid consultant to the Executive Loan Committee of WesBanco Bank, Inc.

***

Mr. Gardill is an interested person due to his affiliation with Phillips, Gardill, Kaiser & Altmeyer, PLLC who serves as legal counsel to WesBanco Inc. and WesBanco Bank. The Funds’ investment adviser, WesBanco Investment Department, is a division of WesBanco Bank, Inc., a wholly owned subsidiary of WesBanco, Inc. Mr. Gardill was also an independent consultant to the Trust Committee of WesBanco Bank, Inc.

 

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	Board of Trustees and Trust Officers
June 30, 2021 (Unaudited)

 

The name, address, age and principal occupations for the past five years of the officers of the Trust are listed below. Each officer serves as an officer of the six fund portfolios that comprise the Trust.

 

Name, Year of Birth and Address*	Positions Held with Fund Date Service Began	Principal Occupation(s) and Previous Position(s)
Officers
Scott Love (1976)	CHIEF EXECUTIVE OFFICER, PRESIDENT Began Serving: March 2020	Principal Occupations: Co-Portfolio Manager of the WesMark Funds; Executive Vice President, WesBanco Trust and Investment Services.   Previous Positions: Vice President of the WesMark Funds.
Jennifer S. Roth (1975)	CHIEF COMPLIANCE OFFICER Began Serving: August 2019	Principal Occupations: Chief Compliance Officer of the WesMark Funds; Chief Compliance Officer and Senior Vice President of WesBanco Investment Department and Webanco Trust and Investment Services; Registered Principal WesBanco Securities, Inc.   Previous Positions: Chief Compliance Officer/Compliance Manager, Global Alternative Investment Services, Inc., 2015 to August 2019.
Steven Kellas (1966)	CHIEF FINANCIAL OFFICER, TREASURER Began Serving: January 2013	Principal Occupation: Co-Portfolio Manager, Treasurer and Chief Financial Officer of the WesMark Funds, Executive Vice President WesBanco Trust and Investment Services.
Todd P. Zerega (1974)	SECRETARY Began Serving: September 2004	Principal Occupations: Partner, Perkins Coie LLP.
Sareena Khwaja-Dixon (1980)	ASSISTANT SECRETARY Began Serving: May 2021	Principal Occupation: Principal Legal Counsel and Vice President of SS&C ALPS since 2020.   Previous Positions: VP, Senior Legal Counsel, SS&C ALPS from 2015-2020.
Lori Anderson (1981)	ASSISTANT TREASURER Began Serving: July 2021	Principal Occupation: Fund Controller, SS&C ALPS since 2018.   Previous Positions: Assistant Fund Controller, ALPS Fund Services, August 2014 to March 2018.

 

Semi-Annual Report | June 30, 2021

55

Board Review of Advisory Contract
	June 30, 2021 (Unaudited)

 

As required by the 1940 Act, the Board of Trustees (“Board” or “Trustees”) of the WesMark Funds (“Funds”) has reviewed, at its May 2021 meeting, the Funds’ investment advisory contract with WesBanco Investment Department (“Adviser”). Prior to the May meeting the Board considered the materials to be requested from the Adviser in connection with their consideration of the renewal of the investment advisory agreement. Following a review and approval by the Funds’ Independent Trustees in executive session at the May meeting, the Board reviewed and approved the continuation of the Funds’ investment advisory agreement with the Adviser for the one-year period commencing on May 31, 2021. The Board’s decision to approve the investment advisory agreement reflects the exercise of its business judgment on whether to continue the existing arrangements.

 

The Board is aware that various courts, including the United States Supreme Court, have interpreted provisions of the 1940 Act and have indicated in their decisions that the following factors may be relevant to an Adviser’s fiduciary duty with respect to its receipt of compensation: the nature, extent and quality of the services provided by the Adviser, including the investment performance of a Fund; the Adviser’s cost of providing the services; the extent to which the Adviser may realize “economies of scale” as a Fund grows larger and whether fee levels reflect these economies of scale; any profits or indirect benefits that may accrue to the Adviser and its affiliates as a result of the Adviser’s relationship with a Fund; performance and expenses of comparable funds; and the extent to which the independent Board members are fully informed about all facts bearing on the Adviser’s services and fees. The Funds’ Board is aware of these factors and is guided by them in its review of the Funds’ advisory contract to the extent they are appropriate and relevant, as discussed further below.

 

In connection with its review, the Board requests and receives a significant amount of detailed information about the Funds and the WesBanco organization. The Adviser and other service providers of the Funds provide much of this information at each regular meeting of the Board, and furnish additional reports in connection with the particular meeting at which the Board’s formal review of the advisory contract occurs. In between regularly scheduled meetings, the Board receives additional information on particular matters as the need arises. Thus, the Board’s evaluation of an advisory contract is informed by reports covering such matters as: the Adviser’s investment philosophy, personnel, and processes; a Fund’s short- and long-term performance (in absolute terms, and when compared to certain competitor or “peer group” funds and/or other market benchmarks, as appropriate), and comments on the reasons for performance; a Fund’s expenses (including the advisory fee itself and the overall expense structure of a Fund, both in absolute terms and relative to similar and/or competing funds, with due regard for any expense limitations); the use and allocation of brokerage commissions derived from trading a Fund’s portfolio securities; the nature and extent of the advisory and other services provided to a Fund by the Adviser and its affiliates; compliance and audit reports concerning the Funds and the primary service providers to the Funds; and relevant developments in the mutual fund industry and how the Funds and/or the Adviser are responding to them. The evaluation process is evolutionary, reflecting continually developing considerations. Changing circumstances drive the criteria considered and the emphasis placed on relevant criteria.

 

With respect to the nature and quality of the services provided by the Adviser, the Board received and considered information concerning the nature, extent and quality of the services provided to the Funds. The Trustees considered the background and experience of the members of the portfolio management teams responsible for the day-to-day management of the Funds and considered the functioning of the portfolio management teams for the Funds. The Board discussed the Adviser’s recent review of the Fund’s positioning in the marketplace as well as some potential changes to the investment strategies of certain of the Funds. The Board concluded it was satisfied with the capabilities and commitment of the Adviser to provide high quality service to the Funds.

 

With respect to a Fund’s performance and expenses in particular, the Board has found the use of comparisons to other mutual funds with comparable investment programs to be useful, given the high degree of competition within the mutual fund business. While mindful that courts have cautioned against giving such comparisons too much weight, the Board focuses on comparisons with other similar mutual funds (rather than non-mutual fund products or services) because it is believed that they are more relevant. For example, other mutual funds are the products most like the Funds, and they are readily available as alternative investment vehicles. The range of their fees and expenses therefore appears to be a generally reliable indication of what consumers have found to be reasonable in the precise marketplace in which the Funds compete. A Fund’s ability to deliver competitive performance when compared to its peer group may be a useful indicator of how the Adviser is executing on the Fund’s investment program, which would in turn assist the Board in reaching a conclusion that the nature, extent, and quality of the Adviser’s investment management services are such as to warrant continuation of the advisory contract. The Funds are the only advisory clients of the Adviser. However, personnel of the Adviser assist in the provision of asset management services for clients of affiliates of the Adviser. The Board is aware of these arrangements and is briefed on any material changes to these arrangements.

 

For the one-year and three-year periods ended March 31, 2021, the performance of the WesMark Balanced Fund, and the WesMark West Virginia Municipal Bond Fund were below the average of their respective peer group. The WesMark Government Bond Fund’s performance for the one-year period ended March 31, 2021, was above the average of the relevant peer group but for the three-year period ended March 31, 2021, was below the average of the relevant peer group. The performance of the WesMark Small Company Growth Fund, the WesMark Tactical Fund, and the WesMark Growth Fund for the one and three-year periods ended March 31, 2021, was above the average of their respective peer groups.

 

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	Board Review of Advisory Contract
June 30, 2021 (Unaudited)

 

The Board reviewed the performance of the Funds for the first quarter of 2021 and noted that the WesMark Balanced Fund, the WesMark Government Bond Fund and the WesMark Tactical Fund were above the average of their respective peer group for the quarter, while the WesMark Growth Fund, WesMark Small Company Growth Fund, and the WesMark West Virginia Municipal Bond Fund were below the average of their respective peer groups for the quarter. The Board also noted that the peer performance comparisons for the WesMark West Virginia Municipal Bond Fund were of limited value because of the unique nature of the West Virginia municipal bond market and the limited number of municipal bond funds dedicated to West Virginia. Overall the Board concluded that it was satisfied with the Advisor’s performance in managing the Funds. The Board will continue to monitor these efforts and performance of the Funds.

 

The Board requested and reviewed a report prepared by an independent rating organization which compared each of the Fund’s fees, including gross advisory fees, for the calendar year ending December 31, 2020, to a peer group for each WesMark Fund compiled by the independent rating organization. The report indicated that the gross investment advisory fee for the WesMark Growth Fund, the WesMark West Virginia Municipal Bond Fund and the WesMark Government Bond Fund were above the median for their respective peer groups, the gross investment advisory fee for the WesMark Small Company Growth Fund and the WesMark Tactical Opportunity Fund were below the median for their respective peer groups and the WesMark Balanced Fund’s gross investment advisory fee was approximately at the median for the selected peer group. The Board also reviewed the other information provided in the report such as the Funds’ total expense ratios verses those of the selected peer groups. Based on the review of the report, the Board concluded it was satisfied that the advisory fees and overall expense structure of the Funds remained competitive and was satisfied with the nature, extent and quality of the Adviser’s services. The Board will continue to monitor advisory fees and other expenses borne by the Funds.

 

The Board also considered whether “economies of scale” may exist and whether the Funds benefit from any such economies. The Board noted that, each of the Funds is still of relatively small size relative to many of its peers and had not experienced meaningful asset growth over the past year. Under these circumstances, the Board concluded there were no meaningful “economies of scale” enjoyed by the Adviser in managing the Funds. However, the Board noted that shareholders of a Fund may benefit from an increase in size of the Fund due to the fixed expenses of the Fund being spread over a larger asset base potentially resulting in lower expense ratios for the Funds. The Trustees also noted that the Adviser continues to make investments in investment management personnel and investment resources and that the benefits of those investments were likely to be experienced by the Funds as a whole.

 

The Board also receives financial information about the Adviser, including information on the profitability of the Adviser on a fund- by-fund basis. Although the Board considered the profitability of the Adviser on a fund-by-fund basis, in the Board’s view, the cost of performing advisory services on a fund-specific basis is difficult to estimate satisfactorily as it involves making certain assumptions in the allocation of expenses and is a relatively minor consideration in its overall evaluation. The Board therefore determined that the profitability analysis was of limited value.

 

The Board considered, in addition to the advisory fees, the compensation and benefits received by the Adviser and its affiliates from their relationship with the Funds. This included fees received for services, such as custody and shareholder servicing, provided to the Funds by other entities in the WesBanco organization and research and trading services received by the Adviser from brokers (or from third parties with which these broker-dealers have arrangements) that execute fund trades (“soft dollar arrangements”). The Trustees considered the benefit to the Adviser and its affiliates from such soft dollar arrangements, including that the services received are of value to the Adviser in advising the Funds and that the Adviser might otherwise be required to separately purchase such services. The Trustees concluded that the “soft dollar” arrangements appeared to benefit the Funds and did not seem unreasonable. The Board also concluded that the amounts received by the Advisor or its affiliates for the provision of custody and shareholder servicing did not appear unreasonable.

 

In assessing the Adviser’s performance of its obligations, the Board also considers whether a circumstance or event has occurred that would constitute a reason for it to not renew an advisory contract. In this regard, the Board is mindful of the potential disruptions of the Funds’ operations and various risks, uncertainties and other effects that could occur as a result of a decision to terminate or not renew an advisory contract. Thus, the Board’s “selection” or approval of the Adviser must reflect the fact that it is the shareholders who have effectively selected the Adviser by virtue of having invested in the Funds. The Board concluded that, in light of the factors discussed above, including the nature, extent, quality and scope of the services provided to the Fund by the Adviser and its affiliates, continuation of the advisory contract was appropriate.

 

The Board based its decision to renew the advisory contracts on the totality of the circumstances and relevant factors and with a view to past and future long-term considerations. The Board does not consider any one factor to be determinative. With respect to the factors that were relevant, the Board’s decision to approve the contract reflects its determination that the Adviser’s performance and actions provide a satisfactory basis to support the decision to continue the existing arrangements. Because the totality of circumstances includes considering the relationship of each Fund to the WesMark family of Funds, the Board does not approach consideration of each Fund’s advisory contract as if that were the only fund offered by the Adviser.

 

Semi-Annual Report | June 30, 2021

57

Additional Information
	June 30, 2021 (Unaudited)

 

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 funds’ prospectus which contains facts concerning its objective and policies, management fees, expenses and other information.

 

VOTING PROXIES ON FUND PORTFOLIO SECURITIES

 

A description of the policies and procedures that the Funds use to determine how to vote proxies relating to securities held in a Fund’s portfolio is available, without charge and upon request, by calling 1-800-864-1013. A report on Form N-PX of how the Funds voted any such proxies during the most recent 12-month period ended June 30 is available without charge and upon request by calling the Funds toll-free at 1-800-864-1013. This information is also available from the EDGAR database on the SEC’s website at http://www.sec.gov.

 

QUARTERLY PORTFOLIO SCHEDULE

 

The Funds file with the SEC a complete schedule of their portfolio holdings, as of the close of the first and third quarters of its fiscal year, on Form N-PORT. These filings are also available on the SEC’s website at http://www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC (call 1-800-SEC-0330 for information on the operation of the Public Reference Room). You may also access this information on the WesMark Funds website at www.wesmarkfunds.com by clicking on “Quarterly Reports”, then selecting the name of the Fund.

 

NOTICE TO STOCKHOLDERS

 

For the year ended December 31, 2020, 97.67% of the distributions from net investment income for West Virginia Municipal Bond Fund are exempt from federal income tax.

 

Of the ordinary income (including short-term capital gain) distributions made by the Funds during the year ended December 31, 2020, the percentages qualifying for the dividend received deduction available to corporate shareholders are as follows:

 

Fund Name	Percentage
Growth Fund	100.00%
Balanced Fund	99.90%
Tactical Opportunity Fund	88.12%

 

For the year ended December 31, 2020, the following percentages of total ordinary dividends paid by the Funds are qualifying dividends which may be subject to a maximum tax rate of 15%, as provided for by the Jobs and Growth Tax Relief Act of 2003. Complete information will be reported in conjunction with the reporting of your distributions on Form 1099-DIV. The percentages were as follows:

 

Fund Name	Percentage
Growth Fund	100.00%
Balanced Fund	100.00%
Tactical Opportunity Fund	100.00%

 

Pursuant to Section 852(b)(3) of the Internal Revenue Code, Small Company Growth Fund, West Virginia Municipal Bond Fund, Growth Fund, Balanced Fund, and Tactical Opportunity Fund designated $9,440,746, $49,168, $26,186,863, $2,422,946, and $632,475, respectively as long-term capital gain dividends.

 

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	Glossary of Terms
June 30, 2021 (Unaudited)

 

Investment Ratings:

 

Description	Standard and Poor’s Long-Term Debt Rating	Moody’s Investors Service Long-Term Bond Rating
Highest rating available. Capacity to pay interest and repay principal is extremely strong. Carry smallest degree of investment risk.	AAA	Aaa
Very strong capacity to pay interest and repay principal. Differ from AAA rated securities by very small degree. Still considered high grade obligation.	AA	Aa
Strong capacity to pay interest and repay principal although is somewhat more susceptible to adverse effects of changes in circumstances and economic conditions than those rated higher. Considered upper medium grade obligation.	A	A
Regarded as having an adequate capacity to pay interest and repay principal. Any adverse economic conditions or changing circumstances are more likely to lead to a weakened capacity to pay vs. those rated higher. Considered medium grade obligation.	BBB	Baa
Judged to have speculative elements, but has less near-term vulnerability to default than other speculative=e issues. Faces major ongoing uncertainties or exposure to adverse business, financial, or economic conditions which could lead to inadequate capacity to meet timely interest and principal payments.	BB	Ba
Has greater vulnerability to default but currently has capacity to meet interest payments and principal repayments. Adverse business, financial, or economic conditions will likely impair capacity or willingness to pay interest or principal. Generally lack characteristics of the desirable investment.	B	B
Currently identifiable vulnerability to default and is dependent upon favorable business, financial, and economic conditions to meet timely payment of interest and repayment of principal. Such issues may be in default or there may be present elements of danger with respect to principal or interest.	CCC	Caa
Typically applied to debt subordinated to senior debt that is assigned an actual or implied CCC debt rating (by S&P). Represent obligations which are speculative in a high degree.	CC	Ca
Typically applied to debt subordinated to senior debt which has been assigned an actual or implied CCC-debt rating (by S&P). Represents the lowest rated class of bonds.	C	C

 

Credit rating firms, such as Standard & Poor's and Moody's, use different designations consisting of upper- and lower-case letters 'A' and 'B' to identify a bond's credit quality rating. 'AAA' and 'AA' (high credit quality) and 'A' and 'BBB' (medium credit quality) are considered investment grade. Credit ratings for bonds below these designations ('BB', 'B', 'CCC', etc.) are considered low credit quality, and are commonly referred to as "junk bonds."

 

Semi-Annual Report | June 30, 2021

59

(b)

Not Applicable.

 

Item 2. Code of Ethics.

 

Not applicable to this semi-annual report.

 

Item 3. Audit Committee Financial Expert.

 

Not applicable to this semi-annual report.

 

Item 4. Principal Accountant Fees and Services.

 

Not applicable to this semi-annual report.

 

Item 5. Audit Committee of Listed Registrants.

 

Not applicable to the Registrant.

 

Item 6. Investments.

 

(a)

The Registrant’s “Schedule I – Investments in securities of unaffiliated issuers” (as set forth in 17 CFR 210.12-12) is included in Item 1 of this Form N-CSR.

 

(b)

Not applicable to the registrant.

 

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

 

Not applicable to the Registrant.

 

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

 

Not applicable to the Registrant.

 

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

 

Not applicable to the Registrant.

 

Item 10. Submission of Matters to a Vote of Security Holders.

 

No changes to report.

Item 11. Controls and Procedures.

 

(a)

The Registrant’s principal executive and principal financial officers have concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (17 CFR 270.30a-3(c))), are effective in design and operation and are sufficient to form the basis of the certifications required by Rule 30a-(2) under the Investment Company Act of 1940, as amended, based on their evaluation of these disclosure controls and procedures within 90 days of the filing date of this report on Form N-CSR.

 

(b)

There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940, as amended) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

 

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

 

Not applicable.

 

Item 13. Exhibits.

 

(a)(1)

Not applicable.

 

(a)(2)

The certifications required by Rule 30a-2(a) of the Investment Company Act of 1940, as amended, and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto as Ex.99.Cert.

 

(a)(3)

Not applicable.

 

(b)

A certification of the Registrant’s principal executive officer and principal financial officer, as required by Rule 30a-2(b) under the Investment Company Act of 1940, as amended, is attached as Ex.99.906.Cert.

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	WesMark Funds
By	/s/Scott Love
	Scott Love
	President and Chief Executive Officer
	(Principal Executive Officer)
Date	September 3, 2021

 

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	/s/Scott Love
	Scott Love
	President and Chief Executive Officer
	(Principal Executive Officer)
Date	September 3, 2021

 

By	/s/ Steven Kellas
	Steven Kellas
	Treasurer and Chief Financial Officer
	(Principal Financial Officer)
Date	September 3, 2021

 

 

Ex.99.Cert.

I, Scott Love, certify that:

 

1.  I have reviewed this report on Form N-CSR of WesMark Funds (“Registrant”);

 

2.  Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report;

 

4. The Registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

 

a.

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

b.

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

c.	Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

 

d.	Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and

 

5. The Registrant's other certifying officers and I have disclosed to the Registrant's auditors and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):

 

a.	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize, and report financial information; and

 

b.	Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.

 

Date:  September 3, 2021
	By:	/s/Scott Love
	Scott Love
	President and Chief Executive Officer
	(Principal Executive Officer)

 

Ex.99.Cert.

 

I, Steven Kellas, certify that:

 

1.	I have reviewed this report on Form N-CSR of WesMark Funds (“Registrant”);

 

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3.

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report;

 

4.

The Registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

 

a.

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

b.

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

c.	Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

 

d.	Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and

 

5.	The Registrant's other certifying officer and I have disclosed to the Registrant's auditors and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):

 

a.	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize, and report financial information; and

 

b.	Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.

 

Date:  September 3, 2021
	By:	/s/ Steven Kellas
	Steven Kellas
	Treasurer and Chief Financial Officer
	(Principal Financial Officer)

 

 

Ex.99.906.Cert

 

This certification is furnished pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. § 1350, and accompanies the report on Form N-CSR for the period ended June 30, 2021 of the WesMark Funds (the “Registrant”).

 

We, the undersigned officers of the Registrant, hereby certify, to the best of our knowledge that the Registrant’s:

 

(i)

Form N-CSR fully complies with the requirements of Section 13(a) or Section 15(d), as applicable, of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d)); and

 

(ii)

information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

 

/s/Scott Love
Scott Love
President and Chief Executive Officer
(Principal Executive Officer)

 

 

Dated: September 3, 2021

 

/s/ Steven Kellas
Steven Kellas
Treasurer and Chief Financial Officer
(Principal Financial Officer)

 

Dated: September 3, 2021