N-30D 1 form.htm WesMark Funds 9/28/01 N-30D

[Logo of WesMark Funds]

Family of Funds

Combined Semi-Annual Report

 

Small Company Growth Fund

Growth Fund

Balanced Fund

Bond Fund

West Virginia Municipal Bond Fund

 

Dated July 31, 2001

 

WESMARK FUNDS
PRESIDENT'S MESSAGE

Dear Shareholder:

I am pleased to present the combined Semi-Annual Report for the WesMark Funds. This report covers the six-month period from February 1, 2001 through July 31, 2001, which is the first half of the funds' fiscal year.

WesMark Small Company Growth Fund is managed to help your money pursue capital appreciation. To pursue that objective, the fund invests in a diversified portfolio of common stocks of small-sized companies with above-average potential for price appreciation.* These companies typically have above-average earnings growth potential or are experiencing significant changes, such as new products, services, or methods of distributions, or overall business restructuring. The reporting period was a difficult one for small-company growth stocks. As a result, the fund's total return was (16.44)%.** During the reporting period, the fund paid capital gains totaling $0.21 per share. On the last day of the reporting period, the fund's net assets reached $24.8 million.

WesMark Growth Fund is managed to help your money grow over time. To pursue that objective, the fund invests in a diversified portfolio of stocks selected for their long-term potential to provide above-average returns. At the end of the reporting period, the fund's portfolio included well-known names like AOL Time Warner, BP Amoco, Dell Computer, General Electric, J.P. Morgan Chase, PepsiCo, Pfizer, and Wal-Mart. During the six-month reporting period, the fund's total return of (8.67)% reflected the difficult environment for growth stocks.** During the reporting period, the fund paid capital gains totaling $0.59 per share. On the last day of the reporting period, the fund's net assets reached $251.8 million.

WesMark Balanced Fund pursues capital appreciation and income by investing in a diversified portfolio of stocks and bonds. At the end of the reporting period, more than 70% of the fund's portfolio was invested primarily in high-quality common and preferred stocks. The rest of the portfolio was invested across U.S. government agency bonds and investment-grade corporate bonds. During the reporting period, due to a difficult environment for stocks, the fund's total return was (5.17)%.** Monthly income dividends totaling $0.12 per share helped offset the negative impact of the decline in the value of the fund's stock holdings. In addition the fund paid capital gains totaling $0.22 per share. At the end of the reporting period, the fund's total net assets totaled $83.4 million.

WesMark Bond Fund is managed to help your money earn a high level of current income by investing in a diversified portfolio of high-quality bonds. At the end of the reporting period, more than half of the fund's $157.1 million portfolio was invested in corporate bonds, with the remainder invested across government agency bonds and commercial paper. During the reporting period, the fund paid monthly income dividends totaling $0.27 per share while the net asset value increased by $0.13 in a relatively positive environment for bonds. The income and net asset value increase resulted in a 4.16% total return.**

WesMark West Virginia Municipal Bond Fund is managed to help your money earn income free from federal income tax and West Virginia state income tax.*** To pursue that objective, it invests in a portfolio of high-quality bonds issued by West Virginia municipalities. During the reporting period, the fund paid double tax-free income dividends totaling $0.23 per share. The fund's net asset value increased from $10.27 to $10.33. Through the dividends and net asset value increase, the fund produced a positive total return of 2.82%.** At the end of the reporting period, the fund's net assets totaled more than $64.6 million.

Please remember that the performance of stocks is best measured over the long-term. The short-term volatility that we have been experiencing, while painful, is part of stock investing. For many investors, a price decline presents the opportunity to dollar-cost average, or lower the average cost of their shares by purchasing additional shares at lower prices.****

Thank you for pursuing your financial goals through the diversification and professional management of the WesMark Funds.

Sincerely,

/s/ Peter J. Germain

Peter J. Germain
President

* Small company stocks may be less liquid and subject to greater price volatility than larger capitalization stocks.

** Past performance is no guarantee of future results. Investment return and principal value will fluctuate, so that an investor's shares, when redeemed, may be worth more or less than their original cost. Total returns for the period based on offering price, (i.e. less any applicable sales charge) were: WesMark Small Company Growth Fund, (20.42)%; WesMark Growth Fund, (12.99)%; WesMark Balanced Fund, (9.71)%; WesMark Bond Fund, 0.29%; and WesMark West Virginia Municipal Bond Fund, (1.03)%.

*** Income may be subject to the federal alternative minimum tax.

**** Dollar-cost averaging does not assure a profit or protect against loss in declining markets. Because dollar-cost averaging involves continuous investment regardless of fluctuating price levels, investors should consider their financial ability to continue purchases during periods of low price levels.

WESMARK SMALL COMPANY GROWTH FUND
PORTFOLIO OF INVESTMENTS

July 31, 2001 (Unaudited)
Shares or
Principal
Amount
Value
COMMON STOCKS--88.2%  
APPLICATIONS SOFTWARE--3.3%  
30,000
 (a) Peregrine Systems, Inc. $
820,500
   
BROADCASTING--RADIO--0.1%  
4,000
 (a) Sirius Satellite Radio, Inc.  
32,200
   
BUSINESS SOFTWARE & SERVICES--2.4%  
10,000
 (a) Descartes Systems Group, Inc.  
136,600
15,000
 (a) EXETechnologies, Inc.  
62,850
15,000
 (a) Informatica Corp.  
124,050
50,000
 (a) Signal Soft Corp.  
281,500
   
TOTAL  
605,000
   
DAIRY PRODUCTS--3.3%  
15,000
 (a) Suiza Foods Corp.  
826,350
   
DIVERSIFIED ELECTRONICS--2.6%  
5,000
 (a) Electro Scientific Industries, Inc.  
160,750
25,000
 (a) KEMET Corp.  
484,000
   
TOTAL  
644,750
   
DIVERSIFIED MANUFACTURING--2.9%  
20,000
 Carlisle Cos., Inc.  
722,800
   
DRUG MANUFACTURERS--1.3%  
8,000
 (a) Vertex Pharmaceuticals, Inc.  
319,600
   
E-SERVICES--CONSULTING--0.5%  
20,000
 (a) Sapient Corp.  
125,000
   
ELECTRONIC COMPONENTS--MISC.--2.7%  
20,000
 (a) Gentex Corp.  
655,800
   
HEALTH TECHNOLOGY--1.9%  
15,500
 (a) Specialty Laboratories, Inc.  
482,050
   
INTERNET SOFTWARE & SERVICES--5.7%  
20,000
 (a) Check Free Corp.  
603,200
10,000
 (a) E.piphany, Inc.  
89,500
20,000
 (a) FreeMarkets, Inc.  
398,400
45,000
 (a) Real Networks, Inc.  
315,900
   

TOTAL

 

1,407,000
   
INVESTMENT BROKERAGE--1.4%  
9,700
 Jefferies Group, Inc.  
343,962
   
MEDICAL INSTRUMENTS & SUPPLIES--0.8%  
10,000
 (a) ABIOMED, Inc.  
190,000
   
MULTI MEDIA--2.7%  
35,000
 Belo Corp., Series A  
662,900
   
OIL & GAS EQUIPMENT & SERVICES--4.0%  
50,000
 (a) Newpark Resources, Inc.  
444,000
35,000
 (a) Pride International, Inc.  
543,200
   
TOTAL  
987,200
   
OIL COMPANIES--EXPLORATION & PRODUCTION--12.9%
30,000
 Cabot Oil & Gas Corp., Class A  
753,000
10,000
 Devon Energy Corp.  
542,100
10,000
 (a) Louis Dreyfus Natural Gas Corp.  
326,200
15,000
 (a) Spinnaker Exploration Co.  
604,500
4,000
 (a) Stone Energy Corp.  
182,200
52,500
 XTO Energy, Inc.  
789,075
   
TOTAL  
3,197,075
   
REGIONAL BANKS--3.3%  
25,000
 Banknorth Group, Inc.  
574,000
5,000
 FirstMerit Corp.  
125,850
3,000
 Hancock Holding Co.  
125,760
   
TOTAL  
825,610
   
SAVINGS & LOANS--1.0%  
10,000
 First Financial Holdings, Inc.  
239,000
   
SECURITY SOFTWARE & SERVICES--0.9%  
50,000
 (a) Entrust Technologies, Inc.  
225,500
   
SEMICONDUCTOR EQUIPMENT & MATERIALS--15.5%    
35,000
 (a) Asyst Technologies, Inc.  
528,150
30,000
 (a) Credence Systems Corp.  
621,000
12,000
 (a) DuPont Photomasks, Inc.  
462,840
40,000
 (a) MKS Instruments, Inc.  
1,023,600
25,000
 (a) Photronics, Inc.  
522,500
30,000
 (a) Ultratech Stepper, Inc.  
690,300
   
TOTAL  
3,848,390
   
SEMICONDUCTOR--INTEGRATED CIRCUITS--6.5%  
35,000
 (a) Cypress Semiconductor Corp.  
954,800
40,000
 inSilicon Corp.  
163,600
25,000
 (a) Vitesse Semiconductor Corp.  
494,750
   
TOTAL  
1,613,150
   
SPECIALTY CHEMICALS--2.3%  
15,000
 Cabot Corp.  
559,650
   
TELECOMMUNICATIONS--CELLULAR--2.3%  
15,000
 (a) Triton PCS Holdings, Inc., Class A  
580,500
   
TELECOMMUNICATIONS EQUIPMENT--4.3%  
65,000
 (a) ANTEC Corp.  
669,500
10,000
 (a) Gilat Satellite Networks Ltd.  
131,000
40,000
 (a) MRV Communications, Inc.  
276,800
   
TOTAL  
1,077,300
   
TELECOMMUNICATIONS SERVICES--2.5%  
15,000
 (a) Allegiance Telecom, Inc.  
224,850
10,000
 (a) Leap Wireless International, Inc.  
245,400
70,000
 (a) Williams Communications Group, Inc.  
151,200
   
TOTAL  
621,450
   
TEXTILE APPAREL--1.1%  
5,000
 Liz Claiborne, Inc.  
265,750
   
TOTAL COMMON STOCKS
(identified cost $23,612,859)		  
21,878,487
 
(b)COMMERCIAL PAPER--6.0%    
FINANCE--COMMERCIAL--6.0%    
$1,000,000
 General Electric Capital Corp., 3.60%, 8/6/2001  
999,479
500,000
 Three Rivers Funding Corp., 3.67%, 8/2/2001  
499,948
   
TOTAL COMMERCIAL PAPER
(at amortized cost)		  
1,499,427
   
GOVERNMENT AGENCIES--3.0%  
FEDERAL NATIONAL MORTGAGE ASSOCIATION--3.0%  
750,000
 Series BB, Zero Coupon, 8/16/2001 (at amortized cost)  
748,862
   
MUTUAL FUND--2.9%  
731,168
 Federated U.S. Treasury Cash Reserves Fund (at net asset value)  
731,168
   
TOTAL INVESTMENTS
(identified cost $26,592,316)(c)		 $
24,857,944
   

(a) Non-income producing security.

(b) Each issue shows the rate of discount at the time of purchase for discount issues, or the coupon for interest bearing issues.

(c) The cost of investments for federal tax purposes amounts to $26,592,316. The net unrealized depreciation of investments on a federal tax basis amounts to $1,734,372 which is comprised of $2,570,282 appreciation and $4,304,654 depreciation at July 31, 2001.

Note: The categories of investments are shown as a percentage of net assets ($24,820,937) at July 31, 2001.

See Notes which are an integral part of the Financial Statements

WESMARK GROWTH FUND
PORTFOLIO OF INVESTMENTS

July 31, 2001 (Unaudited)
Shares or
Principal
Amount
Value
COMMON STOCKS--98.2%    
AEROSPACE/DEFENSE--1.5%  
50,000
 United Technologies Corp. $
3,670,000
   
ASSET MANAGEMENT--2.0%  
115,000
 Franklin Resources, Inc.  
4,961,100
   
BANKS--MAJOR REGIONAL--7.6%  
60,000
 Bank One Corp.  
2,322,600
50,000
 Cullen Frost Bankers, Inc.  
1,755,500
75,000
 J.P. Morgan Chase & Co.  
3,247,500
100,000
 National Commerce Financial Corp.  
2,630,000
200,000
 Wells Fargo & Company  
9,212,000
   
TOTAL  
19,167,600
   
BEVERAGES--ALCOHOL--1.6%  
92,000
 Anheuser-Busch Cos., Inc.  
3,984,520
   
BEVERAGES--SOFT--3.1%  
165,000
 PepsiCo, Inc.  
7,693,950
   
BIOMEDICAL--3.4%  
135,000
 (a) Amgen, Inc.  
8,465,850
   
CHEMICALS--DIVERSIFIED--1.7%  
100,000
 Eastman Chemical Co.  
4,388,000
   
COMPUTERS--2.5%  
50,000
 (a) EMC Corp. Mass  
986,000
325,000
 (a) Sun Microsystems, Inc.  
5,294,250
   
TOTAL  
6,280,250
   
CONGLOMERATES--2.7%  
60,000
 Minnesota Mining & Manufacturing Co.  
6,712,800
   
DIVERSIFIED OPERATIONS--1.7%  
100,000
 General Electric Co.  
4,350,000
   
DRUGS & HEALTH CARE--9.4%  
75,000
 (a) Genentech, Inc.  
3,172,500
75,000
 (a) Medimmune, Inc.  
2,889,000
165,000
 Merck & Co., Inc.  
11,216,700
65,000
 Novartis AG, ADR  
2,276,300
100,000
 Pfizer, Inc.  
4,122,000
   
TOTAL  
23,676,500
   
ELECTRONIC COMPONENTS--SEMICONDUCTOR--1.7%
125,000
 Texas Instruments, Inc.  
4,312,500
   
ELECTRONIC SYSTEMS--1.2%  
160,000
 General Motors Corp., Class H  
3,088,000
   
FINANCE--MORTGAGE & RELATED SERVICES--1.1%  
65,000
 Countrywide Credit Industries, Inc.  
2,815,150
   
FOOD--MAJOR DIVERSIFIED--2.3%  
425,000
 Archer-Daniels-Midland Co.  
5,690,750
   
INDEPENDENT OIL & GAS--0.8%  
40,000
 El Paso Energy Corp.  
2,070,000
   
INSURANCE PROPERTY & CASUALTY--1.2%  
95,000
 SAFECO Corp.  
3,013,400
   
INTERNET INFORMATION PROVIDERS--3.6%  
200,000
 (a) AOL Time Warner, Inc.  
9,090,000
   
LONG DISTANCE CARRIERS--0.3%  
50,000
 (a) WorldCom, Inc.--WorldCom Group  
700,000
   
NETWORKING PRODUCTS--1.9%  
250,000
 (a) Cisco Systems, Inc.  
4,805,000
   
OIL & GAS DRILLING--1.9%  
80,000
 (a) Nabors Industries, Inc.  
2,344,000
75,000
 Transocean Sedco Forex, Inc.  
2,421,750
   
TOTAL  
4,765,750
   
OIL & GAS EQUIPMENT & SERVICES--2.2%  
165,000
 Williams Cos., Inc. (The)  
5,527,500
   
OIL COMPONENTS--EXPLORATION & PRODUCTION--8.7%
286,300
 Burlington Resources, Inc.  
12,382,475
272,425
 EOG Resources, Inc.  
9,630,224
   
TOTAL  
22,012,699
   
OIL FIELD--MACHINERY & EQUIPMENT--2.5%  
180,000
 Baker Hughes, Inc.  
6,404,400
   
OIL--INTEGRATED--8.5%  
200,000
 BP Amoco PLC, ADR  
9,884,000
200,000
 Phillips Petroleum Co.  
11,418,000
   
TOTAL  
21,302,000
   
PERSONAL COMPUTERS--0.9%  
80,000
 (a) Dell Computer Corp.  
2,154,400
   
PRINTED CIRCUIT BOARDS--2.6%  
200,000
 (a) Jabil Circuit, Inc.  
6,500,000
   
PROTECTION--SAFETY--4.7%  
225,000
 Tyco International Ltd.  
11,970,000
   
REGIONAL--NORTHEAST BANKS--1.5%  
120,000
 North Fork Bancorp, Inc.  
3,892,800
   
RETAIL DISCOUNT--3.1%  
140,000
 Wal-Mart Stores, Inc.  
7,826,000
   
RETAIL--FOOD--2.6%  
250,000
 (a) Kroger Co., Inc.  
6,590,000
   
SEMICONDUCTOR--BROAD LINE--1.5%  
125,000
 Intel Corp.  
3,726,250
   
SEMICONDUCTOR EQUIPMENT & MATERIALS--0.9%  
50,000
 (a) Applied Materials, Inc.  
2,293,000
   
TELECOMMUNICATIONS EQUIPMENT--1.4%  
50,000
 Nokia Oyj, Class A, ADR  
1,090,500
50,000
 Scientific-Atlanta, Inc.  
1,272,500
75,000
 (a) Tellabs, Inc.  
1,235,250
   
TOTAL  
3,598,250
   
TELECOMMUNICATIONS SERVICES--3.4%    
80,000
 SBC Communications, Inc.  
3,602,400
175,000
 (a) Sprint Corp. (PCS Group)  
4,536,000
200,000
 (a) Williams Communications Group, Inc.  
432,000
   
TOTAL  
8,570,400
   
TRANSPORTATION--RAIL--0.5%  
50,000
 Burlington Northern Santa Fe  
1,337,000
   
TOTAL COMMON STOCKS
(identified cost $229,276,435)		  
247,405,819
 
(b)COMMERCIAL PAPER--1.4%  
FINANCE--AUTOMOTIVE--1.4%  
$3,500,000 Ford Motor Credit Corp., 3.77%, 8/6/2001 (at amortized cost)  
3,498,172
 
MUTUAL FUND--0.2%  
428,271
 Federated U.S. Treasury Cash Reserves Fund (at net asset value)  
428,271
   
TOTAL INVESTMENTS
(identified cost $233,202,878)(c)		 $ 251,332,262
   

(a) Non-income producing security.

(b) Each issue shows the rate of discount at the time of purchase for discount issues, or the coupon for interest bearing issues.

(c) The cost of investments for federal tax purposes amounts to $233,202,878. The net unrealized appreciation of investments on a federal tax basis amounts to $18,129,384 which is comprised of $28,766,835 appreciation and $10,637,451 depreciation at July 31, 2001.

Note: The categories of investments are shown as a percentage of net assets ($251,819,568) at July 31, 2001.

The following acronym is used throughout this portfolio:

ADR--American Depositary Receipt

See Notes which are an integral part of the Financial Statements

WESMARK BALANCED FUND
PORTFOLIO OF INVESTMENTS

July 31, 2001 (Unaudited)
Shares or
Principal
Amount		   Value
COMMON STOCKS--68.9%    
AEROSPACE/DEFENSE--0.5%    
6,000
 United Technologies Corp. $
440,400
   
ASSET MANAGEMENT--1.0%  
20,000
 Franklin Resources, Inc.  
862,800
   
BANKS--MAJOR REGIONAL--3.9%  
25,000
 Bank One Corp.  
967,750
10,000
 J.P. Morgan Chase & Co.  
433,000
40,000
 Wells Fargo & Company  
1,842,400
   
TOTAL  
3,243,150
   
    BEVERAGES--ALCOHOL--1.6%    
 
30,000
     Anheuser-Busch Cos., Inc.    
1,299,300
   
 
    BEVERAGES--SOFT--2.2%    
 
40,000
     PepsiCo, Inc.    
1,865,200
   
 
    BIOMEDICAL--2.6%    
 
35,000
   (a) Amgen, Inc.    
2,194,850
   
 
    CHEMICALS--DIVERSIFIED--1.3%    
 
25,000
     Eastman Chemical Co.    
1,097,000
   
 
    COMPUTERS--1.4%    
 
20,000
   (a) EMC Corp. Mass    
394,400
 
50,000
   (a) Sun Microsystems, Inc.    
814,500
   
 
    TOTAL    
1,208,900
   
 
    CONGLOMERATES--2.0%    
 
15,000
     Minnesota Mining & Manufacturing Co.    
1,678,200
   
 
    DIVERSIFIED OPERATIONS--4.2%    
 
80,000
     General Electric Co.    
3,480,000
   
 
    DRUGS & HEALTH CARE--5.6%    
 
35,000
     Merck & Co., Inc.    
2,379,300
 
30,000
     Novartis AG, ADR    
1,050,600
 
30,000
     Pfizer, Inc.    
1,236,600
   
 
    TOTAL    
4,666,500
   
 
    ELECTRONIC COMPONENTS--SEMICONDUCTOR--1.2%
 
30,000
     Texas Instruments, Inc.    
1,035,000
   
 
    ELECTRONIC SYSTEMS--0.6%    
 
25,000
     General Motors Corp., Class H    
482,500
   
 
    FINANCE--MORTGAGE & RELATED SERVICES--1.0%    
 
20,000
     Countrywide Credit Industries, Inc.    
866,200
   
 
    FOOD--MAJOR DIVERSIFIED--1.6%    
 
100,000
     Archer-Daniels-Midland Co.    
1,339,000
   
 
    INTERNET INFORMATION PROVIDERS--2.2%    
 
40,500
   (a) AOL Time Warner, Inc.    
1,840,725
   
 
    NETWORKING PRODUCTS--1.2%    
 
50,000
   (a) Cisco Systems, Inc.    
961,000
   
 
    OIL & GAS--DRILLING--2.7%    
 
25,000
     El Paso Energy Corp.    
1,293,750
 
15,000
   (a) Nabors Industries, Inc.    
439,500
 
15,000
     Transocean Sedco Forex, Inc.    
484,350
   
 
    TOTAL    
2,217,600
   
 
    OIL & GAS EQUIPMENT & SERVICES--3.2%    
 
80,000
     Williams Cos., Inc. (The)    
2,680,000
   
 
    OIL COMPONENTS--EXPLORATION & PRODUCTION--3.1%
 
40,000
     Burlington Resources, Inc.    
1,730,000
 
25,000
     EOG Resources, Inc.    
883,750
   
 
    TOTAL    
2,613,750
   
 
    OIL FIELD--MACHINERY & EQUIPMENT--1.2%    
 
28,000
     Baker Hughes, Inc.    
996,240
   
 
    OIL--INTEGRATED--6.6%    
 
53,120
     BP Amoco PLC, ADR    
2,625,190
 
50,000
     Phillips Petroleum Co.    
2,854,500
   
 
    TOTAL    
5,479,690
   
 
    PRINTED CIRCUIT BOARDS--1.2%    
 
30,000
   (a) Jabil Circuit, Inc.    
975,000
   
 
    PROTECTION--SAFETY--2.9%    
 
45,000
     Tyco International Ltd.    
2,394,000
   
 
    PUBLISHING--NEWSPAPERS--1.5%    
 
30,000
     Tribune Co.    
1,237,800
   
 
    REGIONAL--NORTHEAST BANKS--1.2%    
 
30,000
     North Fork Bancorp, Inc.    
973,200
   
 
    RETAIL DISCOUNT--1.3%    
 
20,000
     Wal-Mart Stores, Inc.    
1,118,000
   
 
    RETAIL--FOOD--1.9%    
 
60,000
   (a) Kroger Co., Inc.    
1,581,600
   
 
    SEMICONDUCTOR EQUIPMENT & MATERIALS--1.0%    
 
18,000
   (a) Applied Materials, Inc.    
825,480
   
 
    TELECOMMUNICATIONS EQUIPMENT--2.3%    
 
40,000
     Nokia Oyj, Class A, ADR    
872,400
 
15,000
     Scientific-Atlanta, Inc.    
381,750
 
40,000
   (a) Tellabs, Inc.    
658,800
   
 
    TOTAL    
1,912,950
   
 
    TELECOMMUNICATIONS SERVICES--3.6%    
 
30,000
     SBC Communications, Inc.    
1,350,900
 
60,000
   (a) Sprint Corp. (PCS Group)    
1,555,200
 
65,791
   (a) Williams Communications Group, Inc.    
142,109
   
 
    TOTAL    
3,048,209
   
 
    UTILITY--ELECTRIC POWER--1.1%    
 
20,000
     American Electric Power Co., Inc.    
900,000
   
TOTAL COMMON STOCKS
(identified cost $51,152,447)		    
57,514,244
   
PREFERRED STOCKS--1.7%    
 
    FINANCE--1.2%    
 
15,000
     Merrill Lynch Preferred Capital Trust III    
373,800
 
25,000
     Merrill Lynch Preferred Capital Trust IV    
625,500
   
 
    TOTAL    
999,300
   
        TELECOMMUNICATIONS--CELLULAR--0.5%      
 
20,000
     Motorola Capital Trust, Pfd.    
455,600
   
TOTAL PREFERRED STOCKS
(identified cost $1,487,500)		    
1,454,900
   
CORPORATE BONDS--23.1%    
        AUTOMOBILE--1.2%    
$
1,000,000
     Delphi Auto Systems Corp., Note, 6.50%, 5/1/2009    
990,863
   
 
    COMPUTERS--1.2%    
 
1,000,000
     Sun Microsystems, Inc., Sr. Note, 7.35%, 8/15/2004    
1,041,854
   
 
    FINANCE--2.6%    
 
500,000
     Household Finance Corp., Note, 7.25%, 5/15/2006    
533,010
 
500,000
     PNC Funding Corp., Sub. Note, 6.125%, 2/15/2009    
497,334
 
1,000,000
     Washington Mutual, Inc., Sub. Note, 8.25%, 4/1/2010    
1,111,384
   
 
    TOTAL    
2,141,728
   
 
    FINANCE--AUTOMOTIVE--1.3%    
 
1,000,000
     Ford Motor Credit Co., Unsecd. Note, 7.50%, 3/15/2005    
1,061,893
   
 
    OIL COMPONENTS--EXPLORATION & PRODUCTION--3.0%
 
1,500,000
     EOG Resources, Inc., Note, 6.50%, 12/1/2007    
1,525,372
 
1,000,000
     Smith International, Inc., Note, 6.75%, 2/15/2011    
1,008,075
   
 
    TOTAL    
2,533,447
   
 
    OIL--INTEGRATED--6.8%    
 
1,000,000
     Coastal Corp., Deb., 9.625%, 5/15/2012    
1,178,789
 
1,000,000
     Conoco, Inc., Sr. Note, 6.35%, 4/15/2009    
1,012,277
 
2,000,000
     Phillips Petroleum Co., Deb., 9.375%, 2/15/2011    
2,401,332
 
1,000,000
     Sunoco, Inc., Note, 7.75%, 9/1/2009    
1,067,173
   
 
    TOTAL    
5,659,571
   
 
    PAPER & FOREST PRODUCTS--3.9%    
 
2,000,000
     Federal Paper Board Co., Inc., Deb., 8.875%, 7/1/2012    
2,235,600
 
1,000,000
     Weyerhaeuser Co., Deb., 7.50%, 3/1/2013    
1,050,089
   
 
    TOTAL    
3,285,689
   
 
    PROTECTION--SAFETY--2.4%    
 
1,000,000
     Tyco International Group, Company Guarantee, 6.125%, 1/15/2009    
990,624
 
1,000,000
     Tyco International Group, Company Guarantee, 6.375%, 2/15/2006    
1,025,653
   
 
    TOTAL    
2,016,277
   
 
    RETAIL--FOOD--0.7%    
 
500,000
     Kroger Co., Inc., Company Guarantee, 8.05%, 2/1/2010    
551,839
   
TOTAL CORPORATE BONDS
(identified cost $18,484,695)		    
19,283,161
   
GOVERNMENT AGENCIES--4.3%    
 
    FEDERAL HOME LOAN BANK--2.4%    
 
2,000,000
     5.80%, 2/8/2007    
2,026,046
   
 
    FEDERAL NATIONAL MORTGAGE ASSOCIATION--1.9%    
 
1,500,000
     6.92%, 12/3/2012    
1,530,621
   
TOTAL GOVERNMENT AGENCIES
(identified cost $3,434,196)		    
3,556,667
   
(b)COMMERCIAL PAPER--2.4%    
 
2,000,000
     Ford Motor Credit Corp., 3.73%, 8/8/2001 (at amortized cost)    
1,998,549
   
MUTUAL FUND--1.4%    
 
1,155,275
     Federated U.S. Treasury Cash Reserves Fund (at net asset value)    
1,155,275
   
TOTAL INVESTMENTS
(identified cost $77,712,662)(c)		   $
84,962,796
   

(a) Non-income producing security.

(b) Each issue shows the rate of discount at the time of purchase for discount issues, or the coupon for interest bearing issues.

(c) The cost of investments for federal tax purposes amounts to $77,712,662. The net unrealized appreciation of investments on a federal tax basis amounts to $7,250,134 which is comprised of $11,708,926 appreciation and $4,458,792 depreciation at July 31, 2001.

Note: The categories of investments are shown as a percentage of net assets ($83,427,357) at July 31, 2001.

The following acronym is used throughout this portfolio:

ADR--American Depositary Receipt

See Notes which are an integral part of the Financial Statements

WESMARK BOND FUND
PORTFOLIO OF INVESTMENTS

July 31, 2001 (Unaudited)
Principal
Amount
or Shares		             Value
CORPORATE BONDS--53.0%      
        AUTO MANUFACTURERS--MAJOR--0.8%      
$
1,000,000
     General Motors Corp., Note, 9.45%, 11/1/2011   $
1,207,871
           
 
    AUTOMOTIVE--2.5%    
 
3,000,000
     Delphi Auto Systems Corp., Note, 6.50%, 5/1/2009    
2,972,589
 
1,000,000
     Goodyear Tire & Rubber Co., Note, 6.625%, 12/1/2006    
989,036
           
 
    TOTAL    
3,961,625
           
 
    BANKING--5.4%    
 
1,000,000
     Bank of America Corp., Sr. Note, 5.875%, 2/15/2009    
985,939
 
1,000,000
     Bank One Texas, Sub. Note, 6.25%, 2/15/2008    
1,007,027
 
2,000,000
     NCNB Corp., Sub. Note, 9.375%, 9/15/2009    
2,353,462
 
2,000,000
     NationsBank Corp., Sub. Note, 7.80%, 9/15/2016    
2,156,136
 
2,000,000
     Wells Fargo & Co., Sub. Note, 6.25%, 4/15/2008    
2,020,818
           
 
    TOTAL    
8,523,382
           
 
    BASIC MATERIALS--0.6%    
 
1,000,000
     Worthington Industries, Inc., Note, 7.125%, 5/15/2006    
990,283
           
 
    COMPUTER SERVICES--1.3%    
 
1,000,000
     Dell Computer Corp., Sr. Note, 6.55%, 4/15/2008    
1,000,953
 
1,000,000
     First Data Corp., Note, MTN, Series D, 6.375%, 12/15/2007    
1,030,965
           
 
    TOTAL    
2,031,918
           
 
    COMPUTERS--2.6%    
 
4,000,000
     Sun Microsystems, Inc., Sr. Note, 7.65%, 8/15/2009    
4,135,828
           
 
    COMPUTERS--MAINFRAME--2.1%    
 
3,000,000
     International Business Machines Corp., Deb., 7.50%, 6/15/2013    
3,332,526
           
 
    ENERGY--1.3%    
 
1,000,000
     Carolina Power & Light Co., Sr. Note, 7.50%, 4/1/2005    
1,062,459
 
1,000,000
     Columbia Energy Group, Note, 7.32%, 11/28/2010    
1,019,564
           
 
    TOTAL    
2,082,023
           
 
    FINANCE--3.0%    
 
1,000,000
     Donaldson, Lufkin and Jenrette Securities Corp., MTN, 6.90%,
10/1/2007		    
1,041,581
 
750,000
     Merrill Lynch & Co., Inc., Note, 7.00%, 1/15/2007    
781,360
 
2,000,000
     National City Corp., Sub. Note, 6.875%, 5/15/2019    
1,965,734
 
1,000,000
     PNC Funding Corp., Sub. Note, 6.125%, 2/15/2009    
994,668
           
 
    TOTAL    
4,783,343
           
 
    FINANCE--AUTOMOTIVE--2.8%    
 
3,000,000
     Ford Motor Credit Co., Sr. Note, 5.80%, 1/12/2009    
2,887,950
 
1,500,000
     General Motors Acceptance Corp., Note, 7.75%, 1/19/2010    
1,620,201
           
 
    TOTAL    
4,508,151
           
 
    FINANCIAL SERVICES--1.4%    
 
2,000,000
     Household Finance Corp., Note, 8.00%, 7/15/2010    
2,215,246
           
 
    INSTRUMENTS--CONTROL--0.7%    
 
1,000,000
     Honeywell International, Inc., Note, 7.00%, 3/15/2007    
1,056,843
           
 
    INSURANCE--2.6%    
 
2,000,000
     Allstate Corp., Deb., 7.50%, 6/15/2013    
2,147,736
 
2,000,000
     Progressive Corp., OH, Note, 7.00%, 10/1/2013    
2,024,280
           
 
    TOTAL    
4,172,016
           
 
    METALS & MINING--0.6%    
 
1,000,000
     Commercial Metals Corp., Note, 6.75%, 2/15/2009    
930,066
           
 
    OIL--1.0%    
 
1,400,000
     Coastal Corp., Deb., 9.625%, 5/15/2012    
1,650,305
           
 
    OIL--INTEGRATED--3.7%    
 
2,000,000
     Conoco, Inc., Sr. Note, 6.35%, 4/15/2009    
2,024,554
 
630,000
     Phillips Petroleum Co., Deb., 9.375%, 2/15/2011    
756,420
 
3,000,000
     Phillips Petroleum Co., Note, 6.375%, 3/30/2009    
3,039,972
           
 
    TOTAL    
5,820,946
           
 
    OIL & GAS--DRILLING--1.9%    
 
3,000,000
     El Paso Corp., Sr. Note, 7.00%, 5/15/2011    
3,014,889
           
 
    OIL COMPONENTS--EXPLORATION & PRODUCTION--5.5%
 
1,000,000
     Burlington Resources, Inc., Deb., 7.375%, 3/1/2029    
1,031,531
 
1,050,000
     Burlington Resources, Inc., Deb., 8.20%, 3/15/2025    
1,182,245
 
3,000,000
     EOG Resources, Inc., Note, 6.00%, 12/15/2008    
2,915,124
 
3,500,000
     EOG Resources, Inc., Note, 6.50%, 12/1/2007    
3,559,202
           
 
    TOTAL    
8,688,102
           
 
    OIL REFINING & MARKETING--3.1%    
 
3,000,000
     Tosco Corp., Note, 7.625%, 5/15/2006    
3,228,237
 
500,000
     Union Oil of California, Deb., 9.125%, 2/15/2006    
565,748
 
1,000,000
     Union Oil of California, Company Guarantee, MTN, Series C, 6.70%, 10/15/2007    
1,034,636
           
 
    TOTAL    
4,828,621
           
 
    PHARMACEUTICALS--1.3%    
 
2,000,000
     Lilly (Eli) & Co., Note, 6.57%, 1/1/2016    
2,081,076
           
 
    PROTECTION--SAFETY--1.9%    
 
3,000,000
     Tyco International Group, Company Guarantee, 6.125%,
1/15/2009		    
2,971,872
           
 
    RETAIL--FOOD--3.1%    
 
3,000,000
     Kroger Co., Inc., Company Guarantee, 8.05%, 2/1/2010    
3,311,034
 
1,500,000
     Kroger Co., Inc., Sr. Note, 8.15%, 7/15/2006    
1,654,347
           
 
    TOTAL    
4,965,381
           
 
    TRANSPORTATION--RAIL--1.9%    
 
3,000,000
     Burlington Northern Santa Fe, Deb., 6.875%, 2/15/2016    
3,080,364
           
 
    UTILITY--TELEPHONE--1.9%    
 
2,000,000
     Alltel Corp., Deb., 7.00%, 3/15/2016    
2,018,754
 
1,000,000
     GTE Northwest, Inc., Deb., 6.30%, 6/1/2010    
1,000,507
           
 
    TOTAL    
3,019,261
           
TOTAL CORPORATE BONDS
(identified cost $80,089,676)		    
84,051,938
           
GOVERNMENT AGENCIES--34.2%    
 
    FEDERAL FARM CREDIT BANK--2.0%    
 
3,000,000
     7.95%, 1/22/2010    
3,158,682
           
 
    FEDERAL HOME LOAN BANK--16.0%    
 
5,000,000
     5.375%, 1/27/2005    
5,067,390
 
5,000,000
     5.40%, 1/24/2005    
5,058,155
 
5,000,000
     5.75%, 7/25/2006    
5,082,780
 
6,335,000
     5.83%, 9/30/2013    
6,164,411
 
3,000,000
     6.50%, 9/9/2008    
3,007,878
 
1,000,000
     6.75%, 8/27/2013    
1,000,560
           
 
    TOTAL    
25,381,174
           
 
    FEDERAL HOME LOAN MORTGAGE CORPORATION--8.6%
 
6,538,107
     6.00%, 4/1/2013--10/1/2013    
6,591,524
 
2,000,000
     6.625%, 3/12/2008    
2,001,098
 
5,000,000
     6.635%, 4/6/2009    
5,007,775
           
 
    TOTAL    
13,600,397
           
 
    FEDERAL NATIONAL MORTGAGE ASSOCIATION--5.1%
 
3,000,000
     MTN, 6.92%, 12/3/2012    
3,061,242
 
5,000,000
     Series BB, Zero Coupon, 8/16/2001    
4,992,417
           
 
    TOTAL    
8,053,659
           
 
    TENNESSEE VALLEY AUTHORITY--2.5%    
 
4,000,000
     Tennessee Valley Authority, Series C, 6.00%, 3/15/2013    
4,013,476
           
TOTAL GOVERNMENT AGENCIES
(identified cost $53,542,397)		    
54,207,388
           
(a)COMMERCIAL PAPER--11.0%    
 
4,500,000
     General Electric Capital Corp., 3.76%, 8/6/2001    
4,497,656
 
7,000,000
     Market Street Funding Corp., 3.70%, 8/17/2001    
6,988,489
 
6,000,000
     Sweetwater Capital Corp., 3.79%, 8/1/2001    
6,000,000
           
TOTAL COMMERCIAL PAPER
(at amortized cost)		    
17,486,145
           
MUTUAL FUND--0.9%      
  1,428,950     Federated Prime Obligations Fund (at net asset value)     1,428,950
           
TOTAL INVESTMENTS
(identified cost $152,547,168)(b)		   $ 157,174,421
   

(a) Each issue shows the rate of discount at the time of purchase for discount issues, or the coupon for interest bearing issues.

(b) The cost of investments for federal tax purposes amounts to $152,547,168. The net unrealized appreciation of investments on a federal tax basis amounts to $4,627,253 which is comprised of $5,055,629 appreciation and $428,376 depreciation at July 31, 2001.

Note: The categories of investments are shown as a percentage of net assets ($158,527,081) at July 31, 2001.

The following acronym is used throughout this portfolio:

MTN--Medium Term Note

See Notes which are an integral part of the Financial Statements

WESMARK WEST VIRGINIA MUNICIPAL BOND FUND
PORTFOLIO OF INVESTMENTS

July 31, 2001 (Unaudited)

Principal
Amount
or Shares

       Credit
Rating*		   Value
LONG-TERM MUNICIPALS--96.3%          
      WEST VIRGINIA--96.3%          
$
400,000
   Beckley, WV, Sewage System, Refunding Revenue Bonds, Series A, 6.75% (Original Issue Yield: 6.875%), 10/1/2025   NR   $
413,144
 
100,000
   Brooke County, WV, Board of Education, GO UT Refunding Bonds, 8.75% (AMBAC INS), 8/1/2001   AAA    
100,000
 
500,000
   Cabell County, WV, Board of Education, GO UT, 4.60% (Original Issue Yield: 4.70%), 5/1/2003   A+    
512,360
 
500,000
   Cabell County, WV, Board of Education, GO UT, 6.00% (MBIA INS), 5/1/2006   AAA    
551,875
 
190,000
   Cabell, Putnam & Wayne Counties, WV, Single Family Residence Mortgage Revenue Bonds, 7.375% (FGIC INS), 4/1/2010   AAA    
217,561
 
355,000
   Charles Town, WV, Refunding Revenue Bonds, 5.00% (Original Issue Yield: 5.15%), 10/1/2013   AA    
359,927
 
160,000
   Charles Town, WV, Residential Mortgage Revenue Bonds, 6.20%, 3/1/2011   A1    
162,630
 
340,000
   Charles Town, WV, Waterworks and Sewer Systems, Refunding Revenue Bonds, 5.00%, 10/1/2012   AA    
346,232
 
1,270,000
   Charleston, WV, Building Commission, Parking Facility Refunding Revenue Bonds, Zero Coupon (Original Issue Yield: 7.00%), 12/1/2017   NR    
484,492
 
125,000
   Charleston, WV, Building Commission, Revenue Bonds, 5.60% (Public Safety Center)/(Original Issue Yield: 5.60%), 6/1/2019   NR    
120,620
 
235,000
   Charleston, WV, Building Commission, Revenue Bonds, 5.85% (Center for Arts and Sciences Project)/(Original Issue Yield: 5.85%), 6/1/2019   NR    
231,910
 
500,000
   Charleston, WV, Civic Center Revenue, Improvement Bonds, 6.25%, 12/1/2015   NR    
520,760
 
355,000
   Charleston, WV, GO UT, 7.20%, 10/1/2003   A1    
384,788
 
1,240,000
   Charleston, WV, GO UT, 7.20%, 10/1/2008   A1    
1,476,369
 
1,000,000
   Charleston, WV, Urban Renewal Authority, Public Improvement Revenue Bonds, 5.25% (FSA INS), 12/15/2018   AAA    
1,030,170
 
1,200,000
   Charleston, WV, Urban Renewal Authority, Refunding Revenue Bonds, 5.30% (FSA INS)/(Original Issue Yield: 5.274%), 12/15/2022   AAA    
1,218,360
 
500,000
   Fairmont, WV, Waterworks, Series 1999, 5.25% (AMBAC INS)/(Original Issue Yield: 4.95%), 7/1/2017   Aaa    
514,565
 
2,235,000
   Fairmont, WV, Waterworks, Water Utility Improvement Revenue Bonds, 5.00% (AMBAC INS), 7/1/2019   Aaa    
2,243,225
 
950,000
   Gilmer County, WV, County Commission, Commercial Development Revenue Bonds, 6.00%, (Glenville State College Housing Project), 10/1/2017   NR    
970,064
 
500,000
   Harrison County, WV, Board of Education, GO UT, 6.40% (FGIC INS)/(Original Issue Yield: 6.45%), 5/1/2006   AAA    
560,525
 
680,000
   Harrison County, WV, Building Commission, Healthcare, Maplewood Retirement Revenue Bonds, 5.15% (AMBAC INS)/(Original Issue Yield: 5.32%), 4/1/2018   Aaa    
685,624
 
420,000
   Jackson County, WV, Revenue Bonds, 7.375% (FGIC INS), 6/1/2010   AAA    
519,582
 
750,000
   Kanawha County, WV, Commercial Development, Refunding Revenue Bonds, 6.50% (May Department Stores Co.), 6/1/2003   A+    
783,082
 
730,000
   Kanawha County, WV, PCR Bonds, 6.00% (FMC Corp.)/(Original Issue Yield: 5.999%), 12/1/2007   BBB-    
731,416
 
2,025,000
 (a) Kanawha County, WV, PCR Bonds, 7.35% (Union Carbide Corp.), 8/1/2004   A2    
2,165,697
 
285,000
   Logan County, WV, Revenue Bonds, 8.00% (Logan County Health Care Center Limited Partnership Project), 12/1/2009   NR    
357,376
 
60,000
   Marshall County, WV, Special Obligation Bonds, 6.50% (Original Issue Yield: 6.65%), 5/15/2010   AAA    
65,527
 
570,000
   Mason County, WV, PCR Bonds, 5.45% (Ohio Power Co.)/(AMBAC INS)/(Original Issue Yield: 5.47%), 12/1/2016   AAA    
586,752
 
1,275,000
   Mason County, WV, PCR Bonds, Series I, 6.85% (Appalachian Power Co.)/(Original Issue Yield: 6.89%), 6/1/2022   BBB+    
1,317,088
 
100,000
   Monongalia County, WV, PCR Bonds, 5.95% (Monongahela Power Co.)/(Original Issue Yield: 5.95%), 4/1/2013   AAA    
103,835
 
80,000
   Monongalia County, WV, PCR Bonds, 5.95% (Potomac Edison Co.)/(Original Issue Yield: 5.949%), 4/1/2013   A    
84,149
 
150,000
   Monongalia County, WV, PCR Bonds, 5.95% (West Penn Power Co.)/(Original Issue Yield: 5.949%), 4/1/2013   A+    
155,752
 
1,000,000
   Ohio County, WV, Board of Education, GO UT, 5.00% (Original Issue Yield: 5.25%), 6/1/2013   A+    
1,022,130
 
350,000
   Ohio County, WV, Board of Education, GO UT, 5.00% (MBIA INS)/(Original Issue Yield: 5.25%), 6/1/2013   AAA    
361,067
 
785,000
   Ohio County, WV, Board of Education, GO UT Refunding Bonds, 5.125% (MBIA INS)/(Original Issue Yield: 5.375%), 6/1/2018   AAA    
791,877
 
750,000
   Pleasants County, WV, PCR Refunding Bonds, 4.50%, 3/1/2003   A    
758,175
 
830,000
   Pleasants County, WV, PCR Refunding Bonds, 6.15% (West Penn Power Co.)/(AMBAC INS), 5/1/2015   AAA    
890,100
 
150,000
   Pleasants County, WV, PCR Refunding Bonds, Series C, 6.15% (Potomac Edison Co.), 5/1/2015   AAA    
158,621
 
1,155,000
   Pleasants County, WV, Refunding Bonds, 5.30% (American Cyanamid Co.), 12/1/2008   A3    
1,182,755
 
1,000,000
   Putnam County, WV, PCR Bonds, 6.60%, 7/1/2019   BBB+    
1,032,140
 
585,000
   Putnam County, WV, PCR Bonds, Series D, 5.45% (AMBAC INS)/(Original Issue Yield: 5.47%), 6/1/2019   AAA    
598,285
 
340,000
   Raleigh County, WV, Board of Education, GO UT, 4.00% (Original Issue Yield: 3.85%), 5/1/2003   AA-    
345,202
 
865,000
   Raleigh County, WV, Building Commission, Public Improvements, 5.00%, 10/1/2012   A+p    
897,766
 
1,795,000
   Raleigh, Fayette & Nicholas Counties, WV, Refunding Bond, 6.25% (Original Issue Yield: 6.60%), 8/1/2011   Aaa    
2,073,925
 
2,015,000
   Randolph County, WV, Refunding Revenue Bonds, 5.20% (Davis Health Systems, Inc.)/(FSA INS), 11/1/2015   Aaa    
2,081,273
 
1,000,000
   South Charleston, WV, PCR Refunding Bonds, 7.625% (Union Carbide Corp.), 8/1/2005   A    
1,125,140
 
1,000,000
   South Charleston, WV, Refunding Revenue Bonds, 5.10% (Union Carbide Corp.), 1/1/2012   BBB    
1,004,770
 
500,000
   South Charleston, WV, Revenue Bonds, 5.50% (Herbert J. Thomas Hospital)/(MBIA INS), 10/1/2009   AAA    
508,340
 
175,000
   Weirton, WV, Municipal Hospital Building, Refunding Revenue Bonds, 5.75% (Weirton Medical Center, Inc.)/(AMBAC INS)/(Original Issue Yield: 6.00%), 12/1/2003   AAA    
176,575
 
275,000
   West Virginia Housing Development Fund, Refunding Revenue Bonds, 6.70%, 5/1/2009   AAA    
285,989
 
430,000
   West Virginia Housing Development Fund, Refunding Revenue Bonds, Series A, 5.50%, 11/1/2011   AAA    
445,910
 
735,000
   West Virginia Housing Development Fund, Revenue Bonds, 5.35%, 11/1/2010   AAA    
774,440
 
530,000
   West Virginia Housing Development Fund, Series A, 5.55%, 11/1/2014   AAA    
552,938
 
500,000
   West Virginia Housing Development Fund, Series A, 5.65% (AMBAC INS)/(Original Issue Yield: 5.65%), 11/1/2021   AAA    
508,615
 
165,000
   West Virginia Housing Development Fund, Series A, 6.70% (Original Issue Yield: 6.699%), 11/1/2009   AAA    
172,684
 
2,000,000
   West Virginia School Building Authority, Revenue Bonds, 5.625% (MBIA INS)/(Original Issue Yield: 5.90%), 7/1/2003   AAA    
2,094,840
 
100,000
   West Virginia School Building Authority, Revenue Bonds, 6.75% (MBIA INS)/(Original Issue Yield: 7.00%), 7/1/2004   AAA    
109,410
 
750,000
   West Virginia State, GO UT, 4.50% (FSA INS)/(Original Issue Yield: 4.59%), 6/1/2012   AAA    
753,150
 
1,000,000
   West Virginia State, GO UT, Highway Improvement Bonds, 5.25%, 6/1/2010   AAA    
1,067,400
 
360,000
   West Virginia State, GO UT, Series D, 5.00% (FGIC INS)/(Original Issue Yield: 5.57%), 11/1/2021   AAA    
354,568
 
2,000,000
   West Virginia State, GO UT, Water Utility & Sewer Improvements, Zero Coupon (Original Issue Yield: 4.98%)/(FGIC INS), 11/1/2010   AAA    
1,320,680
 
720,000
   West Virginia State, Revenue Bonds, Series A, 5.00% (Marshall University)/(FGIC INS)/(Original Issue Yield: 5.17%), 5/1/2020   AAA    
715,615
 
1,250,000
   West Virginia State, Revenue Bonds, Series A, 5.00% (Marshall University)/(FGIC INS)/(Original Issue Yield: 5.19%), 5/1/2021   AAA    
1,239,063
 
1,500,000
   West Virginia State Building Commission Lease, Refunding Revenue Bonds, 5.375% (AMBAC INS)/(Original Issue Yield: 5.04%), 7/1/2021   AAA    
1,562,625
 
260,000
   West Virginia State Building Commission Lease, Series B, 5.375% (AMBAC INS)/(Original Issue Yield: 5.01%), 7/1/2018   AAA    
274,999
 
1,000,000
   West Virginia State College, Revenue Bonds, 5.75% (AMBAC INS)/(Original Issue Yield: 5.85%), 4/1/2003   AAA    
1,043,360
 
200,000
   West Virginia State College, Revenue Bonds, 5.75% (AMBAC INS)/(Original Issue Yield: 5.95%), 4/1/2004   AAA    
212,006
 
700,000
   West Virginia State Hospital Finance Authority, Refunding Revenue Bonds, 4.75% (AMBAC INS)/(Original Issue Yield: 5.00%), 6/1/2015   AAA    
685,370
 
1,000,000
   West Virginia State Hospital Finance Authority, Refunding Revenue Bonds, 5.00% (West Virginia University Hospital, Inc.)/(MBIA INS)/(Original Issue Yield: 5.55%), 6/1/2016   AAA    
1,001,490
 
100,000
   West Virginia State Hospital Finance Authority, Refunding Revenue Bonds, 6.125% (Original Issue Yield: 6.25%), 9/1/2009   A2    
108,642
 
365,000
   West Virginia State Hospital Finance Authority, Refunding Revenue Bonds, 6.50% (Charleston Area Medical Center, Inc.)/(Original Issue Yield: 6.542%), 9/1/2016   A2    
425,612
 
700,000
   West Virginia State Hospital Finance Authority, Revenue Bonds, 4.90% (West Virginia University Hospital, Inc.)/(MBIA INS)/(Original Issue Yield: 5.00%), 6/1/2004   AAA    
727,475
 
1,750,000
   West Virginia State Hospital Finance Authority, Revenue Bonds, 5.75% (Charleston Area Medical Center)/(MBIA INS)/(Original Issue Yield: 5.98%), 9/1/2013   AAA    
1,854,405
 
200,000
   West Virginia State Hospital Finance Authority, Revenue Bonds, Series A, 5.60% (Cabell Huntington Hospital)/(AMBAC INS)/(Original Issue Yield: 5.75%), 1/1/2005   AAA    
213,158
 
100,000
   West Virginia State Hospital Finance Authority, Revenue Bonds, Series A, 6.00% (Charleston Area Medical Center)/(Original Issue Yield: 6.10%), 9/1/2007   A2    
106,854
 
1,000,000
   West Virginia State Housing Development Fund, Series A, 5.05%, 11/1/2014   AAA    
1,032,760
 
1,200,000
   West Virginia State Housing Development Fund, Series C, 5.80% (Original Issue Yield: 5.80%), 5/1/2017   AAA    
1,253,868
 
1,000,000
   West Virginia State Housing Development Fund, Refunding Revenue Bonds, Series A, 5.10%, 11/1/2015   AAA    
1,019,000
 
390,000
   West Virginia University Board of Regents, Revenue Bonds, 5.90%, 4/1/2004   A+    
403,428
 
50,000
   West Virginia University Board of Regents, Revenue Bonds, 5.90% (MBIA INS), 4/1/2004   AAA    
51,975
 
500,000
   West Virginia University, Refunding Revenue Bonds, 5.00% (Student Union Project)/(AMBAC INS)/(Original Issue Yield: 5.22%), 5/1/2017   AAA    
504,545
 
100,000
   West Virginia University, Revenue Bonds, 5.50% (Marshall University Library)/(AMBAC INS)/(Original Issue Yield: 5.55%), 4/1/2009   AAA    
106,226
 
1,000,000
   West Virginia University, Revenue Bonds, Series B, 5.00% (Student Union Project)/(AMBAC INS)/(Original Issue Yield: 5.19%), 5/1/2015   AAA    
1,016,220
 
500,000
   West Virginia Water Development Authority, Series A, 5.375% (FSA INS)/(Original Issue Yield: 5.40%), 10/1/2015   AAA    
524,675
 
985,000
   West Virginia Water Development Authority, Series A, 5.50% (FSA INS)/(Original Issue Yield: 5.65%), 10/1/2020   AAA    
1,014,205
 
135,000
   West Virginia Water Development Authority, Refunding Revenue Bonds, Loan Program II, 5.00% (Original Issue Yield: 6.02%), 11/1/2018   AAA    
135,103
 
425,000
   Wetzel County, WV, Board of Education, GO UT, 7.00% (MBIA INS)/(Original Issue Yield: 7.15%), 5/1/2004   AAA    
466,612
 
155,000
   Wheeling, WV, GO UT, 7.50%, 6/1/2003   NR    
165,817
 
500,000
   Wheeling, WV, Waterworks & Sewer Systems, Refunding Revenue Bonds, 4.90% (FGIC INS)/(Original Issue Yield: 5.00%), 6/1/2006   Aaa    
526,730
 
300,000
   Wheeling, WV, Waterworks & Sewer Systems, Revenue Bonds, Series C, 6.60% (FGIC INS)/(United States Treasury PRF)/(Original Issue Yield: 6.691%), 6/1/2002 (@100)   Baa1    
309,573
 
135,000
   Wood County, WV, Building Commission, Refunding Revenue Bonds, 6.625% (St. Joseph Hospital, Parkersburg)/(AMBAC INS), 1/1/2006   AAA    
144,167
             
 
  TOTAL LONG-TERM MUNICIPALS
(identified cost $60,211,379)		        
62,269,800
             
MUTUAL FUND--2.8%          
  1,799,155   Federated Tax-Free Obligations Fund (at net asset value)        
1,799,155
       
TOTAL INVESTMENTS
(identified cost $62,010,534)(b)		       $
64,068,955
       

* Please refer to the Appendix of the Statement of Additional Information for an explanation of the credit ratings. Current credit ratings are unaudited.

(a) Denotes a restricted security which is subject to restrictions on resale under Federal Securities laws. At July 31, 2001, this security amounted to $2,165,697 which represents 3.4% of net assets.

(b) The cost of investments for generally accepted accounting principles amounts to $62,044,879. The net unrealized appreciation of investments on a federal tax basis amounts to $2,024,076 which is comprised of $2,070,784 appreciation and $46,708 depreciation at July 31, 2001.

Note: The categories of investments are shown as a percentage of net assets ($64,629,146) at July 31, 2001.

The following acronyms are used throughout this portfolio:

AMBAC--American Municipal Bond Assurance Corporation
FGIC--Financial Guaranty Insurance Company
FSA--Financial Security Assurance
GO--General Obligation
INS--Insured
MBIA--Municipal Bond Investors Assurance
PCR--Pollution Control Revenue
PRF--Prerefunded
UT--Unlimited Tax

See Notes which are an integral part of the Financial Statements

WESMARK FUNDS
STATEMENTS OF ASSETS AND LIABILITIES

July 31, 2001 (Unaudited)

 

    WesMark
Small Company
Growth
Fund		     WesMark  
Growth 
Fund 		     WesMark  
Balanced 
Fund 		     WesMark
Bond Fund		     WesMark
West Virginia
Municipal Bond
Fund		    
Assets:                         
Total investments in securities, at value    
$124,857,944
  
$251,332,262
  
$84,962,796
  
$157,174,421
  
$64,068,955
  
Cash    
14,281
  
170,788
  
53,000
  
87,810
  
23,433
  
Income receivable    
2,108
  
169,568
  
487,748
  
2,081,060
  
816,254
  
Receivable for investments sold    
190,314
  
346,468
  
--
  
--
  
--
  
     
 
 
 
 
 
Total assets    
25,064,647
  
252,019,086
  
85,503,544
  
159,343,291
  
64,908,642
  
     
 
 
 
 
 
Liabilities:    
 
 
 
 
 
Payable for investments purchased    
195,200
  
--
  
2,000,000
  
--
  
--
  
Income distribution payable    
--
  
--
  
--
  
698,309
  
233,306
  
Accrued expenses    
48,510
  
199,518
  
76,187
  
117,901
  
46,190
  
     
 
 
 
 
 
Total liabilities    
243,710
  
199,518
  
2,076,187
  
816,210
  
279,496
  
     
 
 
 
 
 
Net Assets Consist of:    
 
 
 
 
 
Paid in capital    
25,786,139
  
229,086,592
  
73,565,710
  
156,099,334
  
62,775,529
  
Net unrealized appreciation (depreciation) of investments    
(1,734,372
 )
18,129,384
  
7,250,134
  
4,627,253
  
2,024,076
  
Accumulated net realized gain (loss) on investments    
853,381
  
4,173,817
  
2,655,423
  
(2,259,410
 )
(212,464
 )
Undistributed (overdistributed) net investment income (loss)    
(84,211
 )
429,775
  
(43,910
 )
59,904
  
42,005
  
     
 
 
 
 
 
Total Net Assets    
$124,820,937
  
$251,819,568
  
$83,427,357
  
$158,527,081
  
$64,629,146
  
     
 
 
 
 
 
Shares Outstanding    
3,248,934
  
19,115,290
  
8,160,549
  
15,907,516
  
6,258,556
  
     
 
 
 
 
 
Net Asset Value, Offering Price and
Redemption Proceeds Per Share:		    
 
 
 
 
 
Net Asset Value Per Share    
$ 7.64
  
$ 13.17
  
$ 10.22
  
$ 9.97
  
$ 10.33
  
     
 
 
 
 
 
Offering Price Per Share (a)    
$ 8.02
 (b)
$ 13.83
 (b)
$ 10.73
 (b)
$ 10.36
 (c)
$ 10.73
 (c)
     
 
 
 
 
 
Redemption Proceeds Per Share    
$ 7.64
  
$ 13.17
  
$ 10.22
  
$ 9.97
  
$ 10.33
  
     
 
 
 
 
 
Investments, at identified cost    
$26,592,316
  
$233,202,878
  
$77,712,662
  
$152,547,168
  
$62,010,534
 (d)
     
 
 
 
 
 

(a) See "What Do Shares Cost?" in the Prospectus.

(b) Computation of offering price per share 100/95.25 of net asset value.

(c) Computation of offering price per share 100/96.25 of net asset value.

(d) Cost for generally accepted accounting principles is $62,044,879.

See Notes which are an integral part of the Financial Statements

WESMARK FUNDS
STATEMENTS OF OPERATIONS

Six Months Ended July 31, 2001 (Unaudited)

 

    WesMark
Small Company
Growth
Fund 		    WesMark
Growth
Fund		     WesMark
Balanced
Fund		     WesMark
Bond
Fund		     WesMark
West Virginia
Municipal Bond
Fund
Investment Income:                    
Dividends  
$ 31,505
  
$ 1,391,704
 (a)
$ 413,026
 (b)
$ 92,973
  
$ --
Interest  
67,272
  
253,734
  
883,605
  
4,812,365
  
1,619,356
   
 
 
 
 
Total income  
98,777
  
1,645,438
  
1,296,631
  
4,905,338
  
1,619,356
   
 
 
 
 
Expenses:  
 
 
 
 
Investment adviser fee  
92,663
  
946,506
  
317,969
  
459,032
  
188,714
Administrative personnel and services fee  
37,192
  
166,799
  
56,038
  
101,142
  
41,582
Custodian fees  
5,954
  
18,561
  
8,466
  
10,941
  
6,523
Transfer and dividend disbursing agent fees and expenses  
14,240
  
20,221
  
14,002
  
12,736
  
11,696
Directors'/Trustees' fees  
1,348
  
2,019
  
1,443
  
1,610
  
1,273
Auditing fees  
6,579
  
8,805
  
8,302
  
10,294
  
7,927
Legal fees  
1,580
  
1,777
  
1,601
  
1,575
  
1,530
Portfolio accounting fees  
28,142
  
33,200
  
23,083
  
24,277
  
26,462
Share registration costs  
10,485
  
12,412
  
9,073
  
13,478
  
8,466
Printing and postage  
8,181
  
20,102
  
7,932
  
6,120
  
6,194
Insurance premiums  
215
  
697
  
446
  
496
  
377
Miscellaneous  
348
  
6,048
  
1,594
  
2,036
  
3,066
   
 
 
 
 
Total expenses  
206,927
  
1,237,147
  
449,949
  
643,737
  
303,810
   
 
 
 
 
Waivers--  
 
 
 
 
Waiver of investment adviser fee  
(2,559)
  
(7,532)
  
(42,396)
  
(38,253)
  
(94,357)
Waiver of administrative personnel and services fee  
(20,864)
  
--
  
--
  
--
  
--
   
 
 
 
 
Total waivers  
(23,423)
  
(7,532)
  
(42,396)
  
(38,253)
  
(94,357)
   
 
 
 
 
Net expenses  
183,504
  
1,229,615
  
407,553
  
605,484
  
209,453
   
 
 
 
 
Net investment income
(net operating loss) 		 
(84,727)
  
415,823
  
889,078
  
4,299,854
  
1,409,903
   
 
 
 
 
Realized and Unrealized Gain (Loss) on Investments:  
 
 
 
 
Net realized gain (loss) on investments  
853,838
  
4,176,630
  
2,655,496
  
(343,463)
  
1,153
Net change in unrealized appreciation (depreciation) of investments  
(5,281,845)
  
(27,835,996)
  
(8,123,699)
  
2,262,436
  
343,971
   
 
 
 
 
Net realized and unrealized gain (loss) on investments  
(4,428,007)
  
(23,659,366)
  
(5,468,203)
  
1,918,973
  
345,124
   
 
 
 
 
Change in net assets resulting from operations  
$(4,512,734)
  
$(23,243,543)
  
$(4,579,125)
  
$6,218,827
  
$1,755,027
   
 
 
 
 

(a) Net of foreign taxes withheld of $15,860.

(b) Net of foreign taxes withheld of $5,207.

See Notes which are an integral part of the Financial Statements

WESMARK FUNDS
STATEMENTS OF CHANGES IN NET ASSETS

 

WesMark
Small Company
Growth Fund		 WesMark
Growth Fund		 WesMark
Balanced Fund

 

    Six Months
Ended
(Unaudited)
July 31,
2001		     Period
Ended
January 31,
2001(a)		     Six Months
Ended
(Unaudited)
July 31,
2001		     Year Ended
January 31,
2001		     Six Months
Ended
(Unaudited)
July 31,
2001		     Year Ended
January 31,
2001
Increase (Decrease) in Net Assets:                        
Operations--                        
Net investment income (net operating loss)  
$ (84,727)
  
$ (37,676)
  
$ 415,823
  
$ 1,314,001
  
$ 889,078
  
$1,977,060
Net realized gain on investments  
853,838
  
1,190,899
  
4,176,630
  
35,849,586
  
2,655,496
  
4,321,664
Net change in unrealized appreciation (depreciation) of investments  
(5,281,845)
  
(1,614,489)
  
(27,835,996)
  
10,784,670
  
(8,123,699)
  
4,875,252
   
 
 
 
 
 
Change in net assets resulting from operations  
(4,512,734)
  
(461,266)
  
(23,243,543)
  
47,948,257
  
(4,579,125)
  
11,173,976
Distributions to Shareholders--  
 
 
 
 
 
Distributions from net investment income  
--
  
--
  
(87,690)
  
(1,307,341)
  
(933,087)
  
(1,976,961)
Distributions from net realized gain on investments  
(658,874)
  
(494,290)
  
(10,876,097)
  
(48,497,082)
  
(1,791,425)
  
(5,651,960)
   
 
 
 
 
 
Change in net assets from distributions to shareholders  
(658,874)
  
(494,290)
  
(10,963,787)
  
(49,804,423)
  
(2,724,512)
  
(7,628,921)
   
 
 
 
 
 
Share Transactions--  
 
 
 
 
 
Proceeds from sale of shares  
5,137,363
  
8,222,753
  
27,081,947
  
58,861,789
  
6,109,632
  
12,897,227
Proceeds from shares issued in connection with the tax-free transfer of assets of a Common Trust Fund  
--
  
17,719,574
  
--
  
--
  
--
  
--
Net asset value of shares issued to shareholders in payment of distributions declared  
395,638
  
311,982
  
6,677,242
  
25,775,852
  
882,085
  
1,746,729
Cost of shares redeemed  
(702,187)
  
(137,022)
  
(4,014,245)
  
(9,803,998)
  
(2,465,345)
  
(5,844,946)
   
 
 
 
 
 
Change in net assets from share transactions  
4,830,814
  
26,117,287
  
29,744,944
  
74,833,643
  
4,526,372
  
8,799,010
   
 
 
 
 
 
Change in net assets  
(340,794)
  
25,161,731
  
(4,462,386)
  
72,977,477
  
(2,777,265)
  
12,344,065
Net Assets:  
 
 
 
 
 
Beginning of period  
25,161,731
  
--
  
256,281,954
  
183,304,477
  
86,204,622
  
73,860,557
   
 
 
 
 
 
End of period  
24,820,937
  
25,161,731
  
251,819,568
  
256,281,954
  
83,427,357
  
86,204,622
   
 
 
 
 
 
Undistributed (overdistributed) net investment income (loss) included in net assets at end of period  
$ (84,211)
  
$ 516
  
$ 429,775
  
$ 101,642
  
$ (43,910)
  
$ 99
   
 
 
 
 
 

(a) Reflects operations for the period from August 8, 2000 (date of initial public investment) to January 31, 2001.

See Notes which are an integral part of the Financial Statements

WESMARK FUNDS
STATEMENTS OF CHANGES IN NET ASSETS

 

WesMark
Bond Fund		 WesMark
West Virginia
Municipal Bond Fund

 

   Six Months
Ended
(Unaudited)
July 31,
2001		     Year
Ended
January 31,
2001		     Six Months
Ended
(Unaudited)
July 31,
2001		     Year
Ended
January 31,
2001
Increase (Decrease) in Net Assets:                
Operations--  
 
 
 
Net investment income  
$ 4,299,854
  
$ 8,383,857
  
$ 1,409,903
  
$ 2,817,376
Net realized gain (loss) on investments  
(343,463)
  
(1,205,183)
  
1,153
  
(213,038)
Net change in unrealized appreciation of investments  
2,262,436
  
10,691,878
  
343,971
  
4,099,508
   
 
 
 
Change in net assets resulting from operations  
6,218,827
  
17,870,552
  
1,755,027
  
6,703,846
   
 
 
 
Distributions to Shareholders--  
 
 
 
Distributions from net investment income  
(4,281,250)
  
(8,435,858)
  
(1,397,823)
  
(2,817,376)
Distributions from net realized gain on investments  
--
  
--
  
--
  
(19,978)
   
 
 
 
Change in net assets from distributions to shareholders  
(4,281,250)
  
(8,435,858)
  
(1,397,823)
  
(2,837,354)
   
 
 
 
Share Transactions--  
 
 
 
Proceeds from sale of shares  
8,924,594
  
24,878,926
  
3,807,926
  
4,643,791
Net asset value of shares issued to shareholders in payment of distributions declared  
952,166
  
2,118,850
  
139,987
  
232,169
Cost of shares redeemed  
(5,514,547)
  
(9,328,579)
  
(3,301,143)
  
(9,174,063)
   
 
 
 
Change in net assets from share transactions  
4,362,213
  
17,669,197
  
646,770
  
(4,298,103)
   
 
 
 
Change in net assets  
6,299,790
  
27,103,891
  
1,003,974
  
(431,611)
Net Assets:  
 
 
 
Beginning of period  
152,227,291
  
125,123,400
  
63,625,172
  
64,056,783
   
 
 
 
End of period  
158,527,081
  
152,227,291
  
64,629,146
  
63,625,172
   
 
 
 
Undistributed net investment income included in net assets at end of period  
$ 59,904
  
$ 41,300
  
$ 42,005
  
$ 192
   
 
 
 

See Notes which are an integral part of the Financial Statements

WESMARK FUNDS
FINANCIAL HIGHLIGHTS

(For a share outstanding throughout the period)
Year Ended January 31,     Net Asset
Value,
beginning
of period		     Net
Investment
Income (Net
Operating
Loss)		     Net
Realized and
Unrealized
Gain (Loss)
on Investments		     Total from
Investment
Operations		     Distributions
from Net
Investment
Income		     Distributions
from Net
Realized
Gain on
Investments		     Total
Distributions
WesMark Small Company Growth Fund
2001(c)  
$ 10.00
  
(0.01)
  
(0.36)
  
(0.37)
  
--
  
(0.23)
  
(0.23)
2001(e)  
$ 9.40
  
(0.03)
  
(1.52)
  
(1.55)
  
--
  
(0.21)
  
(0.21)
WesMark Growth Fund
1998(f)  
$ 10.00
  
0.09
  
1.71
  
1.80
  
(0.08)
  
(0.57)
  
(0.65)
1999  
$ 11.15
  
0.06
  
2.38
  
2.44
  
(0.06)
  
(0.79)
  
(0.85)
2000  
$ 12.74
  
0.01
  
3.95
  
3.96
  
(0.01)
  
(1.60)
  
(1.61)
2001  
$ 15.09
  
0.08
  
3.48
  
3.56
  
(0.08)
  
(3.47)
  
(3.55)
2001(e)  
$ 15.10
  
0.03
  
(1.36)
  
(1.33)
  
(0.01)
  
(0.59)
  
(0.60)
WesMark Balanced Fund
1999(h)  
$ 10.00
  
0.24
  
0.30
  
0.54
  
(0.24)
  
(0.49)
  
(0.73)
2000  
$ 9.81
  
0.25
  
1.07
  
1.32
  
(0.25)
  
(0.24)
  
(0.49)
2001  
$ 10.64
  
0.27
  
1.26
  
1.53
  
(0.27)
  
(0.76)
  
(1.03)
2001(e)  
$ 11.14
  
0.11
  
(0.69)
  
(0.58)
  
(0.12)
  
(0.22)
  
(0.34)
WesMark Bond Fund
1999(h)  
$ 10.00
  
0.43
  
0.13
  
0.56
  
(0.43)
  
(0.02)
  
(0.45)
2000  
$ 10.11
  
0.56
  
(0.89)
  
(0.33)
  
(0.56)
  
(0.01)
  
(0.57)
2001  
$ 9.21
  
0.59
  
0.63
  
1.22
  
(0.59)
  
--
  
(0.59)
2001(e)  
$ 9.84
  
0.27
  
0.13
  
0.40
  
(0.27)
  
--
  
(0.27)
WesMark West Virginia Municipal Bond Fund
1998(f)  
$ 10.00
  
0.35
  
0.31
  
0.66
  
(0.35)
  
(0.01)
  
(0.36)
1999  
$ 10.30
  
0.43
  
0.12
  
0.55
  
(0.43)
  
(0.01)
  
(0.44)
2000  
$ 10.41
  
0.44
  
(0.72)
  
(0.28)
  
(0.44)
  
(0.03)
  
(0.47)
2001  
$ 9.66
  
0.45
  
0.61
  
1.06
  
(0.45)
  
0.00(i)
  
(0.45)
2001(e)  
$ 10.27
  
0.23
  
0.06
  
0.29
  
(0.23)
  
--
  
(0.23)

(a) Based on net asset value, which does not reflect the sales charge or contingent deferred sales charge, if applicable.

(b) This voluntary expense decrease is reflected in both the expense and the net investment income ratios shown.

(c) Reflects operations for the period from August 8, 2000 (date of initial public investment) to January 31, 2001.

(d) Computed on an annualized basis.

(e) For the six months ended July 31, 2001 (unaudited).

(f) Reflects operations for the period from April 14, 1997 (date of initial public investment) to January 31, 1998.

(g) Amount represents less than 0.01%.

(h) Reflects operations for the period from April 20, 1998 (date of initial public investment) to January 31, 1999.

(i) Amount represents less than $0.01.

(j) As required, effective February 1, 2001, the West Virginia Municipal Bond Fund has adopted the provisions of the AICPA Audit and Accounting Guide for Investment Companies and began amortizing premiums on debt securities. The effect of this change, for the six months ended July 31, 2001, was to increase the ratio of the net investment income to average net assets from 4.45% to 4.48%.

See Notes which are an integral part of the Financial Statements

 

 

 

Ratios to Average Net Assets  

 

 

 

Net
Asset Value,
end of period		     Total Return(a)     Expenses     Net
Investment
Income (Net
Operating
Loss)		     Expense
Waiver/
Reimbursement(b)		     Net Assets,
end of period
(000 omitted)		     Portfolio
Turnover
Rate
WesMark Small Company Growth Fund
$ 9.40
  
(3.16)%
  
1.70%(d)
  
(0.40)%(d)
  
0.28%(d)
  
$ 25,162
  
27%
$ 7.64
  
(16.44)%
  
1.50%(d)
  
(0.69)%(d)
  
0.19%(d)
  
$ 24,821
  
15%
WesMark Growth Fund
$11.15
  
18.24%
  
1.14%(d)
  
0.99%(d)
  
0.00%(d)(g)
  
$ 114,142
  
58%
$12.74
  
22.58%
  
1.04%
  
0.50%
  
0.01%
  
$ 135,078
  
58%
$15.09
  
31.22%
  
0.95%
  
0.10%
  
0.01%
  
$ 183,304
  
71%
$15.10
  
25.41%
  
0.97%
  
0.58%
  
0.01%
  
$ 256,282
  
77%
$13.17
  
(8.67)%
  
0.97%(d)
  
0.33%(d)
  
0.01%(d)
  
$ 251,820
  
17%
WesMark Balanced Fund
$ 9.81
  
5.50%
  
1.15%(d)
  
3.03%(d)
  
0.09%(d)
  
$ 60,887
  
57%
$10.64
  
13.52%
  
0.90%
  
2.38%
  
0.15%
  
$ 73,864
  
44%
$11.14
  
14.99%
  
0.98%
  
2.41%
  
0.11%
  
$ 86,205
  
48%
$10.22
  
(5.17)%
  
0.96%(d)
  
2.10%(d)
  
0.10%(d)
  
$ 83,427
  
23%
WesMark Bond Fund                    
$10.11
  
5.70%
  
0.90%(d)
  
5.47%(d)
  
0.07%(d)
  
$ 117,646
  
39%
$ 9.21
  
(3.41)%
  
0.72%
  
5.85%
  
0.10%
  
$ 125,123
  
26%
$ 9.84
  
13.71%
  
0.82%
  
6.22%
  
0.06%
  
$ 152,227
  
25%
$ 9.97
  
4.16%
  
0.79%(d)
  
5.62%(d)
  
0.05%(d)
  
$ 158,527
  
22%
WesMark West Virginia Municipal Bond Fund
$10.30
  
6.64%
  
0.74%(d)
  
4.26%(d)
  
0.30%(d)
  
$ 66,381
  
6%
$10.41
  
5.46%
  
0.74%
  
4.20%
  
0.29%
  
$ 67,434
  
17%
$ 9.66
  
(2.77)%
  
0.65%
  
4.37%
  
0.30%
  
$ 64,057
  
30%
$10.27
  
11.26%
  
0.73%
  
4.53%
  
0.30%
  
$ 63,625
  
29%
$10.33
  
2.82%
  
0.68%(d)
  
4.48%(d)(j)
  
0.30%(d)
  
$ 64,629
  
11%

WESMARK FUNDS
NOTES TO FINANCIAL STATEMENTS

July 31, 2001 (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 five 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 Bond Fund
("Bond Fund")		   diversified   to achieve high current income consistent
with preservation of capital
WesMark West Virginia
Municipal Bond Fund
("West Virginia Municipal
Bond Fund")		   non-diversified   to achieve current income which is
exempt from federal income tax and
income taxes imposed by the State of
West Virginia

The assets of each portfolio are segregated and a shareholder's interest is limited to the portfolio in which shares are held.

On August 8, 2000, the Small Company Growth Fund received a tax-free transfer of assets from a Common Trust Fund as follows:

Shares of
the Fund
Issued
  
Common
Trust Fund
Net Assets
Received
  
Unrealized
Appreciation(1)
   
Net Assets of
the Fund Prior
to Combination
  
Net Assets
of Common
Trust Fund
Immediately
Prior to
Combination
  
Net Assets of
the Fund
Immediately
After
Combination
1,771,957
$17,719,574
$5,161,962
--
$17,719,574
$17,719,574

(1) Unrealized Appreciation is included in the Common Trust Fund Net Assets Received amount shown above.

(2) Significant Accounting Policies

The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of their financial statements. These policies are in conformity with generally accepted accounting principles.

Investment Valuation--U.S. government securities, listed corporate bonds, and other fixed income and asset-backed securities are generally valued at the mean of the latest bid and asked price as furnished by an independent pricing service. Listed equity securities are valued at the last sale price reported on a national securities exchange. Short-term securities are valued at the prices provided by an independent pricing service. However, short-term securities with remaining maturities of 60 days or less at the time of purchase may be valued at amortized cost, which approximates fair market value. Investments in other open-end regulated investment companies are valued at net asset value. Securities for which no quotations are readily available are valued at fair value as determined in good faith using methods approved by the Board of Trustees (the "Trustees").

Investment Income, Expenses and Distributions--Interest income and expenses are accrued daily. Bond premium and discount, if applicable, are amortized as required by the Internal Revenue Code, as amended (the "Code"). Dividend income and distributions to shareholders are recorded on the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at fair value.

As required, effective February 1, 2001, the Trust has adopted the provisions of the AICPA Audit and Accounting Guide for Investment Companies and began amortizing discount or premiums on debt securities. Prior to February 1, 2001, the West Virginia Municipal Bond Fund did not amortize premiums or discounts on debt securities. The cumulative effect of this accounting change had no impact on total net assets of the West Virginia Municipal Bond Fund, but resulted in a $29,733 increase in cost of securities and a corresponding $29,733 decrease in net unrealized appreciation, based on securities held by the Fund on February 1, 2001.

For the six months ended July 31, 2001, the effect of this change on the West Virginia Municipal Bond Fund was to increase the net investment income by $10,944, decrease net unrealized appreciation by $4,612 and decrease net realized gains by $6,332. The statement of changes in net assets and financial highlights for prior periods have not been restated to reflect this change in presentation.

Income and capital gain distributions are determined in accordance with income tax regulations which may differ from generally accepted accounting principles.

Federal Taxes--It is each Fund's policy to comply with the provisions of the Code applicable to regulated investment companies and to distribute to shareholders each year substantially all of their income. Accordingly, no provisions for federal tax are necessary.

Withholding taxes on foreign interest and dividends have been provided for in accordance with applicable country's rules and rates.

At January 31, 2001, the Funds, for federal tax purposes, had capital loss carryforwards which will reduce the Funds' taxable income arising from future net realized gain on investments, if any to the extent permitted by the Code, and thus will reduce the amount of the distributions to shareholders which would otherwise be necessary to relieve the Funds of any liability for federal tax. Pursuant to the Code, such capital loss carryforwards will expire as follow:

Fund Name
     Capital Loss
Carryforward to
Expire in 2008 		    Capital Loss
Carryforward to
Expire in 2009 		    Total Capital Loss
Carryforwards
Bond Fund  
$ 710,764
  
$ 749,595
  
$ 1,460,359
West Virginia Municipal Bond Fund  
--
  
178,206
  
178,206

When-Issued and Delayed Delivery Transactions--The Funds may engage in when-issued or delayed delivery transactions. The Funds record when-issued securities on the trade date and maintains security positions such that sufficient liquid assets will be available to make payment for the securities purchased. Securities purchased on a when-issued or delayed delivery basis are marked to market daily and begin earning interest on the settlement date. Losses may occur on these transactions due to changes in market conditions or the failure of counterparties to perform under the contract.

Restricted Securities--Restricted securities are securities that may only be resold upon registration under federal securities laws or in transactions exempt from such registration. In some cases, the issuer of restricted securities has agreed to register such securities for resale, at the issuer's expense either upon demand by the Fund or in connection with another registered offering of the securities. Many restricted securities may be resold in the secondary market in transactions exempt from registration. Such restricted securities may be determined to be liquid under criteria established by the Trustees. The Fund will not incur any registration costs upon such resales. The Fund's 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 by the Fund's pricing committee.

Additional information on the restricted security held by West Virginia Municipal Bond Fund at July 31, 2001 is as follows:

Security
     Acquisition
Date		     Acquisition
Cost
Kanawha County, WV, PCR, 7.35%  
3 /5/1996
  
$ 2,309,987

Use of Estimates--The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts of assets, liabilities, expenses and revenues reported in the financial statements. Actual results could differ from those estimated.

Other--Investment transactions are accounted for on a trade date basis.

(3) Shares of Beneficial Interest

The Declaration of Trust permits the Trustees to issue an unlimited number of full and fractional shares of beneficial interest (without par value).

Transactions in shares were as follows:

 

Small Company Growth Fund

 

    Six Months Ended
July 31, 2001		     Period Ended
January 31, 2001 (a)
Shares sold  
608,009
  
877,899
Shares issued in connection with the tax-free transfer of assets of a Common Trust Fund  
--
  
1,771,957
Shares issued to shareholders in payment of distributions declared  
53,975
  
40,308
Shares redeemed  
(88,452)
  
(14,762)
   
 
Net change resulting from share transactions  
573,532
  
2,675,402
   
 

(a) Reflects operations for the period from August 8, 2000 (date of initial public investment) to January 31, 2001.

 

Growth Fund

 

    Six Months Ended
July 31, 2001		     Year Ended
January 31, 2001
Shares sold  
1,892,830
  
3,689,339
Shares issued to shareholders in payment of distributions
declared 		 
533,407
  
1,743,931
Shares redeemed  
(285,192)
  
(604,300)
   
 
Net change resulting from share transactions  
2,141,045
  
4,828,970
   
   

 

Balanced Fund

 

    Six Months Ended
July 31, 2001		   Year Ended
January 31, 2001
Shares sold  
567,305
  
1,159,895
Shares issued to shareholders in payment of distributions
declared 		 
87,409
  
161,075
Shares redeemed  
(232,668)
  
(526,492)
   
 
Net change resulting from share transactions  
422,046
  
794,478
     
   

 

Bond Fund

 

  Six Months Ended
July 31, 2001		   Year Ended
January 31, 2001
Shares sold  
906,654
  
2,643,571
Shares issued to shareholders in payment of distributions
declared 		 
96,808
  
225,243
Shares redeemed  
(560,748)
  
(996,299)
   
 
Net change resulting from share transactions  
442,714
  
1,872,515
     
 

 

West Virginia Municipal Bond Fund

 

  Six Months Ended
July 31, 2001		     Year Ended
January 31, 2001
Shares sold  
371,198
  
468,856
Shares issued to shareholders in payment of distributions
declared 		 
13,692
  
23,364
Shares redeemed  
(323,072)
  
(929,985)
   
 
Net change resulting from share transactions  
61,818
  
(437,765)
   
 

(4) Investment Adviser Fee and Other Transactions with Affiliates

Investment Adviser Fee--WesBanco Investment Department, the Funds' investment adviser (the "Adviser" or "WesBanco"), receives for its services an annual fee equal to the percentage of each Fund's average daily net assets as follows:

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

The Adviser may voluntarily choose to waive any portion of its fee and/or reimburse certain operating expenses of the Funds. The Adviser can modify or terminate this voluntary waiver and/or reimbursement at any time at its sole discretion.

Administrative Fee--Federated Services Company ("FServ") provides the Funds with certain administrative personnel and services. The fee paid to FServ is based on a scale that ranges from 0.150% to 0.075% of the average aggregate net assets of the Trust for the period, subject to a $75,000 minimum per portfolio.

Distribution (12b-1) Fee--The Funds have adopted a Distribution Plan (the "Plan") pursuant to Rule 12b-1 under the Act. Under the terms of the Plan, the Funds will compensate Edgewood Services, Inc., the principal distributor, from the net assets of the Funds to finance activities intended to result in the sale of each Fund's shares. The Plan provides that the Funds may incur distribution expenses up to 0.25% of the average daily net assets of the Funds' shares, annually, to compensate Edgewood Services, Inc. For the six months ended July 31, 2001, the Funds did not incur fees under the Plan.

Shareholder Services Fee--Under the terms of a Shareholder Services Agreement with WesBanco, the Funds will pay WesBanco up to 0.25% of average daily net assets for the period. The fee paid to WesBanco is used to finance certain services for shareholders and to maintain shareholder accounts. For the six months ended July 31, 2001, the Funds did not incur a shareholder services fee.

Transfer and Dividend Disbursing Agent Fees and Expenses--FServ, through its subsidiary, Federated Shareholder Services Company ("FSSC") serves as transfer and dividend disbursing agent for the Funds. The fee paid to FSSC is based on the size, type, and number of accounts and transactions made by shareholders.

Portfolio Accounting Fees--FServ maintains the Funds' accounting records for which it receives a fee. The fee is based on the level of each Fund's average daily net assets for the period, plus out-of-pocket expenses.

Custodian Fees--WesBanco is the Funds' custodian. The fee is based on the level of each Fund's average daily net assets for the period, plus out-of-pocket expenses.

Organizational Expense--Organizational expenses of $5,607 for Growth Fund and $6,169 for West Virginia Municipal Bond Fund were borne initially by the Adviser. The Funds have agreed to reimburse the Adviser for these expenses. These expenses have been deferred and were amortized over the five-year period following each Fund's effective date. As of July 31, 2001, these expenses have been fully amortized.

Other Affiliated Parties and Transactions--Pursuant to an exemptive order issued by the SEC, the Funds may invest in certain affiliated money market funds which are distributed by an affiliate of the Funds' distributor. As of July 31, 2001, each Fund owned the following percentages of the affiliated funds' outstanding shares:

Fund Name
     Affiliated Fund Name     % of
Outstanding
Shares
Small Company Growth Fund   Federated U.S. Treasury Cash Reserves Fund  
0.02%
Growth Fund   Federated U.S. Treasury Cash Reserves Fund  
0.01%
Balanced Fund   Federated U.S. Treasury Cash Reserves Fund  
0.04%
Bond Fund   Federated Prime Obligations Fund  
0.01%
West Virginia Municipal Bond Fund   Federated Tax-Free Obligations Fund  
0.04%

General--Certain of the Officers and Trustees of the Trust are Officers and Directors or Trustees of the above companies.

(5) Investment Transactions

Purchases and sales of investments, excluding short-term securities and U.S. government securities (and in-kind contributions), for the six months ended July 31, 2001, were as follows:

Fund Name
      Purchases     Sales
Small Company Growth Fund   $ 7,861,416
$ 3,482,120
Growth Fund   75,798,179
42,405,200
Balanced Fund   20,538,183
13,189,668
Bond Fund   13,021,626
6,447,601
West Virginia Municipal Bond Fund   6,853,237
7,475,215

Purchases and sales of long-term U.S. government securities, for the six months ended July 31, 2001, were as follows:

Fund Name
      Purchases     Sales
Balanced Fund   $ 2,250,000
$ 5,435,178
Bond Fund   15,000,000
26,917,342

(6) Concentration of Credit Risk

Since the West Virginia Municipal Bond Fund invests a substantial portion of its assets in issuers located in one state, it will be more susceptible to factors adversely affecting issuers of that state than would be a comparable tax-exempt mutual fund that invests nationally. In order to reduce the credit risk associated with such factors, at July 31, 2001, 48.4% of the securities in the portfolio of investments are backed by letters of credit or bond insurance of various financial institutions and financial guaranty assurance agencies. The percentage of investments insured by or supported (backed) by a letter of credit from any one institution or agency did not exceed 18.8% of total investments.

Additionally, the Funds may invest a portion of its 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.

TRUSTEES

John F. Donahue

Thomas C. Bigley

John T. Conroy, Jr.

Nicholas P. Constantakis

John F. Cunningham

J. Christopher Donahue

Lawrence D. Ellis, M.D.

Peter E. Madden

Charles F. Mansfield, Jr.

John E. Murray, Jr., J.D., S.J.D.

Marjorie P. Smuts

John S. Walsh

OFFICERS

John F. Donahue
Chairman

Peter J. Germain
President

Richard J. Thomas
Treasurer

J. Christopher Donahue
Executive Vice President

John W. McGonigle
Executive Vice President and Secretary

Beth S. Broderick
Vice President and Assistant Treasurer

Kirk A. Montgomery
Assistant Secretary

Mutual funds are not bank deposits or obligations, are not guaranteed by any bank, and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board, or any other government agency. Investment in mutual funds involves investment risk, including the possible loss of principal.

This report is authorized for distribution to prospective investors only when preceded or accompanied by the fund's prospectus which contains facts concerning its objective and policies, management fees, expenses and other information.

 

[Logo of WesMark Funds]

Family of Funds

Combined Semi-Annual Report

 

[Logo of WesBanco Investment Department]

Investment Adviser
A Division of WesBanco Bank, Inc.

Cusip 951025501
Cusip 951025204
Cusip 951025303
Cusip 951025402
Cusip 951025105

Edgewood Services, Inc., Distributor

25752 (9/01)