0001752724-22-062819.txt : 20220316 0001752724-22-062819.hdr.sgml : 20220316 20220316135418 ACCESSION NUMBER: 0001752724-22-062819 CONFORMED SUBMISSION TYPE: N-CEN PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20211231 FILED AS OF DATE: 20220316 DATE AS OF CHANGE: 20220316 EFFECTIVENESS DATE: 20220316 FILER: COMPANY DATA: COMPANY CONFORMED NAME: WESMARK FUNDS CENTRAL INDEX KEY: 0001007226 IRS NUMBER: 232942999 STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-CEN SEC ACT: 1940 Act SEC FILE NUMBER: 811-07925 FILM NUMBER: 22744324 BUSINESS ADDRESS: STREET 1: ONE BANK PLAZA STREET 2: 5TH FLOOR CITY: WHEELING STATE: WV ZIP: 26003 BUSINESS PHONE: 8003683369 MAIL ADDRESS: STREET 1: ONE BANK PLAZA STREET 2: 5TH FLOOR CITY: WHEELING STATE: WV ZIP: 26003 0001007226 S000005477 WesMark Balanced Fund C000014907 WesMark Balanced Fund WMBLX 0001007226 S000005478 WesMark Government Bond Fund C000014908 WesMark Government Bond Fund WMBDX 0001007226 S000005479 WesMark Large Company Fund C000014909 WesMark Large Company Fund WMKGX 0001007226 S000005480 WesMark Small Company Fund C000014910 WesMark Small Company Fund WMKSX 0001007226 S000005481 WesMark West Virginia Municipal Bond Fund C000014911 WesMark West Virginia Municipal Bond Fund WMKMX 0001007226 S000056649 WesMark Tactical Opportunity Fund C000179136 WesMark Tactical Opportunity Fund WMKTX N-CEN 1 primary_doc.xml X0404 N-CEN LIVE 0001007226 XXXXXXXX 811-07925 N-1A true WesMark Funds 811-07925 0001007226 54930021383WLM7N7481 One Bank Plaza Wheeling 26003 US-WV US 304-234-9419 ALPS Distributors, Inc. 1290 Broadway, Suite 1000 Denver 80203 303-623-2577 The books and records required to be maintained by Section 31(a) of the Investment Company Act of 1940, as amended, and the rules thereunder WesBanco Investment Department, a division of WesBanco Bank, Inc. One Bank Plaza Wheeling 26003 304-234-9000 The books and records required to be maintained by Section 31(a) of the Investment Company Act of 1940, as amended, and the rules thereunder ALPS Fund Services, Inc 1290 Broadway, Suite 1000 Denver 80203 800-864-1013 The books and records required to be maintained by Section 31(a) of the Investment Company Act of 1940, as amended, and the rules thereunder WesBanco Bank, Inc. One Bank Plaza Wheeling 26003 304-234-9000 The books and records required to be maintained by Section 31(a) of the Investment Company Act of 1940, as amended, and the rules thereunder N N N N-1A 6 Y J. Christopher Gardill N/A Y Jordan A. Miller, Jr. N/A N Lawrence Bandi N/A N Mark Gleason N/A N Robert Kirkbride N/A Y Gary Madich N/A N Jennifer Roth 003247469 1 BANK PLAZA FIFTH FLOOR WHEELING 26003 XXXXXX N N N N N N N N COHEN & COMPANY., LTD. 925 N/A N N N N N N N WesMark Large Company Fund S000005479 549300FO7MG7ZADW5518 N 1 0 0 N/A N N N N N/A N/A N/A N/A N N N N WESBANCO INVESTMENT DEPARTMENT 801-60151 000111907 5493005BSPGKDXD8KD70 N ALPS FUND SERVICES, INC. 84-5730 N/A N N N ICE Data Pricing & Reference Data, LLC 5493000NQ9LYLDBCTL34 N Bloomberg Global Markets Services LLC 254900X21QX3H0T4HC32 N REFINITIV LIMITED 254900TF5VKTJ141VZ73 GB N N Wesbanco Bank, Inc. QGPGHQ1ENZOOLJRFTH41 Y N Self - rule 17f-2 (17 CFR 270.17f-2) N ALPS FUND SERVICES, INC. N/A N N N ALPS FUND SERVICES, INC. N/A N N N WESBANCO SECURITIES, INC 008-50220 000043276 N/A 0 STRATEGAS SECURITIES, LLC 8-00129 000149326 254900D5NQ2O9DJLKH96 1959 Morgan Stanley & Co. LLC 8-68191 000149777 IGJSJL3JD5P30I6NJZ34 2374 COWEN PRIME SERVICES LLC 8-68531 000153397 5493008YIIJEE4T4UC61 12420 STIFEL, NICOLAUS & COMPANY, INCORPORATED 8-01447 000000793 9R7GPTSO7KV3UQJZQ078 2458 GOLDMAN SACHS & CO. LLC 8-00129 000000361 5A6K8J537RQXSC8G9Y75 9655 RBC Capital Markets, LLC 8-45411 000031194 549300LCO2FLSSVFFR64 8646 CRAIG-HALLUM CAPITAL GROUP LLC 8-65407 000121395 549300YWNPUXBR9XZW77 292 MERRILL LYNCH PROFESSIONAL CLEARING CORP. 8-33359 000016139 549300PMHS66E71I2D34 75 37879 0 N 389766380 N N N N WesMark Government Bond Fund S000005478 5493005EZQBHOL2ZRL05 N 1 0 0 N/A N N N N N/A N/A N/A N/A N N N N WESBANCO INVESTMENT DEPARTMENT 801-60151 000111907 5493005BSPGKDXD8KD70 N ALPS FUND SERVICES, INC. 84-5730 N/A N N N REFINITIV LIMITED 254900TF5VKTJ141VZ73 GB N Bloomberg Global Markets Services LLC 254900X21QX3H0T4HC32 N ICE Data Pricing & Reference Data, LLC 5493000NQ9LYLDBCTL34 N N Wesbanco Bank, Inc. QGPGHQ1ENZOOLJRFTH41 Y N Self - rule 17f-2 (17 CFR 270.17f-2) N ALPS FUND SERVICES, INC. N/A N N N ALPS FUND SERVICES, INC. N/A N N N WESBANCO SECURITIES, INC 008-50220 000043276 N/A 0 0 STIFEL, NICOLAUS & COMPANY, INCORPORATED 8-01447 000000793 5WUVMA08EYG4KEUPW589 15471088 PIPER SANDLER & CO 8-15204 000000665 549300GRQCWQ3XGH0H10 12942860 FTN FINANCIAL SECURITIES CORP 8-51393 000046346 PHDL2C07HIPM5DUL8S59 90740942 WELLS FARGO SECURITIES, LLC 8-65876 000126292 PBLD0EJDB5FWOLXP3B76 1004300 PNFP CAPITAL MARKETS, INC. 8-69608 000179528 549300CDOC4F7XSRG390 5144739 RBC Capital Markets, LLC 8-45411 000031194 549300LCO2FLSSVFFR64 5500000 Crews & Associates 8-24075 000008052 5493001BWSV3E82LZ446 5395473 Truist Securities, Inc. 8-17212 000006271 CSVTK36R0PNGXEM7NS14 2247140 138446543 N 237927715 N N N N WesMark Small Company Fund S000005480 549300H7DYE7DBQQ1N91 N 1 0 0 N/A N N N N N/A N/A N/A N/A N N N N WESBANCO INVESTMENT DEPARTMENT 801-60151 000111907 5493005BSPGKDXD8KD70 N ALPS FUND SERVICES, INC. 84-5730 N/A N N N Bloomberg Global Markets Services LLC 254900X21QX3H0T4HC32 N ICE Data Pricing & Reference Data, LLC 5493000NQ9LYLDBCTL34 N REFINITIV LIMITED 254900TF5VKTJ141VZ73 GB N N Wesbanco Bank, Inc. QGPGHQ1ENZOOLJRFTH41 Y N Self - rule 17f-2 (17 CFR 270.17f-2) N ALPS FUND SERVICES, INC. N/A N N N ALPS FUND SERVICES, INC. N/A N N N WESBANCO SECURITIES, INC 008-50220 000043276 N/A 0 STRATEGAS SECURITIES, LLC 8-68138 000149326 254900D5NQ2O9DJLKH96 13977 CRAIG-HALLUM CAPITAL GROUP LLC 8-65407 000121395 549300P0PVQNO43T7K36 9594 RBC Capital Markets, LLC 8-45411 000031194 549300LCO2FLSSVFFR64 4520 STIFEL, NICOLAUS & COMPANY, INCORPORATED 8-01447 000000793 5WUVMA08EYG4KEUPW589 4587 MORGAN STANLEY 008-68191 000149777 IGJSJL3JD5P30I6NJZ34 5669 Cowen Prime Services LLC 8-68531 000153397 5493008YIIJEE4T4UC61 11299 GOLDMAN SACHS & CO. LLC 8-00129 000000361 5A6K8J537RQXSC8G9Y75 28476 78121 0 N 126528511 N N N N WesMark Tactical Opportunity Fund S000056649 549300D505E8TMMCBK92 N 1 0 0 N/A N N N N N/A N/A N/A N/A Y N N N WESBANCO INVESTMENT DEPARTMENT 801-60151 000111907 5493005BSPGKDXD8KD70 N ALPS FUND SERVICES, INC. 84-5730 N/A N N N REFINITIV LIMITED 254900TF5VKTJ141VZ73 GB N Bloomberg Global Markets Services LLC 254900X21QX3H0T4HC32 N ICE Data Pricing & Reference Data, LLC 5493000NQ9LYLDBCTL34 N N Wesbanco Bank, Inc. QGPGHQ1ENZOOLJRFTH41 Y N Self - rule 17f-2 (17 CFR 270.17f-2) N ALPS FUND SERVICES, INC. N/A N N N ALPS FUND SERVICES, INC. N/A N N N WESBANCO SECURITIES, INC 008-50220 000043276 N/A 0 RBC Capital Markets, LLC 8-45411 000031194 549300LCO2FLSSVFFR64 1742 STRATEGAS SECURITIES, LLC 8-68138 000149326 254900D5NQ2O9DJLKH96 3424 COWEN PRIME SERVICES LLC 8-68531 000153397 5493008YIIJEE4T4UC61 3727 GOLDMAN SACHS & CO. LLC 8-00129 000000361 5A6K8J537RQXSC8G9Y75 6285 BOFA Securities, Inc. 8-69787 000283942 549300HN4UKV1E2R3U73 93 MERRILL LYNCH PROFESSIONAL CLEARING CORP. 8-33359 000016139 549300PMHS66E71I2D34 545 Morgan Stanley 8-68191 000149777 IGJSJL3JD5P30I6NJZ34 1501 STIFEL, NICOLAUS & COMPANY, INCORPORATED 8-1447 000000793 5WUVMA08EYG4KEUPW589 993 18309 0 N 48532888 N N N N WesMark Balanced Fund S000005477 549300RX2I45RPDORI30 N 1 0 0 N/A N N N N N/A N/A N/A N/A N N N N WESBANCO INVESTMENT DEPARTMENT 801-60151 000111907 5493005BSPGKDXD8KD70 N ALPS FUND SERVICES, INC. 84-5730 N/A N N N Bloomberg Global Markets Services LLC 254900X21QX3H0T4HC32 N REFINITIV LIMITED 254900TF5VKTJ141VZ73 GB N ICE Data Pricing & Reference Data, LLC 5493000NQ9LYLDBCTL34 N N Wesbanco Bank, Inc. QGPGHQ1ENZOOLJRFTH41 Y N Self - rule 17f-2 (17 CFR 270.17f-2) N ALPS FUND SERVICES, INC. N/A N N N ALPS FUND SERVICES, INC. N/A N N N WESBANCO SECURITIES, INC 008-50220 000043276 N/A 0 STIFEL, NICOLAUS & COMPANY, INCORPORATED 8-01447 000000793 5WUVMA08EYG4KEUPW589 2186 CRAIG-HALLUM CAPITAL GROUP LLC 8-65407 000121395 549300YWNPUXBR9XZW77 280 RBC CAPITAL MARKETS, LLC 8-45411 000031194 549300LCO2FLSSVFFR64 283 MERRILL LYNCH PROFESSIONAL CLEARING CORP. 8-33359 000016139 549300PMHS66E71I2D34 80 MORGAN STANLEY 8-68191 000149777 IGJSJL3JD5P30I6NJZ34 574 COWEN PRIME SERVICES LLC 8-68531 000153397 5493008YIIJEE4T4UC61 4435 GOLDMAN SACHS & CO. LLC 8-00129 000000361 5A6K8J537RQXSC8G9Y75 5411 STRATEGAS SECURITIES, LLC 8-68138 000149326 5A6K8J537RQXSC8G9Y75 390 13638 DUNCAN-WILLIAMS, INC. 8-18971 000006950 25490045VHLUZ7H92Y27 527725 PNFP CAPITAL MARKETS, INC. 8-69608 000179528 549300CDOC4F7XSRG390 7899396 FTN FINANCIAL SECURITIES CORP 008-51393 000046346 PHDL2C07HIPM5DUL8S59 187945 8615067 N 118351254 N N N N WesMark West Virginia Municipal Bond Fund S000005481 549300I2YGUG8O1SY522 N 1 0 0 N/A Y N N N N/A N/A N/A N/A N N N N WESBANCO INVESTMENT DEPARTMENT 801-60151 000111907 5493005BSPGKDXD8KD70 N ALPS FUND SERVICES, INC. 84-5730 N/A N N N ICE Data Pricing & Reference Data, LLC 5493000NQ9LYLDBCTL34 N Bloomberg Global Markets Services LLC 254900X21QX3H0T4HC32 N REFINITIV LIMITED 254900TF5VKTJ141VZ73 GB N N Wesbanco Bank, Inc. QGPGHQ1ENZOOLJRFTH41 Y N Self - rule 17f-2 (17 CFR 270.17f-2) N ALPS FUND SERVICES, INC. N/A N N N ALPS FUND SERVICES, INC. N/A N N N WESBANCO SECURITIES, INC 008-50220 000043276 N/A 0 0 PNFP CAPITAL MARKETS, INC. 8-69608 000179528 549300CDOC4F7XSRG390 3110517 PIPER SANDLER & CO. 8-15204 000000665 549300GRQCWQ3XGH0H10 3654281 Crews & Associates 8-24075 000008052 5493001BWSV3E82LZ446 15114141 STIFEL, NICOLAUS & COMPANY, INCORPORATED 008-01447 000000793 5WUVMA08EYG4KEUPW589 868935 FTN FINANCIAL SECURITIES CORP 008-51393 000046346 PHDL2C07HIPM5DUL8S59 1080100 HAZLETT, BURT & WATSON, INC. 008-17737 000000396 N/A 556925 MID ATLANTIC CAPITAL CORPORATION 008-27663 000010674 549300HJL2LPNSC0JX96 376018 24760916 N 117292608 N N N N true INTERNAL CONTROL RPT 2 fp0073778_g1ai.htm INTERNAL CONTROL REPORT

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

 

To the Shareholders and Board of Trustees of

WesMark Funds

 

In planning and performing our audit of the financial statements of WesMark Funds comprising WesMark Small Company Fund, WesMark Large Company Fund, WesMark Balanced Fund, WesMark Government Bond Fund, WesMark West Virginia Municipal Bond Fund, and WesMark Tactical Opportunity Fund (the “Funds”) as of and for the year ended December 31, 2021, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), we considered the Funds’ internal control over financial reporting, including controls over safeguarding securities, as a basis for designing our auditing procedures for the purpose of expressing our opinion on the financial statements and to comply with the requirements of Form N-CEN, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion.

 

The management of the Funds is responsible for establishing and maintaining effective internal control over financial reporting. In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of controls. A fund’s internal control over financial reporting is a process designed 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 (GAAP). A fund’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the fund; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with GAAP, and that receipts and expenditures of the fund are being made only in accordance with authorizations of management and trustees of the fund; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of a fund’s assets that could have a material effect on the financial statements.

 

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

 

A deficiency in internal control over financial reporting exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis. A material weakness is a deficiency, or combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the Funds’ annual or interim financial statements will not be prevented or detected on a timely basis.

 

Our consideration of the Funds’ internal control over financial reporting was for the limited purpose described in the first paragraph and would not necessarily disclose all deficiencies in internal control that might be material weaknesses under standards established by the PCAOB. However, we noted no deficiencies in the Funds’ internal control over financial reporting and its operation, including controls over safeguarding securities, that we consider to be a material weakness as defined above as of December 31, 2021.

 

This report is intended solely for the information and use of management and the Board of Trustees of the Funds and the Securities and Exchange Commission and is not intended to be and should not be used by anyone other than these specified parties.

 

COHEN & COMPANY, LTD.

Cleveland, Ohio

February 28, 2022