PORTFOLIO OF INVESTMENTS
WESMARK SMALL COMPANY GROWTH FUND
March 31, 2021 (Unaudited)
Shares/Principal Amount | Value | |||||||
COMMON STOCKS-95.5% | ||||||||
COMMUNICATION SERVICES-1.4% | ||||||||
Interactive Media & Services-1.4% | ||||||||
73,742 | Cargurus, Inc.(1) | $ | 1,757,272 | |||||
TOTAL COMMUNICATION SERVICES | 1,757,272 | |||||||
CONSUMER, CYCLICAL-0.5% | ||||||||
Home Builders-0.5% | ||||||||
5,550 | Installed Building Products, Inc. | 615,384 | ||||||
TOTAL CONSUMER, CYCLICAL | 615,384 | |||||||
CONSUMER DISCRETIONARY-9.3% | ||||||||
Automotive Retail-3.9% | ||||||||
12,439 | Lithia Motors, Inc., Class A | 4,852,330 | ||||||
Consumer Electronics-3.4% | ||||||||
112,245 | Sonos, Inc.(1) | 4,205,820 | ||||||
Industirals-2.0% | ||||||||
40,816 | Korn Ferry | 2,545,694 | ||||||
TOTAL CONSUMER DISCRETIONARY | 11,603,844 | |||||||
CONSUMER STAPLES-1.1% | ||||||||
Packaged Foods & Meats-1.1% | ||||||||
8,311 | Freshpet, Inc.(1) | 1,319,870 | ||||||
TOTAL CONSUMER STAPLES | 1,319,870 | |||||||
ENERGY-0.5% | ||||||||
Oil & Gas Equipment & Services-0.5% | ||||||||
30,121 | ChampionX Corp.(1) | 654,529 | ||||||
TOTAL ENERGY | 654,529 | |||||||
FINANCIALS-24.7% | ||||||||
Asset Management & Custody Banks-1.2% | ||||||||
9,279 | Focus Financial Partners, Inc., Class A(1) | 386,192 | ||||||
45,729 | Victory Capital Holdings, Inc., Class A | 1,168,833 | ||||||
1,555,025 | ||||||||
Investment Banking & Brokerage-4.5% | ||||||||
21,786 | Moelis & Co. | 1,195,616 | ||||||
68,311 | Stifel Financial Corp. | 4,376,003 | ||||||
5,571,619 | ||||||||
Life & Health Insurance-0.5% | ||||||||
7,748 | Trupanion, Inc.(1) | 590,475 | ||||||
Regional Banks-18.5% | ||||||||
27,827 | Ameris Bancorp | 1,461,196 |
Shares/Principal Amount | Value | |||||||
34,808 | Atlantic Union Bankshares Corp. | $ | 1,335,235 | |||||
37,281 | BancorpSouth Bank | 1,210,887 | ||||||
62,942 | BankUnited, Inc. | 2,766,301 | ||||||
16,169 | Banner Corp. | 862,293 | ||||||
23,121 | Community Bank System, Inc. | 1,773,843 | ||||||
46,246 | First Bancorp/Southern Pines, NC | 2,011,701 | ||||||
120,427 | First Foundation, Inc. | 2,825,217 | ||||||
27,433 | First Interstate BancSystem, Inc. | 1,263,015 | ||||||
20,178 | First Midwest Bancorp, Inc. | 442,100 | ||||||
52,504 | Old National Bancorp | 1,015,427 | ||||||
19,244 | Pinnacle Financial Partners, Inc. | 1,706,173 | ||||||
14,014 | South State Corp. | 1,100,239 | ||||||
107,904 | Sterling Bancorp | 2,483,950 | ||||||
28,160 | Trustmark Corp. | 947,866 | ||||||
23,205,443 | ||||||||
TOTAL FINANCIALS | 30,922,562 | |||||||
HEALTH CARE-16.5% | ||||||||
Health Care Distributors-1.0% | ||||||||
38,036 | Patterson Cos., Inc. | 1,215,250 | ||||||
Health Care Equipment-3.8% | ||||||||
13,050 | AtriCure, Inc.(1) | 855,036 | ||||||
18,367 | Hill-Rom Holdings, Inc. | 2,029,186 | ||||||
17,206 | Integra LifeSciences Holdings Corp.(1) | 1,188,763 | ||||||
7,677 | Tandem Diabetes Care, Inc.(1) | 677,495 | ||||||
4,750,480 | ||||||||
Health Care Supplies-1.8% | ||||||||
25,014 | Neogen Corp.(1) | 2,223,494 | ||||||
Health Care Technology-2.2% | ||||||||
73,397 | Vocera Communications, Inc.(1) | 2,822,849 | ||||||
Life Sciences Tools & Services-7.3% | ||||||||
11,284 | Charles River Laboratories International, Inc.(1) | 3,270,442 | ||||||
8,632 | ICON PLC(1) | 1,695,066 | ||||||
55,062 | Syneos Health, Inc.(1) | 4,176,453 | ||||||
9,141,961 | ||||||||
Pharmaceuticals-0.4% | ||||||||
61,616 | TPCO Holding Corp.(1) | 456,575 | ||||||
TOTAL HEALTH CARE | 20,610,609 | |||||||
INDUSTRIALS-15.8% | ||||||||
Aerospace & Defense-2.0% | ||||||||
29,619 | Moog, Inc., Class A | 2,462,820 | ||||||
Air Freight & Logistics-0.5% | ||||||||
10,473 | Atlas Air Worldwide Holdings, Inc.(1) | 632,988 | ||||||
Building Products-1.6% | ||||||||
28,646 | AAON, Inc. | 2,005,506 | ||||||
Construction & Engineering-7.2% | ||||||||
19,780 | Construction Partners, Inc.(1) | 591,026 | ||||||
28,922 | Granite Construction, Inc. | 1,164,110 |
Shares/Principal Amount | Value | |||||||
83,020 | Quanta Services, Inc. | $ | 7,304,100 | |||||
9,059,236 | ||||||||
Construction Machinery & Heavy Trucks-2.2% | ||||||||
72,715 | Shyft Group, Inc. | 2,704,998 | ||||||
Machinery-Diversified-1.8% | ||||||||
14,705 | Applied Industrial Technologies, Inc. | 1,340,655 | ||||||
15,262 | Hydrofarm Holdings Group, Inc.(1) | 920,604 | ||||||
2,261,259 | ||||||||
Transportation-0.5% | ||||||||
25,529 | Schneider National, Inc. | 637,459 | ||||||
TOTAL INDUSTRIALS | 19,764,266 | |||||||
INFORMATION TECHNOLOGY-21.9% | ||||||||
Application Software-9.7% | ||||||||
81,254 | Box, Inc., Class A(1) | 1,865,592 | ||||||
451,744 | Cloudera, Inc.(1) | 5,497,724 | ||||||
5,000 | Five9, Inc.(1) | 781,650 | ||||||
63,590 | LivePerson, Inc.(1) | 3,353,737 | ||||||
14,702 | PagerDuty, Inc.(1) | 591,461 | ||||||
12,090,164 | ||||||||
Data Processing & Outsourced Services-2.2% | ||||||||
89,495 | I3 Verticals, Inc., Class A(1) | 2,785,532 | ||||||
Electronic Components-1.5% | ||||||||
91,551 | Knowles Corp.(1) | 1,915,247 | ||||||
Electronic Equipment & Instruments-1.4% | ||||||||
17,549 | OSI Systems, Inc.(1) | 1,686,459 | ||||||
IT Consulting & Other Services-0.8% | ||||||||
12,363 | Science Applications International Corp. | 1,033,423 | ||||||
Systems Software-2.8% | ||||||||
6,656 | Qualys, Inc.(1) | 697,416 | ||||||
19,446 | Rapid7, Inc.(1) | 1,450,866 | ||||||
26,421 | Varonis Systems, Inc.(1) | 1,356,454 | ||||||
3,504,736 | ||||||||
Technology Distributors-0.8% | ||||||||
9,232 | SYNNEX Corp. | 1,060,203 | ||||||
Technology Hardware, Storage & Peripherals-2.9% | ||||||||
168,560 | Pure Storage, Inc., Class A(1) | 3,630,782 | ||||||
TOTAL INFORMATION TECHNOLOGY | 27,706,546 | |||||||
MATERIALS-2.3% | ||||||||
Diversified Chemicals-0.7% | ||||||||
29,163 | Huntsman Corp. | 840,769 | ||||||
Fertilizers & Agricultural Chemicals-1.6% | ||||||||
8,353 | Scotts Miracle-Gro Co. | 2,046,234 | ||||||
TOTAL MATERIALS | 2,887,003 |
Shares/Principal Amount | Value | |||||||
TECHNOLOGY-1.4% | ||||||||
Semiconductors-1.4% | ||||||||
29,842 | Ultra Clean Holdings, Inc.(1) | $ | 1,732,030 | |||||
TOTAL TECHNOLOGY | 1,732,030 | |||||||
TOTAL COMMON STOCKS | ||||||||
(Cost $59,844,338) | 119,573,915 | |||||||
EXCHANGE TRADED FUNDS-3.0% | ||||||||
17,490 | Vanguard® Small-Cap ETF | 3,744,259 | ||||||
TOTAL EXCHANGE TRADED FUNDS | ||||||||
(Cost $3,635,649) | 3,744,259 | |||||||
SHORT TERM INVESTMENTS-0.9% | ||||||||
Mutual Funds-0.9% | ||||||||
1,143,268 | Federated Hermes Government Obligations Fund, Premier Class, 7-Day Yield 0.040% (at net asset value) | 1,143,268 | ||||||
TOTAL SHORT TERM INVESTMENTS | ||||||||
(Cost $1,143,268) | 1,143,268 | |||||||
TOTAL INVESTMENTS-99.4% | ||||||||
(Cost $64,623,255) | 124,461,442 | |||||||
OTHER ASSETS AND LIABILITIES-NET(2)-0.6% | 740,101 | |||||||
NET ASSETS-100.0% | $ | 125,201,543 |
(1) | Non-income producing security. |
(2) | Assets, other than investments in securities, less liabilities. |
Note - The categories of investments are shown as a percentage of net assets as of March 31, 2021.
See accompanying Notes to Quarterly Portfolio of Investments.
PORTFOLIO OF INVESTMENTS
WESMARK GROWTH FUND
March 31, 2021 (Unaudited)
Shares/Principal Amount | Value | |||||||
COMMON STOCKS-98.5% | ||||||||
COMMUNICATION SERVICES-3.0% | ||||||||
Cable & Satellite-2.2% | ||||||||
151,453 | Comcast Corp., Class A | $ | 8,195,122 | |||||
Interactive Home Entertainment-0.8% | ||||||||
31,221 | Activision Blizzard, Inc. | 2,903,553 | ||||||
TOTAL COMMUNICATION SERVICES | 11,098,675 | |||||||
CONSUMER DISCRETIONARY-10.4% | ||||||||
Auto Parts & Equipment-1.0% | ||||||||
26,248 | Aptiv PLC(1) | 3,619,599 | ||||||
Automobile Manufacturers-0.1% | ||||||||
6,245 | General Motors Co. | 358,838 | ||||||
Casino & Gaming-0.5% | ||||||||
32,470 | DraftKings, Inc.(1) | 1,991,385 | ||||||
Footwear-0.1% | ||||||||
4,039 | NIKE, Inc., Class B | 536,743 | ||||||
Home Building-1.2% | ||||||||
45,805 | Lennar Corp., Class A | 4,636,840 | ||||||
Home Improvement Retail-2.8% | ||||||||
34,000 | Home Depot, Inc. | 10,378,500 | ||||||
Internet & Direct Marketing Retail-4.7% | ||||||||
5,694 | Amazon.com, Inc.(1) | 17,617,692 | ||||||
TOTAL CONSUMER DISCRETIONARY | 39,139,597 | |||||||
CONSUMER STAPLES-3.9% | ||||||||
Distillers & Vintners-2.2% | ||||||||
36,000 | Constellation Brands, Inc., Class A | 8,208,000 | ||||||
Packaged Foods & Meats-1.7% | ||||||||
110,000 | Mondelez International, Inc., Class A | 6,438,300 | ||||||
TOTAL CONSUMER STAPLES | 14,646,300 | |||||||
ENERGY-0.1% | ||||||||
Oil & Gas Exploration & Production-0.1% | ||||||||
5,085 | Diamondback Energy, Inc. | 373,697 | ||||||
TOTAL ENERGY | 373,697 |
Shares/Principal Amount | Value | |||||||
FINANCIALS-9.3% | ||||||||
Asset Management & Custody Banks-4.4% | ||||||||
21,665 | BlackRock, Inc. | $ | 16,334,543 | |||||
Investment Banking & Brokerage-3.7% | ||||||||
10,927 | The Goldman Sachs Group, Inc. | 3,573,129 | ||||||
132,500 | Morgan Stanley | 10,289,950 | ||||||
13,863,079 | ||||||||
Regional Banks-1.2% | ||||||||
96,977 | Citizens Financial Group, Inc. | 4,281,535 | ||||||
TOTAL FINANCIALS | 34,479,157 | |||||||
HEALTH CARE-20.0% | ||||||||
Biotechnology-3.5% | ||||||||
35,941 | AbbVie, Inc. | 3,889,536 | ||||||
31,344 | Amgen, Inc. | 7,798,701 | ||||||
2,570 | Regeneron Pharmaceuticals, Inc.(1) | 1,215,970 | ||||||
12,904,207 | ||||||||
Health Care Equipment-3.5% | ||||||||
71,604 | Abbott Laboratories | 8,581,023 | ||||||
2,328 | Intuitive Surgical, Inc.(1) | 1,720,252 | ||||||
17,630 | Zimmer Biomet Holdings, Inc. | 2,822,210 | ||||||
13,123,485 | ||||||||
Life Sciences Tools & Services-4.1% | ||||||||
44,193 | IQVIA Holdings, Inc.(1) | 8,535,436 | ||||||
15,000 | Thermo Fisher Scientific, Inc. | 6,845,700 | ||||||
15,381,136 | ||||||||
Managed Health Care-4.0% | ||||||||
40,000 | UnitedHealth Group, Inc. | 14,882,800 | ||||||
Pharmaceuticals-4.9% | ||||||||
133,649 | Curaleaf Holdings, Inc.(1) | 2,026,119 | ||||||
159,612 | Elanco Animal Health, Inc.(1) | 4,700,573 | ||||||
57,000 | Merck & Co., Inc. | 4,394,130 | ||||||
45,000 | Zoetis, Inc. | 7,086,600 | ||||||
18,207,422 | ||||||||
TOTAL HEALTH CARE | 74,499,050 | |||||||
INDUSTRIALS-9.0% | ||||||||
Aerospace & Defense-1.7% | ||||||||
80,955 | Raytheon Technologies Corp. | 6,255,393 | ||||||
Building Materials-0.1% | ||||||||
8,650 | Builders FirstSource, Inc.(1) | 401,101 | ||||||
Construction Machinery & Heavy Equipment-0.6% | ||||||||
7,756 | Cummins, Inc. | 2,009,657 | ||||||
Engineering & Construction-1.6% | ||||||||
46,838 | Jacobs Engineering Group, Inc. | 6,054,748 | ||||||
Industrial Conglomerates-2.1% | ||||||||
19,500 | Roper Technologies, Inc. | 7,865,130 | ||||||
Industrial Machinery-1.7% | ||||||||
20,201 | Parker-Hannifin Corp. | 6,372,001 |
Shares/Principal Amount | Value | |||||||
Railroads-0.4% | ||||||||
5,720 | Norfolk Southern Corp. | $ | 1,535,934 | |||||
Trading Companies & Distributors-0.8% | ||||||||
9,316 | United Rentals, Inc.(1) | 3,067,852 | ||||||
TOTAL INDUSTRIALS | 33,561,816 | |||||||
INFORMATION TECHNOLOGY-25.6% | ||||||||
Application Software-5.2% | ||||||||
15,944 | Adobe, Inc.(1) | 7,579,299 | ||||||
56,178 | salesforce.com, Inc.(1) | 11,902,433 | ||||||
19,481,732 | ||||||||
Data Processing & Outsourced Services-4.5% | ||||||||
26,162 | Mastercard, Inc., Class A | 9,314,980 | ||||||
31,251 | PayPal Holdings, Inc.(1) | 7,588,993 | ||||||
16,903,973 | ||||||||
IT Consulting & Other Services-3.9% | ||||||||
30,000 | Accenture PLC, Class A | 8,287,500 | ||||||
75,000 | Booz Allen Hamilton Holding Corp. | 6,039,750 | ||||||
14,327,250 | ||||||||
Semiconductor Equipment-1.1% | ||||||||
32,636 | Teradyne, Inc. | 3,971,148 | ||||||
Semiconductors-5.3% | ||||||||
31,211 | Broadcom, Inc. | 14,471,292 | ||||||
2,471 | NVIDIA Corp. | 1,319,341 | ||||||
99,073 | ON Semiconductor Corp.(1) | 4,122,428 | ||||||
19,913,061 | ||||||||
Systems Software-5.6% | ||||||||
37,388 | Microsoft Corp. | 8,814,969 | ||||||
107,500 | Oracle Corp. | 7,543,275 | ||||||
9,268 | ServiceNow, Inc.(1) | 4,635,020 | ||||||
20,993,264 | ||||||||
TOTAL INFORMATION TECHNOLOGY | 95,590,428 | |||||||
INTERACTIVE MEDIA & SERVICES-6.0% | ||||||||
Internet Software & Services-6.0% | ||||||||
6,000 | Alphabet, Inc., Class A(1) | 12,375,120 | ||||||
33,500 | Facebook, Inc., Class A(1) | 9,866,755 | ||||||
22,241,875 | ||||||||
TOTAL INTERACTIVE MEDIA & SERVICES | 22,241,875 | |||||||
MATERIALS-1.6% | ||||||||
Specialty Chemicals-1.6% | ||||||||
40,000 | PPG Industries, Inc. | 6,010,400 | ||||||
TOTAL MATERIALS | 6,010,400 | |||||||
MOVIES & ENTERTAINMENT-2.7% | ||||||||
Communication Services-2.7% | ||||||||
55,000 | Walt Disney Co.(1) | 10,148,600 | ||||||
TOTAL MOVIES & ENTERTAINMENT | 10,148,600 |
Shares/Principal Amount | Value | |||||||
REGIONAL BANKS-2.5% | ||||||||
Banks-2.5% | ||||||||
18,731 | SVB Financial Group(1) | $ | 9,246,745 | |||||
TOTAL REGIONAL BANKS | 9,246,745 | |||||||
TECHNOLOGY HARDWARE & STORAGE-4.4% | ||||||||
Communications Equipment-4.4% | ||||||||
133,953 | Apple, Inc. | 16,362,359 | ||||||
TOTAL TECHNOLOGY HARDWARE & STORAGE | 16,362,359 | |||||||
TOTAL COMMON STOCKS | ||||||||
(Cost $151,378,173) | 367,398,699 | |||||||
EXCHANGE TRADED FUNDS-0.1% | ||||||||
472 | SPDR S&P 500® ETF Trust | 187,068 | ||||||
TOTAL EXCHANGE TRADED FUNDS | ||||||||
(Cost $186,372) | 187,068 | |||||||
SHORT TERM INVESTMENTS-0.0%(2) | ||||||||
Mutual Funds-0.0% | ||||||||
49,166 | Federated Hermes Government Obligations Fund, Premier Class, 7-Day Yield 0.040% (at net asset value) | 49,166 | ||||||
TOTAL SHORT TERM INVESTMENTS | ||||||||
(Cost $49,166) | 49,166 | |||||||
TOTAL INVESTMENTS-98.6% | ||||||||
(Cost $151,613,711) | 367,634,933 | |||||||
OTHER ASSETS AND LIABILITIES-NET(3)-1.4% | 5,192,914 | |||||||
NET ASSETS-100.0% | $ | 372,827,847 |
(1) | Non-income producing security. |
(2) | Amount represents less than 0.005% of net assets. |
(3) | Assets, other than investments in securities, less liabilities. |
Note - The categories of investments are shown as a percentage of net assets as of March 31, 2021.
See accompanying Notes to Quarterly Portfolio of Investments. |
PORTFOLIO OF INVESTMENTS
WESMARK BALANCED FUND
March 31, 2021 (Unaudited)
Shares/Principal Amount | Value | |||||||
COMMON STOCKS-68.9% | ||||||||
COMMUNICATION SERVICES-1.2% | ||||||||
Cable & Satellite-1.2% | ||||||||
25,879 | Comcast Corp., Class A | $ | 1,400,313 | |||||
TOTAL COMMUNICATION SERVICES | 1,400,313 | |||||||
CONSUMER DISCRETIONARY-4.4% | ||||||||
General Merchandise Stores-2.6% | ||||||||
14,909 | Target Corp. | 2,953,026 | ||||||
Home Improvement Retail-1.5% | ||||||||
9,076 | Lowe's Cos, Inc. | 1,726,074 | ||||||
Restaurants-0.3% | ||||||||
844 | Domino's Pizza, Inc. | 310,415 | ||||||
TOTAL CONSUMER DISCRETIONARY | 4,989,515 | |||||||
CONSUMER STAPLES-7.2% | ||||||||
Food Distributors-1.0% | ||||||||
14,902 | Sysco Corp. | 1,173,383 | ||||||
Hypermarkets & Super Centers-1.0% | ||||||||
8,364 | Walmart, Inc. | 1,136,082 | ||||||
Packaged Foods & Meats-3.2% | ||||||||
56,067 | Conagra Brands, Inc. | 2,108,119 | ||||||
25,000 | General Mills, Inc. | 1,533,000 | ||||||
3,641,119 | ||||||||
Soft Drinks-2.0% | ||||||||
16,000 | PepsiCo, Inc. | 2,263,200 | ||||||
TOTAL CONSUMER STAPLES | 8,213,784 | |||||||
ENERGY-2.4% | ||||||||
Integrated Oil & Gas-2.0% | ||||||||
21,913 | Chevron Corp. | 2,296,263 | ||||||
Oil & Gas Equipment & Services-0.1% | ||||||||
2,500 | Halliburton Co. | 53,650 | ||||||
Oil & Gas Refining & Marketing-0.3% | ||||||||
5,117 | Valero Energy Corp. | 366,377 | ||||||
TOTAL ENERGY | 2,716,290 | |||||||
FINANCIALS-11.5% | ||||||||
Asset Management & Custody Bank-0.4% | ||||||||
4,100 | Northern Trust Corp. | 430,951 |
Shares/Principal Amount | Value | |||||||
Asset Management & Custody Banks-1.1% | ||||||||
15,471 | State Street Corp. | $ | 1,299,719 | |||||
Consumer Finance-2.1% | ||||||||
24,497 | Discover Financial Services | 2,326,970 | ||||||
Diversified Banks-3.4% | ||||||||
13,409 | JPMorgan Chase & Co. | 2,041,252 | ||||||
34,000 | US Bancorp | 1,880,540 | ||||||
3,921,792 | ||||||||
Investment Banking & Brokerage-1.1% | ||||||||
3,805 | The Goldman Sachs Group, Inc. | 1,244,235 | ||||||
Regional Banks-3.4% | ||||||||
8,000 | PNC Financial Services Group, Inc. | 1,403,280 | ||||||
42,928 | Truist Financial Corp. | 2,503,561 | ||||||
3,906,841 | ||||||||
TOTAL FINANCIALS | 13,130,508 | |||||||
HEALTH CARE-15.6% | ||||||||
Biotechnology-5.7% | ||||||||
31,333 | AbbVie, Inc. | 3,390,857 | ||||||
9,500 | Amgen, Inc. | 2,363,695 | ||||||
11,000 | Gilead Sciences, Inc. | 710,930 | ||||||
6,465,482 | ||||||||
Health Care Equipment-1.8% | ||||||||
17,000 | Medtronic PLC | 2,008,210 | ||||||
Health Care Services-2.0% | ||||||||
30,000 | CVS Health Corp. | 2,256,900 | ||||||
Pharmaceuticals-6.1% | ||||||||
13,607 | Eli Lilly & Co. | 2,542,060 | ||||||
29,717 | Merck & Co., Inc. | 2,290,884 | ||||||
60,000 | Pfizer, Inc. | 2,173,800 | ||||||
7,006,744 | ||||||||
TOTAL HEALTH CARE | 17,737,336 | |||||||
INDUSTRIALS-5.9% | ||||||||
Air Freight & Logistics-1.4% | ||||||||
9,508 | United Parcel Service, Inc., Class B | 1,616,265 | ||||||
Construction Machinery & Heavy Equipment-1.8% | ||||||||
8,825 | Caterpillar, Inc. | 2,046,253 | ||||||
Electrical Components & Equipment-1.7% | ||||||||
22,000 | Emerson Electric Co. | 1,984,840 | ||||||
Industrial Conglomerates-1.0% | ||||||||
5,971 | 3M Co. | 1,150,492 | ||||||
TOTAL INDUSTRIALS | 6,797,850 | |||||||
INFORMATION TECHNOLOGY-10.6% | ||||||||
Communications Equipment-3.5% | ||||||||
78,000 | Cisco Systems, Inc./Delaware | 4,033,380 |
Shares/Principal Amount | Value | |||||||
Semiconductor Equipment-1.7% | ||||||||
14,272 | Applied Materials, Inc. | $ | 1,906,739 | |||||
Semiconductors-5.4% | ||||||||
34,799 | Intel Corp. | 2,227,136 | ||||||
3,583 | QUALCOMM, Inc. | 475,070 | ||||||
18,371 | Texas Instruments, Inc. | 3,471,935 | ||||||
6,174,141 | ||||||||
TOTAL INFORMATION TECHNOLOGY | 12,114,260 | |||||||
MATERIALS-2.0% | ||||||||
Commodity Chemicals-1.6% | ||||||||
28,469 | Dow Chemical Co. | 1,820,308 | ||||||
Paper Packaging-0.4% | ||||||||
9,137 | Sealed Air Corp. | 418,657 | ||||||
TOTAL MATERIALS | 2,238,965 | |||||||
TECHNOLOGY HARDWARE & STORAGE-5.5% | ||||||||
Communications Equipment-5.5% | ||||||||
51,000 | Apple, Inc. | 6,229,650 | ||||||
TOTAL TECHNOLOGY HARDWARE & STORAGE | 6,229,650 | |||||||
TELECOMMUNICATION SERVICES-1.0% | ||||||||
Integrated Telecommunication Services-1.0% | ||||||||
20,000 | Verizon Communications, Inc. | 1,163,000 | ||||||
TOTAL TELECOMMUNICATION SERVICES | 1,163,000 | |||||||
UTILITIES-1.6% | ||||||||
Electric Utilities-0.8% | ||||||||
9,886 | Duke Energy Corp. | 954,296 | ||||||
Multi-Utilities-0.8% | ||||||||
12,000 | Dominion Energy, Inc. | 911,520 | ||||||
TOTAL UTILITIES | 1,865,816 | |||||||
TOTAL COMMON STOCKS | ||||||||
(Cost $47,051,918) | 78,597,287 | |||||||
EXCHANGE TRADED FUNDS-1.0% | ||||||||
8,682 | iShares® 7-10 Year Treasury Bond ETF | 980,458 | ||||||
500 | SPDR S&P 500® ETF Trust(1) | 198,165 | ||||||
TOTAL EXCHANGE TRADED FUNDS | ||||||||
(Cost $1,155,426) | 1,178,623 | |||||||
CORPORATE BONDS-17.7% | ||||||||
Banks-1.9% | ||||||||
$ | 500,000 | Citigroup, Inc., 4.450%, 9/29/2027 | 564,775 | |||||
500,000 | Fifth Third Bank NA, 3.850%, 3/15/2026 | 551,150 |
Shares/Principal Amount | Value | |||||||
$ | 1,000,000 | Wells Fargo & Co., Subordinated Notes, 3.450%, 2/13/2023 | $ | 1,053,780 | ||||
2,169,705 | ||||||||
Chemicals-0.4% | ||||||||
500,000 | PPG Industries, Inc., 1.200%, 3/15/2026 | 490,378 | ||||||
Commercial Services-0.5% | ||||||||
500,000 | PayPal Holdings, Inc., 2.650%, 10/1/2026 | 529,462 | ||||||
Consumer Finance-0.4% | ||||||||
500,000 | Capital One Financial Corp., 3M US L + 0.95%, 3/9/2022(2) | 503,569 | ||||||
Diversified Financial Services-0.7% | ||||||||
500,000 | American Express Co., 3.000%, 10/30/2024 | 536,724 | ||||||
250,000 | Legg Mason, Inc., 4.750%, 3/15/2026 | 287,574 | ||||||
824,298 | ||||||||
Diversified Manufacturing-0.9% | ||||||||
1,000,000 | 3M Co., 3.375%, 3/1/2029 | 1,093,620 | ||||||
Diversified Telecommunication-0.9% | ||||||||
1,000,000 | Verizon Communications, Inc., Sr. Unsecured Notes, 3M US L + 1.00%, 3/16/2022(2) | 1,008,295 | ||||||
Environmental Control-0.5% | ||||||||
500,000 | Republic Services, Inc., 3.200%, 3/15/2025 | 536,440 | ||||||
Industrial Gases-0.8% | ||||||||
835,000 | Air Products & Chemicals, Inc., Sr. Unsecured Notes, 3.350%, 7/31/2024 | 901,549 | ||||||
Internet Software & Services-1.8% | ||||||||
2,000,000 | Ebay, Inc., Sr. Unsecured Notes, 3M US L + 0.87%, 1/30/2023(2) | 2,021,961 | ||||||
Investment Banking & Brokerage-1.3% | ||||||||
1,000,000 | Goldman Sachs Group, Inc., Sr. Unsecured Notes, 3M US L + 1.60%, 11/29/2023(2) | 1,029,583 | ||||||
500,000 | Goldman Sachs Group, Inc., 2.600%, 2/7/2030 | 506,469 | ||||||
1,536,052 | ||||||||
Life Sciences Tools & Services-0.3% | ||||||||
376,000 | Agilent Technologies, Inc., Sr. Unsecured Notes, 3.200%, 10/1/2022 | 388,530 |
Shares/Principal Amount | Value | |||||||
Miscellaneous Manufactur-0.5% | ||||||||
$ | 500,000 | Parker-Hannifin Corp., 3.250%, 6/14/2029 | $ | 534,952 | ||||
Packaged Foods & Meats-0.4% | ||||||||
500,000 | Kraft Heinz Foods Co., Sr. Unsecured Notes, 3.125%, 9/12/2021 | 501,859 | ||||||
Pharmaceuticals-1.5% | ||||||||
500,000 | AbbVie, Inc., 3.200%, 11/21/2029(3) | 532,278 | ||||||
1,000,000 | CVS Health Corp., 4.300%, 3/25/2028 | 1,136,253 | ||||||
1,668,531 | ||||||||
Regional Banks-1.8% | ||||||||
1,000,000 | PNC Bank NA, Sr. Unsecured Notes, 3M US L + 0.50%, 7/27/2022(2) | 1,005,656 | ||||||
1,000,000 | PNC Bank NA, Sr. Unsecured Notes, 3.250%, 6/1/2025 | 1,081,550 | ||||||
2,087,206 | ||||||||
Restaurants-0.5% | ||||||||
500,000 | McDonald's Corp., 3.600%, 7/1/2030 | 546,012 | ||||||
Retail-1.0% | ||||||||
500,000 | Lowe's Cos., Inc., 3.100%, 5/3/2027 | 538,276 | ||||||
500,000 | O'Reilly Automotive, Inc., 4.350%, 6/1/2028 | 567,368 | ||||||
1,105,644 | ||||||||
Software & Services-1.1% | ||||||||
400,000 | Autodesk, Inc., Sr. Unsecured Notes, 3.600%, 12/15/2022 | 417,192 | ||||||
750,000 | Oracle Corp., Sr. Unsecured Notes, 3.400%, 7/8/2024 | 806,189 | ||||||
1,223,381 | ||||||||
Transportation Services-0.5% | ||||||||
500,000 | FedEx Corp., 4.250%, 5/15/2030 | 569,643 | ||||||
TOTAL CORPORATE BONDS | ||||||||
(Cost $20,248,311) | 20,241,087 | |||||||
U.S. GOVERNMENT AGENCY - COLLATERALIZED MORTGAGE OBLIGATIONS-2.1% | ||||||||
Federal Home Loan Mortgage Corp.-0.3% | ||||||||
347,740 | Series 2015-4517, Class PC, 2.500%, 5/15/2044 | 361,214 | ||||||
Federal National Mortgage Association-0.7% | ||||||||
815,111 | Series 2019-51, Class JD, 2.500%, 9/25/2049 | 829,188 | ||||||
Government National Mortgage Association-1.1% | ||||||||
1,119,037 | Series 2018-126, Class DA, 3.500%, 1/20/2048 | 1,177,332 |
Shares/Principal Amount | Value | |||||||
TOTAL U.S. GOVERNMENT AGENCY - COLLATERALIZED MORTGAGE OBLIGATIONS | ||||||||
(Cost $2,278,630) | $ | 2,367,734 | ||||||
COMMERCIAL MORTGAGE-BACKED SECURITIES-1.9% | ||||||||
Commercial Mortgage-Backed Securities-1.9% | ||||||||
1,500,000 | Series 2015-UBS8, Class A4, 3.809%, 11/15/2025 | 1,655,230 | ||||||
456,834 | Series 2012-C3, Class A4, 3.091%, 9/10/2022 | 469,545 | ||||||
2,124,775 | ||||||||
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES | ||||||||
(Cost $1,997,047) | 2,124,775 | |||||||
U.S. GOVERNMENT AGENCY - MORTGAGE-BACKED SECURITIES-5.3% | ||||||||
Federal Home Loan Mortgage Corp.-0.7% | ||||||||
137,026 | Pool G18527, 3.000%, 10/1/2029 | 144,984 | ||||||
639,138 | Pool 18707, 3.500%, 9/1/2033 | 682,537 | ||||||
827,521 | ||||||||
Federal National Mortgage Association-3.8% | ||||||||
416,568 | Pool AM3301, 2.350%, 5/1/2023 | 428,986 | ||||||
738,029 | Pool BL5389, 2.710%, 5/1/2027 | 787,762 | ||||||
205,658 | Pool MA1449, 3.000%, 5/1/2028 | 218,451 | ||||||
620,949 | Pool AM6756, 3.570%, 10/1/2029 | 688,457 | ||||||
349,901 | Pool MA3621, 3.500%, 3/1/2039 | 369,531 | ||||||
508,197 | Pool BN4896, 4.000%, 1/1/2049 | 545,435 | ||||||
342,958 | Pool MA3592, 4.000%, 2/1/2049 | 367,846 | ||||||
869,266 | Pool BP4338, 1Y US TI + 1.94%, 3/1/2049(2) | 911,119 | ||||||
4,317,587 | ||||||||
Small Business Administration Pools-0.8% | ||||||||
460,655 | PRIME - 2.50%, 1/25/2042(2) | 459,069 | ||||||
419,295 | PRIME - 2.60%, 7/25/2042(2) | 416,887 | ||||||
875,956 | ||||||||
TOTAL U.S. GOVERNMENT AGENCY - MORTGAGE-BACKED SECURITIES | ||||||||
(Cost $5,817,344) | 6,021,064 | |||||||
U.S. GOVERNMENT AGENCY SECURITIES-0.4% | ||||||||
Federal Home Loan Banks-0.4% | ||||||||
450,000 | 5.250%, 6/10/2022 | 477,491 | ||||||
TOTAL U.S. GOVERNMENT AGENCY SECURITIES | ||||||||
(Cost $454,246) | 477,491 | |||||||
TAXABLE MUNICIPAL BONDS-2.1% | ||||||||
Michigan-0.2% | ||||||||
270,000 | Belding Area Schools, General Obligation Unlimited Bonds, 6.700%, 5/1/2027 | 271,058 |
Shares/Principal Amount | Value | |||||||
Ohio-0.9% | ||||||||
$ | 910,000 | Columbus-Franklin County Finance Authority, 4.490%, 11/15/2032 | $ | 992,774 | ||||
Pennsylvania-0.5% | ||||||||
450,000 | Commonwealth Financing Authority, 4.014%, 6/1/2033 | 510,208 | ||||||
West Virginia-0.5% | ||||||||
575,000 | Marshall University, 3.177%, 5/1/2029 | 593,254 | ||||||
TOTAL TAXABLE MUNICIPAL BONDS | ||||||||
(Cost $2,273,294) | 2,367,294 | |||||||
NON-TAXABLE MUNICIPAL BONDS-0.4% | ||||||||
Utah-0.4% | ||||||||
450,000 | Utah Transit Authority, 3.393%, 12/15/2036 | 460,986 | ||||||
TOTAL NON-TAXABLE MUNICIPAL BONDS | ||||||||
(Cost $457,067) | 460,986 | |||||||
SHORT TERM INVESTMENTS-1.2% | ||||||||
Mutual Funds-1.2% | ||||||||
1,394,557 | Federated Hermes Government Obligations Fund, Premier Class, 7-Day Yield 0.040% (at net asset value) | 1,394,557 | ||||||
TOTAL SHORT TERM INVESTMENTS | ||||||||
(Cost $1,394,557) | 1,394,557 |
TOTAL INVESTMENTS-101.0% | ||||
(Cost $83,127,840) | 115,230,898 | |||
OTHER ASSETS AND LIABILITIES-NET(4)-(1.0)% | (1,130,108 | ) | ||
NET ASSETS-100.0% | $ | 114,100,790 |
Investment Abbreviations:
LIBOR - London Interbank Offered Rate
Refernece Rates:
3M US L - 3 Month LIBOR as of March 31, 2021 was 0.19%
1Y US TI - 1 Year US Treasury Bill as of March 31, 2021 was 0.07%
PRIME - US Prime Rate as of March 31, 2021 was 3.25%
(1) | On March 31, 2021, all or a portion of these securities were pledged as collateral for written options in the amount of $198,165. |
(2) | Floating or variable rate security. The reference rate is described above. The Rate in effect as of March 31, 2021 is based on the reference rate plus the displayed spread as of the security's last reset date. |
(3) | Security exempt from registration under rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of March 31, 2021, these securities amounted to a value of $532,278 or 0.47% of net assets. These Securities have been determined to be liquid pursuant to procedures adopted by the board. |
(4) | Assets, including written options, less liabilities. |
Note - The categories of investments are shown as a percentage of net assets as of March 31, 2021.
See accompanying Notes to Quarterly Portfolio of Investments.
Written Call Options: | ||||||||||||||||||||||
Description | Exercise Price | Expiration Date | Number of Contracts | Premiums Received | Notional Value | Value | ||||||||||||||||
SPDR S&P 500® ETF Trust | $ | 400 | 04/16/2021 | 5 | $ | (2,406 | ) | $ | 198,165 | $ | (1,350 | ) | ||||||||||
$ | (2,406 | ) | $ | 198,165 | $ | (1,350 | ) |
PORTFOLIO OF INVESTMENTS
WESMARK GOVERNMENT BOND FUND
March 31, 2021 (Unaudited)
Shares/Principal Amount | Value | |||||||
U.S. GOVERNMENT AGENCY - COLLATERALIZED MORTGAGE OBLIGATIONS-50.1% | ||||||||
Agency Collat CMO-3.7% | ||||||||
$ | 348,740 | Series 2003-55, Class 1A3A, 1M US L + 0.40%, 3/25/2043(1) | $ | 349,205 | ||||
926,282 | Series 2004-W14, Class 1AF, 1M US L + 0.40%, 7/25/2044(1) | 917,821 | ||||||
1,007,453 | Series 2010-59, Class FL, 1M US L + 0.50%, 5/20/2040(1) | 1,015,783 | ||||||
1,478,626 | Series 2012-273, Class 40, 4.000%, 8/15/2042 | 1,566,744 | ||||||
4,761,058 | Series 2014-330, Class F4, 1M US L + 0.35%, 10/15/2037(1) | 4,764,804 | ||||||
8,614,357 | ||||||||
Agency Collat PAC CMO-17.1% | ||||||||
2,841,972 | Series 2014-25, Class PA, 2.250%, 1/20/2044 | 2,972,322 | ||||||
1,366,395 | Series 2019-99, Class GA, 3.500%, 7/20/2049 | 1,421,712 | ||||||
1,128,816 | Series 2019-153, Class MP, 3.000%, 6/20/2049 | 1,169,608 | ||||||
4,879,783 | Series 2020-5020, Class TP, 2.000%, 10/25/2050 | 4,926,502 | ||||||
9,763,164 | Series 2020-134, Class ED, 2.000%, 9/20/2050 | 10,012,778 | ||||||
4,875,024 | Series 2020-134, Class GD, 2.000%, 9/20/2050 | 4,977,770 | ||||||
4,981,930 | Series 2021-23, Class TE, 1.000%, 2/20/2051 | 4,926,281 | ||||||
9,547,728 | Series 2021-18, Class MC, 1.500%, 3/25/2051 | 9,540,623 | ||||||
39,947,596 | ||||||||
Commercial MBS-10.3% | ||||||||
527,678 | Series 2019-SB58, Class A10H, 3.730%, 10/25/2038(1) | 559,249 | ||||||
374,412 | Series 2019-SB60, Class A10H, 3.500%, 1/25/2029(1) | 395,570 | ||||||
8,204,503 | Series 2019-KF60, Class A, 1M US L + 0.49%, 2/25/2026(1) | 8,269,020 | ||||||
3,000,000 | Series 2019-KF67, Class A, 1M US L + 0.52%, 8/25/2029(1) | 3,038,205 | ||||||
3,000,000 | Series 2019-KF73, Class AL, 1M US L + 0.60%, 11/25/2029(1) | 3,027,114 | ||||||
3,952,555 | Series 2020-8, Class B, 2.600%, 1/16/2061 | 3,971,770 | ||||||
4,955,923 | Series 2020-Q013, Class APT2, 1.287%, 5/25/2050(1) | 4,875,315 | ||||||
24,136,243 |
Shares/Principal Amount | Value | |||||||
Federal Home Loan Mortgage Corp.-3.5% | ||||||||
$ | 783,435 | Series 2012-276, Class 25, 2.500%, 9/15/2042 | $ | 797,039 | ||||
653,707 | Series 2015-4531, Class PD, 2.500%, 5/15/2043, REMIC | 668,377 | ||||||
753,476 | Series 2015-4537, Class AB, 3.000%, 1/15/2043, REMIC | 764,774 | ||||||
1,869,331 | Series 2016-4629, Class QG, 2.500%, 11/15/2046, REMIC | 1,930,857 | ||||||
1,784,340 | Series 2016-4631, Class AE, 3.500%, 5/15/2044, REMIC | 1,875,309 | ||||||
148,344 | Series 2017-4655, Class LA, 3.500%, 3/15/2042, REMIC | 148,975 | ||||||
1,154,203 | Series 2017-4661, Class AC, 4.000%, 4/15/2043, REMIC | 1,199,676 | ||||||
185,935 | Series 2017-4657, Class TA, 3.500%, 11/15/2041, REMIC | 186,219 | ||||||
596,832 | Series 2017-4680, Class TA, 4.000%, 7/15/2044, REMIC | 606,862 | ||||||
8,178,088 | ||||||||
Federal National Mortgage Association-8.0% | ||||||||
430,449 | Series 2003-39, Class JC, 4.000%, 5/25/2033, REMIC | 475,307 | ||||||
709,243 | Series 2003-44, Class Q, 3.500%, 6/25/2033, REMIC | 763,347 | ||||||
1,308,686 | Series 2003-W18, Class 2A, 3.709%, 6/25/2043, REMIC (1) | 1,382,474 | ||||||
846,865 | Series 2010-99, Class CP, 2.750%, 8/25/2040, REMIC | 888,822 | ||||||
1,401,617 | Series 2013-20, Class YA, 2.000%, 3/25/2042, REMIC | 1,446,977 | ||||||
1,155,703 | Series 2013-102, Class DG, 3.000%, 5/25/2032, REMIC | 1,206,851 | ||||||
324,810 | Series 2014-4, Class KA, 3.000%, 1/25/2044, REMIC | 345,436 | ||||||
951,737 | Series 2016-16, Class PD, 3.000%, 12/25/2044, REMIC | 987,443 | ||||||
1,951,451 | Series 2016-90, Class DA, 3.000%, 8/25/2046, REMIC | 2,004,850 | ||||||
1,934,623 | Series 2016-95, Class L, 2.500%, 6/25/2046, REMIC | 2,032,945 | ||||||
695,229 | Series 2017-1, Class JP, 3.500%, 4/25/2045, REMIC | 709,972 | ||||||
2,494,490 | Series 2017-89, Class PL, 3.000%, 6/25/2043, REMIC | 2,580,796 | ||||||
1,832,108 | Series 2018-3, Class LD, 3.000%, 8/25/2046, REMIC | 1,894,445 | ||||||
1,942,415 | Series 2019-74, Class LB, 3.000%, 10/25/2049 | 2,009,046 | ||||||
18,728,711 | ||||||||
Government National Mortgage Association-3.4% | ||||||||
2,501,482 | Series 2005-26, Class ZA, 5.500%, 1/20/2035 | 2,784,248 | ||||||
315,107 | Series 2012-50, Class ED, 2.250%, 8/20/2040 | 327,138 |
Shares/Principal Amount | Value | |||||||
$ | 1,065,645 | Series 2013-38, Class KA, 1.250%, 2/20/2042 | $ | 1,072,436 | ||||
814,313 | Series 2016-55, Class JA, 3.500%, 4/20/2046 | 879,922 | ||||||
2,884,572 | Series 2016-77, Class MB, 2.000%, 9/20/2045 | 2,954,514 | ||||||
8,018,258 | ||||||||
Other ABS-4.1% | ||||||||
3,155,831 | Series 2007-20F, Class 1, 5.710%, 6/1/2027 | 3,409,139 | ||||||
4,448,361 | Series 2010-20C, Class 1, 4.190%, 3/1/2030 | 4,823,215 | ||||||
1,393,994 | Series 2015-20D, Class 1, 2.510%, 4/1/2035 | 1,425,001 | ||||||
9,657,355 | ||||||||
TOTAL U.S. GOVERNMENT AGENCY - COLLATERALIZED MORTGAGE OBLIGATIONS | ||||||||
(Cost $116,127,169) | 117,280,608 | |||||||
U.S. GOVERNMENT AGENCY - MORTGAGE-BACKED SECURITIES-21.1% | ||||||||
Federal Farm Credit Banks Funding Corp.-0.8% | ||||||||
2,000,000 | Federal Farm Credit Banks Funding Corp., 1.140%, 8/20/2029 | �� | 1,899,464 | |||||
Federal Home Loan Banks-1.2% | ||||||||
3,000,000 | Federal Home Loan Banks, 1.290%, 12/30/2030 | 2,827,107 | ||||||
Federal Home Loan Mortgage Corp.-1.8% | ||||||||
436,733 | Freddie Mac Gold Pool, Pool C91361, 4.000%, 3/1/2031 | 472,959 | ||||||
276,309 | Freddie Mac Gold Pool, Pool T65458, 3.500%, 2/1/2048 | 287,823 | ||||||
777,008 | Freddie Mac Non Gold Pool, Pool 2B7395, 12M US L + 1.63%, 3/1/2049(1) | 812,510 | ||||||
2,559,731 | Freddie Mac Pool, Pool QA6315, 3.500%, 1/1/2050 | 2,728,192 | ||||||
4,301,484 | ||||||||
Federal National Mortgage Association-3.6% | ||||||||
1,644,026 | Fannie Mae Pool, Pool MA0641, 4.000%, 2/1/2031 | 1,779,848 | ||||||
713,224 | Fannie Mae Pool, Pool MA0695, 4.000%, 4/1/2031 | 772,159 | ||||||
449,874 | Fannie Mae Pool, Pool MA0756, 4.000%, 6/1/2031 | 487,055 | ||||||
1,206,264 | Fannie Mae Pool, Pool MA0818, 4.000%, 8/1/2031 | 1,323,594 | ||||||
1,767,673 | Fannie Mae Pool, Pool AL5169, 4.000%, 4/1/2034 | 1,927,259 | ||||||
1,395,328 | Fannie Mae Pool, Pool 995026, 6.000%, 9/1/2036 | 1,666,876 |
Shares/Principal Amount | Value | |||||||
$ | 413,618 | Fannie Mae Pool, Pool AL6620, 4.500%, 8/1/2042 | $ | 466,456 | ||||
8,423,247 | ||||||||
FGLMC Collateral-0.6% | ||||||||
1,245,349 | Freddie Mac Gold Pool, Pool T62075, 3.000%, 9/1/2046 | 1,279,248 | ||||||
FNMA Collateral-8.4% | ||||||||
599,242 | Fannie Mae Pool, Pool MA0988, 4.000%, 2/1/2042 | 632,993 | ||||||
1,883,830 | Fannie Mae Pool, Pool AL2984, 12M US L + 1.662%, 10/1/2042(1) | 1,999,109 | ||||||
1,118,261 | Fannie Mae Pool, Pool MA1371, 3.000%, 3/1/2043 | 1,151,863 | ||||||
742,462 | Fannie Mae Pool, Pool MA1966, 4.500%, 6/1/2044 | 828,342 | ||||||
1,268,838 | Fannie Mae Pool, Pool MA2270, 3.000%, 5/1/2045 | 1,306,612 | ||||||
4,261,418 | Fannie Mae Pool, Pool MA2711, 3.000%, 8/1/2046 | 4,375,123 | ||||||
2,543,528 | Fannie Mae Pool, Pool BM3178, 12M US L + 1.602%, 12/1/2047(1) | 2,666,054 | ||||||
626,135 | Fannie Mae Pool, Pool BK0870, 12M US L + 1.620%, 6/1/2048(1) | 656,199 | ||||||
255,361 | Fannie Mae Pool, Pool BH0724, 12M US L + 1.712%, 1/1/2049(1) | 263,946 | ||||||
4,071,090 | Fannie Mae Pool, Pool BO9776, 1Y US TI + 2.037%, 3/1/2049(1) | 4,265,614 | ||||||
1,552,573 | Fannie Mae Pool, Pool CA3453, 12M US L + 1.609%, 4/1/2049(1) | 1,619,573 | ||||||
19,765,428 | ||||||||
GNMA2 Collateral-1.2% | ||||||||
901,294 | Ginnie Mae II Pool, Pool G24922, 4.000%, 1/20/2041 | 996,544 | ||||||
1,618,039 | Ginnie Mae II Pool, Pool MA5766, 5.500%, 2/20/2049 | 1,784,564 | ||||||
2,781,108 | ||||||||
Government National Mortgage Association-2.1% | ||||||||
1,837,000 | Ginnie Mae II Pool, Pool A09704, 3.000%, 10/20/2036 | 1,939,083 | ||||||
2,276,047 | Ginnie Mae II Pool, Pool AY5131, 3.000%, 6/20/2037 | 2,401,576 | ||||||
210,862 | Ginnie Mae II Pool, Pool G24828, 4.500%, 10/20/2040 | 229,664 | ||||||
272,300 | Ginnie Mae I Pool, Pool 589693, 4.500%, 7/15/2029 | 300,284 | ||||||
4,870,607 | ||||||||
UMBS Collateral-1.4% | ||||||||
1,093,390 | Fannie Mae Pool, Pool AE5463, 4.000%, 10/1/2040 | 1,203,490 |
Shares/Principal Amount | Value | |||||||
$ | 1,885,633 | Fannie Mae Pool, Pool AX5302, 4.000%, 1/1/2042 | $ | 2,078,380 | ||||
3,281,870 | ||||||||
TOTAL U.S. GOVERNMENT AGENCY - MORTGAGE-BACKED SECURITIES | ||||||||
(Cost $48,737,705) | 49,429,563 | |||||||
TAXABLE MUNICIPAL BONDS-23.5% | ||||||||
Alabama-0.8% | ||||||||
750,000 | City of Brewton AL, 3.180%, 12/1/2034 | 753,425 | ||||||
1,000,000 | Water Works Board of the City of Birmingham, 3.463%, 1/1/2039 | 1,058,616 | ||||||
1,812,041 | ||||||||
Arkansas-0.9% | ||||||||
500,000 | City of Benton AR Municipal Light & Water Works, 2.950%, 9/1/2034 | 503,698 | ||||||
University of Arkansas: | ||||||||
500,000 | 3.382%, 9/1/2037 | 516,424 | ||||||
1,000,000 | 3.301%, 11/1/2039 | 1,024,484 | ||||||
2,044,606 | ||||||||
California-5.0% | ||||||||
1,900,000 | California Educational Facilities Authority, 3.686%, 4/1/2037 | 1,968,200 | ||||||
1,630,000 | City of Fairfield CA, 4.358%, 6/1/2034 | 1,752,367 | ||||||
450,000 | Oxnard Union High School District, 2.172%, 8/1/2033 | 433,521 | ||||||
2,000,000 | Palm Desert Redevelopment Agency Successor Agency, 3.750%, 10/1/2029 | 2,135,607 | ||||||
500,000 | Pasadena Public Financing Authority, Build America Revenue Bonds, Series B, 6.998%, 3/1/2034 | 712,868 | ||||||
1,500,000 | San Jose Unified School District, 2.306%, 8/1/2039 | 1,429,810 | ||||||
1,000,000 | Santa Clara Valley, California, Transportation Authority Sales Tax Revenue, Build America Bonds, 5.876%, 4/1/2032 | 1,235,941 | ||||||
910,000 | Santa Paula Utility Authority, 2.870%, 2/1/2034 | 895,157 | ||||||
725,000 | West Contra Costa, California, Unified School District Bonds, 4.194%, 8/1/2033 | 780,050 | ||||||
500,000 | West Sacramento Area Flood Control Agency, 3.082%, 9/1/2034 | 487,718 | ||||||
11,831,239 | ||||||||
Colorado-0.4% | ||||||||
1,000,000 | Denver City & County Housing Authority, 2.936%, 12/1/2034 | 997,403 | ||||||
Florida-1.7% | ||||||||
3,000,000 | Broward County FL Water & Sewer Utility Revenue, 3.338%, 10/1/2037 | 3,171,885 | ||||||
860,000 | County of Palm Beach FL, 3.000%, 11/1/2035 | 871,305 | ||||||
4,043,190 |
Shares/Principal Amount | Value | |||||||
Georgia-0.4% | ||||||||
$ | 1,000,000 | City of Atlanta GA Water & Wastewater Revenue, 2.257%, 11/1/2035 | $ | 998,967 | ||||
Hawaii-0.5% | ||||||||
1,000,000 | University of Hawaii, 3.850%, 10/1/2038 | 1,075,451 | ||||||
Idaho-0.5% | ||||||||
1,000,000 | Idaho State Building Authority Building Revenue State Office Campus Project Revenue Bonds, Series B, 3.580%, 9/1/2032 | 1,071,283 | ||||||
Illinois-0.8% | ||||||||
2,000,000 | McHenry & Kane Counties Community Consolidated School District No 158 Huntley, 2.940%, 2/15/2036 | 1,926,543 | ||||||
Maryland-0.4% | ||||||||
890,000 | County of Baltimore MD, 2.350%, 8/1/2041 | 853,155 | ||||||
Massachusetts-1.0% | ||||||||
850,000 | Massachusetts Housing Finance Agency, 3.800%, 6/1/2035 | 872,689 | ||||||
1,500,000 | Massachusetts School Building Authority, 2.950%, 5/15/2043 | 1,501,710 | ||||||
2,374,399 | ||||||||
Michigan-1.4% | ||||||||
1,400,000 | Michigan State Building Authority, 2.705%, 10/15/2040 | 1,363,259 | ||||||
2,000,000 | University of Michigan, 2.437%, 4/1/2040 | 1,927,825 | ||||||
3,291,084 | ||||||||
New York-1.3% | ||||||||
700,000 | City of New York NY, 5.985%, 12/1/2036 | 925,298 | ||||||
500,000 | New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, 4.000%, 8/1/2033 | 549,204 | ||||||
1,000,000 | New York City, New York, Housing Development Corp. Revenue Bonds, Series D, 4.253%, 11/1/2035 | 1,091,921 | ||||||
470,000 | New York State Dormitory Authority State Personal Income Tax Revenue Build America Bonds, 5.500%, 3/15/2030 | 558,534 | ||||||
3,124,957 | ||||||||
Ohio-1.2% | ||||||||
1,000,000 | City of Columbus OH, 4.070%, 4/1/2033 | 1,137,656 | ||||||
500,000 | Ohio State Water Development Authority, Build America Revenue Bonds, 4.817%, 12/1/2030 | 601,308 |
Shares/Principal Amount | Value | |||||||
$ | 565,000 | Summit County Development Finance Authority, 3.201%, 11/15/2036 | $ | 541,370 | ||||
500,000 | Warrensville Heights City School District, 3.406%, 12/1/2040 | 520,576 | ||||||
2,800,910 | ||||||||
Oklahoma-1.4% | ||||||||
3,000,000 | Glenpool Utility Services Authority, 3.565%, 12/1/2037 | 3,194,638 | ||||||
Oregon-0.4% | ||||||||
700,000 | Washington County, Clean Water Services Sewer, Build America Revenue Bonds, 5.701%, 10/1/2030 | 865,728 | ||||||
Pennslyvania-0.4% | ||||||||
550,000 | Borough of Columbia PA, 2.540%, 6/15/2038 | 517,271 | ||||||
395,000 | Pennsylvania Finance Authority, 3.084%, 11/15/2035 | 390,199 | ||||||
907,470 | ||||||||
Pennsylvania-0.4% | ||||||||
1,000,000 | County of Allegheny PA, 2.336%, 11/1/2037 | 958,295 | ||||||
South Carolina-0.4% | ||||||||
1,000,000 | Joint Municipal Water & Sewer Commission, 3.194%, 6/1/2039 | 1,058,600 | ||||||
Texas-1.6% | ||||||||
500,000 | Corpus Christi, Texas, Taxable Certificates Obligation Bonds, Series B, 4.950%, 3/1/2038 | 568,999 | ||||||
1,015,000 | Stephen F Austin State University, 4.192%, 10/15/2035 | 1,097,154 | ||||||
500,000 | Texas A&M University, 4.077%, 5/15/2039 | 561,593 | ||||||
500,000 | Texas Public Finance Authority, 2.367%, 2/1/2038 | 477,030 | ||||||
1,000,000 | Texas Transportation Commission, 2.562%, 4/1/2042 | 978,066 | ||||||
3,682,842 | ||||||||
Utah-0.8% | ||||||||
1,870,000 | Utah Municipal Power Agency, 3.806%, 7/1/2036 | 1,975,509 | ||||||
Virginia-0.6% | ||||||||
1,395,000 | Virginia Housing Development Authority, 3.050%, 8/1/2038 | 1,406,650 | ||||||
West Virginia-1.2% | ||||||||
Marshall University: | ||||||||
690,000 | 3.627%, 5/1/2034 | 710,251 |
Shares/Principal Amount | Value | |||||||
$ | 2,000,000 | 3.677%, 5/1/2035 | $ | 2,051,514 | ||||
2,761,765 | ||||||||
TOTAL TAXABLE MUNICIPAL BONDS | ||||||||
(Cost $54,791,935) | 55,056,725 | |||||||
NON-TAXABLE MUNICIPAL BONDS-0.5% | ||||||||
West Virginia-0.5% | ||||||||
1,000,000 | Putnam Public Service District, 4.000%, 12/1/2039 | 1,107,846 | ||||||
TOTAL NON-TAXABLE MUNICIPAL BONDS | ||||||||
(Cost $1,044,582) | 1,107,846 | |||||||
SHORT TERM INVESTMENTS-3.6% | ||||||||
Mutual Funds-3.6% | ||||||||
8,436,159 | Federated Hermes Government Obligations Fund, Premier Class, 7-Day Yield 0.040% (at net asset value) | 8,436,159 | ||||||
TOTAL SHORT TERM INVESTMENTS | ||||||||
(Cost $8,436,159) | 8,436,159 | |||||||
TOTAL INVESTMENTS-98.8% | ||||||||
(Cost $229,137,550) | 231,310,901 | |||||||
OTHER ASSETS AND LIABILITIES-NET(2)-1.2% | 2,814,457 | |||||||
NET ASSETS-100.0% | $ | 234,125,358 |
Investment Abbreviations:
LIBOR - London Interbank Offered Rate
PIK - Payment in-kind
Reference Rates:
1M US L - 1 Month LIBOR as of March 31, 2021 was 0.11%
12M US L - 12 Month LIBOR as of March 31, 2021 was 0.28%
1Y US TI - 1 Year US Treasury Bill as of March 31, 2021 was 0.07%
(1) | Floating or variable rate security. The reference rate is described above. The Rate in effect as of March 31, 2021 is based on the reference rate plus the displayed spread as of the security's last reset date. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. |
(2) | Assets, other than investments in securities, less liabilities. |
Note - The categories of investments are shown as a percentage of net assets as of March 31, 2021.
See accompanying Notes to Quarterly Portfolio of Investments.
PORTFOLIO OF INVESTMENTS
WESMARK WEST VIRGINIA MUNICIPAL BOND FUND
March 31, 2021 (Unaudited)
Shares/Principal Amount | Value | |||||||
NON-TAXABLE MUNICIPAL BONDS-97.6% | ||||||||
Ohio-1.1% | ||||||||
$ | 1,100,000 | Westerville, Ohio, General Obligation Limited Bonds, 5.000%, 12/1/2028 | $ | 1,257,207 | ||||
Pennsylvania-1.4% | ||||||||
1,425,000 | Borough of Plum PA, 4.000%, 12/1/2034 | 1,688,730 | ||||||
West Virginia-95.1% | ||||||||
Berkeley County Building Commission: | ||||||||
580,000 | 2.000%, 6/1/2035 | 569,377 | ||||||
750,000 | 2.000%, 6/1/2040 | 708,302 | ||||||
1,500,000 | Berkeley County Public Service Sewer District, 4.500%, 10/1/2032 | 1,640,820 | ||||||
300,000 | Berkeley County, West Virginia, Building Commission Lease Revenue Bonds (County Facility Project), 3.000%, 12/1/2029 | 305,600 | ||||||
Berkeley County, West Virginia, Building Commission Lease Revenue Bonds (Judicial Center Project): | ||||||||
100,000 | Series B, 2.600%, 12/1/2023 | 103,931 | ||||||
100,000 | Series B, 2.800%, 12/1/2024 | 104,261 | ||||||
Berkeley County, West Virginia, Public Service District Revenue Bonds: | ||||||||
370,000 | Series C, 3.000%, 12/1/2029 | 400,391 | ||||||
450,000 | Series C, 3.400%, 12/1/2034 | 489,739 | ||||||
345,000 | Series D, 3.000%, 12/1/2024 | 373,746 | ||||||
585,000 | Series D, 3.000%, 12/1/2025 | 643,679 | ||||||
380,000 | Berkeley County, West Virginia, Public Service District Water Revenue Bonds, Series A, 4.500%, 12/1/2033 | 418,579 | ||||||
Berkeley County, West Virginia, Public Service Sewer District Revenue Bonds: | ||||||||
275,000 | 5.000%, 6/1/2027 | 332,086 | ||||||
950,000 | 5.000%, 6/1/2028 | 1,145,078 | ||||||
655,000 | 5.000%, 6/1/2029 | 787,303 | ||||||
620,000 | Series A, 5.300%, 3/1/2029 | 622,195 | ||||||
285,000 | Series C, 3.500%, 10/1/2025 | 285,652 | ||||||
Brooke County, West Virginia, Board of Education General Obligation Unlimited Bonds: | ||||||||
1,065,000 | 4.000%, 6/1/2025 | 1,209,511 | ||||||
1,100,000 | 3.000%, 6/1/2026 | 1,196,204 | ||||||
965,000 | 3.000%, 6/1/2027 | 1,044,295 | ||||||
100,000 | 3.000%, 6/1/2030 | 106,627 | ||||||
2,000,000 | Cabell County Board of Education, 2.000%, 6/1/2033 | 2,042,755 |
Shares/Principal Amount | Value | |||||||
Calhoun County, West Virginia, Board of Education General Obligation Unlimited Bonds (Public Schools): | ||||||||
$ | 195,000 | 3.600%, 6/1/2024 | $ | 195,958 | ||||
205,000 | 3.750%, 6/1/2025 | 206,007 | ||||||
215,000 | 3.850%, 6/1/2026 | 216,058 | ||||||
265,000 | City of Buckhannon, West Virginia, Commercial Development Revenue Bonds, Series A, 3.700%, 12/1/2028 | 265,144 | ||||||
595,000 | City of Buckhannon, West Virginia, Waterworks Revenue Bonds, Series A, 4.000%, 3/1/2029 | 605,628 | ||||||
400,000 | City of Charles Town WV Waterworks & Sewerage System Revenue, 2.250%, 6/1/2035 | 399,962 | ||||||
City of Charles Town, West Virginia, Waterworks & Sewage System Revenue Bonds: | ||||||||
185,000 | Series A, 3.000%, 3/1/2025 | 200,661 | ||||||
190,000 | Series A, 3.000%, 3/1/2026 | 208,675 | ||||||
620,000 | Series A, 4.000%, 3/1/2029 | 712,733 | ||||||
405,000 | Series A, 3.500%, 12/1/2030 | 411,005 | ||||||
260,000 | Series B, 3.000%, 10/1/2028 | 262,717 | ||||||
310,000 | Series B, 4.000%, 6/1/2031 | 343,044 | ||||||
City of Charleston, West Virginia, Sewage System Revenue Bonds: | ||||||||
310,000 | 4.000%, 7/1/2031 | 357,201 | ||||||
275,000 | 4.000%, 7/1/2032 | 316,472 | ||||||
300,000 | City of Clarksburg WV Water Revenue, 2.000%, 6/1/2034 | 300,786 | ||||||
180,000 | City of Clarksburg, West Virginia, Water Revenue Bonds, Series E, 3.000%, 6/1/2022 | 180,783 | ||||||
City of Huntington, West Virginia, Sewerage System Revenue Bonds: | ||||||||
300,000 | 3.000%, 11/1/2026 | 321,722 | ||||||
300,000 | 3.000%, 11/1/2028 | 318,024 | ||||||
City of Martinsburg, West Virginia, Combined Waterworks & Sewerage System Revenue Bonds: | ||||||||
250,000 | Series A, 3.000%, 9/1/2023 | 250,498 | ||||||
490,000 | Series A, 3.500%, 9/1/2027 | 491,037 | ||||||
City of Saint Albans, West Virginia, Combined Waterworks & Sewerage System Revenue Bonds: | ||||||||
220,000 | Series A, 4.250%, 6/1/2026 | 227,666 | ||||||
600,000 | Series B, 4.000%, 12/1/2027 | 609,806 | ||||||
City of Wheeling, West Virginia, Waterworks & Sewerage System Revenue Bonds: | ||||||||
500,000 | 4.000%, 6/1/2026 | 536,987 | ||||||
535,000 | Series A, 3.000%, 6/1/2029 | 556,711 | ||||||
555,000 | Series A, 3.000%, 6/1/2030 | 575,534 | ||||||
Claywood Park Public Service District WV Water Revenue: | ||||||||
950,000 | 3.000%, 11/1/2036 | 1,006,127 | ||||||
680,000 | 3.000%, 11/1/2041 | 707,705 |
Shares/Principal Amount | Value | |||||||
Claywood Park Public Service District, West Virginia, Water Revenue Bonds: | ||||||||
$ | 110,000 | Series C, 3.200%, 11/1/2029 | $ | 111,756 | ||||
225,000 | Series C, 3.400%, 11/1/2031 | 228,667 | ||||||
380,000 | Corporation of Shepherdstown, West Virginia, Water Revenue Bonds, 3.300%, 3/1/2032 | 384,763 | ||||||
Fairmont State University, West Virginia, Revenue Bonds: | ||||||||
765,000 | Series A, 5.000%, 6/1/2024 | 868,902 | ||||||
1,400,000 | Series B, 3.000%, 6/1/2024 | 1,404,558 | ||||||
1,000,000 | Series B, 3.100%, 6/1/2025 | 1,003,115 | ||||||
Fayette County Board of Education: | ||||||||
545,000 | 2.250%, 10/1/2030 | 545,953 | ||||||
500,000 | 2.000%, 10/1/2031 | 500,041 | ||||||
640,000 | 2.250%, 10/1/2032 | 640,621 | ||||||
565,000 | 2.500%, 10/1/2033 | 566,053 | ||||||
Hampshire County, West Virginia, Building Commission Revenue Bonds: | ||||||||
355,000 | Series A, 3.000%, 1/1/2029 | 360,196 | ||||||
380,000 | Series A, 3.000%, 1/1/2031 | 382,987 | ||||||
1,660,000 | Series A, 4.250%, 1/1/2035 | 1,747,549 | ||||||
2,265,000 | Hancock, WV, 5/1/2036 | 2,180,719 | ||||||
1,000,000 | Harrison County Building Commission, 3.500%, 10/1/2035 | 1,075,910 | ||||||
Monongalia County, West Virginia, Building Commission Lease Revenue Bonds (Monongalia County Building): | ||||||||
300,000 | Series A, 4.000%, 2/1/2022 | 300,789 | ||||||
250,000 | Series A, 4.000%, 2/1/2023 | 250,612 | ||||||
450,000 | Series A, 3.000%, 2/1/2025 | 450,796 | ||||||
750,000 | Series A, 3.125%, 2/1/2026 | 751,337 | ||||||
Morgantown Utility Board, Inc.: | ||||||||
500,000 | 3.250%, 12/1/2032 | 539,097 | ||||||
500,000 | 4.000%, 12/1/2034 | 594,055 | ||||||
1,500,000 | 3.000%, 12/1/2040 | 1,582,161 | ||||||
1,430,000 | Morgantown, West Virginia, Combined Utility System Revenue Bonds, Series A, 3.500%, 12/1/2035 | 1,572,903 | ||||||
200,000 | Morgantown, West Virginia, Combined Utility System Revenue Bonds, Series A, 3.750%, 10/1/2032 | 210,055 | ||||||
Morgantown, West Virginia, Utility Board Revenue Bonds: | ||||||||
1,000,000 | Series A, 3.000%, 12/1/2028 | 1,099,561 | ||||||
1,000,000 | Series A, 4.000%, 12/1/2029 | 1,168,065 | ||||||
1,210,000 | Series A, 4.000%, 12/1/2030 | 1,409,791 | ||||||
1,000,000 | Series A, 4.000%, 12/1/2031 | 1,162,033 | ||||||
Ohio County Board of Education: | ||||||||
3,000,000 | 3.000%, 6/1/2033 | 3,256,170 | ||||||
635,000 | 3.000%, 6/1/2034 | 686,725 | ||||||
1,785,000 | Parkersburg, West Virginia, Waterworks & Sewer System Revenue Bonds, Series A, 3.000%, 8/1/2025 | 1,798,477 |
Shares/Principal Amount | Value | |||||||
$ | 600,000 | Pleasants County, West Virginia, Board of Education General Obligation Unlimited Bonds (Public Schools), 4.000%, 5/1/2026 | $ | 601,676 | ||||
3,470,000 | Preston County Board of Education General Obligation Unlimited Bonds, 4.000%, 5/1/2026 | 3,479,692 | ||||||
265,000 | Putnam County, West Virginia, Public Service District Revenue Bonds, Series A, 3.500%, 4/1/2027 | 269,460 | ||||||
1,150,000 | Putnam Public Service District, 3.000%, 11/1/2040 | 1,188,867 | ||||||
1,110,000 | Salem, West Virginia Sewer Revenue Bonds, Series A, 4.000%, 12/1/2032 | 1,170,701 | ||||||
500,000 | State of West Virginia, 5.000%, 6/1/2033 | 628,098 | ||||||
Wayne County, West Virginia, Board of Education General Obligation Unlimited Bonds: | ||||||||
1,220,000 | 3.000%, 6/1/2023 | 1,291,136 | ||||||
795,000 | 3.000%, 6/1/2026 | 847,764 | ||||||
880,000 | West Virginia Building Commission Lease Revenue Bonds (West Virginia Regional Jail), Series C, 5.375%, 7/1/2021 | 889,404 | ||||||
500,000 | West Virginia Commissioner Of Highways Special Obligation Surface Transportation Improvements Bonds, Series A, 5.000%, 9/1/2029 | 623,422 | ||||||
670,000 | West Virginia Economic Development Authority Lease Revenue Bonds (Clarksburg Office Building), 3.500%, 6/1/2030 | 721,410 | ||||||
1,750,000 | West Virginia Economic Development Authority Lease Revenue Bonds (Correctional Juvenile & Public), 4.000%, 6/1/2024 | 1,758,990 | ||||||
500,000 | West Virginia Economic Development Authority Lease Revenue Bonds (Correctional Juvenile), 5.000%, 6/1/2022 | 503,610 | ||||||
West Virginia Economic Development Authority Lease Revenue Bonds (Department of Environmental Protection): | ||||||||
1,280,000 | Series B, 3.375%, 11/1/2025 | 1,330,516 | ||||||
755,000 | Series B, 3.500%, 11/1/2026 | 784,919 | ||||||
860,000 | West Virginia Economic Development Authority Lease Revenue Bonds (State Energy Savings Project), 4.750%, 6/1/2022 | 862,728 | ||||||
1,650,000 | West Virginia Economic Development Authority Lease Revenue Bonds (State Office Building & Parking Lot), Series A, 4.750%, 8/1/2029 | 1,655,261 |
Shares/Principal Amount | Value | |||||||
West Virginia Economic Development Authority Lease Revenue Bonds (State Office Building): | ||||||||
$ | 1,525,000 | Series A, 5.000%, 6/1/2025 | $ | 1,607,166 | ||||
315,000 | Series A, 3.375%, 6/1/2029 | 339,105 | ||||||
365,000 | Series B, 3.375%, 10/1/2023 | 370,123 | ||||||
390,000 | Series B, 3.500%, 10/1/2024 | 395,390 | ||||||
415,000 | Series B, 3.625%, 10/1/2025 | 420,699 | ||||||
435,000 | Series B, 3.750%, 10/1/2026 | 441,541 | ||||||
545,000 | Series C, 3.000%, 6/1/2023 | 574,600 | ||||||
310,000 | Series C, 3.500%, 6/1/2030 | 333,787 | ||||||
515,000 | Series D, 5.000%, 6/1/2025 | 604,788 | ||||||
600,000 | Series D, 3.250%, 6/1/2028 | 647,955 | ||||||
330,000 | Series D, 3.375%, 6/1/2029 | 355,253 | ||||||
355,000 | Series D, 3.500%, 6/1/2030 | 382,240 | ||||||
1,000,000 | West Virginia Economic Development Authority Lottery Revenue Bonds, Series A, 5.000%, 7/1/2032 | 1,235,538 | ||||||
West Virginia Higher Education Policy Commission Revenue Bonds (Higher Education Facilities): | ||||||||
1,730,000 | 5.000%, 7/1/2034 | 2,104,391 | ||||||
360,000 | Series B, 3.200%, 4/1/2024 | 368,780 | ||||||
375,000 | Series B, 3.375%, 4/1/2025 | 384,243 | ||||||
385,000 | Series B, 3.500%, 4/1/2026 | 394,398 | ||||||
400,000 | Series B, 3.600%, 4/1/2027 | 409,668 | ||||||
1,000,000 | West Virginia Hospital Finance Authority Revenue Bonds (ARCs Improvement), Series D, 4.000%, 6/1/2029 | 1,122,005 | ||||||
585,000 | West Virginia Hospital Finance Authority Revenue Bonds (West Virginia University Health System), Series A, 3.375%, 6/1/2029 | 648,181 | ||||||
West Virginia Housing Development Fund: | ||||||||
500,000 | 2.000%, 11/1/2032 | 502,740 | ||||||
1,500,000 | 3.700%, 11/1/2032 | 1,628,912 | ||||||
500,000 | 3.375%, 11/1/2034 | 538,000 | ||||||
800,000 | 2.050%, 11/1/2035 | 792,978 | ||||||
200,000 | 2.250%, 11/1/2035 | 202,658 | ||||||
635,000 | 3.950%, 11/1/2049 | 673,907 | ||||||
West Virginia School Building Authority Excess Lottery Revenue Bonds: | ||||||||
500,000 | Series A, 3.000%, 7/1/2025 | 515,036 | ||||||
700,000 | Series A, 3.125%, 7/1/2026 | 720,956 | ||||||
370,000 | Series B, 4.000%, 7/1/2023 | 371,015 | ||||||
West Virginia School Building Authority Lottery Revenue Capital Improvement Bonds: | ||||||||
500,000 | Series A, 5.000%, 7/1/2024 | 573,293 | ||||||
515,000 | Series A, 5.000%, 7/1/2026 | 568,171 | ||||||
535,000 | Series A, 5.000%, 7/1/2027 | 589,603 | ||||||
300,000 | West Virginia State Bonds, Series A, 3.250%, 6/1/2033 | 331,921 |
Shares/Principal Amount | Value | |||||||
$ | 500,000 | West Virginia State Economic Development Authority Lottery Revenue Bonds, 3.000%, 6/15/2031 | $ | 542,772 | ||||
500,000 | West Virginia State Hospital Finance Authority Refunding West Virginia United Health System, Series A, 4.000%, 6/1/2034 | 551,683 | ||||||
240,000 | West Virginia State Housing Development Bonds, Series B, 3.800%, 11/1/2035 | 247,411 | ||||||
500,000 | West Virginia State Housing Development Fund Revenue Bonds, Series A, Series A, 3.450%, 11/1/2033 | 543,688 | ||||||
340,000 | West Virginia State University Revenue Bonds, Series A, 2.550%, 10/1/2021 | 335,206 | ||||||
1,150,000 | West Virginia State University Revenues Revenue Bonds, Series A, 5.250%, 4/1/2028 | 1,321,220 | ||||||
1,000,000 | West Virginia University, 4.000%, 10/1/2037 | 1,164,122 | ||||||
West Virginia University Revenue Bonds (West Virginia University Project): | ||||||||
500,000 | Series A, 5.000%, 10/1/2027 | 536,441 | ||||||
345,000 | Series B, 5.000%, 10/1/2025 | 353,295 | ||||||
750,000 | Series B, 4.125%, 10/1/2031 | 764,826 | ||||||
500,000 | West Virginia Water Development Authority, 4.000%, 10/1/2041 | 546,425 | ||||||
500,000 | West Virginia Water Development Authority Infrastructure Revenue Bonds, Series A, 5.000%, 10/1/2032 | 610,627 | ||||||
2,605,000 | West Virginia Water Development Authority Infrastructure Revenue Bonds (West Virginia Infrastructure Jobs Program), Series A, 5.000%, 10/1/2029 | 3,193,911 | ||||||
435,000 | West Virginia Water Development Authority Revenue Bonds (Chesapeake Bay/Greenbrier River Project), Series A, 5.000%, 7/1/2022 | 460,934 | ||||||
250,000 | West Virginia Water Development Authority Revenue Bonds (Loan Program I), Series B-I, 4.000%, 11/1/2024 | 264,271 | ||||||
1,395,000 | West Virginia Water Development Authority Revenue Bonds (Loan Program), Series B-I, 4.000%, 11/1/2025 | 1,473,116 | ||||||
West Virginia Water Development Authority Revenue Bonds (Loan Program II): | ||||||||
605,000 | Series A-II, 3.000%, 11/1/2024 | 639,523 | ||||||
600,000 | Series A-II, 3.250%, 11/1/2025 | 635,571 | ||||||
550,000 | Series A-II, 5.000%, 11/1/2025 | 657,261 |
Shares/Principal Amount | Value | |||||||
$ | 650,000 | Series A-II, 5.000%, 11/1/2026 | $ | 799,515 | ||||
800,000 | Series A-II, 3.000%, 11/1/2027 | 885,487 | ||||||
300,000 | Series A-II, 3.125%, 11/1/2028 | 330,114 | ||||||
725,000 | Series B-II, 4.000%, 11/1/2025 | 765,598 | ||||||
250,000 | West Virginia Water Development Authority Revenue Bonds (Loan Program IV), Series A-IV, 5.000%, 11/1/2033 | 311,319 | ||||||
500,000 | West Virginia, State Parkways Authority Senior Turnpike Toll Revenue Bonds, 5.000%, 6/1/2033 | 628,488 | ||||||
1,000,000 | Wood County, West Virginia, Board of Education Public School General Obligation Unlimited Bonds, 3.000%, 6/1/2029 | 1,104,636 | ||||||
860,000 | Wood County, West Virginia, Building Commission Lease Revenue Bonds, 4.000%, 1/1/2032 | 859,213 | ||||||
114,432,567 | ||||||||
TOTAL NON-TAXABLE MUNICIPAL BONDS | ||||||||
(Cost $112,525,658) | 117,378,504 | |||||||
SHORT TERM INVESTMENTS-2.8% | ||||||||
Mutual Funds-2.8% | ||||||||
3,398,970 | Federated Hermes Government Obligations Fund, Premier Class, 7-Day Yield 0.040% (at net asset value) | 3,398,970 | ||||||
TOTAL SHORT TERM INVESTMENTS | ||||||||
(Cost $3,398,970) | 3,398,970 | |||||||
TOTAL INVESTMENTS-100.4% | ||||||||
(Cost $115,924,628) | 120,777,474 | |||||||
OTHER ASSETS AND LIABILITIES-NET(1)-(0.4)% | (430,215 | ) | ||||||
NET ASSETS-100.0% | $ | 120,347,259 |
(1) | Assets, other than investments in securities, less liabilities. |
Note - The categories of investments are shown as a percentage of net assets as of March 31, 2021.
See accompanying Notes to Quarterly Portfolio of Investments.
PORTFOLIO OF INVESTMENTS
WESMARK TACTICAL OPPORTUNITY FUND
March 31, 2021 (Unaudited)
Shares/Principal Amount | Value | |||||
EXCHANGE TRADED FUNDS-97.2% | ||||||
BROAD DOMESTIC EQUITY-18.8% | ||||||
13,127 | SPDR S&P 500® ETF Trust(1) | $ | 5,202,624 | |||
5,150 | Vanguard® S&P 500® ETF | 1,876,145 | ||||
8,261 | Vanguard® Small-Cap ETF | 1,768,515 | ||||
TOTAL BROAD DOMESTIC EQUITY | 8,847,284 | |||||
BROAD DOMESTIC FIXED INCOME-15.4% | ||||||
22,334 | iShares® 7-10 Year Treasury Bond ETF | 2,522,178 | ||||
36,640 | iShares® iBoxx $ Investment Grade Corporate Bond ETF | 4,765,032 | ||||
TOTAL BROAD DOMESTIC FIXED INCOME | 7,287,210 | |||||
COMMODITIES-6.1% | ||||||
100,349 | Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF | 1,729,515 | ||||
7,153 | SPDR® Gold Shares(2) | 1,144,194 | ||||
TOTAL COMMODITIES | 2,873,709 | |||||
INTERNATIONAL (EX. U.S.) EQUITY-9.1% | ||||||
30,634 | iShares® MSCI EAFE ETF(1) | 2,324,202 | ||||
37,186 | iShares® MSCI Emerging Markets ETF(1) | 1,983,501 | ||||
TOTAL INTERNATIONAL (EX. U.S.) EQUITY | 4,307,703 | |||||
INTERNATIONAL (EX. U.S.) FIXED INCOME-6.3% | ||||||
27,064 | iShares® JP Morgan USD Emerging Markets Bond ETF | 2,946,728 | ||||
TOTAL INTERNATIONAL (EX. U.S.) FIXED INCOME | 2,946,728 | |||||
U.S. SECTOR FOCUSED EQUITY-22.9% | ||||||
26,229 | First Trust Consumer Discretionary AlphaDEX Fund | 1,526,528 | ||||
11,908 | Health Care Select Sector SPDR® Fund | 1,390,140 | ||||
15,673 | Industrial Select Sector SPDR® Fund | 1,543,007 | ||||
10,115 | iShares® Nasdaq Biotechnology ETF | 1,522,914 | ||||
10,241 | iShares® US Regional Banks ETF | 580,358 | ||||
30,264 | Materials Select Sector SPDR® Fund | 2,384,803 | ||||
3,947 | SPDR® S&P® Oil & Gas Exploration & Production ETF | 321,049 | ||||
11,636 | Technology Select Sector SPDR® Fund | 1,545,377 | ||||
TOTAL U.S. SECTOR FOCUSED EQUITY | 10,814,176 |
Shares/Principal Amount | Value | |||||
U.S. SMALL AND MID CAP EQUITY-4.7% | ||||||
10,000 | iShares® Russell 2000® ETF(1) | $ | 2,209,400 | |||
TOTAL U.S. SMALL AND MID CAP EQUITY | 2,209,400 | |||||
U.S. VALUE COMPANY FOCUSED EQUITY-13.9% | ||||||
69,000 | Vanguard® Mega Cap Value ETF | 6,568,800 | ||||
TOTAL U.S. VALUE COMPANY FOCUSED EQUITY | 6,568,800 | |||||
TOTAL EXCHANGE TRADED FUNDS | ||||||
(Cost $39,291,187) | 45,855,010 | |||||
PURCHASED PUT OPTIONS-0.0%(3) | ||||||
10 | SPDR S&P 500® ETF Trust, Expires 6/30/2021, Exercise Price $330.00, Notional Value $396,330 | 2,380 | ||||
TOTAL PURCHASED PUT OPTIONS | ||||||
(Cost $8,778) | 2,380 | |||||
SHORT TERM INVESTMENTS-2.4% | ||||||
Mutual Funds-2.4% | ||||||
1,139,880 | Federated Hermes Government Obligations Fund, Premier Class, 7-Day Yield 0.040% (at net asset value) | 1,139,880 | ||||
TOTAL SHORT TERM INVESTMENTS | ||||||
(Cost $1,139,880) | 1,139,880 | |||||
TOTAL INVESTMENTS-99.6% | ||||||
(Cost $40,439,845) | 46,997,270 | |||||
OTHER ASSETS AND LIABILITIES-NET(4)-0.4% | 188,419 | |||||
NET ASSETS-100.0% | $ | 47,185,689 |
(1) | On March 31, 2021, all or a portion of these securities were pledged as collateral for written options in the amount of $11,719,727. |
(2) | Non-income producing security. |
(3) | Amount represents less than 0.005% of net assets. |
(4) | Assets, including written options, less liabilities. |
Note - The categories of investments are shown as a percentage of net assets as of March 31, 2021.
See accompanying Notes to Quarterly Portfolio of Investments.
Written Call Options:
Description | Exercise Price | Expiration Date | Number of Contracts | Premiums Received | Notional Value | Value | ||||||||||||||||
iShares® MSCI EAFE ETF | $ | 78 | 04/16/2021 | 88 | $ | (9,875 | ) | $ | 667,656 | $ | (880 | ) | ||||||||||
iShares® MSCI Emerging Markets ETF | $ | 59 | 04/16/2021 | 50 | (6,461 | ) | 266,700 | (100 | ) | |||||||||||||
iShares® Russell 2000® ETF | $ | 225 | 04/16/2021 | 40 | (26,528 | ) | 883,760 | (11,760 | ) | |||||||||||||
SPDR S&P 500® ETF Trust | $ | 400 | 04/16/2021 | 100 | (52,720 | ) | 3,963,300 | (27,000 | ) | |||||||||||||
$ | (95,584 | ) | $ | 5,781,416 | $ | (39,740 | ) |
Notes to Quarterly Portfolio of Investments
March 31, 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 estimated. 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 its 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 fair 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 at their cost (adjusted for the accretion of any discount or amortization of any premium). |
›› | 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.
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 mid 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 technique used to measure fair value including such a pricing model and/or the risk inherent in the inputs to the valuation technique. 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 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. |
The following is a summary of the inputs used as of March 31, 2021, in valuing the Funds’ investments carried at 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 | $ | 119,573,915 | $ | – | $ | – | $ | 119,573,915 | ||||||||
Exchange Traded Funds | 3,744,259 | – | – | 3,744,259 | ||||||||||||
Short Term Investments | 1,143,268 | – | – | 1,143,268 | ||||||||||||
Total | $ | 124,461,442 | $ | – | $ | – | $ | 124,461,442 |
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 | $ | 367,398,699 | $ | – | $ | – | $ | 367,398,699 | ||||||||
Exchange Traded Funds | 187,068 | – | – | 187,068 | ||||||||||||
Short Term Investments | 49,166 | – | – | 49,166 | ||||||||||||
Total | $ | 367,634,933 | $ | – | $ | – | $ | 367,634,933 |
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 | $ | 78,597,287 | $ | – | $ | – | $ | 78,597,287 | ||||||||
Exchange Traded Funds | 1,178,623 | – | – | 1,178,623 | ||||||||||||
Corporate Bonds | – | 20,241,087 | – | 20,241,087 | ||||||||||||
U.S. Government Agency - Collateralized Mortgage Obligations | – | 2,367,734 | – | 2,367,734 | ||||||||||||
Commercial Mortgage-Backed Securities | – | 2,124,775 | – | 2,124,775 | ||||||||||||
U.S. Government Agency - Mortgage-Backed Securities | – | 6,021,064 | – | 6,021,064 | ||||||||||||
U.S. Government Agency Securities | – | 477,491 | – | 477,491 | ||||||||||||
Taxable Municipal Bonds | – | 2,367,294 | – | 2,367,294 | ||||||||||||
Non-Taxable Municipal Bonds | – | 460,986 | – | 460,986 | ||||||||||||
Short Term Investments | 1,394,557 | – | – | 1,394,557 | ||||||||||||
Total | $ | 81,170,467 | $ | 34,060,431 | $ | – | $ | 115,230,898 | ||||||||
Other Financial Instruments | ||||||||||||||||
Liabilities | ||||||||||||||||
Written Options | $ | (1,350 | ) | $ | – | $ | – | $ | (1,350 | ) | ||||||
Total | $ | (1,350 | ) | $ | – | $ | – | $ | (1,350 | ) |
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 | $ | – | $ | 117,280,608 | $ | – | $ | 117,280,608 | ||||||||
U.S. Government Agency - Mortgage-Backed Securities | – | 49,429,563 | – | 49,429,563 | ||||||||||||
Taxable Municipal Bonds | – | 55,056,725 | – | 55,056,725 | ||||||||||||
Non-Taxable Municipal Bonds | – | 1,107,846 | – | 1,107,846 | ||||||||||||
Short Term Investments | 8,436,159 | – | – | 8,436,159 | ||||||||||||
Total | $ | 8,436,159 | $ | 222,874,742 | $ | – | $ | 231,310,901 |
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 | $ | – | $ | 117,378,504 | $ | – | $ | 117,378,504 | ||||||||
Short Term Investments | 3,398,970 | – | – | 3,398,970 | ||||||||||||
Total | $ | 3,398,970 | $ | 117,378,504 | $ | – | $ | 120,777,474 |
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 | $ | 45,855,010 | $ | – | $ | – | $ | 45,855,010 | ||||||||
Purchased Put Options | 2,380 | – | – | 2,380 | ||||||||||||
Short Term Investments | 1,139,880 | – | – | 1,139,880 | ||||||||||||
Total | $ | 46,997,270 | $ | – | $ | – | $ | 46,997,270 | ||||||||
Other Financial Instruments | ||||||||||||||||
Liabilities | ||||||||||||||||
Written Options | $ | (39,740 | ) | $ | – | $ | – | $ | (39,740 | ) | ||||||
Total | $ | (39,740 | ) | $ | – | $ | – | $ | (39,740 | ) |
All securities of the Funds were valued using either Level 1 or Level 2 inputs during the three months ended March 31, 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. |
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 Fund is 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, 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 for financial statement purposes. Gains and losses realized on principal payment of mortgage-backed securities (paydown gains and losses) are classified as part of investment income.
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.
3. 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, thus involving additional payments by the Funds; 4) possible adverse tax consequences; 5) possible unforeseen redemption request by a derivative counter party increasing possible portfolio losses or costs, or preventing a Fund from implementing its investment strategy; and 6) other risks, such as but not limited to, stock market, interest rate, credit, currency, liquidity, and leverage risks.
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.
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.
Except with respect to borrowing money, if a percentage limitation is adhered to at the time of investment, a later increase or decrease in percentage resulting from any change in value, or net assets will not result in a violation of such restriction.
Option contracts (options) - are rights to buy or sell usually 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.
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; and |
›› | 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; and |
›› | 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).
4. Concentration 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, as of March 31, 2021, 28% 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.