# EDGAR Filing Document

**Accession Number:** 0001007226
**File Stem:** 0001398344-23-005419
**Filing Date:** 2023-3
**Character Count:** 276714
**Document Hash:** 6b996cd8e18bc430187c3942b80ff463
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-23-005419.hdr.sgml**: 20230303

**ACCESSION NUMBER**: 0001398344-23-005419

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 17

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230303

**DATE AS OF CHANGE**: 20230303

**EFFECTIVENESS DATE**: 20230303

**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-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07925
- **FILM NUMBER:** 23702127

**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

## Series and Classes Contracts Data

### WesMark Balanced Fund (Series ID: S000005477)

| Class ID   | Class Name            | Ticker Symbol   |
|:---|:---|:---|
| C000014907 | WesMark Balanced Fund | WMBLX           |

### WesMark Government Bond Fund (Series ID: S000005478)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000014908 | WesMark Government Bond Fund | WMBDX           |

### WesMark Large Company Fund (Series ID: S000005479)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000014909 | WesMark Large Company Fund | WMKGX           |

### WesMark Small Company Fund (Series ID: S000005480)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000014910 | WesMark Small Company Fund | WMKSX           |

### WesMark West Virginia Municipal Bond Fund (Series ID: S000005481)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000014911 | WesMark West Virginia Municipal Bond Fund | WMKMX           |

### WesMark Tactical Opportunity Fund (Series ID: S000056649)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000179136 | WesMark Tactical Opportunity Fund | WMKTX           |

United States

Securities and Exchange Commission

Washington, D.C. 20549

**FORM N-CSR**

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

<u>811-07925</u>

(Investment Company Act file number)

<u>WesMark Funds</u>

(Exact name of registrant as specified in charter)

One Bank Plaza, 5th floor

<u>Wheeling, WV 26003</u>

(Address of principal executive offices)

<u>(304) 234-9000</u>

(Registrant's telephone number)

Sareena Khwaja-Dixon, Esq.

ALPS Fund Services, Inc.

1290 Broadway, Suite 1000

Denver, CO 80203

<u>(Name and address of agent for service)</u>

Date of fiscal year end: <u>December 31</u>

Date of reporting period: <u>January 1 – December 31, 2022</u>

**Item 1. Reports to Stockholders.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Report of the Shareholders.

![](fp0082272-1_01.jpg)

President's Message

December 31, 2022

Dear fellow shareholders:

Surging demand and strained supply have caused inflation to hit its highest rate in decades. Now, the Federal Reserve is aggressively tightening its belt at a pace not seen in 40 years. Many forecasters, the Federal Reserve included, have not truly appreciated how severely and persistently the Covid-19 pandemic has disrupted our economy. In December 2021, the consensus forecast called for inflation to average 4.4% during the year. Instead, the Consumer Price Index (CPI) averaged an 8.0% year-over-year increase during 2022. While the Russian invasion of Ukraine drove energy prices higher, the sharp rise in prices was widespread. The cost of used cars, groceries, and durable goods broke records.

The Federal Reserve's dual mandate of "price stability" and "maximum employment" were in sharp contrast during 2022. Generationally high inflation readings lead to a historic Federal Funds rate. At the start of the year, the upper bound of the Federal Funds rate started at 0.25%. Many, including futures markets, expected that the Federal Reserve would execute three 0.25% rate increases throughout the year. As inflation readings accelerated and proved persistent, the Federal Reserve accelerated its plan.

Federal Funds rates ended 2022 at 4.50% and saw four 0.75% increases. While Federal Reserve policy adjustments take time to inform financial markets, its aggressive rate increases have moderated inflation. The CPI finished 2022 at 6.5%. This was down from the 9.1% reading reported in June; however, it was still well above the Federal Reserve's comfort level.

Historically, tight labor markets have contributed to elevated inflation readings. The Bureau of Labor Statistics Job Openings Report tracks job vacancies in U.S. corporations. For most of the year, it reported there were at least two employment openings for every one unemployed person.

Despite the high level of open positions, U.S. employers were hiring at a record pace for 2022. The U.S. Nonfarm Payrolls report showed there was an average of 392,000 persons added to payrolls for the year. That compares favorably to the 30-year average of 123,000 payrolls added per month. The strong level of hiring drove the unemployment rate near its lowest readings in 50 years. This increased competition for employees led to solid wage gains. In March 2022, the average hourly earnings for all private employees rose to 5.6%, its highest annualized increase in the past 30 years (outside of pandemic-related stimulus payments). That reading dropped to 4.6% in December, but it remains well above the longer-term average of 2.9%. Traditionally, higher incomes have led to more persistence in inflation.

Aggressive policy and slowing economic growth led to loss in both equity and fixed-income markets. This marks the first year since 1976 that both stocks and bonds reported negative returns in the same year. The S&P 500 Index recorded its worst year of returns since 2008 and its sixth down year since the turn of the century. For 2022, the S&P 500 Index was down 18.1% while the Russell 2000 Index fell by 20.5%. In a sharp contrast from prior years, international equity market indexes performed better than domestic indexes; however, they were still negative for the year. Developed international equities, as measured by the MSCI EAFA Index, fell 13.9%, and the MSCI Emerging Markets Index dropped 19.9% over the same period.

The sharp increase in yields drove bond prices and indexes lower for the year. The yield on the 10-year Treasury began the year at 1.51%; however, by the end of the second quarter, yields stood at 3.01%. As domestic economic growth accelerated and inflation remained, elevated yields on the 10-yr Treasury continued to rise, closing October above 4.0%. That marked the 10-yr Treasury's highest level since 2007. As a result, the Bloomberg Barclay's Government/Credit Index fell by 13.6% for 2022. This was the first time on record that the index has reported consecutive negative annual returns.

Your investment in WesMark Funds is important to us. As always, we thank you. We strive to provide a competitive result to you, our investors. Our investment in the resources necessary to execute a successful investment plan for all our funds is always top of mind. Your support is instrumental to this success.

Should you have any questions or need additional information about the Funds, please visit our website at www.wesmarkfunds.com or call 1-800-864-1013.

---

| |
|:---|
| Sincerely, |
| ![](fp0082272-1_02.jpg) |
| Scott Love, CAIA, CIMA<sup>®</sup> |
| President, WesMark Funds |

---

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| | |
|:---|:---|
| www.wesmarkfunds.com | ![](fp0082272-1_03.jpg) |

---

![](fp0082272-1_04.jpg)

![](fp0082272-1_13.jpg)

**Table of Contents**

December 31, 2022

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| | |
|:---|:---|
| Management's Discussion of Fund Performance |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Small Company Fund | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Large Company Fund | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Balanced Fund | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government Bond Fund | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;West Virginia Municipal Bond Fund | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tactical Opportunity Fund | 17 |
| Small Company Fund |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio of Investments Summary Table | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio of Investments | 21 |
| Large Company Fund |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio of Investments Summary Table | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio of Investments | 26 |
| Balanced Fund |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio of Investments Summary Table | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio of Investments | 30 |
| Government Bond Fund |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio of Investments Summary Table | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio of Investments | 36 |
| West Virginia Municipal Bond Fund |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio of Investments Summary Table | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio of Investments | 41 |
| Tactical Opportunity Fund |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio of Investments Summary Table | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio of Investments | 46 |
| Statements of Assets and Liabilities | 47 |
| Statements of Operations | 48 |
| Statements of Changes in Net Assets | 49 |
| Financial Highlights | 52 |
| Notes to Financial Statements | 58 |
| Report of Independent Registered Public Accounting Firm | 71 |
| Shareholder Expense Example | 72 |
| Board of Trustees and Trust Officers | 73 |
| Statement Regarding the Liquidity Risk Management Program | 75 |
| Additional Information | 76 |
| Glossary of Terms | 77 |

---

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| | |
|:---|:---|
| Annual Report December 31, 2022 | ![](fp0082272-1_03.jpg) |

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<u>Management's Discussion of Fund Performance</u>   <br> WesMark Small Company Fund December 31, 2022 (Unaudited)

During the year, the Russell 2000 Index experienced four double-digit declines and four double-digit recoveries. The net result was a decline of 20.4%.

The negative total return for the year was a driven by a reversion to the long-term average in valuation levels. The forward Price to Earnings ratio for the Russell 2000 Index began the year at 32.2, while the 20-year average was 25.4. This reading closed the year at 22.7, while earnings fell slightly. Trailing 12-month earnings for the Russell 2000 Index dropped by nearly 7%. Smaller companies are generally more impacted by increased competition for labor, rising material costs, and supply chain issues. Despite a lower figure in 2022, earnings for the year were the second highest on record and well above pre-pandemic highs.

Over the past year, the WesMark Small Company Fund ("the Fund") posted a loss of 20.6% compared to the Russell 2000 Index fell by 20.4% and the Lipper Small-Cap Core Fund (-14.4%). Over the past five years, the Fund earned an average annual total return of 6.8% versus 4.7% for the Lipper Small-Cap Core Fund.

Relative performance can be measured by both sector allocation decisions and stock selection. Sector allocation deviated from the previous year, specifically in the Industrial and Information Technology sectors. The overweight to the Industrial sector provided positive relative performance to the Russell 2000 Index, while the allocation to Information Technology detracted from relative performance. From a sector perspective, returns were positive for the Energy and Utilities sectors. The S&P 600 Energy Index and S&P 600 Utilities Index reported gains of 45.3% and 3.4%, respectively. The Energy sector benefited from higher prices for oil and natural gas. Steady earnings and the defensive nature of the underlying companies helped the Utilities sector.

The Fund's top four sectors accounted for 75.6% of its overall allocation in 2021. Throughout the year, we lowered our allocation to the Information Technology sector as pandemic-related stimulus wore off. In addition, we began the year with a sizable allocation to Financials. We held a view that as the Federal Reserve began to raise rates, the earnings for banks would improve during the year. The improvement in economic conditions also supported modest loan growth. This helped the Financial sector report positive earnings growth. However, as rate increases from the Federal Reserve accelerated, we used that as an opportunity to reduce our exposure. We moved the proceeds from the sales into other sectors helping to further diversify the holdings.

The Fund's largest sector allocation, Industrials, posted compelling relative returns for the period. The S&P 600 Industrials Index fell 10.3% for 2022 while the Fund's holdings declined by 5.90% and the Russell 2000 Index fell by 20.4%. For the year, the Fund's allocation to the Industrial sector was 24.5% compared to the benchmark weighting of 15.6%. The approved infrastructure spending plans, combined with solid state and local government budgets, has led to a backlog of projects. Approximately half of the portfolio holdings outperformed the sector benchmark return. Quanta Services, Applied Industrial Technologies, and Gibraltar Industries led the sector returns.

The Financials sector remained above the benchmark weight for most of the year and ended the year as the second largest allocation. The Financials sector accounted for 21.8% of the final portfolio weight, compared to the benchmark allocation of 16.7%. Returns for the holdings were slightly below the S&P 600 Financials return, -16.7% compared to -16.6%. Stock selection was positive within the holdings, as 60% of the holdings outperformed the sector returns for the period. Top performers in the sector were Trustmark Corp., Banner Corp., and Old National Bancorp.

The Information Technology sector represented 18.0% of the Fund, down from 20.9% at the beginning of 2022. Despite the decrease, the allocation was still overweight compared to the benchmark weighting of 12.9%. Given the sector allocation, we chose to deploy the proceeds in other areas. In addition, stock selection was difficult with slightly more than half of our holdings reporting returns below the sector benchmark. As a result, the benchmark posted a sector return of -22.6% while the Fund posted a loss of 29.0%. The best performing holdings in the Fund were Extreme Network Inc., Ambarella Inc., and Science Applications International Corp.

We held a sizable allocation to the Health Care sector for the year, but it was below the sector weighting. Throughout the year, we reduced the allocation to the sector as the benefits of COVID-19-related spending moderated and as many companies grew past small capitalization levels. The Health Care sector allocation ended the year at 11.3%, compared to the S&P 600 Health Care weight of 16.8%. While the underweighting in comparison to the benchmark was positive given the weak sector performance, security selection detracted from returns of the Fund. More than half of the holdings underperformed the sector benchmark. While the group was negative for the year, Vocera Communications Inc., Prestige Consumer Healthcare Inc., Optimizerx Corp., AMN Healthcare Services, and Select Medical Holdings Corp. reported positive returns for the holding period.

In terms of absolute performance, the Fund's Energy sector holdings rose 41.1%; however, that was less than the benchmark and the allocation was underweight for most of the year. In relative performance, the Consumer Staples sector holdings increased 19.10% compared to a decline of 7.9% for the sector.

During 2022, more than half of the Fund's holdings posted returns that were greater than the Russell 2000 Index. The average performance for these top holdings were compelling for the year. Eight of the top 10 posted returns that exceeded the benchmark. In addition to the strong performers mentioned above, the Fund saw sizable gains in Box Inc. (+18.9%) and Moog (+9.8%). The Fund's top 10 holdings accounted for 31.3% of the overall market value of the Fund.

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| | | |
|:---|:---|:---|
| 2 | ![](fp0082272-1_05.jpg) | www.wesmarkfunds.com |

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  <u>Management's Discussion of Fund Performance</u> <br> December 31, 2022 (Unaudited) WesMark Small Company Fund

---

| | |
|:---|:---|
| **TOP 10 EQUITY HOLDINGS**<br>**Security Name** | <br>**% of Total**<br>**Net Assets** |
| Quanta Services, Inc. | 7.1% |
| Stifel Financial Corp. | 4.2% |
| Varonis Systems, Inc. | 3.2% |
| Moog, Inc. | 2.7% |
| Box, Inc. | 2.7% |
| Evoqua Water Technologies Corp. | 2.4% |
| Lithia Motors, Inc. | 2.3% |
| AAON, Inc. | 2.3% |
| BankUnited, Inc. | 2.3% |
| Pure Storage, Inc. | 2.2% |
| Total Net Assets | 31.4% |

---

*Also see Glossary of Terms on page 77.*

***Performance data quoted represents past performance which is no guarantee of future results.***

***Diversification does not eliminate the risk of experiencing investment losses.***

***An investment in the Fund involves risk, including loss of principal. Investment in the Fund is subject to investment risks, including, without limitation, market risk, credit risk, interest rate risk, risks related to ETF net asset value and market price, foreign securities risk, commodity risk, manager risks, risks of investing in real estate investment trust (REITs), and risks related to company size.***

***The views in this report were those of the Fund Managers as of the letter's publication date and may not reflect his views on the date this letter is first distributed or anytime thereafter. These views are intended to assist readers in understanding the Fund's investment methodology and do not constitute investment advice.***

*Lipper, Inc., a Reuters company, is a nationally recognized organization that ranks the performance of mutual funds within a universe of funds that have similar investment objectives. Rankings are historical and are based on total return with capital gains and dividends reinvested. For the 10-, 5-, 3- and 1- year periods, the Small Company Fund was ranked 210 out of 557, 125 out of 804, 56 out of 865, and 828 out of 909 as of 12/31/22 in the Small Cap Core Funds category. Lipper does not guarantee the accuracy of this information. Lipper rankings are not intended to predict future results.*

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| | |
|:---|:---|
| Annual Report \| December 31, 2022 | ![](fp0082272-1_05.jpg)<sub>3</sub> |

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Management's Discussion of Fund Performance <br> WesMark Small Company Fund December 31, 2022 (Unaudited)

**GROWTH of $10,000 invested in WesMark Small Company Fund**

The graph below illustrates the hypothetical investment of $10,000\* in the WesMark Small Company Fund (the "Fund") from December 31, 2012 to December 31, 2022, compared to the Russell 2000® Index ("Russell 2000®")\*\* and the Lipper Small-Cap Core Funds Average ("LSCCFA").\*\*\*

![](fp0082272-1_06.jpg)

**AVERAGE ANNUAL TOTAL RETURN for the periods ended December 31, 2022**

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| | | |
|:---|:---|:---|
| **1 Year** | **5 Years** | **10 Years** |
| -20.56% | 6.78% | 9.39% |

---

Total Annual Fund Operating Expense (as of most current Prospectus): 1.24%

 ****

***Performance data quoted represents past performance which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For current to the most recent month end performance and after-tax returns call 1-800-864-1013. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Mutual funds are not obligations of or guaranteed by any bank and are not federally insured.***

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

*\** *Represents a hypothetical investment of $10,000 in the Fund. The Fund's performance assumes the reinvestment of all dividends and distributions. The Russell 2000<sup>®</sup> and LSCCFA have been adjusted to reflect reinvestment of dividends on securities in the index and average.*

*\*\** *The Russell 2000<sup>®</sup> measures the performance of the 2,000 smallest companies in the Russell 3000<sup>®</sup> Index, which represents approximately 10% of the total market capitalization of the Russell 3000<sup>®</sup> Index. The index is unmanaged and unlike the Fund, is not affected by cash flows. The Russell 2000<sup>®</sup> is not adjusted to reflect sales charges, expenses, or other fees that the Securities and Exchange Commission (SEC) requires to be reflected in the Fund's performance. It is not possible to invest directly in an index.* 

*\*\*\** *The information presented for the LSCCFA is the average of the total returns of the 30 largest qualifying mutual funds (based on net assets) in the Lipper Small-Cap classification. Lipper averages do not reflect sales charges. It is not possible to invest directly in an average.*

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| | | |
|:---|:---|:---|
| 4 | ![](fp0082272-1_05.jpg) | www.wesmarkfunds.com |

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  <u>Management's Discussion of Fund Performance</u> <br> December 31, 2022 (Unaudited) WesMark Large Company Fund

The S&P 500 Index tracked persistent volatility in 2022.

Six instances were recorded where markets swayed by at least 10%, positively and negatively. The result was the S&P 500 Index recording its worst year since 2008.

For the period, the Index was down 18.1%. This was the sixth year of market loss seen since the turn of the century. The WesMark Large Company Fund ("the Fund") posted a decline of 21.4% for 2022 compared to the Lipper Large-Cap Core Funds average loss of 18.2%. From a style perspective, value stocks started 2022 off strong, reversing the trend of the past several years. As economic growth showed signs of slowing, largely due to aggressive action from the Federal Reserve, the difference between value and growth stocks accelerated. For the year, the S&P 500 Growth Index fell 29.4% while the S&P 500 Value Index dropped by 5.3%.

The Fund decreased its allocation in the Information Technology sector during the year; however, we remained overweight relative to the benchmark weighting. The decision to modestly decrease the exposure was driven by weakening underlying fundamentals and elevated valuations. The Fund began the year with 29.3% invested in the Information Technology sector. The year-end allocation was 27.1%, compared to the S&P 500 Information Technology's 25.7% weight in the overall index. For the year, the S&P 500 Information Technology sector fell 28.2%. The decision to overweight the sector detracted from performance while security selection was positive. Holdings declined by 27.0% for the year, slightly ahead of the S&P 500 Information Technology benchmark. For the year, nearly half of the holdings posted returns above the S&P 500 Index, led by Enphase Energy Inc. (+44.5%), F5 Networks Inc. (+0.1%), and Mastercard Inc. (-2.7%).

The allocation to the Health Care sector, the second largest within the Fund, rose throughout the year. At 23.1%, Health Care sector holdings were above the S&P 500 Health Care Index's weight of 15.8%. The attractive valuation combined with positive earnings led us to increase the allocation to the space. Health care companies are generally viewed as more defensive, as health care is essential for many consumers. During the volatile year, the S&P 500 Health Care Index was one of the best performing sectors, down 2.0% for 2022. The Fund's holdings in the sector slightly underperformed, down 5.0% for the year. The results for the year were led by Merck & Co. (+49.0%), Cigna Corp. (+46.6%), Abbvie Inc. (+23.7%), and Amgen (+20.4%).

During 2022, one of the more impactful sectors for the Fund was Industrials. The Fund's allocation to the sector ended the year at 10.6%, compared to the S&P 500 Industrial weight of 8.7%. During the early part of 2022, the sector's returns were led by military defense companies. This was due to the Russian invasion of Ukraine. In the later part of the year, a weaker U.S. dollar helped many of these multinational companies. The returns for the Fund's holdings in this sector were -2.8% compared to the S&P 500 Industrial sector's loss of 5.5%. The majority of the Fund's holdings outperformed the benchmark, led by Deere & Co (+31.0%), Raytheon Technologies (+19.8%), Howmet Aerospace Inc. (+17.4%), and Cummins Inc. (+13.4%).

The Financial sector also posted returns that were better relative to the S&P 500 Index. The sector reported a decline of 10.5% compared to -18.9% for the Fund's financial positions. For the year, the Fund maintained exposure to the Financial sector that was slightly underweight relative to the S&P 500 Index. The strong performers were led by LPL Financial Holdings (+18.6%), Metlife Inc. (-2.1%), and KeyCorp (-3.9%).

The Fund increased its allocation to the Energy sector for much of the year, as strong demand and the invasion of Ukraine drove energy prices higher. The price of West Texas Crude Oil began 2022 near $75 per barrel, before jumping to $123 per barrel at the early stages of the war. The higher prices resulted in strong returns for the sector in 2022. The S&P 500 Energy Index rose 65.7%, the best performing sector in 2022. While our allocation continued to increase for the year, the Fund was slightly underweight relative to the benchmark. Our holdings posted a return of 59.4%, slightly below the benchmark. It was led by ConocoPhillips (+72.2%) and Devon Energy (+52.5%).

The top 10 holdings accounted for 38.4% of the overall market value of the Fund. More than two-thirds of these holdings reported total returns for the year that exceeded the S&P 500 Index. In addition to the strong performers mentioned above, the Fund saw sizable gains in Diamondback Energy (+35.2%), Archer Daniels Midland Co. (+26.1%), and Tractor Supply Company (+21.5%).

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|:---|:---|
| Annual Report \| December 31, 2022 | ![](fp0082272-1_05.jpg)<sub>5</sub> |

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<u>Management's Discussion of Fund Performance</u>   <br> WesMark Large Company Fund December 31, 2022 (Unaudited)

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| | |
|:---|:---|
| **TOP 10 EQUITY HOLDINGS**<br>**Security Name** | <br>**% of Total**<br>**Net Assets** |
| Apple, Inc. | 6.0% |
| UnitedHealth Group, Inc. | 5.8% |
| Broadcom, Inc. | 5.4% |
| Amazon.com, Inc. | 3.4% |
| Alphabet, Inc. | 3.2% |
| Microsoft Corp. | 3.1% |
| Mastercard, Inc. | 3.1% |
| BlackRock, Inc. | 2.9% |
| Home Depot, Inc. | 2.8% |
| Abbott Laboratories | 2.7% |
| Total Net Assets | 38.4% |

---

*Also see Glossary of Terms on page 77.*

***Performance data quoted represents past performance which is no guarantee of future results.***

***Diversification does not eliminate the risk of experiencing investment losses.***

***An investment in the Fund involves risk, including loss of principal. Investment in the Fund is subject to investment risks, including, without limitation, market risk, credit risk, interest rate risk, risks related to ETF net asset value and market price, foreign securities risk, commodity risk, manager risks, risks of investing in real estate investment trust (REITs), and risks related to company size.***

***The views in this report were those of the Fund Managers as of the letter's publication date and may not reflect his views on the date this letter is first distributed or anytime thereafter. These views are intended to assist readers in understanding the Fund's investment methodology and do not constitute investment advice.***

*Lipper, Inc., a Reuters company, is a nationally recognized organization that ranks the performance of mutual funds within a universe of funds that have similar investment objectives. Rankings are historical and are based on total returns with capital gains and dividends reinvested. For the 10-, 5-, 3- and 1- year periods, the Large Company Fund was ranked 346 out of 408, 330 out of 510, 160 out of 563, and 545 out of 628 as of 12/31/22 in the Large Cap Core Funds category. Lipper does not guarantee the accuracy of the information. Lipper rankings are not intended to predict future results.*

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|:---|:---|:---|
| 6 | ![](fp0082272-1_05.jpg) | www.wesmarkfunds.com |

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  <u>Management's Discussion of Fund Performance</u> <br> December 31, 2022 (Unaudited) WesMark Large Company Fund

**GROWTH of $10,000 invested in WesMark Large Company Fund**

The graph below illustrates the hypothetical investment of $10,000\* in the WesMark Large Company Fund (the "Fund") from December 31, 2012 to December 31, 2022, compared to the Standard and Poor's 500® Index ("S&P 500®")\*\* and Lipper Large-Cap Core Funds Average ("LLCCFA").\*\*\*

![](fp0082272-1_07.jpg)

**AVERAGE ANNUAL TOTAL RETURN for the periods ended December 31, 2022**

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| | | |
|:---|:---|:---|
| **1 Year** | **5 Years** | **10 Years** |
| -21.42% | 8.23% | 10.50% |

---

Total Annual Fund Operating Expense (as of most current Prospectus): 1.12%

***Performance data quoted represents past performance which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For current to the most recent month end performance and after-tax returns call 1-800-864-1013. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Mutual funds are not obligations of or guaranteed by any bank and are not federally insured.***

*\** *Represents a hypothetical investment of $10,000 in the Fund. The Fund's performance assumes the reinvestment of all dividends and distributions. The S&P 500<sup>®</sup> and LLCCFA have been adjusted to reflect reinvestment of dividends on securities in the index and average.*

*\*\** *The S&P 500<sup>®</sup> measures the performance of 500 large-cap U.S. companies. The S&P 500 is not adjusted to reflect sales charges, expenses or other fees that the SEC requires to be reflected in the Fund's performance. The index is unmanaged and unlike the Fund, it is not affected by cash flows. It is not possible to invest directly in an index.*

*\*\*\** *The information presented for the LLCCFA is the average of the total returns of the 30 largest qualifying mutual funds (based on net assets) in the Lipper Large-Cap classification. Lipper averages do not reflect sales charges. It is not possible to invest directly in an average.*

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|:---|:---|
| Annual Report \| December 31, 2022 | ![](fp0082272-1_05.jpg)<sub>7</sub> |

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<u>Management's Discussion of Fund Performance</u>   <br> WesMark Balanced Fund December 31, 2022 (Unaudited)

The WesMark Balanced Fund ("the Fund") provided a total return of -7.2% for the year ended December 31, 2022, compared to the Lipper Balanced Fund's return of -14.2%. The Fund seeks to achieve capital appreciation and income by allocating its assets primarily among fixed-income and equity securities. The Fund began the year with 30.89% in fixed-income and cash equivalents. Given the move in yields and equity market volatility during the year, we maintained an allocation to the space that was toward the neutral point of our range. The asset allocation at year end was 37.1% in fixed-income, 62.3% in common equity, and 0.6% in cash equivalents.

From a style perspective, value stocks started 2022 off strong, reversing the trend of the past several years. As economic growth showed signs of slowing, largely due to the aggressive action from the Federal Reserve, the difference between value and growth stocks accelerated. For the year, the S&P 500 Growth Index fell 29.4% while the S&P 500 Value Index dropped by 5.3%.

The sharp increase in yields drove bond prices and indexes lower for the year. The yield on the 10-year Treasury began the year at 1.51%; however, by the end of the second quarter, yields stood at 3.01%. As domestic economic growth accelerated and inflation remained, elevated yields on the

10-yr Treasury continued to rise, closing October above 4.0%. That marked the highest level since 2007. As a result, the Bloomberg Barclay's Government/Credit Index fell by 13.6% for 2022. This was the first time on record that the index reported consecutive negative annual returns.

The Fund continued to maintain a relatively short fixed-income structure with a modified duration of 3.3 years compared to the fixed-income benchmark duration of 6.3 years. All fixed-income securities held in the Fund at year-end remained investment grade as determined by a nationally recognized statistical rating organization. The largest exposure in the fixed-income allocation was corporate debt. This provided a return for the Fund's fixed-income sector of -7.6% compared to the Bloomberg Barclays U.S. Government/Credit Index's return of -13.6%. Taxable municipal bonds provided a return of -11.6% for the year. The Fund's fixed-income structure remained in a position to benefit from a rising interest rate environment and a steeper yield curve.

The Health Care sector was the largest overweight relative to the S&P 500 Index. For the period, the S&P 500 Health Care sector reported a total return that was above the overall index. In addition, the holdings within the Fund were up 12.1% compared to the S&P 500 Index's return of -18.1% and the S&P 500 Health Care sector decline of 2.0%. The focus on high-quality earnings growth and reasonable relative valuations resulted in positive selection relative to the sector and overall benchmark. The compelling results were led by Merck & Co. (+49.1%), Cigna Corp. (+46.7%), Eli Lilly (+34.1%), and Abbvie Inc. (+23.9%).

The second largest holding relative to the S&P 500 Index was our Financial sector allocation. Of the equity allocation, the S&P 500 Financial sector accounted for 17.5% of the Fund's holdings compared to 11.6% for the S&P 500 Index. The sector decision was accretive to the Fund with the S&P 500 Financials Index declining 10.5% for the year. However, security selection did not exceed the sector benchmark. The holdings in the sector posted a drop of 15.3% led by Cullen Frost Bankers (+2.6%), Goldman Sachs (-7.7%), and JP Morgan Chase (-12.6%).

The security selection and being underweight to the benchmark were positive qualities for the third largest holding, the S&P 500 Information Technology sector. At year-end, this sector accounted for 17.0% of the equity portfolio, compared to 25.7% in the S&P 500 Index. The Fund's holdings declined by 25.2%, slightly better than the S&P 500 Information Technology sector's returns. For the year, Analog Devices (+13.7%) and Hewlett Packard Enterprise Co. (-8.4%) led the Fund's positive and negative returns in this sector.

The S&P 500 Energy Index was the best performing sector of 2022. The Fund's holdings in this space rose 60.6% for 2022, led by Valero Energy (+75.0%). Once again, the largest detractor of returns was the S&P Communication Services sector. For the period, our holdings fell by 27.1% compared to the sector's decline of 40.4%.

The Fund's top 10 holdings accounted for 33.0% of its overall market value. In addition to the strong performers mentioned above, the Fund saw sizable gains in Chevron Corp. (+58.1%) and PepsiCo Inc. (+6.8%).

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| 8 | ![](fp0082272-1_05.jpg) | www.wesmarkfunds.com |

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  <u>Management's Discussion of Fund Performance</u> <br> December 31, 2022 (Unaudited) WesMark Balanced Fund

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| | |
|:---|:---|
| **TOP 10 EQUITY HOLDINGS**<br>**Security Name** | <br>**% of Total**<br>**Net Assets** |
| Apple, Inc. | 5.0% |
| AbbVie, Inc. | 4.0% |
| Chevron Corp. | 4.0% |
| Eli Lilly & Co. | 3.3% |
| Merck & Co., Inc. | 3.3% |
| CVS Health Corp. | 2.8% |
| Cisco Systems, Inc. | 2.8% |
| PepsiCo, Inc. | 2.7% |
| Pfizer, Inc. | 2.5% |
| Texas Instruments, Inc. | 2.2% |
| Total Net Assets | 32.6% |

---

*Also see Glossary of Terms on page 77.*

***Performance data quoted represents past performance which is no guarantee of future results.***

***Diversification does not eliminate the risk of experiencing investment losses.***

***An investment in the Fund involves risk, including loss of principal. Investment in the Fund is subject to investment risks, including, without limitation, market risk, credit risk, interest rate risk, risks related to ETF net asset value and market price, foreign securities risk, commodity risk, manager risks, risks of investing in real estate investment trust (REITs), and risks related to company size.***

***The views in this report were those of the Fund Managers as of the letter's publication date and may not reflect his views on the date this letter is first distributed or anytime thereafter. These views are intended to assist readers in understanding the Fund's investment methodology and do not constitute investment advice.***

*Lipper, Inc., a Reuters company, is a nationally recognized organization that ranks the performance of mutual funds within a universe of funds that have similar investment objectives. Rankings are historical and are based on total return with capital gains and dividends reinvested. For the 10-, 5-, 3-, and 1-year periods, the Balanced Fund was ranked 56 out of 278, 37 out of 361, 33 out of 381, and 15 out of 413 as of 12/31/22 in the Balanced Funds category. Lipper does not guarantee the accuracy of this information. Lipper rankings are not intended to predict future results.*

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| Annual Report \| December 31, 2022 | ![](fp0082272-1_05.jpg)<sub>9</sub> |

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<u>Management's Discussion of Fund Performance</u>   <br> WesMark Balanced Fund December 31, 2022 (Unaudited)

**GROWTH of $10,000 invested in WesMark Balanced Fund**

The graph below illustrates the hypothetical investment of $10,000\* in the WesMark Balanced Fund (the "Fund") from December 31, 2012 to December 31, 2022, compared to the Standard and Poor's 500® Index ("S&P 500®")\*\*, the Barclays Capital Intermediate U.S. Government/Credit Index ("BCIGCI")\*\*\*, the Lipper Balanced Funds Average ("LBFA")\*\*\*\*, and a combined index consisting of 60% S&P 500® and 40% BCIGCI ("Balanced Composite Index")\*\*\*\*\*.

![](fp0082272-1_08.jpg)

**AVERAGE ANNUAL TOTAL RETURN for the periods ended December 31, 2022**

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| | | |
|:---|:---|:---|
| **1 Year** | **5 Years** | **10 Years** |
| -7.19% | 5.33% | 6.55% |

---

Total Annual Fund Operating Expense (as of most current Prospectus): 1.25%

***Performance data quoted represents past performance which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For current to the most recent month end performance and after-tax returns call 1-800-864-1013. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Mutual funds are not obligations of or guaranteed by any bank and are not federally insured.***

*Bond prices are sensitive to changes in interest rates and a rise in interest rates can cause a decline in their prices.*

 

*\** *Represents a hypothetical investment of $10,000 in the Fund. The Fund's performance assumes the reinvestment of all dividends and distributions. The S&P 500<sup>®</sup>, BCIGCI, LBFA, and Balanced Composite Index have been adjusted to reflect reinvestment of dividends on securities in the index and average.*

*\*\** *The S&P 500<sup>®</sup> measures the performance of 500 large-cap U.S. companies. The S&P 500 is not adjusted to reflect sales charges, expenses or other fees that the SEC requires to be reflected in the Fund's performance. The index is unmanaged and unlike the Fund, it is not affected by cash flows. It is not possible to invest directly in an index.*

*\*\*\** *The BCIGCI is an unmanaged market value weighted performance index for government and corporate fixed rate debt issues with maturities between one and ten years. The BCIGCI is not adjusted to reflect sales charges, expenses or other fees that the SEC requires to be reflected in the Fund's performance. The index is unmanaged and unlike the Fund, is not affected by cash flows. It is not possible to invest directly in an index.* 

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|:---|:---|
| *\*\*\*\** | *The information presented for the LBFA is the average of the total returns of the 30 largest U.S. Balanced Funds. Lipper averages do not reflect sales charges. It is not possible to invest directly in an average.* |

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|:---|:---|
| *\*\*\*\*\** | *The Balanced Composite Index is an unmanaged index, comprised 60% S&P 500<sup>®</sup> and 40% BCIGCI, and unlike the Fund, is not affected by cash flows. The Balanced Composite Index is not adjusted to reflect sales charges, expenses or other fees that the SEC requires to be reflected in the Fund's performance. It is not possible to invest directly in an index or average.* |

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| 10 | ![](fp0082272-1_05.jpg) | www.wesmarkfunds.com |

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  <u>Management's Discussion of Fund Performance</u> <br> December 31, 2022 (Unaudited) WesMark Government Bond Fund

Conflicting signals and heightened volatility remained persistent across all asset classes in 2022.

On the one hand, there was stubborn inflation and a resolute Federal Reserve. On the other, a resilient consumer and a strong labor market. The Federal Reserve had viewed the inflation spike in 2021 as transitory. In 2022, the Federal Reserve acknowledged inflation was no longer "transitory" but "sticky." The Consumer Price Index peaked in June 2022 at 9.1% year-over-year, a four-decade high.

Inflationary pressures were influenced by pandemic-era stimulus checks and international events, such as Russia's invasion of Ukraine. This led to higher energy and global food prices, while China's "zero COVID" lockdown policy allowed supply chain constraints to persist. The labor market remained resilient, though. The unemployment rate declined from 3.7% to 3.5% as approximately 4.5 million people were hired. Wage inflation remained above 5% as employers sought to attract and retain employees. U.S. economic growth was sluggish in the first half of 2022, contracting by 1.6% in the first quarter and 0.6% in the second quarter. But this improved in the second half of 2022 with growth of 3.2% in the third quarter and 2.9% in the fourth quarter.

The Federal Reserve embarked on a very aggressive monitory policy and increased the Federal Funds Rate seven times in 2022 for a total increase of 425 basis points. Entering the period, the Federal Reserve and markets anticipated rate hikes of approximately 80 basis points to reduce inflation to a long-term target of 2.0%. Fixed-income markets reacted to inflation data and the Federal Reserve's aggressive monetary policy changes by pushing up interest rates across the U.S. Treasury yield curve. The benchmark 10-year U.S. Treasury yield increased 237 basis points in 2022, its largest annual increase since the 1950s. It finished the year at 3.88% — down modestly from its October peak of 4.25%. The yield on the 2-year U.S. Treasury increased by 369 basis points and finished the year at 4.43%. This resulted in an inverted yield curve during the second half of 2022.

Security spreads relative to the U.S. Treasury yield curve widened for all major fixed-income sectors in 2022. With the increase in interest rates and widening of credit spreads, all major fixed-income sectors declined in 2022. The U.S. Aggregate Index declined 13.0% in 2022, its worst annual decline since its inception in 1977. The U.S. Government Agency RMBS was impacted by historically tight credit spreads, the Federal Reserve discontinuing its asset purchase program, and less demand from banks. In result, it underperformed the U.S. Aggregate Index by 2.2%. U.S. Investment Grade Corporate Index posted a return of -15.7%. Taxable Municipal securities returned -17.9%. The U.S. Treasury Index declined 12.4% and the U.S. Treasury Inflation Protection Index declined 11.9%. With the sharp increase in interest rates in 2022, fixed-income bond funds had record net redemptions of $331 billion and increased market volatility within the period.

Total mortgages securities guaranteed by Fannie Mae and Freddie Mac represented 62.0% of the WesMark Government Bond Fund ("the Fund") as of December 31, 2022, as compared to 71.0% of the Fund as of December 31, 2021. Within the mortgage allocation, Fannie Mae and Freddie Mac guaranteed mortgage pools (MBS) accounted for 17.0%, Collateralized Mortgage Obligations (CMOs) 21.0%, and Commercial Mortgage Securities (CMBs) 24.0%. Small Business Administration securities accounted for 2.0%. U.S. Government Agency Securities accounted for 2.0%, U.S. Treasury Securities accounted for 4.0%. Investment Grade Corporate Bonds accounted for 4.0% and taxable municipal securities were 17.0%.

The Fund had a total return of -17.1% for calendar year 2022. The Barclay's U.S. Government Credit Bond Index declined 13.6% and the Lipper General U.S. Government Bond Fund average return was -13.0% for the same period. The duration of the securities within the Fund was 5.9 years as of December 31, 2022, compared to 5.1 year as of December 31, 2021. The duration of the Barclays U.S. Government Credit Index was 6.4 years at the end of the period. The taxable municipal sector accounted for 17.0% of the portfolio, a decline of approximately 3.0% from 2021. In 2022, taxable municipal issuance declined 56.0% compared to 2021. The sector was adversely affected by the decline in advance refunding transactions. In the wake of the Tax Cuts and Jobs Act (2017), advance refunding had generally been executed using federally taxable municipal bonds. As interest rates increased during the period, the strategy of replacing higher-yield, tax-exempt bonds with lower-yielding, taxable debt was no longer feasible.

The weighted average maturity of the taxable municipal securities was 14.8 years with a modified duration of 10.9 years. The average maturity of the Taxable Municipal Bond Index was 13.0 years with a modified duration of 8.3 years. The modified duration of the U.S. Investment Grade Corporate Index was 7.1 years. The additional duration of the taxable municipal allocation, as compared to the duration of the Taxable Municipal Bond Fund Index, and as compared to the duration of the U.S. Investment Grade Corporate Index, diverted attention from the performance of the Fund relative to its benchmark during the rising interest rate environment of 2022.

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| Annual Report \| December 31, 2022 | ![](fp0082272-1_05.jpg)<sub>11</sub> |

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<u>Management's Discussion of Fund Performance</u>   <br> WesMark Government Bond Fund December 31, 2022 (Unaudited)

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| | | | |
|:---|:---|:---|:---|
| **TOP 10 BOND HOLDINGS**<br>**Name** | <br>**Rate** | <br>**Maturity** | <br>**% of Total**<br>**Net Assets** |
| Fannie Mae REMICS FNR 2021-18 MC | 1.500% | DUE 3/25/2051 | 3.7% |
| Government National Mortgage Association GNR 2021-180 AM | 1.750% | DUE 11/16/2063 | 3.5% |
| Fannie Mae Pool FN MA4656 | 4.500% | DUE 7/1/2052 | 2.5% |
| Fannie Mae Pool FN MA4626 | 4.000% | DUE 6/1/2052 | 2.4% |
| Freddie Mac Pool FR SD8222 | 4.000% | DUE 6/1/2052 | 2.4% |
| Fannie Mae REMICS FNR 2022-83 DA | 6.000% | DUE 1/25/2048 | 2.1% |
| Government National Mortgage Association GNR 2021-150 AP | 1.750% | DUE 11/16/2063 | 2.1% |
| Government National Mortgage Association GNR 2021-195 AL | 1.500% | DUE 8/16/2063 | 1.9% |
| Government National Mortgage Association GNR 2020-150 AM | 1.400% | DUE 12/16/2062 | 1.8% |
| Government National Mortgage Association GNR 2022-4 B | 1.900% | DUE 2/16/2061 | 1.8% |
| Total Net Assets |  |  | 24.2% |

---

 

*Also see Glossary of Terms on page 77.*

***Performance data quoted represents past performance which is no guarantee of future results.***

 ****

***An investment in the Fund involves risk, including loss of principal. Investment in the Fund is subject to investment risks, including, without limitation, market risk, credit risk, interest rate risk, risks related to ETF net asset value and market price, foreign securities risk, commodity risk, manager risks, risks of investing in real estate investment trust (REITs), and risks related to company size.***

***The views in this report were those of the Fund Managers as of the letter's publication date and may not reflect his views on the date this letter is first distributed or anytime thereafter. These views are intended to assist readers in understanding the Fund's investment methodology and do not constitute investment advice.***

*Lipper, Inc., a Reuters company, is a nationally recognized organization that ranks the performance of mutual funds within a universe of funds that have similar investment objectives. Rankings are historical and are based on total return with capital gains and dividends reinvested. For the 10-, 5-, 3-, and 1-year periods, the Government Bond Fund was ranked 52 out of 55, 61 out of 66, 64 out of 68, and 67 out of 72 as of 12/31/22 in the U.S. Government Bond Funds category. Lipper does not guarantee the accuracy of this information. Lipper rankings are not intended to predict future results.*

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| 12 | ![](fp0082272-1_05.jpg) | www.wesmarkfunds.com |

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  <u>Management's Discussion of Fund Performance</u> <br> December 31, 2022 (Unaudited) WesMark Government Bond Fund

**GROWTH of $10, 000 invested in WesMark Government Bond Fund**

The graph below illustrates the hypothetical investment of $10,000\* in the WesMark Government Bond Fund (the "Fund") from December 31, 2012 to December 31, 2022, compared to the Barclays Capital Intermediate U.S. Government/Credit Index ("BCIGCI")\*\*, the Lipper Intermediate U.S. Government Funds Average ("LIGFA")\*\*\*, and the Lipper General U.S. Government Funds Average ("LGUSFA").\*\*\*\*

![](fp0082272-1_09.jpg)

**AVERAGE ANNUAL TOTAL RETURN for the periods ended December 31, 2022**

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| | | |
|:---|:---|:---|
| **1 Year** | **5 Years** | **10 Years** |
| -17.11% | -2.16% | -0.74% |

---

Total Annual Fund Operating Expense (as of most current Prospectus): 1.03%

***Performance data quoted represents past performance which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For current to the most recent month end performance and after-tax returns call 1-800-864-1013. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Mutual funds are not obligations of or guaranteed by any bank and are not federally insured.***

*Bond prices are sensitive to changes in interest rates and a rise in interest rates can cause a decline in their prices. The value of some mortgage-backed securities may be particularly sensitive to changes in prevailing interest rates, and although the securities are generally supported by some form of government or private insurance, there is no assurance that private guarantors or insurers will meet their obligations.*

 

*\** *Represents a hypothetical investment of $10,000 in the Fund. The Fund's performance assumes the reinvestment of all dividends and distributions. The BCIGCI, LIGFA and the LGUSFA have been adjusted to reflect reinvestment of dividends on securities in the index and averages.*

*\*\** *The BCIGCI is an unmanaged market value weighted performance index for government and corporate fixed rate debt issues with maturities between one and ten years. The BCIGCI is not adjusted to reflect sales charges, expenses or other fees that the SEC requires to be reflected in the Fund's performance. The index is unmanaged and unlike the Fund, is not affected by cash flows. It is not possible to invest directly in an index.* 

*\*\*\** *The information presented for the LIGFA is the average of the total returns of funds designated by Lipper as falling into the category of funds that invest primarily in securities issued or guaranteed by the U.S. government, its agencies, or its instrumentalities, with dollar-weighted average maturities of five to ten years. Lipper averages do not reflect sales charges. It is not possible to invest directly in an average.* 

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| | |
|:---|:---|
| *\*\*\*\** | *The information presented for the LGUSFA is the average total returns of funds designated by Lipper as falling into the category of funds that invest primarily in U.S. government and agency issues. Lipper averages do not reflect sales charges. It is not possible to invest directly in an average.* |

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| Annual Report \| December 31, 2022 | ![](fp0082272-1_05.jpg)<sub>13</sub> |

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<u>Management's Discussion of Fund Performance</u>   <br> WesMark West Virginia Municipal Bond Fund December 31, 2022 (Unaudited)

The aggressive effort from the Federal Reserve to curb generational high inflation reading also affected the municipal fixed income markets. The year began with Russia's invasion of Ukraine, which led to higher energy and global food prices. In addition, the Chinese government's response to COVID was to lockdown the region in order to drive COVID cases to zero. This policy allowed supply chain constraints to persist. However, domestic demand placed further upward pressure on prices. During 2022, the U.S. unemployment rate declined from 3.7% to 3.5% as approximately 4.5 million people were hired. Wage inflation remained above 5% as employers sought to attract and retain employees.

The result was inflation readings that peaked at a four-decade high. The Consumer Price Index began the year at 7.0% and steadily rose to 9.1% in June 2022. This reading steadily fell for the reminder of the year to close at a year-over-year increase of 6.5%. Part of the decrease can be traced to the moderation in prices as supply chains issues improved throughout the year. However, the bulk of the decline is due to the aggressive actions of the Federal Reserve.

The Federal Reserve began to increase the Federal Funds Rate in March 2022. The change was a result of the Federal Reserve acknowledgment that inflation was no longer "transitory" but "sticky." The pace of change accelerated as the Consumer Price Index gathered momentum over the course of the year. The Federal Funds Rate was raised seven times in 2022 for a total increase of 425 basis points.

Entering the period, the Federal Reserve and markets anticipated rate hikes of approximately 80 basis points to reduce inflation to a long-term target of 2.0%. Fixed-income markets reacted to inflation data and the Federal Reserve's aggressive monetary policy changes by pushing up interest rates across the U.S. Treasury yield curve. The benchmark 10-year U.S. Treasury yield increased 237 basis points in 2022, its largest annual increase since the 1950s. It finished the year at 3.88% — down modestly from its October peak of 4.25%. The yield on the 2-year U.S. Treasury increased by 369 basis points and finished the year at 4.43%. This resulted in an inverted yield curve during the second half of 2022.

The yield on a one-year, AAA rated, tax-exempt municipal increased 263 basis points while 10-year and 30-year yields increased 159 basis points and 209 basis points, respectively. The magnitude of the move in short-term interest rates created an inverted yield curve between the 1-year and

10-year, AAA-rated, tax-exempt municipals. For 2022, short-term maturities (1-5 years) out-performed longer maturities (22+ years), and wider credit spreads led to AAA-rated, tax-exempt municipals outperforming lower quality issues. For 2022, the Bloomberg Municipal Bond Index return was -8.5%, AAA-rated municipal bonds had a return of -7.9%, and BBB-rated securities had a return of -11.6%.

The duration of the West Virginia Municipal Bond Fund ("the Fund") was 5.9 years as of December 31, 2022, compared to 3.8 years on December 31, 2021. The net-investment income (excluding capital gain distributions) was $0.18 per share for the period, compared to $0.18 for the prior period. Approximately 97% of the dividend was derived from West Virginia Municipal securities and is exempt from federal and state income tax for West Virginia residents. At the end of the period, 86% of the securities within the fund were A-rated or higher with 7% being AAA-rated.

The Fund had a total return of -7.9%. The Lipper Other States Municipal Debt Fund return was -9.6%. The Bloomberg Barclay's Municipal 5-year index return was -5.3%. The Fund's higher credit quality, shorter duration, and maturity structure enhanced its performance relative to the Lipper Other States Municipal benchmark.

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| 14 | ![](fp0082272-1_05.jpg) | www.wesmarkfunds.com |

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  <u>Management's Discussion of Fund Performance</u> <br> December 31, 2022 (Unaudited) WesMark West Virginia Municipal Bond Fund

**TOP 10 BOND HOLDINGS**

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| | |
|:---|:---|
| <br>**Name** | **% of Total**<br>**Net Assets** |
| Ohio County Board of Education | 3.0% |
| West Virginia Water Development Authority Infrastructure Revenue Bonds (West Virginia Infrastructure Jobs Program) | 2.9% |
| Jefferson County Board of Education | 2.5% |
| Hancock, WV | 2.2% |
| Monongalia County Building Commission | 2.0% |
| West Virginia Higher Education Policy Commission Revenue Bonds (Higher Education Facilities) | 2.0% |
| Mason County Public Service District Water Revenue | 1.8% |
| Cabell County Board of Education | 1.8% |
| Hampshire County, West Virginia, Building Commission Revenue Bonds | 1.7% |
| West Virginia Economic Development Authority Lease Revenue Bonds (State Office Building & Parking Lot) | 1.7% |
| Total Net Assets | 21.6% |

---

*Also see Glossary of Terms on page 77.*

***Performance data quoted represents past performance which is no guarantee of future results.***

***An investment in the Fund involves risk, including loss of principal. Investment in the Fund is subject to investment risks, including, without limitation, market risk, credit risk, interest rate risk, risks related to ETF net asset value and market price, foreign securities risk, commodity risk, manager risks, risks of investing in real estate investment trust (REITs), and risks related to company size.***

***The views in this report were those of the Fund Managers as of the letter's publication date and may not reflect his views on the date this letter is first distributed or anytime thereafter. These views are intended to assist readers in understanding the Fund's investment methodology and do not constitute investment advice.***

*Lipper, Inc., a Reuters company, is a nationally recognized organization that ranks the performance of mutual funds within a universe of funds that have similar investment objectives. Rankings are historical and are based on total return with capital gains and dividends reinvested. For the 10-, 5-, 3-, and 1-year periods, the West Virginia Municipal Bond Fund was ranked 99 out of 152, 144 out of 205, 93 out of 220, and 45 out of 221 as of 12/31/22 in the Other States Municipal Debt Funds category. Lipper does not guarantee the accuracy of this information. Lipper rankings are not intended to predict future results.*

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|:---|:---|:---|
| Annual Report \| December 31, 2022 | ![](fp0082272-1_05.jpg) | 15 |

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<u>Management's Discussion of Fund Performance</u>   <br> WesMark West Virginia Municipal Bond Fund December 31, 2022 (Unaudited)

**GROWTH of $10,000 invested in WesMark West Virginia Municipal Bond Fund**

The graph below illustrates the hypothetical investment of $10,000\* in the WesMark West Virginia Municipal Bond Fund (the "Fund") from December 31, 2012 to December 31, 2022, compared to the Bloomberg Barclays Capital Municipal Bond 5 Year Total Return Index ("BCM5I")\*\*, the Lipper Intermediate Municipal Debt Funds Average ("LIMDFA")\*\*\* and the Lipper Other States Muni Debt Fund Average ("LOSMFA").\*\*\*\*

![](fp0082272-1_10.jpg)

**AVERAGE ANNUAL TOTAL RETURN for the periods ended December 31, 2022** 

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| | | |
|:---|:---|:---|
| **1 Year** | **5 Years** | **10 Years** |
| -7.84% | 0.18% | 1.10% |

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Total Annual Fund Operating Expense (as of most current Prospectus): 1.11%

***Performance data quoted represents past performance which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For current to the most recent month end performance and after-tax returns call 1-800-864-1013. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Mutual funds are not obligations of or guaranteed by any bank and are not federally insured.***

*Bond prices are sensitive to changes in interest rates and a rise in interest rates can cause a decline in their prices.*

*\** *Represents a hypothetical investment of $10,000 in the Fund. The Fund's performance assumes the reinvestment of all dividends and distributions. The BCM5I, LOSMFA and the LIMDFA have been adjusted to reflect reinvestment of dividends on securities in the index and average.*

*\*\** *The BCM5I is an unmanaged market value weighted performance index for major municipal bonds of all quality ratings with an average maturity of approximately five years. BCM5I is not adjusted to reflect sales charges, expenses, or other fees that the SEC requires to be reflected in the Fund's performance. The index is unmanaged and unlike the Fund, is not affected by cash flows. It is not possible to invest directly in an index.* 

*\*\*\** *The LIMDFA is an unmanaged index of funds that invest in municipal debt issues with dollar-weighted average maturities of five to ten years. These figures do not reflect sales charges. It is not possible to invest directly in an average.* 

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| | |
|:---|:---|
| *\*\*\*\** | *The LOSMFA is an unmanaged index of funds that limit assets to those securities exempt from taxation in a specified state or city. These figures do not reflect sales charges. It is not possible to invest directly in an average.* |

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| 16 | ![](fp0082272-1_05.jpg) | www.wesmarkfunds.com |

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  <u>Management's Discussion of Fund Performance</u> <br> December 31, 2022 (Unaudited) WesMark Tactical Opportunity Fund

The WesMark Tactical Opportunity Fund ('the Fund") began 2022 with an allocation to equity markets that was toward the upper end of our target, largely due to our belief that the U.S. economy would continue to post solid growth rates. Supply chain constraints led to the U.S. economy reporting negative GDP growth rates in the first and second quarter. With improvements in the supply chain and steadfast demand, economic growth recovered in the second half of the year. However, these conditions resulted in inflation shooting to its highest rate in decades. The upper bound of the Federal Funds rate started 2022 at 0.25%. As inflation readings accelerated and proved more persistent than initially expected, the Federal Reserve's rate and pace quickened. Federal Funds rates ended 2022 at 4.50% and saw four 0.75% increases. The aggressive actions from the Federal Reserve caused many investors to become concerned that the rapid increase in rates would slow economic activity.

In the first half of 2022, the Fund's holdings were skewed toward the upper end of the range in equities. Within this asset class, we held positions that were value-focused and held a slight tilt toward more cyclical sectors. The fixed-income allocation was slightly below the neutral weighting with a duration that was in line with the benchmark.

The yield on the 10-year Treasury began the year at 1.51%; however, by the end of the second quarter, yields stood at 3.01%. As domestic economic growth accelerated and inflation remained, elevated yields on the 10-yr Treasury continued to rise, closing October above 4.0%. That marked the highest level since 2007. As a result, by the start of the fourth quarter, we had moved our fixed-income allocation well above the neutral weighting. In addition, equities were slightly underweight with a basis toward more defensive sectors.

As we closed out 2022, the Fund was 48.9% invested in equities, 42% in fixed income, and 5.3% in alternatives. This focused primarily on domestic assets with a preference for value and defensive holdings. The Fund's fixed-income allocation remained near the neutral level of our target, given our view on interest rates over the next several quarters. The year-end allocation was focused on corporate debt with a smaller holding in inflation-protected securities.

For the year, the Fund posted a total return of -12.38% compared to the Lipper Flexible Funds category return of -13.4%. On a trailing five-year, the Fund reported a 3.7% annualized return compared to the Lipper category's 2.9% annualized return. Since the Fund's inception, March 1, 2017, the WesMark Tactical Opportunity Fund has posted an annualized total return of 4.6%. That compares to the MSCI All World Index's return of 9.0% and the U.S. BarCap Aggregate Bond Index's return of 1.0% for the same period.

The Russian invasion of Ukraine drove commodity prices higher. As a result, the Fund's position in the Invesco Optimum Yield Diversified Commodity Strategy ETF was accretive to performance. This holding rose 19.3% while equity and fixed-income markets declined for the year. During this period of equity market volatility, allocations to defensive sectors were also positive for performance. The SPDR Consumer Staples Select Sector Fund and the SPDR Utilities Select Sector Fund rose 8.4% and 1.3%, respectively. In addition, the SPDR Gold ETF fell by 1.0%. From a size and style perspective, the focus on value stocks helped returns for the year. The Vanguard Mega Cap Value ETF fell 1.2% for the year while the iShares Russell 2000 Index ETF declined by 21.8% and trailed the broad benchmark.

Within the Fund's fixed-income allocation, the focus on shorter-duration holdings helped performance for the period. The iShares Barclays 1-3 year Treasury Bond ETF was unchanged for the holding period, while the Invesco Senior Loan ETF was down 1.4%. Tactical allocations to traditional fixed income provided positive relative returns. The iShares Core U.S. Agg. Bond ETF and Vanguard Total Bond ETF dropped 4.6% and 9.6%, respectively. For 2022, the Bloomberg U.S. BarCap Aggregate Bond Index fell 13.0%.

The top 10 holdings accounted for 77.0% of the overall market value of the Fund.

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|:---|:---|:---|
| Annual Report \| December 31, 2022 | ![](fp0082272-1_05.jpg) | 17 |

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<u>Management's Discussion of Fund Performance</u>   <br> WesMark Tactical Opportunity Fund December 31, 2022 (Unaudited)

**TOP 10 EQUITY HOLDINGS**

---

| | |
|:---|:---|
| <br>**Security Name** | **% of Total**<br>**Net Assets** |
| iShares iBoxx $ Investment Grade Corporate Bond ETF | 12.0% |
| iShares® Core U.S. Aggregate Bond ETF | 11.1% |
| Vanguard Mega Cap Value ETF | 10.5% |
| iShares 1-3 Year Treasury Bond ETF | 9.3% |
| iShares Trust iShares 1-5 Year Investment Grade Corporate Bond ETF | 7.4% |
| SPDR S&P 500 ETF Trust | 6.2% |
| SPDR Gold Shares | 5.3% |
| Health Care Select Sector SPDR Fund | 5.3% |
| iShares Russell 2000 ETF | 5.0% |
| Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF | 4.6% |
| Total Net Assets | 76.7% |

---

 

*Also see Glossary of Terms on page 77.*

***Performance data quoted represents past performance which is no guarantee of future results.***

***Diversification does not eliminate the risk of experiencing investment losses.***

***An investment in the Fund involves risk, including loss of principal. Investment in the Fund is subject to investment risks, including, without limitation, market risk, credit risk, interest rate risk, risks related to ETF net asset value and market price, foreign securities risk, commodity risk, manager risks, risks of investing in real estate investment trust (REITs), and risks related to company size.***

***The views in this report were those of the Fund Managers as of the letter's publication date and may not reflect his views on the date this letter is first distributed or anytime thereafter. These views are intended to assist readers in understanding the Fund's investment methodology and do not constitute investment advice.***

*Lipper, Inc., a Reuters company, is a nationally recognized organization that ranks the performance of mutual funds within a universe of funds that have similar investment objectives. Rankings are historical and are based on total return with capital gains and dividends reinvested. For the 5-, 3-, and 1-year periods, the Tactical Opportunity Fund was ranked 129 out of 379, 172 out of 423, and 194 out of 477 as of 12/31/22 in the Flexible Portfolio Funds category. Lipper does not guarantee the accuracy of this information. Lipper rankings are not intended to predict future results.*

 

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|:---|:---|:---|
| 18 | ![](fp0082272-1_05.jpg) | www.wesmarkfunds.com |

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  <u>Management's Discussion of Fund Performance</u> <br> December 31, 2022 (Unaudited) WesMark Tactical Opportunity Fund

**GROWTH of $10,000 invested in WesMark Tactical Opportunity Fund**

The graph below illustrates the hypothetical investment of $10,000\* in the WesMark Tactical Opportunity Fund (the "Fund") from March 1, 2017 to December 31, 2022, compared to the Tactical Composite Index ("Composite")\*\*, The Hedge Fund Research, Inc. (HFRI) Fund of Funds Composite Index \*\*\*, and the Lipper Flexible Portfolio Funds\*\*\*\*

![](fp0082272-1_11.jpg)

**AVERAGE ANNUAL TOTAL RETURN for the periods ended December 31, 2022**

---

| | | |
|:---|:---|:---|
| **1 Year** | **5 Year** | **Since Inception <br> (3/1/17)** |
| -12.38% | 3.67% | 4.56% |

---

Total Annual Fund Operating Expense (as of most current Prospectus): 1.66%

 ****

***Performance data quoted represents past performance which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For current to the most recent month end performance and after-tax returns call 1-800-864-1013. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Mutual funds are not obligations of or guaranteed by any bank and are not federally insured.***

*\** *Represents a hypothetical investment of $10,000 in the Fund. The Fund's performance assumes the reinvestment of all dividends and distributions. The Composite, the MSCI ACWI and the US BarCap Agg have been adjusted to reflect reinvestment of dividends on securities in the index and average.*

*\*\** *The Tactical Composite Index is comprised of a combination of 60% of MSCI All World Index ("ACWI") 30% Bloomberg Barclays US Aggregate Index and 10% of HFRI Fund of Funds Index. The Tactical Composite Index is not adjusted to reflect sales charges, expenses, or other fees that the SEC requires to be reflected in the Fund's performance. The index is unmanaged and unlike the Fund, is not affected by cash flows. It is not possible to invest directly in an index.* 

*\*\*\** *The Hedge Fund Research, Inc. (HFRI) Fund of Funds Composite Index is an equal weighted index that consists of over 800 constituent hedge funds, including both domestic and offshore funds. The HFRI is not adjusted to reflect sales charges, expenses, or other fees that the SEC requires to be reflected in the Fund's performance. The index is unmanaged and unlike the Fund, is not affected by cash flows. It is not possible to invest directly in an index.*

---

| | |
|:---|:---|
| *\*\*\*\** | *The Lipper Flexible Portfolio Funds is an unmanaged index of funds that allocate their investments to both domestic and foreign securities across traditional asset classes with a focus on total return. The traditional asset classes utilized are common stocks, bonds, and money market instruments. Lipper Flexible Portfolio Funds is not adjusted to reflect sales charges, expenses, or other fees that the SEC requires to be reflected in the Fund's performance. The index is unmanaged and unlike the Fund, is not affected by cash flows. It is not possible to invest directly in an index.* |

---

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| | | |
|:---|:---|:---|
| Annual Report \| December 31, 2022 | ![](fp0082272-1_05.jpg) | 19 |

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<u>Portfolio of Investments Summary Table</u>   <br> WesMark Small Company Fund\* December 31, 2022 (Unaudited)

As of December 31, 2022, the Fund's Portfolio Composition<sup>(1)</sup> was as follows:

---

| | |
|:---|:---|
| <br>**Portfolio Composition** | **Percentage of**<br>**Total Net Assets** |
| COMMON STOCKS | 94.8% |
| SHORT TERM INVESTMENTS<sup>(2)</sup> | 5.2% |
| EXCHANGE TRADED FUNDS (ETF) | 1.9% |
| OTHER ASSETS AND LIABILITIES - NET<sup>(3)</sup> | -1.9% |
| TOTAL NET ASSETS | 100.0% |

---

As of December 31, 2022, the Fund's Sector composition<sup>(4)</sup> was as follows:

---

| | |
|:---|:---|
| <br>**Sector Composition** | **Percentage of**<br>**Total Net Assets** |
| Industrials | 25.2% |
| Financials | 22.2% |
| Information Technology | 15.6% |
| Health Care | 9.5% |
| Consumer Discretionary | 6.3% |
| Energy | 5.7% |
| Communication Services | 2.8% |
| Consumer Staples | 2.6% |
| Consumer, Cyclical | 1.6% |
| Materials | 1.5% |
| Exchange Traded Funds | 1.9% |
| Utilities | 0.5% |
| Consumer Non-Cyclical | 0.5% |
| Consumer Cyclical | 0.5% |
| Real Estate | 0.3% |
| Equity Portfolio Sub-Total | 96.7% |
| Short Term Investments<sup>(2)</sup> | 5.2% |
| Other Assets and Liabilities - Net<sup>(3)</sup> | -1.9% |
| Total Net Assets | 100.0% |

---

 

*\** *Prior to July 23, 2021, the WesMark Small Company Fund was known as the WesMark Small Company Growth Fund.*

*<sup>(1)</sup>* *See the Fund's Prospectus and Statement of Additional Information for a description of the types of securities in which the Fund invests.* 

*<sup>(2)</sup>* *Short Term Investments include investment in a money market mutual fund.* 

*<sup>(3)</sup>* *Assets, other than investments in securities, less liabilities.* 

*<sup>(4)</sup>* *Securities are assigned to a sector classification by the Fund's advisor.*

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| | | |
|:---|:---|:---|
| 20 | ![](fp0082272-1_05.jpg) | www.wesmarkfunds.com |

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  <u>Portfolio of Investments</u> <br> December 31, 2022 WesMark Small Company Fund

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **COMMON STOCKS-94.8%** | **COMMON STOCKS-94.8%** | |
| **COMMUNICATION SERVICES-2.8%** | **COMMUNICATION SERVICES-2.8%** | |
|  | ***Internet-1.4%*** |  |
| 33894 | Bumble, Inc.<sup>(1)</sup> | $713469 |
| 51336 | Lyft, Inc., Class A<sup>(1)</sup> | 565723 |
|  |  | 1279192 |
|  | ***Telecommunications-1.4%*** |  |
| 47527 | Extreme Networks, Inc.<sup>(1)</sup> | 870219 |
| 105929 | Planet Labs PBC<sup>(1)</sup> | 460791 |
|  |  | 1331010 |
| **TOTAL COMMUNICATION SERVICES** | **TOTAL COMMUNICATION SERVICES** | 2610202 |
| **CONSUMER** CYCLICAL-0.5%** | **CONSUMER** CYCLICAL-0.5%** |  |
|  | ***Hotel Restaurants & Leisure-0.5%*** |  |
| 22972 | Bloomin' Brands, Inc. | 462197 |
| **TOTAL CONSUMER CYCLICAL** | **TOTAL CONSUMER CYCLICAL** | 462197 |
| **CONSUMER,** CYCLICAL-1.6%** | **CONSUMER,** CYCLICAL-1.6%** |  |
|  | ***Food Service-0.5%*** |  |
| 32394 | Sovos Brands, Inc.<sup>(1)</sup> | 465502 |
|  | ***Hotel Restaurants & Leisure-0.7%*** |  |
| 4908 | Wingstop, Inc. | 675439 |
|  | ***Retail-0.4%*** |  |
| 11231 | Victoria's Secret & Co.<sup>(1)</sup> | 401845 |
| **TOTAL CONSUMER, CYCLICAL** | **TOTAL CONSUMER, CYCLICAL** | 1542786 |
| **CONSUMER** DISCRETIONARY-6.3%** | **CONSUMER** DISCRETIONARY-6.3%** |  |
|  | ***Apparel-1.2%*** |  |
| 10313 | Crocs, Inc.<sup>(1)</sup> | 1118239 |
|  | ***Automotive Retail-2.3%*** |  |
| 10713 | Lithia Motors, Inc., Class A | 2193380 |
|  | ***Commercial Services-1.0%*** |  |
| 35615 | Driven Brands Holdings, Inc.<sup>(1)</sup> | 972646 |
|  | ***Consumer Electronics-0.6%*** |  |
| 36039 | Sonos, Inc.<sup>(1)</sup> | 609059 |
|  | ***Home Furnishings-0.5%*** |  |
| 19799 | Lovesac Co.<sup>(1)</sup> | 435776 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| | ***Retail-0.7%*** | |
| 48699 | First Watch Restaurant Group, Inc.<sup>(1)</sup> | $658897 |
| **TOTAL CONSUMER DISCRETIONARY** | **TOTAL CONSUMER DISCRETIONARY** | 5987997 |
| **CONSUMER NON-CYCLICAL-0.5%** | **CONSUMER NON-CYCLICAL-0.5%** |  |
|  | ***Cosmetics/Personal Care-0.5%*** |  |
| 8824 | elf Beauty, Inc.<sup>(1)</sup> | 487967 |
| **TOTAL CONSUMER NON-CYCLICAL** | **TOTAL CONSUMER NON-CYCLICAL** | 487967 |
| **CONSUMER STAPLES-2.6%** | **CONSUMER STAPLES-2.6%** |  |
|  | ***Agriculture-0.6%*** |  |
| 17479 | Andersons, Inc. | 611590 |
|  | ***Food-0.9%*** |  |
| 38721 | Hostess Brands, Inc.<sup>(1)</sup> | 868899 |
|  | ***Food Retail-0.6%*** |  |
| 19075 | Sprouts Farmers Market, Inc.<sup>(1)</sup> | 617458 |
|  | ***Packaged Foods & Meats-0.5%*** |  |
| 13146 | Simply Good Foods Co.<sup>(1)</sup> | 499942 |
| **TOTAL CONSUMER STAPLES** | **TOTAL CONSUMER STAPLES** | 2597889 |
| **ENERGY-5.7%** | **ENERGY-5.7%** |  |
|  | ***Oil & Gas Equipment & Services-1.3%*** |  |
| 42571 | ChampionX Corp. | 1234133 |
|  | ***Oil&Gas-4.4%*** |  |
| 14678 | Civitas Resources, Inc. | 850297 |
| 120249 | Comstock Resources, Inc. | 1648614 |
| 20494 | Matador Resources Co. | 1173077 |
| 13858 | Ranger Oil Corp.<sup>(1)</sup> | 560279 |
|  |  | 4232267 |
| **TOTAL ENERGY** | **TOTAL ENERGY** | 5466400 |
| **FINANCIALS-22.2%** | **FINANCIALS-22.2%** |  |
|  | ***Asset Management & Custody Banks-0.8%*** |  |
| 28962 | Victory Capital Holdings, Inc., Class A | 777050 |
|  | ***Insurance-1.4%*** |  |
| 24808 | Jackson Financial, Inc., Class A | 863070 |
| 9570 | Kemper Corp. | 470844 |
|  |  | 1333914 |

---

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| | | |
|:---|:---|:---|
| Annual Report \| December 31, 2022 | ![](fp0082272-1_05.jpg) | 21 |

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<u>Portfolio of Investments</u>   <br> WesMark Small Company Fund December 31, 2022

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| | ***Investment Banking & Brokerage-4.2%*** | ***Investment Banking & Brokerage-4.2%*** |
| 68311 | Stifel Financial Corp. | $3987313 |
|  | ***Regional Banks-15.5%*** |  |
| 27827 | Ameris Bancorp | 1311765 |
| 34808 | Atlantic Union Bankshares Corp. | 1223153 |
| 62942 | BankUnited, Inc. | 2138140 |
| 16169 | Banner Corp. | 1021881 |
| 37281 | Cadence Bank | 919349 |
| 23121 | Community Bank System, Inc. | 1455467 |
| 46246 | First Bancorp/Southern Pines, NC | 1981179 |
| 138330 | First Foundation, Inc. | 1982269 |
| 52504 | Old National Bancorp | 944022 |
| 8527 | South State Corp. | 651122 |
| 28160 | Trustmark Corp. | 983066 |
|  |  | 14611413 |
|  | ***REITS-0.3%*** |  |
| 19968 | Sabra Health Care REIT, Inc. | 248202 |
| **TOTAL FINANCIALS** | **TOTAL FINANCIALS** | 20957892 |
| **HEALTH CARE-9.5%** | **HEALTH CARE-9.5%** |  |
|  | ***Biotechnology-0.2%*** |  |
| 11798 | Avid Bioservices, Inc.<sup>(1)</sup> | 162458 |
|  | ***Health Care Distributors-1.1%*** |  |
| 38036 | Patterson Cos., Inc. | 1066149 |
|  | ***Health Care Equipment-1.3%*** |  |
| 6525 | AtriCure, Inc.<sup>(1)</sup> | 289579 |
| 17153 | Integra LifeSciences Holdings Corp.<sup>(1)</sup> | 961769 |
|  |  | 1251348 |
|  | ***Health Care Supplies-0.7%*** |  |
| 44496 | Neogen Corp.<sup>(1)</sup> | 677674 |
|  | ***Healthcare-Products-0.4%*** |  |
| 2362 | Integer Holdings Corp.<sup>(1)</sup> | 161702 |
| 3430 | STAAR Surgical Co.<sup>(1)</sup> | 166492 |
|  |  | 328194 |
|  | ***Healthcare-Services-2.2%*** |  |
| 38507 | Enhabit, Inc.<sup>(1)</sup> | 506752 |
| 7638 | Progyny, Inc.<sup>(1)</sup> | 237924 |
| 37733 | Select Medical Holdings Corp. | 936910 |
| 16655 | Surgery Partners, Inc.<sup>(1)</sup> | 464008 |
|  |  | 2145594 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| | ***Healthcare-Technology-0.3%*** | |
| 16531 | OptimizeRx Corp.<sup>(1)</sup> | $277721 |
|  | ***Life Sciences Tools & Services-1.7%*** |  |
| 43208 | Syneos Health, Inc.<sup>(1)</sup> | 1584869 |
|  | ***Pharmaceuticals-1.6%*** |  |
| 23152 | Corcept Therapeutics, Inc.<sup>(1)</sup> | 470217 |
| 10503 | Pacira BioSciences, Inc.<sup>(1)</sup> | 405521 |
| 11109 | Prestige Brands Holdings, Inc.<sup>(1)</sup> | 695423 |
|  |  | 1571161 |
| **TOTAL HEALTH CARE** | **TOTAL HEALTH CARE** | 9065168 |
| **INDUSTRIALS-25.2%** | **INDUSTRIALS-25.2%** |  |
|  | ***Aerospace & Defense-2.7%*** |  |
| 29619 | Moog, Inc., Class A | 2599363 |
|  | ***Building Materials-0.9%*** |  |
| 18028 | Gibraltar Industries, Inc.<sup>(1)</sup> | 827125 |
|  | ***Building Products-2.3%*** |  |
| 28646 | AAON, Inc. | 2157617 |
|  | ***Commercial Services-1.5%*** |  |
| 8808 | AMN Healthcare Services, Inc.<sup>(1)</sup> | 905639 |
| 75722 | Custom Truck One Source, Inc.<sup>(1)</sup> | 478563 |
|  |  | 1384202 |
|  | ***Construction & Engineering-8.2%*** |  |
| 28922 | Granite Construction, Inc. | 1014295 |
| 47500 | Quanta Services, Inc. | 6768750 |
|  |  | 7783045 |
|  | ***Construction Machinery & Heavy Trucks-2.2%*** |  |
| 83726 | Shyft Group, Inc. | 2081428 |
|  | ***Electronics-1.2%*** |  |
| 63250 | Celestica, Inc.<sup>(1)</sup> | 712827 |
| 27469 | TTM Technologies, Inc.<sup>(1)</sup> | 414232 |
|  |  | 1127059 |
|  | ***Environmental Control-2.4%*** |  |
| 58616 | Evoqua Water Technologies Corp.<sup>(1)</sup> | 2321194 |
|  | ***Industrials-1.8%*** |  |
| 32945 | Korn Ferry | 1667676 |

---

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|:---|:---|:---|
| 22 | ![](fp0082272-1_05.jpg) | www.wesmarkfunds.com |

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  <u>Portfolio of Investments</u> <br> December 31, 2022 WesMark Small Company Fund

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| | ***Machinery-Diversified-2.0%*** | |
| 14705 | Applied Industrial Technologies, Inc. | $1853271 |
| **TOTAL INDUSTRIALS** | **TOTAL INDUSTRIALS** | 23801980 |
| **INFORMATION TECHNOLOGY-15.6%** | **INFORMATION TECHNOLOGY-15.6%** |  |
|  | ***Application Software-2.7%*** |  |
| 81254 | Box, Inc., Class A<sup>(1)</sup> | 2529437 |
|  | ***Data Processing & Outsourced Services-1.3%*** |  |
| 49338 | I3 Verticals, Inc., Class A<sup>(1)</sup> | 1200887 |
|  | ***Electronic Components-0.5%*** |  |
| 30661 | Knowles Corp.<sup>(1)</sup> | 503454 |
|  | ***Electronic Equipment & Instruments-1.1%*** |  |
| 13427 | OSI Systems, Inc.<sup>(1)</sup> | 1067715 |
|  | ***IT Consulting & Other Services-1.4%*** |  |
| 12363 | Science Applications International | 1371428 |
|  | Corp. |  |
|  | ***Semiconductors-0.3%*** |  |
| 4022 | Ambarella, Inc.<sup>(1)</sup> | 330729 |
|  | ***Software-1.6%*** |  |
| 20203 | Evolent Health, Inc., Class A<sup>(1)</sup> | 567300 |
| 36423 | Olo, Inc.<sup>(1)</sup> | 227644 |
| 49023 | SentinelOne, Inc., Class A<sup>(1)</sup> | 715246 |
|  |  | 1510190 |
|  | ***Systems Software-4.5%*** |  |
| 6656 | Qualys, Inc.<sup>(1)</sup> | 747003 |
| 13149 | Rapid7, Inc.<sup>(1)</sup> | 446803 |
| 128208 | Varonis Systems, Inc.<sup>(1)</sup> | 3069300 |
|  |  | 4263106 |
|  | ***Technology Hardware, Storage & Peripherals-*** |  |
|  | ***2.2%*** |  |
| 78873 | Pure Storage, Inc., Class A<sup>(1)</sup> | 2110641 |
| **TOTAL INFORMATION TECHNOLOGY** | **TOTAL INFORMATION TECHNOLOGY** | 14887587 |
| **MATERIALS-1.5%** | **MATERIALS-1.5%** |  |
|  | ***Chemicals-0.8%*** |  |
| 12450 | Hawkins, Inc. | 480570 |
| 4400 | HB Fuller Co. | 315128 |
|  |  | 795698 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| | ***Packaging&Containers-0.7%*** | |
| 9839 | Greif, Inc., Class A | $659803 |
| **TOTAL MATERIALS** | **TOTAL MATERIALS** | 1455501 |
| **REAL ESTATE-0.3%** | **REAL ESTATE-0.3%** |  |
|  | ***REITS-0.3%*** |  |
| 16940 | Physicians Realty Trust | 245122 |
| **TOTAL REAL ESTATE** | **TOTAL REAL ESTATE** | 245122 |
| **UTILITIES-0.5%** | **UTILITIES-0.5%** |  |
|  | ***Electric-0.5%*** |  |
| 8547 | Otter Tail Corp. | 501794 |
| **TOTAL UTILITIES** | **TOTAL UTILITIES** | 501794 |
| **TOTAL COMMON STOCKS** | **TOTAL COMMON STOCKS** |  |
| (Cost $62,175,899) | (Cost $62,175,899) | 90070482 |
| **EXCHANGE TRADED FUNDS-1.9%** | **EXCHANGE TRADED FUNDS-1.9%** |  |
| 5368 | iShares® Russell 2000® ETF | 935965 |
| 4534 | Vanguard® Small-Cap ETF | 832170 |
| **TOTAL EXCHANGE TRADED FUNDS** | **TOTAL EXCHANGE TRADED FUNDS** |  |
| (Cost $1,749,581) | (Cost $1,749,581) | 1768135 |
| **SHORT TERM** INVESTMENTS-5.2%** | **SHORT TERM** INVESTMENTS-5.2%** |  |
|  | ***Mutual Funds-5.2%*** |  |
| 4894087 | Federated Hermes Government Obligations Fund, Premier Class, 7-Day Yield 4.147% (at net asset value) | 4894087 |
| **TOTAL SHORT TERM INVESTMENTS** | **TOTAL SHORT TERM INVESTMENTS** |  |
| (Cost $4,894,087) | (Cost $4,894,087) | 4894087 |
| **TOTAL INVESTMENTS-101.9%** | **TOTAL INVESTMENTS-101.9%** |  |
| (Cost $68,819,567) | (Cost $68,819,567) | 96732704 |
| **OTHER ASSETS AND LIABILITIES-NET<sup>(2)</sup>-(1.9)%** | **OTHER ASSETS AND LIABILITIES-NET<sup>(2)</sup>-(1.9)%** | (1806579) |
| **NET ASSETS-100.0%** | **NET ASSETS-100.0%** | $94926125 |

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| | | |
|:---|:---|:---|
| Annual Report \| December 31, 2022 | ![](fp0082272-1_05.jpg) | 23 |

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<u>Portfolio of Investments</u>   <br> WesMark Small Company Fund December 31, 2022 <br>

 

*<sup>(1)</sup>* *Non-income producing security.*

*<sup>(2)</sup>* *Assets, other than investments in securities, less liabilities.*

*Note* - *The categories of investments are shown as a percentage of net assets as of December 31, 2022*.

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

 

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| | | |
|:---|:---|:---|
| 24 | ![](fp0082272-1_05.jpg) | www.wesmarkfunds.com |

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  <u>Portfolio of Investments Summary Table</u> <br> December 31, 2022 (Unaudited) WesMark Large Company Fund\*

As of December 31, 2022, the Fund's Portfolio Composition<sup>(1)</sup> was as follows:

---

| | |
|:---|:---|
| <br>**Portfolio Composition** | **Percentage of**<br>**Total Net Assets** |
| COMMON STOCKS | 96.1% |
| SHORT TERM INVESTMENTS<sup>(2)</sup> | 4.8% |
| OTHER ASSETS AND LIABILITIES - NET<sup>(3)</sup> | -0.9% |
| TOTAL NET ASSETS | 100.0% |

---

As of December 31, 2022, the Fund's Sector composition<sup>(4)</sup> was as follows:

---

| | |
|:---|:---|
| <br>**Sector Composition** | **Percentage of**<br>**Total Net Assets** |
| Information Technology | 31.4% |
| Health Care | 23.0% |
| Industrials | 10.7% |
| Financials | 9.7% |
| Consumer Discretionary | 8.5% |
| Energy | 6.1% |
| Consumer Staples | 5.0% |
| Materials | 1.4% |
| Consumer, Cyclical | 0.3% |
| Equity Portfolio Sub-Total | 96.1% |
| Short Term Investments<sup>(2)</sup> | 4.8% |
| Other Assets and Liabilities - Net<sup>(3)</sup> | -0.9% |
| Total Net Assets | 100.0% |

---

 

*\** *Prior to July 23, 2021, the WesMark Large Company Fund was known as the WesMark Growth Fund.*

*<sup>(1)</sup>* *See the Fund's Prospectus and Statement of Additional Information for a description of the types of securities in which the Fund invests.* 

*<sup>(2)</sup>* *Short Term Investments include investment in a money market mutual fund.* 

*<sup>(3)</sup>* *Assets, other than investments in securities, less liabilities.* 

*<sup>(4)</sup>* *Securities are assigned to a sector classification by the Fund's advisor.*

---

| | | |
|:---|:---|:---|
| Annual Report \| December 31, 2022 | ![](fp0082272-1_05.jpg) | 25 |

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<u>Portfolio of Investments</u>   <br> WesMark Large Company Fund December 31, 2022

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **COMMON STOCKS-96.1%** | **COMMON STOCKS-96.1%** | |
| **CONSUMER, CYCLICAL-0.3%** | **CONSUMER, CYCLICAL-0.3%** | |
| | ***Retail-0.3%*** | |
| 2755 | Lululemon Athletica, Inc.<sup>(1)</sup> | $882647 |
| **TOTAL CONSUMER, CYCLICAL** | **TOTAL CONSUMER, CYCLICAL** | 882647 |
| **CONSUMER DISCRETIONARY-8.5%** | **CONSUMER DISCRETIONARY-8.5%** |  |
|  | ***Distribution/Wholesale-0.3%*** |  |
| 14507 | LKQ Corp. | 774819 |
|  | ***General Merchandise Stores-0.7%*** |  |
| 7151 | Dollar Tree, Inc.<sup>(1)</sup> | 1011437 |
| 7637 | Target Corp. | 1138218 |
|  |  | 2149655 |
|  | ***Home Improvement Retail-2.8%*** |  |
| 25500 | Home Depot, Inc. | 8054430 |
|  | ***Internet & Direct Marketing Retail-3.4%*** |  |
| 116093 | Amazon.com, Inc.<sup>(1)</sup> | 9751812 |
|  | ***Restaurants-1.0%*** |  |
| 765 | Chipotle Mexican Grill, Inc.<sup>(1)</sup> | 1061430 |
| 27991 | Restaurant Brands International, Inc. | 1810178 |
|  |  | 2871608 |
|  | ***Retail-0.3%*** |  |
| 4088 | Tractor Supply Co. | 919677 |
| **TOTAL CONSUMER DISCRETIONARY** | **TOTAL CONSUMER DISCRETIONARY** | 24522001 |
| **CONSUMER STAPLES-5.0%** | **CONSUMER STAPLES-5.0%** |  |
|  | ***Agricultural Products-0.3%*** |  |
| 8622 | Archer-Daniels-Midland Co. | 800553 |
|  | ***Distillers & Vintners-2.4%*** |  |
| 29956 | Constellation Brands, Inc., Class A | 6942303 |
|  | ***Food & Staples Retailing-0.6%*** |  |
| 25868 | BJ's Wholesale Club Holdings, Inc.<sup>(1)</sup> | 1711427 |
|  | ***Household Products-0.5%*** |  |
| 9149 | Procter & Gamble Co. | 1386622 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| | ***Packaged Foods & Meats-1.2%*** | |
| 52742 | Mondelez International, Inc., Class A | $3515254 |
| **TOTAL CONSUMER STAPLES** | **TOTAL CONSUMER STAPLES** | 14356159 |
| **ENERGY-6.1%** | **ENERGY-6.1%** |  |
|  | ***Energy-Alternate Sources-0.4%*** |  |
| 4565 | Enphase Energy, Inc.<sup>(1)</sup> | 1209542 |
|  | ***Oil & Gas Exploration & Production-4.1%*** |  |
| 52028 | Antero Resources Corp.<sup>(1)</sup> | 1612348 |
| 53642 | ConocoPhillips | 6329756 |
| 33109 | Devon Energy Corp. | 2036535 |
| 9479 | Diamondback Energy, Inc. | 1296538 |
| 2959 | Pioneer Natural Resources Co. | 675806 |
|  |  | 11950983 |
|  | ***Oil&Gas-0.7%*** |  |
| 77396 | Coterra Energy, Inc. | 1901620 |
|  | ***Oil, Gas & Consumable Fuels-0.9%*** |  |
| 22820 | Exxon Mobil Corp. | 2517046 |
| **TOTAL ENERGY** | **TOTAL ENERGY** | 17579191 |
| **FINANCIALS-9.7%** | **FINANCIALS-9.7%** |  |
|  | ***Asset Management & Custody Banks-3.1%*** |  |
| 11770 | BlackRock, Inc. | 8340575 |
| 8887 | Blackstone Group LP | 659327 |
|  |  | 8999902 |
|  | ***Banks-1.9%*** |  |
| 80008 | Bank of America Corp. | 2649865 |
| 80098 | KeyCorp | 1395307 |
| 4513 | M&T Bank Corp. | 654656 |
| 3536 | SVB Financial Group<sup>(1)</sup> | 813775 |
|  |  | 5513603 |
|  | ***Diversified Financial Services-0.7%*** |  |
| 7278 | LPL Financial Holdings, Inc. | 1573285 |
| 6259 | Raymond James Financial, Inc. | 668774 |
|  |  | 2242059 |
|  | ***Investment Banking & Brokerage-2.4%*** |  |
| 9747 | The Goldman Sachs Group, Inc. | 3346925 |
| 39614 | Morgan Stanley | 3367982 |
|  |  | 6714907 |
|  | ***Life & Health Insurance-0.3%*** |  |
| 10171 | MetLife, Inc. | 736075 |

---

---

| | | |
|:---|:---|:---|
| 26 | ![](fp0082272-1_05.jpg) | www.wesmarkfunds.com |

---

  <u>Portfolio of Investments</u> <br> December 31, 2022 WesMark Large Company Fund

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| | ***Regional Banks-1.3%*** | |
| 96977 | Citizens Financial Group, Inc. | $3817985 |
| **TOTAL FINANCIALS** | **TOTAL FINANCIALS** | 28024531 |
| **HEALTH CARE-23.0%** | **HEALTH CARE-23.0%** |  |
|  | ***Biotechnology-4.4%*** |  |
| 29978 | AbbVie, Inc. | 4844746 |
| 23491 | Amgen, Inc. | 6169676 |
| 28000 | Royalty Pharma PLC, Class A | 1106560 |
| 2196 | Vertex Pharmaceuticals, Inc.<sup>(1)</sup> | 634161 |
|  |  | 12755143 |
|  | ***Health Care Equipment-3.0%*** |  |
| 71604 | Abbott Laboratories | 7861403 |
| 15960 | Baxter International, Inc. | 813481 |
|  |  | 8674884 |
|  | ***Life Sciences Tools & Services-3.7%*** |  |
| 14514 | IQVIA Holdings, Inc.<sup>(1)</sup> | 2973773 |
| 13979 | Thermo Fisher Scientific, Inc. | 7698096 |
|  |  | 10671869 |
|  | ***Managed Health Care-5.8%*** |  |
| 31650 | UnitedHealth Group, Inc. | 16780197 |
|  | ***Pharmaceuticals-6.1%*** |  |
| 10437 | Cigna Corp. | 3458196 |
| 17132 | Dexcom, Inc.<sup>(1)</sup> | 1940028 |
| 65707 | Merck & Co., Inc. | 7290192 |
| 34468 | Zoetis, Inc. | 5051285 |
|  |  | 17739701 |
| **TOTAL HEALTH CARE** | **TOTAL HEALTH CARE** | 66621794 |
| **INDUSTRIALS-10.7%** | **INDUSTRIALS-10.7%** |  |
|  | ***Aerospace & Defense-3.3%*** |  |
| 19400 | Howmet Aerospace, Inc. | 764554 |
| 72352 | Raytheon Technologies Corp. | 7301764 |
| 19603 | Textron, Inc. | 1387892 |
|  |  | 9454210 |
|  | ***Construction & Farm Machinery & Heavy Trucks- 0.8%*** |  |
| 5239 | Deere & Co. | 2246274 |
|  | ***Construction Machinery & Heavy Equipment- 0.3%*** |  |
| 3703 | Cummins, Inc. | 897200 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| | ***Electronics-0.4%*** | |
| 17642 | Fortive Corp. | $1133499 |
|  | ***Engineering & Construction-1.2%*** |  |
| 29946 | Jacobs Solutions, Inc. | 3595616 |
|  | ***Industrial Conglomerates-1.5%*** |  |
| 9822 | Roper Technologies, Inc. | 4243988 |
|  | ***Industrial Machinery-2.4%*** |  |
| 23460 | Parker-Hannifin Corp. | 6826860 |
|  | ***Trading Companies & Distributors-0.8%*** |  |
| 6391 | United Rentals, Inc.<sup>(1)</sup> | 2271489 |
| **TOTAL INDUSTRIALS** | **TOTAL INDUSTRIALS** | 30669136 |
| **INFORMATION** TECHNOLOGY-31.4%** | **INFORMATION** TECHNOLOGY-31.4%** |  |
|  | ***Application Software-1.9%*** |  |
| 4736 | Adobe, Inc.<sup>(1)</sup> | 1593806 |
| 28090 | Salesforce, Inc.<sup>(1)</sup> | 3724453 |
|  |  | 5318259 |
|  | ***Communication Services-1.2%*** |  |
| 40000 | Walt Disney Co.<sup>(1)</sup> | 3475200 |
|  | ***Communications Equipment-6.5%*** |  |
| 133953 | Apple, Inc. | 17404513 |
| 10662 | F5 Networks, Inc.<sup>(1)</sup> | 1530104 |
|  |  | 18934617 |
|  | ***Data Processing & Outsourced Services-3.9%*** |  |
| 25662 | Mastercard, Inc., Class A | 8923447 |
| 31251 | PayPal Holdings, Inc.<sup>(1)</sup> | 2225696 |
|  |  | 11149143 |
|  | ***Internet Software & Services-3.2%*** |  |
| 103260 | Alphabet, Inc., Class A<sup>(1)</sup> | 9110630 |
|  | ***IT Consulting & Other Services-1.9%*** |  |
| 20626 | Accenture PLC, Class A | 5503842 |
|  | ***Semiconductors-7.7%*** |  |
| 15005 | Advanced Micro Devices, Inc.<sup>(1)</sup> | 971874 |
| 28061 | Broadcom, Inc. | 15689747 |
| 93023 | ON Semiconductor Corp.<sup>(1)</sup> | 5801845 |
|  |  | 22463466 |
|  | ***Software-0.5%*** |  |
| 5680 | Crowdstrike Holdings, Inc., Class A<sup>(1)</sup> | 598047 |

---

---

| | | |
|:---|:---|:---|
| Annual Report \| December 31, 2022 | ![](fp0082272-1_05.jpg) | 27 |

---

<u>Portfolio of Investments</u>   <br> WesMark Large Company Fund December 31, 2022

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| 32645 | ZoomInfo Technologies, Inc.<sup>(1)</sup> | $982941 |
|  |  | 1580988 |
|  | ***Systems Software-4.6%*** |  |
| 37388 | Microsoft Corp. | 8966390 |
| 37879 | Oracle Corp. | 3096229 |
| 2956 | ServiceNow, Inc.<sup>(1)</sup> | 1147726 |
|  |  | 13210345 |
| **TOTAL INFORMATION TECHNOLOGY** | **TOTAL INFORMATION TECHNOLOGY** | 90746490 |
| **MATERIALS-1.4%** | **MATERIALS-1.4%** |  |
|  | ***Specialty Chemicals-1.4%*** |  |
| 31455 | PPG Industries, Inc. | 3955152 |
| **TOTAL MATERIALS** | **TOTAL MATERIALS** | 3955152 |
| **TOTAL COMMON STOCKS** | **TOTAL COMMON STOCKS** |  |
| (Cost $123,295,248) | (Cost $123,295,248) | 277357101 |
| **SHORT TERM INVESTMENTS-4.8%** | **SHORT TERM INVESTMENTS-4.8%** |  |
|  | ***Mutual Funds-4.8%*** |  |
| 13790212 | Federated Hermes Government Obligations Fund, Premier Class, 7-Day Yield 4.147% (at net asset value) | 13790212 |
| **TOTAL SHORT TERM INVESTMENTS** | **TOTAL SHORT TERM INVESTMENTS** |  |
| (Cost $13,790,212) | (Cost $13,790,212) | 13790212 |
| **TOTAL INVESTMENTS-100.9%** | **TOTAL INVESTMENTS-100.9%** |  |
| (Cost $137,085,460) | (Cost $137,085,460) | 291147313 |
| **OTHER ASSETS AND LIABILITIES-NET<sup>(2)</sup>-(0.9)%** | **OTHER ASSETS AND LIABILITIES-NET<sup>(2)</sup>-(0.9)%** | (2518477) |
| **NET ASSETS-100.0%** | **NET ASSETS-100.0%** | $288628836 |

---

 

*<sup>(1)</sup>* *Non-income producing security.*

*<sup>(2)</sup>* *Assets, other than investments in securities, less liabilities.*

*Note* - *The categories of investments are shown as a percentage of net assets as of December 31, 2022*.

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

---

| | | |
|:---|:---|:---|
| 28 | ![](fp0082272-1_05.jpg) | www.wesmarkfunds.com |

---

  <u>Portfolio of Investments Summary Table</u> <br> December 31, 2022 (Unaudited) WesMark Balanced Fund

As of December 31, 2022, the Fund's Portfolio Composition<sup>(1)</sup> was as follows:

---

| | |
|:---|:---|
| **Portfolio Composition** | **Percentage of Total Net Assets** |
| COMMON STOCKS | 62.3% |
| EXCHANGE TRADED FUNDS (ETF) | 0.3% |
| CORPORATE BONDS | 22.8% |
| U.S. TREASURY SECURITIES | 4.6% |
| U.S. GOVERNMENT AGENCY - MORTGAGE- BACKED SECURITIES | 3.7% |
| TAXABLE MUNICIPAL BONDS | 2.5% |
| COMMERCIAL MORTGAGE-BACKED SECURITIES | 1.4% |
| U.S. GOVERNMENT AGENCY - COLLATERALIZED MORTGAGE OBLIGATIONS | 0.6% |
| FIXED INCOME PORTFOLIO SUB-TOTAL | 35.6% |
| U.S. TREASURY SECURITIES | 1.0% |
| SHORT TERM INVESTMENTS<sup>(2)</sup> | 0.6% |
| OTHER ASSETS AND LIABILITIES - NET<sup>(3)</sup> | 0.2% |
| TOTAL NET ASSETS | 100.0% |

---

As of December 31, 2022, the Fund's Sector composition<sup>(4)</sup> was as follows:

---

| | |
|:---|:---|
| **Sector Composition** | **Percentage of Total Net Assets** |
| Health Care | 16.4% |
| Financials | 10.9% |
| Information Technology | 10.6% |
| Consumer Staples | 6.8% |
| Industrials | 6.1% |
| Energy | 4.8% |
| Consumer Discretionary | 4.0% |
| Utilities | 1.0% |
| Telecommunication Services | 1.0% |
| Materials | 0.7% |
| Broad Domestic Fixed Income | 0.3% |
| Equity Portfolio Sub-Total | 62.6% |
| Corporate Bonds | 22.8% |
| U.S. Treasury Securities | 4.6% |
| U.S. Government Agency - Mortgage-Backed Securities | 3.7% |
| Taxable Municipal Bonds | 2.5% |
| Commercial Mortgage-Backed Securities | 1.4% |
| U.S. Government Agency - Collateralized Mortgage Obligations | 0.6% |
| Fixed Income Portfolio Sub-Total | 35.6% |
| U.S. Treasury Securities | 1.0% |
| Short Term Investments<sup>(2)</sup> | 0.6% |
| Other Assets and Liabilities - Net<sup>(3)</sup> | 0.2% |
| Total Net Assets | 100.0% |

---

 

*<sup>(1)</sup>* *See the Fund's Prospectus and Statement of Additional Information for a description of the types of securities in which the Fund invests.* 

*<sup>(2)</sup>* *Short Term Investments include investment in a money market mutual fund.* 

*<sup>(3)</sup>* *Assets, other than investments in securities, less liabilities.* 

*<sup>(4)</sup>* *Securities are assigned to a sector classification by the Fund's advisor.*

---

| | | |
|:---|:---|:---|
| Annual Report \| December 31, 2022 | ![](fp0082272-1_05.jpg) | 29 |

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<u>Portfolio of Investments</u>   <br> WesMark Balanced Fund December 31, 2022

---

| | | |
|:---|:---|:---|
| **Shares/Principal Amount** | **Shares/Principal Amount** | **Value** |
| **COMMON STOCKS-62.3%** | **COMMON STOCKS-62.3%** | |
| **CONSUMER DISCRETIONARY-4.0%** | **CONSUMER DISCRETIONARY-4.0%** | |
| | ***Automobile Manufacturers-0.5%*** | |
| 39570 | Ford Motor Co. | $460199 |
|  | ***General Merchandise Stores-1.5%*** |  |
| 10065 | Target Corp. | 1500088 |
|  | ***Home Improvement Retail-1.6%*** |  |
| 7773 | Lowe's Cos, Inc. | 1548692 |
|  | ***Restaurants-0.4%*** |  |
| 1687 | McDonald's Corp. | 444575 |
| **TOTAL CONSUMER DISCRETIONARY** | **TOTAL CONSUMER DISCRETIONARY** | 3953554 |
| **CONSUMER STAPLES-6.8%** | **CONSUMER STAPLES-6.8%** |  |
|  | ***Food Distributors-1.1%*** |  |
| 14902 | Sysco Corp. | 1139258 |
|  | ***Hypermarkets & Super Centers-0.9%*** |  |
| 6329 | Walmart, Inc. | 897389 |
|  | ***Packaged Foods & Meats-2.1%*** |  |
| 25000 | General Mills, Inc. | 2096250 |
|  | ***Soft Drinks-2.7%*** |  |
| 14886 | PepsiCo, Inc. | 2689305 |
| **TOTAL CONSUMER STAPLES** | **TOTAL CONSUMER STAPLES** | 6822202 |
| **ENERGY-4.8%** | **ENERGY-4.8%** |  |
|  | ***Integrated Oil & Gas-4.0%*** |  |
| 21913 | Chevron Corp. | 3933164 |
|  | ***Oil & Gas Equipment & Services-0.1%*** |  |
| 2500 | Halliburton Co. | 98375 |
|  | ***Oil & Gas Refining & Marketing-0.7%*** |  |
| 5117 | Valero Energy Corp. | 649143 |
| **TOTAL ENERGY** | **TOTAL ENERGY** | 4680682 |

---

---

| | | |
|:---|:---|:---|
| **Shares/Principal Amount** | **Shares/Principal Amount** | **Value** |
| **FINANCIALS-10.9%** | **FINANCIALS-10.9%** | |
| | ***Asset Management & Custody Banks-1.2%*** | ***Asset Management & Custody Banks-1.2%*** |
| 15471 | State Street Corp. | $1200085 |
|  | ***Banks-0.3%*** |  |
| 2099 | Cullen/Frost Bankers, Inc. | 280636 |
|  | ***Consumer Finance-1.4%*** |  |
| 14396 | Discover Financial Services | 1408361 |
|  | ***Diversified Banks-3.3%*** |  |
| 13409 | JPMorgan Chase & Co. | 1798147 |
| 34000 | US Bancorp | 1482740 |
|  |  | 3280887 |
|  | ***Investment Banking & Brokerage-1.3%*** |  |
| 3805 | The Goldman Sachs Group, Inc. | 1306561 |
|  | ***Regional Banks-3.2%*** |  |
| 8000 | PNC Financial Services Group, Inc. | 1263520 |
| 42928 | Truist Financial Corp. | 1847192 |
|  |  | 3110712 |
|  | ***REITS-0.2%*** |  |
| 3500 | Realty Income Corp. | 222005 |
| **TOTAL FINANCIALS** | **TOTAL FINANCIALS** | 10809247 |
| **HEALTH CARE-16.4%** | **HEALTH CARE-16.4%** |  |
|  | ***Biotechnology-4.0%*** |  |
| 24760 | AbbVie, Inc. | 4001464 |
|  | ***Health Care Services-2.8%*** |  |
| 30000 | CVS Health Corp. | 2795700 |
|  | ***Pharmaceuticals-9.6%*** |  |
| 1444 | Cigna Corp. | 478455 |
| 9052 | Eli Lilly & Co. | 3311584 |
| 29717 | Merck & Co., Inc. | 3297101 |
| 47725 | Pfizer, Inc. | 2445429 |
|  |  | 9532569 |
| **TOTAL HEALTH CARE** | **TOTAL HEALTH CARE** | 16329733 |
| **INDUSTRIALS-6.1%** | **INDUSTRIALS-6.1%** |  |
|  | ***Air Freight & Logistics-1.7%*** |  |
| 9508 | United Parcel Service, Inc., Class B | 1652871 |

---

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| | | |
|:---|:---|:---|
| 30 | ![](fp0082272-1_05.jpg) | www.wesmarkfunds.com |

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  <u>Portfolio of Investments</u> <br> December 31, 2022 WesMark Balanced Fund

---

| | | |
|:---|:---|:---|
| **Shares/Principal Amount** | **Shares/Principal Amount** | **Value** |
| | ***Construction & Farm Machinery & Heavy Trucks- 0.2%*** | |
| 519 | Deere & Co. | $222526 |
|  | ***Construction Machinery & Heavy Equipment-2.1%*** |  |
| 8825 | Caterpillar, Inc. | 2114117 |
|  | ***Electrical Components & Equipment-2.1%*** |  |
| 22000 | Emerson Electric Co. | 2113320 |
| **TOTAL INDUSTRIALS** | **TOTAL INDUSTRIALS** | 6102834 |
| **INFORMATION TECHNOLOGY-10.6%** | **INFORMATION TECHNOLOGY-10.6%** |  |
|  | ***Communications Equipment-7.8%*** |  |
| 38567 | Apple, Inc. | 5011010 |
| 58222 | Cisco Systems, Inc. | 2773696 |
|  |  | 7784706 |
|  | ***Semiconductors-2.8%*** |  |
| 3432 | Analog Devices, Inc. | 562951 |
| 13545 | Texas Instruments, Inc. | 2237905 |
|  |  | 2800856 |
| **TOTAL INFORMATION TECHNOLOGY** | **TOTAL INFORMATION TECHNOLOGY** | 10585562 |
| **MATERIALS-0.7%** | **MATERIALS-0.7%** |  |
|  | ***Industrial Gases-0.7%*** |  |
| 2326 | Air Products & Chemicals, Inc. | 717013 |
| **TOTAL MATERIALS** | **TOTAL MATERIALS** | 717013 |
| **TELECOMMUNICATION SERVICES-1.0%** | **TELECOMMUNICATION SERVICES-1.0%** |  |
|  | ***Integrated Telecommunication Services-1.0%*** |  |
| 24289 | Verizon Communications, Inc. | 956987 |
| **TOTAL TELECOMMUNICATION SERVICES** | **TOTAL TELECOMMUNICATION SERVICES** | 956987 |
| **UTILITIES-1.0%** | **UTILITIES-1.0%** |  |
|  | ***Electric Utilities-1.0%*** |  |
| 9886 | Duke Energy Corp. | 1018159 |
| **TOTAL UTILITIES** | **TOTAL UTILITIES** | 1018159 |
| **TOTAL COMMON STOCKS** | **TOTAL COMMON STOCKS** |  |
| (Cost $32,539,705) | (Cost $32,539,705) | 61975973 |

---

---

| | | |
|:---|:---|:---|
| **Shares/Principal Amount** | **Shares/Principal Amount** | **Value** |
| **EXCHANGE TRADED FUNDS-0.3%** | **EXCHANGE TRADED FUNDS-0.3%** | |
| 3736 | iShares<sup>®</sup> 1-3 Year Treasury Bond ETF | $303251 |
| **TOTAL EXCHANGE TRADED FUNDS** | **TOTAL EXCHANGE TRADED FUNDS** |  |
| (Cost $305,211) | (Cost $305,211) | 303251 |
| **CORPORATE BONDS-22.8%** | **CORPORATE BONDS-22.8%** |  |
|  | ***Banks-3.0%*** |  |
| $500000 | Citigroup, Inc., 4.450%, 9/29/2027 | 477540 |
| 500000 | Fifth Third Bank NA, 3.850%, 3/15/2026 | 477192 |
| 500000 | Goldman Sachs Group, Inc., 1D US SOFR + 0.798%, 3/9/2027<sup>(1)</sup> | 439010 |
| 500000 | Morgan Stanley, 1D US SOFR + 0.525%, 5/30/2025<sup>(1)</sup> | 465111 |
| 150000 | PNC Bank NA, 2.700%, 10/22/2029 | 126889 |
| 1000000 | Wells Fargo & Co., Subordinated Notes, 3.450%, 2/13/2023 | 998178 |
|  |  | 2983920 |
|  | ***Chemicals-0.6%*** |  |
| 250000 | Ecolab, Inc., 1.300%, 1/30/2031 | 190859 |
| 500000 | PPG Industries, Inc., 1.200%, 3/15/2026 | 443760 |
|  |  | 634619 |
|  | ***Commercial Services-0.5%*** |  |
| 500000 | PayPal Holdings, Inc., 2.650%, 10/1/2026 | 462289 |
|  | ***Diversified Financial Services-1.8%*** |  |
| 500000 | American Express Co., 3.400%, 2/22/2024 | 491366 |
| 500000 | American Express Co., 3.000%, 10/30/2024 | 483865 |
| 250000 | BlackRock, Inc., 2.400%, 4/30/2030 | 214233 |
| 250000 | BlackRock, Inc., 1.900%, 1/28/2031 | 202942 |
| 250000 | Legg Mason, Inc., 4.750%, 3/15/2026 | 250783 |
| 250000 | Charles Schwab Corp., 1.650%, 3/11/2031 | 195210 |
|  |  | 1838399 |
|  | ***Diversified Manufacturing-0.9%*** |  |
| 1000000 | 3M Co., 3.375%, 3/1/2029 | 923352 |
|  | ***Electric-1.0%*** |  |
| 500000 | Duke Energy Corp., 4.300%, 3/15/2028 | 482034 |

---

---

| | | |
|:---|:---|:---|
| Annual Report \| December 31, 2022 | ![](fp0082272-1_05.jpg) | 31 |

---

<u>Portfolio of Investments</u>   <br> WesMark Balanced Fund December 31, 2022

---

| | | |
|:---|:---|:---|
| **Shares/Principal Amount** | **Shares/Principal Amount** | **Value** |
| $500000 | &nbsp;&nbsp;NextEra Energy Capital Holdings, Inc., 3.550%, 5/1/2027 | $471837 |
|  |  | 953871 |
|  | ***Electronics-0.2%*** |  |
| 175000 | Honeywell International, Inc., 5.700%, 3/15/2037 | 185891 |
|  | ***Environmental Control-1.0%*** |  |
| 500000 | Republic Services, Inc., 3.200%, 3/15/2025 | 479850 |
| 500000 | Waste Management, Inc., 3.500%, 5/15/2024 | 488045 |
|  |  | 967895 |
|  | ***Gas-0.5%*** |  |
| 500000 | East Ohio Gas Co., 1.300%, 6/15/2025<sup>(2)</sup> | 453505 |
|  | ***Industrial Gases-0.8%*** |  |
| 835000 | Air Products & Chemicals, Inc., Sr. Unsecured Notes, 3.350%, 7/31/2024 | 816494 |
|  | ***Insurance-0.9%*** |  |
| 500000 | Berkshire Hathaway Finance Corp., 2.875%, 3/15/2032 | 434568 |
| 500000 | Prudential Financial, Inc., 1.500%, 3/10/2026 | 450762 |
|  |  | 885330 |
|  | ***Internet-0.2%*** |  |
| 250000 | Expedia Group, Inc., 3.800%, 2/15/2028 | 229936 |
|  | ***Internet Software & Services-2.0%*** |  |
| 2000000 | Ebay, Inc., Sr. Unsecured Notes, 3M US L + 0.87%, 1/30/2023<sup>(1)</sup> | 2000332 |
|  | ***Investment Banking & Brokerage-1.4%*** |  |
| 1000000 | Goldman Sachs Group, Inc., Sr. Unsecured Notes, 3M US L + 0.96%, 11/29/2023<sup>(1)</sup> | 1007775 |
| 500000 | Goldman Sachs Group, Inc., 2.600%, 2/7/2030 | 418356 |
|  |  | 1426131 |
|  | ***Machinery-Constr&Mining-0.7%*** |  |
| 250000 | Caterpillar, Inc., 1.900%, 3/12/2031 | 203520 |

---

---

| | | |
|:---|:---|:---|
| **Shares/Principal Amount** | **Shares/Principal Amount** | **Value** |
| $500000 | Caterpillar Financial Services Corp., 3.600%, 8/12/2027 | $477940 |
|  |  | 681460 |
|  | ***Oil&Gas-0.2%*** |  |
| 250000 | Phillips 66, 4.650%, 11/15/2034 | 234115 |
|  | ***Pharmaceuticals-2.5%*** |  |
| 500000 | AbbVie, Inc., 2.600%, 11/21/2024 | 478689 |
| 500000 | AbbVie, Inc., 3.200%, 11/21/2029<sup>(2)</sup> | 437696 |
| 175000 | AbbVie, Inc., 4.550%, 3/15/2035 | 164265 |
| 250000 | Bristol-Myers Squibb Co., 3.900%, 2/20/2028 | 241173 |
| 1000000 | CVS Health Corp., 4.300%, 3/25/2028 | 969107 |
| 175000 | GlaxoSmithKline Capital, Inc., 6.375%, 5/15/2038 | 198799 |
|  |  | 2489729 |
|  | ***Regional Banks-1.0%*** |  |
| 1000000 | PNC Bank NA, Sr. Unsecured Notes, 3.250%, 6/1/2025 | 965963 |
|  | ***Restaurants-0.5%*** |  |
| 500000 | McDonald's Corp., 3.600%, 7/1/2030 | 459811 |
|  | ***Retail-1.4%*** |  |
| 250000 | Dollar Tree, Inc., 4.200%, 5/15/2028 | 239587 |
| 175000 | Home Depot, Inc., 5.875%, 12/16/2036 | 187901 |
| 500000 | Lowe's Cos., Inc., 3.100%, 5/3/2027 | 466271 |
| 500000 | O'Reilly Automotive, Inc., 4.350%, 6/1/2028 | 486335 |
|  |  | 1380094 |
|  | ***Software-0.5%*** |  |
| 500000 | Activision Blizzard, Inc., 3.400%, 9/15/2026 | 476984 |
|  | ***Software & Services-0.7%*** |  |
| 750000 | Oracle Corp., Sr. Unsecured Notes, 3.400%, 7/8/2024 | 732138 |
|  | ***Transportation Services-0.5%*** |  |
| 500000 | FedEx Corp., 4.250%, 5/15/2030 | 472855 |
| **TOTAL CORPORATE BONDS** | **TOTAL CORPORATE BONDS** |  |
| (Cost $24,758,453) | (Cost $24,758,453) | 22655113 |

---

---

| | | |
|:---|:---|:---|
| 32 | ![](fp0082272-1_05.jpg) | www.wesmarkfunds.com |

---

  <u>Portfolio of Investments</u> <br> December 31, 2022 WesMark Balanced Fund

---

| | | | |
|:---|:---|:---|:---|
| **Shares/Principal Amount** | **Shares/Principal Amount** | **Value** | **Value** |
| **U.S. GOVERNMENT AGENCY - COLLATERALIZED** | **U.S. GOVERNMENT AGENCY - COLLATERALIZED** | | |
| **MORTGAGE OBLIGATIONS-0.6%** | **MORTGAGE OBLIGATIONS-0.6%** | | |
|  | ***Federal Home Loan Mortgage Corp.-0.1%*** |  |  |
| $156584 | Series 2015-4517, Class PC, 2.500%, 5/15/2044 | $| 145385 |
|  | ***Government National Mortgage Association- 0.5%*** |  |  |
| 521919 | Series 2018-126, Class DA, 3.500%, 1/20/2048 |  | 498587 |
| **TOTAL U.S. GOVERNMENT AGENCY -** | **TOTAL U.S. GOVERNMENT AGENCY -** |  |  |
| **COLLATERALIZED MORTGAGE OBLIGATIONS** | **COLLATERALIZED MORTGAGE OBLIGATIONS** |  |  |
| (Cost $677,736) | (Cost $677,736) |  | 643972 |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES-1.4%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES-1.4%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES-1.4%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES-1.4%** |
|  | ***Commercial Mortgage-Backed Securities- 1.4%*** |  |  |
| 1500000 | Series 2015-UBS8, Class A4, 3.809%, 11/15/2025 |  | 1418962 |
| **TOTAL COMMERCIAL MORTGAGE-BACKED** **SECURITIES** | **TOTAL COMMERCIAL MORTGAGE-BACKED** **SECURITIES** |  |  |
| (Cost $1,536,034) | (Cost $1,536,034) |  | 1418962 |
| **U.S. GOVERNMENT AGENCY - MORTGAGE-BACKED SECURITIES-3.7%** | **U.S. GOVERNMENT AGENCY - MORTGAGE-BACKED SECURITIES-3.7%** | **U.S. GOVERNMENT AGENCY - MORTGAGE-BACKED SECURITIES-3.7%** | **U.S. GOVERNMENT AGENCY - MORTGAGE-BACKED SECURITIES-3.7%** |
|  | ***Federal Home Loan Mortgage Corp.-0.4%*** |  |  |
| 76013 | Pool G18527, 3.000%, 10/1/2029 |  | 73256 |
| 297557 | Pool 18707, 3.500%, 9/1/2033 |  | 286743 |
|  |  |  | 359999 |
|  | ***Federal National Mortgage Association-2.4%*** |  |  |
| 394628 | Pool AM3301, 2.350%, 5/1/2023 |  | 390079 |
| 718915 | Pool BL5389, 2.710%, 5/1/2027 |  | 668149 |
| 595156 | Pool AM6756, 3.570%, 10/1/2029 |  | 564235 |
| 160046 | Pool MA3621, 3.500%, 3/1/2039 |  | 149683 |
| 69768 | Pool BN4896, 4.000%, 1/1/2049 |  | 66524 |
| 135749 | Pool MA3592, 4.000%, 2/1/2049 |  | 129564 |
| 406987 | Pool BP4338, 1Y US TI + 1.67%, 3/1/2049<sup>(1)</sup> |  | 402510 |
|  |  |  | 2370744 |
|  | ***Small Business Administration Pools-0.4%*** |  |  |
| 156468 | PRIME - 3.50%, 1/25/2042<sup>(1)</sup> |  | 158278 |
| 272069 | PRIME - 3.50%, 7/25/2042<sup>(1)</sup> |  | 274490 |
|  |  |  | 432768 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares/Principal Amount** | **Shares/Principal Amount** | **Shares/Principal Amount** | **Value** |
| | | ***UMBS Collateral-0.5%*** | |
| $| 497715 | 5.000%, 12/1/2052 | $491298 |
| **TOTAL U.S. GOVERNMENT AGENCY -** | **TOTAL U.S. GOVERNMENT AGENCY -** | **TOTAL U.S. GOVERNMENT AGENCY -** |  |
| **MORTGAGE-BACKED SECURITIES** | **MORTGAGE-BACKED SECURITIES** | **MORTGAGE-BACKED SECURITIES** |  |
| (Cost $3,835,582) | (Cost $3,835,582) | (Cost $3,835,582) | 3654809 |
| **U.S. TREASURY SECURITIES**-**5.6%** | **U.S. TREASURY SECURITIES**-**5.6%** | **U.S. TREASURY SECURITIES**-**5.6%** |  |
|  |  | ***U.S. Treasury Bond-0.5%*** |  |
|  | 500000 | &nbsp;&nbsp;&nbsp;4.125%, 11/15/2032 | 510351 |
|  |  | ***U.S. Treasury Note-3.1%*** |  |
|  | 1000000 | &nbsp;&nbsp;&nbsp;2.875%, 11/30/2023 | 983715 |
|  | 1500000 | &nbsp;&nbsp;&nbsp;4.500%, 11/30/2024 | 1500176 |
|  | 100000 | &nbsp;&nbsp;&nbsp;3.875%, 11/30/2027 | 99469 |
|  | 500000 | &nbsp;&nbsp;&nbsp;4.000%, 12/15/2025 | 496875 |
|  |  |  | 3080235 |
|  |  | ***United States Treasury Bill-2.0%*** |  |
|  | 1000000 | &nbsp;&nbsp;&nbsp;2.440%, 2/23/2023<sup>(3)</sup> | 993989 |
|  | 1000000 | &nbsp;&nbsp;&nbsp;3.541%, 5/25/2023<sup>(3)</sup> | 982224 |
|  |  |  | 1976213 |
| **TOTAL U.S. TREASURY SECURITIES** | **TOTAL U.S. TREASURY SECURITIES** | **TOTAL U.S. TREASURY SECURITIES** |  |
| (Cost $5,584,361) | (Cost $5,584,361) | (Cost $5,584,361) | 5566799 |
| **TAXABLE MUNICIPAL BONDS-2.5%** | **TAXABLE MUNICIPAL BONDS-2.5%** | **TAXABLE MUNICIPAL BONDS-2.5%** |  |
|  |  | ***California-0.2%*** |  |
|  | 200000 | Charter Oak Unified School District, 2.681%, 8/1/2036 | 146189 |
|  |  | ***Michigan-0.3%*** |  |
|  | 270000 | Belding Area Schools, General Obligation Unlimited Bonds, 6.700%, 5/1/2027 | 270405 |
|  |  | ***Ohio-0.7%*** |  |
|  | 765000 | Columbus-Franklin County Finance Authority, 4.490%, 11/15/2032 | 737206 |
|  |  | ***Pennsylvania-0.4%*** |  |
|  | 450000 | Commonwealth Financing Authority, 4.014%, 6/1/2033 | 413578 |
|  |  | ***Utah-0.4%*** |  |
|  | 450000 | Utah Transit Authority, 3.393%, 12/15/2036 | 378011 |

---

---

| | | |
|:---|:---|:---|
| Annual Report \| December 31, 2022 | ![](fp0082272-1_05.jpg) | 33 |

---

<u>Portfolio of Investments</u>   <br> WesMark Balanced Fund December 31, 2022

---

| | | |
|:---|:---|:---|
| **Shares/Principal Amount** | **Shares/Principal Amount** | **Value** |
| | ***West Virginia-0.5%*** | |
| 575000 | Marshall University, 3.177%, 5/1/2029 | $510958 |
| **TOTAL TAXABLE MUNICIPAL BONDS** | **TOTAL TAXABLE MUNICIPAL BONDS** |  |
| (Cost $2,731,461) | (Cost $2,731,461) | 2456347 |
| **SHORT TERM** INVESTMENTS-0.6%** | **SHORT TERM** INVESTMENTS-0.6%** |  |
|  | ***Mutual Funds-0.6%*** |  |
| 565753 | Federated Hermes Government Obligations Fund, Premier Class, 7-Day Yield 4.147% (at net asset value) | 565753 |
| **TOTAL SHORT TERM INVESTMENTS** | **TOTAL SHORT TERM INVESTMENTS** |  |
| (Cost $565,753) | (Cost $565,753) | 565753 |
| **TOTAL INVESTMENTS-99.8%** | **TOTAL INVESTMENTS-99.8%** |  |
| (Cost $72,534,296) | (Cost $72,534,296) | 99240979 |
| **OTHER ASSETS AND LIABILITIES-NET<sup>(4)</sup>-0.2%** | **OTHER ASSETS AND LIABILITIES-NET<sup>(4)</sup>-0.2%** | 229236 |
| **NET ASSETS-100.0%** | **NET ASSETS-100.0%** | $99470215 |

---

**Investment Abbreviations:**

LIBOR - London Interbank Offered Rate

**Reference Rates:**

3M US L - 3 Month LIBOR as of December 31, 2022 was 4.77%

1D US SOFR - 1 Day SOFR as of December 31, 2022 was 4.30%

1Y US TI - 1 Year US TI as of December 31, 2022 was 4.73%

PRIME - US Prime Rate as of December 31, 2022 was 7.50%

*<sup>(1)</sup>* *Floating or variable rate security. The reference rate is described above. The Rate in effect as of December 31, 2022 is based on the reference rate plus the displayed spread as of the security's last reset date.* 

*<sup>(2)</sup>* *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 December 31, 2022, these securities amounted to a value of $891,201 or 0.90% of net assets. These Securities have been determined to be liquid pursuant to procedures adopted by the board.* 

*<sup>(3)</sup>* *Is Zero Coupon* 

*<sup>(4)</sup>* *Assets, other than investments in securities, less liabilities.*

*Note* - *The categories of investments are shown as a percentage of net assets as of December 31, 2022*.

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

---

| | | |
|:---|:---|:---|
| 34 | ![](fp0082272-1_05.jpg) | www.wesmarkfunds.com |

---

  <u>Portfolio of Investments Summary Table</u> <br> December 31, 2022 (Unaudited) WesMark Government Bond Fund

As of December 31, 2022, the Fund's Portfolio Composition<sup>(1)</sup> was as follows:

---

| | |
|:---|:---|
| **Portfolio Composition** | **Percentage of Total Net Assets** |
| U.S. GOVERNMENT AGENCY - COLLATERALIZED MORTGAGE OBLIGATIONS | 47.1% |
| U.S. GOVERNMENT AGENCY - MORTGAGE- BACKED SECURITIES | 19.0% |
| TAXABLE MUNICIPAL BONDS | 17.1% |
| U.S. TREASURY SECURITIES | 5.2% |
| CORPORATE BONDS | 4.2% |
| FIXED INCOME PORTFOLIO SUB-TOTAL | 92.6% |
| SHORT TERM INVESTMENTS<sup>(2)</sup> | 7.2% |
| OTHER ASSETS AND LIABILITIES - NET<sup>(3)</sup> | 0.2% |
| TOTAL NET ASSETS | 100.0% |

---

 

*<sup>(1)</sup>* *See the Fund's Prospectus and Statement of Additional Information for a description of the types of securities in which the Fund invests.* 

*<sup>(2)</sup>* *Short Term Investments include investment in a money market mutual fund.* 

*<sup>(3)</sup>* *Assets, other than investments in securities, less liabilities.*

---

| | | |
|:---|:---|:---|
| Annual Report \| December 31, 2022 | ![](fp0082272-1_05.jpg) | 35 |

---

<u>Portfolio of Investments</u>   <br> WesMark Government Bond Fund December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| **Shares/Principal Amount** | | **Value** | **Value** |
| **CORPORATE BONDS-4.2%** | **CORPORATE BONDS-4.2%** | | |
|  | ***Banks-3.9%*** |  |  |
| $500000 | Bank of America Corp., 3M US L + 1.31%, 7/23/2029<sup>(1)</sup> | $| 467194 |
| 500000 | FNB Corp., 4.875%, 10/2/2025 |  | 467025 |
| 500000 | Wells Fargo Bank NA, 6.180%, 2/15/2036 |  | 488013 |
| 500000 | GOLDMAN SACHS GP GS 4.223 05/01/29, 3M US L + 1.301%, 5/1/2029<sup>(1)</sup> |  | 466719 |
| 500000 | Goldman Sachs Group, Inc., 6.625%, 11/15/2027 |  | 481642 |
| 2000000 | Goldman Sachs Group, Inc., 6.000%, 12/14/2027 |  | 1989446 |
| 500000 | JPMorgan Chase & Co., 1D US SOFR + 1.75%, 6/14/2030<sup>(1)</sup> |  | 471508 |
| 500000 | Morgan Stanley, 1D US SOFR + 2.62%, 4/20/2037<sup>(1)</sup> |  | 458543 |
| 2000000 | Morgan Stanley Finance LLC, 6.000%, 11/16/2032 |  | 2008256 |
|  |  |  | 7298346 |
|  | ***Pipelines-0.3%*** |  |  |
| 500000 | Kinder Morgan Energy Partners LP, 6.950%, 1/15/2038 |  | 531095 |
| **TOTAL CORPORATE BONDS** | **TOTAL CORPORATE BONDS** |  |  |
| (Cost $7,957,000) | (Cost $7,957,000) |  | 7829441 |
| **U.S. GOVERNMENT AGENCY - COLLATERALIZED MORTGAGE OBLIGATIONS-47.1%** | **U.S. GOVERNMENT AGENCY - COLLATERALIZED MORTGAGE OBLIGATIONS-47.1%** | **U.S. GOVERNMENT AGENCY - COLLATERALIZED MORTGAGE OBLIGATIONS-47.1%** | **U.S. GOVERNMENT AGENCY - COLLATERALIZED MORTGAGE OBLIGATIONS-47.1%** |
|  | ***Agency Collat CMO-6.5%*** |  |  |
| 257442 | Series 2003-55, Class 1A3A, 1M US L + 0.40%, 3/25/2043<sup>(1)</sup> |  | 253665 |
| 704592 | Series 2004-W14, Class 1AF, 1M US L + 0.40%, 7/25/2044<sup>(1)</sup> |  | 684155 |
| 680136 | Series 2010-59, Class FL, 1M US L + 0.50%, 5/20/2040<sup>(1)</sup> |  | 671432 |
| 818161 | Series 2012-273, Class 40, 4.000%, 8/15/2042 |  | 766708 |
| 2893219 | Series 2014-330, Class F4, 1M US L + 0.35%, 10/15/2037<sup>(1)</sup> |  | 2844856 |
| 2942345 | Series 2022-76, Class D, 5.500%, 8/25/2045 |  | 2987886 |
| 3953567 | Series 2022-83, Class DA, 6.000%, 1/25/2048 |  | 3999479 |
|  |  |  | 12208181 |

---

---

| | | |
|:---|:---|:---|
| **Shares/Principal Amount** | **Shares/Principal Amount** | **Value** |
| | ******Agency Collat PAC CMO****-**8.9%***** | |
| $1707238 | Series 2014-25, Class PA, 2.250%, 1/20/2044 | $1548474 |
| 4105812 | Series 2020-5020, Class TP, 2.000%, 10/25/2050 | 3295215 |
| 2254265 | Series 2020-153, Class GP, 0.500%, 10/20/2050 | 2014407 |
| 3775551 | Series 2021-23, Class TE, 1.000%, 2/20/2051 | 2855124 |
| 8371525 | Series 2021-18, Class MC, 1.500%, 3/25/2051 | 7010262 |
|  |  | 16723482 |
|  | ***Commercial MBS***-***23.8%*** |  |
| 2948738 | Series 2013-7, Class BC, 2.209%, 5/16/2053<sup>(1)</sup> | 2306461 |
| 366 | Series 2019-SB58, Class A10H, 3.730%, 10/25/2038<sup>(1)</sup> | 339 |
| 3150838 | Series 2020-8, Class B, 2.600%, 1/16/2061 | 2495603 |
| 4256739 | Series 2020-89, Class GA, 1.500%, 4/16/2062 | 3182378 |
| 4512801 | Series 2020-118, Class AL, 1.750%, 6/16/2062 | 3262536 |
| 920330 | Series 2020-128, Class AN, 1.500%, 10/16/2062 | 672500 |
| 4614503 | Series 2020-150, Class AM, 1.400%, 12/16/2062 | 3415376 |
| 2652181 | Series 2020-177, Class DA, 1.250%, 6/16/2062 | 1893252 |
| 5333364 | Series 2021-150, Class AP, 1.750%, 11/16/2063 | 3949228 |
| 4309014 | Series 2021-164, Class AF, 1.650%, 10/16/2063 | 3215764 |
| 8875794 | Series 2021-180, Class AM, 1.750%, 11/16/2063 | 6611615 |
| 5000000 | Series 2021-181, Class B, 1.900%, 1/16/2063 | 3323603 |
| 4813532 | Series 2021-195, Class AL, 1.500%, 8/16/2063 | 3592270 |
| 5000000 | Series 2021-203, Class B, 2.000%, 4/16/2062 | 3339142 |
| 5000000 | Series 2022-4, Class B, 1.900%, 2/16/2061 | 3410626 |
|  |  | 44670693 |

---

---

| | | |
|:---|:---|:---|
| 36 | ![](fp0082272-1_05.jpg) | www.wesmarkfunds.com |

---

  <u>Portfolio of Investments</u> <br> December 31, 2022 WesMark Government Bond Fund

---

| | | |
|:---|:---|:---|
| **Shares/Principal Amount** | **Shares/Principal Amount** | **Value** |
| | ******Federal Home Loan Mortgage Corp.****-**0.3%***** | ******Federal Home Loan Mortgage Corp.****-**0.3%***** |
| $680953 | Series 2016-4629, Class QG, 2.500%, 11/15/2046, REMIC | $595850 |
|  | ******Federal National Mortgage Association****-**1.5%***** |  |
| 271831 | Series 2003-39, Class JC, 4.000%, 5/25/2033, REMIC | 263765 |
| 444450 | Series 2003-44, Class Q, 3.500%, 6/25/2033, REMIC | 422788 |
| 826798 | Series 2003-W18, Class 2A, 3.774%, 6/25/2043, REMIC <sup>(1)</sup> | 783256 |
| 894433 | Series 2016-90, Class DA, 3.000%, 8/25/2046, REMIC | 807408 |
| 528095 | Series 2019-74, Class LB, 3.000%, 10/25/2049 | 467226 |
|  |  | 2744443 |
|  | ***Government National Mortgage Association- 1.2%*** |  |
| 1672519 | Series 2005-26, Class ZA, 5.500%, 1/20/2035 | 1669322 |
| 650903 | Series 2013-38, Class KA, 1.250%, 2/20/2042 | 588124 |
|  |  | 2257446 |
|  | ******Other ABS****-**2.5%***** |  |
| 1291972 | Series 2007-20F, Class 1, 5.710%, 6/1/2027 | 1288470 |
| 2785097 | Series 2010-20C, Class 1, 4.190%, 3/1/2030 | 2676193 |
| 820801 | Series 2015-20D, Class 1, 2.510%, 4/1/2035 | 744251 |
|  |  | 4708914 |
|  | ******Sovereign****-**2.4%***** |  |
| 500000 | 4.900%, 6/29/2032 | 485782 |
| 2000000 | 6.300%, 11/15/2029 | 2003392 |
| 2000000 | 5.950%, 12/7/2032 | 2000796 |
|  |  | 4489970 |
| **TOTAL U.S.** **GOVERNMENT AGENCY -** | **TOTAL U.S.** **GOVERNMENT AGENCY -** |  |
| **COLLATERALIZED MORTGAGE OBLIGATIONS** | **COLLATERALIZED MORTGAGE OBLIGATIONS** |  |
| (Cost $107,176,025) | (Cost $107,176,025) | 88398979 |

---

---

| | | |
|:---|:---|:---|
| **Shares/Principal Amount** | **Shares/Principal Amount** | **Value** |
| **U.S. GOVERNMENT AGENCY - MORTGAGE-BACKED** | **U.S. GOVERNMENT AGENCY - MORTGAGE-BACKED** | |
| **SECURITIES**-**19.0%** | **SECURITIES**-**19.0%** | |
| | ******Federal Home Loan Mortgage Corp.****- **0.7%***** | |
| $1371686 | Freddie Mac Pool, Pool QA6315, 3.500%, 1/1/2050 | $1288627 |
|  | ******FNMA Collateral****-**1.9%***** |  |
| 347646 | Fannie Mae Pool, Pool MA0988, 4.000%, 2/1/2042 | 321406 |
| 608118 | Fannie Mae Pool, Pool MA1371, 3.000%, 3/1/2043 | 546777 |
| 403024 | Fannie Mae Pool, Pool MA1966, 4.500%, 6/1/2044 | 396738 |
| 607022 | Fannie Mae Pool, Pool MA2270, 3.000%, 5/1/2045 | 538279 |
| 2010508 | Fannie Mae Pool, Pool MA2711, 3.000%, 8/1/2046 | 1782782 |
|  |  | 3585982 |
|  | ******GNMA2 Collateral****-**4.3%***** |  |
| 2947129 | Ginnie Mae II Pool, 4.000%, 8/20/2052 | 2723436 |
| 3411493 | Ginnie Mae II Pool, 5.500%, 11/20/2052 | 3392513 |
| 2000000 | Ginnie Mae II Pool, 5.500%, 12/20/2052 | 1988806 |
|  |  | 8104755 |
|  | ******Government National Mortgage Association****- **0.1%***** |  |
| 162979 | Ginnie Mae I Pool, Pool 589693, 4.500%, 7/15/2029 | 158748 |
|  | ******Sovereign****-**0.3%***** |  |
| 500000 | Federal Home Loan Banks, 5.550%, 9/29/2032 | 497086 |
|  | ******UMBS Collateral****-**11.7%***** |  |
| 4819953 | Freddie Mac Pool, 4.000%, 6/1/2052 | 4525831 |
| 2351440 | Fannie Mae Pool, 4.500%, 7/1/2042 | 2290400 |
| 4830711 | Fannie Mae Pool, 4.000%, 6/1/2052 | 4535929 |
| 4826384 | Fannie Mae Pool, 4.500%, 7/1/2052 | 4650563 |
| 2954235 | Fannie Mae Pool, 5.500%, 11/1/2052 | 2964934 |
| 2946723 | Fannie Mae Pool, 6.000%, 11/1/2052 | 2994335 |
|  |  | 21961992 |
| **TOTAL U.S. GOVERNMENT AGENCY -** | **TOTAL U.S. GOVERNMENT AGENCY -** |  |
| **MORTGAGE-BACKED SECURITIES** | **MORTGAGE-BACKED SECURITIES** |  |
| (Cost $37,303,352) | (Cost $37,303,352) | 35597190 |

---

---

| | | |
|:---|:---|:---|
| Annual Report \| December 31, 2022 | ![](fp0082272-1_05.jpg) | 37 |

---

Portfolio of Investments <br> WesMark Government Bond Fund December 31, 2022

---

| | | |
|:---|:---|:---|
| **Shares/Principal Amount** | **Shares/Principal Amount** | **Value** |
| **U.S. TREASURY SECURITIES-5.2%** | **U.S. TREASURY SECURITIES-5.2%** | **U.S. TREASURY SECURITIES-5.2%** |
|  | ***U.S. Treasury Bond-2.6%*** |  |
|  | 2.875%, 8/15/2028 | $2354785 |
| $2500000 |  |  |
| 1000000 | 2.500%, 5/15/2024 | 970860 |
| 2000000 | 0.625%, 5/15/2030 | 1583203 |
|  |  | 4908848 |
|  | ***U.S. Treasury Note-2.6%*** |  |
| 2500000 | 2.750%, 5/31/2029 | 2322998 |
| 2500000 | 4.000%, 10/31/2029 | 2501367 |
|  |  | 4824365 |
| **TOTAL U.S. TREASURY SECURITIES** | **TOTAL U.S. TREASURY SECURITIES** |  |
| (Cost $9,703,342) | (Cost $9,703,342) | 9733213 |
| **TAXABLE MUNICIPAL BONDS-17.1%** | **TAXABLE MUNICIPAL BONDS-17.1%** |  |
|  | ***Alabama-0.8%*** |  |
| 750000 | City of Brewton AL, 3.180%, 12/1/2034 | 634184 |
| 1000000 | Water Works Board of the City of Birmingham, 3.463%, 1/1/2039 | 801603 |
|  |  | 1435787 |
|  | ***Arkansas-0.6%*** |  |
|  | University of Arkansas: |  |
| 500000 | &nbsp;&nbsp;&nbsp;3.382%, 9/1/2037 | 406654 |
| 1000000 | &nbsp;&nbsp;&nbsp;3.301%, 11/1/2039 | 776342 |
|  |  | 1182996 |
|  | ***California-4.7%*** |  |
| 500000 | Bonita Unified School District, 2.619%, 8/1/2035 | 375359 |
| 1900000 | California Educational Facilities Authority, 3.686%, 4/1/2037 | 1594392 |
| 1000000 | Contra Costa Community College District, 2.926%, 8/1/2038 | 761578 |
| 500000 | Desert Community College District, 2.978%, 8/1/2037 | 383392 |
| 1000000 | El Dorado Irrigation District, 2.635%, 3/1/2035 | 770966 |
| 500000 | Kings Canyon Unified School District, 3.212%, 8/1/2040 | 382722 |
| 1000000 | Oakland Unified School District/Alameda County, 2.674%, 8/1/2033 | 795918 |
| 500000 | Pasadena Public Financing Authority, Build America Revenue Bonds, Series B, 6.998%, 3/1/2034 | 577190 |
| 1500000 | San Jose Unified School District, 2.306%, 8/1/2039 | 1041281 |

---

---

| | | |
|:---|:---|:---|
| **Shares/Principal Amount** | **Shares/Principal Amount** | **Value** |
| $910000 | Santa Paula Utility Authority, 2.870%, 2/1/2034 | $740252 |
| 1820000 | Visalia Unified School District, 3.300%, 8/1/2039 | 1383044 |
|  |  | 8806094 |
|  | ******Colorado****-**0.4%***** |  |
| 1000000 | Denver City & County Housing Authority, 2.936%, 12/1/2034 | 805359 |
|  | ******Florida****-**1.7%***** |  |
| 3000000 | Broward County FL Water & Sewer Utility Revenue, 3.338%, 10/1/2037 | 2461840 |
| 860000 | County of Palm Beach FL, 3.000%, 11/1/2035 | 685453 |
|  |  | 3147293 |
|  | ******Hawaii****-**0.5%***** |  |
| 1000000 | University of Hawaii, 3.850%, 10/1/2038 | 870298 |
|  | ******Illinois****-**0.8%***** |  |
| 2000000 | McHenry & Kane Counties Community Consolidated School District No 158 Huntley, 2.940%, 2/15/2036 | 1537031 |
|  | ******Massachusetts****-**1.0%***** |  |
| 1000000 | City of Quincy MA, 2.788%, 12/15/2035 | 777093 |
| 1500000 | Massachusetts School Building Authority, 2.950%, 5/15/2043 | 1098516 |
|  |  | 1875609 |
|  | ******Michigan****-**1.3%***** |  |
| 1400000 | Michigan State Building Authority, 2.705%, 10/15/2040 | 1022775 |
| 2000000 | University of Michigan, 2.437%, 4/1/2040 | 1442470 |
|  |  | 2465245 |
|  | ******New York****-**0.4%***** |  |
| 700000 | City of New York NY, 5.985%, 12/1/2036 | 743990 |
|  | ******Ohio****-**0.4%***** |  |
| 565000 | Summit County Development Finance Authority, 3.201%, 11/15/2036 | 457929 |
| 500000 | Warrensville Heights City School District, 3.406%, 12/1/2040 | 389891 |
|  |  | 847820 |

---

---

| | | |
|:---|:---|:---|
| 38 | ![](fp0082272-1_05.jpg) | www.wesmarkfunds.com |

---

  <u>Portfolio of Investments</u> <br> December 31, 2022 WesMark Government Bond Fund

---

| | | | |
|:---|:---|:---|:---|
| **Shares/Principal Amount** | **Shares/Principal Amount** | **Shares/Principal Amount** | **Value** |
| | | ***Oklahoma-1.3%*** | |
| $| 3000000 | Glenpool Utility Services Authority, 3.565%, 12/1/2037 | $2425532 |
|  |  | ***Pennsylvania-0.2%*** |  |
|  | 550000 | Borough of Columbia PA, 2.540%, 6/15/2038 | 397114 |
|  |  | ***South Carolina-0.4%*** |  |
|  | 1000000 | Joint Municipal Water & Sewer Commission, 3.194%, 6/1/2039 | 785089 |
|  |  | ***Texas-0.6%*** |  |
|  |  | Round Rock Transportation & Economic Development Corp.: |  |
|  | 500000 | 2.900%, 8/15/2038 | 363672 |
|  | 500000 | 3.000%, 8/15/2039 | 360065 |
|  | 500000 | Texas Public Finance Authority, 2.367%, 2/1/2038 | 339039 |
|  |  |  | 1062776 |
|  |  | ***Virginia-0.6%*** |  |
|  | 1395000 | Virginia Housing Development Authority, 3.050%, 8/1/2038 | 1076400 |
|  |  | ***West Virginia-1.4%*** |  |
|  | 2000000 | Marshall University, 3.677%, 5/1/2035 | 1645666 |
|  | 1000000 | Wheeling Municipal Building Commission, 5.558%, 8/1/2037 | 934247 |
|  |  |  | 2579913 |
| **TOTAL TAXABLE MUNICIPAL BONDS** | **TOTAL TAXABLE MUNICIPAL BONDS** | **TOTAL TAXABLE MUNICIPAL BONDS** |  |
| (Cost $41,486,630) | (Cost $41,486,630) | (Cost $41,486,630) | 32044346 |
| **SHORT TERM INVESTMENTS-7.2%** | **SHORT TERM INVESTMENTS-7.2%** | **SHORT TERM INVESTMENTS-7.2%** |  |
|  |  | ***Mutual Funds-7.2%*** |  |
|  | 13537802 | Federated Hermes Government Obligations Fund, Premier Class, 7- Day Yield 4.147% (at net asset value) | 13537802 |
| **TOTAL SHORT TERM INVESTMENTS** | **TOTAL SHORT TERM INVESTMENTS** | **TOTAL SHORT TERM INVESTMENTS** |  |
| (Cost $13,537,802) | (Cost $13,537,802) | (Cost $13,537,802) | 13537802 |
| **TOTAL INVESTMENTS-99.8%** | **TOTAL INVESTMENTS-99.8%** | **TOTAL INVESTMENTS-99.8%** |  |
| (Cost $217,164,151) | (Cost $217,164,151) | (Cost $217,164,151) | 187140971 |

---

---

| | |
|:---|:---|
| **Shares/Principal Amount** | **Value** |
| **OTHER ASSETS AND LIABILITIES-NET<sup>(2)</sup>-0.2%** | 360095 |
| **NET ASSETS-100.0%** | $187501066 |

---

**Investment Abbreviations:**

LIBOR - London Interbank Offered Rate

**Reference Rates:**

1D US SOFR - 1 Day SOFR as of December 31, 2022 was 4.30%

1M US L - 1 Month LIBOR as of December 31, 2022 was 4.39%

3M US L - 3 Month LIBOR as of December 31, 2022 was 4.77%

&nbsp;&nbsp;&nbsp;&nbsp;*(1)* *Floating or variable rate security. The reference rate is described above. The Rate in effect as of December 31, 2022 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.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(2)* *Assets, other than investments in securities, less liabilities.* 

 

*Note* - *The categories of investments are shown as a percentage of net assets as of December 31, 2022*.

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

---

| | | |
|:---|:---|:---|
| Annual Report \| December 31, 2022 | ![](fp0082272-1_05.jpg) | 39 |

---

<u>Portfolio of Investments Summary Table</u>   <br> WesMark West Virginia Municipal Bond Fund December 31, 2022 (Unaudited)

As of December 31, 2022, the Fund's Portfolio Composition<sup>(1)</sup> was as follows:

---

| | |
|:---|:---|
| **Portfolio Composition** | **Percentage of** **Total Net Assets** |
| NON-TAXABLE MUNICIPAL BONDS | 99.5% |
| OTHER ASSETS AND LIABILITIES - NET<sup>(2)</sup> | 0.5% |
| TOTAL NET ASSETS | 100.0% |

---

---

| | |
|:---|:---|
| **Years to Maturity of Municipal Bonds** | **Percentage of** **Total Net Assets** |
| Less than 1 Year | 0.0% |
| 1-3 Years | 7.5% |
| 3-5 Years | 9.3% |
| 5-10 Years | 35.9% |
| 10 Years or Greater | 46.7% |
| Short Term Investments<sup>(2)</sup> | 0.0% |
| Other Assets and Liabilities - Net<sup>(3)</sup> | 0.5% |
| TOTAL | 100.0% |

---

---

| | |
|:---|:---|
| **S&P Ratings of Municipal Bonds as Percentage of Total Net Assets<sup>(4)</sup>** | |
| AAA | 13.4% |
| AA | 29.0% |
| AA- | 14.4% |
| A+ | 12.1% |
| A | 3.1% |
| A- | 0.3% |
| Not rated by S&P | 27.1% |
| Short Term Investments<sup>(2)</sup> | 0.0% |
| Other Assets and Liabilities - Net<sup>(3)</sup> | 0.5% |
| TOTAL PORTFOLIO VALUE | 100.0% |

---

---

| | |
|:---|:---|
| **Moody's Ratings of Municipal Bonds as Percentage of Total Net Assets<sup>(4)</sup>** | **Moody's Ratings of Municipal Bonds as Percentage of Total Net Assets<sup>(4)</sup>** |
| Aaa | 7.4% |
| Aa2 | 2.6% |
| Aa3 | 15.2% |
| A1 | 26.1% |
| A2 | 4.2% |
| Not rated by Moody's | 44.0% |
| Short Term Investments<sup>(2)</sup> | 0.0% |
| Other Assets and Liabilities - Net<sup>(3)</sup> | 0.5% |
| TOTAL PORTFOLIO VALUE | 100.0% |

---

 

*<sup>(1)</sup>* *See the Fund's Prospectus and Statement of Additional Information for a description of the types of securities in which the Fund invests.* 

*<sup>(2)</sup>* *Cash Equivalents include investments in U.S. government agency securities and a money market mutual fund.* 

*<sup>(3)</sup>* *Assets, other than investment in securities, less liabilities. See Statement of Assets and Liabilities.* 

*<sup>(4)</sup>* *These tables depict the long-term credit-quality ratings assigned to the Fund's portfolio holdings by Standard & Poor's (S&P) and Moody's Investors Service (Moody's), each of which is a Nationally Recognized Statistical Rating Organization (NRSRO). These credit-quality ratings are shown without regard to gradations within a given rating category. For example, securities rated "A-" have been included in the "A" rated category. Rated securities that have been prerefunded, but not rated again by the NRSRO, have been included in the "Not rated by…" category.*

 

*Rated securities include a security with an obligor and/or credit enhancer that has received a rating from an NRSRO with respect to a class of debt obligations that is comparable in priority and security with the security held by the Fund. Credit-quality ratings are an assessment of the risk that a security will default in payment and do not address other risks presented by the security. Please see the descriptions of credit-quality ratings in the Fund's Statement of Additional Information. Holdings that are rated only by a different NRSRO than the one identified have been included in the "Not rated by…" category. Of the portfolio's total investments, XX.X% do not have long-term ratings by either of these NRSROs.*

---

| | | |
|:---|:---|:---|
| 40 | ![](fp0082272-1_05.jpg) | www.wesmarkfunds.com |

---

  <u>Portfolio of Investments</u> <br> December 31, 2022 WesMark West Virginia Municipal Bond Fund

---

| | | |
|:---|:---|:---|
| **Shares/Principal Amount** | **Shares/Principal Amount** | **Value** |
| **NON-TAXABLE MUNICIPAL BONDS-99.5%** | **NON-TAXABLE MUNICIPAL BONDS-99.5%** | **NON-TAXABLE MUNICIPAL BONDS-99.5%** |
|  | ***Ohio-1.2%*** |  |
| $1100000 | Westerville, Ohio, General Obligation Limited Bonds, 5.000%, 12/1/2028 | $1132242 |
|  | ***Pennsylvania-1.5%*** |  |
| 1425000 | Borough of Plum PA, 4.000%, 12/1/2034 | 1480487 |
|  | ***West Virginia-96.8%*** |  |
|  | Berkeley County Building Commission: |  |
| 580000 | &nbsp;&nbsp;&nbsp;2.000%, 6/1/2035 | 450862 |
| 750000 | &nbsp;&nbsp;&nbsp;2.000%, 6/1/2040 | 511623 |
| 1500000 | Berkeley County Public Service Sewer |  |
|  | &nbsp;&nbsp;&nbsp;District, 4.500%, 10/1/2032 | 1515890 |
|  | Berkeley County, West Virginia, Public |  |
|  | &nbsp;&nbsp;&nbsp;Service District Revenue Bonds: |  |
| 370000 | &nbsp;&nbsp;&nbsp;Series C, 3.000%, 12/1/2029 | 365141 |
| 450000 | &nbsp;&nbsp;&nbsp;Series C, 3.400%, 12/1/2034 | 443995 |
| 585000 | &nbsp;&nbsp;&nbsp;Series D, 3.000%, 12/1/2025 | 585054 |
| 380000 | Berkeley County, West Virginia, Public Service District Water Revenue Bonds, Series A, 4.500%, 12/1/2033 | 385074 |
|  | Berkeley County, West Virginia, Public |  |
|  | &nbsp;&nbsp;&nbsp;Service Sewer District Revenue Bonds: |  |
| 275000 | &nbsp;&nbsp;&nbsp;5.000%, 6/1/2027 | 295340 |
| 950000 | &nbsp;&nbsp;&nbsp;5.000%, 6/1/2028 | 1015786 |
| 655000 | &nbsp;&nbsp;&nbsp;5.000%, 6/1/2029 | 699040 |
| 620000 | &nbsp;&nbsp;&nbsp;Series A, 5.300%, 3/1/2029 | 621342 |
| 285000 | &nbsp;&nbsp;&nbsp;Series C, 3.500%, 10/1/2025 | 285092 |
| 950000 | Brooke County Building Commission, 3.000%, 12/1/2036 | 852222 |
| 965000 | &nbsp;&nbsp;&nbsp;Brooke County, West Virginia, Board of Education General Obligation Unlimited Bonds, 3.000%, 6/1/2027 | 958164 |
| 2000000 | Cabell County Board of Education, 2.000%, 6/1/2033 | 1724551 |
| 265000 | City of Buckhannon, West Virginia, Commercial Development Revenue Bonds, Series A, 3.700%, 12/1/2028 | 246397 |
| 595000 | City of Buckhannon, West Virginia, Waterworks Revenue Bonds, Series A, 4.000%, 3/1/2029 | 594981 |

---

---

| | | |
|:---|:---|:---|
| **Shares/Principal Amount** | **Shares/Principal Amount** | **Value** |
|  | City of Charles Town WV Waterworks & Sewerage System Revenue: |  |
| $400000 | &nbsp;&nbsp;&nbsp;2.250%, 6/1/2035 | $324171 |
| 315000 | &nbsp;&nbsp;&nbsp;3.000%, 6/1/2041 | 255479 |
|  | City of Charles Town, West Virginia, Waterworks & Sewage System Revenue Bonds: |  |
| 620000 | &nbsp;&nbsp;&nbsp;Series A, 4.000%, 3/1/2029 | 646461 |
| 310000 | &nbsp;&nbsp;&nbsp;Series B, 4.000%, 6/1/2031 | 320237 |
|  | City of Charleston, West Virginia, Sewage System Revenue Bonds: |  |
| 310000 | &nbsp;&nbsp;&nbsp;4.000%, 7/1/2031 | 323232 |
| 275000 | &nbsp;&nbsp;&nbsp;4.000%, 7/1/2032 | 286027 |
| 300000 | City of Clarksburg WV Water Revenue, 2.000%, 6/1/2034 | 241892 |
|  | City of Huntington, West Virginia, Sewerage System Revenue Bonds: |  |
| 300000 | &nbsp;&nbsp;&nbsp;3.000%, 11/1/2026 | 298971 |
| 300000 | &nbsp;&nbsp;&nbsp;3.000%, 11/1/2028 | 296743 |
| 490000 | City of Martinsburg, West Virginia, |  |
|  | Combined Waterworks & Sewerage System Revenue Bonds, Series A, 3.500%, 9/1/2027 | 490089 |
|  | City of Saint Albans, West Virginia, Combined Waterworks & Sewerage System Revenue Bonds: |  |
| 220000 | &nbsp;&nbsp;&nbsp;Series A, 4.250%, 6/1/2026 | 220057 |
| 600000 | &nbsp;&nbsp;&nbsp;Series B, 4.000%, 12/1/2027 | 600004 |
|  | City of Wheeling WV Waterworks & Sewerage System Revenue: |  |
| 500000 | &nbsp;&nbsp;&nbsp;4.000%, 6/1/2035 | 522351 |
| 500000 | &nbsp;&nbsp;&nbsp;4.000%, 6/1/2036 | 510770 |
|  | Claywood Park Public Service District WV Water Revenue: |  |
| 950000 | &nbsp;&nbsp;&nbsp;3.000%, 11/1/2036 | 840450 |
| 680000 | &nbsp;&nbsp;&nbsp;3.000%, 11/1/2041 | 551601 |
|  | Claywood Park Public Service District, West Virginia, Water Revenue Bonds: |  |
| 110000 | &nbsp;&nbsp;&nbsp;Series C, 3.200%, 11/1/2029 | 109913 |
| 225000 | &nbsp;&nbsp;&nbsp;Series C, 3.400%, 11/1/2031 | 224993 |
| 380000 | Corporation of Shepherdstown, West Virginia, Water Revenue Bonds, 3.300%, 3/1/2032 Fayette County Board of Education: | 364690 |
| 545000 | &nbsp;&nbsp;&nbsp;2.250%, 10/1/2030 | 484136 |
| 500000 | &nbsp;&nbsp;&nbsp;2.000%, 10/1/2031 | 425414 |

---

---

| | | |
|:---|:---|:---|
| Annual Report \| December 31, 2022 | ![](fp0082272-1_05.jpg) | 41 |

---

<u>Portfolio of Investments</u>   <br> WesMark West Virginia Municipal Bond Fund December 31, 2022

---

| | | |
|:---|:---|:---|
| **Shares/Principal Amount** | **Shares/Principal Amount** | **Value** |
| $640000 | &nbsp;&nbsp;&nbsp;2.250%, 10/1/2032 | $547122 |
| 565000 | &nbsp;&nbsp;&nbsp;2.500%, 10/1/2033 | 491788 |
| 750000 | Greenbrier County Public Service, Series A, 5.000%, 10/1/2037 | 811146 |
| 355000 | Hampshire County, West Virginia, Building Commission Revenue Bonds: Series A, 3.000%, 1/1/2029 | 331101 |
| 380000 | &nbsp;&nbsp;&nbsp;Series A, 3.000%, 1/1/2031 | 347142 |
| 1660000 | &nbsp;&nbsp;&nbsp;Series A, 4.250%, 1/1/2035 | 1660376 |
| 2265000 | Hancock, WV, 3.250%, 5/1/2036<sup>(1)(2)</sup> | 2145209 |
| 1000000 | Harrison County Building Commission, 3.500%, 10/1/2035 | 875234 |
| 3000000 | Jefferson County Board of Education, 2.000%, 6/1/2036 | 2418754 |
| 1910000 | Mason County Public Service District Water Revenue, 3.000%, 12/1/2036 | 1725463 |
| 2320000 | Monongalia County Building Commission, 2.000%, 2/1/2034 | 1925320 |
| 500000 | Morgantown Utility Board, Inc.: 3.250%, 12/1/2032 | 493160 |
| 500000 | &nbsp;&nbsp;&nbsp;4.000%, 12/1/2034 | 524387 |
| 1500000 | &nbsp;&nbsp;&nbsp;3.000%, 12/1/2040 | 1247375 |
| 1430000 | Morgantown, West Virginia, Combined Utility System Revenue Bonds, Series A, 3.500%, 12/1/2035 | 1399845 |
| 200000 | Morgantown, West Virginia, Combined Utility System Revenue Bonds, Series A, 3.750%, 10/1/2032 | 199384 |
| 1000000 | Morgantown, West Virginia, Utility Board Revenue Bonds: Series A, 3.000%, 12/1/2028 | 1005257 |
| 1000000 | &nbsp;&nbsp;&nbsp;Series A, 4.000%, 12/1/2029 | 1049542 |
| 1210000 | &nbsp;&nbsp;&nbsp;Series A, 4.000%, 12/1/2030 | 1270493 |
| 1000000 | &nbsp;&nbsp;&nbsp;Series A, 4.000%, 12/1/2031 | 1045782 |
| 1030000 | Moundsville Building Commission, 4.000%, 8/1/2037 | 991359 |
| 3000000 | Ohio County Board of Education: 3.000%, 6/1/2033 | 2881262 |
| 635000 | &nbsp;&nbsp;&nbsp;3.000%, 6/1/2034 | 603462 |
| 500000 | Putnam County Building Commission, 4.000%, 5/1/2037 | 487119 |
|  | Putnam Public Service District: |  |
| 1000000 | &nbsp;&nbsp;&nbsp;4.000%, 12/1/2039 | 922183 |
| 1150000 | &nbsp;&nbsp;&nbsp;3.000%, 11/1/2040 | 956599 |
| 1000000 | &nbsp;&nbsp;&nbsp;3.000%, 4/1/2041 | 838134 |

---

---

| | | |
|:---|:---|:---|
| **Shares/Principal Amount** | **Shares/Principal Amount** | **Value** |
| $1000000 | &nbsp;&nbsp;&nbsp;3.000%, 6/1/2041 | $832867 |
| 1000000 | &nbsp;&nbsp;&nbsp;3.625%, 12/1/2045 | 822397 |
| 1000000 | &nbsp;&nbsp;Raleigh County Public Service District, 3.000%, 6/1/2037 | 879934 |
| 960000 | Salem, West Virginia Sewer Revenue Bonds, Series A, 4.000%, 12/1/2032 | 960447 |
|  | State of West Virginia: |  |
| 500000 | &nbsp;&nbsp;&nbsp;5.000%, 6/1/2033 | 554853 |
| 500000 | &nbsp;&nbsp;&nbsp;5.000%, 6/1/2035 | 543480 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.000%, 12/1/2040 | 1060864 |
| 795000 | Wayne County, West Virginia, Board of Education General Obligation Unlimited Bonds, 3.000%, 6/1/2026 | 796292 |
| 500000 | West Virginia Commissioner Of Highways Special Obligation Surface Transportation Improvements Bonds, Series A, 5.000%, 9/1/2029 | 546311 |
| 670000 | West Virginia Economic Development Authority Lease Revenue Bonds (Clarksburg Office Building), 3.500%, 6/1/2030 | 673544 |
| 755000 | West Virginia Economic Development Authority Lease Revenue Bonds (Department of Environmental Protection), Series B, 3.500%, 11/1/2026 | 755246 |
| 1650000 | &nbsp;&nbsp;West Virginia Economic Development Authority Lease Revenue Bonds (State Office Building & Parking Lot), Series A, 4.750%, 8/1/2029 | 1652154 |
|  | West Virginia Economic Development Authority Lease Revenue Bonds (State Office Building): |  |
| 1525000 | &nbsp;&nbsp;&nbsp;Series A, 5.000%, 6/1/2025 | 1545449 |
| 315000 | &nbsp;&nbsp;&nbsp;Series A, 3.375%, 6/1/2029 | 316915 |
| 390000 | &nbsp;&nbsp;&nbsp;Series B, 3.500%, 10/1/2024 | 390088 |
| 415000 | &nbsp;&nbsp;&nbsp;Series B, 3.625%, 10/1/2025 | 415134 |
| 435000 | &nbsp;&nbsp;&nbsp;Series B, 3.750%, 10/1/2026 | 435220 |
| 310000 | &nbsp;&nbsp;&nbsp;Series C, 3.500%, 6/1/2030 | 311640 |
| 515000 | &nbsp;&nbsp;&nbsp;Series D, 5.000%, 6/1/2025 | 538958 |
| 600000 | &nbsp;&nbsp;&nbsp;Series D, 3.250%, 6/1/2028 | 604236 |
| 330000 | &nbsp;&nbsp;&nbsp;Series D, 3.375%, 6/1/2029 | 332006 |
| 355000 | &nbsp;&nbsp;&nbsp;Series D, 3.500%, 6/1/2030 | 356878 |

---

---

| | | |
|:---|:---|:---|
| 42 | ![](fp0082272-1_05.jpg) | www.wesmarkfunds.com |

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  <u>Portfolio of Investments</u> <br> December 31, 2022 WesMark West Virginia Municipal Bond Fund

---

| | | |
|:---|:---|:---|
| **Shares/Principal Amount** | **Shares/Principal Amount** | **Value** |
| $1000000 | West Virginia Economic Development Authority Lottery Revenue Bonds, Series A, 5.000%, 7/1/2032 | $1091896 |
| 100000 | West Virginia Higher Education Policy Commission, 4.000%, 4/1/2034 | 100063 |
|  | West Virginia Higher Education Policy Commission Revenue Bonds (Higher Education Facilities): |  |
| 1730000 | &nbsp;&nbsp;&nbsp;5.000%, 7/1/2034 | 1886592 |
| 385000 | &nbsp;&nbsp;&nbsp;Series B, 3.500%, 4/1/2026 | 385460 |
| 400000 | &nbsp;&nbsp;&nbsp;Series B, 3.600%, 4/1/2027 | 400459 |
| 1000000 | West Virginia Hospital Finance Authority Revenue Bonds (ARCs Improvement), Series D, 4.000%, 6/1/2029 | 1020126 |
| 585000 | West Virginia Hospital Finance Authority Revenue Bonds (West Virginia University Health System), Series A, 3.375%, 6/1/2029 | 579763 |
|  | West Virginia Housing Development Fund: |  |
| 1100000 | &nbsp;&nbsp;&nbsp;3.450%, 11/1/2030 | 1091136 |
| 500000 | &nbsp;&nbsp;&nbsp;2.000%, 11/1/2032 | 436531 |
| 1500000 | &nbsp;&nbsp;&nbsp;3.700%, 11/1/2032 | 1523867 |
| 375000 | &nbsp;&nbsp;&nbsp;3.800%, 5/1/2034 | 371925 |
| 500000 | &nbsp;&nbsp;&nbsp;3.375%, 11/1/2034 | 482284 |
| 370000 | &nbsp;&nbsp;&nbsp;3.850%, 11/1/2034 | 366574 |
| 800000 | &nbsp;&nbsp;&nbsp;2.050%, 11/1/2035 | 658187 |
| 575000 | &nbsp;&nbsp;&nbsp;3.800%, 11/1/2037 | 546039 |
|  | West Virginia School Building Authority Excess Lottery Revenue Bonds: |  |
| 500000 | &nbsp;&nbsp;&nbsp;Series A, 3.000%, 7/1/2025 | 500050 |
| 700000 | &nbsp;&nbsp;&nbsp;Series A, 3.125%, 7/1/2026 | 700123 |
|  | West Virginia School Building Authority Lottery Revenue Capital Improvement Bonds: |  |
| 515000 | &nbsp;&nbsp;&nbsp;Series A, 5.000%, 7/1/2026 | 520509 |
| 535000 | &nbsp;&nbsp;&nbsp;Series A, 5.000%, 7/1/2027 | 540671 |
| 300000 | West Virginia State Bonds, Series A, 3.250%, 6/1/2033 | 295280 |
| 500000 | West Virginia State Economic Development Authority Lottery Revenue Bonds, 3.000%, 6/15/2031 | 488023 |

---

---

| | | |
|:---|:---|:---|
| **Shares/Principal Amount** | **Shares/Principal Amount** | **Value** |
| $500000 | West Virginia State Hospital Finance Authority Refunding West Virginia United Health System, Series A, 4.000%, 6/1/2034 | $498647 |
| 500000 | West Virginia State Housing Development Fund Revenue Bonds, Series A, Series A, 3.450%, 11/1/2033 | 484931 |
| 905000 | West Virginia State University Revenues Revenue Bonds, Series A, 5.250%, 4/1/2028 | 968665 |
| 1000000 | West Virginia University, 4.000%, 10/1/2037 | 1015974 |
| 500000 | West Virginia Water Development Authority, 4.000%, 10/1/2041 | 487450 |
| 500000 | West Virginia Water Development Authority Infrastructure Revenue Bonds, Series A, 5.000%, 10/1/2032 | 532847 |
| 2605000 | West Virginia Water Development Authority Infrastructure Revenue Bonds (West Virginia Infrastructure Jobs Program), Series A, 5.000%, 10/1/2029 | 2793275 |
| 250000 | West Virginia Water Development Authority Revenue Bonds (Loan Program I), Series B-I, 4.000%, 11/1/2024 | 250211 |
| 1395000 | West Virginia Water Development Authority Revenue Bonds (Loan Program), Series B-I, 4.000%, 11/1/2025 | 1396228 |
|  | West Virginia Water Development Authority Revenue Bonds (Loan Program II): |  |
| 550000 | &nbsp;&nbsp;&nbsp;Series A-II, 5.000%, 11/1/2025 | 583515 |
| 650000 | &nbsp;&nbsp;&nbsp;Series A-II, 5.000%, 11/1/2026 | 703098 |
| 800000 | &nbsp;&nbsp;&nbsp;Series A-II, 3.000%, 11/1/2027 | 795704 |
| 300000 | &nbsp;&nbsp;&nbsp;Series A-II, 3.125%, 11/1/2028 | 300209 |
| 725000 | &nbsp;&nbsp;&nbsp;Series B-II, 4.000%, 11/1/2025 | 725638 |
| 250000 | West Virginia Water Development Authority Revenue Bonds (Loan Program IV), Series A-IV, 5.000%, 11/1/2033 | 275940 |
| 500000 | West Virginia, State Parkways Authority Senior Turnpike Toll Revenue Bonds, 5.000%, 6/1/2033 | 550108 |

---

---

| | | |
|:---|:---|:---|
| Annual Report \| December 31, 2022 | ![](fp0082272-1_05.jpg) | 43 |

---

<u>Portfolio of Investments</u>   <br> WesMark West Virginia Municipal Bond Fund December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| **Shares/Principal Amount** | **Shares/Principal Amount** | **Shares/Principal Amount** | **Value** |
| $| 1000000 | Wood County, West Virginia, Board of Education Public School General Obligation Unlimited Bonds, 3.000%, 6/1/2029 | $1001617 |
|  | 860000 | Wood County, West Virginia, Building Commission Lease Revenue Bonds, 4.000%, 1/1/2032 | 780846 |
|  |  |  | 92537607 |
| **TOTAL NON-TAXABLE MUNICIPAL BONDS** | **TOTAL NON-TAXABLE MUNICIPAL BONDS** | **TOTAL NON-TAXABLE MUNICIPAL BONDS** |  |
| (Cost $101,078,672) | (Cost $101,078,672) | (Cost $101,078,672) | 95150336 |
| **TOTAL INVESTMENTS-99.5%** | **TOTAL INVESTMENTS-99.5%** | **TOTAL INVESTMENTS-99.5%** |  |
| (Cost $101,078,672) | (Cost $101,078,672) | (Cost $101,078,672) | 95150336 |
| **OTHER ASSETS AND LIABILITIES-NET<sup>(3)</sup>-0.5%** | **OTHER ASSETS AND LIABILITIES-NET<sup>(3)</sup>-0.5%** | **OTHER ASSETS AND LIABILITIES-NET<sup>(3)</sup>-0.5%** | 446919 |
| **NET ASSETS-100.0%** | **NET ASSETS-100.0%** | **NET ASSETS-100.0%** | $95597255 |

---

*<sup>(1)</sup>* *Floating or variable rate security. The reference rate is described above. The Rate in effect as of December 31, 2022 is based on the reference rate plus the displayed spread as of the security's last reset date.* 

*<sup>(2)</sup>* *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 December 31, 2022, these securities amounted to a value of $2,145,209 or 2.24% of net assets. These Securities have been determined to be liquid pursuant to procedures adopted by the board.* 

*<sup>(3)</sup>* *Assets, other than investments in securities, less liabilities.*

*Note* - *The categories of investments are shown as a percentage of net assets as of December 31, 2022*.

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

---

| | | |
|:---|:---|:---|
| 44 | ![](fp0082272-1_05.jpg) | www.wesmarkfunds.com |

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  <u>Portfolio of Investments Summary Table</u> <br> December 31, 2022 (Unaudited) WesMark Tactical Opportunity Fund

As of December 31, 2022, the Fund's Portfolio Composition<sup>(1)</sup> was as follows:

---

| | |
|:---|:---|
| **Portfolio Composition** | **Percentage of** **Total Net Assets** |
| EXCHANGE TRADED FUNDS (ETF) | 96.0% |
| SHORT TERM INVESTMENTS<sup>(2)</sup> | 4.1% |
| OTHER ASSETS AND LIABILITIES - NET<sup>(3)</sup> | -0.1% |
| TOTAL NET ASSETS | 100.0% |

---

As of December 31, 2022, the Fund's Category composition<sup>(4)</sup> was as follows:

---

| | |
|:---|:---|
| **Category Composition** | **Percentage of** **Total Net Assets** |
| Broad Domestic Fixed Income | 41.8% |
| U.S. Sector Focused Equity | 19.2% |
| U.S. Value Company Focused Equity | 10.6% |
| Commodities | 9.9% |
| Broad Domestic Equity | 6.2% |
| U.S. Small and Mid Cap Equity | 5.0% |
| International (ex. U.S.) Equity | 3.3% |
| ETF Portfolio Sub-Total | 96.0% |
| Short Term Investments<sup>(2)</sup> | 4.1% |
| Other Assets and Liabilities - Net<sup>(3)</sup> | -0.1% |
| Total Net Assets | 100.0% |

---

 

*<sup>(1)</sup>* *See the Fund's Prospectus and Statement of Additional Information for a description of the types of securities in which the Fund invests.* 

*<sup>(2)</sup>* *Short Term Investments include investment in a money market mutual fund.* 

*<sup>(3)</sup>* *Assets, other than investments in securities, less liabilities.* 

*<sup>(4)</sup>* *Securities are assigned to a category classification by the Fund's advisor.*

---

| | | |
|:---|:---|:---|
| Annual Report \| December 31, 2022 | ![](fp0082272-1_05.jpg) | 45 |

---

<u>Portfolio of Investments</u>   <br> WesMark Tactical Opportunity Fund December 31, 2022

---

| | | |
|:---|:---|:---|
| **Shares/Principal Amount** | **Shares/Principal Amount** | **Value** |
| **EXCHANGE TRADED FUNDS-96.0%** | **EXCHANGE TRADED FUNDS-96.0%** | |
| **BROAD DOMESTIC EQUITY-6.2%** | **BROAD DOMESTIC EQUITY-6.2%** | |
| 6686 | SPDR S&P 500® ETF Trust | $2556927 |
| **TOTAL BROAD DOMESTIC EQUITY** | **TOTAL BROAD DOMESTIC EQUITY** | 2556927 |
| **BROAD DOMESTIC FIXED INCOME-41.8%** | **BROAD DOMESTIC FIXED INCOME-41.8%** |  |
| 46988 | iShares® 1-3 Year Treasury Bond ETF | 3814016 |
| 46931 | iShares® iBoxx $ Investment Grade | 4947935 |
|  | Corporate Bond ETF |  |
| 7729 | iShares® TIPS Bond ETF | 822675 |
| 60792 | iShares® Trust iShares® 1-5 Year | 3028658 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Grade Corporate Bond ETF |  |
| 47093 | iShares® Core U.S. Aggregate Bond ETF | 4567550 |
| **TOTAL BROAD DOMESTIC FIXED INCOME** | **TOTAL BROAD DOMESTIC FIXED INCOME** | 17180834 |
| **COMMODITIES-9.9%** | **COMMODITIES-9.9%** |  |
| 128435 | Invesco Optimum Yield Diversified | 1898269 |
|  | Commodity Strategy No K-1 ETF |  |
| 12891 | SPDR® Gold Shares<sup>(1)</sup> | 2186829 |
| **TOTAL COMMODITIES** | **TOTAL COMMODITIES** | 4085098 |
| **INTERNATIONAL (EX. U.S.) EQUITY-3.3%** | **INTERNATIONAL (EX. U.S.) EQUITY-3.3%** |  |
| 29568 | iShares® MSCI EAFE Value ETF | 1356580 |
| **TOTAL INTE**R**NATIONAL (EX. U.S.) EQUITY** | **TOTAL INTE**R**NATIONAL (EX. U.S.) EQUITY** | 1356580 |
| **U.S. SECTOR FOCUSED EQUITY-19.2%** | **U.S. SECTOR FOCUSED EQUITY-19.2%** |  |
| 19462 | Consumer Staples Select Sector SPDR® | 1450892 |
|  | Fund |  |
| 16025 | Health Care Select Sector SPDR® Fund | 2176996 |
| 14415 | Industrial Select Sector SPDR® Fund | 1415697 |
| 21003 | Utilities Select Sector SPDR® Fund | 1480712 |
| 16780 | Vanguard® REIT ETF | 1384014 |
| **TOTAL U.S. SECTOR FOCUSED EQUITY** | **TOTAL U.S. SECTOR FOCUSED EQUITY** | 7908311 |
| **U.S. SMALL AND MID CAP EQUITY-5.0%** | **U.S. SMALL AND MID CAP EQUITY-5.0%** |  |
| 11791 | iShares® Russell 2000® ETF | 2055879 |
| **TOTAL U.S. SMALL AND MID CAP EQUITY** | **TOTAL U.S. SMALL AND MID CAP EQUITY** | 2055879 |

---

---

| | | |
|:---|:---|:---|
| **Shares/Principal Amount** | **Shares/Principal Amount** | **Value** |
| **U.S. VALUE COMPANY FOCUSED EQUITY-10.6%** | **U.S. VALUE COMPANY FOCUSED EQUITY-10.6%** | |
| 42158 | Vanguard® Mega Cap Value ETF | $4335950 |
| **TOTAL U.S.** **VALUE COMPANY FOCUSED EQUITY** | **TOTAL U.S.** **VALUE COMPANY FOCUSED EQUITY** | 4335950 |
| **TOTAL EXCHANGE TRADED FUNDS** | **TOTAL EXCHANGE TRADED FUNDS** |  |
| (Cost $37,843,863) | (Cost $37,843,863) | 39479579 |
| **SHORT TERM INVESTMENTS-4.1%** | **SHORT TERM INVESTMENTS-4.1%** |  |
|  | ******Mutual Funds****-**4.1%***** |  |
| 1682191 | Federated Hermes Government Obligations Fund, Premier Class, 7-Day Yield 4.147% (at net asset value) | 1682191 |
| **TOTAL SHORT TERM INVESTMENTS** | **TOTAL SHORT TERM INVESTMENTS** |  |
| (Cost $1,682,191) | (Cost $1,682,191) | 1682191 |
| **TOTAL INVESTMENTS-100.1%** | **TOTAL INVESTMENTS-100.1%** |  |
| (Cost $39,526,054) | (Cost $39,526,054) | 41161770 |
| **OTHER ASSETS AND LIABILITIES-NET<sup>(2)</sup>-(0.1)%** | **OTHER ASSETS AND LIABILITIES-NET<sup>(2)</sup>-(0.1)%** | (29578) |
| **NET ASSETS- 100.0%** | **NET ASSETS- 100.0%** | $41132192 |

---

*<sup>(1)</sup>* *Non-income producing security.*

*<sup>(2)</sup>* *Assets, other than investments in securities, less liabilities.*

*Note* - *The categories of investments are shown as a percentage of net assets as of December 31, 2022*.

**Investment Abbreviations:**

SPDR - Standard and Poor's Depository Receipt

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

 

---

| | | |
|:---|:---|:---|
| 46 | ![](fp0082272-1_05.jpg) | www.wesmarkfunds.com |

---

  <u>Statements of Assets and Liabilities</u> <br> December 31, 2022

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **WesMark Small Company Fund** | **WesMark Large Company Fund** | **WesMark Balanced Fund** | **WesMark Government Bond Fund** | **WesMark West Virginia Municipal Bond Fund** | **WesMark Tactical Opportunity Fund** |
| ASSETS: |  |  |  |  |  |  |
| Investments in securities, at value (cost - see below) | $96732704 | $291147313 | $99240979 | $187140971 | $95150336 | $41161770 |
| Cash | 28622 | 256413 | 1444 |  |  |  |
| RECEIVABLE FOR: |  |  |  |  |  |  |
| Dividends and interest | 89597 | 183840 | 335240 | 917147 | 692609 | 18209 |
| Investments sold |  |  |  | 55714 |  |  |
| Fund shares sold | 7039 | 49846 | 5358 | 52163 | 76342 | 1200 |
| Prepaid expenses | 8369 | 24118 | 9371 | 16880 | 10112 | 8730 |
| **Total Assets** | 96866331 | 291661530 | 99592392 | 188182875 | 95929399 | 41189909 |
| LIABILITIES: |  |  |  |  |  |  |
| PAYABLE FOR: |  |  |  |  |  |  |
| Due to Custodian |  |  |  |  | 29775 |  |
| Investments purchased | 1804432 | 2630022 |  |  |  |  |
| Fund shares redeemed | 54384 | 262840 | 25366 | 117688 |  | 1128 |
| Income distribution payable |  |  |  | 413442 | 195253 |  |
| Investment advisory fees | 87 | 200 | 27 | 12 |  | 13 |
| Fund Accounting and Administration fees | 21757 | 31490 | 36746 | 72861 | 61496 | 15102 |
| Audit, Tax, and Legal expenses | 24984 | 25956 | 24984 | 24984 | 15667 | 24984 |
| Shareholder services fee (Note 5) | 20623 | 63050 | 21772 | 40892 | 20529 | 8841 |
| Transfer agency expenses | 7720 | 14531 | 9771 | 8556 | 5858 | 4372 |
| Registration expenses | 2740 | 1045 |  |  |  |  |
| Printing and Postage expenses | 3267 | 3348 | 3299 | 3162 | 3354 | 3065 |
| Chief compliance officer fees | 212 | 212 | 212 | 212 | 212 | 212 |
| **Total Liabilities** | 1940206 | 3032694 | 122177 | 681809 | 332144 | 57717 |
| **Net Assets** | $94926125 | $288628836 | $99470215 | $187501066 | $95597255 | $41132192 |
| NET ASSETS CONSIST OF: |  |  |  |  |  |  |
| Paid-in capital | $67012988 | $134741712 | $72128058 | $234458779 | $101525591 | $41210871 |
| Total distributable earnings | 27913137 | 153887124 | 27342157 | (46957713) | (5928336) | (78679) |
| **Net Assets** | $94926125 | $288628836 | $99470215 | $187501066 | $95597255 | $41132192 |
| Shares Outstanding, No Par Value, Unlimited Shares Authorized | 8103243 | 15099576 | 7576264 | 23457683 | 9885279 | 3965044 |
| Net asset value, offering price & redemption price per share | $11.71 | $19.12 | $13.13 | $7.99 | $9.67 | $10.37 |
| Investments, at identified cost | $68819567 | $137085460 | $72534296 | $217164151 | $101078672 | $39526054 |

---

 

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

---

| | | |
|:---|:---|:---|
| Annual Report \| December 31, 2022 | ![](fp0082272-1_05.jpg) | 47 |

---

<u>Statements of Operations</u>   <br> For the Year Ended December 31, 2022

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **WesMark Small Company Fund** | **WesMark Company Fund** | **WesMark Large Balanced Fund** | **WesMark Government Bond Fund** | **WesMark West Virginia Municipal Bond Fund** | **WesMark Tactical Opportunity Fund** |
| INVESTMENT INCOME: |  |  |  |  |  |  |
| Dividends, net of foreign taxes<sup>\*</sup> | $1097542 | $4560662 | $1960555 | $— | $— | $1154802 |
| Interest | 155134 | 249928 | 854547 | 5351110 | 2975939 | 31707 |
| **Total Investment Income** | 1252676 | 4810590 | 2815102 | 5351110 | 2975939 | 1186509 |
| EXPENSES: |  |  |  |  |  |  |
| Investment adviser fee (Note 5) | 786896 | 2463310 | 811932 | 1274118 | 607360 | 327554 |
| Fund Accounting and Administration fees (Note 5) | 108947 | 210519 | 117353 | 175248 | 123703 | 78364 |
| Custodian fees (Note 5) | 19012 | 41331 | 18050 | 29367 | 16586 | 11611 |
| Transfer agency expenses (Note 5) | 29928 | 49882 | 36366 | 31737 | 23590 | 19267 |
| Trustees' fees and expenses (Note 8) | 26565 | 49060 | 26795 | 37311 | 26189 | 20451 |
| Audit and tax expenses | 24778 | 25750 | 24778 | 24778 | 24778 | 24778 |
| Chief compliance officer fees | 212 | 212 | 212 | 212 | 212 | 212 |
| Legal expenses | 10636 | 10636 | 10636 | 10636 | 17236 | 10636 |
| Shareholder services fee (Note 5) | 262464 | 816073 | 268482 | 526148 | 251630 | 109018 |
| Registration expenses | 12510 | 10888 | 12397 | 12923 | 5640 | 12347 |
| Printing and Postage expenses | 4605 | 4860 | 4691 | 4398 | 4802 | 4138 |
| Insurance premiums | 6241 | 19693 | 5918 | 11515 | 5437 | 2460 |
| Miscellaneous fees | 4906 | 15227 | 4527 | 9066 | 4326 | 1874 |
| **Net Expenses** | 1297700 | 3717441 | 1342137 | 2147457 | 1111489 | 622710 |
| **Net Investment Income (Loss)** | (45024) | 1093149 | 1472965 | 3203653 | 1864450 | 563799 |
| REALIZED & UNREALIZED GAIN (LOSS) ON INVESTMENTS: |  |  |  |  |  |  |
| Net realized gain (loss) on investments | 1351070 | 24686652 | 945320 | (13548640) | 9879 | (1812308) |
| Net realized gain on written options |  | 367790 | 2889 |  |  | 29766 |
| Net change in unrealized appreciation (depreciation) of investments | (25939505) | (111212475) | (10951819) | (30213726) | (10726622) | (4791263) |
| **Net realized and unrealized loss on investments** | (24588435) | (86158033) | (10003610) | (43762366) | (10716743) | (6573805) |
| **Net Decrease in Net Assets Resulting from Operations** | $(24633459) | $(85064884) | $(8530645) | $(40558713) | $(8852293) | $(6010006) |
| \*Foreign tax withholding | $— | $40223 | $11135 | $— | $— | $— |

---

 

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

---

| | | |
|:---|:---|:---|
| 48 | ![](fp0082272-1_05.jpg) | www.wesmarkfunds.com |

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Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **WesMark Small Company Fund** | **WesMark Small Company Fund** | **WesMark Large Company Fund** | **WesMark Large Company Fund** |
| | **For the Year Ended December 31, 2022** | **For the Year Ended December 31, 2021** | **For the Year Ended December 31, 2022** | **For the Year Ended December 31, 2021** |
| INCREASE (DECREASE) IN NET ASSETS FROM: |  |  |  |  |
| OPERATIONS |  |  |  |  |
| Net investment income (loss) | $(45024) | $(606163) | $1093149 | $(357600) |
| Net realized gain | 1351070 | 24128527 | 25054442 | 25801596 |
| Net change in unrealized appreciation (depreciation) | (25939505) | 1723734 | (111212475) | 64883254 |
| **Net increase (decrease) in net assets resulting from operations** | (24633459) | 25246098 | (85064884) | 90327250 |
| DISTRIBUTIONS TO SHAREHOLDERS (NOTE 4) |  |  |  |  |
| From distributable earnings | (5747960) | (27541484) | (34280806) | (29514204) |
| From tax return of capital |  |  | (206360) |  |
| **Decrease in net assets from distributions to shareholders** | (5747960) | (27541484) | (34487166) | (29514204) |
| BENEFICIAL INTEREST TRANSACTIONS (NOTE 3) |  |  |  |  |
| Proceeds from sale of shares | 14506618 | 15299257 | 26967402 | 18372976 |
| Shares issued in reinvestment of distributions | 1264805 | 6408336 | 9666123 | 8481757 |
| Cost of shares redeemed | (10200963) | (15779816) | (31225912) | (48980226) |
| **Net increase (decrease) resulting from beneficial interest transactions** | 5570460 | 5927777 | 5407613 | (22125493) |
| **Net Increase (Decrease) in Net Assets** | (24810959) | 3632391 | (114144437) | 38687553 |
| NET ASSETS: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year | 119737084 | 116104693 | 402773273 | 364085720 |
| &nbsp;&nbsp;&nbsp;End of Year | $94926125 | $119737084 | $288628836 | $402773273 |

---

 

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

---

| | | |
|:---|:---|:---|
| Annual Report \| December 31, 2022 | ![](fp0082272-1_05.jpg) | 49 |

---

Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **WesMark Balanced Fund** | **WesMark Balanced Fund** | **WesMark Government Bond Fund** | **WesMark Government Bond Fund** |
| | **For the Year Ended December 31, 2022** | **For the Year Ended December 31, 2021** | **For the Year Ended December 31, 2022** | **For the Year Ended December 31, 2021** |
| INCREASE (DECREASE) IN NET ASSETS FROM: |  |  |  |  |
| OPERATIONS |  |  |  |  |
| Net investment income | $1472965 | $1228820 | $3203653 | $1723391 |
| Net realized gain (loss) | 948209 | 7623128 | (13548640) | 931138 |
| Net change in unrealized appreciation (depreciation) | (10951819) | 8441681 | (30213726) | (5980545) |
| **Net increase (decrease) in net assets resulting from operations** | (8530645) | 17293629 | (40558713) | (3326016) |
| DISTRIBUTIONS TO SHAREHOLDERS (NOTE 4) |  |  |  |  |
| From distributable earnings | (3806929) | (7186523) | (3641903) | (3221768) |
| **Decrease in net assets from distributions to shareholders** | (3806929) | (7186523) | (3641903) | (3221768) |
| BENEFICIAL INTEREST TRANSACTIONS (NOTE 3) |  |  |  |  |
| Proceeds from sale of shares | 6615483 | 14566594 | 20202558 | 40640060 |
| Shares issued in reinvestment of distributions | 663944 | 1167831 | 295564 | 323238 |
| Cost of shares redeemed | (17324069) | (18755578) | (31529222) | (24247563) |
| **Net increase (decrease) resulting from beneficial interest transactions** | (10044642) | (3021153) | (11031100) | 16715735 |
| **Net Increase (Decrease) in Net Assets** | (22382216) | 7085953 | (55231716) | 10167951 |
| NET ASSETS: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year | 121852431 | 114766478 | 242732782 | 232564831 |
| &nbsp;&nbsp;&nbsp;End of Year | $99470215 | $121852431 | $187501066 | $242732782 |

---

 

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

---

| | | |
|:---|:---|:---|
| 50 | ![](fp0082272-1_05.jpg) | www.wesmarkfunds.com |

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Statements of Changes in Net Assets

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **WesMark West Virginia Municipal Bond Fund** | **WesMark West Virginia Municipal Bond Fund** | **WesMark Tactical Opportunity Fund** | **WesMark Tactical Opportunity Fund** |
| | **For the Year Ended December 31, 2022** | **For the Year Ended December 31, 2021** | **For the Year Ended December 31, 2022** | **For the Year Ended December 31, 2021** |
| INCREASE (DECREASE) IN NET ASSETS FROM: |  |  |  |  |
| OPERATIONS |  |  |  |  |
| Net investment income | $1855445 | $1886732 | $573986 | $707389 |
| Net realized gain (loss) | 18884 | 244197 | (1782542) | 4970050 |
| Long-term capital gain distributions from other investment companies |  |  |  | 29022 |
| Net change in unrealized appreciation (depreciation) | (10726622) | (1582104) | (4801450) | 537577 |
| **Net increase (decrease) in net assets resulting from operations** | (8852293) | 548825 | (6010006) | 6244038 |
| DISTRIBUTIONS TO SHAREHOLDERS (NOTE 4) |  |  |  |  |
| From distributable earnings | (1873967) | (2137480) | (1148896) | (5429673) |
| **Decrease in net assets from distributions to shareholders** | (1873967) | (2137480) | (1148896) | (5429673) |
| BENEFICIAL INTEREST TRANSACTIONS (NOTE 3) |  |  |  |  |
| Proceeds from sale of shares | 4643330 | 10140985 | 4455499 | 6127251 |
| Shares issued in reinvestment of distributions | 254666 | 285768 | 15188 | 86696 |
| Cost of shares redeemed | (13272479) | (13594596) | (4158682) | (4811104) |
| **Net increase (decrease) resulting from beneficial interest transactions** | (8374483) | (3167843) | 312005 | 1402843 |
| **Net Increase (Decrease) in Net Assets** | (19100743) | (4756498) | (6846897) | 2217208 |
| NET ASSETS: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year | 114697998 | 119454496 | 47979089 | 45761881 |
| &nbsp;&nbsp;&nbsp;End of Year | $95597255 | $114697998 | $41132192 | $47979089 |

---

 

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

 

---

| | | |
|:---|:---|:---|
| Annual Report \| December 31, 2022 | ![](fp0082272-1_05.jpg) | 51 |

---

<u>Financial Highlights</u> <br> WesMark Small Company Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **For the Year Ended December 31, 2022** | **For the Year Ended December 31, 2021** | **For the Year Ended December 31, 2020** | **For the Year Ended December 31, 2019** | **For the Year Ended December 31, 2018** |
| PER COMMON SHARE OPERATING PERFORMANCE | PER COMMON SHARE OPERATING PERFORMANCE | PER COMMON SHARE OPERATING PERFORMANCE |  |  |  |
| Net Asset Value, Beginning of Year | $15.66 | $16.12 | $12.79 | $10.63 | $13.90 |
| Income (Loss) from |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment Operations: |  |  |  |  |  |
| Net Investment Income (Loss) | (0.00)<sup>(1)</sup> | (0.07) | (1.36) | (0.05) | (0.05) |
| Net Realized and Unrealized Gain (Loss) on Investments | (3.22) | 3.64 | 6.01 | 2.21 | (1.89) |
| Total from Investment Operations | (3.22) | 3.57 | 4.65 | 2.16 | (1.94) |
| LESS DISTRIBUTIONS TO COMMON SHAREHOLDERS |  |  |  |  |  |
| From Net Realized Gain on Investments | (0.73) | (4.03) | (1.32) |  | (1.33) |
| Total Distributions | (0.73) | (4.03) | (1.32) |  | (1.33) |
| Net Asset Value, End of Year | $11.71 | $15.66 | $16.12 | $12.79 | $10.63 |
| &nbsp;&nbsp;&nbsp;Total Return | (20.56)% | 23.23% | 36.61% | 20.32% | (13.72)% |
| RATIOS TO AVERAGE NET ASSETS |  |  |  |  |  |
| Net Expenses | 1.24% | 1.23% | 1.27% | 1.26% | 1.25% |
| Net Investment Loss | (0.04)% | (0.47)% | (0.37)% | (0.46)% | (0.43)% |
| Net Assets Value End of Year (000 omitted) | $94926 | $119737 | $116105 | $96185 | $81439 |
| Portfolio Turnover Rate | 52% | 42% | 52% | 50% | 88% |

---

** 

*<sup>(1)</sup>* *Less than $0.005 per share.*

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

---

| | | |
|:---|:---|:---|
| 52 | ![](fp0082272-1_05.jpg) | www.wesmarkfunds.com |

---

<u>Financial Highlights</u> <br> WesMark Large Company Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **For the Year Ended December 31, 2022** | **For the Year Ended December 31, 2021** | **For the Year Ended December 31, 2020** | **For the Year Ended December 31, 2019** | **For the Year Ended December 31, 2018** |
| PER COMMON SHARE OPERATING PERFORMANCE | PER COMMON SHARE OPERATING PERFORMANCE | PER COMMON SHARE OPERATING PERFORMANCE |  |  |  |
| Net Asset Value, Beginning of Year | $27.41 | $23.41 | $19.95 | $16.80 | $20.00 |
| Income (Loss) from Investment Operations: |  |  |  |  |  |
| Net Investment Income (Loss) | 0.09 | (0.02) | (1.66) | 0.04 | 0.04 |
| Net Realized and Unrealized Gain (Loss) on Investments | (5.93) | 6.08 | 6.89 | 4.40 | (1.32) |
| Total from Investment Operations | (5.84) | 6.06 | 5.23 | 4.44 | (1.28) |
| LESS DISTRIBUTIONS TO COMMON SHAREHOLDERS |  |  |  |  |  |
| From Net Investment Income | (0.09) | (0.00) | (0.02) | (0.04) | (0.04) |
| From Net Realized Gain on Investments | (2.35) | (2.06) | (1.75) | (1.25) | (1.88) |
| From Tax Return of Capital | (0.01) |  |  |  |  |
| Total Distributions | (2.45) | (2.06 | (1.77) | (1.29) | (1.92) |
| Net Asset Value, End of Year | $19.12 | $27.41 | $23.41 | $19.95 | $16.80 |
| &nbsp;&nbsp;&nbsp;Total Return | (21.42)% | 26.06 | 26.31% | 26.53% | (6.19)% |
| RATIOS TO AVERAGE NET ASSETS |  |  |  |  |  |
| Net Expenses | 1.13% | 1.12 | 1.14% | 1.14% | 1.13% |
| Net Investment Income/(Loss) | 0.33% | (0.09) | 0.07% | 0.23% | 0.19% |
| Net Assets Value End of Year (000 omitted) | $288629 | $402773 | $364086 | $331238 | $287441 |
| Portfolio Turnover Rate | 34% | 14 | 27% | 55% | 37% |

---

 

*<sup>(1)</sup>* *Less than $0.005 per share.*

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

---

| | | |
|:---|:---|:---|
| Annual Report \| December 31, 2022 | ![](fp0082272-1_05.jpg) | 53 |

---

<u>Financial Highlights</u> <br> WesMark Balanced Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **For the Year Ended December 31, 2022** | **For the Year Ended December 31, 2021** | **For the Year Ended December 31, 2020** | **For the Year Ended December 31, 2019** | **For the Year Ended December 31, 2018** |
| PER COMMON SHARE OPERATING PERFORMANCE | PER COMMON SHARE OPERATING PERFORMANCE | PER COMMON SHARE OPERATING PERFORMANCE |  |  |  |
| Net Asset Value, Beginning of Year | $14.68 | $13.45 | $13.31 | $11.77 | $13.05 |
| Income (Loss) from Investment Operations: |  |  |  |  |  |
| Net Investment Income (Loss) | 0.19 | 0.16 | (0.08) | 0.23 | 0.23 |
| Net Realized and Unrealized Gain (Loss) on Investments | (1.24) | 1.96 | 0.72 | 2.14 | (0.82) |
| Total from Investment Operations | (1.05) | 2.12 | 0.64 | 2.37 | (0.59) |
| LESS DISTRIBUTIONS TO COMMON SHAREHOLDERS |  |  |  |  |  |
| From Net Investment Income | (0.22) | (0.17) | (0.22) | (0.23) | (0.23) |
| From Net Realized Gain on Investments | (0.28) | (0.72) | (0.28) | (0.60) | (0.46) |
| Total Distributions | (0.50) | (0.89) | (0.50) | (0.83) | (0.69) |
| Net Asset Value, End of Year | $13.13 | $14.68 | $13.45 | $13.31 | $11.77 |
| &nbsp;&nbsp;&nbsp;Total Return | (7.19)% | 15.85% | 5.05% | 20.30% | (4.58)% |
| RATIOS TO AVERAGE NET ASSETS |  |  |  |  |  |
| Net Expenses | 1.24% | 1.25% | 1.27% | 1.25% | 1.24% |
| Net Investment Income | 1.36% | 1.03% | 1.66% | 1.74% | 1.69% |
| Net Assets Value End of Year (000 omitted) | $99470 | $121852 | $114766 | $112171 | $101893 |
| Portfolio Turnover Rate | 18% | 23% | 29% | 31% | 35% |

---

 

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

---

| | | |
|:---|:---|:---|
| 54 | ![](fp0082272-1_05.jpg) | www.wesmarkfunds.com |

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<u>Financial Highlights</u> <br> WesMark Government Bond Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **For the Year Ended December 31, 2022** | **For the Year Ended December 31, 2021** | **For the Year Ended December 31, 2020** | **For the Year Ended December 31, 2019** | **For the Year Ended December 31, 2018** |
| PER COMMON SHARE OPERATING PERFORMANCE | PER COMMON SHARE OPERATING PERFORMANCE | PER COMMON SHARE OPERATING PERFORMANCE |  |  |  |
| Net Asset Value, Beginning of Year | $9.81 | $10.08 | $9.93 | $9.68 | $9.77 |
| Income (Loss) from Investment Operations: |  |  |  |  |  |
| Net Investment Income | 0.13 | 0.07 | 0.11 | 0.19 | 0.17 |
| Net Realized and Unrealized Gain (Loss) on Investments | (1.80) | (0.21) | 0.23 | 0.27 | (0.06) |
| Total from Investment Operations | (1.67) | (0.14) | 0.34 | 0.46 | 0.11 |
| LESS DISTRIBUTIONS TO COMMON SHAREHOLDERS |  |  |  |  |  |
| From Net Investment Income | (0.15) | (0.13) | (0.19) | (0.21) | (0.20) |
| Total Distributions | (0.15) | (0.13) | (0.19) | (0.21) | (0.20) |
| Net Asset Value, End of Year | $7.99 | $9.81 | $10.08 | $9.93 | $9.68 |
| &nbsp;&nbsp;&nbsp;Total Return | (17.11)% | (1.35)% | 3.46% | 4.75% | 1.15% |
| RATIOS TO AVERAGE NET ASSETS |  |  |  |  |  |
| Net Expenses | 1.01% | 1.02% | 1.03% | 1.01% | 1.01% |
| Net Investment Income | 1.51% | 0.72% | 1.09% | 1.72% | 1.81% |
| Net Assets Value End of Year (000 omitted) | $187501 | $242733 | $232565 | $231959 | $230250 |
| Portfolio Turnover Rate | 56% | 40% | 51% | 37% | 17% |

---

 

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

---

| | | |
|:---|:---|:---|
| Annual Report \| December 31, 2022 | ![](fp0082272-1_05.jpg) | 55 |

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<u>Financial Highlights</u> <br> WesMark West Virginia Municipal Bond Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **For the Year Ended December 31, 2022** | **For the Year Ended December 31, 2021** | **For the Year Ended December 31, 2020** | **For the Year Ended December 31, 2019** | **For the Year Ended December 31, 2018** |
| PER COMMON SHARE OPERATING PERFORMANCE | PER COMMON SHARE OPERATING PERFORMANCE | PER COMMON SHARE OPERATING PERFORMANCE |  |  |  |
| Net Asset Value, Beginning of Year | $10.69 | $10.84 | $10.67 | $10.38 | $10.54 |
| Income (Loss) from Investment Operations: |  |  |  |  |  |
| Net Investment Income | 0.18 | 0.17 | 0.18 | 0.20 | 0.21 |
| Net Realized and Unrealized Gain (Loss) on Investments | (1.02) | (0.13) | 0.18 | 0.30 | (0.16) |
| Total from Investment Operations | (0.84) | 0.04 | 0.36 | 0.50 | 0.05 |
| LESS DISTRIBUTIONS TO COMMON SHAREHOLDERS |  |  |  |  |  |
| From Net Investment Income | (0.18) | (0.17) | (0.19) | (0.21) | (0.21) |
| From Net Realized Gain on Investments | (0.00)<sup>(1)</sup> | (0.02) | (0.00)<sup>(1)</sup> | (0.00)<sup>(1)</sup> |  |
| Total Distributions | (0.18) | (0.19) | (0.19) | (0.21) | (0.21) |
| Net Asset Value, End of Year | $9.67 | $10.69 | $10.84 | $10.67 | $10.38 |
| &nbsp;&nbsp;&nbsp;Total Return | (7.84)% | 0.43% | 3.48% | 4.83% | 0.47% |
| RATIOS TO AVERAGE NET ASSETS |  |  |  |  |  |
| Net Expenses | 1.10% | 1.11% | 1.10% | 1.08% | 1.09% |
| Net Investment Income | 1.84% | 1.61% | 1.81% | 1.94% | 2.00% |
| Net Assets Value End of Year (000 omitted) | $95597 | $114698 | $119454 | $117868 | $114345 |
| Portfolio Turnover Rate | 9% | 15% | 10% | 9% | 10% |

---

 

*<sup>(1)</sup>* *Less than $0.005 per share.*

 

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

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| | | |
|:---|:---|:---|
| 56 | ![](fp0082272-1_05.jpg) | www.wesmarkfunds.com |

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<u>Financial Highlights</u> <br> WesMark Tactical Opportunity Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **For the Year Ended December 31, 2022** | **For the Year Ended December 31, 2021** | **For the Year Ended December 31, 2020** | **For the Year Ended December 31, 2019** | **For the Year Ended December 31, 2018** |
| PER COMMON SHARE OPERATING PERFORMANCE | PER COMMON SHARE OPERATING PERFORMANCE |  |  |  |  |
| Net Asset Value, Beginning of Year | $12.16 | $11.95 | $11.25 | $10.01 | $10.62 |
| Income (Loss) from Investment Operations: |  |  |  |  |  |
| Net Investment Income | 0.14 | 0.19 | 0.04 | 0.10 | 0.05 |
| Net Realized and Unrealized Gain (Loss) on Investments | (1.64) | 1.45 | 0.91 | 1.56 | (0.60) |
| Total from Investment Operations | (1.50) | 1.64 | 0.95 | 1.66 | (0.55) |
| LESS DISTRIBUTIONS TO COMMON SHAREHOLDERS |  |  |  |  |  |
| From Net Investment Income | (0.22) | (0.13) | (0.04) | (0.11) | (0.04) |
| From Net Realized Gain on Investments | (0.07) | (1.30) | (0.21) | (0.31) | (0.02) |
| Total Distributions | (0.29) | (1.43) | (0.25) | (0.42) | (0.06) |
| Net Asset Value, End of Year | $10.37 | $12.16 | $11.95 | $11.25 | $10.01 |
| &nbsp;&nbsp;&nbsp;Total Return | (12.38)% | 13.94% | 8.48% | 16.61% | (5.20)% |
| RATIOS TO AVERAGE NET ASSETS |  |  |  |  |  |
| Net Expenses<sup>(1)</sup> | 1.43% | 1.44% | 1.50% | 1.46% | 1.56% |
| Net Investment Income<sup>(1)(2)</sup> | 1.29% | 1.45% | 0.36% | 0.91% | 0.55% |
| Net Assets Value End of Year (000 omitted) | $41132 | $47979 | $45762 | $41452 | $35734 |
| Portfolio Turnover Rate | 85% | 78% | 169% | 152% | 145% |

---

 

*<sup>(1)</sup>* *The ratios shown do not include the Fund's proportionate shares of the expenses of the underlying investment companies in which the Fund invests.* 

*<sup>(2)</sup>* *Recognition of net investment income is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests.*

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

 

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| | | |
|:---|:---|:---|
| Annual Report \| December 31, 2022 | ![](fp0082272-1_05.jpg) | 57 |

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<u>Notes to Financial Statements</u>   <br> December 31, 2022

**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:

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| | | |
|:---|:---|:---|
| **Portfolio Name** | **Diversification** | **Investment Objective** |
| WesMark Small Company Fund ("Small Company Fund") | Diversified | To achieve capital appreciation |
| WesMark Large Company Fund ("Large Company Fund") | Diversified | To achieve capital appreciation |
| WesMark Balanced Fund ("Balanced Fund") | Diversified | To achieve capital appreciation and income |
| WesMark Government Bond Fund ("Government Bond Fund") | Diversified | To achieve high current income consistent with preservation of capital |
| WesMark West Virginia Municipal Bond Fund ("West Virginia Municipal Bond Fund") | Non-diversified | To achieve current income which is exempt from federal income tax and income taxes imposed by the State of West Virginia |
| WesMark Tactical Opportunity Fund ("Tactical Opportunity Fund") | Diversified | To achieve capital appreciation |

---

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

**2. SIGNIFICANT ACCOUNTING POLICIES**

The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of their financial statements. These policies are in conformity with generally accepted accounting principles ("GAAP") in the United States of America.

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

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

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

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

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

---

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

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

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

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| | | |
|:---|:---|:---|
| 58 | ![](fp0082272-1_05.jpg) | www.wesmarkfunds.com |

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  <u>Notes to Financial Statements</u> <br> December 31, 2022

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

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

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

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

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

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

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

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

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| | |
|:---|:---|
| 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.<br>|
| 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.<br>|
| 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. |

---

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| | | |
|:---|:---|:---|
| Annual Report \| December 31, 2022 | ![](fp0082272-1_05.jpg) | 59 |

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<u>Notes to Financial Statements</u>   <br> December 31, 2022

The following is a summary of the inputs used as of December 31, 2022 in valuing the Funds' investments carried at fair value:

**Small Company Fund** 

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| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value\*** | **Level 1 - Quoted Prices** | **Level 2 - Other Significant Observable Inputs** | **Level 3 - Significant Unobservable Inputs** | **Total** |
| Common Stocks | $90070482 | $— | $— | $90070482 |
| Exchange Traded Funds | 1768135 |  |  | 1768135 |
| Short Term Investments | 4894087 |  |  | 4894087 |
| Total | $96732704 | $— | $— | $96732704 |

---

**Large Company Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value\*** | **Level 1 - Quoted Prices** | **Level 2 - Other Significant Observable Inputs** | **Level 3 - Significant Unobservable Inputs** | **Total** |
| Common Stocks | $277357101 | $— | $— | $277357101 |
| Short Term Investments | 13790212 |  |  | 13790212 |
| Total | $291147313 | $— | $— | $291147313 |

---

**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 | $61975973 | $— | $— | $61975973 |
| Exchange Traded Funds | 303251 |  |  | 303251 |
| Corporate Bonds |  | 22655113 |  | 22655113 |
| U.S. Government Agency - Collateralized Mortgage Obligations |  | 643972 |  | 643972 |
| Commercial Mortgage-Backed Securities |  | 1418962 |  | 1418962 |
| U.S. Government Agency - Mortgage- Backed Securities |  | 3654809 |  | 3654809 |
| U.S. Government Agency Securities |  | 5566799 |  | 5566799 |
| Taxable Municipal Bonds |  | 2456347 |  | 2456347 |
| Short Term Investments | 565753 |  |  | 565753 |
| Total | $62844977 | $36396002 | $— | $99240979 |

---

---

| | | |
|:---|:---|:---|
| 60 | ![](fp0082272-1_05.jpg) | www.wesmarkfunds.com |

---

  <u>Notes to Financial Statements</u> <br> December 31, 2022

**Government Bond Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value\*** | **Level 1 - Quoted Prices** | **Level 2 - Other Significant Observable Inputs** | **Level 3 - Significant Unobservable Inputs** | **Total** |
| Corporate Bonds | $— | $7829441 | $— | $7829441 |
| U.S. Government Agency - Collateralized Mortgage Obligations |  | 88398979 |  | 88398979 |
| U.S. Government Agency - Mortgage- Backed Securities |  | 35597190 |  | 35597190 |
| U.S. Government Agency Securities |  | 9733213 |  | 9733213 |
| Taxable Municipal Bonds |  | 32044346 |  | 32044346 |
| Short Term Investments | 13537802 |  |  | 13537802 |
| Total | $13537802 | $173603169 | $— | $187140971 |

---

**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 | $— | $95150336 | $— | $95150336 |
| Total | $— | $95150336 | $— | $95150336 |

---

**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 | $39479579 | $— | $— | $39479579 |
| Short Term Investments | 1682191 |  |  | 1682191 |
| Total | $41161770 | $— | $— | $41161770 |

---

 

*All securities of the Funds were valued using either Level 1 or Level 2 inputs during the year ended December 31, 2022. 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 Funds are informed of the ex-dividend date. Trust level expenses are allocated to each Fund based on net assets, equally across all Funds, or to a specific Fund, whichever is deemed most appropriate for a particular expense. Each Fund pays its own expenses.

Distributions of net investment income, if any, for the Small Company Fund, Large Company 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 Fund, Large Company Fund, Balanced Fund, Government Bond Fund, West Virginia Municipal Bond Fund, and Tactical Opportunity Fund are declared and paid annually.

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

---

| | | |
|:---|:---|:---|
| Annual Report \| December 31, 2022 | ![](fp0082272-1_05.jpg) | 61 |

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<u>Notes to Financial Statements</u>   <br> December 31, 2022

**Federal Taxes –** It is each Fund's policy to comply with the Subchapter M provision of the Internal Revenue Code of 1986, as amended, (the "Code") and to distribute to shareholders each year substantially all of its income. As of and during the year ended December 31, 2022, the Funds did not have a liability for any unrecognized tax benefits. The Funds recognize interest and penalties, if any, related to tax liabilities as income tax expense in the Statements of Operations. The Funds file U.S. federal, state, and local tax returns as required. The Funds' tax returns are subject to examination by the relevant tax authorities until expiration of the applicable statute of limitations which is generally three years after the filing of the tax return for federal purposes and four years for most state returns. Tax returns for open years have not incorporated uncertain tax positions that require a provision for income taxes and federal and state taxing authorities.

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

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

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

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

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

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

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

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

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

**Writing Covered Call Options and Purchasing Put Options**

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

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

Option contracts (options) - are rights to buy or sell a security for a specified price within a specified period. The seller of the option receives a payment, or premium, from the buyer, which the seller keeps regardless of whether the buyer uses (or exercises) the option. Options can trade on exchanges or in the over the counter (OTC) market and may be bought or sold on a wide variety of securities. There were no options held as of December 31, 2022.

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|:---|:---|:---|
| 62 | ![](fp0082272-1_05.jpg) | www.wesmarkfunds.com |

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  <u>Notes to Financial Statements</u> <br> December 31, 2022

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

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

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

---

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

---

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

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

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| | |
|:---|:---|
| ›› | 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).

---

| | | |
|:---|:---|:---|
| Annual Report \| December 31, 2022 | ![](fp0082272-1_05.jpg) | 63 |

---

<u>Notes to Financial Statements</u>   <br> December 31, 2022

The effect of derivative instruments on the Statements of Operations for the year ended December 31, 2022:

---

| | | | |
|:---|:---|:---|:---|
| **Risk Exposure** | **Statements of Operations Location** | **Realized Gain/(Loss) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in Income** |
| **Large Company Fund** |  | | |
| Equity Contracts (Written Options) | Net realized gain (loss) on written options/Net change in unrealized appreciation (depreciation) of written options | $367790 | $— |
| Total |  | $367790 | $— |
| **Balanced Fund** |  |  |  |
| Equity Contracts (Written Options) | Net realized gain (loss) on written options/Net change in unrealized appreciation (depreciation) of written options | $2889 | $— |
| Total |  | $2889 | $— |
| **Tactical Opportunity Fund** |  |  |  |
| Equity Contracts (Written Options) | Net realized gain (loss) on written options/Net change in unrealized appreciation (depreciation) of written options | $29766 | $— |
| Total |  | $29766 | $— |

---

The Balanced Fund, Large Company Fund and Tactical Opportunity Fund had average monthly written call option notional value of $234,337, $3,015,178 and $779,022, respectively, during the year ended December 31, 2022.

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

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

---

| | | |
|:---|:---|:---|
| 64 | ![](fp0082272-1_05.jpg) | www.wesmarkfunds.com |

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  <u>Notes to Financial Statements</u> <br> December 31, 2022

**3. SHARES OF BENEFICIAL INTEREST**

The following tables summarize share activity:

---

| | | |
|:---|:---|:---|
| | **For the Year Ended December 31:**<br>**2022** | **For the Year Ended December 31:**<br>**2021** |
| **Small Company Fund** |  |  |
| Shares sold | 1093038 | 891447 |
| Shares issued to shareholders in payment of distributions declared | 108103 | 426654 |
| Shares redeemed | (746313) | (871546) |
| Net increase resulting from share transactions | 454828 | 446555 |
| Common shares outstanding, end of period | 8103243 | 7648415 |

---

---

| | | |
|:---|:---|:---|
| | **For the Year Ended December 31:**<br>**2022** | **For the Year Ended December 31:**<br>**2021** |
| **Large Company Fund** |  |  |
| Shares sold | 1265300 | 709056 |
| Shares issued to shareholders in payment of distributions declared | 499686 | 315451 |
| Shares redeemed | (1360580) | (1884187) |
| Net increase/(decrease) resulting from share transactions | 404406 | (859680) |
| Common shares outstanding, end of period | 15099576 | 14695170 |

---

---

| | | |
|:---|:---|:---|
| | **For the Year Ended December 31:**<br>**2022** | **For the Year Ended December 31:**<br>**2021** |
| **Balanced Fund** |  |  |
| Shares sold | 487554 | 1008176 |
| Shares issued to shareholders in payment of distributions declared | 49827 | 80283 |
| Shares redeemed | (1261719) | (1319080) |
| Net decrease resulting from share transactions | (724338) | (230621) |
| Common shares outstanding, end of period | 7576264 | 8300602 |

---

---

| | | |
|:---|:---|:---|
| | **For the Year Ended December 31:**<br>**2022** | **For the Year Ended December 31:**<br>**2021** |
| **Government Bond Fund** |  |  |
| Shares sold | 2314038 | 4084453 |
| Shares issued to shareholders in payment of distributions declared | 34517 | 32519 |
| Shares redeemed | (3644043) | (2433837) |
| Net increase resulting from share transactions | (1295488) | 1683135 |
| Common shares outstanding, end of period | 23457683 | 24753171 |

---

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| | | |
|:---|:---|:---|
| Annual Report \| December 31, 2022 | ![](fp0082272-1_05.jpg) | 65 |

---

<u>Notes to Financial Statements</u>   <br> December 31, 2022

---

| | | |
|:---|:---|:---|
| | **For the Year Ended December 31:**<br>**2022** | **For the Year Ended December 31:**<br>**2021** |
| **West Virginia Municipal Bond Fund** |  |  |
| Shares sold | 467846 | 942015 |
| Shares issued to shareholders in payment of distributions declared | 25998 | 26618 |
| Shares redeemed | (1336265) | (1263228) |
| Net decrease resulting from share transactions | (842421) | (294595) |
| Common shares outstanding, end of period | 9885279 | 10727700 |

---

---

| | | |
|:---|:---|:---|
| | **For the Year Ended December 31:**<br>**2022** | **For the Year Ended December 31:**<br>**2021** |
| **Tactical Opportunity Fund** |  |  |
| Shares sold | 403019 | 486751 |
| Shares issued to shareholders in payment of distributions declared | 1427 | 7245 |
| Shares redeemed | (384362) | (378269) |
| Net increase resulting from share transactions | 20084 | 115727 |
| Common shares outstanding, end of period | 3965044 | 3944960 |

---

**4. FEDERAL TAX INFORMATION AND TAX BASIS**

The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences were primarily attributable to non-deductible excise taxes paid, net operating losses and taxable overdistribution. For the Funds' most recent year ended December 31, 2022, permanent differences identified and reclassified among the components of net assets were as follows:

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| | | |
|:---|:---|:---|
| **Fund Name** | **Paid-in Capital** | **Total Distributable earnings** |
| Small Company Fund | $(276874) | $276874 |
| Large Company Fund | $— | $— |
| Balanced Fund | $— | $— |
| Government Bond Fund | $— | $— |
| West Virginia Municipal Bond Fund | $(514) | $514 |
| Tactical Opportunity Fund | $(3679) | $3679 |

---

For federal income tax purposes, the following amounts apply as of December 31, 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund Name** | **Gross Appreciation (excess of value over tax cost)** | **Gross Depreciation (excess of tax cost over value)** | **Net Appreciation (Depreciation) of Foreign Currency and Derivatives** | **Net Unrealized Appreciation (Depreciation)** | **Cost of Investments for Income Tax Purposes (includes cost of derivatives)** |
| Small Company Fund | $30604170 | $(2691033) | $— | $27913137 | $68819567 |
| Large Company Fund | $155631025 | $(1722333) | $1 | $153908693 | $137238620 |
| Balanced Fund | $29771441 | $(3082388) | $— | $26689053 | $72551926 |
| Government Bond Fund | $241814 | $(30264994) | $— | $(30023180) | $217164151 |
| West Virginia Municipal Bond Fund | $354834 | $(6283170) | $— | $(5928336) | $101078672 |
| Tactical Opportunity Fund | $3180317 | $(1545287) | $(1) | $1635029 | $39526740 |

---

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|:---|:---|:---|
| 66 | ![](fp0082272-1_05.jpg) | www.wesmarkfunds.com |

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  <u>Notes to Financial Statements</u> <br> December 31, 2022

The difference between book and tax basis for unrealized appreciation/(depreciation) for the Funds is attributable to wash sales, grantor trusts adjustments, premium amortization adjustments and certain other investments.

The tax character of distributions as reported on the Statements of Changes in Net Assets for the years ended December 31, 2022 and December 31, 2021 was as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **For Year Ended December 31, 2022** | **For Year Ended December 31, 2022** | **For Year Ended December 31, 2022** | **For Year Ended December 31, 2022** | **For Year Ended December 31, 2022** |
| <br>**Fund Name** | **Tax-Exempt Income** | **Ordinary Income** | **Long-Term Capital Gain** | **Return of Capital** | **Total** |
| Small Company Fund | $— | $— | $5747960 | $— | $5747960 |
| Large Company Fund | $— | $1093149 | $33187657 | $206360 | $34487166 |
| Balanced Fund | $— | $1684615 | $2122314 | $— | $3806929 |
| Government Bond Fund | $— | $3641903 | $— | $— | $3641903 |
| West Virginia Municipal Bond Fund | $1862599 | $3899 | $7469 | $— | $1873967 |
| Tactical Opportunity Fund | $— | $866192 | $282704 | $— | $1148896 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **For Year Ended December 31, 2021** | **For Year Ended December 31, 2021** | **For Year Ended December 31, 2021** | **For Year Ended December 31, 2021** |
| <br>**Fund Name** | **Tax-Exempt Income** | **Ordinary Income** | **Long-Term Capital Gain** | **Total** |
| Small Company Fund | $— | $2835651 | $24705833 | $27541484 |
| Large Company Fund | $— | $2672193 | $26842011 | $29514204 |
| Balanced Fund | $— | $2414119 | $4772404 | $7186523 |
| Government Bond Fund | $— | $3221768 | $— | $3221768 |
| West Virginia Municipal Bond Fund | $1853582 | $33405 | $250493 | $2137480 |
| Tactical Opportunity Fund | $— | $3174726 | $2254947 | $5429673 |

---

As of December 31, 2022, the Funds' most recent year end, the components of distributable earnings on a tax basis was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund Name** | **Undistributed net investment income** | **Accumulated net realized gain (loss) on investments** | **Net unrealized appreciation (depreciation) on investments** | **Total** |
| Small Company Fund | $— | $— | $27913137 | $27913137 |
| Large Company Fund | $— | $(21569) | $153908693 | $153887124 |
| Balanced Fund | $19971 | $633134 | $26689053 | $27342158 |
| Government Bond Fund | $154599 | $(17089132) | $(30023180) | $(46957713) |
| West Virginia Municipal Bond Fund | $— | $— | $(5928336) | $(5928336) |
| Tactical Opportunity Fund | $56747 | $(1770456) | $(1635030) | $(78679) |

---

Under current law, capital losses maintain their character as short-term or long-term and are carried forward to the next tax year without expiration. As of December 31, 2022, the following amounts are available as carry forwards to the next tax year:

---

| | | |
|:---|:---|:---|
| | **Non expiring** | **Non expiring** |
| <br>**Fund Name** | **ST** | **LT** |
| Government Bond Fund | $3493360 | $4349990 |
| Tactical Opportunity Fund | $1625743 | $69309 |

---

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| | | |
|:---|:---|:---|
| Annual Report \| December 31, 2022 | ![](fp0082272-1_05.jpg) | 67 |

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<u>Notes to Financial Statements</u>   <br> December 31, 2022

The Funds elect to defer to the year ending December 31, 2023, capital losses recognized during the period November 1, 2022 to December 31, 2022 in the amount of:

---

| | |
|:---|:---|
| **Fund Name** | **Capital Losses** |
| Large Company Fund | $21569 |
| Government Bond Fund | $9245782 |
| Tactical Opportunity Fund | $75404 |

---

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

**5. INVESTMENT ADVISER FEE AND OTHER TRANSACTIONS WITH AFFILIATES**

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

---

| | |
|:---|:---|
| **Fund Name** | **Investment Adviser Fee Percentage** |
| Small Company Fund | 0.75% |
| Large Company Fund | 0.75% |
| Balanced Fund | 0.75% |
| Government Bond Fund | 0.60% |
| West Virginia Municipal Bond Fund | 0.60% |
| Tactical Opportunity Fund | 0.75% |

---

The Adviser is contractually obligated to waive a portion of its fees and reimburse other expenses until February 28, 2023 in amounts necessary to limit the Tactical Opportunity Fund's operating expenses (including the organizational expenses of the Fund, but excluding interest expense, fees on borrowings and expenses associated with the Fund's investment in other investment companies, if any, extraordinary expenses, tax reclaim recovery expenses and proxy-related expenses) to an annual rate (as a percentage of the Fund's average daily net assets) of 1.75%. This expense limitation arrangement may not be terminated by the Adviser prior to such date unless such termination is approved by the Trustees. The Adviser is not entitled to recoup any of the fees or expenses waived or reimbursed within this expense limitation arrangement.

For the year ended December 31, 2022, the Adviser did not waive any fees due to expenses being under the limit.

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

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

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

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

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|:---|:---|:---|
| 68 | ![](fp0082272-1_05.jpg) | www.wesmarkfunds.com |

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  <u>Notes to Financial Statements</u> <br> December 31, 2022

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

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

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

**6. INVESTMENT TRANSACTIONS**

Purchases and sales of investments, excluding long-term U.S. government securities and short-term obligations, for the year ended December 31, 2022 were as follows:

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| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
| Small Company Fund | $50149361 | $50103425 |
| Large Company Fund | 109259471 | 146201587 |
| Balanced Fund | 15449787 | 30142401 |
| Government Bond Fund | 102545522 | 127594849 |
| West Virginia Municipal Bond Fund | 8759063 | 14040573 |
| Tactical Opportunity Fund | 36632149 | 35626738 |

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Purchases and Sales of U.S. Government Securities, other than short-term securities, for the year ended December 31, 2022 were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
| Balanced Fund | $5573752 | $450000 |
| Government Bond Fund | 14702891 | 2523090 |

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**7. CONCENTRATION OF RISK**

Since the West Virginia Municipal Bond Fund invests a substantial portion of its assets in issuers located in one state, it is more susceptible to factors adversely affecting issuers of that state than would be a comparable tax-exempt mutual fund that invests nationally. In order to reduce the credit risk associated with such factors, as of December 31, 2022, 30% of the securities in the portfolio were backed by letters of credit, bond insurance of various financial institutions, or financial guaranty assurance agencies.

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

**8. COMPENSATION OF TRUSTEES**

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

**9. RECENT ACCOUNTING PRONOUNCEMENT**

In March 2020, the FASB issued guidance providing optional temporary financial reporting relief from the effect of certain types of contract modifications due to the planned discontinuation of the LIBOR (London Interbank Offered Rate) or other interbank-offered based reference rates as of the end of December 2022. Management continues to evaluate the impact of the guidance and may apply other elections, as applicable, as the expected market transition to alternative reference rates evolves.

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| Annual Report \| December 31, 2022 | ![](fp0082272-1_05.jpg) | 69 |

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<u>Notes to Financial Statements</u>   <br> December 31, 2022

**10. SUBSEQUENT EVENTS**

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

Shareholder Distributions for the Balanced Fund: On January 31, 2023, the Balanced Fund paid a monthly distribution of $0.027 per share to common shareholders of record as of January 24, 2023.

Shareholder Distributions for Government Bond Fund and West Virginia Municipal Bond Fund: On February 1, 2023, the Government Bond Fund and the West Virginia Municipal Bond Fund paid daily distributions declared from January 1, 2023 to January 31, 2023 totaling $0.019 and $0.015 per share, respectively, to common shareholders.

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Report of Independent Registered Public Accounting Firm

**To the Shareholders and Board of Trustees of WesMark Funds**

**Opinion on the Financial Statements**

We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, 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 December 31, 2022, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the related notes, and the financial highlights for each of the five years in the period then ended (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of December 31, 2022, the results of their operations, the changes in net assets, and the financial highlights for the periods indicated above, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the Funds' auditor since 2011.

![](fp0082272-1_14.jpg)

COHEN & COMPANY, LTD.

Cleveland, Ohio

March 1, 2023

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| Annual Report \| December 31, 2022 | ![](fp0082272-1_05.jpg) | 71 |

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<u>Shareholder Expense Example</u>   <br> December 31, 2022 (Unaudited)

As a shareholder of a Fund, you incur ongoing costs, including management fees and to the extent applicable, shareholder services fees and other Fund expenses. This example is intended to help you to understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds. It is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from July 1, 2022 to December 31, 2022.

**ACTUAL EXPENSES**

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

**HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES**

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

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

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Beginning Account Value July 1, 2022** | **Ending Account Value December 31, 2022** | **Expense Paid During Period<sup>(1)</sup>** | **Net Expense Ratios<sup>(2)</sup>** |
| **WesMark Small Company Fund** | | | | |
| &nbsp;&nbsp;&nbsp;Actual Fund Return | $1000.00 | $1000.80 | $6.05 | 1.20% |
| &nbsp;&nbsp;&nbsp;Hypothetical Fund Return (assuming a 5% return before expenses) | $1000.00 | $1019.16 | $6.11 | 1.20% |
| **WesMark Balanced Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Actual Fund Return | $1000.00 | $1035.30 | $6.21 | 1.21% |
| &nbsp;&nbsp;&nbsp;Hypothetical Fund Return (assuming a 5% return before expenses) | $1000.00 | $1019.11 | $6.16 | 1.21% |
| **WesMark Government Bond Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Actual Fund Return | $1000.00 | $932.50 | $4.82 | 0.99% |
| &nbsp;&nbsp;&nbsp;Hypothetical Fund Return (assuming a 5% return before expenses) | $1000.00 | $1020.21 | $5.04 | 0.99% |
| **WesMark West Virginia Municipal Bond Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Actual Fund Return | $1000.00 | $1006.10 | $5.31 | 1.05% |
| &nbsp;&nbsp;&nbsp;Hypothetical Fund Return (assuming a 5% return before expenses) | $1000.00 | $1019.91 | $5.35 | 1.05% |
| **WesMark Tactical Opportunity Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Actual Fund Return | $1000.00 | $1023.70 | $6.94 | 1.36% |
| &nbsp;&nbsp;&nbsp;Hypothetical Fund Return (assuming a 5% return before expenses) | $1000.00 | $1018.35 | $6.92 | 1.36% |
| **WesMark Large Company Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Actual Fund Return | $1000.00 | $1025.00 | $5.67 | 1.11% |
| &nbsp;&nbsp;&nbsp;Hypothetical Fund Return (assuming a 5% return before expenses) | $1000.00 | $1019.61 | $5.65 | 1.11% |

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*<sup>(1)</sup>* *Expenses are equal to the Funds' annualized net expense ratios, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the six month period).*

*<sup>(2)</sup>* *Annualized, based on the Fund's most recent fiscal half-year expenses.*

 

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  <u>Board of Trustees and Trust Officers</u> <br> December 31, 2022 (Unaudited)

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

As of January 31, 2023, the Funds' Board and Officers as a group owned approximately less than 1% of the Funds' outstanding Shares.

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| | |
|:---|:---|
| **Name, Year of Birth, Address\* and Date Service Began** | **Principal Occupations in Past Five Years, other Directorships Held and Previous Positions** |
| **Independent Trustees** | |
| *Lawrence E. Bandi* <br> (1954) | *Principal Occupations:* Retired |
|  | *Other Directorships:* Welty Corporation, St. Vincent's de Paul Parish School. |
| *TRUSTEE* |  |
| Began serving September 2004 | *Previous Positions:* President, Central Catholic High School (Education); President and Chief Executive Officer, Valley National Gases, Inc. (Gas Supplier); Chief Financial Officer & Vice President, West Virginia Northern Community College (Education); VP & CFO MPD Corporation (Hospitality). |
| *Jordan A. Miller, Jr.* <br> (1951) | *Principal Occupation:* Retired |
| <br> *TRUSTEE* <br> Began serving March 2021 | *Previous Positions and Directorships:* Regional Chairman Fifth Third Bank Central Ohio (National Bank); Regional CEO and President Fifth Third Bank Central Ohio (Commercial, Consumer, and Private banking); Managing Director of Fifth Third Advisor Services (Investment Management); CEO Fifth Third Bank Investments a FINRA registered broker dealer (Investment Management). |
| *Gary J. Madich, CFA*<br> (1955) | *Principal Occupation:* Retired |
|  | *Other Directorships:* Managing Director/CEO Global Fixed Income and previously Managing Director/Global CIO Fixed Income, JPMorgan Investment Management (Investment Management); Senior Managing Director/ CIO Fixed Income, Banc One Investment Advisors (Investment Management); Senior Vice President and Senior Portfolio Manager Fixed Income, Federated Investors (Investment Management). |
| *TRUSTEE* | *Other Directorships:* Managing Director/CEO Global Fixed Income and previously Managing Director/Global CIO Fixed Income, JPMorgan Investment Management (Investment Management); Senior Managing Director/ CIO Fixed Income, Banc One Investment Advisors (Investment Management); Senior Vice President and Senior Portfolio Manager Fixed Income, Federated Investors (Investment Management). |
| Began serving November 2020 | *Other Directorships:* Managing Director/CEO Global Fixed Income and previously Managing Director/Global CIO Fixed Income, JPMorgan Investment Management (Investment Management); Senior Managing Director/ CIO Fixed Income, Banc One Investment Advisors (Investment Management); Senior Vice President and Senior Portfolio Manager Fixed Income, Federated Investors (Investment Management). |
| *Other Directorships:* Managing Director/CEO Global Fixed Income and previously Managing Director/Global CIO Fixed Income, JPMorgan Investment Management (Investment Management); Senior Managing Director/ CIO Fixed Income, Banc One Investment Advisors (Investment Management); Senior Vice President and Senior Portfolio Manager Fixed Income, Federated Investors (Investment Management). |  |

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| | |
|:---|:---|
| **Interested Trustees** | |
| *J. Christopher Gardill\*\** (1976) | *Principal Occupations:* Member, Phillips, Gardill, Kaiser & Altmeyer, PLLC (private law firm). |
|  | *Other Directorships:* Board Member, Wheeling Vintage Raceboat Regatta (Private Organization). |
| *CHAIRMAN AND TRUSTEE* <br> Began serving August 2015 |  |

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

*\*\** *Mr. Gardill has served as Chairman since February 1, 2022. Mr. Gardill is an interested person due to his affiliation with Phillips, Gardill, Kaiser & Altmeyer, PLLC who serves as legal counsel to WesBanco Inc. and WesBanco Bank. The Funds' investment adviser, WesBanco Investment Department, is a division of WesBanco Bank, Inc., a wholly owned subsidiary of WesBanco, Inc. Mr. Gardill was also an independent consultant to the Trust Committee of WesBanco Bank, Inc.*

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| Annual Report \| December 31, 2022 | ![](fp0082272-1_05.jpg) | 73 |

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<u>Board of Trustees and Trust Officers</u>   <br> December 31, 2022 (Unaudited)

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

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| | | |
|:---|:---|:---|
| **Name, Year of Birth and Address\*** | **Positions Held with Fund Date Service Began** | **Principal Occupation(s) and Previous Position(s)** |
| **Officers** |  |  |
| *Scott Love* <br> (1976) | CHIEF EXECUTIVE OFFICER, <br> PRESIDENT <br> Began Serving: March 2020 | *Principal Occupations:* Co-Portfolio Manager of the WesMark Funds; Executive Vice President, WesBanco Trust and Investment Services.<br>*Previous Positions:* Vice President of the WesMark Funds. |
| *Jennifer S. Roth* <br> (1975) | CHIEF COMPLIANCE OFFICER<br> Began Serving: August 2019 | *Principal Occupations:* Chief Compliance Officer of the WesMark Funds; Chief Compliance Officer and Senior Vice President of WesBanco Investment Department and WesBanco Trust and Investment Services; Registered Principal WesBanco Securities, Inc.<br>*Previous Positions:* Chief Compliance Officer/Compliance Manager, Global Alternative Investment Services, Inc., 2015 to August 2019. |
| *Steven Kellas* <br> (1966) | CHIEF FINANCIAL OFFICER, TREASURER<br> Began Serving: January 2013 | *Principal Occupation:* Co-Portfolio Manager, Treasurer and Chief Financial Officer of the WesMark Funds, Executive Vice President WesBanco Trust and Investment Services. |
| *Todd P. Zerega* <br> (1974) | SECRETARY<br> Began Serving: September 2004 | *Principal Occupations:* Partner, Perkins Coie LLP. |
| *Nicholas Adams* <br> (1983) | ASSISTANT SECRETARY<br> Began Serving: March 2022 | *Principal Occupation:* Principal Legal Counsel SS&C ALPS since 2022.<br>*Previous Positions:* VP, Senior Legal Counsel, SS&C ALPS from 2015-2020. |
| *Scott Fuchs* <br> (1969) | ASSISTANT TREASURER <br> Began Serving: August 2022 | *Principal Occupation:* Fund Controller, SS&C ALPS since May 2022.<br>*Previous Positions:* Vice President at GAMCO Investors, Inc. from May 2016 – April 2021. |

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  <u>Statement Regarding the Liquidity Risk Management Program</u> <br> December 31, 2022 (Unaudited)

The WesMark Funds have adopted a liquidity risk management program pursuant to Rule 22e-4 (the "Liquidity Rule") under the Investment Company Act of 1940, as amended (the "Program"). The Funds' Board of Trustees (the "Board") has designated WesBanco Investment Department as the administrator of the Program. The Program's principal objectives are to support the Funds' compliance with limits on investments in illiquid assets and to mitigate the risk that a Fund is unable to meet its redemption obligations on a timely basis. In this regard, the Program includes a number of elements that support the management or assessment of liquidity risk, including an assessment of factors that influence a Fund's liquidity and the periodic classification and, as determined necessary, re-classification of a Fund's investments into buckets that reflect the relative liquidity under current market conditions.

On November 15, 2022, the Funds' Board reviewed a written report from the Program administrator that addressed the operation of the Program, assessed its adequacy and effectiveness since November 16, 2021, the date of the last report, and recommended certain minor modifications to the Program. The Administrator's report described the key features of the Funds' liquidity risk management program, including the liquidity classification methodology and classifications of the holdings for each of the WesMark Funds, the status of regulatory filings required by the Liquidity Rule, a summary of exam and inspection results during the period, an update of monitoring of illiquid securities, and a review of redemptions in-kind policies and procedures. No changes were recommended changes to the Funds' highly liquid investment minimum ("HLIM") by the Administrator based upon the determination that the Funds were primarily highly liquid funds. Based upon this recommendation, the Board approved the unchanged HLIM. Lastly, the Board approved immaterial changes to the policies and procedures for clarity. Upon completion of the review, the Board concluded that based on the operation of the functions, as described in the Report, the Program is operating as intended and is effective in implementing the requirements of the Liquidity Rule.

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| Annual Report \| December 31, 2022 | ![](fp0082272-1_05.jpg) | 75 |

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<u>Additional Information</u>   <br> December 31, 2022 (Unaudited)

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

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

**VOTING PROXIES ON FUND PORTFOLIO SECURITIES**

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

**QUARTERLY PORTFOLIO SCHEDULE**

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

**NOTICE TO STOCKHOLDERS**

For the year ended December 31, 2022, 99.39% of the distributions from net investment income for West Virginia Municipal Bond Fund are exempt from federal income tax.

Of the ordinary income (including short-term capital gain) distributions made by the Funds during the year ended December 31, 2022, the percentages qualifying for the dividend received deduction available to corporate shareholders are as follows:

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| | |
|:---|:---|
| **Fund Name** | **Percentage** |
| Small Company Fund | 42.71% |
| Large Company Fund | 58.81% |
| Balanced Fund | 82.15% |
| Tactical Opportunity Fund | 7.62% |

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For the year ended December 31, 2022, the following percentages of total ordinary dividends paid by the Funds are qualifying dividends which may be subject to a maximum tax rate of 15%, as provided for by the Jobs and Growth Tax Relief Act of 2003. Complete information will be reported in conjunction with the reporting of your distributions on Form 1099-DIV. The percentages were as follows:

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| | |
|:---|:---|
| **Fund Name** | **Percentage** |
| Small Company Fund | 42.63% |
| Large Company Fund | 59.95% |
| Balanced Fund | 83.46% |
| Tactical Opportunity Fund | 14.10% |

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Pursuant to Section 852(b)(3) of the Internal Revenue Code, Small Company Fund, West Virginia Municipal Bond Fund, Large Company Fund, Balanced Fund, and Tactical Opportunity Fund designated $24,705,833, $250,493, $26,842,011, $4,772,404, and $2,254,947, respectively as long-term capital gain dividends.

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  <u>Glossary of Terms</u> <br> December 31, 2022 (Unaudited)

**Basis points** – a unit that is equal to 1/100th of 1% and is used to denote the change in a financial instrument.

**Collateralized Mortgage Obligation** – complex mortgage backed securities that allocate payments and prepayments from an underlying mortgage pools among holders of different classes or tranches of the CMO.

**Commercial Mortgage Securities (CMBS)** – fixed-income investment products that are backed by mortgages on commercial properties rather than residential real estate.

**Consumer Price Index (CPI)** – a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services.

**Covered call** – an options strategy where an investor holds a long position in an asset and writes (sells) call options on that same asset to generate an income stream.

**Duration** – a measure of a security's price sensitivity to changes in interest rates. Securities with longer durations are more sensitive to changes in interest rates than securities of shorter durations.

**Fannie Mae and Freddie Mac** – government sponsored entities that receive support through federal subsidies, loan or other benefits.

**Floating rate debt** – a debt instrument with a variable interest rate.

**HFRI Fund of Funds Composite Index** – The Hedge Fund Research, Inc. (HFRI) Fund of Funds Composite Index is an equal weighted index that consists of over 800 constituent hedge funds, including both domestic and offshore funds.

**LIBOR** – London Interbank Offered Rate – a benchmark interest rate at which major global banks lend to one another in the international interbank market for short-term loans.

**Maturity** – maturity date refers to the final payment date of a loan or other financial instrument, at which point the principal (and all remaining interest) is due to be paid.

**Mortgage Backed Securities** – a type of asset-backed security that is secured by a mortgage or collection of mortgages.

**Mortgage Pool** – a group of mortgages with similar interest rates and maturity dates "pooled together" for the issuance of a mortgage-backed security. Some mortgage-backed securities issued by Fannie Mae, Freddie Mac and Ginnie Mae are known as "pools" themselves. These are the simplest form of mortgage-backed security.

**MSCI All World index** – The MSCI All World Index captures large and mid-c stocks across 23 developed and 27 emerging markets.

**MSCI EAFA Index** – The MSCI EAFE Index is an equity index which captures large and mid cap representation across 21 Developed Markets countries around the world, excluding the US and Canada.

**MSCI Emerging Markets Index** – The MSCI Emerging Markets Index captures large and mid cap representation across 27 Emerging Markets (EM) countries.

**Options** – a contract which offers the buyer the right, but not the obligation, to buy (call option) or sell (put option) the underlying asset at an agreed-upon price during a certain period of time or on a specific date.

**Russell 2000 Index** – an index measuring the performance of approximately 2,000 small-cap companies in the Russell 3000 Index, which is made up of 3,000 of the biggest U.S. stocks. The Russell 2000 serves as a benchmark for small-cap stocks in the United States.

**S&P 500** – a market-capitalization-weighted index of the 500 largest publicly-traded companies in the U.S.

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| Annual Report \| December 31, 2022 | ![](fp0082272-1_05.jpg) | 77 |

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<u>Glossary of Terms</u>   <br> December 31, 2022 (Unaudited)

**S&P 600** – An index of small-cap stocks managed by Standard and Poor's. The S&P 600 SmallCap Index covers a broad range of small cap stocks in the United States. The index is weighted according to market capitalization and covers about 3-4% of the total market for equities in the United States.

**Yield** – the income return on an investment, such as the interest or dividends received from holding a particular security.

**Yield curve** – a line that plots the interest rates, at a set point in time, of bonds having equal credit quality but differing maturity dates.

**Yield spread** – the difference between yields on differing debt instruments of varying maturities, credit ratings and risk, calculated by deducting the yield of one instrument from another.

**Investment Ratings:** 

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

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

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*Intentionally Left Blank*

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**Item 2. Code of Ethics.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) As of the end of the period covered by this report, the registrant has adopted a code of ethics (the "Section 406 Standards for Investment Companies - Ethical Standards for Principal Executive and Financial Officers") that applies to the registrant's Principal Executive Officer and Principal Financial Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) During the period covered by this report, no amendments were made to the provisions of the code of ethics adopted in 2(a) above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) During the period covered by this report, no implicit or explicit waivers to the provisions of the code of ethics adopted in 2(a) above were granted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Not applicable to the registrant.

(f)(3) The registrant hereby undertakes to provide to any person, without charge, upon request, a copy of the code of ethics referenced in Item 2(a) above. To request a copy of the code of ethics, contact the registrant at 1-800-864-1013.

**Item 3. Audit Committee Financial Expert.**

The registrant's Board of Trustees has determined that the following members of the Board's Audit Committee are each an "audit committee financial expert" and are "independent" for purposes of this Item: Lawrence E. Bandi and Jordan A. Miller, Jr.

**Item 4. Principal Accountant Fees and Services.**

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Audit Fees</u>. The aggregate fees billed in each of the fiscal years ended December 31, 2021 and December 31, 2022 for professional services rendered by the principal accountant for the audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements were $83,500 and $87,000 respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Audit-Related Fees</u>. The aggregate fees billed in each of the fiscal years ended December 31, 2021 and December 31, 2022 for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant's financial statements and are not reported under paragraph (a) of this Item were $0 and $0, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Tax Fees</u>. The aggregate fees billed in each of the fiscal years ended December 31, 2021 and December 31, 2022 for professional services rendered by the principal accountant for tax compliance, tax advice and tax planning were $18,500 and $19,500, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>All Other Fees</u>. The aggregate fees billed in each of the fiscal years ended December 31, 2021 and December 31, 2022 for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item were $12,800 and $13,000 respectively. These services were provided in connection with conducting Rule 17f-2 examinations and preparing related SEC filings.

(e)(1) <u>Audit Committee Policies Regarding Pre-approval of Services</u>.

The Audit Committee is required to pre-approve audit and non-audit services performed by the independent auditor in order to assure that the provision of such services does not impair the auditor's independence. Unless a type of service to be provided by the independent auditor has received general pre-approval , it will require specific pre-approval by the Audit Committee. Any proposed services exceeding pre-approved cost levels will require specific pre-approval by the Audit Committee.

Certain services have the general pre-approval of the Audit Committee. The term of the general pre-approval is 12 months from the date of pre-approval, unless the Audit Committee specifically provides for a different period. The Audit Committee will annually review the services that may be provided by the independent auditor without obtaining specific pre-approval from the Audit Committee and may grant general pre-approval for such services. The Audit Committee will revise the list of general pre-approved services from time to time, based on subsequent determinations. The Audit Committee will not delegate its responsibilities to pre-approve services performed by the independent auditor to management.

The Audit Committee has delegated pre-approval authority to its Chairman. The Chairman will report any pre-approval decisions to the Audit Committee at its next scheduled meeting. The Committee will designate another member with such pre-approval authority when the Chairman is unavailable.

AUDIT SERVICES

The annual Audit Services engagement terms and fees will be subject to the specific pre-approval of the Audit Committee. The Audit Committee must approve any changes in terms, conditions and fees resulting from changes in audit scope, registered investment company structure or other matters.

In addition to the annual Audit services engagement specifically approved by the Audit Committee, the Audit Committee may grant general pre-approval for other Audit Services, which are those services that only the independent auditor reasonably can provide. The Audit Committee has pre-approved certain Audit Services; all other Audit Services must be specifically pre-approved by the Audit Committee.

AUDIT-RELATED SERVICES

Audit-Related Services are assurance and related services that are reasonably related to the performance of the audit or review of the registrant's financial statements or that are traditionally performed by the independent auditor. The Audit Committee believes that the provision of Audit-Related Services does not impair the independence of the auditor, and has pre-approved certain Audit-Related Services; all other Audit-Related Services must be specifically pre-approved by the Audit Committee.

TAX SERVICES

The Audit Committee believes that the independent auditor can provide Tax Services to the registrant such as tax compliance, tax planning and tax advice without impairing the auditor's independence. However, the Audit Committee will not permit the retention of the independent auditor in connection with a transaction initially recommended by the independent auditor, the purpose of which may be tax avoidance and the tax treatment of which may not be supported in the Internal Revenue Code and related regulations. The Audit Committee has pre-approved certain Tax Services; all Tax Services involving large and complex transactions must be specifically pre-approved by the Audit Committee.

ALL OTHER SERVICES

With respect to the provision of services other than audit, review or attest services the pre-approval requirement is waived if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The aggregate amount of all such services provided constitutes
no more than five percent of the total amount of revenues paid by the registrant, the registrant's adviser (not including any sub-adviser
whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling,
controlled by, or under common control with the investment adviser that provides ongoing services to the registrant to its accountant
during the fiscal year in which the services are provided;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Such services were not recognized by the registrant, the registrant's
adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another
investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing
services to the registrant at the time of the engagement to be non-audit services; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Such services are promptly brought to the attention of the Audit
Committee of the issuer and approved prior to the completion of the audit by the Audit Committee or by one or more members of the Audit
Committee who are members of the board of directors to whom authority to grant such approvals has been delegated by the Audit Committee.

The Audit Committee may grant general pre-approval to those permissible non-audit services classified as All Other services that it believes are routine and recurring services, and would not impair the independence of the auditor.

The SEC's rules and relevant guidance should be consulted to determine the precise definitions of prohibited non-audit services and the applicability of exceptions to certain of the prohibitions.

PRE-APPROVAL FEE LEVELS

Pre-approval fee levels for all services to be provided by the independent auditor will be established annually by the Audit Committee. Any proposed services exceeding these levels will require specific pre-approval by the Audit Committee.

PROCEDURES

Requests or applications to provide services that require specific approval by the Audit Committee will be submitted to the Audit Committee by both the independent auditor and the Principal Accounting Officer and/or Internal Auditor, and must include a joint statement as to whether, in their view, the request or application is consistent with the SEC's rules on auditor independence.

(e)(2) The services described in paragraphs (c) and (d) of this Item were approved by the registrant's Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X. There were no services of the kind described in paragraph (b) of this Item provided.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Not applicable to registrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Non-Audit Fees</u>. The aggregate non-audit fees billed by the registrant's accountant for services rendered to the registrant, and rendered to the registrant's investment adviser, and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the fiscal years of the registrant ended December 31, 2021 and December 31, 2022 were $16,200 and $14,500, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The registrant's Audit Committee has considered that the provision of non-audit services that were rendered to the registrant's adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant's independence.

**Item 5. Audit Committee of Listed Registrants.**

Not applicable to the registrant.

**Item 6. Investments.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The registrant's "Schedule I – Investments in securities of unaffiliated issuers"
(as set forth in 17 CFR 210.12-12) is included in Item 1 of this Form N-CSR.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable to the registrant.

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

Not applicable to the registrant.

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

Not applicable to the registrant.

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

Not applicable to the registrant.

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

No changes to report.

**Item 11. Controls and Procedures.**

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

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

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

Not applicable.

**Item 13. Exhibits.**

(a)(1) Not applicable.

[(a)(2)](fp0082272-1_ex99cert.htm) [The certifications required by Rule 30a-2(a) of the Investment Company Act of 1940, as amended, and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto as Ex.99.Cert.](fp0082272-1_ex99cert.htm)

(a)(3) Not applicable.

[(b)](fp0082272-1_ex99906cert.htm) [A certification of the registrant's principal executive officer and principal financial officer, as required by Rule 30a-2(b) under the Investment Company Act of 1940, as amended, is attached as Ex.99.906.Cert.](fp0082272-1_ex99906cert.htm)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| Registrant | WesMark Funds |
| By | /s/Scott Love |
|  | Scott Love<br> President and Chief Executive Officer<br> (Principal Executive Officer)<br>|
| Date | March 3, 2023 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By | /s/Scott Love |
|  | Scott Love<br> President and Chief Executive Officer<br> (Principal Executive Officer)<br>|
| Date | March 3, 2023 |
| By | /s/Steven Kellas |
|  | Steven Kellas<br> Treasurer and Chief Financial Officer<br> (Principal Financial Officer)<br>|
| Date | March 3, 2023 |

---

## Ex-99.Cert

Ex.99.Cert.

I, Scott Love, certify that:

1. I have reviewed this report on Form N-CSR of WesMark Funds ("registrant");

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

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

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

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any fraud, whether or not material, that involves management or
other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: March 3, 2023 |  |  |
|  | By: | /s/Scott Love |
|  |  | Scott Love |
|  |  | President and Chief Executive Officer |
|  |  | (Principal Executive Officer) |

---

Ex.99.Cert.

I, Steven Kellas, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of WesMark Funds ("registrant");

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

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

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

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any fraud, whether or not material, that involves management or
other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: March 3, 2023 |  |  |
|  | By: | /s/Steven Kellas |
|  |  | Steven Kellas |
|  |  | Treasurer and Chief Financial Officer |
|  |  | (Principal Financial Officer) |

---

## Exhibit 99.906

**Ex.99.906.Cert**

This certification is furnished pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. § 1350, and accompanies the report on Form N-CSR for the period ended December 31, 2022 of the WesMark Funds (the "Registrant").

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) information contained in the Form N-CSR fairly presents, in all material respects, the financial condition
and results of operations of the Registrant.

---

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

---

Dated: March 3, 2023

---

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

---

Dated: March 3, 2023