# EDGAR Filing Document

**Accession Number:** 0001007226
**File Stem:** 0001580642-26-002669
**Filing Date:** 2026-4
**Character Count:** 712428
**Document Hash:** b9d418b44dd95d97b2df25783b9fa7a9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-26-002669.hdr.sgml**: 20260427

**ACCESSION NUMBER**: 0001580642-26-002669

**CONFORMED SUBMISSION TYPE**: 485BPOS

**PUBLIC DOCUMENT COUNT**: 39

**FILED AS OF DATE**: 20260427

**DATE AS OF CHANGE**: 20260427

**EFFECTIVENESS DATE**: 20260501

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** WESMARK FUNDS
- **CENTRAL INDEX KEY:** 0001007226

**ORGANIZATION NAME:**
- **EIN:** 232942999
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07925
- **FILM NUMBER:** 26899787

**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
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** WESMARK FUNDS
- **CENTRAL INDEX KEY:** 0001007226

**ORGANIZATION NAME:**
- **EIN:** 232942999
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-16157
- **FILM NUMBER:** 26899786

**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           |

?xml version='1.0' encoding='ASCII'?

Filed with the Securities and Exchange Commission on April 27, 2026

Securities Act Registration No. 333-16157

Investment Company Act Registration No. 811-07925

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM N-1A

---

| | | |
|:---|:---|:---|
| **REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933** | **REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933** | ⌧ |
|  | Pre-Effective Amendment No. ____ | □ |
|  | Post-Effective Amendment No. 54 | ⌧ |
| and/or | and/or |  |
| **REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940** | **REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940** | ⌧ |
|  | Amendment No. 55 | ⌧ |

---

**<u>WesMark Funds</u>**

(Exact Name of Registrant as Specified in Charter)

One Bank Plaza

Wheeling, West Virginia 26003

(Address of Principal Executive Offices) (Zip Code)

Registrant's Telephone Number, including Area Code: (304) 234-9419

Gary Grasso, Secretary

Ultimus Fund Solutions, LLC

225 Pictoria Drive, Suite 450

Cincinnati, OH 45246

(Name and Address of Agent for Service)

With Copies To:

---

| |
|:---|
| Todd P. Zerega |
| Morgan, Lewis & Bockius LLP |
| One Oxford Centre, Thirty-Second Flood |
| Pittsburgh, PA 15219-6401 |
| (412) 560-3300 |

---

It is proposed that this filing will become effective:

□ immediately
upon filing pursuant to paragraph (b);

⌧ on May 1, 2026 pursuant to paragraph (b)

□ 60
days after filing pursuant to paragraph (a)(1);

□ on
(date) pursuant to paragraph (a)(1);

□ 75
days after filing pursuant to paragraph (a)(2); or

□ on
(date) pursuant to paragraph (a)(2) of rule 485.

If appropriate, check the following box:

□ This
post-effective amendment designates a new effective date for a previously filed post-effective amendment.

![(WESTMARK FUNDS LOGO)](we001_v1.jpg)

**5.1.26 >> Prospectus**

---

| | |
|:---|:---|
| &nbsp;&nbsp;WesMark Small Company Fund | &nbsp;&nbsp;>> WMKSX |
| &nbsp;&nbsp;WesMark Large Company Fund | &nbsp;&nbsp;>> WMKGX |
| &nbsp;&nbsp;WesMark Balanced Fund | &nbsp;&nbsp; >> WMBLX |
| &nbsp;&nbsp;WesMark Government Bond Fund | &nbsp;&nbsp;>> WMBDX |
| &nbsp;&nbsp;WesMark West Virginia Municipal Bond Fund | &nbsp;&nbsp;>> WMKMX |
| &nbsp;&nbsp;WesMark Tactical Opportunity Fund | &nbsp;&nbsp;>> WMKTX |

---

*WesMark Funds (the "Trust") is an open-end, management investment company. The Trust has six separate investment portfolios ("Fund" or "Funds"). Each Fund offers its own shares and has a distinct investment program.*

*As with all mutual funds, the Securities and Exchange Commission (SEC) has not approved or disapproved these securities or passed upon the adequacy of this prospectus. Any representation to the contrary is a criminal offense.* 

*Paper copies of the Fund shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from a Fund or from your financial intermediary (such as a broker-dealer or bank). Instead, the reports will be made available on the Funds' website (www.wesmarkfunds.com), and you will be notified by mail each time a report is posted and provided with a website link to access the report.*

 

*You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with a Fund, you can call the Fund toll-free at 1-800-864-1013. Your election to receive reports in paper will apply to all funds held in your account if you invest through your financial intermediary or all funds held with the fund complex if you invest directly with a Fund.*

 

*If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from a Fund electronically anytime by contacting your financial intermediary (such as a broker-dealer or bank) or, if you invest directly with a Fund, by enrolling at www.wesmarkfunds.com.*

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| &nbsp;&nbsp;SUMMARY SECTIONS: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WesMark Small Company Fund | &nbsp;&nbsp;2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WesMark Large Company Fund | &nbsp;&nbsp;7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WesMark Balanced Fund | &nbsp;&nbsp;12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WesMark Government Bond Fund | &nbsp;&nbsp;18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WesMark West Virginia Municipal Bond Fund | &nbsp;&nbsp;23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WesMark Tactical Opportunity Fund | &nbsp;&nbsp;27 |
| &nbsp;&nbsp;OTHER INFORMATION |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchase and Sales of Fund Shares | &nbsp;&nbsp;33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax Information | &nbsp;&nbsp;33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payments to Broker-Dealers and Other Financial Intermediaries | &nbsp;&nbsp;33 |
| &nbsp;&nbsp;MORE ABOUT THE FUNDS' INVESTMENT STRATEGIES AND RISKS: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;What are the Funds' Investment Strategies? | &nbsp;&nbsp;34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;What are the Principal Securities in Which the Funds Invest? | &nbsp;&nbsp;40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;What are the Specific Risks of Investing in the Funds? | &nbsp;&nbsp;44 |
| &nbsp;&nbsp;SHAREHOLDER INFORMATION: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;What do Shares Cost? | &nbsp;&nbsp;50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;How are the Funds Sold? | &nbsp;&nbsp;51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;How to Purchase Shares? | &nbsp;&nbsp;51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;How to Redeem and Exchange Shares? | &nbsp;&nbsp;55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Account and Share Information | &nbsp;&nbsp;60 |
| &nbsp;&nbsp;WHO MANAGES THE FUNDS? | &nbsp;&nbsp;63 |
| &nbsp;&nbsp;FINANCIAL HIGHLIGHTS | &nbsp;&nbsp;64 |

---

---

| | | |
|:---|:---|:---|
| www.wesmarkfunds.com | ![(WESTMARK FUNDS LOGO)](we002_v1.jpg) | >> 1 |

---

---

| |
|:---|
| **Summary Sections** |
| **WesMark Small Company Fund** |

---

**INVESTMENT OBJECTIVE**

The WesMark Small Company Fund (the "Fund") seeks to achieve capital appreciation.

**FEES AND EXPENSES OF THE FUND**

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Annual Fund Operating Expenses *(expenses that you pay each year as a percentage of the value of your investment)*** |  |
| &nbsp;&nbsp;Management Fees | 0.75% |
| &nbsp;&nbsp;Distribution (12b-1) Fees |  |
| &nbsp;&nbsp;Shareholder Services Fee<sup>\*</sup> | 0.25% |
| &nbsp;&nbsp;Other Expenses | 0.21% |
| &nbsp;&nbsp;Acquired Fund Fees and Expenses | 0.12% |
| &nbsp;&nbsp;Total Annual Fund Operating Expenses<sup>\*\*</sup> | 1.33% |

---

*\** *The shareholder services fee will be paid to financial intermediaries, including affiliates of the Adviser, for the provision of certain shareholder services.*

*\*\** *The Total Annual Fund Operating Expenses in this fee table may not correlate to the expense ratios in the Fund's financial highlights and financial statements because the financial highlights and financial statements reflect only the operating expenses of the Fund and do not include Acquired Fund Fees and Expenses, which are fees and expenses incurred indirectly by the Fund through its investments in certain underlying investment companies*

**EXAMPLE**

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.

The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Although your actual costs and returns may be higher or lower, based on these assumptions your costs would be:** | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
|  | $135 | $421 | $729 | $1601 |

---

**PORTFOLIO TURNOVER**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 47% of the average value of its portfolio.

**PRINCIPAL INVESTMENT STRATEGIES OF THE FUND**

The Fund pursues its investment objective by investing at least 80% of the value of its net assets in equity securities of small capitalization companies.

---

| | | |
|:---|:---|:---|
| >> 2 | ![(WESTMARK FUNDS LOGO)](we002_v1.jpg) | May 1, 2026 >> Prospectus |

---

---

| |
|:---|
| **Summary Sections** |
| **WesMark Small Company Fund** |

---

In creating a diversified portfolio of investments in small-sized companies, WesBanco Investment Department, a division of WesBanco Bank, Inc. (the Adviser), defines small companies as companies that do not exceed the market capitalizations of the Russell 2000<sup>®</sup> Index (Russell 2000), or the Standard & Poor's SmallCap 600<sup>®</sup> Index (S&P 600) at the time of purchasing a security. As of December 31, 2025, the market capitalization of the Russell 2000 ranged from approximately $14 million to $25.9 billion, and as of December 31, 2025, the market capitalization of the S&P 600 ranged from approximately $1.5 billion to $9.0 billion.

The Adviser seeks to select common stocks of companies with characteristics such as above-average earnings growth potential or where significant company or industry changes are taking place, such as new products, services, methods of distribution, or overall business restructuring. The Fund will invest primarily in securities issued by domestic companies. The Fund may purchase exchange traded funds ("ETFs") or other investment companies, in order to achieve exposure to a specific market sector, to achieve exposure to foreign markets (which may include emerging markets) or for other reasons consistent with its investment strategy. The shares of ETFs are listed and traded on stock exchanges at market prices. The Fund may also purchase American Depository Receipts ("ADRs") and other domestically traded securities of foreign companies.

For additional information on the Fund's investment strategies, please see the section "More About the Funds' Investment Strategies and Risks" beginning on page 34 of this prospectus.

**PRINCIPAL RISKS OF INVESTING IN THE FUND**

The loss of money is a risk of investing in this Fund. Other principal risks of investing in the Fund are below.

---

| | |
|:---|:---|
| &nbsp;&nbsp;***Stock Market Risks:*** | &nbsp;&nbsp;The value of equity securities rise and fall. The portfolio of a Fund investing in equity securities will reflect changes in prices of individual stocks held in the Fund's portfolio. Consequently, the Fund's share price may decline. |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;***Risks Related to Investing <br> for Growth:*** | &nbsp;&nbsp;Growth stocks depend more on price changes for returns and may be more adversely affected in a down market compared to value stocks. |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;***Risks Related to Company Size:*** | &nbsp;&nbsp;The smaller the capitalization of a company, the less liquid its stock and the more volatile its price. |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;***Liquidity Risks:*** | &nbsp;&nbsp;A Fund may not be able to sell a security when it wants. Liquidity risk may make it more difficult to sell or buy a security at a favorable price or time. |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;***Sector Risks:*** | &nbsp;&nbsp;Certain market sectors may underperform other sectors or the market as a whole. |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;***Risks of Foreign Investing:*** | &nbsp;&nbsp;Political, social, currency-rate fluctuations, and economic instability within foreign countries may cause the value of the Fund's foreign investments to decline. |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;***Risks of Emerging Markets:*** | &nbsp;&nbsp;Investments in emerging markets are subject to all the risks associated with foreign investing; however, these risks may be magnified in emerging markets. Emerging market countries may have relatively unstable governments and may present the risk of nationalization of businesses, expropriation, confiscatory taxation or, in certain instances, reversion to closed market, centrally planned economies. Generally, countries are considered emerging markets if they are included in any one of the MSCI emerging markets indices. |

---

---

| | |
|:---|:---|
| ***Risks of Investing in<br> Exchange-Traded Funds:*** | &nbsp;&nbsp;Investments in shares of ETFs or other investment companies are subject to the risks of owning the securities underlying the ETF, as well as the same structural risks faced by an investor purchasing shares of such underlying ETFs, including authorized participant concentration risk, market maker risk, premium/discount risk and trading issues risk. Investing in ETFs may result in higher fees and expenses for the Fund, because the Fund and its shareholders bear a pro rata share of the ETF's fees and expenses. To the extent the Fund invests in the Underlying Funds, the Fund's investment performance and risks are likely to be directly related to those of the underlying ETF. |

---

---

| | | |
|:---|:---|:---|
| www.wesmarkfunds.com | ![(WESTMARK FUNDS LOGO)](we002_v1.jpg) | >> 3 |

---

---

| |
|:---|
| **Summary Sections** |
| **WesMark Small Company Fund** |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;***Risks of Investing in ADRs and Domestically Traded Securities of Foreign Issuers:*** | &nbsp;&nbsp;Because the Fund may invest in ADRs and other domestically traded securities of foreign companies, the Fund's share price may be more affected by foreign economic and political conditions, taxation policies, and accounting and auditing standards than would otherwise be the case. |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;***Manager Risk:*** | &nbsp;&nbsp;The Fund is actively managed and the investment techniques and security selection used by the Fund's managers may not produce the desired results and may cause the Fund to underperform relevant benchmarks or other funds with a similar investment objective. |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;***Market Risk:*** | &nbsp;&nbsp;The Fund 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, market volatility related to global trade policy and the imposition of tariffs, depressions or other events – or the potential for such events – could have a significant negative impact on economic and market conditions. |

---

An investment in the Fund is not a deposit of any bank, including WesBanco Bank, Inc., and is not insured, endorsed or guaranteed by the Federal Deposit Insurance Corporation, the Federal Reserve Board, or any other government agency.

For more information regarding the risks of investing in the Fund, please see the section "More About the Funds' Investment Strategies and Risks" beginning on page 34 of this prospectus.

**FUND PERFORMANCE**

The performance information shown below will help you analyze the Fund's investment risks in light of its historical returns. The Risk/Return Bar Chart shows the variability of the Fund's total returns on a calendar year-by-year basis and provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year. The Average Annual Total Return Table shows returns averaged over the stated periods and shows how the Fund's average annual returns for 1, 5 and 10 years compare with those of a broad measure of market performance. The Fund's performance will fluctuate, and past performance (before and after taxes) is not necessarily an indication of future results. Updated performance information for the Fund is available at www.wesmarkfunds.com or by calling 1-800-864-1013.

---

| | | |
|:---|:---|:---|
| >> 4 | ![(WESTMARK FUNDS LOGO)](we002_v1.jpg) | May 1, 2026 >> Prospectus |

---

---

| |
|:---|
| **Summary Sections** |
| **WesMark Small Company Fund** |

---

***Risk/Return Bar Chart***

***For the periods ended December 31:***

![(BAR GRAPH)](we003_v1.jpg)

**Within the periods shown in the bar chart, the Fund's highest quarterly return was 30.78% (quarter ended 6/30/2020). Its lowest quarterly return was -22.28% (quarter ended 3/31/2020).**

***Average Annual Total Return Table***

Return After Taxes is shown to illustrate the effect of federal taxes on Fund returns. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or IRAs.

***For the periods ended December 31, 2025:***

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**WesMark Small Company Fund** | **1 Year** | **5 Years** | **10 Years** |
| &nbsp;&nbsp;&nbsp;&nbsp;Return Before Taxes | 16.43% | 10.73% | 11.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;Return After Taxes on Distributions | 11.04% | 7.65% | 9.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;Return After Taxes on Distributions and Sale of Fund Shares | 13.19% | 7.96% | 8.86% |
| &nbsp;&nbsp;Russell 2000<sup>®</sup> Total Return Index<br> (Does not reflect fees, expenses or taxes, which, if applied, would reduce the Index's returns.) | 12.81% | 6.09% | 9.62% |
| &nbsp;&nbsp;Lipper Small Cap Core Funds Average (LSCCFA) | 7.01% | 7.60% | 9.14% |

---

---

| | | |
|:---|:---|:---|
| www.wesmarkfunds.com | ![(WESTMARK FUNDS LOGO)](we002_v1.jpg) | >> 5 |

---

---

| |
|:---|
| **Summary Sections** |
| **WesMark Small Company Fund** |

---

The Russell 2000<sup>®</sup> Total Return Index 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 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.

**MANAGEMENT**

***Investment Adviser***

WesBanco Investment Department, a division of WesBanco Bank, Inc., which is a wholly owned subsidiary of WesBanco, Inc., serves as the investment adviser of the Fund.

***Portfolio Managers***

An investment team led by Robert McGee, Senior Vice President of the Adviser, manages the Fund. Mr. McGee has served as a portfolio manager of the Fund since March 2024.

PURCHASE AND SALES OF FUND SHARES, TAX INFORMATION AND PAYMENTS TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES

For important information about purchase and sales of Fund shares, tax information and financial intermediary compensation, please turn to "Other Information" on page 33.

---

| | | |
|:---|:---|:---|
| >> 6 | ![(WESTMARK FUNDS LOGO)](we002_v1.jpg) | May 1, 2026 >> Prospectus |

---

---

| |
|:---|
| **Summary Sections** |
| **Wesmark Large Company Fund** |

---

**INVESTMENT OBJECTIVE**

The WesMark Large Company Fund (the "Fund") seeks to achieve capital appreciation.

**FEES AND EXPENSES OF THE FUND**

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Annual Fund Operating Expenses *(expenses that you pay each year as a percentage of the value of your investment)*** |  |
| &nbsp;&nbsp;Management Fees | 0.75% |
| &nbsp;&nbsp;Distribution (12b-1) Fees |  |
| &nbsp;&nbsp;Shareholder Services Fee\* | 0.25% |
| &nbsp;&nbsp;Other Expenses | 0.14% |
| &nbsp;&nbsp;Total Annual Fund Operating Expenses | 1.14% |

---

*\** *The shareholder services fee will be paid to financial intermediaries, including affiliates of the Adviser, for the provision of certain shareholder services.*

**EXAMPLE**

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.

The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Although your actual costs and returns may be higher or lower, based on these assumptions your costs would be:** | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
|  | $116 | $362 | $628 | $1386 |

---

**PORTFOLIO TURNOVER**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 25% of the average value of its portfolio.

**PRINCIPAL INVESTMENT STRATEGIES OF THE FUND**

The Fund pursues its investment objective by investing at least 80% of the value of its net assets in equity securities of large capitalization companies. In creating a diversified portfolio of investments in large-sized companies, WesBanco Investment Department, a division of WesBanco Bank, Inc. (the Adviser), defines large companies as companies within the market capitalization range of the Standard & Poor's 500<sup>®</sup> Index (S&P 500), at the time of purchasing a security. As of December 31, 2025, the market capitalization of the S&P 500 ranged from approximately $15.3 billion to $4.5 trillion.

---

| | | |
|:---|:---|:---|
| www.wesmarkfunds.com | ![(WESTMARK FUNDS LOGO)](we002_v1.jpg) | >> 7 |

---

---

| |
|:---|
| **Summary Sections** |
| **WesMark Large Company Fund** |

---

WesBanco Investment Department, a division of WesBanco Bank, Inc. (the Adviser), seeks to invest in companies that are expected to achieve higher than average profitability ratios such as operating profit margin or return on equity, have characteristics to generate above average sustainable growth while trading at reasonable valuations. The Adviser relies on fundamental analysis, which involves a bottom-up assessment of a company's potential for success in light of factors including its financial condition, earnings outlook, strategy, management, industry position, and economic and market conditions. Equity securities may include common stocks, preferred stocks, securities (including debt securities) that are convertible into common stocks, and exchange traded funds ("ETFs") and other investment companies. The Fund will invest primarily in securities issued by domestic companies. The Fund may purchase ETFs or other investment companies in order to achieve exposure to a specific market sector, to achieve exposure to foreign markets (which may include emerging markets) or for other reasons consistent with its investment strategy. The shares of ETFs are listed and traded on stock exchanges at market prices. The Fund may also purchase American Depository Receipts ("ADRs") and other domestically traded securities of foreign companies. The Adviser attempts to add value through security selection, industry allocation, and the research process while monitoring risk. For additional information on the Fund's investment strategies, please see the section "More About the Funds' Investment Strategies and Risks" beginning on page 34 of this prospectus.

**PRINCIPAL RISKS OF INVESTING IN THE FUND**

The loss of money is a risk of investing in this Fund. Other principal risks of investing in the Fund are below.

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| | |
|:---|:---|
| &nbsp;&nbsp;***Stock Market Risks:*** | &nbsp;&nbsp;The value of equity securities rise and fall. The portfolio of a Fund investing in equity securities will reflect changes in prices of individual stocks held in the Fund's portfolio. Consequently, the Fund's share price may decline. |

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| | |
|:---|:---|
| &nbsp;&nbsp;***Risks Related to Investing <br> for Growth:*** | &nbsp;&nbsp;Growth stocks depend more on price changes for returns and may be more adversely affected in a down market compared to value stocks. |

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| | |
|:---|:---|
| &nbsp;&nbsp;***Liquidity Risks:*** | &nbsp;&nbsp;A Fund may not be able to sell a security when it wants. Liquidity risk may make it more difficult to sell or buy a security at a favorable price or time. |

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| | |
|:---|:---|
| &nbsp;&nbsp;***Sector Risks:*** | &nbsp;&nbsp;Certain market sectors may underperform other sectors or the market as a whole. |

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| | |
|:---|:---|
| &nbsp;&nbsp;***Risks of Foreign Investing:*** | &nbsp;&nbsp;Political, social, currency-rate fluctuations, and economic instability within foreign countries may cause the value of the Fund's foreign investments to decline. |

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| | |
|:---|:---|
| &nbsp;&nbsp;***Risks of Emerging Markets:*** | &nbsp;&nbsp;Investments in emerging markets are subject to all the risks associated with foreign investing; however, these risks may be magnified in emerging markets. Emerging market countries may have relatively unstable governments and may present the risk of nationalization of businesses, expropriation, confiscatory taxation or, in certain instances, reversion to closed market, centrally planned economies. Generally, countries are considered emerging markets if they are included in any one of the MSCI emerging markets indices. |

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| | |
|:---|:---|
| &nbsp;&nbsp;***Risks of Investing in<br> Exchange-Traded Funds:*** | &nbsp;&nbsp;Investments in shares of ETFs or other investment companies are subject to the risks of owning the securities underlying the ETF, as well as the same structural risks faced by an investor purchasing shares of such underlying ETFs, including authorized participant concentration risk, market maker risk, premium/discount risk and trading issues risk. Investing in ETFs may result in higher fees and expenses for the Fund, because the Fund and its shareholders bear a pro rata share of the ETF's fees and expenses. To the extent the Fund invests in the Underlying Funds, the Fund's investment performance and risks are likely to be directly related to those of the underlying ETF. |

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| | |
|:---|:---|
| &nbsp;&nbsp;***Risks of Investing in ADRs and Domestically Traded Securities of Foreign Issuers:*** | &nbsp;&nbsp;Because the Fund may invest in ADRs and other domestically traded securities of foreign companies, the Fund's share price may be more affected by foreign economic and political conditions, taxation policies, and accounting and auditing standards than would otherwise be the case. |

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|:---|:---|:---|
| >> 8 | ![(WESTMARK FUNDS LOGO)](we002_v1.jpg) | May 1, 2026 >> Prospectus |

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---

| |
|:---|
| **Summary Sections** |
| **WesMark Large Company Fund** |

---

---

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

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;***Manager Risk:*** | &nbsp;&nbsp;The Fund is actively managed and the investment techniques and security selection used by the Fund's managers may not produce the desired results and may cause the Fund to underperform relevant benchmarks or other funds with a similar investment objective. |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;***Market Risk:*** | &nbsp;&nbsp;The Fund 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, market volatility related to global trade policy and the imposition of tariffs, depressions or other events – or the potential for such events – could have a significant negative impact on economic and market conditions. |

---

An investment in the Fund is not a deposit of any bank, including WesBanco Bank, Inc., and is not insured, endorsed or guaranteed by the Federal Deposit Insurance Corporation, the Federal Reserve Board, or any other government agency.

For more information regarding the risks of investing in the Fund, please see the section "More About the Funds' Investment Strategies and Risks" beginning on page 34 of this prospectus.

**FUND PERFORMANCE**

The performance information shown below will help you analyze the Fund's investment risks in light of its historical returns. The Risk/Return Bar Chart shows the variability of the Fund's total returns on a calendar year-by-year basis and provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year. The Average Annual Total Return Table shows returns averaged over the stated periods and shows how the Fund's average annual returns for 1, 5 and 10 years compare with those of a broad measure of market performance. The Fund's performance will fluctuate, and past performance (before and after taxes) is not necessarily an indication of future results. Updated performance information is available at www.wesmarkfunds.com or by calling 1-800-864-1013.

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|:---|:---|:---|
| www.wesmarkfunds.com | ![(WESTMARK FUNDS LOGO)](we002_v1.jpg) | >> 9 |

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---

| |
|:---|
| **Summary Sections** |
| **WesMark Large Company Fund** |

---

***Risk/Return Bar Chart***

***For the periods ended December 31:***

![(BAR GRAPH)](we004_v1.jpg)

**Within the periods shown in the bar chart, the Fund's highest quarterly return was 25.53% (quarter ended 6/30/2020). Its lowest quarterly return was -19.18% (quarter ended 3/31/2020).**

***Average Annual Total Return Table***

Return After Taxes is shown to illustrate the effect of federal taxes on Fund returns. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or IRAs.

***For the periods ended December 31, 2025:***

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**WesMark Large Company Fund** | **1 Year** | **5 Years** | **10 Years** |
| &nbsp;&nbsp;&nbsp;&nbsp;Return Before Taxes | 16.91% | 11.40% | 12.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;Return After Taxes on Distributions | 11.93% | 8.32% | 9.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;Return After Taxes on Distributions and Sale of <br> Fund Shares | 13.40% | 8.52% | 9.55% |
| &nbsp;&nbsp;S&P 500<sup>®</sup> Index <br> (Does not reflect fees, expenses or taxes, which, if applied, would reduce the Index's returns.) | 17.88% | 14.42% | 14.82% |
| &nbsp;&nbsp;Lipper Large-Cap Core Funds Average (LLCCFA) | 15.43% | 12.78% | 13.49% |

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|:---|:---|:---|
| >> 10 | ![(WESTMARK FUNDS LOGO)](we002_v1.jpg) | May 1, 2026 >> Prospectus |

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---

| |
|:---|
| **Summary Sections** |
| **WesMark Large Company Fund** |

---

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.

**MANAGEMENT**

***Investment Adviser***

WesBanco Investment Department, a division of WesBanco Bank, Inc., which is a wholly owned subsidiary of WesBanco, Inc., serves as the investment adviser of the Fund.

***Portfolio Managers***

An investment team led by Robert McGee, Senior Vice President of the Adviser, manages the Fund. Mr. McGee has served as a portfolio manager of the Fund since March 2024.

PURCHASE AND SALES OF FUND SHARES, TAX INFORMATION AND PAYMENTS TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES

For important information about purchase and sales of Fund shares, tax information and financial intermediary compensation, please turn to "Other Information" on page 33.

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|:---|:---|:---|
| www.wesmarkfunds.com | ![(WESTMARK FUNDS LOGO)](we002_v1.jpg) | >> 11 |

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| |
|:---|
| **Summary Sections** |
| **WesMark Balanced Fund** |

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**INVESTMENT OBJECTIVE**

The WesMark Balanced Fund (the "Fund") seeks to achieve capital appreciation and income.

**FEES AND EXPENSES OF THE FUND**

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.

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| | |
|:---|:---|
| &nbsp;&nbsp;**Annual Fund Operating Expenses *(expenses that you pay each year as a percentage of the value of your investment)*** |  |
| &nbsp;&nbsp;Management Fees | 0.75% |
| &nbsp;&nbsp;Distribution (12b-1) Fees |  |
| &nbsp;&nbsp;Shareholder Services Fee\* | 0.25% |
| &nbsp;&nbsp;Other Expenses | 0.29% |
| &nbsp;&nbsp;Total Annual Fund Operating Expenses | 1.29% |

---

*\** *The shareholder services fee will be paid to financial intermediaries, including affiliates of the Adviser, for the provision of certain shareholder services.*

**EXAMPLE**

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.

The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Although your actual costs and returns may be higher or lower, based on these assumptions your costs would be:** | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
|  | $131 | $409 | $708 | $1556 |

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**PORTFOLIO TURNOVER**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 22% of the average value of its portfolio.

**PRINCIPAL INVESTMENT STRATEGIES OF THE FUND**

The Fund pursues its investment objective by investing in a mix of equity, fixed-income, and money market investments. The Fund's portfolio is constructed by WesBanco Investment Department, a division of WesBanco Bank, Inc. (the "Adviser"), using an asset allocation process. The Adviser first determines the percentage of the Fund's portfolio to invest in equity securities, the percentage to invest in fixed-income securities, and the percentage to invest in money market investments. The percentage ranges of securities in each asset class are: equity securities 30-70%; fixed-income securities 30-70%; and money market investments 0-40%. The Adviser will then select securities for each asset class. Within the equity allocation, the Adviser may use a blend of styles in selecting stocks, i.e., stocks may be selected for their growth characteristics, or value characteristics, or both. In addition, the Adviser may consider the income potential of a security resulting in an equity allocation that may be overweight in sectors that pay dividends.

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|:---|:---|:---|
| >> 12 | ![(WESTMARK FUNDS LOGO)](we002_v1.jpg) | May 1, 2026 >> Prospectus |

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| |
|:---|
| **Summary Sections** |
| **WesMark Balanced Fund** |

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The Adviser anticipates investing the equity allocation primarily in the equity securities of domestic companies with large and medium market capitalizations. However, the Adviser may also invest a portion of the equity allocation in American Depository Receipts ("ADRs") and other domestically traded securities of foreign companies, exchange traded funds ("ETFs") or other investment companies that invest in foreign securities (which may include emerging markets), real estate investment trusts ("REITs"), and equity securities of companies with small market capitalizations. Also, in an effort to increase the income of the Fund, the Fund may sell call options on equity securities held in the Fund. Additionally, the Fund may buy a put option on one or more securities held in the Fund in an effort to protect unrealized gains in such securities or to protect against downside losses in such securities. Within the fixed-income allocation, the Adviser primarily selects U.S. dollar denominated, primarily investment-grade, fixed income securities. In addition, the Fund may invest in high-yield fixed income securities when the Adviser considers the risk-return prospects of those sectors to be attractive. The Adviser expects that, normally, no more than 15% of the Fund's total assets will be invested in securities that are rated below investment grade. However, the Fund may opportunistically invest up to 25% of its total assets in noninvestment-grade debt securities (e.g. "junk bonds"). Investment-grade fixed-income securities are rated in one of the four highest categories (BBB- or higher) by a nationally recognized statistical rating organization ("NRSRO"). Noninvestment-grade fixed-income securities are rated in one of the six lowest categories (BB or lower) by a NRSRO, or in either case if unrated, of comparable quality as determined by the Adviser (e.g. "junk bonds"). The Adviser seeks to enhance the Fund's performance by allocating relatively more of its fixed-income allocation to the sector that the Adviser expects to offer the best balance between total return and risk and thus offer the greatest potential for return. The Adviser may lengthen or shorten duration from time to time based on its interest rate outlook, but the Fund has no set duration parameters. Duration measures the price sensitivity of a fixed-income security to changes in interest rates. The Fund may invest in fixed-income securities with any maturity. Certain of the government securities in which the Fund invests are not backed by the full faith and credit of the U.S. government, such as those issued by the Federal Home Loan Mortgage Corporation ("Freddie Mac"), the Federal National Mortgage Association ("Fannie Mae") and the Federal Home Loan Bank System. These entities are, however, supported through federal subsidies, loans or other benefits. The Fund may also invest in government securities that are supported by the full faith and credit of the U.S. government, such as those issued by the Government National Mortgage Association ("Ginnie Mae"). Finally, the Fund may invest in government securities that are issued by entities whose activities are sponsored by the federal government but that have no explicit financial support. Within the money market allocation, the Adviser may invest in money market funds, repurchase agreements or other short-term, high-quality, fixed-income securities issued by banks, corporations and the U.S. government.

The Fund may purchase ETFs, or other investment companies, in order to achieve exposure to a specific market sector to achieve exposure to foreign markets, or for other reasons consistent with its investment strategy. The shares of ETFs are listed and traded on stock exchanges at market prices.

For additional information on the Fund's investment strategies, please see the section "More about the Funds' Investment Strategies and Risks" beginning on page 34 of this prospectus.

**PRINCIPAL RISKS OF THE FUND**

The loss of money is a risk of investing in this Fund. Other principal risks of investing in the Fund are below.

---

| | |
|:---|:---|
| &nbsp;&nbsp;***Stock Market Risks:*** | &nbsp;&nbsp;The value of equity securities rise and fall. The portfolio of a Fund investing in equity securities will reflect changes in prices of individual stocks held in the Fund's portfolio. Consequently, the Fund's share price may decline. |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;***Risks Related to Investing <br> For Growth:*** | &nbsp;&nbsp;Growth stocks depend more on price changes for returns and may be more adversely affected in a down market compared to value stocks. |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;***Risks Related to Investing <br> For Value:*** | &nbsp;&nbsp;Value stocks depend less on price changes for returns and may lag behind growth stocks in an up market. |

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| | |
|:---|:---|
| &nbsp;&nbsp;***Risks Related to Company Size:*** | &nbsp;&nbsp;The smaller the capitalization of a company, the less liquid its stock and the more volatile its price. |

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| | |
|:---|:---|
| &nbsp;&nbsp;***Credit Risks:*** | &nbsp;&nbsp;The possibility that an issuer will default on a security by failing to pay interest or principal when due. |

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| | |
|:---|:---|
| &nbsp;&nbsp;***Interest Rate Risks:*** | &nbsp;&nbsp;Prices of fixed-income securities rise and fall in response to changes in interest rates. Generally, when interest rates rise, prices of fixed-income securities fall. The opposite is true when interest rates decline. Interest rate changes have a greater effect on the price of fixed-income securities with longer durations. Duration measures the price sensitivity of a fixed-income security to changes in interest rates. |

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|:---|:---|:---|
| www.wesmarkfunds.com | ![(WESTMARK FUNDS LOGO)](we002_v1.jpg) | >> 13 |

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| |
|:---|
| **Summary Sections** |
| **WesMark Balanced Fund** |

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| | |
|:---|:---|
| &nbsp;&nbsp;***Risk Related to Complex CMOs:*** | &nbsp;&nbsp;CMOs with complex or highly variable prepayment terms generally entail greater market, prepayment and liquidity risks. |

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| | |
|:---|:---|
| &nbsp;&nbsp;***Call Risks:*** | &nbsp;&nbsp;An issuer may redeem a fixed-income security before maturity at a price below its current market price. |

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| | |
|:---|:---|
| &nbsp;&nbsp;***Prepayment Risks:*** | &nbsp;&nbsp;The relative volatility of mortgage backed securities is due to the likelihood of prepayments which increase in a declining interest rate environment and decrease in a rising interest rate environment. |

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| | |
|:---|:---|
| &nbsp;&nbsp;***Currency Risks:*** | &nbsp;&nbsp;Exchange rates for currencies fluctuate daily. |

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| | |
|:---|:---|
| &nbsp;&nbsp;***Liquidity Risks:*** | &nbsp;&nbsp;A Fund may not be able to sell a security or close out of an investment when it wants. Liquidity risk may make it more difficult to sell or buy a security at a favorable price or time. |

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| | |
|:---|:---|
| &nbsp;&nbsp;***Sector Risks:*** | &nbsp;&nbsp;Certain market sectors may underperform other sectors or the market as a whole. |

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| | |
|:---|:---|
| &nbsp;&nbsp;***Risks of Foreign Investing:*** | &nbsp;&nbsp;Political, social, currency-rate fluctuations and economic instability within foreign countries may cause the value of the Fund's foreign investments to decline. |

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| | |
|:---|:---|
| &nbsp;&nbsp;***Risks of Emerging Markets:*** | &nbsp;&nbsp;Investments in emerging markets are subject to all the risks associated with foreign investing; however, these risks may be magnified in emerging markets. Emerging market countries may have relatively unstable governments and may present the risk of nationalization of businesses, expropriation, confiscatory taxation or, in certain instances, reversion to closed market, centrally planned economies. Generally, countries are considered emerging markets if they are included in any one of the MSCI emerging markets indices. |

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| | |
|:---|:---|
| &nbsp;&nbsp;***Risks of Investing in<br> Exchange-Traded Funds:*** | &nbsp;&nbsp;Investments in shares of ETFs or other investment companies are subject to the risks of owning the securities underlying the ETF, as well as the same structural risks faced by an investor purchasing shares of such underlying ETFs, including authorized participant concentration risk, market maker risk, premium/discount risk and trading issues risk. Investing in ETFs may result in higher fees and expenses for the Fund, because the Fund and its shareholders bear a pro rata share of the ETF's fees and expenses. To the extent the Fund invests in the Underlying Funds, the Fund's investment performance and risks are likely to be directly related to those of the underlying ETF. |

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| | |
|:---|:---|
| &nbsp;&nbsp;***Risks of Investing in ADRs and Domestically Traded Securities of Foreign Issuers:*** | &nbsp;&nbsp;Because the Fund may invest in ADRs and other domestically traded securities of foreign companies, the Fund's share price may be more affected by foreign economic and political conditions, taxation policies and accounting and auditing standards than would otherwise be the case. |

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

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|:---|:---|:---|
| >> 14 | ![(WESTMARK FUNDS LOGO)](we002_v1.jpg) | May 1, 2026 >> Prospectus |

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| |
|:---|
| **Summary Sections** |
| **WesMark Balanced Fund** |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;***Manager Risk:*** | &nbsp;&nbsp;The Fund is actively managed and the investment techniques and security selection used by the Fund's managers may not produce the desired results and may cause the Fund to underperform relevant benchmarks or other funds with a similar investment objective. |

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| | |
|:---|:---|
| &nbsp;&nbsp;***Market Risk:*** | &nbsp;&nbsp;The Fund 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, market volatility related to global trade policy and the imposition of tariffs, depressions or other events – or the potential for such events – could have a significant negative impact on economic and market conditions. |

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| | |
|:---|:---|
| &nbsp;&nbsp;***Risks of Investing in Real Estate Investment Trusts (REITs):*** | &nbsp;&nbsp;Investments in REITs are subject to many of the same risks as direct investments in real estate. Generally, a REIT's performance depends on the types and locations of the properties it owns and on how well the REIT manages its properties. The value of a REIT may also be affected by changes in interest rates. Rising interest rates could cause the value of an equity REIT to decline. Additionally, a REIT may fail to qualify for tax-exempt status under the IRC. |

---

An investment in the Fund is not a deposit of any bank, including WesBanco Bank, Inc., and is not insured, endorsed or guaranteed by the Federal Deposit Insurance Corporation, the Federal Reserve Board, or any other government agency.

For more information regarding the risks of investing in the Fund, please see the section "More About the Funds' Investment Strategies and Risks" beginning on page 34 of this prospectus.

**FUND PERFORMANCE**

The performance information shown below will help you analyze the Fund's investment risks in light of its historical returns. The Risk/Return Bar Chart shows the variability of the Fund's total returns on a calendar year-by-year basis and provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year. The Average Annual Total Return Table shows returns averaged over the stated periods and shows how the Fund's average annual returns for 1, 5 and 10 years compare with those of a broad measure of market performance. The Fund's performance will fluctuate, and past performance (before and after taxes) is not necessarily an indication of future results. Updated performance information is available at www.wesmarkfunds.com or by calling 1-800-864-1013.

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| | | |
|:---|:---|:---|
| www.wesmarkfunds.com | ![(WESTMARK FUNDS LOGO)](we002_v1.jpg) | >> 15 |

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| |
|:---|
| **Summary Sections** |
| **WesMark Balanced Fund** |

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***Risk/Return Bar Chart***

***For the periods ended December 31:***

![(BAR GRAPH)](we005_v1.jpg)

**Within the periods shown in the bar chart, the Fund's highest quarterly return was 10.19% (quarter ended 6/30/2020). Its lowest quarterly return was -14.89% (quarter ended 3/31/2020).**

***Average Annual Total Return Table***

Return After Taxes is shown to illustrate the effect of federal taxes on Fund returns. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of any applicable state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or IRAs.

***For the periods ended December 31, 2025:***

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**WesMark Balanced Fund** | **1 Year** | **5 Years** | **10 Years** |
| &nbsp;&nbsp;&nbsp;&nbsp;Return Before Taxes | 10.84% | 6.46% | 7.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;Return After Taxes on Distributions | 8.72% | 4.60% | 5.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;Return after Taxes on Distributions and Sale of <br> Fund Shares | 7.58% | 4.61% | 5.25% |
| &nbsp;&nbsp;S&P 500<sup>®</sup> Index <br> (Does not reflect fees, expenses or taxes, which, if applied, would reduce the Index's returns.) | 17.88% | 14.42% | 14.82% |
| &nbsp;&nbsp;Bloomberg Intermediate U. S. Government/Credit Index (BIGCI) <br> (Does not reflect fees, expenses or taxes, which, if applied, would reduce the Index's returns.) | 6.97% | 0.96% | 2.29% |
| &nbsp;&nbsp;Balanced Composite Index <br> (Does not reflect fees, expenses or taxes, which, if applied, would reduce the Index's returns.) | 13.56% | 9.08% | 9.92% |
| &nbsp;&nbsp;Lipper Balanced Funds Average (LBFA) | 13.51% | 6.20% | 7.23% |

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|:---|:---|:---|
| >> 16 | ![(WESTMARK FUNDS LOGO)](we002_v1.jpg) | May 1, 2026 >> Prospectus |

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| |
|:---|
| **Summary Sections** |
| **WesMark Balanced Fund** |

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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 BIGCI is an unmanaged market value weighted performance index for government and corporate fixed rate debt issues with maturities between one and ten years. The BIGCI 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 Balanced Composite Index is an unmanaged index, comprised 60% S&P 500<sup>®</sup> and 40% BIGCI, 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.

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.

**MANAGEMENT**

***Investment Adviser***

WesBanco Investment Department, a division of WesBanco Bank, Inc. which is a wholly owned subsidiary of WesBanco, Inc., serves as the investment adviser of the Fund.

***Portfolio Managers***

An investment team led by Robert McGee, Senior Vice President of the Adviser, and including Steven Kellas, Executive Vice President of the Adviser, manages the Fund. Mr. Kellas has served as a portfolio manager of the Fund since January 2013, and Mr. McGee has served as a portfolio manager of the Fund since March 2024.

PURCHASE AND SALES OF FUND SHARES, TAX INFORMATION AND PAYMENTS TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES

For important information about purchase and sales of Fund shares, tax information and financial intermediary compensation, please turn to "Other Information" on page 33.

---

| | | |
|:---|:---|:---|
| www.wesmarkfunds.com | ![(WESTMARK FUNDS LOGO)](we002_v1.jpg) | >> 17 |

---

---

| |
|:---|
| **Summary Sections** |
| **WesMark Government Bond Fund** |

---

**INVESTMENT OBJECTIVE**

The WesMark Government Bond Fund (the "Fund") seeks to achieve high current income consistent with preservation of capital.

**FEES AND EXPENSES OF THE FUND**

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Annual Fund Operating Expenses *(expenses that you pay each year as a percentage of the value of your investment)*** |  |
| &nbsp;&nbsp;Management Fees | 0.60% |
| &nbsp;&nbsp;Distribution (12b-1) Fees |  |
| &nbsp;&nbsp;Shareholder Services Fee\* | 0.25% |
| &nbsp;&nbsp;Other Expenses | 0.19% |
| &nbsp;&nbsp;Total Annual Fund Operating Expenses | 1.04% |

---

*\** *The shareholder services fee will be paid to financial intermediaries, including affiliates of the Adviser, for the provision of certain shareholder services.*

**EXAMPLE**

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.

The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Although your actual costs and returns may be higher or lower, based on these assumptions your costs would be:** | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
|  | $106 | $331 | $574 | $1271 |

---

**PORTFOLIO TURNOVER**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 17% of the average value of its portfolio.

**PRINCIPAL INVESTMENT STRATEGIES OF THE FUND**

The Fund pursues its investment objective by investing primarily in U.S. government securities. U.S. government securities include U.S. Treasury securities as well as securities of U.S. government sponsored entities, ("GSE"). The Fund's portfolio may also include investment-grade corporate debt securities and certain taxable securities issued by municipal entities such as Build America Bonds. The Fund does not invest in noninvestment-grade corporate debt securities (e.g. "junk bonds") as part of its principal investment strategy.

Certain GSE securities may not be backed by the full faith and credit of the U.S. government, such as those issued by the Federal Home Loan Mortgage Corporation (Freddie Mac), the Federal National Mortgage Association ("Fannie Mae"), and the Federal Home Loan Bank System. These entities are, however, supported through federal subsidies, loans or other benefits. The Fund may also invest in GSE securities that are supported by the full faith and credit of the U.S. Government, such as those issued by the Government National Mortgage Association (Ginnie Mae). Finally, the Fund may invest in a few GSE securities that have no explicit financial support, but which are regarded as having implied support because the federal government sponsors their activities. Such securities include those issued by the Farm Credit System and the Financing Corporation.

---

| | | |
|:---|:---|:---|
| >> 18 | ![(WESTMARK FUNDS LOGO)](we002_v1.jpg) | May 1, 2026 >> Prospectus |

---

---

| |
|:---|
| **Summary Sections** |
| **WesMark Government Bond Fund** |

---

The Fund may invest in collateralized mortgage obligations ("CMOs") issued by U.S. governmental or government related enterprises. The Fund's investment in CMO's may be significant. CMOs have various call features and may be issued in multiple classes, with each class having a specific coupon rate and stated maturity or final distribution date. The Adviser invests in CMOs in an attempt to increase the Fund's return by taking advantage of current and potential yield differentials existing from time to time between CMOs and other mortgage-backed or federal agency securities.

WesBanco Investment Department, a division of WesBanco Bank, Inc. (the "Adviser"), selects securities with longer or shorter durations based on its interest rate outlook, but does not target any specific duration for the Fund. Duration measures the price sensitivity of a fixed-income security to changes in interest rates. The Fund may invest in securities with any maturity.

Because the Fund refers to U.S. government bonds in its name, it will notify shareholders at least 60 days in advance of any change in its investment policies that would enable the Fund to normally invest less than 80% of its assets in U.S. government fixed-income securities.

For additional information on the Fund's investment strategies, please see the section "More About the Funds' Investment Strategies and Risks" beginning on page 34 of this prospectus.

**PRINCIPAL RISKS OF INVESTING IN THE FUND**

The loss of money is a risk of investing in this Fund. Other principal risks of investing in the Fund are below.

---

| | |
|:---|:---|
| &nbsp;&nbsp;***Credit Risks:*** | &nbsp;&nbsp;The possibility that an issuer will default on a security by failing to pay interest or principal when due. |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;***Interest Rate Risks:*** | &nbsp;&nbsp;Prices of fixed-income securities rise and fall in response to changes in interest rates. Generally, when interest rates rise, prices of fixed-income securities fall. The opposite is true when interest rates decline. Interest rate changes have a greater effect on the price of fixed-income securities with longer durations. Duration measures the price sensitivity of a fixed-income security to changes in interest rates. |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;***Risks Related to Complex CMOs:*** | &nbsp;&nbsp;CMOs with complex or highly variable prepayment terms generally entail greater market, prepayment, and liquidity risks. |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;***Call Risks:*** | &nbsp;&nbsp;An issue may redeem a fixed-income security before maturity at a price below its current market price. |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;***Prepayment Risks:*** | &nbsp;&nbsp;The relative volatility of mortgage–backed securities is due to the likelihood of prepayments which increase in a declining interest rate environment and decrease in a rising interest rate environment. |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;***Liquidity Risks:*** | &nbsp;&nbsp;A Fund may not be able to sell a security when it wants. |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;***Government Sponsored <br> Entities Risk:*** | &nbsp;&nbsp;Agency securities are issued or guaranteed by a federal agency or other GSE acting under federal authority. Some GSE securities are supported by the full faith and credit of the United States. These include the Government National Mortgage Association ("Ginnie Mae"), Small Business Administration, Farm Credit System Financial Assistance Corporation, Farmer's Home Administration, Federal Financing Bank, General Services Administration, Department of Housing and Urban Development, Export-Import Bank, Overseas Private Investment Corporation and Washington Metropolitan Area Transit Authority Bonds. Investors generally regard agency securities as having low credit risks, but not as low as Treasury securities.<br>Other GSE securities receive support through federal subsidies, loans or other benefits. For example, the U.S. Treasury is authorized to purchase specified amounts of securities issued by (or otherwise make funds available to) the Federal Home Loan Bank System, Federal Home Loan Mortgage Corporation ("Freddie Mac"), Fannie Mae and Tennessee Valley Authority in support of such obligations.<br>Since 2008, Fannie Mae and Freddie Mac have operated under a conservatorship administered by the Federal Housing Finance Agency ("FHFA"). |

---

---

| | | |
|:---|:---|:---|
| www.wesmarkfunds.com | ![(WESTMARK FUNDS LOGO)](we002_v1.jpg) | >> 19 |

---

---

| |
|:---|
| **Summary Sections** |
| **WesMark Government Bond Fund** |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;***Manager Risk:*** | &nbsp;&nbsp;The Fund is actively managed and the investment techniques and security selection used by the Fund's managers may not produce the desired results and may cause the Fund to underperform relevant benchmarks or other funds with a similar investment objective. |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;***Market Risk:*** | &nbsp;&nbsp;The Fund 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, market volatility related to global trade policy and imposition of tariffs, depressions or other events – or the potential for such events – could have a significant negative impact on economic and market conditions. |

---

An investment in the Fund is not a deposit of any bank, including WesBanco Bank, Inc., and is not insured, endorsed or guaranteed by the Federal Deposit Insurance Corporation, the Federal Reserve Board, or any other government agency.

For more information regarding the risks of investing in the Fund, please see the section "More About the Funds' Investment Strategies and Risks" beginning on page 34 of this prospectus.

**FUND PERFORMANCE**

The performance information shown below will help you analyze the Fund's investment risks in light of its historical returns. The Risk/Return Bar Chart shows the variability of the Fund's total returns on a calendar year-by-year basis and provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year. The Average Annual Total Return Table shows returns averaged over the stated periods and show how the Fund's average annual returns for 1, 5 and 10 years compare with those of a broad measure of market performance. The Fund's performance will fluctuate, and past performance (before and after taxes) is not necessarily an indication of future results. Updated performance is available at www.wesmarkfunds.com or by calling 1-800-864-1013.

---

| | | |
|:---|:---|:---|
| >> 20 | ![(WESTMARK FUNDS LOGO)](we002_v1.jpg) | May 1, 2026 >> Prospectus |

---

---

| |
|:---|
| **Summary Sections** |
| **WesMark Government Bond Fund** |

---

***Risk/Return Bar Chart***

***For the periods ended December 31:***

![(BAR GRAPH)](we006_v1.jpg)

**Within the periods shown in the bar chart, the Fund's highest quarterly return was 7.10% (quarter ended 12/31/2023). Its lowest quarterly return was -5.92% (quarter ended 6/30/2022).**

***Average Annual Total Return Table***

Return After Taxes is shown to illustrate the effect of federal taxes on Fund returns. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or IRAs.

***For the periods ended December 31, 2025:***

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**WesMark Government Bond Fund** | **1 Year** | **5 Years** | **10 Years** |
| &nbsp;&nbsp;&nbsp;&nbsp;Return Before Taxes | 6.91% | (1.95)% | 0.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;Return After Taxes on Distributions | 5.40% | (3.02)% | (0.82)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Return after Taxes on Distributions and Sale of <br> Fund Shares | 4.07% | (1.92)% | (0.29)% |
| &nbsp;&nbsp;Bloomberg U.S. Aggregate Bond Index<br> (Does not reflect fees, expenses or taxes, which, if applied, would reduce the Index's returns.) | 7.30% | (0.36)% | 2.01% |
| &nbsp;&nbsp;Bloomberg Intermediate U.S. Government/Credit Aggregate Bond Index (Does not reflect fees, expenses or taxes, which, if applied, would reduce the Index's returns.) | 6.97% | 0.96% | 2.29% |
| &nbsp;&nbsp;Lipper Intermediate U.S. Government Funds <br> Average (LIGFA) | 6.79% | (0.66)% | 1.11% |
| &nbsp;&nbsp;Lipper General U.S. Government Funds Average (LGUSFA) | 7.26% | (1.04)% | 1.05% |

---

---

| | | |
|:---|:---|:---|
| www.wesmarkfunds.com | ![(WESTMARK FUNDS LOGO)](we002_v1.jpg) | >> 21 |

---

---

| |
|:---|
| **Summary Sections** |
| **WesMark Government Bond Fund** |

---

In connection with SEC regulations applicable to the Fund, the Adviser has selected the Bloomberg U.S. Aggregate Bond Index as the broad-based index to best represent overall market performance for the Fund. The table also shows index performance for the Bloomberg Intermediate U.S. Government/Credit Index, an unmanaged market value weighted performance index for government and corporate fixed rate debt issues with maturities between one and ten years, which served as the Fund's previous broad-based securities market 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.

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.

**MANAGEMENT**

***Investment Adviser***

WesBanco Investment Department, a division of WesBanco Bank, Inc., which is a wholly owned subsidiary of WesBanco, Inc., serves as the investment adviser of the Fund.

***Portfolio Managers***

An investment team led by Robert McGee, Senior Vice President of the Adviser, manages the Fund. Mr. McGee has served as a portfolio manager of the Fund since March 2024.

PURCHASE AND SALES OF FUND SHARES, TAX INFORMATION AND PAYMENTS TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES

For important information about purchase and sales of Fund shares, tax information and financial intermediary compensation, please turn to "Other Information" on page 33.

---

| | | |
|:---|:---|:---|
| >> 22 | ![(WESTMARK FUNDS LOGO)](we002_v1.jpg) | May 1, 2026 >> Prospectus |

---

---

| |
|:---|
| **Summary Sections** |
| **WesMark West Virginia Municipal Bond Fund** |

---

**INVESTMENT OBJECTIVE**

The WesMark West Virginia Municipal Bond Fund (the "Fund") seeks to achieve current income which is exempt from federal income tax and the income taxes imposed by the State of West Virginia.

**FEES AND EXPENSES OF THE FUND**

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Annual Fund Operating Expenses *(expenses that you pay each year as a percentage of the value of your investment)*** |  |
| &nbsp;&nbsp;Management Fees | 0.60% |
| &nbsp;&nbsp;Distribution (12b-1) Fees |  |
| &nbsp;&nbsp;Shareholder Services Fee\* | 0.25% |
| &nbsp;&nbsp;Other Expenses | 0.31% |
| &nbsp;&nbsp;Total Annual Fund Operating Expenses | 1.16% |

---

*\** *The shareholder services fee will be paid to financial intermediaries, including affiliates of the Adviser, for the provision of certain shareholder services.*

**EXAMPLE**

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.

The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Although your actual costs and returns may be higher or lower, based on these assumptions your costs would be:** | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
|  | $118 | $368 | $638 | $1409 |

---

**PORTFOLIO TURNOVER**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 23% of the average value of its portfolio.

**PRINCIPAL INVESTMENT STRATEGIES OF THE FUND**

The Fund pursues its investment objective by investing at least 80% of its net assets in a professionally managed portfolio consisting primarily of investment-grade securities issued by the State of West Virginia and its political subdivisions, agencies and authorities, and other issuers, such as possessions or territories of the United States, the interest of which is exempt from federal income tax, federal alternative minimum tax ("AMT"), and West Virginia income tax. The Adviser may lengthen or shorten the Fund's duration from time to time based on its interest rate outlook, but the Fund has no set duration parameters. Duration measures the price sensitivity of a fixed-income security to changes in interest rates. The Fund may invest in fixed-income securities with any maturity. The Fund may invest a portion of its assets in non-West Virginia municipal bonds, if in the judgment of the Adviser, the supply or yield of such securities would be beneficial to the Fund. For additional information on the Fund's investment strategies, please see the section "More About the Funds' Investment Strategies and Risks" beginning on page 34 of this prospectus.

---

| | | |
|:---|:---|:---|
| www.wesmarkfunds.com | ![(WESTMARK FUNDS LOGO)](we002_v1.jpg) | >> 23 |

---

---

| |
|:---|
| **Summary Sections** |
| **WesMark West Virginia Municipal Bond Fund** |

---

**PRINCIPAL RISKS OF INVESTING IN THE FUND**

The loss of money is a risk of investing in this Fund. Other principal risks of investing in the Fund are below.

---

| | |
|:---|:---|
| &nbsp;&nbsp;***Credit Risks:*** | &nbsp;&nbsp;The possibility that an issuer will default on a security by failing to pay interest or principal when due. |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;***Interest Rate Risks:*** | &nbsp;&nbsp;Prices of fixed-income securities rise and fall in response to changes to interest rates. Generally, when interest rates rise, prices of fixed-income securities fall. The opposite is true when interest rates decline. Interest rate changes have a greater effect on the price of fixed-income securities with longer durations. Duration measures the price sensitivity of a fixed-income security to changes in interest rates. |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;***Call Risks:*** | &nbsp;&nbsp;An issuer may redeem a fixed-income security before maturity at a price below its current market price. |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;***Liquidity Risks:*** | &nbsp;&nbsp;Trading opportunities are more limited for fixed-income securities that are not widely held. |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;***Credit Enhancement Risks:*** | &nbsp;&nbsp;Downgrading the credit quality of a credit enhancement provider, such as a bank or bond insurer, may adversely affect the Fund. |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;***Sector Risks:*** | &nbsp;&nbsp;Certain market sectors may underperform other sectors or the market as a whole. |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;***Tax Risks:*** | &nbsp;&nbsp;Changes in federal tax laws may cause the prices of tax-exempt securities to fall. |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;***Non-Diversification Risks:*** | &nbsp;&nbsp;Compared to diversified mutual funds, a non-diversified fund may invest a higher percentage of its assets among fewer issuers of portfolio securities. This increases the Fund's risk by magnifying the impact (positively or negatively) that any one issuer has on the Fund's share price and performance. |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;***West Virginia Risks:*** | &nbsp;&nbsp;The portfolio may include securities issued by issuers located in West Virginia. West Virginia's economy is heavily dependent upon certain industries such as coal mining, natural gas, manufacturing, and tourism. Therefore, any downturn in these and other industries may adversely affect the economy of West Virginia and the issuers located in that state. |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;***Manager Risk:*** | &nbsp;&nbsp;The Fund is actively managed and the investment techniques and security selection used by the Fund's managers may not produce the desired results and may cause the Fund to underperform relevant benchmarks or other funds with a similar investment objective. |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;***Market Risk:*** | &nbsp;&nbsp;The Fund 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, market volatility related to global trade policy and the imposition of tariffs, depressions or other events – or the potential for such events – could have a significant negative impact on economic and market conditions. |

---

An investment in the Fund is not a deposit of any bank, including WesBanco Bank, and is not insured, endorsed or guaranteed by the Federal Deposit Insurance Corporation, the Federal Reserve Board, or any other government agency.

For more information regarding the risks of investing in the Fund, please see the section "More About the Funds' Investment Strategies and Risks" beginning on page 34 of this prospectus.

---

| | | |
|:---|:---|:---|
| >> 24 | ![(WESTMARK FUNDS LOGO)](we002_v1.jpg) | May 1, 2026 >> Prospectus |

---

---

| |
|:---|
| **Summary Sections** |
| **WesMark West Virginia Municipal Bond Fund** |

---

**FUND PERFORMANCE**

The performance information shown below will help you analyze the Fund's investment risks in light of its historical returns. The Risk/Return Bar Chart shows the variability of the Fund's total returns on a calendar year-by-year basis and provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year. The Average Annual Total Return Table shows returns averaged over the stated periods and shows how the Fund's average annual returns for 1, 5 and 10 years compare with those of a broad measure of market performance. The Fund's performance will fluctuate, and past performance (before and after taxes) is not necessarily an indication of future results. Updated performance information is available at www.wesmarkfunds.com or by calling 1-800-864-1013.

***Risk/Return Bar Chart***

***For the periods ended December 31:***

![(BAR GRAPH)](we007_v1.jpg)

**Within the periods shown in the bar chart, the Fund's highest quarterly return was 8.46% (quarter ended 12/31/2023). Its lowest quarterly return was -5.13% (quarter ended 3/31/2022).** 

***Average Annual Total Return Table***

Return After Taxes is shown to illustrate the effect of federal taxes on Fund returns. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or IRAs.

---

| | | |
|:---|:---|:---|
| www.wesmarkfunds.com | ![(WESTMARK FUNDS LOGO)](we002_v1.jpg) | >> 25 |

---

---

| |
|:---|
| **Summary Sections** |
| **WesMark West Virginia Municipal Bond Fund** |

---

***For the periods ended December 31, 2025:***

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**WesMark West Virginia Municipal Bond Fund** | **1 Year** | **5 Years** | **10 Years** |
| &nbsp;&nbsp;&nbsp;&nbsp;Return Before Taxes | 5.49% | 0.36% | 1.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;Return After Taxes on Distributions | 4.51% | (0.45)% | 0.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;Return After Taxes on Distributions and Sale of <br> Fund Shares | 3.23% | (0.07)% | 0.74% |
| &nbsp;&nbsp;Bloomberg Municipal Bond Index (Does not reflect fees, expenses or taxes, which, if applied, would reduce the Index's returns.) | 4.25% | 0.80% | 2.34% |
| &nbsp;&nbsp;Bloomberg Municipal Bond 5 Year Total Return Index (Does not reflect fees, expenses or taxes, which, if applied, would reduce the Index's returns.) | 4.89% | 0.91% | 1.83% |
| &nbsp;&nbsp;Lipper Intermediate Municipal Debt Funds Average (LIMDFA) | 4.49% | 1.04% | 2.03% |

---

In connection with SEC regulations applicable to the Fund, the Adviser has selected the Bloomberg Municipal Bond Index as the broad-based index to best represent overall market performance for the Fund. The Bloomberg Municipal Bond Index is a rules-based, market-value-weighted index engineered for the long-term tax-exempt bond market. The table also shows index performance for the Bloomberg Municipal Bond 5 Year Total Return Index, an unmanaged market value weighted performance index for major municipal bonds of all quality ratings with an average maturity of approximately five years, which served as the Fund's previous broad-based securities market 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.

**MANAGEMENT**

***Investment Adviser***

WesBanco Investment Department, a division of WesBanco Bank, Inc., which is a wholly owned subsidiary of WesBanco, Inc., serves as the investment adviser of the Fund.

***Portfolio Managers***

Steven Kellas, Executive Vice President of the Adviser, manages the Fund. Mr. Kellas has served as a portfolio manager of the Fund since September 2006.

PURCHASE AND SALES OF FUND SHARES, TAX INFORMATION AND PAYMENTS TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES

For important information about purchase and sales of Fund shares, tax information and financial intermediary compensation, please turn to "Other Information" on page 33.

---

| | | |
|:---|:---|:---|
| >> 26 | ![(WESTMARK FUNDS LOGO)](we002_v1.jpg) | May 1, 2026 >> Prospectus |

---

---

| |
|:---|
| **Summary Sections** |
| **WesMark Tactical Opportunity Fund** |

---

**INVESTMENT OBJECTIVE**

The WesMark Tactical Opportunity Fund (the "Fund") seeks to achieve capital appreciation.

**FEES AND EXPENSES OF THE FUND**

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Annual Fund Operating Expenses *(expenses that you pay each year as a percentage of the value of your investment)*** |  |
| &nbsp;&nbsp;Management Fees | 0.75% |
| &nbsp;&nbsp;Distribution (12b-1) Fees |  |
| &nbsp;&nbsp;Shareholder Services Fee\* | 0.25% |
| &nbsp;&nbsp;Other Expenses | 0.45% |
| &nbsp;&nbsp;Acquired Fund Fees and Expenses | 0.12% |
| &nbsp;&nbsp;Total Annual Fund Operating Expenses<sup>\*\*</sup> | 1.57% |

---

*\** *The shareholder services fee will be paid to financial intermediaries, including affiliates of the Adviser, for the provision of certain shareholder services.*

*\*\** *The Total Annual Fund Operating Expenses in this fee table may not correlate to the expense ratios in the Fund's financial highlights and financial statements because the financial highlights and financial statements reflect only the operating expenses of the Fund and do not include Acquired Fund Fees and Expenses, which are fees and expenses incurred indirectly by the Fund through its investments in certain underlying investment companies.*

**EXAMPLE**

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.

The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Although your actual costs and returns may be higher or <br> lower, based on these assumptions your costs would be:** | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
|  | $160 | $496 | $855 | $1867 |

---

**PORTFOLIO TURNOVER**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 41% of the average value of its portfolio.

---

| | | |
|:---|:---|:---|
| www.wesmarkfunds.com | ![(WESTMARK FUNDS LOGO)](we002_v1.jpg) | >> 27 |

---

---

| |
|:---|
| **Summary Sections** |
| **WesMark Tactical Opportunity Fund** |

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**PRINCIPAL INVESTMENT STRATEGIES OF THE FUND**

The Fund pursues its investment objective by utilizing a tactical allocation strategy. The Fund primarily invests in a mix of equity and fixed income securities, and may also invest in commodity related investments. While the Adviser has wide latitude to adjust the equity and fixed income allocations of the Fund, it is expected that during normal market conditions that the Fund's allocation to equities or fixed income investments will not exceed 85% of the Fund's assets. Also, in an effort to increase the income of the Fund, the Fund may sell call options on securities held in the Fund. Additionally, the Fund may buy a put option on one or more securities held in the Fund in an effort to protect unrealized gains in such securities, or to protect against downside losses in such securities.

With respect to its investment in equity securities, the Fund may invest in large cap stocks, small- and mid-cap stocks and international equity securities (including emerging market equity securities). With respect to its investment in fixed income securities, the Fund may invest in domestic or foreign securities, corporate or sovereign, and of any quality or duration. The Adviser selects securities with longer or shorter durations based on its assessment of market conditions, but does not target any specific duration for the fixed-income portion of the Fund. Duration measures the price sensitivity of a fixed-income security to changes in interest rates. The Fund may invest in fixed-income securities with any maturity. The Fund anticipates that it will predominately invest in exchange-traded funds ("ETFs") in order to achieve exposure to the underlying investments. In selecting ETFs for purchase by a Fund, the Adviser considers the securities index in which the ETF seeks to track, the trading liquidity of the ETF, the securities in which the ETF invests, and whether or not the ETF permits investment companies to invest in ETFs to a greater extent than normally permitted by the 1940 Act. The Fund may also invest in exchange-traded notes ("ETNs"). ETNs are unsecured debt obligations of financial institutions which are traded on exchanges and the returns of which are linked to the performance of market indices. The Fund will generally invest in ETNs which are linked to commodities indices; however, investing in ETNs is not equivalent to investing directly in index components or the relevant index itself, and the Fund would be subject to the credit risk of the financial institution issuing the ETN.

The portfolio management team will determine the Fund's asset allocation mix based upon the Adviser's view of markets, economic cycles, and intermediate-term trends. The Adviser then implements its asset allocation mix by tactically selecting investments based upon a number of different factors, including but not limited to macroeconomic environment, business cycle, equity market fundamentals, and valuation and interest rates. Also, as market changes and fundamentals dictate the Adviser will make modifications to the overall allocations within the Fund. Such modifications to the Fund's asset allocation mix may cause the Fund to have a higher portfolio turnover rate than other mutual funds which can increase the transaction costs incurred by the Fund.

The Fund may be appropriate for investors with long-term time horizons who are not sensitive to short-term losses and seek to participate in the long-term growth of the financial markets.

The Adviser anticipates investing its cash balance in investments such as money market funds, repurchase agreements, commercial paper and short-term U.S. government agency and/or Treasury securities.

**PRINCIPAL RISKS OF INVESTING IN THE FUND**

The loss of money is a risk of investing in this Fund. Other principal risks of investing in the Fund are below.

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| &nbsp;&nbsp;***Stock Market Risks:*** | &nbsp;&nbsp;The value of equity securities rise and fall. The portfolio of a Fund investing in equity securities will reflect changes in prices of individual stocks held in the Fund's portfolio. Consequently, the Fund's share price may decline. |

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| &nbsp;&nbsp;***Risks Related to Investing For Growth:*** | &nbsp;&nbsp;Growth stocks depend more on price changes for returns and may be more adversely affected in a down market compared to value stocks. |

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| &nbsp;&nbsp;***Risks Related to Investing For Value:*** | &nbsp;&nbsp;Value stocks depend less on price changes for returns and may lag behind growth stocks in an up market. |

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| &nbsp;&nbsp;***Risks Related to Company Size:*** | &nbsp;&nbsp;The smaller the capitalization of a company, the less liquid its stock and the more volatile its price. |

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| &nbsp;&nbsp;***Credit Risks:*** | &nbsp;&nbsp;The possibility that an issuer will default on a security by failing to pay interest or principal when due. |

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| &nbsp;&nbsp;***Interest Rate Risks:*** | &nbsp;&nbsp;Prices of fixed-income securities rise and fall in response to changes in interest rates. Generally, when interest rates rise, prices of fixed-income securities fall. The opposite is true when interest rates decline. Interest rate changes have a greater effect on the price of fixed-income securities with longer durations. Duration measures the price sensitivity of a fixed-income security to changes in interest rates. |

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| >> 28 | ![(WESTMARK FUNDS LOGO)](we002_v1.jpg) | May 1, 2026 >> Prospectus |

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| **Summary Sections** |
| **WesMark Tactical Opportunity Fund** |

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| &nbsp;&nbsp;***Risk Related to Complex CMOs:*** | &nbsp;&nbsp;CMOs with complex or highly variable prepayment terms generally entail greater market, prepayment and liquidity risks. |

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| &nbsp;&nbsp;***Call Risks:*** | &nbsp;&nbsp;An issuer may redeem a fixed-income security before maturity at a price below its current market price. |

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| &nbsp;&nbsp;***Prepayment Risks:*** | &nbsp;&nbsp;The relative volatility of mortgage backed securities is due to the likelihood of prepayments which increase in a declining interest rate environment and decrease in a rising interest rate environment. |

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| &nbsp;&nbsp;***Currency Risks:*** | &nbsp;&nbsp;Exchange rates for currencies fluctuate daily. |

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| &nbsp;&nbsp;***Liquidity Risks:*** | &nbsp;&nbsp;A Fund may not be able to sell a security or close out of an investment when it wants. Liquidity risk may make it more difficult to sell or buy a security at a favorable price or time. |

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| &nbsp;&nbsp;***Sector Risks:*** | &nbsp;&nbsp;Certain market sectors may underperform other sectors or the market as a whole. |

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| &nbsp;&nbsp;***Risks of Foreign Investing:*** | &nbsp;&nbsp;Political, social, currency-rate fluctuations, and economic instability within foreign countries may cause the value of the Fund's foreign investments to decline. |

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| &nbsp;&nbsp;***Risks of Emerging Markets:*** | &nbsp;&nbsp;Investments in emerging markets are subject to all the risks associated with foreign investing; however, these risks may be magnified in emerging markets. Emerging market countries may have relatively unstable governments and may present the risk of nationalization of businesses, expropriation, confiscatory taxation or, in certain instances, reversion to closed market, centrally planned economies. Generally, countries are considered emerging markets if they are included in any one of the MSCI emerging markets indices. |

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| ***Risks of Investing in Exchange-Traded Funds:*** | &nbsp;&nbsp;Investments in shares of ETFs or other investment companies are subject to the risks of owning the securities underlying the ETF, as well as the same structural risks faced by an investor purchasing shares of such underlying ETFs, including authorized participant concentration risk, market maker risk, premium/discount risk and trading issues risk. Investing in ETFs may result in higher fees and expenses for the Fund, because the Fund and its shareholders bear a pro rata share of the ETF's fees and expenses. To the extent the Fund invests in the Underlying Funds, the Fund's investment performance and risks are likely to be directly related to those of the underlying ETF. |

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| &nbsp;&nbsp;***Risks of Investing in ADRs and Domestically Traded Securities of Foreign Issuers:*** | &nbsp;&nbsp;Because the Fund may invest in ADRs and other domestically traded securities of foreign companies, the Fund's share price may be more affected by foreign economic and political conditions, taxation policies and accounting and auditing standards than would otherwise be the case. |

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| &nbsp;&nbsp;***Commodity Risk:*** | &nbsp;&nbsp;Because the Fund may invest in instruments (including ETFs or ETNs) whose performance is linked to the price of an underlying Commodity (including precious metals such as gold) or commodity index, the Fund may be subject to the risks of investing in physical commodities. These types of risks include regulatory, economic and political developments, weather events and natural disasters, pestilence, market disruptions, and the fact that commodity prices may have greater volatility than investments in traditional securities.<br>The Fund's investment in commodities could cause the Fund to fail to qualify as a regulated investment company (RIC) under Subchapter M of the Internal Revenue Code. It is the intent of the Fund to maintain its RIC status, and as such, the Fund will seek to manage its investment in commodities in an effort to continue to qualify as a RIC. However, there are no assurances it will be successful in doing so. |

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| www.wesmarkfunds.com | ![(WESTMARK FUNDS LOGO)](we002_v1.jpg) | >> 29 |

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|:---|
| **Summary Sections** |
| **WesMark Tactical Opportunity Fund** |

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| &nbsp;&nbsp;***Manager Risk:*** | &nbsp;&nbsp;The Fund is actively managed and the investment techniques and security selection used by the Fund's managers may not produce the desired results and may cause the Fund to underperform relevant benchmarks or other funds with a similar investment objective. |

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| &nbsp;&nbsp;***Market Risk:*** | &nbsp;&nbsp;The Fund 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, market volatility related to global trade policy and the imposition of tariffs, depressions or other events – or the potential for such events – could have a significant negative impact on economic and market conditions. |

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| &nbsp;&nbsp;***Risks of Investing in Real Estate Investment Trusts (REITs):*** | &nbsp;&nbsp;Investments in REITs are subject to many of the same risks as direct investments in real estate. Generally, a REIT's performance depends on the types and locations of the properties it owns and on how well the REIT manages its properties. The value of a REIT may also be affected by changes in interest rates. Rising interest rates could cause the value of an equity REIT to decline. Additionally, a REIT may fail to qualify for tax-exempt status under the IRC. |

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

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| &nbsp;&nbsp;***High Portfolio Turnover Risk:*** | &nbsp;&nbsp;The Fund's annual portfolio turnover rate may vary greatly from year to year, as well as within a given year. The Fund's portfolio turnover rate is not considered a limiting factor in the execution of investment decisions for the Fund. High portfolio turnover may result in the realization of net short-term gains by the Fund, which, when distributed to common shareholders, will be taxable as ordinary income. In addition, a higher portfolio turnover rate results in correspondingly greater brokerage commissions and other transactional expenses that are borne by the Fund. |

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An investment in the Fund is not a deposit of any bank, including WesBanco Bank, and is not insured, endorsed or guaranteed by the Federal Deposit Insurance Corporation, the Federal Reserve Board, or any other government agency.

For more information regarding the risks of investing in the Fund, please see the section "More About the Funds' Investment Strategies and Risks" beginning on page 34 of this prospectus.

**FUND PERFORMANCE**

The performance information shown below will help you analyze the Fund's investment risks in light of its historical returns. The Risk/Return Bar Chart shows the variability of the Fund's total returns on a calendar year-by-year basis and provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year. The Average Annual Total Return Table shows returns averaged over the stated periods and shows how the Fund's average annual returns for 1, 5 and 10 years compare with those of a broad measure of market performance. The Fund's performance will fluctuate, and past performance (before and after taxes) is not necessarily an indication of future results. Updated performance information is available at www.wesmarkfunds.com or by calling 1-800-864-1013.

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| >> 30 | ![(WESTMARK FUNDS LOGO)](we002_v1.jpg) | May 1, 2026 >> Prospectus |

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|:---|
| **Summary Sections** |
| **WesMark Tactical Opportunity Fund** |

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***Risk/Return Bar Chart***

***For the periods ended December 31:***

![(BAR GRAPH)](we008_v1.jpg)

**Within the periods shown in the bar chart, the Fund's highest quarterly return was 13.04% (quarter ended 6/30/2020). Its lowest quarterly return was -18.22% (quarter ended 3/31/2020).** 

***Average Annual Total Return Table***

Return After Taxes is shown to illustrate the effect of federal taxes on Fund returns. *Actual after-tax returns depend on each investor's personal tax situation*, and are likely to differ from those shown. After-tax returns are calculated using the highest historical federal marginal income tax rates and do not reflect the impact of any applicable state and local taxes. Actual after tax returns depend on an investors tax situation and may differ from those shown. After-tax returns shown are not relevant to investors holding Fund shares through tax-deferred programs such as a 401(k) plan or an IRA.

***For the period ended December 31, 2025:***

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|:---|:---|:---|:---|
| &nbsp;&nbsp;**WesMark Tactical Opportunity Fund** | **1 Year** | **5 Year** | **Since Inception<br> 2/28/2017** |
| &nbsp;&nbsp;&nbsp;&nbsp;Return Before Taxes | 15.42% | 5.75% | 6.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;Return After Taxes on Distributions | 13.94% | 4.30% | 5.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;Return After Taxes on Distributions and Sale of Fund Shares | 9.88% | 3.97% | 4.56% |
| &nbsp;&nbsp;S&P 500<sup>®</sup> Index (Does not reflect fees, expenses or taxes, which, if applied, would reduce the Index's returns.) | 17.88% | 14.42% | 14.51% |
| &nbsp;&nbsp;HFRI Fund of Funds Index (Does not reflect fees, expenses or taxes, which, if applied, would reduce the Index's returns.) | 10.62% | 5.19% | 5.24% |
| &nbsp;&nbsp;Balanced Composite Index (Does not reflect fees, expenses or taxes, which, if applied, would reduce the Index's returns.) | 16.56% | 7.16% | 8.20% |
| &nbsp;&nbsp;Lipper Flexible Portfolio Funds | 14.04% | 6.47% | 6.40% |

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| www.wesmarkfunds.com | ![(WESTMARK FUNDS LOGO)](we002_v1.jpg) | >> 31 |

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| |
|:---|
| **Summary Sections** |
| **WesMark Tactical Opportunity Fund** |

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In connection with SEC regulations applicable to the Fund, the Adviser has selected the S&P 500<sup>®</sup> Index, which measures the performance of 500 large-cap U.S. companies, as the broad-based index to best represent overall market performance for the Fund. 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 table also shows index performance for the HFRI Fund of Funds Index, an equal weighted index that consists of over 800 constituent hedge funds, including both domestic and offshore funds, which served as the Fund's previous broad-based securities market index.

The Balanced 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 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. 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.

**MANAGEMENT**

***Investment Adviser***

WesBanco Investment Department, a division of WesBanco Bank, Inc., which is a wholly owned subsidiary of WesBanco, Inc., serves as the investment adviser of the Fund.

***Portfolio Managers***

An investment team led by Robert McGee, Senior Vice President of the Adviser, manages the Fund. Mr. McGee has served as a portfolio manager of the Fund since March 2024.

PURCHASE AND SALES OF FUND SHARES, TAX INFORMATION AND PAYMENTS TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES

For important information about purchase and sales of Fund shares, tax information and financial intermediary compensation, please turn to "Other Information" on page 33.

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| >> 32 | ![(WESTMARK FUNDS LOGO)](we002_v1.jpg) | May 1, 2026 >> Prospectus |

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|:---|
| **Summary Sections** |
| **Other Information** |

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**Purchase and Sales of Fund Shares**

Shareholders may purchase or redeem Fund shares on any business day by contacting 1-800-864-1013; by writing to WesMark Funds, c/o Ultimus Fund Solutions, LLC, P.O. Box 46707, Cincinnati, OH 45246; or via the Fund's website at www.wesmarkfunds.com. If you wish to purchase or redeem shares through a financial intermediary, please contact your intermediary directly. The minimum initial investment in the Fund is $1,000 unless your investment is in an Individual Retirement Account ("IRA"), in which case the minimum initial investment is $500. Subsequent investments in the Fund must be in the amount of at least $100. A Fund may waive these minimums from time to time. Investment minimums are waived for employees of WesBanco. Shares of the Fund are not qualified or registered for sale in all states or jurisdictions. Prospective investors should inquire as to whether shares of a particular fund are available for offer and sale in their state of residence. See the WesMark Funds website located at www.wesmarkfunds.com or call 1-800-864-1013 for further information on the states and jurisdictions where the shares of the Fund are registered.

*Shareholders wishing to communicate with the Funds via mail should use the following addresses:*

*Via regular/express mail:*

WesMark Funds c/o Ultimus Fund Solutions, LLC

P.O. Box 46707

Cincinnati, OH 45246

*Via overnight mail:*

WesMark Funds c/o Ultimus Fund Solutions, LLC

225 Pictoria Drive, Suite 450

Cincinnati, OH 45246

**TAX INFORMATION**

*WesMark Small Company Fund, WesMark Large Company Fund, and WesMark Tactical Opportunity Fund*

Dividends of the Fund, if any, are declared and paid quarterly.

*WesMark Balanced Fund*

Dividends of the Fund, if any, are declared and paid monthly.

*WesMark Government Bond Fund*

Dividends of the Fund, if any, are declared daily and paid monthly.

*All Funds (except WesMark West Virginia Municipal Bond Fund)*

The Fund pays any capital gains at least annually. The Fund distributions are expected to be taxed as ordinary income and capital gains, unless you are investing through a tax deferred arrangement such as a 401(k) plan or an IRA. Such tax-deferred arrangements may be taxed later upon withdrawal of monies from those arrangements.

*WesMark West Virginia Municipal Bond Fund*

Dividends of the Fund, if any, are declared daily and paid monthly. It is anticipated that the Fund distributions will be primarily dividends that are exempt from federal income tax, although a portion of the Fund's dividends may not be exempt. The Fund pays any capital gains at least annually. The interest earned by the municipal securities owned by the Fund generally remains free from federal regular income tax and is often free from West Virginia income taxes as well. However, some of the Fund's income may be subject to federal alternative minimum tax, state and/or local taxes.

**PAYMENTS TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES**

If you purchase the Fund through a broker-dealer or other financial intermediary (such as a bank), the Adviser and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

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| www.wesmarkfunds.com | ![(WESTMARK FUNDS LOGO)](we002_v1.jpg) | >> 33 |

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**More About the Funds' Investment Strategies and Risks**

**WHAT ARE THE FUNDS' INVESTMENT STRATEGIES?**

**WESMARK SMALL COMPANY FUND**

***Investment Objective***

The WesMark Small Company Fund's (the "Fund") investment objective is to achieve capital appreciation.

The Fund's Board of Trustees may not change this investment objective without a shareholder vote.

***Implementation of Investment Objectives***

The Fund normally will invest at least 80% of its net assets in investments in small companies. The Adviser seeks to select common stocks of companies with characteristics such as above-average earnings growth potential or where significant company or industry changes are taking place, such as new products, services, methods of distribution, or overall business restructuring. The Fund will invest primarily in securities issued by domestic companies. The Fund may purchase exchange-traded funds ("ETFs") or other investment companies, in order to achieve exposure to a specific market sector, to achieve exposure to foreign markets (which may include emerging markets) or for other reasons consistent with its investment strategy. The shares of ETFs are listed and traded on stock exchanges at market prices. The Fund may also purchase American Depository Receipts ("ADRs") and other domestically traded securities of foreign companies.

Opportunities are identified in growth industries and more mature industries for investment by the Adviser. Equity securities include common stocks, preferred stocks and securities (including debt securities) that are convertible into common stocks. The Fund will invest primarily in securities issued by domestic companies. The Fund may purchase shares of ETFs or shares of other investment companies. The shares of ETFs are listed and traded on stock exchanges at market prices. The Fund may invest in ETFs or in other investment companies in order to achieve exposure to a specific market sector, to achieve exposure to foreign markets (including emerging markets), or for other reasons consistent with its investment strategy.

The Adviser anticipates investing its cash balances in investments such as money market funds, repurchase agreements, commercial paper and short-term U.S. government agency and Treasury securities.

The Fund under normal circumstances will invest at least 80% of its net assets in investments in small companies. In creating a diversified portfolio of equity securities of small-sized companies, the Adviser will define small companies as companies that do not exceed the market capitalizations of companies in the Russell 2000<sup>®</sup> or the S&P SmallCap 600<sup>®</sup> (the "S&P 600") at the time of purchasing a security. These indices are unmanaged, broad-based capitalization-weighted indexes representing all major industries in the small-cap sector of the U.S. stock market. As of December 31, 2025, the market capitalization of the Russell 2000 ranged from approximately $14 million to $26 billion, and as of December 31, 2025, the market capitalization of the S&P 600 ranged from approximately $1.5 billion to $9.0 billion. The capitalization ranges of the indexes frequently change as the market value of the stocks that comprise the indexes change or as stocks are added or removed from the indices. If a company is within the capitalization range of an index at the time of investment, but subsequently falls outside the index range, the Fund will not be required to sell such company's security.

Because the Fund refers to small company investments in its name, it will notify shareholders at least 60 days in advance of any change in its investment policies that would permit the Fund to normally invest less than 80% of its assets in investments in small companies.

***Temporary Investments***

The Fund may temporarily depart from its principal investment strategies by investing its assets in shorter-term debt securities and similar obligations or holding cash. It may do this in response to unusual circumstances, such as: adverse market, economic, or other conditions (for example, to help avoid potential losses, or during periods when there is a shortage of appropriate securities); to maintain liquidity to meet shareholder redemptions; or to accommodate cash inflows. It is possible that such investments could affect the Fund's investment returns and/or the ability to achieve the Fund's investment objectives.

**WESMARK LARGE COMPANY FUND**

***Investment Objective***

The WesMark Large Company Fund's (the "Fund") investment objective is to achieve capital appreciation.

The Fund's Board of Trustees may not change this investment objective without a shareholder vote.

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| >> 34 | ![(WESTMARK FUNDS LOGO)](we002_v1.jpg) | May 1, 2026 >> Prospectus |

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**More About the Funds' Investment Strategies and Risks**

***Implementation of Investment Objectives***

The Fund pursues its investment objective primarily by selecting equity securities of large capitalization companies. In creating a diversified portfolio of investments in large-sized companies, WesBanco Investment Department, a division of WesBanco Bank, Inc. (the Adviser), defines large companies as companies within the market capitalization range of the S&P 500<sup>®</sup>, at the time of purchasing a security. As of December 31, 2025, the market capitalization of the S&P 500<sup>®</sup> ranged from approximately $15.3 billion to $4.5 trillion.

WesBanco Investment Department, a division of WesBanco Bank, Inc. (the Adviser), seeks to invest in companies that are expected to achieve higher than average profitability ratios such as operating profit margin or return on equity, have characteristics to generate above average sustainable growth while trading at reasonable valuations. The Adviser relies on fundamental analysis, which involves a bottom-up assessment of a company's pot entail for success in light of factors including its financial condition, earnings outlook, strategy, management, industry position, and economic and market conditions. Equity securities may include common stocks, preferred stocks, securities (including debt securities) that are convertible into common stocks, and exchange traded funds (ETFs)and other investment companies. The Fund will invest primarily in securities issued by domestic companies. The Fund may purchase ETFs or other investment companies in order to achieve exposure to a specific market sector, to achieve exposure to foreign markets (which may include emerging markets) or for other reasons consistent with its investment strategy. The shares of ETFs are listed and traded on stock exchanges at market prices. The Fund may also purchase American Depository Receipts (ADRs) and other domestically traded securities of foreign companies. The Adviser attempts to add value through security selection, industry allocation, and the research process while monitoring risk.

Most often, these companies will be considered as "large-" or "mid-" capitalization companies. The Adviser's investment approach is based on its conviction that, over the long term, the economy will continue to expand and develop and that this economic growth will be reflected in the growth of the revenues and earnings of publicly held corporations. Equity securities include common stocks, preferred stocks, and securities (including debt securities) that are convertible into common stocks. The Fund will invest primarily in securities issued by domestic companies.

The Fund may purchase shares of ETFs or of other investments companies. The shares of ETFs are listed and traded on stock exchanges at market prices. The Fund may invest in ETFs or in other investment companies in order to achieve exposure to a specific market sector, to achieve exposure to foreign markets, or for other reasons consistent with its investment strategy.

In an effort to increase the income of the Fund, the Fund may sell call options on equity securities held in the Fund. This would have the effect of limiting the upside of the equity securities subject to such call options in exchange for receipt of premium income. Additionally, the Fund may buy a put option on one or more securities held in the Fund in an effort to protect unrealized gains in such securities or to protect against downside losses in such securities. This would have the effect of limiting the downside of the equity securities subject to such put options in exchange for the payment of a premium.

The Adviser anticipates investing its cash balances in investments such as money market funds, repurchase agreements, commercial paper and short-term U.S. government agency and Treasury securities.

Because the Fund refers to large company investments in its name, it will notify shareholders at least 60 days in advance of any change in its investment policies that would permit the Fund to normally invest less than 80% of its assets in investments in large companies.

***Temporary Investments***

The Fund may temporarily depart from its principal investment strategies by investing its assets in shorter-term debt securities and similar obligations or holding cash. It may do this in response to unusual circumstances, such as: adverse market, economic, or other conditions (for example, to help avoid potential losses, or during periods when there is a shortage of appropriate securities); to maintain liquidity to meet shareholder redemptions; or to accommodate cash inflows. It is possible that such investments could affect the Fund's investment returns and/or the ability to achieve the Fund's investment objectives.

**WESMARK BALANCED FUND**

***Investment Objective***

The WesMark Balanced Fund's (the "Fund") investment objective is to achieve capital appreciation and income.

The Fund's Board of Trustees may not change this investment objective without a shareholder vote.

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| www.wesmarkfunds.com | ![(WESTMARK FUNDS LOGO)](we002_v1.jpg) | >> 35 |

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**More About the Funds' Investment Strategies and Risks**

***Implementation of Investment Strategies***

The Fund pursues its investment objectives by investing in a mix of equity, fixed-income and money market investments. The Fund's portfolio is constructed by the Adviser using an asset allocation process. The Adviser first determines the percentage of the Fund's portfolio to invest in equity securities, the percentage to invest in fixed-income securities and the percentage to invest in money market investments based on its view of economic and market conditions. In making this determination, the Fund will stay within a percentage range for equity securities, fixed-income securities and money market instruments. The following table shows the percentage ranges for the Fund:

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| **Equity** | **Fixed-Income** | **Money Market** |
| 30-70% | 30-70% | 0-40% |

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Within the equity allocation, the Adviser anticipates investing primarily in the equity securities of domestic companies with large and medium market capitalizations; however the Adviser may also invest in domestic companies with small capitalizations as well as foreign equity securities. The Adviser may use a blend of styles in selecting stocks, i.e., stocks may be selected for either their growth characteristics or value characteristics, or both. Equity securities include common stocks, preferred stocks, real estate investment trust (REIT), and securities (including debt securities) that are convertible into common stocks. In addition, the Adviser may consider the income potential of a security resulting in an equity position that may be overweight in sectors that pay dividends. Also, in an effort to increase the income of the Fund, the Fund may sell call options on equity securities held in the Fund. This would have the effect of limiting the upside of the equity securities subject to such call options in exchange for receipt of premium income. Additionally, the Fund may buy a put option on one or more securities held in the Fund in an effort to protect unrealized gains in such securities or to protect against downside losses in such securities. This would have the effect of limiting the downside of the equity securities subject to such put options in exchange for the payment of a premium.

Within the fixed-income allocation, the Adviser primarily selects U.S. dollar denominated, primarily investment-grade, fixed income securities. In addition, the Fund may invest in high-yield fixed income securities when the Adviser considers the risk-return prospects of those sectors to be attractive. The Adviser expects that, normally, no more than 15% of the Fund's total assets will be invested in securities that are rated below investment grade. However, the Fund may opportunistically invest up to 25% of its total assets in noninvestment-grade debt securities (e.g. "junk bonds"). Investment-grade fixed-income securities are rated in one of the four highest categories (BBB- or higher) by a nationally recognized statistical rating organization (NRSRO). Noninvestment-grade fixed-income securities (e.g. "junk bonds") are rated in one of the six lowest categories (BB or lower) by a NRSRO, or in either case if unrated, of comparable quality as determined by the Adviser. The Adviser seeks to enhance the Fund's performance by allocating relatively more of its fixed-income allocation to the sector that the Adviser expects to offer the best balance between total return and risk and thus offer the greatest potential for return. The Adviser may lengthen or shorten duration from time to time based on its interest rate outlook, but the Fund has no set duration parameters. Duration measures the price sensitivity of a fixed-income security to changes in interest rates. The Fund may invest in fixed-income securities with any maturity. Certain of the government securities in which the Fund invests are not backed by the full faith and credit of the U.S. government, such as those issued by the Federal Home Loan Mortgage Corporation ("Freddie Mac"), the Federal National Mortgage Association ("Fannie Mae") and the Federal Home Loan Bank System. These entities are, however, supported through federal subsidies, loans or other benefits. The Fund may also invest in government securities that are supported by the full faith and credit of the U.S. government, such as those issued by the Government National Mortgage Association ("Ginnie Mae"). Finally, the Fund may invest in government securities that are issued by entities whose activities are sponsored by the federal government but that have no explicit financial support. The Fund may invest in fixed-income securities with any maturity.

Within the money market allocation the Adviser anticipates investing in money market funds, repurchase agreements or in other short-term, high-quality, fixed-income securities issued by banks, corporations and the U.S. government.

The Adviser seeks to limit the credit risk taken by the Fund with respect to its fixed-income securities by monitoring the credit condition of portfolio securities and by reviewing periodic financial data and ratings of NRSROs.

The Fund may purchase shares of ETFs or of other investment companies. The shares of ETFs are listed and traded on stock exchanges at market prices. The Fund may invest in ETFs or in other investment companies in order to achieve exposure to a specific market sector, to achieve exposure to foreign markets, or for other reasons consistent with its investment strategy.

By combining equity securities, fixed-income securities and money market instruments, the Fund seeks to dampen market volatility, while striving to achieve its investment objective.

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***Temporary Investments***

The Fund may temporarily depart from its principal investment strategies by investing its assets in shorter-term debt securities and similar obligations or holding cash. It may do this in response to unusual circumstances, such as: adverse market, economic, or other conditions (for example, to help avoid potential losses, or during periods when there is a shortage of appropriate securities); to maintain liquidity to meet shareholder redemptions; or to accommodate cash inflows. It is possible that such investments could affect the Fund's investment returns and/or the ability to achieve the Fund's investment objectives.

**WESMARK GOVERNMENT BOND FUND**

***Investment Objective***

The WesMark Government Bond Fund's (the "Fund") investment objective is to achieve high current income consistent with preservation of capital.

The Fund's Board of Trustees may not change this investment objective without a shareholder vote.

***Implementation of Investment Strategies***

The Fund invests primarily in a portfolio of U.S. government securities. The Fund's portfolio may also include investment-grade corporate debt securities. The Fund determines whether securities are investment-grade based on credit ratings issued by a nationally recognized statistical rating organization ("NRSRO"). The Fund does not invest in non-investment grade corporate debt securities (e.g. "junk bonds") as part of its principal investment strategy.

In addition to securities issued by the U.S. Treasury, the Fund may invest in the securities of U.S. government-sponsored entities ("GSE"), including GSE securities that are not backed by the full faith and credit of the U.S. government, such as those issued by the Federal Home Loan Mortgage Corporation ("Freddie Mac"), the Federal National Mortgage Association ("Fannie Mae" or "FNMA"), and the Federal Home Loan Bank System. These entities are, however, supported through federal subsidies, loans or other benefits. The Fund may also invest in GSE securities that are supported by the full faith and credit of the U.S. government, such as those issued by the Government National Mortgage Association ("Ginnie Mae"). Finally, the Fund may invest in a few GSE securities that have no explicit financial support, but which are regarded as having implied support because the federal government sponsors their activities. Such securities include those issued by the Farm Credit System and the Financing Corporation.

The Fund may invest in collateralized mortgage obligations ("CMOs") issued by U.S. governmental or government related enterprises. The Fund's investment in CMOs may be significant. CMOs have various call features and may be issued in multiple classes, with each class having a specific coupon rate and stated maturity or final distribution date. The Adviser invests in CMOs in an attempt to increase the Fund's return by taking advantage of current and potential yield differentials existing from time to time between CMOs and other mortgage-backed or federal agency securities.

The Fund may buy mortgage-backed securities on a delayed delivery basis where a seller of the security agrees to deliver a To Be Announced (TBA) security at a future date. However, the seller generally does not specify the particular securities to be delivered. Instead, the Fund agrees to accept any security that meets certain specified terms.

The Fund may invest in taxable securities issued by municipal entities such as Build America Bonds. Build America Bonds are taxable bonds issued by state and local governments where, at the election of the state or local government, the U.S. Treasury Department will make a direct payment to the issuer in an amount up to 35 percent of the interest payment on the Build America Bonds.

The Fund's investment adviser allocates the portfolio holdings between these types of securities based on its interest rate outlook. The Adviser selects securities with longer or shorter duration, but does not target any specific duration for the Fund, based on its assessment of market conditions by analyzing a variety of factors such as:

» Current and expected economic growth and inflation;

» Anticipated Federal Reserve monetary policy;

» Trends in the value of the U.S. dollar in foreign exchange markets; and

» Changes in the supply of, or demand for, U.S. government securities.

Duration measures the price sensitivity of a portfolio of fixed-income securities to changes in interest rates. The Fund may invest in securities of any maturity.

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Because the Fund refers to U.S. government bonds in its name, it will notify shareholders at least 60 days in advance of any change in its investment policies that would enable the Fund to normally invest less than 80% of its assets in U.S. government fixed-income securities.

***Temporary Investments***

The Fund may temporarily depart from its principal investment strategies by investing its assets in shorter-term debt securities and similar obligations or holding cash. It may do this in response to unusual circumstances, such as: adverse market, economic, or other conditions (for example, to help avoid potential losses, or during periods when there is a shortage of appropriate securities); to maintain liquidity to meet shareholder redemptions; or to accommodate cash inflows. It is possible that such investments could affect the Fund's investment returns and/or the ability to achieve the Fund's investment objectives.

**WESMARK WEST VIRGINIA MUNICIPAL BOND FUND**

***Investment Objective***

The WesMark West Virginia Municipal Bond Fund's (the "Fund") investment objective is to achieve current income which is exempt from federal income tax and the income taxes imposed by the State of West Virginia.

The Fund's Board of Trustees may not change this investment objective without a shareholder vote.

***Principal Investment Strategies***

The Fund attempts to achieve its investment objective by investing in a professionally managed portfolio consisting primarily of investment-grade securities issued by the State of West Virginia and its political subdivisions, agencies, and authorities, and other issuers (such as possessions or territories of the U.S.), the interest of which is exempt from federal and West Virginia income tax (West Virginia Municipal Securities). As a matter of fundamental investment policy, which may not be changed without shareholder approval, the Fund will invest its assets so that, under normal circumstances, at least 80% of its net assets are invested in obligations, the interest income from which is exempt from federal income tax and the income taxes imposed by the State of West Virginia. For purposes of this policy, the tax-free interest must not be a preference item for purposes of computing the federal alternative minimum tax (AMT).

The Adviser may lengthen or shorten the Fund's duration from time to time based on its interest rate outlook, but the Fund has no set duration parameters. Duration measures the price sensitivity of a fixed-income security to changes in interest rates. The Fund may invest in fixed-income securities with any maturity. The Adviser may attempt to minimize market volatility by selecting intermediate term securities (securities with an average maturity generally between five and seven years). The Fund will buy and sell securities to take advantage of opportunities to enhance yield. These transactions may generate capital gains (losses) which have different tax treatment than tax-exempt interest income. The Fund may invest a portion of its assets in non-West Virginia municipal bonds if, in the judgment of the Adviser, the supply and yield of such securities would be beneficial to the Fund.

The Fund may not be a suitable investment for retirement plans or for non-West Virginia taxpayers because it invests primarily in West Virginia tax-exempt securities.

***Temporary Investments***

The Fund may temporarily depart from its principal investment strategies by investing its assets in shorter-term debt securities and similar obligations or holding cash. It may do this in response to unusual circumstances, such as: adverse market, economic, or other conditions (for example, to help avoid potential losses, or during periods when there is a shortage of appropriate securities); to maintain liquidity to meet shareholder redemptions; or to accommodate cash inflows. It is possible that such investments could affect the Fund's investment returns and/or the ability to achieve the Fund's investment objectives.

**WESMARK TACTICAL OPPORTUNITY FUND**

***Investment Objective***

The WesMark Tactical Opportunity Fund's (the "Fund") investment objective is to achieve capital appreciation.

The Fund's Board of Trustees may not change this investment objective without a shareholder vote.

***Implementation of Investment Strategies***

The Fund pursues its investment objective by utilizing a tactical allocation strategy. The Fund primarily invests in mix of equity and fixed income securities and may also invest in commodity related investments. While the Adviser has wide latitude to adjust the equity and fixed income allocations of the Fund, it is expected that during normal market conditions that the Fund's allocation to equities or fixed income investments will

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not exceed 85% of the Fund's assets. With respect to its investment in equity securities the Fund may invest in large cap stocks, small- and mid-cap stocks and international equity securities (including emerging market equity securities). With respect to its investment in fixed income securities the Fund may invest in domestic or foreign securities, corporate or sovereign, and of any quality. The Adviser selects securities with longer or shorter durations based on its assessment of market conditions, but does not target any specific duration for the fixed-income portion of the Fund. Duration measures the price sensitivity of a fixed-income security to changes in interest rates. The Fund may invest in fixed-income securities with any maturity. The Fund anticipates that it will predominately invest in ETFs in order to achieve exposure to the underlying investments. In selecting ETFs for purchase by a Fund, the Adviser considers the securities index in which the ETF seeks to track, the trading liquidity of the ETF and of the securities in which the ETF invests, and whether or not the ETF permits investment companies to invest in ETFs to a greater extent than normally permitted by the 1940 Act. The Fund may also invest in exchange-traded notes ("ETNs"). ETNs are unsecured debt obligations of financial institutions which are traded on exchanges and the returns of which are linked to the performance of market indices. The Fund will generally invest in ETNs which are linked to commodities indices; however, investing in ETNs is not equivalent to investing directly in index components or the relevant index itself, and the Fund would be subject to the credit risk of the financial institution issuing the ETN. Also, in an effort to increase the income of the Fund, the Fund may sell call options on securities held in the Fund. Additionally, the Fund may buy a put option on one or more securities held in the Fund in an effort to protect unrealized gains in such securities or to protect against downside losses in such securities.

The portfolio management team will determine the Fund's asset allocation mix based upon the Adviser's view of markets, economic cycles, and intermediate-term trends. The Adviser then implements its asset allocation mix by tactically selecting investments based upon a number of different factors, including but not limited to macroeconomic environment, business cycle, equity market fundamentals and valuation and interest rates. Also, as market changes and fundamentals dictate the Adviser will make modifications to the overall allocations within the Fund. Such modifications to the Fund's asset allocation mix may cause the Fund to have a higher portfolio turnover rate than other mutual funds which can increase the transaction costs incurred by the Fund.

The Fund may be appropriate for investors with long-term time horizons who are not sensitive to short-term losses and seek to participate in the long-term growth of the financial markets.

The Adviser anticipates investing its cash balance in investments such as money market funds, repurchase agreements, commercial paper and short-term U.S. government agency and/or Treasury securities.

***Temporary Investments***

The Fund may temporarily depart from its principal investment strategies by investing its assets in shorter-term debt securities and similar obligations or holding cash. It may do this in response to unusual circumstances, such as: adverse market, economic, or other conditions (for example, to help avoid potential losses, or during periods when there is a shortage of appropriate securities); to maintain liquidity to meet shareholder redemptions; or to accommodate cash inflows. It is possible that such investments could affect the Fund's investment returns and/or the ability to achieve the Fund's investment objectives.

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**WHAT ARE THE PRINCIPAL SECURITIES IN WHICH THE FUNDS INVEST?**

In pursuing their investment strategy, the Funds may invest in the following securities for any purpose that is consistent with their investment objective. A list of securities in which a Fund may invest on a non-principal basis is located in the Statement of Additional Information (SAI), which is available upon request.

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| **Securities** | **Small<br> Company<br> Fund** | **Large<br> Company<br> Fund** | **Balanced<br> Fund** | **Government<br> Bond Fund** | **West Virginia<br> Municipal<br> Bond Fund** | **Tactical<br> Opportunity<br> Fund** |
| Common Stocks | X | X | X |  |  | X |
| Preferred Stocks | X | X | X |  |  | X |
| Foreign Securities | X | X | X |  |  | X |
| Real Estate Investment Trusts | X | X | X |  |  | X |
| Treasury Securities |  |  | X | X |  | X |
| Agency Securities |  |  | X | X |  | X |
| Corporate Debt Securities |  |  | X | X |  | X |
| Mortgage-Backed Securities |  |  | X | X |  | X |
| Collateralized Mortgage Obligations |  |  | X | X |  | X |
| Asset-Backed Securities |  |  | X | X |  | X |
| Exchange-Traded Funds | X | X | X |  |  | X |
| Securities of Investment Companies | X | X | X | X | X | X |
| Credit Enhanced Securities |  |  |  |  | X |  |
| Tax-Exempt Securities |  |  |  |  | X |  |
| Taxable Municipal Securities |  |  | X | X | X |  |
| Tax Increment Financing Bonds |  |  |  | X | X |  |
| General Obligation Bonds |  |  |  |  | X |  |
| Special Revenue Bonds |  |  |  |  | X |  |
| To Be Announced Securities |  |  |  | X |  |  |
| Commodities |  |  |  |  |  | X |
| Options |  | X | X |  |  | X |

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***EQUITY SECURITIES***

Equity securities represent an ownership position in a corporation with a proportional claim on the corporation's assets and profits, after all

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liabilities are accounted for. The Fund cannot predict the income it will receive from equity securities because companies generally have discretion as to the payment of any dividends or distributions. However, equity securities offer greater potential for appreciation than many other types of securities, because their value tends to increase directly with the value of the issuer's business. The following describes different types of equity securities.

***Common Stocks***

Common stocks are the most prevalent type of equity security. Common stocks receive the issuer's earnings after the issuer pays its creditors and any preferred stockholders. As a result, changes in an issuer's earnings directly influence the value of its common stock.

***Preferred Stocks***

Preferred stocks have the right to receive specified dividends or distributions before the issuer makes payments on its common stock. Some preferred stocks also participate in dividends and distributions paid on common stock. Preferred stocks may also permit the issuer to redeem the stock. The Fund may also treat such redeemable preferred stock as a fixed-income security.

***Real Estate Investment Trusts (REITs)***

REITs are companies that own, and usually operate income-producing real estate, or finance commercial real estate. Income is generally not taxed at the corporate level, but passed through to shareholders. Such tax requirements limit a REIT's ability to respond to changes in the commercial real estate market. Distributions to shareholders may be taxable.

***FOREIGN SECURITIES***

Foreign securities are securities of issuers based outside the United States. The Funds consider an issuer to be based outside the United States if:

» its principal office is located in another country; or

» the principal trading market for its securities is in another country.

Foreign securities are primarily denominated in foreign currencies. Along with the risks normally associated with domestic securities of the same type, foreign securities are subject to currency risks and risks of foreign investing. Trading in certain foreign markets is also subject to liquidity risks.

**ADRs and Domestically Traded Securities of Foreign Issuers**

American Depositary Receipts ("ADRs"), which are traded in United States markets, represent interests in underlying securities issued by a foreign company and not traded in the United States. ADRs provide a way to buy shares of foreign based companies in the United States rather than in overseas markets. ADRs are also traded in U.S. dollars, eliminating the need for foreign exchange transactions. Depository receipts involve many of the same risks of investing directly in foreign securities, including currency risks and risks of foreign investing. A Fund may also invest in securities issued directly by foreign companies and traded in U.S. Dollars in United States markets.

***FIXED-INCOME SECURITIES***

Fixed-income securities pay interest, dividends or distributions at a specified rate. The rate may be a fixed percentage of the principal or adjusted periodically. In addition, the issuer of a fixed-income security must repay the principal amount of the security, normally within a specified time. Fixed-income securities provide more regular income than equity securities. However, the returns on fixed-income securities are limited and normally do not increase with the issuer's earnings. This limits the potential appreciation of fixed-income securities as compared to equity securities.

A security's yield measures the annual income earned on a security as a percentage of its price. A security's yield will increase or decrease depending upon whether it costs less (a discount) or more (a premium) than the principal amount. If the issuer may redeem the security before its scheduled maturity, the price and yield on a discount or premium security may change based upon the probability of an early redemption. Securities with higher risks generally have higher yields.

The following describes different types of fixed-income securities.

**Treasury Securities**

Treasury securities are direct obligations of the federal government of the United States. Treasury securities are generally regarded as having the lowest credit risks.

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**Agency Securities**

Agency securities are issued or guaranteed by a federal agency or other government sponsored entity ("GSE") acting under federal authority. Some GSE securities are supported by the full faith and credit of the United States. These include the Government National Mortgage Association ("Ginnie Mae"), Small Business Administration, Farm Credit System Financial Assistance Corporation, Farmer's Home Administration, Federal Financing Bank, General Services Administration, Department of Housing and Urban Development, Export-Import Bank, Overseas Private Investment Corporation and Washington Metropolitan Area Transit Authority Bonds. Investors generally regard agency securities as having low credit risks, but not as low as Treasury securities.

Other GSE securities receive support through federal subsidies, loans or other benefits. For example, the U.S. Treasury is authorized to purchase specified amounts of securities issued by (or otherwise make funds available to) the Federal Home Loan Bank System, Federal Home Loan Mortgage Corporation ("Freddie Mac"), Federal National Mortgage Association ("Fannie Mae") and Tennessee Valley Authority in support of such obligations.

Since 2008, Fannie Mae and Freddie Mac have operated under a conservatorship administered by the Federal Housing Finance Agency ("FHFA").

A few GSE securities have no explicit financial support, but are regarded as having implied support because the federal government sponsors their activities. These include the Farm Credit System, Financing Corporation and Resolution Funding Corporation.

A Fund treats mortgage-backed securities guaranteed by a GSE as if it was issued or guaranteed by a federal agency.

Although such a guarantee protects against credit risks, it does not eliminate it entirely or reduce market prepayment, or other risks.

**Corporate Debt Securities**

Corporate debt securities are fixed-income securities issued by businesses. Notes, bonds, debentures and commercial paper are the most prevalent types of corporate debt securities. The Fund may also purchase interests in bank loans to companies. The credit risks of corporate debt securities vary widely among issuers.

In addition, the credit risk of an issuer's debt security may vary based on its priority for repayment. For example, higher ranking (senior) debt securities have a higher priority than lower ranking (subordinated) securities. This means that the issuer might not make payments on subordinated securities while continuing to make payments on senior securities. In addition, in the event of bankruptcy, holders of senior securities may receive amounts otherwise payable to the holders of subordinated securities. Some subordinated securities, such as trust preferred and capital securities notes, also permit the issuer to defer payments under certain circumstances. For example, insurance companies issue securities known as surplus notes that permit the insurance company to defer any payment that would reduce its capital below regulatory requirements.

***MORTGAGE-BACKED SECURITIES***

Mortgage-backed securities represent interests in pools of mortgages. The mortgages that comprise a pool normally have similar interest rates, maturities and other terms. Mortgages may have fixed or adjustable interest rates. Interests in pools of adjustable rate mortgages are known as ARMs.

Mortgage-backed securities come in a variety of forms. Many have extremely complicated terms. The simplest mortgage-backed securities are pass-through certificates. An issuer of pass-through certificates gathers monthly payments from an underlying pool of mortgages. Then, the issuer deducts its fees and expenses and passes the balance of the payments on to the certificate holders once a month. Holders of pass-through certificates receive a pro rata share of all interest payments and principal pre-payments from the underlying mortgages. As a result, the holders assume all the prepayment risks of the underlying mortgages.

Mortgage-backed securities are most commonly issued or guaranteed by the U.S. Government (or one of its agencies or instrumentalities), but also may be issued or guaranteed by private entities.

**Collateralized Mortgage Obligations ("CMO")**

CMOs, including interests in real estate mortgage investment conduits ("REMIC"), allocate payments and prepayments from an underlying pass-through certificate among holders of different classes of mortgage-backed securities. This creates different prepayment, credit, and interest rate risks for each CMO class. The degree of increased or decreased prepayment risks depends upon the structure of the CMOs. However, the actual returns on any type of mortgage-backed security depend upon the performance of the underlying pool of mortgages, which no one can predict, and will vary among pools.

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CMOs may allocate interest payments to interest only ("IO") class and principal payments to principal only ("PO") classes. POs increase in value when prepayment rates increase. In contrast, IOs decrease in value when prepayments increase, because the underlying mortgages generate less interest payments. However, IOs tend to increase in value when interest rates rise (and prepayments decrease), making IOs a useful hedge against interest rate risks.

**Asset-Backed Securities**

Asset-backed securities are payable from pools of obligations other than mortgages. Most asset-backed securities involve consumer or commercial debts with maturities of less than ten years. However, almost any type of fixed-income assets (including other fixed-income securities) may be used to create an asset-backed security. Asset-backed securities may take the form of commercial paper, notes, or pass through certificates. Asset-backed securities may have credit, interest rate, and prepayment risks. Like CMOs, asset-backed securities may be structured like IOs and POs or even more complex products.

**To Be Announced Securities ("TBAs") (A type of Delayed Delivery Transaction)**

As with other delayed delivery transactions, a seller agrees to deliver a TBA security at a future date. However, the seller does not specify the particular securities to be delivered. Instead, the Fund agrees to accept any security that meets specified terms. For example, in a TBA mortgage-backed transaction, the Fund and the seller would agree upon the issuer, interest rate and terms of the underlying mortgages. The seller would not identify the specific underlying mortgages until it issues the security. TBA mortgage-backed securities increase interest rate risks because the underlying mortgages may be less favorable than anticipated by the Fund.

***TAX-EXEMPT SECURITIES***

Tax-exempt securities are fixed-income securities that, in the opinion of bond counsel to the issuer or on the basis of another authority believed by the Adviser to be reliable, pay interest that is not subject to regular federal income taxes. Typically, states, counties, cities and other political subdivisions and authorities issue tax-exempt securities known as "Municipal Securities." The market categorizes tax-exempt securities by their source of repayment.

**General Obligation Bonds**

General obligation bonds are supported by the issuer's power to exact property or other taxes. The issuer must impose and collect taxes sufficient to pay principal and interest on the bonds. However, the issuer's authority to impose additional taxes may be limited by its charter or state law.

**Special Revenue Bonds**

Special revenue bonds are payable solely from specific revenues received by the issuer such as specific taxes, assessments, tolls, or fees. Bondholders may not collect from the municipality's general taxes or revenues. For example, a municipality may issue bonds to build a toll road, and pledge the tolls to repay the bonds. Therefore, a shortfall in the tolls normally would result in a default on the bonds, or in certain cases, may result in a reduction in payments received in respect of the books.

***OPTION CONTRACTS (A TYPE OF DERIVATIVE)***

Option contracts (also called "options") are rights to buy or sell a security for a specified price (the "exercise price") during, or at the end of, a specified period. The seller (or writer) of the option receives a payment, or premium, from the buyer, which the writer keeps regardless of whether the buyer uses (or exercises) the option. Options may be bought or sold on a wide variety of securities. The Fund may buy call options which gives the holder (buyer) the right to buy the security from the seller (writer) of the option. The Fund may also write call options on a securities in order to generate income from premiums, and in anticipation of a decrease or only limited increase in the value of the security. If the Fund writes a call option on a security that it owns and that call option is exercised, the Fund foregoes any possible profit from an increase in the market price of the security over the exercise price plus the premium received. The Fund also may purchase, by paying a premium, put options on a security in anticipation of a decrease in the value of the security.

***CREDIT ENHANCED SECURITIES***

Credit enhancement consists of an arrangement in which a company or municipality agrees to pay amounts due on a corporate or tax-exempt fixed-income security if the issuer defaults. In some cases the company or municipality providing credit enhancement makes all payments directly to the security holders and receives reimbursement from the issuer. Normally, the credit enhancer has greater financial resources and liquidity than the issuer. For this reason, the Adviser usually evaluates the credit risk of a fixed-income security based solely upon its credit enhancement.

***TAXABLE MUNICIPAL SECURITIES***

Although many Municipal Securities are exempt from federal income tax, the Funds may invest in taxable municipal securities, such as Build America Bonds. Build America Bonds are taxable bonds issued by state and local governments to fund capital projects for which they otherwise

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could issue tax-exempt bonds. Issuers of these bonds receive a direct federal subsidy payment for a portion of their borrowing costs equal to 35 percent of the coupon interest paid to investors.

***TAX INCREMENT FINANCING BONDS***

Tax increment financing (TIF) bonds are payable from increases in taxes or other revenues attributable to projects within the TIF district. For example, a municipality may issue TIF bonds to redevelop a commercial area. The TIF bonds would be payable solely from any increase in sales taxes collected from the merchants in the area. The bonds could fail to pay principal or interest if merchants' sales, and related tax collections, failed to increase as anticipated.

***SPECIAL TRANSACTIONS***

**Investing in Securities of Other Investment Companies**

The Funds may invest its assets in securities of other investment companies, including the securities of money market funds, as an efficient means of implementing its investment strategies and/or managing its uninvested cash. These other investment companies are managed independently of the Fund and incur additional fees and/or expenses which would be borne indirectly by the Funds shareholders in connection with any such investment. However, the Adviser believes that the benefits and efficiencies of this approach should outweigh the additional fees and/or expenses. The Funds may invest in money market securities directly.

**Exchange-Traded Funds**

Certain of the Funds may also invest in ETFs. As with traditional mutual funds, ETFs generally charge asset-based fees, although these fees tend to be relatively low. ETFs are generally traded on a stock exchange. ETFs do not charge initial sales charges or redemption fees and investors pay only customary brokerage fees to buy and sell ETF shares. Investments in shares of ETFs or other investment companies are subject to the risks of owning the securities underlying the ETF, as well as the same structural risks faced by an investor purchasing shares of such underlying ETFs, including authorized participant concentration risk, market maker risk, premium/discount risk and trading issues risk. Investing in ETFs may result in higher fees and expenses for a Fund, because the Fund and its shareholders bear a pro rata share of the ETF's fees and expenses. To the extent the Fund invests in the Underlying Funds, the Fund's investment performance and risks are likely to be directly related to those of the underlying ETF.

***INVESTMENT RATINGS FOR INVESTMENT-GRADE SECURITIES***

The Adviser will determine whether a security is investment-grade based upon the credit ratings given by one or more nationally recognized statistical rating organization or NRSRO. For example, Standard and Poor's, a rating service, assigns ratings to investment-grade securities (AAA, AA, A, and BBB) based on their assessment of the issuer's ability to pay interest or principal when due on each security. Lower credit ratings correspond to higher credit risk. If a security has not received a rating, a Fund must rely entirely upon the Adviser's credit assessment that the security is comparable to investment-grade.

**WHAT ARE THE SPECIFIC RISKS OF INVESTING IN THE FUNDS?**

The principal risks of investing in the Funds are described below. Additional risks applicable to the Funds are described in the Funds' SAI, which is available upon request.

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| &nbsp;&nbsp;**Risks** | **Small<br> Company<br> Fund** | **Large<br> Company<br> Fund** | **Balanced<br> Fund** | **Government<br> Bond Fund** | **West Virginia<br> Municipal<br> Bond Fund** | **Tactical<br> Opportunity<br> Fund** |
| &nbsp;&nbsp;Stock Market Risks | X | X | X |  |  | X |
| &nbsp;&nbsp;Credit Risks |  |  | X | X | X | X |
| &nbsp;&nbsp;Interest Rate Risks |  |  | X | X | X | X |
| &nbsp;&nbsp;Risks Related to Investing for Value |  |  | X |  |  | X |

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**More About the Funds' Investment Strategies and Risks**

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|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Risks** | **Small<br> Company<br> Fund** | **Large<br> Company<br> Fund** | **Balanced<br> Fund** | **Government<br> Bond Fund** | **West Virginia<br> Municipal<br> Bond Fund** | **Tactical<br> Opportunity<br> Fund** |
| &nbsp;&nbsp;Risks Related to Investing for Growth | X | X | X |  |  | X |
| &nbsp;&nbsp;Risks Related to Company Size | X |  | X |  |  | X |
| &nbsp;&nbsp;**Risks Related to Complex CMOs** |  |  | X | X |  | X |
| &nbsp;&nbsp;Call Risks |  |  | X | X | X | X |
| &nbsp;&nbsp;Prepayment Risks |  |  | X | X |  | X |
| &nbsp;&nbsp;Liquidity Risks | X | X | X | X | X | X |
| &nbsp;&nbsp;Credit Enhancement Risks |  |  | X |  | X | X |
| &nbsp;&nbsp;Sector Risks | X | X | X |  | X | X |
| &nbsp;&nbsp;Risks of Foreign Investing | X | X | X |  |  | X |
| &nbsp;&nbsp;**Risks of Emerging Markets** | X | X | X |  |  | X |
| &nbsp;&nbsp;Currency Risks | X | X | X |  |  | X |
| &nbsp;&nbsp;Tax Risks |  |  |  |  | X |  |
| &nbsp;&nbsp;Diversification Risks |  |  |  |  | X |  |
| &nbsp;&nbsp;Exchange-Traded Funds Risks | X | X | X |  |  | X |
| &nbsp;&nbsp;Risks of Investing in ADRs and Domestically Traded Securities of Foreign Issuers | X | X | X |  |  | X |
| &nbsp;&nbsp;West Virginia Sector Risks |  |  |  |  | X |  |
| &nbsp;&nbsp;Manager Risk | X | X | X | X | X | X |
| &nbsp;&nbsp;Market Risk | X | X | X | X | X | X |
| &nbsp;&nbsp;Risks of Investing in Derivative Contracts and Hybrid Instruments |  | X | X |  |  | X |
| &nbsp;&nbsp;Commodity Risk |  |  |  |  |  | X |
| &nbsp;&nbsp;Risk of Investing in Real Estate Investment Trust (REITs) | X | X | X |  |  | X |
| &nbsp;&nbsp;High Portfolio Turnover Risk |  |  |  |  |  | X |

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***STOCK MARKET RISKS***

» The value of equity securities will rise and fall, and these fluctuations could be a sustained trend or a drastic movement. The portfolio of a

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**More About the Funds' Investment Strategies and Risks**

Fund investing in equity securities will reflect changes in prices of individual stocks held in the Fund portfolio or general changes in stock valuations. Consequently, the Fund's share price may decline.

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| » | The Adviser attempts to manage market risk by limiting the amount the Fund invests in each company's equity securities. However, diversification will not protect the Fund against widespread or prolonged declines in the stock market. |

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***CREDIT RISKS***

» Credit risk is the possibility that an issuer will default on a security by failing to pay interest or principal when due. If an issuer defaults, a Fund will lose money.

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| » | Many fixed-income securities receive credit ratings from services such as S&P's and Moody's. These services assign ratings to securities by assessing the likelihood of issuer default. Lower credit ratings correspond to higher credit risk. If a security has not received a rating, a Fund must rely entirely upon the Adviser's credit assessment. |

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| » | Fixed-income securities generally compensate for greater credit risk by paying interest at a higher rate. The difference between the yield of a fixed income security and the yield of a U.S. Treasury security with a comparable maturity (the spread) measures the additional interest paid for risk. Spreads may increase generally in response to adverse economic or market conditions. A security's spread may also increase if the security's rating is lowered, or the security is perceived to have an increased credit risk. An increase in the spread will cause the price of the security to decline. |

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| » | Credit risk includes the possibility that a party to a transaction (such as a repurchase agreement) involving a Fund will fail to meet its obligations. This could cause a Fund to lose the benefit of the transaction or prevent a Fund from selling or buying other securities to implement its investment strategy. |

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***INTEREST RATE RISKS***

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| » | Prices of fixed-income securities rise and fall in response to changes in interest rates. Generally, when interest rates rise, prices of fixed-income securities fall. The opposite is true when interest rates decline. However, market factors, such as the lack of demand for particular fixed-income securities, may cause the price of certain fixed-income securities to fall while the prices of other securities rise or remain unchanged. |

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| » | Interest rate changes have a greater effect on the price of fixed-income securities with longer durations. Duration measures the price sensitivity of a fixed-income security to changes in interest rates. |

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***RISKS RELATED TO INVESTING FOR VALUE***

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| » | Due to their relatively low valuations, value stocks are typically less volatile than growth stocks. For instance, the price of a value stock may experience a smaller increase on a forecast of higher earnings, a positive fundamental development, or positive market development. Further, value stocks tend to have higher dividends than growth stocks. This means they depend less on price changes for returns and may lag behind growth stocks in an up market. |

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***RISKS RELATED TO INVESTING FOR GROWTH***

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| » | Due to their relatively high valuations, growth stocks are typically more volatile than value stocks. For instance, the price of a growth stock may experience a larger decline on a forecast of lower earnings, a negative fundamental development, or an adverse market development. Further, growth stocks may not pay dividends or may pay lower dividends than value stocks. This means they depend more on price changes for returns and may be more adversely affected in a down market compared to value stocks that pay higher dividends. |

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***RISKS RELATED TO COMPANY SIZE***

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| » | Generally, the smaller the market capitalization of a company, the fewer the number of shares traded daily, the less liquid its stock and the more volatile its price. Market capitalization is determined by multiplying the number of its outstanding shares by the current market price per share. |

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| » | Companies with smaller market capitalizations also tend to have unproven track records, a limited product or service base and limited access to capital. These factors also increase risks and make these companies more likely to fail than larger, well capitalized companies. |

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***RISKS RELATED TO COMPLEX CMOS***

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| » | CMOs with complex or highly variable prepayment terms, such as companion classes, IOs, POs, Inverse Floaters and residuals, generally entail greater market, prepayment and liquidity risks than other mortgage-backed securities. For example, their prices are more volatile and their trading market may be more limited. |

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***CALL RISKS***

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| » | Call risk is the possibility that an issuer may redeem a fixed-income security before maturity (a call) at a price below its current market price. An increase in the likelihood of a call may reduce the security's price. |

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**More About the Funds' Investment Strategies and Risks**

» If a fixed-income security is called, a Fund may have to reinvest the proceeds in other fixed-income securities with lower interest rates, higher credit risks, or other less favorable characteristics.

***PREPAYMENT RISKS***

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| » | Generally, homeowners have the option to prepay their mortgages at any time without penalty. Homeowners frequently refinance high interest rate mortgages when mortgage rates fall. This results in the prepayment of mortgage-backed securities with higher interest rates. Conversely, prepayments due to refinancing decrease when mortgage rates increase. This extends the life of mortgage-backed securities with lower interest rates. As a result, increases in prepayments of high interest rate mortgage-backed securities, or decreases in prepayments of lower interest rate mortgage-backed securities, may reduce their yield and price. This relationship between interest rates and mortgage prepayments makes the price of mortgage-backed securities more volatile than most other types of fixed-income securities with comparable credit risks. |

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***LIQUIDITY RISKS***

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| » | These features may make it more difficult to sell or buy a security at a favorable price or time. Consequently, the Fund may have to accept a lower price to sell a security, sell other securities to raise cash or give up an investment opportunity, any of which could have a negative effect on the Fund's performance. Infrequent trading of securities may also lead to an increase in their price volatility. |

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| » | Liquidity risk also refers to the possibility that a Fund may not be able to sell a security or close out an investment when it wants to or make it more difficult to sell or buy a security at a favorable price or time. If this happens, a Fund will be required to continue to hold the security or keep the position open, and the Fund could incur losses. |

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| » | Trading opportunities are more limited for fixed-income securities that have not received any credit ratings, have received ratings below investment-grade, have CMOs with complex terms or are not widely held. |

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***CREDIT ENHANCEMENT RISKS***

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| » | The securities in which the Fund invests may be subject to credit enhancement (for example, guarantees, letters of credit or bond insurance). If the credit quality of the credit enhancement provider (for example, a bank or bond insurer) is downgraded, the rating on a security credit enhanced by such credit enhancement provider also may be downgraded. Having multiple securities credit enhanced by the same credit enhancement provider will increase the adverse effects on the Fund that are likely to result from a downgrading of, or a default by, such an enhancement provider. Adverse developments in the banking or bond insurance industries also may negatively affect the Fund. |

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***SECTOR RISKS***

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| » | Companies in similar industries may be grouped together in broad categories called sectors. Sector risk is the possibility that a certain sector may underperform other sectors or the market as a whole. As the Adviser allocates more of a Fund's portfolio holdings to a particular sector, a Fund's performance will be more susceptible to any economic, business or other developments which generally affect that sector. |

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***RISKS OF FOREIGN INVESTING***

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| » | Foreign securities pose additional risks because foreign economic or political conditions may be less favorable than those of the United States. Securities in foreign markets may also be subject to taxation policies that reduce returns for U.S. investors. |

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|:---|:---|
| » | Foreign companies may not provide information (including financial statements) as frequently or to as great an extent as companies in the United States. Foreign companies may also receive less coverage than United States companies by market analysts and the financial press. In addition, foreign countries may lack uniform accounting, auditing and financial reporting standards or regulatory requirements comparable to those applicable to U.S. companies. These factors may prevent a Fund and its Adviser from obtaining information concerning foreign companies that is as frequent, extensive and reliable as the information available concerning companies in the United States. |

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| » | Foreign countries may have restrictions on foreign ownership of securities or may impose exchange controls, capital flow restrictions or repatriation restrictions which could adversely affect the liquidity of a Fund's investments. |

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| » | Securities issued or traded in emerging markets generally entail greater risks than securities issued or traded in developed markets. For example, their prices may be significantly more volatile than prices in developed countries. Emerging market economies may also experience more severe downturns (with corresponding currency devaluations) than developed economies. Emerging market countries may have relatively unstable governments and may present the risk of nationalization of businesses, expropriation, confiscatory taxation or, in certain instances, reversion to closed market, centrally planned economies. |

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***RISKS OF EMERGING MARKETS***

» Investments in emerging markets are subject to all the risks associated with foreign investing, however, these risks may be magnified in emerging markets.

» Emerging market countries may have relatively unstable governments and may present the risk of nationalization of businesses, expropriation,

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**More About the Funds' Investment Strategies and Risks**

confiscatory taxation or, in certain instances, reversion to closed market, centrally planned economies. Generally, countries are considered emerging markets if they are included in any one of the MSCI emerging markets indices.

***CURRENCY RISKS***

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| » | Exchange rates for currencies fluctuate daily. The combination of currency risk and market risk tends to make securities traded in foreign markets more volatile than securities traded exclusively in the U.S. |

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***TAX RISKS***

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| » | In order to pay interest that is exempt from federal regular income tax, tax-exempt securities must meet certain legal requirements. Failure to meet such requirements may cause the interest received and distributed by the Fund to shareholders to be taxable. |

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» Changes or proposed changes in federal or state tax laws may cause the prices of tax-exempt securities to fall and/or may affect the tax-exempt status of the securities in which the Fund invests.

***DIVERSIFICATION RISKS***

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| » | Compared to diversified mutual funds, a non-diversified fund may invest a higher percentage of its assets among fewer issuers of portfolio securities. This increases the West Virginia Municipal Bond Fund's risk by magnifying the impact (positively or negatively) that any one issuer has on the West Virginia Municipal Bond Fund's share price and performance. |

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***RISKS OF INVESTING IN*** ***EXCHANGE-TRADED FUNDS***

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| » | An investment in an ETF generally presents the same primary risks as an investment in a conventional mutual fund (i.e., one that is not exchange-traded) that has the same investment objectives, strategies, and policies. The price of an ETF can fluctuate up or down, and a Fund could lose money investing in an ETF if the prices of the securities owned by the ETF go down. In addition, ETFs may be subject to the following risks that do not apply to conventional mutual funds: (i) the market price of an ETF's shares may trade above or below the market value of the securities in the ETF's portfolio; (ii) an active trading market for an ETF's shares may not develop or be maintained; or (iii) trading of an ETF's shares may be halted if the listing exchange's officials deem such action appropriate, the shares are delisted from the exchange, or the activation of market-wide "circuit breakers" (which are tied to large decreases in stock prices) halts stock trading generally. |

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| » | Investing in ETFs may result in higher fees and expenses for a Fund, because the Fund and its shareholders will bear a pro rata portion of the ETF's fees and expenses. To the extent a Fund invests in the Underlying Funds, the Fund's investment performance and risks are likely to be directly related to those of the underlying ETF. |

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***RISKS OF INVESTING IN DERIVATIVE CONTRACTS AND HYBRID INSTRUMENTS***

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

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***RISKS OF INVESTING IN ADRS AND DOMESTICALLY TRADED SECURITIES OF FOREIGN ISSUERS***

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|:---|:---|
| » | Because the Fund may invest in ADRs and other domestically traded securities of foreign companies, the Fund's share price may be more affected by foreign economic and political conditions, taxation policies and accounting and auditing standards than would otherwise be the case. |

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***WEST VIRGINIA SECTOR RISKS***

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| » | Because the West Virginia Municipal Bond Fund invests primarily in issuers from a single state, the Fund may be subject to additional risks compared to funds that invest in multiple states. West Virginia's economy is heavily dependent upon certain industries, such as coal mining, natural gas, manufacturing and tourism. Any downturn in these and other industries may adversely affect the economy of the state. See the Funds' Statement of Additional Information (SAI) for more information on West Virginia Sector Risk. |

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***COMMODITY RISK***

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| » | Because a Fund may invest in instruments (including ETFs) whose performance is linked to the price of an underlying Commodity (including precious metals such as gold) or commodity index, the Fund may be subject to the risks of investing in physical commodities. These types of risks include regulatory, economic and political developments, weather events and natural disasters, pestilence, market disruptions and the fact that commodity prices may have greater volatility than investments in traditional securities. |

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**More About the Funds' Investment Strategies and Risks**

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| » | A Fund's investment in commodities could cause the Fund to fail to qualify as a regulated investment company (RIC) under Subchapter M of the Internal Revenue Code. It is the intent of the Fund to maintain its RIC status, and as such, the Fund will seek to manage its investment in commodities in an effort to continue to qualify as a RIC. However, there are no assurances it will be successful in doing so. |

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***MANAGER RISK***

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| » | The Fund is actively managed and the investment techniques and security selection used by the Fund's managers may not produce the desired results and may cause the Fund to underperform relevant benchmarks or other funds with a similar investment objective. |

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***REAL ESTATE INVESTMENT TRUST (REITs)***

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| » | Investments in REITs are subject to many of the same risks as direct investments in real estate. Generally, a REIT's performance depends on the types and locations of the properties it owns and on how well the REIT manages its properties. The value of a REIT may also be affected by changes in interest rates. Rising interest rates could cause the value of an equity REIT to decline. Additionally, a REIT may fail to qualify for tax-exempt status under the IRC. |

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**Shareholder Information**

**WHAT DO SHARES COST?**

You can purchase, redeem, or exchange Shares any day the New York Stock Exchange ("NYSE") and Federal Reserve wire system are open. When a Fund receives your transaction request in proper form, (as described in this prospectus), it is processed at the next determined net asset value ("NAV"). From time to time a Fund may purchase fixed income or foreign securities that trade in foreign markets on days the NYSE is closed. The value of a Fund's assets may change on days you cannot purchase or redeem Shares. NAV is determined at the end of regular trading (normally 4:00 p.m. Eastern time) each day the NYSE is open.

The Funds generally value equity securities according to the last sale price in the market in which they are primarily traded (either a national securities exchange or the over-the-counter market). The Funds generally value fixed-income securities according to the mean between bid and asked prices as furnished by an independent pricing service, except that fixed-income securities with remaining maturities of less than 60 days at the time of purchase may be valued at amortized cost. For other fixed-income securities, prices furnished by an independent pricing service are intended to be indicative of the mean between the bid and asked prices currently offered to institutional investors for the securities.

Where a last sale price or market quotation for a portfolio security is not readily available, and no independent pricing service furnishes a price, the value of the security used in computing NAV is its fair value as determined in good faith under procedures approved by the Funds' Board of Trustees (the Board). Pursuant to such procedures and Rule 2a-5 under the Investment Company Act of 1940, as amended, the Board has designated the Adviser as the Funds' valuation designee to perform the fair value determinations for securities and other assets held by the Funds. The Adviser, acting through its "Valuation Committee," is responsible for determining the fair value of investments for which market quotations are not readily available. The Valuation Committee is subject to Board oversight and certain reporting and other requirements intended to provide the Board the information it needs to oversee the Adviser's fair value determinations. The Funds may use the fair value of a security to calculate its NAV when, for example, (1) a portfolio security is not traded in a public market or the principal market in which the security trades is closed, (2) trading in a portfolio security is suspended and not resumed prior to the normal market close, (3) a portfolio security is not traded in significant volume for a substantial period, or (4) the Funds' Adviser determines that the quotation or price for a portfolio security provided by a dealer or independent pricing service is inaccurate.

Fair valuation procedures are also used where a significant event affecting the value of a portfolio security is determined to have occurred between the time as of which the price of the portfolio security is determined and the NYSE closing time as of which a Fund's NAV is computed. An event is considered significant if there is both an affirmative expectation that the security's value will change in response to the event and a reasonable basis for quantifying the resulting change in value. Significant events include significant general securities market movements occurring between the time as of which the price of the portfolio security is determined and the close of trading on the NYSE. For domestic fixed-income securities, such events may occur where the cut-off time for the market information used by the independent pricing service is earlier than the end of regular trading on the NYSE. In such cases, use of fair valuation can reduce an investor's ability to seek to profit by estimating a Fund's NAV in advance of the time as of which NAV is calculated.

In some cases, events affecting the issuer of a portfolio security may be considered significant events. Announcements concerning earnings, acquisitions, new products, management changes, litigation developments, a strike or natural disaster affecting the company's operations or regulatory changes or market developments affecting the issuer's industry occurring between the time as of which the price of the portfolio security is determined and the close of trading on the NYSE are examples of potentially significant events. There can be no assurance that the Fund could purchase or sell a portfolio security at the price used to calculate the Fund's NAV. In the case of fair valued portfolio securities, lack of information and uncertainty as to the significance of information may lead to a conclusion that a prior valuation is the best indication of a portfolio security's present value. Fair valuations generally remain unchanged until new information becomes available. Consequently, changes in the fair valuation of portfolio securities may be less frequent and of greater magnitude than changes in the price of portfolio securities valued at their last sale price, by an independent pricing service, or based on market quotations.

***Initial and Subsequent Investment Minimums***

The required minimum initial investment in each Fund is $1,000, unless the investment is in an Individual Retirement Account, in which case the minimum initial investment is $500. Subsequent investments in each Fund must be in amounts of at least $100. A Fund may waive these minimums from time to time. Investment minimums are waived for employees of WesBanco.

An institutional investor's minimum investment is calculated by combining all accounts it maintains with the Trust. Accounts established through investment professionals may be subject to a smaller minimum investment amount. Keep in mind that investment professionals may charge you fees for their services in connection with your Share transactions.

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| >> 50 | ![(WESTMARK FUNDS LOGO)](we002_v1.jpg) | May 1, 2026 >> Prospectus |

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**Shareholder Information**

**HOW ARE THE FUNDS SOLD?**

The Funds distributor, Ultimus Fund Distributors, LLC ("Distributor") is the principal underwriter and distributor of the Shares described in this prospectus. Under the Distributor's contract with the Trust, the Distributor offers Shares on a continuous, best-efforts basis.

Shares of the Funds are not qualified or registered for sale in all states or jurisdictions. Prospective investors should inquire as to whether shares of a particular Fund are available for offer and sale in their state of residence. Shares of the Funds may not be offered or sold in any state unless registered or qualified in that jurisdiction or unless an exemption from registration or qualification is available. Also, Shares of the Funds have not been registered for sale outside the United States. The Funds do not sell shares to investors residing outside the United States, even if they are United States citizens or lawful permanent residents.

See the WesMark Funds website located at www.wesmarkfunds.com, for further information on the states and jurisdictions where the shares of the Funds are registered.

The Funds and their affiliated service providers may pay fees as described below to financial intermediaries (such as broker-dealers, banks, investment advisers or third party administrators) whose customers are shareholders of the Fund.

***Service Fees***

The Funds may pay fees not to exceed 0.25% of average daily net assets (Service Fees) to investment professionals, financial intermediaries, including WesBanco Bank, Inc, for providing certain non-distribution related services to shareholders. These shareholder services can include, but are not limited to: (i) responding to customer inquiries regarding, among other things, share prices, account balances, dividend amounts and dividend payment dates; (ii) processing transactions including purchase, redemptions, and exchanges; (iii) establishing new customer accounts; (iv) maintaining separate accounts and records with respect to the Funds for each underlying customer; (v) reconciling amounts posted to each applicable customer account with the amount recorded for the account on the applicable Fund's records; (vi) providing, upon request or pursuant to a schedule agreed to between the parties, a summary of the number of underlying customer accounts by Fund maintained by intermediary in connection with the applicable shareholder services agreement; (vii) maintaining files, i.e., processing change of addresses, adding/changing wiring instructions or systematic investment/withdrawal plans; (viii) maintaining and distributing current copies of prospectuses, shareholder reports, proxy statements and other required communications to current shareholders; (ix) responding to customers' questions about the Funds and/or Classes; (x) preparing and transmitting to customers periodic consolidated account statements; (xi) distributing to customers dividends, capital gains or other payments authorized by each Fund; and (xii) providing other administrative services that the Funds reasonably may request, to the extent permitted by applicable statute, rule, or regulation.

***Recordkeeping Fees***

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.

***Additional Payments to Financial Institutions***

The Adviser or its affiliates may pay out of its own resources amounts (including items of material value) to certain financial institutions, such as broker-dealers, that support the sale of Shares or provide services to Fund shareholders. The amounts of these payments could be significant, and may create an incentive for the financial institution or its employees or associated persons to recommend or sell Shares of the Funds to you. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. In some cases, such payments may be made by or funded from the resources of companies affiliated with the Adviser. These payments are not reflected in the fees and expenses listed in the fee table section of the Funds' prospectus because they are not paid by the Funds. These payments are negotiated and may be based on such factors as the number or value of Shares that the financial institution sells or may sell; the value of client assets invested; or the type and nature of services or support furnished by the financial institution. These payments may be in addition to payments made by the Funds to the financial institution under a Service Fee or Recordkeeping Fee arrangement. You can ask your financial institution for information about any payments it receives from the Adviser, Distributor or the Funds and any services provided. These payments can be made to affiliates of the Adviser, including WesBanco Securities, Inc.

**HOW TO PURCHASE SHARES?**

You may purchase Shares directly from the Funds by calling WesMark Funds Shareholder Services at 1-800-864-1013, through WesBanco Securities, Inc. or through an investment professional. Some types of accounts can be opened online at www.wesmarkfunds.com. The Funds reserve the right to reject any request to purchase or exchange Shares.

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**Shareholder Information**

***Initial Purchase Methods***

To open an account, you must submit a completed New Account Application in good order. Initial investments may be funded via federal funds wire transfer, Automated Clearing House ("ACH"), or check drawn on a U.S. financial institution. The Fund offers its shares at the NAV next determined after an order is received in good order on a Business Day. The Fund reserves the right to reject any purchase order or payment method at its sole discretion.

***Purchase Requests in Good Order***

A purchase request will be considered to be in "good order" only if it includes all of the following:

● A completed and signed account application (for new accounts).

● The exact dollar amount of the investment.

● For existing accounts, the account number and the name(s) exactly as registered on the account.

● Payment in U.S. dollars, payable to the Fund.

● Any documentation reasonably required by the Fund or its transfer agent (the "Transfer Agent") to verify the identity or authority of the purchaser, if applicable.

Requests that are incomplete, unclear, or submitted without the required documentation may be delayed or rejected. The Funds and their transfer agent are not responsible for delays or losses due to requests that are not received in good order.

***Directly From a Fund***

You can open an account and make an initial purchase of shares of the Funds directly from the Funds or through a financial intermediary that has established an agreement with the Funds' Distributor. Not all Funds may be available for purchase in your state of residence or outside the United States. Please check with the Funds or your financial intermediary to ensure your eligibility to purchase a Fund.

To open an account and make an initial purchase directly with the Funds, you can mail a check or other negotiable bank draft payable to WesMark Funds in the minimum amounts described above, along with a completed and signed Account Application, to:

*Via regular/express mail*

WesMark Funds

c/o Ultimus Fund Solutions, LLC

P.O. Box 46707

Cincinnati, OH 45246

*Via overnight mail*

WesMark Funds c/o Ultimus Fund Solutions, LLC

225 Pictoria Drive, Suite 450

Cincinnati, OH 45246

To obtain an Account Application, call 1-800-864-1013 or download one from www.wesmarkfunds.com. A completed Account Application must include your valid taxpayer identification number. You may be subject to penalties if you falsify information with respect to your tax identification number.

***Purchase by Wire:***

If you wish to invest in the Funds by wire, please call the Funds at 1-800-864-1013 to obtain detailed wiring instructions and to notify the Funds that a wire transfer will be sent. The Funds will generally credit investments made by wire on the business day the funds are received by the Funds' designated bank, provided they are received prior to the close of regular trading on the NYSE (typically 4:00 p.m. Eastern Time). Your bank may charge a fee for same-day wire transfers. The Funds are not responsible for any delays in the receipt of wired funds due to the actions of the transmitting or receiving bank, or the Federal Reserve wire system.

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| >> 52 | ![(WESTMARK FUNDS LOGO)](we002_v1.jpg) | May 1, 2026 >> Prospectus |

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**Shareholder Information**

Make your check payable to "WesMark Funds" and note your account number on the check (for existing shareholders only). To invest via Automated Clearing House ("ACH"), please contact the Funds at 1-800-864-1013 for instructions.

***Payment for Shares and Good Funds Policy:***

The Funds accept payment for shares by check, ACH transfer, or wire transfer. All purchase orders are subject to acceptance by the Funds and will be executed at the next NAV calculated after the order is received in good order.

Payments made by check or ACH may be subject to a collection period to ensure that funds have cleared and are received in "good funds." The Funds and their Transfer Agent reserve the right to delay the disbursement of redemption or exchange proceeds from shares purchased by check or ACH for up to **10 business days** (or longer, if necessary) to allow the payment to clear.

During this period, the proceeds of newly purchased shares are not available for redemption or exchange. This policy does not apply to purchases made by wire transfer, which are generally considered good funds upon receipt.

If a check or ACH payment does not clear, the purchase order will be cancelled, and the investor will be responsible for any resulting loss incurred by the Funds or their Transfer Agent, as well as any applicable fees.

***ACH Purchases***

Shareholders may purchase shares of the Funds through the ACH network from a U.S. domestic bank or other U.S. domestic financial institution. All payments must be made in U.S. dollars.

***Initial and Subsequent Purchases by ACH***

ACH may be used for both initial and subsequent investments. To establish ACH instructions, shareholders must provide the required banking information on the Account Application (or other documentation acceptable to the Funds or their transfer agent).

***Bank Account Requirements***

The designated bank account must be maintained at a U.S. domestic financial institution. The name(s) and registration on the bank account must exactly match the name(s) and registration on the Fund account. The bank account must be owned and controlled by the shareholder(s). ACH transfers initiated from a third-party bank account will not be accepted.

***Right to Reject / Good Order***

The Funds and their transfer agent reserve the right to reject any ACH purchase request that is not received in "good order." A request is in "good order" when all required information, authorizations, and documentation have been received in proper form and are acceptable to the Funds or their transfer agent.

Payment should be made in U.S. dollars and drawn on a U.S. bank. A Fund may reject any purchase request involving a check that is not made payable to the WesMark Funds.

***Unacceptable Forms of Payment***

The Funds generally do not accept cash equivalents for the purchase of shares, including, but not limited to: cash, cashier's checks, bank official checks, certified checks, bank money orders, third-party checks (except for properly endorsed IRA transfer and rollover checks), counter checks, starter checks, traveler's checks, money orders, credit card checks, cryptocurrency, or payments drawn on non-U.S. financial institutions.

You will become the owner of shares and your shares will be priced at the next calculated NAV after a Fund receives your payment.

***Returned Check/NSF Fee***

If your check or electronic payment does not clear, you will be responsible for any loss or expense incurred by the Funds or their Transfer Agent, as well as any applicable fees. A fee will be charged to defray bank charges and processing costs associated with the returned payment. The Funds reserve the right to redeem shares from your account to cover any unpaid amounts.

After you have opened an account, you can make subsequent purchases of shares of the Funds through your financial intermediary or directly from the Funds. To purchase shares directly by mail, send your instruction and a check to the Funds at the address above.

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**Shareholder Information**

***Internet and Online Transactions***

***Electronic Services and Online Account Transactions***

The Funds, through their transfer agent, may make available to shareholders certain electronic services and online account access ("Online Services") through their website (the "Website"). These Online Services may include, but are not limited to, the ability to establish certain new accounts, access account information, conduct transactions, and consent to the electronic delivery of Fund documents.

**1. Eligibility for Online Account Establishment**

Eligible investors may open certain new accounts online. To qualify, you must:

● Be a U.S. person of legal age with a valid U.S. mailing address;

● Provide a permanent U.S. street address (P.O. boxes are generally not accepted); and

● Provide a valid Social Security Number or Taxpayer Identification Number.

This process also includes the option to consent for the electronic delivery or Fund documents. Paper delivery is the default method unless you affirmatively select this option. Certain account types, including but not limited to trusts, corporate accounts, and other entity accounts, are not eligible for online opening and must be established by submitting a completed application by mail. Use of all Online Services is subject to your acceptance of the terms and conditions of the online user agreement, which may be amended from time to time.

**2. Customer Identification Program**

To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account. When you open an account, we will ask for your name, address, date of birth, and other information that will allow us to identify you. We may also ask to see your driver's license or other identifying documents. If we are unable to verify your identity as required, we reserve the right to reject your application, restrict, or close your account.

**3. Online Transactions**

All online transaction requests are subject to the terms of this Prospectus. To receive the NAV for the current business day, transaction requests must be received in good order by the Funds (or their authorized agent) prior to the close of the NYSE (typically 4:00 PM Eastern Time). Requests received after this time will receive the next business day's NAV.

**● Purchases:** Initial and subsequent purchases may be made online via ACH. Please be advised that proceeds from the redemption of shares recently purchased by ACH may be held for up to 10 business days to ensure the purchase has cleared.

**● Redemptions**: For risk management purposes, online redemptions are generally limited $100,000 per account, per day. This limit may be lower if your Fund requires a Medallion Signature Guarantee (MSG) at a threshold below this amount, as the most restrictive limit will apply. All redemption requests exceeding your applicable online limit must be submitted in writing and must include a valid MSG if required.

**4. Limitation of Liability**

Your use of the Funds' Online Services is at your own risk. The Funds and their service providers (including the Transfer Agent) cannot guarantee the security or uninterrupted availability of the Website. Access may be delayed, limited, or unavailable for reasons including, but not limited to, periods of peak demand, market volatility, systems maintenance, or failures of hardware, software, or network connections.

It is your responsibility to maintain an alternative method for placing transactions (such as by telephone or mail). Neither the Funds, their transfer agent, distributor, nor its affiliates will be held liable for any losses, damages, costs, or expenses arising from any delay, error, or failure to process your transaction request, or for any unauthorized access to your account, due to system unavailability, technical failures, security breaches, or any other cause or circumstance beyond the reasonable control of the Funds or their agents.

***Automatic Investment Plan***

Shareholders may purchase shares through an Automatic Investment Plan ("AIP"), which provides for regular, periodic purchases in accordance with the shareholder's instructions and the transfer agent's procedures. With the shareholder's authorization, the transfer agent

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**Shareholder Information**

will process AIP purchases in the amount and frequency selected by the shareholder. There is no minimum investment amount required to participate in the AIP. Shareholders may change or terminate AIP instructions at any time by contacting the transfer agent. Only bank accounts maintained at U.S. financial institutions may be used. The Funds and/or the transfer agent may modify, suspend, or terminate the AIP at any time.

Exchange

You may exchange shares of a Fund for shares of another Fund. Exchanges may be made by sending a written request to the Fund or by calling 1-800-864-1013. Please note that an exchange is treated as a sale of shares for federal income tax purposes. To exchange shares, the registration of the two accounts must be identical. If the registrations are not identical, you must provide a written exchange request with your signature(s) guaranteed. The Funds reserve the right to reject any exchange request or to modify or terminate the exchange privilege upon 60 days' written notice to shareholders.

***Retirement Investments***

You may purchase shares as retirement investments (such as qualified plans and IRAs or transfer or rollover of assets). Call the Funds or your investment professional for information on retirement investments. Applications for traditional IRAs and Roth IRAs may be printed from the Funds' website at www.wesmarkfunds.com. We suggest that you discuss retirement investments with your tax adviser. Retirement accounts may be subject to an annual administrative fee.

***Through WesBanco Securities, Inc. (WSI)***

Shares can be purchased through WSI, by visiting a WSI investment professional or by calling 1-800-368-3369. Once you have established your account with WSI, you may submit your purchase order to a WSI investment professional before the end of regular trading on the NYSE (normally 4:00 p.m. Eastern time). You will receive the next calculated NAV if the investment professional forwards the order to a Fund on the same day and a Fund receives payment by settlement date. You will become the owner of Shares at the next calculated NAV after the Fund receives your payment.

WSI is an affiliate of the Adviser as they are under common control by WesBanco, Inc. WSI has entered into a selling agreement with the Distributor to transact business in the Funds.

***Through an Investment Professional or Brokerage Account***

You may purchases shares through an investment professional or brokerage account by submitting your purchase order to the investment professional before the end of regular trading on the NYSE (normally 4:00 p.m. Eastern time). You will receive the next calculated NAV if the investment professional forwards the order to the Fund on the same day and the Fund receives payment by settlement date. You will become the owner of Shares at the next calculated NAV after the Fund receives your payment.

Investment professionals should be party to a selling agreement with the Distributor. Contact a Shareholder Service Representative for instructions at 1-800-864-1013.

**HOW TO REDEEM AND EXCHANGE SHARES**

You may redeem or exchange shares directly from a Fund or through your investment professional.

***Redemption Request in Good Order*** 

A redemption request will be considered to be in "good order" only if it includes all of the following:

● The name of the Fund and the account number

● The exact dollar amount or number of shares to be redeemed

● The name(s) of the registered account owner(s), exactly as they appear on the account

● Signature(s) of all registered owner(s)

● Any required signature guarantee or medallion signature guarantee, if applicable

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**Shareholder Information**

● Any documentation reasonably required by the Funds or their transfer agent to verify the identity or authority of the person(s) requesting the redemption

Redemption requests that are incomplete, unclear, unsigned, or submitted without the required documentation or signature guarantees may be delayed or rejected. The Funds and their transfer agent are not responsible for processing delays or losses resulting from requests not received in good order.

***Redeem Directly From a Fund***

***By Telephone***

You may purchase, exchange, or redeem Fund shares by calling 1-800-864-1013. Telephone transaction privileges are automatically available for new accounts unless you decline them on your account application or later revoke them by written instruction to the Funds or their Transfer Agent.

Telephone instructions, if received in good order before the applicable cut-off time, will be processed at the Fund's next determined NAV. Redemption proceeds will be sent promptly to your address of record by check or to your bank account of record by ACH or wire transfer. Telephone redemptions are generally limited to $10,000 per account. Requests for amounts above this limit must be submitted in writing and may include a Medallion Signature Guarantee.

During periods of heavy market activity or other unusual conditions, you may experience difficulty reaching the Funds or their Transfer Agent. Please allow additional time to place your transaction. The Funds or their Transfer Agent will not be held liable for any loss if you are unable to reach them to place a telephone transaction.

The Funds and their Transfer Agent use reasonable procedures to verify the authenticity of telephone instructions. These may include requiring an account number, a personal identification number ("PIN") if applicable, recording of calls, and/or written confirmations. If these procedures are followed, neither the Funds nor their Transfer Agent will be responsible for any loss, liability, cost, or expense arising from unauthorized or fraudulent telephone instructions.

If you own an IRA, you will be asked to make an election regarding federal and applicable state income tax withholding at the time of a redemption.

For your protection, telephone redemptions may be restricted for 30 days following a change of address or banking information. The Funds may also require a signature guarantee or other documentation for certain transactions.

The Funds reserve the right to modify, suspend, or terminate the telephone transaction privilege at any time, with or without notice.

***By Mail***

You may redeem or exchange shares by mailing a written request to a Fund. You will receive a redemption amount based on the next calculated NAV after a Fund receives your written request in proper form.

Send requests by mail to:

*Via regular/express mail*

WesMark Funds c/o Ultimus Fund Solutions, LLC

P.O. Box 46707

Cincinnati, OH 45246

*Via overnight mail*

WesMark Funds c/o Ultimus Fund Solutions, LLC

225 Pictoria Drive, Suite 450

Cincinnati, OH 45246

All requests must include:

» Fund Name, account number and account registration;

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| » | Amount to be redeemed or exchanged; |

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» Signatures of all shareholders exactly as registered; and

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**Shareholder Information**

» If exchanging, the Fund Name, account number and account registration into which you are exchanging.

Call the Fund or your investment professional if you need special instructions.

***Via Internet***

You may also redeem your shares via the Internet. To do so, you must have selected this option on your Account Application. Redemption proceeds will be sent to the address of record on the account or may be sent via ACH to the bank of record on the account. If you have questions or problems accessing your account, contact the Funds at 1-800-864-1013.

***Through WesBanco Securities, Inc. (WSI)***

Shares can be redeemed or exchanged through WSI by visiting a WSI investment professional or by calling 1-800-368-3369. Once you have established your account with WSI, you may submit your redemption or exchange order to a WSI investment professional before the end of regular trading on the NYSE (normally 4:00 p.m. Eastern time). The redemption amount you will receive is based upon the next calculated NAV after a Fund receives the order from the investment professional.

***Through an Investment Professional or Brokerage Account***

Submit your redemption or exchange request to your investment professional or through your brokerage account by the end of regular trading on the NYSE (normally 4:00 p.m. Eastern time). The redemption amount you will receive is based upon the next calculated NAV after a Fund receives the order from your investment professional. Keep in mind that investment professionals may charge you fees for their services in connection with your share transactions.

***Medallion Signature Guarantee Requirements***

To protect shareholders and the Funds from potential fraud, the Funds and/or their Transfer Agent may require a signature guarantee, including a Medallion Signature Guarantee ("MSG"), in certain circumstances. An MSG is a stamped certification from an eligible guarantor institution that verifies the authenticity of a signature and the authority and capacity of the person signing.

The Funds and/or the Transfer Agent may require an MSG in situations including, but not limited to, the following:

● The redemption amount exceeds $100,00 (or such other threshold as may be established by the Funds and/or the Transfer Agent);

● Proceeds are requested to be mailed to an address or sent to a bank account that was changed or added within the past 30 calendar days;

● Proceeds are requested to be made payable to a person or entity other than the registered account owner;

● Proceeds are requested to be sent to a financial institution account that is not in the shareholder's name;

● The account registration or ownership is being changed;

● Instructions are submitted by mail with alternate delivery instructions, special handling, or other non-standard processing; or

● Any other circumstance in which the Funds or the Transfer Agent reasonably determines that additional documentation or verification is appropriate.

An MSG must be obtained from an eligible guarantor institution that participates in a recognized Medallion Signature Guarantee program (STAMP, SEMP, or MSP). These institutions typically include banks, savings associations, credit unions, and broker-dealers. A notary seal is not an acceptable substitute for an MSG.

Shareholders should contact the Transfer Agent in advance if they are unsure whether an MSG will be required. The Fund and/or the Transfer Agent reserves the right, in its discretion, to waive or require an MSG and to reject any signature guarantee that it deems unacceptable.

***Customer Identification Program (CIP) and Anti-Money Laundering (AML) Disclosure***

**Important Information About Procedures for Opening a New Account**

To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person or entity that opens an account.

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**Shareholder Information**

**What this means for** **you:** When you open an account, the Funds, the Investment Adviser, or their agents will ask for your name, physical address, date of birth (for individuals), and other information, such as your Social Security or Taxpayer Identification Number (TIN), that will allow us to identify you. For legal entities, we will require documentation verifying the legal existence of the entity and identifying its beneficial owners. We may also ask to see a driver's license, passport, or other identifying documents.

**Verification Process**: The Funds and the Investment Adviser reserve the right to:

● (i) Refuse to open an account or delay the processing of a purchase order if the required information is not provided;

● (ii) Close an account or restrict transactions if identity cannot be verified within a reasonable timeframe; or

● (iii) Take any other action required by law, including "freezing" an account or its assets.

If an account is closed because identity cannot be verified, shares will be redeemed at the next calculated NAV following the closure. The Funds, the Investment Adviser, and their agents shall not be liable for any loss, including market fluctuations, resulting from delays or account closures due to this verification process.

***PAYMENT METHODS FOR REDEMPTIONS***

Under normal market conditions, the Funds generally meet redemption requests through their holdings of cash or cash equivalents or by selling portfolio securities. However, the Funds reserve the right to honor certain redemptions with securities, rather than cash (e.g., a redemption-in-kind). The fund is more likely to use a redemption-in-kind to meet large redemption requests or during times of market stress.

***Redemption Proceeds:*** Redemption proceeds are typically sent on the next business day after a request is received in good order. As permitted by federal law, the Funds may delay payment for up to seven calendar days. The Funds also reserve the right to delay payment forshares recently purchased by check or via ACH until the payment has cleared, which may take up to 10 business days (or longer, if necessary). Proceeds are generally paid by check, wire transfer, or ACH, as elected by the shareholder.

***Suspension of Redemptions:*** The right of redemption may be suspended or the date of payment postponed: (a) when trading on the NYSE is restricted, as determined by applicable rules and regulations of the SEC; (b) when the NYSE is closed for other than customary weekend and holiday closings; (c) when the SEC has by order permitted such suspension; or (d) during an emergency, as determined by the SEC, as a result of which it is not reasonably practicable for the Funds to dispose of securities or to determine the value of their net assets.

***Uncashed Checks:*** You will not accrue interest or dividends on uncashed redemption checks from a Fund, including checks that are undeliverable and returned to the Fund.

***REDEMPTIONS FROM RETIREMENT ACCOUNTS***

If your redemption is to be sent to an address other than the address on record (or to a recently changed address) or the payment is to be made to an alternate payee, the redemption request must be Signature Guaranteed. A notary cannot provide a Signature Guarantee.

***FEDERAL AND STATE INCOME TAX WITHHOLDING (IRAS AND OTHER RETIREMENT ACCOUNTS)***

Distributions from IRAs and other retirement accounts may be subject to federal income tax withholding and, where applicable, state income tax withholding. Federal income tax generally will be withheld from IRA distributions unless you elect otherwise on the applicable request form. If you do not make a withholding election, withholding will be applied in accordance with applicable law and IRS rules. State income tax withholding may also apply depending on your state of residence and applicable state law. Withholding is not a determination of your actual tax liability.

The Fund is not responsible for losses or fees resulting from posting delays or non-receipt of redemption payments at your bank when shareholder payment instructions are followed.

***WIRE FEE***

A fee of $15 will be charged for each wire transfer of redemption proceeds. This fee will be deducted directly from your account and is subject to change without notice. Your bank or any intermediary institution may also charge a separate fee for receiving the wire. The Fund and its transfer agent are not responsible for any delays or additional fees imposed by the receiving bank or any intermediary institution.

***EXCHANGE PRIVILEGES***

Shares of the Funds may be exchanged for shares of another fund within the same fund family, provided the shares are of the same class and the

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**Shareholder Information**

accounts have identical registration. Exchanges will be effected at the next determined NAV of each Fund, without the imposition of an exchange fee, unless otherwise disclosed in the applicable prospectus. All exchanges are subject to the minimum initial and subsequent investment requirements of the receiving fund.

The exchange privilege is not intended as a vehicle for short-term trading. Excessive exchange activity may disrupt portfolio management and increase expenses for all shareholders. The Funds and their Transfer Agent reserve the right to reject any exchange request, or to modify or terminate the exchange privilege, at any time and for any reason, including if the Fund, in its sole discretion, believes that a shareholder's trading activity may be harmful to the Fund or its shareholders.

For U.S. federal income tax purposes, an exchange of shares constitutes a taxable transaction, and a gain or loss may be recognized. Shareholders should consult their tax advisors regarding the tax consequences of exchanges in their particular circumstances.

***SYSTEMATIC WITHDRAWAL PROGRAM ("SWP")***

Shareholders may redeem shares through a Systematic Withdrawal Plam ("SWP"), which provides for regular, periodic redemptions in accordance with the shareholder's instructions and the transfer agent's procedures. With the shareholder's authorization, the transfer agent will process SWP redemptions in the amount and frequency selected by the shareholder. Shareholders may change or terminate SWP instructions at any time by contacting the transfer agent. The Funds and/or the transfer agent may modify, suspend, or terminate the SWP at any time. **Please note that this** **program may reduce, and eventually deplete, your account. Payments should not be considered yield or income.**

***SYSTEMATIC EXCHANGE PROGRAM ("SEP")***

Shareholders may also elect to move a specific dollar amount or number of shares from one WesMark Fund to another on a regular, periodic basis. To establish a Systematic Exchange Plan ("SEP"), the account registrations must be identical. These transactions are treated as a redemption and subsequent purchase and are taxable events for federal income tax purposes. The Funds and/or the transfer agent reserve the right to modify, suspend, or terminate the SEP at any time.

***ADDITIONAL CONDITIONS***

**ACCOUNT STATEMENTS AND** **TRANSACTION CONFIRMATIONS**

You will receive periodic account statements summarizing all account activity, including purchases, redemptions, exchanges, and any reinvested dividends or capital gains. Additionally, a transaction confirmation will be sent for each financial transaction that occurs in your account, except for those taking place on a recurring basis, such as through an AIP or for dividend and capital gain distributions. For recurring transactions, the details will appear on your periodic account statement, serving as confirmation for such activity.

It is your responsibility to carefully review all transaction confirmations and account statements for accuracy immediately upon receipt. You must contact the Funds or their Transfer Agent in writing or by telephone promptly within 60 days of the date of the statement or confirmation that first reflects the disputed item. If you fail to provide timely notification within this 60-day period, you will be deemed to have ratified all account activity set forth therein, and the Funds and their agents will not be liable for any losses that may result from your failure to report the issue.

**Returned Check/NSF Fee**

If your check or electronic payment does not clear, you will be responsible for any loss or expense incurred by the Funds or their Transfer Agent, as well as any applicable fees. A $25 fee will be charged to defray bank charges and processing costs associated with the returned payment. The Funds reserve the right to redeem shares from your account to cover any unpaid amounts.

**Online Account Access**

Shareholders can opt to access their account information online. You may select this option on your account application or call 1-800-864-1013 to register. You can also set up online access through the Funds' website at www.wesmarkfunds.com and select Account Login to establish a user ID and password. If you have questions, or problems accessing your account, contact the Funds at 1-800-864-1013.

**Telephone Transactions**

The Funds may record your telephone instructions. If a Fund does not follow reasonable procedures, it may be liable for losses due to unauthorized or fraudulent telephone instructions.

**Share Certificates**

The Funds do not issue share certificates.

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**Shareholder Information**

**Lost Shareholders, Inactive Accounts and Unclaimed Property**

Unclaimed property laws may require the Funds or their transfer agent to transfer the assets of accounts that are considered abandoned, inactive, or lost (due to returned mail) to the appropriate state authority. An account may be deemed unclaimed if the shareholder has not initiated any contact or transaction within a time period specified by applicable state law.

Before any transfer to the state is made, the Funds or their transfer agent will send a due diligence notice to the shareholder, if legislatively required.

In some cases, this process is referred to as escheatment, and shareholders may be required to reclaim the assets from the applicable state's unclaimed property office. Some states may also require the liquidation of shares prior to escheatment, and shareholders may only be entitled to receive the cash value at the time of sale.

For retirement accounts, such escheatment may be treated as a taxable distribution, and federal and/or state income tax withholding may apply.

To help avoid escheatment, shareholders should maintain current contact information and periodically initiate contact with the Funds or their transfer agent. Examples of shareholder-initiated contact include written correspondence, telephone inquiries, or initiating a transaction in the account.

In accordance with Texas law, residents of the state of Texas may designate a representative to receive legislatively required unclaimed property due diligence notifications. A Texas Designation of Representative Form is available for making such an election.

**ACCOUNT AND SHARE INFORMATION**

***CONFIRMATIONS AND ACCOUNT STATEMENTS***

You will receive confirmation of purchases, redemptions and exchanges (except for systematic transactions). In addition, you will receive periodic statements reporting all account activity, including systematic transactions, dividends and capital gains paid. You may elect to receive your statements and other communications from the Funds electronically. Please see "eDelivery" below.

***eDELIVERY***

eDelivery allows you to receive your quarterly account statements, transaction confirmations, year-end tax information, and other important information concerning your investment in the Funds online. Select this option on your Account Application to receive email notifications when quarterly statements and confirmations are available for you to view via secure online access. You will also receive emails whenever a new prospectus, semi-annual or annual fund report is available. To establish eDelivery, call 1-800-864-1013 or visit www.wesmarkfunds.com. You should notify the Funds at 1-800-864-1013 of any change to your eDelivery preferences.

***DIVIDENDS AND CAPITAL GAINS***

Dividends, if any, are paid to all shareholders who own a Fund on the record date. The record date is the date on which a shareholder must officially own shares in order to be entitled to a dividend.

In addition, the Funds pay any capital gains, if any, at least annually. Your dividends and capital gains distributions will be automatically reinvested in additional shares, unless you elect cash payments. If you purchase shares just before a Fund record date for a dividend or capital gain distribution, you will pay the full price for the shares and then receive a portion of the price back in the form of a taxable distribution, whether or not you reinvest the distribution in shares. Therefore, you should consider the tax implications of purchasing shares shortly before a Fund record date for a dividend or capital gain. Contact your investment professional or the Funds for information concerning when dividends and capital gains will be paid.

● Expected Payout Frequency **WesMark West Virginia Municipal Bond** **Fund:** Dividends accrue daily and are paid monthly; Capital Gains are distributed annually.

● **WesMark Government Bond Fund:** Dividends accrue daily and are paid monthly; Capital Gains are distributed annually.

● **WesMark Balanced Fund:** Dividends are paid monthly; Capital Gains are distributed annually.

● **WesMark Large Company Fund:** Dividends are paid quarterly; Capital Gains are distributed annually.

● **WesMark Small Company Fund:** Dividends are paid quarterly; Capital Gains are distributed annually.

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| >> 60 | ![(WESTMARK FUNDS LOGO)](we002_v1.jpg) | May 1, 2026 >> Prospectus |

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**Shareholder Information**

● **WesMark Tactical Opportunity Fund:** Dividends are paid quarterly; Capital Gains are distributed annually.

*UNCASHED CHECKS AND AUTOMATIC DIVIDEND AND CAPITAL GAIN REINVESTMENT*

If you elect to receive your dividend and capital gain distributions via check, ACH, or wire, and the distribution amount is $50 or less, then the amount will be automatically reinvested as additional shares into your account.

For non-retirement and non-educational accounts, any dividend and capital gain distributions sent by check which are not cashed within 180 days will be reinvested into your account at the current day's NAV. When reinvested, those amounts are subject to market risk like any other investment.

Your distribution option will automatically be converted to having all dividends and capital gain distributions reinvested into your account as additional shares if any of the following occur:

» Postal or other delivery service is unable to deliver mail or checks to the address of record thereby designating your account as "lost";

» Dividends and capital gain distribution are not cashed within 180 days; or

» Bank account of record is no longer valid.

For non-retirement and non-educational accounts, redemption proceeds sent by check which are not cashed within 180 days will be reinvested into your account at the current day's NAV. When reinvested, redemption proceeds are subject to market risk like any other investment

Under the Federal securities laws, the Funds are required to provide a notice to shareholders regarding the source of distributions made by a Fund if such distributions are from sources other than ordinary investment income determined according to Generally Accepted Accounting Principles (GAAP).

***ACCOUNTS WITH LOW BALANCES***

Due to the high cost of maintaining accounts with low balances, accounts may be closed if redemptions or exchanges cause the account balance to fall below $1,000 or $500 for IRA accounts. Before an account is closed, you will be notified and allowed at least 30 days to purchase additional Shares to meet the minimum.

***Cost Basis Reporting***

The Funds are required to report cost basis information to the IRS and to shareholders on Form 1099-B for redemptions of "covered shares," which are generally shares acquired on or after January 1, 2012.

The Funds' default cost basis calculation method is Average Cost. This method will be applied to your account unless you affirmatively elect a different IRS-accepted method, such as First-In, First-Out or Specific Share Identification. You may make this election for future transactions by providing written instructions, contacting Shareholder Services at 1-800-864-1013, or through your online account portal, where available.

Please note that, in accordance with IRS regulations, the cost basis method elected for the first redemption of covered shares cannot be changed after the settlement of the redemption. The cost basis method you select may have significant tax implications. The Funds are not authorized to provide tax advice. We strongly recommend you consult your tax advisor to determine which method is most suitable for your individual circumstances.

***TAX INFORMATION***

The Funds send an annual statement of your account activity to assist you in completing your federal, state and local tax returns. You can elect to receive your tax statement electronically. Please see "eDelivery" above.

Fund distributions of dividends and capital gains are ordinarily taxable to you whether paid in cash or reinvested in a Fund. However, the dividend income earned from the West Virginia Municipal Bond Fund generally remains free from federal income taxes and is often free from West Virginia state taxes. Dividends are taxable as ordinary income; capital gains are classified as long-term or short-term depending upon the length of time a Fund holds its assets. Consult your tax adviser for your specific tax liability.

Redemptions and exchanges are taxable sales. Please consult your tax adviser regarding your federal, state, and local tax liability.

***FREQUENT TRADING POLICIES***

Frequent or short-term trading into and out of a Fund can have adverse consequences for a Fund and shareholders who use the Fund as a long-term investment vehicle. Such trading, in significant amounts, can disrupt a Fund's investment strategies (e.g., by requiring the Fund to sell

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| www.wesmarkfunds.com | ![(WESTMARK FUNDS LOGO)](we002_v1.jpg) | >> 61 |

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**Shareholder Information**

investments at inopportune times or maintain excessive short-term or cash positions to support redemptions), increase brokerage and administrative costs, and affect the timing and amount of taxable gains distributed by a Fund.

The Funds' Board has approved policies and procedures intended to discourage excessive frequent or short-term trading of the Funds' Shares. Trading in the Funds' Shares is monitored in an effort to identify disruptive trading activity. Trades into and out of the Funds are monitored within a period of 30 days or less. If, based upon the monitoring, a shareholder is deemed to have engaged in potentially disruptive frequent or short term trading of the Funds' shares, then the shareholder will receive a letter to that effect and may be precluded from making further purchases or exchanges of the Funds' shares. No matter how the Fund defines its limits on frequent trading of the Funds Shares, other purchases and sales of the Funds' Shares may have adverse effects on the management of a Fund's portfolio and its performance.

It is anticipated that a significant number of shares of the WesMark Funds will be held by accounts established with WesBanco Trust and Investment Services (WTIS). Purchase and sale decisions in such accounts are primarily made by investment officers of WTIS. Such accounts will be monitored and any instances of disruptive frequent or short term trading will be researched and addressed with management of WTIS.

The Funds' objective is that its restrictions on short-term trading should apply to all shareholders regardless of the number or type of accounts in which Shares are held. However, the Funds anticipate that limitations on their ability to identify trading activity to specific shareholders, including where shares are held through intermediaries in multiple or omnibus accounts, will mean that these restrictions may not be able to be applied uniformly in all cases.

***PORTFOLIO HOLDINGS INFORMATION***

The disclosure policy of the Funds and the Adviser prohibits the disclosure of portfolio holdings information to any investor or intermediary before the same information is made available to other investors. Employees of the Adviser or its affiliates who have access to nonpublic information concerning the Funds' portfolio holdings are prohibited from trading securities on the basis of this information. Such persons must report all personal securities trades and obtain pre-clearance for all personal securities trades other than certain short term and U.S. Government securities and mutual fund shares (other than the WesMark Funds).

Firms that provide administrative, custody, financial, accounting, legal, or other services to the Funds may receive nonpublic information about Funds' portfolio holdings for purposes relating to their services. The Funds may also provide portfolio holdings information to publications that rate, rank, or otherwise categorize investment companies. Traders or portfolio managers may provide "interest" lists to facilitate portfolio trading if the list reflects only that subset of the portfolio for which the trader or portfolio manager is seeking market interest. A list of service providers, publications, and other third parties who may receive nonpublic portfolio holdings information appears in the SAI.

The furnishing of nonpublic portfolio holdings information to any third party (other than authorized governmental or regulatory personnel) requires the prior approval of the Executive Vice President of the Adviser and of the Chief Compliance Officer of the Funds. The Executive Vice President of the Adviser and the Chief Compliance Officer will approve the furnishing of nonpublic portfolio holdings information to a third party only if they consider furnishing such information to be in the best interests of each Fund and its shareholders. In that regard, and to address possible conflicts between the interests of Fund shareholders and those of the Adviser and its affiliates, the following procedures apply. No consideration may be received by each Fund, the Adviser, any affiliate of the Adviser, or any of their employees in connection with the disclosure of portfolio holdings information. Before information is furnished, the third party must agree that it will safeguard the confidentiality of the information. Persons approved to receive nonpublic portfolio holdings information will receive it as often as necessary for the purpose for which it is provided. Such information may be furnished as frequently as daily and often with no time lag between the date of the information and the date it is furnished. The Board receives and reviews annually a list of the persons who receive nonpublic portfolio holdings information and the purposes for which it is furnished.

The Funds' <u>annual</u> and <u>semi-annual</u> reports, which contain complete listings of the Funds' portfolio holdings as of the end of the Funds' second and fourth fiscal quarters, may be accessed by calling 1-800-864-1013 or on the internet at www.wesmarkfunds.com, and locate the section of the Home Page entitled "Recent Information" and select the appropriate document. Complete listings of the Funds' portfolio holdings as of the end of the Funds' first and third fiscal quarters may also be accessed by calling 1-800-864-1013 or on the Funds' website at www.wesmarkfunds.com and select the appropriate document. Fiscal quarter information is made available on the website within 70 days after the end of the fiscal quarter. This information is also available in reports filed with the SEC at the SEC's website at www.sec.gov. Additionally, summary portfolio information for each calendar quarter is posted on the Funds' website within 30 days (or the next business day) after the end of the calendar quarter. The summary portfolio composition information may include, when applicable, identification of a Fund's top ten holdings, a percentage breakdown of the portfolio by sector, or maturity range or credit quality.

To access this information on the Funds' website, locate the "Recent Information" section, then click on "Fact Sheets," and click on the Fund name.

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| >> 62 | ![(WESTMARK FUNDS LOGO)](we002_v1.jpg) | May 1, 2026 >> Prospectus |

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**Who Manages the Funds?**

The Board of Trustees governs the Funds. The Board selects and oversees the Adviser, WesBanco Investment Department, which is a division of WesBanco Bank, Inc. The Adviser manages the Funds' assets, including buying and selling portfolio securities. The Adviser's address is One Bank Plaza, Wheeling, WV 26003.

***Adviser's Background***

The Adviser is a division of WesBanco Bank, Inc., which is a wholly owned subsidiary of WesBanco, Inc. (Corporation), a registered bank holding company headquartered in Wheeling, West Virginia. The Corporation and its subsidiaries provide a broad range of financial services to individuals and businesses in West Virginia, Pennsylvania, Ohio, Indiana, Kentucky and Maryland. The Adviser is a division of a state chartered bank, which offers financial services that include commercial and consumer loans, corporate, institutional and personal trust services, and demand and time deposit accounts. The Adviser employs an experienced staff of professional investment analysts, portfolio managers, and traders. The staff manages the bond portfolios for the Corporation that includes government, corporate, mortgage, and municipal securities. Persons affiliated with the Adviser provide investment management services to customers of WesBanco Trust and Investment Services. The total assets of WesBanco Trust and Investment Services are valued at approximately $7.9 billion.

***Advisory Fees***

The Adviser receives an annual investment advisory fee equal to a percentage of each Fund's average daily net assets at the following rates: 0.75% of the Small Company Fund, Large Company Fund, Balanced Fund and Tactical Opportunity Fund, and 0.60% of the Government Bond Fund and West Virginia Municipal Bond Fund. The Adviser may voluntarily waive a portion of its fee or reimburse a Fund for certain operating expenses.

A discussion regarding the basis for the Board's approval of the Investment Advisory Agreement for each of the Funds is available in the Funds' June 30, 2025 <u>semi-annual report</u>.

***Portfolio Managers***

**Steven Kellas**

Steven Kellas has been a member of the investment team for the Large Company Fund, Balanced Fund, and Government Fund since January 2013. Mr. Kellas has served as the head of the portfolio management team for the West Virginia Municipal Bond Fund since September 2006. He has been employed by WesBanco Bank since 1989, serving as Executive Vice President since February 2021, and is responsible for providing investment research and portfolio management for the Trust and Investment Services department of WesBanco Bank. Mr. Kellas is a Chartered Financial Analyst, and received a B.S. degree in Business Administration from West Liberty State College and an M.B.A. degree from Wheeling Jesuit University.

**Robert McGee**

Robert McGee has been a member of the investment team for the Balanced Fund, Government Bond Fund, Large Company Fund, Small Company Fund, and Tactical Opportunity Fund since June 2023, and began serving as the head of the portfolio management teams for these funds in March 2024. Mr. McGee has been employed as a Senior Vice President of WesBanco Bank since June 2023, and is responsible for providing investment research and portfolio management for the Trust and Investment Services department. Mr. McGee is a Chartered Financial Analyst, and received a B.A. degree in Business Administration from Indiana University of Pennsylvania and an M.B.A. degree from Carnegie Mellon University.

The Funds' SAI provides additional information about the Portfolio Managers' compensation, management of other accounts, and ownership of securities in the Funds.

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| www.wesmarkfunds.com | ![(WESTMARK FUNDS LOGO)](we002_v1.jpg) | >> 63 |

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**Financial Highlights**

The financial highlights table is intended to help you understand the Funds' financial performance for the past five years or periods. Certain information reflects financial results for a single Fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund (assuming reinvestment of all dividends and distributions). This information has been audited by Cohen & Company, Ltd., the Funds' Independent Registered Public Accounting Firm, whose report, along with the Funds' financial statements, are included in the <u>annual report</u>, which is available upon request.

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| >> 64 | ![(WESTMARK FUNDS LOGO)](we002_v1.jpg) | May 1, 2026 >> Prospectus |

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**Financial Highlights**

**WESMARK SMALL COMPANY FUND**

Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the<br> Year Ended<br> December 31,<br> 2025** | **For the<br> Year Ended<br> December 31,<br> 2024** | **For the<br> Year Ended<br> December 31,<br> 2023** | **For the<br> Year Ended<br> December 31,<br> 2022** | **For the<br> Year Ended<br> December 31,<br> 2021** |
| Net asset value, beginning of year | $15.42 | $13.19 | $11.71 | $15.66 | $16.12 |
| Activity from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(1)</sup> | (0.04) | (0.02) | 0.06 | 0.00<sup>(3)</sup> | (0.07) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 2.56 | 2.97 | 2.20 | (3.22) | 3.64 |
| Total from investment operations | 2.52 | 2.95 | 2.26 | (3.22) | 3.57 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  |  | (0.04) |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gains | (3.34) | (0.72) | (0.74) | (0.73) | (4.03) |
| Total distributions | (3.34) | (0.72) | (0.78) | (0.73) | (4.03) |
| Net asset value, end of year | $14.60 | $15.42 | $13.19 | $11.71 | $15.66 |
| Total return<sup>(2)</sup> | 16.43% | 22.19% | 19.46% | (20.56)% | 2.23% |
| Net assets, at end of year (000s) | $147165 | $133264 | $109656 | $94926 | $119727 |
| Ratio of net expenses to average net assets after waiver/recapture | 1.21% | 1.23% | 1.22% | 1.24% | 1.23% |
| Ratio of net investment income (loss) to average net assets | (0.22)% | (0.21)% | 0.34% | (0.04)% | (0.47)% |
| Portfolio Turnover Rate | 47% | 26% | 48% | 52% | 42% |

---

(1) Per
 share amounts calculated using the average shares method, which more appropriately presents
 the per share data for the period. Fiscal years ended December 31, 2024 and prior were calculated
 using the SEC method.

(2) Total
 returns shown are historical in nature and assume changes in share price, reinvestment of
 dividends and distributions, if any, and exclude the effect of applicable sales charges and
 redemption fees.

(3) Amount
 represents less than
 $0.005 per share.

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| www.wesmarkfunds.com | ![(WESTMARK FUNDS LOGO)](we002_v1.jpg) | >> 65 |

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**Financial Highlights**

**WESMARK LARGE COMPANY FUND**

Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the<br> Year Ended<br> December 31,<br> 2025** | **For the<br> Year Ended<br> December 31,<br> 2024** | **For the<br> Year Ended<br> December 31,<br> 2023** | **For the<br> Year Ended<br> December 31,<br> 2022** | **For the<br> Year Ended<br> December 31,<br> 2021** |
| Net asset value, beginning of year | $22.99 | $21.63 | $19.12 | $27.41 | $23.41 |
| Activity from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) <sup>(1)</sup> | 0.00<sup>(3)</sup> | 0.02 | 0.11 | 0.09 | (0.02) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 3.77 | 4.72 | 4.06 | (5.93) | 6.08 |
| Total from investment operations | 3.77 | 4.74 | 4.17 | (5.84) | 6.06 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.02) | (0.02) | (0.10) | (0.09) | (0.00) <sup>(3)</sup> |
| &nbsp;&nbsp;&nbsp;Net realized gains | (4.67) | (3.36) | (1.56) | (2.35) | (2.06) |
| &nbsp;&nbsp;&nbsp;Return of capital |  |  |  | (0.01) |  |
| Total distributions | (4.69) | (3.38) | (1.66) | (2.45) | (2.06) |
| Net asset value, end of year | $22.07 | $22.99 | $21.63 | $19.12 | $27.41 |
| Total return<sup>(2)</sup> | 16.91% | 21.47% | 21.94% | (21.42)% | 26.06% |
| Net assets, at end of year (000s) | $334719 | $331581 | $314262 | $288629 | $402773 |
| Ratio of net expenses to average net assets after waiver/recapture | 1.14% | 1.16% | 1.12% | 1.13% | 1.12% |
| Ratio of net investment income(loss) to average net assets | 0.00% | 0.07% | 0.48% | 0.33% | (0.09)% |
| Portfolio Turnover Rate | 25% | 16% | 24% | 34% | 14% |

---

(1) Per
 share amounts calculated using the average shares method, which more appropriately presents
 the per share data for the period. Fiscal years ended December 31, 2024 and prior were calculated
 using the SEC method.

(2) Total
 returns shown are historical in nature and assume changes in share price, reinvestment of
 dividends and distributions, if any, and exclude the effect of applicable sales charges and
 redemption fees.

(3) Amount
 represents less than
 $0.005 per share.

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| >> 66 | ![(WESTMARK FUNDS LOGO)](we002_v1.jpg) | May 1, 2026 >> Prospectus |

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**Financial Highlights**

**WESMARK BALANCED FUND**

Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the<br> Year Ended<br> December 31,<br> 2025** | **For the<br> Year Ended<br> December 31,<br> 2024** | **For the<br> Year Ended<br> December 31,<br> 2023** | **For the<br> Year Ended<br> December 31,<br> 2022** | **For the<br> Year Ended<br> December 31,<br> 2021** |
| Net asset value, beginning of year | $13.09 | $13.15 | $13.13 | $14.68 | $13.45 |
| Activity from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(1)</sup> | 0.24 | 0.26 | 0.27 | 0.19 | 0.16 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 1.16 | 0.96 | 0.37 | (1.24) | 1.96 |
| Total from investment operations | 1.40 | 1.22 | 0.64 | (1.05) | 2.12 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.25) | (0.26) | (0.27) | (0.22) | (0.17) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.79) | (1.02) | (0.35) | (0.28) | (0.72) |
| Total distributions | (1.04) | (1.28) | (0.62) | (0.50) | (0.89) |
| Net asset value, end of year | $13.45 | $13.09 | $13.15 | $13.13 | $14.68 |
| Total return<sup>(2)</sup> | 10.84% | 9.30% | 4.98% | (7.19)% | 15.85% |
| Net assets, at end of year (000s) | $98841 | $96824 | $98598 | $99470 | $121852 |
| Ratio of net expenses to average net assets after waiver/recapture | 1.29% | 1.30% | 1.24% | 1.24% | 1.25% |
| Ratio of net investment income to average net assets | 1.80% | 1.94% | 2.01% | 1.36% | 1.03% |
| Portfolio Turnover Rate | 22% | 12% | 24% | 18% | 23% |

---

(1) Per
 share amounts calculated using the average shares method, which more appropriately presents
 the per share data for the period. Fiscal years ended December 31, 2024 and prior were calculated
 using the SEC method.

(2) Total
 returns shown are historical in nature and assume changes in share price, reinvestment of
 dividends and distributions, if any, and exclude the effect of applicable sales charges and
 redemption fees.

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| www.wesmarkfunds.com | ![(WESTMARK FUNDS LOGO)](we002_v1.jpg) | >> 67 |

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**Financial Highlights**

**WESMARK GOVERNMENT BOND FUND**

Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the<br> Year Ended<br> December 31,<br> 2025** | **For the<br> Year Ended<br> December 31,<br> 2024** | **For the<br> Year Ended<br> December 31,<br> 2023** | **For the<br> Year Ended<br> December 31,<br> 2022** | **For the<br> Year Ended<br> December 31,<br> 2021** |
| Net asset value, beginning of year | $7.74 | $7.94 | $7.99 | $9.81 | $10.08 |
| Activity from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(1)</sup> | 0.27 | 0.26 | 0.25 | 0.13 | 0.07 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 0.26 | (0.19) | (0.04) | (1.80) | (0.21) |
| Total from investment operations | 0.53 | 0.07 | 0.21 | (1.67) | (0.14) |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.28) | (0.27) | (0.26) | (0.15) | (0.13) |
| &nbsp;&nbsp;&nbsp;Net realized gains |  |  |  |  |  |
| Total distributions | (0.28) | (0.27) | (0.26) | (0.15) | (0.13) |
| Net asset value, end of year | $7.99 | $7.74 | $7.94 | $7.99 | $9.81 |
| Total return<sup>(2)</sup> | 6.91% | 0.90% | 2.71% | (17.11)% | (1.35)% |
| Net assets, at end of year (000s) | $174006 | $172793 | $182552 | $187501 | $242733 |
| Ratio of net expenses to average net assets after waiver/recapture | 1.04% | 1.07% | 1.01% | 1.01% | 1.02% |
| Ratio of net investment income to average net assets | 3.50% | 3.41% | 3.24% | 1.51% | 0.72% |
| Portfolio Turnover Rate | 17% | 27% | 72% | 56% | 40% |

---

(1) Per
 share amounts calculated using the average shares method, which more appropriately presents
 the per share data for the period. Fiscal years ended December 31, 2024 and prior were calculated
 using the SEC method.

(2) Total
 returns shown are historical in nature and assume changes in share price, reinvestment of
 dividends and distributions, if any, and exclude the effect of applicable sales charges and
 redemption fees.

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| >> 68 | ![(WESTMARK FUNDS LOGO)](we002_v1.jpg) | May 1, 2026 >> Prospectus |

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**Financial Highlights**

**WESMARK WEST VIRGINIA MUNICIPAL BOND FUND**

Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the<br> Year Ended<br> December 31,<br> 2025** | **For the<br> Year Ended<br> December 31,<br> 2024** | **For the<br> Year Ended<br> December 31,<br> 2023** | **For the<br> Year Ended<br> December 31,<br> 2022** | **For the<br> Year Ended<br> December 31,<br> 2021** |
| Net asset value, beginning of year | $9.68 | $9.88 | $9.67 | $10.69 | $10.84 |
| Activity from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(1)</sup> | 0.22 | 0.20 | 0.20 | 0.18 | 0.17 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 0.30 | (0.20) | 0.21 | (1.02) | (0.13) |
| Total from investment operations | 0.52 |  | 0.41 | (0.84) | 0.04 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.22) | (0.20) | (0.20) | (0.18) | (0.17) |
| &nbsp;&nbsp;&nbsp;Net realized gains |  |  |  | (0.00) <sup>(3)</sup> | (0.02) |
| Total distributions | (0.22) | (0.20) | (0.20) | (0.18) | (0.19) |
| Net asset value, end of year | $9.98 | $9.68 | $9.88 | $9.67 | $10.69 |
| Total return<sup>(2)</sup> | 5.49% | (0.01)% | 4.29% | (7.84)% | 0.43% |
| Net assets, at end of year (000s) | $87980 | $88189 | $89582 | $95597 | $114698 |
| Ratio of net expenses to average net assets after waiver/recapture | 1.16% | 1.16% | 1.10% | 1.10% | 1.11% |
| Ratio of net investment income to average net assets | 2.28% | 2.05% | 2.05% | 1.84% | 1.61% |
| Portfolio Turnover Rate | 23% | 9% | 6% | 9% | 15% |

---

<sup>(1)</sup> Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the period. Fiscal years ended December 31, 2024 and prior were calculated using the SEC method.

<sup>(2)</sup> Total returns shown are historical in nature and assume changes in share price, reinvestment of dividends and distributions, if any, and exclude the effect of applicable sales charges and redemption fees.

(3) Amount
 represents less than
 $0.005 per share.

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|:---|:---|:---|
| www.wesmarkfunds.com | ![(WESTMARK FUNDS LOGO)](we002_v1.jpg) | >> 69 |

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**Financial Highlights**

**WESMARK TACTICAL OPPORTUNITY FUND**

Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the<br> Year Ended<br> December 31,<br> 2025** | **For the<br> Year Ended<br> December 31,<br> 2024** | **For the<br> Year Ended<br> December 31,<br> 2023** | **For the<br> Year Ended<br> December 31,<br> 2022** | **For the<br> Year Ended<br> December 31,<br> 2021** |
| Net asset value, beginning of year | $11.63 | $11.01 | $10.37 | $12.16 | $11.95 |
| Activity from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(1)</sup> | 0.21 | 0.17 | 0.16 | 0.14 | 0.19 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 1.57 | 0.62 | 0.57 | (1.64) | 1.45 |
| Total from investment operations | 1.78 | 0.79 | 0.73 | (1.50) | 1.64 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.11) | (0.17) | (0.09) | (0.22) | (0.13) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.52) |  |  | (0.07) | (1.30) |
| Total distributions | (0.63) | (0.17) | (0.09) | (0.29) | (1.43) |
| Net asset value, end of year | $12.78 | $11.63 | $11.01 | $10.37 | $12.16 |
| Total return<sup>(2)</sup> | 15.42% | 7.18% | 7.10% | (12.38)% | 13.94% |
| Net assets, at end of year (000s) | $49896 | $45896 | $44770 | $41132 | $47979 |
| Ratio of net expenses to average net assets after waiver/recapture<sup>(3)</sup> | 1.45% | 1.44% | 1.39% | 1.43% | 1.44% |
| Ratio of net investment income (loss) to average net assets<sup>(3)(4)</sup> | 1.69% | 1.45% | 1.52% | 1.29% | 1.45% |
| Portfolio Turnover Rate | 41% | 21% | 39% | 85% | 78% |

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<sup>(1)</sup> Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the period. Fiscal years ended December 31, 2024 and prior were calculated using the SEC method.

<sup>(2)</sup> Total returnsshown are historical in nature and assume changes in share price, reinvestment of dividends and distributions, if any, and exclude the effect of applicable sales charges and redemption fees.

<sup>(3)</sup> Does not include the expenses of other investment companies in which the Fund invests, as these expenses are included in the realized and unrealized gain/(loss) on investments.

<sup>(4)</sup> The recognitionof investment income by the Fund is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests.

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|:---|:---|:---|
| >> 70 | ![(WESTMARK FUNDS LOGO)](we002_v1.jpg) | May 1, 2026 >> Prospectus |

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![(LOGO)](we011_v1.jpg)

**For more information**

This prospectus contains important information you should know before investing, including information about risks. Please read it before you invest and retain it for future reference. More information about the Fund is available at no charge upon request. This information includes:

**Annual/Semi-Annual Reports**

The WesMark Funds' [annual](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001007226/000158064226001728/wesmarkfund_ncsr.htm) and [semi-annual reports](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001007226/000158064225005949/wesmarkfund_ncsrs.htm) contain additional information about the Funds' investments. The annual report describes each fund's performance, lists portfolio holdings, and discusses recent market conditions, economic trends and investment strategies that significantly affected each fund's performance for the prior fiscal year. Financial statements for each fund are also included.

**Statement of Additional Information (SAI)**

The SAI provides more detailed information about the WesMark Funds and is incorporated by reference into this prospectus.

To obtain a free copy of the latest annual or semi-annual report, financial statements, or the SAI, or to request additional information about the WesMark Funds, please visit www.wesmarkfunds.com/resources or call 1-800-864-1013. These documents may also be obtained from the SEC's EDGAR database at www.sec.gov.

---

| | |
|:---|:---|
| WesMark Small Company Fund (WMKSX) Cusip 951025501<br>WesMark Large Company Fund (WMKGX) Cusip 951025204<br>WesMark Balanced Fund (WMBLX) Cusip 951025303<br>WesMark Government Bond Fund (WMBDX) Cusip 951025402<br>WesMark West Virginia Municipal Bond Fund (WMKMX) Cusip 951025105<br>WesMark Tactical Opportunity Fund (WMKTX) Cusip 951025600<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WesMark Funds<br> One Bank Plaza<br> Wheeling, WV 26003<br>Ultimus Fund Solutions, LLC,Distributor<br> *Via regular/express mail*<br>WesMark Funds<br> c/o Ultimus Fund Solutions, LLC<br> P.O. Box 46707<br> Cincinnati, OH 45246<br>*Via overnight mail*<br>WesMark Funds c/o Ultimus Fund Solutions, LLC<br> 225 Pictoria Drive, Suite 450<br> Cincinnati, OH 45246<br>May 1, 2026<br>Investment Company Act File No. 811-07925<br>|

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|:---|:---|:---|
| www.wesmarkfunds.com | ![(WESTMARK FUNDS LOGO)](we002_v1.jpg) | >> 71 |

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**<sup>Rev. 01/2026</sup>**

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| | |
|:---|:---|
|  | &nbsp;&nbsp;![(LOGO)](we010_v1.jpg) |
| &nbsp;&nbsp;**FACTS** | &nbsp;&nbsp;**WHAT DO THE WESMARK FUNDS DO WITH YOUR PERSONAL INFORMATION?** |

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| | |
|:---|:---|
| &nbsp;&nbsp;**Why?**<br>| Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. |

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| | |
|:---|:---|
| &nbsp;&nbsp;**What?**<br>| &nbsp;&nbsp;The types of personal information we collect and share depend on the product or service you have with us. This information can include:<br>■ Name and address<br>■ Assets and account balances<br>■ Transaction details |

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| | |
|:---|:---|
| &nbsp;&nbsp;**How?**<br>| All financial companies need to share customer personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customer personal information; the reasons the WesMark Funds choose to share; and whether you can limit this sharing. |

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Reasons we can share your personal information** | **Do The WesMark** **<br> Funds<br> share?** | **Can you limit this <br> sharing?** |
| &nbsp;&nbsp;**For our everyday business purposes –** <br>such as to process your transactions, maintain your account(s), and respond to court orders and legal investigations<br>| **Yes** | **No** |
| &nbsp;&nbsp;**For our marketing purposes –** <br>to offer our products and services to you<br>| **Yes** | **Yes** |
| **For joint marketing with other financial companies** | **Yes** | **Yes** |
| &nbsp;&nbsp;**For our affiliates' everyday business purposes –**<br>information about your transactions and experiences<br>| **Yes** | **No** |
| &nbsp;&nbsp;**For our affiliates' everyday business purposes –**<br>information about your creditworthiness<br>| **No** | **We don't share** |
| **For our affiliates to market to you** | **Yes** | **Yes** |
| **For nonaffiliates to market to you** | **No** | **We don't share** |

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| | |
|:---|:---|
| &nbsp;&nbsp;**To limit** <br>**our sharing**<br>| &nbsp;&nbsp;Mail the **form** below or contact us at 800-864-1013<br>**Please note:** <br>If you are a *new* customer, we can begin sharing your information 30 days from the date we sent this notice. When you are *no longer* our customer, we continue to share your information as described in this notice.<br>|

---

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;If you have a joint account, your choice(s) will apply to everyone on your account unless you mark below. □ **<br> Apply my choices only to me.** | &nbsp;&nbsp;**Mark any or all sharing you want to limit:**<br>□ **Do not use my personal information to market to me and do not share my information with affiliates or other institutions to market to me.**  | &nbsp;&nbsp;**Mark any or all sharing you want to limit:**<br>□ **Do not use my personal information to market to me and do not share my information with affiliates or other institutions to market to me.**  |
|  | &nbsp;&nbsp;**Name** | &nbsp;&nbsp;**Name** |
|  | &nbsp;&nbsp;**Address** | &nbsp;&nbsp;**Mail to:<br>** <br> WesMark Funds<br> 1 Bank Plaza<br> Wheeling, WV 26003 |
|  | &nbsp;&nbsp;**City, State, Zip** | &nbsp;&nbsp;**Mail to:<br>** <br> WesMark Funds<br> 1 Bank Plaza<br> Wheeling, WV 26003 |
|  | &nbsp;&nbsp;**Account #(s)** | &nbsp;&nbsp;**Mail to:<br>** <br> WesMark Funds<br> 1 Bank Plaza<br> Wheeling, WV 26003 |
| &nbsp;&nbsp;**Questions?** | &nbsp;&nbsp;Call 1-800-864-1013 | &nbsp;&nbsp;Call 1-800-864-1013 |

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|:---|:---|:---|
| >> 72 | ![(WESTMARK FUNDS LOGO)](we002_v1.jpg) | May 1, 2026 >> Prospectus |

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&nbsp;&nbsp;**Page 2**

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| | |
|:---|:---|
| **Who we are** | **Who we are** |
| **Who is providing this notice?** | &nbsp;&nbsp;**WesMark Funds, WesBanco Bank, Inc., WesBanco Bank Community Development Corporation, WesBanco Securities, Inc., WesBanco Insurance Services, Inc., and WesBanco Title Agency, LLC** |

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| | |
|:---|:---|
| &nbsp;&nbsp;**What we do** | &nbsp;&nbsp;**What we do** |
| &nbsp;&nbsp;**How do The WesMark Funds protect my personal information?** | &nbsp;&nbsp;To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. |
| &nbsp;&nbsp;**How do The WesMark Funds collect my personal information?**<br>| &nbsp;&nbsp;We collect your personal information, for example, when you<br>■ Open an account <br>■ Provide identifying information<br>■ Execute securities transactions<br>We also collect your personal information from affiliates or other companies.  |
| &nbsp;&nbsp;**Why can't I limit all sharing?** | &nbsp;&nbsp;Federal law gives you the right to limit only<br>■ sharing for affiliates' everyday business purposes — information about your creditworthiness<br>■ affiliates from using your information to market to you<br>■ sharing for nonaffiliates to market to you <br>State laws and individual companies may give you additional rights to limit sharing. |
| &nbsp;&nbsp;**What happens when I limit sharing for an account I hold jointly with someone else?** | &nbsp;&nbsp;Your choices will apply to everyone on your account — unless you tell us otherwise. |

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| | |
|:---|:---|
| **Definitions** | **Definitions** |
| **Affiliates** | &nbsp;&nbsp;Companies related by common ownership or control. They can be financial and nonfinancial companies.<br>■ *Our affiliates include companies with a WesBanco name such as WesBanco Bank, Inc.*<br>|
| **Nonaffiliates** | &nbsp;&nbsp;Companies not related by common ownership or control. They can be financial and nonfinancial companies.<br>■ *WesMark does not share with nonaffiliates so they can market to you.*<br>|
| **Joint marketing** | &nbsp;&nbsp;A formal agreement between nonaffiliated financial companies that together market financial products or services to you. <br>■ *WesMark does not share with nonaffiliates so we can market to you.* |

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![(LOGO)](we011_v1.jpg)

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|:---|:---|:---|
| www.wesmarkfunds.com | ![(WESTMARK FUNDS LOGO)](we002_v1.jpg) | >> 73 |

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**WESMARK FUNDS**

**WesMark Small Company Fund (WMKSX)**

**WesMark Large Company Fund (WMKGX)**

**WesMark Balanced Fund (WMBLX)**

**WesMark Government Bond Fund (WMBDX)**

**WesMark West Virginia Municipal Bond Fund (WMKMX)**

**WesMark Tactical Opportunity Fund (WMKTX)**

**Statement of Additional Information**

**May 1, 2026**

**This Statement of Additional Information ("SAI") is not a prospectus. Read this SAI in conjunction with the prospectus of the WesMark Funds dated May 1, 2026.**

**This SAI incorporates by reference the Funds' [Annual Report](https://www.sec.gov/Archives/edgar/data/1007226/000158064226001728/wesmarkfund_ncsr.htm). Obtain the Prospectus and the Annual Report without charge by calling 1-800-864-1013 or by going to the Funds' website at <u>www.wesmarkfunds.com</u>.**

**Shareholders wishing to communicate with the Funds via mail should use the following addresses:**

**Via regular/express mail:**

WesMark Funds c/o Ultimus Fund Solutions, LLC

P.O. Box 46707

Cincinnati, OH 45246

**Via overnight mail:**

WesMark Funds c/o Ultimus Fund Solutions, LLC

225 Pictoria Drive, Suite 450

Cincinnati, OH 45246

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| | |
|:---|:---|
| CONTENTS: | PAGE: |
| Fund Organization and History | 1 |
| Investment Strategies and Risks | 1 |
| Fundamental Investment Objectives and Policies | 21 |
| What Do Shares Cost? | 24 |
| How Are the Funds Sold? | 25 |
| Purchases in-Kind | 26 |
| Redemption in Kind | 27 |
| Massachusetts Partnership Law | 27 |
| Account and Share Information | 27 |
| Tax Information | 28 |
| Management of the Funds | 30 |
| Board of Trustees | 30 |
| Investment Adviser | 34 |
| Portfolio Manager Information | 35 |
| Voting Proxies on Fund Portfolio Securities | 36 |
| Disclosure of Portfolio Holdings | 37 |
| Service Providers | 40 |
| Fees Paid by the Funds for Services | 42 |
| How do the Funds Measure Performance? | 44 |
| Financial Information | 46 |
| Addresses | 46 |
| Appendix: Investment Ratings | A-1 |

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**FUND ORGANIZATION AND HISTORY**

How Are The Funds Organized?

WesMark Funds (the "Trust") is an open-end, management investment company that was established under the laws of the Commonwealth of Massachusetts on March 1, 1996. The Trust may offer separate series of shares representing interests in separate portfolios of securities. The Trust currently offers five diversified portfolios: WesMark Small Company Fund (the "Small Company Fund"), which prior to July 23, 2021 was known as the WesMark Small Company Growth Fund, WesMark Large Company Fund (the "Large Company Fund"), which prior to July 23, 2021 was known as the WesMark Growth Fund, WesMark Balanced Fund (the "Balanced Fund"), WesMark Government Bond Fund (the "Government Bond Fund"), and WesMark Tactical Opportunity Fund (the "Tactical Opportunity Fund"); and one non-diversified portfolio, WesMark West Virginia Municipal Bond Fund (the "West Virginia Municipal Bond Fund"). The Funds' investment adviser is WesBanco Investment Department, a division of WesBanco Bank, Inc. (the Adviser").

**INVESTMENT STRATEGIES AND RISKS**

Securities in Which the Funds Invest

In pursuing their investment strategy, one or more of the Funds may invest in the following securities for any purpose that is consistent with their investment objective. Investments in which a Fund can principally invest are described in the Prospectus. The following table indicates which types of securities are a:

**P** = *Principal* investment of a Fund;

**A** = *Acceptable* (but not principal) investment of a Fund; or

**N** = *Not an acceptable* investment of a Fund.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Securities** | **Small<br> Company<br> Fund** | **Large<br> Company<br> Fund** | **Balanced<br> Fund** | **Government<br> Bond Fund** | **West<br> Virginia<br> Municipal**<br> **Bond<br> Fund** | **Tactical<br> Opportunity<br> Fund** |
| **Common Stocks** | **P** | **P** | **P** | **N** | **N** | **P** |
| **Preferred Stocks** | **A** | **A** | **P** | **N** | **N** | **P** |
| **REITs** | **A** | **A** | **P** | **N** | **N** | **P** |
| **Warrants and Rights** | **A** | **A** | **A** | **N** | **N** | **A** |
| **Treasury Securities** | **A** | **A** | **P** | **P** | **A** | **P** |
| **Agency Securities** | **A** | **A** | **P** | **P** | **A** | **P** |
| **Corporate Debt Securities** | **A** | **A** | **P** | **P** | **N** | **P** |
| **Commercial Paper** | **A** | **A** | **A** | **A** | **A** | **A** |
| **Bank Instruments** | **A** | **A** | **A** | **A** | **A** | **A** |
| **Mortgage-Backed Securities** | **N** | **N** | **P** | **P** | **N** | **P** |
| **Collateralized Mortgage Obligations** | **N** | **N** | **P** | **P** | **N** | **P** |
| **Asset-Backed Securities** | **N** | **N** | **P** | **P** | **N** | **P** |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Securities** | **Small<br> Company<br> Fund** | **Large<br> Company<br> Fund** | **Balanced<br> Fund** | **Government<br> Bond Fund** | **West<br> Virginia<br> Municipal**<br> **Bond<br> Fund** | **Tactical<br> Opportunity<br> Fund** |
| **Zero Coupon Securities** | **A** | **A** | **A** | **A** | **A** | **A** |
| **Credit Enhancement** | **A** | **A** | **A** | **A** | **P** | **A** |
| **Convertible Securities** | **A** | **A** | **A** | **A** | **N** | **A** |
| **Tax-Exempt Securities** | **N** | **N** | **A** | **A** | **P** | **A** |
| **Taxable Municipal Securities** | **N** | **N** | **P** | **P** | **P** | **A** |
| **Foreign Securities** | **P** | **P** | **P** | **A** | **N** | **P** |
| **Depositary Receipts** | **A** | **A** | **A** | **A** | **N** | **A** |
| **Foreign Exchange Contract** | **A** | **A** | **A** | **A** | **N** | **A** |
| **Derivative Contracts** | **A** | **A** | **A** | **A** | **A** | **A** |
| **Futures** | **A** | **A** | **A** | **A** | **A** | **A** |
| **Options** | **A** | **A** | **A** | **A** | **A** | **A** |
| **Swap** | **A** | **A** | **A** | **A** | **A** | **A** |
| **Repurchase Agreements** | **A** | **A** | **A** | **A** | **A** | **A** |
| **Reverse Repurchase Agreements** | **A** | **A** | **A** | **A** | **A** | **A** |
| **Delayed Delivery Transactions** | **A** | **A** | **A** | **A** | **A** | **A** |
| **To Be Announced Securities** | **A** | **A** | **A** | **A** | **N** | **A** |
| **Dollar Rolls** | **A** | **A** | **A** | **A** | **N** | **A** |
| **Hybrid Instruments** | **A** | **A** | **A** | **A** | **A** | **A** |
| **Securities Lending** | **A** | **A** | **A** | **A** | **A** | **A** |
| **Other Investment Companies** | **P** | **P** | **P** | **P** | **P** | **P** |
| **Exchange-Traded Funds** | **P** | **P** | **P** | **A** | **A** | **P** |

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**EQUITY SECURITIES**

**Common Stocks**

Common stocks represent a proportional ownership interest in a company and are the most typical form of equity security. Holders of common stocks may receive a portion of the issuer's earnings in the form of dividends which are generally only paid after the issuer pays its creditors and any preferred stockholders, and generally at the issuer's discretion, making the receipt of income unpredictable. Common stocks are usually regarded as offering greater potential for appreciation than many other types of securities because their value may increase with the value of the issuer's business. As a result, changes in an issuer's earnings may directly influence the value of its common stock.

**Preferred Stocks**

Preferred stocks have the right to receive specified dividends or distributions before the issuer makes payments on its common stock. Some preferred stocks may also participate in dividends and distributions paid on common stock. Preferred stocks may also permit the issuer to redeem the stock and the Funds may treat redeemable preferred stock as a fixed-income security. Because preferred stock dividends usually must

be paid before common stock dividends, preferred stocks generally entail less risk than common stocks. However, preferred stocks are not a liability of the issuer and do not offer as much protection of capital or assurance of continued income as investments in a corporation's debt securities.

**Real Estate Investment Trusts ("REITs")**

REITs are companies that own, and usually operate income-producing real estate, or finance commercial real estate. Income is generally not taxed at the corporate level, but passed through to shareholders. Such tax requirements limit a REIT's ability to respond to changes in the real estate market. Distributions to shareholders may be taxable.

**Warrants and Rights**

Warrants and rights give a Fund the option to buy the issuer's equity securities at a specified price (the exercise price) before a specified future date (the expiration date). Both may become worthless if the price of the stock does not exceed the exercise price by the expiration date. This increases the market risks of warrants as compared to the underlying security. Rights and warrants are very similar, except companies typically issue rights to existing stockholders.

**FIXED-INCOME SECURITIES**

A fixed-income security is a company's or government's promise to pay a certain amount (interest or dividends) to borrow a certain amount (principal) and to repay the principal at a future date (maturity date). The value of a fixed income security will vary with the fluctuation of current interest rates; if interest rates rise, the value of a fixed income security will decline; if interest rates decline the value of a fixed income security will rise. Current yield is the ratio of annual income divided by the current value, and yield to maturity additionally takes into consideration the length of time to maturity and the amortization of any discount or premium to face value at maturity. Fixed income securities may be "called" or redeemed prior to the stated maturity date and securities issued by less well capitalized companies or governments will generally have a higher interest rate.

The following describes the different types of fixed-income securities not described in the Prospectus or expands on the description provided in the Prospectus.

**Treasury Securities**

Treasury securities are direct obligations of the federal government of the United States. Treasury securities are generally regarded as having the lowest credit risks.

**Agency Securities**

Agency securities are issued or guaranteed by a federal agency or other government sponsored entity ("GSE") acting under federal authority. Some GSE securities are supported by the full faith and credit of the United States. These include, but are not limited to, the Government National Mortgage Association ("Ginnie Mae"), Small Business Administration, Farm Credit System Financial Assistance Corporation, Farmer's Home Administration, Federal Financing Bank, General Services Administration, Department of Housing and Urban Development, Export-Import Bank, Overseas Private Investment Corporation, and Washington Metropolitan Area Transit Authority Bonds. Investors generally regard agency securities as having low credit risks, but not as low as Treasury securities.

Other GSE securities receive support through federal subsidies, loans or other benefits. For example, the U.S. Treasury is authorized to purchase specified amounts of securities issued by (or otherwise make funds available to) the Federal Home Loan Bank System, Federal Home Loan Mortgage Corporation ("Freddie Mac"), Federal National Mortgage Association ("Fannie Mae"), and Tennessee Valley Authority in support of such obligations.

Since 2008, Fannie Mae and Freddie Mac have operated under a conservatorship administered by the Federal Housing Finance Agency ("FHFA").

***Additional Information Related to Freddie Mac and Fannie Mae***. The extreme and unprecedented volatility and disruption that impacted the capital and credit markets beginning in 2008 led to market concerns regarding the ability of Freddie Mac and Fannie Mae to withstand future credit losses associated with securities held in their investment portfolios, and on which they provide guarantees, without the direct support of the federal government. On September 7, 2008 both Freddie Mac and Fannie Mae were placed under the conservatorship of the FHFA, a newly created independent regulator. Under the plan of conservatorship, the FHFA assumed control of, and generally has the power to direct, the operations of Freddie Mac and Fannie Mae, and is empowered to exercise all powers collectively held by their respective shareholders, directors and officers, including the power to: (1) take over the assets of and operate Freddie Mac and Fannie Mae with all the powers of the shareholders, the directors and the officers of Freddie Mac and Fannie Mae and conduct all business of Freddie Mac and Fannie Mae; (2) collect all obligations and money due to Freddie Mac and Fannie Mae; (3) perform all functions of Freddie Mac and Fannie Mae which are consistent with the conservator's appointment; (4) preserve and conserve the assets and property of Freddie Mac and Fannie Mae; and (5) contract for assistance in fulfilling any function, activity, action or duty of the conservator.

In connection with the actions taken by the FHFA, the Treasury has entered into certain preferred stock purchase agreements ("SPAs") with each of Freddie Mac and Fannie Mae which establish the Treasury as the holder of a new class of senior preferred stock in each of Freddie Mac and Fannie Mae. The senior preferred stock was issued in connection with financial contributions from the Treasury to Freddie Mac and Fannie Mae. Although the SPAs are subject to amendment from time to time, currently the Treasury is obligated to provide such financial contributions up to an aggregate maximum amount determined by a formula set forth in the SPAs, and until such aggregate maximum amount is reached, there is not a specific end date to the Treasury's obligations.

The future status and role of Freddie Mac and Fannie Mae could be impacted by (among other things) the actions taken and restrictions placed on Freddie Mac and Fannie Mae by the FHFA in its role as conservator, the restrictions placed on Freddie Mac's and Fannie Mae's operations and activities under the SPAs, market responses to developments at Freddie Mac and Fannie Mae, downgrades or upgrades in the credit ratings assigned to Freddie Mac and Fannie Mae, downgrades or upgrades in the credit ratings assigned to Freddie Mac and Fannie Mae by nationally recognized statistical rating organizations ("NRSROs") or rating services, and future legislative and regulatory action that alters the operations, ownership, structure and/or mission of these institutions, each of which may, in turn, impact the value of, and cash flows on, any securities guaranteed by Freddie Mac and Fannie Mae.

**Corporate Debt Securities**

Corporate fixed-income securities are issued by corporations. Notes, bonds, debentures and commercial paper are the most prevalent types of corporate debt securities. A Fund may also purchase interests in bank loans to companies. The credit risks of corporate debt securities vary widely among issuers based on a company's financial circumstances.

Credit risk of an issuer's debt security may also vary based on its priority for repayment. This means that the issuer might not make payments on lower ranking or subordinated securities while continuing to make payments on higher ranking or senior securities. In the event of bankruptcy, holders of senior securities may receive payments whereas holders of subordinated securities may not. Some subordinated securities permit the issuer to defer payments under certain circumstances.

**Commercial Paper**

Commercial paper is an issuer's obligation to repay a principal amount within less than nine months, and is used to pay for current expenditures. Most issuers constantly reissue or rollover their commercial paper and use the proceeds (or bank loans) to repay maturing paper. If the issuer cannot continue to obtain liquidity in this fashion, its commercial paper may default. The short maturity of commercial paper reduces both the market and credit risks as compared to other debt securities of the same issuer.

**Bank Instruments**

Bank instruments are unsecured interest bearing deposits with banks. Bank instruments include, but are not limited to, bank accounts, time deposits, certificates of deposit and bankers' acceptances.

**Mortgage-Backed Securities ("MBS")**

Mortgage-backed securities represent interests in pools or groups of mortgages with similar interest rates, maturity dates, and other terms. The mortgages may carry fixed interest rates or may be adjustable-rate mortgages ("ARM"). The simplest form of a MBS is the pass-through certificate, whereby certificate holders receive a pro rata share of all principal and interest payments, as well as any principal prepayments on the pool of underlying mortgages.

**Collateralized Mortgage Obligations ("CMOs")**

CMOs are more complicated mortgage-backed securities that allocate payments and prepayments from an underlying mortgage pool among holders of different classes or tranches of the CMO. This creates different prepayment and interest rate risks for each CMO class. The degree of increased or decreased prepayment risks depends upon the structure of the CMOs. However, the actual returns on any type of mortgage-backed security depend upon the performance of the underlying pool of mortgages, which no one can predict and will vary among pools.

● **Sequential CMO -** In a sequential pay CMO, one class of CMOs receives all principal payments and prepayments. The next class of CMOs receives all principal payments after the first class is paid off. This process repeats for each sequential class of CMO. As a result, each class of sequential pay CMOs reduces the prepayment risks of subsequent classes.

● **PACs, TACs and Companion Classes -** More sophisticated CMOs include planned amortization classes ("PACs") and targeted amortization classes ("TAC"). PACs and TACs are issued with companion classes. PACs and TACs receive principal payments and prepayments at a specified rate. The companion classes receive principal payments and prepayments in excess of the specified rate. In addition, PACs will receive the companion classes' share of principal payments, if necessary, to cover a shortfall in the prepayment rate. This helps PACs and TACs to control prepayment risks by increasing the risks to their companion classes.

● **IOs and POs -** As discussed in the Prospectus, CMOs may allocate interest payments to one class (Interest Only or IO) and principal payments to another class (Principal Only or PO). POs increase in value when prepayment rates increase. In contrast, IOs decrease in value when prepayments increase, because the underlying mortgages generate less interest payments. However, IOs tend to increase in value when interest rates rise (and prepayments decrease), making IOs a useful hedge against interest rate risks.

● **Floaters and Inverse Floaters -** Another variant allocates interest payments between two additional classes of CMOs. One class (Floaters) receives a share of interest payments based upon a market index. The other class (Inverse Floaters) receives any remaining interest payments from the underlying mortgages. Floater classes receive more interest (and Inverse Floater classes receive correspondingly less interest) as interest rates rise. This shifts prepayment and interest rate risks from the Floater to the Inverse Floater class, reducing the price volatility of the Floater class and increasing the price volatility of the Inverse Floater class.

● **Z Classes and Residual Classes -** CMOs must allocate all payments received from the underlying mortgages to some class. To capture any unallocated payments, CMOs generally have an accrual (Z) class. Z classes do not receive any payments from the underlying mortgages until all other CMO classes have been paid off. Once this happens, holders of Z class CMOs receive all payments and prepayments. Similarly, real estate mortgage investment conduits ("REMIC") have residual interests that receive any mortgage payments not allocated to another REMIC class.

The degree of increased or decreased prepayment risks depends upon the structure of the CMOs. However, the actual returns on any type of mortgage-backed security depend upon the performance of the underlying pool of mortgages, which no one can predict and will vary among pools.

**Asset-Backed Securities**

Asset-backed securities are payable from pools of obligations other than mortgages, such as consumer or commercial debts. Asset-backed securities may take the form of commercial paper, notes, or pass through certificates. Asset-backed securities may have credit, interest rate, and prepayment risks. Like CMOs, asset-backed securities may be structured like Floaters, Inverse Floaters, IOs and POs.

**Zero Coupon Securities**

Zero coupon securities do not pay interest or principal until final maturity unlike debt securities that provide periodic payments of interest (referred to as a coupon payment). Instead, zero coupon securities are purchased at a price below the amount payable at maturity with the difference between the purchase price and maturity value representing the interest earned on the zero coupon security. The value of a zero coupon security will fluctuate in value based on current interest rates and the length of time to maturity.

**Credit Enhancement**

Credit enhancement occurs when a company agrees to pay amounts due on a fixed-income security if the issuer of the security defaults. Common types of credit enhancement include guarantees, letters of credit, bond insurance and surety bonds. Credit enhancement also includes arrangements where securities or other liquid assets secure payment of a fixed-income security. The Adviser evaluates both the company providing the credit enhancement as well as the underlying issuer when considering a security with some form of credit enhancement. Generally, some form of credit enhancement reduces credit risks by providing another source of payment for a fixed-income security. Downgrading the rating of, or a financial crisis experienced by, a credit enhancement provider can negatively affect the market value of an issuer's securities.

● **Municipal Bond Insurance** - The Funds may purchase municipal securities covered by insurance which guarantees the timely payment of principal at maturity and interest on such securities (Policy or Policies). These insured municipal securities are either (1) covered by an insurance policy applicable to a particular security, whether obtained by the issuer of the security or by a third party (Issuer-Obtained Insurance) or (2) insured under master insurance policies issued by municipal bond insurers, which may be purchased by a Fund. The premiums for the Policies may be paid by the Funds and the yield on the Fund's portfolio may be reduced thereby.

Each Policy guarantees the payment of principal and interest on the municipal securities it insures. In the event interest or principal on an insured municipal security is not paid when due, the insurer covering the security will be obligated under its Policy to make the missing payment after being notified by the Fund. The issuer of the Policy will not have the right to withdraw coverage on securities insured by their Policies so long as such securities remain in the Fund's portfolio, nor may the issuer of the Policy cancel their Policies for any reason except failure to pay premiums when due.

Rating agencies evaluating the ratings on bonds held in a Fund's portfolio take the credit quality of the insurance company into consideration when determining the rating of a bond. If an insurance company experiences a negative financial event, such as bankruptcy, the rating of the insurance company is adversely affected and the rating of any bond insured by the company is downgraded as well.

**Convertible Securities**

Convertible securities (either stock or bonds) are securities that may be exchanged for a certain number of shares of the underlying company at a specified conversion price, possibly realizing additional returns if the market price of the equity securities exceeds the conversion price.

Convertible securities generally have lower yields than comparable fixed-income securities, and are usually issued with a conversion price that exceeds the market value of the underlying equity securities at the time of issuance. Thus, convertible securities may provide lower returns than non-convertible fixed-income securities or equity securities depending upon changes in the price of the underlying equity securities. However, convertible securities permit a Fund to realize some of the potential appreciation of the underlying equity securities with less risk of losing its initial investment.

**Tax-Exempt Securities**

Tax-exempt securities are fixed-income securities that, in the opinion of bond counsel to the issuer or on the basis of another authority believed by the Adviser to be reliable, pay interest that is not subject to federal regular income taxes. Typically, states, counties, cities, and other political subdivisions and authorities issue tax-exempt securities. The market categorizes tax-exempt securities by their source of repayment.

● **Special Revenue Bonds** - Special revenue bonds are payable solely from specific revenues received by the issuer such as specific taxes, assessments, tolls, or fees. Bondholders may not collect from the municipality's general taxes or revenues. For example, a municipality may issue bonds to build a toll road, and pledge the tolls to repay the bonds. Therefore, a shortfall in the tolls normally would result in a default on the bonds.

● **General Obligation Bonds** - General obligation bonds are supported by the issuer's power to exact property or other taxes. The issuer must impose and collect taxes sufficient to pay principal and interest on the bonds. However, the issuer's authority to impose additional taxes may be limited by its charter or state law.

● **Tax Increment Financing Bonds** - Tax increment financing ("TIF") bonds are payable from increases in taxes or other revenues attributable to projects within the TIF district. For example, a municipality may issue TIF bonds to redevelop a commercial area. The TIF bonds would be payable solely from any increase in sales taxes collected from the merchants in the area. The bonds could fail to pay principal or interest if merchants' sales, and related tax collections, failed to increase as anticipated.

● **Variable Rate Demand Instruments** - Variable rate demand instruments are tax-exempt securities that require the issuer or a third party, such as a dealer or bank, to repurchase the security for its face value upon demand. The securities also pay interest at a variable rate intended to cause the securities to trade at their face value. A Fund treats variable rate demand instruments as short-term securities even though their stated maturity may extend beyond 397 days because, within 397 days, their variable interest rate adjusts in response to changes in market rates and the repayment of their principal amount can be demanded.

● **Municipal Leases** - Municipalities may enter into leases for equipment or facilities. In order to comply with state public financing laws, these leases are typically subject to annual appropriation. In other words, a municipality may end a lease, without penalty, by not providing for the lease payments in its annual budget. After the lease ends, the lessor can resell the equipment or facility but may lose money on the sale.

The Funds may invest in securities supported by pools of municipal leases. The most common type of lease backed securities are certificates of participation ("COP"). However, the Funds may also invest directly in individual leases.

● **Municipal Notes** - Municipal notes are short-term tax-exempt securities. Many municipalities issue such notes to fund their current operations before collecting taxes or other municipal revenues. Municipalities may also issue notes to fund capital projects prior to issuing long-term bonds. The issuers typically repay the notes at the end of their fiscal year, either with taxes, other revenues or proceeds from newly issued notes or bonds.

**Taxable Municipal Securities**

Although many Municipal Securities are exempt from federal income tax, the Funds may invest in taxable municipal securities, such as Build America Bonds. Build America Bonds are taxable bonds issued by state and local governments to fund capital projects for which they otherwise could issue tax-exempt bonds. Issuers of these bonds receive a direct federal subsidy payment for a portion of their borrowing costs equal to 35 percent of the coupon interest paid to investors.

**FOREIGN SECURITIES**

Foreign securities are securities of issuers based outside the United States. The Funds consider an issuer to be based outside the United States if:

● its principal office is located in another country; or

● the principal trading market for its securities is in another country.

Foreign securities are primarily denominated in foreign currencies. Along with the risks normally associated with domestic securities of the same type, foreign securities are subject to currency risks and risks of foreign investing. Trading in certain foreign markets is also subject to liquidity risks.

**Depositary Receipts**

Depositary receipts represent interests in underlying shares issued by a foreign company. Depositary receipts are not traded in the same market as the underlying security. American Depositary Receipts ("ADR") are also traded in U.S. dollars, eliminating the need for foreign exchange transactions. The foreign securities underlying European Depositary Receipts ("EDR"), Global Depositary Receipts ("GDR"), and International Depositary Receipts ("IDR"), are traded globally or outside the United States. Depositary receipts involve many of the same risks of investing directly in foreign securities, including currency risks and risks of foreign investing.

**Foreign Exchange Contracts**

In order to convert U.S. dollars into the currency needed to buy a foreign security, or to convert foreign currency received from the sale of a foreign security into U.S. dollars, the Funds may enter into spot currency trades. In a spot trade, a Fund agrees to exchange one currency for another at the current exchange rate. The Funds may also enter into derivative contracts in which a foreign currency is an underlying asset. The exchange rate for currency derivative contracts may be higher or lower than the spot exchange rate. Use of these derivative contracts may increase or decrease a Fund's exposure to currency risks.

**Derivative Contracts**

To the extent permitted by its investment objectives and policies, each Fund may invest in securities that are commonly referred to as derivative securities. Generally, a derivative security is a financial arrangement, the value of which is based on, or derived from, a designated security, commodity, currency, index, or other asset or instrument (collectively a "Reference Instrument").

**Futures Contracts**

Futures contracts provide for the future sale by one party and purchase by another party of a specified amount of a Reference Instrument at a specified price, date and time. Entering into a contract to buy a Reference Instrument is commonly referred to as buying a contract or holding a long position in the Reference Asset. Entering into a contract to sell a Reference Instrument is commonly referred to as selling a contract or holding a short position in the Reference Instrument. Futures contracts are considered to be commodity contracts. The Funds have claimed an exclusion from the definition of the term "commodity pool operator" under the Commodity Exchange Act and, therefore, is not subject to registration or regulation as a commodity pool operator under that Act. Futures contracts traded OTC are frequently referred to as forward contracts. The Funds can buy or sell financial futures (such as interest rate futures, index futures and security futures) as well as currency futures and currency forward contracts.

**Option Contracts**

Option contracts (options) are rights to buy or sell a Reference Asset usually a stock 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 stocks.

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 Reference Asset in anticipation of an increase in the value of the stock; and

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

**Put Options**

A put option gives the holder the right to sell the Reference Asset to the writer of the option. A Fund may use put options in the following ways:

● Buy put options on a Reference Asset in anticipation of a decrease in the value of the Reference Instrument; and

● Write put options on a Reference Asset to generate income from premiums, and in anticipation of an increase or only limited decrease in the value of the Reference Asset. In writing puts, there is a risk that a Fund may be required to take delivery of the Reference Asset 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 Reference Instrument).

**Swap Contracts**

A swap contract (swap) is a type of derivative contract in which two parties agree to pay each other (swap) the returns derived from and underlying Reference Asset. Most swaps do not involve the delivery of the underlying assets by either party, and the parties might not own the underlying Reference Asset. The payments are usually made on a net basis so that, on any given day, a Fund would receive (or pay) only the amount by which its payment under the contract is less than (or exceeds) the amount of the other party's payment. Swap agreements are sophisticated instruments that can take many different forms and are known

by a variety of names. Common swap agreements that a Fund may use include interest rate swaps, cap and floor swaps, total return swaps, credit default swaps, and currency swaps.

**SPECIAL TRANSACTIONS**

**Repurchase Agreements (Repo)**

Repurchase agreements are transactions in which a Fund buys a security from a dealer or bank and agrees to sell the security back at a mutually agreed upon time and price. The repurchase price exceeds the sale price, reflecting a Fund's return on the transaction. This return is unrelated to the interest rate on the underlying security. A Fund will enter into repurchase agreements only with banks and other recognized financial institutions, such as securities dealers, deemed creditworthy by the Adviser. Repurchase agreements are subject to credit risks.

The Funds' custodian or subcustodian will take possession of the securities subject to repurchase agreements. The Adviser or custodian will monitor the value of the underlying security each day to ensure that the value of the security always equals or exceeds the repurchase price.

**Reverse Repurchase Agreements ("Reverse Repo")**

Reverse repurchase agreements are repurchase agreements in which a Fund is the seller (rather than the buyer) of the securities, and agrees to repurchase them at an agreed upon time and price. A reverse repurchase agreement may be viewed as a type of borrowing by a Fund. Reverse repurchase agreements are subject to credit risks. In addition, reverse repurchase agreements create leverage risks because a Fund must repurchase the underlying security at a higher price, regardless of the market value of the security at the time of repurchase.

**Delayed Delivery Transactions**

Delayed delivery transactions, including when issued transactions, are arrangements in which a Fund buys securities for a set price, with payment and delivery of the securities scheduled for a future time. During the period between purchase and settlement, no payment is made by a Fund to the issuer and no interest accrues to a Fund. A Fund records the transaction when it agrees to buy the securities and reflects their value in determining the price of its shares. Settlement dates may be a month or more after entering into these transactions so that the market values of the securities bought may vary from the purchase prices. Therefore, delayed delivery transactions create interest rate risks for a Fund. Delayed delivery transactions also involve credit risks in the event of a counterparty default. These transactions create leverage risks.

**To Be Announced Securities ("TBA")**

As with other delayed delivery transactions, a seller agrees to issue a TBA security at a future date. However, the seller does not specify the particular securities to be delivered. Instead, a Fund agrees to accept any security that meets specified terms. For example, in a TBA mortgage-backed transaction, a Fund and the seller would agree upon the issuer, interest rate and terms of the underlying mortgages. The seller would not identify the specific underlying mortgages until it issues the security. TBA mortgage-backed securities increase interest rate risks because the underlying mortgages may be less favorable than anticipated by a Fund.

**Dollar Rolls**

Dollar rolls are transactions where a Fund sells mortgage-backed securities with a commitment to buy similar, but not identical, mortgage-backed securities on a future date at a lower price. Normally, one or both securities involved are TBA mortgage-backed securities. Dollar rolls are subject to interest rate risks and credit risks.

**Hybrid Instruments**

Hybrid instruments combine elements of two different kinds of securities or financial instruments (such as a derivative contract). Frequently, the value of a hybrid instrument is determined by reference to changes in the value of a Reference Instrument (that is a designated security, commodity, currency, index or other asset or instrument including a derivative contract). The Fund may use hybrid instruments only in connection with permissible investment activities. Depending on the type and terms of the hybrid instrument, its risks may reflect a combination of the risks of investing in the Reference Instrument with the risks of investing in other securities, currencies and derivative contracts. Thus, an investment in a hybrid instrument may entail significant risks in addition to those associated with traditional investments or the Reference Instrument. Hybrid instruments are also potentially more volatile than traditional securities or the Reference Instrument. Moreover, depending on the structure of the particular hybrid, it may expose the Fund to leverage risks or carry liquidity risks.

**Securities Lending**

A Fund may lend portfolio securities to borrowers that the Adviser deems creditworthy. In return, a Fund receives cash or liquid securities from the borrower as collateral. The borrower must furnish additional collateral if the market value of the loaned securities increases. Also, the borrower must pay the Funds the equivalent of any dividends or interest received on the loaned securities.

The Funds will reinvest cash collateral in securities that qualify as an acceptable investment for the Funds. However, the Funds must pay interest to the borrower for the use of cash collateral.

Loans are subject to termination at the option of the Funds or the borrower. The Funds will not have the right to vote on securities while they are on loan, but it will terminate a loan in anticipation of any important vote. The Funds may pay administrative and custodial fees in connection with a loan and may pay a negotiated portion of the interest earned on the cash collateral to a securities lending agent or broker.

Securities lending activities are subject to interest rate risks and credit risks. These transactions create leverage risks.

**Asset Segregation**

Should the Funds engage in any transactions with respect to derivatives that create a future payment obligation of a Fund, the Fund will comply with all rules and regulations of the Investment Company Act of 1940 (the "1940 Act") with regard to asset segregation. Such rules and regulations may require the Fund to set aside cash or readily marketable securities equal to its future net payment obligation.

**OTHER INVESTMENT COMPANIES**

The Funds may invest its assets in securities of other investment companies, including the securities of money market funds, as an efficient means of implementing its investment strategies and/or managing its uninvested cash. These other investment companies are managed independently of the Fund and incur additional fees and/or expenses which would, therefore, be borne indirectly by the Fund in connection with these investments. However, the Adviser believes that the benefits and efficiencies of this approach should outweigh the potential additional fees and/or expenses. The Fund may invest in money market securities directly.

**EXCHANGE-TRADED FUNDS**

Certain of the Funds may also invest in exchange traded funds ("ETFs"). As with traditional mutual funds, ETFs charge asset-based fees, although these fees tend to be relatively low. ETFs are generally traded on a

stock exchange. ETFs do not charge initial sales charges or redemption fees and investors pay only customary brokerage commissions to buy and sell ETF shares.

**HEDGING**

Hedging transactions are intended to reduce specific risks. To protect the Fund against circumstances that would normally cause the Fund's portfolio securities to decline in value, the Fund may be allowed to buy or sell a derivative contract that would normally increase in value under the same circumstances. The Funds may also attempt to hedge by using combinations of different derivative contracts, or derivative contracts and securities. The Fund's ability to hedge may be limited by the costs of the derivative contracts. The Funds may attempt to lower the cost of hedging by entering into transactions that provide only limited protection, including transactions that (1) hedge only a portion of its portfolio, (2) use derivative contracts that cover a narrow range of circumstances or (3) involve the sale of derivative contracts with different terms. Consequently, hedging transactions will not eliminate risk even if they work as intended. In addition, hedging strategies are not always successful, and could result in increased expenses and losses to the Fund.

**INVESTMENT RATINGS FOR INVESTMENT-GRADE SECURITIES**

The Adviser will determine whether a security is investment-grade based upon the credit ratings given by one or more NRSRO. For example, Standard and Poor's, a rating service, assigns ratings to investment-grade securities (AAA, AA, A, and BBB) based on their assessment of the likelihood of the issuer's inability to pay interest or principal (default) when due on each security. Lower credit ratings correspond to higher credit risk. If a security has not received a rating, a Fund must rely entirely upon the Adviser's credit assessment that the security is comparable to investment-grade. See the Appendix for the rating agency definitions.

**INVESTMENT RISKS**

There are many factors which may affect an investment in the Funds. The Funds' principal risks are described in its prospectus. Additional risk factors are outlined below.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Risks** | **Small<br> Company**<br> **Fund** | **Large<br> Company<br> Fund** | **Balanced<br> Fund** | **Government<br> Bond Fund** | **West<br> Virginia<br> Municipal<br> Bond<br> Fund** | **Tactical<br> Opportunity<br> Fund** |
| Active Management Risk | X | X | X | X | X | X |
| Interest Rate Risks | X | X | X | X | X | X |
| Credit Risks | X | X | X | X | X | X |
| Call Risks |  |  | X | X | X | X |
| Commodity Risk |  |  |  |  |  | X |
| Leverage Risks | X | X | X | X | X | X |
| Risks Related to Company Size | X | X | X |  |  | X |
| Risks of Foreign Investing | X | X | X | X |  | X |
| Currency Risks | X | X | X | X |  | X |
| Risks of Investing in Derivative Contracts and Hybrid Instruments | X | X | X | X | X | X |
| Liquidity Risks | X | X | X | X | X | X |
| Exchange-Traded Funds Risks | X | X | X | X | X | X |
| Tax Risks |  |  | X | X | X |  |
| West Virginia Risks |  |  |  |  | X |  |
| High Portfolio Turnover Risk | | | | | | X |

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**Active Management Risks**

● The Fund portfolios are actively managed by portfolio managers and portfolio investment decisions may be biased or affected by non-market related factors, for example choosing to overweight a sector that subsequently underperforms.

**Interest Rate Risks**

● Prices of fixed-income securities rise and fall in response to changes in the interest rate paid by similar securities. Generally, when interest rates rise, prices of fixed-income securities fall. The opposite is true when interest rates decline.

● Interest rate changes have a greater effect on the price of fixed-income securities with longer durations. Duration measures the price sensitivity of a fixed-income security to changes in interest rates.

**Credit Risks**

● Credit risk is the possibility that an issuer will default on a security by failing to pay interest or principal when due. If an issuer defaults, a Fund will lose money.

● Many fixed-income securities receive credit ratings from services such as Standard & Poor's and Moody's Investors Service. These services assign ratings to securities by assessing the likelihood of issuer default. Lower credit ratings correspond to higher credit risk. If a security has not received a rating, a Fund must rely entirely upon the Adviser's credit assessment.

● Fixed-income securities generally compensate for greater credit risk by paying interest at a higher rate. The difference between the yield of a security and the yield of a U.S. Treasury security with a comparable maturity (the spread) measures the additional interest paid for risk. Spreads may increase generally in response to adverse economic or market conditions. A security's spread may also increase if the security's rating is lowered, or the security is perceived to have an increased credit risk. An increase in the spread will cause the price of the security to decline.

● Credit risk includes the possibility that a party to a transaction, such as a derivative transaction, involving a Fund will fail to meet its obligations. This could cause a Fund to lose the benefit of the transaction or prevent a Fund from selling or buying other securities to implement its investment strategy.

**Call Risks**

● Call risk is the possibility that an issuer may redeem a fixed-income security before maturity (a call) at a price below its current market price. An increase in the likelihood of a call may reduce the security's price.

● If a fixed-income security is called, a Fund may have to reinvest the proceeds in other fixed-income securities with lower interest rates, higher credit risks, or other less favorable characteristics.

**Commodity Risk**

● Investments in instruments (including ETFs) whose performance is linked to the price of an underlying commodity (including precious metals such as gold) or commodity index, may be subject to the risks of investing in physical commodities. These types of risks include regulatory, economic and political developments, weather events and natural disasters, pestilence, market disruptions, and the fact that commodity prices may have greater volatility than investments in traditional securities.

● A Fund's investment in commodities could cause the Fund to fail to qualify as a regulated investment company ("RIC") under Subchapter M of the Internal Revenue Code. It is the intent of the Fund to maintain its RIC status, and as such, the Fund will seek to manage its investment in commodities in an effort to continue to qualify as a RIC. However, there are no assurances it will be successful in doing so.

**Leverage Risks**

● Leverage risk is created when an investment, which includes, for example, an investment in a derivative contract, exposes the Fund to a level of risk that exceeds the amount invested. Changes in the value of such an investment magnify the Fund's risk of loss and potential for gain.

**Risks Related to Company Size**

● Generally, the smaller the market capitalization of a company, the fewer the number of shares traded daily, the less liquid its stock and the more volatile its price. Market capitalization is determined by multiplying the number of its outstanding shares by the current market price per share.

● Companies with smaller market capitalizations also tend to have unproven track records, a limited product or service base, and limited access to capital. These factors also increase risks and make these companies more likely to fail than larger, well capitalized companies.

**Risks of Foreign Investing**

● Foreign securities pose additional risks because foreign economic or political conditions may be less favorable than those of the United States. Securities in foreign markets may also be subject to taxation policies that reduce returns for U.S. investors.

● Foreign companies may not provide information (including financial statements) as frequently or to as great an extent as companies in the United States. Foreign companies may also receive less coverage than United States companies by market analysts and the financial press. In addition, foreign countries may lack uniform accounting, auditing and financial reporting standards or regulatory requirements comparable to those applicable to U.S. companies. These factors may prevent a Fund and its Adviser from obtaining information concerning foreign companies that is as frequent, extensive, and reliable as the information available concerning companies in the United States.

● Foreign countries may have restrictions on foreign ownership of securities or may impose exchange controls, capital flow restrictions or repatriation restrictions which could adversely affect the liquidity of a Fund's investments.

**Currency Risks**

● Exchange rates for currencies fluctuate daily. The combination of currency risk and market risk tends to make securities traded in foreign markets more volatile than securities traded exclusively in the U.S.

● The Adviser attempts to manage currency risk by limiting the amount a Fund invests in securities denominated in a particular currency. However, diversification will not protect a Fund against a general increase in the value of the U.S. dollar relative to other currencies.

**Risks of Investing in Derivative Contracts and Hybrid Instruments**

● The Funds' exposure to derivative contracts and hybrid instruments, either directly or indirectly through another investment company, may involve risks different from or possibly greater than the risk associated with investing directly in a security instead of the derivative. Risks include: 1) the value of the derivative may not correlate with the value of the underlying security or may correlate inversely; 2) any potential risk reduction may be offset with gain limitations; 3) derivatives may be difficult to price, thus involving additional payments by the Funds; 4) possible adverse tax consequences; 5) possible unforeseen redemption request by a derivative counter party increasing possible portfolio losses or costs, or preventing a Fund from implementing its investment strategy; and 6) other risks, such as but not limited to, stock market, interest rate, credit, currency, liquidity, and leverage risks.

**Liquidity Risks**

● Trading opportunities are more limited for fixed-income securities that have not received any credit ratings, have received ratings below investment-grade, have CMOs with complex terms, or are not widely held.

● These features may make it more difficult to sell or buy a security at a favorable price or time. Consequently, the Funds may have to accept a lower price to sell a security, sell other securities to raise cash, or give up an investment opportunity, any of which could have a negative effect on a Fund's performance. Infrequent trading of securities may also lead to an increase in their price volatility.

● Liquidity risk also refers to the possibility that a Fund may not be able to sell a security or close out a derivative contract when it wants to. If this happens, a Fund will be required to continue to hold the security or keep the position open, and the Fund could incur losses.

● OTC derivative contracts generally carry greater liquidity risk than exchange-traded contracts. This risk may be increased in times of financial stress, if the trading market for OTC derivative contracts becomes restricted.

**Exchange-Traded Funds ("ETF") Risks**

● An investment in an ETF generally presents the same primary risks as an investment in a mutual fund (i.e., one that is not exchange traded) that has the same investment objectives, strategies, and policies. The price of an ETF can fluctuate up or down, and the Fund could lose money investing in an ETF if the prices of the securities owned by the ETF go down. In addition, ETFs may be subject to the following risks that do not apply to mutual funds: (i) the market price of an ETF's shares may trade above or below their net asset value; (ii) an active trading market for an ETF's shares may not develop or be maintained; or (iii) trading of an ETF's shares may be halted if the listing exchange's officials deem such action appropriate, the shares are delisted from the exchange, or the activation of market-wide "circuit breakers" (which are tied to large decreases in stock prices) halts stock trading generally.

**West Virginia Investment Risks**

Because it is invested primarily in securities issued by the State of West Virginia, its local governments and their agencies, the West Virginia Municipal Bond Fund is subject to the risks of West Virginia's economy and the financial conditions of the state and local government and agencies.

Economic performance has been supported by significant investments in the energy, manufacturing, and construction sectors, underscoring the state's long-term economic potential. However, many regions continue to face structural challenges, including low labor force participation, an aging population, limited

population growth, and workforce constraints. These demographic trends may limit the state's capacity to sustain long-term growth, absent continued immigration and targeted economic development efforts.

Although West Virginia has posted strong fiscal performance and record-setting revenue collections in recent years, employment growth is expected to lag national trends through at least 2029. Since the beginning of 2025, the Federal Reserve has implemented four policy rate cuts, lowering the federal funds rate from 4.5% in January 2025 to 3.75% following the December 10, 2025, reduction, reflecting efforts to support economic growth and borrowing activity.

West Virginia's unemployment rate was 4.6% as of December with a labor participation rate of 54.6%, which is the lowest of any state. As of July 1, 2025, West Virginia had approximately 1,766,147 citizens, an approximate 4.7% decrease from 1,852,994 in 2010, compared to an approximate 10.2% increase nationally. The 65+ age group made up 21.9% of the state's population as of July 1, 2025, making it the third oldest state in the nation behind Vermont and Maine. As of July 1, 2025, of the state's citizens over 25 years old, 89.3% had completed high school or an equivalency program, and 24.2% had obtained a bachelor's degree, compared to national figures of 89.6% and 35.6%, respectively. As of July 1, 2025, 78.1% of West Virginia's citizens were under the age of 65 with 19.7% being under 18 years old. The state's median household income as of 2024, was $60,798, compared to a national median household income for 2024 of $81,604.

Real GDP growth in West Virginia has historically been more volatile than the national average. From 2012 through 2022, the state consistently underperformed the nation; however, in 2023, West Virginia's GDP growth nearly doubled the national rate and is expected to remain broadly in line with national growth through 2024. The energy sector remains a key economic driver, accounting for approximately 15% to 18% of real GDP in 2025. Energy output has increased more than 40% since 2017 and is projected to be the fastest-growing sector through 2029. Nonetheless, the sector employs only about 8.5% of the state's workforce, and economic activity outside of energy has grown by less than 3% since 2017, exposing the state to cyclical risks should energy demand weaken.

Coal, oil, and natural gas production remain among the strongest-performing industries, with cumulative growth of nearly 50% over the past eight years. While coal production is expected to stabilize as exports increase, the state remains vulnerable to downturns in global commodity demand.

Outside the energy sector, employment growth is expected to be strongest in private service-providing industries, particularly health care and social assistance. Over the year ending December 2025, the sector added approximately 2,200 jobs, supported by expansion among major providers such as WVU Medicine and Charleston Area Medical Center. Employment in health care is projected to increase by more than 8,000 jobs through 2029, although proposed changes to Medicaid could negatively affect growth by reducing coverage and federal funding. Construction employment has also grown, adding approximately 4,900 jobs over the same period, with large-scale infrastructure, industrial, and commercial projects expected to support continued expansion.

Fiscal performance remains a notable strength. General Revenue Fund collections for fiscal year 2025 exceeded estimates despite trailing the prior year due to personal income tax reductions. Ongoing revenue growth through late 2025 has been driven primarily by personal income and consumer sales taxes, particularly in the northern and eastern panhandles. While the state continues to maintain fiscal surpluses and positive balances, officials have cautioned that long-term demographic and economic headwinds remain.

A significant constraint on future growth is West Virginia's long-term population decline. The state has lost approximately 88,000 residents since 2012 and remains one of only a few states experiencing net

population declines. Although the pace of decline has slowed and migration trends have improved supported by economic development initiatives, energy investments, and broadband expansion. The state's aging population, low birth rate, and elevated mortality rate are expected to continue exerting downward pressure on population totals. Forecasters project that population losses will moderate over the next several years but sustained economic performance and immigration will be critical to reversing this trend.

West Virginia is considered an energy state due to its abundant natural resources and business climate for energy-related companies. In 2025, West Virginia ranked second in the nation in coal production. As well, the state is one of the largest producers of oil and natural gas east of the Mississippi River. In 2025, West Virginia ranked 5th nationally in natural gas production with a production of nearly 3.6 trillion cubic feet. West Virginia ranked 14th nationally in oil production for 2025. The state collected a total of $1.3 billion in from the energy sector taxes in fiscal 2025. Oil and natural gas severance taxes collected in 2025 were approximately $318.3 million, as compared to $105.5 million, in 2024. West Virginia remains a net supplier of electricity to the regional grid, ranking 31st in net electrical generation in 2025. West Virginia produces nearly 6% of the nation's total energy and ranked 4th in total energy sales per capita in 2025.

Coal production has been the state's chief commodity in the energy sector and an important driver of economic activity in the state, although natural gas is becoming a larger part of the sector. The coal industry continues to face regulatory risks related to concerns about climate change and water quality as well as production challenges stemming from judicial interpretations of existing laws and scientific contentions regarding the toxicity of previously thought benign materials. The WVBBER expects that there will be year-to-year volatility in production going forward as domestic demand for West Virginia's coal continues to decrease and reliance on global coal trade rises. In 2019, West Virginia had a total of 13,988 coal-mining jobs. Since then, the total number of coal-mining jobs decreased before recovering from 2022. Coal mining jobs have been 14,014 in 2023, 13,800 in 2024 and 13,000 in 2025.

The natural gas industry has continued to grow in West Virginia, particularly as a result of increased industry interest in the Marcellus Shale, a deep natural gas play running from southwestern New York through western Pennsylvania, north central West Virginia and parts of Ohio, made more accessible in recent years due to the development of enhanced drilling technologies. Previously, the job growth from natural gas extraction had slowed down as a consequence of crude oil prices reducing the cost for traditional sources of energy and, thus, reducing the profitability of natural gas sourced from hydraulic fracturing, the primary method for extracting natural gas in the Marcellus Shale. In 2019, natural gas production rapidly increased 20% higher than 2018 totals, and such growth continued during 2020. By 2021, the state was the fifth highest producing state for natural gas, and as of 2025, West Virginia remains the fourth largest U.S. natural gas producer, producing nearly 3.6 trillion cubic feet of natural gas.

West Virginia's oil production in 2020 exceeded an all-time high of 20 million barrels, more than ten times greater than production a decade earlier. Oil production in 2021 saw a slight dip from the record year in 2020 with West Virginia producing 18.2 million barrels. Production in 2024 dipped further to around 14.3 million barrels that year. As of October 2024, West Virginia has settled to around 15.0 million barrels in 2025 and accounts for 0.3% of the US crude output.

West Virginia is a leading producer in the forest products industry, providing approximately 30,000 jobs within the state and contributing $3.2 billion, directly and indirectly, to the state's economy. Additionally, the West Virginia Economic Outlook 2024-2029 published by the WVBBER shows manufacturing will continue adding jobs to the West Virginia economy at an above-average pace, which will assist in varying the industries that arise, such as clean-tech manufacturing.

The state's economy also includes technology-based businesses, including a growing number of companies operating in aerospace, biometrics, biotechnology, chemical and polymers, and information technology.

The state is also dependent on governmental, health, and similar service industries; in many rural counties in the state, the hospitals and the local school boards are the primary employers. Tourism is a significant industry in the state, a major portion of which is represented by outdoor-related recreational opportunities, including hunting, fishing, state parks and forests, wildlife viewing, whitewater rafting, climbing, and recreational boating. The tourism boom of 2022 produced over 44,400 jobs. State Park annual revenue reached $39.5 million in 2025, a steep increase from $19 million in 2015. From 2017 to 2022, self-sufficiency of the state's parks increased with 36 parks. West Virginia had a record-breaking tourism year in 2024, with an estimated $9.1 billion in overall economic impact. Tourism officials state that the visitor volume in 2027 reached 77.2 million. Traveler spending represented a 28.2% increase compared to pre-pandemic numbers and is far higher than the nation's overall 12.4% post-pandemic tourism recovery. In 2025, travelers spent $1.8 billion on food and beverage and $1.6 billion on recreation spending. Tourism generated more than $1.1 billion in tax revenues in 2025.

West Virginia has made tax reductions in the past decade through state legislative action or by incorporation of federal law to include income deductions for bonus depreciation, including the elimination of the sales tax on food, and a reduction in the Corporation Net Income Tax rate to 6.5%. Furthermore, in 2015, West Virginia eliminated its Business Franchise Tax and implemented an indexed family tax credit based upon family size and federal poverty guidelines to eliminate the Personal Income Tax on families with income below the federal poverty guideline. West Virginia has also eliminated its Corporate Charter Tax, Telecommunications Tax, and Business Registration Fee renewal requirements. Governor Jim Justice signed a bill in March 2023 which immediately reduced the 2023 tax year personal income tax by an average of 21.25%. New Income tax rates take effect on January 1, 2025. In August 2025, future personal income rate reduction triggers will be reviewed for an effective date of January 2027.

In 2022, the general multi-state corporation apportionment formula for income tax purposes changed, such that payroll and property will no longer be considered. This means that certain corporations with property or payroll in West Virginia may increase their physical presence in the state without experiencing a direct marginal increase in tax liability. Certain businesses generating new jobs also may be able to obtain tax credits to offset up to 100% of state business taxes.

Of the total wages in West Virginia in 2025, manufacturing accounted for 8%, natural resources and mining accounted for 4.8%, construction accounted for 8.5%, trade, transportation and utilities accounted for 16.5%, professional and business services accounted for 11.0%, financial activities accounted for 4.5%, leisure and hospitality accounted for 5.5%, education and health services accounted for 18.5%, total government accounted for 18.0%

Generally, the state continues to work toward diversification of its economy and improvement of its roads and other infrastructure. Both efforts have yielded success in recent years. The West Virginia Department of Economic Development, formerly the West Virginia Development Office ("Development Office"), is responsible for strengthening current industries and recruiting new industries to the state. Such target industries include energy and environmental technology, shared services, biotechnology, and information technology, which have established a strong presence in the north-central portion of the state.

West Virginia's business landscape in 2024 and 2025 has been defined by massive industrial investments in clean energy and manufacturing, alongside a surge in small business entrepreneurial activity. Major Industrial Investments include Babcock & Wilcox (Mason County): Announced a $125 million investment in August 2024 to deploy its low-carbon "BrightLoop" hydrogen technology, with potential future expansion up to $1 billion. Completed construction of "Form Factory 1" and began trial production of long-duration iron-air batteries in September 2024. The project is expected to create 750 jobs. Nucor Steel (Mason County): Construction continues on a $2.7 billion state-of-the-art steel mill, expected to add approximately 800 permanent jobs. HandCraft Services (Berkeley County): Announced a $59 million

medical linen facility in late 2024, projected to create 220 jobs starting in 2025. Energy Infrastructure: More than $4 billion in private energy investment was secured under the "50 by 50" initiative, including a $2.5 billion natural gas plant by FirstEnergy and a $1.2 billion plant by Kindle Energy.

Entrepreneurship & Small Business Growth include Record Registrations: The state saw a massive surge in entrepreneurship, with 13,680 new businesses registered between April 2024 and March 2025. Raleigh County consistently led the state in growth rate, recording a 19.34% increase in new registrations during that period. Startup Momentum in March 2025 alone saw 1,440 new filings, with Doddridge and Clay counties showing the fastest monthly growth rates.

Policy & Workforce Initiatives include Grow West Virginia: Governor Patrick Morrisey launched this initiative in July 2025, including a $50 million West Virginia Jobs Initiative for targeted investments like Mettler Packaging's expansion in Moorefield. In Legislative Support, The West Virginia First Small Business Growth Act (SB 1) was signed into law in early 2026 to shift focus toward homegrown private investment over corporate subsidies. Broadband Expansion: Federal approval for $546 million in BEAD funding was finalized in late 2025 to connect 73,000 unserved sites across the state.

West Virginia has focused considerable efforts on infrastructure, including roads, schools, water, and sewer. The State received approximately $678 million in funding from the American Rescue Plan Act following COVID-19. The funds are being used by state and local governments to improve infrastructure, specifically water, sewer, and broadband internet, and reinvest in emergency service providers. West Virginia water, wastewater, and economic development projects (approximately 160 projects) have been awarded to communities and construction contracts for all projects have been signed. These projects are expected to be completed by December 31, 2026. As of June 30, 2024, the Authority has $106,468,000 in bonds principal outstanding. Since 1986, the state has issued over $3.6 billion in bonds for school buildings and improvements, higher education improvements, and for economic development, to be repaid from lottery proceeds. The State issued $298,795,000 of Surface Transportation Improvements Special Obligation Notes ("GARVEEs") for interstate and highway construction in 2017 and 2018, of which $114,865,000 remains outstanding as of June 30, 2024.

In 2003, the Legislature enacted changes to the workers' compensation and medical professional liability laws to alleviate the strain that these two matters placed on the state's economy. On January 1, 2006, the state workers' compensation program became a privatized entity, BrickStreet Mutual Insurance Company, now known as Encova Mutual Insurance Group. Moreover, in July 2008, the state opened up the workers' compensation market for full competition with other insurance carriers. After permitting such full competition, three hundred twenty-five (325) carriers have filed to provide workers' compensation insurance to West Virginia insureds. Since these reforms were instituted, the State's general revenue budget totaled approximately $5.0 billion for fiscal year 2025, $4.6 billion for fiscal year 2021, $4.57 billion for fiscal year 2022, $4.6 billion for fiscal year 2023, and $4.88 billion for fiscal year 2024.

For several years, West Virginia saw declining general revenue collections, but there was an increase in general revenue collections in fiscal year 2018 due to gains in consumer sales and use taxes, business and occupation taxes, and personal income taxes. West Virginia has slowly increased revenue since. The West Virginia Annual Comprehensive Financial Report for the fiscal year ended June 30, 2025, reflects a state economy navigating significant tax policy shifts while maintaining a stable net position. Despite consecutive years of revenue contraction primarily due to self-inflicted tax cuts rather than economic downturn, the state continues to operate with a surplus. West Virginia concluded Fiscal Year 2025 (July 1, 2024 – June 30, 2025) with a total General Revenue Fund collection of $5.519 billion. This resulted in a year-end revenue surplus of $254.8 million over the state's official estimate the state's primary revenue sources showed mixed results compared to previous years, largely due to ongoing tax cuts and shifts in energy market prices. Personal income tax collections reached $2.1 billion, exceeding estimates by $103.1 million. However, this total was approximately 5.1% lower than the previous year due to progressive rate

reductions enacted since 2023. Consumer sales tax totaled $1.8 billion, falling slightly short of the $1.8 billion estimate by roughly $19.8 million. Severance tax brought in $439 million, outperforming estimates by 8.1% ($32.7 million) despite a volatile energy market. Corporate net income tax collections of $376.2 million were $58.2 million above estimate but reflected a 19.2% decrease from FY 2024 receipts. Interest income generated $186.8 million, finishing $61.8 million above estimates even as short-term interest rates began to trend lower. Including unspent appropriations and prior-year balances, the total year-end surplus for FY 2025 reached $338.5 million. West Virginia Lottery revenue for the fiscal year ending June 30, 2025, reached $1.3 billion, finishing nearly $93 million above projections. This performance marked the second-highest revenue total in the history of the West Virginia Lottery. While revenues exceeded projections, experts noted that actual year-over-year revenue contracted by 3.3% compared to the $5.71 billion collected in FY 2024, citing the impact of "self-inflicted" tax cuts.

For the current fiscal year (FY 2026), mid-year reports show the state remains in a surplus position. As of December 2025, the state was running a $128 million surplus halfway through the cycle. By January 2026, collections reached $1.295 billion year-to-date, outperforming estimates by $42.1 million.

West Virginia's total K-12 education spending per pupil is estimated at $14,575 for the 2025 school year, which ranks 32nd nationally. This figure is approximately $1,951 less than the national average of $16,526. Through the state's resource-based Public School Support Plan (PSSP), districts receive an average of $7,790 per pupil. Combined state and local funding for higher education is approximately $9,260 per pupil Medicaid is one of West Virginia's largest budget items, with total state and federal spending reaching approximately $5.5 billion to $5.7 billion annually. The program is a partnership where the federal government covers roughly 82% of the costs, providing about $4.5 billion in annual funding. Approximately 522,000 residents (roughly 3 in 10 West Virginians) are enrolled in Medicaid. Medicaid covers more than 50% of all children in the state. While seniors and people with disabilities make up only 24% of enrollees, they account for over 53% of total spending due to the high cost of long-term and institutional care.

Rainy day fund, as of April 2025, the state's combined reserve funds (Part A and Part B) totaled $1.3 billion. Currently, the first 50% of all surplus funds from the General Fund accrued during each fiscal year must be deposited into the Revenue Shortfall Reserve Fund until the balance of the combined Rainy Day Funds equals at least 20% of total appropriations for the fiscal year just ended. For the fiscal year ending June 30, 2024, the 20% funding requirements were $933,687,075, which was less than the Rainy Day Fund totaling $1,256,164,594 and no additional funds were required to be deposited.

In addition, the State Legislature has developed and is complying with a 40-year plan to eliminate the unfunded liability of certain state pension funds. On June 26, 2007, the state closed the sale of $911,141,502.60 of Tobacco Settlement Asset-Backed Bonds, Series 2007. The proceeds of the bonds were used, among other things, to pare down the long-term debt in the state Teachers' Retirement System, which as of 2025 was funded at 93.1%, with an unfunded liability of approximately $1.4 billion. The state's other major pension plan, the Public Employees' Retirement System, was 111.1% funded as of June 30, 2025, with an unfunded liability of approximately $4,2 million. The West Virginia Retiree Health Benefit Trust Fund provides various benefits to certain retirees under the Public Employees' Retirement System, the Teachers' Retirement System, and several other public employee retiree programs. One such benefit is the provision by plan sponsor of a capped pay-as-you-go subsidy. For fiscal year 2022, eligible members received approximately $144 per month as a subsidy. The action by the PEIA Board and legislation enacted

in 2012 dedicating certain tax revenues to pay down OPEB liability is expected to reduce the state's OPEB $4.3 billion liability by 2036.

West Virginia had outstanding debt of $2.4 billion as of June 30, 2025. Which included $1.4 billion in general obligation bonds. The debt service payments represented 6.78% of general revenue fund receipts for the fiscal year 2025.

**FUNDAMENTAL INVESTMENT OBJECTIVES AND POLICIES**

● **WesMark Small Company Fund** seeks capital appreciation.

● **WesMark Large Company Fund** seeks capital appreciation.

● **WesMark Balanced Fund** seeks capital appreciation and income.

● **WesMark Government Bond Fund** seeks high current income consistent with preservation of capital.

● **WesMark West Virginia Municipal Bond Fund** seeks current income which is exempt from federal income tax and the income taxes imposed by the State of West Virginia.

● **WesMark Tactical Opportunity Fund** seeks capital appreciation.

As a matter of fundamental policy, the WesMark West Virginia Municipal Bond Fund will invest its assets so that, under normal circumstances, at least 80% of its net assets are invested in obligations, the interest income from which is exempt from federal income tax and income taxes imposed by the State of West Virginia. For the purposes of this policy, the tax-free interest must not be a preference item for purposes of computing alternative minimum tax ("AMT").

**INVESTMENT LIMITATIONS**

**Borrowing Money and Issuing Senior Securities**

The Funds may borrow money, directly or indirectly, and issue senior securities to the maximum extent permitted under the 1940 Act.

**Diversification of Investments**

With respect to securities comprising 75% of the value of their total assets, the Large Company Fund, Balanced Fund, Government Bond Fund and Small Company Fund will not purchase securities of any one issuer (other than cash; cash items; securities issued or guaranteed by the government of the United States or its agencies or instrumentalities and repurchase agreements collateralized by such U.S. government securities; and securities of other investment companies) if, as a result, more than 5% of the value of each Fund's total assets would be invested in the securities of that issuer, or each Fund would own more than 10% of the outstanding voting securities of that issuer.

**Underwriting**

The Funds may not underwrite the securities of other issuers, except that the Funds may engage in transactions involving the acquisition, disposition or resale of its portfolio securities, under circumstances where they may be considered to be an underwriter under the Securities Act of 1933.

**Investing in Real Estate**

The Funds may not purchase or sell real estate, provided that this restriction does not prevent the Funds from investing in issuers which invest, deal, or otherwise engage in transactions in real estate or interests therein, or investing in securities that are secured by real estate or interests therein. The Funds may exercise their rights under agreements relating to such securities, including the right to enforce security interests and

to hold real estate acquired by reason of such enforcement until that real estate can be liquidated in an orderly manner.

**Investing in Commodities**

The Funds (other than the Tactical Opportunity Fund) may not purchase or sell physical commodities, provided that the Funds may purchase securities of companies that deal in commodities.

Tactical Opportunity Fund Only: The Fund may invest in commodities to the maximum extent permitted under the Investment Company Act of 1940.

**Lending Cash or Securities**

The Funds may not make loans, provided that this restriction does not prevent the Funds from purchasing debt obligations, entering into repurchase agreements, lending its assets to broker/dealers or institutional investors, and investing in loans, including assignments and participation interests.

**Concentration of Investments**

The Funds will not make investments that will result in the concentration of their investments in the securities of issuers primarily engaged in the same industry. Government securities, municipal securities and bank instruments will not be deemed to constitute an industry. The investment of more than 25% of the value of the Fund's total assets in any one industry will constitute a concentration.

**The above investment limitations cannot be changed unless authorized by the Board of Trustees (the "Board" or the "Trustees") and by the "vote of a majority of its outstanding voting securities," as defined by the 1940 Act. The following investment limitations, however, may be changed by the Board without shareholder approval. Shareholders will be notified before any material change in these limitations becomes effective.**

**Buying on Margin**

The Funds will not purchase securities on margin, provided that the Funds may obtain short-term credits necessary for the clearance of purchases and sales of securities, and further provided that the Funds may make margin deposits in connection with their use of financial options and futures, forward and spot currency contracts, swap transactions, and other financial contracts or derivative instruments.

**Pledging Assets**

The Funds will not mortgage, pledge, or hypothecate any of their assets, provided that this shall not apply to the transfer of securities in connection with any permissible borrowing or to collateral arrangements in connection with permissible activities.

**Investing in Illiquid Securities**

The Funds will not purchase securities for which there is no readily available market. The Funds will not enter into repurchase agreements or purchase time deposits maturing in more than seven days, if immediately after and as a result of which, the value of such securities would exceed, in the aggregate, 15% of each Fund's net assets.

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

The Fund's 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 form without further payment or after segregating cash in the amount of any further payment. The Funds will not purchase put options on securities unless the securities are held in the Fund's portfolio.

Except with respect to borrowing money, if a percentage limitation is adhered to at the time of investment, a later increase or decrease in percentage resulting from any change in value, or net assets will not result in a violation of such restriction.

**Concentration Policy**

As a matter of non-fundamental policy, for purposes of concentration policy, (a) utility companies will be divided according to their services (for example, gas, gas transmission, electric and telephone will be considered separate industries); (b) financial service companies will be classified according to the end users of their services (for example, automobile finance, bank finance and diversified finance will each be considered a separate industry); and (c) asset-backed securities will be classified according to the underlying assets securing such securities. To conform to the current view of the Securities & Exchange Commission ("SEC") staff that only domestic bank instruments may be excluded from industry concentration limitations, as a matter of non-fundamental policy, the Funds will not exclude foreign bank instruments from industry concentration limitation tests so long as the policy of the SEC remains in effect. In addition, investments in bank instruments, and investments in certain industrial development bonds funded by activities in a single industry, will be deemed to constitute investment in an industry, except when held for temporary defensive purposes. The investment of more than 25% of the value of each Fund's total assets in any one industry will constitute a concentration.

As a matter of non-fundamental policy, for purposes of the commodities policy, investments in transactions involving futures contracts and options, forward currency contracts, swap transactions, and other financial contracts that settle by payment of cash, are not deemed to be investments in commodities. Additionally, the 1940 Act does not directly limit a Fund's investment in commodities. However, the 1940 Act does require a fund to either hold itself out as being engaged primarily in the business of investing, reinvesting, or trading in securities, or own or propose to acquire investment securities having a value exceeding 40% of the value of such funds total assets (exclusive of Government securities and cash items).

For purposes of its policies and limitations, the Funds consider certificates of deposit and demand and time deposits issued by a U.S. branch of a domestic bank or savings association having capital, surplus, and undivided profits in excess of $100,000,000 at the time of investment to be "cash items" and "bank instruments".

**TEMPORARY DEFENSIVE POSITION**

The Funds may temporarily depart from their principal investment strategies by investing their assets in shorter-term debt securities and similar obligations or holding cash. The Funds may do this in response to unusual circumstances, such as: adverse market, economic, or other conditions (for example, to help avoid potential losses, or during periods when there is a shortage of appropriate securities); to maintain liquidity to meet shareholder redemptions; or to accommodate cash inflows. It is possible that such investments could affect the Funds' investment returns and/or the ability to achieve the Funds' investment objectives.

**PORTFOLIO TURNOVER**

Portfolio turnover is a factor of a Fund's investment adviser's reaction to financial market conditions, expectations concerning the economy, factors within the various sectors of the stock market, and changing asset flows from new subscriptions and redemptions.

**WHAT DO SHARES COST?**

Each Fund's net asset value ("NAV") per Share fluctuates and is based on the market value of all securities and other assets of each Fund. A Share's NAV is determined as of the end of regular trading on the NYSE (normally 4:00 p.m. Eastern time) each day the NYSE is open. The Fund calculates the NAV by valuing its assets, subtracting its liabilities, and dividing the balance by the number of Shares outstanding. The NAV is calculated to the nearest whole cent per Share.

**DETERMINING MARKET VALUE OF SECURITIES**

Market values of each Fund's portfolio securities are determined as follows:

● for equity securities, according to the last sale price in the market in which they are primarily traded (either a national securities exchange or the over-the-counter market), if available;

● in the absence of recorded sales for equity securities, according to the mean between the last closing bid and asked prices;

● futures contracts and options are generally valued at market values established by the exchanges on which they are traded at the close of trading on such exchanges. Options traded in the OTC market are generally valued according to the mean between the last bid and the last asked price for the option as provided by an investment dealer or other financial institution that deals in the option. The Board or its Value Designee may determine in good faith that another method of valuing such investments is necessary to appraise their fair market value;

● OTC derivative contracts, if any, are fair valued using price evaluations provided by various pricing services that would be approved by the Board. The methods used by pricing services to determine such price evaluations are described below. If a price evaluation is not readily available, such derivative contracts are fair valued based upon price evaluations from one or more dealers or using a recognized pricing model for the contract;

● for fixed income securities, according to the mean between bid and asked prices as furnished by an independent pricing service, except that fixed income securities with remaining maturities of less than 60 days at the time of purchase may be valued at amortized cost;

● shares of other mutual funds are valued based upon their reported NAVs. The prospectuses for these mutual funds explain the circumstances under which they will use fair value pricing and the effects of using fair value pricing; and

● for all other securities at fair value as determined in accordance with procedures established by and under the general supervision of the Board.

Prices provided by independent pricing services may be determined without relying exclusively on quoted prices and may consider the following factors: institutional trading in similar groups of securities, yield, quality, stability, risk, coupon rate, maturity, type of issue, trading characteristics, and other market data or factors. From time to time, when prices cannot be obtained from an independent pricing service, securities may be valued based on quotes from broker-dealers or other financial institutions that trade the securities.

Non-investment assets and liabilities are valued in accordance with Generally Accepted Accounting Principles ("GAAP"). The NAV calculation includes expenses, dividend income, interest income and other income through the date of the calculation. Changes in holdings of investments and in the number of outstanding Shares are included in the calculation not later than the first business day following such change. Any assets or liabilities denominated in foreign currencies are converted into U.S. dollars using an exchange rate obtained from one or more currency dealers.

The Funds follow procedures that are common in the mutual fund industry regarding errors made in the calculation of its NAV. This means that, generally, the Fund will not correct errors of less than one cent per Share or errors that did not result in net dilution to the Fund.

Where a last sale price or market quotation for a portfolio security is not readily available, and no independent pricing service furnishes a price, the value of the security used in computing NAV is its fair value as determined in good faith under procedures approved by the Funds' Board. The Funds may use the fair value of a security to calculate its NAV when, for example, (1) a portfolio security is not traded in a public market or the principal market in which the security trades is closed, (2) trading in a portfolio security is suspended and not resumed prior to the normal market close, (3) a portfolio security is not traded in significant volume for a substantial period, or (4) the Funds' Adviser determines that the quotation or price for a portfolio security provided by a dealer or independent pricing service is inaccurate.

Fair valuation procedures are also used where a significant event affecting the value of a portfolio security is determined to have occurred between the time as of which the price of the portfolio security is determined and the NYSE closing time as of which a Fund's NAV is computed. An event is considered significant if there is both an affirmative expectation that the security's value will change in response to the event and a reasonable basis for quantifying the resulting change in value. Significant events include significant general securities market movements occurring between the time as of which the price of the portfolio security is determined and the close of trading on the NYSE. For domestic fixed-income securities, such events may occur where the cut-off time for the market information used by the independent pricing service is earlier than the end of regular trading on the NYSE. In such cases, use of fair valuation can reduce an investor's ability to seek to profit by estimating a Fund's NAV in advance of the time as of which NAV is calculated.

In some cases, events affecting the issuer of a portfolio security may be considered significant events. Announcements concerning earnings, acquisitions, new products, management changes, litigation developments, a strike or natural disaster affecting the company's operations or regulatory changes or market developments affecting the issuer's industry occurring between the time as of which the price of the portfolio security is determined and the close of trading on the NYSE are examples of potentially significant events. There can be no assurance that the Fund could purchase or sell a portfolio security at the price used to calculate the Fund's NAV. In the case of fair valued portfolio securities, lack of information and uncertainty as to the significance of information may lead to a conclusion that a prior valuation is the best indication of a portfolio security's present value. Fair valuations generally remain unchanged until new information becomes available. Consequently, changes in the fair valuation of portfolio securities may be less frequent and of greater magnitude than changes in the price of portfolio securities valued at their last sale price, by an independent pricing service, or based on market quotations.

**Trading in Foreign Securities**

Trading in foreign securities may be completed at times which vary from the closing of the New York Stock Exchange ("NYSE"). In computing its NAV, a Fund values foreign securities at the latest closing price on the exchange on which they are traded immediately prior to the closing of the NYSE. Certain foreign currency exchange rates may also be determined at the latest rate prior to the closing of the NYSE. Foreign securities quoted in foreign currencies are translated into U.S. dollars at current rates. Occasionally, events that affect these values and exchange rates may occur between the times at which they are determined and the closing of the NYSE. If such events materially affect the value of portfolio securities, these securities may be valued at their fair value as determined in good faith by a Fund's Board or its Valuation Designee, although the actual calculation may be done by others.

**HOW ARE THE FUNDS SOLD?**

Under the Distributor's contract with the Funds, the Distributor offers Shares on a continuous, best-efforts basis.

**SERVICE FEES**

The Funds may pay fees not to exceed 0.25% of average daily net assets (Service Fees) to financial intermediaries, including WesBanco Bank, Inc., and its affiliates, for providing certain non-distribution-related services to shareholders. These shareholder services can include, but are not limited to: (i) responding to customer inquiries regarding, among other things, share prices, account balances, dividend amounts and dividend payment dates; (ii) processing transactions including purchase, redemptions, and exchanges; (iii) establishing new customer accounts; (iv) maintaining separate accounts and records with respect to the Funds for each underlying customer; (v) reconciling amounts posted to each applicable customer account with the amount recorded for the account on the applicable Fund's records; (vi) providing, upon request or pursuant to a schedule agreed to between the parties, a summary of the number of underlying customer accounts by Fund maintained by intermediary in connection with the applicable shareholder services agreement; (vii) maintaining files, i.e., processing change of addresses, adding/changing wiring instructions or systematic investment/withdrawal plans; (viii) maintaining and distributing current copies of prospectuses, shareholder reports, proxy statements and other required communications to current shareholders; (ix) responding to customer questions about the Funds and/or Classes; (x) preparing and transmitting to customers periodic consolidated account statements; (xi) distributing to customers dividends, capital gains or other payments authorized by each Fund; and (xii) providing other administrative services that the Funds reasonably may request, to the extent permitted by applicable statute, rule, or regulation.

**RECORDKEEPING FEES**

The Fund 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.

**ADDITIONAL PAYMENTS TO FINANCIAL INSTITUTIONS**

The Adviser may pay out of its own resources amounts (including items of material value) to certain financial institutions that support the sale of Shares or provide services to Fund shareholders. The amounts of these payments could be significant, and may create an incentive for the financial institution or its employees or associated persons to recommend or sell Shares of the Funds to you. In some cases, such payments may be made by or funded from the resources of companies affiliated with the Adviser. These payments are not reflected in the fees and expenses listed in the fee table section of the Funds' prospectus because they are not paid by the Funds.

These payments are negotiated and may be based on such factors as the number or value of Shares that the financial institution sells or may sell; the value of client assets invested; or the type and nature of services or support furnished by the financial institution. These payments may be in addition to payments made by the Funds to the financial institution under the Service Fees or Recordkeeping arrangement. You can ask your financial institution for information about any payments it receives from the Adviser or the Funds and any services provided.

**PURCHASES IN-KIND**

You may contact the Distributor to request a purchase of Shares using securities you own. The Funds reserve the right to determine whether to accept your securities and the minimum market value to accept. The Funds will value your securities in the same manner as it values its assets. An in-kind purchase may be treated as a sale of your securities for federal tax purposes; please consult your tax adviser regarding potential tax liability.

**Subaccounting Services**

Certain investment professionals may wish to use the transfer agent's subaccounting system to minimize their internal recordkeeping requirements. The transfer agent may charge a fee based on the level of subaccounting services rendered. Investment professionals holding shares in a fiduciary, agency, custodial, or similar capacity may charge or pass through subaccounting fees as part of or in addition to normal trust or agency account fees. They may also charge fees for other services that may be related to the ownership of shares. This information should, therefore, be read together with any agreement between the customer and the investment professional about the services provided, the fees charged for those services, and any restrictions and limitations imposed.

**REDEMPTION IN-KIND**

Although the Funds intend to pay Share redemptions in cash, they reserve the right, as described below, to pay the redemption price in whole or in part by a distribution of the Funds' portfolio securities. Because the Funds have elected to be governed by Rule 18f-1 under the 1940 Act, the Funds are obligated to pay Share redemptions to any one shareholder in cash only up to the lesser of $250,000 or 1% of the net assets represented by such Share class during any 90-day period.

Any Share redemption payment greater than this amount will also be in cash unless the Funds' Board determines that payment should be in kind. In such a case, the Funds will pay all or a portion of the remainder of the redemption in portfolio securities, valued in the same way as each Fund determines its NAV. The portfolio securities will be selected in a manner that the Funds' Board deems fair and equitable and, to the extent available, such securities will be readily marketable.

Redemption in kind is not as liquid as a cash redemption. If redemption is made in kind, shareholders receiving the portfolio securities and selling them before their maturity could receive less than the redemption value of the securities and could incur certain transaction costs.

**MASSACHUSETTS PARTNERSHIP LAW**

Under certain circumstances, shareholders may be held personally liable as partners under Massachusetts law for obligations of the Trust. To protect its shareholders, the Trust has filed legal documents with Massachusetts that expressly disclaim the liability of its shareholders for acts or obligations of the Trust.

In the unlikely event a shareholder is held personally liable for the Trust's obligations, the Trust is required by the Declaration of Trust to use its property to protect or compensate the shareholder. On request, the Trust will defend any claim made and pay any judgment against a shareholder for any act or obligation of the Trust. Therefore, financial loss resulting from liability as a shareholder will occur only if the Trust itself cannot meet its obligations to indemnify shareholders and pay judgments against them.

**ACCOUNT AND SHARE INFORMATION**

**VOTING RIGHTS**

Each Share of each Fund gives the shareholder one vote in Trustee elections and other matters submitted to shareholders for vote. All Shares of the Trust have equal voting rights, except that in matters affecting only a particular Fund, only Shares of that Fund are entitled to vote.

Trustees may be removed by the Board or by shareholders at a special meeting of shareholders called by the Board upon the written request of shareholders who own at least 10% of the Trust's outstanding shares of all series entitled to vote.

The following table shows shareholders of record who held 5% or more of a Fund's outstanding shares as of April 1, 2026.

**SHAREHOLDER OF RECORD, BENEFICIALLY, OR BOTH**

**AS OF April 1, 2026**

National Financial Services LLC

FBO Customers of WesBanco Trust and Investment Services

499 Washington Blvd.

Jersey City, NJ 07310

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| | | |
|:---|:---|:---|
| **Fund Name** | **Shares** | **% of<br> Outstanding<br> Shares** |
| WesMark Small Company Fund | 9642273.2410 | 94.18% |
| WesMark Large Company Fund | 13207606.7680 | 86.77% |
| WesMark Balanced Fund | 6244714.4200 | 87.10% |
| WesMark Government Bond Fund | 20681230.0520 | 96.85% |
| WesMark West Virginia Municipal Bond Fund | 8378307.6450 | 95.76% |
| WesMark Tactical Opportunity Fund | 3825835.3310 | 99.30% |

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Shareholders owning 25% or more of outstanding shares may be in control and be able to affect the outcome of certain matters presented for a vote of shareholders.

WesBanco Trust and Investment Services is a division of WesBanco Bank, Inc. WesBanco Bank, Inc. is a subsidiary of WesBanco, Inc., a bank holding company organized in the state of West Virginia.

**TAX INFORMATION**

**FEDERAL INCOME TAX**

The Funds intend to meet the requirements of Subchapter M of the Internal Revenue Code (the "Code") applicable to regulated investment companies. If these requirements are not met, they will not receive special tax treatment and will be subject to federal corporate income tax.

Each Fund will be treated as a single, separate entity for federal income tax purposes so that income earned and capital gains and losses realized by the Trust's other portfolios will be separate from those realized by the Fund.

A Fund entitled to a loss carry-forward, may reduce the taxable income or gain that a Fund would realize, and to which the shareholder would be subject, in the future.

For taxable years beginning after December 31, 2012, an additional 3.8% Medicare tax will be imposed on certain net investment income (including ordinary dividends and capital gain distributions received from

the Fund and net gains from redemptions or other taxable dispositions of Fund shares) of U.S. individuals, estates and trusts to the extent that such person's "modified adjusted gross income" (in the case of an individual) or "adjusted gross income" (in the case of an estate or trust) exceeds a threshold amount.

**FOREIGN INVESTMENTS**

If the Small Company Fund, Large Company Fund, Balanced Fund, Government Bond Fund, or Tactical Opportunity Fund purchase foreign securities, their investment income may be subject to foreign withholding or other taxes that could reduce the return on these securities. Tax treaties between the United States and foreign countries, however, may reduce or eliminate the amount of foreign taxes to which the Funds would be subject. The effective rate of foreign tax cannot be predicted since the amount of Fund assets to be invested within various countries is uncertain. However, the Funds intend to operate so as to qualify for treaty-reduced tax rates when applicable.

Distributions from a Fund may be based on estimates of book income for the year. Book income generally consists solely of the coupon income generated by the portfolio, whereas tax-basis income includes gains or losses attributable to currency fluctuation. Due to differences in the book and tax treatment of fixed-income securities denominated in foreign currencies, it is difficult to project currency effects on an interim basis. Therefore, to the extent that currency fluctuations cannot be anticipated, a portion of distributions to shareholders could later be designated as a return of capital, rather than income, for income tax purposes, which may be of particular concern to simple trusts.

If a Fund invests in the stock of certain foreign corporations, they may constitute Passive Foreign Investment Companies ("PFIC"), and the Funds may be subject to federal income taxes upon disposition of PFIC investments.

If more than 50% of the value of a Fund's assets at the end of the tax year is represented by stock or securities of foreign corporations, the Fund intends to qualify for certain Code stipulations that would allow shareholders to claim a foreign tax credit or deduction on their U.S. income tax returns. The Code may limit a shareholder's ability to claim a foreign tax credit. Shareholders who elect to deduct their portion of a Fund's foreign taxes rather than take the foreign tax credit must itemize deductions on their income tax returns.

**WEST VIRGINIA TAXES**

Under existing West Virginia laws, distributions made by the West Virginia Municipal Bond Fund will not be subject to the West Virginia personal income tax to the extent that such distributions qualify as exempt under the Internal Revenue Code of 1986, as amended, and represent (i) interest income from obligations of the United States and its possessions; or (ii) interest or dividend income from obligations of any authority, commission or instrumentality of the United States or the State of West Virginia exempt from state income taxes under the laws of the United States or of the State of West Virginia. For purposes of the West Virginia corporate income tax, a special formula is used to compute the extent to which Fund distributions are exempt.

Intangible personal property such as the Fund shares should be exempt from West Virginia personal property taxes pursuant to W. Va. Code § 11-1C-1b.

**COST BASIS REPORTING**

Legislation passed by Congress in 2008 requires a fund (or its administrative agent) to report to the IRS and furnish to fund shareholders the cost basis information for fund shares purchased on or after January 1,

2012, and sold on or after that date. In addition to the present law requirement to report the gross proceeds from the sale of Fund shares, a Fund will also be required to report the cost basis information for such shares and indicate whether these shares had a short-term or long-term holding period. In the absence of an election by a shareholder to elect from available IRS accepted cost basis methods, the Fund will use a default cost basis method. The cost basis method elected or applied may not be changed after the settlement date of a sale of Fund shares. Fund shareholders should consult with their tax advisers concerning the most desirable IRS-accepted cost basis method for their tax situation and to obtain more information about how the new cost basis reporting law applies to them. The current law requirement to report only the gross proceeds from the sale of Fund shares will continue to apply to all fund shares acquired through December 31, 2011, and sold on and after that date.

You should consult with your tax adviser regarding the U.S. federal, foreign, state and local tax consequences of an investment in the Funds.

**MANAGEMENT OF THE FUNDS**

**Who Manages and Provides Services to the Funds?**

**BOARD OF TRUSTEES**

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 March 31, 2026, 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,**<br> **Address\* and**<br> **Date Service Began** | **Principal Occupations in Past Five Years,<br> other Directorships Held and Previous Positions** |
| **INDEPENDENT TRUSTEES** | |
| Lawrence E. Bandi<br> (1954)<br><u>TRUSTEE</u><br> Began serving September 2004 | **Principal Occupations:** Retired<br>**Other Directorships**: Welty Corporation.<br>**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)<br><u>TRUSTEE</u><br> Began serving March 1, 2021 | **Principal Occupation:** Chairman & CEO Adelphi Bank<br>**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<br> (1955)<br><u>TRUSTEE</u><br> Began serving November 2020 | **Principal Occupation:** Retired<br>**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). |
| **INTERESTED TRUSTEE** |  |
| J. Christopher Gardill\*\* <br> (1976)<br><u>CHAIRMAN AND TRUSTEE</u><br> Began serving August 2015 | **Principal Occupations:** Member, Phillips, Gardill, Kaiser & Altmeyer, PLLC (private law firm).<br>**Other Directorships:** Board Member, Wheeling Vintage Raceboat Regatta (Private Organization). |

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*\** *All Trustees may be reached via the Funds at 225 Pictoria Drive, Suite 450, Cincinnati, OH 45246.*

*\*\** *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.*

The name, address, year of birth 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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| | | |
|:---|:---|:---|
| **OFFICERS** | | |
| **Name,** <br> **Year of Birth**<br> **and Address\*** | **Positions Held with Fund**<br> **Date Service Began** | **Principal Occupation(s) and Previous Position(s)** |
| Robert McGee<br> (1970) | PRESIDENT<br> Began Serving: February 2024 | **Principal Occupation:** Co-Portfolio Manager of WesMark Funds; Senior Vice President, WesBanco Trust and Investment Services.<br>**Previous Position:** Senior Vice President, Portfolio Manager C.S. McKee 2000-2021. |
| 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. |
| 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 of WesBanco Trust and Investment Services. |
| Gary Grasso<br> (1987) | SECRETARY<br> Began Serving: February 2026 | **Principal Occupations:** Assistant Vice President and Counsel, Ultimus Fund Solutions, LLC.<br>**Previous Positions:** Vice President and Counsel, BlackRock Financial Management, Inc. from September 2021 to July 2023; Vice President and Counsel, State Street Bank and Trust Company, from March 2020 to September 2021. |
| Ian Kilgour<br> (1994) | VICE PRESIDENT<br> Began serving February 2023 | **Principal Occupation:** Senior Investment Officer - Funds of the WesMark Funds<br>**Previous Positions:** Investment Officer/Securities Trader, WesMark Funds, from February 2020 to February 2023. |
| Edward Kelly<br> (1989) | ASSISTANT TREASURER<br> Began Serving: May 2025 | **Principal Occupation:** Assistant Vice President – Fund Administration, Ultimus Fund Solutions, LLC.<br>**Previous Positions:** Manager – Fund Administration, Ultimus Fund Solutions, LLC from 2018 to 2022. |

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No officer, director or employee of the adviser or any of its affiliates receives any compensation from the Funds.

**Committees of the Board**

The Board has an Audit Committee that considers such matters pertaining to the Trust's books of account, financial records, internal accounting controls and changes in accounting principles or practices as the Trustees may from time to time determine. The Audit Committee also considers the engagement and compensation of the independent registered public accounting firm (the "Audit Firm"). The Audit Committee also meets with the representatives of the Audit Firm to review the scope and results of audits and other duties as set forth in the Audit Committee's Charter. The Audit Committee members, each of whom is an Independent Trustee, are: Mr. Bandi, Mr. Madich, and Mr. Miller. The Audit Committee met four times during the fiscal year ended December 31, 2025.

The Board has a Nominating Committee that meets periodically to advise and assist the Board in nominating candidates to serve as trustees of the Trust. The Nominating Committee has adopted a Nominating Committee Charter to govern its operation. The members of the Nominating Committee, each of whom is an Independent Trustee, are: Mr. Bandi, Mr. Madich and Mr. Miller. The Nominating Committee did not meet during the fiscal year ended December 31, 2025.

The Nominating Committee's Charter provides that the committee will consider shareholder nominees for Trustees. All nominees must possess the appropriate characteristics, skills and experience for serving on

the Board. In particular the Board and its Independent Trustees will consider factors, such as each nominee's integrity, intelligence, collegiality, judgment, skill, business and other experience, diversity, qualification as an Independent Trustee, financial or accounting knowledge, and experience, dedication and commitment to devote the time and attention necessary to fulfill a Trustee's duties. All shareholders who wish to recommend nominees for consideration as Trustees shall submit the names and qualifications of the candidates to the Secretary of the Trust by writing to: WesMark Funds, c/o Morgan, Lewis & Bockius LLP, One Oxford Centre, Thirty-Second Floor, Pittsburgh, PA 15219-6401.

**Board Oversight of Risk Management**

Consistent with its general oversight responsibilities, the Board oversees risk management of each Fund. As part of its oversight of risks, the Board or its Committees receive and consider reports from a number of parties, such as the Funds' investment adviser, officers of the Trust and Trust service providers. For example, the Trust's independent registered public accounting firm reports annually to the Audit Committee on internal control and accounting and financial reporting matters. The Board also meets with the Trust's Chief Compliance Officer at least quarterly to discuss compliance issues, and the Board receives a written report from the Chief Compliance Officer at least annually that addresses the compliance policies and procedures of the Trust, the Adviser, the Distributor, the Funds' Administrator and the Funds' Transfer Agent. In addition, the Independent Trustees meet with the Chief Compliance Officer at least annually in executive session.

The Board also adopts and periodically reviews policies and procedures intended to address risks and monitors efforts to assess the effectiveness of the implementation of the policies and procedures in addressing risks. It is possible, that despite the Board's oversight of risk, not all risks will be identified, mitigated, or addressed. Further, certain risks may arise that were unforeseen.

**Board Leadership Structure**

The Chairman of the Board, Mr. Gardill, is an Interested Trustee. The Chairman presides at all meetings of the Board at which the Chairman is present. The Chairman exercises such powers as are assigned to him by the Trust's organizational and operating documents and by the Board of Trustees, which may include acting as a liaison with service providers, Trust officers, attorneys and other Trustees between meetings. The Independent Trustees have appointed Mr. Bandi as the lead Independent Trustee. In his role as lead Independent Trustee, Mr. Bandi presides at the meetings of Independent Trustees. As previously disclosed, Mr. Gardill is an Interested Trustee due to his role with Phillips, Gardill, Kaiser & Altmeyer, PLLC, who serves as legal counsel to WesBanco, Inc. and WesBanco Bank, Inc., the parent company of the Funds' investment adviser. Mr. Gardill is not an employee or officer of the Funds' investment adviser. The members of the Board believe that Mr. Gardill has served as an effective liaison between the Board and the Funds' various service providers, including the Funds' investment adviser, and accordingly believe he serves as an effective Chairman of the Board.

The Board utilizes a committee structure to assist the Board in administering its oversight function that includes an Audit Committee and a Nominating Committee. The Audit Committee and the Nominating Committee are comprised exclusively of Independent Trustees. The committee structure facilitates orderly and efficient communication among the Independent Trustees, Trust management, services providers and the full Board.

The Board has determined it that the Board's leadership structure is appropriate given the characteristics and circumstances of the Trust, including such matters as the independence of a majority of Trustees, the independence of all members of the Audit and Nominating Committees, the number of Funds that comprise the Trust, the net assets of the Trust and the Trust's business and structure.

**Compensation of Trustees** 

Effective January 1, 2026, the Trustees of the Trust receive a quarterly retainer fee in the amount of $9,281.25 and an additional $3,093.75 for attending each Board meeting. For the period May 17, 2023 through December 31, 2025, the Trustees of the Trust received a quarterly retainer fee in the amount of $9,000.00 and an additional $3,000.00 for attending each Board meeting. The Trustees are also reimbursed for all reasonable out-of-pocket expenses relating to attendance at meetings. None of the Trustees is entitled to receive any retirement, pension plans or deferred compensation benefits from the Trust. Interested Trustees receive the same compensation as Independent Trustees.

For the fiscal year ended December 31, 2025, the Trustees received the following compensation:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name of the Trustee** | **Aggregate<br> Compensation**<br> **from the<br> Trust** | **Pension or <br> Retirement<br> Benefits<br> Accrued as<br> Part of<br> Fund<br> Expenses** | **Estimated<br> Annual<br> Benefits**<br> **Upon<br> Retirement** | **Aggregate<br> Compensation<br> From The<br> Trust Paid to<br> Trustees** |
| *<u>Independent Trustee</u>* |  |  |  |  |
| Lawrence E. Bandi | $48000 |  |  | $48000 |
| Gary J. Madich | $48000 |  |  | $48000 |
| Jordan A. Miller, Jr | $48000 |  |  | $48000 |
| *<u>Interested Trustee</u>* |  |  |  |  |
| J. Christopher Gardill | $48000 |  |  | $48000 |

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**BOARD OWNERSHIP OF SHARES IN THE FUNDS AS OF DECEMBER 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Interested<br> Trustees** |
|  | Lawrence E. Bandi | Gary J. Madich | Jordan A. Miller, Jr. | J. Christopher Gardill |
| Small Company Fund |  |  |  | $50001 - $100000 |
| Large Company Fund | over $100,000 |  |  | over $100,000 |
| Balanced Fund |  |  |  |  |
| Government Bond Fund |  |  |  |  |
| West Virginia Municipal Bond Fund |  |  |  |  |
| WesMark Tactical Opportunity Fund |  |  |  | $10001 - $50000 |
| **Aggregate Dollar Range of Securities in the Trust** | over $100,000 |  |  | over $100,000 |

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**INVESTMENT ADVISER**

The Adviser conducts investment research and makes investment decisions for the Funds.

The Adviser is a separately identifiable department or division ("SIDD") of WesBanco Bank, Inc., which is a wholly owned subsidiary of WesBanco, Inc. ("WesBanco"), a registered bank holding company. WesBanco and its subsidiaries provide a broad range of financial services to individuals and businesses in West Virginia, Pennsylvania, Ohio, Indiana, Kentucky and Maryland. The Adviser is a division of a state chartered bank, which offers financial services that include commercial and consumer loans, corporate, institutional and personal trust services. Internal controls maintained by the Adviser restrict the flow of non-public information, and as a result Fund investments are typically made by the Adviser without any knowledge of WesBanco Bank or its affiliates' lending relationships with an issuer.

The Adviser shall not be liable to the Trust, the Funds, or any Fund shareholder for any losses that may be sustained in the purchase, holding, or sale of any security or for anything done or omitted by it, except acts or omissions involving willful misfeasance, bad faith, gross negligence, or reckless disregard of the duties imposed upon it by its contract with the Trust.

**PORTFOLIO MANAGER INFORMATION**

The following information is provided as of December 31, 2025:

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| | |
|:---|:---|
| Other Accounts Managed by<br> Steven Kellas\* | Total Number of Other Accounts Managed / Total Assets\*\* |
| Registered Investment Companies |  |
| Other Pooled Investment Companies |  |
| Other Accounts | 380 /$611 million |

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\* *Mr. Kellas is the head of the investment team for the West Virginia Municipal Bond Fund and Government Bond Fund.*

\*\* *None of the accounts have an advisory fee that is based on the performance of the account.*

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| | |
|:---|:---|
| Other Accounts Managed by<br> Robert McGee\* | Total Number of Other Accounts Managed / Total Assets\*\* |
| Registered Investment Companies |  |
| Other Pooled Investment Vehicles |  |
| Other Accounts | 0/$0 |

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\* *Mr. McGee is the head of the investment team for the Balanced Fund, Large Company Fund, Small Company Fund and Tactical Opportunity Fund.*

\*\* *None of the Accounts has an advisory fee that is based on the performance of the account.*

Portfolio managers use similar investment strategies to manage both the Funds and other accounts. Material conflicts may arise in the allocation of investment opportunities between the Funds and other accounts managed by the portfolio manager. The Adviser has policies and procedures in place to address conflicts of interest if they arise in the allocation of investment opportunities. Conflicts may arise relating to the use of commissions to purchase research related services. The Funds have policies and procedures in place to ensure security transactions in the Funds are executed at the best prices available under prevailing market conditions without taking into consideration any use of commissions to purchase research related services.

**DOLLAR VALUE RANGE OF SHARES OWNED IN THE WESMARK FUNDS AS OF DECEMBER 31, 2025**

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| | | |
|:---|:---|:---|
| **Fund** | **Steven Kellas** | **Robert McGee** |
| WesMark Small Company Fund |  | $100001-$500000 |
| WesMark Large Company Fund | $500001-$1000000 |  |
| WesMark Balanced Fund |  |  |
| WesMark Government Bond Fund |  |  |
| WesMark West Virginia Municipal Bond Fund |  |  |
| WesMark Tactical Opportunity Fund |  |  |

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**Compensation**

The Funds pay an advisory fee to the Adviser. The Adviser is a SIDD of WesBanco. Each Portfolio Manager is compensated in the form of salary and bonus from WesBanco.

Portfolio Manager compensation is fixed based on a salary scale paid to WesBanco executives with comparable experience and responsibility. Bonus compensation may be paid to Portfolio Managers based on the overall profitability of WesBanco, factors of which may include the profitability of WesBanco Trust and Investment Services, and Lipper rankings of the funds. Fees paid by the Funds to the Adviser may be a factor in the profitability of WesBanco Trust and Investment Services. Compensation is not directly based on the performance of any Fund.

**CODE OF ETHICS RESTRICTIONS ON PERSONAL TRADING**

As required by SEC rules, the Funds, the Adviser, and the Distributor have adopted codes of ethics. These codes govern securities trading activities of investment personnel, Fund Trustees, and certain other employees. Although they do permit these people to trade in securities, including those that the Funds could buy, as well as Shares of the Fund, they also contain significant safeguards designed to protect the Funds and their shareholders from abuses in this area, such as requirement for certain investment advisory personnel to obtain prior approval for, and to report, particular transactions.

**VOTING PROXIES ON FUND PORTFOLIO SECURITIES**

**Proxy Policy and Proxy Procedures**

The Funds have adopted the Adviser's Proxy Policies and Procedures. The Adviser's Proxy Policy provides guidance on how the Adviser should vote various proxy matters in order to ensure votes are cast in the best interest of the Adviser's clients. On certain matters the Proxy Policy provides that the Adviser will vote for or against certain matters while other matters will be voted on a case by case basis.

The Adviser's Proxy Procedures entails the use of Institutional Shareholder Services ("ISS"), a leading provider of investment decision support tools to investors globally. ISS is partially owned by a combination of limited partnerships, controlled by Genstar Capital Partners, a private equity firm based in San Francisco, CA.

ISS is an organization that specializes in the analysis of corporate governance and compensation issues as they are presented to institutional shareholders. Client proxies will be delivered directly to ISS, who will vote the proxies according to the ISS Proxy Policy. The proxies will then be presented to the Adviser for approval at which time the Adviser may choose to over-ride the ISS vote if the Adviser's Proxy Policy on a particular issue is different from that of ISS or if a potential conflict existing between ISS and the issuer.

For highly contested or controversial matters, such as M&A transactions and contested elections for directors, the Adviser may conduct independent analysis in addition to the application of the proxy voting guidelines in order to ensure such votes are cast in the best interest of the Adviser's clients. Items identified in the Adviser's Proxy Policy to be determined on a case by case basis will be voted in accordance with the recommendation of ISS. Any exceptions must be approved by the Senior Executive Officer of the Adviser.

**Conflicts of Interests**

The Proxy Policy of the Adviser states that, in the event of a conflict between the interests of the investment adviser and its clients (including the Funds), the Adviser will vote the proxy in the best interests of its clients. Specifically, the Proxy Policy provides that in the event of any potential or actual conflict of interest relating to a particular proxy proposal the proxy will be voted in accordance with the Proxy Policy to the extent the Proxy Policy provides that the Adviser will vote for or against such proposal. To the extent the Policy calls for the proposal to be voted on a case by case basis the Adviser, depending on the facts and circumstances, will either (1) vote the proxy in accordance with the recommendation of ISS; or (2) vote the proxy pursuant to client direction.

**Supervision of ISS**

The Proxy Policy of the Adviser states that, on an ongoing basis, or at least annually, the Adviser must evaluate whether ISS has adequately disclosed its methodologies for formulating its voting recommendations. In reviewing this information, the Adviser considers whether ISS had the capacity and competency to adequately evaluate proxies to be voted upon by the Adviser. Factors considered include staffing, technology, the process for seeking timely input from issuers, identification and correction of errors, peer group comparisons, and governance structure, among other considerations. In conducting this evaluation, the Adviser considers whether ISS is adequately disclosing potential conflicts of interests and conflict resolution. The Adviser also considers whether policies and procedures are reasonably designed to prevent errors, methodological weaknesses, and/or inaccuracies as well as insure that input from the issuer are being considered. Upon completion of its review the Adviser shall make a conclusion as to whether or not, based upon a reasonable belief of the Adviser, that ISS's voting recommendations are in the best interests of its clients.

**Proxy Voting Report**

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. Form N-PX is also available from the EDGAR database on the SEC's website at http://www.sec.gov.

**DISCLOSURE OF PORTFOLIO HOLDINGS**

The disclosure policy of the Funds and the Adviser prohibits the disclosure of portfolio holdings information to any investor or intermediary before the same information is made available to other investors. Employees of the Adviser or its affiliates who have access to nonpublic information concerning the Fund's portfolio holdings are prohibited from trading securities based on this information. Such persons must report all personal securities trades and obtain pre-clearance for all personal securities trades other than certain short term and U.S. Government securities and mutual fund shares.

Firms that provide administrative, custody, financial, accounting, legal, or other services to the Funds may receive nonpublic information about Fund portfolio holdings for purposes relating to their services. The Funds may also provide portfolio holdings information to publications that rate, rank or otherwise

categorize investment companies. Traders or portfolio managers may provide "interest" lists to facilitate portfolio trading if the list reflects only that subset of the portfolio for which the trader or portfolio manager is seeking market interest.

The furnishing of nonpublic portfolio holdings information to any third party (other than authorized governmental or regulatory personnel) requires the prior approval of the Executive Vice President of the Adviser and of the Chief Compliance Officer of the Funds. The Executive Vice President of the Adviser and the Chief Compliance Officer will approve the furnishing of nonpublic portfolio holdings information to a third party only if they consider the furnishing of such information to be in the best interests of the Fund and its shareholders. In that regard, and to address possible conflicts between the interests of Fund shareholders and those of the Adviser and its affiliates, the following procedures apply. No consideration may be received by the Fund, the Adviser, any affiliate of the Adviser or any of their employees in connection with the disclosure of portfolio holdings information. Before information is furnished, the third party must agree that it will safeguard the confidentiality of the information. Persons approved to receive nonpublic portfolio holdings information will receive it as often as necessary for the purpose for which it is provided. Such information may be furnished as frequently as daily and often with no time lag between the date of the information and the date it is furnished. The Board receives and reviews annually a list of the persons who receive nonpublic portfolio holdings information and the purposes for which it is furnished. The Funds' [annual](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001007226/000158064226001728/wesmarkfund_ncsr.htm) and [semi-annual reports](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001007226/000158064225005949/wesmarkfund_ncsrs.htm), which contain complete listings of the Fund's portfolio holdings as of the end of the Funds' second and fourth fiscal quarters, may be accessed by calling 1-800-864-1013 or on the internet at <u>www.wesmarkfunds.com</u>. Go to the section of the Home page titled "Recent Information" and select the appropriate document. Complete listings of the Funds' portfolio holdings as of the end of the Funds' first and third fiscal quarters may be accessed by calling 1-800-864-1013 or on the WesMark website at <u>www.wesmarkfunds.com</u>. Go to "Recent Information" on the Homepage and select the appropriate document. Fiscal quarter information is made available on the website within 70 days after the end of the fiscal quarter. This information is also available in reports filed with the SEC at the SEC's website at www.sec.gov. Additionally, summary portfolio information for each calendar quarter is posted on the Funds' website usually within 30 days after the end of the calendar quarter. The summary portfolio composition information can be found in the Funds' "Fact Sheets" and may include identification of a Fund's top ten holdings, and a percentage breakdown of the portfolio by sector, maturity range or credit quality. To access this information on the Funds' website click on "Recent Information," locate the "Fact Sheets" link and click on the Fund's name.

The following is a list of persons other than the Adviser and its affiliates that may receive nonpublic portfolio holdings information concerning the Funds:

---

| | |
|:---|:---|
| **INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**<br> Cohen & Company, Ltd. | **RATING AGENCIES**<br> S&P<br> Moody's<br> Fitch  |
| **LEGAL COUNSEL**<br> Morgan, Lewis & Bockius LLP<br> Phillips, Gardill, Kaiser & Altmeyer | **PERFORMANCE REPORTING/PUBLICATIONS**<br> Bloomberg<br> Morningstar<br> NASDAQ <br> LSEG ("London Stock Exchange Group")<br> Vickers<br>Factset |
| **SERVICE PROVIDERS**<br> Ultimus Fund Solutions, LLC<br> Ultimus Fund Distributors, LLC <br> WesBanco, Inc.<br> WesBanco Bank, Inc.<br> WesBanco Investment Department<br> WesBanco Trust and Investment Services | **SECURITY PRICING SERVICES**<br> S&P<br> Bloomberg<br> ICE Data Services<br>**OTHER**<br> Broadridge Financial Solutions<br> Investment Company Institute ("ICI")<br> Electra Information Systems<br> PNC Financial Services Group, Inc.<br> SunGard Business Systems ("FIS")<br> Investment Scorecard, Inc. |

---

When selecting brokers and dealers to handle the purchase and sale of portfolio instruments, the Adviser looks for prompt execution of the order at a favorable price. The Adviser will generally use those who are recognized dealers in specific portfolio instruments, except when a better price and execution of the order can be obtained elsewhere. The Adviser may select brokers and dealers based on whether they also offer research and brokerage services (as described below). The Adviser makes decisions on portfolio transactions and selects brokers and dealers subject to oversight by the Funds' Board.

Investment decisions for a Fund are made independently from those of other accounts managed by the Adviser. When a Fund and one or more of those accounts invests in, or disposes of, the same security, available investments or opportunities for sales will be allocated among the Funds and the account(s) in a manner believed by the Adviser to be equitable. While the coordination and ability to participate in volume transactions may benefit a Fund, it is possible that this procedure could adversely impact the price paid or received and/or the position obtained or disposed of by a Fund.

As of December 31, 2025, the Small Company Fund owned 57,000 shares of Perella Weinberg Partners, $986,000; and 11,704 shares of PJT Partners, Inc., $1,956,908; the Large Company Fund owned 20,321 shares of Morgan Stanley, $3,607,587; 28,130 shares of JP Morgan, $9,064,049; and 74,000 shares of Bank of America $4,070,000; the Balanced Fund owned 2,350 shares of Goldman Sachs Group, Inc., $2,065,650; 14,000 shares of Bank of America, $770,000; 8,709 shares of JP Morgan, $2,806,214; and 8,000 shares of PNC Financial, $1,669,840.

**Research and Brokerage Services**

Research services may include advice as to the advisability of investing in securities; security analysis and reports; economic studies; industry studies; receipt of quotations for portfolio evaluations; and similar services. Research services may be used by the Adviser in advising other accounts. To the extent that receipt of these services may replace services for which the Adviser or its affiliates might otherwise have paid, it would tend to reduce their expenses. The Adviser and its affiliates exercise reasonable business judgment in selecting those brokers who offer brokerage and research services to execute securities transactions. They determine in good faith that commissions charged by such persons are reasonable in relationship to the value of the brokerage and research services provided.

For the fiscal year ended December 31, 2025, the Small Company Fund's Adviser directed brokerage transactions to certain brokers due to research services they provided. The total amount of these transactions was $145,239,177, for which the Fund paid $141,274 in brokerage commissions. The Large Company Fund's Adviser directed brokerage transactions to certain brokers due to research services they provided. The total amount of these transactions was $205,872,265, for which the Fund paid $56,486 in brokerage commissions. The Balanced Fund's Adviser directed brokerage transactions to certain brokers due to

research services they provided. The total amount of these transactions was $40,241,501, for which the Fund paid $9,309 in brokerage commissions. The Tactical Opportunity Fund's Adviser directed brokerage transactions to certain brokers due to research services they provided. The total amount of these transactions was $40,288,550, for which the Fund paid $13,762 in brokerage commissions. The Government Bond Fund's Adviser directed brokerage transactions to certain brokers due to research services they provided. The total amount of these transactions was $42,902,476, for which the Fund paid $0 in brokerage commissions.

**SERVICE PROVIDERS**

**PRINCIPAL UNDERWRITER**

Effective of May 19, 2025, Ultimus Fund Distributors, LLC ("UFD"), located at P.O. Box 46707, Cincinnati, OH 45246, serves as the Funds' principal underwriter and acts as the distributor of the Funds' shares pursuant to a Distribution Agreement with the Trust. Prior to May 19, 2025, ALPS Distributors, Inc. acted as the distributor of the Funds' shares pursuant to a Distribution Agreement with the Trust. Shares are sold on a continuous basis by the Distributor as agent of the Funds, and the Distributor has agreed to use its best efforts to solicit orders for the sale of Fund shares, although it is not obliged to sell any particular amount of shares. UFD is not entitled to any compensation from the WesMark Funds for its services as distributor. For the period between January 1, 2025 and May 18, 2025, and the fiscal years ended December 31, 2024 and December 31, 2023, ALPS Distributors, Inc. received $0, $0, and $0 in underwriting commissions with respect to all the Funds offered by the Trust. For the period between May 19, 2025 and December 31, 2025, UFD received $0 in underwriting commissions with respect to all the Funds offered by the Trust.

**ADMINISTRATOR, ACCOUNTING AGENT, DIVIDEND DISBURSING AGENT, AND TRANSFER AGENT**

Prior to May 19, 2025, ALPS Fund Services, Inc. ("AFS") provided administrative personnel and services (including certain legal and financial reporting services) necessary to operate the Funds. Effective May 19, 2025, Ultimus Fund Solutions, LLC ("Ultimus") has served as the Funds' administrator, accounting agent and transfer agent pursuant to a Master Services Agreement. The administrator, accounting agent and transfer agent are located at located at 225 Pictoria Drive, Suite 450, Cincinnati Ohio 45246. The administrative services that Ultimus performs for the Funds include: preparing shareholder reports and arranging for the printing and dissemination of such reports; assembling reports required to be filed with the SEC or other regulatory agencies and filing such completed reports with the SEC or other regulatory agencies; preparing and filing federal and state tax returns on behalf of the Funds; assisting and advising CRM regarding compliance monitoring activities, including compliance with the 1940 Act and with the Funds' investment policies and limitations; and making such reports and recommendations to the Board as the Board reasonably requests or deems appropriate.

The accounting services that Ultimus provides include maintaining the accounting books and records for the Funds, including journals containing an itemized daily record of all purchases and sales of portfolio securities, all receipts and disbursements of cash and all other debits and credits, general and auxiliary ledgers reflecting all asset, liability, reserve, capital, income and expense accounts, including interest accrued and interest received, and other required separate ledger accounts. In its capacity as the Funds' accounting agent Ultimus also: maintains a monthly trial balance of all ledger accounts; performs certain accounting services for the Funds, including calculation of the NAV per share, calculation of the dividend and capital gain distributions, reconciles cash movements with the custodian, verifies and reconciles with the custodian all daily trade activities; provides certain reports; obtains dealer quotations or prices from

pricing services used in determining NAV; and prepares an interim balance sheet, statement of income and expense, and statement of changes in net assets for the Funds.

As the Funds' Transfer Agent, Ultimus: maintains records for the Funds' shareholders of record; processes shareholder purchase and redemption orders; processes transfers and exchanges of shares of the Funds on the shareholder files and records; processes dividend payments and reinvestments; and assists in the mailing of shareholder reports and proxy solicitation materials.

For the fiscal years ended December 31, 2025, December 31, 2024, December 31, 2024, the Trust paid $667,082, $924,390, and $823,248, respectively, in administrative fees with respect to all the Funds offered by the Trust. All administrative fees paid prior to May 19, 2025 were paid to AFS; all administrative fees paid beginning on May 19, 2025 were paid to Ultimus.

**FUND COUNSEL**

Morgan, Lewis & Bockius LLP serves as counsel to the Funds.

**CUSTODIAN**

WesBanco Bank, Inc. is custodian for the securities and cash of the Funds.

**INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

The Independent Registered Public Accounting Firm for the Funds, Cohen & Company, Ltd., conducts its audits in accordance with auditing standards in accordance with the standards established by the Public Company Accounting Oversight Board ("PCAOB"), which require it to plan and perform its audits to provide reasonable assurance about whether the Funds' financial statements and financial highlights are free of material misstatements.

**FEES PAID BY THE FUNDS FOR SERVICES**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Advisory Fee Paid/Advisory Fee Waived** | **Advisory Fee Paid/Advisory Fee Waived** | **Advisory Fee Paid/Advisory Fee Waived** | **Advisory Fee Paid/Advisory Fee Waived** | **Advisory Fee Paid/Advisory Fee Waived** | **Advisory Fee Paid/Advisory Fee Waived** | |
| Fiscal Year Ended: | Small<br> Company<br> Fund | Large<br> Company<br> Fund | Balanced<br> Fund | Government<br> Bond Fund | West Virginia<br> Municipal Bond<br> Fund | Tactical<br> Opportunity<br> Fund\* |
| December 31, 2025 | $1,078,308/<br> $0 | $2,514,629/<br> $0 | $723,837/<br> $0 | $1,031,896/<br> $0 | $522,003/<br> $0 | $359,688/<br> $0 |
| December 31, 2024 | $913,757/<br> $0 | $2,513,738/<br> $0 | $743,437/<br> $0 | $1,057,596/<br> $0 | $527,271/<br> $0 | $349,171/<br> $0 |
| December 31, 2023 | $753,704/<br> $0 | $2,265,548/<br> $0 | $737,064/<br> $0 | $1,082,438/<br> $0 | $555,848/<br> $0 | $314,770/<br> $0 |
| December 31, 2022 | $786,896/<br> $0 | $2,463,310/<br> $0 | $811,932/<br> $0 | $1,274,118/<br> $0 | $607,360/<br> $0 | $327,554/<br> $0 |
| December 31, 2021 | $961,030/<br> $0 | $2,943,918/<br> $0 | $891,407/<br> $0 | $1,427,534/<br> $0 | $703,779/<br> $0 | $366,756/<br> $0 |
| December 31, 2020 | $727,329/<br> $0 | $2,465,483/<br> $0 | $808,879/<br> $0 | $1,366,512/<br> $0 | $705,783/<br> $0 | $305,658/<br> $0 |
| December 31, 2019 | $689,322/<br> $0 | $2,411,976/<br> $0 | $817,336/<br> $0 | $1,394,985/<br> $0 | $704,015/<br> $0 | $293,204/<br> $0 |
| December 31, 2018 | $754,805/<br> $0 | $2,556,167/<br> $0 | $853,004/<br> $0 | $1,428,561/<br> $0 | $689,238/<br> $0 | $247,066/<br> $0 |
| December 31, 2017 | $742,029/<br> $0 | $2,540,415/<br> $0 | $840,505/<br> $0 | $1,489,136/<br> $0 | $699,373/<br> $0 | $117,558/<br> $36,571 |
| December 31, 2016 | $687,289/<br> $0 | $2,379,876/<br> $0 | $767,058/<br> $0 | $1,544,875/<br> $0 | $725,591/<br> $19,371 | —\* |

---

\* The Tactical Opportunity Fund did not commence operation until March 1, 2017, therefore no fees have been paid.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Brokerage Commissions Paid** | **Brokerage Commissions Paid** | **Brokerage Commissions Paid** | **Brokerage Commissions Paid** | **Brokerage Commissions Paid** | **Brokerage Commissions Paid** | |
| Fiscal Year Ended: | Small<br> Company<br> Fund | Large<br> Company<br> Fund | Balanced<br> Fund | Government<br> Bond Fund | West<br> Virginia<br> Municipal<br> Bond<br> Fund | Tactical<br> Opportunity<br> Fund |
| December 31, 2025 | $141274 | $56486 | $9308 | $0 | $0 | $13762 |
| December 31, 2024 | $61285 | $38227 | $8673 | $838 | $0 | $5706 |
| December 31, 2023 | $86485 | $51616 | $8763 | $863 | $0 | $10549 |
| December 31, 2022 | $79070 | $59345 | $10241 | $0 | $0 | $27791 |
| December 31, 2021 | $78121 | $37879 | $13638 | $0 | $0 | $18309 |
| December 31, 2020 | $89218 | $53138 | $14618 | $0 | $0 | $40522 |
| December 31, 2019 | $115961 | $149838 | $19865 | $124 | $0 | $34169 |
| December 31, 2018 | $149443 | $104908 | $39790 | $0 | $33107 | $40219 |
| December 31, 2017 | $99917 | $92906 | $26948 | $0 | $0 | $21944 |
| December 31, 2016 | $59569 | $189093 | $29491 | $0 | $0 | —\* |

---

\* The Tactical Opportunity Fund did not commence operation until March 1, 2017, therefore no commissions have been paid.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Administrative Fee Paid** | **Administrative Fee Paid** | **Administrative Fee Paid** | **Administrative Fee Paid** | **Administrative Fee Paid** | **Administrative Fee Paid** |  |
| Fiscal Year Ended: | Small<br> Company<br> Fund | Large<br> Company<br> Fund | Balanced<br> Fund | Government<br> Bond Fund | West<br> Virginia<br> Municipal<br> Bond<br> Fund | Tactical<br> Opportunity<br> Fund |
| December 31, 2025\* | $114740 | $213703 | $94227 | $139150 | $59368 | $45894 |
| December 31, 2024 | $132182 | $260072 | $132677 | $183892 | $130206 | $85361 |
| December 31, 2023 | $107860 | $215327 | $121325 | $180475 | $122739 | $75522 |
| December 31, 2022 | $108947 | $210519 | $117353 | $175248 | $123703 | $78364 |
| December 31, 2021 | $124528 | $243203 | $135479 | $214253 | $155081 | $90164 |
| December 31, 2020 | $114597 | $230642 | $133036 | $222209 | $153371 | $86729 |
| December 31, 2019 | $104146 | $214408 | $119911 | $202422 | $140895 | $75438 |
| December 31, 2018 | $105153 | $210307 | $120323 | $203047 | $139099 | $73152 |
| December 31, 2017 | $98037 | $211010 | $113903 | $202324 | $133411 | $52437 |
| December 31, 2016 | $76614 | $239490 | $93084 | $228461 | $123132 | —\*\* |

---

\* Administrative fees paid before May 19, 2025 were paid to AFS. Administrative fees paid beginning on May 19, 2025 were paid to Ultimus.

\*\* The Tactical Opportunity Fund did not commence operation until March 1, 2017, therefore no fees have been paid.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Shareholder Services Fee Paid** | **Shareholder Services Fee Paid** | **Shareholder Services Fee Paid** | **Shareholder Services Fee Paid** | **Shareholder Services Fee Paid** | **Shareholder Services Fee Paid** | |
| Fiscal Year Ended: | Small<br> Company<br> Fund | Large<br> Company <br> Fund | Balanced<br> Fund | Government<br> Bond Fund | West<br> Virginia<br> Municipal<br> Bond<br> Fund | Tactical<br> Opportunity<br> Fund |
| December 31, 2025 | $355366 | $823135 | $240113 | $429386 | $217094 | $119896 |
| December 31, 2024 | $320921 | $875829 | $267026 | $475057 | $238415 | $125032 |
| December 31, 2023 | $230177 | $689279 | $224214 | $411556 | $213080 | $96291 |
| December 31, 2022 | $262464 | $816073 | $268482 | $526148 | $251630 | $109018 |
| December 31, 2021 | $318326 | $971038 | $295057 | $594097 | $293849 | $123000 |
| December 31, 2020 | $242443 | $821828 | $269626 | $569380 | $294076 | $101886 |
| December 31, 2019 | $229774 | $803992 | $272445 | $581244 | $293340 | $97735 |
| December 31, 2018 | $251602 | $852055 | $284334 | $595234 | $287183 | $82355 |
| December 31, 2017 | $246498 | $842012 | $279302 | $619777 | $289006 | $39186 |
| December 31, 2016 | $229096 | $793292 | $255686 | $643698 | $302329 | —\* |

---

\* The Tactical Opportunity Fund did not commence operation until March 1, 2017, therefore no fees have been paid.

**HOW DO THE FUNDS MEASURE PERFORMANCE?**

The Funds may advertise Share performance by using the SEC standard methods for calculating performance applicable to all mutual funds. The SEC also permits this standard performance information to be accompanied by non-standard performance information.

Unless otherwise stated, any quoted Share performance reflects the effect of non-recurring charges, which, if excluded, would increase the total return and yield. The performance of shares depends upon such variables as: portfolio quality; average portfolio maturity; type and value of portfolio securities; changes in interest rates; changes or differences in the Funds' expenses; and various other factors.

Share performance fluctuates on a daily basis largely because net earnings and/or the value of portfolio holdings fluctuate daily. Both net earnings and offering price per Share are factors in the computation of yield and total return.

AVERAGE ANNUAL TOTAL RETURNS AND YIELD

Total returns are given for the one-year, five-year and ten-year periods ended December 31, 2025. Yield is given for the 30-day period ended December 31, 2025.

---

| | | | |
|:---|:---|:---|:---|
| **SMALL COMPANY FUND** | **1 Year** | **5 Years** | **10 Years** |
| Return Before Taxes | 16.43% | 10.73% | 11.53% |
| Return After Taxes on Distributions | 11.04% | 7.65% | 9.09% |
| Return After Taxes on Distributions and Sales of Shares | 13.19% | 7.96% | 8.86% |
| Yield | N/A | N/A | N/A |

---

---

| | | | |
|:---|:---|:---|:---|
| **LARGE COMPANY FUND** | **1 Year** | **5 Years** | **10 Years** |
| Return Before Taxes | 16.91% | 11.40% | 12.37% |
| Return After Taxes on Distributions | 11.93% | 8.32% | 9.83% |
| Return After Taxes on Distributions and Sales of Shares | 13.40% | 8.52% | 9.55% |
| Yield | N/A | N/A | N/A |

---

---

| | | | |
|:---|:---|:---|:---|
| **BALANCED FUND** | **1 Year** | **5 Years** | **10 Years** |
| Return Before Taxes | 10.84% | 6.46% | 7.19% |
| Return After Taxes on Distributions | 8.72% | 4.60% | 5.50% |
| Return After Taxes on Distributions and Sales of Shares | 7.58% | 4.61% | 5.25% |
| 30-Day SEC Yield | 1.79% | N/A | N/A |

---

---

| | | | |
|:---|:---|:---|:---|
| **GOVERNMENT BOND FUND** | **1 Year** | **5 years** | **10 Years** |
| Return Before Taxes | 6.91% | (1.95)% | (0.13)% |
| Return After Taxes on Distributions | 5.40% | (3.02)% | (0.82)% |
| Return After Taxes on Distributions and Sales of Shares | 4.07% | (1.92)% | (0.29)% |
| 30-Day SEC Yield | 3.45% | N/A | N/A |

---

---

| | | | |
|:---|:---|:---|:---|
| **WEST VIRGINIA MUNICIPAL BOND FUND** | **1 Year** | **5 Years** | **10 Years** |
| Return Before Taxes | 5.49% | 0.36% | 1.44% |
| Return After Taxes on Distributions | 4.51% | (0.45)% | 0.61% |
| Return After Taxes on Distributions and Sales of Shares | 3.23% | (0.07)% | 0.74% |
| 30-Day SEC Yield | 2.45% | N/A | N/A |
| Tax-Equivalent 30-Day SEC Yield (At the 25% Federal Joint Tax Rate) | 3.27% | N/A | N/A |

---

---

| | | | |
|:---|:---|:---|:---|
| **TACTICAL OPPORTUNITY FUND** | **1 Year** | **5 Years** | **Since<br> Inception<br> 2/28/2017** |
| Return Before Taxes | 15.42% | 5.75% | 6.32% |
| Return After Taxes on Distributions | 13.94% | 4.30% | 5.12% |
| Return After Taxes on Distributions and Sales of Shares | 9.88% | 3.97% | 4.56% |
| Yield | N/A | N/A | N/A |

---

The WesMark Tactical Opportunity Fund commenced operations on March 1, 2017.

**TOTAL RETURN**

Total return represents the change (expressed as a percentage) in the value of shares over a specific period of time, and includes the reinvestment of income and capital gains distributions.

The average annual total return for shares is the average compounded rate of return for a given period that would equate a $10,000 initial investment to the ending redeemable value of that investment. The ending redeemable value is computed by multiplying the number of shares owned at the end of the period by the

NAV per Share at the end of the period. The number of shares owned at the end of the period is based on the number of shares purchased at the beginning of the period with $10,000, adjusted over the period by any additional shares, assuming the annual reinvestment of all dividends and distributions. Total returns after taxes are calculated in a similar manner, but reflect additional standard assumptions required by the -SEC.

When shares of a Fund are in existence for less than a year, a Fund may advertise cumulative total return for that specific period of time, rather than annualizing the total return.

**YIELD**

The yield of shares is calculated by dividing: (i) the net investment income per Share earned by the shares over a 30-day period; by (ii) the maximum offering price per Share on the last day of the period. This number is then annualized using semi-annual compounding. This means that the amount of income generated during the 30-day period is assumed to be generated each month over a 12-month period and is reinvested every six months. The yield does not necessarily reflect income actually earned by shares because of certain adjustments required by the SEC and, therefore, may not correlate to the dividends or other distributions paid to shareholders.

To the extent investment professionals and broker/dealers charge fees in connection with services provided in conjunction with an investment in shares, the Share performance is lower for shareholders paying those fees.

**FINANCIAL INFORMATION**

The Financial Statements for the Funds for the fiscal year ended December 31, 2025, have been audited by Cohen & Company, Ltd., the Funds' Independent Registered Public Accounting Firm, and are incorporated herein by reference to the [Annual Report to Shareholders of the WesMark Funds dated December 31, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001007226/000158064226001728/wesmarkfund_ncsr.htm).

**Addresses**

**WESMARK FUNDS**

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

One Bank Plaza

Wheeling, WV 26003

**Distributor** 

Ultimus Fund Distributors, LLC

225 Pictoria Drive, Suite 450

Cincinnati, OH 45246

**Investment Adviser**

WesBanco Investment Department

One Bank Plaza

Wheeling, WV 26003

**Custodian**

WesBanco Bank, Inc.

One Bank Plaza

Wheeling, WV 26003

**Transfer Agent and Dividend Disbursing Agent**

Ultimus Fund Solutions, LLC

225 Pictoria Drive, Suite 450

Cincinnati, OH 45246

**Independent Registered Public Accounting Firm**

Cohen & Company, Ltd.

1350 Euclid Ave., Suite 800

Cleveland, OH 44115

**Administrator**

Ultimus Fund Solutions, LLC

225 Pictoria Drive, Suite 450

Cincinnati, OH 45246

**Fund Counsel**

Morgan, Lewis & Bockius LLP

One Oxford Centre

Thirty-Second Floor

Pittsburgh, PA 15219-6401

**APPENDIX** **: Investment Ratings**

**S&P GLOBAL RATINGS** **LONG-TERM DEBT RATING DEFINITIONS**

AAA—An obligation rated 'AAA' has the highest rating assigned by S&P Global Ratings. The obligor's capacity to meet its financial commitments on the obligation is extremely strong.

AA— An obligation rated 'AA' differs from the highest-rated obligations only to a small degree. The obligor's capacity to meet its financial commitments on the obligation is very strong.

A— An obligation rated 'A' is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher-rated categories. However, the obligor's capacity to meet its financial commitments on the obligation is still strong.

BBB—An obligation rated 'BBB' exhibits adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely to weaken the obligor's capacity to meet its financial commitments on the obligation.

BB, B, CCC, C, and C–Obligations rated 'BB', 'B', 'CCC', 'CC', and 'C' are regarded as having significant speculative characteristics. 'BB' indicates the least degree of speculation and 'C' the highest. While such obligations will likely have some quality and protective characteristics, these may be outweighed by large uncertainties or major exposure to adverse conditions.

BB—An obligation rated 'BB' is less vulnerable to nonpayment than other speculative issues. However, it faces major ongoing uncertainties or exposure to adverse business, financial, or economic conditions that could lead to the obligor's inadequate capacity to meet its financial commitments on the obligation.

B—An obligation rated 'B' is more vulnerable to nonpayment than obligations rated 'BB', but the obligor currently has the capacity to meet its financial commitments on the obligation. Adverse business, financial, or economic conditions will likely impair the obligor's capacity or willingness to meet its financial commitments on the obligation.

CCC— An obligation rated 'CCC' is currently vulnerable to nonpayment and is dependent upon favorable business, financial, and economic conditions for the obligor to meet its financial commitments on the obligation. In the event of adverse business, financial, or economic conditions, the obligor is not likely to have the capacity to meet its financial commitments on the obligation.

CC—An obligation rated 'CC' is currently highly vulnerable to nonpayment. The 'CC' rating is used when a default has not yet occurred but S&P Global Ratings expects default to be a virtual certainty, regardless of the anticipated time to default.

C—An obligation rated 'C' is currently highly vulnerable to nonpayment, and the obligation is expected to have lower relative seniority or lower ultimate recovery compared with obligations that are rated higher.

D–An obligation rated 'D' is in default or in breach of an imputed promise. For non-hybrid capital instruments, the 'D' rating category is used when payments on an obligation are not made on the date due, unless S&P Global Ratings believes that such payments will be made within the next five business days in the absence of a stated grace period or within the earlier of the stated grace period or the next 30 calendar days. The 'D' rating also will be used upon the filing of a bankruptcy petition or the taking of similar action and where default on an obligation is a virtual certainty, for example due to automatic stay provisions. A rating on an obligation is lowered to 'D' if it is subject to a distressed debt restructuring.

\* Ratings from 'AA' to 'CCC' may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the rating categories.

**MOODY'S INVESTORS SERVICE LONG-TERM BOND RATING DEFINITIONS**

Aaa—Obligations rated Aaa are judged to be of the highest quality, subject to the lowest level of credit risk.

Aa—Obligations rated Aa are judged to be of high quality and are subject to very low credit risk.

A—Obligations rated A are judged to be upper-medium grade and are subject to low credit risk.

Baa—Obligations rated Baa are judged to be medium-grade and subject to moderate credit risk and as such may possess certain speculative characteristics.

Ba—Obligations rated Ba are judged to be speculative and are subject to substantial credit risk

B—Obligations rated B are considered speculative and are subject to high credit risk

Caa—Obligations rated Caa are judged to be speculative of poor standing and are subject to very high credit risk.

Ca—Obligations rated Ca are highly speculative and are likely in, or very near, default, with some prospect of recovery of principal and interest.

C—Obligations rated C are the lowest rated and are typically in default, with little prospect for recovery of principal or interest.

**FITCH RATINGS LONG-TERM DEBT RATING DEFINITIONS**

AAA—Highest Credit Quality–'AAA' ratings denote the lowest expectation of default risk. They are assigned only in cases of exceptionally strong capacity for payment of financial commitments. This capacity is highly unlikely to be adversely affected by foreseeable events.

AA—Very High Credit Quality–'AA' ratings denote expectations of very low default risk. They indicate very strong capacity for payment of financial commitments. This capacity is not significantly vulnerable to foreseeable events.

A—High Credit Quality–'A' ratings denote expectations of low default risk. The capacity for payment of financial commitments is considered strong. This capacity may, nevertheless, be more vulnerable to adverse business or economic conditions than is the case for higher ratings.

BBB—Good Credit Quality–'BBB' ratings indicate that expectations of default risk are currently low. The capacity for payment of financial commitments is considered adequate, but adverse business or economic conditions are more likely to impair this capacity.

BB—Speculative–'BB' ratings indicate an elevated vulnerability to default risk, particularly in the event of adverse changes in business or economic conditions over time; however, business or financial flexibility exists that supports the servicing of financial commitments.

B—Highly Speculative–'B' ratings indicate that material default risk is present, but a limited margin of safety remains. Financial commitments are currently being met; however, capacity for continued payment is vulnerable to deterioration in the business and economic environment.

CCC—Substantial Credit Risk–Very low margin for safety. Default is a real possibility.

CC—Very High Levels of Credit Risk–Default of some kind appears probable.

C—Near Default–A default or default-like process has begun, or for a closed funding vehicle, payment capacity is irrevocably impaired. Conditions that are indicative of a 'C' category rating for an issuer include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The issuer has entered into a grace or cure period following non-payment of a material financial obligation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The formal announcement by the issuer or their agent of a distressed debt exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● A closed financing vehicle where payment capacity is irrevocably impaired such that it is not expected to pay interest and/or principal in full during the life of the transaction, but where no payment default is imminent.

RD—Restricted Default–'RD' ratings indicate an issuer that in Fitch's opinion has experienced:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● An uncured payment default or DDE on a bond, loan or other material financial obligation, but

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Has not entered into bankruptcy filings, administration, receivership, liquidation, or other formal winding-up procedure, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Has not otherwise ceased operating.

This would include:

- The selective payment default on a specific class or currency of debt;

- The uncured expiry of any applicable original grace period, cure period or default forbearance period following a payment default on a bank loan, capital markets security or other material financial obligation.

D—Default–'D' ratings indicate an issuer that in Fitch's opinion has entered into bankruptcy filings, administration, receivership, liquidation or other formal winding-up procedure or that has otherwise ceased business and debt is still outstanding. Default ratings are not assigned prospectively to entities or their obligations; within this context, non-payment on an instrument that contains a deferral feature or grace period will generally not be considered a default until after the expiration of the deferral or grace period, unless a default is otherwise driven by bankruptcy or other similar circumstance, or by a distressed debt exchange. In all cases, the assignment of a default rating reflects the agency's opinion as to the most appropriate rating category consistent with the rest of its universe of ratings and may differ from the definition of default under the terms of an issuer's financial obligations or local commercial practice

Distressed Debt Exchange ("DDE")–An exchange offer will be considered a DDE if there is a material reduction in terms compared with the original contractual terms, and the exchange is conducted to avoid bankruptcy, similar insolvency or intervention proceedings, or a traditional payment default. The application of ratings due to a DDE event may be further explained in the relevant criteria.

**MOODY'S INVESTORS SERVICE COMMERCIAL PAPER RATINGS**

Prime-1—Ratings of Prime-1 reflect a superior ability to repay short-term obligations.

Prime-2—Ratings of Prime-2 reflect a strong ability to repay short-term obligations.

Prime-3–Ratings of Prime-3 reflect an acceptable ability to repay short-term obligations.

Not Prime–Issuers (or supporting institutions) rated Not Prime do not fall within any of the Prime rating categories.

**STANDARD AND POOR'S COMMERCIAL PAPER RATINGS**

A-1—A short-term obligation rated 'A-1' is rated in the highest category by S&P Global Ratings. The obligor's capacity to meet its financial commitments on the obligation is strong. Within this category, certain obligations are designated with a plus sign (+). This indicates that the obligor's capacity to meet its financial commitments on these obligations is extremely strong.

A-2—A short-term obligation rated 'A-2' is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher rating categories. However, the obligor's capacity to meet its financial commitments on the obligation is satisfactory.

A-3— A short-term obligation rated 'A-3' exhibits adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely to weaken an obligor's capacity to meet its financial commitments on the obligation.

B– A short-term obligation rated 'B' is regarded as vulnerable and has significant speculative characteristics. The obligor currently has the capacity to meet its financial commitments; however, it faces major ongoing uncertainties that could lead to the obligor's inadequate capacity to meet its financial commitments.

C–A short-term obligation rated 'C' is currently vulnerable to nonpayment and is dependent upon favorable business, financial, and economic conditions for the obligor to meet its financial commitments on the obligation.

D–A short-term obligation rated 'D' is in default or in breach of an imputed promise. For non-hybrid capital instruments, the 'D' rating category is used when payments on an obligation are not made on the date due, unless S&P Global Ratings believes that such payments will be made within any stated grace period. However, any stated grace period longer than five business days will be treated as five business days. The 'D' rating also will be used upon the filing of a bankruptcy petition or the taking of a similar action and where default on an obligation is a virtual certainty, for example due to automatic stay provisions. A rating on an obligation is lowered to 'D' if it is subject to a distressed debt restructuring.

**FITCH RATINGS COMMERCIAL PAPER RATING DEFINITIONS**

F1—(Highest Short-Term Credit Quality) Indicated the strongest intrinsic capacity for timely payment of financial commitments; may have an added '+' to denote any exceptionally strong credit feature.

F2—(Good Short-Term Credit Quality) Good intrinsic capacity for timely payment of financial commitments.

F3—(Fair Short-Term Credit Quality) The intrinsic capacity for timely payment of financial commitments is adequate.

B—(Speculative Short-Term Credit Quality) Minimal capacity for timely payment of financial commitments, plus heightened vulnerability to near term adverse changes in financial and economic conditions.

C—(High Short-Term Default Risk) Default is a real possibility.

RD—(Restricted Default) Indicates an entity that has defaulted on one or more of its financial commitments, although it continues to meet other financial obligations. Typically applicable to entity ratings only.

D—(Default) Indicates a broad-based default event for an entity, or the default of a short-term obligation.

---

| | |
|:---|:---|
| **PART C.** | **OTHER INFORMATION** |

---

Item 28. Exhibits

(a) [Declaration of Trust of the Registrant.(1)](https://www.sec.gov/Archives/edgar/data/1007226/0001007226-96-000004.txt)

(i) [Amendment No. 1 to the Declaration of Trust of the Registrant.(2)](https://www.sec.gov/Archives/edgar/data/1007226/0001007226-97-000002.txt)

(ii) [Amendment No. 2 to the Declaration of Trust of the Registrant.(13)](https://www.sec.gov/Archives/edgar/data/1007226/000131814806000662/dectrust1.txt)

(iii) [Amendment No. 3 to the Declaration of Trust of the Registrant.(13)](https://www.sec.gov/Archives/edgar/data/1007226/000131814806000662/dectrust2.txt)

(iv) [Amendment No. 4 to the Declaration of Trust of the Registrant.(13)](https://www.sec.gov/Archives/edgar/data/1007226/000131814806000662/dectrust3.txt)

(v) [Amendment No. 5 to the Declaration of Trust of the Registrant. (26)](https://www.sec.gov/Archives/edgar/data/1007226/000139834417002598/fp0024117_ex9928av.htm)

(b) [By-Laws of the Registrant.(1)](https://www.sec.gov/Archives/edgar/data/1007226/0001007226-96-000004.txt)

(ii) [Amendment No. 1 to the By-Laws of the Registrant.(11)](https://www.sec.gov/Archives/edgar/data/1007226/000105628804000191/bylaws1.txt)

(iii) [Amendment No. 2 to the By-Laws of the Registrant.(11)](https://www.sec.gov/Archives/edgar/data/1007226/000105628804000191/bylaws3.txt)

(iv) [Amendment No. 3 to the By-Laws of the Registrant.(11)](https://www.sec.gov/Archives/edgar/data/1007226/000105628804000191/bylaws4.txt)

(i) [Amendment No. 4 to the By-Laws of the Registrant.(10)](https://www.sec.gov/Archives/edgar/data/1007226/000105628803000208/bylaws.txt)

(v) [Amendment No. 5 to the By-Laws of the Registrant.(11)](https://www.sec.gov/Archives/edgar/data/1007226/000105628804000191/bylaws2.txt)

(vi) [Amendment No. 6 to the By-Laws of the Registrant.(12)](https://www.sec.gov/Archives/edgar/data/1007226/000105628805000040/bylaws.txt)

(vii) [Amendment No. 7 to the By-Laws of the Registrant.(14)](https://www.sec.gov/Archives/edgar/data/1007226/000131814807000564/bylaws.txt)

(viii) [Amendment No. 8 to the By-Laws of the Registrant.(22)](https://www.sec.gov/Archives/edgar/data/1007226/000119312514075807/d681114dex99bviii.htm)

(c) Not
 applicable.

(d) [Investment Advisory Contract of the Registrant.(8)](https://www.sec.gov/Archives/edgar/data/1007226/000105628801500048/advisory.txt)

(i) [Exhibit A to the Investment Advisory Contract of the Registrant.(8)](https://www.sec.gov/Archives/edgar/data/1007226/000105628801500048/ada.txt)

(ii) [Exhibit B to the Investment Advisory Contract of the Registrant.(8)](https://www.sec.gov/Archives/edgar/data/1007226/000105628801500048/adb.txt)

(iii) [Exhibit C to the Investment Advisory Contract of the Registrant.(8)](https://www.sec.gov/Archives/edgar/data/1007226/000105628801500048/adc.txt)

(iv) [Exhibit D to the Investment Advisory Contract of the Registrant.(8)](https://www.sec.gov/Archives/edgar/data/1007226/000105628801500048/add.txt)

(v) [Exhibit E to the Investment Advisory Contract of the Registrant.(8)](https://www.sec.gov/Archives/edgar/data/1007226/000105628801500048/ade.txt)

(vi) [Amendment to the Investment Advisory Contract of the Registrant.(9)](https://www.sec.gov/Archives/edgar/data/1007226/000105628802000206/advisork.txt)

(vii) [Amendment to the Investment Advisory Contract of the Registrant.(26)](https://www.sec.gov/Archives/edgar/data/1007226/000139834417002598/fp0024117_ex9928dvii.htm)

(viii) [Amendment to the Investment Advisory Contract of the Registrant.(27)](https://www.sec.gov/Archives/edgar/data/1007226/000139834418002920/fp0031450_ex9928dviii.htm)

(ix) [Expense Limitation Agreement between WesBanco Bank, Inc. and the WesMark Tactical Opportunity Fund of the registrant (51)](https://www.sec.gov/Archives/edgar/data/1007226/000139834422006798/fp0073457_ex9928dix.htm)

(e) (i) [Distribution Agreement of the Registrant.](ex-28e_i.htm) (+)

(f) Not
 applicable.

(g) [Custodian Contract of the Registrant.(1)](https://www.sec.gov/Archives/edgar/data/1007226/0001007226-96-000004.txt)

(i) [Exhibit 1 to the Custodian Contract of the Registrant (Schedule of Fees).(4)](https://www.sec.gov/Archives/edgar/data/1007226/0001007226-98-000001.txt)

(ii) [Amendment to Custodian Contract of the Registrant.(9)](https://www.sec.gov/Archives/edgar/data/1007226/000105628802000206/custodagree.txt)

(h) (i) [Master Services Agreement of the Registrant.](ex-28h_i.htm) (+)

(ii) [Shareholder Services Agreement between the Registrant and WesBanco Bank Wheeling.(1)](https://www.sec.gov/Archives/edgar/data/1007226/0001007226-96-000004.txt)

(iii) [Amendment No. 1 to Schedule A of the Shareholder Services Agreement between the Registrant and WesBanco Bank Wheeling.(1)](https://www.sec.gov/Archives/edgar/data/1007226/0001007226-96-000004.txt)

(vi) [Amendment No. 2 to Schedule A of the Shareholder Services Agreement between the Registrant and WesBanco Bank Wheeling.(4)](https://www.sec.gov/Archives/edgar/data/1007226/000100722698000001/0001007226-98-000001.txt)

(v) [Amendment No. 3 to Schedule A of the Shareholder Services Agreement between the Registrant and WesBanco Bank Wheeling.(12)](https://www.sec.gov/Archives/edgar/data/1007226/000105628805000040/c.txt)

(i) [Opinion and Consent of Counsel as to Legality of Shares Being Registered.(2)](https://www.sec.gov/Archives/edgar/data/1007226/000100722697000002/0001007226-97-000002.txt)

(j) (i) [Consent of Independent Registered Public Accounting Firm.](ex-28j_i.htm) (+)

(k) Not
 applicable.

(l) [Initial Capital Understanding.(2)](https://www.sec.gov/Archives/edgar/data/1007226/0001007226-97-000002.txt)

(m) Not
 applicable

(n) Not
 applicable.

(o) Not
 applicable.

(p) (i) [Code of Ethics for Access Persons.(25)](https://www.sec.gov/Archives/edgar/data/1007226/000139834416021823/fp0022876_ex9928p1.htm)

(ii) [WesBanco Bank Inc. Code of Ethics.(25)](https://www.sec.gov/Archives/edgar/data/1007226/000139834416021823/fp0022876_ex9928p2.htm)

(iii) [Ultimus Fund Distributors, LLC. Code of Ethics.](ex-28p_iii.htm) (+)

(q) (i) [Power of Attorney of the Registrant.(30)](https://www.sec.gov/Archives/edgar/data/1007226/000139834422001267/fp0072487_ex9928qi.htm)

(+) Filed herewith.

1. Response
 is incorporated by reference to Registrant's Initial Registration Statement on Form N-1A filed November 14, 1996 (File Nos.
 333-16157 and 811-7925).

2. Response
 is incorporated by reference to Registrant's Pre-Effective Amendment No. 1 on Form N-1A filed February 4, 1997.

4. Response
 is incorporated by reference to Registrant's Post-Effective Amendment No. 2 on Form N-1A filed January 8, 1998.

8. Response
 is incorporated by reference to Registrant's Post-Effective Amendment No. 11 on Form N-1A filed May 31, 2001.

9. Response
 is incorporated by reference to Registrant's Post-Effective Amendment No. 13 on Form N-1A filed March 27, 2002.

10. Response
 is incorporated by reference to Registrant's Post-Effective Amendment No. 14 on Form N-1A filed March 26, 2003.

11. Response
 is incorporated by reference to Registrant's Post-Effective Amendment No. 15 on Form N-1A filed March 25, 2004.

12. Response
 is incorporated by reference to Registrant's Post-Effective Amendment No. 16 on Form N-1A filed January 28, 2005.

13. Response
 is incorporated by reference to Registrant's Post-Effective Amendment No. 19 on Form N-1A filed May 16, 2006.

14. Response
 is incorporated by reference to Registrant's Post-Effective Amendment No. 21 on Form N-1A filed March 30, 2007.

17. Response
 is incorporated by reference to Registrant's Post-Effective Amendment No. 24 on Form N-1A filed December 21, 2009.

20. Response
 is incorporated by reference to Registrant's Post-Effective Amendment No. 28 on Form N1-A filed February 29, 2012.

22. Response
 is incorporated by reference to Registrant's Post-Effective Amendment No. 32 on Form N1-A filed February 28, 2014.

23. Response
 is incorporated by reference to Registrant's Post-Effective Amendment No. 34 on Form N-1A filed February 27, 2015.

24. Response
 is incorporated by reference to the Registrant's Post-Effective Amendment No. 36 on form N-1A filed February 29, 2016.

25. Response
 is incorporated by reference to the Registrant's Post-Effective Amendment No. 38 on form N-1A filed December 16, 2016.

26. Response
 is incorporated by reference to Registrant's Post-Effective Amendment No. 39 on Form N1-A filed February 28, 2017.

27. Response
 is incorporated by reference to Registrant's Post-Effective Amendment No. 41 on Form N1-A filed February 28, 2018.

28. Response
 is incorporated by reference to Registrant's Post-Effective Amendment No. 43 on Form N1-A filed February 28, 2019.

29. Response
 is incorporated by reference to Registrant's Post-Effective Amendment No. 45 on Form N1-A filed February 28, 2020.

30. Response
 is incorporated by reference to Registrant's Post-Effective Amendment No. 48 on Form N1-A filed February 28, 2022.

Item 29. Persons Controlled by or Under Common Control with Registrant

None.

Item 30. <u>Indemnification</u>.

Directors, officers, the Funds' underwriter or affiliated persons of the Funds are insured or indemnified against any liability in their official capacity as follows:

&nbsp;&nbsp;&nbsp;&nbsp;**(1)**  **<u>BY-LAWS (as amended)</u>** 

**<u>ARTICLE IX: INDEMNIFICATION OF TRUSTEES AND OFFICERS</u>**

Section 1. INDEMNIFICATION. The Trust hereby agrees to indemnify each person who at any time serves as a Trustee or officer of the Trust (including persons who serve at the Trust's request as trustees, officers, or trustees of another organization in which the Trust has any interest as a shareholder, creditor or otherwise)(each such person being an "indemnitee") against any liabilities and expenses, including but not limited to amounts paid in satisfaction of judgments, in compromise or as fines and penalties, and counsel fees incurred by such indemnitee in connection with the defense or disposition of any action, suit or other proceeding, whether civil or criminal, administrative or investigative, and any appeal therefrom, before any court or administrative or legislative body, in which he may be or may have been involved as a party or otherwise or with which he may be or may have been threatened, by virtue of his being or having been a Trustee or officer of the Trust or his serving or having served as a trustee, director, officer, partner, or fiduciary of another trust, corporation, partnership, joint venture, or other enterprise at the request of the Trust, provided, however, that no indemnitee shall be indemnified hereunder against any liability to any person or any expense of such indemnitee arising by reason of (i) willful misfeasance, (ii) bad faith, (iii) gross negligence, or (iv) reckless disregard of the duties involved in the conduct of his position (the conduct referred to in such clauses (i) through (iv) being sometimes referred to herein as "disabling conduct").

Section 2. ACTIONS BY TRUSTEE AGAINST THE TRUST. Notwithstanding the foregoing, with respect to any action, suit or other proceeding voluntarily prosecuted by any indemnitee as plaintiff, indemnification shall be mandatory only if the prosecution of such action, suit or other proceeding by such indemnitee (i) was authorized by a majority of the Trustees or (ii) was instituted by the indemnitee to

enforce his rights to indemnification hereunder in a case in which the indemnitee is found to be entitled to such indemnification.

Section 3. SURVIVAL. The rights to indemnification set forth herein shall continue as to a person who has ceased to be a Trustee or officer of the Trust and shall inure to the benefit of his heirs, executors and personal and legal representatives.

Section 4. AMENDMENTS. No amendment or restatement of these by-laws or repeal of any of its provisions shall limit or eliminate any of the benefits provided to any person who at any time is or was a Trustee or officer of the Trust or otherwise entitled to indemnification hereunder in respect of any act or omission that occurred prior to such amendment, restatement or repeal.

Section 5. PROCEDURE. Notwithstanding the foregoing, no indemnification shall be made hereunder unless there has been a determination (i) by a final decision on the merits by a court or other body of competent jurisdiction before whom the issue of entitlement to indemnification hereunder was brought that such indemnitee is entitled to indemnification hereunder or, (ii) in the absence of such a decision, by (1) a majority vote of a quorum of those Trustees who are neither "interested persons" of the Trust (as defined in Section 2(a)(19) of the 1940 Act) nor parties to the proceeding ("Disinterested Non-Party Trustees"), that the indemnitee is entitled to indemnification hereunder, or (2) if such quorum is not obtainable (or even if obtainable, if such majority so directs) independent legal counsel in a written opinion concludes, based on a review of readily available facts (as opposed to a full trial-type inquiry) that the indemnitee should be entitled to indemnification hereunder. All determinations to make advance payments in connection with the expense of defending any proceeding shall be authorized and made in accordance with the immediately succeeding Section 6 below.

Section 6. ADVANCES. The Trust shall make advance payments in connection with the expenses of defending any action with respect to which indemnification might be sought hereunder if the Trust receives a written undertaking to reimburse the Trust if it is subsequently determined that the indemnitee is not entitled to such indemnification. In addition, at least one of the following conditions must be met: (i) the indemnitee shall provide adequate security for his undertaking, (ii) the Trust shall be insured against losses arising by reason of any lawful advances, or (iii) a majority of a quorum of the Disinterested Non-Party Trustees, or independent legal counsel in a written opinion, shall conclude, based on a review of readily available facts (as opposed to a full trial-type inquiry), that there is reason to believe that the indemnitee ultimately will be found entitled to indemnification.

Section 7. OTHER RIGHTS. The rights accruing to any indemnitee under these provisions shall not exclude any other right which any person may have or hereafter acquire under the Declaration of Trust or the by-laws of the Trust, by contract or otherwise under law, by a vote of shareholders or Trustees who are "disinterested persons" (as defined in Section 2(a)(19) of the 1940 Act) or any other right to which he may be lawfully entitled.

Section 8. INDEMNIFICATION OF EMPLOYEES AND AGENTS. Subject to any limitations provided by the Investment Company Act of 1940 Act or otherwise under the Declaration of Trust or the by-laws of the Trust, contract or otherwise under law, the Trust shall have the power and authority to indemnify and provide for the advance payment of expenses to employees, agents and other persons providing services to the Trust or serving in any capacity at the request of the Trust to the full extent permitted by applicable law, provided that such indemnification has been approved by a majority of the Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;**(2)** **DECLARATION OF TRUST (as amended)** 

**ARTICLE XI: <u>LIMITATION OF LIABILITY AND INDEMNIFICATION</u>**

Section 1. <u>Limitation of Personal Liability and Indemnification of Shareholders</u>. The Trustees, officers, employees or agents of the Trust shall have no power to bind any Shareholder of any Series or Class personally or to call upon such Shareholder for the payment of any sum of money or assessment whatsoever, other than such as the Shareholder may at any time agree to pay by way of subscription for any Shares or otherwise.

No Shareholder or former Shareholder of any Series or Class shall be liable solely by reason of his being or having been a Shareholder for any debt, claim, action, demand, suit, proceeding, judgment, decree, liability or obligation of any kind, against or with respect to the Trust or any Series or Class arising out of any action taken or omitted for or on behalf of the Trust or such Series or Class, and the Trust or such Series or Class shall be solely liable therefor and resort shall be had solely to the property of the relevant Series or Class of the Trust for the payment or performance thereof.

Each Shareholder or former Shareholder of any Series or Class (or their heirs, executors, administrators or other legal representatives or, in case of a corporation or other entity, its corporate or other general successor) shall be entitled to be held harmless from and indemnified against to the full extent of such liability and the costs of any litigation or other proceedings in which such liability shall have been determined, including, without limitation, the fees and disbursements of counsel if, contrary to the provisions hereof, such Shareholder or former Shareholder of such Series or Class shall be held to be personally liable. Such indemnification shall come exclusively from the assets of the relevant Series or Class.

The Trust shall, upon request by a Shareholder or former Shareholder, assume the defense of any claim made against any Shareholder for any act or obligation of the Trust or any Series or Class and satisfy any judgment thereon.

Section 2. <u>Limitation of Personal Liability and Indemnification of Trustees, Officers, Employees or Agents of the Trust.</u> No Trustee, officer, employee or agent of the Trust shall have the power to bind any other Trustee, officer, employee or agent of the Trust personally. The Trustees, officers, employees or agents of the Trust in incurring any debts, liabilities or obligations, or in taking or omitting any other actions for or in connection with the Trust, are, and each shall be deemed to be, acting as Trustee, officer, employee or agent of the Trust and not in his own individual capacity.

Trustees and officers of the Trust shall be liable for their willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of the office of Trustee or officer, as the case may be, and for nothing else.

Each person who is or was a Trustee, officer, employee or agent of the Trust shall be entitled to indemnification out of the assets of the Trust (or of any Series or Class) to the extent provided in, and subject to the provisions of, the By-Laws, provided that no indemnification shall be granted in contravention of the 1940 Act.

<u>Section 3</u>. <u>Express Exculpatory Clauses and Instruments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All persons extending credit to, contracting with or having any claim against the Trust or a particular Series or Class shall only look to the assets of the Trust or the assets of that particular Series or Class for payment under such credit, contract or claim; and neither the Shareholders nor the Trustees, nor any of the Trust's officers, employees or agents, whether past, present or future, shall be liable therefor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Trustees shall use every reasonable means to assure that all persons having dealings with the Trust or any Series or Class shall be informed that the property of the Shareholders and the Trustees,

officers, employees and agents of the Trust or any Series or Class shall not be subject to claims against or obligations of the Trust or any other Series or Class to any extent whatsoever. The Trustees shall cause to be inserted in any written agreement, undertaking or obligation made or issued on behalf of the Trust or any Series or Class (including certificates for Shares of any Series or Class) an appropriate reference to the provisions of this Declaration of Trust, providing that neither the Shareholders, the Trustees, the officers, the employees nor any agent of the Trust or any Series or Class shall be liable thereunder, and that the other parties to such instrument shall look solely to the assets belonging to the relevant Series or Class for the payment of any claim thereunder or for the performance thereof; but the omission of such provisions from any such instrument shall not render any Shareholder, Trustee, officer, employee or agent liable, nor shall the Trustee, or any officer, agent or employee of the Trust or any Series or Class be liable to anyone for such omission. If, notwithstanding this provision, any Shareholder, Trustee, officer, employee or agent shall be held liable to any other person by reason of the omission of such provision from any such agreement, undertaking or obligation, the Shareholder, Trustee, officer, employee or agent shall be indemnified and reimbursed by the Trust.

Item 31. Business and Other Connections of Investment Adviser

For a description of the other business of the investment adviser, see the section titled "Who Manages the Fund – Adviser's Background" in Part A.

The principal executive officers and directors of the Trust's investment adviser are set forth in the following table. Unless otherwise noted, the position listed under Other Substantial Business, Profession, Vocation or Employment is with WesBanco Bank, Inc., One Bank Plaza, Wheeling, West Virginia 26003.

---

| | | |
|:---|:---|:---|
|  | POSITION WITH THE<br> ADVISOR | OTHER SUBSTANTIAL BUSINESS,<br> PROFESSION, VOCATION OR<br> EMPLOYMENT |
| McGee, Robert | Senior Vice President | WesBanco Trust & Investment Services |
| Roth, Jennifer | Senior Vice President, CCO | WesBanco Trust & Investment Services |
| Kellas, Steve | Executive Vice President | WesBanco Trust & Investment Services |

---

Item 32. Principal Underwriters.

(a) Ultimus
 Fund Distributors, LLC acts as the distributor for the Registrant and the following investment
 companies: 83
 Investment Group Income Fund Axxes
 Opportunistic Credit Fund Axxes
 Private Markets Fund Beacon
 Pointe Multi-Alternative Fund Booster
 Income Opportunities Launch Bruce
 Fund, Inc. Caldwell
 & Orkin Funds, Inc. Cantor
 Fitzgerald Infrastructure Fund Cantor
 Select Portfolios Trust Capitol
 Series Trust CAZ
 Strategic Opportunities Fund Centaur
 Mutual Funds Trust Chesapeake
 Investment Trust

CM Advisors Family of Funds<br> Commonwealth International Series Trust<br> Conestoga Funds<br> Connors Funds<br> Cutler Trust, The<br> CYBER HORNET TRUST<br> Dynamic Alternatives Fund<br> Eubel Brady & Suttman Mutual Fund Trust<br> Exchange Place Advisors Trust<br> Fairway Private Equity & Venture Capital Opportunities Fund<br> Fairway Private Markets Fund<br> Flat Rock Core Income Fund<br> Flat Rock Enhanced Income Fund<br> Flat Rock Opportunity Fund<br> HC Capital Trust<br> Hussman Investment Trust<br> Investment House Funds, The<br> James Advantage Funds<br> Johnson Mutual Funds<br> Lind Capital Partners Municipal Credit Income Fund<br> MidBridge Private Markets Fund<br> Oak Associates Funds<br> MSS Series Trust<br> New Age Alpha Funds Trust<br> New Age Alpha Variable Funds Trust<br> OneAscent Capital Opportunities Fund<br> Papp Investment Trust<br> Peachtree Alternative Strategies Fund<br> PennantPark Enhanced Income Fund<br> Plumb Funds<br> Private Debt & Income Fund<br> Prospect Enhanced Yield Fund<br> Sardis Credit Opportunities Fund<br> Segal Bryant & Hamill Trust<br> Schwartz Investment Trust<br> Ultimus Managers Trust<br> Unified Series Trust<br> Valued Advisers Trust<br> VELA Funds<br> Volumetric Fund<br> Waycross Independent Trust<br> WesMark Funds<br> Williamsburg Investment Trust<br> XD Fund Trust<br> Yorktown Funds<br>

(b) To the best of Registrant's knowledge, the directors and executive officers of Ultimus Fund Distributors, LLC, are as follows:

---

| | | |
|:---|:---|:---|
| **Name\*** | **Position with Underwriter** | **Positions with Fund** |
| Kevin M. Guerette | President | None |
| Melvin Van Cleave | Chief Information Securities Officer | None |
| Stephen L. Preston | Vice President, Chief Compliance Officer, Financial Operations Principal, and Anti-Money Laundering Compliance Officer | None |
| Douglas K. Jones | Vice President | None |

---

\* Except as otherwise noted, the principal business address for each of the above directors and executive officers is 225 Pictoria Drive, Suite 450, Cincinnati, OH 45246.

Item 33. Location of Accounts and Records

All accounts and records required to be maintained by Section 31(a) of the Investment Company Act of 1940 and Rules 31a-1 through 31a-3 promulgated thereunder are maintained at one of the following locations:

---

| | |
|:---|:---|
| Ultimus Fund Distributors, LLC<br> ("Distributor") | 225 Pictoria Drive, Suite 450ue<br> Cincinnati, OH 45246 |
| Ultimus Fund Solutions, Inc.<br> ("Administrator" and "Transfer Agent and<br> Dividend Dispersing Agent") | 225 Pictoria Drive, Suite 450<br> Cincinnati, OH 45246 |
| WesBanco Investment Department, a division of<br> WesBanco Bank, Inc.<br> ("Adviser") | One Bank Plaza<br> Wheeling, WV 26003 |
| WesBanco Bank, Inc.<br> ("Custodian") | One Bank Plaza<br> Wheeling, WV 26003 |

---

Item 34. Management Services

Not applicable.

Item 35. Undertakings

Registrant hereby undertakes to comply with the provisions of Section 16(c) of the Investment Company Act of 1940 with respect to the removal of Trustees and the calling of special shareholder meetings by shareholders.

SIGNATURES

Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant, WESMARK FUNDS, **certifies that it meets all of the requirement for effectiveness of this registration statement under Rule 485(b) under the Securities Act** and has duly caused this registration statement to be signed on its behalf by the undersigned, duly authorized, in the City of Pittsburgh and Commonwealth of Pennsylvania on the 27<sup>th</sup> day of April, 2026.

---

| | |
|:---|:---|
| WESMARK FUNDS | WESMARK FUNDS |
| BY: | /s/ Todd P. Zerega |
|  | Todd P. Zerega |
|  | Attorney-in-Fact |

---

Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed below by the following persons in the capacities and on the date indicated:

---

| | | |
|:---|:---|:---|
| **Signature** | **Title** | **Date** |
| /s/ Lawrence E. Bandi | Trustee | April 27, 2026 |
| Lawrence E. Bandi\* |  |  |
| /s/ J. Christopher Gardill | Chairman and Trustee | April 27, 2026 |
| J. Christopher Gardill\* |  |  |
| /s/ Jordan A. Miller, Jr. | Trustee | April 27, 2026 |
| Jordan A. Miller, Jr.\* |  |  |
| /s/ Gary J. Madich | Trustee | April 27, 2026 |
| Gary J. Madich\* |  |  |
| /s/ Robert McGee | Chief Executive Officer and President | April 27, 2026 |
| Robert McGee |  |  |
| /s/ Steven Kellas | Chief Financial Officer and Treasurer | April 27, 2026 |
| Steven Kellas |  |  |

---

\* Signature affixed pursuant to a Power of Attorney dated May 18, 2021 previously filed.

**EXHIBIT INDEX**

---

| | |
|:---|:---|
| 28 (e)(i) | [Distribution Agreement of the Registrant (portions of the exhibit have been omitted)](ex-28e_i.htm) |
| 28 (h) (i) | [Master Services Agreement of the Registrant (portions of the exhibit have been omitted)](ex-28h_i.htm) |
| 28 (j) (i) | [Consent of Independent Registered Public Accounting Firm](ex-28j_i.htm) |
| 28 (p) (iii) | [Ultimus Fund Distributors, LLC Code of Ethics](ex-28p_iii.htm) |

---

## Ex-99.E

**Exhibit 28(e)(i)** 

*Certain identified information has been excluded from the exhibit because it is both not material and the type that the Registrant treats as private or confidential.*

**DISTRIBUTION AGREEMENT**

This Distribution Agreement (this "**Agreement**"), dated July 1, 2025, is made by and among **WesMark Funds**, a trust organized under the laws of the Commonwealth of Massachusetts (the "**Trust**"), on behalf of each of its portfolios set forth on Schedule A hereto, severally and not jointly, **WesBanco Investment Department**, a separately identifiable department of WesBanco Bank, Inc. (the "**Advisor**"), and **Ultimus Fund Distributors, LLC**, a limited liability company organized under the laws of the state of Ohio ("**Distributor**").

**<u>Background</u>**

This Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "**1940 Act**"), and it desires that Distributor act as the Fund's principal underwriter and distribute shares of beneficial interest (the "**Shares**") of each of its series listed on Schedule A (individually referred to herein as a **"Fund"** and collectively as the **"Funds"**). Distributor is willing to perform such services on the terms and conditions set forth in this Agreement.

**<u>Terms and Conditions</u>**

**1.** **Applicable Law** 

For the duties and responsibilities under this Agreement, each party is currently abiding, and will continue to abide, by all applicable federal and state laws, including, without limitation, federal and state securities laws; regulations, rules, and interpretations of the U.S. Securities and Exchange Commission ("**SEC**") and its authorized regulatory agencies and organizations, including the Financial Industry Regulatory Authority, Inc. ("**FINRA**"); and all other self-regulatory organizations governing the transactions contemplated under this Agreement (collectively, "**Applicable Law**").

2. Appointment
of Distributor

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***2.1.*** The
Trust retains Distributor to act as the exclusive agent for the distribution of the Shares on behalf of each Fund in the United States
and to perform the distribution services as set forth below (collectively, the "**Services**") in connection therewith.
Distributor accepts such employment to perform the Services. While this Agreement is in force, the Trust shall not sell any Shares except
on the terms set forth in this Agreement. Notwithstanding any other provision hereof, the Trust may terminate, suspend, or withdraw the
offering of Shares whenever, in its sole discretion, it deems such action to be desirable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***2.2.*** Distributor
does not agree to sell any specific number of Shares. Distributor, as agent for the Trust, undertakes to sell Shares on a reasonable
efforts basis only against orders therefor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***2.3.*** The
Trust reserves the right to issue any Shares at any time directly to existing holders of Shares ()"**Shareholders**") or
to other persons at not less than the public offering price (as defined below) and to issue Shares in exchange for substantially all
the assets of any corporation or trust or for the shares of any corporation or trust.

Ultimus Distribution Agreement <br> WesMark Funds, July 1, 2025 Page 1 of 18

3. Distribution
Services

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.1.*** Distributor
will have the right, as agent for the Trust, to enter into dealer agreements with responsible investment dealers, and to sell Shares
to such investment dealers against orders therefor at the public offering price (as defined below) stated in the Trust's effective
Registration Statement on Form N-1A under the 1940 Act and the Securities Act of 1933, each as amended (the "**Securities Act** "),
including the then-current prospectus and statement of additional information (the "**Registration Statement** "). Upon
receipt of an order to purchase Shares from a dealer with whom Distributor has a dealer agreement, Distributor will promptly cause such
order to be filled by the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.2.*** Distributor
will also have the right, as agent for the Trust, to sell such Shares to the public against orders therefor at the public offering price
(as defined below).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.3.*** Distributor
shall take, as agent for the Trust, all actions which, in Distributor's reasonable judgment, are necessary to carry into effect
the distribution of the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.4.*** The
" **public offering price**" for the Shares of each Fund shall be the respective net asset value ()"**NAV** ")
of the Shares of that Fund then in effect, plus any applicable sales charge determined in the manner set forth in the Registration Statement
or as permitted by the 1940 Act and the rules and regulations promulgated by the SEC or other applicable regulatory agency or self-regulatory
organization under the oversight of the SEC. In no event shall any applicable sales charge exceed the maximum sales charge permitted
by the Rules of FINRA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.5.*** The
NAV of the Shares of each Fund shall be determined in the manner provided in the Registration Statement, and when determined shall be
applicable to transactions as provided for in the Registration Statement. The NAV of the Shares of each Fund shall be calculated by the
Trust or by another entity on behalf of the Trust. Distributor shall have no duty to inquire into or liability for the accuracy of the
NAV per Share as calculated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.6.*** On
every sale, the Trust shall receive the applicable NAV of the Shares promptly, but in no event later than the third business day following
the date on which Distributor shall have received an order for the purchase of the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.7.*** Upon
receipt of purchase instructions, Distributor will transmit such instructions to the Trust or its transfer agent for the issuance and
registration of the Shares purchased. Procedures related to the transmission and handling of orders for Fund share transactions will
be governed by applicable law, the terms of the Fund's prospectus, and the relevant account application.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.8.*** Distributor,
as agent of and for the account of the Trust, may repurchase the Shares at such prices and upon such terms and conditions as shall be
specified in the Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.9.*** Distributor
shall maintain membership with the National Securities Clearing Corporation ()"**NSCC**") and any other similar successor
organization to sponsor a participant number for the Funds so as to enable the Shares to be traded through FundSERV. The Distributor
shall not be

Ultimus Distribution Agreement <br> WesMark Funds, July 1, 2025 Page 2 of 18

responsible for any operational matters associated with FundSERV or networking transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.10.*** Distributor
will review all proposed advertising materials and sales literature for compliance with Applicable Law and shall file such materials
with appropriate regulators as required by current laws and regulations. Distributor agrees to furnish the Trust with any comments provided
by regulators with respect to such materials.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.11.*** Distributor
shall prepare or cause to be prepared reports for the Board of Trustees (the "**Board**") of the Trust regarding its activities
under this Agreement as reasonably requested by the Trust's Board, including reports regarding the use of assets accrued pursuant
to a Rule 12b-1 plan adopted by the Trust, if any.

4. Allocation
of Charges and Expenses

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.1.*** Distributor
shall furnish at its own expense the executive, supervisory, and clerical personnel necessary to perform its obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.2.*** In
the performance of its obligations under this Agreement, Distributor will pay only the costs incurred in qualifying as a broker or dealer
under state and federal laws and in establishing and maintaining its relationships with the dealers selling the Shares. All other costs
in connection with the offering of the Shares will be paid by the Trust, a Fund, or the Advisor in accordance with agreements between
them as permitted by Applicable Law. These costs include, but are not limited to, distribution fees, if any, shareholder servicing fees,
if any, set-up costs, or other fees or compensation paid to the dealers or others selling or servicing the Shares, licensing fees, filing
fees (including to FINRA), and such other expenses as may be incurred by Distributor on behalf of the Trust or a Fund.

5. Compensation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***5.1.*** The
Advisor shall pay for the Services to be provided by Distributor under this Agreement in accordance with, and in the manner set forth
in, the fee letter attached to this Agreement ()"**Fee Letter** "), which may be amended from time to time. The Fee Letter
is incorporated by reference into this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***5.2.*** If
this Agreement becomes effective subsequent to the first day of a month or terminates before the last day of a month, Distributor's
compensation for that part of the month in which the Agreement is in effect shall be prorated in a manner consistent with the calculation
of the fees as set forth in the Fee Letter. The Advisor shall promptly pay Distributor's compensation for the preceding month.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***5.3.*** In
the event that the SEC, FINRA, or any other regulator or self-regulatory authority adopts regulations and requirements relating to the
payment of fees to underwriters or which would result in any material increases in costs to provide the Services under this Agreement,
the parties agree to negotiate in good faith amendments to this Agreement in order to comply with such requirements and address any increase
in costs to Distributor as a result of such regulations or requirements as mutually agreed to in writing by the parties.

Ultimus Distribution Agreement <br> WesMark Funds, July 1, 2025 Page 3 of 18

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***5.4.*** In
the event that any fees are disputed in good faith by the Advisor, the Advisor shall, on or before the due date, pay all undisputed amounts
due hereunder and notify Distributor in writing of any disputed fees which it is disputing in good faith. Payment for such disputed fees
shall be due on or before the tenth (10<sup>th</sup>) business day after the day on which Distributor and Advisor agree to a resolution
of such dispute.

6. Maintenance
of Books and Records; Record Retention

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***6.1.*** Distributor
shall maintain and keep current the accounts, books, records and other documents relating to the Services as may be required by Applicable
Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2. Ownership
of Records

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*A.* Distributor
agrees that all such books, records, and other data (except computer programs and procedures) developed to perform the Services (collectively,
" **Client Records**") shall be the property of the Trust or a Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*B.* Distributor
agrees to provide the Client Records of the Trust or a Fund upon reasonable request, and to make such books and records available for
inspection by the Trust, a Fund, or its regulators at reasonable times.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*C.* Distributor
agrees to furnish to the Trust or a Fund, at the expense of the Trust or Fund, all Client Records in the electronic or other medium in
which such material is then maintained by Distributor as soon as practicable after any termination of this Agreement. Unless otherwise
required by Applicable Law, Distributor shall promptly turn over to the Trust or Fund, or, upon the written request of the Trust or Fund,
destroy the Client Records maintained by Distributor pursuant to this Agreement. If Distributor is required by Applicable Law to maintain
any Client Records, it will provide the Trust or Fund with copies as soon as reasonably practical after the termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***6.3.*** Distributor
agrees to keep confidential all Client Records, except when requested to divulge such information by duly constituted authorities or
court process.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***6.4.*** If
Distributor is requested or required to divulge such information by duly constituted authorities or court process, Distributor shall,
unless prohibited by law, promptly notify the Trust or Fund of such request(s) so that the Trust or Fund may seek an appropriate protective
order.

7. Effective
Date

This Agreement shall become effective as of the date first written above with respect to each Fund in existence on such date (or, if a particular Fund is not in existence on that date, on the date such Fund commences operation) (the "**Agreement Effective Date**").

Ultimus Distribution Agreement <br> WesMark Funds, July 1, 2025 Page 4 of 18

8. Subcontracting

Distributor may, at its expense, subcontract with any entity or person concerning the provision of the Services; provided, however, that Distributor shall not be relieved of any of its obligations under this Agreement by the appointment of such subcontractor, that Distributor shall be responsible, to the extent provided in Section 11, for all acts of a subcontractor.

9. Term;
Amendments; Successor Investment Company

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***9.1.***  ***Initial Term.*** This Agreement shall continue in effect, unless earlier terminated by either party as provided under this Section 9, for
a period of two (2) years from the date first written above (the "**Initial Term** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***9.2.***  ***Renewal Terms.*** Immediately following the Initial Term, this Agreement shall renew for successive one (1) year periods (a "**Renewal Term**") subject to annual approval of such continuance by the Board of the Trist, including the approval of a majority of the
Trustees of the Trust who are not interested persons of the Trust or of Distributor by vote cast at a meeting called for the purpose
of voting on such approval.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***9.3.***  ***Termination.*** A party may terminate this Agreement under the following circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*A.* *Assignment.* This Agreement shall automatically terminate, without the payment of any penalty, in the event of its assignment, as that term is
defined in the 1940 Act, by Distributor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*B.* *Termination.* Either the Trust or Distributor may at any time terminate this Agreement with respect to any Fund on sixty (60) days' written
notice delivered or mailed by registered mail, postage prepaid, to the other party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*C.* *Final Payment **.*** Any unpaid compensation or reimbursement of expenses is due to Distributor within 15 calendar days of the termination
date provided in the notice of termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*D.* *Transition.* Upon termination of this Agreement, Distributor will cooperate with any reasonable request of the Trust to effect a prompt transition
to a new underwriter selected by the Trust. Except to the extent that the Agreement is terminated pursuant to (A) above, Distributor
shall be entitled to collect from the Trust, a Fund, and/or the Advisor, in addition to the compensation described in the applicable
Fee Letter, the amount of all of Distributor's cash disbursements reasonably made for services in connection with Distributor's
activities in effecting such termination, including, without limitation, the delivery to the Trust or its designees the Trust's
property, records, instruments, and documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***9.4.***  ***Amendments.*** This Agreement may be amended only if such amendment is approved (i) by Distributor and (ii) by the Board of the Trust, including
the approval of a majority of the Trustees of the Trust who are not interested persons of the Trust or of Distributor by vote cast at
a meeting called for the purpose of voting on such approval.

Ultimus Distribution Agreement <br> WesMark Funds, July 1, 2025 Page 5 of 18

10. Additional
Funds or Classes of Shares

In the event that the Trust establishes one or more series or classes of shares after the Agreement Effective Date, each such series or class of shares shall become a Fund or class of shares of a Fund (if applicable), under this Agreement and shall be added to Schedule A, subject to approval by the Board of the Trust, including the approval of a majority of the Trustees of the Trust who are not interested persons, by vote cast at a meeting called for the purpose of voting on such approval.

11. Standard
of Care; Limits of Liability; Indemnification

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***11.1.***  ***Standard of Care.*** Each party's duties are limited to those expressly set forth in this Agreement and the parties do not assume any implied
duties. Each party shall use its best efforts in the performance of its duties and act in good faith in performing the Services or its
obligations under this Agreement. Each party shall be liable for any damages, losses or costs arising directly or indirectly out of such
party's failure to perform its duties under this Agreement to the extent such damages, losses or costs arise directly or indirectly
out of its willful misfeasance, bad faith, gross negligence in the performance of its duties, or reckless disregard of its obligations
and duties hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2. Limits
of Liability

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*A.* In
the absence of willful misfeasance, bad faith, gross negligence or reckless disregard by Distributor, Distributor shall not be liable
for any Losses (as defined below) arising from the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) performing
Services or duties in accordance with any instruction, notice, or other instrument that Distributor reasonably believes to be genuine
and to have been signed or presented by a duly authorized representative of the Trust or any Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) operating
under its own initiative, in good faith and in accordance with the standard of care set forth herein, in performing the Services; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) any
error, action or omission by the Trust or other past underwriter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*B.* Distributor
may apply to the Trust at any time for instructions and may consult with counsel for the Trust or a Fund, counsel for the Trust's
independent Trustees, and with accountants and other experts with respect to any matter arising in connection with Distributor's
duties or the Services. Distributor shall not be liable or accountable for any action taken or omitted by it in good faith in accordance
with such instruction or with the reasonable opinion of such counsel, accountants, or other experts qualified to render such opinion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*C.* A
copy of the Trust's Agreement and Declaration of Trust (the "**Declaration of Trust**") is on file with the Secretary
of State (or equivalent authority) of the state in which the Trust is organized, and notice is hereby given that this instrument is executed
on behalf

Ultimus Distribution Agreement <br> WesMark Funds, July 1, 2025 Page 6 of 18

of the Trust and not the Trustees individually and that the obligations of this instrument are not binding upon any of the Trustees, officers, or shareholders individually but are binding only upon the assets and property of the Trust (or if the matter related only to a particular Fund, that Fund), and Distributor shall look only to the assets of the Trust (or the particular Fund, as applicable) for the satisfaction of such obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*D.* Distributor
shall not be held to have notice of any change of authority of any officer, agent, representative, or employee of the Trust or any Fund
(except for an employee of Distributor or other affiliated person of Distributor), the Trust's or any Fund's investment adviser
or any of the Trust's or Fund's other service providers until receipt of written notice thereof from the Trust or Fund (as
applicable). As used in this Agreement, the term "**investment adviser**" includes all sub-advisers or persons performing
similar services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*E.* To
the maximum extent permitted by law, the Trust agrees to limit Distributor's liability for the Trust's Losses (as defined
below) to an amount that shall not exceed the total compensation received by Distributor under this Agreement during the most recent
rolling 24-month period or the actual time period this Agreement has been in effect if less than 24 months. This limitation shall not
apply to Losses that are a result of Distributor's fraud or willful misconduct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*F.* Ultimus
shall not be liable for special, incidental, punitive, indirect, consequential or exemplary damages, whether or not such damages were
foreseeable or Ultimus was advised of the possibility thereof. The parties acknowledge that the other parts of this Agreement are premised
upon the limitation stated in this section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.3. Indemnification

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*A.* Each
party (the "**Indemnifying Party**") agrees to indemnify, defend, and protect the other party, including its trustees
or directors, officers, employees, and other agents (collectively, the "**Indemnitees** "), and shall hold the Indemnitees
harmless from and against any actions, suits, claims, losses, damages, liabilities, and reasonable costs, charges, expenses (including
attorney fees and investigation expenses) (collectively, "**Losses**") arising directly or indirectly out of (1) the Indemnifying
Party's failure to exercise the standard of care set forth above unless such Losses were caused in part by the Indemnitees own
willful misfeasance, bad faith or gross negligence; (2) any violation of Applicable Law by the Indemnifying Party or its affiliated persons
or agents relating to this Agreement and the activities hereunder; and (3) any material breach by the Indemnifying Party or its affiliated
persons or agents of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*B.* Notwithstanding
the foregoing provisions, the Trust, any applicable Fund, and the Advisor shall indemnify Distributor for Distributor's Losses
arising from circumstances under Section 11.2.A provided that there is an absence of willful misfeasance, bad faith, gross negligence
or reckless disregard by Distributor.

Ultimus Distribution Agreement <br> WesMark Funds, July 1, 2025 Page 7 of 18

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*C.* Upon
the assertion of a claim for which any party may be required to indemnify another party, the party seeking indemnification shall promptly
notify the other party(ies) of such assertion and shall keep the other party(ies) advised with respect to all developments concerning
such claim. The party who may be required to indemnify shall have the option to participate with the party seeking indemnification in
the defense of such claim or to defend against said claim in its own name or in the name of the other party. The party seeking indemnification
shall in no case confess any claim or make any compromise in any case in which the other party may be required to indemnify it except
with the indemnifying party's prior written consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.4. Dealer
Agreement Indemnification

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*A.* Distributor
acknowledges and agrees that certain dealers require that Distributor enter into dealer agreements (the "**Non-Standard Dealer Agreements**") that contain certain representations, undertakings, and indemnification that are not included in the Distributor's
standard dealer agreement (the "**Standard Dealer Agreement** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*B.* To
the extent that Distributor is requested or required by the Trust to enter into any Non-Standard Dealer Agreement, the Adviser shall
indemnify, defend and hold the Distributor Indemnitees free and harmless from and against any and all Losses that any Distributor Indemnitee
may incur arising out of or relating to any indemnification provided by the Distributor under a Non-Standard Dealer Agreement to the
extent that such indemnification is beyond the indemnification the Distributor provides to intermediaries in the Standard Dealer Agreement.
In no event shall anything contained herein be so construed as to protect the Distributor Indemnitees against any liability to the Trust
or its shareholders to which the Distributor Indemnitees would otherwise be subject by reason of willful misfeasance, bad faith, or gross
negligence in the performance of Distributor's obligations or duties under the Non-Standard Dealer Agreement or by reason of Distributor's
reckless disregard of its obligations or duties under the Non-Standard Dealer Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***11.5.*** The
provisions of this Section 11 shall survive termination of this Agreement.

12. Force
Majeure

No party will be liable for Losses, loss of data, delay of Services, or any other issues caused by events beyond its reasonable control, including, without limitation, delays by third party vendors and/or communications carriers, acts of civil or military authority, national emergencies, labor difficulties, fire, flood, catastrophe, acts of God, insurrection, war, riots, or (unless such failures are within such party's reasonable control) failure of the mails, transportation, communication, or power supply.

13. Representations
and Warranties

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***13.1.***  ***Joint Representations.*** Each party represents and warrants, which representations and warranties shall be deemed to be continuing throughout
the term of this Agreement, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*A.* It
is duly organized and validly existing in good standing under the laws of the jurisdiction in which it is organized.

Ultimus Distribution Agreement <br> WesMark Funds, July 1, 2025 Page 8 of 18

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*B.* To
the extent required by Applicable Law, it is duly registered with all appropriate regulatory agencies or self-regulatory organizations
and such registration will remain in full force and effect for the duration of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*C.* It
has duly authorized the execution and delivery of this Agreement and the performance of the transactions, duties, and responsibilities
contemplated by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*D.* This
Agreement constitutes a legal obligation of the party, subject to bankruptcy, insolvency, reorganization, moratorium, and other laws
of general application affecting the rights and remedies of creditors and secured parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*E.* Whenever,
in the course of performing its duties under this Agreement, it determines that a violation of Applicable Law has occurred, or that with
the passage of time would occur, it shall promptly notify the other parties of such violation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***13.2.***  ***Representations of the Trust.*** The Trust represents and warrants, which representations and warranties shall be deemed to be continuing throughout
the term of this Agreement, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*A.* (1)
as of the close of business on the Agreement Effective Date, each Fund that is then in existence has authorized unlimited shares, (2)
no Shares of the Trust will be offered to the public until the Trust's Registration Statement under the Securities Act and the
1940 Act has been declared or becomes effective, and (3) the Shares are validly authorized and, when issued in accordance with the description
in the Registration Statement, will be fully paid and nonassessable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*B.* It
shall cause the Advisor, custodian, legal counsel, independent accountants, and other service providers and agents, past or present,
for each Fund to cooperate with Distributor and to provide it with such information, documents, and advice relating to the Fund as reasonably
requested by Distributor, in order to enable Distributor to perform its duties and obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*C.* To
the knowledge of the Trust and the Fund, the Trust's Agreement and Declaration of Trust (the "**Declaration of Trust** "),
Bylaws, Registration Statement and any advertising materials and sales literature prepared by the Trust or its agent are true and accurate
and will remain true and accurate at all times during the term of this Agreement in conformance with Applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*D.* Any
officer of the Trust, other than an officer who is an employee of Distributor or an affiliate of Distributor, shall be considered an
individual who is authorized to provide Distributor with instructions and requests on behalf of the Trust (an "**Authorized Person** ")
(unless such authority is limited in a writing from the Trust and received by Distributor) and to certify to Distributor the names of
the Authorized Persons from time to time.

Ultimus Distribution Agreement <br> WesMark Funds, July 1, 2025 Page 9 of 18

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*E.* The
Trust owns, possesses, licenses or has other rights to use all patents, patent applications, trademarks and service marks, trademark
and service mark registrations, trade names, copyrights, licenses, inventions, trade secrets, technology, know-how and other intellectual
property (collectively, "**Intellectual Property**") necessary for or used in the conduct of the Trust's business
and for the offer, issuance, distributions and sale of the Shares in accordance with the terms of the Registration Statement and this
Agreement, and such Intellectual Property does not and will not breach or infringe the terms of any Intellectual Property owned, held
or licensed by any third party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*F.* The
Trust shall not file any amendment to the Registration Statement that amends any provision therein pertaining to Distributor, the distribution
of the Shares or the applicable sales loads or public offering price without giving Distributor reasonable advance notice thereof; provided,
however, that nothing contained in this Agreement shall in any way limit the Trust's right to file at any time such amendments
to the Registration Statement, of whatever character, as the Trust may deem advisable, such right being in all respects absolute and
unconditional.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***13.3.***  ***Representation of the Distributor.*** The Distributor represents and warrants, which representations and warranties shall be deemed to be continuing
throughout the term of this Agreement, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*A.* The
various procedures and systems Distributor has implemented with regard to safeguarding from loss or damage attributable to fire, theft,
or any other cause the records and other data of the Trust and Distributor's records, data, equipment facilities, and other property
used in the performance of its obligations hereunder, are adequate and that Distributor will make such changes therein as are required
for the secure performance of its obligations hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*B.* The
Distributor owns, possesses, licenses or has other rights to use all Intellectual Property necessary for Distributor to provide the Services
under this Agreement and such Intellectual Property does not and will not breach or infringe the terms of any Intellectual Property owned,
held or licensed by any third party.

14. Insurance

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***14.1.***  ***Maintenance of Insurance Coverage.*** Each party agrees to maintain throughout the term of this Agreement professional liability insurance coverage
of the type and amount reasonably customary in its industry. Upon request, a party shall furnish the other parties with pertinent information
concerning the professional liability insurance coverage that it maintains. Such information shall include the identity of the insurance
carrier(s), coverage levels, and deductible amounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***14.2.***  ***Notice of Claims.*** As it relates to the Services provided under this Agreement, each party shall

Ultimus Distribution Agreement <br> WesMark Funds, July 1, 2025 Page 10 of 18

notify the other parties of any material claims against the notifying party under such insurance, whether or not the party is covered by insurance, and, if requested by the non-notifying party, the notifying party shall aggregate and disclose all outstanding claims against the notifying party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***14.3.***  ***Notice of Termination.*** A party shall promptly notify the other parties should any of the notifying party's insurance coverage
be canceled or reduced. Such notification shall include the date of change and the reasons therefore.

15. Information
Provided By The Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***15.1.***  ***Prior to the Agreement Effective Date.*** Prior to the Agreement Effective Date, the Trust will furnish to Distributor the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*A.* copies
of the Declaration of Trust and any amendments thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*B.* a
copy of the Trust's Bylaws and any amendments thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*C.* certified
copies of resolutions of the Board covering the approval of this Agreement, authorization of a specified officer of the Trust to execute
and deliver this Agreement and authorization for specified officers of the Trust to instruct Distributor thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*D.* a
list of all the officers of the Trust, together with specimen signatures of those officers who are authorized to instruct Distributor
in all matters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*E.* the
Funds' most recent audited financial statements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*F.* the
Trust's Registration Statement on Form N-1A and all amendments thereto filed with the SEC pursuant to the Securities Act and the
1940 Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*G.* copies
of the current plan of distribution adopted by the Trust under Rule 12b-1 under the 1940 Act for each Fund, if applicable; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*H.* contact
information for the Fund's service providers, including but not limited to, the Fund's administrator, custodian, transfer
agent, independent accountants, legal counsel and chief compliance officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***15.2.***  ***After the Agreement Effective Date.*** After the Agreement Effective Date, the Trust will furnish to Distributor any amendments to the
items listed in Section 15.1 and promptly provide notice of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*A.* the
happening of any event which makes untrue any statement of material fact made in the Registration Statement or which requires the making
of a change in such Registration Statement in order to make the statements therein not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*B.* if
the Trust determines to suspend the sale of Shares at any time in response to conditions in the securities markets or otherwise or to
suspend the redemption of Shares of any Fund at any time as permitted by Applicable Law, and

Ultimus Distribution Agreement <br> WesMark Funds, July 1, 2025 Page 11 of 18

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*C.* the
commencement of any litigation or proceedings against the Trust or any of its officers or directors in connection with the issue and
sale of any of the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***15.3.***  ***Filings.*** The Trust shall provide Distributor with draft Registration Statements prior to the filing of each such annual filing. In addition,
the Trust shall forward copies of any SEC filings, including Registration Statements, to Distributor within one business day of such
filings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***15.4.***  ***Advertising.*** The Trust represents that it will not use or authorize the use of any advertising or sales material unless and until such materials
have been approved and authorized for use by the Distributor.

16. Compliance
with Law and Rules of FINRA

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***16.1.*** The
Trust assumes full responsibility for the preparation and contents of each prospectus of a Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***16.2.*** Distributor
will require each dealer with whom Distributor has a dealer agreement to conform to the applicable provisions hereof and the Registration
Statement with respect to the public offering price of the Shares, and neither Distributor nor any such dealer shall withhold the placing
of purchase orders so as to make a profit thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***16.3.*** Distributor
agrees to furnish to the Trust sufficient copies of any agreements, plans or other materials it intends to use in connection with any
sales of Shares in reasonably adequate time for the Trust to file and clear them with the proper authorities before they are put in use,
and not to use them until so filed and cleared. At the request of the Fund, Distributor will assume responsibility for the review and
clearance of all advertisements and sales literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***16.4.*** Distributor,
at its own expense, will qualify as dealer or broker, or otherwise, under all Applicable Law required in order that the Shares may be
sold in such states as may be mutually agreed upon by the parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***16.5.*** Distributor
shall not make or permit any representative, broker, or dealer to make, in connection with any sale or solicitation of a sale of the
Shares, any representations concerning the Shares except those contained in the then current Registration Statement covering the Shares
and in printed information approved by the Trust as information supplemental to such Registration Statement. Copies of the then effective
Registration Statement and any such printed supplemental information will be supplied by the Trust to Distributor in reasonable quantities
upon request.

17. Privacy
and Confidentiality

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***17.1.***  ***Definition of Confidential Information.*** The term "**Confidential Information**" shall mean all information that any party
discloses (a "**Disclosing Party**") to another party (a "**Receiving Party** "), whether in writing, electronically,
or orally and in any form (tangible or intangible),

Ultimus Distribution Agreement <br> WesMark Funds, July 1, 2025 Page 12 of 18

that is confidential, proprietary, or relates to clients or Shareholders (each either existing or potential). Confidential Information includes, but is not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*A.* any
information concerning technology, such as systems, source code, databases, hardware, software, programs, applications, engaging protocols,
routines, models, displays, and manuals;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*B.* any
unpublished information concerning research activities and plans, customers, clients, Shareholders, strategies and plans, costs, operational
techniques;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*C.* any
unpublished financial information, including information concerning revenues, profits and profit margins, and costs or expenses; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*D.* Customer
Information (as defined below).

Confidential Information is deemed confidential and proprietary to the Disclosing Party regardless of whether such information was disclosed intentionally or unintentionally, or marked appropriately.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***17.2.***  ***Definition of Customer Information.*** Any Customer Information will remain the sole and exclusive property of the Trust. "**Customer Information**" shall mean all non-public, personally identifiable information as defined by Gramm-Leach-Bliley Act of 1999, as
amended, and its implementing regulations (*e.g.*, SEC Regulation S-P and Federal Reserve Board Regulation P) (collectively, the
" **GLB Act** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.3. Treatment
of Confidential Information

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*A.* Each
 party agrees that at all times during and after the term of this Agreement, it shall use,
 handle, collect, maintain, and safeguard Confidential Information in accordance with (1)
 the confidentiality and non-disclosure requirements of this Agreement; (2) the GLB Act, as
 applicable and as it may be amended; and (3) such other Applicable Law, whether in effect
 now or in the future.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*B.* Each
party agrees that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The
Receiving Party will hold all Confidential Information it obtains in strictest confidence and will use and permit use of Confidential
Information solely for the purposes of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Without
limiting the foregoing, the Receiving Party shall apply at least the same degree of reasonable care used for its own confidential and
proprietary information to avoid disclosure or use of Confidential Information under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The
Receiving Party may disclose or provide access only to its responsible employees or agents who have a need to know and are under adequate

Ultimus Distribution Agreement <br> WesMark Funds, July 1, 2025 Page 13 of 18

confidentiality agreements or arrangements, and the Receiving Party or its employees may make copies of Confidential Information only to the extent reasonably necessary to carry out the obligations under this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) The
Receiving Party will immediately notify the Disclosing Party of any unauthorized disclosure or use and will cooperate with the Disclosing
Party to protect all proprietary rights in any Confidential Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***17.4.***  ***Severability.*** This provision and the obligations under this Section 17 shall survive termination of this Agreement.

18. Press
Release

Within the first 60 days of the Agreement Effective Date, the Trust agrees to review in good faith a press release (in any format or medium) announcing the Agreement with Distributor; provided that Distributor must obtain the Trust's prior written consent prior to publication of such release, which consent may only be reasonably denied by the Trust.

19. Non-Exclusivity

The services of Distributor rendered to the Trust are not deemed to be exclusive. Except to the extent necessary to perform Distributor's obligations under this Agreement, nothing herein shall be deemed to limit Distributor's right, or the right of any of Distributor's managers, officers, or employees (who also may be a trustee, officer or employee of the Trust), or persons who are otherwise affiliated persons of the Trust to engage in any other business or to devote time and attention to the management or other aspects of any other business, whether of a similar or dissimilar nature, or to render services of any kind to any other person. Nothing in this Agreement shall prevent Distributor or any affiliated person (as defined in the 1940 Act) of Distributor from acting as distributor for any other person, firm or corporation (including other investment companies) or in any way limit or restrict Distributor or any such affiliated person from buying, selling or trading any securities for its or their own account or for the accounts of others from whom it or they may be acting; provided, however, that Distributor expressly represents that it will undertake no activities which, in its reasonable judgment, will adversely affect the performance of its obligations to the Trust under this Agreement.

20. Arbitration

In the event of a dispute between or among the parties relating to or arising out of this Agreement or the relationship of the parties, the parties will submit the matter to arbitration in accordance with the rules and regulations of the Code of Arbitration Procedure adopted by FINRA. The parties further agree that any contract, agreement or understanding between a party and its designees shall contain a provision binding the designee to the terms of this Arbitration provision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***20.1.*** Arbitration
will be held in accordance with the rules and regulations of the Code of Arbitration Procedure adopted by FINRA, except (a) in the event
that FINRA is unwilling to accept jurisdiction of the matter, such arbitration will be held in accordance with the rules and regulations
of the American Arbitration Association under the Commercial Arbitration Procedures then in effect, and (b) in the event that a non-party
to this Agreement brings an arbitration relating to or arising out of this Agreement, then the entire dispute shall be arbitrated in
whichever arbitration forum such arbitration is brought, and the parties and their designees

Ultimus Distribution Agreement <br> WesMark Funds, July 1, 2025 Page 14 of 18

agree to submit to the jurisdiction of such arbitration forum. In the event that (x) a non-party initiates a judicial proceeding relating to, or arising out of, this Agreement, and (y) such claim cannot be compelled to arbitration, and (z) a party or its designee asserts a claim against another party or its designee in connection with such proceeding, then the entire dispute shall be litigated in that court, and the parties and their designees agree to submit to the jurisdiction of the court in that judicial proceeding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***20.2.*** If
the arbitration is brought by a party, the number of arbitrators will be three (3), and they will be selected in accordance with the
rules and regulations of the Code of Arbitration Procedure adopted by FINRA, or the American Arbitration Association under the Commercial
Arbitration Procedures then in effect, as appropriate. To the extent possible, the arbitrators shall be attorneys specializing in securities
law. The arbitration shall be governed by the Federal Arbitration Act, 9 U.S.C. §§ 1-16, to the exclusion of state laws inconsistent
therewith, and judgment upon the award may be entered in any court having jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***20.3.*** The
parties and their respective designees will each bear their own expenses, including legal and expert fees, if any, with respect to the
arbitration. The arbitrator will designate the party and/or designee to bear the costs of the arbitration forum and arbitrator's
fees or the respective amounts of such costs to be borne by each party and/or their designees. Any costs or fees, including attorneys
fees, involved in enforcing the award shall be fully assessed against and paid by the party and/or designee resisting or preventing enforcement
of the award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***20.4.*** Nothing
in this Section 20 will prevent the parties from resorting to judicial proceedings or otherwise for injunctive relief to prevent or limit
irreparable harm or injury to such a party.

21. Notices

Any notice provided under this Agreement shall be sufficiently given when either delivered personally by hand or received by facsimile, electronic mail, or certified mail at the following address.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.1. If
to the Trust:

WesMark Funds

Attn: Scott Love, EVP Wealth Management

One Bank Plaza

Wheeling, WV 26003

Email:

with a copy to:

Todd P. Zerega

One Oxford Centre

Thirty-Second Floor

Pittsburgh, PA 15219-6401

Email: todd.zerega@morganlewis.com

Ultimus Distribution Agreement <br> WesMark Funds, July 1, 2025 Page 15 of 18

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***21.2.***  ***If to Distributor:*** 

Ultimus Fund Distributors, LLC

Attn: General Counsel

4221 North 203rd Street, Suite 100

Elkhorn, NE 68022

Facsimile: (513) 587-3437

E-mail: <u>legal@ultimusfundsolutions.com</u>

22. General
Provisions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***22.1.***  ***Incorporation by Reference.*** This Agreement and its schedules, exhibits, and other documents incorporated by reference express the entire understanding
of the parties and supersede any other agreement between them relating to the Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***22.2.***  ***Conflicts.*** In the event of any conflict between this Agreement and any schedule, exhibit or other appendices hereto, this Agreement shall
control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***22.3.***  ***Governing Law.*** This Agreement shall be construed in accordance with the laws of the state of Ohio and the applicable provisions of the
1940 Act. To the extent that the applicable laws of the state of Ohio, or any of the provisions herein, conflict with the applicable
provisions of the 1940 Act, the latter shall control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***22.4.***  ***Questions of Interpretation.*** Any question of interpretation of any term or provision of this Agreement having a counterpart in or otherwise
derived from a term or provision of the 1940 Act shall be resolved by reference to such term or provision of the 1940 Act and to interpretation
thereof, if any, by the United States courts or in the absence of any controlling decision of any such court, by rules, regulations or
orders of the SEC issued pursuant to the 1940 Act. In addition, where the effect of a requirement of the 1940 Act, reflected in any provision
of this Agreement is revised by rule, regulation or order of the SEC, such provision shall be deemed to incorporate the effect of such
rule, regulation or order.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***22.5.***  ***Headings.*** Section and paragraph headings in this Agreement are included for convenience only and are not to be used to construe or interpret
this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***22.6.***  ***Multiple Counterparts.*** This Agreement may be executed in two or more counterparts, each of which when executed shall be deemed to be an
original, but such counterparts shall together constitute but one and the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***22.7.***  ***Severability.*** If any part, term or provision of this Agreement is held to be illegal, in conflict with any law or otherwise invalid, the remaining
portion or portions shall be considered severable and not be affected by such determination, and the rights and obligations of the parties
shall be construed and enforced as if this Agreement did not contain the particular part, term or provisions held to be illegal or invalid.

Ultimus Distribution Agreement <br> WesMark Funds, July 1, 2025 Page 16 of 18

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***22.8.***  ***Limitation of Liability/Separateness.*** Distributor is expressly put on notice of the limitation of liability as set forth in the Trust's
Declaration of Trust and agrees that the obligations assumed by the Trust pursuant to this agreement shall be limited in any case to
the Trust and its assets and Distributor shall not seek satisfaction of any such obligation from the shareholders of the Trust, the Trustees,
officers, employees or agents of the Trust, or any of them. For the avoidance of doubt, each Fund identified on Schedule A hereto shall
be liable only for its own obligations and no Fund shall be jointly liable for the obligations of any other Fund listed therein.

*Signatures are located on the next page.* 

Ultimus Distribution Agreement <br> WesMark Funds, July 1, 2025 Page 17 of 18

The parties duly executed this Agreement as of July 1, 2025.

---

| | | | |
|:---|:---|:---|:---|
|  | **WesMark Funds on behalf of each of its portfolios set forth on Schedule A hereto, severally and not jointly** |  | **Ultimus Fund Distributors, LLC** |
| By: | /s/ Robert McGee | By: | /s/ Kevin Guerette |
| Name: | Robert McGee | Name: | Kevin Guerette |
| Title: | President | Title: | President |
|  | **WesBanco Investment Department** |  |  |
| By: | /s/ Robert McGee |  |  |
| Name: | Robert McGee |  |  |
| Title: | Senior Vice President |  |  |

---

Ultimus Distribution Agreement <br> WesMark Funds, July 1, 2025 Page 18 of 18

**SCHEDULE A**

**to the**

**Distribution Agreement**

**between**

**WesMark Funds**

**And**

**Ultimus Fund Distributors, LLC**

**dated July 1, 2025**

**<u>Fund Portfolios</u>**

**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**

WesMark Funds <br> Distribution Fee Letter Page 1 of 3

**<u>Distribution Fee Letter</u>**

**for**

**each Fund listed on Schedule A**

**a series of**

**WesMark Funds**

This Distribution Fee Letter (this "**Fee Letter**") appends that certain Distribution Agreement (the "**Distribution Agreement**") dated July 1, 2025, by and among **WesMark Funds**, a trust organized under the laws of the Commonwealth of Massachusetts (the "**Trust**"), **WesBanco Investment Department**, a separately identifiable department of WesBanco Bank, Inc. (the "**Advisor**"), and **Ultimus Fund Distributors, LLC**, a limited liability company organized under the laws of the state of Ohio ("**Distributor**"). Capitalized terms used herein and not otherwise defined shall have the meaning ascribed to them in the Distribution Agreement.

**<u>Service Fees:</u>**

[REDACTED]

**<u>Advertising Review Fees:</u>**

The Fund shall pay to the Distributor a fee for advertising submission per the schedule listed below:

[REDACTED]

1. Reimbursable
Expenses

In addition to the above fees, the Advisor will reimburse Distributor for certain reimbursable expenses incurred on the Trust's behalf, including, but not limited to, NSCC Fund/SERV fees, monitoring software, and any expenses approved by the Trust (or, with respect to the Fund, its investment advisor). All other costs in connection with the offering of the Shares will be paid by the Trust, a Fund, or the Advisor in accordance with agreements between them as permitted by Applicable Law.

2. Term

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***2.1.***  ***Initial Term.*** This Fee Letter shall continue in effect, unless earlier terminated by a party, until the expiration of the Distribution
Agreement's Initial Term (the "**Initial Term** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***2.2.***  ***Renewal Terms.*** Immediately following the Initial Term, this Fee Letter shall renew for successive 1-year periods (each a "**Renewal Term**") subject to annual approval of such continuance by the Board of the Trust, including the approval of a majority of the
Trustees of the Trust who are not interested persons of the Trust or Distributor by vote cast in person at a meeting called for the purpose
of voting on such approval.

3. Fee
Increases

[REDACTED]

4. Amendment

The parties may only amend this Fee Letter by written amendment signed by all parties.

Signatures are located on the next page.

WesMark Funds <br> Distribution Fee Letter Page 2 of 3

The parties duly executed this Distribution Fee Letter dated July 1, 2025.

---

| | | | |
|:---|:---|:---|:---|
|  | **WesMark Funds on behalf of each of its portfolios set forth on Schedule A hereto, severally and not jointly** |  | **Ultimus Fund Distributors, LLC** |
| By: | /s/ Robert McGee | By: | /s/ Kevin Guerette |
| Name: | Robert McGee | Name: | Kevin Guerette |
| Title: | President | Title: | President |
|  | **WesBanco Investment Department** |  |  |
| By: | /s/ Robert McGee |  |  |
| Name: | Robert McGee |  |  |
| Title: | Senior Vice President |  |  |

---

WesMark Funds <br> Distribution Fee Letter Page 3 of 3

## Ex-99.H

**Exhibit(h)(i)**

*Certain identified information has been excluded from the exhibit because it is both not material and the type that the Registrant treats as private or confidential.*

**MASTER SERVICES AGREEMENT**

This Master Services Agreement (this **"Agreement"),** dated February 4, 2025, is between **WesMark Funds** (the **"Trust"),** a trust organized under the laws of the Commonwealth of Massachusetts, and **Ultimus Fund Solutions, LLC ("Ultimus"),** a limited liability company organized under the laws of the state of Ohio.

**<u>Background</u>**

The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the **"Investment Company Act"),** and it desires that Ultimus perform certain services for each of its series listed on Schedule A (as amended from time to time) (individually referred to herein as a **"Fund"** and collectively as the **"Funds").** Ultimus is willing to perform such services on the terms and conditions set forth in this Agreement.

**<u>Terms and Conditions</u>**

**1.** **Retention of Ultimus** 

The Trust retains Ultimus to act as the service provider on behalf of each Fund for the services set forth in each Addendum selected below (collectively, the **"Services"),** which are incorporated by reference into this Agreement. Ultimus accepts such employment to perform the selected Services.

&nbsp;&nbsp;&nbsp;&nbsp;□ Fund
Accounting Addendum

&nbsp;&nbsp;&nbsp;&nbsp;□ Fund
Administration Addendum

&nbsp;&nbsp;&nbsp;&nbsp;□ Transfer
Agent and Shareholder Servicing Addendum

**2.** **Allocation of Charges and Expenses** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***2.1.*** Ultimus
shall furnish at its own expense the executive, supervisory, and clerical personnel necessary to perform its obligations under this Agreement.
Ultimus shall also pay all compensation of any officers of the Trust who are affiliated persons of Ultimus, except when such person is
serving as the Trust's chief compliance officer. Ultimus shall furnish, at its own expense, office space, communication equipment, computers
and other supplies necessary for such personnel to perform Ultimus' obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***2.2.*** The
Trust. on behalf of each Fund, assumes and shall pay or cause to be paid all other expenses of the Trust or a Fund not otherwise allocated
under this Section 2, including, without limitation: organization costs; taxes; expenses for legal and auditing services; the expenses
of preparing (including typesetting), printing and mailing reports, prospectuses, statements of additional information, information statements,
proxy statements and related materials; all expenses incurred in connection with issuing and redeeming shares; the costs of custodial
services; the cost of initial and ongoing registration or qualification of the shares under federal and state securities laws; fees and
reimbursable expenses of Trustees; insurance premiums; interest; brokerage costs; litigation and other extraordinary or nonrecurring
expenses; and all fees and charges of investment advisers to the Trust.

**3.** **Compensation** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.1.*** The
Trust, on behalf of each Fund, shall pay for the Services to be provided by Ultimus under this Agreement in accordance with, and in the
manner set forth in, the fee letter attached to each addendum (each a **"Fee Letter"),** which may be amended from time
to time by written agreement of the parties hereto. Each Fee Letter is incorporated by reference into this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.2.*** If
this Agreement becomes effective subsequent to the first day of a month, Ultimus' compensation for that part of the month in which the
Agreement is in effect shall be prorated in a manner consistent with the calculation of the fees as set forth in the applicable Fee Letter.
If this Agreement terminates before the last day of a month, Ultimus' compensation for that part of the month in which the Agreement
is in effect shall be prorated in a manner consistent with the calculation of the fees set forth in the applicable Fee Letter. The Trust
shall promptly pay Ultimus' compensation for the preceding month.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*3.3.* In
the event that the U.S. Securities and Exchange Commission (the **"SEC"),** Financial Industry Regulatory Authority, Inc. **("FINRA"),** or any other regulator or self-regulatory authority adopts regulations and requirements relating to the payment
of fees to service providers or which would result in any material increases in costs to provide the Services under this Agreement, the
parties agree to negotiate in good faith amendments to this Agreement in order to comply with such requirements and address any increase
in costs to Ultimus as a result of such regulations or requirements as mutually agreed to in writing by the parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*3.4.* In
the event that any fees are disputed in good faith by the Trust, the Trust shall, on or before the due date, pay all undisputed amounts
due hereunder and notify Ultimus in writing of any disputed fees which it is disputing in good faith. Payment for such disputed fees
shall be due on or before the tenth (10<sup>th</sup>) business day after the day on which Ultimus and Trust agree to a resolution of
such dispute.

**4.** **Reimbursement of Expenses** 

In addition to paying Ultimus the fees described in each Fee Letter, the Trust, on behalf of each Fund, agrees to reimburse Ultimus for its actual and documented out of pocket reimbursable expenses in providing services hereunder, if applicable, including, without limitation, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.1.*** Reasonable
travel and lodging expenses incurred by officers and employees of Ultimus in connection with attendance at meetings of the Trust's Board
of Trustees (the **"Board")** or any committee thereof and shareholders' meetings made at the request of the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.2.*** All
freight and other delivery charges incurred by Ultimus in delivering materials on behalf of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.3.*** Reserved;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.4.*** The
cost of obtaining secondary security market quotes and any securities data, including, but not limited to, the cost of fair valuation
services and the cost of obtaining corporate action related data and securities master data;

WesMark Funds<br> Ultimus Master Services Agreement <br> February 4, 2025 Page 2 of 16

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.5.*** The
cost of electronic or other methods of storing the Client Records;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.6.*** All
fees and expenses incurred in connection with any licensing of software, subscriptions to databases, custom programming or systems modifications
required to provide any special reports or services requested by the Trust which fees will be disclosed to the Trust prior to Ultimus
providing such special reports or services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.7.*** Any
expenses Ultimus shall incur at the direction of an officer of the Trust thereunto duly authorized other than an employee or other affiliated
person of Ultimus who may otherwise be named as an authorized representative of the Trust for certain purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.8.*** A
reasonable allocation of the costs associated with the preparation of Ultimus' Service Organization Control 1 Reports **("SOC 1 Reports");** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.9.*** A
reasonable allocation of the cost of GainsKeeper® software, used by Ultimus to track wash loss deferrals for both fiscal (855) and
excise tax provisioning; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.10.*** Any
additional documented out-of-pocket expenses reasonably incurred by Ultimus in the performance of its duties and obligations under this
Agreement and agreed to by the Trust.

**5.** **Maintenance of Books and Records; Record Retention** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***5.1.*** Ultimus
shall maintain and keep current the accounts, books, records and other documents relating to the Services as may be required by applicable
law, rules, and regulations, including Federal Securities Laws as defined under Rule 38a-l under the Investment Company Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.2.** **Ownership of Records** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*A.* Ultimus
 agrees that all such books, records, and other data (except computer programs and procedures)
 developed to perform the Services (collectively, **"Client Records")** shall
 be the property of the Trust or Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*B.* Ultimus
 agrees to provide the Client Records to the Trust or a Fund, at the expense of the Trust
 or Fund, upon reasonable request, and to make such books and records available for inspection
 by the Trust, a Fund, or its regulators at reasonable times.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*C.* Ultimus
 agrees to furnish to the Trust or a Fund, at the expense of the Trust or Fund, all Client
 Records in the electronic or other medium in which such material is then maintained by Ultimus
 as soon as practicable after any termination of this Agreement. Unless otherwise required
 by applicable law, rules, or regulations, Ultimus shall promptly turn over to the Trust or
 Fund or, upon the written request of the Trust or Fund, destroy the Client Records maintained
 by Ultimus pursuant to this Agreement. If Ultimus is required by applicable law, rule, or
 regulation to maintain any Client Records, it will provide the Trust or Fund with copies
 as soon as reasonably practical after the termination.

WesMark Funds<br> Ultimus Master Services Agreement <br> February 4, 2025 Page 3 of 16

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*5.3.* Ultimus
 agrees to keep confidential all Client Records, except when requested to divulge such information
 by duly constituted authorities or court process.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***5.4.*** If
 Ultimus is requested or required to divulge such information by duly constituted authorities
 or court process, Ultimus shall, unless prohibited by law, promptly notify the Trust or Fund
 of such request(s) so that the Trust or Fund may seek, at the expense of the Trust or Fund,
 an appropriate protective order.

**6.** **Subcontracting** 

Ultimus may, at its expense, subcontract with any entity or person concerning the provision of the Services; provided, however, that Ultimus shall not be relieved of any of its obligations under this Agreement by the appointment of such subcontractor, and that Ultimus shall be responsible, to the extent provided in Section 10, for all acts of a subcontractor.

**7.** **Effective Date** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*7.1.* This
Agreement shall become effective as of the date first above written with respect to each Fund in existence on such date (or, if a particular
Fund is not in existence on that date, on the date such Fund commences operation) (the **"Agreement Effective Date").** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*7.2.* Each
Addendum shall become effective as of the date first written **in** the Addendum with respect to each Fund in existence on such date
(or, if a particular Fund is not in existence on that date, on the date such Fund commences operation).

**8.** **Term** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***8.1.***  ***Initial Term.*** This Agreement shall continue in effect, unless earlier terminated by either party as provided under this Section 8, for
a period of three (3) years from the date first above written (the **"Initial Term").** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***8.2.***  ***Renewal Terms.*** Immediately following the Initial Term this Agreement shall automatically renew for successive two-year periods (a **"Renewal Term").** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***8.3.***  ***Termination.*** A party may terminate this Agreement under the following circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*A.* *Termination for Good Cause.* During the Initial Term or a Renewal Term, a party (the **"Terminating Party")** may only terminate this Agreement against the other party (the **"Non-Terminating Party")** for good cause. For purposes of this Agreement, **"good cause"** shall mean:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) a
 material breach of this Agreement by the Non-Terminating Party that has not been cured or
 remedied within 30 days after the Non-Terminating Party receives written notice of such breach
 from the Terminating Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the
 Non-Terminating Party takes a position regarding compliance with Federal Securities Laws
 that the Terminating Party reasonably disagrees with, the

WesMark Funds<br> Ultimus Master Services Agreement <br> February 4, 2025 Page 4 of 16

Terminating Party provides 30 days' prior written notice of such disagreement, and the parties fail to come to agreement on the position within the 30-day notice period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) a
 final and unappealable judicial, regulatory, or administrative ruling or order in which the
 Non-Terminating Party has been found guilty of criminal or unethical behavior in the conduct
 of its business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) the
 authorization or commencement of, or involvement by way of pleading, answer, consent, or
 acquiescence in, a voluntary or involuntary case under the Bankruptcy Code of the United
 States Code, as then in effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) if
 the Board approves liquidation of a Fund, this Agreement may be terminated with respect to
 such Fund only, and such termination shall be deemed to be for "good cause"; provided
 that this Agreement remains in full force and effect with respect to all non-liquidating
 Funds; the only exception being if the liquidating Fund is the last or only Fund in the Trust,
 in which event this Agreement shall be terminated in its entirety upon liquidation of that
 sole remaining Fund and such termination shall be deemed to be for "good cause".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) Ultimus
 gives notice of its intention to
 assign this Agreement to a purchaser of substantially all of its business under Section 2
 l.4(C) of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*B.* *Out-of-Scope Termination.* If the Trust or Fund demands services that are beyond the scope of this
 Agreement and/or a Fund's investment strategy, structure, holdings, or other aspects of a
 Fund's operations deviate in any material respect from those Ultimus understood to exist
 during the initial due diligence and onboarding stage, such that Ultimus is (or will be)
 required to employ resources, whether in the form of additional man hours, investment or
 otherwise, beyond what was originally anticipated by Ultimus (collectively, the **"Out-of-** **Scope Services"),** and the parties cannot agree on appropriate terms relating to such Out-of-Scope Services,
 Ultimus may terminate this Agreement upon not less than 90 days' prior written notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*C.* *End-of Term Termination.* A party can terminate this Agreement at the end of the Initial Term
 or a Renewal Term by providing written notice of termination to the other party at least
 150 days prior to the end of the Initial Term or then-current Renewal Term.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*D.* *Early Termination.* Any termination of this Agreement in whole or in part other than termination
 under Section 8.3.A-C is deemed an **"Early Termination."** The Trust or Fund(s)
 effecting such Early Termination shall be subject to an **"Early Termination Fee"** equal to the pro rated fee amount due to Ultimus through the end of the then-current
 term as calculated in the applicable Fee Letter, including the repayment of any negotiated
 discounts provided by Ultimus during the term of the Agreement.

WesMark Funds<br> Ultimus Master Services Agreement <br> February 4, 2025 Page 5 of 16

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*E.* *Final Payment.* Any unpaid compensation, reimbursement of expenses, or Early Termination Fee
 is due to Ultimus within 15 calendar days of the termination date provided in the notice
 of termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***8.4.***  ***No Waiver.*** Failure by either party to terminate this Agreement for a particular cause shall not constitute a waiver of its right
to subsequently terminate this Agreement for the same or any other cause.

**9.** **Additional Funds or Classes of Shares** 

In the event that the Trust establishes one or more series or classes of shares after the Agreement Effective Date, each such series or class of shares shall become, at the discretion of the Trust and Ultimus, a Fund or class of shares of a Fund (as applicable) under this Agreement and shall be added to Schedule A and the applicable Fee Letter(s) as appropriate.

**10.** **Standard of Care; Limits of Liability; Indemnification** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***10.1.***  ***Standard of Care.*** Each party's duties are limited to those expressly set forth in this Agreement and the parties do not assume any implied
duties. Each party shall use its best efforts in the performance of its duties and act in good faith in performing the Services or its
obligations under this Agreement. Each party shall be liable for any damages, losses or costs arising out of such party's failure to
perform its duties under this Agreement to the extent such damages, losses or costs arise out of its willful misfeasance, bad faith,
gross negligence in the performance of its duties, or reckless disregard of its obligations and duties hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.2.** **Limits of Liability** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*A.* In
 the absence of willful misfeasance, bad faith, gross negligence or reckless disregard by
 Ultimus, Ultimus shall not be liable for any Losses (as defined below) arising from the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) performing
 Services or duties in accordance with any oral, written, or electric instruction, notice,
 request, record, order, document, report, resolution, certificate, consent, data, authorization,
 instrument, or item of any kind that Ultimus reasonably believes to be genuine and to have
 been signed, presented, or furnished by a duly authorized representative of the Trust or
 any Fund (other than an employee or other affiliated persons of Ultimus who may otherwise
 be named as an authorized representative of the Trust for certain purposes);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) operating
 under its own initiative, in good faith and in accordance with the standard of care set forth
 herein, in performing its duties with respect to the Services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) using
 valuation information provided by the Trust's approved third-party pricing service(s) or
 the investment adviser(s) to the Fund for the purpose of valuing a Fund's portfolio holdings;

WesMark Funds<br> Ultimus Master Services Agreement <br> February 4, 2025 Page 6 of 16

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) any
 error, action or omission by the Trust or other past or current service provider other than
 Ultimus or an affiliate of Ultimus; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) any
 failure to properly register any Fund's shares in accordance with the Securities Act or any
 state blue sky laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*B.* Ultimus
 may apply to the Trust at any time for instructions and may consult with counsel for the
 Trust or a Fund, counsel for the Trust's independent Trustees, and with accountants and other
 experts with respect to any matter arising in connection with Ultimus' duties or the Services.
 Ultimus shall not be liable or accountable for any action taken or omitted by it in good
 faith in accordance with such instruction or with the reasonable opinion of such counsel,
 accountants, or other experts qualified to render such opinion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. A
 copy of the Trust's Agreement and Declaration of Trust (the **"Declaration of Trust")** is on file with the Secretary of State (or equivalent authority) of the state **in** which the Trust is organized, and notice is hereby given that this instrument is executed
 on behalf of the Trust and not the Trustees individually and that the obligations of this
 instrument are not binding upon any of the Trustees, officers or shareholders individually
 but are binding only upon the assets and property of the Trust (or if the matter relates
 only to a particular Fund, that Fund), and Ultimus shall look only to the assets of the Trust
 (or the particular Fund, as applicable), for the satisfaction of such obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*D.* Ultimus
 shall not be held to have notice of any change of authority of any officer, agent, representative
 or employee of the Trust or any Fund (except for an employee of Ultimus or other affiliated
 person of Ultimus), the Trust's or any Fund's investment adviser or any of the Trust's or
 Fund's other service providers until receipt of written notice thereof from the Trust or
 Fund (as applicable). As used in this Agreement, the term **"investment adviser"** includes all sub-advisers or persons performing similar services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*E.* To
 the maximum extent permitted by law, the Trust agrees to limit Ultimus' liability for the
 Trust's Losses (as defined below) to an amount that shall not exceed the total compensation
 received by Ultimus under this Agreement during the most recent rolling 36-month period or
 the actual time period this Agreement has been in effect if less than 36 months. This limitation
 shall not apply to Losses that are a result of Ultimus's fraud or willful misconduct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***F.*** **Ultimus shall not be liable for special, incidental, punitive, indirect, consequential or exemplary damages, whether or not such damages were foreseeable or Ultimus was advised of the possibility thereof. Nor shall Ultimus be liable for any corrupt, faulty or inaccurate data provided to Ultimus by any third-parties (including, without limitation, any investment adviser to the Funds) for use in delivering Ultimus' Services to the Trust or a Fund and Ultimus shall have no duty to independently verify and confirm the accuracy of third-party data. The parties acknowledge that the other parts of this Agreement are premised upon the limitation stated in this section.** 

WesMark Funds<br> Ultimus Master Services Agreement <br> February 4, 2025 Page 7 of 16

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.3.** **Indemnification** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*A.* Each
 party (the **"Indemnifying Party")** agrees to indemnify, defend, and protect
 the other party, including its trustees, directors, managers, officers, employees, and other
 agents (collectively, the **"Indemnitees"** and each an **"lndemnitee"),** and shall hold the Indemnitees harmless from and against any actions, suits, claims,
 losses, damages, liabilities, and reasonable costs, charges, and expenses (including attorney
 fees and investigation expenses) (collectively, **"Losses")** arising out of
 (1) the Indemnifying Party's failure to exercise the standard of care set forth above unless
 such Losses were caused in part by the Indemnitees own willful misfeasance, bad faith or
 gross negligence; (2) any violation of Applicable Law (defined below) by the Indemnifying
 Party or its affiliated persons or agents relating to this Agreement and the activities thereunder;
 and (3) any material breach by the Indemnifying Party or its affiliated persons or agents
 of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*B.* Notwithstanding
 the foregoing provisions, the Trust or Fund shall indemnify Ultimus for Ultimus' Losses arising
 from circumstances under Section 10.2.A provided that there is an absence of willful misfeasance,
 bad faith, gross negligence or reckless disregard by Ultimus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Upon
 the assertion of a claim for which either party may be required to indemnify the other, the
 Indemnitee shall promptly notify the Indemnifying Party of such assertion, and shall keep
 the Indemnifying Party advised with respect to all developments concerning such claim. Notwithstanding
 the foregoing, the failure of the Indemnitee to timely notify the Indemnifying **Party** shall
 not relieve the Indemnifying Party of its indemnification obligations hereunder except to
 the extent that the Indemnifying Party is materially prejudiced by such failure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*D.* The
 Indemnifying Party shall have the option to participate with the Indemnitee in the defense
 of such claim or to defend against said claim in its own name or in the name of the Indernnitee.
 The Indernnitee shall in no case confess any claim or make any compromise in any case in
 which the Indemnifying Party may be required to indemnify the Indemnitee except with the
 Indemnifying Party's prior written consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***10.4.*** The
provisions of this Section 10 shall survive termination of this Agreement.

**11.** **Force Majeure.** 

Neither party will be liable for Losses, loss of data, delay of Services, or any other issues caused by events beyond its reasonable control, including, without limitation, delays by third party vendors and/or communications carriers, acts of civil or military authority, national emergencies, labor difficulties, fire, flood, catastrophe, acts of God, insurrection, war, riots, pandemics, failure of the mails, transportation, communication, or power supply.

WesMark Funds<br> Ultimus Master Services Agreement <br> February 4, 2025 Page 8 of 16

**12.** **Representations and Warranties** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***12.1.***  ***Joint Representations.*** Each party represents and warrants, which representations and warranties shall be deemed to be continuing throughout
the term of this Agreement, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(A)* It
is a corporation, partnership, trust, or other entity duly organized and validly existing in good standing under the laws of the jurisdiction
in which it is organized.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(B)* To
the extent required by Applicable Law (defined below), it is duly registered with all appropriate regulatory agencies or self-regulatory
organizations and such registration will remain in full force and effect for the duration of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(C)* For
the duties and responsibilities under this Agreement, it is currently and will continue to abide by all applicable federal and state
laws, including, without limitation, federal and state securities laws; regulations, rules, and interpretations of the SEC and its authorized
regulatory agencies and organizations, including FINRA; and all other self-regulatory organizations governing the transactions contemplated
under this Agreement (collectively, **"Applicable Law").** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(D)* It
has duly authorized the execution and delivery of this Agreement and the performance of the transactions, duties, and responsibilities
contemplated by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(E)* This
Agreement constitutes a legal obligation of the party, subject to bankruptcy, insolvency, reorganization, moratorium, and other laws
of general application affecting the rights and remedies of creditors and secured parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(F)* Whenever,
in the course of performing its duties under this Agreement, it determines that a violation of Applicable Law has occurred, or that,
with the passage of time would occur, it shall promptly notify the other party of such violation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***12.2.***  ***Representations of the Trust.*** The Trust represents and warrants, which representations and warranties shall be deemed to be continuing throughout
the term of this Agreement, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(A)* (1)
as of the close of business on the Agreement Effective Date, each Fund that is then in existence has authorized unlimited shares, and
(2) no shares of any Fund will be offered to the public until the Trust's registration statement under the Securities Act of 1933, as
amended (the **"Securities Act"),** and the Investment Company Act, has been declared or becomes effective and all required
state securities law filings have been made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(B)* It
shall cause the investment adviser(s) and sub-advisers, prime broker, custodian, legal counsel, independent accountants, and other service
providers and agents, past or present, for each Fund to cooperate with Ultimus and to provide it with such information, data, documents,
and advice relating to the Fund as appropriate or requested by Ultimus, in order to enable Ultimus to perform its duties and obligations
under this Agreement. To the extent the Trust, the Fund, the investment adviser(s) or any other service provider to the Fund is/are unable
to supply Ultimus with all of the information necessary for Ultimus to perform the Services, Ultimus will not be able to fully perform
the Services and will not be responsible for such failure.

WesMark Funds<br> Ultimus Master Services Agreement <br> February 4, 2025 Page 9 of 16

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(C)* The
Trust's Agreement and Declaration of Trust, Bylaws, registration statement and each Fund's organizational documents, and prospectus are
true and accurate and will remain true and accurate at all times during the term of this Agreement in conformance with applicable federal
and state securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(D)* Each
of the employees of Ultimus that serves or has served at any time as an officer of the Trust, including the CCO, President, Treasurer,
Secretary and the AML Compliance Officer, shall be covered by the Trust's Directors & Officers/Errors & Omissions insurance policy
(the **"Policy")** and shall be subject to the provisions of the Trust's Declaration of Trust and Bylaws regarding indemnification
of its officers. The Trust shall provide Ultimus with proof of current coverage, including a copy of the Policy, and shall notify Ultimus
immediately should the Policy be canceled or terminated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(E)* Any
officer of the Trust shall be considered an individual who is authorized to provide Ultimus with instructions and requests on behalf
of the Trust (an **"Authorized Person")** (unless such authority is limited in a writing from the Trust and received by
Ultimus) and to certify to Ultimus the names of the Authorized Persons from time to time.

**13.** **Insurance** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***13.1.***  ***Maintenance of Insurance Coverage.*** Each party agrees to maintain throughout the term of this Agreement professional liability insurance coverage
of the type and amount reasonably customary in its industry. Upon request, a party shall furnish the other party with pertinent information
concerning the professional liability insurance coverage that it maintains. Such information shall include the identity of the insurance
carrier(s), coverage levels, and deductible amounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***13.2.***  ***Notice of Termination.*** A party shall promptly notify the other party should any of the notifying party's insurance coverage be canceled
or reduced. Such notification shall include the date of change and the reasons therefore.

**14.** **Information Provided by the Trust** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***14.1.***  ***Prior to the Agreement Effective Date.*** Prior to the Agreement Effective Date, the Trust will furnish to Ultimus the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(A)* copies
of the Declaration of Trust and of any amendments thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(B)* the
Trust's Bylaws and any amendments thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(C)* certified
copies of resolutions of the Board covering the approval of this Agreement, authorization of a specified officer of the Trust to execute
and deliver this Agreement and authorization for specified officers of the Trust to instruct Ultimus thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(D)* a
list of all the officers of the Trust, together with specimen signatures of those officers who are authorized to instruct Ultimus in
all matters;

WesMark Funds<br> Ultimus Master Services Agreement <br> February 4, 2025 Page 10 of 16

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(E)* the
Trust's registration statement and all amendments thereto filed with the SEC pursuant to the Securities Act and the Investment Company
Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(F)* the
Trust's notification of registration under the Investment Company Act on Form N-8A as filed with the SEC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(G)* the
Trust's current prospectus and statement of additional information for each Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(H)* an
accurate, current list of shareholders of each existing series of the Trust, if applicable, showing each shareholder's address of record,
number of shares owned and whether such shares are represented by outstanding share certificates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(I)* copies
of the current plan of distribution adopted by the Trust under Rule l 2b-1 under the Investment Company Act for each Fund, if applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(J)* copies
of the current investment advisory agreement and current investment sub-advisory agreement(s), if applicable. for each Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(K)* copies
of the current underwriting agreement for each Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(L)* contact
information for each Fund's service providers, including, but not limited to, the Fund's administrator, custodian, transfer agent, independent
accountants, legal counsel, underwriter and chief compliance officer; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(M)* a
copy of procedures adopted by the Trust in accordance with Rule 38a-l under the Investment Company Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***14.2.***  ***After the Agreement Effective Date.*** After the Agreement Effective Date, the Trust will furnish to Ultimus any amendments to the items
listed in Section 14.1.

**15.** **Compliance with Law** 

The Trust assumes full responsibility for the preparation, contents, and distribution of each prospectus of a Fund and further agrees to comply with all applicable requirements of the Federal Securities Laws and any other laws, rules and regulations of governmental authorities having jurisdiction over the Trust or a Fund, including, but not limited to, the Internal Revenue Code, the USA PATRIOT Act of 2001, and the Sarbanes-Oxley Act of 2002, each as amended.

**16.** **Privacy and Confidentiality** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***16.1.***  ***Definition of Confidential Information.*** The term **"Confidential Information"** shall mean all information that either party
discloses (a **"Disclosing Party")** to the other party (a **"Receiving Party"),** whether in writing, electronically,
or orally and in any form (tangible or intangible), that is confidential, proprietary, or relates to clients or shareholders (each either
existing or potential). Confidential Information includes, but is not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(A)* any
information concerning technology, such as systems, source code, databases, hardware, software, programs, applications, engaging protocols,
routines, models, displays, and manuals;

WesMark Funds<br> Ultimus Master Services Agreement <br> February 4, 2025 Page 11 of 16

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(B)* any
unpublished information concerning research activities and plans, customers, clients, shareholders, strategies and plans, costs, operational
techniques;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(C)* any
unpublished financial information, including information concerning revenues, profits and profit margins, and costs or expenses; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(D)* Customer
Information (as defined below).

Confidential Information is deemed confidential and proprietary to the Disclosing Party regardless of whether such information was disclosed intentionally or unintentionally, or marked appropriately.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***16.2.***  ***Definition of Customer Information.*** Any Customer Information will remain the sole and exclusive property of the Trust. **"Customer Information"** shall mean all non-public, personally identifiable information as defined by Gramm-Leach-Bliley Act of 1999, as
amended, and its implementing regulations *(e.g.,* SEC Regulation S-P and Federal Reserve Board Regulation P) *(* collectively,
the **"GLB Act").** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.3.** **Treatment of Confidential Information** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(A)* Each
party agrees that at all times during and after the terms of this Agreement, it shall use, handle, collect, maintain, and safeguard Confidential
Information in accordance with (1) the confidentiality and non-disclosure requirements of this Agreement; (2) the GLB Act, as applicable
and as it may be amended; and (3) such other Applicable Law, whether in effect now or in the future.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(B)* Without
limiting the foregoing, the Receiving Party shall apply to any Confidential Information at least the same degree of reasonable care used
for its own confidential and proprietary information to avoid unauthorized disclosure or use of Confidential Information under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(C)* Each
party further agrees that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The
Receiving Party will hold all Confidential Information it obtains in strictest confidence and will use and permit use of Confidential
Information solely for the purposes of this Agreement or as otherwise provided for in this Agreement, and consistent therewith, may disclose
or provide access to its responsible employees or agents who have a need to know and are under adequate confidentiality agreements, duties
or arrangements and make copies of Confidential Information to the extent reasonably necessary to carry out its obligations under this
Agreement;

WesMark Funds<br> Ultimus Master Services Agreement <br> February 4, 2025 Page 12 of 16

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Notwithstanding
the foregoing, the Receiving Party may release Confidential Information as permitted or required by law or approved in writing by the
Disclosing Party, which approval shall not be unreasonably withheld and may not be withheld where the Receiving Party may be exposed
to civil or criminal liability or proceedings for failure to release such information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Additionally,
Ultimus may provide Confidential Information (other than Customer Information) typically supplied in the investment company industry
to companies that track or report price, performance or other information regarding investment companies; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) The
Receiving Party will immediately notify the Disclosing Party of any unauthorized disclosure or use, and will cooperate with the Disclosing
Party to protect all proprietary rights in any Confidential Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***16.4.***  ***Severability.*** This provision and the obligations under this Section 16 shall survive termination of this Agreement.

**17.** **Press Release** 

Within the first 60 days following the Agreement Effective Date, the Trust agrees to review in good faith a press release (in any format or medium) announcing the Agreement with Ultimus; provided that Ultimus must obtain the Trust's written consent prior to publication of such release, which consent shall not be unreasonably denied by the Trust.

**18.** **Non-Exclusivity** 

The services of Ultimus rendered to the Trust are not deemed to be exclusive. Except to the extent necessary to perform Ultimus' obligations under this Agreement, nothing herein shall be deemed to limit or restrict Ultimus' right, or the right of any of Ultimus' managers, officers or employees who also may be a trustee, officer or employee of the Trust, or persons who are otherwise affiliated persons of the Trust to engage in any other business or to devote time and attention to the management or other aspects of any other business, whether of a similar or dissimilar nature, or to render services of any kind to any other person.

**19.** **Reserved.** 

**20.** **Notices** 

Any notice provided under this Agreement shall be sufficiently given when either delivered personally by hand or received by electronic mail overnight delivery, or certified mail at the following address.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20.1.** **If to the Trust:** 

WesMark Funds

Attn: Bob McGee, President

One Bank Plaza

Wheeling, WV 26003 <br> Email:

WesMark Funds<br> Ultimus Master Services Agreement <br> February 4, 2025 Page 13 of 16

With a copy to Trust Counsel:

Todd P. Zerega

Morgan, Lewis & Bockius LLP

One Oxford Centre

Thirty-Second Floor

Pittsburgh PA 15219-6401

Email: todd.zerega@morganlewis.com

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20.2.** **If to Ultimus:** 

Ultimus Fund Solutions, LLC

Attn: General Counsel

4221 North 203<sup>rd</sup> Street, Suite 100

Elkhorn, NE 68022

Email: <u>le</u><u>gal@ultimusfundsolutions.com</u>

**21.** **General Provisions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***21.1.***  ***Incorporation by Reference.*** This Agreement and its addendums, schedules, exhibits, and other documents incorporated by reference express the
entire understanding of the parties and supersede any other agreement between them relating to the Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***21.2.***  ***Conflicts.*** In the event of any conflict between this Agreement and any appendices or Addendum thereto, this Agreement shall control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***21.3.***  ***Amendments.*** The parties may only amend, modify, or waive all or part of this Agreement by written amendment or waiver signed by both parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21.4.** **Assignments.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(A)* Except
as provided in this Section 21.4, this Agreement and the rights and duties hereunder shall not be assignable by either of the parties
except by the specific written consent of the non-assigning party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(B)* The
terms and provisions of this Agreement shall become automatically applicable to any investment company that is the successor to the Trust
because of reorganization, recapitalization, or change of domicile.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(C)* Ultimus
may, to the extent permitted by law and in its sole discretion, assign all its rights and interests in this Agreement to an affiliate,
parent, subsidiary or to the purchaser of substantially all of its business, provided that Ultimus provides the Trust at least 90 days'
prior written notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(D)* This
Agreement shall be binding upon, and shall inure to the benefit of, the parties and their respective successors and permitted assigns.

WesMark Funds<br> Ultimus Master Services Agreement <br> February 4, 2025 Page 14 of 16

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***21.5.***  ***Governing Law.*** This Agreement shall be construed in accordance with the laws of the state of Ohio and the applicable provisions of the
Investment Company Act. To the extent that the applicable laws of the state of Ohio, or any of the provisions herein, conflict with the
applicable provisions of the Investment Company Act, the latter shall control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***21.6.***  ***Headings.*** Section and paragraph headings in this Agreement are included for convenience only and are not to be used to construe or interpret
this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***21.7.***  ***Multiple Counterparts.*** This Agreement may be executed in two or more counterparts, each of which when executed shall be deemed to be an
original, but such counterparts shall together constitute but one and the same instrument. A signed copy of this Agreement delivered
by email or other means of electronic transmission will be deemed to have the same legal effect as delivery of an original, signed copy
of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***21.8.***  ***Severability.*** If any part, term or provision of this Agreement is held to be illegal, in conflict with any law or otherwise invalid, the remaining
portion or portions shall be considered severable and not be affected by such determination, and the rights and obligations of the parties
shall be construed and enforced as if the Agreement did not contain the particular part, term or provisions held to be illegal or invalid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***21.9.***  ***Limitation of Liability.*** Ultimus is expressly put on notice of the limitation of liability as set forth in the Trust's Declaration of Trust
and agrees that the obligations assumed by the Trust pursuant to this Agreement shall be limited in any case to the Trust and its assets
and Ultimus shall not seek satisfaction of any such obligation from the shareholders of the Trust, the Trustees, officers, employees
or agents of the Trust, or any of them.

***Signatures are located on the next page.***

WesMark Funds<br> Ultimus Master Services Agreement <br> February 4, 2025 Page 15 of 16

The parties duly executed this Agreement as of February 4, 2025.

---

| | | | |
|:---|:---|:---|:---|
| **WesMark Funds** | **WesMark Funds** | **Ultimus Fund Solutions, LLC** | **Ultimus Fund Solutions, LLC** |
| By: | /s/ Robert McGee | By: | /s/ Gary Tenkman |
| Name: | Robert McGee | Name: | Gary Tenkman |
| Title: | President | Title: | Chief Executive Officer |

---

WesMark Funds<br> Ultimus Master Services Agreement <br> February 4, 2025 Page 16 of 16

**SCHEDULE A** 

**to the**

**Master Services Agreement**

**between**

**WesMark Funds**

**and**

**Ultimus Fund Solutions, LLC**

**dated February 4, 2025**

**<u>Fund Portfolio(s)</u>**

**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**

**<u>Fund Accountin</u>** **<u>g</u> <u>Addendum</u>**

**for**

**WesMark Funds**

This Fund Accounting Addendum, dated February 4, 2025, is between **WesMark Funds** (the **"Trust"),** on its own behalf and on behalf of the Funds listed on Schedule A to that certain Master Services Agreement dated February 4, 2025, and **Ultimus Fund Solutions, LLC ("Ultimus").** Capitalized terms used but not defined herein shall have the meanings set forth in the Master Services Agreement.

**<u>Fund Accountin</u>** **<u>g</u> <u>Services</u>**

**1.** **Performance of Daily Accounting Services** 

Ultimus shall perform the following accounting services daily for each Fund, each in accordance with the Fund's prospectus and statement of additional information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.1.*** calculate
the net asset value per share utilizing prices obtained from the sources described in subsection 1.2 below;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.2.*** obtain
security prices from independent pricing services, or if such quotes are unavailable and/or have been subject to override by the Fund's
investment adviser, then obtain such prices from each Fund's investment adviser or its designee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.3.*** verify
and reconcile with the Funds' custodian cash and all daily activity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.4.*** compute,
as applicable, each Fund's net income and realized capital gains, dividend payables, dividend factors, and weighted average portfolio
maturity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.5.*** accrue
income of each Fund based upon income estimates obtained from independent pricing services, or if such income estimates are unavailable,
then upon income estimates obtained from each Fund's investment adviser or its designee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.6.*** amortize
premiums and accrete discounts on securities purchased at a price other than face value, if requested by the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.***7. update
fund accounting system to reflect rate changes, as received/obtained by Ultimus, on variable interest rate instruments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.8.*** record
investment trades received in proper form from each Fund or its authorized agents on the industry standard T+1 basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.9.*** calculate
Fund expenses based on instructions from each Fund's administrator or entity approved by the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.10.*** determine
the outstanding receivables and payables for all (1) security trades, (2) Fund share transactions, and (3) income and expense accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.11.*** provide
system generated accounting reports in connection with each Fund's regular annual audit and other audits and examinations by regulatory
agencies;

WesMark Funds <br> Fund Accounting Addendum Page 1 of 4

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.12.*** provide
such ad hoc periodic reports as agreed to by the parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.13.*** prepare
and maintain the following records upon receipt of information in proper form from each Fund or its authorized agents: (1) cash receipts
journal; (2) cash disbursements journal; (3) dividend record; (4) purchase and sales-portfolio securities journals; (5) subscription
and redemption journals; (6) security ledgers; (7) broker ledger; (8) general ledger; (9) daily expense accruals; (10) daily income accruals;
(11) securities and monies borrowed or loaned and collateral therefore; (12) foreign currency journals; and (13) trial balances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.14.*** provide
information typically supplied in the investment company industry to companies that track or report price, performance or other information
with respect to investment companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.15.*** provide
accounting information to each Fund's independent registered public accounting firm for preparation of the Fund's tax returns; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.16.*** cooperate
with, and take reasonable actions in the performance of its duties under this Agreement, so that all necessary information is made available
to each Fund's independent public accountants in connection with any audit or the preparation of any report requested by the Fund.

**2.** **Accounting Services Related to Odd Lot Pricing** 

If, in addition to those services described under Section 1 [Performance of Daily Accounting Services] of this Fund Accounting Addendum, the Trust or a Fund's investment adviser informs Ultimus that one or more Fund(s) holds or will hold any security (other than a mutual fund or money market fund) in a quantity constituting an odd lot (as opposed to a round lot), Ultimus will undertake to perform such additional procedures as are determined necessary by the Board to price such security, including, if applicable, the application of a discount to the pricing obtained from any independent pricing service(s); provided, however, that any such additional procedures to be performed in connection with securities held in quantities constituting an odd lot, are clearly delineated in a written odd lot pricing methodology and procedure approved by the Board; it being further understood and agreed by the parties hereto that Ultimus shall be compensated in the form of an odd lot pricing fee for performing such additional procedures, and, notwithstanding anything in the Agreement to the contrary, including, without limitation, any duty of care or indemnification obligation that Ultimus might otherwise owe to the Trust or any Fund, Ultimus will not be liable for any NAV error that may arise out of any incorrect, incomplete, or missing data provided to Ultimus by the Fund's investment adviser or any sub-adviser to the Fund as part of any odd lot pricing procedures approved by the Board, and the Trust hereby agrees to indemnify Ultimus for and hold Ultimus harmless from any such liability.

**3.** **Derivatives Risk Management Program Support Services** 

Ultimus may, at the election of the Trust, provide certain of the Funds with the Derivatives Risk Management Program Support Services described below, in accordance with Rule 18f-4 under the Investment Company Act **("Rule 18f-4"):**

&nbsp;&nbsp;&nbsp;&nbsp;a. Manage
derivatives-specific data, update security master files, and load each Fund's portfolio composition and derivatives-specific data into
Confluence software;

&nbsp;&nbsp;&nbsp;&nbsp;b. Deliver
 daily derivatives exposure and value-at-risk **("VaR")** reports generated by
 the Confluence software to each Fund's investment adviser **("Adviser")** and
 the Trust's Chief Compliance Officer and make

WesMark Funds <br> Fund Accounting Addendum Page 2 of 4

available reporting for weekly stress testing and back-testing calculations performed by the Confluence software;

&nbsp;&nbsp;&nbsp;&nbsp;c. Provide
 Adviser access to the Confluence software in order that Adviser may calculate derivatives
 exposure for each Fund it advises and make other derivatives risk management calculations
 as required by Rule 18f-4 (e.g., daily VaR calculations, weekly back-testing, and weekly
 stress-testing);

&nbsp;&nbsp;&nbsp;&nbsp;d. Provide
 Adviser a board reporting template; and

&nbsp;&nbsp;&nbsp;&nbsp;e. Provide
 the Board access to an independent derivatives expert (a **"Derivatives Expert")** capable of supporting the Board's efforts in effecting compliance oversight as required
 by Rule 18f-4 and the Trust's related Derivatives Risk Management Program.

In providing the Derivatives Risk Management Program Support Services, in each instance where Ultimus has committed to provide Adviser with access to VaR reports or other derivatives related information, Adviser may, with Ultimus' consent, elect to have Ultimus deliver the same reports and information to an Ultimus approved third party l 8f-4 service provider/designee; with the understanding that delivery of such information to such third party 18f-4 service provider/designee may incur additional fees.

Alternatively, the Trust may elect to forego receipt of the Derivatives Risk Management Program Support Services and instead deliver (or cause to be delivered) to Ultimus derivatives data required to be reported monthly on Form N-PORT, in which case Ultimus' services (the **"18f-4/N-PORT Support Services")** will be limited to taking receipt of that derivatives data, manually loading that data into its reporting system, and reporting the required derivatives information on Form N-PORT monthly.

The Adviser has and retains sole responsibility for identifying derivative securities. Ultimus' prov1s10n of Derivatives Risk Management Program Support Services or 18f-4/N-PORT Support Services hereunder shall not relieve the Adviser of such responsibilities, and under no circumstances will Ultimus share in those responsibilities except as expressly agreed upon in this Fund Accounting Addendum.

**4.** **Special Reports and Services** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.1.*** Ultimus
may agree (but shall be under no obligation) to provide additional special reports upon the request of the Trust or a Fund's investment
adviser, which may result in an additional charge, the amount of which shall be agreed upon by the parties prior to the reports being
made available.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.2.*** Ultimus
may agree (but shall be under no obligation) to provide such other similar services with respect to a Fund as may be reasonably requested
by the Trust, which may result in an additional charge, the amount of which shall be agreed upon between the parties prior to such services
being provided.

**Signatures are located on the next page.**

WesMark Funds <br> Fund Accounting Addendum Page 3 of 4

The parties duly executed this Fund Accounting Addendum as of February 4, 2025.

---

| | | | |
|:---|:---|:---|:---|
| **WesMark Funds** | **WesMark Funds** | **Ultimus Fund Solutions, LLC** | **Ultimus Fund Solutions, LLC** |
| on its own behalf and on behalf of the Funds | on its own behalf and on behalf of the Funds |  |  |
| By: | /s/ Robert McGee | By: | /s/ Gary Tenkman |
| Name: | Robert McGee | Name: | Gary Tenkman |
| Title: | President | Title: | Chief Executive Officer |

---

WesMark Funds <br> Fund Accounting Addendum Page 4 of 4

**<u>Fund Accountin</u>** **<u>g</u> <u>Fee Letter</u>**

**for**

**the Funds listed on Schedule A**

**each a series of**

**WesMark Funds**

This Fund Accounting Fee Letter (this **"Fee Letter")** applies to the Services provided by **Ultimus Fund Solutions, LLC ("Ultimus")** to **WesMark Funds** (the **"Trust")** for the Funds listed on Schedule A (individually referred to herein as a **"Fund"** and collectively as the **"Funds")** pursuant to that certain Master Services Agreement dated February 4, 2025, and the Fund Accounting Addendum dated February 4, 2025 (the **"Agreement").** Capitalized terms used but not defined herein shall have the meanings set forth in the Agreement.

**1.** **Fees** 

For the Fund Accounting Services provided under the Fund Accounting Addendum, Ultimus shall be entitled to receive a fee and documented out-of-pocket reimbursable expenses from the Trust, or the Funds on the first business day following the end of each month, or at such time(s) as Ultimus shall request and the parties hereto shall agree, which fee is included in the Fund Administration Fees, plus itemized fees as follows:

[REDACTED]

**2.** **Monthly Per Trade and T+O Processing Fees** 

[REDACTED]

**3.** **Term** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.1.***  ***Initial Term.*** This Fee Letter shall continue in effect, unless earlier terminated under Section 3.3 below, until the expiration of the
Master Services Agreement's Initial Term (the **"Initial Term").** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.2.***  ***Renewal Terms.*** Immediately following the Initial Term, this Fee Letter shall automatically renew for successive two-year periods (each
a **"Renewal Term")** unless Ultimus or the Trust gives written notice of termination at least 150 days prior to the end
of the Initial Term or the then-current Renewal Term.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.3.***  ***Termination.*** Ultimus or the Trust may terminate the Agreement entirely or on behalf of a Fund as set forth in the Agreement. Any such termination
shall be treated as a termination of this Fee Letter with respect to each Fund as to which the termination applies, in which case the
subject Fund(s) shall be responsible for payment of any amounts required to be paid under the Agreement, including, without limitation,
any applicable Early Termination Fee, any reimbursements for cash disbursements made by Ultimus and any fee for deconversion or liquidation
services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.4.***  ***Early Termination.*** Any Early Termination under the Agreement with respect to fund accounting services shall subject the subject Fund(s)
to paying an **"Early Termination Fee"** equal to [REDACTED].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.5.***  ***Deconversion.*** Ultimus will cooperate with any reasonable request of the Trust to effect a prompt transition to a new service provider selected
by the Trust. In consideration for which, Ultimus shall

be entitled to collect from the Trust the amount of all of Ultimus' documented out-of-pocket cash disbursements reasonably made with respect to the delivery to the Trust or its designees of the Trust's property, records, instruments, and documents, and a fee for fund accounting deconversion services not to exceed [REDACTED].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*3.6*  ***Liquidation.*** In the event any Fund is liquidated, Ultimus shall be entitled to collect from the Trust the amount of all of Ultimus' documented
out-of-pocket cash disbursements reasonably made for services in connection with Ultimus' activities in effecting such liquidation, including,
without limitation, the delivery to the Trust or its designees of the Trust's property, records, instruments, and documents, and a reasonable
fee for fund accounting liquidation services of not less than [REDACTED] per Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*3.7*  ***Restructuring.*** In the event any Fund undergoes a restructuring event, including, without limitation, any merger, acquisition, or reorganization
event, which does not involve transition to a new service provider as would a deconversion, but does require Ultimus to perform transfer
agency services outside of the ordinary course, Ultimus shall be entitled to collect from the Trust a fund accounting restructuring fee
not to exceed [REDACTED].

**4.** **Reimbursable Expenses** 

In addition to the above fees, the Fund will reimburse Ultimus or pay directly certain documented out-of-pocket expenses incurred on the Fund's behalf, including, but not limited to, the cost of obtaining secondary security market quotes and other securities data utilized by the Fund, performance reporting (including after-tax performance reporting), and third party expenses incurred by Ultimus in providing the Derivatives Risk Management Program Support Services or the 18f-4/N-PORT Support Services (as applicable), including, without limitation, the Fund's proportionate share of any fees paid by Ultimus to any Derivatives Expert as part of Ultimus' providing the Derivatives Risk Management Program Support Services. The Fund will be responsible for the Fund's normal operating expenses, including, but not limited to, federal and state filing fees, EDGARizing fees, insurance premiums, typesetting and printing of the Fund's public documents, and fees and expenses of the Fund's other vendors and providers that provide services to the Fund.

**5.** **Fee Increases** 

[REDACTED]

**6.** **Amendment** 

The parties may only amend this Fee Letter by written amendment signed by all the parties.

**Signatures are located on the next page.**

---

| | | | |
|:---|:---|:---|:---|
| **WesMark Funds** | **WesMark Funds** | **Ultimus Fund Solutions, LLC** | **Ultimus Fund Solutions, LLC** |
| on its own behalf and on behalf of the Funds | on its own behalf and on behalf of the Funds |  |  |
| By: | /s/ Robert McGee | By: | /s/ Gary Tenkman |
| Name: | Robert McGee | Name: | Gary Tenkman |
| Title: | President | Title: | Chief Executive Officer |

---

**<u>Fund Administration Addendum</u>**

**for**

**WesMark Funds**

This Fund Administration Addendum, dated February 4, 2025, is between **WesMark Funds** (the **"Trust"),** on its own behalf and on behalf of the Funds listed in Scheduled A to that certain Master Services Agreement dated February 4, 2025, and **Ultimus Fund Solutions, LLC ("Ultimus").** Capitalized terms used but not defined herein shall have the meanings set forth in the Master Services Agreement.

With respect to each Fund electing Fund Administration Services, Ultimus shall provide the following services subject to, and in compliance with the objectives, policies and limitations set forth in the Trust's Registration Statement, the Trust's organizational documents, bylaws, applicable laws and regulations, and resolutions and policies established by the Trust's Board:

1. In
performing the Services, Ultimus will act as a liaison among the Trust's service providers, including, but not limited to its: custodian,
transfer agent, fund accountant and dividend disbursing agent, legal counsel, and audit firm;

2. Upon
request, assist each Fund in the evaluation and selection of other service providers, such as independent public accountants, printers,
EDGAR providers and proxy solicitors (such parties may be affiliates of Ultimus);

3. Prepare
and maintain the Trust's operating expense budget to determine proper expense accruals to be charged to each Fund in order to calculate
its daily net asset value;

4. Prepare,
or cause to be prepared, expense and financial reports, including Fund budgets, expense reports, pro-forma financial statements, expense
and profit/loss projections and fee waiver/expense reimbursement projections on a periodic basis as mutually agreed;

5. Prepare
authorization for the payment of Trust expenses and pay, from Trust assets, all authorized bills of the Trust;

6. Determine
income and capital gains available for distribution and calculate distributions required to meet regulatory, income, and excise tax requirements,
to be reviewed by the Trust's independent public accountants;

7. Compute
performance data required for inclusion in fund financial reports and disseminate such data to information services covering the investment
company industry, for sales literature of the Trust and other appropriate purposes;

8. Provide
other information typically supplied in the investment company industry as mutually agreed to companies that track or report price, performance
or other information with respect to investment companies;

9. Prepare
and coordinate the delivery of semi-annual and annual financial statements;

10. Coordinate
the Trust's audits and examinations by:

WesMark Funds <br> Fund Administration Addendum Page 1 of 5

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. assisting
each Fund's independent public accountants, or, upon approval of the Trust, any regulatory body, in any requested review of a Fund's
accounts and records, as mutually agreed upon;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. providing
appropriate financial schedules (as requested by a Fund's independent public accountants or SEC examiners), as mutually agreed; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. providing
office facilities as may be required.

11. Facilitate,
register, or prepare applicable notice or other filings as directed by the Fund's investment adviser with respect to, the Shares with
the various state and territories of the United States and other securities commissions, provided that all fees for the registration
of Shares or for qualifying or continuing the qualification of the Trust shall be paid by the Trust;

12. In
consultation with legal counsel to the Trust, the investment adviser, officers of the Trust and other relevant parties, collect, prepare
and disseminate digital materials for quarterly meetings of the Board, including agendas and selected financial information as agreed
upon by the Trust and Ultimus from time to time; attend and participate in quarterly Board meetings to the extent requested by the Board;
and prepare or cause to be prepared minutes of the quarterly meetings of the Board as agreed upon;

13. In
consultation with legal counsel for the Trust, assist in and monitor the preparation, filing, printing and where applicable, dissemination
to shareholders of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. post-effective
amendments to the Trust's Registration Statement on Form N-lA pursuant to Rule 485(b);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. periodic
reports to the Trustees, shareholders and the SEC, including but not limited to annual reports and semi-annual reports;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. notices
pursuant to Rule 24f-2 (as applicable); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. reports
to the SEC on Forms N-CEN, N-CSR, N-PORT, and N-PX (as applicable).

14. Provide
the Fund(s), with an end-to-end solution to prepare and transmit annual and semi-annual shareholder reports designed to be compliant
with the SEC's tailored shareholder reporting requirements (the **"Tailored Shareholder Report Services").** Funds will
be provided tailored shareholder report **("TSR")** templates to choose from. A Fund may, upon written notification to Ultimus,
opt out of the Tailored Shareholder Report Services, in which event, Ultimus will extract from Ultimus' systems the data required to
prepare a TSR and deliver that data in an electronic format to the Fund or its designee (the **"Data Extract Only Services").** 

15. Monitor
sales of Shares and ensure that the Shares are properly and duly registered with the SEC;

16. Review
the Trust's federal, state, and local tax returns as prepared and signed by the Trust's independent public accountants; and

17. Monitor
 Fund holdings and operations for  **<u>post-trade compliance</u>** with the Prospectus
 and Statement of Additional Information, SEC statutes, rules, regulations and policies and
 at the direction of the Fund's independent public accountants and Trust counsel, monitor
 Fund holdings for compliance with IRS taxation limitations and restrictions and applicable
 Federal Accounting Standards Board rules, statements and interpretations; provide periodic
 compliance reports to each investment adviser or sub-adviser to the Trust, and assist the
 Trust, the Adviser and each sub-adviser to the Trust (collectively referred to as **"Advisers")** in preparation of periodic compliance reports to the Trust, as applicable. Post-trade
 compliance testing will be performed in accordance with testing policies and procedures,
 which in Ultimus' sole determination, are

WesMark Funds <br> Fund Administration Addendum Page 2 of 5

reasonably designed to comport with industry standard post-trade compliance testing practices. Because such post-trade compliance testing is performed using fund accounting data and data provided by third-party sources, including, without limitation the Adviser(s), its accuracy is dependent upon the accuracy of such data, and the Trust agrees and acknowledges that Ultimus is not liable for the accuracy or inaccuracy of such data. The Trust further agrees and acknowledges that the post-trade compliance testing performed by Ultimus shall not relieve the Trust or the Adviser(s) of their responsibilities with respect to fund portfolio compliance, including on a pre-trade basis, and that Ultimus shall not be held liable for any act or omission of the Trust or the Adviser with respect to fund portfolio compliance. Moreover, and notwithstanding the foregoing, Ultimus' ability and therefor its obligation to perform post-trade compliance testing shall be wholly-dependent upon its timely receipt from third-party sources, including as applicable the Adviser(s), of all data necessary in Ultimus' sole determination to properly perform such post-trade compliance testing, and, should Ultimus determine it to be necessary, the Adviser(s) shall be required to arrange for Ultimus to have secure look-through access to private fund holdings.

18. Provide
individuals reasonably acceptable to the Board to serve as officers of the Fund, including, without limitation, individuals to serve
as assistant treasurer and secretary, who will be responsible for the management of certain of the Fund's affairs as determined and under
supervision by the Board; depending on the nature and scope of any such officer appointment, Ultimus may be entitled to an additional
fee (as set forth in the Fund Administration Fee Letter).

**Special Reports and Services**

1. Ultimus
may provide additional special reports upon the request of the Trust or a Fund's investment adviser, which may result in an additional
charge, the amount of which shall be agreed upon by the parties prior to the reports being made available.

2. Ultimus
may provide such other similar services with respect to a Fund as may be reasonably requested by the Trust, such as assistance with information
statements, Proxy Statements or Form N-14, which may result in an additional charge, the amount of which shall be agreed upon between
the parties prior to such services being provided.

**Additional Regulatory Services**

Ultimus may provide other regulatory services not specifically listed herein upon such terms and for such fees as the parties hereto agree. Such other regulatory services may include, without limitation, (i) the drafting of initial registration statements and amendments thereto pursuant to Rule 485(a) under the Securities Act of 1933, (ii) the drafting of proxy statements and related materials in connection with the Trust's shareholder meetings, and (iii) the preparation of materials for, attendance at, and drafting of minutes for organizational and special Board meetings.

**Tax Matters**

Ultimus does not provide tax advice. Nothing in the Master Services Agreement or this Fund Administration Addendum shall be construed or have the effect of rendering tax advice. It is important that the Trust or a Fund consult a professional tax advisor regarding its individual tax situation.

**Legal Representation**

Notwithstanding any provision of the Master Services Agreement or this Fund Administration Addendum to the contrary, Ultimus will not provide legal representation to the Trust or any Fund, including through the use of attorneys that are employees of, or contractually engaged by, Ultimus. The Trust acknowledges that in-house Ultimus attorneys exclusively represent Ultimus and will rely on outside counsel retained by the Trust to provide

WesMark Funds <br> Fund Administration Addendum Page 3 of 5

all legal advice and to provide independent judgment on the Trust's behalf. The Trust acknowledges that because no attorney-client relationship exists between in-house Ultimus attorneys and the Trust, any information provided to Ultimus attorneys will not be privileged and may be subject to compulsory disclosure under certain circumstances. Ultimus represents that it will maintain the confidentiality of information disclosed to its in-house attorneys on a best efforts basis.

***Signatures are located on the next page.***

WesMark Funds <br> Fund Administration Addendum Page 4 of 5

The parties duly executed this Fund Administration Addendum as of February 4, 2025.

---

| | | | |
|:---|:---|:---|:---|
| **WesMark Funds** | **WesMark Funds** | **Ultimus Fund Solutions, LLC** | **Ultimus Fund Solutions, LLC** |
| on its own behalf and on behalf of the Funds | on its own behalf and on behalf of the Funds |  |  |
| By: | /s/ Robert McGee | By: | /s/ Gary Tenkman |
| Name: | Robert McGee | Name: | Gary Tenkman |
| Title: | President | Title: | Chief Executive Officer |

---

WesMark Funds <br> Fund Administration Addendum Page 5 of 5

**<u>Fund Administration Fee Letter</u>**

**for**

**the Funds listed on Schedule A**

**each a series of**

**WesMark Funds**

This Fund Administration Fee Letter (this **"Fee Letter")** applies to the Services provided by **Ultimus Fund Solutions, LLC ("Ultimus")** to **WesMark Funds** (the **"Trust")** for the Funds listed on Schedule A (individually referred to herein as a **"Fund"** and collectively as the **"Funds")** pursuant to that certain Master Services Agreement dated February 4, 2025, and the Fund Administration Addendum dated February 4, 2025, (the **"Agreement").** Capitalized terms used but not defined herein shall have the meanings set forth in the Agreement.

**1.** **Fees** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.1.*** [REDACTED]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.2.***  ***Intentionally Omitted*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.3.***  ***Tailored Shareholder Report Services Fee and Charges or Data Extract Only Services Fee and Charges:*** 

[REDACTED]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.4.** **State Registration (Blue Sky) Fees:** 

The Fund shall pay its allocated federal and state regulatory filing fees. In addition, the Fund shall pay Ultimus the following fees per state registration:

[REDACTED]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.5.***  ***Tax Provisioning/ASC*** *740 **Compliance fee.*** [REDACTED]

WesMark Funds<br>Fund Administration Fee Letter

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.6.***  ***Special Reports/Programming Charge.*** All special reports analyses and/or programming requested by a Fund or the Trust under this Agreement
shall be subject to an additional programming charge. The current rate as of the date of this Fee Letter is [REDACTED]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.7.***  ***Event Processing Charge.*** Fund administration services performed outside of the ordinary course and in connection with unique events
involving a Fund or the Trust, including, without limitation, mergers, acquisitions, and reorganizations, shall be subject to an additional
event processing charge. The current rate as of the date of this Fee Letter is [REDACTED] and is subject to change.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.8.***  ***Meeting Attendance Fee.*** The Trust or the applicable Fund shall pay [REDACTED].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.9.*** The
fees are computed daily and payable monthly, along with any reimbursable expenses. The Trust or the Funds agree to pay all fees within
30 days of receipt of each invoice. Ultimus retains the right to charge interest of [REDACTED]% on any amounts that remain unpaid beyond
such 30-day period. Acceptance of such late charge shall in no event constitute a waiver by Ultimus of the Trust's or the Funds' default
or prevent Ultimus from exercising any other rights and remedies available to it.

**2.** **Reimbursable Expenses** 

In addition to the above fees, the Trust or the Funds will reimburse Ultimus for certain documented out-of-pocket reimbursable expenses incurred on each Fund's behalf, including, but not limited to, travel expenses to attend Board meetings and any other expenses approved by the Trust. The Trust and each Fund will be responsible for the Fund's normal operating expenses, such as federal and state filing fees, EDGARizing fees, insurance premiums, typesetting and printing of the Fund's public documents, and fees and expenses of the Trust's other vendors and providers that provide services to the Fund.

***3.*** **Term** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.1.***  ***Initial Term.*** This Fee Letter shall continue in effect, unless earlier terminated under Section 3.3 below, until the expiration of the
Master Services Agreement's Initial Term (the **"Initial Term").** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.2.***  ***Renewal Terms.*** Immediately following the Initial Term, this Fee Letter shall automatically renew for successive two-year periods (each
a **"Renewal Term")** unless Ultimus or the Trust gives written

WesMark Funds<br>Fund Administration Fee Letter

notice of termination at least 150 days prior to the end of the Initial Term or the then-current Renewal Tenn.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.3.***  ***Termination.*** Ultimus or the Trust may terminate the Agreement entirely or on behalf of a Fund as set forth in the Agreement. Any such termination
shall be treated as a termination of this Fee Letter with respect to each Fund as to which the termination applies, in which case the
subject Fund(s) shall be responsible for payment of any amounts required to be paid under the Agreement, including, without limitation,
any applicable Early Termination Fee, any reimbursements for cash disbursements made by Ultimus and any fee for deconversion or liquidation
services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.4.***  ***Early Termination.*** Any Early Termination under the Agreement with respect to fund administration services shall subject the subject
Fund(s) to paying an **"Early Termination Fee"** equal to the fee amounts due to Ultimus through the end of the then-current
term as calculated in this Fee Letter, including the repayment of any negotiated discounts provided by Ultimus during the then-current
term.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.5.***  ***Deconversion.*** Ultimus will cooperate with any reasonable request of the Trust to effect a prompt transition to a new service provider selected by the Trust. **In** consideration for which, Ultimus shall be entitled to collect from the Trust the amount of all of Ultimus' documented out-of-pocket
cash disbursements reasonably made for services in connection with Ultimus' activities in effecting such transition, including, without
limitation, the delivery to the Trust or its designees of the Trust's property, records, instruments, and documents, and a fee for fund
administration deconversion services not to exceed [REDACTED].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.6.***  ***Liquidation.*** In the event any Fund is liquidated, Ultimus shall be entitled to collect from the Trust the amount of all of Ultimus' documented
out-of-pocket cash disbursements reasonably made for services in connection with Ultimus' activities in effecting such liquidation,
including, without limitation, the delivery to the Trust or its designees of the Trust's property, records, instruments, and documents,
and a reasonable fee for fund administration liquidation services of not less than [REDACTED] per Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.7.***  ***Restructuring.*** In the event any Fund undergoes a restructuring event, including, without limitation, any merger, acquisition, or reorganization
event, which does not involve transition to a new service provider as would a deconversion, but does require Ultimus to perform transfer
agency services outside of the ordinary course, Ultimus shall be entitled to collect from the Trust a fund administration restructuring
fee not to exceed [REDACTED].

WesMark Funds<br>Fund Administration Fee Letter

**4.** **Fee Increases** 

[REDACTED]

**5.** **Amendment** 

The parties may only amend this Fee Letter by written amendment signed by all the parties.

***Signatures are located on the next page.***

WesMark Funds<br>Fund Administration Fee Letter

The parties duly executed this Fund Administration Fee Letter dated February 4, 2025.

---

| | | | |
|:---|:---|:---|:---|
| **WesMark Funds** | **WesMark Funds** | **Ultimus Fund Solutions, LLC** | **Ultimus Fund Solutions, LLC** |
| on its own behalf and on behalf of the Funds | on its own behalf and on behalf of the Funds |  |  |
| By: | /s/ Robert McGee | By: | /s/ Gary Tenkman |
| Name: | Robert McGee | Name: | Gary Tenkman |
| Title: | President | Title: | Chief Executive Officer |

---

WesMark Funds<br>Fund Administration Fee Letter

**<u>Transfer A</u>** **<u>g</u><u>ent and Shareholder Services Addendum</u>**

**for**

**WesMark Funds**

This Transfer Agent and Shareholder Services Addendum, dated February 4, 2025, is between **WesMark Funds** (the **"Trust"),** on its own behalf and on behalf of the Funds listed on Schedule A to that certain Master Services Agreement, dated February 4, 2025, and **Ultimus Fund Solutions, LLC ("Ultimus").** Capitalized terms used but not defined herein shall have the meanings set forth in the Master Services Agreement.

**<u>Transfer A</u>** **<u>g</u><u>ent and Shareholder Services</u>**

**1.** **Shareholder Transactions** 

Ultimus shall provide the Trust with shareholder transaction services, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.1.*** process
shareholder purchase, redemption, exchange, and transfer orders in accordance with conditions set forth in the applicable Fund's prospectus(es)
applying all applicable redemption or other miscellaneous fees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.2.*** set
up of account information, including address, account designations, dividend and capital gains options, taxpayer identification numbers,
banking instructions, automatic investment plans, systematic withdrawal plans and cost basis disposition method,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.3.*** assist
shareholders making changes to their account information included in 1.2;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.4.*** issue
trade confirmations in compliance with Rule l0b-10 under the Securities Exchange Act of 1934, as amended (the **"1934 Act");** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.5.*** issue
quarterly statements for shareholders, interested parties, broker firms, branch offices and registered representatives;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.6.*** act
as a service agent and process income dividend and capital gains distributions, including the purchase of new shares, through dividend
reimbursement and appropriate application of backup withholding, non-resident alien withholding and Foreign Account Tax Compliance Act **("FATCA")** withholding;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.7.*** record
the issuance of shares and maintain pursuant to Rule 17Ad-10(e) of the 1934 Act a record of the total number of shares of each Fund which
are authorized, based upon data provided to it by the Trust, and issued and outstanding;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.8.*** perform
such services as are required to comply with Rules 17a-24 and 17Ad-17 of the 1934 Act (the **"Lost Shareholder Rules");** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.9.*** provide
cost basis reporting to shareholders on covered shares (shares purchased after 1/1/2012), as required;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.10.*** withholding
taxes on non-resident alien accounts, pension accounts and in accordance with state requirements;

WesMark Funds <br> Transfer Agent and Shareholder Services Addendum Page 1 of 5

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.11.*** produce,
print, mail and file U.S. Treasury Department Forms 1099 and other appropriate forms required by federal authorities with respect to
distributions for shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.12.*** administer
and perform all other customary services of a transfer agent, including, but not limited to, answering routine customer inquiries regarding
shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.13.*** process
all standing instruction orders (Automatic Investment Plans **("AIPs")** and Systematic Withdrawal Plan **("SWPs"))** including the debit of shareholder bank information for automatic purchases.

**2.** **Shareholder Information Services** 

Ultimus shall provide the Trust with shareholder information services, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***2.1.*** make
information available to shareholder servicing unit and other remote access units regarding trade date, share price, current holdings,
yields, and dividend information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***2.2.*** produce
detailed history of transactions through duplicate or special order statements upon request;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*2.3.* provide
mailing labels for distribution of financial reports, prospectuses, proxy statements or marketing material to current shareholders; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***2.4.*** respond
as appropriate to all inquiries and communications from shareholders relating to shareholder accounts.

**3.** **Compliance Reporting** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.1.***  ***AML Reporting.*** Ultimus agrees to provide anti-money laundering services to the Trust's direct shareholders domiciled in the United
States and to operate the Trust's customer identification program for these shareholders, in each case in accordance with the written
procedures developed by Ultimus and adopted or approved by the Board and with applicable law and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.2.***  ***Regulatory Reporting.*** Ultimus agrees to provide reports to the federal and applicable state authorities, including the SEC, and to the Funds'
auditors. Applicable state authorities are those governmental agencies located **in** states in which the Fund is registered to sell
shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.3.***  ***IRS Reporting.*** Ultimus will prepare and distribute appropriate Internal Revenue Service **("IRS")** forms for shareholder
income and capital gains (including the calculation of qualified income), sale of fund shares, distributions from retirement accounts
and education savings accounts, fair market value reporting on IRAs, contributions, rollovers and conversions to IRAs and education savings
accounts and required minimum distribution notifications and issue tax withholding reports to the **IRS.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.4.***  ***Pay-to-Play Reports.*** Ultimus will provide quarterly reporting for Fund accounts subject to pay-to-play rules.

WesMark Funds <br> Transfer Agent and Shareholder Services Addendum Page 2 of 5

**4.** **Dealer/Load Processing** 

For each Fund with a share class that charges a sales load (either front-end or back-end), Ultimus will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.1.*** provide
reports for tracking rights of accumulation and purchases made under a letter of intent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.2.*** account
for separation of shareholder investments from transaction sale charges for purchase of Fund shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.3.*** calculate
fees due under Rule l 2b-l plans for distribution and marketing expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.4.*** track
sales and commission statistics by dealer and provide for payment of commissions on direct shareholder purchases; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.5.*** applying
appropriate Front End Sales Load **("FESL")** breakpoint and Contingent Deferred Sales Charges **("CDSCs")** automatically
during trade processing.

**5.** **Shareholder Account Maintenance** 

For each direct shareholder account, Ultimus agrees to perform the following services:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***5.1.*** maintain
all shareholder records for each account in each Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.2.** as
dividend disbursing agent, on or before the payment date of any dividend or distribution, notify the Fund's custodian of the estimated
amount of cash required to pay such dividend or distribution; prepare and distribute to shareholders any funds to which they are entitled
by reason of any dividend or distribution and in the case of shareholders entitled to receive additional shares of the Fund by reason
of any such dividend or distribution, make appropriate credit to their respective accounts and prepare and mail to such shareholders
a confirmation statement with respect to such shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***5.3.*** issue
customer statements on a scheduled cycle, and provide duplicate second and third-party copies if required;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***5.4.*** record
shareholder account information changes; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***5.5.*** maintain
account documentation files for each shareholder.

**6.** **uTRANSACT Web Services** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***6.1.*** Provide
and maintain an internet portal for shareholders and registered investment advisers to access and perform various online capabilities
on their investment accounts with the Funds.

**7.** **PLAID** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*7.1.* Provide
online bank account verification services using third-party PLAID technology.

WesMark Funds <br> Transfer Agent and Shareholder Services Addendum Page 3 of 5

**8.** **Other Services** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***8.1.*** Ultimus
shall perform other services for the Trust that are mutually agreed upon in a writing signed by the parties for mutually agreed fees,
if any, and all reimbursable expenses incurred by Ultimus; provided, however that the Trust may retain third parties to perform such
other services. These services may include performing internal audit examination; mailing the annual reports of the Funds; preparing
an annual list of shareholders; and mailing notices of shareholders' meetings, proxies, and proxy statements.

**9.** **National Securities Clearing Corporation Processing** 

Ultimus will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***9.1.*** process
accounts through Networking and the purchase, redemption, transfer and exchange of shares in such accounts through Fund/SERV (Networking
and Fund/SERV being programs operated by the National Securities Clearing Corporation (the **"NSCC")** on behalf of NSCC's
participants, including the Trust), in accordance with, instructions transmitted to and received by Ultimus by transmission from NSCC
on behalf of broker-dealers and banks which have been established by, or in accordance with the instructions of authorized persons, as
hereinafter defined on the dealer file maintained by Ultimus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***9.2.*** issue
instructions to each Fund's custodian for the settlement of transactions between the Fund and NSCC (acting on behalf of its broker-dealer
and bank participants);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***9.3.*** provide
account and transaction information from the affected Trust's records on an appropriate computer system in accordance with NSCC's Networking
and Fund/SERV rules for those broker-dealers; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*9.4.* maintain
shareholder accounts through Networking.

**10.** **Tax Matters** 

Ultimus does not provide tax advice. Nothing in the Master Services Agreement or this Transfer Agent and Shareholder Services Addendum shall be construed or have the effect of rendering tax advice. It is important that the Trust or a Fund consult a professional tax advisor regarding its individual tax situation.

***Signatures are located on the next page.***

WesMark Funds <br> Transfer Agent and Shareholder Services Addendum Page 4 of 5

The parties duly executed this Transfer Agent and Shareholder Services Addendum as of February 4, 2025.

---

| | | | |
|:---|:---|:---|:---|
| **WesMark Funds** | **WesMark Funds** | **Ultimus Fund Solutions, LLC** | **Ultimus Fund Solutions, LLC** |
| on its own behalf and on behalf of the Funds | on its own behalf and on behalf of the Funds |  |  |
| By: | /s/ Robert McGee | By: | /s/ Gary Tenkman |
| Name: | Robert McGee | Name: | Gary Tenkman |
| Title: | President | Title: | Chief Executive Officer |

---

WesMark Funds <br> Transfer Agent and Shareholder Services Addendum Page 5 of 5

**<u>Transfer Agent and Shareholder Services Fee Letter</u>**

**for**

**the Funds listed on Schedule A each a series of WesMark Funds**

This Transfer Agent and Shareholder Services Fee Letter (this **"Fee** **Letter")** applies to the Services provided by **Ultimus Fund Solutions, LLC ("Ultimus")** to **WesMark Funds** (the **"Trust")** for the Funds listed on Schedule A (individually referred to herein as a **"Fund"** and collectively as the **"Funds")** pursuant to that certain Master Services Agreement dated February 4, 2025, and the Transfer Agent and Shareholder Services Addendum dated February 4, 2025 (the **"Agreement").** Capitalized terms used but not defined herein shall have the meanings set forth in the Agreement.

**1.** **Fees** 

[REDACTED]

**2.** **Reimbursable Expenses** 

In addition to the above fees, the Trust or the Funds will reimburse Ultimus or pay directly certain expenses incurred on the Funds' behalf, including, but not limited to, postage, confirmations, statement and confirmation development, shareholder applications and forms, printing, telephone lines, Internet access fees, bank service charges, stationery, envelopes, check printing and writing, AML verification, record retention, lost shareholder search, VRU maintenance and development, Fund specific Fund/Serv and Networking costs, and other industry standard transfer agent expenses. For the avoidance of doubt, and notwithstanding anything herein to the contrary, the Trust or the Funds agree to reimburse Ultimus for documented out-of-pocket expenses incurred by Ultimus in the production and dissemination of trade confirmations, account statements, and tax forms.

**3.** **Term** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.1.***  ***Initial Term.*** This Fee Letter shall continue in effect, unless earlier terminated under Section 3.3 below, until the expiration of the
Master Services Agreement's Initial Term (the **"Initial Term").** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.2.***  ***Renewal Terms.*** After the Initial Term, this Fee Letter shall automatically renew for successive two-year periods (each a **"Renewal Term")** unless Ultimus or the Trust gives written notice of termination at least 150 days prior to the end of the Initial Term
or the then-current Renewal Term.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.3.***  ***Termination.*** Ultimus or the Trust may terminate the Agreement entirely or on behalf of a Fund as set forth in the Agreement. Any such termination
shall be treated as a termination of this Fee Letter with respect to each Fund as to which the termination applies, in which case the
subject Fund(s) shall be responsible for payment of any amounts required to be paid under the Agreement, including, without limitation,
any applicable Early Termination Fee, any reimbursements for cash disbursements made by Ultimus and any fee for deconversion or liquidation
services.

WesMark Funds <br> Transfer Agent and Shareholder Services Fee Letter

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.4.***  ***Early Termination.*** Any Early Termination under the Agreement with respect to transfer agency services shall subject the subject Fund(s)
to paying an **"Early Termination Fee"** equal to [REDACTED].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.5.***  ***Deconversion.*** Ultimus will cooperate with any reasonable request of the Trust to effect a prompt transition to a new service provider selected
by the Trust. In consideration for which, Ultimus shall be entitled to collect from the Trust the amount of all of Ultimus' documented
out-of-pocket cash disbursements reasonably made for services in connection with Ultimus' activities in effecting such transition, including,
without limitation, the delivery to the Trust or its designees of the Trust's property, records, instruments, and documents, and a fee
not to exceed [REDACTED].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.6.***  ***Liquidation.*** In the event any Fund is liquidated, Ultimus shall be entitled to collect from the Trust the amount of all of Ultimus' documented
out-of-pocket cash disbursements reasonably made for services in connection with Ultimus' activities in effecting such liquidation, including,
without limitation, the delivery to the Trust or its designees of the Trust's property, records, instruments, and documents, and a reasonable
fee for transfer agency liquidation services of not less than [REDACTED] per Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*3.7.*  ***Restructuring.*** In the event any Fund undergoes a restructuring event, including, without limitation, any merger, acquisition, or reorganization
event, which does not involve transition to a new service provider as would a deconversion, but does require Ultimus to perform transfer
agency services outside of the ordinary course, Ultimus shall be entitled to collect from the Trust a transfer agency restructuring fee
not to exceed [REDACTED].

**4.** **Fee Increases** 

[REDACTED]

**5.** **Amendment** 

The parties may only amend this Fee Letter by written amendment signed by all the parties.

**Signatures are located on the next page.**

WesMark Funds <br> Transfer Agent and Shareholder Services Fee Letter

The parties duly executed this Transfer Agent and Shareholder Services Fee Letter dated February 4, 2025.

---

| | | | |
|:---|:---|:---|:---|
| **WesMark Funds** | **WesMark Funds** | **Ultimus Fund Solutions, LLC** | **Ultimus Fund Solutions, LLC** |
| on its own behalf and on behalf of the Funds | on its own behalf and on behalf of the Funds |  |  |
| By: | /s/ Robert McGee | By: | /s/ Gary Tenkman |
| Name: | Robert McGee | Name: | Gary Tenkman |
| Title: | President | Title: | Chief Executive Officer |

---

## Ex-99.J

**Exhibit (j)(i)**

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

We hereby consent to the incorporation by reference in this Registration Statement on Form N-1A of our report dated February 27, 2026, relating to the financial statements and financial highlights 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, which are included in Form N-CSR for the year ended December 31, 2025, and to the references to our firm under the headings "Financial Highlights" in the Prospectus, and "Disclosure of Portfolio Holdings", "Independent Registered Public Accounting Firm" and "Financial Information" in the Statement of Additional Information.

/s/ Cohen & Company, Ltd.

COHEN & COMPANY, LTD.

Cleveland, Ohio

April 27, 2026

![](cohenfooters.jpg)

## Ex-99.P

---

| | | |
|:---|:---|:---|
| ![(LOGO)](we013_v1.jpg) | **Code of Ethics** | **Exhibit (p)(iii**) |

---

**Subsidiaries of**

**The Ultimus Group, LLC**

***Ultimus Fund Solutions, LLC***

***Ultimus Fund Distributors, LLC***

***Northern Lights Distributors, LLC***

***Blu Giant, LLC***

***Gemini Fund Services, LLC***

***Northern Lights Compliance Services, LLC***

June 20, 2023 1

---

| | |
|:---|:---|
| ![(LOGO)](we013_v1.jpg) | **Ultimus<br> Code of Ethics** |

---

**Table of Contents**

---

| | | |
|:---|:---|:---|
| I. | Introduction | 3 |
| II. | Definitions | 4 |
| III. | General Principles | 6 |
| IV. | Standards of Business Conduct | 7 |
| V. | Prohibition Against Insider Trading | 8 |
| VI. | Personal Securities Transactions | 13 |
| VII. | Interested Transactions | 16 |
| VIII. | Gifts and Entertainment | 16 |
| IX. | Protecting the Confidentiality of Client Information | 17 |
| X. | Service as a Director | 19 |
| XI. | Certification | 19 |
| XII. | Records | 20 |
| XIII. | Reporting Violations and Sanctions | 20 |
| XIV. | Ethics Training | 21 |
| Schedule A – Frequently Asked Questions about Code of Ethics | Schedule A – Frequently Asked Questions about Code of Ethics | 22 |

---

June 20, 2023 2

**I.**  **<u>Introduction</u>** 

This Code of Ethics (this "Code") has been adopted by certain subsidiaries of The Ultimus Group, LLC, including, Ultimus Fund Solutions, LLC, Ultimus Fund Distributors, LLC ("UFD"), Blu Giant, LLC, Gemini Fund Services, LLC, Northern Lights Compliance Services, LLC and Northern Lights Distributors, LLC ("NLD"), collectively, "Ultimus Companies" and each an "Ultimus Company".

This Code establishes rules of conduct for "Supervised Persons" of Ultimus. As explained further in the "Definitions" included with this Code (see Article II, Definitions), "Supervised Persons" include our employees and officers, as well as certain independent contractors and certain registered representatives. The general ethical principles and personal securities reporting provisions of this Code apply to all employees and other "Access Persons" of Ultimus, although many provisions of this Code are written to specifically address the duties and obligations of registered and access persons of UFD and NLD, because of its status as a registered broker-dealer and member of the Financial Industry Regulatory Authority, Inc. ("FINRA"). This Code is based upon the principle that the Ultimus Companies and its Supervised Persons owe a fiduciary duty to their clients to conduct their affairs, including their personal securities transactions, in such a manner as to avoid (i) serving their own personal interests ahead of clients, (ii) taking inappropriate advantage of their position with their respective company, and (iii) any actual or potential conflicts of interest or any abuse of their position of trust and responsibility.

This Code is designed to ensure that the high ethical standards long maintained by the Ultimus Companies continue to be applied. The purpose of this Code is to preclude activities that may lead to or give the appearance of conflicts of interest, insider trading and other forms of prohibited or unethical business conduct.

In meeting any fiduciary responsibilities to its clients, the Ultimus Companies expect every employee to demonstrate the highest standards of ethical conduct. The Ultimus Companies' reputation for fair and honest dealing with its clients has taken considerable time to build. This standing could be seriously damaged as the result of even a single Securities transaction being considered questionable in light of the fiduciary duty owed to our clients. Strict compliance with the provisions of the Code shall be considered a basic condition of employment and employees should understand that any breach of the provisions of this Code may constitute grounds for disciplinary action, including termination of their employment.

This Code addresses specific elements of the Ultimus Companies' fiduciary obligations. However, it cannot, and is not intended to, address all circumstances in which fiduciary obligations will arise. Accordingly, the Ultimus Companies expect all Supervised Persons to adhere strictly to the specific requirements of this Code and other firm policies and procedures, but to also think beyond them and to conduct themselves with honesty and integrity in accordance with the Ultimus Companies' fiduciary obligations.

Each Ultimus Company, through its compliance officers, legal counsel, and/or other designated personnel, is responsible for the day-to-day administration of this Code with respect to those Access Persons under the direct supervision and control of such Ultimus Company. Note that some Ultimus Companies may impose greater restrictions than those described in this Code, and those restrictions have been noted where possible within this Code. All questions regarding specific restrictions should be directed to the Chief Compliance Officer of the relevant Ultimus Company (as applicable, each such individual is referred to herein as the "Chief Compliance Officer") or to such Ultimus Company's designated legal counsel.

June 20, 2023 3

To the extent a Supervised Person is registered as a representative or an access person of UFD or NLD, such persons are encouraged to seek the guidance from such Ultimus Company's respective Chief Compliance Officer for all questions regarding the application of specific restrictions to their activities. It is each Supervised Person's responsibility to understand this Code as well as its requirements and application as they relate to both personal and work-related activities.

The Chief Compliance Officer will periodically report to senior management of the Ultimus Companies to document compliance with this Code.

The Ultimus Companies have engaged MyComplianceOffice Technologies ("MCT"), formerly Schwab Compliance Technologies, Inc., which provides an automated system for administration of the Code. The MCT system provides a means of making all reports and certifications required under the Code in an electronic format. The MCT system will send automatic reminders via email to all persons covered by the Code in order to ensure deadlines are not missed. Should you have any questions about the Code or the MCT system, please contact the Chief Compliance Officer or his/her designee.

For answers to commonly asked questions about your obligations under this Code, please refer to Schedule B for a list of "Frequently Asked Questions" and the applicable responses.

**II.**  **<u>Definitions</u>** 

For the purposes of this Code, the following definitions shall apply:

● "Access Person" means any Supervised Person who: has access to nonpublic information regarding any clients' purchase or sale of Securities, or nonpublic information regarding the portfolio holdings; provided, that individuals who are Supervised Persons solely as a result of their service as a non-employee director, manager, or officer or their engagement as an independent contractor shall not be considered "Access Persons" for purposes of this Code.

● "Account" means accounts of any Access Person and includes accounts of the Access Person's Family Members and any account in which he or she has a direct beneficial interest, such as trusts and custodial accounts subject to control by the Access Person or other accounts in which the Access Person exercises influence or control or has investment discretion; provided, that an employee's employer 401(k) account shall be excluded from the "Accounts" covered under this Code.

● "Beneficial Ownership" shall be interpreted in the same manner as it would be under Rule 16a-1(a)(2) under the Securities Exchange Act of 1934, as amended, in determining whether a person is the beneficial owner of a Security for purposes of Section 16 of such Act and the rules and regulations thereunder. Generally, "Beneficial Ownership" means ownership of Securities or Securities accounts by or for the benefit of a person, or such person's "Family Member," including any account in which the person or family member of that person holds a direct or indirect beneficial interest, retains discretionary investment authority or exercises a power of attorney.

● "Control" means the power to exercise a controlling influence over the management or policies of any of the Ultimus Companies. See Section 2(a)(9) of the Investment Company Act of 1940, as amended (the "Investment Company Act").

● "Designated Custodian" refers to the custodial firms where a direct feed or ByAllAccounts authentication can be established with our third-party vendor, MCT.

June 20, 2023 4

● "Family Member" means any person's spouse, child or other relative, whether related by blood, marriage, or otherwise, who either resides with, is financially dependent upon, or whose investments are controlled or partially controlled by that person. The term also includes any unrelated individual whose investments are controlled or partially controlled by that person, such as a "significant other."

● "Fund" means an investment company registered under the Investment Company Act, including open-end and closed-end investment companies and exchange traded funds.

● "Initial Public Offering" means an offering of Securities registered under the Securities Act of 1933, as amended, the issuer of which, immediately before the registration, was not subject to the reporting requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended.

● "Limited Offering" means an offering that is exempt from registration under the Securities Act of 1933, as amended, pursuant to Section 4(2) or Section 4(6) or pursuant to Rule 504, 505 or 506 under the Securities Act of 1933, as amended.

● "Reportable Security" means any Security, except that it does not include: (i) transactions and holdings in direct obligations of the Government of the United States; (ii) bankers' acceptances, bank certificates of deposit, commercial paper and other high quality short-term debt instruments, including repurchase agreements; (iii) shares issued by money market funds; (iv) transactions and holdings in shares of other types of open-end registered mutual funds, other than exchange-traded funds ("ETFs"); (v) transactions in units of a unit investment trust if the unit investment trust is invested exclusively in mutual funds; and (vi) transactions and holdings in a spouse's retirement plan controlled by the spouse's employer, provided the employee does not participate in the investment decisions or provide any advice with respect to the allocation of such Account.

● "Security" means any note, stock, treasury stock, security future, bond, debenture, evidence of indebtedness, certificate of interest or participation in any profit-sharing agreement, collateral-trust certificate, pre-organization certificate or subscription, transferable share, investment contract, voting-trust certificate, certificate of deposit for a security, fractional undivided interest in oil, gas, or other mineral rights, any put, call, straddle, option, or privilege on any security (including a certificate of deposit) or on any group or index of securities (including any interest therein or based on the value thereof), or any put, call, straddle, option, or privilege entered into on a national securities exchange relating to foreign currency, or, in general, any interest or instrument commonly known as a "security", or any certificate of interest or participation in, temporary or interim certificate for, receipt for, guaranty of, or warrant or right to subscribe to or purchase any of the foregoing. See Section 202(a)(18) of the Investment Advisers Act of 1940, as amended (the "Advisers Act").

● "Supervised Person" means managers, officers and partners of Ultimus (or other persons occupying a similar status or performing similar functions); employees of Ultimus; independent contractors accessing non-public information regarding the Ultimus' clients during such contractor's engagement with Ultimus; and any other person who provides advice on behalf of Ultimus and is subject to Ultimus' supervision and control.

June 20, 2023 5

● "Third Party Managed Account" refers to an Account where a third party has investment management discretion regarding Securities transactions pursuant to a written, executed investment management agreement or advisory agreement addressing the Account or otherwise. Whether an Account is considered a Third-Party Managed Account rests in the discretion of the Chief Compliance Officer or his or her designee, in consultation with the legal department, based on its assessment of the risks presented by such arrangement. No Access Person shall consider an Account to be a Third-Party Managed Account until he or she has received approval from the Chief Compliance Officer or his/her designee. The Chief Compliance Officer reserves the right to revoke approval of a Third-Party Managed Account at any time, for any reason.

**III.**  **<u>General Principles</u>** 

This Code is designed to promote the following general principles:

● The Ultimus Companies and their Supervised Persons have a duty at all times to place the interests of clients first.

● The Ultimus Companies and their Supervised Persons have a duty of loyalty to clients.

● Access persons must conduct their personal securities transactions in a manner that avoids an actual or potential conflict of interest or any abuse of trust and responsibility.

● Access persons may not use knowledge about current or pending client or portfolio transactions for the purpose of personal profit.

● Information concerning clients (including former clients) must be kept confidential, including the client's identity, holdings, and other non-public information.

● Independence in the investment decision-making process is paramount.

● Supervised Persons may not give or receive gifts or participate in entertainment beyond the parameters set forth in this Code to avoid even the appearance of favoritism or impropriety.

The Chief Compliance Officer may grant exceptions to certain provisions contained in this Code only in those situations when it is clear beyond dispute that the interests of the clients will not be adversely affected or compromised. All questions arising in connection with personal securities trading should be resolved in favor of the client even at the expense of the interests of employees.

June 20, 2023 6

**IV.**  **<u>Standards of Business Conduct</u>** 

The Ultimus Companies place the highest priority on maintaining its reputation for integrity and professionalism. That reputation is a vital business asset. The confidence and trust placed in the Ultimus Companies and its employees by our clients is something we value and endeavor to protect. The following Standards of Business Conduct set forth policies and procedures intended to achieve these goals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Compliance with Laws and Regulations** 

In addition to adhering strictly to the specific requirements of this Code and all other Ultimus Companies policies and procedures, the Ultimus Companies expect all Supervised Persons to respect and comply with applicable federal and state securities laws and regulations. This includes prohibiting any activity that directly or indirectly:

● Defrauds a client in any manner;

● Misleads a client, including any statement that omits material facts;

● Operates or would operate as a fraud or deceit on a client;

● Functions as a manipulative practice with respect to a client; or

● Functions as a manipulative practice with respect to securities.

The Ultimus Companies and their employees are prohibited from engaging in fraudulent, deceptive, or manipulative conduct. This involves more than acting with honesty and good faith alone. It means, where applicable, that the Ultimus Companies have an affirmative duty of utmost good faith to act solely in the best interest of its clients.

Section 204A of the Advisers Act requires the establishment and enforcement of policies and procedures reasonably designed to prevent the misuse of material, nonpublic information by investment advisers. While the Ultimus Companies are not themselves registered investment advisers, such policies and procedures are contained in this Code. This Code also contains policies and procedures with respect to personal securities transactions of all Access Persons as defined herein. These procedures cover transactions in a Reportable Security in which an Access Person has Beneficial Ownership in or Accounts over which the Access Person exercises control as well as transactions by the Access Person's Family Members.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Conflicts of Interest** 

Conflicts of interest may come about any time there exists an incentive to favor one party over another. Given the nature of the Ultimus Companies' businesses and business relationships between Ultimus Companies, conflicts can arise in various contexts. Where possible, our objective is to avoid any conflict between the Ultimus Companies, Supervised Persons, and the client. For example, a conflict may arise when there is an opportunity to give preferential treatment to one client or portfolio relative to other clients or portfolios. A conflict can also come into play when there is an opportunity to take advantage of information, particularly regarding current or pending client or portfolio trades, for personal profit. Other conflicts may not always be clear-cut.

As an integral part of the Ultimus Companies' fiduciary obligation, Supervised Persons are obligated to avoid conflicts of interest wherever possible and to fully disclose all facts concerning any conflict that may arise. Questions regarding a potential conflict should be fully vetted with the Chief Compliance Officer or his/her designee and appropriate legal counsel before any further action is taken.

June 20, 2023 7

**C. Confidentiality**

The Ultimus Companies and their Supervised Persons share a duty to ensure the confidentiality of client information, including account numbers, client holdings, and securities transactions. Supervised Persons may not misuse or disclose such information, whether within or outside of the Ultimus Companies, except to authorized persons who require the information for legitimate business purposes or to fulfill their responsibilities. To ensure this duty is fulfilled, the Ultimus Companies have adopted this Code as well as its Employee Policies and Procedures and information securities policies, and the Ultimus Privacy Policy. All Supervised Persons are required to adhere to each of these policies, as relevant. As explained further in Section IX, all Supervised Persons are prohibited from disclosing confidential information concerning the Ultimus Companies, including any trade secrets or other proprietary information, including materials marked for internal use only.

**V.**  **<u>Prohibition Against Insider Trading</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Introduction** 

Trading Securities while in possession of material, nonpublic information, or improperly communicating that information to others may expose Supervised Persons and the Ultimus Companies to stringent penalties. Criminal sanctions may include significant fines and/or imprisonment. The SEC can recover the profits gained or losses avoided through the illegal trading, impose a penalty of up to three times the illicit windfall, and/or issue an order permanently barring you from the securities industry. Finally, Supervised Persons and the Ultimus Companies may be sued by investors seeking to recover damages for insider trading violations.

The rules contained in this Code apply to Securities trading and information handling by Supervised Persons and their Family Members.

The law of insider trading is continuously developing. An individual legitimately may be uncertain about the application of the rules contained in this Code in a particular circumstance. Often, a single question can avoid disciplinary action or complex legal problems. You must notify the Chief Compliance Officer immediately if you have any reason to believe that a violation of this Code has occurred or is about to occur.

&nbsp;&nbsp;&nbsp;&nbsp;**B.** **General Policy** 

Ultimus Companies prohibit employees and Supervised Persons from effecting securities transactions while in the possession of material, non-public information. Employees are also prohibited from disclosing such information to others. The prohibition against insider trading applies not only to the security to which the inside information directly relates, but also to related securities, such as options or convertible securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.***  ***What is <u>Material Information</u>?*** 

Information is considered material if there is a substantial likelihood that a reasonable investor would consider it important in making his or her investment decisions. Generally, this includes any information the disclosure of which will have a substantial effect on the price of a company's Securities. No simple test exists to determine when information is material; assessments of materiality involve a highly fact-specific inquiry. For this reason, you should direct any questions about whether information is material to the Chief Compliance Officer or his/her designee.

June 20, 2023 8

Material information often relates to a company's results and operations, including, for example, dividend changes, earnings results, changes in previously released earnings estimates, significant merger or acquisition proposals or agreements, major litigation, liquidation problems, and extraordinary management developments.

Material information also may relate to the market for a company's Securities. Information about a significant order to purchase or sell Securities may, in some contexts, be material. Prepublication information regarding reports in the financial press also may be material. For example, the United States Supreme Court upheld the criminal convictions of insider trading defendants who capitalized on prepublication information about The Wall Street Journal's "Heard on the Street" column.

You should also be aware of the SEC's position that the term "material nonpublic information" relates not only to issuers but also to the Ultimus Companies' client Securities holdings and transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***2.***  ***What is <u>Nonpublic Information</u>?*** 

Information is non-public when it has not been disseminated in a manner making it available to investors generally. Information is public once it has been publicly disseminated, such as when it is reported on the Dow Jones or other news services or in widely disseminated publications, and investors have had a reasonable time to react to the information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.***  ***Identifying Inside Information*** 

Before executing any trade for yourself or others, you must determine whether you have access to material, nonpublic information. If you think that you might have access to material, nonpublic information, you should take the following steps:

● Report the information and proposed trade immediately to the Chief Compliance Officer.

● Do not purchase or sell the Securities on behalf of yourself or others.

● Do not communicate the information inside or outside the Ultimus Companies, other than to the Chief Compliance Officer.

● After the Chief Compliance Officer has reviewed the issue and consulted with legal counsel as necessary, the Ultimus Companies will determine whether the information is material and nonpublic and, if so, what action the Ultimus Companies will take.

You should consult with the Chief Compliance Officer before taking any action. This degree of caution will protect you, our clients, and the Ultimus Companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.***  ***Contacts with Public Companies*** 

Although the Ultimus Companies do not typically have contact with public companies, you should contact the Chief Compliance Officer immediately if you believe that you may have received material, nonpublic information.

June 20, 2023 9

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***5.***  ***Tender Offers*** 

Tender offers represent a particular concern in the law of insider trading for two reasons: First, tender offer activity often produces extraordinary gyrations in the price of the target company's Securities. Trading during this time period is more likely to attract regulatory attention (and produces a disproportionate percentage of insider trading cases). Second, the SEC has adopted a rule which expressly forbids trading and "tipping" while in the possession of material, nonpublic information regarding a tender offer received from the tender offeror, the target company or anyone acting on behalf of either. Supervised Persons of the Ultimus Companies and others subject to this Code should exercise extreme caution any time they become aware of nonpublic information relating to a tender offer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***6.***  ***Restricted/Watch Lists*** 

Although the Ultimus Companies do not typically receive confidential information from portfolio companies, they may, if they receive such information take appropriate procedures to establish restricted or watch lists in certain Securities.

&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Guidelines** 

The foregoing is just a synopsis of the insider trading prohibition. Because the law in this area is complex, Ultimus has adopted the following guidelines which are designed to prevent violations of the insider trading rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.***  ***When Ultimus is an Insider*** 

Ultimus may be deemed an insider when it comes into possession of inside information through its various activities. Ultimus will remain an insider as long as it has inside information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***2.***  ***Treatment of Customer Information*** 

Ultimus considers confidential all information concerning its customers including, by way of example, their financial condition, prospects, plans and proposals. The fact that Ultimus has been engaged by a company as well as the details of that engagement may also be confidential. Ultimus' reputation is one of its most important assets. The misuse of customer information can damage that reputation as well as customer relationships.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.***  ***What to do if you learn Inside Information*** 

It is not illegal to learn inside information. Ultimus may learn material non-public information from its customers and is permitted to use that information in a lawful manner to advise and assist them. It is, however, illegal for you to trade on such information or to pass it on to others who have no legitimate business reason for receiving such information.

If you believe you have learned inside information, contact your supervisor immediately so that Ultimus may address the insider trading issues and preserve the integrity of Ultimus' activities. Do not trade on the information or discuss the possible inside information with any other person at Ultimus. If you become aware of a breach of these policies or of a leak of inside information, advise your supervisor immediately.

June 20, 2023 10

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.***  ***Investigation of Trading Activities.*** 

From time to time, FINRA Regulation and the SEC request information from Ultimus concerning trading in specific securities. Requests for information should be referred directly to your supervisor. You may be asked to sign a sworn affidavit that, at the time of such trading, you did not have any inside information about the securities in question. Your employment may be terminated if you refuse to sign such an affidavit. Ultimus may submit these affidavits to the FINRA Regulation or the SEC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***5.***  ***Steps You Can Take to Preserve the Confidentiality of Material Non-Public Information*** 

If you access inside information, the following are steps you must take to preserve the confidentiality of inside information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Material
inside information should be communicated only when there exists a justifiable reason to do so on a "need to know" basis inside
or outside Ultimus. Before such information is communicated to persons within Ultimus, your department, or another person you believe
needs to know, contact your supervisor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Do
not discuss confidential matters in elevators, hallways, restaurants, airplanes, taxis, or any place where you can be overheard.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Do
not leave sensitive memoranda on your desk or in other places where they can be read by others. Do not leave a computer terminal without
exiting the file in which you are working.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Do
not read confidential documents in public places or discard them where they can be retrieved by others. Do not carry confidential documents
in an exposed manner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. On
drafts of sensitive documents use code names or delete names to avoid identification of participants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Do
not discuss confidential business information with spouses, other relatives, or friends.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. Avoid
even the appearance of impropriety. Serious repercussions may follow from insider trading and the law proscribing insider trading can
change. Since it is often difficult to determine what constitutes insider trading, you should consult with your supervisor whenever you
have questions about this subject.

June 20, 2023 11

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***6.***  ***Confidentiality Procedures*** 

The designated supervisors are responsible for implementing and enforcing Ultimus' procedures to protect the confidentiality of actual or potential inside information. Ultimus' activities are considered confidential and may only be shared with those outside the department on a need-to-know basis. Some procedures for maintaining confidentiality include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Maintain
all paper files in a locked and secured area.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Limit
access to computer files to only authorized persons with passwords to control access to the files.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Employees
must refrain from discussing in public areas or with others outside Ultimus (including family members, friends, etc.) any activities
that are not publicly known.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Use
code names or delete names on sensitive drafts that identify projects or clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***7.***  ***Restricted List*** 

Ultimus may maintain a restricted list when necessary and publish the restricted list to employees of Ultimus. The restricted list may include any issues where Ultimus has material, non-public information. Ultimus will record the date and time when an issue is added to and removed from the restricted list.

The type of restriction will be included on the restricted list. Restrictions will generally include the following classes of securities of the issuer: common stock, preferred stock, options, and any security convertible into the common stock of the issuer. Debt issues will be included where appropriate. The designated supervisor will monitor daily trading to identify transactions in securities of issuers on the restricted list and take action as necessary which may include inquiring regarding the solicited or unsolicited nature of transactions; canceling transactions; or taking other appropriate action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***8.***  ***Your Own Securities Trading*** 

If you maintain brokerage accounts and you have not already done so, please advise your supervisor immediately. This includes accounts in which you have a financial interest or direct the trading.

**CONCLUSION**

Ultimus has a vital interest in its reputation, the reputation of its associates, and in the integrity of the securities markets. Insider trading destroys that reputation and integrity. Ultimus is committed to preventing insider trading and to punishing any employee who engages in this practice or fails to comply with the above steps designed to preserve confidentiality of inside information. These procedures are a vital part of Ultimus' compliance efforts and must be adhered to.

June 20, 2023 12

**VI.**  **<u>Personal Securities Transactions</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;**A.** **General Policy** 

The following principles governing personal investment activities by Access Persons have been adopted:

● The interests of client accounts will at all times be placed first;

● All personal Securities transactions will be conducted in such manner as to avoid any actual or potential conflict of interest or any abuse of an individual's position of trust and responsibility; and

● Access Persons must not take inappropriate advantage of their positions.

&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Covered Accounts** 

The specific procedures relating to maintaining Accounts that can transact business in Reportable Securities are set forth below and apply not only to Access Persons themselves, but also to their Family Members. It is the responsibility of the Access Person to adhere to the "Reporting Requirements" set forth in Section VI.E below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.***  ***Designated Custodians*** 

Except as set forth below, Access Persons must maintain personal brokerage and trading accounts with a custodian where a direct feed or ByAllAccounts authentication can be established with MCT. Accounts trading in shares of open- end investment companies (i.e., mutual funds) (excluding ETFs) may also be custodied directly with the respective fund company. If you are a new Access Person, you must transfer your Account to a custodian where a direct feed or ByAllAccounts authentication can be established with MCT within thirty (30) days from becoming an Access Person unless otherwise approved by the Chief Compliance Officer or his/her designee. You are responsible for costs associated with transferring your personal Account. All new brokerage and trading Accounts must be established with a custodian where a direct feed or ByAllAccounts authentication can be established with MCT.

The Chief Compliance Officer, at his/her discretion, may approve the maintenance of a personal brokerage or trading account through a custodian that is not a "Designated Custodian"; provided, that any Access Person who receives such approval shall be responsible for authenticating such Account in the MCT system to ensure that transaction information on any such Accounts are electronically downloaded into the MCT system for review and monitoring purposes.

&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Trading Rules** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.***  ***Pre-Clearance Required for Participation in IPOs*** 

No Access Person shall acquire any Beneficial Ownership in any Securities in an Initial Public Offering for his or her Account, as defined herein without the prior written approval of the Chief Compliance Officer or his/her designee after being provided with full details of the proposed transaction (including written certification that the investment opportunity did not arise by virtue of the Supervised Person's activities on behalf of a client) and, if approved, will be subject to continuous monitoring for possible future conflicts.

June 20, 2023 13

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***2.***  ***Pre-Clearance Required for Private or Limited Offerings*** 

No Access Person shall acquire Beneficial Ownership of any Securities in a Limited Offering or private placement without the prior written approval of the Chief Compliance Officer or his/her designee who has been provided with full details of the proposed transaction (including written certification that the investment opportunity did not arise by virtue of the Access Person's activities on behalf of a client) and, if approved, will be subject to continuous monitoring for possible future conflicts.

&nbsp;&nbsp;&nbsp;&nbsp;**D.** **Reporting Requirements** 

Every Access Person shall provide initial and annual holdings reports and quarterly transaction reports relating to their Account(s) to the Chief Compliance Officer or his/her designee that must contain the information described below. Access Persons are responsible for reporting on any new Account(s) within thirty (30) days of the assignment of an account number to such Account from the brokerage firm/custodian and the availability of an account statement. No transactions may occur in any new Account prior to its approval by the Chief Compliance Officer or his/her designee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.***  ***Initial Holdings Report*** 

Every Access Person shall, no later than ten (10) days after the person becomes an Access Person, file an initial holdings report through MCT containing the following information:

● The title and exchange ticker symbol or CUSIP number, type of Security, number of shares and principal amount (if applicable) of each Security in which the Access Person had any direct or indirect Beneficial Ownership when the person becomes an Access Person;

● The name of any broker, dealer or bank, account name, account number and location with whom the Access Person maintained an Account in which any Securities were held; and

● The date that the report is submitted by the Access Person.

The information submitted must be current as of a date no more than thirty (30) days before the person became an Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***2.***  ***Annual Holdings Report*** 

Every Access Person shall, no later than January 30th each year, file an annual holdings report containing the same information required in the initial holdings report as described above. The information submitted must be current as of a date no more than thirty (30) days before the annual report is submitted.

June 20, 2023 14

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.***  ***Quarterly Transaction Reports*** 

Every Access Person must, no later than thirty (30) days after the end of each calendar quarter, file a quarterly transaction report containing the following information:

● With respect to any transaction during the quarter in a Reportable Security in which the Access Person had any direct or indirect Beneficial Ownership:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o The
date of the transaction, the title and exchange ticker symbol or CUSIP number, the interest rate and maturity date (if applicable), the
number of shares and the principal amount (if applicable) of each Reportable Security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o The
nature of the transaction (i.e., purchase, sale or any other type of acquisition or disposition);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o The
price of the Reportable Security at which the transaction was effected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o The
name of the broker, dealer or bank with or through whom the transaction was effected; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o The
date the report is submitted by the Access Person.

The quarterly transaction report must also contain the name of the broker, dealer or bank with whom the Access Person established any account during the period in which Securities are held and the date the Account was established.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.***  ***Exempt Transactions*** 

An Access Person may not need to submit an initial holdings report, an annual holdings report, or a quarterly transaction report with respect to transactions effected for Securities held in any account over which the Access Person has no direct or indirect influence or control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***5.***  ***Monitoring and Review of Personal Securities Transactions*** 

The Chief Compliance Officer or his/her designee will monitor and review all reports required under this Code for compliance with Ultimus' policies regarding personal Securities transactions and applicable SEC rules and regulations. The Chief Compliance Officer may also initiate inquiries of Access Persons regarding personal Securities trading. Access Persons are required to cooperate with such inquiries and any monitoring or review procedures employed by Ultimus. Any transactions for any accounts of the Chief Compliance Officer will be reviewed and approved by other compliance or legal personnel responsible for oversight of this Code. The Chief Compliance Officer shall routinely, via the MCT system, identify all Access Persons who are required to file reports pursuant to this Code and will inform such Access Persons of their reporting obligations. The Chief Compliance Officer may exempt temporary or part-time employees or independent contractors from certain reporting requirements of this Code if they are determined not to be an Access Person.

● **Employee Transactions in employer 401(k) Account—** While an employee participating in the 401(k) plan ordinarily is not required to report transactions occurring in such employee's respective 401(k) account, the Chief Compliance Officer or his/her designee reserves the right to monitor such accounts for any abusive trading practices that would violate this Code

June 20, 2023 15

**VII.**  **<u>Interested Transactions</u>** 

No Supervised Person shall recommend any Securities transactions for a client.

**VIII.**  **<u>Gifts and Entertainment</u>** 

Giving, receiving or soliciting gifts or entertainment in a business setting may create an appearance of impropriety or may raise a potential conflict of interest. Ultimus has adopted the policies set forth below to guide Supervised Persons in this area.

Registered representatives and access persons of NLD and UFD are subject to the Gifts and Entertainment policies and procedures of the broker dealers. Please refer to the relevant section(s) in those manuals and direct any questions to the appropriate compliance department.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **General Policy** 

The Ultimus Companies' policy with respect to gifts and entertainment is as follows:

● Supervised Persons should not accept or provide any gifts, entertainment or favors that might influence the decisions the Supervised Persons or the recipients must make in business transactions involving the Ultimus Companies, or that others might reasonably believe would influence those decisions. Entertainment that satisfies these requirements and conforms to generally accepted business practices is permissible.

● Modest gifts and favors which would not be regarded by others as improper, may be accepted or given on an occasional basis.

● Where there is a law or rule that applies to the conduct of a particular business or the acceptance of gifts or entertainment of even nominal value, the law or rule must be followed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Reporting Requirements** 

● Any Supervised Person who accepts, directly or indirectly, anything of value (other than attendance fees or travel related reimbursements in connection with the participation at an industry related conference or seminar) from any person or entity that does business with or on behalf of the Ultimus Companies, including gifts and gratuities, must disclose such acceptance within the MCT reporting system.

● This reporting requirement applies to all entertainment, regardless of whether you are accompanied by the person or representative of the entity that does business with the Ultimus Companies; however, this reporting requirement does not apply to bona fide dining if, during such dining, you are accompanied by the person or representative of the entity that does business with the Ultimus Companies.

● This gift reporting requirement is for the purpose of helping the Ultimus Companies monitor the activities of its employees. However, the reporting of a gift does not relieve any Supervised Person from the obligations and policies set forth in this Section or anywhere else in this Code. If you have any questions or concerns about the appropriateness of any gift, please consult the Chief Compliance Officer.

June 20, 2023 16

**IX.**  **<u>Protecting the Confidentiality of Client Information</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Confidential Client Information** 

In the course of providing its services, the Ultimus Companies may gain access to non-public information about its clients. Such information may include a person's status as a client, personal financial and account information, the allocation of assets in a client portfolio, the composition of investments in any client portfolio, information relating to services performed for or transactions entered into on behalf of clients, advice provided by the Ultimus Companies to clients, and data or analyses derived from such non-public personal information (collectively referred to as "Confidential Client Information"). All Confidential Client Information, whether relating to the Ultimus Companies' current or former clients, is subject to this Code's policies and procedures. Any doubts about the confidentiality of information must be resolved in favor of confidentiality.

&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Non-Disclosure of Confidential Client Information** 

All information regarding the Ultimus Companies' clients is confidential. Information may only be disclosed when the disclosure is consistent with the Ultimus Companies' policies and the client's direction. The Ultimus Companies does not share Confidential Client Information with any third parties, except in the following circumstances:

● As necessary to provide service that the client requested or authorized, or to maintain and service the client's account. The Ultimus Companies will require that any financial intermediary, agent or other service provider utilized by the Ultimus Companies (such as broker-dealers or sub-advisers) comply with substantially similar standards for non-disclosure and protection of Confidential Client Information and use the information provided by the Ultimus Companies only for the performance of the specific service requested by the Ultimus Companies;

● As required by regulatory authorities or law enforcement officials who have jurisdiction over the Ultimus Companies, or as otherwise required by any applicable law. In the event the Ultimus Companies is compelled to disclose Confidential Client Information, the Ultimus Companies shall provide prompt notice to the clients affected, so that the clients may seek a protective order or other appropriate remedy. If no protective order or other appropriate remedy is obtained, the Ultimus Companies shall disclose only such information, and only in such detail, as is legally required; or

● To the extent reasonably necessary to prevent fraud, unauthorized transactions or liability.

June 20, 2023 17

&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Employee Responsibilities** 

All employees are prohibited, either during or after the termination of their employment from disclosing Confidential Client Information to any person or entity outside of the Ultimus Companies, including Family Members, except under the circumstances described above. A Supervised Person is permitted to disclose Confidential Client Information only to such other Supervised Persons who need to have access to such information to deliver services to the client.

Supervised Persons are also prohibited from making unauthorized copies of any documents or files containing Confidential Client Information and, upon termination of their employment with the Ultimus Companies, must return any and all such documents to the Ultimus Companies.

Any Supervised Person who violates the non-disclosure policy described above will be subject to disciplinary action, including possible termination, whether or not he or she benefited from the disclosed information.

&nbsp;&nbsp;&nbsp;&nbsp;**D.** **Security of Confidential Client Information** 

The Ultimus Companies enforce the following policies and procedures to protect the security of Confidential Client Information:

● The Ultimus Companies restrict access to Confidential Client Information to those Supervised Persons who need to know such information to provide the Ultimus Companies' services to clients.

● Any Supervised Person who is authorized to have access to Confidential Client Information in connection with the performance of such person's duties and responsibilities is required to keep such information in a secure compartment, file or receptacle on a daily basis as of the close of each business day.

● All electronic or computer files containing any Confidential Client Information shall be secured from access by unauthorized persons in accordance with the Ultimus Companies' cybersecurity policy and procedures.

● Any conversations involving Confidential Client Information, if appropriate at all, must be conducted by Supervised Persons in private, and care must be taken to avoid any unauthorized persons overhearing or intercepting such conversations.

&nbsp;&nbsp;&nbsp;&nbsp;**E.** **Privacy Policy** 

The Ultimus Companies have adopted a privacy policy to comply with SEC Regulation S-P, which requires the adoption of policies and procedures to protect the "nonpublic personal information" of natural person clients. "Nonpublic personal information," under Regulation S-P includes personally identifiable financial information and any list, description, or grouping that is derived from personally identifiable financial information. Personally identifiable financial information is defined to include information supplied by individual clients, information resulting from transactions and information obtained in providing products or services. The policies and procedures adopted by the Ultimus Companies serve to safeguard the information of natural person clients.

June 20, 2023 18

&nbsp;&nbsp;&nbsp;&nbsp;**F.** **Enforcement and Review of Confidentiality and Privacy Policies** 

The Chief Compliance Officer, in conjunction with the Ultimus Companies' legal department, is responsible for reviewing, maintaining and enforcing the Ultimus Companies' confidentiality and privacy policies and is also responsible for conducting appropriate employee training to ensure adherence to these policies. Any exceptions to this policy require the written approval of the legal department.

**X.**  **<u>Service as a Director</u>** 

Except with respect to Supervised Persons solely as a result of their service as a non-employee director, manager, or officer, or their engagement as an independent contractor, no Supervised Person shall serve on the board of directors of any publicly traded company without prior authorization by the Chief Compliance Officer or a designated supervisory person based upon a determination that such board service would be consistent with the interest of the Ultimus Companies' clients. Where board service is approved the Ultimus Companies shall implement a "Chinese Wall" or other appropriate procedure to isolate such person from making decisions relating to the company's securities.

**XI.**  **<u>Certification</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Initial Certification** 

All Supervised Persons will be provided with a copy of this Code and must initially certify in writing to the Chief Compliance Officer that they have: (i) received a copy of this Code; (ii) read and understand all provisions of this Code; (iii) agreed to abide by this Code; and (iv), reported all account holdings as required by this Code.

&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Amendments** 

All Supervised Persons shall receive any amendments to this Code and agree to abide by this Code as amended.

&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Annual Certification** 

All Supervised Persons must annually certify in writing to the Chief Compliance Officer that they have: (i) read and understood all provisions of this Code, as amended; (ii) complied with all requirements of this Code; and (iii) submitted all holdings and transaction reports as required by this Code.

&nbsp;&nbsp;&nbsp;&nbsp;**D.** **Further Information** 

Supervised Persons should contact the Chief Compliance Officer regarding any inquiries pertaining to this Code or the policies established herein.

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**XII.**  **<u>Records</u>** 

The Chief Compliance Officer, in conjunction with the Ultimus Companies' legal department, shall maintain and cause to be maintained in a readily accessible place the following records:

● A copy of any code of ethics adopted by the Ultimus Companies that is or has been in effect during the past five years;

● A record of any violation of any code of ethics adopted by the Ultimus Companies and any action that was taken as a result of such violation for a period of five years from the end of the fiscal year in which the violation occurred;

● A record of all written acknowledgements of receipt of the Code and amendments thereto for each person who is currently, or within the past five years was, a Supervised Person which shall be retained for five years after the individual ceases to be a Supervised Person;

● A copy of each report made pursuant to Investment Company Act Rule 17j-1, including any brokerage confirmations, account statements or data feeds made in lieu of these reports;

● A list of all persons who are, or within the preceding five years have been, Access Persons; and

● A record of any decision and reasons supporting such decision to approve a Supervised Persons' acquisition of Securities in Initial Public Offerings and Limited Offerings within the past five years after the end of the fiscal year in which such approval is granted.

**XIII.**  **<u>Reporting Violations and Sanctions</u>** 

All Supervised Persons shall promptly report to the Chief Compliance Officer or his/her designee all apparent violations of this Code. Any retaliation for the reporting of a violation under this Code will constitute a violation of this Code.

The Chief Compliance Officer shall promptly report to senior management all apparent material violations of this Code. When the Chief Compliance Officer finds that a violation otherwise reportable to senior management could not be reasonably found to have resulted in a fraud, deceit, or a manipulative practice in violation of the securities laws or rules, he/she may, in his/her discretion, submit a written memorandum of such finding and the reasons therefore to a reporting file created for this purpose in lieu of reporting the matter to senior management.

Senior management shall consider reports made to it hereunder and shall determine whether or not this Code has been violated and what sanctions, if any, should be imposed. Possible sanctions may include reprimands, monetary fine or assessment, or suspension or termination of the employee's employment. In accordance with the Defend Trade Secrets Act of 2016 and other applicable law, nothing in this Code restricts disclosure of trade secrets to the government in relation to the investigation of a known or reasonably suspected violation of applicable law.

If a Supervised Person does not wish to report an apparent violation or unethical behavior to the Chief Compliance Officer, such Supervised Person can utilize the Ultimus Whistleblower/AlertLine ("AlertLine").

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Unethical behavior can include violations of federal, state or local laws; any material violation of this Code; billing for services not performed or for goods not delivered; and other fraudulent financial reporting. Illegal or dishonest activities may be related to: diversity, equal opportunity and respect in the workplace; employee relations (inappropriate behavior/unfair employment practices); health and safety; misuse or misappropriation of assets or information; violations of SEC and FINRA rules and policies; and/or policy and process integrity.

The AlertLine is not a substitute for meaningful communication between the Supervised Person and their manager. The Chief Compliance Officer or the Supervised Person's manager is often the best and safest option for discussing concerns of an ethical nature. If, however, a Supervised Person believes that to be inappropriate in their case, they can report ethical misconduct or simply get more information by using the link available on the Ultimus Intranet homepage, logging on directly to <u>https://ultimusfundsolutions.ethicspoint.com</u> or by calling the AlertLine at **1-844-711-0263.**

The AlertLine is confidential, easy to use, and is operated by a third-party provider, which specializes in this type of service. Supervised Persons will have two options for reporting concerns: 1.) Online by logging on to the website at <u>https://ultimusfundsolutions.ethicspoint.com</u> and filling in important information fields regarding the nature of the report, or 2.) Call the AlertLine number at **1-844-711-0263** to speak with a live operator, who will ask relevant questions. Calls are toll-free and both methods are available 24 hours a day, seven days a week. Regardless of which method an employee chooses, the AlertLine system will prepare a report and forward it to the appropriate person for review and, if necessary, investigation.

**XIV.**  **<u>Ethics Training</u>** 

The Chief Compliance Officer or his/her designee will provide training to all Supervised Persons on at least an annual basis regarding the topics included in this Code. It shall be the responsibility of the Chief Compliance Officer to ensure that evidence of any communication and training conducted, including specified dates and attendees. Such training can be provided in-person or electronically, at the Chief Compliance Officer's discretion.

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**Schedule A**

**Frequently Asked Questions About Code of Ethics**

**<u>Persons Subject to Code:</u>**

*1.* *Why are some Code requirements applicable to "Supervised Persons" while others refer to "Access Persons"? As an Ultimus employee, what applies to me?* 

Under applicable regulatory requirements, certain provisions of the Code are required to be applicable to "Supervised Persons" while others are focused on "Access Persons". You are a "Supervised Person" if you are an employee or officer of Ultimus, an independent contractor working with Ultimus who obtains confidential information regarding the Ultimus' clients as part of your engagement, or you provide advice on behalf of Ultimus and you are subject to Ultimus' supervision and control. "Access Persons" are a subset of this group who are given access to nonpublic information regarding any client's purchase or sale of Securities. In reality, because of the close affiliation of subsidiaries within The Ultimus Group, LLC, almost every "Supervised Person" will also be considered an "Access Person". Non-employee directors/managers and registered representatives of UFD or NLD are the primary examples of individuals who would be considered "Supervised Persons" but not "Access Persons".

**Bottom Line:** If you are an Ultimus employee, <u>all</u> provisions of the Code apply to you.

**<u>Accounts Covered by Code:</u>**

*1.* *What accounts do I need to disclose on MCT?* 

Any Account of an employee or their Family Members and any Account in which he or she has Beneficial Ownership, such as trust and custodial accounts or other accounts in which you exercise investment discretion should be disclosed. Please note that for this purpose, "Family Member" includes not only relatives by blood, marriage, or otherwise, but also an unrelated individual who either resides with, is financially dependent upon, or whose investments are controlled by you, such as a "significant other". Any questions regarding the coverage of non-Family Members will be reviewed on a case-by-case basis.

There are limited exceptions to this definition that include your employer 401(k) account and any account that you do not exercise control over, as further explained in Section VI.E.5 of the Code. For example, if you are the beneficiary of a trust but have no knowledge of the specific management actions taken by the trustee and no right to intervene in the trustee's management, such "blind trust" account would be excluded from the disclosure requirement.

Ultimus does not need information about your non-brokerage accounts, which would include accounts held directly at a mutual fund, college savings plan accounts, checking and savings accounts maintained at a bank, credit union or trust company, unless these accounts maintain Security holdings.

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*2.* *What if I am a beneficiary on an account?* 

If you are named as a beneficiary on an account or trust but have no knowledge or control of the specific actions taken by the trustee and no right to intervene in the trustee's management, you would not have to disclose the trust account. If you have more contact with the account or trust, you may need to disclose the account on MCT. These situations will be reviewed on a case-by-case basis.

*3.* *How do I disclose a personal brokerage or trading Account in MCT?* 

On your first day of employment, you will receive an email from MCT prompting you to login and complete the required attestations as a new employee. One of your attestations will require you to disclose any accounts you or any Family Member have.

*4.* *Are there restrictions on the custodians that can hold my trading Account?* 

Yes, please refer to Section VI.B.1 which contains Ultimus' policy on custodians. Please note that the Chief Compliance Officer has discretion to make exceptions in his or her sole discretion.

*5.* *Why do my personal brokerage and trading Accounts have to be held at specific custodians?* 

It is so that Ultimus can obtain automated daily feeds of trade activities in Accounts, which assists us in administering the Code effectively and efficiently.

*6.* *If my Family Member or I have Accounts at firms where a direct feed or ByAllAccounts authentication cannot be established, will they have to be moved?* 

Yes, the Account must be transferred within 30 days from initial commencement of employment unless otherwise authorized by the Chief Compliance Officer or his/her designee.

*7.* *What happens if a direct feed or ByAllAccounts authentication cannot be maintained for any reason, including but not limited to issues related to multi-factor authentication (MFA) requirements?* 

If a direct feed or ByAllAccounts authentication cannot be maintained, you must transfer the Account within 30 days of the date of the last feed received by MCT to a custodian where a direct feed or ByAllAccounts authentication can be maintained unless otherwise authorized by the Chief Compliance Officer or his/her designee.

*8.* *If my current brokerage firm charges me a fee to move my Account, will Ultimus pay that fee?* 

No, you will have to pay any fees associated with transferring your Account.

**<u>Pre-Approval:</u>**

*1.* *Can I buy shares of an Initial Public Offering (IPO)?* 

You may not acquire shares of an IPO unless you receive prior written approval from the Chief Compliance Officer or his/her designee through the MCT system. You are required to provide full details of the proposed transaction and certify that this opportunity did not arise through activities on behalf of a client. Please note, this restriction applies to spouses, children, and other Family Members and their Accounts. This also applies to private or Limited Offerings.

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**<u>Reporting Requirements:</u>**

1. *What are my quarterly reporting obligations?* 

On an ongoing basis, you will be prompted to certify your understanding and compliance with the reporting requirements of the Code on a quarterly basis. Reporting through MCT to confirm your covered Accounts and investments/transactions is also completed on a quarterly basis.

**<u>Schwab CT Administration:</u>**

*1.* *What is my MCT password?* 

If you have forgotten your MCT password, please click on the "forgot password" link on the MCT login page and a new password will be emailed to you. Your compliance department will not have your password.

*2.* *How do I know if I've completed all my compliance affirmations in MCT?* 

The Home page of MCT will show you any outstanding items. Should an item be listed, you must click on that item and complete any required actions.

**<u>Code Violations:</u>**

*1.* *What are the repercussions of a violation of the Code of Ethics?* 

Each violation of the Code is considered in relation to the facts and circumstances to determine the materiality of a particular violation. The Chief Compliance Officer will report to senior management all apparent material violations of the Code. Senior management shall consider any Code violations and determine what sanctions, if any, should be imposed. Possible sanctions include reprimands, monetary fines or assessments, or suspension or termination of an employee's employment with Ultimus.

**<u>Additional Questions:</u>**

*1.* *Who can I contact for additional information on Ultimus' Code of Ethics requirements?* 

Should you have any questions please contact the appropriate compliance department:

Corporate Compliance Contacts (for all non-Distributor related Compliance questions):

● Kristin McCann (631) 470-2636

● Gaetana Klement (631) 470-2793

Distributor Compliance Contacts:

● Steve Preston (513) 587-3409

● Gary Danahy (402) 896-7290

● Greg Evans (513) 869-4294

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