# EDGAR Filing Document

**Accession Number:** 0001007226
**File Stem:** 0001580642-25-005949
**Filing Date:** 2025-9
**Character Count:** 199866
**Document Hash:** eb01968f469b6cc49dea083d66c2dfca
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-25-005949.hdr.sgml**: 20250908

**ACCESSION NUMBER**: 0001580642-25-005949

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 54

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250908

**DATE AS OF CHANGE**: 20250908

**EFFECTIVENESS DATE**: 20250908

**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:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07925
- **FILM NUMBER:** 251299886

**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 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'?

**united states securities and exchange commission washington, d.c. 20549**

**form n-csr**

**certified shareholder report of registered management investment companies**

Investment Company Act file number <u>811-07925</u>

**WesMark Funds**

(Exact name of registrant as specified in charter)

<u>One Bank Plaza, 5<sup>th</sup>Floor Wheeling WV</u>   <u>26003</u> <br> (Address of principal executive offices) (Zip code)

Corporation Trust Company

1209 Orange Street

Wilmington, Delaware 19808

(Name and address of agent for service)

Registrant's telephone number, including area code: <u>304-234-9000</u>

Date of fiscal year end: <u>12/31</u>

Date of reporting period: <u>6/30/25</u>

**Item 1. Reports to Stockholders.** 

(a) #### WMBLX

#### WesMark Balanced Fund
![Image](iab89130cb217291ad707256e.jpg)

Semi-Annual Shareholder Report **June 30, 2025**

# Fund Overview
This semi-annual shareholder report contains important information about WesMark Balanced Fund for the period of January 1, 2025 to June 30, 2025.

You can find additional information about the Fund at **www.wesmarkfunds.com**. You can also request this information by contacting us at 1-800-864-1013.

# What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| WesMark Balanced Fund | $64 | 1.28% |

---

# How did the Fund perform during the reporting period?
2025 began strongly, with January's gains built on resilient corporate earnings and solid economic data. Momentum waned as valuations peaked and doubts grew about sustained earnings, especially in rate-sensitive and lower-pricing-power firms. In the second quarter, President Trump's "Liberation Day" tariffs dominated headlines. Equities plunged as the S&P 500 tumbled over 18% from its February high to the April 8th trough. As proposed rates were scaled back in negotiations, recession fears eased, and sentiment turned constructive. However, breadth remained narrow, and gains rested on a handful of mega-caps leading in artificial intelligence, automation, and scalable software platforms.

Fixed income faced headwinds amid shifting rates and tariff-driven inflation concerns that kept the Federal Reserve from lowering interest rates. The first half of 2025 saw bond markets navigating a shifting interest-rate backdrop and fluctuating investor sentiment. U.S. Treasuries posted uneven returns, with short-duration issues leading as rate sensitivity penalized longer maturities. Investment-grade corporate bonds delivered solid gains on robust credit fundamentals. Tariff-driven inflation worries kept the Federal Reserve from lowering interest rates, despite signs of labor-market softening.

# How has the Fund performed over the last ten years?
The WesMark Balanced Fund returned 2.84% for the 6 months ended June 30, 2025. This is in contrast to the S&P 500 Total Return Index, which had a 6.20% return for the same period. Please see below tables for additional Indexes.

# Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i35f09419a27faad5910a189c.jpg)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **WesMark Balanced Fund** | **60% S&P 500 and 40% Bloomberg Int Gov/Cred** | **60% S&P 500 and 40% Bloomberg US Aggregate** | **Bloomberg Intermediate U.S. Government/Credit Bond Index** | **Bloomberg U.S. Aggregate Bond Index** | **S&P 500<sup>®</sup> Index** |
| **Jun-2015** | $10000 | $10000 | $10000 | $10000 | $10000 | $10000 |
| **Jun-2016** | $10352 | $10438 | $10504 | $10433 | $10600 | $10399 |
| **Jun-2017** | $11156 | $11520 | $11589 | $10411 | $10567 | $12260 |
| **Jun-2018** | $11808 | $12472 | $12555 | $10351 | $10525 | $14023 |
| **Jun-2019** | $12614 | $13653 | $13794 | $11068 | $11353 | $15483 |
| **Jun-2020** | $12857 | $14734 | $14977 | $11856 | $12345 | $16645 |
| **Jun-2021** | $15850 | $18164 | $18424 | $11879 | $12304 | $23436 |
| **Jun-2022** | $14956 | $16529 | $16537 | $11014 | $11038 | $20948 |
| **Jun-2023** | $15655 | $18459 | $18396 | $11003 | $10934 | $25053 |
| **Jun-2024** | $17024 | $21444 | $21233 | $11465 | $11222 | $31204 |
| **Jun-2025** | $18269 | $23998 | $23701 | $12237 | $11904 | $35936 |

---

*The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter). **Performance data quoted represents past performance and does not guarantee future results.** Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on fund distributions or the redemption of fund shares.* 

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $96513735 |
| Number of Portfolio Holdings | 127 |
| Advisory Fee | $351530 |
| Portfolio Turnover | 6% |

---

# **Average Annual Total Returns** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **6 months** | **1 Year** | **5 Years** | **10 Years** |
| WesMark Balanced Fund | 2.84% | 7.32% | 7.28% | 6.21% |
| 60% S&P 500 and 40% Bloomberg Int Gov/Cred | 5.51% | 11.91% | 10.25% | 9.15% |
| 60% S&P 500 and 40% Bloomberg US Aggregate | 5.46% | 11.62% | 9.62% | 9.01% |
| Bloomberg Intermediate U.S. Government/Credit Bond Index | 4.13% | 6.74% | 0.64% | 2.04% |
| Bloomberg U.S. Aggregate Bond Index | 4.02% | 6.08% | -0.73% | 1.76% |
| S&P 500<sup>®</sup> Index | 6.20% | 15.16% | 16.64% | 13.65% |

---

***Past performance does not guarantee future results.** Call 1-800-864-1013 for current month-end performance.*

# What did the Fund invest in?

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Apple, Inc. | 4.7% |
| Goldman Sachs Group, Inc. (The) | 2.8% |
| Meta Platforms, Inc., Class A | 2.6% |
| JPMorgan Chase & Co. | 2.6% |
| AbbVie, Inc. | 2.6% |
| Chevron Corp. | 2.6% |
| Caterpillar, Inc. | 2.4% |
| Microsoft Corp. | 2.3% |
| Cisco Systems, Inc. | 2.1% |
| PepsiCo, Inc. | 2.1% |

---

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i77ce981910c0791ad5b32460.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 1.3% |
| U.S. Government & Agency Obligations | 0.1% |
| Local | 0.5% |
| Local Authority | 0.4% |
| Materials | 0.5% |
| Industrial | 0.6% |
| Education | 0.6% |
| U.S. Government & Agencies | 0.8% |
| Special Tax | 1.0% |
| Communication Services | 1.1% |
| CMBS | 1.5% |
| Money Market Funds | 1.6% |
| Information Technology | 2.0% |
| Real Estate | 2.4% |
| Mbs Passthrough | 3.1% |
| U.S. Treasury Obligations | 4.3% |
| Communications | 4.5% |
| Utilities | 4.6% |
| Consumer Staples | 6.0% |
| Energy | 6.6% |
| Consumer Discretionary | 8.4% |
| Health Care | 8.7% |
| Industrials | 11.2% |
| Technology | 14.0% |
| Financials | 14.2% |

---

*\* Holdings are subject to change.* 

# **Asset Weighting (% of net assets)**![Group By Asset Type Chart](ie75fecd3ad2be9fbcc61d477.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Collateralized Mortgage Obligations | 1.6% |
| Common Stocks | 62.9% |
| Corporate Bonds | 23.0% |
| Money Market Funds | 1.6% |
| Municipal Bonds | 2.5% |
| U.S. Government & Agencies | 8.4% |

---

# Material Fund Changes
No material changes occurred during the period ended June 30, 2025.

#### Changes in and Disagreements with Accountants
There have been no changes in or disagreements with the Fund's independent accounting firm during the reporting period.

#### Householding
If you have consented to receive a single annual or semi-annual shareholder report at a shared address you may revoke this consent by calling the Transfer Agent 1-800-864-1013.

#### WMBLX
![Image](i3c8cd98c68aa38a73cf1e87d.jpg)

#### WesMark Balanced Fund
Semi-Annual Shareholder Report **June 30, 2025**

Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, can be found by visiting

www.wesmarkfunds.com

![Image](i94c84c52709a5e9d35037ac0.jpg)

*Distributor, Northern Lights Distributors, LLC. Not affiliated with WesBanco.*

TSR-SAR 063025-WMBLX

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(WMBDX)

#### WesMark Government Bond Fund
![Image](i80f7093625b78cf1e00ee4e6.jpg)

Semi-Annual Shareholder Report **June 30, 2025**

# Fund Overview
This semi-annual shareholder report contains important information about WesMark Government Bond Fund for the period of January 1, 2025 to June 30, 2025.

You can find additional information about the Fund at **www.wesmarkfunds.com**. You can also request this information by contacting us at 1-800-864-1013.

# What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| WesMark Government Bond Fund | $52 | 1.03% |

---

# How did the Fund perform during the reporting period?
The first half of 2025 saw bond markets navigating a shifting interest-rate backdrop and fluctuating investor sentiment. U.S. Treasuries posted uneven returns, with short-duration issues leading as rate sensitivity penalized longer maturities. Investment-grade corporate bonds delivered solid gains on robust credit fundamentals, while mortgage-backed securities underperformed the broader market amid rising yields and wider spreads. Tariff-driven inflation worries kept the Federal Reserve from lowering interest rates, despite signs of labor-market softening.

While Treasuries lagged both corporate and securitized sectors, better-structured CMOs outshone vanilla passthroughs. By June's close, total returns across major bond sectors were strong, underscoring market resilience amid geopolitical shocks and fiscal ambiguity.

# How has the Fund performed over the last ten years?
The WesMark Government Bond Fund returned 3.75% for the 6 months ended June 30, 2025. This is in contrast to the Bloomberg US Aggregate Bond Index, which had a 4.02% return for the same period. Please see below tables for additional Indexes.

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i007d1a5e63ca89d9801a24cb.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **WesMark Government Bond Fund** | **Bloomberg Intermediate U.S. Government/Credit Bond Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **Jun-2015** | $10000 | $10000 | $10000 |
| **Jun-2016** | $10396 | $10433 | $10600 |
| **Jun-2017** | $10253 | $10411 | $10567 |
| **Jun-2018** | $10152 | $10351 | $10525 |
| **Jun-2019** | $10766 | $11068 | $11353 |
| **Jun-2020** | $11212 | $11856 | $12345 |
| **Jun-2021** | $11181 | $11879 | $12304 |
| **Jun-2022** | $9852 | $11014 | $11038 |
| **Jun-2023** | $9205 | $11003 | $10934 |
| **Jun-2024** | $9381 | $11465 | $11222 |
| **Jun-2025** | $9878 | $12237 | $11904 |

---

*The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter). **Performance data quoted represents past performance and does not guarantee future results.** Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on fund distributions or the redemption of fund shares.* 

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $172199632 |
| Number of Portfolio Holdings | 94 |
| Advisory Fee | $509029 |
| Portfolio Turnover | 3% |

---

# **Average Annual Total Returns** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **6 Months** | **1 Year** | **5 Years** | **10 Years** |
| WesMark Government Bond Fund | 3.75% | 5.30% | -2.50% | -0.12% |
| Bloomberg Intermediate U.S. Government/Credit Bond Index | 4.13% | 6.74% | 0.64% | 2.04% |
| Bloomberg U.S. Aggregate Bond Index | 4.02% | 6.08% | -0.73% | 1.76% |

---

***Past performance does not guarantee future results.** Call 1-800-864-1013 for current month-end performance.*

# What did the Fund invest in?

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Federated Hermes Government Obligations Fund | 3.6% |
| Government National Mortgage Association, AE | 3.3% |
| Freddie Mac Pool | 2.4% |
| UMBS Freddie Mac Pool | 2.4% |
| UMBS Fannie Mae Pool | 2.4% |
| UMBS Freddie Mac Pool | 2.3% |
| Fannie Mae Pool | 2.2% |
| Freddie Mac Pool | 2.2% |
| Fannie Mae Pool | 2.2% |
| Fannie Mae Pool | 2.1% |

---

# **Sector Weighting (% of net assets)**![Group By Sector Chart](idcbbf11336ed1f87100b3031.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 1.8% |
| Energy | 0.6% |
| Lease | 0.6% |
| Treasury | 0.6% |
| Health Care | 1.2% |
| Consumer Discretionary | 1.8% |
| CMO | 1.9% |
| U.S. Government & Agencies | 2.2% |
| Money Market Funds | 3.6% |
| Financials | 5.5% |
| MBS Passthrough | 12.1% |
| U.S. Treasury Obligations | 21.0% |
| Cmo | 21.7% |
| Mbs Passthrough | 25.4% |

---

*\* Holdings are subject to change.* 

# **Asset Weighting (% of net assets)**![Group By Asset Type Chart](i3d5ee5c4b27c616147ee7dd9.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Collateralized Mortgage Obligations | 24.0% |
| Corporate Bonds | 9.5% |
| Money Market Funds | 3.7% |
| Municipal Bonds | 0.6% |
| U.S. Government & Agencies | 62.2% |

---

# Material Fund Changes
No material changes occurred during the period ended June 30, 2025.

#### Changes in and Disagreements with Accountants
There have been no changes in or disagreements with the Fund's independent accounting firm during the reporting period.

#### Householding
If you have consented to receive a single annual or semi-annual shareholder report at a shared address you may revoke this consent by calling the Transfer Agent 1-800-864-1013.

(WMBDX)

![Image](i43932010e1e66c3a8a61e65a.jpg)

#### WesMark Government Bond Fund
Semi-Annual Shareholder Report **June 30, 2025**

Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, can be found by visiting

www.wesmarkfunds.com

![Image](ia39eed1d0519881438a13c45.jpg)

*Distributor, Northern Lights Distributors, LLC. Not affiliated with WesBanco.*

TSR-SAR 063025-WMBDX

#### WMKGX

#### WesMark Large Company Fund
![Image](ic39f9a8ea735f3a609795432.jpg)

Semi-Annual Shareholder Report **June 30, 2025**

# Fund Overview
This semi-annual shareholder report contains important information about WesMark Large Company Fund for the period of January 1, 2025 to June 30, 2025.

You can find additional information about the Fund at **www.wesmarkfunds.com**. You can also request this information by contacting us at 1-800-864-1013.

# What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| WesMark Large Company Fund | $57 | 1.13% |

---

# How did the Fund perform during the reporting period?
The year opened on a high note, with January delivering robust gains as investor confidence leaned on resilient earnings and strong economic data. However, enthusiasm quickly faded as valuations reached stretched levels and concerns emerged over the sustainability of earnings growth, particularly in rate-sensitive sectors and companies with weaker pricing power. As we moved into the second quarter tariff developments dominated the investment news flow, particularly President Trump's sweeping "Liberation Day" levies. Initially, markets reacted sharply: equities fell as fears of a slowing U.S. economy and rising inflation spread. The S&P 500 fell over 18% from its February peak to the April 8th trough. Negotiations helped ease investor anxiety as proposed tariffs were scaled back. Recession fears subsided and a more constructive narrative emerged. By June 30th, the S&P 500 had staged a full recovery, ending up 6.2% year-to-date, erasing earlier losses in just 89 trading days. Despite the broader volatility, market gains were disproportionately driven by a handful of mega-cap names, particularly those at the forefront of artificial intelligence, automation, and scalable software platforms. Beneath the headline recovery, breadth remained challenged.

# How has the Fund performed over the last ten years?
The WesMark Large Company Fund returned 2.40% for the 6 months ended June 30, 2025. This is in contrast to S&P 500 Total Return Index, which had a 6.20% return for the same period. Please see below tables for additional Indexes.

# Total Return Based on a $10,000 Investment
![Growth of 10K Chart](ia095820cc30d3b7519ff772c.jpg)

---

| | | |
|:---|:---|:---|
| | **WesMark Large Company Fund** | **S&P 500<sup>®</sup> Index** |
| **Jun-2015** | $10000 | $10000 |
| **Jun-2016** | $9204 | $10399 |
| **Jun-2017** | $10831 | $12260 |
| **Jun-2018** | $12508 | $14023 |
| **Jun-2019** | $13292 | $15483 |
| **Jun-2020** | $14499 | $16645 |
| **Jun-2021** | $20689 | $23436 |
| **Jun-2022** | $17446 | $20948 |
| **Jun-2023** | $20018 | $25053 |
| **Jun-2024** | $24229 | $31204 |
| **Jun-2025** | $27120 | $35936 |

---

*The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter). **Performance data quoted represents past performance and does not guarantee future results.** Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on fund distributions or the redemption of fund shares.* 

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $331778055 |
| Number of Portfolio Holdings | 57 |
| Advisory Fee | $1189604 |
| Portfolio Turnover | 17% |

---

# **Average Annual Total Returns** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **6 Months** | **1 Year** | **5 Years** | **10 Years** |
| WesMark Large Company Fund | 2.40% | 11.93% | 13.34% | 10.49% |
| S&P 500<sup>®</sup> Index | 6.20% | 15.16% | 16.64% | 13.65% |

---

***Past performance does not guarantee future results.** Call 1-800-864-1013 for current month-end performance.*

# What did the Fund invest in?

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Microsoft Corp. | 7.7% |
| Apple, Inc. | 6.7% |
| Alphabet, Inc., Class A | 5.5% |
| Amazon.com, Inc. | 4.9% |
| NVIDIA Corp. | 4.8% |
| Meta Platforms, Inc., Class A | 4.1% |
| JPMorgan Chase & Co. | 2.9% |
| Broadcom, Inc. | 2.6% |
| Raytheon Technologies Corp. | 2.6% |
| Mastercard, Inc., Class A | 2.6% |

---

# **Sector Weighting (% of net assets)**![Group By Sector Chart](ief64c25f903be1f9c5214c92.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Money Market Funds | 0.4% |
| Real Estate | 0.7% |
| Materials | 1.5% |
| Utilities | 3.4% |
| Information Technology | 3.6% |
| Energy | 4.1% |
| Consumer Staples | 5.1% |
| Industrials | 8.8% |
| Health Care | 9.2% |
| Consumer Discretionary | 10.1% |
| Financials | 10.3% |
| Communications | 10.7% |
| Technology | 32.1% |

---

*\* Holdings are subject to change.* 

# **Asset Weighting (% of net assets)**![Group By Asset Type Chart](idf4b4ff7aac035d8b56507b8.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 99.6% |
| Money Market Funds | 0.4% |

---

# Material Fund Changes
No material changes occurred during the period ended June 30, 2025.

#### Changes in and Disagreements with Accountants
There have been no changes in or disagreements with the Fund's independent accounting firm during the reporting period.

#### Householding
If you have consented to receive a single annual or semi-annual shareholder report at a shared address you may revoke this consent by calling the Transfer Agent 1-800-864-1013.

#### WMKGX
![Image](i18e63db552ef29f0a8cde3db.jpg)

#### WesMark Large Company Fund
Semi-Annual Shareholder Report **June 30, 2025**

Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, can be found by visiting

www.wesmarkfunds.com

![Image](i018acfdd143564eec4c86b64.jpg)

*Distributor, Northern Lights Distributors, LLC. Not affiliated with WesBanco.*

TSR-SAR 063025-WMKGX

#### WMKSX

#### WesMark Small Company Fund
![Image](i1080adbfdde68e28af870d00.jpg)

Semi-Annual Shareholder Report **June 30, 2025**

# Fund Overview
This semi-annual shareholder report contains important information about WesMark Small Company Fund for the period of January 1, 2025 to June 30, 2025.

You can find additional information about the Fund at **www.wesmarkfunds.com**. You can also request this information by contacting us at 1-800-864-1013.

# What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| WesMark Small Company Fund | $61 | 1.20% |

---

# How did the Fund perform during the reporting period?
The Russell 2000 rallied as much as 3.9% to start the year, then faded from the early February highs. The index was down over 20% post-"Liberation Day", ultimately rallying back to finish the first half of the year down 1.8%. Small-cap stocks underperformed large-cap as the S&P 500 finished the first half of the year up 6.2%. On a growth versus value basis, the Russell 2000 Growth was down just 0.5%, outperforming the Russell 2000 Value. Value continues to face headwinds as rates have remained higher for longer and small-cap value continues to exhibit more leverage than the companies in the growth cohort. Small-cap stocks continue to offer opportunities for positive investment performance, but small-cap stocks tend to be more sensitive to macroeconomic shocks.

# How has the Fund performed over the last ten years?
The WesMark Small Company Fund returned 5.64% for the 6 months ended June 30, 2025. This is in contrast to Rusell 2000 Index TR, which had a -1.78% return for the same period. Please see below tables for additional Indexes.

# Total Return Based on a $10,000 Investment
![Growth of 10K Chart](ic054e9805868bd6013ef646d.jpg)

---

| | | |
|:---|:---|:---|
| | **WesMark Small Company Fund** | **Russell 2000<sup>®</sup> Index** |
| **Jun-2015** | $10000 | $10000 |
| **Jun-2016** | $9049 | $9327 |
| **Jun-2017** | $10735 | $11621 |
| **Jun-2018** | $12119 | $13663 |
| **Jun-2019** | $11633 | $13211 |
| **Jun-2020** | $12446 | $12335 |
| **Jun-2021** | $19385 | $19987 |
| **Jun-2022** | $16362 | $14951 |
| **Jun-2023** | $17468 | $16790 |
| **Jun-2024** | $20906 | $18479 |
| **Jun-2025** | $25263 | $19898 |

---

*The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter). **Performance data quoted represents past performance and does not guarantee future results.** Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on fund distributions or the redemption of fund shares.* 

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $143161698 |
| Number of Portfolio Holdings | 89 |
| Advisory Fee | $499932 |
| Portfolio Turnover | 19% |

---

# **Average Annual Total Returns** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **6 Months** | **1 Year** | **5 Years** | **10 Years** |
| WesMark Small Company Fund | 5.64% | 20.84% | 15.21% | 9.71% |
| Russell 2000<sup>®</sup> Index | -1.78% | 7.68% | 10.04% | 7.12% |

---

***Past performance does not guarantee future results.** Call 1-800-864-1013 for current month-end performance.*

# What did the Fund invest in?

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Varonis Systems, Inc. | 2.9% |
| Moog, Inc., Class A | 2.6% |
| Granite Construction, Inc. | 2.3% |
| Federated Hermes Government Obligations Fund | 2.3% |
| OSI Systems, Inc. | 2.1% |
| Applied Industrial Technologies, Inc. | 2.0% |
| Box, Inc., Class A | 1.9% |
| Stifel Financial Corporation | 1.9% |
| Carpenter Technology Corporation | 1.9% |
| Surgery Partners, Inc. | 1.9% |

---

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i5242b11a5eebe641e1c56299.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -1.2% |
| Communication Services | 0.9% |
| Real Estate | 1.4% |
| Money Market Funds | 2.3% |
| Utilities | 4.1% |
| Consumer Staples | 4.8% |
| Technology | 6.0% |
| Energy | 6.4% |
| Materials | 6.7% |
| Consumer Discretionary | 8.6% |
| Health Care | 13.9% |
| Financials | 13.9% |
| Information Technology | 15.3% |
| Industrials | 16.9% |

---

*\* Holdings are subject to change.* 

# **Asset Weighting (% of net assets)**![Group By Asset Type Chart](ifb8aad3c7f92efcf9b122a84.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 97.7% |
| Money Market Funds | 2.3% |

---

# Material Fund Changes
No material changes occurred during the period ended June 30, 2025.

#### Changes in and Disagreements with Accountants
There have been no changes in or disagreements with the Fund's independent accounting firm during the reporting period.

#### Householding
If you have consented to receive a single annual or semi-annual shareholder report at a shared address you may revoke this consent by calling the Transfer Agent 1-800-864-1013.

#### WMKSX
![Image](i9af7cece4c1df1f1c682af23.jpg)

#### WesMark Small Company Fund
Semi-Annual Shareholder Report **June 30, 2025**

Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, can be found by visiting

www.wesmarkfunds.com

![Image](if2c02b8a43526a2430b1f740.jpg)

*Distributor, Northern Lights Distributors, LLC. Not affiliated with WesBanco.*

TSR-SAR 063025-WMKSX

#### WMKTX

#### WesMark Tactical Opportunity Fund
![Image](i7a881e92f179e0d5225d233c.jpg)

Semi-Annual Shareholder Report **June 30, 2025**

# Fund Overview
This semi-annual shareholder report contains important information about WesMark Tactical Opportunity Fund for the period of January 1, 2025 to June 30, 2025.

You can find additional information about the Fund at **www.wesmarkfunds.com**. You can also request this information by contacting us at 1-800-864-1013.

# What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| WesMark Tactical Opportunity Fund | $60 | 1.18% |

---

# How did the Fund perform during the reporting period?
2025 began strongly, with January's gains built on resilient corporate earnings and solid economic data. Momentum waned as valuations peaked and doubts grew about sustained earnings, especially in rate-sensitive and lower-pricing-power firms. In the second quarter, President Trump's "Liberation Day" tariffs dominated headlines. Equities plunged as the S&P 500 tumbled over 18% from its February high to the April 8th trough. As proposed rates were scaled back in negotiations, recession fears eased, and sentiment turned constructive. However, breadth remained narrow, and gains rested on a handful of mega-caps leading in artificial intelligence, automation, and scalable software platforms.

Fixed income faced headwinds amid shifting rates and tariff-driven inflation concerns that kept the Federal Reserve from lowering interest rates. The first half of 2025 saw bond markets navigating a shifting interest-rate backdrop and fluctuating investor sentiment. U.S. Treasuries posted uneven returns, with short-duration issues leading as rate sensitivity penalized longer maturities. Investment-grade corporate bonds delivered solid gains on robust credit fundamentals. Tariff-driven inflation worries kept the Federal Reserve from lowering interest rates, despite signs of labor-market softening.

# How has the Fund performed since inception?
The WesMark Tactical Opportunity Fund returned 5.86% for the 6 months ended June 30, 2025. This is in contrast to the S&P 500 Total Return Index, which had a 6.20% return for the same period. Please see below tables for additional Indexes.

# Total Return Based on a $10,000 Investment
![Growth of 10K Chart](ibef651ef98b84a5b2ec90c48.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **WesMark Tactical Opportunity Fund** | **60% MSCI ACWI 30% Bloomberg US Aggregate 10% HFRI FoF** | **Bloomberg U.S. Aggregate Bond Index** | **HFRI Fund of Funds Index** | **S&P 500<sup>®</sup> Index** |
| **Mar-2017** | $10000 | $10000 | $10000 | $10002 | $10000 |
| **Jun-2017** | $10260 | $10348 | $10196 | $10128 | $10180 |
| **Jun-2018** | $10915 | $11053 | $10156 | $10653 | $11643 |
| **Jun-2019** | $11254 | $11743 | $10955 | $10776 | $12856 |
| **Jun-2020** | $11071 | $12254 | $11912 | $10801 | $13821 |
| **Jun-2021** | $14246 | $15230 | $11873 | $12804 | $19459 |
| **Jun-2022** | $12669 | $13252 | $10651 | $12075 | $17393 |
| **Jun-2023** | $13339 | $14577 | $10551 | $12545 | $20801 |
| **Jun-2024** | $14433 | $16492 | $10828 | $13612 | $25909 |
| **Jun-2025** | $15760 | $18513 | $11486 | $14599 | $29838 |

---

*The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter). **Performance data quoted represents past performance and does not guarantee future results.** Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on fund distributions or the redemption of fund shares.* 

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $47655110 |
| Number of Portfolio Holdings | 17 |
| Advisory Fee | $172051 |
| Portfolio Turnover | 15% |

---

# **Average Annual Total Returns** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **6 months** | **1 Year** | **5 Years** | **Since Inception (March 1, 2017)** |
| WesMark Tactical Opportunity Fund | 5.86% | 9.20% | 7.32% | 5.61% |
| 60% MSCI ACWI 30% Bloomberg US Aggregate 10% HFRI FoF | 7.59% | 12.26% | 8.60% | 7.72% |
| Bloomberg U.S. Aggregate Bond Index | 4.02% | 6.08% | -0.73% | 1.68% |
| HFRI Fund of Funds Index | 3.06% | 7.29% | 6.21% | 4.65% |
| S&P 500<sup>®</sup> Index | 6.20% | 15.16% | 16.64% | 14.02% |

---

***Past performance does not guarantee future results.** Call 1-800-864-1013 for current month-end performance.*

# What did the Fund invest in?

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| iShares iBoxx $ Investment Grade Corporate Bond ETF | 13.6% |
| iShares Russell 2000 Index Fund | 13.4% |
| iShares Core U.S. Aggregate Bond ETF | 11.5% |
| Vanguard Mega Cap Value ETF | 10.3% |
| Ishares Msci Acwi Index Fund | 7.6% |
| SPDR<sup>®</sup> Gold Shares | 7.5% |
| SPDR<sup>®</sup> S&P 500<sup>®</sup> ETF Trust | 7.1% |
| Invesco Optimum Yield Diversified Commodity | 4.3% |
| Invesco S&P 500 Equal Weight ETF | 4.2% |
| Energy Select Sector SPDR<sup>®</sup> Fund | 3.3% |

---

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i306216c9bef9ab36bbc6e3b2.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.4% |
| Money Market Funds | 0.6% |
| Europe Funds | 3.0% |
| Diverisified Funds | 7.6% |
| Commodity | 15.0% |
| Equity | 17.4% |
| Exchange-Traded Funds | 56.0% |

---

*\* Holdings are subject to change.* 

# **Asset Weighting (% of net assets)**![Group By Asset Type Chart](i5b84f6954def9da3e7a290e6.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 99.4% |
| Money Market Funds | 0.6% |

---

# Material Fund Changes
No material changes occurred during the period ended June 30, 2025.

#### Changes in and Disagreements with Accountants
There have been no changes in or disagreements with the Fund's independent accounting firm during the reporting period.

#### Householding
If you have consented to receive a single annual or semi-annual shareholder report at a shared address you may revoke this consent by calling the Transfer Agent 1-800-864-1013.

#### WMKTX
![Image](ia099c820d3b618c7cd489537.jpg)

#### WesMark Tactical Opportunity Fund
Semi-Annual Shareholder Report **June 30, 2025**

Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, can be found by visiting

www.wesmarkfunds.com

*Distributor, Northern Lights Distributors, LLC. Not affiliated with WesBanco.*

TSR-SAR 063025-WMKTX

#### WMKMX

#### WesMark West Virginia Municipal Bond Fund
![Image](i6c07016a0c74c69d689fde45.jpg)

Semi-Annual Shareholder Report **June 30, 2025**

# Fund Overview
This semi-annual shareholder report contains important information about WesMark West Virginia Municipal Bond Fund for the period of January 1, 2025 to June 30, 2025.

You can find additional information about the Fund at **www.wesmarkfunds.com**. You can also request this information by contacting us at 1-800-864-1013.

# What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| WesMark West Virginia Municipal Bond Fund | $57 | 1.14% |

---

# How did the Fund perform during the reporting period?
Municipal bonds experienced notable weakness in the first half of 2025, partly as a natural pullback following a strong performance in prior periods. Market volatility rose amid uncertainty over municipal bonds' tax-exempt status and proposed tax hikes, triggering selling and brief dislocations. While these concerns have largely subsided, they left a mark on investor sentiment. Despite cautious issuance amid rate volatility, tax-exempt-to-Treasury yield ratios have since reached their most attractive levels since the October 2023 rate selloff.

Portfolio strategies emphasizing quality and duration management proved effective, with high-quality, short-duration bonds outperforming. Investors favored shorter maturities due to economic uncertainty and interest rate sensitivity, while long-duration Municipals underperformed. Stronger credits (AAA/AA) benefited from tighter spreads and better market access, whereas weaker credits faced higher borrowing costs and limited flexibility.

# How has the Fund performed over the last ten years?
The WesMark West Virginia Municipal Bond Fund returned 0.09% for the 6 months ended June 30, 2025. This is in contrast to the Bloomberg Municipal Bond Index, which had a -0.35% return for the same period. Please see below tables for additional Indexes.

# Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i5a8b5db3e797cf63446a0200.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **WesMark West Virginia Municipal Bond Fund** | **Bloomberg Municipal Bond Index** | **Bloomberg Municipal Bond: 5 Year GO (4-6)** |
| **Jun-2015** | $10000 | $10000 | $10000 |
| **Jun-2016** | $10538 | $10765 | $10409 |
| **Jun-2017** | $10501 | $10713 | $10444 |
| **Jun-2018** | $10538 | $10880 | $10462 |
| **Jun-2019** | $11051 | $11610 | $11015 |
| **Jun-2020** | $11434 | $12126 | $11473 |
| **Jun-2021** | $11603 | $12632 | $11676 |
| **Jun-2022** | $10655 | $11549 | $11088 |
| **Jun-2023** | $10847 | $11917 | $11237 |
| **Jun-2024** | $11026 | $12300 | $11419 |
| **Jun-2025** | $11190 | $12437 | $11897 |

---

*The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter). **Performance data quoted represents past performance and does not guarantee future results.** Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on fund distributions or the redemption of fund shares.* 

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $86185358 |
| Number of Portfolio Holdings | 115 |
| Advisory Fee | $258274 |
| Portfolio Turnover | 10% |

---

# **Average Annual Total Returns** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **6 Months** | **1 Year** | **5 Years** | **10 Years** |
| WesMark West Virginia Municipal Bond Fund | 0.10% | 1.49% | -0.43% | 1.13% |
| Bloomberg Municipal Bond Index | -0.35% | 1.11% | 0.51% | 2.20% |
| Bloomberg Municipal Bond: 5 Year GO (4-6) | 2.24% | 4.18% | 0.73% | 1.75% |

---

***Past performance does not guarantee future results.** Call 1-800-864-1013 for current month-end performance.*

# What did the Fund invest in?

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Federated Hermes Government Obligations Fund | 3.6% |
| Ohio County Board of Education | 3.3% |
| Hancock County Board of Education | 2.5% |
| Monongalia County Building Commission | 2.2% |
| West Virginia Higher Education Policy Commission | 2.0% |
| Mason County Public Service District Water Revenue | 2.0% |
| Cabell County Board of Education | 2.0% |
| West Virginia Economic Development Authority | 1.9% |
| Hampshire County Building Commission | 1.9% |
| West Virginia Housing Development Fund | 1.8% |

---

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i268d31ad041f2c5f7414538b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -3.6% |
| Special Tax | 1.1% |
| Other | 3.0% |
| State | 3.3% |
| Money Market Funds | 3.6% |
| Health Care | 3.7% |
| Education | 5.4% |
| Local | 9.9% |
| Housing | 18.2% |
| Lease | 21.7% |
| Utilities | 33.7% |

---

*\* Holdings are subject to change.* 

# **Asset Weighting (% of net assets)**![Group By Asset Type Chart](i083b6c0605b1c44703e604f1.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Money Market Funds | 3.4% |
| Municipal Bonds | 96.6% |

---

# Material Fund Changes
No material changes occurred during the period ended June 30, 2025.

#### Changes in and Disagreements with Accountants
There have been no changes in or disagreements with the Fund's independent accounting firm during the reporting period.

#### Householding
If you have consented to receive a single annual or semi-annual shareholder report at a shared address you may revoke this consent by calling the Transfer Agent 1-800-864-1013.

#### WMKMX
![Image](i0759b884a0a41a1fe85d2012.jpg)

#### WesMark West Virginia Municipal Bond Fund
Semi-Annual Shareholder Report **June 30, 2025**

Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, can be found by visiting

www.wesmarkfunds.com

![Image](i6273f815bcefdac84ae40241.jpg)

*Distributor, Northern Lights Distributors, LLC. Not affiliated with WesBanco.*

TSR-SAR 063025-WMKMX

(b) Not applicable

**Item 2. Code of Ethics.**

Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable to open-end investment companies.

**Item 6. Investments.** 

The Registrant's schedule of investments in unaffiliated issuers is included in the Financial Statements under Item 7 of this form.

**Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.**

(a) ![](img_001.jpg)

**Table of Contents**

June 30, 2025

---

| | |
|:---|:---|
| **Item 7 – Financial Statements and Financial Highlights for Open-End Management Investment Companies** | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Small Company Fund |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schedule of Investments | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Large Company Fund |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schedule of Investments | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Balanced Fund |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schedule of Investments | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government Bond Fund |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schedule of Investments | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;West Virginia Municipal Bond Fund |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schedule of Investments | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tactical Opportunity Fund |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schedule of Investments | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Statements of Assets and Liabilities | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Statements of Operations | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Statements of Changes in Net Assets | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial Highlights | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes to Financial Statements and Financial Highlights | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additional Information | 56 |
| **Item 8 – Changes in and Disagreements with Accountants for Open-End Management Investment Companies** | 56 |
| **Item 9 – Proxy Disclosures for Open-End Management Investment Companies** | 56 |
| **Item 10 – Remuneration Paid to Trustees, Officers, and Others of Open-End Management Investment Companies** | 56 |
| **Item 11 – Statement Regarding Basis for Approval of Investment Advisory Contract** | 56 |

---

---

| | |
|:---|:---|
| Semi-Annual Report » June 30, 2025 | ![](img_002.jpg) |

---

ITEM 7 – Financial Statements and Financial Highlights

for Open-End Management Investment Companies

**WESMARK SMALL COMPANY FUND**

**SCHEDULE OF INVESTMENTS (Unaudited)**

**June 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.9%** |  |
|  | **AEROSPACE & DEFENSE - 2.6%** |  |
| 20500 | Moog, Inc., Class A | $3709885 |
|  | **AUTO COMPONENTS - 0.6%** |  |
| 30700 | Fox Factory Holding Corporation<sup>(a)</sup> | 796358 |
|  | **BANKING - 1.0%** |  |
| 46816 | Cadence Bank | 1497176 |
|  | **BANKS - 6.7%** |  |
| 27827 | Ameris Bancorp | 1800407 |
| 62700 | Atlantic Union Bancshares Corporation | 1961256 |
| 22169 | Banner Corporation | 1422141 |
| 60108 | First Bancorp | 2650162 |
| 85504 | Old National Bancorp<sup>(a)</sup> | 1824655 |
|  |  | 9658621 |
|  | **BIOTECH & PHARMA - 3.0%** |  |
| 102700 | Arcutis Biotherapeutics, Inc.<sup>(a)</sup> | 1439854 |
| 27000 | CG oncology, Inc.<sup>(a)</sup> | 702000 |
| 32500 | GRAIL, Inc.<sup>(a)</sup> | 1671150 |
| 26000 | Tourmaline Bio, Inc.<sup>(a)</sup> | 415740 |
|  |  | 4228744 |
|  | **BIOTECHNOLOGY - 2.9%** |  |
| 78200 | ACADIA Pharmaceuticals, Inc.<sup>(a)</sup> | 1686774 |
| 56000 | Catalyst Pharmaceutical Partners, Inc.<sup>(a)</sup> | 1215200 |
| 50800 | Viking Therapeutics, Inc.<sup>(a)</sup> | 1346200 |
|  |  | 4248174 |
|  | **BUILDING PRODUCTS - 3.4%** |  |
| 27500 | AAON, Inc. | 2028125 |
| 8797 | Armstrong World Industries, Inc. | 1428985 |
| 24428 | Gibraltar Industries, Inc.<sup>(a)</sup> | 1441252 |
|  |  | 4898362 |
|  | **CAPITAL MARKETS - 4.6%** |  |
| 11704 | PJT Partners, Inc., Class A | 1931277 |
| 26600 | Stifel Financial Corporation | 2760548 |

---

See accompanying notes which are an integral part of these financial statements.

**WESMARK SMALL COMPANY FUND**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**June 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.9% (Continued)** |  |
|  | **CAPITAL MARKETS - 4.6% (Continued)** |  |
| 28962 | Victory Capital Holdings, Inc.<sup>(a)</sup> | $1844011 |
|  |  | 6535836 |
|  | **CHEMICALS - 4.0%** |  |
| 24800 | H.B. Fuller Company | 1491720 |
| 18350 | Hawkins, Inc. | 2607535 |
| 40000 | Valvoline, Inc.<sup>(a)</sup> | 1514800 |
|  |  | 5614055 |
|  | **CONSTRUCTION & ENGINEERING - 4.0%** |  |
| 11000 | Argan, Inc. | 2425280 |
| 35422 | Granite Construction, Inc. | 3312310 |
|  |  | 5737590 |
|  | **CONTAINERS & PACKAGING - 0.4%** |  |
| 9839 | Greif, Inc., Class A<sup>(a)</sup> | 639437 |
|  | **ELECTRIC UTILITIES - 0.9%** |  |
| 11500 | PNM Resources, Inc. | 647680 |
| 16500 | Portland General Electric Company | 670395 |
|  |  | 1318075 |
|  | **ELECTRICAL EQUIPMENT - 3.6%** |  |
| 48400 | Atmus Filtration Tech | 1762728 |
| 103000 | Bloom Energy Corp., Class A<sup>(a)</sup> | 2463760 |
| 4600 | Powell Industries, Inc. | 968070 |
|  |  | 5194558 |
|  | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS - 4.3%** |  |
| 59096 | Knowles Corporation<sup>(a)</sup> | 1041272 |
| 13427 | OSI Systems, Inc.<sup>(a)</sup> | 3019194 |
| 51291 | TTM Technologies, Inc.<sup>(a)</sup> | 2093699 |
|  |  | 6154165 |
|  | **ENERGY EQUIPMENT & SERVICES - 0.8%** |  |
| 97100 | Liberty Oilfield Services, Inc., Class A | 1114708 |
|  | **ENGINEERING & CONSTRUCTION - 0.6%** |  |
| 40900 | Centuri Holdings, Inc.<sup>(a)</sup> | 917796 |

---

See accompanying notes which are an integral part of these financial statements.

**WESMARK SMALL COMPANY FUND**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**June 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.9% (Continued)** |  |
|  | **ENTERTAINMENT - 0.9%** |  |
| 44600 | IMAX Corporation<sup>(a)</sup> | $1247016 |
|  | **EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) - 1.4%** |  |
| 35000 | National Storage Affiliates Trust | 1119650 |
| 46985 | Sabra Health Care REIT, Inc. | 866403 |
|  |  | 1986053 |
|  | **FOOD - 0.8%** |  |
| 133500 | Mama's Creations Incorporated<sup>(a)</sup> | 1108050 |
|  | **FOOD & STAPLES RETAILING - 1.2%** |  |
| 10800 | Sprouts Farmers Market, Inc.<sup>(a)</sup> | 1778112 |
|  | **FOOD PRODUCTS - 1.8%** |  |
| 41946 | Simply Good Foods Company (The)<sup>(a)</sup> | 1325074 |
| 193100 | SunOpta, Inc.<sup>(a)</sup> | 1119980 |
|  |  | 2445054 |
|  | **HEALTH CARE EQUIPMENT & SUPPLIES - 1.4%** |  |
| 16318 | Integer Holdings Corporation<sup>(a)</sup> | 2006624 |
|  | **HEALTH CARE FACILITIES & SERVICES - 1.0%** |  |
| 66449 | Concentra Group Holdings Parent, Inc. | 1366856 |
|  | **HEALTH CARE PROVIDERS & SERVICES - 1.9%** |  |
| 120000 | Surgery Partners, Inc.<sup>(a)</sup> | 2667600 |
|  | **HOTELS, RESTAURANTS & LEISURE - 2.1%** |  |
| 32122 | Hilton Grand Vacations, Inc.<sup>(a)</sup> | 1334027 |
| 4900 | Wingstop, Inc. | 1650026 |
|  |  | 2984053 |
|  | **HOUSEHOLD DURABLES - 0.3%** |  |
| 27000 | Lovesac Company (The)<sup>(a)</sup> | 491400 |

---

See accompanying notes which are an integral part of these financial statements.

**WESMARK SMALL COMPANY FUND**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**June 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.9% (Continued)** |  |
|  | **INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS - 1.7%** |  |
| 28400 | Ormat Technologies, Inc. | $2378784 |
|  | **INSURANCE - 1.6%** |  |
| 25600 | Employers Holdings, Inc. | 1207808 |
| 9800 | Goosehead Insurance, Inc., Class A<sup>(a)</sup> | 1033998 |
|  |  | 2241806 |
|  | **IT SERVICES - 3.4%** |  |
| 64700 | Hackett Group, Inc. (The)<sup>(a)</sup> | 1644674 |
| 64947 | I3 Verticals, Inc., Class A<sup>(a)</sup> | 1784744 |
| 12363 | Science Applications International Corporation | 1392197 |
|  |  | 4821615 |
|  | **LEISURE FACILITIES & SERVICES - 2.9%** |  |
| 20200 | Dutch Bros, Inc.<sup>(a)</sup> | 1381074 |
| 79699 | First Watch Restaurant Group, Inc.<sup>(a)</sup> | 1278372 |
| 18300 | Kura Sushi USA, Inc.<sup>(a)</sup> | 1575263 |
|  |  | 4234709 |
|  | **MEDICAL EQUIPMENT & DEVICES - 0.7%** |  |
| 11400 | LeMaitre Vascular, Inc. | 946770 |
|  | **METALS & MINING - 2.3%** |  |
| 9682 | Carpenter Technology Corporation | 2675911 |
| 8200 | Materion Corporation | 650834 |
|  |  | 3326745 |
|  | **MULTI-UTILITIES - 1.1%** |  |
| 40400 | Avista Corporation | 1533180 |
|  | **OIL & GAS PRODUCERS - 2.4%** |  |
| 9900 | Gulport Energy Corp.<sup>(a)</sup> | 1991583 |
| 52500 | Northern Oil and Gas, Inc. | 1488375 |
|  |  | 3479958 |
|  | **OIL, GAS & CONSUMABLE FUELS - 3.2%** |  |
| 56549 | Comstock Resources, Inc.<sup>(a)</sup> | 1564711 |
| 56538 | Magnolia Oil & Gas Corporation, Class A | 1270974 |

---

See accompanying notes which are an integral part of these financial statements.

**WESMARK SMALL COMPANY FUND**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**June 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.9% (Continued)** |  |
|  | **OIL, GAS & CONSUMABLE FUELS - 3.2% (Continued)** |  |
| 35994 | Matador Resources Company | $1717634 |
|  |  | 4553319 |
|  | **PERSONAL PRODUCTS - 1.1%** |  |
| 13000 | e.l.f. Beauty, Inc.<sup>(a)</sup> | 1617720 |
|  | **PHARMACEUTICALS - 3.0%** |  |
| 13300 | Axsome Therapeutics, Inc.<sup>(a)</sup> | 1388387 |
| 149706 | Elanco Animal Health, Inc.<sup>(a)</sup> | 2137802 |
| 11109 | Prestige Consumer Healthcare, Inc.<sup>(a)</sup> | 887054 |
|  |  | 4413243 |
|  | **PROFESSIONAL SERVICES - 1.7%** |  |
| 32945 | Korn Ferry | 2415857 |
|  | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 1.9%** |  |
| 31000 | Brooks Automation, Inc.<sup>(a)</sup> | 954180 |
| 27800 | Rambus, Inc.<sup>(a)</sup> | 1779756 |
|  |  | 2733936 |
|  | **SOFTWARE - 9.8%** |  |
| 22000 | BlackLine, Inc.<sup>(a)</sup> | 1245640 |
| 81254 | Box, Inc., Class A<sup>(a)</sup> | 2776449 |
| 24200 | DigitalOcean Holdings, Inc.<sup>(a)</sup> | 691152 |
| 18600 | Oddity Tech Ltd.<sup>(a)</sup> | 1403742 |
| 46000 | Phreesia, Inc.<sup>(a)</sup> | 1309160 |
| 10156 | Qualys, Inc.<sup>(a)</sup> | 1450988 |
| 56896 | SentinelOne, Inc., Class A<sup>(a)</sup> | 1040059 |
| 81200 | Varonis Systems, Inc.<sup>(a)</sup> | 4120901 |
|  |  | 14038091 |
|  | **SPECIALTY RETAIL - 1.7%** |  |
| 21400 | Advance Auto Parts, Inc. | 994886 |
| 20000 | Urban Outfitters, Inc.<sup>(a)</sup> | 1450800 |
|  |  | 2445686 |
|  | **TECHNOLOGY HARDWARE - 1.9%** |  |
| 17000 | Celestica, Inc.<sup>(a)</sup> | 2653870 |

---

See accompanying notes which are an integral part of these financial statements.

**WESMARK SMALL COMPANY FUND**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**June 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.9% (Continued)** |  |
|  | **TRADING COMPANIES & DISTRIBUTORS - 1.9%** |  |
| 12005 | Applied Industrial Technologies, Inc. | $2790562 |
|  | **WATER UTILITIES - 0.4%** |  |
| 61500 | Global Water Resources, Inc. | 626685 |
|  | **TOTAL COMMON STOCKS (Cost $91,782,949)** | 141596894 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENT — 2.3%** |  |
|  | **MONEY MARKET FUND - 2.3%** |  |
| 3265736 | Federated Hermes Government Obligations Fund, 4.26% (Cost $3,265,736)<sup>(b)</sup> | 3265736 |
|  | **TOTAL INVESTMENTS - 101.2% (Cost $95,048,685)** | $144862630 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (1.2)%** | (1700932) |
|  | **NET ASSETS - 100.0%** | $143161698 |

---

<sup>(a)</sup> Non-income producing security. <br> <sup>(b)</sup> Rate disclosed is the seven day effective yield as of June 30, 2025.

See accompanying notes which are an integral part of these financial statements.

**WESMARK LARGE COMPANY FUND**

**SCHEDULE OF INVESTMENTS (Unaudited)**

**June 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.6%** |  |
|  | **AEROSPACE & DEFENSE - 3.4%** |  |
| 58000 | Raytheon Technologies Corp. | $8469160 |
| 34532 | Textron, Inc.<sup>(a)</sup> | 2772574 |
|  |  | 11241734 |
|  | **APPAREL & TEXTILE PRODUCTS - 1.1%** |  |
| 68882 | On Holding A.G.<sup>(a)</sup> | 3585308 |
|  | **ASSET MANAGEMENT - 1.4%** |  |
| 243100 | Blue Owl Capital Inc. | 4669951 |
|  | **AUTOMOBILES - 1.9%** |  |
| 19900 | Tesla, Inc.<sup>(a)</sup> | 6321434 |
|  | **BANKS - 5.2%** |  |
| 74000 | Bank of America Corporation | 3501680 |
| 101900 | Fifth Third Bancorp | 4191147 |
| 33130 | JPMorgan Chase & Co. | 9604719 |
|  |  | 17297546 |
|  | **BEVERAGES - 0.9%** |  |
| 94058 | Keurig Dr. Pepper, Inc. | 3109557 |
|  | **BIOTECH & PHARMA - 1.0%** |  |
| 49300 | Novo Nordisk A/S - ADR | 3402686 |
|  | **BIOTECHNOLOGY - 3.9%** |  |
| 29978 | AbbVie, Inc. | 5564518 |
| 18624 | Amgen, Inc. | 5200007 |
| 35000 | BioMarin Pharmaceutical, Inc.<sup>(a)</sup> | 1923950 |
|  |  | 12688475 |
|  | **CAPITAL MARKETS - 1.5%** |  |
| 36221 | Morgan Stanley | 5102090 |
|  | **CHEMICALS - 1.1%** |  |
| 31455 | PPG Industries, Inc. | 3578006 |

---

See accompanying notes which are an integral part of these financial statements.

**WESMARK LARGE COMPANY FUND**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**June 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.6% (Continued)** |  |
|  | **COMMUNICATIONS EQUIPMENT - 2.6%** |  |
| 10662 | F5, Inc.<sup>(a)</sup> | $3138040 |
| 28000 | Palo Alto Networks, Inc.<sup>(a)</sup> | 5729920 |
|  |  | 8867960 |
|  | **ELECTRIC UTILITIES - 1.5%** |  |
| 68369 | NextEra Energy, Inc. | 4746176 |
|  | **ELECTRICAL EQUIPMENT - 0.6%** |  |
| 88000 | Bloom Energy Corp., Class A<sup>(a)</sup> | 2104960 |
|  | **ENERGY EQUIPMENT & SERVICES - 0.8%** |  |
| 126000 | Halliburton Company | 2567880 |
|  | **FINANCIAL SERVICES - 2.1%** |  |
| 6669 | BlackRock, Inc. | 6997448 |
|  | **FOOD & STAPLES RETAILING - 1.5%** |  |
| 51400 | Walmart, Inc. | 5025892 |
|  | **FOOD PRODUCTS - 1.1%** |  |
| 52742 | Mondelez International, Inc., Class A | 3556920 |
|  | **GAS & WATER UTILITIES - 1.0%** |  |
| 24662 | American Water Works Company, Inc. | 3430731 |
|  | **HEALTH CARE FACILITIES & SERVICES - 1.5%** |  |
| 16100 | UnitedHealth Group, Inc. | 5022717 |
|  | **HOTELS, RESTAURANTS & LEISURE - 1.1%** |  |
| 13800 | Marriott International, Inc., Class A | 3770298 |
|  | **HOUSEHOLD PRODUCTS - 1.6%** |  |
| 33107 | Procter & Gamble Co. (The) | 5274608 |

---

See accompanying notes which are an integral part of these financial statements.

**WESMARK LARGE COMPANY FUND**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**June 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.6% (Continued)** |  |
|  | **INTERACTIVE MEDIA & SERVICES - 4.1%** |  |
| 18500 | Meta Platforms, Inc., Class A | $13654665 |
|  | **INTERNET & DIRECT MARKETING RETAIL - 6.1%** |  |
| 74000 | Amazon.com, Inc.<sup>(a)</sup> | 16234860 |
| 38000 | Uber Technologies, Inc.<sup>(a)</sup> | 3545400 |
|  |  | 19780260 |
|  | **INTERNET MEDIA & SERVICES - 5.4%** |  |
| 103260 | Alphabet, Inc., Class A | 18197510 |
|  | **INTERNET SOFTWARE & SERVICES - 0.9%** |  |
| 4026 | Spotify Technology S.A.<sup>(a)</sup> | 3089311 |
|  | **IT SERVICES - 3.6%** |  |
| 15000 | Mastercard, Inc., Class A | 8429100 |
| 31600 | Shopify, Inc., Class A<sup>(a)</sup> | 3645060 |
|  |  | 12074160 |
|  | **LEISURE FACILITIES & SERVICES - 1.1%** |  |
| 45000 | Cava Group, Inc.<sup>(a)</sup> | 3790350 |
|  | **LIFE SCIENCES TOOLS & SERVICES - 1.8%** |  |
| 14979 | Thermo Fisher Scientific, Inc. | 6073385 |
|  | **MACHINERY - 4.8%** |  |
| 15600 | Chart Industries, Inc.<sup>(a)</sup> | 2568540 |
| 11164 | Deere & Company | 5676782 |
| 11000 | Parker-Hannifin Corporation | 7683171 |
|  |  | 15928493 |
|  | **METALS & MINING - 0.4%** |  |
| 30000 | Freeport-McMoRan, Inc. | 1300500 |
|  | **OIL & GAS PRODUCERS - 2.5%** |  |
| 33600 | Chevron Corp. | 4811184 |
| 19950 | ConocoPhillips | 1790313 |

---

See accompanying notes which are an integral part of these financial statements.

**WESMARK LARGE COMPANY FUND**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**June 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.6% (Continued)** |  |
|  | **OIL & GAS PRODUCERS - 2.5% (Continued)** |  |
| 16518 | Exxon Mobil Corporation | $1780640 |
|  |  | 8382137 |
|  | **OIL, GAS & CONSUMABLE FUELS - 0.8%** |  |
| 19000 | Diamondback Energy, Inc. | 2610600 |
|  | **PHARMACEUTICALS - 1.0%** |  |
| 41404 | Merck & Co., Inc. | 3277541 |
|  | **REAL ESTATE INVESTMENT TRUSTS - 0.8%** |  |
| 11300 | American Tower Corp. | 2497526 |
|  | **SEMICONDUCTORS - 1.5%** |  |
| 64592 | Marvell Technology, Inc. | 4999421 |
|  | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 8.9%** |  |
| 35468 | Advanced Micro Devices, Inc.<sup>(a)</sup> | 5032909 |
| 31540 | Broadcom, Inc. | 8694001 |
| 99304 | NVIDIA Corp. | 15689039 |
|  |  | 29415949 |
|  | **SOFTWARE - 11.4%** |  |
| 17500 | Datadog, Inc., Class A<sup>(a)</sup> | 2350775 |
| 51564 | Microsoft Corp. | 25648449 |
| 22490 | salesforce.com, Inc. | 6132798 |
| 14500 | Snowflake, Inc., Class A<sup>(a)</sup> | 3244665 |
|  |  | 37376687 |
|  | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 6.7%** |  |
| 109000 | Apple, Inc. | 22363530 |
|  | **UTILITY COMPANY - 1.0%** |  |
| 27800 | Duke Energy Corporation | 3280400 |
|  | **TOTAL COMMON STOCKS (Cost $160,261,670)** | 330454802 |

---

See accompanying notes which are an integral part of these financial statements.

**WESMARK LARGE COMPANY FUND**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**June 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENT — 0.4%** |  |
|  | **MONEY MARKET FUND - 0.4%** |  |
| 1393054 | Federated Hermes Government Obligations Fund, 4.26% (Cost $1,393,054)<sup>(b)</sup> | $1393054 |
|  | **TOTAL INVESTMENTS - 100.0% (Cost $161,654,724)** | $331847856 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - 0.0%** | (69801) |
|  | **NET ASSETS - 100.0%** | $331778055 |

---

<sup>(a)</sup> Non-income producing security. <br> <sup>(b)</sup> Rate disclosed is the seven day effective yield as of June 30, 2025.

See accompanying notes which are an integral part of these financial statements.

**WESMARK BALANCED FUND**

**SCHEDULE OF INVESTMENTS (Unaudited)**

**June 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 62.1%** |  |
|  | **AEROSPACE & DEFENSE - 1.4%** |  |
| 5400 | L3Harris Technologies, Inc. | $1354536 |
|  | **ASSET MANAGEMENT - 0.6%** |  |
| 11000 | TPG, Inc. | 576950 |
|  | **BANKS - 6.1%** |  |
| 14000 | Bank of America Corporation | 662480 |
| 8709 | JPMorgan Chase & Co. | 2524827 |
| 8000 | PNC Financial Services Group, Inc. (The) | 1491360 |
| 26809 | U.S. Bancorp | 1213107 |
|  |  | 5891774 |
|  | **BEVERAGES - 2.1%** |  |
| 14886 | PepsiCo, Inc. | 1965547 |
|  | **BIOTECH & PHARMA - 0.6%** |  |
| 8200 | Novo Nordisk A/S - ADR | 565964 |
|  | **BIOTECHNOLOGY - 2.6%** |  |
| 13500 | AbbVie, Inc. | 2505870 |
|  | **CAPITAL MARKETS - 2.8%** |  |
| 3805 | Goldman Sachs Group, Inc. (The) | 2692989 |
|  | **CHEMICALS - 0.5%** |  |
| 18200 | Dow, Inc. | 481936 |
|  | **COMMUNICATIONS EQUIPMENT - 2.0%** |  |
| 28500 | Cisco Systems, Inc. | 1977330 |
|  | **DIVERSIFIED TELECOMMUNICATION SERVICES - 1.1%** |  |
| 36000 | AT&T, Inc. | 1041840 |

---

See accompanying notes which are an integral part of these financial statements.

**WESMARK BALANCED FUND**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**June 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 62.1% (Continued)** |  |
|  | **ELECTRIC UTILITIES - 0.8%** |  |
| 14099 | Dominion Energy, Inc. | $796875 |
|  | **ELECTRICAL EQUIPMENT - 0.8%** |  |
| 2100 | Eaton Corp., PLC | 749679 |
|  | **ENTERTAINMENT CONTENT - 0.7%** |  |
| 5300 | Walt Disney Co. (The) | 657253 |
|  | **EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) - 1.3%** |  |
| 11408 | CubeSmart | 484840 |
| 4400 | Digital Realty Trust, Inc. | 767052 |
|  |  | 1251892 |
|  | **FOOD & STAPLES RETAILING - 1.9%** |  |
| 18987 | Walmart, Inc. | 1856549 |
|  | **HEALTH CARE FACILITIES & SERVICES - 0.5%** |  |
| 1400 | UnitedHealth Group, Inc. | 436758 |
|  | **HOUSEHOLD PRODUCTS - 1.0%** |  |
| 6200 | Procter & Gamble Co. (The) | 987784 |
|  | **INTERACTIVE MEDIA & SERVICES - 2.6%** |  |
| 3470 | Meta Platforms, Inc., Class A | 2561172 |
|  | **INTERNET MEDIA & SERVICES - 1.2%** |  |
| 6500 | Alphabet, Inc., Class A | 1145495 |
|  | **IT SERVICES - 1.3%** |  |
| 4400 | International Business Machines Corporation | 1297032 |
|  | **LEISURE FACILITIES & SERVICES - 1.7%** |  |
| 3487 | McDonald's Corp. | 1018797 |
| 6500 | Starbucks Corp. | 595595 |
|  |  | 1614392 |

---

See accompanying notes which are an integral part of these financial statements.

**WESMARK BALANCED FUND**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**June 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 62.1% (Continued)** |  |
|  | **MACHINERY - 3.2%** |  |
| 5825 | Caterpillar, Inc. | $2261322 |
| 1599 | Deere & Company | 813076 |
|  |  | 3074398 |
|  | **MULTI-LINE RETAIL - 1.3%** |  |
| 12954 | Target Corp. | 1277912 |
|  | **OIL & GAS PRODUCERS - 3.5%** |  |
| 17313 | Chevron Corp. | 2479049 |
| 7299 | EOG Resources, Inc. | 873033 |
|  |  | 3352082 |
|  | **OIL, GAS & CONSUMABLE FUELS - 0.7%** |  |
| 5117 | Valero Energy Corp. | 687827 |
|  | **PHARMACEUTICALS - 3.3%** |  |
| 2321 | Eli Lilly & Co. | 1809289 |
| 17956 | Merck & Co., Inc. | 1421397 |
|  |  | 3230686 |
|  | **REAL ESTATE INVESTMENT TRUSTS - 0.6%** |  |
| 2600 | American Tower Corp. | 574652 |
|  | **SEMICONDUCTORS - 0.8%** |  |
| 3432 | Analog Devices, Inc. | 816885 |
|  | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 1.5%** |  |
| 7000 | Texas Instruments, Inc. | 1453340 |
|  | **SOFTWARE - 3.4%** |  |
| 4500 | Microsoft Corp. | 2238345 |
| 3900 | salesforce.com, Inc. | 1063491 |
|  |  | 3301836 |
|  | **SPECIALTY RETAIL - 2.6%** |  |
| 4314 | Dick's Sporting Goods, Inc. | 853352 |
| 7773 | Lowe's Cos., Inc. | 1724596 |
|  |  | 2577948 |

---

See accompanying notes which are an integral part of these financial statements.

**WESMARK BALANCED FUND**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**June 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 62.1% (Continued)** |  |
|  | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 4.8%** |  |
| 22141 | Apple, Inc. | $4542670 |
|  | **TEXTILES, APPAREL & LUXURY GOODS - 0.6%** |  |
| 7500 | NIKE, Inc., Class B | 532800 |
|  | **TRANSPORTATION & LOGISTICS - 1.0%** |  |
| 9508 | United Parcel Service, Inc., Class B | 959738 |
|  | **UTILITY COMPANY - 1.2%** |  |
| 9886 | Duke Energy Corporation | 1166548 |
|  | **TOTAL COMMON STOCKS (Cost $34,840,689)** | 59958939 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **COLLATERALIZED MORTGAGE OBLIGATIONS — 1.5%** |  |  |  |
|  | **CMBS — 1.5%** |  |  |  |
| 1500000 | Morgan Stanley Capital I Trust 2015-UBS8 Series UBS8 A4 | 3.8090 | 12/17/48 | 1490897 |
|  | **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $1,533,857)** |  |  | 1490897 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Coupon Rate<br> (%)** | **<br>Maturity** | **<br>Fair Value** |
|  | **CORPORATE BONDS — 22.7%** |  |  |  |
|  | **ASSET MANAGEMENT — 1.0%** |  |  |  |
| 250000 | Blackrock Inc | 2.4000 | 04/30/30 | 230146 |
| 500000 | Charles Schwab Corporation (The) | 5.8530 | 05/19/34 | 531342 |
| 250000 | Legg Mason, Inc. | 4.7500 | 03/15/26 | 250494 |
|  |  |  |  | 1011982 |
|  | **AUTOMOTIVE — 0.5%** |  |  |  |
| 550000 | American Honda Finance Corp | 1.8000 | 01/13/31 | 472591 |
|  | **BANKING — 1.2%** |  |  |  |
| 500000 | Fifth Third Bank NA | 3.8500 | 03/15/26 | 496923 |

---

See accompanying notes which are an integral part of these financial statements.

**WESMARK BALANCED FUND**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**June 30, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Coupon Rate<br> (%)** | **<br>Maturity** | **<br>Fair Value** |
|  | **CORPORATE BONDS — 22.7% (Continued)** |  |  |  |
|  | **BANKING — 1.2% (Continued)** |  |  |  |
| 150000 | PNC Bank National Association | 2.7000 | 10/22/29 | $140008 |
| 500000 | PNC Financial Services Group Inc/The | 6.8750 | 10/20/34 | 559146 |
|  |  |  |  | 1196077 |
|  | **BIOTECH & PHARMA — 1.2%** |  |  |  |
| 500000 | AbbVie Inc<sup>(b)</sup> | 3.2000 | 11/21/29 | 478404 |
| 175000 | Abbvie, Inc. | 4.5500 | 03/15/35 | 169973 |
| 250000 | Bristol-Myers Squibb Company | 3.9000 | 02/20/28 | 248892 |
| 175000 | GlaxoSmithKline Capital, Inc. | 6.3750 | 05/15/38 | 194460 |
|  |  |  |  | 1091729 |
|  | **COMMERCIAL SUPPORT SERVICES — 0.5%** |  |  |  |
| 500000 | Republic Services Inc | 5.7000 | 05/15/41 | 517897 |
|  | **DIVERSIFIED INDUSTRIALS — 1.3%** |  |  |  |
| 500000 | 3M Company | 3.3750 | 03/01/29 | 484661 |
| 175000 | Honeywell International Inc | 5.7000 | 03/15/37 | 183543 |
| 500000 | Honeywell International, Inc. | 4.5000 | 01/15/34 | 490026 |
|  |  |  |  | 1158230 |
|  | **ELECTRIC UTILITIES — 2.6%** |  |  |  |
| 500000 | CenterPoint Energy Houston Electric LLC | 4.4500 | 10/01/32 | 489840 |
| 500000 | Duke Energy Carolinas LLC | 4.8500 | 03/15/30 | 511303 |
| 500000 | National Rural Utilities Cooperative Finance Corp. | 5.0000 | 02/07/31 | 512788 |
| 500000 | Nextera Energy Capital Holding, Inc. | 3.5500 | 05/01/27 | 493278 |
| 500000 | Wisconsin Electric Power | 4.7500 | 09/30/32 | 506272 |
|  |  |  |  | 2513481 |
|  | **ENGINEERING & CONSTRUCTION — 0.5%** |  |  |  |
| 500000 | Jacobs Engineering Group, Inc. | 5.9000 | 03/01/33 | 520571 |
|  | **ENTERTAINMENT CONTENT — 0.5%** |  |  |  |
| 500000 | Activison Blizzard, Inc. | 3.4000 | 09/15/26 | 487474 |
|  | **FOOD & STAPLES RETAILING — 0.5%** |  |  |  |
| 500000 | Wal-Mart Stores, Inc. | 5.2500 | 09/01/35 | 525488 |

---

See accompanying notes which are an integral part of these financial statements.

**WESMARK BALANCED FUND**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**June 30, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 22.7% (Continued)** |  |  |  |
|  | **INSURANCE — 2.5%** |  |  |  |
| 500000 | Berkshire Hathaway Finance Corporation | 2.8750 | 03/15/32 | $461121 |
| 400000 | Marsh & McLennan Cos Inc | 2.3750 | 12/15/31 | 350525 |
| 500000 | MetLife Inc | 5.8750 | 02/06/41 | 518594 |
| 500000 | Mutual of Omaha Cos Global Funding<sup>(b)</sup> | 5.0000 | 04/01/30 | 509797 |
| 500000 | Progressive Corporation (The) | 4.9500 | 06/15/33 | 510962 |
|  |  |  |  | 2350999 |
|  | **INTERNET MEDIA & SERVICES — 0.3%** |  |  |  |
| 250000 | Expedia, Inc. | 3.8000 | 02/15/28 | 246369 |
|  | **LEISURE FACILITIES & SERVICES — 0.5%** |  |  |  |
| 500000 | Marriott International Series KK | 4.9000 | 04/15/29 | 509075 |
|  | **MACHINERY — 1.2%** |  |  |  |
| 500000 | Caterpillar Financial Services Corp | 3.6000 | 08/12/27 | 495206 |
| 500000 | Ingersoll Rand, Inc. | 5.7000 | 08/14/33 | 523902 |
|  |  |  |  | 1019108 |
|  | **MEDICAL EQUIPMENT & DEVICES — 0.5%** |  |  |  |
| 500000 | GE HealthCare Technologies, Inc. | 5.6500 | 11/15/27 | 515264 |
|  | **OIL & GAS PRODUCERS — 1.4%** |  |  |  |
| 500000 | Marathon Oil Corporation | 6.6000 | 10/01/37 | 528605 |
| 500000 | ONEOK Inc | 5.8000 | 11/01/30 | 523677 |
| 250000 | Phillips 66 | 4.6500 | 11/15/34 | 238758 |
|  |  |  |  | 1291040 |
|  | **REAL ESTATE INVESTMENT TRUSTS — 0.5%** |  |  |  |
| 500000 | Prologis Targeted US Logistics Fund LP<sup>(b)</sup> | 5.2500 | 04/01/29 | 513879 |
|  | **RENEWABLE ENERGY — 1.0%** |  |  |  |
| 500000 | Duke Energy Corporation | 4.3000 | 03/15/28 | 500750 |
| 500000 | NextEra Energy Capital Holdings Inc | 5.0000 | 07/15/32 | 506209 |
|  |  |  |  | 1006959 |
|  | **RETAIL - CONSUMER STAPLES — 1.3%** |  |  |  |
| 250000 | Dollar Tree, Inc. | 4.2000 | 05/15/28 | 247698 |
| 500000 | Target Corp | 4.4000 | 01/15/33 | 491942 |

---

See accompanying notes which are an integral part of these financial statements.

**WESMARK BALANCED FUND**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**June 30, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Coupon Rate<br> (%)** | **<br>Maturity** | **<br>Fair Value** |
|  | **CORPORATE BONDS — 22.7% (Continued)** |  |  |  |
|  | **RETAIL - CONSUMER STAPLES — 1.3% (Continued)** |  |  |  |
| 500000 | Walmart, Inc. | 3.9500 | 06/28/38 | $460298 |
|  |  |  |  | 1199938 |
|  | **RETAIL - DISCRETIONARY — 0.6%** |  |  |  |
| 175000 | Home Depot, Inc. (The) | 5.8750 | 12/16/36 | 187783 |
| 500000 | O'Reilly Automotive, Inc. | 4.3500 | 06/01/28 | 501639 |
|  |  |  |  | 689422 |
|  | **SEMICONDUCTORS — 0.5%** |  |  |  |
| 500000 | Broadcom, Inc. | 5.2000 | 04/15/32 | 514387 |
|  | **TECHNOLOGY HARDWARE — 0.6%** |  |  |  |
| 500000 | Dell International LLC / EMC Corp. | 5.7500 | 02/01/33 | 525551 |
|  | **TECHNOLOGY SERVICES — 0.5%** |  |  |  |
| 500000 | PayPal Holdings, Inc. | 4.4000 | 06/01/32 | 494318 |
|  | **TRANSPORTATION & LOGISTICS — 1.0%** |  |  |  |
| 500000 | American Express Company | 5.0430 | 05/01/34 | 504908 |
| 500000 | FedEx Corp<sup>(b)</sup> | 4.2500 | 05/15/30 | 490487 |
|  |  |  |  | 995395 |
|  | **TRANSPORTATION EQUIPMENT — 0.5%** |  |  |  |
| 500000 | PACCAR Financial Corp | 4.4500 | 08/06/27 | 505924 |
|  | **TOTAL CORPORATE BONDS (Cost $21,806,795)** |  |  | 21873148 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Coupon Rate<br> (%)** | **<br>Maturity** | **<br>Fair Value** |
|  | **MUNICIPAL BONDS — 2.5%** |  |  |  |
|  | **HIGHER EDUCATION — 0.6%** |  |  |  |
| 575000 | Marshall University | 3.1770 | 05/01/29 | 551493 |
|  | **LOCAL AUTHORITY — 0.4%** |  |  |  |
| 450000 | Commonwealth Financing Authority | 4.0140 | 06/01/33 | 433647 |

---

See accompanying notes which are an integral part of these financial statements.

**WESMARK BALANCED FUND**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**June 30, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Coupon Rate<br> (%)** | **<br>Maturity** | **<br>Fair Value** |
|  | **MUNICIPAL BONDS — 2.5% (Continued)** |  |  |  |
|  | **SALES TAX — 0.4%** |  |  |  |
| 450000 | Utah Transit Authority | 3.3930 | 12/15/36 | $388009 |
|  | **SCHOOL DISTRICT — 0.4%** |  |  |  |
| 270000 | Belding Area Schools | 6.7000 | 05/01/27 | 270664 |
| 200000 | Charter Oak Unified School District | 2.6810 | 08/01/36 | 160979 |
|  |  |  |  | 431643 |
|  | **TAX INCREMENT FINANCING — 0.7%** |  |  |  |
| 605000 | Columbus-Franklin County Finance Authority | 4.4900 | 11/15/32 | 596202 |
|  | **TOTAL MUNICIPAL BONDS (Cost $2,557,957)** |  |  | 2400994 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Coupon Rate<br> (%)** | **<br>Maturity** | **<br>Fair Value** |
|  | **U.S. GOVERNMENT & AGENCIES — 8.3%** |  |  |  |
|  | **AGENCY MBS OTHER — 3.2%** |  |  |  |
| 688223 | Fannie Mae Pool BL5389 | 2.7100 | 05/01/27 | 670627 |
| 554452 | Fannie Mae Pool AM6756 | 3.5700 | 10/01/29 | 542900 |
| 120395 | Fannie Mae Pool MA3621 | 3.5000 | 03/01/39 | 115964 |
| 42868 | Fannie Mae Pool BN4896 | 4.0000 | 01/01/49 | 40410 |
| 104955 | Fannie Mae Pool MA3592 | 4.0000 | 02/01/49 | 99218 |
| 330175 | Fannie Mae Pool BP4338 | 4.3360 | 03/01/49 | 337812 |
| 412153 | Fannie Mae Pool MA4841 | 5.0000 | 12/01/52 | 406590 |
| 36967 | Freddie Mac Gold Pool G18527 | 3.0000 | 10/01/29 | 36266 |
| 178369 | Freddie Mac Gold Pool G18707 | 3.5000 | 09/01/33 | 175816 |
| 374792 | Government National Mortgage Association Series 126 DA | 3.5000 | 01/20/48 | 356754 |
| 140680 | Small Business Administration Pools 510136 | 5.0000 | 01/25/42 | 141908 |
| 154438 | Small Business Administration Pools 509913 | 4.9000 | 07/25/42 | 154211 |
|  |  |  |  | 3078476 |
|  | **FEDERAL HOME LOAN MORTGAGE CORPORATION — 0.1%** |  |  |  |
| 96967 | FHLMC Series 4517 Class PC | 2.5000 | 05/15/44 | 92853 |
|  | **GOVERNMENT SPONSORED — 0.8%** |  |  |  |
| 750000 | Federal Home Loan Banks | 4.6250 | 11/17/26 | 756650 |

---

See accompanying notes which are an integral part of these financial statements.

**WESMARK BALANCED FUND**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**June 30, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Coupon Rate<br> (%)** | **<br>Maturity** | **<br>Fair Value** |
|  | **U.S. GOVERNMENT & AGENCIES — 8.3% (Continued)** |  |  |  |
|  | **U.S. TREASURY BONDS — 2.0%** |  |  |  |
| 500000 | U.S. Treasury Bonds | 3.5000 | 02/15/39 | $451621 |
| 500000 | United States Treasury Note | 4.0000 | 12/15/25 | 499681 |
| 100000 | United States Treasury Note | 3.8750 | 11/30/27 | 100398 |
| 750000 | United States Treasury Note | 3.5000 | 01/31/30 | 741402 |
| 150000 | United States Treasury Note | 4.5000 | 02/15/36 | 153955 |
|  |  |  |  | 1947057 |
|  | **U.S. TREASURY INFLATION PROTECTED — 0.5%** |  |  |  |
| 500000 | United States Treasury Inflation Indexed Bonds | 1.6250 | 10/15/29 | 516171 |
|  | **U.S. TREASURY NOTES — 1.7%** |  |  |  |
| 500000 | U.S. Treasury Notes | 2.8750 | 08/15/28 | 487813 |
| 500000 | U.S. Treasury Notes | 4.1250 | 11/15/32 | 503555 |
| 150000 | U.S. Treasury Notes | 4.7500 | 02/15/37 | 156275 |
| 500000 | United States Treasury Note B | 4.1250 | 08/31/30 | 507324 |
|  |  |  |  | 1654967 |
|  | **TOTAL U.S. GOVERNMENT & AGENCIES (Cost $8,171,817)** |  |  | 8046174 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENTS — 1.6%** |  |
|  | **MONEY MARKET FUNDS - 1.6%** |  |
| 1503455 | Federated Hermes Government Obligations Fund, 4.26% (Cost $1,503,455)<sup>(c)</sup> | 1503455 |
|  | **TOTAL INVESTMENTS - 98.7% (Cost $70,414,570)** | $95273607 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 1.3%** | 1240128 |
|  | **NET ASSETS - 100.0%** | $96513735 |

---

<sup>(a)</sup> Variable rate security; the rate shown represents the rate on June 30, 2025.

<sup>(b)</sup> Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of June 30, 2025 the total market value of 144A securities is 1,992,567 or 2.1% of net assets.

<sup>(c)</sup> Rate disclosed is the seven day effective yield as of June 30, 2025.

See accompanying notes which are an integral part of these financial statements.

**WESMARK GOVERNMENT BOND FUND**

**SCHEDULE OF INVESTMENTS (Unaudited)**

**June 30, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Coupon Rate<br> (%)** | **<br>Maturity** | **<br>Fair Value** |
|  | **COLLATERALIZED MORTGAGE OBLIGATIONS — 23.6%** |  |  |  |
| 465124 | Fannie Mae REMIC Trust 2003-W18 Series W18 2A | 4.9940 | 06/25/43 | $464178 |
| 521198 | Fannie Mae REMIC Trust 2004-W14 Series W14 1AF | 4.8200 | 07/25/44 | 492803 |
| 2720228 | Fannie Mae REMICS Series 6 BV | 5.5000 | 02/25/35 | 2774061 |
| 2170478 | Fannie Mae REMICS Series 76 D | 5.5000 | 08/25/45 | 2208839 |
| 701159 | Fannie Mae REMICS Series 90 DA | 3.0000 | 08/25/46 | 640441 |
| 2579829 | Fannie Mae REMICS Series 83 DA | 6.0000 | 01/25/48 | 2640281 |
| 398133 | Fannie Mae REMICS Series 74 LB | 3.0000 | 10/25/49 | 367740 |
| 3193286 | Federal Home Loan Mortgage Corporation SD8363 | 6.0000 | 09/01/53 | 3250225 |
| 1351684 | Freddie Mac REMICS Series 5374 AV | 5.5000 | 11/25/34 | 1378164 |
| 1931707 | Freddie Mac REMICS Series 5495 VD | 5.0000 | 11/25/35 | 1971608 |
| 2895652 | Freddie Mac REMICS Series 5497 VA | 5.0000 | 12/25/35 | 2955095 |
| 2780800 | Freddie Mac REMICS Series 5386 CV | 5.5000 | 02/25/37 | 2870988 |
| 547876 | Freddie Mac REMICS Series 4629 QG | 2.5000 | 11/15/46 | 478206 |
| 716926 | Freddie Mac REMICS Series 5227 JW | 4.0000 | 01/25/49 | 700202 |
| 3583893 | Freddie Mac REMICS Series 5020 TP | 2.0000 | 10/25/50 | 2869445 |
| 1699330 | Freddie Mac REMICS Series 5417 E | 5.5000 | 12/25/50 | 1733215 |
| 1670072 | Freddie Mac Strips Series 330 F4<sup>(a)</sup> | 4.8000 | 10/15/37 | 1649577 |
| 175373 | Freddie Mac Structured Pass-Through Certificates Series 55 1A3A | 4.8200 | 03/25/43 | 174725 |
| 501590 | Government National Mortgage Association Series 59 FL | 4.9320 | 05/20/40 | 499240 |
| 407765 | Government National Mortgage Association Series 38 KA | 1.2500 | 02/20/42 | 374463 |
| 6302933 | Government National Mortgage Association Series 39 AE | 1.7500 | 01/20/43 | 5716490 |
| 1740144 | Government National Mortgage Association Series 155 PE | 1.5000 | 09/20/51 | 1501764 |
| 5000000 | Government National Mortgage Association Series 203 B | 2.0000 | 04/16/62 | 2945402 |
|  | **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $43,252,135)** |  |  | 40657152 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **<br>Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 9.3%** |  |  |  |  |
|  | **BANKING — 3.4%** |  |  |  |  |
| 1000000 | Comerica Inc |  | 4.0000 | 02/01/29 | 975318 |
| 1000000 | FNP Corporation |  | 5.7220 | 12/11/30 | 1005985 |
| 1000000 | KeyCorporation |  | 2.2500 | 04/06/27 | 964666 |
| 1000000 | PNC Financial Services |  | 6.0370 | 10/28/33 | 1063817 |

---

See accompanying notes which are an integral part of these financial statements.

**WESMARK GOVERNMENT BOND FUND**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**June 30, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **<br>Spread** | **Coupon Rate<br> (%)** | **<br>Maturity** | **<br>Fair Value** |
|  | **CORPORATE BONDS — 9.3% (Continued)** |  |  |  |  |
|  | **BANKING — 3.4% (Continued)** |  |  |  |  |
| 1000000 | US Bancorp |  | 4.8390 | 02/01/34 | $987785 |
| 1000000 | Wintrust Financial Corporation |  | 4.8500 | 06/06/29 | 968693 |
|  |  |  |  |  | 5966264 |
|  | **BIOTECH & PHARMA — 1.2%** |  |  |  |  |
| 2000000 | Amgen, Inc. |  | 5.2500 | 03/02/33 | 2048746 |
|  | **INSTITUTIONAL FINANCIAL SERVICES — 0.3%** |  |  |  |  |
| 500000 | Morgan Stanley Series F |  | 5.2970 | 04/20/37 | 498328 |
|  | **NON-CONVERTIBLE — 1.8%** |  |  |  |  |
| 3000000 | FIRST TENNESSEE BANK |  | 5.7500 | 05/01/30 | 3069655 |
|  | **OIL & GAS PRODUCERS — 0.6%** |  |  |  |  |
| 1000000 | Kinder Morgan, Inc. |  | 5.2000 | 06/01/33 | 1005251 |
|  | **RETAIL - DISCRETIONARY — 1.7%** |  |  |  |  |
| 2000000 | AutoZone, Inc. |  | 4.7500 | 02/01/33 | 1980646 |
| 1000000 | Genuine Parts Co Sr Nt |  | 4.9500 | 08/15/29 | 1015764 |
|  |  |  |  |  | 2996410 |
|  | **U.S. TREASURY NOTES — 0.3%** |  |  |  |  |
| 500000 | PNC Financial Services Group | SOFR + 1.730% | 6.6150 | 10/20/27 | 514142 |
|  | **TOTAL CORPORATE BONDS (Cost $15,496,813)** |  |  |  | 16098796 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Coupon Rate<br> (%)** | **<br>Maturity** | **<br>Fair Value** |
|  | **MUNICIPAL BONDS — 0.6%** |  |  |  |
|  | **APPROPRIATION — 0.6%** |  |  |  |
| 1000000 | Wheeling Municipal Building Commission | 5.5580 | 08/01/37 | 1011205 |
|  | **TOTAL MUNICIPAL BONDS (Cost $1,000,000)** |  |  | 1011205 |

---

See accompanying notes which are an integral part of these financial statements.

**WESMARK GOVERNMENT BOND FUND**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**June 30, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **U.S. GOVERNMENT & AGENCIES — 61.1% (Continued)** |  |  |  |
|  | **AGENCY MBS OTHER — 37.7%** |  |  |  |
| 3187031 | Fannie Mae Pool AN0897 | 3.4400 | 02/01/32 | $3031751 |
| 2303757 | Fannie Mae Pool BM7239 | 4.5000 | 02/01/41 | 2265040 |
| 1690451 | Fannie Mae Pool MA4715 | 4.5000 | 07/01/42 | 1657604 |
| 3560770 | Fannie Mae Pool MA4780 | 4.5000 | 10/01/42 | 3475379 |
| 3744047 | Fannie Mae Pool MA4801 | 4.5000 | 11/01/42 | 3682037 |
| 1656758 | Fannie Mae Pool MA4865 | 4.5000 | 01/01/43 | 1629318 |
| 1909440 | Fannie Mae Pool MA4904 | 5.5000 | 01/01/43 | 1946190 |
| 1634521 | Fannie Mae Pool MA2711 | 3.0000 | 08/01/46 | 1423616 |
| 849434 | Fannie Mae Pool CB2212 | 1.7470 | 11/01/51 | 764082 |
| 4034604 | Fannie Mae Pool MA4626 | 4.0000 | 06/01/52 | 3761733 |
| 4026367 | Fannie Mae Pool MA4656 | 4.5000 | 07/01/52 | 3860551 |
| 2352173 | Fannie Mae Pool MA4807 | 5.5000 | 11/01/52 | 2367168 |
| 2176587 | Fannie Mae Pool MA4847 | 6.0000 | 11/01/52 | 2220547 |
| 1117890 | Freddie Mac Non Gold Pool | 3.1280 | 05/01/52 | 1049184 |
| 1782452 | Freddie Mac Non Gold Pool 841733 | 2.0930 | 06/01/52 | 1672159 |
| 995281 | Freddie Mac Pool QA6315 | 3.5000 | 01/01/50 | 913625 |
| 4079731 | Freddie Mac Pool SD8222 | 4.0000 | 06/01/52 | 3803810 |
| 2588839 | Freddie Mac Pool SD8265 | 4.0000 | 11/01/52 | 2413342 |
| 4251925 | Freddie Mac Pool SD8299 | 5.0000 | 02/01/53 | 4183753 |
| 863307 | Freddie Mac Pool SD8362 | 5.5000 | 09/01/53 | 864720 |
| 2350605 | Ginnie Mae II Pool MA8192 | 4.0000 | 08/20/52 | 2160456 |
| 2323484 | Ginnie Mae II Pool MA8419 | 5.5000 | 11/20/52 | 2319432 |
| 1240109 | Ginnie Mae II Pool MA8481 | 5.5000 | 12/20/52 | 1237947 |
| 4140475 | UMBS Fannie Mae Pool MA4918 | 5.0000 | 02/01/53 | 4074089 |
| 4140115 | UMBS Freddie Mac Pool SD8257 | 4.5000 | 10/01/52 | 3969904 |
| 4197332 | UMBS Freddie Mac Pool SD8288 | 5.0000 | 01/01/53 | 4135654 |
|  |  |  |  | 64883091 |
|  | **GOVERNMENT SPONSORED — 2.3%** |  |  |  |
| 2000000 | Federal Farm Credit Banks Funding Corp | 3.7300 | 10/22/32 | 1931541 |
| 2000000 | Federal Farm Credit Banks Funding Corporation | 4.0000 | 02/09/33 | 1956222 |
|  |  |  |  | 3887763 |
|  | **U.S. TREASURY BILLS — 2.1%** |  |  |  |
| 2500000 | United States Treasury Note | 2.7500 | 05/31/29 | 2411181 |
| 2000000 | United States Treasury Note | 1.7500 | 08/15/41 | 1328438 |

---

See accompanying notes which are an integral part of these financial statements.

**WESMARK GOVERNMENT BOND FUND**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**June 30, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **U.S. GOVERNMENT & AGENCIES — 61.1% (Continued)** |  |  |  |
|  | **U.S. TREASURY BILLS — 2.1% (Continued)** |  |  | |
|  |  |  |  | $3739619 |
|  | **U.S. TREASURY BONDS — 15.2%** |  |  |  |
| 2500000 | U. S. Treasury Strips |  | 08/15/43 | 1010577 |
| 1000000 | U.S. Treasury Bonds | 1.1250 | 08/15/40 | 615508 |
| 2000000 | U.S. Treasury Bonds | 2.3750 | 02/15/42 | 1455625 |
| 1000000 | U.S. Treasury Bonds | 3.7500 | 11/15/43 | 874063 |
| 3000000 | U.S. Treasury Notes | 2.8750 | 05/15/28 | 2933554 |
| 2000000 | U.S. Treasury Notes | 1.5000 | 02/15/30 | 1810234 |
| 2275000 | U.S. Treasury Strips |  | 08/15/41 | 1035415 |
| 1000000 | United States Treasury Note | 3.8750 | 12/31/27 | 1004375 |
| 2200000 | United States Treasury Strip Coupon |  | 02/15/40 | 1089936 |
| 2150000 | United States Treasury Strip Coupon |  | 05/15/40 | 1049224 |
| 2200000 | United States Treasury Strip Coupon |  | 11/15/40 | 1043984 |
| 2300000 | United States Treasury Strip Coupon |  | 02/15/41 | 1076757 |
| 2200000 | United States Treasury Strip Coupon |  | 05/15/41 | 1016113 |
| 2220000 | United States Treasury Strip Coupon |  | 02/15/42 | 979668 |
| 4565000 | United States Treasury Strip Coupon |  | 05/15/42 | 1984394 |
| 2265000 | United States Treasury Strip Coupon |  | 08/15/42 | 970547 |
| 2400000 | United States Treasury Strip Coupon |  | 11/15/42 | 1014532 |
| 2320000 | United States Treasury Strip Coupon |  | 02/15/43 | 966821 |
| 3000000 | United States Treasury Strip Coupon |  | 05/15/43 | 1232818 |
| 2500000 | United States Treasury Strip Coupon |  | 11/15/43 | 998160 |
| 2440000 | United States Treasury Strip Coupon |  | 02/15/44 | 961226 |
| 2475000 | United States Treasury Strip Coupon |  | 05/15/44 | 962080 |
|  |  |  |  | 26085611 |
|  | **U.S. TREASURY NOTES — 3.8%** |  |  |  |
| 2500000 | U.S. Treasury Notes | 2.8750 | 08/15/28 | 2439063 |
| 1000000 | U.S. Treasury Notes | 4.6250 | 03/15/26 | 1003595 |
| 2000000 | United States Treasury Note | 0.6250 | 08/15/30 | 1706133 |
| 2000000 | United States Treasury Note/Bond | 2.0000 | 11/15/41 | 1376094 |
|  |  |  |  | 6524885 |
|  | **TOTAL U.S. GOVERNMENT & AGENCIES (Cost $108,156,029)** |  |  | 105120969 |

---

See accompanying notes which are an integral part of these financial statements.

**WESMARK GOVERNMENT BOND FUND**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**June 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENTS — 3.6%** |  |
|  | **MONEY MARKET FUND - 3.6%** |  |
| 6284224 | Federated Hermes Government Obligations Fund, 4.26% (Cost $6,284,224)<sup>(c)</sup> | $6284224 |
|  | **TOTAL INVESTMENTS - 98.2% (Cost $174,189,201)** | $169172346 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 1.8%** | 3027286 |
|  | **NET ASSETS - 100.0%** | $172199632 |

---

<sup>(a)</sup> Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets.

<sup>(b)</sup> Variable rate security; the rate shown represents the rate on June 30, 2025.

<sup>(c)</sup> Rate disclosed is the seven day effective yield as of June 30, 2025.

See accompanying notes which are an integral part of these financial statements.

**WESMARK WEST VIRGINIA MUNICIPAL BOND FUND**

**SCHEDULE OF INVESTMENTS (Unaudited)**

**June 30, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **MUNICIPAL BONDS — 100.0%** |  |  |  |
|  | **APPROPRIATION — 21.7%** |  |  |  |
| 580000 | Berkeley County Building Commission | 2.0000 | 06/01/35 | $463907 |
| 750000 | Berkeley County Building Commission | 2.0000 | 06/01/40 | 505319 |
| 400000 | Berkeley County Building Commission | 4.0000 | 06/01/40 | 390120 |
| 950000 | Brooke County Building Commission | 3.0000 | 12/01/36 | 853737 |
| 265000 | City of Buckhannon WV | 3.7000 | 12/01/28 | 255407 |
| 545000 | Fayette County Board of Education/WV | 2.2500 | 10/01/30 | 486439 |
| 500000 | Fayette County Board of Education/WV | 2.0000 | 10/01/31 | 431460 |
| 640000 | Fayette County Board of Education/WV | 2.2500 | 10/01/32 | 544150 |
| 565000 | Fayette County Board of Education/WV | 2.5000 | 10/01/33 | 480811 |
| 355000 | Hampshire County Building Commission | 3.0000 | 01/01/29 | 333105 |
| 380000 | Hampshire County Building Commission | 3.0000 | 01/01/31 | 343318 |
| 1660000 | Hampshire County Building Commission | 4.2500 | 01/01/35 | 1635939 |
| 1000000 | Harrison County Building Commission | 3.5000 | 10/01/35 | 883933 |
| 1000000 | Jefferson County Building Commission | 4.8750 | 07/01/45 | 997018 |
| 900000 | Jefferson County School District Finance Corp | 3.0000 | 12/01/35 | 813338 |
| 900000 | Kanawha County Public Building Commission | 4.0000 | 12/01/39 | 880631 |
| 850000 | Lewis County Building Commission | 4.7500 | 02/01/38 | 851132 |
| 2320000 | Monongalia County Building Commission | 2.0000 | 02/01/34 | 1914146 |
| 1030000 | Moundsville Building Commission | 4.0000 | 08/01/37 | 1009975 |
| 700000 | Parkersburg Municipal Building Commission | 4.2500 | 11/01/44 | 638752 |
| 500000 | Putnam County Building Commission | 4.0000 | 05/01/37 | 501089 |
| 500000 | West Virginia Commissioner of Highways | 5.0000 | 09/01/29 | 520747 |
| 1650000 | West Virginia Economic Development Authority | 4.7500 | 08/01/29 | 1652648 |
| 310000 | West Virginia Economic Development Authority | 3.5000 | 06/01/30 | 310031 |
| 670000 | West Virginia Economic Development Authority | 3.5000 | 06/01/30 | 670067 |
| 355000 | West Virginia Economic Development Authority | 3.5000 | 06/01/30 | 355036 |
|  |  |  |  | 18722255 |
|  | **BOND BANK — 1.1%** |  |  |  |
| 500000 | West Virginia Water Development Authority | 5.0000 | 10/01/32 | 509533 |
| 500000 | West Virginia Water Development Authority | 4.0000 | 10/01/41 | 462352 |
|  |  |  |  | 971885 |
|  | **HIGHER EDUCATION — 4.4%** |  |  |  |
| 400000 | West Virginia Higher Education Policy Commission | 3.6000 | 04/01/27 | 400052 |
| 100000 | West Virginia Higher Education Policy Commission | 4.0000 | 04/01/34 | 97906 |

---

See accompanying notes which are an integral part of these financial statements.

**WESMARK WEST VIRGINIA MUNICIPAL BOND FUND**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**June 30, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **MUNICIPAL BONDS — 100.0% (Continued)** |  |  |  |
|  | **HIGHER EDUCATION — 4.4% (Continued)** |  |  |  |
| 1730000 | West Virginia Higher Education Policy Commission | 5.0000 | 07/01/34 | $1771829 |
| 485000 | West Virginia University | 5.2500 | 04/01/28 | 499599 |
| 1000000 | West Virginia University | 4.0000 | 10/01/37 | 992474 |
|  |  |  |  | 3761860 |
|  | **HOSPITALS — 3.7%** |  |  |  |
| 1000000 | West Virginia Hospital Finance Authority | 4.0000 | 06/01/29 | 1006390 |
| 500000 | West Virginia Hospital Finance Authority | 4.0000 | 06/01/34 | 496197 |
| 1000000 | West Virginia Hospital Finance Authority | 5.2500 | 06/01/43 | 1036554 |
| 595000 | West Virginia Hospital Finance Authority | 5.2500 | 06/01/45 | 609340 |
|  |  |  |  | 3148481 |
|  | **OTHER — 3.0%** |  |  |  |
| 500000 | West Virginia Economic Development Authority | 3.0000 | 06/15/31 | 488738 |
| 1000000 | West Virginia Economic Development Authority | 5.0000 | 07/01/32 | 1033872 |
| 515000 | West Virginia Lottery Excess Lottery Revenue | 5.0000 | 07/01/26 | 515880 |
| 535000 | West Virginia Lottery Excess Lottery Revenue | 5.0000 | 07/01/27 | 536047 |
|  |  |  |  | 2574537 |
|  | **PRIMARY AND SECONDARY EDUCATION — 1.1%** |  |  |  |
| 1040000 | Anderson-Shiro Consolidated Ind School District | 4.0000 | 02/15/46 | 939938 |
|  | **SCHOOL DISTRICT — 9.8%** |  |  |  |
| 2000000 | Cabell County Board of Education | 2.0000 | 06/01/33 | 1682573 |
| 2265000 | Hancock County Board of Education | 3.2500 | 05/01/36 | 2143421 |
| 3000000 | Ohio County Board of Education | 3.0000 | 06/01/33 | 2824442 |
| 635000 | Ohio County Board of Education | 3.0000 | 06/01/34 | 592426 |
| 700000 | Wood County Board of Education | 4.0000 | 06/01/38 | 685418 |
| 500000 | Wyoming County Board of Education | 4.0000 | 06/01/39 | 479729 |
|  |  |  |  | 8408009 |
|  | **SINGLE-FAMILY HOUSING — 18.2%** |  |  |  |
| 500000 | West Virginia Housing Development Fund | 3.4500 | 05/01/30 | 502436 |
| 1100000 | West Virginia Housing Development Fund | 3.4500 | 11/01/30 | 1103875 |
| 500000 | West Virginia Housing Development Fund | 2.0000 | 11/01/32 | 439879 |
| 1500000 | West Virginia Housing Development Fund | 3.7000 | 11/01/32 | 1490183 |
| 500000 | West Virginia Housing Development Fund | 3.4500 | 11/01/33 | 482397 |
| 1000000 | West Virginia Housing Development Fund | 4.1000 | 11/01/33 | 1025093 |

---

See accompanying notes which are an integral part of these financial statements.

**WESMARK WEST VIRGINIA MUNICIPAL BOND FUND**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**June 30, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **MUNICIPAL BONDS — 100.0% (Continued)** |  |  |  |
|  | **SINGLE-FAMILY HOUSING — 18.2% (Continued)** |  |  |  |
| 375000 | West Virginia Housing Development Fund | 3.8000 | 05/01/34 | $373855 |
| 500000 | West Virginia Housing Development Fund | 3.3750 | 11/01/34 | 467300 |
| 370000 | West Virginia Housing Development Fund | 3.8500 | 11/01/34 | 368915 |
| 500000 | West Virginia Housing Development Fund | 4.3750 | 05/01/35 | 502419 |
| 800000 | West Virginia Housing Development Fund | 2.0500 | 11/01/35 | 635643 |
| 500000 | West Virginia Housing Development Fund | 3.8000 | 05/01/36 | 480532 |
| 1575000 | West Virginia Housing Development Fund | 3.8000 | 11/01/37 | 1503737 |
| 1500000 | West Virginia Housing Development Fund | 4.1500 | 11/01/38 | 1457991 |
| 1000000 | West Virginia Housing Development Fund | 4.1500 | 11/01/38 | 971995 |
| 1000000 | West Virginia Housing Development Fund | 4.0000 | 11/01/39 | 970080 |
| 500000 | West Virginia Housing Development Fund | 4.4500 | 11/01/43 | 496609 |
| 1000000 | West Virginia Housing Development Fund | 4.3000 | 11/01/44 | 947459 |
| 500000 | West Virginia Housing Development Fund | 4.7000 | 11/01/44 | 489834 |
| 1000000 | West Virginia Housing Development Fund | 4.7500 | 11/01/45 | 985033 |
|  |  |  |  | 15695265 |
|  | **STATE — 3.3%** |  |  |  |
| 300000 | State of West Virginia | 3.2500 | 06/01/33 | 294207 |
| 500000 | State of West Virginia | 5.0000 | 06/01/35 | 521162 |
| 1000000 | State of West Virginia | 5.0000 | 12/01/40 | 1020179 |
| 1140000 | State of West Virginia | 4.0000 | 12/01/42 | 1047623 |
|  |  |  |  | 2883171 |
|  | **WATER AND SEWER — 33.7%** |  |  |  |
| 370000 | Berkeley County Public Service District | 3.0000 | 12/01/29 | 367407 |
| 380000 | Berkeley County Public Service District | 4.5000 | 12/01/33 | 380237 |
| 450000 | Berkeley County Public Service District | 3.4000 | 12/01/34 | 434194 |
| 1000000 | Berkeley County Public Service District | 4.0000 | 12/01/39 | 965871 |
| 1000000 | Berkeley County Public Service District | 4.2500 | 12/01/49 | 908247 |
| 620000 | Berkeley County Public Service Sewer District | 5.3000 | 03/01/29 | 620849 |
| 1500000 | Berkeley County Public Service Sewer District | 4.5000 | 10/01/32 | 1500698 |
| 1000000 | Berkeley County Public Service Sewer District | 4.2500 | 06/01/45 | 905472 |
| 1000000 | Berkeley County Public Service Sewer District | 4.3750 | 06/01/49 | 908407 |
| 595000 | City of Buckhannon WV Waterworks Revenue | 4.0000 | 03/01/29 | 594976 |
| 620000 | City of Charles Town WV Waterworks & Sewerage | 4.0000 | 03/01/29 | 624811 |
| 310000 | City of Charles Town WV Waterworks & Sewerage | 4.0000 | 06/01/31 | 312585 |

---

See accompanying notes which are an integral part of these financial statements.

**WESMARK WEST VIRGINIA MUNICIPAL BOND FUND**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**June 30, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **MUNICIPAL BONDS — 100.0% (Continued)** |  |  |  |
|  | **WATER AND SEWER — 33.7% (Continued)** |  |  |  |
| 400000 | City of Charles Town WV Waterworks & Sewerage | 2.2500 | 06/01/35 | $328249 |
| 315000 | City of Charles Town WV Waterworks & Sewerage | 3.0000 | 06/01/41 | 253007 |
| 310000 | City of Charleston Sewerage System, Revenue | 4.0000 | 07/01/31 | 312484 |
| 275000 | City of Charleston WV Sewerage System Revenue | 4.0000 | 07/01/32 | 276643 |
| 300000 | City of Clarksburg WV Water Revenue | 2.0000 | 06/01/34 | 242488 |
| 795000 | City of Salem WV Sewer Revenue | 4.0000 | 12/01/32 | 789166 |
| 600000 | City of St Albans WV Combined Waterworks | 4.0000 | 12/01/27 | 595167 |
| 500000 | City of Wheeling WV Waterworks & Sewerage System | 4.0000 | 06/01/35 | 506521 |
| 500000 | City of Wheeling WV Waterworks & Sewerage System | 4.0000 | 06/01/36 | 504233 |
| 110000 | Claywood Park Public Service District WV | 3.2000 | 11/01/29 | 104396 |
| 225000 | Claywood Park Public Service District WV | 3.4000 | 11/01/31 | 210420 |
| 680000 | Claywood Park Public Service District WV | 3.0000 | 11/01/41 | 537440 |
| 950000 | Claywood Park Public Service District WV Wate | 3.0000 | 11/01/36 | 845395 |
| 750000 | Greenbrier Public Service District No 1 | 5.0000 | 10/01/37 | 794299 |
| 1910000 | Mason County Public Service District Water Revenue | 3.0000 | 12/01/36 | 1735798 |
| 1000000 | Morgantown Utility Board Inc | 4.0000 | 12/01/29 | 1011801 |
| 1000000 | Morgantown Utility Board Inc | 4.0000 | 12/01/31 | 1008328 |
| 200000 | Morgantown Utility Board Inc | 3.7500 | 10/01/32 | 199946 |
| 500000 | Morgantown Utility Board Inc | 3.2500 | 12/01/32 | 495312 |
| 500000 | Morgantown Utility Board Inc | 4.0000 | 12/01/34 | 512423 |
| 1430000 | Morgantown Utility Board Inc | 3.5000 | 12/01/35 | 1390630 |
| 1500000 | Morgantown Utility Board Inc | 3.0000 | 12/01/40 | 1248516 |
| 1000000 | Putnam Public Service District | 4.0000 | 12/01/39 | 890098 |
| 1150000 | Putnam Public Service District | 3.0000 | 11/01/40 | 959448 |
| 1000000 | Putnam Public Service District | 3.0000 | 04/01/41 | 820219 |
| 1000000 | Putnam Public Service District | 3.0000 | 06/01/41 | 815390 |
| 1000000 | Putnam Public Service District | 3.6250 | 12/01/45 | 758371 |
| 1000000 | Raleigh County Public Service District | 3.0000 | 06/01/37 | 897406 |
| 380000 | Shepherdstown Corp | 3.3000 | 03/01/32 | 366468 |
| 1000000 | West Virginia Water Development Authority | 5.0000 | 07/01/34 | 1136104 |
|  |  |  |  | 29069920 |
|  | **TOTAL MUNICIPAL BONDS (Cost $91,939,621)** |  |  | 86175321 |

---

See accompanying notes which are an integral part of these financial statements.

**WESMARK WEST VIRGINIA MUNICIPAL BOND FUND**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**June 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENTS — 3.6%** |  |
|  | **MONEY MARKET FUNDS - 3.6%** |  |
| 3072664 | Federated Hermes Government Obligations Fund, 4.26% (Cost$3,072,664)<sup>(a)</sup> | $3072664 |
|  | **TOTAL INVESTMENTS - 103.6% (Cost $95,012,285)** | $89247985 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (3.6)%** | (3062627) |
|  | **NET ASSETS - 100.0%** | $86185358 |

---

<sup>(a)</sup> Rate disclosed is the seven day effective yield as of June 30, 2025.

See accompanying notes which are an integral part of these financial statements.

**WESMARK TACTICAL OPPORTUNITY FUND**

**SCHEDULE OF INVESTMENTS (Unaudited)**

**June 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 99.0%** |  |
|  | **COMMODITY - 15.0%** |  |
| 156995 | Invesco Optimum Yield Diversified Commodity<sup>(a)</sup> | $2047215 |
| 30000 | iShares Bloomberg Roll Select Commodity Strategy<sup>(a)</sup> | 1513110 |
| 11726 | SPDR<sup>®</sup> Gold Shares<sup>(a)</sup> | 3574436 |
|  |  | 7134761 |
|  | **DIVERISIFIED FUNDS - 7.6%** |  |
| 59137 | Ishares Msci Acwi Index Fund<sup>(a)</sup> | 3603809 |
|  | **EQUITY - 17.4%** |  |
| 5500 | SPDR<sup>®</sup> S&P 500<sup>®</sup> ETF Trust | 3398175 |
| 37341 | Vanguard Mega Cap Value ETF<sup>(a)</sup> | 4899139 |
|  |  | 8297314 |
|  | **EUROPE FUNDS - 3.0%** |  |
| 18300 | Vanguard<sup>®</sup> FTSE Europe ETF<sup>(a)</sup> | 1418250 |
|  | **EXCHANGE-TRADED FUNDS - 56.0%** |  |
| 18594 | Energy Select Sector SPDR<sup>®</sup> Fund | 1576957 |
| 11000 | Invesco S&P 500 Equal Weight ETF | 1999140 |
| 12500 | iShares 1-3 Year Treasury Bond ETF<sup>(a)</sup> | 1035750 |
| 55252 | iShares Core U.S. Aggregate Bond ETF<sup>(a)</sup> | 5480998 |
| 12000 | iShares Expanded Tech-Software Sector ETF<sup>(a)</sup> | 1314000 |
| 59038 | iShares iBoxx $ Investment Grade Corporate Bond ETF | 6471156 |
| 8647 | iShares Nasdaq Biotechnology ETF<sup>(a)</sup> | 1093932 |
| 29732 | iShares Russell 2000 Index Fund | 6415869 |
| 15000 | Materials Select Sector SPDR<sup>®</sup> Fund | 1317150 |
|  |  | 26704952 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $40,398,273)** | 47159086 |

---

See accompanying notes which are an integral part of these financial statements.

**WESMARK TACTICAL OPPORTUNITY FUND**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**June 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENT — 0.6%** |  |
|  | **MONEY MARKET FUND - 0.6%** |  |
| 306098 | Federated Hermes Government Obligations Fund, 4.26% (Cost $306,098)<sup>(b)</sup> | $306098 |
|  | **TOTAL INVESTMENTS - 99.6% (Cost $40,704,371)** | $47465184 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.4%** | 189926 |
|  | **NET ASSETS - 100.0%** | $47655110 |

---

<sup>(a)</sup> Non-income producing security. <br> <sup>(b)</sup> Rate disclosed is the seven day effective yield as of June 30, 2025.

See accompanying notes which are an integral part of these financial statements.

***WesMark Funds***

**STATEMENTS OF ASSETS AND LIABILITIES (Unaudited)**

**June 30, 2025**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **WesMark<br> Small Company**<br> **Fund** | **WesMark<br> Large Company<br> Fund** | **WesMark**<br> **Balanced<br> Fund** | **WesMark<br> Government Bond<br> Fund** | **WesMark<br> West Virginia<br> Municipal Bond<br> Fund** | **WesMark<br> Tactical<br> Opportunity<br> Fund** |
| **ASSETS** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment securities: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments, At cost | $95048685 | $161654724 | $70414570 | $174189201 | $95012285 | $40704371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments, At value | $144862630 | $331847856 | $95273607 | $169172346 | $89247985 | $47465184 |
| &nbsp;&nbsp;&nbsp;Cash | 114719 | 109177 |  | 105884 |  |  |
| &nbsp;&nbsp;&nbsp;Dividends and interest receivable | 88276 | 176214 | 380677 | 828182 | 683686 | 35540 |
| &nbsp;&nbsp;&nbsp;Receivable for Fund shares sold | 165017 | 650522 | 1280649 | 3089508 | 30927 | 425661 |
| &nbsp;&nbsp;&nbsp;Receivable for investments sold |  | 3327313 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | 18802 | 23636 | 16817 | 14325 | 21283 | 20213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL ASSETS** | 145249444 | 336134718 | 96951750 | 173210245 | 89983881 | 47946598 |
| **LIABILITIES** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Payable for investments purchased |  |  |  |  | 1635160 |  |
| &nbsp;&nbsp;&nbsp;Distributions payable |  |  |  | 497388 | 170919 |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees payable | 174153 | 401918 | 116415 | 167838 | 85927 | 57923 |
| &nbsp;&nbsp;&nbsp;Payable for Fund shares repurchased | 1823137 | 3766280 | 237728 | 239900 | 6400 | 96551 |
| &nbsp;&nbsp;&nbsp;Audit fees payable | 10002 | 10002 | 10002 | 10158 | 10159 | 10002 |
| &nbsp;&nbsp;&nbsp;Payable to related parties | 15532 | 31678 | 12280 | 17091 | 13632 | 8677 |
| &nbsp;&nbsp;&nbsp;Custody fees payable | 3437 | 7667 | 2885 | 3892 | 2471 | 1376 |
| &nbsp;&nbsp;&nbsp;Transfer Agent fees Payable | 3319 | 4612 | 3492 | 3259 | 2662 | 2371 |
| &nbsp;&nbsp;&nbsp;Due to custodian |  |  | 15276 |  | 1835390 | 95049 |
| &nbsp;&nbsp;&nbsp;Distribution (12b-1) fees payable | 58044 | 133963 | 38803 | 69930 | 35803 | 19307 |
| &nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | 122 | 543 | 1134 | 1157 |  | 232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL LIABILITIES** | 2087746 | 4356663 | 438015 | 1010613 | 3798523 | 291488 |
| **NET ASSETS** | $**143161698** | $**331778055** | $**96513735** | $**172199632** | $**86185358** | $**47655110** |
| **Net Assets Consist Of:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid in capital | $76200192 | $112931373 | $67489526 | $221662823 | $92810311 | $40376329 |
| &nbsp;&nbsp;&nbsp;Accumulated earnings (deficit) | 66961506 | 218846682 | 29024209 | (49463191) | (6624953) | 7278781 |
| **NET ASSETS** | $**143161698** | $**331778055** | $**96513735** | $**172199632** | $**86185358** | $**47655110** |
| **Net Asset Value Per Share:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $**143161698** | $**331778055** | $**96513735** | $**172199632** | $**86185358** | $**47655110** |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | **8787253** | **14105387** | **7237686** | **21817977** | **8988940** | **3906164** |
| &nbsp;&nbsp;&nbsp;Net asset value, offering and redemption price per share (Net Assets ÷ Shares Outstanding) | $**16.29** | $**23.52** | $**13.33** | $**7.89** | $**9.59** | $**12.20** |

---

See accompanying notes to financial statements.

***WesMark Funds***

**STATEMENTS OF OPERATIONS (Unaudited)**

**For the Six Months Ended June 30, 2025**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **WesMark<br> Small Company<br> Fund** | **WesMark<br> Large Company<br> Fund** | **WesMark<br> Balanced<br> Fund** | **WesMark<br> Government Bond<br> Fund** | **WesMark<br> West Virginia<br> Municipal Bond Fund** | **WesMark<br> Tactical Opportunity<br> Fund** |
| **INVESTMENT INCOME** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends | $678808 | $2084824 | $1556360 | $3824850 | $1465176 | $470987 |
| &nbsp;&nbsp;&nbsp;Interest |  |  |  |  |  | 10987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENT INCOME** | 678808 | 2084824 | 1556360 | 3824850 | 1465176 | 481974 |
| **EXPENSES** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees | 499932 | 1189604 | 351530 | 509029 | 258274 | 172051 |
| &nbsp;&nbsp;&nbsp;Shareholder servicing fee | 162575 | 381460 | 116011 | 211526 | 107207 |  |
| &nbsp;&nbsp;&nbsp;Administrative services | 59554 | 97704 | 49967 | 66402 | 14659 | 11520 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 16807 | 26682 | 18945 | 15661 | 11911 | 10768 |
| &nbsp;&nbsp;&nbsp;Trustees fees and expenses | 14581 | 26556 | 13472 | 17314 | 12706 | 10390 |
| &nbsp;&nbsp;&nbsp;Custodian fees | 11113 | 20871 | 8249 | 11590 | 7680 | 5365 |
| &nbsp;&nbsp;&nbsp;Audit fees | 10252 | 10252 | 10252 | 10408 | 10409 | 10252 |
| &nbsp;&nbsp;&nbsp;Legal fees | 9494 | 9495 | 10490 | 9506 | 11674 | 9506 |
| &nbsp;&nbsp;&nbsp;Registration fees | 7386 | 6641 | 6237 | 6641 | 3928 | 7464 |
| &nbsp;&nbsp;&nbsp;Insurance expense | 3084 | 8485 | 2503 | 4392 | 2157 | 1171 |
| &nbsp;&nbsp;&nbsp;Accounting services fees | 2681 | 2066 | 8935 | 2066 | 45386 | 28793 |
| &nbsp;&nbsp;&nbsp;Printing and postage expenses | 2476 | 3214 | 2546 | 2319 | 2167 | 2198 |
| &nbsp;&nbsp;&nbsp;Other Expenses | 1652 | 4803 | 1469 | 4702 | 1328 | 1977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**NET EXPENSES** | 801587 | 1787833 | 600606 | 871556 | 489486 | 271455 |
| **NET INVESTMENT INCOME (LOSS)** | (122779) | 296991 | 955754 | 2953294 | 975690 | 210519 |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on Investments | 11173550 | 25497440 | 2978426 | (110453) | (777568) | 954434 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) of Investments | (3057356) | (17975971) | (1309786) | 3542489 | (65718) | 1512045 |
| **NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS** | 8116194 | 7521469 | 1668640 | 3432036 | (843286) | 2466479 |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $**7993415** | $**7818460** | $**2624394** | $**6385330** | $**132404** | $**2676998** |

---

See accompanying notes to financial statements.

***WesMark Small Company Fund***

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br> June 30,<br> 2025<br> (Unaudited)** | **Year Ended<br> December 31,<br> 2024** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss | $(122779) | $(252537) |
| &nbsp;&nbsp;&nbsp;Net realized gain on investments | 11173550 | 11871980 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments | (3057356) | 13525231 |
| &nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations | 7993415 | 25144674 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;Total distributions paid |  | (6162933) |
| &nbsp;&nbsp;&nbsp;Decrease in net assets resulting from distributions to shareholders |  | (6162933) |
| **FROM SHARES OF BENEFICIAL INTEREST** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 9697852 | 15606501 |
| &nbsp;&nbsp;&nbsp;Distributions Reinvested |  | 1108341 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (7793849) | (12088079) |
| &nbsp;&nbsp;&nbsp;Net increase in net assets resulting from shares of beneficial interest | 1904003 | 4626763 |
| **TOTAL INCREASE IN NET ASSETS** | 9897418 | 23608504 |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Period | 133264280 | 109655776 |
| &nbsp;&nbsp;&nbsp;End of Period | $**143161698** | $**133264280** |
| **SHARE ACTIVITY** |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 648685 | 1072836 |
| &nbsp;&nbsp;&nbsp;Distributions Reinvested |  | 69228 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (504823) | (812014) |
| &nbsp;&nbsp;&nbsp;Net increase in shares of beneficial interest outstanding | 143862 | 330050 |

---

See accompanying notes to financial statements.

***WesMark Large Company Fund***

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br> June 30,<br> 2025<br> (Unaudited)** | **Year Ended<br> December 31,<br> 2024** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $296991 | $239351 |
| &nbsp;&nbsp;&nbsp;Net realized gain on investments | 25497440 | 57132125 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments | (17975971) | 8556518 |
| &nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations | 7818460 | 65927994 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;Total distributions paid: | (287345) | (45658354) |
| &nbsp;&nbsp;&nbsp;Net decrease in net assets resulting from distributions to shareholders | (287345) | (45658354) |
| **FROM SHARES OF BENEFICIAL INTEREST** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 9948025 | 20527554 |
| &nbsp;&nbsp;&nbsp;Distributions Reinvested | 82121 | 12599731 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (17364627) | (36077788) |
| &nbsp;&nbsp;&nbsp;Net decrease in net assets resulting from shares of beneficial interest | (7334481) | (2950503) |
| **TOTAL INCREASE IN NET ASSETS** | 196634 | 17319137 |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Period | 331581421 | 314262284 |
| &nbsp;&nbsp;&nbsp;End of Period | $**331778055** | $**331581421** |
| **SHARE ACTIVITY** |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 457863 | 861327 |
| &nbsp;&nbsp;&nbsp;Distributions Reinvested | 3666 | 531370 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (775979) | (1504730) |
| &nbsp;&nbsp;&nbsp;Net decrease in shares of beneficial interest outstanding | (314450) | (112033) |

---

See accompanying notes to financial statements.

***WesMark Balanced Fund***

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br> June 30,<br> 2025<br> (Unaudited)** | **Year Ended<br> December 31,<br> 2024** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $955754 | $1920227 |
| &nbsp;&nbsp;&nbsp;Net realized gain on investments | 2978426 | 7849696 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized depreciation on investments | (1309786) | (911668) |
| &nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations | 2624394 | 8858255 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;Total distributions paid: | (926317) | (8988683) |
| &nbsp;&nbsp;&nbsp;Net decrease in net assets resulting from distributions to shareholders | (926317) | (8988683) |
| **FROM SHARES OF BENEFICIAL INTEREST** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 3937503 | 10006749 |
| &nbsp;&nbsp;&nbsp;Distributions Reinvested | 149189 | 1434722 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (6094744) | (13085637) |
| &nbsp;&nbsp;&nbsp;Net decrease in net assets resulting from shares of beneficial interest | (2008052) | (1644166) |
| **TOTAL DECREASE IN NET ASSETS** | (309975) | (1774594) |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Period | 96823710 | 98598304 |
| &nbsp;&nbsp;&nbsp;End of Period | $**96513735** | $**96823710** |
| **SHARE ACTIVITY** |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 299457 | 740919 |
| &nbsp;&nbsp;&nbsp;Distributions Reinvested | 11577 | 107579 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (471336) | (949904) |
| &nbsp;&nbsp;&nbsp;Net decrease in shares of beneficial interest outstanding | (160302) | (101406) |

---

See accompanying notes to financial statements.

***WesMark Government Bond Fund***

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br> June 30,<br> 2025<br> (Unaudited)** | **Year Ended<br> December 31,<br> 2024** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $2953294 | $6014687 |
| &nbsp;&nbsp;&nbsp;Net realized loss on investments | (110453) | (7214843) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on investments | 3542489 | 2755343 |
| &nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations | 6385330 | 1555187 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;Total distributions paid | (3032576) | (6079756) |
| &nbsp;&nbsp;&nbsp;Decrease in net assets resulting from distributions to shareholders | (3032576) | (6079756) |
| **FROM SHARES OF BENEFICIAL INTEREST** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 8879289 | 20660418 |
| &nbsp;&nbsp;&nbsp;Distributions Reinvested | 188612 | 400133 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (13013774) | (26295709) |
| &nbsp;&nbsp;&nbsp;Net decrease in net assets resulting from shares of beneficial interest | (3945873) | (5235158) |
| **TOTAL DECREASE IN NET ASSETS** | (593119) | (9759727) |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Period | 172792751 | 182552478 |
| &nbsp;&nbsp;&nbsp;End of Period | $**172199632** | $**172792751** |
| **SHARE ACTIVITY** |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 1148396 | 2630733 |
| &nbsp;&nbsp;&nbsp;Distributions Reinvested | 28154 | 51076 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (1678837) | (3351165) |
| &nbsp;&nbsp;&nbsp;Net decrease in shares of beneficial interest outstanding | (502287) | (669356) |

---

See accompanying notes to financial statements.

***WesMark West Virginia Municipal Bond Fund***

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br> June 30,<br> 2025<br> (Unaudited)** | **Year Ended<br> December 31,<br> 2024** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $975690 | $1801494 |
| &nbsp;&nbsp;&nbsp;Net realized loss on investments | (777568) | (8324) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized depreciation on investments | (65718) | (1876554) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 132404 | (83384) |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;Total distributions paid: | (978174) | (1790663) |
| &nbsp;&nbsp;&nbsp;Net decrease in net assets resulting from distributions to shareholders | (978174) | (1790663) |
| **FROM SHARES OF BENEFICIAL INTEREST** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 1625612 | 8748170 |
| &nbsp;&nbsp;&nbsp;Distributions Reinvested | 72192 | 140117 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (2855796) | (8407229) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from shares of beneficial interest | (1157992) | 481058 |
| **TOTAL DECREASE IN NET ASSETS** | (2003762) | (1392989) |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Period | 88189120 | 89582109 |
| &nbsp;&nbsp;&nbsp;End of Period | $**86185358** | $**88189120** |
| **SHARE ACTIVITY** |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 177698 | 892696 |
| &nbsp;&nbsp;&nbsp;Distributions Reinvested | 8816 | 14418 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (307338) | (861908) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in shares of beneficial interest outstanding | (120824) | 45206 |

---

See accompanying notes to financial statements.

***WesMark Tactical Opportunity Fund***

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br> June 30,<br> 2025<br> (Unaudited)** | **Year Ended<br> December 31,<br> 2024** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $210519 | $674683 |
| &nbsp;&nbsp;&nbsp;Net realized gain on investments | 954434 | 1389959 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on investments | 1512045 | 1156475 |
| &nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations | 2676998 | 3221117 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;Total distributions paid: | (424212) | (670785) |
| &nbsp;&nbsp;&nbsp;Net decrease in net assets resulting from distributions to shareholders | (424212) | (670785) |
| **FROM SHARES OF BENEFICIAL INTEREST** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 1983358 | 5962354 |
| &nbsp;&nbsp;&nbsp;Distributions Reinvested | 3982 | 6016 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (2480563) | (7393321) |
| &nbsp;&nbsp;&nbsp;Net decrease in net assets resulting from shares of beneficial interest | (493223) | (1424951) |
| **TOTAL INCREASE IN NET ASSETS** | 1759563 | 1125381 |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Period | 45895547 | 44770166 |
| &nbsp;&nbsp;&nbsp;End of Period | $**47655110** | $**45895547** |
| **SHARE ACTIVITY** |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 178720 | 515254 |
| &nbsp;&nbsp;&nbsp;Distributions Reinvested | 335 | 531 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (217677) | (637727) |
| &nbsp;&nbsp;&nbsp;Net decrease in shares of beneficial interest outstanding | (38622) | (121942) |

---

See accompanying notes to financial statements.

***WesMark Small Company Fund***

**FINANCIAL HIGHLIGHTS**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended<br> June 30,<br> 2025** | **Year Ended<br> December 31,<br> 2024** | **Year Ended<br> December 31,<br> 2023** | **Year Ended<br> December 31,<br> 2022** | **Year Ended<br> December 31,<br> 2021** | **Year Ended<br> December 31,<br> 2020** |
|  | **(Unaudited)** | | | | | |
| Net asset value, beginning of year/period | $15.42 | $13.19 | $11.71 | $15.66 | $16.12 | $12.79 |
| Activity from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (1) | (0.01) | (0.02) | 0.06 | 0.00<sup>(7)</sup> | (0.07) | (1.36) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 0.88 | 2.97 | 2.20 | (3.22) | 3.64 | 6.01 |
| Total from investment operations | 0.87 | 2.95 | 2.26 | (3.22) | 3.57 | 4.65 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  |  | (0.04) |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gains |  | (0.72) | (0.74) | (0.73) | (4.03) | (1.32) |
| Total distributions |  | (0.72) | (0.78) | (0.73) | (4.03) | (1.32) |
| Net asset value, end of year/period | $16.29 | $15.42 | $13.19 | $11.71 | $15.66 | $16.12 |
| Total return (2) | 5.64%<sup>(5)</sup> | 22.19% | 19.46% | (20.56)% | 2.23% | 36.61% |
| Net assets, at end of year/period (000s) | $143162 | $133264 | $109656 | $94926 | $119727 | $116105 |
| Ratio of net expenses to average net assets after waiver/recapture (3) | 1.20%<sup>(6)</sup> | 1.23% | 1.22% | 1.24% | 1.23% | 1.27% |
| Ratio of net investment income to average net assets (3)(4) | (0.18)%<sup>(6)</sup> | (0.21)% | 0.34% | (0.04)% | (0.47)% | (0.37)% |
| Portfolio Turnover Rate | 19%<sup>(5)</sup> | 26% | 48% | 52% | 42% | 52% |

---

(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) 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.

(4) The
 recognition of investment income by the Fund is affected by the timing and declaration of dividends by the underlying investment companies
 in which the Fund invests.

(5) Not
 annualized for periods less than one year.

(6) Annualized
 for periods less than one year.

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

See accompanying notes to financial statements.

***WesMark Large Company Fund***

**FINANCIAL HIGHLIGHTS**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended<br> June 30,<br> 2025** | **Year Ended<br> December 31,<br> 2024** | **Year Ended<br> December 31,**<br> **2023** | **Year Ended<br> December 31,<br> 2022** | **Year Ended<br> December 31,<br> 2021** | **Year Ended<br> December 31,<br> 2020** |
|  | **(Unaudited)** | | | | | |
| Net asset value, beginning of year/period | $22.99 | $21.63 | $19.12 | $27.41 | $23.41 | $19.95 |
| Activity from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (1) | 0.02 | 0.02 | 0.11 | 0.09 | (0.02) | (1.66) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 0.53 | 4.72 | 4.06 | (5.93) | 6.08 | 6.89 |
| Total from investment operations | 0.55 | 4.74 | 4.17 | (5.84) | 6.06 | 5.23 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.02) | (0.02) | (0.10) | (0.09) | (0.00)<sup>(7)</sup> | (0.02) |
| &nbsp;&nbsp;&nbsp;Net realized gains |  | (3.36) | (1.56) | (2.35) | (2.06) | (1.75) |
| &nbsp;&nbsp;&nbsp;Return of capital |  |  |  | (0.01) |  |  |
| Total distributions | (0.02) | (3.38) | (1.66) | (2.45) | (2.06) | (1.77) |
| Net asset value, end of year/period | $23.52 | $22.99 | $21.63 | $19.12 | $27.41 | $23.41 |
| Total return (2) | 2.40%<sup>(5)</sup> | 21.47% | 21.94% | (21.42)% | 26.06% | 26.31% |
| Net assets, at end of year/period (000s) | $331778 | $331581 | $314262 | $288629 | $402773 | $364086 |
| Ratio of net expenses to average net assets after waiver/recapture (3) | 1.13%<sup>(6)</sup> | 1.16% | 1.12% | 1.13% | 1.12% | 1.14% |
| Ratio of net investment income (loss) to average net assets (3)(4) | 0.19%<sup>(6)</sup> | 0.07% | 0.48% | 0.33% | (0.09)% | 0.07% |
| Portfolio Turnover Rate | 17%<sup>(5)</sup> | 16% | 24% | 34% | 14% | 27% |

---

(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) 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.

(4) The
 recognition of investment income by the Fund is affected by the timing and declaration of dividends by the underlying investment companies
 in which the Fund invests.

(5) Not
 annualized for periods less than one year.

(6) Annualized
 for periods less than one year.

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

See accompanying notes to financial statements.

***WesMark Balanced Fund***

**FINANCIAL HIGHLIGHTS**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended<br> June 30,<br> 2025** | **Year Ended<br> December 31,<br> 2024** | **Year Ended<br> December 31,**<br> **2023** | **Year Ended<br> December 31,<br> 2022** | **Year Ended<br> December 31,<br> 2021** | **Year Ended<br> December 31,<br> 2020** |
|  | **(Unaudited)** | | | | | |
| Net asset value, beginning of period | $13.09 | $13.15 | $13.13 | $14.68 | $13.45 | $13.31 |
| Activity from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (1) | 0.13 | 0.26 | 0.27 | 0.19 | 0.16 | (0.08) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain on investments | 0.24 | 0.96 | 0.37 | (1.24) | 1.96 | 0.72 |
| Total from investment operations | 0.37 | 1.22 | 0.64 | (1.05) | 2.12 | 0.64 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.13) | (0.26) | (0.27) | (0.22) | (0.17) | (0.22) |
| &nbsp;&nbsp;&nbsp;Net realized gains | - | (1.02) | (0.35) | (0.28) | (0.72) | (0.28) |
| Total distributions | (0.13) | (1.28) | (0.62) | (0.50) | (0.89) | (0.50) |
| Net asset value, end of period | $13.33 | $13.09 | $13.15 | $13.13 | $14.68 | $13.45 |
| Total return (2) | 2.84%<sup>(5)</sup> | 9.30% | 4.98% | (7.19)% | 15.85% | 5.05% |
| Net assets, at end of period (000s) | $96514 | $96824 | $98598 | $99470 | $121852 | $114766 |
| Ratio of net expenses to average net assets after waiver/recapture (3) | 1.28%<sup>(6)</sup> | 1.30% | 1.24% | 1.24% | 1.25% | 1.27% |
| Ratio of net investment income to average net assets (3)(4) | 2.04%<sup>(6)</sup> | 1.94% | 2.01% | 1.36% | 1.03% | 1.66% |
| Portfolio Turnover Rate | 6%<sup>(5)</sup> | 12% | 24% | 18% | 23% | 29% |

---

(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) Does
 not include the expenses of other investment companies in which the Fund invests, as these expenses are included in the realized and

(4) The
 recognition of investment income by the Fund is affected by the timing and declaration of dividends by the underlying investment companies
 in which the Fund invests.

(5) Not
 annualized for periods less than one year.

(6) Annualized
 for periods less than one year.

See accompanying notes to financial statements.

***WesMark Government Bond Fund***

**FINANCIAL HIGHLIGHTS**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended<br> June 30,<br> 2025** | **Year Ended<br> December 31,<br> 2024** | **Year Ended<br> December 31,<br> 2023** | **Year Ended<br> December 31,<br> 2022** | **Year Ended<br> December 31,<br> 2021** | **Year Ended<br> December 31,<br> 2020** |
|  | **(Unaudited)** | | | | | |
| Net asset value, beginning of year/period | $7.74 | $7.94 | $7.99 | $9.81 | $10.08 | $9.93 |
| Activity from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (1) | 0.13 | 0.26 | 0.25 | 0.13 | 0.07 | 0.11 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 0.16 | (0.19) | (0.04) | (1.80) | (0.21) | 0.23 |
| Total from investment operations | 0.29 | 0.07 | 0.21 | (1.67) | (0.14) | 0.34 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.14) | (0.27) | (0.26) | (0.15) | (0.13) | (0.19) |
| &nbsp;&nbsp;&nbsp;Net realized gains | - | - | - | - | - | - |
| Total distributions | (0.14) | (0.27) | (0.26) | (0.15) | (0.13) | (0.19) |
| Net asset value, end of year/period | $7.89 | $7.74 | $7.94 | $7.99 | $9.81 | $10.08 |
| Total return (2) | 3.75%<sup>(5)</sup> | 0.90% | 2.71% | (17.11)% | (1.35)% | 3.46% |
| Net assets, at end of year/period (000s) | $172200 | $172793 | $182552 | $187501 | $242733 | $232565 |
| Ratio of net expenses to average net assets after waiver/recapture (3) | 1.03%<sup>(6)</sup> | 1.07% | 1.01% | 1.01% | 1.02% | 1.03% |
| Ratio of net investment income to average net assets (3)(4) | 3.48%<sup>(6)</sup> | 3.41% | 3.24% | 1.51% | 0.72% | 1.09% |
| Portfolio Turnover Rate | 3%<sup>(5)</sup> | 27% | 72% | 56% | 40% | 51% |

---

(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) 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.

(4) The
 recognition of investment income by the Fund is affected by the timing and declaration of dividends by the underlying investment companies
 in which the Fund invests.

(5) Not
 annualized for periods less than one year.

(6) Annualized
 for periods less than one year.

See accompanying notes to financial statements.

***WesMark West Virginia Municipal Bond Fund***

**FINANCIAL HIGHLIGHTS**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended<br> June 30,<br> 2025** | **Year Ended<br> December 31,<br> 2024** | **Year Ended<br> December 31,**<br> **2023** | **Year Ended<br> December 31,**<br> **2022** | **Year Ended<br> December 31,<br> 2021** | **Year Ended<br> December 31,<br> 2020** |
|  | **(Unaudited)** | | | | | |
| Net asset value, beginning of period | $9.68 | $9.88 | $9.67 | $10.69 | $10.84 | $10.67 |
| Activity from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (1) | 0.11 | 0.20 | 0.20 | 0.18 | 0.17 | 0.18 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain on investments | (0.10) | (0.20) | 0.21 | (1.02) | (0.13) | 0.18 |
| Total from investment operations | 0.01 |  | 0.41 | (0.84) | 0.04 | 0.36 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.10) | (0.20) | (0.20) | (0.18) | (0.17) | (0.19) |
| &nbsp;&nbsp;&nbsp;Net realized gains | - | - | - | (0.00)<sup>(7)</sup> | (0.02) | (0.00)<sup>(7)</sup> |
| Total distributions | (0.10) | (0.20) | (0.20) | (0.18) | (0.19) | (0.19) |
| Net asset value, end of period | $9.59 | $9.68 | $9.88 | $9.67 | $10.69 | $10.84 |
| Total return (2) | 0.10%<sup>(5)</sup> | (0.01)% | 4.29% | (7.84)% | 0.43% | 3.48% |
| Net assets, at end of period (000s) | $86185 | $88189 | $89582 | $95597 | $114698 | $119454 |
| Ratio of net expenses to average net assets after waiver/recapture (3) | 1.14%<sup>(6)</sup> | 1.16% | 1.10% | 1.10% | 1.11% | 1.03% |
| Ratio of net investment loss to average net assets (3)(4) | 2.27%<sup>(6)</sup> | 2.05% | 2.05% | 1.84% | 1.61% | 1.09% |
| Portfolio Turnover Rate | 10%<sup>(5)</sup> | 9% | 6% | 9% | 15% | 10% |

---

(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) Does
 not include the expenses of other investment companies in which the Fund invests, as these expenses are included in the realized and

(4) The
 recognition of investment income by the Fund is affected by the timing and declaration of dividends by the underlying investment companies
 in which the Fund invests.

(5) Not
 annualized for periods less than one year.

(6) Annualized
 for periods less than one year.

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

See accompanying notes to financial statements.

***WesMark Tactical Opportunity Fund***

**FINANCIAL HIGHLIGHTS**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended<br> June 30,<br> 2025** | **Year Ended<br> December 31,**<br> **2024** | **Year Ended<br> December 31,**<br> **2023** | **Year Ended<br> December 31,<br> 2022** | **Year Ended<br> December 31,**<br> **2021** | **Year Ended<br> December 31,<br> 2020** |
|  | **(Unaudited)** | | | | | |
| Net asset value, beginning of period | $11.63 | $11.01 | $10.37 | $12.16 | $11.95 | $11.25 |
| Activity from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (2) | 0.05 | 0.17 | 0.16 | 0.14 | 0.19 | 0.04 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain on investments | 0.63 | 0.62 | 0.57 | (1.64) | 1.45 | 0.91 |
| Total from investment operations | 0.68 | 0.79 | 0.73 | (1.50) | 1.64 | 0.95 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.11) | (0.17) | (0.09) | (0.22) | (0.13) | (0.04) |
| &nbsp;&nbsp;&nbsp;Net realized gains |  |  |  | (0.07) | (1.30) | (0.21) |
| Total distributions | (0.11) | (0.17) | (0.09) | (0.29) | (1.43) | (0.25) |
| Net asset value, end of period | $12.20 | $11.63 | $11.01 | $10.37 | $12.16 | $11.95 |
| Total return (3) | 5.86%<sup>(5)</sup> | 7.18% | 7.10% | (12.38)% | 13.94% | 8.48% |
| Net assets, at end of period (000s) | $47655 | $45896 | $44770 | $41132 | $47979 | $45762 |
| Ratio of net expenses to average net assets after waiver/recapture (3) | 1.18%<sup>(6)</sup> | 1.44% | 1.39% | 1.43% | 1.44% | 1.50% |
| Ratio of net investment income (loss) to average net assets (3)(4) | 0.92%<sup>(6)</sup> | 1.45% | 1.52% | 1.29% | 1.45% | 0.36% |
| Portfolio Turnover Rate | 15%<sup>(5)</sup> | 21% | 39% | 85% | 78% | 169% |

---

(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) Does
 not include the expenses of other investment companies in which the Fund invests, as these expenses are included in the realized and unrealized

(4) The
 recognition of investment income by the Fund is affected by the timing and declaration of dividends by the underlying investment companies
 in which the Fund invests.

(5) Not
 annualized for periods less than one year.

(6) Annualized
 for periods less than one year.

See accompanying notes to financial statements.

**NOTES TO FINANCIAL STATEMENTS (Unaudited)**

June 30, 2025

**1.** **ORGANIZATION** 

Each WesMark Fund (each, a "Fund" and collectively the "Funds") is registered under the Investment Company Act of 1940, as amended, (the "1940 Act") as an open-end management investment company. The Trust consists of six portfolios which are presented herein:

---

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

---

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

**2.** **SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** 

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. The Funds are investment companies and accordingly follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standard Codification Topic 946 "Financial Services – Investment Companies."

Operating Segments- The Funds have adopted Financial Accounting Standards Board ("FASB") Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023- 07"). Adoption of the standard impacted financial statement disclosures only and did not affect each Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The CODM is comprised of the portfolio manager and Chief Financial Officer of the Funds. Each Fund operates as a single operating segment. Each Fund's income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the CODM responsible for oversight functions of each Fund, using the information presented in the financial statements and financial highlights.

The following is a summary of significant accounting policies consistently followed by the Funds in preparation of their financial statements.

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

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

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

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

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

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

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

**NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)**

June 30, 2025

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

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

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

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

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

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

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

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

Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Funds have the ability to access at the measurement date.

Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Funds' own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

The following is a summary of the inputs used as of June 30, 2025 in valuing the Funds' investments carried at fair value:

**Small Company Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $141596894 | $- | $- | $141596894 |
| Short-Term Investment | 3265736 | - | - | 3265736 |
| &nbsp;&nbsp;&nbsp;Total | $144862630 | $- | $- | $144862630 |

---

**NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)**

June 30, 2025

**Large Company Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $330454802 | $- | $- | $330454802 |
| Short-Term Investment | 1393054 | - | - | 1393054 |
| &nbsp;&nbsp;&nbsp;Total | $331847856 | $- | $- | $331847856 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Balanced Fund** | **Balanced Fund** | **Balanced Fund** | **Balanced Fund** | |
| **Assets** | **Level 1** | **Level 2** | **Level 3** |<br>**Total** |
| Common Stocks | $59958939 | $- | $- | $59958939 |
| Collateralized Mortgage Obligations |  | 1490897 |  | 1490897 |
| Corporate Bonds |  | 21873148 |  | 21873148 |
| Municipal Bonds |  | 2400994 |  | 2400994 |
| U.S. Government & Agencies |  | 8046174 |  | 8046174 |
| Short-Term Investment | 1503455 | - | - | 1503455 |
| &nbsp;&nbsp;&nbsp;Total | $61462394 | $33811213 | $- | $95273607 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Government Bond Fund** | **Government Bond Fund** | **Government Bond Fund** | **Government Bond Fund** | |
| **Assets** | **Level 1** | **Level 2** | **Level 3** |<br>**Total** |
| Collateralized Mortgage Obligations | $- | $40657152 | $- | $40657152 |
| Corporate Bonds |  | 16098796 |  | 16098796 |
| Municipal Bonds |  | 1011205 |  | 1011205 |
| U.S. Government & Agencies |  | 105120969 |  | 105120969 |
| Short-Term Investment | 6284224 | - | - | 6284224 |
| &nbsp;&nbsp;&nbsp;Total | $6284224 | $162888122 | $- | $169172346 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **West Virginia Municipal Bond Fund** | **West Virginia Municipal Bond Fund** | **West Virginia Municipal Bond Fund** | **West Virginia Municipal Bond Fund** | |
| **Assets** | **Level 1** | **Level 2** | **Level 3** |<br>**Total** |
| Municipal Bonds | $- | $86175321 | $- | $86175321 |
| Short-Term Investment | 3072664 | - | - | 3072664 |
| &nbsp;&nbsp;&nbsp;Total | $3072664 | $86175321 | $- | $89247985 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Tactical Opportunity Fund** | **Tactical Opportunity Fund** | **Tactical Opportunity Fund** | **Tactical Opportunity Fund** | |
| **Assets** | **Level 1** | **Level 2** | **Level 3** |<br>**Total** |
| Exchange-Traded Funds | $47159086 | $- | $- | $47159086 |
| Short-Term Investment | 306098 | - | - | 306098 |
| &nbsp;&nbsp;&nbsp;Total | $47465184 | $- | $- | $47465184 |

---

\* See each Fund's Schedule of Investments for detailed descriptions of sector and/or geography classifications.

All securities of the Funds were valued using either Level 1 or Level 2 inputs during the period ended June 30, 2025. Thus, a reconciliation of assets in which unobservable inputs (Level 3) were used is not applicable for the Funds.

**Investment Income, Expenses and Distributions** – Investment transactions are accounted for on a trade-date basis. Realized gains and losses from investment transactions are recorded on an identified cost basis. Interest income and expenses are accrued daily. Dividend income and distributions to shareholders are recorded on the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at fair value. Foreign dividends are recorded on the ex-dividend date or when the Funds are informed of the ex-dividend date. Trust level expenses are allocated to each Fund based on net assets, equally across all Funds, or to a specific Fund, whichever is deemed most appropriate for a particular expense. Each Fund pays its own expenses.

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

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

**Premium and Discount Amortization/Paydown Gains and Losses** – All premiums and discounts on fixed-income securities are amortized/accreted over the estimated lives of such securities for financial statement purposes using the effective interest method. Gains

**NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)**

June 30, 2025

and losses realized on principal payments of mortgage-backed securities (paydown gains and losses) are classified as part of investment income.

**Federal Taxes** – It is each Fund's policy to comply with the Subchapter M provision of the Internal Revenue Code of 1986, as amended, (the "Code") and to distribute to shareholders each year substantially all of its income. As of and during the year ended December 31, 2024, the Funds did not have a liability for any unrecognized tax benefits. The Funds recognize interest and penalties, if any, related to tax liabilities as income tax expense in the Statements of Operations. The Funds file U.S. federal, state, and local tax returns as required. The Funds' tax returns are subject to examination by the relevant tax authorities until expiration of the applicable statute of limitations which is generally three years after the filing of the tax return for federal purposes and four years for most state returns. Tax returns for open years have not incorporated uncertain tax positions that require a provision for income taxes and federal and state taxing authorities.

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

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

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

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

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

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

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

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

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

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

The Funds will not purchase a put option on an individual security unless the security is held in the Fund's portfolio.

Option contracts (options) - are rights to buy or sell a security for a specified price within a specified period. The seller of the option receives a payment, or premium, from the buyer, which the seller keeps regardless of whether the buyer uses (or exercises) the option. Options can trade on exchanges or in the over the counter (OTC) market and may be bought or sold on a wide variety of securities.

There were no options held as of or for the period ended June 30, 2025.

**NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)**

June 30, 2025

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

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

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

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

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

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

● Write put options on a security to generate income from premiums, and in anticipation of an increase or only limited decrease in the value of the security. In writing puts, there is a risk that a Fund may be required to take delivery of the security when its current market price is lower than the exercise price.

A Fund may also buy or write options, as needed, to close out existing option positions. Finally, a Fund may enter into combinations of options contracts in an attempt to benefit from changes in the prices of those options contracts (without regard to changes in the value of the security).

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

**Indemnification** – The Trust indemnifies its officers and Trustees for certain liabilities that may arise from the performance of their duties to the Trust. Additionally, in the normal course of business, each Fund enters into contracts that contain a variety of representations and warranties which provide general indemnities. A Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. However, based on experience, the Funds expect the risk of loss due to these warranties and indemnities to be remote.

**3.** **INVESTMENT ADVISORY FEES AND OTHER TRANSACTIONS WITH AFFILIATES** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a. Management Fees** – WesBanco Investment Department serves as the Funds' investment adviser (the "Adviser"). Pursuant to an investment advisory agreement between the Funds and the Adviser, the Adviser is compensated for its services. Each Fund pays the Adviser a fixed fee, accrued daily and paid monthly, based on each Fund's respective average daily net assets as shown in the table below.

---

| | |
|:---|:---|
|  | **Management<br> Fee** |
| Small Company Fund | 0.75% |
| Large Company Fund | 0.75% |
| Balanced Fund | 0.75% |
| Government Bond Fund | 0.60% |
| West Virginia Municipal Bond Fund | 0.60% |
| Tactical Opportunity Fund | 0.75% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b. Administration, Fund Accounting and Transfer Agency Fees** – Effective May 18, 2025, Ultimus Fund Services, LLC ("UFS" or the "Administrator") provides administration, fund accounting, and transfer agent services to the Trust. Pursuant to separate servicing agreements with UFS, the Trust pays UFS fees for providing administration, fund accounting, and transfer agency services to the Funds. These fees are disclosed in the Statement of Operations. Prior to May 18, 2025, ALPS Fund Services, Inc. ("ALPS") provided administration, fund accounting and transfer agent services to the Trust.

Blu Giant, LLC, ("Blu Giant"), an affiliate of UFS, provides EDGAR conversion and filing services as well as some print management services for the Funds on an ad-hoc basis. For the provision of these services, Blu Giant receives customary fees from the Funds. An individual from UFS serves as an officer for the Trust and receives no additional compensation from the Trust for serving in that role.

**NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)**

June 30, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**c. Distributor** – Effective May 18, 2025, The Distributor of the Funds is Northern Lights Distributors, LLC (the "Distributor"), Northern Lights The Funds currently have no active distributor plan pursuant to Rule 12b-1 under the Act. Prior to May 18, 2025, ALPS Distributors, Inc. ("ADI"), an affiliate of ALPS, served as the Fund's distributor.

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

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

**4.** **INVESTMENT TRANSACTIONS** 

The cost of purchases and the proceeds from sales of investments, other than short-term investments, for the six months ended June 30, 2025 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Purchases (excluding<br> U.S. Government<br> Securities)** | **Sale Proceeds<br> (excluding U.S.<br> Government Securities)** | **Purchases of U.S.<br> Government<br> Securities** | **Proceeds of U.S.<br> Government<br> Securities** |
| Small Company Fund | $29323167 | $24728137 | $- | $- |
| Large Company Fund | 54671262 | 53034083 |  |  |
| Balanced Fund | 43315680 | 5611700 |  |  |
| Government Bond Fund | 4861003 | 15551933 |  |  |
| West Virginia Municipal Bond Fund |  |  | 10371492 | 8249763 |
| Tactical Opportunity Fund | 7060262 | 6860434 |  |  |

---

**5.** **AGGREGATE UNREALIZED APPRECIATION AND DEPRECIATION – TAX BASIS** 

The identified cost of investments in securities owned by each Fund for federal income tax purposes, and its respective gross unrealized appreciation and depreciation at June 30, 2025, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Tax<br> Cost** | **Gross<br> Unrealized<br> Appreciation** | **Gross<br> Unrealized<br> Depreciation** | **Net Unrealized<br> Appreciation/<br> (Depreciation)** |
| Small Company Fund | $95024941 | $54854329 | $(5016640) | 49837689 |
| Large Company Fund | 161807884 | 172328703 | (2288731) | 170039972 |
| Balanced Fund | 70428327 | 26997459 | (2152179) | 24845280 |
| Government Bond Fund | 174316859 | 1712312 | (6856825) | (5144513) |
| West Virginia Municipal Bond Fund | 95012285 | 133836 | (5898136) | (5764300) |
| Tactical Opportunity Fund | 40687001 | 7417959 | (639776) | 6778183 |

---

The difference between book and tax basis for unrealized appreciation/(depreciation) for the Funds is attributable to wash sales, deferred dividends, premium amortization accruals, and commodity grantor trusts.

**NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)**

June 30, 2025

**6.** **DISTRIBUTIONS TO SHAREHOLDERS AND TAX COMPONENTS OF CAPITAL** 

The tax character of distributions paid during the fiscal years ended December 31, 2024 and December 31, 2023, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **For Fiscal Year Ended<br> 12/31/2024** | **Tax-Exempt<br> Income** | **Ordinary<br> Income** | **Long-Term<br> Capital Gains** | **Total** |
| Small Company Fund | $- | $261304 | $5901629 | $6162933 |
| Large Company Fund |  | 1076926 | 44581428 | 45658354 |
| Balanced Fund |  | 1917135 | 7071548 | 8988683 |
| Government Bond Fund |  | 6079756 |  | 6079756 |
| West Virginia Municipal Bond Fund | 1744158 | 46505 |  | 1790663 |
| Tactical Opportunity Fund |  | 670785 |  | 670785 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **For Fiscal Year Ended<br> 12/31/2023** | **Tax-Exempt<br> Income** | **Ordinary<br> Income** | **Long-Term<br> Capital Gains** | **Total** |
| Small Company Fund | $- | $362902 | $6008526 | $6371428 |
| Large Company Fund |  | 1427369 | 21879756 | 23307125 |
| Balanced Fund |  | 2001991 | 2635266 | 4637257 |
| Government Bond Fund |  | 5960206 |  | 5960206 |
| West Virginia Municipal Bond Fund | 1882105 | 12882 |  | 1894987 |
| Tactical Opportunity Fund |  | 362269 |  | 362269 |

---

As of December 31, 2024, the Funds' most recent year end, the components of distributable earnings/(accumulated losses) on a tax basis was as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Undistributed<br> Net Investment<br> Income** | **Undistributed<br> Tax-Exempt<br> Income** | **Accumulated Net<br> Realized Gain (Loss)<br> on Investments** | **Other<br> Book/Tax<br> Differences** | **Unrealized<br> Appreciation/<br> (Depreciation)** | **Total<br> Accumulated<br> Earnings/(Deficits)** |
| Small Company Fund | $565511 | $- | $5507532 | $- | $52895048 | $58968091 |
| Large Company Fund | 121659 |  | 23177965 |  | 188015943 | 211315567 |
| Balanced Fund | 9991 |  | 1155708 | 5368 | 26155065 | 27326132 |
| Government Bond Fund | 149949 |  | (44278893) |  | (8387002) | (52515946) |
| West Virginia Municipal Bond Fund | 299 | 12070 | (92970) |  | (5698581) | (5779182) |
| Tactical Opportunity Fund | 315602 |  | (555745) |  | 5266138 | 5025995 |

---

At December 31, 2024, the following Funds had capital loss carryforwards for federal income tax purposes available to offset future capital gains, and utilized capital loss carryforwards to offset current year realized gains as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Short-Term** | **Long-Term** | **Total** | **Capital Loss<br> Carry Forward<br> Utilized** |
| Government Bond Fund | $7486128 | $32792765 | $40278893 | $- |
| West Virginia Municipal Bond Fund |  | 92970 | 92970 |  |
| Tactical Opportunity Fund | 555745 |  | 555745 | 1392729 |

---

The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences were primarily attributable to non-deductible excise taxes paid. For the Funds' most recent year ended December 31, 2024, permanent differences identified and reclassified among the components of net assets were as follows:

**NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| **Fund** | **Paid-In<br> Capital** | **Total<br> Distributable<br> Earnings** |
| Small Company Fund | $- | $- |
| Large Company Fund |  |  |
| Balanced Fund |  |  |
| Government Bond Fund |  |  |
| West Virginia Municipal Bond Fund | (665) | 665 |
| Tactical Opportunity Fund |  |  |

---

**7.** **CONCENTRATION OF RISK** 

Since the West Virginia Municipal Bond Fund invests a substantial portion of its assets in issuers located in one state, it is more susceptible to factors adversely affecting issuers of that state than would be a comparable tax-exempt mutual fund that invests nationally. In order to reduce the credit risk associated with such factors, as of June 30, 2025, 34% of the securities in the portfolio were backed by letters of credit, bond insurance of various financial institutions, or financial guaranty assurance agencies.

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

**8.** **COMPENSATION OF TRUSTEES** 

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

**9.** **SUBSEQUENT EVENTS** 

Subsequent events after the date of the Statements of Assets and Liabilities have been evaluated through the date the financial statements were issued. Management has determined that no events or transactions occurred requiring adjustment or disclosure in the financial statements other than the below:

Shareholder Distributions for the Balanced Fund: On July 31, 2025, the Balanced Fund paid a monthly distribution of $0.0192 per share to common shareholders of record as of July 22, 2025.

Shareholder Distributions for Government Bond Fund and West Virginia Municipal Bond Fund: On August 1, 2025, the Government Bond Fund and the West Virginia Municipal Bond Fund paid daily distributions declared from July 1, 2025 to July 31, 2025 totaling $0.02285 and $0.01890 per share, respectively, to common shareholders.

**ADDITIONAL INFORMATION**

**Changes in and Disagreements with Accountants**

There were no changes in or disagreements with accountants during the period covered by this report.

**Proxy Disclosures** - Not applicable

**Remuneration Paid to Directors, Officers and Others**

Refer to the financial statements included herein

**Statement Regarding Basis for Approval of Investment Advisory Agreement**

As required by the 1940 Act, the Board of Trustees ("Board" or "Trustees") of the WesMark Funds ("Funds") has reviewed, at its May 2025 meeting, the Funds' investment advisory contract with WesBanco Investment Department ("Adviser"). Prior to the May meeting the Board considered the materials to be requested from the Adviser in connection with their consideration of the renewal of the investment advisory agreement. Following a review and approval by the Funds' Independent Trustees in executive session at the May meeting, the Board reviewed and approved the continuation of the Funds' investment advisory agreement with the Adviser for the one-year period commencing on May 31, 2025. The Board's decision to approve the investment advisory agreement reflects the exercise of its business judgment on whether to continue the existing arrangements.

The Board is aware that various courts, including the United States Supreme Court, have interpreted provisions of the 1940 Act and have indicated in their decisions that the following factors may be relevant to an Adviser's fiduciary duty with respect to its receipt of compensation: the nature, extent and quality of the services provided by the Adviser, including the investment performance of a Fund; the Adviser's cost of providing the services; the extent to which the Adviser may realize "economies of scale" as a Fund grows larger and whether fee levels reflect these economies of scale; any profits or indirect benefits that may accrue to the Adviser and its affiliates as a result of the Adviser's relationship with a Fund; performance and expenses of comparable funds; and the extent to which the independent Board members are fully informed about all facts bearing on the Adviser's services and fees. The Funds' Board is aware of these factors and is guided by them in its review of the Funds' advisory contract to the extent they are appropriate and relevant, as discussed further below.

In connection with its review, the Board requests and receives a significant amount of detailed information about the Funds and the WesBanco organization. The Adviser and other service providers of the Funds provide much of this information at each regular meeting of the Board, and furnish additional material in connection with the particular meeting at which the Board's formal review of the advisory contract occurs. In between regularly scheduled meetings, the Board receives additional information on particular matters as the need arises. Thus, the Board's evaluation of an advisory contract is informed by information covering such matters as: the Adviser's investment philosophy, personnel, and processes; a Fund's short-and long-term performance (in absolute terms, and when compared to certain competitor or "peer group" funds and/or market benchmarks, as appropriate), and comments on the reasons for performance; a Fund's expenses (including the advisory fee itself and the overall expense structure of a Fund, both in absolute terms and relative to similar and/or competing funds, with due regard for any

expense limitations); the use and allocation of brokerage commissions derived from trading a Fund's portfolio securities; the nature and extent of the advisory and other services provided to a Fund by the Adviser and its affiliates; compliance and audit reports concerning the Funds; and relevant developments in the mutual fund industry and how the Funds and/or the Adviser are responding to them. The evaluation process is evolutionary, reflecting continually developing considerations. Changing circumstances drive the criteria considered and the emphasis placed on relevant criteria.

With respect to the nature, extent and quality of the services provided by the Adviser, the Board received and considered information concerning the nature, extent and quality of the services provided to the Funds. The Trustees considered the background and experience of the members of the portfolio management teams responsible for the day-to-day management of the Funds and considered the functioning of the portfolio management teams for the Funds. In addition, the Board received and considered information concerning the research function of the Adviser that supports its portfolio management teams. In particular, the Board discussed the organizational structure of the Adviser under the leadership of a relatively new senior investment professional. The Board discussed the Funds' positioning in the marketplace and the Adviser's execution on the investment strategy for each Fund. The Board concluded it was satisfied with the nature, extent and quality of the advisory capabilities (and related administrative services) and the commitment of the Adviser to provide high quality service to the Funds.

With respect to a Fund's performance and expenses in particular, the Board has found the use of comparisons to other mutual funds with comparable investment programs to be useful, given the high degree of competition within the mutual fund business. While mindful that courts have cautioned against giving such comparisons too much weight, the Board focuses on comparisons with other similar mutual funds (rather than non-mutual fund products or services) because it is believed that they are more relevant. For example, other mutual funds are the products most like the Funds, and they are readily available as alternative investment vehicles. The range of their fees and expenses therefore appears to be a generally reliable indication of what consumers have found to be reasonable in the precise marketplace in which the Funds compete. A Fund's ability to deliver competitive performance when compared to its peer group may, depending upon the Fund's investment strategy and positioning in the marketplace, be a useful indicator of how the Adviser is executing on the Fund's investment program. The Funds are the only advisory clients of the Adviser. However, personnel of the Adviser assist in the provision of asset management services for clients of affiliates of the Adviser. The Board is aware of these arrangements and is briefed on any material changes to these arrangements.

The Board reviewed the one-year and three-year periods ending in March 31, 2025 of each Fund in comparison to the performance of the average of each Fund's respective peer group. For the one-year period, the performance of the WesMark Tactical Opportunity Fund and WesMark Small Company Fund were above the average of its respective peer group. The performance of the WesMark Balanced Fund, the WesMark West Virginia Municipal Bond Fund, the WesMark Large Company Fund, and the WesMark Government Bond Fund was below each respective peer group average for the one-year period. For the three-year period, the performance of the WesMark Small Company Fund was above the average of its peer group. The performance of the WesMark Large Company Fund, the WesMark Government Bond Fund, the WesMark West Virginia Municipal Bond Fund, the WesMark Balanced Fund and the WesMark Tactical Opportunity Fund was below each respective peer group average for the three-year period. The Board also reviewed the performance of the Funds for the first quarter of 2025 and for longer performance periods. The Board also noted that the peer performance comparisons for the WesMark West Virginia Municipal Bond Fund were of limited value because of the unique

nature of the West Virginia municipal bond market and the limited number of municipal bond funds dedicated to West Virginia. The Board also noted that the peer comparisons to the WesMark Tactical Opportunity Fund were challenging to evaluate given the relatively unique nature of the Fund. Overall the Board concluded that it was satisfied with the performance of the Funds and was satisfied with the Advisor's capabilities, undertakings and the commitment of the Adviser to provide high quality services to the Funds and to seek to improve the performance of Fund(s) that have underperformed. The Board will continue to monitor these efforts and performance of the Funds.

The Board requested and reviewed a report prepared by an independent rating organization which compared each of the Fund's fees, including gross advisory fees, for the calendar year ending December 31, 2024, to a peer group including the applicable WesMark Fund compiled by the independent rating organization. The report indicated the gross investment advisory fee for the WesMark Government Bond Fund, WesMark Large Company Fund, WesMark Balanced Fund and the WesMark West Virginia Municipal Bond Fund was above the median for each respective peer group. The gross investment advisory fee for the WesMark Small Company Fund and WesMark Tactical Opportunity Fund were below the median for their respective peer group. The Board also reviewed the other information provided in the report such as the Funds' total expense ratios verses those of the selected peer groups. The Board discussed the reports with a senior member of the Adviser. Based on the review of the materials and discussions with the Adviser, the Board concluded it was satisfied that the advisory fees and overall expense structure of the Funds remained competitive.

The Board also considered whether "economies of scale" may exist and whether the Funds benefit from any such economies. The Board noted each of the Funds is of relatively small size relative to many of its peers made it more difficult to achieve economies of scale. Under these circumstances, the Board concluded there were no meaningful "economies of scale" enjoyed by the Adviser in managing the Funds. However, the Board noted shareholders of a Fund may benefit from an increase in size of the Fund due to the fixed expenses of the Fund being spread over a larger asset base potentially resulting in lower expense ratios for the Funds.

The Board received financial information about the Adviser, including information on the profitability of the Adviser on a fund-by-fund basis. The Independent Trustees reviewed the Adviser's process for determining the profitability information and noted the challenges with determining the profitability on a fund-by-fund basis. Although the Board considered the profitability of the Adviser on a fund-by-fund basis, the Board concluded that, while they considered the profitability information to be of limited value that the Adviser's profitability did not appear to be unreasonable.

The Board considered, in addition to the advisory fees, the compensation and benefits received by the Adviser and its affiliates from their relationship with the Funds. This included fees received for services, such as custody and shareholder servicing, provided to the Funds by other entities in the WesBanco organization and research and trading services received by the Adviser from brokers (or from third parties with which these broker-dealers have arrangements) that execute fund trades ("soft dollar arrangements"). The Trustees considered the benefit to the Adviser and its affiliates from such soft dollar arrangements, including that the services received are of value to the Adviser in advising the Funds and that the Adviser might otherwise be required to separately purchase such services. The Trustees concluded that the "soft dollar" arrangements appeared to benefit the Funds and appeared to be reasonable. The Board also concluded that the amounts received by the Advisor or its affiliates for the provision of shareholder servicing were

reasonable. After reviewing an evaluation framework for custody fees the Board concluded that the custodian fees were reasonable.

In assessing the Adviser's performance of its obligations, the Board also considers whether a circumstance or event has occurred that would constitute a reason for it to not renew an advisory contract. In this regard, the Board is mindful of the potential disruptions of the Funds' operations and various risks, uncertainties and other effects that could occur as a result of a decision to terminate or not renew an advisory contract. Thus, the Board's "selection" or approval of the Adviser must reflect the fact that it is the shareholders who have effectively selected the Adviser by virtue of having invested in the Funds. The Board concluded that, in light of the factors discussed above, including the nature, extent, quality and scope of the services provided to the Fund by the Adviser and its affiliates, continuation of the advisory contract was appropriate.

The Board based its decision to renew the advisory contracts for another year on the totality of the circumstances and relevant factors and with a view to past and future long-term considerations. The Board does not consider any one factor to be determinative and based its decision to approve the Funds' investment advisory contract with the Adviser on the totality of the circumstances and with a view of past and future long-term considerations. With respect to the factors that were relevant, the Board's decision to approve the contract reflects its determination that the Adviser's performance and actions provide a satisfactory basis to support the decision to continue the existing arrangements.

**INVESTMENT ADVISOR**

![](img_003.jpg)

WesBanco Investment Department, Investment Adviser

A Division of WesBanco Bank, Inc

c/o Ultimus Fund Solutions, LLC.

P.O. Box 46707, Cincinnati, OH 45246

**ADMINISTRATOR**

Ultimus Fund Solutions, LLC

4221 North 203<sup>rd</sup> Street Suite 100

Elkhorn, Nebraska 68022

WESMARK-SA25

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.** 

Any Changes in and Disagreements with Accountants information is included as part of the Financial Statements and Financial Highlights filed under Item 7 of this Report.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.** 

Any Proxy Disclosures information is included as part of the Financial Statements and Financial Highlights filed under Item 7 of this Report.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

Any Remuneration Paid to Directors, Officers, and Others information is included as part of the Financial Statements and Financial Highlights filed under Item 7 of this Report.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.** 

Any Statement Regarding Basis for Approval of Investment Advisory Contract information is included as part of the Financial Statements and Financial Highlights filed under Item 7 of this Report.

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.** 

Not applicable to open-end investment companies.

**Item 13. Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable to open-end investment companies.

**Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.** 

Not applicable to open-end investment companies.

**Item 15. Submission of Matters to a Vote of Security Holders.**

None

**Item 16. Controls and Procedures** 

(a) The registrant's Principal Executive Officer and Principal Financial Officer have concluded that the
 registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act) are effective in design and operation
 and are sufficient to form the basis of the certifications required by Rule 30a-(2) under the Act, based on their evaluation of these
 disclosure controls and procedures as of a date within 90 days of this report on Form N-CSR.

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

**Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.** 

Not applicable

**Item 18. Recovery of Erroneously Awarded Compensation.** 

(a) Not applicable

(b) Not applicable

**Item 19. Exhibits.** 

(a)(1) Code of Ethics for Principal Executive and Senior Financial Officers. – Not applicable

(a)(2) [A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)): Attached hereto. Exhibit 99. CERT](wesmarkfund_ex99cert.htm)

(a)(3) Not applicable

(a)(4) Not applicable

(b) [Certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)): Attached hereto Exhibit 99.906CERT](wesmarkfund_ex99-906cert.htm)

**SIGNATURES**

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

---

| | |
|:---|:---|
| (Registrant) **WesMark Funds** | (Registrant) **WesMark Funds** |
| By | /s/ Robert McGee |
|  | Robert McGee |
|  | Principal Executive Officer/President |
| Date: | 09/08/2025 |

---

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

---

| | |
|:---|:---|
| By | /s/ Robert McGee |
|  | Robert McGee |
|  | Principal Executive Officer/President |
| Date: | 09/08/2025 |

---

---

| | |
|:---|:---|
| By | /s/ Steven Kellas |
|  | Steven Kellas |
|  | Principal Financial Officer/Treasurer |
| Date: | 09/08/2025 |

---

## Ex-99.Cert

**Exhibit 99.CERT**

**Certification**

I, Robert McGee, certify that:

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

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

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

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

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

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

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

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

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

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

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

---

| | | |
|:---|:---|:---|
| Date: | 09/08/2025 | /s/ Robert McGee |
|  |  | Robert McGee |
|  |  | Principal Executive Officer/President |

---

**Certification**

I, Steven Kellas, certify that:

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

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

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

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

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

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

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

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

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

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

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

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| | | |
|:---|:---|:---|
| Date: | 09/08/2025 | /s/ Steven Kellas |
|  |  | Steven Kellas |
|  |  | Principal Financial Officer/Treasurer |

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## Exhibit 99.906

**Exhibit 99.906 CERT**

**CERTIFICATION**

Robert McGee, Principal Executive Officer/Presdient, and Steven Kellas, Principal Financial Officer/Treasure of WesMark Funds (the "Registrant"), each certify to the best of his/her knowledge that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrant's periodic report on Form N-CSR for the period ended June 30, 2025, (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

---

| | |
|:---|:---|
| Principal Executive Officer/President<br> WesMark Funds | Principal Financial Officer/Treasurer<br> WesMark Funds |
| /s/ Robert McGee | /s/ Steven Kellas |
| Robert McGee | Steven Kellas |

---

Date: <u>09/08/2025</u> Date: <u>09/08/2025</u>

This certification is being furnished to the Commission solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR filed with the Commission.